| Page | Page | |
|---|---|---|
| Trustees and Advisors | 1 | |
| Trustees’ Report | 2 | — 7 |
| Independent Auditor’s Report | 8 | — 11 |
| Statement of Financial Activities | 12 | |
| Balance Sheet | 13 | |
| Cash FlowStatement | 14 | |
| Notes to the Financial Statements | 15—24 |
Crowe �
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RADLEY FOUNDATION FOR THE YEAR ENDED 31 JULY 2023 (CONTINUED)
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were taxation legislation, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recognition of income, and the override of controls by management. Our audit procedures to respond to the risk of income recognition included selecting a sample of income received and agreeing to the relevant documentation and ensuring that any conditions attached have been met. Our audit procedures to respond to the risk of management override of controls included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non compliance with all laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: w.frc.or.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Page 10
Crowe �
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RADLEY FOUNDATION FOR THE YEAR ENDED 31 JULY 2023 (CONTINUED)
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 RG1 1PL
7 December 2023
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 | Totalfunds | |
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| £ | £ | £ | £ | ||
| INCOME AND ENDOWMENTS | |||||
| FROM: | |||||
| Donations and legacies | 1 | 175,455 | 1,367,388 | 1,542,843 | 2,349,815 |
| Othertrading activities | |||||
| Management and | 543,805 | - | 543,805 | 512,003 | |
| administration services donated by |
|||||
| Radley College |
|||||
| Income from investments | |||||
| Investment income | 4 | 197,228 | 255,812 | 453,040 | 405,718 |
| Total | 916,488 | 1,623,200 | 2,539,688 | 3,267,536 | |
| EXPENDITURE ON: | |||||
| Raising funds | |||||
| Services provided by | |||||
| Radley College |
3 | 543,805 | - | 543,805 | 512,003 |
| Investment charges | 3 | 28,478 | 40,947 | 69,425 | 73,349 |
| Administration charges | 3 | 545 | - | 545 | 195 |
| Charitable activities | |||||
| Amounts gifted to Radley College | 11 | 271,348 | 1,638,038 | 1,909,386 | 1,280,715 |
| Scholarships paid | - | 102,923 | 102,923 | 94,822 | |
| Total | 844176 | 1,781,908 | 2,626,084 | 1,961,084 | |
| Net (expenditure)! income before | 72,312 | (158,708) | (86,396) | 1,306,452 | |
| gains | |||||
| Net loss on investments | (213,667) | (318,737) | (532,404) | (133,259) | |
| Net movement in funds | (141,355) | (477,445) | (618,800) | 1,173,193 | |
| Fund balance brought forward | 4,864,891 | 8,624,192 | 13,489,083 | 12,315,890 | |
| Fund balance carried forward | 4.723.536 | 8.146.747 | 12,870,283 | 13.489,083 |
| Notes | 2023 | 2022 | |||
|---|---|---|---|---|---|
| £ | £ | £ | |||
| Cash flows from operating activities: | |||||
| Net movement in funds | (618,800) | 1,173,193 | |||
| Net loss on investments | 532,404 | 133,259 | |||
| Investment income | (453,040) | (405,718) | |||
| (Increase)!decrease in debtors | (25,443) | 4,250 | |||
| (Decrease)! increase in creditors | (59) | (91) | |||
| Net cash (used in)! provided by operating | |||||
| activities | (564,938) | 904,893 | |||
| Cash flows from investing activities | |||||
| Purchase of investments | 5 | (502,884) | (319,858) | ||
| Investment income | 453,040 | 405,718 | |||
| Proceeds from sale of investments | 389,367 | 269,401 | |||
| Net cash provided by investing activities | 339,523 | 355,261 | |||
| Change in cash and cash equivalents in | (225,415) | 1,260,154 | |||
| the year | |||||
| Cash and cash equivalents at the beginning | |||||
| ofthe year | 2,050,766 | 790,612 | |||
