BATLEY GRAMMAR SCHOOL FOUNDATION Annual Report and Financial Statements Charity Registration Number 529335 Year ended 31 August 2020 Brown Butler Chartered A¢¢ountsnts Leeds Balley Grammar School Foundallon Annual Report and Financial Slalemenls 2020 Contents Page Reference and admintstralive details Trustee's report Trustee's statement of responslbllltles Independent auditor's report statement of financial activities (incorporatlng an Income and expendtiure account) 10 Balance sheet 11 Notes to the financial statements 12-22 8alley Grammar School Foundation Reference and Admlnistratlve Detsi18 Registered Office Address Batley Grammar School Carlinghow Hlll Balley WF17 OAD CharSty Registration Number 529335 Trustee Balley Grammar School Trustees Limited Govemors Mr lan Blamires Prof John Double Mr Robin Ghosh Mr Alistair Hartley Mr Paul Taylor Mr Oliver Tiplady Stalulory Audltor Brown Butler Lelgh House 28-32 Sl Paul's Stre81 Leeds LS1 2JT Bank8rs Lloyds Bank plc Kirklees Business Centre 1 Weslgate Huddersfteld H012DN Solicitors Wrfgtreys Sollcilors LLP 19 Cookridge Street Leeds LS2 3AG Investment Managers Inveslec Wealth & Investment Llmltsd Quayside House Canal Wharf Leeds LS1 fj SPU CCLA Investment Management Limited Senator House 85 Queen VSctoiia Street London EC4V 4ET Balley Grammar School Foundation Trustee's Report The Iruslee p￿sents its annual report together with the financial ststements ané auditors, report of Balley Grammar School Foundation for the year ended 31 August 2020. The financial statements have been prepared in accordance wllh the acwunling policies set out in the notes lo th& financial stslements and comply with the Foundation's goveming document. the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Rewmmgnded Practice applicable lo charllies preparing their financial ststements in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland Ilcharities SORP FRS 102} (October 201911. Structure, Govemance and Management The Foundation is a registered charity and Is govemed by a charty scheme approved by the Charity Commission on 2 November 2007 and as awnended on 21 March 2011. The charity scheme replaced the former trust deed of the Foundation. The Foundation Is admlnlstered and managed by a corporate trustee. Batley Grammar School Trustees Llmited. Its directors also make up the board of governors. The Foundation's activities are controlled by the board of governors who meet once a year. The current governors and those who served IhroLtghout the year are sel out on page 2. Recruitmenl and Appolnlmenl of Governors The governors. aim is lo recruit responsible people wllh appropriate knowledge, experience and skills, who are actlvety interested in the Foundation and Can give the necessary lime commitment. An induction procedure is in place for new govemors a5 and when appointed and all governors are made aware of the training opportunities available to them. Objectives and ActThiitlgS The objectives of the Foundation are. for the benefit of the public, to advance educatkjn through.. the provision of a sile in Batley for an educ8llon81 instilulion: and the support of the school In such a manner a5 the trustee thinks fil; and furthering the educatlon of pupils by the award of prfzes; and giving grants. bursari8s or other payments orforms of support lo.. lal pupils who need financial assistance to attend school OT to take part in 8Xtra-currlcular 8clivilies.. and Ibl f0m￿r puplls under the age of 25 who are in need of financlal asslslance lo assist their entry into further education, a profession, trade, occupation or services or to enable them lo travel abroad to pursue their education. In order to further its objectives. th8 Foundation's main aclivilles during the year were= The leasing of a large proportlon of its land and buildings to Batl8y Academy Trust for 125 years by a lease dated 25 May 2011. The lease is al a peppercom rent. Suppotting Batley Academy Trust by donating assets and c88h. Batley Grammar School Foundallon Trustee's Report Review of the Year Over the past few years, the govemors focused on consolrdaling furKls after large amounts were spent upgrading the facilities and oquipment of Batley Grammar SchcK)I prior to ils openSng as a Free School in September 2011. The governors have reviewed and found satisfactory Ihelr investment pollcy and strategies and the perfortnance of the investment managers. Financial Review A summary of the income and expenditure of the Foundation Is sel out in detail on page 10. The Foundation's unrestricted funds show a surplus for the year of £13.20812019 deficit.. £32,363) before transfers and inveslrnenl gainslllossesl. There were nel losses on unrestrirted invesbnenls of £21,43912019= £9.2571. The net decrease in total funds for the year was £14,594 12019: £2,024). The movements on the various restricted and unrestricted fund, including the deficit on the pension fund reserve. are shown in notgs 13 and 14. The govemors are satisfied that the funds of the Foundation are available and adequate lo fulfil its future obligations. Reserves Policy In line with the Charity Commission's guidelines. the Foundation has formulal$d a reserves policy to ensure that a lev91 of reseNes Is malnlained so that il can continue lo meet Ils day-lo-day obligations and lo continue provldlng support to Balley Academy Trust. The Foundation's unreslricled funds al 31 AugLbSt 2020 were £599,778 {2019= £609,107) and its restricted funds were £715,51012019'. £720,775). The bulk of these funds can only be realised by the disposal of tangible fixed assets or fixed asset investments. The Foundation is taking advice in respect of the restricted funds being re-classified and made available for il lo support the work of Batley Academy Trust, a Free School. as there is no longer any need for bursary supporL Investment Powers and Polky The govemors have the power lo invest any part of the funds of the Foundation in 8uch manner as they consider being most beneficial for the achievement of the objects of the Foundation. The governors aim lo maximise investment retums while continuing to preserve the capital value of Investments. Risk Management The govemors have examlned the major risks that the Foundation faces each financial year when preparing and updating the strategic plan. The Foundation has developed systems lo monitor and Control these risks lo mitigate any impact that they may have on the Foundation in the future. Public Benefit The governors have had regard lo the Charity Commission's guidance on public bengfit and confirm that the guidance forms the basls of planning al both strategic and operational level. The princlpal public benefit delivered by the Foundallon is the support gwen to Batley Academy Trust. Batley Grammar School Foundation Trustee's Report Audlt Enquiries So far as Ihg governors are aware there ts no infomialion relevant to the audit of which the Foundation's audllors are unaware. The govemors have taken the necessary steps to ensure they themselves are aware of all relevant audit information and made sure that the Foundation's auditors are also aware of thal informatlon. ned on be the Trustee Mr R Ghos Chalr of Governors 2022 Batley Grammar School Foundation Trustee's Statement of Responsibilities The trustee is responsible for prepadng the Trustee's Annual Report and the financlal ststements In accordance with applicable law regulatlons. Charity law requires the Iruslee lo prepare financial slalements for each flnancial year. Under that law thg Iruslee has elected to prepare the financlal slalemenls in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and appllcable lawl. Under that law the Iruslee musl not approve the financial slalements unless they are salisfled that they give a true and fair view of the slate of affairs of the Foundation and of the income and expenditure of the Foundation for that period. In preparfng these financial statements. the Iruslee is required lo.. select suitable accountlng policies and then apply them consistently., observe the methods and principles of the Charities SORP,. make judgements and estimates that are reasonable and prudent- stste whether applicable accounting standards have been followfyd,. and prepare the financial slalemenls on the going concern basis unless It is Inappropriate to presume that the Foundatlon will continue in operation. The trustee is responsible for keeping adequate accounllng re¢ord8 that are sufficient to show and explain the Foundation's transactions and disclose wlth reasonable accuracy at any time the financial Position of the Foundation and enable Ihern lo ensure that the financial statements comply wilh the ChaThties Act 2011. the Charty IA¢counts and Reports) Regulations 2008 and the provision5 of the charity scheme. The trustee is also responsible for safeguarding the assets of the Foundallon and hence for taking reasonabl8 Steps for the prevention and detection of fraud and other irregularities. The Iruslee Is responsible for the maintenance and integrity of the Foundation and financial information included on the Foundation's website. Legislation in the United Kingdom governing the preparation and dlsseminalion of financial stst8ments may dKfer from legislation in otherjurisdiclions. Batley Grammar School Foundation Annual