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2021-08-31-accounts

RENDCOMB COLLEGE FOUNDATION REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

Charity Number: 311713

RENDCOMB COLLEGE FOUNDATION

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

CONTENTS PAGE
Reference and administrative details 1
Trustees’ report 2 - 9
Independent auditors’ report 10 – 12
Consolidated statement of financial activities 13
Consolidated and Foundation balance sheets 14
Consolidated cash flow statement 15
Notes to the accounts 16 - 29

RENDCOMB COLLEGE FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS

Trustees and key management team:H C W Robinson DL (Chairman) Trustees and key management team:H C W Robinson DL (Chairman)
S D E Parsons TD
Mrs L H Singer
Dr C M H Wills
R H Wills
Secretary: P A Beddows
Registered office: Strutt & Parker
15 London Road
St Albans
Hertfordshire
AL1 1LA
Solicitors: Charles Russell Speechlys
5 Fleet Street
London
EC4M 7RD
Auditors: Haysmacintyre LLP
10 Queen Street Place
London
EC4R 1AG
Brokers: Cazenove Capital Management Limited
1 London Wall Place
London
EC2Y 5AU
Bankers: Coutts & Co
Chandos Branch
440 Strand
London
WC2R 0QS
Charity Number: 311713

1

RENDCOMB COLLEGE FOUNDATION

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2021

The Trustees present their annual report for the year ended 31 August 2021 under the Charities Act 2011 together with the audited consolidated financial statements for the year which comply with the requirements of the Foundation’s Trust Deed and the Statement of Recommended Practice “Accounting and Reporting by Charities”, effective 1 January 2015 (FRS102).

REFERENCE AND ADMINISTRATIVE INFORMATION

Legal and charitable status

The Foundation was set up by the late Frederick Hamilton Wills on 22 March 1920 to provide education at Rendcomb College and is registered with the Charity Commission (Registration No. 311713).

With effect from 1 September 2006, the business of the College and its net operating assets, together with investments with a value of £1 million were transferred to a newly incorporated charity, Rendcomb College (Charity No. 1115884, Company No. 5891198). As the Trustees of the Foundation are the members of the incorporated charity and appoint the Governors, Rendcomb College is treated as a connected charity and its results have been consolidated with those of the Foundation.

Trustees, governors and advisers

Details of the Trustees of the Foundation, key officers and advisers are shown on page 1.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Foundation is governed by its Trust Deed dating from 1920 and most recently amended in August 2006.

Organisational structure

The Trustees are responsible for ensuring that the objectives of the Foundation are met. Four of the Trustees are also Governors of Rendcomb College.

Key management personnel

The Trustees, Governors of the College together with the Head, Bursar and their Senior Leadership Team are the key management personnel. Remuneration is set by the Board of Governors to encourage enhanced performance and to reward fairly and responsibly individual contributions to the College’s success. The remuneration is reviewed annually, including reference to comparisons with other independent schools where publicly available. The Trustees and Governors are not remunerated.

Investment powers

The portfolios of securities owned by the Foundation and College are managed by Cazenove Capital Management Limited. who act with delegated authority under the terms of a discretionary agreement.

Risk management

The Trustees review the risks facing the Foundation on a regular basis and ensure that the major risks are addressed and appropriate action taken where necessary. The Governors ensure that the major risks to which the College is exposed are reviewed annually and that systems are in place to mitigate or minimise such risks.

Recruitment, induction and training of Trustees

Trustees are appointed for a fixed five year term but are eligible for reappointment.

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Foundation objects

The objects for which the Foundation is established are to advance education by supporting a boarding and day school for boys and girls and by providing buildings for use by the College and making contributions to the College’s operating costs. The land belonging to the Charity must be made available for the purposes of the College.

2

RENDCOMB COLLEGE FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES (continued)

Principal activity

The principal activity of the Foundation was the continuing support for the College to enable it to meet its objective to provide education for boys and girls aged from 3 to 18 years.

College objects

The object for which the College is established is to advance education for the public benefit including the provision and maintenance of a boarding and day school or schools for boys and girls in the United Kingdom.

Mission Statement

The College mission is to develop thoughtful , adventurous and academically ambitious young people who are life-long learners. We aim to prepare them with the character and skills to succeed in the ever-changing world after school. Our pupils have the freedom to experience, explore and enquire about the world around them. We aim to encourage independence and tolerance in a safe, caring community and magnificent natural environment.

To achieve this we will:

College Activities

2021 has seen another disrupted year of in-person education caused by national lockdowns, and another year where the versatility and adaptability of all College staff has been essential. However apart from the times where we were forced to close by government direction, we were delighted that the strong control measures we put in place meant that at no stage did we have to send pupil bubbles home or isolate pupils from their learning as we had no cases of Covid in school. This enabled us to operate the school in as normal a method as possible, and in as enriching an environment as possible within the confines of bubbles and no external interactions.

When it became apparent that lockdown was inevitable in January 2021, we immediately put in place our online learning provision, switching overnight to a remote learning platform that enabled teachers and pupils to continue on syllabus without missing a step. We remained true to our previous principles of online learning, namely:

Throughout this period we remained open and operational for our youngest Nursery age pupils, and also our boarding pupils who were either on-site or in transit to us when the lockdown announcement was made.

Feedback for our remote learning has been incredibly positive, and we added initiatives such as screen-free time to ensure that pupils had as varied a mix as possible.

3

RENDCOMB COLLEGE FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES (continued)

Activities (continued)

Academic:

In a year where results were such a political topic, we were delighted with the performances from our pupils. Our strategy had been to continue with the normal internal exam period in late November for all public examination groups, and this gave an excellent basis for the TAGs which formed the awarded grades. Our grades underwent robust control checks both internally and externally via randomized sampling of work by the exam boards, and no alterations were made to the grades we had awarded.

After their success at GCSE we had been confident that the year 13 pupils would produce exceptional results, and this proved to be the case. Our pupils showed incredible resilience in adapting to the blended style of learning that occupied so much of their two year A level programme, and their energy and enthusiasm to carry on as normal was an example to all of us.

56% of our pupils were awarded A-A, with 81% A-B. Of particular note were the successes of 3 of our international pupils, for whom much of the time since March 2020 was spent in their home countries, often with significant time differences to contend with. In BTEC awards, over 75% of entrants were awarded a D, the equivalent to an A at A level. UCL, Warwick, York and Exeter were amongst the most popular university destinations for this cohort, with degree choices spanning the entire range from Architecture to Zoology.

At GCSE, our pupils performed exceptionally well, with 46% of pupils achieving grades 9-7 and 65% achieving grades 9-6. This particular cohort will now go on to join our largest Lower Sixth group for some years.

