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2022-08-31-accounts

RENDCOMB COLLEGE FOUNDATION

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

Charity Number: 311713

RENDCOMB COLLEGE FOUNDATION

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

CONTENTS PAGE
Reference and administrative details 1
Trustees’ report 2 - 11
Independent auditors’ report 12 – 14
Consolidated statement of financial activities 15
Consolidated and Foundation balance sheets 16
Consolidated cash flow statement 17
Notes to the accounts 18 - 30

Classification : Internal

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 (to 29 July 2022)
R H Wills
N J N H Wills
M J 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 2022

The Trustees present their annual report for the year ended 31 August 2022 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”, Second Edition effective 1 January 2019 (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.

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 2022

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

The Academic Year 2021-2022 is the first full year we have remained open since Covid and The Rendcomb College Community has bounced back enjoying an almost back-to-normal programme of academics, sports, concerts and performances.

In May 2022 Rendcomb College was inspected by the Independent Schools Inspectorate. All statutory requirements were met under the inspectors compliance report and we were delighted to be rewarded excellent outcomes for both pupils’ academic development and other achievement and pupils personal development under the inspectors Educational Quality Inspection Report. Notable observations by the inspectors were:

3

RENDCOMB COLLEGE FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES (continued)

Activities (continued)

Academic:

Exam results were again a political topic as this was the first year since 2019 when formal exams were sat and exam boards made adjustments to papers to allow for interrupted learning. Our strategy was to continue with the normal internal exam period in late November for all public examination groups, followed by assessments in both January and April to ensure we had ample evidence for TAGs if pupils were unable to sit final exams. This robust assessment cycle embedded learning and led to a very strong set of A Level results and our best ever GCSE results.

We were delighted to celebrate with our A Level students as they collected their results with 89% achieving A to C, 73% achieving A to B, 49% achieving A to A and 25% achieving A. This embodies the hard work and effort put in by both pupils and teachers to deliver this strong performance. Pupils performed well across a wide range of disciplines with 100% A-B in Art, English, EPQ, German, History, Photography, and Psychology. Business Studies (BTEC) pupils excelled achieving 100% Distinction - Distinction, alongside Computing with all pupils attaining A-A. Three long-time Rendcombians, who all joined in the Junior school, had great results with 2 achieving AAA and one achieving AAAB and all heading off to University.

14 out of 27 pupils achieved their first choice University and all but 1 student who intended to start a university course secured a place. Pupils have headed off to read a wide range of subjects including Physics with astrophysics at Exeter; Computer Science at Reading; Aeronautical engineering at Glasgow and Marine biology at Exeter. One student has secured an Accounting Apprenticeship at Hazlewoods and one pupil having achieved 3A and A EPQ is completing a post results application to study law at Cambridge.

This year’s GCSE results were even more impressive with 52% of pupils achieving grades 9-7, 77% at 9-6 and 95% 9-4. Subjects where pupils did particularly well include Geography and History, both with 86% grades 9-7, Computing with 84% 9-7, Physics with 80% 9-7 as well as Art and Drama with 63% and 67% respectively at grades 9-7.

Of particular note, a long-time Rendcombian pupil achieved 9 Grade 9’s and A* in A-Level Maths; one student achieved 7 9’s and 4 8’s and 4 others did exceptionally well with 11 grades 9-7.

Whilst we were anticipating the results to sit somewhere between the last normally invigilated exams in 2019, and those Centre Assessed Grades in 2020 and 2021, to go on and deliver a record year for Rendcomb College was fantastic. It is a real testament to the pupil’s hard work, but also to that of teachers, parents and carers who guided these young people through the most disruptive period in modern educational history.

This year, 32 Year 10 students entered the Junior Physics Challenge – part of the British Physics Olympiad. Students were tested on a broad range of material, including wider knowledge beyond the GCSE curriculum. Seven students performed particularly well, obtaining a Silver Award.

In addition two of our Year 13 Physics students participated in the first round of the British Physics Olympiad in November. This was an extremely challenging paper based on a wider knowledge than A-level material and a high level of problem solving skills. The paper is taken by the top Physics students around the country and we were so proud that they achieved a silver and bronze award.

