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2021-08-31-accounts

Rgglstsred number. 10326313 Gharity number: 1170217 THE RGSW AND AOS FOUNDATION (A company Ilmlted by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

THE RGSW AND AOS FOUNDATION (A company Ilmlted by gu•ranteel CONTENTS Page Reference and admlnlstratlve detslls of thg Company. Its Trusteos and advi8e Trust•ts' report Independ•nt auditorfs report on the flnanclal statements ststement of flnanclal artivities 3-14 15-18 19 Balan¢0 8h8ot 20 statemont of ca$h flows 21 Nots8 to the flnancial statements 22-36

THE RGSW AND AOS FOUNDATION {A company Ilmlt•d by guarant••l REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021 Tru8tee5 Mr Timothy Curtis Mr Nicholas Charles J84mes FaidÈ (resigned 14 May 20211 Mrs Anne Munro Fit¢h Ir¢signed 4 May 2021} Mrs Rosemary Frances Ham. (appointed as DepLty Chair 1 December 2020, resigned as Deputy Chair 21 October 2021) Mrs Rachel Wyatt Mrs Emma Jane Bentiey-Hughes (resigned 27 FebNary 20221 Mr Johnathan David Arr, (appointed as Dewty Chair 21 Odober 2021) MrAndrew Hampden Greenway, (Resigned as Députy Chair 1 December 20201 Mr Gary Paul Rouse Mr John Matk Gibson Mrs Kolherine Mary Womiington Company reglstered number 10326313 Charlty r•grstered number 11717217 R•gisterod offic• Tho Royal Grammar Schcy)I Worcester Upper T￿hIng Worcester WR1 1HP Sonlor management team Scc*t Mactyonald. Foundation Dire¢tor Indopwdont audltor Crowe U.K. LLP Black Country House Rourmls Green Road Oldbury Wesl Midlands B69 2DG Banke1% Lloyds Bank 4 The Cross INorcester WR13PY Page 1

THE RGSVV AND AOS FOUNDATION (A company Ilmltgd by guaranto8) REFERENCE AND ADMINISTRAnvE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Sollcltors Stollard March and Edwards ISME SO1￿ltOrS) 8 Sansome Walk Worcester WR1 1LW Page 2

THE RGSW AND AOS FOUNDATION IA company Ilmiled by guarant•8) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 The Trustees present Iheii annual report together wrth the audi18d financial statements of the Cempony for the 1 Septgmber 2020 10 31 August 2021. The Annual report serves the purposes of both a Trustees. ￿pOrt and directors, reF<Jrt under company law. The Trustees confimi that the Annual report and financial Statements of the charitable company comply wrth the current statutory requirements, the requirements of the ¢haritable companls g¢)verning dtscument and the prowsions of the Statement of Recommended ProGtice {SORP) applicable lo charities preparing their accounts in accordanGe with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 {effectNe 1 January 2019). Since the Company qualrfies as small under seclion 382 of the Companies Act 2006. the Stralagic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitt&l. ObJ8ctlve$ and actlvltles . Pollcleg and objeth•s The Foundat￿ is a separate charity to RGS Worcester Ilhe 'School') which comprises RGS Wor*stor, RGS Springfi8hJ and RGS The Grange and RGS Dodderhill. Reference to Ihe School(s), RGS or RGSW in the following report should b8 lakgn to mean any a￿or all of the four RGSW schools. The Foundation undert8kes 8tXivities solely to support the School and ils pupils.The Foundation is governed by its Article5 of Association. It 8180 has policies lo cover its operation including the recruitment of Suitabla trustees, their ongoing frtness to be a trustee, conflicts of interest. the running of decision making meetings. and its ethical approach lo fundraising. Trustees are bound by its Coje of praCt￿e and submit d￿laratIonS of interest. All trustges are subject to DBS checks. The Foundation's ObjeGts from the Articles ofAssocIatsc￿ are.. {a) advancing the education of the pupils at the Schods by.. providing and assisting in the provision Df knlib8$ and resources {induding premi￿$, equipment and servi¢e51 for educaion al the Schcols., awarding to pupils at tha Schools lor for their benefftl bursaries, scholarships, maint8nance aliowances or grants, or making k)ans lo pupils or fcy their benefft, or pmwding pupils with books. equipment or ck)thing for the purpo$es of their gjucalion.. {iiil providing any part of their edl￿tiOn (including the stu(ty of music or other arts or SC¢1￿ or physical educat￿)n)., {Iv) assisting them lo undertake travd in furth8r8nca of their eduGation', Iv) helping them to prepare for entry into any other edUcat￿nal e8tsbli8hment or into any occupation, trade or profession on leaving thg Schcol5; (M) developing their mental. phy5rcal and moral capabilitKg8 th￿ugh leisure l¥ne activlti8S. Ibl advancing the ￿ucatIon of persons who ar8 educat￿1 by or wf(h the 8UPPOrt of tha School$ Charity by supporling the Charitab￿ objects of the Schools Charty. by. making grants or loans or otherwise promding financial sUPPOrt to the Schcds Ch8rty for Its general charf(able purposes or for specifie charitable purposes,. {ii) doing in reiation lo the Schools Charity and its charity t4nefieiaries any of the things which are pemiitted in relation lo the &h¢)J5 and their pupils by 8rtide 2.1lal', {cl in connection with the SchLb)Is or the Schods Charity, promotlng the education of people under the age of 25 years in the county of Worcestershire in $u¢h way5 0$ the Trustees think fit. including by.. enabling them lo have actsss to and to make use of educational facilitios and resour¢es of the Schools or of the Schools Charty., or attending tha Schools. Page 3

THE RGSW AND AOS FOUNDATION IA company Ilmlted by guarantee TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2021 ObJeGtivos and activities Icontinuedl b. Aclivitieg for achlevlng objectives To 8UPPOrt the S¢ho¢4 with financial donations to provide: additional m8ans-tested bursary pla¢e$', hardship grants for RGS families who require temporary assistance with school fees and other education costs., improvements to the RGSW School estate., the ability to undertake other smaller projects to further education provision within the Schools. The Trustees have tasked the Foundation Office led by the FoUndat￿n Director to instigate fundraising across the fdlNing areas". directing fundraising appeals to alumni, ex.staff and parents with the request they support the provision of additional bursary places at RGSW. Donations will be used lo fund places al the School to enable children whose famili88 who Gould not otherwis9 afford the feès to re￿1ve an RGS education: direcling fundraislng appeals to alumni. ex-staff and parents with the request they suppclrt the Hardship Fund Appeal. Donations will be used to a￿ard grants in support of school fees and edu￿tion costs to RGS families who are facing unforeseen financial constraints., directing fundraising appeals lo alumni. parents and ex-￿aff Seeking donations towards the development of Capital Proj¥ts that the School is planning, namely a Hockey Centre at Perdiswell and an Indoor Tennis and Netball Centre on the RGS Worcesl&r campus.. requesting parents of each Upper Sixth leamng group donate their child's refuNJable joining deposit to support bursaries or hardship awards or other inf(ialives identified by the Headmaster. directing fundraising appeals to alumni and ex-slaff with the requèst they make a legacy gift to the Foundation in order lo prowde funding in support of bursaries al RGSW or other aspects they would mosl like to support in the School., applying for grants to awarding foundations and bodies in support of the Foundation's objectives.. publishing an Annual Gmng Report that explains what funds have been raised h¢)w they have been applied to generate outcomes aligned to the CharWs Objects. Pagg 4

THE RGSW AND AOS FOUNDATION IA cvmpany Ilmltgd by guarantao) TrUSTEES' REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 ObJoctlve8 and aGtivlties Icontlnued) . Main actfvitles undertaken to furth•r the ¢harlty's purpo808 for the publk beneflt In setting objectNe8 and planning actMti9s the Schcol's Govemcts have given careful consideration to the Charty Ccthmission's general guidance on Public Benefit. The Foundation work$ to advance the education of puplls al the RGS Worcester Famity of Schools and in doing so, actNely helps to deliver the Public Benefit deliver8d by RGS. It will do this by widening acc&ss lo the Schoc4 through the provision of additional bursary supported places. These wll be available lo children from Ic¢81 families who meet the academic entrance requirements but would not otharwse be able to afford the school fees. Places funded by donations wll be in addition lo those funded by the School. Bursaries will be meansvtested to 8n$ure all recipients are in genuine need of the financial support. Grants from the Foundation's Hardship Fund alm lo provide $hort-lerm support for RGS families who may be facing seriou$ financial difficulties through uneyp8Cted ¢I￿um$1ances. such as parental tereavement or l¢yJs of employTnenl. These grants help tide families over in relation to school f*s and other education ¢osts until the situation is resolved or until longer-lem bursary lunding can be alIC￿ated. Page 5

