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
#108

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.

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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