2024-07-31-accounts

Do¢usvJnFnvelope 10.. 7C51D991>3A624C3W57-A091DIOOA595 Registered number: 05664801 Charity number: 1114424 The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee) Annual report 31 July 2024 'AWU8M2* 1210212025 COMPANIES HOUSE

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Docustgn Envelope ID.. 7C51D99D.3A624C38.8457.A091 D100A595 The Newcastle upon Tyne Royal Grammar School IA company limited by guarantee) Contents Page Reference and administrative details Governors, report Independent auditorfs report to the members of The Newcastle upon Tyne Royal Grammar School 3-16 17-20 Consolidated statement of financial activilies 21 Consolidated income and expenditure account Consolidated balance sheet 22 23-24 Company balance sheet Consolidated statement of cash flows 25-26 27 Notes to the financial statements 28-61

Docusign)Envelope ID.. 7C51D99D_3A624C3&8457A0910100A595 The Newcastle upon Tyne Royal Grammar School IA company limited by guarantee) Reference and administrative details Year ended 31 July 2024 Governors A C Fletcher. Co-opted Governor {Chair) J S 8erry, Co-opted Governor (resigned 21 June 20241 X 8rock, Co-opted Governor (appointed 25 January 2024) R H Fell, c(￿oPted Governor (resigned 21 June 2024) J Fitzpatrick. Co-opted Governor S A Green, Co-opted Governor M Haniffa, Cowopted Gov8rnor (resigned 21 June 2024) N J Mcminn. Co￿pIed Governor S Milligan, Co-opted Governor M D Robinson, Co-opted Govemor R S Sanghera, Co-opted Governor T N Thorne, Nominated by Northumberland County Council S Vadhera. Cowopled Governor (appointed 16 January 2024) S Woodroofe, Co-opted Governor Company registered number 05664801 Charity registered number 1114424 Reglstered offlce Eskdale Terrace Newcastle upon Tyne NE2 4DX Company secretary C F Black Headmaster G Stanford Indopendent auditor UNW LLP Chartered Accountants Citygate Sl James, Boulevard Newcastle upon Tyne NE14JE Bankers Barclays Bank PLC PO Box 379 71 Grey Street Newcastle upon Tyne NE99 1JA National Westminster Bank plc 2nd Floor 1 Trinrty Gardens Broad Chare Newcastle upon Tyne NE12HF

Do¢)Jsign Envelope ID= 7C51099D-3A624CW8457-A091D100A595 The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee Reference and administrative details (continued) Year ended 31 July 2024 Investment advlsors CCLA 1 Angel Lane London EC4R 3AB Insurance broker Zurich Municipal Zurich House 2 Gladiator Way Farnborough GU14 6GB

DOcus￿nE￿ve10pe1D'. 7C51D99D-3A624C38-84S7-A091D100A595 The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee) Governors. report Year ended 31 July 2024 The Govemors present their annual report together with the audited financial statements for the year 1 August 2023 to 31 July 2024. The annual report serves the purposes of both a trustees, report, a directOTS' report and a strategic report under company law. The Governors confim that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). AIMS AND OBJECTIVES Charltable Objectlves The charilable objectives of The Newcastle upon Tyne Royal Grammar School (RGS} are set out in the school's Memorandum of Association as follows and state that we are established for public benefit to deliver.. The education of children and young persons in the North Easl of England; and Facilities in the interests of social welfare for Ihe education, recreation or other leisure facilities (including but not limited to the arts) of the public at large with a view to improving the conditions of life in Newcastle upon Tynè and the North East of England. Our Purpose, Vision and Values RGS remains connected to the purpose for which we were established and has a very clear vision as to what we wish to achieve.. We believe in inspiring young people and equipping them to make a positive contribution to society., and The RGS as a school should promote excellence and is committed to raising aspiration and attainment across the North East. Our values run through everything we do to deliv8r the above vision, in our work both within our school and outside in the wider community. Like fingerprints, our values are invisible bul indelibly cover everything we do, they are integral to our prioritisation of activities both in the school and our work in the broader community, and are explicit in the standards and behaviour we expect of our students and slaff.. Bellef In Each Other is the value of trust. When self-belief seems in short supply, we understand how believing in others can bolster confidence, make someone glow and foster Iheir farth in Ihem5elves once again. Beliel can break all sorts of ceilings and there are no limils to what can be achieved with tenacity, sheer graft and people you trust at your back. We celebrate everyone's achievements and allow ourselves to be guided by those we believe in. We Catch when olhers fall but mosl importantly, we help them get back up again. Pastoral care and wellbeing is at the heart of this value. We work hard and believe that others will do the same. Love for Learning seems self-evident in a school built on RGS'S formidable academic reputation. We communicate unashamedly how passionate we are, we encourage everyone to enjoy school and believe that a positive approach each day can bring out the best in every learner. Teaching happens in Ihe most surprising and diverse ways and the best reaming often happens by stealth, when it is least expected, in the nooks and crannies of the curriculum. The thirst for knowledge and freedom to explore can help that love of learning grow. We support self*xpression, critical thinking and crealivty in both teaching and leaming - for academic success but also to enable people to be their best selves.

DO￿s[g￿ Envebjpe ID.. 7C51 D99D-3A624C38-8457-A091 D100A595 The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee) Governors. report (continued) Year ended 31 July 2024 We value a Sense of Belonglng, combining our kinship with each other in the school community with our heritage on Newcastle soil, where we took root five hundred years ago. We are pla￿ and people. We respect those around us. are openminded and non-judgemental. Everyone belongs. We are northern, where clanship is strong and bonds forged last a lifetime but we are of the global age. Borders and boundaries are transcended as the RGS family connects like other families spread across the worfd. We rest in the heart of our Tyneside community, where our Partnership work sees us collaborate within the wider educational and social landscape. Unity with our neighbours means an increased sense of belonging.. we want to nurture good citizens., part of a network of people who strive for the greater good. Ambltlon to Succe8d is to push forwards, move and innovate. It might be our final value but it doesn't act as a full stop. This is the thread that ties our other values together. We musl never sland still, unless it is to reflect on what we have done and how we might do it differently next time. We have the intelleclual freedom to explore and take risks so we can push boundaries in and out of the classroom. We have a strong support network, both internally and externally, which helps us to change, adapt and respond together. We are constantly evolving and are ambitious for the future - because rt is our future and we are excited by its opportunities. We recognise that success looks drfferent for each individual, but whatever it looks like, we hope everyone in our community can strive to challenge themselves. We can be brave with academic content and co-curricular opportunities, encouraging that first small spark of ambilion to flare. Conventional, eccentric, classic. left-field, surprising and deli9htful, we celebrate ambrtion in all its forms. Our Publlc 8enoflt RGS is driven by the social impact we can make, not only to the trajectory of the lives of studenls who attend our school. but also to our broader comrnunily and wider society. Founded almost SOO years ago during Henry l/lll's reign, Thomas Horsley, five time mayor of Newcastle, endowed RGS as the City's first school; that early philanthropic gift.and social vision ha5 been a constant throughout our almost ha￿ a millennium of existence. Our social responsibility remains at the forefront of our minds and 18 central to our future endeavours. We believe that RGS is uniquely placed to stretch and challenge bright young people and consequently we have well-desenied reputation for academic excellence, consistently outstripping national averages. Our students deliver phenomenal, nationally and internationally recognised achievements. with RGS often cited as an asset when encouraging inward investment to the North East. However. we are an exceptional school in a relatively deprived area of the UK. While we are convinced of the infinite potential of young people from the North East, the social mobility statistics in our region are some of the worst in the country and the challenges have been compounded by the pandemic. Too many children are missing opportunities afforded lo others born elsewhere. We believe thal our model of a highly academic education ought to be available to any child who is intellectually currous, able and aspiring, and who would benefit from a fast paced and challenging curriculum through., RGS as a School RGS - Social lrnpact through offering Bursaries and engaging in Partnerships with other schools in the region. The Governors have considered the public benefit guidance issued by the Charity Commission and have set out throughout this report the benefits that our activities bring. to both pupils and the wider community.

OocusignEnvelope ID.. 7C51099D-3A624C3&8457-A091DIOOA595 The Newcastle upon Tyne Royal Grammar School (A company limlted by guarantee Governors. report (contlnued) Year ended 31 July 2024 STRATEGIC REPORT REVIEW OF ACHIEVEMENTS AND ACTIVITIES 1. RGS School delivers our core educational activities. Pupil numbers at our Senior school returned to 1,055 (2023.. 1,073) and the number of pupils at our Junior school returned to 267 (2022.. 270}. Our fees for the current year were.. Junior School- £14,474 per year Senior School - £17.182 per year RGS SCHOOL ACHIEVEMENTS 1,322 students attended RGS, which would have otherwise cost Ihe taxpayer an annual c£10m if educated in the stale system. In GCSES, 85.6% of grades achieved were A'A (grades 9-71 and 44.3 /• were grade 9. In A Level, 91.0% of grades achleved were A'.B and 70.OY• were A'.A. Over 4,000 hours of volunteering were delivered by over 400 RGS students. 17 members of RGS staff are Governors at local schools and 2 are in Direclorrrrustee positions. 42 local community groups and organisations accessed RGS school buildings and facilities for their events and activities. RGS students and staff ran more than 50 partnership projects in over 105 schools, regularly engaging with over 10,000 students and supporting more than SOO teachers. A full Social Impacl Report is available at Our Social t-Ro al Gra h l Newcas which expands on how the school continues to deliver a social impact with the aim being to raise the attainment and aspiration of young people from across the North East. RGS SCHOOL ACTIVITIES Operations Academic year 2023124 was a year marked by exceptional achievements across every facet of school life. It was also 8 year in which we were awsrded Independent School of the Year for the whole of the UK. While this accolade is tremendous, rt really is not news lo us Ihal there is immense talent in the North East and our young people and school deseNe national recognition. The School looks forward to our Quincentenary celebrations with oplimism and enthusiasm to the challenges and opportunities that lie ahead. Academic Academically, our students continue to set a high stsndard, consistently achieving outstanding results that reflect both their talent and dedication. The 2024 record-breaking exam results were a testament to the commitment and resilience shown by our students, with notable successes across all disciplines. The depth of academic inquiry demonstrated by those completing their A-levels and GCSES is a reflection not only of their personal ambition but also of the dedication of our teaching staff.

