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, reFInvestments
**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 2tal 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