Royal Grammar School Gulldford
Annual Report & Flnanclal Statements
Forthe Year Ended
31st July 2022
Charlty Number 1177353
omp?ny Number 10874615
Contents
Page
Reference and Administrative Detalls
Directors, Report
Statement of Directors, Responsibilities
The Values and Aims of the School
Strategic Report
8.15
Financial Review, Future Plans and Risk Management
16-19
Report of the Independent Auditors
20-23
Statement of Financial Activities
24
8alance Sheet
25
C85h Flow Statement
26
Notes to the Financial Statements
27-45
Governors
The Governors of the School, whtr are also directors of the company and trustees of the tharity are Ilsted
below.
Dlrectors of the ComEan
Mrs S K Creedy MA
ApOInted b.
Board- co-opted
Chairman of Governors
Mr P G Peel FCA
Chairman ol the Flnance and
General Purposes Committee
and Vice Chairman of Governors
Resigned JLJIV 2022
Board- co-opted
Mr CT Shorter CEng MIStructE FConsE
FFB
MT C D Barnett MA PGCE
Board- co-opted
Chairman of Education
Committee and Vice Chairman
of Governors
Chairman of Nomlnatlons
Committee
Resi
ned December 2021
Chairman of RGSG Prep
Committee. Vice Chairman of
Governors from December 2021
Board- co-opted
Rev R L Cotton MA Dip Th
Bishop of Guildford
Mr D J Counsell f CA
Professor SC Price MSC Pho FBTS ERT
FHEA
Dr L S K Linton MA M8 ChB MRCP
Mr NEJ Vineall KC MA
The Earl ol Onslow, High Steward of
Guildford
Mrl D Fairle
BA
Mrs H Styche-Patel BSC, MBA
Mr SGS Gimson. Msc
Def Tech
Mr PW Fell BA FCA
Mrs F E Carter BA PGCE
Board- co-o ted
oard- co-opted
Staff
Board - co-o
Ex Officio
ted
Board co-opted
Board- co-op.ted
-j. CounJt _council
Board- co-o ted
RGSG Prep Parents.
Association
LPA
Guildford Borou
Board - co-opted
Appointed March 2022
Mrs N Nelson-smllh BA
Mrs M-L Logue MA
h Council
Resi8ned LPA March 2022
Board co-o
ted March 2022
Prof Ml Humphreys MBE PhD LLB
PFHEA
Mrs K Atklnson BOS
Mr T Lingard B5CI MINSTP
University ol London
Board- co.o
ted
Royal Grammar School
Parents, A550ciation
University of SLJrrey
Prof H Treharne BSC MSC Pho SFHEA
FBCS
Mr M Windsor BA MA
MSKS
asic ACMA CGMA
ointed Oecember 2021
Mr D Booth
ointed Ma
2022
Members of the Finance and General Purposes Committee
RGSG Prep Committee
Members of the Education Committee (formerly the Academic Committee)
Members of the Ntsmlnations Committee
Board- co-o
ted
Board- co-ts ted
Ex Officio
OffScers
The Headmaster
Secretar
& Treasurer
The Head
Lanesborou
Drlm Cox BSC PhD
Mrs CM Perceval 85¢
Mr T Freeman-Da
Re8lstered Offlce
High Street
Guildford
SurreyGUI 38B
Principal Bankers
Nationol Westminster Bank PIC
Guildford Commerci31 Office
PO Box 1, 2nd Floor G3
2 Cathedr31 Hill
Guildford
Surrey GUI 3ZR
Audltors & Tax Advisors
Crowe U.K. LLP
55 Ludgate Hill
London EC4M 7JW
Principal Sollcltors
Moore Barlow LLP
The Oriel
Sydenham Road
Guildford
SurreyGUI 3SR
Royal Grammar School Gulldford presents its annual report lincluding the Directors, Report and Strategic Reportl
together with the audited account5 for the year ended 31st July 2022 and confirms that it complies with the
requirements of the Companies Act 2006, Charities Act 2011 and the Charities Statement of Recommended
Practice ISORPI 2019.
DIRECTORS, REPORT
THE STATUS OF THE SCHOOL
Royal Grammar School Gulldford I'fhÈ School,, 'RGSG'I is a company registered by guarantee incorporated in
England and Wales, company number 10874615. It is also a registered charlty, registered charity number
1177353.
The company Royal Grammar School Guildford is a subsidiary of 1509 Groupi which is the sole shareholder of
the School, company number 4104101 and charity number 1084866,
The School is a single entity operating on two school sltes.. the Royal Grammar School Gullford IRGSGI educates
boys aged 11-18 while RGSG Prep's pupils are aged 3-11.
A5 a result of its special Telation5hip with the Cathedral (being the Choir School for the Cathedral) and with the
Blshop of Guildlord nominating a Governor, Royal Gr8mm3r School Gulldford Is designated as 'a School with a
Rellgious Chararter,.
GOVERNANCE AND MANAGEMENT
Governlng Bodv
The School ha5 one Governin8 Body overseeing both age groups, Details of the members of the Governing Bodyi
together with the School's officer$ and principal advisor5, are glven on pages 1-2.
The Governing Body is self-appointing. New Governors are elected on the basis of nominatlons from the
Nominations Committee based on the candidate's suitability for the vacancy.
ThÈ Governors are aw8r@ of The Charity Governance Codè published in 2017 which sets out the principles and
recommended practice for good governance within the sector. The Governors are satisfied that the School
applie5 the prSnciples of the code withln Its current Governance arrangements.
Recrultment and Tralnlng of Governors
The Nominatlon5 Committee oversees the identiflcatlon of potentlal Governors and thelr Snductlon. New
Governors are provided with the opporturiity to view the School, relevant background materlal about the School
and the role of 8 charity trustee and an experienced Governor as a mentor during their first year of appointment.
Opportunlties are provided lo attend School events that may glve Insi8ht Into the working of the School and
appropriate tralning courses are offered to Governors. Partlcular attentlon Is given to the identification of
suitable courses for new Governors. During the year Governors attended seminars to enable them to remain up
to date. The Chalrman parliclpate5 in the Chairman of Governor5, Forum.
Or83nlsational Mana8ement
The Board of Governors has established permanent commltteés.. th@ Finance 3nd Gener31 Purposes Commlttee
to supervise the management and admlnistration of the Group and School's affairs,. the Education Committee to
oversee curricular and educational matters,. the RGSG Prep Committee to oversee all matters pertaining to RGSG
Prep,. and the Nomlnations Committee to review arrangements for the nomlnation of Dlrectors of the Company
and appointment5 to the Board of Governors and its committees, as well as conduct an annual review of strategic
issues. Panels of Governors are selected to form disclplinary and appeals commlttee5 as required.
The Chairs of these Committees in the year were as follows..
Education Committee
Mr C Barnett- to December 2021
Mr M Wind50r- from January 2022
Rev RL Cotton
MrPG Peel
Mr C Barnett- to December 2021
Rev RL Cotton- from December 2021
RGSG Prep Committee
F5nance and General Purposes Committee
Nominations Committee
The Chief Operatin8 Officer over5Èe5 the gemeral bu5ine55 operations of the School and in particular focuses on
long-term buildlng pro8ramm@s, internatian31 developments and wider business opportunitie5, wlth the day to
day runnin8 of the School delegated to the Heads and the Bursar. The Heads and Bursar are in turn supported
by their Senior Management Teams and tO8ether these groups are the key mana8ement personnel.
Rernuneralion is set by the Board, with the objectlve of provldln8 a compelltive package to attract and relain the
best possSble staff.
The appropriateness and the relevance of remuneration 15 reviewed anfjually, including reference to
benchmarking data of other similar independent Schools to ensLJre that the School rémain5 sensltive to the
broader issues of pay and employment conditions elsewhere.
The School alms to recrult the best posslble staff In all areas and from the widest pool of talent. Dellvery of the
School's Charitable vlsion and purpose is primarily dependent on key management personnel and staff costs are
the largest single element of charitable expenditure.
Group Structure and Relatlonshlps
1509 Group 15 the holding Company which retains control of Royal Gramrnar School Guildford and all other
subsldiarles. 1509 Group is the 501e votlng member of The Royal Grammar School, Guildford Foundation I'the
Foundation'l, which work5 to prowote, provide for and raise funds for the School. The Foundation 15 3 charitable
company Icompany number 4232306 and charlty number 10899551 and is also a subsidiary of 1509 Group.
Considerlng the financlal and non.financlal benefit provided by the Foundation, the School has agreed to provide
operational resource5 for the Foundation free of charge.
All companies are re8lStèred in England and Wale5. All companie5 report independently but thèir figure5 are
Consolidated into those of 1509 Group.
En8a8ement wlth Employees and Employee Interests
Takin
Care of our
eo
The directors reco8nise the enormous tontributlon rnade by all staff and the Importance of valulng and
developing staff. The School re5erve5 an extensive budget lor training and dèvelopment and staff are
encouraged to consider their personal and professional development. The well-being of staff is of paramount
importance ?nd mechanism5 arÈ place to support staff and collea6ues. This ran6es from regular catch up
sessions wlth line mana8ers, staff social events and school wide events, to support from the school counsellor,
school nurse and head of human resourcès.
Communication
Regular Updates, meetlngs and brleflngs are provlded to staff on the day to day operatlons of the organlsation
as well as sharing high level changes within the OTganisation as these arise. Financial updates are provided to
staff so they are kept briefed on the financial stability of the organisation or ri5k5 that may be facing the School
or the sector.
Staff observers are invited to attend the full board of directors, meetings, so they are 8ware of the hS8h level
ssues being discussed.
Strategy groups meet regularly to determine the lulure direction of a range of areas within the School and each
group contains a mim of staff who have volunteered to be a rrember of each 8roup.
Beneflts
Staff are ellglble for a range of employee beneflts including employer contributions to pensions and healthcare.
Attention is paid t¢ ensure that packages offered remain competitive 3g3in5t thè markèt, Incentive schemes are
t)ot considered appropriate to our school environment and ethos, but success is shared and genuinely celebrated
across the or8anisation, which operate5 in a Supportive and collegiate manner to ensure that Staff feel valued.
Trainin
and Develo
ment
There are marty opportunities for staff to develop their skllls through tralnSng courses or taklng on dSfferent roles
within the organisation. Several staff have been trained 35 coaches and now coach and develop others. Staff
have the opportunSty to apply lor additlonal responslbllities within the organisation and via our outreach
programme and, on many oc¢3glons, senior roles Bre fSlled internally rather than bringlng in external candldates.
In gener31, staff who leave go on to more senlor roles within other organlsation5.
Health 3nd Safet
There is a health and safety ptsllcy group which covers the whole organisation, with separate cornmittees for
each site. These Committees are formed of a range of staff based at each site and focus ON the immedlate nteds
of that site. All staff are rralned in the key elements of health and safety and understand that everyone has
part to play in this area. A full time health and safety manager ensures that adeqLJate time and resource is
devoted to this area.
Dlverslt
and Inclusion
The directors seek to recrult and retain the best staff they can and encourage applications from a5 wide a ran8@
Of candidates as possible. We welcome all employees regardless of their age, Bender, faith, disability, ethnic or
racial origin, sexual orientation or gender identity. We take care to ensure that our employment policies and
practices are non-discriminatory and that all appointments ale made solely on the basls of merit. As a result of
an independent review of our recruitment pro¢e55, a full.time recruitment manager ha5 been appointed and
other recommendations Implemented.
It is part of our ethos that all our people have a fundamental right to respect and dignity in the workplace. We
actlvely promote these behavioLSrs and do not tolerate disrespect or discrimination any form. We continually
review how we can best promote and advance a culture In whlch all staff feel comfortable being themselves in
the workplace and to ensure a diverse workforce is recruited for the benefit of the pupi15 and the wider
organlsation. A workin8 party meets regularly to seek to flsrther Improve the School's performance In thls area
on an on8oin8 basis.
All staff and Governors contlnue to receive dlver5Ity and inclusion trainlng.
