Company registration number 07850292 (England and Wales)
BOURNE GRAMMAR SCHOOL
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2025
31 August 2025
BOURNE GRAMMAR SCHOOL
CONTENTS
Page
Reference and administrative details
1 - 2
Trustees' report
3 - 10
Governance statement
11 - 14
Statement of regularity, propriety and compliance
15
Statement of trustees' responsibilities
16
Independent auditor's report on the financial statements
17 - 20
Independent reporting accountant's report on regularity
21 - 22
Statement of financial activities including income and expenditure account
23 - 24
Balance sheet
25
Statement of cash flows
26
Notes to the financial statements including accounting policies
27 - 48
BOURNE GRAMMAR SCHOOL
REFERENCE AND ADMINISTRATIVE DETAILS
- 1 -
Members
I J G Mears
I M Fytche
L Taylor
S Siddabattuni
D Bower
Trustees
A Anderson (Accounting Officer) (Resigned 23 May 2025)
A Burrows
J E Burrows
J R Fletcher
G R Greatwood
I J G Mears (Chair of Trustees)
C J Moon
R J Parker (Vice Chair of Trustees)
N Puppala (Resigned 21 November 2024)
L Taylor
Cllr S Woolley
M Hartley
M Brunker (Accounting Officer) (Appointed 23 May 2025)
S Barrasso (Appointed 10 December 2024)
H Davies (Appointed 10 December 2024)
A Long
P Reid
K Spriggs (Appointed 10 December 2024)
N Stephens
Leadership Team
- Headteacher
M A Brunker (Appointed 23 May 2025)
- Headteacher
A Anderson (Resigned 23 May 2025)
- Deputy Headteacher
A G Ransom
- Deputy Headteacher (Academic)
M R Hewitt
- Deputy Headteacher (Pastoral)
M A Brunker (Resigned 23 May 2025)
- Deputy Headteacher (Digital Strategy)
S A Brown
- Assistant Headteacher
T Brooker
- Assistant Headteacher
A Creedon
- Assistant Headteacher
A Allen
- Accounting Officer
A Anderson (Resigned 23 May 2025)
- Accounting Officer
M A Brunker (Appointed 23 May 2025)
Company registration number
07850292 (England and Wales)
Registered office
South Road
Bourne
Lincolnshire
PE10 9JE
United Kingdom
BOURNE GRAMMAR SCHOOL
REFERENCE AND ADMINISTRATIVE DETAILS
- 2 -
Independent auditor
Azets Audit Services
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
PE2 6FZ
United Kingdom
Bankers
Lloyds Bank
65 High Street
Stamford
Lincolnshire
PE9 2AT
United Kingdom
BOURNE GRAMMAR SCHOOL
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 3 -

The Trustees present their Annual Report together with the financial statements and Auditor’s Report of Bourne Grammar School (the “Academy Trust”) for the year ended 1 September 2024 to 31 August 2025. The Report has been prepared in accordance with the Academies Accounts Direction 2024/25, the Academy Trust Handbook 2024, the Charities SORP (FRS 102) and the Companies Act 2006. The Annual Report serves the purposes of both a trustees’ report, and a directors‘ report under company law.

Structure, governance and management
Constitution

The Academy Trust is a company limited by guarantee and an exempt charity, incorporated on 16 November 2011. It operates in accordance with its Memorandum and Articles of Association, most recently updated on 27 September 2023, as the primary governing documents of the School.

The trustees act as the trustees for the charitable activities of Bourne Grammar School and are also the directors of the charitable company for the purposes of company law. The charitable company is known as Bourne Grammar School.

The Trust Board and its committees will act as a 'critical friend' by offering an external perspective to the Headteacher and the School through:

- Monitoring its work;

- Offering support and advice;

- Providing an external opinion;

- Asking challenging questions and requiring satisfactory answers;

- Offering constructive criticism where appropriate.

Members' liability

Each member of the charitable company undertakes to contribute to the assets of the charitable company in the event of it being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceeding £10, for the debts and liabilities contracted before they ceased to be a member.

Trustees' indemnities

In accordance with normal commercial practice the Academy has purchased insurance to protect Trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on Academy business.

BOURNE GRAMMAR SCHOOL
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 4 -
Method of recruitment and appointment or election of trustees

In accordance with the Articles of Association the Academy Trust shall have the following Trustees:

The Board of Trustees comprises:

- Up to 8 Trustees appointed by the Members (Article 50);

- Up to 4 Trustees appointed by the Foundation (Article 50A);

- Between 4 and 7 Parent Trustees elected/appointed under Articles 53–56B. A parent trustee shall be elected by parents of registered pupils at the School. A parent trustee must be a parent of a pupil at the School at the time of election;

- The Headteacher, who serves as a Trustee ex officio under Article 57.

The Members have agreed that out of the Member appointed trustees, this should include:

- 2 Trustees from the Members

- 4 community trustees

- One staff trustee who must be a staff member at the time they are elected. If a staff trustee ceases to be a staff member then they shall deem to have resigned and shall cease to be a trustee

The term of office for Trustees is four years, save that:

- This time limit shall not apply to the Headteacher

- A staff trustee shall only hold office for so long as they continue to be employed by the School.

Policies and procedures adopted for the induction and training of trustees

An induction framework ensures new Trustees understand governance responsibilities, safeguarding requirements, financial oversight and strategic priorities. A revised governance training programme is being finalised for 2025–26. All trustees are provided with copies of terms of reference, policies, procedures, minutes, accounts, budgets, plans and other relevant documents to discharge their duties as Trustees.

Organisational structure

The Board of Trustees holds overall responsibility for governance and strategic oversight. The Headteacher, supported by the Leadership Team, leads the operational management and implementation of the School Development Plan.

The Board of Trustees delegates to the following committees, each with their own Terms of Reference and under a Scheme of Delegation:

- Finance, Premises & Audit Committee

- Curriculum & Personnel Committee

- Pastoral & Community Committee

- Disciplinary Committee (convened as required)

The Headteacher, as the principal leader and manager for the School, is responsible for the internal organisation, management and control of the School, for advising the trustees and for implementing the School Development Plan. The Headteacher is supported by members of the leadership team, each with their own clearly defined role and portfolio.

BOURNE GRAMMAR SCHOOL
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 5 -

The Headteacher:

- Has overall executive responsibilities for the School's activities, including all financial activities;

- Formulates aims and objectives of the School for adoption, modification or rejection by the governing body;

- Formulates policies and targets for the governing body to consider;

- Reports to the governing body on progress;

- Puts into practice the policies agreed by the governing body.

Arrangements for setting pay and remuneration of key management personnel

The Headteacher’s pay is determined by the Board following annual performance review and benchmarking.

Leadership Team pay follows the national leadership pay frameworks.

Trade union facility time
The School has adopted trade union facility time during the year.
Related parties and other connected charities and organisations

Related parties have been identified by the trustees in their annual disclosures of pecuniary interests. Further details are disclosed in note 25.

Objectives and activities
Objects and aims

The Trustees are committed to ensuring a culture that supports aspiration, inclusion and academic ambition, so that every student is able to thrive and achieve their potential.

The Headteacher and leadership team lead on the development and implementation of the School development plan to ensure delivery of the School’s purpose within the constraint of the allocated funding.

Bourne Grammar School exists to inspire and empower its community to believe, grow and succeed together for a bright future.

Our Mission guides how we bring this purpose to life every day:

- Best Atmosphere
  We foster a warm, positive and purposeful environment where students and staff feel valued, safe and motivated to learn and work. Expectations are consistent, and relationships are built on trust, respect and a shared sense of belonging.

- Best Support
  We recognise each student as an individual. We provide strong pastoral care and academic guidance, promote personal responsibility for learning, and support staff development and wellbeing. Everyone is encouraged to both seek help and offer help to others.

- Best Results
  We are committed to excellence in academic achievement, personal development and character. We offer a broad curriculum, high-quality teaching and a wide range of opportunities beyond the classroom. Success is measured not only in examination outcomes, but in the confidence, independence and purpose students demonstrate as they progress.