Report and Financial Statements Independent Auditows Report lo the Trustees of Batley Grammar School Foundation Opinion We hav8 audited the financial ststements of B8tley Grammar School Foundation Ilhe 'charity"I for the year ended 31 August 2020 which compiise the Slalement of Financial Aclwsties. the Balance Sheet and notes lo the financlal slalemenls, including a summary of significant accounting policies. The flnanclal reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Flnancial Reporting Stsndard 102 "The Financial Reporting standard applicable in the UK and Republlc of Ireland. (United Kingdom Generally Accepted Accounting Practice). In our opinlon, the financial statements.. give a true and fair vlew of the stale of the charity's affairs as al 31 August 2020 and of its incoming resourc8s and applicatlon of resources, for the year then ended-. have been Properly prepared in accordance wSlh Unlted Klngdom Generally Accepted Accounting Practice.. and havo been propared in accordance with the requirements of the Charities Act 2011. Basis of oplnlon We conducted our audit in accordance with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Oui responsibilities under those standards are further described in the Audllor's responsibilitias for thg audit of the financial ststemenls secllon of our report. We are independent of the charity in accordance with the ethical requirements that are Yelevanl lo our audit of the financlal statements in thg UK, in¢luding the FRC'S Ethical Standard, and we have fuwilled our other ethical responsibilities in accordance with these requlremenls. We believe that the audlt evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going con￿rn We have nothing lo report in respect of the following matters in relation to which the ISAS (UK} require us to report lo you were.. the trustee's use of the going concem basis of accounllng In the prep8rallon of the fln8ncial statements is not appropriate., or the Iruslee has not dSsclosed in the financial statements any identified material uncertainties that may cast slgnrficanl doubl about the charity's ability to continue lo adopt the going con￿rn basis of accounting for a period of al least ￿efve months from the dale when the financial statements are aulhorised for issue. Continued on next page Batley Grammar School Foundation Annual Report and Financial Slalements Indgpendent Auditor's Report to the Trustees of Batley Grammar School Foundation Continued from previous page Other information The Iruslee is responsible for the other informalton. The other Infomalion comprises the information included in the Iruslee's annual report. other than the flnaD¢ial statements and our auditor's reFx)rt Ihereon. Our opinion on the financial slalemenls does not cover the other information and. except to the extent olheNise expllcltly slated in our report. we do not express any form of assuranc8 concluslon Ihereon. In connection wtth our audit of the financial statements, our responsibility is lo read the other information and, in doing so, wnsider whether the other information 15 materially inconsistent with the finanual statements or our knowledge obtsined in the audit or otherwise appears lo be malersally misstated. If we Idenllfy such material inconsistences or apparent material misstatemènts, W8 arg required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, baseé on the work we have perfomed, we conclude that there is a material misslatemenl of thls other inforrnatlon. we are required to report that fact. We have nothing lo report in this regard. Matters on whlch we are requlred lo report by exception In the light of the knowledge and understanding of the charity and ts envlronmenl obtained in the Course of the a¥Jdit. we have not identffied material misslalements in the truslee's report. We have nothing lo report in respect of th8 following matters in relation lo whlch the Charllies (Accounts and Reports) Regulations 2008 requlres us lo report lo you if, in our opinion.. the infomalion given In the flnancial statements is inconsistent in any material respect with the Iruslee's report,. or sufficient accounting records have not been kept., or certain disclosures of trustee's r&muneration specSfied by law are not made- or the financial stslements are not in agreement with the accounting records.. or we have not received all the information and explanations we require for our audit. Responsibilities of trustee As explained more fully in the Injstge's responslbllllies statement set out ofi page 6, the trustee Is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustee determines is necessary lo enable the preparation of flnanclal s18tements that are free from material misstatement. whether due to fraud or error. In preparing the financial slalemenls, the trustee is responslblg for assesslng the charSty's abllSty 10 continue as a going concern, disclosing. as applicable, matters related lo going concem and using the going concern basis of a￿O￿nting unless the trustee ether Intends lo liquidate Ihe charity or ce8se operations, or have no realistic alleinalive bul to do 80. Contlnued on next page Balley Grammar School Foundation Annual Report and Financial Statements Independent Auditor's Report lo the Trustees of Balley Grammar School Foundatlon Contlnued from previous page Auditor's responsibilities for the audit of the financial slalements Our objectives are lo obtain reasonable assurance about whether the finan￿al slalements as a whole are free from material misslalemenl, whether due lo fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK} will always églect a materi81 misstalemenl when il exists. Misstatements can arise from fraud or error and are considered material if. individually or In the aggregate. they could reasonably be expected to influence the economic decisions ol users taken on the basis of these financlal statements. A further description of our responsibilities for the audlt of the financial statements is located on the Finan¢ial Reportlng Council's website al www.frc.or .uklaudilorsres onsibililies. Thls descrlpllon forms part of our auditor's report. Use of our report This report is made solely lo the charity's trustee, as a tK)dy. in accordance with Part 4 of the Charfties {Accounls and Reports) Regulations 2008. Our audll work has been undertaken so Ihat we might stale to the charity's ITuslee those matters wg are requlred to state to them in an audllor's report and for no other purpose. To the fullest extent permitted by law. we do not ac¢epl or assume responsibilty lo anyone other than the charity and the charity's trustee as a body, for our audit work. for this ieport. or for the opinions we have formed. Brown Butler Chartered Accounlanls and Statutory Auditor Leigh House 2&32 Sl Paul's Street Leeds LS1 2JT 2022 Batley Grammar School Foundation Stslemenl of Financial Activities lincorporaling an income and gxpenditure account) Year ended 31 August 2020 Unrestricted funds Reslricled funds 2020 Total 2019 Total Note Incoming resources.. Donations and legacies Donations received 34,996 1,171 36.167 40,513 Investment Income 14.972 14.891 29,863 36.349 Total inwm8 49,968 16,062 66,030 76.862 Expenditure on.. Raising funds Charitable activities 4,017 32,743 4,017 32,743 4,883 52,144 Total expenditure 36,760 36.760 57,027 Other recognised gains and losses.. Net realised losses on investments Net unrealised Ilossesygains on investments Remeasurement loss on defined benefit pension scheme Ilabllity 10 115.4821 115.4021 130,884} {23.7831 10 15,9571 15,925) 111,8821 6,447 16 11,0981 11.0981 14,5231 Net expenditure (9,3291 15,265) 114,5941 12,0241 ReconclllatEon of funds.. Fund balances brought forward 609,107 720,775 1,329.882 1,331,906 Fund balan￿5 carried forward 599,778 715,510 1,315,288 1.329,882 The notes on pages 12 to 22 fomi part of these financial slalemenls. 10 Batley Grammar School Foundallon Balance Sheet 31 Augus12020 2020 2019 Note Fixed assets Tangible assets Herilege assets Investments 536,126 38,600 779,104 551,575 38,600 816,931 10 1,353,830 1,407,106 Current assets Debtors Cash al bank and broker 54,019 25,409 17,819 34,498 79,428 52.317 Creditors.. amounts falling due withln one year 12 11,850 14,090 Net current assets 67,578 38.227 Nel assets excluding pension liability 1,421,408 1,445,333 Defined benefft pension scheme liabSllly 16 1106.1201 1115,451) Nel assets 1,315.288 1,329,882 Funds of the Foundation Restricted funds Unrestricted funds Revenue fund Pension reserve 13 14 715.510 720.775 705,898 {706,1201 724.558 {115.4511 599,778 609,107 Total charlty funds 1,315.288 1,329,882 These financial slalemenls were approv8d and aulhorised for issue by the trustee on and signed ts behalf by= 2022 Mr Ghosh Chalr of Govemols f John Double Governor The notes on pages 12 to 22 form part of the fln8nc6al 8tstements. 