|
Page |
Page |
| Trustees and Advisors |
|
1 |
| Trustees’ Report |
2 |
— 7 |
| IndependentAuditor’s Report |
8 |
— 1 0 |
| Statement of Financial Activities |
|
11 |
| Balance Sheet |
|
12 |
| Cash Flow Statement |
|
13 |
| Notes to the Financial Statements |
14 |
— 22 |
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
CROWE U.K. LLP Statutory Auditor
Aquis House 49-51 Blagrave Street Reading RG11PL
21 December 2022
Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Page 11
|
Note |
Unrestricted |
Restricted |
Total funds |
Total funds |
|
|
|
|
2022 |
2021 |
|
|
£ |
£ |
£ |
£ |
| INCOME AND ENDOWMENTS |
|
|
|
|
|
| FROM: |
|
|
|
|
|
| Donations and legacies |
1 |
135233 |
2,214,582 |
2,349,815 |
1,367,515 |
| Othertrading activities |
|
|
|
|
|
| Management and administration |
|
|
|
|
|
| services donated by Radley |
|
|
|
|
|
| College |
|
512,003 |
- |
512,003 |
465,637 |
| Income from investments |
|
|
|
|
|
| Investment income |
4 |
171,722 |
233,996 |
405,718 |
373,855 |
| Total |
|
818,958 |
2,448,578 |
3,267,536 |
2,206,907 |
| EXPENDITURE ON: |
|
|
|
|
|
| Raising funds |
|
|
|
|
|
| Services provided by Radley |
|
|
|
|
|
| College |
3 |
512,003 |
- |
512,003 |
465,537 |
| Investment charges |
3 |
28,478 |
44,871 |
73,349 |
61,961 |
| Administration charges |
3 |
195 |
- |
195 |
(2,854) |
| Charitable activities |
|
|
|
|
|
| Amounts gifted to Radley College |
11 |
171,348 |
1,109,367 |
1,280,715 |
1,243,437 |
| Scholarships paid |
|
- |
94,822 |
94,822 |
135,527 |
| Total |
|
712,024 |
1,249,060 |
1,961,084 |
1,903,608 |
| Net income/(expenditure) before |
|
106,934 |
1,199,518 |
1,306,452 |
303,299 |
| gains |
|
|
|
|
|
| Net (Iosses)/gains on investments |
|
(41,798) |
(91,461) |
(133,259) |
1,701,911 |
| Net movement in funds |
|
65,136 |
1,108,057 |
1,173,193 |
2,005,210 |
| Fund balance brought forward |
|
4,799,755 |
7,516,135 |
12,315,890 |
10,310,680 |
| Fund balance carried forward |
|
4,864,891 |
8,624,192 |
13,489,083 |
12,315,890 |
|
Notes |
2022 |
2021 |
|
|
£ |
£ |
| FIXED ASSETS |
|
|
|
| Investments |
5 |
11,490,694 |
11,637,982 |
| CURRENT ASSETS |
|
|
|
| Sundry debtors —taxation recoverable |
|
3,225 |
7, 113 |
| Sundry debtors—dividends receivable |
|
11,726 |
12,088 |
| Cash at bank and in hand |
|
1,984,368 |
659,728 |
|
|
1,999,319 |
678,929 |
| CURRENT LIABILITIES |
|
|
|
| Accruals and deferred income |
|
(930) |
(1,021) |
| NET CURRENT ASSETS |
|
1,998,389 |
677,908 |
| NET ASSETS |
|
13,489,083 |
12,315,890 |
| ACCUMULATED FUNDS |
|
|
|
| Restricted fund |
7 |
8,624,192 |
7,516,135 |
| Unrestricted fund — general |
8 |
178,933 |
195,584 |
| Unrestricted fund — designated |
8 |
4,685,958 |
4,604, 171 |
|
|
13,489,083 |
12,315,890 |
|
Notes |
|
2022 |
|
2021 |
|
|
£ |
|
£ |
£ |
