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2021-03-31-accounts

Charity number: 1179234

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 7
Trustees' responsibilities statement 8
Independent auditors' report on the financial statements 9 - 12
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16 - 37

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021

Trustees Mr T Maunder, Chair
Mr I Afzal
Mr S Ashton
(resigned 14 June 2021)
Mr S Duncombe
Mrs A Houston
Mrs M Jennings
Mrs S Modray
Mr C Rennie
Mr P Wayne
Charity registered
number
1179234
Principal office
The Royal Grammar School
Amersham Road
High Wycombe
Buckinghamshire
HP13 6QT
Independent auditors
MHA MacIntyre Hudson
Chartered Accountants
Statutory Auditors
Abbey Place
24-28 Easton Street
High Wycombe
Buckinghamshire
HP11 1NT
Bankers
HSBC Bank plc
1 Cornmarket
High Wycombe
Buckinghamshire
HP11 2AY

Page 1

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their annual report together with the audited financial statements of the Wycombe Royal Grammar School Foundation CIO for the year 1 April 2020 to 31 March 2021

The financial statements comply with the Charities Act 2011, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Objectives and activities

Policies and objectives

The objectives of the Charity are to provide benefits for The Royal Grammar School, High Wycombe, including the provision of boarding accommodation for existing pupils, to promote the education of present and former pupils of the school who are in need and to help the School retain and attract the best teachers through development of the estate making available good quality staff accommodation.

Strategies for achieving objectives

The Charity owns land, which must be retained by the Trustees for the use as an Academy school within the meaning of the Education Acts. A boarding house is leased to the school by the Charity for the provision of boarding facilities for pupils of the school. It has accommodation for 70 boarders. Residential property is made available to teaching and support staff to provide affordable accommodation in close proximity to the School.

Activities undertaken to achieve objectives

A number of award funds are established as part of the Charity to promote education, physical, mental, social, or spiritual capacities of school pupils. Investment income and returns are used to make grants to pupils in accordance with the award rules.

Main activities undertaken to further the Charity's purposes for the public benefit

With its explicit aim of providing benefits for the school that encompass all the pupils, the application of the Charity's resources to enrich the educational provision for all enhances the educative experience that the school provides to the benefit of the totality of pupils. The Trustees confirm that they are careful to have regard to the Commission's Public Benefit Guidance. The Trustees have noted that in the Commission's Guidance on Charitable Purposes, (Charities Act 2006), the activities of the Charity fall firmly inside the parameters of no. 2 the advancement of the education, no. 6 the advancement of the arts and culture, no. 7 the advancement of amateur sport and no. 10 the relief of those in need by reason of youth, age, financial hardship or other disadvantage.

The Charity continues to provide financial resources to enable pupils who might otherwise be prevented for financial reasons from participating in character developing, co curricular activities to engage in such ventures, such help being given without geographical or other restriction and regardless of race or religion. Being part of the State provision for secondary education in Buckinghamshire, the school exists to serve the community at large to the public benefit by providing high quality, challenging and visionary education for all its students, who are admitted without any restriction on ethnicity or religious belief.

The Charity also enriches the educational experience of pupils by refurbishing those parts of the school in need.

Page 2

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Achievements and performance

Review of activities

The main purpose of the Charity is to assist The Royal Grammar School in providing education for the pupils. The Royal Grammar School High Wycombe is a high achieving state school and this is reflected by the 'A' Level and 'GCSE' results achieved each year and the wide range of co curricular activities it offers.

The Charity raises money each year to provide funds to support the school's budget, for capital and refurbishment projects and for essential maintenance where no other sources of funds exist. In the year ending March 2021 it donated £190,363 (2020: £76,210) to the school for such purposes.

Through the school, the Charity makes its buildings and playing fields available for a wide range of activities and community use, including swimming clubs, evening classes, homework clubs, a number of sporting activities and other charity events.

Each year the Foundation sets a budget in consultation with the school, agreed by the trustees, which is used to measure the performance of the Foundation. Rental income is generated from the purchase of 47 Amersham Road so the aim is for the house to be fully occupied to maximise this income stream. Currently four of its five rooms are occupied.

Budget compared to actual income and expenditure is used as the primary means for assessing the performance of the Foundation, but there is an intention going forward to establish a strategic plan and develop appropriate metrics so as to measure performance at strategic and operational levels.

