Charity number: 1179234 THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Trustees. report Trustees. responsibilities statement Independent auditors. report on the financial statements Statement of financial activities 9-12 13 Balance sheet 14 Statement of cash flow$ Notes to the financial statements 16-36
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2025 Trustee8- Mr R Bayly, Chair Mr l Afzal Mr SAshlon Mr B Casemore Mr S Duncombe Mrs M Jennings Mrs S Modray Mr P Wayne Charity registered number- 1179234 Principal offi¢e- The Royal Grammar School Amersham Road High Vvycombe Buckinghamshire HP136QT Independent auditors: BKL Audit LLP Slalulory Auditors 35 Ballards Lane, London N31XW Bankers: HSBC Bank plc 1 Commarket High Vvywmbe Buckinghamshire HP11 2AY Page 1
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO TRUSTEES, REPORT FOR THE YEAR ENDED The Trustees present their annual report together with the audited financial slalements of the Wycombe Royal Grammar School Foundation CIO for the year 1 April 2024 10 31 March 2025. The financial slalemenls comply with the Charities Act 2011, the CIO Foundation Conslilulion, and Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Objective8 and activities Policies and objective8 The objectives of the Charity are to provide benefits for The Royal Grammar School, High Wycombe, induding the provision of boarding accommodation for existing pupils, lo promote the education of present and fomer pupils of the school who are in need and lo help the school relain and attract the best teachers through development of the estate making available good quality staff accommodation. In setting objectives and planning for aclivilies, the Trustees have given due consideration lo general guidance published by the Charity Commission relating to public benefit, including the gUidan.PUb1iC benefit.. running a charity IPB21'. Strategies for achieving objectives The Charity owns land, which musl be retained by the Trustees for the use as an Academy school within the meaning of the Education Acts. A boarding house is leased lo the school by the Charity for the provision of b08rding f8cililies for pupils of the school. 11 has accommodation for 70 boarders. Residential propety is made available lo leaching and support staff lo provide affordable accommodation in close proximity to the school. Activities undertaken to achieve objectives A number of award funds are established as p8rt of the Charity lo promote education, physical, mental, social, or spiritual capacities of school pupils. Investment income and returns are used lo make grants lo pupils in accordance with the award rules. Main activities undertaken to further the Charity's purposes for the public benefit With its explicit aim of providing benefits for the school that encompass all the pupils. the application of the Charity's resources to enrich the educational provision for all enhances the educative experience that the school provides to the benefit of the lolality of pupils. The Trustees confirm that they are careful lo have regard lo the Commission's Public Benefit Guidance. The Trustees have noted that in the Commission's Guidance on Charitable Purposes, (Charities Act 20061, the activities of the Charity fall firmly inside the parameters of no. 2 the advanment of the education, no. 6 the advancement of the arts and culture, no. 7 the advancement of am8teur sport and no. 10 the relief of those in need by reason of youth, age, financial hardship or other disadvantage. The Charity continues lo provide financial resources lo enable pupils who might otherwise be prevented for financial reasons from participating in character developing, co-curiicular activities lo engage in such ventures, such help being given without geographical or other restriction and regardless of race or religion. Being part of the State provision for secondary education in Buckinghamshire. the school exists to serve the wmmunity al large lo the public benefit by providing high quality, challenging and visionary education for all ils students, who are admilled wilhoul any reslriclion on ethnicity or religious belief. The Charity also enriches the educational experience of pupils by refurbishing those parts of the school in need. Page 2
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO TRUSTEES, REPORTICONTINUEDI FOR THE YEAR ENDED Achievements and performance Review of activities The main purpose of the Charity is lo assist The Royal Grammar School in providing education for the pupils. The Royal Grammar School High Wycombe is a high achieving stste school, and this is reflected by the 'A' Level and 'GCSE' results achieved each year and the wide range of co-curricular activities it offers. The Charity raises money each year to provide funds lo support the school's budget, for capit81 and refurbishment projects and for essential Maintenan where no other SoUrS of funds exist. In the year ending March 2025 it donated £576,14812024.' £802,607) to the school for such purposes. This represents donations from the Foundation's General Unreslrided reserves £65.361 ICo-Ed Sixth form facilities, Classroom IT and scien improvements, from General Restricted reserves £57,720 IBoarding Scholarships and further Science improvemenlsl, and from the Development fund £11,308 Iclassroom IT improvements). The Foundation also donated £77,804 INew Sixth Form Centre project parental donalionsl. Other donations to the school of £363,955 are made up from the various Friends of Groups (Cricket, Hockey, Music, Rowing and Rugbyl. Each year the Foundation sets a budget in consullalion with the school, agreed by the Iruslees, which is used to measure the performance of the Foundation. Rental income is generated from a property at 47 Amersham Road and the aim is for the house lo be fully occupied lo maximise this income stream. Currently all of ils rooms are occupied. Budget compared lo actual income and expenditure is used as the primary means for assessing the performan of the Foundation. but there is an intention to establish a strategic plan and develop appropriate metrics so as to measure perfomance al strategic and operational levels. Fundraising aclivitlos and income generation The Foundation follows a Code of Practice in Fundraising which covers all the income activities of the Foundation, alongside this, the Foundation