2024-07-31-accounts

1509 Group Annual Report & Financial Statements For the Year Ended 31 July 2024 Charity Number 1084866 Company Number 4104101

Contents Page Reference and Administrative Details Directors, Report Statement of Directors, Responsibilitie5 The Values and Aims of the Group Strategic Report 8-16 Financial Review, Future Plans and Risk Management 16-19 Report of the Independent Auditors 20-22 Statement of Financial Activities 23 Balance Sheets 24-25 Cash Flow Statement 26 Notes to the Financial Statements 27-43

Directors 1509 Group is holding company of a number of organisations. All directors and members of 1509 Group are directors of Royal Grammar School Guildford and all are governors of the School. DIREcfoRS OF THE COMPANY Mrs S K Creedy MA ointed b Board - co-opted Chairman of Governors Mr SGS Gimson MSC (Def Tech Mr NEJ Vineall KC MA Mrs H styche-Patel BSC, MBA Surre Count Council Board - co-o ted Board - co-opted Vice-chairman of Governors Chairman of Nominations Committee Chairman of Education Committee Vice-chairman of Governors Mr M Windsor BA, MA Board - co-opted MrT Lingard BSCI MINSTP Board - co-opted MEMBERS OF THE COMPANY Dr L S K Linton MA MB ChB MRCP The Earl of Onslow, High Steward of Guildford MrJ D Fairle BA Mrs F E Carter BA PGCE Staff Ex Officio Resi ned 4 December 2023 Board - co-o ted RGSG Prep Parents, Association LPA Guildford Borou Board - co-opted Mrs N Nelson-smith BA Mrs M-L Logue MA h Council Chairman of RGSG Prep Committee Prof MJ Humphreys MBE PhD LLB PFHEA Mrs K Atkinson BDS Prof H Treharne Bsc Msc PhD SFHEA FBCS MSKS asic ACMA CGMA Mr S Meredith BA FCA ChA University of London Board - co-o ted University of Surrey Board - co-o ted Board - co-opted Chairman of the Finance and General Pur oses Committee Mr M More-mol MrCN wena Mr R Waterhouse Canon S Butler Bsc CNAA MA Mrs PA Barrow Bcom LLB neux Board - co-o ted Board - co-o ted Board - co-o ted Bisho of Guildford Royal Grammar School Parents, Association ointed 4 December 2023 ointed 4 December 2023 ointed 18 March 2024 Appointed l October 2024 Members of the Finance and General Purposes Committee RGSG Prep Committee Members of the Education Committee (formerly the Academic Committee) Members of the Nominations Committee Officers The Headmaster Secreta & Treasurer The Head RGS Pre Dr JM Cox Bsc PhD Mr RA Ukiah MA Mr T Freeman-Da BA PGCE Registered Office High Street Guildford Surrey GUI 3BB

Principal Bankers National Westminster Bank PIC Guildford Commercial Office PO Box 1, 2nd Floor G3 2 Cathedral Hill Guildford Surrey GUI 3ZR Auditors Haysmac LLP 10 Queen Street Place London EC4R IAG Principal Solicitors Moore Barlow LLP The Oriel Sydenham Road Guildford Surrey GUI 3SR

The Members and Directors of 1509 Group present its annual report (including the Directors, Report and Strategic Report} together with the audited accounts for the year ended 31 July 2024 and confirm that it complies with the requirements of the Companies Act 2CK)6, Charities Act 2011 and the Charities Statement of Recommended Practice (SORP) 2019. DIREcfoRS' REPORT THE STATUS OF THE GROUP 1509 Group (the Group) is a registered charity, number 1084866, and a company limited by guarantee, 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 {'the School,, 'RGSG') - a company limited by guarantee, company registration number 10874615 and charity number 1177353. Royal Grammar School, Guildford Foundation a charitable company, company number 4232306 and charity number 1089955. The RGS Guildford International Ltd- company number 09633181. The RGS Guildford International (Dubai) Ltd - company number 11422203. The RGS Guildford International (China) Ltd - company number 12104378. The RGS Guildford International {Oman) Ltd - company number 13833679 RGS Guildford Enterprises Ltd - company number 12248925 The School is a single entity operating on two school sites: the Royal Grammar School Guildford (RGSGI educates boys aged 11-18 while RGS Prep's pupils are aged 3-11. As a result of its special relationship with the Cathedral (being the Choir School for the Cathedral} and with the Bishop of Guildford nominating a Governor, Royal Grammar School Guildford is designated as 'a School with a Religious Characterf. GOVERNANCE AND MANAGEMENT Governing Body Details of the directors and members of the Group, together with the Group's officers and principal advisers, are given on pages 1-2. The directors and members are appointed from the governor body of Royal Grammar School Guildford. New governors are elected on the basis of nominations from the Nominations Committee based on the candidate's suitability for the vacancy. The directors and members are aware of The Charity Governance Code published in 2020 which sets out the principles and recommended practice for good governance within the sector. The directors and members are satisfied that the Group applies the principles of the code within its current Governance arrangements. Directors and members are referred to as Governors in the remainder of these financial statements.

Recruitment and Training of Governors The Nominations Committee oversees the identification of potential Governors and their induction. New Governors are provided with the opportunity to view the School, provided with relevant background material about the School and the role of a charityTrustee and provided with an experienced governor as a mentor during first year of appointment. Opportunities are provided to attend School events that may give insight into the working of the School and appropriate training courses are offered to governors. Particular attention is given to the identification of suitable courses for new governors. During the year governors attended seminars to enable them to remain up to date. The Chairman participates in the Chairman of Governors, Forum. Organisational Management The Board of Governors has established permanent committees: the Finance and General Purposes Committee to supervise the management and administration of the Group and School's affairs. the Education Committee to oversee curricular and educational matters- the RGSG Prep Committee to oversee all matters pertaining to RGSG Prep; and the Nominations Committee to review arrangements for the nomination of Directors of the Company and appointments to the Board of Governors and its committees, as well as conduct an annual review of strategic issues. Panels of Governors are selected to form disciplinary and appeals committees as required. The Chairs of these Committees in the year were as follows: Education Committee RGSG Prep Committee Finance and General Purposes Committee Mr M Windsor Mrs M-L Logue Mr J Fairley- to December 2023 Mr S Meredith-from December 2023 Mrs H Styche-Patel Nominations Committee There is a separate trust board for Royal Grammar School, Guildford Foundation and separate boards of directors for each of the subsidiaries which are not charities. The Chief Strategy Officer {CSO) oversees the general business operations of the Group and in particular focuses on long-term building programmes, international developments and wider business opportunities, with 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 Teams ISMTS), and together these groups 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 reviewed 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 all areas and from the widest pool of talent. Delivery of the Group's charitable vision and purpose is primarily dependent on key management personnel and staff costs are the largest single element of charitable expenditure. Group Structure and Relationships 1509 Group is 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 Foundation I'the Foundation'l, a charitable company (company number 4232306 and charity number 10899551 which worked to promote, provide for and raise funds for the School. On 17 July 2024 the Foundation merged with, and became a cost centre of, the School, the new cost centre being known as the Development and Alumni Relations Office {'DARO'; see note 20). Considering the financial and non-financial benefit provided by the Foundation, until the merger on 17 July 2024 the School provided operational resources for the Foundation free of charge. l The SMT5 comprise the Heads, four Deputy Heads. the Senior Master. nine Assistant Heads, the CSO and the Bursar.

The RGS Guildford International Ltd (company number 09633181), The RGS Guildford International {Dubail Ltd {company number 114222031, The RGS Guildford International (China) Ltd (company number 121043781 and The RGS Guildford International (Oman) Ltd (company number 138336791 are all subsidiaries of 1509 Group and supply intellectual property and guidance to our partners in Qatar, Dubai, China and Oman to support the development and ongoing operation of theirschools. RGS Guildford Enterprises Ltd (company number 122489251 is a subsidiary of 1509 Group and generates ancillary trading income from letting RGS Guildford's facilities. All companies are registered in England and Wales. All companies report independently but their figures are consolidated into those of 1509 Group. Engagement with Employees and Employee Interests Takin care of our eo The Governors recognise the enormous contribution made by all staff and the importance of valuing and developing staff. The group reseNes an extensive budget for training and development and staff are encouraged to consider their personal and professional development. The well-being of staff is of paramount importance, and mechanisms are in place to support staff and colleagues. This ranges from regular catch-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, meetings and briefings are provided to staff on the day-to-day operations of the organisation as well as sharing high level changes within the organisation as these arise. Financial updates are provided to staff so 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 Governors, meetings, so they are aware of the high level issues being discussed. Strategy groups meet regularly to determine the future direction 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 eligible for a range of employee benefits including employer contributions to pensions and healthcare. Attention is paid to ensure that packages offered remain competitive against the market. Incentive schemes are not considered appropriate to our 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. Trainin and Develo ment There are many opportunities for staff to develop their skills through training courses or taking on different roles within the organisation. Several staff have been trained in mental health and also as coaches and now coach and develop others. Staff have the opportunity to apply for additional responsibilities within the organisation and, on many occasions, senior roles are filled internally rather than bringing in external candidates. In general, staff who leave go on to more senior roles within other organisations. Health and Safet There is a health and safety policy group which coversthe whole organisation, with separate committees for each site. These committees are formed of a range of staff based at each site and focus 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 this area. A full-time health and safety manager ensures that adequate time and resource is devoted to this area. Diversit and Inclusion The Governors seek to recruit and retain the best Staff they can and encourage applications from as wide a range of candidates as possible. We welcome all employees regardless of their age, gender. faith, disability, ethnic or racial origin, sexual orientation or gender identlty- We take care to ensure that our employment policies and practices are non-discriminatory and that all appointments are made solely on the basis of merit. As a result of an independent review of our recruitment process, a full-time recruitment manager has been appointed and other recommendations implemented.