| Cash flows from operating activities: |
|
|
|
|
|
| Net movement in funds |
|
1,173,193 |
|
|
2,005,210 |
| Net loss! (gain) on investments |
|
133,259 |
|
|
(1,701,911) |
| Investment income |
|
(405,718) |
|
|
(373,855) |
| Decrease/(increase) in debtors |
|
4,250 |
|
|
22,116 |
| (Decrease)! increase in creditors |
|
|
(91) |
|
(3,034) |
| Net cash provided! (used in) by operating |
|
|
|
|
|
| activities |
|
|
|
904,893 |
(51,474) |
| Cash flows from investing activities |
|
|
|
|
|
| Purchase of investments |
5 |
(319,858) |
|
|
(757,341) |
| Investment income |
|
405,718 |
|
|
373,855 |
| Proceeds from sale of investments |
|
269,401 |
|
|
523,458 |
| Netcash provided by! (used in) investing |
|
|
|
355,261 |
139,972 |
| activities |
|
|
|
|
|
| Change in cash and cash equivalents in |
|
|
|
1,260,154 |
88,498 |
| the year |
|
|
|
|
|
| Cash and cash equivalents at the beginning |
|
|
|
|
|
| ofthe year |
|
|
|
790,612 |
702,114 |
| Total cash and cash equivalents atthe |
|
|
|
|
|
| end ofthe year |
|
|
|
2.050.766 |
790,612 |
| Analysis of total cash balances: |
|
|
|
|
|
|
|
|
|
2022 |
2021 |
|
|
|
|
£ |
£ |
| Cash awaiting investment |
|
|
|
66,398 |
130,884 |
| Cash at bank and in hand |
|
|
|
1,984,368 |
659,728 |
|
|
|
|
2,050,766 |
790.612 |
| Analysis ofchanges in net debt: |
|
At |
1 August |
Cash |
At 31 July |
|
|
|
2021 |
Flow |
2022 |
|
|
|
£‘OQO |
£000 |
£‘OOO |
| Cash |
|
|
659,728 |
1,324,640 |
1,984,368 |
| Cash awaiting investment |
|
|
130,884 |
(64,486) |
66,398 |
|
|
|
790,612 |
1,260,154 |
2,050,766 |
|
Radley College, which the Trustees |
regard as a r |
elated party. |
|
|
|
|
Total |
costs |
Borne by |
Radley College |
|
|
2022 |
2021 |
2022 |
2021 |
|
|
£ |
£ |
£ |
£ |
|
Wages and salaries |
382,387 |
392,745 |
382,387 |
392,745 |
|
Cost of generating funds |
71,362 |
17,197 |
71,362 |
17,197 |
|
Contribution to Radleian Society |
29,950 |
29,950 |
29,950 |
29,950 |
|
Other professional fees |
28,304 |
25,645 |
28,304 |
25,645 |
|
|
512,003 |
465,537 |
512,003 |
465,537 |
|
Borne directly by Foundation |
|
|
|
|
|
Investment manager fees |
73,349 |
61,961 |
|
|
|
Other administration charges |
195 |
(2,854) |
|
|
|
|
585,547 |
524,644 |
|
|
| 4. |
INVESTMENT INCOME |
|
|
2022 |
2021 |
|
|
|
|
£ |
£ |
|
Listed investments |
|
|
405,343 |
373, 744 |
|
Bank interest |
|
|
375 |
111 |
|
|
|
|
405,718 |
373,855 |
| 5. |
INVESTMENTS |
|
|
2022 |
2021 |
|
|
|
|
£ |
£ |
|
Balance brought forward |
|
|
11,507,098 |
9,571,304 |
|
Additions |
|
|
319,858 |
757,341 |
|
Disposals |
|
|
(269,401) |
(523,458) |
|
Revaluation (losses)! gains |
|
|
(133,259) |
1 701,911 |
|
|
|
|
11,424,296 |
11,507,098 |
|
Cash with investment managers |
|
|
66,398 |
130,884 |
|
Net book value at3l July 2022 |
|
|
11,490,694 |
11,637982 |
7.