THE RGSW AND AO8 FOUNDATION {A cornpany Ilmlted by guarantsel TRUSTEES. REPORT {CONTINUED FOR THE YEAR ENDED 31 AUGUST 2021 Objectives and activities Icontlnuedl The Foundation will also raise funds to support wital projects al RGS w0￿￿$ter that will further the provision of education and where appropriate will benefft the local ￿mmunty. For example, during 2020-21 the Foundation Office raised fijnds for the n8w H¢xkey Centre that is being developed by RGS in partnership with Wofcester Hockey Club, wrth the full support of Wor¢ester Cty Council. The new facilty opened in November 2021 and offers international standard prtches that will attract top coaches and will widen community access lo the sport. This centre will be used by RGS pupils but will also be available to Club members, wpils from other ￿01 schools and students from the University of Worceslgr, hlevements and pgrfomianco a. R&view of athiti•s rim CurtL8 continued as Chair of the F¢Jundation. Thè d￿lsiOn wa$ taken by the Board to rotste the role of Deputy Chair annually to widen experience amongst Trustees and lo a$$isl with succession planning. Rosemary Ham succeeded Andrew Gregnway in the role of Deputy Chair in December 2020. Al the AGM on 21 OGtci)er 2021 JonnyArr became the Doputy Chair. Gary Rouse remained as Chair of the Finance Committee. Two Trustees resigned from the Board in May 2021., Anni9 Fitch. for family reasons and Nick Fairlie who has increased his workkjad as an RGS Governor. The Board expressed ils gratitude for their serviee lo the Foundation. The Trustees are seeking new Trustee5 and will appeint new Board members when suitable candidates have been idenlifiod. Threuyhout 2020-21 the Truste8s continued to work remol8ty lo minlmlse thg risk of Covid transmisspan. The use of online meetings en8bl&J the charity to fLEIfiI its role on bohaff of the School and its pupils. The Foundation Office Administrator was placed on fvrtough for a period tl) help RGS manage its costs. Thèy resigned in August 2021 to pursue an altemative rareer opportunty. The Trustees were sory to lose their services and ￿sh them every suGGess in their new v8nture. Ai the time of reporb.ng the administrator role remains to be filled. The Graharn-Pellon Review undertaken during 2020 idenlified the need for an aditional fundraiser within th8 Foundation Office lo maximise the opportunitles for securing support. The RGS Board of Govemors endorsed this recommendation and the rde was advertised in May 2021. Tim Curt13 represented the Foundation Tnjslees vring the recruitment pr¢￿$ whth led lo tho appointment cf a Development and Aumni Relations Manager. starting at RGS in September 2021. Fundraising continued th￿ughOUt the year desprte the uncertainty caused by the Covid-19 pandern￿. Bursaries remained the priority forthe Foundation. ExL8ting bursary sponsors continued to provide 8UPPOrt and a new sponKY was recruited to enable a pupil to join RGS in September 2021. The donations made by individual sponsors were supplemented wlh smaller donatr'ons made as single gifts and as wurring gifts. A total of £72.163 was transferred frcqn the Foundation to RGS during 2020-21 lo fund bursary places representing 11.1% of the means4ested bursary funding awarded by the School during th8 year. The remaining funds donated to the Ftsundatlon's Hardship Fund Appeal in 2020 were transfer￿d to RGS to support pupils during the 202Lk21 academic year. £40,802 was made available to RGS for thls purpose. In total, 27 pupils have benefited from Hardship grants fo15owng the Appeal. Future fvndraising will be Ur￿ertaken to replenish the Hardship Fund which at the time of reporting had a balance of £4.111. The Foundation Office sought support from the alumni and parent conmmunities for the new Hockey Centre that RGS will own and operate in partnership wtth Worcester ￿￿k￿Y Club. The 'Buy-a-Brick' and 'swnsor a tree. inilialives resulted in 136 bricks being sold and trees treing sponsored. Installation of the bricks will be cornpleled in Spring 2022 and the final costs will then be known bul it is estimated that these activities wll contribute £14,000 to the project. Page 6

THE RG8W AND AOS FOUNDATION IA company Ilrnlted by guarantse) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Achlevements and porformance Icontlnued) number of grant applications were maje to awarding bodi8s lo requ8St $upport for the Hockey Centre developmènt. Trustees gt thg lQldare Trust were very impressed with the School's vision for increasing participation in Hockèy through community access to an exceptional faalty dedicated to the sport. The Kiklare Trust awarded a grant of £250,￿0 to the Fcundalion for the purp¢)s8 of doveloping the C8ntre. The Foundation Board transferred the funds to the Hod(ey Centre joint venture company which is owned by RGS and Worcester Hockey Club. The planning application for an Ind(￿r Tennis and Netball Centr8 on the RGS Worcester campus to be devekped by RGS in partnership with the LNn Tennis A$50¢iation ILTA} ha8 been temporarily def8rred to enab￿ the Hockey Centre lo be eompleted. It 1$ expected that the planning applKalion will b& submitted in Q1 2022 and fundratsing will folloN from that pcint. The donor from the alumni community who has pledged significant donation to the Foundation for use in the project f￿aInS commille(f and the Trust88s wll be able lo call on thts gfft txjce planning pemii8sion has been granted. Fundraising will be undertaken for this project during 2022-23. The Found8ltrJn Trustees released £2,760 of previously rai8ed funds to RGS to help finan￿ the tteation of an onllne digital archwe that will help P￿s[ve the history of the School and provKle material that can be used to assist with fvluft fundraising and markeliro actimties. An initial batch of photographs have b88n scanned and a website has been created which wll be launched in 2022. b. Fundralslng activities The Foundation tharity 18 run by the Foundation Offi¢& sthi¢h is part of the School and its Slaff are employees of RGSW. The Foundation Office seeks donations from the alumni of RGS Worcester IRGS), the Alice Ottley School {AOS) and Dodderhill School, as well as from parents of pupils at the four RGS schwls. Grant appl￿tIOnS are made to awarding bodies that can help the Foundatk?n to support th8 work of the Schwl. Prospe¢tive dornrs ale asked to support bursaries, the hardship fund, capital prcierts and the provlsion of Sm8lJ8r items lo fijrther the education of pupils at RGSW. The Foundatlon Office manages on alumni web8ite Iwww.Tgswandaos.foundation) provldes details of the areas for which funds are required and prowdes an online giwng facility that inc¢wates Gift Akd. where applicable. Opportunities to donate are also OU￿1ned in the Aumni Annual Remew which includes the Annual Giving Report. as well as in direcl mailing r8qu8sls ond on social media posts. The Trustee5 promde the overstght and set the strategic fundraising oblectlves for the charty. The Foundation voluntarity subxribes to the Fundraising ReguLglor as per the scheme for tharilies that spend under £1 Ook on fvndraising activities. The Foundation Office ￿nduCtS fijndraising for the charity and 8bide5 by the Fundraising Code published by the Fundraising Regulor. There wero no failures to report from the reporting P8riod.Trustees regularly review the aetivi(ies of th8 Foundation Office and meet with its staff formally each tem to discuss fundraising ivilies and priorities. Trustees also speak wrth the Foundation office stsff ba￿en form81 Board meetings through Working Groups meets'ngs and ind¢vidual cLJntact wh8n relevant. No ¢omplaints have been received to dale regarding the Foundation, the Foundation Office staff or the Trustees.The Foundation Offi¢e provides mechanisms for alumni to change their communication preferences wh￿h include enabling anyone lo stop further contact from the Foundion off￿ within all it8 communtslions. As soon as an indivKlual makes a request to eease receiving contact from the FOundat￿n Offi¢0 either via a particular Channel or from all channels, thi8 18 actioned ond recorded to prevent staff in the futu￿ from inadvertenlty making contact. The Foundation Office does not send mail to alumni over 85ye8rs old w1￿Ut clearty explaining that they can slop any and all communulions, and that they are not under any obligation to make dOr￿tions. When made awaro. the Foundation Office prcfflptly ceases communications with anyone who may not have the capacity lo understand a fundraising request le.g. when an indivhdual moves into a care home or a parenvpartnerlchikl infonns of a heatth issue impacting someone who would oth8rwi39 wish lo receive Commun￿tIOnS1. Page 7