A raft of students took part in the UKMT Intermediate Challenge this year and in Year 9, 2 students achieved Gold and one student achieved Bronze; in Year 10, 3 students achieved Silver and 8 Bronze; and in Year 11, 3 students achieved Gold, 5 students achieved Silver and 6 students achieved Bronze Awards.

4

RENDCOMB COLLEGE FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

Activities (continued)

Celebration:

In May 2022 we were finally able to hold an on-site Founders Day where we were once again able to invite Friends and Family of Rendcomb to join us. We were blessed with glorious sunshine which enabled a highly successful barbecue lunch on the lawns. A number of talented musicians impressed during the Founders Day Concert. We welcomed as our guest speaker an Olympic Gymnast, Brinn Bevan.

In the evening our long delayed ‘Centenary Celebration’ finally went ahead. We welcomed over 300 current and ex-staff, parents, governors, Old Rendcombians and their families to celebrate 102 years of Rendcomb College. The event was a resounding success with a live band, silent disco, and fabulous catering.

Following on from last year’s success where we were shortlisted for 4 key awards. We have once again been shortlisted for the Independent School Parent ‘Boarding School of the Year’ category.

Music and Drama:

We were delighted to be able to put on three plays during the academic year, Beauty and the Beast, A Midsummer Night’s Dream and What A Knight. These were all truly fantastic events. The Beauty and the Beast set was spectacular and the performances of those involved were awe inspiring. A Midsummer Night’s Dream was Rendcomb’s first outdoor performance and despite disappointing weather was enjoyed by all. What A Knight was the swan-song of the Junior School Director, being her 18[th] and last directorial performance.

It was with great joy that music at Rendcomb was able to return to somewhere near normal this year. Weekly coffee concerts went back to being live during Thursday break times and were well attended by both staff and pupils. The annual Christmas Carol Concert went ahead at Cirencester Church and leavers’ parents were invited to attend in person. The summer concert featured the orchestra playing works by Purcell, Handel, The Pink Panther theme and the Harry Potter Suite. The choir performed movements from Vivaldi’s Gloria , and gave the much delayed premiere of John Wright’s cantata Welcome the Spring, which was composed to celebrate the centenary of the College. OR Grace Tushingham, now a scholar at the Royal Welsh College of Music and Drama, also performed Le Brun’s Oboe Concerto in D minor accompanied by a professional orchestra.

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 relaxation of restrictions meant that there were increased opportunities for our sports teams to be able to perform against other schools this year. The girls’ hockey squad started the year with a preseason trip to Cornwall and went on to have a fantastically strong season with a raft of wins. In November the 1[st] XV rugby team welcomed other independent schools to College to compete in the annual Jonny Wilkinson Cup and the 1[st] lacrosse team played incredibly well at the England Lacrosse Nationals finishing 11[th] in Division 1 making them 27[th] in the Country. Our 1[st] XI Captain of the cricket team was selected for the Gloucestershire County U18 Girl’s Cricket Squad and two of our Year 8’s were selected to join the England Lacrosse Regional Academy Talent Pathway.

5

RENDCOMB COLLEGE FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES (continued)

Activities (continued)

Staff

There were more additions to members of staff across the school this year, with a total of 27 joining us in disciplines as diverse as SEN Teaching Assistants to a Biology Teacher. During the course of the academic year 2021/22 we were sad to lose the services of a total of 25 teaching and support staff. Many of these were to take up promotions elsewhere or to take retirement following long service to the school. Of particular note the school Bursar, Eleanor Sharman, left Rendcomb at the end of August 2022 to pursue new challenges. Our thanks go to all staff for their continued dedication and commitment to the College.

Admissions and Marketing

Interest in the College has continued to grow throughout the year with areas of the school reaching capacity. We were able to return to fully in person Open Mornings, which were extremely well attended and again led to a record number of pupils joining the College. We go into September with Year 7 at maximum capacity and a waiting list, this has led to the decision to open an additional Year 7 class next year. The International Market has continued to pick up following Covid, and we have seen a marked increase in students from Germany. These students historically join in the Michaelmas Term and have a tendency to stay for one or two terms but this year we saw a new trend of students joining us in the Lent and Summer Terms. We have seen a promising increase in admissions from US families based at Fairford, joining us as day students. We have also secured a new agent who sent us a total of 10 students in the Summer Term for short stays of between 2 and 4 weeks.

