RENDCOMB COLLEGE FOUNDATION REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Charity Numbw. 311713 BINDCOMB COLLEGE FOi)NDATION REPORT AND FINANCIAL STATLMEIThS FOR THE YEAR ENDED 31 AUGusf 2020 CONfENTS PAGE Ref¢rence and admini5trdtiv¢ details Trustees, report Independent audiiors. report 12- 13 COn￿lIda1￿ &aiement of fina[￿la1 xliviii 14 Consolidated and Foundatiijn balance sheets" 15 Consolidated e&sh flow ststemeni 16 Noies to the 17-30 RENDCOMB COLLEGE FOUNDATION REFERENCE AND ADMINISTIL4TIVE DETAIIS Trustees and kny tu H C W RcA)inson DL (Ch8irrn3n) S D E Parsons TD Mrs L H Singer DrCMHWi115 R H Wills Sev¢t4ry: P A Beddows Reglstered offl¢e: Strutt & PaTk¢r 15 LoTLdon R￿j St A]bans Hcrtfordshire ALI ILA Soildtorj: Charles Russell spe￿hly5 5 Fleet Street London EC4M 7RD Auditori: Haysmacintyre LLP 10 Queen Street Pla IA)ndon EC4R IAG BrDkerJ: Cazcnove Capital Mawernent Limitsj l London Wall Place London EC2Y SAU B#tthr$: Coutts & Co ' Chandos Branch 440 StTand London WC2R OQS Ch*rlty Number: 311713 RENDCOMB COLLEGE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 202• The Trusrees present their annua] rewr for the ycar ended 31 August 2020 under the Charities Aci 2011 togethci wth thE audited consolidated financial statements for the year which Comply with the rtquirtments of thc Foundation's Trust Deed and the Statement of Recommended Prdctice atvlicable io chariii¢s preparing their a¢¢ounts in accordance with the Finaneial Rworting Standard applicable ID the UK and R¢publi¢ of Jreland (FRS 102) Second Edition. REFKRENCE AND ADMINISTRATIVE INFORMATION 14nd ¢harltable status The Four¥Jation wa5 Set up by the13te Frederick Hamilion Wills on 22 March 1920 to pmwde edUc￿lon at ReThlcomb College ond is regisieTed with the Charity Commission (R¢gistrnion No. 311713). With effttt from I September 21X)6. the business of the College and 115 TKI opcrdting a55Ct5, togcthcr With iThvestments with value of £1 million were transferred io a newly incorporated chan"ty. Rend¢omb College {Charity No. I I 15884, Compatty No. 58911981. A5 the Tnwe¢s of (he FollDdaiion are the mcmbcrs of thc incoTpofdted charity and appoint the Govemors, Rendcomb College 15 Ireaied as a conne¢ied chaTity and its re￿Its have been coThsolidated with th¢)5¢ of the F¢)Und￿l0￿. Trusteu, governors *tsd ￿vISerS Detail% ofihe TrU.￿ee$ of the Foundation. key officcr5 aTKI advisers ar¢ $hown on page l. STRUCTURE, COVERNANCE AND fvfANAGEMENr Governing document The FoutKl*ion is governed by its Deed datins fn)m 1920 and ￿m>St reccntly amended in Augiist 2(Th. OrgAnlsa¢lonal $trn¢thre The Trustees are responsible for ensuring that tk objectives of the FO￿￿￿10n are meL Four of the Trustee5 ar¢ also Governors of Rendcomb Collqe. Key mI￿gement p¢rsoTrn¢l The Trustee& Governors of the Colle8e together with the He￿. Bursar and their Senior Leadership Team are lh¢ key manag¢rnent personnel. R¢mun¢Tation is by ihe Board of Governors io encourage enhanced perforrnance and io reward fairly and r¢sponsibly Èndiyidual wniribylion5 to lh¢ College's Success. The remuneration i$ revi¢wed annually, in¢luding refcrcnce to comparisons with other tndepcndent 5chwls where public*ly availoble. The Tntsiees and Governors are not rernurteTaied. Inv¢sttnellt power4 polky obJ¢ctfves The portfolios of securities owned by the Foundation and College are matmged by Cazenove Capital Matlagement Limited. who act whth delegated authority U[￿er the iems of a dwreii(rfwy agr¢emcnL During the yearth¢ Trustees iTansiiioned the Invertment ptsrtfolios into the Cazenove Charity Multi-Asw Fund ICMAF). Previously th¢ obje¢iive was to xhieve a return of CPI +3/• p.a.. over the medium to lon8 ter￿ along with a level of income. The pDnfolio$ now hove a reiwn objective of CPI +4YD p.a. over the medium to IoDg *rn). wilh x 'iothl rerum. approach to di5tribuiions, whereby bo¢h capithl and in¢ome can bc used. T1￿ objectives are in line with CMAF. which pays a distribution of 44h p.a. on a total retum basi5. Across the 12 rnnths to the end of Augu# 2020. 1]u"s CPl+4•/D obje¢tiVC sto￿ at 4.2/0. Au¢)$5 the same time perio4 the Rendcomb Coll¢ge portfolio ttwmed-3.5%, the New Portfolio-3.4Vo and the Sinclair Bursary-2.7•/6. PeTforniaThce over the year was shaped by COVID-19, and ihe result is that the more eyelieal UK equity market fell 12.vh acTOSS thai time period, with ihe depressed sthrting point for govcrnmcnt knnd yields meanin8 that the UK'S FfsE Govemmen¢ Ail-siocks Index returned just 2.4•1￿ a relatively muted return for assds expected to hold up well in times of equity market sell offs. In contrast. the greater weighting in ie¢hnology stocks and ￿h¢r work.f￿m-home beneficiaries that 15 pr¢s¢nt in oversea5 markety particularty th¢ US. meant that global equiiies returned 6.￿kn in £ ternis. RENDCOMB COUEGE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGU￿ 2020 Inve$tment poiveri* poll¢y And rJbJe¢ttves (c0ntth￿ed) CMAF takes a g]obai approach io equilies and has rhaefore been we]Iwiiioned this year. benefitting from its exposure to structural growth seettsrs such as ie¢hnology and healthcare. along with its defensive allocations such &5 gold which h perforn￿d well. The main detractor to perfor￿ce for the rKriod h&s been the previous higher ￿l¢￿atIonS to UK ¢quiii¢& whi¢h hav¢ lagged OWiDg to their gr¢at¢r allouii¢m5 10 ¢ha]l¢nga s¢¢tQfS such as etwgy and finan¢ia]s. Given ihe concentration wiihin the UK thai ihe ]K)rtfolios held prior ￿ moving into CMAF over the course of the yvdr. the medium-term inflation plus targei has noi been met over the I￿ 12 months. HowevLY, over ihc lon8cr terni. the advice Irom Cazcnove 15 that they rernain confident that CMAF will med Rendcomb'5 ncw objcctivcs. Rlsk manAgeDieDt The Trumees review ihe risks facing the Foundati(ffl on a regular basis and ensurc thai the major risks are addressed aThl appropriate actii)n taken where necessary. The Governors eLwre that the major risks to which th¢ Coll¢g¢ is ¢xpos¢d are reviewed annually and that systcms 2re in place to mitigate or minirni5e such risks. ReerultmenL Ind￿￿￿￿ and tr•lnlllg of Trnste Tru%tee5 are 4)poitrted for a fixed five-year terrn bui 8re eligible for re4)pointrnenL OWECTS, AIMS, OWECTIVES AND ACTivfTIES Foundation tsbjeets Th¢ objects for which the FoundatioTh is e￿ablished are to advance education by supporting a boarding and day school for boys and girts and by providing buildings for use by the College and making conthbutions to the College's operating costs. The land belonging io the Charity murt be made available for the purpoKs of the College. Princip￿ activity Th¢ principal activity of the Foundation w&5 the continying support for the College to enable it to meet its objective to provide educaiion for boy5 and ￿rIS aged fmm 3 to 18 years. College objects Th¢ object for which the College is established 15 to *lvance education for th¢ public ben¢fii in¢luding the PTovision and mainienatKe of a F*>arding and day %hool or %hools for boys and girls in the United Kingdom. Miision Statemtttt Th¢ College mission is to develop thoughtfvl. adventsrnuj and AC￿¢￿1¢￿￿Y Arnbitious yYJung people who 8Te life-long learners. We aim to prepare them with the charaaer and skills to succeed in the ever-ehanging world after ￿h0O1. Our pupils have the fT¢edom ¢0 ¢xpeTien¢< explore and enquife aboui