ERMYSTED'S GRAMMAR SCHOOL FOUNDATION TRUST ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 ERMYSTED'S GRAMMAR SCHOOL FOUNDATION TRUST REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 REGISTERED CHARITY NUMBER 529109
ERMYSTEtYS GRAMMAR SCHOOL FOUNDATION TRUST ACCOVNTS FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS PAGE Trustees, Governors and Advisers 34 Trustees, Report Statement of Financial Activities Balance Sheet 10 Accounting Policies and Notes to the Accounts 11-16 Independent Examinerfs Report 17-18
ERMYSTED'S GRAMMAR SCHOOL FOUNDATION TRUST ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 GOVERNORS AND ADVISERS CHARITY REGISTRATlOt4 NUMBER 529109 PRINCIPAL ADDRESS Ermy5ted's Grammar School Gargrave Road Skipton BD23 IPL TRUSTEES & GOVERNORS The Emiysted's Grammar School Governors are the Charity Trustees of Emiysted's Grammar School. Charity Iyhe Chariv) and have all served in Offi throughout the year and to the date of the report except where indicated. Mrs J Lloyd (Chairl Mrs S Trelease (Vice Chairl Mr C Worts Mr S Clark50n Mrj Burton Mr B Garner Dr S Humphrev Mrs D Swiffen Mrs V Anderson Mrm Evans Mr G Hamilto Mrs B Sturman Mrs A Ahsan Ms C Foster Prof C Choudhury Mrs S Pi)ole Trustee & Governor Trustee & Governor Trustee & Governor Trustee & Governor Trustee & Governor Trustee & Governor Trustee & Governor Trustee & Governor Trustee & Governor Headmaster & Governor Governor Governor Governor Governor Governor Governor CLERK & SECRETARY TO THE TRUSTEES TREASURER TO THE TRUSTEES Mr D Frankland Mrs S J Poole INDEPENDENT EXAMINERS Adrian Lawrence Village Farm Flaxton York Y060 7RJ 08850 824313 adrianlawrence outlook.com
ERMYSTED'S GRAMMAR SCHOOL FOUNDATION TRUST ACCOUNT5 FOR THE YEAR ENDED 31 MARCH 2024 GOVERNORS ANO ADVISERS (CONTINUED) 8ANKERS Barclays Bank plc 49 High Street Skipton BD23 IDH SOUCITORS Spencer Davies 6 Station Road Gras5ingto Skipton BD23 5NQ 114SURERS Zurich Insurance Company Ltd Policy Number.. EV976708 INSURERS AGEt4T Hud50n Foster LLP Ilkley Hall Park Ilkley L529 9LD Page 4118
ERMYSTEtYS GRAMMAR SCHOOL FOUNDATION TRUST ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT The Trustees, present their report along with the financial statements of the charity for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in Note I to the accounts arKI comply with the Charit5 Trustee Deed. the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities 2(Kl5. STRUCTURE, GOVERNA14CE ANO MANAGEMENT Governlng Document The Charity is governed by a Scheme of Management for the School introduced by the Endowed Sch¢Jols Commission in 1871. The Tmsi Deed has been amended in subsequent years, the latest amendment being in 1987 which was reviewed and consbdered frt for purpose in 2016. Recrnltment and Tralnlng of Governors The Trustee Governors who served during the year are listed on page 3 of these accounts. There are nine Trustees in total comprising seven Foundation Trustees per se, one Foundation Trustee appointed by the School's Parents Association and one Trustee appointed by the School's Old Boys, Society- New Foundation Trustees are elected by current Trustees. All Foundation Twstee Governors sit as Foundation Trustee Govemors on the School's Governing Board where they hold a majority. Other Govemors on the Governing Board who are not Trustees include the Head Teacher and representatives of parents, co-opted, staff and the Local Authority. On elertion. Trustees and Governors are provided with aCsS to all documents supplied by the Department of Education regarding their responsibilities as Trustee5 and Governors. In addition. they are supplied by the School with the information relating to the School Development Plan. School data and current policies which are the statutory requirements forthe administration of the School. All Trustees and Governors are expected to fom links with areas of the School, for which they may have a particular skill or interest. Organisational Management The Resources and Finance Committee and the School Improvement Committee meet regularly to cover all aspects of running the School and make appropriate recommendations for action to the Governing Board. The positions of The Clerk. The Secretary and The Treasurer to the Foundation Trust Governing Board are appointed by the Trustees on an annual basis at the Annual General Meeting of the Foundation Trustees. the first meeting of the academic year in the Autumn Term. The Clerk to the Foundation Trust oversees the or8anisation of the Governing Board and its Committees. Rlsk Management The Governing Board examines the major risks the School faces each financial year when preparing and updating the School Development Plan and has developed systems to monitor and control these risks and the impact they may have on the School in the future. Risk Management is also carried out for all extra- curricular activities Such as khool trips and in relation to any work carried out on the School premises whether in the foTm of Maintenan OT new development. Page 5118