RESTRICTED FUN |
DS
- 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
Investment |
|
|
|
|
|
|
|
gains! |
|
|
|
|
|
|
|
(losses) |
|
|
Value at |
|
|
Gifted to |
|
less fees |
Value at |
|
1 August |
|
|
Radley |
Scholar |
and |
31 July |
|
2021 |
Income |
Donations |
College |
ships |
transfers |
2022 |
|
£ |
£ |
£ |
£ |
£ |
£ |
£ |
| Bursary funds |
|
|
|
|
|
|
|
| Armed Forces |
2,925,381 |
105,386 |
8,970 |
|
(65,632) |
(40,112) |
2,933,993 |
| Greater China |
479,351 |
7,765 |
100 |
(45,805) |
|
(15,354) |
426,057 |
| James Wesson Fund |
109,087 |
2,223 |
2,125 |
(478) |
|
(4,413) |
108,544 |
| Hamish Aird Fund |
299,819 |
8,300 |
625 |
(35,440) |
|
(5,853) |
267,451 |
| Anthony Hudson Fund |
256,367 |
4,541 |
|
(41,699) |
|
(8,685) |
210,524 |
| Alan Rae Smith Fund |
155,245 |
3,033 |
65,625 |
|
|
(6,378) |
217,525 |
| Other Foundation Awards |
1,326,199 |
34,275 |
1,014,590 |
(211,253) |
|
(28,521) |
2,135,290 |
| Hugo Rutland Memorial |
200 |
|
1,313 |
(1,382) |
|
|
131 |
| Richard Morgan Award |
149 |
|
1,350 |
(1,499) |
|
|
|
| Silk |
16,107 |
|
233,416 |
(248,219) |
|
|
1,304 |
| Shale University Prize |
3,221 |
|
|
|
|
|
3,221 |
| Scholarship funds |
|
|
|
|
|
|
|
| Bastyan |
1,839,304 |
66.740 |
|
|
(29,190) |
(26,418) |
1,850,436 |
| Malcolm Robinson |
60 |
|
5,600 |
(5,600) |
- |
- |
60 |
| Zimbabwe Cricket Scholarship |
|
|
23,882 |
(23,882) |
|
|
|
| Project funds |
|
|
|
|
|
|
|
| Academic |
44,690 |
1,614 |
20,312 |
(2,057) |
- |
(614) |
63,945 |
| Capital Projects |
2,169 |
|
388,102 |
(76,713) |
- |
- |
313,558 |
| Chapel |
41,670 |
11 |
293,964 |
(333,973) |
- |
16 |
1,796 |
| Co-curricular |
1,566 |
|
- |
(1,566) |
- |
- |
- |
| Entrepreneurship |
|
|
75,000 |
- |
- |
- |
75,000 |
| Partnerships |
15,000 |
|
15,000 |
(15,000) |
- |
- |
15,000 |
| Rowing |
|
|
44,125 |
(44,125) |
- |
- |
- |
| Socials |
|
|
10,000 |
(10,000) |
- |
- |
- |
| Other |
550 |
|
10,483 |
(10,676) |
- |
- |
357 |
| Total restricted funds |
7,516,135 |
233,996 |
2,214,582 |
(1,109,367) |
(94,822) |
(136,332) |
8,624,192 |
|
|
|
|
|
|
Investment |
|
|
|
|
|
|
|
gains! |
|
|
Value at |
|
|
Gifted to |
|
(losses) less |
|
|
1 August |
|
|
Radley |
Scholar- |
fees and |
Value at 31 |
|
2020 |
Income |
Donations |
College |
ships |
transfers |
July2021 |
|
£ |
£ |
£ |
£ |
£ |
£ |
£ |
| Bursa,y funds |
|
|
|
|
|
|
|
| Armed Forces |
2,489,124 |
99,117 |
5,172 |
- |
(108,844) |
440,812 |
2,925,381 |
| Greater China |
392,372 |
7,877 |
91,951 |
(44,611) |
- |
31,762 |
479,351 |
| James Wesson Fund |
131,625 |
2,302 |
1,981 |