11 Batley Grammar School Foundation Notes lo the Financial Stslements Year ended 31 August 2020 General Information Balley Grammar School FourKlalion is a reglstered charity and is governed by a charity scheme approve(i by the Charity Commission on 2 November 2007 and as amended on 21 March 2011. The chaiity scheme replaced the fomer trust deed of the Foundation. The Foundation is reglslered in England and the address of tts registered office and place of business is.. Balley Grammar School Carlinghow Hill Balley WF17 OAD The Foundation is a public benefit gnlity as defined by FRS 102. Summary of significant accounting policies Basis of preparation The financi81 slalemenls have be@n prepared In a¢eordance with the charllies Statement of Recommended Practice {SORP IFRS 102) (October 20191}= Accounting and Reporting by Charities preparing their a¢counts in accordance with the Financial Reporting Standard appliGable in the UK and Rgpublic of Ireland IFRS 102 1A) and the Financial Reporting Stsndard applicable in the Unlled Kirigdom and Republlc of Ireland IFRS 102 1A) and the Charllies Act 2011 and UK Generally Accepted Practice. The financlal statements have been prepared lo give a 'truè and falr. view and have departed from the Charities (Accounts and Reports) Regulatlons 2008 onty lo the extent r8quired to provide a 'true and falr view,. This departure has involved following Accounting and Reportlng by Charities preparing their financial statements In accordance with the Financial Reportlng Standard applicable in the UK and RepLJblic of Ireland IFRS 102 IA) issued on 16 July 2014 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effeclwe from 1 April 2005 which has since been withdrawn. Going concern The financial statements have been prepared on a going concern basis under the hlstorSc Cost convention, modified lo include certain itams al fair value, as the trustee believes that no material uncertalnlles exist. The trustee has consldered the level of funds held and the expecte¢J level of income and expenditure for 12 months from authortsing these financlal ststemonls. The presentation currency Is £ stsrfing and the financial slalemenls have been rounded lo the nearest £1. The significant accounting policies applied in the preparation of these financial ststements are set out below. These pollcies have been consistently applied lo all years presented, unless otherwise staled. 12 Batley Grammar School Foundatlon Notes to the Financial Slalemenls Year ended 31 August 2020 Summary of significant accounting policies- continued Income recognition All incoming resources are included in the Slalement of Financial Activities ISOFAI when the Foundation is legally enlilled to the income after any perfomance condS1ions have been met, the amount can be measured reliably and il is probable that the Income will be received. For donations to be recognised, the Foundation will have been notified of the amounts and the seiuement date in writing. If there are conditions attached to the donation and these require a level of perfom)ance before enlillement can be obtsined then income is deferred until those conditions are f￿llY mel or the fulfilmenl of those conditions Ss wllhin the corbtrol of the Foundation and it is probable that they will be fuifilled. For assets donated lo the Foundation, the assets are recognised at their fair value. For legacies, entlllement is the earller of the Foundation being notified of an impending distribution or the logacy belng received. At this point income is recogniseé. On occasion legacies will be notified to the Foundation however il Is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a conlingenl asset and disclosed. Investment income Divldends and interest recelvable on listed investments are r￿ogniSed on an accruals basls. Income from short term cash deposits is accounted for on an accruals basis. Expendf(ure recognlllon All expenditure is accounted for on an a¢cwals basls and has been classrfied under headings that aggregate all costs related lo the category. Expenditure is recognised where there is a legal or constructive obligatKJn to make payrnenls lo third parties, it is probable that the settlement will be required and the amunt of the obligation can be measurgd reliably. Support costs allocallon Support costs are those costs that assist the work of the Foundation but do not directly represent charitable activities and comprise mainly of govemance costs. The analysis of these costs is included in nots 5. Taxation The Foundation considers that it meets definition of a charity for UK corporation tsx purposes and is accordlngly potenlialty exempt from tax in respect of ils income and gains. Pens6ons sin￿ the closure of Little Batellan's Nursery, the Foundation no longer makes regular contributions to a pension scheme. However, the Foundation has an agreed deficit funding arrangement in place and has recognised this obligation in the balan￿ sheet. Any changes In measurement of the obligation and the unwinding of the discount factor are charged to the SOFA. 13 Balley Grammar School Foundation Notes to the Financial Statements Year ended 31 August 2020 Summary of significant accounllng policies - continued Net gains and losses on investments Nel realised gainslllossesl on investments are calculated as the difference between the net sales proceeds and IheSr valuation at the last balance sheet date or, where purchased during the year. the purchase prlce. Net unrealised gainslllossesl on Investments r8presenl the difference between the valuation of fair value assets at the balance sheet date and their valuation at the previous balance sheet date or. where purchased during the year, the purchase price. Flxed assets and depreciatSon Expenditure on freehold land and buildings, fixtures, fittings and equipment incurred prior lo 1975 has been written off and no value Is incorporated in Ihg financial statements in respect of those assets. Expenditure prior to 31 August 2001 on subsequgnt major school extensions, includlng fixtures, fittings and equipment, has been written off against the appropriate fund when incurred, and expenditure on minor buildlng alterations and flxlures, fittings and equipment was charged to the revenue fund when incurred. Depreciation is provided to write off the cost of the assets In equal annual instalments over the estimated useful economlc lives of the assets as follows.. Building improvements Sixth form block Fixiures, fittings and equipment 50 years slralghl Ilne basls 10- 50 years slraighl Ilne basis 20% and 25Yo straight Ilne basis Herftage assets Heritage assets are brought into account at either cost or falr value. rf donated. No deprecSalion is charged on herftsge assets which have an indefinlte useful life. Investrnents Investments are slated al fair value. Pooled investment vehicles are ststed al bid prices for funds wilh bidloffer spreads. or single price where no bidloffer spreads exlsls as provided by the fund manager. Impairment of fixed assets Fixed assets are assessed to each reporting dale lo determine whether there is any indication that the assets are impair&d. If there is an indication of possible impairment. the re¢overable amount of any affected asset is estimat￿ and compared to its carrying amount. If the estimated recoverable amount Is lower, the Car￿ng amount Is reduced lo its estimated recoverable arnount, and an impairment loss is recognised in the SOFA. The reversal of an Impairment loss is recognised immediately in the SOFA. Debtors Short term debtors are measured al transaction prlce. less any impairment. Loans receivable are measur8d inllially al fair value, net of transaction costs, and are subsequently wneasured at amortised Cost using the effective interest method. less any impairment. 14 Balley Grammar School Foundation Notes lo the Financial Slatements Year ended 31 August 2020 Summary of significant a￿o￿ntIng pollcles - wnlinued Creditors Short term creditors are measured al transaction pri￿, less any impaimienl. Other financl81 liabilities are measufed inits'ally al fair value, nel of transaction costs and are subsequently measured at amortised cost using the effective interest method. Funds Unre51ricted funds are available for use at the discretion of Ihg twslee In furtherance of the general objectives of the Foundation and whfjch have not been designated for other purposes. Restricted funds afe fvnds which are lo be used in accordance with specific restrictions imposed by donors or which have been raised by the Foundation for particular purposes. The Cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set oul in the notes to the financial slalemenls. Cash flow statement The Foundation qualifies as a small entity and has tsken advantage of the exemption urKler FRS 102 not to prepare a cash flow statement. Crltical accounllng eslimales and assumptions The preparation of the financial ststements requires the trustee to make estimates and assumptions concerning the future. The resulting accounting estlmales and assumptions will, by definition. seldom equal the related actual results. The main area of es1itnale5 and aSSu￿1p110nS that have a significant risk of causlng a material adjustment to the carrying amount of assets and liabilities within the next financial year relate to the eslimales used in valuing the CARE pension s¢h8me defich funding liability- The present value of the liabi14ty dep8nds on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining th¢ liability include the dlscount rate. Any change in thesè assumptions will impact the carrying amount of the penslon118blllly. The carrying value of the pension liability is £106.12012019.' £115,451). Investment income Unrestricted funds RestrTcled funds 2020 2019 Income from UK investments Bank interest Ground Tents 14.961 14.882 29,843 36,318 13 20 14.972 14,891 29,863 36.349 Income from investments in the year ended 31 August 2019 was £36,349 of which £19,409 was attributable to unrestri¢led funds and £16.940 was attributsble lo reslricled funds. 