The Royal Grammar School, Gulldford Foundation
Dlrectors, Report & Financial Statement5
Forthe Year Ended
31 July 2021
Reglstered Number 4232306
Charlty Number 1089955

The Royal Grammar School, Gulldford Foundatlon
Content
Paze
Alms. Oblectlves and Actlvltles
Revlew of Actlvltles and Achlevements 2020.2021
Future Plans
Status. Governancè and Managemènt
34
Prlntlple Rlsks and Uncèrtalntlés
Flnanclal Revlew
Reference and Adminislratlve Details
Statement of Dlrertors, Responslbllltles
Report ot the Independent Audltors
9-11
Statement of Flnanclal Artlvllles
12
Balance Sheet
13
Cashflow Statement
14
Ac¢ountln8 Poll¢les
15-16
Notes to the Flnanclal Statèmènts
17-19

The Royal Grammar School, Gtslldford Foundatlon
kevlew of Activlties and Achie￿MentS
A5ms and Ob
ertlves
The Dlrectors, who Bre also the Trustees, of the Royal Grammar School, Guildford Foundation I'The
Foundation'l present their annLJal report and audited financial statements for the year ended 31 July 2021
and confirm they comply with the requlrèments of the Companies Act 2006, Charities Att 2011. the trust
deed and the FRS 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland.
OurAlms
2. The Foundation is established to promote, provide for and raise fund5 for the ch3rStable purpose5 of RGS
and Lanesborough (the School) and otherwise to promote any other charitable purpose connected with or
othenvise associated with the School.
3. The Trustees have considered the stated object in the light of the Charlty Commission's general guidance
on public benefit and the consultation draft on supplementary guidance on 'Publlc Benefit and the
Advancement of Educat5on" They are sat15fied that the object is for the advancement of education and that
there is an identifiable public benelit that Ss available to a section of the public being the pupilslrecipients of
education at the School.
Our Ob
ectlves
The Foundatlon has two key obSectives.' raising funds, especially for bur5arles, and secondly to build ?
supportive community of parents, alumni and others who can offer financial and nDn-financial support to the
School. Both are achieved by developing relatlonships with individuals within the wider School community.
The Trustee5 are aw3re that the generation of funds for the beneflt of the School will asslst It in its
endeèvour to ensure that all boys who meet the entrance criteria may have the opportunity to attend the
School, regardless of the financial means of thelr parents.
These oblectives and the activities undertaken to achieve them exlst to reflect the aim5 Qf the
Foundation and meet the Charlty Commission's requirements for publSc benefit.
Our Actlvltles
The appointment of a Development Director in January 2014 led to the creation of a new five-year
strategy, based on developing a philanthropic culture and building a long-term fundraising plan for bursaries.
The key priorities identified in it are to build a culture of giving through the school community. to steward
existing donors so that their support would extend Into the future and to glve tlme and resource to a major
donor programme. Following the set-backs of the coronavirus pandemic in 2020-21, the first phase of thè
campalgn for bursaries resultlng from that strategy concluded in the Autumn of 2021.
The Foundation's fundraislna activities are based, wherever possible, on recruiting regulargifts to ensure
predictable, tax effScient income streams. Initiatives Include the operatSon of a Friends scheme and, under
the aegis of a campaign for bursaries, a variety of higher-level regul3r-glvlng opportunitles. Income 15 3150
sought from Trusts & Foundations in support of bursaries and from corporate sources for sponsorship
activities such a5 events, technology or staff investmerit. Legacies are also sought, and merchandise is sold to
promote awarene55 of the School. Stewardship programmes are in place for the various fundraisin8
initiatives. All activltle5 promote ongoing engagement through sharln8 the irnpacl of phllènthropic Support.
When finlshing school, all pupils betome Old Guildfordlans and are aulomatlcally included in the alumnl
programrlle. This programme of communications and events is managed and run by the Development &
Alumni Relations office IDAROI, OARO has taken over the alumnl programme which previously ran under the
auspices of the Old GulldfordSans' Assoclatlon IOGAI whlch was disbanded In 2015116.

ThÈ Royal Grammar5thool. Gulldford Foundation
Revlew of Artlvltles and Achievements
10. The Development & Alumni Relations Office also manages a professic)nal and soclal networking platform
RGS Connect. Launched in May 2017, it offer5 mernbers of the RGS community the opportunity to '8ive
back, throu6h the sharlng of skills, knowledge and experience. The platform and other connections are 3150
used to organise a series of sector-specific cèreer seminars. in conjunction wlth the Higher Educatlon &
Careers team, for the benefit of boys at the School and pupils from the local sewndary schools.
11. The Directors have considered 311 the activities of the Charity against the Commission's Public Beneflt
Guld8nce and are of the opinion that the mix of practical Support for education ?nd fundraising for a
registered edLJCational establishment and the provlsSon of educational events to which other schools are
nvited delivers public benefit consistent with the ChaTity's aims and thereby meets the public benefit
prln¢iples. In partlcular, fundraislng for bursaries generates funds Intended to ensure that access to the
School is as open as possible to families of all means.
Review of Artivltles and Achlevements 2020.21
Fundralsln
12. The Foundation exceeded its budgeted income this year, Income sources included..
al Major Donor regular giving
bl 'C13S5 of... fellowship Eiving from the parent5 of U6 Leavers
cl Friends of the RGS
dl Fundraising Events, Sncluding a second digital Giving Dav
el Gift from 1509 group International companles
fl Merchat)dlse
gl Corporate 5ponsorshlp
h) Unsolicited gifts
13. The malorlty of the funds ralsed by the Foundation are made tax efficiently through the government's
Gift Aid scheme. Donations are allocated in line with donors, wishes where specified. Unre5trlcted fLJnds are
currently applied to the School's funding priorityi which is bursaries. The day to day running costs of the
Foundatlon and the Development & Alumn5 RelatSons Offlce are met by the School, not from voluntary
income.
The 2020-21 year activities included a second digital givin8 dayi following from the first ever successful giving
day in 2019 whSch raised £132.000 from 434 donors. The 2020-21 giving day raise £114,000 from 1.362
donors including 911 staff and pupil5.
14. Donor stewardshlp remains a key element of all fundralsing activity. Each year the Foundation produces
a Supporters Review, updating on progress and celebrating imp8Ct. Supporters are also invited to an annual
Supporters Reception which aims to bring together all our donors to celebrate success, offer our thanks and
Share the impact of their philanthropic support. DLJe to the coronavlrus pandemic. this event was held online
in 2020 and 2021 but there are plans to resume in-person celebration5 later in 2021.