It is part of our ethos that all our people have a fundamental right to respect and dignity in the workplace. We actively promote these behaviours and do not tolerate disrespect or discrimination in any form. We continually review how we can best promote and advance a culture in which all staff feel comfortable being themselves in the workplace and to ensure a diverse workforce is recruited for the benefit 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 Governors continue to receive diversity and inclusion training. Stakeholder Relations 1509 Group has a wide community of stakeholders including pupils, employees, parents of pupi15, Governors, suppliers and our local community. 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 Governors aim for the organisation to be run in the best possible way and strict adherence to regulatory and legal requirements is of paramount importance. RGSG is inspected by the Independent Schools Inspectorate and this covers compliance with a range of regulatory matters as well as the educational provision for pupils. The financial operations of all subsidiaries are independentlyaudited each year and otheraudits and regulatory inspections happen on a regular basis. There is a wide range of policies for staff which set out what is 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 security of all data. Staff use devices issued by the organisation and training and security measures are regularly reviewed and updated. General Data Protection Regulations are complied with and any new systems or associated processes are subject to a risk assessmentto ensure they are compliant with the existing systems. Staff receive training and updates in this area. STATEMENT OF DIRECTORS, RESPONSIBILITIES The Trustees (and the Directors for the purposes of Company lawl are responsible for preparing the Directors, Report (incorporating the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the directors are required to- Select suitable accounting policies and then apply them consistently; Observe the methods and principles in the Charities SORP- Make judgments and estimates that are reasonable and prudent- State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements: and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the group and charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. the Charities Act 2011, the Charities (Accounts and Reports} Regulations 2008 and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so faras the directors are aware:

There is no relevant audit information of which the charitable company's auditor is unaware; and The directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. THE VALUES AND AIMS OF THE SCHOOL AND THE GROUP The object of the holding company. 1509 Group. is 'to promote and provide for the advancement of education 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 bursaries for young persons, to enable them to further their education. The Group's objects are fulfilled through the running of the School and other subsidiaries, whose activities and financial performance are reflected in these statements. The object of the School, as described in its charity commission scheme, is the provision in or near Guildford of either a day school or a day and boarding school for boys, and ancillary thereto, the advancement of education. A preparatory school may be maintained at the discretion of the charity. The current School priorities are- Collaboration; Diversity and Inclusion; Student Experience In pursuit of these aims, RGSG holds and promotes the following values: Inclusivity: we remain loyal to our founding principles to educate bright local students, irrespective of background or financial circumstances, a nd we inherently believe in establishing a culture of diversity and acceptance, and in educating our students in a welcoming, tolerant community where each individual is valued and enjoys a deep sense of belonging. Scholarship: we encourage the growth of intellettual 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. Integrity: we promote the development of self-discipline and responsibility, spirituality and a personal moral code, and cultivate an ethos where qualities of decency, 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 physical health, emotional maturity and personal well-being, while establishing lasting friendships in a positive, happy environment. Courage: we develop leadership, teamwork, resilience and life skills through a diverse range of activities where all students, regardless of theirtalents 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 enrichment, and encourage a spirit of generosity and service, a sense of perspective, and a firm belief that we can work in partnership with others, locally and internationally, to make a difference and have a positive impact on society. The Governors aim to provide public benefit and are mindful of the requirements of the Charities Act 2011. The Directors have monitored closely the guidance on public benefit produced by the Charities Commission together with its supplementary guidance on fee-charging. STRATEGIES TO ACHIEVE THE AIMS OF THE SCHOOL AND THE GROUP

The Governors, objectives for the School and the Group are established to deliver a wide-ranging, high-quality education to students from Guildford and the surrounding area. The School is focused on achieving the School's main objective and has developed both long term and short-term plans to achieve this. Governors monitor the School's progress by regularly reviewing the academic and extra- curricular work. This is achieved through the Education Committee and RGSG Prep Committee plus a programme of Governor visits. All pupils are now required to have a specified mobile personal computer to support quality remote and in-class teaching and learning. The School continues to evolve its strategy around use of devices, to seek continuous improvements and achieve the best educational outcomes and to mitigate against future disturbances. RGS Guildford has established an exceptional educational reputation in the UK. We have decided to develop this by opening first class schools overseas. RGS Guildford Qatar opened in 2016, RGS Guildford Nanjing opened in September 2020, RGS Guildford Dubai opened in September 2021 and, most recently, RGS Guildford Oman opened in 2023. Opportunities to open further schools are being explored. These schools are being opened together with local partners and are long term collaborations 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 to deliver international schools with fantastic facilities that will share our values. The reasons for our international expansion are many- partnership; engagement in global cultures; enhanced reputation for the school; and an income stream which will continue to be used primarily to support bursary funding for boys attending our school in Guildford. STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Review of achievements and performance for the year RGS senior school With the relentless pace of change in the 21st century- Artificial Intelligence being just one such example- and the number of global issues and challenges which continue to face us all in the political, social, environmental and economic spheres, it is all the more important that schools are nurturing dynamic, innovative, and flexible problem solvers, team players and leaders. Transferable skills are key at a time where our students are going to be entering the world of work and applying for jobs which continue to evolve and develop. The fact that our students study a broad range of GCSES and then enter the Sixth Form with a diverse and balanced range of skills mean they can face the future with absolute confidence. Results are key but our bespoke Learning Habits of organisation, engagement, imagination, perseverance, aspiration and reflection provide the foundations for success in the future. Our students continue to study in significant numbers the performing arts, the creative arts, classical and modern languages, humanities as well as the traditional STEM subjects. This blend of disciplines and skills has arguably never been more important. At A Level, 39Yo of all grades were the gold standard A. in total, 348 A. and A grades were secured by our hard- working cohort. 86 students achieved a clean sweep of grades at A or A. 34 of those achieved 3 or more A. grades: these were richly deserved and just reward for all their efforts. At GCSE, the most common grade achieved by our students was the gold-standard grade 9; in total 594 grade 9s were achieved. In addition, 451 grade 8s were also secured- over two-thirds of all grades were at grade 9 or 8. 70 students achieved nine or more grade 8 and 9s; 9 students secured the remarkable profile of 12 or more grade 9s. RGSG students continued to secure places on the most competitive courses at the leading universities in the country; 95% of all offers held to UK institutions were to Russell Group Universities or Times Top20 institutions. Of a talented cohort, 27 students received offers from Cambridge and Oxford Universities,. in the last 10 years, RGSG boys have received just over 250 offers from Oxford and Cambridge Universities. Cambridge, Durham and Bath have been in the top five every year for the last seven years in terms of the number of RGSG boys

accepting places- Bath and Cambridge were the most popular university destinations, closely followed by Durham and Warwick. RGSG students were accepted to study a wide range of different courses at university ranging from Modern Languages to Medicine, Physics to PPE and Economics to Engineering. Sciences as well as business/management/finance/economics and also engineering remained the most popular choices. A full and varied co-curricular programme provided the springboard for diverse achievement and experience, as well as the further nurturing of the Learning Habits and School Values which are at the heart of school life. The following provides a very brief and selective overview: Charitable initiatives and volunteering opportunities abounded as RGSG students of all ages and staff gave practical, hands-on help and support to a numberof local, environmental and community initiatives. Over £130,CX)O has now been raised for our annual nominated School charities over the past five years, asthe School continued to adhere to itsvalues of service and collaboration to make a difference to others, with fundraising from small scale to grand scale- cake and doughnut sales, home clothes days and House charity events and food bank collections. The School continued to nurture and establish partnerships with local partners and those further afield to share our expertise from an academic, co-curricular and philanthropic perspective. Our Masterclass programme, ourTudor project and our Strings Scheme were just some of the events which stretched and challenged local pupils. Academic, adventurous, cultural and sporting trips flourished, as the School continued to look for every opportunity to support learning inside and outside the classroom. These included a music tour to Spain with Guildford High School. languages trips to Normandy and Barcelona, Physics trip to Geneva. skiing trips to Les Deux Alpes and Switzerland. a Classics trip to Greece, a rugby tour to South Africa, an expedition to Cambodia with Tormead. to name but a few. A significant number of boys achieved national or international sporting recognition from the mainstream sports to more minor sports. The School continued to impress on a challenging circuit in the major sports rugby. hockey, and cricket - as well as enjoying notable success in fencing, shooting, skiing and sailing, among others. In a yearof sporting success, the following highlights Stand out individually and collectively: Under 14 Tier l National Plate hockey winners; the 1st XV rugby victory over Epsom College; the 1st Vll Senior South Coast rugby 7s Plate Winners: ISGA national golf tournament runners-up,. the 1st Xl Area Cup Finalists in football beating Hampton and Royal Russell Schools en route: the 1st Xl cricket runners-up at the RGS Festival- 101 Under 12 students representing the School in rugby on Super Friday against Judd School- the increase in the number of games in hockey and cricket against local girls, schools- more athletics meets than ever before with over 2(X) students representing the School at local, regional and national levels- as well as national or international recognition for individuals in sports ranging from hockey to golf, from sailing to pole vault, from badminton to ski-racing, from shooting to biathlon and triathlon. From the Arts, perspective, concerts, plays and exhibitions of breath-taking quality were experienced by parents, residents and the wider community: both staged at school as well as at a number of local and national venues. These included Oliver, the student-written and directed No Peace on St Jude, and the A Level and GCSE devised performances. Musically, a full and varied programme included a succession of highlights: the Joint Schools, Chamber Choir, in conjunction with Guildford High School, ventured to Christ Church College, Oxford to sing Evensong in the Chapel; Holy Trinity Church staged both the stunning Concerto and Symphony orchestral concert delivering a repertoire of extraordinary diversity and sophistication as well as the Concerto Concert with Southern Pro Musica; Holy Trinity Church was also the venue for the popular monthly Market Day concerts; school concerts included the Ensembles Concert, the Junior and Senior Piano concerts, and the Charity Rock event; while The Boileroom was the setting for an amazing jazz night. As well as phenomenal success in national science Olympiads, in ORIS (Original Research in Science), in essay competitions, in Model United Nations Conferences, in debating, to name but a few, a number of our students also hit the headlines. In the BAAO Astrophysics and Astronomy Olympiad, Freddie Weir was one of just five students nationally to be awarded Top Gold and went on to represent Team UK at the European Physics Olympiad in Georgia, winning an array of medals in the process with Team UK'S best-ever set of results.