the World them. We aim to encourage indepertdence and tolerance in a safe, caring communiiy and magnificeni natural environment. To *thieve this Y4e Tvill: Promote a growth rnind-s¢t, wher¢ abilities can be develop&1 through dedi¢ation and hard-work. Provide a co-curriculum that will challenge and support character development, leadership and teamwork: Encourage individualism. creativity and contribution to a nurturing and collaborativc community: Engender physi¢aL spiritua] and mentsl well-being through a sirong paAorat s￿e￿. Pr¢par¢ pupils for a lif¢ school. Develop an appreciation for and reswible attitude towarth th¢4r environm¢nt and wrToundings. RENDCOMB COLl￿GE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGusf 2(120 OWECT& AIM& OWEcllvES AI¥D ACTivrriLs (comlinlled) College Aetlvltl The year ended 31" Augu# 2020 been unprecedent¢d in $0 many ways. Whil# we started 2020 in a joyw5 rnC￿d as we cnterd our Centenary year, the erLsuin8 glo￿ lockdowns proved to bc chailen8ing in all regar Acadthiic." In a year where results were 5u¢h a poliiical topi< we were delighted with the puforma￿ bcrth befoff and after the changcs to the grading syslem. After their success at GCSE we Iwl bcen confident th￿ ihe year 13 pupils would produce exceptional results, and thi5 proved io be the ¢ase U￿￿T eiihet measure ofrtsidt all(wions. l)upils rLceived panieularly fitTong re.sulLs in Eng¥li%h. History. Computin8 and fjeography, plu¥ an itKr¢dible l(KP/o distinction rill¥ In El I'EC Bu.8ine5% Siudies. the cquivalenl ol'llll A. ljttnieular congratulatiows go to.. Otie siudenl achieving A*, A , A kprthlc4 arKI *xuring her plxe ai the Universiiy of Bristol io read Politics & paiii%h ()b)L' %twl¥i)i aLhieving A" A• A ￿ru￿ng entry to Roydl Abtri¢uliural Univcrnily to rtsj Real Estate OIK. dudeN achieving A., A" A to rC￿j Naturdl Science.% ai Durham UnivrThity 01￿.￿1UdeM achieving A*, A. A to read Physics at the Univer%iiy orManc￿￿ly 01￿ siudeim achi¢vin¥ A., A* A* A• to lead Law ai Univcrsiiy ot'Warwi¢k Actlvllles Other cournes secured irtlude Maihemaiics. C￿mp￿[¢r S¢ien¢e forcyber Security. Biological Seiencth and F.¥oiwmi¢¥ plu any oiheli. In addition. w¢ were delighied with ¢hL awatd of a sclK>laTship for ¢)ne ￿￿dent io read Mu41¢ ai Wel¥h Con*rvaioire. Rob Jone%, Headmaster, commented.. "li ks fair io ￿Y I1￿ ihis bcen a year like no (Mhtr in the his10ry of education. Our lound¢r Noel Will4 would be Incredibly pr(MHI of ivhal our Sludeni% have achieved in thi¥ OUT cenienary year. Studenis have i-isLii In IliL challeiige and demoitsiraicd great T¢siliL ￿￿. uiid driie. %orneihiiig iliai lie eiicourage Ihein 10 d¢Kclop al ReTidcoinb Coll¥ui. and will benefit them long into the future. l am very prwd of 011 of ihem. Small classes. dedicaied teaching s1aff. and rillll)l¥ wr4)ort have eoabled to on the individual and bring out the best in thefft It ha5 also meant that we can be Lry coiilidcn¢ In our as5CS5mcnt aiTrd rrackin8 of their progress.- IJCSL were awarded from ihe DUL￿ ba4*d only on xlK¥)l asse$5ed gr￿lIng. The rcsulis awarded wcrc as follow%: 9-7 {A•.A) 51°1• 9- 6 (A*.B) 75V. 9-41A*C197Q. Throughout the lockdown peri￿1 all student% iTtcludin& year% I l and 13. were engaged ID a fitll programme of online learning. For Ihe exam yeaTS of year I l atMI 13 thi.s blended enrichmerti leaming with mentoring advice. with year 13 ￿ud¢n¢$ able to .s¢leci a profe&sional mentor from amongst the staff based on their Lhniversity ¢hoi¢e%. In th¢ week when ihe Closure of schools was anTK)u]Ked wc already communicaioj to all pupils and parents what our Remote Learning Slrai¢gy wou]d be. Thi$ ￿Ka￿l that when we were iold to ¢lose our physi¢a] doors on Friday 20 March, w¢ were able to open our Temoie doors on Monday 23 March, c￿Suring thai all #udenis were given educational opportunitie5 &5 close as possible io those of f&e40-face learning Lrnrnediatcly aft¢r we were closed by the GovenJrneTht. From the outset our expectations were: RENDCOMB COLLEGE FOUNDATION TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 AUGusf 21120 OB]E￿S, All¥fS, OBJECTIVES AND ACTIVITIES (¢ontlUu￿) A¢tivities (contiDues} To follow the timetable wherever twible. TeachcTS to be available for the fiTSt 20 minutes of le&wn wherever possibl< Delivering Continuiiy of education that includes 3 cycle of plannin& texhing and feedback.. Setting work for pupils that Is cnwin8 and meaningfiLI. Preserying pupils. safety and wellb¢in8. coupled to an Under*￿1ng of lh¢ differing ne&ts of individuals. In order to t)ioniior our perfornunce agai)￿ these objectives we carried out parent and pupil suryeys to gauge satisfa¢tio levels. Responses included.."l think you've done an amaang job grtting this in plac< set up and pwaring ihe pupils. It is hugely appreciated" and"1 canl really see l￿W you would iThJproYe on whaV5 already being done. Gre￿ work and everyone pullin8 together." We remained open throughoui for keyworker children. including during the entire Ea￿er holiday period. Th"s provided a lifclitte for key WOTkers io be able io coniinue to work in the national imuest whil# ensuring thai their children were safe each day. The educational pathway continued throu¥Jout t￿ I￿kdOWn period and into the time when Junior pupils were able to return in June. We maintained a fvll iniernal exam period for Senior pupils and as a resuli we have been able io retum seamlessly io face-to-f&e education in Sepiember whil& maintain a mote leaming platforn) for ihose who may be self-isolating or otherwise unable to attend the s¢lb)ol in person. When th¢ Government announcal the partial re.OTJenin8 of Sch￿1$ in ear]y June we wdcomed b3¢k our Nursery, Recrytion, Year l and Year 6 pupils. Later in June we were able to extend ihis to being the entire Junior ￿h0o1 who wanted to r¢¢urn,' w¢ were pleased that so many cljose to and ￿rre able to rake part in a varied and immersive range of educational activiiies using the extertsive site and facilities. We continue io sUPPOrt th¢ a¢ademic &8>iration$ of ail our students with iDitiatiV¢5 Ixyond the normal curriculum. Prior to school clo￿Te, these were varied and chailenginB O￿T￿nI11¢S self4¢￿0pment aNJ teamwoTkin& After similar succcssts in recent years. a Broup of year 8 girls wcrc 5uttessful in reaching the semi-finals of the CyberFir5t Girls, Competition. a fuTh bul challcn8ing environment designcd to enthu5c and encourage girls lo cowsid¢r cyber xeurity career option. Once again we weTe delight¢d ¢0 hw that one of our Junior pupils h*J mad¢ in into the lop 5% of the 500 Iyords siory.writing comprtiiion with an imaginative pi#e calla The Big B(Id Yell. We have bcen ablc Io usc links wilh local busine5SC5 lo cxpand on our vcry 5LKce55ful busi[￿5 nctworking events, and to bring financial education talk5 to yfdr group5 acro&s the 5chLK)l includiTh8 the y(wn8cr age groups. Our Sixth Forn cnterprisc teams have bttn busy crrdting itULovative idw such as recycling used Pl￿7C bottles into 3D printer filament and creating an age appropriaie board gam¢ using re¢y¢led materi315- they were able io piwh theiT ide&5 during a presentation io the local Charnber of Commerce and also th part sn the CirenceMer Youth Market. Comments from the judge5 included.. "This idea is gonie io ediMle L'hildjeii oboiii ilie eiii'iivptipjeiii. li Iiu5 alreadv betti doylopeduiid Iliked ihe uiieniioii 10 deiailofoligiiiiig IhL'goiite iviili ihe school ciiiriciiliiniforpiipils iii a specific ugegmiy. 