Company number4971133 ROYAL DRAWING SCHOOL THE ROYAL DRAWING SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 'ABZUTrICBM* 22103r2023 COMPANIES HOiJSE A13 #189 THE ROYAL DRAWING SCHOOL CONTENTS Report of the.Trustees, incorporating Sirategic rewrt 1-13. Report of the Independent Auditors 14-17 Statement of Financial Activities 18 Balance Sheet 19 Statement of Cash Flows 20 Notes to the Financial Statements 21-33 THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022 The Trustees, who are also the dirertors of the charitable company forthe pur.poses of the Companies Act 2006, present their report with the financial statement5 of the charitable company for the year ended 31 August 2022. TheTru5tees have adopted the provisions of the Statement of Recommended Practice for Charities ISORP 2015115econd Edition. effective l January 20191. REFEilkNCE AND ADMINISTRATIVE DETAILS Registered Company number. 4971133 (Registe￿d in England and Wales1 Reg•stered Charity number: 1101538 Re8i5tered Office: 19-22 Charlotte Road. Shoreditch. London EC2A 35G Foundlng Royal Patron HM King Charles111 Trustees Sir Charles Saurnarez Smith Fope Adelowo Dame Glenda Bailey The Hon David Macmillan Evy Hambro Beltina von Hase Professor Eileen Hogan Matthew Rice Alexander Sturgis Nicholas Vetch Chair Retired 30 November 2022 Chair of the Finance and Audit Committee Senior Man•gementTeam: Catherine Goodman Julia Balchin Founding Artistic Director Principal Auditors: Haysmacintyre LLP. io Queen Street Place, London, EC4R IAG Bankers: National Westrninster Bank Plc. Cavell House. 2a Charing Cross Road. London WC2H OPD THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES {continuedl FOR THE YEAR ENOED 31 AUGUST 2022 OBJECTIVES AND ACTIVITIES Pur ose5 and aims Our charity'5 purposes as set out in ihe objects contained in the company's memorandum of association a￿ to benefil the public through.. the advancement of the education of the publTrc in the arts of drawin& painting, sculpture and print making. The aim of our charity is to raise the standard.and profile of observational drawing and improve accessibility to hi8h quality drawing tLtition. This aim fully reflects the purposes the charity was set up to further. Ensurin our work deliver5 our aims We review our airns. objectives and artivities each year. Thi5 review look5 at what we achieved anfl the outcomes of our work in the previou5 year. We look at the success of each key activity and the benefits they have brought to those groups of people we are set up to help. Our review also helps us to ensure that our èlms, objective5 and activtties remain focused on cwr stated purposes. We have referred to the guidan￿ contained in the Charity Commis5ion'5 general guidance on public benefit when reviewing our aim5 and objectives and in planning ourluture activities. In particular, we consider how planned activities will contribvte to the aims and objectives we have set. The focus of our work Our main objective for the year continued to be to raise the standard and profile of observational drawin8. The main activities we engaged in to rneet this objective were.. The Drowing Yeor- approximately 30 students are accepted each year onto our postgraduate level. fifteen-morhth course in drawing. They each receive a scholarship to cover all their tourse fees, tutorials, lertures and forums. E3ch student also receives a free studio space in which to undertake their own art15tic practice. A number of students are allocated means- tested mainterbance grants to a5515t with livin8 expenses. Public CouTses - consisttrng of"three terms of sub5idi5ed day and evening covrse5, open to arti5t5, creative5 and members of the public interested in drawing. taught at all levels. There are also holiday courses at Easier and Christmas. as well a5 a summer school. Courses a￿ held at our own Studios. as well as in the principal museums and 8allerie5. and out and about in London. A fee paying programme - our full rate is subsidised and 8 wi(le range of additional conce55ions are offered to ensure our courses are available to all. THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2022 The Young Artists Progromme - providing serious ènd sustained drawing teaching for talented ènd committed children aged from 10 to 18. Full and partial scholarship 5UPPOrt is offered to students on a means-tested basi5. Classes take place every week during iemi-time and are taught by alumni of our Drawing Year programme. Online Dmwing Progromme - the School has extended its offer by creating live online teaching courses. delivering Our teaching to a national. and international audience. The online programme responds to our charitable mission by making our high-quality drawing courses ccessible to those unable to attend our studios in person due to disability. illness, ¢Jistance, working or c3ring commitments. The programme enable5 U5 to reach isolated individuals or comrnunitie5, and areas of the UK with limited access to arts education and venues, as well as developing an international audience. with students attending from 36 tountries worldwide. Courses are fee paying wrth means tested concessions and bursarie5 available to ensure the programme 15 accessible to all. STRATEGIC REPORT- ACHIEVEMENTS AND PERFORMANCE All of our charitable activities focus on ra4SiAg the standard and profile of observational drawing through teaching and practice. and are undertaken to further our charitable purposes for the public benefit. The School has established itself as a valved. specialist teaching resource, within the landscape of UK art education. The School aims to make it P055ible for anyone with a talent and passion for drawing to take its courses. The School has developed a new five year plan and financial model to ensure the School's long term sustainability and financial security. The success of the strategy is measured both against our educational and charitable objectives as well as short- and long-terrn financk41 goals. The outcomes at the end of the financial year 2021-22 are in line with the strategy for year two. Following the decision to close our secondary Campus at Trinity Buoy Wharf at the end of 2021 cademic year, Trustees took a strategic decision to concentrate artivity under one roof at our main campus in Shoreditch. London. A5 such we invested in a capital project to improve and increase teaching and exhibitions spate at our main campus. which