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2021-08-31-accounts

RENDCOMB COLLEGE

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

Charity Registration Number: 1115884 Company Registration Number: 5891198

RENDCOMB COLLEGE

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

CONTENTS PAGE
Reference and administrative details 1
Governors’ report 2 – 9
Report of the auditors 10 – 12
Statement of financial activities 13
Balance sheet 14
Cash flow statement 15
Notes to the accounts 16 - 28

RENDCOMB COLLEGE

REFERENCE AND ADMINISTRATIVE DETAILS

Governors and Directors: S E Arkle
N J Ford
S Hanbury (resigned 24.9.2020)
P A Hornby
A R Marchand
N J Nettleton
I I H Ormerod
S D E Parsons TD
Sir Francis Richards KCMG CVO (Chair) (resigned 31.8.2021)
The Venerable H S Ringrose (deceased 15.4.2021)
H C W Robinson DL
L H Singer
Major General P G Williams
R H Wills
Headmaster: R Jones
Secretary: E L Sharman
Registered office: Rendcomb College
Cirencester
Gloucestershire
GL7 7HA
Solicitors: Charles Russell Speechlys
5 Fleet Street Place
London
EC4M 7RD
Auditors: Haysmacintyre LLP
10 Queen Street Place
London
EC4R 1AG
Investment Managers: Cazenove Capital Management Limited
1 London Wall Place
London
EC2Y 5AU
Bankers: Lloyds TSB Bank plc
14 Castle Street
Cirencester
Gloucestershire
GL7 IQJ
Company Registration Number: 5891198
Charity Registration Number: 1115884

1

RENDCOMB COLLEGE

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2021

The Governors present their report for the year ended 31 August 2021, together with the audited financial statements for the year which comply with the Companies Act 2006, the Statement of Recommended Practice “Accounting and Reporting by Charities”, effective 1 January 2015 (FRS102).

REFERENCE AND ADMINISTRATIVE INFORMATION

Legal and charitable status

The College was constituted as a separate company limited by guarantee on 31 July 2006 (Company Registration No. 5891198) and as a separate charity on 22 August 2006 (Charity Registration No. 1115884) and commenced trading on 1 September 2006.

Governors and advisers

Details of the Governors, who are trustees of the charity, key officers and advisors, are shown on page 1. During the year we were saddened to hear of the death of the Venerable Hedley Ringrose, who had been a Governor for over 20 years and dedicated many hours of time to supporting the College. We would also like to express our thanks to Sir Francis Richards who stepped down as Chairman of Governors on 31[st] August 2021 following 13 years of service to the College.

Governing document

The College is governed by its Memorandum and Articles of Association dated 31 July 2006 and amended on 21 August 2006.

Organisational structure

The Members of the College are the Trustees of Rendcomb College Foundation. Accordingly, the Foundation is treated as a connected charity to the College. The Governors of the College are responsible for the general policy of the College. The Governors have convened a number of committees and working groups to address more detailed issues as follows:

Development Committee (currently in abeyance) Education and Personnel Committee Finance and Audit Committee General Purposes Committee

The day to day management of the College is delegated to the Head and the Bursar. They are also supported by their Senior Leadership Team and together this group are the key management personnel. Remuneration is set by the Board, with the objective of providing appropriate incentives to encourage enhanced performance and of rewarding fairly and responsibly individual contributions to the College’s success. The appropriateness and relevance of the remuneration is reviewed annually, including reference to comparisons with other independent schools where publicly available via benchmarking data, to ensure that the College remains sensitive to the broader issues of pay and employment conditions elsewhere.

Recruitment, induction and training of Governors

Typically Governors serve two to three terms, i.e. six to nine years although this can be extended through mutual consent and often is. Governors are recruited who have the appropriate skills to benefit the College. The induction of Governors involves the provision of information concerning the College, details of their role as set out in the Governors’ handbook, Charity Commission guidance on the role of Trustees and visits to the College to meet senior management. Training is provided to Trustees and Governors based on identified needs. The Governors have the opportunity to attend training courses run by AGBIS. Ongoing Governor contact is facilitated through the Governor of the Month programme and regular visits to the College.

Investment powers

The College’s portfolio of securities is managed by Cazenove & Co. who act with delegated authority under the terms of a discretionary agreement.

2

RENDCOMB COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

OBJECTS, AIMS AND OBJECTIVES

Objects

The object for which the College is established is to advance education for the public benefit including the provision and maintenance of a boarding and day school or schools for boys and girls in the United Kingdom.

Mission Statement

Our mission is to develop thoughtful , adventurous and academically ambitious young people who are life-long learners. We aim to prepare them with the character and skills to succeed in the ever-changing world after school. Our pupils have the freedom to experience, explore and enquire about the world around them. We aim to encourage independence and tolerance in a safe, caring community and magnificent natural environment.

To achieve this we will:

STRATEGIC REPORT

Activities

2021 has seen another disrupted year of in-person education caused by national lockdowns, and another year where the versatility and adaptability of all our staff has been essential. However apart from the times where we were forced to close by government direction, we were delighted that the strong control measures we put in place meant that at no stage did we have to send pupil bubbles home or isolate pupils from their learning as we had no cases of Covid in school. This enabled us to operate the school in as normal a method as possible, and in as enriching an environment as possible within the confines of bubbles and no external interactions.

When it became apparent that lockdown was inevitable in January 2021, we immediately put in place our online learning provision, switching overnight to a remote learning platform that enabled teachers and pupils to continue on syllabus without missing a step. We remained true to our previous principles of online learning, namely:

Throughout this period we remained open and operational for our youngest Nursery age pupils, and also our boarding pupils who were either on-site or in transit to us when the lockdown announcement was made.

Feedback for our remote learning has been incredibly positive, and we added initiatives such as screen-free time to ensure that pupils had as varied a mix as possible.