Alongside this one of our youngest pupils, in year 2, set herself a challenge to complete the Blue Peter challenge of ‘Six Badges of Summer’, a task which took her 8 months and required considerable effort and commitment on her part.

A number of Biology students took part in the British Intermediate Biology Olympiad, in which 8,873 students from 449 schools worldwide took part. Our pupils secured Gold awards (top 5% of cohort), Bronze awards and Highly Commended awards.

Several pupils chose to enter the Immerse Education Essay Competition during the year. This annual competition, run by affiliates of Oxford and Cambridge Universities, invites pupils aged 13 to 18 to submit an essay in response to a pre-set question, relating to their chosen subject. These range from Architecture to International Relations and Medicine to Law and everything else in between. The prize is a place at either of Oxford or Cambridge Universities summer school programme. The number of applicants submitting essays is in the thousands, and not just from UK boarding schools. Immerse Education receive pupils entries from all over the world and every walk of life, from people keen to secure a place at these highly sought after and academically renowned courses.

One pupil wrote on Economics, responding to the question “Explain the Tulip Mania of the Dutch Golden Age”; a second was based on Architecture with the question “What is your favourite architectural style and why?” whilst the third took on the challenge of “Legal decisions should be automated using algorithms. Discuss”. We were delighted that all these entries secured scholarships to attend the programme, a feat achieved by only 7% of all applicants.

Alongside the successes of our current pupils, we were delighted to hear of those of our former pupils. One had a role in Bridgerton , whilst another represented Team GB at the Tokyo Paralympics. Two even managed to secure a gold medal for GB in the Junior World Ballooning Championships. These success stories are inspirational to our current pupils who can see that as well as focusing on academic achievement, the full and varied programme of cross-curricular opportunities can lead to fulfilling and varied careers beyond school.

Founder’s Day, held in May 2021, was held as a blended live and live-streamed event, with Doug Ellison OR again joining us from California to talk about the NASA rover project and about the importance of following your interests and your passions to achieve your goals. The entire event was live-streamed to parents and other interested parties to ensure that the spirit of the day was maintained in so far as was possible. It is our fervent hope that 2022 will see the actual (delayed) Founder’s Day and Centenary celebrations able to take place in person.

4

RENDCOMB COLLEGE FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES (continued)

Activities (continued)

In the latter part of the year we were delighted to be recognized for the work we are doing by being shortlisted for 4 key awards. The TES Independent Awards are recognised as being industry leading across all facets of the independent sector, and we were shortlisted for ‘Boarding School of the Year’ and ‘Whole School Community Initiative of the Year’. The Boarding Schools’ Association covers only the part of the sector that offers boarding, and here we were shortlisted for ‘Community Initiative of the Year’. Finally, we were recognised by the Independent School Parent and shortlisted in their ‘Boarding School of the Year’ category. Given that there are 1,400 independent schools in the UK, being acknowledged in this way for any one award would be an achievement, yet alone 4 awards.

Music and Drama:

Three plays were performed during the year, A Christmas Carol, Skellig and Star Warts. A Christmas Carol had to be rehearsed and produced entirely within bubbles and in various locations around the campus to fit within the protocols in place, and then put together to be sent as a video link to parents.

Throughout lockdown, the power of music shone through as choirs and musicians collaborated online with virtual rehearsals and concerts streamed on social media. Many people used music as an outlet to escape the everyday during lockdown, and at Rendcomb we were determined to make sure that pupils could continue to enjoy their music. Whereas many schools removed music from their timetables, music classes for our pupils were accomplished in live, online sessions. Individual music lessons were timetabled to fit with the availability of pupils, including those overseas, and we ran virtual coffee concerts and musical teas to a wide audience. The Director of Music also ran a programme of online 'supervised practice' sessions for students to collaborate and perform together. The importance we placed on music has meant that the percentage of pupils taking individual lessons has remained virtually unchanged throughout the pandemic, at just under one-third of all pupils. In externally assessed music exams, alongside all the successes in the various grades, one pupil passed her ARSM (Associate of the Royal Schools of Music) diploma. This is a new post-Grade 8 award based on performance-only. Our annual Carol Service was unable to take place in person, but we embraced technology to put together a virtual experience filmed in various locations around campus. We are looking forward to returning to Cirencester Parish Church in December 2021 to celebrate in a more normal way.

Sporting Achievements:

We celebrate all sporting achievements our pupils are involved in; whilst the major sports remain as hockey, rugby, cricket, lacrosse and tennis, we also encourage all other sporting opportunities.

The restrictions and bubble protocols we had to adopt meant that there were few opportunities for our sports teams to be able to perform against other schools this year. However we maintained a full and varied programme of internal sports and fitness programmes to maintain pupils’ fitness and conditioning levels. We also widened our provision to include a dedicated Mountain Biking activity, complete with the pupil-led creation of a bespoke track through the Wilderness. One key success came for our equestrian team, where we were able to put a team out for the Rectory Farm Arena event and finish a very creditable 5[th] overall.

Once again, our Duke of Edinburgh scheme was very popular, and attracted large numbers of students to all three levels of the scheme. Despite the challenges, our students found new and creative ways to complete their volunteering section in person by supporting local groups or individuals. As soon as we were able to, we had groups participating in expeditions, both local and more distant, and this enabled a substantial number of awards to be completed including 2 Gold awards. We are looking forward to the new academic year bringing record numbers of completions, with final expeditions planned for the first few weeks of the Michaelmas term.

Staff

There were very few additions to members of staff across the school, with a total of 10 joining us in disciplines as diverse as a gap student to a Maths teacher. During the course of the academic year 2020/21 we were sad to lose the services of a total of 20 teaching and support staff. Many of these were to take up promotions elsewhere, to take retirement following long service to the school or as a result of the pandemic. Our thanks go to all staff for their continued dedication and commitment to the school, particularly for the creative and enthusiastic way in which they embraced the requirements of teaching and supporting pupils during periods of lockdown.

5

RENDCOMB COLLEGE FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES (continued)

Admissions and Marketing

Although so much of the normal pattern of events was inevitably disrupted this year, we have maintained a full and active presence in the marketing and admissions areas of the school. We were able to hold a series of very well-attended Open Mornings covering both Junior and Senior areas of the school, some of them virtual and some in person. These events translated into record numbers of pupils joining the school in September 2021. Demand has been such that a second Reception class has had to be put in place, whilst the Nursery is running at capacity on several sessions over the week.