ERMYSTED'S GRAMMAR SCHOOL FOUNDATION TRUST ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES. REPORT (CONTINUED) Charltable Objects The principal object of the Charity is to use the assets of the Foundation to enable Ermysted's Grammar School in the Parish of Skipton in Cra¥en to provide all of its pupils. regardless of background, a highlv academic education and a broad extra-curricular programme wtth the aims of building self-confidence. a desire to contribute to the wider community and developing life-long lelsure interests. In setting the objertives and planning the artivities. the Trustees have given Careful consideration to the Charity Commission's general guidance on public benefit and. in particular, to its supplementary public benefit guidance on advancing education and fee<harging. Aims and intended Impart To assist in achieving this objective the Charity will: l. Manage the Assets of the Foundation. financial and material. to provide resources to maintain and develop the School'5 facilities in accordance with the wishes of the School's Governing 8oard. 2. Obtain professional advice when necessary to monitor financial investments. 3. Ensure appropriate safeguarding of land and investments. 4. Ensure appropriate systems are in plate so that donor funds are invested and disbursed In accordance with their express wishes. Principal Act6vities of the Year Operations, which had been severely disrupted during the pandemic. returned to normal in 2022-23. Adjustments to the GCSE and A-Level examinations were unpicked- school trip5. Sports fixtures and fieldwork returned in force- and external sinks and one-way systems were removed from the school site. Pupil pro8re55 continued to be good. in spite of these thallenoes, and the 2023 examination results were very pleasing. Operational Performance of the School The khool had 823 pupils on roll in September 2023 (cf. 836 in September 2022). GC5e: There were 115 pupils in Year 11 in 2023 GCSE performance in 2023 was strong: Progre55 8 was +0.49 (above average) and Attainment 8 was 64.8 points 100% of pupils were entered for the English Baccalaureate 100% of pupils remained in education or entered employment A LEVEL: The pandemic led to the concellotion of the 20215ummerexominotions ondgrodes were awarded through o process of teocher tsssessments. Overoll. thi5 led to higher grodes ocross the nation. invalidating the usuol volue-odded calculution5 forA-Level. 2023 represented thefir5t 5urh public exoms to be 50t by the Year 13 Page 6118
ERMYSTED'S GRAMMAR SCHOOL FOUNDATION TRUST ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 cohort. No mitigationfor the disruption of thepandemic wos offered (a5 It wosforthe 2022 cohortj andexom boords set gmde boundories higher to return to the stondord5 of 2019 (the lost pre-pundemic cohort). There were 115 student5 in Year 13 in 2023 A Level performance in 2023 was good= Average points store was 37.3 Four students achieved a clean sweep of the top grade of A. and 27 students secured As or A's. The large majority of students secured a place at their preferred destination. with universities continuing to offer flexibility on the day. 10 students secured places at the untversitles of Oxford and Cambridge. and three Medics and Vets were also suttessful. FINANCIAL REVIEW AND RESULT5 FOR THE YEAR During the year the Income of the Charity was disbursed as shown on the attached Statement of Financial Activities and the linancial position of the Charity is as shown on the Balance Sheet. The Charity is greatly appreciative of the generous support given to the Foundation by the Friends of Ermysted's Association {previously Parents Association) and Ermysted's Old Boys Society- Both of these organisations having supported various Departments and the development of facilities during the year. Individual parents and Old Boys, have also generously supported the School via the Development Fund. The Fund was set up to proNllde a steady income stream to assist in covering the IO% contribution the Foundation is required to make to any Grant Aid provided by the Local Authortty or the Department of Education and to support extra-curricular artivities not fully covered by the School's Budget. Foundation Trustees and Governors would not be able to carry out all the work which has been accomplished without this support. Investment Polity and Performance The Trustees Investment powers are governed by the Trust Deed which pemitts the CharitVs fund5 to be invested in any security listed on the London Stock Exchange. At the present time. the Foundation funds are being managed by the Treasurer to the Trustees and are overseen by a Governor appointed by the Trustees on an annual basis at the Annual General Meeting of the Foundation Trust, the first meeting of the academic year in the Autumn Tenn. Reserves The Balance Sheet Shov the net Assets of the Charity. Note 12 of the Financial Staternents describes the nature of the Prize Fund whlch is a restricted reseNe. PLANS FOR THE FUTURE Oue to the age of the original buildings and their Listed Buildings status. with the 1930,5 block, funding will continue to be concentrated on a scheduleof maintenance and repairs togetherwith Safeguarding measures.
