RENDCOMB COLLEGE FOUNDATION REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Chariiy Number.. 311713 RENDCOMB COLLEGE FOUNDATION REPORT AND FINAP4CIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 CONTENTS PAGE Reference and administrdtive detai15 Trustees. report 2-13 Independent auditors. repon 14-16 Consolidated statement of financial activitieg 17 Con501idated and Foundation balance sheets 18 Constslidated cash flow statement 19 Notes io the accounis 20-33 RENDCOMB COLLEGE FOUNDATION REFERENCE AND ADMINISTRATtVE DETAILS Trustees and key management team: H C W Robin%on DL IChaim)anl S D E Parsons TD Mrs L H Singer R H Wills NJNHWills MJHWills Seeretfirv: P A Beddows Registered office.. Knight Frank LLP Unit 10 BU￿OUgh Court Burrough-on-Ihe-Hill Melton MoMI)ray Leicestershire LE14 2QS Solieitors: Charles Russell Speechlys LLP Compass House Ljpiaii Road Cheltenham Gloucestershire GL50 2QJ Audltors: Haysmacintyre LLP 10 Queen Street Place London EC4R IAG Brokers: Cazenove Capit81 Management Lirnited l London Wall Place London EC2Y SAU Bankers: Coutts & Co Chandos Branch 440 Strand London WC2R OQS Charity f4umber: 311713 RENDCOTr¥lB COLLEGE FOUliDATIOiY TRUSTEES, REPORT FOR THE YEAR ENDED 31 ALTGUST 2023 The Trustees present their annual report for the year ended 3 1 Augu81 2023 under the Charities Act 2011 together with the audited con501idaied tinancial statement8 for the year which comply wilh ihe requirements of the Foundation's TNst Deed and the Statement of Recommended Practi¢e "Ac¢ounting and Reporting by Charities" Second Edition effective l January 2019 {FRS102} REFERENCE AND ADMINISTIL4TIVE INFOR￿lATIoN Legal and charitable Status The Foundation was set up by the late Frederick Hamilton Wi115 on 22 March 1920 to provide education at Rendctstnb College and is registered wtth the Charity Commissioll {Re8L51ration No. 311713). With effect from I September 2006, the business of the College and its net operaiing a88ets, together with investmen¢8 ￿,1¢h a value of £1 millEon were transfeTred to a newly incorporated charity, Rend¢omb College (Charity No. 1115884, Company No. 5891198). A5 the Trustee5 of the Foundation are ihe member% of the incorporattd Charity and appoint the Governors, Rendcomb College 1$ treated as a subsidiary charity and itq results have been consolidated with tho8e of the Foundation. Tru5tee5. governor5 and ad￿ser5 Details of the Trustees of the Foundatitsn, key officers and advisers are shown on page l. STRUCTURE, GOVERNANCE AND MANAGEI¥IENT Governing document The Foundatloll Is governed by its Trust Deed dating frtstn 1920 and most recently amended in Augusi 2006. OrganisatlODal structure The Tru%tee% are responsible for ensuring that the objectives of the Foundation are met. Four of the Trnstees are also Governorq of Relldcomb College. Key management personnel The Trustees, Governor% of the College together with the Head, Bursar and their Senior Leadetship Team are the key management personnel. Remuneraiion ]% sei by the Board of Governors to encourage enhanced perfortnance and to reward fairly and responsibly individual contributions to the College's succes5. The ietnuneration is reviewed annually, including ieference to ¢omparison8 with other independent schools where publicly available. The T￿Stee$ and GoTrErnoTS ale not remunerated. Invest￿ent poTrvers The portfolios of secuiilies 0￿￿ed by the Foundation and College are managed by Cazenove Capital Management Limited. who act with dele8ated authc>rity under the ternis of a discretionary agreement. Reeruitment, induction and training of Trustees TTU8te¢s are appointed for a fixed five year tertn but are eligible for reappointment. Ttustees are iniiially appointed for a five- year lem. In Itne wtih the Charity Governance Code where a trustee has served for more than ren years, Iheir reappointment is subject to rigorous reTriew and takes account of the need for progressii'e refreshing of the Governing Body. New iNgtees are inducted into the workings of the Foundation , and it5 policie5 and PTocedure5, through visits to the school, meetings wilh key management personnel, and the provision of handbooks and similar Iilerdture. Detai15 of training opportunities are circulated io exisiing tn￿reeS who are encouraged to benefit from chariry specific iraining provided by Sector 5pecialigt law firms and accountants. REF4DCOMB COLLEGE FOU,YDATION TRUSTEES, REPORT (coThtinlled) FOR THE YEAR ENDED 31 AUGUST 2023 The objects for which the Foundatioll established are lo advance eduLation by suppL>ning a boarding and day ￿h0o[ for boys and girls and by providing buildings for use by the College and making ¢ontributions to the College's operating costs. The land belonging to the Charity must be made aiqilable for the purposes of ihe College. Prillelp*l aetlTrlty The principal activiiy of Ihe Foundation was the continuing support for the College 10 enable li to meet its objective to provide education for boys and girls aged from 3 to 18 yeaFS. College obJeets The object for which the College is established is lo advance education for the public benefjt including the provision and maintenance of a boarding and day school or schools for boys and girls in the Uniled Kingdom. Mission Statement The College mission is io dei'elop thoughrflll, adi'ellturoll5 and aeademically ambitious young people who are life-long leamerg. We aim to prepare ihem with the character and skills to succeed in the ever-¢hanging world after school. Our pupils have the freedom to experience, explore and enquire about the woild around them. We aim io encourage independence and tolerance in a safe. caring ¢ommunity and n￿gnifIcent natural environment. To achitve thls the College Ivill: ProTnc>ie a gr0￿h mind-set, where abilitie8 can be developed through dedication and hard-work: Provide a co-curriculum ihat will challenge and %upport charaC￿r development. leadership and ieamwork; Encourage iDdividuali%m, creatiN'ity and contribution io a nurturing and collaborative community. Engender physical, spiritual and Tnental well-being through a strong pastoral sy5tern', Prepare pupi18 for a lift beyond school. Develop an appreciation for and responsible a¢tiNde towards their environment and $urrounding5. College Activities The Academic Year 2022-2023 15 the year that things really goi back lo norTnal at Rendcojnb College and the Community has experienced a busy and succe55ful programme of aLademics, sports, concert5 and perfomiances. This prosperous year ¢ulminated in success at the SoG105 Lifestyle Awards where Rendcomb College won Independent School of the Year 2023. Acrtdemi¢.' This year's cohort achieved particularly well in their A Levels under the backdrop of tOU8her marking. and are the first set of results achieved under two nornially taught academic years since 2019. What is even more impressive is that this is a cohort for whom A-Levels were the first sel of invigilated public exams that they had sat, havtng had two year5 of home-schooling and teacher assessed grade5. 