RGS Prep School RGS Prep continues to prepare boys brilliantly for their futures whilst giving a broad and balanced curriculum where all can succeed. RGS Prep ran a full programme of events including Carol Service, Harvest Seniice and Sports Days. Alongside all the wonderful events, lessons, visits, trips and visitors, our Year 6 were extremely successful, with a number of scholarships and awards being given. Here are some of the many successes we have experienced this year: 28 scholarships were offered for their senior schools in the full range of Music, Drama, Sport and Academic. The scholarships were offered to over 21 different pupils. 144 awards were achieved in ABRSM exams. ranging from Pass to Distinction; from initial grade all the way up to Grade 7. 49 boys achieved a bronze, silver, or gold in the JMC. Sport remains a vital aspect of life at RGS Prep, and the revamped sports academies are now in full swing and working exceptionally well. The introduction of the three-tier system - Blue, Green, and Red academies- provides a balanced and competitive environment where boys can train and play. This system enables them to work with various coaches within each academy and compete for team positions, fostering healthy competition. By offering clear and defined tiers for training, the programme allows for tailored development opportunities while maintaining an exceptionally high standard of performance. We continue to employ two Sports Apprentices alongside our three-specialist sports staff, ensuring comprehensive support for all our pupils. Music, as always, plays a huge part in the life of RGS Prep. There has been a further increase in the number of instruments available for boys to learn and this, in turn, has increased the number and quality of the ensembles available. Choristers did brilliantly well to perform with some quite restrictive conditions and have come out of it even stronger, with some fantastic performances held at the Cathedral including regular Evensongs, Sunday services and extra performances with both the RGS and external composers Drama.. February brought with it the latest swashbuckling Drama Club adventure of 'Pirate5 of the Curry Bean,, performed brilliantly bythe Year 5 and Year 6 boys, who enthralled and captivated a highly amused audience. It was then the turn of the annual public speaking festival. 'Speak Out!, on World Book Day in March. Involving finalists from all Year Groups, a panel of three 'guest judges,, (which this year included a member of the Guildford Shakespeare Company and the Yvonne Arnaud Theatre), were very impressed by the boys, presenting, reading and performing skills. The Trinityterm Year 6 production of 'Shrek Junior the Musical, ended the year in style and featured many talented and superb individual performances, a true highlight on the dramatic calendar. As always, the boys very much look forward to the annual residential trips, enjoying the excitement and challenge of being away from home. Every summer term the boys in Years 3- 6 come off curriculum for a week to take part in an Activities Week, which involves residential trips, day excursions and project work. Trips have gone across England and Wales, with Year 6 enjoying the ever-wonderful French trip. This year Prep boys, trips were as follows: - Year 3- Cuffley Active Learning Centre, Potters Bar Year 4- Bushcraft, Gloucestershire - Year 5- Cumulus Outdoor Centre, Swanage - Year 6- Buddens Activity Centre, Wareham Pre-Prep boys enjoyed various on-site activities and some day trips. As well as this, our Head of MAG&T ran another brilliant "Inspire Darf, to inspire boys to look at all the different and exciting possibilities that there are for driving passion and progress. The focus remains "faster collaborative thinking" and the Inspire programme keeps track of our offer across the board to check we seNe boys wherever their gifts, 10

talents, and passions lie, and sources innovative provision to fill gaps and make links across and beyond the curriculum. The boys continue to support a wide range of charities, both local and international including the David Shepherd Foundation and the Motor Neurone Disease Association along with the food bank drive for Harvest. We also annually support the Macmillan Coffee Morning which our boys love and which provides a wonderful community event. As well as this, we have sUPPOrted local and international schools with sharing teaching expertise, resources, uniform, curriculum documents and training days. RGS Prep is supported by a wonderful and very active Parents. Association (the LPA), which organises many exciting events to raise money for the school. The Christmas Fair was a highlight, and it was wonderful seeing all the boys, buying presents for their loved ones. The LPA were fabulous in putting together the summer fair, quiz night, Easter bazaar and new parents, drinks- all to raise money and keep the community spirits up. We are very grateful for the work they put in, they very generously donated £10,000 towards our Wellbeing Garden. Our yearly Prize Giving events are highlights of our year when we can share and celebrate the numerous and varied achievements of all the boys at RGS Prep. It is a wonderful occasion shared with the school, parents, Governors, and VIPS. This year, we held the Junior Prize Givings and the Senior Prize Giving on the field. Parents attended to celebrate the boys, which was then followed by a delightful afternoon tea. It was a wonderful event, and parents were delighted to be given the opportunity to visit the school for one last time with their sons. This year we again held it in a stretch tent to avoid the possibility of getting sunburntl The site has seen a lot of developments over the holidays. Rooms continue to be repainted with the new muted tones in order to help boys, attention. This is also reflected in our new notice board scheme. The Year 2 classrooms have had a much-needed overhaul. Pupil numbers have decreased slightly from last yearfs. In September 2023 the school had 334 on role,. in September 2024 the school had 329 on role. The RGS Guildford International subsidiaries. The Royal Grammar School, Guildford Foundation (the Foundation} and The RGS Guildford Enterprises Ltd (RGSE) The RGS Guildford International subsidiaries, traded successfully in 2023/24, continuing to provide intellectual property and guidance to support the operation and development of schools in Qatar, Dubai and Nanjing. A new Oman school opened in September 2023. The Foundation continued to operate successfully in 2023/24, raising income from donations to support the principal charitable activity of providing funding towards the cost of RGS bursaries. In July 2024, the Foundation merged with, and became a cost centre of, RGS Guildford (see note 20). RGSE saw its second year of trading in 2023124, earning income from letting the School's facilities to third party hirers and earning a profit which will support the Group's activities. Public benefit The main beneficiaries of the School's work are boys aged 3 to 18 attending it5 schools. Governors have given due consideration to the Charities Commission guidance on Public Benefit guidance under Charities Act 2011 when considering activities in this area. Governors wish the School's education to be widely available and so bursary/financial sUPPOrt applications are welcomed from families who could not otherwise afford to send their son to the School. Financial support is given to cover up to 100% of fees. In certain circumstances support for lunches, travel costs, course and examination fees are also considered on top of this. In the year, 75 boys benefitted from financial support funding of over £1.2 million, including 29 boys who received full fee remission for at least one term. The RGS Guildford International Ltd, The RGS Guildford International (Dubail Ltd, The RGS Guildford International (China) Ltd and The RGS Guildford International (Oman) Ltd.

In addition to financial support for fees, the School gives opportunities to pupils of local schools to 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 organisations. Both the Senior and Prep School are core members of the West Surrey Partnership IWSP) an independent and state school partnership involving secondary and primary schools in the widerGuildford area. The partnership exists to promote mutually beneficial educational opportunities with a particular focus on literacy, STEAM, sustainability and leadership. As part of the steering group, RGS take a lead role in the direction and sustainability of the partnership including oversight its aims, membership, focus of events, and financial stability. A part of the Operations Group RGS take a lead in the organisation of all the events. In the past year the WSP organised: a Y12 sustainability conference involving over c.80 students- a Y9 SATRO Engineering event for c.100 students- a Y6-7 CWIZZ Literacy quiz for c.100 students,. Lacross taster sessions for Y5-6- Facilitated the entries to the Imperial Science & Innovation video competition which saw two Y6 teams invited to the national final presentations and one WSP team winning the KS2 national competition,. Y5-6 Robotics club support and competition day- Y5-6 Science lessons for c.180 pupils- Y5-6 Brilliant Book Awards support for book clubs and awards ceremony. The School is an associate member of the local Learning Partners ILPI Multi Academy Trust {MAT). The Headmaster of RGS is an LP Trustee, an RGS Deputy Head is a Governor of Guildford County School, the RGS Bursar a Governor of Sandfield Primary School and an Assistant Head a Governor of Kings College. Three RGS staff are deployed to teach in LP schools: Throughoutthe year RGS staff provided Physicstuition for Yll Kings College pupils,. Introductory Latin classes for Y7&8 King College pupils; and French lessons for Y5&6 Sandfield Primary School pupils. As part of our partnership with LP, the School continued specifically to support a local Secondary School {Kings College). An Assistant Head continued to act as the Governor with specific responsibility for Safeguarding. The Physics department continued to support the Kings Triple Science pupils by delivery of Physics lessons and revision classes. The Maths department continued to organise the Y9 problem-solving Maths sessions for Kings pupils delivered by our Sixth Form pupils. The School is a member of the Guildford 11-19 Partnership. which mainly exists to help pupils most at risk of dropping out of school by offering alternative educational provision. It also provides links to other educational providers and sharing of provision. The RGS continued to lead an innovative project to enable any pupil at member schools to attend a joint programme of academic enrichment events {IMAG). In 2023-24 we ran over 20 events from 6 different organisations with c.350 students attending over 10 different schools. lwww.ima -education) Several RGS Staff act as Governors or Trustees at other schools or organisations- Senior.. o Jon Cox- Learning Partners {LP)- Board Trustee o Jon Cox- Merchant Taylors, School- Governor Ilndep.) Bob Ukiah- Bourne Education Trust MAT Board -Trustee o Adrian Woodman- Guildford County School (LPI- Governor Kate Perceval- Sandfield Primary School {LPI- Governor o Tom Shimell- Kings College ILPI- Governor Steve Yetman - England Schools, Ski Association- Board Member Paul Lyons- Raleigh School. West Horsley- Governor Gemma Bownes- Sydenham High School- Governor (Indep.) Sam Burns- Twickenham School, Whitton- Governor Richard Black- The Butts Primary School, Alton- Governor Bart Callaghan- Muntham House School- Governor Ilndep.) Dale Chambers- St Peterfs School- Governor Dale Chambers- Southern Pro Musica Orchestra- Educational Outreach Officer 12

Martin Hanak-Hammerl- Busbridge Junior School- Parent Governor, Chair Sara-jade Hussan- Heathlands School, Hounslow- Governor, Vice Chair Rike Jones- Southborough High School, Surbiton- Governor o Sam Orchard- Guildford Youth Symphony Orchestra-Trustee Tom Owens- Twickenham Prep School- Governor Ilndep.) Thishani Wijesinghe- Sandfield Primary School ILP)- Governor Prep.. Adam Moore IPrep)- Hampton Wick School, Kingston, Governor o Stuart Divers (Prep) - Federation of Pinewood Infant and Guillemont Junior school, Governor, Vice Chair There are also significant Outreach programmes for primary and secondary pupils. For example: o The RGS Strings Scheme teaches all year 4 pupils (c.120 pupils) in two Guildford primary schools {Sandfield and Boxgrovel to play the violin or cello through weekly sessions over the course of a year. Twice a year concerns are held for parents which enable every pupil to perform. Additionally, provision is made for those wishing to continue their learning in Y5-6 via group lessons and instrument loan and a continuers orchestra at Boxgrove. This scheme is only possible due to working in partnership with the generous support of our principal donors: The Investec International Music Festival {IIMF), the Mila Charity and the Sheryl King Trust. o At the RGS Primary Masterclasses we hosted c.140 Y6 pupils from over 25 different Primary schools for lessons on four Saturday mornings in September and October. Students picked from a suite of six'strands, Creative Arts (Drama, Music, Art, Writing); Design Technology; Humanities {History, Politics, Geography, RE); Mathematics. MFL {Arabic, Chinese, Russian, Japanese); and Science {Biology, Chemistry, Physics, Forensics). These sessions are to provide stretch and challenge to able pupils, to build confidence and to excite about transition to secondary school. o The Primary Tudor Experience provides a day of Tudor themed 'lessons' at RGS for Y6 classes including transport to and from RGS (paid for by RGS), an introduction to the history of the Tudor school including the Chained Library; a Tudor music and dance session, a Shakespeare Literacy session; a Tudor Games session, and a Tudor Art and Anamorphosis session. In 2023-24 we hosted c.550 pupils over 18 class visits from 8 different schools. o Our Sixth Form pupils are able to volunteer to support and to serve the local community via a Charity fundraising for local national and international charities (not reported on here); Volunteering for conseNation work and visits to local care homes (not reported on here); DOE volunteering (not reported on here): and during activities sessions {'P8') and General Studies. In the latter two categories, our Sixth Form groups: Continued to run the chess club at Sandfield Primary; delivered a Maths club and a chess club at Holy Trinity Primary School; delivered Y9 Maths problem solving for Kings College pupils. and visited Abbovs Hospital residents to record oral histories. o At an international level, the Royal Grammar School. working in partnership with Tormead School, has close links with schools in Besisahar. Nepal. In October 2023 RGS-Tormead led a joint expedition taking c.20 pupils to undertake volunteering and cultural exchanges at Bhu Pu School. We also use Y7-9 discos to raise funds for this partnership. Separately, during June 2024, RGS- Tormead led a joint expedition to Cambodia with a part of this being a charitable project to support rural sustainability farming communities. o This year we continued our links with the 'Big Leaf charity to provide access to our all-weather football pitch and indoor courts for their weekly training sessions. Big Leaf work with 16-25 year- old displaced people from any country. 13