Stakeholdèr Relations
Royal Grammar School Guildford has a wide community of stakeholders including pupils, employees, parents of
pupils, directors, suppllers and our local community. As further outlined in the StrJteEiC Reporr, a wlde range of
activities is undertaken by pupils and staff as part of the local and extended community. The dlrectors alm for
the or8anisation to be run In the best posslble way and strict adherence to regulatory and legal requirements Is
of paramount importance. The School is inspected by the Independent Schools Inspectorate and this covers
compliance with a range Of regulatory matters as well as the educational provislon for pupils. The flnanclal
operatlons of the School ère Independently audlted each year and other audit5 aff d regulatory in5pection5
happen on a regular basis. There is a wide range of policies for staff which set out what is expected In respect of
Health and Safety, GDPR, Safeguarding, anti-bribery and corruption through to whistle blowing and a staff code
of Conduct.
The IT systems are carefully managed to ensure the safety and security of all data. Staff use devlces Issued bv
the orBanisation and training and security measures are regularly reviewed and updated. General Dat
Protection Regulations are complled wlth and any new systems or associated processes are subject to 3 rlsk
assessment to ensure they are compliant with the existing sy5tem5. Staff receive training and updates in this
area.
STATEMENT OF DIAEcfoRS' RESPONSIBILITIES
The DSrect¢r5 are respon51ble for preparlng the Directors, Annual Report and the financial statements In
accordance with applicable law and United Klngdom Genèrally Accepted Accounting Practice (United Kingdom
Accounting Slandardsl.
The law applicable to charities in England and Wale5 reqLJires the charity to prepare financial statements for each
financial ye3r which give a true and fair view ol the state of affalrs ol the charity and of the incoming resources
and application of resources of the charity for that period. In preparlng these fSnanclal statements, the Directors
are required to..
Select suitable accountlng policies 8nd then apply them conslstentlv,.
observe the methods and principles in the Charities SORP,.
• make judgments and estimates that are reasonable and prudent,.
state whether applicable accountin8 Standards have been followed, subject to any rnaterial departurès
disc105ed and explained in the financi31 statements,.
prepare the financial statements on the 80Sng concern basls unless It Ss inapproprlate tts presume that the
charity will continue in business.
The charlty Is responsible for keepln8 adeouate accountln8 records that are sufflcient to show and explaln the
charity's transactions, disclose with reasonable accuracy at any time the financial position of the charity and
enable them to ensure that the financial statement5 comply with the Charities Act 2011, the Charities (Accounts
and Reports) Regulatlons 2008 and the provlslons of the charity's constltution. It Is also responsible for
s3fegLJarding the assets of the charlty and hence for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
THE VALUES AND AIMS OF THE SCHOOL
The object of the School, as described in Its charlty commisslon scheme and the companrfs objects, Is the
provlslon in or near Guildford of elther a day school or a day and boarding school for boys, and ancillary thereto.
the advancement of education. A preparatory school may lje maintained at the discretion of the charitv.
The current School priorities are..
Collaboratlon,.
Diversity and Inclusion,.
Student Experlence
In pur5UIt of these aims, RGSG holds and promotes the lollowlng values..
Inclusivity.. we remain loyal to our foundin8 princlples to educate bright local student5, irre5PèCtive of
background or financial circumstances, and we inherently believe in establishing ? culture of diversity and
a¢cept8nce, and in educating our students in a welcomlng, tolerant communSty where each IndlvSdual Is
valued and enjoys a deep sense of belonging.
Scholarship., we encourage the growth ol intellectual curiosity, inclependence, creatlvbty, innovatlon and
hablts of learning within a scholarly community through insplrational subject specialist5 who provoke ènd
Stretch the Students, minds and inculcate a lifelonE love of learning.
Integrity.. we promote the development of self-discipllne and responslbility, splrituality and a personal
moral code, and cultlv3te an ethos where quallties of decency, honesty, courtesy, humility and good
humour are celebrated,
Respect.. we nurture an atmosphere of mutual respect between all members of our community, and foster
self-respect and sell-esteem in terms of physical health. emotion81 rnaturity Bnd personal well-being, while
establishin8 lastin8 friendships in a positive, happy environrnenl.
Courage.. we develop leadership, tearnwork, resilience and life skills through a diverse range trf activities
where all students, règardless tsf their talents and attribute5, are encouraged to challenge themselves, take
appropriate risk5 and work hard to fulfil their potential.
Collaboration- we work closely with others for mutual enrichment, and encourage a spirit of g@ner05ity and
service, a Sense of perspective, and a firm belief that we can work in partnership with others, locally and
internatlonally, to make a dlfference and have a p051tive impact on society.
The Directors aim to provide public benef1t and are mindful of the requirements of the Charitie5 Act 2011. The
Directors have monitored closely the guidance on public benefit produced by the Charities Commlssion together
with Its supplementary guldance On fee-char8in8.
STRATEGIESTO ACHIEVE THE AIMS OF THE SCHOOL
The Direttors, objectlves for the School are established to deliver a wide-ranging, high quality education to
student5 from Guildford and the surrounding area.
The School is focused on achlevin8 the School's main objective and has developed both long term and 5hort-term
plans to achleve this. Governor5 monitor the School's progress by regularly reviewing the academic and extra-
curricular work. This is achieved through the Education Commiltee and the RGSG Prep Committee alongslde a
programme of Governor vlslts.
All pijpils are now requlred to have a specllied rnobile personal computer to support quality remote and In-class
teaching and learning. The School tontinues to evolve 115 Strategy around use of devlces. to seek continuou5
improvements and achieve the best educational outcomes and to mitigate against future disturbances.
STRATÉGIC REPORT
ACHIEVEMENTS AND PERFORMANCE
Revlew of achlevement$ and performance for the year
The School was pleased to welcome the Independent Schools Inspectorate to Royal Grammar School Guildford
Senior and Prep- In February 2022 and they spoke In Elowing terms about all aspects of school life. The School
was awarded "Excellent" the highest possible rating, in 8very category. The report celebrated the quality of our
boy5, academlc and other achievement5, as well as their personal development. In particular, the inspectors
¢8plured the essence and spirlt of the School whlch makes us such a close-knit and special community where the
richnes5 of opportunity, as well as the tulturÈ of humility and decency. tolerance and mutual respect are noted
as defining qualities.
The report can be accessed in full, from both the School and the ISI web51te.
After an extended period of dlsruptlon due to the pandemlc, we enjoyed a return to more normal routines both
In terms of teaching and the co.currlcular Ilfe of the School. At the Senlor school, folluwln6 two years ol Centre
Assessed Grades and Teacher Assessed Grades. students sat formal public examinations for the first time since
2019. The School achieved another outstanding set of A Level re5uIt5'. the most common grade achieved by
RGSG slvdents was the A. with 50.1% of all grades being the top, gold-star sland3rd. 80.9Q/a of all grades- or In
total 334 8rades- were awarded at A. or A. From a cohort of 129 students, 42 boys achieved 3 or more A s.. an
incredible achievement in traditionally robust, rigorous subjects. At GCSE, the most commc)n grade achieved by
our students was the gold-standard grade 9.. in total 874 grade 9s were achieved. 56% of all grades. In addition,
386 grade 85 were also secured by this impressive cohort.. 80°A of grades were at grade 9 or 8. 78 student5
achieved ten or more grade 8 and 95,, 30 boys secured 10 or more grade 9$.
RGSG students contlnued to secure places on the most competStive courses at the leading universitles In the
country,. 95% of all offers held to UK institutions were to Russell Group Universities or fime5 Top 20 institutions.
Of a talented cohort, 14 students recelved offers from Cambridge and Oxford Unlversitles,. in the18st 10 years,
RGSG boy5 have received Iu51 under 300 offers from Oxford and Clmbrldge Unlver51tle5. Cambrldge. Exeter,
Durham and Bath havè beèn In the top five every year lor the last six years in terms ol the number of RGSG
boys accepting places,. Exeter was the most popular university destination, closely followed by Bristol and
Durham. Again thls year, RGSG boys were accepted to study a wide range of different courses at universitv
ranging from Modern Languages to Mediciff e, Phy51CS to PPE and EEonomic5 to Enginèerlng. Sciences as well
as businesslmanagement/finance/economics and also engineering remained the most popular choices.
RGSG Prep students were awarded 9 scholarships for their chosen senior schools, including Music, Drama,
Sport and Academic scholarships. A further IS scholarships were offered but dec5ined. IT) total 18 students
receSved scholarship offers. Other academic achievements included bronze, silver or gold awards for 47 pupils
In the lur)ior Maths Challenge and awards to 10 puplls from the Prirnary Maths Challenge bonus round.
A full and varied co-curricular programme provided the springboard for diverse achievement and experience,
85 well as the further nurturing of the Learnin8 Habits and School Values which are at the heart of school life.
The following provide5 a very brief and selective overview..
Charitable illitiatives and volunteering opptsrtunltles abounded as RGSG boys of all ages and staff gave
PT3Ctlcal, hands.on help and support to a number ol local. environmental and community initiatives.
£25,000 was raised for the nominated School charities during the year, 85 the School ctsntlnued to adhere
to its value ol service to make a difference to others, with fundralslng from small scale to grand s¢ale-
cake and doughnut 53les, home clothes days and House charlty events and Harvest food bank drives.
The School contlnued to nurture and establish partnerships with local partners and those further afield
to share our expert15e from an academic, co-curricular and philanthropic perspective. Our Masterclass
programme, our Tudor project and our Strin8s Scheme were just strme of the events which stretched and
challenged local puplls.
Acadetnic, advèntLJrous, cultur313nd Sporting trips made a welcome return after the pandemic, 35 the
School contlnued to look for every opportunity to support learning Inside and out5Ide the classroom.
A signiflcant number of boys achieved national or internation315POrting recognition from the malnstream
sports to more minor sports. The School continued to impress on a challenging circult in the major sports
rugby, hockey, and cricket- as well as enjoying notable success in fencing, shooting, skiing and sailing,
among others.
From the Arts, P815pective, concerts, plays and exhibltions of breath-takillg quality were experienced bv
parents, residents and the wider communlty.. both staged at School as well as 3t a number ol local and
national venues. The Chorlsters continued to perform wonderfully ot Evenson8 and Sunday services
alongside additional performances, including with world.renowned conductor John Rutter.
RGSG boys enjoyed national profile in the Model United Nations, Young Enterprise, Science Olympiads,
debating, national essay and engineering competitions. Of partlcular note were our Young Enterprise
CompanyShower5martwho, after being crowned Best Overall Company in the Young Enterprise National
South-Easl region, went on to participate In the UK flna1s.
ubllc bene
The main beneficiaries of the School's work are boys aged 3 to 18 attending the School. Governors have give
due consideration to the Charities Commisslon guidznce on Public Benefit under Charitles Act 2011 when
considering activities in this area.
Governors wlsh the School's edu¢atlon to be wldely avallable and so bursary applicatlons are welcomed from
famS1ies who could not otherwSse afford to send thelr son to the School. Support Is given to cover tjp to 100% of
fees. In certain circumstances support for lunches, travel costs, course and examination fees is also considered
on top of this.
In the year, 73 boys bènefitted from bursary funding of over £1 million.
In addltion to bur5arles, the School gives opportunltles to pupils of local schools to share the School's expertise,
facillties and resources, and contributes widely to the local community in many ways. The School is also involved
in developing relatlOn5hips and partner5hip5 With an ever widenin8 range of educational organisations.
The School is an associate member of the local LearnlnÉ Partners ILPI Multi Atademy Trust IMATI. The
Headmaster Df RGSG is an LP Trustee, an RGSG Deputy Head is a member of the Guildford County School
Governing Board, the RGSG Bursar a member of Sandfield Primary School Governing Board. the RGSG HR
Manager a member of L05eley Fields Primary School Governing Board and an Assistant Head a member
ol the Kings College Governing Board.
