Royal Grammar School Guildford Annual Report & Financial Statements For the Year Ended 31 July 2024 Charity Nurnber 1177353 Company Number 10874615 Contents Page Reference and Administrative Details Directors, Report Statement of Directors, Responsibilities The Values and Aims ofthe School Strategic Report 8-17 Financial Review, Future Plans and Risk Management 17-20 Report of the Independent Auditors 21-23 Statement of Financial Activities 24 Balance Sheet 25 Cash Flow Statement 26 Notes to the Financial Statements 27-44 Governor5 The Governors of the School, directors of the company and trustees of the charity during the year and since the year end are listed below. Directors of the Com an Mrs S K Creedy MA ointed b Board - co-opted Chairman of Governors DrLS K Linton MA MBChB MRCP Mr NEJ Vineall KC MA The Earl of Onslow, High Steward of Guildford Mrj D Fairle BA Mrs H Styche-Patel BSC, MBA Staff Board-co-o Ex Officio ted Res1 ned 4 December 2023 Vice-chairman of Governors Chairman of Nominations Committee Board - co-o ted Board - co-opted Mr SGS Gimson, MSC DefTech Mrs F E Carter BA PGCE Surre Count Council RGSG Prep Parents, Association LPA Guildford Borou Board - co-opted Mrs N Ne150n-Smith BA Mrs M-L Logue MA h Council Chairman of RGSG Prep Committee Prof MJ Humphreys MBE PhD LLB PFHEA Mrs K Atkinson BDS MrTLin ard BSCI MINSTP Prof H Treharne Bsc Msc PhD SFHEA FBCS Mr M Windsor BA MA University of London Board - co-o ted Board - co-o ted University of Surrey Vice-chairman of Governors Chairman of Education Committee Board - co-opted MSKS asic ACMA CGMA Mr S Meredith BA FCA ChA Board - co-o ted Board - co-opted Chair of Finance & General Pur oses Committee Mr M More-molyneux, Lord Lieutenant of Surre MrCWN wena Mr R Waterhouse Canon S Butler Bsc CNAA MA Mrs PA Barrow Bcom LLB Board - co-opted ointed 4 December 2023 ointed 4 December 2023 ointed 18 March 2024 Appointed l October 2024 Board - co-o ted Board - co-o ted Bisho of Guildford Royal Grammar School Parents, Association Members of the Finance and General Purposes Committee RGSG Prep Committee Members of the Education Committee (formerly the Academic Committeel Members of the Nominations Committee Officers The Headmaster Secreta and Bursar The Head RGS Pre DrJM Cox Bsc PhD Mrs CM Perceval Bsc Mr T Freeman-Da BA PGCE Registered Office High Street Guildford Surrey GUI 3BB Principal Bankers National Westminster Bank PIC Guildford Commercial Office PO Box 1, 2nd Floor G3 2 Cathedral Hill Guildford Surrey GUI 3ZR Auditors & TaxAdvisors Haysmac LLP 10 Queen Street Place London EC4R IAG Principal Solicitors Moore Barlow LLP The Oriel Sydenham Road Guildford Surrey GUI 3SR Royal Grammar School Guildford presents its annual report lincluding the Directors, Report and Strategic Report) together with the audited accounts for the year ended 31 July 2024 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. DIREcfoRS' REPORT THE STATUS OF THE SCHOOL Royal Grammar School Guildford (The School,, 'RGSG'I is a company registered by guarantee incorporated in England and Wales, company number 10874615. It is also a registered charity, registered charity number 1177353. The company Royal Grammar School Guildford is a subsidiary of 1509 Group, 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 sites.. the Royal Grammar School Guildford IRGSGI educates boys aged 11-18 while RGSG Prep's pupils are aged 3-11. As a result of its special relationship with the Cathedral (being the Choir School for the Cathedrall and with the Bishop of Guildford nominating a Governor, Royal Grammar School Guildford is designated as 'a School with a Religious Characte¢. GOVERNANCE AND MANAGEMENT Governing Body The School has one Governing Body overseeing both age groups. Details of the members of the Governing Body, together with the School's officers and principal advisors, are given on pages 1-2. The Governing Body is self-appointing. New Governors are elected on the basis of nominations from the Nominations Committee based on the candidate's 5Ultability for the vacancv. The Governors are aware of The Charity Governance Code published in 2020 which sets out the principles and recommended practice for good governance within the sector. The Governors are satisfied that the School applies the principles of the code within its current Governance arrangements. Recruitment and Training of Governors The Nominations Committee oversees the identification of potential Governors and their induction. New Governors are provided with the opportunity to view the School, relevant background material about the School and the role of a charity Trustee and an experienced Governor as a mentor during their first year of appointment. Opportunities are provided to attend School events that may give insight into the working of the School and appropriate training courses are offered to Governors. Particular attention 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 Chairman participates in the Chairman of Governors, Forum. Organisational Management The Board of Governors has established permanent committees.. the Finance and General Purposes Committee to supervise the management and administration 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 Nominations Committee to review arrangements for the nomination of Directors of the Company and appointments 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 disciplinary and appeals committees as required. The Chairs of these Committees in the year were as follows.. Education Committee RGSG Prep Committee Finance and General Purposes Committee Mr M Windsor Mrs M-L Logue Mr J Fairley- to December 2023 Mrs Meredith-from December 2023 Mrs H Styche-Patel Nominations Committee The Chief Strategy Officer oversees the general business operations of the School and in particular focuses on long-term building programmes, international developments and wider business opportunities, with the day to day running of the School delegated to the Heads and the Bursar. The Heads and Bursar are in turn supported by their Senior Management Teams ISMTS) and together these groups are the key management personnel. Remuneration is set by the Board, with the objective of providing a competitive package to attract and retain the best possible staff. The appropriateness and the relevance of remuneration is reviewed annually, including reference to benchmarking data of other similar independent schools to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere. The School aims to recruit the best possible staff in all areas and from the widest pool of talent. Delivery of the School's charitable vision and purpose is primarily dependent on key management personnel and staff costs are the largest single element of charitable expenditure. Group Structure and Relationships 1509 Group is the holding company which retains control of Royal Grammar School Guildford and all other subsidiaries. 