15 Balfey Grammar School Foundation Notes to the Financial Slalements Year ended 31 August 2020 Total resources expended Unreslrlcled funds Restricted funds 2020 2019 Raising funds Investment management 4.017 4,017 4,883 Charitable activities Pryzes and gifts Staff costs- pension Bad debts Depreclation Bank charges and interest Management fees Finance cost re pension deficit Support costs 5,005 1,525 21,488 15,449 104 2,000 2,167 4,406 1,581 658 15.449 85 1,581 658 15,449 1,147 13.823 1.147 13,823 32.743 32.743 52,144 36,760 36.760 57,027 Expenditure for the year ended 31 August 2019 was £57.027. of which £52.022 was attributable lo unrestricted funds and £5,005 was attributable lo reslricled funds. Support costs Support costs comprise of.. 2020 2019 Audit fees Trustee expenses Pension scheme expenses Legal and professional fees 3.000 240 1.272 9.311 3.000 133 1.273 13.823 4,406 Inforrnation Tegarding employees and governors There were no employees during the year12019: £nlll. Stsff costs duiirig the year: 2020 2019 Wesl Yorkshlre pension fund Romeasurement of penslon defick fundlng 1,581 1,098 1,525 4,523 2.679 6.048 No governor or person related or connected by business to them has recelved any remunerallon or relmbursemenl for expenses from the Foundation during the current or prior year. 16 Batley Grammar School Foundatlon Notes lo the Financial Statements Year ended 31 Au9USt 2020 Net expendliure is after IcreditingVcharging- 2020 2019 Operating leases- rents re￿1vable Auditor's remuneration Depreciation 1131 3,000 15.449 120} 3,000 15,449 Tanglble flxed assets Sixth form block Fixtures. 1975 school fittings and extensKJns equipment Building Improvements Total Cost At I Septèmber 2019 and at 31 August 2020 512,148 437,974 25,000 61,131 1.036.253 Depreciation Al 1 September 2019 Charge forthe year 297.526 6.534 101.021 8.915 25,000 61,131 484,678 15,449 Al 31 August 2020 304.060 109,936 25,000 61,131 500.127 Nel book value At 31 August 2019 214.622 336,953 551,575 Al 31 August 2020 208.088 328.038 536,126 On 1 September 2011, the Foundallon granted a 125-year lease over its freehokl properties to Bauey Academy Trust at a peppercorn rent. 17 Balley Grammar School Foundation Notes lo the Financial Statements Year ended 31 August 2020 Heritage ffxed assets Paintings Ilection Total Cost At 1 September 2019 and 31 August 2020 38,600 38.600 The herflage assets are shimn at deemed cost belng thelr fair value at donation. The fair value donation valuation was ascertained from a sutsbly qualified person. external to the Foundation. The five-year flnanclal summary of heritagg fixed asset transactlons is= 2020 2019 2018 2017 2016 Additions.. Donations 38,600 10. Flxed asset investments 2020 2019 Valuation At 1 September 2019 Additions al cost Disposal proceeds Net realised losses Net unrealised Ilossesygains 816,931 133,670 1128,731) 130.884} 111.8821 805.223 45.539 116.4951 123.7831 6,447 Al 31 August 2020 779,104 816,931 The change in market value of listed investm8nts durfng the year comprises all increases and decreases in the market value of listed investments held at any lime during the year. including profrts and losses realised on disposals during the year. Th8 portfollo comprises of securities which are listed on a UK recognised stock exchange. The historical Cost of the securilles Is £746,67612019.. £733.6541- Net losses on investments in the year endod 31 August 2019 were £17,336 of which £9,257 was attrlbulable lo unreslrictsd funds and £8,079 was attributable lo restricted funds. 11. Debtors 2020 2019 School fees Other debtors AccTued income 10.489 35.941 7.589 12.172 24 5,623 54,019 17,819 18 Balley Grammar School Foundation Notes lo the FSnancial Stslements Year ended 31 August 2020 12. Creditors.. amounts falling due within one year 2020 2019 Other creditors Accwals 5,310 8,780 11,850 11,850 14,090 13. Reslricled funds Reslricled funds comprfse unexpended balances of donations, grants and legacies given for specrfic purposes on the following funds.. P￿ze and scholarship fund- used for prizes and scholarshlps Jean Naylor Gaunt Legacy Fund- used for the provislon of bursary assistance 8alley Lads Roll of Honour Fund - usgd for the research of the Flrsl Wortd War hlstory of Balley Grammar School Pèter Brook Fund- used to further hlsloric and artistic kn￿￿edge and cultural enrichment Movements on the restrlcled funds are as foltows.. Realised & unrealised losses At 01.09.19 Incomlng Resources resources expended Al 31.08.20 Prize and scholarship fvnd Jean Naylor Gaunt legacy fund Balley Lads roll of honour fund Peter Brook Fund 219,590 460,200 2.385 38.600 5,982 10,080 {6.889} 114.438) 218,683 455,842 2,385 38,600 720,775 16.062 (21,3271 715,510 Realised & unrealis8d losses At 01.09.18 Incoming Resources resources expended At 31.08.19 Prize and scholarship fund Jean Naylor Gaunt legacy fund Batley Lads roll of honour fund Peter Brook Fund 220,041 454.230 2.385 7,191 11,412 5,005 (2.637) 5.442) 219.590 460.200 2.385 38.600 38,600 676,656 57,203 5.005 18,0791 720,775 19 Batley Grammar Sch¢x)l Foundation Notes lo the Financial Slalemenls Year ended 31 August 2020 14. Unreslricled funds Movements on the unrestricted funds are as follows.. Transfer Realised & Remeasurement between unrealised of penslon funds losses deficit funding Al 01.09.19 Incoming resources Resources expended Al 31.08.20 Revenue fund Pension reserve 724,558 49,968 36,760 (10.429) 121,4391 705,898 {115,4511 10.429 (1.0981 1106.120 609.107 49,968 36.76D 121,4391 11,0981 599,778 Transfer Realised & Remeasurement beiween unrealised of pension funds losses deficit fundlng At 01.09.18 Incoming Resources resources expended At 31.08.19 Revenue fund Pension reserve 775,250 19.659 52,022 19.0721 19,2571 724,558 1120.000) 9.072 14.5231 {115.4511 655.250 19,659 52,022 19.2571 {4,5231 609,107 15. Analysis of nel as58ts. excluding the pension liabiltty, between funds Prlce and Scholafship fund Jean Nayk>r Batley Lads Gaunt legacy roll of honour fund fund Peter Brook fund Revenue fund 2020 Total 2019 Total Tangible fixed assets Heritage fixed assets Fixed asset investments 398,405 Current assets 45,187 Current liabilities {11,8501 274.156 84,931 177.039 536,126 551.575 38,600 38,600 38.600 123.424 10.328 257,275 21,528 779.104 816,931 79,428 52,317 111,850} 114.090) 2,385 705,898 218,683 455,842 2,385 38,600 1,421,408 1,445.333 20 Batley Grammar School Foundation Notes to the Financial Slalements Year ended 31 August 2020 16. Penslon costs The Foundation participates in the Career Average Revaluet1 Eamlngs {CAREI Pension Scheme administered by the Pensions Trust for non-teaching staff. Since the c1￿ure of the nursery there have been no regular pension contributions and the cost lo the Foundation for the year was £nil 12019.. £nill. However, the Foundation has an agreed deficit funding arrangement in place and has recognlsed this obligation in the balance sheet. Any ¢hanges in measurement of the obligation and the unwinding of the dlscount factor, are charged to the SOFA. The CARE scheme is a multi-employer scheme which provldes benefits lo some 37 non- associated employers. The scheme is a defir¢ed benefit scheme in the UK. It is not possible for the Foundation to obtain sufficlenl Information to 8nable it to account for the scheme as a defined benefit scheme. Therefore, it accounts for the scheme as a defined contribution scheme. The scheme is subj8¢t lo the funding legislation outlined the Pensions Act 2004 whlch came Into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Councll. sel out the framework for fundlng defined benefit occupational pension schemes in the UK. The sch8me Is classified as a 'last-man standing arrangement,. Therefore, the Foundation is potentially liable for other participating employers, obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required lo meet their share of the scheme deficit on an annuity purchase basis on wthdrawal from the scheme. A full actuarial valuation for the scheme was carried out at 30 September 2019. Thls valuallon showed assets of £79m, liabilities 01 £93.9m and a deficit of £14.9m. To eliminate Ihls funding shortfall. the Trustee asked the participating employers to pay additional conlribulion5 to the scheme from 1 April 2021 to 30 Septemb&r 2027 of £1.53m PA. payable monlhty and increasing by 3% each year on 1 April. The recovery plan conlributlons are allocated to each participallng employer in line with their estimated share of the schemè liabilities. During the year the Foundation paid contributions totalllng £12.848 {2019= £12,512) lo the CARE pension scheme. Where the scheme Is in deficit and where the Foundation has agreed lo a deficit funding arrangement the Foundation recognises a Ilablltty for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the dis¢ount rale detailed in these disclosures. The 4Jnwinding of the discount rate is recognised as a finance c051. Pension scheme legislation provldes that in the event of the employer ceasing lo participate in the CARE s¢hem8, OT the CARE scheme winding up, the scheme's truslees Can levy a buy-out" debt on the employer. Whilst there is no current intentSon lo cease membership of the scheme, the governors feel that the disclosure sel out below will aid the understanding of the Foundations affalrs. The esllmate of the buyout dgbt was calculated to 30 September 2020 as being £303.690 12019.. £322.3751. 