follows a Donor Charter. The Foundation is deeply committed to ils donors and remains dedicated lo Irealing friends and supporters with the highest level of care and respect. The Donor Charter h8s been prodUd lo assure donors and potential donors of the integrity and accountability of School's fundraising efforts. The fundraising pro$$ follows an External Relations Strategy of engagement with multiple stakeholder groups, including alumni, parents and other groupslinslitutions. The key measurables of the strategy include largels for increases in the number of stakeholders donaling.al any one time. Continued work has taken pla In building an Alumni network, encouraging former students to engage with the school. Work has taken place on a redesign of the Development Fund, the production and proposed launch of a 'FoLJndation' Website and a Legacy Programme. Investment policy and performance The investments held as capital endowments are largely invested in a programme related investment, a property at 47 Amersham Road, available for staff accommodation. The balance of endowment and other investments are held as cash deposits through a cash management platform. These deposits are managed by Insignis Cash Solutions on an execution only basis which enables the Foundation lo gain access lo a range of counterparties without having lo open a succession of individual bank accounts. 11 is the Foundation's policy that deposits are only placed with those institutions listed on the Insignis term sheets that meet agreed 'Fitch" credit ratings and also that no more than 20° of totsl cash balan$ is held with any single banking instilulion. The Trustees have full view of the individual banks that the funds are deposited with along with the amounts and the interest rale per cash deposit placement. Page 3
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO TRUSTEES, REPORTICONTINUEDI FOR THE YEAR ENDED Financial review Going concern After making appropriate enquiries, the board of trustees has a reasonable expectation that the charitable organisalion has adequate resour$ to Continue in operational existen for the foreseeable future. For this reason. il continues lo adopt the going-con¢em b8sis in preparing the financial statements. Further details règarding the adoption of the going-concern basis can be found in the Accounting Policies. During the year, Trustees have considered the ongoing impact of the conflict in Ukraine and associated inflationary pressures caused to the UK and Worldwide, which potentially could affect rent81 income. and parentsl and other donations. So far there has not been a materially adverse impact. However, Trustees continue to adopt a cautious approach lo expenditure and the funding of new projects Reserves policy The accumulated funds a131 March 2025 are £8.488.113 represented by 2025 2024 Designated funds. fixed assets Designated funds.. sale proceeds Unrestricted general funds Total unrestricted funds Restricted funds Capital endowment funds Total 7,143,210 7,176,447 418905 7,562,115 510,194 415 804 439112 7.615,559 485,154 415804 As seen above, of the charity's unrestricted reserves of £7,562,115, £7,143,210 is represented by amounts invested in fixed assets, nel of related loans and grants, used for direct charitable purposes. The reserves policy, which is set in wnjunction with the School Governors, is for the unrestricted reserves of the School and the Foundation combined lo be no lower than £400,000", within which the Foundation's unreslricled reserves will be no lower than £350,000. A summary of the yearfs results can be found on page 13. There was a deficit of £28,40412024'. deficit £356,465) for the year and after charging depreciation of £174,502 12024.. £178.4941 and net loan interest of £30.813 12024.. £39,482). The Charity's investments generated a gain of £Nil 12024.. £Nill before being transferred lo a cash management platform as noted above. Additionally, through management of the Charity's cash resou$, interest income of £29,469 12024." £27,284) was achieved. An investment gain of £20,000 12024". £10,480 lossl is induded in the accounts lo 31 March 2025 arising from the revaluation of investrnent property. There were no other significant events affecting the financial perfomance of the Charity. The main factors affecting the financial position going fotward are fundraising and investment performance. Page 4
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO TRUSTEES, REPORTICONTINUEDI FOR THE YEAR ENDED Principal risks and uncertainties The Trustees review risk management annually and have identified three broad areas of risk.. financial, investment and reputstion. Financial risk is miligaled through the preparation and review of monthly management accounts and the existence of internal controls. A scheme of financial delegation is approved by Trustees and prOdureS are in pla for the aulhorisalion of all Iransaelions. Investment risk is managed by the Implemenlalion of an investment Policy, which is agreed and approved by Trustees annually. This policy sets out an investment strategy, which cannot be changed without agreement al a Trustees meeting. Two signatories are required for all investment related Iransaclions. The Charity, through ils association with The Royal Grammar School, enjoys an excellent reputation in the community- The Charity reniseS the importance of maintaining high standards of operation, particularly in ils fundraising activities. Consequently, the Charity has put in place, and follows, a Donor Charter and Code of Practi in Fundraising. Principal funding The principal funding of the charitable organisation is from rental income, investment income, donations and other fundraising activities. Structure. govemance and management Constitution The organisation is a Charitsble Incorporated Organisation ICIOI which was incorporated on 17th July 2018 under number 1179234. Previously il was a charitable trust governed by a scheme of the Charity Commissioners dated 3 November 1999 as amended 22 January 2013. This scheme replaced the former trusts of the charity, a scheme of the Charity Commissioners of 2 April 1962. This charity's registered number was 310627, and The Charity Commission now records its status as a 'removed charity Details of the trustees who served throughout the year a included in the Refence and Administrative Details on page 1. Methods of appointment or election of Trustee8 The members of the Charity are known as Trustees. Under the requirement of the Constilulion, the Trustees are elected lo serve for a term of three years. An appointed Iruslee shall be eligible for re-appointment by the charity Iruslees for two further terms of three years. The Headmaster of the School and the Chair of the School Governors are Trustees by virtue of their office and their term extends for the period of their appointments. The constitution details a code of practi for the Trustees. Trustees are recruited from the local community, from parents of present and past pupils and from alumni of the school. Trustees consider the skills which are required and actively look for new members with these skills. New Trustees are appointed by a vote of the Trustees. Page 5
