2025-07-31-accounts

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1509 Group

Annual Report & Financial Statements

For the Year Ended

31 July 2025

Charity Number 1084866 Company Number 4104101

1.	Introductory statement .................................................................................................................... 1	Introductory statement .................................................................................................................... 1
2.	Reference and Administrative details .............................................................................................. 1
	2.1	Legal and Administrative information ................................................................................ 1
	2.2	Trustees, Directors and Members of the Charitable Company .......................................... 1
	2.3	Executive Team ................................................................................................................... 2
	2.4	Company Secretary ............................................................................................................. 2
	2.5	Professional Advisers .......................................................................................................... 3
3.	Trustees’ Annual Report (incorporating the Strategic and Directors’ Reports) ............................... 3
	3.1	Strategy and Objectives ...................................................................................................... 3
	3.2	Achievements and Performance ......................................................................................... 3
	3.3	Public Benefit Statement .................................................................................................... 4
	3.4	Structure, Governance and Management .......................................................................... 4
	3.5	Financial Review .................................................................................................................. 5
	3.5.1	Results for the year............................................................................................................. 5
	3.5.2	Reserves level and policy, and financial viability................................................................. 6
	3.5.3	Investment policy, objectives and performance.................................................................. 7
	3.6	Fundraising .......................................................................................................................... 7
	3.7	Principal Risks and Uncertainties ........................................................................................ 8
	3.8	Future Plans ........................................................................................................................ 8
	3.9	Section 172(1) Statement ................................................................................................... 9
	3.10	Energy and Emissions Report ............................................................................................ 10
	3.11	Employee Matters ............................................................................................................. 11
	3.12	Statement of Directors’ Responsibilities ........................................................................... 11
Independent		Auditor’s Report to the Members of 1509 Group ................................................................. 13
Statement of		Financial Activities……………………………………………………………………………………………................ 16
Balance Sheets…………………………………………………………………………………………………………………..………………….17
Cash Flow Statement…………………………………………………………………………………….………………….…………………..19
Notes	to the Financial Statements…………………………………………………………………………………………………………20

1. Introductory statement

The Members and Directors of 1509 Group present its annual report (including the Trustees’ Report) together with the audited accounts for the year ended 31[st] July 2025 and confirm that it complies with the requirements of the Companies Act 2006, Charities Act 2011 and the Charities Statement of Recommended Practice (SORP) 2019.

2. Reference and Administrative details

2.1 Legal and Administrative information

Company and Charity Name: 1509 Group

Charity Registration Number: 1084866 (registered with the Charity Commission for England and Wales) Company Registration Number: 04104101 (registered in England and Wales)

Registered Office and Principal Address:

Royal Grammar School High Street Guildford Surrey GU1 3BB United Kingdom

Legal Status: A charitable company limited by guarantee and not having a share capital, incorporated on 8 November 2000. The charity is governed by its Articles of Association.

2.2 Trustees, Directors and Members of the Charitable Company

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.

	Name	Role(s)	Date of appointment	Date of resignation
Directors
F,N,E,P	Mrs S K Creedy MA	Chairman of Governors	March 2004
E	Mr SGS Gimson, MSc (Def Tech)		March 2016
F	Mr NEJ Vineall KC MA		December 2020
F, N	Mrs H Styche-Patel BSc, MBA	Vice-Chairman of Governors Chairman of Nominations Committee	December 2016	Resigned 15 Oct 2025
F, N	Mr T Lingard BSCI, MINSTP	Vice-Chairman of Governors Chairman of Nominations Committee(since Oct 2025)	July 2023
P,N	Mrs M-L Logue MA	Chairman of RGSG Prep Committee Vice-Chairman of Governors Appointed as Director July2025	July 2025

F,N	Mr S Meredith BA FCA ChA	Chairman of Finance & General Purposes Committee Appointed as Director July2025	July 2025
E, N	Mr M Windsor BA MA	Chair of Education Committee (until Oct 2025)	July 2023
Members
E	Dr L S K Linton MA MB ChB MRCP		March 2010
E	Mrs F E Carter BA PGCE		March 2022
	The Earl of Onslow, High Steward of Guildford		September 2012
P	Mrs N Nelson-Smith BA		December 2018
E	Prof MJ Humphreys MBE PhD LLB PFHEA		July 2019
P	Mrs K Atkinson BDS		July2020
E	Prof H Treharne BSc MSc PhD SFHEA FBCS		December 2020
F	Ms K Spasic ACMA CGMA		December 2021
	Mr M More- Molyneux, Lord Lieutenant of Surrey		January 2023
E	Mr C W Ngwena		December 2023
F	Mr R Waterhouse		December 2023
P	Canon S Butler BSc CNAA MA		March 2024
P	Mrs PA Barrow BCom LLB		October 2024	Appointed 1 Oct 2024
E	Mrs A McAuliffe	Chairman of Education Committee (since Oct 2025)	October 2025	Appointed 15 Oct 2025
F P E N	Members of the Finance and General Purposes Committee Members of the RGSG Prep Committee Members of the Education Committee Members of the Nominations Committee

2.3 Executive Team

2.3 Executive Team
Name	Role
Dr JM Cox BSc PhD	Headmaster
Mr T Freeman-DayBA PGCE	Head(RGS Prep)
Mr Sam Maiden	Chief StrategyOfficer
Mrs RF Whitham BSc MBA	Director of Finance and Operations and Clerk to the Governors
Mr Adrian Woodman	Senior DeputyHead(RGS)
Mrs Jill Thorpe	DeputyHead(RGS)

2.4 Company Secretary

Mrs RF Whitham BSc MBA

2.5 Professional Advisers

Principal Bankers National Westminster Bank Plc

Guildford Commercial Office PO Box 1, 2nd Floor G3 2 Cathedral Hill Guildford Surrey GU1 3ZR

Independent Auditors

HaysMac LLP 10 Queen Street Place London EC4R 1AG

Principal Solicitors

Moore Barlow LLP The Oriel Sydenham Road Guildford Surrey GU1 3SR

3. Trustees’ Annual Report (incorporating the Strategic and Directors’ Reports)

3.1 Strategy and Objectives

1509 Group is a charitable company limited by guarantee. Its object is the advancement of education in the United Kingdom and internationally, achieved primarily through the operation of RGSG and its subsidiaries. The Group delivers its objectives by running high-quality schools in Guildford and overseas and by promoting values of inclusivity, scholarship, integrity, respect, courage, and collaboration. Strategic priorities currently include collaboration, diversity and inclusion, and enhancing the student experience. The Group also pursues international partnerships to extend its educational ethos globally and to generate income that supports bursary provision in Guildford.

3.2 Achievements and Performance

1509 Group, as the parent company of RGSG, RGSG Enterprises and The RGS Guildford International subsidiaries, performed well during the year. At RGSG, academic outcomes remained strong, with 36% of A Level grades awarded at A* and 93% of pupils accepting offers from Russell Group universities. At GCSE, over two-thirds of grades were awarded at grade 8 or 9, while pupils at the Prep School achieved scholarships across music, drama, sport, and academic subjects.

The School continued to deliver a wide-ranging co-curricular and enrichment programme. Charitable initiatives and volunteering opportunities were extensive, and partnerships with local schools were strengthened through masterclasses and outreach programmes. Pupils benefited from a wide variety of trips, competitions, and cultural activities. Sporting success was achieved at local, national, and international levels, while the arts flourished through concerts, drama productions, and exhibitions.

The Group’s subsidiaries also contributed positively to overall performance. RGS Guildford International schools in Qatar, Nanjing, Dubai, and Oman traded successfully, sharing expertise and values globally. RGS Guildford Enterprises Ltd generated income from the letting of facilities, supporting the Group’s charitable activities. Following its merger with the School in July 2024, the Royal Grammar School Guildford Foundation had no income or expenditure in 2024/25 and will be wound up in due course.

