1509 Group Annual Report & Flnanclal Statements Forthe Year Ended 31" July 2022 Charity Number 1084866 Company Number 4104101
Contents Page Reference and Admlnistrative Details Directors, Report Statement of Directors, Responsibilities The Values and Aims of the Group Strategic Report 8-15 Financial Review, Future Plans and Risk Management 15-18 Report of the Independent Auditors 19-21 Statement of FinancSal Activities 22 Balance Sheets 23-24 Cash Flow Statement 25 Notes to the Financial Statements 26-43
Directors 1509 Group Is holding company of a number of organisatlons. All dlrectors and members of 1509 Group are directors of Royal Grammar School Guildford and all are governor5 of the School. DIRÉCTORS OF THE COMPANY Mrs S K Creedy MA Appointed bv Board- co-opted Chairman of Governors Mr P G Peel FCA Chairman of the Finance and General Purposes Committee and Vice Chairman of Governors Chairman of Education Committee and Vice Chairman of Governors Chairman of Nominations Committee. Resigned December 2021 Chairman of RGSG Prep Committee. Vice Chalrman of Governors from December 2021 oard- co-opted Mr C D Barnett MA PGCE Board- co.opted Rev R L Cotton MA Olp Th Blshop of Gulldford Mr PW Fell BA FCA fjr SGS Gimson, Msc Mr NEJ Vineall KC MA Board- co-oAted Surre Count Council Board- co-o ted Def Tech MEMBERS OF THE COMPANY Mr CT Shorter CEng MIStructE FConsE FFB Mr D I Counsell FCA Resigned july 2022 Board- co-opted Board - co-opted Professor SC Price MSC PhD FBTS ERT FHEA Or LS K Linton MA MBChB MRCP The Éarl of Onslow, High Steward of Guildford Mr J D Fairley BA Mrs H St che-Patel Bsc MBA Mrs F E Carler BA PGCE Board - co-opted Staff Ex Officio Board - co-opted Board - co-o ted RGSG Prep Parents, Association Appolnted March 2022 Ms K Spasic ACMA CGMA Ms N Nelson-smith Mrs M-L Logue ointed Oeeember 2021 Board - co-opted Guildford Borou Board - co-opted h Council Resigned LPA March 2022 Board co-opted March 2022 Prof Ml Humphreys MBE PhD LLB PFHEA Mrs K Atkinson BDS ard Bsci MINSTP mrTLin_ Prof H Treharne Bse Msc PhD SFH EA FBCS Mr M Windsor Mr D Booth ointed Ma 2022 Members of the Finance and General Purposes Committee RGSG Prep Committee Members of the Education Committee Iformerly the Academic Committee) Members of the Nominations Committee Offlcers The Headmaster Secretar & Treasurer The HeadLRGSG Pre University of London Board- co-o ted RG5G Parents, Associatlon University of Surrev Board - CO-D Ex Oflicio ted Dr JM Cox &St PhD Mr RA Uklah MA Mr T Freeman-oa
Registered Offlce High Street Guildford SurreyGUI 388 Princlpal Bankers National Westminster Bank PIC Guildford Commercial Office PO Box 1, 2nd Floor G3 2 Cathedral Hill Guildford Surrey GUI 3ZR Audltors & Tax Advlsors Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Principal Solicitors Moore Barlow LLP The Oriel Sydenham Road Guildford Surrey GUI 3SR
The Member5 and Director5 of 1509 Group present its annual report lincludingthe Directors, Report 3nd Strategic Reportl together with the audited accounts for the year ended 31, July 2022 and confirm that it cornplies with the requirements of the Companle5 Act 2006, Charities Act 2011 and the Charitie5 Statement af Recommended Practice ISORPI 2019. DIRECTORS. REPORT THE STATUS OF THE GROUP 1509 Group (the Group) is a registered tharity, number 1084866, and a company limited by gLJarantee, number 4104101. 1509 Group is the holding company of a number of subsidiaries which are outlined below. Further details of the organisational structure are included in the Group Structure and Relationships section. Royal Grammar School Guildford I'the School,, 'RGSG'I a company limited by guarantee, companv reglstration number 10874615 and charity number 1177353. Royal Grammar School, Guildford Foundatlon - a charitable company, company number 4232306 and charity number 1089955. The RGS Guildford International Limited- company number 09633181. The RGS Guildford International IDubail Ltd company number 11422203. The RGS Gulldford International Ichlnal Ltd company number 12104378. The RGS Guildford International Iomanl Ltd company number 13833679 Idormantl RGS Guildford Enterprises Ltd company number 12248925 Idormantl Royal Grammar School Guildford I'The School,, 'RGSG'I is a company reeistered by guarantee incorporated in England and Wales, company number 10874615. It is also a registered charity, registered charity number 1177353. The company Royal Grammar School Guildford Is a subsidiary of 1509 Group, which is the sole shareholder of the School, company number 4104101 and charity number 1084866, The School is a single entity operatin8 on two school sites: the Royal Grammar School Guilford IRGSGI educates boys 88ed 11-18 while RGS Prep's pupils are aged 3-11. As a result ol its special relationship with the Cathedral (bein@ the Choir School for the Cathedr311 and with the Blshop of GuSldford nomlnating a Governor, Royal Grammar School Gulldford Is deslgnated as '8 School wlth Religious Character,. GOVERNANCE AND MANAGEMENT Governln8 Body Details of the directors and members of the Group, together with the Group's officers and principal advisers, are glven on pages 1.2. The directors and members are appointed from the 8overnor body of Royal Grammar School Gulldford. New governors are olected on the basis of nominations from the Nomlnations Commlttee based on the Candidate's 5Ultability for the vacancy.
The directors and members are aware of The Charity Governance Code published in 2017 which sets out the principles and recommended practice for good govornance wlthin the sector. The director5 3nd members are satisfied that the Group applies the principles of the code within its current Governance arrangements. Re¢rultment and Tralning of Governors The Nominations Committee oversees the identification of potentlal governors and their induction. New governors are provided with the opportunity to view the Schaol, provided wlth relevant background m3terl31 about the School and the role of a charity trustee and provlded with an experienced governor as a mentor during first year of appointment. Opportunities are provlded to attend School events that may give insight into the workin8 ol the School and appropriate training courses are offered to governors. PartiCLJlar attention is given to the identification of suitable courses for new governor5. Durlng the year governors attended seminars to enable them to remain up to date. The Chalrman partlclpates In the Chalrman of Governors, Forum. Organisatlonal Management The Board of Governors has established permanent committees.. the Finance and General Purposes Commlttee to 5upervSse the management and administration of the Group and School'5 affairs,. the Education Committee to oversee currlcular and educational rnatters,. the RGSG Prep Committee to oversee all matters pertaining to RGSG Prep,. and the Nomln3tions Committee to review arrangement5 for the norllinJtlon of Dirertors of the Company and appointments to the Board of Governors and its committees, 3s well as conduct an annual review of strategic Issues. Panels of Governors are selected to form dlscipllnary and appeals committees as requlred. The Chairs of these Committees in the year were as follows.. Education Committee Mr C Barnett- to December 2021 Mr M Wind50r- from January 2022 Rev RL Cotton Mr PG Peel Mr C Barnett- to December 2021 Rev RL Cotton - from December 2021 RGSG Prep Committee Finance and General Purposes Committee Nominatlon5 Commlttee There is a separate trust board for Roy31 Grammar School, Guildford Foundation and separate boards of directors for each of the subsidiaries which are not charities. The Chief Operating Officer oversees the general business operatlons of the Group and in particular focuses on long-term building programmes, international developments and wider busino5S OPPOrtuniti@5, Wlth the day to day running of the School delegated to the Heads and the Bursar. The Heads and Bursar are in turn supported by their Senior Management Team5 and together these 8roups are the key management personnel. Remuneration is set by the Board, with the objective of providing a competitive package to attract and retain the best possible staff. The appropriateness and the relevance of remuneration Is revlewed annually, Including reference to benchmarking data of other similar Independent schools to ensure that the Group remains sensitive to the broader Issues of pay and employment conditions elsewhere. The Group aims to recruit the best possible staff in a11 areas and from the widest pool of talent. Delivery of the Group's charitable vlsion and purpose Is prlmèrily dependent on key management personnel and staff costs are the largest single element of charitable expenditure, Group Structurè and Relatlonshlps 1509 Group 15 the holding company which retains control of Royal Grammar School Guildford and all other subsidiaries. 1509 Group is the sole voting member of The Royal Grammar School, Guildford Found2tSon I'the Foundation'l, whi¢h works to promote, provide for and ralse funds for the School. The Foundation is a charitable
company Icompany number 4232306 and charity number 10899551 and 55 also a subsldiary of 1509 Group. Considering the financial and non-financial benefit provided by the Foundation, the School has agreed to provide operational resources for the Foundation free of charge. RGS Guildford International Ltd (company number 096331811, RGS Guildford International IDubail Ltd Icompanv number 114222031 and RGS Guildford Internatlon31 Ichinal Ltd (company number 121043781 are 8115ubsldiarles of the 1509 Group and supply intellectual property arid guidance to our partners in Qatar, Dubai and Chiria, to support the development and ongoing operation of thelr schools, All companles are registered In England and Wales. All companles report Independently but their flgures are consolidated into those Of 1509 Group. Engagement with Employees and Employee Interests Takin care of our eo The directors recognise the enormous contribution made by all staff and the importance of valuing and developing staff. The group reserves an extensive budget for training and development and staff are encouraged to consider their personal and professional development, The well-being of staff 15 of paramount importance, and mechanisms are in place to support staff and colleagues. Thi5 ranges from regular catth-up sessions with line managers, staff social events and school wide events to support from the school counsellor, school nurse and head of human resources. Communication Regular updates, meetlngs and briefings are provided to staff on the day to day operations of the organlsatlon as well as sharing high level changes within the organisation as these arise. Financial updates are provided to staff SC) they are kept briefed on the financial stability of the organisation or risks that may be facing the group or the sector. Staff observers are invited to attend the full board of directors, meetings, so they are aware of the high level issues bein8 discussed. Strategy groups meet regularly to determine the future directlon of a range of areas within the School and each group contains a mix of staff who have volunteered to be a member of each group. Benefits Staff are ell8ible for a ran8e of employee benefits Includin8 employer contributions to pensions and he31thcare. Attention is Paid to ensure that packages offered remain competitive against the market. Incèntive schemes are not considered appropriate to tsur school environment and ethos, but success is shared and genuinely celebrated across the organisation, which operates in a supportive and collegiate manner to ensure that staff feel valued. Trainln and Deve50 ment There are many opportunities for staff to develop theSr skllls through training courses or taklng on different role5 wlthln the organisation, Several staff have been tralned a5 coaches and now coach and develop others. Staff have the opportLJnity t(> apply for additional r¢sponsibllities within the org3nis3tion and, on many o¢cJsions, sonior roles are filled internally rather than bringing in external candidates. In general, staff who leave go Dn to more senior roles wlthln other organlsations. Health and Safet There 15 a health and safety pollcy group which covers the wholo organisatitsn, with separate committees for each site. These committee5 are formed of 3 range of staff based at each slte and focu5 On the Immediate needs of that site. All staff are trained in the key elements of health and safety and understand that everyone has a part to play in thi5 3rea. A full time health and Safety manager ensure5 that adequate time and resource is devoted to this area. DSversit nd Inclusion The dlrectors seek to recruit and retaln the best staff they can and encourage appllcations from 85 wlde a range of candidate5 as possible. We welcome all employees regardless of their age, gender, faith. disability, ethnC or raclal origin, Sexual orientatlon or gender identity. We take care to ensure that our employment pollcles and
practices are non-discriminatory and that all appointments are made solely on the basls of m@rit. As a result of an independent review ol our recruitment process, a full-time recruitment manager has been appointed and other recommendations implemented. It 15 Part of our ethos that all our people have a fundamental right to respect and dignity in the workplace. We actively promote these beh3viours and do not tolerate disrespect or dlscrimination in any form. We continuallv review how we can best promote and advance a culture in which all staff feel comfortable being themselve5 in the workplace and to ensure a diverse workforce is recrulted for the benèflt of the pupils and the wider organisation. A working party meets regularly to seek to further Improve the School's performance in this area on an ongoing basis. All staff and governor5 continue to receive diversity and Inclusion training. stakeholder Relations 1509 Group has a wlde community of stakeholder5 including pupils, employee5, parents of pupils, directors, suppliers and our local communlty. As further outlined in the Strategic Report, a wide range of activities is undertaken by pupils and staff as part of the local and extended community. The director5 aim for the organisation to be run In the best possible way and strict adherence to regulatory and legal requirements Is of pèramounl importance. RGSG is inspected by the Independent Schools Inspectorate ènd th55 covers compllance with a range of regulatory matters as wèll as the educational provision for pupils. The financial operations of the all subsidiarie5 are independently audited each year and other audits and regulatory inspections happen on a regular basls. There is a wlde range of policies for Staff which set out whatls expected in respect of Health and Safety, GDPR, Safeguarding, anti-bribery and corruption through to whistle blowing and a staff code of conduct. The IT systems are carefully managed to ensure the safety and securSty of all data. Staff use devlces issued bv the organlsatlon and training and secLJr1ty me8sures are regularly reviewed and updated. General Data Protection Regulations are complied with and any new systems Dr associated processe5 are subject to a risk assessmentto ensure they are compliant wlth the exlstlng svstems. Staff recelve training and updates in this area. STATEMENT OF DIRECTORS, RESPONSIBILITIES The Directors are responslble for preparing the Directors, Annual Report and the financi31 statements In accordance with applicable law and United Kingdom Generally Accepted Accounting Practlce (United Kingdom Accounting Standards). The law applicable to charities in England and Wales requires the charity to prepare finantlal statements for each financial year which give 3 true and fair view of the state of affairs of the charity and of the incoming resources and application of regources of the charity for that period. In preparing these finantlal statements, the Directors are required to.. select suitable accoLJnting policies and then apply them consistentlv,. observe the methods and principles in the Charities SORP., make ludgments and estlmates that are reasonable and prudent., state whether applicable accounting standards have been followed, sublect to any material departures dlsclosed and explained in the Ilnanclal statements.. prepare the financial statements on the going concern basis unless it Is Inappropriate te presume that the charity wlll eontlnue in buslness. The charlty is responsible for keeping adequate ac¢ountln8 records that are sufflcient lo show and explaln the charity's transactions, disclose wlth reasonable accuracy at any time the financial positlon of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the charity's constitution. It 15 also respon51ble for Safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detettitsn of fraud and other irregularities.