1509 Group is the sole voting member of The Royal Grammar School, Guildford Foundation I'the Foundation'l, a charitable company Icompany number 4232306 and charity number 10899551 and a subsidiary of 1509 Group. The Foundation worked to promote, provide for and raise funds for the School. On 17 July 2024 the Foundation was merged with, and became a cost centre of, the School, the new cost centre being known as the Development and Alumni Relations Office I'DARO,. see note 201. Considering the financial and non-financial benefit provided by the Foundation, until the merger on 17 July 2024 the School provided operational resources for the Foundation free of charge. All companies are registered in England and Wales. All companies report independently but their figures are consolidated into those of 1509 Group. The SMTS comprise the Heads, four Deputy Heads, the Senior Master, nine Assistant Heads. the CSO and the Bursar. Engagement with Employee5 and Employee Interests Takin care of our The Governors recognise the enormous contribution made by all staff and the importance of valuing and developing staff. The School reserves an extensive budget for training and development and staff are encouraged to consider their personal and professional development. The well-being of staff is of paramount importance and mechanisms are in place to support staff and colleagues. This ranges from regular catch-up sessions Wlth line managers, staff social events and school wide events, to support from the school counsellor, school nurse and head of human resources. eo Communication Regular updates, meetings and briefings are provided to staff on the day-to-day operations of the organisation as well as sharing high level changes within the organisation as these arise. Financial updates are provided to staff so they are kept briefed on the financial stability of the organisation or risks that may be facing the School or the sector. Staff observers are invited to attend the full board of Governors, meetinES, SO they are aware of the high level issues being discussed. Strategy groups meet regularly to determine the future direction of a range of areas within the School and each group contains a mix of staff who have volunteered to be a member of each group. Benefits Staff are eliEible for a range of employee benefits including employer contributions to pensions and healthcare. Attention is paid to ensure that packages offered remain competitive against the market. Incentive schemes are not considered appropriate to our school environment and ethos, but success is shared and genuinely celebrated across the organisation, which operates in a supportive and collegiate manner to ensure that Staff feel valued. Trainin and Develo ment There are many opportunities for staff to develop their skills through training courses or taking on different roles within the organisation. Several staff have been trained in mental health and also as coaches, and now coach and develop others. Staff have the opportunity to apply for additional responsibilities within the or8anisation and via our outreach programme and, on many occasions, senior roles are filled internally rather than bringing in external candidates. In general, staff who leave go on to more senior roles within other organisations. Health and Safet There is a health and safety policy group which covers the whole organisation, with separate committees for each site. These committees are formed of a range of staff based at each site and focus on the immediate needs of that site. All staff are trained in the key elements of health and safety and understand that everyone has a part to play in this area. A full time health and safety manager ensures that adequate time and resource is devoted to this area. Diversit and Inclusion The Governors seek to recruit and retain the best staff they can and encourage applications from as wide a ranBe of candidates as possible. We welcome all employees regardless of their age, gender, 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 are made solely on the basis of merit. As a result of an independent review of our recruitment process, a full-time recruitment manager has been appointed and other recommendations implemented. It is part of our ethos that all our people have a fundamental riEht to respect and dignity in the workplace. We actively promote these behaviours and do not tolerate disrespect or discrimination in any form. We continually review how we can best promote and advance a culture in which all staff feel comfortable being themselves in the workplace and to ensure a diverse workforce is recruited for the benefit of the pupils and the wider organisation. A working party meets regularly to seek to further improve the School's performance in this area on an ongoing basis. All staff and Governors continue to receive diversity and inclusion training. stskeholder Relations Royal Grammar School Guildford has a wide community of stakeholders including pupils, employees, parents of pupils, Governors, suppliers and our local community. As further outlined in the Strategic Report, a wide range of activities is undertaken by pupils and staff as part of the local and extended community. The Governors aim for the organisation to be run in the best Possible 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 provision for pupils. The financial operations of the School are independently audited each year and other audits and regulatory inspections 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 devices issued by the organisation and training and security measures are regularly reviewed and updated. General Data Protertion Regulations are complied with and any new systems or associated processes are subject to a risk assessment to ensure they are compliant with the existing systems. Staff receive training and updates in this area. STATEMENT OF DIRECTORS, RESPONSIBILITIES The Trustees Iwho are also directors of Royal Grammar School Guildford for the purposes of Company lawl are responsible for preparing the Directors, report lincorporating the Strategic Reportl and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the directors to prepare financial statements for each financial year which give a true and fairview of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the directors are required to- Select suitable accounting policies and then apply them consistently; Observe the methods and principles in the Charities SORP. Make judgments and estimates that are reasonable and prudent; State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the group and charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities Act 2011, the Charities IAccounts and Reports) Regulations 2008 and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the directors are aware.. There is no relevant audit information of which the charitable company's auditor is unaware- and The directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. THE VALUESAND AIMS OF THE SCHOOL The object of the School, as described in its charity commission scheme and the compan¢s objects, is the provision in or near Guildford of either a day school or a day and boarding school for boys, and ancillary thereto, the advancement of education. A preparatory school may be maintained at the discretion of the charity. The current School priorities are.. Collaboration,. Diversity and Inclusion,. Student Experience In pursuit of these aims, RGSG holds and promotes the following values= Inclusivity.. we remain loyal to our founding principles to educate briEht local students, irrespective of background or financial circumstances, and we inherently believe in establishing a culture of diversity and acceptance, and in educating our students in a welcoming, tolerant community where each individual is valued and enjoys a deep sense of belonging. Scholarship.. we encourage the growth of intellectual curiosity, independence, creativity, innovation and habits of learning within a scholarly community through inspirational subject specialists who provoke and stretch the students, minds and inculcate a lifelong love of learning. Integrity.. we promote the development of self-discipline and responsibilitv, spirituality and a personal moral code, and cultivate an ethos where qualities 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 self-esteem in terms of physical health, emotional maturity and personal well-being, while establishing lasting friendships in a positive, happy environment. Courage.. we develop leadership, teamwork, resilience and life skills through a diverse range of activities where all students, regardless of their talents and attributes, are encouraged to challenge themselves, take appropriate risks and work hard to fulfil their potential. Collaboration.. we work closely with others for mutual enrichment, and encourage a spirit of generosity and service, a sense of