The Royal Gramm3r5chool, Gulldford Foundatlon
Revlew of Actlvltles and Achlevements
Alumnl Relatlons
IS. There were no In-person alumnl events during 2020-2021. The Development and Alumni RelatSons
Office continued contact with the alumni community through onllne communlcations and held online virtual
events which Included..
al An alumni IOGI quiz
bl A networking and career '8reakfa5t Club talk, for the whole RGS communltv
cl A le8acy 'lunch' rneetSng for the Beckingham Soclety, the alumni legacy members
dl Concerts, carol services and Kings lectures onllne
el ContinLJed phone contact with older OGS and stewardship by phone
Production of OG magazine DialOGue
Careers
Pu
Ilsu
ort
16. There were no in-person career seminars held but alumnl were encouraged to Ljse RGS Connect for
careers networklng, mentoring and support. An Economics talk by an ?lumnu5 wa5 delivered to current A-
level students.
Future Plarts
17. The Headmaster's long-term vision that RGS Gulldford will achieve full merit-based open access within
a generation will continue to influence all fLJture strate8ic development plans so that every boy who earns
his p13ce by merit is able to take it up, irrespective of financial circumstances Wlthin his family.
18. FLJndraising will continue to focus on fundraising for bursaries from the alumni and friends base and w511
focus on encouraging regular multi-year donatlons. Key to this strategy 15 to contlnue to embed this ethos of
'widening access, at all leve15 of the RGS community and build a shèred philanthropic culture from Governors
and current staff member5.
The Status of the Foundation
20. The Found3tign is a Company Ilmlted by guarantee and has no sharè capital. The Foundation has one
voting member, 1509 Group. whlch undertakes to contribute an amount not eXCeed￿n8 £10 to the assets of
the FoundatlDn In the event of it being wound up whilst it is a member, or wlthin one year of its ceasing to
be a member. If, on the winding up or di5501ution of the Foundation, there remains any property this shall
be dSstributed to 1509 Group or to some other charitable Institute or institutions havlng objects similar to the
objects of the Foundation. The 1509 Group is the parent undertakin8 of the Foundation. The 1509 Group is
the holding company of both Foundatlon and RGS & Lanesborough.
The 0Srectors Offlcers and Advisors
21. There are currently four Directors. 1509 Group appointed one Director. The remaining Directors were
appointed by the member, on the recommendatSon of the School. We were pleased to welcome Chri5 Alder
to the Board in July 2021. The names of all the Directors of The Royal Grammar School, Guildford Foundation
and of the Officers and Advisors to the Foundation are set out on page 7.
22. Directors, who are also charity trustees, are selected for their commitment to our philanthropic
ambStions, thelr networks and connectlons to help raise funds and their knowledge and experience of the
School.

The Royal Grammar School, Gulldfoid Foundatlon
Rtvlew of Actlvltles and Achlevements
23. All Directors glve their time freely and no remuneration or expenses were paid in the year. No Director
or person connected with a DirectOT received any benefit from either means tested bursarles or scholarships
awarded to the School'5 pupil5.
Récrultment and Tralnln
of Trustees
24. The Headmaster, Chair of Governors and existing trustees work with the Development Dirertor to identify
prospective Trustees and asslst in their Induction. Prospectlve Trustees are invited to a number of School
events in order to meet mernbers of the school leadership team and Bre given tonsiderable background
material regarding the School, its philanthropic history and current fundraising strategy. The legal and
fiduclary responslbilitles as a charity trustee are made clear as well as the primary role of Foundation trustees
as fundraisers and networkers. Every prospective trustee will meet at least one other existing Trustee
independently before taking up the position. Induction includes a visit to the School, the opportunity to meet
key staff member5 and sessions with the Development Oirector and Burs3r regardlng fLJndralslng and the
Foundation strategy, School and Foundation finances and School governance respectively. Most Trustees wlll
have been recrulted through an exlsting Trustee who wlll provide mentoring support as needed. Where
Trustee has been recruited by a staff member or School leadership, a Trustee will be appolnted to offer thls
support.
25. Trustee Terms of Reference and a Memorandum of Understanding between the School and FoundatSon
are both in place.
Admin15tratlon
26. The Dlrectors are responsible for the strateglc mènagement of the Foundation. By aEreement between
the School and the Foundation, the School provides administrative resources for the Foundation free of
charge, thus allowing the Directors and officers to concentrate their efforts on the tasks of supporting the
School and of fundraising. Day to day operational man38ement 15 delegated to the Development Director,
who is not a director of the Company, Financial matters are overseen by the Treasurer.