Fundraising activities and income generation

The Foundation follows the Code of Practice in Fundraising which covers all the income activities of the Foundation, alongside this, the Foundation follows the Donor Charter. The Foundation is deeply committed to its donors and remains dedicated to treating friends and supporters with the highest level of care and respect. The Donor Charter has been produced to assure donors and potential donors of the integrity and accountability of School’s fundraising efforts.

The fundraising process follows a broad strategy of engagement with multiple stakeholder groups, including alumni, parents and other groups/institutions.

The charity raises funds through the rental of its properties, and through investment income, in addition to its broader fundraising activities.

Investment policy and performance

The investments held as capital endowments are largely invested in a programme related investment, a property at 47 Amersham Road, available for staff accommodation. The balance of endowment and other investments are held as cash deposits through a cash management platform. These deposits are managed by Insignis Cash Solutions on an execution only basis which enables the Foundation to gain access to a range of counterparties without having to open a succession of individual bank accounts. It is the Foundation’s policy that deposits are only placed with those institutions listed on the Insignis term sheets that meet agreed “Fitch” credit ratings and also that no more than 20% of total cash balances is held with any single banking institution. The Trustees have full view of the individual banks that the funds are deposited with along with the amounts and the interest rate per cash deposit placement.

Page 3

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Financial review

Going concern

After making appropriate enquiries, the board of trustees has a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going-concern basis in preparing the financial statements. Further details regarding the adoption of the going-concern basis can be found in the Accounting Policies.

During the year, Trustees have considered the impact of the COVID-19 pandemic, which potentially affects rental income, either from tenants or for the Boarding House, and parental and other donations. So far there has not been a materially adverse impact. However, Trustees continue to adopt a cautious approach to expenditure and the funding of new projects.

Reserves policy

The accumulated funds at 31 March 2021 are £9,588,815 represented by:
2021 2020
£ £
Unrestricted general funds 501,949
583,230
Designated funds: fixed assets
7,316,283
7,347,176
Designated funds: sale proceeds
900,000
 900,000
Total unrestricted funds
8,718,232
8,830,406
Restricted funds 454,779 403,563
Capital endowment funds
415,804
 413,553
Total 9,588,815
 9,647,522

As seen above, of the charity's unrestricted reserves of £8,718,232, £7,316,283 is represented by amounts invested in fixed assets, net of related loans and grants, used for direct charitable purposes. The reserves policy, which is set in conjunction with the School Governors, is for the unrestricted reserves of the School and the Foundation combined to be no lower than £400,000; within which the Foundation’s unrestricted reserves will be no lower than £375,000.

Page 4

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Principal risks and uncertainties

The Trustees review risk management annually and have identified three broad areas of risk; financial, investment and reputation.

Financial risk is mitigated through the preparation and review of monthly management accounts and the existence of internal controls. A scheme of financial delegation is approved by Trustees and procedures are in place for the authorisation of all transactions.

Investment risk is managed by the implementation of an investment policy, which is agreed and approved by Trustees annually. This policy sets out an investment strategy, which cannot be changed without agreement at a Trustees meeting. Two signatories are required for all investment related transactions.

The Charity, through its association with The Royal Grammar School, enjoys an excellent reputation in the community. The Charity recognises the importance of maintaining high standards of operation, particularly in its fundraising activities. Consequently, the Charity has put in place, and follows, a Donor Charter and Code of Practice in Fundraising.

Principal funding

A summary of the year's results can be found on page 13. There was a deficit of £58,707 (2020: surplus £1,355,153) for the year and after charging depreciation of £170,872 (2020: £185,166) and net loan interest of £10,638 (2020: £23,672).

In the year the Charity soft launched its Future Us campaign to raise funds for a new Sixth Form Centre and the Parents Association led a successful crowdfunding campaign. Additionally, although the Charity has closed its successful “Access to Excellence” campaign, it continued to collect previously pledged amounts.

The Charity's investments generated a gain of £Nil (2020: £736) before being transferred to a cash management platform as noted above. Additionally, through management of the Charity’s cash resources, interest income of £9,861 (2020: £6,354) was achieved. An investment gain of £4,000 is included in the accounts to 31 March 2021 arising from the revaluation of investment property.

There were no other significant events affecting the financial performance of the Charity. The main factors affecting the financial position going forward are fundraising and investment performance.

Structure, governance and management

Constitution

The organisation is a Charitable Incorporated Organisation (CIO) which was incorporated on 17th July 2018 under number 1179234.

Previously it was a charitable trust governed by a scheme of the Charity Commissioners dated 3 November 1999 as amended 22 January 2013. This scheme replaced the former trusts of the charity, a scheme of the Charity Commissioners of 2 April 1962. This charity’s registered number was 310627.