BOURNE GRAMMAR SCHOOL
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 6 -

Planned Activities to Achieve Our Objectives

To put our Vision, Mission and Values into practice, we will:

- Provide a high-quality academic curriculum delivered through strong subject leadership and evidence-informed teaching.

- Promote the highest of standards, ensuring students feel secure, supported and able to flourish.

- Offer wide-ranging opportunities for enrichment, leadership, sport, creativity, trips and broader personal development.

- Deliver strong careers education and next-step guidance, supporting informed and ambitious destinations.

- Invest in staff development and professional growth, cultivating expertise and leadership at all levels.

- Maintain a culture of continuous improvement, drawing on student voice, staff feedback, performance data and external evidence.

Public benefit

The Trustees confirm compliance with the Charities Act 2011 Public Benefit requirement. The Academy promotes respect, integrity and care for others, consistent with the values underpinning its charitable object. The trustees consider that the School’s aims are demonstrably to the public benefit.

Strategic report
Achievements and performance

The School is a large, high-achieving 11–18 selective academy with approximately 1,700 students on roll, including a thriving Sixth Form of approximately 500 students. Demand for places remains strong and the School continues to be consistently oversubscribed in Year 7. Students come from a wide geographical area and from a diverse range of backgrounds, contributing to a strong and aspirational learning culture.

Achievements and Performance

GCSE 2025:

- Grade 9: 13.5%

- Grades 9–7: 53.5%

- Grade 5+ English & Maths: 93.8%

- Attainment 8: 67.8%

A Level 2025:

- A*–A: 32%

- A*–C: 84%

- APS: 38.3

- 9 Oxbridge offers, alongside Medicine, Veterinary and competitive apprenticeships.

Students progress to a wide range of ambitious destinations in higher education, apprenticeships and employment.

BOURNE GRAMMAR SCHOOL
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 7 -

Curriculum, Teaching and Learning

The curriculum is broad, academically ambitious and designed to ensure that students develop the knowledge, skills and confidence needed for future study and employment. Subject leadership has been strengthened through the introduction of a Faculty structure, enabling greater consistency, professional collaboration and shared curriculum planning. Teaching is evidence-informed, with a School-wide focus on retrieval practice, modelling, explanation and the development of independent learning habits. Homework expectations have been clarified and sequencing has been refined to support long-term understanding and progression.

Ongoing quality assurance shows that teaching is strong and improving, with students demonstrating positive attitudes to learning, effective study routines and pride in their work. Leaders at all levels are supported to develop curriculum expertise, and professional development is central to the School’s improvement strategy.

Pastoral Care, Personal Development and Behaviour

The School’s pastoral structure provides high-quality care and guidance. Students feel safe, supported and known as individuals. Behaviour is calm and positive across the School, with clear routines and expectations contributing to a purposeful learning environment. Attendance is exceptionally strong, supported by early identification, student voice and parental engagement.

Students benefit from a rich programme of personal development, including leadership roles, PSHE, online safety education, assemblies, mentoring, wellbeing support and opportunities to contribute to the life of the School. The School places strong emphasis on kindness, resilience and responsibility, aligned with some of its values: Honesty, Resilience and Kindness.

Community, Partnerships and Enrichment

The School plays an active role within the local and wider community. We work closely with partner primary schools, local organisations, universities and employers to broaden student experience and aspiration. Students contribute through volunteering, student leadership, charity fundraising, house events, and representation at School and community activities. A wide-ranging programme of clubs, societies, trips, sports, music, art and drama provides opportunities for students to develop interests, character and confidence beyond the classroom.

BOURNE GRAMMAR SCHOOL
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 8 -
BOURNE GRAMMAR SCHOOL
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 9 -
Going concern

After making appropriate enquiries, the board of trustees has a reasonable expectation that the academy trust has adequate resources to continue in operational existence for the foreseeable future. For this reason the board of trustees continues to adopt the going concern basis in preparing the accounts.

Financial review

The School held fund balances at 31 August 2025 of £15,192,375 (2024 - £15,405,789) comprising £602,416 (2024 - £688,709) of restricted general funds, £187,220 (2024 - £157,736) of unrestricted general funds and £14,402,739 (2023 - £14,559,344) of restricted fixed assets funds.

The pension reserve which is considered part of restricted funds was £Nil (2024 - £Nil). Further details are disclosed in note 25.

The Trustees consider that unrestricted funds together with the balance on general annual grant and devolved formula capital grant comprise available funds. At the start of the year these balances were £764,293, they now stand at £762,415.

Reserves policy

The trustees expect to spend the money received on the pupils in the school at the current time and retain available funds in the range of 3 - 8% of annual grant funding as set out in the reserves policy in order to cover changes in funding and unexpected expenditure. Actual available funds at the end of the year are within this range.

The Academy is confident that it will meet the required pension contributions from its projected income without significantly impacting on its planned level of charitable activity. It continues to calculate its ‘free’ or general unrestricted reserves without setting aside designated reserves to cover the pension liability.

Investment policy

Under the Memorandum and Articles of Association, the School has the power to invest funds not immediately required for its own purposes, in any way the trustees see fit. The organisation has a positive cash balance to cover eventualities and unforeseen expenses. The banking facilities are reviewed on a regular basis to maximise potential income from interest earned on money held in the bank.

Principal risks and uncertainties

The trustees are responsible for identifying risks faced by the charitable company, establishing procedures to mitigate these risks, and ensuring that employees are aware of these procedures and of the implications of failing to implement them. They are satisfied that these procedures are consistent with the guidelines issued by the Charity Commission.

A Risk Register is in place and relevant risks are reviewed and updated at every committee meeting under the direction of the Chair of the committee.

Fundraising

The Academy is compliant with the recognised standards of fundraising set out in the Code of Fundraising Practice. Bourne Grammar School does not use professional fundraisers and there have been no complaints received by the Academy about fund raising activities carried out by the Academy in the year.

Funds held as custodian trustee on behalf of others

The School and its trustees do not act as the custodian trustees of any charity.

BOURNE GRAMMAR SCHOOL
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 10 -
Auditor

In so far as the trustees are aware:

- there is no relevant audit information of which the charitable company's auditor is unaware; and

- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

A resolution proposing that Azets Audit Services be reappointed as auditor of the charitable company will be put to the members.

The trustees' report, incorporating a strategic report, was approved by order of the board of trustees, as the company directors, on 03 December 2025 and signed on its behalf by:

I J G Mears
Mr M Brunker
Chair of Trustees
Accounting Officer (Headteacher)
BOURNE GRAMMAR SCHOOL
GOVERNANCE STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2025
- 11 -
Scope of responsibility

The Board of Trustees is accountable for ensuring that Bourne Grammar School has effective governance, sound financial management, strong internal control and a clear framework of accountability. This Governance Statement outlines how the Board has carried out its duties during the year in accordance with the Academy Trust Handbook 2024 and the Academies Accounts Direction 2024/25.

As Trustees, we acknowledge we have overall responsibility for ensuring that Bourne Grammar School has an effective and appropriate system of control, financial and otherwise. However, such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives, and can provide only reasonable and not absolute assurance against material misstatement or loss.

The Board of Trustees has delegated the day-to-day responsibility to the Headteacher, as Accounting Officer, for ensuring financial controls conform with the requirements of propriety and good financial management and in accordance with the requirements and responsibilities assigned to it in the funding agreement between Bourne Grammar School and the Secretary of State for Education. They are also responsible for reporting to the board of trustees any material weaknesses or breakdowns in internal control.

Governance

The information on governance included here supplements that described in the Trustees' Report and in the Statement of Trustees' Responsibilities. The Board of Trustees has formally met 4 times during the year. Attendance during the year at meetings of the Board of Trustees was as follows:

Trustees
Meetings attended
Out of possible
A Anderson (Accounting Officer) (Resigned 23 May 2025)
3
3
A Burrows
4
4
J E Burrows
4
4
J R Fletcher
4
4
G R Greatwood
4
4
I J G Mears (Chair of Trustees)
4
4
C J Moon
0
4
R J Parker (Vice Chair of Trustees)
1
3
N Puppala (Resigned 21 November 2024)
0
1
L Taylor
4
4
Cllr S Woolley
4
4
M Hartley
4
4
M Brunker (Accounting Officer) (Appointed 23 May 2025)
1
1
S Barrasso (Appointed 10 December 2024)
1
2
H Davies (Appointed 10 December 2024)
2
2
A Long
4
4
P Reid
4
4
K Spriggs (Appointed 10 December 2024)
2
4
N Stephens
4
4
Conflicts of interest

The governing body have clear protocols for registering conflicts of interest and this is managed by the Governance Professional. Trustees are expected to respond to regular checks and written records are kept.