Docusign Envdope10.' 7C51D99D-3A624C38-8457-A091 D100A595 The Newcastle upon Tyne Royal Grammar School (A company limlted by guarantee Governors. report {continued) Year ended 31 July 2024 Co<urricular Our eOThcurricular achievements this year have been nothing short of exceptional. The perfomiing arts department has once again set the standard with a range of productions that have captivated audiences. showcasing the breadth of talent within our school. From our musicals and plays to the music ensembles and choirs that have performed locally, nationally and even internationally, our students have demonstrated creativity, discipline, and a flair for performance. Sport continues to be a cornerstone of life at the Royal Grammar School, with our leams achieving national success. Our sports programme not only develops physical prowess but also instils in our students the values of teamwork, perseverance, and leadership. Pastoral At the Royal Grammar School. we are committed to the belief that educalion exxends far beyond the classroom. This year, our pastoral care system has continued lo ensure that each Student is supported holistically, with their mental well-being and personal grovAh receiving as much attention as their academic progress. Our peer mentoring programme has continued to empower students lo take Tesponsibility for one another, further consolidating our strong. empathetic school community where every child feels valued and supported. RGS SOCIAL IMPACT The foundatlons of our sense of social responsibility belong in our 500 year￿Id history" Thomas Horsleyi the original settlor of RGS plodged hls legacy sn 1525 to create th• city's first learning Instllullon. Half a millennium later. and on the 'eve' of our Quincenlenary, in 2023-24 the school's ambition of social impact remains Iront and centre to everything we do. We believe in the infinite potential of our region and are driven to raise the attainment and aspiration of young people from across the North East. We belleve in inspiring young people and equipping them to make a positive contribution to society. We promote excellence and are committed to raising aspiration and attainment across the North East. By inspiring and nurturing hearts and minds, we can give those around us the freedom to create and shape their own futures. We alm to reach young people of the north, regardless of background and circumstance.. from Carlisle to Stocklon-upon Tees, to Berwick-upon-Tweed and back to our heartland in the city of Newcastle. We work alongside teachers from all institutions interested in curriculum innovation, collegiality and sharing methodologies,. and any parent wanting to explore a range of exciting opportunities for their children. We collaborate with further and higher education, and businesses wishing to invest in the education and training of young people in this region. We galvanise the RGS community to give back to the North East region, to support this ambition. We believe together we can do moro. RGS BURSARIES ACHIEVEMENTS 85 (1 In 16) students at RGS attended on transformational means-tested RGS Bursaries. 93.78Y• average bursary awarded, focussing finite funds where we can make most difference. 193 donors gffted £1.2m in the year lo support bursaries. 446 bursary students have been supported since RGS Bursaries were established in 2002.

Docusign Envelope ID.. 7C51D99D-3A624C384457-A091 D100A595 The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee) Governors. report (continued) Year ended 31 July 2024 RGS PARTNERSHIPS ACHIEVEMENTS 4 RGS teachers are dedicated to RGS Partnerships work. with countless more RGS teachers supporting outreach activities. Over 10,000 individual in local state schools benefitted from RGS Partnerships activities. 106 different schools across the region were involved in RGS Partnerships activities. More than 500 teache received around 1,500 hours of CPD or collaborated on curriculum development. Over 50 RGS Partnerships ro ects have taken place. including including Maths, Physics, Engineering, Robotics, Computer Science, Sport, Languages, Classics, Debaling, UCAS Mentoring and much more. Statement by the governors In performance of thelr statutory duties In accordance wlth $17211) of tho Companies Act 2006 The board of governors consider, both individually and collectively, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Charity for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to.. The likely consequences of any decision in the long temi- as covered in the Section on Principal Risks and Uncertainties on page 9. b. The interests of the compan￿$ employees as covered in the section on Engagement wFth Staff on page 12. c. The need lo foster the Charity's relationships wilh third party stakeholders such as parents, students, partner state schools. Alumni. donors, contractors. suppliers as well a5 independent school organisations and national and local government. This is covered throughout this Report although primarily in the Review of Activities and Achievements section on page 5. d. The impact of the Charity's operations on the community and the environment as covered in the Greenhouse gas emissions and energy section on page 13 as well as in the section delailing our Community work on page 6. e. The desirability of the Charity maintaining a reputation for high standards of business conduct as covered in the Financial Review on page 8. f, The need to act fairly as between members of the company which we do by ensuring all members of the community are fully represented and is covered in the section on Engagement with Staff on page 12.

Docusign Envelope10.' 7c51D99D-3A624C38-8457-Ao91D1￿A595 The Newcastle upon Tyne Royal Grammar School (A company limited by guarant88) Governors. report (continued) Year ended 31 July 2024 FINANCIAL REVIEW Student numbers were above budget for the year and are anticipated to remain robust in 2024-25. Careful management of expenditure and Cashflow led to an operating surplus of £859,833k. Full details of the school's financial performance are set out in other section8 of these Accounts. The school generated a surplus before losses on investment assets of £787,518 (2023.. £988,340). Investment gains amounted to £72.315 (2023.. losses £18,826) resulting in a net surplus of £859,833 (2023.. £969,514). The school's subsidiary trading company, RGS Trading Limited, generated a surplus of £1,023 (2023.. £8,951) which is included in the above figuras. The net current assets of the school excluding long-term liabilities total £4.5 million {2023.' £3.6 million). In all our dealings the school ensures that the businesses we contract wrf(h are deall with fairly by adhering to payment terms and complying with all legal agreements and responsibilities. We put out to tender for all large projects to ensure we support local suppliers and ensure suppliers are giving value for money and are also adhering to the high standards which we would expect. We strive for high levels of integnty in all that we do and choose to work with companies who echo our values. Going concern Pupil numbers ￿rna1ned strong throughout 2023124 and, have increased slightly moving in 2024125 and are in line with forecast. Governors have carried out a detailed re-budgeting exercise, looking at the potential for a fall in pupil numbers or increase in bad debts as the cost of living crisis, as well as the wider macro economic situation, continues to lead to uncertainly. In addition, short lo lor)ger.term scenarios have also been modelled which include evaluating the expecled financial impact of the potential loss of charitable status, the loss of rate relief and the introduction of VAT on fees which is now expected to come into force on 1 January 2025. The school has considered a range of scenarios to help the ongoing assessment of risks and opportunities. The modelling considered the liquidity and posrtive cash position of the school. Given the above, after making appropriate enquiries, the Governors have a reasonable expectation that the charitable company has adequate resources to continue in operational exislence for the foreseeable future. Having due regard to these matters and after making appropriate enquiries, the Board have therefore continued to adopt the Going Concern basis in preparing these financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. Investment policy and performance The Governors, investment powers are govemed by the Articles of Association. The Governors have delegated the management of the investment portfolios to CCLA and appraise their performance at regular inteNals', the Govemors. policy is to maintain income to fund bursaries, while preserving the markel value of the investments. The total returns {capital growth with income received and after investment management fees), for the year ended 31 July 2024 were +10.54 okn {2023'. +0.940kn) on the Peter Taylor Fund, +10.540/012023.. +0.94D/o) on the J R Howarth Bequest Fund and +10.54Yo {2023'. 0.940/0) on the Storrow Scott Trust. The total returns (capital growth with income received and after investment management fees), for the 3 years ended 31 July 2024 was 4.300/0 per annum for each of the aforementioned funds. All three portfolios are invested in the COIF Charities Investment Fund (Income Units). The returns for the year ended 31st July 2024 compare wrth a total return for the comparator benchmark of 15.041)/ts (made up of 750/0 Equrties, 150A UK Govt BondslGilts , 50kn UK Commercial Propety and 5010 Cash) and against the Fund objective of 6.220/0 (the fund objective being CPI +40/0 after fees) The returns for the 3 years ended 31st July 2024 compaTe with a total return for the comparalor benchmark of 6.04VA per annum (made up of 750/0 Equities, 15Q/¢* UK Govt BondslGilts , 50/0 UK Commercial Property and 50A Cash) and against the Fund

DocusignEnvelope ID.. 7c5l099￿3A624e3￿s7-Ao9lD10OA595 The Newcastle upon Tyne Royal Grammar School IA company limited by guarantee) Governors. report {continued) Year ended 31 July 2024 objeclive of 10.330kn (the fund objective being CPI +40/0 after fees). It should be noted that the recent spike in UK inflation has rnade the Fund objective more challenging although inflation has abated over the course of 2024. The COIF Charities Investment Fund is a Risk Category 4 under PRIIPS (in a range of 1 to 7). Reserves pollcy and performance The Governors continue to take steps to review their reserves policy. Their intention is to continue to develop the school facilities with a focus on sustainability whilst at the same time containing increases in tuition fees to reasonable level. Note 21 to the financial slalements shows the assets and liabilities attributable to the various funds by type, describes the various funds and summarises the movements on each fund. Unrestricted funds in total amounted to £38.0 million. Of this, designated bursary funds lotalling £2.7 million have been set aside,. the purpose of which is to provide fee assistance for pupils from lower income families who would not otherwise be able to attend the school. The fund is available for use to supplement the funds generated for bursaries by the activities of Ihe bursary campaign as and when the school's cash availability allows. Also within unrestricted funds are fixed assets totalling £44.0 million. Free reserves (i.e. those not tied up in fixed assets or designated by Governors) are in deficit at the year end by £8.7 million {2023'. deficit of £10.6 million) due to loans of £10.9 million (2023.. £11.8 million) which were taken out to fund building projects The Governors are satisfied with the reserves position of the school. Principal funding The school's day to day charitable activities are self-funding. Prln¢ipal rlsks and un¢•rtaintie8 The main risk areas for the school are risks associated with the safeguarding of students as well as the potential impact of adverse political and economic environments. Procedures and systems to minimise these risks are regularly reviewed and updated. All staff are required to undergo annual safeguarding training and from September 2022 this requirement has been extended to require that Governors receive specific Safeguarding training as part of their induction; all School Governors undergo annual Safeguarding training and in addition specific training has been given to Governors each year from September 2022. External financial pressures that are out of the control of the school include major impacts on the national economy such as the current cost of living and energy crisis, further increases to contribulion rates for the Teacher's Pension Scheme, changes to employers National Insurance contributions. the removal of charilable relief and the increased likelihood of VAT on school fees are carefully monitored and contingency plans drawn up to manage the risks. Fee income is a key risk and the school is aware that the cost of living impact whilst impacting the operational cost5 of the school also has a significant impact on parents and on their ability to pay school fees. The income from the Educational Trust to the school for the support of existing bursaries could be impacted due to the economic slowdown and resulting impact on donations, and income from investments and rental properties. Detailed modelling is conducted and reviewed on a regular basis to monitor and manage this risk. Wrthin financial risks, liquidity Tisk is managed by loans lo finance long term projects and careful cash management to deal with month on month fluctuations in cash flow

Docusign Envelope ID.. 7C51D99D-3A624C38-8457-A0910100A595 The Newcastle upon Tyne Royal Grammar School IA company limited by guarantee) Governors. report (continued) Year ended 31 July 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution The school was founded and endowed at the beginning of the sixleenth century by Thomas Horsley who was, rnore than once, the Lord Mayor of Newcastle upon Tyne. By virtue of a Charter granted in 1600 by Queen Elizabeth it became "The Free Grammar School of Queen Elizabeth in Newcastle upon Tyne" It subsequently assumed the title "The Newcastle upon Tyne Royal Grammar School. Prior to the 2006107 year, the school was regulated by a 1909 Scheme made by the Board of Education under the Charitable Trust Acts 1853 to 1894 and a 1975 Scheme made by the Charty Commissioners with subsequent amendments. The rnembership of the Goveming Body was subsequently amended by resolutions of the Governors dated 1 January 1997, 15 June 2012 and 28 February 2020. On 1 Augusl 2006, the assets, liabilities and undertaking of the school were transferred to a charitable company (company number 5664801) and its associated Property Trust pursuant to a Charity Commission scheme sealed on 12 July 2006. At the same lime the Company was appoinled sole corporate trustee of the Property Trust (The Newcastle Upon Tyne Royal Grammar School Property Trust) within which th8 permanent endowment is held. By a linking direction made by the Charity Commission on 12 July 2006 the Company and Property Trust are linked lor registration and accounting purposes. The Companls charity registration number is 1114424 and the Propety Trust's charity registration number is 1114424-1. Method of appolntm•nt or electlon of Governors The Governing Body consists of up lo twenty Co-opted Governors serving for a term of up to three years. They can be reolected, and a Governor may be reappointed for a maximum of three consecutive terms of office. The Governors are Trustees of the Charitable Body. On joining the Board all Governors receive an induction and undergo appropriate Iraining, both at induction. and throughout their tenure. The Co-opted Govemors are Co￿pted by the existing Governors. Pay policy for senior staff The Nominations and Remuneration Committee review the pay of the Headmaster, Deputy Head and Director of Finance & Operations on an annual basis. The pay of senior staff is guided by the current pay scales and for the few staff who are beyond the highest point due consideralion is taken of benchmarked information for schools of a similar size and location. Organlsatlonal structure and decislon making The membership of Iha Govérning Board has reduced by one during the year, with three resignations and two new appointments. The Governing Board regularly reviews the mix of skills, experience and diversity in the Governors that are essential to deliver the school's vision. During the year the school commissioned a review of governance, which was very positive. The report gave a nurnber of recommendations that the school is in the process of implementing. The Governing body is supported by three sub<ommittees, the Finance and General Purposes Committee, the Education Committee and the Nominations and Remuneration Committee. Governors meet three times a year, at least once every term, to review the activilies of the school and its subsidiary. Financial control is exercised over the activrties of the school by means of an agreed Annual Budget. More detailed issues are dealt with in advance of Governors, meetings by the Education Committee, the Finance