7he inwortuiiceofediicarioii iii lookijig &[ier ilie "liliiiik tlii.r is uii riipIoitytiit aiidgiyoi ideu 3DpriiiffiNg [5 imxi'ai￿. ofcoiiise. so 15 rEC￿li11s uNdfoYilieni lo be uble fo recvcle ilieiroiijiiFIftsiic ivu.fle ttieaiis iio cfji.boii rofidwiles bvhirvi recKlerand liser... 'This iviiiig eiiierpJ7se ieoiii recvcled 200kg ofplo51ic uiidspoiiedts piiclre niurkeifor 3dpri•itiiig. Sipiort tliiiikipjg oiidgreoi QCIEOII. "Tlii.s i.s ufaiiiftsiic iiiiti<71ii'e iliut l.f alreodv itsedo1￿Ly)ItIdbe n)Iled iiiio ihe iiyder Jtriurkeiplaceoii o glob&lscol¢." RENDCOMB COLLEGE FOUNDATION TRUSTEES. REPORT {eontinued) FOR THE YEAR ENDED 31 AUGU￿ 2020 0￿EcTS, AIMS, OwE￿IVEs AND ACTIVITIES (¢ontlThued) Activities Aion85ide these initiatives our cross-age ew4eam were a150 busy at xknol, canying out an extcn5ive programme of tree planting on site and distyibLrting the reu5abl¢ water i¥)ttle5 rKovided for pupil by the p#r¢nt5' wociation. Founder's Day, du¢ io be hcld in May 2020. was to have be¢n the stsrt of the fornal Centenary celebrati¢)n5. We were unable to hold a live evenl, howevu we rnaintait￿ the tradiiion of the head. alon85ide the head boy atwj head girl. speaking to the hool. In addition we used ihe opportunity for (yjr planned guest speaker. Doug Ellison OR. to ddiver interactive sessions for pupil% acros% ¢he sch(M)l. Doug is the engineering lead on ihe Mars Rover missioru whose day to day life epitomises remote workin&p wilh the eamera5 101 million mil¢s from his phy￿Cal W￿rkplaCe. tkng able to deliver a live lecture to pupils and an4wei quc5tlOll5 from them about how ihe rovers wowk. what Ihey are discov¢ring and many other tOPLCS. We are looking foTW3rd to welcomin8 Doug in person r*xt year and bring able to celebrde in a mor¢ appropriaie manner. Mii.si¢ uiid Drunia.. WL, Will Rock Yoti was Perfonn￿ the whole school prothjction in the early pwt of ihe Lent *mi. featuring pcrfonners and technical sUPPOrt crew from acro&s the sch(￿￿. This was a highly successful evem which allowed many of our iaienied p¢rfvrtNrr% Io bhowcase thcir skills. Two pupil% sue¢eksfully completed their Gold Arts Award. with portfolios bcing completed during lockdown and submitted ¢ILclroiiic¢illy. One pupil focused on Music Theatre. which is her preferred career. whil%t a fellow pupil looked at black%Tniihin& creatlng his own garden ￿￿1￿￿re of a bird at by recycling %rap Ma￿rials to pn)duce the finished piece. Music has rernained o stren￿h in the School with a range of Co￿¢Tts ¢overing infomial ju￿hliMe and morning concerts to ihe annual Carol Service. Further evenis were planned. however these were Unable io take pla¢e in a live format. Throughout the physical closurc period. our pupils were ablc to continue with their itklividual music lessons and also provide musi¢ ¢oncerts in line with th¢ norn￿1 ¢ime¢abled programrne. This allowed pupils a welcome ¢kgree of fleKibilsty from th¢ online leamirtg programme and ensured thai Iheir musical educatioTh continued withtyjt intemiption. These ￿[0￿￿￿¢5 were br03dca# to the whole school community via secure lin￿ a]lowing parents and pupils alike io enjoy the events. SportiAgAchievements.' We ¢elebrate all skx)rting achievements our pupils are involNrd in. whilst rnajor sports remain as hockey, rugby, crickd, lacrosse and tenrhis. we a150 encoura8e all other s￿nIng opportuttitits. These culminated in the annual Sports. Award preseniaiions to pupils across the Sch￿1. Early in the aeademie ycar all pupils ond s¢aff took part in a Racc For Lifc, utilising part of the exteTh$ivc campus to provide a 5km circuit. Thi5 w&% an ev¢ni th* allowed the entire sch￿1 to come together ond raise significant fund5 for charity. We weie delighted to be able to intrrduce a new SITengih & Conditioning progrdmrne to our Siudent& this. alongside the Athletic Perforrnance Programme for out gifted & ts]ented stud¢nt4 will give all pupils the ability to dev£lop th¢mselve5 ￿ (he best of thcir ability. Once again our Duke of Edinburgh scheme WLS very popular and attracted lwge numbers of students to all three levels of the scheme. A record number of students succe5$fully achieved their respettivc avdrds. Wc were particularly pleased that cven during I￿kdOWn our pupil$ continued to Enake progre&s ot) iheir award& resuliing in a large number su¢¢essfully ¢omplding ihem. Th¢ to¢￿ number of hours olvolunteering over ￿ ¢OUTse of the year was 663. Although the lockdowTr prcvented many of the nornial sporting commitments at school. in*ead challen8ed the %h¢)ol communiry to the 'One Million Metres. weekly chall￿& This cnablcd all rnembcrs of the wmmuni¢y* young and old, to tak¢ part by recording their daily exer¢ise on Sirav& On an individual basis w¢ continue to *w¢h and applaud the Mccesses of w ra¢ing driver pupil. who ￿￿ceSsfUllY navigated hhs way through to take up a 5¢at in Fom)ula 4 for the coming seaso RENDCOMB COLLEGE FOUNDATION TRUSTEES. REPORT (¢04tiAued) FOR THE YEAR ENDED 31 AUGUST 2020 OBJECTS. AIMS, O&VECTIVLS AND ACTtVlTIES (continued) Aetlvldes (eolltlthued) Sraff There wer¢ very few add2tion5 to members of Staff acr055 the Sch￿1. with a totd of 18 joining us in disciplines as diverse as a school nurse io a cello tea¢her. During ihe ¢outse of the a¢ademic year 2019120 we were sad io l¢)se the services of a total of 20 tea¢hin8 and support staff. Many of these were to tske up prornotions elsewhere or tts tske retirement following long service to the School. A total of £6,943 as paid in terrnination payrnents. Our thanks 80 to all stsff for their coniinued dedication and ommitment to the school. particularly foT the cr¢ativ¢ and enthusia5ti¢ way in whi¢h they ernbra¢ed a new teaching and suppon styl¢ duiing lo¢kdown. Admissio￿ ondhlorkeiing though so much of the nornul pattern of events has been disrupted this ycaT, w¢ have rnaintsined a full at￿ artive presence in the marketing and admissions arvd5 of the school. Virtual OP￿ Morning replaced a physical one, and by June we were able to welcome parents back for physi¢ai tours and wshts. We were pleased to see a strong level of local and national int¢r¢5t for pupils to join us in Scptrmbcr. Developmerti ondProperty During the year we were proud io open 2 new spaces for pupils. Godman House re-opeThed in September 2019 afier a succe&sful complete re-developmeni which h&s seet) it tranrfomied into a modern coducational day and EK)arding space for pupils aged between I l and 14. The opening marked by a visit from the Chief Ex¢cutiv¢ of the Boarding S¢hooLs' Association, Robin Fletcher, who was dclkghted to see the imaginative and pupil-friendly featUTes ihai had been incory)ornted into the building. In January 2020 we opened the new Sixth Forn) CentyK which has beert imaginatively designed within thc historic setting of the Old Rectory. a listed building which has been a key part of Rendctsmb life for many years. The new Sixth Form Centre provides bespoke private and collaborative study are￿ ajongside a ￿)cial space and c13$5roorns for E¢oDomi¢s aDd Psychology. Thi5 work sits ￿Ongside the norrnal requirern¢Dts of Maintaining and updating a grade 2* ljsted Mansion House and the many other buildings ar¢)und the c$￿¢. Working closely with