THE RGSW AND AOS FOUNDATION IA company limit￿ by guarantoe) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Achlevgments and p•rforniance (continued) c. Investment pollcy and perfomHncg The Trustees have maintained a cautious approxh lo invesknents during a pericd of considefable global mathel untsrtainty, due largely to the Covid-19 pandemic and the recovery process, along wth the eff￿t8 of Brexit within the UK. The Foundation's Investment Policy frames the Board's aPpr￿￿h io inv8Sting, reviewing perfonnance and decision making. All investments will be made with 6th￿al considerations being central lo the decision makirbg process. The Trustees have committed to investing endowed funds in products that actNely pursue elhi¢al investing policies because this refflects the value5 of the Trustees, as well 0$ of the School which tha Foundation exists to support. A remew of the investrment strategy ond thè investm9nts the Foundation holds was undertaken during 2020-21 to ensure it 59bsfies a medium-low risk approach and meets ethical and responsible investment criteria. The Finance Committee reviewed the exlsting investments in CCLA'S COIF Charrtie5 Investment Fund and allematives. It recommended for the Board to relain ils investments in CCLA'S COIF funds but that future don*K)ns should be invesl&J in Ihe COIF Chariiles Ethical Inveslmenl Fund. Th8 Board endorsad this recommendalw and the decision reflects the ambrtion of the Trustegs lo invest donated funds ethically. The COIF Charities Ethical Investment Fund has a very similar histOTiC Ferfom)ane8 to the COIF Charilies Investmont Fund but has a number of exdusions lo its portfolio, for example.. Companies that derive more than 5% of their Incorr￿ from the extraction of oil sands or energy coal,. Companies that derive more than 10% of their revenue from extracting and refining coal, oil or ga$.. Investmenl is prohibited if crjnpanies are invo￿9d in tha production of nuclear wewns, iandmines or cluster munitions,. no Sovereign Debt from countries identifi'ed by the Ethical Fund Advisory Committee as being th& most oppressive., Companies that derive 10% or more from tobacco. alty)hol or gambling. A full list of exclusion criteria can be vithved on the fund fact8he&t whlch 18 avaikable on the websrte Iwww.CCLA.co.ukl New accounts for the ARW Bursary Fund, the Alice Ottley Bursary Fund and a Foundation Annual Fund {for advance sponsorship donations and other grfts} were opened in the COIF Charities Ethical Investment Fund. No additions were made lo the existing accounts h8ld in the COIF Charitie5 Investment Fund. CCLA subsequently offered the Tnjslees the cpportunty to transfer the Foundation's monies between drffer8nt COIF funds at a heavily discounted rate in July 2021. The Board asked the Finan￿ Committee to review this cPt￿n. The Finance Committe8 recornmended to the Board in May 2021 that all of the furKls hekl in the ARW Bursary Fund and Alice Ottley Bursary Fund accounts wlhin the COIF char￿e8 Investment Fund be moved into Ihe COIF Charities Ethical Investment Fund and consolidated in the recently openad accounts. The Board noted the past perfomance of both funds and the commitsmenl to ethical investment arnl Trustses voted unanimou51y to make the transfer. Consequently, from July 2021 all of the Foundation's funds held al CGLA are now Invest￿ in accounts within the COIF Charities Ethical Investment Fund. Perfomiance VAII continue to be monitored by the Finance Committ88 in line the Foundation's InveStm￿t Policy. The Allce Ottley Bursary Fund. In D￿ember 2017, 1.718 units held in COIF Charitps Investmènl Fund whKh had been purchas8d with donations for the AO Bursary fund were Ir?nsferred from Tha Royal Grammar S¢hts)I Worcester to The RGSW and AOS Foundotion. Funds of £55,661 were hekl in COIF Charities Elhieal Investment Fund as at 31 August 2021. The Anthony Roay Wheeler Bursary Fund. This fund was designated in May 2013 wf(h the legacy from a former Master of the School. In Dec&mber 2017, 24,163 units held in COIF Charili8s Investment Fund. including some restricted fund8 wer8 transferred from Th8 Royal Grammar School Worcaster to The RGSW and AOS Foundation. p￿e8

THE RGSWANDAOS FOUNDATION IA company limitsd by guarantsel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Achlgvements and performanGe IGontinuod) The funds were transferred as unrestrideii funds and designated by the Trustees of The RGSW and AOS Foundation. Funds of £545.486 were held in COIF Charilios Ethical Investment Fund as at 31 Augu512021. The Foundatlon Annual Fund. This fund ccmprises bursary donattins to tha FouNJalion other than those given for the named endowment bursary. Thi8 fund includes the advance payment5 of fees for pupils bging sponsored by donors which Mll be drawn ¢J¢)vm fty payment lo the Sch￿1 within five yearn. Funds of £158,805 were held as at 31 August 2021. The Hardshlp Fund. This fund comprises cash deposlts and is Intende(I for use in-yaar rather than being hekl for long4grm g￿th. Ils value at 31 Augu512021 is £4,111. Flnanclal review o. Golng Goncern At the tim8 of rgporting. the CovKI-19 pandemi¢ remains an ongc4ng concern ahhough the vacone rollout in the UK has been successful in reducing the number of deaths and severe case5 requiring hospital treatment. The large vaccine uptske has enabled society to reopen, alberi with some restridions in place and precaution8 Still being obseNed. RGS has managed the pandemic eXCepti(￿allY well through ils globally r8ccgnised Digital Learning Programme, pupil numbers have grcwm and the School is in a St￿le financlal position. Thg Trustees continue to monitor th? situation c105ely for the Founéation's abilty lo conduct fundraising operations. Despite the cuffenl circumstances, the Trustees ￿lIeVe that the charity's financial resources and ntingency planning is sufficient to ensLJre the ability of the company to continue as a going concern for thg fowdeeable future, being at least tsvelve months from the dale of approval of these financial staterrenls and therefore have prepared the financial slalemenls on a going con¢xm ba518. Please 8ee Ri8k Management section of this report for MO￿ details of the proi8¢ted irnp￿ on the FoundatKn b. Financial rovigw The Trustees consJer the Foundation to be in a swnd financial posrtion th sufficient reseNe$. Pag8 9

THE RGSW AND AOS FOUNDATION (A Gornpany limlted by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 c. Reservo5 policy The Trustees will endeavour lo transfèr to the School as much of the funds raised as soon as possible whil9 obseTvin9 the constraints placed on reslricled gifts and any statement of wish8s made on un￿StrICted gift8, therefore Maintaining minimal reserves. Where gifts have been received for ei(her of the named bursary funds Ihese will be added lo grow the c8pf(al base treating these as endowment funds. The annual income earned from the capital will be transferred lo fund bursary places at the School. The grfis lo the Hardship Fund will b allocated 8s awards for $pecffic pupils to the School as needed. usually within tsvelve months of receipt Fees donated in advance by sponsors for parttcular pupils will be held by the Foundation in its Annual Fund and drawn d￿n as required e8ch year to RGS. The Trustees wll onty retain funds lo ensure support is needgj for a particular pupil that runs over more than one Sch)ol year. Commitments will not be entered into by the Truste8S to the School if the projected costs cannot be mel by anllcipatgd incorre. At the year end the Foundation had resldctèl funds of £424,534 (2020-. £388,121) and designated funds of £348,911 {2020: £294,736). Unrestricted and free reserves al the year end are £16,372 (2020.. £93). This is set out in note 13 on page 31. The Foundation is able to maintain unrestriclod and free reseNes as £nll as The Royal Grammar Schts)I Worcester mfjets all costs of running the Foundation Office, including the wsts of events and publicalK)ns and the salaries of tha Foundation Office staff. Structure. governance and managemont . ConstitutSon The compgny is consts'tLrted under a Memorandum of Ass(Liation dated 11 August 2016 and is a regi81ered charity number 1170217. The company was ineorporaled on 11 August 2016 and commenced trading on th* date. The principal object of the company is to advancè the education of pupils at RGS Worcesler. 11 undertake8 fundraising to support bursary provision and lo assist with capital projects across the RGS SchC￿lS. b. Methods of appointmenl or gltetion of Trustees New Trustees are nom)alty appointed at tem)ly meetings on the basis of nwiinatK)ns from a committee af Trustees. Al nominations are made on the basis of eligibility, personal cc¥mpelence. 8pecialisl skills and availability. Tha management of the company is the responsibility of the Truslees who are elected and ccyted under the tems of the Articles ofAsstxiation. Policies adopted for the induction and training of Trust￿. New Trustees undertake a fomal induction prc¢ess under tha guidance of a fellow Trustee and the Foundation Director which covers the workings of the Charity, including Policies, Prctedufes, Financés and G0veman￿. Trustee$ are required to be DBS checked. Page 10

