Registered number". 10326313 Charity number: 1170217 THE RGSW AND AOS FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
THE RGSW AND AOS FOUNDATION IA company limited by guarantee CONTENTS Page Reference and administratlve details of the Company, its Trustees and advisers Trustees. report 3-11 Independènt auditorfs report on the financial ststements 12-15 ststement of financial activities 16 Balance sheet 17-18 Statement of cash flows 19 Notes to the financial statements 20-34
THE RGSW AND AOS FOUNDATION (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustees Mr Timothy Stephen Curtis (Chair) Mrs Rosemary Frances Ham Mrs Rachel Wyatt {resigned 23 November 2023) Mr Jonathan David Arr (Deputy Chair until 23 November 2023) {re5igned 13 June 2024) Mr Andrew Hampden Greenway (resigned 21 November 2024) Mr Gary Paul Rouse (Deputy Chair until 21 November 2024) Mr John Mark Gibson Mrs Katharine Mary Wonnington {Deputy Chair from 21 November 2024) Mrs Yvonne Wood Mr Michael William Boume (appointed 23 November 2023) Mr Mark Heric Beardmore (appointed 13 March 2025) Company registered number 10326313 Charity registered number 1170217 Registered ofFe The Royal Grammar School Worcester Upper ThIng Worcester WR1 1HP Senior management team Scott MacDonald, Foundation Director Independent auditor Crowe U.K. LLP Fourth FIcr St James House st James Square Cheltenham GL50 3PR Page 1
THE RGSW AND AOS FOUNDATION (A company limited by guarante8} REFERENCE AND ADh11NISTRATJVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Bankers Lloyds Bank 4 The Cross Worcester WR13PY Solicitors stallard March and Edwards (SME Solicttors) 8 Sansome Walk Worcester WR1 1LW Page 2
THE RGSW AND AOS FOUNDATION IA company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their annual report together with the audrted financial statements of the Company for the 1 September 2023 to 31 August 2024. The Annual report serves the purposes of both a Trustees, report and a directors. repjrt under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply wrth the current statutory requirements. the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the Company qualifies as small under sethon 382 of the Companies Act 20(E, the Strategic report required of medium and large companies under the Companies Act 2006 {Strategic Report and Directors, Report) Regulations 2013 has been ornitt. Objectives and activities a. Policies and objectives The Foundation is a separate charity to RGS Worcester (the 'School'l which comprises RGS Worcester, RGS Springfield, RGS The Grange and RGS Dodderhill. Reference to the Schoollsl. RGS or RGSW in the following report should be taken to mean any andlor all of the four RGSVV schools. The Foundation undertake5 activities solely to support the School and its pupils.The Foundation is governed by its Articles of Association. 11 also has policies to cover its operation including the recruitment of suitable trustees, Iheif ongoing fitness to be a trustee, confiicts of interest, the running of decision making meetings. and its ethical approach to fundraising. Trustees are bound by its Code of practi and submit declarations of interest. Ai trustees are subject lo DBS checks. The Foundation's Objects from the Articles of Association are.. {a) advancing the education of the pupils at the Schools by.. (i) providing and assisting in the provision of facilities and resources (including premises, equipment and setvicesl lof education at the Schools.. lill awarding to pupils at the Schools (or for their benefit) bursaries, scholarships, maintenan allowances or grants, or making loans to pupils or for their benefit, or providing pupils with books. equipment or clothing for the purposes of their education-, (iii) providing any part of their education (including the study of music or other arts or social or physical education)., (iv) assisting them to undertake travel in furtherance of their education., (vl helping them to prepare for entry into any other educational establishment or into any occupation, trade or profession on leaving the Schools". {vi) developing their mental. physical and moral capabilitr.es through leisure time activtties. Ib) advancing the education of persons who are educated by or with the support of the Schools Chanty by supporting the charitable objects of Ihe Schools Charity, by: (il making grants or loans or othewise providing financial support to the SchcM)Is Charity for its general charitable purF)oses or for specific charitable purposes., lil) doing in relation lo the Schcx)Is Charity and its charity beneficiaries any of the things whiGh are pemiitted in relation to the Schools and their pupils by article 2.1 la).. (c) in connection with the Schools or the Schools Charity. promoting the education of people under the age of 25 years in the county of Worcestershire in such ways as the Trustees think fit, including by= {il enabling them to h2vÈ &cess to and to make use of educational facilities and resources of the Schools or of the Schools Charity- or lil) attending the Schools. Page 3
THE RGSW AND AOS FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Objectives and activities (continued) b. Activities for achieving objecthies To supwrt the School with financial donations to provide: ' additional means-tested Bursary Awards and hardship grants. improvements to the RGS Schools. estale: . the ability to undertake other smaller projects to fijrther education provision within the Schwls. The Trustees have tasked the Foundation Office led by the Foundation Director to instwJate fundraising across the following areas: . directing fundraising appeals to alumni. ex-staff and parents with the request they support the provision of additional Bursary Awards at RGS Sch¢)ols to enable children whose families who could not othetwise afford the fees to ceIve an RGS education: . directing fundraising appeals to alumni, parents and ex-staff seeking donations towards the development of Capital Projects., requesting parents of each Upper Sixth leaving group donate their child's refundable joining deposit to support Bursary Awards or hardship grants or other initiatives identiFied by the Headmaster- directing fundraising appeals to alumni. ex-staff and parents wth the request they make a legacy gTft to the Foundation in order to prowde funding in support of Bursary Awards at the School or othar aspects they would most like to support in the School; * applwng for grants from awarding foundations and organisations in support of the Foundation's objectives, publishing an annual Impact Report that explains what funds have been raised and how they have been applied to generate outcomes aligned to the Charitls Objects. c. Main activltles undertaken to further the charity's purposes for the public benefit In setting objectives and planning actiwties. the Schoofs Governors have given careful consideration to the Charity Commission's general guidance on Public Benefit. The Foundation works to advance the education of pupils at the RGS Worcester Family of Schools and in doing so. actively helps to deliver the Public Benefit delivered by RGS. It will do this by wdening access to the School through the provision of additional bursary supported PlaS. These will be available to children from local families who meet the academic entrance requirements but would not otheN4ise be able to afford the school fees. Pla$ funded by donations will be in addition to those funded by the School. Bursaries will be means4ested to ensure all recipients are in genuine need of the financial support. The Foundation will also raise funds to support capital projects at RGS Worcester that will further the provision of education and where appropriale will benefrt the local community. For example, the Foundation Officè raised funds for the Worcester Intemational Hockey Centre that has been developed by RGS in partnership with Worcester Hockey Club, with the full support of WotGe5ter City Council. The new facility opened in November 2021 and offers international standard pitches that wll attract top coaches and will widen community access to the sport. This Centre is used by RGS pupils and is also available to Worcesler Hockey Club members, pupils from other local Schools and students from the Univetsity of Worcester. Pag8 4