The Royal Grammot School, Gulldtord Foundatlon
Flnanclal Revlew
Flnanclal Revlew
27. The Foundation recelved £839,03912019-20'. £617,520) through donations, with restrlcted
donations totalling £837,97912019-20.. £616,898). Sale of merchandise generated a further £2,34712019.
20.. £3,443) during the ye?r. Corresponding cost of sales came to £72912019-20.' £1,795). The Foundation
gave £339,50012019-20.. £306,000) to the School during the year.
28. The School has agreed to provide, free of charge, the admlnlstratlve resoijrces for the Foundation's
fundraising, alurllni relations and development work in the expectation that significant donations and other
benefits will be generated for the School.
Since March 2020 our operations have been impacted by the coronavirus pandemlc. Staff are able to work
remotely with fundraising and alumnl relations activlties being conducted on-line. RGS & Lanesborough bears
the costs of the Foundation's core fundraising, alurllnl relations and development work. Special meétings of
the Foundation Board convene regularly to addre55 the emerging issues and develop action plans to support
contlnLJed operations. Budgets and cashflow forecast5 have been prepared whlch covÈr the p¢riod to JanLJary
2023. These include consideration of the key risks arising from the current crisi5 alongside the company's
planned response and sensitivity analysis around significant assumptions. Accordlngly, the trustees believe
the School'5 financial resource5 alongside the plans they have in place are sufficientto ensure the Foundation
will 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 80ing concern bas15.
Prlncl al Rlsks and Un¢ertalntles
29. The Oirectors will review the Foundation's risk a5sessment5 at le35t annually) and more frequently Sf
ppropriate to take into account ¢h8ngin8 circumstances.
The main risks are identified zs..
al Failure of the School to adopt a fully Integrated approach to fundraising, from strategy to
communications, leading to an inability to realise the philanthropic fund5 needed to achieve the
School's stated alm of full merit-b3sed open access withSn 3 generation. The Governors have
convened a working party of Governor5, Trustees and staff to address this Issue and make
recommendations to the School.
bl Cyber-attack, causing rna￿￿r theft, loss or corruption of data or systems, which ¢ould damage the
Foundation's operations or reputation. The safety of system5 15 re8ularly revlewed along with the
development ol disaster recovery systems, the review of policies and passwords, with updates and
training for staff on these.
cl Fallure to recruit a suitable new Development Dlrector In a tlmely fashlon to replace the exSstln8
Development Director who left at the end of 2020121. The HÈadma5ter lèad a transillon plan and the
recruitment process began in early 2020121, with zn appointment made in mid-2021.
dl Incidence of a pandemlc adversely affecting fundraislng actlvities and donor flnances. Regular
meetings of the Foundation Board have been convened to address the emerging issues and needs
and a revlsed fundralsing plan has been prepared in light of the sltuation. Performante a8aSnst
revised plans and forecast is regularly reviewed to monitor cash and operational resources.
Fundraising campaign5 and initiative5 are beSn8 conducted on-line and actlve 5tewardshSp of the
exlsting donor baso continues.
el Data protection change5 which could lead to a significant drop in the number of those from the RGS
community with whom the Foundation can communlcate. Work Is ongoing with the Bursar to ensure
that data capture and collection activlty continues to be legal and effective for fLJndraising and
marketing purposes.

The Royal Grammar School, Gulldford Foundatlon
Flnanclal Revlew
Sources af Fundln
30. Almost all of our funding comes from alumnl of the School (called Old Guildfordiansl and parents and
staff, past and present, In recent year5 profits from the overseès ventures of the 1509 Group have 8150 been
gifted to the Foundation to support bursaries. Additionally, in yoars where there is a surplus of bursary budget
Over bursary need in the School, the balance Is gifted to Foundation te support future bursarles. A small
number of Trusts & Foundations also offer their support.
31. The Foundation's fundraising actlvitSes are carrled out by an in-house staff team, funded by the School.
No professional fundraising organisations or commercial participators are currently used by the Foundation.
The Foundatlon adheres to the Code of Fundraising Practice when undertakln8 fundralsing activity.
Fundraising actlvity is limited to those with an existing connection to the School and includes a limited
amount of fundlng from Trusts. Major donor and one-to-one fundraising is the Foundation's key mode of
fundraising which helps to ensure that philanthropic relationships are not developed with anyone who
might be vulnerable or be in vulnerable circumstances. There were no complaints received by the
Foundation in respect of fundraislng actlvitv,
Investment and Reserves Poll
32. In 2016117, the Foundation launched an EndurinE Bursary Fund, In line with ils long term strategy. The
fund is grown using 5peciflc legacy and restricted gifts, any surplus in unrestricted 8ifts to the Foundation and
any unspent funds from the Sthool's annual bursary allocatlon. Funds are currently being held on deposit.
The FLJnd may be used If there is a shortfall In phllanthroplc fundlng in a given yezr, to meet bursary
commltments.
33. The Foundation's total reserves of £1,004k at the year.end12019-20: £575kl included £875k of unspent
restricted income12019-20'. £410kl, and £129k of unrestricted income12019-20.' £165kl. The Foundation
dDes not seek to carry slgnlflcant levels of free reserves for contingency purposes.
34. Funds and other donations received for the School have been passed on in a timely manner, to be used
for the purposes lor which they were nominated. The Directors have reviewed the financial performance of
the charity and believe there are sufficient funds lo continue operating for the foreseeable future and there
are no material uncertainties surrounding the FDuNdation's ability to tontlnue as a 8olns concern. The
accounts of the charity have therefore been prepared on a 6oit)g concern basis.
sclos
Inform
tlon to Au
35. The Directors who held office at the date of approval of this DSrectors' Report conflrm that, so far 85 they
are individually aware, there is no relevant audit information of which the Company's auditors are unaware,
and each Director has taken all reasonable steps that they ought to have taken as a Director to make
themselves aware of any relevant audit information and to establish that the Company's audltor$ are aware
of that Information.