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO TRUSTEES, REPORTICONTINUEDI FOR THE YEAR ENDED Organisational structure and decision-making policies The TrLJslees meet four times a yearto discuss mallers relating to the Charity and they are responsible for the strategic direction and policy of the Charity. At present the Board has eight Trustees from a variety of professional backgrounds including a chairman of the board. A heme of delegation is in pla and the day-to-day responsibility for the provision of the Servi rests with the Headm8s1er of the School. Policigs adopted for the induction and training of Trustees Most Trustees are already familiar with the work of the school and are encouraged to familiarise themselves with the Charity and the context in which it operates. Trustees are given the Charity Commission's publication The essential Iruslee.. what you need lo know, what you need to do as well as an internally prepared document which sets out all aspects of the Charity's slruclure, organisats.on and finances. Related party relatlon8hlps The CIO is related lo The Royal Grammar School, High Wycombe, which is an Academy Trust. As an Academy, The Royal Grammar School is a company limited by guarantee and an exempt charity. The Foundation was set up to support the school and make funds available to help with c8pitsI projects alongside embarking on specific fund-r8ising campaigns. Fundraising is also undertaken by "Friends of groups. These groups undertake various fundraising activities during the year and the proceeds are held in the Foundation's accounts bul are ring fend for use by the associated group. The funds raised provide assistance with operational costs or purchase of assets or buildinglfacilily refurbishment. Plan8 for future periods The Charity plans to continue to provide facilities forthe education of The Royal Grammar School, High Wcombe pupils. Its aim is to support the school in the development of its facilities to reflect the school's aspirations for its pupils, as reflected in its Strategic Plan and to help ensure existing schoolfacilities remain in good order. Page 6
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO TRUSTEES, REPORTICONTINUEDI FOR THE YEAR ENDED Disclosure of information to auditors Each of the persons who are Trustees al the lime when this Trustees. Report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and lo establish that the charity's auditors are aw8re of that information. Auditors The auditors, BKL Audit LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors al a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by.. Mr R Bayly Chair of Trustees Date. 3010912025 Page 7
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees are responsible ft)r preparing the Trustees, report and the financi81 statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Aecepled Accounting Practieel. The 18W 8ppIic8ble to charities in England & Wales requires the Trustees lo prepare financi81 statements for each financial year which give a true and fair view of the state of affairs of the Charity and of ils incoming resources and application of resources, including ils income and expenditure, for that year. In preparing these financi81 statements, the Trustees are required lo". select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021", make judgments and accounting estimates that are reasonable and prudent", stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions and disclose with reasonable accuracy al any lime the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on ils behalf by.. Ekvs&7yfy Mr R Bayty Chair of Trustees Dale.. 3010912025 Page 8
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO Opinion We have audited the financi81 statements of The Roy81 Grammar School, High Wycombe Foundation CIO (the 'eharity'l for the year ended 31 March 2025 which comprise the Statement of financial aclivilies, the Balance sheet, the Statement of cash flows and the related notes, including 8 summary of significant accounting Fiolicies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporbng Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practi1. In our opinion the financial sl8tements'. give a true and fair view of the stsle of the Charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended", have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice," and have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and in other respects the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilities for the audit of the financial slalements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going cOnM basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the charity's ability lo continue as going cOnM for a period of al least e1ve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this report. Page 9