THE RGSW AND AOS FOUNDATION (A company limited by guarantee TRUSTEES. REPORT {copinNUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achievements and perfonnance a. Review of activities Tim Curtis continued a5 Chair of the Foundation and Gary Rouse continued to chair the Finance Committee. Michael Boume, President of the alumni association (AOOES) became a Trustee in November 2023. Jonny Arr stepped down as a Trustee in June 2024 and Andrew Greenway infomied the Board of his intention to step down at the AGM in November 2024 to focus on his role as Chair of Governors for RGS Worcester. The Trustees have identified 12 as being the optimal number of Trust*s on Ihe Board and will appoint new Board members when suitable candidates have been identffied. The Trustees have undertaken a skills audit to identify areas of expertise that would be helpful to address when appointing new Trustees. During 2023-24 the use of online and hybrid rneetings enabled the charity to fulFIl its role on behalf of the School and ils pupils. Hybrid working remains an option to maximise Trustee participation at meetings and to offer Convenien to the Trustees, who are all volunteers. The Foundation Office team remained stable with the four team members continuing in post. The Developrnent and Alumni Relalions Manager notified her intention to depart RGS at Christmas 2024 to relctate overseas. RGS has committed to recrurting a successor and Ihere will be Trustee input to Ihe appointment. Bursary Awards remained the priority fundraising objective for the Foundation to support the Schcol. There were three major fundraising activities during the year_ a dinner in November 2023 with prospective major donors in London sponsored by a fomier pupil", the sale in December 2023 oflhe house gifted lo the Foundation in June 2022 by a fomer pupil and to be disposed of to raise funds for Bursary Awards", the second RGS Giving Day in April 2024. In addition, to these events there was the ongoing work to recruit regular donors and to secure legacy gifts. Existing sponsors of Bursary Awards continued to promde support to which they have committed and this included two loo0 Bursary Awards. No major capital projects that require fundraising are planned for the near future, enabling the Foundation to focus on exlending Bursary Awards provision. b. Fundraising activities The Foundation charily is run by the Foundation Office which is part of the School and tts slaff are employees of RGS Worcester. The Foundation Office seeks donations from the alumni of RGS Worcester, the Ale Ottley School {AOS) and Dodderhill School, as well as from parents of pupils at the four RGS schools. Grant applications are made to awarding bodies that can help the Foundab'on to support the work of the School. Prospective donors are asked to support bursaries, Gapital projects and the provision of smaller items to further the education of pupils at RGS. The Foundation Office manages an alumni websile (W.rgswandaQS.f0undat10n) which provides detsils of the areas for which funds are required and provides an online giving facility that incorporates Gfft Aid. where applicable. Opportunities to donate were also outlined in the annual Impact Report which was circulated in December 2023, as well as in direct mailing requests and on sooal media posts. The Trustees provide the oversight and set the strategic fundraising objectives for the chanty The Foundation subscribes to the Fundraising Regulator. The Foundation Office wnducts fundraising for the charity and abides by the Fundraising Code published by the Fundraising Regulator. There Wre no failures to report from the reporting period. Page 5
THE RGSW AND AOS FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achievements and perfomianc8 (continued) Trustees regulady review the activities of the Foundation Office and meet wr(h its staff formally each tem to discuss fundraising activities and priorrlies. Trustees also speak with the Foundation Office staff beeen formal Board meetings through the Finance Committee and Working Groups meetings or individual contact when relevant. No complaints have been rer¥ed to date regarding the Foundation, the Foundation Office staff or the Trustees. The Foundation Office provides mechanisms for alumni. ex-stsff and parents to change their communication preferences which include enabling anyone to stop further contact from the Foundation Office within all its communications. As soon as an individual makes a request to cease receiving contact from the Foundation Office either via a paiticular channel or from all channels, this is aciioned arKJ recorded to prevent staff in th8 future from inadvertently making conlact. When made aware, the Foundation Office promptly ceases communications with anyone who may not have the capacty to understand a fundraising request {e.g. when an individual rnoves into a care home or a parenvpartnerlchild informs of a heaRh issue impacting someone who would otherwise wish to re1ve communications). c. Investment pollcy and perfomiance The Trustees have lo strike a balance between growing the capital base of the endowment funds at a rate that exceeds inflation while minirnising the risk to the capital donated. The Foundation's Investment Policy does not include specrfic cash value or percentage growth tsrgets beyond the rate of inflation. Trustees monitor the perf0rrnan of the funds on a regular basis through the Finance Committee. For funds held on deposit, fixed term investments are used to maximise the interest available while maintaining the necessary level of liquidity. The Trustees have maintsined a cautious approach to investments during a peric<l of considerable global market uncertainty. due largely to the war in Ukraine and the Middle East. the US Presidential election and fluctuating inflation. The Foundation's Investment Policy frames the Board's approach to investing. reviewing perfomian and decision making. All investrnents are made with ethical considerations being ntral to the decision-making process. The Board retained the chariWs invesbnents in CCLA'S Chartties Ethical Investment Fund throughout the year. The COIF Charities Ethical Investment Fund has a number of exclusions to its Portfolio. for example: Companies that derive more than 50k of their income 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 ga5,- Investment is prohibited if companies are involved in the production of nuclear weapons, landmines or cluster munrf(ions,' no Sovereign Debt from countries identified by the Ethical Fund Advisory Commrttee as being the most oppressive- Companies that derive 100A or more from tobacco, alcohol or gambling. A full list of exclusion criteria can be viewed on the fund fadsh&t which is available on the websrte (.CcLA co.ukl. perf0rnan will continue to be monitored by the Finan Committee in line the Foundation's Investment Policy. The Trustees have committed to investing endcrwed funds in products that actively pursue ethical investing policies because Ihis reflects the values of the Trustees, as well as of the School which the Foundation exists to support. The Finance Committee tracks the value of invested fvnds and reviews the investment strategy regularly to ensure it satisfies a medium-low risk apprcch and meets ethical and responsible investment criteria. The Finance Committee reviewed the Investment Policy during the year and recommended to the Board that the point at which Trustees will engage the services of professional investment specialists to review options and advise the Board to enable decisions to be taken be raised from £1 m to £3m. The Alice Ottley Bursary Fund. In December 2017. 1.718 units held in COIF Charities Investment Fund (valued at £25,266) which had been purchased with donations for the AO Bursary fund were transferred from The Royal Grammar Schcyjl W0Ster to The RGSW and AOS Foundation. Funds of £75,279 were held in Page 6