THE RGSW AND AOS FOUNDATION IA company Ilmhed ty guarants•l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 struGthre. govoman¢8 and manag8m8nt Icontlnuod ¢. Pay policy for key management personnel No pawxenls have been made by the FuJndalh)n to any of the TnF$tees and the Foundation Office staff remain employed by RGS Worcester 80 a￿ subje¢t to the policy implemented by the S¢htr)l. d. Organlsatlonal structurn and declslon maklng The Board of Trustee8 convene8 fom7ally once per School temi lo review Ihe work of the Foundation Office and to fonnally make decish)ns lo enabl8 the Foundatron grow. In be￿een these Board m881ings smal￿[ working groups or sub ¢omrnittees le.g. the Finance Committ901 can and do meet. If lime critical de¢i$igns need to be tsken the Chair ¢ir¢ulalg$ the infomiation eleclronicalty to Trustees to enablg agreement lo be reached. Thi8 18 then conveyed to tha Foundation Direclor for implementation. The Covid-19 pandemlc neces$itattrJ the use of wdeo conferencin9 and this has worked well for the Tru$tee5. Trustees are appoint￿ for a three year lemi and minimum of three RGS Govemors will serve as Trustees. Tha Trustees are aware ol the charity govemance c¢xle and the Foundation voluntarily subscribes to the Fundraising Regulater eode of prxtice. Periodically, Trustees will revrew the guidance in order to ensure that the charlty is wciking in line with the codfr, in all ways where it 1$ practi¢al to do so. e. Related party r•lationshlps The Foundation 9￿$18 to advanc8 education 81 the RGS WorGesler Fomily of Schco18. Al least three Tru5te8S are Govemors of the SchLxJI lo ènsure strategic alHJnmenl is maintained befvfftn the entities. The School finances a￿# staffs the Foundation Office and the Headmasters and Headmistresse5 Of the four RGSW S¢hools attend the Trustee Board m08ting, as does the Director of Finance and Operations. Page11

THE RGSW AND AOS FOUNDATION IA company Ilmited by guarante•) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Stwcturg5 governance and management {contlnued) f. Rlsk management The Tru8te8s have assessed the major risks to vknich th8 company is expose(I, in partieular those related to the Operat￿nS and finances of thg company. and are satisfied that systems and procedures are in placE to mf(igate its exposure to the major risks. The Trustees are mindful of the need to maximise the income generaled from the capital base of the endowment bursary fiJnds held wthin the Foundatiefi. as well as to preserve the value of other donations ahead of them being Iran81erred to RGS. This must be done against the backdrop of volatile market conditions, so the Board tasked memtws of the Finance Committee to review and monitor the choice of investments held In COIF units arKI to Gonsider a￿eMatiVe optTr?n$ lo mitigate against Stock market fluduats'on5. Coronavirus The Trustees continue to regard the Cowd-19 pandemic situation as a short Igrm operational challenge to be overcome and do Th)t expect lo affect the charty as an ongoiThJ wncem. Throughout the y8ar, Trusta8S W8re COntactsb￿ by phone. gmail and videoconferencing. so communications and decision making remained viable for the charty. This enabled the Charity to continue to cwate effectively and to aclively fundraise wth TTuslees maintaining ovarsight. The Foundation Office staff returned to working at the SchLw)l in Sept￿ber 2020 and, a￿hOUgh RGS requiwd the Foundation Office Administrator to be placed on fvdough foi a period of time, the Trusl8es are satisfied that, if n￿essary. the remote working model can be effectively resurrected at short noti￿. RGS Worcost8r was affected like all schwls but Èecause of the School's extensNa invastrment In it8 award winning Digf(al Learning Prograrnme. effectNe teaching continu￿ remotety al a lev?1 far greater than most other schod5. The School remains financialty robust and has seen an increase in pupil numbers in wn$¥ulive years as a diract consequence of ils oubtarKling eduCat￿nal provision through the Coronavirus pandemic. The Cowd- 19 pandefflic control measures rneant that there was no opportunity for Trustees and the FoundalKJn Office Staff to engage in person wf(h donors and prospective donors, either at group gathering evenls or at individual meetings durirrfJ the year. The lrfting of restrictions for the new academic year of 2021-22 has enabled an event plan to be created and this will help to drive fundraising objedives. Trustees are committed lo supporting tha Foundation offi￿ staff at these events. The Trustees recognise that emerging from the l¢xkdowns and fijrfough scheme wll require a period of readjustment as everyong attempts to return to their pre Covid-19 parKlemic 81tuation bLrt there is optimism that 2021-22 will present opportunities lo increase fundraising activities. Page 12

THE RGSW AND AOS FOUNDATION (A ¢ompany Ilmlted by guarante•) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Strnclur•. gov•mance afKI managgm•nt {contlnuad Plan8 for futyr• wrfo a. Futur• dev•1own￿ts The Board will rncruit additiond Trustees to help further the of the Foundallon Office and will seek guldance where necessary to help them lo fuffil Ihr rc4es for the FOU￿lat￿. The full findings from tho Ravi8w cl the Foundab'on Offi¢0 Lbrthrtaken by Gr8ham Pelton {UK) Ltd Consultants will continue lo be impthented. lemi fundra181ng targets linked to the School's revised strateg￿ D8valopmenl Plan and coupled wilh the addib.on of an addili¢)nal fundraiser. will be 8et by the Tru61ees for the Foundation OffKe. Ounng the coming y8ar a Strateg￿ p￿n wth milaslones will bo agreed to delN8r the target6 wilh KPIS monit¢xed to Irat pr<Jres¥. The primary focus for fundraising in 2021-22 will remain on bursaries and hardship in ¢yder lo wthn Kcess to the School. The OPFQrtunity 10 8UPF4)rt thg Sch¢￿1.$ dgv&)pment d the IrKloor Twni$ 8nd Netball Centre wll also be maxlml88d. Opportunit$ for Tfustee8 to swort wlh fuThJrai8ir4J xtr4ili96 SLth as the stewanlship of don(XB hwe b88n mapped wrthin a tsvo year event plan. Targeted engagement wi(h cuffent and prospectrv8 major donors will be undertthen by F￿ndat￿n Office to solut mojor gift8 whth will c¢)mplemgnl increasing the donor pcol by recTUrtin9 a nuth of additional reguLar donors. L8g8cy pl0d￿ wll e£Jntlnu& to be Sol￿rted to en8ur8 future donation8 8re in the pipellne and lafgor gifts a Legacy Sc¢ wll be 88blSshad to 8l*•¥ard the8e donors. The Foundation TNstees will work with the School's L•adership to a5Si51 wthere it can wlh the p integratfvjn of the alumni 8S8OCkqlion into RGS. P•3e 13

THE RGSW AND AOS FOUNDATION (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditor

The auditor, Crowe U.K. LLP, has indicated his willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Mr Timothy Curtis Chair /f2' f.iih Date: �[v-] 3 /3 / J.2-