Development and Property

The complications and limitations of restrictions and lockdowns have meant that, out of necessity, the bulk of our work this year has been maintenance and renovation of areas using the College team. Significant amounts of work have therefore been done in behind the scenes areas, taking advantage of the time when pupils have not been allowed on site to access some areas that would normally be off-limits.

Working closely with the Old Rendcombian Society (ORs) and the Friends of Rendcomb (FoR), the overall aims and objectives of the Development stream are:

Public benefit

The Trustees and Governors have had regard to the guidance issued by the Charity Commission in accordance with section 17 of the Charities Act 2011 in ensuring that the Foundation’s objectives are for the public benefit.

Support for fees

The school has the ability to offer the Noel Wills Scholarship, a means-tested award which is awarded to a State Primary School pupil annually entering the college at the age of 11. This is an entirely free place for the duration of a pupil’s time at the school. In addition the College has an extensive Scholarships and Bursaries Policy which is designed with the intention that funding goes to families most in need, in keeping with the Founder’s intentions. To support this aim, the services of Bursary Administration Limited are used to undertake home visits and in-depth analysis of financial situations. Within this financial year, bursary support amounting to 6.5% of total fee income has been granted to pupils attending Rendcomb. The Sinclair Bursary Fund money provided by the Foundation is also used to fund support to families, as are funds raised by The Friends of Rendcomb trustees.

In September 2019 The College welcomed the first Centenary Scholars who finished their time at the College at the end of the school year, achieving great results and awarded good university places. The Foundation and College hope that the success of this programme continues, as it is a valuable way of offering the experience of independent education to those who would otherwise be unable to access it.

Charitable and Outreach work

The ability of the College to welcome other schools has been heavily restricted during the last year, and so the level of outreach work has not been able to be maintained. The College enjoys being able to share the School facilities and expertise with other schools, and hope to be able to restart this in the coming year as it makes a positive contribution to those schools and to the educational opportunities for the children. There are four members of the school senior leadership team undertaking Governor roles in maintained schools which allows for excellent cross-fertilisation of ideas and expertise between the sectors. These have led to significant programmes with Coberley Primary School and Henley Bank High School. In addition, a member of staff is a co-opted Governor of the Royal National College for the Blind.

6

RENDCOMB COLLEGE FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

STRATEGIC REPORT (continued)

Charitable and Outreach work (Continued)

Charity plays a major part in the College’s fundraising supporting local, national and overseas charities. Although this year has seen limitations in the ability to hold or host major events, internal events have been held on key dates such as Comic Relief, Macmillan Coffee Morning and Red Nose Day, but also for smaller organisations through days such as mufti days. Support has been given to other charitable organisations such as the Friends of Rendcomb to support their own charitable work.

Rendcomb College undertakes the grass cutting of St Peter’s Church Rendcomb, and also provides the cleaning and general day to day maintenance of the church building. Land is made available for the siting of the village recycling and charity collection bins. During poor weather, the school salts and clears the roads in the village and the doctors’ surgery car park. During the year the Foundation made a donation of £5,000 towards the costs of rook repairs to St Peter’s Church

Parents of pupils often make significant sacrifices to pay the fees. During the year the school educated UK based children at negligible cost to the state, providing a tangible indirect benefit to public finances in the region of £1.2m. Similarly, unlike schools in the maintained sector, Rendcomb College pays irrecoverable VAT on most of its purchases of goods and services.

In summary, the College continues to fulfil its aims admirably and intends to do so in future years. Further details about the College can be found on the website www.rendcombcollege.org.uk.

FINANCIAL REVIEW

Details of income and expenditure in the year are shown in the Consolidated Statement of Financial Activities on page 13, which details net income before investment gains of £403k (2020 net expenditure (£1,040k)) and a positive net movement in funds of £855k (2020: £1,324k negative net movement in funds). Income fell partly due to fewer boarders and also because a discount on fees was offered during the second period of remote learning. The Foundation donated £935,625 to the College in 2021 (2020: £599,306).

The value of the funds shown in the balance sheet at 31 August 2021 is 10,129k (2020: £9,274k). This is largely represented by a portfolio of investment funds and cash, managed on a discretionary basis by Cazenove Capital Management Limited and freehold property. The investment portfolio was valued at £4,713k at 31 August 2021 (2020: £4,252k), and the freehold property is recorded in the accounts on the basis set out in note 2.10 on page 18. The market value of the land and buildings which are owned by the Foundation and used by the College is considered to be greater than the value at which they are recorded in the accounts.

Risk management

The Trustees ensure that the major risks to which the Trust is exposed are reviewed two times a year and that systems are in place to mitigate or minimise such risks. The Trustees are satisfied that the risks identified are being managed effectively and to the greatest extent possible.

Principal Risks and Uncertainties

The Trustees keep the Foundation’s major risks, which are to ensure that its investments are properly managed and that its property is maintained by the College, under regular review. The College’s risks are identified as being Strategic, Regulatory, Governance, External, Operational, Personnel, Environmental, Technological, Academic or Financial. Control measures are clearly identified where risk factors suggest a higher level of risk. The College has a well-developed Emergency Plan in place. In common with many other smaller independent Colleges the major risks are around pupil numbers and the ongoing financial viability of the College; strategic work is therefore undertaken to mitigate these risks by measures including efficient and targeted marketing and promotional activity, and key decisions such as numbers of international pupils. The pandemic has highlighted areas of possible exposure and suitable mitigating actions will be put in place to meet these.

7

RENDCOMB COLLEGE FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

FINANCIAL REVIEW (Continued)

During the course of the year the school underwent an ISI material change inspection and met the required standards in all areas. The purpose of the inspection was to obtain a higher capacity number of students able to be educated. This indicates that the school has robust and clearly managed policies around all areas of compliance including safer recruitment, anti-bullying and complaints.

Reserves policy and going concern

Under the terms of the deed, the Trustees make available to the Governors all income arising from the Endowment Funds of the Foundation. It is the policy of the Trustees that the Foundation as a whole should seek to generate a surplus of income over expenditure each year to safeguard the future of the College and to provide funds for a programme of continuous refurbishment of College properties. The Trustees periodically review the level of reserves to ensure that these are consistent with the College’s budgetary requirements.

The consolidated unrestricted funds at 31 August 2021 were £10,072k, of which £1,307k represents designated funds to be invested to provide income to support the provision of bursaries and school improvements. Additionally, a balance of £6,543k is held in the balance sheet as expendable endowment. The policy of the trustees is to ensure they retain sufficient unrestricted reserves to assist the Governors to manage the fixed assets which are used by the Governors for its charitable activities. This is reviewed periodically.