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RENDCOMB COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

STRATEGIC REPORT (continued)

Activities (continued)

Academic:

In a year where results were such a political topic, we were delighted with the performances from our pupils. Our strategy had been to continue with the normal internal exam period in late November for all public examination groups, and this gave an excellent basis for the TAGs which formed the awarded grades. Our grades underwent robust control checks both internally and externally via randomized sampling of work by the exam boards, and no alterations were made to the grades we had awarded.

After their success at GCSE we had been confident that the year 13 pupils would produce exceptional results, and this proved to be the case. Our pupils showed incredible resilience in adapting to the blended style of learning that occupied so much of their two year A level programme, and their energy and enthusiasm to carry on as normal was an example to all of us.

56% of our pupils were awarded A-A, with 81% A-B. Of particular note were the successes of 3 of our international pupils, for whom much of the time since March 2020 was spent in their home countries, often with significant time differences to contend with. In BTEC awards, over 75% of entrants were awarded a D, the equivalent to an A at A level. UCL, Warwick, York and Exeter were amongst the most popular university destinations for this cohort, with degree choices spanning the entire range from Architecture to Zoology.

At GCSE, our pupils performed exceptionally well, with 46% of pupils achieving grades 9-7 and 65% achieving grades 9-6. This particular cohort will now go on to join our largest Lower Sixth group for some years.

Alongside this one of our youngest pupils, in year 2, set herself a challenge to complete the Blue Peter challenge of ‘Six Badges of Summer’, a task which took her 8 months and required considerable effort and commitment on her part.

A number of Biology students took part in the British Intermediate Biology Olympiad, in which 8,873 students from 449 schools worldwide took part. Our pupils secured Gold awards (top 5% of cohort), Bronze awards and Highly Commended awards.

Several pupils chose to enter the Immerse Education Essay Competition during the year. This annual competition, run by affiliates of Oxford and Cambridge Universities, invites pupils aged 13 to 18 to submit an essay in response to a preset question, relating to their chosen subject. These range from Architecture to International Relations and Medicine to Law and everything else in between. The prize is a place at either of Oxford or Cambridge Universities summer school programme. The number of applicants submitting essays is in the thousands, and not just from UK boarding schools. Immerse Education receive pupils entries from all over the world and every walk of life, from people keen to secure a place at these highly sought after and academically renowned courses.

One pupil wrote on Economics, responding to the question “Explain the Tulip Mania of the Dutch Golden Age”; a second was based on Architecture with the question “What is your favourite architectural style and why?” whilst the third took on the challenge of “Legal decisions should be automated using algorithms. Discuss”. We were delighted that all these entries secured scholarships to attend the programme, a feat achieved by only 7% of all applicants.

Alongside the successes of our current pupils, we were delighted to hear of those of our former pupils. One had a role in Bridgerton , whilst another represented Team GB at the Tokyo Paralympics. Two even managed to secure a gold medal for GB in the Junior World Ballooning Championships. These success stories are inspirational to our current pupils who can see that as well as focusing on academic achievement, the full and varied programme of cross-curricular opportunities can lead to fulfilling and varied careers beyond school.

Founder’s Day, held in May 2021, was held as a blended live and live-streamed event, with Doug Ellison OR again joining us from California to talk about the NASA rover project and about the importance of following your interests and your passions to achieve your goals. The entire event was live-streamed to parents and other interested parties to ensure that the spirit of the day was maintained in so far as was possible. It is our fervent hope that 2022 will see the actual (delayed) Founder’s Day and Centenary celebrations able to take place in person.

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RENDCOMB COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

STRATEGIC REPORT (continued)

Activities (continued)

In the latter part of the year we were delighted to be recognized for the work we are doing by being shortlisted for 4 key awards. The TES Independent Awards are recognised as being industry leading across all facets of the independent sector, and we were shortlisted for ‘Boarding School of the Year’ and ‘Whole School Community Initiative of the Year’. The Boarding Schools’ Association covers only the part of the sector that offers boarding, and here we were shortlisted for ‘Community Initiative of the Year’. Finally, we were recognised by the Independent School Parent and shortlisted in their ‘Boarding School of the Year’ category. Given that there are 1,400 independent schools in the UK, being acknowledged in this way for any one award would be an achievement, yet alone 4 awards.

Music and Drama:

Three plays were performed during the year, A Christmas Carol, Skellig and Star Warts. A Christmas Carol had to be rehearsed and produced entirely within bubbles and in various locations around the campus to fit within the protocols in place, and then put together to be sent as a video link to parents.

Throughout lockdown, the power of music shone through as choirs and musicians collaborated online with virtual rehearsals and concerts streamed on social media. Many people used music as an outlet to escape the everyday during lockdown, and at Rendcomb we were determined to make sure that pupils could continue to enjoy their music. Whereas many schools removed music from their timetables, music classes for our pupils were accomplished in live, online sessions. Individual music lessons were timetabled to fit with the availability of pupils, including those overseas, and we ran virtual coffee concerts and musical teas to a wide audience. The Director of Music also ran a programme of online 'supervised practice' sessions for students to collaborate and perform together. The importance we placed on music has meant that the percentage of pupils taking individual lessons has remained virtually unchanged throughout the pandemic, at just under one-third of all pupils. In externally assessed music exams, alongside all the successes in the various grades, one pupil passed her ARSM (Associate of the Royal Schools of Music) diploma. This is a new postGrade 8 award based on performance-only. Our annual Carol Service was unable to take place in person, but we embraced technology to put together a virtual experience filmed in various locations around campus. We are looking forward to returning to Cirencester Parish Church in December 2021 to celebrate in a more normal way.

Sporting Achievements:

We celebrate all sporting achievements our pupils are involved in; whilst the major sports remain as hockey, rugby, cricket, lacrosse and tennis, we also encourage all other sporting opportunities.