ERMysTE5 GRAMMAR SCHOOL FOUNDATION TRUST ACCOUNTS FOR THE YEAR ENOEO 31 MARCH 2024 TRUSTEE5' REPORT (CONTINUED) ACCOUNTING At40 REpoimNG RESPON51BILmES The Charities Act 2011 reqLbires the Trustees of the Charity to prepare financial statements for each financial year which give a true and fair view of the Chariws financial activities during the year and tts financial position at the end of the year. In preparin8 the financial statements the Trustees should follow best practice and: Select Sultable accounting policies and apply thern consistently Make adjustments and estimates that are reasonable and prudent Follow applicable accounting standards and the Charities SORP (Statement of Recommended Practice), disclosing and explainin8 departures in the financial statements and prepare the financial statements on the going concern basis unless it is inappropriate to assume that the Charity will continue in operation. Mrs Joanne Lloyd Chair of the Foundation Trust Chair of the Governing Body erm teds.uk Oate: 10/1ts/2 Mrs Samantha Trelease Vice Chair of the Foundation Trust Vice Chair of the Governing 8odv strelease erm sted5.uk Date: iolio l¥ Mr David Frankland Secretary and Clerk to the Foundation Trust dfrankland erm Date: steds.uk Mrs Samantha Poole Treasurer to the Foundation Trust oole erm steds.uk Date: ioliolz Page 8118
ERMYSTED'S GRAMMAR SCHOOL FOUNDATION TRUST ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 MARCH 2024 Unreslilcted Funds Restrirted Total Funds Funds 2024 Total Funds 2023 Note5 INCOMING RESOURCES Incomlng resources from generated funds Voluntary Income Investment Income 119.048 37 6.897 74 125,944 112 231.561 35 Incominz resources from charitable aclivities Other Income Totsl Incoming Re50urce5 119.085 6,971 126.056 231,596 RESOURCES EXPENDED Expenditure on charitable activitie5 Governance Costs 182.576 1.712 183.556 1.712 281,296 1.722 Total Resource5 Expended 184,288 185,268 283,018 NET IOUTGOINGIIINCOMING RESOURCES 165,203) 5.991 159,2121 {51,4231 NET MOVEMENT IN FUNDS 165,203} 5,991 159,2121 {51.4231 Fund balances brought forward 2.374.177 7,788 2,381,965 2.433,388 TOTAL FUNDS CARRIED FORWARO 2.308,974 13,779 2,322,753 2,381.965 The notes on pages 11 to 16 form part of these accounts Page 9118
ERMYSTED'S GRAMMAR SCHOOL FOUNDATION TRUST ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 BALANCE SHEET AT 31 MARCH 2024 Unrestrirted Restrirted Total Funds Funds Funds 2024 Total Funds 2023 Notes Fixed Assets Tangible Assets Total Flxed Assets li 2.223.492 1213A92 2.223,492 2.223,492 2.291.853 2,291.853 Current Assets Debtors Cash at bank and in hand Total Current Assets 45.574 42.037 87.612 45,574 56.292 ioi 139.515 187,082 326,596 14.255 14255 Llabilltles Creditors falling due within one year Net Current Assets 2.130 85A81 475 13,780 2,605 99,261 212.609 113,987 Total Assets less current liabilities 2.308.973 13,780 2.322.753 2,405,840 Creditors falling due after more than one year io 23.875 Total Assets less Ilabllltles 2.308,973 13,780 2.322,753 2,381,965 The funds of the charity: Restricted funds Unrestricted funds Total Funds 13.780 13,780 2,308.973 2.322,753 7.788 2,374.177 2.381.965 2.308.973 2.308.973 13,780 The note5 on pages 11 to 16 fomi part of these accounts Approved by the Trustees and slgned on their behalF by: Mrs J Uoyd Chair of the Foundation Trust Page 10118
ERMYSTED'S GRAMMAR SCHOOL FOUNDATION TRUST ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Chair of the Governing Body ACCOUNTING POLICIES & NOTES TO THE ACCOUNTS I. ACCOUNTING pouaES Charlty Inforniatlon Ermysted's Grammar School is a charity registered in England and Wales. The registered office is Ermysted's Grammar School. Gargrave Road, Skipton BD23 IPL. b. Basis of preparalion and assessment of going tortern The accounts Ifinancial statement51 have been prepored under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant noteslsl to these accounts. The financial statements have been prepared in attordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland IFRS 1021 issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Charity constitutes a public benefit entity as defined by FRS 102. The Charity's accounts have been prepared on a going conrn basis. the Trustees consider that there are no material uncertainties that make the going concern assessment doubtful and that the charity will continue beyond the next 12 months. Funds Structure Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed. There is a single restricted fund, the Prize Fund. restricted to providing prizes. Unrestricted funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. d. Inwme Recogniti( All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income re1¥able can be measured reliably. Donations are recognised when the charity ha5 been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds. the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it 15 probable that those conditions will be fulfilled in the reporting period.