| Total cash and cash equivalents atthe | |||||
| end ofthe year | 1,825,351 | 2.050.766 | |||
| Analysis oftotal cash balances: | |||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Cash awaiting investment | 7,653 | 66,398 | |||
| Cash at bank and in hand | 1,817,698 | 1,984,368 | |||
| 1,825,351 | 2.050,766 | ||||
| Analysis ofchanges in net debt: | At | 1 August | Cash | At 31 July | |
| 2022 | Flow | 2023 | |||
| £‘OOO | £000 | £‘OOO | |||
| Cash | 1,984,368 | (166,670) | 1,817,698 | ||
| Cash awaiting investment | 66,398 | (58,745) | 7,653 | ||
| 2,050,766 | (225,415) | 1,825,351 |
| Radley College, which the Trustees r | egard as a re | lated party. | |||
|---|---|---|---|---|---|
| Total | costs | Borne by Radley College | |||
| 2023 | 2022 | 2023 | 2022 | ||
| £ | £ | £ | £ | ||
| Wages and salaries | 412,227 | 382,387 | 412,227 | 382,387 | |
| Cost ofgenerating funds | 65,728 | 71,362 | 65,728 | 71,362 | |
| Contribution to Radleian Society | 29,950 | 29,950 | 29,950 | 29,950 | |
| Other professional fees | 35,900 | 28,304 | 35,900 | 28,304 | |
| 543,805 | 512,003 | 543,805 | 512,003 | ||
| Borne directly by Foundation | |||||
| Investment managerfees | 69,425 | 73,349 | |||
| Other administration charges | 545 | 195 | |||
| 613,775 | 585.547 | ||||
| 4. | INVESTMENT INCOME | 2023 | 2022 | ||
| £ | £ | ||||
| Listed investments | 427,135 | 405,343 | |||
| Bank interest | 25,905 | 375 | |||
| 453,040 | 405,718 | ||||
| 5. | INVESTMENTS | 2023 | 2022 | ||
| £ | £ | ||||
| Balance broughtforward | 11,424,296 | 11,507,098 | |||
| Additions | 502,884 | 319,858 | |||
| Disposals and investment management fees | (389,367) | (269,401) | |||
| Revaluation losses | (532,404) | (133,259) | |||
| 11,005,409 | 11,424,296 | ||||
| Cash with investment managers | 7,653 | 66,398 | |||
| Net book value at 31 July 2023 | 11,013,062 | 11.490,694 |
| FUN | S - 03 | ||||||
|---|---|---|---|---|---|---|---|
| Investment | |||||||
| gains/ | |||||||
| (losses) | |||||||
| Value at | Gifted to | less fees | Value at | ||||
| 1 August | Radley | Scholar | and | 31 July | |||
| 2022 | Income | Donations | College | ships | transfers | 2023 | |
| £ | £ | £ | £ | £ | £ | £ | |
| Bursary funds | |||||||
| Armed Forces | 2,933,993 | 109,556 | 9,758 | (58,302) | (147,879) | 2,847,126 | |
| Greater china | 426,057 | 7,757 | 188 | (89,100) | (19,002) | 325,900 | |
| James Wesson Fund | 108,544 | 2,317 | 11,650 | (28,958) | (5,467) | 88,086 | |
| Hamish Aird Fund | 267,451 | 7,787 | 10,000 | (110,368) | (12,269) | 162,601 | |
| Anthony Hudson Fund | 210,524 | 3,621 | 1,767 | (89,100) | (9,861) | 116,951 | |
| Alan Rae Smith Fund | 217,525 | 3,521 | (44,550) | (8,133) | 168,363 | ||
| Other Foundation Awards | 2,135,290 | 50,133 | 462,479 | (186,189) | (61,061) | 2,400,652 | |
| Hugo Rutland Memorial | 131 | 1,312 | (1,333) | 110 | |||
| Richard Morgan Award | 49,949 | (49,949) | |||||
| Silk | 1,304 | 97,875 | (98,095) | 1,084 | |||
| Shale University Prize | 3,221 | 3,221 | |||||
| Scholarship funds | |||||||
| Bastyan | 1,850,436 | 69,442 | - | - | (44,621) | (94,408) | 1,780,849 |
| Malcolm Robinson | 60 | - | 12,168 | (12,178) | - | - | 50 |
| Zimbabwe cricket Scholarship | 29,402 | (29,402) | - | - | |||
| Project funds | |||||||
| Academic | 63,945 | 1,678 | 42,084 | (14,901) | (1,604) | 91,202 | |
| capital Projects | 313,558 | - | 395,531 | (584,074) | 125,015 | ||
| chapel | 1,796 | - | 60,985 | (61,091) | 1,690 | ||
| co-curricular | - | - | 152,840 | (146,768) | - | 6,072 | |
| Entrepreneurship | 75,000 | - | - | (75,000) | |||
| Partnerships | 15,000 | - | 15000 | (15,000) | 15,000 | ||
| Socials | - | - | 13,900 | (1,125) | - | 12,775 | |
| Other | 357 | - | 500 | (857) | |||