The restrictions and bubble protocols we had to adopt meant that there were few opportunities for our sports teams to be able to perform against other schools this year. However we maintained a full and varied programme of internal sports and fitness programmes to maintain pupils’ fitness and conditioning levels. We also widened our provision to include a dedicated Mountain Biking activity, complete with the pupil-led creation of a bespoke track through the

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RENDCOMB COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

STRATEGIC REPORT (continued)

Sporting Achievements (continued)

Wilderness. One key success came for our equestrian team, where we were able to put a team out for the Rectory Farm Arena event and finish a very creditable 5[th] overall.

Once again our Duke of Edinburgh scheme was very popular, and attracted large numbers of students to all three levels of the scheme. Despite the challenges, our students found new and creative ways to complete their volunteering section in person by supporting local groups or individuals. As soon as we were able to we had groups participating in expeditions, both local and more distant, and this enabled a substantial number of awards to be completed including 2 Gold awards. We are looking forward to the new academic year bringing record numbers of completions, with final expeditions planned for the first few weeks of the Michaelmas term.

Staff

There were very few additions to members of staff across the school, with a total of 10 joining us in disciplines as diverse as a gap student to a Maths teacher. During the course of the academic year 2020/21 we were sad to lose the services of a total of 20 teaching and support staff. Many of these were to take up promotions elsewhere, to take retirement following long service to the school or as a result of the pandemic. Our thanks go to all staff for their continued dedication and commitment to the school, particularly for the creative and enthusiastic way in which they embraced the requirements of teaching and supporting pupils during periods of lockdown.

Admissions and Marketing

Although so much of the normal pattern of events was inevitably disrupted this year, we have maintained a full and active presence in the marketing and admissions areas of the school. We were able to hold a series of very wellattended Open Mornings covering both Junior and Senior areas of the school, some of them virtual and some in person. These events translated into record numbers of pupils joining the school in September 2021. Demand has been such that a second Reception class has had to be put in place, whilst the Nursery is running at capacity on several sessions over the week.

Development and Property

The complications and limitations of restrictions and lockdowns have meant that, out of necessity, the bulk of our work this year has been maintenance and renovation of areas using our own team. Significant amounts of work have therefore been done in behind the scenes areas, taking advantage of the time when pupils have not been allowed on site to access some areas that would normally be off-limits.

Working closely with the Old Rendcombian Society (ORs) and the Friends of Rendcomb (FoR), the overall aims and objectives of the Development stream are:

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RENDCOMB COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

STRATEGIC REPORT (continued)

Sporting Achievements (continued)

Commercial Events

Inevitably, the school has been unable to offer many events over the course of the year owing to the limitations on gathering sizes and the uncertainty over whether events would be able to go ahead. One notable exception to this was the Gloucestershire Academy of Music, who held a very successful and well attended residential event in August 2021. It is our expectation that the commercial arm will be running at full capacity again by summer 2022.

Public benefit

The Governors have had regard to the guidance issued by the Charity Commission in accordance with section 17 of the Charities Act 2011 in ensuring that the College’s objectives are for the public benefit.

College support for fees

The school has the ability to offer the Noel Wills Scholarship, a means-tested award which is awarded to a State Primary School pupil annually entering the college at the age of 11. This is an entirely free place for the duration of a pupil’s time at the school. In addition the College has an extensive Scholarships and Bursaries Policy which is designed with the intention that funding goes to families most in need, in keeping with the Founder’s intentions. To support this aim, the services of Bursary Administration Limited are used to undertake home visits and in-depth analysis of financial situations. Within this financial year, bursary support amounting to 6.5% of total fee income has been granted to pupils attending Rendcomb. The Sinclair Bursary Fund money provided by Rendcomb College Foundation to the College is also used to fund support to families, as are funds raised by The Friends of Rendcomb trustees.

Our first Centenary Scholars finished their time with us at the end of the school year, and we were delighted with the results that they achieved and the university destinations that they were awarded. We hope that the success of this programme continues, as it is a valuable way of offering the experience of independent education to those who would otherwise be unable to access it.

Charitable and Outreach work

Our ability to welcome other schools onto our site has been heavily restricted during the last year, and so our level of outreach work has not been able to be maintained. We enjoy being able to share our site, our facilities and our expertise with other schools, and hope that we will be able to restart this in the coming year as it makes a positive contribution to them and to the educational opportunities for the children. We now have four members of the school’s senior leadership team undertaking Governor roles in maintained schools which allows for excellent cross-fertilisation of ideas and expertise between the sectors. These have led to significant programmes with Coberley Primary School and Henley Bank High School. In addition, we have a member of staff who is a co-opted Governor of the Royal National College for the Blind.

Charity plays a major part in the College’s fundraising supporting local, national and overseas charities. Although this year has seen limitations in our ability to hold or host major events, we have undertaken internal events on key dates such as Comic Relief, Macmillan Coffee Morning and Red Nose Day, but also for smaller organisations through days such as mufti days. Support has been given to other charitable organisations such as the Friends of Rendcomb to support their own charitable work.

Rendcomb undertakes the grass cutting of St Peter’s Church Rendcomb, and also provides the cleaning and general day to day maintenance of the church building. The College makes land available for the siting of the village recycling and charity collection bins. During poor weather, the school salts and clears the roads in the village and the doctors’ surgery car park.

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RENDCOMB COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

STRATEGIC REPORT (continued)

Public benefit (continued)

Parents of pupils often make significant sacrifices to pay the fees. During the year the school educated UK based children at negligible cost to the state, providing a tangible indirect benefit to public finances in the region of £1.2m. Similarly, unlike schools in the maintained sector, Rendcomb College pays irrecoverable VAT on most of its purchases of goods and services.

In summary, the College continues to fulfil its aims admirably and intends to do so in future years. Further details about the College can be found on the website www.rendcombcollege.org.uk.

Financial review

Details of incoming and outgoing resources in the year are shown in the Statement of Financial Activities on page 11.

Fees income net of bursaries, scholarships and allowances decreased from £5,659,855 in 2020 to £5,433,949. This represented a drop in boarding pupils and also a second period of remote learning where a discount on fees was offered. Other educational income decreased by 1% to £489,091 and donations totalled £1,268,055 compared with £864,961 in the prior year. The Foundation donated £974,320 to the College in 2021 (2020: £599,306).

