torquay boys' · 2018. 11. 1. · torquay boys' grammar school academy status torquay...

TORQUAY Boys' GRAMMAR SCHOOL • ACADEMY STATUS •

Torquay Boys' Grammar School is a Charitable Company Limited by Guarantee - Registered in England Reference number 7394671

Headteacher: P. LAWRENCE, B.Sc. PGCE

My Ref:Francis Clark LLP

Date: Chartered Accountants Sigma House Oak View Close Edginswell Park Torquay Devon TQ27FF

Dear Sirs

Financial Statements of Torquay Boys' Grammar School ('the academy') for the year ended 31 August 2014

We confirm to the best of our knowledge and belief, and having made appropriate enquiries of other trustees and senior management of the academy, the following representations given to you in connection with your audit of the academy's financial statements for the year ended 31 August 2014.

We confirm that the following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience (and, where appropriate, of inspection of supporting documentation) sufficient to satisfy ourselves that we can properly make each of the following representations to you.

1. General

We acknowledge as trustees our responsibility under the Companies Act 2006 and the Academy's Funding Agreement with the Education Funding Agency for the financial statements which give a true and fair view and for making accurate representations to you. All the accounting records have been made available to you for the purpose of your audit and all the transactions undertaken by the academy have been properly reflected and recorded in the accounting records. All other records and related information, including minutes of trustees, governors', and management meetings, have been made available to you. We acknowledge as trustees our responsibility to comply with the Academies Financial Handbook (2013) including our responsibility for the regularity of the use of public funds. We can confirm that we are not aware of any material irregular or improper use of funds by the academy, or material non-compliance with the terms and conditions of funding under the academy's funding agreement and the Academies Financial Handbook.

Torqua!i BaliS' Grammar School is committed to Ｎｾ｡ｦ･ｧｵ｡ｲ､ｩｮｧ＠ and promoting the welfare ofchildren and young people.

SHIPHAY MANOR DRIVE, TORQUAY, DEVON TQ2 7EL. TEL: 01803 615501 FAX: 01803 614613

E-MAIL: enquiries@ tbgs.torbay.sch.uk www.tbgs.co .uk

If you need thi s letter in another form at please contact the school.

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mailto:[email protected]

We acknowledge our responsibility for the design and implementation of internal controls to prevent and detect fraud. We also confirm that there have been no irregularities involving management and employees who have a significant role in

internal control or that could have a material effect on the financial statements.

2. Going Concern

We believe that the academy's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the academy's needs. We believe that no further disclosures relating to the academy's ability to continue as a going concern need to be made in the financial statements.

3. Law and Regulations

We are not aware of any breaches or possible breaches of statute, regulations, contracts, agreements or the academy's Memorandum and Articles of Association which might prejudice the academy's going concern status or that might result in the academy suffering significant penalties or other loss. No allegations of such breaches have come to our notice.

4. Loans and Arrangements

The academy has not had nor entered into at any time during the year, any arrangement, transaction or agreement to provide credit facilities (including loans, quasi-loans or credit facilities) for trustees nor to guarantee or provide security for such matters.

5. Misstatements and omissions

We confirm that the financial statements are free of material misstatements, including omissions. We believe that the effects of uncorrected misstatements are immaterial, both individually and in the aggregate, to the financial statements as a whole.

6. Transactions with Related Parties

All transactions with related parties have been disclosed in the financial statements. We have made available to you all relevant information concerning such transactions and are not aware of any other matters which require disclosure in order to comply with the requirements of the Charities Act 2011, Companies Act 2006, accounting standards or the Accounts Direction issued by the Education Funding Agency.

7. Litigation

We have disclosed all known actual or possible litigation and claims whose effects should be considered when preparing the financial statements to you and these have been disclosed in accordance with UK Generally Accepted Accounting Practice and the Academies Financial Handbook (2013).

8. Post-Balance Sheet Events

There have been no events since the balance sheet date which necessitate revision of the figures included in the financial statements or inclusion of a note thereto. Should further material events occur, which may necessitate revision of the figures included in the financial statements or inclusion of a note thereto, we will advise you accordingly.

9. Grants and Donations

All grants, donations and other income, the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions during the period in the application of such income. Restricted grants and donations are as shown in Note 17 of the accounts.

Yours faithfully

Mr B Wills-Pope /2(1 December 2014

on behalf of the Board of Trustees

Mr R E Pike If December 2014

Accounting Officer

Torquay Boys' Grammar School

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 31 August 2014

Registration number: 07394671


Contents

Reference and Administrative Details

Trustees' Report

Governance Statement

Statement on Regularity, Propriety and Compliance

Statement of Trustees' Responsibilities

Independent Auditor's Report on the Financial Statements

Independent Reporting Accountant's Report on Regularity

Statement of Financial Activities incorporating Income and Expenditure Account

Balance Sheet

Cash Flow Statement

Notes to the Financial Statements

1 to 4

5 to 11

12 to 16

17

18

19 to 20

21 to 22

23 to 24

25

26

27 to 49



Members Mr B Wills-Pope

Mrs C Weston

Mr V Flower

Mr M Penfold

Mr R Lidbetter

Mrs A C Derbyshire

Mrs L Critchlow

Trustees (Directors) Mr B Wills-Pope, Chair of Governors at TBGS

Mrs C Weston, Vice Chair of Governors and Chair of Personnel at TBGS

Mr V Flower, Chair of Governors at Torquay Academy

Mr M Penfold, Chair of Finance Committee at TBGS

Mr R Lidbetter, Chair of Land and Buildings Committee at TBGS

Mrs A C Derbyshire, Chair of Curriculum Committee at TBGS

Mrs L Critchlow, Vice Chair of Governors at Torquay Academy

Audit Committee Mr A Goward

Mr P Roberts

Mrs J Stevens

Chief Executive Mr R E Pike, (appointed 1 January 2014) Officer

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Governors Mr A Goward , (Community) (Responsible Officer until 30 April 2014) at TBGS

Mr A Hinds, (Community) at TBGS

Mr D Hore, (Staff) at TBGS

Mr T Milsom, (Community) at TBGS

Dr J Mulvey, (Staff) at TBGS

Mrs S Payne, (Parent) at TBGS

Mr K Smith, (Community) (Staff) at TBGS

Mrs J Stevens, (Parent) at TBGS

Prof N Talbot, (Community) at TBGS

Mr N Tampkin, (Community and Responsible Officer) at TBGS (appointed 1 May 2014)

Mrs S Allen, (Foundation) at TA (resigned 1 April 2014)

Mrs D Carrasco, (P arent) at T A

Mr S Dobbs, (Foundation) at TA

Mrs J Reshad, (Parent) at TA (resigned 31 December 2013)

Mr P Roberts, (Foundation) at TA

Mrs A Rochford, (Community) at T A

Mrs T Ross, (Parent) at TA

Mrs S Seymour, (Foundation) at TA

Mrs K Barton, (Community) at TA (appointed 1 May 2014)

Mr M Wibberley, (Community) at TA (appointed 1 May 2014)

Mr T Cowell, (Community) at TA (appointed 13 May 2014)

Miss S Pappin, (Staff) at TA (appointed 1 May 2014)

Mrs M Bray, (Staff) at TA (appointed 1 May 2014)

Company Secretary Mr AS Medhurst, Business Manager at TBGS

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Senior Management Mr R E Pike, Headteacher at TBGS (resigned 31 December 2013)

Team Mr P Lawrence, Deputy Head then on 1 January 2014 Appointed Acting Headteacher at TBGS

Mr S J Dobbs, Deputy Head at TBGS

Mrs L V Kings, Deputy Head at TBGS

Mr A P Kosmaczewski, Deputy Head at TBGS

Dr S M Lee, Deputy Head at TBGS

Mr S Lyne-Ley, Acting Assistant Head at TBGS (appointed 1 January 2014)

Mr A S Medhurst, Business Manager at TBGS

Miss G M Battye, Principal at TA (resigned 31 December 2013)

Mr S Margetts, Principal at TA (appointed 1 January 2014)