the Old Rendcombian Sociciy {ORs) and thc Friends of Rendcornb (FOR). the overall aims and i)bjectives of the Developrnent Stream are: To esrablish and marta8e art effective database of members of the School community; To implement a communications strntegy with membets of the broad Schwl community. To build closer Telaiionships between Ehe SchcKJl and its community. To promote the interests of the S¢h(K)l among For￿ pupils- To ¢r¢ai¢ a growing programm¢ of a¢tivity for alumni, working with the OR Society as appmpriat4 To In￿11 a ¢ulture of giving among the Sctwl community. To provide support to the Governors and Headmaster with fundraising initiatives as required. CommerciolEveprls This year saw a continuation of our o)mmercial arnL with various events and gatlhEring5 using rnany parts of the est*¢. The Griffin theatre has a growing reputation for bein8 a venue to attra¢t large numbers in a profewonal environmenr. including highly successful events featuring Thornasina Mi¢r$ and Nigel Owens. Ut)fominately the naiionaj lockdown prevented a full use of the facilitses we have on offer during the period from Marth through to August 2020. Publle bettefit The Trus￿ and Governors have had rewd to th¢ guidaTKe iwed by th¢ ch￿ltY Commission in a￿ordanCe with stttion 17 of th¢ Chariti¢5 Ad 2011 in enswing th¢ College's objeclives are for the public benefit. Supporiforfees The xhool has the ability io offer the Noel Wills Schola]¥hip. a mvdns-tested award which is awarded io a Stst¢ Primary School pupil annually enterin8 the college at the age of I l. This is an entirely free pla¢e for the duration of a pupil's time at the school. In addition the College has an extensiv¢ S¢hoiarthip5 and Bursaries Policy which is designed with the intention that fiJndin8 goes to families most in rrted. in ke¢pin8 with the Founder's in*ntior RENDCOMB COLLEGE FOUNDATION TRUSTEES, REPORT (coDtinued) FOR THE YEAR ENDED 31 AUGUST ZI120 Act1￿￿¢$ (¢ontlnu¢d) To 5UPPOrt this aim, Ihe services of Butsary AdminislRtion Limited are used to undertake ho￿ VL51ts and in-d¢pih analy515 of fjnancial situations. Within this financial ycar. bursary SUPFM)rt amountLnB to 6.syo of Lot￿ fee income has been granted to pupils artending Retldeomb. The SitKlair BuT5ary Fund morrty provided by the Fcwt)daiion is also used io fuThJ support to families, are funds rdi%d by The Friends of Rendcomb uusws. In Seplember 2019 Th¢ College welcomed rhe first Cenknary Sclth. Th¢s¢ are availabl¢ * year 4 and year 12 entry. and are fully fvtmkd plxes for the rn0￿ worthy ¢andid8t¢& Clwrilable Otsireo¢h I￿rk Many of the dirttt projects with lo¢al schwls wihin the past twelve months can be seen On i, 001410 peiher.or' We enjoy being able io share our siie. our facilities and our expertise with other sch￿15. and hope that il mak¢5 a positive coiitribution to them and ¢0 thr education￿ opportunities for the children. We now hav¢ three rn¢mb¢TS of the school's .senior Irddership team undertaking Governor rolcs in maintained schools which allows for ex¢elleni ¢￿$S.fen1jIsètIon of ide&s and expertise between the Sectors. These have led to significani programmes with Coberiey Pnmary School and Henley Bank High School. During the lockdown peri￿ we recognized that we would be able io make small bur sigThificani contriburions to the w¢llb¢ing of the community. At ihe ouisei we were able ￿ offer a supemarket style foy)d ordering systern whi¢h nabl¢d the staff from our lo¢al do¢¢or's surgery io ordu c5Selltial food items without havin8 to visit the sup¢rmark¢t. Following this w¢ put in place a communiiy progTamme which allowed membcrs of thc I￿al community who were vulnerable or Self-i￿latIng to order a hot. nutritlOU5 meal which Wds delivered to their homes. This Proved io be a lifeline lor many members of the community.and allowed for much needed human iDt¢rxiion during ihe mos¢ iniense lockdown period. Wc were proud to bc a founder me[n￿r of the Thom&s Franks. Feeding Communiiies iniiiaiive, which saw our catering team preparing I2￿ meals to go oul to wjlnerable wle. This was in conjunttion with The GTXf and The Long Table. who $upwt those in need in ihe Gloucestershiye. CirthKesttt and Cheltcnharn arca. On a prdctical nol4 our DT departmem Wds able io pr(duce visors for ihe I(￿ healih¢are needs. Members of staff acted either as volunte¢rs via the volunieeTiTrg ￿h¢me or Tdumed to ihe NHS ￿ take up emergency role5. Many of our lormer pupils played an active part in the pandemic with roles in the NHS and it W&5 p]￿ill8 io %¢ them sharing iheir experiences and stones via our social media platforms. Wc arc 8rnteful to them and all otlKr keyworkers for I￿1r commiimenf and hard work ihrouglkn)ui ihe lockdown peTi(wJ. Publlt benefit Charity plays a major part in the College's fundraising supp)rting l¢xal, naiionai and ovcr5ea5 chaTitie5. We have hosted charitable events for various local ofganiglions during the year. and we actively support local organisation5 in makin8 use of our grounds facilities as appropriaie. Suppon has been gnven io Otl*r charitable organLSations such as the Friends of Rendcomb to support their own chariiable work. We have welcomd pupi15 frorn a number of l(Kal schoo15 to attend immersive days, and in making the Griffin Cenire available for their use. The College has loarted minibuses a5 rcquired to North Ccry Primary ￿1￿•1 {Maintoin¢d Sector Primary School) to transport piipils.. daily school meals are also provided for North Cernry School at COA. Rendcomb undertakes the grass cuttin8 of St P¢t¢r'5 Church Rendcomb. and also provides the £leanin8 and general day to day maintenance of the chureh building. The Colle8e prints the monthly parish ne￿letter each monih ai no charge. aThJ has supplied refrc5hments for the allnu￿ village Christmas paty at no ¢harge. The College makes land available for ihe siting of the village recycling aTSd charity ¢ollectii)n bins. During poor weather, the s¢lK*)I salts and clears the roads in the village and the doctors, surgery Car Parents of pupils often make significani sacrifices to pay the fees. During the year the school educated UK based children t tKgligible ¢osi ¢0 the swe, providing a tangibl¢ indir￿t benefit to public finances in the re8ion of £l.2m. Similarly. unlike schools in the maintahned ￿10[, Rcndcomb College pays i￿Ver¥ble VAT on mom of its purchases of goods and 5¢rvices. RENDCOMB COLLEGE FOiINDATION TRUSTEES. REPORT (¢ontiDued) FOR THE YEAR ENDED 31 AUGusf 2020 OBJECTS, AIMS, OBJECllVES AND ACTivrriES (colltlllued) In summary, the College continues to fulfil it5 aims admirdbly a￿l intents to do $0 in firture y¢ar& Further details ab(XLt ihe College can be found on the website www.rendcombcolle e.or FINANCIAL MEVIEW Details of ittcome attd expenditure in the year are thwn in the Con￿lida1￿j s￿ement of Financial Aaivities on page 14, which ddails net ¢xpenditur¢ b¢f¢)re inve5trnent gain5 of £l,(I40k (2019.. £1.127k) and a ne*dtive net movement in funds of £1,342k (2019.. £1,279k positive net movement in fvnds). The value of the funds shown in the balanee sheet at 31 Aug￿ 2020 is £9.274k 12019.. £10.616k). This is largely represented by a portfolio of investment funds and cash, rnanagcd on a discrctionary b&si5 by Cazcnove Capital Management Limita and freehold property. The inve4ment FKJrtfolio was valued at £4,252k