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 advan￿ment 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 SoUr￿S 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
prodU￿d 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 prO￿dureS 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 re￿niseS 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 Refe￿nce 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 fen￿d 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 Practi￿1.
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 cOn￿M 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 cOn￿M 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 reqU1￿MentS.
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 ne￿SSary 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 a￿layS 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 Circumstan￿g, 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 p￿sentatIon.
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 con￿rn 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 dIrec￿Y 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 meaSU￿d 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 dI￿OUNtS 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 be￿een 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 Se￿ICe5
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 Ma￿h
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 rep￿SentIng 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 e￿atIon 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 re￿iVed 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