The assets and liabilities of the previous charitable trust moved across to the CIO during the year ended 31st March 2020.

Details of the trustees who served throughout the year are included in the Reference and Administrative Details on page 1.

Page 5

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management (continued)

Methods of appointment or election of Trustees

The members of the Charity are known as Trustees. Under the requirement of the Constitution, the Trustees are elected to serve for a term of three years after which they must be re-elected annually. The Headmaster of the School and the Chair of the School Governors are Trustees by virtue of their office and their term extends for the period of their appointments. The constitution details a code of practice for the Trustees.

Trustees are recruited from the local community, from parents of present and past pupils and from alumni of the school. Trustees consider the skills which are required and actively look for new members with these skills. New Trustees are appointed by a vote of the Trustees.

Organisational structure and decision-making policies

The Trustees meet four times a year to discuss matters relating to the Charity and they are responsible for the strategic direction and policy of the Charity. At present the Board has nine Trustees from a variety of professional backgrounds including a chairman of the board.

A scheme of delegation is in place and the day to day responsibility for the provision of the service rests with the Headmaster of the School.

Policies adopted for the induction and training of Trustees

Most Trustees are already familiar with the work of the school and are encouraged to familiarise themselves with the Charity and the context in which it operates. Trustees are given the Charity Commission’s publication “The essential trustee: what you need to know, what you need to do” as well as an internally prepared document which sets out all aspects of the Charity’s structure, organisation and finances.

Related party relationships

The CIO is related to The Royal Grammar School, High Wycombe, which is an Academy Trust. As an Academy, The Royal Grammar School is a company limited by guarantee and an exempt charity. The Foundation was set up to support the school and make funds available to help with capital projects alongside embarking on specific fund-raising campaigns. Fundraising is also undertaken by “Friends of” groups. These groups undertake various fundraising activities during the year and the proceeds are held in the Foundation’s accounts but are ring fenced for use by the associated group. The funds raised provide assistance with operational costs or purchase of assets or building/facility refurbishment.

Plans for future periods

In the current and previous years, the School has undertaken all of the preparatory work to re-purpose an existing school building into a new sixth form centre. In light of the pandemic and the trustees’ cautious approach to funding expenditure, this project has been put on hold. A decision to restart the project will be made when circumstances allow.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Page 6

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WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2021

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees on 24 September 2021 and signed on its behalf by:

................................................ Mr T Maunder Chair of Trustees

Page 8

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

Opinion

We have audited the financial statements of Wycombe Royal Grammar School Foundation CIO (the 'charity') for the year ended 31 March 2021 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting 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 Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 United Kingdom, including the Financial Reporting Council'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.

Page 9

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO (CONTINUED)

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditors' 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 materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 10

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for 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 Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit 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 Auditors' 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 (UK) 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:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 11

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO (CONTINUED)

Use of our report

This report is made solely to the Charity's trustees, 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 Charity's trustees those matters we are required to state to them in an Auditors' 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 Charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Bianca Silva BA ACA DChA, Senior Statutory Auditor

For an on behalf of MHA MacIntyre Hudson, Statutory Auditor High Wycombe, United Kingdom

Date: 13 October 2021

Page 12

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Note
Income and
endowments from:
Donations and
legacies
3
Charitable activities
4
Investments
5
Other income
6
Total income and
endowments
Expenditure on:
Raising funds
7,8
Charitable activities
9
Total expenditure
Net (expenditure)/
income before net
(losses)/gains on
investments
Net gains on
investments
15
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in
funds
Total funds carried
forward		 Unrestricted
funds
2021
£
4,667
240,000
16,867
-
261,534
3,481
371,775
375,256
(113,722)
1,548
(112,174)
8,830,406
(112,174)
8,718,232		 Restricted
funds
2021
£
187,110
-
11,862
-
198,972
5,704
142,253
147,957
51,015
201
51,216
403,563
51,216
454,779		 Endowment
funds
2021
£
-
-
-
-
-
-
-
-
-
2,251
2,251
413,553
2,251
415,804		 Total
funds
2021
£
191,777
240,000
28,729
-
460,506
9,185
514,028
523,213
(62,707)
4,000
(58,707)
9,647,522
(58,707)
9,588,815		 Total
funds
2020
£
344,134
240,000
23,894
1,364,027
1,972,055
1,249
616,389
617,638
1,354,417
736
1,355,153
8,292,369
1,355,153
9,647,522

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 16 to 37 form part of these financial statements.