perspective, and a firm belief that we can work in partnership with others, locally and internationally, to make a difference and have a positive impact on society. The Governors aim to provide public benefit and are mindful of the requirements of the Charities Act 2011. The Governors have monitored closely the guidance on public benefit produced by the Charities Commission together with its supplementary guidance on fee-charging. STRATEGIES TO ACHIEVE THE AIMS OF THE SCHOOL The Governors, objectives for the School are established to deliver a wide-ranEinE, high quality education to students from Guildford and the surrounding area. The School is focused on achieving the School's main objective and has developed both long term and short-term plans to achieve this. Governors monitor the School's progress by regularly reviewing the academic and extra-curricular work. This is achieved through the Education Committee and the RGSG Prep Committee alongside a programme of Governor visits. All pupils are now required to have a specified mobile personal computer to support quality remote and in-class teaching and learning. The School continues to evolve its strategy around use of devices, to seek continuous improvements and achieve the best educational outcomes and to mitigate against future disturbances. STRATEGIC REPORT ACHIEVEMENTSAND PERFORMANCE Review of achievements and performance for the year RGS senlor school With the relentless pace of change in the 21st century - Artificial Intelligence being just one such example- and the number of global issues and challenges which continue to face us all in the political, social, environmental and economic spheres, it is all the more important that schools are nurturing dynamic, innovative, and flexible problem solvers, team players and leaders. Transferable skills are key at a time where our students are going to be entering the world of work and applying for jobs which continue to evolve and develop. The fact that our students study a broad range of GCSES and then enter the Sixth Form with a diverse and balanced range of skills mean they can face the future with absolute confidence. Results are key but our bespoke Learning Habits of organisation, engagement, imagination, perseverance, aspiration and reflection provide the foundations for success in the future. Our students continue to study in significant numbers the performing arts, the creative arts, classical and modern languages, humanities as well as the traditional STEM subjects. This blend of disciplines and skills has arguably never been more important. At A Level, 39% of all grades were the gold standard A. in total, 348 A. and A grades were secured by our hard-working cohort. 86 students achieved a clean sweep of grades at A or A. 34 of those achieved 3 or more A* grades.. these were richly deserved and just reward for all their efforts. At GCSE, the most common grade achieved by our students was the gold-standard grade 9; in total 594 grade 9s were achieved. In addition, 451 grade 85 were also secured: over two-thirds of all grades were at grade 9 or 8. 70 students achieved nine or more grade 8 and 9s,' 9 students secured the remarkable profile of 12 or more grade 9s. RGSG students continued to secure places on the most competitive courses at the leading universities in the country,. 95% of all offers held to UK institutions were to Russell Group Universities or Times Top 20 institutions. Of a talented cohort, 27 students received offers from Cambridge and Oxford Universities,. in the last 10 years, RGSG boys have received just over 250 offers from Oxford and Cambridge Universities. Cambridge, Durham and Bath have been in the top five every year for the last seven years in terms of the number of RGSG boys accepting places,. Bath and Cambridge were the most popular university destinations, closely followed by Durham and Warwick. RGSG students were accepted to study a wide range of different courses at university ranging from Modern Languages to Medicine, PhyslCS to PPE and Economics to Engineering. Sciences as well as business/management/finance/economics and also engineering remained the most popular choices. A full and varied co-curricular programme provided the springboard for diverse achievement and experience, as well as the further nurturing of the Learning Habits and School Values which are at the heart of school life. The following provides a very brief and selective overview: Charitable initiatives and volunteering opportunities abounded as RGSG students of all ages and staff gave practical, hands-on help and support to a number of local, environmental and community initiatives. Over £130,(100 has now been raised for our annual nominated School charities over the past five years, as the School continued to adhere to its values of service and collaboration to make a difference to others, with fundraisin8 from small scale to grand scale cake and doughnut sales, home clothe5 days and House charity events and food bank collections. The School continued to nurture and establish partnerships with local partners and those further afield to share our expertise from an academic, co-curricular and philanthropic perspective. Our Masterclass programme, our Tudor project and our Strings Scheme were just some of the events which stretched and challenged local pupils. Academic, adventurous, cultural and sporting trips flourished, as the School continued to look for every opportunity to support learninE inside and outside the classroom. These included a music tour to Spain with Guildford High School, languages trips to Normandy and Barcelona, Physics trip to Geneva, skiing trips to Les Deux Alpes and Switzerland, a Classics trip top Greece, a rugby tour to South Africa, an expedition to Cambodia with Tormead, to name but a few. A significant number of boys achieved national or international sporting recognition from the mainstream sports to more minor sports. The School continued to impress on a challenging circuit in the major sports- rugby, hockey, and cricket- as well as enjoying notable success in fencing, shooting, skiing and sailing, among others. In a year of sporting success, the following highlights stand out individually and collectively.. Under 14 Tier l National Plate hockey winners,. the 1st XV rugby victory over Epsom College,. the 1st Vll Senior South Coast rugby 7s Plate Winners,. ISGA national golf tournament runners-up; the 1st Xl Area Cup Finalists in football beating Hampton and Royal Russell Schools en route,. the 1st Xl cricket runners-up at the RGS Festival- 101 Under 12 students representing the School in rugby on Super Friday against Judd School,. the increase in the number of games in hockey and cricket against local girls, schools,. more athletics meets than ever before with over 200 students representing the School at local, regional and national levels,. as well as national or international recognition for individuals in sports ranging from hockey to golf, from sailing to pole vault, from badminton to ski-racing, from shooting to biathlon and triathlon. From the Arts, perspective, concerts, plays and exhibitions of breath-taking quality were experienced by parents, residents and the wider community.. both staged at school as well as at a number of local and national venues. These included Oliver, the student-written and directed No Peace on Stjude, and the A Level and GCSE devised performances. Musically, a full and varied programme included a succession of hiEhlights: the Joint Schools, Chamber Choir, in conjunction with Guildford High School, ventured to Christ Church College, Oxford to sing Evensong in the Chapel,. Holy Trinity Church staged both the stunning Concerto and Symphony orchestral concert delivering a repertoire of extraordinary diversity and sophistication as well as the Concerto Concert with Southern Pro Musico; Holy Trinity Church was also the venue for the popular