Some RGSG staff are deployed to teach In LP schools.. Throughout the year RGSG staff provided
Physics tuition for Yll Kings College pupils, Physic5 tuition for A-Level Fullbrook School pupils
and French lessons for Y5&6 Sandfie1d Prlmary School pupils, Additlonally, during the Summer
Term, Chem55try revision cla55e5 were provided lor Y13 Fullbrook School Pupils.
The Enquiring Teacher Partnership, which facilitates teachers engagln8 in action research in thelr
schoo15, Is a fla8shlp partnershlp programme and is lointly led and adminlstrated with the LP
schoo15 and Epsom College. The RGSG oversaw the publication of the 2021 "Enquirlng Schools..
A Journal of Evidence-Based Enquiry" This annual record is a wonderful publicatlon bringing
together all of the research from last academic year. Addltionally. the RGSG hosted the end-of-
prtsgramme celebration dinner where participants presented their tindin85 to an audience of
headteachers, governor5 and trustees.
As part of our partnership with LP, the School continued to 5UPPOrt specifically a local Secondary
School (Kings College). An RGSG Assistant Head continued to act as the Governor with specific
responslbllity for Safeguardin@. The RGSG Physlcs department contlnued to support the Klngs
triple Science pupils by delivery of Physics lessons and revision classes. Pleosingly we were able
to resume the Y9 Problem Solving Maths sessions for Kings pupi15 delivered by our Sixth Form
via the P8 programme.
The RGSG Head of Hlstory and a teacher of English, both visited George Abbot School to deliver
a CPD session regardinB challenging and stretching more able students. Delegates In attendance
included trainee teachers from across Surrey and Hampshire. Discussion Included difforentiating
work towards the higher end of the ability spectrum, making work more engaging through
academia and use of the Harkness di5tLIS5i0n method at the RGSG and how it can be easilv
transferred to any classroom.
Following the success of last year, an RGSG Physics reacher supported Science events ai LP
Primary schools (Loseley Fields, Boxgrove and Guildford Grovel by dellvering practical Science
enrichment activities.
Working with the Headteacher at Sandfield we establlshed a mentoring scheme wlth 8 of our
Yll pupils 5UPPOrtirig 8 Sandfield Y6 pupi15. The programme wa5 designed by the Sandfield
Headteacher and the RGSG pupils were given training In mentorlng as well as safeguardlng. The
RGSG pupi15 Volunteered during their lunchtimes and independently walked to SandfSeld - the
scheme featured in the Sandfield newsletter.
Working with the Northmead lunlor School Headteacher, we establlshed a reading mentoring
scheme with four of our Y9 puplls travelllng to Northmead to support a small 8roup of thélr
target boys in Y516 to help with their reading.
The School15 a member of the Guildford 11-19 Partnershlp, which mJlnly exists to help pupils most at risk
ol dropping out of school by offering alternative educarional provislon. It also provides links to other
educational providers and sharing of provision. In the past year the RGSG Assistant Head Partnerships
chaired the Steering Group. RGSG continued to lead an Innovative project to enable any pupil at member
schoo15 to attend 3 joint programme of academic enrichment events IIMAGI. In 2021-22 we ran 12 events
at 7 different locatlons with a total of over 200 students attendin8 from 9 dlfferent schools.
lwww.ima
.educatlonl.
Several Royal Grammar School Gulldford Staff act as Bovernors or trustee5 at other schools and
organisatlons..
Learning Partners MAT ILPI - Board Trustee
Merchant Taylors, School Governor Ilndep.)
Bourne Educatlon Trust MAT- Board Trustee
Aldro School Governor IINdep.I
Guildford County School Community Governor ILPI
Sandfield School, Community- Governor ILPI
Hampton Wick School, Kingston - Governor
Kings College - Governor, Safeguarding ILPI
Loseley Fields- Prlmary School Governor, Chalr Of the Resources committee, Sèfe8uardlng ILPI
R3leigh School, West Hor51ey- H&S Governor
Pond Meadow School, Bellfields- Children & Learning comrnittee
Broadwater School - Finance & Resources Governor
Heathlands School, Hounslow- Governor
Twickenham School, Whitton - Governor
Busbridge Junior School - Parent Governor
Twickenham Prep School- Governor, Educatlon and PlannSng comrnlttee Ilndep.)
Walsh C of E primary school, Ash Governor
Southern Pro Musica - Educational Outre8ch Off icer
The School a150 SUPPOrt5 $18nificant Outreach programmes for Primary and sécondary pupils. For
example..
The RGSG Strln8s Scheme teaches Bll year 4 puplls in three Gulldford prlmary schools (St
Thomas,, Sandfield and BoxErovel to play the violin or cello through weekly session5 over the
course of a year. Over 200 pupils now take part in the scheme each week. Due to covid
restrictions, the usual concerts at RGSG were not ptsssible, but school performances were and
were also recorded for on-llne sharing with p3reNt5. Thi$ scheme is only possible due to the
generous support of our prlncipal donors.. The Inveslec International Music Festival IIIMFI,
Community Foundation for Surrey ICFSI. Southern Pro Musica Orchestra and Mila Charity, The
'5trictly Strin85 Orchestra, hosted at the RGSG allows approximately 30 8raduates of the string
Scheme5 to continue to play in an orchestra to complement their individual tuition. This
orchestra is generously funded by Southern Pro Musica and The Mlla Trust. The orchestra
Continued with Social d15tancin8 and performed a concert at the end of the year live for parents.
Pleasingly, the RGSG Prlmary Masterclasses were possible again and we hosted c.120 Y6 pupils
from over 20 different Primary schools for le550ns on four Saturday mornings in September and
October. Students picked from 3 sulte of six 'strands' Creative Arts (Drama, Music, Art, Writingl.,
Design Technologyi Humanities (History, Politics, Geography, REI., Mathematics., MFL (Arablc,
Chinese, Russlan, lapanesel,. and Science IBio108y, Chemistry, Physics, Forensicsl. We receive
wondorful feedback from these 5e55ions which are designed to provide inspirational, stretching
and enrichlng lessons to boost confidence and aid transitlon to secondary schotsl. Comment5
InclLJded.. "Sveryone wa5 $0 worm ond welcoming, thls is o fonta5tlc opporturtltyfor my son. He
got to do so much. m(rking biodegraduble plostic and dissecting tt heort wos definltely o highliyht
but all the teachers made lessons so much fun,
Yhank you so much to you and your teom for
5t7crificing yot4r St7turdoy for which, Wilf & Toby were full of prt71se for your Mustercloss they
attended thi5 morning. fhey reolly gnjoyed the gritire RGSG experience, ond they are both looking
forworrj to next week's sessions."
The Prlmary Tudor Experlence wa5 Still disrupted by Covid restrictlons in the 2021.22 year as
some visiting schools were still not running trips. However, we did host 2-3 schools who study
the Tud¢rs In Y5. The alm Is to bulld on thelr knowledge of the Tudor period and develop a
greater Ljnderstanding of Ilfe 3t that tlme. PLJpils learn about the hlstory of the school in Tudor
times and enjoy sessions on Tudor art. music and heraldry and finish by making a movie of their
day.
Our Sixth Form pupils are able to volunteer to support and to serve the local community via a number
of different avenues.. Charity fundraising for local natlonal and Internatlonal charities. Volunteering for
conservation work and visits to local care homes,. DOE volunteering., Period 8 actlvities and General
Studies activities. In the latter two categories, our Sixth Form groups: Established and ran the chess Club
at Sandfield Primary,. Delivered a Maths club, a chess club anLI Hockey club at Holy Trinity Primary
School,. Delivered Y9 Maths problem solving for Kbngs pupils-, and vlslted Abbot5 Hospital residents to
record oral hlstories.
At secondary school level, pupils from other local schoals are invited to attend various events
each year,. Although the offering was still reduced this year, other schools were invited to
attend lectures or events, for example.. The RGSG Stholarship Conference, Classics Society
lertures and a robotlCS talk,. the Careers Seminars, drama and music performances, author
visits etc. Academic support was also given to pupils from other schools (such as Fullbrook
School, George Abbot School, Guildford County Schooll for preparation with Oxbridge and
medical school interviews as well as more general university application advice by a range of
departments. A representative from George Abbot school was co-ordinatlng on tjehalf of the
wider academy trust and said "RGSG wos o huge support to some of our Eorly Entry
candidates.. Mony thanks for your support and working with Suildford state schools.
At an international level, the Royal Grammar School, worklng in partnership with Tormead
School. has close links wlth schoo15 in Besisahar, Nepal. Unfortunately, no exchanges were
P055ible in the 2021-2022 year but, as soon as travel restrictions were lifted, plans were made
for pupil expeditlons in the comin8 years.
Durlng the 2021-22 year we also established some Ilnks wlth 3 Couple of Refugee charltles. We
were able to provide facilitie5 to h05t two new events..
On Tuesdays throughout the summer holiday5, the Sixth Form Centre and quad
hosted the Gukraine organisation for a drop in Ukralnian Hub. Each session saw about
100 people- mainly women and children - for a variety of actlvities from artlcraft lo
chess to nail/beauty to table tennis and, of course, shared food, drinks and chat. The
final Tuesday had a party atmosphere with live music, balloons and take,. The Mayor
and Mayoress IDenis and Mary Booth) attended as 8uests of honour. Oebra of
Gukraine commented: "We cannot Ihonk you ond RGSG enou9h for the omazing
support you hove given ro Gukroine ond the Ukralnion community in Guildford /
surrounding villuges. Without you this woulrj not hove been possible. The finol purty
WOS É7mozing, but 50 too were egch of the Tue5duys in their own way.,
We also hosted the '8ig Leaf, charity to run an informal evening of football. Big Leaf
work with 16-25 year-old displaced people from any country, Local atcountancy flrm
Aristar Accounting Sponsored the event and their staff and some RGSG puplls
participated.
Other outreach included..
Art: During the Lent term and the Easter Holiday, the Art department worked with
Stamford Green Primary school students lo deslgn and palnl a mural.. '1 WOLsld like lo
thank you for the art resources that you donated to Stamford Green Primary school
and for sourcing cover for Ruth lo attend a school trip with us as part of our exciting
mural project for dlsadvantaged children. The children are very lucky to have Ruth on
board and we appreciate your generosity. Art co-ordinator at Stamford Green"
Heritage Open Day., is hosted annually, when the tudor Old Building and chained
library is open to members of the public.
Library: As part of Guildford Book Festival, RGSG hosted author Chris Wakling to speak
to RGSG pupils and a150 pupi15 from nearby Sandfield school. Separately, the School
librarian vi51ted Guildford Grove school to provide advice on options for developing
their library space.
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Model Unlted Natlons., The first 'in-person' Model United Nations conference slnce
2019 was hosted at the school in November 2021, with over ISO dele8ates from g
schools.
Careers-over 60 pupils frorn St john the Baptist,. St Peter's., St Catherine's-, Heathside,.
George Abbot,. Collingwood,. Tormead., Guildford County attended our 6th form
Careers in Engineering Seminar.
Careers.. On Friday 29 April RGSG opened its doors for the annual Careers Convention
and welcomed over 250 people to the event. The School invited seven other local
schools (Guildford County, George Abbot, King's College, Chrlsl's College, 5t Peter's,
GHS and Tormeadl. After missing a year, students were extremely grateful to have the
opportunity to dlscuss career p05sibilltles fate-to-face.
SECTION 172111 STATEMENT
The Director5 of a Company must act In accordance with a set of gener31 duties. These dutles are
detailed in in section 172111 of the U.K. Companies Art 2006, which is summarised as follows with
reference to Charltable Companles
'A Dlrector of a Company must act in the way helshe considers, in good f21th, would be most likely to
promote the success of the Company in achieving its charitable purp05e5, and in doing so have regard
(amongst other maltersl to..
l. The likely tonsequences of any declslon in the long term
2. The interests of the Company's employees
3. The need to foster the Company's business relatlonships with suppliers, beneficiarie5 and
others
4. The impact of the Company's operations on the community and the environment
5. The deslrabilltv Df the Company ma1ntainlng a reputatlon for high standards of business
conduct, and
6. The need to art fairly as between benefSciaries of the Companv
Beneficiaries
The benèficiaries of the organisation are the pupils and the Directors aim to ensure they are provided
with the hlghest quality of education available, In terms of academic, co-curricular and pastoral input.