The College’s net expenditure before investment gains was £151,021 (2020: loss of £264,064). After taking account of the increase in value of investments, the funds of the College at 31 August 2021 fell from £656,838 to £614,800.

Reserves policy and going concern

The College’s unrestricted funds at 31 August 2021 stood of £557,992 of which £1,307,238 represents designated funds to be utilised as part of the provision of bursaries and school improvements. There is currently a deficit of £749,246 on the general funds. At the 31 August 2021 there is also a restricted fund balance of £56,808 to be used in the development of Science, Technology, Engineering and/or Maths education within the College.

This year has seen difficult trading conditions owing to the continuing pandemic and as such the policy that the College should seek to generate a surplus of income over expenditure each year has not been able to be met. The Governors look to balance the required improvements and enhancements to the estate within the overall running of the school’s finances. Reserves may be restricted for bursary, scholarship, development or other purpose if this is a specific request of a donor. It therefore remains the policy of the Governors to seek to build up reserves out of operating surpluses, subject to the demands for future expenditure to support the school.

The school is viewed as a viable business. It has no debt, and has the backing of funds held within the Foundation for emergency use should this be required. The Foundation has reiterated its support for the College over the course of the year and has taken steps to ensure that funds are available should they be needed. The numbers now joining the school, and the advance registrations for place, indicate that the demand for places is growing significantly from both domestic and international parents.

Risk management

The Governors ensure that the major risks to which the College is exposed are reviewed annually and that systems are in place to mitigate or minimise such risks. The Governors are satisfied that the risks identified are being managed effectively and to the greatest extent possible. The risk management process is managed firstly by the Finance and Audit sub-committee and subsequently by the full Governing Body.

8

RENDCOMB COLLEGE

GOVERNORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

STRATEGIC REPORT (continued)

Principal Risks and Uncertainties

Risks are identified as being Strategic, Regulatory, Governance, External, Operational, Personnel, Environmental, Technological, Academic or Financial; control measures are clearly identified where risk factors suggest a higher level of risk. The College has a well-developed Emergency Plan in place which has undergone external review and critique as well as internal testing. In common with many other smaller independent Colleges the major risks are around pupil numbers and the ongoing financial viability of the College; strategic work is therefore undertaken to mitigate these risks by measures including efficient and targeted marketing and promotional activity, and key decisions such as numbers of international pupils. Mitigating actions were put in place to answer some of the risks that were identified from the pandemic, including staffing in some areas.

The school takes all aspects of Safeguarding very seriously, and has clear and well managed policies around this and all other areas of compliance.

Plans for future periods

It is expected that there will be a modest growth in overall pupil numbers in the coming years, whilst still maintaining the school’s family-feel and caring ethos. The work that has been started on updating and refreshing key areas of the school site will continue, with more significant projects being considered as need arises.

STATEMENT OF GOVERNORS’ RESPONSIBILITIES

The Governors (who are also directors of Rendcomb College Limited 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 Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time of the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Governors’ Report, which incorporates the Strategic Report, was approved by the Governors on 25 November 2021 and is signed on their behalf by:

……………………………….

Mr Nicholas Ford - Chairman

9

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF

RENDCOMB COLLEGE

Opinion

We have audited the financial statements of Rendcomb College for the year ended 31 August 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial 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 doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Governor’s Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

10

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF

RENDCOMB COLLEGE (continued)

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governor’s Report (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 9, the trustees (who are also the directors of the charitable company for the purposes of 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 trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s 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 trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not 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 material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the independent school regulations, safeguarding regulations, health and safety requirements, GDPR, employment law and charity law , and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as such as the Charities Act 2011 and consider other factors such as payroll tax.

11

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF

RENDCOMB COLLEGE (continued)

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the improper recognition of revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Adam Halsey (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of Haysmacintyre LLP, Statutory Auditor London 9 December 2021 EC4R 1AG

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RENDCOMB COLLEGE

STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditure Account)

FOR THE YEAR ENDED 31 AUGUST 2021

General Designated Restricted Total Total
Funds Funds Funds 2021 2020
Note £ £ £ £
INCOME FROM:
Charitable activities
School fees receivable 3 5,433,949 - - 5,433,949 5,659,855
Other educational income 4 489,091 489,091 483,229
Trading activities 5 97,332 - - 97,332 131,732
Investments
Investment income 6 37,355 - - 37,355 35,962
Bank and other interest 6 64 - - 64 870
Voluntary services
Grants and donations 7 1,268,055 - - 1,268,055 864,961
--------------------- ----------------- --------------------- --------------------- ---------------------
Total income 7,325,846 - - 7,325,846 7,176,609
--------------------- ---------------- --------------------- --------------------- ---------------------
EXPENDITURE ON:
Raising funds
Trading costs 8 6,567 - - 6,567 13,532
Charitable activities
Education 8 7,470,300 - - 7,470,300 7,427,141
-------------------- ------------------ -------------------- --------------------- ---------------------
Total expenditure 8 7,476,867 - - 7,476,867 7,440,673
-------------------- ----------------- -------------------- --------------------- ---------------------
Net expenditure before investment (151,021) - - (151,021) (264,064)
gains
Gains/(losses) on investment assets: - 108,983 - 108,983 (73,152)
-------------------- ----------------- -------------------- --------------------- ---------------------
Net movement in funds (151,021) 108,983 - (42,038) (337,216)
Fund balances at 1 September 2020 (598,225) 1,198,255 56,808 656,838 994,054
------------------- ---------------------- ------------------ --------------------- ---------------------
Fund balances at 31 August 2021 15,16 (749,246) 1,307,238 56,808 614,800 656,838
========= ========== ======== ========== ===========

All the activities included above were continuing during the year.

The notes on pages 16 to 28 form part of these financial statements. The Statement of Financial Activities for the comparative period has been presented in note 23.