21 8atley Grammar School Foundation Notes to the Financial Statements Year ended 31 August 2020 16. Pension c08ts- continued The key assumpllon used by the actuary In calculating the defined benefit pension scheme liabilty was: 2020 2019 Discount rate 0.80% 1.05% The openlng and closing balances of the defined benefit penslon scheme liability are reconclled as follows.. 2020 2019 At 1 September 2019 Finance cost Employer deficrf( contributions Remeasuremenl 115.451 1.147 {11,5761 1,098 120.000 2.167 111.2391 4.523 Al 31 August 2020 106,120 115,451 In addition, the Foundation makes payments lo the West Yothshire Pension Fund, a deflned benefit scheme in respect of non-teachlng staff, to cover unfunded penslon costs relating to ex- staff. The cost to the Foundation for the year £1,581 12019.. £1.5251. 17. Related paty transactions Ba￿eY Grammar School Trustees Limited had expenses paid on its behalf by the FOUnda￿On totalling £240 {2019.' £133). 18. Conllngenl asset As at 31 August 2020 the Foundatlon had been notified of a residuary legacy. The legacy had been subject to challenge and the value of the legacy is stlll uncertain. Legal costs associated wf(h the challenge are subject to review and as of April 2022, the value of the legacy and associated costs can not be reasonably estimated and therefore not brought into these financSal ststements. 19. Non adjustlng events after the financial period Following the year end. the govemment lockdowns to Combat Covid-19 have eased. The Investment value maintained lo support the going concem of the Foundation fell at the year-end as the stock market re8cled lo the Covid-19 pandemic. Since the year end the fair value of the investments has recovered. 22 BATLEY GRAMMAR SCHOOL FOUNDATION Annual Report and Flnanclal Statement8 Charlty Reglstratlon Number 529335 Year ended 31 August 2020 Brt¥hm 8￿1 Bauey Grnmmr s￿￿)1 FrAKthkn Annual Rerx#t and FlYwKlal Statsments 2020 Contents Rofvrence &lmknkntrallb* dètai15 Tru8t•¥'¥ r TN8ts8's stsloThnl crf mpon8kn1111•8 Ind•pond￿l •Jdltorfy r•wl Statsmanl oflknancw Onts]rpcTrlng on IrKom• •NJ •xp8ndRur• acwurt) 10 8o*e sheet 11 Note5 to the 1kn0r￿al st8tffMnts 12-22 88W Grnmm#r Schcol FourKl•llon Reference ￿n￿nIStra￿ Detsd8 Ce￿ngh(W Hll WF17 IAAD Ch￿ty RegL8trthn Nwnber Mr ￿ Bl#mn8 PwlJohn Dwb Mr Robin Ghosh Mr AJL8ts1r H¥rll•y Mr Tayk Mr Ofv•rTip statut￿ Autknr Bullor Lolph HouB• 2￿2 Sl P•ul'• Strq8t LS12JT Lws Ba￿ pk K￿k￿•¥ Bus￿￿ C•ntre 1 Westgote 120N Sdcltor8 WYha*8 Sc4ckryy LLP 19 co￿9 Str•Et knNwl•c W•8Mh & Inveslmont Lhn*t•d Quayshjo Hrx Canal Whuf LS115PU CCLA In¥tslment M￿agen￿nI Limtted EC4V 4Er 8fit￿ GrnrThnar Srknl Fuundafjon Trustse'8 R8rK¥t The InJ8leè wesents tts annual reptst logethgr wth tho knrKaal staten￿jts authlor8' ol Bal* Grommar Schcol Foundatkn fort￿ y•8r erKled 31 August 2020. flnandal 8tstorrnrts have been rryared in aco)rdawJ with the out In th& to th8 financlal stal8Thnts an(1 coryly wlh thtr Foundokn'$ gob*rnwvJ docum•nt, th• Charities Act 2011 Bnd ACC￿ntIng by Charttks: Ststament d R•ccrfnmeTrJ8d Pracalc¢ gpplkable lo charltw pTepwlw thelr flnandBI 818twn8nts n ar£ord￿ *lth the Fhancbl ReP￿1n9 St•rvJard appkabl• In Ihg UK and R•wbl* cf lrnland l{Charft*8 SORP FRS 1021 (Odob¢r 20191). T￿ Foundalbn 58 a r¢glsterod charfty and l¥ grr¥Ym8d by * chirity apwo¥od by th• Charmy Commbsth on 2 NoVem￿r 2007 gnd aJ 21 Math 2011. Th• dwrty r•F4￿ed th• fomwr trust deed ol thg Fuundatton. Th• F￿ndalknn kn •dmknl8lornd and ty • trt*t6•, B•tkny Grwnmw Trwt••8 UM1￿j. Its dlr¢¢t(Th akn mak• up thB tx)grd of9oyem¢ Th8 Foundatlon'8 acthbtkn• we corthlled lry th? board of kMYrtrnorn ¥tho m8•t onL¥ a >*•r. The uThnt go￿r*￿Tr and thom th• y•ar 4r0 801 oul on pboo 2. R•(xu#m•rt arKI Appokntrn•nt ol Go¥wn( Th• g(wo￿￿' alm b to fttfult rn8por4bb peoplé gpproprl8ts know*e. exporlenc* and sklM8. ere aclfvety l)t6f•sl8d kn th• FoundatKffi Ihe neCes￿ry Ilme commkm& An Indth proc•durg kn In pkncg foy now y)vorrm as thth•n ￿p￿￿1•d •nd al govonKx8 aro mgd• 8W8r8 ￿ the tralnlng opportunwkn to U￿rn. Obleth•• orrtl AclfvlUo• Th• ctlth96 d tl* Foundglth arn. forth• crf Ihe ￿. •dU￿n thrwgh.. the pro¥lsbn rf a 8lte In 8a* for an oducthwl kAtltukn.' WKI th 8UPPOrt dth• In a m•rrt a¥ ￿ In•tee fft.. thè by mrd crf prkés: and gh5r¥d granto. twrnarlos or other p•yMn18 tyIE¥mB 018uFVtyt tr. 181 pupls who new) fingnclal a851&1&)￿ tt) all•nd or lo lake part In 8xtr8-curfrJJ&r aThl Ib) former pupls under h ag8 crf 25 wh) In ne&J cl1kn8Ddal 88sL8tsncg to a￿3t thèlr enty Irrto (urthor ed￿￿tton. 8 pmfgsskn. trade. or servkes (* to •nabl8 Ihwn lo travgl abrogd lo pursth thgtr ￿u¢&I￿. In cKdor lo lurlhor116 Fundatknn Is sel oul kn dolam on p890 10. Tha Foundalton's uM¢8tdcted ftnjs show o sJrpbJs the year of £1320812019 d8kiL. £32.3631 tefor tronsfars Investment uYknyJlkn886sI. Thwe unTeBtrl(aed ￿¥￿IMents of £21.439 (201*. £9257). The net doc¥ease In total fuThJs for Ihe wa8 £14,594 1201tr. É2.024). The rN)v•mnts on th• vark¥LK8 reStrIct￿ and unr¢8ifva•J fund. kn¢lwJ* tho defdl on tho pèn8knn lund rosorvo, 8fe 8hc4¥n In not88 13 14. goNWm￿ 8•u5r￿ th8t lh• fvndj Lrf tho FowKlalh)n *r• avaikblg and adequate to fvlll M8 futwe ¢)bl19atkn￿. Reserm Polky In Iln• wmh the Chorty C¢)mnlsslon's guide￿ne$, thg Foundat*)n ha$ fomulBied 8 rnsèrva$ 9￿ule thai a tev81 of r•a•Ne8 18 m&lnl8h)8d •0 thai tt can contlnu• to moet It• day4￿tsY otyh3alh)n8 arwj to (yjnlknue supwxi to Bal*y Acadffj Tr￿ryL Tho F￿rKlaI10n.s unrostrl¢l•d lund8 &1 31 ALyuJi 2020 wwe £599.778 (2019: £009.1071 •nd Ils restrocted funds ¥4v• £715,51012019.' £720.775). Tho bu* (undB Wb ￿lY be rnaH8ed by the ￿￿p￿1 ol langlblo fi¥•d •S8é18 LY fix•d 88eot Inwlments. The FoLmdatkx) h laklTra advlcè ol th• roBIrl￿ ￿n￿o b•lno rp<4a8em9d arwj mad• avallabkn for M l) 8W)k)Ort the B8dey Tnmt. a Frn• School. as there h no brpar any nO￿j for burnary 8UPWt. Investment Pixygrn and Polky govwnors ho￿ thè Fmlw to ifNest any p•rt of the fijnds rf th• Fc4JrMlthn m￿nfrr as thoy corAlder beltwJ nM>61 benofidal fw the 8L*lev•mwrt of the obJacls d Ihtr FoLThJallon. Tl governrn alm to maxlm16• refums ¢onllnu*y lo pr060rve thB c•pAal valu? of Inve8tments. Rmk Managermrt Thg govomor8 havè eXamI￿d the tsks Ihat the F(￿n￿alkin fac48 each finBr¥ial ye8r when preparing and uwjalkng the $trat•gk plan. The h86 doveknF•J $yst•m8 tg monltor aThl control thgm rf8k$ any knppct thal tlw may have the Foundatkn In thè fithjrn. Public eonafft The govèThK￿s havo had r•gwd io the Charlty CorNthkn'$ gulja￿A on pubk t>engfft that the guklance the basfd d plannlng at brAh strategk and operntKThl knl. The prtndpal wbllc benefft delN8rod by Found•Oc￿ b the supw( gfven tp BatbyAcademy TA￿t. Batky Grammar School FO￿datI)n TN*ee's RIp￿t ALth Erqulrlos So far as Ihe goNEmors aro w*aro the￿ Is no Infcrfm8tXsn reknvart to the a￿￿[t ot whk* th FcMJndation'$ atyJltor6 ore unaware. The g0vem￿ ha%* taken the ne￿98￿ry st8P8 to ensurg they Ihemoeh*s are aware of *th)rn18lknn and made gure that Ihe Foundati)n'$ athr8 are akn aworn ol thal Inlrymètlon. tho Trusta• MrRGh Cthalr ￿ iknm( iy 1*1 2022 Bauey Grdmmar Sclml Foundgtk)n Tru¥tso'8 Statemént of ReSp￿sIbI1tiSg The InJBlee is r8$pon81)￿ for preparing th• Tn*te8* knnual R•wt and tho fn8Tr*I8tat•M￿ts kn a¢cordance wlh applkat* law 18gulth"cfis. Charity law requtre$ th8 trustse to preparn finandal statefflents for finan(ial yaar. Llnderthat law th8 trustae has •Kxted to prepare th& finandal statwnents tr) a(>>)rd•nc4 wilh Unlted Klng¢kni Gornrally A•ed Accourrtlng Prndk* IUn**AJ Kingdom Ace4Mmllw Standards and oppllcablo lawl. Under that law the trusloe musl ￿)t apwo%Y the ffflanciel st8tem&nts unless thoy ar* satlsllod Ihal gfjve a truo and far vlew ol thè slat8 ol of the Foundatton and of the Incorm aThJ xpendlturp crf the FryJrAlalknn that IA w8parlr¥J those fin8Th￿ stÈtsmeNs. th• Iru8tee tect lUttsb￿ and then appty thom txMBbstenlty: ob84rve methc*J8 and rrf the CharltleB SORP; mako lthmenls and Osknatss Ih818rè reasonoblg prudent. st•t6 wtheth•r apF*atAo 8tsndgrd8 havo been lollu*•d: and prnpare th8 flnancw statornents th& ¥￿r￿j CLYthm tas18 un1•08 It b knapprowi8t• to pmu that Iho Foundthn WNI conts.we kn op8rot#)n. tn￿￿01￿ r•w*Mlt4è for ad8quat• rncrNd8 #r• suifd•ni to 8lyAt ar oxplaln th8 Found81kn'8 tran8a¢tbn8 and dl8dos• vri1h ￿a$OnatI8 ac￿racY al any the IFnènclAI posltbn ol tho FouThtslon aThJ enat4e th8m to onsuré th¥1 Ihe ffingndal $18lemenls cyjmply wlh th8 Chawltle8 Act 2011. Ihe Charty 1￿C￿ftts and Reportsl Re￿1￿1￿$ 2CQ6 and th& wowlsknns of tho ch8rWy $thgm•. The trLtslee 16 abo resp￿Ibkn for $818guar(Ilng tho asset8 of tho Fwndallon and nc• for laklro reasonabl8 sl•p$ for the prov•ntbn •nd dvteclicfft of fra￿1 8nd other tyrogurarft￿l. Tho trust•e 18 r•wisbkn frx aryl Inlryrty c4 thè F4wndatlon and fing￿￿1 hformatkin Inckjded on tha FryJndatkn'$ webstt8. Legl$blJon ￿ Iho Unlted langdom govemiffj thè preparalton and d*s•mlnalkn of lknanthl 8la¢emonts