THE VALUES AND AIMS OF THE GROUP The oblect of the holding torllpany. 1509 Group, is 'to pron7ote and provide for the advancement of @ducatlon in the United Kingdom and any part of the World and, in particular, but without limitation to the foregoing.. to conduct, acquire and carry on, any boarding or day schools for the education of children of either sex or both sexes in all disciplines and fields of study, or otherwise provide education to persons, and Provide scholarships, exhibitions and bur53ries for young person5, to enable them to further their education The Group's objects are fulfilled through the running of the School and other subsidiaries, whose actlvlties and financial performance are reflected in these statements. The oblect of the School, as descrlbed Sn Its charlty commisslon scheme, Is the provision In or near Guildford of either a day school or a day and boardin£ school for boys, and ancillary thereto, the advancement of education. A preparatory school may be maintained at the distretion of the charlty. The current School priorities are.. Collaboration,. Oiversity and Inclusion-, Student Experience In pursult of these alms, RGSG holds and promotes the following values.. Incluslvity.. we remain loyal to our founding principles to educate bri8ht local students, Irrespective of background or financial circumstances, and we inherently believe in establishing a culture of diversity and acceptance, and in educating our students in a welcoming, tolerant community where each Indivldual is valued ènd enloys a deep sense of belonging. Scholarship.. we encourage the growth of intellectual curiosity, independence, creativity, innovation and habits of learning within a scholarly community through inspirational subject specialists who provoke and stretch the students, minds and inculcate a lifelong love of learning. Integrlty.. we promote the development of self-disclpllne and responsibility, splrituallty and a personal mor31 code, and cultivate an ethos where qualitie5 of decencyi honesty, courtesy, humility and good humour are celebrated. Respect.. we nurture an atmosphere of mutual respect between all members of our community. and foster self-respect and self-esteem In terms of phy55cal health, emotional maturity and personal well-being, while establishing lasting friendships Sn 3 posStlve, happy onvironment. Courage.. we develop leadership, teamwork, resilience and life skllls through a diverse range of activities where all students, re8ardless of their talents and attributes, are encouraged to challenge themselves, take appropriate risks and work hard to fulfil their potential. Collaboration.. we work closely with others for mutual enrlchment, and encourage a splrit c>f generosity and service, 2 5en5e of perspective, and a firm belief that we can work in partnership with others, locally and Internatlonally, to make a difference ènd hève a positive Smpact on society. The Directors aim to provide public benefit and are mindful of the requlrements of the Choritles Act 2011. The Directors have monitored c5osely the 8uidance on publlc benefit produced by the Charities Commi55ion together with its supplementary guidance on fee-charging.
STRATEGIESTO ACHIEVE THE AIMS OFTHE SCHOOL The Directors, objectives for the School are establlshed to deliver a wlde-ranging, hlgh quality educatlon te students from Guildford and the surrounding area. Thè School is focused on achieving the School's main objective and has dEv@loped both long term and short-term plans to achieve this. Governors monitor the School's progress by regularly reviewing the academlc and extra- curricular work. This is achieved through the Education Committee and RGSG Prep Committee plus a programme of Governor visit5. All pupils are now requlred to have a specified moblle personal computer to support quallty remote and in-¢18ss teaching and learning. The School continues to evolve its strategy around use of devices, to seek Continuous Improvements and a¢hSeve the best educatlonal outcomes and to mitigate against future dlsturbances. RGS Gulldford has establlshed an exceptional educational reputation in the UK. We have decided to deveSop thi5 by opening first class schools oversea5. RGS Guildford Qatar opened in 2016, RGS Guildford Nanjing opened in September 2020 and, rnosr recentSy, RGS Guildford Dubai opened in September 2021. Opportunities to open Further schools are being explored. These schools are belng opene(J together with loeal partners and are long term cr)Ilaborations which allow us to share our expertise globally while learning from other cultures. Our partners share our educational ethos and have the desire and resources lo deliver international schools with fantastic facilities that will share our values. The reasons for our international expansion are many.. partnership,, engagement in global culture5,' enhanced reputation for the sthool,. and an income which wlll be used primarily to SLJPPOrt bursary funding for boys attènding our school in Guildford. TRAT GIC REPORT ACHIEVEMENTS AND PERFORMANCE Revlew of ach5evements and performance for the year Ro al Grammar School Guildford The School was pleased to welcome the Independent Schools Inspectorate to Royal Grammar School Guildford- Senior and Prep - in February 2022 and they spoke in glowing terms about all aspects of school life. The School was awarded "Emcellent" the highest possible rat1ng, in every category. The report celebrated the quality of our boys, academic and other achievements, 35 W@11 as theSr personal development. In particular, the Inspectors captured the essence and splrit of the School which makes us such a close-knit and special community where the richness Of opportunity, as well as the culture of humility and decencyi tolerance and mutual respect are noted as defining qualities. The report can be accessod in full, from both the School and the ISI website. After an extended period of di5ruptlon due to the pandemic, we enloyed a return to more normal routines both in terms of teaching and the co-CUTricular life of the School. At the Senior school, following two years of Contre Assessed Grades and Teacher Assessed Grades, students sat formal public examinations for the first time since 2019. The School achieved another outstanding set of A Level results.. the most common grade achieved by RGSG student5 was the A. with 50.1% ef all grades belng the top, gold-star standard. 80,9% of all grades- or in total 334 grade5 were awarded at A. or A. From a cohort of 129 students, 42 boys achleved 3 or rnore A's.. an incredible achievement In traditionaSly robust, rigorous stjbjecls. At GCSE, the most common grade achieved bv our students was the sold-standard grade 9,. Sn total 874 8rade 9s were achieved, 56% of all grades. In addltion, 386 grade 8s were also secured by thls impressivo cohort: 80% of grades were at grade 9 or 8. 78 students achieved ten or more grade 8 and 9s' 30 boys secured 10 or more grade 9s.
RGSG students contSnued to secure placÈ5 on the m05t competitive courses at the leading universities in the country,. 95% of all offers held to UK institutions were to Russell Group Universities or Times Top 20 institutions. Of a talented cohort, 14 students received offer5 from Cambridge and Oxford Unlversities,. in the last 10 years, RGSG boys h3ve received just under 300 offers from Oxford ènd Cambridge Universities. Cambridge, Exeter, Durham and Bath have been in the top five every year for the last six years in terms of the number of RGSG boys accepting places,. Exeter w)5 the most popular university destination. closely followed by Bristol and Durham. Again this year, RGSG boys were accepted lo study a wide range of different courses at universitv ranging from Modern Languages to Medicine, Physics to PPE and Economics to Engineering. Sciences as well as businesslmanagement/financeleconomics and also engineering remalned the most popular choices. RGSG Prep students were awarded 9 scholarships for their chosen senlor s¢hoo15, including Music, DrarNa, Sport and Academic scholarships. A further 15 scholarships were offered but declined. In total 18 students received scholarship offers. Other academic achievements included bron2e, silver or gold awards for 47 pupils in the Junior Maths Challenge and awards to 10 pupils from the Primary Maths Challenge bonus round. A full and varied co-curricular prograwme provided the springboard for diverse achievement and experience, as well as rhe further nurturing of the Learning Habits and School Values which are at the heart of school Ilfe, The following provides a vory brief and selective overview.. Charitable initiatives and volunteering opportunities abounded as RGSG boys of all ages and staff gave practical, hands-on help and support to a number of local, environmental and community initiatives. £25,000 was raised for the nominated school charities during the year, as the School continued lo adhere to its value of Service to make a difference to others, with fundraising from small to grand scale - cake and doughnut sale5, home clothes days and House charity events and Harvest food bank drives. The School contlnued to nurture and establlsh partnerships with local partners and those further afield to share our expert15e frtsm an academic, co-curricular and philanthropic perspective. Our Masterclass programrne, our Tudor project and our Strings Scheme werejust some of the events whlch Stretched and challen8ed local PLJpiIs. Academic, adventurous, cultural and sporting trips made è welcome return after the pandemic, as the School continued to look for every opportunity to support learning inside 3nd outside the classroom. A significant number of boys achieved n3tional or International sportin8 recognition from the mainstream sports to more mlnor sports. The School continued to Impress on a challenging circuit in the major sports rugby, hockey, and cricket- as well as enjoying notable suc¢es5 in fencing, 5hootingi skiing and sailing, among others. From the Arts, perspective, concerts. plays and exhlbitions of breath-taking quality were experienced by parents, resident5 and the wider community.. both staged at school as well as at a number of local and national venues, The Chorlsters continued to perform wonderfully at Evensong and Sunday service5 alongside additional performances, including wlth world-renowned conductor John Rutter. RGSG boys enjoyed national profile in the Model United Natlons, YoLJng Enterprlse, Science Olymplads, debatinE, national essay and engineering comp@tltions. Of particular note were our Young Enterprise Company Showersmart who, after being crowned 8e5t Overall Company in the Young Enterprise National South-£ast region, went on to participate In the UK flnals. Publ1¢ beneflt The main beneficiaries of the Sehool's work are boys aged 3 to 18 attending the School. Governors have given due consideration to the Charlties Comm155ion guidance on Public Benefit under Charities Act 2011 when considering activities in this area. Governors wish the School's education to be wldely availaljle and so bursary applications are welcomed from families who could not otherwise afford to send thelr son to the School. Support is glven to cover up to 100% of lees. In certain circumstances support for lunches, travel cost5, course and examination fees are also considered on top of this.