at JI August 2020 (2019.. £4.557k). artd the freehold property is recorded in ihe accounts on ihe b&si5 set our in noie 2.10 on page 18. The market value of the land and buildings which are ownoj by the Foundau"on and L￿d by the College is considered to be greater than the value at which th¢y aT¢ rtyordd in th¢ ¥wynts. Risk The TrusteC5 cn5ure that the major risks to which Tru* is exposed are reviewed two times a year aNJ thai sy#ems are in place to mitigate or rninimise ￿ch risk& The Trusttes are satisfied thai the risks identified are bein8 marta8ed effectively and to the greakst ext¢nt W)S5ibl¢. PTlu¢lpil Rbks ittd Utteertalntl The Trustees keep the Foundation's major risk4 which arc io cnyjre that its investments are properly managed and that its properry is mainiained by the Coll¢ge, under regular r¢vi¢w. The College's risks aT¢ identified as b¢ing Sirategi¢. Regulatory, Governance, Exiemai, Operational. Personnel. Environmen￿1, TechM)logical. Academic or Financial. Control me&sures are clearly idenlified where risk factors gjggest a higher level of risk. The College h&$ a we1141eveloJxd Emerg¢n¢y Pl￿ in place. In common with many other smaller I￿le1￿ndent Colleges the major risks ar¢ around pupil numbeTS and Ihe ongoing financial viability of the Colleg¢- siNegic Work is theTefore undenaken io miiigaie ihese risks by mca5urc5 includirtg efficient and targeted maTkding and prom￿lOnal activily. and key decisions such as numbers of international pupils. The pandemic has higmighted ar¢a5 of po&sibl¢ exw)sur¢ and witable mitig*in8 adions will be put in pla¢¢ ¢0 meet these. The Foundation Trus¢ees have supported the College by makin8 available appropTiate financial resource to ensure the CoIle8e can wcathcr Ihe Tedu¢ed income Covid has resulted IN w that the College Can Temain viable and Iwk both to the future and consider any opportutLitLes that might aTise. The Foundation's asset base includes a14r8c residcntial property portfolio which is not required by the College for its use. allowing the Foundation to be confident that this wpport can b¢ provided ¢0 the Colleg¢. This confiden¢e is also due to the thange in the inve5tmeTht obJ¢rtiv¢s of ihe Foundaiion and invesimeni in the Cazenove Chariiy Mulli Asstt Fund (CMAF). which pays a dimriburion of 4•/0 on a io¢al rdurn basis. It wi15 result in similar income beitlg generated to recent years and help maintain the Foundation TnL￿¢eS support for the Coll¢ge. PrlD¢lpAI Rhkg •nd Unc¢rtAinti During the course of the year the school undenvent an ISI materiaj change inspertion aTrJ met the required ￿aT￿lardS in all areas. The PUTpose of the itwjection to obtain a bi8kr capacity number of students able to be ducated. This Indi￿t¢S that Ihe school has robust and clearly managed ￿lIci¢S arOW￿ all arw of cornplian¢e in¢luding safer recruiimeni, anti- bullying and ¢omplaintS. Resenyspollcy toncer Under ihe t¢rms of the deed, the Trustees make available to the Governor5 311 income arising from the EndowTr¢nt Funds of the Foundation. It LS the policy of the Trustce5 that the Foundation ￿ a whole should seek to Bcnerate a surplus of income over expendiiure each year io safeguard the fvture of the College and to provide fvnds for a pmgramme of continuous refilrbishment of College properties. RENDCOMB COLLECE FOUNDATION TRUSTEES, REPORT {con¢i*ued) FOR THE YEAR ENDED 31 AUGU￿ 2020 FIL¥ANCIAL REVIEW {wntlnued) Reservespollcy •ndgoinz concern (cOnth￿d) The Trusiees periodically review the l¢vel of Teserves to en5ur¢ that ihesc are consisieni with the College's budg¢l requirements. The coThs0lidated unrestricted fvnds at 31 August 2020 were £9,217k, of which £1,198k repr¢sent5 designaied fund5 to be invested to provide income to supp)rt the provision of burvries and school improv¢m¢nts. Additionally. a balance of £6,337k is held in thc balarKe 5heei &8 expendable endowmeni. The ￿licY of the tru￿ceS is io ensure they retain sllffi¢ieni unrcstricied rescrves to assist the Governors to manage ihe fixed &5ws which are used by the GovertM)rs for it5 charitable activities. This 15 reviewed perityli￿ly. Thi% year has seen diffieuli tr￿ling ¢onditioThs owing io the Covid 19 kmndemie 4nd &s wch the policy that thc CollcBe .should seek io g¢nera¢e a surplus of incorn¢ over expenditure each year has not been able to be ma. The Govemors l(x)k to balance the required improvcrncnts and et)hancemen15 to the estate wiihirt the overall runniThg of the school's finances. Re.serve8 may be restricted for bursary, schojarnhip, development or othcr purpose if this is a specifjc Tequest of a donor. It therefore remains the policy of the Gover[￿[5 to leek to build up re5CTves out of 0￿rating surpluse5. subj¢ci to the d¢mands for f￿(￿re expendiiuTe io Sup￿ the schiM)l. During the financial year the completion of the Old Rtttory projcrt u%ed some fund5 which came via a donaiion from the Foundation. In addition, the unexpecied financial implications of the pand¢mLC Were supported via a grant from the Foundation. li is aniicipated that a further gtanl will be needed to support the chool during the year 2020-2021. The College is wewed as a viable busines& li has no dtht. and has the b*kTng of fvnds held wiihin thc Foundation for emergeKy use sh￿Ild this be required. Th¢ Trustees consider that there are ￿ rnatcrial uncenainijes whi¢h would casi dollbi ot) the charity's ability to ¢oniinue a$ a going concern and therefor¢ ¢ovsider it appTOPri8le 10 prepar¢ the financial ￿*emertts a going conccrn basis. This 15 supported by the subsianiial assets owned by ih¢ Trt￿t¢s including investments worth almost £Jm and a subststltial residential portfolio, much of wtlich 15 let on shon iemi tenancles It is not requiTed by the College or for ChaTltable Objective5. In June 2020 the value of the resideniia] properties owned by the Foundation and noi u%ed by the College was assessed by the Truste¢s as being some £6.36m, wilh a ￿rther £2.3m of residential property used by ihe College. The parwand not used by thc Colle8e but owned by thc Tn￿te£S amowits to some 176 acres and is esiimated to be worth over £lm. PlaD$ for ful￿e ptrloth The Covid 19 pandemic h&8 had a s¢vcre impxi on some areas of the school's operntion (in parttcular the number of inieTnational boarders has rujuced significantly) bLLi it is our cxpectation that ihis will be a situation which will give opporlunities in other areas. Port-pandernic it 1$ expecied that thcrc will bc a modest growth in overall pupil nu￿￿e[S in the coniing years. whilsi still maintaining the schwl's family-feel and caring dhos. Thc openin8 of the new G￿1rnan House and the refurbislwl Old Re¢t¢)ry as a Sixih Fom) Centre are likely to mark the eTwJ of the curreni peri(wJ of significant InV￿lMen1 into educaliona] atld pworai buildings. The school will seek ￿ re-establish its o)mmer¢ia] Operations once r¢4riciions allow and it can bt dot)e safely and without impa¢ting ￿ pupil provision. The Tn￿le¢S are supporting th¢ College through thc5e urttnain times and will continu¢ to assi￿ fhnancially. The Trusiees own scvcral residential properties in village of ReJMl¢omb which are used by the College and have until rtterttly been Ict OTh Short lern) teMNci¢s. As thcy are not required by the Colle8e or for ch￿ilable pur]M)se& the Trnsiees have taken advice and are currently marketing one