may dlll8r from l•gl8lolon In oth•rlurl•dK*i)nJ. 8*1gy Grammar SclKJol FoU￿lat￿n Annual Report and F￿anCIal St8tsmBnts Independent AL￿8 Rewxt to the ol B8lley Grwnmar Scht)ol Founth nh)n We h8v6 audlted the finandal stBteThnts crf Bal￿ Gramm* S¢hoDI Fouftda￿n lthe'eharty.) for the ytaf ended 31 August 2020 whic* C￿M￿￿O the Ststemerrt of Fin￿￿81 I￿r11t18s. 88￿nCe Sheet and notss to the fin￿da1 Stat￿nts. induding a summary ol svan￿￿1 accountiig pjlkles. The flnandal reportlng Iramv*40rk that has been aWhid in Ihelr preparnkn Is aFvJicabbe law and United KwvJdcrfn Accountwig Slandafds, indudlryj Fthandal Rep¢Ytkng StsTrJ&rd 102"Th8 Flnanclal RoF•Jtlno Stsndarf appUcabl8 kn the UK and R•pth>lc of tr8larttJ' {UnW Gqnoramy PLr•od Acctyjnbng Practts}. ITr tyjr oplnbjn, tho finandal 8tal•ff*nts.' a true Ind lalr vlew of tho 8tato of Iha tharws 4ffalf8 ￿ al 31 Aug￿1 2020 ar￿ of It• Incom*￿ r•scwf￿ and applkalknn of resol￿$. for lh& year thon end&l; have boen propwty pY•pared kn aCc4¥d￿ wth Unmed KIry￿ G•n•r•lty Acupt•d Pra¢tlc4: jnd A¢cordBnco ¥dth th• rnqthrr￿ts ofth• ChwftbB Ac* 2011. Ba81• crf opknlon V49 conduded our aurt In Ko)rdance with Int•mAtth81 StBnd8TO8 on AudAlng {UK) (ISA8 {UKI) and 8pplIcab￿ 18w. Our respo￿[bIlIti￿ under th088 standanl8 ar• fwther descrfbad In tho AudW$ re$pJn81bMllI￿ fcf th• audli rtrwithl stat¢ff*nts 88cYon ol our rèport. We aro kndgpendgnt of t￿ charity in acc*Jrd8rKe v*lh t￿ eltrkal requlrnm•nts that Brn rolovant lo ow ltrw fknancl•l stotomonts h the UK, h)dudSng the FRC'S EthKal Stsr#J8rf, and wa hm fvhlllad oui other ethlc•l re¥XM9￿Ill1lgs In qccordonco wllh th0￿ rwwkements. Wo th•t thè audtt ￿l￿onC• ha¥• ob181ned Is Suffielent and oppffjprfate to pro￿de a basb lor ew oplnk)n. Condvyknj to ￿￿ng conc•m We h4vo nothlng to reFW)rt In r•8Fec4 cl lo th• I￿ (UK) mqulT• lo mport to you **rn: Ihe tnJ8te8'0 u89 ￿ the 9￿fig c¢neém basis of acC￿lIr$ wparnU¢)n of finarKlal statements b ncl ¥pFYoprtHts.' or ihe Irvst¢e h•s rK¢ *J*k)s•d kn the financral stslements Idont￿ed matert81 unc•rtalrths that ca818*nllk8nt doubt about tha chgrlty'8 abllly to eonfjnue to a(lopt fv golng cThcem ba8L8 of 8¢¢y)unlng fLY a p8rkxl of at 18881 twel¥è m¢xth frryn lh• dakn Iho flnanthl stat•rrthts arè authc*kn•d fur Conunuod on nexl po Annual Report and Fl)ancial Statw*nts Inde￿ndent Audiknrfs Rfj&￿rt to the Tnmtees (A Bthy GT8nJnBr Sthcd Foun(1o1 Conlknued fmm page Th8 trustee is responsible fc* the otsr klomatbn. Th• other 1nf0rnatK￿ C4Ynprts•s the Informauon Induded In Ihe trust¢t'J anNal TepDrL otlw ttwn the ftAndal Blatemonts and our aud5torb teF*NI thweon. Our oplnlon on the Iln8ftc4al $tsteTh*nts does nol cobrr other ￿fo￿nStiLIn and, except to Ihtr extenl otherwise expliatty Sla￿ retuL do FM)l expr06s form of 88suranc• )ncbJ$h)n Ihereon. In c¥&nn¢ction OLY a￿lIt of th• l*thclal stat•rr￿tt8, our rnSp(￿Slblllty kn lo read ￿ olhor knformotkjn ￿d, In dolng 80. r￿￿k￿er ¥th8ther the ots knlomwih)n is mat&rtaly h￿r￿Istent wth th& fin•nual 51atements or our krNy*lothJo obtsknod In the or othJnvls• aPPe8TS to bo n*toihlty m&sslate(l. Jf we #jen￿ such matedal Incons￿￿n￿5 ry appwont mat•rial mlB8tatemonts. we ar• raqulred to detemits ￿eth￿r thwe bB & malerlal misslatern8nt l) tho f￿aneja1 ststements or a matèrial ffl18StAtem8nt of the othor knfomwtbn. If, ba￿ on tho *vrk have p&rfDnned, 4 ¢￿¢jUd￿ I￿t there Is a mat•rW ml$8t•t•m•nl crf thls cthor krformth. ¥•YTr ar• r•qulr•d to rnkmxt that We hove nothw¥ lo r•pcrft In rBgvd. •tt•rs on whl¢h ar• rnqdr•d lo reFQrt ty exeeFthI In thtr light of the kntr*tadoÈ 8rM1 understw)dlr4J of the th8rty •nd ts eTh*Mm8nt In Ihfr ¢our89 of the wjk. w• hA¥e kJ•nUfiod mh•tat•mort8 kn tho IfwIo•'• rnFx)rt. W• havo nolhlng to report kn ros￿ of the lolowlng mattws kn rdatknn lo th? Chartt&•8 lAC￿Unts And Rep￿ts) Re9LlatK￿S 21M req￿88 U8 to r•port to you K. In our Lwnhjn: th• hifrrntton 9￿•n In thts Ikwndg18tstsmrrtJ l• In￿1￿18+*nI In ￿ matwlal rnspo¢1 wth the tru8t••'$ rwirt., LV sullklanl aecoun*y hm bwi kw; or cortdn disck)8Urn6 01 Irwt••'• rrnnwatbjn spactrltyl by arg not m•d•', or tho lknandal Statem￿ ar• r￿1 n aweement wmh tho xuwdlrvj r•¢ryd•; (* Re8ponsiNlftles cltrustee As explaln8d mor¢ futy In th8 tru8ts9'8 rnsponsblNUes ststemErrt sel on p8ge 6, the trus180 IB rupwJible for the wewalknn ￿ the finand￿ stalèmènts and ts belNJ s8ti$fièd Ihai th•y give 8 truo and falr y￿W. 8nd lor 8uch Intemal (￿ltr￿ 88 I￿ tr￿t09 d*•Thnlno8 IB n8cgssary Io OnBble tha eparatton of flnarKlal Btatements thal 8re fr08 from mater*1 nysstytemenl. vthothfrr dug lo frnud or In prawlng the f￿anth1 sts1￿9nts. Ihe twst•e ts resP￿SIbl8 for a38eBSiThJ th• Charttls abllity to conlinue as a golng c¢￿(￿n, d15(*)skng. as applkpl)k. rekted to gdng C•)Thxm 8nd using Ihe golro concern tQSi8 of unless the twustee erther Int8nds lo fv4uhJale the tharlty or ce88e ITnued on noxi p999 nu￿ R8F¢rt and Flnandal Statem8nts Indep8nd8nt A￿j￿$ Repxt to Ihe Trustees (rfBaW Gr*Miar 8rJ￿{￿ FO￿￿￿11)n Conlkwod fyom pmvknus pagv Auditor's rnyn8bWt598 for thv awllt oftho •taknm Ow are to oblaln reasonabl• •s8uran¢x ab¢wth th& fffland81 $18tsmnts as a wthol• are fme from matsdal I￿1&mont whglher due to frawl or error, and to a￿ltor'S report that indud•s OFthlrm. Reasonable a88wan(¥ kn a hkh kn*1 of assurance. I￿1 is ncrt • guarantee Ihat 8n audit Cond￿ In aca)rdanrA wlth ISA8 (UK) ah¥8ys dètoct g rroterlal ffisstatem•nt vknon It exl8ts. Mbsfatements can aii3e from fra￿1 or •NI are omldornd matsrtgl If. Indmdually or In th• aggrvgale, thoy r•a$￿bty ba oxpe(thl to tho •t¥>n¢Mnk uw laken on the basb ol Ih8se tstatsn￿1ts. Flnftnd81 Councl'¥ webs1• at Ixrt of our audltorfs U80 of OLY report Thb r¢pJrt Is mad• th• ¢knW8 trth. 88 • In ac<•)thth th Part 4 01 the Cha I￿￿￿nts and R•FQrt8) Regulaly￿S 2CL)8. •l￿1t hos boen und8rtak•n 80 Ih81 VIP mkJht 6tat• k> Ihe chai*y'8 tru8tQg ttthe n*r• arn r•qulrod to orate trb an wdlorfs r8Wrt for M other purpw. To •xlgnt p8rnihf•S by Iw. do Mt OT a8sum8 re8pcmlth to anY￿ts other than th• clwlty ar#J Ih dwrfty'• trwtee u a kbr ow •udl Mfjrk. f<* r•wrt. or the optnkTh havè ftxmed. Br￿n But Ldgh Ho 2￿2 St Paufi Slrn•l LS12JT Qo PMw2022 8aW Grammar s¢*￿X￿ Foundgih)n {InCor￿ratlr￿a 8n Inc£rfng exwidth a￿%M￿) Ymr end•J 31 knJust 2020 1720 2019 lunds InGomkng re8OUTrth: 1.171 38,187 40.513 14.9r2 14m1 36,349 T(rtal In¢om• 18. 76.882 Exp8n(Mtur• I￿.. Ralslng fur#J• Charjthblt actt¥lO 4￿17 32.743 4.017 32.743 52.144 Tot•1 •xwndltw• 38.7 26.760 07,027 Net r••lJod108¥•1 on kn¥￿t￿•n￿ Not unreaftsfjd (k*￿•V9￿* on InvosbThnl8 RemeaSu￿M•ft1 k>88 ￿ d•fin•d bonafft p8ft8kJn xh•me lIa￿lIty 10 115.482) (15.4021 I￿.664) (23.7831 10 {6.957) {6.V25) {11,8821 6,447 (1.098) (1,1YaB) {4.523) Not ey4•nditure (9x91 {5285) 114.594) 12,024) Fund b8Lqnrm b￿1 I￿￿#￿1 9,107 720.T15 1.329,882 1.331.9)0 Fund bal8ru8 carf•d fuwwd 715.510 1.315288 1,329.882 The r#)tes on pages 12 to 22 knm wt ol Ihese fknarK%al ststgThnts. 10 Bthy Grnnynar Sthwl Fournlation 31 A￿Jst 2020 2019 F￿ &988ts Ta￿b￿ assets H•rfta98 assets 536,128 38.6(Kl 779,104 551,575 38,6￿) 816.931 10 1.353,830 1.407.106 Dgb*rs C•$h al bank and broker 11 54.019 17019 34.498 79A28 52.317 CrBdftors'. amcxmts falllTrJ **J8 one y•ar 12 11,850 14.090 N•t cLwr•nt ats•ts 87,$78 38227 N•t w$8011 oxdudkw p•nthn lab 1,421.408 1,445.333 Dthed benrfrt p•n8kn Il•W 16 (1￿.120 1115A511 1.315288 1,329.882 Fimd5 of th• F￿nd* R•8trkt•d funds Unre8trkled furKI8 Rovenuo fvnd Pènsk)n 13 14 715.510 720.776 705.898 (t￿.120) 724.558 1115.451} $99,n8 9.107 Totsl ch•rlly fv￿lS 1,315288 1.329.882 ATr1 $kn•d Ms b•hall by. I q14-1 Mr Chalr of Govgrr nolos pty•s 12 to 22 fomi p*1 stalerrots. 11 Bodoy Grammar Sdthl FouvKlat Y•ar 8nd&l 31 2020 Balloy Grnffrfnor S(*Kd Fovr*Jalkn is a fBgt8lar&l d￿lty arKI Is go¥￿ ty 8 chth scheme appro14ed by tho Charlty c￿n￿S￿￿ ty) 2 Novemtw 21)07 •ThJ as Thr#l•d on 21 March 2011. The FoLmd•Uon h regkntw•d In Er&l&r*J and ro*rnd offk• •nd plK• ol tAAlne88 is.. Cvlnghow14UI 88tlgy WF17 OPD Th• Found#tknn18 a put* b•rrfi 88 d&llr￿d ty FRS 102. Surnffwy a¢0)￿1￿* poHd•s R•c*mmendwl Prnctkè ISORP IFRS 1(r2) (Odob•r 201911.. Arx(wntlng 8rrtl RgFthng by Cttarltl88 Ihelr aC￿unts In Fkn•ndal ReFQrtEng SI￿d￿rd appk•ble In Ihe UK Repubk ol Ireland (FRS 102 1A) ond th• Flnancjal R•portiry Stsndard app1k•b￿ In thfr Unked Kltylom and Ropthk d lrnl•nd IFRS 102 1A) arKI th• Charfi108 Act 2011 ATh1 UK Generaly Accépkni Pr•ckn. Th• th8nd&l statThnts hMI b••n prèpthd k> glv• a Inmj f•lrf •nd depart•d from th• ChorlU•s Ikc£AJnts grwj RopJtsl 2LW)8 ty to thtr axtont requlr•d lo pThkle a *ue •Thd fak th.. TtrAs dop4rnn inv(*rfed folkwAn9 ACc￿n#￿j and ReF)￿￿ Is racognL*•d. On ￿￿•10￿ l•qad￿ wll b• nolinvd tt> ts F4>x￿alon n l& not to th• amount •xp•ct•d to ￿ dl3trlbu￿. On thw• occask*rrf, the leg•4 * trealad aB a conth1g￿l a6881 ar Exp•ndfture r•(x>gn AII WApandllure h accountsd tr on an a¢¢n￿lS t¢8kn and bwi cl8881￿￿ undw hoadlng6 that aggrogate all ¢ost8 rttstod lo t** ￿tegOry. Exp￿drtUre Is rwnlwd wh•m thore is a legal or ￿￿8trUc$￿6 to payffonts to p4rtkn8, # bs wobabb• Ihal the 111gm8nl VAI be requty•d 4r*1 ihe affKwnt dtho ob[*Jalk￿ c4n h ma8urod reltably. Support c<4ts •hxAt Support costs ar• Itthe ¢Nts agtht th• wr*k of th8 Fourx*tbn ￿ ¢*) ncl Taxalk)n The F(￿id81hjn c4mldews that 11 nwts d•fmlik)n d • for UK c￿O￿tIOn tax wpo8a8 and ks ar£ordlWy