THE ARNOLD FOUNDATION FOR RUGBY SCHOOL REPORT OF THE TRUSTEES FINANCIAL STATEMENTS FOR THE YEAR ENDED 30JUNE 2023 Company Number: 04516482 Re8lStered Charity Number: 1095856 Website: https://rugbeiancommunity.com CONTENTS Pages Trustees, members and advisors Trustees, Report and Statement of Trustees. Responsibilities 4-10 Independent Auditorfs Report 11-13 Statement of Financial Attivities 14 Balance Sheet 15 Cash Flow Statement 16 Notes to the Financial Statements 17-24 THE ARIIOLD FOUNDATION FOR RUGBY SCHOOL TRUSTEE5, MEMBERS AND AOVISORS Trustees Appointed by: Ex Officio. as Chairman of the Governing Body of Rugby School Ex Officio as Chair of the Arnold Foundation Board Ex Officio, as President of the Rugbeian Society (from 15 November 2022) Ex Officio. as Executive Head Master of Rugbv School luntil 22 November 20231 Ex Officio, as Head Master of Rugby School (from 22 November 20231 B J O'Brien C Wi115 (Chair) A Habib PRAGreen G Parker-jones Other Members of the Foundatlon Board Dr C H 8arnes J C Barwell D Batstone AFOX C T Lindsav M D L Ponsonby M R Turner Company Secretary P A Nicholls Director of Development K A Wilson (until September 20221 L Fairbanks (from June 20231 Director of the Ru8beian Community K Steventon (from September 20221 Advlsors: Investment Managers Quilter Cheviot Investment Management Ltd, London Bankers Natwest Bank, Rugby 50licitors Veale Wasbrough Vizard. Bristol Audltor Crowe U.K. LLP, Cheltenham Reglstered and Prindpal Office The Bursary. 10. Little Church Street. Rugby, Warwick5hire, CV213AW Company Number Charity Number Website 04516482 1095856 www.ru chool.co.u arnold-foundation THE ARNOLD FOUNDATION FOR RUG8Y SCHOOL Report of the Trustees for the year ended 30 June 2023 The Trustees of the Arnold Foundation for Rugby School (the 'Foundation') present their annual report and the audited financial statements for the year ended 30 June 2023. The information with respect to Trustees. officers and advisors. as shown on page 3. forms part of the Annual Report and is current at the date of this report. The financial statements comply with the charivs trust deed. with current statutory requirements. applicable Accounting Standards in the United Kingdom. and the Charities Statement of Recommended Practice (the Charities SORP IFRS 102)). Objectlves and Artivities Choritoble Objectives The principal aim of the Foundation is to raise funds for Rugby School: to provide more bursary awards for boarding places. Subject to parental means testing, thereby widening access to the School. so that more talented students may benefit from an education at Rugby School. irrespective of their families, ability to pay the fee5; and to improve the infrastructure of the Sthool. The Trustees principal objective for the year is to continue to prioritise recruiting the right candidates and engaging the next generation of advocates and donors. In addition, the Trustees had set the following objectives for 2023124= Support progress towards income targets and strategies to secure funding for 40 Arnold Foundation students each year by 2030 at Rugby School and Bilton Grange- Secure a new group of advocates and donors to re-ignite fundraising for the Arnold Foundation. Public Benefit Objectives In setting the Foundation's objectives. the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit and in particular to it5 supplementary public benefit guidance on advancing education. Strotegiesfor achieving the Objectives The Trustees, strategy for achieving these objectives is to increase awareness of the Arnold Foundation for Rugby School. particularly to Rugbeians and Biltonians. and to encourage donations to create funds which may be used to provide the finances to svpport both current and future students through Rugby School and Bilton Grange. THE AANOLD FOUNDATION FOII RUGBY SCHOOL Report of the Trustees for the year ended 30 June 2023 fcorttinuedj Stoff and Supporters The Trustees greatly appreciate the important and valuable support and hard work eiven by the entire School staff but above all the Trustees are deeply grateful to Rugbeians. Biltonians, parents and many other friends of the School whose generosity has enabled the Trustees to achieve their objectives in the current year. Fundraising Members of Rugby School's Development Office organise fundraising activities and events and co-ordinate philanthropic support and involvement both for the Arnold Foundation and Rugby School. Neither Rugby School nor the Arnold Foundation use fundraising consultants or involve commercial participators. Rugby School and the Arnold Foundation are members of the Fundraising Regulator and are committed to the