Other miscellaneous outreach included: o Heritage Open Day: This is one of the only occasions when the Tudor Old Building including the Chained Library is open to members of the public. o Music Market Day concerts: Monthly Holy Trinity church free to members of the public. o MFL: We welcomed c.65 Y12&13 French. German and Spanish students from Reed's, St John's, St Cats, Tormead and Menuhin School for a co-educational MFL 'Speed-debating' event. Our linguists discussed provocative topics including media, music and marriage. Careers in Engineering Seminar: 56 external pupils from 6 local schools: Collingwood College {111, Guildford County {121, Howard of Effingham (4), St Catherine's113), St Peterfs {101, Tormead (61 Careers Finance Seminar: We had 74 external pupils from 6 local schools: St Peters, Fullbrook, Collingwood College, George Abbot, St Catherine's, Tormead. Most of them requested more than the 8 allocated spaces- St Peters sent 14, ditto George Abbot and St Catherines sent 20- and lots of girls I Careers - St Peters: A Music teacher spent a day giving mock interview to around 30 Year 11 pupils, in preparation for both potential interviews for a new school, and early career advice around interview and c.v. presentation. o Classics: Assistant Head taught at Kings London University PGCE course delivering an afternoon for trainee Classic teachers on different approaches to teaching Greek. o English: English Department welcomed Professor Farah Karim-cooper to deliver a lecture on Shakespeare and race studies. Two hundred A-Level English Literature students and teachers from both independent and state schools across Surrey including George Abbot School, Guildford County School, Notre Dame School, Tormead School, St Catherine's School, and St Peter's Catholic School. SEcfioN 172 (1) STATEMENT The Directors of a Company must act in accordance with a set of general duties. These duties are detailed in in section 17211) of the U.K. Companies Act 2006, which is summarised as follows with reference to Charitable Companies. 'A Director of a Company must act in the way helshe considers. in good faith. would be most likely to promote the success of the Company in achieving its charitable purposes, and in doing so have regard (amongst other matters) to: l. The likely consequences of any decision in the long term 2. The interests of the Company's employees 3. The need to foster the Companls business relationships with suppliers. beneficiaries and others 4. The impact of the Company'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 to act fairly as between beneficiaries of the Company. Beneficiaries The beneficiaries of the organisation are the pupils, and the Governors 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 headings The values and aims of the group and achievements and performance, above. 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. It is the hard work, dedication and professionalism of these staff that achieve the outcomes for the pupils. 14

The recruitment, retention, development and welfare of staff is crucial to the successful running of the organisation and is considered, by the Governors, to be of great importance. Further detail is provided under Organisational Management in the Directors, Report. Communi and Environment The school is at the heart of the Guildford community and many activities 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 Benefit section of the Strategic Report. Decision makin risk mana ement and overnance and erformance oversi ht The full board of Governors meets three times 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 considers the overall impact of decisions on the wider organisation. Culture and Values The values of each school are embedded within the curriculum to form a way of life for both pupils and staff. ENERGY AND EMISSIONS REPORT Energy Consumption Streamlined Energy & Carbon Reporting (SECR) is a legislative reporting requirement in the Directors, 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 high level breakdown of energy used, and emissions generated by Royal Grammar School Guildford is included in the table below. as 2023-24 1,618,425 1.825,619 1,854,861 n/a n/a n/a 296,010 328.611 333,875 296 2022-23 329 2021-22 334 lectricity 2023-24 1,063,023 1,040,431 984,477 n/a n/a n/a 220,099 215,446 190,378 220 2022-23 215 2021-22 190 ransport 2023-24 92,872 84,525 73,368 58,200 57,500 49,240 22,198 20,286 17,608 22 2022-23 20 2021-22 18 otal 2023-24 2.774,320 2,950,575 2,912,715 58,200 57,500 49,240 538,307 564,343 541,861 538 2022-23 564 2021-22 542 UK energy use covers all educational and ancillary activities across the School. Associated Greenhouse gases have been calculated using 2024 conversion factors advised bythe UK Government Department for Business, Energy and Industrial Strategy. 15

Intensity Metric An intensity metric gives an indicator of carbon performance calculated per unit of an operational driver of the School's activities. For Royal Grammar School Guildford we have used the average number of pupils over the year as the relevant operational driver. In 2023124. 1.304 pupils accounted for emissions of on average 413 kg C02 each {2022123: 1,316 pupils accounted for emissions of on average 429 kg C02 each). Continuing our rolling programme of maintenance and refurbishment, the School took the following energy efficient actions d uring the year: We continued our roll out of energy efficient LED fittings across all sites Ongoing replacement of single glazed windows with double glazed units. Only a small portion of the main building now remains to be done Continued replacement of 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 mixing valves installed During refurbishment works, use of skips is minimised in favour of appropriate recycling and use of registered waste carriers We have solar panels on our North Building Additionally We have an active sustainability/environmental committee within the school which has come up with many initiatives to prompt energy saving and awareness Of our fleet of 15 buses and vans only 3 do not comply with the ULEZ requirements. We have electric car charging points across site We have monitored air quality on our sites both internally and with third party involvement When planning for future building enhancements and developments, sustainability considerations have been a high priority Food waste is collected separately. and the volume closely monitored by our catering contractors General and recycling waste is carefully monitored with placement and Style of receptacles regularly reviewed We actively seek to work with energy suppliers that use renewable energy and act on being carbon neutral When refitting our Undercroft area following flood damage, sustainable materials and reduced environmental impact was considered throughout. FINANCIAL REVIEW Results for the year The Group is pleased to report the generation of a net increase in funds of £3.7m in the year ended 31July 2024 {2022123.' £1.Iml arising from the operation of the School and subsidiaries. The Group's net income of £3.7m comprised an underlying surplus of £1.9rn, and an exceptional pension credit of £1.8m. The Group's income of £30.9m was £2.6m (9%) higher12022/23: £28.3ml, reflecting higher net fee income {+£2.4ml from higher average fees per pupil l+lOYol, and higher other income l+£0.2ml including higher bank interest income earned from Treasury deposits. The value of fee remissions awarded varies from year to year, depending on prevailing circumstances and the needs of each cohort. While non means-tested remissions are being managed downwards, over time the value of means-tested remissions awarded is growing, in line with the School's ambition for its education to be as widely accessible as possible. Total income includes investment income of £0.4m {2022123: £0.Im) and £0.4m12022123: £0.7m) of donations. 16

Total expenditure was £27.2m, in line with 2022/23 (£27.2ml. Increases in staff costs {+£1.6ml other costs {+£0.2ml were offset by the £1.8m exceptional pension credit. With effect from 31 August 2021, the School elected to withdraw from the Surrey County Council Superannuation Fund and finalise its pension liability, in respect of this scheme, as at that date. The final valuation invoice of £1.8m received from the Fund in 2021/22 was provided in the group's accounts until it was released in 2023/24 {see note 17}. The Group generated cash sufficient to cover £4.3m capital expenditure on its facilities (see note 7). RGS Guildford International IRGSGII has two principal activities. It supplies intellectual property and guidance to Al Qamra Holding to support and operation and growth of RGS, first overseas school. RGS Guildford Qatar. The Company also seek opportunities for new partner schools and develops these opportunities to the stage of signing final contracts. RGS Guildford Qatar has continued to operate successfully in 2023/24. The school educates around 800 students and is likely to increase numbers in coming years. RGSGI Dubai was established to partner with education group Cognita Ltd to open RGS Guildford Dubai. RGSGI Dubai supplies intellectual property and guidance to support the establishment and operation of the school. The outlook for the school is good with steady increases in student numbers and income confidently expected. The principal activity of RGSGI China IRGSGIC} is to support RGS Guildford Nanjing, which opened in 2020 and is partnership between RGSGIC and Shenzhen Gemdale Education Company, a Chinese company. The nature of the partnership is that RGSGIC supplies intellectual property and guidance to help the establishment and operation of schools which embody the best of RGS together with the best of Chinese education. RGSGI Oman started operations in 2022123 and signed a development and operating agreement with Sama Education Company and Al-Tamkeen International School LLC to open a school in Oman. The Company supplies the intellectual property and guidance to progress the establishment and operation of the school, which opened in September 2023. Fee income in 2023/24 represented the minimum royalty payment. RGS Guildford Enterprises Ltd had its second year of trading and continued to earn income from letting RGSG'S facilities to customers. With VAT on school fees being implemented from January 2025 and pressure on family finances, the political and economic background remains challenging. Despite this, demand for places at the School remains strong, and the School believes pupil numbers will remain stable for the foreseeable future. The Governors have considered the impact of these factors on the School's operating model and financial position, and this is further detailed in the 'Reserves level and policy, and financial viability, section, below. Reserves level and policy. and financial viability Reserves are held for two main purposes: (i) to finance future major capital development of the Group's premises and lill to be available to cover unexpected contingencies such as a significant loss of income or the short-term impact of potential adverse changes affecting the independent school sector, for example adverse changes in future taxation. It is not considered appropriate for the Group to hold, or to aim to hold, no reserves, as this would leave the Group unable to fund future major capital development or unexpected contingencies. Most of the reserves held are intended to be spent on major capital development in the medium to long term, and some are held in order to be available to cover potential contingencies in the nearer temi. At 31 July 2024 the School's reserves were £3.6 million, which broadlycorresponds to net current assets excluding cash received from fees in advance. Reserves are equivalent to approximately 1.5 months of the School's operating expenditure. This is not considered excessive. 17

