Charlty numbor: 1179234 THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO CONTEMTS Page Reference and adminlstrallve dètalls of thè Charlty, Its Trustees and advisers Trustees, report Trust•os' r8sponslbllllles statement Ind8p8ndènt 8udllor8' report on the financlal statements Statement of flhanclal actlvltles 9-12 13 Balance sheet 14 statement of cash flows 15 Notes to the Ilnanclal 81atemenls 16-3S
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO REFERENCE AND ADMINISTFTlVE DETAILS FOR THEYEAR ENDED 31 MARCH2024 Truste88: r R 8ayly, Chalr lappoinled 29 January 2024) r T Maunder, Chalr (resigned 27 June 20231 Mr l Af2al Mr SAshton Mr B Casemoie Knr S Duncombe Nlrs M Jennlngs MTS S Modiay Mr Pwayne Charlty reglst8r8d number 1179234 Principal ofllee: The Roy81 Grammar School Amersham Road High WyGDmbe Bucklnghamshire HP13 6QT Independent auditors: BKL Audlt LLP Slalulory Auditors 35 Ballards Lane, London N31XW Bank8r8: HSSC Bank plc 1 Cornmarket HkJh Wycombe BuGklngharnshire HP112AY Pag8 1
THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO TRUSTEES, REPORT FOR THE YEAR ENDED Th8 Trustees present Ihelr annual feport log8ther wllh tha 8ud118d financlal slalemgnls of the Wcombe Roya5 Grammar School Foundation CIO for Ihe yèar 1 Aprll 2023 10 31 March 2024. The fin8ncl81 $18lernenls compty wilh the Ch8rilles Act 2011, Ihe CIO Foundalion Conslilullon, and Accounting and Reporting by Chai11188'. Slalemenl of Recommendèd Practice appllcabb lo charllles preparing Ihelr accounts In ac¢ordanee wilh the Flnanclal R8POrting Standard appllcable in the UK and Republic ol Ireland IFRS 1021. Obl6¢tives and a¢tlvltles Pollcl*8 and oblectlves The objecllves ol Ihe Charlty are lo provide benefits lor The Royal Grammar School, Hlgh Wycomba, Including the promslon ol boaidlng accommodation lor exisllng puplb, lo promote the educallon ol present and former puplls ol the 8chool who are in need 8nd lo help Ihe school relaln and allr8cI the best teachers through development of the estate 8king availab good qu8llly staff accommodallon. In s6111ng obleclFves and plannlng for a¢llvllles, Ihe Trustee8 have gSven due consldeialion lo general guldance published by the Charity Commisslon relallng lo publlc benefit, Includino the gtsldance'Public beneliL' iunning a ch8rity (PB21'. Slrategle6 foy achlevlng obl8ctlve8 The Charlly owns land. whlch must be relalned by the Trustee5 for the u8e as an Academy school wilhin the meaning of Ihe Education Ac15. A boardSng house is leased lo the School by the Charity loi Ihe provision of boarding facililies for puplls of the school. 11 has 2ccommodatlon for 7a boarders. Resldenlial property is made avallahle lo leaching and support slaff lo provlde affordable accomtllodallon In close proxlmSly lo the school. Acllvities undertaken to achieve objectlves A number of award funds sre e8labllshed a8 part ol Ihe Ch8rfly lo promote educalk)n, physlcal. menlal, SOC1, or splrltu81 capacilles of schotsl pupils. Investment Incorne and relurns 8r8 used lo make gran151o pupils In aceordance wlth the aw8rd rules. Maln actlvitie8 undartaken lo furthgr Ihg CharSty's purpos8$ for tho publlc bgngfll With its explicit aim ol pioviding benglils for th8 school that encompass all the puplls, the appllcAllon ol the Charlly'8 re80urce8 lo enrlch Ihe educational provlslon for all enhances the educative experience that the school provldes lo the benefit of Ihe lolalily ol pupils. The Tru51ee5 conllim that they are car8lul lo have regard lo the Commls5ions Public Benefit Guld8nce. The Truslees have noted th81 in the Commisslon's Guidance on Charitable Purposes, ICh8rilies Act 20061, the acllvilies ol the Charily fall limily Inslde the paMmèler5 of no. 2 the advancement ol the education. no. 6 the advancement of the arts and culture, no. 7 the 8dvancement ol amal8ur sport and no. 10 the rellefof those in need by reason of youth, age, flnanclal hardship or other dlsadvanlage. The Charlty conllnues Io Prove financial resources lo enable pupils who mlghl olh8rwise be prevented for Ilnanclal rea50n5 Irom partlcipalihg Sn character developing, ¢o-currlcular 8cINilles to engage In such ventures, such help being glven wilhoul geographlcal or olh8r reslriclion and regardless ol race or religion. B81ng parl ol Ihe Slate provlslon for secondary educalion In Bucklnghamshlre, th8 school exlsls to serv8 the communlly at large lo the publlc benelll by provlding hlgh quality, chBllenging and vS8ionary education lor all ils students, who are admllled w51houl any r86trkllon on elhnlcily or rellglous belief. The Charlly al80 enriches the educallonal experl8nce of puplls by refurblshlng those parts of the school In need. Page 2
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO TRUSTEES. REPORTICONTINUEDI FOR THEYEAR ENDED Achl8vement8 8nd performance Revlew of actlvlt188 The main purpose ol the Ch8rily 15 to ass181 The Royal Grammar School in providing education for the pupi15. The Royal Grammar School Hh Wycombe 13 a high achieving 818le 8ehool, and Ihbs Is reffecled by th8 'A' Level and 'GCSE' re8ulls achleved 08¢h year and th8 wlde ranoe of co-currlcular acllvilles il offers. The Chailty ralses mon8y each year lo provide funds lo support the school's budget, lor capital and r8lurbishmenl projects and lor es88nlial maintenance where no olh8rsources ollunds exlsl. In the yearendlng March 202411 dona18d £802,607 12023.. £1,326,720) to the school for such purposes. Th18 represents don21ions llom the Found8llon's De51gnaled reserves of £99,410 IMalh8 Mezzanlne, Sixth Form Study spacÈl, £141.628 from Unreslrboled resenles and £15.823 Irorn the Development fund Isixlh Form study space, Cla85room IT improv8m8n151. The Foundation also donated £208,826 (New Sixth Form Centre proSect parental don81ionsl. Other donations lo Ihe school of £338,920 Bre made up Irow thè various Friends ol Groups (Crikel, Hookey, Mu51c, Rowing and Ruubyl. E8ch year Ihe Foundallon $61s a budget In consullalion with Ihe school. agreed by the trustee8, whlch 15 used lo measu18 Ihe performance ol Ihe Foundallon. Renlal income18 gen8raled from a property al 47 Amersham Road and the aim is for the house lo be lully occup18d lo maxlmise Ihls Income stream. Currently all ol ils looms are occupied. Budget compared lo actual Incom8 and expendllure Is used as the primary means lor assesslng IhE performance ol the Foundation, bul there Is an inl8nllon lo eslabllsh a 51ialegi¢plan and develop approprlate rretries so a8 lo mea8ure performance al Straleg and cperatlonal levels. Fundral$lng actlvltles atsd Income gen8ratlon The Foundation follows a Code ol Pra in Fundraislng whlch covers 811 the income aclNilies ol the FouMdalS0n, 8Iohg51de Ihls, the Foundallon follow8 2 Donor Charter. The Foundation Is deeply commilled lo 118 donors and r8malns dedicaled lo Ireallng friends and supporter8 wllh the hlghesl level of care and respecl. The Donor Charter has been Produced lo assure donors and polanlial donors ol Ihe inlegrily and 8ccounlability ol School's fundraislng eNorts. The lundr8islno process follows an External Relallons Strategy of eagernent with multiple slakeholder gr(yJps. Induding alumnl, parents 8nd olher groupsllnslilullon3. The key measurables of the strategy Include largels for Increase8 In the number ol stakeholders donailng.al any one Ilme. Conllnued work has taken place In building an Alumni network, encouraging former students lo pnu8g& wilh Ihe SGhool, Work h85 taken place on a r8d8slgn tsf the Devebprnenl Fund, the production 8#d proposed18vnch ol a'Foundallon' Website and a Logacy Piogramme. Investment pollcy and p8rformance The inv85tmEnts held 88 capital endowments are largely invested in a pro9ramme related inv8slme*t, a property 81 47 Amersham Road, 8vallable lor staff accommodatlon. The balance of endowmenl and other Investments are held as cash deposits IhroLtgh a cash Inanagemenl plalform. These deposlls are managed by In51gnls Cash Solullons on an exaculk)n only basi6 whlch gnables lh8 Foundalion lo gain 8ccess lo a range ol counterpartles wilhoul havlng lo open a $ucc8sslon of individual bank a¢couiits. 11 is the Foundation's pollcy that deposi15 are only placed wilh Ihose instilulions Ilsled on Ihe Inslgni5 term sheets that meet agreed 'FIIGh" credil r81ings and also thal no more than 20% of total c98h balances Is h81d wllh any slng1e baiiklng InstltLJlk)n. The Trusl688 h8ve lull vlew ol the Indlvldual banks that the funds are deposited wllh along wlth the amounls and (he Interest rate per cash deposll placement. Page 3
THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO TRUSTEES. REPORTICONTINUEDI FOR THEYEAR ENDED Flnancial review Golng coh¢ern Aller making appropriate enquiries, the board ol IIu51ees has a rea50nabl8 expeclallon that the charltable organisalion has adequate resources lo continue In oper811onal existence for the foreseeable fulure. For this reason, il conllnue8 lo adopt the going-conc8rn basls in prepartng the financlal slal8rnenls. Further delalb regardlng the adoption of the golng-concein basls can bo found in the Accounling Policie5. During Ihe year, Trustees have considered the ongoing impacl of th8 confllcl In Ukralne and asso¢181ed inllalionary prèssures caused lo the UK and Worldwlde, whlch potentially eould 8ffecl renlèl Income, and parental and olher donations. So lar there has not been a malerially adverse Srnpacl. However. Trustees conllnue lo 8dopl a cautious approach lo expondllure and the funding ol new projects R8seNes pollcy The auMUlated funds al 31 March 2024 8r8 £8,526,997 represented hy 2Q24 2023 D881gnaled fund8.' ffxed asse15 Deslgnaled funds.. Sale pioceeds Unreslricled general funds Total unreslricled funds Restrlcted funds Capllal endowm8nl funds Total 7,176.447 7,220,803 99.410 524 555 7,844,768 612.410 415804 449 592 7,626.039 485,154 415 804 As Seen above, of the ch8rlly's unr6slrlcled reserves 01 £7,626,039, £7,176,447 Is represented by amounts invested in fixed as8els, nel ol r8laled loans and grants, used for direct charitable purposes. The res8rve8 policy, whlch is $81 in conlunclion with Ihe School Governors, is for the unreslriGled reserves ol the school and the Foundalion combined to be no lower than E400,000,' within whlch the Fouhdalion's unreslrlcled reserves will be no lower Ih8n £350,000. A summèry ol the yearfs results c8n be found on pago 13. There was a dellcll of £345,98512023'. deflcll £802,218) for the year 8nd aller charging deprecialion of £178,494 12023.. £178,495) and n81 loan intere81 of £39,482 12023.. 6,2631. The Charily's investments gengraled a galn of £NII12023.' £Nill before being Ir8nslerred to 8 cash management platform a5 noted above. Addllionalw, Ihrough managernenl of the Charity'5 ts8h re80urces. inloresl income ol £27,28412023.. £20,217) was 8chlèved. An inveslmenl g8in of £Nil12023.. £Nill 15 Included in tho accounts lo 31 March 2024 arising from Ihe rovaluallon of inv8slmenl property. There were no other snlIcant events affecllng the Ilnanclal perfom8nce of the Charity. The m81Th laclors affecllng Ihe fin8nclal posllbn golng foward gre lundraislng and investment perfom)ance. Page 4
THE ROYAL GRAMMAR SCHOOL, HIGH VVYCOMBE FOUNDATION CIO TRUSTEES. REPORTICONTINUEDI FOR THEYEAR ENDED Piln¢lpal rlsks and uiicertalnlSes Th9 Trusleeg reVW rlsk manag8menl annually and have Sdentilied thre8 broad areas of risk.. Iln8nclal, Inveslmenl and reputation. Financial risk is mlligated through the preparallon and revlew ol monlhly rnanagemenl arKounls and the exlslence of internal conlrols. A schem8 of financlal delegation is approved by Tru51ees and procedures are in place for the aulhorlsallon of 811 transaclions. Inveslm8nl rSsk Is manag8d by Ihe imp18menlalion ol an inveslm8nt policy. whlch Is agreed and approvad by Tiuslees annually. Thls policy $8ls out an investment slral8gy, whlch cannot be changed wilhoul agreem8nl at 3 Tru51ees meetlng, Two 8igh81088 are requlred lor all investment relaled Iransaclions. The Ch8rily. through Ils assoclallon wllh The Royal Giammèrschool, enjoys an excellent repu1811on in the community. The Charity recognlses the importance ol m85nlalning high slandard5 01 operation, partlculaily In Ils rund1$1ng aclivilies. Consequentty, the Charity ha8 PLII In place. and follow8, a Donor Ch8rter and Code ol Pracllce in Fundralslng. Prlnclpal fundlng The prlnclpal lundlng ol the charitable organlsalion Is Irom rental Income, Inveslmenl Income, donallons and olher fundialsing acllvilies. structure, governance and managomanl Conslilullon The organisalion Is s Charitable Incorporal8d Organlsallon ICIOI which w88 incorporated on 17th JUW 2018 under number 1179234. prevJus1ylI was 8 charllable Irusl governed by a scheme ol the Charily Commis$loners dated 3 November 1999 85 amended 22 January 2013. This scheme replad the former liusts of the ¢hanly, a scheme ol th8 Charlly GoinMisslon8rs of 2 April 1962. Thls charlly's reglslered numbar wgs 310827, and The Charily Commls8lon now record8 Ils slalus as a removed charlll,. Delalls of ihe Iruslees who served throughout Ihe year are Included li lh8 Referen¢e and Adminlslrallvé DelBiLg on P8gel. Method8 of appolntment or electlon of Trusloes The members of the Ch8rSty are known as Trus1898. Under the requlrememt of Ihe Gonslilulion, the Tru5tee5 are 81acl8d to serve for a lerm ol IhreE years, An appolnled Iruslee shall be ellgbble lor re-8ppolnlment by the charity Iruslee5 for iwo further terms of three years. The Headmasl8r of the School and th8 Chair ol the S¢hool GovernDIS are Trusle8s by vlrtue of Ihelr oHlce and Ihelr lerm extends lor the period ol thelr appointments, The con8lilulion details a cod8 of pracli¢e for the Trustees. Trus1888 ar8 recrulled from the local communlly, from parents ol present and past puplls and from alumnl ol the school, Trustees conslder Ihe 8kllls which are rgquSred and ac18 look lor new members wllh those skills. N8W Tru81etss are appoln18d by a vole ol the Trustees. Page 5
THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOLINDATION CIO TRUSTEES. REPORTICONTINUEDI FOR THE YEAR EMDED Oryanlsatlonal structure and declslon-maklng poll¢les The Trustees meet four Ilmes a yearlo discuss mallers relating lo the Chaillyand they are responslble forlhe $lr8taglc dlr8cllon and policy ollhe Charlly. Al present ihe Board has elghl Trustees from a variely of prolesslonal backgrounds indudlng a chairman ol Ihe board, A scheme of delegation is in place and lh8 day4041ay re8ponslbilily for the piovlsSon ol the service rosls with the Headmaster of the School, Polrcles adoptod for tlie Inducllon and tralnlng of TrDstèes Most Trustees are already famSllar wllh Ihe work ol the school and are encouiaged lo lamiliailse Ih8mselves with the Ch8rity and the ¢onlext in whiGh11 op8rales. Truslees are glven Ihe Charlly Commls8ion's publication The essential Iruslee.. what you need lo know, what you need lo do" 85 well as an internally pr8P8red document whl¢h sets out all aspects ol the Ch8rily's slruclure. organlsatlon and finances. Related party relationshlps The CIO18 related lo The Royal G¥amm3r School, Hlgh Wcombe, whloh18 an Acadgmy Trust. AB an Academy. The Royal Grammar School Is 8 compony1Srnlled by guarantee and an exempl charity. The Foundallon was set up lo suppori the school and make funds av8il8ble lo help wllh capital projects alongsld8 8mbarking on 5pecllic fund.Taising campalgns. Fundraising Is also undertaken by "Friends of groups. These groups undertake variou5 fundraising activities during the year and the proc8eds are held in the Foundallon's accounts but are ring fend lor u3e by the assoclaled group. The lund3 raised provlde asslslance wllh operallon81 eosls oi purchase ol assets or bulldlngll8dllly relurbishmenl, Plahs for future perlods The Charlty plans to contlnua to provld8 f8cllltl8s for the aducatlon ofTho Royol Grammarschool, Hlghwycombe puplls, Its alm 18 lo support th8 schoDI In the development of Ils f8cllltles lo r8flbct Ihe schDoI's asplwatloThs lor Sts pup118. as réflgcteij Sn It8StFatoglG Plan gnd to help ensure exlstlng.8chool laGilIeS remaln In good order. Page 6
THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO TRUSTEES, REPORTICONTINUEDI FOR THEYEAR ENDED Dls¢losure ol Informatlon lo audltors Each of the P8rsons who ar8 Truslees al th8 Ilme when thls Truslee8' Reportlg approved h8s conlirmed Ihal.. so far as Ihal TTu$188 is aware, Ihere15 no relevant audll inlorinallon of whlch the ¢harllVs audllors are un8W8r8, and that Trustee has taken all lh8 $18ps Ihal ought to h8ve been taken as a Trustee In order lo be sware ol any relevonl audit Information and lo eslablksh that th8 ch8rlly's audliors are awarts of that inlormalbn. Audltors The audllors, BKL Aud51 LLP, have Indk8led Ihelr wllllngnes8 lo conllnue in office. The designated Tru81ees w511 propos8 8 molbn reappointing Ihe audilor8 al a meeting ol th8 Trustee5. Approved by order of the members of Ihe board ol Tru8lee8 and signed on Ihebr behalf by.. Mr R B8yIy Chalr ol Trustees Dat8., 0910112025 Page 7
THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Truslees are responsibb for preparing th8 Trustees, report and the financial s13lemenls in accordance wlh applicable Liw and Unlled Klngdom Accounting Standards {Uniled Klngdom Gener81ty Accepted Accounllng Praclicel. The law applicable lo charities In England & Wa5 requires Ihe Trustees lo prepare flnanclal stslemenls lor each flnanclal year whlch ge a true at)d lalr view of the slate of affalrs ol the Charlty and of ils Incomlng resources and appllcallon of resources, includlng118 Income and expenditure, for that perlod. In preparlng these financlal slalemenls, the Trustees are required lo.. 88lecl sullable accounllng pollcle8 alld then apply them conslslenlly., obsewe the melhods and prfnclples ol the Charllles SORP IFRS 1021,, make judgmen18 and accounllng esllm8les that are reasonab and prudent, slate whether applicable UK Accounllng Standards IFRS 1021 have been followed, sublecl lo any materlal departures dlsclosed and explalned In the linandal slalemenls., prepare the fln8nclal slalements on the golng ThCern basls unle5911 is Inapproprlale lo presume that the Charily will conllnue in business. The Trustees ère responsible for keeplng adequate accounting records that 8¥e sufficlenl lo show 3nd explain the Charlly's transactions and disclose with reasonable accuracy al any me the financlal posllbon of the Charlty and enable thèm lo ensure that the flnanclal slalemenls Comply with the Charities Acl 2011. the Ch8rlly (Accounts and RepoM$) Regulallons 2008 and the prov181ons ol the Trust deed. They are also responsible for safeguarding the assets of the Charlty and hence lor laklng reasonable steps for the prevenlbn and delecllon of fraud and other Irregularllies. Approved by order ol th8 members of the board ol TIu518es and signed on ils behall by.. Mr R Bayly Chair ol Trustees Date.. 0910112025 Page 8
THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF THE ROYAL GRAMMAR SCHOOL, HIGH WYCOM8E FOUNDATION CIO Oplnlon We have aud118d Ihe finandal slalements ol The Royal Grammar S¢hool, Hlgh Wycombe Foundation CIO Ilhe 'charity'l for the year ended 31 Maroh 2024 whlch compri88 Ihe Slalement ol financlal 8CtlvSlles, the Balan 8heel, the Slalemenl ol cash flows and the related note5, includlrig a summary of slgnllicenl accounting policies. The Inancial reportlng framework that has been applled In Ihelr preparallon Is applicable law and United Klngdom Accounting Standards, Includlng Flnanclal Reporting Slandard 102 'The Financial Reportlng Slandard applicable the UK and Republlc of Iroland, Iunlled Kingdom Generally Accepted Accounllng Pra¢llce). In our oplnion the financial stalemonls.. ylve a true and fair vlew of the sla18 of the CharllV8 affairs as al 31 MaTch 2024 and of115 incoming iesourees and appllcalion ol resources, induding ils income and expenditure for the year then ended., have been proper prepared In 2ccordanGe with Unlled Kingdom Generally Accepted Accounllng Practice,, and have been prepared In accordance with Accounting and Reporting by Charilles prep3rlng their accounts in accordance wllh th8 Flnandal Reporting Standard appllcable In Ihe UK and Republlc ol Ireland IFRS 1021 ?nd In other respects Ihè requlrem8nts ol the Ch3rilles Act 2011. Basls for opinlon We conducted our audll In accordance wilh International Standards on Audlllng IUKI IISAS IUKII and appllcable law. Our responsibili110s under those standards are further described in the Auditors, responsibilities lor the 8udil ol the financial stslemenls secllon ol our report. We ale indeperident ol the Charity in accordance with the ethical requlremenls that are relev8nl lo our audit ol the financlal slalemenls In the Uniled Klngdom. including the FlnanGial Reporting Council's Elhl¢sl Standard, and we have fulfilled our other ethical r85ponsibililies in ccordance with Iliese requlremenls. We beliove that the audit evidence we have oblalned is sufficlenl and appropriate lo prowde a basis for our oplnlon. Conclusion5 relating to uolng concèrn In audlllng Ihg financial slalemenl8. we have concluded that lh8 Trustees, u86 of the golng concern basls of accounting in the preparallon ol the fi#anGl81 statements Is approprlale. Based on th8 work we have perforrn8d, we have not idenlllled any malerlal unoertalnlies relang lo èvents or condlllon5 that, indivldualw or collecllvely, may cast slgnlflcanl doubl on the charity's abilily ID continue as a going concèm lor a p8rlod of al least iwe8 mgnlhs from wh8n the finandal slalements are aulhorlsed lor issue. Our responsibilllies and the responslbililles ol the Trustees wllh respecl lo going concern are described In the relev4nl secllons of Ihbs report, Page 9
THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF THE ROYAL GRAKqMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO ICONTINUEDI othèr Informatlon The other Information comprlses the Inlormatlon Included In the Annual report other than the financlal slalemenls ènd our Auditors, report Ihereon. The Trustees are respon55ble for the other Inlormallon conlalned wllhln the Annual report. Our opinion on the financi81 s181emenls does nol cover the other Inlormalkin and, except lo thè exlenl olherwse expllcllly stated In our report, we dts not express any form of assurance conclusbn Ihereon. Our responslbillly is lo rèad the olhef inlormalloin and, In dolng so. eonslder whelher the other inlormallon Is maleri211y incoThslslenl K4lh the financial slalern8nts or our knowtedge obt8lned in the course ol the audit, or olherwlse appea¥s lo be materially misstated, 11 we identify such malfyrial inconsislenGles 01 apparent malerlal misslalements, we are required lo delermSne whether this gives rlse lo a malerial misslalemernl in the financlal slalemenls Ihemsefves, 11, based on Ihe work wo have performed, we conclude that there Is a mal8rt81 