wok'lVÉ YL4R ENDED 31 AUCV￿.2O22 CbaTity Registration Numlx'r.. S 115884 Compa.DyRegistrJtion NwDbef'".$891198. *ABJD2TT6* 2111W2022 COMPMIES HOUSE lliii #2(k8 COLLkdE REPORT APtD i11TrI￿clAL￿1.AI.￿￿EIll FOR TIIE YEARENDED 31 AiICUSA' 2032 PACX IILfcrcrtL and ¥drriioistro¢ive details tiovcrnor%'. r¢FHJrt R4h)rt oCth¢ audito &atwn¢ni of.financ4al 8eiiviiiL% 1181an￿. $hccL CJsli'flow siatefft& 1fj-27 IiEf4DCOMB CVLL¥GJ& REFT.RRNCE ANO AbMINIrnIIVE.TrF.YAI 71)Verttors aiid DiT¢¢￿T$. SBAt*le . N J FO￿ (Chaw.of Gov¢¥HoE5) P A Hornby A R Marc1￿￿1 N JNettldon T.1 H Oru*xod S PaJsoDS TD .H C, W RObIt￿ DL LH Sin8et MajorGe4Kra] P fj Wilii•m¥ KHWills 'i:xs Eworyw Heddm#s(er: R JOKS Serr¢tary: is L Sh8r£naD {resTp*d 3 l.08.2022) R K Elliott-jones (01.092012) R¢￿d￿n}b Colleg¢ C'irM¢euer &plitittsrs: 5 IPleel StreetPlacc EC4M 7kD Aydibjrt:. Hays1￿aCitityrn LIP 10 StrertP]x¢ EC4R IAG Invwtrn¢#t Maii•zers: CBZenOV¢ Capital MaD¥emeni l.imilid l Lon¢knL Wall Pk London E(2Y SAU .RankerJ: LloydsTSB Bathpl¢ 14 Str¢¢t GlOw¢¢ste￿knI GL7 IQJ Colnpally X¢gisirnrfoD flwTrber. 5891198 'Ch&rAty.Registr¥¢tio• tlufftbEr: 1115884 RENf)COMB COLLECL 'UV£RNORSJ IiEfoRT bY)KYHF yEAA￿4DFI> 31 AUCUS'T 2021 Th¢ Governors ￿￿ni IheiT rept)rt for the yrnr endL4 3.1 Au￿.￿ ?IY22. tFdirtctOT5 Wa5 in fory¢ (hving the ye¥tr. Cov¢r•)lug document The Colleg¢ is g0ven￿l by its ME￿¥JIandUryl attd Artieles of A￿￿'1￿LI￿￿ dated 31 July 21K)6 and ani&)ded on 21 August2006. Orgaiitsalion¥l.%Èructure The MembeLS ofth¢ Coll¢ge art th¢ Trwtees ofRendcomb thllege Troun￿10￿. AcuTrTdingly. the Fou￿￿tion is tre&*ed as il CQOll¢Gted charity io ihc Lolkge. Rrn(komb Servites LiTriiied is a whiAly subsidmry of Ret)dcoJ))b Ci)Ilege and the re8JSttt¢d oific¢ addtct% 1% Relldro￿b Coll¢g< Xendcomb. L)rcrKL&trr CiT.7 7HA. Tlie Go¥￿￿or5 Ot Ihv C(TrlFeg¢ ar¢ respoJsible for Ili¢ gcntr41 ￿l1¢Y of the Coll¢È& '11￿ Governors ¢(Mven￿ a ￿umber of Limimittees and ￿￿]ng wups io athir¢x% nK>TE detsijed iswes a5 fDIIows'. DtvclopThent cOti￿ltree (c4ur¢otty iti thy*￿e) )rnl P¢KsonDel coM￿lttee 1.11￿￿tl. ￿&(kne￿I Purposes Comnillee day tsi day maDagemeot of the Collcgc i% dE1C￿￿ ts> the IIead (Robe4t Joncs) SNI the Rurw (Row Ellb)tt- .JoDcs). ThLy *re a150 by th¢ir S¢oior Lcader4hip (fjaviD RobeA5. Jonnie Howorih. Ntik Cnx. r)av•J lllingworth and Christine Willia￿)5) wjd togeihL* this gTOUP thekey Qu￿ageMe4)t [￿s￿At￿l. RcmL¢nerdttnft is bet by the Llosrd, wilh the objediv¢ of provsding approwixfe to ellcounge enhwiced wfom)anw uf rEW￿raIn% fairly and rkn%rx)nsiTr•ly individtsal CODtribuiiotts tu thE C•llege'$ 5UC(¢ss. Th"e approprigicnth and rclLvdnLe of the rÈmunerÈLion 1% Yrviewed aoniially, 1￿cluding refe￿nce lo WFJipaiiwos with otELes I￿Pen￿￿1 SLJMX)l% whwo wblicty availablc Yi& 1￿chmar￿ datN ro ¢Dsure that the CoM¢ge IeD>li￿ seDsirtve to the broth- Is5￿ Df and ewloynKnt e0ndillo￿ ¢lsewhet¢. R*ÉruitrneTrL indiictlott trnilllug ofcTOVETnors Typi¢*l1ty Go¥iknT% wrve two ¢0 tbr¢¢ tern￿ 1£. ¥*K lo Ye￿ •IthOu￿ this be exte&d¢d throu8h mutual WD5ellt often IJ. fiOVffnlOS ar¢ Tr¢Euiled wbo ￿ve tk. apprnpliate 5kn7b to b¢n¢fjt the Colleg¢."IYie induclion or Govemort involvL¥ th¢ pmvi5i¢Jn of illforn)oiion cortcixnin¥ the College. drtails of "their role as stt o)A irt tho Gov¢mors' PwidknoL Chariiy Lommi8sion suidarK¢ OD the rnle orTr￿S and visits to the College to seE)ior manogemellt. TraitiittB is prnw&xt TnLSttts and Governc￿ b1$￿ orn id￿1)11ed needs. The Governors have the t￿lty to at*ttd traÉtiing run by AGBIS. Ckn80iog Governor tonirtl i* facilitatt41 througJJ the Governor of the Mi)uth pD)gramtlle attd retular Vi%iL% to th¢" Coll¢8e. ITtve51w¢nl yowert Ilie CollegE's P￿0]10 of seowhi¢s is manap] by CaZe￿0Ve & Co_.wb) wilh dele#•iEd 0￿b9T#Y wder th¢ f¢rms ora disrrytiaoary agretm8llt. RFNDrnMR C.()LLEC'E GOVF.RwnR8' REP()Irr (eothl•*u&l) FOR THF. YFAR KNDBD31 AUGUST2Wf2 OBJj1￿5, Atms AND o&IKcrivL% Ohjtc15 'Thc objeci for Colle8e is est&blislKd is to adyallce >jucatt"￿I for the ￿￿$11¢ benefit iDoluding the proTffjtion nd of L bor￿dIng thyjchool orsch)ols for boys and gwls in Ihc Umitc41 M.issivn Statement Uur rniJtsLOA 18 Éo devclop ltsoughtltrL Adveotthrous And 4u¢kmtrAIty l￿bItIO￿l YoUng￿p￿ who 4r¢ lik-lyng ILdrncrs. W¢ aim to prepare thetn witb the chaThcter.Ind skilL5 10 succeed in th¢ ¢Ver-Cb￿￿ ging wi)rtd afterschool. Our PUPFls havL th¢ fr¢cdom to Cxp￿￿￿¢¢, cxplorc 47lld c4￿1[￿¢ aboutjbc wortd oroiiDd th¢ni. W¢ aim to c￿(*￿ag¢ irKILFKndcnLe and tokrnnce in & snfe, ¢arillB Coll￿1￿[ry rllWc¢nt tLityJnl environmtllL To J¢hieve this w¥ will: VrortM)ie & growth mind.stt. whete abfiitiesuA be develop￿ thmugh d￿?¢*10￿ and har&wprk. VrnYAde a rA)-C4rriculuo) ¢haMeDge arvj SITT￿ develOpn￿n( le#d￿hIp and IL*mwurL' Encourage indiv1th￿1)s￿ Cffeativity aJKI ¢ontiibution to a nuttiNiDg and ¢oDaboraThve commtsnity. fo8ender pbysical, 5piritskil and weUthTDg a stroD& 4y.%lem' VrtP1￿¢ Pi4>ib for a life ￿yo￿d sckool: Develop appte¢iafAoll fr)r and r¢s¥wiF>le ¥lliLLw&. their L￿vironM¢nI and swrtsundins STRATK('IC KEpOK'r Activiti&¥ 'I'he A&idettii¢ ye￿ 2021-2022 is the first fvll year WL hJvL vpcm .%1￿C Lovid kffid"n￿ Rtndcoinb Colle8e Collulliit)ity IJou￿ed knick eDJO)ryDg ao bdÈk Tmfrndl [ty()gr￿Me tbf llcadcmies. sporL rfon￿a￿tts. oncerGf+ Ill MAY 21Y22 R¢Ddcouth Col]eg¢ by ￿ IYHl¥[X￿kn￿l %thools Inspcctornfc. All thfv￿ory r¢quircoKnts wcrc mct vudei. th¢ iwprdoTh p)rnpliancc wjrf iY¢re Tcw&rdtsY ￿CelleTht oJAc0M￿ for ix)th PIIPLls' a¢ademi¢ d¢velopm¢nt and ¢AheT achicvemLni pwJi15 [￿rIO￿al dLvelopmtiii under inspectf cmrththy wl(y¥nr "A¢r05s the schooL pupils aLhicvc well beyond the curriculum" A￿de￿i& Exam Tesuliy i¥rir y ￿1111￿1 ￿piC ￿ thit wps th.p s1￿Ce 2019 wben fhrnial eLvm5 wetE 5Af ey4m bourdfj mJde papor5 to olloiv for iutemipteo kJrnin& kntegy was lo coBtinue wiib the internal ¢x￿M PCfKwJ I￿¢ Nov¢mlxr for all public ¢xawiDatiOll 8roll￿ followed by assessm¢nts in tKIth JaDuary hpril 10 WL had tsmplc evidence forTAGJ jfpllp￿s uDd)lo to Sit fiual cxau)5. iobu* a55￿5￿c77t CYL cmbodd¢d IGvDin8 Lnd lcd to ri very JtrOrt£ of A Lcv¢l Tf6uIts Hud OUT b¢st cv¢r GGSF. TrwJIts. RENDCOhlB COLLkGE CuvERNOR.SP RKPORT (continued) OR THE YEAR ENDFII JJ AVGUST 2022 s"rRA.f￿IC REPORT{eontsnu¢d) AclivSit&t (ri)ntinud} W¢ wer¥ d¢li8bred to tolebrat¢ with ow A I￿1 sludents as they COll￿ted thtir rdwlts with 8(rA &¢liièwiii¥ A* tts L, 73% a¢hi¢vin8 A• to U. 49% v.hlr.vl￿ A:.1() A and25% Kthir.Yi]¥tF A* This eJnFM)diss work ctTort put in by b)tb pupils te&cb¢Ys io delivcr ihis Thjpib perfonned well acra%s a wtde rnnge ord1￿1p11￿ with l(#)Yp A*..B ill Art, Ell8lbsEL ÈPQ. (ithn8n. Hi%iwy. PhOtO￿aphY. aDd P5ytholo8y. Llusits&ss Studi¢s Ol'l'&C) pupils exEeiled a¢hieving l(MPA u1￿1[￿110￿..- Distinclion. al(yide Qjwiitiog with all popijs A•_A. 'I'hree loJ)g-tJme Rtndcombit¢E)s. wbo Dll joine(l in the Jw)i(y *)K¥)L lod 64Eat te5uhs wilb 2 gcbkving AAA aod one hieving A*AAB aod all beth￿8 off10 Univtxily.. 14 our 01.27 pupits acbi¢ved thir fwst dioi¢e lJnivtTsily and all I￿1 I sttthnt who iDteExled to stort n Ur)iv￿S1ty course srrurEd a platt. Pw)ils ￿1¥¢ headeA off ro re￿ a WKIC Tange olsubjed5 I￿h￿di0& Pby5iGS with vstrophysios Rt EX￿tr CffjTUPiJter..SrieM¢¢ at ReadiDg' .ler4)Q&Uiiul ensineering at fjloscoiy aTyd M&ViDP. biolo&y at Exeter. Oiie thd<￿t.h8S LurÈd on A¢colmt￿g ApprentKeshtp arHaziewo￿ aELd unL [￿P11 ¥tsiev¢d 3A¥ aod A• EPQ 15 comp.letw& o fN)$i Tw1¢5 appil￿tIon to law at Camtxmfge. This y¢arf% CJCSE results wereeveii mo￿.1Mpr￿stIw￿ with oFpupil& ￿ti]eviDs 9 7. a wts¥ping 77% At 9.6 and 9S% 94. Subjetts lTrt￿e pupils dAd parfit4Jl&rly ￿11 inclu￿. ri￿1￿¥￿}Y and History, FAI Wbth 86% wde5 9-7. I￿71￿￿1{7￿￿ wTr¢b 84% Q.7, Physics wilh 80VA well ** Atl #rKI Drama with 63/• and 6V•woth"vety otgrfyd￿ 9 Of parti¢uJAr rtoÈt. & long-limc Ren&onthiaD p￿11 acbi¢v¢d 9 Crnde 9.$ and A• in A-Lt¥rl MadL%" Ibns %tvdent athievtd 7 9's and4 8's antl 4 ￿eT5 did ¢x¢ètrfioually weu with I I grndes 9-7. Headm&str Rob Jows 5aid"Wts4t CAD 15afl'fhi8 yL*r'% aTE l￿ts14￿1￿ so ple￿6 for th¢ puptls. Whilst we w¢re allti¢iF0tLug the rcsujts to sit So￿*￿'rl the last nonnally invsgJlat&1 ¢xams iti 2019, ot Ih¢i%¥ Centrt Asses￿.Gr57des ID 2W20 and 2W21. 10 gu and deliver a rEC{￿￿ y¢ar lorR¢ndmb Ctslk8e is iusr f8niasiic. 11 is il te5tamentto the pupib hard work also Lts thal PAr¢nts ￿ld wet5 whtsgiuded th¢ y¢JimÈ PL<>ple thruuth ivbat trLJS beeD. wit¢.fraukly. the disrwive m(xlern ￿luCat￿n￿ tLiStory. l am absol￿ClY Ihtill¥d lor all of tb¢m." This year, 32 Ye4r 10 s￿￿￿..￿￿ the JuDior Physi￿ aH]]M8e-: part of thc Briiish Physics fl￿pi*d. StudEnts Were rested 1>0 a brfAd r8ng¢ of material. in¢lth1EDg wid¢r k[￿￿1¢dIe Ixyottd the GLSE ¢UZTiuJu￿. 8ev¢n stwlemts perfonwl obtAining a.8*lvw hwad. tll ddition tvnb of Year 13 physics 4udEmts ill the ftyst round ofthe Brilish Vhysi¢4 Ulympiad in NovetDber. ThtSThFaS extrem¢ly chillLry%in¥paper bas￿ oti a wider knowltijge thlln A-kvel matcrial and 8 hiÈh lev¢1 of PToblein wlvine ski118.'.Thu pa￿ 15 tskeTh by thetop Plhystcs smdeE)ts atouod the ccwrtvy attd wc wLr¢ sil pn>ud Itth¢y ii¢kni¢v¢d o sitvu A Taft ofstudeuts took part io UKM"r inttmi(xii#LE fhjllenge this y¢ar atsj in Y&ir 9.2 sDJdeois &chieYeil Gold Bnd one stud¢nt #c￿eved BTonz¢' in Year 10. 3 achieveil Silv¢Y and 8 B￿￿￿*. Thl in Year 11. 3 smdeots achi¢ved Gol4 5 slud¢ots Khieved Sllv¢r wid 6 slDdents Achxvcd Rnrn7¥ Awwd5. Celebrt*ion.' lth May ?￿2. ￿. weve b4Jlly abl¢ lo hold 0￿511t Vokn Day whcyc titilo to illvite Friends aud Family Cbf Rtndcijmb fn joio ￿ W¢ ivete ble&8èd.wkth 81orKJus.￿Un5hlrn cn¥blol a svccgssfvl batb¢cuc lullcb on th'e lawns. A fftum￿ nFtsientéd DtusAriaDs Impr&￿ thvin8 thc bout)&rs Dxy LomtrrL We i¥elwmrd as our guest Speaker an Ulympic C¥yiTrn&%i. FIDllD Ikvaty who"was. o 8r¢at bil with both ihe Junivr ¥JKI SenTi¥r. Schix)l. re¢￿￿titi& his l&fc #(Ky bf ovtrtfNnl￿¥ adveThity to 3chieve ￿at ttruougb.￿VtrJn￿ nTllicn￿. BrNm ellt io lake part ￿ tht LthfifT￿TrWCaIth.G?mtS this Suillnier.. RENDCOMB CQLLEC£ GnVF,RNf)RS' REVOK'I. {eoAtiDRcd) F()R THE YLAR EPmED 31 AIJGU.tn2a22 .STRATK(:IL RKPOR'f (Contin￿e￿) ALtivi*it* (Lootliiued) IA the ev¢nÉD8 dclayga Lel¢brntith)' aw. W¢ wtkomed over 100 DJrrLnt and ex. Slgff, pwtsi governors, Old 2nd Uierr fanTrilits to celebrot¢ IIy2 yeJ]s of Rendcomb C41?Ikst tvcttt wlls & rnsoukndi118 wifkn a live sikni dtsco, fttbIdo￿ tr'ollowin8 oil from l&st year.."" . w¢ ivcrt sl1ort1u￿ for 4 kny award5. Wo hav¢ again b¢￿ :.huriliSI(KL fw ilie Indéptu(kllt Sch￿1 Pwellt'B¢MtdT￿ S¢kool of the Year. cawry. MtLVi¢ ttndDruma.' Wv ivcr¢ doliEhied 10 b¢ able to puf on ttroo pl4y% durins the a¢od¢mio yeor. B¢uW)' ond £lie Bipasi. A NiEht'.? Drtom ond lyh￿A Knighi. Iwre ttyly LvLMits. Thc Ilcuiily ¥thdihe Be4ui s¢t was spcc¢aruSvr und the pwftsrmonc¢2 OF th0￿ i￿volVrd We￿ jnffjit1n￿ A Alidswnmu Nixh'tr WQJ R¢tt¢J¢onkn'J fNJt ouidoor rxrf(Jrnian¢e ond de8Pite dik7ppoi￿È￿ns iveJth¢r ¢Trj(Tryod by all. iykn A Kni&hi.wau tht riyati . otsgpfth Juni(pr SLhool OirtLtor, beuig her 18 I￿1 L￿1 diTfLt¢Yi#l ￿rf{￿l￿anCc. 11 syith gYe*1t joy ¢bit mU51¢ at RMdyTrrnb abk to rettm to north￿ thi5 yw. Weckly coffl eon¢ens weiit bnckto E¢iDg liY¢ Thur$d•y bteak linies w]d were well attettded by lJoth5tafl'¥nd pupil%. The nnhLtsI Cltrisl￿￿ Carol Conc¢rl w¢n¢ uhwj ￿ Lircnccmer Lhwch Icairr., P4Ycu15 invitcd fo I￿￿r￿1 itt perdyn. "lThe 5wnr¢¥er ¢oncert feth]red th¢ playing Works by l*Jrcell. Handel, The PiKk P4Trthetr I1￿mE and ihL Hth'ry P4Hf¥r Stsile. The ¢boir perfomeil froii) Vivllldi's Gloria. aDd gave the tniicb thlJyed ￿micr￿. ofjolitl Vrigit'5 Welc¢)m¢ which cotjiposul to (ele￿te the ceDle&iry ot the r.DllcgL. QR Cirtcc 'll￿1￿?￿all1. llow a scholar * the Ra￿1 WLlsh Lolle#e of IA￿$￿¢ knd D)7V￿ a150 FqtDTrn￿ l.c BFim'8 (Jh￿ Cunw'l in L) Iiii•iLY aC¢OE)wtii¢d by 11 Ptofrnsii)nal orchestr8. We celebrnte 75 ll sporting ach?evemLw15 pupils are iDvolve4 ill. wbi]st the maiur Fenmin u }￿y, nJ$by, ri¢k¢i, lacrwe anil ¢enDi4 we oL¥o entswrn8kn all othusporttlls OpPOfftiK￿ex The relaxation of r￿1￿1￿8 thaE th¢r¢ wert InC￿35¢d op1￿￿1￿.¢$ fw f4Lr sprts tLIUT& 10 k able to perfotiu aga&tsst other5ch¢K)15 tbis ypar. The wrls. h(K*ey squad stth¢d th¢ year witha pre5¢4sw trip tu Lon¥wAII 8nd wull OD .trungGDLwn with a rnft of wins. lu bJovell)b¢r the I XV tCdTft Vok￿mcd othei tts bayc a funt14"Ai&LU)'" iiidepelld¢Dt s¢hooJs to CollcKc l(J cibmpoic in die onllual Joooy wilk￿ Cup thr ]* ic(m played incri¥Jibly K¢U at thcEDgiJnO Ntsiior￿P f￿'bI￿8 1 i• DI%￿lOn l llbikivg 27th in Ihe Luuniry. Our I" xt Captstsl of trLe ￿Icket leurn w&% scleded for the Gloucestc￿£rE COW UI 8 CTrrl's CriGke4 Squad tttd m of thr Year 8's ￿lect¢d join the IAcfos3eRyml Academy Tale￿ p￿h￿&Y. ThEre wwe miJTL' ¥ddiliortS ttb iiKmber5 (JfslaifiKitw ihe 5ih(wl di1¥ yLXt, widi 4 tukLI vF27 JrTruiiti¥ ￿ ill di5cipIiU￿ ILX divEtse SFN TL'athing A&8israt)ts to * Biology Texher. l)urin. ofik *adeti)i¢year2(Y21r22 we iYer¢ Sad to I￿¢ the sorvÉees of a tothl of 2$ tca¢kniog md ￿l￿%)rt inttttdLllE 2 SUp￿rt Staff wbo hTrd been wth (IV￿ 20 ywj. M&Jy of Ihese to thke up PTurnIAiu￿* ¢&¢whtte or io lake rdiretneDt following long serYic¢ tu hib¢>l. ofpllrticul￿ thc sehool Burwr.. F.1￿nI)r sh￿rn0￿. left Rejyjcomb ot the of Augu5t2022 to punu new cballLmgtt4. Uw that￿$ go 10 41] stsff for their cDnt)n￿dcdl¢a(lon eomnhithienttoth¢ Coll¢g RLNDCUMB C.01,I,EGE COVERP4C)RS' RF.POXT (￿oI1￿￿¢d) FOR THE YEAR F.P41)J£D31 AIFC'UST 20ZZ SlkA'I EtsIC REPnRT I¢oDliiiHtd) Admit%FniT.T ffjFiI ¥ork¢lTllg Itelegt i• shi: r.iill&:ge has ctsntiJ)iipd to Ihruuglvmrt tb¢ Nir willi ofiht rr)¢hu% ¢Jpo¢ity. W¢ s%¢re Rble ro rclllni ln fLilSy ill yyrsoll Morniny which We￿ ex1r¢nxty well allcndL'd ¥nd l•d to il Stcoixl iiumbei of pL￿11S joinin¥ the ColLe%¢. We go illio Se4JlCMb￿ with Year 7 at maximwn ¢ap8tiiiy 4nd a lis¢ this bas led io tlje d￿￿tOrt b) i)T*ft On ii ddiliooal Year 7 clggi next year. The lolen￿lOn￿l Marka h￿5 rontinued to pick up following Covid llnd ￿ h&vL %e¢n a n&itked in 4udemts trom Gernyny. 11￿ sthdLrf¥ histt¥i&iity join in tt Micba¢lnJss TLrm thnd have a tEudMcy to slay for unr or two tern￿ knrt this year wc ¥ nciv tr￿d of studctsts joini￿& IT5 ith the Lcni And %umm•' TeJThs. We have a.promisiDg iDuease" Én admiSS?uns US familles based 91 Fllirfort Joinin8 day stud¢ot& Wc havc also stiwed #n¢wagrat ￿ seni i>f 10 styJdthtS An the Siulltuer Tetju for slM)n sifiys tsf ￿(weeTh2 Td 4 weeks. Miirketin8 ha￿ Inv￿lL(l luvily ill Relldcomb CollcgL'.% digitsl p￿Se￿<. with the 4tbsilc ni)w aftractiog 100% visitor4 Ihc ￿fftE r*riod ID 2￿?0. A Thew iYcbsiiL is in developD￿￿ to fiwther morb(trpiJl¥e on this lTrJiiig personas to tailor conl¢nl ts> the viewer de￿￿J1￿& oti Ihc inI¢nIiL￿ of theE visi¢ k that Jwiiur. S¢nioi", Sixtlj FoJ7 Intern)tioiial or job vaL*wes. Ai1mL￿10ns wt Pr￿￿£1￿￿1 mr￿e (al￿r&I nwketing ￿tA8 Ln isnline ¢wl thot nGts viJtiial brcdure. i'his cuEtrntly dev¢lwd so that visito￿ to the Febstte will trK' ahle to tailoi a brochiwe 8peGific to their ithicrts*4. Thi5 c￿￿10 illcliuk year gfLWP subject u)f£rniion ()r aDd Jctiviti&￿ that n Ix rak￿1 ai di¢ coll¢gL. all packwd up in a b¢spok¢ mi¢r051￿ which is scjii directly i() ihL enquirer. We are 8¢tively invethfjyiing ways lu stTEamiine the admissioA% TEdu¢¢ the adn1ini￿f81i¥L ￿nI￿, eTpablillg tl* ieam to speod more iimc conversatiotis with applicArt(% and Iwending key admissiorts ¢veniS. D￿e1￿￿￿e￿i oyhifropetly Tfv.. rnliiority of 01￿ work this yttr has lleen tDJintsiuiug and uptsim￿tr wdc li:tEd Mn[￿l0￿ IlrbW thL rnany oihp.r hiiililiTW5 ?ioiind the estaie. LArger pr¢sjed5 iDclude the coAvertitsn of ¥ Euite of oll tho t41 floor tsf Ni&in Collcgc inlD a D¢iY 1105Pitality cal￿1￿￿ r)ewtTJJetst, itKluditi8 8 lu¢hE￿ kitdw. ThE £Oniiiiue lo uli11.