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Surplus with strings attached

I write with reference to the article which gave an erroneous impression of my school's finances (TES, February 3).

The school was shown as having a surplus of Pounds 484,351 but in fact as the audited accounts indicate Pounds 189,623 of this is effectively trust money which has conditions attached to it. A further substantial amount involves private funds. The actual surplus in the general purposes fund is Pounds 33,560 and in the premises related fund Pounds 93,396.

The school has in hand plans which will eliminate these surpluses and probably give rise to the need to use other funds to supplement them.

T J PEACOCK

Headmaster

Queen Elizabeth's Grammar School

Horncastle, Lincolnshire

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