THE RGSW AND AOS FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Achievements and perfomiance (continued COIF Charities Ethical Investment Fund as at 31 August 2024. The Anthony Reay Wheeler Bursary Fund. This fund was designated in May 2013 with the legacy from a former Master of the School. In December 2017, 24,163 units held in COIF Chartties Investment Fund {valued at £355,335) including some restricted funds were transferred from The Royal Grammar School Worcester to The RGSW and AOS Foundation. The funds were transferred as unrestricted funds and designated by the Trustees of The RGSW and AOS Foundation. Funds of £612,920 were held in COIF Charities Ethal Investment Fund as at 31 August 2024. The Foundatlon Annual Fund. TTUStees endorsed the decisK)n that this fund was to be drawn down and closed with the funds being moved to the Lloyds Bank account and then reinvested The Chris and Dorothy Dyer Sclen¢e & Technology Bursary Fund. Trustees opened a new account with CCLA to invest the funds raised from the sale of the house in Malvem that Chris so generously donated to the Foundation. £400,000 was used to purchase units in the COIF Charities Investment Fund in September 2024. Financial review . Going concern At the time of porting, the School is preparing for the introjuction ofVAT on school fees in January 2025. This had been trailed by the Labour Paty as a priority policy change so robust planning was in place at RGS to prepare for this change. The removal of charrty business rate relief in April 2025 was anticipated and budgeted for by the School. Desprte these challenges. pupil numbers have grown and the School remains in a stable financial position. The impact of VAT on Scho)I fees will be monrt0 closely by the SGhoDI Govemors. HMRC has issued guidance that confirms where Bursary Awards are funded by a grant awarding body such as the charty then VAT will not be applicabEe. This means that the level of funds projected to be awarded to RGS can be met on existing projections for 2024-25. RGS Worcester remains fully committed to growing the number of Bursary Awards it can offer through the funds raised by the Foundation Office. The RGS Board of Govemots is continuing to provide the resour$ needed to run the fundraising activities for the Foundation. The Foundation TrUStS continue to monitor the Foundation's abilty to conduct ftjndraising operations. Despite the current Circumstan$. the Trustees believe that the charitys financial resources and contingency planning is sufficient to ensure the abilrf(y of the company to continue as a going concem for the foreseeable future. being at least 1ve months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concem basis. Page 7
THE RGSW AND AOS FOUNDATION (A company limlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 b. Financial rnview During the year income from donations and legacies totalled £502.55512023: £361,208) and investment income totalled £27,572 1£20.218). The second Giving Day held in Apnl 2024 was very successful and raised £152k which is reflected in the growth in donations. Expenditure totalled £383,367 {2023-. £318,800) of which £223,618 (2023- £170,411) was on charitable actNities_ The increase was driven by an increase in the value of grants made to RGS WOrSter which totalled £208,5071203.' £141,634). Investment gains totalled £62,36612023'. Ioss of £57,775). Cash balances increased to £815,701 {2023.' £190,280) following the sale of the investment property. The Trustees consider the Foundation to be in a sound financial position with sufficient reseNes. The Trustees consider the Foundation to be in a sound financial positDn wtth sufficient reseNes. c. Reserrfes policy The Trustees will endeavour to transfer to the School as much of the funds raised as soon as possible while committing to a sustainable amount over a three year pericKI that is reviewed regularly and to growing the endowment funds to build a longer term predictable income. This commitment will help the School to plan its Bursary Award all¢)cation. Trustees observe the constraints plAd on restricted gifts and any statement of wishes made on unrestricted gifts. Where gifts have bn received for etther of the named bursary funds (the A R Wheeler Bursary Fund and the Alice Ottley Bursary Fund) these wll be added to grow the caprtal base treating these as endowment funds. The annual income eamed from the capital will be transferred to fund bursary places at the School. Donations to the Foundalion Bursary Fund which is not an endowment fund will be nomally be transferred to the School within 18 months to support Bursary Awards on an ongoing basis. The grfts received to support Hardship will be allocated as awards for specffic pupils to the Schwl as needed. usualty within e1ve months of receipt. Bursary gifts covering multiple years that are donated in advance by sponsots for particular pupils will be held by the Foundation and drawn from investments as required each year for transfer to RGS. At the year end the Foundation had restricted funds of £1.126.534 {2023-. £955,255) and designated funds of £354,154 {2023. £318,500). Unrestricted and free SeNeS at the year*nd are £23,54212022 £21.3491. This is set out in note 14. The Foundation is able to maintain unrestricted and free reserves as £nil as The Royal Grammar School Worcester meets all costs of running the Foundation Office, including the costs of events and publications and Ihe salaries of the Foundation Office staff. Structure, govemance and management . Constitution The company is constrtuied under a Memorandum of Assctiation dated 11 August 2016 and is a registered charity number 1170217. The company was incorporated on 11 August 2016 and ComMend trading on that date. The principal object of the company is to advance the education of pupils at RGS Worcester. It undertakes fundraising to support Bursary Awards provision and to assist wrth capital projects across the RGS Schools. Page 8