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO ICONTINUEDI Other information The other infomalion comprises the inform8tion included in the Annual report other than the financial statements and our Auditors, report Ihereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicilly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a materi81 misstatement in the financial statements themselves. If, based on the wotk we have performed, we conclude that there is a materi81 misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Aet 2006 In our opinion, b8sed on the work undertaken in the eourse of the audit.. the information given in the Trustees. Report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees, Report has been prepared in accordance with 8ppIic8ble legal reqU1MentS. Matters on which we are required to report by exception In the light of our knowledge and understanding of the Charity and ils environment obtained in the course of the audit, we have not identified material misstalemenls in the Trustees, Report. We have nothing to report in respect of the following matters in relation lo which Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of Trustees, remuneffition specified by law a not made", or we have not received all the information and explanations we require for our audit", or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and lake advantage of the small companies, exemptions in preparing the Trustees. Report and from the requirement lo prepare a Strategic Report. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees Iwho are also the directors of the charitsble company for the purposes of company lawl are responsible for the preparation of the financial statements and for such internal control as the Trustees determine is neSSary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial slatemenls, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or lo cease operations, or have no realistic altemalive bul to do so. Page 10
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO ICONTINUEDI Auditors. responsibilities for the audit of the financial statements Oui objectives 8re lo obtain reasonable assur8nce about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will alayS delect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with 18WS and regulations. We design procedures in line with our responsibilities, outlined above, to deleel material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of delecling irregularities, induding fraud is detailed below". Enquiring of management around actu81 and potential litigation and c18ims Reviewing board meeting minutes of meetings of those charged with govemance Reviewing financial statement disclosu$ and lesling to supporting documentation lo assess Compliance with applicable laws and regulations Performing audit work over the risk of management override of controls, induding testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. As part of 8n audit in accordance with ISAS IUKI, we exercise professional judgement and maintain professional scepticism throughout the audit. We also." Identify and 8ssess the risks of material misstalemenl of the financial statements, whether due lo fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may invohie collusion, forgery, intentiOn81 omissions, misrepresentations, or the override of intemal control Obtain an understanding of internal control relevant lo the audit in order lo design audit procedures that are appropriate in the Circumstang, bul not for the purpose of expressing an opinion of the effectiveness of the charity's internal control Evaluate the appropriateness of aceounling policies used and the re8s0nableness of aecounting estimates and related disclosures made by the Trustees Conclude on the appropriateness of the Trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to eontinue as a going concern. If we conclude that a material uncertainly exists, we are required lo draw attention in our Auditors, Report to the related disclosures in the financial statements or, if such disclosures a inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors, ReFX)rt. However, future events or eondilions may Cause the charity lo cease to continue as a going concem. Evaluate the overall presentation, structure and eontent of the financial slatemenls, including the disc105ures, and whether the financial statements represent the underlying transactions 8nd events in 8 manner that achieves fair psentatIon. We communieate with those ch8rged with governanee regarding.. among other matters, the planned scope and liming of the audit and significant audit findings, induding any significant defieiencies in internal control that we identify during our audit. Bec8use of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstalemenl in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater gardIng irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. Page11
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMBE FOUNDATION CIO ICONTINUEDI A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at". www.frc.or .uklaudilorsres onsibilities. This description forms part of our Auditors, report. Use of our report This report is made solely to the Charity's Iruslees, as a body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. Our audit wotk has been undertaken so that we might stale to the Charity's Iruslees those matters we are required to stale to them in an Auditors, report and for no other purFlOSe. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and its trustees, as a body, for our audit work, for this POrt, or for the opinions we have formed. BKL A£U6fr LLP BKL Audit LLP Chartered Accountants statutory Auditor 35 Ballards Lane London N3 1XW Dale.. 3010912025 Page 12
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Restricted Endowment funds funds 2025 2025 Total funds 2025 Total funds 2024 Note Income and endowments from: Donations and legacies Charitable activities Investments 516.194 516,194 265,000 62.199 461,334 265,000 64,889 265,000 41.252 20.947 Total Income and endowments 306.252 537.141 843,393 791,223 Expendlture on: Raising funds Charitable activities 36,920 342.776 7,120 504.981 41,693 1,095,515 847.757 Total expendlture 379,696 512,101 891,797 1, 137,208 Not lexpenditure}lincom e before net gainslllossesl on investments Nel gainslllossesl on investments 173.444) 25.040 148.404) (345,985) 20.000 20,000 {10,480J Net movement in funds 153.4441 25.040 128,404) (356,465) Reconciliation of funds: Total funds brought forward Net movement in funds 7,615.559 485.154 415.804 8.516.517 8,872,982 153.444) 25.040 128.404) (356,465) Total funds carried forward 7,562,115 510,194 415,804 8,488,113 8,516,517 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 16 to 36 form part of these financial statements. Page 13