13

Company Number: 5891198

RENDCOMB COLLEGE

BALANCE SHEET

AT 31 AUGUST 2021

2021 2020
Note £ £
Fixed assets
Tangible assets 10 239,633 300,830
Investments 11 1,117,419 1,008,436
-------------------- --------------------
1,357,052 1,309,266
-------------------- --------------------
Current assets
Debtors 12 440,108 420,595
Short term deposits 13 110,649 110,642
Cash at bank and in hand 13 610,014 368,166
--------------------- ---------------------
1,160,771 899,403
Creditors: amounts falling due within one year 14 (1,903,023) (1,551,831)
--------------------- ---------------------
Net current liabilities (742,252) (652,428)
--------------------- ---------------------
Net assets 614,800 656,838
=========== ===========
Represented by:
Funds
Designated Funds 15 1,307,238 1,198,255
General Funds 15 (749,246) (598,225)
Restricted Funds 15 56,808 56,808
--------------------- ---------------------
614,800 656,838
=========== ===========

The financial statements were approved and authorised for issue by the Governors on 25 November 2021 and were signed below on their behalf by:

……………………………..

Mr Nicholas Ford - Chairman

The notes on pages 16 to 28 form part of these financial statements.

14

RENDCOMB COLLEGE

CASHFLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2021

2021 2020
Note £ £
Cash flows from operating activities
Net (outgoing) resources before investment gains (151,021) (264,064)
Investment income (37,355) (35,962)
Interest received (64) (870)
Management fees charged - 3,440
Depreciation charge 124,028 132,378
Profit on sale of assets (500) (2,850)
(Increase)/Decrease in debtors (19,513) 651,110
Increase/(Decrease) in creditors 351,192 (1,172,653)
------------------- -------------------
Net cash used in operating activities 266,767 (687,461)
Cash flows from investing activities
Purchase of tangible fixed assets (62,831) (183,672)
Proceeds on sale of tangible fixed assets 500 2,850
Cash transfer from investments - -
Investment income 37,419 36,832
-------------------- --------------------
Net cash used in investing activities (24,912) (143,991)
Net decrease in cash and cash equivalents 241,855 (833,461)
Cash and cash equivalents at the beginning of the year 478,808 1,312,269
-------------------- --------------------
Cash and cash equivalents at the end of the year 13 720,663 478,808
========== ==========
Analysis of cash and cash equivalents At 31 August At 31 August
2021 2020
£ £
Cash at bank 610,014 368,166
Short term deposits 110,649 110,642
-------------------- --------------------
13 720,663 478,808
========== ==========

15

RENDCOMB COLLEGE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2021

1. GENERAL INFORMATION

Rendcomb College is a charitable company limited by guarantee incorporated in England and Wales and registered with the Charity Commission. The address of its registered office is Rendcomb College, Cirencester, Gloucester, GL7 7HA. The members of the company are the Governors. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable company.

Rendcomb College was incorporated on 31 July 2006 (company number 05891198) and registered as a charity on 22 August 2006 (charity number: 1115884)

2. ACCOUNTING POLICIES

A summary of the more important accounting policies, which have been applied consistently, is set out below.

Accounting convention

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the 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 (FRS102) – effective 1 January 2015.

The accounts are drawn up on the historical cost basis of accounting, as modified by the revaluation of investments.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, Governors are required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The Governors do not believe that there are any areas subject to significant accounting estimation or judgement and no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

2.1 Consolidation

Rendcomb College has taken the exemption from preparing consolidated financial statements as its subsidiary, Rendcomb College Services Limited is wholly owned and consolidated financial statements are prepared by the ultimate controlling party, Rendcomb College Foundation, for the year ended 31 August 2021.

2.2 Going Concern

The Governors consider that there are no material uncertainties regarding the charities ability to continue as a going concern, on the basis that it has committed and ongoing financial support from its parent undertaking, Rendcomb Foundation.

2.3 School fees

Fees receivable and charges for services and use of premises are accounted for in the year in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the College, but include contributions received from restricted funds for scholarships, bursaries and other grants.

2.4 Investment income

Investment income from dividends, bank balances and fixed interest securities is accounted for on an accruals basis.

2.5 Donations income

Donations receivable for the general purposes of the College are credited to unrestricted funds. Donations for purposes restricted by the wishes of the donor are taken to “restricted funds” where these wishes are legally binding on the Governors. Donations that are identified by the Governors for particular purposes are shown as designated funds.

16

RENDCOMB COLLEGE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2021

2. ACCOUNTING POLICIES (continued)

2.6 Grant income

Grant income relates to the Government’s Coronavirus Job Retention Grant (CJRG) and is recognised under the accruals basis in line with staff costs.

2.7 Expenditure

Expenditure is accounted for on an accruals basis. It is allocated between categories on the basis of actual costs. Cost of charitable activities includes expenditure associated with the running of the College and include both direct and support costs.

Support costs represent indirect costs relating to raising funds and the charity’s charitable activities. Support costs, including governance costs, are allocated to activities on bases that represent the Governors’ best estimate of actual use.

Governance costs comprise the costs of running the charity, including auditors’ remuneration and expenses reimbursed to Governors attending meetings.

2.8

Fixed assets

Fixed assets for use by the charity are stated at cost less depreciation. Depreciation is calculated on a straightline basis over the estimated useful life of an asset at the following rates:

Equipment and motor vehicles

20 – 25%

2.9 Investments

Investment in subsidiary is stated at cost less provision for impairment.

Listed investments are stated at market value at the balance sheet date.

Realised gains and losses on investments represent the difference between sale proceeds and opening market value (or cost at date of purchase if later). Unrealised gains and losses represent the change in market value of the investment portfolio in the year.

Unrealised gains and losses arising on revaluation of investments are credited or charged to the Statement of Financial Activities and allocated to the appropriate fund according to the “ownership” of the underlying assets.

2.10 Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term 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.

2.11 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors, creditors and investments in non-puttable ordinary shares are initially recognised at transaction value and subsequently measured at their settlement value. Cash is measured at fair value through the profit or loss.