(36,113) |
- |
9,292 |
109,087 |
| Hamish Aird Fund |
257,541 |
8,308 |
10,000 |
(12,048) |
- |
36,018 |
299,819 |
| Anthony Hudson Fund |
254,431 |
5,152 |
6,286 |
(30,317) |
- |
20,815 |
256,367 |
| Alan Rae Smith Fund |
- |
1,369 |
151,350 |
- |
- |
2,526 |
155,245 |
| Other Foundation Awards |
1,192,919 |
33,731 |
139,761 |
(184,977) |
- |
144,765 |
1,326,199 |
| Hugo Rutland Memorial |
51 |
- |
3,747 |
(3,598) |
- |
- |
200 |
| Richard Morgan Award |
10,297 |
- |
41,019 |
(51,167) |
- |
- |
149 |
| Silk |
65,795 |
- |
101,678 |
(151,042) |
- |
(324) |
16,107 |
| Shale University Prize |
3,221 |
- |
- |
- |
- |
- |
3,221 |
| Scholarship funds |
|
|
|
|
|
|
|
| Bastyan |
1,525,485 |
62,549 |
787 |
- |
(26,683) |
277,166 |
1,839,304 |
| Malcolm Robinson |
25 |
- |
725 |
(690) |
- |
- |
60 |
| Zimbabwe Cricket Scholarship |
- |
- |
23,045 |
(23,045) |
- |
- |
|
| Project funds |
|
|
|
|
|
|
|
| Academic |
20,716 |
857 |
25,034 |
(5,429) |
- |
3,512 |
44,690 |
| Capital Projects |
5,000 |
- |
16,664 |
(19,495) |
- |
- |
2,169 |
| Chapel |
2,933 |
202 |
373,233 |
(334,964) |
- |
266 |
41,670 |
| Co-curricular |
148 |
- |
33,684 |
(32,266) |
- |
- |
1,566 |
| Partnerships |
- |
- |
15,000 |
- |
- |
- |
15,000 |
| Socials |
- |
- |
3,000 |
(3,000) |
- |
- |
- |
| Warden’s Discretion |
- |
- |
157,482 |
(157,482) |
- |
- |
- |
| Other |
- |
- |
1,463 |
(913) |
- |
- |
550 |
UNRESTRICTED FUNDS
- 2022 |
|
|
|
|
General |
Designated |
Total |
|
£ |
£ |
£ |
| At 1 August 2021 |
195,584 |
4,604,171 |
4,799,755 |
| Donations |
133,170 |
2,063 |
135,233 |
| Investment income |
374 |
171,348 |
171,722 |
| Gifts to Radley College |
|
(171,348) |
(171,348) |
| Donated by Radley College |
512,003 |
|
512,003 |
| Costs of generating funds |
(512, 003) |
|
(512,003) |
| Investment charges |
|
(28,478) |
(28,478) |
| Transfer |
(150000) |
150,000 |
|
| Administration charges |
(195) |
|
(195) |
| Loss on investment assets |
|
(41,798) |
(41,798) |
| At 31 July 2022 |
178.933 |
4,685,958 |
4,864,891 |
|
|
General |
Designated |
Total |
|
|
£ |
£ |
£ |
| At 1 August 2020 |
|
278,229 |
3,680,768 |
3,958,997 |
| Donations |
|
164,390 |
63 |
164,453 |
| Investment income |
|
111 |
152,280 |
152,391 |
| Gifts to Radley College |
|
- |
(152,280) |
(152,280) |
| Donated by Radley College |
|
465,537 |
- |
465,537 |
| Costs ofgenerating funds |
|
(465,537) |
- |
(465,537) |
| Investmentcharges |
|
- |
(24,800) |
(24,800) |
| Transfer |
|
(250,000) |
250,000 |
- |
| Administration charges |
|
2,854 |
- |
2,854 |
| Gains on investmentassets |
|
|