property for sale aTwJ have received advice to sell two further properties. io RENDCOMB COLLEGE FOUNDATIO TRUSTEES, REPORT (vJatiuu¢d) FOR THE YEAR ENDED 31 AUGUST 2020 TRUSTEES, RESPONSIBILITIES The Trusttts are responsible for preparing the Trustee5' Report and the financial statcrncnts in accordance with applicable law and Unitcd Kingdom Accouniing Siattdards (United Kingdom Generally A¢cep¢ed A¢o)unting Pr¥tic¢). including Financial Re￿rtIn8 Standard 102'The FinartCi81 Repotting Stsrtdard appliuble in the UK and Republi¢ of Ireland.. The law applicable io charities in England & Wa]¢s requir¢5 the Tnw¢¢s io pr¢pare fina￿181 stst¢m¢nts for each financial y¢ar which 8ive a true and fair view of the stste of affairs of the clwiiy and of ik incoming resources and application of re50ur¢¢s of the charity for that Peri¢￿1. In preparing thc5e flnancial staternen￿ ihe Trustees are required io.. Select suitable attounting policies and then apply ihem wnsiswiily. Obs￿¢ th¢ meth(Mls and principle5 in the Charitle5 SORP (FRS 102h' Make judgemenis and ¢5tirnates that ar¢ r¢a50nable and prudent. S￿le whdher appli¢able x¢ouniing stsndaTth hav¢ been follort subject to matuial departure5 disclos¢d and explairted irt the financial &atemen PT¢paT¢ th¢ financial statements ort the going coneem basis unless it is inappropri*e io presume th* ¢he charity will continue in busincss. The trustees are respotksible for keepin8 prryer xcounting recor& that disc105C With rca50nablc accurdcy at #ny tsme the financial position of the charity and enable them to ensure that the financial *aiemenis Comply with the Chariiies Aci 2011. the Charity (Accounts and Rcports) Regulations 2010 and the provisions of the tnJst deed. They are ￿s0 responsible for safeguarding the wts of rh¢ charity and hence lor taking reasonable steps for the preventiort and detection ol fraud and other irregularities. AUDITOIL8 A resolution proposing the re-appointment of Haysnwintyr¢ LLP as audit￿5 will be m* at the next ATU)yal Gen¢r41 M¢¢ting. The Trustees, Report was approved bythe Tru5tee5 on 10 Dccembcr 2020aTKI IS Sibmtd ort their behalf by.. H C W Robinson Chairman INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF RENDCOMB COLLEGE FOUNDATION FOR THE YEAR ENDED 31 AUGU￿ 2020 lThdep¢nd¢nt *uditor's report to tht trnsttts ofRethmb Colkte Fouud*tio Oplnlon Wc have audiid ihe financial ￿eMentS of Rendcomb College Foundation fw the year eThJed 31 August 2020 which cornprise the Consolidated Statement of Financiai Activitie4 the consolida￿ and Foundation Balance Sheds. the Consolidated Cash Flow Statemettt and notes to the financial stat¢m¢nts, including a summary of significan¢ &countins policies. The financial reporting framework thai has been applied in iheir preparation is applicable law and United K]"ngdom A¢counting StaThdaTds in¢luding Fina￿la] Rcporting Standard 102 The FiNanciol Rewrtirtg wlicable in the UK ond Repiiblic oflrelond (United Kingdom Generally Accepied Accounting Practi¢¢). In OUT opinion, the finattcial 5tatcmcnts= give a true and fair view of the ￿al¢ of the group's and of the ¢lwi"ty's affair5 ￿ at 31 Au8USt 2020 and of the group's and charity'5 net movement in fiulds for the year ihen ¢nded' have been Properly prq)arcd in accordance wirh United Kingdom Gencrally A¢¢epia Accountirtg Pr￿tIce.. and have beert prepared in accordan¢e with ihe requirements of the Charities Act 2011. BASIS for opillion We hav¢ been appoinied as audilOT under section 144 of the Chwities Act 2011 and report in a¢cordanc¢ with the Act and relevani regulations made or having effttt thereunder. We ¢ondtscted our audit in accordance wtth lthtttnational Standards on Auditin& (UK) IISAS (UK)) aTHI applicable law. respon5ibilLties under those swidards are further dcscribcd in the Auditor's r¢spot)sibilit1¢5 for the audit of the finan¢ial #atrments section of our repon. We are independent of the group in accordance with the cthical rcquiremenis that are relcvanl to our audit of ih¢ financial ￿aterntnts in the UK including the FRC'S Eihical Standard, and we have fulfilled ow other ethic81 rt5ponsibilities i# a¢¢ordanc¢ with these requirements. We b¢lieve that the audit evidence we have obtained is ￿￿1¢lent and appI￿riale to promde a basis for our opinion. RupfyM$lbllltles of tru$¢¢es f•r the financial 5tattmeDts As explained more hlly it) the truslces. respoThsibilities sialemertt. set tyjt page I l ihe trustees are responsible for the preparaiion of the financial statements and for being saiisficd that thry 8Lve a trne and faiT wew. and for such ini¢mal wnirol &$ the trusttts determine is necessary 10 e¢Jable rhe PTepardtion of financial Aatemenis that are free from material misstatement. whether due io fraud or error. In preparin8 the financial statemenis, th¢ tru￿¢¢$ are res￿￿￿$1b￿ for assessing the group's and th¢ ¢hariiy's ability to continue as a going coneern. disclosing, &5 applicable. mattCT5 related to 8oiThg and using the 80ing concern basis of ac¢ountin8 nless Ihe iruste¢s eiiher in￿nd to liquidate the group or the charity or to ceasc operations, or have no rrdlistic aliernative but to do so. Auditor's respothsibilities for the audk of th¢ stltemtnts Our objectives are to obtain rcasonable ¥WTance about whcther the finan¢ial stsiemenis as a whole are fTe¢ fTom m￿erial mi55tatement. whether due to fraud or error, and to is$uc an auditor's report that in¢ludcs our opinion. Re&sonable assurance is high level of assurance, but is noi a guaraniee that an audit conduded in accordance wth ISAS (UK) will always detcct a material mi55tatemenl when li exists. Missthtements can arise from fraud or etror and arc considued Materi￿ if. indiwdually OT in Ihe ag8r¢gole, they could red￿nablY be ¢xpecied io influthKe ihe economic decisions of users taken on the b&si$ of these fina￿1￿1 statements. A further descripiion of our rryonsibililies for ihe audit of thc financial statemet)ts is located on thc Financial Reporting This de5CriPtion fornis part of our atylitor's report. Conclusions relating to golng eo#cerD We have nothing to report in r¢spe¢t of the following malters in reJ*ion to whith thc ISAS (UK) require us io report to you the frusiees. use of th¢ going ¢￿￿ern basis of accounting ID the preparation of the fina￿181 Sf*menis is Tkot approprialc. or the trustecs have not discloscd in thc financial S￿¢m¢￿S any idthtificd rnat¢rial wKenainties that may ￿5¢ significant doubl about thc group'5 or the charity's ability to continue to adopt th¢ going ronccrn ba515 of ac¢ounting for a period of at Icasr t￿1ve monihs from the date when the financial stsLem¢nts ale authoriscd for hs5ue. 12 INDEPENDENT AUDrroRS REPORT TO ThE TRUSTEES OF RENDCOMB COLLEGE FOUNDATION (COiYTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 Other itiformthtlo Th¢ tTUSte¢5 pr¢ r¢5ponsible for the other inforn)ation. The other infoTmauon comprises the infomMtion included in the Trustees. Annual Report. Our opinion on the financial 5tatetnents does noi cover the other information and. ex¢¢pt to ¢h¢ exieni otherwise explicitly Stated in our repor4 w¢ do not expres5 any form of &%surancc conclusion thercon. In wnnKtion with our audit of the financial statement& our rwnsikn'lity is to the ￿h¢r inf0m￿tion and, in doing so, consider whdher the oth¢r information is matcriaily inconsistent with the