￿. s¢hty)I hulidays 10 1l¢¢&SS yipil Arw JJrMI cxIEn5i￿ Ted¢¢ordtion of the Ething hou5e5 tork part d￿1Th8 the %uminf brcak. wo￿1￿¥ LIo￿lY with the Old Ret)dcomhian (ORS) and th¢ +rthi% UF R￿(kOrnb (FOR). the overall &ims J]md objeciives ufihc t)ev¢lopm¢ut strewn Ere: 'I'o tsEJblish and mathige ai) effediv¢ 0fMembe￿ of the Scknl a)rThm￿lI￿, I"0 irnplvment a Comt￿}ul&ll1c￿Ls slrntL'￿ with nwAnb¢rs of the broad S¢h¢x>l C￿munity. To build cl¢)SeT Telatiotithips b￿We￿ ihc.8cbrMA and its CODtsJkniry' I'o pn)mote tb¢ iDter&qS of rtie Sdkx)l t￿P1]s. I'o creaic * Krowng progra0￿¢ of I￿1vilY foT aluTDn4 wo￿1￿8 with th¢ OR.StJEiety &s appropriate: I'o s￿111 u Lwlture of giving the bchLW)l Ll)rnntunity' I'o tffovitk support lo the Govertsots ofid HL¥Alm&%le¥ with fut￿￿& ¢niEiatiVts ￿ ryiTNI RBNDLOMM COLLEC G'f)VKRNORS' RIMRT (eontipueO> OR TIIE ITAR FIIDF.D 31 AVC.iLST 21r22 STrATEQIC REPORT (egntiniied) Coirtm¢r¢ial CoThmerridl F.btnL* sthrfed its prek up 88oin dllriog th¢ y&)rwith 2 weddings on-5it¢ dwiD2 the 5pfiDg month%. We wLrL deb£rhted fo wTlcume 1X￿k tk Kiwerstde Vlayer5 August, aft￿ a 2 yEar abse]Ke. for their annual 2 w¢¢k Mdent•¥l illcludiniF out5idi TKrfvrmunus of DavidCLppvJfield. W¢ also b051¢d JD extrewely ￿l¢¢¢$S￿l 4 we¢k ljternatipnat Surnmcr SL.h￿l, ￿￿k￿ming studtnts all ¢v¢r This promis¢s to br a kn]g"wKnins pr()fitsblo Publi¢ b¢nefit The Gov¢rn¢Jr% haw h&d rLyrd LO the guidance by thè (￿VIty Conuni￿1OD in 4ccord•Ke with se¢tK>n E7 t>f LhL CTrarikn"es 2011 in cnsuring ihlt Ihe College's obje£tiVES are for the publi¢ iu¢fi¢ CollgKe.Ytwportfnrfea¥ Th¢ 5thool th¢ ahilily 10 off¢r th¢ Aoel Iwills Stholarsknp. a IneaDS-iested award which is aw#rdpAI tv ¥ SistL iry School pupil aDnwlly Cn￿rIng ih¢ college ai the age of I l. This is eutirety free pla¢¢ t()r duT&lion Dr pupil's li￿¢ at the xth¢NJl. In addiliun th¢ Lolkge has an C￿e1￿1¥¢ Scknlar5hip5 Buisurie5 Policy whicb is dui&rytEd the intrn11(￿ ihai fundifft¥ g¢xs lo fwwlies most iti nthl. in keepitig witb the Foulldet'5 inkntiorKL Tfb ihits aim. the servicu% uf Bufs*ry Admithistr*ion Limilcd are osed to tmd¢rtake boDTrE Yi5its amd in4epth anoly¥i% Iir ancial siluaLiun%. Within this financial ye¥. bursary 5UPPDrt amouDttng to 6% of totrl ft¢ iocorne been ¥ranL¢d io pupi15 attendin¥ RLndcumh. The Sinclair lJur5ary r.u￿% money provided by R¢nthomb College FouTKlatii)n Its thL Coll¢g* Is Alw Cund its ftsnii1i￿, ￿ arc fi1[￿￿13Cd by Thc fnends vfRctnkThnb trus1 Our 5¢C()nd tr￿chL of L￿ten8rY S¢holAts fini4￿ t]ni¢ with w in Augiist 2￿22 ￿ur￿l ULL.Ilcnl A iL¥el rfwlts. MTh%t Th)tably onc ￿holar 8cliieviDg 3A* aud A• EPQ ￿ is Nlw ￿eting # TLwJlt% 4pplirAiun its sittdy law at C*mbrid¥L Clwritable oRdniilreo&b wrRk Our ahilily lu wdcomc other schoots onto our site IAS ¢onlitit*l to be rtstrted during thc Iw*t yrar. 2nd so our level of outrE¥th w¢JFk ha4 L¢Mlinucd to ￿ impacred. We enjoy IxiDg able OW.%ite, our hLiliLies trxperlisc wlth oth¢r.￿h￿)7S. and th8t wc will k abk ro increas¢ thi5 ill th¢ cojoyng y￿r as tt rnttk￿ a rxkiiliwc Lontrib￿l0￿ to tbow and ti? IhE thlu¢aiionol opptsrtuoitKL• fer tbr ¢hi1th¢4L W¢ wcr¢ abk to trfilildte I1￿ I4￿1 &LLU11 s(boD15 hLTrldin¥ ￿L￿aNnUal pr￿1￿10￿ Èn the Griffin ThMtr< W¢ lJav¢ fDut tllemb¢TS ol.the schtK)1's.¥L?niur IcadLrship tvarn uthltrl8kinB Govcmor rok8 irL nwinrnine4J ￿￿0015 wbicb allows fvr ucelltnL cttJ&*-fLY(ilisaiion of ideas and exrKrtiK bciwcen ihe scdors. Wt toot2nlle to wodt closety Il¢nlcy Fwk Hivh.QKhnul in (Il¢iu¢esi(¥ w)d wc ore in the ￿uL￿Ss vfcdtirt£ ¥ a p￿￿oIS111p with North CttncyPrwScbcrf￿. CthaFity playk a nMi(trr pttrt in the C'ollege's fvDdraiSiDg WPWTtmg lo41. DJ¢ion#l aryj chJAIlLY. We have und6rt*kon ihlLYn&l 0¥b'ni￿ on k6y dIt￿ JRch fkn MorAniJlaD Cofr4 Morning al￿ Frtld muniLY(￿S Mufti tv suppvrt chJrili¢v vuoh tho Ukrninian Appr41. cir¢n¢&*￿ FJousiry PLri￿1 Puvcriy 811d ttie Lilu¢ Crth*s. In oddiiion a Ivhole Coll¢8e.fuD RUD way uo(krtakcn to bupm Yo￿n8 MiiKb. Sknpwyrt Iw ¥ive# lu uther Lharithble orggrtisaii011g S￿baS tb8 Ftiends olReTthoutt) th¢Ir￿W￿ th￿L￿k work. Rcndcomb undert2kes th¢ w55 wtting of St PC1￿,3 ThuTrh Re¥¥Jc¢Jmb, also provhjes ￿le cle*llinE gEoern] dly to dny DlaiDteThith¢e of thE cbuEch lJuiklTn.. Tthc Q)lIcg￿ m*kes land availablo for th6 sill￿& vf the valag¢ le&￿IlUg OJ chllYirycolkctAOU bins. 1kn8 PCQF ￿e*hoT. tht ￿U01 dcsrs ts nb8d5 ID th¢ vilLi8¢ do¢tots' SU￿)erY REf415COMB CULLECF. I:()VF.RIIOKS: REfoR'I' (coptiiiwd") FUR THF YEAR ENDED 31 AUCIJST 21rz2 gr.RATKGIC REfoRT PubliL.ben¢fft (tontiDued} PareJts of pupils otitn myke. 5xrifices io ￿y. f￿. nvtrng the year the'sthool educa1￿ UK hildien Dt rtgligtblc uk%1 to the stst4 providing a taftgibl¢ irKliicit benefit to wjbiic f[D¥D￿ in the rcgitin tsf£i.2m. SimiKvly. ￿ntIke 9chools in the o)ailltWLe4J s¢¢4or. Kendr￿mb CiJlle¥E Pay5 irrEcoveTrblc VAI. on In(j￿ ofits of8oods ond setvi¢¢S. In suauDary, the Loil¢gc CfjnLIn￿ to fvlfj] its atins Hdmirnbly 8nd inl(%MLs kndo so in y¢aJs.'furtber. d¢wili &l)oui th¢ College bt foL¢nd On ihc vs*ite www.ret¥k review Y)¢ta￿S of in￿1n@ 8od ¢Xrt8Oin¥ inthe y&¥aY¢ shown in ihc Sla(CTTrrnt of FiDaDcial Activiti¢S C*n p88e I l. Fees iLK0￿C net of bu¢S8r[L￿. Ichola￿aP5 tind allofv¥tts ￿￿"£5.455.919 in 2021 10 £6.536.163. Uthi e4uEationcil irKome inet¢xY&by 20.1% to £591,780 donalions lutslled £377.565 ¢ompared witli £126¥.055 Ith thL PfiDr.'y&Y. 'Il* èowKl#tiaffl d¢)Dated £34"o.Q(Kl to the it•llc8c in 2022 (2021. £974.346). Th¢ Lo]kge's ￿￿ex￿￿dI1￿rt ￿.[(Dre iThYrsltDent gJitis was £)9354.11I2￿21: of £151.tr21). AfteJ.takin8 eccowil of the iL¢r¢as¢ in value of insrslmLknL% fv fi￿d5 of the ColEe4e 8t 3 1 Au8usi 2trL? tell from£614.800 to £368,727. ReFervespollty tt*idKIPiII£ COII¢VH , CA)Il¢ge'g iinYestrit*d fiu￿ at 31 AW¥￿511022 stt)Dd at {£311.919) of whith £7.254,713 r¢pTes¢Lts (k5igDated to be Iittlised as of thc pft)vi&ion of butwies atKI school ithprovLtnLnL%. TTr￿¢ is c41tr¢Dlly a deficit of £941794 on the geAJeral fijttds. Al ih¢ 31..AuwA2022 th¢r¢ i5 also a rtttridcd fIt￿"balance of L$6,8Q8 to b¢'used ui IhL develop.m¢nt of Science. 1'eclinology, ￿￿￿￿eeTing dDdlor Maths cthEe*tion WiLhin Coll¢ge. This year h'as Éeeii diffiaiktradin8 coNJili¢ms Tn our l￿-t¢￿￿ iut¢rn*ioithl owingtt>the Cont￿1?￿n8￿Str1a1OQs in Lhina and Hollg Korig due to th¢ pa￿1¢MiL llT￿ ¥s 5uch.the pob'¢y"thar the Qbllege shtiuld %eek tn g¢D¢rate a 5vrp]us intomL V.VWt ex￿￿1￿￿¢ each year has ftot l)een abk to b? ￿eL The Covernors I¢M)k lo balwK¢ tb¢ r¢qiiir¢d impro￿.MenL% aDd ¢uh?m¢¢ments lo the:Ul8lu wilhin the ovenu Tr￿ulD8 of.the ￿1001.$ fim4fftces. R¢serves nJay ix rcstri¢ii.d fuT buTriry. S¢]￿Lir5￿￿1p. "dev¢lopJYuL or otheT puryJos¢ if this i$ 8 s￿lfre ul. 4 4ow. It tb¢refo ma?n% policy of the Goveiwrs io sixk tu huild up ￿Serves ort of op¢rntin£ surylusL4 %iibiect to & d¢thiL uds for ruiuK.bxpcvdilure to 3UPPOrt the thl. 'Ihc s¢Frf)ul iy %¥civ¢d a5 a vinblè b￿•1￿¢59. 11 dth. and h35 thobockin8 ofkndt hclQ Wilhb￿ tha.Foundalion for Crn'W7Ky vse Sho￿ld this b'¢ reqiLi£ed"IlK F1)￿datiO￿hJ5 T¢it¢rated its SllPPrt for thc Q)lJegr"over the otUi¢ y¢*r 8nd h4LS lake￿ Steps. tc* ¢OSUtt It￿1 ￿"rt￿* arc.awilabie should they be ntedecL'lth¢ numlm mOWi•lllll￿ ttL¢ schooL 8Ad IhL tLdwdVCè resistsations. for p]Ac¢. indi¢8té that ihe dea)?aad forptacu is Brnwing signifi(zntly ITQTD do￿estI and 1rrtcrn￿T1YnA1parellts. Th¢ Govcriiors thai mojLY to whi¢h thc ColltB¢ li¢ elp￿d.1Te revieTrEd terrÈily. and lh￿ S￿L￿&￿E i pli?¢C to mitig&ic tr minimiic gurb ri*5. ..Th¢"Govcmors &rL ￿Lsfird ihal fhf Tisks idèlltified Lr¢" manJ&iad ¢ff¢ctivety wid io ikc grL#lut ¢xlrnt P￿Ebk. 77￿ ri%k m•w8emLnl pnKes5 is rn1￿8ed fwsity by'rhe frinw 8Md G¢nei?I Pury)os¢5 5ub-commillcL ar￿.￿¥b$equ¢DI7Y by th¢ full (iO¥trning 6￿y. The CoU¢g¢'s portfolio of i% mEm4rJl by.C8uuove &" Co. w4¥) aci with dEle￿￿1 authority.l￿dCrthe twns 'of 4 discrtts"onary agreeEncnl. Tr GtsvernoT5 ¥e¢¢ivt qu•teAty Itpoii.s from Caiéwve arid.cou5idcrpuform￿1cc irt 9021-?LY22 to ￿ satisfadrxy.'lTht 7nVLstswent policy produte5 a predictable IL'vcl of iwjine foi a low-iuedium risk Jrtfislio inv&5ts1 ip equit1￿ cash atsd fixthl sMy¢ks awl F￿v￿￿$ ￿dilloN1 in¢om¥ hr the Colle￿." IiENTJCQMB LOLLECE C:UVgllNORSY RF.foRT (tUDlinued) I"￿E YEAR FNDKfN 31 AUGiI&I"2022 sTrtrtTgGIC REpoi¥f (¢untiN¥ed) Prkrtelpal Risks And UnttrtaintiE* R]"3ks ar¢ idcnlifiLMI As bcirt8 Stmttgtc. Regulatory, fTovrTh4111¢¢. Exi¢rno1. Operational Pe￿1￿￿1. Environineulal, .Tccknolosi¢al. Acu&.mie Of FiiianciaL" rentrol D)ea511fN" Llwly i¢kntified wheTe tisk hctor5 w-￿%1 a hiÉhcr level of Tr Collu't hu9 a wtsll.develop&l Em•Tg•Dcy PIJD pl¥¢E whiclb uthgooe extErnJI TEViei¥ 2nd criiiqiie rio Wtll.i* iLterno1 rE¥iiHL- In tIM￿mOn with WDY olher 8malkr i￿ky¢￿dCny Coll¢ge5 the D￿JOr risk5 ¥rt *rtsund pupll OaD)ber5 md tht unhoios finwKiJl rnbth'ty ol the C.Iilltbtc" Élrtttgic work th¢r¢forE ￿jeT￿￿kLll Lo mili8rite iFkes¢ risks by mea5uro.s inLludiiig ¢fficirxLt aDd I￿get¢d maTkdbn¥ 8nd WJiDOtirAal adivity, aDd key dtristons ￿1¢￿ as lluo)beTS of ititrmalivnal pupi15. MiiibThIi￿S artiotis w¢re Tmrt in p￿(c. io answeJ some. of th nsk% Ilrf WLre identifie.d from t￿￿TI￿¢￿iL., 7ncluding sraffln8 iti some ateak 'Ihe scbool Like5 all *8pe¢LT (JCs•fttgotrdiD8 ve4y serious]y. and has LILYtr and ￿tIl managed fvAicie5 KQUTKI this aThJ All Y￿S orc0￿pIlO]K¢. Plans for futsire pei'iod It kn expec￿￿ thert will be a modes¢ gtowth in U¥LrnII wil iiumbers ID tbe coming yem, whilst siill n￿l￿taInIng th¢ 5¢1w0l'5 famtsly-r￿ and cariD8 ethw. Th¢ wi)rk Ihai hss SLHrted OD upjalwg refttshing k¢y are￿ of th¢ bTr)I sit¢ will ry)nLinue. with more siyufiulltw0i￿ts ktng ¢￿￿$dered ￿ neeAI arise& SI'ATEME. NT 01 GOVERf4oKs? I￿sPONsIBILITI￿ Th¢ Gov¢Th)￿ (who trt also direct￿ ot Rend•Jmb Lolle8¢ Limited for the wrp(LSES of Lompaiiy L•w) are re4pon5ible for preparing tlLe Gr)vern9￿. dnd th¥ fitsathcial stAcalleDts in al￿nCe with applicable law Ulltt¢d Kingdipm AttountiR8 Staudar1 yc*r wh(¢h give a mie aatl fair view ot IhL' ¥1￿¢ of affairs of th¢ cbaTitablc Lurnpdny and of the i]KowiDg tE¥oufLfS appli￿lon of resoiirc&s. including IhL lrtom¢ avd ¢xpeudrtUTe. ot. the thwithbk tompany for that wTrod. In prcwng tt￿se fillanctal sht¢iDcnLf, thc <"J6￿MOr$ ar¢ rfqiiired to.. .lttt guiiable accovntiDg p)licI￿ apply them co￿$L￿e￿Ily. ()hxeTYe metbod5 aThd FWlD¢sple% in Lhtriiies SORP,. MakL jodgeii)ellts [￿d estirtiat￿ that ¥rc ￿￿{)￿¥bIe and pnHkJ)t' Ssalti whetkex appitable UK have followol. sthjeL* Its ally m&terial depaTttJres disclosed atLd explained ID the ￿te1￿c￿ts. Pr¢por6 the fit)aniial slat¢meTats thc goingconc*rn t&sis unkss it k% ifft¥ppNJpriw¢ io p￿1￿4 tbaf thB thariE£ble cothpany wtu ¢outinuE in tpJsir¥%s Thc nrc r¢JpoDthle for kccpinatr proper abC4Ulltitig reconts that with r￿￿(￿￿1¢ xt *)y tiTI￿. ufthc fittnll6ioi position of tb¢ chJriithbl¢ ¢omFdthy aod eLJbl¢ tb¢m ¢0 qTNYL th81 Ihe fiftaocial strdteJn•JllS ¢omr.ly with Ihc LompAntes A¢120C￿. Try arc also Eesp)llsible for 5dfrguJrdimx the *ssets of ihe tharitabk 4ttd hcncu for iaking R&-ooablc.l¢ps fw the prcvtntion thj dttectiQD of and otht¥ irregularities. Tn ¥Lcordartce with conyThy law. as IIK ¢hvitsbk cffjmwy's dr¢Ct￿ WE wlify thiL' • 50 fw a5 we a￿ awa￿. therl i% no rclevant &￿j1t of whiLh thc charitabl¢ rwiy's auditor K% Im*ware: the direclws of the charithblc compatsy we have takerL all rjcps thii ￿ ou8tst to have tsken in IirdLi io ineke ours¢lv¢s ot uny ttlcvanf audit ltif0rn￿tson aDd have L8lahlislMxl Ihai the clwstable company's ttudiior is ware of that informolion. '11Le Govern(K5' Re[￿1. which Inc￿rpO￿tes the StrJtegic Rq￿ was authorised for i%s¥e and app￿ved by the Governo￿ on I fJecemkr20T2 #nd is siEod OD th¢ir TrKhalf by.. ord-. Chairman Ir4DEPEV41)K21T AiJDrroiLS' REPnRT TO Tll£ MEMBEIL8 OF Rk'NDC()MR COJIECE. Opliiioo W¢ bave audited Ihfy rY￿an¢1￿1 sthtements of Rethmb"Colle8e for the year 31 Aug115t 2022 ithibh Li)rriPTise thè Strtem¢nt of l.'inAneial ALli￿ties. Dalan¢¢ ShcL% ihE Cash Flow Stat¢mcnt aftd noks to the fuJ8Ii¢i81 sl8icmenl5. I￿ludIng a SUMM￿ uf .giwOcallt ons4bililies uf fhe fruskes with rt4)eet tsF SOiLg ¢ollc¢rn are d&%crilul IR the iE]e7Mit se¢tioThs of this FLVQrt. Other infiiTmthlTi Tl!¢ Iru5tees rtswnsiTrJle for th¢ other Inf(￿￿100. Th¢ od￿r iJthnaiion.ci?rnPris￿ th¢ Iyform#ii￿ intludui iri th¢ Gov¢raor's UPiDion OD th¢ finwi¥l %tst¢m¢]￿ does eovcr the oth¢T llrformatithj L'X¢tpi w th¢ ¢x¢¢nt Otherwise txplJLitly sfat¢d our repxy"rf." w¢ doTh)t express any fotm of co11r￿SE01] ther¢on. lo connecti￿7 with otsr *Jdil of tb¢ fuwncwl si*¢ments. re5poJ)sloility is th¢'other.IiifornJ￿10n and, in doing 50. cODsid￿ Thbelhu th¢ infvnniifion i¥ m•i¢rixlly ith¢ODSiStellt (lie fin*nci315titeJDeLL or our krbowIL.d¥ ohiaiped in the. audri or appeaT5 iti bc m*itThlly J4iSStated." If We.1(k￿lrY such mJt¢tria1"iE)GOJ]•iJ￿C1￿" parriii ￿7￿[￿nI Iiiissiarem¢nts. we aré required rts ddEwmin¢ wh¢the¥.thN¢ is a matLYsNI mi55trate4Dellt til th¢ finanLi81 ixiErnrnts or a ￿lterIal thit%l4ly.mEnt otber infoFmJll￿. l( b￿ed oti thc work wc h4Yc w¢ concludts, Ih¥i lh¢￿ is a Inisstai¢meral pf this other we at¢ re￿Ilre41 to r¢pon that fxL W¢ btivt nothiAg to rcpurtin Ibisward. 10 IriDEPF.NDF.Kr Atri)ITORS' RRfoRT TO'IryIE MEMAF.RS OF IIETrIDCOMR COl￿￿CE (eontinoed) Opinlons on other mattcrs pr¢xribeit hy Ihe Co￿p￿Al¢S A¢t2Q06 ln our opi*)ioll. bgJ¢d thc 1votkvnd￿[akonin thB Auditr. the thd¢iOn WVC4) in the GovetllOTS Rqjort {￿11¢h liKh￿e$ th¢ str*its rcport alld iiie Llr¢ctt)rg' r¢port fortbe PUT￿5￿% uf¢oinpwiy law) for (be tina]Ki81 year for whKh thp linxnLial srat¢Jnellts aTe Tcd is C(￿*SteneW5tkn ¢be finaKtal statem¢nts" aryl the str*￿¢ r¢porf the dirEr1￿. T¢POrt incltsded withui Govthot's KwrthavE bErn pr¢pared" C¢A)rdaov with 4ppli¢4bl¢ legal r¢qvirema45. M#tters wbirh we dre rtquircd to rcport hy ext￿11￿# Iii the It8hL of the ktwwkdge aThl of tbc ¢haritsb￿ company I￿* its environrncrti tsbwin￿ dj¢ cour frfth¢ awlii have not id¢ntttigJ MalerF￿ Mis￿ate￿e0ts in the (loveft￿r5 Report (whiLh incorporates the 5tr4te PLTrrtotyd Ihc dirt¢iorJ' r¢port). WE buvL nothing lo report ill ￿PECt ofthe f*)IlowiD£ mat¢eys ITr to which the Compan*.4 Ad 2006 Iqiiit%% li Iv iepw¢ lo you if, in ow ophtiioo". adequxtL' aC¢OWltitigre¢oids kw by Ihe charitshlc company. or tk LharitrLble company liTh4nLYal sMtemeDts ate not in agrLvn¢ni with the aE¢ountsN¥ rttords ODd retyros: or ¢¢rtaiti d15thWrL￿ IifErus(ees' leniu1￿170fft 5mxifKd by law are not lnodts": ive have nr)L rLcLived ailthe ￿￿allOn 8ftd ¢vIatwr￿ we TEquire for•)uraudLL R¢spoThyihililies of iruste¢5 for lh¢ financlal statements cxplalrted nxjre fvlly in ik. InLStees' r¢spoDsiTrjilili￿4 sideme41t set out ¢)n pdgL 9, the tr￿Stee5 (￿0 dre also the dire¢lor￿ of Ib¢ ¢kn&hfL' coinpnlly for the of ton)par&y law) arL reswnsibk for the preryornliru) nf th*. rinwi¢i81 stsien¢llts fut b¢in8 Satisfied thai (k'y 8Lve A trn¢ ajxl fair vicw. and fo¥ suth it￿eT￿NI Lx￿[￿1 gs tbe trusM delenlline is ntLts88ry to etubk the prLyAfaLÈort of 6urrnc￿s that are free Iriim m¥Ltwial issthteinettt, whether due Lu ffaud of ¢uor. In.prwir&n8 the fiDawaI the reSp[￿S1￿￿ fvr the i*aritable ¢oD)pany's ability to continue ns a going conc¢m. discltssiD& a5 Jpplicablc. matters rel￿￿ to vuing coJKern ar￿ usiog the Kuing concern bN3iJ of unlL*• (he trtLAQL oithw int￿￿ its liquidait (￿[]￿4￿1C LOrt)pAiiy or t• crd5* yf#iihng. t)r h8 no re011s￿ altcrnativL bui io do so. Audilor'j resy0R￿￿it1U for Ihe audlt of the fi•*ftctral.*taletheiits Our objedives are to hh<i r1*W￿abIV a55wunec financi81 slatejllents as J wh(11¢ ar¢ free froi iat¢rial ￿￿￿tern{￿l wh¢ther due to fraud i)r error. aLd to i55ue ￿110￿$ report that i￿1￿￿ ow opinicffl. KeasoD8bl¢ i8 a high level of ¥smn¢¢. but is llot a £uaronts*. Ih81 8rt a￿di1 Gojthctd in accordartCA with ISAS (UK) WLI #I￿Y¥ We also ¢4)nS￿ered lhosc laws al wegtÉl#iiofts Ihat I￿ve a diyert Impa￿ on th¢ w¢pata¢Ii￿ fjf the C￿￿u¢l0[ stskments SULth ag 5vch as th¢ (￿￿4[1ts A¢t . 