ERMYSTED'S GRAMMAR SCHOOL FOUNDATION TRUST ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POUCIES & NOTES TO THE ACCOUNTS (CONTINUED) The Charity has received government grants in the period. Income from government and other grants. whether'capital. grants or 'revenue' grants is recognised when the charity has entitlement to the funds. any performance condttions attached to the grants have been met. it is probable that the income will be reteived and the amount can be measured reliably and is not deferred. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. this is normally uFn notsfication of the interest paid or payable by the bank. ExPendIre Recognition Liabilities are recognised as expenditure a5 soon as there is a legal or constructive obligation ommitting the charity to that expenditure. it is probable that settlement will be required and the amgunt of the obligation can be measured reliablv. All expenditure is accounted for on an accrual basis. lyrecoverable VAT Irrecoverable VAT is charged against the expenditure heading for which it was incurred. g. Governance Costs Governance cost5 comprise all costs invofving public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to Independent examination and legal fees, together with an apportionment of overhead and supportcosts. h. Cash at Bank and In Hand Cash at bank and in hand is held to meet short term cash commitrnents as they fall due rather than for investment purF)05es and includes all cash equivalents held in the form of short- term highly liquid investments. Credltors and Provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obli8ation can be measured or estimated reliably. Creditors and provision5 are norfflally recognised at their settlement amount after allowing for any trade discount5 due. Page 12118
ERMYSTED'S GRAMMAR SCHOOL FOUNDATION TRUST ACCOUNTS FOR THE YEAR ENOED 31 MARCH 2024 ACCOUNTING POLICIES & NOTES TO THE ACCOUNTS (CONTINUEDI Tangible Fixed Assets Tangible fixed assets are initially measured at cost and subsequently measured at Cost. net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost of assets less their residential values over their useful lives on the following basis- Land.. Freehold.. Buildings 2% Straight Line 2. TRUSTEES REMUNERATION AND RELATED PARTY TIiANSACTIONS Trustees received no emoluments12022-24: £Nill in the year ended 31 March 2024. The charity hos no paid employees. No Trustees or other person related to the charity had any personal interest in any contract or transaction entered into bythe charity during the year12023-24.. £Nill. and no Trustee expenses have been incurred. 3. VOLUNTARY INCOME Total Funds 2023 3.033 6,897 116.014 125.944 Total Funds 2022 23,019 625 207,917 231,561 Unrestrlcted Rertrkted Funds Funds 3.033 Donations Donations to Prize Fund DfE Grant 6.897 116.014 119.048 6.897 4. INVESTMENT INCOME Unrestricted Restficted Total Funds Funds Fd$ 2023 37 74 112 Total Funds 2022 35 Bank Interest Receivable 37 74 iiz 35 Pa8e 13118
ERMYSTED'S GRAMMAR SCHOOL FOUNDATION TRUST ACCOUNT5 FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POUCIES & NOTESTO THE ACCOUNTS {CONTINUED) 5. EXPENDITURE ON CHARITABLE ACTMTIES Total Funds 2024 Total Funds 2023 1,555 211,380 68.361 Unrestrirted Restrfcted Funds Funds Prize Giving & Founders Day Expenses Grant Earning Expenditure & RepaiTS Oepreciation Photography Expenses Donation5 to School 111,485 68,361 111.485 68.361 2,730 I8276 2,730 183.556 Z81,296 6. GOVERNANCE COSTS Total Funds 2024 800 Totsl Funds 2023 8C(J 569 353 Unrestrlrted Funds 8(X) Fund5 Independent Examiner5 & Audtt Fees Clerk Services Insurance 308 1,712 1.712 1,722 7. DEBTORS Total Funds 2023.24 Total Funds 2022-23 Deblors 45,574 99.391 Deferred Grant DebtOT 40,123 Total Debtors 4574 139,515 Page 14118
ERMYSTED'S GRAMMAR SCHOOL FOUNDATION TRUST ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES & NOTESTOTHE ACCOUNTS (CONTINUED) 8. CASH AT BANKS AND114 HAND Total Funds 202>24 Totsl Fur 2022-23 Current Account 5.224 Appeal Fund 42,037 5,385 Appeal Fund Reserve 69.576 Restricted Funds Account 14.255 10.678 Capital Account 96.219 School Fund TOTAL CASH IN HAND 56.29Z 187,082 9. CREDITORS FALU14G DUE WITHIN Ot4E YEAR Total Funds 2022-23 Total Funds 2021-22 Creditors 2.605 172.486 Deferred Grant Creditor 40.123 Accruals 2,605 212,609 10. CREDITORS FAWNG DUE MORE THAN ONE YEAR Totsl Funds 2022-23 Totsl Fund5 2021-22 Creditors 23.875 Deferred Grant Creditor Accruals 23,875