BOURNE GRAMMAR SCHOOL
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 12 -

The Finance, Premises and Audit committee is a sub-committee of the main board of trustees. Its purpose is to advise the board of trustees in accordance with the terms of reference approved by the full governing body.

Attendance at meetings in the year was as follows:

Trustees
Meetings attended
Out of possible
A Anderson (Accounting Officer) (Resigned 23 May 2025)
2
2
J R Fletcher
3
3
I J G Mears (Chair of Trustees)
3
3
C J Moon
3
3
R J Parker (Vice Chair of Trustees)
3
3
L Taylor
3
3
M Hartley
3
3
M Brunker (Accounting Officer) (Appointed 23 May 2025)
1
1
P Reid
3
3
Review of value for money

As Accounting Officer the Headteacher has responsibility for ensuring that the Academy Trust delivers good value in the use of public resources. The Accounting Officer understands that value for money refers to the educational and wider societal outcomes achieved in return for the taxpayer resources received.

The Accounting Officer considers how the Academy Trust’s use of its resources has provided good value for money during each academic year, and reports to the Board of Trustees where value for money can be improved, including the use of benchmarking data where available. The Accounting Officer for the Academy Trust has delivered improved value for money during the year by ensuring multiple quotes are obtained where practicable and appropriate. Ensuring best value for money also contributes to decisions around the estate, making sure it is managed effectively and that safety is of paramount importance when considering spending priorities.

Staffing:

Recruiting the highest quality staff, teaching and non-teaching, remains a key priority of the School and considerable time and financial resource is spent on this activity. The policy of recruiting additional staff in English and Maths provides protection in the event of it being difficult to recruit at certain times of the year and also enables smaller set sizes with emphasis on all students reaching their potential through support for ‘weaker’ students. Carefully controlled resource is spent on CPD for staff with the objective of enhancing teaching and learning across the curriculum.

The non-teaching staff model is streamlined and efficient and best-placed to meet the current needs of the School.

Financial Governance:

Financial governance of the School is overseen by the Finance, Premises & Audit committee in accordance with the School’s Finance Policy. The Finance, Premises & Audit Committee meets regularly to oversee and review spending against income, preparation of annual budget, 3-year financial projections, recommendations of the Responsible Officer, compliance with guidelines published by the DfE in the Academy Trust Handbook, health & safety and matters pertaining to the upkeep and expansion of the School estate. Trustee approval must be sought for non-routine items over £2,000.

The School continually evaluates expenditure in all areas in order to demonstrate best value for money and to reduce expenditure where possible; an example being the change in the refuse removal contract. The Support Staff structure has been reviewed and refined over recent years to deliver increased efficiency at a reduced cost and continues to be reviewed.

BOURNE GRAMMAR SCHOOL
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 13 -

Risk and control:

Due to a combination of local policy on deprivation and the context of pupil premium students, funding per capita is relatively low. Despite this level of funding the School offers exceptional teaching and learning and offers outstanding value for money. This has been made possible by the long-term expansion strategy that the School and Trustees put in place in 2012 along with prudent financial management.

A Risk Register is in place and relevant risks are reviewed and updated at every committee meeting under the direction of the Chair of the committee.

The purpose of the system of internal control

The system of internal control is designed to manage risk to a reasonable level rather than to eliminate all risk of failure to achieve policies, aims and objectives. It can therefore only provide reasonable and not absolute assurance of effectiveness. The system of internal control is based on an on-going process designed to identify and prioritise the risks to the achievement of academy trust policies, aims and objectives, to evaluate the likelihood of those risks being realised and the impact should they be realised, and to manage them efficiently, effectively and economically. The system of internal control has been in place in Bourne Grammar School for the period 1 September 2024 to 31 August 2025 and up to the date of approval of the annual report and financial statements.

Capacity to handle risk

The board of trustees has reviewed the key risks to which the academy trust is exposed together with the operating, financial and compliance controls that have been implemented to mitigate those risks. The board of trustees is of the view that there is a formal ongoing process for identifying, evaluating and managing the academy trust's significant risks that has been in place for the period 1 September 2024 to 31 August 2025 and up to the date of approval of the annual report and financial statements. This process is regularly reviewed by the board of trustees and at each committee.

The risk and control framework

The Board confirms that internal control, regularity and propriety have been maintained throughout the year. The Accounting Officer confirms compliance with the Academy Trust Handbook 2024.

The Board of Trustees has decided:

- to buy in an internal audit service from Days Accountancy Services.

The Internal Auditor's role includes giving advice on financial and other matters and performing a range of checks on the Academy Trust's financial and other systems. In particular, the checks carried out in the current period included:

- Governance/​Financial Management

- Income

- Expenditure

- Payroll

- Regularity

- HR

Two times per year, the Internal Auditor reports to the Finance Team and the Headteacher, who then report to the Board of Trustees through the Finance, Premises and Audit committee on the operation of the systems of control and on the discharge of the financial responsibilities of the Board of Trustees. The accompanying Internal Auditor report includes an outline of the areas reviewed, key findings, recommendations and conclusions to help the committee consider actions and assess year on year progress.

BOURNE GRAMMAR SCHOOL
GOVERNANCE STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 14 -
Review of effectiveness

As accounting officer the Headteacher has responsibility for reviewing the effectiveness of the system of internal control. During the year in question the review has been informed by:

- the work of the internal auditor;

- the work of the external auditor;

- the work of the executive managers within the academy trust who have responsibility for the development and maintenance of the internal control framework.

The accounting officer has been advised of the implications of the result of their review of the system of internal control by the Finance, Premises and Audit committee and a plan to address weaknesses and ensure continuous improvement of the system is in place.

Approved by order of the board of trustees on 03 December 2025 and signed on its behalf by:

I J G Mears
M Brunker
Chair of Trustees
Accounting Officer
BOURNE GRAMMAR SCHOOL
STATEMENT OF REGULARITY, PROPRIETY AND COMPLIANCE
FOR THE YEAR ENDED 31 AUGUST 2025
- 15 -

As accounting officer of Bourne Grammar School, I confirm that I have had due regard to the framework of authorities governing regularity, propriety and compliance, including the trust’s funding agreement with DfE, and the requirements of the Academy Trust Handbook, including responsibilities for estates safety and management. I have also considered my responsibility to notify the academy trust board of trustees and DfE of material irregularity, impropriety and non-compliance with terms and conditions of all funding, including for estates safety and management.

I confirm that I and the academy trust's board of trustees are able to identify any material irregular or improper use of funds by the academy trust, or material non-compliance with the framework of authorities

I confirm that no instances of material irregularity, impropriety or non-compliance have been discovered to date. If any instances are identified after the date of this statement, these will be notified to the board of trustees and DfE.

M Brunker
Accounting Officer
03 December 2025
BOURNE GRAMMAR SCHOOL
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 AUGUST 2025
- 16 -

The trustees (who are also the directors of Bourne Grammar School for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the Academies Accounts Direction 2024 to 2025 published by the Department for Education, United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under company law, the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period.

In preparing these financial statements, the trustees are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP 2019 and the Academies Accounts Direction 2024 to 2025;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for ensuring that in its conduct and operation the charitable company applies financial and other controls, which conform with the requirements both of propriety and of good financial management. They are also responsible for ensuring that grants received from DfE have been applied for the purposes intended.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by order of the members of the board of trustees on 03 December 2025 and signed on its behalf by:

I J G Mears
Chair of Trustees
BOURNE GRAMMAR SCHOOL
INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF BOURNE GRAMMAR SCHOOL
FOR THE YEAR ENDED 31 AUGUST 2025
- 17 -

Opinion

We have audited the financial statements of Bourne Grammar School for the year ended 31 August 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice), the Charities SORP 201 9 and the Academies Accounts Direction 2024 to 2025 issued by the Department for Education.