P)tentTraly exwnpt fffjm tsx in of ib g8in5. n¢e th• clxur• of Lmlo Batskn'8 Nur8w. thè FwKIth no lryer make8 regut•r nIrit￿tkIns k¥ a p•ns•Jn s¢hery*. the FourhJalKfft haG an agr8ed defKM fijndlng gThang8ment kn p*e and ha8 recognLwJ thig oblwkn In the b81an¢e short Any th?TpJ￿ In M￿$￿*r￿n1 of the otAlga￿D arxl lh8 ￿l￿4￿JIng d the dtswunl f8c*r arn rAwrged to the SOF 13 Batl8y Grammar School FoL¥¥Jalk)n Nolgs to F￿￿￿181 Slat8mertry Year end￿ 31 A￿L￿t 2a20 SUTh￿￿ o18*nfficant aC{￿1￿j Folkl88- 1X￿tinUed rgalsod ga6nsllbssgsl ￿ Invo8trn8th ￿￿lated as tho ¢Iff¢re￿ b91we8n Ihfr net sa*s prw•dJ and v•lUa￿n at Ihe las¢ balance thet date or. where purcha8od durlry Ihe year, the px¢h￿• prk Not ￿reall$¢d ga1￿(kIsseS) on knvesknents represenl the dIYerer￿ b•twaen the vdu8lkJn of falr value assets at the balgr£o sh981 date and thelr v&luakn al the prevk)us b•l&rTh Bhggt dale or. PLwth88ed thè M. th• pur¢haa8 ryk•. Flxed assèts and dopr8dil ExpendKurg on free1¥￿d land bulklngs. fl¥lures. and ewlpm•nt Incurred prior *) 1975 has WTAten cll and no Val￿1& knc¢xp¢¥aM In tho stat6m•nts in IBBp8d of Exp0ndli￿ p￿1 to 31 AUg￿t 2001 cffi 8ubseqwrt sch￿1 ext•n8ltTh. kKIL*Slng fiX￿r•s. tNng$ and •q￿PM￿{. has L*en wrltten off agaln81 the approp¥lal• fund w￿n hcurrfjd, ar•Y em￿dItuTe on mlnor Ixw'kllThJ allornkns aThJ fixbJrn8. and equlF¥nenl w*$ c4wg8d to tho loven￿ furd vA*n I￿u￿￿J. DepTeclatbn Is P￿¥1￿1 to wrttv off Iho cost ol the 055ots kn •qual •Mual In8talm•nts I esumaled ￿tIu1 lfves of lh• ats¥et8 &s folknws.. Bull¢llng lftyo¥erTwrts SIx¢h tomi bbck FMLThS, fftllngs and •qulpTh•rt H•rWe ass•ts 50 ￿Or$ stra￿1 Ilne basls 10- 50 years stra6ghl Ine basls 2W• a￿1 25% Hgrttsg• as80ts w• bwjht Into acomt at (*)81 vahJ•, ¥ ¢knat•d. No d•prnc4ai#)n IJ ¢haryod on l• Awls hwo an Ind•ffiSt• Useful IN•. Invosb))ents Imbtrnent5 are alo1￿ at f* v•lu•. Pooled M)ve•trnenl vehlths ar• $18ted at bld prfces for fil￿ t•th bl(Voff•r or 8lwlo pAce wherg no bhyoffer spro&J$ exisls as wovkjed f¥JbJ mw)agw. olltxèd assots Flx*l 0888ts arn 9$9888ed to eath 1•p￿ dbts lo d•knnkn8 *th•thèr Ihore 18 any Ind*8lh)n that Ihe assets are inpoked. If It*t is an In¢JkathJn of pr*3bJe impalm)errt, tha r8covgrabl¥ amtsunl of any affocted asset 55 estlmabj and coTry)arthY to Hs carryty amurrt. If the e5timal8d recover8tlè am¢)unt ts k)wer. th¥ caryiThJ anKwnt Is r8dLSL*d to Its wtlmal&J r6ts)verotAe Amwnt, and an iryylrmenl ts8 ￿ recognTrJ•J Mi ts SOFA The r•vm•l of an Impalmwnt b$8 18 recxJgnt¥ed immedl8tdy in SOFA. Sh(rt tsrm dgbtor6 arè rrw8ur￿I at trrnL*in Iw knpalrmwl. Loans rfji¥lvab a￿ me8sured inrtialty at fa￿ value. net of transaclkx) cc6ts. a￿1 are S￿)se¢￿￿ m888￿ed Bl aTr)rtis8d rAisI ￿1[￿3 the effe¢lr4e irteTe8t Ththc4J, Ipss 14 Kbte8 to the FIn￿l Slatements Year ond8d 31 Augtsst 2￿20 Summary o18Wfftcart ac1>Mt￿ p(ai8s. oJnlinu•d Credtto Short tsmi CredA￿S arn at transa&bn pri￿. less any knpa*m•nt. fir￿nd81 lknblltle8 are measwgd at lar Ydlw. nel of transth cc*t8 aTrJ are $ubsequenUy Funds Unrestrfct•d fijnds arn avalablo lor usè at the dkne15on of tr￿¥ kn furth•r•nce ol th• gw¢r81 obJKU¥e8 dlh• F￿￿till0n and whkh have d•BkJnat8d for othoT purpo808. Re$liicW fvnds are frjnds whkh to b• w•d kn awordawi wlh spadfic rn8trictkffii im￿1•d by dorK)rn or wh￿h have been rnisod by lh8 Foi#KJ•kn kn ￿rt￿￿191 Purpo￿8. The cost cl rel$kng and admlnlst•rtng such furd8 aro charg8d aoainsl Ihe spadlk lund. •lm •nd of •ach rn•lrlthd IB let *xrt In th8 notss lo the fln•Th*l ¥tatom&nts. Co•h Btal0￿￿nl Th8 Foundalh)n qualfig8 ￿ a 8mall entty •nd h•* lak•n •dvMtagg rf tho •xfflnOlon uthr FRS 102 not to prepBrn • cath Ik*Af Btst•menL Crldcol jwountkng 88tknaiu rnj a8•un¥)Ik Th• prnpaf8tton ol fin￿da1 s18iaff*nts rgqulro8 th8 t￿108 ¢0 make 88tImat￿ a8sumpUon8 ￿nCern￿ Ihe fuiurn. The rB8Utthig xcoufrtlng e•tlm•ts3 end assunwth)n8 VAI. by dofinftlon, 8¢ld¢)m ewol t￿ odual re8uA8. The maln arga of vJBlwnales and a88umpJon$ that have a 8*nlfie•nt risk of c4u$¥y a malod81 adlusimjnl b) cwfylno amounl of a88e18 and Ilabllftth I￿1h￿ the n8xt yaar rnl* to tho ostin•t•8 UBod In valulnp lh• CARE pen¥bn s¢tr•m• d•fkllundlng w. The pre8enl Vah￿ of Ihe I￿NIty d¢perth on a nunknr of fackJr8 that art determlned on an tuarial bg$1s ￿Ing • vwl8ty ol a88umptkJns. Th• A8$￿￿￿On$ u6od In d81grmlnlro the Ilabllty Indudè t￿ dl8¢ount rats. Any ¢hanp in these 8tsurnpl￿￿ wll imw ￿ ￿r￿r￿j arTh)unl of th• pwmion liBblUly. Tho ca￿￿j Va￿ rA the le￿Ity kn £106.12012019". £115,451). InveBlm8nt In¢orr 2019 Inc unrestrka¢(I fwwjs arxl £16.940 YJS altrbrtable b) rn8lrfctsd T￿rfs. 15 Bthy Grnmmor SL*KKA FouThlal Noles lo Ihe Fknarn*al Y*r ended 31 August 2020 2019 fvndj 4.017 4,017 4.883 Chatftable actbvttkns Prlzos ond gtfts Sl¥ff coyts- Bad debts Depreclallon 8ank charges Jnd tr*er•Jt 1.581 1.525 21,488 15.449 104 658 16.449 16.449 FIMn¢• cosl r• d•fica 1.147 13.823 1,147 13.823 2.167 32,743 32.743 $2,144 36.7eii 36.780 67.027 E¥pendlure for Iho year èndod 31 AUg￿t 2019 tAW8 £5T.027. ofwhkth £52,022 attthxrt to unrestrk*•d fjJNl8 arrfl £5.(￿ was athibutabla to rnslthd lunds. SupF#Xt c£* Supwt cwnprfw ot. 2019 Aud￿ 188s Trusloe •yp•r Pontsbn scheme gxpgrws Lyl •nd prOf•m•)n￿ l••* 3.C(10 240 1.272 9,311 133 1.273 12.823 There Omp￿Ye￿ the ye* (2019.. £rffj. Staff oxls dl￿n9 th• w. 2019 West YLYkthr• P￿S￿)n fL￿d 1.581 4.523 or Y••nburs8mert lor expenses from tIKI FOuThd•lth￿ duNng the ￿rrftnt or prky y80r. 16 Notes to fvn•ncwl Statem Year endad 31 Auwt 2020 Net 8x￿￿11￿•￿S after tsl At 1 s•￿•Mber 2019 aThJ •t 31 Augu812020 512.148 437,974 25,(KKI 61,131 1,036.253 Deprodalk)n At 1 Sopl•mber X119 Charge for yaar 297,626 101,021 8.915 61.131 484,678 15.449 At 31 Augu8t 2020 304.oeo 109. 26,(XJl 61.131 500,127 bocth valu• 31 Awu$l 2019 214.822 551.575 31 Awt 2020 536.126 On 1 September 2011. the FouThJallon grarted a 12W Iwe (Mr ts frèthold w0p9￿8$ to 8aley Academy Trust at a pepptr￿M rent. 17 Bai* Grammar Schcd Foundation Year erHt&J 31 A￿U$l 2020 H•r#ap rtX￿ assets Painting8 Totsl At 1 Septemb8r 2019 and 31 W 2020 The heritage •*aelJ aro deemed cost bolTrJ Ih8k tslr Value ot donatK)n. falr valu6 donatton valuatbn was •scertaln6d from a sultabty quallw p•rnon, exlemal to tho FouN1alK￿. 2019 2018 2017 2016 Addttion$-. Donallon$ 10. Flxed aJJ•t knv88tm8nts 2019 Voluat 1 Sept•mLw 2019 AddlUon8 at cost DlsFosal procood• Not Te81188d low unrealknd (k)5808ygaln8 818.931 133.870 1128,731) (30,884) 111.882) 805Z23 45.539 {16.495) (23.783} 6,447 At 31 A￿V81 2tr20 779,104 816,931 T￿ change In m*kel cl wwstm•nts duty th• ￿lf comrths 011 In¢roaMg and m8es In thfj m•rket value crf Itstad k¢¥•8tments he￿ al •ny Ilm thrbng th• year. Ind proffts and r•alised on yo•r. The F¢rtlolb (y)mpth8 d 8euJrkkn¥ wl** Ilsied on a UK reccwiaed St￿ •x(*ary. hlBb)rfcal of 88cuth b £746.676 (2019.. £733.6541. Net kisses on fjnvegtr￿ kn lh• •Th1od 31 AtyA￿t 2019 warn e17,336 of £9,257 was aitrfbut8bl• to Unr981￿ fimd8 and £8.079 was attrftxA8b￿ to r6Strk￿ funds. 11. D9bto 2020 2019 Sthwl fees Other (leblu8 10.489 35,941 7.589 12.172 24 5,623 54.019 17019 18 No*5 ￿ the Finandai StatemBnts Ywr erwJ8d 31 August 2020 12. Crwknrs: onh)unts laty dug om 2019 5.310 11.850 11,850 14.1 13. thlrf¢t•d fuN purym•8 on •)IhThthg I￿. J•an Naykjr Gaunt L•g•cy F￿￿- u••d *)r tho wovl4knn al aul•l Baw L8d8 Rom ol Horw F￿￿- ￿ed *x tho fO￿¢h dth• Fhl Wortd W•r hl8knry cl BAt Grnmmar SCIN￿1 Potfjr 8rook Fund- u8•d lo fwther a￿1 arll•tk •nd ￿l￿rtI •nrkhm•nt Re￿￿ & Inthnp R•*w￿ Unren￿￿ed 01.09.19 r••xvrx oxp•Thl•d 31.08.20 Prlz• •nd •thoknhl) fvrKI 219,6 Jgan Ngylor Gaunt wy furM1 4eo2C(I Balloy Lads of fuThJ 2.385 P•tor Fur#J 18.8891 (14,4381 218,683 455.842 2.385 38,gJO 720.T15 16.062 121.3271 71S,510 Rea￿•d & 31.08.19 Prfze oTrJ 8c*dar8hlp fund Jean Nayky Gaunt Iry0￿ Iw Batley L8d8 of honowfuTrJ Pgtsr Brook Fund 220,041 454.2 2,385 7.191 11,412 (2.8371 15.442) 219,590 480200 2,385 38.800 676.656 57,203 S.(M)5 18,079) 720.775 19 BaY•y Grammar Schcd Ftyjndation Not8$ lo Ihe FknAnct81 Statermnts Y88r tnded 31 ￿￿uSt 2020 14. Ur￿strkaed lunds Tw8(er Reaused a Ren*•8uremw Incomlng Rg9)urcts ￿tWeen unrtalbed of penBion 01.09.19 rn8(￿rt￿ fjxpw￿ defKI fufval At 31.0820 Revènue fijnd Penslon 724.558 49,968 36.760 (10.429) (21.439) 705.898 {115.4511 10.429 11,098) 1108.120} 809,107 49,968 ,760 {21,439) 11,0981 599,778 Trnnsler R••llsod & RomeBsurnmenl Incombrwa R08oUn￿ beN%wn unr8alJsad ol wnsbn 01.09.18 r•aourix expwKl•d fU￿J$ d•fdt I￿￿kng 31.08.19 Rovenue lund PorKgk re￿r¥* 775.250 19.8S9 $2.022 (9.072> 19.257) 724.558 1120,0(MJ) 9,072 14.523) (115.451) 665.250 19,059 52.022 (9251) {4.5231 9,107 Prt* ￿on Nayky Batkny L8d8 Revenuo ScholarBhlp Gèunt lagw rdl of h(￿￿￿1 fund nd P0t8r 2020 Tot 2019 Total TanglbEe flx•d assets Herftage ed agsets Fixed assel Investments 398.405 Curr•nt ￿$￿ts 45,187 Cuffent 18blilkn (11.8501 274.156 84.931 1TT.039 536,128 551.575 3&.8￿ 38,8 38,600 123,424 10,328 257.275 21.528 779,104 816,931 79.428 52,317 111.8501 114,0￿ 705,898 218.683 455,842 38.eoo 1.421.408 1.445.333 Grammar S&K￿l FowxlAkn Noto6 to tho FIMrxW statem￿ts Y•ar •nd•d 31 Awust 2020 The FoundalkTrn wtsap818s kn ts C•Ber Abwrnge ReYalL￿d Eamlrys (CPREI Pe￿ Schome admtn*twad by the PenskY* Tnffjt staff. Sknc4 th8 ckffjur• of th8 yw w•5 Énbl (2019.. £nl). HuM¥var. thg FtyAKlatkn has ￿ agr88d del*tt fundtrwa arFBThJ8m8nt pjacg and ha8 rwnL8ed tN8 th• balwK• sheoL kny thar4eB In ￿098￿•M8￿t oflhe obl*thi and the UfMkndknJ d th• dknxnl1gL*y, to th• SOFA Th• CARE sch8m• 18 8 muttkemployw 8c*•no T*Nch pThkla8 ￿north s(Yne 37 nty assod81￿ •mplo>fjrn. The SCI￿￿ ts a dtsfir*d l)•n8fft 8thome kn thè UK. tt IG not p￿sIble for th• Feundalh)n krfr*m•tkn kn or•lA? St iD lor th• ntr4buUon scheme. The 8eheme b 8uty•ct lo the I￿￿l￿g l•gl8lath>n lh8 Penslons 2004 whkh carrn) knto force on 30 D•c•mber 2005. TNS. 109oth•r wmh by PO￿lOn8 Re￿•101 WKI T•thnk81 A¢tstsl Standwd• Is￿1 by th• Ftrwxaal R¥thng co￿￿1. out fraffl￿￿rk lor d•f•*d bonofft pen8l¢m 8th•me8 kn the UK. Tho Jthrf* l• •• • l••bman 8larKlkw T*￿•￿*, th• Found•tlon 9￿￿1￿Y Il#bl8 for (th8f Partk1￿1￿J ompbyern, ¥ IIM)s• eryknyeTS LMwJ)Je tg moet th•* sharo rrf lh• 4¢hgmo d•lklt lo1￿￿￿n9 wlttrthwal frryn th• •chgTh. PartkJpallrvJ ompltyers arts r8wlred t￿tr shar• al the S(*&r￿ thlldt on •n •nnLIty Fwrtha•o A firfl vahjatlon t¢hwn• was (*rled ¢)ul at 30 S•tknn*er 2019 Thh valua shu￿*d as8•ts cl mm. l￿bIlle9 of £93.9m and • d¥ktt of £14.