41 of pupils achieved A* A and 650/0 achieved A* B. In comparison lo 2019's re5uII5, academic standing has increased at the school. BTEC results were also strong with Business and Business Diplorna pupils achieving 8 Disrin¢iions, 2 Merits and l Distinction Head of College RL>b Jones comrnenled, "Thi5 15 a very good set of results for Rend¢omb College. The hard work the pupils have put in over the pas¢ iwo years has really paid off and they aTe rightly justified in feeling extremely proud of themselves. as l of them. I think it says a lo¢ rhai 830/0 of our pupils achieved their first choice of University place. Rob continues, 'Rendcomb College has changed quite a bit over the past five yeaTS Wlth us really focusing on our values of Thoughtful. AdventUlOU5 and Ambitious. It is great to see this hard work payin8 off in establishing ourselves as a leading Gloucestershire Independent School. and enabling our fabulous pupE15 to go out into the world and do great things. Pupils have headed off to pre5tigiou5 Unlversitieg such as Oxford to sknkdy Law with Grades A* A* A* and A* EPQ. Durham to study a Mchem with A* A* A A. and Medicine ai Kent and Medway with A B B. We also had a student leave to study Law at Cambridge following a post-results application following their impressive A* A* A* and A¥ EPQ in 20?2. RENDCOMB COLLEGE FOUNDATION TRUSTEES. REPORT (tontinuedl FOR THE YEAR Ef4DED 31 AUGUST 2023 OBJECTS, AtI¥lS, 0￿EcTIN,￿s AryD ACTIVITIES (continued) Aetivltles (eontinued) Rendcomb College's GCSE su¢¢e99 continued in 2023. with 45 /0 of pupils a¢hieving 9 - 7. an increase of I lQ/o on 2019.5 results, and an impressive 65 % achiei'ing 9 - 6, an increase of IOO/o on ?019's results. After iwo years of disrupted schooling, this cohort showed resilience and passion for their subjects. They perfornied very well acadernically despite the high tnaik]"ng boundaries this year. All of the College's students are to be congratulated on their hard work and dedication. The Maths depanment had 8uccess in the UKMT Challenges. At Senior Level, Rendcomb secured one Gold, one Silver and Iwelve Bronze awards. In the Intennediate Challenge, there were three Golds, foul Silvers and three Bronzes. In the Junior section, there were one Silver and five B Tunze award5. In addition. four pupils look part in the Pink Kallgaroo follow-on round (for intermediate) and two took part in the Andrew Jobbings Senior Kangaroo, with Ihree Merits aLhieved in total. The Biology departtnent had outstanding success in Olympiads. One student in Year 13 achieved a Gold Award, placing them in the top 5 /0 ol. cotnpetltors. At th15 level, RertdLomb College pupils also achieved one Silver, one Bronze and two Highly Conllnended Awaids. Ai the Interniediate Level, pupils attained three Silvers and ont Bronze and in the Biology Challenge, enteied by Year I I Sludenis. one Silver, four Bronze and seven Highly Coinmellded were accomplished. A Level Blology s￿dents, along wilh their Geography counterparts, went to South Wales on a fieldtrip working on succe55ion and biodlversity. The Chemistry departmenl had a busy and productive year. In February, the Year 13 student5 entered the Royal Society of Chemistry Olympiad with one student attaining a Gold Award, again placing IheTn in the top 5 % of cotnpetitors, and another receiving a Silver Award. The Year 12 Cheinists entered the Cambridge Chemistry Challenge in June and, between them, received one Gold A￿ard and three Bronze5. The Chemistry department ran Perfume Chemistry outreach a¢tivirie8 Wjth our ovm Junior School and ￿￿'ith a local State Pritnary. Physicists held their own ￿￿'Ith the Year 125 receiTr'ang an impressive ho8t of awards In the Briti%h Physic8 Olympiad. Again. one Gold Award was obtained, alon8 Wlth four Silver and one Bronze. Noi io be outdone, the Year I l s achieved three Gold Awards and seven Sllvers in the lntemjed1a￿ Challenge. Success continued within the ctsmputing department with a Year lo Tearn getting to the last round of the Perse Coding Challenge. In Year 8, a group entered a Ra8pberry Pi competttion which required an invention thai encouraged the transitiOTL from fossil fue15 to renewable energy. They received a Commendation for their teamwork and for the code they had ￿TItten, which wa5 to> bulld a device that tneasured air qualiiy to educate about Ihe impact of fossil fuels. Year 13 s￿dentS organised and ran a whole school gaming toumamenr on the new garning PCS which were purchased as part of the College's investment in ICT equipment this financial year. The English Department continued their valllable work to promote reading across the College with their annual Big Book Quiz, Senior School trip to the Cheltenham Literature Festival and their Reading on the Stsirs event for World Book Day and Natiot)al Poetry Day. As every year, there were vi%iting lecturers and this year Professor David Robert5 [ec￿red on ihe importance of Shakespeare in today's society. A Level students attended the Literary House Party in Oxford and a visiting theatre troupe perfornjed Macbeth for Years 5 to 13 and there was a whole school essay cotnpetition. The College continues to identify and support more able studenis in a variety of ways. Two age-differentiated groups Tneet to develop communication ski115 and a thirst for knowledge that equips them to make competitive application￿ to lop ut]iversities, as well as building a life-lonts love of learning. Students in Years 7 - 10 attend the Biiner-Glindzicz group. named after a distinguished gerteticist OR. while Years 11 13 aitend the Suffolk group, named aft¢r an OR who was a Director of the National Theatre. In the last year, the two groups have leamt debating skills. theory of knowledge and explored super curricular theme5 such as classical languages, exotic 8¢ellar objecrs and the ethic8 of fast fashion. The gifted and talented groups form an important part of the College's Oxbridge preparation pathway that saw our Oxbridge hopefuls appointed a mentor and given authentic external intetYLew experLen¢es ￿1th Care￿IlY selected external experts. li was pleasing that two students secured places to read Law at Oxbridge in 2023. In addition, a Medvei sociery mei to offer specialised support for %Ndenis wishing to pursue careers in tnedicine and veterinary science. The group discussed issues Such as ihe stale of the National Health Service and ethic5. We are giateful to our network of Old Rendcombian families who have generously supported the Medvet programme. Last year, thai included talks from recent ORS who are boih now practicing dociors. RENDCOMB COLLEGE FOUNDATION TRUSTEES, REPORT (eontinued) FOR THE YEAR ENDED 31 AUGUST 2023 Activities (continued) Both OR and current familie5 have also provided work experience. In ihe lasi year. one pupil attended a Chelienham based medical practice and anotheT ietsularly attejided a N'elerinary praciiLe in Cirencester. We were pleased to send a Sludenl to medical s¢hool in ?0?3 and, in due course, we look ftsrward to them returning to share their experiences with the next generaiion of Medvets. A4t4sic and Drama.. The Music Departmen¢ has continued to fltsurlsh and has aimed to support the highest siandard of perforn)ance whilst engaging pupi15 at all levels and ages. The weekly Coffee Concert%, which lake place during Thursday break time5, have proven to be a focal point for ihe College community. Across Ihe la8t academic year, there were often up 10 100 pupil.