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Tangible assets Investment property 13 14 7.365,718 640,000 7, 540,220 620,000 8.005,718 8, 160.220 Current assets Debtors 15 44,311 894.411 108,339 866,334 Cash al bank and in hand 938.722 974,673 Creditors." amounts falling due within one year 16 1456,3271 (194,394) Net current assets 482,395 780.279 Total assets less current liabilities 8.488.113 8,940,499 Creditors." 8mounls falling due after more than one year 17 (423,982) Net assets excluding pension asset 8.488,113 8,516.517 Total net assets 8.488.113 8,516.517 Charity funds Endowment funds 19 415.804 510,194 7,562,115 415,804 485, 154 7,615.559 Reslricled funds 19 Unrestricted funds 19 Total funds 8.488.113 8,516,517 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Mr R Bayty Chair of Trustees Dale.. 3010912025 The notes on pages 16 to 36 form part of these financial statements. Page 14
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flows from oporating activitigs Nel cash used in operating activities 139,873 (499,692) Cash flows from invosting activitios Bank interest income 29,469 27,283 Net cash provided by investing activities 29,469 27,283 Cash flows from financing activities Repayments of borrowing 1141,2651 (134, 138) Net cash used in financing activities 1141,2651 {134.1381 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 28,077 {606.5471 1,472,881 866,334 Cash and cash equivalgnts at thg end ofthe year 894,411 866.334 The notes on pages 16 to 36 form part of these financial statements Page 15
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General information Wyeombe Royal Grammar School Foundation CIO is a eh8rilable incorporated org8nisalion registered in England and Wales. The address of the principal office is given in the charity information on page 1 of these financial statements. The nature of the CIO'S operations and principal activities is to provide benefits for The Royal Grammar School, High Wycombe. Aecounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Royal Grammar School, High Wycombe Foundation CIO meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise ststed in the relevant accounting policy. The financial statements are presented in £ sterling, the functional currency, rounded lo the nearest £1. 2.2 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the charitable organisation and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is sel out in the notes to the financial stslemenls. Restricted funds are funds which are lo be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable organisation for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is sel out in the notes to the financial stalemenls. Endowment funds represent those assets which must be held permanently by the charity. Income and capital gains arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Investment income, gains and losses are allocated to the appropriate fund. 2.3 Going concern The Trustees assess whether the use of going concern is appropriate ie whether there are any material uncertainties related to events or conditions that may cast signifi'cant doubt on the ability of the charity to continue as a going concern. The Trustees make this assessment in respect of a period of al least one year from the dale of authorisation for issue of the financial slatemenls, and have concluded that the charity has sufficient resources lo continue in operational existence for the foreseeable future and there are no material uncertainties about the charity's ability to continue as a going concern, thus they continue to adopt the going conrn basis of accounting in preparing the financial statements Page 16
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Itontinuedl 2.4 Ineome All income is recognised onee the Charity has entillemenl lo the income, it is probable that the income will be received and the amount of income receivable e8n be measured reliably. Other income is recognised in the period in which it is reeeiv8ble and to the extent the goods have been provided or on completion of the service. 2.5 Expenditure Expenditure is COgnised once there is 8 legal or consttuctive obligation lo transfer economic benefit lo a third party, it is probable that 8 transfer of economic benefits will be required in settlement and the amount of the obligation can be measured lIablY. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs invohied in undertaking each activity. Direct costs attrihulable to 8 single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support Costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes 811 expenditure ineurred by the Charity to raise funds for its ch8ri18ble purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on ch8ri18ble activities is incurred on dIrecY undertaking the activities which further the Charity's objectives, as well as any associated support costs. A number of award funds are established as part of the Charity to promote education, physical, mental, social or spiritual capacities of school pupils. Investment income is used to make grants lo pupils in accordance with the award rules. Other grants are made direcuy to Royal Grammar School High Wycombe. All expenditure is inclusive of irrecoverable VAT. 2.6 Interest receivable Interest on funds held on depos11 is included when CeIVable and the amount e8n be measured reliably by the Charity, this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.7 Tangible fixed assets and depreciation Tangible fixed assets Costing £NIL or mole are e8pil81ised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of eost. Page 17
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Itontinuedl 2.7 Tangible fixed assets and depreciation Icontinuedl Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual v81ue over their estimated useful lives, using the straighl-line method. Depreciation is provided on the following bases.. Freehold propety Fixtures and fittings Computer equipment Over 50 years over 5 years over 3 years 2.8 Investment property Investment properties are initially meaSUd at cost and subsequently at fair value at the reporting date. Gains and losses, whether re81ised or unrealised, are eombined and presented as G8insllLossesl on investments, in the Statement of Financial Activities. 2.9 Debtors Trade and other debtors are recognised at the selllemenl amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade dIOUNtS due. 2.10 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acqui5ilion or opening of the deposit or similar account. 2.11 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balance sheet date as a result of a past event, il is probable that 8 transfer of economic benefit will be required in selllemenl, and the amount of the settlement can be estimated reliably. Li8bilities a recognised al the amount that the Charity anticipates it will pay to settle the debt or the amount it has retsived as advanced payments for the goods or services it musl provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Whe the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 2.12 Financial instruments The Charity only has fin8ncial assets and fin8ncial liabilities of a kind that qu81ify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement Value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. Page 18