THE RGSW AND AOS FOUNDATION IA company limited by guarantee TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Structure, govemance and management (continued) b. Methods of appointment or electlon of Trustees New Twstees are nomially appointed at temily meetings on the basis of nominations from a Gommittee of Trustees. All nominations are made on the basis of elvJibility. personal competence, specialist skills and availability- The management of the company is the responsibility of the Trustees who are elected and COwOPted under the terms of the Articles of Association. Policies adopted for the induction and training of Trustees. New Trustees undertake a formal induction process under the guidance of a fellow Trustee and the Foundation Director which covers the workings of the Charity. including Policies. PrLKedures, Finances and Governance. Trustees are required to be DBS checked. c. Pay policy for key management personnel No payments have been made by the Foundation to any of the Trustees and the Foundation Office staff remain employed by RGS Worcester so are subject to the policy implemented by the &hool. d. Organisational structure and decision making The Board of Trustees convenes fomially On per sch¢JoI temi to review the work of the Foundation Office and to formally make decisions to enable the Foundation grow. In beeen these Board meetings smaller working groups or sub committees le.g. the Finan Commrttee) can and do meet. If time crits-cal decisions need to be taken the Chair circulates the infomiation electronicalw to Trustees to enable agreement to be reached. This is then conveyed to the Foundation Director for Implementatn. Hybrid working has led to the use of video conferencing and this has worked well for the Trustees. Trustees are appointed for a three year term and minimum of three RGS Govemors wll serve as Trustees. The Trustees are aware of the charity govemance code and the Foundation voluntarily subscribes to the Fundraising Regulator code of practice. Periodically. Trustees will review the guidan in order to ensure that the Charity is working in line with the code, in all ways where it is practical to do so. e. Related paty relationships The Foundation exists to advan education at the RGS Worcester Family of Schools. At least three Trustees are also Govemors of the Schcol to ensure strategic alignment is maintained between the entrties. The School finances and staffs the Foundation offi and the Headmastefs and Headmistresse5 of the four RGS Schools attend the Trustee Board meeling. as does the Director of Finance and Operations. f. Risk management The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate its exposure to the major nsks. The Trustees are mindfvjl of the need to maximise Ihe income generated from the capital base of the endo¥vment bursary funds held wtthin the Foundation. as well as io preserve the value of other donations ahead of them being transferred to RGS. This must be done against the backdrop of volatile market condition5. SO the Board tasked members of the Finan Committee to review and monitor the Choi of investments held in COIF units and to consider altemative opts'ons to mitigate against st¢xk market fluctuations. Page 9
THE RGSW AND AOS FOUNDATION IA company limited by guaranteel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Structure, govemance and management (continued) The Finan Committee reported to the Board that CCLA is a solid choice of PvIde[ within the Maet place for what the charity required but that they will remain alert to altemative providers. Plans for future perlods . Future developments The Board will recruit additional Trustees to hdp further the work of the Foundation Office and will seek guidance where necessary to help them to fu1[ their roles for the Foundation. The full findings from the Review of the Foundation offi undertaken by Graham Pelton (UK) Ltd Consultants will continue to be implem6nted by the Foundation Office now that staffing levels are commensurate with the recommendations for increasing fundrasing activity and alumni engagement. The Case for Support for Bursary Awards at RGS has been wdely circulated along with the annual Impact Report which featured testimonials from Bursary Award recipients. Further testimonials will be gathered and shared across communicats'on channels to encourage giving_ The Case for Support will be fevisited during 2025. Long temi fundraising targets linked to the School's revised Strategic Developmenl Plan have been set by the Trustees for the Foundation Office. These targets were shared with the School Communty in the 'Change a Lrfe, Bursary brochu that was circulated in December 2022. A comprehenswe financial tracking and forecasting model has been adopted to enable progress to be tracked alongside a range of engagement KPIS lor the Foundalion Office. The primary focus for fundraising in 2024-25 will remain on Bursary Awards in order to widen access to the School. Following the extremely suc$$ful Giving Day held in April 2024, the Foundation Office will take tactical pause on this format of fundraising in 2025 to allow the VAT on fees to be embedded. This approach is in line with many independent schools. There will be a focus on major gtfts and regular giving to replace funds that the Giving Day would generate. To help recruit donors the number of alumni engagement events will continue to increase significanlly during 2024-25 with a rolling programme of gatherings designed to solicit gifts and to infom alumni about thé impact the Foundation is making on young lives. The sewnd Old Elizabethans Weekend in Sepiember 2024 where over 200 alumni participated in a range of events was very well received and this is now fimly established in the School calendar. Trustees will support the Foundation offi team and Schcol Leadership at a number of these events. Targeted engagement with cuent and prospective major donors will be undertaken by the Foundation Director to solicit major gifts which will complement increasing the donor pool by recruiting a number of additional regular donor5. This will include engaging wilh hwh net worth individuals in Lormlon and in Worcestershire. Legacy pledges will continue to be solicited to ensure future donations are in the pipeline and there will be a campaign during the year to increase the number of known pledges, as well as to steward them through a Legacy Society. A second Legators Lunch was held in June 2024 and this will continue to be an annual stewardship evenl along wrth the Gala Night performance of the School's drama production in November 2024. Page 10
THE RGSW AND AOS FOUNDATION IA company limited by guaranteel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 statement of Trustees. respor6ibilities 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 accordan with applicable law and United Kingdom Accounting Standards (Unrted Kingdom Generally Accepted AeLounting Practice). Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unles5 they are satisfied that they give a true and fair view of the stale of affairs of the Company and of tts incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Truslees are required to.. select suitable accounting policies and then apply them consistently- observe the methods and principles ofthe Charities SORP IFRS 1021 make judgments and accounting estimates that are reasonable and prudent.. slate whether applicable UK Accounting Standards IFRS 102) have been followed. subject to any material departures disclosed and explained in the financial statements". prepare the financial staterrEnts on the going con basis unless it is inappropriate to presume thal the Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Companys Iransactions and disclose wf(h reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply wilh the Companies Act 20C6. They are also responsible for safeguarding the assets of the Company and hen for taking reasonable steps for the prevention and detection of fraud and other irregularlties. Dilosure of inforniation to auditor Each of the persons who ar8 Trustees at the time when this Trustees. report is approved has confirmed that.. so far as that Trustee is aware, there is no retevant audit infomiation of which the chariws auditor is unaware. and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the chanws auditor is aware of that infomation. Auditor The auditor, Crowe U.K. LLP. has indicated his willingne5S to continue in Offi The designated Trustees wll propose a rnotion reappointing Ihe 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 Tlmothy Stephen Curtis Chair Date.. Page 11