Docus*3n¥Envelope ID.. 7C51D99D-3A624C38-8457-A091D100A595 The Newcastle upon Tyne Royal Grammar School IA company limited by 9uarantee Governors. report (continued) Year ended 31 July 2024 and General Purposes Committee and the Nominations and Remuneration Committee. The Finance and General Purposes Committee is responsible for ensuring the sound management and auditing of the School's finances and resources, including proper planning, monitoring and probity. Governors who served on the Finance and General Purposes Committee during the period weffj.. Mr Alan Fletcher {Chair) Mr Hugh Fell (resigned 21 June 2024) Mr Nigel Mcminn Mr Sanjeev Vadhera (appointed 16 January 2024) The Nominations and Remuneration Committee is responsible for identifying and nominating for the approval of the Governing body candidates to fill Governing body vacancies as and when they arise.. to manage the process for the appointment of the Chair and Vice-chair and consider the remuneration of the Head, Deputy Head and Director of Finance & Operations annually. Governors who served on the Nominations and Remuneration Committee durin9 the period were.. Mr Hugh Fell (Chair resigned 21 June 2024) Mr Alan Fletcher Miss Scarlett Milligan Mr Jasan Fitzpalrick (appointed Chair on 21 June 2024) The Education Committee is responsible for providing an initial discussion forum lor all matters of the education provided by the school including the pastoral, co<urriculaf, quality of teaching and staff development lof educational staff) as well as to have an oversight of other areas such as SEND, EDI, examination results and safeguarding. Governors who served on the Education Commrttee during the period were: Mrs Sally Green (Chair) Mr Alan Fletcher Mrs Joanna Berry (resigned 21 June 20241 Mrs Muzlifah Haniffa (resigned 21 June 2024) Mrs Sue Woodroofe The day to day running ol the school is vested in the Headmaster and Director of Finance and Operations alongside seven other members of the Senior Leadership Team: The Headmastor The Director of Finance and Operations The Deputy Head The Head of Junior School The Deputy Head Academic The Deputy Head Pastoral The Deputy Head of Co-curricular The Head of Sixth Form The Director of External Affairs The Director of Partnerships Mr Geoffrey Stanford Mrs Rachel Amey Mr Tom Keenan Mr James Miller Mr Chris Quayle Miss Sarah Longville Mr Andrew McBride Mrs Naomi McGough Mrs Susan 8eck Mr John Smith

Docusign Envelope ID.. 7C51D99D-3A624C3&8457-A091D100A595 The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee) Governors, report (continued) Year ended 31 July 2024 Engagement wlth staff and equal opportunities The Governors are very conscious of the n88d to engage fully with staff, to infomi and consult on matters of importance to staff. During the year there have been a number of significant issues to staff including the Teachers, Pension Scheme, the second phase of the introduction of digital devices and the financial position of the school. The school has an Information and Consultation Committee (ICC) that meets regularly at which staff may raise issues of concern and where feedback from Governor's meetings is provided., the members of the ICC represent both teaching and support staff. In addition, there have been a number of specific meetings with staff and Governors and communications from Govemors to staff on the issues above which have provided a direct line of communication between Governors and staff that have been very productive. When recruiting staff the School looks to appoint individuals Irom a wide variety of backgtounds. Not just because it is the right thing to do but because at the RGS we?recognise?that those dffterent experiences provide fresh perspectives, opportunities to challenge exisling beliefs and provide opportunities to acl as excellent role models for our diverse student body. We are committed lo creating an inclusive and diverse school Culture and our staff are at the heart of this. We are proud to be an equal opportunities employer and all qualified applicants will receive consideration for employmenl regardless of age, disability, sex, gender reassignment, sexual orientation, pregnancy and maternity, race, religion or belief and marriage and civil partnerships. RGS works with all staff to ensure appropriate training is provided and adjustments made should an individual's circumstances change during their employment, and that ongoing training, development and progression is available to all staff regardless of their circumstances. Related party relatlonshlps The school shares somè trustees wilh the RGS Educational Trust, a charity, the main purpose of which is to provide income towards bursaries for some pupils of the school. The school maintains a bank account on behalf of the Trust in respect of donations towards Ihe Trust's campaign appeal and the school meets the Trust's campaign appeal costs. Rlsk management The Governors examine the major risks that the school faces each year, in the course of reviewing their strateglc planning for the development of the school. The charitable company has developed systems to monitor and control these risks in order to mitigate any impact which they may have on the school in the future. The principal risks faced by the school are covered under principal risks and uncertainties on page 9. 12

DocusignEnvelope 10.. 7C51D99D-3A624C38-8457-A0910100A595 The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee Governors. report (continued) Year ended 31 July 2024 Greenhouse gas emissions. energy consumption and energy efficiency action UK Greenhouse gas emissions and energy use data for the period l August 2023 to 31 July 2024 Energy Consumption used to calculate emissions (kwh) 4,814,823 Scope 1 emissions in metrlc tonnes C026 Gas consumption Transport fuel Total Scope 1 630.7 17.9 648.6 Scope 2 emisslons In metric lonnes C02e Purchased electricity 265.3 Scope 3 emissions in metrlc tonnes C02e Busine$$ travel in employee owned vehicles Total gross emissions in metric tonnes C02e 917.6 Intenslty ratlo tonnes C028 per pupll 0.69 Quantlflcatlon and r•portlng methodology, We have followed the 2019 HM Govemment Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol Corporate Standard and have used the 2020 UK Government Conversion Factors lor Company Reporting. Intensity measuremont The chosen intensity measurement ratio is total gross emissions in metric tonnes C02e per pupil. the recommended ratio for this sector. Mea$ur88 taken to Improvo energy efflclency and sustalnablllty The intensity ratio has decreased to 0.69 tonnes C02 emissions per pupil (2023.. 0.721 due in main to decreases in electricity consumption in the period due to the installattion of solar panels in September 2023. LED lights are installed across the school site. including the use of PIR sensors and daylight dimming in appropriate spaces to further reduce the School's energy consumption. We are actively looking at suslainabilily as part of our Development plan and exploring means to decrease our energy intensity ratio. A Procurement Manager was recruited in the year to ensure we are purchasing in a sustainable and cost effective way to reduce spend and wastage. An ESOS audit was completed in the year and recommendations on how to further improve site efficiencies are being considered, with some adaptations planned for Autumn 2024. The school recognises that its activities and aclions have an impact on the environment, locally and nationally. RGS is committed to becoming a more sustainable School as part of our 2030 vision, by reducing our negative impact on the environment and enhancing our positive impact. 13

DO￿$￿9￿ Envelope ID.. 7C51099D-3A624C3&8457-A091D100A595 The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee) Governors, report (continued) Year ended 31 July 2024 Sustalnability at RGS Sustainability means meeting our own needs without compromising the ability of future generations to meet their own needs. This encompasses not only the environment, but also social factors and economic resources. Educating the RGS community about the need to live and learn in a sustainable way is fundamental to the school's vision and ethos of treating everything and everyone with care and respect along with rgcognising it belongs in the city and that its operations should not compromise future inhabitants. RGS will celebrate its Sooth Anniversary in 2025. The current generation of RGS staff and pupils wish to ensure that we shape a School that is able to flourish for at least another half millennium. RGS has identified the following areas of focus: An estate built to last, RGS will ensure the Estate is built and managed in a sustainable way. Lowering our carbon emlssions: The school quantified its carbon emissions for the first time in 2021 and will seek to establish targets in order lo quantify the decarbonisation of the Estate. A culture of uslng le88: The RGS community commits to using less, encompassing all aspects of school life, from pens and paper to reducing printing and electricity. Sustainable purchasing: RGS will embed life Cycle considerations into all purchas8s and make environmentally friendly choices regarding products and suppliers. Environmentally friendly catering: RGS will ensure its catering operation minimises food miles, reduces its carbon footprint. and educates the community about he8llhy and sustainable food choices. PLANS FOR FUTURE PERIODS Future developments At the end of each academic year the school reviews the progress it has made on its five-year School Development Plan and then sets targets for the nexi fwe-year period ahead. This is done in consultation with all stakeholders and in recognition of our charitable objectives, For the next period (2024-2029), the following key areas for regular review are as follows.. Curriculum, teaching and learning Pastoral care and wellbeing of staff and students Co-curricular provision Pupil experience Slaff recruitment, retention and development Wider community impact External Relations Finance and operations They are, of course, central to the effective funning of the school and will be continuously reviewed. These all fall within specific areas of management oversight for members of the Senior Leadership Team (both Senior and Junior) and will be appraised and reviewed within SLT meetings. A fundamental part of the process for the school Development Plan is to consider a longer timeframe and how we will strive to fully realise our Vision. To this end, a range of key areas continue to emerge from consultations and these fonn the main focus points for additional specific developments).. Curriculum, teaching and learning - evolve the use of technology for learning and teaching practice in school,. review of Senior School curriculum., ensure SEND provision within school has positive impact for students.. ensure the quality of teaching is uniformly excellent across all departments Pastoral care and wellbeing - ￿VIeW how we monrtor, track and support studenl well being" improve 14

Docusign Envelope ID.. 7C51D99D-3A624C38-8457-A091D100A595 The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee Governors. report (continued) Year ended 31 July 2024 positive parenlal engagement in the pastoral side of School- c0-cu￿1¢u1ar provision- recognise colleagues for their co<urricular contribution,. provide students with the overarching principles, vision, values and characler trails essential to the Covcurricular experience., introduce the Junior Award Scheme for Schools (JASS) Award scheme to recognize Outdoor Ed achievements in the Junior School Pupil experience - Create a thorough approach to transilion to university for our most vulnerable pupils., improve pupil experience of transition be￿een lessons., create a more personalised start to life at RGS by offering early familiarisation to staff, procedure and facilities. Staff recruilmenl, retention and development - Whole school professional development activty linked to the school development priorities.. budget responsibility for individual professional development activities devolved to line managers., further increase the diversity of colleagues appointed at the school- continued development of the role of HR to support all staff and the effective functioning of the school Wider community impact- ensure partnership Activity is sustainable and scalable., raise Attainment in Key Stage 4 Maths across local schools,. amplify and share best practice locally, including at system leadership level External relations- increase voluntary income to support bursaries, partnerships and capital projects and diversify overall income,. ensure Old Novocaslrian (ON) Association aligned wilh school objectives and representative of ON Community.. in relation lo the archive - ensure our assets are preserved, augmented and maximised for the benefit of the whole school,. better understand the needs of RGS stakeholders and ensure that all marketing and Communications activities are aligned,. use all channels available to foster Stronger informalion sharinglimproved engagement. Finance and operations- Manage the potentiav likely impact of a change of Government on School and ensure the financial stability of the School.. Increase the sustainability of the School environment by managing resources,. Strategic capital & facilities planning 15