Mr E Pugh, Vice Principal at TA

Mr M Bindon, Vice Principal at TA

Mr M Lambie, Assistant Principal at TA (resigned 31 August 2014)

Mr G Harries, Assistant Principal at TA

Mr G Penrice, Assistant Principal at TA

Dr P Hocking, Assistant Principal at T A (appointed 1 September 2013)

Mr B Chadwick, Leader of Behaviour and Alternative Provision (appointed 23 April 2014)

Mrs C Beckett, Principal Finance Director (appointed 4 November 2013)

Mr I Bolingbroke, Director of Operations at TA (resigned 9 May 2014)

Registered Office Shiphay Manor Ship hay Manor Drive Torquay TQ27EL

Company 07394671 Registration Number

Auditors Francis Clark LLP Chartered Accountants and Statutory Auditor Sigma House Oak View Close Edginswell Park Torquay TQ27FF

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Bankers HSBC 4 Strand

Torquay TQ12AB

Uoyds 51-52 Fleet Street Torquay Devon TQ25DW

Solicitors Stone King LLP 13 Queens Square

Bath BA12HJ

Michelmores LLP Woodwater House Pynes Hill Exeter EX25WR

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Trustees' Report for the Year Ended 31 August 2014

The trustees present their annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 August 2014. The annual report serves the purposes of

both a trustees' report, and a directors' report under company law.

The trust operates two academies for pupils aged 11 to 18. Torquay Boys' Grammar School (TBGS) has no specific catchment area and is a selective academy with entry by examination. Torquay Academy (TA) serves a catchment area in Torbay. This was the first year of 6th form provision at TA.

Torquay Academy is a sponsored academy.

Torquay Boys' Grammar School has a pupil capacity of 1140 and a roll of 1121 in the school census in May 2014. Torquay Academy has a pupil capacity of 1200 and a roll of 879 in the school census in

May 2014. The roll at TA has increased in the 2014/15 academic year.

TBGST has a combined pupil capacity of 2340 and had a roll of 2000 in the census in May 2014.

Structure, governance and management

Constitution

The academy trust is a company limited by guarantee and an exempt charity , and was incorporated on 1 October 2010. TBGS was granted Academy status on 1 November 2010 and became a Multi Academy Trust (MAT) on 1 September 2012 with the inclusion of TA, as a Sponsored Academy, on its conversion to academy status. The charitable company's memorandum and articles of association are the primary governing documents of the academy trust. The trustees of Torquay Boys' Grammar School Trust (TBGST) are also the directors of the charitable company for the purposes of company law. The charitable company is known as Torquay Boys' Grammar School.

Details of the trustees who served during the year are included in the Reference and Administrative Details on page 1.

The Trustees appoint a Local Governing Body to serve at each school , assisting the Trustees. Details of the Local Governing Bodies along with the Senior Leadership Teams are shown within the Reference and Administrative Details on page 2.

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/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before he/she ceases to be a member.

Trustees' Indemnities

The MAT through its Articles has indemnified its Trustees and Governors to the fullest extent permissible by law. During the period the MAT also purchased and maintained liability insurance for

its Trustees.

Method of recruitment and appointment or election of Trustees

Recruitment and appointment of Trustees is currently through the position of Chair of Governing Body committees at TBGS along with the Chair and Vice Chair of Governors for each constituent academy. There have been no changes to membership in the last year.

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Policies and procedures adopted for the induction and training of Trustees

The Trustees have considered the position of future appointment of Trustees should the Trust expand and in the event of any resignations. No final decisions have been made but the discussions will inform decisions that will be made in the coming year.

Currently, Trustees are appointed by virtue of their position as Chair and Vice Chair of the Local

Governing Bodies plus Chairs of Committees at TBGS.

All Trustees are offered the opportunity to attend Governor and other training sessions. In the last year this has included visiting the Academies Show and also other MAT schools to see both Governance and collaboration in operation .

Principal Activities of the Trust

The principal activity of the Trust is to provide education of the highest quality to the students of the schools as set out in the articles and funding agreement. In delivering this provision we will endeavour to:

o Retain academic results comparable to the highest quality in the country at the Grammar School (TBGS) o To pursue the highest standard of Teaching and Learning across the MAT • To encourage all students to aspire to achieve their maximum potential o To provide pastoral care and guidance from expert staff • To promote the highest endeavour and skill in sport, expressive and creative activities o To fully resource the academies in all their activities o To maintain and improve both local and national reputation o To maintain and improve the 'Outstanding' quality at TBGS as identified by Ofsted in 1996, 2003 and 2007 and through the sponsorship by TBGS to work to achieve similar results at TA. o To encourage and promote transitional activities with local feeder schools in order to build relationships and improve transition between the schools.

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Organisational structure

Torquay Boys' Grammar School (TBGS) is the founder member of the multi academy trust and the sponsor school for Torquay Academy. There are no other external organisations connected to the

Trust.

TBGS is a successful grammar school and features in the top 20 grammar schools in the country. It is a member of the South West Academic Trust and of the Boys' Academic Selective Schools organisation .

Torquay Academy is a non-selective school in an area of selective education. It serves an area of high social need and within its student population 44% qualify for Pupil Premium funding, compared to 5% Pupil Premium at TBGS in the year. The percentage at TBGS is rising following successful outreach work by TBGS in primary schools targeting pupil premium students to raise aspirations.

Each academy has its own Governing Body who support the local Senior Leadership Teams to make both strategic and day to day operational decisions. The Headteacher I Principal of each academy reports to Trustee meeting on current progress.

Following the retirement of the Headteacher of the sponsor school in December 2013, the post of Chief Executive Officer (CEO) was created to support the new Headteachers appointed to each academy. The CEO, the retiring Headteacher of TGBS, retained the position of Accounting Officer as the new Headteacher at TBGS was initially a temporary appointment.

During the year the Trust also appointed a Principal Finance Director (PFD) . Working out of Torquay Academy, the PFD oversees the financial activities of the Trust and reports to the Trustees at their regular meetings.

During the year the CEO has looked to expand the Trust and has looked at how further collaboration between the member academies and feeder primary schools can be achieved.

The Board of Trustees receive regular reports from the CEO, Headteachers and the PFD and has strategic oversight of the Trust.

Objectives and activities

Objects and aims

Through high quality Teaching and Learning and the opportunities that are afforded to the students, the key objectives for the students of the MAT are:

• To embrace the love of learning • To develop their own creative talents and have the opportunity to extend these beyond the classroom

• To fulfil their intellectual potential by providing opportunities to extend their horizons • To provide individuals skills to respond to a changing world with confidence and humility • To encourage reflection, open-mindedness and principles that will enable each individual to make a positive contribution to their community and beyond.

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Objectives, strategies and activities

To enable the MAT to achieve its objectives, we are committed to appointing the highest quality staff with a broad range of skills and experience. Continued professional development is encouraged for all staff to maximise their potential to ensure the students are able to achieve their full potential.

Under the leadership of Mr S Margetts, TA has developed a 2020 Vision setting out where the Academy wants to be and how it will achieve this by 2020. This will be the graduation year for the Year 7's that have joined during the year. This 2020 Vision has been shared with all stakeholders and has been visually depicted for the benefit of all, including students, to promote expectations. The 2020 Vision is the foundation for all improvement strategies which TA are rigorously embracing and implementing via their Academy Improvement Plan.

At TBGS the School Development Plan has been reviewed and expanded to build on the strong foundation of the past to reflect the current priorities for continued future success.

Public benefit

The MAT uses the expertise within the staffing to strengthen the links with all local primary schools in Torbay and the surrounding area. This is demonstrated through :

• Work of the Literacy and Numeracy Co-ordinators to improve access to the curriculum by transitional work with KS2 students prior to starting Secondary education • Improving participation in Science by developing access to specialist facilities for KS2 students • Working with Primary students through the 'Multi-Academy Trust championing Health, Education and Sport' , (Matches) programme to promote physical wellbeing, engagement, development and competitive activities providing specialist instruction and facilities • Continuous professional development working with primary teachers to support Gifted and Talented programmes in the Primary schools

• Improving outcomes for vulnerable students through dedicated and specialist staff who are able to ensure provision of appropriate support and resources • Provision of subsidised music lessons • Supporting students from low income families to enable them to access activities which may otherwise be out oftheir reach.