The Royal Grammar School, Gulldford Foundatlon
Reference and Admlnlstratlve Detalls
Directors
1509 Group
M Norburv
I Pearce
A Bakrania
H Styche-Patel
l Eves
C Alder
AppolntÈd by RGS & Lanesborough
Retired 5 July 2021
Retlred 25 February 2021
Retired 25 February 2021
Appointed 6 February 2020
Appointed 6 February 2020
Appointed 5 july 2021
Honorar
Offlcèrs
The Headmaster
Imcox
Secretary & Treasurer
C M Perceval
Re
ered Office
The Royal Grarnmar School
High Street
Gulldford
SurreyGUI 38B
Advlsors
Prlnclpal Bankers
National Westminster Bank PIC
Guildford Commerclal Offlce
PO Box 1. 2, Floor G3
Guildford
Surrey GUI 3ZR
Auditors
Crowe U.K. LLP
55 Ludgate Hill
London EC4M 71W
Sollcltors
Barlow Robbins LLP
The Oriel
Sydenham Road
Guildford
Surrey GUI 3SR
Company Number
4232306
Charlty Number
1089955

The Royal Grammar School. Gulldford Foundatlon
Statement of Dlrectors, Re5ponsiblllti*s
Statement of Dlrectors, Res
onslbllltles
The purpose of this statement is to distinguish the Directors, responsibilities for the Financlal Statements
from those of the auditors as stated in their report.
Company and Charity law require the Directors to prepare Financial Statements for each financS3l year that
give 8 true and fair vlew of the state of affaSrs of the Company and of the surplus or deficit of the Companv
for that year.
Under company law the directors must not approve the flnancial statements unless they are satisfied that
they give a true and fair view of the state of affairs of the company and of the profit or loss of the company
for that period. In preparing those Financi81 Statements the Directors are required to..
select suitable Accountin8 Policles and then apply them consistently,,
observe the method5 ènd principles of the Charities, SORP,.
make judgment5 and estimates that are reasonable and prudent.,
State where appllcable UnSted Klngdom Accounting Standards have been followed, Subject to any
material departures in the financial statements disc105ed and explained:
prepare the Flnancial Statements on the going concern basis unless It is inappropriate to presume that
the Company will contlnue in busine5S.
The Directors are responsible for maintaining adequate accounting records which disclose with reasonable
accuracy at any time the financial ptssStion of the Company and to enable them to ensLJre that the Financial
statements cornply with the Companies Act 2006. They are also responsible for safeguardin8 the assets of
the Company and hence for taklng reasonable step5 for the prevention and detection of fraud and other
irregularities.
Audltors
37. Crowe U.K. LLP has indicated willingness to continue In office and a resolutSon concernlng thelr
reappointment will be proposed at the Annual General Meeting.
Approved by the Dlr&ctors and si8ned on thelr behalf bv..
Dlrertor
Dlrector
Prlnt name Julie Eves
Print name
Date
0111212021
Date
Ir

The Royal Grammarsthool, Gulldford Foundatloh
Report of the Independent Audltors
Independent Auditor's Report to the Members of The Royal Grammar School, Gulldford Foundatlon
Oplnlon
We have audited the financial statements of The Royal Grammar School. GuiSdford Foundation I'the
charit3ble company'l for the year ended 31 july 2021 which comprise the Statement of Financial Activities,
Charlty Balance Sheet, Statement of Cash Flows and notes to the financial statements, Including signiflcant
accounting policies. The financial reporting framework that has been applied in their preparation is
applicable law and UniteLI Klngdom Accountlng Standards, Including Financial Reportlng Standard 102 The
Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally
Accepted Accounting Practice),
In our opinion the financial statements..
give a tr¢Je and fair view of the state of the charitable company's affairs as at 31 july 2021 and of the
charltable company's Income and receipts of endowment5 and expenditure, for the year then ended,.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice; and
have been prepared in accordance wlth the requirements of the Companies Act 2006.
Basis for oplnlon
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and
applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for th@ audit of the flnanclal statements 5ectlon of our report. We are independent of the
charitable corllpany 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
responslbillties In accordance with these requirement5. We believe that the audit evidence we have
obtained 15 sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to 8olng concern
In auditing the financial statements, we have concluded that the trustee's use of the going concern basi5 of
accounting in the preparatlon of the financial statements is appropriate.
Based on the work we have performed, we have not IdentifSed any materlal uncertalntles relating to events
or condition5 that, individually or collectively, may cast Sl8nificant doubt on the chèritable cornpany's or the
charitable company's ability to continue as a going concern for a period of at least twelve months from
when the flnanclal statements are authorised for issue.
Our resp¢nsibilitie5 and the responsibilitie5 of the trustees with respect to going concern are described in
the relevant sections of thls report.
Other information
The trustees are responslble for the other informatSon contained within the annual report. The other
information comprises the information included in the annual report, other than the financial Statements
and our audltor's report thereon. Our opinion on the financlal statements does not cover the other
information and, except to the extent otherwSse explicitly stated in our report, we do not express any form
of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information
is materially incon55stent 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 maler121
mlsstatements, we are required to determine whether this gives rise to a materlal misstatement In the
fin3ncial statements themselves. 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 thls regard.