Marketing have invested heavily in Rendcomb College’s digital presence, with the website now attracting 100% more visitors than the same period in 2020. A new website is in development to further monopolise on this growth, using personas to tailor content to the viewer depending on the intention of their visit, be that Junior, Senior, Sixth Form, International or job vacancies. Admissions are producing more tailored marketing using an online tool that acts as a virtual brochure. This is currently being developed so that visitors to the website will be able to tailor a brochure specific to their interests. This could include year group information, subject information or sports and activities that can be taken at the college, all packaged up in a bespoke microsite which is sent directly to the enquirer. We are actively investigating ways to streamline the admissions process and reduce the administrative burden, enabling the team to spend more time having conversations with applicants and attending key admissions events.

Development and Property

The majority of our work this year has been maintaining and updating the grade 2* listed Mansion House and the many other buildings around the estate. Larger projects include the conversion of a suite of rooms on the top floor of Main College into a new Hospitality and Catering Department, including a teaching kitchen. The team continue to utilise school holidays to access pupil areas and extensive redecoration of the boarding houses took part during the Summer break.

6

RENDCOMB COLLEGE FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES (continued)

Activities (continued)

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

Commercial Events

Commercial Events started to pick up again during the year with 2 weddings on-site during the spring months. We were delighted to welcome back the Riverside Players in August, after a 2 year absence, for their annual 2 week residential including outside performances of David Copperfield . We also hosted an extremely successful 4 week International Summer School, welcoming students from all over Europe. This promises to be a long-running and profitable enterprise.

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 College’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% of total fee income has been granted to pupils attending Rendcomb. The Sinclair Bursary Fund money provided by the Trustees to the College is also used to fund support to families, as are funds raised by The Friends of Rendcomb trustees.

The second tranche of Centenary Scholars finished their time at the College in August 2022 and secured excellent A Level results. Most notably one scholar achieving 3A and A EPQ and is now completing a post results application to study law at Cambridge.

7

RENDCOMB COLLEGE FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES (continued)

Activities (continued)

Charitable and Outreach work

The ability to welcome other schools to Rendcomb has continued to be restricted during the last year, and so the level of outreach work has continued to be impacted. The College enjoys being able to share the site, facilities and expertise with other schools, and hope that we will be able to increase this in the coming year as it makes a positive contribution to them and to the educational opportunities for the children. We were able to facilitate one of the local large secondary schools holding their annual production in the Griffin Theatre. We have four members of the school’s senior leadership team undertaking Governor roles in maintained schools which allows for excellent cross-fertilisation of ideas and expertise between the sectors. We continue to work closely with Henley Bank High School in Gloucester and we are in the process of setting up a partnership with North Cerney Primary School.

Charity plays a major part in the College’s fundraising supporting local, national and overseas charities. We have undertaken internal events on key dates such as Macmillan Coffee Morning and held numerous Mufti days to support charities such as the Ukrainian Refugee Appeal, Cirencester Housong for Young People, Period Poverty and the Blue Cross. In addition a whole College Fun Run was undertaken to support Young Minds. Support has been given to other charitable organisations such as the Friends of Rendcomb to support their own charitable work.

Rendcomb 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. The College makes land 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.

Public benefit (continued)

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.

8

RENDCOMB COLLEGE FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES (continued)

FINANCIAL REVIEW

Details of income and expenditure in the year are shown in the Consolidated Statement of Financial Activities on page 15, which details net income before investment gains of £794k (2021: net expenditure £403k) and a positive net movement in funds of £391k (2020: £855k). The Foundation donated £309,200 to the College in 2022 (2021: £935,625).

The value of the funds shown in the balance sheet at 31 August 2022 is £10,700 (2021: £10,129). 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 £4,4,90k at 31 August 2022 (2021: £4,713k), and the freehold property is recorded in the accounts on the basis set out in note 2.10 on page 19. 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

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

Investment performance

The Trustees Investment objectives are to at least maintain the real value of capital while generating a sustainable level of income to support the ongoing charitable activities. There is a target of CPI plus 4% per annum, net of fees, over the longterm. The portfolios are 100% invested in the Charity Multi-Asset Fund.

The Trustees consider Risk as follows:

The portfolios are 100% invested in the Charity Multi-Asset Fund. The Fund has a stable and sustainable total return distribution of 4% per annum. Income is currently set up to be paid to the Trustees at the end of every quarter.