Our alms and performance in this area are further detailed under the headings The value5 and aims
of the School and achlevements and performance, above.
All staff, both teachers and support staff, work hard to achieve the School's aims in delivering the
highest Possible standard of education to the pupils. 11 is the hard work, dedication and
professlonallsm of these staff that achieve the outcomes for the pupils.
The recruitm@nt, retention, development and welfare of staff is crucial to the successful running of
the organisation and is considered, by the directors, to be of great importance. Further detail is
provided under Organlsatlonal Management in the Directors, report
CommLJnlt
and EnvSronment
The School is at the heart of the Guildford community and many activities take place that involve the
local and wSder community. This ranges from pupil and staff fundraisin6 and participation in events
13
to the sharing of resources with Others. Extensive details on thls are provided Sn the Publlc beneflt
section of the Strategic Report.
Decision makin
risk mana
ement nd
overnance and erforrnance oversi
ht
The full board of director5 meet5 three times a year with additional committee meetings taking place
each term. As outlined under Or8anlsatlonal Management in the Directors, report, each committee
has a specific focus, but considers the overall impact of decisions on the wider organisation.
C Iture and Values
The alms and value5 of the school are embedded within the curriculum to form a way of life for both
pupils and staff.
ENERGY AND EMISSIONS REPORT
Energy Consumption
Streamllned Energy & Carbon Reportin8 ISECRI1s a legislative reporting requirement in the Directors,
Report for Year Ends on or after 31 March 2020. It mandate5 that all large companies must report on
their operational energy Consurllption and assoclated emlssSons.
A high level breakdown of ener8y used, and emisslons Benerated by Royal Grammar School Guildford
Is included in the table below.
2021-22
1,854,861
2,897,813
1,637,475
n/a
n/a
nla
333,875
530,763
301,082
334
2020-21
531
2019-20
301
ectricity
2021-22
984,477
1,004.177
1,039,759
n/a
nla
n/a
190,378
213,217
242.409
190
2020-21
213
2019-20
242
115POrt
2021.22
73,368
86,800
108,173
49,240
56,000
68,900
17,608
20,559
18
21
26
2020-21
2019-20
tal
2021-22
2,912,715
3,988,790
2,785,407
49,240
56,000
68,900
541,861
764,540
569,515
542
2020-21
765
2019-20
570
UK energy use covers all educational and ancillary activities across the School.
AssDciated Greenhouse gases have been calculated usin@ 2022 conversion factors advised by the UK
Government Department for Business, Energy and Industrial Strategv.
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Intenslty Metrlc
An Intensity metric gives an indicator of carbon performance calculated per unil of an operational
driver of the Schools activitles. For Royal Grammar School Gulldford w@ have used the average
number of pupils over the year as the relevant operationèl driver. In 2021122 1,289 puplls accounted
for emlsslons of on average 542 kgCo2e each120201211,288 puplls accounted for emlsslons of on
average 765 kgCo2e each). The intensity metric for 2020121 appears significantly higher than that
reported for 19120 and 21122 and this is largely driven by gas consumption. During thls year, school
buildings remained open through the January to M3rch lockdown for children of essential workèrs
nd. from March 21 for all pupils. Classroom windows were kept open, to improve ventilation, for
much of this tlme resulting IN Significant heatloss and consequently ga5 consumption. A return to
more norm31 operating conditions was seen in 2021-22.
Continuing our rolling programme of maintenance and refurbishment, the School took the following
energy efficient actions during the year..
We continued our roll out of energy efficient LED fittin85 across all 51tes
Ongoing replacement of single glazed windows with double glazed unlts
Continued replacement of internal and external doors to reduce heat Ioss
Boilers replaced with more energy efficient models
Washroom areas which have been refurbished have had mixer taps with improved flow
regulation and effective therm05tatic mlxing valves Installed
Durin6 refurbishment works, use of skip5 is minimised in favour of appropriate recycling and
use of registered waste carrlers
Additionallv
A study has been carried out with the University of Surrey to monitor C02 levels within the
buildings
While plannlng for future building enhancements and developments, sustalnabilitv
considerations have been a hlgh prioritv
Food waste is collected separately and the volume closely monitored by our catering
Contractors
General and recycling waste is carefully monitored with placement and style of receptacles
recently reviewed
Further electric car chargin8 points have been insta51ed
FINANCIAL REVIEW
Results for the year
The operation of the School during the yearto 31st lul¥ 2022 generated net Incorne of £lrn. cons15tent
with net income 8enerated in the prior year12021'. Elm). Offsetting this result is an actuarial loss,
now quantifled and provided for, of withdrawal from the Surrey County Council Superannuatlon Fund
of £l.Im12021.. unrealised actuarial g3in £0.9ml, resulting in an overall £56k Ljsage of fLJnds in the
vear12021.' £1.9m generaledl.
The School's net income and capital inflow loralled £1.4m from
£25.2m total income 12021.. £2.2m from £23.2ml. The Sthool generated a cash surplus which was
sufficient to cover planned annual investment in its facilities, servicing of loan financing of major
capital investment projects and increase the School's cash balance at year end. Thls further
strengthened the School's ability to ensure that costs can be met as they fall due.
The value of fee remlssion5 awarded varles from year to year, dependin8 on prevailin8 clrcumstances
and the needs of each cohort. While non means-tested remissions are being managed downwards,
over tSme the value of means-tesled rem155ions awarded is growln&, In1Sne with the School's ambltlon
for its education to be as widely accessible as possible.
Total income includes investment income ¢f £4k 12021.. £lkl and also £340K 12021.. £380kl of
donations.
The 2021.22 school year saw a welcome return to unSnterrupted in-person, on-slte learnlng. A full
programrme of 5POrting activities and clubs could resume and, from the Trinity term onwards, overseas
trips could once more be planned. With the return to on-site Searning and an intrea5ed range of
ttivities, expenditure on resource5 and running of the school buildings returned to pre-pandemic
levels.
Wlth effect from 31st August 2021, the School ha5 elected to withdraw from the Surrey County Council
Superannuation Fund and finalise its pension liability, in respect of this scheme, as at that date. A final
valuation invoice for £1.7m, which is favourable to previous estimates, has been received from the
Fund and Ss fully provided for In these accounts.
With the ongoing war in Ukraine, we continue to see challenges around energy prices, rising interest
rates, inflation and public finances and expect the economic outlook to remain unpredictable and
turbulent for the immediate future. Despite thi5 Outlook, demand for the School remains high and it
is believed likely that pupil numbers will be maintainèd in the foreseeable future and collection of fee
incorre continues to be positive. The Director5 have considered the irllpact of these factors on the
School's operating model and financial position and this is further d@tailed In the 'ResÈrves level and
pollcy. and financial viability, section, below.
Reserves level and pollcyj and flnanclal vlablllty.
The vast majority of the School's funds are held in the form of the bulldings and physical èssets of the
School. At year end the School reports total funds of £39.Im12021.' £39. Im) which includes £170k
Of unspent restricted income12021.' £187kl. Net current assets- broadly equlvalent to liquid reserves-
of £3.8m were held at the end of the year12021.. £3.8ml
The School seeks to carry sufflcient but not significant levels of free reserves for contingency purposes.
Throughout the year the level of liquid reserves was adequate lo meet commitments as they fell due.
without recourse to additional borrowing. Free reserves as at 31 July 2022 equalled £3m12020121
£4.8ml.
We have prepared a number of scenarios that consider our cash posltlon, sources of Income and
planned expenditure. Oemand for places at the School remains strong. Nonetheless, these scenarios
consider reduced pupS1 numbers, delayed fee payment and potential bad debts, cost Inflation and
Increased interest rates. Sen51tivity around these assumption5 has also been considered In Dur
forecastlng. The scenarlos a150 can5ider the terms and conditions of the existing bank facilities. Results
of this cash flow and sen51tivity analysis indicate that the cash reserves of the charity are sufficient to
meet the charity's obllgatlons as they fall due.
Having regard to the above, the dlrectors belleve It appropriate to adopt the golng concern b3sSs of
accountSng In preparing the financial statements.
Investment pollcy, objectlves and performance
The School reviews Its investment pollcy annually and adapts It if appropriate. The pollcy is based on
the following principle5:
Prudent investment for income and growth based on the two principles of diversity and
reductlon of rI5k
Speculative 2nd very high risk investments should be avoided
Investments will be made in appropriate Common Inve5trNent Funds ICIFS) which have
an established market and are readily realisable
Account must be taken of the School's charitable status
Appropriate advice should be sought from professional advisors on any proposal to
invest other than In CIFS and, Sf necessary, on the choice of CIF
Investment5 should be reviewed annually by the Finance ènd General Purposes
Committee IF&GPI
The Investment Policy should be reviewed and endorsed annually by the Governors
Investments will be made or) the instruction of the F&GP
Money held as cash on behalf of Restricted funds will be credited with interest at the
School's marginal borrowing rate
Money held on deposlt should be reviewed periodically to ensure that it 15 earning the
maxSmum Interest for the Schools.
In the long term the School's investment objective is to Invest in funds to achieve returns in excess of
RP1, while remaining weighted toward5 cash and fixed income. In the short term investment is being
made in buildings.
The School's investments relate to restricted and prize funds. The performance of the funds has been
n line with expectations. For more detailed information about the School's investments, please refer
to note 7.
Fundralsln8
Fundraising for School funding priorities Is exclusively carried out by the Royal Grammar School,
Guildford Foundation Limited. which raises funds for bursaries. The costs of the Foundation are rnet
entirely by the School.
The Foundation's fundraising activities are carried out by an in-house staff team. The Foundation
adheres to the Code of Fundraising Practice. Fundrabslng activity l$1Smited to those with an eKlSting
connection to the School and includes a limited amount of funding from Trusts. Major donor and one.
to-one fundraising are the Foundation's key mode of fundraising which helps to ensure that
philanthropic relallonships are not developed with anyone who mlght be vulnerable or be In
vulnerable circumstances.
FUTURE PLANS
The School's development plan is agreed by Governors and is subject to annual revSew. The main
plans for the next year to help the School achieve its objectives are..
To fulfil ihe School's charitable alms by spreadlng educatlonal best practice, offering bursarles,
and benefitting the commLJnitv,'
To tontinue to develop mutually beneficial partnership5 Wlth other edLJcation31
establishments at a local, nation318nd International level-,
To continue lo enhance our student experience and further develop support for students, and
staff welfare,.
To foster outstanding teaching and personal development such that everything we do makes
U5 better at everything we do.,
To continue to work towards widenin8 access to the school for able students wlth Ilmlted
means,"
To proactively seek to create a staff an(J student body whlch is diverse and inclusive, reflecting
the community we teach.
These plans underpin individual detailed development plans for each area, which will enhance the
School's abllity to provide an exceptional education and student experience.
RISK MANAGEMENT
The Directors have examined the prSncipal areas of the School's operations and considered the major
risks faced In each of these areas. The risk assessment is updated at least annuallyi 2nd more
frequently if appropriate to take into account changing circumstances. The risk assessments are
considered by the RGSG Education cornmittee and the RGSG Prep corllmittee 35 3ppropriate before
passing to the F&GP committee and the Board for discussion.
The main risk5 that have been identified are..
Cyber-attack, causing major theft, loss or corruption of data or systems that could damage the
School's operations, finances or reputation. The Safety of sV5tems Is regularly reviewed along with
the development ol disaster recovery 5VStems, the review of policles and passwords, with updates
and training for staff on these.
Failure to retain the Headmaster Df the RGSG or RGSG Prep could detrimentally affect the School's
admissions and performance. The development of members of the senlor team and ongoing
support of the governors will help reduce the impact of a change of Head.