2011 aThlcon%i(kroth¢r hrknr6 such ag IND￿VENDEp1T AUDLTVILS. REPORI. T() TFtE blEMII¥KS nF REFtDL'oMR COUECE (￿)￿￿￿￿¢0) . We ¢valu&ted manakFemeJ]t's inccnlives aud oP￿￿]tIeS for fr&udts1￿I rDJuiyul¥ion tif ihe fjDatKtsl s￿lEments (in¢llldins ihE risk of owri(k' OF coMtrnIs) thnd deterDiincd th81 th¥. princi￿17 risks "weY¢ Telitfyl to thc impropEr recogniik¥n of r¢¥¢￿ Md maw*gement bi&8 in acrounting esiim¥lcs. Audit wocedurc4 wrorn￿l by thL rngase]lleut tcatn included.. 1Tr5pec¢Ati8 corresNJTrden¢e with re8uldt(xs and tsx authortlie8' Discussions with m￿<18¢￿¢nt Ir￿1[#1￿g coMMkr&ioo of koowft 0¢%￿1p￿ted uf t)onwllan( witb laws &nd rektulation ar￿ frdud" Cpv2Iyaiin¥ manageJneiM""$ timÉrols desiwied lu wBveDt tad deiecL iryeguLirits6S: Id¢r>lrfying aud t¢sring jiMwDab: alld LI￿11¢T12)ng a5sumpitJns ar¥Jiud8¢menL% nwjeby mw*8Linen¢"ith th¢w eri11￿) ac¢ovuliagesiim81¢% SJ¢uuse of Inhere41 linFiiali(NJ5 of an audiL Llve is a ri* thAI wc wiu wt de*Li 011 iry]aritit5, in¢ludin¥ tt¥)se leAdit)g Li> a material miS$laLthErtiti the fiii•n¢i¥l #atelllellts Or niln-cwplialce lviih regvlats"otL I liis incr¢ases the 0￿ I1￿ Lompli?llce wilh o law or r¢8ul•rioh 1% TellKSVt4J froin ik" t¥eD15 ￿Tr￿d tsw)>*L*ion5 Rllecled in ihc finaTJcial staten]￿l￿. &5 Wt will LE Icss likEly to t￿niNe of ofnonwd undcr the 8ttruals t•sis in lir￿With $ttff c<%ts. 2..7 Expellditure E.xpelldItu￿ #t￿]nted for ou #Th ¥¢£y￿ bttsis. It i5 •ll￿￿ed benfftD UtegwiL* on the bASi5 of u¢tsJal CO￿ 'cO￿ of dLlltithkJ WiViti&s ￿clUdeS w+th tbc llJPDiDS of ihc (Ailkge and include b( direct alld 514ywI Costs. Support T￿reSent I￿lIr#I rtlaEing to raising funds the thari¢y's chtritable 4dlyi1￿￿. Siipport Ctsbts, iticludinii govemau¢e costs 8Te ¥lJo¢*ted ro athiti&s bases reP￿en1 ihe GovernoJT' csiimate of achial use. Gotsrmaoce ¢0sLx romprise of rtmritng the cFority. inch￿illg audrtors. ￿M&￿trai011 ?nd exr¢r tcimbursed to Govcrniyis ththdiDg meelikny. 2.8 Fixed a$sets ixed wets for by the cbarity aKE 5ts1LJl 81 CIA4 less deprcGialiott. De{￿1￿10n is L*kulat¢d a %LT8ight- lirke basis over the Lslimaled ¥Jsefiil lifr of On 8t tt"Le fo>llowing rates: l*llipiD¢lll arnl TllOL(w v¢hicle5 20-25% 2.9 InTrestThcnts lttv¢sroMt in wbsrfli8ry is atc¢Ad leu provision fw impairnie41r. LisTed illve6tll￿￿ts arr smied atTraTkd ¥al¥c at thGbalance slum date. Keabsed g35n5 and lasses on ir¢v<%1rncnlS represeirt the dilTiY4YlC¢ tttsveen so1￿ proceeds JThd opening InDrk¢t value (oi. r05t al d￿¢ of ptr¢hase it l¥ÈLT). UThrealis&l goins 105s¢s reprwit thc ¢bang¢ ip marktL of the inv¢stment￿)￿rolio ltt th¢ >rar. Unreali5¢d gair￿ and IrL%SeS OT[5f￿￿ on T¢valuaLiOn of Inve%￿￿￿15 are cY¢diltd ¢￿ged to the St￿eMent of Futsticial ActivitiL¥ aod all(xalEdto the 8pprnpri￿C fimd &ttorthngts th¢"owmcrship- of UDdtrfying Assrt 2.lQ C*sli al b*llk' Aod in hJDd Cash at bJDk ¥nd eash ill Id ￿1) 8nd sbort hi8hty liquid invc*imcnts with a short mamrity of three months or IL4S th¢ date of¥¢qui8i(ion or opening of th¢dwsit or similxr #cwwt. 2.J.I iu5truments Th¢ ¢harÉty only ha5 fillaDcial knd fioaucial ]thililic4 of• kiDd th4¢ 4iiulify basic fviancial instrU￿ents. ￿￿1¢ financial lnstrumeJ￿, iTrclyding irnde alld other de￿ts￿ creAlirot* and i*v¢stm¢ots in uotL-pyttable ordinary sbares aTe inilially rec4Vi5ed at t￿[￿￿10ft val￿¢ and int￿￿¢d 81 th¢ir sèttienRnt ¥8lu¢. Cash 15 easured at fxir val￿£ throu¥b tl%ry0r￿ ot lo 2.1.2 Credltoys and pitsvisioll Credits)Y% and provi5ior&s WI￿re rhaT#abl¢ company t•$ a prt6¢llt obligatith) resulting frvyn a past evc*L ihat will ptobabfy ttsult iji the trall5f￿ of fiu￿ to a thild r*rty and the aLM¥uni due to 5ettIe thtt 0bb"$3tii￿ &4rt 6*im8ted rEliabty. 17 HE14DfoMB COLLEG8 NOT￿￿ TO ThE ACCOUNTS FOR THF. YEAR EP4DE0 31 AUCIJSI'2022 ACCOUNTINC VCPLICILS (eontlnu¢d) 'IlJ bund 4£coiilltiug lithictd fund5 are fiwd5 which have im) Ju¢i¥ul for S￿lf￿ pJrptssLJgS l￿d￿￿ted by ihe dimor. utsresYiLlL￿ l% re f￿dI whffje use is w1￿1[Y al th¢ disu¢tion of thr Gover￿0[$. D¢si8oaied fwmh. 5uth as the FL￿Ddaty)￿ furt art f￿ndS are Ilk￿￿1[￿d partsculÈr pu4Jo5es by thc G0ven￿lS. 2.14 Peosinn Th¢ Coll40 lo the the Aviva Pensioo TTUSt fr>r S¢b)ots (APi'IS) which is a d¢fiiied trrowion ￿￿1{.6 fdn ￿ used by all ISBA membersehtjob fv their fcaching *laff. ) Et is part ofAvl*a'.% "Mast¢r I'n¥*i° TSt.based wmioJJ awemeni Jn¥n3gqd by tIideper¥JL'nt profr3Jiollal In￿te¢s. 11 is aYdi1oble for ISiiA memkn and suth iJthEr orwiifflrions aTe admitted by mul￿1 awremenl. Tbe Colleg¢ alw opeTat¢s k monLy PUt¢lJRse sdJcn* fijr non-ts¥bin* 4afF. Contriburion$ chatgd io th &atetn¢rtt of Finawthl A¢ti¥iiits ¥ In¢￿￿¢¢1 2.15 Oytrdts4g 1¢gses Rentals pay8blL aTE Ebaryed on & time Tr￿15 over tho k*5e"W cvcTr if the pNyiD¢Dts a￿ i¥A m4d¢ on 5ti¢h Imsis. Llenefits TE(¢iv¢d 47nd reL*1va￿￿ as an inceniiye to sign ao O￿tTr lea5¢ art similarly ￿p￿d o styaigbt.Iil￿ Ib&4is DV¢T the Lemi. 116 F'orel8n (￿rrencY trawlaiiuTh ThE rhariti¢s fvrtt1i1?n￿ and preseth￿l￿ ¢wrency is pound sterling. aL%%ets aud liabiliiiC* d￿￿￿￿1n￿l for¢igll ciwr¢ii¥ic% tra]Jslaied into 5wliDs ai the rdtes of exchangc nLling at the bAl8ncc sheet dal¢. Traosa¢ts"ous forLign run%￿leS aw ai the ruling at date ofiho traTrsacts"oo. All djffLYen￿ are rL*oglliS¢d in ihe SiJtemeoi of financial Arlivitie C&4RII'AIIL£ AcrivrriL8- pF.FS IIECLtVABLF. 21YII Fee5 reeefvab1ec￿nSL$t of.. SchiM)I f¢¢s LL9S total biwsari&s. $thol￿h1ps and 8llo%v 7.704,466 (t.168.303) 6.651.325 (1217?76) (536.163 5.433.949 Addixrk. Llurs&riGs fipoded by Martsn WilLsBequest Biir&8riG% tAffjd¢d byllrarfi4 Duttoo Dequf*i 1otat ￿00] few R4¢iTLd 6.536,1fj3 5,433.949 hleaus t¢9￿1 ￿1¥>181$111P$. bwwi45 and other awartstyt•lliug £457399 (2Q21". £406.384}W¢T¢poid 4 pupils (2021: 59). Within this. Ni rApils (2￿21". ft1￿ WVE reteipt ofik FThncis Dutton Scholmhip.. 18 RFlfftCt)MJJ COIITh.GV tIOT&S TO'lliE Acuiurns (contiti￿¢￿I )R THb YEAR FJif)RD 31 AUG'iIST21f12 CHABITABLK ACTIvrrIEs_ ()THER INCY)ME 2012 2021 ddiuon81 courses Scbiii)l AddilioiiAI a¢￿tt￿nc¥￿allfjn Aneillary iLKom¢ 408.040 48.1173 67)87 67,480 327.1)02 3fj.722 1?7.514 (2.147) 591.710 489,091 OTHBR TRAIiIIIC AcfiviTJF 2022 TrsdiRg inCUme 131J82 15.2 18.894 78.438 in&)m¢ 216.674 R¢rf*l incorne relatr5 to ptDP¢rtiu*"*thi¢h ovrned by RendLxMnb Colle8e F￿1[1d0t1￿N, for whicb tbE reut is payjble to the Coll¢8e a¢a￿lan¢£ with the rekvant agtenKI￿. INVE¥rnF.lff INCUM 2Q22 2021 fTr)m inNtStu￿EaI portFolii) 41339 95 Inlerea 41,434 37,419 CRApffs AND DUNA'IIONS Total 21m TotAI 2tr21 Unrutfttled DesIg￿ted Restrkted DoDg(jyns tu Ibe College: RLmdLOtnb Colkge Fouwd#tii?11 Rurdl paymvit" Cra￿15- .FurlollÈ& srtcome 3fj6.￿l 31.56S 346.iMX) 31.56S 974,320 25,7?7 267.958 311,565 377,56S 1,26%.055 CIIANT8 AND L)OMATIONS171lll) Unrt¥lrStted DesigRJled Restrieted 2021 2020 Th.InAliuns lo Ih¢Coll¢ge". RendCO￿b CoUe&Te Fothd81iOn Butldillg lDIWVVVE￿IJL8 Kural paytllelll Ctnteuary Ciraiiis: T,￿lough ir*om 974.320 974J20 54)9,306 2.000 21.483 25,T77 207958 267.95R 242.172 1.268.055 1268.055 864.961 J9 RENDCOMII CCILLP.GJZ NOTES TO'ITrL ALCnlNKtS (eontinue(l) OR THK YEAR ENDk'L) JI AIJCiIST I￿3 TfyfAL EXP£NDrruRE Tutsl 2022 Total 2021 Other R#islng flluds TNling ¢0515 80.or 6.567 ClJnril&bl¢ a¢lkvili Èdwc¢7tiQii47pidyrtnl 'I'cathing WLifare PFLYfJL￿5 3.70S.779 359,149 226,044 24.859 23.518 -55.014 271.73 936340 772.iori 104227 1175.276 4.002.368 l319.￿7 1,053,766 I￿1227 .397.697 3.%39.231 1.116.384 I.(149.660 13.460 T.381,558 Adtnini5trntio 522.143 278 4.813.115 104,?69 1959.6¥1 7.B77.065 7,470,)00 4.813,115 104,269 3.0341.7% 7957,16d 7.476.867 TryTAL EXPk14DITURR (2021) 1.oial 21nl Tot41 2020 f)¢her Raising funds "I r&(ting ¢x￿1 6567 6.567 42,422 Charitable uctivitits T&iching Welfare n]is M&rktting AdmittiAr&tion- Don3ti0rt io thc Fiiundation .676.601 398,425 213.367 3¥.753 123.884 691J78 779.329 83,460 811.i45 i.1139.238 1,116,384 1,049,660 a.460 .381,558 3,837.045 1.143,979 927,839 67,148 1.451,130 561213 J.730 4.854676 ' ft24.028 2.489.596 7:470,3¢)0 7.427.141 4.856.676 I24.￿8 1496.E63 7.476.¥67 7.+10.673 2022 Bb. fTDYernon¢e ineludtd in yth¢r c05ts". Rewufierniiiin ptsid to auditor for awJ¢t seryic¢5 Rémiujerniion to ￿t￿￿off for otkn ser¥ice ReÉmbursem¢ni ofpJr50Jtal expeJts¢s io fwvvwrs-travel ¢osts. 13,150 1,765 30fj 13,5 l5,221 16,100 Ny Governors were rtmunetat¢(I dvring the Y￿r. TIL￿1 ¢xp¢ns¢s WUL. to £306 (2021: n41). RENW.OMB COLIEGF . NOTL8 TO iYtE ACC.f>UNTS (¢rJnliNu¢dl 'FOR THE VEAR ENfp.Iv) 31 Aucusf21)22 -STAFV COSYS 2022 2021 Wag¥5 aTrJ sT¢laries .So¢ial SELuniy costs P￿SIr)n toninb￿l0￿s {Dole 20) "TeYmin¥LioApaymenls 3,8U5J30 361.087 381,079 415.130 28.9)7 .4.813.115 4,856.676 2021 .No. The 4JVLrw Ènon.thly numb¢rof ¢JN>loye¢s ID It￿ yL*r.w8s: Te4ching'. Full iiinL Part tim WelfarL PrernisÈ$ 'Aiknini%traiion" No. 53 27 33 16 21 A￿￿..'¢mpI0yeC rthid to k'.¢y u)anJgementpysoortl 1hry.the ytsr weie U70.225 0021: £540,QOS). NuiulJ¢r of h1￿her pald tmpioytts io b¥thd¥or" 60.'000_ 6¢J.yIW. .70,COO- 79.999 J.20,0(iO- 129.999 140,(KX)_ 149.9 2022 2021 21 RfNDCOMB CnLLECE NOTES TO'fHe AC.COUNIS (¢oThl•Mued) POR TIfc, YEAR BNTrFJ) 31 AiIG'UST 20Z2 IQ. TANCIBLE FIXF.D Assyrs "Equipinebt ¥nd oior Ythicle4 Total C05t A( I Sep*jnber2￿} 2.7T2.853 134.887 (11.948) l772,8rJ 1.14,887 (ILy8) DistxKwLs Al 31 2t 2,895.791 2J95.791 eprec5xttoii. At l .￿￿teMber2D2] Cb4vgL fvr the y¢ar lirrtinuied OD dist*￿1 2.533J20 104269 (11947) 2.533220 ILkl269 (11.948) AI 31 A￿￿￿5¢2(122 2.625.541 Ne¢ Pook Value "31 AuxLL4 2022 270,250 270250 37 Augw12021 239.633 239,633 Tht C.olkg¢ has ￿￿E ofibepropertits by the l.'OwMl￿Inn. Cous￿LD8 OP- Tbe inain &u71ding of the Sthool with matky fxiliiies. irtcluding the kn'tchen* dinin% hall and a boanlirhE hu￿￿. The stÈbk blc*k. illcludillg Icr Koom clas51r￿￿$ and Arts Blrfxk inc1s￿ing¢1&WQOv￿. The l)oarding hibLL5¢5. cO￿lstit18 of P*k Hous¢, Old RccLnry. QodDion Aow. l•wn House attd SIAble Hous¢. rden i.¥ uwl foF ti* e borrn Hous¢: EJ] iiddition, Lk're are te{￿LS coun& J SI￿1￿8 Wjl. sp¢Jts 4" a￿15￿¥ FonD Sociaj &ntr¢ thl m xll. w¢ather sp)rts pitclj: Dw¢lihti8 housL5"I￿ ¢41*10yt￿ ¢orn%ist 01t￿ HeadrI￿$￿'% How Tho lieethry. Ke¢tory Crn¢. Pork Cvtt¥ No's 1.6, 19. Houses on exiern41 Id are Cfjomb¢ Hw*,.Cb"un) (hLhard Ilouse No'o 15. 17.1820 the Y(b￿ n(r￿e and Post OtTiL* LiJttag¢,' alld Griffiu Ccrtirè. ktNDCOMB C()LLECE NofLs TO THZ Accourrrs (￿ntIl)ned} ITOR YHE YRAR ENDED 31 AUCUST 21)22 AI. IIIXED ASSET INvx&IT*lEprrs Li51ed inve5tmtfvts Total M4rk¢'i v8h* al I SeFkntw 2021 AddiLK)ns Di4>osÈIs 1.106,493 10.919 1.117,418 (52.373) (152) (52,525) ManagcnKut fees paxl M#Tk¢i valut at 31 ANgwt 21n2 1.054.126 10.767 1.064.8Y3 The hkgthrie o(invwtmepts hgld t4£959.656 (2021.. £959.650). TDve4LmcniS are in 8101k￿ Equities fwjds. with dx exceplion of * £1 inv(sthient th the bsididry eompAny. The Cvllcge owns the ¢ll¢ire sbare capit#l lif Rendcthttb SetryiC¢5 Li￿lted Df £1. 'iTht gEEgw shaTC t*pl￿1 Aiid srrv¢$ (Jfthe tompatly as at 31 2022 Énd profit for the ye4r thcn LTwJed as follows." Agr¢g41¢ ofsh*r¢ upil¥l & restrvsits of swplvs fim(b.with Lloyds tlatsk pl IIENDCOMiI C()LI.ÉGE NOTES'I'O THE ACC.OiWfS (e¢>nlinued) FOR TIIL YEAR ENnED 31 AUGUST 2012 14. CRKDI"J'ORS- dryt in Jess than nnty¢Mr 2022 21121 'I'radc LYEditor5 Ac¢ruaiy KLgixtratioL) atsd 81ia18rt￿. f￿$ l.'ees nxLived in advance ofMiLthoelnk¥ Tem) Other LfLXli¢c￿l Othcr lax and soria15ecursEy 246,477 46,869 555,132 1.447.737 23.130 108.542 1.30,485 50,9G5 521,036 966.3 11,822 163,695 2.427.886 l.X44,385 IS. VOND MnVP,MErris A knplrmber 2021 .tAve5li￿e￿É Gxius 31 Atigust 2022 F•xp¢ttdilurc TrJTrsfcr5 Unresirie¢edfvvAdr Q¢tt¢ial furjd D￿E￿al￿dI*￿idr FouDdati(Mi frund FTrncis Dutton lJe4utst RufficY8dfwids." (749246) 7.763.6J6 (7957.l64) (942,794) 1 ?54,073 53.165 (52.525) 1301,548 53.165 6,808 5LI.O 6,X08 iO,noo Cent¢ll￿Y fimd 614.8 7,763.fjl6 7.957,104 (52,525) 36J.727 'lkn Fowidation Fwmi consis*% of th¢ iDvestme4M ￿j￿r￿li0 traDsf¢rr¢d by Rend¢rAt￿ College FouTrJatiOD. Th¢ currefit int¢ntiou is fo rctsit) the Furnl a¥d use the iftr4MnE 8Eottated ro fund activilies ofthL CollEKe. The FrRncii OulloTS Beq￿* is uiili*Yl for mvsi¢ Xtho1Atthi￿¥. ￿ such scholarthips were ideDiified durimg th¢ year. The Lon8irwfr ￿￿1 ¢otssists of ¥ward¢d at the LA)nwtude Explorer ChalILn￿ is beillg Lwd io (ievvlop S¢1￿￿ TeclU￿10¥y> F.ogill¢¢ringandlor Mots educatioTh wiihin the Colkge. The C¢nt¢nwy consists of aUWW1￿yEtt1*Kd for the rekbratio FUHb MnVRMErfrs (2021) 1 Septern￿r 2020 31 Aiigurt 2021 Expenoithrc CAIIIS ljnrestricled fii•NL¥ RFral FEwd De.flRvai¢dFiithts Found¥tioll FU￿1 rrartci$ Dutton Be4uesl Reylriclgd Fvnds.. ngituth ￿artI Centertaty (598225) 7325.Y6 (7A76.8O7) (749.246) 1,145.090 53.165. 108983 125d.073 55,165 6.808 6.808 50.0 656.R38 7.325.&46 (7.476.867) 10¥.983 614.B REl41￿0￿B COIJ.F.GR To THF, ACC.OiJNTS (£ontlnued) FOR'1￿ YEAR Epffjf,r>3J AUGusf 2022. IS. FUND MOVEhlENTS (rontinued) Tk. Fi)und811r￿ (nnsists of the iJ)vestmeDt portfolio traosf¢rnd by Reod¢omb Colksc Found4tiM. ThL LyffLnt snlmiiort is to rtrjin the tr￿id and use Ifx in¢(¥me Be4)e￿¢d lo belp thB xtivitie5 of the Coll¢g Th¢ Fr8rtGis ￿110￿ Ucqlle5t i5 Iltili TynKihl¢ fix&1 Invesiments 14el evrrciil e￿(li￿bIlitieS) TDtsI lJtrrLrlricl#d lhi￿alL.￿ Funds fjen¢rdl F￿¢J$ R45trided 1,064.894 189.819 (1213,044) 56.808 1,254,713 (942.794) 56.80% 270250 270250 I.IYA,894 (966.41D 368.727 17. CATrITAL COWmRP￿s At bala￿¢¢ she*r dat¢ tb￿C wu¢ NII ￿l1[al CODUD1￿M5 (2021: £Nil.) J8. FI.NANCIAL INSTRUMENTS 2022 2021 C8sh aud equivai¢Dts . l.'inancial assets al￿orti￿a cosi 1.094.780 218,800 720,663 297.505 1?13.5¥0 1,018,168 .4?7.8g8) (1,739.329) inancial assets meawvj al atuortI￿ ¢ost include fee d¢lJ¢r¥4 other debtar$4md ¥¢(w¢d 4ncom¢. l.-Jnau¢ial liobilittesmeasured at all￿rtI￿ coy i￿l￿de feas in advw trudg ctEdiltJr$ 4NI oth¢t cr¢ditW5. Ii£NDCOMR COJUGE (>T￿ T() THR ACCOUNTS (tontliiued) UKTHE Y8AR F.TrmED 31 Aucusf 2022 19. OV£RATINf i.F.ASE COMMJ'I'MENP> A131 2tr21 the toll¢gc Iwd aTmwI unthr 1￿c￿l&hIe opentmg lea¥s &5 Stt s)Ilt trrtloyi., 2022 2021 Fulllres & fittlngs Fixtures &[ Fitlsngs Vchlcl V¢knkles OP￿ating l¢a5¢s Mthich expire: Within one ytsr In (Trne to two yeas In two to fv¢ yeas 2,￿1 53,954 10.04 iot2 57.839 49.1165 10.046 iOW2 117.750 To￿1 w5ts T￿l￿red iti the ofT¢JthI • forosw l*ld WiDg ka5e of £74.081 IyJ21.- £97.332) 20. PENSION COSTS Dllriiig 2027 tk. rrtjVern￿E mh1¢rtor* & consuft811011 with stsff tb¢ ongoing m¢mFrnhip ofthe Trs. Th¢ outcoine of thèi tn withdraw from n￿mberShip, LffcdivE 31 Aiiwt 2021. Tbe School nth¥ F￿￿[All¥ in th¢ AvivJ Pensioo 'l'riisL for Ind¢prtsd¢Rtt SC1K￿ls (AWI"IS) which is a detined colltrtbutiort pension 8Lh¢me wtu"¢b caD used by 8111.%8A member s¢hooLs for their ieachirtg It 15 set UP 05 part of AvivL'" "Mi.'ILY Tin5V' _ a p￿10￿ Un￿¥¢￿ellt Dlil2Ja8ed b}. li￿epL.￿d￿￿i pr9￿￿￿1￿￿￿1 twsttt5. It is available fi￿ ISRA memb￿5 a￿1 such ￿h£r orx4tnisatlOUS IS ￿lre a(lJuirteA by #￿Tnent. Th¢ peDsion for tjic ytsr inLlukn wntrlMrtiODS payable io Ayiwd ()f £425.526 (21r21.. £586.692) aF￿ al thL year- end £nfl (2021.. £niQ was hrcrned in ofcolltributions th1%.scheme. bj NoK4eachrty&ill Th¢ College operaies a mimcy p￿ct￿* sthtjne for non4tsching 51aff. Th¢ assets of th¢ s¢hcrri held scpjrntly from thoje. of the Lolw.. AE Ihr y¢ar tlwe wre SQ (21P 1.. 61ym¢mb¢rJ of tbe Inoncy pureh(knl L, cheme. "￿]￿l0￿,S coniribulMiii% ￿)1￿1￿ £104n7 {21f21: £I02.044) dllriJ￿ fbe Ye￿ pJ]d 81 the year•¢nd £0 i2021.. £Nil} was amed in les￿¢1 ofL4Hrtrihrtioyk% to this s¢hcmc. *1. .K&LATED PARTYTRANSAC"I'JONS Coutge Li g ¢AJTrntL*ed charity witb Rendtomb (AbllLhbiL as the Tn￿ of IhL FiJun(Traiio aTt thc membets of CollLV. .DuTing th¢.year tho ￿￿￿￿1mJTr donatyl £J46,(KJO (2021.. £1)74 J2n) t41 tho Coltese. Dtsrin8 tkne y¢8r LThkd 31 hugv5t 2022. tb¢ Colle8c sneurfcd of £nll (2ff21: £hit). Al 31 2022 the balaD¢e retcivable Crom Fwpd#lvm was £Dil (2021: Lnil). uring thr yrw the Coll¢g¢ purcJAsd seryiL*Y ut £2IS,967 (2021: £170.4io) rfom Rerthomb Services LI￿lted and ￿ tht yrdr eDd was owed a Det balanc¢ of £s.m (2Q21: owed 122J08).. RcrKJLOli)b ServKes Liwited is wbolty Own￿¥ybs1di￿ry vfResMkomb eolle8e. Durwg fbo ycor ￿￿_1. two) teD PO?].. li￿ thiklrnn) owolJr4 ai tho eA¥llcgo. thid fwj chur8od weTe 7¢ t the fiJ]l rnte. As at JI AuguA 2022 abai&net w&* tivm The Fr*u05 of litthmb Q)Ilege of £nt] P021: S￿11>. REPIVC￿MB COLLXC CIO'I'ES'I'O'IHE ACCOUN18 (eolltiDued) bfjk'iwe YLAR 31 AUG(￿￿.2022 col￿0LL￿GPA￿lw Rrndwmb Cnlle&¥e Fnund4tKJn is the tmrnediatt p•renr unthrtaking of RerKkomb ColkLt< Consolidated ac￿11￿13 OTe prerMTEd by iieodcoThb Coll¢ge Foundation. reg￿￿¢d QatTrty lluo)b¢r 311713. ¢o]%olidated a¢¢ouDts ar¢ aY4ilable from ihe Clwity COTh￿]3$[[M. ts coMpAnATIVE sTATEME￿r OF FtNANaAL AciivrriES {21ni) Ceneral Dcsignatcd FwMd5 Restritttd Tot81 .2021 Note INCOME FROM: Chnri¢ftbl¢ 8ctivities Lhotsl fcts fttCivAblc ()thcr cduca[w￿l I￿.