￿ and staff attending 10 support perf¢>mers. Perfomers greatly enjoyed the inforn)al and supportive atmosphere of ihe Concert￿ with pupils throughout the College perfomittg; beginner5 featuring a% regularly as the most advanced pupils. The iern]ly Pupils, Concert9 continued to engage with parents and the wider community, e%pecially with ihe Remembrance Concen in the Chapel, Ihe large scale Carol SeThi¢e in Cirence5tei (the first with an audience since 20191 and the Sumtner Concert, which was a ies(ameni io the high siandards of the departtnent, and feawred orchestral works by Haydn, Handel and Mozart, and the highly ambitious perforniance of Carl OrtTs Catrnina Burana. The department is proud to have no musical bia5 and is happy to suppon music makirtg of any genre or style - the annual Rock Concert on the lawms ouiside Old Rec being ag important as any of ihe more 'tradiiional' perforniances. The department wa5 once again delighted to welcome the English Touring Opera with a perforniance of their eco-opera 'The Wi8h Gatherer, to which over 250 local primary schoL>l children were invited. The department held a sieel pan day for Gifted & Talented pupils, piowided by a leading practitioner, and supponed the annual MAD week with a wide range of practical workshops. many supporting the Colleg¢'5 Mqder EDI aims. Academically, the department introduced a new carousel scherne for pupils in Year 3 10 study the trumpet and the violin. In Year 7. the new carousel scheme affords those noi swdying two MFLs the opportunily to learn an orchestral instrument and 10 complete the Trinity College Bronze Arts Award ILevel 11. Over ?5 pupi15 had the chance to learn the clarinet, flute. oboe, bas%oon, trumpet. trombone and cello over the year. In 202314, the schetne will be widened io include all Year 7 pupi15. The Gold Art5 Award was also offered to Sixth Forni pupils and has been a successful addition to the Sixth Forni acade]nic offering. The introduction of the RSL VQ in the Sixih ForEtL ill addition to the (radiiional A level, has furtheT heightened participation and engagement of pupils at post GCSE level. This is a significant USP for the department and the College and ha5 undoubtedly aided retention a5 well as heightening our reputation in the local area. So far. the majority of pupils who have followed this pathway are now engaged in training or funher education, which could help lead to professional musical careeTS. Fonner pupi15 are CUTrenily engaged in post-graduate srudy ai the Royal Northem College of Music, or pursuing auditions at the most prestigious music ¢ollege8 in London. Over 200 individual singing and instmmentsl lessons were taught weekly by thirteen dedicated Visiling Mu8ic Teacherg who are fully grounded in alld supportive of the departjnent's holi51ic. practical and inclusive approach to musi¢al education. The Drama department had a fanta8tically creative and productive year, with Years 10 - IJ tackling Brecht's 'The Caucasian Chalk Circle, and Yea15 7 9 producing Chaucer's 'The Canierbury Tale5, The senior production was a trnly ensemble affair with the cast and clew of Ihirty developing their band, who then WTOte and perfomied an ortginal score and songs for the 8how. Pupils were able 10 creaie and master puppetry and work both on Stage and off a5 actors, musicians, lighting technicians, siage managernenl, backstage Crew, ￿'ardrObe and hair and makeup technician5. The ouicome was a unique and creative interpretation of a theatrical classic and was extresnely well received. 'The Canterbury Tales.. with ils cast and crew of fifty, showcased physicality. ensemble work and required precise timing from its young ca￿t to tnake the comedy come to life. The core casi of 'al¢hemists acted as em¢ees for the show and ushered in and out each of Chaucei'5 tales with panache and excellent audience engagement. Pupils had the opportuniiy to work as actors. siage management, lighting ￿tI)nI¢Lan8, backstage crew and with props and costutne and hair and makeup to bring the Show tts life. In Academic Drama. Ihe department staged seven different plays over both GCSE and A Level examit)ations, from devised work to scripted texts culminaiing in accomplished and highly graded work. LAMDA also Created its own highly regarded examination work with eleven our of twelve pupi15 achieving distinctions in their level 2-5 LAMDA exams, in Solo and Duo Acting, Public Speaklng and Musical Theatre categories, RENDCOMB COLLEGE FOUNDATION TRUSTEES. REPORT (¢ontinuedl FOR THE YEAR ENDED 31 AUGUST 2023 oKtECTS, AIIWIS, OBJECTIVES AND ACTIVITIES (eolltffinuedl Activities leontillued) Lasr year wa8 also a bumper year for theatre visits ￿'ithin the Dratna Department, with exa￿ classe5 Vlslting The Rose Theatre in Kingston to watch Bertolt Brecht'5 'The Caucasian Chalk Cii¢le' and the National Theatre in London. to watch Arthur Miller s 'The Crucible,. Thi5 was followed by the whole of the lower school 5UPPOrting our ex¢elleni local iheaire. The Bam, with 100 staff and students going to watch their Incredibly Creative. home-gro￿) produLiion of 'Robin Hood.. This resulied in a flutry of cleati￿e response5 from all years as they look inspiration from waiLhing, analysing and evaluating the work of professiotmls to develop their owi ideas in lessons. Spoi'ting Achievgments.. Our Director of Sport Ihardied students at the end of Ihe A¢ademic Year for'creating an environment where they are able to flourish, be successful. develop and have a positive experience" He continued with, 'Their de8ire to learn and be the best they can be in training and fixtures has been outstanding" The Spons and Coaching Team speni the year leading from the front and delivered high quality. energetic and enjoyable se8qtOll8 thai swdents both benefjtted from and enjoyed. Their pasgion, attention to detail and commitment to Rendcomb Spon is appreciaied by all at Rendcomb. As a College, over 300 fixrnres were played in the last year by l 00 different ￿aM8. This successful prL¥gramme was sustained by rhe cornmitment, effort alld enjosrynent of 5POrt by both students and staff alike. Those 300 matches were played across thirteen sports. gotne of which had been introduced to complemeni Rendcomb's already busy sponing programme. Rugby. cricket, hockey. lacrosse and tennis continued 10 be the College's main offerings bui were ¢omplimenied with the addition of football. netball, clay pigeon shooting, rugby sevens, chess and golf. This gave all levels and abiliiies ihe opporNniiy to get involved. Rendcomb hosted both the Jom)y Wilkinson Cup IRugby} and the Lacrosse Small Schools Toumament in 202?