fitwicial $￿ements or OUT knowledge obtained in the audit or ￿herWiSe appears to be ma*rially mis5t￿ed. If we identify such material I￿onSi￿en¢1eS or apparent material misstat¢m¢nts. we are required to ddernilne whe¢her there is a maLeTia] rnisstalemeni in th¢ financial Mat¢ments or a material misstatement of the other information. If, ba￿d on the WOTk we have perfornKd, we ￿nClUde thai there is a inaterial misstatement of this other infornLati0￿ we are required to rcwt that fact. We have nothing ro report irt this regard. Matters OD whlth we are requlred to report by ex¢epdDn We hav¢ norhing to report in respect of the following matMs in rel*ion to which the Clwities (Accounts aTHI R¢port$) Regulations 2008 Tequire us to report to you if, in our opinion.. adequate accounting rccord5 have rwt been kepi by the charity: or sufficient ac¢ountin8 rttords have not bcen kept., or the charity financial statemerrts are not in agreement with ihe ac¢ouniing records and returns. or we have noi received all the infornwtion and explanations we require for our audit. Use of our report This report is made solely to th¢ ¢harity's tru5ttt5. a5 a bcdy. in accordancc wtth sedion 144 of the Charities Act 2011 and rc8ulations made under section 154 of thot A¢t. Our audit work h&$ bccn undcrtakcn so that wc might state to the eharitys tn]stecs those matters we are required io state ro in an Audiiorfs report and for no other PUTPOS¢. To th¢ fullest extent pern)itted by law, we do not accept or &55ume responsibility ￿ anyone other than the charity's ttustees as a kndy for our audil work, for ihi5 r¢pon. or for ih¢ Opinio￿ w¢ hav¢ form Adam Halsey Senior Staiutory Auditor for and on behalf of Haysmacintyre LLP Chartered Accountants and Slatu￿ry Auditors Date.. 12 December 2020 10 Queen Street Place London EC4R IAG Haysmacintyre LLP is eligible to act as an awlitor in tttms of section 1212 of the Companies Act 2Cq16 13 REiYDCOMB COLLEGE FOUNDATIO1¥ CONSOLIDATED STATEMELYf OF FINANCIAL AcrivrriES FOR THE YEAR ENDED 31 AUGUST 2020 Collrye FO￿￿4110￿ Gener•1 Deslgn*ted Restritted Other Endowment Total Funds FU￿d$ Funds Fund$ Funds 21120 £'oo £'ooo 2019 Note INCOME FROM.. Charltible *ttlvAtki S¢hool fff5 receivabl¢ Oihcr income 5.660 483 5,660 483 5,563 534 Trading ACtlvitl¢s 133 133 268 Investm¢nt Income 37 132 169 187 Voluntary services Grant% and donations 272 272 286 Totwl incoming resour¢ 6.585 132 6,717 6,838 EXPENI)ITURE ON: Raising fumds Trading ¢o%l% 14 14 42 Ch•rli*ble Acdvltlej Education 7.428 217 98 7,743 7.923 Total ¢xp¢ndlthre 7,442 217 98 7.757 7.965 Net in¢onwl {expeDditure) before iDve5tJllent {los$e$> (85 {85) (98) (1.040) (1,127) Gait@ (losses) on InVe￿mettt a55ets (73) (24) (205> (302) 1152) Net in¢omel (expcnditure) before transfers (857) (73) (109) (303} (1.342) (1,279) Transfers 15-18 593 (336) (257) Iyet mov¢m¢nt In fund$ {264) (73) (445) (560) {1.342) (1,279> Fund b￿anceS al I September 2019 (334) 1271 57 2.726 6.896 10.616 11.895 Fund ba1￿ces It 31 Au&ust 2020 15-18 (598) 1.198 57 2,281 6,336 9.274 10.616 A]1 the activities ]￿luded above were continuing during ihe year. The not¢5 on poges 17 to 30 forrn part of these financial 5tatcments. The Staiemcnt of Financia] Activities for the compardtiye PEri(xl has been presented in note 26. 14 RENDCOMB COLLEGE FOUNDATIO CONSOLIDATED AND FOUNDATION BALANCE SHEETS AT 31 AUGUST 2020 Group FowlatloD 2020 2019 £'o•o 2020 2019 No Flsed a55ets Tangible assets Inve5tmcnts io 7,665 4.252 7.780 4,557 7,364 3.243 7,531 3,472 11.917 12,337 10,607 I I,(M)3 Current Assets Debtors C&sh at bank and in hand Short tenn deposits 12 13 13 352 172 457 779 1207 $43 50 61 101 333 981 1529 438 Crethors: •mowi¢5 f•lilng due Wit1￿ OJK y¢•r 14 (3.124) (4250) {1,601) {1,819) Net current amets (2.143) (1.721) {1,490) (1.381) Creditori: amoyn¢¥ due After one ye (5(KJ) (500) 9.274 10.616 8.617 9,622 Represented by: Unle￿n¢t¢d.. Foundation . expendable endowment Foundation - other Colle8e- Genera] . Designoted Restrieted: College 15 18 18 16 17 6.336 2281 (598) 1.198 57 6.896 1726 {334) 1271 57 6.336 2,281 6,896 2,726 9.274 10,616 8,617 9,622 Thc financial StateMer￿ w were signed bclow o a proved and authorised for isgjc bythc Board of the TrU￿ceS on 12 Deccmbcr 2020 and by= ) Tn￿e¢S The notes ot) pages 17 to 30 fonn part of these flnancial Strtem￿ RENDCOMB COLLEGE FOUNDATION CO]YSOLIDATED CASHFLOW ￿ATEmENT FOR THE YEAR ENDED 31 AUGUST 2D2D 2020 2019 NoteJ Cash flow$ optr•ting acti￿tieS Net inCoTtLin￿{OU180ing) resijyrces Investment income Interest received Depreciation charge Profil on s￿e of fixed assets Iln¢T¢aseydecrease in debtOf5 Incrcasc in creditors (1,040) (171 {151) 316 (1.127) (19) {168) 294 (2) {13) 320 427 {1.178) Net eash (wed ID) I provided by oper•tl#g aL*iviths {l.638) (715) C4$h Ilow$ from investin8 *etivlties Purchase of tangible fixed as5eiS Proceeds on sale of tangible fixed assds Purchase of inv¢$tmenis Proceeds from sale of investments Invc.4tment income (201) (773) (2.892) 2.892 168 (606) 1,606 187 Net C115h (used Inyprovided by lovesikng •ethlfyes (33) 416 Cash flows from fin*ll¢l￿8 xtivities New loans in year 550 Net ¢ash provlded by itivesth¥ 4ctlTriti 550 Net dccrease ITh cash and cash equivJcnts Cash and e&sh equiv￿¢nls at the bewnning of the rep(Ytin8 period {2991 2.049 1,750 CAsh and cAsh equI￿lenti ￿ the eJMI orth¢ yur 13 629 1,750 An*lysts of eayh amd eash oqlllv4le•ts At 31 Avtllsl 21119 Othtr At 31 August 2020 c￿hA0￿¥S C8Jb •nd ¢aih equlv*le#ts C&sh at bank Short tem) dryosits 1.207 543 (750) (J71) 457 172 1.750 {1.121) 629 Borrowings Debt due within one year Debi due after one year .550 1.550 5(K) ,550 2.050 Total 3.3CKI (621) 2.679 16 RENDCOMB COLLEGE FOUNDATION NOTES TO THE ACCOU FOR THE YEAR ENDED 31 AUGUST 2020 GENERAL INFORMATION Rend¢omb College Foundation is a ¢haTiry in¢0￿￿ed in England and Wales ond r¢gi51ered with the Charity Commission. The members of ihe chariry are the Trusttts. Rendcomb College Foundaiion was incory)orated on 22 March 1920 (charity number 311713). The Charity is a Publi¢ B¢n¢fit Enlity as defined by FRSIO2. AccouNfiNG POLICIES A surntnary of the more important acC￿nting pY)li¢i&s. which ￿ve been 8pplied COT￿lstentIy. 15 S¢t out below. 2.1 Ae¢ountln% ¢oAventknn The financial staterncnts have becn prcparcd in aCCOTdance with the Financial Rcporting Standard applicable in the UK and Rcpublic of Ircland (FRS102), the state￿￿Trt of Recommended Practicc applicable to charitics preparing thcir accounis in ac¢ordan¢¢ with the FinaD¢ial Reporting Standard appli¢abl¢ in the UK and Republic of Ireland {FRS 102) Second Edition. The financial stsiements have been PTepared to give & 'true and fair. view And have departed from the Charities (Accounts and Rep)rts) Regulations 2008 oThly to the extetrt required to providr a 'trne and fair view,. This departure has involved followjng Accounting ar￿ Rewrting by Clkr]"ties preparing their accounts in accordance with the Financial RetK)rtin8 Standard applicable in the UK and Republic of Ireland (FRS 102) Second Edition rather than the Accounting and Reporting by Charitiu: Sthtemeni o(Recommended Prauice effective from l April 2¢Y)5 which has sirtce beett withdrawn. The accounting poli¢ie5 Sel out below have been applied in preparing the financia] sratements for ihe year ended 31 August 2020 and the