THE RGSW AND AOS FOUNDATION (A company limited by guarantse INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RGSW AND AOS FOUNDATION Opinion We have audited the financial staternents of The RGSW and AOS Foundation (the 'charitable company,) for the year ended 31 August 2024 which comprise the Statement of financial activities, the Balance sheet. the Statement of cash flows and the related notes. including a summary of significant accounting policie5. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Slandard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitsble company's affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expendrture for the year then ended., have been properly prepared in accordance with United Kingdom Generally ACpted Accounting Practice,. and have been prepared in accordano with the requirements of the Companies Act 20ffi. Basis foropinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) IISAS IUK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charrtable company in accordan with the ethical requiremenls that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wilh these requirements. We believe that the audrf( evidence we have obtained is sufficEnt and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not idenlffied any material uncertainties relating to events or conditions that. individually or collectivety. may cast significant doubt on the charitable companls abilrty to continue as a going concem for a peric*l of at least ts¥e months from when the financial statements are authorised for issue. Our responsibilities and the responsibilrties of the Trustees with respect to going concem are described in the relevant sections of this reporl. Page 12
THE RGSW AND AOS FOUNDATION (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RGSW AND AOS FOUNDATION (CONTINUED) Other informatlon The other information comprises the information included in the Annual report other than the financial statements and our AudttQf's report Ihereon. The Trustees are responsible for the other infomiation contained wrthin the Annual report. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicrtly stated in our report, we do not express any fom of assurance conclusion thereon. Our responsibility is lo read the other infornalion and. in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otheiSe appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to detemiine whether this gives rtse to a material misslatemenl in the financial statements themselves. If. based on the work we have perfomed, we conclude that there is a material misstatement of this other infonnation, we are required to report that fact. We have nothing to repM)rt in this regard. Opinion on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit" the information given in the Trustees, report for the financial year for whrch the financial statements arè prepared is consistent with the financial statements. the Trustees. report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exceptlon In the light of our knowledge and understsnding of the charitable company and ils environment obtained in the course of the audit. we have not identified material misstatements in the TfUStees' repoit. We have nothing to report in respect of the followng matter5 in relation to which Companies Act 2¢X16 requires us to report lo you if, in our opinion.. adequate accounting records have not been kept. or retums adequate for our audit have not been received from branches not visited by us," or the financial statements are not in agreement with the accounb.ng records and retums" or certain disclosures of Trustees. remunerats'on specffied by law are not made., or we have not received all the information and explanations we require for our audit., or the Trustees were not entitled to prepare the financial statements in accordance with the small cornpanies regime and lake advantage of the small companies. exemptions in prepanng the Trustees, report and from the requirement to Prepa a Strategi¢ report. Page13
THE RGSW AND AOS FOUNDATION (A company limited by guarantee} INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RGSW AND AOS FOUNDATION ICONTINUED) Responsibilities of trustees As explained more fully in the Trustees, responsibilitbes Statement. the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for bng satisfied that they give a tnje and fair view, and for such internal control as the Trustees detemine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial ststements, the Trustees are responsible for assessing the charrf(able company's ability to continue as a going concem, disclosing, as applicable, matters related to going COnM and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable wmpany or to ase operations, or have no realtIC aEtemative but to do so. Auditorfs responsiblltties for the audit of the financial statements Our objective5 are to obtain reasonabFe assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an Auditor's report that includes our opinion. Reasonable assuran is a hh level of assurance, but is not a guarantee that an audit conducted in accordance wilh ISAS (UK) will always detecl a material misstatemerrt when it exists. Misstatements can arise from fraud or error and are considered material rf. indiwdually or in the aggregate, they could reasonably be expected to influence the eronomic decisions of users tsken on the basis of these financial statements. Irregularities, including fraud, are Instan of non-complian with laws and regulations. We design produreS in line with our responsibilities. outlined above, to detect material rnisslatements in respect of irregularities, including fraud. The extent to which our prcredures are capable of detecting irregularities. including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direcl effect on the detemiination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, tcoether with the Chartties SORP {FRS 102). We assessed the required compliance with these laws and reguLab'ons as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial slatements but Complian wtth which might be fundamental to the tharitable companvs ability to operate or to avoid a material penalty. We also considered Ihe opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations was General Data Protection Regulalion (GDPR). Auditing standards limit the required audit procedures to identify non<ompliance these laws and regulations to enquiry of the Trustee5 and other management and inspection of regulatory and gaI correspondence, if any. We identified the greatest risk of material impact on the financial statement5 from irregulanties, including fraud. to be wthin the override of conlrols by management. Our audit procedures to respond to these nsks included enquiries of management. and the Finance & General Purpose Committee about their own identification and assessmenl of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory CorreSFK)nden wth the Chanty Commission and reading minute5 of meetings of those charged wth governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstaternents in the financial statements. even though we have propedy planned and performed our audit in aGrdan wth auditing standards. For example. the further removed non4ompliance with laws and Page 14