In the year, 73 boys benefitted from bursary funding of over £1 milllon. In addltion to bursarles, the School glves opportunlties to puplls of local schools lo share the School's expertise, facilities and resources, and contributes widely to the local community in many ways. The School is also involved in developing relationships and partnerships with an ever widening range of educational organi5alions. The School is an associate member of the local Learning Partners ILPI Multi Academy Trust IMATI. The Headmaster of RGSG 15 an LP Trustee, an RGSG Deputy Head is i member of the Guildford County School Governing Board, the RGSG Bursar is a member of the Sandfield Primary School Governing Board, the RGSG head of human resources a member of Loseley Fields PrSmary School Governing Board and an Asslstant Head a member of the Kings Colle8e Governing Board. Some RGSG staff are deployed to teach in LP schools.. Throughout the year RGSG staff provlded Physics tuitlon for Yll Kings College pupils, Physics tLJition for A-Level Fullbrook School pupi15 and French lessons for Y5&6 Sandfield Primary School pupils. Additionally, during the Summer Term, Chemlstry revlsion classes weré provided for Y13 Fullbrook School Puplls. The EnquSring Teacher Partnership, which facilitates tèachers engaglng in action research in thelr schools, 15 a flagshlp partnership programme and is jointly led and administrated with the LP schools 3nd Epsom College. RGSG over5aW the publication of the 2021 'Enquiring Schools.. A Journal of Evidènce-Ba5ed Enquiry" This 3nnu3I record is a wond@rlul publication bringin8 together all of the research from 13St academic year. Additionally, RGSG hosted the end-of- programme celebratlon dlnner where partScipants presented thelr findSngs to an audience of headte8chers, goverNor5 and trustees. As part of our partnershlp with LP, the School continued to support specifically a local Secondary School (Kings College). An RGSG A551Stant Head continued to act as the Governor with specific responsibility for Safeguarding. The RGSG Physics department continued to support the Klngs triple science pupils by delivery of Phy51cs lessons and revision c1355es. Pleasingly we were able to resume the Y9 Problem Solving Maths sesslons for Kings pupils delivered by our SSxth Form vla the P8 programme. The RGSG Head of H15tory and a teacher of Engllsh, both visited George Abbot School to dellver a CPD session regarding challenging and Stretching more able student5. Delegates in attendance included trainee teachers from across Surrey and Hampshire. Discussion included differentiating work toward5 the higher end of the abilitv 5pe¢trum, making work more engaging throijgh academia and use of the Harkness discussion method at the RGSG and how it can be easily transferred to any classroom. Following the success of last year, an RGSG PhysScs teacher supported Science events at LP Primary schools ILoseley Fields, Boxgrove and Guildford Grove) by de5ivering practical Sclence enrichment activities. Working with the Headteacher at Sandfield we est4blished a mentoring scheme with 8 of our Yll pupils supportlng 8 Sandfield Y6 puplls. The pro£ramme was desiEned by the Sandfield Headteacher and the RGSG pupils were qiven training in mentoring as well as safeguarding. The RGSG pupils volunteered durSng their lunchtimes and Independently walked to Sandfield - the scheme featured in the Sandfield newsletter. Workin8 Wlth the Northmead Junior School Headteacher, we established a reading mentoring scheme with four of our Y9 pupils travelling to Northmead to SUPPOft a small group of their target boys in Y516 to help with their reading. The School is a member of the Guildford 11-19 Partnership, which mainly exists lo help pupils most at risk of droppin8 Out of school by offerin8 alternative educational provision. It also provides links to other 10
educatlonal PTovlders and sharSng of provSslon. In the past yezr the RGSG Asslstant Head Partnershlps chaired the Steering Group. RGSG continued to lead an innovative project to enable any pupil at member schools to attend a luint programme of academlc enrichment events IIMAGI. In 2021-22 we ran 12 events at 7 different locations with a total of over 200 students attendin8 from 9 different schools. lwww.ima .educationl Several Royal Grammar School Guildford staff act as governors or trustees at other schools and organisations-. Learning Partners MAT ILPI- Board Trustee Merchant Taylors, School- Governor Ilndep.) Bourne Education Trust MAT- Board Trustee Aldro School Governor Ilndep.) Guildford County School - Community Governor ILPI Sandfield School, Community- Governor ILPI Hampton Wick School, Kingston - Governor Kin85 College - Governor, Safeguarding ILPI Loseley Fields - Primary School Gowernof, Chair of the Resources commlitee, Safe8u?rding ILPI Raleigh School, West Horsley - H&S Governor Pond Meadow School, Bellfields- Children & Learning comrnitlee Broadwater School - Finance & Resources Governor Heathlands School, Hounslow Governor Twickenham School, Whitton - Governor Busbridge junior School . Parent Governor Twickenham Prep School - Governor, Education and Planning committee Ilndep.) Walsh C of E primary school, Ash Governor Southern Pro Musica - Educational Outreach Officer The School also supports significant Outreach programmes for Primary and secondary pupils. For example: The RGSG Strings Scheme teaches all year 4 pupils in three Guildford primary schools (St Thomas,, Sandfield and Boygrovel lo play the violin or cello through weekly sessions over the course of a year. Over 200 pupils now take part in the scheme each week. Due to covid restrictions the usual concerts at RGSG were not possible, but school performances were and were also recorded for on-line sharing with parents. This scheme is only possible due to the generous support of our principal donors.. The Investec International Music Festival IIIMFI, Community Foundation for Surrev ICFSI, Southern Pro Musica Orchestra and Mila Charity. The 'Strictly Strings Orchestr8, hosted at RGSG allows approximately 30 graduates of the string Schemes to continue to play in an orchestra to complement their individual tuition. This orchestra is generously funded by Southern Pro Musica and The Mila Trust. The orchestra continued with social distancing and performed a concert at the end of the year live for parents. Pleasingly, RGSG Prlmary Masterclasses were possible again and we hosted c.120 Y6 pupils from over 20 different Primary schools for lessons on four Saturday mornings in September and October. Student5 picked from a sulte of slx'strands, Creative Arts IDrama, Music, Art, Writlngl,. Design Technologyi Humanities IHi5tory, Politics, Geography, REI,. Mathemztics., MFL (Arabic, Chinese, Russian, lapanesel., and Science (Biology, Chemistryj Physics, Forensics), We receive wonderful feedback from these sessions which are designed to provide inspirational, stretching and enriching le550ns to boost confidence and aid transition to Secondary school. Comments included.. "Everyone was so wtsrm and welcomlng, this 15 o fL7nttsstlc opportunity for my son. He got to do so murh. making biodegradt7ble plastic and dissecting a heart was definitely a highlight but all the teochers mude lessons so much Sun. Yhonk you so much to you ond your teamfor sacrificing yoursoturday.... Wilf & foby werefull of praiseforyourMGsterclass they attended this morning. They reolly enjoyed the entire RGSG experience, ond they ore both looking forward to next week's session5."