698140 |
698,140 |
| At31 July 2021 |
|
195.584 |
4.604.171 |
4,799.755 |
| ALLOCATION OF NET ASSETS |
- 2022 |
|
|
|
|
|
|
Net current |
|
|
|
Investments |
assets |
Total |
|
|
£ |
£ |
£ |
| Unrestricted funds |
|
|
|
|
| General |
|
- |
178,933 |
178,933 |
| Designated |
|
4,683,895 |
2,063 |
4,685,958 |
|
|
4,683,895 |
180,996 |
4,864,891 |
| Restricted funds |
|
|
|
|
| Bursary funds |
|
|
|
|
| Armed Forces |
|
2,796,474 |
137,519 |
2,933,993 |
| Greater China |
|
363,384 |
62,673 |
426,057 |
| James Wesson Fund |
|
104,421 |
4,123 |
108,544 |
| Hamish Aird Fund |
|
252,266 |
15,185 |
267,451 |
| Anthony Hudson Fund |
|
205,983 |
4,541 |
210,524 |
| Alan Rae Smith Fund |
|
150,383 |
67,142 |
217,525 |
| Other Foundation Awards |
|
1,107,365 |
1,027,925 |
2,135,290 |
| Hugo Rutland Memorial |
|
- |
131 |
131 |
| Silk |
|
- |
1,304 |
1,304 |
| Shale University Prize |
|
- |
3,221 |
3,221 |
| Scholarship Funds |
|
|
|
|
| Bastyan |
|
1,783,697 |
66,739 |
1,850,436 |
| Malcolm Robinson Memorial |
|
- |
60 |
60 |
| Projectfunds |
|
|
|
|
| Academic |
|
42,826 |
21,119 |
63,945 |
| Capital Projects |
|
- |
313,558 |
313,558 |
| Chapel |
|
- |
1,796 |
1,796 |
| Entrepreneurship |
|
- |
75,000 |
75,000 |
| Partnerships |
|
- |
15,000 |
15,000 |
| Other |
|
- |
357 |
357 |
|
|
6,806,799 |
1,817,393 |
8,624,192 |
|
|
11,490,694 |
1,998,389 |
13,489,083 |
|
|
Net current |
|
|
Investments |
assets |
Total |
|
£ |
£ |
£ |
| Unrestricted funds |
|
|
|
| General |
- |
195,584 |
195,584 |
| Designated |
4,604,246 |
(75) |
4,604,171 |
|
4,604,246 |
195,509 |
4,799,755 |
| Restrictedfunds |
|
|
|
| Bursa,yfunds |
|
|
|
| Armed Forces |
2,865,585 |
88,796 |
2,925,381 |
| Greater China |
378,738 |
100,613 |
479,351 |
| James Wesson Fund |
107,034 |
2,053 |
109,087 |
| HamishAird Fund |
281,511 |
18,308 |
299,819 |
| Anthony Hudson Fund |
244,929 |
11,438 |
256,367 |
| Alan Rae Smith Fund |
117,526 |
37,719 |
155,245 |
| OtherFoundation Awards |
1,185,985 |
140,214 |
1,326,199 |
| Hugo RutlandMemorial |
- |
200 |
200 |
| RichardMorganAward |
- |
149 |
149 |
| Silk |
- |
16,107 |
16,107 |
| Shale University Prize |
- |
3,221 |
3,221 |
| Scholarship Funds |
|
|
|
| Bastyan |
1,812,201 |
27,103 |
1,839,304 |
| Malcolm Robinson Memorial |
- |
60 |
60 |
| Projectfunds |
|
|
|
| Academic |
43,440 |
1,250 |
44,690 |
| CapitalProjects |
- |
2, 169 |
2, 169 |
| Chapel |
25,787 |
15,883 |
41,670 |
| Co-curricular |
- |
1,566 |
1,566 |
| Partnerships |
- |
15,000 |
15,000 |
| Other |
- |
550 |
550 |
|
7,033,736 |
482,399 |
7,516,135 |
|
11.637,982 |