￿￿0 5,433.Y49 4￿,091 5.433,949 4R9.n91 TrAdin8 g¢tiYiti 97,332 97,332 lthv¢slments .InvestsMeThl iricome U8nk &nd other interL 04 Vvlurbt*kry servifc Grants alld dol￿tionS 1.268.055 1.26&055 7.325.846 7.325.846 EXPENDITURE ON: Ralsijig fu*dS Tradill8 CC6ts. 6.567 6.5 Cli8rl(abl¢ 8¢llvll*s Educlltioll 7.470.3 7.470.3￿) 'l-oial exptDdllure 7.476.867 7.476.867 Net expcndilyre bcfor¢ luYeslmc*t gains (151.Q21) (151.021) 108383 108,983 Net movemeAt in furLd$ {i51.021) 108983 (41038) Fursd bald*ca 41 I Septernber 21nO (598225) 1.198255 56.¥08 656.838 Fund hulyActs Jt 31 2Q21 15.16 (7411246) 1,30723 56.¥U8 614.8(M) wok'lVÉ YL4R ENDED 31 AUCV￿.2O22 CbaTity Registration Numlx'r.. S 115884 Compa.DyRegistrJtion NwDbef'".$891198. *ABJD2TT6* 2111W2022 COMPMIES HOUSE lliii #2(k8 COLLkdE REPORT APtD i11TrI￿clAL￿1.AI.￿￿EIll FOR TIIE YEARENDED 31 AiICUSA' 2032 PACX IILfcrcrtL and ¥drriioistro¢ive details tiovcrnor%'. r¢FHJrt R4h)rt oCth¢ audito &atwn¢ni of.financ4al 8eiiviiiL% 1181an￿. $hccL CJsli'flow siatefft& 1fj-27 IiEf4DCOMB CVLL¥GJ& REFT.RRNCE ANO AbMINIrnIIVE.TrF.YAI 71)Verttors aiid DiT¢¢￿T$. SBAt*le . N J FO￿ (Chaw.of Gov¢¥HoE5) P A Hornby A R Marc1￿￿1 N JNettldon T.1 H Oru*xod S PaJsoDS TD .H C, W RObIt￿ DL LH Sin8et MajorGe4Kra] P fj Wilii•m¥ KHWills 'i:xs Eworyw Heddm#s(er: R JOKS Serr¢tary: is L Sh8r£naD {resTp*d 3 l.08.2022) R K Elliott-jones (01.092012) R¢￿d￿n}b Colleg¢ C'irM¢euer &plitittsrs: 5 IPleel StreetPlacc EC4M 7kD Aydibjrt:. Hays1￿aCitityrn LIP 10 StrertP]x¢ EC4R IAG Invwtrn¢#t Maii•zers: CBZenOV¢ Capital MaD¥emeni l.imilid l Lon¢knL Wall Pk London E(2Y SAU .RankerJ: LloydsTSB Bathpl¢ 14 Str¢¢t GlOw¢¢ste￿knI GL7 IQJ Colnpally X¢gisirnrfoD flwTrber. 5891198 'Ch&rAty.Registr¥¢tio• tlufftbEr: 1115884 RENf)COMB COLLECL 'UV£RNORSJ IiEfoRT bY)KYHF yEAA￿4DFI> 31 AUCUS'T 2021 Th¢ Governors ￿￿ni IheiT rept)rt for the yrnr endL4 3.1 Au￿.￿ ?IY22. tFdirtctOT5 Wa5 in fory¢ (hving the ye¥tr. Cov¢r•)lug document The Colleg¢ is g0ven￿l by its ME￿¥JIandUryl attd Artieles of A￿￿'1￿LI￿￿ dated 31 July 21K)6 and ani&)ded on 21 August2006. Orgaiitsalion¥l.%Èructure The MembeLS ofth¢ Coll¢ge art th¢ Trwtees ofRendcomb thllege Troun￿10￿. AcuTrTdingly. the Fou￿￿tion is tre&*ed as il CQOll¢Gted charity io ihc Lolkge. Rrn(komb Servites LiTriiied is a whiAly subsidmry of Ret)dcoJ))b Ci)Ilege and the re8JSttt¢d oific¢ addtct% 1% Relldro￿b Coll¢g< Xendcomb. L)rcrKL&trr CiT.7 7HA. Tlie Go¥￿￿or5 Ot Ihv C(TrlFeg¢ ar¢ respoJsible for Ili¢ gcntr41 ￿l1¢Y of the Coll¢È& '11￿ Governors ¢(Mven￿ a ￿umber of Limimittees and ￿￿]ng wups io athir¢x% nK>TE detsijed iswes a5 fDIIows'. DtvclopThent cOti￿ltree (c4ur¢otty iti thy*￿e) )rnl P¢KsonDel coM￿lttee 1.11￿￿tl. ￿&(kne￿I Purposes Comnillee day tsi day maDagemeot of the Collcgc i% dE1C￿￿ ts> the IIead (Robe4t Joncs) SNI the Rurw (Row Ellb)tt- .JoDcs). ThLy *re a150 by th¢ir S¢oior Lcader4hip (fjaviD RobeA5. Jonnie Howorih. Ntik Cnx. r)av•J lllingworth and Christine Willia￿)5) wjd togeihL* this gTOUP thekey Qu￿ageMe4)t [￿s￿At￿l. RcmL¢nerdttnft is bet by the Llosrd, wilh the objediv¢ of provsding approwixfe to ellcounge enhwiced wfom)anw uf rEW￿raIn% fairly and rkn%rx)nsiTr•ly individtsal CODtribuiiotts tu thE C•llege'$ 5UC(¢ss. Th"e approprigicnth and rclLvdnLe of the rÈmunerÈLion 1% Yrviewed aoniially, 1￿cluding refe￿nce lo WFJipaiiwos with otELes I￿Pen￿￿1 SLJMX)l% whwo wblicty availablc Yi& 1￿chmar￿ datN ro ¢Dsure that the CoM¢ge IeD>li￿ seDsirtve to the broth- Is5￿ Df and ewloynKnt e0ndillo￿ ¢lsewhet¢. R*ÉruitrneTrL indiictlott trnilllug ofcTOVETnors Typi¢*l1ty Go¥iknT% wrve two ¢0 tbr¢¢ tern￿ 1£. ¥*K lo Ye￿ •IthOu￿ this be exte&d¢d throu8h mutual WD5ellt often IJ. fiOVffnlOS ar¢ Tr¢Euiled wbo ￿ve tk. apprnpliate 5kn7b to b¢n¢fjt the Colleg¢."IYie induclion or Govemort involvL¥ th¢ pmvi5i¢Jn of illforn)oiion cortcixnin¥ the College. drtails of "their role as stt o)A irt tho Gov¢mors' PwidknoL Chariiy Lommi8sion suidarK¢ OD the rnle orTr￿S and visits to the College to seE)ior manogemellt. TraitiittB is prnw&xt TnLSttts and Governc￿ b1$￿ orn id￿1)11ed needs. The Governors have the t￿lty to at*ttd traÉtiing run by AGBIS. Ckn80iog Governor tonirtl i* facilitatt41 througJJ the Governor of the Mi)uth pD)gramtlle attd retular Vi%iL% to th¢" Coll¢8e. ITtve51w¢nl yowert Ilie CollegE's P￿0]10 of seowhi¢s is manap] by CaZe￿0Ve & Co_.wb) wilh dele#•iEd 0￿b9T#Y wder th¢ f¢rms ora disrrytiaoary agretm8llt. RFNDrnMR C.()LLEC'E GOVF.RwnR8' REP()Irr (eothl•*u&l) FOR THF. YFAR KNDBD31 AUGUST2Wf2 OBJj1￿5, Atms AND o&IKcrivL% Ohjtc15 'Thc objeci for Colle8e is est&blislKd is to adyallce >jucatt"￿I for the ￿￿$11¢ benefit iDoluding the proTffjtion nd of L bor￿dIng thyjchool orsch)ols for boys and gwls in Ihc Umitc41 M.issivn Statement Uur rniJtsLOA 18 Éo devclop ltsoughtltrL Adveotthrous And 4u¢kmtrAIty l￿bItIO￿l YoUng￿p￿ who 4r¢ lik-lyng ILdrncrs. W¢ aim to prepare thetn witb the chaThcter.Ind skilL5 10 succeed in th¢ ¢Ver-Cb￿￿ ging wi)rtd afterschool. Our PUPFls havL th¢ fr¢cdom to Cxp￿￿￿¢¢, cxplorc 47lld c4￿1[￿¢ aboutjbc wortd oroiiDd th¢ni. W¢ aim to c￿(*￿ag¢ irKILFKndcnLe and tokrnnce in & snfe, ¢arillB Coll￿1￿[ry rllWc¢nt tLityJnl environmtllL To J¢hieve this w¥ will: VrortM)ie & growth mind.stt. whete abfiitiesuA be develop￿ thmugh d￿?¢*10￿ and har&wprk. VrnYAde a rA)-C4rriculuo) ¢haMeDge arvj SITT￿ develOpn￿n( le#d￿hIp and IL*mwurL' Encourage indiv1th￿1)s￿ Cffeativity aJKI ¢ontiibution to a nuttiNiDg and ¢oDaboraThve commtsnity. fo8ender pbysical, 5piritskil and weUthTDg a stroD& 4y.%lem' VrtP1￿¢ Pi4>ib for a life ￿yo￿d sckool: Develop appte¢iafAoll fr)r and r¢s¥wiF>le ¥lliLLw&. their L￿vironM¢nI and swrtsundins STRATK('IC KEpOK'r Activiti&¥ 'I'he A&idettii¢ ye￿ 2021-2022 is the first fvll year WL hJvL vpcm .%1￿C Lovid kffid"n￿ Rtndcoinb Colle8e Collulliit)ity IJou￿ed knick eDJO)ryDg ao bdÈk Tmfrndl [ty()gr￿Me tbf llcadcmies. sporL rfon￿a￿tts. oncerGf+ Ill MAY 21Y22 R¢Ddcouth Col]eg¢ by ￿ IYHl¥[X￿kn￿l %thools Inspcctornfc. All thfv￿ory r¢quircoKnts wcrc mct vudei. th¢ iwprdoTh p)rnpliancc wjrf iY¢re Tcw&rdtsY ￿CelleTht oJAc0M￿ for ix)th PIIPLls' a¢ademi¢ d¢velopm¢nt and ¢AheT achicvemLni pwJi15 [￿rIO￿al dLvelopmtiii under inspectf cmrththy wl(y¥nr "A¢r05s the schooL pupils aLhicvc well beyond the curriculum" A￿de￿i& Exam Tesuliy i¥rir y ￿1111￿1 ￿piC ￿ thit wps th.p s1￿Ce 2019 wben fhrnial eLvm5 wetE 5Af ey4m bourdfj mJde papor5 to olloiv for iutemipteo kJrnin& kntegy was lo coBtinue wiib the internal ¢x￿M PCfKwJ I￿¢ Nov¢mlxr for all public ¢xawiDatiOll 8roll￿ followed by assessm¢nts in tKIth JaDuary hpril 10 WL had tsmplc evidence forTAGJ jfpllp￿s uDd)lo to Sit fiual cxau)5. iobu* a55￿5￿c77t CYL cmbodd¢d IGvDin8 Lnd lcd to ri very JtrOrt£ of A Lcv¢l Tf6uIts Hud OUT b¢st cv¢r GGSF. TrwJIts. RENDCOhlB COLLkGE CuvERNOR.SP RKPORT (continued) OR THE YEAR ENDFII JJ AVGUST 2022 s"rRA.f￿IC REPORT{eontsnu¢d) AclivSit&t (ri)ntinud} W¢ wer¥ d¢li8bred to tolebrat¢ with ow A I￿1 sludents as they COll￿ted thtir rdwlts with 8(rA &¢liièwiii¥ A* tts L, 73% a¢hi¢vin8 A• to U. 49% v.hlr.vl￿ A:.1() A and25% Kthir.Yi]¥tF A* This eJnFM)diss work ctTort put in by b)tb pupils te&cb¢Ys io delivcr ihis Thjpib perfonned well acra%s a wtde rnnge ord1￿1p11￿ with l(#)Yp A*..B ill Art, Ell8lbsEL ÈPQ. (ithn8n. Hi%iwy. PhOtO￿aphY. aDd P5ytholo8y. Llusits&ss Studi¢s Ol'l'&C) pupils exEeiled a¢hieving l(MPA u1￿1[￿110￿..- Distinclion. al(yide Qjwiitiog with all popijs A•_A. 'I'hree loJ)g-tJme Rtndcombit¢E)s. wbo Dll joine(l in the Jw)i(y *)K¥)L lod 64Eat te5uhs wilb 2 gcbkving AAA aod one hieving A*AAB aod all beth￿8 off10 Univtxily.. 14 our 01.27 pupits acbi¢ved thir fwst dioi¢e lJnivtTsily and all I￿1 I sttthnt who iDteExled to stort n Ur)iv￿S1ty course srrurEd a platt. Pw)ils ￿1¥¢ headeA off ro re￿ a WKIC Tange olsubjed5 I￿h￿di0& Pby5iGS with vstrophysios Rt EX￿tr CffjTUPiJter..SrieM¢¢ at ReadiDg' .ler4)Q&Uiiul ensineering at fjloscoiy aTyd M&ViDP. biolo&y at Exeter. Oiie thd<￿t.h8S LurÈd on A¢colmt￿g ApprentKeshtp arHaziewo￿ aELd unL [￿P11 ¥tsiev¢d 3A¥ aod A• EPQ 15 comp.letw& o fN)$i Tw1¢5 appil￿tIon to law at Camtxmfge. This y¢arf% CJCSE results wereeveii mo￿.1Mpr￿stIw￿ with oFpupil& ￿ti]eviDs 9 7. a wts¥ping 77% At 9.6 and 9S% 94. Subjetts lTrt￿e pupils dAd parfit4Jl&rly ￿11 inclu￿. ri￿1￿¥￿}Y and History, FAI Wbth 86% wde5 9-7. I￿71￿￿1{7￿￿ wTr¢b 84% Q.7, Physics wilh 80VA well ** Atl #rKI Drama with 63/• and 6V•woth"vety otgrfyd￿ 9 Of parti¢uJAr rtoÈt. & long-limc Ren&onthiaD p￿11 acbi¢v¢d 9 Crnde 9.$ and A• in A-Lt¥rl MadL%" Ibns %tvdent athievtd 7 9's and4 8's antl 4 ￿eT5 did ¢x¢ètrfioually weu with I I grndes 9-7. Headm&str Rob Jows 5aid"Wts4t CAD 15afl'fhi8 yL*r'% aTE l￿ts14￿1￿ so ple￿6 for th¢ puptls. Whilst we w¢re allti¢iF0tLug the rcsujts to sit So￿*￿'rl the last nonnally invsgJlat&1 ¢xams iti 2019, ot Ih¢i%¥ Centrt Asses￿.Gr57des ID 2W20 and 2W21. 10 gu and deliver a rEC{￿￿ y¢ar lorR¢ndmb Ctslk8e is iusr f8niasiic. 11 is il te5tamentto the pupib hard work also Lts thal PAr¢nts ￿ld wet5 whtsgiuded th¢ y¢JimÈ PL<>ple thruuth ivbat trLJS beeD. wit¢.fraukly. the disrwive m(xlern ￿luCat￿n￿ tLiStory. l am absol￿ClY Ihtill¥d lor all of tb¢m." This year, 32 Ye4r 10 s￿￿￿..￿￿ the JuDior Physi￿ aH]]M8e-: part of thc Briiish Physics fl￿pi*d. StudEnts Were rested 1>0 a brfAd r8ng¢ of material. in¢lth1EDg wid¢r k[￿￿1¢dIe Ixyottd the GLSE ¢UZTiuJu￿. 8ev¢n stwlemts perfonwl obtAining a.8*lvw hwad. tll ddition tvnb of Year 13 physics 4udEmts ill the ftyst round ofthe Brilish Vhysi¢4 Ulympiad in NovetDber. ThtSThFaS extrem¢ly chillLry%in¥paper bas￿ oti a wider knowltijge thlln A-kvel matcrial and 8 hiÈh lev¢1 of PToblein wlvine ski118.'.Thu pa￿ 15 tskeTh by thetop Plhystcs smdeE)ts atouod the ccwrtvy attd wc wLr¢ sil pn>ud Itth¢y ii¢kni¢v¢d o sitvu A Taft ofstudeuts took part io UKM"r inttmi(xii#LE fhjllenge this y¢ar atsj in Y&ir 9.2 sDJdeois &chieYeil Gold Bnd one stud¢nt #c￿eved BTonz¢' in Year 10. 3 achieveil Silv¢Y and 8 B￿￿￿*. Thl in Year 11. 3 smdeots achi¢ved Gol4 5 slud¢ots Khieved Sllv¢r wid 6 slDdents Achxvcd Rnrn7¥ Awwd5. Celebrt*ion.' lth May ?￿2. ￿. weve b4Jlly abl¢ lo hold 0￿511t Vokn Day whcyc titilo to illvite Friends aud Family Cbf Rtndcijmb fn joio ￿ W¢ ivete ble&8èd.wkth 81orKJus.￿Un5hlrn cn¥blol a svccgssfvl batb¢cuc lullcb on th'e lawns. A fftum￿ nFtsientéd DtusAriaDs Impr&￿ thvin8 thc bout)&rs Dxy LomtrrL We i¥elwmrd as our guest Speaker an Ulympic C¥yiTrn&%i. FIDllD Ikvaty who"was. o 8r¢at bil with both ihe Junivr ¥JKI SenTi¥r. Schix)l. re¢￿￿titi& his l&fc #(Ky bf ovtrtfNnl￿¥ adveThity to 3chieve ￿at ttruougb.￿VtrJn￿ nTllicn￿. BrNm ellt io lake part ￿ tht LthfifT￿TrWCaIth.G?mtS this Suillnier.. RENDCOMB CQLLEC£ GnVF,RNf)RS' REVOK'I. {eoAtiDRcd) F()R THE YLAR EPmED 31 AIJGU.tn2a22 .STRATK(:IL RKPOR'f (Contin￿e￿) ALtivi*it* (Lootliiued) IA the ev¢nÉD8 dclayga Lel¢brntith)' aw. W¢ wtkomed over 100 DJrrLnt and ex. Slgff, pwtsi governors, Old 2nd Uierr fanTrilits to celebrot¢ IIy2 yeJ]s of Rendcomb C41?Ikst tvcttt wlls & rnsoukndi118 wifkn a live sikni dtsco, fttbIdo￿ tr'ollowin8 oil from l&st year.."" . w¢ ivcrt sl1ort1u￿ for 4 kny award5. Wo hav¢ again b¢￿ :.huriliSI(KL fw ilie Indéptu(kllt Sch￿1 Pwellt'B¢MtdT￿ S¢kool of the Year. cawry. MtLVi¢ ttndDruma.' Wv ivcr¢ doliEhied 10 b¢ able to puf on ttroo pl4y% durins the a¢od¢mio yeor. B¢uW)' ond £lie Bipasi. A NiEht'.? Drtom ond lyh￿A Knighi. Iwre ttyly LvLMits. Thc Ilcuiily ¥thdihe Be4ui s¢t was spcc¢aruSvr und the pwftsrmonc¢2 OF th0￿ i￿volVrd We￿ jnffjit1n￿ A Alidswnmu Nixh'tr WQJ R¢tt¢J¢onkn'J fNJt ouidoor rxrf(Jrnian¢e ond de8Pite dik7ppoi￿È￿ns iveJth¢r ¢Trj(Tryod by all. iykn A Kni&hi.wau tht riyati . otsgpfth Juni(pr SLhool OirtLtor, beuig her 18 I￿1 L￿1 diTfLt¢Yi#l ￿rf{￿l￿anCc. 11 syith gYe*1t joy ¢bit mU51¢ at RMdyTrrnb abk to rettm to north￿ thi5 yw. Weckly coffl eon¢ens weiit bnckto E¢iDg liY¢ Thur$d•y bteak linies w]d were well attettded by lJoth5tafl'¥nd pupil%. The nnhLtsI Cltrisl￿￿ Carol Conc¢rl w¢n¢ uhwj ￿ Lircnccmer Lhwch Icairr., P4Ycu15 invitcd fo I￿￿r￿1 itt perdyn. "lThe 5wnr¢¥er ¢oncert feth]red th¢ playing Works by l*Jrcell. Handel, The PiKk P4Trthetr I1￿mE and ihL Hth'ry P4Hf¥r Stsile. The ¢boir perfomeil froii) Vivllldi's Gloria. aDd gave the tniicb thlJyed ￿micr￿. ofjolitl Vrigit'5 Welc¢)m¢ which cotjiposul to (ele￿te the ceDle&iry ot the r.DllcgL. QR Cirtcc 'll￿1￿?￿all1. llow a scholar * the Ra￿1 WLlsh Lolle#e of IA￿$￿¢ knd D)7V￿ a150 FqtDTrn￿ l.c BFim'8 (Jh￿ Cunw'l in L) Iiii•iLY aC¢OE)wtii¢d by 11 Ptofrnsii)nal orchestr8. We celebrnte 75 ll sporting ach?evemLw15 pupils are iDvolve4 ill. wbi]st the maiur Fenmin u }￿y, nJ$by, ri¢k¢i, lacrwe anil ¢enDi4 we oL¥o entswrn8kn all othusporttlls OpPOfftiK￿ex The relaxation of r￿1￿1￿8 thaE th¢r¢ wert InC￿35¢d op1￿￿1￿.¢$ fw f4Lr sprts tLIUT& 10 k able to perfotiu aga&tsst other5ch¢K)15 tbis ypar. The wrls. h(K*ey squad stth¢d th¢ year witha pre5¢4sw trip tu Lon¥wAII 8nd wull OD .trungGDLwn with a rnft of wins. lu bJovell)b¢r the I XV tCdTft Vok￿mcd othei tts bayc a funt14"Ai&LU)'" iiidepelld¢Dt s¢hooJs to CollcKc l(J cibmpoic in die onllual Joooy wilk￿ Cup thr ]* ic(m played incri¥Jibly K¢U at thcEDgiJnO Ntsiior￿P f￿'bI￿8 1 i• DI%￿lOn l llbikivg 27th in Ihe Luuniry. Our I" xt Captstsl of trLe ￿Icket leurn w&% scleded for the Gloucestc￿£rE COW UI 8 CTrrl's CriGke4 Squad tttd m of thr Year 8's ￿lect¢d join the IAcfos3eRyml Academy Tale￿ p￿h￿&Y. ThEre wwe miJTL' ¥ddiliortS ttb iiKmber5 (JfslaifiKitw ihe 5ih(wl di1¥ yLXt, widi 4 tukLI vF27 JrTruiiti¥ ￿ ill di5cipIiU￿ ILX divEtse SFN TL'athing A&8israt)ts to * Biology Texher. l)urin. ofik *adeti)i¢year2(Y21r22 we iYer¢ Sad to I￿¢ the sorvÉees of a tothl of 2$ tca¢kniog md ￿l￿%)rt inttttdLllE 2 SUp￿rt Staff wbo hTrd been wth (IV￿ 20 ywj. M&Jy of Ihese to thke up PTurnIAiu￿* ¢&¢whtte or io lake rdiretneDt following long serYic¢ tu hib¢>l. ofpllrticul￿ thc sehool Burwr.. F.1￿nI)r sh￿rn0￿. left Rejyjcomb ot the of Augu5t2022 to punu new cballLmgtt4. Uw that￿$ go 10 41] stsff for their cDnt)n￿dcdl¢a(lon eomnhithienttoth¢ Coll¢g RLNDCUMB C.01,I,EGE COVERP4C)RS' RF.POXT (￿oI1￿￿¢d) FOR THE YEAR F.P41)J£D31 AIFC'UST 20ZZ SlkA'I EtsIC REPnRT I¢oDliiiHtd) Admit%FniT.T ffjFiI ¥ork¢lTllg Itelegt i• shi: r.iill&:ge has ctsntiJ)iipd to Ihruuglvmrt tb¢ Nir willi ofiht rr)¢hu% ¢Jpo¢ity. W¢ s%¢re Rble ro rclllni ln fLilSy ill yyrsoll Morniny which We￿ ex1r¢nxty well allcndL'd ¥nd l•d to il Stcoixl iiumbei of pL￿11S joinin¥ the ColLe%¢. We go illio Se4JlCMb￿ with Year 7 at maximwn ¢ap8tiiiy 4nd a lis¢ this bas led io tlje d￿￿tOrt b) i)T*ft On ii ddiliooal Year 7 clggi next year. The lolen￿lOn￿l Marka h￿5 rontinued to pick up following Covid llnd ￿ h&vL %e¢n a n&itked in 4udemts trom Gernyny. 11￿ sthdLrf¥ histt¥i&iity join in tt Micba¢lnJss TLrm thnd have a tEudMcy to slay for unr or two tern￿ knrt this year wc ¥ nciv tr￿d of studctsts joini￿& IT5 ith the Lcni And %umm•' TeJThs. We have a.promisiDg iDuease" Én admiSS?uns US familles based 91 Fllirfort Joinin8 day stud¢ot& Wc havc also stiwed #n¢wagrat ￿ seni i>f 10 styJdthtS An the Siulltuer Tetju for slM)n sifiys tsf ￿(weeTh2 Td 4 weeks. Miirketin8 ha￿ Inv￿lL(l luvily ill Relldcomb CollcgL'.