The Primary Tudor Experience was still disrupted by Covid restrictions in the 2021-22 year as some visiting schoo15 were still not running trips. However, we did host 2-3 schools who study the TLJdors in Y5. The alm is to bulld on thelr knowledge of the Tudor period and develop a greater understanding of life at that time. Pupils learn about the history of the school in Tudor times and enjoy sessions on Tudor art, music and heraldry and finish by maklng a movie of IheSr day. Our Slxth Forrn pupils are able to volunteer to Support and to serve the Socal community via a number of different avenues.. Charity fundraising for local National and international charities. Volunteering for conservation work and visits to local care homes,. DOE volunteering,. Period 8 activities and General Studies actlvities. In the latter two categofles, our SSxth Form group5-. Establlshed and ran the chess club t Sandfield PrirNary,' Delivered a Maths club. a chess club and Hockey club at Holy Trinity Primary School.. Delivered Y9 Maths problem solving for Kings pupils,. and visited Abbots H05Pital residents to record oral h15torie5. At secondary school l¢vel, pupils from other Ioc815chools are invlted to attend various events each year,. Although the offering was still reduced this year, other schools were invited to attend lectures or events, for example= The RGSG Scholarshlp Conference, Classlcs Society lecture5 and a robotics talk,. the Careers Seminars, drama and music performances, author visits etc. Academic support was also given to pupils from other schools Isuch as Fullbrook School, George Abbot School, Gulldford County School) lor preparation with Oxbridge and medical School interviews as well as more gencral univer51ty application advice by a range of departments. A representative from George Abbot school was co-ordinating on behalf of the wider academy trust and said "RGSG wus a huge support to some of our Early Entry candidates... Muny thanksfor your support ond working with Guildford st¢7te schools. At an international level, the Royal Grammar School. Working in partnership with Tormead School. has close links with schools in Besisahar, Nepal. Unfortunately, no exchanges were possible in the 2021-2022 vear but, as soon 85 travel restrictions were lifted, plans were made for pupil expeditions in the coming vears. During the 2021-22 year we a150 established some link5 With a couple of Refugee charities. We were able to provlde facilities to h05t two new events.. On Tuesdays throughout the surnmer holiday5, the Slxth Form Centre and quad hosted the Gukraine or8anlsation for 2 drop in Ukrainian Hub. Each session saw about 100 people- mainly women and chlldren for a varlety of activltles from artlcraft to chess to naillbeauty to table tennis and. of course, shared food, drinks and chat. The flnal Tuesday had a party atmosphere with live music, balloons and cake,. The Mayor and Mayoress IDenis and Mary Booth) attended as guests of honour. Debra of Gukraine commented.. -we connot thonk you ond RG5G enough for the omt7zln9 support you hove glven to Gukroinè ond the iJkrGinion community in Guildford/ Surrounding villages. Without you this would not hLive been possible. Thefinalparty was omuzing, but so too were eoch of the Tuesdays In their own woy." We a150 hosted the 'Blg Leaf, charity to run an Informal evenlng of football. BSg Leaf work with 16.25 year.old displaced people from any country. Local accountancy firm Aristar Accounting Sponsored the event and their staff and some RGSG pupils participated. Other outreach included.. Art: During the Lent term and the Easter Holiday, the Art department worked with Stamford Green Primary school students to design and paint a mural.. .1 WOLJld like to thank VOLJ for the art resources that you donated lo stamford Green Primary school and for sourcing cover for Ruth to attend a school trip with us as part of our exciting mural projeci lor disadvantaged children. The children are very lucky to have Ruth on board and we appreciate your generosity. Art co- ordinator 8t Starnford Green" HerSta8e Open Day: is hosted annually, when the tudor Old Building and chained library is open to members of the public. 12
Llbrary: A5 part of Guildford Book Festival, RGSG hosted author Chris Wakllng to speak to RGSG pupils and also pupils from nearby Sandfield school. Separately, the School librarian visited Gulldford Grove school to provlde advlce on optSons for developln8 their library space. Model United Nations: The first 'in-person' Model United Nations conference Since 2019 was hosted al the schoul In November 2021, with over 150 delegates from 9 schools. Careérs- Over 60 pupi15 from St John the Bapt15t.' st Peter's,. St Catherine's,. Heath5ide- George Abbot,. Collingwood., Tormead,. Guildford County attended our 6th form Careers in Engineering Seminar. Careers,. On Friday 29 April the RGSG opened its doors for the annual Careers Convention and weltomed over 250 people to the event. We had invited 7 other local schools (Guildford Countv, George Abbot, King's College, Christ's College, St Peterfs. GHS and Tormeadl. After missing a year, students were eXtreMeV grateful lo have the opportunity to discuss career possibilities face-to- fzce. SECTION 172111 STATEMENT The Directors of a Company must act in accordance with a set of general duties. These duties are detailed in in sectioll 172111 of the U.K. Companies Act 2006, which is 5ummarised as follow5 With roferonc@ to Charitable Companies 'A Director of a Cornpany must act in the way he/she considers, in good faith, would be most likely to prornote the success of the Cornpany in 3chleving ils charitable purposes, and in doing so have regord lamongst other mattersl to.. l. The likely consequences of any decision in the long term 2. The interests of the Company's employees 3. The need lo foster the Company's business relationships with suppliers, beneficiarie5 and others 4. The impact of the Comp3ny's operations on the community and the environment 5. The desirability of the Company maintaining a reputation for high Standards of business conduct, and 6. The need lo act fairly as between beneficiaries of the Company Beneficiaries The beneficiaries of the organisation are the pupils, and the Directors aim to ensure they are provided with the highest quality of education available, In terms of academic, co-curricular and pastoral input, Our aims and performance in this area are further detailed under the heading5 Tho value5 and aims of the group and achlevements and performance, above. Em lo All staff, both teachers and support staff, work hard to achieve the School's aims in delivering the highest possible standard of education to the pupils. It15 the hard work, dedication and professionalism of these staff that achieve the outcomes for the pupils. The recruitment, retention, development and welfare of staff is crucial to the successful running of the organisation and is considered, by the directors, to be of great importance. Further detail is provided under Organisational Management in the Directors, report. Communit and Environment The school Is are at the heart of the Gulldford community and many actlvStles take place that Involve the local and wider community. This ranges from pupil and staff fundraising and participation in events to the sharing of resources with others. Extensive details on this are provided in the Public beneflt section of the Strategic Report. 13
Declsion makin risk mana ement and overnance and erformance oversi ht The full board of dlrectors meets three limes a year with additional committee meetings taking place each term. As outlined under Organisational Management in the Directors, report, each committee has a specific focus, but c¢n5ider5 the overall impact of decisions on the wider organisation. Culture and Values The values of each school are embedded wlthin the currlculum to form a way of Ilfe for both pupils and staff. ENERGY AND EMISSIONS REPORT Energy Consumption Streamlined Energy & Carbon Reporting ISECRI is a legislgtive reporting requirement in the Oirectors, Report for Year Ends on or after 31 March 2020. It mandates that all large companies must report on their operational energy consumption and associated emissions. A hlgh level breakdown of energy used, and emlsslons generated by Royal Grammar School Guildford is InclL+ded n the table below. as 2021-22 1,854,861 2,897,813 1,637,475 n13 n/a nla 333,875 530,763 301,082 334 531 301 2020-21 2019-20 lertri¢lt 2021-22 2020-21 984,477 1,004,177 1,039,759 nla nla n13 190,378 213,217 242,409 190 213 242 2019-20 ranspor 2021-22 49,240 56,000 68,900 17,608 20,559 26,023 18 2020-21 86,800 108,173 21 2019.20 26 otal 2021-22 2,912,715 3,988,790 2,785,407 49,240 56,000 68,900 541,861 764,540 569,515 542 2020-21 765 570 2019-20 UK energy use covers all educational and ancillary activities across the School. Associated Greenhouse gases have been calculated usina 2022 conversion factors advised by the UK Government Department for Business, Energy and Industrial Strate8V. Intenslty Metrlc An intensity metric gives an indicator of carbon performance calculated per unit of an operational driver of the Schools actlvitles. For Royal Grammar School Guildford we have used the average number of pupils over the year as the relevant operational driver. In 2021122 1,289 puplls accounted for emlsslons of on average 542 kgCo2e each120201211,288 pupils accounted for emlssions of on average 765 k8Co2e each). The Intensity metric for 2020121 appear5 significantly hlgher than that reported for 19120 and 21122 and this 55 largely driven by ga5 consumption. During this year, school buildings remained open through the january to March lockdown for 14
chlldren of essentlal workers and, from March 21 for all pupils. Classroom windows were kept open. to Improve ventilation, for much of this time resulting in signiflcant heat loss and consequently gas consumption. A return t¢ more normal operating condltlons was seen In 2021-22. Contlnuin8 our rolling programme of maintenance and refurbishment, the School took the following energv efflcient actions dLJring th@ year.. We continued our roll out of energy efficient LED fittlngs across all siles,. Ongoing replacement of single glazed windows with double glazed units., Continued replacement ol internal and external doors to reduce heat loss,. Boilers replaced with more energy efficient models,. Washroom areas which have been refurbished have had Mixer taps with improved flow regulation and effective thermostatic mixlng valves installed.. During refurbishment works. use of 5klps is mlnimSsed in favour of 2ppropriate recycling znd use of registered waste carriers. AdditSonally'. A study has been carried out with the University of Surrey to monitor C02 levels within the buildings,. While planning for future bullding enhancements and developments, sustainability consideration5 have been a high prioritv., Food waste is collected separately and the volume closely monitored by our catering contractors,. General and recycllng waste Is carefully monitored with placement and style of receptacles recently reviewed- Further electric car charglng polnts have been Installed. FINANCIAL REVIEW Results for the year The Group Is pleased to report the generatlon of a net Increase In funds of £1.3m Sn the year ended 31, july 2022 12021.. £2.4ml. £2.3m of this increase arosè from the operation of the School and SLJbsidi3ries and included a very generous legacy of £lm in support of the School's bursary programme. Offsetting thls result IS an actuari31 loss, now quantifled and provided for, of withdrawal from the Surrey County CoLJncil Superannuation Fund of Él.Im12021', unrealised attuarlal gain EO.9ml. The Group also generated a cash surplus which was sufficient lo cover planned annual investment in its facllitie5, servicin8 of loan flnancing of major capital investment projects and increase the Group's cash balance at year ènd. Thls further strengthened the Group's abillty to ensure that costs can be met a5 they fall due. The value of fee remissions awarded varie5 from year to year, depending on prevaiSin8 circumstances and the needs of each cohort. Whlle non me2ns-tested remisslons are being managed downwards, over time the value of mean5-tested remissions awarded is growing, in line with the School'5 ambition for it5 education to be as widely accessible as posslble. Total income includes investment income of £4k12021.. £lkl and also £1.4m12021.. £584kl of donations. The 2021-22 school year saw a welcome return to uninterrupted in-person, on-slte learnlng for the Royal Grammar School Guildford IRGSGI. A full programme of sporting activities and clubs could resume and, from the Trlnity term onwards, overseas trips could once more be planned. With the return to on-site learning and an increased range of activlties, expenditure on resources and running of the school buildings returned to pre- pandemic levels. With effect from 31st August 2021, the RGSG has elected to withdraw from the Surrey County Councll Superannuation Fund and finalise its pension liability, in respect of this scheme, as at that date. A final valuation invoice for £1.7m, which is favourable to previous estimates, has been received from the Fund and 15 fullv provided for in these accounts. 15
RGS Guildford Qatar has continued to operate successfully. The school educates around 680 students and is likelv to increase number5 in coming years. A new secondary school building was opened in October 2022. Income arlslng from the Qatars school has returned to being received without slgnificant delav. RGSGI Dubai opened successfully in September 2021. The outlook for the school is good wlth steady Increases in student numbers and income confidently expected. In China, the operating environment for RGSGI Nanling continues to difficult due to covid restrictions and regulations on private education in China. We hope that the covid 511uatlon wlll Improve over 2022-23 but predict that regulations on private education in China will continue to affect and may restrict future business opportunities of RGSGI China Ltd. Financlal results, nonetheless, were favourable to budget. With the ongoing war in Ukralne, we continue to see challenges around energy prices. rising Interest rates, inflatlon and publlc finances and expect the economic outlook to remain unpredictable and turbulent for the immediate future. Despite this outlook, demand for the schools remain high 2nd it is believed likely that pupll numbers will be maintained in the foreseeable fLJture and collectlon of fee Income continue5 to be positive. The Directors have considered the Impact of these factors on the GTOUP'S operating model and financial position and thls15 further detalled in the 'Reserves level and policy, and financial viabillty, section. below. Reserves level and pollcyi and flnancial viabllity The v3st majority of the Group's funds are held in the form ol the buildings and physical asset5 of the School. At year end the Group reports tot21 funds of £41.Sm12021'. £40.6ml which includes £2.Im of unspent restrlcted incomè12021.. £1.Iml. Net current 8ssets- br¢)adly equivalent to liquid re5erve5- of £8,3m were held at the end of the year12021'. £5.2ml. The Group seeks to carry sufficient but not significant levels of free reserves for tontingency purposes. Throughout the year the level of liquld reserves was adequate to meet commitments as they fell due, without recourse to addltSonal borrowing. Free reserve$ as at 31 July 2022 equalled £6.Im12021.. £5.4ml. We have prepared a number of scenarS05 that conslder our cash position, sources of income and planned expenditure. DeTNand for places at the School remains strong. Nonethele5S, these scenari05 consider reduced pupil numbers, delayed lee payment and potential bad debts, cost inflation and Sncreased interest rates. Sensltivity around these assumptions has also been considered in our forecasting. The scenarios also consider the terms znd conditions of the ex55tlng bank facilitSes. Results of this cash flow and sensltivity analysis indicate that the cash reserves of the charity are sufficient to meet the charity's obligations as they fall due. Having re8ard to the above, the directors believe il appropriate to adopt the golng concern basis of accountln8 in preparlng the flnanclal statements. Investment pollcyi oblectlves and pèrforman¢e The Group reviews its Investment pollcy annually and adapts it if appropriate. The policy is based on the following principles.. Prudent Investment for Income and growth based on the two principles of diverslty and reduction of rlsk Speculative and very high-risk Investments should be avolded Investments will be made in appropriate Common Investment Funds ICIFSI which have an established market and are readily realisable Account must be taken of the School's charitable 5tatUS Appropriate advice should be sought from professional advisor5 On any proposal to invest other than in CIF$ and, if nece55ary, On the choice of CIF Investments should be reviewed annually by the Finance and General Purpose5 Committee IF&GPI The Investmènt Policy should be reviewed and endorsed annually by the Governors 16
Investments will be made on the Instructlon of the F&GP Money held as cash on behalf of Restricted funds will be credlted with Interest 2t the School, margSnal borrowing rate Money held on deposit should be reviewed periodically to ensure that it is e3rninE the maximum interest for the Schools. The performance of investments has been in line with expettations. For more detailed information about the Group's Snvestments, please refer to note 7. Fundraising Fundrai5irig for the Group'5 funding priorities is carried OLJt by the Royal Grammar School, Guildford Foundation Limited, which raises funds for bursaries. The costs of the Foundation are met entirely by the School. The Foundation's fundraising activities are exclusively carried out by an in-house staff team, funded by the School. The Foundation adheres to the Code of Fundraislng Practice when undertaking fundraising actlvitv. Fundraising activity is limited to those with an existing connection to the School and includes a limited amount of funding from Trusts. Major donor and one-to-one fundraising are the FoundatSon's key n)ode of fundraislns which helps to ensure that philanthropic relationships ere not developed with anyone who might be vulnerable or be in vulnerable circumstances. FUTURE PLANS The Group's development plans were agreed by Governors and are subject to annual review. The maln plans for the next year to help the School achieve its objettlves are.. To fulfil the School's charitable aims by spreading educational bést prartlce, offerlng bursarie5, and benefitting the communitv. To contSnue to develop mutually beneliclal partner5hlps with other educational establishments at a local, natlon81 and international level. To enhance further the support for students, and staff welfare and personal development. To foster outstanding teaching ènd learning To continue to work towards widenlng access to the School for students with limited means These plans underpin Indlvldual detailed development plans for each area, which will enhance the Group's ability to provide an exceptional education. RISK MANAGEMENT The Dirertors have examined the principal areas of the Group, operations and considered the m3jor risks faced In each of these areas. The rlsk a55essmenl is updated at least annually, and more frequently if appropriate to take Into account changlng circumstances. The risk assessments are considered by the RGSG Education commiltee, the RGS Prep committee and the boards ol the indivldual c¢mpanles as approprlate before passing to the F&GP committee and the Board for discussion. The main risks that have been identSfled are.. Cyber-attzck, causing major theft, 1055 or corruption of data or systems that could damage the school'5 operaticins, finances or repLJtation. The safety of systems is regLJl8rly r¢viewed along with the development of disaster recovery 5ySterns, the review of policies and passwords, with updates and training for staff on these. Failure to retain the Headmaster of the RGSG or RGSG Prep could detrimentally affect the schools, admissions and performance. The development of members of the senior team in each school and ongoing support of the 80vernors will help reduce the impact of a change of Head.