Docusign Envelope ID.. 7C51D990-3A824C38-84S74091 D100A595 The Newcastle upon Tyne Royal Grammar School IA company limited by guarantee) Governors. report (continued) Year ended 31 July 2024 STATEMENT OF GOVERNORS. RESPONSIBILITIES The Governors (who are also directors of The Newcastle upon Tyne Royal Grammar School for the purposes of company law) are responsible for preparing the Governors, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Slandards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Governors to prepare financial slatements for each financial year. Under company law the Governors 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 the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Governors are required lo.. select suitable accounting polieies and then apply them consistently; observe the methods and principles in the Charities SORP., make judgments and accounting estimates Ihat are reasonable and prudent., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charrtable group will continue in operation. The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company and the group's Iransactions and disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assels of the charitable company and the group and hence for taking reasonable steps for the prevention and deleclion of fraud and other irregularilies. Disclosure of Information to auditor Each of the persons who are Governors al the time when this Govemors, Report is approved has confirmed that.. so far as that Governor is aware. there is no relevant audii infomation of which the charitable company and the group's auditors are unaware, and each Govemor has taken all the steps that ought to have been taken as a Governor in order to be aware of any information needed by the charitable company and the group's audrtors in connection with preparing their report and to establish that the charitable company and the group's auditors are aware of that information. This report, which includes the stralegic report, was approved by the Governors on 24 January 2025 and signed on their behalf by.. FLtWv IFC8F4ets2FC40C... A C Fletcher (Chair of Govemors) 16

DocusignEnvelope ID.. 7C51D99D-3A624C3&8457A091D100A595 Independent auditorfs report to the members of The Newcastle upon Tyne Royal Grammar School Opinion We have audited the financial statements of The Newcastle upon Tyne Royal Grammar School {'the parent charitable company,) and its subsidiaries ('the group,) for the year ended 31 July 2024 which comprise the consolidated statement of financial activities, the Consolidated income and expenditure account, the consolidated balance sheet, Ihe company balance sheet, the consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, ('United Kingdom Generally Accepted Accounting Praclice,). In our opinion the finaneial statements.. give a true and fair view of Ihe stale of the group's and of the parent charitable company's affairs as at 31 July 2024 and of the group's incoming resources and application of resources, including rts income and expenditure for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, and have been prepared in accordance wilh the requirements of the Companies Act 2006. Basis for opinlon We conducted our audit in accordance wilh International Standards on Auditing (UK) {'ISAs (UKI,) and applicable law. Our responsibililies under those standards are further described in the 'Audilor's responsibilities for the audit of the financial statements, section of our report. We are independent of the group in accordance wilh the ethical requirements that are relevant to our audrt of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In audrting the financial statements, we have concluded that the governors, use of the going concern basis of accounting in the preparation of the fi'nancial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the group's or the parent charilable company's ability to continue as a going concern for 8 period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilrties of the governors with respect to going concern. are described in the relevant sections of Ihis report. 17

DoeLL%ign Envelope ID.. 7CS1D99￿3A624C3ws7-A0$l D100A595 Independent auditor's report to the members of The Newcastle upon Tyne Royal Grammar School (continued) Other infomiation The other information comprises the information included in the annual report other than Ihe financial statements and our auditor's report thereon. The governors are responsible for the other informalion contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent othe￿ISe explicrtly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identrfy such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misslalement in the financial stalemenls themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomiation, we are required lo report that fact. We have nothing to report in this regard. Opinion on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the govefflors. report including the strategic report for the financial year for which the financial slatemenls are prepared is consistent with the financial statements, the governors, report and the strategic report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In Ihe light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audrt, we have not identified material misstatements in the governors, report including the strategic report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us., or the parent charitable company financial statements are not in agreement with the accounting records and return5. or certain disclosures of governors, remuneration specified by law are not made., or we have not received all the information and explanalions we require for our audit. 18

DocusignEnvelope ID.. 7C51D99W24C3U457-A091D100A595 11 Independent auditorfs report to the members of The Newcastle upon Tyne Royal Grammar School (continued) Responsibilities of govemors As explained more fully in the governors, responsibilities statement, the governors (who are also the directors of the charitable company for the purposes ol company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the governors determine is necessary to enable Ihe preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the govemors are responsible for assessing the group's and the parent charitable compansls ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the governors either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic altemative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial slatemenls as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is nol a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered rnaterial if, individually or in the aggregate, Ihey could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to delect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including Iraud is detailed below.. W8 idenlified aréas of law and regulations that could reasonably be expected to have a material effect on the financial statements from our general and sector experience and through discussions with the governors and other management (as required by Auditing Standards) and from inspection of the charity's legal correspondence and we discussed with the governors and other management the policies and procedures in place regarding compliance with the laws and regulations. We communicated identified laws and regulations throughout our audtt team and remained alert to any indications of non<ompliance throughout the audit. Firstly, the charity is subject lo laws and regulations that directly affect the financial statements including financial reporting legislation {including related companies legislation) and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly. the charty is subject to many other laws and regulations where the consequences of nonwcompliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identrfied the following areas as those most likely to have such an effect., health and safety, employment law, data protection, environmental law, safeguarding and certain aspects of company legislation. recognising the nature of the charity's activities. Auditing Standards limit the required audit procedures to identify non<ompliance with these laws and regulations to enquiry of the governors and other management and inspection of regulatory and legal correspondence, rf any. Through these procedures we did not become aware of any actual or suspected non-compliance material to the financial statements. 19

Oocusign Envdope ID.. 7C51D99D-3A624C38-8457-A091D100A595 Independent auditor's report to the members of The Newcastle upon Tyne Royal Grammar School (continued) Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likely to become aware of instances of non-compliance. The risk is also greater Tegarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresenlation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at., www.frG.or .ukJauditorsres onsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely to the charitable companls members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audil 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 lullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its mernbers. as a body, for our audit work, for this report, or for the opinions we have formèd. A_ H.{￿dL 59C7c￿C48FF4?E... Anne Hallowell Bsc DChA FCA (Senior Statutory Auditor) for and on behalf of UNW LLP Statutory Audltor Chartered Accountants Newcaslle upon Tyne 24 January 2025 20

DocusignÉnvelope ID.. 7c51D99D-3A624c￿84s7-AO9l D100A595 The Newcastle upon Tyne Royal Grammar School IA company limited by guarantee) Consolidated statement of financial activities Year ended 31 July 2024 As restated Total funds 2023 Unrestricted funds 2024 Restricted Endowment funds funds 2024 2024 Total funds 2024 Note Incom• from: Donations and legacies Charitable aclivities Other trading activities Investments Other income 1,586,640 20,096,602 149,046 260,877 110,317 112,924 1.699,564 20,096,602 149,046 320,667 110,317 1,662,751 19,171,819 150,286 195,120 65,584 69,790 Total Income 22,203.482 172,714 22,376,196 21,245,560 Expendlture on: Raising funds Charitable activities 158,240 21,316.074 1,440 112,924 159,680 21,428,998 178,494 20,078,726 Total expendlture 21,474,314 114,364 21,588,678 20,257,220 Nel gainsl(losses) on Investments 72,316 72,315 (18.826> Net income I 18xpendlture) Transfers behveen funds 729,168 58.350 72.316 859,833 969,514 20 1 $7.026 (1S7,026) Net movement In funds 886,194 (98,676) 72,316 859,833 969.514 Reconciliation of funds: Total funds brought forward Net movement in fund8 37.124,570 886,194 204,536 {98,676) 1,310,149 72,315 38,639,255 859,833 37,669,741 969,514 Total funds carried forward 38,010.764 105,860 1,382.464 39,499.088 38,639.255 The notes on page5 28 to 61 forrn part of these financial statements. 21

Docusign Envelope ID.. 7C51D99D-3A624C36-8457-A091 DIOOA595 The Newcastle upon Tyne Royal Grammar School IA company limited by guarantee) Consolidated income and expenditure account Year ended 31 July 2024 As restated Total funds 2023 Total funds 2024 Gross Income In the reportlng period Less.. Total expenditure 22,376,196 21.245.560 (21.S88,678) {20,257.220) Not income for the reporting period 787,518 988.340 The notes on pages 28 to 61 form part of these financial statements. 22

OocuslgnEnvelope ID.. 7cS1D99D-3A624C￿84S7A091D1Q0A595 The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee Consolidated balance sheet At 31 July 2024 2024 2023 Not• Fixed assets Tangible assets Investments Investment propety 13 14 15 44,015,755 1,017,464 365,000 44,890,255 945,149 365.000 45,398,219 46,200,404 Current assets Stocks Debtors Cash at bank and in hand 16 17 18,904 361,277 7,253,358 23,051 418,418 6,930,784 7,633,539 7,372,253 Creditors.. amounts falling due within one year 18 (3,168,070) (3,771,788> Net current assets 4,465,469 3,600,465 Total assets less current Ilabilities 49,863,688 49,800,869 Creditors.. amounts falling due after more than one year 19 110,364,600) (11,161,614) Total net assets 39,499,088 38,639,255 Charity funds Endowment funds Restricted funds Unrestricted fund8'. 20 20 1,382,464 105,860 1,310,149 204,536 Designated funds Revaluation reserve General funds 20 20 20 2,674.404 12,941,804 22,394,556 2,878.404 12.941,804 21.304,362 Total unrestricted funds 20 38,010,764 37,124,570 Total funds 39,499,088 38,639,255 23

Do￿sIgn Envelope ID.. 7c5lD99￿3A624c38-8457-A091Dl00A595 The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee) Consolidated balance sheet (continued) At 31 July 2024 The governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements Y￿re approved and authorised for issue by the governors on 24 January 2025 and signed on their behalf by.. IFW4I6￿FC•4c.- A C Fletcher (Chair of Governors) The notes on pages 28 to 61 form part of these financial statements. 24

Docust9nEnvelope ID.. 7C51D990-3A624C38-84S7-A091D100A595 The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee Balance sheet At 31 July 2024 2024 2023 Note Fixed assets Tangible fixed assets Investments Investment property 13 14 15 44,01 S,755 1,017,465 365,000 44,890,255 945.150 365.000 45,398,220 46,200,405 Current assets Stocks Debtors Cash al bank and in hand 16 17 12,739 361,171 7,241,999 12,068 434,758 6,910,740 7,616,909 7.357,566 Creditors- amounts falling due within one year 18 (3,164.285) (3,769,923) Net current assets 4,451,624 3,587.843 Total assets less current Ilabllltles 49,849,844 49,788,048 Creditors.. amounts falling due after more than one year 19 110,364,600) (11,161,614) Total net assets 39,485,244 38,626,434 Charlty funds Endowment funds Restricted funds Unrestricted funds.. 20 20 1,382,464 296,496 1,310,149 204,536 Designated funds Revaluation reserve General funds 20 20 20 2,674,404 12,941,804 22,190,076 2,878,404 12,941,804 21,291,541 Total unrestricted lunds 20 37,806,284 37,111,749 Total funds 39,485,244 38,626,434 25