In our opinion the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 31 August 2025 and of its incoming resources and application of resources, including its income and expenditure, f or the year then ended;

-

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

-

have been prepared in accordance with the requirements of the Companies Act 2006; and

-

have been prepared in accordance with the Charities SORP 2019 and the Academies Accounts Direction 2024 to 2025.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 'Auditor's responsibilities for the audit of the financial statements' section of our report. We are independent of the academy trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the academy trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. O ur responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether th is gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

BOURNE GRAMMAR SCHOOL
INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF BOURNE GRAMMAR SCHOOL (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 18 -
Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the trustees' r eport including the incorporated strategic report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the trustees' r eport including the incorporated strategic report ha s been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the academy trust and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' r eport, including the incorporated strategic report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of trustees' remuneration specified by law are not made; or

-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees

As explained more fully in the s tatement of trustees' r esponsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the academy trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to 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 detect a material misstatement when it 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 of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

BOURNE GRAMMAR SCHOOL
INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF BOURNE GRAMMAR SCHOOL (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 19 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of senior leadership, Trustees and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations including compliance with the Academies Accounts Directio n 202 3 to 202 4 issued by the Education and Skills Funding Agency;

- Performing audit work over the recognition of grant income and the allocation of expenditure to funds;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

BOURNE GRAMMAR SCHOOL
INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF BOURNE GRAMMAR SCHOOL (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 20 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: http s://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Mark Jackson FCA DChA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
PE2 6FZ
United Kingdom
17 December 2025
BOURNE GRAMMAR SCHOOL
INDEPENDENT REPORTING ACCOUNTANT'S ASSURANCE REPORT ON REGULARITY TO BOURNE GRAMMAR SCHOOL AND THE EDUCATION AND SKILLS FUNDING AGENCY
FOR THE YEAR ENDED 31 AUGUST 2025
- 21 -

In accordance with the terms of our engagement letter dated 30 June 2025 and further to the requirements of the Department for Education (DfE) as included in the extant Framework and Guide for External Auditors and Reporting Accountants of Academy Trusts, we have carried out an engagement to obtain limited assurance about whether anything has come to our attention that would suggest, in all material respects ,the expenditure disbursed and income received by Bourne Grammar School during the period 1 September 2024 to 31 August 2025 have been applied to the purposes intended by Parliament and the financial transactions conform to the authorities which govern them.

This report is made solely to Bourne Grammar School and the Secretary of State for Education in accordance with the terms of our engagement letter. Our work has been undertaken so that we might state to the Bourne Grammar School and the Secretary of State for Education those matters we are required to state in a report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bourne Grammar School and the Secretary of State for Education, for our work, for this report, or for the conclusion we have formed.

Respective responsibilities of the accounting officer of Bourne Grammar School's and the reporting accountant

The accounting officer is responsible, under the requirements of Bourne Grammar School’s funding agreement with the Secretary of State for Education dated 1 January 2012 and the Academies Financial Handbook, extant from 1 September 2024, for ensuring that expenditure disbursed and income received is applied for the purposes intended by Parliament and the financial transactions conform to the authorities which govern them.

Our responsibilities for this engagement are established in the United Kingdom by our profession’s ethical guidance, and are to obtain limited assurance and report in accordance with our engagement letter and the requirements of the extant Framework and Guide for External Auditors and Reporting Accountants of

Academy Trusts. We report to you whether anything has come to our attention in carrying out our work which suggests that in all material respects, expenditure disbursed and income received during the period 1 September 2024 to 31 August 2025 have not been applied for the purposes intended by Parliament or that the financial transactions do not conform to the authorities which govern them.

Approach

We conducted our engagement in accordance with the Framework and Guide for External Auditors and Reporting Accountant of Academy Trusts issued by DfE, which requires a limited assurance engagement as set out in our engagement letter.

The objective of a limited assurance engagement is to perform such procedures as to obtain information and explanations in order to provide us with sufficient appropriate evidence to express a negative conclusion on regularity.

A limited assurance engagement is more limited in scope than a reasonable assurance engagement and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in a reasonable assurance engagement. Accordingly, we do not express a positive opinion.

Our engagement includes examination, on a test basis, of evidence relevant to the regularity and propriety of the academy trust's income and expenditure.

The work undertaken to draw to our conclusion includes:

- a review of the activities of the academy, by reference to sources of income and other information available to us;

- sample testing of expenditure, including payroll;

- a review of minutes of Trustees’ meetings.

BOURNE GRAMMAR SCHOOL
INDEPENDENT REPORTING ACCOUNTANT'S ASSURANCE REPORT ON REGULARITY TO BOURNE GRAMMAR SCHOOL AND THE EDUCATION AND SKILLS FUNDING AGENCY (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 22 -
Conclusion

In the course of our work, nothing has come to our attention which suggests that in all material respects the expenditure disbursed and income received during the period 1 September 2024 to 31 August 2025 has not been applied for the purposes intended by Parliament or that the financial transactions do not conform to the authorities which govern them.

Reporting Accountant
Azets Audit Services
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
PE2 6FZ
United Kingdom
Dated: 17 December 2025
BOURNE GRAMMAR SCHOOL
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2025
- 23 -
Unrestricted
Restricted funds:
Total
Total
funds
General
Fixed asset
2025
2024
Notes
£
£
£
£
£
Income and endowments from:
Donations and capital grants
3
8,628
-
36,051
44,679
37,459
Charitable activities:
- Funding for educational operations
4
576,526
11,162,979
-
11,739,505
10,955,867
Other trading activities
5
1,080
-
-
1,080
1,386
Investments
6
20,195
-
-
20,195
10,990
Total
606,429
11,162,979
36,051
11,805,459
11,005,702
Expenditure on:
Charitable activities:
- Educational operations
8
576,945
10,853,773
447,155
11,877,873
11,149,822
Total
7
576,945
10,853,773
447,155
11,877,873
11,149,822
Net income/(expenditure)
29,484
309,206
(411,104)
(72,414)
(144,120)
Transfers between funds
18
-
(254,499)
254,499
-
-
Other recognised gains/(losses)
Actuarial losses on defined benefit pension schemes
25
-
(141,000)
-
(141,000)
(141,000)
Net movement in funds
29,484
(86,293)
(156,605)
(213,414)
(285,120)
Reconciliation of funds
Total funds brought forward
157,736
688,709
14,559,344
15,405,789
15,690,909
Total funds carried forward
187,220
602,416
14,402,739
15,192,375
15,405,789
BOURNE GRAMMAR SCHOOL
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2025
- 24 -
Comparative year information
Unrestricted
Restricted funds:
Total
Year ended 31 August 2024
funds
General
Fixed asset
2024
Notes
£
£
£
£
Income and endowments from:
Donations and capital grants
3
1,858
-
35,601
37,459
Charitable activities:
- Funding for educational operations
4
604,616
10,351,251
-
10,955,867
Other trading activities
5
1,386
-
-
1,386
Investments
6
10,990
-
-
10,990
Total
618,850
10,351,251
35,601
11,005,702
Expenditure on:
Charitable activities:
- Educational operations
8
568,324
10,123,179
458,319
11,149,822
Total
7
568,324
10,123,179
458,319
11,149,822
Net income/(expenditure)
50,526
228,072
(422,718)
(144,120)
Transfers between funds
18
-
(112,554)
112,554
-
Other recognised gains/(losses)
Actuarial losses on defined benefit pension schemes
25
-
(141,000)
-
(141,000)
Net movement in funds
50,526
(25,482)
(310,164)
(285,120)
Reconciliation of funds
Total funds brought forward
107,210
714,191
14,869,508
15,690,909
Total funds carried forward
157,736
688,709
14,559,344
15,405,789
BOURNE GRAMMAR SCHOOL
BALANCE SHEET
AS AT 31 AUGUST 2025
- 25 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
14,698,707
14,958,443
Current assets
Debtors
14
473,104
360,819
Cash at bank and in hand
1,212,625
1,278,015
1,685,729
1,638,834
Current liabilities
Creditors: amounts falling due within one year
15
(996,092)
(893,289)
Net current assets
689,637
745,545
Total assets less current liabilities
15,388,344
15,703,988
Creditors: amounts falling due after more than one year
16
(195,969)
(298,199)
Net assets excluding pension asset
15,192,375
15,405,789
Defined benefit pension scheme asset
25
-
-
Total net assets
15,192,375
15,405,789
Funds of the academy trust:
Restricted funds
18
- Fixed asset funds
14,402,739
14,559,344
- Restricted income funds
602,416
688,709
Total restricted funds
15,005,155
15,248,053
Unrestricted income funds
18
187,220
157,736
Total funds
15,192,375
15,405,789