% digitsl p￿Se￿<. with the 4tbsilc ni)w aftractiog 100% visitor4 Ihc ￿fftE r*riod ID 2￿?0. A Thew iYcbsiiL is in developD￿￿ to fiwther morb(trpiJl¥e on this lTrJiiig personas to tailor conl¢nl ts> the viewer de￿￿J1￿& oti Ihc inI¢nIiL￿ of theE visi¢ k that Jwiiur. S¢nioi", Sixtlj FoJ7 Intern)tioiial or job vaL*wes. Ai1mL￿10ns wt Pr￿￿£1￿￿1 mr￿e (al￿r&I nwketing ￿tA8 Ln isnline ¢wl thot nGts viJtiial brcdure. i'his cuEtrntly dev¢lwd so that visito￿ to the Febstte will trK' ahle to tailoi a brochiwe 8peGific to their ithicrts*4. Thi5 c￿￿10 illcliuk year gfLWP subject u)f£rniion ()r aDd Jctiviti&￿ that n Ix rak￿1 ai di¢ coll¢gL. all packwd up in a b¢spok¢ mi¢r051￿ which is scjii directly i() ihL enquirer. We are 8¢tively invethfjyiing ways lu stTEamiine the admissioA% TEdu¢¢ the adn1ini￿f81i¥L ￿nI￿, eTpablillg tl* ieam to speod more iimc conversatiotis with applicArt(% and Iwending key admissiorts ¢veniS. D￿e1￿￿￿e￿i oyhifropetly Tfv.. rnliiority of 01￿ work this yttr has lleen tDJintsiuiug and uptsim￿tr wdc li:tEd Mn[￿l0￿ IlrbW thL rnany oihp.r hiiililiTW5 ?ioiind the estaie. LArger pr¢sjed5 iDclude the coAvertitsn of ¥ Euite of oll tho t41 floor tsf Ni&in Collcgc inlD a D¢iY 1105Pitality cal￿1￿￿ r)ewtTJJetst, itKluditi8 8 lu¢hE￿ kitdw. ThE £Oniiiiue lo uli11.￿. s¢hty)I hulidays 10 1l¢¢&SS yipil Arw JJrMI cxIEn5i￿ Ted¢¢ordtion of the Ething hou5e5 tork part d￿1Th8 the %uminf brcak. wo￿1￿¥ LIo￿lY with the Old Ret)dcomhian (ORS) and th¢ +rthi% UF R￿(kOrnb (FOR). the overall &ims J]md objeciives ufihc t)ev¢lopm¢ut strewn Ere: 'I'o tsEJblish and mathige ai) effediv¢ 0fMembe￿ of the Scknl a)rThm￿lI￿, I"0 irnplvment a Comt￿}ul&ll1c￿Ls slrntL'￿ with nwAnb¢rs of the broad S¢h¢x>l C￿munity. To build cl¢)SeT Telatiotithips b￿We￿ ihc.8cbrMA and its CODtsJkniry' I'o pn)mote tb¢ iDter&qS of rtie Sdkx)l t￿P1]s. I'o creaic * Krowng progra0￿¢ of I￿1vilY foT aluTDn4 wo￿1￿8 with th¢ OR.StJEiety &s appropriate: I'o s￿111 u Lwlture of giving the bchLW)l Ll)rnntunity' I'o tffovitk support lo the Govertsots ofid HL¥Alm&%le¥ with fut￿￿& ¢niEiatiVts ￿ ryiTNI RBNDLOMM COLLEC G'f)VKRNORS' RIMRT (eontipueO> OR TIIE ITAR FIIDF.D 31 AVC.iLST 21r22 STrATEQIC REPORT (egntiniied) Coirtm¢r¢ial CoThmerridl F.btnL* sthrfed its prek up 88oin dllriog th¢ y&)rwith 2 weddings on-5it¢ dwiD2 the 5pfiDg month%. We wLrL deb£rhted fo wTlcume 1X￿k tk Kiwerstde Vlayer5 August, aft￿ a 2 yEar abse]Ke. for their annual 2 w¢¢k Mdent•¥l illcludiniF out5idi TKrfvrmunus of DavidCLppvJfield. W¢ also b051¢d JD extrewely ￿l¢¢¢$S￿l 4 we¢k ljternatipnat Surnmcr SL.h￿l, ￿￿k￿ming studtnts all ¢v¢r This promis¢s to br a kn]g"wKnins pr()fitsblo Publi¢ b¢nefit The Gov¢rn¢Jr% haw h&d rLyrd LO the guidance by thè (￿VIty Conuni￿1OD in 4ccord•Ke with se¢tK>n E7 t>f LhL CTrarikn"es 2011 in cnsuring ihlt Ihe College's obje£tiVES are for the publi¢ iu¢fi¢ CollgKe.Ytwportfnrfea¥ Th¢ 5thool th¢ ahilily 10 off¢r th¢ Aoel Iwills Stholarsknp. a IneaDS-iested award which is aw#rdpAI tv ¥ SistL iry School pupil aDnwlly Cn￿rIng ih¢ college ai the age of I l. This is eutirety free pla¢¢ t()r duT&lion Dr pupil's li￿¢ at the xth¢NJl. In addiliun th¢ Lolkge has an C￿e1￿1¥¢ Scknlar5hip5 Buisurie5 Policy whicb is dui&rytEd the intrn11(￿ ihai fundifft¥ g¢xs lo fwwlies most iti nthl. in keepitig witb the Foulldet'5 inkntiorKL Tfb ihits aim. the servicu% uf Bufs*ry Admithistr*ion Limilcd are osed to tmd¢rtake boDTrE Yi5its amd in4epth anoly¥i% Iir ancial siluaLiun%. Within this financial ye¥. bursary 5UPPDrt amouDttng to 6% of totrl ft¢ iocorne been ¥ranL¢d io pupi15 attendin¥ RLndcumh. The Sinclair lJur5ary r.u￿% money provided by R¢nthomb College FouTKlatii)n Its thL Coll¢g* Is Alw Cund its ftsnii1i￿, ￿ arc fi1[￿￿13Cd by Thc fnends vfRctnkThnb trus1 Our 5¢C()nd tr￿chL of L￿ten8rY S¢holAts fini4￿ t]ni¢ with w in Augiist 2￿22 ￿ur￿l ULL.Ilcnl A iL¥el rfwlts. MTh%t Th)tably onc ￿holar 8cliieviDg 3A* aud A• EPQ ￿ is Nlw ￿eting # TLwJlt% 4pplirAiun its sittdy law at C*mbrid¥L Clwritable oRdniilreo&b wrRk Our ahilily lu wdcomc other schoots onto our site IAS ¢onlitit*l to be rtstrted during thc Iw*t yrar. 2nd so our level of outrE¥th w¢JFk ha4 L¢Mlinucd to ￿ impacred. We enjoy IxiDg able OW.%ite, our hLiliLies trxperlisc wlth oth¢r.￿h￿)7S. and th8t wc will k abk ro increas¢ thi5 ill th¢ cojoyng y￿r as tt rnttk￿ a rxkiiliwc Lontrib￿l0￿ to tbow and ti? IhE thlu¢aiionol opptsrtuoitKL• fer tbr ¢hi1th¢4L W¢ wcr¢ abk to trfilildte I1￿ I4￿1 &LLU11 s(boD15 hLTrldin¥ ￿L￿aNnUal pr￿1￿10￿ Èn the Griffin ThMtr< W¢ lJav¢ fDut tllemb¢TS ol.the schtK)1's.¥L?niur IcadLrship tvarn uthltrl8kinB Govcmor rok8 irL nwinrnine4J ￿￿0015 wbicb allows fvr ucelltnL cttJ&*-fLY(ilisaiion of ideas and exrKrtiK bciwcen ihe scdors. Wt toot2nlle to wodt closety Il¢nlcy Fwk Hivh.QKhnul in (Il¢iu¢esi(¥ w)d wc ore in the ￿uL￿Ss vfcdtirt£ ¥ a p￿￿oIS111p with North CttncyPrwScbcrf￿. CthaFity playk a nMi(trr pttrt in the C'ollege's fvDdraiSiDg WPWTtmg lo41. DJ¢ion#l aryj chJAIlLY. We have und6rt*kon ihlLYn&l 0¥b'ni￿ on k6y dIt￿ JRch fkn MorAniJlaD Cofr4 Morning al￿ Frtld muniLY(￿S Mufti tv suppvrt chJrili¢v vuoh tho Ukrninian Appr41. cir¢n¢&*￿ FJousiry PLri￿1 Puvcriy 811d ttie Lilu¢ Crth*s. In oddiiion a Ivhole Coll¢8e.fuD RUD way uo(krtakcn to bupm Yo￿n8 MiiKb. Sknpwyrt Iw ¥ive# lu uther Lharithble orggrtisaii011g S￿baS tb8 Ftiends olReTthoutt) th¢Ir￿W￿ th￿L￿k work. Rcndcomb undert2kes th¢ w55 wtting of St PC1￿,3 ThuTrh Re¥¥Jc¢Jmb, also provhjes ￿le cle*llinE gEoern] dly to dny DlaiDteThith¢e of thE cbuEch lJuiklTn.. Tthc Q)lIcg￿ m*kes land availablo for th6 sill￿& vf the valag¢ le&￿IlUg OJ chllYirycolkctAOU bins. 1kn8 PCQF ￿e*hoT. tht ￿U01 dcsrs ts nb8d5 ID th¢ vilLi8¢ do¢tots' SU￿)erY REf415COMB CULLECF. I:()VF.RIIOKS: REfoR'I' (coptiiiwd") FUR THF YEAR ENDED 31 AUCIJST 21rz2 gr.RATKGIC REfoRT PubliL.ben¢fft (tontiDued} PareJts of pupils otitn myke. 5xrifices io ￿y. f￿. nvtrng the year the'sthool educa1￿ UK hildien Dt rtgligtblc uk%1 to the stst4 providing a taftgibl¢ irKliicit benefit to wjbiic f[D¥D￿ in the rcgitin tsf£i.2m. SimiKvly. ￿ntIke 9chools in the o)ailltWLe4J s¢¢4or. Kendr￿mb CiJlle¥E Pay5 irrEcoveTrblc VAI. on In(j￿ ofits of8oods ond setvi¢¢S. In suauDary, the Loil¢gc CfjnLIn￿ to fvlfj] its atins Hdmirnbly 8nd inl(%MLs kndo so in y¢aJs.'furtber. d¢wili &l)oui th¢ College bt foL¢nd On ihc vs*ite www.ret¥k review Y)¢ta￿S of in￿1n@ 8od ¢Xrt8Oin¥ inthe y&¥aY¢ shown in ihc Sla(CTTrrnt of FiDaDcial Activiti¢S C*n p88e I l. Fees iLK0￿C net of bu¢S8r[L￿. Ichola￿aP5 tind allofv¥tts ￿￿"£5.455.919 in 2021 10 £6.536.163. Uthi e4uEationcil irKome inet¢xY&by 20.1% to £591,780 donalions lutslled £377.565 ¢ompared witli £126¥.055 Ith thL PfiDr.'y&Y. 'Il* èowKl#tiaffl d¢)Dated £34"o.Q(Kl to the it•llc8c in 2022 (2021. £974.346). Th¢ Lo]kge's ￿￿ex￿￿dI1￿rt ￿.[(Dre iThYrsltDent gJitis was £)9354.11I2￿21: of £151.tr21). AfteJ.takin8 eccowil of the iL¢r¢as¢ in value of insrslmLknL% fv fi￿d5 of the ColEe4e 8t 3 1 Au8usi 2trL? tell from£614.800 to £368,727. ReFervespollty tt*idKIPiII£ COII¢VH , CA)Il¢ge'g iinYestrit*d fiu￿ at 31 AW¥￿511022 stt)Dd at {£311.919) of whith £7.254,713 r¢pTes¢Lts (k5igDated to be Iittlised as of thc pft)vi&ion of butwies atKI school ithprovLtnLnL%. TTr￿¢ is c41tr¢Dlly a deficit of £941794 on the geAJeral fijttds. Al ih¢ 31..AuwA2022 th¢r¢ i5 also a rtttridcd fIt￿"balance of L$6,8Q8 to b¢'used ui IhL develop.m¢nt of Science. 1'eclinology, ￿￿￿￿eeTing dDdlor Maths cthEe*tion WiLhin Coll¢ge. This year h'as Éeeii diffiaiktradin8 coNJili¢ms Tn our l￿-t¢￿￿ iut¢rn*ioithl owingtt>the Cont￿1?￿n8￿Str1a1OQs in Lhina and Hollg Korig due to th¢ pa￿1¢MiL llT￿ ¥s 5uch.the pob'¢y"thar the Qbllege shtiuld %eek tn g¢D¢rate a 5vrp]us intomL V.VWt ex￿￿1￿￿¢ each year has ftot l)een abk to b? ￿eL The Covernors I¢M)k lo balwK¢ tb¢ r¢qiiir¢d impro￿.MenL% aDd ¢uh?m¢¢ments lo the:Ul8lu wilhin the ovenu Tr￿ulD8 of.the ￿1001.$ fim4fftces. R¢serves nJay ix rcstri¢ii.d fuT buTriry. S¢]￿Lir5￿￿1p. "dev¢lopJYuL or otheT puryJos¢ if this i$ 8 s￿lfre ul. 4 4ow. It tb¢refo ma?n% policy of the Goveiwrs io sixk tu huild up ￿Serves ort of op¢rntin£ surylusL4 %iibiect to & d¢thiL uds for ruiuK.bxpcvdilure to 3UPPOrt the thl. 'Ihc s¢Frf)ul iy %¥civ¢d a5 a vinblè b￿•1￿¢59. 11 dth. and h35 thobockin8 ofkndt hclQ Wilhb￿ tha.Foundalion for Crn'W7Ky vse Sho￿ld this b'¢ reqiLi£ed"IlK F1)￿datiO￿hJ5 T¢it¢rated its SllPPrt for thc Q)lJegr"over the otUi¢ y¢*r 8nd h4LS lake￿ Steps. tc* ¢OSUtt It￿1 ￿"rt￿* arc.awilabie should they be ntedecL'lth¢ numlm mOWi•lllll￿ ttL¢ schooL 8Ad IhL tLdwdVCè resistsations. for p]Ac¢. indi¢8té that ihe dea)?aad forptacu is Brnwing signifi(zntly ITQTD do￿estI and 1rrtcrn￿T1YnA1parellts. Th¢ Govcriiors thai mojLY to whi¢h thc ColltB¢ li¢ elp￿d.1Te revieTrEd terrÈily. and lh￿ S￿L￿&￿E i pli?¢C to mitig&ic tr minimiic gurb ri*5. ..Th¢"Govcmors &rL ￿Lsfird ihal fhf Tisks idèlltified Lr¢" manJ&iad ¢ff¢ctivety wid io ikc grL#lut ¢xlrnt P￿Ebk. 77￿ ri%k m•w8emLnl pnKes5 is rn1￿8ed fwsity by'rhe frinw 8Md G¢nei?I Pury)os¢5 5ub-commillcL ar￿.￿¥b$equ¢DI7Y by th¢ full (iO¥trning 6￿y. The CoU¢g¢'s portfolio of i% mEm4rJl by.C8uuove &" Co. w4¥) aci with dEle￿￿1 authority.l￿dCrthe twns 'of 4 discrtts"onary agreeEncnl. Tr GtsvernoT5 ¥e¢¢ivt qu•teAty Itpoii.s from Caiéwve arid.cou5idcrpuform￿1cc irt 9021-?LY22 to ￿ satisfadrxy.'lTht 7nVLstswent policy produte5 a predictable IL'vcl of iwjine foi a low-iuedium risk Jrtfislio inv&5ts1 ip equit1￿ cash atsd fixthl sMy¢ks awl F￿v￿￿$ ￿dilloN1 in¢om¥ hr the Colle￿." IiENTJCQMB LOLLECE C:UVgllNORSY RF.foRT (tUDlinued) I"￿E YEAR FNDKfN 31 AUGiI&I"2022 sTrtrtTgGIC REpoi¥f (¢untiN¥ed) Prkrtelpal Risks And UnttrtaintiE* R]"3ks ar¢ idcnlifiLMI As bcirt8 Stmttgtc. Regulatory, fTovrTh4111¢¢. Exi¢rno1. Operational Pe￿1￿￿1. Environineulal, .Tccknolosi¢al. Acu&.mie Of FiiianciaL" rentrol D)ea511fN" Llwly i¢kntified wheTe tisk hctor5 w-￿%1 a hiÉhcr level of Tr Collu't hu9 a wtsll.develop&l Em•Tg•Dcy PIJD pl¥¢E whiclb uthgooe extErnJI TEViei¥ 2nd criiiqiie rio Wtll.i* iLterno1 rE¥iiHL- In tIM￿mOn with WDY olher 8malkr i￿ky¢￿dCny Coll¢ge5 the D￿JOr risk5 ¥rt *rtsund pupll OaD)ber5 md tht unhoios finwKiJl rnbth'ty ol the C.Iilltbtc" Élrtttgic work th¢r¢forE ￿jeT￿￿kLll Lo mili8rite iFkes¢ risks by mea5uro.s inLludiiig ¢fficirxLt aDd I￿get¢d maTkdbn¥ 8nd WJiDOtirAal adivity, aDd key dtristons ￿1¢￿ as lluo)beTS of ititrmalivnal pupi15. MiiibThIi￿S artiotis w¢re Tmrt in p￿(c. io answeJ some. of th nsk% Ilrf WLre identifie.d from t￿￿TI￿¢￿iL., 7ncluding sraffln8 iti some ateak 'Ihe scbool Like5 all *8pe¢LT (JCs•fttgotrdiD8 ve4y serious]y. and has LILYtr and ￿tIl managed fvAicie5 KQUTKI this aThJ All Y￿S orc0￿pIlO]K¢. Plans for futsire pei'iod It kn expec￿￿ thert will be a modes¢ gtowth in U¥LrnII wil iiumbers ID tbe coming yem, whilst siill n￿l￿taInIng th¢ 5¢1w0l'5 famtsly-r￿ and cariD8 ethw. Th¢ wi)rk Ihai hss SLHrted OD upjalwg refttshing k¢y are￿ of th¢ bTr)I sit¢ will ry)nLinue. with more siyufiulltw0i￿ts ktng ¢￿￿$dered ￿ neeAI arise& SI'ATEME. NT 01 GOVERf4oKs? I￿sPONsIBILITI￿ Th¢ Gov¢Th)￿ (who trt also direct￿ ot Rend•Jmb Lolle8¢ Limited for the wrp(LSES of Lompaiiy L•w) are re4pon5ible for preparing tlLe Gr)vern9￿. dnd th¥ fitsathcial stAcalleDts in al￿nCe with applicable law Ulltt¢d Kingdipm AttountiR8 Staudar1 yc*r wh(¢h give a mie aatl fair view ot IhL' ¥1￿¢ of affairs of th¢ cbaTitablc Lurnpdny and of the i]KowiDg tE¥oufLfS appli￿lon of resoiirc&s. including IhL lrtom¢ avd ¢xpeudrtUTe. ot. the thwithbk tompany for that wTrod. In prcwng tt￿se fillanctal sht¢iDcnLf, thc <"J6￿MOr$ ar¢ rfqiiired to.. .lttt guiiable accovntiDg p)licI￿ apply them co￿$L￿e￿Ily. ()hxeTYe metbod5 aThd FWlD¢sple% in Lhtriiies SORP,. MakL jodgeii)ellts [￿d estirtiat￿ that ¥rc ￿￿{)￿¥bIe and pnHkJ)t' Ssalti whetkex appitable UK have followol. sthjeL* Its ally m&terial depaTttJres disclosed atLd explained ID the ￿te1￿c￿ts. Pr¢por6 the fit)aniial slat¢meTats thc goingconc*rn t&sis unkss it k% ifft¥ppNJpriw¢ io p￿1￿4 tbaf thB thariE£ble cothpany wtu ¢outinuE in tpJsir¥%s Thc nrc r¢JpoDthle for kccpinatr proper abC4Ulltitig reconts that with r￿￿(￿￿1¢ xt *)y tiTI￿. ufthc fittnll6ioi position of tb¢ chJriithbl¢ ¢omFdthy aod eLJbl¢ tb¢m ¢0 qTNYL th81 Ihe fiftaocial strdteJn•JllS ¢omr.ly with Ihc LompAntes A¢120C￿. Try arc also Eesp)llsible for 5dfrguJrdimx the *ssets of ihe tharitabk 4ttd hcncu for iaking R&-ooablc.l¢ps fw the prcvtntion thj dttectiQD of and otht¥ irregularities. Tn ¥Lcordartce with conyThy law. as IIK ¢hvitsbk cffjmwy's dr¢Ct￿ WE wlify thiL' • 50 fw a5 we a￿ awa￿. therl i% no rclevant &￿j1t of whiLh thc charitabl¢ rwiy's auditor K% Im*ware: the direclws of the charithblc compatsy we have takerL all rjcps thii ￿ ou8tst to have tsken in IirdLi io ineke ours¢lv¢s ot uny ttlcvanf audit ltif0rn￿tson aDd have L8lahlislMxl Ihai the clwstable company's ttudiior is ware of that informolion. '11Le Govern(K5' Re[￿1. which Inc￿rpO￿tes the StrJtegic Rq￿ was authorised for i%s¥e and app￿ved by the Governo￿ on I fJecemkr20T2 #nd is siEod OD th¢ir TrKhalf by.. ord-. Chairman Ir4DEPEV41)K21T AiJDrroiLS' REPnRT TO Tll£ MEMBEIL8 OF Rk'NDC()MR COJIECE. Opliiioo W¢ bave audited Ihfy rY￿an¢1￿1 sthtements of Rethmb"Colle8e for the year 31 Aug115t 2022 ithibh Li)rriPTise thè Strtem¢nt of l.'inAneial ALli￿ties. Dalan¢¢ ShcL% ihE Cash Flow Stat¢mcnt aftd noks to the fuJ8Ii¢i81 sl8icmenl5. I￿ludIng a SUMM￿ uf .giwOcallt ons4bililies uf fhe fruskes with rt4)eet tsF SOiLg ¢ollc¢rn are d&%crilul IR the iE]e7Mit se¢tioThs of this FLVQrt. Other infiiTmthlTi Tl!¢ Iru5tees rtswnsiTrJle for th¢ other Inf(￿￿100. Th¢ od￿r iJthnaiion.ci?rnPris￿ th¢ Iyform#ii￿ intludui iri th¢ Gov¢raor's UPiDion OD th¢ finwi¥l %tst¢m¢]￿ does eovcr the oth¢T llrformatithj L'X¢tpi w th¢ ¢x¢¢nt Otherwise txplJLitly sfat¢d our repxy"rf." w¢ doTh)t express any fotm of co11r￿SE01] ther¢on. lo connecti￿7 with otsr *Jdil of tb¢ fuwncwl si*¢ments. re5poJ)sloility is th¢'other.IiifornJ￿10n and, in doing 50. cODsid￿ Thbelhu th¢ infvnniifion i¥ m•i¢rixlly ith¢ODSiStellt (lie fin*nci315titeJDeLL or our krbowIL.d¥ ohiaiped in the. audri or appeaT5 iti bc m*itThlly J4iSStated." If We.1(k￿lrY such mJt¢tria1"iE)GOJ]•iJ￿C1￿" parriii ￿7￿[￿nI Iiiissiarem¢nts. we aré required rts ddEwmin¢ wh¢the¥.thN¢ is a matLYsNI mi55trate4Dellt til th¢ finanLi81 ixiErnrnts or a ￿lterIal thit%l4ly.mEnt otber infoFmJll￿. l( b￿ed oti thc work wc h4Yc w¢ concludts, Ih¥i lh¢￿ is a Inisstai¢meral pf this other we at¢ re￿Ilre41 to r¢pon that fxL W¢ btivt nothiAg to rcpurtin Ibisward. 10 IriDEPF.NDF.Kr Atri)ITORS' RRfoRT TO'IryIE MEMAF.RS OF IIETrIDCOMR COl￿￿CE (eontinoed) Opinlons on other mattcrs pr¢xribeit hy Ihe Co￿p￿Al¢S A¢t2Q06 ln our opi*)ioll. bgJ¢d thc 1votkvnd￿[akonin thB Auditr. the thd¢iOn WVC4) in the GovetllOTS Rqjort {￿11¢h liKh￿e$ th¢ str*its rcport alld iiie Llr¢ctt)rg' r¢port fortbe PUT￿5￿% uf¢oinpwiy law) for (be tina]Ki81 year for whKh thp linxnLial srat¢Jnellts aTe Tcd is C(￿*SteneW5tkn ¢be finaKtal statem¢nts" aryl the str*￿¢ r¢porf the dirEr1￿. T¢POrt incltsded withui Govthot's KwrthavE bErn pr¢pared" C¢A)rdaov with 4ppli¢4bl¢ legal r¢qvirema45. M#tters wbirh we dre rtquircd to rcport hy ext￿11￿# Iii the It8hL of the ktwwkdge aThl of tbc ¢haritsb￿ company I￿* its environrncrti tsbwin￿ dj¢ cour frfth¢ awlii have not id¢ntttigJ MalerF￿ Mis￿ate￿e0ts in the (loveft￿r5 Report (whiLh incorporates the 5tr4te PLTrrtotyd Ihc dirt¢iorJ' r¢port). WE buvL nothing lo report ill ￿PECt ofthe f*)IlowiD£ mat¢eys ITr to which the Compan*.4 Ad 2006 Iqiiit%% li Iv iepw¢ lo you if, in ow ophtiioo". adequxtL' aC¢OWltitigre¢oids kw by Ihe charitshlc company. or tk LharitrLble company liTh4nLYal sMtemeDts ate not in agrLvn¢ni with the aE¢ountsN¥ rttords ODd retyros: or ¢¢rtaiti d15thWrL￿ IifErus(ees' leniu1￿170fft 5mxifKd by law are not lnodts": ive have nr)L rLcLived ailthe ￿￿allOn 8ftd ¢vIatwr￿ we TEquire for•)uraudLL R¢spoThyihililies of iruste¢5 for lh¢ financlal statements cxplalrted nxjre fvlly in ik. InLStees' r¢spoDsiTrjilili￿4 sideme41t set out ¢)n pdgL 9, the tr￿Stee5 (￿0 dre also the dire¢lor￿ of Ib¢ ¢kn&hfL' coinpnlly for the of ton)par&y law) arL reswnsibk for the preryornliru) nf th*. rinwi¢i81 stsien¢llts fut b¢in8 Satisfied thai (k'y 8Lve A trn¢ ajxl fair vicw. and fo¥ suth it￿eT￿NI Lx￿[￿1 gs tbe trusM delenlline is ntLts88ry to etubk the prLyAfaLÈort of 6urrnc￿s that are free Iriim m¥Ltwial issthteinettt, whether due Lu ffaud of ¢uor. In.prwir&n8 the fiDawaI the reSp[￿S1￿￿ fvr the i*aritable ¢oD)pany's ability to continue ns a going conc¢m. discltssiD& a5 Jpplicablc. matters rel￿￿ to vuing coJKern ar￿ usiog the Kuing concern bN3iJ of unlL*• (he trtLAQL oithw int￿￿ its liquidait (￿[]￿4￿1C LOrt)pAiiy or t• crd5* yf#iihng. t)r h8 no re011s￿ altcrnativL bui io do so. Audilor'j resy0R￿￿it1U for Ihe audlt of the fi•*ftctral.