DO￿$1g￿ Envelope10'. 7C51 D99D-3A624C38-8457A0910100AS95 The Newcastle upon Tyne Royal Grammar School (A company Ilrnlted by guarantee Company balance sheet (contlnued) At 31 July 2024 The company's net movement in funds for the year was £858,810 (2023: £960,846). The governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounling records and preparation of financial stalements. The financial statements were approved and authorised for issue by the governors on 24 January 2025 and signed on their behalf by.. 8*nodby.' IL FLthrt . IFC8F40892Fc4￿... A C Fletcher (Chair of Governors) Company regislered number.. 05664801 The notes on pages 28 to 61 fomi part of these financial statements. 26

DocusignEnvelope ID: 7C5lD99￿3A624C3￿s7-A091Dl00A595 The Newcastle upon Tyne Royal Grammar School (A company lirnited by 9uarantee) Consolidated statement of cash flows Year ended 31 July 2024 2024 2023 Note Cash flows from operatlng actlvities Net cash generated from operating activities 22 1.619,844 2,148,805 Cash flows from Investlng actlvltlas Dividends, interests and rents from investments Purchase of tangible fi'xed assets 320,667 195,094 1376,4041 (821,258) Net cash used in Investing activities 155,737) (626.164) Cash flows from financlng actlvltles Repayments of borrowing Interest paid (840,000) {840.000) 1401,533) (429,887) Net cash used In flnancing activities 11.241,5331 (1,269,887> Change In cash and cash equlvalents In tho year Cash and cash equivalents at the beginning of the year 322,674 6,930,784 252,754 6,678,030 Cash and cash egulvalents at the end of the year 23 7.253,358 6,930,784 The noles on pages 28 to 61 form part of these financial statements 27

Docusign Envelope ID.. 7CSl099￿3A624CJ￿84s7-A091Dl00AS9S The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee Notes to the financial statements Year ended 31 July 2024 General information The Newcastle upon Tyne Royal Grammar School {'the charitable company,) and its subsidiaries (together, 'the group,) are engaged in the education of children and young persons in the North of England. The charitable company is a private company limited by guarantee, incorporated in the United Kingdom and registered in England and Wales. The address of the registered office is Eskdale Terrace, Newcastle upon Tyne, NE2 4DX. Accountlng pollcles 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effeclive 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. The Newcastle upon Tyne Royal Grammar School meets the definition of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise 8tated in Ihe relevant accounting policy. The financial slatemenls are presented in pounds sterling which is the functional currency of the company and are rounded to the nearest £1. 2.2 Company status The charitable company is a company limited by guarantee. The members of the charitable company are the governors named on page 1. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member oflhe charrtable company. 2.3 Basls of consolldatlon The financial stalements consolidate the accounts of The Newcastle upon Tyne Royal Grammar School and its wholly owned subsidiary, RGS Trading Limited, on a line by line basis. RGS Trading Limited covenants taxable profits to The Newcastle upon Tyne Royal Grammar School. The accounts of The Newcastle upon Tyne Royal Grammar School include the results of the charitable company's Property Trust, charity reference number 1114424-1. the Newcastle upon Tyne Royal Grammar School Prize Funds Charity and the Storrow Scott Charitable Will Trust reference 1114424-2 which are linked to the chartsble company for reporting purposes. The charitable company has takén advantage of the exèmption allowed under section 408 of the Companies Act 2006 and has not presented rts own statement of financial activities in these financial statements. 28

DocusignÈnvelope ID.. 7C51D99D-3A624C38-8457-A091D100A595 The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee) Notes to the financial ststements Year ended 31 July 2024 Accounting policies (continued 2.4 Going concern The school recorded a net surplus of income over expenditure in the year ended 31 July 2024 and has net assets at the year end of £39.5 million12023.. £38.6 million) with a positive cash position. Working capital is funded through long term loan finance secuTed on the school buildings,. the school is not reliant on short term loans or overdraft facilities. Forecasts have been prepared based upon Current pupil numbers and Govemors have carried out a detailed re-budgeting exercise, looking at the potential for a fall in pupil numbers or increase in bad debts as the cost of living crisis, as well as the wider macro economic situation, continues to lead to uncertainly. In addition, longer term scenarios have also been modelled which include evaluating the polential financial impact of the loss of charitable status, the loss of rate relief and the introduction of VAT on fees along with an increase in the contributions to the Teachers Pension Scheme. The school has considered a range of scenarios to help the ongoing assessment of risks and opportunities. The modelling considered the liquidily and positive cash position of the school. The trustees have a reasonable expectalion that the charitable group has adequate resources to continue to meet its liabilities as they fall due for the foreseeable future. Consequently, they continue to believe the going concern basis of accounting is appropriate in preparing these financial statements. 29

Dotrjsign En¥elope10: 7C51099D-3A624C384457-A091D100A595 The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee) Notes to the financial statements Year ended 31 July 2024 Accountlng policies (continued) 2.5 Income All income is recognised when the group has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount of income receivable can be measured reliably. Fees and slmilar income Fees receivable and charges for services and use of premises are accounted for in the period in which the seniice is provided. Fees receivable are slated after deducting allowances and other remissions granted by the group from its unrestricted funds. Voluntary Income and fund accounting Voluntary income is received by way of grants and donations and is included in full in the statement of financial activities when receivable. The group receives a grant from the Hospital of St Mary the Virgin charity. and recognises all grants receivable from that charity. including amounts not yet paid by the year end, but which under the terms of that charity's trust deed, rt must pay over in due course to the group. Grants and donations received for the general purposes of the group are included as unrestricted funds. Gran1$ and donations for activities reslricled by the wishes of the donor are taken to restricted funds if these wishes are legally binding on the governors. Donations required to be retained as capital in accordance wilh the donor's wishes are accounted for as endowments - permanent or not, according to the nature of the restriction. Investment Income Investment income is accounted for in the period in which the group is entrtled to receipt. Incoming resources from endowment funds are restricted. Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the group, this is normally upon notificalion of the interest paid or payable by the bank. 30

Docusi9n Envelope10.' 7C51 D99D-3A824C38-8457-A0910100A595 The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee) Notes to the financial statements Year ended 31 July 2024 Accounting policies (continued} 2.6 Expenditure Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources. Support costs are those costs incurred directly in support of expenditure on the objects of the group, including those incurred in connection with the administration of the group and compliance with constitutional and statutory requirements. They are apportioned against the activities of the group in line with the estimated usage of those costs. Grants are included as expenditure in the period for which the award is given. Expenditure on raising funds includes all expenditure incurred by the group to raise funds for ils charilable purposes and includes costs of all fundraising activities events and non<haritable trading. Expenditure on charitable activities is incurred on directly undertaking Ihe activrties which further the group's objectives, as well as any associated support costs. 2.7 Investment properties Investment properties are included in the balance sheet at their open market value. Revaluation gains are recognised in the statement of financial activities. 31

Docusign Envelope ID.. 7C51D99D-3A624c￿8457-AO9lO10oA59s The Newcastle upon Tyne Royal Grammar School (A company Ilmited by guarantee Notes to the financial statements Year ended 31 July 2024 Accounting policies (contlnued 2.8 Tangible fixed assets and depreciation Tangible fixed assets costing £3,000 or more are capitalised and recognised when future economic benefrts are probable and the cost or value of the asset can be measured reliably. All freehold land and buildings are included in the financial statements based on the latest independent valuation of their value to the group plus the cost of subsequent major additions. Replacements and minor improvements to the fabric of the school are written off in the statement of financial activities as they are incurred. Expenditure incurred during design and conslruction phases is capttalised and included in assets under construction. The assets are transferred lo freehold land and buildings on the earlier of the completion of the project or occupancy by the group. A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value. Depreciation is provided on the following bases.. Freehold property Leasehold land and buildings Motor vehicles Fixtures and frttings Trading subsidiary equipment 50 years over the life of the lease 4 years 3- 10 years 4 years Assets under construction are not depreciated until they are transferred to freehold land and buildings. Revaluatlon of flxed assets The group has adopted the revaluation model to revalue items of property whose fair value can be measured reliably. The revaluations shall be made wrth sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period. The fair value of land and buildings is usually determined from market-based evidence by appraisal that is normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in the statement of financial activities. 2.9 Investments Listed investments are staled at their fair value at the balance sheet date. Any gain or loss on revaluation is taken to the statement of financial activities. In the charitable company balance sheet. investments in subsidiary undertakings are measured at cost less accumulated impaimient losses. 32

Docu$￿n Envelope 10.. 7C51099D-3A624C3U457A091D100A595 The Newcastle upon Tyne Royal Grammar School IA company limited by guarantee) Notes to the financial statements Year ended 31 July 2024 Accounting policles (continued) 2.10 Stocks and work in progress Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 2.11 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.12 Cash al bank and In hand Cash at bank and in hand includes cash and short-temi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.13 Llabillties and provisions Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlemenl can be estimaled reliably. Liabilities are recognised at the amount that the group anticipates it viill pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured al the best estimate of the amounts required to settle the obligalion. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the consolidated slatement of financial activities as finance cost. 2.14 Financial instruments The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade, intercompany and other accounts re￿1vable and payable, cash and bank balances, bank loans and loans to or from related parties, including fellow group companies. All such instruments are initially recognised at transaction price. unless the arrangement constitutes a financing transaction, in which case the transaction is measured at the present value of the future receipts discounted at a market rale of interest. All financial instruments are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period, financial assets a￿ assessed for impairment. and their carrying value reduced if necessary. Any impairment charge is recognised in the statement of financial activities. 2.15 Operating leases Rentals under operating leases are charged to the stalement of financial activities on a straight line basis over the lease term. 33

Docusign Envelope ID.. 7C51 Dg9￿3A624c38-6457￿09lDlQoA595 The Newcastle upon Tyne Royal Grammar School IA company limited by guarantoa) Notes to the financial statements Year ended 31 July 2024 Accounting pollcles (continued) 2.16 Pension costs The group operates l*rfo main schemes: The group participates in the Teachers, Pension Scheme ('TPS'), which is a defined benefit scheme for teaching staff only. The TPS is an unfunded scheme and Contributions are calculated so as to spread the cost of pensions over employees, working lives with the group in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using prospective unrt credit method. The TPS is a multi-employer scheme and there is insufficient information available to use defined benefit accounting. The TPS is therefore treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate. The group also operates a defined contribution scheme for non-teaching staff. The assets of the scheme are held separalely from those of the group in an independently administered fund. The charge to the Statement of financial activities is the amount payable in the period. 2.17 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the governors in furtherance of the general objectives of the group and which have not been designated for other purposes. Designated funds comprise unreslricted funds that have been set aside by the governors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restriclions imposed by donors or which have been Taised by the group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Endowment funds are funds which are held for the permanent benefit of the group. There is no power to convert capital inlo income.