Uncertalnties for the economy Could further affect parents, finances and could lead to Increased
debts to the School and burden on the hardship bursary provision, Careful consideration of
bud8etin8, Cost management and fee levels and debt management will madÈ and kept under
review.
Changes In the polltlcal cllmate could lead to the Introduetlon of leglslatlon that could lead to
financial pressure on independent schools. The outcomes of policies publicised by political partles
are kept under review.
Incidents that have the potential to damage the reputation of the School. This could cover a wide
range of incidents $0 careful consideration to legislation, regulations, school policies, health and
safety etc must be malntained and revlewed by staff and governors to ensure compliance In all
areas.
18
Incidence of 2 pandemic or other events adversely impacting on the School's ability to deliver
education combined with the economic imp8ct affecting parent5, finances and ability to pay school
fees. Impact lower as excellent remote teaching and learning capability has been rolled out and
enhanced by the School dLJring the periods of lockdown, significantly mitlgatin8 the risk of the
School being unable to deliver quality education.
The School has establlshed a review system and allocated sufficient resources to ensure that those
risk5 identified have been mitigated lo a level acceptable for the School's day to day operations. The
School regularly reviews the effectiveness of current plans and strate8ies for managing all identlfled
major risks for the School and other group organisations.
The Annual Report which includes the Strate8ic Report was approved by the Charity and signed on its
behalf by..
S, December 2022
Mrs S K Creedv
19
Independent Audltor's Report to tho Directors of Royal Grammar School Gulldford
Opinion
We have audited the financial statements of Royal Grammar School Guildford I'the charitable
company'l for the year ended 31" July 2022 whlch comprlse the Statement of Flnanclal Actlvitles,
Charity Balance Sheet, Statement of C3sh Flows and notes to the financial statements, includin8
significant accounting policies. The financial reporting framework that has been applied in their
preparatlon is applicable law and United Kingdom Accountin8 Standards, including Financial Reporting
Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited
KSngdom Generally Accepted Accounting Practice).
Sn our opSnlon the financial statements:
Bive a true and fair view of the state of the charitable company's affairs as at 31" July 2022 and of
the charitable corllpany's income and receipts of endowments and expenditure, for the year then
ended,.
have been properly prepared in accordance with Unlted KSn8dom Generally Accepted Accounting
Practice,. and
have been prepared in accordance with the requlrements of the Companies Act 2006.
Basls lor oplnlon
We condutted trur audit in accordance with International Standards on Auditin8 IUKI IISAS IUKII and
applicable law. Our responsibilities under those srandards are further described in the Auditor'5
responsibilitles for the audit of the financial statements section of our report. We are Independent of
the charitable company in accordance with the ethical requirements that are rèlevant to our audlt of
the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other
ethltal responsibilities in accordance with these requirements. We belleve that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinlon.
Conclu51ons relatlng to 8olng concern
In auditing the financial statements, we have coricluded that the directors, use of the going concern
basis of accounting in the preparation of the financlal statements Is appropriate.
Based on the work we have performed, we have not Identifed any material uncertainties relating to
events or condltions that, individually or collectlvely, may cast Sl8nificant doubt on the charitable
company's or the charitable company's ability to continue as a going concern for a period of at least
twelve months from when the flnancial statements are authorised for Issue.
Our responsibilities and the responsibilities of the trustees with respect to goSng concern are described
In the relevant sections of thls report.
Other Informatlon
The directors are responsible for the other Informatlon contained within the annual report, The other
information comprises the information Included In the annual report, other than the financial
statements and our auditor's report Ihereon. Our opinlon on the financial statements does not cover
the other information and, except lo the extent otherwise explicltly stated in our report, we do not
express any form of assurance conclusion thereon.
20
Our responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconslstent with the financlal statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated. If we identify such material incon515tencies or
apparent material misstatements, we are required to determine whether this gives rise to a material
misstatement in the financial statements themselves. If. based on the work we have performed, we
conclude that there 15 a material misstatement of this other information, we are required to report
that fact.
We have nothlng to report In thls regard.
Oplnlons on other matters prescrlbed by the Companles Act 2006
n our opinion based on the work undertaken in the course of our audit
the informatlon given in the directors, report, which includes the strategic report prepared for the
purposes of company law, for tho fSnancial year for which the financial statements are prepared
is consistent with the financial statements,. and
the strategic report and the directors, report have been prepared in accordance with applicable
legal requirements.
Matter5 on which we are required to report by exception
In light of the knowledge and understanding of the charitable company and their environment
obtained In the course of the audit. we have not identified material misstatements in the strategic
report or the directors, report.
We have nothlng to report In respect of the followSng matters In relation to which the Companles Act
2006 requires us to report to you if, in our opinion..
adequate and proper accounting records have not been kept,. or
the flnancial statements are not in agreement wlth the accountlng records and returns,. or
certain disclosures of directors, remuneratlDn specified by law are not made,. or
we have not received all the information and explanations we require for our audit.
Responsib51ities of Directors
As explained more fully in the directors, responsibilities statement, the directors are responsible for
the preparation of the financial statements and for being satisfied that they give a true and fair view,
and for such Internal control 35 the directors. determine 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 statements, the directors. are responsible for assessing the charitable
company'5 ability to continue as a going concern, di5elosin8, as applicable. matters related to goin8
concern and using the going concern basis of accounting unless the directors either intend to liquidate
the charitable company or to cease operations, or have no realistic alternative but to do so.
Audltols responsibilitles for the audlt of the flnanclal statements
Our objectives are to obtaln reasonable assurance about whether the financial statements as a whole
are free from material misstatement. whether due to fraud or error, and to issue an auditorf5 report
that Includes our op1nion. Reasonable assurance Is a hlgh level of assurance, but is not a guarantee
that an audlt conducted in accordance wlth ISAS IUKI will always detect a materi31 mlsstatement when
21
it exists. Misstatements can arlse from fraud or error and are consldered materlal If, indlvidually or Sn
the aggregate, they could reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements.
Detai15 Of the extent to which the audit was considered capable of detecting irregularities, including
fraud and non-compliance wlth laws 8nd regulations 3re set out belo¥w.
A further de5crlption of our responslbllilies for the audit of the financi31 statements Is located on the
Financial Reporting Council's wobsite at.. www.frc.or
-uk
3uditorsre5
on5ibilities. This description
forms part of our auditor's report.
xtent to whlch the audlt was consldered capable of detectlng irregularitles, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We
idenllfied and assessed the rlsks of materlal misstatement of the financlal statements from
irregularitie5, whether due to fraud or error, 2nd discussed these between our audit team members.
We then designed and performed audit procedures responsive lo those risks, including obtaining audit
evldence Sufficient and appropriate to provide a basis for our opinion.
We obtained an Ljnderstandlng of the legal and regulatory frameworks Wlthin which the charitable
company operate5, focusing on those laws and regulations that have a direct effect on the
determination of material amounts and disclosures in the financial statements. The laws and
re8ulations we considered in thi5 context were the Companie5 Act 2006. legislation, together with the
Charities SORP IFRS 1021. We assessed the required compliance with these laws and regulations as
part of our audlt procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a dlrect effect on
the financial statements but compliance with which might be fundamental to the charitable
company's ablllty to operate or to avoid a material penalty. We also tonsidered the opportunitles and
incentives that may exist within the charitable company for fraud. The laws and regulations we
considered in this context for the UK operations were The Education Ilndependent School Standards)
Regulations 2014.
Auditin8 Standards limSt the required audit procedures to identify non-compllance with these laws and
regulation5 to enquiry of the Trustees and other management and inspection of regulatory and legal
correspondence, il any.
We identified the greatest risk of material impact ot) the financial statements from irregularities,
including fraud, to be within the timing and recognition of non-fee income, procurernent processes
for significant capital projects and the override of controls by management. Our audit procedures to
respond to these risks included enqulrles of management and the Finance and General Purposes
Committee about their own identification and assessment of the risks of irregularities, sample testing
on the postlng of journals, revewing accounting estlmates for biases, reviewing regulatory
correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and readlns
minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we rllay not have
detected some materlal misstatements in the financial statements, even though we have properlv
planned and performed our audit in accordance with auditing 5t8ndards. For example, the further
removed non-compliance with13w5 and regulations lirregvlaritie51 is from the events and transactions
reflected in the financial statements, the less likely the inherently limited procedure5 required bv
auditing standards would identify it. In addition, as with any audit, there remained a higher risk of
non-detection of irregularities, as these may involve colSusion, forgery, intentional omissions,
mlsrepresentations, or the override of internal contro15. We are not responsibl¢ for preventSng non-
compliance and cannot be expected to detect non-compliance with all law5 and regulations.
Use ot our report
This report 15 made 501ely to the charitable company'5 directors, as a body, in accordance with Chapter
3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state
to the charitable company's director5 those matters we are required to state to them in an auditor's
report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume
responsibility to anyone other than the charitable company and the charitable company's directors as
a body, for our audit work, for this report, or for the opinions we have formed.
Tina A11150n
Senior Statutory Audltor
For and on behalf of
Crowe U.K. LLP
statutory Auditor
London
Date 16 December 2022
23
R•y•lfjr4mm•i 5chaolGulldl•rd
StoiemèntolFlnoncI)1AciMtS
loi th• YÈbrond•d31 July2022
Unr¢strlrted
Funds
2021-2012
Total
2020-2021
Total
Note
Funds
£000
£000
gooo
000
Inwme from-.
23,295
1,045
214
23,295
1,045
214
21,780
587
248
Other educational Income
Other3nclllarytradln8 Incom
oonatlons and Le83cle5
DofjatlQn5 Le8acles
340
340
InvestrnontS
Ini¢fne Irom Investments
Other Inwme
273
273
181
Totil Incom•
24.831
340
25,171
23,177
Exp@ndltur• on..
Ralslni Fvnds
Advance Fee contr3¢tS
si
44
PenslDn CommSlment net financlal
Costs
76
63
63
123
S¢h¢uls and grant maklng
23.729
357
14,086
22,013
Total Èxpèndlture
2d,792
357
24,149
22,140
NET INCOMING FUNDS I IEMPENDITUREI
FROM OPERAnONS bEFORE
INVESTMÉNT GAINS
1.039
1,022
1,037
Net Ilossesl on Inve5trnents
Pension Cess•tlon Attuari•l ILo¥sl
11,0701
NET INCOMEIIEXPENDITUREI
1.036
Tr•nsleis l)otween fund
905
NET MOVEMENTIN FUNDS FOR THE YEAR
1,941
Fund b418Dce5 brou8ht forward al
I AuEUSt 2021
38,957
187
39,144
37,203
FUND 8ALANCES£atrled forwird at
31 July 2022
38.918
170
39,088
39,144
The School has no galn5 or105se5 thai are not shown above, All Dperaiions are continulnB.
Tho accountln8 pollcies and note5 un pase5 27 to 45 form part of these Flnanclal Statement5.
24
**Royal Grammar School Guildford**
**Balance Sheet As at 31 July 2022**
|Note
**FIXED ASSETS**
Tangible fixed assets
**6**
Investment .ssets
7
**CURRENT ASSETS**
Stocks
8
Debtors
9
Cash
**CURRENT LIABILITIES**
Creditors payable within one year
10
Pension Scheme Liabilities
16 (i)
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**LONG TERM LIABILITIES**
Creditors payable after one year
11
Pension Scheme Liabilities
16 (i)
**TOTAL NET ASSETS**
Represented by:
13
**RESTRICTED FUNDS**
**UNRESTRICTED FUNDS**
Designated Funds
General Funds
**UNRESTRICTED FUNDS**
**TOTAL FUNDS**|**£000**
**66**
1,133
10,052
11,251
(5,728)
(1,754)
33,650
5,268
**2022**
**£000**
**£000**
38,093
153
38,246
57
924
8,631
9,612
(5,835)
0
3,769
42,015
(2,927)
0
**39,088**
170
34,118
4,839
38,918
39,088|**£000**
**66**
1,133
10,052
11,251
(5,728)
(1,754)
33,650
5,268
**2022**
**£000**
**£000**
38,093
153
38,246
57
924
8,631
9,612
(5,835)
0
3,769
42,015
(2,927)
0
**39,088**
170
34,118
4,839
38,918
39,088|**£000**
**66**
1,133
10,052
11,251
(5,728)
(1,754)
33,650
5,268
**2022**
**£000**
**£000**
38,093
153
38,246
57
924
8,631
9,612
(5,835)
0
3,769
42,015
(2,927)
0
**39,088**
170
34,118
4,839
38,918
39,088|
**2021**
**£000**
39,106
160|
|---|---|---|---|---|
|||||
39,266
3,777
43,043
(3,215)
(684)
39,144
**£**
187
38,957
39,144|
||||9,612
(5,835)
0||
||||
34,118
4,839
||
||||||
|||39,088|||
Approved by the Board of the Royal Grammar School Guildford, on 5[th ] December 2022 and signed on behalf of the Company
Mrs S K Creedy aoard Member Rev R L Cotton Board Member
The accounting policies and notes on pages 27 to 45 form part of these Financial Statements.