3.3 Public Benefit Statement

The 1509 Group exists to provide an exceptional education to pupils aged 3 to 18. In fulfilling this charitable purpose, the Directors of 1509 Group, who are also charity Trustees, have had due regard to the Charity Commission’s guidance on public benefit, as required under the Charities Act 2011.

The Group is committed to widening access to its schools through means-tested bursaries, with support of up to 100% of fees. In 2024/25, RGS Guildford awarded £1.2 million in bursarial support to 74 pupils, including 35 who received full fee remission for at least one term. Additional assistance was also provided for transport, meals, and examination costs where appropriate.

Beyond financial support, the Group’s schools actively contribute to the wider community through partnerships, outreach, and shared educational initiatives. RGS Guildford plays a leading role in this work, collaborating with local maintained schools through the West Surrey Partnership and the Learning Partners Multi Academy Trust. Staff provide teaching, governance, and mentoring support, while pupils benefit from shared events in science, literacy, sustainability, and the arts. The School also leads the IMAG academic enrichment programme, offering events to pupils from across the Guildford 11–19 Partnership.

Outreach initiatives include music tuition in local primary schools, Saturday masterclasses, and themed educational days. Sixth Form pupils volunteer in local schools and care homes, and the School maintains international partnerships supporting education and sustainability projects abroad.

The Group also delivers public benefit through its international work. RGS Guildford International supports the establishment and development of high-quality schools overseas, extending the Group’s educational ethos to a global context. These schools, located in Qatar, Dubai, and Nanjing, operate in partnership with local stakeholders and are committed to delivering academic excellence and character education. They also foster cultural exchange and global awareness, with opportunities for collaboration between pupils and staff across the Group’s international and UK schools.

Through these activities, the 1509 Group continues to deliver meaningful public benefit, aligned with its charitable aims and its commitment to educational excellence both locally and globally.

3.4 Structure, Governance and Management

1509 Group is a charitable company limited by guarantee, governed by its Articles of Association. It acts as the holding entity for a number of subsidiaries, namely Royal Grammar School Guildford (RGSG), The RGS Guildford International Ltd, The RGS Guildford International (China) Ltd, The RGS Guildford International (Dubai) Ltd, The RGS Guildford International (Oman) Ltd, RGS Guildford Enterprises Ltd and The Royal Grammar School, Guildford Foundation. Each subsidiary has its own Board of Directors and Trustees with appropriate governance arrangements.

The Directors of 1509 Group are appointed from the governing body of RGSG, following recommendations from the Nominations Committee. The Group applies the principles of the Charity Governance Code (2020). New Governors receive induction, mentoring, and training, with ongoing opportunities for professional development.

The Board of Governors (‘the Board’) operates through permanent committees: Finance and General Purposes, Education, RGSG Prep, and Nominations. Panels are convened as needed for disciplinary or appeals matters. Day to day management is delegated to the Headmaster, Head and the rest of the Executive team[1] , who are accountable to the Board.

Remuneration of staff, including the Executive team, is set by the Board to ensure competitive packages that attract and retain high quality staff. Pay levels are reviewed annually against benchmarking data from comparable independent schools, with sensitivity to wider employment conditions. Staff costs represent the largest element of charitable expenditure, reflecting the Group’s reliance on its employees to deliver its charitable objectives.

3.5 Financial Review

3.5.1 Results for the year

The Group is pleased to report the generation of a net increase in funds of £1.3m in the year ended 31 July 2025 (2023/24: £3.7m) arising from the operation of the School and subsidiaries. The main cause of the reduction in net income was that 2023/24 net income included a non-recurring £1.75m credit from release of the Surrey County Council defined pension liability[2] .

The Group’s income of £30.7m was £0.2m (1%) lower than 2023/24 (£30.9m), mainly due to lower underlying RGSG income (-£0.4m), partly offset by higher income from RGSGI (+£0.2m).

RGSG’s income of £29.7m was £0.4m (1%) below 2023/24 (£30.1m[3] ), reflecting:

lower school fees receivable (-£1.1m) from lower average fees per pupil (-5%) partly offset by slightly higher pupil numbers (2024/25: 1,313; 2023/24: 1,304);
higher donations and legacies (+£0.2m) due to a legacy received;
higher income from investments due to higher average cash balances (+£0.2m) and other income including non-recurring insurance proceeds (+£0.3m).

From January 2025, in response to the implementation of VAT on school fees, the School lowered the fee net of VAT so that the total fee payable by parents, including VAT, increased by 3% compared to Michaelmas 2024. The School is sharing the impact of VAT evenly with parents, the parental share being passed on through three incremental fee increases each of 3%, in January 2025, September 2025 and September 2026. As a result, the average 2024/25 fee was 5% below the average 2023/24 fee.

Expenditure was £2.3m higher (2024/25: £29.5m; 2023/24: £27.2m), attributable to the £1.75m non-recurring exceptional pension credit in 2023/24, higher staff costs (+£0.5m, including the impact of higher employer national insurance from April 2025) and higher RGS International costs (+£0.3m, mainly costs relating to development of potential new school partnerships), partly offset by lower other costs (-£0.25m, including lower academic, utilities, maintenance and catering costs).

The RGS Guildford International (RGSGI) 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 continued to operate successfully in 2024/25. The school educates approximately 750 students and is likely to increase numbers in coming years.

1 The Executive team comprises the Headmaster, Head, Senior Deputy Head, Deputy Head, Chief Strategy Officer and Director of Finance and Operations.

2 See note 17.

3 2023/24 consolidated income excludes the £2.4m donation of Foundation net assets included in RGSG’s statutory accounts.

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 remains positive with more students enrolled (2024/25: 1,600; 2023/24: 1,234) and higher service fee income as result (2024/25: £844k; 2023/24; £569k).

The principal activity of RGSGI China (RGSGIC) 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. Student numbers grew from 527 in 2023/24 to 579 in 2024/25.

RGSGI Oman started operations in 2022/23 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, but student numbers grew from 70 in 2023/24 to 151 in 2024/25.

RGS Guildford Enterprises Ltd had a successful third year of trading and continued to earn income from letting RGSG’s facilities to customers.

The Group generated cash sufficient to cover £1.8m capital expenditure on its facilities (see note 7).

With VAT on school fees applying since January 2025 and continuing pressure on family finances from inflation, 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 Directors 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.

3.5.2 Reserves level and policy, and financial viability

At 31 July 2025 the Group had consolidated total funds of £47.9m. Of this, £2.8m was held in restricted funds not available for general use (notably the £2.7m Foundation bursary fund) and £39m was held in designated funds, principally the £38.9m tangible fixed asset fund, being funds invested in fixed assets which are not available except through the sale of fixed assets. At 31 July 2025 the Group’s free reserves were £6.1m, broadly corresponding to net current assets excluding fees in advance.

The Group aims to maintain adequate reserves to ensure financial stability and to safeguard against unforeseen expenditure or reductions in income. Reserves are held to:

Provide working capital and manage cash flow needs.
Protect against unexpected events or emergencies.
Support planned investment in our educational facilities and resources, in support of our charitable purposes.

The Directors review the level of reserves annually to ensure they remain appropriate for the Group’s size, activities, and future plans.

Typically, charities aim to hold reserves equivalent to between 3 and 6 months’ operating expenditure (excluding depreciation). Based on the Group’s 2025/26 budget, a reserves target of 3 months’ operating expenditure would mean holding approximately £7m reserves, slightly more than actual reserves at 31 July 2025.

The Group and its Directors have accepted the need to use some of its reserves to cover the impact of VAT in 2025–26 and to fund strategic projects and investments that will strengthen the Group’s sustainability and

enhance its provision. In doing so, the Group aims subsequently to rebuild reserves over a sustained period to at least £7m within the following 3–4 years, sufficient to cover 3 months’ operating expenditure.

For the going concern and liquidity risk assessment an 18 month phased cash forecast was prepared for the Group, comprising a ‘base case’ of forecast income and expenditure, and adverse RGSG scenarios including lower pupil numbers, although pupil numbers are stable and demand for places at the School remains robust. The results of this analysis indicate that the Group will maintain sufficient cash, even in the adverse scenarios, to meet its obligations as they fall due during the forecast period.