monthly Market Day concerts,. school concerts included the Ensembles Concert, the Junior and Senior Piano concerts, and the Charity Rock event,. while The Boileroom was the setting for an amazing jazz night. As well as phenomenal success in national science Olympiads, in ORIS (Original Research in Science), in essay competitions, in Model United Nations Conferences, in debating, to name but a few, a number of our students also hit the headlines. In the BAAO Astrophysics and Astronomy Olympiad, Freddie Weir was one of just five students nationally to be awarded Top Gold and went on to represent Team UK at the European Physics Olympiad in Georgia, winning an array of medals in the process with Team UK'S best-ever set of results. RGS Prep School RGS Prep continues to prepare boys brilliantly for their futures whilst giving a broad and balanced curriculum where all can succeed. RGS Prep ran a full programme of events including Carol Service, Harvest Service and Sports Days. Alongside all the wonderful events, lessons, visits, trips and visitors, our Year 6 were extremely successful, with a number of scholarships and awards being given. Here are some of the many successes we have experienced this year= 28 scholarships were offered for their senior schools in the full range of Music, Drama, Sport and Academic. The scholarships were offered to over 21 different pupils. 144 awards were achieved in ABRSM exams, ranging from Pass to Distinction,. from initial grade all the way up to Grade 7. 49 boys achieved a bronze, silver, or gold in the JMC. Sport remains a vital aspect of life at RGS Prep, and the revamped sports academies are now in full swing and working exceptionally well. The introduction of the three-tier system- Blue, Green, and Red academies- provides a balanced and competitive environment where boys can train and play. This system enables them to work with various coaches within each academy and compete for team positions, fostering healthy competition. By offering clear and defined tiers for training, the programme allows for tailored development opportunities while maintaining an exceptionally high standard of performance. We continue to employ two Sports Apprentices alongside our three-5pecialist sport5 Staff, ensuring comprehensive support for all our pupils. Music, as always, plays a huge part in the life of RGS Prep. There has been a further increase in the number of instruments available for boys to learn- and this, in turn, has increased the number and quality of the ensembles available. Choristers did brilliantly well to perform with some quite restrictive conditions and have come out of it even stronger, with some fantastic performances held at the Cathedral including regular Evensongs, Sunday services and extra performances with both the RGS and external composers Drama.. February brought with it the latest swashbuckling Drama Club adventure of 'Pirates of the Curry Bean,, performed brilliantly by the Year 5 and Year 6 boys, who enthralled and captivated a highly amused audience. It was then the turn of the annual public speaking festival, 'Speak Outl, on World Book Day in March. Involving finalists from all Year Groups, a panel of three 'guest judges,, (which this year included a member of the Guildford Shakespeare Company and the Yvonne Arnaud Theatre), were very impressed by the boys, presenting, reading and performing skills. The Trinity term Year 6 production of 'Shrek Junior the Musical, ended the year in style and featured many talented and superb individual performances, a true highlight on the dramatic calendar. As always, the boys very much look forward to the annual residential trips, enjoying the excitement and challenge of being away from home. Every summer term the boys in Years 3 6 come off curriculum for a week to take part in an Activities Week, which involves residential trips, day excursions and project work. Trips have gone across England and Wales, with Year 6 enjoying the ever-wonderful French trip. This year Prep boys, trips were as follows.. Year 3- Cuffley Active Learning Centre, Potters Bar Year 4- Bushcraft, Gloucestershire Year 5- Cumulus Outdoor Centre, Swanage Year 6- Buddens Activity Centre, Wareham Pre-Prep boys enjoyed various on-site activities and some day trips. As well as this, our Head of MAG&T ran another brilliant 'lnspire Day" to inspire boys to look at all the different and exciting possibilities that there are for driving passion and progress. The focus remains "faster collaborative thinking" and the Inspire programme keeps track of our offer across the board to check we serve boys wherever their gifts, talents, and passions lie, and sources innovative provision to fill gaps and make links across and k)eyond the curriculum. The boys continue to support a wide range of charities, both local and international including the David Shepherd Foundation and the Motor Neurone Disease Association along with the food bank drive for Harvest. We also annually support the Macmillan Coffee Morning which our boys love and which provides a wonderful community event. As well as this, we have supported local and international schools with sharing teaching expertise, resources, uniform, curriculum documents and training days. RGS Prep is sUPPOrted by a wonderful and very active Parents, Association {the LPAI. which organises many exciting events to raise money for the school. The Christmas Fair was a highlight, and it was wonderful seeing all the boys, buying presents for their loved ones. The LPA were fabulous in putting together the summer fair, quiz night, Easter bazaar and new parents, drinks- all to raise money and keep the community spirits up. We are very grateful for the work they put in, they very generously donated £10,000 towards our Wellbeing Garden. Our yearly Prize Giving events are highlights of our year when we can share and celebrate the numerous and varied achievements of all the boys at RGS Prep. It is a wonderful occasion shared with the school, parents, Governors, and VIPS. This year, we held the Junior Prize Givings and the Senior Prize Giving on the field. Parents attended to celebrate the boys, which was then followed by a delightful afternoon tea. It was a wonderful event, and parents were delighted to be given the opportunity to visit the school for one last time with their sons. This year we again held it in a stretch tent to avoid the possibility of getting sunburntl The site has seen a lot of developments over the holidays. Rooms continue to be repainted with the new muted tones in order to help boys, attention. This is also reflected in our new notice board scheme. The Year 2 classrooms have had a much-needed overhaul. Pupil numbers have decreased slightly from last year's. September 2023, the school had 334 on role. September 2024, the school had 329 on role. Public beneflt The main beneficiaries of the School's work are boys aged 3 to 18 attending its schools. Governors have given due consideration to the Charities Commission guidance on Public Benefit Buidance under Charities Act 2011 when considering activities in this area. Governors wish the School's education to be widely available and so bursarylfinancial support applications are welcomed from families who could not otherwise afford to send their son to the School. Financial support Is given to cover up to l(X)% of fees. In certain circumstances support for lunches, travel costs, course and examination fees are also considered on top of this. In the year, 75 boys benefited from financial support funding of over £1.2 million, including 29 boys who received full fee remission for at least one term. In addition to financial support for fees, the School gives opportunities to pupils of local schools to share the School's expertise, facilities and resources, and contributes widely to the local communitv in many ways. The School is also involved in developing relationships and