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 ADMINISTF￿TlVE 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 $18lernenls compty wilh the Ch8rilles Act 2011, Ihe CIO Foundalion Conslilullon, and Accounting and
Reporting by Chai11188'. Slalemenl of Recommendèd Practice appllcabb lo charllles preparing Ihelr accounts In
ac¢ordanee wilh the Flnanclal R8POrting Standard appllcable in the UK and Republic ol Ireland IFRS 1021.
Obl6¢tives and a¢tlvltles
Pollcl*8 and oblectlves
The objecllves ol Ihe Charlty are lo provide benefits lor The Royal Grammar School, Hlgh Wycomba, Including the
promslon ol boaidlng accommodation lor exisllng puplb, lo promote the educallon ol present and former puplls ol the
8chool who are in need 8nd lo help Ihe school relaln and allr8cI the best teachers through development of the estate
8king availab￿ good qu8llly staff accommodallon.
In s6111ng obleclFves and plannlng for a¢llvllles, Ihe Trustee8 have gSven due consldeialion lo general guldance
published by the Charity Commisslon relallng lo publlc benefit, Includino the gtsldance'Public beneliL' iunning a ch8rity
(PB21'.
Slrategle6 foy achlevlng obl8ctlve8
The Charlly owns land. whlch must be relalned by the Trustee5 for the u8e as an Academy school wilhin the meaning
of Ihe Education Ac15. A boardSng house is leased lo the School by the Charity loi Ihe provision of boarding facililies
for puplls of the school. 11 has 2ccommodatlon for 7a boarders. Resldenlial property is made avallahle lo leaching and
support slaff lo provlde affordable accomtllodallon In close proxlmSly lo the school.
Acllvities undertaken to achieve objectlves
A number of award funds sre e8labllshed a8 part ol Ihe Ch8rfly lo promote educalk)n, physlcal. menlal, SOC￿1, or
splrltu81 capacilles of schotsl pupils. Investment Incorne and relurns 8r8 used lo make gran151o pupils In aceordance
wlth the aw8rd rules.
Maln actlvitie8 undartaken lo furthgr Ihg CharSty's purpos8$ 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 Prov￿e 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 H￿h 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 e￿agernent 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 a￿uMUlated 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 s￿n￿lIcant 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 reV￿W 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 8igh810￿88 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 rund￿1$1ng
aclivilies. Consequentty, the Charity ha8 PLII In place. and follow8, a Donor Ch8rter and Code ol Pracllce in
Fundralslng.
Prlnclpal fundlng
The prlnclpal lundlng ol the charitable organlsalion Is Irom rental Income, Inveslmenl Income, donallons and olher
fundialsing acllvilies.
structure, governance and managomanl
Conslilullon
The organisalion Is s Charitable Incorporal8d Organlsallon ICIOI which w88 incorporated on 17th JUW 2018 under
number 1179234.
prev￿Jus1ylI was 8 charllable Irusl governed by a scheme ol the Charily Commis$loners dated 3 November 1999 85
amended 22 January 2013. This scheme repla￿d 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 ac1￿8￿ 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 fen￿d 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 laGilI￿eS 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 & Wa￿5 requires Ihe Trustees lo prepare flnanclal stslemenls lor
each flnanclal year whlch g￿e 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 rela￿ng 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 iwe￿8 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 re￿5Ved 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 p￿nned 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
FO￿ard
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 object￿eS ol the charflabl& organlsalion and whirkn h8ve not beèn
designated lor olher purpgses.
Des￿nated 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 sUfFIc￿nI resources lo conlbnue In operallonal existence for tha
foreseeable future and there ale no material unGertalntles aboul the char￿ty,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 state￿nI 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&.
ProVI8￿nS 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 pro￿edS 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