THE RGSW AND AOS FOUNDATION IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RGSW AND AOS FOUNDATION (CONTINUED) regulations {irregularities} is from the evenls and transactions reflected in the financial statements, the less likely the inherently limited procedures required by audrting standards would identify it. In addition, as with any audit, there remained a higher risk of non-delection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of intemal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations. Because of the inherent limrtations of an audrt, there is a risk that we wll not detect all irregularrties, including those leading to a malerial misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance wrth a law or regulation is removed from the events and transactions reflected in the financial staten*nts, as will be less likety to become aware of instances of non-compliance. The risk is also greater regarding irregularthes 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 audil of the financial statements is located on the Financial Reporting Council's website al.. www.frc.or .ukJauditorsres onsibilities. This description forms part of our Auditorfs reporL Use of our report This report is made solely to the charitable Companys tnjstees, as a body, in accordance wrth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so thal we might state to the charitable Company's trustees those matters we are required to state to them in an Auditorfs report and for no other purpose. To the fvllest extent permitted by law. we do not accept or assume responsibilty to anyone other than the charitable Company and rts trustees, as a bojy. for our audit Work. for this report, or for the opinions we have fomied. Tara Westcott (Senior statutory auditor) for and on behalfof Cr¢)we U.K. LLP Statutory Auditor Fourth Floor St James House St James Square Chettenham GL50 3PR Date.. 25 April 2025 Page 15
THE RGSW AND AOS FOUNDATION (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and leg&ies Investments 324.346 27.572 178,209 502.555 27.572 361,208 20,278 Total income 351.918 178.209 530.127 381,426 Expenditure on: Raising funds Charitable activities 159.749 16,267 159.749 223,618 148, 389 170,411 207.351 Total expenditure 207.351 176.016 383.367 318.800 Net incorne before net galnsl{lossesl on investments Net gainsl(losses) ¢)n investrnents 144.567 26,712 2,193 35,654 146,760 62,366 62, 626 (57. 775) Net movement in funds 171,279 37,847 209,126 4.851 Reconciliation of funds: Total funds brought forward as restaled Net movement in funds 955,255 171.279 339.849 37,847 1,295,104 209.126 1,290,253 4,851 Total funds carried forward 1,126,534 377,696 1,504,230 1,295, 104 The Statement of financial ac11vit indudes all gains and losses recognised in the year. The notes on pages 20 to 34 fom part of these financial statements. Page 16
THE RGSW AND AOS FOUNDATION (A company limited by guarantee) REGISTERED NUMBER: 10326313 BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Fixed assets Investments Investment property 10 688,199 667. 775 460.¢X 688,199 1. 127. 775 Current assets Debtors Cash at bank and in hand 11 330 815,701 190,280 816,031 790, 280 Creditors= amounts falling due wrthin one year 12 (22.951) Net current assets 816.031 167,329 Total net assets 1,504.230 1,295, 104 Charity funds Restricted funds Unrestricted funds 14 14 1.126,534 37T.696 955,255 339,849 Total funds 1.504,230 1,295, 104 Page 17
THE RGSW AND AOS FOUNDATION {A company limited by guarantee) REGISTERED NUMBER: 10326313 BALANCE SHEET {CONTINUED) AS AT 31 AUGUST 2024 The Trustees acknowledge their responsibilities for complyng wyth 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 prowsions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for sue by the Trustees and signed on their behalf by: Mr Timothy Stephen Curtls Chair Date.. The notes on pages 20 to 34 form part of these financial statements. Page 18
THE RGSW AND AOS FOUNDATION (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note Cash flows from operating activities Net cash used in operating actwities 17 103.741 66.862 Cash fJows from investing activities Dividends, interests and rents from investments Proceeds from sale of investments Purchase of investments Proc*ds from sale of investment property 19.738 114,942 173,0001 460,000 20.218 Net cash provided by investing activities 521,680 20,218 Change In cash and cash equivalents in the year Cash and cash equivalents at the teginning of the year 625,421 87.080 190,280 103,200 Cash and cash equivalents at the end of the year 18 815,701 190.280 The notes on pages 20 to 34 fomi part of these financial statements Page 19
THE RGSW AND AOS FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charlties SORP {FRS 102) Accounting and Reporting by Charities." Ststement of Recommended Practice applicable to charities preparing their a¢UnIS in accordan wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The RGSW and AOS Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical c05t or transaction value unless othetwise ststed in the relevant accounting policy. 1.2 Company status The company is a company limited by guarantee, registered in England and Wales, number 10326313. The company is also registered as a charity, number 1170217. The members of the Company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limrted to £1 per member of the company. The company's registered office and principal plaGe of business is The Foundation Office, The Royal Grammar School Worcester. Upper Tything, Worcester. WR1 1 HP. 1.3 Going concern The Foundation Trustees continue to monitor the Foundation's ability to conduct fundraising operations. Despite the current circuMstans. the Truslees believe that the charity's financial resources and contingency planning is sufficient to ensure the ability of the company to continue as a going concern for the foreseeable future, being at ast e1Ve months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis. 1.4 Income All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Legacies are accounted for based on settlement of the estate or elpt of payment, WhheVer is the earlier. Donated semces or facilities are recognised when the company has control over the item, any conditions asswiated with the donated item have been met. the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP IFRS 102). the general volunteer time of the Friends is not recognised and refer to the Trustees. report for more information about their contribution. On receipt, donated professional services and donated faciltties are recognised on the basis of the value of the gift to the company which is the amount the company would have been willing to pay to obtain services or facilrties of equivalent ecorMiC benefit on the open market,. a corresponding amount is then recognised in expendrture in the period of reipt. Page 20