Having regard to the above, the Directors believe it appropriate to adopt the going concern basis of accounting in preparing the group financial statements.

3.5.3 Investment policy, objectives and performance

The Group’s Investment 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 (F&GP)
The Investment Policy should be reviewed and endorsed annually by the Board
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 set 2024/25 investment objectives as follows:

RGSG to earn a return exceeding the fees in advance (‘FIA’) discount given to parents and ensure that throughout the FIA agreement term funds are available when needed to deliver the services for which parents have paid; and
to achieve returns on funds invested above the RPI inflation rate and the Bank of England base rate while remaining weighted towards cash and fixed income.

RGSG earned an average return on treasury deposits broadly in line with the FIA discount given to parents, above the Bank of England base rate and CPI inflation, but slightly below RPI inflation. The Group is investigating how best to optimise returns earned from RGSG’s and other subsidiaries’ cash balances.

3.6 Fundraising

Until 17 July 2024, fundraising for the School’s charitable priorities was carried out by The Royal Grammar School, Guildford Foundation, which focused on raising funds for bursaries. On that date, the Foundation merged with the School and became a cost centre known as the Development and Alumni Relations Office (DARO). Fundraising activities are now undertaken by DARO through an in-house staff team.

DARO adheres fully to the Fundraising Regulator’s Code of Fundraising Practice. Fundraising activity is directed towards those with an existing connection to the School and includes a limited amount of funding from charitable

trusts. The principal mode of fundraising is through major donor and one-to-one engagement, which ensures that philanthropic relationships are developed responsibly and not with individuals who may be vulnerable or in vulnerable circumstances. Donor protection is prioritised at all times, and a clear complaints procedure is in place. No complaints relating to fundraising were received during 2024/25.

During the year, fundraising generated income in support of bursaries and other charitable priorities, and the Directors are satisfied that all fundraising activities were conducted transparently, ethically, and in full compliance with regulatory requirements.

3.7 Principal Risks and Uncertainties

The Directors maintain a comprehensive risk register which is reviewed regularly by committees and by the Board. The Directors 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 account of changing circumstances. 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 Finance and General Purposes Committee and the Board for discussion.

The main risks identified include cybersecurity threats, which could result in theft, loss, or corruption of data or systems and thereby damage the School’s operations, finances, or reputation. These risks are mitigated through regular system reviews, disaster recovery planning, policy updates, password management, and staff training. Leadership continuity is another key risk, particularly the potential failure to retain the Headmaster of RGSG or RGSG Prep, which could affect admissions and performance. This risk is addressed through succession planning, the development of senior team members, and ongoing support from the Directors.

Economic pressures, including uncertainties in the wider economy, inflation, and the impact of VAT on school fees and the loss of business rates relief, could affect parents’ ability to meet fee commitments and increase reliance on hardship bursary provision. These risks are managed through prudent budgeting, cost management, debt monitoring, and careful consideration of fee levels. Regulatory and political changes are monitored closely, with scenario modelling used to assess potential impacts. Reputational risk is also recognised, covering a wide range of possible incidents, and is mitigated by strong safeguarding, compliance, and health and safety policies, together with regular review of legislation and regulations.

Operational disruption, including the risk of a pandemic, is addressed through enhanced digital infrastructure and contingency planning. During the initial period of lockdown, the School rolled out and enhanced remote teaching and learning capability, which significantly mitigated the risk of being unable to deliver quality education.

The Group has established a review system and allocated sufficient resources to ensure that identified risks are mitigated to a level acceptable for day-to-day operations. The effectiveness of current plans and strategies for managing major risks across the School and other Group organisations is regularly reviewed to ensure resilience and compliance.

3.8 Future Plans

The Group’s development plans are agreed by the Directors and reviewed annually to ensure alignment with its charitable objectives and long-term strategy. The Group’s priorities for the coming year include fulfilling its charitable aims by spreading educational best practice, continuing to develop mutually beneficial partnerships with other educational establishments at local, national, and international levels, fostering outstanding teaching and learning, and widening access to education for pupils. These priorities underpin detailed development plans across all areas of the Group and strengthen its ability to provide exceptional education.

Within the Group, Royal Grammar School Guildford (RGSG) has its own strategic plan, which is agreed by the Board and reviewed annually to ensure consistency with the Group’s charitable objectives. In the coming years, RGSG will build on its strong foundations while embracing significant and forward-looking change. A key strategic development is the decision to become a fully co-educational school from September 2027, reflecting RGSG’s commitment to providing an inclusive, values-driven education that prepares all pupils for a bright future. Girls will be welcomed into RGS Prep in Nursery, Reception, and Year 3, and into RGS Senior in the Lower Sixth from September 2027. From September 2028, girls will also join Year 7. Planning for this transition is well underway, with particular focus on curriculum, staffing, facilities, and pastoral care to ensure a smooth and successful implementation.

Other priorities for RGSG include enhancing the pupil experience through investment in teaching, co-curricular provision, and wellbeing support; continuing to fulfil its charitable aims by offering means-tested bursaries, sharing educational best practice, and delivering public benefit through outreach and partnership; and supporting staff development and welfare to sustain a high-performing and inclusive professional community. These priorities ensure that RGSG, as a subsidiary of the wider Group, remains well-positioned to deliver an exceptional education and to meet the evolving needs of its pupils and community.

3.9 Section 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 172 (1) 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 he/she 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:

The likely consequences of any decision in the long term
The interests of the Company’s employees
The need to foster the Company’s business relationships with suppliers, beneficiaries and others
The impact of the Company’s operations on the community and the environment
The desirability of the Company maintaining a reputation for high standards of business conduct
The need to act fairly as between beneficiaries of the Company.

i) Beneficiaries

The beneficiaries of the organisation are the pupils, and the Directors aim to ensure they are provided with the highest quality of education available, in terms of academic, co-curricular and pastoral input. Our aims and performance in this area are further detailed under the Strategy and Objectives and Achievements and Performance, sections above.

ii) Employees

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.

The recruitment, retention, development and welfare of staff is crucial to the successful running of the organisation and the Directors consider these to be of great importance. Further detail is provided under the Employee Matters section of the Trustees’ Report.

iii) Community 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 Trustees’ Report.

iv) Decision making, risk management and governance and performance oversight

The full board of Governors meets three times a year with additional committee meetings taking place each term. Each committee has a specific focus but considers the overall impact of decisions on the wider organisation.

v) Culture and Values

The values of each school are embedded within every area of the School and curriculum to form a way of life for pupils, parents, staff and our wider community and partners.

3.10 Energy and Emissions Report

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 (the Group’s only UK School) is included in the table below.

Source	Year	Energy (kWh)	Mileage	Emissions (kgCO2e)	Emissions (tCO2e)

Gas	2024-25	1,732,629	n/a	317,002	317
	2023-24	1,618,425	n/a	296,010	296
	2022-23	1,825,619	n/a	328,611	329

Electricity	2024-25	1,008,327	n/a	176,346	176
	2023-24	1,063,023	n/a	220,099	220
	2022-23	1,040,431	n/a	215,446	215

Transport	2024-25	88,581	59,600	21,346	21
	2023-24	92,872	58,200	22,198	22
	2022-23	84,525	57,500	20,286	20

Total	2024-25	2,829,537	59,600	514,694	515
	2023-24	2,774,320	58,200	538,307	538
	2022-23	2,950,575	57,500	564,343	564

In the year to 31 July 2025, the School consumed 2.83 million kWh of energy and generated 515 tonnes of CO₂ equivalent emissions (‘tCO₂e’). This represents a slight increase in energy use compared to the previous year (2.77 million kWh and 538 tCO₂e in 2023–24), but a modest reduction in emissions, reflecting ongoing energy efficiency measures. Gas and electricity remain the primary sources of energy, with transport-related emissions accounting for 21 tCO₂e, based on 59,600 miles travelled.

