2022-06-30-accounts

		Pages
Trustees, members and advisors
Trustees' Report and Statement ofTrustees'	Responsibilities	4-10
Independent Auditor's Report		11-12
Statement of Financial Activities		13
Balance Sheet		14
Cash Flow Statement		15
Notes to the Financial Statements		16-24

		Appointed by:
B	J O' Brien	ExOfficio, as Chairman	ofthe Governing		Body
		of Rugby School
C	Wills (Chair)	ExOfficio as Chair ofthe Arnold Foundation
		Board
R	C Fletcher	ExOfficio, as President	ofthe Rugbeian
		Society (Up to 23 May	2022)
A	Habib	ExOfficio, as President	ofthe Rugbeian
		Society (from 15 November		2022)
P	RAGreen	ExOfficio, as Executive	Head	Master of	Rugby
		School

Dr C H Barnes	Dr C H Barnes
D Batstone
A Fox		Appointed		February 2022
CT Lindsay
M D L Ponsonby
M Turner
Company Secretary		P A Nicholls
Director of Development		K A Wilson		(until	September	2022)
Advisors:
Investment	Managers	Quilter Cheviot investment				Management	Ltd,
		London
Bankers		Natwest	Bank, Rugby
Solicitors		Veale Wasbrough			Vizard, Bristol
Auditor		Crowe U.K. LLP,			Cheltenham

				Unrestricted	Endowed	Restricted		Unrestricted	Endowed	Restricted
			Notes	Fundsf	Funds E	Funds f	Year 2022 E	Funds E	Funds E	Funds E	Year 2021 E
INCOME AND
ENDOWMENTS
FROM:
Income from
Generated Funds
Donations and				5,501	914,829	691,864	1,612,194	19,684	33,755	455,862	509,301
gifts
Legacies					467,202		467,202		153,615		153,615
Gift in kind				506,463			506,463	372,606			372,606
Investment						244,570	244,570			210,922	210,922
income
Total Income				511,964	1,382,031	936,434	2,830,429	392,290	187,370	666,784	1,246,444
EXPENDITURE
Costs ofRaising
Funds
Fund-raising	costs
for donations legacies		and	3	(506,463)		(67,323)	(573,786)	(372,606)		(55,981)	(428,587)
Costs ofRaising				(506,463)		(67,323)	(573,786)	(372,606)		(55,981)	(428,587)
Funds
Expenditure	on
charitable
activities
Bursa ries						(1,108,196)	(1,108,196)			(1,017,689)	(1,017,689)
Total				(506,463)		(1,175,519)	(1,681,982)	(372,606)		(1,073,670)	(1,446,276)
Expenditure
Net income /
(expenditure)				5,501	1,382,031	(239,085)	1,148,447	19,684	187,370	(406,886)	(199,832)
Net (lossese) / gains investments			7		(1,288,635)	(849,469)	(2,138,104)		2,195,939	1,552,303	3,748,242
NET MOVEMENT
IN FUND5				5,501	93,396	(1,088,554)	(989,657)	19,684	2,383,309	1,145,417	3,548,410
Reconciliation		of
Funds:
Balance brought forward at 1July				179,480	11,288,109	7,440,202	18,907,791	159,796	8,904,800	6,294,785	15,359,381
21/20
FUND BALANCES
CARRIED
FORWARD AT30			10	184,981	11,381,505	6,351,648	17,918,134	179,480	11,288,109	7,440,202	18,907,791
JUNE 22/21

Balance Sheet	as at 30June 2022
			2022	2021
		Notes	E	E
Investments			17,385,060	19,491,231
Current assets
Debtors			840,929	27,380
Cash at bank and in	hand		9,012	13,975
			849,941	41,355
Creditors: amounts	due within one year		(316,867)	(624,795)
NET CURRENT ASSETS			533,074	(583,4401
TOTAL ASSETS		10	17,918,134	18,907,791
Capital and reserves:
Endowment funds			11,381,505	11,288,109
Restricted funds		12	6,351;648	7,440,202
Unrestricted funds		13	184,981	179,480
TOTAL FUNDS			17,918,134	18,907,791

					2022	2021
					E	E
Reconciliation ofnet income to net cash flow from operating
activities:
Net Income for the reporting period (as per the Statement of
Financial Activities)					1,148,447	(199,832)
Elimination of non-operating	cash flows:
-Investment income and bank interest		receivable			(244,570)	(210,922)
-Endowment donations					(1,382,031)	(187,370)
(Increase)/Decrease in debtors					(813,549)	(5,417)
Increase/(Decrease) in creditors					(307,929)	164,109
Net cash provided by operating activities					(1,599,632)	(439,432)
Cash flows from investing	activities:
Purchase ofinvestments					(2,920,601)	(6,439,047)
Sale of investments					2,888,669	6,492,020
Investment income and bank interest		receivable			244,570	210,922
Net cash used in investing	activities				212,638	263,895
Cash flows from financing	activities:
New endowments					1,382,031	187,370
Net cash provided by financing activities					1,382,031	187,370
Change in cash and cash equivalents		in the	reporting	period	(4,963)	11,833
Cash and cash equivalents	at the beginning		ofthe reporting
period					13,975	2,142
Cash and cash equivalents	at the end	ofthe reporting		period	9,012	13,975
Analysis ofcash and cash	equivalents:
Cash at bank					9,012	13,975