The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2006 to have regard to the public benefit guidance provided by the Charity Commission.

Strategic Report

Strategic oversight of the MAT is provided by the regular meetings of the Board of Trustees. In particular during the last year the work of the Chief Executive Officer has provided an overview of the collaboration of the individual academies, a suggested action plan of what the Trustees could do to strengthen the MAT in the future and a recommendation for a review of the Constitution and the appointment of Trustees in the future.

The appointment during the year of the Principal Finance Director will assist the Trustees in developing a robust financial plan to ensure that the MAT is able to weather all resourcing challenges that may occur.

The appointment of the new Headteacher of TBGS and Principal at T A will ensure that there will be strong leadership of both academies. The permanent employment of Mr P Lawrence as Headteacher at TGBS from 1 September 2014 will allow him to further develop plans for the continued success of

TBGS.

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Strategic Report

Achievements and performance

Key performance indicators

TBGS continues to have outstanding academic performance at GCSE, A Level and the International Baccalaureate (IB). Achievements of the students are shown below:

• A Level - 146 Students sat A2 exams with a 99.6% Pass rate with 74.4% passing at A*fAtB • IB - 29 students sat the IB Diploma with 100% Pass rate and an average score of 36 pOints against an International average of 29 points • GCSE - 156 students sat GCSE exams with 97.8% passing with 5 A * to C grades including English and Maths and 60.4% of all grades were A*fA.

At Torquay Academy the results were mixed. This was the first year of 6th form and thus no A Level results exist. GCSE saw strength in the English and Maths results with 56% and 59% A*-C respectively, but a fall in the 5A*-C including English and Maths figure.

During June Torquay Academy received a Section 5 Inspection from Ofsted. At the time of inspection the Principal had been in post for five months and had already made significant changes to the leadership of the school and this was acknowledged by Ofsted with the Leadership and Management of the academy receiving a 2, Good, rating . The overall rating was 3, Requires Improvement, but it was recognised that the plans already put in place were addressing the issues that were identified by the Ofsted Inspectors. TA is therefore continuing with its Academy Improvement Plan and Self Evaluation which are linked to the 2020 Vision in order to achieve the required improvements.

During the academic year overall attendance at TBGS was 94.5% in the lower school, this was an improvement from the previous year from 93.3%. The whole school attendance was 89.1 % compared with 88.7% the previous year.

Attendance at TA during the academic year was 92.6%. This is an improvement from the previous years of 0.1 %. Strategies to improve attendance included dedicated Inclusion Officers who relentlessly follow up all absence. Support for gradual return to school for school refusers is in place and also where medical conditions prevent full attendance.

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 it continues to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Statement of Accounting Policies.

Financial review

Incoming resources for the period totalled £12 ,152,000, (2013: £36,454,000, including the addition of all TA fixed assets) and resources expended totalled £13,122 ,000 (2013: £12 ,587,000). After a loss of £368,000 (2013: loss of £710,000) on the LGPS pension scheme the net movement in funds for the period was a decrease of £1,338,000 (2013: increase of £23,157,000). Note that the increase in 2013 was as a result of TA joining the MAT.

Liquid assets of the MAT indicate that there are sufficient funds to maintain the successful operation

of the academies as Going Concerns.

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Strategic Report

Reserves policy

The Trustees will aim to hold a reserve of 3 - 5% to enable it to manage any changes to funding levels without the need to suddenly reign back expenditure. This will allow for fluent delivery of education year on year. Reserves in excess of this amount will only be held if prudent to do so, to save for a specific project and where by doing so does not impact on the education of the incumbent

cohort.

A Sink Fund has been created to ensure that the All Weather Pitch at TA can be adequately

maintained and refurbished as required.

Investment policy

The Trustees have determined that the funds available are sufficient for the day to day running of the schools. Any funds not required for immediate expenditure may be transferred to low risk, short term deposits with existing banks to maximise interest receipts. All other funds are held in current accounts

and should not be exposed to high risk investments.

Principal risks and uncertainties

Two significant risks and uncertainties have been identified:

1. Uncertainty of public funding for education establishments is common across the country with funding not confirmed for future years. This is exacerbated by the impending increases in TPS

employer contributions as well as 1"1 increases which have been announced but for which it is not known if there will be additional central funding to support. This could put pressure on our ability to retain the level and experience of staff to maintain and improve outcomes.

2. A significant change in student numbers as a result of either changes to national policy or popularity which may result from changing Ofsted ratings. TBGS may be affected in particular by changes to 16-18 opportunities as more options are presented through national strategies. TA currently has an increasing roll despite the recent Ofsted outcome. This is testament to the work of

the Leadership to relentlessly drive achievement up in all areas, striving for each individual to reach their potential. It is necessary that there is no complacency as history has shown that popularity and perception of the school can have a massive impact on numbers.

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Plans for future periods

The curriculum offering at TA in particular is under review to ensure that the educational offering matches the needs of the students, both now and in the future. This is being looked at across all key stages to support the growth of the sixth form (KS5), to provided adequate vocational courses to avoid the exit of students to specialist technical schools (KS4) and to ensure continued focus on progress within KS3.

At TBGS the curriculum is also under review both at Key Stage 4 and Post 16 in the light of specification changes and the introduction of Progress 8 as an accountability measure. In particular the school is seeking to increase numbers studying the International Baccalaureate as this becomes a more relevant qualification for university entry as evidenced by the higher proportion of students receiving offers from Russell group universities.

Funds held as Custodian Trustee on behalf of others

The Trust holds funds only for the benefit of the Trust and the academies' population for the provision of education.

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.

Approved by order of the members of the Board of Trustees on ＮｾｾＮ＿ｾｾｾｉｽＡＮＮｾｴＮｦ｡ｮ､＠ signed on its behalf by:

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Governance Statement

Scope of responsibility

As Trustees, we acknowledge we have overall responsibility for ensuring that Torquay Boys' 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 Mr R E Pike. as Accounting Officer, for ensuring financial controls conform with the requirements of both propriety and good

financial management and in accordance with the requirements and responsibilities assigned to it in the funding agreement between Torquay Boys' 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 10 times during the year. Attendance during the year at meetings of the Board of Trustees was as follows:

Meetings Out of a Trustees attended possible

Mr B Wills-Pope 9 10

Mrs C Weston 9 10

Mr M Penfold 10 10

Mrs A C Derbyshire 9 10

Mr R Lidbetter 10 10

Mr V Flower 10 10

Mrs L Critchlow 9 10

In addition to the Trustees listed above, the following also attended the meetings of the Board of Trustees. Attendance was as follows:

Mr R E Pike (Headmaster. TBGS, resigned 31 December 2013 and CEO, 9 9

appointed 1 January 2014)

Miss G M Battye (Principal, Torquay Academy, resigned 31 December 2013) 2 2

Mr P Lawrence (Acting Headmaster, TBGS , appointed 1 January 2014) 7 7

Mr S Margetts (Principal, Torquay Academy, appointed 1 January 2014) 7 7

Mrs C Beckett (Principal Finance Officer, appointed 4 November 2014) 8 8

Mr A S Medhurst (Company Secretary) 9 10

The Board of Trustees has remained unchanged throughout the year except that the role of Mr R Pike changed as at 31 December 2013 when he retired as Headteacher of Torquay Boys' Grammar

School (TBGS). As the post was filled with a temporary interim Headteacher, Mr Pike was appointed

on a temporary contract to the role of Chief Executive Officer (CEO) as it was inappropriate for the Acting Headteacher to have the role of Accounting Officer. Mr Pike also took the opportunity, as CEO,

to promote the Trust to primary schools within the local community.

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Governance Statement (continued)

Governance reviews

Trustees have discussed the constitution of the trust and the future appointment of Trustees and proposals have been sought for further discussion . This will form an agenda item at a future

scheduled meeting.