9

RENDCOMB COLLEGE FOUNDATION

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

FINANCIAL REVIEW (Continued)

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 2022 were £10,643k, of which £1,254k represents designated funds to be invested to provide income to support the provision of bursaries and school improvements. Additionally, a balance of £6,295k 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 aftermarth of 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, supported by the Trustees, to seek to build up reserves out of operating surpluses, subject to the demands for future expenditure to support the school.

There has been no sales of property during the year. The sales in the year to 30[th] August 2021 of three residential properties surplus to the needs of Rendcomb College has helped ensure the Trustees have the ability to assist the Governors through the post Covid-19 pandemic recovery. 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 to ensure the ongoing updating of key areas of the school site will continue, with more significant projects being considered as need arises.

10

RENDCOMB COLLEGE FOUNDATION TRUSTEES, REPORT (cotttlnued) FOR THE YEAR ENDED 31 AUGUST 2022 TRUSTEES, RESPONSIBILITIES The Trusrees are responsible for preparing ihe Tntstees, Report and the financial Siatements in ac¢ordance with applicable law and United Kingdom Accouniing Siandards (United Kingdom Generally Accepted Accounring Praciicel. including Financial Reporting S￿ndard 102 'The FIna￿la1 Reporting Stattdard applicabl¢ itl th¢ UK and Republi¢ of Ireland.. The law applicable io ¢hariii¢s in England & Wales requires the Trustees to prepare financial stat¢m¢nts for each financial year which give a iNe and fair view of the s￿le of affairs of the charily and of the incorning rwurces and application of resources of ihe charity for Ihac period. In preparing ihese financial statements. the Trustees are required to.. Select suirable accouniing policies and then apply t￿rn corLSi51ently' Observe the methods and principle5 in th¢ Charities SORP IFRS 102)- Make jud8ement5 and estimates that are reasonable and pnthnL Slate wheiheT applicable ac¢oun¢ing stsndards have been followyd. subject lo any material d¢parn￿e5 disc105ed and explained in ihe finattcial siatemenis. Prepare ihe fitjancial s¢aiements on the going c(Kvrn b&%is unless il is inappropriate io presume that the charity will coniinue in business. The InJs￿eS are responsible for keepin8 proper accounting records that disclose with reasonable accuracy ai arty time the financial position of fhe chari¢y and enable Ihem io ensure that the financial statements comply with the Charities Aci 2011. the Chariiy (Accounts and Reports) Regulaiions 2010 and the provisions of ihe inLS1 deed. They are also responsible for safeguarding ihe assets of Ihe charity and hence for taking reasonable 5tep5 for the preveniion and deieclion of fraud and other irregularities. AUDITORS A resolution PT¢)P05ing the re-appoinuneni of Haysmacintyre LLP as audilOTS will be made at the nexi Annual General Meeting. The Trustees. Repon was approved by ihe Tntsiees on 8 December 202? and is signed on their behalf by. H C W RobinsQ chairn￿n

INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF RENDCOMB COLLEGE FOUNDATION

FOR THE YEAR ENDED 31 AUGUST 2022

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 2022 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:

12

INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF

RENDCOMB COLLEGE FOUNDATION (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2022

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:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

13

INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF

RENDCOMB COLLEGE FOUNDATION (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2022

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.

Haysmacintyre LLP 10 Queen Street Place Statutory Auditors London EC4R 1AG Date: 15 February 2023

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

14

RENDCOMB COLLEGE FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 AUGUST 2022