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from donations and legacies Restricted funds 2025 Total funds 2025 Donations and fundraising 516,194 516,194 Restrictgd funds 2024 Total funds 2024 Donations and fundraising 461,334 461,334 Income from charitable activities Unrestricted funds 2025 Total funds 2025 Lease of boarding house 265,000 265.000 Unrestricted funds 2024 Total funds 2024 Lease of boarding house 265, 000 265.000 The lease of the boarding house entered in to on 1 April 2011 beeen the Trustees of the Wycombe Royal Grammar School Foundation CIO and the Royal Grammar School High Wycombe for a term of nineteen years, stipulates that rent reviews are carried out on each fifth anniversary of the commencement date of the contractual term. The next review is due 1 April 2026. Page 19
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Investment ineome Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Bank interest receivable Propety to support accommodation for leaching staff 28,585 12,667 29.469 32.730 20,063 41,252 20,947 62,199 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Bank interest receivable Propety to support accommodation for teaching staff 26,465 14,553 819 23,053 27,284 37,606 47,078 23,872 64.890 Expendlture on ralslng funds Costs of ralslng voluntary Income Unrestricted funds 2025 Total funds 2025 Costs relating to 'Friends' 34,800 34,800 Unrestricted funds 2024 Total funds 2024 Costs relating to 'Friends' 33, 600 33,600 Page 20
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Investment management costs Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Propety to support accommodation for teaching staff expenditure 2,120 7,120 9.240 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Propety to support accommodation for teaching staff expenditure 3.132 4, 961 8.093 Analysls of expendlture on charltable actlvltles Summary by fund type Unrestrlcted Restrlcted funds funds 2025 2025 Total 2025 Support to Royal Gramm8r School 342,776 504,981 847,757 Unrestricted funds 2024 Restrictgd funds 2024 Total 2024 Support to Royal Grammar School 488,075 607, 500 1,095,515 Page 21
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Anatysis of expenditure by activities Activities undertaken directly 2025 Total funds 2025 Support to Royal Grammar School 847,757 847.757 Activities undertaken directly 2024 Total funds 2024 Support to Royal Grammar School 1.095,575 1,095.515 Anatysls of costs Total funds 2025 Actlvltles 2025 Depreciation Donations 174,502 576,148 14,707 42,886 30,813 3,151 600 4,950 174,502 576,148 14.707 42,886 30,813 3.151 600 4,950 Grant payments Support costs Loan interest Bank charges Professional fees Auditors, remuneration 847,757 847.757 Page 22
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Anatysis of expenditure by activities leontinuedl leontinuedl Total funds 2024 Activities 2024 Depreciation Donations Grant payments Support costs Loan interest Bank charges Professional fees Auditors, remuneration 178.494 802,607 4, 735 58,910 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 10. Auditors. remuneration 2025 2024 Fees payable to the Charity's auditor for the audit of the Charity's annu81 accounts 3,500 3,500 Fees payable lo the Charity's auditor in respect of.. Non audit SeICe5 1,450 1,450 11. Staff costs The Charity has no employees during the year12023'. no employees). No employee received remuneration amounting to more than £60,000 in either year. Page 23
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits {2024- £NIL). The is 8 joint insurance F)olicy with Royal Gr8mmar School High Wycombe covering professional indemnity and Trusteeslofficers liability insurance. Costs are borne by the School During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL). 13. Tangible fixed assets Freehold Fixtures and property fittings Computer equipment Total Cost or valuation At 1 April 2024 13.264,001 32,184 15,168 13.311,353 At 31 March 2025 13,264,001 32,184 15,168 13,311,353 Depreclatlon At 1 April 2024 Charge for the year 5,723,781 174,502 32,184 15,168 5,771,133 174,502 At 31 March 2025 5.898,283 32,184 15,168 5.945,635 Net book value At 31 March 2025 7,365,718 7.365,718 At31 Ma 2024 7,540,220 T.540,220 All fixed assets are held for direct charitable purposes, providing boarding and school facilities. In the absence of costs relating back lo 1914, the freehold land and buildings have been brought in at initial carrying value based on a valuation at 1 April 1999 at depreciated replacement cost. The Land with a value of £4.305m is not depreciated. The Trustees consider the market value of the propety to be significantly in excess of the value staled above. A professional valuation carried out in June 2005 provided a lotsl market value of £18,925,000. Page 24
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. Investment property Freehold investment property Valuation At 1 April 2024 Surplus on revaluation 620.000 20,000 At 31 March 2025 640,000 The fair value of the freehold property at the balance sheet dale was based on a valuation by an independent valuer who holds a recognised and relevent professional qualification and has recent experience in the location and class of investment property being revalued. The basis of valuation adopted is Market Value. 15. Dobtors 2025 2024 Prepayments and accrued income 44,311 108,339 44,311 108,339 16. Creditors: Amounts falling due within one year 2025 2024 Bank loans 423,600 140,883 44,425 9.086 Other creditors Accruals and deferred income 32,727 456,327 194.394 Page 25