The financial statements on pages 23 to 48 were approved by the trustees and authorised for issue on 03 December 2025 and are signed on their behalf by:

I J G Mears
Chair of Trustees
Company registration number 07850292 (England and Wales)
BOURNE GRAMMAR SCHOOL
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2025
- 26 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Net cash provided by operating activities
22
168,913
28,039
Cash flows from investing activities
Dividends, interest and rents from investments
20,195
10,990
Capital grants from DfE Group
36,051
35,601
Purchase of tangible fixed assets
(177,996)
(21,605)
Net cash (used in)/provided by investing activities
(121,750)
24,986
Cash flows from financing activities
Repayment of other loan
(103,130)
(100,901)
Finance costs
(9,423)
(11,653)
Net cash used in financing activities
(112,553)
(112,554)
Net decrease in cash and cash equivalents in the reporting period
(65,390)
(59,529)
Cash and cash equivalents at beginning of the year
1,278,015
1,337,544
Cash and cash equivalents at end of the year
1,212,625
1,278,015
BOURNE GRAMMAR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 27 -
1
Accounting policies

A summary of the principal accounting policies adopted (which have been applied consistently, except where noted), judgements and key sources of estimation uncertainty, is set out below.

1.1
Basis of preparation

The financial statements of the academy trust, which is a public benefit entity under FRS 102, have been prepared under the historical cost convention in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), the Academies Accounts Direction 2024 to 2025 issued by the Department for Education, the Charities Act 2011 and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the academy trust. Monetary a mounts in these financial statements are rounded to the nearest £.

1.2
Going concern

The trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charitable company to continue as a going concern. The trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the academy trust has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the academy trust’s ability to continue as a going concern. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Income

All incoming resources are recognised when the academy trust has entitlement to the funds, the receipt is probable and the amount can be measured reliably.

Grants

Grants are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of meeting any performance-related conditions there is not unconditional entitlement to the income and its recognition is deferred and included in creditors as deferred income until the performance-related conditions are met. Where entitlement occurs before income is received, the income is accrued.

General Annual Grant is recognised in full in the statement of financial activities in the period for which it is receivable, and any abatement in respect of the period is deducted from income and recognised as a liability.

Capital grants are recognised in full when there is an unconditional entitlement to the grant. Unspent amounts of capital grants are reflected in the balance sheet in the restricted fixed asset fund. Capital grants are recognised when there is entitlement and are not deferred over the life of the asset on which they are expended.

Donations

Donations are recognised on a receivable basis (where there are no performance-related conditions) where the receipt is probable and the amount can be reliably measured.

Other income

Other income, including the hire of facilities, is recognised in the period it is receivable and to the extent the academy trust has provided the goods or services.

BOURNE GRAMMAR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 28 -
Donated goods, facilities and services

Goods donated for resale are included at fair value, being the expected proceeds from sale less the expected costs of sale. If it is practical to assess the fair value at receipt, it is recognised in stock and ‘Income from other trading activities’. Upon sale, the value of the stock is charged against ‘Income from other trading activities’ and the proceeds are recognised as ‘Income from other trading activities’. Where it is impractical to fair value the items due to the volume of low value items they are not recognised in the financial statements until they are sold. This income is recognised within ‘Income from other trading activities’.

Donated fixed assets

Donated fixed assets are measured at fair value unless it is impractical to measure this reliably, in which case the cost of the item to the donor is used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset category and depreciated over the useful economic life in accordance with the academy trust‘s accounting policies.

1.4
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

All resources expended are inclusive of irrecoverable VAT.

Expenditure on raising funds

This includes all expenditure incurred by the academy trust to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Charitable activities

These are costs incurred on the academy trust's educational operations, including support costs and costs relating to the governance of the academy trust apportioned to charitable activities.

Governance costs

These include the costs attributable to the academy trust's compliance with constitutional and statutory requirements, including audit, strategic management, trustees' meetings and reimbursed expenses.

1.5
Tangible fixed assets and depreciation

Assets costing £1,000 or more are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provision for impairment.

Where tangible fixed assets have been acquired with the aid of specific grants, either from the government or from the private sector, they are included in the balance sheet at cost and depreciated over their expected useful economic life. The related grants are credited to a restricted fixed asset fund in the statement of financial activities and carried forward in the balance sheet. Depreciation on such assets is charged to the restricted fixed asset fund in the statement of financial activities so as to reduce the fund over the useful economic life of the related asset on a basis consistent with the academy trust's depreciation policy. Where tangible fixed assets have been acquired with unrestricted funds, depreciation on such assets is charged to the unrestricted fund.

BOURNE GRAMMAR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 29 -

Depreciation is provided on all tangible fixed assets other than freehold land, at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings
2% straight line
Fixtures, fittings & equipment
25% straight line

Property introduced into the academy from the previous local authority school was transferred in at depreciated replaceable cost as per the valuation at 31 August 2012 by a professional valuer commissioned by the DfE.

Other assets transferred to the academy on conversion have not been valued in these accounts.

The land and buildings are leased under a 125 year lease.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities.

1.6
Liabilities

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the academy trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods of services it must provide.

1.7
Leased assets

Rentals payable under operating leases are charged against income on a straight line basis over the period of the lease.

The land and buildings from which the academy operate are leased from the Local Authority at £nil rent.

A commercial value lease of the lease has not been included in these accounts as expenditure or donated income.

1.8
Financial instruments

The academy trust only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the academy trust and their measurement basis are as follows.

Financial assets

Trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at face value.

Financial liabilities

Trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

BOURNE GRAMMAR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 30 -
1.9
Taxation

The academy trust is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the academy trust is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.10
Pensions benefits

Retirement benefits to employees of the academy trust are provided by the Teachers' Pension Scheme ('TPS') and the Local Government Pension Scheme ('LGPS'). These are defined benefit schemes and the assets are held separately from those of the academy trust.

The TPS is an unfunded scheme and contributions are calculated to spread the cost of pensions over employees' working lives with the academy trust in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary based on quadrennial valuations using a prospective unit credit method. The TPS is an unfunded multi-employer scheme with no underlying assets to assign between employers. Consequently, the TPS is treated as a defined contribution scheme for accounting purposes and the contributions are recognised in the period to which they relate.

The LGPS is a funded multi-employer scheme and the assets are held separately from those of the academy trust in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method and discounted at a rate equivalent to the current rate of return on a high-quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The amounts charged to net income or expenditure are the current service costs and the costs of scheme introductions, benefit changes, settlements and curtailments. They are included as part of staff costs as incurred. Net interest on the net defined benefit liability/asset is also recognised in the statement of financial activities and comprises the interest cost on the defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefit obligations. The difference between the interest income on the scheme assets and the actual return on the scheme assets is recognised in other recognised gains and losses. Actuarial gains and losses are recognised immediately in other recognised gains and losses.

1.11
Fund accounting

Unrestricted income funds represent those resources which may be used towards meeting any of the charitable objects of the academy trust at the discretion of the trustees.

Restricted fixed asset funds are resources which are to be applied to specific capital purposes imposed by the funders where the asset acquired or created is held for a specific purpose.

Restricted general funds comprise all other restricted funds received with restrictions imposed by the funder/donor and include grants from the Education and Skills Funding Agency/Department for Education.

Designated funds are where the governors have ring fenced unrestricted income for specific purposes.