Page 13

AS AT 31 IIARCH 2tr21 2¢r20 Tatyknle assets 14 15 &702 a246.5T4 6rn3( &845180 16 106,638 1,87&228 Cash at br *J 1.¥A037 1,984.866 17 {167J89 (217.627) 1.n7sn 1.767.239 10,415 10,612,419 18 eJ64,897) •J8B.815 9.647.522 938(81S 9.647.522 413,$53 403.563 8.830.406 Q71823Z Tot•1 fund• 9W8m5 9.647.522 Ilr T Iljwnder Ch•f cl TnAt Pag8 14

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021

Note
Cash flows from operating activities
Net cash used in operating activities
23
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of investment property
Proceeds from sale of investments
Purchase of investments
Net cash provided by investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
24		 2021
£
48,768
9,861
-
-
-
-
9,861
(116,310)
(116,310)
(57,681)
1,878,228
1,820,547		 2020
£
54,874
10,244
1,384,791
(598,606)
478,622
(37,784)
1,237,267
(111,192)
(111,192)
1,180,949
697,279
1,878,228

The notes on pages 16 to 37 form part of these financial statements

Page 15

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. General information

Wycombe Royal Grammar School Foundation CIO is a charitable incorporated organisation registered in England and Wales. The address of the principle office is given in the charity informaiton on page 1 of these financial statements. The nature of the CIO's operations and principal activities are to provide benefits for The Royal Grammar School, High Wycombe.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Wycombe Royal Grammar School Foundation CIO meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 16

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

A number of award funds are established as part of the Charity to promote education, physical, mental, social or spiritual capacities of school pupils. Investment income is used to make grants to pupils in accordance with the award rules. Other grants are made directly to Royal Grammar School High Wycombe.

All expenditure is inclusive of irrecoverable VAT.

2.5 Going concern

The Trustees assess whether the use of going concern is appropriate ie whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements.

The Trustees have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. In response to the COVID-19 pandemic, the Trustees have performed a robust analysis of forecast future cash flows taking into account the potential impact on the charity of possible future scenarios arising from the impact of COVID-19. This analysis also considers the effectiveness of available measures to assist in mitigating the impact. Based on these assessments and having regard to the resources available to the charity, the Trustees have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the financial statements.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Page 17

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.6 Tangible fixed assets and depreciation (continued)

Depreciation is provided on the following bases:

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably..

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.9 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value.

2.10 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.11 Investment property

Investment properties are initially measured at cost and subsequently at fair value at the reporting date. Gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

Page 18

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.12 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

3. Income from donations and legacies

Donations and fundraising
Donations and fundraising		 Unrestricted
funds
2021
£
4,667		 Restricted
funds
2021
£
187,110
Restricted
funds
2020
£
344,134		 Total
funds
2021
£
191,777
Total
funds
2020
£
344,134

Page 19

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

4. Income from charitable activities

Lease of boarding house
Lease of boarding house
Investment income
Unrestricted
funds
2021
£
Investment income - local investment properties
7,302
Bank interest receivable
9,565
16,867
Unrestricted
funds
2020
£
Investment income - local investment properties
7,201
Income from investments
-
Bank interest receivable
-
7,201		 Unrestricted
funds
2021
£
240,000
Unrestricted
funds
2020
£
240,000
Restricted
funds
2021
£
11,566
296
11,862
Restricted
funds
2020
£
6,449
3,890
6,354
16,693		 Total
funds
2021
£
240,000
Total
funds
2020
£
240,000
Total
funds
2021
£
18,868
9,861
28,729
Total
funds
2020
£
13,650
3,890
6,354
23,894

5. Investment income

Page 20

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

6. Other incoming resources

Profit on fixed asset disposal
Unrestricted
funds
2020
£
Profit on fixed asset disposal
1,364,027		 Total
funds
2021
£
-
Total
funds
2020
£
1,364,027

7. Expenditure on raising funds

Costs of raising voluntary income

Costs relating to 'Friends'
Costs relating to 'Friends'
Investment management charges		 Restricted
funds
2021
£
189
Restricted
funds
2020
£
976
273
1,249		 Total
funds
2021
£
189
Total
funds
2020
£
976
273
1,249

Page 21

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8. Investment management costs

Unrestricted Restricted Total Total
funds funds funds funds
2021 2021 2021 2020
£ £ £ £
Local investment properties expenditure 3,481 5,515 8,996 -