_ 2023. Teams iepresented Rendcomb Colletse at ihe Naiional Schools Lacrosse Championships (Ul 81, Small Schwls, Lacrosse Toumameni {U181, The Hockey Counry Cups IU14 &UI 5) and the Hockey South-west Regionals IU18 Boys) A number of individuals have achieved ouisianding perfomiances, including a Year 12 student who represented Tea]n GB in the IDO World Tap Dance Championships in Croatia, coming 13, in their solo, a Year I15tudent was selected to be part of a team of gix representing Team GB at the IWWF World Under 17 Waterski Championship5. placing 25 in the Under 17 Tricks category, ihree Rendcomb siblings were selected to represent Tearn England ai the Dance World CLEP in Portugal, and a talented Year I I hockey player had an in¢reaible experience at the England Hockey Talent Academy this Surnmer. Aetii'ities.. The school has embraced a Proactive approach to Equality, Diversity and Inclu5ivi(y in the yeai 2022-?023, led by a fantaslic EDI team of swdent ambassadors. Some highlights of the year were Dr. Claire Harvey addressing the whole school on what Ig bias and the psychology behind 'in and out, groups. We hosted Floyd Sieadtnan who delivered an in5Pitational speech about hig experiences as a sponsman and as an educaiional leader and hi5 experiences of raci5rn in both. We have updated our KS3 cumculum io include a focus on 'empowernient' and have raised awareness about prejudice acro55 the whole school curriculum. The Rendcomb award was launched to Year 7, re¢ognising pupils, achievetThents beyond the classroo]n and focussing on developing character through our Rendcomb vinues. Pupils sei themselves personal challenges (for example, one pupil challenged themselves to learn basic Mandarin) as well as undertaking activities ihal took them out of their cotnfort zone. The award acknowledged the wide range of creative and wellbeing activities that pupils already do, both in and out of school, and encouraged thetn to ty new things perhaps choosing an activiiy that Ihey wouldn't nomially tyy. or joining a school conunittee. Pupils completed chariiy Nns, held cake sales, took part in coffee concens and tried yoga. Wider reading and presenting projects on themes of their choices to tutor groups encouraged reflection and critical thit&ing, with topics ranging from robotics to astrology and British Sign Language. In order to> compleie the award, ea¢h pupil recorded iheir achievements and participation acr0$5 six categorie5 reflecting oui'Thoughtful, Adveniurous, Ambitious, vimes. RENDCOMB COLLEGE FOUiIDATION TRUSTEES, REPORT Icontilluedl FOR THE YEAR ENDED 31 AUGUST 2023 OWECTS, AIMS, OBJECTIVES AND ACTIVITIES (continued) Aetivities (continued) There were three leve15,' Brotue, Silver and Gold. with Year 8 also now able to work towards'Plaiinum' which also recognises leadership and critical thinking. Pupils rose io the challenge and it wa8 fantastic to See the wide range of characler-fomiing acliviiies Ihey chose, the new things that ihey (ried and the sharing with their peerg. Two pupils achieved the Gold Award having made an impressive contribution to ihe life of the school in their first year. Our community links programme sent Year 12 students into local state primary schools (North Cerney, Sirarton. Powellsl as well as our own Junior School, care homes {Paiemoster, Hunters) and a .%iate 8econdary school (Henley Bank). Student5 developed their empathy and understanding of others through the weekly experience and offered 5ervice5 to the ¢ommunLty. At the end of the year, we spent a day wilh one of tsur communiiy panners engaged in a service project which involved clearing arden aTeas. painting. weeding and spending lI￿e tnterdcring with residents. In March 2023, RendcoTnb hosied a beyond Cop?1 Symposium, welcomints studen18 from local state secondary schools Klngshill, Sir Thon]as Rich's. Balcarras, Le¢khampton, Churchdown and Henley Bank. Buili around the UN'S su8tainable development goals, the day encouraged students to understand rights and responsibilities around climate change. thinking ¢riti¢ally about the topic and developing curiosity. They enjoyed a lecture from ChTiS Butler-stroud. CEO of Whale and Dolphin Conservation and visited an exhibiiion ol local businesse5 and organisations involved in %usiainabilLty, ranging from butterfly and hedgehog conservation to reducing packaging and sustainable clothing. In work%hops, they eKplored topics in smaller groups, workn.ng with their peers to develop creative ideas and deepen their under%tanding of issues such as eleLtridhydrogen vehicle5 and the importance of whale poo for mitigating climate changel They made individual and group pledges, considering how they could make a difference. The day finished with the makn.ng of a video to 8end to the neKt school hosting a symposium in Tbilisi. Geor￿a, giving words of encouragement and sharing theii enthusiasm about what they'd learned. The College coniinued to run a popular and successful Duke of Edinburgh programme and in the academic Year 2022-2023, eight studenis completed their Gold Award. seven siudenis completed their Silver Award and seTrenteen pupils Co￿p]Cted their Bronze Award. An impressive total of seven expeditions were run to Dartmoor, Exmoor and the Bre¢on Bea¢oT]S With Rendcomb staff volunteering Iheii tirne to make this possible. The Green Car challenge, a joint venture between Rendcomb College and local slate secondary Henley Bank High School to build an eleeiric sports car to race, continued throughout 2022-2023. We look forward 10 seeing the end re%ult. Junror School.. This past year has seen the Junior School continue to grow and we reached a record number of pupils during the Summer tern]. Academically, this wa5 another Very strong year wilh sianddFdised assessjnents indicating that pupils had made strong prc>gres across all areas of the Curriculum. A significant majority of the Year 6 cohort iransferred to the Senior School and pupils were successful in being offered academic scholarships as well as scholarships in sport and music. In addition, one pupil was awarded the Rendcomb Scholarship and another was successful in 8ainillg a grarnmar school place. An adaptive and innovative approach enabled pupils to enjoy a rich and varied curriculum. Further breadth was added to the teaching of Languages with KS2 pupils having the opportunity to learn some French, Gernian. Spanish and Latin. Pupils enjoyed taking part Ln a STEM challenge LEGO robotics workshop. with one pupil achieving notable success in a national computer ¢odLng competition organised by Oxford University. There were new initiatives in EYFS and KS l a5 pupils began working on a new phonics scheme and the timetable was adapted io Crea￿ a much more r¢fined balance of teaching lime within these area5 of the school. The Co-curricular programme continued to develop with the addiiion of new activities such as Table Tennss, Chat & Chill at KS2 and STEM and Yoga a¢tivities at KSI. Ever-popular aciiviiies such as Forest School, Art Club and Cookery ¢oniinued to be well attemied. Speech & Drama pupils enjoyed great success in LAMDA examinations and gained several notable awards when representing the school at the Cheltenham Festival of Ptrfonning Ans. Junior School musicians achieved successes in their Associated Board exams in a range of instrument5. RENDCOMB COLLEGE FOL'NDATIOTrI TRUSTEES, REPORT leontlnued) FOR THE YEAR ENDED 31 AUGUST 2023 OBJECTS, AIMS, OBJECTI&'ES AND ACTtVITIES {contiThued) AetiTrTrties {eoniinuedl Community spirit remains a major strength of the school. The liendcomb family continued to extend its support to the wider community alld. over the course of this past year, the Junior S¢hool raised funds for and supponed a number of charitie8 in a variety of ways. World Book Day celebrations included many original costume creatiorts and a School Council suggestion of a 'Book Swap. idea was also a succes8ful innovation which helped 10 mark the day. Sport remains a key part of Rendcomb life with pupils enjoying representing the School in COTnpetitive fixiure% throughout the sponing year. U9 boys once again enjoyed succe55 al a local football ioumament and