*taletheiits Our objedives are to hh<i r1*W￿abIV a55wunec financi81 slatejllents as J wh(11¢ ar¢ free froi iat¢rial ￿￿￿tern{￿l wh¢ther due to fraud i)r error. aLd to i55ue ￿110￿$ report that i￿1￿￿ ow opinicffl. KeasoD8bl¢ i8 a high level of ¥smn¢¢. but is llot a £uaronts*. Ih81 8rt a￿di1 Gojthctd in accordartCA with ISAS (UK) WLI #I￿Y¥ We also ¢4)nS￿ered lhosc laws al wegtÉl#iiofts Ihat I￿ve a diyert Impa￿ on th¢ w¢pata¢Ii￿ fjf the C￿￿u¢l0[ stskments SULth ag 5vch as th¢ (￿￿4[1ts A¢t . 2011 aThlcon%i(kroth¢r hrknr6 such ag IND￿VENDEp1T AUDLTVILS. REPORI. T() TFtE blEMII¥KS nF REFtDL'oMR COUECE (￿)￿￿￿￿¢0) . We ¢valu&ted manakFemeJ]t's inccnlives aud oP￿￿]tIeS for fr&udts1￿I rDJuiyul¥ion tif ihe fjDatKtsl s￿lEments (in¢llldins ihE risk of owri(k' OF coMtrnIs) thnd deterDiincd th81 th¥. princi￿17 risks "weY¢ Telitfyl to thc impropEr recogniik¥n of r¢¥¢￿ Md maw*gement bi&8 in acrounting esiim¥lcs. Audit wocedurc4 wrorn￿l by thL rngase]lleut tcatn included.. 1Tr5pec¢Ati8 corresNJTrden¢e with re8uldt(xs and tsx authortlie8' Discussions with m￿<18¢￿¢nt Ir￿1[#1￿g coMMkr&ioo of koowft 0¢%￿1p￿ted uf t)onwllan( witb laws &nd rektulation ar￿ frdud" Cpv2Iyaiin¥ manageJneiM""$ timÉrols desiwied lu wBveDt tad deiecL iryeguLirits6S: Id¢r>lrfying aud t¢sring jiMwDab: alld LI￿11¢T12)ng a5sumpitJns ar¥Jiud8¢menL% nwjeby mw*8Linen¢"ith th¢w eri11￿) ac¢ovuliagesiim81¢% SJ¢uuse of Inhere41 linFiiali(NJ5 of an audiL Llve is a ri* thAI wc wiu wt de*Li 011 iry]aritit5, in¢ludin¥ tt¥)se leAdit)g Li> a material miS$laLthErtiti the fiii•n¢i¥l #atelllellts Or niln-cwplialce lviih regvlats"otL I liis incr¢ases the 0￿ I1￿ Lompli?llce wilh o law or r¢8ul•rioh 1% TellKSVt4J froin ik" t¥eD15 ￿Tr￿d tsw)>*L*ion5 Rllecled in ihc finaTJcial staten]￿l￿. &5 Wt will LE Icss likEly to t￿niNe of ofnonwd undcr the 8ttruals t•sis in lir￿With $ttff c<%ts. 2..7 Expellditure E.xpelldItu￿ #t￿]nted for ou #Th ¥¢£y￿ bttsis. It i5 •ll￿￿ed benfftD UtegwiL* on the bASi5 of u¢tsJal CO￿ 'cO￿ of dLlltithkJ WiViti&s ￿clUdeS w+th tbc llJPDiDS of ihc (Ailkge and include b( direct alld 514ywI Costs. Support T￿reSent I￿lIr#I rtlaEing to raising funds the thari¢y's chtritable 4dlyi1￿￿. Siipport Ctsbts, iticludinii govemau¢e costs 8Te ¥lJo¢*ted ro athiti&s bases reP￿en1 ihe GovernoJT' csiimate of achial use. Gotsrmaoce ¢0sLx romprise of rtmritng the cFority. inch￿illg audrtors. ￿M&￿trai011 ?nd exr¢r tcimbursed to Govcrniyis ththdiDg meelikny. 2.8 Fixed a$sets ixed wets for by the cbarity aKE 5ts1LJl 81 CIA4 less deprcGialiott. De{￿1￿10n is L*kulat¢d a %LT8ight- lirke basis over the Lslimaled ¥Jsefiil lifr of On 8t tt"Le fo>llowing rates: l*llipiD¢lll arnl TllOL(w v¢hicle5 20-25% 2.9 InTrestThcnts lttv¢sroMt in wbsrfli8ry is atc¢Ad leu provision fw impairnie41r. LisTed illve6tll￿￿ts arr smied atTraTkd ¥al¥c at thGbalance slum date. Keabsed g35n5 and lasses on ir¢v<%1rncnlS represeirt the dilTiY4YlC¢ tttsveen so1￿ proceeds JThd opening InDrk¢t value (oi. r05t al d￿¢ of ptr¢hase it l¥ÈLT). UThrealis&l goins 105s¢s reprwit thc ¢bang¢ ip marktL of the inv¢stment￿)￿rolio ltt th¢ >rar. Unreali5¢d gair￿ and IrL%SeS OT[5f￿￿ on T¢valuaLiOn of Inve%￿￿￿15 are cY¢diltd ¢￿ged to the St￿eMent of Futsticial ActivitiL¥ aod all(xalEdto the 8pprnpri￿C fimd &ttorthngts th¢"owmcrship- of UDdtrfying Assrt 2.lQ C*sli al b*llk' Aod in hJDd Cash at bJDk ¥nd eash ill Id ￿1) 8nd sbort hi8hty liquid invc*imcnts with a short mamrity of three months or IL4S th¢ date of¥¢qui8i(ion or opening of th¢dwsit or similxr #cwwt. 2.J.I iu5truments Th¢ ¢harÉty only ha5 fillaDcial knd fioaucial ]thililic4 of• kiDd th4¢ 4iiulify basic fviancial instrU￿ents. ￿￿1¢ financial lnstrumeJ￿, iTrclyding irnde alld other de￿ts￿ creAlirot* and i*v¢stm¢ots in uotL-pyttable ordinary sbares aTe inilially rec4Vi5ed at t￿[￿￿10ft val￿¢ and int￿￿¢d 81 th¢ir sèttienRnt ¥8lu¢. Cash 15 easured at fxir val￿£ throu¥b tl%ry0r￿ ot lo 2.1.2 Credltoys and pitsvisioll Credits)Y% and provi5ior&s WI￿re rhaT#abl¢ company t•$ a prt6¢llt obligatith) resulting frvyn a past evc*L ihat will ptobabfy ttsult iji the trall5f￿ of fiu￿ to a thild r*rty and the aLM¥uni due to 5ettIe thtt 0bb"$3tii￿ &4rt 6*im8ted rEliabty. 17 HE14DfoMB COLLEG8 NOT￿￿ TO ThE ACCOUNTS FOR THF. YEAR EP4DE0 31 AUCIJSI'2022 ACCOUNTINC VCPLICILS (eontlnu¢d) 'IlJ bund 4£coiilltiug lithictd fund5 are fiwd5 which have im) Ju¢i¥ul for S￿lf￿ pJrptssLJgS l￿d￿￿ted by ihe dimor. utsresYiLlL￿ l% re f￿dI whffje use is w1￿1[Y al th¢ disu¢tion of thr Gover￿0[$. D¢si8oaied fwmh. 5uth as the FL￿Ddaty)￿ furt art f￿ndS are Ilk￿￿1[￿d partsculÈr pu4Jo5es by thc G0ven￿lS. 2.14 Peosinn Th¢ Coll40 lo the the Aviva Pensioo TTUSt fr>r S¢b)ots (APi'IS) which is a d¢fiiied trrowion ￿￿1{.6 fdn ￿ used by all ISBA membersehtjob fv their fcaching *laff. ) Et is part ofAvl*a'.% "Mast¢r I'n¥*i° TSt.based wmioJJ awemeni Jn¥n3gqd by tIideper¥JL'nt profr3Jiollal In￿te¢s. 11 is aYdi1oble for ISiiA memkn and suth iJthEr orwiifflrions aTe admitted by mul￿1 awremenl. Tbe Colleg¢ alw opeTat¢s k monLy PUt¢lJRse sdJcn* fijr non-ts¥bin* 4afF. Contriburion$ chatgd io th &atetn¢rtt of Finawthl A¢ti¥iiits ¥ In¢￿￿¢¢1 2.15 Oytrdts4g 1¢gses Rentals pay8blL aTE Ebaryed on & time Tr￿15 over tho k*5e"W cvcTr if the pNyiD¢Dts a￿ i¥A m4d¢ on 5ti¢h Imsis. Llenefits TE(¢iv¢d 47nd reL*1va￿￿ as an inceniiye to sign ao O￿tTr lea5¢ art similarly ￿p￿d o styaigbt.Iil￿ Ib&4is DV¢T the Lemi. 116 F'orel8n (￿rrencY trawlaiiuTh ThE rhariti¢s fvrtt1i1?n￿ and preseth￿l￿ ¢wrency is pound sterling. aL%%ets aud liabiliiiC* d￿￿￿￿1n￿l for¢igll ciwr¢ii¥ic% tra]Jslaied into 5wliDs ai the rdtes of exchangc nLling at the bAl8ncc sheet dal¢. Traosa¢ts"ous forLign run%￿leS aw ai the ruling at date ofiho traTrsacts"oo. All djffLYen￿ are rL*oglliS¢d in ihe SiJtemeoi of financial Arlivitie C&4RII'AIIL£ AcrivrriL8- pF.FS IIECLtVABLF. 21YII Fee5 reeefvab1ec￿nSL$t of.. SchiM)I f¢¢s LL9S total biwsari&s. $thol￿h1ps and 8llo%v 7.704,466 (t.168.303) 6.651.325 (1217?76) (536.163 5.433.949 Addixrk. Llurs&riGs fipoded by Martsn WilLsBequest Biir&8riG% tAffjd¢d byllrarfi4 Duttoo Dequf*i 1otat ￿00] few R4¢iTLd 6.536,1fj3 5,433.949 hleaus t¢9￿1 ￿1¥>181$111P$. bwwi45 and other awartstyt•lliug £457399 (2Q21". £406.384}W¢T¢poid 4 pupils (2021: 59). Within this. Ni rApils (2￿21". ft1￿ WVE reteipt ofik FThncis Dutton Scholmhip.. 18 RFlfftCt)MJJ COIITh.GV tIOT&S TO'lliE Acuiurns (contiti￿¢￿I )R THb YEAR FJif)RD 31 AUG'iIST21f12 CHABITABLK ACTIvrrIEs_ ()THER INCY)ME 2012 2021 ddiuon81 courses Scbiii)l AddilioiiAI a¢￿tt￿nc¥￿allfjn Aneillary iLKom¢ 408.040 48.1173 67)87 67,480 327.1)02 3fj.722 1?7.514 (2.147) 591.710 489,091 OTHBR TRAIiIIIC AcfiviTJF 2022 TrsdiRg inCUme 131J82 15.2 18.894 78.438 in&)m¢ 216.674 R¢rf*l incorne relatr5 to ptDP¢rtiu*"*thi¢h ovrned by RendLxMnb Colle8e F￿1[1d0t1￿N, for whicb tbE reut is payjble to the Coll¢8e a¢a￿lan¢£ with the rekvant agtenKI￿. INVE¥rnF.lff INCUM 2Q22 2021 fTr)m inNtStu￿EaI portFolii) 41339 95 Inlerea 41,434 37,419 CRApffs AND DUNA'IIONS Total 21m TotAI 2tr21 Unrutfttled DesIg￿ted Restrkted DoDg(jyns tu Ibe College: RLmdLOtnb Colkge Fouwd#tii?11 Rurdl paymvit" Cra￿15- .FurlollÈ& srtcome 3fj6.￿l 31.56S 346.iMX) 31.56S 974,320 25,7?7 267.958 311,565 377,56S 1,26%.055 CIIANT8 AND L)OMATIONS171lll) Unrt¥lrStted DesigRJled Restrieted 2021 2020 Th.InAliuns lo Ih¢Coll¢ge". RendCO￿b CoUe&Te Fothd81iOn Butldillg lDIWVVVE￿IJL8 Kural paytllelll Ctnteuary Ciraiiis: T,￿lough ir*om 974.320 974J20 54)9,306 2.000 21.483 25,T77 207958 267.95R 242.172 1.268.055 1268.055 864.961 J9 RENDCOMII CCILLP.GJZ NOTES TO'ITrL ALCnlNKtS (eontinue(l) OR THK YEAR ENDk'L) JI AIJCiIST I￿3 TfyfAL EXP£NDrruRE Tutsl 2022 Total 2021 Other R#islng flluds TNling ¢0515 80.or 6.567 ClJnril&bl¢ a¢lkvili Èdwc¢7tiQii47pidyrtnl 'I'cathing WLifare PFLYfJL￿5 3.70S.779 359,149 226,044 24.859 23.518 -55.014 271.73 936340 772.iori 104227 1175.276 4.002.368 l319.￿7 1,053,766 I￿1227 .397.697 3.%39.231 1.116.384 I.(149.660 13.460 T.381,558 Adtnini5trntio 522.143 278 4.813.115 104,?69 1959.6¥1 7.B77.065 7,470,)00 4.813,115 104,269 3.0341.7% 7957,16d 7.476.867 TryTAL EXPk14DITURR (2021) 1.oial 21nl Tot41 2020 f)¢her Raising funds "I r&(ting ¢x￿1 6567 6.567 42,422 Charitable uctivitits T&iching Welfare n]is M&rktting AdmittiAr&tion- Don3ti0rt io thc Fiiundation .676.601 398,425 213.367 3¥.753 123.884 691J78 779.329 83,460 811.i45 i.1139.238 1,116,384 1,049,660 a.460 .381,558 3,837.045 1.143,979 927,839 67,148 1.451,130 561213 J.730 4.854676 ' ft24.028 2.489.596 7:470,3¢)0 7.427.141 4.856.676 I24.￿8 1496.E63 7.476.¥67 7.+10.673 2022 Bb. fTDYernon¢e ineludtd in yth¢r c05ts". Rewufierniiiin ptsid to auditor for awJ¢t seryic¢5 Rémiujerniion to ￿t￿￿off for otkn ser¥ice ReÉmbursem¢ni ofpJr50Jtal expeJts¢s io fwvvwrs-travel ¢osts. 13,150 1,765 30fj 13,5 l5,221 16,100 Ny Governors were rtmunetat¢(I dvring the Y￿r. TIL￿1 ¢xp¢ns¢s WUL. to £306 (2021: n41). RENW.OMB COLIEGF . NOTL8 TO iYtE ACC.f>UNTS (¢rJnliNu¢dl 'FOR THE VEAR ENfp.Iv) 31 Aucusf21)22 -STAFV COSYS 2022 2021 Wag¥5 aTrJ sT¢laries .So¢ial SELuniy costs P￿SIr)n toninb￿l0￿s {Dole 20) "TeYmin¥LioApaymenls 3,8U5J30 361.087 381,079 415.130 28.9)7 .4.813.115 4,856.676 2021 .No. The 4JVLrw Ènon.thly numb¢rof ¢JN>loye¢s ID It￿ yL*r.w8s: Te4ching'. Full iiinL Part tim WelfarL PrernisÈ$ 'Aiknini%traiion" No. 53 27 33 16 21 A￿￿..'¢mpI0yeC rthid to k'.¢y u)anJgementpysoortl 1hry.the ytsr weie U70.225 0021: £540,QOS). NuiulJ¢r of h1￿her pald tmpioytts io b¥thd¥or" 60.'000_ 6¢J.yIW. .70,COO- 79.999 J.20,0(iO- 129.999 140,(KX)_ 149.9 2022 2021 21 RfNDCOMB CnLLECE NOTES TO'fHe AC.COUNIS (¢oThl•Mued) POR TIfc, YEAR BNTrFJ) 31 AiIG'UST 20Z2 IQ. TANCIBLE FIXF.D Assyrs "Equipinebt ¥nd oior Ythicle4 Total C05t A( I Sep*jnber2￿} 2.7T2.853 134.887 (11.948) l772,8rJ 1.14,887 (ILy8) DistxKwLs Al 31 2t 2,895.791 2J95.791 eprec5xttoii. At l .￿￿teMber2D2] Cb4vgL fvr the y¢ar lirrtinuied OD dist*￿1 2.533J20 104269 (11947) 2.533220 ILkl269 (11.948) AI 31 A￿￿￿5¢2(122 2.625.541 Ne¢ Pook Value "31 AuxLL4 2022 270,250 270250 37 Augw12021 239.633 239,633 Tht C.olkg¢ has ￿￿E ofibepropertits by the l.'OwMl￿Inn. Cous￿LD8 OP- Tbe inain &u71ding of the Sthool with matky fxiliiies. irtcluding the kn'tchen* dinin% hall and a boanlirhE hu￿￿. The stÈbk blc*k. illcludillg Icr Koom clas51r￿￿$ and Arts Blrfxk inc1s￿ing¢1&WQOv￿. The l)oarding hibLL5¢5. cO￿lstit18 of P*k Hous¢, Old RccLnry. QodDion Aow. l•wn House attd SIAble Hous¢. rden i.¥ uwl foF ti* e borrn Hous¢: EJ] iiddition, Lk're are te{￿LS coun& J SI￿1￿8 Wjl. sp¢Jts 4" a￿15￿¥ FonD Sociaj &ntr¢ thl m xll. w¢ather sp)rts pitclj: Dw¢lihti8 housL5"I￿ ¢41*10yt￿ ¢orn%ist 01t￿ HeadrI￿$￿'% How Tho lieethry. Ke¢tory Crn¢. Pork Cvtt¥ No's 1.6, 19. Houses on exiern41 Id are Cfjomb¢ Hw*,.Cb"un) (hLhard Ilouse No'o 15. 17.1820 the Y(b￿ n(r￿e and Post OtTiL* LiJttag¢,' alld Griffiu Ccrtirè. ktNDCOMB C()LLECE NofLs TO THZ Accourrrs (￿ntIl)ned} ITOR YHE YRAR ENDED 31 AUCUST 21)22 AI. IIIXED ASSET INvx&IT*lEprrs Li51ed inve5tmtfvts Total M4rk¢'i v8h* al I SeFkntw 2021 AddiLK)ns Di4>osÈIs 1.106,493 10.919 1.117,418 (52.373) (152) (52,525) ManagcnKut fees paxl M#Tk¢i valut at 31 ANgwt 21n2 1.054.126 10.767 1.064.8Y3 The hkgthrie o(invwtmepts hgld t4£959.656 (2021.. £959.650). TDve4LmcniS are in 8101k￿ Equities fwjds. with dx exceplion of * £1 inv(sthient th the bsididry eompAny. The Cvllcge owns the ¢ll¢ire sbare capit#l lif Rendcthttb SetryiC¢5 Li￿lted Df £1. 'iTht gEEgw shaTC t*pl￿1 Aiid srrv¢$ (Jfthe tompatly as at 31 2022 Énd profit for the ye4r thcn LTwJed as follows." Agr¢g41¢ ofsh*r¢ upil¥l & restrvsits of swplvs fim(b.with Lloyds tlatsk pl IIENDCOMiI C()LI.ÉGE NOTES'I'O THE ACC.OiWfS (e¢>nlinued) FOR TIIL YEAR ENnED 31 AUGUST 2012 14. CRKDI"J'ORS- dryt in Jess than nnty¢Mr 2022 21121 'I'radc LYEditor5 Ac¢ruaiy KLgixtratioL) atsd 81ia18rt￿. f￿$ l.'ees nxLived in advance ofMiLthoelnk¥ Tem) Other LfLXli¢c￿l Othcr lax and soria15ecursEy 246,477 46,869 555,132 1.447.737 23.130 108.542 1.30,485 50,9G5 521,036 966.3 11,822 163,695 2.427.886 l.X44,385 IS. VOND MnVP,MErris A knplrmber 2021 .tAve5li￿e￿É Gxius 31 Atigust 2022 F•xp¢ttdilurc TrJTrsfcr5 Unresirie¢edfvvAdr Q¢tt¢ial furjd D￿E￿al￿dI*￿idr FouDdati(Mi frund FTrncis Dutton lJe4utst RufficY8dfwids." (749246) 7.763.6J6 (7957.l64) (942,794) 1 ?54,073 53.165 (52.525) 1301,548 53.165 6,808 5LI.O 6,X08 iO,noo Cent¢ll￿Y fimd 614.8 7,763.fjl6 7.957,104 (52,525) 36J.727 'lkn Fowidation Fwmi consis*% of th¢ iDvestme4M ￿j￿r￿li0 traDsf¢rr¢d by Rend¢rAt￿ College FouTrJatiOD. Th¢ currefit int¢ntiou is fo rctsit) the Furnl a¥d use the iftr4MnE 8Eottated ro fund activilies ofthL CollEKe. The FrRncii OulloTS Beq￿* is uiili*Yl for mvsi¢ Xtho1Atthi￿¥. ￿ such scholarthips were ideDiified durimg th¢ year. The Lon8irwfr ￿￿1 ¢otssists of ¥ward¢d at the LA)nwtude Explorer ChalILn￿ is beillg Lwd io (ievvlop S¢1￿￿ TeclU￿10¥y> F.ogill¢¢ringandlor Mots educatioTh wiihin the Colkge. The C¢nt¢nwy consists of aUWW1￿yEtt1*Kd for the rekbratio FUHb MnVRMErfrs (2021) 1 Septern￿r 2020 31 Aiigurt 2021 Expenoithrc CAIIIS ljnrestricled fii•NL¥ RFral FEwd De.flRvai¢dFiithts Found¥tioll FU￿1 rrartci$ Dutton Be4uesl Reylriclgd Fvnds.. ngituth ￿artI Centertaty (598225) 7325.Y6 (7A76.8O7) (749.246) 1,145.090 53.165. 108983 125d.073 55,165 6.808 6.808 50.0 656.R38 7.325.&46 (7.476.867) 10¥.983 614.B REl41￿0￿B COIJ.F.GR To THF, ACC.OiJNTS (£ontlnued) FOR'1￿ YEAR Epffjf,r>3J AUGusf 2022. IS. FUND MOVEhlENTS (rontinued) Tk. Fi)und811r￿ (nnsists of the iJ)vestmeDt portfolio traosf¢rnd by Reod¢omb Colksc Found4tiM. ThL LyffLnt snlmiiort is to rtrjin the tr￿id and use Ifx in¢(¥me Be4)e￿¢d lo belp thB xtivitie5 of the Coll¢g Th¢ Fr8rtGis ￿110￿ Ucqlle5t i5 Iltili TynKihl¢ fix&1 Invesiments 14el evrrciil e￿(li￿bIlitieS) TDtsI lJtrrLrlricl#d lhi￿alL.￿ Funds fjen¢rdl F￿¢J$ R45trided 1,064.894 189.819 (1213,044) 56.808 1,254,713 (942.794) 56.80% 270250 270250 I.IYA,894 (966.41D 368.727 17. CATrITAL COWmRP￿s At bala￿¢¢ she*r dat¢ tb￿C wu¢ NII ￿l1[al CODUD1￿M5 (2021: £Nil.) J8. FI.NANCIAL INSTRUMENTS 2022 2021 C8sh aud equivai¢Dts . l.'inancial assets al￿orti￿a cosi 1.094.780 218,800 720,663 297.505 1?13.5¥0 1,018,168 .4?7.8g8) (1,739.329) inancial assets meawvj al atuortI￿ ¢ost include fee d¢lJ¢r¥4 other debtar$4md ¥¢(w¢d 4ncom¢. l.-Jnau¢ial liobilittesmeasured at all￿rtI￿ coy i￿l￿de feas in advw trudg ctEdiltJr$ 4NI oth¢t cr¢ditW5. Ii£NDCOMR COJUGE (>T￿ T() THR ACCOUNTS (tontliiued) UKTHE Y8AR F.TrmED 31 Aucusf 2022 19. OV£RATINf i.F.ASE COMMJ'I'MENP> A131 2tr21 the toll¢gc Iwd aTmwI unthr 1￿c￿l&hIe opentmg lea¥s &5 Stt s)Ilt trrtloyi., 2022 2021 Fulllres & fittlngs Fixtures &[ Fitlsngs Vchlcl V¢knkles OP￿ating l¢a5¢s Mthich expire: Within one ytsr In (Trne to two yeas In two to fv¢ yeas 2,￿1 53,954 10.04 iot2 57.839 49.1165 10.046 iOW2 117.750 To￿1 w5ts T￿l￿red iti the ofT¢JthI • forosw l*ld WiDg ka5e of £74.081 IyJ21.- £97.332) 20. PENSION COSTS Dllriiig 2027 tk. rrtjVern￿E mh1¢rtor* & consuft811011 with stsff tb¢ ongoing m¢mFrnhip ofthe Trs. Th¢ outcoine of thèi tn withdraw from n￿mberShip, LffcdivE 31 Aiiwt 2021. Tbe School nth¥ F￿￿[All¥ in th¢ AvivJ Pensioo 'l'riisL for Ind¢prtsd¢Rtt SC1K￿ls (AWI"IS) which is a detined colltrtbutiort pension 8Lh¢me wtu"¢b caD used by 8111.