Uncertainties for the economy post Brexlt could further affect parents, finances alld could lead to Increased debts to the school and burden on the hardship bursary provision. Careful consideration of budgeting, cost management and fee levels and debt management will be made and kept under review. Changes in the political climate could lead to the introduction of legislation that could lead to financial pressure on Independent schools. The outcomes of policles publici5ed by polltical parties are kept under review. Incidents that have the potential to damage the reputation of the School. This could cover a wide range of incSdents so careful consideration to legislation, regulations, school policies, health and safety etc must be maintained and reviewed by staff and governors to ensure compliance in all areas. Incidence of a pandemic adversely impacting on the schools. abllity to deliver education comblned with the economic impact aff@¢ting parents, finances and ability to pay school fee5. Excellent remote teaching and learning capabilily was rolled out and enhanced by the school during the initial period of lockdown, signifi¢antl¥ mitlgating the risk of the schools being unable to deliver quality education. Special regular meetings of the Senior Manasement Teams of both schools are convened to address the efnerglng issues for Covid-19 on a day-by.day basis. with regular updates to directors, and performance against revised forecasts is reviewed regularly to monltor cash and resources. These continued throughout the Summer and remain ongoing in the following school year The Group has established a review system and allocated sufficiont resources to ensure that those risks identified have been mitigated to a level acceptable for the Group's day to day operations. The Group regLJlarly reviews the effectiveness ol current plans and strategies for managing all identified major risks forthe School and other group organisations. The Annual Report which includes the Strate8ic Report was approved by the Charity and signed on its behalf by.. S, December 2022 Mrs S K Creedy 18
Independent AudltoVs Report to the Members of 1509 Group Opinion We have audlted the fSnanclal statements of the 1509 Group I'the charitable company'l and its subsldSaries I'the group'l for the year ended 31st July 2022 which comprise the Consolidated Statement of Financial Activltles, Consolldated and Charlty Balance Sheet5, Consolldated Statement of Cash Flows and notes to the financial statemen15, including significant a¢coLJntSng policles. The financial reporting frarnework that has been applied in their preparatlon 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 Iunlted Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the group's and the charitable company's affairs as at 31st july 2022 and of the group's income and receipts of endowments and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared In accordance wlth the requirements of the Companies Act 2006. Basis for oplnlon We conducted our atjdit in accordance with Int@rnatlon31 Standards on Auditing IUKI IISAS IUKII and appllcable law. Our responsibilitie5 under those Standards are further described in the Auditor's responsibilities for the audit of the financial statements Section of our report. We ère independent of the group in atcordance with the ethical requirements that are relevant to our audit of the financS31 statements In the UK, inclLJdin8 the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordante with these requirements. We believe that the audit evidence we have obtalned is sufficient and approprSate to provide a basis for our opinion. Conclusions relatlng to golng concern In auditing the financial statement5, we have concluded that the trustee's 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 event5 or conditions that, Indlvidually or collectively, may cast significant doubt on the charitable company's or the group'5 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 responsibllllies and the responsibllities of the trustees wSth respect to 8olnB concern are described in the relevant sections of this report. Other informatlon The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statement5 and our auditorfs report thereon. 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 Ihereon. Our responsibility Is to read the other information and, in doing so, consider whether the other information is materially inconslstent with the flnancial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated, If we identify such material inconsistencies or apparent material mlsstatements. we are required to determlne whether thls gives rise to a material misstatement in the fSnanclal statements themselves. If, based on the work we have performed, we conclude that there is a material mi55tatement of th55 Other InformatSon, we are required to report that fact. We have nothing to report in thi5 regard. Opinions on other matters prescrlbed by the Companles Act 2006 In our opinion based on the work undertaken in the course of our audit
the information given in the trustee5' report, which includes the directors, report and the strategic report prepared for the purposes of company law, for the flnancial year for which the financial statements are prepared Is consistent with the financial statements.. and the strategic report and the directors, report included within the trustees, report have been prepared in accordance with applicable lesal requirements. Matters on whlch wè are requlred to report by exceptlon In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misst3Eements in the strategic report or the directors, report included within the trustees. report. We have nothing to report in respect of the following matters in relation lo which the Companies Act 2006 reqLJires us to report to you if, in our opinion.. adequate and proper accountlng records have not been kept,. or the financial statements are not in agreement with the accounting records and return5; or certain disclosures of trustees, remuneration specified bylaw are not made., or we have not received all the information and explanations we require for OLJr audit. Responsibilitie5 of trustees As explained more fully In the trustee5' responsibilities statement, the trustees Iwho are also the director5 of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for bein8 Sat$fied 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 rn15Staternent. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's abllitv 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 esther Intend to liquidate the charitable company or to cease operation5, tsr have no reali51ic alternative but to do so. Audltorfs responslbllltles for the audlt of the flnan¢lal statements Our objectives are to obtain reasonable assurance about whether the finan¢lal statement5 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. Re250nable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when It eMi5ts. Misstatements can arise from fraud or error and are considered material if, In(Jivldually or in the aggregate, they could reasonably be expected to influence the economlc decisions of users taken on the basis of these fSnanci31 statements. Details of the extent to which the audit was considered capable of detectlnE Irre8ularlties, Includin8 fraud and non-compllance with laws and regulation5 are set Dut below. A further description of our responsibilities for the audSt of the flnancial statement5 15 located on the Financial Reporting Council's website at.. www.frc.or auditorsres onsibilities. This description forms part of our audltorfs report. Extent to whlch the audlt was consldered capable of dete¢tln8 Irregularltles, Includlrbg fraud rregularilies, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financlal st3t@ments from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and perlorme(J audit procedures responsive to those risks, Includin8 obtaSning audit @videncè sufficient and appropriate to provide basis for our opinion. We obtalned an LJnd@rstandln8 of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companie5 Act 2006, taxation legislation, employment legislation and general data protection leÉlslatlon, together wlth the Charitles SORP IFRS 1021. We assessed the required compliance with these laws 20
and re8ulatlons as part of OLJr audit procedLJres on the related flnancial st2tpment items. In additlon, we considered provislons of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's and the group's ability to operate or to avoid a material penaSty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for rhe UK operations were The Education Ilndependent School Slandardsl Regulations 2014. Auditing standards limit the required audit procedures to identify non-compliance with these law5 and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the groètest rlsk of materlal Smpatt on the financial statements from irregularities. includin8 fraud, to be within the timing and recognition of non-fee income, procurement processes for significant capital projects and the override of controls by management. Our audit procedures to respond to these risks included enquirie5 of management and the Finance and GerTreral Purp05e5 Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Indep@ndent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an adt, there is an unavoidable risk that we may not have detected some rnaterial misstatements in the financial statements, even though we have properly planned and performed oijr audit in accordance with auditing standards. For exampl@, the further removed non-compliance with laws and re8ulatlons lirregularltiesl is from the events and transactions reflected in the financial statements, the less Ilkely the inherently limited procedures required by auditing standards would Identify it. In addltion. as with anv audit, there remained a higher rlsk of non-detectlon of Irregularitles, as these may involve collusion, forgerv, Intentional omlssions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and règulations. Use of our report This roport is made solely to the charitable compantys 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 stale 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 3nd the charitable company'5 members a5 a bodyi for our audlt work, for this report, or for the opinions WÈ have formed. Tina Allison Senlor Statutory Auditor For and on behalf of Crowe U.K. LLP statutory Auditor London Date.. 16 DÈcember 2022 21