Each member academy has a Finance Committee which reports to the Full Governing Body of the respective academy. Each Committee in turn reports to the Board of Trustees through the Chairs of the Committees, who are each also Trustees of the Board. The purpose of the Finance Committees is to oversee the management of the academy's finances and ensure probity, regularity and best value of all the academy's resources. The Finance Committees' membership provide challenge to the

financial leadership to enable them to in turn provide reassurance to the trustees.

During the year the finance governors of each academy were as follows. The number of attendances is shown from the possible meetings:

Meetings Out of a Governor (TBGS) attended possible

Mr B Wills-Pope 3 5

Mr M Penfold 5 5

Mrs A C Derbyshire 4 5

Mrs C Weston 5 5

Mr R Lidbetter 5 5

Dr J Mulvey 5 5

Mr N Tampkin 1 2

Mr A Goward o 5

Governor (T A)

MrV Flower 5 6

Mrs L Critchlow 6 6

Ms A Rochford 3 3

Mr S Dobbs 5 6

Mr P Roberts 3

MrT Cowell 2

Mrs M Bray 2 2

Mrs S Allen 2 3

Mr M Wibberley

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In addition to the governors listed above, the following were also present at the meetings of the Local Governing Bodies. Attendance was as follows:

Miss G M Battye (former Principal, Torquay Academy) 2 2

2Mr R E Pike (former Headmaster, TBGS) 2

Mr P Lawrence (Acting Headmaster, TBGS) 4 4

Mr S Margetts (Principal, Torquay Academy 4 4

Mrs C Beckett (Principal Finance Director) 5 5

Mr A S Medhurst (Company Secretary) 5 5

The format of the finance committee at TA changed from the Summer Term. As a result of th is change the membership also changed. Previously Narrowing the Gap strategies from the use of Pupil Premium was discussed at Finance and Performance Committee. This aspect was moved to the Curriculum Committee and the Finance Committee renamed the Finance and Estates Committee.

The Audit Committee is a sub-committee of the main Board of Trustees. The audit committee has met once during the year. The audit committee reports directly to the Board of Trustees. Its purpose is to receive and consider Responsible Officer reports and provide assurance to the Trustees on the probity and regularity of all academy transactions.

The Responsible Officer at TBGS also reports direct to the Finance Committee at TBGS. Attendance at meetings during the year was as follows:

Meetings Out of a Governor attended possible

Mr A Goward 1 1

Mr P Roberts 1 1

Mrs J Stevens 1

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 ongoing process designed to identify and prioritise the risks to the achievement of the 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 Torquay Boys' Grammar School for the year ended 31 August 2014 and up to the date of approval of the annual report and financial statements. Internal control systems have been reviewed through the year with the update of the Financial Management Policy and Financial Procedures Manual for the MAT. Both documents comply with the Academies Financial Handbook and the requirements of the Accounts Direction.

Capacity to handle risk

The Board of Trustess 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 year ending 31 August 2014 and up to the date of approval of the annual report and financial statements. This process is regularly reviewed by the Board of Trustees.

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The risk and control framework

The academy trust's system of internal financial control is based on a framework of regular management information and administrative procedures including the segregation of duties and a system of delegation and accountability. In particular it includes the senior leadership teams and governing body committees:

Reviewing the impact of student numbers on funding

• Reviewing curriculum offering and the impact it has on staffing levels

• Reviewing the academic results and the impact on student and parental preference

Reviewing all expenditure to ensure it offers best value

Ensuring all income due is received and spent in accordance with its intended purpose

• to appoint Devon Audit Partnership as internal auditor

Monitoring and Review The following actions throughout the year provide assurance to the Accounting Officer that funds are efficiently, effectively and economically utilised.

• comprehensive budgeting and monitoring systems with an annual budget and periodic financial reports which are considered by the senior leadership teams and brought to finance and trustee meetings;

regular reviews by the finance committee of reports which indicate financial performance against the forecasts and of major purchase plans, capital works and expenditure programmes;

setting targets to measure financial and other performance;

• clearly defined purchasing (asset purchase or capital investment) guidelines;

• delegation of authority and segregation of duties;

identification and management of risks.

The Board of Trustees has considered the need for a specific internal audit function and has decided:

• to appoint Devon Audit as internal auditor for Torquay Academy and

• Alan Goward and subsequently Neil Tampkin , as Responsible Officer for Torquay Boys' Grammar School;

The internal auditor's/RO's role includes giving advice on financial matters and performing a range of checks on the academy trust's financial systems. The auditor/RO reports to the Board of Trustees, through the audit committee on the operation of the systems of control and on the discharge of the Board of Trustees' financial responsibilities .

There were no material control or other issues reported by the RO to date.

Review of effectiveness

As Accounting Officer, Mr R E Pike, 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 responsible officer 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.

Page 15



The Accounting Officer has been advised of the implications of the result of their review of the system of internal control by the Audit Committee and the Finance Committees and a plan to address weaknesses and ensure continuous improvement of the system is in place.

The Responsible Officer for TBGS reported on:

June 14

An internal audit was carried out for Torquay Academy in:

December 2013 June 2014

Any issues raised by the RO or internal auditor are being or have been addressed and do not represent a concern to the financial management of the trust.

,'t ＩｾｌＩｬｴ＠ . .

r of the members of the Trustee Body on .. .... .. .... ...... .. and Signed on ItS behalf by:

Mr B WillS-en' Trustee

ｾＨｩＧ＠. ...... .. . .. .. ｾｾ＠

Mr R E Pike, Accounting Officer

Page 16


Statement on Regularity, Propriety and Compliance

As Accounting Officer of Torquay Boys' Grammar School I have considered my responsibility to notify

the Trust Board and the Education Funding Agency of material irregularity, impropriety and

non-compliance with EFA terms and conditions of funding, under the Funding Agreement in place between the Trust and the Secretary of State. As part of my consideration I have had due regard to

the requirements of the Academies Financial Handbook.

I confirm that I and the Trust Board are able to identify any material irregular or improper use of funds by the academy trust , or material non-compliance with the terms and conditions of funding under the academy trust's Funding Agreement and the Academies Financial Handbook.

I confirm that no instances of material irregularity, impropriety or funding non-compliance have been

discovered to date. If any instances are identified after the date of this statement, these will be notified to the Trustee Body and EFA.

)Ar I I '

.. ｾｾ ... . ｾ ..... ...... . Mr R E Pike Accounting Officer

Page 17


Statement of Trustees' Responsibilities

The trustees (who are the directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with the Annual Accounts Direction issued by the Education Funding Agency , 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 apply them consistently;

• obseNe the methods and principles in the Charities SORP;

• make judgments and 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 grants received from the EFAIDfE 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.

Page 18


Independent Auditor's Report on the Financial Statements to the members of


We have audited the financial statements of Torquay Boys' Grammar School for the year ended 31 August 2014, which comprise the Statement of Financial Activities incorporating Income and Expenditure Account, Balance Sheet, Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the charitable company's Trustees, 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 charity's Trustees 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 its Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of governors and auditors

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 18), the Trustees (who are also the Directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors .

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the charitable company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Trustees; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Directors' Report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on the financial statements

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 2014 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice and the Annual Accounts Direction issued by the Education Funding Agency; and

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

Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

Page 19


Independent Auditor's Report on the Financial Statements to the members of Torquay Boys' Grammar School (continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where 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.

Christopher Hicks BA FCA DChA (Senior Statutory Auditor) For and on behalf of Francis Clark LLP , Statutory Auditor

Sigma House Oak View Close Edginswell Park Torquay TQ27FF

Date:. ..1. ..'>......ＱＩＭ･Ｎ｣ｾｾＱ 'f

Page 20


Independent Reporting Accountant's Report on Regularity to Torquay Boys' Grammar School and the Education Funding Agency

In accordance with the terms of our engagement letter dated 21 November 2013 and further to the requirements of the Education Funding Authority (EFA), we have carried out a review to obtain assurance about whether, in ali material respects , the expenditure disbursed and income received by the academy trust during the period 1 September 2013 to 31 August 2014 have been applied to the purposes identified by Parliament and the financial transactions conform to the authorities which govern them.