DocuswJnÉnvelope 10.. 7C51099D-3A624C38-8457.A091D100A595 The Newcastle upon Tyne Royal Grammar School IA company limited by guarantee) Notes to the financial statements Year ended 31 July 2024 Accountlng pollcle8 (contlnued} 2.18 Critical accounting estimates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgments in applying the group's accountlng policies In preparing these financial statèments, the 9overnors do not consider there to have been any other Sl9nificant judgmenls that were required in Ihe process of applying Ihe group's accounting policies. Key sources of estlmation and uncertainty Estimates included within these financial statements include the valuation of land and buildings owned by the group, depreciation rates, accruals for employment costs (holiday payl, and asset impairments (for example provisions against stock and debtors). None of the estimates made in the preparation of these financial statements are considered to cary significant eslimation uncertainty, nor to bear a significant risk of causing a material adjustment to the carrying amount of assels and liabilities within the ne>X financial year. Change In accountlng poll¢y During the year the accounting policy for income recognition was changed such thal fee and similar income would be presented after deducting income from bursaries. In accordance wilh section 10 of FRS 102, the change in accounting policy has been applied retrospeclively. The trustees believe that the revised policy provides a more accurate representation of the performance of the school, and that the change brings the policy in line with schools of a similar nature. Impact of the change in policy The restatement of comparatives will affect both the income and expenditure lines in the stalement of financial activities, but there is no impact on the group's net financial position or reserves. The following adjustments have been made to the comparalives for the 2023 financial year.. Reduction in gr05s fees receivable by the amount of bursaries granted of £1,099,709. An equal reduction in expenditure related lo bursaries. Donations received from The Royal Grammar School Educational Trust are now classified as unrestricled funds. This change ensures that the group's financial reporting is more consistent with sector practice and provides a clearer representation of net income from fees. 35

Docusign Envek*Pe ID.. 7C51099D-3A624C3W57-A091D100A595 The Newcastle upon Tyne Royal Grammar School IA company limited by guarantee Notes to the financial statements Year ended 31 July 2024 Income from donatlons and legacles Unrestrlctèd Restrlcted funds funds 2024 2024 Total funds 2024 Hospital of St Mary the Virgin The Royal Grammar School Educational Trust other income 311.640 1,275,000 311,640 1.275,000 112,924 112.924 1,586,640 112,924 1,699,564 As restated As restated As restated Unrestricted Restricted Total funds funds funds 2023 2023 2023 Hospital of St Mary the Virgin The Royal Grammar School Educational Trust other income 197,690 1,099,709 283,785 197,690 1,099,709 365,352 81.567 1,581,184 81.567 1,662,751 36

Docusign Énvelope ID.. 7C51D99D-3A624C38-8457-A091D100A595 The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee Notes to the financial statements Year ended 31 July 2024 Income from charitable actlvities As reslated Total funds 2023 Unreslrlcted funds 2024 Total funds 2024 Provision of school services 20,096,602 20,096,602 19.171,819 School fees As restated 2023 2024 Gross fees Less.. Free school places Less.. Grants and allowance 21,179,232 20,028,202 (1,365,229) (1.191,9231 (574,683) (463,1571 8S7,282 798,697 Catering income 20 096602 19 171819 Income from other tradlng actlvltles Income from fundraising èvents Unrestricted funds 2024 Total funds 2024 Total funds 2023 Facililies lettings income 85.838 85,838 92,334 37

Docusign Envelope ID.. 7C510990-3A624C38-84S7A091 D100A595 The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee) Notes to the financial statements Year ended 31 July 2024 Income from other trading activities (continued) Income from non charltable tradlng actlvltles Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Subsidiary trading 63,208 63,208 57,952 Investment Income Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Property rental income Dividend income Prize fund dividend income Bank interest 35,868 23,922 35,868 23,922 4,003 256.874 4,003 256,874 260.877 59.790 320,667 As restated As restated As restated Unrestricted Reslricted Total lunds fund5 funds 2023 2023 2023 Property rental income Dividend income Prize fund dividend income Bank interest 33,510 16,861 33,510 23,707 3,431 134,472 6.846 3,431 134.472 144,749 50,371 195,120 38

DocusigrtEnvelope ID.. 7CS1099D-3A624C3844S7-A091D100A595 The Newcastle upon Tyne Royal Grammar School IA company limlted by guarantee) Notes to the financial statements Year ended 31 July 2024 Cost of ralsing funds Unrestricted Restriclgd funds funds 2024 2024 Total funds 2024 Fundraising costs Marketing costs Costs of letting facilities Professional fees Subsidiary trading costs 10,787 89.415 10,787 89,415 1.440 2,823 55,215 2,823 55,215 158,240 1,440 159,680 Unrestrictad fund5 2023 Restrided funds 2023 Total funds 2023 Fundraising costs Marketing costs Costs of letting facilities . Professional fees Subsidiary trading costs 11,614 95,712 11,614 95,712 1,440 12,444 57,284 1,440 12,444 57,284 177,054 1,440 178,494 39

Docusign Envelope ID.. 7C51D99D-3A624C3W57-A091D100A595 The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee) Notes to the financial statements Year ended 31 July 2024 Analysls of expenditure on charitable activities Summary by fund type Unrestricted Restricted funds funds 2024 2024 Total 2024 Provision of school sep4ices Bursaries provided Donations 20,912,307 199,767 204,000 112.924 21.025.231 199,767 204.000 21,316.074 112.924 21,428,998 As restated As restated Unrestricted Restricted As restated funds funds Total 2023 2023 2023 Provision of school services 19,771,904 214,978 91,844 19,863,748 214,978 8ursaries provided 19,986,882 91.844 20,078,726 40

Docusign'Envelope 10.. 7C51D99D-3A624C38-8457-A091D100A595 The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee) Notes to the financial statements Year ended 31 July 2024 10. Analysis of expenditure by activitles Actlvlties undertaken directly 2024 Grant fundlng of activities 2024 Support costs 2024 Total funds 2024 Provision of school services Bursaries provided Donations 19.375,585 1.649,646 21,025,231 199,767 199,767 204,000 204,000 19,375.585 204,000 1,849,413 21,428,998 As restated Activities undertaken directly 2023 As restated Total funds 2023 Support costs 2023 Provision of school seDii¢e$ Bursaries provided 18,166,440 1,697,308 19,863,748 214,978 214,978 18,166.440 1,912.286 20,078,726 41

Docusign Envelope ID: 7C51D99D-3A624C38-8457-A0910100A595 The Newcastle upon Tyne Royal Grammar School (A Gompany limited by guarantee) Notes to the flnanclal statements Year ended 31 July 2024 10. Analysls of expenditure by activities (contlnued) Analysis of direct costs As restated Total funds 2023 Total funds 2024 Deprecialion Teachers, salaries Teaching resources Other educational costs 1,250,905 10,796.233 786,665 1,036.182 209,131 743,392 812,286 1,162,890 203,795 344,606 489,221 107,616 1,246,763 169,660 1,195,577 9,911,146 744,720 939,766 199,462 705,600 798,388 1,222,591 169,936 321,760 473,122 151,542 1,082,251 226,450 Other teaching staff costs Premises costs - salary Premises costs- maintenance Premises costs - occupancy Premises costs- insurance Catering costs - staff salaries Catering costs - food Catering costs - kitchen overheads Academic support expenditure- educational support salaries Academic support expenditure - PE and sport Academic support expenditure - clubs, school magazines and miscellaneous costs Prizes and awards 17,257 8.983 14,446 9,683 19.375.585 18,166,440 Analysls of support costs Provislon of school Services 2024 Bursaries provided 2024 Total funds 2024 Administration costs Financial costs Cxher central costs Governanee 970,975 488,835 153,864 35,972 199.767 1,170.742 488,835 153,864 35,972 1,649,646 199.767 1,849,413 42

DocusignEnvelope ID.. 7C51099D-3A624C38-8457-A0910100A595 The Newcastle upon Tyne Royal Grammar School (A company limited by guaranlee) Notes to the financial statements Year ended 31 July 2024 10. Analysis of expenditure by activities (continued) Analysis of support costs lcontlnued) Provision of school seNices 2023 Bursaries provided 2023 Total funds 2023 Administration costs Financial costs Other central costs Governance 996,325 550,180 113,460 37,343 214,978 1,211,303 550,180 113.460 37,343 1.697,308 214.978 1,912,286 11. Auditor's remuneration 2024 2023 Fees payable to the group's auditor for the audit of the charitable companrfs annual accounts 16,000 10,900 Fees payable to the group's auditor in respect of.. The auditing of accounls of associates of the group - All assurance seniices not included above 9,000 1,300 5,680 920 12. Puplls and employees detalls 2024 2023 Staff costs Wages and salaries Social security costs Pension contributions 10,901,616 10,027,805 1.140,665 1,072,685 2,134,193 1,884,086 14,176,474 12,984,576 43

Doeusign Envelope10'. 7C51D99tk3A624C38-8457A091D100A595 The Newcastle upon Tyne Royal Grammar School IA company Ilmited by guarantee) Notes to the financial statements Year ended 31 July 2024 2024 No. 2023 No. The number of employees receiving remuneration of more than £60,000 per annum is as follows: £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001- £100,000 £100,001- £110,000 £120,001- £130,000 £140,001- £150,000 £160,001- £170,000 22 47 32 Key management personnel has been detemined to be the governors and the 10 (2023: 101 members of the senior management team. The total remuneration of the senior management team, excluding employer's national insurance costs, was £1,182,057 (2023.. £1,098,259). During the year, no governors received any remuneration {2023.. £nil). No expenses were reimbursed to governors in either year, Headcount Headcount 2024 2023 FTE 2024 FTE 2023 No. Staff numbern Senior school teachers Junior school teachers Academic support Property management Clerical and administrative Caterin9 126 21 124 21 114 19 116 19 35 25 28 15 53 31 33 21 51 30 30 21 34 24 25 16 285 277 232 238 44

DocuS￿nE￿vÈ10pe 10.. 7C51099D-3A624C38-8457-A091 D100AS95 The Newcastle upon Tyne Royal Grammar School IA company limited by guarantee) Notes to the financial statements Year ended 31 July 2024 Pupil numbers at 31 July 2024 2023 Senlor school Full fees Receiving bursaries 981 1,002 77 78 1,059 1,079 2024 No. 2023 No. Junlor school Full fees 261 264 Receiving bursaries 267 270 45

Oocusign Envelope ID.. 7Cs1099￿3A624c38-84s7A091Dl00A595 The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee) Notes to the financial statements Year ended 31 July 2024 13. Tangible fixed assets Group Assets Motor Fixtures and under vehicles fittings construction Land and bulldings Total Cost or valuatlon At 1 August 2023 Additions Disposals Transfers betrween classes 51,870,004 218.798 474 4.096,247 375,930 (757,467) 570,317 570,317 56,755,366 376,404 1757,467) (570,317) At 31 July 2024 51,870,004 219,272 4,285,027 56,374,303 Depreciation At 1 August 2023 Charge for the year On disposals 8,242,448 947,150 122,306 22,444 3,500,359 281,310 1757,467 11,865,111 1.250,904 1767,4671 At 31 July 2024 9,189,596 144,750 3,024,202 12,358,548 Net book value At 31 July 2024 42,680,408 74,522 1,260,825 44,015,755 At 31 July 2023 43,627,558 96,492 595,888 570,317 44,890,255 46