was completed in October 2021. The tapital development provides two new teaching studios. flexible exhibitions space and new office space. This has increased public engagement. bringing greater St￿et level presence, and served the communlty with an expanded programme of drawing based courses and exhibitions programme. Additionally. the School developed a permanent programme of online drawing Courses to complement studio teachin& expanding our aLtdience to national region5. worldwide and those who cannot physitally atten(I courses - we aim to develop our online offer further in future years. We completed our digital audit. which form5 phase one of the dieital expans￿7n strategy. THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES {continued? FOR THE YEAR ENDED 31 AUGUST 2022 WHO USED AND BENEFITED FROM OUR ACTIVITIES? Covid19 had an impact on the School's delivery in autumn and Spring of the financial year. Our digital programme. along with our Covid response plan enabled us to deliver a full programme of study both in person and digitally throughout. The quality and availability of teaching programmes was not compromised throu8hout. The School bore a financial impact in the number of public programme l)ookings as students, in keeping With the general population. continued to reduce public contact. Drawin Year 2020 21 Cohort The start date of the 2020121 cohort was postponed to January 2021 due to the pandemic to enable the outgoing year12019120201 to receive a full 15 month course and in person teaching as part of the School's onEoing commitment to delNer the highest level of tuition and student experience for all students. As such. the 2020121 cohort graduated in April 2022. after completing a full 15 month programme of study. A reduced cohort of 26 students was selected to allow for Social distancing and Space to accommodaie the extended outgoing year. Students were selected from more than 450 applicants. The first term was held during national lockdown of January 21- ès required this term was taught online. From Marth onwards all sessions were held in person once again. No taught time was lost during the pandemic and the student's received their full run of in-person exhibitions. The School's programme of weekly lectiire5 and'in-corbversations. with distinguished speakers and contemporary artists was held online, arbd wa5 well attended by DrawinB Year Students and the general public from across the globe. The External Assessment Board assessed all the students. work lor the year and awarded the annual prizes on merit. The work was deemed to be of a very high standard across the board and it was felt that the quality of the work had not been affected by the Covid pandemic. Students commented on the high level of support they received throughout the course and in particular the response to the pandemic. All students in the cohort successfully graduated in April 2022. Members of the External Assessment Board are outlined on p 11. Drawin Year 2021 22 The Drawing Year 2021122 started in September 2021 and extended over four terrn5. concluding in December 2022, The Drawing Year consists of a taught component from September to June. followed by 5iK months of studio practice. Students received a minimum of 3.5 days tuition each week throughout the Autumn. Spring an¢J Summer terms- students could sign up lo a full 5 days of tuition rf desired. When not in taught sessions students continue their practice in their personal Studio Space at Space Studi05. In the final six months of the programme students work towards their end of year exhibition and assessment- sign up to a minimum of one full day'5 tuition- and participate in the 'Professional Development. programme for outgoing students. with several students beginning RDS teacher training with the Young Artist programme. THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES (continued) FOR THEYEAR ENDED 31 AUGUST2022 Bursaries and Studeni Su With significant cost ol living fises, Trncoming students for 22123 face many financial challenges, with studenis moving to London for the first time being badly affected. In the 2022-2023 financial year we have implemented a new London Living Grant to support students with the cost of living. The grant is a means tested grant of up to E3.OC(l. and students may also app￿ to the hardship and bursary funds throughout the year should they require further financial assistance. This is a significant development in the support provided to students through which we hope to intrease diversity of student applicants by enabling them to relocate to London. Student recru•lmenl The application deadlines foi the Drawing Year falls in April. The recruitrnent process stsrts in November for admission in the following year. We a￿ continuinB to improve the recruitment process in line with EDI objects and to remove further barr*rs to entry through extended financial supporr and portfolio mentoring as required. Public Course5.' In-Person More than 60 courses were available in each of the three terms comprising the academic year. Public courses ran at the School's own studios. as well as in the principal museums and £allerie5. and on out and about in, London. Occupation levels were very good in the Autumn Term but slower In the Sprin8 and Summer Terms. Overall. however. we took more in-person bookinE5 than pre-covid years. with up to 2,ICKJ bookings. Our public courses are subsidised to ensure the widest possible ateess to tuition, within the School's overall funding envelope. The School was able to maintain fees at competitive rates ihroughout the year, and to offer an extensive rnatrix of significant fee concessions as summariied in the table below. Otscount % Full-time BA studenis studying for a degree in Fine Art Full-time practicing fine art15ts under 40 years of age Primary and secondary school teachers who teach art Indivlduals on job seekers allowance Individua15 who receive disabiltty support Tower Hamlets and Hackney residents Tower Hamlet and Hackney businesses NHSStaff 75% 75% 50% 25% 25% Individuals over the age of 60 THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES Icontinuedl FOR THE YEAR ENDEO 31 AUGUST 2022 Online Drowing Progfomme Alon8side our in-person Courses, we ran 145 onlirbe courses in 202112022. With 1,700 course bookings over the year, Ihe online programme has doubled the number of students the School now reaches. Ten and five-week drawing courses.ran Iboth daytime and eveningl. available to the public, alongside full time 'Online Drawing Development Yearf course. Courses were fee paying with concessions and scholar5hip5 available to ensure accessibility. In addition. 