The Royal Grammar khool, Gulldford Foundatlon
Report of the Independent Auditors
Oplnlons on other matters pres¢rlbed by the Companles Act 2006
In our opinion based on the work undertaken In the course of our audit
the information given in the trustees, report, whlch Includes the directors, report and the strategic
report prepared for the purposes of company law, for the financial year for which the financlal
statements arè prepared is con515tent with the flnancial statements,. and
the strategic report and the directors, report included within the trustees, report have been prepared Sn
accordance wlth applScable legal requlrements.
Matters on whlch we are requlred to report by emceptlon
In light of the knowled8e and understanding ol the charitable company and their environment obtained in
the course of the audit, we have not identified material misstatements In the strategic report or the
directors, report Included withln the trustees, report.
We have noth5ng to report In respect of the following matters in relation to which the Companie5 Act 2006
requlres us to report to VOLJ if, In our opinion-.
adequate and proper accounting records have not been kept,. or
the financial statements are not in agreement with the accounting records and returns,. or
tertain dlsclosures of trustees, remuneration specified by law are not made,. or
we have not re¢@Ived all the informatlon and explanations we requlre for our audit.
Responsibilities of trustees
As explained more fully in the trustees, responslbilities statement, the trustees (who are also the directors
of the charitable cernpany for the purposes of company lawl are responsible for the pieparatlon 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
materlal misstatement, whether due to fraud or error.
In preparing the financial statements, the trustee5 are responsible for assesslng the charitable compansrts
ability to continue 35 3 80in6 concern, discloslng, as applicable, matters related to going concern and using
the going concern basis of accounting unless the trustees either intend to Ilquldate the charltable company
or to cease operations, or have no realistic alternative but to do so.
Audltorfs responslbllltles for the audlt of the flnancial statements
Our objectives are to obtain reasonable assurance about whether the financial statements a5 a whole are
free from material mi55tatement, whether due to fraud or error, and to Issue an auditor's report that
includes our opinion. Reasonable assurance 15 a high18vel of assurance, but is not a guaranteè that an audit
conducted in accordance with1SAs IUKI will always detect a material mlsstatement when it exists.
Misstatements can arlse from fraud or error and are considered materlal If. indlvidu3lly or in the a8gregate,
they could reasonably be expetted to influence the economic decision5 of users taken on the basls of these
fln8ncial statements.
Details of the extent to which the audlt was consldered capable of detecting irregularities, Including fraud
and non-compllance with laws and regulations are set out below,
A further description of our responsibilitie5 for the audit of the financlal statements is located en the
Flnanclal Reportin8 Countll's webslte at.. www.frc.or
.uk
auditorsres
onsibililies. This destription forms
part of our auditor's report.
Extent to whlch the audit was consldered capable of detectln8 IrYe8ularltSes, IncludlnB fraud
rregularitie5, includin8 fraud, are instances of non-compllance with laws and regulations, We identified and
assessed the risks of material misstatement of the financial statements Irom irregularities, whether due to
fraud or error, 8nd dlscussed these between our audit team n)embers. We then designed performed
audit procedures responsive to those risks, includin8 obtaining audlt evidence sufficient and appropriate to
provide a ba515 for our opinion.
10