partnerships with an ever widening range of educational organisations. Both the Senior and Prep School are core members of the West Surrey Partnership IWSPI - an independent and state school partnership involving secondary and primary schools in the wider Guildford area. The partnership exists to promote mutually beneficial educational opportunities with a particular focus on literacy, STEAM, sustainability and leadership. As part of the steering group, RGS take a lead role in the direction and sustainability of the partnership including oversight its aims, membership, focus of events, and financial stability. A part of the Operations Group RGS take a lead in the organisation of all the events. In the past year the WSP organised= a Y12 sustainability conference involving over c.80 students,. a Y9 SATRO Engineering event for c.100 students,. a Y6-7 CWIZZ Literacy quiz for c.100 students,. Lacross taster sessions for Y5-6,. Facilitated the entries to the Imperial Science & Innovation video competition which saw two Y6 teams invited to the national final presentations and one WSP team winning the KS2 national competition; Y5-6 Robotics club support and competition day: Y5-6 Science lessons for c.180 pupils,. Y5-6 Brilliant Book Awards support for book clubs and awards ceremony. The School is an associate member of the local Learning Partners ILPI Multi Academy Trust IMATI. The Headmaster of RGS is an LP Trustee, an RGS Deputy Head is a Governor of Guildford County School, the RGS Bursar a Governor of Sandfield Primary School and an Asslstant Head a Governor of Kings College. Three RGS staff are deployed to teach in LP schools= Throughout the year RGS staff provided Physics tuition for Yll Kings College pupils- Introductory Latin classes for Y7&8 King College pupils,. and French lessons for Y5&6 Sandfield Primary School pupils. As part of our partnership with LP, the School continued specifically to support a local Secondary School (Kings College). An Assistant Head continued to act as the Governor with specific responsibility for Safeguarding. The Physics department continued to support the Kings Triple Science pupils by delivery of Physics lessons and revision classes. The Maths department continued to organise the Y9 problem-solving Maths sessions for Kings pupils delivered by our Sixth Form pupils. The School is a member of the Guildford 11-19 Partnership, which mainly exists to help pupils most at risk of dropping out of school by offering alternative educational provision. It also provides links to other educational providers and sharing of provision. The RGS continued to lead an innovative project to enable any pupil at member schools to attend a joint programme of academic enrichment events IIMAGI. In 2023-24 we ran over 20 events from 6 different organisations Wlth c.350 students attending over 10 different schools. lwww.ima .educationl Several RGS Staff act as Governors or Trustees at other schools or organisations.. Senior.- Jon Cox- Learning Partners ILPI- Board Trustee Jon Cox- Merchant Taylors, School- Governor Ilndep.) Bob Ukiah - Bourne Education Trust MAT Board- Trustee o Adrian Woodman- Guildford County School ILPI- Governor Kate Perceval- Sandfield Primary School ILPI- Governor Tom Shimell- Kings College ILPI- Governor o Steve Yetman - England Schools, Ski Association- Board Member Paul Lyons- Raleigh School, West Horsley- Governor Gemma Bownes- Sydenham High School- Governor Ilndep.) o Sam Burns-Twickenham School, Whitton-Governor o Richard Black- The Butts Primary School, Alton - Governor Bart Callaghan - Muntham House School- Governor Ilndep.I Dale Chambers- St Peter's School- Governor o Dale Chambers- Southern Pro Musica Orchestra- Educational Outreach Officer Martin Hanak-Hammerl- Busbridge Junior School- Parent Governor, Chair Sara-lade Hussan- Heathlands School, Hounslow- Governor, Vice Chair o Rike Jones- Southborough High School, Subiton- Governor Sam Orchard- Guildford Youth Symphony Orchestra- Trustee o Tom Owens-Twickenham Prep School- Governor Ilndep.) o Thishani Wijesinghe Sandfield Primary School ILPI- Governor Prep.. Adam Moore (Prep) Hampton Wick School, Kingston, Governor o Stuart Divers (Prep) - Federation of Pinewood Infant and Guillemont Junior school, Governor, Vice Chair There are also significant Outreach programmes for primary and secondary pupils. For example.. o The RGS Strings Scheme teaches all year 4 pupils Ic.120 pupils) in two Guildford primary schools (Sandfield and Boxgrovel to play the violin or cello through weekly sessions over the course of a year. Twice a year concerns are held for parents which enable every pupil to perform. Additionally, provision is made for those wishing to continue their learning in Y5-6 via group lessons and instrument loan and a continuers orchestra at Boxgrove. This scheme is only possible due to working in partnership with the generous sUPPOrt of our principal donors.. The Investec International Music Festival IIIMFI, the Mila Charity and the Sheryl King Trust. o At the RGS Primary Masterclasses we hosted c.140 Y6 pupils from over 25 different Primary schools for lessons on four Saturday mornings in September and October. Students picked from a suite of six 'strands': Creative Arts (Drama, Music, Art, Writingl- Design Technology.. Humanities (History, Politics, Geography, REI- Mathematics,. MFL (Arabic, Chinese, Russian, Japanese),. and Science IBiology, Chemistry, Physics, Forensics). These sessions are to provide stretch and challenge to able pupils, to build confidence and to excite about transition to secondary school. The Primary Tudor Experience provides a day of Tudor themed 'lessons' at RGS for Y6 classes including transport to and from RGS (paid for by RGSI, an introduction to the history of the Tudor school including the Chained Library,. a Tudor music and dance session, a Shakespeare Literacy session,. a Tudor Games session, and a Tudor Art and Anamorphosis session. In 2023-24 we hosted c.550 pupils over 18 class visits from 8 different schools. Our Sixth Form pupils are able to volunteer to support and to seNe the local community via a Charity fundraising for local national and international charities Inot reported on here),. Volunteering for conservation work and visits to local care homes Inot reported on here),. DOE volunteering Inot reported on here),. and during activities sessions I'P8'1 and General Studies. In the latter two categories, our Sixth Form groups.. Continued to run the chess club at Sandfield Primary,. delivered a Maths club and a chess club at Holy Trinity Primary School,. delivered Y9 Maths problem solving for Kings College pupils,. and visited Abbot's Hospital residents to record oral histories. o At an international level, the Royal Grammar School, working in partnership with Tormead School, has close links with schools in Besisahar, Nepal. In October 2023 RGS-Tormead led a joint expedition taking c.20 pupils to undertake volunteering and cultural exchanges at Bhu Pu School. We also use Y7-9 discos to raise funds for this partnership. Separately, during June 2024, RGS-Tormead led a joint expedition to Cambodia with a part of this being a charitable project to support rural sustainability farming communities. o This year we continued our links with the 'Big Leaf, charity to provide access to our all-weather football pitch and indoor courts for their weekly training sessions. Big Leaf work with 16-25 year-old displaced people from any country. Other miscellaneous outreach included.. Heritage Open Day: This is one of the only occasions when the Tudor Old BuildinE including the Chained Library is open to members of the public. Music Market Day concerts: Monthly Holy Trinity church free to members of the public. o MFL: We welcomed c.65 Y12&13 French, German and Spanish students from Reed's, St John's, St Cats, Tormead and Menuhin School for a co-educational MFL 'Speed- debating, event. Our