&m. To elnlnats fiHwJlng JhLY¢lall, the Tw•l•• asked ts partldpatkw •mpknrn kn p#y *ddknal contrknth)n8 to th• from 1 WI 202110 30 S•pknnbw 2027 of £1.S&n PA and Incr￿￿n9 by 3% exh on 1 Awl Tha nC{Y￿ry ￿￿1)￿1￿￿ ar• al￿¢•*d kn 89th omity In *rfth I 8￿[Ma10d ohare crf lh• ￿h?￿O IkMIIO88. th• year th• Fouvwjallon pAld corrtvk) totsllng £12.848 P019'. £12.512110 thg G•RE wrAk>n 8them•. ¥*h8rn th• Khgm• 18 In dolkll 8r#l th• FtyJThlalcffi has a91￿ to a d8ftR fundlNJ •rrnThJBrnenl lh• Fothdalon recognw a Ilablty for c+*atkm. Th amount r•¢ogniBed n•t present value dafbt rediKIkn contrtjukns pw utsjer th& ￿d￿&M￿nI that r•latg8 10 tho dolkJL The vthje Is ululatsd th• dkcrwnl rnte detalod In th880 Pgnslon 8thome Iwlkn provlde8 that kn the ebwnt of tho to p8rU*ats the CARE g¢hom8. or the CARE 8chTh ¥*knJlr¥J w*. 6￿￿.¥ truskns lovy a.Iwy-￿rt' débt on Ihe e￿AoY*. ￿li15t ther• i• Intenlknn trj coase M￿ber8hW of th• stheme, th gov￿*r$ fed U)gt thfr wt crtrt tJ•lryAt *411 *d th• undw¥lar¥&ng of th FouNl81ions aff*s. The •8Uma* d Ihe biiyoth dobl ¢*kwla*d kn 30 S¥plth))ber 2020 as belry £303. 12019.. £322.3751. 21 B8I6y Grammar Sclwl F￿jnd8I Notss to I￿ Sl*nMts Year •rKled 31 August2￿20 16. Pen8kin w8ts. contknued The k•y •swmpdon Iwd by Iho In Cal￿19t*S th& d8fln8d be￿ pgnskn 6chem• Il&billly wa?.. 2D19 rat8 1.05% Tho and bolorK•8 of d•llned b8nafft pens1¢￿ Bchenx* IL•bllty reo)nc416d ¥ frAIows.' 2020 2019 Al 1 Sept•ffthr 2019 FIrnrKX Wst 115.451 1.147 111,576) 1.098 120.1 2,167 {112391 4,523 Romlosurgment At 31 AwJust 2020 106,120 115,451 In additbn. th• Foundatbn makès paym•n18 to the We51 Yothshlrfr P•nsk>n Fund. a defined tjonofit scheme In rg¥pec* of nc¥￿•￿1[vj 8laff. to o)ver unfiwbyed pn81C￿ rdlltkng to •x. stAff. Thè coat to F￿￿lS￿on for Iho £l.581 (2019.. £1,625). 17. R•lal•d p•rty tr8￿C Batley Grommr Sc1K￿l Truslee8 Lknlt•J had •Xp￿s# pakl on Is behaN ty th• Foundatlon tdaUINg £24012019.. £1331. 18. Conllrynt as•t AG •131 Augimt 2020 t1￿ hAd bwn of a rn8klugry18gaGy. The legllcy W been 8uWttl to c*alknnge arKI thg of the 18 8111 ur￿rtaIn. Lag81 CO8Is 888cri*8d wllh th• ¢h8lkng8 are subl8Ct lo reviow arKI 8$ 2022. the value of thg 18gacy 4ry18ssock8ted ccots can Mt tx r•a80nat*JT e81mè￿ and thw•ftyo not brou9hl Into Ihese flnand81 statem8nt8. 19. Non 8dluslng overts after tho financial p•rtod Folcv*iro the year end. th8 ￿¥￿nmeftt lock&y•ms Covkl.19 h￿8 8asgTJ. Tho Investm•nt value malnl8k*d *) supwt the wlng c￿M of tho Fourthtfjc￿ fol at t￿ year4nd as th• strJck morkgt react￿ to the Covp$19 pyndomio tho yaar and the fatr ￿lue dth• IrNestm8nts h83 reo)vgr8d. Our ref: NMT/JF/B424/M Date: 13 April 2022 The Trustees Batley Grammar School Foundation Carlinghow Hill BATLEY WF17 0AD Dear Sirs ## **BATLEY GRAMMAR SCHOOL FOUNDATION LETTER OF COMMENT TO THOSE CHARGED WITH GOVERNANCE** As part of the audit process, we are required to advise you in writing of any significant deficiencies in your internal controls, if any, and communicate other matters of interest to you, as trustees, arising from our audit. ## 1. Accounting and internal control systems As part of our normal audit work, we carry out tests which are designed to assist us in forming our opinion on the financial statements. Our tests may not necessarily disclose all errors or irregularities and should not be relied upon to do so. No matters have come to our attention as a result of our normal audit work which indicate any significant deficiencies in your accounting and internal control systems. ## 2. Qualitative aspects of the foundation’s accounting practices and financial reporting During the audit we consider the foundation’s accounting policies to ascertain if they are appropriate for the foundation and are in accordance with UK Generally Accepted Accounting Practice. We confirm that we have identified no concerns in relation to the accounting policies used. We have no other comments to make concerning the qualitative aspects of the foundation’s accounting practices and financial reporting. ## 3. Material misstatements We are required to bring to your attention details of all material misstatements, whether caused by fraud or error, and ensure these are corrected in the final financial statements. We confirm that no material misstatements were identified during the course of our audit work. ## 4. Uncorrected misstatement We are required to bring to your attention details of all uncorrected errors, other than those considered as clearly trivial, and obtain your explanations for not adjusting for these items within the financial statements. We confirm that there were no uncorrected errors, other than those considered as clearly trivial. Leigh House 28-32 St Paul’s Street Leeds LS1 2JT 0113 2461234 info@brownbutler.com www.brownbutler.com A list of directors’ names is available from the registered office address Brown Butler is a trading name of Brown Butler Limited, registered in England No. 10916906 Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales An independent member of DFK International, a worldwide association of independent accounting firms. 5. Expected modifications to the audit report We are required to bring to your attention details of any proposed modifications to the audit report on the financial statements. We confirm that there are no proposed modifications to the report. 6. Changes to the letter of representation - There are no expected modifications to our standard letter of representation. 7. Significant difficulties encountered during the audit We confirm that there were no significant difficulties encountered during the audit. 8. Significant matters discussed or subject to correspondence with management There were no matters of significance discussed with or subject to correspondence with management. 9. Independence and objectivity The following issues are potential threats to our independence. ## 9.1 Non audit services Our firm undertakes non audit services which may create perceived threats to our objectivity or a perceived loss of independence. Such services do not involve initiating transactions or taking management decisions and are of a technical, mechanical or informative nature. In order to address such threats, we apply safeguards appropriate to the audit. These are outlined below. ## 9.2 Safeguards We have introduced the following safeguards to counter the potential threats outlined above. - The Quality Assurance Directorate (QAD) of the Institute of Chartered Accountants in England and Wales, who are our audit regulator, visit us from time to time to carry out, amongst other things, independent reviews of our audit files. - We have appointed an external firm of Chartered Accountants to carry out similar but more frequent reviews to those carried out by the QAD. - Where appropriate, an engagement quality control review will be carried out before our audit work is complete by an audit director not otherwise associated with the audit. - Any possible adjustments to the financial statements arising from our work are discussed and agreed with Paul Bevington who meets the definition of informed management. - We use an independently produced accounts disclosure checklist. - Taxation services are either provided by teams separate to the audit team or were purely computational and reviewed by someone outside the audit team. - All audit directors and staff are subject to regular training that maintains and enhances their technical knowledge. We confirm that, in our professional judgement and having regard to the safeguards in place, the firm is independent within the meaning of the Financial Reporting Council’s Ethical Standard and the objectivity of the audit engagement director and staff is not impaired. 10. Other matters There are no other matters which arose during the course of the audit which we feel should be brought to your attention. We would like to take this opportunity to thank Paul for the assistance and co-operation we have received during the course of our work. This letter is for your sole use and must not be disclosed to third parties, quoted or referred to, without prior written consent. No responsibility is accepted by us towards any party acting or refraining from action as a result of this letter. Yours faithfully ## **Brown Butler**