College Foundation Foundation
General Designated Restricted Other Endowment Total Total
Funds Funds Funds Funds Funds 2022 2021
Note £’000 £’000 £’000 £’000 £’000 £’000 £’000
INCOME FROM:
Charitable activities
School fees receivable 3 6,536 - - - - 6,536 5,434
Other income 4 592 - - - - 592 489
Trading activities
 5 217 - - 17 - 233 97
Investment income 6 41 - - 143 - 184 174
Voluntary services
Grants and donations 7 68 - - 1,436 - 1,504 332
Profit on disposal of - - - - - - 1,626
Fixed assets
------------ ----------- --------- --------- --------- ------------ ------------
Total incoming resources 7,454 - - 1,596 - 9,050 8,152
------------ ----------- --------- --------- --------- ------------ ------------
EXPENDITURE ON:
Raising funds
Trading costs 80 - - 16 - 96 7
Finance costs - - - - - -
Administration costs - - - - - -
Charitable activities
Education 7,877 - - 185 98 8,160 7,742
------------ ----------- --------- --------- --------- ------------ ------------
Total expenditure 8 7,957 - - 201 98 8,256 7,749
------------ ---------- --------- --------- --------- ------------ ------------
Net income/ (expenditure) (503) - - 1,395 (98) 794 403
before investment gains/
(losses)
Gains/ (losses) on investment - (53) - (20) (150) (223) 452
assets
------------ ----------- --------- --------- --------- ------------ ------------
Net
income/
(expenditure)		 (503) (53) - 1,375 (248) 571 855
before transfers
Transfers 15-18 309 - - (309) - - -
------------ ----------- --------- --------- --------- ------------ ------------
Net movement in funds (194) (53) - 1,066 (248) 571 855
Fund balances at
1 September 2021 (749) 1,307 57 2,971 6,543 10,129 9,274
------------ ----------- --------- --------- ----------- ------------ ------------
Fund balances at
31 August 2022 15-18 (943) 1,254 57 4,037 6,295 10,700 10,129
===== ====== ===== ===== ====== ====== ======

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.

15

RENDCOMB COLLEGE FOUNDATIO1¥ CONSOLIDATED AIYD FOUNDATION BALANCE SHEETS AT 31 AUGUST 2022 Group FoundAtlon 21122 2021 £'ooD £'otM) 2022 2021 £'ooo Note Fixed assets Tangible assets Investmenis io 7,285 4,490 7,438 4,713 7,015 3,425 7,199 3,595 11.775 12.151 10,440 10.794 Curr¢nt issets Debiors Cash al bank and in hand Short ierni deposi 12 13 13 1.801 1.657 46 359 1.955 1.443 547 35 1,312 36 3.504 2.460 2.025 1,348 Creditors: amounts fllling due svithin one year 14 (3.479) (3.382) (1,0331 11,5281 Net current assets 25 1922) 992 (1801 Credltors: amounts filling due after one ye#r li.l(K>) (I.IIKJ) (1.1001 {i.i(x)I Net assets 10.7(K) 10.129 10.332 9,514 Represented by: Unrestricted: Foundation- expendable endowment Foundation- other College- General - Designated Restricted.. College 6.295 4.037 1943) 1,254 57 6.543 2.971 {749} 1,307 57 6.295 4.037 6.543 2.971 18 18 16 17 10.7 10.129 10.332 9,514 The financial slatemenls were approved and authorised for i&sue by ihe Board of the Tn￿￿eS on 8 December 2022 and were signed below on lis behalf by.. H C W Robinson Chairman The notes on pages 16 10 29 forni part of ihese financial 51aten]ents. 16

RENDCOMB COLLEGE FOUNDATION

CONSOLIDATED CASHFLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2022

2022 2021
Notes £ £
Cash flows from operating activities
Net incoming/(outgoing) resources 794 403
Investment income (184) -
Interest received - (174)
Depreciation charge 288 307
Profit on sale of fixed assets - (1,626)
(Increase)/decrease in debtors (1,442) (7)
Increase in creditors 597 308
--------------- ---------------
Net cash (used in) / provided by operating activities 53 (789)
Cash flows from investing activities
Purchase of tangible fixed assets (135) (81)
Proceeds on sale of tangible fixed assets - 1,626
Purchase of investments - (337)
Proceeds from sale of investments - 328
Investment income 184 174
---------------- ----------------
Net cash (used in)/provided by investing activities 49 1,710
Cash flows from financing activities
New loans in year - 600
Repayment of loans in year (500) (50)
---------------- ----------------
Net cash provided by investing activities (500) 550
Net decrease in cash and cash equivalents (398) 1,472
Cash and cash equivalents at the beginning of the reporting period 2,101 629
---------------- ----------------
Cash and cash equivalents at the end of the year 13 1,703 2,101
======== ========
Analysis of cash and cash equivalents
At 31 August Other At 31 August
2021 Cashflows Changes 2022
£ £ £ £
Cash and cash equivalents
Cash at bank 1,955 (298) - 1,657
Short term deposits 146 (100) - 46
--------------- --------------- --------------- ---------------
2,101 (398) - 1,703
======= ======= ======= =======
Borrowings
Debt due within one year 1,500 (500) - 1,000
Debt due after one year 1,100 - - 1,100
--------------- --------------- --------------- ---------------
2,600 (500) - 2,100
--------------- --------------- --------------- ---------------
Total 4,701 (898) - 3,803
======= ======= ======= =======

17

RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2022

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 2022 and the comparative information presented in these financial statements for the year ended 31 August 2021. 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 2022. 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 (£246,073).