9. Analysis of expenditure on charitable activities

Summary by fund type

Support to Royal Grammar School
Support to Royal Grammar School		 Unrestricted
funds
2021
£
371,775
Unrestricted
funds
2020
£
318,088		 Restricted
funds
2021
£
142,253
Restricted
funds
2020
£
298,301		 Total
funds
2021
£
514,028
Total
funds
2020
£
616,389

10. Analysis of expenditure by activities

Activities
undertaken Total
directly funds
2021 2021
£ £
Support to Royal Grammar School 514,028 514,028

Page 22

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

10. Analysis of expenditure by activities (continued)

Activities
undertaken Total
directly funds
2020 2020
£ £
Support to Royal Grammar School 616,389 616,389

Analysis of direct costs

Depreciation
Donations
Grant payments
Support costs
Loan interest
Bank charges
Professional fees
Interest rate swap
Auditors' remuneration
11.
Auditors' remuneration
Fees payable to the Charity's auditor for the audit and preparation of the
Charity's annual accounts
Fees payable to the Charity's auditor in respect of:
Additional audit and preparation fees in respect of prior year audit
Non audit services		 Total
funds
2021
£
170,872
300,941
1,267
10,819
26,353
3,189
996
(15,715)
15,306
514,028
2021
£
9,600
1,440
4,266		 Total
funds
2020
£
185,166
313,396
15,075
34,731
53,762
1,126
34,223
(30,090)
9,000
616,389
2020
£
9,000
-
-

Page 23

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .

There is a joint insurance policy with Royal Grammar School High Wycombe covering professional indemnity and Trustees/Officers liability insurance. Costs are borne by the School.

During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL) .

13. Staff costs

The charity has no employees other than the Trustees, who did not receive any remuneration (2020 - £NIL).

No employee received remuneration amounting to more than £60,000 in either year.

14. Tangible fixed assets

Cost or valuation
At 1 April 2020
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Freehold
property
£
13,264,001
13,264,001
5,017,427
170,872
5,188,299
8,075,702
8,246,574		 Fixtures
and fittings
£
32,184
32,184
32,184
-
32,184
-
-		 Computer
equipment
£
15,168
15,168
15,168
-
15,168
-
-		 Total
£
13,311,353
13,311,353
5,064,779
170,872
5,235,651
8,075,702
8,246,574

Page 24

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

14. Tangible fixed assets (continued)

All fixed assets are held for direct charitable purposes, providing boarding and school facilities.

In the absence of costs relating back to 1914, the freehold land and buildings have been brought in at initial carrying value based on a valuation at 1 April 1999 at depreciated replacement cost.

The Trustees consider the market value of the property to be significantly in excess of the value stated above. A professional valuation carried out in June 2005 provided a total market value of £18,925,000.

15. Investment property

Valuation
At 1 April 2020
Fair value remeasurement
At 31 March 2021		 Freehold
investment
property
£
598,606
4,000
602,606

The fair value of the freehold property at the balance sheet date was based on a valuation by an independent valuer who holds a recognised and relevent professional qualification and has recent experience in the location and class of investment property being revalued. The basis of valuation adopted is Market Value.

16. Debtors

Due within one year
Amounts owed by Royal Grammar School, High Wycombe
Prepayments and accrued income		 2021
£
1,575
82,915
84,490		 2020
£
38,692
67,946
106,638

Page 25

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

17. Creditors: Amounts falling due within one year

Bank loans
Amounts owed to Royal Grammar School, High Wycombe
Accruals and deferred income		 2021
£
122,120
2,655
42,690
167,465		 2020
£
116,312
25,805
75,510
217,627

18. Creditors: Amounts falling due after more than one year

Bank loans
Interest rate swap
Included within the above are amounts falling due as follows:
Between one and two years
Bank loans
Between two and five years
Bank loans
Over five years
Bank loans		 2021
£
827,065
-
827,065
2021
£
128,062
262,201
436,802		 2020
£
949,183
15,714
964,897
2020
£
121,941
262,380
564,862

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:

Payable or repayable by instalments 2021
£
436,802
436,802		 2020
£
580,576
580,576

Page 26

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Creditors: Amounts falling due after more than one year (continued)

In August 2010 the bank loans were renegotiated to be repayable over 17 years with variable rate interest payable of 1.15% over LIBOR. At the same time, an interest rate swap was also entered into, under which the Charity will pay fixed rate interest at 3.63% and will receive back LIBOR for the term of the loan. During the year ended 31 March 2021 the interest rate swap was exercised and cancelled.

The Bank loans are secured on the freehold property.

19. Financial instruments

2021 2020
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 1,820,547 1,878,228

Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand.