Emissions have been calculated using the 2025 UK Government conversion factors published by the Department for Business, Energy and Industrial Strategy. The School uses an intensity metric based on pupil numbers to assess carbon performance. In 2024–25, the average emission per pupil was 392 kg CO₂, down from 413 kg CO₂ in the previous year.

The School continues to invest in energy efficiency as part of its rolling programme of maintenance and refurbishment. During the year, LED lighting was further rolled out across the estate, and older single-glazed windows and inefficient doors were replaced to reduce heat loss. Boiler systems were upgraded to more efficient models, and refurbishment projects prioritised recycling and the use of registered waste carriers over landfill.

Solar panels on the North Building continue to contribute to the School’s renewable energy mix. The School also completed its ESOS (Energy Savings Opportunity Scheme) reporting, which has informed more targeted energysaving goals.

Sustainability is embedded in the School’s culture through an active environmental committee, which promotes awareness and drives initiatives across the community. The School’s vehicle fleet is increasingly compliant with ULEZ standards, and electric vehicle charging points are available on site. Air quality is monitored both internally and with third-party support, and sustainability is a key consideration in all future building plans. Waste management practices have also improved, with food waste now collected separately and monitored by catering contractors. Recycling and general waste systems are regularly reviewed to maximise effectiveness. The School also seeks to work with energy suppliers that prioritise renewable sources and carbon neutrality.

The Board remains committed to reducing the School’s environmental impact and to promoting sustainability across all areas of operation.

3.11 Employee Matters

The Directors recognise the importance of staff in delivering the Group’s charitable objectives and place significant emphasis on recruitment, retention, training, wellbeing, and fair employment practices. Recruitment and retention policies ensure fair and transparent processes and encourage applications from diverse backgrounds. Staff are supported through induction, continuing professional development, and opportunities for progression, while wellbeing is promoted through access to counselling, health support, flexible working where possible, and regular engagement with leadership. Remuneration is benchmarked annually against comparable independent schools to ensure competitiveness and fairness. Health and safety policies and committees operate across all sites, supported by a dedicated manager, and diversity and inclusion are actively promoted through training for all staff and governors, together with a strong culture of respect and dignity in the workplace. Staff costs remain the largest element of charitable expenditure, reflecting the Group’s reliance on its people to deliver high-quality education.

3.12 Statement of Directors’ Responsibilities

The Trustees (who are also Directors of the Company for the purposes of company law) are responsible for preparing the Annual report (incorporating the Strategic and Directors’ 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 far as the Directors and Trustees 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 Annual Report which includes the Strategic and Directors’ Report was approved by the Directors and Trustees and signed on its behalf by:

S K Creedy 23 January 2026

Mrs S K Creedy Director

Independent Auditor’s Report to the Members of 1509 Group

Opinion

We have audited the financial statements of 1509 Group for the year ended 31 July 2025 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 Financial 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 2025 and of the group’s and parent charitable company’s 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; and
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 (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the 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 for the other information. The other information comprises the information included in the Trustees’ 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:

the information given in the Trustees’ Report (which includes the Strategic and Directors’ Reports prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic and Directors’ Reports included within the Trustees’ 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 Trustees’ Report (which incorporates the Strategic and Directors’ Reports).

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 company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 (Independent 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 2006, 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:

Inspecting correspondence with regulators and tax authorities;
Discussions with management including consideration of known or suspected instances of noncompliance 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.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

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

Tracey Young (Senior Statutory Auditor)	10 Queen Street Place
For and on behalf of HaysMac LLP, Statutory Auditor	London
	EC4R 1AG

Date: 1 February 2026

Consolidated Statement of Financial Activities (Incorporating Income and Expenditure Account)

For the year ended 31 July 2025

1509 Group

Unrestricted Note Funds £000 Income from: Charitable Activities School fees receivable 2 (a) 26,095 Other educational income 4 (a) 1,392 Other ancillary trading income 4 (b) 1,423 Donations and legacies 0 Investments 480 Other Income 4 (c) 606 Total Income 29,996 Expenditure on: Raising Funds Finance costs 5 (a) 326 Charitable activities 5 (b) Schools and grantmaking 28,824 Ancillary trading 26 Exceptional pension credit 17 (v) 0 Total Expenditure 29,176 NET INCOME BEFORE TRANSFERS AND INVESTMENT GAINS 820 Net gain/(loss) on investments 0 NET INCOME 820 Transfers between funds 14 (d) (14) NET MOVEMENT IN FUNDS 806 Fund balances brought forward at 1 August 21 44,316 FUND BALANCES carried forward at 31 July 45,122	Restricted Funds £000 0 0 0 637 86 0	2024-2025 Total £000 26,095 1,392 1,423 637 566 606 30,719 326 29,101 26 0 29,453 1,266 0	2023-2024 Total £000 27,260 1,478 1,085 387 355 332
29,996	723		30,897
326 28,824 26 0	0 277 0 0		108 28,774 30 (1,754)
29,176	277		27,158
820 0	446 0		3,739 2
820 (14)	446 14	1,266 0 1,266 46,669 47,935	3,741 0
806 44,316	460 2,353		3,741 42,928
45,122	2,813		46,669

The School has no gains or losses that are not shown above. All operations are continuing.

The accounting policies and notes on pages 20 to 37 form part of these Financial Statements.

Company Balance Sheet As at 31 July 2025

1509 Group

Company number 4104101

	Notes		2025		2024
FIXED ASSETS			£000		£000
Investment in group company share capital			300		300
CURRENT ASSETS
Cash		1,506		735
		1,506		735
CREDITORS: due within one year
Amounts owed to the School for recharges		(49)		(4)
Accruals	11	(4)		(4)
		(53)		(8)
NET CURRENT ASSETS			1,453		727
TOTAL NET ASSETS			1,753		1,027
Represented by:
RESTRICTED FUNDS	14		14		14
UNRESTRICTED FUNDS	14		1,739		1,013
Total funds			1,753		1,027

The unconsolidated surplus of the company was £725,719 (2024: Profit £666,958).

Approved by the Board of the 1509 Group on 23 January 2026 and signed on its behalf

by:

----- Start of picture text -----
S K Creedy
Sarah Creedy - Director
----- End of picture text -----

Tom Lingard - Director

The accounting policies and notes on pages 20 to 37 form part of these Financial Statements.

Consolidated Balance Sheet As at 31 July 2025

1509 Group

2025 2024 £000 £000 39,630 39,864 16 56 1,397 1,125 18,142 20,219 19,555 21,400 (8,125) (9,653) 11,430 11,747 51,060 51,611 (3,125) (4,942) 47,935 46,669 2,813 2,353 38,966 38,983 6,156 5,333 45,122 44,316 47,935 46,669	2025 2024 £000 £000 39,630 39,864 16 56 1,397 1,125 18,142 20,219 19,555 21,400 (8,125) (9,653) 11,430 11,747 51,060 51,611 (3,125) (4,942) 47,935 46,669 2,813 2,353 38,966 38,983 6,156 5,333 45,122 44,316 47,935 46,669	2025 2024 £000 £000 39,630 39,864 16 56 1,397 1,125 18,142 20,219 19,555 21,400 (8,125) (9,653) 11,430 11,747 51,060 51,611 (3,125) (4,942) 47,935 46,669 2,813 2,353 38,966 38,983 6,156 5,333 45,122 44,316 47,935 46,669
38,966 6,156
		51,611 (4,942)
	47,935	46,669
	2,813 45,122	2,353 44,316

	47,935	46,669

Approved by the Board of 1509 Group on 23 January 2026 and signed on behalf of the Company by:

S K Creedy Sarah Creedy - Director

Tom Lingard - Director

The accounting policies and notes on pages 20 to 37 form part of these Financial Statements.