Code of Fundraising Prartice for fundraising and the marketing of both charities. All direct fundraising marketing is undertaken by the Development Office to ensure that it is not unreasonably intrusive or persistent. All promotional material contains clear instruction5 on how an individual can change their preferences for communication or be removed from mailing lists. There have been no complaints about fundraising activities during the year. Revlew of Achievements and Performance There were 26 Arnold Foundation and 3 Earle Fund students in the schools throughout the year 2022123 12021122= 28}. Financial fee support for all 29 of these students was provided from funds raised by the Foundation. In September 2023 the numberof students with feesfunded by the Foundation in the schools has increased to 29 at Rugby School and 3 at Bilton Grange. As of September 2023, a total of 177 students and former students are benefitting or have benefitted from sUPPOrt provided by the Foundation since 2004. The Arnold Foundation Board isfocussed on bvildinga strong programme of funded bursafies at Rugby School and Bilton Grange. There has been a significant change in personnel this year. with Kerry Wilson leaving in September 2022 after many years of hard work as the Director of Development. Laura Fairbanks was appointed in June 2023 as the new Director of Development. Fundraising activities across 2022123 included.. A successful telethon. which included Bilton Grange alumni and parents for the first time and raised more than £lOO,OCM). A continuation of a legacy fundraising programme. which resulted in an increased number of legacy pledges. virtual fundraising event to our svpporters in the USA during the Thanksgiving celebrations. THE ARNOLD FOUNOATION FOR RUGBY SCHOOL Report of the Trustees for the year ended 30 June 2023 (rontinuedj A bi-lingual campaign around exarn results time focussed on parents living in China called the 'Red Rabbit, Celebration. The annual appeal for parents of leavers to leave their deposits with the Arnold Foundation for Rugby School, this was expanded to included 8ilton Grange leavers focussing on the Earle Fund. Supported a team of cyclists who completed a sponsored 'Ride Across 8ritain' for the Arnold Foundation. Completed our annual mailin8 (physical and digitall of the Arnold Foundation Review to over 14,000 supporters. Plans for the Future The Trustees. principal objective for the coming year is to continue to prioritise recruiting the right students and engaging the next generation of advocates and donors. In addition, the Trustees have set the following objectives for the coming year= Utilise the momentum of Bilton Grange's 150th anniversary year to further increase awareness and funds for the Earle Fund for boarding bursaries at Bilton Grange. Re-ignite how advocates are used to supportthe fundraising objectivesof the Foundation. Further develop and implement major gift strategies to secure funding for 40 students each year. Organise and deliver a successful Givin8 Day to engage new donors and promote the Foundation across Rugby School and Bilton Grange. Maximise the opportunity of the 8rowing Rugby School Group by raising support for the Foundation's work from the new Rugby Schools in Japan and Thailand. seeking to secure further donors from across the world. Complete the 'lf you can, they will. legacy campaign with the placement of a monument to recognise all past and future legacy supporters and those who make pledges. Financial Review The Statement of Financial Activities for the year is set out on page 14 of the financial statements. Donations and gifts continue to be the Foundation's main source of income with a total of £735,991 {2021-22'. £1.612,1941 received during the year. Investment income of £293,029 12021-22-. £244.5701. legacies of £221,51312021-22: £467.2021 and a Eift in kind of £439,995 12021-22-. £506.4631, brought the total income to £1,692,46012021-22= £2.830,429). THE ARNOLD FOUNDAMON FOR RUGBY SCHOOL Report of the Trustees for the year ended 30 June 2022 fcontinued} TheTrustees, the Development Board andthe Governing Body of Rugby Schoolwi5h to record their thank5 to all of the donors who have contributed to the Foundation. During the year £1.180.469 was used to provide financial assistance for school fees and necessary extras including uniform. laptop. books and trips for Arnold Foundation students at Rugby school. Fundroising Costs The Trustees and the Governing Body of Rugby School have jointly agreed that all fundraising costs for 2022123 shall be borne by the School. In order that both the benefits and the costs of fundraising may be transparent. such