This year has again seen difficult trading conditions owing to the Covid 19 pandemic and as such the policy that the College should seek to generate a surplus of income over expenditure each year has not been able to be met. The Governors look to balance the required improvements and enhancements to the estate within the overall running of the school’s finances. Reserves may be restricted for bursary, scholarship, development or other purpose if this is a specific request of a donor. It therefore remains the policy of the Governors to seek to build up reserves out of operating surpluses, subject to the demands for future expenditure to support the school.

During the financial year the sale took place of three residential properties surplus to the needs of Rendcomb College as they were all let on assured shorthold tenancies. This helped provide cash funds and the Foundation to support the College through the Covid-19 pandemic and left the Foundation with substantial cash reserves at the year end. The Foundation will continue to support the College as it emerges from the pandemic. The College is viewed as a viable business. It has no debt, and has the backing of funds held within the Foundation for emergency use should this be required.

Plans for future periods

It is expected that there will be a modest growth in overall pupil numbers in the coming years, whilst still maintaining the school’s family-feel and caring ethos. The work that has been started on updating and refreshing key areas of the school site will continue, with more significant projects being considered as need arises.

8

RENDCOMB COLLEGE FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2010 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AUDITORS

A resolution proposing the re-appointment of Haysmacintyre LLP as auditors will be made at the next Annual General Meeting.

The Trustees’ Report was approved by the Trustees on 9 December 2021and is signed on their behalf by:

……………………………….

H C W Robinson Chairman

9

INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF RENDCOMB COLLEGE FOUNDATION

FOR THE YEAR ENDED 31 AUGUST 2021

Independent auditor’s report to the trustees of Rendcomb College Foundation

Opinion

We have audited the financial statements of Rendcomb College Foundation for the year ended 31 August 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Foundation Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

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INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF

RENDCOMB COLLEGE FOUNDATION (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 9 , the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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:

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the independent school regulations, safeguarding regulations, health and safety requirements, GDPR, employment law and charity law , and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as such as the Charities Act 2011 and consider other factors such as payroll tax.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the improper recognition of revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF

RENDCOMB COLLEGE FOUNDATION (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. 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’s trustees as a body for our audit work, for this report, or for the opinions we have formed.

Adam Halsey Senior Statutory Auditor for and on behalf of Haysmacintyre LLP Chartered Accountants and Statutory Auditors 10 Queen Street Place Date: 9 December 2021 London EC4R 1AG

Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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RENDCOMB COLLEGE FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 AUGUST 2021

College Foundation Foundation
General Designated Restricted Other Endowment Total Total
Funds Funds Funds Funds Funds 2021 2020
Note £’000 £’000 £’000 £’000 £’000 £’000 £’000
INCOME FROM:
Charitable activities
School fees receivable 3 5,434 - - - - 5,434 5,660
Other income 4 489 - - - - 489 483
Trading activities 97 - - - - 97 133
Investment income 6 37 - - 137 - 174 169
Voluntary services
Grants and donations 7 332 - - - - 332 272
Profit on disposal of - - - 1,626 - 1,626 -
Fixed assets
------------ ----------- --------- --------- --------- ------------ ------------
Total incoming resources 6,389 - - 1,763 - 8,152 6,717
------------ ----------- --------- --------- --------- ------------ ------------
EXPENDITURE ON:
Raising funds
Trading costs 7 - - - - 7 14
Charitable activities
Education 7,469 - - 176 97 7,742 7,743
------------ ----------- --------- --------- --------- ------------ ------------
Total expenditure 8 7,476 - - 176 97 7,749 7,757
------------ ---------- --------- --------- --------- ------------ ------------
Net income/ (expenditure) (1,087) - - 1,587 (97) 403 (1,040)
before investment gains/
(losses)
Gains/ (losses) on investment - 109 - 40 303 452 (302)
assets
------------ ----------- --------- --------- --------- ------------ ------------
Net
income/
(expenditure)		 (1,087) 109 - 1,627 206 855 (1,342)
before transfers
Transfers 15-18 936 - (937) 1 - -
------------ ----------- --------- --------- --------- ------------ ------------
Net movement in funds (151) 109 - 690 207 855 (1,342)
Fund balances at
1 September 2020 (598) 1,198 57 2,281 6,336 9,274 10,616
------------ ----------- --------- --------- ----------- ------------ ------------
Fund balances at
31 August 2021 15-18 (749) 1,307 57 2,971 6,543 10,129 9,274
===== ====== ===== ===== ====== ====== ======

All the activities included above were continuing during the year. The notes on pages 16 to 29 form part of these financial statements.

The Statement of Financial Activities for the comparative period has been presented in note 26.

13

RENDCOMB COLLEGE FOUNDATION

CONSOLIDATED AND FOUNDATION BALANCE SHEETS

AT 31 AUGUST 2021

Group Group Foundation Foundation
2021 2020 2021 2020
Note £’000 £’000 £’000 £’000
Fixed assets
Tangible assets 10 7,438 7,665 7,199 7,364
Investments 11 4,713 4,252 3,596 3,243
------------- ------------- ------------- -------------
12,151 11,917 10,794 10,607
------------- ------------- ------------ ------------
Current assets
Debtors 12 359 352 - -
Cash at bank and in hand 13 1,955 172 1,312 50
Short term deposits 13 146 457 36 61
------------- ------------- ------------ ------------
2,460 981 1,348 111
Creditors: amounts falling due within one year 14 (3,382) (3,124) (1,528) (1,601)
-------------- -------------- ------------- -------------
Net current assets (922) (2,143) (180) (1,490)
Creditors: amounts falling due after one year (1,100) (500) (1,100) (500)
-------------- -------------- ------------- -------------
Net assets 10,129 9,274 9,514 8,617
======= ======= ======= =======
Represented by:
Unrestricted:
Foundation - expendable endowment 15 6,543 6,336 6,543 6,336
Foundation - other 18 2,971 2,281 2,971 2,281
College - General 18 (749) (598) - -
- Designated 16 1,307 1,198 - -
Restricted: College 17 57 57 -
--------------- --------------- ------------ ------------
10,129 9,274 9,514 8,617
======= ======= ====== ======

The financial statements were approved and authorised for issue by the Board of the Trustees on 9 December 2021 and were signed below on its behalf by:

……………………………….

H C W Robinson Chairman

The notes on pages 16 to 29 form part of these financial statements.