there wa8 individual and team equestrian su¢cess for three Junior School pupils. Another Junior School pupil was victorious at the IAPS Fencing Chatnpionships and achieved further success in the British National Fencing Championship. Additionally. a Year 4 pupil Wa￿ successful in being retained as part of the academy seiup ai Forest Green Rover8 football club. Work to develop the playgrollttd area wa5 completed with the new addition of a MUGA (Multi-use Games Area). This new facility provides us wilh a much improved area for u%e during break times and an extra resource which can be utilised for the teaching of PE attd Games and hostiri8 co￿petitI￿e fixtures. All Year 3 pupils were given the opportunity to try brass and string instruments during their Music lessons. In addition to their standard Music curriculum, Year 2 pupils parttcipaled in an African DNmming work8hop, Year 4 experienced Guln Boot Dancing and Year 5 took part ][] a Steel Drumming 5es5ion. The Junior S¢hool production of 'The Amazing Adventuies of Super Sian, wa5 perfomed over iwo nights in the Griffin Theatre to a combined audience total of over 350 people. A varieiy of educational visits took place across the school year with pupils enjoying tnps to Warwick Castle, Coiswold WildlÈfe Park, Butterf]y World, LEGO Discovery World, Cadbury World and Oxford Swry Museum. Outdoor education experiences look place at South Cemey Lake5 and Gloucesier Ski Slope and Year 6 pupils enjoyed a residential visit 10 Kilve Court Outdoor Education Centre in Febwary. The Junior School production of 'The Amazing Adventures of Super Stan. perforn)ed over iwo nights in the Griffin Theatre io a c(>mbined audience total of over 350 people. A variety of educational i'isits took place across the school year with pupils enjoying trips ro.. Warwick C&sile', Cotswold Wildlife Park; Butlerf]y World: LEGO Discowery World., Cadbury World and Oxford Story Museutn. Outdoor education experiences took place ai Stsuth Cemey Lakes and Gloucester Ski Slope with Year 6 pupils enjoying a residential visii to Kilve Court Outdoor Educatitsn Centre in Febjuary. Admissions and Marketing li is fair to say that the last few years were challenging from an admissions point of view, panicularly in light of the huge reduciion in overseas boarders. a direct result of the global pandetnic. That being said, Ihe decision was in 2020 to continue to invest in marketing, which ha8 very tnuch improved Rendcomb College's visibility both overseas and for the local market, resulting in nutnbers coming back to pre-pandemic levels it) ?0??.23. The mix of international pupils is now more diverse without such a heavy reliance on China. The decision to allow 1 2 ￿rn stays has also meant thai we continue 10 keep the boarding houses ai a good level of capacity. Pupil recruitment lead 10 bumper open momings during the period, with sixiy familie5 attending the open morning in Sepiember, thiny families in November and forty families attending in March. This lead io 8 sizeable intake into Year 7 for September 2023, which has been increased to a 3-forn] entry of fifty four pupils. RENDCOMB COLLEGE FOUNDATION TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2023 OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES Icontinuedl Marketing activity continued to develop digital avenue5, With 800/ts of advertising now being done in the digital space. New fLlm5 were produced. as well as a mandarin language film. to help promote ihe school with overseas agents in the East. Sponsorship of local eveni8 continued. including the NSEA Show Jumping at Rectory Farm, with around 600 competitors during the event and around 2,000 visitors. a8 well as inclusions in The Cotswold Sliow and Everyman Theatre programme8. Marketing supported commercial activiiies. including the opening of the Village Shop, advertl5Lng productions and promoiing the Summer School during the summer holidays. The highlight of the marketing year culminated in Rend¢omb College winning the SoGlos Independent School of the Year- local award recognising the best that Gloucestershire has to otTer, fjrnily establishing us as one of Gloucestershire's Leading Independent schools. Developmeni & Property The E8tares Team had an exiremely busy year as always, maintaining and updating the Grade Il* listed Mansion House and surrounding %chool buildings. The Residential portlolio was improved with notable enhanceTnenis made to two of Ihe propeflies. Roofing work continued on both Ihe Mansion House and Stable Block. The Staff CoTnmon Room was refurbished as part of the College's well-being programme and a 51aff quiet space wa5 set-up for reflection away from the bustle of College life. Work wa% continued on the College's sustainability schedule with LED lights being rolled oui across the College and insulation being installed in appropriate spaLes. The Foundation provided investment io the College whi¢h enabled control to be taken of the Rendcornb Village Posi Offjce and Store￿. The Es(aies Team compleied the substantial renovation to the property in the summer month.% and woik coniinues on rhe a8sociated residential property. Investment was also provided by the Foundation for the much needed Multi Use Games Area IMUGAI in ihe Junior School and to speed up the College's ICT Improvemeni Programme. Commercial Evenis Commercial Activiiies were tenewed in earnest in 2022 2023 with the fo¢lls on bualding on existing activities and planning and executing new ¢ornmer¢ial endeak'ours. In the sumner, a su¢¢es8ful recruit￿¢￿1 campaign was run io appoint a Commercial Sales and Operations Manager to start in October 2023. During the year, a residential property, cutrently used for Ihe Sixth Forni Independent Living Programme during the winter months, was opened ag a very %ucce5sful and busy Airbnb during the spring and summer of 2023. The summer was spent ienova¢ing the Rendcomb Posi and Office and Stores, now under contrtsl of the College, and ihis opened in sep￿Mber 2023 with plans llnderway to open another Aitbnb in the associated residential property. Two successful summer lets weni ahead. Project International utili5ed the sile for a busy 4 week progranmie whereby we wel¢omed a to￿1 of 200 intemaiional studen15 from all over the world. This was followed by the retUTll of the Riverside Players who spent 2 weeks reheaising. set-building and ¢08tume making, culminating in an excellent outdoor pioducrion of the 'Scarlett Pimpernel, against the gpe¢ia¢ular backdrop of the College. Multiple bookings were made for Ibe Grityin Theatre to take place during 2023 2024. starting with a local 51aie secondary using li for their annual production during October half-temi of 2024. The College look5 fonyard to welcoming tnany more local schools and clubs to use the facilities in the up-cotnirtg academic year. Public beneflt The Trugiees hai'e had regard to the guidance issued by the Charity Commission in accordan¢e with section 17 of ihe Charities Act 2011 in ensuring that the Foundation's obje¢tiK'e8 are for the public benefjt. RENDCOMB COLLEGE FOUNDATION TRUSTEES, REPORT (continued) FOR THE YEAR EIYDED 31 AUGUST 2023 OWECTS, AIMS, OBJECTIVES AND ACTIVITIES (eontinuedl College suppori.forfees The school ha5 the ability to offer the Noel Wills Scholarship. a means-tesied award which is awarded to a State Ptimary School pupil annually entering the college al the age of I l. This is an entirely free place for the duration of a PUPLI's time ai the school. In addition, the College has an extensive Scholarships and Bursaries Policy which is designed with the inleniion thai funding goes lo families mosi In need. in keeping ivith the Founder's intentions. To support this aim, the services of Bursary Admini8iraiion Limiied are used to undertake home visits and in-depth a￿alYSIS of financial 5ltuations. Within this financial year. bursary %upport amounting 10 6010 of total fee income has been granted to pupils attending Rendcomb. The Sinclair Bursary Fund money proi'ided by the Rendcomb College Foundation is used by the Foundation to fund 5uppon to Bursary candidates. as are funds rai%ed by The Friend.