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