3600 people attended our online Creative Conversation series- free ofiline live lectures with artists, critics and academics aeross the world. The online programme wa5 taught by a combination of Senior Faculty and Alumni faculty. ensuring traininB o* alumni teachers. fulfilling a further School objective. Students participated trom 8 wide ronge of UK regions and 36 different countries. The YoungArt15ts Programme (2021- 20221 TauEht by alumni of the School's Drawing Year postgraduate level programrne. our Young Artists Programme of weekly classes is designed for children aged from 10 to 18. with a talent and passion for drawing. The programme enjoyed 4 successful year. Between 230 and 300 students attended course5 in the Autumn, Spring and Summer Terms. benefiting from the Serious and 5UStained drawing tuition offered by our alumni faculty. Cla$5es were held in our own premises and at a range of important cultural venues including the National Gallery. We also cofbtinued to'run courses online and in Norwich. Oxford, and New Curnnock iri Scotland. We also taught over 150 students on our holiday courses Iwinter, Easter and Summer) including a very successful Portfolio Preparation Course that too place over two weeks during August. The Young Artists Exhibition also look place in Jvty for the first time since before the pandemic wTrth over 100 submissions from Young Art15ts across our courses. We have begun developing a new strand of the Young Artist programme running full scholarship, after school clubs, in partnership with state and free schools in disadvantaged London Boroughs. STRATEGIC REPORT- FINANCIAL REVIEW In the previous year, Trustees committed to a new five year stratebry and financial model to secure our long term financial SeCur￿lv and sustainability, migrating us to a position which grows reseNes and protect5 the Endowment Fund.. Total investment returns allocated to income from the Endowment reduced to 4% for the year with effect frorn I September 2022 this is reduced further to THE ROYAI DRAWING SCHOOL REPORT OF THE TRUSTEES Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2022 During the ei8hth year of the School's endowment campaign. receipts to the endowment totalled £nil 12021.. £0.5 millionl, with total receipts since its inception at £15 million. The School is over halfway to reaching its target of £25.0 million. T.he School's balance sheet shows total net assets at 31". August 2022 of E17.538.038 12021.. £18,394,840). Income for the year is a key perfomiance indicator and totalled £3,166,128 12021.. £3,039.2091 excluding the net endowment expenditure of £3.380 12021.. expenditure of £239.6221. Principal sources of other funding arose from donations. fees charged to students attendingthe Sthool's public and online course5 and artwork commission. Whi15t there was impact to the School's course income and expenditure due to Covid19. this was offset in full by an uplift in donations. Expenditure for the year totalled £3.157.680 12021.. £3.012.6711. of which staff and tutor costs comprised the main expenditure in the delivery of the School's programmes. Before net gains on investments this resulted in net income of £8,448 12021.. net expendilure of £213,084) comprgsing a deficit, before transfers, of £50.30512021-. deficit £656.8941 on unrestricted funds, a surplus before transfers of £62.133 12021-. surplus of £211.4341 on restricted funds and deficit of E3.380 on endowed funds12021= surplus £232,3761- Fundraising approach and perforniance The school toncentrates rts fundraising efforts on securing the support of high net worth individuals. charitable trusts and foundations whose interests in the arts and education are ali8ned with rts mission to promote drawing. Donations to the Royal Drawing School are accepted on the bèsis that they contribute towards the general objectives of the School and are in line with our values and mission. We carry out due diligence appropriate in relation to the size and nature of a donaiion before accepting fund5. We Jssess and manage any risks fundraising poses to the Royal Drawing School's activities. beneficiaries. property. work and reputation we do this through our Ethical Fundraising Group and through two external due dil￿enCe bodies The School has up to date GDPR and Privacy policies that a￿ publicly available. The School is registered with the Fundraising Regulator and no complaints were receNed during the year. Policy on reserves The School has ￿serveS of £17,538,038 at the year ended 31 August 202212021.. £18.394.8401. Thi5 comprise5 restricted funds of £78,029 12021= £305.3271. endowment funds of £13,909.87012021.' £15.138.SCOI. designated funds of £2.182.55412021.. £2.143.2211 and unrestricted general funds of £1.367,58512021.' £807.792). THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES Icontinuedl FOR THE YEAR ENOED 31 AUGUST 2022 To mitigate financial risk for thé charity, the Trustees. airn is to establish a level of unrestricted general reserves covering at least six months of operating expenditure. On this basis. trustees seek to build unrestricted general funds of. approxlrnate￿ £1.5￿."1￿). Trustees have approved a new financial model that we expect to generate a level of surplu5 each year. In¥estment polivi and perftxmance The School has adopted a new strategy and financial model to ringfence the Endowment Fund and build additional unrestricted reserves. Funds from the School's successful endowment campaign are invested by the Trustees. Investment Committee. with the primary purpose of supportingthe activities of the School by providing a good income for operational costs. whilst retaining the real term capital value of funds invested. For the permanent endowment, received on 4 August 2014, the School has adopted The Charities (Total Relurnl Regulations 2013 as explained in Note 8 to the accounts. The Trust"ees. have set the allocation of total reiurns at 4% of the gr05S Capltal Endowment Fund value for 2021-22, reducing to 3% with effect from I September 2022. "The Endowment Fund is manèged by an Lxjtsourced corwrate CIO on a discretionary basis with continuing oversight from the Investment Committee. on which