In the prior year derivative financial instruments measured at fair value through income and expenditure comprise the interest rate swap on the bank loan as detailed in note 18.

Page 27

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

20. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Fixed assets
Sale proceeds
General funds
General
Interest rate
swap
Total
Unrestricted
funds
Endowment
funds
Prize
Foundation
John Cooper
Award
McManus-
Russell Award
Pattinson Award
Mann Memorial
Scholarship
Restricted funds
Prize Fund		 Balance at 1
April 2020
£
7,347,176
900,000
8,247,176
567,516
15,714
583,230
8,830,406
1,763
22,528
5,731
351,348
28,214
3,969
413,553
1,279		 Income
£
-
-
-
261,534
-
261,534
261,534
-
-
-
-
-
-
-
41		 Expenditure
£
(162,918)
-
(162,918)
(196,624)
(15,714)
(212,338)
(375,256)
-
-
-
-
-
-
-
(19)		 Transfers
in/out
£
132,025
-
132,025
(132,025)
-
(132,025)
-
-
-
-
-
-
-
-
-		 Gains/
(Losses)
£
-
-
-
1,548
-
1,548
1,548
9
77
32
1,955
156
22
2,251
-		 Balance at
31 March
2021
£
7,316,283
900,000
8,216,283
501,949
-
501,949
8,718,232
1,772
22,605
5,763
353,303
28,370
3,991
415,804
1,301

Page 28

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

20. Statement of funds (continued)

Statement of funds - current year (continued)

Balance at 1
April 2020
£
John Cooper
Award
29,781
McManus Russell
Awards
47,093
Chris Gaunt
Memorial
694
Pattinson Award
16,040
Development
Fund - capital
grant
49,990
Campaign
29,446
Haines Charitable
Trust
6,565
Sansom Trust
(581)
Youens Fund
7,531
Mann Memorial
Scholarship
3,138
Sports
Development
Fund
160,616
Parents
Association
3,918
John Edwards
Music
907
Science Lab Fund
10,000
School crossing
500
Alan Yeates in
memorium
990
Future us
campaign - Sixth
Form Centre
35,656
Crowdfunding
campaign
-
403,563
Total of funds
9,647,522		 Income
£
Expenditure
£
641
(298)
9,455
(11,028)
-
-
758
(352)
-
(1,498)
3,064
(173)
-
-
-
-
120
(56)
109
(51)
108,463
(70,121)
4,300
(570)
-
-
-
-
-
-
-
-
50,147
(63,791)
21,874
-
198,972
(147,957)
460,506
(523,213)		 Transfers
in/out
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Gains/
(Losses)
£
Balance at
31 March
2021
£
101
30,225
-
45,520
-
694
-
16,446
-
48,492
-
32,337
-
6,565
-
(581)
24
7,619
-
3,196
76
199,034
-
7,648
-
907
-
10,000
-
500
-
990
-
22,012
-
21,874
201
454,779
4,000
9,588,815

Page 29

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

20. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated
funds
Fixed assets
Sale proceeds
General funds
General
Interest rate
swap
Total
Unrestricted
funds
Endowment
funds
Prize
Foundation
John Cooper
Award
McManus-
Russell Award
Pattinson Award
Mann Memorial
Scholarship
Restricted
funds
Prize Fund		 Balance at
1 April 2019
£
7,178,525
-
7,178,525
312,939
45,804
358,743
7,537,268
1,761
22,506
5,721
350,758
28,166
3,963
412,875
1,226		 Income
£
-
-
-
1,611,228
-
1,611,228
1,611,228
-
-
-
-
-
-
-
65		 Expenditure
£
(106,332)
-
(106,332)
(211,756)
-
(211,756)
(318,088)
-
-
-
-
-
-
-
(12)		 Transfers
in/out
£
274,983
900,000
1,174,983
(1,144,895)
(30,090)
(1,174,985)
(2)
(1)
(1)
-
4
1
(1)
2
-		 Gains/
(Losses)
£
-
-
-
-
-
-
-
3
23
10
586
47
7
676
-		 Balance at
31 March
2020
£
7,347,176
900,000
8,247,176
567,516
15,714
583,230
8,830,406
1,763
22,528
5,731
351,348
28,214
3,969
413,553
1,279

Page 30

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

20. Statement of funds (continued)

Statement of funds - prior year (continued)