Page 14

THE RGSW AND AOS FOUNDATION (A company Ilmlt•d by guarnntw) INDEpENDEP￿ AUDITOR'S REPORT TO THE fiIEMBER8 OF THE RGSW ANO AOS FOUNDATION Oplnlon We have audltod the financ￿ statsments of Tr RGSW arKI AOS Found•l)n (tho 'Charitab￿ companl) for the year ended 31 August 2021 which comprise the Statem8nl of finanual activil¢es. thè Balan sheeL the ststemenl of c48h flow8 and thè related notes. including a 8umm8ry of slgnlf￿8nI accounting polKies. The financkgl reporting framework that hos been applied in their preparation 1$ appI￿ats18 law and United Kiwdcm Accounting Standards, including Financial Reporting Standard 102 Tre FirwncI￿ ReFQrtin9 Standard applicatAe in the UK and Republic of Ireland. (United Kin9Jom Generalty Acceplgd Accounting PractKo1. In our oplnlon the financlal 8tstemenls'. give a true and falr view of Ihe state of the charitable compan￿$ affairs 89 at 31 August 2021 and of its incoming re8ources and applKalion of resources. ind￿1n9 bts inc(xne and 8xp8nditurn for th8 year ended, have been property prnpared in xcordance with United Kirythyn Genwalty Acc4untN Practice," a have been prepared In xc(xdance the reqUir￿)ents ￿ the Charli8 Act 2011. Ba#18 for oplnlon We condurted our audit in ¥rtcord8nce with Intemational Stsndards on Auditing IUKI IISAS (UK)) and appluble law. Our respon¥ibilrtie5 under those standards are frJrther described in the Audilorf8 responsibilities for the audit of th8.finarKi81 statements sKtion of reFQrt. We are independent of the charitable company in 8tLord¥nGg W￿1h the ethical fequiremenls that are re￿Vant to our audit of ihg financial 81atemenls in the Unlled Kingdt)m, including the Finamal Reporting CourKil's Ethical Standard, arKI we have fulfilled other ethul re$￿51b11￿M in aceordan¢e wth th868 rth]uirements. We believe that the audit ovid8nce we have obtained ' sufvent and appropriate to provJ8 8 basi8 for our opinion. Concluslons rn18llDg to golng ¢onc•m In audrting the finan￿81 statements. we have concluded that the Trustees. use of the golng COr￿￿n b￿¥ of acojunting in the preparat￿n of the finan￿al statel￿nts is appfopriate. B88ed on the work we have perfomed. have not ￿￿ent￿t￿l any materHI uncertainties rd8tirvJ lo events LY conditions that. Indlvidualty or edleclively, may cast 8ignfficant doubl on the charitable cwipanls ability lo conlinue as a going Goncern for g pertod of at least tW8fve m¢)nths from when the finar￿181 3￿t￿thI$ •rn authorised for issug. Our responsibilths and the respon8bilitie8 of the Trusteos wrth r8SP8Ct to g￿n9 concem are d•geriW In Iho relevant sectm￿S of this report. Pw15

ThE RGSW AND AOS FOUNDATION (A company IlmStod by guarnnto•) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RGSW AND A08 FOUNDATION {CONTINUEDI Other Inforniatlon The other infomwlion ¢omprises the infomat#)n included in the Annual TeFQrt other than the financ￿1 slatarnts and our ALdiiorf$ report Ihereon. The Trustees are responsible for the other infOrmat￿n eC￿ts1ned ￿￿thIn the Annual report. Our opinion on the financkal staternenls does not eover the other information and, except to the extent otheN4i88 explicitly staled in our report, we do not express any fomi cl assuranc8 conduwon thereon. Our responsibility ￿ lo read the e4her infomation and, Sn doing so. consJer whether the other infomialion ks materially incon$islenl wrth the financi81 ststements or our knovAedge obtained in the course of the audit. or otherwise appgar8 to be malgrialty misstated. If we identify such material inconsister￿leS or apparent material misstslements, we are rgquirad lo detgrn1ine whether this gNe3 rise to 8 material misstatement in the finanaal stalemenls themsdves. If, based on tha work we have performed, we con¢lude that there is a mat8ri81 misststement of this other infomation, we are required lo Teport that fact. We haNe ncrthing to rew1 In thbs regard. Matters on whl¢h * arg rgquired to rnport ty •xc•ptlon W8 have ncthing lo rewjrt in respect of the folhm'ng matters where the chaliti￿ lAtt￿nts ￿ Reports) Regulations 2QJ8 rnquires us to report lo you W, In our opinicm.. th8 inlom)ation giv¢n in the Trustees, repart 18 inccfflsistent in any materfal respect with the financk91 $lalernents,' or sufficient a¢Gounting record8 have not teen k•pL or the financial statements are not in agreement wrth th8 8ccounting records and returns., or hava not received all the infcmation and explanats'ons we require for our audrt. Responslbllttl•8 of trustoes A5 explainwl moro fully n the Trust￿, responsibilthas statemerrt. the Trustees (who are also the di￿r3 of the charitable company foi the purposes of company l¥wl are responsible f¢x prepa￿On of the finanaal statements and for being satisfied that they gNe a true aTrJ fair vi￿. and for such internal cwlrol as Ihe Trustees dètemine is necessary to enable the weparation of finanoal statements that aro free from mlsslatement. whethèr due to fraud ¢x eiror. In preparlng the financial state￿EntS, tho Trustee8 are re3ponsible for 8ssess¢ng the charitable companls abilty to conlinue as a going concern, disclosing, as applicable, mallers related lo going concem and using the gc4ng concom basis of 8ccountiThJ unless the Trustee$ either intend to liquidate the charrtable company or to cease cVeratK￿5, or have rn re81iti allem8live but to do ￿. Page 16

THE RG8W AND AOS FOUNDATION {A comp•ny limltod by gu•rantg9) INDEPENDE1￿ AUDITOR'S REPORT TO THE MEMBERS OF THE RGSW AND A08 FOUNDATION (CONTINUED) Audltorfs rn•pon•lbllltlo9 for tho audit of th• flnn¢l•l •tat•m•nts We have been appointed as auditor under section 145 of the Charities Act 2011 and rep￿ in aco)rdance with the Act and ralevant roguiatiin8 made or havlng effect It￿reunder. Our objectiv•s are lo obtsin reasonable as5uranc6 8bout vthelher the financial statement$ as a are free from material M￿stateMent. lthether due lo fraud or error. 8nd lo issu8 an A￿jitO¢S rewt that ind￿Je5 our opinKffl. Re830nabl6 888urance is a high thl of a3surar￿e, lyjt is not a guarantee that an audit coTrJucted in a(thrdan¢e wilh ISAS IUKI will aNvays detox a malenal misatw￿nI then it exists. Mis8talements ¢an aris tr￿n fraud or error aTrJ 8rn C)nsider&J malerid rf. indNidually or in thg ￿gregate. cwkl wsonabty be eyAed lo influence th? 0¢own￿ d¥isKn$ of users tsken on the basts ofthese ffinan¢wl atements. Irrngularthos, inchyjing fraud. are instances of rh)n<omplianca wlth kThis and regulation8. We des￿n prc¢edures in line wlh our re8pon8ibilrties, QLrtlin8d above, lo detect material missLitements in r88pect of irregularities, in¢luding froud. The extent to which ¢)ur procedure8 are capable of detecting irregularities, indudiro fraud is detailed below.. We obtained an uTrJ8rstsnding of the legal and regulory framework8 within which the charilablo company opeiates, f￿USing on th08e law5 and regulation$ that have a direct effect on tha detemiinalion of matsfial amounts and disclosures in the finanryal statements, Thg laws and regulalws we considered in this eonlext We￿ the compan￿ Act 20c￿, taXat￿n legislatN)n, toJether wth the Charitigs SORP {FRS 102). We 88sessed the requirgj ¢￿pIlaftCa with the88 laws and regul3tp)ns as part ol our audit prctadure8 on ts relatsj financial In addrt￿. we consKlered pn)viwon8 of other laws aThJ regulab"on8 that do not have a di￿1 effect on th& financial slatements but (￿rr￿lIance ￿ which rn￿Jht b8 fiJndam8ntal lo the ch8rit8bl& companYs abilty to OFerate or to av(xd a material penalty. We also conshdered the opportunities and incentives th81 may exi81 within the charitsbla Company for fraud. The laws and regulations we u)nsidered in this Context for th8 UK op8rati¢XS were General Data Ptoteclion Regulakn'on IGDPRI, Hearth and Safety legislation and employmenl18gi51alion5. Auditing 8tandard8 limrt th• requlred audit pr￿lureS to nonwccffnplianea with these law8 and Tegulatms to ¢nquiry of the Tru8tees and other managgmenl and inspKtion of ￿gUlatOry and ￿gaI correspondence, if any. Wg idenlifth the gmale$t risk cl material impact on the financio18talements from irregularities, in¢Yuding Iraud. to b8 wthin th8 timing of rwn(tion of income and the overnide of controls by manag8merrt. Our audit prc¢edures to respond lo these risks induded enquirie$ ol manwenl. and the FinarKe & General Pu Commitle8 about thwr own kjentrfutK￿ a￿1 assessment of the ri8ks of iffegularrkn'es. somple leslirvj on the PO8tirrfJ of joumals, fevwing accounting &4times for reviaNin9 r￿Ulat￿ ccy￿Sp)nd0nce tyth the Chanty Commission, Independent SclM)d8 Iwe(l￿at8. OFSTED aNJ ￿dIng minules d moatires of those to the inhernnl limitation$ of an audit. the￿ is an unavoiJabl• risk that we may r￿t have dotected some material misststements in the financial slat8m8nl$, even though we have properfy plann&J and perfomed our audit in accordance wlth audlting 8tandards. For example, the fvrth8r removed non-compliance with laws and regulations lirregularilieg) is from the events and transactions reflected in the ffinancial statements, Ihèlè55 likaty the inherently limited pro¢edures required by audfting 8tsnd8rd8 would Idenkn'fy it. In addrt￿. as with any audrL therg rgmainfyj a high6r risk of non4election of irregularilies. as the80 may invofve collusion, forgery. Intentional omission$, misrepresenlations, or the overrmle of intemal ￿ntrolS. We are not respx)nsible for preventing non- compliance and cannot expected lo dolect r￿r￿co￿VITrar￿e wth all la￿ and regUlat￿n$. Because of the inherent lvnitath￿5 of an audrL there Trs a risk that we Nlill not dded all irregularilKryJ. ind￿11n9 those leading to 8 matwial missteterrnnt in the financial statements or non<LYnpliance with regulatkn. This ri¥k incraasos tha mc(e that CfAnpliance with a or reguiatp)n is from the events and tran8xtion$ refiecbj in the fin￿ra1 statern•nt8. 88 ￿ *ryll be less 11(ety to become aware of instances of nOn<unpl1￿CO. Pag• 17