1.12

Agency arrangements

The academy trust acts as an agent in distributing 16-19 bursary funds from DfE. Payments received from DfE and subsequent disbursements to students are excluded from the statement of financial activities as the academy trust does not have control over the charitable application of the funds. The funds received and paid, and any balances held are disclosed in note 27.

BOURNE GRAMMAR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 31 -
2
Critical accounting estimates and areas of judgement

Accounting e stimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions

The academy trust makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

The present value of the Local Government Pension Scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost or income for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 25, will impact the carrying amount of the pension liability. Furthermore, a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2019 has been used by the actuary in valuing the pensions liability at 31 August 2025. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability.

3
Donations and capital grants
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£
£
£
£
Capital grants
-
36,051
36,051
35,601
Other donations
8,628
-
8,628
1,858
8,628
36,051
44,679
37,459
BOURNE GRAMMAR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 32 -
4
Funding for the academy trust's educational operations
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£
£
£
£
DfE grants
General annual grant (GAG)
-
7,259,686
7,259,686
6,968,039
Other DfE grants:
- 16-19 Core funding
-
2,925,747
2,925,747
2,576,378
- Pupil premium
-
104,529
104,529
110,960
- Mainstream schools additional grant
-
248,231
248,231
229,969
- Teachers pension grant
-
317,451
317,451
183,986
- Teachers pay grant
-
117,016
117,016
117,405
- Others
-
95,395
95,395
39,548
-
11,068,055
11,068,055
10,226,285
Other government grants
Local authority grants
-
91,350
91,350
107,522
Other incoming resources
576,526
3,574
580,100
622,060
Total funding
576,526
11,162,979
11,739,505
10,955,867
5
Other trading activities
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£
£
£
£
Lettings
1,080
-
1,080
1,386
6
Investment income
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£
£
£
£
Short term deposits
20,195
-
20,195
10,990
BOURNE GRAMMAR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 33 -
7
Expenditure
Non-pay expenditure
Total
Total
Staff costs
Premises
Other
2025
2024
£
£
£
£
£
Academy's educational operations
- Direct costs
7,898,696
-
1,098,351
8,997,047
7,780,077
- Allocated support costs
1,227,034
1,128,579
525,213
2,880,826
3,369,745
9,125,730
1,128,579
1,623,564
11,877,873
11,149,822
Net income/(expenditure) for the year includes:
2025
2024
£
£
Operating lease rentals
177,584
306,955
Depreciation of tangible fixed assets
437,732
432,670
Fees payable to auditor for:
- Audit
14,025
13,850
- Other services
1,425
1,350
Bank and loan interest
9,423
11,653
Net interest on defined benefit pension liability
(38,000)
(27,000)
8
Charitable activities
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£
£
£
£
Direct costs
Educational operations
576,945
8,420,102
8,997,047
7,780,077
Support costs
Educational operations
-
2,880,826
2,880,826
3,369,745
576,945
11,300,928
11,877,873
11,149,822
Analysis of costs
2025
2024
£
£
Direct costs
Teaching and educational support staff costs
7,911,310
6,738,482
Staff development
11,304
12,352
Technology costs
58,985
76,578
Educational supplies and services
155,805
115,676
Examination fees
234,586
225,927
Educational consultancy
15,432
-
Other direct costs
609,625
611,062
8,997,047
7,780,077
BOURNE GRAMMAR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
8
Charitable activities
(Continued)
- 34 -
Support costs
Support staff costs
1,252,355
1,600,756
Depreciation
437,732
432,670
Technology costs
254,690
-
Recruitment and support
7,752
3,801
Maintenance of premises and equipment
187,323
410,726
Cleaning
189,912
198,728
Energy costs
132,651
193,047
Rent, rates and other occupancy costs
125,738
80,129
Insurance
53,774
47,568
Security and transport
15,286
-
Catering
20,801
48,972
Finance costs
(28,577)
(15,347)
Legal and professional costs
11,888
10,039
Other support costs
199,271
338,090
Governance costs
20,230
20,566
2,880,826
3,369,745

During the period, the School has adopted the DfE chart of accounts which has enabled a more detailed breakdown of costs both within and between direct and support costs. This detailed analysis is deemed to provide greater clarity and more accurate reporting regarding the expenditure of funds. As such, the analysis of costs for the current reporting period do not directly align to the comparatives in some instances. Future periods are expected to be more consistent with the new more detailed analysis.

9
Governance costs
Total
Total
All from restricted funds:
2025
2024
£
£
Amounts included in support costs
Legal costs
11,888
10,039
Auditor's remuneration
- Audit of financial statements
11,021
19,216
- Other audit costs
9,209
1,350
32,118
30,605
BOURNE GRAMMAR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 35 -
10
Staff
Staff costs
Staff costs during the year were:
2025
2024
£
£
Wages and salaries
6,518,621
6,190,780
Social security costs
773,885
659,630
Pension costs
1,731,119
1,443,064
Staff costs - employees
9,023,625
8,293,474
Agency staff costs
66,433
16,871
Staff restructuring costs
35,672
28,893
9,125,730
8,339,238
Staff development and other staff costs
49,239
12,352
Total staff expenditure
9,174,969
8,351,590
Staff restructuring costs comprise:
Severance payments
15,204
12,100
Other restructuring costs
20,468
16,793
35,672
28,893
Severance payments

The academy trust paid 2 severance payments in the year, disclosed in the following bands:

0 - £25,000
2
Staff numbers
The average number of persons employed by the academy trust during the year was as follows:
2025
2024
Number
Number
Teachers
92
91
Administration and support
51
49
Management
8
8
151
148
BOURNE GRAMMAR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
10
Staff
(Continued)
- 36 -
Higher paid staff
The number of employees whose employee benefits (excluding employer pension costs and employer national insurance contributions) exceeded £60,000 was:
2025
2024
Number
Number
£60,000 - £70,000
8
8
£80,000 - £90,000
4
4
£110,000 - £120,000
1
1
Key management personnel

The key management personnel of the academy trust comprise the trustees and the senior management team as listed on page 1. The total amount of employee benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel for their services to the academy trust was £1,015,922 received by 8 people (2024 - £923,429 received by 8 people).

11
Trustees' remuneration and expenses

The Headteacher and other staff trustees only receive remuneration in respect of services they provide undertaking the roles of Headteacher and staff, and not in respect of their services as trustees. Other trustees did not receive any payments, other than expenses, from the academy trust in respect of their role as trustees. During the year trustees' expenses amounted to £nil (2024 - £nil).

The value of trustees' remuneration was as follows:

A Anderson (Headteacher and trustee) - resigned 17 August 2025

Remuneration £130,000 - £135,000 (2024 - £115,000 - £120,000)

Employer’s pension contributions £30,000 - £35,000 (2024 - £30,000 - £35,000)

M Brunker (Acting Headteacher and trustee) - appointed 23 May 2025

Remuneration £90,000 - £95,000

Employer’s pension contributions £25,000 - £30,000

Mr M Hartley (Staff member and trustee)

Remuneration £60,000 - £65,000 (2024 - £15,000 - £20,000)

Employer’s pension contributions £15,000 - £20,000 (2024 - £0 - £5,000)

Other related party transactions involving the trustees are set out within the related parties note.

12
Trustees' and officers' insurance

The academy trust has opted into the Department for Education’s Risk Protection Arrangement (RPA), an alternative to insurance where UK government funds cover losses that arise. This scheme protects trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on academy trust business, and provides cover up to £10,000,000. It is not possible to quantify the trustees and officers indemnity element from the overall cost of the RPA scheme.