ERMYSTED'S GRAMMAR SCHOOL FOUNDATION TRUST ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES & NOTES TO THE ACCOUNTS (CONTINUED) 11. FIXEO ASSErs Freehold BulldlTrg5 Freehold 8uildin£s As at l April 2023 3,418,261 3.418.261 Additions As at 31 March 2024 3.418,261 3.418.261 Deprecl•tlt)n: As at l Aprll 2023 1.126.408 1.126.408 Charge for the year 68.361 68,361 As at 31 March 2024 1.194,769 1,126,408 Net book value: As at l April 2023 Charge for the year 2,291.853 2.360.214 As at 31 March 2024 Z.Z23,492 2.291.853 Fixed assets include buildings constructed after 1959. Prior to that year it is not possible to reliably deterniine the c05t of the construction. The School lands were endowed to the School in the 16 Century. Parts of the School land were sold many years ago to finance the building of a new School on the present site in 1875. The cost of the remalning land is not included in these accounts as it cannot be reliably measured. In both cases it is impractical to measure the fair value of the above and the costs of valuation outweigh the benefit to users of the accounts and the charity. 12. PRIZE FUND The prize fund is a Testricted reserve. The income tt has generated is itemised in note5 3 and 4 of the financial statements. ExpenditUTe associated with the fund is shown in note S as priie giving and founders day expenses. Page 16118
INDEpENDEr EXAMINERS REPORT FOR THE YEAR ENDED 31 MARCH 2024 I report on the financial statementsofthecharityforthe yearended 31 March 2024 which are set out onpaBes 9 to 16. The report is made solely to the charity'sTrustees. as a body. inaccordance with settion 145 of the Charities Act 2011 and regulations made under section IS4 of that Act. My work has been undertaken so that I might State to the charity'5 Trustee5 those matters l am required to stateto them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law. I do not accept or assume responsibility to anyoneother than the charity and the charity's Tru5tee5 as a body, for my work or for thi5 reF)Ort. RESPECTIVE RESPONSIBILinES OF TRUSTEES AND EXAMINER The charity's frustees are responsible for the preparation of the financial statements. and they consider that an audit is not required for this year under section 144121 of the Charitie5 Act 2011 (the Act) and that an independentexamination is needed. It is my responsibility to: Examine the financial statements undersectlon 145of the Act. Follow the procedures laid down in the general Directions given by the Charity Commission undersection 145{Sl{bl of the Act,. and State whether particular matters have come to myattention. BASIS OF INDEPENOENT EXAMINER'S REPORT My examination was Carried out in accordan with general Directions given by the Charlty Commi55ion. An examination includes a review of the accounting record5 kept by the charity and comparison of the financial statement5 presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements. and seekin8 explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit. and tonsequentty no opinion is 8iven as to whether the financial statements present a 'true and fair view. and the report is limitedto those rnatters set out in the statement below:
INDEPENDENT EXAMINERS REPORT FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) INDEPENDENT EXAMINERS STATEMENT In connection with an examination. no matter has come to my attention: l. Which gives me reasonable cause to believe that in any material respect the requirements: To keep accountin8 records in accordance with section 130 of the Act,. and ii. To prepare financial statements which accord with ihe accounting records and comply with the accounting requirements of the Act have not been met: or 2. To which, in my opinion. attention should be drawn in order to enable a proper understandin8 of the financial statements to be reached. Sign Date: Adrian LawnCe M8A Accountant Village Farm, Flaxton. York Y060 7RJ 07850 824313 adrianlavffence@outlook.corn