14

RENDCOMB COLLEGE FOUNDATION

CONSOLIDATED CASHFLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2021

2021 2020
Notes £ £
Cash flows from operating activities
Net incoming/(outgoing) resources 403 (1,040)
Investment income - (17)
Interest received (174) (151)
Depreciation charge 307 316
Profit on sale of fixed assets (1,626) 5
(Increase)/decrease in debtors (7) 427
Increase in creditors 309 (1,178)
--------------- ---------------
Net cash (used in) / provided by operating activities (789) (1,638)
Cash flows from investing activities
Purchase of tangible fixed assets (81) (201)
Proceeds on sale of tangible fixed assets 1,626 -
Purchase of investments (337) (2,892)
Proceeds from sale of investments 328 2,892
Investment income 174 168
---------------- ----------------
Net cash (used in)/provided by investing activities 1,710 (33)
Cash flows from financing activities
New loans in year 600 550
Repayment of loans in year (50) -
---------------- ----------------
Net cash provided by investing activities 550 550
Net decrease in cash and cash equivalents 1,472 (1,121)
Cash and cash equivalents at the beginning of the reporting period 629 1,750
---------------- ----------------
Cash and cash equivalents at the end of the year 13 2,101 629
======== ========
Analysis of cash and cash equivalents At 31 August Other At 31 August
2020 Cashflows Changes 2021
£ £ £ £
Cash and cash equivalents
Cash at bank 457 1,498 - 1,955
Short term deposits 172 (26) - 146
--------------- --------------- --------------- ---------------
629 1,472 - 2,101
======= ======= ======= =======
Borrowings
Debt due within one year 1,550 (50) - 1,500
Debt due after one year 500 600 - 1,000
--------------- --------------- --------------- ---------------
2,050 550 - 2,600
--------------- --------------- --------------- ---------------
Total 2,679 2,022 - 4,701
======= ======= ======= =======

15

RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2021

1. GENERAL INFORMATION

Rendcomb College Foundation is a charity incorporated in England and Wales and registered with the Charity Commission. The members of the charity are the Trustees. Rendcomb College Foundation was incorporated on 22 March 1920 (charity number 311713).

The Charity is a Public Benefit Entity as defined by FRS102.

2. ACCOUNTING POLICIES

A summary of the more important accounting policies, which have been applied consistently, is set out below.

2.1 Accounting convention

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) Second Edition. The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) Second Edition rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The accounting policies set out below have been applied in preparing the financial statements for the year ended 31 August 2021 and the comparative information presented in these financial statements for the year ended 31 August 2020. The financial statements are drawn up under the historical cost convention except that investments are carried at market value.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, Trustees are required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

2.2 Consolidation

The accounts consolidate the results of the Foundation and Rendcomb College, a separately registered and incorporated charity (company number: 05891198, charity number: 1115884) and Rendcomb Services Limited, a separately registered company, for the year ended 31 August 2021. Rendcomb College Foundation has taken the exemption from presenting its unconsolidated statement of financial activities under section 408 of the Companies Act 2006. The net movement in funds of the Charity was (£1,004,423).

2.3 Going Concern

The Trustees consider that there are no material uncertainties which would cast doubt on the charity’s ability to continue as a going concern and therefore consider it appropriate to prepare the financial statements on a going concern basis.

2.4 Fee Income

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the College, but include contributions received from Restricted Funds for Scholarships, Bursaries and other grants.

16

RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

2. ACCOUNTING POLICIES (continued)

2.5 Investment income

Investment income from dividends, bank balances and fixed interest securities is accounted for on an accruals basis.

2.6 Donations income

Donations for purposes restricted by the wishes of the donor are taken to “restricted funds” where these wishes are legally binding on the Trustees. Donations that are required to be retained as capital in accordance with the donor’s wishes are accounted for as “endowments” – permanent or expendable according to the nature of the restriction.

2.7 Grant income

Grant income relates to the Government’s Coronavirus Job Retention Grant (CJRG) and is recognised under the accruals basis in line with staff costs.

2.8 Expenditure

Expenditure is accounted for on an accruals basis. It is allocated between categories on the basis of actual costs.

Cost of charitable activities includes expenditure associated with the running of the College and include both direct and support costs.

Support costs represent indirect costs relating to raising funds and the charity’s charitable activities. Support costs, including governance costs, are allocated to activities on bases that represent the Governors’ best estimate of actual use.

Governance costs comprise the costs of running the charity, including auditors’ remuneration and expenses reimbursed to Governors attending meetings.

2.9 Investments

Investments are stated at market value. Realised gains and losses on investments represent the difference between sale proceeds and opening market value (or value at date of purchase if later). Unrealised gains and losses represent the change in market value of the investment portfolio in the year.

2.10 Fixed assets

Fixed assets for use by the charity are stated at cost, less depreciation. Property gifted to the Foundation is stated at its value at the date of the gift. Freehold land is not depreciated. Depreciation of other assets is calculated on a straightline basis over the estimated useful life of an asset at the following rates:

Freehold buildings 50 years
All-weather sports pitch 10 years
Equipment and motor vehicles 4 - 5 years

Assets under construction are not depreciated until such time that they are fit for use.

2.11 Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.12 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value.

2.13 Creditors and provision

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

17

RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

2. ACCOUNTING POLICIES (continued)

2.14 Fund accounting

Expendable endowment funds are funds which have been received by means of legacies or capital donations and the use of the income and/or capital is governed by the terms of the endowment. Restricted funds are funds which have been received for specific purposes as indicated by the donor. Unrestricted funds (including those designated) are funds whose use is wholly at the discretion of the Trustees.

2.15 Pensions

The College contributes to the Teachers’ Pension Defined Benefits Scheme at rates set by the Scheme actuary and advised to the Board by the Scheme Administrator. The scheme is a multi-employer pension scheme and the College does not have any commitment to contribute to any deficit or receive any surplus arising on the Scheme. In accordance with FRS102, therefore, the Scheme is accounted for as a defined contribution scheme. The College also operates a money purchase scheme for non-teaching staff. Contributions are charged to the Statement of Financial Activities as incurred.

2.16 Operating lease

Rentals payable are charged on a time basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

2.17 Foreign currency translation

The charity’s functional and presentation currency is pound sterling. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are recognised in the Statement of Financial Activities.

3. CHARITABLE ACTIVITIES – FEES RECEIVABLE
CHARITABLE ACTIVITIES – FEES RECEIVABLE 2021 2020
£’000 £’000
Fees receivable consist of:
School fees 6,651 6,720
Less total bursaries, scholarships and allowances (1,217) (1,060)
------------ ------------
5,434 5,660
====== ======

During the year £nil (2020: £nil) was transferred from the Foundation to the College for bursaries.