We have prepared a number of scenarios that consider our cash position, sources of income and planned expenditure. Demand for places at RGSG remains strong. Nonetheless, these scenarios consider reduced pupil numbers, delayed fee payment and potential bad debts, cost inflation and increased interest rates. Sensitivity around these assumptions has also been considered in our forecasting. The scenarios also consider the terms and conditions of the existing ba nk facilities. Results of this cash flow and sensitivity analysis indicate that the cash reserves of the Group are sufficient to meet the Group's obligations as they fall due. Having regard to the above, the Governors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Investment policy• objectives and performan The Group reviews its investment policy 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 diversity and reduction of risk Speculative and very high risk investments should be avoided Investments will be made in appropriate Common Investment Funds {CIFs. which may include UK gilts), which have an established market and are readily realisable Account must be taken of the School's charitable status Appropriate advice should be sought from professional advisors on any proposal to invest other than in CIFS and, if necessary, on the choice of CIF Investments should be reviewed annually by the Finance and General Purposes Committee IF&GPI The Investment Policy should be reviewed and endorsed annually by the Governors Investments will be made on the instruction of the F&GP Money held on deposit should be reviewed periodically to ensure that it is earning the maximum interest for the School. To have due regard when investing funds to the fact that some funds held by the School are due to be returned to parents when their son leaves the School or are payment in advance for provision of education in the future. The Group increased bank interest income in RGS Guildford and the Foundation by placing Treasury deposits at higher interest rates than applied to the bank accounts. The Group sold its remaining investment held with CCLA Investment Managers in order to simplify administration {see note 81. Fundraising Until 17 July 2024 fundraising for School funding priorities was carried out by the The Royal Grammar School, Guildford Foundation {"the Foundation"). which raised funds for bursaries. On 17 July 2024 the Foundation merged with, and became a cost centre of, the School, now called the Development and Alumni Relations Office {"DARO"I (see note 20). DARO'S fundraising activities are carried out by an in-house staff team. DARO adheres to the Code of Fundraising Practice. 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 Foundation's key mode of fundraising which helps to ensure that philanthropic relationships are not developed with anyone who might be vulnerable or be in vulnerable circumstances. No complaints relating to fundraising were received in 2023/24. FUTURE PLANS The Group's development plans were agreed by Governors and are subject to annual review. The main plans for the next year to help the Group achieve its objectives are: 18

To fulfil the Group's charitable aims by spreading educational best practice, offering bursaries, and benefitting the community; To continue to develop mutually beneficial partnerships with other educational establishments at a local, national and international level; To enhance further the support for students. and staff welfare and personal development; To foster outstanding teaching and learning. To continue to work towards widening access to the School for students with limited means- and To adapt to the impact of tax changes. These plans underpin individual detailed development plans for each area, which will enhance the Group's ability to provide an exceptional education. RISK MANAGEMENT The Governors have examined the principal areas of the Group's operations and considered the major risks faced in each of these areas. The risk assessment is updated at least annually, and more frequently if appropriate to take into account changing circumstances. The risk assessments are considered by the RGSG Education committee, the RGS Prep committee and the boards of the individual companies as appropriate before passing to the F&GP committee and the Board for discussion. The main risks that have been identified are: Cyber-attack, causing major theft, loss or corruption of data or systems that could damage the school's operations, finances or reputation. The safety of systems is regularly reviewed along with the development of disaster recovery systems, 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 governors will help reduce the impact of a change of Head. Uncertainties about the economy could further affect parents, finances and 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. The introduction of legislation such as VAT on fees and loss of business rates relief causing financial pressure on independent schools. The outcomes of policies publicised by political parties are kept under review. Incidents that have the potential to damage the reputation of the School. This could cover a wide range of incidents 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. ability to deliver education combined with the economic impact affecting parents. finances and ability to pay school fees. Excellent remote teaching and learning capability was rolled out and enhanced by the school during the initial period of lockdown, significantly mitigating the risk of the schools being unable to deliver quality education. The Group has established a review system and allocated sufficient resources to ensure that those risks identified have been mitigated to a level acceptable for the Group's day to day operations. The Group regularly reviews the effectiveness of current plans and strategies for managing all identified major risks forthe School and other group organisations. The Annual Report which includes the Strategic Report was approved by the Charity and signed on its behalf by: garah Cr66dy 19 December 2024 Mrs S K Creedy 19

Independent auditorfs report to the members of 1509 Group Opinion We have audited the financial statements of 1509 Group for the year ended 31 July 2024 which comprise the Consolidated Statement of Financial Activities, Company and Consolidated Balance Sheet, Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finonciol Reporting Standard applicable in the UK and Republic of Ireland (United 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 of the parent charitable company's affairs as at 31 July 2024 and of the group's and parent charitable companvs net movement in funds, including the income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. a nd have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI (ISAS {UK}l and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible forthe other information. The other information comprises the information included in the Directors, Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: 20

the information given in the Directors, Report (which includes the strategic report prepared for the purposes of company lawl for the financial year for which the financial statements are prepared is consistent with the financial statements; and the strategic report included within the Directors, Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors, Report (which incorporates the strategic report). We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept by the charitable company: or the charitable company financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made- or we have not received all the information and explanations we require for our audit. Responsibilities of trustees for the financial statements As explained more fully in the Directors, responsibilities statement the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's and the parent charitable companws ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below- Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to The Education Ilndependent School Standards) Regulations 2014, safeguarding regulations. health and safety requirements, GDPR. employment law and charity law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2(X)6. the Charities Act 2011. payroll tax and sales tax. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements {including the risk of override of controls), and determined that the principal risks were related to regulations related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed by the engagement team included: 21

Inspecting correspondence with regulators and tax authorities- Discussions with management including consideration of known or suspected instances of non- compliance with laws and regulation and fraud- Evaluating management's controls designed to prevent and detect irregularities- Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions- and Challenging assumptions and judgements made by management in their accounting estimates Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.or auditorsres onsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Tracey Young (Senior Statutory Auditor} For and on behalf of Haysmac LLP, Statutory Auditor 10 Queen Street Place London EC4R IAG 2811212024

1509 Group Consolidated Statement of Financial Activities (Incorporating Income and Expenditure Account) Forthe year ended 31 July 2024 Unrestricted Funds Restricted Funds 2023-2024 Total 2022-2023 Total Note £000 £000 £000 Income from: Charitable Activities School fees receivable Other educational income Other ancillary trading income 2{a} 4{al 41bl 27.260 1.584 1.085 27,260 1,584 1,085 24,862 1,265 965 Donations and legacies 386 387 691 Investments 355 355 98 Other Income 41c) 226 226 444 Total Income 30,511 386 30,897 28,325 Expenditure on: Raising Funds Finance costs 5{a) 108 108 60 Charitable activities Schools and grantmaking Ancillary trading 5{b} 28,384 25 390 28,774 30 27,156 29 Exceptional pension credit 17 (v) 11.7541 11,7541 Total Expenditure 26.763 395 27,158 27,245 NET INCOME FROM OPERATIONS BEFORE TRANSFERS AND INVESTMENT GAINS 3,748 {9) 3,739 1,080 Net gain/(loss) on investments NET INCOME 3,750 {9) 3,741 1,080 Transfers between funds 14 (dl NET MOVEMENT IN FUNDS 3.750 {9) 3,741 1.080 Fund balances brought forward at l August 21 40,566 2,362 42,928 41,848 FUND BALANCES carried forward at 31 July 44.316 2.353 46,669 42,928 The School ha5 no gains or losses that are not shown above. All operations are continuing. The accounting policies and notes on pages 27 to 43 form part of these Financial Statements. 23

1509 Group Company Balance Sheet As at 31 July 20234 Company number 4104101 Notes 2024 2023 FIXED ASSETS £000 £000 Investment in group company share capital 300 300 CURRENT ASSErs Cash 735 64 735 64 CREDITORS: due within one year Amounts owed to the School for recharges Accruals (41 141 li 141 141 NET CURRENT ASSETS 727 60 TOTAL NEf ASSETS 1,027 360 Represented by: RESTRICTED FUNDS 14 14 14 UNRESTRicfED FUNDS 14 1,013 346 Total funds 1,027 360 The unconsolidated surplus of the company was £666,95812023- Loss £5.3121. Approved by the Board of the 1509 Group on 19 December 2024 and signed on its behalf by- Sarah Creedy - Director Sarah Cr66dy Tom Lingard - Director The accounting policies and notes on pages 27 to 43 form part of these Financial Statements. 24

1509 Group Consolidated Balance Sheet As at 31 July 2024 Company number 4104101 Con501idated Note 2024 2023 £000 FIXED ASS￿5 Tangible fixed assets Investment assets 39,864 37.372 46 37,418 39.864 CURRENT ASSErs Stocks Debtors Cash and deposits 56 77 io 1.125 20.219 654 12,255 21,400 12,986 CURRENT LIABILITIES Creditors payable within one year Pension Scheme Liabilities li 17 li) 19,6531 15,2261 11,7541 NET CURRENT ASSErs 11,747 6,006 TOTAL ASSEfs LESS CURRENT LIABILITIES 51.611 43.424 CREDITORS: due after more than one year 12 {4.9421 14961 TOTAL NET ASSETS 46,669 42,928 Represented by: 14 RESTRI￿ED FUNDS 2.353 2,362 UNRESTRICTED FUNDS Designated General UNRESTRICTED FUNDS 38,983 5.333 36,278 4,288 44,316 40.566 TOTAL FUNDS 46,669 42,928 Approved by the Board of 1509 Group on 19 December 2024 and signed on behalf of the Company by.. Sarah Creedy- Director Sarah Cr66dy The accounting policies and notes on pages 27 to 43 form part of these Financial Statements. 25

1509 Group Consolldated Cash Flow Statement Year ended 31 July 2024 Note 2024 2023 Net cash Inflow from operatlons Net cash provided by operating activities note lil 5,237 95 Cash flows from investing activities- Payments for tangible fixed assets Proceeds on sale of tangible fixed assets Proceeds on sale of investments Investment income and bank interest received 14.2881 14 48 355 11.0831 107 98 Net cash used in investing activities 13,8711 18731 Cash flows from financing activities- Fees in Advance IFIAI Overdraft repayment Finance lease Increase in parents. deposits Finance lease interest Loan interest charÈe Other finance costs Net cash used by financlng actlvltles 6,486 12161 294 199 12161 99 1551 46 1191 1231 1151 iioi 6.598 1281 Change in cash and cash equivalents in the year 7,964 18061 Cash and cash equivalents at l August 2023 12,255 13,061 Cash and cash equivalents at 31 July 2024 note lill 20,219 12,255 {il Recontiliation of nèt intome to net cash Inflow from operatlng actlvltles 2024 2023 £￿0 Net income before investment gains Non-cash exceptional pension credit Elimination of non-operating cash flow5.. Investment Income Finance Costs Depreciation (Profit) on sale of fixed a55ets Decrease in stocks IincreasellDecrease in debtors Increase/lDecreasel in creditors lexcluding FIA, deposits, leases) 3.739 11,7541 1.080 13551 66 1,784 121 21 14711 2,210 1981 28 1,804 io 11061 12,6181 5.237 95 1111 Analysls of changes In Cash and Cash equlvalents Analysis of balances Change in Year 2024 2023 Balances at 31 July Cash Cash Equivalents IDep051ts of < 3 Months) 7,964 20,214 12,250 Changes in Cash and Cash èquivalents from the School's operations 20.219 12.255 The accounting policies and notes on pages 27 to 43 form part of these Financial Ststements. 26

NOTE 1: ACCOUNTING POLICIES

Basis of Accounting

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011, and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The financial statements have been prepared to give a �true and fair�view and have departed from the Charities (Accounts and Reports) regulations 2008 only to the extent required to provide a �true and fair�view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16[th] July rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

They are drawn up under the historical cost convention as modified by the revaluation, at fair value, of investments.