two members of the Board sit. The Investment Committee meets two times a year. The Investffjent Committee Set absolule total return objectives. It 15 expected that the Endowment Fund will attract further sUPPOrt in the coming years and inC￿aSe in size. For the year. the investment managers generated a net investment loss of £865.25012021.' gain £4.802.7301. STRATEGIC REPORT - PLANS FOR FUTURE YEARS The School plans to continue the Drawing Year. Young Artist and Publbc Programme activities outlined on pages 2 and 3 in the forthcoming years. along with developing our new programme of online courses, subject to Salisfartory funding arrangernents. Ensuring the School's long-term and sustainable future as a valued and accessible teaching resource, of acknowled@ed national and international excellence in its own specialist field. remains at the forefront of its planning. Trustees have adopted a new five year strategy, to delNer a balanced budget by reducing operational costs and increasing income. A small surplus is generated each year to build reserves and safeguard the Endowment Fund. Income will be increased through the Public Programme. investing in the newly built Gallery Studios in Shoreditch London (main campus), and through our new income stream of online courses. The 2021-22 surplus will be appl￿d to the new London Living THE ROYAL DRAWING SCH(IOL REPORT OF THE TRUSTEES lcontinuedl FOR THE YEAR ENDED 31 AUGUST 2022 Grants to support Drawing Year students. contingency funding for emergency ener8Y Costs and general reserves. The strategy is measured against our educational and charitable remit and deliVe￿d in a manner that develops greater firiancial securlty year on year and a lon8-term sustainable future. STRUCTURE. GOVERP4ANCE AND MANAGEMENT Governing Document The Royal Drawin8 School wa5 founded as part of The Prince'5 Foundation in 2000, commencing as a separate charitable company on l April 2004. The Royal Drawing School is a company limited bv guarantee. governed by its Memorandum and Articles of Association dated 12 November 2003 (amended 13 June 20171. which established the objects and powets of the Charitable company. Governance and Management The direriors of the company are also charity trustees for the purposes of charity law. There must be at least three trustees. and they are recruited by resolLbtion of the exbsting trustees on the basis of their knowledge of the art and art education worlds or their business experience. Trustees receive an induction pack, including Board papers from the last meeting and School literature, and meet with the Principal. Founding Arttstic Director and members of the Senior Leadership team as way of introdurtion to the School's work. As part of ongorng iraining throughout their term. they are invited to attend all sutrfrcommittees and to meet with students. staff and faculty to keep fully informed with the work of the School. During their tenure trustees have the opportunity to have ongoing trainin& paid for by the School, to help them fulfil their dUt￿s. The board of tru5tee5 meets at least four times each year, to set the overall strategic direction of the charity and to monitor the achievement of its objectives. A Finance & Audit Committee of kev trustees and management personnel of the charity meet four times a year and are in charge of directing and controlling. runrbing an(J operating the Charity. Day to day management of the charity is (lelegated io the Principal (who is not a Companies Att Diredorl. All trustees give of their time freely and no director received remuneration in the year. Details of directors. expenses and related party transactions aredisclosed in note 15 to the accounts. The employees included in the key management personnel are the Foundin8 Artistic Director and Principal. The pay of the Fcmjnding Artistic Direttor and Principal. and all other staff, is revbewed annually, and normally increased in accordance with avera8e earnings to reflect a cost-of-livin8 adjustment. In THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES Icontinued) FOR THE YEAR ENDED 31 AUGUST 2022 September 2022 a 51iding scale of 5% to 8% salary increase. all directors accepted 4% to enable other staff to receive between 5 to 8%. Committee5 A committee of the trustees and key management personnel. the Finance & A"udit Committee. undertakes detailed consideration of the School's key strategic and operational issues and advises the trustees in relation to their responsibilities for financial management. control and reporting. as well as in relation to the management of human resources. The member5 of the committee, which meets four times each year. are: Nicholas Vetch (Chair of the Finance and Audit Committee) Fope Adelowo ITrusteel David Macmillan (Trusteel Matthew Rice ITrusteel Sir Charles Saumarei Smith (Trustee, Chair of the Board) Catherine Goodman (Founding Artistic Director) Julia Balchin Iprincipall Gillian McKay (Head of Finance from 26 October 20221 The Academic Board advises the trustees on their re5ponsibilitTres for setting ihe School'5 curriculum and for ensuring the highest academic standards and repLtrtation. The members of theAcademic Board are". Sir Charles Saumarez Smith Ichair of the Academic Boardl Julian Bell Mark Cazalet Professor Ewan Clayton Liza Dimbleby William Feaver Richard Ikhide Catherine Goodman (Founding Artistic Oirectorl Professor Eileen Hogan (Trusteel Timothy Hyman RA Harry Parker (Deputy Director. Oirector of Education) Sarah Pickstone Martin Shortis io THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES lcontinued) FOR THE YEAR ENDEO 31 AUGUST 2022 An External Assessment Board provides independent. external monitoring and evaluation of the work of Drawing Year students and recommendations on the course of study. Its members are.. Eileen Cooper RA Ichair of the External Assessment Board) Retired 7 April 2022 Dr. Xavior Bray Rathel Carnpbell Johnston Rachel Jones Sydney Picasso The School's Investmeni Committee oversees the investment of ihe School'5 endowment fund5. The Committee's members are all investment professionals of significant reputation and standing. They are.. Howard Marks (Chair of the Investment Committee) Evy Hambro Francesco Goedhuis Stuart Roden Nicholas Vetch, Ichair of the Finance and Audit Committee and Trustee) STRATEGIC REPORT- RISK MANAGEMENT The trustees review the major risk5 to which the charrty is exp¢ised, no less