4. CHARITABLE ACTIVITIES – OTHER INCOME
4. CHARITABLE ACTIVITIES – OTHER INCOME Total Total
Unrestricted Designated Restricted 2021 2020
£’000 £’000 £’000 £’000 £’000
Additional courses 326 - - 326 392
School transport 37 - - 37 35
Additional accommodation 128 - - 128 44
Other income (2) - - (2) 12
------------ ------------ ------------ ------------ ------------
489 - - 489 483
======= ======= ======= ====== =======
5. OTHER TRADING ACTIVITIES Total Total
Unrestricted Designated Restricted 2021 2020
£’000 £’000 £’000 £’000 £’000
Trading income
Functions 19 - - 19 33
Rental income 78 - - 78 99
------------ ------------ ------------ ------------ ------------
97 - - 97 132
======= ======= ======= ====== =======

18

RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

6. INVESTMENT INCOME Unrestricted funds Unrestricted funds 2021 2020
College Foundation Total Total
£’000 £’000 £’000 £’000
Income from investment portfolio 37 137 174 168
Interest - - - 1
---------- ------------ --------------- ---------------
37 137 174 169
====== ====== ======= =======
7. GRANTS AND DONATIONS Total Total
Unrestricted Designated Restricted 2021 2020
£’000 £’000 £’000 £’000 £’000
Building improvements - - - - 2
Other 332 - - 332 863
--------------- ----------------- ------------- ----------------- -----------------
332 - - 332 865
======= ======== ======= ======= =======
GRANTS AND DONATIONS (2020) Total Total
Unrestricted Designated Restricted 2020 2019
£’000 £’000 £’000 £’000 £’000
Building improvements 2 - - 2 236
Other 270 270 50
--------------- ---------------- ------------- ----------------- ----------------
272 - - 272 286
======= ======== ======= ======= =======
Total Total
8. TOTAL EXPENDITURE
Staff costs Depreciation Other 2021 2020
£’000 £’000 £’000 £’000 £’000
Cost of raising funds
Trading costs - - 7 7 14
-
Charitable activities
Education
Teaching 3,677 39 124 3,840 3,837
Welfare 398 27 691 1,116 1,144
Premises 213 57 779 1,049 928
Marketing - - 83 83 67
Administration 568 184 902 1,654 1,767
--------------- ---------------- --------------- -------------- --------------
4,856 307 2,579 7,742 7,743
--------------- ---------------- --------------- -------------- --------------
4,856 307 2,586 7,749 7,757
======= ======== ======= ======= =======

Support costs include marketing and administration costs.

19

RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

8 TOTAL EXPENDITURE (continued)

2021 2020
£’000 £’000
Governance included in other costs
Remuneration paid to auditor for audit services (including VAT) 22 22
Remuneration paid to auditor for other services (including VAT) 7 7
Reimbursement of personal expenses to Governors - -
------------ ------------
29 29
======= =======

None of the Trustees received any remuneration during the year. Expenses totalling £nil (2020: £55) were reimbursed to Trustees (2020: 1 Trustee) during the year for travelling costs and other out of pocket expenses.

TOTAL EXPENDITURE (2020) TOTAL EXPENDITURE (2020) Total Total
Staff costs Depreciation Other 2020 2019
£’000 £’000 £’000 £’000 £’000
Cost of raising funds
Trading costs - - 14 14 42
--------------- ---------------- ------------- ----------------- ----------------
Charitable activities
Education
Teaching 3,630 44 163 3,837 3,640
Welfare 412 28 704 1,144 1,228
Premises 204 59 665 928 1,173
Marketing - - 67 67 68
Administration 522 185 1,060 1,767 1,814
--------------- ---------------- --------------- -------------- ----------------
4,768 316 2,659 7,743 7,923
--------------- ---------------- --------------- -------------- ----------------
4,768 316 2,673 7,757 7,965
======= ======== ======= ======= =======
8 TOTAL EXPENDITURE (continued)
2020 2019
£ £
Governance included in other costs
Remuneration paid to auditor for audit services 22 21
Remuneration paid to auditor for other services 7 10
Reimbursement of personal expenses to Governors - 1
------------ ------------
29 32
======= =======
9. STAFF COSTS 2021 2020
£’000 £’000
Wages and salaries 3,805 3,773
Social security costs 361 347
Pension contributions (note 24) 661 648
Redundancy payments 29 -
------------- -------------
4,856 4,768
====== ======

20

RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

9 STAFF COSTS (continued)

STAFF COSTS (continued)
2021 2020
No. No.
The average monthly number of employees in the year was:
Teaching:
Full time 53 48
Part time 27 31
Welfare 33 36
Premises 7 8
Administration 21 23
---------- ----------
141 146
====== ======
2021 2020
No. No.
Number of higher paid employees in bands of:
60,000 – 69,999 1 -
90,000 – 99,999 - 1
100,000 – 109,999 - 1
120,000 – 129,999 1 -

Aggregate employee benefits of key management personnel during the year were £348,900 (2020: £489,403).

10. TANGIBLE FIXED ASSETS

Freehold
land		 College
buildings		 Dwelling
houses		 Assets
under
construction		 Total College
Equipment		 Total
£’000 £’000 £’000 £’000 £’000 £’000
Cost
At 1 September 2020 70 9,043 392 - 9,505 2,721 12,226
Additions - 18 - - 18 63 81
Transfers/disposals - - - - - 11 11
---------- ------------- ------------ ------------ ------------ ------------ --------------
At 31 August 2021 70 9,061 392 - 9,523 2,773 12,296
---------- ------------- ------------ ------------ ------------ ------------ --------------
Depreciation
At 1 September 2020 - 1,968 174 - 2,142 2,420 4,561
Disposals - - - - 11 11
Charge for the year - 175 8 - 183 124 307
---------- ------------- ------------ ------------ ------------ ------------ --------------
At 31 August 2021 - 2,143 182 - 2,325 2,553 4,858
---------- ------------- ------------ ------------ ------------ ------------ --------------
Net Book Value
31 August 2021 70 6,918 210 - 7,198 240 7,438
===== ====== ===== ===== ====== ===== =======
31 August 2020 70 7,076 218 - 7,364 301 7,665
===== ====== ===== ===== ====== ===== =======

The College has use of the properties owned by the Foundation, consisting of :-

21

RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

10. TANGIBLE FIXED ASSETS (continued)

The College maintains use of these properties on an annual basis, being the sole beneficiary of properties on the College site and the recipient of rental income of properties in the surrounding area. These remain under the ownership of the Foundation; their use by the College is key to the fulfilment of the Foundation’s objects.

11.