costs are, for the time being. charged to the Foundation but then covered by a gift in kind transfer from Rugby School, as shown on the Statement of Financial Activities. This generated net income for the year, before the revaluation of investment5, of £9,233 12022: net expenditure of £1,148,447). Following the revaluation of investments at the year- end the Foundation has total funds of £20.1 million. The underlying assets and liabilities are set out in the Balance Sheet on page 14 and further analysed in the notes accompanying the financial statements. Reserves Policy The Foundation aims to secure sufficient restricted and endowed fund investments to generate the required investment income to support 40Arnold Foundation students in Rugby School on a continuing annual basis. Whilst these funds are being established. the policy is to hold such restritted and unrestricted funds as to be able to provide two years of financial assistance for both the current Arnold Foundation students and those to be recruited within the next year. Investment Poliry. Objertives and Performance It is the policy of the Trustees that any share5 or other securities that are gifted to the Foundation be realised for cash as soon as possible. The proceeds, together with all cash donations to the Foundation. are placed with the Investment Manager for deposit. The investment performance is monitored regularly against objective5 set by the School's Investment Committee. In the year ended 30 June 2023 the performance matched the benchmark indices although the yearfs returns were clearly negative. The Trustees anticipate that funds required by the Foundation to be expended within the short term le.g. on bursary awards for students at Rugby School), should be placed on bank deposit. THE ARNOLD FOUNDATION FOR RUGBY SCHOOI Report of the Trustees for the year ended 30 June 2023 (continuedj structure. Governance and Managernent The Arnold Foundation for Rugby School (the "Foundation") is a company limited by guarantee and doe5 not have a share capital. The sole member of the company is Rugby School, registered charity number 528752 {the -Memberf). The Governing Body of Rugby School. a statutory corporation created under the Public Schools Act 1868 and the Rugby School Act 1922, is the trustee of Rugby School. The Foundation is also registered with the Charity Commission under charity number 1095856. TheTrustees are appointed to havethe general control and management ofthe company and are its Companies Acts directors. The ex-officio Trustees are the Chairman of the Governing Body of Rugby School, the Executive Head Master of Rugby School. the President of the Rugbeian Society, all for the time bein8 and by virtue of their respective offices. From November 2023, the Executive Head Master of Rugby School will be replaced by the Head Master of Rugby School as an ex-officio Trustee. Ms Claire Wills is a Trustee and the Chair of rhe company. Further Tnjstees may be elected by the Member from time to time. Trustees are selected for their skills and experience across an appropriate spectrum. Before raking up appointment, new Trustee5 Visit the school for the purpose of induction, receive key information relating to the charity and sign an appointment letter. All Trustees are encouraged to attend the termly Trustees, meetings which incorporate trustee-training i5sue5. Key Management Personnel The Foundation delegates the daily management to the Executive Head Master and the Head Master of Rugby School. They are aided by other Key Management Personnel of the School includin8 the Chief Operating Officer and the Director of Development. The Foundation's Key Management Personnel do not receive any remuneration from the Foundation. Remuneration of the School's Key Management Personnel is set by the School's Nomination Committee with the policy objective of providing appropriate incentives to encourage performance and of rewarding fairly any individual contribution to the 5chool'5 success. THE ARNOLD FOLINOATION FOR RUGBY SCHOOL Report of the Trustees for the year ended 30 June 2023 fcontinuedj Prlnclpal Rlsks and Uncertainties The Arnold Foundation Board undertakes an annual review of the major risks of the Foundation and the system for their mitigation. The 8oard consider that the main risk is the inability to raise sufficient funds to support future Arnold Foundation students through their education at Rugby School, however effective financial forecasts and realistic planning ensures that student recruitment does not exceed the planned expenditure. In addition. the Governing Body of Rugby School conducts annually a review of risk assessments undertaken by the School's Management Team to identify the major risks to which the School and its associated companie5 are exposed. and the system for their mitigation. In the opinion of the Governing Body. the School and its associated companies have established resources and review 5yStem5, which, under normal conditions, should allow those risks to be mitigated to an acceptable level in its day-to-day operation5. statement of Trustees, responslbllitles The Trustees {who are also directors of The Amold Foundation for Rugby School for the purposes of company lawl are responsible for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standard51. Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. including the income and expenditure, of the charitable company for that period. In preparing these financial statements. the Trustees are required to.. select suitable accounting policies and then apply them consistently; obSe￿e the methods and principles in the Charitie5 SORP- make judgments and estimates that are reasonable and prudent,. state whether applicable UK accounting Standard5 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 Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable compan￿5 transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charitvs constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. THE ARNOLD FOUNDATrON FOR RUGBY SCHOOL Report of the Trustees for the year ended 30 June 2023 fcontinuedl The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charitWs website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Dlsclosure of inforniatlon to the auditors The Trustees confirm that at the time when this report was approved. the following applies.. so far as each Trustee is aware, there is no relevant audit information {that is, information needed bythe company's auditors in connection wrth preparingtheir report) ofwhich the company's auditors are unaware- and the Trustees have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the companws auditors are aware of the information. Crowe U.K LLP has indicated its willingness to be reappointed as statutory auditors. This report has been prepared taking advantage of the exemptions available to small companies under the Companies Act 2tM)6. Approved by the Trustees at their meeting on 22 November 2023 and signed by order of the Trustees: Claire Wills Chair of the Arnold Foundation for Rugby School io THE ARNOLD FOUNDATION FOR RUG8Y SCHOOL Independent Auditorfs Report to the Trustees of The Arnold Foundatlon for Rugby School Oplnlon We have audited the financial statements of The Amold Foundation for Rugby School for the year ended 30 June 2023 which comprise Statement of Financial Activitie5, the Balance Sheet, the Cash Flow Statement and note5 to the finan¢ial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounttng Standards. includin8 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accountin8 Practicel. In our opinion the financial statements.. give a true and fair view of the state of the charitable companws affairs as at 30June 2023 and of its income and expenditure. for the year then ended.. have been properly prepared in accordance wTrth United Kingdom Generally Accepted A¢¢ounting Prartice,. nd have been Prepared in accordance with the requirements of the Companie5 Act 2006 Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditin8 IUKI IISAS IUKII and applicable law. Our responsibililies under those standard5 are further described in the Auditor's responsibilities lor the audit of the financi315tatements section of our report. We are independent of the charitable company in a¢¢ordan¢e 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 tvidentt wt have obtained is sufficient and appropriate to provide a basis fur our opinion. Concluslons relating to going concern In auditing the financial statements. we have ¢oncluded that the trustees, use of the going concern ba515 of accounting in tho prepar3tTron of the financial statements is appropriate. 