Consolidated Cash Flow Statement Year ended 31 July 2025

1509 Group

Note Net cash inflow from operations Net cash provided by operating activities note (i) Cash flows from investing activities: Payments for tangible fixed assets 7 Proceeds on sale of tangible fixed assets Proceeds on sale of investments Investment income and bank interest received Net cash (used in) investing activities Cash flows from financing activities: Fees in Advance (FIA) Overdraft repayment Finance lease Increase in parents' deposits Finance lease interest Other finance costs Net cash (used in)/provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at 1 August 2024 Cash and cash equivalents at 31 July 2025 note (ii) (i) Reconciliation of net income to net cash inflow from operating activities Net income before investment gains Non-cash exceptional pension credit Elimination of non-operating cash flows: - Investment Income - Finance Costs Depreciation 7 (Profit) on sale of fixed assets Decrease in stocks (Increase) in debtors (Decrease)/increase in creditors (excluding FIA, deposits, leases) Net cash inflow from operating activities (ii) Analysis of changes in Cash and Cash equivalents Analysis of balances Balances at 31 July Cash Cash Equivalents Changes in Cash and Cash equivalents from the School's operations	£000 (1,801) 15 0 566 (1,682) (216) 92 142 (80) (22) Change in Year £000 (1) (2,076) (2,077)	£000 909 (1,220) (1,766) (2,077) 20,219 18,142 2025 £000 1,266 0 (566) 102 2,026 (6) 40 (272) (1,681) 909 2025 £000 4 18,138 18,142 2025	£000 (4,288) 14 48 355 6,486 (216) 294 99 (55) (10)	£000 5,237 (3,871) 6,598 2024
				7,964 12,255
				20,219
				2024 £000 3,739 (1,754) (355) 66 1,784 (2) 21 (471) 2,210
				5,237
				2024 £000 5 20,214
				20,219

The accounting policies and notes on pages 20 to 37 form part of these Financial Statements.

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.

The Group holds significant cash balances supplemented, if needed, by an overdraft facility. Demand for school places at the School remains strong, with continuing high numbers enrolled in 2025/26. Collection of fee income continues to be robust. Conservative cash flow modelling with sensitivity analysis indicates that the cash reserves of the Group are adequate to meet its 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 10874615, Charity Number 1177353.

Critical Accounting Judgements and Key Sources of Estimation Uncertainty

In the application of the accounting policies, the Directors are required to make judgement, 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 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:

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

ii. Unrestricted – where the fund is not restricted as to use other than in furthering the objects of the School. These include Designated Funds, where the funds are unrestricted, but the Directors 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

During 2023/24 the School sold its remaining investments, so none remained at 31 July 2024 or 31 July 2025.

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.

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 Directors 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

The School 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.

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 31 August 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 or 31 July 2025.

b) Defined Contribution Schemes

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

Fees In Advance

The School accepts fees in advance (‘FIA’) lump sum payments in respect of certain pupils and in return undertakes to discharge defined amounts of the fees chargeable in respect of those pupils after 31 July 2025. 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 FIA payment without addition of interest, or to continue to hold the FIA balance for payment of fees at 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 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). VAT has applied to school fees and most other services since January 2025. Irrecoverable VAT is included with the cost of those items to which it relates.

The Royal Grammar School, Guildford Foundation (‘the Foundation’)

On 17 July 2024 the operations, asset and liabilities of the Foundation were transferred to School at the best estimate of their fair value at the date of transfer. Since the merger the Foundation has no income, expenditure or net assets, and will be wound up in due course.

Notes to the Accounts Year ended 31 July 2025

1509 Group

2. CHARITABLE ACTIVITIES - FEES RECEIVABLE (a) The Group's school fee income comprised: Gross fees Less: Total bursaries, scholarships and discounts Add back: Bursaries paid for by Restricted Funds	2025 2024 £000 £000 27,542 28,679 (1,719) (1,810)
	25,823 26,869 272 391
	26,095 27,260

Bursaries were awarded from Restricted/Unrestricted Funds to 74 individuals (2024: 75).

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 Ltd was incorporated on 10 June 2015; The RGS Guildford International (Dubai) Ltd was incorporated on 19 June 2018; The RGS Guildford International (China) Ltd was incorporated on 15 July 2019; The RGS Guildford International (Oman) Ltd was incorporated on 7 January 2022; and RGS Guildford Enterprises Ltd was incorporated on 8 October 2019.

All group organisations were registered in England and Wales and share the same registered office as the parent charity, at The Royal Grammar School, Guildford, High Street, Guildford, Surrey GU1 3BB.

The figures below are before the elimination of intra-group trading.

Financial year 2024/25
	Income	Expense	Net Result	Assets	Liabilities	Net assets
	£000	£000	£000	£000	£000	£000
Royal Grammar School Guildford	29,714	29,097	617	56,711	11,167	45,544
The RGS Guildford International Ltd	190	442	(252)	118	126	(8)
The RGS Guildford International (Dubai) Ltd	844	109	735	750	9	741
The RGS Guildford International (China) Ltd	216	112	104	108	5	103
The RGS Guildford International (Oman) Ltd	175	101	74	75	4	71
RGS Guildford Enterprises Ltd	94	62	32	39	7	32
Financial year 2023/24
	Income	Expense	Net Result	Assets	Liabilities	Net assets
	£000	£000	£000	£000	£000	£000
Royal Grammar School Guildford	32,540	27,049	5,489	59,486	14,559	44,927
The Royal Grammar School, Guildford Foundation	371	2,808	(2,437)	29	29	0
The RGS Guildford International Ltd	111	194	(83)	316	71	245
The RGS Guildford International (Dubai) Ltd	569	78	492	528	30	498
The RGS Guildford International (China) Ltd	225	85	140	172	32	140
The RGS Guildford International (Oman) Ltd	175	74	101	139	42	97
RGS Guildford Enterprises Ltd	106	68	38	107	69	38
1509 Group	Company	Charity	% Ownership
	Number	Number
Royal Grammar School Guildford	10874615	1177353	100%
The Royal Grammar School, Guildford Foundation	4232306	1089955	100%
The RGS Guildford International Ltd	9633181	N/A	100%
The RGS Guildford International (Dubai) Ltd	11422203	N/A	100%
The RGS Guildford International (China) Ltd	12104378	N/A	100%
The RGS Guildford International (Oman) Ltd	13833679	N/A	100%
RGS Guildford Enterprises Ltd	12248925	N/A	100%

Notes to the Accounts Year ended 31 July 2025

1509 Group

4. CHARITABLE INCOME - OTHER

(a) Other educational income

(a) Other educational income Sundry parental receipts Registration fees (b) Other ancillary trading income Income from overseas activities Other ancillary (c) Other income Sub-lettings Exceptional income - insurance proceeds Gains on sale of tangible fixed assets Other 5. ANALYSIS OF TOTAL EXPENDITURE (a) Cost of Raising Funds Finance lease interest Discount payable on Advanced Fees Other finance costs Total finance costs (b) Charitable activities Schools and grant making Teaching Welfare Premises Support costs of schooling Grants, awards and prizes Group's Operating Costs Ancillary trading costs Total Charitable Expenditure Exceptional pension credit Total Expenditure Cost of Raising Funds Finance costs Charitable activities Schools and grant making Teaching Welfare Premises Support costs of schooling Donations to other charities Group's operating costs Ancillary trading costs Total Charitable Expenditure Exceptional pension credit Total Expenditure Prior year Analysis of Expenditure	2025 2024 £000 £000 1,346 1,417 46 61 1,392 1,478 2025 2024 £000 £000 1,420 1,081 3 4 1,423 1,085 Restricted Unrestricted Funds Funds 2025 2024 £000 £000 £000 £000 246 106 0 121 121 0 0 6 6 2 0 233 233 224 0 239 606 332 2025 2024 Staff costs Other Depreciation Total Total £000 £000 £000 £000 £000 0 80 0 80 55 0 224 0 224 42 0 22 0 22 11	2025 2024 £000 £000 1,346 1,417 46 61
		1,392 1,478
		2025 2024 £000 £000 1,420 1,081 3 4
		1,423 1,085
	0 326 0 326 108 14,865 2,301 442 17,608 17,423 93 1,450 0 1,543 1,616 645 2,876 1,232 4,753 4,747 3,073 1,495 352 4,920 4,597 0 277 0 277 391
	18,676 8,399 2,026 29,101 28,774 0 26 0 26 30
	18,676 8,425 2,026 29,127 28,804
	0 0 0 0 (1,754)
	18,676 8,751 2,026 29,453 27,158
	2024 2023 Staff costs Other Depreciation Total Total £000 £000 £000 £000 £000 0 108 0 108 60
	14,867 2,325 231 17,423 16,072 90 1,526 0 1,616 1,481 592 3,018 1,137 4,747 4,759 2,642 1,539 416 4,597 4,498 0 391 0 391 346
	18,191 8,799 1,784 28,774 27,156 0 30 0 30 29
	18,191 8,829 1,784 28,804 27,185
	0 (1,754) 0 (1,754) 0
	18,191 7,183 1,784 27,158 27,245