misslalemtsnl ol Ihls other Information, we are required to report that fact. We have nolhlng lo report in this regard. Oplnlon on other matters prescrlbèd by the Companles Act 2006 In our oplnlon, based on the wod( undertaken In the course ol the audll.. Ihe information given In the Trusleas, Report lor Iho financlal year for whlch the flnancial statements are prepared is eon51Stenl wllh the financial slalemenl8. the Trusle85' Report has been prepared In accordance wllh 8ppllcable legal requlremenls. Matters on whlch wo are requlred to report by ex¢opllon In the Ilghl of our knowledue and understanding of the Charlty and its envlronmenl obtslned In the course ol Ihe audll, we have not Idenlifled malerlal mlsslalemenls In the Truslees, Report. We have nolhlng lo report in respect ol th? following mallers in rel81Son lo which Companies Act 2006 requires us lo report lo you if, In our oplnlon.. adequate ac(L)unllng records have not been kept, or relums adequate for our audit have not been re¢giv8d from branchè5 not visited by us,. or the Iinanclal slatttm8nls are not in agrèement wllh the accounllng records and relurn8'. or certain disclosures ol Trustees, r&muneralioh spe¢illed by law are not made., or we have not re5Ved all the informallon and tsxplanalions we requlre for our audll,. or the Trusle8s were not enlllled lo prepare th6 ff nanclal slal8menl6 In accordance wllh the sinall companies regime and laktr advantage ol the small COTnpanles' exemptions In preparlhg the Trustees, Report and from the requirement lo prepare a Slrsleglc Report. Responslbllltles of trustees As explBlned more lulty In the Trustees, re8ponsibililie3 slalemenl, Ihe Trustees (who are also the directors ol the ch3rllable company lor th8 Purposes of company lawl are responslbl@ for the preparalbn of the flhanclal slalements and lor such internal eontrol as the Trustees determin& is necessary lo enable the prepar811on of flnancl81 slalemenls that Bre free ftL)m material misslalemenl, whether due to fraud or error. In preparing the fin8ncSal slalemenls, the Trustees are responsible for assesslng the Charity's ablllty lo ¢onllnue as a golng concern, discloslng, as applieable, mallers related lo going concern and uslng the going concern basls of accounllng unl8ss the Trustees ellher Intend lo liquidate tha Charity or to cgase operallons. or have no realisllc allernallve bul lo do so. Page 10
THE ROYAL GRAMMAR SCHOOL, HIGHWYCOMBE FOUNDATION CIO INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION ¢10 ICONTINUEDI Audltor5' responsibilities for the audlt of the flnanclal slalements Our oblect5ves are lo oblaln reasonable assurance about whether the financlal statements as 8 whole are free from material m155talement. whether due lo fraud or error, and lo Issue an Auditors, r8POrt that includes our opinlon, Reasonable assurance Is a hlgh level ol assuranoe, bul Is not a guarantee that an audll conducted In accord8nee wllh ISAS IUKI wlll a5ways deleGt a material misstatement when il exlsls. Mlsslatemenls can arlse from fraud or error and aro considered malerfal if, Indlvldually or In the aggregale, they could reasonably be expected lo influence the economlc decislons ol users taken on the basis of Ihese financial sl818menls. Irregularllies. Including fraud, are instan¢5 of non-cotnpll¥nc6 with laws and regulations. Wa design procedures in line with our responsibilities, oulllned above, lo delecl material misslalernenls in respect ol irregulaTille8. Including fraud. The exlenl lo whlch our pro¢edures are capable of dele¢llng Irre9ularilies, Indudlng fraud Is delalled below.. Enquiring ol management around actual and polenllal Illigatlon and claims Reviewing board meellng mlnules of meellngs of those charged with governance Revlewing financial slal8menl disolosures and lesling to sUPPOrting documentallon lo assoss compliance wllh applicab laws and regulations Performing audll work over the rlsk ol Man8gemenl overrlde ol controls, including lesling ol journal entries and other adjuslmenls for appropriateness, evaluating the business rationale ol signlficanl Iransacllons oulslde the normal course ol buslness and reviewing accounllnu estimates lor blas, As part of an audll in accordance wllh ISAS (UK), we 8xercise profe55i0nal judgement and mainlaln professlonal 8cppliGism throughout the audit. We also.. Idenllfy and assess the risks of malerlal ml8slalemenl of the financial slalem8nls, whelh8r due lo fraud or error, design and perform audit procedures responsive lo those risks, and oblaln audll evidence that Is suffi¢lenl and appropriate lo provldg a basis for our oplnion. The risk ol not delecling a mglerial misslalement resulting from fraud is highei than lor one resulting from error, as fraud may involve colluslon, forgery, Intentional omissions, mi$represenlallons, or the override of Internal control Qblaln an understanding ol Internal control relevahl lo the audll In oyder to deslgn audit procedures Ihal aro gppropriale In the CiTCkJmslances, bul nol for the purpose of expresslng an opinlon of the effecllveness ol the charity's internal control Evaluate (ho approprlaleness ol accounting polleies used and the reasonableness ol accounllng esllmales and related dl8closures made by the Trustees Conclude on the approprlaleness ol the Trustees, use ol the going Goncern basis ol accounllng and, based on tho audit evidence obtained, whether a Inalerial uncertainty exists related to events or condllions that may c8sl sioniflcanl doubl on th8 charity's ability lo continue as a ¥olng con¢ern. If we ¢on¢lude that a malerlal uncertainly 8xisls, we are required lo draw attenlion In our Audllors, Report lo the related disclosures in the rinanolal slalemenls or, il such d55closures are inadequate, lo modlfy our opinion. Our conclusions are based on the audll evidence oblalned up lo Ihè dale of our Auditors, Report. However, lulure events or condllions may cause the charlty lo cease lo continue as 8 golng concern. EvalLJate the overall presentation, structure and content of the Iinahcial stalemenls, Includlng the disclosures, and whether the IinanciBI slalements represent the underlylng Iransacllons 8nd events In a manner that achleves falr presenlallon. We communltrale with those charged wllh governance regardlng, among other mallers, the pnned scope and Ilmlng of the audll and slglllflcanl audll findings, includlng any slgnlficanl deficiencles In Internal control that we Idgnlify during our audll. Because of the inh8renl limilallons ol an audit, there Is a rlsk that we will not delecl 911 irfégularilles, Including those leading to a material misslalewenl In the linandal stalgmenls or non-compliance wilh regulallon. This risk incrfyases the more that compllance wllh a law or regulation 15 reinoved from the events and transactions reflected in the financlal slalements, as we will be less likely Its become awar8 of instances ol non-¢ompliance. The risk is also greater regarding liregularllles occurrlng due lo fraud rather than error, as fraud Involves intentional concealment, lorgeryi colluslon, omisslon or misrepresenlalion. Page11
THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOLINDATION CIO INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO ICOMTINUEDI A further descrlpllon of our responsibililles lor the audit of the financial statements is located on the Financial Reporting Council's website 81.. www.Irc.o .uklaud'lors Audiltsrs, report. Thls descrlpll¢Jn form8 part ol our Use of ouy rèport Thls report is made solely lo the Charity's Iruslees. as a body, In accordance wllh Part 4 01 the Charllles (Accounts and Reports) Regulations 2008. Our audit work has been und8rfaken so that we mighl 51ale lo th& Charlly's Iruslees those matters we are requlred lo slate lo them in an Auditors, report and lor no other purpose. To the lullesl exlenl permilled by law, we do not aceepl or assume responsibillty lo anyone other than the Charfty and Ils Iruslee5, as a body, lor our audll work, lor this report, or for the L¥plnksns we have ft)rmed. BKL Audit LLP Chart8red Accounl8nts Slalulory Audllor 35 Ballards Lane London N3 1XW Dale.. 1310112025 Page 12
THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unraslrlcted funds 2024 Raslricled Endowment funds funds 2024 2024 Tolal funds 2024 Total runds 2023 Note ncoinB and endowments from.. Donations ahd legacies Charitable èclivilies Investments 461,333 461.333 265,OOD 64,889 502,100 265.000 49,798 265,000 41,018 23,972 Total Income and 8ndowments 306,018 486,205 791,223 816,898 Expendituro on.. Raising funds Chaillable acllvllles 36,732 488.015 4,961 607,500 41,693 1,095,515 15,901 1,603,215 Total expendltuye 524,747 612,461 1,137,208 41,619, 116 Net expènditure before net Ioss9$ on Investments N81 losses on investments 1218,7291 {127,2561 1345,9851 (802,218J 110,4801 10,4801 Net movement In funds 1229,2091 1127,256) 1366,4661 {802,218J Reconclllatlon of funds: Total funds brought FOard Nel movement In funds 7,844,768 1229,2091 612,410 1127,2561 8,872,982 1356,4651 9.675,200 (802,218) Total funds carrled foNard 7,615,569 486,154 416,804 8.516,517 8,872,982 The Stalemenl of Finandal Aclivilies includes all galns and105se5 recognised in the y8ar. The notes on pages 16 10 35 form part ol these financial slalemenls. Pago 13
THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Flxed assets Tanglble assets Invgslmgnl property 13 14 7,540,220 620,000 7, 718, 713 630,480 8,160,220 8,349, 193 urrent assets Debtors Cash al bank and In hand 15 108,339 866,334 67,202 1,472,881 974,673 1,540,083 Credllors.. amounts falling due wllhln one year 1194,3941 (451,430) Net current assets 780,279 1,088,653 Total assets less currant Ilablllties 8,940,499 9,437,846 Creditors.. amounts falllng due after mole than one year 17 {423,982 (564,864) Nèl assgts excludlng penslon asset 8.516,517 8.872,982 Total net assets 8,516,Sq7 8.872,982 Charlty funds Endowm8nl funds R6slrlcled funds Unreslrfcled funds 19 446,804 486,164 7,615,559 415,804 612,410 7,844, 768 19 Total funds 8.516,517 8,872,952 The fln8nclal slalemenls war8 approved and aulhorised lor Is8ue by Ihe TIu81ees and slgned on their behalf by,, Mr R Bayly Dale: 0910112025 The notes on pages 16 10 35 form part of Ihese financlal 81alement8. Page 14
THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash Ilows from operatlng aclivllles Nel ¢ash used in op8rallng aclivilles 499,6921 (376,729) Cash Ilows from Investing actlvltles Bank interest incom8 Purchase ol investment property addlllons 27,283 20.217 (2,787) Net cash provlded by Inv*sllng actlvllles 27,283 17,430 Cash flows from finattclng aclivill88 Repayments of borrow1ng 1134,1281 (128,062) Nel cash used In flnanclng actlvltles 1134,13BI 1128,062} Change in cash and cash equlvalents In the yeor Cash and cash equivalents al the beglnning ol the year 1606,6471 1487,3611 1,472,881 1,960.242 Cttsh and cash equlvalents at tho ènd of thg y8ar 866,334 t,472.881 The notes on pages 16 to 36 form part ol these flnanclal $18lemenis Page 15
THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General Information Wycombe Royal Grammar School Foundallon CIO is a charitable inwrporaled organlsallon registered In England and Wales. The address of the principal office is given In the oharity information on page 1 of these financlal slalemenls. The nature ol the CIO'S operalFons and prSnclpal acl5vltle818 lo provlde benefits for The Royal Grammar Schoc>l, High Wycombe. Accounllng pollcles 2.1 Basls ol preparatlon of flnanclal statements The financlal 8talemenls have been prepared in accordance wllh the Charities SORP IFRS 102) Aceounllng and Reporting by Charllles.. Slalemenl ol Recommended Practice applicable lo chari118S preparing Iheli 3ccounls in accordan¢e with the Financial Reporting Standard applic8blo In the UK and Republlc of Ireland IFRS 1021 leffe¢live 1 January 20191, the Fln3ncial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charllles Act 2011. The Royal Grammar School, High Wycombe Foundallon CIO meets the definlllon ol a public benefit enlily under FRS 102. Assets and Ilabllllles are initially recognised al historical CDSI or Irahsacllon value unless olhewise slated in the relevant Bccounllng policy. The linand81 statements are presented in £ slerllng, the functional wrrency, rounded lo the nearest £1. 2.2 Fund accounllng General funds are unreslricled funds which are avallable for use al the dlscrellon ol the Trustee8 In furtheran¢e ol Ihe general objecteS ol the charflabl& organlsalion and whirkn h8ve not beèn designated lor olher purpgses. Desnated funds comprise unrestricted funds that have been sel aside by the Trustees for particulai purpose5. The alm and use of oach designated fund 15 sel out in the notes lo the financial stalemenls. Reslricled funds are funds whlch are lo be used In accordance with specific re81iiclions impclsed by donors or whlch have been ialsed by the oharllable organlsallon lor particulai purposes. The eosls ol r8181ng and adwinislerfng such funds 8r8 charged agslnsl the speclllc fund. The elm and use of each reslri¢ted fund is sel out in the note8 lo the flnanclal slalem8nl8. Endowment funds represent those assets which musl be held permanently by the Charlly. Incom¢ and capital galns arislng on the enclowmenl funds can be used in accordance wllh the ubJBGls of the charity and included as unrgslrlcled income. Investment Income, galns and losses are allocated lo the appropriate fund. 2.3 Golny Cohcem The Trustees assess whether Ihts use ol going concern is appropriate ie whelhei there are any malerlal uncertainties related lo events or condlliohs that may cast slgnllicanl doubl on thè 8blllty ol the charity lo ¢onllnue as 8 golng con¢em. The Trustees mal(e th18 assessmenl In respect of a period ol At l&asl one year from the dale ol aulhorlsallon ft)r Issue ol the fin8nclal slatemanls, and have concluded that th8 charity has sUfFIcnI resources lo conlbnue In operallonal existence for tha foreseeable future and there ale no material unGertalntles aboul the charty,8 ablllty lo contlnue a8 golng concern, thus they conllnue lo adopt the going concern basls ol accounllng In prepailng the rinancial slalemenls Page 16
THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounllng polleles Icontlnuadl 2A Incom8 All Ihcome Is reoognlsed once the Charfly has enlillemenl lo the income, It 18 probBble that the lllcome will be rec8ived Bnd the 8mounl of Income re¢elvabk can be measured reliably. Other Income18 recognis8d In Ihe pertod in whlch11 is receivable and lo the exlenl the goods have been provided or on complellon ol the seNice. 2.5 Expendlture Expéndilure is recognised once Iheio is a legal or conslrucllve obligallon to trans18r economic benefit lo a Ihlrd party, il is probable that a Iransfei of 8conomic benefils wlll be required in selllemenl and the amount ol the obllgallon can be measured relIab. Expenditure is classllied by activity. The 0051s ol each acllvlly are made up ol the lolal of direct costs and shared ¢0gls, including support costs involved in undertaking esch activity. Dlrect costs allrlbulable lo 8 slngle activity ar8 allocated dlrecllv lo that aollvlly. Shared costs whlch conlfibule lo more than one acllvily and support costs whlch are not 811rlbulable lo g single actlvily are apportloned between those activities on 3 basls eonslslenl wilh Iho use of resource5. Central staff costs are allocated on the basls of Ilmo spent, and depreciallon oharge5 allocated on the portk)n ol the 88801's use. Expendiluie on raising funds includes all 8xpèndilure incurred by the Charity lo raS8e lundg for ils oharilable purposes and includes costs of 411 fundralslng acllvllles events and non-charilabla trading. Expendilure on charitable activities is incuried on direclly undertaking the activllie8 which furih8r the Charity's objeclwe5, as well as any assoclaled support costs. A number of award funds are established as p3rt of the Charity lo promot8 educallon. physlc81, mental, soci81 or spiritual cspacllies ol school puplls. Investment Income is used lo m8ke grants lo pupils in aeeoTdance with the aw8rd iules. Other grants are made directly lo Royal Grammar School High Wycomb6. All expenditure Is Incluslve of Irre¢overable VAT. 2.6 Int8Yest recelvablo Interest on funds held on dep0511 is Included when r8¢elvable and the amounl can be measured rellably by the Charlly.. Ihls Is normally upon nolificalion of the interest pald or payable by Ihe Inslilulion wilh whom Ihts lunds ara deposited. 2.7 Tanglble flxed as$8ts and depY8clatlon Tangible fixed ass8Is CDsllng £NIL or more are c8pllalised and recognlsed when future economlc beneflls aro probable and the cosl or value ol Ihe asset can b8 measured iellably. Tangible Ilxed assets are Initlally recognlsed al cost. Arter recognlllon, under the cost fflodel, langlble fixed assets are measured al cost less accumulated depreclallon amd any 8ccumulaled impalrmenl losses. All costs incurred lo brlng a tangible fixed asset Into Ils Intended worklng condlllon should be InGluded In the measurernenl ol cost. Psge 17
THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontlnuèdl 2.7 Tanglblé flxèd as8ets and deprèclalion Icontlnuedl Deprec1811on Is charged so as lo sllocale the eosl ol langlbla flxed assets less Ihelr re5idu21 vglue over Ihelr estimated useful lives, uslng the stralghl-line method. Deprecialion is provlded on the lollowlng bases.. Freèhow property Fixtures and fillings Compulei equipment Over 50 ye8r8 over 5 years over 3 yèars 2.8 Investmgnt property Inveslmeril properties are ini118lly measured al cost and subsequently al falr value al the reportlng dale. Gains and losses, whether realised or unreallsed, arè combined and presented a8 G2insllLossesl on Inveslm8nts' In the statenI ol Flnanclal Aclivllies. 2,5 Dabtors Trade and other debtors are recognised al the selllemenl amount after any trade dlsctsunl offeTed. Prepayments are valued al the amount prepaid nBI ol any trade dlscounls due. 2.10 Cash at bank and In hand Cash al bank and In hand Includes cash and short-lerm hlghly Ilquid investments with a short malurlly of three months or less from the dale of acqL+lsllion or opening ol the deposll or similar account. 2.11 Llabllltle8 And provlslons Llabllllles are recognlsed when Iherels an obligallon 41 the Balance 8heel dale ès a re3uII ol a past &venl.11 Is probable that a transfer of economlc benefit wlll be requlred In stslllemenl, and the arnounl ol the selllemenl can be esllmaled rellably. Llabilllles are recognlsed at the amount that the Charlty anllclpales11 wlll pay lo sellle the debt or the amount11 has receivgd as advanced paymen18 lor the goods or seNices il musl provid&. ProVI8nS are measured al the best trslim8le of the amoun15 requlred lo $8tt18 the obligallon. Where the effect of the lime value ol money is material, the provision is based on th8 present value ol those amounts, discounted al the pre-tax dlseounl rale that rellecls the risl(s specifi¢ lo the liabilily. Th6 unwinding of the discount is recognised in the Slatgmenl of financial aalivllies as a Ilnance cost. 2.12 Flnanclal Instruments The Gh)rlty has flnancial assets and financial Ilabllilies ol a klnd Ihal quallfy as baslc finandal Inslrumenls. Baslc ffnanclal Instruments ale Inlllalty recognlsed al Iransacllon value and subsequenÉly measured 01 Ihelr selllemenl value with the exc8pllon ol bank loens which a¥e subsequgnlly measured al amort15ed cost uslng the effective Interest method. Pag818
THE ROYAL GRAMMAR SCHOOL, HIGH WYGOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donallons and legacles Restricted funds 2024 Total funds 2024 Donallons and fundralslnu 461,333 461,333 R8slrict8d lunds 2023 Tolal funds 2023 Donations and lundralsing 502, IOQ 502, 100 Incomg from charltable a¢tlvltl&s Unrestrlcted funds 2024 Total funds 2024 Lease ol boardlng house 265,000 265,000 Unreslriclfjd fvnds 2023 Total funds 2023 Le8se of bLiardlng house 265.000 265,000 The lease of Ihe boardlng house enlered In lo gn 1 April 2011 b8lween the Trustees ol the Wycombe Royal Grammar School Foundalioii CIO and the Royal Grammar School Hlgh Wycombe for a lerrn of nineteen years, sllpulales that rent revlews are carrled out on each firth annlvers8ry of the commen¢emenl dale ol the conlraclual lelm. The next review is due 1 April 2026. Page 19
THE ROYAL GFLIMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investrnenl Ineome Unrestrlcted Restrlcted funds funds 2024 2024 Total funds 2024 Bank intere51 recelvable Property lo support accommodallon for leachlng staff 26,465 14,553 819 23,053 27,284 37.606 41,018 23,872 64,890 Unrestrtoled funds 2023 Re&trtc18d funds 2023 rol81 funds 2023 Bank Intere81 iecelvable Propety lo support accommodation for leaching staff 19,611 11,448 606 18,133 20,217 29,581 31,059 18, 739 49, 798 Expondltur• on r&lslng funds Costs of ral8lnu voluntary Ihcome UnrestYlGled funds 2024 Total funds 2024 Costs relallng lo'Friends' 33,600 J3,600 Reslrlc18d hinds 2023 ro131 ftsiids 2023 Costs repallng lo'Frlends' 8,197 8,19T Page 20
THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARGH 2024 Invèstment managemènt eosts Unrestricted Restrlctod funds funds 2024 2024 Total fund8 2024 Property lo support accoimmodallon for leaching staff expendllure 3,132 4,961 8,093 Unreslrlcl8d Restrioled lunds runds 2023 2023 Tolal lunds 2023 Property lo suppori accornmodallon for leaching staff expendSlure 2,981 4. 723 7, 704 Analysls of èxpèndlture on charltable activities Summary by fund type Unreslrlcted R8strlc18d funds funds 2024 2024 Tolal 2024 Support lo Royal Grammar School 488,015 607,500 1,095,515 Unrestricted funds 2023 Restiycted funds 2023 Tolal 2023 Support lo Royal Grammar School 244. 778 1.358,437 1,6Q3,215 Pagè 21
THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Anatysis of expendlture by activities Actlvllles undertaken directly 2024 Total funds 2024 Support lo Royal Grammar School 1,095.515 1,095,516 Acliwli&s nd&rtak8 dir8GtIy 2023 Total funds 2023 Support lo Royal Grammar Schotsl 1,603.215 1,605,215 Analysls of costs Totgl funds 2024 Activllles 2024 D8preelallon Donations Grant payments Support wsls Loèn Interest Bank charges Professional fees Auditors, remutierallon 178,494 802,607 4,735 58,970 39,482 3,154 3.123 4,950 178,494 802,607 4,735 58,970 39,482 3,154 3,123 4,950 1,095.515 1,095,515 Page 22
THE ROYAL GRAMMAR SGHOOL, HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of èxpendllure by actlvilles Icontinuedl Icontlnued) fot81 funds 2023 Acllvllles 2023 Oepreclation Donations 178,494 1,326,720 8,245 34,693 26,263 4,674 9,226 14,900 178,494 1,526, 720 8,245 34,693 26,263 4,674 9,226 14,900 Grant payments Support costs Loan interest Bank chargos Professional lees Audllors, remun8rallon 1,603,215 1,6Q5,215 10. Audltors. remuneratlon 2024 2025 Fees payable lo the Ghailly's audllor for the audll ol thè Charity's annual accounts 3.500 10,200 Fees payablè to the Charlltys audllor In respect ol.. Non audit servkes 1,450 4, 700 11. Staff costs The Chadly has no 6mployees durlng the year12023'. no employeesl. No employee reeewed remunerallon amounllng lo more than £60,000 in ellher year. Page 23