2.12 Creditors and provision

Creditors and provisions are recognised where the charitable company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

17

RENDCOMB COLLEGE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2021

2. ACCOUNTING POLICIES (continued)

2.13 Fund accounting

Restricted funds are funds which have been received for specific purposes as indicated by the donor.

Unrestricted funds are funds whose use is wholly at the discretion of the Governors.

Designated funds, such as the Foundation Fund, are funds which are identified for particular purposes by the Governors.

2.14 Pensions

The College contributes to the Teachers’ Pension Defined Benefits Scheme at rates set by the Scheme actuary and advised to the Board by the Scheme Administrator. The scheme is a multi-employer pension scheme and the College does not have any commitment to contribute to any deficit or receive any surplus arising on the Scheme. In accordance with FRS102, therefore, the Scheme is accounted for as a defined contribution scheme. The College also operates a money purchase scheme for non-teaching staff. Contributions are charged to the Statement of Financial Activities as incurred.

2.15 Operating leases

Rentals payable are charged on a time basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

2.16 Foreign currency translation

The charities functional and presentation currency is pound sterling. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are recognised in the Statement of Financial Activities.

3. CHARITABLE ACTIVITIES – FEES RECEIVABLE 2021 2020
£ £
Fees receivable consist of:
School fees 6,651,325 6,719,544
Less total bursaries, scholarships and allowances (1,217,376) (1,059,689)
--------------------- ---------------------
5,433,949 5,659,855
Add back:
Bursaries funded by Martin Wills Bequest - -
Bursaries funded by Francis Dutton Bequest - -
-------------------- --------------------
Total school fees received 5,433,949 5,659,855
========== ==========

Means tested scholarships, bursaries and other awards totalling £406,384 (2020: £387,964) were paid to 59 pupils (2020: 52). Within this, no pupils (2020: nil) were in receipt of the Francis Dutton Scholarship.

18

RENDCOMB COLLEGE

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

4. CHARITABLE ACTIVITIES – OTHER CHARITABLE ACTIVITIES – OTHER INCOME INCOME 2021 2020
£ £
Additional courses 327,002 392,317
School transport 36,722 34,926
Additional accommodation 127,514 43,635
Ancillary income (2,147) 12,351
------------------ ------------------
489,091 483,229
========= =========
5. OTHER TRADING ACTIVITIES 2021 2020
£ £
Trading income
Functions 18,894 32,997
Rental income 78,438 98,735
------------------ ------------------
97,332 131,732
========= =========
Rental income relates to properties which are owned by Rendcomb College Foundation, for which the rent is
payable to the College in accordance with the relevant agreements.
6. INVESTMENT INCOME 2021 2020
£ £
Income from investment portfolio 37,355 35,962
Interest 64 870
----------------- -----------------
37,419 36,832
======== ========
7. GRANTS AND DONATIONS Total Total
Unrestricted Designated Restricted 2021 2020
£ £ £ £ £
Donations to the College:
Rendcomb College Foundation 974,320 - - 974,320 599,306
Building improvements - - - - 2,000
Rural payment 25,777 - - 25,777 21,483
Centenary - - - - -
Grants:
Furlough income 267,958 - - 267,958 242,172
----------------- ------------------ ------------------ ---------------------- ----------------------
1,268,055 - - 1,268,055 864,961
========= ======== ========= =========== ===========
GRANTS AND DONATIONS (2020)
Unrestricted Designated Restricted 2020 2019
£ £ £ £ £
Donations to the College:
Rendcomb College Foundation 599,306 - - 599,306 296,100
Building improvements 2,000 - - 2,000 35,718
Rural payment 21,483 - - 21,483 -
Centenary - - - - 50,000
Grants:
Furlough income 242,172 - - 242,172 -
----------------- ------------------ ------------------ ---------------------- ----------------------
864,961 - - 864,961 381,818
========= ======== ========= =========== ===========

19

RENDCOMB COLLEGE

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

8a. TOTAL EXPENDITURE Total Total
Staff costs Depreciation Other 2021 2020
£ £ £ £ £
Raising funds
Trading costs - - 6,567 6,567 13,532
Charitable activities
Education and grant making
Teaching 3,676,601 38,753 123,884 3,839,238 3,837,045
Welfare 398,425 26,581 691,378 1,116,384 1,143,979
Premises 213,367 56,964 779,329 1,049,660 927,839
Marketing - - 83,460 83,460 67,148
Administration 568,283 1,730 811,545 1,381,558 1,451,130
Donation to the Foundation - - - - -
-------------------- -------------------- --------------------- --------------------- ---------------------
4,856,676 124,028 2,489,596 7,470,300 7,427,141
-------------------- -------------------- -------------------- --------------------- ---------------------
4,856,676 124,028 2,496,163 7,476,867 7,440,673
========== ========== ========== ========== ===========
TOTAL EXPENDITURE (2020) Total Total
Staff costs Depreciation Other 2020 2019
£ £ £ £ £
Raising funds
Trading costs - - 42,422 42,422 42,012
Charitable activities
Education and grant making
Teaching 3,343,970 51,892 243,615 3,639,477 3,682,874
Welfare 801,663 19,979 405,616 1,227,258 1,176,247
Premises 204,981 44,082 755,657 1,004,720 1,344,781
Marketing - - 67,680 67,680 72,230
Administration 554,445 7,952 841,765 1,404,162 1,309,619
Donation to the Foundation - - - - -
-------------------- -------------------- --------------------- --------------------- ----------------------
4,905,059 123,905 2,314,333 7,343,297 7,586,751
-------------------- -------------------- -------------------- --------------------- ----------------------
4,768,131 132,377 2,540,165 7,440,673 7,385,719
========== ========== ========== ========== ===========
2021 2020
8b. Governance included in other costs: £ £
Remuneration paid to auditor for audit services 13,500 12,900
Remuneration paid to auditor for other services 2,600 2,500
Reimbursement of personal expenses to Governors – travel costs - -
---------------- --------------
16,100 14,400
======== =======

No Governors were remunerated during the year. Travel expenses were reimbursed to £nil (2020: nil) Governors during the year. Two (2020: two) Governors had two children (2020: three children) at the College during the year and paid fees at the full rate.