With VAT on school fees being implemented from January 2025 and pressure on family finances, the political and economic background remains challenging. However the Group holds significant cash balances and demand for school places at RGSG remains strong, with continuing high numbers enrolled for the academic year 2024/25. Collection of fee income continues to be robust. Conservative cash flow modelling with sensitivity analysis indicates that the cash reserves of the charity are adequate to meet the charity�s obligations as they fall due. Accordingly, the Directors believe the Group�s financial resources are sufficient to ensure there is no material uncertainty about the Group�s ability to continue as a going concern for the foreseeable future, being at least 12 months from the date of approval of the financial 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 environment in which the Group operates.

1509 Group is a Public Benefit Entity registered as a charity in England and Wales, Company Number 1084866, Charity Number 4104101. Its registered office is The Royal Grammar School Guildford, High Street, Guildford, Surrey GU1 3BB.

Critical Accounting Judgements and Key Sources of Estimation Uncertainty

In the application of the accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.

The key source of estimation uncertainty that has a significant effect on the amounts recognised in the financial statements are described in the accounting policies and are summarised below:

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Group�s financial statements:

Statement of Financial Activities (SOFA)

The Group has two types of fund:

Restricted �where the purposes for which the funds may be used have been restricted by donors; and

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Unrestricted �where the fund is not restricted as to use other than in furthering the objects of the Group. These include Designated Funds, where the funds are unrestricted, but the Governors have designated them for a specific purpose.

Income and Expenditure

Income and Expenditure is accounted for on an accruals basis with the exception of income from gifts and legacies. These are recognised when the charity is legally entitled to the income, the amount can be measured with reasonable accuracy, and the economic benefit to the School is considered probable.

Fees and similar income

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deductible allowances, scholarships and remissions allowed by the School, but include contributions received from Bursaries funds.

Donations and Legacies

Donations received for the general purpose of the Group are credited to income. Donations subject to specific wishes of the donors are carried to relevant restricted funds or used within the year for the appropriate purpose. Gifts in kind are valued at estimated open market value at the date of the 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 funds unless specified for a particular purpose in which case they are taken to restricted funds.

Expenditure

Expenditure is accrued as soon as the liability is considered 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 Activities with the expenditure to which it relates.

Governance costs are those costs incurred in the safeguarding of the School�s assets associated with constitutional and statutory requirements.

Investments

Until 2022/23 investments were shown at fair value at the year end. Realised and unrealised gains and losses on investments were accounted for through unrestricted or restricted funds as appropriate and were accounted for in the SOFA. During 2023/24 the School sold its remaining investments, so none remained at 31July 2024.

Tangible Fixed Assets

Expenditure on individual fixtures, fittings and equipment, motor vehicles, grounds and maintenance equipment and IT that are over £5,000 and capital in nature are capitalised, together with any spending of a capital nature relating to buildings.

Certain artefacts owned by the School are considered to be inalienable. It would be both difficult and costly to attribute a cost or valuation to these assets. In the event of future acquisitions 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.

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Heritage Assets

The School holds the Town Wall (or Garden Wall) that at one time divided the School�s property from the neighbouring Duke of Somerset�s House and is also the old boundary between the Stoke and Christchurch Wards of Guildford. From time to time members of the public are permitted access to view the wall along with the Old Building and other items of historical interest that are held and used primarily for educational purposes. The Wall is maintained as part of the School�s general care of its buildings, but also having regard to its commitment to the local community to care for a historical property. The Governors do not regard it practicable to obtain a valuation of the Wall and, accordingly, no value is ascribed to it.

Depreciation

Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost of each asset, less any estimated residual value based on current market prices, evenly over its expected useful life. New capital developments are depreciated only when work has been completed and they are brought into use. The depreciation rates for the principal categories are:

Freehold Buildings 2% per annum on a straight line basis Furniture & Fittings 15% per annum on a straight line basis Computer Equipment 33% per annum on a straight line basis Photocopiers 20% per annum on a straight line basis Motor Vehicles 20% per annum on a straight line basis Playing Field Equipment 12.5% per annum on a straight line basis Leasehold Property over the length of lease Leasehold Improvements over the length of lease Major Refurbishment 4% per annum on a straight line basis

Stock

Stocks are valued at the lower of cost and net realisable value.

Operating Leases

The annual rental for operating leases is charged to the Statement of Financial Activities on a straight line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight line basis over the lease term.

Finance Leases

Assets held under finance leases are capitalised at their fair value and depreciated over their estimated useful economic lives. Future obligations 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.

Pensions and Post Retirement Benefit Schemes

a) Defined Benefit Schemes

RGSG contributes to the Teachers�Pension Scheme, which is a defined benefit scheme, at rates set by the Government Actuary. The Scheme is a defined 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 with FRS 102, the Scheme is therefore accounted for as a defined contribution scheme. Contributions to the Scheme are charged to the SOFA as they become payable in accordance with the rules of the Scheme.

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In the past the School also contributed to the Surrey County Council (�SCC�) Superannuation Fund, a defined benefit scheme for support staff. With effect from 31August 2021, as a consequence of dwindling employee membership, the School withdrew from this scheme. In 2023/24, SCC and the School signed an agreement whereby SCC released the School from its closing liability in respect of the SCC Superannuation Fund. Accordingly, an amount equivalent to the 2022/23 closing liability was credited to the SOFA in 2023/24, and there was no liability at 31 July 2024.

b) Defined Contribution Schemes

The pension cost charged to the SOFA represents the contributions payable by the School under the rules of the Scheme.

Advanced Fees

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 after 31[st] July 2024. In the event of a pupil�s withdrawal from the School before all the agreed amounts have been credited, the School has agreed to return the relevant unspent portion of the capital 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 fees has been brought into these accounts as the liability which would arise if all the pupils covered by such arrangements completed the full term period of the contract entered into.

Deposits

The School receives a deposit from parents upon acceptance of a place for their son. The School refunds the deposit, less any appropriate deductions, after the pupil leaves 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.

Financial 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 doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions. Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year end exchange rate.

Taxation

As a registered charity the Group is generally exempt from Corporation Tax but not from Value Added Tax (VAT). Irrecoverable VAT is included with the cost of those items to which it relates.

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1509 Group Notes to the Accounts Year ended 31Jufy 2024 2024 2023 2. CHARITABLE ACllVITIES- FEES RECEIVABLE lal The Group's school fee Income comprlsed: Gross fees Less.. Total bursaries. scholarships and discounts 28,679 11,8101 26,869 26,195 11,6791 24,516 Add back.. Bursaries paid for by Re5trictedlDesignated Fund5 391 27,260 346 24,862 Buisaries were awarded frorn Re5trictedlUniestricted Funds to 75 individuals12023= 711. 3. Subsidiary Results and Balance Sheets The results and balance sheets of the subsidiaries of 1509 Group are shown in their summarised financial statements presented below. The RGS Guildford International was incorporated on 10th June 2015., The RGS Guildford International (Dubail Ltd wa5 incorporated on 19 June 2018., The RGS Guildford International (Chinal was incorporated on 15th July 2019,. The RGS Guildford International (Omanl Ltd was incorporated on 7th January 2022. and RGS Guildford Enterpri5e5 Ltd wa5 incorporated on 8th Octobei 2019. All Broup organisations were registered in England and Wales and share the same registered offKe as the parent charity. at The Royal Grammar School. Guildford, High Street. Guildford, Surrey GUI 3BB. The figures below are before ihe elimination of intra-group trading. Financial vear 2023124 Income Expense Net Result A55ets Liabilities Net assets £000 44,927 Royal Grammar School Guildford The Royal Grammar School. Guildford Foundation The RGS Guildloid International Ltd The RGS Guildfoid International (Dubail Ltd The RGS Guildlord International (Chinal Ltd The RGS Guildlord International (Omanl Ltd RGS Guildford Enterprises Ltd 32.540 371 iii 569 225 175 106 27.049 2,808 194 78 85 74 5.489 12,4371 1831 492 140 ioi 38 59,486 29 316 528 172 139 107 14,559 29 71 30 32 42 69 245 498 140 97 38 Financial year 2022123 Income Expense Net Result Liabilities Net assets £000 39,436 2,437 362 272 IS2 183 32 Royal Grammar School Guildford The Royal Grammar School, Guildford Foundation The RGS Guildford International Ltd The RGS Guildford International (Dubail Ltd The RGS Guildlord International (Chinal Ltd The RGS Guildford International (Omanl Ltd RGS Guildford Enterprises Ltd 27.183 709 26.834 363 133 65 349 346 35 266 152 182 32 46,989 2.783 371 275 155 186 42 7,553 346 331 206 255 91 73 59 io 1509 Group Company Number 10874615 4232306 9633181 11422203 12104378 13833679 12248925 Charity % Ownership Number 1177353 1089955 NIA NIA NIA NIA NIA Royal Grammar School Guildford The Royal Grammar School, Guildford Foundation The RGS Guildlord International Ltd The RGS Guildlord International (Dubail Ltd The RGS Guildford International (Chinal Ltd The RGS Guildford International (Omanl Ltd RGS Guildford Enterprises Ltd Ic(J% Ico% Ic(J% Ic(J% Ico% Ic(J% 31

1509 Group Notes to the Accounts Year ended 31Jufy 2024 4. CHARITABLE INCOME- OTHER lal Other educatlonal Income 2024 2023 £0 61 1,114 90 1,265 Registration fees Sundry parental receipts Sub-lettings 61 1,417 106 1,584 Ibl Other anclllary tradln8 Income 2024 2023 £0 960 Income from overseas activities Sales of merchandise 1,081 1,085 965 2024 2023 Icl Other income Gains on sale of tangible fixed asset5 Other 224 226 439 444 5. ANALYSIS OFTOTAL EXPENDITURE 2024 Totsl 2023 Total Staff costs Other Depreciation lal Cost of Raising Funds (Company & Group) Loan interest Finance lease interest Discount payable on advanced fees Other finance costs 23 19 55 42 li 55 42 li 15 Total finance costs for Company & Group 108 60 Ibl Charitable artivities Schools and granl making Teaching Welfare Premises Support costs of Schooling Grants, awards and prizes 14,867 2,325 1,526 3,018 1,539 391 231 17,423 1,616 4,747 4,597 391 16,072 1,481 4,759 4,498 346 592 2,642 1,137 416 Group's Operating Costs 18,191 8,799 1,784 28,774 27,156 Ancillary Irading costs Total Charitable Expenditure 30 8,829 30 28,804 29 27,185 18,191 1,784 Exceptional pension credit 11,7541 11,7541 Total Expenditure 18,191 7,183 1,784 27,158 27,245 Prior year Analysis of Expenditure 2023 Totsl 2022 Total £000 68 Staff costs Other Depreciation Cost of Raising Funds (Company & Group) Finance costs- Company & Group Charitable artivities Schools and granl making Teaching Welfare Premises Support Costs of Schooling Donation5 to other charities 13,566 2,327 1,398 3,123 1,542 346 179 16,072 1,481 4,759 4,498 346 14,851 1,260 3,979 3,791 340 538 2,429 1,098 527 Group's operating costs 16,616 8,736 1,804 27,156 24,221 Ancillary trading costs Total Charitable Expenditure 29 8,765 29 27,185 16,616 1,804 24,223 Totsl Expenditure 1&616 8.825 1.804 27,245 24.291 32