% of Rendcomb trustees. Our Noel Wi115 and Centenary Scholars perfornied exceptionally well in their A Levels, achieving A*A*A A, A*A*A* and A* EPQ and A*A*A and A* EPQ respectively. They haye been a credit to Rendcomb'8 scholarshtp and bursary piogiamme during their time al College, being extremely active in the school community and rq)resenting the College ai numerous events. They have now headed off to study Law at Oxford, Chemistry at Durham and Psychology al the University of Bath. Charitoble Ouireoeh work Thi% year. Rendcomb College has been able 10 increase its level of outreach WOTk and numerou5 local state 5chool8 have been invited to attend evenrs al the College. The Community Links project which runs in Ye&r 12 has gone from strength to 8trength snvolving local slate primary and secondary qchools, a8 well as two local care hoTnes. The Cop21 Symposium was a huge success and we welcomed studet]t% from 6 different %econdary 8chools in ihe qurrounding areas to join our 0￿1 Students to understand right￿ and responsibilitie8 around climate ehallge. Individual departmenis have run outreach projects, such a5 the Chemistry and Music departmenL￿, whereby they have invited local 8chools to parti¢ipaie in workshops with our student5. The Griffin Theatre continues to made available by the College to local schools and the College has loaned ils minibus and driver to Coberley C of E Pritnary School. Multiple members of staff volunteer their tilne at a variety of Settings. 2 members of SLT were Chair of Governc>rs ai local maintained schools in 2022 2023, allowing for excellent cros$-fertilisation of idea% and expertise beiween the secto￿. Other volunteer roles include leaders ai both Girl Guide and Cub5 Groups. a voluntary teacher ai Gloucestershire Action for Refugees & Asylum Seekers, a safeguarding con5ult2nt at England LaCro&￿e, Treasurer ai a local S￿lM Club and several addiiional governor roles. It is a testament to our staff and the overarching etho8 that so many are prepared io donate Iheir time in this way. Chariiy plays a major part in the College's fLmdraising, supporting local, national and oversea% charities. We have undertaken internal events on key dates, such ag the Ma¢millan Coffee Morning, and held numerous Mufti days 10 support charities such as Children In Need, Red Nose Day, the Brit15h Red Cross Earthquake Appeal, Ocean Prote¢iion Appeal and Pancreaiic Cancer UK. Support has been given to other charitable organisations such a5 the Friends of Rendcomb to support Their own charitable work. Rend¢omb undertakes the grass cutting of Si Pe￿r.9 Church, Rendcomb, and also prol'ides the cleaning. heating and general day to day maintenance of the church building. The College rnake5 land available for the 8lting of rhe village recycling and chan.ly collection bins. During poor weather. the school salts 2nd clears the roads in the village and ihe dociors. surgery car park. Parents of our pupi15 often make significant sacrifices to pay the fees. During the ye8r. the school educaied UK based children ai negligible c05t to the state, providing a tangible, indirect benefit to public fjnattces in Ihe region of £1.2m. Similarly. unlike schools in the maintained sector, Rendcornb College pays irrecoverable VAT on mosi of its purchases of goods and services. In sulnmary. the College and Foundation continue to fulfil their aims admirably and iniendto do so in future years. Further details about the College can be found on the website M¥w.rendcoJnbcolle RENDCONIB COLLEGE FOUNDATIOTrY TRUSTEES. REPORT {eoThtiDlled) FOR THE YEAR EYDED 31 AUGUST 2023 FIP4ANCIAL REVIEW Details of income and expenditure in ihe year are in the Consolidated Stalemelli of Financial Aciiviiies on page 17, which details net expendiNre before investment gains of £832k12022". net income £794kl and a negative nei movement in funds of £1, I Iok 12022.. positive nel movemeni of £571kl. The Foundatlon donated £713k to the College in 2023 {2022.. £309kl. The main reawns for the Change in income compared to the prior year was sch￿)1 fees increasing by £635k. due ro higher s¢hL>ol fees bui also helped by an increase in pupil tiumber%. Additional use of the College Saw extra income of £60k. The fee Éncome benefits were partly offsei by a fall ill donations and grants of £1,478m, bui this was due to the seven yearly Manin Wi115 bequesi being re¢eived in the prior year. Expenditure by the College regulted in overall costs increasing by £836k, of which charitable expettdi￿re increased by £849k. The main reason was p￿rnIse costs which rose by £312k - this also illustrates tlit College buildings and facilities benefiting from continuing tnaintenance. Teaching cosis tncreased by £218k {staff number5 rose frotn 146 to 1621, welfare costs by £203k and administratil'e costs by £114k. The value of the fund5 shown in the balance sheet 8131 August 2023 is £9,590k (2022.. £10,700kl. This is largely represented by a portfolio of investment funds and cash, managed on a discretionary basis by Cazenove Capital Managemeni Limited and freehold property. The illve5tment portfolio was i'alued at £4,198k ai 31 August 2023 12022.. £4,490kl. and the freehold prtsperty 15 recorded in the accoullts on the basis sel out in note 2. 10 on page 21. The tnaiket value of the land and buildings which are ON￿ed by the Fc>undalion and used by the College is considered ￿ be greater than the value al which rbey are re¢oided in the accounts. Risk management The Trustees ensure that the tnajor risks to which the Trust 15 exposed are reviewed two times a year aud that systems are in place to mitigate or mlnitnise such risks. The Tru5tee5 are satisfied thai the risks ideniified are being managed effectively and io the greatesi extent possible. Printipal Risks and Uncer¢aintie5 The Trustees keep the Foundatlon's Tr￿J0[ risks. which are to ensure that its investments are properly managed and that its propeffy is mainiained by the College, under ie8ular review. The College's risks are identified as being SITalegic, Regulatory, Governance, Extemal, Operatiotlal. Pe150nnel, Environmental, Technological. A¢ademic or Fir￿ncIal. Control measures are clearly identified wheie risk factors 5ugge5t a higher level of risk. The College has a well-develc>ped Emergency Plan in place. In common with tnany other smaller independent Colleges the major risks a￿ around pupil nurnber5 and the ongoing financial viabtlity of ihe College", Strategic work is therefore undertaken to mitigate these risks by