Notes to the Accounts Year ended 31 July 2025

1509 Group

(c) Governance costs included in support costs Auditors' remuneration 1509 Group The RGS Guildford International (Dubai) Limited The RGS Guildford International (China) Limited The RGS Guildford International (Oman) Limited RGS Guildford Enterprises Limited Other services Trustee's costs * RGS Guildford The RGS Guildford International Limited	2025 2024 £000 £000 23 34 5 4 4 3 4 3 4 3 4 4 5 6 0 2 0 2
	49 61

Auditors' remuneration costs are exclusive of VAT in 2025 (inclusive of VAT in 2024)

** Trustees' costs related to expenses of £100. There are 21 Governors who are directors of RGS and RGS Prep. There was no Trustee remuneration during the year.

Notes to the Accounts Year ended 31 July 2025

1509 Group

6. EMPLOYEES

Other 2025 £000 £000 2,904 13,615 419 1,713 378 2,998 110 350	Other 2025 £000 £000 2,904 13,615 419 1,713 378 2,998 110 350	2024 £000 13,434 1,583 2,636 538
3,811 18,676		18,191
90 203		89
	2025 49 25 14 2 3 2 0 1 1 0 0 1	2024 40 27 11 0 3 1 1 0 0 1 1 0
	98	85

A number of staff are not members of any pension scheme and the employer pension contribution is paid to them as part of their overall renumeration and is included in the pay bands above.

Pension contributions of £1,732k (2024 - £1,398k) were made into pension schemes in respect of higher paid employees during the year. Of this, contributions of £1,422k (2024 - £1,146k) were made into a defined benefit pension scheme.

The aggregate emoluments of key management personnel including employer’s pension contributions and National Insurance totalled £2,815k (2024 - £2,434k). Key management personnel comprised the Executive team (see section 2.3), senior school Assistant Heads and Senior Master, Prep school Deputy and Assistant Heads, and Managing Director The RGS Guildford International Ltd.

During the year there were sixteen redundancies or termination payments totalling £176k (2024: £60k for one termination).

No remuneration was paid to Governors during 2025. Expenses paid to Governors totalled £0.1k (2024: £0.3k) and related to Governors forum

7. Tangible fixed assets - Consolidated Only

Cost and depreciation

Computer Freehold Equipment land and buildings £000 £000 2,253 53,608 531 936 0 0	Leasehold Fixtures, property Fittings and Equipment £000 £000 2,129 4,551 38 296 0 (65)	Total £000 62,541 1,801 (65)
2,784 54,544	2,167 4,782	64,277
1,557 16,188 442 1,184 0 0	1,247 3,685 48 352 0 (56)	22,677 2,026 (56)
1,999 17,372	1,295 3,981	24,647
785 37,172 696 37,420	872 801	39,630
	882 866	39,864

Notes to the Accounts Year ended 31 July 2025

1509 Group

8. Stocks - Company and Consolidated

Stocks - Company and Consolidated
Catering/cleaning stocks School items for resale Total Stock	Group 2025 £000 16 0 16	Company Group 2025 2024 £000 £000 0 22 0 34	Company 2024 £000 0 0
		0 56	0

9. Debtors - Company and Consolidated

Debtors - Company and Consolidated
Fee debtors Less Provision for bad debts VAT recoverable Trade debtors Prepayments Total Debtors	Group 2025 £000 130 (74) 334 76 931 1,397	Company Group 2025 2024 £000 £000 0 152 0 (74) 0 0 0 90 0 957	Company 2024 £000 0 0 0 0 0
		0 1,125	0

10. Cash

All cash balances are readily available. At 31 July 2025 £10,117,000 (31 July 2024: £10,219,000) was held in current accounts and deposits maturing in less than 3 months, and £8,025,000 (31 July 2024: £10,000,000) was held in deposits maturing after 3 months.

Notes to the Accounts Year ended 31 July 2025

1509 Group

11. Creditors: due within one year

Trade creditors Bank overdraft Other creditors Other taxes and social security Accruals Obligations under finance leases Acceptance deposits Fees received in advance Advanced fees (see note 13) Total Creditors	Group 2025 £000 708 787 702 425 276 315 2,220 115 2,577 8,125	Company Group Company 2025 2024 2024 £000 £000 £000 0 1,303 0 0 1,003 0 0 1,580 0 403 0 4 320 4 0 257 0 0 2,078 0 0 301 0 0 2,408 0
		4 9,653 4

The bank overdraft of £0.787m (2024: £1m) 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 Governors have reviewed the contract terms under which the School holds acceptance fee deposits. Although under normal circumstances these will be repaid over future years when the pupils complete their education at the school, pupils can leave at earlier dates. The School does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and, in line with the requirements of FRS 102, the balance of the deposits held at 31 July 2025 have been included in current liabilities. The prior year acceptance deposits balance has been similarly represented.

12. Creditors: due after more than one year

Creditors:due after more than one year Obligations under finance leases Advanced fees (see note 13) Within 1 to 5 years Within one year ( see note 11) The finance leases are payable: The obligations under finance leases relate to pupils' Microsoft Surface laptops.	Group 2025 £000 440 2,685 3,125 Group 2025 £000 440 315 755	Company Group Company 2025 2024 2024 £000 £000 £000 0 406 0 0 4,536 0
		0 4,942 0
		Company Group Company 2025 2024 2024 £000 £000 £000 0 406 0 0 257 0
		0 663 0

13. Advanced Fee Payments

Parents may enter into a contract to pay the School up to seven years' tuition fees 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:

After 5 years Within 2 to 5 years Within 1 to 2 years After more than one year Within one year (see note 11)	Group 2025 £000 19 1,293 1,373 2,685 2,577 5,262	Company Group 2025 2024 £000 £000 0 117 0 2,314 0 2,105	Company 2024 £000 0 0 0
		0 4,536 0 2,408	0 0
		0 6,944	0

The balance represents the accrued liability under the contracts. The movements during the year were:

Balance at beginning of year New contracts Amounts accrued to contracts Amounts utilised: In payment of fees Balance at end of year	Group 2025 £000 6,944 192 224 7,360 (2,098) 5,262	Company Group 2025 2024 £000 £000 0 458 0 6,912 0 42	Company 2024 £000 0 0 0
		0 7,412 0 (468)	0 0
		0 6,944	0

Notes to the Accounts Year ended 31 July 2025

1509 Group

14. Allocation of the Company net assets

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 deployment of any surpluses.

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.

Major Unrestricted Funds:

Unrestricted funds within 1509 Group comprise gifts of profit from trading subsidiaries retained in the Company, net of administrative costs. 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.

. A Designated Prize Fund and other minor designated funds.

. The undesignated general/capital development fund.