than annually, and have adopted a formal risk-management process to evaluate risk by likelihood and impact. The trustees are satisfied that the risk control document generated by thi5 pr(Kess. enables them to identify and mitigate Tisk to an acteptable level. The most sTrgnificant ris￿ and mitigations are detailed overleaf.. RISK A significant safeguardirhg problem arises with child or adult attending one of the School's pro8rarnrne5. MITIGATION Implementation of effective Child Safeguarding and Safeguarding Adults policies. Annual staff training on Safeguarding Adult5 and child￿n, Conflict Resolution and First Aid training. Ensure that all educational and funding partnerships are vetted and subject to an agreed Mou. Maintain clear brand identity and a clear communications plan to respond to any questions. Ensu￿ robust due diligente on all donation5 and through the Ethical Fundrai5in8 GroLJP obseNe ood govemance. The School is associated. in a damaging way. with the actions of a partner association. li THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES Ic¢ntinuedl FOR THE YEAR ENDED 31 AUGUST 2022 The costs of running the building becomes prohibitive andlor the school does not have fit- for-purpose premises in which to delNer programmes The schoofs interest in the school'.s building are protected by a bare trust agreement. The school is looking to actively reduce the running costs of the building including improving energv resovrces. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees are responsible for preparing the financial statements.in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Company law requires the trustees to prepa￿ financial statements foreach financial year. Under that law the trustees have elected to prepare the financial staiements in accordance with the United Kingdom Generally Accepted Accounting Practice Iunited Kingdom Accounting Standard5 and applicable lawl. Under company law the trustees must not approve the financial statements unless they are sat15fied that they give a true and fair view of the state of affairs of the charitable company and of the surplus or deficrt of the charitable company for that year. In p￿ParIng those financial statements. the trustees are required to: select Sultable accounting policies and then appty them consistently- observe the method5 and principles in the CharitTres' SORP. make judgements and estimates that are reasonable and prudent- • state whether applicable UK Accounting 5tandard5 have been followed. subject to any material departures di5c105ed and explained in the financial 5taternents: prepare the financial statements on the going concein basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accountin8 records that are sufficient to show and explain the charitable companrfs transactions and disclose with reasonable accuracy at any time the financial posilion of the charitable company and enable them to ensure that the financial statement5 comply with ihe Companies Act 2006. They are also ￿sponsible for safeguarding the assels of the charitable company and hence'for taking reasonable steps for the prevention and detection of fraud and other irregularities. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS 50 far as the trustees are aware, there is no relevant information of which the charitable company's uditor5 are unaware. and each trustee has taken all the steps that they ought to have taken as a trustee in order to rnake them aware of any audit information and to establish that the charitable companvs auditors are aware of that infomiation. 12 THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 AUGU5f202Z AUOITORS The auditors, haysmacintyre. are deemed to be appointed under section 487121 of the Companies Act 2006. I his report, which incorporates the Strategic RerM)rt. was approved by the trustees and signed on their behalf by.. Nicholas Vetch Trustee 1410312023 Date.. 13 THE ROYAL DRAWING SCHOOL INDEPENDENT AUOITOR'5 REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2022 Indtpendènt auditorfs report to the members ol The'Royal Ofawing 5thool Opinion We have audired rhe financial statements of The Royal Drawing School for the year ended 31 August 2022 which comprise the Statement of Financial Activities. the Balance Sheet. the Ststement of Cash Flows and notes to the financial statements. including a svmmary of significant attounting policies. The financial reporting framework that has been applied in their preparation Is applicable law and United Kingdom Accounting Standard5, including Financial Reporting Standard 102 The Finonciol Reporting StondrJrdopplicoble in the UKond Republic of Irelond (United Kingdom Generally Accepted Accountin8 Prauicel. In our opinion. Ihe finantial statements.. . give a true and fair view of the state of the charitable companrfs affair5 a5 at 31 August 2022 and of the charitable companrfs net movement in fund5. induding the income and expenditure. lor the year then ended.. have been propedy prepa￿￿ in accordance with United b"ngdom Generally Accepted Accounting Practice,. and have been prepared in accordance with 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 applitable law. Our responsrbilities untler those stèndards ale lurther described in the Auditorf5 responsibilities for the audit of the financial statements Section of our report. We are independent of the charity in accordance with the ethic31 requirements that are relevant to our audit of the financial statements in the UK. including thE FRC'5 Ethical Standard. and we have Fulfilled our other ethical responsibilities in 3ccofLlance with these requirements. We believe thai the audit evidence we have obtained 15 suffioent and appropriate to provide a basis for our opinion. Con¢lusfjons relating to going conrern In auditing the financial statements. we have concluded that the trustees. use of the 80in8 toncem basis of accountin8 in the preparatxon of the financi31 slatements is appropriate. Based on the work we have performed, we have noi identified any material uncertainties relating to event5 Or" onditions that, individually or colleuwely. may cast significant doubt on the charitable comp3nVs ability to conrinue as a going concern for a period of at le35t ￿e1Ve months from when the financial statements are authori5ed for issue. Our responsibilities and the re5ponsibilitie5 of the trustees with respect to goin8 concern a￿ described iri the relevant sections of this report. Othef information The trustees are responsible for the other infomati￿. The other infLYmation tompri5e5 the information included in the Trustees, Annual Report. Our opinion on the financial statements doe5 not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not expres5 any form of assurance conclusion thereon. 