Thè Royal Grammar School, Gulldford Foundatlon
fieport of the Independent Auditors
We obtaSned an understanding of the legal and regulatory frameworks within which the charltable
company operates, focusing on those laws and regulations that have a direct effect on the determinatlon of
material amounts and disclosures in the financial staternents. The laws and regulations we considered iii
this context were the Cornpanies Act 2006, taxation legislation, employment legislatlon and general data
protection legislation, together with the Charities SORP IFRS 1021. We assessed the required compliance
with these law5 and regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a dlrect effect on the
flnanci31 statements but cornpliante wlth which might be fundamental to the charitable company's abilitv
to operate or to avoid a material penalty. We also considered the opportunities and incentives that may
exist wlthin the charitable cornpany for fraud. The laws and regulations we considered in this context for
the UK operations wa5 the Companies Att 2006.
Audltin8 Standards Ilmit the requlred audlt procedures to identify non-compliBnce with these laws and
regulations to enqulry of the Trustee5 and other mariagement and inspection of re8ulatory and legal
correspondence, If anv.
We identified the greatest risk of material impact on the finaricial statements from irregularities, includlng
fraud, to be within the timlng and recognition of donation Ii)come and the override of controls bv
rnanagement. Our audit protedures lo respond to these risks included enquirie5 of management and the
Finance and General Purposes Comrnlttee about their own identification and assessment of the risks of
irregularities, sarnple testing on the posting of journals. reviewlng accountlng estlmates for biases,
reviewing regulatory coriespondence with the Charity Commission and reading minutes of meetings of
those charged with governance.
Owing to the Inherent limitations of an audit, there Is an unavoldable risk that we may not have detected
some material misstatemenls in the financial statements, even though we have properly planned and
performed our audlt in accordance wlth auditing standards. For example, the further removed non.
compliance with13ws and regulations Ilrre8ularitiesl Ss from the events and transactions reflected In the
flnancial staternents, the less likely the inherently limited procedures required by auditing Standards would
identify it. In additlon, as with any audit, there remained a hlgher risk of non-deteclion of irregLJlarities, as
these may involve collusion, forgery, Sntentional omissions, mlsrepresentatlons. or the override of Internal
controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-
compliance wlth èll laws and regulatlons.
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 worl( has been Ljndertaken so that we misht 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 fvllest extent permitted by law, we do not accept or assume responsibility to
3n¥one other than the charitable company and the charitable company's members as a body, for our audit
worl(, for this report, or for the opSnlons we have formed.
TSna Alllson
Senior Statutory Auditor
For and on behalf of
CrowÈ U.K. LLP
Statutory Auditor
London
17 DeceM￿r 2021

Royal Grammar School, Gulldford Fourbdatlon
Statement ot Flnanclal Activities 31$tJuly 2021
Reglstered Number 4232306
INCOME ANO EXPENDITURE ACCOUNT
Unrestrlcted
Funds
Restrlcted
Funds
2020.2021
Total
2019.2020
Total
Notes
Income From:
Donation5 and legacies
Income from trading activlties
Investment Income
Ila)
Ilbl
1.060
2,347
129
837,979
839,039
2,347
129
617,520
6,268
428
Total Incomln8 resOu￿e$
3,535
837.979
841,514
624,216
Expendlture on:
Charlt3ble actlvltles
2111
367,580
367.580
312,841
Ralsln8 funds
21bl
39.491
5,441
44,932
33,761
Total expendlture
39,491
373,021
412,511
346,602
NETMOVEMENT IN FUNDS
135.9561
464,9S9
429,003
277,614
Fund balances brought forward at l August 2020
165,127
409,661
574,788
297,174
Fund balances cafrled forward at 31 July 2021
129.171
874.620
1,003,791
574,788
The Company has no gains or losses that are not shown above.
The accounting policies and note5 On pages 15 to 19 form part of these Financial statements.
12

Royal Grammar School, Gulldford Foundation
Balance Sheet 31st July 2021
Re815tered Number 4232306
Notes
31 July 2021
31 July 2020
CURRENT ASSETS
Stock
RGS Debtor
Gift Aid receivable
Prepayments
Cash
4131
19,968
91,000
11,956
541
904,261
1,027,726
19,082
55.000
8,898
18,783
521,474
623,237
CREDITORS.. due wlthln one year
41bl
123,9361
148,4491
TOTAL NET ASSETS
1,003.791
574,788
Represented by:
RESTRICTED FUNDS
874,620
409,661
UNRESTRICTED FUNDS
Designated and general fund5
129,171
165,127
Total funds
1,003,791
574,788
Approved by the Board of The Royal GrammHr School , Guildford Foundation
and slgned on behalf of the Company by
Director..
Dlrector...
Prlnt name....J.ulio.EvRs.
Print name..
0111212021
Date.........
The accounting policles and notes on pa8es 15 to 19 form pèrt of these Financial Statements,
13

Royal Grammar School, Gulldford Foundatlon
Cashflow 31st Ivly 2021
Reglstered Number 4232306
2020-2021
2019.2020
Cashflows from operatlng actlvltles
Net cash provided by operations
382,658
242.813
Cash flows from Investln8 actlvltlos
nweslment income receipts
129
428
129
428
Chan8es In cash and cash equlvalents In the
reportin8 perlod
382,787
243,241
Cash and cash equlvalents at l August
521,474
278.233
$h Jnd cash equlvalents at 31 July
904.261
521,474
Net Cash Inflowlloutfjowl from Operatlng
Attivities
2020-2021
2019-2020
Net Movement In funds
Iincreasel in debtors and prepayments
ID&crea5elllncrease In Credltors
Investment income
Ilncreasel In Stock
429,003
120,8161
124,5141
11291
18861
277,614
174,5061
42,538
14281
12,4051
382 658
242 $13
Changes In Cash and Cash Equlvalents
Asat
31 July
2021
ocNJs
Asat
31 july
2020
Analysis of Net Funds
Cash Flow
0005
Net cash balances
904,261
382,787
521.474
The accounting policies and notes on pages 15 to 19 form part of these Financlal Statement5.
14