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.

18

RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

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.

19

RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

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 2022 2021
£’000 £’000
Fees receivable consist of:
School fees 7,704 6,651
Less total bursaries, scholarships and allowances (1,168) (1,217)
------------ ------------
6,536 5,434
====== ======

During the year £7k (2021: £10k) 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 2022 2021
£’000 £’000 £’000 £’000 £’000
Additional courses 408 - - 408 326
School transport 49 - - 49 37
Additional accommodation 67 - - 67 128
Other income 68 - - 68 (2)
------------ ------------ ------------ ------------ ------------
592 - - 592 489
======= ======= ======= ====== =======
5. OTHER TRADING ACTIVITIES Total Total
Unrestricted Designated Restricted 2022 2021
£’000 £’000 £’000 £’000 £’000
Trading income
Functions 131 - - 131 19
Rental income 85 - - 85 78
Forestry income 17 - - 17 -
------------ ------------ ------------ ------------ ------------
233 - - 233 97
======= ======= ======= ====== =======

20

RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

6. INVESTMENT INCOME Unrestricted funds Unrestricted funds 2022 2021
College Foundation Total Total
£’000 £’000 £’000 £’000
Income from investment portfolio 41 143 184 174
Interest - - - -
---------- ------------ --------------- ---------------
41 143 184 174
====== ====== ======= =======
7. GRANTS AND DONATIONS Total Total
Unrestricted Designated Restricted 2022 2021
£’000 £’000 £’000 £’000 £’000
Donations 68 - - 68 332
Grants 1,436 1,436 -
--------------- ----------------- ------------- ----------------- -----------------
1,504 - - 1,504 332
======= ======== ======= ======= =======
GRANTS AND DONATIONS (2021) Total Total
Unrestricted Designated Restricted 2021 2020
£’000 £’000 £’000 £’000 £’000
Building improvements - - - - 2
Other 332 - - 332 863
--------------- ---------------- ------------- ----------------- ----------------
332 - - 332 865
======= ======== ======= ======= =======
Total Total
8. TOTAL EXPENDITURE
Staff costs Depreciation Other 2022 2021
£’000 £’000 £’000 £’000 £’000
Cost of raising funds
Trading costs - - 96 96 7
Charitable activities
Education
Teaching 3,706 25 272 4,003 3,840
Welfare 359 24 936 1,319 1,116
Premises 226 56 772 1,054 1,049
Marketing - - 104 104 83
Administration 522 184 974 1,680 1,654
--------------- ---------------- --------------- -------------- --------------
4,813 289 3,058 8,160 7,742
--------------- ---------------- --------------- -------------- --------------
4,813 289 3,154 8,256 7,749
======= ======== ======= ======= =======

Support costs include marketing and administration costs.

21

RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

8 TOTAL EXPENDITURE (continued)

2022 2021
£’000 £’000
Governance included in other costs
Remuneration paid to auditor for audit services (including VAT) 27 25
Remuneration paid to auditor for other services (including VAT) 10 9
Reimbursement of personal expenses to Governors - -
------------ ------------
35 32
======= =======

None of the Trustees received any remuneration during the year. Expenses totalling £nil (2021: £nil) were reimbursed to Trustees during the year for travelling costs and other out of pocket expenses.

TOTAL EXPENDITURE (2021) TOTAL EXPENDITURE (2021) Total Total
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
======= ======== ======= ======= =======
9. STAFF COSTS 2022 2021
£’000 £’000
Wages and salaries 4,004 3,805
Social security costs 381 361
Pension contributions (note 24) 415 661
Redundancy payments 13 29
------------- -------------
4,813 4,856
====== ======

22

RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

9 STAFF COSTS (continued)

STAFF COSTS (continued)
2022 2021
No. No.
The average monthly number of employees in the year was:
Teaching:
Full time 50 53
Part time 54 27
Welfare 19 33
Premises 7 7
Administration 16 21
---------- ----------
146 141
====== ======
2022 2021
No. No.
Number of higher paid employees in bands of:
60,000 – 69,999 - 1
70,000 – 79,999 1 -
120,000 – 129,999 - 1
140,000 – 149,999 1 -

Aggregate employee benefits of key management personnel during the year were £570,225 (2021: £540,005).