20

RENDCOMB COLLEGE

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

9. STAFF COSTS 2021 2020
£ £
Wages and salaries 3,805,530 3,773,353
Social security costs 361,087 346,507
Pension contributions (note 20) 661,062 648,271
Termination payments 28,997 -
--------------------- ---------------------
4,856,676 4,768,131
=========== ===========
2021 2020
The average monthly number of employees in the year was: No. No.
Teaching:
Full time 53 48
Part time 27 31
Welfare 33 36
Premises 7 8
Administration 21 23
---------- ----------
141 146
===== =====

Aggregate employee benefits paid to key management personnel during the year were £461,313 (2020: £348,900).

Number of higher paid employees in bands of 2021 2020
60,000 - 69,999 1 -
70,000 - 79,999 - -
80,000 – 89,999 - -
90,000 – 99,999 - -
100,000 – 109,999 - 1
110,000 – 119,000 - -
120,000 – 129,000 1 -

21

RENDCOMB COLLEGE

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

10. TANGIBLE FIXED ASSETS

Equipment and Total
motor vehicles £
£
Cost
At 1 September 2020 2,720,887 2,720,887
Additions 62,831 62,831
Disposals (10,865) (10,865)
-------------------- --------------------
At 31 August 2021 2,772,853 2,772,853
-------------------- --------------------
Depreciation
At 1 September 2020 2,420,057 2,420,057
Charge for the year 124,028 124,028
Eliminated on disposal (10,865) (10,865)
-------------------- --------------------
At 31 August 2021 2,533,220 2,533,220
-------------------- --------------------
Net Book Value
31 August 2021 239,633 239,633
========= =========
31 August 2020 300,830 300,830
========= =========

The College has use of the properties owned by the Foundation, consisting of:-

22

RENDCOMB COLLEGE

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

11. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Listed Cash Total
investments
£ £ £
Market value at 1 September 2020 952,901 55,534 1,008,435
Additions 133,798 (133,798) -
Disposals (86,731) 86,731 -
Gains 106,531 2,452 108,983
Management fees paid - - -
---------------------- ---------------------- ----------------------
Market value at 31 August 2021 1,106,499 10,919 1,117,418
=========== =========== ===========

The historic cost of investments held is £959,656 (2020: £ 937,847). Investments are in global equities and funds, with the exception of a £1 investment in the subsidiary company.

The College owns the entire share capital of Rendcomb Services Limited of £1. The aggregate share capital and reserves of the company as at 31 August 2021 and profit for the year then ended was as follows:

Aggregate of share
capital & reserves Loss
£ £
Rendcomb Services Limited (147) (102)
======= =======
12. DEBTORS 2021 2020
£ £
Fees 297,505 180,306
Prepayments and accrued income 142,348 159,649
Due from Rendcomb Services Limited (Note 21) - -
Due from Rendcomb College Foundation (Note 21) - 68,374
Other debtors 255 12,266
------------------ ------------------
440,108 420,595
========= =========
13. CASH AND CASH EQUIVALENTS 2021 2020
£ £
Short term deposits 110,649 110,642
Cash at bank 610,014 368,166
-------------------- --------------------
720,663 478,808
========== ==========

Short term deposits comprise temporary deposits of surplus funds with Lloyds Bank plc.

23

RENDCOMB COLLEGE

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

14. CREDITORS – due in less than one year 2021 2020
£ £
Trade creditors 110,808 129,043
Accruals 50,966 19,408
Registration and guarantee fees 557,601 499,489
Fees received in advance of Michaelmas Term 1,000,983 667,921
Other creditors 11,822 14,085
Due to Rendcomb Services Limited 7,149 28,671
Other tax and social security 163,695 143,214
Bounce Back Loan - 50,000
---------------------- ----------------------
1,903,024 1,551,831
=========== ===========
15. FUND MOVEMENTS
1 September Investment 31 August
2020 Income Expenditure Transfers Gains 2021
£ £ £ £ £ £
Unrestricted Funds
General Fund (598,225) 7,325,846 (7,476,867) - - (749,246)
Designated Funds
Foundation Fund 1,145,090 - - - 108,983 1,254,073
Francis Dutton Bequest 53,165 - - - - 53,165
Restricted Funds:
Longitude grant 6,808 - - - - 6,808
Centenary fund 50,000 - - - - 50,000
--------------------- -------------------- ---------------------- ---------------- ------------------ ---------------------
656,838 7,325,846 (7,476,867) - 108,983 614,800
=========== ========== =========== ======== ========= ===========

The Foundation Fund consists of the investment portfolio transferred by Rendcomb College Foundation. The current intention is to retain the Fund and use the income generated to help fund the activities of the College.

The Francis Dutton Bequest is utilised for music scholarships; no such scholarships were identified during the year.

The Longitude grant consists of funds awarded at the Longitude Explorer Challenge and is being used to develop Science, Technology, Engineering and/or Maths education within the College.

The Centenary fund consists of amounts received for the Centenary celebration.

FUND MOVEMENTS (2020)
1 September Investment 31 August
2019 Income Expenditure Transfers Gains 2020
£ £ £ £ £ £
Unrestricted Funds
General Fund (334,161) 7,176,609 (7,440,673) - - (598,225)
Designated Funds
Foundation Fund 1,218,242 - - - (73,152) 1,145,090
Francis Dutton Bequest 53,165 - - - - 53,165
Restricted Funds:
Longitude grant 6,808 - - - - 6,808
Centenary fund 50,000 - - - - 50,000
--------------------- -------------------- ---------------------- ---------------- ------------------ ---------------------
994,054 7,176,609 (7,440,673) - (73,152) 656,838
=========== ========== =========== ======== ========= ===========

24

RENDCOMB COLLEGE

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

15. FUND MOVEMENTS (continued)

The Foundation Fund consists of the investment portfolio transferred by Rendcomb College Foundation. The current intention is to retain the Fund and use the income generated to help fund the activities of the College.