The Royal Grammar School, Guildford Foundatlon
Attountln8 Pollcles
B3s1s of accountln
The Financlal Statements are prepared in accordance with the Financial Reporting Standard applicable in the
UK and Republic of Ireland IFRS 1021, the Charities Act 2011, the CompBnies Act 2006, and the Statement ol
Recommended Prattice applitable to charities preparing their account5 in accordance with the Financial
Reportln8 Standard applicable in the UK and Republic of Ireland IFRS 1021-
The accounts are drawn up on the historical cost accounting basis. The directors have a reasonable
expectation that the company has adequate resources to cL)ntinue Sts actlvities for the foreseeable future
and conslder that there were no material uncertainties over the company'5 financial viability. Accordinglv,
they also continue to adopt the goln8 concern basis in preparing the flnancial statements as outlined in the
Statement of Dlrectors, Responsibilities on pa6e 8.
At the time of approval of the Annual Report, the COVID-19 pandemic continues to evolve and the long term
Impact on the Foundation, in common wlth other entlties, Is unknown. As detailed in the flnancial revlew.
RGS & Lanesborou8h bears the costs of the Foundation's fundraising, alumni relatlons and development
work. The Trustees believe the Schoo15' financial resources are sufficient to ensure the Foundation will
continue as a going concern for the foreseeable future, being at least 12 months from the date of approval
of the finaftclal statement and have therefore prepared the financial statements on a going concern basis.
The Foundation Is a Publlc Beneflt Entity re8lStered as a charlty In England and Wales and a company limlted
by guarantee. It was incorporated on Il, June 2001 Icompany number 423230601 and registered as a charity
on 3, january 2002 Ich3rlty number 10899551. The Foundation's reglstered office Is The Ruyal Grammar
School Guildford, High Street, Gulldford, Surrey GUI 3BB.
CrltScal accountlrt
ud
ements and ke
sources of estimatlon uncertaint
In the appllcation of the accounting policies the directors are required to make judgement, estlmates, and
35sumptlons about the carrylng value of assets and liabilities that are not readily apparent from other
sources. The estimates and underlying assumptions are based on historical experiemte and other factors that
are considered to be relevant. Actual results may differ from these estlmates.
The estimate5 and underlying assumptlons are revlewed on an ongolng basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only that period,
or in the period of the revislon and future periods if the revision affected current and future period5.
In the view of the directors no assumptions concernlng the future or estimation uncertainty affectlng assets
or liabilities at the balance sheet date are likely tl) result in a material adjustment to their carrying amounts
in the next financial year.
15

The Royal Grammar School, Gulldford Foundaiion
Accountlng Pollcles
Statement of Flnancial Activities
SOFA
Transactions are analysed on the SOFA as follows..
Unrestrlcted funds
'Foundation'
Expenses in f¢Jrtherance of the charitable objective to support RGS and
Lanesborough and the Company administration.
'Designated'
Any funds deslgnated for the Seneral use of the Company or designated for
use by the School.
Restrlcted fund
Any fund5 held on behalf of RGS and Lanesborough or for other restricted
purposes.
Stock
Stock is valued at the lower of cost and net reallsable value.
Income and ex
enditure
With the exception of voluntary Income, income and expenditure is accounted for on an ?ccruals basis.
Voluntary Incoming resources are accounted for as and when entitlement arlses, the amount can be reliabl¥
quantifSed, and the economic benefit to the company is considered probable. Gifts in kind are valued at
estimated open market value at the date of gift, In the case of assets for retention or consumption, or at
the vèlue to the company in the case of donated services OT facilitSes.
Donatlons and Le
acies
Income from donations, grants and other sources Is recogni5ed on an accruals basis and included in the
Statement ol Financi31 Actlvities ISOFAI when the Foundation is entitled to the income, when receipt Is
probable and when it can be measured reliably. Legacies subject to a life interest by another party wlll not
be recognised. Pecuniary legacies will be recognised when the legacy is recelved or where there is sufficient
evldence that recelpt Ss probable. Residuary legacies are recognised at the earlier of cash received or
notification of an interim dlstribution or estate accounts having been approved by the executors.
Ex
endlture
Expenditure is allocated to expense headings either on a direct cost basi5 or apportloned accordSng to time
spent. Expenditure 15 accrued as soon as a li3bi1Sty Is considered probable, discounted to present value for
longer term liabilities.
Flnan¢lal Instruments
Basic financial instruments are initially recognised at transaction value, and subsequently measured at
amortised with the exception of investments which are held at fair value. Fir)anclal assets that are amortised
cost comprise cash at bank and in hand, together with trade and other debtor5. Cash at bank and in hand is
defined as all cash held in Instant access bank accounts and used as workSn6 capltal. Financ￿¥1 liab51Itles held
at amDrtised cost comprise all creditors.
Taxatlon
As a reglstered charity the Foundation is generally exempt from Corporatlon Tax but not from Value Added
Tax IVAT). Irrecoverable VAT is Included In the cost of those items to which it relates.
16