25
Royal Grammar Sthool Gulldford
Cash Flow Statement
Year ended 31 July 2022
Note
20Z2
2021
000
NET CASH INFLOW FROM OPERATIONS
Nèt ctsh provided by operatin8 artivlties
Éooo
£000
2,815
2,606
CASH FLOWS FROM INVESTING AcfiviTIES
Payrnents for tanglble fixod a55ets
Proceeds on Sale of tangible fixed a55et5
AdditlOfjS to investment5
Investment income and bank intertst recelved
15841
14681
68
Net cash (used Inl InvestlnB actlvltles
13981
C85h flows from financlng a¢tlYliles.'
Fin3nco costs pzld
Net cash provlded by Ilnantln8 artlvltles
Change In cash and cash equlvalents In ¢he rtportlni perlod
1,421
2,195
Cash and tash ¢qulval¢nts at 15tAu8U$t 2021
8,631
6,436
Cash at)d cash equlvalÈnts at 31st July 2021
10,052
8,631
Net Cash Inflow from Opèrating Artivltles
2022
2021
Net incomlng rÈsour¢És
Ellmlnation of non-operatinÉ cash Il¢ws'.
Inve5tnient Income
FiD3nce costs
1,022
1,037
612
222
Depreclatlon
Ilncrea5el/Lle¢rease in Stocks
Ilncreasel/de¢rea5e In debiors
J,597
1,70?
12091
fees in advance scheme and doposltl
Deflned tsenelit penslon scheme 8dSustrnent5
Incre3se/lDecreasel In fees In advbnce scheme credltors
Increèse In parents. deposlts
15601
194
63
ioi
11491
60
Net Cash Inflow from Operatln8 Actlvlt5e5
2,506
2,815
Chan8e5 In Cash and Cash equlvalents
Change In
Year
Analysi5 of balance5 at 31 Julv
1022
2021
Cash
Cash IquivalenE5 (Oeposit < 3 months)
Changes In Cash and Cash equlvalents from
the School'5 operatlon5
1,421
10,048
8,627
1.421
10,052
8.631
The accountlng pollcles and notes on pzges 27 to 45 form part of these Flnanclal StatemÈnrs.
26
NOTE I.. ACCOUNTING POLICIES
Basls of Accountin
The financial statements have been preliared In accordance with the Flnanclal Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021. the Charities Act 2011, and the Statement of
Recommended Practice applicable to charitie5 preparing thelr accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021.
The financial statement5 have been prepared to give a 'true and fair, view and have departed from
the Charlties (Accounts and Reports) regulation$ 2008 only to the extent required to provide a 'true
and fair, view. This departure has involved following Accounting and Reporting by Charitie5 preparing
thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc
of Ireland IFRS 1021 issued on 161h July rather than the Accounting and Reporting by Charities..
Statement of Recommended Practice effective from l April 2005 which h05 since been withdrawn.
They are drawn up under the historical cost convention as modified by the revaluation, at fair value,
of investments.
At the tlme of approval of the Annual Report, turbulence continue5 to be experienced in the UK
economy, with rislng interest and inflation rates, and the lon8 term impict on the charSty, in common
with other businesses, remains unknown. The charity holds significant cash balances supplemented,
if needed, by an overdraft facility. Demand for school places at Royal Grammar School Guildford
remains strong, with continuing high numbers enrolled for the academic year 2022123. Collection of
fee income continues to be robust. Conservative cash flow modelling with sensitivity analysis indicates
that the cash reserves of the charity are adequate lo meet the charity's obligation5 as they fall due.
Accordingly, the Oirectors believe the Schools, financi31 resources are sufficient to ensure the School
wlll continue as a going eontern for the foreseeable future, being at least 12 months from the date of
3pproval of the financial statements and have therefore prepared the financial statement5 on a golng
concern basls.
The functlonal currency of the School is considered to be GBP because that is the currency of the
primary economic envlronment in which the Sehool operates.
The School 15 3 Public Beneflt Entlty re8lstered as a charity in England and Wales, Company Number
10874615, Charlty Number 1177353.
Crltlcal Accountln
Jud
ernènts and Ke Sources of Estlmatlon UncèrtaSnt
In the application of the accountin6 policies, the Directors are requlred to make judgement, estimates
and 355umptSon5 about the carrying value of assets and liabilities that are nDt readlly apparent from
other source5. The e5tim3te5 and underlying assumptions are based on historical experience and
other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is rev15ed if the revision ortly affects onlv
that perlod, or in the period of the revlsion and future periods If the revision affected current and
future periods.
The key source of estlmatlon uncertalnty that has a slgnificant effect on the amounts retegnlsed In
the financial slaterllents are describèd in thè 3ccoiJnting policies and are summarised below-.
27
Pension liabilities the charity recognises its Ilabllity to Its deflned benefit pensSon scheme whlch
involves a number of estimations as disclosed in note 16.
The following accounting policies have been applied consistently in dealing with item5 which are
considered material in relation to the School's financial statements..
Statement of Financlal Actlvltles
SOFA
The School ha5 two types of fund..
Restricted- wherÈ the purposes for which the funds may be used have been restricted by donors,- and
Unrestricted where the fund 15 not restricted a5 to use other than in furthering the objects of the
School. These Include De51gnated Funds, where the funds are unrestrlcted, but the Dlrectors have
desi8nated them for 3 speclfic purpose.
Income and Ex endlturé
Income and Expenditure is accounted for on an accruals basis with the exceptlon of income from glfts
and legacies. These are recognI5ed when the charity is legally entitled to the income, thè amount C3n
be measured with reasonable accuracy, and the economic benefit to the School is considered
probable.
Fees and slmllar Income
Fees recelvable and charge5 for services and use of premises are accounted for In the period in whlch
the service is provided. Fees recelvable are stated after deductible allowances, scholarships and
remissions allowed by the School, but include contriljutions received from Bursaries funds.
Donatlons and Le
acles
Donations recelved for the general purpose of the group are credited to school income. Donations
Subject to specific wishes of the donors are carried to relevant restricted funds or used within the year
for the appropriate purpose. Gifts in kind are valued al estimated open market value at the date of
the gift, in the case of a55ets for retention or consumption, or at the value to the School In the case of
donated services or facilitle5.
Legacies are taken to unrestricted funds unless specified for a particular purpose in which case thev
are taken to restricted funds.
Income from Government Grants
No Government Erant income was received in the year. Government grant income received In the
prior year- and specifically that received under the Coronavirus Job Retention Scheme- is reported
under the heading Other Income and Separately identified in the notes to the accounts. Such income
ha5 been recognised under the accrual model whereby grant income Is reco8nised In the perlod in
which the expense to which it relate5 was incurred.
Ex
end5turo
Expenditure 15 accrued as soon as the liability is considered probable, discoLtnted to present value for
longer term IlabSlltle5. Expenditure 15 allocated to expense headings elther on a direct cost basis or
28
apportloned accor(Jing to time spent. Irrecoverable VAT is included In the Statement of Financial
Activities with the expenditure to which it relates.
Governance costs are those costs incurred in the safeguarding of the School's assets associated with
con5tltutional and statutory requirements.
Investments
Investments are shown at their falr values at the year end. Realised and unrealised galns and losses
on investments are accounted for through unrestricted or restricted funds as appropriate and are
accounted for In the SOFA.
Tan
Ible Fixed Assets
Expenditure on individual fixture5, fittings and equipment, mtstor vehicles, grounds and maintenance
equipment and IT that are over £5.000 and capital in nature are capitalised, together with any
spending of a capital nature relating to bulldings.
Certain artefacts owned by The School are considered to be inalienable. It would be both difficult and
costly to attribute a cost or valuation to these assets. In the event of future acquisitions ol inalienable
assets, such assets would be capitalised, Any proceeds on the disposal of such assets would be
accounted for through the appropriate fund In the SOFA.
Herita
e Assets
The School holds the Town Wall lor Garden Wall) that at one time divided the School's property from
the neighbouring Duke of SorNerset's House and is also the old boundary between the Stoke and
Christchurch Wards of Guildford. From time to time members of the public are permitted access to
vlew the wall along wlth the Old BLJilding and other items of historical interest that are held and used
primarily for educatlonal purposes. The Wa11 is maintained as part of the School's general care of its
bulldings, but also having re8ard to Its commitment to the local community to care for a historical
property. The Governors do not regard it practicable to obtaln a valuation of the Wall and, accordinglv,
no value is ascribed to it.
De
reclation
Depreciation 15 provided on all tangible flxed assets, other than freehold land, at rates calculated to
write off the cost of each asset. less any e5tirnated residual value lJ35ed on turrent market prices,
evenly over its expected useful life. New capital developments are depreclated only when work has
been completed and they are brought into use. The depreciation rates for the principal categories
are..
Freehold BLJildings
Furniture & Fittings
Computer Equipment
Photocopiers
Motor Vehicles
Playing Field EqLJipment
Leasehold Property
Leasehold Improvements
Major Refurbishment
2% per annum on a straight line basis
IS% per annvm on a straight line b851S
25Yo per annum on a straight Ilne basis
20% per annum on 3 straight Iln@ basi5
20% per annum on a straight line bzsis
12.5% per annum on a straight line basis
over the length of lease
over the len8th of le3se
4% per annum on a straight line basis
29
Stock
Stocks are valued at the lower of cost and net realisable value.
eratin
Leases
The annual rèntal for operating leases is charged to the Statement of Flnancial Activities on a straight
Ilne basis over the lease term, even if the payments are not made on such a basls. Benefits received
and receivable as an Incentive to slgn an operating lease are simil3rly spread on 3 straight line ba515
over the lease term,
Flnance Leases
Assets held underfinance leases are capitalised at thÈir fair value and depreclated over their estimated
useful economic lives. Future obligations under finance leases are included in credltors. net of finance
charges. Payments are opporlioned between the finance element, which is charged to the Statement
of Financial Activities as interest, and the capital element, which reduces the outstanding obligations.
enslons and Post Retirement Benefit Schem
al Defined beneflt Scheme5
The School contributes to the Teacher5, Penslon Scheme, whlch Ss a defined beneflt scheme, at
r8te5 Set by the Government Actuary. The Scheme is a deflned contribution 'Multi-Emplo¥er'
scheme and it is not possible to identify the assets and liabilities of the Scheme whlch are
attributable to the School. In accordance wSth FRS 102, the Scheme15 therefore accounted for
as a defined contribution scheme. Contributions to the Scheme are charged to the SOFA as thev
become payable In accordance with the rules of the Scheme.
rhe School a150 contributed to the Surrey County Council Superannuation Fund for I month of
the year. This is a defined benefit scheme lor support staff, and Is c105ed to new entran15 from
the School. With effect from 31" August 2021, as a consequence of dwindling employee
membership, the School withdrew from this Scheme.
The School has fully adopted FRS 102 and, in accordance with this the following elements are
charged to the SOFA..
The service costs of pension provision relating to the year, together with the cost of
any benefits relating to past servlcè.