BOURNE GRAMMAR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 37 -
13
Tangible fixed assets
Land and buildings
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 September 2024
18,426,185
379,175
18,805,360
Additions
118,166
59,830
177,996
At 31 August 2025
18,544,351
439,005
18,983,356
Depreciation
At 1 September 2024
3,545,750
301,167
3,846,917
Charge for the year
375,029
62,703
437,732
At 31 August 2025
3,920,779
363,870
4,284,649
Net book value
At 31 August 2025
14,623,572
75,135
14,698,707
At 31 August 2024
14,880,435
78,008
14,958,443
14
Debtors
2025
2024
£
£
VAT recoverable
35,291
13,555
Other debtors
6,593
-
Prepayments and accrued income
431,220
347,264
473,104
360,819
15
Creditors: amounts falling due within one year
2025
2024
£
£
Other loans
100,000
100,900
Trade creditors
88,035
75,775
Other taxation and social security
197,206
157,839
Other creditors
281,213
232,999
Accruals and deferred income
329,638
325,776
996,092
893,289
BOURNE GRAMMAR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 38 -
16
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other loans
195,969
298,199
2025
2024
Analysis of loans
£
£
Wholly repayable within five years
295,969
399,099
Less: included in current liabilities
(100,000)
(100,900)
Amounts included above
195,969
298,199
Loan maturity
Debt due in one year or less
100,000
100,900
Due in more than one year but not more than two years
100,000
100,900
Due in more than two years but not more than five years
95,969
197,299
295,969
399,099

A £1,000,000 loan was provided by the DfE to support a building project during the year ended 31 August 2016 and is being repaid over a period of 10 years. Interest is charged on this loan at a rate of 2.21% per annum.

17
Deferred income
2025
2024
£
£
Deferred income is included within:
Creditors due within one year
282,247
230,314
Deferred income at 1 September 2024
230,314
224,736
Released from previous years
(230,314)
(224,736)
Resources deferred in the year
282,247
230,314
Deferred income at 31 August 2025
282,247
230,314

Deferred income includes money received for school trips taking place during the next academic year.

BOURNE GRAMMAR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 39 -
18
Funds
Balance at
Gains,
Balance at
1 September
losses and
31 August
2024
Income
Expenditure
transfers
2025
£
£
£
£
£
Restricted general funds
General Annual Grant (GAG)
612,329
7,259,686
(7,042,321)
(254,499)
575,195
Pupil premium
76,380
104,529
(153,688)
-
27,221
Other DfE grants
-
95,389
(95,389)
-
-
Other government grants
-
91,350
(91,350)
-
-
16-19 Core funding
-
2,925,753
(2,925,753)
-
-
Mainstream schools additional grant
-
248,231
(248,231)
-
-
Teachers pension grant
-
317,451
(317,451)
-
-
Teachers pay grant
-
117,016
(117,016)
-
-
Other restricted funds
-
3,574
(3,574)
-
-
Pension reserve
-
-
141,000
(141,000)
-
688,709
11,162,979
(10,853,773)
(395,499)
602,416
Restricted fixed asset funds
DfE group capital grants
-
36,051
-
(36,051)
-
Capital expenditure from GAG
4,360,855
-
(169,790)
-
4,191,065
Property transferred at conversion
8,250,663
-
(221,003)
-
8,029,660
Fixed assets financed from GAG
1,932,633
-
(38,653)
177,996
2,071,976
Fixed assets financed from other funds
414,292
-
(8,286)
-
406,006
DfE capital loans
(399,099)
-
(9,423)
112,554
(295,968)
14,559,344
36,051
(447,155)
254,499
14,402,739
Total restricted funds
15,248,053
11,199,030
(11,300,928)
(141,000)
15,005,155
Unrestricted funds
General funds
151,964
40,518
-
(5,262)
187,220
School fund
5,772
565,911
(576,945)
5,262
-
157,736
606,429
(576,945)
-
187,220
Total funds
15,405,789
11,805,459
(11,877,873)
(141,000)
15,192,375
BOURNE GRAMMAR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
18
Funds
(Continued)
- 40 -

The specific purposes for which the funds are to be applied are as follows:

Restricted Fixed Asset funds represent capital funding received from the DfE and other sources. In accordance with the accounting policies set out in note 1, assets are capitalised where applicable, and depreciation is charged to this fund over the assets' useful economic life. Where costs are not capital in nature they are charged directly to this fund as an expense.

The restricted grant income in the year all relates to the provision of education for the children of the School.

Under the funding agreement with the Secretary of State, the School was not subject to a limit on the amount of GAG that it could carry forward at 31 August 2025.

Parliament has agreed, at the request of the Secretary of State for Education, to a guarantee that, in the event of School closure, outstanding Local Government Pension Scheme liabilities would be met by the Department for Education. The guarantee came into force on 18 July 2013.

The School fund is designated by the trustees for the use in a variety of different areas including school trips.

BOURNE GRAMMAR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
18
Funds
(Continued)
- 41 -
Comparative information in respect of the preceding period is as follows:
Balance at
Gains,
Balance at
1 September
losses and
31 August
2023
Income
Expenditure
transfers
2024
£
£
£
£
£
Restricted general funds
General Annual Grant (GAG)
639,607
6,968,039
(6,882,763)
(112,554)
612,329
Pupil premium
74,584
110,960
(109,164)
-
76,380
Other DfE grants
-
56,992
(56,992)
-
-
Other government grants
-
107,522
(107,522)
-
-
16-19 Core funding
-
2,576,378
(2,576,378)
-
-
Mainstream schools additional grant
-
229,969
(229,969)
-
-
Teachers pension grant
-
183,986
(183,986)
-
-
Teachers pay grant
-
117,405
(117,405)
-
-
Pension reserve
-
-
141,000
(141,000)
-
714,191
10,351,251
(10,123,179)
(253,554)
688,709
Restricted fixed asset funds
DfE group capital grants
-
35,601
(13,996)
(21,605)
-
Capital expenditure from GAG
4,525,070
-
(164,215)
-
4,360,855
Property transferred at conversion
8,471,662
-
(220,999)
-
8,250,663
Fixed assets financed from GAG
1,950,029
-
(39,001)
21,605
1,932,633
Fixed assets financed from other funds
422,747
-
(8,455)
-
414,292
DfE capital loans
(500,000)
-
(11,653)
112,554
(399,099)
14,869,508
35,601
(458,319)
112,554
14,559,344
Total restricted funds
15,583,699
10,386,852
(10,581,498)
(141,000)
15,248,053
Unrestricted funds
General funds
96,356
43,360
-
12,248
151,964
School fund
10,854
575,490
(568,324)
(12,248)
5,772
107,210
618,850
(568,324)
-
157,736
Total funds
15,690,909
11,005,702
(11,149,822)
(141,000)
15,405,789
BOURNE GRAMMAR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 42 -
19
Analysis of net assets between funds
Unrestricted
Restricted funds:
Total
Funds
General
Fixed asset
Funds
£
£
£
£
Fund balances at 31 August 2025 are represented by:
Tangible fixed assets
-
-
14,698,707
14,698,707
Current assets
436,678
1,249,051
-
1,685,729
Current liabilities
(249,458)
(646,635)
(99,999)
(996,092)
Non-current liabilities
-
-
(195,969)
(195,969)
Total net assets
187,220
602,416
14,402,739
15,192,375
Unrestricted
Restricted funds:
Total
Funds
General
Fixed asset
Funds
£
£
£
£
Fund balances at 31 August 2024 are represented by:
Tangible fixed assets
-
-
14,958,443
14,958,443
Current assets
465,208
1,173,626
-
1,638,834
Current liabilities
(307,472)
(484,917)
(100,900)
(893,289)
Non-current liabilities
-
-
(298,199)
(298,199)
Total net assets
157,736
688,709
14,559,344
15,405,789
20
Long-term commitments
Operating leases
At 31 August 2025 the total of the academy trust's future minimum lease payments under non-cancellable operating leases was:
2025
2024
£
£
Amounts due within one year
75,759
94,517
Amounts due in two and five years
44,786
54,506
120,545
149,023
21
Capital commitments
2025
2024
£
£
Expenditure contracted for but not provided in the financial statements
-
19,221
BOURNE GRAMMAR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 43 -
22
Reconciliation of net expenditure to net cash flow from operating activities
2025
2024
Notes
£
£
Net expenditure for the reporting period
(as per the statement of financial activities)
(72,414)
(144,120)
Adjusted for:
Capital grants from DfE and other capital income
(36,051)
(35,601)
Investment income receivable
6
(20,195)
(10,990)
Finance costs payable
9,423
11,653
Defined benefit pension costs less contributions payable
25
(103,000)
(114,000)
Defined benefit pension scheme finance income
25
(38,000)
(27,000)
Depreciation of tangible fixed assets
437,732
432,670
(Increase) in debtors
(112,285)
(54,699)
Increase/(decrease) in creditors
103,703
(29,874)
Net cash provided by operating activities
168,913
28,039
23
Analysis of changes in net funds
1 September 2024
Cash flows
31 August 2025
£
£
£
Cash
1,278,015
(65,390)
1,212,625
Loans falling due within one year
(100,900)
900
(100,000)
Loans falling due after more than one year
(298,199)
102,230
(195,969)
878,916
37,740
916,656
24
Members' liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he or she is a member, or within one year after he or she ceases to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before he or she ceases to be a member.