| Total restricted funds | 8,624,192 | 255,812 | 1,367,388 | (1,638,038) | (102,923) | (359,684) | 8,146,747 |
| Investment | |||||||
|---|---|---|---|---|---|---|---|
| gains! | |||||||
| Value at | Giftedto | (losses) less | |||||
| 1 August | Radley | Scholar- | fees and | Value at 31 | |||
| 2021 | Income | Donations | College | ships | transfers | July 2022 | |
| £ | £ | £ | £ | £ | £ | £ | |
| Bursa,yfunds | |||||||
| 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 AirdFund | 299,819 | 8,300 | 625 | (35,440) | - | (5,853) | 267,451 |
| AnthonyHudson 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 | |
| OtherFoundationAwards | 1,326,199 | 34,275 | 1,014,590 | (211,253) | (28,521) | 2,135,290 | |
| Hugo RutlandMemorial | 200 | - | 1,313 | (1,382) | 131 | ||
| Richard Morgan Award | 149 | - | 1,350 | (1,499) | - | - | |
| Silk | 16,107 | - | 233,416 | (248,219) | - | - | 1,304 |
| Shale UniversityPrize | 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) | - | - | - |
| Projectfunds | |||||||
| 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 | 119 | 293,964 | (333,973) | - | 16 | 1,796 |
| Co-curricular | 1,566 | - | - | (1,566) | - | - | |
| Entrepreneursh,i | - | - | 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 restrictedfunds | 7,516,135 | 233,996 | 2,214,582 | (1,109,367) | (94,822) | (136,332) | 8,624,192 |
| NRESTRICTED FUNDS - 2023 |
|||
|---|---|---|---|
| General | Designated | Total | |
| £ | £ | £ | |
| At 1 August 2022 | 178,933 | 4,685,958 | 4,864,891 |
| Donations | 175,455 | - | 175,455 |
| Investment income | 25,880 | 171,348 | 197,228 |
| Gifts to Radley College | (100,000) | (171,348) | (271,348) |
| Donated by Radley College | 543,805 | - | 543,805 |
| Costs ofgenerating funds | (543,805) | - | (543,805) |
| Investment charges | - | (28,478) | (28,478) |
| Transfer | (175,000) | 175,000 | - |
| Administration charges | (545) | - | (545) |
| Loss on investment assets | - | (213,667) | (213,667) |
| At31 July2023 | 104.723 | 4,618,813 | 4,723,536 |
| 2022 comparative | General | Designated | Total |
| £ | £ | £ | |
| At 1 August 2021 | 195,584 | 4,604,171 | 4,799,755 |
| Donations | 133,170 | 2,063 | 135,233 |
| Investmentincome | 374 | 171,348 | 171,722 |
| Gifts to Radley College | - | (171,348) | (171,348) |
| DonatedbyRadley College | 512,003 | - | 512,003 |
| Costs ofgenerating funds | (512,003) | - | (512,003) |
| Investmentcharges | - | (28,478) | (28,478) |
| Transfer | (150,000) | 150,000 | - |
| Administration charges | (195) | - | (195) |
| Loss on investmentassets | - | (41,798) | (41,798) |
| At 31 July 2022 | 178.933 | 4.685.958 | 4.864.891 |
| 9. | ALLOCATION OF NET ASSETS | - 2023 | |||
|---|---|---|---|---|---|
| Netcurrent | |||||
| Investments | assets | Total | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General | - | 104,723 | 104,723 | ||
| Designated | 4,618,813 | - | 4,618,813 | ||
| 4,618,813 | 104,723 | 4,723,536 | |||
| Restricted funds | |||||
| Bursaryfunds | |||||
| Armed Forces | 2,648,595 | 198,531 | 2,847,126 | ||
| Greater China | 305,480 | 20,420 | 325,900 | ||
| James Wesson Fund | 86,970 | 1,116 | 88,086 | ||
| Hamish Aird Fund | 162,601 | - | 162,601 | ||
| Anthony Hudson Fund | 115,698 | 1,253 | 116,951 | ||
| Alan Rae Smith Fund | 142,250 | 26,113 | 168,363 | ||
| Other Foundation Awards | 1,177,741 | 1,222,910 | 2,400,651 | ||
| Hugo Rutland Memorial | - | 110 | 110 | ||
| Silk | - | 1,084 | 1,084 | ||
| Shale University Prize | - | 3,221 | 3,221 | ||
| Scholarship Funds | |||||
| Bastyan | 1,692,573 | 88,276 | 1,780,849 | ||
| Malcolm Robinson Memorial | - | 50 | 50 | ||
| Project funds | |||||
| Academic | 62,341 | 28,862 | 91,203 | ||
| Capital Projects | - | 125,015 | 125,015 | ||