14 THE ROYAL DRAWING SCHOOL INOEPENDENT AUDITOR'S REPORT Iconlinued) FOR THE YEAR ENDED 31 AUGUST 2022 In connection with our audit of the financial statements. our responsibility 15 to read the other information and. in doing so. consider whether the other irtformation is maierially inconsistent with the financial statements or our knowledge obtained in the audit orotherwise appears to be rnaterially mi$5tated.11 we identify such material inconsi5tenciE5 or apparent material misstatefflents. we are required to determine whether there is a material misstatement in the financial statements or a material mi55tatement of the other infom)ation. If. based on the work we have perfoimed. we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companres Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees. Annval Report (which indudes the strategic ￿pOrt and the "directors. report prepared for the purp05e5 of tompany lawl foi the financial year for which the financial statements are prepared is conslstent with the finanaal statements.. and the strategic report and the directofs, report included within the Trustees, Annual Report have been prepared in accordance with applicable legal requirements. Matters on which we are reouired to report by excepiion In the light of the kno%¥ledge and understanding of the charitable company and its environment obtained in the course of the audit. we have not identified material misstatements in the Tru5tee5' Annual Report (which incorporates the strategic report and the di￿(lOr5. reportl. We have nothing to report in respert of the f￿low4ng matter5 in relation to whith the Companies Act 2￿6 requires us to report to you if. in our opinion= adequate accounting Tecovds have not been kept by the charitable company.. or the charitable company financial staternent5 are not in agreement with.the accovntin8 records and returns., or certain disclosures ol trustees, remunwaiion specified by law are not made," or we have not r￿1ved all the information and explanaiions we require for our audit Re5ponsibilTrties of trustees for the financial statements As explained more fully in the trustees, responsibilities statementsetout on page 12. thetrustees (who are also the dirertors of th.e tharitable company for the purposes of company lawl are re5pon5ible for the preparation of the financial statements and forbeing 53t15fied that theygive a true and fairview, and forsuch intemal control as the trustees determ￿ne is neces$3ry to enable the preparatTron of financial statements that are free Irom rnaterial rni5Statement, whether due to fraud or ermr. In preparin8 the financial statements. the trustee5 are responsible for a5sessin8 the chafitable tompany's ability to continue as a going concem. disclosin& as applicable. matters related to going concern and using the going concern basi5 of accounting unless the trustees either intend to liquidate the tharitable company or to cease operations, or have no realistic alternative but to do so. Audliorfs responsibilities torthe audit of the financial slatements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstaiement, whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance 15 a high level of assurante. but is not a guarantee that an avdit conducted in accordance with ISAS IUKI will always detert a material mi55tatement when it exists. Misstaternents can arise 15 THE ROYAL DRAWING SCHOOL . INDEPENDENT AUDITOR'S REPORT Iconlinuedl FOR THE YEAR ENDEO 31 AUGUST2022 from fraud or error and are conSide￿d material if, individually or in the 88gregate, they could reasonably be expected to influence the economic decisit￿5 of vsers taken on the basF5 Of these financial statements. Irregularities. including fraud. are in5tance5 of non Net mo¥ement in fwds 599.116 1227.2981 11228.6301 185&8021 4.S89,646 Totsi funds.brouEht foiward 2.951.013 305.327 15,138,StK) 18.394.840 13,805,194 Totalfund5 carrfedlO￿rd 11.12 3.550,J39 13 909 870 17 538 038 18 394.840 All of the above results are defwed fiorn continuin8 adi￿tres. The￿ *tre no otlEr r￿O￿lSed Rains or b55e5 other than those 5t3ied èbove. Movements in fvnds are disdosed Note iitothe fiDan(ial statefflent notes on paÉe$ 2110 33 form pait olihese hantial siatemenls. 18 The Royal Drawing Sch¢xA Balance sheet As at 31 August 2022 Notes 31-Aug-22 31-Aug-21 Fixed assets Tangible assets Investment5 2.485,366 13.345.511 2.235,212 14,446.094 15.830,877 16,681.306 Current assets Debtors Cash at bank and in hand 393.813 1.917.162 796.868 1,456,753. 2,310,975 2,253,621 Creditors.. amounts falling due"with4n one year io 1603.8141 1540,0871 Net current assets 1.707.161 1.713.534 Total net assets 17.538.038 18.394.840 Represented bv: Restricted funds Endowment funds Designated fund General fund 78,029 13,909.870 2.182.554 1.367,585 305.327 15,138.500 2,143,221 807,792 11.12 17,$38,038 18.394,840 The notes on pages 21 to 33 form part of these financial statements. J410312023 The financial statement5 were approved by the Board of Trustees on .......................... and were signed on its behall by.. Nicholas Vetch Trustee Company number- 4971133 19 The Royal DvawlnE School Statemtntof t*sh flows Year etyded 31 August 2022 31.Atsi-11 31-Au8-21 Cash flow5 Ivom operating acti¥ities: NoteA 594.8(Kl 1744.066 Cash flow5 fFom.Inveswng ani¥ities'. (hwdendsand interest from investments Purchase of fixed assets Oisposal of filed asseis Proceeds from sale of investments Purchase of invpstrnents 12.8351 1366.8891 1239.1661 169.8191 4.640 8,418.299 112.5ZI.9121 6.227.647 15.992.314) Netcash provided byl lustd IlWÈStin¢artivit￿S 1134.39Jl 14.407.958) Cash flow5 fromfinano•E attivilies: Receipt of endowment Pletcash provided byl lusedinl firtanons aCtyT 471.998 471.Y98 Change in cash and cash e4¥l¥alenis kn ihe year Cash and lash equivalents at the be8inning ol the year Cash and cash equi¥alentsai the end ofihe year IL191￿94) 1.456,753 2,648,647 917.162 Note A. reconciliation from SOFAto rash Netincomel lexpenditurel ￿ ihe year IGainslllosse50n Investments SOFA {856.8021 4.589.646 Note 8 865.250 11.168.560) 865.150 IL168.5601 Dividends. Interest and rent investments Receipr ofendowment .Note2 Note 2 1835 239,166 1471.9981 1835 1232.8311 Depreciation Charges lkncreaselldecrease in debtor5 Increaselldecreasel in creditors 116.735 403x155 63.727 125,501. 