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. Creditors: Amounts falling due after more than one year 2025 2024 Bank loans 423,982 Included within the above are amounts falling due as follows.. 2025 2024 Botween one and two years Bank loans 147,662 Between two and fivo years Bank loans 276.320 On incorporation of the CIO the RBS bank loans were novaled from the Wycombe Royal Grammar School Foundation lo the Royal Grammar School, High Wycombe Foundation CIO on 19 November 2019. The bank loans are due to be repaid with a balloon payment of £387,327 on 17 August 2025. There is an option lo refinance the balan if required. A 1.15QA variable rate of interest over SONIA is payable over the remaining lemi of the loans The Bank loans are secured on the freehold propety. 18. Financial instruments 2025 2024 Financial assets Financial assets measured at fair value through income and expenditure 894,411 866,334 Financial assets measured at fair value through income and expenditure comprise 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 MARCH 2025 19. Statement of funds Statement of funds - current year Balance at 31 March 2025 Balance at 1 April 2024 Transfers inlout Gainsl {Lossesl Income Expenditure Unrestricted funds Designated funds Fixed assets 7.176,447 1174.502) 141.265 7,143.210 General funds General 439,112 306.252 1205.194) 1141.2651 20,000 418.905 Total Unrestricted funds 7.615,559 306.252 1379.696) 20.000 7.562.115 Endowment funds Mcmanus- Russell Endowment Prize Fund Endowment 353,303 353,303 1,772 1.772 Foundation Endowment 22,605 22.605 John Cooper Award Endowment 5,763 5,763 Pattinson Award Endowment Mann Memorial Scholarship Endowment 28,370 28,370 3,991 3.991 415,804 415,804 Balance at 31 March 2025 Balance at 1 April 2024 Transfers inlout Gainsl (Losses) Income Expenditure Restricted funds RGS Prize Fund 1,460 73 1241 1,509 Page 27
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Statement of funds leontinuedl Statement of funds - current year leontinuedl Balance at 31 March 2025 Balance at 1 April 2024 Transfers inlout Gainsl {Lossesl Income Expenditure John CooperAward McManus-Russell Awards Chris Gaunt Memorial Pattinson Award Development Fund capital grant Physics Lab Fund Haines Charitable Trust 32,706 1,131 3841 33,453 54.283 16.701 120,3841 50,600 694 19,381 694 20,264 1,338 14551 45,496 10.000 45,496 110,0001 6.565 6,565 Sports Development Fund Mann Memorial Scholarship Youens VC Memorial Scholarship Development Fund John Edwards Music 216,789 383,198 {372,3561 227,631 3,618 192 1651 3,745 8.083 35.333 907 212 1721 111.6961 8,223 47,973 907 24.336 Future us Campaign Sixth Form Centre 1562 Campaign Fraser Youens Parents Association Access 2 Exellen Campaign School Crossing 14,767 3.241 10.000 21,331 94,375 177,8091 433 31,766 3,241 10,000 17,627 14,929 118,6331 656 2231 14331 500 500 485,154 537,141 1512,1011 510,194 Total of funds 8,516,517 843,393 1891,7971 20,000 8,488,113 statomont of funds - prior year Balan at 31 Mah 2024 Balan at 1 April 2023 Transfers in/out Gains/ (Losses) Income Expenditu Unrestrlcted funds Page 28
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Statement of funds leontinuedl Statement of funds - prior year leontinuedl Balance at 31 March 2024 B8lance at l April 2023 Tr8nsfers in/out G8insi (Losses) Income Expenditure Designated funds Fixed assets Sale proceeds 7,220, 803 99,419 (178,494) 134,138 (99,410) 7, 176,447 7.320,213 fl 78,494J 34, 728 7, 176.447 General funds General Funds all funds 524, 555 306,018 (346.253) (34, 728) (10,480) 439, 112 Total Unrestrictod funds 7,844, 768 306,018 (524, 747) (70,480) 7,6f5,559 Endowment funds Mcmanus- Russell Endowment 353,303 353,303 Prize Fund Endowment 1,772 1, 712 Foundation Endowment John Cooper Award Endowment 22, 605 22.605 5, 763 5, 763 Pattinson Award Endowment 28,370 28,370 Mann Memori81 Scholarship Endowment 3,991 3,991 415,804 415,804 Restrlcted funds RGS Prize Fund 1,394 83 (17) 1,460 Page 29
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Statement of funds leontinuedl Statement of funds - prior year leontinuedl Balance at 31 March 2024 B8lance at l April 2023 Tr8nsfers in/out G8insi (Losses) Income Expenditure John Cooper Award McManus-Russell Awards Chris Gaunt Memorial Pattinson Award Development Fund - capital grant Physics Lab Fund Haines Charitable Trust 31,685 1,289 (268) 32, 706 43,945 19,027 (8,689) 54,283 694 18,173 694 19,381 1,525 (317) 45,496 10,0(K) 45,496 10,000 6,565 6,565 Sports Development Fund 295, 183 289,204 (354, 709) 229, 678 Mann Memori81 Scholarship Youens VC Memorial Scholarship Campaign Development Fund John Edwards Music 3,445 279 (46) 3,618 7,892 439 241 (50) 8,083 (439) 18,751 32,659 (16,077) 35,333 907 901 Future us Campaign - Sixth Form Centre 1562 Campaign Fraser Youens Parents Association 99, 701 3,241 10,000 121,300 (206, 826) 592 14, 767 3,241 io,ooo 14,399 19,350 (25,301) 8,442 Access 2 Exellence Campaign School Crossing 308 f155) (153) 5(10 500 612,410 485.205 (672,461) 485, 154 Page 30
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Statement of funds leontinuedl Total of funds 8,812, 982 791,223 (1, 137.208) (10,480) 8,5f6,517 Page 31
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Statement of funds leontinuedl Designated funds The fixed asset fund represents amounts invested in fixed assets, net of related loans and grants. The sale proceeds represents the ba18nce of the proceeds from Uplyme House. Endowment funds The Endowment funds represent the amounts donated to the Foundation from which the income is transferred to the Restricted Funds and distributed. Transfers £141,26512024." £134,138) transferred to the Fixed Asset Fund represents the movement in the year for loan capital repaid, and the fixed asset additions and disposals foi the year. Restricted funds The Prize Fund relate lo prizes lo pupils for 8chievemenl. John Cooper Award, set up in 1981, is lo use the income generated from the endowment to fund travel abroad for education or other character training activities, or for the study of music or art. McManus-Russell Awards were established in 1983 to provide monet8ry SUPPOrt to pupils in character training activities of a charitable nature or to study music or art or travel abroad for education purposes. The Chris Gaunt Memorial Fund was set up in 1982 to 8SSlSt in funding