This report is made solely to the Trust Board and the EFA Our review work has been undertaken so that we may state to the Trust Board and the EFA those matters we are required to state to it in a report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume any responsibility to anyone other than the Trust Board and the EFA, for our review work, for this report, or for the opinion we have formed.

Respective responsibilities of the accounting officer and the reporting accountant

The accounting officer is responsible , under the requirements of the Academy Trust's funding agreement with the Secretary of State for Education dated 29 August 2012 and the Academies Financial Handbook, 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 review 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 Academies Accounts Direction 2014. We report to you whether, in our opinion, anything has come to our attention in carrying out our review which suggests that in ali material respects, expenditure disbursed and income received during the year from 1 September 2013 to 31 August 2014 have not been applied to purposes intended by Parliament and the financial transactions do not conform to the authorities which govern them.

Approach

We conducted our engagement in accordance with the Annual Accounts Direction issued by the Education Funding Agency We performed a limited assurance engagement as defined 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 ali 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 has been designed to comply with the requirements set out in The Accounts Direction 2014 and includes:

• Inspection and review of documentation providing evidence of governance procedures

• Evaluation of the system of internal controls for authorisation and approval

• Performing substantive tests on relevant transactions

Page 21


Independent Reporting Accountant's Report on Regularity to Torquay Boys'

Grammar School and the Education Funding Agency (continued)

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 year from 1 September 2013 to 31 August 2014 has not been applied to purposes intended by Parliament and the financial transactions do not conform to the authorities which govern them.

Francis Clark LLP Reporting Accountant

Sigma House Oak View Close Edginswell Park Torquay TQ27FF

Page 22


Statement of Financial Activities for the Year Ended 31 August 2014

(Including Income and Expenditure Account and Statement of Total

Recognised Gains and Losses)

Restricted

Restricted Fixed Unrestricted Designated General Asset Total Total

Funds Note £ 000

Incoming resources

Incoming resources from generated funds:

Voluntary income

Transfer on conversion 2

Other voluntary income

Activities for generating funds

2

3

Investment income 4

Incoming resources from charitable activities:

Funding for the Trust's educational operations 5

Other incoming resources

Other incoming resources 6

Total incoming resources

Resources expended

Cost of generating funds:

Costs of generating voluntary income

Cost of generating funds

Charitable activities:

Trust's educational

operations

Governance costs 9

Total resources expended 7

Net incoming/( outgoing) resources before transfers

29

724

2

1

756

493

131

Funds £ 000

Funds £ 000

Funds £ 000

2014 £ 000

2013 £ 000

331

41

360

765

2

24,103

290

739

1

10,984 40 11,024 11,261

11,356 40 12,152

60

36,454

298

64

298

557

198

570

11,071

99

966 12,168

99

11,776

43

624 11 ,532 966 13,122 12,587

132 (176) (926) (970) 23,867

Page 23


Statement of Financial Activities for the Year Ended 31 August 2014 (Including Income and Expenditure Account and Statement of Total

Recognised Gains and Losses) (continued)

Restricted Restricted Fixed

Unrestricted Designated General Asset Funds Funds Funds Funds

Note £ 000 £ 000 £ 000 £ 000

Total 2014

£ 000

Total 2013

£ 000

Gross transfers

between funds (10) 20 (238) 228

Net income/( expenditure)

for the year 122 20 (414) (698) (970) 23,867

Other recognised gains and losses

Opening defined benefit pension scheme liability

Actuarial (Iosses)/gains

on defined benefit pension schemes 25 ｾＳＶＸＩ＠ (368}

(653)

(57}

Net movement in funds/(deficit)

Reconciliation of funds

122 20 (782) (698) (1 ,338) 23,157

Funds/(deficit) brought

forward at 1 September 2013 539 (937) 39,718 39,320 16,163

Funds/(deficit) carried

forward at 31 August 2014 661 20 (1 ,719) 39,020 37,982 39,320

All of the academy's activities derive from continuing operations during the year ended 31 August

2014. During the year ended 31 August 2013 Torquay Academy joined the Trust.

A Statement of Total Recognised Gains and Losses is not required as all gains and losses are included in the Statement of Financial Activities.

Page 24


(Registration number: 07394671) Balance Sheet as at 31 August 2014

Note

2014

£ 000

2013

£ 000

Fixed assets

Tangible assets 13 39,000 39,712

Current assets

Stocks

Debtors

Cash at bank and in hand

14

15

23

350

1,269

19

430

1,387

1,642 1,836

Creditors: Amounts falling due within one year 16 (577) (732)

Net current assets 1,065 1,104

Total assets less current liabilities 40,065 40,816

Net assets excluding pension liability 40,065 40,816

Pension scheme liability 25 (2,083) (1,496)

Net assets including pension liability 37,982 39,320

Funds of the Academy:

Restricted fu nds

Restricted general fund

Restricted fixed asset fund

Restricted pension fund

364

39,020

(2,083)

559

39,718

(1,496)

37,301 38,781

Unrestricted funds

Unrestricted general fund

Unrestricted designated fund

661

20

539

681 539

Total funds 37,982 39,320

The financial statements on pages 23 to 49 were approved by the Trustees, and authorised for issue on .i>..ＧＡ＿ｩｾＱｾ .. and signed on their behalf by:

Mr B Wills-Pope Trustee

Page 25


Cash Flow Statement for the Year Ended 31 August 2014

2014 2013

Note £ 000 £ 000

Net cash inflow from operating activities 20 70 1,823

Cash transferred on conversion to an academy trust (348)

Returns on investments and servicing of finance 21 2

Capital expenditure and financial investment 22 (190) (215)

(Decrease)/increase in cash in the year 23 (118) 1,261

Reconciliation of net cash flow to movement in net funds

(Decrease)/increase in cash in the year (118) 1,261

Net funds at 1 September 2013 1,387 126

Net funds at 31 August 2014 1,269 1,387

During the year ended 31 August 2013 Torquay Academy joined the Trust.

Page 26


Notes to the Financial Statements for the Year Ended 31 August 2014

1 Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention in accordance with applicable United Kingdom Accounting Standards, the Charity Commission 'Statement of Recommended Practice: Accounting and Reporting by Charities' (,SORP 2005'), the Annual Accounts Direction issued by the Education Funding Agency and the Companies Act 2006. A summary of the principal accounting policies, which have been applied consistently, except where noted, is set out below.

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 company to continue as a going concern. The Trustees make this assessment in respect of a period of one year from the date of approval of the financial statements. Based on the level of funding for the new financial year, the Trustees are satisfied that the Academy will have sufficient resources and therefore believe that the financial statements should be prepared on a going concern basis.

Incoming resources

All incoming resources are recognised when the Academy Trust has entitlement to the funds, certainty of receipt and the amount can be measured with sufficient reliability.

Grants receivable

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 entitlement of receipt its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

General Annual Grant is recognised in full in the year for which it is receivable and any unspent amount is reflected as a balance in the restricted general fund . Capital grants are recognised when receivable and are not deferred over the life of the asset on which they are expended. Unspent amounts of capital grant are reflected in the balance in the restricted fixed asset fund.

Sponsorship income

Sponsorship income provided to the Academy Trust which amounts to a donation is recognised in the Statement of Financial Activities in the period in which it is receivable, where there is certainty of receipt.

Donations

Donations are recognised on a receivable basis where there is certainty of receipt 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 goods have been provided or on completion of the service.

Page 27



1 Accounting policies (continued)

Donated services and gifts in kind

The value of donated services and gifts in kind provided to the Academy Trust are recognised at their open market value in the period in which they are receivable as incoming resources, where the benefit to the Academy Trust can be reliably measured. An equivalent amount is included as expenditure under the relevant heading in the Statement of Financial Activities, except where the gift in kind was a fixed asset in which case the amount is included in the appropriate fixed asset category and depreciated over the useful economic life in accordance with Academy Trust's poliCies.