(a) The consolidated net assets at 31 July 2025 are held for the various funds and advanced fees as follows:

Restricted Foundation bursary fund Ad hoc minor funds 1509 Group Total Restricted Funds Unrestricted - designated funds Tangible Net Fixed Asset Fund 1 Prize Ad hoc minor funds Total Designated Funds Unrestricted - School/Capital Development Unrestricted - The RGS Guildford International Ltd Unrestricted - Dubai Unrestricted - China Unrestricted - Oman Unrestricted - Enterprises Total Unrestricted Funds Total Funds Unrestricted - 1509 Group	Long Buildings and Net Current Term Equipment Investments Assets Liabilities Total £000 £000 £000 £000 £000 0 0 2,677 0 2,677 0 0 122 0 122 0 0 14 0 14
	0 0 2,813 0 2,813
	39,630 0 (787) 0 38,843 0 0 59 0 59 0 0 64 0 64
	39,630 0 (664) 0 38,966 0 0 1,739 0 1,739 0 0 6,904 (3,125) 3,779 0 0 (308) 0 (308) 0 0 741 0 741 0 0 103 0 103 0 0 70 0 70 0 0 32 0 32
	39,630 0 8,617 (3,125) 45,122

	39,630 0 11,430 (3,125) 47,935

The Tangible Net Fixed Asset Fund represents tangible fixed assets net of depreciation and bank overdraft outstanding.

Notes to the Accounts Year ended 31 July 2025

1509 Group

(b) Restricted funds: movements in the year

Foundation bursary fund Ad hoc funds Total Restricted funds (c) Unrestricted funds: movements in the year Designated funds Tangible Net Fixed Asset Fund Prize Ad hoc funds Total Designated funds General funds 1509 Group International Dubai China Oman Enterprises Total Unrestricted Funds Total Restricted and Unrestricted Funds 1509 Group School General/Capital Development	Balance at 31 July 2024 Investment income Investment gains Transfers/ net Income Grants and allocations Balance at 31 July 2025 £000 £000 £000 £000 £000 £000 2,251 86 0 617 (277) 2,677 88 0 0 34 0 122 14 0 0 0 0 14
	2,353 86 0 651 (277) 2,813
	Balance at 31 July 2024 Investment income Investment gains Transfers/ net income Donations Balance at 31 July 2025 £000 £000 £000 £000 £000 £000 38,861 0 0 (18) 0 38,843 60 0 0 (1) 0 59 62 0 0 2 0 64
	38,983 0 0 (17) 0 38,966 1,013 0 0 726 0 1,739 3,602 471 0 (294) 0 3,779 (55) 0 0 (253) 0 (308) 498 9 0 234 0 741 140 0 0 (37) 0 103 97 0 0 (27) 0 70 38 0 0 (6) 0 32
	44,316 480 0 326 0 45,122

	46,669 566 0 977 (277) 47,935

(d) Transfers between funds

Transfers between funds
	General	Designated	Restricted
	£000	£000	£000
Transfer of general reserves from Designated Tangible Net Asset fund	18	(18)	0
Reclassification of ad hoc restricted funds from general fund		(14)	14

Comparative Allocation of group net assets

(a) The comparative consolidated net assets at 31 July 2024 are held for the various funds and advanced fees as follows:

Restricted 1509 Group Ad hoc Minor Funds Foundation Total Restricted funds Unrestricted - designated funds Tangible Net Fixed Asset Fund 1 Prize Ad hoc Minor Funds Total Designated Funds (School & Total) Unrestricted - School/Capital Development Unrestricted - International Unrestricted - Dubai Unrestricted - China Unrestricted - Oman Unrestricted - Enterprises Total Unrestricted Funds Total Funds Unrestricted - 1509 Group	Long Buildings and Net Current Term Equipment Investments Assets Liabilities Total £000 £000 £000 £000 £000 0 0 14 0 14 0 0 89 0 89 0 0 2,250 0 2,250
	0 0 2,353 0 2,353
	39,864 0 (1,003) 0 38,861 0 0 60 0 60 0 0 62 0 62
	39,864 0 (881) 0 38,983 0 0 1,013 0 1,013 0 0 8,544 (4,942) 3,602 0 0 (55) 0 (55) 0 0 498 0 498 0 0 140 0 140 0 0 97 0 97 0 0 38 0 38
	39,864 0 9,394 (4,942) 44,316

	39,864 0 11,747 (4,942) 46,669

The Tangible Net Fixed Asset Fund represents tangible fixed assets net of depreciation and overdraft outstanding.

Notes to the Accounts Year ended 31 July 2025

1509 Group

(b) Restricted funds: movements in the year

1509 Group Bursary fund Ad hoc funds Foundation Total Restricted funds (c) Unrestricted funds: movements in the year Designated funds Tangible Net Fixed Asset Fund Prize Ad hoc funds Total Designated funds Unrestricted 1509 Group School General/Capital Development Foundation General International Dubai China Oman Enterprises Total Unrestricted Funds	Balance at 31 July 2023 Investment income Investment gains Transfers/ net Income Grants and allocations Balance at 31 July 2024 £000 £000 £000 £000 £000 £000 14 0 0 0 0 14 1 0 0 391 (391) 1 46 0 0 67 (25) 88 2,301 0 0 315 (366) 2,250
	2,362 0 0 773 (782) 2,353
	Balance at 31 July 2023 Investment income Investment gains Transfers/ net income Donations Balance at 31 July 2024 £000 £000 £000 £000 £000 £000 36,153 0 0 2,708 0 38,861 60 0 0 0 0 60 65 0 0 (3) 0 62
	36,278 0 0 2,705 0 38,983
	346 0 0 667 0 1,013 3,106 309 2 2 183 3,602 136 46 0 1 (183) 0 62 0 0 (117) 0 (55) 272 0 0 226 0 498 152 0 0 (12) 0 140 182 0 0 (85) 0 97 32 0 0 6 0 38
	40,566 355 2 3,393 0 44,316

15. Operating Leases

As at 31 July 2025, the minimum lease payments to which the School is committed under non-cancellable operating leases are:

Land and Buildings Under 1 year More than 1 year and less than 5 years	2025 2024 £000 £000 145 145 157 302
	302 447

Operating lease payments (Land and Buildings and Other) provided for as an expense in 2025 were £144,972 (2024 - £144,972).

16. Capital Commitments

At 31 July 2025 there were no capital works authorised and contracted but not provided for in these accounts (2024: £404k).

Notes to the Accounts Year ended 31 July 2025

1509 Group

17. Pension Obligations

Teachers' Pension Scheme

The School participates in the Teachers' Pension Scheme ("the TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £2,107,550 (2023/24 - £2,120,055) and at the year-end £0 (2023/24 - £0) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers' Pensions Regulations 2010 (as amended) and the Teachers' Pension Scheme Regulations 2014 (as amended). Members contribute on a "pay as you go" basis with 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 most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

Since April 2024 the cost to the School of the total TPS employer contribution has 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 Superannuation Scheme

Until 31 August 2021, the School participated in a defined benefit scheme for non-teaching staff, the Surrey County Council (SCC) Superannuation Scheme, which is administered in accordance with the Local Government Pension Scheme (Benefits, Membership and Contributions) Regulations 2007, the Local Government Pension Scheme (Administration) Regulations 2008 and the Local Government Pension Scheme (Transitional Provisions) Regulations 2008.

The School withdrew from the SCC Superannuation Scheme during 2021/22, with a cessation date of 31 August 2021. This crystallised the School's portion of the pension scheme deficit, and the value of the cessation deficit as at 31 August 2021 was £1,754,000. This liability appeared in creditors at 31 July 2023.

The net pension liability on the Balance Sheet at 31 July 2023 of £1,754,000 was the liability at the point of cessation on 31 August 2021 calculated as an update to the most recent full revaluation of the scheme at 31 March 2019. A reconciliation from the full revaluation at 31 March 2019 to the cessation valuation in these accounts is provided in Note (iv) below.

In 2023/24, SCC and the School signed an agreement whereby SCC released the School from the net pension liability. Accordingly, £1,754,000 was credited to the Statement of Financial Activities in 2023/24 and there was no liability at 31 July 2024 and 31 July 2025.