linguists discussed provocative topics including media, music and marriage. o Careers in Engineering Seminar: 56 external pupils from 6 local schools.. Collingwood College1111, Guildford County1121, Howard of Effingham141, St Catherine's1131, St Peter's1101, Tormead161 o Careers Finance Seminar: We had 74 external pupils from 6 local schools.. St Peters, Fullbrook, CollinEwood College, George Abbot, St Catherine's, Tormead. Most of them requested more than the 8 allocated spaces- St Peters sent 14, ditto George Abbot and St Catherines sent 20- and lots of girlsl Careers- St Peters: A Music teacher spent a day giving mock interview to around 30 Year 11 pupils, in preparation for both potential interviews for a new school, and early career advice around interview and c.v. presentation. Classics: Assistant Head taught at Kings London University PGCE course delivering an afternoon for trainee Classic teachers on different approaches to teaching Greek. English: English Department welcomed Professor Farah Karim-cooper to deliver a lecture on Shakespeare and race studies. Two hundred A-Level English Literature students and teachers from both independent and state schools across Surrey including George Abbot School, Guildford County School, Notre Dame School, Tormead School, St Catherine's School, and St Peter's Catholic School. SECTION 172 (11 STATEMENT The Directors of a Company must act in accordance with a set of general duties. These duties are detailed in in section 172111 of the U.K. Companies Act 2006, which is summarised as follows with reference to Charitable Companies 'A Director of a Company must act in the way he/she considers. in good faith, would be most likely to promote the success of the Company in achievinE Its charitable purposes, and in doinE so have reEard (amongst other matters) to= l. The likely consequences of any decision in the long term 2. The interests of the Company's employees 3. The need to foster the Companws business relationships with suppliers, beneficiaries and others 4. The impact of the Company's operations on the community and the environment 5. The desirability of the Company maintaining a reputation for high standards of business conduct, and 6. The need to act fairly as between beneficiaries of the Company. Beneficiaries The beneficiaries of the organisation are the pupils, and the Governors aim to ensure they are provided with the highest quality of education available, in terms of academic, co-curricular and pastoral input. Our aims and performance in this area are further detailed under the headings The values and aims of the School and athievements and performance, above. Em 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. It is the hard work, dedication and professionalism of these staff that achieve the outcomes for the pupils. The recruitment, retention, development and welfare of staff is crucial to the successful running of the organisation and is considered, by the Governors, to be of great importance. Further detail is provided under Organisational Management in the Directors, Report. Communit and Environment The School is at the heart of the Guildford community and many activities take place that involve the local and wider community. This ranges from pupil and staff fundraising and participation in events to the sharing of resources with others. Extensive details on this are provided in the Public benefit section of the Strategic Report. Decision makin risk mana ement and overnance and erfomiance oversi ht The full board of Governors meets three times a year with additional committee meetings taking place each term. As outlined under Organisational Management in the Directors, report, each committee has a specific focus but considers the overall impact of decisions on the wider organisation. Culture and Values The aims and values 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 Streamlined Energy & Carbon Reporting ISECRI is a legislative reporting requirement in the Directors, Report for Year Ends on or after 31 March 2020. It mandates that all large companies must report on their operational energy consumption and associated emissions. A high level breakdown of energy used, and emissions generated by Royal Grammar School Guildford is included in the table below. Gas 2023-24 1,618,425 1,825,619 1,854,861 nla n/a nla 296,010 328,611 333,875 296 2022-23 329 2021-22 334 Electricity 2023-24 1,063,023 1,040,431 984,477 n/a n/a n/a 220,099 215,446 190,378 220 2022-23 215 2021-22 190 Transport 2023-24 92,872 84,525 73,368 58,200 57,500 49,240 22,198 20,286 17,608 22 2022-23 20 2021-22 18 Total 2023-24 2,774,320 2,950,575 2,912,715 58,200 57,500 49,240 538,307 564,343 541,861 538 2022-23 564 2021-22 542 UK energy use covers all educational and ancillary activities across the School. Associated Greenhouse gases have been calculated using 2024 conversion factors advised by the UK Government Department for Business, Energy and Industrial Strategy. Intensity Metric An intensity metric gives an indicator of carbon performance calculated per unit of an operational driver of the Schools activities. For Royal Grammar School Guildford we have used the average number of pupils over the year as the relevant operational driver. In 2023124, 1,304 pupi15 accounted for emissions of on average 413 kg C02 each12022123: 1,316 pupils accounted for emission5 of on average 429 kg C02 each). 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 fittings across all sites Ongoing replacement of single glazed windows with double glazed units. Only a small portion of the main building now remains to be done Continued replacement of internal and external doors to reduce heat loss Boilers replaced with more energy efficient models Washroom areas which have been refurbished have had mixer taps with improved flow regulation and effective thermostatic mixing valves installed During refurbishment works, use of skips is minimised in favour of appropriate recycling and use of registered waste carriers We have solar panels on our North Building Additionally We have an active sustainability/environmental committee within the school which has come up with many initiatives to prompt energy saving and awareness Of our fleet of 15 buses and vans only 3 do not comply with the ULEZ requirements. We have electric car charging points across site We have monitored air quality on our sites both internally and with third party involvement When planning for future building enhancements and developments, sustainability considerations have been a high priority Food waste is collected separately, and the volume closely monitored by our catering contractors General and recycling waste is carefully monitored with placemer)t and style of receptacles regularly reviewed We actively seek to work with energy suppliers that use renewable enerEY and act on beinE carbon neutral When refitting our Undercroft area following flood damage, sustainable materials and reduced environmental impact was considered throughout. FINANCIAL REVIEW Results for the year During the year to 31 July 2024 the School generated net income of £5.5m, £5.2m above the prior year12022123.. £0.3ml. This comprised lil an underlying surplus of £1.3m lill a non-recurring donation of £2.4m net assets from the merger of the Foundation with the School and liiil an exceptional pension credit of £1.8m from the release of the Surrey County Council net pension liability. The School's income of £32.5m was £5.3m120%1 higher12022123= £27.2ml, reflecting lil higher fee income 1+£2.5ml from higher average fees per pupil l+lOYol partly offset by slightly lower pupil numbers12023/24.. 1,304,. 