THE RGSWAND AOS FOUNDATION

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RGSW AND AOS FOUNDATION (CONTINUED)

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP Statutory Auditor Black Country House Rounds Green Road Oldbury West Midlands B69 2DG

Date: 8 April 2022

Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 18

THE RGSW AND AOS FOUNDATION IA company Ilmlted by guaranteè) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST 2021 Restriclèd Unrestslded nds funds 2021 2021 Total funds 2021 Total funds 2020 Note Incom• frorn: tlonations and legacies Investments 364,171 93,436 16.279 447,607 16.279 341.515 13,562 Totsl Incom• 354,171 109,715 463.886 355.077 Exponditure on: Raising funds Charitable activitses 91.053 2.383 91.053 3S6029 112.227 73.528 3fA,446 Totsl 0xpendi￿re 354.446 93,436 447.882 185. 755 Net lexpendlturevlncomo bofore ngt galns on Invèstments Net gains on investrngnts {2761 36,688 16.279 60,961 16.004 97,649 169,322 9, T07 Nol movement In fund8 36,413 TT,240 113.653 179,029 Reconclliatlon of funds: Total fund8 brought fomard Net n￿ement in funds 388.121 36.413 682,950 113.653 503,921 1T9,029 Tolal fund8 carrled for¥Yard 424,534 372.069 796,603 682.950 The Statement of financial ￿tIVitieS includes all gains ar￿ losses rgcognised in the year. Th& not05 on paJes 22 to 36 fomi part of these finanrial staternents. Page 19

THE RGSW AND ACS FOUNDATION (A company limited by guarantee) REGISTERED NUMBER: 10326313

BALANCE SHEET AS AT 31 AUGUST 2021

Fixed assets
Investments
Current assets
Cash at bank and in hand
Note
10
Creditors: amounts falling due within one
year
11
Net current assets
Total net assets
Charity funds
Restricted funds
Unrestricted funds
Total funds
13
13		 73,177
73,177		 2021
£
723,426
723,426
73,177
796,603
424,534
372,069
796,603		 240,125
240,125
(30)		 2020
£
442,855
442,855
240,095
682,950
388,121
294,829
682,950

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 145 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: -� ��;;mothy Curtis

Date:

The notes on pages 22 to 36 form part of these financial statements.

Page 20

THE RGSW AND AOS FOUNDATION IA company limSted by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021 Cash flov•3 from operating activities Net cash used in operating activities (306) 14791 Cash flow8 from Inve8tlng actlv5tl88 Dlvldends, interests and rents from investments Purchase af investments 16,280 (182.9221 13,562 14ot cash (used Inyprovlded by Investlng activities 1166,6421 13,662 Cash flowg from financlng activiti8S Nrt ca8h provlded by flnanclng actlvltles Chango In cash and c•sh gqulvalents In thg year Cash and cash equiyalents al the beginning of the year {186.948 240.125 169.353 TO, TT2 Cash and cash equlyalents at the ond of th• y•ar 17 73,1TI 24Q, 125 The note8 on page8 22 to 36 fomi part of these financial statement$ Page21

THE RGSW AND AOS FOUNDATION {A company Ilmlted ty guarantee) NOTES TO THE FINANCIAL STATEMEiirs FOR THE YEAR ENDED 31 AUGUST 2021 Accountlng pollcies 1.1 Basls of preparatlon of financlal statements The financial slalements have been prepared in ￿)rdance with the Charities SORP IFRS 102) - Accounting and Reporting by Charities: Statement of Recommendgd Practice applioble lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectsve 1 January 2Q191, the Financial Reporting Standard appl￿ble in the UK and Republic of Ireland (FRS 1021 and the Compan188 Act 20(E. The RGSW and AOS Foundation meets the definiti.on of a public benefrt entity under FRS 102. Assets and liabiif(ies are initially rec(*3nisgJ at hiStOr￿al or transaction valug unless otherwi88 stated in the relevant accounting policy. 1.2 Company status The company is a oompany limitsd by gu8ranlee. ￿gIStered in England and Walos, number 10326313. The company is also registered as a chaty. number 1170217. Tho memb&r5 of the company are the Trustees named on page 1. In the avenl of the company being wound up, the liabilty in re5pe¢t of the guarante8 is limf(ed to £1 per member of the company. The company's registered office and prinupal place of business is The Foundats'on Offi¢e. Th8 Royal Grammar School Worcestsr, Upper Tything. Worcester, WR1 1HP. 1.3 Golng ¢onc8rn The Trustee5 have undertaken planning and Gontinue to ck)sely monitor tha CovKI-19 situation. Despite the current cirGumstance8 the Truslees believe that the charty'$ financial resources arKI ontingency planning is sufficianl to ensure the abilty of the company lo continue as a going concem for the foreseeable future. b8ing at least hvefve months from the date of approval of these financial slalemenls and therefore have prepared the financial statements on 8 going concem basis. Page 22

THE RGSW AND AOS FOUNDATION (A company limlt•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accountlng pol1cl￿ Icontlnued) 1A Income All income is recognised once the Company has entitlement to tha Inconk, il is probabl8 that the inccme will be receN8d and tha amount of irKom8 receivable can be measu￿￿ rellabty. For legaaes. entillemenl 18 taken 88 the earfier of the date on which either tho company is aware that probate ha8 been granted, the estate ha$ been finalised and notfficalion has been made by the eX￿Ul0r{S) lo the Trust that a distribution will be made, or when a distribution is received from the estate. Re¢eipt of a kgocy, in whole or in part. is only considered probable when the amount can be measur8d r81iabty and the cc*npany has been notified of the executors intention to make a distribution. Where ]eg￿leS have been notified to the eompany, or the company is aware of the granting of probate, and the criteria for income recognilDn hav8 not been m&t, then the lega¢y is treatsd as a conlingenl asset and disc105ed rf material. Donated seryices or fxl1it￿ ere recogni5￿ when Ihg Company has control over the item. any cond￿On5 asS￿lated with the donated item have be8n meL thg receipt of ￿0￿0M1C benefrt from the US8 of the company of the Item i8 probable and that economic benéfft ean b8 measured r8liabty. In acLxirdance with the Charities SORP {FRS 102}, the general voluntaer time of the Friends is not recLyJni6ed arKI refer to the Twslees. report for more infomi8tion about their conlribulk)n. On receipt, d￿ated professional services and donated facilitw are ￿ogniSed on the basls of the value of the gift to the company which is the amount tha company would have tseen willing to pay to obtain 8ervice8 or facilities of equivalent economic benefit on the open market.. a corresponding amount is then recognis8d in exp9nditure in the period of receipt. 1.$ Exp•ndlture Exp￿dIt￿re Is recognised t￿te ther8 is a18gal or constructive obligatvJn lo transfer benefit to a Ihlrd party, it is probable that a transfer of economic benefrts will be required in settlgment and the amount of the obligation can be measured reliably. ExperKliture is classffied by acaivity. The costs of each actNily afe made up of the lolal of direct costs and shar&J costs, induding support costs involved in undertaking each activity. Direct costs attributable to a single activty are allocated dire¢dy to that activty. Shared costs ￿leh contribute lo more than one actThity and support costs which ara not attributable to a single activity ar8 apportioned betsveen those a¢ts"vilies on a basis eonsi$tent Iwth the use of resources. Central slaff costs are 811ocaled on the basis of time spent, and dgprecialion harges all¢xaled on the portion of the asset's U88. Fundraising costs are those incuThed in seeking voluntary contribution5 arKI do not indude the costs of dissaninating infomali¢M in support of the charitable activrti8s. Support co$1$ are those costs in¢urred direcdy in support of expenditure on the objects of the ¢￿7panY and include prO1￿t management carried out at Heajquarters. Costs of generating funds are costs incurrgj in attrading voluntary in¢orrE, and those incurred in trading activit￿ th81 raise fund$ Chariiable actwit￿ and GoVernar￿e costs are co8t8 inujrred on the c￿1PanIS operations, including support Costs and costs relating to the govomarth of the company apportioned lo charitable actiwli85. Pago 23