The Francis Dutton Bequest is utilised for scholarships, resources expended include the transfer of £nil (2020: £nil) in respect of scholarships funded during the year by the Francis Dutton Bequest.

The Longitude grant consists of funds awarded at the Longitude Explorer Challenge and is being used to develop Science, Technology, Engineering and/or Maths education within the College.

The Astroturf fund consists of amounts received for the replacement of the astroturf surface. These amounts were expended in the year.

16. NET ASSETS BY FUND
Tangible fixed Investments Net current Total
assets assets/(liabilities)
£ £ £ £
Unrestricted Funds
Designated Funds - 1,117,419 189,819 1,307,238
General Funds 239,633 - (988,879) (749,246)
Restricted - - 56,808 56,808
------------------- -------------------- ------------------ --------------------
239,633 1,117,419 (742,252) 614,800
========= ========== ========= ==========

17. CAPITAL COMMITMENTS

At the balance sheet date there were no capital commitments (2020: £Nil.)

18.

FINANCIAL INSTRUMENTS 2021 2020
£ £
Cash and cash equivalents 720,663 478,808
Financial assets that are debt instruments measured at amortised cost 297,505 180,306
--------------------- ---------------------
1,018,168 659,114
=========== ===========
Financial liabilities measured at amortised cost (1,739,329) (1,408,617)
=========== ===========

Financial assets measured at amortised cost include fee debtors and accrued income.

Financial liabilities measured at amortised cost include fees in advance, trade creditors and other creditors.

25

RENDCOMB COLLEGE

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

19. OPERATING LEASE COMMITMENTS

At 31 August 2021, the College had annual commitments under non-cancellable operating leases as set out below:

2021 2020
Fixtures & Fixtures &
Vehicles fittings Vehicles Fittings
£ £ £ £
Operating leases which expire:
Within one year 2,022 57,839 3,763 62,645
In one to two years - 49,865 - 60,375
In two to five years - 10,046 - 60,112
------------- ---------------- ------------- ----------------
2,002 117,750 3,763 182,132
======= ======= ======= ========

Total costs incurred in the year in respect of rental charges for assets held under operating lease of £97,332 (2020: £139,700)

20. PENSION COSTS

(a) The Teachers’ Pension Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £586,692 (2020: £544,209) and at the year-end £nil (2020: £Nil) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2021, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2021. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2021. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

On 27 June 2021 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2020 announced that there would be a review of this cost cap mechanism, in January 2021 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards.

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

26

RENDCOMB COLLEGE

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

20. PENSION COSTS (continued)

Until a remedy to the discrimination conclusion has been determined by the Employment Tribunal it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.

During the year the Governors undertook a consultation with staff regarding the ongoing membership of the TPS. The outcome of that was to withdraw from membership, effective 31[st] August 2021.

(b) Non-teaching staff

The College operates a money purchase scheme for non-teaching staff. The assets of the scheme are held separately from those of the College. At the year end there were 61 (2020: 65) members of the money purchase scheme. Employer’s contributions totalled £102,044 (2020: £104,029) during the year and at the year-end £nil (2020: £Nil) was accrued in respect of contributions to this scheme.

21. RELATED PARTY TRANSACTIONS

Rendcomb College is a connected charity with Rendcomb College Foundation as the Trustees of the Foundation are the members of the College. During the year the Foundation donated £974,320 (2020: £599,306) to the College. During the year ended 31 August 2021, the College incurred expenses of £nil (2020: £33,665). At 31 August 2021 the balance receivable from the Foundation was £nil (2020: £68,375).

During the year the College purchased services of £170,419 (2020: £286,546) from Rendcomb Services Limited and at the year end owed a net balance of £22,308 (2020: £28,669). Rendcomb Services Limited is a wholly owned subsidiary of Rendcomb College.

During the year two Governors (2020: two) had two (2020: three children) enrolled at the College, and fees charged were at the full rate.

As at 31 August 2021 a balance was due from The Friends of Rendcomb College of £Nil (2020: £Nil).

22. CONTROLLING PARTY

Rendcomb College Foundation is the immediate parent undertaking of Rendcomb College. Consolidated accounts are prepared by Rendcomb College Foundation, registered Charity number 311713. The consolidated accounts are available from the Charity Commission.

27

RENDCOMB COLLEGE

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

23. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES (2020)

General Designated Restricted Total
Funds Funds Funds 2020
Note £ £ £
INCOME FROM:
Charitable activities
School fees receivable 3 5,659,855 - - 5,659,855
Other educational income 4 483,229 - - 483,229
Trading activities 5 131,732 - - 131,732
Investments
Investment income 6 35,962 - - 35,962
Bank and other interest 6 870 - - 870
Voluntary services
Grants and donations 7 864,961 - - 864,961
--------------------- ----------------- --------------------- ---------------------
Total income 7,176,609 - - 7,176,609
--------------------- ---------------- --------------------- ---------------------
EXPENDITURE ON:
Raising funds
Trading costs 8 13,532 - - 13,532
Charitable activities - -
Education and grant making 8 7,427,141 - - 7,427,141
-------------------- ------------------ -------------------- ---------------------
Total expenditure 8 7,440,673 - - 7,440,673
-------------------- ----------------- -------------------- ---------------------
Net expenditure before investment (264,064) - - (264,064)
gains
(Losses)/gains on investment assets: - (73,152) - (73,152)
-------------------- ----------------- -------------------- ---------------------
Net movement in funds (264,064) (73,152) - (337,216)
Fund balances at 1 September 2019 (334,161) 1,271,407 56,808 994,054
------------------- ---------------------- ------------------ ---------------------
Fund balances at 31 August 2020 15,16 (598,225) 1,198,255 56,808 656,838
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