8ased on the work we have performed. we have not identified any material uncertainties relating to event5 or conditions thai. individually or co11ettive￿, may cast significant doubt on the charitable company'5 ability to continue a5 a going concern for a period of at least twelve months from when the financia5 statements are authorised for issue. Our responsibilitie5 and the responsibilities of the trustees with respect to going conrern are described in the relevant sections of this report. Other information The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report. other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other infom)ation and, except to the exteni otherwise explititly stated in our report, we do not express any form of a55urance conclusion thereon. Our responsibility is to read the other information and. in doin8 50. consider whether the other Information is materially inconsisteni with the financial statements or our knowledge obtained in the audit or otherwise appears to be rnaterially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to detemine whether this gives rist to 3 material misstatement in the linancial 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 repon in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion basèd on the work undertaken in the course of our audit the information 8iven in the trustees. report. which includes the directors, report and the strategic report prepared for the purposes of company law. for the financial year for which the financial statements are prepared is consistent with the finantial 5t3ternents.' and li THE ARNOLD FOUNDATION FOR RUGBY SCHOOL the 5tratewc report and the directors. report induded within the trustees, ￿port have been prepared in accordance with applicable le8al requrrements. Matlers on whlch we are required to report by exceptlon In light of the knowled8e and understanding of the charitable company and their environment obtained in the course of the audit. we have not identified material misstatements tn the strategic report orthe directors, report included within the trustees. report. We have nothing to report in respert of the following matter5 in relation to which the Comparbie5 Act 2006 requires us to report to you if, in our opinM)n- adequate and proper accounting records have not been kept,. or the financial statements are not in agreement with the accounting iecord5 and returns,. or ertain disclosures of trustees. remuneration Specified by law are not made.. or we have not received all ihe inf0m￿tIOn and explanations we requi￿ loi our audit,. or the trustees were not entitled to prepare the financial statements in accordance with the small companie5 regime and take advantage of the small cornpanies. exemptions in preparing the trustees. directors. report and from the requirement to prepare a strategic report. Responslbilltles of trustees A5 explained more fulty in the trustees. re5ponsibilitie5 Staternent set out on page 9. the trustees (who are also the directors of the charitable company for the purposes of cornpany lawl are responsible for the preparation of the financial 5tstements ènd lor beingsatisfied that theygive a trve and fairview. and for svch internal control as the trvstees determine is necessary to enable the preparation of financbal statements that are free frorn material m4SStatemeni. whether dvÈ to fraud or error. In preparing ihe financial statements, the trustees are responsible for assessing the charitable cornpany's ability to continue as a going concern, disclosin& as applicable. rnatters related to going contern and using the going concern ba515 of accounting unless the tTUStees either intend to liouidate the 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 We have been appointed as auditor undei Section 144 of the Chaiities Act 2011 and under the Companies Act 2CK)6 and report in accordance with the Acts and relevant regulation5 made or having effect thereunder. Our objectives are to obtain reasonable assvrznce about whether the financial statements a5 a whole are free Irorn material misstatement. whether due to fraud or error, and io issue an auditor's report that includes our opinion. Reasonable assurance 1$ 3 high level of assuran￿, but is not a gu3rantee that an audit conducted in accordance wirh ISAS IUKI will alway5 detect a material misstatement when it exists. Misstatements can arise from fiaud or error and are ¢on5idered material if, individually or in the ag8re8ate. they could re350nably be expected to influence the etonornic deasions of usefs taken on the basi5 of these financial statements. Details of the extent to which the audit was considered capable of detetting irregularitie5, including fraud and non-compliance with laws and regulations are set out below. A furiher description of our re5ponsibtlktie5 for the audit of the financial ststements is located on the Financial Reporb"ng Council'5 website at.. www.frc.org.vvauditorsresponsibilities. This description forms part of our auditor'5 report. Extent to which the audit was considered capable of deterting Irre8ularitie5, induding fraud Irregularities, including fraud. are instances ol non-compliance wth laws and regulat*ons. We identified and 355essed the risks of material misstaiement of the financial statements from brre8ularities, whether due to fraud or error. and distUS5ed these between our audit team members. We then designed and perforrned audit procedures re5ponsiv¢ to those risks. including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding ol the legal and re8ulatory frameworks within which the charitable companv operates, locusing on those law5 and regulatr'ons that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws ènd regulations we consideied in this context were the Compan¢e5 Act 2006. the Charities Act 2011 Mth the Chaflties SORP IFR5 1021. We assessed the reouired compliance with these laws and regulations as part ol our audit procedures on the related financial statement item5. 