THE RGSW AND AOS FOUNDATION IA company limitad by guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accountlng policigs Icontinued) 1.5 Expendlture (continued) Grants payable are charged in the year when the offer 1$ made except in those cases where the offer is conditional, such grants ￿ng rewgnysed as expenditure whèn the conditions attaching are fiJ￿11ed. Grants offered subject lo conditions which have not been met al the year end are noted as a commitment, bul not accrued as expenditur8. 1.6 Inv95tm8nts Fixed asset inve$lm8nts are a fomi of finanaal Instnjmenl and are Init￿1￿ rects3nised at their transaction cost and subsequentty measured al fair value al the Balance sheet date. unless the value cannot be measured reliably in which ca88 11 is measured at cost less impairment. Investment gains and losses, whether reali8ed or unréalised, are combined and presented as 'GainsllLos$g$1 on investments. in the Statement of finanaal activities. 1.7 Cash at bank and in hand Cash al bank and in haTrJ includes cash and 8hcrft4erm highly liquNI invesknents with a short maturity of three rrnnlhs or18gs from the date of acquisition or opening of the deposit or similar account. 1.8 Financlal Instruments The charity onty enters into basic financial instrument transactions that result in the reccgnilion of financial assets and liabilities like trad8 and other Kcounts receivable and payable. Debtor Short tem debtors are measured at transaction price, less any impaimient. Creditors Short tomi creditors are measured al transact￿ price. Cash Cash is represented by cash in hand and deposits with financial institutions ropayable without pena on notice of not mor8 than 24 hours. 1.9 Fund accountlDg General funds are unrestricted funds %thich are available for u88 at the discretion of the Trustees In furtherance of the general obl￿t￿eS of the c(￿panY and whlch have not been designated for other purposes. Designated funds comprise unre$lrict8d funds that have been sel aslde by the Trustees for particular purpos8s. Th& aim and use of each designated fund is set out in the notes to the financial statements. Reslric18d funds are funds whiGh are to ￿ used in ac¢￿anCe with specific r8slriction5 imposed by donors or which have been rais￿ by the Company for particular purposes. The costs of raising and adminisloring such funds are charged against the specrfic fund. The aim and use of each restricted fund is sat out in the noley lo the financial 3tatemenls. Investment income, g8ins and Ioss8s are allc**ed to the appropriate fund. Page 24

THE RGSW AND AOS FOUNDATION IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 crftlcal accounting estim?te5 and aroas ofjudgmgnt Estimates and judgments ara continually evaluated and are bas￿ on historical experienrE and other factors, including expe¢Xations of future events that are beliewA to be reasonablg undgr the ciKumstsnces. Crit￿[ accounting estimates and assumptions: Th8 Company makes estimates and assumptions conceming the future. The resuking accounting estimates and assumptions wll, by definiti￿, seldom equal the related actual results. The estimates and assumpt￿nS that have a significant risk of causing a material adjustment to the carrying ￿nOUnts of assets and liabilrties wrthin the next financial yoar are discussed below. Crltlcal accountlng estlmatss and arnas ofjudgmgnt Estimates and judgm8nts arg continually evaluated arnl are based on historical expertence and other factors, including expectations of future events that are believed lo k reasonable under the ircumslances. Critical Sec￿UntIng estima185 and assumptions.. Donated ¥ervic88 and faaliti88 The Foundation received donated services and facilities from the Royal Grammar School w{￿Ster relating to staff costs, fvndraising wsts, office space and gudil fe9s. The 8taff costs are calculated ba88d on the percentsgé of èach staff mgmbgrs. time spent on providing seNC￿ to the charity. Premlses costs are estimated by applying a markat rate to th9 size of the office occupied. P&Je 25

THE RGSW AND AOS FOUNDATION A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Income from donatlons and18gaci•s Rgstrlctsd Unrestrictgd funds funds 2021 2021 Total funds 2021 Donations Donated Se￿e$ and facilitie8 354,171 364,171 93.436 93,436 354,171 93.436 447.607 RestJ7Cted Unrnstricted fvnds funds 2020 2020 Total funds 2020 Donations Donated servrEs and facilities 227.231 227.231 114,284 114,284 227,231 114,284 341,515 Investment income Unrgs¢riGtod funds 2021 Tolal funds 2021 Income from COIF units 16,279 16279 Unrestri¢ted lunds 2020 Total fvnds 2020 Income from COIF units Interest 13,285 277 13.285 277 13,562 13,562 Page 26

THE RGSWAND AOS FOUNDATION (A company limit8d by guarnntse NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Expandi￿rn on r•l8lng fund8 Unrestricted funds 2021 Tolal funds 2021 Events and pUbIKal￿￿s Staff costs 14,371 76,682 14.371 76,682 91,053 91.053 Unrvsliicted funds 2020 To fvnds Events and publr4tb)ns Staff costs 48,434 63. 793 48,434 112,227 112.227 Pag8 27

THe RGSW ANO AOS FOUNDATION (A cornpany limited by guarantsg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Anatygls of expenditurn on ¢harltable activikies R8strict8d Unr•stricted funds funds 2021 2021 Totsl funds 2021 Grants to RGS W0￿eSter I Worcester Intemalional Hod(8y Establishment costs Management and administration 354.446 354.446 500 1.883 500 1,883 354.446 2,383 356.829 Restricled UnrgstiiGted funds funds 2020 2020 Total furKIs 2020 Grants lo RGS Worcester Establishment co$ts Management and administration Tl,411 71,411 5tXI 1,617 1.617 71.411 2,117 73,528 Audltorfs remuneration 2021 Fees payable lo th& Company'5 auditor for the audit of the Company's annual accounts Page28

THE RGSW AND AOS FOUNDATION {A company limited by guarnnto91 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Staff costs 2021 2020 Wages and salaries 76.682 63. 793 76,682 63, T93 The average number of persons employed by thg Company during thg year was.. 2021 _ Nil. 2020- Nil. No employa8 r8ceive(I remuneration amounting to more than £60,0((J in ￿ther ￿ar. I staff are employ&J by and paid for by The Royal Grammar School Worcester. These costs are shown as donated services and facilf(ies. Kgy managemgnt personnel are ccnsidered to be the Trustegs and Senlor Manag8ment. Totsl ramunaration of key management petBonnel amounted lo £36,503 12020.. £38.7801 of whKh all costs were met ty The Royal Grammar School Worc8St&r. 10. Fixod •s5•t Invostments Unllsted Investments C¢)st or Yaluatlon At 1 September 2020 Additions Revaluations 442A57 182,920 97,849 At 31 August 2021 723.426 Net l)ook value At 31 August 2021 723.426 At 31 August 2<r20 442.857 Page 29