1358.1441 1211.5451 584517 1444.1881 Net cash prowdtd byl lus*l inl ¢)per8t￿gacti¥it•ts 594.8 2.741 066 The RoyalOwawlnÉ 5¢hool N¢•te5totho financial starements Year ended 31Auiust 20ZZ Acc¢JunWni po&riE5 The Sch￿1 Icornpany number.. 049711331 isa PwThfatetharrta￿ecGffipOnVhffjrted 15 Il*OVWrnted in En*and and Wales and I5re8istered 8t 19.22 Charlorte Road. LollLk)ty ÉC2A 35G l.ox Auoun￿ni<0fI¥enIN7fi The financial 51aiemEn15 havE i*en wepaied in accordaKKe with the siateft*Thi of RÈtornrnended Practke for Char¢ies150RP 201511second Edition. elfectNE I lanuary 20I91. Report￿Starthrd apphcable hthe UK and Rewt4K ollrdJnd If115 1021 andthe CompaniesAtt 2￿. A55etsand IlablllVE5 are imialy rt¢oeThsÈd at h￿tOriCal£0st¢xtra￿$￿tth*4￿* urdwotheMsestated w)the re￿onI accounlSw pdxyoi note151. Tho keyjudzefflents and e￿illIate$￿￿O acc(M￿lI￿)I O**sartset oullh l.OItO 1.17 1.02 Goin8Conctm The iru5tee5 have J55e55ed whEthErthe vse ol basis is apwowiate athl (rJn5ideredpO5siblEr4ent50rco￿yffI￿5that rnight CJ5t signifKant doubt orb the Ability ol Ihe charity to continwe as a 80in8 concein. The tr￿Slee5 habE made rhLS 455e5511TrEllt fDr a per￿￿ of ai le•st one year liLYn the +Jate ol approval ol the fin￿(la1 *aiemEnts. In partKular the iru5tee5 have con￿￿￿￿ed the charity's fDrecasts and proiectKins and have taken accovmi of p¥eswweson donation and investment1￿￿￿e. After m3*inRenquiliesthetrUsteesha￿conUWje￿that ihEfE15 a rea50naWe expe¢tstLonthat the charlty has adtyuatt resources to coniinue ￿ operabrffi* exi5rerKe lor thE ￿￿eSee3t￿e fvlure. Thè charity thèrefore continues to adopi the 80in8 concern ba95 in pr￿￿r￿gitsfIrta￿1è1 #atemerts. The liusteescon5#4erthat thereare noThatet4 unc￿¥￿￿t*s•t￿j￿the chairta￿e{0fflpInv.sabIrlI¥ tOcon￿TrUea$a ￿TrAc0￿cern. KeyltyrnEfiis tharthe tharltableiryw ha5 made hkn*x %Er¥fi(aThteff￿1￿thC attountJlrKl￿dÈ I1￿ a5wmpt¢DnsarovThdthe probabilityof rÈceipt ofa<¢rutd i￿{￿e thevafuai*)n ￿￿t5rrnents. ThE iru5tee5 do not Thent to a thlrd party. It Ss probatrAe sellth￿l wlll be ¥equlred andthe amouniof ihe oNWlkin can bemea5uitd ￿￿*1y. EAyendrfture 1$da￿*d urKIErthe fdlty&¥iniallYm heathw5' -Costsol rai￿n8 fundsrelate tothe costs tythe tharitab*tompaty in Mthcingi￿r￿PJrt￿5l0rn•￿eVDlUnthryConllibur￿n$t0 it. aswell J51he C05t of 3ctiwt¢eswrthJ fUndrai￿￿purpOse - Expenditure on charitatle actiV¢liesindL*Je5 the costs of the operalAY￿1 tharitatAe proBfafflfflE5. and costs inorr¥eLI bv ¢ryporaie 5Enrice ¢Eam5 10 5UPPOlt these pi08tsn￿$. whi¢harevndertsken tofvrtherthe wrp05Esof the charity i1￿£ W¢hthwr a550Clated 5UPPOrt C05t5 1.07 All¢xatlonolsupporttosts ExpendirurEi5 alhxated to the particu￿1 actMtyTJJhÈre thèc(>st re&￿$ dite¢ttyto that acts￿ty. However. the t05t of ovEram dwell￿nand adM￿lS1ratIon ol each acti￿ty. tomprNnethe slary and overhead c05t5 of the centralfunrtKID. 15 appjrtioned on the followin8ba5iS wh￿h ale ￿ estimate, based on si•ffwmE.ol the arnourtattrlbJtat4Ètooath ¥ihth. Where inknmation ats￿j1 the lim& obieaNes•M#prwtsofts* dwrty$wo¥K*d tOPDtentyal benefKiJriE¥the coxsassociatedwith thiSp￿￿k￿tyare allotated 10 ch3riièbleexpendiiure. RentspaVab￿ UnderOp￿#t1NE leosesèie tharged ￿(0￿*￿n￿ strai￿￿ Iw bosl5fr4erth2￿ase wrn. 1.09 Forei8n cuM*ncy iiartsarti¢lblS TrtnsJctlOn5 in lorew Cbrrenc￿5 ale recorded at the rate at thE d•tEuf the tW5acroTh. Monerary a55eis deThDmThiied In forei8n cwreKies ale tianslated ai the ra¢e ru￿ngal rhE balance5heet thte. 1.10 TawbknfiA•O*ss•ts iierns ol equipment are cawialised where the P￿chaSe pl￿￿e￿(eeds£L.lW. Depre(i*iw COMS are alocared to actMt1esc￿ the baslsof ihÈ bse oltht tdated a$5ets In those Kti¥ibekA55et50re re%Ttwed for ty¢￿￿$1•￿e$ inth¢a¢Ettr*ii tsrrytThBvaluE moy exeed nei realisJblevalue and valw In use. Depreci4twJn Is pl0￿￿ed it raths cakylated to dowffl the c05t cl each a55et 10 its e5t•Trated re%dknal ¥al* its eAoected useful lifr. Y Eprec4ryt￿ iatesth useareasfolhi¥bs'. Free￿Id buildir*s - Firtures. fitting5 and Eqvikhmeni - Website and bookin8sysiem - Le45ehddiffjwovemEnrs . LNer 50year50Tr Cost - o¥er 3 ye•r5 on [051 - o¥er 4 year5 on cost - o¥er5 years on c051 I.IL InvÈStmÈttts The inve￿mentS ale W at ma￿t ￿lue ai the ve* end date. For qwted in¥tMmEnt5 these are ihe *Mlues as at ai Au￿%1. For other i￿vESt[￿EntI n￿ablY wivare equityftyid& wheie yal￿allOn dètes ale w (otenniws￿￿¢¢kn*l￿sve3l¢rf a besresbrnate 15 mT•Je of rheir markeivalueas at 31 August 1.12 DRbtors Trade and other debtorsare recoymsed at t￿Sett￿ft￿ afteraTry iradedi5COthlt offeied. prepa¥￿¥S ale valued at the arn￿￿t wepaid netofany liai* di5counis due. 22 1¥x￿U￿) 4iW4itsauè#pnlpsEaJE Ituoiiippe ou P￿￿ty1 èAEU saatsnJL 'TT'T aw Jad'aiii Injasn paiJadya wieh rdnF45ai MEiIMlSa $11 O) i¥sstyx•p )sr)aw O) w•Th¥pJ%a)eJ ie pap￿Jd 51 UOIIEiJaJd 'JE&I ￿JuEuJI iuawaWJS Iyautmb aRE1￿e)￿al￿ aNi 51 S)unoJJp asa41 ui anieA a410s pu¢'4u>uaiÈ￿ u3a*wi iuawaAW a4) ale￿lEj 014q￿l￿￿E Swi lui¥Rwu)uaq aiqElItAe ou art aJ•41"sistq lJavÈnbJepualÈJ e uo aiqeuiejqo Auo aje SWlEryeN pue'spunj pa501> ajt SPLIDJ IWW15WI tyi se'aiewijsa 8uiiunoJ)È Aai È Si sjuèwisknui Jo uoueniEA a41 •soyiwoJiJ•y.p laiewi)In siinsaj iÈnpÈ'suOIDE SIU¥h¥'lWOiUE èyiJoa8paiMLW¥ isa4 s.1￿aWa3￿eW w) PaSE4 aje saJ•uosa asaul￿nl￿1V.saj￿e￿wn)lI? wi Jawn ap)e￿ose3J aq oi paAaiiag aJe P41siuaha ajninip Suqiev3d%a s￿1￿4￿1.Sj0?X1 wiopuea>JaiMtha IEjW1514 UO Pa5Eg&JfpvE PaJEfiIEAa Aiienuiiuoj aJtsIu￿a8pr•￿pUeSè1ÈWly3 nUa￿￿￿[l￿•￿ 5aiew1153 IT'T "al￿tr)Ul ojw l￿d0 P￿0pua oi wiiaJJ51P JO Jamod aAÈ4 &￿1$njI Ipipse) e SR P>O4JS 41 p iiJaua4 a41 JW W.ElaJ aq 0115nii uo pia4 5pury a51Awwspuni )uawMopua •V4Epuadx3- "8 awu éas"wnièJ aui YEd se p￿taJ1 $1 spJfiiwawMo￿￿ uo2uiS!ie auiojui "sxsq we$￿!￿)U?