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 2021 70 9,061 392 - 9,523 2,773 12,296
Additions - - - - - 135 135
Transfers/disposals - - - - - (12) (12)
---------- ------------- ------------ ------------ ------------ ------------ --------------
At 31 August 2022 70 9,061 392 - 9,523 2,896 12,419
---------- ------------- ------------ ------------ ------------ ------------ --------------
Depreciation
At 1 September 2021 - 2,143 182 - 2,325 2,553 4,858
Disposals - - - - - (12) (12)
Charge for the year - 175 8 - 183 105 289
---------- ------------- ------------ ------------ ------------ ------------ --------------
At 31 August 2022 - 2,318 190 - 2,508 2,626 5,134
---------- ------------- ------------ ------------ ------------ ------------ --------------
Net Book Value
31 August 2022 70 6,743 202 - 7,015 270 7,285
===== ====== ===== ===== ====== ===== =======
31 August 2021 70 6,918 210 - 7,199 240 7,438
===== ====== ===== ===== ====== ===== =======

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

23

RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

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
2022 2021 2022 2021
£’000 £’000 £’000 £’000
Market value at 1 September 2021 4,713 4,252 3,595 3,243
Disposal proceeds - (328) - (328)
Acquisitions at cost - 337 - 337
Management fees - - - -
Realised gain/(loss) - 25 - (84)
Unrealised (loss)/gain (223) 427 (170) 427
------------ ------------ ------------ ------------
Market value at 31 August 2022 4,490 4,713 3,425 3,595
====== ====== ====== ======
Historical Cost 3,713 4,125 2,753 3,165
====== ====== ====== ======
Investments are all in UK funds.
12. DEBTORS Group Group Foundation Foundation
2022 2021 2022 2021
£’000 £’000 £’000 £’000
School fees receivable 210
 217 - -
Prepayments and accrued income 148
 142 - -
Grant receivable 1,436 1,436
Other debtors 7
 - 7 -
------------
 ------------ ------------ ------------
1,801
 359 1,443 -
====== ====== ====== ======
13. CASH AND CASH EQUIVALENTS Group Foundation
2022 2021 2022 2021
£’000 £’000 £’000 £’000
Cash at bank 1,657
 1,955 547 1,312
Short term deposits 46
 146 35 36
--------------
 -------------- ------------ ------------
1,703
 2,101 582 1,348
=======
 ======= ====== ======

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

24

RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

14. CREDITORS: amounts falling due within one year

CREDITORS: amounts falling due within one year
Group Foundation
2022 2021 2022 2021
£’000 £’000 £’000 £’000
Bank overdraft - - - -
Trade creditors 263 132 - -
Accruals 79 78 33 28
Registration and guarantee fees 555 521 - -
Deferred income 1,448 966 - -
Other creditors 23 11 - -
Other tax and social security 111 174 - -
Loan financing 1,000 1,500 1,000 1,500
Bounce back loan - - - -
Amounts due to Rendcomb College - - - -
------------ ------------ ------------ ------------
3,479 3,382 1,033 1,528
====== ====== ====== ======
CREDITORS: amounts falling due after one year 1,100 1,100 1,100 1,100
====== ====== ====== ======

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

Included within loan financing is a loan of £1m from Cazenove Capital Management. The loan is subject to interest charged on a daily basis at a rate equal to the aggregate of the Base Rate and a margin of 2.25% per annum 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) 2022
£’000 £’000 £’000 £’000 £’000
Foundation-Endowment funds
Original Fund 3,652 (98) - (150) 3,404
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
------------ ---------- --------- ----------- ------------
6,543 (98) - (150) 6,295
====== ===== ==== ===== ======

The funds are expendable and represented mainly by investments which are managed as a pool by the investment fund managers, Cazenove & Co.

ENDOWMENT FUNDS (2021)
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 expendable and represented mainly by investments which are managed as a pool by the investment fund managers, Cazenove & Co.