THE RGSW AND AOS FOUNDATION (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng policie5 (continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructNe obligation to transfer economic benefit to a third paty. it is probable that a transfer of economic beneffts will be required in settlement and the amount of the obligation can be measured reliably. Expendtture is classtfied by activity. The costs of each activty are made up of the total of direct cosls and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity Shared costs whh contribute to more than one activity and support costs which are not attributable to a single activty are apportioned belw*n those activities on a basis consistent wtth the use of resources_ Central staff costs are allocated on the basis of time spent, and depreciation charge5 allocated on the portion of the asset's use. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of dissefflinating infomation in support of the Charitable a¢tivities. Support ¢osts are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters. Charitable actimties and Governan costs are costs incurred on the company's operations. including support costs and costs relating to the govemance of the company apportioned to charitable activities. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being cognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been mel at the year end are noted as a commitment, but not accrued as expenditure. 1.6 Interest rec•lvablo Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company,. this is normally upon notiffication of the interest paid or payable by the instrtution with whom the funds are deposited. 1.7 Investments Fixed asset investments are a form of financial instrument and are initially reccgnised at their transaction cost and subsequently measured at fair value at the Balance sheet date. unless the value cannot be measured reliably in which case rt is measured at cost less impaiment. Investment gains and losses. whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments, in the Statement of financial activrf(ies. The Foundation was gffted a property during the year which is held at fair value as an investment property whilst its sale is pending. 1.8 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offerèd. Pr8payments are valued at the amount prepaid net of any trade discounts due. Page 21
THE RGSW AND AOS FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng policies (continued) 1.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-tenn highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.10 Financial instrufftents The charity only enters into basic financial instrument transactions that resutt in the recognrtion of financial assets and liabiltties like trade and other accounts reNable and payable. Debtors Short term debtors are measured at transaction price. less any Nnpairment. Creditors Short term creditors a measured at transaction price. Cash Cash is represented by cash in hand and deposits with financial institutions repayable wilhoul penalty on notice of not more than 24 hours. 1.11 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in fvrtheran of the general objectwes of the Company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of e designated fund is set out in the notes lo the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specrfic fund. The aim and use of each restricted fund is set oul in the notes to the financial statements. Investment income, gains and bsses are alICed to the appropriate fund. Crltlcal accountlng estlmates and areas of Judgment Estimates and judgrnents are continually evaluated and are based on historical experien and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical aOUntIng estimates and assumpb-ons- Donated servi$ and facilrties The Foundation received donated services and facilities from the Royal Grammar Sch(M)I Worcester relating to staff costs, fundraising costs. office space and audrt fees. The staff costs are calculated based on the percentage of each staff members, time spent on providing services to the charity. Premises costs are estimated by applying a market rate to the size of the office 0upied. Page 22
THE RGSW AND AOS FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from donations and legacies Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Donations and legacFes Donated servi$ and facilities 324.346 3,349 174,860 327,695 174,860 324.346 178,209 502.555 Restricted Unrestricted funds funds 2023 2023 Total funds 2923 Donations Donated seNices and facilities 207, 198 207, 198 154,Oto 154,010 207. 198 154.010 367,208 Investment income Restricted funds 2024 Total funds 2024 Income from COIF units Bank interest 19,739 7,833 19.739 7,833 27,572 27,572 Restricted Unrestricted funds funds 2023 2023 Tolal funds 2023 Income from COIF units 17.040 3, 178 20,218 Page 23
THE RGSW AND AOS FOUNDATION (A company limited by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Expenditure on raising funds Unrestricted funds 2024 Total funds 2024 Events. publications and software Staff costs 28,605 131,144 28.605 131,144 159.749 159.749 Unrestriclgd funds 2023 Total funds 2023 Events, publications and softhre Staff costs 25,362 123.027 25,362 123,027 148,389 148,389 Page 24
THE RGSW AND AOS FOUNDATION (A company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure on charitsble activities Restricted Unrestrlcted funds funds 2024 2024 Total 2024 Grants to RGS Worcester Establishment, management and administration costs 207.351 1,156 15,111 208,507 15,111 207,351 16,267 223,618 Restricted Unr8Stricted fvnds funds 2023 2023 Total 2023 Grants to RGS wOrster Establishment. management and administration costs 138,433 23. 756 3,201 5.621 141,634 28.777 161,589 8, 822 170.411 Audltor's remuneratlon The auditols remuneration amounts to an auditor fee of £4.500 (2023 - £3.(TrW). and a fee for the preparation of the financial statements of £800 (2023- £775). Page 25
THE RGSW AND AOS FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Stsff costs 2024 2023 Wages and salaries 131,144 123,027 131,144 123,027 No employee received remuneration amounting to more than £60.000 in etther year. I staff are employed by and paid for by The Royal Grammar School Worcester. These costs are shown as donated services and facilities. Key management personnel are considered to be the Trustees and Senior Management. Total remuneration of key management personnel amounted to £65.692 (2022: £61,879) of which all costs were met by The Royal Grammar School Worcester. Investment property Freehold investment property At 1 September 2023 Disposals 460,000 (460,000) At 31 August 2023 Page 26
THE RGSW AND AOS FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Fixed asset investments Unlisted investments Cost or valuation Al 1 September 2023 Additions Disposals Revaluations 667.775 73,000 1114,942 62,366 At 31 August 2024 688,199 11. Debtors 2024 2023 Due within one year Other debtors 330 12. Creditors: Amounts falling due wiihin one year 2024 2023 Amounts owed to Royal Grammar School WOrSter Accruals 15,630 7,321 22.951 13. Financial instruments 2024 2023 Financial assets Financial assets measured at fair value through income and expenditure 688,199 667, 775 Financial assets measured at fair value through income and expenditure comprise investments. Page 27
THE RGSW AND AOS FOUNDATION (A company limited by guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. Statement of funds Staternent of funds - Current year Balance at 1 September 2023 Balance at Gainsl 31 August ILosses} 2024 Income Expenditure Unrestrscted funds Designated funds A R Wheeler Bursary Fund 318,500 35,654 354,154 General funds General Funds - all funds 21,349 178,209 (176,016) 23,542 Total Unrestrlcted funds 339,849 178,209 (176.016) 35.654 377.696 Restricted funds A R Wheeler Bursary Fund All Ottley Bursary Fund Hardship Fund Alumni Sponsorship Foundation Bursary Fund RJ & CJ Oates music scholarship The Christopher and Dorothy Dyer Science and Technology Bursary Fund Contemplation Area 192,877 57,873 468 28,022 4,229 2.027 141.163 172,142 (15,620) 11,697) (500) (92,983) (82,612) 21,591 5.121 226.870 65,526 1,995 149,750 251,187 101,570 161.657 (504) 438,810 2,000 3.831 (13,435) 429,206 2,000 955,255 351.918 (207,351) 26,712 1,126,534 Total of funds 1.295.104 530,127 (383,367) 62,366 1,504,230 Page 28