The net finance cost represented by a charge equal to the increase in the present value
of the Scheme liabllitles and 3 credSt equivalent to the Ion8 term expected return on
assets.
The actuarial gain or loss on the Scheme assets and liabilities.
The difference between the market value of assets of the Scheme and the present value of
accrued pension liabilities is shown as a liability on the Balance Sheet.
Investments in funds are valued at bid price quoted by the investment manager at the Balance
Sheet dates.
30
The closlng Ilability Of the School In respect of the Surrey County Council Superannuatlon Fund Is
included in credltors at year end.
bl Deflned Contribution Schemes
The pension cost charged to the SOFA represents the contributions payable by The School under
the rules of the Scheme.
Advanced Fees
The School ha5 accepted advance fee lump sum payments in respect of certain pupils and in return
has undertaken to discharge defined amounts of the fees chargeable in respect of those pupils
subsequent to 31" July 2022. In the event of a pupil's Wlthdrawal from the School before all the agreed
amounts have been credited, the School has a@reed to return the relevant unspent portion of the
capital payment without addltion of interest or to continue lo hold the remalning capital payment for
payment Df fees to a new educational establishment where appropriate. The School's liability in
respect of advance fees has been brought into these accounts as the liabS1ity which would arise if all
the puplls covered by such arrangements tompleted the full term period of the contract entered into.
De oslts
The School receives a deposit from parents upon acceptance of a place for their son. The School
refunds the deposit, less any appropriate deductions, after the pupil leaves the School. Under FRS 102
all deposlts are considered refundzble within 12 months of the balance Sheet date, under the terms
of the contract and are classified within amounts due withln one year,
Flnanclal Instruments
Basic financial instruments are initially recognised at transaction value and subsequently measured at
amortlsed value with the exception of Investments which are held at fair value. Financial assets held
at amortised cost comprise cash at bank and in hand, together wlth trade and other debtors. A
provision is made where the recovery of debts is in doubt. Cash at bank and in hand is defined as all
Cash held in instant access bank accounts and used as worklng capital. Financlal liabilitles held at
amortised c05t comprise all creditors except soclal securlty and other taxes and provisions. Assets and
liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate
vear end exchange rate.
Taxation
A5 a re815tered charity The School is generally exempt from Corporation Tax but not from Value Added
T3x IVATI. Irrecoverable VAT is included with the c05t of those items to which it relates.
31
Royal Grammarkhwl Gulldlord
Notètsto theAttounts
Yeirended 31 ily?011
2022
£000
2021
Eooo
2. CHARITABLE AcfiviTIES- SCHOOL FEES RECEIVP4BLE
(al The school'j Income re¢elvable ¢omprlsed:
Gros5 fees
Le55'. Total bur5arles, scholarsttlps ind dlscounts
l4,62g
23,211
22,955
21,413
Add back.. 8ursarles pald for by RestrlciédlDesl8nated Fynds
340
25,295
367
21,78Q
Re#rlrted
Funds
£000
Ibl Graot$ and awards pald folby RestrlttedlDesl8natéd Fvnds ¢•mprf5¢d
Unrestrltted
Funds
£000
2022
£000
2021
£OLN)
340
340
367
Bursarles were awarded from Ptstrlcted/Ullre5trlcted Fund5 to 73 Indivlduals12021.- 771.
3. CHARITA8LE INCOME- OTHER
IJI Other edurationil income
2022
000
67
912
66
1,045
2021
£000
55
497
3S
587
Ibl Otheranelllary tridlnl Income
1022
£000
2021
InsunCe commlsslons
214
214
248
248
Totol for S¢hoo1
Ile5trlcted
Funds
ÉOC4)
Unrestrfcied
Funds
Éo
2012
£000
2Qll
Éooo
22
131
28
181
Icl Other Incomlng resourte$
Government Grani lob Rerentlon Scheme
Oth¢r
266
271
266
273
32
Royal Grammai School Gulldford
NOteitDthe Accounis
Y¢•r•ndqd 31Julv1022
4. ANALYSISOF TOTAL RESOURCES EXPENDED
2022
Totil
£000
2021
Tot41
£000
Staff costs
£000
Other
ooo
Depreciatlon
lal Cost of Ralslni Funds
£000
Fln¥nce costs
63
63
123
Schools and grani rnaklng
Teachlng
Wellaro
Premlses
Support C05t5 of sihooling
12,792
78
486
2,241
1,870
1,182
2,438
1,061
183
14,845
1.260
3,979
3.662
13,50fj
990
3,695
3,455
1,055
359
Donations, Grants, awards and prlzes
34Q
340
367
S¢hool's operatln8 cojts
15,597
6,892
1.597
24,086
22,013
Tot•1 Charltèble Expendlture
15,597
6,892
1,597
24,086
22,017
Tot41 Resources Expended
15,597
6,955
1,597
24,149
22,140
Icl Govornanco coyt5 Included In $upport costs
Audltors, rerlluDet1o
Current Vtar chtrge
38
Other seivlces
Trustees, c05tS
Governance costs
93
44
Auditors, rernunÈr3tlon costs are Inclu51ve of VAT.
Trustees, costs related to Ihe cosr of Governor meetings E5,185, sub5criptlons £176 and expense5 E624. There are 21
Governors who are dlroctors of RGS and Lan@sborou¥h. TherÈ wt5 no TrustEe remuneration durin8 thè year.
5. EMPLOYEES
Teaehln¢
£000
9.347
1.078
1,988
379
Other
000
2,211
30
211
143
2.805
2022
000
11.568
1,308
2.199
512
2021
£000
10,685
1,220
2,237
482
14,624
Wages and salarle5
Other Staff costs
Average number of empl¢)v@@s durlr¥ the year
2022
Full time
132
69
201
2021
Full tlmt
123
65
188
Parttlme
41
48
89
Part time
48
47
95
Teachln8
llon Teachlng
33
ft01 Gtamrnar S¢ho•l Sulldlord
t4otoS ttsth• a££aunts
Yeir pnded 31July 2072
The number¢f employee5 whose emolumon15, oxcludin8
émploypr's pe.nsi¢ns coDtrlbutlons, ex¢e¢ded £60,000 were..
É60.001- £70,OnO
£70,001. E80,000
£80,001. £90,000
£90.001 £100.000
£IOO.001 . f110.000
£150.001- £ISO.JOO
£220,iX)1- £220,000
£250,001- £260,000
2022
28
li
2021
25
46
37
A numbtrr of staff are not rnernbers of any pension scheme and the employei pe*slon ¢oNtrlbution15 pild tg ihern as part ef Ihelr
overall packagp ind is Included In the pay bands aljove.
P&n%lnn conirlbuiions of £677k12021- ES?2kl were made Inio penslon scheme5 In respoct ol hl8her pdld employee5 during the
year, Of this, contributions ol E6Q5k12021- E534kl were made Into a deflned tseneflt penslon scheme,
The aggregaie employee-ben¢lits ol key mèniEement personnel (the 5£nior ManaRoment Telms ol both schoolsl Intludin8
employers, penslon cantributlans and Natlonal Insurance tottl £1,977k12021 E2,126kl.
During ihe yeir iher? were ihree redundancy artermlnatlon paymenis toialling E13k12021.. £5Qkl.
No remunerètlon was paid t¢ Governors durin& 2022,. e¥peDSeS pald to Governors totalled £0.5k12021.. £01,
6. Tanllble Ilxed assets
osf and dopre¢latlon
Computer
Equlprnent
Freehold
Land and
Leasehold
Propertv
Flxtur¢s,
Total
Property
£000
4,059
471
EOOO
1,250
47
£000
49,546
66
£000
2.129
At beÉlhnln8 of year
56,984
584
13001
At end of yèar
1.297
49,612
2,129
4,230
57,268
DeprKlatlon
Ar be8innirtg ol year
Charge for the year
964
183
13,010
1,036
1,135
19
2,769
359
17,878
1,597
At end ol year
1.147
14,046
1,154
1,82E
Ig,175
Nrt Book Volue
Atend of yeaf
150
35,566
975
1,402
38,093
At beglnnln8 Dlvear
286
16,536
994
1,290
39,106
34
Hayal Gramm#rSehoolGulldloYd
Not¢5tothg A¢wuDt5
¥*ar•nd•d 31 lul¥1022
?. Invdstment assets
Unr¢strlcttd
funds
£000
54
Restrl¢ted
lund5
£QDQ
Total
£000
54
At begSnnlng ofyear- Im3rker¥aluel
Unroalised loss
Ar erd of year. Imark@r valuel
46
46
Cash at Invosiment m¥na8ers at be8lnnln8 of year
Movement In year
106
106
Al end of year- Imarkei valuol
107
107
At end of year- Imarkel V31uel
46
107
IS3
At be8lnnln8 of ye/r- Imirket valuel
54
106
160
Invesimenis are held In Common Investment Ftsnd5170%1 and in cash.
8. siocks
2022
£000
23
43
2021
£000
14
43
School Items for fesale
To1 Stock
66
57
9. Debtor$
2022
£000
155
2021
£000
189
Fee debtors
Less Provlslon for bad debt5
Amounts due from DthEr Group cornpÈnles
Other debtor5 and prepayments
Toial debtors
509
527
1,133
315
483
924
35
Royal Gr&mrn4rSthool Gylldloid
NOt•St0t ActaUnl%
y¢arend 31 july IQ21
10. ¢rodltors'. due wlthln onè year
2022
£000
2021
£000
ink loaD (see below)
ObllEJtIOns undef Flnallctr Leè*5
1,7S7
I,982
1,064
370
132
187
1,933
141
140
949
320
91
250
1,832
283
120
5.835
Arnount due EO Foundailon
Atc¢piance dÈpaslts
Fees recelved In advanee
Advanced fees Istt note 121
The Governors have revlewed the contract term5 under whlch acceptance feo dep051t5 arÈ held by the school. Although under
11. Credltor5.' due after more than one yeoi
20Z2
ioii
8aDk loan15oo below)
2,808
3,134
Advanced fees lsee note 121
119
2.92Y
76
3,215
The bank loans, tot)Iling £4.56m12021.. £5.12ml arp secured by charges on the freehold land and bulldln89 oFthe school. There
were two loans in ex15tence at year end.-
oldEr loan of £1,43m12021', £1.S5ml. In August 2018 Ihls loan was reelèsslfied És Èn ovèrdraft, and included ln its eniiretv
underCredii¢rs.. due within one year.
An addlllonal loan dated 23rd August 2017 had a balonce 01 the End of the year Of £3.4Sm, The108n Is spllt between EO.32m as a
Credltor.. due withln onE year and the balance due alter more than ont year. This104n was arrart8ed lo faellllate bulldlng wvik,
wlth a ioial 3pprovÉd loan value of £6m. Repayments started In April 2019 and a lump sum ropaymont of £2m was madg durlng
2019120. The linal ropaymoTrt date15 Septombor 2024.
The bank loans are repayable..
3012
tooo
2021
Éooo
After S yeir5
Wllhln 2 to 5
Withln I t¢ 2
2,479
329
2,799
335
After more than one yoar INote 111
Withln ono year INoto 101
2,808
1,757
4,565
3,134
1,982
Ro¥al Grarnmar khotrl Gylldffor¢
Nores to the Accounts
31 July 2012
The obll¥atlon$ under flnanee leases relèl¢to photWgpl¢r% purchased for both HGS dnd Lane5borou8h..
The flnèn¢e leases are p8yable.'
2022
£000
2021
EO(KI
After 5 years
wiihln i 10 5
After more than oné year lse¢ #bovel
Wllhln oneyear I see note 101
13
12. Athihnced Payments
Parents may ¥nler Int¢ è contract to pay Ihe Srhool up ¢0 Ihe equivalent of seven yetr5' tulllon lee5 In adw4n¢e. The m¢ne¥ mov
2021
£000
2021
£000
After 5 years
Wlthln 2 to 5 years
Wlthln I to 2 years
After more than one year15ee note 111
wrfchln one year Isee note 101
41
78
21
55
119
140
259
76
120
196
The balance repre5entsthe accrued Iliblllty under Ihe contracts. The movements durin8 the year were-.