12 **THE ARNOLD FOUNDATION FOR RUGBY SCHOOL** In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were General data Protection Regulation (GDPR), Health and Safety Legislation, Employment Law, and Anti­ Fraud, Bribery and Corruption Legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, the Audit & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence 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 unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. ## **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 and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Guy Biggin (Senior Statutory Auditor) for and on behalf of **Crowe U.K. LLP** Statutory Auditor 4th Floor, St James' House St James' Square Cheltenham Gloucestershire GLS0 3PR ## Date: 20 December 2023 Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 13 THE ARNOLD FOUNDATION FOR RUGBY SCHOOL Statement of Financial Activities for the year ended 30 June 2023 (including the Income & Expenditure Account) for the Arnold Foundation Untethcted FuThYs Endowed Funds Restricted Funds Fwds Fund5 Yeai 2022 Notes IIICOMEANO ENOOWMENIS FROM.. Gen¢raiel Donation5and Rifts 20Q209 S34.782 735.9YI 5.$01 914.829 691,864 1,612.194 aCie5 221.513 67.202 467.202 fyft in kiNI 44L927 441J17 506.463 506.463 Investment 293,029 244.SYO 114.570 corne Total Income 442.927 421.722 827.811 L691460 511.964 1.382.031 936,434 2￿30.429 EMPE14DITURE Cosrsof R*si Funds Fund.raign8 cifjts fordon3￿￿n$ and leÉaoes 1441.9271 160.8311 1504NI I￿.4631 167.3231 1573.7461 Costs oIR•sir F￿dS 1441,927 160.8311 IS02.7S81 I￿.163) 167.3Z31 IS73.7865 Expenditure On charitawe actbvitie5 Bw5arie5 11.180.469> Ii.MO.4691 11.108.196) 11.108.1961 Totsl Expen￿11 1441,9271 11.241.31KII 11.61J22?1 (SC￿.163) li.In.5191 IIMI.9821 Net incomtl leM￿nditure) 421.722 1413.4891 5.501 1.381031 1239.0851 1.148A47 Nei Iiossesl I Kaln5investrnent5 1.405.471 7.192 I21L663 11,288,635) 1849,4691 IZ,136.1041 14ET MOVEMÉNT IN FUND5 1.827,193 393.703 5.501 93.396 11,08B.5541 1989.6S Re¢ohcilkitityi ol Futhds.. 8314n¢e loTh¥ard ai IJ￿¥ 2¥21 184.981 11.38L505 6.3SL618 17,914134 179.410 11.288.109 7,440.202 IB,gJ7,791 FUND BALl￿Es CARRIED fOAWARDAr>J JUNE 23122 io 185.911 14ZOB.698 6.745351 20.14Q030 4.981 11.381.505 4351.618 17,914134 The note5 On pages 17 to 24 form parr of these fifftarKièI statemerrt> 14 **THE ARNOLD FOUNDATION FOR RUGBY SCHOOL** ## **Balance Sheet as at 30 June 2023** |**Investments**
**Current assets**
Debtors
Investments - deposits
Cash at bank and in hand
**Creditors: amounts due within one year**
**NET CURRENT ASSETS**
**TOTAL ASSETS**
**Capital and reserves:**
Endowment funds
Restricted funds
Unrestricted funds
**TOTAL FUNDS**|Notes
7
8
9
10
11
12
13|**2023**
£
19,696,520
867,301
30,097
4,797
902,195
(458,685}
443,510
20,140,030
13,223,360
6,730,689
185,981
20,140,030|Restated 2022
£| |---|---|---|---| ||||17,385,060
816,151
24,790
9,012| ||||849,953
(316,881}| ||||533,086| ||||17,918,134| ||||11,381,505
6,351,648
184,981| ||||17,918,134| The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime. The financial statements were approved by the Trustees on 22 November 2023 and are signed on their behalf by: CWills PR A Green Chair Director The Arnold Foundation for Rugby School Registered company number: 04516482 The notes on pages 17 to 24 form part of these financial statements. 15 THE AfiNOLD FOUNDAnON FOR RUGBY SCHOOL CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2023 2023 Restated 2022 RKon¢lllatlon of net income to net ush ftow fr¢)m operating activltles- Net Income for the reporting period las per the Statement of Financial Activities) Elimination of non-operatin8 cash flows-. Investment intome and bank iniere5t reC￿valle Erbdowment donations Iln¢reasellDecrease in debtors Ilncrea5ellDecrease in investment deposits Increase/lOecreasel in creditors 9.233 1.148.447 {293.029) {421.722) 151.1501 15.3071 141.804 1620.171) 1244.S701 11,382,031) 1808.1631 15.3861 1307.9291 11.599.632) Net cash used Sn operat5ng a