677.908 |
12,315,890 |
|
Gifts made by The Foundation to Radley College to be ap |
plied as follows: |
|
|
|
2022 |
2021 |
|
Fund |
£ |
£ |
|
Bursary funds |
|
|
|
James Wesson Fund |
478 |
36,113 |
|
Foundation Awards |
211,253 |
184,977 |
|
College Scholarship and Bursary Fund |
171,348 |
152,280 |
|
Greater China Scholarship |
45,805 |
44,611 |
|
Anthony Hudson |
41,699 |
30,317 |
|
Hamish Aird Scholarship |
35,440 |
12,048 |
|
Hugo Rutland Memorial |
1,382 |
3,598 |
|
Richard Morgan Award |
1,499 |
51,167 |
|
Silk |
248,219 |
151,042 |
|
Scholarship funds |
|
|
|
Malcolm Robinson Memorial |
5,600 |
690 |
|
Zimbabwe Cricket Scholarship |
23,882 |
23,045 |
|
Projectfunds |
|
|
|
Academic |
2,057 |
5,429 |
|
Capital Projects |
76,713 |
19,495 |
|
Chapel |
333,973 |
334,964 |
|
Co-curricular |
1,566 |
30,266 |
|
Music Partnerships |
15,000 |
- |
|
Rowing |
44,125 |
- |
|
Socials |
10,000 |
3,000 |
|
Warden’s Discretion |
- |
157,482 |
|
Other |
10,676 |
913 |
|
|
1,280,715 |
1,243.437 |
| 12. |
FINANCIAL INSTRUMENTS |
|
|
|
|
2022 |
2021 |
|
|
£ |
£ |
|
Financial assets measured at amortised cost |
1,999,319 |
678,929 |
|
Financial assets measured at fair value |
11,490,694 |
11,637,982 |
|
Financial liabilities measured at amortised cost |
(930) |
(1,021) |
13.
COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES |
13.
COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES |
|
|
|
Unrestricted |
Restricted |
2021 |
|
£ |
£ |
£ |
| INCOMEAND ENDOWMENTSFROM: |
|
|
|
| Donations andlegacies |
164,453 |
1,203,062 |
1,367,515 |
| Othertrading activities |
|
|
|
| Managementand administration setvices |
|
|
|
| donatedby Radley College |
|
|
|
|
465,537 |
- |
465,537 |
| Income from investments |
|
|
|
| Investmentincome |
152,391 |
221,464 |
373,855 |
| Total |
782,381 |
1,424,526 |
2,206,907 |
| EXPENDITURE ON: |
|
|
|
| Raising funds |
|
|
|
| Seivicesprovided by Radley College |
465,537 |
- |
465,537 |
| Investmentcharges |
24,800 |
37,161 |
61,961 |
| Administration charges |
(2,854) |
- |
(2,854) |
| Charitable activities |
|
|
|
| Amounts gifted to Radley College |
152,280 |
1,091,157 |
1,243,437 |
| Scholarshipspaid |
- |
135,527 |
135,527 |
| Total |
639,763 |
1,263845 |
1,903,608 |
| Netincome/(experiditure) before gains |
142,618 |
160,681 |
303,299 |
| Netgains on investments |
698,140 |
1,003,771 |
1,701,911 |
| Netmovement in funds |
840,758 |
1,164,452 |
2,005,210 |
| Fundbalance brought forward |
3,958,997 |
6,351,683 |
10,310,680 |
| Fundbalance carriedforward |
4.799.755 |
7,516.135 |
12,315,890 |