FIXED ASSET INVESTMENTS Group Foundation Foundation
2021 2020 2021 2020
£’000 £’000 £’000 £’000
Market value at 1 September 2020 4,252 4,557 3,243 3,472
Disposal proceeds (328) (2,892) (328) (2,892)
Acquisitions at cost 337 2,892 337 2,892
Management fees - (3) - -
Realised gain 25 74 84 147
Unrealised (loss)/gain 427 (376) 428 (376)
------------ ------------ ------------ ------------
Market value at 31 August 2021 4,713 4,252 3,596 3,243
====== ====== ====== ======
Historical Cost 4,125 3,804 3,165 2,866
====== ====== ====== ======

Investments are all in UK funds.

12. DEBTORS Group Group Foundation Foundation
2021 2020 2021 2020
£’000 £’000 £’000 £’000
School fees receivable 217 180 - -
Prepayments and accrued income 142 160 - 4
Other debtors - 12 - -
Amounts due from Rendcomb College - - - -
------------ ------------ ------------ ------------
359 352 - 4
====== ====== ====== ======
13. CASH AND CASH EQUIVALENTS Group Foundation
2021 2020 2021 2020
£’000 £’000 £’000 £’000
Cash at bank 1,955 172 1,312 61
Short term deposits 146 457 36 50
-------------- -------------- ------------ ------------
2,101 629 1,348 111
======= ======= ====== ======

Short term deposits comprise temporary deposits of surplus funds with Lloyds Bank Plc and balances held in cash accounts with Cazenove.

22

RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

14. CREDITORS: amounts falling due within one year

CREDITORS: amounts falling due within one year
Group Foundation
2021 2020 2021 2020
£’000 £’000 £’000 £’000
Bank overdraft - - - -
Trade creditors 132 179 - -
Accruals 78 52 28 33
Registration and guarantee fees 521 499 - -
Deferred income 966 668 - -
Other creditors 11 14 - -
Other tax and social security 174 162 - -
Loan financing 1,500 1500 1,500 1,500
Bounce back loan - 50 - -
Amounts due to Rendcomb College - - - 68
------------ ------------ ------------ ------------
3,382 3,124 1,528 1,601
====== ====== ====== ======
CREDITORS: amounts falling due after one year 1,100 500 1,100 500
====== ====== ====== ======

Deferred income comprises external funding for school fees all due in the following financial year.

Included within loan financing is a loan of £1.5m from Cazenove Capital Management. The loan is subject to interest at a rate of LIBOR plus 2.5% and is repayable on demand.

Creditors greater than 1 year relate to a loan secured by way of a fixed charge on designated school assets. The loan bears no interest and is repayable in 2030.

15. ENDOWMENT FUNDS

ENDOWMENT FUNDS
Net outgoing Investment At 31 Aug
At 1 Sept resources Transfers gains/(losses) 2021
£’000 £’000 £’000 £’000 £’000
Foundation-Endowment funds
Original Fund 3,455 (97) 1 303 3,652
The 1976 Additional Trust Fund 154 - - - 154
1945 Covenant Fund 1,001 - - - 1,001
Dulverton Grant 1,133 - - - 1,133
1945 Supplemental Trust Deed 603 - - - 603
------------ ---------- --------- ----------- ------------
6,336 (97) 1 303 6,543
====== ===== ==== ===== ======

The funds are represented mainly by investments which are managed as a pool by the investment fund managers, Cazenove & Co. The transfer from the Original Fund is to fund transactions in the unrestricted Foundation funds.

ENDOWMENT FUNDS (2020)
Net outgoing Investment At 31 Aug
At 1 Sept resources Transfers gains/(losses) 2020
£’000 £’000 £’000 £’000 £’000
Foundation-Endowment funds
Original Fund 3,911 (98) (257) (111) 3,445
The 1976 Additional Trust Fund 159 - - (5) 154
1945 Covenant Fund 1,033 - - (32) 1,001
Dulverton Grant 1,170 - - (37) 1,133
1945 Supplemental Trust Deed 623 - - (20) 603
------------ ---------- --------- ----------- ------------
6,896 (98) (257) (205) 6,336
====== ===== ==== ===== ======

The funds are represented mainly by investments which are managed as a pool by the investment fund managers, Cazenove & Co. The transfer from the Original Fund is to fund transactions in the unrestricted Foundation funds.

23

RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

16. DESIGNATED FUNDS At 1 Sept Net incoming Investment At 31 Aug
2020 resources Transfers gains/(losses) 2021
£’000 £’000 £’000 £’000 £’000
College Foundation Fund 1,145 - - 109 1,254
Francis Dutton Bequest 53 - - - 53
------------ ---------- ------------ ----------- ------------
1,198 - - 109 1,307
====== ===== ====== ===== ======

The College Foundation Fund consists of the investment portfolio transferred by Rendcomb College Foundation. The current intention is to retain the Fund and use the income generated to help fund the activities of the College.

The Francis Dutton Bequest is utilised for scholarships.

DESIGNATED FUNDS (2020) At 1 Sept Net incoming Investment At 31 Aug
2018 resources Transfers gains/(losses) 2020
£’000 £’000 £’000 £’000 £’000
College Foundation Fund 1,218 - - (73) 1,145
Francis Dutton Bequest 53 - - - 53
------------ ---------- ------------ ----------- ------------
1,271 - - (73) 1,198
====== ===== ====== ===== ======

The College Foundation Fund consists of the investment portfolio transferred by Rendcomb College Foundation. The current intention is to retain the Fund and use the income generated to help fund the activities of the College.

The Francis Dutton Bequest is utilised for scholarships.

17. RESTRICTED FUNDS

RESTRICTED FUNDS
At 1 Sept Net outgoing Investment At 31 Aug
2020 resources Transfers gains/(losses) 2021
£’000 £’000 £’000 £’000 £’000
Longitude grant 7 - - - 7
Centenary fund 50 - - - 50
------------ ---------- ------------ ----------- ------------
57 - - - 57
====== ===== ===== ===== ======

The Longitude grant consists of funds awarded at the Longitude Explorer Challenge and is being used to develop Science, Technology, Engineering and/or Maths education within the College.

The Centenary fund consists of amounts received for the Centenary celebration.

24

RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

RESTRICTED FUNDS (2020)
At 1 Sept Net outgoing Investment At 31 Aug
2019 resources Transfers gains/(losses) 2020
£’000 £’000 £’000 £’000 £’000
Longitude grant 7 - - - 7
Centenary fund 50 - - - 50
------------ ---------- ------------ ----------- ------------
57 - - - 57
====== ===== ==== ===== ======

The Longitude grant consists of funds awarded at the Longitude Explorer Challenge and is being used to develop Science, Technology, Engineering and/or Maths education within the College.