The 1509 Graup Consolldatéd StatemEnt of Flnan¢lal Actlvlues Ilncorporatlni Incomo and Expendlture Account) Forthè yÈar ondtd 31July 2022 t0115011dated Unrestrlcted Funds Restrl¢ted Funds 2021-2022 2020-2021 Note 6000 000 000 Inwmo from.. Chirltab1e Artlvlties 23,295 1.045 13,295 1,045 600 11,780 587 Othpr education31 Incoffle 791 Donatlon5 and Lelacles Oonailons 4nd legacie% 1,431 1.431 Investments Incorne from Inveslmenis oihai Incom 273 273 189 Total Incgme 25,217 1,431 26,648 23,932 Expertdltu on- Ralslng Funds Advance Fee contfaets Bank Inrerest Corporatlon Tax 66 66 50 Costs 17 76 68 129 Charltabl rtl¥ltles School3 and 8ranimaklng 33,859 362 24.221 11,301 Tatal Exptndlture 23,929 862 24,291 22,434 NET INCOMING FUNDS FROM OPERATIONS 8EFORE TRANSFERS AND INVESTMENT GAINS 1,288 L069 2,357 1,498 Nel119$5esllgalns on Investments Penslon Cessatton Actuarlal (Lossl 11,0701 NET INCOMÈ 210 1,069 1.279 1,497 Tronsfers bÈtwÈon funds Per¥lonSchomi Actuarlal GalnsllLosseJl 905 NET MOVEMEPIT IN FUNDS 210 1,069 1,279 2,402 Fund balances brought forward ai i August 2021 21 39,509 1.060 40,569 38,167 FUND BALANCES carrlod forward a131Julv 2022 39,719 2,129 41,848 40,569 The Schoal ha5 no saln50r10sses thal are hotshown abov£, All vperatlons trecDntinuini. The 4ccourlln8 pollcle5 and note5 on pa6e5 26 1043 forrn part ol rhe5e Flnanclal statements. 22
Yhe 15096roup Balance Sheet As at 31 July 2022 Company number 4104101 Notes 2022 2021 FIXED ASSETS £000 £000 InvestmEnt In group iompèny shdre capltal 300 CURRENT ASSETS Cash 71 14 71 14 CREDifoRS: due wlthln one year Amounts owed to the School lor recharges li NET CURRENT ASSErs 65 TOTAL NET ASSETS 365 Represented bv.. AESTRICTED FUNDS 13 13 UNRESTRICTEO FUNDS 352 Total funds 365 The uncansolid3ted surplu5 of the cornpany was £366,122 12021-. Deflclt £9701 Approved by the Board of The 1509 Group on 5, December 2022 and $18ned on its behalf by". 8oard Member Board Member The èccountln8 polltles and notes on pages 26 to 43 form part of these Flnanclal Statements. 23
The 1509 Group Consolldoted Balance Sh¢et As at 31 july 2022 Company numb8r4104101 Consolidated Note 2022 £000 2021 £000 FIXED Assgrs Tan8ible flxed tssets Invo5tmiqt assets 38,093 153 38,246 39,IOG 160 39,266 CURReNT ASSETS stock5 Debtors Cash and deposits 87 548 13.061 77 613 10,245 io 13,696 10.935 CURRENT LIAOILITIES Creditor5 payable withfi year 15,7331 11,754 N(uRftENT ASSETS 6,529 5.202 TOTAL ASSETS LESS CURRENT LIABILITIES 44,775 44,468 cREDoR$. due after more than one year 12 NET ASSÉfs PEFORE PENSION SCHEME LIABILThIES 41,848 41,253 Pensloth Seheme Liabllltles TOTAL NET ASSETS 41,848 40,569 Represent*d by- 14 RESTRicfED FLSNDS 2,129 1,060 UNRESTRICTED FUNDS Deslgn4ted General UNRESTRicfEO FUNDS 33,644 6,075 34,113 5,3g6 39,719 39,509 TOTAL FUNDS 41.848 40,569 Appreved by the Board of 1509 GroJp on 5, December 2022 2nd sl8ned on bÈhÈlf of the Company bv.. oard Member Board Member The èccountln6 pollcies and notes on pa8ès 26 to 43 lortn part of these Flnancial statements, 24
Th0 1509 Group Consolldated Cash Flow Statement Ye4r ended 31 l¥ly 2032 Can5011dated Note 2QZI £000 2021 EOOO 000 Net cish inflow fvom operotiOnS Net IBSh provided by operatln8 adivliles 4,006 3,219 Cash Ilows from Invéstlng aetlvltles.. 15841 Proceeds on sale of tafj8ible fixed a55ets AdditlOn5 to IfiVe5tfflpnt5 withdrawals from Invesiment portfollo Investment Income and bank Interest recelved 68 Net ¢8sh lused Inl INvesiln8 èrtlvltles 15731 Cash flows from finanein8 •CtlTrJltles: Nftt cash prov5ded by 15nancln8artlvltles Ch4n8e In cash and cash equlvBlents In the year 2,816 2,593 Cash ?nd cash 1ValentS at IAugust 2021 10,245 7,652 Cash and eash eoulvalehtsat 31July 2022 13,061 10,245 Net Cash Inllow from Oper•tln8 Artlvltles 2022 2021 Net Incomlng re50urce5 2,357 1,498 Ellmlnation of non-opoiètin8 Cash flows.. lTrvesimeni Income Flnan¢e Costs Deflned ¢)*nefit penslon scheme adlusrment5 617 228 17 1,597 1.707 65 13l IncreasellDecreasel in fee5 In adn¢t 5rheme credltor5 63 ioi 60 Chang¢s In Cash and Cash equlvalob Chan8e In Yeor 1012 2021 Cash Cash Equlvalents (Deposits ol ¢ 3 Months 2.816 13,057 10,241 Chan8es In Cash and C8sh equlvalethtsfrom the School's op&r3tlons The accountlng pollile5 and notes page$ 26 to 43 fDrm part of these Flnanclal Ststements. 26
NOTE I: ACCOUNTING POLICIES Basis of Accountln The flnancI31 statements have been prepared In accordance with the Flnanclal Reporting Standard applicable Sn the UK and Republic of Ireland IFRS 1021, the Charities Act 2011, and the Statement of Rècommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities IAccounts and Reports) regulations 2008 only to th@ extent required to provide a 'true and fair, view. This departure has invoSved following Accounting and Reporting by Charitles preparing thelr accounts In accordance wlth the Financlal Reporting Standard applicable in the UK and RepLJblic of Ireland IFRS 1021 issued on 16 Julv rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from I Aprll 2005 whlch has slnce been withdrawn. They are drawn up under the historltal c05t convention as modified by the revaluation, at fair value, of investments. At the time of approval of the Annual Report. turbulence continues to be experienced In the UK economy, with rising interest and inflation rates, and th@ long terfH impact on the charity, in comrnon with other businesses, remains unknown. The charity holds significant cash lJa13nces supplemented, if needed, by an overdraft facllitv. Demand for school places at Royal Grammar School Guildford remain$ 5tron8, with continuing higtri numbers enrolled for the academic year 2022123. Collection of fee income continues to be robust. Conservative cash flow odelllng with sensltlvity analysis Indlcates that the cash resèrves of the charity are adequate to meet the charity's obli6ations as they f311 due. Accofdingly, the Directors believe the Group's financial resource5 are sufficient to ensure the Group w511 tontinue as a going concern for the foreseeable future, beina at least 12 tYoNths from the dale of approval of th@ flnanclal statements and have therefore prepared the financial statements on a going concern basis. The functional currency of the Group is considered to be GBP because that is the currency of the primary economic envlronment in which the Group operates. The Group is a Public Benefit Entity registered as a charity in England and Wales, Company Number 1084866, Charlty Number 4104101. Its re8lStered office Is The Royal Grammar School GuSldford, High Street, Guildford, Surrey GUI 388. Crltlcal Accountln Jud ements and Ke Sources of Estimation Un¢ertalnt In the application of the accountlng pollcies, the Dlrectors are required to rllake judgements, estimates and assumptions about the carrying value ol assets and liabilitie5 that are not readily apparent from other source5. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may diffèr from these estimate5. The estimates and underlying assumptlons are revlewed on an ongoing basis. Revisions to accounting estimates are recognised in the perlod in which the estlmate Ss revlsed Sf the revision only affects only that period, or in the period of the revision and future periods If the revision affected currerit znd future periods, The key source of estimatlon uncertainty that has a significant effect on the amounts recognised in the financial Statements are described in the accountlng policies and are summarised below.. Penslon Ilabllitles the charlty recognlses Its Ilablllty to its defined beneflt penslon scheme whlch involves a number of estimations as disclosed in note 16. The following accounting policies have beèn applied con515tently in dealing with items which are considered materlal in relatlon to the Group's flnènclal statements..
Statement of Financlal Actlvitles SOFA The Group ha5 two types of fund-. Restrltted- where the purposes for whlch the funds May be used have been restricted by donors,. and Unrestricted- where the fund is not restricted a5 to Use other than in furthering the objects of the School. These include Designated Funds, where the funds are unrestricted, butthe Directors have designated them for a speclfic purpose. Income and Ex endlture Income and Expenditure is accounted for on an accruals basis with the exception of income from gifts and legacies. These are reco8nised when the charity is legally entitled to the income, the amount can be measured with reasonable accuracy, and the economic benefit lo the School is considered probable. Fees and similar income Fees rece5vable and charges for servlces and use of premises are accounted for In the period in which the servlce 15 provided. Fees receivable are stated after deductible allowances, scholarships and remissions allowed by The School, but include contrlbutions received from Bur5arles funds. Donations and Le acies Donations received for the general purpose of the Group are credited to income. Donations subject to specific wishes of the donor5 are carried to relevant restricted funds or used within the year for the appropriate purpose. Gifts in kind are valued at estimated open rllarket value at the date of tho gift, in the case of assets for retention or consumption, or at the value to the Group in the case of donated services or facilities. Legacies are taken to unrestricted fund5 unless speclfied for a partScular purpose In which case they are taken to restricted funds. Income from Government Grants No Government grant income was received in the year, Government grant income received In the prior year- and specifically that received under the Coronavlrus lob Retentlon Scheme- is reported under the heading Other Income and separately identified In the notes to the ac¢otJnts. Such income has been recognised under the accrual model whereby grant income 15 recognised in the period in which the expense to which it relates was incurred. Ex endlture Expendlture is accrued as soon asthe liability is ¢onsSdered probable, discounted to present value for longer term liabilities. Expenditure is allocated to expense headings either on a direct cost basis or apportioned according to time spent. Irrecoverable VAT is included in the Statement of Financial Activitie5 Wlth the expenditure to which it re5ate5. Governance costs are those costs incurred in the Safeguarding of the School's assets associated with constitutional and statutory requirements. Investments Investments are shown at their fair values at the year end. Realised and unreali5ed gains and Ios5e5 on investments are accounted for through unrestricte(J or restricted funds as appropriate and are accounted for in the SOFA. 27