2022/23- 1,3161, lill the non-recurring donation of net assets from the merger of the Foundation with the School, and liiil higher other income l+£0.4ml, including more income from investments and donations. The value of fee remissions awarded varies from year to year, depending on prevailing circumstances and the needs of each cohort. While non means-tested remissions are being managed downwards, over time the value of means-tested remissions awarded is growing, in line with the School's ambition for its education to be as widely accessible as possible. Total income also included investment income of £308k 12022/23: £83kl and donations of £458k 12022123.. £346kl. Investment income was earned from Treasury deposits placed to maximise the School's income from available cash. Expenditure was £0.2m higher 12023124.. £27.05m; 2022123.. £26.8ml, attributable to staff costs 1+£1.6ml and other costs l+£0.4ml largely offset by the £1.8m exceptional pension credit. The School Eenerated cash sufficient to cover £4.3m capital expenditure on its facilities (see note 61. With effect from 31 August 2021, the School elected to withdraw from the Surrey County Council Superannuation Fund and finalise its pension liability, in respect of this scheme, as at that date. The final valuation invoice of £1.8m received from the Fund in 2021/22 was provided in the School's accounts until it was released in 2023124 (see note 161. With VAT on school fees being implemented from January 2025 and pressure on family finances, the political and economic background remains challenging. Despite this, demand for places at the School remains strong, and the School believes pupil numbers will remain stable for the foreseeable future. The Governors have considered the impact of these factors on the School's operating model and financial posltion and this 15 further detailed in the 'Reserves level and policy, and financial viability, section, below. Reserves level and policyi and financial viability Reserves are held for two main purposes.. lil to finance future major capital development of the School's premises and lill to be available to cover unexpected contingencies such as a Significant loss of income or the short term impact of potential adverse changes affecting the independent school sector, for example adverse changes in future taxation. It is not considered appropriate for the School to hold, or to aim to hold, no reserves, as this would leave the School unable to fund future major capital development or unexpected contingencies. Most of the reserves held are intended to be spent on major capital development in the medium to long term, and some are held in order to be available to cover potential contingencies in the nearer term. At 31 July 2024 the School's reserves were £3.6 million, which broadly corresponds to net current assets excluding cash received from fees in advance. Reserves are equivalent to approximately 1.5 months of the School's operating expenditure. This is not considered excessive. We have prepared a number of scenarios that consider our cash position, sources of income and planned expenditure. Demand for places at the School remains strong. Nonetheless, these scenarios consider reduced pupil numbers, delayed fee payment and potential bad debts, cost inflation and increased interest rates. Sensitivity around these assumptions has also been considered in our forecasting. The scenarios also consider the terms and conditions of the existing bank facilities. Results of this cash flow and sensitivity analysis indicate that the cash reserves of the charity are sufficient to meet the charity's obligations as they fall due. Having regard to the above, the Governors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Investment policyi objectives and performance The School's Investment Policy is based on the following principles.. Prudent investment for income and growth based on the two principles of diversity and reduction of risk Speculative and very high risk investments should be avoided Investments will be made in appropriate Common Investment Funds ICIFS, which may include UK giltsl, 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, if necessary, on the choice of CIF Investments should be reviewed annually by the Finance and General Purposes Committee IF&GPI The Investment Policy should be reviewed and endorsed annually by the Governors Investments will be made on the instruction of the F&GP Money held on deposit should be reviewed periodically to ensure that it is earning the maximum interest for the School. To have due regard when investing funds to the fact that some funds held by the School are due to be returned to parents when their son leaves the School, or are payment in advance for provision of education in the future. The School increased bank interest income by placing Treasury deposits at higher interest rates than applied to the bank accounts. The School sold its remaining investment held with CCLA Investment Managers in order to simplify administration Isee note 71. Fundraising Until July 2024 fundraising for School funding priorities was carried out by the The Royal Grammar School, Guildford Foundation I'the Foundation"), which raised funds for bursaries. In July 2024 the Foundation merged with, and became a cost centre of, the School, now called the Development and Alumni Relations Office I'DARO") (see note 201. DARO'S fundraising activities are carried out by an in-house staff team. DARO adheres to the Code of Fundraising Practice. Fundraising activity is limited to those with an existing connection to the School and includes a limited amount of fundinE from Trusts. Major donor and one-to-one fundraising are the Foundation's key mode of fundraising which helps to ensure that philanthropic relationships are not developed with anyone who might be vulnerable or be in vulnerable circumstsnces. No complaints relating to fundraising were received in 2023124. FUTURE PLANS The School's development plan is agreed by Governors and is subject to annual review. The main plans for the next year to help the School achieve its objectives are: To fulfil the School's charitable aims by spreading educational best practice, offering bursaries, and benefitting the community,. To continue to develop mutually beneficial partnerships with other educational establishments at a local, national and international level,. To continue to enhance our student experience and further develop support for students, and staff welfare,. To foster outstanding teachin8 and personal development such that everything we do makes us better at everything we do,. To continue to work towards widening access to the school for able students with limited means- To proactively seek to create a staff and student body which is diverse and inclusive, reflecting the community we teach,. To adapt to the impact of tax changes. These plans underpin individual detailed development plans for each area, which will enhance the School's ability to provide an exceptional education and student experience. RISK MANAGEMENT The Governors have examined the principal areas of the School's operations and considered the major risks faced in each of these areas. The risk assessment is updated at least annually. and more frequently if appropriate to take into account changing circumstances. The risk assessments are considered by the RGSG Education committee and the RGSG Prep committee as appropriate before passing to the F&GP committee and the Board for discussion. The main risks 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 systems is regularly reviewed along with the development of disaster recovery systems, the review of policies and passwords, with updates and training for staff on these. Failure to retain the Headmaster of the RGSG or RGSG Prep could detrimentally affect the School's admissions and performance. The development of members of the senior team and ongoing support of the governors will help reduce the impact of a change of Head. Uncertainties within 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 budgeting, cost management and fee levels and debt management will be made and kept under