John Cooper
Award
McManus
Russell Awards
Chris Gaunt
Memorial
Pattinson Award
Development
Fund - capital
grant
Campaign
Haines
Charitable Trust
Sansom Trust
Youens Fund
Mann Memorial
Scholarship
Sports
Development
Fund
Parents
Association
John Edwards
Music
Science Lab
Fund
School crossing
Alan Yeates in
memorium
Future us
campaign - Sixth
Form Centre
Total of funds		 Balance at
1 April 2019
£
28,920
45,952
694
15,057
51,488
24,908
6,565
3,369
7,368
2,996
136,849
4,437
907
10,000
500
990
-		 Income
£
1,009
14,900
-
1,194
-
4,642
-
-
189
172
167,456
10,087
-
-
-
-
161,113		 Expenditure
£
(178)
(13,759)
-
(211)
(1,498)
(104)
-
(3,950)
(33)
(30)
(143,712)
(10,606)
-
-
-
-
(125,457)
(299,550)
(617,638)		 Expenditure
£
(178)
(13,759)
-
(211)
(1,498)
(104)
-
(3,950)
(33)
(30)
(143,712)
(10,606)
-
-
-
-
(125,457)
(299,550)
(617,638)		 Transfers
in/out
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Gains/
(Losses)
£
30
-
-
-
-
-
-
-
7
-
23
-
-
-
-
-
-		 Balance at
31 March
2020
£
29,781
47,093
694
16,040
49,990
29,446
6,565
(581)
7,531
3,138
160,616
3,918
907
10,000
500
990
35,656
403,563
9,647,522
342,226 360,827 - 60
8,292,369 1,972,055 (617,638) - 736

Page 31

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

20. Statement of funds (continued)

Designated funds

The fixed asset fund represents by amounts invested in fixed assets, net of related loans and grants.

The sale proceeds represents the balance of the proceeds from Uplyme House which will be disbursed as follows: £400,000 additional staff accommodation; £100,000 to meet the conditions set by the Department of Education; and £400,000 to seed a fundraising compaign aimed at delivering a brand new Sixth Form Centre.

Endowment funds

The Endowment funds represent the amounts donated to the Foundation from which the income is transferred to the Restricted Funds and distributed.

Transfers

£132,025 (2020: £274,983) transferred to the Fixed Asset Fund represents the movement in the year for loan capital paid and the fair value of the interest rate swap, and the fixed asset additions and disposals for the year.

Restricted funds

The Prize Fund relate to prizes to pupils for achievement.

John Cooper Award, set up in 1981, is to use the income generated from the endowment to fund travel abroad for education or other character training activities, or for the study of music or art.

McManus-Russell Awards were established in 1983 to provide monetary support to pupils in character training activities of a charitable nature or to study music or art or travel abroad for education purposes.

The Chris Gaunt Memorial Fund was set up in 1982 to assist in funding the use of a building for the RAF section of the Combined Cadet Force.

Pattinson Award is to enable pupils to engage in adventure type training or undertake other worthwhile education and recreational activities in which they might otherwise be prevented from participating through lack of funds.

The Development Fund - capital grant relates to a Standards fund grant received towards capital works carried out on cricket, hockey and tennis areas. Amounts equating to the depreciation charge on these fixed assets will be charged against this restricted fund so as to write off the restricted fund grant over the expected useful life of the asset.

Campaign is a fund representing money raised for capital projects which currently include refurbishment of the Main Block and building an all weather sports pitch.

Haines Charitable Trust is to provide books as prizes or gifts to pupils for achievement.

Sansom Trust is to encourage more pupils to study science by maintaining suitable facilities for the teaching of Junior Science.

Youens VC Memorial Scholarship fund is to enable boys to proceed to university.

Mann Memorial Scholarship fund was set up in 1981 to provide a bursary each year from the endowment income to assist pupils embarking on a career in medicine, dentistry or related subject.

The Sports Development Fund raises funds for the promotion and development of sports at Royal Grammar School High Wycombe.

Page 32

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

20. Statement of funds (continued)

The Parents Association hold a range of events each year, the objective of which is to raise valuable funds for the School. For the purposes of good governance, funds raised by the PA are now held within the Foundation.

The John Edwards Music fund supports the activities of the School’s music department.

The Science Lab Fund relates to a donation from on Old Boy to be used towards the refurbishment of the school's science laboratories.

The School Crossing Fund was established from donations made by parents and other benefactors to help meet the contribution required from the School in respect of the Hamilton Road pedestrian crossing to be installed by Buckinghamshire County Council.

The Alan Yeates in Memorium Fund was established from donations to enable the refurbishment of a Modern Languages classroom and the creation of a memorial garden.