the use of a building ft)r the RAF seelion of the Combined C8det Foree. Pattinson Award is to enable pupils lo engage in adventure type training or undertake other worthwhile education and recrealion818Ctivities in which they might otherwise be prevented from partieipaling through lack of funds. The Development Fund - capital grant relates to 8 Standards fund grant received towards capital works Carried out on cricket, hockey and tennis areas. Amounts equating to the depreciation charge on these fixed assets will be charged against this restricted fund so as lo write off the reslrieled fund grant over the expected useful life of the asset. Campaign is a fund repSentIng money raised for capital projects which Currently include refurbishment of the Main Block and building an all weather sports pitch. Haines Ch8ri18ble Trust is to provide books as prizes or gifts lo pupils for achievement. Sansom Trust is lo encourage MO pupils to study science by maintaining suitable facilities for the leaching of Junior Science. Youens VC Memori81 Scholarship fund is to enable boys to pmeeed to university. Mann Memorial Scho18rship fund was set up in 1981 to provide a bursary each year from the endowment income to 8SSlSt pupils embarking on 8 career in medicine, dentistry or related subject. The Sports Development Fund raises funds for the promotion and development of sports at Royal Grammar School High Wycombe. The Parents Association hold a range of events each year, the objective of which is lo mise valuable funds for the School. For the purposes of good govemance, funds raised by the PA are now held within the Foundation. The John Edwards Music fund supports the activities of the Sehool's music dep8rtment. Page 32
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Statement of funds leontinuedl The Science Lab Fund re18tes to a donation from on Old Boy lo be used towards the refurbishment of the school's science laboratories. The School Crossing Fund was established from donations made by parents and other benefactors to help meet the contribution qUired from the School in respect of the Hamilton Road pedestrian crossing lo be inst811ed by Buckingh8mshI County Council. The Alan Yeales in Memorium Fund was established from donations to enable the refurbishment of a Modern Languages classroom and the eatIon of 8 memorial g8rden. The Future Us is 8 fund created as part of the Future Us Campaign to receive donations towards the Sixth Form Centre project al RGS. The 1562 Society was established to thank and cOgnise individuals within the RGS High Wycombe community who donate £15,620 or more in a given academic year. Donations can be made to any one of the School's fundraising programmes be that the RGS Annual Fund, one of the 'Friends of groups or a standalone fundraising campaign for a specific project within the School. The Fraser Youens Fund is named after two of our most distinguished alumni, Frederick Youens and lan Edward Fraser, who We both awarded the Victoria Cross for their bravery in the First and Second World Wars respeelively. Donors wishing to support this Fund do so with a gift of £5,000 in a given academic year 20. Summary offunds Summary offunds - current year Balance at 31 March 2025 Balance at 1 April 2024 Transfers inlout Gainsl {Los$esl Income Expenditure Designated funds General funds 7.176,447 439,112 1174.502) 141.265 1205,194) 1141,2651 7.143.210 418.905 306,252 20,000 Endowment funds 415,804 415,804 Reslricled funds 485,154 537.141 1512.101) 510.194 8.516,517 843,393 1891,797) 20,000 8,488.113 Page 33
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 20. Summary of funds Itontinuedl Summary offunds - prior year Balance at 31 March 2024 B8lance at l April 2023 Tr8nsfers in/out G8insi (Losses) Income Expenditure Designated funds General funds Endowment funds 7,320,213 524, 555 (178,494) (346,253) 34, 728 (34, 728) 7, 176,447 439, 112 306,018 (10,480) 415,804 4f5,804 Reslricled funds 612,410 485,205 f612,461J 485. 154 8.872, 982 791,223 (1, 137,208) (10,480) 8,516.517 21. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted Restricted Endowment funds funds funds 2025 2025 2025 Total funds 2025 Tangible fixed assets Investment propety Heritage assets Current assets Creditors due within one year 7,365,718 256,109 131,9131 428,528 {456,3271 7,365.718 640.000 383,891 31,913 510,194 938,722 1456,327 Totsl 7,562,115 510,194 415,804 8,488.113 Page 34
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. Analysis of net assets between funds leontinuedl Anatysis of net assets between funds - prior year Unrestricted funds 2024 Restricted Endown7ent funds funds 2024 2024 Total funds 2024 Tangible fixed assets Investment propety Heritage assets Current assets Creditors due within one year Creditors due in more than one year 7, 540,220 236, 109 (31,913) 489,519 (194,394) (423.982) 7, 540,220 620.000 383, 891 31,913 485, 154 974,673 (194,394) (423.982) Total 7,615,559 485, 154 415,804 8,516,517 22. Re¢on¢iliation of net movement in fvnds to net cash flow from operating activities 2025 2024 Nel expenditure for the year las per Statement of Financial Aclivitiesl (28,4041 (356,465) Adjustments for: Depreciation charges Bank interest income Decreasellincreasel in debtors IDecreasel in creditors IGainsllLosses on investments 174,502 (29,4691 64,028 120,7841 120,0001 178,493 (27,283) 141, 137) (263. 780) 70,480 Net cash provided byllused inl operating activities 139,873 (499,692) 23. Anatysis of cash and cash equivalents 2025 2024 Cash in hand 894,411 866,334 Total cash and cash equlvalents 894,411 866,334 Page 35
THE ROYAL GRAMMAR SCHOOL. HIGH WYCOMBE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 24. Anatysis ofchanges in net debt At 1 April 2024 Cash flows At 31 March 2025 Cash at bank and in hand Debt due within 1 year Debt due after 1 year 866,334 28,077 894.411 1140,8831 (282,7171 1423,6001 1423,9821 423,982 301,469 169,342 470.811 25. Related party transactions The Charity reiVed income of £265,00012024.. £265,000) from Royal Grammar School High Wycombe for the lease on the boarding house. Support provided to Royal Grammar School High Wycombe is detailed In note 7 to the accounts. At 31 March 2025 the Foundation owed Royal Grammar School High Wycombe £23,93312024.. £44,4251, and Royal Grammar School High Wycombe owed the Foundation £57612024.. £1,439). Page 36