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 ofF￿e
The Royal Grammar School Worcester
Upper T￿hIng
Worcester
WR1 1HP
Senior management team
Scott MacDonald, Foundation Director
Independent auditor
Crowe U.K. LLP
Fourth FIc￿r
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 Pla￿S. 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 Al￿e 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 W￿re 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 be￿een formal
Board meetings through the Finance Committee and Working Groups meetings or individual contact when
relevant.
No complaints have been re￿r¥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 re￿1ve 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 apprc￿ch 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 W0￿Ster 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 Eth￿al 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 TrUSt￿S 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 WOr￿Ster 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 pl￿Ad on restricted gifts and any statement of wishes made on unrestricted
gifts. Where gifts have b￿n 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 ComMen￿d 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 be￿een 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 Implementat￿n.
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 P￿vIde[ within the Ma￿et 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 fu￿1[ 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 cu￿ent 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.
Di￿losure 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 AC￿pted 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
othe￿iSe 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 b￿ng 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 COn￿M 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 real￿tIC 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 h￿h 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 pro￿dureS
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 aG￿rdan￿ 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 circuMstan￿s. 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, Wh￿heVer 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 ecor￿MiC benefit on the open market,. a corresponding
amount is then recognised in expendrture in the period of re￿ipt.
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 wh￿h 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 re￿Nable 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 alIC￿ed 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 a￿OUntIng 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 0￿upied.
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 wOr￿ster
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 WOr￿Ster
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 re￿iVed 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 aC￿sS 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 circUmstan￿S 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.
wOr￿ster 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 T￿hnOlogY
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
Cr￿rtOrS 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 as￿la￿on 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