comparative infornwion pres¢nt¢d in these financial stsiem¢nis for the year ended 31 August 2019. The financial S￿lementS are drawn up under the hi*orical coa conveniion except that investments are ¢aTticd at rn3rket value. Crltleal a¢¢ounting jMdg¢m¢nts •nd key sowreu of ¢stim•tion uneert•inty In the applicaiion of the accounting polici4 Trusiees are requir&J io make judgements, estimatffj aJ¥l assumptions about Ihe carrying value of auets and liabilities that are readily appareni from other sources. The ertimates and underlyin8 as5UmPtions are on h55torical expenence and Ott￿ factors lh* are considered to b¢ i¢l¢v3nl. A¢tual r¢5ults may differ from Ihesc estimate5. The eStim￿C$ and urtdedyin8 8WrnPtiOL8 are reviewed an ort8oin8 basi& Revisions to acwunting ¢5tim*¢s hre recogni￿d in the period in which the e5tirnate is revi5cd if the rcvision affccts only that peTiIMI, or in the peri￿ of the r¢v15ion and future perio(Ls if the revision aff¢ct¢d curr¢nt and futur¢ pffi(xls. ln the view of Ihe Trustees, no assumwions COTLcerning ihe future OT estimation uncertainty affttling a5￿ts or liabilitles at the balance sheet date are likely to re￿11 in a material *Jju#mcnt to theLT ￿rryIng amounts in the next fInar￿jaI year. 2.2 Consolidatlon The ac¢ourifs ¢onsolidaie the results of the FLMthion and Rendcomb College. a sepaNely registered and incorporated ¢harity (company number.. 05891198, clwity number. 1115884) and Rend¢omb Services Limtted. a separately re8lStcrcd comparty. for thc ycar crtdcd 31 Au8USt 2021. Rcndcomb Collcgc Foundati¢)Th h&% taken the exemption from preseniing its unconsolidated statcment of fjnancsal activitics under section 408 of the Companie5 Act 2006. The t￿t movemenl in fvnds of the Chariiy was {£1.004.423). 2.3 Golng Coll¢ern Thc Trustccs consider that there are no Materi￿ u￿ertaInties which would &Jubt on the ¢lwity's ability to Continue a goiTh8 concern and tI￿refore considcr it appropriate to prq)2re the f￿a￿la1 Aaternents on a going con¢ern basis. 2.4 Fee llleome Fees receivable and charges for servicts al￿ use of prunises are %COUTttd for in the T>eri(Ml in which the 5¢rvice is provided. Fees receivable are ststed after deducting allowance4 scholarship$ and other remissions granted by th¢ College, but includc contributiorLS T￿e1ved from Resuic(ed Fun(Ls for S¢holarship& B4usaries and other grants. 17 REIYDCOMB COLLEGE FOUNDATION NOTES TO ThE ACCOUNTS {ContID￿¢￿) FOR THE ITAR ENDED 31 AUGUST 2020 ACCOUNTING POLICIES (eontlnlled) 2J InvestrneDt iDtomt Investment income from dividath bank ba]aTKts afKI fixed intereA s¢xurities is &counted foron an accruals basis. 2.6 Don4tioNs inroll Donations for purposes restricted by the wi5he5 of the donor are taken to *estric*d fiuM15" wher¢ th¢s¢ wishes are legally binding on the Tn]sttts. Donations that are required io bc retained a5 capital in accordan¢¢ wilh thc donor'$ she5 accounted for as-endowmenis" pern￿ncnt or expcndabl¢ ac¢ording to ihe t)ature of the restriction. 2.7 Grant income Granl income relates to the Government's coronavin￿ Job Retw)iion Grant ICJRGI and 15 recogni5¢d under the accruals basis in lin¢ with staff ¢o*s. 2A ExPendit￿re EAp¢ndiiure is acc￿￿ted for on an accrualry bw$. It is alloc￿ed between catC8ories on the b&sis of actual costs. Cost of chariiable &tivitLe5 includcs expenditure awKi*ed with the runnin8 of the Colle8e aTKI itKlude both direct and ¥upport cosis. Support costs represent indireci Costs rel*ing tts rnising and th¢ chartty's ¢h8ritable activities. Support costs, including governa￿¢ COS￿ are allocated to activities OTh b&ses represent the Governor5. besf estimate of a¢ival use. Governance ¢osts Comprise thc costs of runnin8 the £tr￿rity, i￿1￿ling auditors. remuneration and expenses reimbursed to Govemors attendin8 mtttings. L9 Invest￿ett￿ Investments are slated at markd value. Realised ￿n5 and losses on investments represeni (he difference between sale proceeds and op¢nit)g market va]ue (or Vdlue at date of pllreh￿ if lat¢f). Unrealised gains and losses represent the change in market value of the investmeN p)rtfolio in thc year. 2.10 Flxed Assets Fixed assets for by the charily are st3ted at cog, le&s depreciaiion. Propcrty gifted to the Foundarion LS sra¢ed ai its valuc ai the dale of the 8ift. Freehold land is depreciated. Deprttiation of other &ss¢ts is ¢al¢ulaied on a strdight- line basis over the estimated u5cful life of an ai ihe following rates". Frtthold buildings All-weather Sports pitch Equipment and motor vehicles 50 yea 10 yeats 4.5ytrdf5 Assets under constwciion are not dcprcciatcd until such time that they art fit for us 2.11 C¥Jh •t bank and Ill b*nd Cash ai bank and cash in hand includes ¢&sh short tenn highly liquid invtstrnents with a Shon maiurity of three months or less from th¢ date of a¢quisiiion ￿ o￿L￿g of the dq￿lt or similar a￿￿11. 2.12 Fknantial lttthmeDts The charity only has financial assrfs and financial liabillties of a kind that qualify as basic financia] instnlments. B&si¢ rinancial instNmeDts, including trade and (*h¢r delmors creditors art initially reeognised at trdnsaction value and subs¢quently meaglred at their seulement value. 2.13 Creditors *Dd provision credito￿ and provisiotts are rttoKni5ed where the charity has a Present obli8ation resulting from a pasl event that will probably re￿11 in the transfer of funds io a ihird party and the amount duc to sdtle the obligation can be measured or estimat¢d r¢liably. 18 RENDCOMB COLLEGE FOUNDATION NOTES TO THE ACCOiINTS (¢on¢lnu¢d) FOR THE YEAR ENDED 31 AUGUST 2020 AccouNfiNG POLICIES (coDtIDued) 2.14 Fund attountlnR Exp¢ndabl¢ endowment fvnds 3r¢ funds whi¢h have been received by means of legacies or capithl donations and the use of the income andlor capitsl is governed by the of ihe endowmertt. Restricied fvnds are funds which have becn received for 4>ecific purposes as indicated by the donor. Unrestrtcted funds (hn¢ludin8 thos¢ d¢5ignat¢d) ar¢ funds whose use is wholly at the drseretion of Tr￿*[C. Rendcomb Serviccs Limited i5 0 wholly owned subsidiary of Rendcomb College. During the ytrdr 2 Governors (2019: one) had three thildren 12019.. ¢hildren) enrolled at the College. and fees charged were at thc full rate. at 31 Augurt 2020 a balance w&5 due from The Friends of R¢rylwmb Coll¢g¢ of £nil (2019.. £nil). 29 RENDCOMB COLLEGE FOUNDATION NOTES TO THE AccouNfs (continlled) FOR THE YEAR ENDED 31 AUGUST 2020 COMPARATIVE STATEMENT OF FINANCL4L AcrivrrIES CoUeKe Found*tiDD Des1￿￿ted Rethted Oth¢r EDdowment FuDds Funds Total 2019 £'ooo FuDds Note INCOME FROM: Ch&rltAble 8cllvSti¢s School fcc5 rcccivablc Other Income 5,563 534 5.563 534 TrAdint aetlvides 268 268 Invt$imettt Ineome 41 146 187 Vokn#t*ry ¥ervices Grdnts armi donations 236 Toiai Ineornin8 resource5 6.642 146 6.838 EXPENDITURE ON: Rai$ing fund$ TTading costs 42 42 CILArltable artlvlties Education 7J43 495 85 7,923 Total expenditure 7.385 495 85 7,965 Ntt incomel (txpendlture} before Investment ¢*ins1 {lo$$es) (743) 50 (349) (85) (1,1271 Gainsl (losses) on invsm¢ni (24) (io) (118) (1521 Net i￿oMe/ {expendituie) before tTansf¢rs (743) (24) 50 (359) (2031 (1279) Transf￿5 15-18 55 42 (97) Net movement th fuDd5 (688) (24) 50 (317) (300) (1,2791 Fund balance5 at I Septcmbcr 2018 354 1295 3,043 7,196 11,895 Fw•d bAlaD¢e8 •t 31 August 2019 15-18 (334) 1271 57 2,726 6.896 10,616