As a previous Foundation School, on the date of conversion to Academy Status, the freehold land and buildings from which the school operates were transferred to the Charitable Company for no consideration. The land and buildings were valued by a professional valuer and were valued to Existing Use Value using a Depreciated Replacement Cost approach. The land and buildings known as Torquay Boys' Grammar School were valued at £16,845,000 on 31 August 2011 and were not expected to be significantly different at 1 November 2010, the date the school converted to an Academy Trust. The land and buildings known as Torquay Academy were valued at £23,755,000 on 1 September 2012, the date the school joined the Academy Trust.

Resources expended

All expenditure is recognised in the period in which a liability is incurred and has been classified under headings that aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs.

All resources expended are inclusive of irrecoverable VAT.

Cost of generating funds

These are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities

These are costs incurred on the Academy Trust's educational operations.

Governance costs

These include the costs attributable to the Academy Trust's compliance with constitutional and statutory requirements, including audit, strategic management and Governors' meetings and reimbursed expenses.

Page 28




Tangible fixed assets

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.

Depreciation is provided on all tangible fixed assets other than freehold land, at rates calculated to write off the cost of each asset over its expected useful lives, per the table below.

Assets in the course of construction are included at cost. Depreciation on these assets is not charged until they are brought into use.

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.

Asset class Depreciation method and rate

Freehold buildings 2% and 10% straight line

Fixtures, fittings and equipment Between 2 to 3 years straight line

Motor vehicles 25% straight line

Leased assets

Rentals under operating leases are charged on a straight line basis over the lease term.

Stock

Unsold uniforms, equipment, stationery and catering stocks are valued at the lower of cost and net realisable value.

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.

Page 29




Pension 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, are contracted out of the State Earnings-Related Pension Scheme ('SERPS'), and the assets are held separately from those of the Academy Trust. The TPS is an unfunded scheme and contributions are calculated so as 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 on the basis of quinquennial valuations using a prospective benefit method. As stated in the notes to the financial statements, the TPS is a multi-employer scheme and the Academy Trust is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. The TPS is therefore treated as a defined contribution scheme and the contributions recognised as they are paid each year.

The LGPS is a funded 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 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 operating surplus are the current service costs and gains and losses on settlements and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the Statement of Financial Activities if the benefits have vested . If the benefits have not vested immediately, the costs are recognised over the period until vesting occurs. The expected return on assets and the interest cost are shown as a net finance amount of other finance costs or credits adjacent to interest. Actuarial gains and losses are recognised immediately in other gains and losses.

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 Education Funding Agency/Department for Education/sponsor/other funders where the asset acquired or created is held for a specific purpose.

Restricted general funds comprise all other restricted funds received and include grants from the Education Funding AgencylDepartment for Education.

Page 30

2 Voluntary income

Transfer on conversion

Other voluntary income

Educational trips and visits

Other donations

Total voluntary income

3 Activities for generating funds

Hire of facilities

Catering income

School shop sales

Recharges and reimbursements

Other income

4 Investment income

Short term deposits



Total 2013

£ 000

24,103

218

72

Unrestricted Restricted funds funds £ 000 £ 000

312

29 19

29 331 360

29 331 360 24,393

Unrestricted funds £ 000

2

Total 2014

£ 000

312

48

Total 2014

£ 000

167

432

42

74

50

Total 2013

£ 000

174

384

57

70

54

765 739

Unrestricted funds £ 000

167

432

42

33

50

724

Restricted funds £ 000

41

41

Total 2014

£ 000 2

Total 2013

£000

1

Page 31

290



5 Funding for Trust's educational operations

Restricted

funds

£ 000

DfE/EFA capital grants

Devolved Formula Capital

DfE/EFA revenue grants

General Annual Grant (GAG) 10,060

Start Up Grants 362

Pupil Premium 408

16-19 Bursary Fund 29

Summer School 52

Year 7 Catch Up Grant 21

10,932

Other government

grants

Other Government Grants 39

SEN from Local Authority 7

Restricted

fixed asset

funds

£ 000

40

Total

2014

£ 000

40

10,060

362

408

29

52

21

10,932

39

7

Total

2013

£ 000

41

10,082

546

396

7

11 ,031

99

79

Non-government

grants and other income

Other Grants

Total grants

46

6

10,984 40

46

6

11 ,024

178

11

11 ,261

6 Other incoming resources

Insurance Income

Unrestricted funds

£ 000

1

Total

2014

£ 000

1

Total

2013

£ 000

60

Page 32



7 Resources expended

Total Total

Staff costs Premises Other costs 2014 2013

£ 000 £ 000 £ 000 £ 000 £ 000

Costs of generating voluntary income 298 298 198

Costs of activities for generating funds 249 308 557 570

Academy's educational operations

Direct costs 6,616 942 911 8,469 8,227

Allocated support costs 2,474 805 420 3,699 3,549

9,090 1,747 1,331 12,168 11,776

Governance costs including allocated support costs 92 7 99 43

9,431 1,747 1,944 13,122 12,587

Net incoming/outgoing resources for the year include:

2013 2013

£ 000 £ 000 Operating leases - other 32 32

Fees payable to auditor - audit 7 16

Fees payable to auditor - other audit services 4 13

Page 33



8 Charitable activities - Academy's educational operations

Direct costs

Teaching and educational support staff costs

Depreciation

Educational supplies

Examination fees

Staff development

Educational consultancy

Other direct costs

Allocated support costs

Support staff costs

FRS 17 service cost adjustment

Maintenance of premises and equipment

Cleaning

Rent and rates

Energy costs

Insurance

Recruitment and support

Security & transport

Bank interest and charges

Expected return on scheme assets

Interest on defined benefit pension scheme

Professional fees

Other support costs

Total Total

2014 2013

£ 000 £ 000

6,616 6,401

942 948

389 357

200 198

71 66

221 178

30 79

8,469 8,227

2,305 2,069

169 139

365 356

41 44

109 167

199 214

91 140

16 32

63 53

2 1

(115) (77)

165 109

88 76

201 226

3,699 3,549

12,168 11,776

Page 34



9 Governance costs

Auditors' remuneration

Audit of financial statements

Support costs

10 Staff costs

Staff costs during the year were:

Wages and salaries

Social security costs

Pension costs

Supply teacher costs

Compensation payments

Restricted funds £ 000

Total 2014

£ 000

Total

2013 £ 000

7

92

99

7

92

99

16

27

43

2014 £ 000

2013 £ 000

7,521

566

1,149

142

53

9,431

7,118

540

1,063

142

10

8,873

Included in staff restructuring costs are non-statutory/non-contractual severance payments totalling £52,825 (2013: £10,000). Payments exceeding £5,000 individually are as follows:

Non-statutory payments £18,614




Page 35



10 Staff costs (continued)

The average number of persons (including senior management team) employed by the Academy during the year expressed as full time equivalents was as follows:

2014 2013

No No

Charitable Activities

Teachers 160 114

Adminstration and Support Staff 70 105

Management 18 14

248 233

The number of employees whose emoluments (excludes pension contributions) fell within the following bands was:

2014 2013

No No

£60,001 - £70,000 3 2

£70,001 - £80,000 1

£80,001 - £90,000 1

£100,001 - £110,000 1

£120,001 - £130,000 1

5 (2013 - 4) of the above employees participated in the Teachers ' Pension Scheme. During the year ended 31 August 2014, pension contributions for these staff amounted to £42,000 (2013 - £49,000) .

11 Trustees' remuneration and expenses

The Principal and staff trustees only receive remuneration (includes pension contributions) in respect of services they provide undertaking the roles of Principal and staff and not in respect of their services as trustees. Other trustees did not receive any payments , other than expenses, from the Academy in respect of their role as trustees. The value of trustees' remuneration was as follows :

Mr R E Pike (Headmaster (resigned December 2013) & CEO (appointed January 2014)):

on on

31 1 £90,000 - £95,000 (2013 - £140,000 - £145,000)

Mrs A C Derbyshire (Trustee) : £0 - £5,000 (2013 - £Nil)

Mrs C Weston (Trustee) : £0 - £5,000 (2013 - £Nil)

Related party transactions involving the trustees are set out in note 26.