1509 Group Notes to the Accounts Year ended 31Jufy 2024 Icl Governance costs Included In support costs Auditors, remuneration The RGS and Foundation 1509 Group The RGS Guildford International Limited The RGS Guildford International (Dubail Limited The RGS Guildford International (Chinal Limited The RGS Guildford International (Omanl Limited The RGS Guildford Enterprises Limited Other services Other direct costs Trusiee's cosis 2024 2023 £0 34 34 61 57 Audit015' remuneration costs are inclusive of VAT. Trustee5' COSt5 related to the c05t of Governor meetings £1.785 and expense5 £273. There are 21 Governor5 who are directors of RGS and RGS Prep. There was no Trustee remuneration during the year. 33

1509 Group Notes to the Accounts Year ended 31Jufy 2024 6. EMPLOYEES Teachln8 Other 2024 2023 £0 12,399 1,412 2,330 475 16,616 Wages and salaries Social security costs Pension contributions Other staff costs 10.729 1.262 2.391 447 14,829 2,705 321 245 91 3.362 13,434 1,583 2,636 538 18,191 Average number of employees during the year 2024 Full time 135 2023 Part time Full time 134 69 203 Part time 41 45 86 Teaching Non Teachin8 49 89 203 The number of employees whose emoluments. excluding employer's pensions contributions. exceeded £60.(th were: £60,001- £70,0 £70,001- £80,0 £80,001- £90,0 £90,001- £1(M),(YJO £i(MJ,OOi- £iiO,O £110,001- £120,0 £150,001- £160,0 £160,001- £170,0 £250,001- £260,0 £270,001- £280,0 £280,001- £290,0 2024 40 27 li 2023 38 12 85 58 A number of staff are not rnember5 of any pension scheme and the employer pension contribution is paid to them a5 part of their overall rernuneration and 15 included in the pay bands above. Pension contribulions of £1.398k12023- £869kl were made into pension schemes in respett of higher paid employees during the year. Of this. contributions of £1,146k12023- £783kl were made into a defined benefit pension scheme. The total employee benefits of key management personnel (the Senior Management Teams of both schools), including employer pension contributions and national insurance, were £2.434k12023- £2.233kl. During the year there was one termination payment totalling £60k12023= £13k for two terminations). No remuneration was paid to Governors during 2024. Expenses paid to Governors totalled £0.3k12023: £0.5kl and related to personalised badges. 7. Tangible fixed assets- Consolidated Only Cost and depreciation Computer Equipment Freehold land and lyJildin8s Leasehold property Fixtures. Fittings and Equipment Total Cost At beginning of year Additions Disposals 1.744 509 50.192 3.416 2.129 4,251 363 1631 58,316 4,288 1631 At end of year 2.253 53.608 2.129 4,551 62,541 Depreclatlon Ai beginning of year Charge for the year Eliminated on Disposal 1.326 231 15.097 1.091 1.201 3.320 416 1511 20,944 1,784 1511 At end of year 1.557 16.188 1.247 3,685 22,677 Net Book Value At end of year 696 37.420 882 866 39,864 Al beginning of year 418 35,095 928 931 37,372

1509 Group Notes to the Accounts Year ended 31Jufy 2024 8. Investment assets Unrestrlrted funds Restrlcted fvnds Group Total £0 46 At beginning of year- (market value) Realised gains on disposal Disposals 1481 1481 At end of year- (market value) 9. Stocks- Company and Consolldated Group 2024 Company 2024 Group 2023 Company 2023 CaterinE/cleaning stocks School items for resale 22 20 57 Total Stock 56 77 10. Debtors- Company and Consolidated Group 2024 Company 2024 Group 2023 Company 2023 Fee debtors Le55 Provision lor bad debts Other debtor5 and prepayment5 Total Debtors 152 1741 1.047 1,125 227 1711 498 654 35

1509 Group Notes to the Accounts Year ended 31Jufy 2024 11. Credltors: due within one year Group 2024 Company 2024 Group 2023 Company 2023 £0 Bank overdraft Trade and other creditors Obligations under finance leases Other taxes and social securitv Accruals Acceptance deposits Fees received in advance Advanced fees Isee note 131 Total Creditors I,CQ3 2,883 257 403 320 2.078 301 2,408 9,653 1,219 117 405 267 1.979 142 214 5,226 The bank overdraft of £lm12022". El.2ml is secured by charges on the freehold and buildings of the school. The overdraft is repayable on demand and is therefore included in Creditors.. due within one year. The Governor5 have reviewed the contract teim5 under which the School hold5 acceptan￿ fee dep051ts. Although under normal circumstances these will be repaid over future years when the pupils complete their education at the Sch￿1. pupils can leave at earlier dates. The School does not therefore have an unconditional right to ietain the individual deposlt5 foi at least 12 months after the balance sheet date and. in line with the requirernent5 of FRS 102, the balance of the deposits held at 31 July 2024 have been included in current liabilities_ The prior year acceptance deposits balance has been similarlv fepresented. 12. Creditors: due after more than one year Group 2024 Company 2024 Group 2023 Company 2023 £0 Obligations under finance leases Advanced fees15ee note 131 406 4.536 4,942 252 244 496 The obligations under finance leases relate to pupils. Microsoft surfa￿ laptops. The finance leases are payable.. Group 2024 Company 2024 Group 2023 Company 2023 £0 Within I to 5 years Within one year I see note 111 406 257 663 252 117 369 13. Advanced Fee Payments Parents may enter into a contrart to pay the School up to Ihe equivalent of seven years, tuition fee5 in advance. The money May be returned subject to specific conditions. Assuming pupils will remain in the School. advance fees will be applied as follows.. Group 2024 Company 2024 Group 2023 Company 2023 After 5 years Within 2 to 5 years Within I to 2 years 117 2.314 2.105 30 ioi 113 After more ihan one year Within one year (see note 111 4.536 2.408 6.944 244 214 458 The balance represents the accrued liability underthe contracls. The movements during the year were.. Group 2024 Company 2024 Group 2023 Company 2023 £000 Balance at beginning of year New contracts Amounts accrued to contracts 458 6,912 42 259 345 7,412 607 Amounts utili5ed'. In payment of fees Balance at end of year 14681 6,944 11491 458 36

1509 Group Notes to the Accounts Year ended 31Jufy 2024 14. ￿lOcatIOn of the Company net assets The School ha5 identified land which it owns and 15 considered perfflanently endowed. The walue of thi5 land ha5 a historic c05t of £554 and 15 fully wiitten down within the financial statements. The Directors do not consider this material in the context of the overall financial statements and have therefore included these a55ets a5 part of the general funds Wtthin these financial 5tatement5. Major Restricted Funds.. Restricted Funds within 1509 Group are made up of the income and expenditure associated with the holding of property on behalf of the School. and the charitable deploytnent of any 5uipluse5. Restricted Funds within the School comprise.. The bursary fund transferred from the Foundation to the School as part of the merger on 17 July 2024, and A small number of ad hoc minor funds. The restricted bursary fund provides an amount of funding each year which is expended on current year bursaries. Major Unrestrlrted Funds: Unrestricted Funds within 1509 Group are made up of the expenses as the parent company of the School. the management of restricted assets and company administration. Unrestricted Funds within the Foundation are made up of unrestricted donations and other income received by the Foundation, less purchases made to generate that income. Unrestricted Funds in the School are made up of designated and general funds.. The Designated Tangible Net Fixed Asset Fund is a fund set up to represent tangible fixed assets less the overdraft. A transfer will be made to or from this reserve each year to maintain the relationship. The Designated Prize Fund generates income each year which is used to make a contribution to prizes awarded to boys during the year. lal The consolidated net assets at 31 July 2024 are held for the various funds and adVan￿d fees as follows: Long Term Llabllltles Bulldln8s and Equlpment Investments Net Current Assets Total £0 Restricted 1509 Group Ad hoc minor funds Foundation Total Restrlcted Funds 14 89 2,250 2,353 14 89 2,250 2,353 Unrestricted- designated funds Tangible Net Fixed Asset Fund Prize Ad hoc minor funds 39,864 11,CX)31 38,861 60 62 62 Total Designated Funds 39.864 18811 38,983 Unrestricted- 1509 Group Unrestricted- School/Capital Development Unrestricted- The RGS Guildford International Ltd Unrestricted- Dubai Unrestricted- China Unrestricted- Oman Unrestricted- Enterprises Total Unrestricted Funds 1,013 1,013 3,602 1551 498 140 97 38 44,316 14,9421 1551 498 140 97 38 9,394 39,864 14,9421 Total Funds 39,864 11.747 4,9421 46,669 The Tan8ible Nei Fixed Asset Fund represents tangible fixed assets net of depreciation and bank overdraft outstandin8. 37

1509 Group Notes to the Accounts Year ended 31Jufy 2024 Ibl RestrS¢ted funds: movements In the year Balance at 31 July 2023 Investment intome Investment Bains Transfersl net Income Grants and allocations Balan￿ at 31 July 2024 £0￿) 14 1509 Group Bursary fund Ad hoc fund5 Foundation Total Restricted funds 14 391 67 315 773 13911 1251 13661 17821 46 2.301 2,362 88 2,250 2,353 Icl Unrestritted funds.. movements in the year Balan¢e at 31 July 2023 Investsi)ent Investment Transfers/ net income gains income Balance at 31 July 2024 Donation5 Designated funds Tangible Net Fixed A55et Fund Prize Ad hoc fund5 Total Designated fund5 36.153 2,708 38,861 60 62 38,983 65 36.278 2.705 General funds 1509 Group School General/Capital Development Foundation General International Dubai China Oman Enterprises Total Unrestrirted Funds 346 3.106 136 62 272 152 182 32 40.566 667 1,013 3,602 309 46 183 11831 11171 226 1121 1851 1551 498 140 97 38 44,316 355 3.393 Idl Transfers between fund5 Generdl Designated Restricted Transfer of general reserves from Designated Tangible Net A55et fund 12.7081 2.708 Comparative Allocation of group net assets lal The comparative consolidated net assets at 31 July 2023 are held for the variou5 fund5 and adVan￿d fees as follows= Long Term Liabilities Buildings and Equiprnent Investrnents Net Current Assets Total Restricted 1509 Group Bursaries Ad hoc Minor Fund5 Foundation Total Restricted funds 14 14 46 2,301 2.362 46 2,301 2,362 Unrestricted- designated fvnds Tangible Net Fixed Asset Fund Prize Ad hoc Minor Funds 37.372 11.2191 14 65 36,153 60 65 Total Designated Funds (School &Totall 37.372 46 11.1401 36,278 Unresirided- 1509 Group Unrestricted- School]Capital Development Unrestricted- Foundation General Unrestricted- International Unrestricted- Dubai Unrestricted- China Unrestricted- Oman Unrestricted- Enterprises Total Unrestrlcted Funds 346 3,106 136 62 272 152 182 32 40,566 3.602 136 62 272 152 182 32 14961 37.372 46 14961 Total Funds 37.372 46 6,006 14961 42,928 The T3ngible Net Fixed Asset Fund repre5ent5 tangible fixed assets net of depreciation and overdraft outstanding.