2022
£000
196
201
2021
£000
345
39
Balance ai beglnnln8 of year
New coniratts
Amounts accrued to ¢ontracls
399
386
Amaunts utlllsed..
In paymont ol ftes
Caplral rep8ymenis
Balance at end ol year
259
196
37
RoyalGramrn4rSthaol Gulldfprd
Nolwtoth• Ac¢•unis,
Ye•rèndqd 3JJul¥2022
13. Allo¢atlon of the charlty nei a55ets
The School ha5 identifled land whlch it owns and 15 consldered permantntly endowed. The value of ihis land has è historic cost of
£554 and Is fully vjrliien down wlthln the flnintial statements. The Governors do not CQn51dor this material In the cantoxt of the
StatErnenls.
Major Restrlcted Fund5'.
Restricted Fund5 Within the Schoo1 are malnly made up of the lollowln8.'
The Gleve fund, which Is the residue ol 8 bequÈsl held for the 8eneral betyeflt tsf thorlster5 at Lan¢sborou8h SEhoal.
The Aursary Fund whlch receives restficled bursary dDnatlons. All fe5tricted bursary recelpts durln8 the year ¥ro expended
Restrlcted Minar Ad Ho£ funds Include the OGA Ma8aiine Fund, whlch is used for the production of the Old Guildfordlan
magazine, whlch is now under the au5plces of the Development and Alumni Relation5 Olflce.
Major Unrestrlrted Funds.,
Unre5tri¢ted Funds in the School are up oFde51gnaled and generHI funds,.
The Desi8iialed Tangible Net Flxed Asset Fund Is a fund set up to representtart8lble flked ass¢t51¢55 loans, A tr¥thsfer wlll
be made io or from thi5 reserve pach year to rnaifjlain the relationship,
The Oeslinèied Prlze Fund 8¢nerates Income each year whlch Is used to make a contrlbullon 10 prlzes awarded to boys
during the year.
(al The consolldated a55ets at 315tJuly 2022 are held for rhe vlrlous funds and idvancod fops as follews..
Bulldln8s and
Nrt ¢urr•nt
Equlpment Investment545srt5/Llabllltles
£000
£000
£000
T•rm
Totil
£000
Gl&ve
106
106
Ad hoc Mlrtor Fund5
S3
63
Total Restrltted Sund5
Unrestrl¢ted- desS8nated funds
Tanglble Net Flxed A55et Fund
106
64
170
38,093
12,80BI
33,528
57
65
33,650
47
io
Ad hac Minor Funds
Total Oe516naled Funds
38,093
47
li,s811
School Generollcapital D¢velopTnEnt
7,141
7,022
Total Unrestrl¢ted Funds
38,093
47
3,706
38,918
Toial Funds
38,093
153
3,770
39,088
The Tanslble Not Flxed Asset Fund represents ranglble flxed a$sets nei of depreclèrion and bènk loans out51andlng.
a8
R¢y41 fjrimmarSchoal Gulldfard
Notost¢ tht AG¢ounis
Vear•ndid 3LJul¥1022
Ibl R¢strlrted lunds.. mov£mqht5 In the year
31 July
2021
Inves¢mtnt Inve5tm¢nt Translersl Net
intome
8alns
In¢ome
EOOO
£000
340
Granty and
4lloutlons
EODO
Balancè at
31 July 2022
£000
£wo
Éo
8ursÈr¥ fund
Gieve fund
Ad hoc funds
106
80
106
63
Total Restrlcied funds
187
340
35?
170
(¢1 Unrestrl¢ted funds.. movement5 In the year
31 Julv
2021
£0
INestment Investment Transler91 Net
Income
galns
incom
£000
Balanc• at
Oonations
31 July 2022
£ooG
£000
De518nated funds
Tanglble Net Flx&d Asset
33,990
63
65
34,118
33,528
57
65
33.650
Ad hot funds
Tot41 Desl8nated fundj
14601
14ot de$lgn4ted
School Gen¢rill Capltal
D&velopmeDt fuDd
5,523
16841
1,495
7.022
Tolal Unr¢strltted Funds
38,957
38,918
Idl Ttansftrs between funds
Unrostrlotd
Funds
R•5trlcted
Funds
General
£000
De51gnatqd
£ooJ
Rostrlct¢d
EOLSJ
Transfer of ienErèl reseNe5 from Deslgn8ted Tanglble Net
A55et Fund
482
14621
462
14621
39
Roy•l Gr•mrn•rS¢hool Gulldfo¢d
Not•sto thèAC,
15. Capltsl Commltments
At 31&t july 2022 there were no capltal works 8uth¢r15ed and conlracied for byl not provlded for In these Accounts12021 £01.
41
Aoy•lGpammarS¢hool Gulldlord
Not•$ttsthe Accounts
y¢ar•nded JI luly1022
16. Penslon Oblllaiitsns
Tlie School operates the lollowin8 penslon schemes..
The School participates in the Teachorg. PoDslon Scbeme I the TPS I for Its teiching siaff, The pension charge for theyear
Includes contributlons piyable to thF TPS of 11,886,95012020121- EI,801.3671 and at the year end EO12020121 ÉOI was
attrued In respect of cantributlons to thls scheme,
The TPS Is an unfunded multl-efflployer defined benefits penslon scheme Boverned byThe Toachers, Pen51on5 Regulatlons
2010 las amended) and ihé Te3chers' Penslon Scheme Re8ulotions 2014 la5 amendedl. Members conirlbuie on a 'piy as
you 80" basls with contrlbutions from members ènd thÈ employer beSng crediied to the Exchequor. RtllremÈnt and other
penslon b¢ntflis ale phid by publlc fund5 provl(Jed by P3rllameDt,
The employer contributlon rate Is ser by ihe Secretary of Stète followin8 ¥heme valuiiions undertaken by the
Government ActUèry'5 Department. The m05t recent actuarlal valuatlon ol the TPS WÈ5 propared a5 at 31 March 2016 and
Ihe Valuatlon Repart, whlch wa5 publlshed In March 2019, colllirmed Ihot the ornployer conirlbuiion rate for the TPS
would Increase from 16.4% to 23.6% from i September 2019. Employers are also required to pay scheme admIniratIon
levy ofO.08% 8lvinB a total employer contrlbuiion rai£ of 23.68%.
The 31 fvlarch 2016 Valuation Repori was preparEd in aciordance with the benofits sei out in the scheme re8ulaiions and
under the tpproach speclflf d In tho Dlroctlon5, as they appliod ai 5 March 2019. However, thE zs5umprlons were
tonsidered and set by the Oepartment for Edu¢atlon prior to tho ruling In ihe'McClaudJSar8eant case, This case hès
requlred the courts to conslder c1s¢5 regardlns rhe implementallon oé the 2015 feforffl5 ID Publlc Service Pen51on5
In¢ludin8 the Teacher5, Penslons.
On 27 Jun¢ 2019 the Suprerne Couri denled rhe government pefmlsslon 1¢ $ppedl the Courr of Appeal's judgment that
Kov¢rnrnent is re5peitln8 tho Caurvs doclsion and has sald It wlll en8a8e fully with the Employment Tribunal Js w@11 as
emplaver and member representètlve5 to agree how the dlscrlmlnations wlll bo remodiett. Ttte 8overnmeni ènnounced o
4 February 2021 thal11 Iniond5 to proceed wlth a delerred ¢hol¢e underpin under whlih rnembers will be able to choose
elther le8acy or reformed scheme beneflts in respect of th@Ir seNlce durln8 the perlod between l Aprll 2015 and 31 March
2022 at thé polnt thgy become payable.
Tle TPS15 subject to a cost Cap mechanlsm whl£h was put In plat¢ to proiect ta%p)yer5 ag?In5t unforeseen changes In
scheme costs. Th* Chlef Secrwary to the Treasury, having in 2018 announced that Ihere would be a revlew ¢1 this c051 cap
mtch3n15m. In january 2019 3nnaunced a pause to the cosi cap mechanism followill8 the Court 91 Appeal's rullng In Ihe
McCloudlSir8einl c15e and untll there Is tertainty about the value of penslons to employees from Aprll 2015 onwards.
The pause was Ilfted In lulw 2020, and a consultation w?s18uncled on 24 lune on proposed changes to ihe ¢051 control
rnechan15rn following a review by the fjovernmoni Actuary. Followln8 the public consultatlon, the Government have
actÈpted throe kcy proposals retofflmended by the Governrnpnt Actuaryi and are almlng 10 Implement these chan8e5 In
tlme for the 2020 valuations.
In vlew of the above rulin85 and de¢1510DS the assumptlons used In rhe 31 March 2016 Actuarlal Valuatioth may becorne
these fln2nciÉl statement5.
A definod benefit schem@ lor non-iea¢hlng stalf. Ihe Surrey County Council SuperannuaiioD Sch@me, whleh Is
èdministered ill accordance wlth the Local Government Pension Scheme ieonefit5, Membership and Cantributlonsl
R¢g¥lallon5 2007, the Locèl Government Pefi51an SihEmo IAdmlni5tratlonl Ae8u131ions 2008 aDd the Local Government
3151 Au8U512021 was £4,096 plus a cornpensatlon paymoni respor.i of or)e employée ta the value of £10,59212019120
f58.9381- At ttte year end EO12019120. £01 wa5 acirued in respect of contributSons to Ihis scheme.
Thtr School withdrewfrom tho Surrey County Councll Sup@rannuaiion Scheme durin8 the year, wlth a ceis31ioTh date of
31st August 2021. This crystalllses the School'5 Portlon of tho pension 5chemo doflcit, anrl tho value of rhe Cessatlon
42
Rtsy•l GiammarS¥hg91 Gulldloid
Not•5t?th¢Ac¢o¥nt
Yo•r¢nd4d 31 July 2022
The net penslon Ilabilitv on the Balance Sheet 1131st july 2021 of £684,000 was calculited on an FRS 102 accountln8 basls
ce55ation on 31&t August 2021, which is caliulated J5an update to the rnost receDt full rovalatran of tho schomo at 3151
Ce¥satlon
Valuatlo
311811021
Éo
Valuarion
YtyJI2019
£000
Fundlnl Posliloth * 31st Au8ust 2021 l¢essatlon datel:
Acilve
Deferred
Pensloner
2,066
517
2,589
5,172
2,Q78
6,272
8,350
Assets
6,596
S.916
1,754
744
ActuarSal Assumptlon$- Flnan
On 3rd November 2022 the School repald the Nètwest B8nk Loan In full, èt the balance ouistandln8 at that date of £3,048,410.
44
Roy•1 Gr•mm•r School Gulldford
Ntrtestothe kcounts
Ye4r ended 31July 2021
21. Statement ol Flnanclal Attlvltles- compavatlveflgur byfvnd type
Uirg5trfdgd
General
Desltnèted
£000
£000
Restrlcted
£0
E(X)Q
In¢amo Iram ¢h*rlt*ble Artlvltl•s
21,780
587
248
21,780
587
248
Incornlni frtsm GgD¢lPted Funds
Dgnatlons Leiacles
io
368
3bll
Invistments
Income from lTrvestrnenr5
Other Incorne
Total Incorn•
EXkur• on Ralln8Funds
181
22.607
368
44
Pension Cornrnltment Trnantial costs
76
76
123
EKpendrturi oh Chaiitsbll artlvltl*i
21.620
22,013
T•1 £ip•hdllur
ETINCOMINGIIOUTGOINGI RESOURCES BEFORE
INVESTMENTGAINS
21,747
393
22,140
1.060
l.D37
NÉTINCOMEIIÈXPENDITUREI
1,056
1.036
1.091
905
20
905
NETMOVEMENTIN FUP4DS FOR THEYEIA
Fund balanc@5 at l August 2020
FUND BALANCtSat 31 july 1011
3,051
1.787
4,839
1.941
37.2¢3
39,144
35.224
34.It8
ISZ
187
45