The Centenary fund consists of amounts received for the Centenary celebration.

18. UNRESTRICTED FUNDS Net incoming/ Investment
At 1 Sept (outgoing) gains/ At 31 Aug
2020 resources Transfers (losses) 2021
£’000 £’000 £’000 £’000 £’000
College
Governors (598) (1,087) 936 - (749)
----------- ---------- ---------- ----------- -----------
Foundation
Sinclair Bursary Fund 389 6 (1) 40 434
Other Funds 1,892 1,581 (936) - 2,537
----------- ---------- ---------- ----------- -----------
2,281 1,587 (937) 40 2,971
----------- ---------- ---------- ----------- -----------
1,683 500 (1) 40 2,222
====== ===== ===== ===== ======

Fund transfers relate to ongoing financial support provided by the Foundation to the College in respect of working capital.

UNRESTRICTED FUNDS (2020) Net incoming/ Investment
At 1 Sept (outgoing) gains/ At 31 Aug
2017 resources Transfers (losses) 2020
£’000 £’000 £’000 £’000 £’000
College
Governors (334) (857) 593 - (598)
----------- ---------- ---------- ----------- -----------
Foundation
Sinclair Bursary Fund 416 (3) - (24) 389
Other Funds 2,310 (82) (336) - 1,892
----------- ---------- ---------- ----------- -----------
2,726 (85) (336) (24) 2,281
----------- ---------- ---------- ----------- -----------
2,392 (942) 257 (24) 1,683
====== ===== ===== ===== ======

25

RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

19. NET ASSETS BY FUND Tangible Long term Net current
fixed assets Investments liabilities assets/(liabilities) Total
£’000 £’000 £’000 £’000 £’000
Unrestricted funds
College 240 - - (989) (749)
Foundation 3,863 420 (1,100) (212) 2,971
Endowment Funds
Foundation 3,335 3,176 - 32 6,543
Designated funds
College - 1,117 - 190 1,307
Restricted funds
College - - - 57 57
------------ ------------- ------------- ------------- --------------
7,438 4,713 (1,100) (923) 10,129
====== ====== ====== ====== =======
20. FINANCIAL INSTRUMENTS 2021 2020
£’000 £’000
Cash and cash equivalents 2,101 629
Financial instruments that are debt instruments measured at amortised cost 298 193
-------------- --------------
2,399 822
======= =======
Financial liabilities measured at amortised cost (4,391) (3,460)
======= =======

Financial assets measured at amortised cost include fee debtors and accrued income.

Financial liabilities measured at amortised cost include fees in advance, trade creditors, other creditors and loan financing.

21. OPERATING LEASE COMMITMENTS: LESSEE

At 31 August 2021, the College had commitments under non-cancellable operating leases as set out below:

2021 2020
Fixtures & Fixtures &
Vehicles fittings Vehicles fittings
£’000 £’000 £’000 £’000
Operating leases which expire:
Within one year 2 58 4
63
In one to two years - 50 -
60
In two to five years - 10 -
60
------ --------- ------ ---------
2 118 4
183
=== ==== ==== ====

Total costs incurred in the year in respect of rental charges for assets held under operating lease of £97,332 (2020: £139,700).

26

RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

22. PENSION COSTS

(a) The Teachers’ Pension Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £586,692 (2020: £544,209) and at the year-end £nil (2020: £Nil) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2021, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2021. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2021. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

On 27 June 2021 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2020 announced that there would be a review of this cost cap mechanism, in January 2021 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards.

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

Until a remedy to the discrimination conclusion has been determined by the Employment Tribunal it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.

During the year the Governors undertook a consultation with staff regarding the ongoing membership of the TPS. The outcome of that was to withdraw from membership, effective 31[st] August 2021.

(b) Non-teaching staff

The College operates a money purchase scheme for non-teaching staff. The assets of the scheme are held separately from those of the College. At the year end there were 65 members of the money purchase scheme (2020:77). Employer’s contributions totalled £104,029 (2020: £92,064) during the year and at the year-end £nil (2020: £nil) was accrued in respect of contributions to this scheme.

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RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

23. RELATED PARTY TRANSACTIONS

Rendcomb College is a connected charity with Rendcomb College Foundation as the Trustees of the Foundation are the members of the College. During the year the Foundation donated £935,625 (2020: £599,306) to the College. During the year ended 31 August 2021, the College incurred expenses of £nil (2020: £33,665). At 31 August 2021 the balance receivable from the Foundation was £nil (2020: £68,375).

During the year the College purchased services of £170,419 (2020: £286,546) from Rendcomb Services Limited and at the year end owed a net balance of £22,308 (2020: £28,669). Rendcomb Services Limited is a wholly owned subsidiary of Rendcomb College.

During the year two Governors (2020: two) had two (2020: three children) enrolled at the College, and fees charged were at the full rate.

As at 31 August 2021 a balance was due from The Friends of Rendcomb College of £Nil (2020: £Nil).

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RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2021

24. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

College Foundation Foundation
General Designated Restricted Other Endowment Total
Funds Funds Funds Funds Funds 2020
Note £’000 £’000 £’000 £’000 £’000 £’000
INCOME FROM:
Charitable activities
School fees receivable 3 5,660 - - - - 5,660
Other income 4 483 - - - - 483
Trading activities 133 - - - - 133
Investment income 6 37 - - 132 - 169
Voluntary services
Grants and donations 7 272 - - - - 272
------------ ----------- --------- --------- --------- ------------
Total incoming resources 6,585 - 50 132 - 6,717
------------ ----------- --------- --------- --------- ------------
EXPENDITURE ON:
Raising funds
Trading costs 14 - - - - 12
Charitable activities
Education 7,428 - - 217 98 7,743
------------ ----------- --------- --------- --------- ------------
Total expenditure 8 7,442 - - 217 98 7,755
------------ ---------- --------- --------- --------- ------------
Net income/ (expenditure) (857) - - (85) (98) (1,040)
before investment gains/
(losses)
Gains/ (losses) on investment - (73) - (24) (205) (302)
assets
------------ ----------- --------- --------- --------- ------------
Net
income/
(expenditure)		 (857) (73) - (109) (303) (1,342)
before transfers
Transfers 15-18 593 - - (336) (257) -
------------ ----------- --------- --------- --------- ------------
Net movement in funds (264) (73) - (445) (560) (1,342)
Fund balances at
1 September 2018 (334) 1,271 57 2,726 6,896 10,616
------------ ----------- --------- --------- ----------- ------------
Fund balances at
31 August 2020 15-18 (598) 1,198 57 2,281 6,336 9,274
===== ====== ===== ===== ====== ======

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