| Chapel | - | 1,690 | 1,690 | ||
| Co-Curricular | - | 6,072 | 6,072 | ||
| Partnerships | - | 15,000 | 15,000 | ||
| Socials | - | 12,775 | 12,775 | ||
| 6,394,249 | 1,752,498 | 8,146,747 | |||
| 11,013,062 | 1,857,221 | 12,870,283 |
| LLOCATION OF NET ASSETS (conti | nued) - 2022 |
||
|---|---|---|---|
| Netcurrent | |||
| Investments | assets | Total | |
| £ | £ | £ | |
| Unrestrictedfunds | |||
| General | - | 178,933 | 178,933 |
| Designated | 4,683,895 | 2,063 | 4,685,958 |
| 4,683,895 | 180,996 | 4,864,891 | |
| Restrictedfunds | |||
| Bursatyfunds | |||
| ArmedForces | 2,796,474 | 137,519 | 2,933,993 |
| GreaterChina | 363,384 | 62,673 | 426,057 |
| James Wesson Fund | 104,421 | 4,123 | 108,544 |
| HamishAirdFund | 252,266 | 15,185 | 267,451 |
| AnthonyHudson Fund | 205,983 | 4,541 | 210,524 |
| Alan Rae Smith Fund | 150,383 | 67,142 | 217,525 |
| OtherFoundation Awards | 1,107,365 | 1,027,925 | 2,135,290 |
| Hugo Rutland Memorial | - | 131 | 131 |
| Silk | - | 1,304 | 1,304 |
| Shale UniversityPrize | - | 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 |
| CapitalProjects | - | 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 |
| 2023 | 2022 | ||
|---|---|---|---|
| Fund | £ | £ | |
| Bursaryfunds | |||
| James Wesson Fund | 28,958 | 478 | |
| Foundation Awards | 186,189 | 211,253 | |
| College Scholarship and Bursary Fund | 171,348 | 171,348 | |
| Greater China Scholarship | 89,100 | 45,805 | |
| Anthony Hudson | 89,100 | 41,699 | |
| Alan Rae Smith | 44,550 | - | |
| Hamish Aird Scholarship | 110,368 | 35,440 | |
| Hugo Rutland Memorial | 1,333 | 1,382 | |
| Richard Morgan Award | 49,949 | 1,499 | |
| Silk | 98,095 | 248,219 | |
| Scholarship funds | |||
| Malcolm Robinson Memorial | 12,178 | 5,600 | |
| Zimbabwe Cricket Scholarship | 29,402 | 23,882 | |
| Projectfunds | |||
| Academic | 14,901 | 2,057 | |
| Capital Projects | 584,074 | 76,713 | |
| Chapel | 61,091 | 333,973 | |
| Co-curricular | 146,768 | 1,566 | |
| Entrepreneurship | 75,000 | - | |
| Music Partnerships | 15,000 | 15,000 | |
| Rowing | - | 44,125 | |
| Socials | 1,125 | 10,000 | |
| Warden’s Discretion | 100,000 | - | |
| Other | 857 | 10,676 | |
| 1,909,386 | 1.280,715 | ||
| 12. | FINANCIAL INSTRUMENTS | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Financial assets measured at amortised cost | 1,858,092 | 1,999,319 | |
| Financial assets measured at fairvalue | 11,013,062 | 11,490,694 | |
| Financial liabilities measured at amortised cost | (871) | (930) |
| 13. COMPARATIVE STATEMENT |
OF FINANCIAL | ACTIVITIES | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Total funds | Total funds | |
| 2022 | 2021 | |||
| £ | £ | £ | £ | |
| INCOMEAND ENDOWMENTS | ||||
| FROM: | ||||
| Donations andlegacies | 135,233 | 2,214,582 | 2,349,815 | 1,367,515 |
| Othertrading activities | ||||
| Managementand | ||||
| administration services donated by |
||||
| Radley College |
512,003 | - | 512,003 | 465,637 |
| Income from investments | ||||
| Investmentincome | 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 providedby | ||||
| Radley College |
512,003 | - | 512,003 | 465,537 |
| Investmentcharges | 28,478 | 44,871 | 73,349 | 61,961 |
| Administration charges | 195 | - | 195 | (2,854) |
| Charitable activities | ||||
| Amounts gifted to Radley College | 171,348 | 1,109,367 | 1,280,715 | 1,243,437 |
| Scholarshipspaid | - | 94,822 | 94,822 | 135,527 |
| Total | 712,024 | 1,249,060 | 1,961,084 | 1,903,608 |
| Netincome/(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 |
| Netmovement in funds | 65,136 | 1,108,057 | 1,173,193 | 2,005,210 |
| Fundbalance broughtforward | 4,799,755 | 7,516,135 | 12.315,890 | 10,310,680 |
| Fundbalance carried forward | 4,864.891 | 8.624.192 | 13,489,083 | 12.315.890 |