Tan ible Flxed Assets Expendlture on indivldual fixtures, flttlng5 and equipment, motor vehicles, grounds and malntenahce equipment and IT that are over £5,000 and capital in nature are capitalised. together with any spending of a capital nature relatlng to building5. Certain artefacts owned by the School are considered to be inalienable. It would be both dlfflcult and costly to attribute a cost or valuatlon to these 3$5ets. IN the event of future acqui51tions of inalienable assets, such assets would be capitalised. Any proceeds on the disposal of such assets would be accounted for through the appropriate fund in the SOFA. Herlta e Assets The School holds the Town Wall lor Garden W3111 that at one time divided the School's property from the neighbDurin8 Duke of Somerset'5 House and is also the old boundary between the Stoke and Christchurch Wards of Guildford. From time to time members of the public are permilled access to view the wall along with the Qld 8ullding and other items of historical interest that are held and used primarlly for educational purptsses. The WBII is maintained as part of the School's general care of its buildings, but also havin6 regard to its commitment to the local cornmunlty to care for a historical property. The Governors do not regard il practicable to obtaln a valuation of the Wall and, accordingly, no value is ascribed to it. DÉ reclatlon Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated lo wrSte off the cost of each asset, le55 ally estimated residual value based on current market prices. evenly over its experted useful life. New capital developments are depreciated only when work has been completed and they are brought into use. The depreclatlon rates for the princlpal categorie5 are-. Freehold Buildings Furniture & Fitt5ng5 Computer Equipment Photocopiers Motor Vehicles PlayinE Field Equipment Le35ehold Propertv Leasehold Improvements Major Refurb5shment 2% per annum on a slraight-line basis IS% per arinum on a straight-line basis 25% per annum on a straight-line basis 20% per annum on a stréight-line basis 20% per annum on a straight line basis 12,50A per ènnum on a straight-line basls over the length of lease over the length of lease 4trA per annum on a 51ralght-Ilne basls Stock Stocks are valued at the lower of cost and net realisable value. eratin Leases The annu81 rental for operatlng leases 15 charged to the Statement of Flnancial Actlvities on a stral8ht.llne basls over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an Incentlve to s18n an operatlng lease are slmllarly spread on a straight-15ne basls over the lease term. Flnance Leases Assets held under finance leases are capitalised at their fair value and depreciated over their estimated useful economic lives. Future obliBations under finance leases are included in creditors, net of finance charges. Payments are apportioned between the finance element. which is charged to the Statement of Financial Activities as interest, and the capital element, which reduces the outstanding obligations. 28
Pensions and Post RÈtlremÈnt Beneflt Schemes 81 Oeflned Beneflt Scheme5 The School contrlbutes to the Teachers, Pension Scherne, which Is a defined beneflt scheme, at rates set bv the Governrnent Actuary. The Scheme is a deflned contribution 'Multi-Employer' scheme, and it is not possible to identify the assets and liabilities of the Scheme which are attributable to the School. In accordance wlth FRS 102, the Scheme 15 therefore accoLJnted for as a defined contribution scheme. Contributions to the Scheme are charged to the SOFA as they become payable in accordancè wlth the rules of the Scheme. The School also contributed to the 5urrey County Council Superannuation Fund for I month of the year. This is a deflned benefit scheme for support staff, arld Is closed to new entrants from the School. Wlth effect from 31, August 2021, as a consequence of dwindling employee membership, the School withdrew from th15 scheme. The School has fully adopted FRS 102 and, in accordance with this the following element5 zre charged to the SOFA: The service costs of penslon provision relating to the year, together with the cost of any benefits relating to past service. The net finance cost represented by a charee equal to the increase in the present value of the Scheme liabilities and a credit equivalent to the long term expected return on assets. The actuarlal gaSn or loss on the Scheme assets and liabilities. The dlfference between the market value of assets of the Scheme and the present value of accrued pension liabilities is shown a5 a Ilability on the Balance Sheet. Investments in funds are valued at bld prlce quoted by the investment manager at the Balance Sheet dates. The Closing liabillty of the School Sn respert of the Surrey County Council Superannuztion Fund is included in creditor balantes at year end. bl Defined Contrlbution Schemes The pension cost charged to the SOFA represents the contributlons payable by the School under the rules of the Scheme. Advanced Fee5 The School has accepted advance fee lump sum payments in respect of certain pupils and in return has undertaken to discharge defined amounts of the fees chargeable in respect of those pupils subsequent to 31. july 2022. In the event of a pupil's wlthdrawal from the School before all the agreed amounts have been credlted, the School has agreed to return the relevant unspent portlon of the capltal payment without addition of Interest or to continue to hold the remaining capital payment for payment of fees to a new educational establishment where appropriate. The School's liability in respect of advance fe@s has been brought Into these accoLJnts as the liability which would arise if all the pupi15 covered by Such arrangements completed the full-term period of the contract entered Snto. De osits The School receives a deposit from parents upon accept2nce of a placÈ for their son. The School refunds the deposit, le55 any appropriate deductions, after the pupil leave5 the School. Under FRS 102 this year all deposits
are considered refundable within 12 months of the balance sheet date, under the terms of the contract and are classified within amounts due within one year. Flnancial Instruments Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised value with the exception of Investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A provision is made where the recovery of debts is in doubl. Cash at bank and in hand is defined as all cash held in instant access bank èccounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social securitv and other taxes and provisions. Assets and liabilitie5 held in foreign currency are translated to G8P at the balance sheet date at an appropriate year end exchange rate. Taxation As a reglstered charity The Group is generally exempt from Corporation Tax but not from Value Added Tax IVATI. Irrecoverable VAT Is Included with the cost of those items to which 51 relates. 30
ThE 1505 Group YÈ4f enièdiijyly zo22 1022 2r>ii 2. CHARITABLE ACTIVITIES-F¢ES RECEIVABLE £0 Éooo lèl The fjroup'sscho¢l fee Incomecomprlstd.. Grp5s Ip.p5 Lèss.. TDLAI burs40. geho14bip5 4n4 d15count5 24,629 23,211 11,7981 340 13,295 367 21,780 Unrestrlcted Funds 2021 £000 £0 lèl Grant5 and awards pald for by Asttt¢dID5SUn?tld Fwnd5 ¢omprlMd 340 340 367 3. Subd14ry Pe5uIts and BDl•ThceShMts Incom Expens NetRe5vII £000 1,065 1,088 59 A$5et5 £000 49,367 2.432 563 149 85 N asiet5 £400 40,209 2,092 386 143 82 eooo 25,225 1,435 £000 24.160 347 99 63 77 £000 9,ISA 340 177 RGS and Lano5b0roIh 2W 159 B2 Fln*n¢lal Voaf 2020121 Inwm £000 23.177 842 250 200 340 Net Result £000 1,941 425 A55ets £aoo 48,978 1,028 NotJssets EOOO 39,144 ¢000 000 9,7J4 24 86 149 Rfj5aThd e$bOrDUHh 13 327 90 93 IID 247 265 336 116 247 1509 GROUP Companv Numbir 10874615 rt232306 9633181 11422203 12104378 13833679 12248915 Chailty %OWn01p Number 11?7353 1089955 NIA NIA NIA NIA NIA RGS and Lanesboraug loo% loo% loo% loo 1009£ 100% Thls Èntlty wès dDrmant In k021122 100% Thls entlty wis dormant In 2021122 31
Thp 1509 GrDUP Not•tv th¢ Acwunts Yt4rqfidEd31 JulV2022 O. CHARrtABLE INCOME-OTNFR lal Other educatlonal Income 2422 £000 67 912 66 2021 £000 55 497 35 587 Sundry parenEoI rocoipts Ibl Oth•ranclllarytrndln8lncom• 2022 £000 59? 2Q2L £000 789 60D 791 R•5rAffl¢d Fuhds Éo Ufjre5trfrtd 2022 £000 2Q21 £000 22 131 36 Icl OtherincomingTe50urceJ DOO GovernfflentGrint lob R&lQtllltsn Sthom Other 266 27a 266 S. ANALYSISOFTofAL RE50URCE5 EXPENDED 2022 1021 Stafl wsts £(h)o Otr EOC Depre(laaTr lab tostof Raliln8 Furdi (Sthool & Gvoupl £uoo £000 Flnance c05ts- School & Group lig Total lor SGhool &Sr4UP 129 Ibl ¢h•rltabl¢ ?¢¥vltle5 Sthools and grant makln8 12,796 78 486 2,271 1,872 1,182 1,43 1,161 34Q IB3 14.851 1.260 3.979 3,791 340 13,518 990 3,695 3.731 3G7 Welfare Prem15e5 1.055 359 Group'50perntlni C0511 JS,631 6,993 1,5Y7 24.221 22.301 6,995 1,597 24.223 22,305 Tot¥l r¢50urcos e¥ponded 15,631 ?,063 1,597 24,291 Icl Sovernanc•tost$lnclud#d ITh suppartcosti 2022 Éooo 43 2021 £000 43 1509 Group 3nd RGS and Lane5borou8h 39 56 92 who are dlrector5 01 RGS4nd Lanesbor¢ugh. TherÈ wis noTrusts& rÈmun@ratlon durlng the ye8r. 32