DocusigrtEnvelope ID.. 7C51D990-3A624C384457-A091D100A595 The Newcastle upon Tyne Royal Grammar School IA company limited by guarantee Notes to the financial statements Year ended 31 July 2024 13, Tangible fixed assets (continued) Company Ass8ts Motor Fixtures and under vehicles flttings constructlon Land and buildings Total Cost or valuation At 1 August 2023 Additions Disposals Transfers belween classes 51,870,004 218,798 474 4.084,180 375,930 (757,467) 670,317 570.317 56,743,299 376,404 (757,467) 1570.317) At 31 July 2024 51,870,004 219,272 4,272,960 56,362,236 Depreciation At 1 August 2023 Charge for the year On disposals 8,242,446 947,150 122,306 22.444 3,488,292 281,310 {757,467) 11,853,044 1,250,904 (757,467) At 31 July 2024 9,189,596 144,750 3,012,135 12,346,481 Net book value At 31 July 2024 42,680,408 74,522 1,260,825 44,016,765 At 31 July 2023 43,627,558 96,492 595,888 570,317 44.890,255 Included in land and buildings is freehold land at valuation of £6,700.000 {2023.. £6,700.000), cost unknown, which is not depreciated. The freehold land and buildings were revalued by Lambert Smith Hampton, external Chartered Surveyors, as at 25 June 2020 on a depreciated replacement cost basis of £46,250,000. Subsequent additions are included at Cost. At 31 July 2024, included within the net book value of land and buildings is £42,664,378 (2023.. £43,610,553) relating to freehold land and buildings and £16,030 (2023.. £17.003) relating to long term leasehold land and buildings. 47

Oocusign EnvelLwe ID.. 7C51099D-3A624C38-8457AO91D1￿A595 The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee) Notes to the financial statements Year ended 31 July 2024 14. Fixed asset investments Llsted Investments Group Cost or valuation At 1 August 2023 Revaluations 945,149 72,316 At 31 July 2024 1.017,464 Net book value At 31 July 2024 1,017,464 At 31 July 2023 945,149 Investments in subsidiary Llsted companles Investments Total Company Cost or valuatlon At 1 August 2023 Revaluations 945,149 72,316 945,150 72,315 At 31 July 2024 1,017,464 1,017,465 Net book value At 31 July 2024 1,017,464 1,017,465 At 31 July 2023 945,149 945,150 48

Docusign•Erbvelope10.' 7C51099￿3A624C3&84s7-Ao910l00A595 The Newcastle upon Tyne Royal Grammar School (A company Ilmited by guarantee) Notes to the financial statements Year ended 31 July 2024 1S. Investment property Group and company Freehold Investment property Valuatlon At 1 August 2023 and 31 July 2024 36S,000 The Storrow Scott Charitable Will Trust owns the freehold property situated at 3 St Marls Place, Newcastle upon Tyne. The property is valued at open market value of £365,000 with a formal valuation performed in 2020 by Lambert Smith Hampton, external Chartered Surveyors. 16. Stock8 Group 2024 Group 2023 Company 2024 Company 2023 Teaching and other stock Kitchen Goods for resale 5,919 6,820 6,165 3,683 8,385 10,983 5,919 6,820 3,683 8,385 18,904 23,051 12.739 12,068 17. Debtors Group 2024 Group 2023 Company 2024 Company 2023 Trade debtors 30,485 93.981 30,485 93,825 16,867 75,002 249,064 Amounts owed by group undertakings Other debtors Prepayments and accrued income 53,186 277,606 75,373 249,064 53,080 277,606 361,277 418,418 361.171 434,758 49

DO￿51g￿ Erbvelope 10.. 7C51D990-3A624C3&8457-A0910100A595 The Newcastle upon Tyne Royal Grammar School IA company limited by guarantee Notes to the financial statements Year ended 31 July 2024 18. Creditors: amounts falllng due wlthln one year Group 2024 Group 2023 Company 2024 Company 2023 Bank loans Trade creditors School field trip creditors Pension creditor Other taxation and social security Other Creditors Accruals and deferred income Fees received in advance Deposit8 840,000 135,474 273,866 241,850 268,694 25,289 1,276,721 72,776 33,400 840,000 751,538 150,546 205,310 268,253 99,747 1,332,905 53,089 70,400 840,000 134,475 273,866 241,850 268,694 25,289 1,273,935 72,776 33,400 840,000 751,538 150.261 205,310 268,253 99.747 1,331,325 53.089 70,400 3,168,070 3.771,788 3,164,285 3,769,923 The movement in deferred income in the year is as follows: Group 2024 Group 2023 Company 2024 Company 2023 Deferred income at the beginning of the year Resources deferred during the year Amounts released from previous periods 123,489 106,176 1123,489) 176,329 123,489 (176,329) 123,489 178,329 106,178 123.489 (123,489) (176,329) 106,176 123,489 106,176 123,489 50

DocusigrfEnvelope ID.. 7CSlD99￿3A624CJa-84S7-AOy1D1O0A59s The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee) Notes to the financial statements Year ended 31 July 2024 19. Creditors: amounts falling due after more than one year Group 2024 Group 2023 Company 2024 Company 2023 Bank loans Deposits Fees received in advance 10,107,000 10,947,000 10,107,000 10,947,000 257,600 191,600 257,600 191,600 23,014 23,014 10,364,600 11,161,614 10,364,600 11,161.614 Included wrthin the above are amounts falling due as follows.. Group 2024 Group 2023 Company 2024 Company 2023 Between one and two years Bank loans 840,000 840,000 840,000 840,000 Between two and flve years Bank loans 2,520,000 2,520,000 2,520,000 2,520.000 Over flve years Bank loans 6,747,000 7,587,000 6,747,000 7,587,000 The aggregate amount of liabilities payable or repayable wholty or in part more than five years after the reporting date is.. Group 2024 Group 2023 Company 2024 Company 2023 Payable or repayable by instalments 6,747,000 7,587,000 6.747,000 7,587,000 The bank loans and overdrafts are secured by a first legal charge over the freehold land and buildings of the group and a debenture. At 31 July 2024, bank loans, including amounts falling due wrthin one year, comprise the following loans.. £11.5 million term loan, of which £8.3 million remained outstanding at the year end, secured on the group's freehold land and buildings, repayable by instalments over a 15 year temi and bearing interest at market rates,. and £3.5 million facility, of which £2.7 million remained outstanding at the year end, Secured on the group's freehold land and buildings and repayable by instalments over a 15 year term and bearing interest at market rates. 51

Docusign En¥elope10: 7C51 D991)-3A624C384457-A091D100A595 The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee) Notes to the financial statements Year ended 31 July 2024 20. Statement of funds Statement of funds - current year Balance at 1 August 2023 Transfers inlout Gainsl Balance at (Losses) 31 July 2024 Income Expenditure Designated fund$ 8ursary Fund Revaluation reserve 2,878,404 1204.000 2,674,404 12,941,804 12.941,804 15,820,208 1204,000) 15,616,208 General funds School general fund RGS Trading 21,291,258 22,134,112 (21,201,967) 13,104 69,370 (68,347) 157,026 22,380,429 14,127 21,304,362 22,203,482 121,270,314) 157,026 22,394,556 Total unrestrlcted fund8 37,124,570 22,203,482 121,474,314) 157,026 38,010,764 Endowment funds Prize Funds Charity J R Howarth Bursary Fund Peter Taylor Bursary Fund The Storrow Scott Trust 120,387 9,211 129,598 145,064 11,099 156,163 93,111 7,124 100,235 951,587 44,881 996,468 1.310,149 72,315 1,382,464 52

DocusKJrtEnvelope10'. 7C51D990-3A624C38-8457-A091D100A59S The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee Notes to the financial statements Year ended 31 July 2024 20. Statement of funds (continued) Restricted funds J R Howarth Bursary Fund Peter Taylor Bursary Fund School Bursary Fund Cricket Fund The Storrow Scott Trust Reece Foundation British Engines 1,970 2,699 4.669 1 $,499 4.209 19.708 123,552 432 (123,552) (432) 63,083 52,882 11,440 133,042) 81.483 72,406 40,518 172,4061 (40,518) 204,536 172,714 (114,3641 (157,026 105,860 Total of funds 38,639,255 22,376,196 (21,588,678) 72,31 S 39,499,088 Transfers be￿een restricted and unrestricted funds reflect the release of restricted funds to cover the costs of the associated bursaries. 53

Docusign Envelope ID.. 7CS1D990-3A624C38-8457-A091D100A59S The Newcastle upon Tyne Royal Grammar School IA company limited by guarantee) Notes to the flnancial statements Year ended 31 July 2024 20. Statement of funds (continued) Statement of funds - prior year Balance at 1 August As restated As restated 2022 Income Expenditure As restated Gainsl Balance at (Losses) 31 July 2023 Deslgnated funds Bursary Fund Revaluation reserve 2.878.404 12,941,804 2,878,404 12,941,804 15.820,208 15,820,208 General funds School general fund RGS Trading 20,330,062 21,047,755 120,086.559) 4,153 66,237 (57,286> 21,291,258 13,104 20,334,215 21,113,992 (20,143.845) 21,304,362 Total unrostrlcted funds 36,154,423 21,113,992 (20,143.845) 37,124,570 Endowment funds Prize Funds Charity J R Howarth Bursary Fund Peter Taylor Bursary Fund The Storrow Scott Trust 122,958 147,923 94,946 963,148 {2.571) {2,859) (1.835) {11,561> 120,387 145,064 93,111 951,587 1,328,975 (18,826) 1,310.149

DocusigP Envelope ID.. 7C51D990-3A624C38-8457-A0910100A595 The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee) Notes to the financial statements Year ended 31 July 2024 20. Statement of funds (continued) Restricted funds J R Howarth Bursary Fund Peter Taylor Bursary Fund School Bursary Fund Cricket Fund The Storrow Scott Trust Reece Foundation 1,970 15,499 123,552 432 44,890 1,970 15,499 123,552 432 63.083 50.001 81,567 (31,808) {81,567) 186.343 131,568 {113.375} 204,536 Total of funds 37,669,741 21,245,560 (20,257,220) (18,826) 38,639,255 Donations are credited to the appropriate fund and the impact of market valuation and investment transactions are also included. Unrestrlcted deslgnated funds - Bursary fund The bursary fund is lo be used to provide fee assistance for pupils from lower income families who would not otherwise be able to attend the school. Unrestricted general funds Unrestricted general funds may be used for any of the charitable objects of the charitable company. ENDOWMENT FUNDS Endowment funds are all permanent. J R Howarth Bursary Fund - The original bequest of £121,132 from James Ronald Howarth was provided to give assistance to able boys attending the Royal Grammar School, for scholarships and bursaries. If, at any time, the Royal Grammar School loses it independence, as defined by the Governors of the school, the whole sum shall be paid to the Rector and Fellows of Exeter College, Oxford. to be used at their discretion for the benefit of the college. The Peter Taylor Bursary Fund- In 1998, the family of the late Lord Taylor of Gosforth set up a bursary fund to assist with the tuition fees of pupils entering the 6th form of the RGS, who, for financial reasons, might not otherwise be able to attend the school. The Pnze Funds Charity - This is a separate charitable trust fomied in 2008. It comprises many small donations made for various reasons to provide a variety of school prizes. The funds have been managed by COIF Charities Investment Fund. The fund is under control of the school. The Stormw Scott Trust- This is described below within the information on linked charities. RESTRICTED FUNDS Income from endowment funds is credited to restricted funds to be applied for the purposes specified by the fund. 55