%8A member s¢hooLs for their ieachirtg It 15 set UP 05 part of AvivL'" "Mi.'ILY Tin5V' _ a p￿10￿ Un￿¥¢￿ellt Dlil2Ja8ed b}. li￿epL.￿d￿￿i pr9￿￿￿1￿￿￿1 twsttt5. It is available fi￿ ISRA memb￿5 a￿1 such ￿h£r orx4tnisatlOUS IS ￿lre a(lJuirteA by #￿Tnent. Th¢ peDsion for tjic ytsr inLlukn wntrlMrtiODS payable io Ayiwd ()f £425.526 (21r21.. £586.692) aF￿ al thL year- end £nfl (2021.. £niQ was hrcrned in ofcolltributions th1%.scheme. bj NoK4eachrty&ill Th¢ College operaies a mimcy p￿ct￿* sthtjne for non4tsching 51aff. Th¢ assets of th¢ s¢hcrri held scpjrntly from thoje. of the Lolw.. AE Ihr y¢ar tlwe wre SQ (21P 1.. 61ym¢mb¢rJ of tbe Inoncy pureh(knl L, cheme. "￿]￿l0￿,S coniribulMiii% ￿)1￿1￿ £104n7 {21f21: £I02.044) dllriJ￿ fbe Ye￿ pJ]d 81 the year•¢nd £0 i2021.. £Nil} was amed in les￿¢1 ofL4Hrtrihrtioyk% to this s¢hcmc. *1. .K&LATED PARTYTRANSAC"I'JONS Coutge Li g ¢AJTrntL*ed charity witb Rendtomb (AbllLhbiL as the Tn￿ of IhL FiJun(Traiio aTt thc membets of CollLV. .DuTing th¢.year tho ￿￿￿￿1mJTr donatyl £J46,(KJO (2021.. £1)74 J2n) t41 tho Coltese. Dtsrin8 tkne y¢8r LThkd 31 hugv5t 2022. tb¢ Colle8c sneurfcd of £nll (2ff21: £hit). Al 31 2022 the balaD¢e retcivable Crom Fwpd#lvm was £Dil (2021: Lnil). uring thr yrw the Coll¢g¢ purcJAsd seryiL*Y ut £2IS,967 (2021: £170.4io) rfom Rerthomb Services LI￿lted and ￿ tht yrdr eDd was owed a Det balanc¢ of £s.m (2Q21: owed 122J08).. RcrKJLOli)b ServKes Liwited is wbolty Own￿¥ybs1di￿ry vfResMkomb eolle8e. Durwg fbo ycor ￿￿_1. two) teD PO?].. li￿ thiklrnn) owolJr4 ai tho eA¥llcgo. thid fwj chur8od weTe 7¢ t the fiJ]l rnte. As at JI AuguA 2022 abai&net w&* tivm The Fr*u05 of litthmb Q)Ilege of £nt] P021: S￿11>. REPIVC￿MB COLLXC CIO'I'ES'I'O'IHE ACCOUN18 (eolltiDued) bfjk'iwe YLAR 31 AUG(￿￿.2022 col￿0LL￿GPA￿lw Rrndwmb Cnlle&¥e Fnund4tKJn is the tmrnediatt p•renr unthrtaking of RerKkomb ColkLt< Consolidated ac￿11￿13 OTe prerMTEd by iieodcoThb Coll¢ge Foundation. reg￿￿¢d QatTrty lluo)b¢r 311713. ¢o]%olidated a¢¢ouDts ar¢ aY4ilable from ihe Clwity COTh￿]3$[[M. ts coMpAnATIVE sTATEME￿r OF FtNANaAL AciivrriES {21ni) Ceneral Dcsignatcd FwMd5 Restritttd Tot81 .2021 Note INCOME FROM: Chnri¢ftbl¢ 8ctivities Lhotsl fcts fttCivAblc ()thcr cduca[w￿l I￿.￿￿0 5,433.Y49 4￿,091 5.433,949 4R9.n91 TrAdin8 g¢tiYiti 97,332 97,332 lthv¢slments .InvestsMeThl iricome U8nk &nd other interL 04 Vvlurbt*kry servifc Grants alld dol￿tionS 1.268.055 1.26&055 7.325.846 7.325.846 EXPENDITURE ON: Ralsijig fu*dS Tradill8 CC6ts. 6.567 6.5 Cli8rl(abl¢ 8¢llvll*s Educlltioll 7.470.3 7.470.3￿) 'l-oial exptDdllure 7.476.867 7.476.867 Net expcndilyre bcfor¢ luYeslmc*t gains (151.Q21) (151.021) 108383 108,983 Net movemeAt in furLd$ {i51.021) 108983 (41038) Fursd bald*ca 41 I Septernber 21nO (598225) 1.198255 56.¥08 656.838 Fund hulyActs Jt 31 2Q21 15.16 (7411246) 1,30723 56.¥U8 614.8(M) ## tosses Rendcomb College and Rendcomb Services Ltd Audit Findings Report Partner: Adam Halsey; ahalsey@haysmacintyre.com Manager: Jonny Broadley; jbroadley@haysmacintyre.com Year ended 31[st] August 2022 **Rendcomb College – Audit Findings Report** | YEAR ENDED 31[st] August 2022 ## Table of Contents |1.|Introduction and Executive Summary ............................................................................................................. 1| |---|---| |2.|Audit risks identified during audit planning ..................................................................................................... 2| |3.|Accounting and audit matters ........................................................................................................................ 3| |4.|Financial review ............................................................................................................................................ 5| |5.|Detailed control points .................................................................................................................................. 6| |6.|Emerging issues ........................................................................................................................................... 7| **Rendcomb College – Audit Findings Report** | YEAR ENDED 31[st] August 2022 ## **1. Introduction and Executive Summary** This report summarises our key findings in connection with the audit of the financial statements of Rendcomb College (the “College” )and Rendcomb Services Limited (the “Company”) for the year ended 31[st] August 2022. We would like to thank Rowan Elliot-Jones, Nicky Hovell and the staff at Rendcomb College for their assistance during the audit process. ## **Our audit approach** Our work was planned and performed in order to issue an audit opinion on the financial statements in accordance with International Standards on Auditing (UK) (“ISAs”) and the terms of our letter of engagement. Our audit approach is a risk-based approach founded on us gaining a thorough understanding of the entity and its business in order to allow us to identify the risks of material misstatement within the financial statements. To do this, we consider both the risk inherent in the financial statements themselves and the control environment in which the entity operates. We then use this assessment to develop an effective and efficient approach to the audit. ## **Limitations** Our audit procedures, which have been designed to enable us to express an opinion on the financial statements, have included an examination of the transactions and the controls thereon. Our audit included consideration of internal controls relevant to the preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for expressing an opinion on the effectiveness of internal control or to identify any significant deficiencies in their design or operation. We have included in this report only those matters that have come to our attention as a result of our normal audit procedures and, consequently, our comments should not be regarded as a comprehensive record of all deficiencies that may exist or improvements that could be made. ## **Overall conclusion and opinion** At the time of issuing this report we anticipate issuing an unqualified opinion on the financial statements. This is subject to: - Receipt of letter of comfort from the Foundation to provide the necessary assurances on going concern 1 **Rendcomb College – Audit Findings Report** | YEAR ENDED 31[st] August 2022 ## **2. Significant audit risks identified during audit planning** We set out below the significant audit risks identified at the planning stage and the conclusions of our audit work: ## **Significant audit risk area** ## **How we addressed this** **Commentary** We have undertaken a review of transactions around the Our audit work on revenue did year end to ensure income as being recorded in the correct not identify any material issues. period including the following: ## **Presumed risk in revenue recognition** Under ISA 240 there is a presumed risk that revenue may be misstated due to improper revenue recognition. We are required to consider and respond to the risks of improper revenue recognition. - Cut-off testing to ensure income has been recorded in the correct period by testing a sample of transactions around the year-end. We have rebutted this risk in relation to fee income as predictable, non-complex, and not subject to any significant accounting estimates or judgements. - Assessment of the appropriateness of the recognition of deferred income. We have assessed the appropriateness of the recognition policies to confirm they are in line with the requirements of the Charity SORP and FRS 102. We consider that this risk applies to voluntary income and trading income, including extras. ## **Presumed risk of management override** The results of our planned audit work are considered to be satisfactory in this area. We reviewed the accounting estimates and judgements. There are not considered to be significant accounting estimates applicable to the college. We are required to consider and respond to the risks arising from management override of controls. We have analysed the journals made in the year and This is subject to completion of determined the risk criteria for identifying higher risk our journals testing. journals. Subsequently significant, unusual or unexpected journal postings have been investigated and verified. There is a risk of misappropriation of assets and the risks of misrepresentation of financial information. 2 **Rendcomb College – Audit Findings Report** | YEAR ENDED 31[st] August 2022 ## **3. Accounting and Audit Matters** ## **3.1 Qualitative aspects of accounting practices and financial reporting** ## **i. Key accounting estimates** Accounting estimates are defined by ISA 540 as monetary amounts for which the measurement, in accordance with the requirements of UK GAAP, is subject to estimation uncertainty. We consider that there are no key accounting estimates affecting Rendcomb College financial statements for the current year. ## **ii. Key judgements** Management exercises judgement in application of accounting policies while preparing the financial statements. By their nature, judgements are subjective and could be subject to bias, which affects the presentation of the College of Company’s performance or financial position. We did not identify any key judgements applied in the preparation of the financial statements for the current year. ## **iii. Going Concern** We are required to consider the College and the Company’s standalone ability to continue as a going concern. At present the College has a general reserve deficit of £943k (2021:£749k), and whilst the net assets of the College are £367k (2021:£615k), this is as a result of the designated fund which is £1,255k. We have requested and obtained detailed cash flow forecasts and budgets in order to identify how the College is performing versus this pre-set budget. Although the College is forecasting a deficit of £510k for the year to 31 August 2023 we have identified that the College has sufficient cash resources should it draw on refundable deposits in the short term. The College should continue fostering its good relationship with the Foundation and draw on the support that it provides although we will need a letter comfort from the Foundation to provide such assurances. ## **iv. Trading activities of the School** The College generated £216k of trading income in the year of which £97k related to rentals and £131k to functions. As this may breach the £85k threshold, if such income is subject to VAT, this will trigger the need to register for VAT. We recommend that management review the nature of this income and whether this is within the scope of VAT. For example, letting income is outside the scope where this is a pure let with no additional services being provided. In addition, management should also review this position in relation to any direct tax that may accrue to the College. For example, where income earned is ancillary to the School’s charitable purpose, this could be considered outside the scope although this will depend on the facts in each case. The income from non charitable trading should be no more than £80k in any case. 3 **Rendcomb College – Audit Findings Report** | YEAR ENDED 31[st] August 2022 If management do not consider that its trading activities will significantly grow and any tax impact being minimal then the current arrangement of generating trading income through the College may be considered appropriate. However, if management consider that such income will continue to grow, they may want to review whether there is a more tax efficient structure on which to operate. ## **v. Holiday pay** The Supreme Court published their long-awaited decision (20 July 2022) regarding the Harpur Trust v Brazel holiday pay case. The Supreme Court upheld the decision of the Court of Appeal. The outcome is that the holiday pay entitlement of workers who work only part of the year but are engaged under a permanent contract throughout the year, should not have their holiday pay calculated by using 12.07% of the hours actually worked. The Supreme Court held that holiday pay for part-time workers should be calculated under the averaging method over a 52-week period. When the case was first taken, the averaging period was 12 weeks, and excluded any weeks not worked. It was concluded that workers who were engaged on permanent part-year contracts must receive at least 5.6 weeks holiday, even where they only work for one or two weeks a year. This is on the basis that there are no pro-rata provisions under the Working Times Regulations 1998. Consequently, workers will need to be paid 5.6 weeks of holiday entitlement, which will be based on the normal weekly pay. We understand that the College implemented the above change from 2016 so have no further provision to make. ## **vi. Misstatements** We did not identify any uncorrected misstatements. ## **vii. Letter of representation** International Standards on Auditing require us to obtain written representations from the directors when you approve the financial statements. The letters contain only standard matters in respect of Rendcomb College Limited and Rendcomb Services Limited as well as a specific representation on the going concern status of both entities. 4 **Rendcomb College – Audit Findings Report** | YEAR ENDED 31[st] August 2022 ## **4. Financial review** The purpose of this section of the report is to set out the key financial trends and to provide our perspective on the overall financial position. ## **Statement of Financial Activities** |Income
Fee Income
Other Income
Investment Income
Donations
Grants
Total income
Expenditure
Trading costs
College Operating costs
Total expenditure
Operating deficit
Investment Gains/Losses
**Net movement in funds**|**2019**
**£’000**
5,563
761
41
382
0
6,747
42
7,343
7,385
(639)
(24)
**(663)**|**2020**
**£’000**
5,670
615
37
623
242
7,177
14
7,427
7,441
(264)
(73)
**(337)**|**2021**
**£’000**
5,434
586
37
1,000
268
7,326
7
7,470
7,477
(151)
109
**(42)**|**2022**
**£’000**
6,536
809
41
378
-| |---|---|---|---|---| |||||7,764| |||||80
7,877| |||||7,957| |||||(194)| |||||(52)| |||||**(246)**| Pupil numbers have increased to 413 compared to 366 in the prior year. The main reason for the increase in income was the increase in fees from boarders with the easing of Covid lockdown restrictions. Other income, which includes trading income, rose mainly due to the limited impact of Covid restrictions returning to pre pandemic levels. The College received donations of £377k, which included a £346k donation from Rendcomb College Foundation for ongoing financial support. Grant income in 2020 and 2021 relates to furlough income received from the Government as part of the Coronavirus Job Retention Grant. This was no longer claimed in 2022 with the easing of Covid restrictions. The College has seen an increase in total costs of £480k which again was the result of easing Covid restrictions. The College continues to make a concerted effort to keep costs down across the board. 5 **Rendcomb College – Audit Findings Report** | YEAR ENDED 31[st] August 2022 ## **4. Financial review (cont)** ## **Balance Sheet** |Tangible fixed assets
Current Assets
Creditors
**Net current liabilities**
**Net assets**
Reserves
General
Designated
Restricted||**2019**
**£’000**
1,335
2,384
(2,725)
**(341)**
**994**
**(334)**
**1,271**
**57**
**994**||**2020**
**£’000**
1,310
899
(1,552)
**(653)**
**657**
**(598)**
**1,198**
**57**
**657**||**2021**
**£’000**
1,357
1,161
(1,903)
**(742)**
**615**
**(749)**
**1,307**
**57**
**615**||**2022**
**£’000**
1,335
1,461
(2,427)