Notes to the Accounts Year ended 31 July 2025

1509 Group

ii)

iii)

iv)

Liabilities Active Deferred Pensioner Assets Surplus/(Deficit) Discount rate/anticipated investment returns Pre-retirement Post- retirement Salary increases Benefit increases Life expectancy from age 65 years Current pensioners Male Female Future pensioners Male Female Surplus/(deficit) at 31 March 2019 Interest on surplus/(deficit) Investment outperformance Contributions greater than cost of accrual Change in market conditions Move to cessation funding assumptions Membership experience Deficit at 31 July 2023 Credited to the Statement of Financial Liabilities on release of the liability Surplus/(Deficit) at 31 July 2024 The amounts included in the Statement of Financial Activities are as follows: Total amount credited to the Statement of Financial Activities Actuarial Assumptions - Longevity Assumption: Changes in the fair value of the scheme assets are as follows: Funding Position at 31 August 2021 (cessation date): Actuarial Assumptions - Financial Assumption:	Cessation Valuation 31/8/2021 £000 0 2,078 6,272	Valuation 31/3/2019 £000 2,066 517 2,589
	8,350 6,596	5,172 5,916
	(1,754)	744
	£000 1.0% 1.0% 3.3% 2.4% £000 22.3 24.4 23.4 26.1 £000 78 318 394 (63) (3,077) (148) 2025 £000 0	£000 4.2% 4.2% 3.2% 2.3% £000 22.1 24.3 22.9 25.7 £000 744 (2,498)
		(1,754) 1,754
		0
		2024 £000 1,754

Notes to the Accounts Year ended 31 July 2025

1509 Group

18. Analysis of Net Funds/(Debt)


Analysis of Net Funds/(Debt) Net cash balances Creditors:due within one year Finance leases Bank overdraft Advance Fee agreements Creditors:due after more than one year Finance leases Advance Fee agreements	As at 31 July 2024 £000 20,219 (257) (1,003) (2,408) (406) (4,536) 11,609	Other Movements Cash Flow £000 £000 0 (2,077)	As at 31 July 2025 £000 18,142
		(58) 0 0 216 0 (169) (34) 0 0 1,851	(315) (787) (2,577) (440) (2,685)
		(92) (180)	11,337

19. Related party transactions

1509 Group is the 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 RGS Guildford International Limited, company number 09633181, The RGS Guildford International (Dubai) Limited, company number 11422203, The RGS Guildford International (China) Limited, company number 12104738, RGS Guildford Enterprises Limited, company number 12248925 and The RGS Guildford International (Oman) Limited, company number 13833679 are all subsidiaries of the 1509 Group.

Neither 1509 Group nor persons connected with it received any remuneration or other benefits from the School or any connected organisation. 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 Royal Grammar School Guildford charged The RGS Guildford International Ltd (RGSGI) £178,840 (2024 - £121,483) relating to time spent on International work. At the end of the year RGSGI Ltd owed the School £70,150 (2024 - £44,934).

During the year Royal Grammar School Guildford charged The RGS Guildford International (Dubai) Ltd (RGSGID) £86,016 (2024 - £67,493) relating to time spent on International work. At the end of the year RGSGID Ltd owed the School £116 (2024 - £25,890).

During the year Royal Grammar School Guildford charged The RGS Guildford International (China) Ltd (RGSGIC) £86,016 (2024 - £67,493) relating to time spent on International work. At the end of the year RGSGIC Ltd owed the School £334 (2024 - £25,960).

During the year Royal Grammar School Guildford charged The RGS Guildford International (Oman) Ltd (RGSGIO) £86,016 (2024 - £67,493) relating to time spent on International work. At the end of the year RGSGIO Ltd owed the School £34 (2024 - £25,739).

During the year Royal Grammar School Guildford charged RGS Guildford Enterprises Ltd (RGSGE) £44,725 (2024 - £53,176) relating to time spent on commercial lettings. At the end of the year RGSGE Ltd owed the School £0.00 (2024 - £61,548). During the year the Company received gifts of £491,584 from RGSGID, £139,939 from RGSGIC, £100,942 from RGSGIO and £38,370 from RGSGE, giving total gifts of £770,835.

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 assets transferred to the School on 17 July 2024 at fair value.

Cash Other net liabilities Total net assets	£000 2,695 (262)
	2,433

Notes to the Accounts Year ended 31 July 2025

1509 Group

21. Statement of Financial Activities - Comparative figures by fund type

Year Ended 31 July 2024 Income from Charitable Activities School Fees Other educational income Other ancillary trading income Donations and Legacies Donations and legacies Investments Income from Investments Other Income Total Income Expenditure on Raising Funds Expenditure on Charitable activities Schools and grantmaking Ancillary Trading Exceptional pension credit Total Expenditure Net gain/(losses) on investments NET INCOME Transfers between funds NET MOVEMENT IN FUNDS Fund balances at 1 August 2023 FUND BALANCES at 31 July 2024 NET INCOME BEFORE TRANSFERS AND INVESTMENT GAINS	Unrestricted Restricted Funds Total £000 £000 £000 27,260 0 27,260 1,584 0 1,584 1,085 0 1,085 1 386 387 355 0 355 226 0 226
	30,511 386 30,897
	108 0 108 28,384 390 28,774 25 5 30 (1,754) 0 (1,754)
	26,763 395 27,158
	3,748 (9) 3,739 2 0 2
	3,750 (9) 3,741 0 0 0
	3,750 (9) 3,741 40,566 2,362 42,928
	44,316 2,353 46,669

1509 Group

Annual Report & Financial Statements

For the Year Ended

31 July 2025

Contents

1. Introductory statement

2. Reference and Administrative details

2.1 Legal and Administrative information

Company and Charity Name: 1509 Group

Registered Office and Principal Address:

2.2 Trustees, Directors and Members of the Charitable Company

2.3 Executive Team

2.4 Company Secretary

2.5 Professional Advisers

Principal Bankers National Westminster Bank Plc

Independent Auditors

Principal Solicitors

3. Trustees’ Annual Report (incorporating the Strategic and Directors’ Reports)

3.1 Strategy and Objectives

3.2 Achievements and Performance

3.3 Public Benefit Statement

3.4 Structure, Governance and Management

3.5 Financial Review

3.5.1 Results for the year

3.5.2 Reserves level and policy, and financial viability

3.5.3 Investment policy, objectives and performance

3.6 Fundraising

3.7 Principal Risks and Uncertainties

3.8 Future Plans

3.9 Section 172(1) Statement

i) Beneficiaries

ii) Employees

iii) Community and Environment

iv) Decision making, risk management and governance and performance oversight

v) Culture and Values

3.10 Energy and Emissions Report

3.11 Employee Matters

3.12 Statement of Directors’ Responsibilities

Independent Auditor’s Report to the Members of 1509 Group

Opinion

Basis for opinion

Conclusions relating to going concern

Other information

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

Responsibilities of trustees for the financial statements

Auditor’s responsibilities for the audit of the financial statements

Use of our report

1509 Group

NOTE 1: Accounting Policies

Basis of Accounting

Critical Accounting Judgements and Key Sources of Estimation Uncertainty

Statement of Financial Activities (SOFA)

Income and Expenditure

Fees and similar income

Donations and Legacies

Expenditure

Investments

Tangible Fixed Assets

Heritage Assets

Depreciation

Stock

Operating Leases

Finance Leases

Pensions and Post Retirement Benefit Schemes

b) Defined Contribution Schemes

Fees In Advance

Deposits

Financial Instruments

Taxation

The Royal Grammar School, Guildford Foundation (‘the Foundation’)

3. Subsidiary Results and Balance Sheets

4. CHARITABLE INCOME - OTHER

6. EMPLOYEES

7. Tangible fixed assets - Consolidated Only

8. Stocks - Company and Consolidated

9. Debtors - Company and Consolidated

10. Cash

12. Creditors: due after more than one year