1509 Group Notes to the Accounts Year ended 31Jufy 2024 Ibl Restrirted funds: movements in the year Balance at 31 July 2022 Investmert Investment Income 8alns Transfersl net Income Grants and allocatlons Balance at 31 July 2023 1509 Group Bursary fund Gieve fund Ad hoc funds Foundation 14 14 346 11091 13461 106 1171 46 2,301 1.961 Total Restricted funds 577 363 Icl Unrestritted funds.. movements in the year Balance at 31 July 2022 Investment income Investment Transfers/ net gains income Balan￿ at 31 July 2023 £0 Donation5 Designated funds Tangible Net Fixed A55et Fund Prize Ad hoc funds Total Designated fund5 33.528 51 2,625 36,153 60 65 65 33.644 2,633 36,278 Unrestritted 1509 Group School Generallcapital Development Foundation General International Dubai Chin Oman Enterpri5e5 Total Unrestricted Funds 351 5.266 131 86 143 82 346 3,106 136 62 272 152 182 32 40,566 12,2541 1241 129 70 182 32 768 39,703 95 15. Operatln8 Leases As at 31 July 2024, the minimum lease paymenls to which the School is committed under non-cancellable operating leases are.. Land and Buildings 2024 2023 £000 145 446 591 Under l year More than l year and less than 5 years 145 302 447 Operating lease payments (Land and Buildings and Other) provided for as an expense in 2024 were £144,97212023- £141,449). 16. Capital Commitments At 31 July 2024, the arnount of capital work5 authorised and contracted but not provided for in these account5 is £404k12023- £378kl. 39

1509 Group Notes to the Accounts Year ended 31Jufy 2024 17. Penslon Obll8atlons Teachers, Pension Scheme The School participate5 in the Teachers, Pension Scherne I'the TPS'I for some of its teaching staff. The pension charge for the year includes contributions payable to the TPS of £2.12(12022123- £1.998kl and at the yearnd £O12022123- £0) was accrued in respect of contribution5 to this scheme. The TPS is an unfunded multi-employer defined benefits pension scherne governed by The Teachers. Pensions Regulations 2010 las amended) and the Teacher5, Pension Scheme Regulation5 2014 las amended). Mernber5 contribute on a'pay as you go" ba515 Wlth contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The m05t recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2023. Following the Mccloud judgement, the remedy proposed that when beneffits become payable, eligible members can select to receive them from either the reformed or le8acy schemes for the period l April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefi15, and in preparing the 2020 valuation have valued the'Breater value. benefits for groups of relevant members. The valuation confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from l April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68Y¢. Since April 2024 the cost to the School of the total TPS employer contribution ha5 been capped with staff contributing the difference between the cap and the new rate of 28.68%. Teachers are able to opt out of the TPS and join a defined contribution pension plan with a total employer cost, including benefits, at the same level as the cap. Surrey County Council Supeiannuation Scheme Until 31st August 2021, the School participated in a defined benefit scheme for non-leaching staff, the Surrey County Council ISCCI Superannuation Scheme. which is administered in accordance with the Loc31 Government Pension Scheme (Benefits, Membership and Contributionsl Regulations 2￿7, the Local Government Pension Scheme IAdministrationl Regulations 2(X)8 and the Local Government Pension Scheme (Transitional Provisions) Regulations 2LKI8. The School withdrew from the SCC Superannuation Scherne during 202V22. with a cessation date of 31st August 2021. This cry5talli5ed the School's portion of the pension scheme deficit. and the value of the cessation deficit as at 31st August 2021 was £1.754,(M)O. This liability appealed in creditors at 31st July 2023. The net pension liability on the Balance Sheet at 31st July 2023 of £1.754.(th was the liability at the point of cessation on 31st August 2021 calculated as an update to the m05t recent full revaluation of the scherne at 31st March 2019. A reconciliation frorn the full revaluation at 31st March 2019 to the cessation valuation in these accounts is provided in Note livl below. In 2023124, SCC and the School signed an agreement whereby SCC released the School from the net pension liability. Accordingly. £1,754.0(K) wa5 credited to the Staternent of Financial Activities and there wa5 no liabiltty at 31st July 2024. 40

1509 Group Notes to the Accounts Year ended 31Jufy 2024 Cessation Valuation 311812021 Valuation 311312019 Funding Position at 31 August 2021 (cessation datel- Active Deferred Pensioner 2,066 517 2,589 5,172 2,078 6,272 8,350 Assets 6,596 5,916 SurplusllDeficitl 11,7541 744 Artuarial Assumptions- Financial knumption: Discount ratelanticipated investment returns Pre-retirement Post- retirement Salary increases Benefit increases i.o% i.o% 3.3% 2.4% 4.2% 4.2% 3.2% 2.3% Actuarial Assumptions- LongevityAssumption: Life expectancy from age 65 years Current pensioners Male Female 22.3 24.4 22.1 24.3 Future pensioners Male Female 23.4 26.1 22.9 25.7 Changes in the fair Value of the scheme assets are as follow5: Surpluslldeficiil at 31 March 2019 Interest on surpluslldeficiil Investment outperformance Contributions greater than cost of accrual Change in market conditions Move to cessation funding assumptions Membership experience 744 78 318 394 1631 13,0771 11481 12,4981 Deficit at 31 July 2023 Credited to the Statement of Financial tiabilitie5 on release of the liability Surplus/lDeficitl at 31 july 2024 11,7541 1,754 The amounts intluded in the Statement of finantial Aciivities are as follows. 2024 2023 Total amount credited to the Statement of Financial Activities 1,754 41

1509 Group Notes to the Accounts Year ended 31Jufy 2024 18. Analysls of Net FundsllDebtl Asat 31 July 2023 Other Movements Asat 31 July 2024 £0 20,219 Cash Flow Net cash balances 12.255 7,964 Credltors: due within one year Finance leases Bank overdraft Advance Fee agreements 11171 11.2191 12141 11401 12571 11,(M)31 12,4081 216 12,1941 Credltors: due after more than one year Finance leases Advance Fee agreements 12521 12441 10,209 11541 14061 14,5361 11,609 14,2921 1,694 12941 19. Related party transactions 1509 Group is ihe parent undertaking of the Royal Grammar School Guildford. charity number 1177353. company number 10874615 and also of the Foundation (The Royal Grammar School, Guildford Foundation), charity number 1089955, company number 4232306, and is the ultimate parent company of the group. On 17 July 2024 the Foundation merged with. and became a cost centre of. the School. The RG5 Guildford International Limited, company number 09633181. RGS Guildford Internaiional (Dubail Limited, company number 11422203, RGS Guildford International (Chinal knmited, company number 12104738, RGS Guildlord Enterprises Limited, company number 12248925 and RGS Guildford Internalional (Omanl Limited. company number 13833679 are all subsidiaries of the 1509 Group. Neither 1509 Group nor persons connected with it received any remuneration or other benefit5 from the School 01 any connected organi5ation. Travel expenses are only reimbursed exceptionally. and with the prior approval of the Chairman of Governors. 1509 Group claimed no expenses relating to the administration of the Charity. During the year the Royal Grammar Schwl Guildford IRGSGI charged The RGS Guildford International Ltd IRGSGII £121.48312023- £81.9301 relating to time spent on International work. At the end of the ye3r RGSGI owed the School £44.934 12023- £0.IM)I. During the year RGSG charged The RGS Guildford International IDubail Ltd IRGSGIDI E67.49312023- £49,0161 relating to time spent on International work. At the end of the year RGSGID owed the School £2s.8￿12023- £431. During the year RGSG charged The RGS Guildford International Ichinal Ltd IRGSGICI £67,49312023- £49,016) relating to time spent on International work. At the end of the year RG5GIC owed the School £25.96012023- £0.WI. During the year RGSG charged The RGS Guildford International Iomanl Ltd IRGSGIOI £67.49312023- £49.0151 relating to time spent on International work. At the end of the year RGSGIO owed the School £25,73912023- £0.CXII. During the year RG5G charged the RGS Guildford Enterprises Ltd IRGSGEI £53,17612023- £46,450) relating to time spent on International work. At the end of the year RGSGE owed the School £61.54812023- £3.2481. The Foundation transferred £366,337 of donations to the School in the period to 17 July 202412023= £345.8811. The Foundation's costs of £322,(KIO12023.. £271,500), for both fundraising and alumni work were covered by the School during the period. At the date of the merger the Foundation owed the School £294,91512023.. £353,737). The School made a transfer to the Foundation of £55.(KKI during the period12023.. £111.OQKII for the Foundation's Enduring Bursary Fund. During the year the company received gifts of £34.909 from RGSGI. £266.221 from RGSGID. £152.032 from RGSGIC. £186,152 from RGSGIO and £32,054 from RGSGE, giving total gifts of £671,368. During the year there were no donations from the Directors of 1509 Group to the Foundation. 20. Merger of the Foundation with the School On 17 July 2024 the operations, assets and liabilities of the Foundation were transferred to the School. The following table shows the net a55etS transferred to the School on 17 July 2024 at fair value. Cash Other net liabilities Total net assets 2.695 12621 2,433 42

1509 Group Notes to the Accounts Year ended 31Jufy 2024 21. Statement of Nnanclal Artl¥ltles- ComparatS¥e figures byfund type Year Ended 31 July 2023 Unrestrlrted Restrlcted FundsTotal £0 Income from Charltable Actlvltles School Fees Other educational income Other ancillary trading income Ljonatlons and Le8acles Donations and legacies 24,862 1,265 965 24,862 1,265 965 69) 691 Investments Income from Investments 95 98 Other Income Total Income 27,632 693 28,325 Expenditure on Raising Funds Expenditure on Charitable artivities Schools and grantmaking Ancillary Trading 60 26,793 25 363 27,156 29 Totsl Expenditure 26,878 367 27,245 NET INCOME FUNDS FROM OPERATIONS BEFORE INVESTMEP LOSSES 754 326 1,080 Transfers between fvnds 109 11091 NET MOVEMENT IN FUNDS 863 217 1,080 Fund balances at l August 2022 39,703 2,145 41,848 FUND BALANCES at 31 July 2023 40,566 2,362 42,928 43