25

RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

16. DESIGNATED FUNDS At 1 Sept Net incoming Investment At 31 Aug
2021 resources Transfers gains/(losses) 2022
£’000 £’000 £’000 £’000 £’000
College Foundation Fund 1,254 - - (53) 1,201
Francis Dutton Bequest 53 - - - 53
------------ ---------- ------------ ----------- ------------
1,307 - - (53) 1,254
====== ===== ====== ===== ======

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 (2021) 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.

17. RESTRICTED FUNDS

RESTRICTED FUNDS
At 1 Sept Net outgoing Investment At 31 Aug
2021 resources Transfers gains/(losses) 2022
£’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.

26

RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

RESTRICTED FUNDS (2021)
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.

18. UNRESTRICTED FUNDS Net incoming/ Investment
At 1 Sept (outgoing) gains/ At 31 Aug
2021 resources Transfers (losses) 2022
£’000 £’000 £’000 £’000 £’000
College
Governors (749) (503) 309 - (943)
----------- ---------- ---------- ----------- -----------
Foundation
Sinclair Bursary Fund 434 10 3 (20) 427
Other Funds 2,537 1,385 (312) - 3,610
----------- ---------- ---------- ----------- -----------
2,971 1,395 (309) (20) 4,037
----------- ---------- ---------- ----------- -----------
2,222 892 - (20) 3,094
====== ===== ===== ===== ======

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

UNRESTRICTED FUNDS (2021) 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
====== ===== ===== ===== ======

27

RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

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 270 - - (1,213) (943)
Foundation 3,779 400 (1,100) 958 4,037
Endowment Funds
Foundation 3,236 3,026 - 33 6,295
Designated funds
College - 1,065 - 189 1,254
Restricted funds
College - - - 57 57
------------ ------------- ------------- ------------- --------------
7,285 4,491 (1,100) 24 10,700
====== ====== ====== ====== =======
20. FINANCIAL INSTRUMENTS 2022 2021
£’000 £’000
Cash and cash equivalents 1,703 2,101
Financial instruments that are debt instruments measured at amortised cost 210 298
-------------- --------------
1,913 2,399
======= =======
Financial liabilities measured at amortised cost (2,813) (4,391)
======= =======

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 2022, the College had commitments under non-cancellable operating leases as set out below:

2022 2021
Fixtures & Fixtures &
Vehicles fittings Vehicles fittings
£’000 £’000 £’000 £’000
Operating leases which expire:
Within one year 2 54 2
58
In one to two years - 10 -
50
In two to five years - - -
10
------ --------- ------ ---------
2 64 2
118
=== ==== ==== ====

Total costs incurred in the year in respect of rental charges for assets held under operating lease of £74,081 (2021: £97,332).

28

RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

22. PENSION COSTS

During 2021 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.

The School now participates in the Aviva Pension Trust for Independent Schools (APTIS) which is a defined contribution pension scheme which can be used by all ISBA member schools for their teaching staff. It is set up as part of Aviva’s “Master Trust” — a trust-based pension arrangement managed by independent professional trustees. It is available for ISBA members and such other organisations as are admitted by mutual agreement. The pension charge for the year includes contributions payable to Aviva of £425,526 (2021: £586,692) and at the year-end £nil (2021: £nil) was accrued in respect of contributions to this scheme.

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 59 (2021: 61) members of the money purchase scheme. Employer’s contributions totalled £104727 (2021: £102,044) during the year and at the year-end £0 (2021: £Nil) was accrued in respect of contributions to this scheme.

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 £346,000 (2021: £935,625) to the College. During the year ended 31 August 2022, the College incurred expenses of £nil (2021: £nil). At 31 August 2022 the balance receivable from the Foundation was £nil (2021: £nil).

During the year the College purchased services of £215,967 (2021: £170,419) from Rendcomb Services Limited and at the year end owed a net balance of £8,722 (2021: £22,308). Rendcomb Services Limited is a wholly owned subsidiary of Rendcomb College.

During the year five Governors (2021: two) had ten (2021: two children) enrolled at the College, and fees charged were at the full rate.

As at 31 August 2022 a balance was due from The Friends of Rendcomb College of £nil (2021: £nil).

29

RENDCOMB COLLEGE FOUNDATION

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

24. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

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

30