THE ROYAL GRAMMAR SCHOOL, HIGH WYGOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Trustees. remuneration and expens8$ Durlng the year, no Trustees re¢elved any remuner8llon or other benefits {2023- £NIL). There Is 2 jolnl Insurance pollcy wllh Rayal Grammar Sehool Hlgh Wycombe coverirvJ professional indemnlly and TrusleeslOffic8rs liabillly insuranoe. Cosls are borne by the School Durlng the year ended 31 March 2024, no Trustee expenses h8v8 been incurred {2023- £NIL). 13. Tanglble flxed assets Freehold Flxtures and property fittings Computèr equlpment Total Cost or valualloh At 1 Aprll 2023 13,264,001 32,184 15,168 13,3q1,353 Al 31 March 2024 13,264,001 32,184 15,168 13,311,353 D8p¥eclatlon Al 1 April 2023 Charge for the year 5,645,28B 178,493 32,184 15,168 5,592,640 178,493 Al 31 March 2024 5,723,781 32,184 15,168 6,771,133 Net book value Al 31 March 2024 7,540,220 7,640,220 Al 31 March 2025 7, 718,713 7, 718, 713 All fixed assets are held for direct eharilabk purposes, providing boarding and school facllllle8. In the èb88nce of cosls relallng back lo 1914. the freehold land and bulldlngs have been brought In al Inlllal carrying value basèd on a valuallon al l Aprll 1999 al dep¥ecialed replacement cost. The Land wllh 8 value of £4.305m Is not depreciated. The Trusle8s consider Ihe market value of the propety lo be 5ignificanlly In excess ol tho value slated above. A professlonal valuallon carrled out in June 2005 prowded a Iolal markel value 01£18,925,000. Page 24
THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Inve8tm8nt prop6riy Freehold Investment properly VBluallon Al 1 Aprll 2023 Surplus on revaluation 630,480 110,480) Al 34 March 2024 620,000 The falr value ol the Ireehold property al the balance she81 date was based on a valL)alion by an Independent valuer who holds a Tecognlsed and relevenl profe5slonal qualilicBtion and has recent experien Sn the lo¢allon and clas$ ol Inveslmenl properly belng revalued. The basls of valuallon adopted Is Market Value. 15. Dgbtors 2024 2023 Other debtor8 Prepayments and accru¢d income 543 108.339 66,659 108.339 67,202 16. Creditors: Amounts falllng duè wlthln one year 2024 2023 Bank loans Other ciedilors Accruals and deferred Incomè 140,883 44,425 9,086 134,139 269,954 27,337 194,394 451,430 Page 25
THE ROYAL GRAMMAR SCHOOL, HIGH IIVYCOMBE FOUNDATION GIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Creditors.. Amounts falling due after more than one year 2024 2023 Bank loans 423,982 564,864 Included wilhln the above 8re amoun15 falllng due as follows.. 2024 2023 Between and two years Bank loans 147,662 140,883 Between and flve years Bank108n8 276,320 423,981 On Incorporalloj) ol Ihe CIO Ihe RBS bank loans were novaled from (he Wycombe Royal Grammar School Foundation lo the Royal Grammar School, Hlgh Wycombe Foundation CIO on 19 Nov&mber 2019. The bank loans are due lo be repaid wllh a balloon payniènl of £387.327 on 17 August 2025. There Is an opllon lo relin8nce the bAlanc811 required. A 1.15% variable rale ol inlare51 over SONIA Is payable over the remalnlng term of the bans The Bank103ns are Secured on Ihe freehokl property. 18. Flnanclal instruments 2024 2023 Flnanclal assets Flnancial assets me8sured 81 fair value through income and expenditure 866,334 1,4T2,881 Financial assets measured at falr value through Ineome and expendllure aomprl8e cash al bank and In hand. Page 26
THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARGH 2024 19. Statemènt of funds Statement of funds - current yea¥ Balancg at 31 March 2024 Balanc8 at Aprll 2023 Transfers Inlout Galnsl (Losses) Incomè Expendlture Unrestrlcttd funds Deslgnatèd funds Flxed assets Sale proceeds 7,220,803 99.410 178,4941 134,138 199,4101 7,176,447 7.320,213 1178,4941 34,728 7,176,447 GenerAI funds General Funds- all lunds 524,556 306,018 346,2S31 {34,7281 110,4801 439,112 Total Unreslrlctèd funds 7,844,768 306,018 1624.7471 {10,4801 7,615,559 Endowment funds Mcmanus- Russ611 Endowment Prize Fund Endowment Foundation Endowm8nl Johh Cooper Award Endowment Pallinson Award Endowment Mann Memortal Scholarshlp Endowment 353,303 353,303 1,772 1,772 22,606 22,60S 5,783 5,763 28,3YO 28,370 3,991 3,991 415,804 415,804 P8ge 27
THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Statement of funds Iconllnuedl BalaJ)ce at 31 March 2024 Balance at 1 Aprll 2023 Transfers Inlout Gainsl (Lossosl Incomtr Expenditure R851vlcted fuhds RGS Pilze Fund John Cooper Award McMbnus-RL)S8811 Awards Chris Gaunt Memorial Pallinson Award Development Fund- capital grant Physics Lab Fund Haines Chaiilable Trust Sports Development Fund Mann Memorial Scholarship Youens VC Memorlal Scholarship Campaign D8velopmenl Fund John Edwards Music Future u5 Gampalgn Sixth Form Cènlre 1562 Campaign Fiaser YoLten8 Parents Associallon Aceess 2 Exellen¢e Campalgn School Crosslng 1,394 31,685 83 1171 12681 1,460 32,706 1,289 43,945 19,027 18,6891 54,283 694 19,381 18,173 1,526 13171 45,496 0,000 45,496 qo,000 6,565 6,565 295,183 289,204 1354,7091 229,678 3,445 219 {461 3,618 7,892 439 111,751 907 241 1601 8,083 14J91 32,659 16,0771 35,333 907 99,701 3,241 10,000 14,399 121,300 1206,8261 592 14,767 3,241 10.000 8,442 9,3SO 126,3071 308 11561 (IS31 500 500 612,410 4BS.205 1612,4611 485.154 Total of funds 8.872,982 791,223 11,137,208) 11 D,4801 8,518,517 Page 28
THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Slalement of funds Icontlnuedl Slalement of funds prlor year 8alanc8 81 31 March 2023 B81ancg al l Aprll 2022 Transfers In/oul Income Expenditurn UnYestrlct6d funds Daslgnatsd funds Flxed assels Sale proceeds 7.269,059 900,000 (177,378) 129, 122 (800,590J 7,220,803 99,410 8.169,059 (177,378) (671,468J 7,320,213 General funds General 561.470 296,Q59 {1,004,442) 671,468 524,555 Total Unrestrletèd funds 8,730,529 296,059 (1, 181,820J 7,844, 768 Endowm9nt funds Prize FOunda.0n John Cooper Award McManus-Russell AvArd Palllnson Award Mann Memorial Scholarshlp 1, 772 22,605 5. 763 353,303 28,370 3,991 f, 772 22.605 5, 763 353,303 28,370 3,991 415,804 415,894 Restrlcted fund5 Priie Fund John Cooper Award Mcmanus Russell Awards Chris GauMI Memorfal Palllnson Award Development Fund - oapilal grant Gampaiun Halnes Ch8ritable Ttu81 Youens Fund Mann Mèmorlal Scholarshlp 1,346 30,928 41,023 694 17,278 65 1,012 14,929 (17) (255) (12,007) 1,394 31,685 45,945 694 1, 797 (302) 18,173 46,994 (1,498) (148) 45,496 439 587 6,565 7, 751 3,316 6,565 7,892 3,445 189 772 (48) (43) Page 29
THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19, Statement of funds Icontlnuédl Statement of funds - prloy year Icontinuodl Balanc8 81 31 M8roh 2023 Balance at l AprH 2022 Transfers inloul Incom8 ExpeiidiÈurg Sports Development Fund Parents Assoolatlon John Edwaids Kluslc Science Lab Fund School crossing and Alanyeales In memorium Fiaser Youens Future us can)palgn Slxlh Fonn CenlTe Dev8loprnonl fund 1582 Campalgn 247, 772 13,662 907 10,000 220, 180 12,536 (172, 769) (11,799) 295, 183 14,399 907 10,000 500 10,000 500 20,5CIO (20,500) 10,000 57,971 203,006 18, T51 27, 715 (161,276J 99, 701 18, 751 3,241 32, 160 (56,634) 528,867 520,839 (437,296) 612,410 Total of funds 9,675,200 816.898 (1,619. 116) 8,872,982 Page 30
THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Statgmanl of funds lcontinuedl Deslgnotèd funds Tha fixèd ass81 fund represen15 amounts invested in flxed a95els, nel of related IDan8 and grants. The sale proceeds repres8nls Iha balance of Ihe proedS from Uptyme Hou5È. Endowment funds The Endowment funds iepresenl the amounts donated lo Ihe Foundation from which the Income Is transferred lo the Reslrlcled Funds and dislribul8d, Transfers £134,13812023.' £129,122) Iranslerred lo the Fixed Asset Fund represents the movement In the year for IoBn capltal pald, and the fixed asset addillons and disposals for the year. In 2(J24, £99,410 was transferred from the designated fund rèpresenllng sUPPOrt to the Academy towards the co31 of the Maths Mezzanlne and the Sixth Form study space. Restricted funds The Prize Fund relate to prlzes lo puplls lor achlevemenl. John Cooper Award, sel up In 1981, Is lo use the Income generated from the 6ndowmenl lo fund travel abroad for eduoalion or olhei chaiacler t¥alning aclivilies, or for the study ol music or art. McManus-Russ811 Awards were eslabllshed in 1g83 to provlde monetary support lo puplls In characler training aclbjilies ol a ch8r¢lable natur& or lo study muslc or art 01 travel abroad lor educallon purposes. The Chris Gaunt Memrlal Fund was sel up in 7982 to asslsl In lunding the use ol a building for the RAF secllon of the Combined Cadet Force. Pallln50n Award Is lo enable puplls lo engag8 in adventure type Irainlng or und8rt8ke other worthwhile 8ducalion and recrealion818clivilies In which they mlghl olhetwlse be prevented from partlcipaling through lack of luhds. The Development Fund Gapilal grant relate5 to a Standards fund grant receSved towards oapilal works carried out on crlckel, hockey and tennls aroas. Amounts equallng lo the depreeialion charge on these fixed assets VAII be charged against this raslricled fund so as lo wrfle off the reslrlclod fvnd grant over the expected useful life ol the asset. Campalgn Is a fund r8presenllng money ralsed lor capital proj8cIg which currently include rofurbishmenl ol the Maln Block and building an all weather sports pitch. Haines Charitable Trust Is lo provide books as prlzes or glfts to puplls lor achievement. Sansom Trust Is lo encourag& more pupils lo study 8clence by malnlaining suitable laci1S1ies for the leaching ol Junior S¢i8nce. Youens VC MemL)rfal Seholarshlp fund is lo enable bDys lo pro¢eed lo unbjerslly. Mann Memorfal Scholaishlp fund WBS sel up Ir$ 1Q811o provlde a bursary each year from the endowm8nl Income lo assI81 pupils embarking on 8 career In m8dlcine, denllslry or related sublecl. The Sports Development Fund ralses funds for the promollon and d8velopmenl ol sports al Royal Grammar School Hlgh Wycombe. The Parents Assocl8llon hold a r8nge ol events each year, th6 objecllve of which is lo ralse valuable funds for the School. For Ihe purpose8 ol good governance, funds raised by the PA are now he wilhln Ihe Foundatlon. Page 31
THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 q9. Statement of funds Icontlnuedl The John Edwards Music fund SUPPOTis the a¢llvllles ol the School's muslc department. The S¢bnce Lab Fund relates lo a donallon from on Old Boy lo b8 used towards Ihe refurbishm8nl of the school's scienc8 laboralorles. The School Grosslng Fund was establlshed from donallons made by parents and other benefactors lo help meet the conlrlbutlon required from Ihg School in respect of the Hamilton Road pedeslrlan crosslng lo be installed by Bucl(inghamshire County Council. The Alan Yeales In Memorium Fund was established from donations lo enable Ihè relurbishm8nl of a Moderh Langusges classroom and the creallon of a memorlal garden. The Future Us15 a fund created as part of (he Future Us Campaign lo receive donation5 towards the Slxth Form CeThlre projèct 81 RGS. The 1562 Society was eslaNi3hed lo thank and recognise indivlduals within Ihe RGS Hlgh Wycombe communlly who donate £15,620 or more In a givèn acgdemlc year. Donations can be made lo any one of the S¢hool's fundraising progr3mmes be th81 the RGS Annual Fuhd, one of the 'Frlends of groups c)r standalone fundralslng campaign for a specifie proSecl within the School. Th£ Fraser Youens Fund15 named after iwo ol our most dlslingulshed alumnl, Frederlck Youens and lan Edward Fraser, who were both awardÉd the Victoria Cross for their bravery in the First and Second World Wars respecllvely. Donors wlshlng lo support Ihis Fund do 50 ¥Mlh a girt 01 £5,000 in a given academlG year 20. Summary offunds Summary ol fund¥ - current year Balance at 31 March 2024 Balanco at 1 April 2023 Transfers Inlout Galnsl ILo$se81 Income Expei?dSture Designa18d funds General ftinds Endowment funds Reslricled funds 7,320,213 524,555 1178,4941 1346,253 34,728 134,7281 7,476,447 439,112 308,018 (10,4801 415,804 612,410 415,804 485,154 486.205 612,4641 8,872,982 791,223 Iq,137,2081 110,4801 8,516,517 Page 32
THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Summary of funds Iconllnuedl Summary ol funds - prlor year B&lBnce at 31 March 2023 Balance 81 l Apnl 2022 Transf&rs In/oul Incom8 Expendilure Designated funds Gengral funds Endowment lund5 Restrict funds 8,169,059 561,470 415,804 528,867 f177,378) (671,468) 296,059 (1,004,442J 6T1.468 7,S20,2t3 524,555 415,804 612,470 520.839 (437,296) 9,675,200 816,898 (1,639,116) 8,872,982 21. Analysls of ngt B$sels betwe8h funds Analysis of net assets betweeh funds - cur¥enl perlod Unrastrlcted Restricted Endowm8llt funds funds funds 2024 2024 2024 Total funds 2024 Tanglble Ih(ed assets Investment propertv Herllage assets Current assets Credllors due wllhin one year Creditors due In mrts than one year 7,640,220 236,109 131,9131 489,519 1194,3941 1423.9821 7,640,220 620,000 383,891 31,913 485,154 974,673 1194,3941 1423,9821 Total 7,615,559 485,154 415.804 B,616,617 Analysls of net 88$0ts batween funds- prlor perlod Unreslnc18d funds 2023 R8slrlotsd Endowment funds funds 2025 2023 Tolel funds 2023 Tsnglble fixed as5els Inveslmenl property Currenl assets Creditors due w61hln one year Creditors due in more than one year 7,673,217 246,589 941,256 1451,430) {564,864J 45,496 7. 718, 113 630,480 1,540,083 (451,430) (564,864) 383.591 31,913 566,914 Total 7,844,768 612,410 415,804 8,872,982 Page 33
THE ROYAL GRAMMAR SCHOOL, HIGH WVYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Analysls of net assets between funds Icontlnuedl 22. Reconclllallon of net movement In funds lo nel cash flow from operatlng actlvltl85 2024 2023 Nel expendllure for the perlod las per Slalemenl ol Flnanclal Aclwlllesl 1356,4651 1802,218) Adjustments lor: Depreciation charges Ban1( interest income Decreaselllncreasel In debtors Increase in credllors Losses on investments 170,493 127,2831 141,1371 1263,7801 10,480 176,494 (20.217) 34,689 232,523 Net cash used In opèrdllng getlvltles 1499,6921 (316.T29) 23. Analy818 ol cash and cash equlvalents 2024 2023 Cash In hand 886,334 1,4T2,881 Total cash and cash èqulvalents 866,334 1,412,881 24. Analys15 of changes In net debt At l Aprll 2023 Cash flows At 31 March 2024 Cash al bank and In hond Debt duo wllhln 1 year D8bt due after 1 year 1,472,8Bq 1134.1391 1664,8641 1806,5471 866,334 16,7441 1140,8831 a40,8B2 1423,982 773,B78 1472,4091 301.469 Page 34
THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 26. Related party transacllons The Charity reoeived inoome of £265,000 from Royal Grammar School Hlgh Wycombe lor the lease on the boardlng house. Support prDvlded lo Royal Grammar Sohool Hlgh Wycombe is delelled In note 7 10 tho accounts. Al 31 March 2024 the Foundallon owed Royal Grammar School Hlgh Wycombe £44,425 12023.. £289,954), and Royal Grammar School High Wycomb8 owed the Foundalltsn £1,439 12023.. £5431. Page 35