Royal GrammaT Sthotsl, Gulldford Foundtytlon
Notes to the accounts 315t July 2021
ReglstQ￿d Numbei 4232306
l. Income
lal Donations are received from Friends, other forms of regular donatlon, one-off glfts and lega¢ies.
Ibl Foundation continues to sell morchandise. The tradln8 turnover rolatlng to those 5I1e5, whlch zre In¢luded In the Income
Irorn tradlng a¢iiviiies, can be found below.
2020-21
2019.20
Sèles Turnover
2,347
3,443
11,7951
1,648
Cost of Sales
Net Turnover
1,618
Icl Investrnent income comprises interest on Glft Aid and bank interest.
2. Charltable artlvltie$
lal DonatlDns recelved by the Foundatlon are passed on to the School following reclaim of tax under the GIftAld scheme.
Ibl Cost5 In sUPPOrt of charltable actlvltles Include bank ch4rges and the rental of equlpment to all¢w bc¢eprance of
donations by deblt and credit card, and totalled £5,46311020- £5,595) at the year end.
3. Governance cost5
Insur3ncÉ premiums. audit fee$ 8nd other statutory Costs were p3ld for bythe School. the Imm¢dlate parent undert3kin8
on beh811 of the Foundation.
The Dlrector5 were not In recelpt ol any remuneratlon or expenses during the year,
Current a55et$
lal Stock cons15ts of vorlous merchandlse Unsold 05 of the Veèr end.
Ibl Credliors.. zmounts falllng due withln one year
At 31 July
2021
At 31 July
2020
Accruals
RGS creditor
Other ¢redltor$
33
21.904
1,999
23,936
33
48,363
54
48,449
5. Allo￿110# of the Charity net assets
Restrl¢ted Funds
Restrtlcted Funds within the Foundaii¢n 2r¢ made up of funds held which have been restricted by the donor. Wh@n
donatlon5 are passed to the school the rostriclion5 remaln wirh them. RÈstrlcted fund5 are mainly made up of the Bursary
Fund whl¢h receives restricted bursary donations.
lal The net Jssets ai the balance sheet date are held for the various funds a5 follows=
Net current
A55etsl
Net Clbrrent
Assetsl
2021
2020
R8Strfct¢d
874,620
409,661
Unrestrlrted- general
129,171
165,127
Total Funds
1,003,791
574,788
17

Royal Gr?mmar School, Gulldford Foundatloh
Notes to the i£¢ounts 31stJuly 2021
Re8lstered Number 4232306
B•lan¢e at
31st Julv
Net
2020 Incomelllossl Donatlons
8alwnre at
31st July
2021
Grants and
Allocation5
Ibl Funds.. movements In the year
Restrlcted
409,661
15,4411
837,979
1367,5801
874.619
Vnrestrlcted. General
165,127
137,0161
1,060
129,172
574,788
142,4561
839,039
1367,5801
1,003,791
Comparallve Allocatlon of the Charlty net asseis
lal The net assets atthe ba13nce sheet date are held lorthe v4rlous funds a5 follows
Net current
Assetsl
Nettufrent
Assetsl
2020
2019
Restrlcted
409,661
108,113
Untestrl¢ted- ienernl
165,127
189,061
Total Funds
S74,788
297,174
Dalan¢e at
31st July
Net
2019 Incomell10551 Donatl¢ns
Grants and
Allocatlons
31stJuty
2020
Ibl Funds.. movements In the year
RÈstrlcted
108,113
15,S331
616,898
1309.8171
409,661
UnrÈstrlcted General
189,061
121,S321
623
13,0251
165,127
297,174
127,0661
617,521
1312,8421
574,788
6. Related party traTh5acllons
The School Is the sole votlng Mernber of thp Foundatlon, thus making It the Iniermodlate Parent UndertakSn8. The Sch¢ol
makes available to the Foundation staff and loglstlcal re50urce5,wiihovt charge, In exchange for the Foundatlon's work
pro8ramme support of tht School. At the year end Foundatlon owed the school £21,904120?.O - Foundatlon owed
School £48,363).
1509 Group Is the htsldlng company of both Foundation and RGS & L3neborou8h. Cople5 01 the consolidated accounts for
the 1509 Group arÈ av31Iable from Iho re815tered office at rhe Royal Grammar School, High Strtet, Gulldford, Surrey GUI
38B.
In 2020121. É339,50012Q19120 £306,000) of donations was passed from Foundation to the School, to be used for the
purposes for which the don3tions wÈrÈ nomlnèted. In 2020121 the School 8lfied £91,OW to thc Found4tlon from
unspont funds frorr thè School's annual bursary allocation this was rellccted In the cla51ng balance 12019120
155,0001.
18

Royal Grammar S¢hool, Gulldford Fouhdatlon
Notes to the g¢counr$ 3istJuly2021
Re8lst¢r¢d Number4232306
Neither the Trustee5 nor person5 connected with them received any remuneration or other benÈfit5 from the Foundation
or any connected organisations, Travel expense5 are only relmbtsrsed exceptlonally. 2nd with the prlor approval of the
Chiirman. No expenses were reimbursed durln8 the period.
In 2020121 the Foundètlon recelved a glft of £257k from 1509 group International Companies 12019120 £114kl,
The TrustÈes danated £10,584 (Èxcludlng Glft Aldl to the Ftsundatlon In the year12019120 £11.2201.
7 Stai¢rn¢nt of
Flnon¢141 Actlvltl¢s
Unre5trlcted
Funds
R&stTlrt¢d
Fund5
21J19-20
Total
Income and Expendlture A¢¢ount
In¢ome From
Donatlons and legacles
Income from Iradlng actlvltles
InvestmÈnt Income
523
616,898
617,520
6,268
428
6.268
428
Income
616 898
624 216
EXPENDITURE
Expendlture on Charltsble actlvltles..
C05t5 in support of
3,025
309,817
312,841
Cosis Inctsrred from
ralsln8funds
28,228
5,533
33,761
Totsi ex9endlture
315 350
346 602
NET MOVEMENT IN FUNDS
123,9341
301,548
277,614
Fund balance5 brought
forward at l AuBUSt 2019
189,061
108,113
297,174
Fund balances carrled
forward at 31 July 2020
165,127
409,661
574,788