Page 36



12 Trustees' and officers' insurance

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

Academy business. The insurance provides cover up to £5,000,000 on anyone claim and the cost for the year ended 31 August 2014 was £4,000 (2013 - £4,000).

The cost of this insurance is included in the total insurance cost.

13 Tangible fixed assets

Freehold

land and buildings

£ 000

Furniture

and equipment

£ 000

Motor vehicles

£ 000

Computer equipment

£ 000

Total

£ 000

Cost

At 1 September 2013

Additions

40,701

69

169

68

27 318

93

41,215

230

At 31 August 2014 40,770 237 27 411 41,445

Depreciation

At 1 September 2013

Charge for the year

1,216

748

71

73

19

7

197

114

1,503

942

At 31 August 2014 1,964 144 26 311 2,445

Net book value

At 31 August 2014 38,806 93 100 39,000

At 31 August 2013 39,485 98 8 121 39,712

14 Stock

Catering

Shop stock

2014 £ 000

5

18

23

2013

£000

5

14

19

Page 37



15 Debtors

Trade debtors

Prepayments

Accrued grant and other income

VAT recoverable

Other debtors

16 Creditors: amounts falling due within one year

Trade creditors

Other taxation and social security

EFA creditor: abatement of GAG

Other creditors

Pension scheme creditor

Accruals

Deferred income

Deferred income at 1 September 2013

Resources deferred in the period

Amounts released from previous periods

Deferred income at 31 August 2014

2014 £ 000

15

180

115

39

1

350 430

2014 £ 000

105

237

14

64

107

50

2013 £ 000

44

182

134

70

2013 £ 000

228

209

57

5

74

79

80

2014

£ 000

80

50

(80)

577 732

Page 38

50



17 Funds

Balance at 1

September 2013

£ 000

Incoming resources

£ 000

Resources expended

£ 000

Gains, losses

and transfers

£000

Balance at

31 August 2014

£ 000

Restricted general funds

General Annual Grant

Pupil Premium

Summer School

Year 7 Catch Up Grant

SEN/High Needs Income

Start Up Grants

16-19 Bursary Funding

School FundlTrips

Music Memorial Fund

Confucius Classroom Fund

Kieran Fund

516

7

3

15

1

7

7

10,060

408

52

21

7

362

29

312

10

6

(10,048)

(384)

(52)

(21 )

(7)

(362)

(29)

(315)

(3)

(4)

(233)

(3)

3

(1)

295

28

3

15

8

8

7

Duke of Edinburgh Fund 2 2

Other Government Grants

Fitness Club

39 (38) (4) (3)

Other Donations

Recharges and Reimbu rsements

9

41

(9)

(41)

559 11 ,356 (11,313) (238) 364

Restricted fixed asset funds

DfE/EFA Capital Grants

Inherited Fixed Asset Fund

Capital Expenditure from GAG

Capital Expenditure from Start

Up Grant

Capital Expenditure from Other Govenment Grants

9

39,395

199

77

38

40 (28)

(750)

(106)

(63)

(19)

228

21

38,645

321

14

19

39,718 40 (966) 228 39,020

Restricted pension funds

Defined Benefit Pension

Liability (1 ＬＴＹＶｾ＠ (219) (368) (2,083)

Total restricted funds 38 ,781 11,396 (12,498) ＨＳＷＸｾ＠ 37,301

Page 39



17 Funds (continued)

Balance at Gains, 1 losses Balance at

September Incoming Resources and 31 August 2013 resources expended transfers 2014

£ 000 £ 000 £ 000 £ 000 £ 000

Unrestricted funds

Unrestricted general funds 539 756 (624) (10) 661

Unrestricted designated funds 20 20

Total unrestricted funds 539 756 (624) 10 681

Total funds 39,320 12,152 P3,122) (368) 37,982

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

The Music Memorial Fund is to be used to fund music lessons for children.

The Confucius Classroom Fund is to be used towards promoting the teaching of Mandarin Chinese

The Kieran Fund is to be used as a hardship fund for pupils of Torquay Boys' Grammar School

The unrestricted designated fund is a sink fund that has been created to ensure that the All Weather Pitch at Torquay Academy can be adequately maintained and refurbished as required.

Page 40



17 Funds (continued)

Analysis of academies by fund balance

Fund balances at 31 August 2014 were allocated as follows:

Total

£ 000

Torquay Boys' Grammar School 390

Torquay Academy 655

Total before fixed assets and pension reserve 1,045

Restricted Fixed Asset Fund 39,020

Defined Benefit Pension Liability (2,083)

Total 37,982

Analysis of academies by cost

Expenditure incurred by each academy during the year was as follows:

Teaching Other Costs

and (excluding

Educational Other Depreciation

Support Support Educational and FRS17

Staff Costs Staff Costs Supplies Adjustment) Total

£000 £ 000 £ 000 £000 £ 000

Torquay Boys' Grammar School 3,653 1,035 207 1,192 6,087

Torquay Academy 2,963 1,362 182 1,367 5,874

Academy Trust 6,616 2,397 389 2,559 11,961

18 Analysis of net assets between funds

Restricted Restricted Unrestricted general fixed asset

funds funds funds Total funds

£000 £000 £ 000 £ 000

Tangible fixed assets 39,000 39,000

Current assets 681 961 1,642

Current liabilities (597) 20 (577)

Pension scheme liability (2,083) (2,083}

Total net assets 681 (1,719} 39,020 37,982

Page 41

T orquay Boys' Grammar School


19 Financial commitments

Operating leases

At 31 August 2014 the Trust had annual commitments under non-cancellable operating leases as follows:

Operating leases which expire:

2014 2013 £ 000 £ 000

Other

Within one year 4

Within two to five years 30 35

34 35

20 Reconciliation of net (expenditure)/income to net cash inflow/(outflow) from operating activities

2014 2013

£ 000 £ 000

Net (expenditure)/income (970) 23,867

Depreciation 942 948

Donated capital and capital grants (40) (23,796)

Cash transferred on conversion 348

Interest receivable (2) (1 )

FRS 17 expected return on scheme assets (115) (77)

FRS 17 interest on defined benefit pension scheme 165 109

FRS17 service cost adjustment 169 139

Increase in stocks (4) (3)

Decrease/(increase) in debtors 80 (363)

(Decrease)/increase in creditors (155) 652

Net cash inflow from operating activities 70 1,823

21 Returns on investments and servicing of finance

2014 2013

£ 000 £ 000

Interest received 2 1

Net cash inflow from returns on investments and servicing of finance 2 1

Page 42



22 Capital expenditure and financial investment

2014 2013 £ 000 £ 000

Purchase of tangible fixed assets (230) (256) Capital grants from DfE 40 41

Net cash outflow from capital expenditure and financial investment (190) (215)

23 Analysis of changes in net funds

At 1 September At 31 August

2013 Cash flows 2014 £ 000 £ 000 £ 000

Cash at bank and in hand ｾ］ｾＱＢＬ］Ｌ＠Ｓ］ＸＷ］＠ (118) 1,269

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/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before he/she ceases to be a member.

25 Pension and similar obligations

The Academy'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 Devon County Council. Both are defined benefit schemes.

The pension costs are assessed in accordance with the advice of independent qualified actuaries. The latest actuarial valuation of the TPS was 31 March 2004 and of the LGPS 31 August 2013.

Contributions amounting to £64,000 (2013 - £74,000) were payable to the schemes at 31 August and are included within creditors.

Teachers' Pension Scheme

Introduction

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pensions Regulations (2010) and, from 1 April 2014, by the Teachers' Pension Scheme Regulations 2014. Membership is automatic for full-time teachers in academies and, from 1 January 2007, automatic for teachers in part-time employment following appointment or a change of contract, although they are able to opt out.

The TPS is an unfunded scheme and members contribute on a 'pay as you go' basis - these contributions along with those made by employers are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Page 43



25 Pension and similar obligations (continued)

The Teachers' Pensions Regulations require an annual account to be kept of receipts and expenditure (including the cost of pensions' increases). From 1 April 2001, the account has been credited with a real rate of return, which is equivalent to assuming that the balance in the account is invested in notional investments that produce that real rate of return .