DOcu5￿n Envelope ID: 7cs10￿-3A624C38-8457-A091D10OA59s The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee) Notes to the financial statements Year ended 31 July 2024 Restricted funds also include.. Funds provided by the Royal Grammar School Educational Trust and other donors for the provision of school bursaries.. Funds provided by British Engines for the provision of a robotics techer to support RGS and Partner schools in the North East., and Funds provided by Reece Foundation to support Maths and Physics provision in Partnership schools. UNKED CHARITIES The charitable company is the trustee of, or is required to manage, the following charities which have been linked by the Charity Commission for administration and reporting purposes.. The Newcastle upon Tyne Royal Grammar School Property Trust The Newcastle upon Tyne Royal Grammar School Property Trust is the charity under which the school operated prior to Ihe incorporation of the school under a charity commission scheme in 2006. The objecl of the charity is to advance education by the provision of a school in or near the city of Newcastle upon Tyne and by ancillary or incidental educational activities and other associated activities for the benefit of the community. Under the 2006 Scheme of the Property Trust retains the group's pemianent endowments. Land and buildings musl be managed by the group in a¢¢ordance with the objects of this charity and various prize funds held by the charity must be managed by the group in accordance wilh their trusts. The Slorrow Scott Charllabl• Wlll Trust The Storrow Scott Charitable Will Trust represents the capital and unapplied income of The Storrow Scott Charitable Will Trust which was established by the Will of W J S Scott who died on 10 May 1989. The school became Ihe sole Trustee of the Trust under a Charity Commission Order dated 18 August 2014 at the request of the retiring Trustees. The Charity Commission has linked The Slorrow Scott Charitable Will Trust to the school for adminislralion and reporting purposes. Accordingly, the Charitable Will Trust's capital is reported as an endowment fund of the school and the income is restricted income of the school to be applied as stated below. Under the lerms of the Will of W J S Scott ("the Will.) the Trust Fund as defined in the Will was held for the benefit of Northumberland County Cricket Club in the evenl of various conditions being satisfied. y a Deed of Variation dated 1 October 2007 and confirmed by the Charity Cornmission with effect from 29 October 2007 the Central Register of Charities was amended to reflect the terms of the Deed of Variation. Following the 2014 Charity Commission Order the Will and Deed of Variation now determine the Objects of The Storrow Scott Charitable Will Trust Endowment and Restricted Funds. The Endowment Fund The principal object of The Storrow Scott Charitable Will Trust Endowment Fund is for the fund to be used either to enlarge the existing cricket ground at Osborne Avenue, Jesmond, Newcastle upon Tyne by acquiring part of the adjoining cemetery land or to create an entirely new playing field on the adjoining cemetery land and for cricket and if possible hockey to be played there on gras5. The capital of The Endowment Fund is now to be held at the discretion of the Trustees subject to various condrtions being salisfied for the benefit of one of a number of possible beneficiaries each of which must be a charity as defined by the Charities Act 2006. The beneficiaries include The Newcastle upon Tyne Royal Grammar School, The National Playing Friends Association and Ihe Northumberland Playing Fields Association. However if residential. commercial or other buildings are built on the adjoining cemetery land making it impossible for the condition of the Trust Deed to be satisfied and for the principal object of the Charity to be achieved the capital of the Endowment Fund is to be held for the benefit of the Northumberland Playing Fields Association, failing them the National Playing Fields Association, failing them then for such a similar Charity or Charities as the Trustees in rts discretion shall select in the hope that it will be used for the development and promotion of hockey in Northumberland.

Docusigil Envelope ID.. 7C51D991N3A624C38-8457-A091D100AS95 The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee) Notes to the financial statements Year ended 31 July 2024 The Restrlcted Fund Until such time as the conditions are satisfied the income from the Endowment Fund is restricted to be payable to such registered charities as the Trustee shall in its absolute discretion from time to time detemiine with preference being given to those based in the North of England. Such income is received into the Storrow Scott Charitable Will Trust Restricted Fund in order that it will be separately identified from the school's other funds. In the Deed of Retirement and indemnity it was acknowledged thal the school may indirectly benefit from the application of the income of the Endowment to be applied to The Royal Grammar School Educational Trust for the benefit of Ihe Newcastle upon Tyne Royal Grammar School bursary fund (payments to benefit such bursary fund being a preference expressed by the retiring trustees. Mr Scott having been a pupil at the school). 21. Analysls of n•t assets b•tw••n funds Analysls of net assets between funds - current period Unrestricted Restrlcted Endowment funds funds funds 2024 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Investment propety Current assets Creditors due within one year Creditors due in more than one year 44,015,755 44,01 S,7SS 1,017,464 365,000 7,633,539 (3,168,070) (10,364,600) 1,017.464 365,000 7,527,679 (3,168,070) (10,364,600) 105,880 Total 38,010,764 105,880 1,382,464 39,499,088 Analysis of net assets between funds - prior period Unreslricted funds 2023 Restricted Endowrnent funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year Creditors due in more than one year 44,890,255 44,890,255 945,149 365,000 7,372,253 (3,771,788) (11,161,614) 945.149 365.000 7,167,717 (3,771.788) (11.161,614) 204,536 Total 37,124,570 204,536 1,310,149 38,639,255 57

Docusign Erbvelope ID.. 7cs1099￿3A624C36-845T-A091Dl00A595 The Newcastle upon Tyne Royal Grammar School IA company limited by guarantee) Notes to the financial statements Year ended 31 July 2024 22. Reconclliation of net movement in funds to net cash flow from operating activities Group 2024 Group 2023 Net income for the period (as per Statement of Financial Activrties) 859,833 969,514 Adjustments for: Depreciation charges Interest paid (Gains)110s5es on investrnents Dividends, interests and rents from investment8 Decreasellincrease) in stocks Decreasel(increase) in debtors Decrease in credilors 1,250,904 401,533 (72.315) (320,667) 4,147 67,141 (560,732 1,197.732 429,887 18,826 (195,094) (6,753) (79,861) (185,446) Net cash provlded by operatlng actlvltles 1,619,844 2,148,805 23. Analysls of cash and cash equlvalents Group 2024 Group 2023 Cash in hand 7.253,358 6,930,784 24. Analysls of changes In net debt Other non- cash changes At 1 August 2023 Cash flows At 31 July 2024 Cash at bank and in hand Debt due within 1 year Debt due after 1 year 6,930,784 (840,000) (10,947,000) 322,574 840,000 7,253,358 (840,0001 1840,000 840,000 (10,107,000) (4,856,216) 1,162,574 (3,693,642) 58

Docusigd Envelope10." 7C51099D-3A624C3&8457-A091D100A595 The Newcastle upon Tyne Royal Grammar School (A company limited by guarantee) Notes to the financial statements Year ended 31 July 2024 25. Pension commitments The group's employees belong to two principal pension schemes, the Teachers. Pension Scheme for teaching staff, and the RGS Support staff Pension Scheme for support staff. In September 2023, the school introduced an optional defined contribution scheme provided by Aviva Pension Trusl for Independent Schools {APTIS). This scheme was already available for operational staff, as detailed below, and has now been extended to teachers. Teachers. Penslon Scheme The Teachers, Pension Scheme ('TPS') is a statutory, contributory. defined benefit scheme, govemed by the Teachers, Pension Scheme Regulations 2014. Membership is automatic for teachers in academies. All teachers have the option to opt-out of the TPS following enrolment. The TPS is an unfunded scheme lo which both the member and employer makes conlributions. as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The pension Cost charge represents contributions payable by the company to the fund and amounted to £1,843,969 (2023.. £1.658,929). Contributions totalling £234,231 (2023.. £205,310) (including employees, contributions) were payable lo the fund at the balance sheet dale and are included in creditors. Valuation of the Teacherfs Pension Scheme The Government Actuary, using normal actuarial principles. conducts a formal actuarial review of the TPS in accordance wrth the Public Service Pensions Olaluations and Employer Cosl Cap> Directions 2014 published by HM Treasury every 4 years. The aim of the review is to ensure scheme costs are recognised and managed appropriately and the review specifies the level of future contributions. Acluarial scheme valuations are dependent on assumptions about the value of luture costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, wrth the SCAPE rate, set by HMT, applying a notional investment return based on 1.70/0 above the rate of CPI. The key elements of the valuation outcome are.. Employer contribution rates set al 28.680/0 of pensionable pay {including a 0.080/0 administration levy). This is an increase of 50/0 in employer contributions and the cost control result is such that no change in member benefits is needed. Total scheme liabilities {pensions currently in payment and the eslimated cost of future benefits) for service to the effective date of £262.000 million and notional assets (eslimaled future conlribulions together with the notional investments held at the valuation dale) of £222,200 million, giving a notional past service deficit of £39,800 million The result of this valuation will be implemented from 1 April 2024.The next valuation resuft is due to be implemented from 1 April 2028. RGS Support Staff Pension Scheme The RGS Support staff Pension Scheme is a fully insured money purchase scheme for all permanent RGS staff who are not entitled to join the TPS, as well as being an option for teachers. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £290,224 (2023.. £225.157). Contributions totalling £7,619 {2023'. £nil) {including employees. contributions) were payable to the fund at the balance sheet date and are included in creditors. 59

Docu$￿n Envelope ID.. 7CS1D99￿3A624c38-a457-A091Dl00A595 The Newcastle upon Tyne Royal Grammar School IA company limited by guarantee) Notes to the financial statements Year ended 31 July 2024 26. Operatlng lease commltments At 31 Juty 2024 the group and the company had commitments to make future minimum lease payments under non-cancellable operaling leases as follows.. Group 2024 Group 2023 Company 2024 Company 2023 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 526,786 1,145,714 216,951 101.963 321.006 231,602 626,786 1,145,714 216.951 101.963 321,006 231,602 1,889,451 654,571 1.889,451 654,571 27. Related party transactions Some governors are also trustees of The Royal Grammar School Educational Trust, a charity, the main purpose of which is lo provide income towards bursaries for some pupils of the school. The grant made towards bursaries in the year amounted to £1,275,000 (2023.. £1,099,709). The group's administrative staff provide assistance with Ihe chaTlty's record keeping at no charge to the charity. The group maintains bank account on behalf of the Trust in respect of donations towards the Trust's campaign appeal and the school has met the Trust's campaign appeal costs totalling £149,951 (2023.. £105,508). The group made donations of £204,000 to the charity during the year (2023.. £nil). The Trust has provided Hardship funds to help support families {e.g. purchasing sutlable clothes for Sixth formers, transportation expenses to the school) to the group totalling £6,255 (2023, £2,425) The Trust has also received donations totalling £18,545 (2023.. £63,595) from trustees or charrties with which trustees have an association. The Storrow Scott Charitable Will Trust, a charity controlled by the school, applies its income to the Royal Grammar School Educational Trusl. Grants paid or payable in the year amounted to £33,042 (2023.. £30,738). The group purchased merchandise from RGS Trading Limited in the year totalling £nil {2023.' £2,972) as well as recharges of £19,103 (2023- £16,867) for staff costs and administration. The balance owed by RGS Trading Limited at year end is £nil {2023'. £16.867). 60

Docusi9• Envelope ID.. 7C51 Dg9￿3A624C38-8457￿O9l D100A59S The Newcastle upon Tyne Royal Grammar School IA company limited by guarantee) Notes to the financial statements Year ended 31 July 2024 28. Prlnclpal subsldlarles The following was a subsidiary undertaking of the charitable company.. Nam• Company number Class of shares Holdlng Included In consolidation RGS Trading Limited 04063794 Ordinary 100% Yes The financial results of the subsidiary for the year were.. Name Income Expendlture Proflt for the year Net assets RGS Trading Limited 69,370 {68,347} 1,023 14.129 61