review. The introduction of legislation such as VAT on fees and loss of business rates relief causing financial pressure on independent schools. Policies publicised by political parties are kept under review. Incidents that have the potential to damage the reputation of the School. This could cover a wide range of incidents so careful consideration to legislation, regulations, school policies, health and safety etc must be maintained and reviewed by staff and governors to ensure compliance in all areas. Incidence of a pandemic or other events adversely impacting on the School's ability to deliver education combined with the economic impact affecting parents, 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 during the periods of lockdown, significantly mitigating the risk of the School being unable to deliver quality education. The School has established a review system and allocated sufficient resources to ensure that those risks identified have been mitigated to a level acceptable for the School's day to day operations. The School regularly reviews the effectiveness of current plans and strategies for managing all identified major risks for the School and other group organisations. The Annual Report which includes the Strategic Report was approved by the Charity and signed on its behalf by.. 19 December 2024 Mrs S K Creedy 20 Independent auditorfs report to the members of the Royal Grammar School Guildford Opinion We have audited the financial statements of the Royal Grammar School Guildford for the year ended 31 July 2024 which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finoncial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 July 2024 and of the charitable company's net movement in funds, including the income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2CN)6. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other informatlon The trustees are responsible for the other information contained in the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materiallv misstated. If we identify such material inconsistencies or apparent material misstatements, we are 21 required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescribed by the Companles Act 2CK16 In our opinion, based on the work undertaken in the course of the audit= the information given in the Directors, Report Iwhich includes the strategic report prepared for the purposes of company lawl for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the strategic report included within the Directors, Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit. we have not identified material misstatements in the Directors, Report Iwhich incorporates the strategic report). We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion= adequate accounting records have not been kept by the charitable company,. or the charitable company financial statements are not in aEreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit Responsibilities of trustees for the financial statements As explained more fully in the Directors, responsibilities statement the trustees (who are also the directors of the charitable company for the purposes of company lawl 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 as the trustees 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 trustees are responsible for assessing the charitable company's ability to continue as a goinB concern, disclosing, as applicable, matters related to goinE concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audtt of the financial statements Our objectives are to obtain 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. 22 Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to The Education Ilndependent School Standards) Regulations 2014, safeguarding regulations, health and safety requirements, GDPR, employment law and charity law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2(X)6, the Charities Act 2011, payroll tax and sales tax. We evaluated management's incentives and opportunities forfraudulent manipulation of the financial statements lincluding the risk of override of controls), and determined that the principal risks were related to regulations related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed by the engagement team included.. Inspecting correspondence with regulators and tax authorities,. Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud,. Evaluating management's controls designed to prevent and detect irregularities,. Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and Challenging assumptions and judgements made by management in their accounting estimates 8ecause of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council'5 web51te at.. www.frc.or auditorsres onsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, 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 members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Tracey Young (Senior Statutory Auditor) For and on behalf of Haysmac LLP, Statutory Auditor 2811212024 10 Queen Street Place London EC4R IAG 23 Royal Grammar School Gulldford Statèmèntof Financial Atti¥itiÈS Ilncowratlng Income and Expendlture Account) fortheyearended 3LJuly ZOZ4 UN￿$trIcted Funds Re#ritted Funds 2023-2024 Total 2022-2023 Total Note £000 £000 £000 £000 Income from.. Charitable Artivities School fees receivable Other educational income Other ancillarytrading income 27,260 1,478 377 27,260 1,478 377 24,861 1,173 275 31bl Donatlons and Legacles Oonation of net assets of the Foundation Other donatlOn5 and leg4cies 183 2,250 458 2,433 458 346 Investments Income from Investments 308 308 83 Other income 226 226 445 Total income 29,832 2,708 32,540 27,183 Expenditure on.. Raising Funds Flnance costs 106 106 54 Charitable artivities Schools and grant making 41bl 41bl 28,265 18 416 28,681 18 26,774 Extsptional pension credit 16 Iv) 11,7541 11,7541 Total Expenditure 26,635 416 27,051 26,834 NET INCOME BEFORE INVESTMENT GAINS 3,197 2,292 5,489 349 Net gain/l10551 on investments NET INCOME 3,199 2,292 5,491 Transfers between fvnds 13 Idl NET MOVEMENT IN FUNDS 3,199 2.292 5,491 348 Fund balances brought forward at l August 2023 39,389 47 39,436 39,088 FUND BALANCES carried forward at 31 July 2024 42,588 2,339 44,927 39,436 Th& School has no gains or losses that are not shown above. All operations are tontinuing. The 8ccounting pollcies and notes on pages 27 to 44 form part of these Flnanci31 St3rements. 24 Royal Grammarschool Gulldlord Balance Sheet As at 31 July 2024 Company number 10874615 Note 2024 £000 2023 FIXED ASSETS £000 £000 Tangible fixed assets Investment assets 39,864 37,372 46 37,418 39,864 CURRENT ASSETS Stocks Debtor5 Cash 56 1,203 18,363 57 861 8,652 19,622 9,570 CURRE￿ LIABILITIES Creditors payable within one year Pension Scheme Liabilities io 19,6161 15,3021 11,7541 NET CURRENT ASSETS 10,006 2,514 TOTAL ASSETS LESS cURRETr￿ LIABILITIES 49,870 39,932 LONG TERM LIABILITIES Creditors payable after one year li 14,9431 14961 TOTAL NET ASSErs 44,927 39,436 Representèd by: 13 RESTRicfED FUNDS 2,339 47 UNRESTRICTED FUNDS Designated Funds General Funds 38,983 3,605 36,278 3,111 UNRESTRicfED FUNDS 42,588 39,389 TOTAL FUNDS 44,927 39,436 Approved by the Board of the Royal Grammar School Guildford, on 19 Deeember 2024 and signed on behalf of the Company bv.. Sarah Creedy- Director SArak Cr&&Jy Tom Lingard- Direttor The accounting policie5 and notes on page5 27 to 44 form part of these Financial Statements. 25 RtsyAI GrArnthÈrSthtstslGuildford Cash Fbw Statemenr Yearended 3LJuly 2024 N¢ltt 2024 2023 NEfcASH INFLOW FROM OPERAllONS 7,028 CASH FLOWS FROM INVEs￿NG ACllVITIES 14.2881 14 Pr¢￿ed50Th sale of tanglble flxed assets Proceedion 53le trf investments Investment Income and knnk interest recewed 107 83 NercJsh lused In) Investlngartfvlt*5 18881 Cèsh Ilowsfrlm linantingatrrfities.. 6.486 199 295 46 LoaTh Inter￿tCharge NttCB5h u5td byfinantingadivities 6,603 Chanse In cashand