						2022	2021
						f	f
Income on		UK quoted	investments			244,570	210,922
Interest receivable						0	0
						244,570	210,922
ndraising	costs for donations			and legacies
				Unrestricted	Restricted
				funds f	funds f	2022 f	2021 f
Staff costs				269,892		269,892	203,196
Marketing	and publicity			37,245		37,245	165
Office costs				118,655		118,655	89,786
Legal and	professional			80,671		80,671	79,459
Investment		management			67,323	67,323	55,981
				506,463	67,323	573,786	428,587

alysis ofto	tal expen	diture
			Staff costs	Other
				costs	2022	2021
				f	f	f
Costs ofGenerating		Funds
Fund-raising	costs		269,892	303,894	573,786	428,587
Total			269,892	303,894	573,786	428,587
Charitable	Activities
Bursaries				1,108,196	1,108,196	1,017,690
Total				1,108,196	1,108,196	1,017,690

vestments
		Total
		f
Balance at 1	July 2021	19,491,231
Additions		2,920,601
Disposals (at	net proceeds)	(2,888,669)
Revaluation	gains	(2,138,103)
Balance at 30June 2022		17,385,060
Represented	by:
Investments	listed on the UK Stock Exchange	17,064,279
Cash deposits		320,781
		17,385,060

N 8.	otes tothe Financial Debtors	Statements for the yea	r ended 30June 2	022 (continued)
			2022	2021
			f	f
	Tax recoverable		90,280	7,991
	Other debtors		127,500	19,389
	Due from Bilton Grange		623,161
			840,941	27,380
9.	Creditors
			2022	2021
			f
	Other accruals		16,000	14,000
	Due to the Governing	Body of Rugby School	300,867	610,795
			316,867	624,795

	Endowed	Restricted	Unrestricted	2022 Total
	Funds	Funds	Funds	Funds
			f	f
Investments	10,848,430	6,351,649	184,981	17,385,060
Net Current Assets	533,075			533,075
Total Net Assets	11,381,505	6,351,649	184,981	17,918,135

	Endowed	Restricted	Unrestricted	2021Tota I
	Funds	Funds	Funds	Funds
investments	11,871,548	7,440,202	179,480	19,491,229
Net Current Assets	(583,438)			(583,438)
Tota I Net Assets	11,288,110	7,440,202	179,480	18,907,791

. Current year moveme	nt in endowe	d funds:
	Balance at	Incoming	Amounts	Investment	Balance at 30
	1July 2021 f	Funds f	Expended f	Net Gains f	June 2021 f
Arnold Foundation-
permanent	50				50
endowment
Arnold Foundation
awards-expendable	11,288,059	1,382,031		(1,288,635)	11,381,455
endowment
	11,288,109	1,382,031		(1,288,635)	11,381,505
b. Prior year movement	in endowed	funds:
	Balance at	Incoming	Amounts	Investment	Balance at 30
	1July 2020 f	Funds f	Expended f	Net Gains f	June 2021 f
Arnold Foundation—
permanent	50				50
endowment
Arnold Foundation
awards-expendable	8,904,751	187,370		2,195,938	11,288,059
endowment
	8,904,801	187,370		2,195,938	11,288,109

				Balance at	Incoming	Amounts	Investment	Balance at 30	Balance at 30
				1July 2021 f	funds f	expended f	Net Gains f		June 2022 f
Arnold Foundation				7,438,302	936,434	(1,175,519)	(849,469)		6,349,748
awards
Performing	Arts			1,900					1,900
Total				7,442,202	936,434	(1,175,519)	(849,469)		6,351,648
12b. Prior year		movement		in restricted	funds:
				Balance at	Incoming	Amounts	Investment	Balance at 30
				1July 2020 f	funds f	expended f	Net Gains f		June 2021 f
Arnold Foundation				6,292,884	666,784	(1,073,670)	1,552,304		7,438,302
awards
Performing	Arts			1,900					1,900
Total				6,294,784	666,784	(1,073,670)	1,552,304		7,442,202
The fund's	principal		aim	isto raise monies forthe		financing ofbursary awards		to Rugby Scho
and Bilton Grange,			widening access tothe schools, sothat more				talented people may benef
from an education			at Rugby, irrespective oftheir			parents' ability	to pay the	fees. Funds hav
also been	donated		to	the Arnold	Foundation	for Rugby School to improve			the School
facilities.
13. Unrestricted		Funds
3a.Current year movement				in unrestricted funds:
				Balance at	Incoming	Amounts	Investment		Balance at 30
				1July 2021	Funds	expended	Net Gain		June 2022
				f	f	f			f
Unrestricted		funds		179,480	511,964	(506,463)			184,981
13b.Prior year	movement			in unrestricted funds:
				Balance at	Incoming	Amounts	Investment		Balance at 30
				1July 2020	Funds	expended	Net Gain		June 2021
				f					f
Unrestricted		funds		159,796	392,290	(372,606)			179,480

			2022	2021
			f	f
Financial Assets measured	at fair value through	profit or	17,385,060	19,491,231
loss —includes investment	assets