Valuation of the Teachers' Pension Scheme

The latest actuarial valuation of the TPS was carried out as at 31 March 2012 and in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014. The valuation

report was published by the Department for Education on 9 June 2014. The key elements of the valuation and subsequent consultation are:

• employer contribution rates set at 16.48% of pensionable pay (including a 0.08% employer administration charge (currently 14.1%);

• total scheme liabilities for service to the effective date of £191,500 million, and notional assets of £176,600 million, giving a notional past service deficit of £14,900 million; and

• an employer cost cap of 10.9% of pensionable pay will be applied to future valuations.

The new employer contribution rate is applicable from 1 April 2015 and will be implemented for the TPS from September 2015.

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

Teachers' Pension Scheme Changes

Lord Hutton made recommendations in 2011 about how pensions can be made sustainable and affordable, whilst remaining fair to the workforce and the taxpayer. The Government accepted Lord Hutton's recommendations as the basis for consultation with trade unions and other representative bodies. In March 2012 the Department for Education published proposals for the design for a reformed TPS.

The key provisions of the reformed scheme include: a pension based on career average earnings; an accrual rate of 1/57th; and a Normal Pension Age equal to State Pension Age, but with options to enable members to retire earlier or later than their Normal Pension Age. Pension benefits built up before 1 April 2015 will be fully protected.

In addition , the proposed final agreement includes a Government commitment that those within 10 years of normal pension age on 1 April 2012 will see no change to the age at which they can retire, and no decrease in the amount of pension they receive when they retire. There will also be further transitional protection, tapered over a three and a half year period, for people who would fall up to three and a half years outside of the 10 year protection.

In his interim report of October 2010, Lord Hutton recommended that short-term savings were also required, and that the only realistic way of achieving these was to increase member contributions. At the Spending Review 2010 the Government announced an average increase of 3.2 percentage points on the contribution rates by 2014-15. The increases have been phased in since April .2012 on a 40:80: 1 00% basis.

The Department for Education has continued to work closely with trade unions and other representatives bodies to develop the reformatted Teachers' Pension Scheme and regulations giving effect to it came into force on 1 April 2014. Communications are being rolled out and the reformatted

scheme will commence on 1 April 2015.

Page 44




Under the definitions set out in Financial Reporting Standard 17 (FRS 17) Retirement Benefits , the TPS is a multi-employer pension scheme. The Trust is unable to identify its share of the underlying

assets and liabilities of the scheme. Accordingly, the Trust has taken advantage of the exemption in FRS 17 and has accounted for it contributions to the scheme as if it were a defined contribution scheme. The Trust has set out above the information available on the scheme and the implications for the academy in terms of the anticipated contribution rates.

Local government pension scheme

The LGPS is a funded defined-benefit scheme, with the assets held in separate trustee-administered funds . The total contribution made for the year ended 31 August 2014 was £326,000 (2013 £290,000), of which employer's contributions totalled £239,000 (2013 - £214,000) and employees' contributions totalled £87,000 (2013 - £76,000). The agreed contribution rates for future years are 17% for employers and 5.5% -12.5% for employees.

Principal actuarial assumptions

At 31 August At 31 August

2014 2013

% %

Rate of increase in salaries 4.50 5.10

Rate of increase for pensions in paymenUinflation 2.70 2.90

Discount rate for scheme liabilities 3.90 4.70

Inflation assumptions (CPI) 2.70 2.90

RPI increases 3.50 3.70

Sensitivity analysis

A sensitivity analysis for the principal assumptions used to measure scheme liabilities is set out below:

+ 0.1% 0.0% - 0.1% Adjustment to discount rate £ 000 £ 000 £ 000

Present value of total obligation 4,092 4,187 4,284

Projected service cost 390 400 410

Adjustment to pension increases & deferred + 0.1% 0.0% - 0.1% revaluation £ 000 £ 000 £ 000



+0.1% 0.0% - 0.1% Adjustment to rate of salary growth £ 000 £ 000 £ 000



+ 1 Year None -1 Year

Adjustment to mortality age rating assumption £ 000 £ 000 £ 000



Page 45




The current mortality assumptions include sufficient allowance for future improvements in the mortality

rates. The assumed life expectations on retirement age 65 are:

Retiring today

Males retiring today

Females retiring today

Retiring in 20 years

Males retiring in 20 years

Females retiring in 20 years

The Trust's share of the assets and liabilities in the scheme were:

Equities

Gilts

Target Return Portfolio

Infrastructure

Other bonds

Property

Cash

Alternative Assets

Total market value of assets

Present value of scheme liabilities - funded

Deficit in the scheme


2014 2013

22.70 20.60

26.00 24.60

24.90 22.60

28.30 26.50


2014 2013

£ 000 £ 000

1,252 1,068

116 231

305

59

86

204 160

43 53

39 267

2,104 1,779

(4,187) (3,275)

(2,083) (1,496)

Page 46




The expected rates of return were:


2014 2013

% % Equities 6.70 7.00

Gilts 3.00 3.50

Alternative Assets 5.90

Other bonds 3.60

Infrastructure 3.60

Property 5.90 6.00

Cash 2.90 .50

Target Return Portfolio 5.90 5.00

The expected return on assets is based on the long-term future expected investment return for each asset class at the beginning of the period . The returns on gilts and other bonds are assumed to be the gilt yield and corporate bond yield (with an adjustment to reflect the default risk) respectively at the relevant date. The returns on equities and property are then assumed to be a margin above gilt yields.

The actual return on scheme assets was £180,000 (2013 - £198,000).

Amounts recognised in the statement of financial activities

Current service cost

2014 £ 000

408

2013 £000

353

Total operating charge 408 353

Analysis of pension finance income/(costs)

Expected return on pension scheme assets

Interest on pension liabilities

2014 £ 000

115

(165)

2013 £000

77

(109)

Pension finance costs (50) ｾＳＲＩ＠

The actuarial gains and losses for the current year are recognised in the statement of financial activities. The cumulative amount of actuarial gains and losses recognised in the statement of

financial activities since the adoption of FRS 17 is (£587,000) (2013 - (£219,000».

Page 47




Movements in the present value of defined benefit obligation

At 1 September

Current service cost

Interest cost

Employee contributions

Actuarial losses

Benefits paid

Liabilities assumed in a business combination

2014 2013 £ 000 £ 000

3,275 1,447

408 353

165 109

87 76

269 178

(17) (71)

653

At 31 August 4,187 2,745

Movements in the fair value of Trust's share of scheme assets

At 1 September

Expected return on assets

Actuarial (Iosses)/gains

Employer contributions

Employee contributions

Benefits paid

2014 2013 £ 000 £ 000

1,779 832

115 77

(99) 121

239 214

87 76

(17) (71)

At 31 August 2,104 1,249

The estimated value of employer contributions for next period is £235,000 (2013 - £214,000) .

History of experience adjustments

2014 2013 2012 2011

£ 000 £ 000 £ 000 £ 000

Present value of defined benefit obligation (4,187) (3 ,275) (1,447) (989)

Fair value of scheme assets 2,104 1,779 832 658

Deficit in the scheme (2 ,083) (1,496) (615) (331 )

Page 48




History of experience adjustments

2014 2013 2012 2011 £ 000 £ 000 £ 000 £ 000

Experience adjustments arising

on scheme assets (99) 121 12 (1 )

Experience adjustments arising on scheme liabilities 24

Comparative figures have not been restated as permitted by FRS 17.

26 Related party transactions

Owing to the nature of the Academy's operations and the composition of the board of governors being drawn from local public and private sector organisations, it is inevitable that transactions will take place with organisations in which a member of the board of governors may have an interest. All transactions involving such organisations are conducted at arm's length and in accordance with the Academy's financial regulations and normal procurement procedures.

During the year the academy made the following related party transactions:

Susan's Flower Shop (A business in which Mr B Wills-Pope has an interest) Purchases of £513 (2013: £355) were made by the academy during the year. At the balance sheet

date the amount due to Susan's Flower Shop was £Nil (2013 - £Nil).

Page 49

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