**(966)**
**369**| |---|---|---|---|---|---|---|---|---| |||||||||| |||||||||**(943)**
**1,255**
**57**| |||||||||**369**| Cash balances have increased by £374k mainly as a result of the increase in creditors in the year of £584k driven by a £481k increase in fees received in advance of the Michaelmas term. Movements in the designated reserve relate to losses on the investment portfolio in the year whilst the general fund deficit increased by £194k to £943k for reasons described on previous page. Negative free reserves is common in an independent school context as surpluses are regularly used to improve the quality of the facilities of the school. The mitigation is the availability of the College Foundation Fund plus the timing of cashflows and the support from the Foundation. Because of the College’s annual net deficit the financial mitigating circumstances are that much more important to Rendcomb College and therefore continued close collaboration with the Foundation is critical until the College is able to return to surpluses. ## **5. Detailed control points** We are pleased to report that we have not identified any control issues during the course of our work. 6 **Rendcomb College – Audit Findings Report** | YEAR ENDED 31[st] August 2022 ## **6. Emerging issues** **Charity reporting and governance matters Charities Act 2022** On 24 February 2022, the Charities Bill received Royal Assent and became the Charities Act 2022 (the Act). The Act makes amendments to the Charities Act 2011 (the 2011 Act) in a number of specific areas, largely in response to the recent Law Commission review of charity legislation and with the overarching objective of making life simpler for charity trustees, as well as harmonising certain procedures, such as making amendments to a charity’s objects, across the various different corporate structures within which charities operate. The key changes are set out below and will be brought into effect via secondary legislation in due course. - 1) **Permanent Endowment** – Under the 2011 Act, if charity trustees need to expend permanent endowment funds in order to advance the purpose for which the fund was originally given, typically because the income that the fund’s investments generate is insufficient to support meaningful activity, there are two different mechanisms depending on whether the value of the fund exceeds £10k and the value of the income that it generates exceeds £1k per annum. Where funds exceed both thresholds, Charity Commission consent is required for capital to be expended. When implemented, the 2022 Act will simultaneously increase the capital threshold to £25k and remove the income threshold. The expectation is that this will widen Trustees’ ability to expend capital by resolution alone where they consider this to be necessary to carry out the purpose of permanent endowment funds more effectively. However, it will mean that larger funds with income below the £1k threshold will require consent where previously they did not. - 2) **Borrowing from permanent endowment.** The Government has accepted that charities should have a power to borrow from the charity’s permanent endowment. The power will allow the charity to borrow up to 25% of the permanent endowment, with Commission approval, subject to a requirement that they recoup the expenditure within 20 years. This power is intended for ‘investment’ permanent endowment and it is not intended for functional permanent endowment. - 3) **Changing charitable purposes and governing documents** – The government acknowledged that the current process for changing or amending a governing document is complex, and there are various different ways in which it had to be carried out depending on the legal structure of the charity. Unincorporated charities are to be given a new power to amend any provision in their governing documents, subject to a limited number of changes which would still require the permission of the Charity Commission such as ‘regulated’ alterations (Charitable objects, dissolution provision and trustee benefit provision for example), provisions that would alter permanent endowment and provisions that would have required the agreement/consent of others. - 4) **Fundraising appeals** – The Act simplifies the requirements around restricted donations for fundraising appeals that have failed either because they did not raise sufficient funds to fulfil the purpose (“initial failure”) or which have surplus funds after fulfilling the purpose (“subsequent failure”). An obvious example for Schools would be a fundraising appeal for a capital project. Subject to certain limitations, where a fundraising appeal has failed, the Trustees will be able to repurpose donations provided that the new purpose is sufficiently close to the original purpose of the appeal, without needing to obtain permission from the donors first. 7 **Rendcomb College – Audit Findings Report** | YEAR ENDED 31[st] August 2022 ## **Charity reporting and governance matters** Other changes cover matters such as changing charities purposes and governing documents; appointment and remuneration of Trustees; charity mergers. Because the Act is an amending act, the form and content of charity financial reporting will continue to be governed by the Charities Act 2011. **Charity Commission Inquiry into the collapse of Kids Company** The Charity Commission has concluded its Inquiry into the circumstances surrounding the August 2015 collapse of Kids Company and its report was published in February 2022. The Inquiry was opened in August 2015 but was paused while the Charity went through an involuntary insolvency process and to avoid prejudicing the outcome of a High Court trial to determine whether the then Trustees should be disqualified from acting as company directors. The High Court issued its judgment on 12 February 2021, with the determination that the Trustees should not be disqualified from acting as company directors. The scope of the Charity Commission’s Inquiry was considerably wider than the matter decided by the High Court and can be read in full here: https://www.gov.uk/government/publications/charity-inquiry-keeping-kids-company/charity-inquiry-keeping-kids-company. The Commission’s key findings were that: 1. Kids Company was operating a high-risk, demand-led model which prioritised growth and delivery of services to beneficiaries in the short term over building reserves and resilience for the longer term. As a result, when there was a shock which had a negative impact on the charity’s fundraising, in this case unfounded allegations of abuse of beneficiaries, the charity’s reserves were insufficient to allow the charity to avoid an insolvent winding-up. Had the charity maintained a higher level of reserves, it may have had sufficient resources to continue after the allegations were determined to be unfounded, or at least to have allowed for a more orderly winding-up and potential transfer of services to another provider, thus avoiding any detriment to its beneficiaries. 2. There was a lack of documentation relating to funding decisions made by the Board. This may, in part, have been due to the inappropriate destruction of records which followed the charity’s closure but the Commission notes that it is not clear whether certain records were destroyed or never existed in the first place. The maintenance of proper records is essential to support accountability and to ensure that the Trustees can demonstrate that they have made decisions appropriately. It should be noted that at no point has it been alleged that the Trustees were involved in the destruction of records. 3. The charity had repeatedly failed to make payments to creditors on time, in particular amounts due to HMRC and to self-employed workers. The Commission found that this alone represented mismanagement on the part of the Trustees. 4. There were some skill gaps on the Board and the Commission particularly noted that the presence of a Trustee who had experience of running a large and complex charitable organisation, as Kids Company had grown to be, would have been invaluable. 8 **Rendcomb College – Audit Findings Report** | YEAR ENDED 31[st] August 2022 ## **Charity reporting and governance matters** 5. Many of the Trustees had been in place for a long period of time, and greater rotation of the Trustee body and specific roles within it, would have meant that it would be more likely to constructively challenge management’s established working practices and the charity’s operating model. Whilst the circumstances of Kids Company’s operating model and eventual collapse were unique, the Commission has identified a number of learning points which are of potential relevance to all charities. Most notably: 1. Charity boards should ensure checks and balances, and the right blend of skills and knowledge, are in place to avoid power imbalances. Boards should consider setting formal terms of office for Trustees and have a diversity policy to ensure a broad range of experience in the Trustees. Both of these are key recommendations of the Charity Governance Code. 2. Charities should identify and balance the risks associated with their operating model with the benefits of that model, and the benefits should be evidenced. 3. Charities should undertake financial planning and maintain a reserves policy, and ensure that decisions are properly and transparently documented. Where charities are earning income from service provision, they should be giving due consideration to covering and element of core costs as well as the direct costs of provision. The Commission emphasises that the building of reserves would have been in the interests of Kids Company’s beneficiaries because it would have allowed for a more orderly transition of services to a new provided in the event of the charity’s closure. 4. Charities should ensure that their infrastructure, governance and resources keep pace with their growth. Kids Company had grown rapidly in the ten years prior to its collapse but it was not clear that the Trustee board or the charity’s governance arrangements had changed to reflect the changing scale and complexity of the charity’s activities. **Charity Commission consultation on change to the Annual Return** The Charity Commission’s consultation on proposed changes to the Annual Return closed on 1 September 2022. Any changes will apply for financial years commencing on or after 1 January 2023. The proposals include the removal of some redundant questions and the simplification of others, as well as adding new questions, as the Commission seeks to ensure that the Annual Return continues to gather relevant data. The Commission intends to publish an analysis of the consultation, along with the new annual return questions, later this year. The consultation documents can be found here: https://www.gov.uk/government/consultations/charity-commission-revisions-to-the-annual-return-2023-25 **Employment Tax** **Health and Social Care Levy reversal and changes to National Insurance rates** During the Chancellor of the Exchequer’s ‘mini-Budget’ the Government reversed its decision to introduce the Health and Social Care Levy which was due to come into effect from April 2022 at 1.25%. Furthermore, the 1.25% uplift of Class 1 National Insurance (applicable to both employee’s and employer’s) which started from 6 July 2022 will be reversed, with the re-stated rates of National Insurance coming into effect from November 2022. 9 **Rendcomb College – Audit Findings Report** | YEAR ENDED 31[st] August 2022 **Employment Tax** **National Living/Minimum Wage** The National Living Wage increased from £8.91 to £9.50 per hour from 1 April 2022. The National Minimum Wage rates also increased for those workers aged 22 and under. Employers have seen their salary costs increase and face the prospect of having to auto-enrol more workers into workplace pension schemes - and pay at least 3% towards it. A full-time employee who earns the national living wage would be brought into auto-enrolment in the tenth month of the 2022/2023 tax year. **Pension tax relief for low earners in Net Pay Arrangements** The government will introduce legislation in future Finance bill to make top up payments directly to low earning individuals saving in a pension scheme using a Net Pay Arrangement (‘NPA’). Employees contributing to Relief at Source (RAS) schemes receive a 20 percent top-up on their pension contributions, even if they pay no income tax. Contrast this to employees contributing to a NPA scheme who receive relief at their marginal tax rate, which for those with taxable earnings at or below the UK personal allowance is nil. The top ups will start to be paid from 2025/26 in relation to contributions made in 2024/25 onwards and align NPA participants with their equivalents saving into pensions schemes via the RAS method. **PAYE Settlement Agreements (PSA)** Following the Government’s announcement to reverse the increase in Class 1 National Insurance rates a blended National Insurance rate of 14.53% will apply where employers have entered into a PSA for the 2022/23 tax year. PSA’s are commonly used to meet the income tax and National Insurance liabilities due on certain costs, which are strictly taxable on the employee and satisfy one of the following criteria: - Minor in nature - Incurred on an irregular basis - Impractical for the tax and National Insurance to be accounted for any other way Employers need to ensure the correct rate of National Insurance is applied. ## **VAT** **Late payment and return submission penalties changing** At present if a VAT registered entity is late in submitting a VAT return or in paying the associated VAT in full by the due date a Default Surcharge is imposed. These are based on a percentage of the VAT due on the relevant return. An initial warning is issued and after that the surcharges are issued with the percentage increasing each time there is a further default within a 12 month period. It follows that if no VAT is due on a return no penalty is issued. With effect from 1 January 2023 this system which has been in place since the 1980’s is changing. In the future a penalty can be issued if a return is submitted late even if the relevant return shows no VAT was due. Organisations should familiarise themselves with the new system and ensure they have procedures in place if key personnel are unavailable when a return becomes due for submission. 10 **Rendcomb College – Audit Findings Report** | YEAR ENDED 31[st] August 2022 ## **Auditing developments** **ISA (UK) 315 Revised Identifying and Assessing the Risks of Material Misstatement** **Periods commencing on or after 15 December 2021** The International Audit and Assurance Standards Board (IAASB) approved a significant re-write of the standard in September 2019. The effects of the revisions are far-reaching and will require a revised approach to risk assessments. Some of the terminology used will be familiar from the recent reworking of ISA (UK) 540 – Auditing Accounting Estimates. In summary, it requires more thoughtful and evidence-based assessments in which five new inherent risk factors are considered and placed on a “Spectrum of Risk” at the higher end of which lie Significant Risks. The new inherent risk factors are: - Subjectivity; - • Complexity; - Uncertainty; - Change; and - Susceptibility to misstatement due to bias or fraud. - “Sufficient, appropriate” evidence must be obtained from risk assessment procedures as the basis for the risk assessment. The revised ISA’s application notes provide more explanatory material on controls relevant to the audit and on the design and implementation required for these controls. A great deal more is required in respect of IT and particularly IT general controls and understanding and applying the changes required will be a significant task for auditors with increased levels of audit preparation, planning and work. 11 Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG T 020 7969 5500 F 020 7969 5600 E marketing@haysmacintyre.com www.haysmacintyre.com @haysmacintyre - © Copyright 2021 Haysmacintyre LLP. 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