measures including efficient alld targeied marketing and promotional actlvity, and key decisions such as numbers of intemational pupils. The pandemic has highlighted areas of possible exposure and 5Ultable mitigating actions wtll be pui in place 10 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 pU￿oSe of the inspection wa5 to obtain a higher capacity oumber of students able to be educated. This indicates that the school has robust and clearly managed policies around all areas of ¢ompliaTJce including safer recruitment, anti-bullying and Complaints IAvestmeMip¢rfvrmance The Trustees Investment objectives are to ai leasi maintain Ihe real iialue of capital while generating a sustainable level of income to 5UPPOn the ongoing charitable aciiviiies. There is a target of CPI plus 4/0 per annum, nei of fees, over the long- terni. The ponfolios are IOOU/o invesied in the Chanty Multi-Asset Fund. The Trustees consider Risk as follows.. -Capiial volatility-. they are able to tolerate medium to high oscillations in value Income.. stabiliry of income is considered itnportant Inflation.. protectic>n of the real portfolio ￿'alUe ol'er the long terni is considered important The portfolios are IOO/o invested in the Charity Multi-Asset Fund. The Fund has a Stable and sustaEnable iotal rellmi distributEon of 4 /0 per annum. Income is currently set up ¢0 be paid 10 the Trustee5 at the end of every quarter. RENDCOMB COLLEGE FOUNDA TION TRUSTEES. REPORT {continued} FOR THE YEAR EThDED 31 ALGUST 2023 FI]YANCIAL REN'IEII, (Continued) Reservespolicy andgoing concer Under the tern)s of ihe deed, rhe Trustees make available to the Governors all income arising from the Endowment Funds of the Foundation. li is the policy of the Trustees that the Foundaiion as 8 whole should seek to generate a Surplus of income over expenditure each year lo safeguard the future of ihe College and to provide tunds foi a prtsgramme of coniinuous refurbishment of College propertie5. The TNsiees periodically review the level of reserves to ensure thai these are consisieni with the College's budgetary requiremenis. The consolidated unrestricted funds a¢ 31 August ?023 were £9,533k 12022-. £10.643kl, of which £1,186k reprtsents designated funds to be invested to provide incotne to 5UPPOrt the provision of bursaries and school improvements. Additionally, a balance of £5,998k is held kn the balance sheet as expettdable eNlowment. The policy of the Trn5tee5 15 10 ensure ihey retain sufficieni unrestricted reserves to assist the Governors io manage the fixed assets which are used by the Govemors for its charitable activities. This is reviewed periodically. The TnLsiees seek to balat)ce the required impioi'ements and enhancements to their Estate within the overall running of the Foundation and School's finances. Reserves may be restricted for bursary, 5cholar5hip, developtnent or other PUTpose if ihi8 IS specific request of a donor. It therefore remains the policy of Trustees, to seek to build up re5erYes out of operating surpluses, subject to the deD]ands for future expenditure to Support the school alld Governors. The College is viewed a5 a viable busiDess. li has no debi, and ha5 the backing of funds held within the Foundation for emergency use should this be required. The Follndation has a loan of £1. I tn on which no interest is charged and repayable by 2030. This is se¢ured against residential propeny which 15 Tiot requsred for the running of rhe College. In the year a ￿rther loan has been reduced to £250.000, with £750,000 repaid. secured against the T]uS￿e$ Invesiments. Plan$ for future periods It 15 eKpected thai Ihere will be a modest gromrth in overall pupil numbers in rhe 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 5lte will continue. with more significant projects being considered as need arises, but with con.%idttable support by the Foundation into the College from the Martin Wills bequest durin8 2023-24. The bequest is received every 7 years and ill the current year atnouni to £1.4m This has been used as described above, for investmenrs in ITC, Playground resurfacing, purchase of the leasehold interest in ihe Post O￿l¢e and repayment of loan5. This ini'e8tmenl ha8 been welcomed by parents and prospective parents, helping io boost interest in the school and show Colliinuing investment into the school's infrastructure. 12 RENDCOMB COLLIGE FOUNDATION TRUSTEES, REPORT (continued} FOR THE YEAR ENDED 31 AUGUST 2023 TRUSTEES, RESPONSIBILITIES The Trugtees are responsible for piepating the Trustees, Report and the financial statements in accordance with applicable law and Unlied Kingdom Accounting Stalldards {United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Siandard 102 'The Financial Reporting Sialldard applicable in the UK and Republic of Ireland,. The law applicable to chariries in England & Wales requires the Trusttts to prepare financial statements for each financial year which give a true and fair view of the state of atTairs of the chanty and of the incorning resources and applicaiion of resources of the charity for thai pertod. In preparing these financial statements, the TtU5tee5 are required to.. Select %uirable ac¢ouniing policies and then apply them COll5LStenily,' Ob8erve the methods and principles Ln the Charities SORP IFRS 1021; Make judgements and egtimaies that are reasonable and prudeni. State whether applicable a¢ctsunting standards have been followed, subjeci to any mateiial departures discloged and explained in the financial statements., Prepare the financial statemenL% on ihe going ¢oncem basis unless it is inappropriate to presume that the charity will continue in business. The ITUStees are responsible for keeping proper accounting records that disclose wilh reasonable accuracy at any time the finart¢ial PtsSLtion of the charity and enable them to ensure that the financial siatemenis comply with the Charitie5 Act 2011. the Charity IAc¢tsunlS and Report5) Re8ulatiot15 2010 and the provisions of the trnst deed. They are also responsible for safeguarding the asset5 of the charity and hence for takillg reasonable steps for the prevention and detection of fraud aud other irregularities. AUDITORS A resolutEon proposlng the re-appointment of Hay5macinlire LLP as auditors will be made at the next Ar￿Ual General Meeting. The Trustees, Report was approved by the Trustees on 17 June 2024 and is signed on iheir behalf by.. M-x ILL,- H C W Rc>binsotL Chaimian 13 INDEPENDENI. AUDITORS REPORT TO THE TRUSTEES OF RENDCOMB COLLEGE FOUNDATION FOR THE YEAR ENDED 31 AUGUST 2023 IlldepelldeTht auditor'5 report to tbe trustees of Rendcomb College Follndation Opinion We have audited the financial 5tatetnents of Rendcomb College Foundarion for rhe year ended 31 August 2023 which comprise the Consolidated Statelnent of Financial Activiiie%, the Con%olidaied and Foundation Balance Shtet5, the Con501idated Cash Flow Statement and note% ro the financial 8taiements. including a summary of significant accounting policies. The financial reporting framework ihat has been applied in their preparaiiot) is applicable law and United Kingdom Accounting Standards, including Financial Reporting Siandard 102 The Financinl Reporting Standurd applicuble in the UK and Republic ofli-elotyd (United Kingdom Generally Accepted Accountlng Piactice). In