THE RGSW AND AOS FOUNDATION IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 11. Cr8dltors: Amounts falling due wlthln one year 2021 2020 A￿rual$ 30 12. Flnancial instruments 2021 2020 Financlal assets Financial asset5 at fair value through income and expenditur8 716,640 442,855 Fin8nckg1 assets measured al fair value Ihrough inwme and expenditur8 comprise inyestmenls. Page 30

THE RGSW AND AOS FOUNDATION IA company Ilmited by guarantèe NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 13. Statsm•nt of lunds 8tst•m•nt of fund$. current year Balance at 1 September 2020 Balance at 31 August 2021 Galnsl (Lossos Income expgndlture Unrestrlct•d funds Deslgnatsd funds A R Wheder Bursary Fund 294,736 60,961 355,697 Ggneral funds Gen8rdl Funds- all funds 93 108.715 {93A361 16,372 T¢>tal UnroStriGtgd funds 294,829 109.715 193,436 80,961 372.069 Rgstrlctgd funds A R Wheeler Bursary Fund Al￿ Ottiey Bur8ary FuThJ Digital Archive Hard3hip FurKI Alumni Spons￿3hiP WIHL Fund WIHL Buya Brick WIHL Buya Tree 154,186 44,207 2.760 39.501 147A67 7271 3.098 28.332 189,789 55.661 {2.7601 140.807) 156.781) 1250.0001 14.0981 5A17 68.120 250.000 19,765 500 4,111 158,806 15.667 600 388.121 354.171 {354.4461 36.688 424.534 Total of funds 682,950 463,886 (447,8821 796,603 Page 31

THE RGSW AND AO8 FOUNDATION (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMETrirs FOR THE YEAR ENDED 31 AUGUST 2021 13. Statsmgnt of funds Iwntinu•dl Dasignated funds: The A R Whee￿r Bursary Fund (ARW Bursary Fund) was set up in 2013 and has been de5ign*ed by the Governor8 as a fund lo gengrole bursarial support. Thi5 Fund was transferred to The RGSW arKI AOS Foundation on it's formation. R88trictgd funds: The Anlhory Reay Wheeler 8ur$ary Fund {ARW Bursary Fund).. monies receNed for investing in the ARW Bursary Fund. The AIKe Ottley Bursary Fund.. monies r￿1Ved for investing In the Altce Ollay Bursary Fund. Dlgltal ArchNe'. donations tw•rd$ the establishment of a digital archive. Hardship Fund.. thi8 is used lo makg Smaller, one Off 'in yearf gr8ntS to pupils whose families have often unexpected financial constraints. The grants can be used to assist wflh fees to help prevent disruption to the the education of pupils affected. The grants can also be applied to furthgr the education of pupils in thes8 Circu￿￿tanCeS by helping to fund actiwlies such as.. a&?demic field trips or study courses,. unifrjrn purchases; provision of necessary indiwdual classroom materials/equipmenl', the purchase of sports gquipment., contributions towards the costs of Sports tours and other e&curriuJlar events. Alumni Sponsorship.. these are donations made to fund means-tesled bursary plaGe5 at the SGhcol for individual pupils. Worcester Intemational Htxkey Centre:. donations mad8 to the Foundation in support of the £400,000 capital RGS had to contribute trj tha d￿elcpMenI of the new Centre. Funds raised through 'Buy-8-8rick'. sponsor a tree and grant awards. Page 32

THE RGSW AND AOS FOUNDATION {A company limitfjd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 13. Stat•mont of funds Icontinue(11 Statsmont of fvnds . prlor year Balance al 1 September 2019 Balance at 31 August 202Q Gain (Loss85) Income E¥penditure Unrgstricted fvnds Designated funds A R Wh88Lgr Bursary FUNJ 288.594 6, 142 294, 736 General funds Gener81 Funds 123 127,846 (127,876) 93 Total Unrestrlcted fund8 288.717 127,846 (127.876) 6.142 294,829 Restrlcted funds A R Wheeler Butsary Fund Alice Ottky Bursary Fund Dlgital Ar¢hNe Hardship Fund Alumni Swnsorship 13T.373 40,658 2. 760 1,913 32,500 13,889 2,908 2,924 641 154. 186 44.207 2, 760 39,￿1 147.467 T5,880 134.554 (38,292) (19,587) 214204 227,231 (57,879) 3,565 388. 121 Totsl of fisnds 503.921 355,077 (185, 755) 9,707 682,9 Page 33

THE RGSW AND AOS FOUNDATION IA company Ilmllod by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2021 14. Summary of funds Summary of fund8 - current year Balan¢8 at 1 September 2020 BalanrR at Galnsl 31 Augu8t (Losses 2021 Incom• Expendfture Designatwj funds GeneTal funds Restricted fund8 294,736 60.961 355.697 16.372 424,534 109,715 3K171 {93,436) (354.4461 388,121 36,688 682,950 463,886 1447.8821 97.649 796.603 Summary of fund8 - prior y8ar Balance al I Septembei 2019 Balance al 31 August 2020 G8in (Losses) Income Expenthtu Designated funds General funds Restricted fund8 288.594 123 215,204 6. 142 294,736 93 388, t21 127,846 227,231 (127,876J (57,879J 3,565 3,921 355.077 (18& 755) 9,707 682,9￿• IS. Analysis of net assots boiween funds Analysis of net assets between fundg- current year Restrlcted U￿r￿trIcted funds funds 2021 2021 Tolal funds 2021 Intangib￿ fixed assets Fixed asset investments Current assets 424,534 {424,534) 723.426 73,177 723.426 73,177 Total 424,534 372.069 796,603 Page 34

THE RGSW AND AOS FOUNDATION IA company Ilmlted by guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 15. Analysls of net ass•ts b8twe8n funds (contlnuedl Analysls of net assets beiwfjon funds- prlor year Restricted Unrgstncted funds fund 2020 2020 Total funds 2020 F￿ed asset investment8 Current assets Creditors due wrthin on8 year 388, 121 54.734 240, 125 (30) 442,855 240. 125 (30) Total 388, 121 294,829 682,950 16. Roconclllatlon of nèt mov•m•nt in funds to net wJh flow from operatlng actlvltles 2021 2020 Net income for th& year las per Statement of Finanaal A<*vriie¥) 113,653 179,029 Adjuslments for: Gains cfi investments Dividends. interests and rents from investments Increas8lld8crease) in creditors 190.863) 116.280) 130) (9. 706) (13,562) Net ca8h provlded by operating adiviti 155, T91 17. Analysh of cash •nd rash gquivalents 2021 2020 Cash in hand 73.177 240, 125 Total cash and cash equlvalents 73,177 240, 125 Page 35

THE RGSW ANO AOS FOUNDATION IA ￿MpanY Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 18. Analysi5 of ¢hange$ In net dgbt At1 September At31 2020 Cash flows August 2021 Cash at bank and in hand 240.125 1186,9481 73,177 240,12S 1166.9481 73,177 19. Conngcted parti88 The Foundati)n exists to advance education at the RGS Worcester Family of Schools. A minimum of three Trustees are also Gov&mor8 of the Sch¢)ol to ensure strategic alignment is maintained betJ¥een the vo entities. The Schcol fvnds and staffs the FoundatKJn Office and the Headmasters and Headmistresses of the RGS Schwls attend the Twslee Board meglings, as does the Director of Finance and Operation$. In December 2017, the A R Wheeler Bursary Fund and the restricted element of the All￿ Ottley Bursary Fund were transferred from the School to the Foundation. The A R Wheeler Bursary Fund was valued al £355,33S and the Alice 0tt1gy Bursary Fund was valued al £25,266. £5,800 of other restricted funds were also transferred lo the Foundation. The Foundation made grants to the School in the year totalling £115,625 12020. £71,411) of wh￿h £40.80212020.' £38,842} related lo Hardship grants, £2.76012020.' Nil) related to the Digital Archive. and the Test, £72.C63 (£32.5891 is to be spent on bursaries. The Foundation made a grant to Wor￿ter Intemational Hockey Limited. of whth the Sth1￿1 15 a joint owner. in Ihe year totalling £250,00012020.. Nil} An amount c4 £Nil12020.. £Nill was owing the Foundation to the Sch¢)ol at 31 August. The School paid for the running e08ts of the Foundation Offirk. including.. Salaries amounting to £76,68212020. £63.7931, evanls and publications amounting to £14.371 {2020: £48,434), managemgnl and adrninistralion costs amounting to £1,88312020: £1,617) provision of office spaee amounting to £50012020.. £5001. Page 36