No individual has a controlling interest in the charitable company.

25
Pension and similar obligations

The academy trust's employees belong to two principal pension schemes: the Teachers' Pension Scheme England and Wales (TPS) for academic and related staff; and the Local Government Pension Scheme (LGPS) for non-teaching staff, which is managed by Lincolnshire County Council. Both are multi-employer defined benefit schemes.

The latest actuarial valuation of the TPS related to the period ended 31 March 2020, and that of the LGPS related to the period ended 31 March 2022.

Contributions amounting to £193,425 were payable to the schemes at 31 August 2025 (2024: £160,973) and are included within creditors.

BOURNE GRAMMAR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
25
Pension and similar obligations
(Continued)
- 44 -
Teachers' Pension Scheme
Introduction

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. Membership is automatic for teachers in academy trusts. All teachers have the option to opt out of the TPS following enrolment.

The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary. These contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Valuation of the Teachers' Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to ensure scheme costs are recognised and managed appropriately and the review specifies the level of future contributions.

Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate, set by HMT, applying a notional investment return based on 1.7% above the rate of CPI. The key elements of the valuation outcome are:

- Employer contribution rates set at 28.68% of pensionable pay (including a 0.08% administration levy). This is an increase of 5% in employer contributions and the cost control result is such that no change in member benefits is needed.

- Total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £262,000 million and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222,200 million, giving a notional past service deficit of £39,800 million.

The result of this valuation will be implemented from 1 April 2024.The next valuation result is due to be implemented from 1 April 2027.

The employer's pension costs paid to the TPS in the period amounted to £1,252,963 (2024: £1,076,995).

A copy of the valuation report and supporting documentation is on the Teachers’ Pensions website.

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The academy trust is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the academy trust has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined contribution scheme. The academy trust has set out above the information available on the scheme.

Local Government Pension Scheme

The LGPS is a funded defined benefit pension scheme, with the assets held in separate trustee-administered funds. The total contributions are as noted below. The agreed contribution rates up to 31 March 2026 are 26% and from 1 April 2026, 19.5% for employers and 5.5 to 12.5% for employees.

BOURNE GRAMMAR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
25
Pension and similar obligations
(Continued)
- 45 -

Parliament has agreed, at the request of the Secretary of State for Education, to a guarantee that, in the event of academy closure, outstanding Local Government Pension Scheme liabilities would be met by the Department for Education. The guarantee came into force on 18 July 2013 and on 21 July 2022, the Department for Education reaffirmed its commitment to the guarantee, with a parliamentary minute published on GOV.UK.

The actuarial valuation prepared under FRS102 in respect of the Local Government Pension Scheme indicated that the Trust’s share of the scheme was in surplus as at the year end to the value of £1,522,000 (2024 - £584,000). The actuaries have undertaken an asset ceiling calculation which, on the basis that a minimum funding requirement does exist, indicates that none of that surplus is likely to result in either a refund of contributions or a reduction in contributions in the future.

Total contributions made
2025
2024
£
£
Employer's contributions
355,000
330,000
Employees' contributions
81,000
75,000
Total contributions
436,000
405,000
Principal actuarial assumptions
2025
2024
%
%
Rate of increase in salaries
3.5
3.80
Rate of increase for pensions in payment/inflation
2.5
2.80
Discount rate for scheme liabilities
5.95
5.05
The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations on retirement age 65 are:
2025
2024
Years
Years
Retiring today
- Males
21.4
19.5
- Females
23.4
22.7
Retiring in 20 years
- Males
23.0
20.7
- Females
25.1
24.1
Sensitivity analysis

Scheme liabilities would have been affected by changes in assumptions as follows:

BOURNE GRAMMAR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
25
Pension and similar obligations
(Continued)
- 46 -
Defined benefit pension scheme net asset
2025
2024
£
£
Scheme assets
5,383,000
4,685,000
Scheme obligations
(3,861,000)
(4,101,000)
Net asset
1,522,000
584,000
Restriction on scheme assets
(1,522,000)
(584,000)
Total liability recognised
-
-
The academy trust's share of the assets in the scheme
2025
2024
Fair value
Fair value
£
£
Equities
2,968,000
2,568,000
Bonds
661,000
651,000
Infrastructure
246,000
197,000
Absolute return fund
950,000
780,000
Property
408,000
333,000
Other assets
150,000
156,000
Total market value of assets
5,383,000
4,685,000
Restriction on scheme assets
(1,522,000)
(584,000)
Net assets recognised
3,861,000
4,101,000
The actual return on scheme assets was £360,000 (2024: £435,000).
Amount recognised in the statement of financial activities
2025
2024
£
£
Current service cost
252,000
215,000
Interest income
(245,000)
(220,000)
Interest cost
207,000
193,000
Benefit changes, curtailments and settlements gains or losses
(4,000)
-
Administration expenses
4,000
1,000
Total amount recognised
214,000
189,000
BOURNE GRAMMAR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
25
Pension and similar obligations
(Continued)
- 47 -
Changes in the present value of defined benefit obligations
2025
2024
£
£
At 1 September 2024
4,101,000
3,631,000
Current service cost
248,000
215,000
Interest cost
207,000
193,000
Employee contributions
81,000
75,000
Actuarial (gain)/loss
(682,000)
121,000
Benefits paid
(94,000)
(134,000)
At 31 August 2025
3,861,000
4,101,000
Changes in the fair value of the academy trust's share of scheme assets
2025
2024
£
£
At 1 September 2024
4,685,000
3,980,000
Interest income
245,000
220,000
Actuarial gain
115,000
215,000
Employer contributions
355,000
330,000
Employee contributions
81,000
75,000
Benefits paid
(94,000)
(134,000)
Effect of non-routine settlements and administration expenses
(4,000)
(1,000)
At 31 August 2025
5,383,000
4,685,000
Restriction on scheme assets
(1,522,000)
(584,000)
Net assets recognised
3,861,000
4,101,000
Restriction of pension scheme assets

The net gain recognised on scheme assets has been restricted because the full pension surplus is not expected to be recovered through refunds or reduced contributions in the future.

26
Related party transactions

Owing to the nature of the academy trust's operations and the composition of the board of trustees being drawn from local public and private sector organisations, transactions may take place with organisations in which the academy trust has an interest. All transactions involving such organisations are conducted at arm's length and in accordance with the academy trust's financial regulations and normal procurement procedures.

Some of the trustees have children who are pupils at the academy, consequently there will be transactions between those trustees and the academy in respect of their children’s education. These are on the same basis as other pupils at the academy.

During the period the Len Pick Trust, of which Bourne Grammar School Member D. Bower is a trustee, has donated £1,900 (2024: £800) to the Academy. Of which £900 (2024: £nil) is included within deferred income at the year end.

BOURNE GRAMMAR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 48 -
27
Agency arrangements

The academy trust distributes 16-19 bursary funds to students as an agent for DfE. In the accounting period ending 31 August 202 5 the academy trust received £48,957 (2024 - £47,694) and disbursed £32,680 (2024 - £26,108) from the fund. An amount of £48,957(2024 - £35,681) is included in other creditors relating to undistributed funds that is repayable to DfE if this has not been spent within 12 months.

Of the £35,681 bursary balance brought into the period from 2024 £3,001 remained unspent as of 31 August 2025. This balance has been included within other creditors as it is expected to be repaid to the DfE post year end as unspent funds.

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