THE RGSW AND AOS FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. Statement of funds (continued) Designated funds: The A R Wheeler Bursary Fund (ARW Bursary Fund) was set up in 2013 and has been designated by the Governors as a fund to generate bursarial support. This Fund was transferred to The RGSW and AOS Foundation on it's fomation. Restrlcted funds: The Anthony Reay Wheeler Bursary Fund (ARW Bursary Fund): monies received for investing in the ARW Bursary Fund. The Alice Ottley Bursary Fund.. monies reiVed for investing in the All Ottley Bursary Fund. The Foundakn'on Bursary Fund". for donakn'ons gtven in support of bursaries at RGS but unlike gifts to the o bursary endowment funds, these monies are to be transferred to the Sch¢x•l within 18 months of being donated. Fundraising activities will ensure that the fund is Continually replenished. The Parent Music Scholarship.. an annual donation given by an RGS family to cover the musical instrument turtion fees for a bursary recipient pupil. The Christopher and Dorothy Dyer Science and Technology Bursary Fund.. uses funds from the sale of Laurel Cottage to provide bursary pla$ at RGS. Chris Dyer is a fomer pupil of RGS Worcester. He and his wife. Dorothy. live in the USA and Laurel Cottage was his UK family home which he gifted to the Foundation to help children aCsS education at RGS. Chris has stipulated that up to tsvo bursaries per year may be awarded at 50% of school fees until the funds are exhausted. The RGSW Tree: a one-off gift to plant a tree at RGS from a fomer pupil. Kenneth Armson, who devoted his professional career to stewarding forests in Canada. The Contemplation Area." a one-off gtft from Kenneth Armson who wyshes to provide a dedicated area in the grounds at RGS Worcester for pupils and staff who may value a Spa for quiet r8flection. Hardship Fund-. this is used to make smaller. one off 'in yearf grants to pupils whose families have often unexpected financial constraints. The grants can be used to assist with fees to help prevent disruption to the the education of pupils affected. The grants can also be applied to further the education of pupils in these circUmstanS by helping to fund activrties such as.. academic field trips or study courses., unifomi purchases,. provision of necessary individual classroom materialslequipment.. the purchase of sports equipment,. contributions towards the costs of sports tours and other ¢UrrIcUlar events. Alumni Sponsorship". these are donations made to fund means-tested bursary places at the School for individual pupils. wOrster International Hockey Centre.'_ donations made to the Foundation in support of the £400,000 capital RGS had to contribute to the development of the new Cent. Funds raised through 'Buy-a-Brick', sponsor a tree and grant awards. Page 29
THE RGSW AND AOS FOUNDATION IA company limited by guarantse NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. Statement of funds (continued} Statement of funds - prior year Restated balance at I September 2022 Balance at 31 Augusl 2023 Gains/ (Losses) InGome Expenditu Unrestricted funds Designated funds A R Wheeler Bursary Fund 329,308 (10,808) 318,500 General funds General Funds - all funds 21.372 157, 188 (157,211) 21,349 Total Unrestricted funds 350,680 157. 188 (157,211) (10,808) 339,849 Restricted funds A R Wheeler Bursary Fund Alice Ottley Bursary Fund Hardship Fund Alumni Sponsorship WIHL Buy a Brick WIHL Buy a Tree Foundation Bursary Fund RJ & CJ Oates music scholarship The Christopher and Dorothy Dyer Science and ThnOlogY Bursary Fund Contemplation Area Giving - Ukraine 188,731 54.853 4.853 IXI,575 15.667 25.015 6, 158 (15,370) (1. 670) (4, 853) (81.084) (15. 667) ()) (15. f) (5,499) (1.468) 192,877 5T,873 468 32,079 101,570 21,904 155,3S3 161,657 490 (490) 1.965 (23, 755) (40.000) 438.810 2,0 3,2LX) (3, 2C(I) 939,573 224.238 (167,589) (46,967) 955,255 Total of funds 1.290,253 381.426 (318,)) (57.775) 1.2g5. 104 Page 30
THE RGSW AND AOS FOUNDAnON (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Summary offunds Summary of funds - current year Balance al 1 September 2023 Balance at Gainsl 31 August (Losses) 2024 Income Expenditure Designated funds General funds Restricted funds 318.500 21,349 955,255 35.654 354.154 23,542 1,126,534 178,209 351,918 1176.016) 1207,3511 26,712 1.295.104 530,127 (383,3671 62,366 1,504.230 Summary of funds- prior year Restated balance at 1 September 2022 Balance at 31 August 2023 Gain (Losses) Income Expenditu Designated funds General funds 329,308 21,372 939,573 (10,808) 318.500 21,349 955,255 157, 188 224,238 (157,211) (161.589) Restricted funds (46, 967) 1,290,253 381,426 (318,8¢) (57, 775) 1,295. 104 Page 31
THE RGSW AND AOS FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Analysis of net assets between funds Analysis of net assets between funds - current period Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Fixed asset investments Current assets 292.3 834.138 395,803 118,107) 688,199 816,031 Total 1.126.534 377,696 1,504,230 Analysis of net assets between funds - prior period Restricted Unr8StriGled funds funds 2023 2023 Tolal funds 2023 Fixed asset investments Inveslmerst propety Current assets CrrtOrS due within one year 246.631 460.C 248, 624 421,144 667.775 460,000 190,280 (22,951) (58,344) (22,951) Total 955,255 339, 849 1,295, 104 17. Reconciliation of net movement In funds to net cash flow from operating actlvlties 2024 2023 Net income for the period las per Statement of Financial Activities) 209,126 4,851 Adjustments for: Gains on investments Dividends, interests and rents from investments (IncreasellDecrease in debtors Increasel{decrease) in creditors {62,366) (19.738) (330 (22,951) 57. 775 (20,218) 1.503 22,951 Net cash provided by operatlng activities 103,741 66. 862 Page 32
THE RGSW AND AOS FOUNDATION {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Analysis of cash and cash equivalents 2024 2023 Cash in hand 815,701 190.280 Total cash and cash equivalents 815.701 190,280 19. Analysis of changes in net debt At1 September At31 2023 Cash flows August 2024 Cash at bank and in hand 190.280 625,421 815.701 190.280 62S,421 815.701 Page 33
THE RGSW AND AOS FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Connected parties The Foundation exists to advan education at the RGS Worcester Family of Schools. A minimum of three Trustees are also Govemors of the School to ensure strategic alignment is maintained belween the o entities. The School funds and staffs the Foundation Office and the Headmasters and Headmistresses of the RGS Schools attend the Trustee Board meetings. as does the Director of Finance and Operations. In December 2017. the A R Wheeler Bursary Fund and the restrtcted element of the Alice Ottley Bursary Fund were transferred from the School to the Foundation. The A R Wheeler Bursary Fund was valued al £355,335 and the Alice Ottley Bursary Fund was valued at £25.266. £5.800 of other restricted funds were also transferred to the Foundation. Members of the RGS Worcester alumni aslaon voted to dissolve the organisation at tts AGM in May 2024. Prior to dissolution, in 2023, members agreed that the Association's assets should be transferred to the School as a restricted gift to be used for specified purposes. including supporting Bursary Awards at RGS Worcester. The RGS Leadership honoured this commitment by donating £60,000 from the association's assets grft to the Foundation for Trustees to apply as support the 2024 Giving Day appeal. The Foundation made grants to the School in the year totslling £208,507 (2023.. £141,634}. An amount of £Nil {2023'. £16,630) was owing from the Foundation to the School at 31 August 2024. The School paid for the running costs of the Foundation Office, including= salaries amounting to £131,144 (2023: £123.027) - this is for the time that four RGS employees give to Foundation rElated activrties - events and publications amounting to £18,482 (2023.. £17,407), - sothvare costs amounting to £10.122 {2023. £7,955). - establishment, management and administration costs amounting to £15.111 (2023-. £5.621). Page 34