￿lsa￿UI %R viosa41 ui pasiu¥D>aJ aJEsaniEh puni Ul iWW•AOiU i pue'ysrj ui Jo'paisaiui aik spuni a41 'w4Js a4J Aq liuauewmd a4 lo￿t? ayi aJaU*A %PUnJ aje %punJ JUaWAWPLSè iuawewJad- '4JoM ￿lunlu￿0>PLltsdiu$jeFy4Y$l4ylew'AWA￿lO eJOILwjS SI￿3￿S￿l¥sJOsLth %LKMietsop a￿ SP￿ paiJinra¥" "$4sodJnd )yiJads SaaJSnJiJo pJQOO a4ip UwaJy￿Pa￿IE4PsEIa5 uaw4 WV¥A%PUry a51JdwoJ 5wnJ pauu15aJ¥n paipu8isao- 's￿l5￿j1 a41 JO IE SI￿.q0 alqEIUEyJ SJOOU)S è4141IAia)uÈpJO)X ui pasn ¥ UWJ 4JI4*AaSOylaJÈ spun1pa￿uISèjUn ieJauay- '.wnJ Jo Sad￿ aMisuieiuiELiI PDU)S aill iiun¢)YJe puna 9T'T "èNeAEd a￿)3q1￿M)SE )unoJJe aJn¥puattrta WE ￿0)Ul è4101 pa8iEU3 aR%utyinqiJiuo) 'spmi p•ja￿1￿1Wpe iuapuadapui w IC1JU￿ aNI ID a504) LUQJI ApieJRda5 pJa4 aJE U)iuM Jo S￿%¢ 41 Urmsu￿ uthin4UUM)) P•UlJaP Sai*Jado 100435 UOryV•d" ST'T siunilMPaPeJJAutJoJ8ukwit JauÈ)un(KueiuawèlUX 11è4iie pasiu*oJaJ Itwjov we svwifiojd wt sJo)IpaJ) "lpe￿3j JO P3Jnwaw aq ue) uweSiy40 341 aiw oi anp iunowE a41 pue IyEd pJ141 E oi spunj iojèisueji a41 ui iins?J ANEqOJd Iy.pAJe41 iuaha i%Ed E woji¥unin5aJ ULHiE8INoiuasaxl e s*4 &IJEy) a￿4*A Pa51￿80)aJ •JE 5iJDISIAoJd puesJD)IP3JJ pu*sJwip￿J trT'T IUW))E Jo iwJap 108u!¥adoJo wiy.sinb)e aJRp a41 WLVJ SW Jo sujuoul aaJ41 io Awniew Siu•iiiwiiI AN8v4 pue 4se) SaPhl)Vl Pl¢4 Ul 4sÈJ pue VÈq Ie 4seJ pw ¥ueq ieyse) ET'T Ipwviiuo)) s•?Iwd ￿liUNt}YJV tioiith TE PaPUaJEaA %Walliaieis le13ll￿IJ a410) sawN JDII?5 ￿1￿￿￿0 IEAo¥ è The Royal Orawini khwl Not*s t• the fin•nCialstatlM*nlS Yearendod 31Auyst 2022 Incorne R￿rIcted Ernl¢bwmÈnl Furtds Furtds 314yB-22 Genernl 31-Au8- Total 314yB-12 OoThaiion5 and It$4¢its ¢h*rit•ble ￿tt￿Ill*s Course lee5 Materkils Other incorne LOIS.984 I￿6.287 1.864.630 I,1￿.36? 13.768 83.863 108.362 13.76 J.863 1.066.915 41.393 102.81S 1.205.991 1.205.99J 1.174.123 lrtvestmenis Oep051t ac¢ounl ￿lereSt and Inter 545 545 13.3805 456 1239.6221 I3.3￿) 545 13.3801 12,8351 Oth¢r Exchan8e yins I (IL￿> 156.683 156,683 156,613 156.683 LJ79.I95 75D.JOJ 3.166.Jll 2.799 587 Expenthture 31-Au¥-12 31-Avg-21 Ra151￿ Fwd5 Staft cost5 Wote Sl Inve51ment rnanayrne 152.271 198.B95 31.057 3Jl.l66 211.157 tharitabk i A.16&S60 Marktl¥ilue at al Auiust 2011 735S.106 7￿7.986 14A46.D94 26 The Rvyal Drawiw khool Nates to ther1￿an(la1$1afIm•1rt% Yoatended 31 Awust 1022 InwE5tment5 Market 31.Au*22 Jl-AyK.22 ¢wr*htY••i Perniabiert Exp*hd•bt• rotal Anaty515 of Inve5trnen15 Oakiree Capital ManagernenL L.P.Ifourfvndsl i￿resCore MKI world VCITS ETF Partners Caytal Greyhav4k Cayman Feedtt Furf Lld Partner5 Capital PhoEnix Fund11 Ltd- Diver5ffjiEd I￿￿ffle Fund- cl￿Alja￿￿ry 2022 Sw*.. ParttlPr* r?pital Pho￿￿ Fund11 Lld Di%tI￿r￿d ifieomèFurtd- C&ssAI Lthvj Ser￿1 Partners Capital Condor Fwnd XVICawTanl LP The MaStEI Psytfolio ICI Ltd- Other Investments I94￿￿j 194.67 1.157,907 24S,681 19.565 3.157.9D7 2,24S.681 29.56S 1.4160.4122 113.794 1.4183.245 57.371 liJ.794 7.635.ZJ4 5O8.2J8 6.151.989. 450.867 Total ma¢ket value 6.797.Sl6 13 345 $11 31-&￿-z1 31-AuK-21 31-Au8-21 Pri•rY*•i PermaneAt Ewendable Toral AnJtysls￿ Inve5tsner Oaktree Capital Managenxnt. L.P. Ifwr lundsl TM Lansdowne Developed Marke15tW8 QnWSRI FuThlf*RF Isharescore Msci ucrrs ETF Partnersca￿taIGreyh3W￿ CawTran Feedei Fund. Ltd The FAa51er PortldH) ICI Itd. GBP oit*f lfivestments 1.459.073 83.292 2,303.017 1.3?6.303 1.418591 1.862.S09 44,276 I,S4236S £,303.017 1,376,303 1,418.S91 7,Z87.966 517.8S2 5.425.415? 473576 Total rnarket ¥alJe 58,106 6.094 Income lorthe year )l-AvB-2 Jl-AuE-22 c￿Vrent Year Perrn In? Exper4Jble Tgul Analys5 Df invtsttnetsts Oaktieecaprtal Mana8emenL L.P. IlourlMd4 117513 117.S13 Total irfome 117 511 31-AuB-11 31-Av8-21 31-Avg-21 Prfoi Year Pttrnènem AThalyy50f invEst￿￿t5 Oaktree Caplt& Manayrnent, LP. Ifr¥Ji lundsl Ruifei Toial Retyrh FU￿0-c I￿¢ GBP TM La￿s(b￿ne De¥ek)ped Markets Futh1 GgF other lllve5trnents Cash heW for iil*Stment 1268.39JTr 2.804 8.186 5.913 141.53q 19.868) 1265.5861 8.186 5.913 21.Y31 19.868 7.198 Total incorne Z6l.191 11.569 Z39,623 The Royal DrawlTr8khool eststhÈf•naTrrw15t4ternerfs Year Rnded al AuKuSt2011 Inve5tmertslcontlnuedl Permanententtow4fflenifvvth: Total RehMAccoun The School ha5 adopted The Chari¢iE5 (Total Aelurnl RElU￿1￿]￿S 1013 issued ty the (b¥iry CCThmis￿Th and h&5 iM￿ement￿￿ the tDtal Telurn iThve51rnent kK)wers in ￿"Its ￿rmanent endtrwment 1Th*rt￿nt_ reEylatroTh pernuts the tnjstees to In*st the portfdio to maximlse toial etuin and 10 apply an appropriare wrtion ol rhe Unapp1￿ ioial retvin to income exh year. Until the p)wer t5 e¥erci5ed ic txan51er a pjrtbn ofthe unap ￿led total ieturn toincome. theunappl*d lotalrtwm wema1fisin￿ed a5 Port of rhEperrnanent EThJowfflent. The trustees hhvè Èxe¢osedthw ptyAw to alkote tot4 refvmtoinwne of E360.(W1202J." £298.9541 IA the year. Total lkxat1(￿ ¢1 ieiurn to income represents4% annual 01theav￿•Le lUndWah*hehJ￿rkn￿thE￿*èr. Sui¥'etttO Sulfic￿ni una￿￿ total reium. The In￿stmeNt fundandWKationaltotal rÈturTr topermaneni eTrJ¢7*mentfunds." 31-A¥-21 31-Au8-21 Openiw valueof permanent endovm*ni ' 7,as8,L06 4.301.108 Le5s'. Oriwrnal ¥alue of thewft 14.(N)),(XKJI 14.0(o.omi iInappl￿d total wetumb!ou8hltor•Jard 3.358.106 301.108 Add Investment returrl." th￿dendS Interesi Investrnent retufTh.' 8ainsand IkJSsesl I3.3￿) 1261.1921 3.617.144 Llnapplied total ieturn b*fvt+tAhsl*¢t• ihtom* 3.157.527 3.657xsr Total return applied 1360.orMIi 1298.9541 Unapplled ieiwn45 at 31Au8U51 2,797.S27 3.358.1( Add Orv¥￿￿1 v4lueof¢he8fft ￿TOught lor￿lD NEwendowments m the year 4.ri)J.oxi 4XfQ,O Permaneni enthwmefit fjncknJ*y.unapplied ioi•I reiiKn K at 31 Aw51 Z022 6 797 $27 7 358 106 The R•yalOrawin8Sthool Not￿ tothe financlal statÈmÈnts Yeaf ended 3IAuw5t Z012 D*btOrS 31-Aug-2J Trade debtots Oonatlolls receivab Prepayrnen15 Other debtors 38.038 124.346 58.799 172,630 9.407 616.677 52,Wl 117.983 393.813 7%.868 io CvÈditots'. amauhrsl41￿ dvp WithinonEyear y14￿-z2 I-AUB-41 Tradecreditors 350.124 31.591 157.027 26,S28 38.544 128,073 22.551 309.997 23.167 45.882 Deferred Incorne Othèr taxesand 5etwit Sundry creditor5 Open￿8 delerreo Released in thtyeai InrornEthlerred in the Cuttenivea 309.997 13Q9.997j k57.n2? .464.601 1464.6011 309.9 IS7.027 309.997 gVEfflent oTrl¥r#1s Other recognised At JI A￿4￿$1 Tonsftr ￿1Th$ll055es At 31 AL¥US¢ 2021 EN￿￿￿tUre Cuiient Year Unrestricied funds Genèral Fund Desiyated PfOpertyFU￿d Oiwtal )7.792 2.IdJ3.221 2J79.X6 I2.3￿843) 130.1*71 579.431 1,367,585 2,IiZ.594 70.0 70.1 2,9SL013 2.379.205 12.429.510) 649,431 J.SSO.lJ9 ArtISIOn Filrn Drawing Year Fund Young Artist5 Progr•mrr A*ar121121: É30A>)l.'lth(*Vetth. rrvsree is•lsoa thrertNof4YdbJ* Group PLC. (¥Jrkn8 Ihe ￿arthe cbarityrentedsp3ce an arms kneth basis totèllingf k.7SO Iwitir £5.8401. Atlhe yearend the bèlarn￿ Inchjded ￿ tre¥iiorswa5 £440 IG Flnancrdl commltmeThts The Ihariiy's I￿alfLI1urE nmnimumlease pay￿15 r￿m￿l7￿elat1eOPW*￿81￿a$0S ￿a51011￿￿ loreachof thèlfllDwin8 PÈliods." JI.A￿lI 31-Au*21 Office e4uipmenl Payable wSlNnoneyear Payable itl twotolwe ye¥¢ 17.Z72 44.281 7.Z46 18.265 33