Yhe isoy6toup otos thÈA(counts Ye4tended 311uty 20tz 6. EMPLOYE£5 T¢achln¥ £000 9,347 I,Q78 1,988 383 Other Éooo 2022 £000 11,568 1.308 2,199 556 ioii EOOO 10,685 1.22Q 1,237 490 23D 173 Aver•ge numberof ernployee5 durlnB thE ye41 20Z2 2011 P•rttlMe 41 4g 89 Full Parttlme 48 47 95 TeatkTring 69 201 65 The numb&rof &mployo*s &molumentS, &xcludlnE omployer'5 pen51on5 toTrtrlbutlon5, ¢%¢eeded £60,000 were.. £GO,001- É7D,MO f70,001- £80,000 £80.001- E90,000 £90.001. EIOO.QOO £IOO,WJ- EEIO,OOQ £150,OQI t160.0 £22D,001 £230,000 £2SO,QOI- £260,MO 2022 28 2021 25 46 37 A number ol siaff not me¢nber5 of any pension scherme and ihe employer pen51on contdbuilon Isp4ld lo them 45 Part ol ihelroverall tontribti0Trx of t605k12021. É534kl re made Into a dellned beneflt p&nslon schemo. The a8Rro8alo Mploy00-boQflt% ol kLV m4naoornEntpors¢nntrl IthÉ SeniOrMAna8¢ment Teams ol btslh sthool$l IncludiniÈmployers' No remuneratlon wbs pold ta Governcrs durlni 1021,. expgns•s pald to Govornors toiallod ÉO.Sk11021. £01. 7. Tanzlble fixed asiets- Con5011datèd otyly Cort•nd d•pw¢l#ii•h C•mputar E4ulpm•nt Freehold land and Leasehold Flxtures, propèrty FlttinÈsand Equlpment EOOO 4,059 471 £000 1,250 47 EOOO 49.$46 66 £OLhJ 2.129 £000 56.984 584 Atend of vear 1,297 49,612 2,129 d,130 57,268 DÉy•£lbtlon 961 183 13.010 1,036 2,769 359 17.878 1.597 19 Fllmln4ted on Dlsp(wl At end tsf vear 1,147 14.04£ 2,828 19,175 Not Book Value J50 35,S66 975 1,402 38,093 286 36.536 994 1,290 39,106
Ttre 1509 Gr0P NotQ7tothoA¢coYft5 Y•lr•nrt3ljuIv2Qla 8. Inwrtmont4ssts Uniestilcted funds £000 54 R¢srrlttEd funds EOOO fjroup £orN] 54 46 46 Cash at Invvstmeni fflan38ers al be8lnnln8 olyear ¢vement In year 107 107 Atend ol yÈÈr- 107 107 Itend of yoar- lfflathol vBluel 46 io? 153 54 107 161 InvtstmLPnts aro held In Cornm4h InvésimeTrI Funds170% 01 totall and in ¢a5h. 9. stk$-$(hOol and Consolldat¢d fjroup Cornp?ny Group 2011 Companv 2011 EOOO 2012 $000 23 2022 oTrJ CatorIn{leanITr 5to£k5 5chtsol httmsfor rÈsile 63 Total Stock 87 77 10. D•btori.Sthotsl ind CortxolldAtd Group 2071 Éooo C¢mpany 201Z £000 Group ZQ21 coo 189 Company 2021 Érpjo Fee dèbtor5 Other debttsrland prep£yments 451 725 Total Debtorg $48 613 24
The1509fjroup 11, Credltors'.due wifhln one year Group 2022 fQOO 1,757 872 Compinv 2022 £0 Group 2ts21 £000 1,982 818 ¢ornpwny 2021 £000 Trade other crEdltors 372 194 1,933 341 349 1,832 283 12D 140 Afflount owln8to RGS and LaDesburovgh 5,413 11. Crqdh4rs'. duc after rnore than pne year- Schtstsl and CDllsDlldated Gro4p 2022 £000 2,808 Cornpany 2022 £000 Group 2021 £000 3,134 Company Z021 £000 Bank l¢an (see belowl Advanced fees (see nDte 131 119 2.927 76 El.43m12021' El.65ffl1 wa5 r&payabl¢ OVÈr 25 aS tammÈhclng Soptembr 2003. In AuAust ?018 IhiS loan wa5 reclu551fled as 3n overdraft. a balintt al thÉend of iheyear ol E3.13m12021 £3.46ml. The Ican Is spllt between EO.32m12021.' EO.31ml a5 a Crpditor., due Within Onear Repayment5 started In nprll 2019 and a lump 5urn rÈpaymèni of £2m was made duiln8 2019120. rh final repayment date Is September 2014. The bank loansare repayable.. School Con5011d•ted Gravp 2022 £000 Company 2022 £000 Group 2021 £000 Company Z021 £coo Alter 5years within 2 to 5 ytJrs 2,479 329 2,9 33S After fflore than yeirl see n¢tF 121 Wlthln one year I see note 111 2,E08 1,757 4.56i 2,134 1,982 The Ilnance loa5e5 Ire payable.. School and Consolldat¢d Group 2022 ecoo Company 2022 £000 Group zozi £000 Companv 2021 fQOO After rnDre th3n yearl See n¢te 121 Wllhln oneycar l sée noto 111 13 35
Th• X509fjroup Yoir Ènd•d 31Ju1¥ 2012 13. AdvAn¢gd FÈ¢ Paym¢rtt$ P3renrs may entpr Into 3 tohtraei 10 pay tho kho41 up to the équlvAlent ol seven VEars' tulU¢n f¢e¥ idv¥nc¢. The tnaney m3y be retufned Group Cornppny Group 2021 Éooo Company 2021 £OOD 1022 £noo 2022 1400 Att¢r5 y•¥rs 41 78 Wlthin I to 2 years 5$ Aftor moro thaD onp yoar Iseo note 131 119 140 2$9 76 120 196 The balance rePSentSthe èc£ruÈd liablllty und¢rtht contr6(ts. ThE mDvemen15 durlnB the year wero,, Group 2022 £ouo 196 201 Companv 2022 £000 CornpaDV 2411 £000 2021 £000 345 39 Amounts IEcruÈd 1¢ c4nlr3ct5 a99 386 Amounts utllised.. 11401 259 196 36
The 15096YOUP 14. Allocarton otthe<h4rltynet H55ets M4lor lèstrlcted Fund5'. Major Unrestrstted Funds.. Uhrestrlcted Funds wlthln the IS09 Group are made upol theexpenses ds the parent company¢f the Schcol, the manAiement Df re51flcted purchases made togenerate that Income, Ttrm Equlpmont lTrVlStm*nts £000 £wo Total Eo £0 £000 Gleve IQ7 104 Ad hoc Mlnor Fund$ Fdundatlon Total R45trlcted Funds (School &Totall 63 1.961 2.022 63 1,961 107 38,093 12,8081 33,528 si G5 47 Ad hoc Mlnor Funds 65 Tvtal p¢il8nitÈ¢ Fuhds ISch•ol &T•t411 365 5,387 a65 S,J68 Unre5tri(ted. SihoollCipltBI neveloptnent 131 86 143 82 4.5Q6 143 92 39.719 38.093 47 2,9271 Tctal Funds 38,093 151 6.528 2.927 41.848 37
Tho 1509 Gr4up P4Ole5tothpAtcount5 V•arondqd31Juty 2011 Ibl RèstrlrtAd funtss, mav¢ménts In theyÈar In¥¢simont In%$tment Transfersl net IncDrne £0 340 Grants and 31 July 2021 £¢00 31 luly 2Q32 £wo £OOD £100 £000 8uisary lund Gievp fund Ad hoL lundg Foundition loé 104 63 l.Y61 875 1,086 Tot•1 Restrlctedfunds 3$7 Icl Unrestrfaed funds: movemrtiln thèy¢at B41anceat 31jU 2021 £000 Investment In£om £000 Invtsim¢nt Tr•nslir$l on8tlon5 JlJuly2021 £OLbJ £000 Éooo £000 Dvsighatod fund5 Tin8lblp Nel fix¢d A1 Fund 33,590 5¥ 65 33,528 Ad hoc lunds Totsl DeslBnNtedlund5 65 33,644 N•td¢$l8rtaid 5,552 7.022 129 131 365 86 143 e2 39,719 3SS sg 27 27 116 247 39.SQ Chlrta Tat•l Unr5trl£t4d Funds Loni Term N•t Currtnt Asset5 Éooo E¢tslpffléht I¢1¢t$ £0 £000 Total 0] £tsJo The Royal GramTnar 5ihool, Gvlldlord Gl¢ve Bursarles Ad ho¢ Mlnor Funds 106 80 Y75 954 80 875 Tg¢¥l ADstrlrtod Fynd5 IS¢hool & Totsll iofj Unre51rithed de518Dated luDd5 39.106 33,990 58 65 54 Ad hot Mlnor Funds 65 Totsl OoslBn&tod Funds15th001 & Tot411 39.106 54 34.113 Unrt5trCteé. Royal Grammir5chool, Gulldford Unrpstricied- Schoollcapital Development 5,633 S.552 139 27 27 116 247 4,248 247 39.SD9 T31 Unrestrlrted Funds 39,106 54 Total Funds 39,106 160 5,202 3,899 40.569 38
1509 Gfaup Notei to theAttounts Ibl Restrl<t•d fund5.' movernent5 In theye•i I$1m•t Income £wo Inv•stmfrnt Transfor51 n•1 Income £000 Gr•nts and 31 July 2020 £000 Iljuly 2021 £000 £000 £000 rhe Roval Grèmmèrschtsol, Guildlord bursary fund 367 104 105 41Q 104 Ad hoc lunds 465 875 Totll R•5trl<¢ed IuDds 832 392 06 1¢) Uniestilct8d lunds.. movements In the yeHr lance it 311¥1¥ 202a £oou Inve5trnent I¥strEnt TTrn5fÈrsl In¢¢m InÈom¢ EOOD Balanceat 31July 2021 £000 Donatlons £000 fQfjO Desl8nat¢d fvnds 35,101 58 S5 35.324 33,990 sa 65 34,113 Ad hoc lund5 Totpl Oesl8nated funth Ntstdsl8n•td School fjenEr4l/C3pital Developmenl 1,943 5.552 16841 125 io 178 85 98 115 247 149 Total UThr4strltted Funds ldl Tiansf¢rs b¢tw¢£n fvnds Vnrestrlcted FuDd5 Fund5 GÈnèral £000 462 D•AlgnAtod Éo 1000 462 15. Oprntln8Lg41ès Land and alIdIn 2022 £000 2021 £000 Under l year More than I yoai and 1p.ss thaD Svears 124 176 30Q 300 Owralln8 P4VfflVrtts ILand and BlIdIng¥and OthÈrl provlded for a5an wpense In 2021 were £124,20012010- E134,1231. 16. Ciplt•l Commltm*nts 39
The 1509Group The TPSlsAn nnd¢d mvlli-empl¢yer dellned bene1115 penslon scheme governed by Tho Teach2r5' Pgnslons ReBula%ions 2010 las &moMdoOI and the Teachors, P&n$on khemts Regulations 2014 la5 amondodl. Members contTibute on a 'pay as you uo b4515 wllh ActUli¥'s DIpdrtmLini.The Mo51 recent actuarial valuallon ol ihe TPS wa5 propared as at 31 March 2016 and the ValuDtlon Report. 23.6% from I Soptember 2019. Employtr% ar also roqulrÉd to pay a SchÈmO arlm10151ratlun levy ol Q.08%8ivln8 a total employer The TPS 15 5uèlect lo è w5t (Ip mechonlsm whlch was put In place to prL)iect iaxpa¥ers agalnst unforeseen chingos In schemi lènuary 1019 dnntsunted È P3u5e to tht C05t cop mechan15m following th@ Court ol Appeul'5 rulln8 IM the McCloud15or8eonr case GovQrAmÈhtActuary, and arg I1n8t0 Implemont the52 chafjgps in time for Ihe 2020 valuarion5. st3lements. definod beneht s(nrne for non-ieachlns stll, rhe Surrey County Councll Superannuatlon Scheme, which 15 3dmlnlxtored In eompens.Ition paymènt In respect oltsnè employee 10 the valu¢ df £10,59212 J19120. £58.Y381. At lh¢ vear Qhd ÉO12019120- Eol bÈlow. 40
Th¢lSQ9Group Note%lotheA(rount% V•luatlon 311811021 311312019 Fynd5n8 Posltl¢n at 315tAu8U5t2021 l<e55atlon datel.. £000 (ooo 2,066 517 2,5¥9 2,078 6,272 B,350 S,596 5,916 744 Actuarlal Assumptlclls. Flnancl41 Assumptlon.. £000 £000 i.o% i.o% 3.3% 2.4% 4,2% 4.2% 3.2% 2.3% Ihry |ncrcase5 IU4r141 A55YrnPtI¢Jfi5- Lon8ovMyAssufflp¢iDn.' £OOD £wo Current pensloners M21 Femalè 22.3 14.4 22.1 24.3 M4le Female 23.4 16.1 22.9 2S.7 Chan8eslll th•falr valu•dth¢%¢h¢m¢ a#¢t*•r¢ asf•llaws'. ErMIo oao 744 78 318 394 InvÈStmÈnt Outperformante Change In fflarket condition5 2,4981 The arnoynt5 Intludèd Statem•nt ol FlnindJlActlvltlesaro •5 follow5.' 1022 Éoc 2Q21 fooo 76 90S 41
Thq 15096Y¢¥p Yp4rond•d31July2Q21 multl 15set lfive5tln8 teèm. Tht charge lor the year w8s £218A58120201?,I- E190,9311. At ihe ycJi end EO12020121- EOI wa5 £25,79012020121 EQI. 11, Ani1yslsof N•t Fund(0@btl A5Pt 31 Ivlv1¢21 ljat Cash Flow fOOD 1,816 £000 13.061 N6t ¢a5h balances 10,245 Cfedltors.. due withln one year Loans Advance Fee dgreementS 11.9821 225 CredltCfS..due after mor¢ Ihhn trnoye4r 326 Adv4n£e Fee a8re8mÈn 4,936 3.305 19. R¢latd party ir•#s¥thioni 1509 Group Is the parentundertaklng ol the Royal Gfarnmar School Gulldforo. charlty number 1177353, Company numbr 10974615 and a150 organisitlon. Travel e¥pon5es are only relmbursed oxceptldnally, and with the prlor approval of the Chali'man of Govomors. 1509 Gruuv £274,131). lor both lundralslng and èlumni work WEre fjoypred by the School durlngthe year. At the ond ol Ihe VÈÈr thÈ FoUnd3fion owod Ihe Schoal f349.41412021'. £21,904) The School m3de H IrarislÈr tho Ftsundatlon ol£l36,WQ In 202212020.. £gi,Moi ltsr the Found)Iion'5 Endvrln4 Bvrsiry Fvnd. The Qlrecioisof 1509 Groupdonaled £9,84712QII.. £LO,5841- lex¢ludln8 Blft 4ldl ro the Foundatlon durfni ihÈyear. 20, Port balan<9 Sh4et Ev•nts On 3rd NDvembÉi 2022 the School repald Ehe Nat¥vest aankLoan ln lull, at th bdIan1 autstandlD8 Btthat date of £3.048,410. ThLJ Overdraft 42
fv1509 Group
21. Ststom•niot Flnan<lalAciivltley- t0rnPèrètl tsyfund tw
Unre#ilcted
Gen•ro1
Deilgn4i¢d
£000
£OOD
Year Ended 31StJ1Y 2021
Rq$trldod
£000
ooo
Incam•fiam Ch4fltable ActlvWe5
21,780
587
791
21,780
S87
791
In