The Future Us is a fund created as part of the Future Us Campaign to receive donations towards the Sixth Form Centre project at RGS.

The 1562 Society was established to thank and recognise individuals within the RGS High Wycombe community who donate £15,620 or more in a given academic year. Donations can be made to any one of the School’s fundraising programmes be that the RGS Annual Fund, one of the ‘Friends of’ groups or a standalone fundraising campaign for a specific project within the School. For the academic year 2019/20, all funds raised by the 1562 Society will support the Sixth Form Centre project.

A Crowdfunding campaign was started to raise funds for two initial areas of development - outdoor seating and IT equipment.

Page 33

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

21. Summary of funds

Summary of funds - current year

Balance at
Balance at 1 Transfers Gains/ 31 March
April 2020 Income Expenditure in/out (Losses) 2021
£ £ £ £ £ £
Designated
funds 8,247,176 - (162,918) 132,025 - 8,216,283
General funds 583,230 261,534 (212,338) (132,025) 1,548 501,949
Endowment
funds 413,553 - - - 2,251 415,804
Restricted
funds 403,563 198,972 (147,957) - 201 454,779
9,647,522 460,506 (523,213) - 4,000 9,588,815
Summary of funds - prior year
Balance at
Balance at Transfers Gains/ 31 March
1 April 2019 Income Expenditure in/out (Losses) 2020
£ £ £ £ £ £
Designated
funds 7,178,525 - (106,332) 1,174,983 - 8,247,176
General funds 358,743 1,611,228 (211,756) (1,174,985) - 583,230
Endowment
funds 412,875 - - 2 676 413,553
Restricted
funds 342,226 360,827 (299,550) - 60 403,563
8,292,369 1,972,055 (617,638) - 736 9,647,522

Page 34

WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

22. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2021
£
Tangible fixed assets
8,027,210
Investment property
238,258
Current assets
1,447,294
Creditors due within one year
(167,465)
Creditors due in more than one year
(827,065)
Total
8,718,232		 Restricted
funds
2021
£
48,492
-
406,287
-
-
454,779		 Endowment
funds
2021
£
-
364,348
51,456
-
-
415,804		 Total
funds
2021
£
8,075,702
602,606
1,905,037
(167,465)
(827,065)
9,588,815

Analysis of net assets between funds - prior year

Tangible fixed assets
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2020
£
8,196,584
231,802
1,584,544
(217,627)
(964,897)
8,830,406		 Restricted
funds
2020
£
49,990
-
353,573
-
-
403,563		 Endowment
funds
2020
£
-
366,804
46,749
-
-
413,553		 Total
funds
2020
£
8,246,574
598,606
1,984,866
(217,627)
(964,897)
9,647,522

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WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

23. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Unrealised gains on investments
Gains on investments
Dividends, interests and rents from investments
Loss/(profit) on the sale of fixed assets
Decrease/(increase) in debtors
Decrease in creditors
Interest rate swap
Net cash provided by operating activities
24.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
25.
Analysis of changes in net debt
At 1 April
2020
£
Cash at bank and in hand
1,878,228
Debt due within 1 year
(116,312)
Debt due after 1 year
(949,183)
812,733		 2021
£
(58,707)
170,872
(4,000)
-
(9,861)
-
22,148
(55,970)
(15,714)
48,768
2021
£
1,820,547
1,820,547
Cash flows
£
(57,681)
(5,808)
122,118
58,629		 2020
£
1,355,153
185,166
-
(736)
(10,244)
(1,364,027)
(77,478)
(2,870)
(30,090)
54,874
2020
£
1,878,228
1,878,228
At 31 March
2021
£
1,820,547
(122,120)
(827,065)
871,362

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WYCOMBE ROYAL GRAMMAR SCHOOL FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

26. Related party transactions

The Charity received income of £240,000 from Royal Grammar School High Wycombe for the lease on the boarding house. Support provided to Royal Grammar School High Wycombe is detailed in note 10 to the accounts. At 31 March 2021 the Foundation owed Royal Grammar School High Wycombe £2,655 (2020: £25,805), and Royal Grammar School High Wycombe owed the Foundation £1,575. (2020: £38,692).

27. Post balance sheet events

Since the year end, the Charity has applied to the Charities Commission to vary how the balance of the capital receipt from the sale of Uplyme House can be used. The Trustees have approved a change of the use of designated funds from £400,000 on staff accommodation and £100,000 on Department for Education (DfE) imposed conditions, to £500,000 towards capital project expenditure agreed with the DfE. The Charity received permission from the DfE for the variation on 12 November 2020.

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