our opinion, the financial statements.. give a twe and fair view of the 5tatc of the Er(>up's and of the parent charity's affairs as ai 31 August 2023 and of the group'8 net movement in fiind5 for the year then ended", have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requiretnents of the Charitie5 Act 2011. Basis for opiThion We hai'e been appoinred as auditor under section 144 of the Chatities Act 2011 and report in accordance with the Aci and relevant regulaiions made or having effect thereunder. We conducted oui audit in accordance wilh International Siandards on Audiiing {UKI IISAS IUK}l and applicable law. Our resptsnsibilities undei those standards are further described in the Audiior'q responsibilttie8 for the audit of the financial statements section of our report. We are independent of the group in accordance wilh the ethical requiretnents that ale relevant to our aL￿1t of the financial siatemenis in the UK, including the FRC'% Ethical Standard, and we have fulfilled our oiher eihtcal respon8ibilities in accordance with these requ2rements. We believe that the audit evidence we have obtained is sufficient and appropriate io provide a basi5 for our opinion. Conclusions relating to g(bing ¢oncerD In auditing the financial statements. we have concluded ihat the trllsiees. use of the going concern basis of accounting in the preparation of the fitvdncial statements is appropriate. Based on the work we have perfornied, we have not identified any Tnaterial uncertaintie5 relating to events or conditions Ihai, indiTridually or collectively. may casi significant doubt on the group'5 ability to continue as a going concem for a period of at least twelve months from when the financial siaternents are authori5ed (or issue. Our responsibilities and ihe responsibilities of the trustees with respect to going concem are described in the relevant sections of this repL¥rt. Other information The Irusiees are responsible for ihe other itjformation. The other infornmtion comprises the infomiation included in ihe Trustees, Annual Report. Our opinion on the financial statements does not cover the other informaiion and, except to the exieni otherwise explicitly stated in our report, we do not expresg any fom) of assurance conclusion Ihereon. In conneciion wirh our audii of the financial statetnents, our responsibility is to read the oiher infOrn￿l10n and, in doing so, consider whether ihe oiher infom)ation is materially inconsistent with the financial statements or our knowledge obthined in the audii or otherwise appears to be materially misstated. If we identify such Tnaterial in¢onsisien¢ies or apparent maierial migstatements, we are required to deterniine whether ihtre is a material mi55tatement in the financial statements or a material missiatemeni of Ihe other inforniatioll. If, based on the work we have perfomied, we conclude ihai Ihere is a maierial missiatemeni of ihis other informatioll, we are required to report that fact. We have nothing to report in this regard. M8tter5 on we are required io report by exception We have nothing 10 report in respect of Ihe following matters in relation lo which the Charities {Ac¢oLmts and Reports) egulations 2008 require us to repon w you if, in our opinion-. 14 INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF REP4DCOMB COLLEGE FOUNDATIOY (CONTif4uED) FOR THE YEAR ENDED 31 AUGUST 2023 adequaie accounting records have not been kept by the parent charity: or sufficient accounting reLords have not been kept. or the parent charity financial siaiementb are noi in agreemeni with the ac¢ounting records and rettmis: or we have not received all the inforniation and explanations we require foi our audit. Responsibilities of tru5te¢s for the financial statements Ab explained more fully in the INstee5' re5ponsibiliiie$ sthiemeni set out on page 9, Ihe intsiees are responsible for the preparation of the financial staiemenis and for betng Satisfied that they give a true and fair view. and for such iniernal control as the trubiees detemiine is necessary to enable ihe preparation of financial statements Ihat are free from material misstaiemeni, whether due io Iraud or error. In preparing the financial siaiements, the I￿Stee$ are responsible for assessing the group's and the parent charity's ability to continue as a going concern. disclosing, as applicable. nialters related to goin8 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 realist2c alternative but to do so. Auditor's responsibilities for the audit of the financial statements OUT objectives are to obtain reasonable a55uiance about whether the flnancial statemeTJts 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 as%urance is a hi8h level of a55urance, bul 15 not a guararltee that an audit conducted in accordance with ISAS IUKI will always detect a material mi551atemenl ￿'he￿ it exists. Mi55tatements can anse from fraud or error and are considered Tflaterial if, IndIvidually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taketl on the basis of these financial slatemenls. Irregularities. including fraud, are instance8 of non-¢ompliance with law% and regulation8. We de8igrt procedures in Itne with our responsibillties, outlined above, to detect material mi8%tatements in re%peci of irregularities, in¢luding fraud. The extent io which our procedures are capable of detecting irregulariiies, including fraud is detailed below.. Based on our undetstandiTJg of Ihe group and the environment in which it operate8, we identified ihal the principal risks of non-compliance with lawg and regulations related to the independent school regulations, safeguarding regulations, health and safety requiremenis, GDPR, employjnent law and charity law, and we con.%idered the extent to whieh non-¢ompliance might have a material effeci on the financial siatement%. We also considered those laws and regulations ihal have a direct impact oll the prepar&iion of the financial siatements such as such as the Charities Act 201 l and ¢onsider other factors such as payroll We evaluaied management's in¢eniive% and opportunities for fraudulent manipulation of the financial %tarements (including the risk of op'emde of controls) and detem)ined that the principal risks were relared to Ihe improper re¢ognition of revenue and martagement bias in accounting esiimaies. Audii procedures performed by the engagerneni rearn included-, Inspectjll8 correspondence wth regulators and taK authorities," Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; Evaluating management's ¢ontrols designed to prevtni and detect irregularities. Identifying and testing journals. and Challenging assumptions and judgements made by mana8eTnent in their critical accounting eslirnates Because of the inherent litnitations of an audit, there is a risk that we will not detect all ittegularilies, including those leading io a material misstatement in the financial statements or non-compliance with regulation. This risk itJcrease5 the Tnore that Compliance wirh a law or regulation ts remop'ed from the events and transactions reflected in the financial statement5, as we will be less likely 10 become aware of instances of non-compliance. The risk is a150 greater regarditig irregularities occurring due io fraud raiher ihan error. as fraud involves intentional concealment, forgery, collusion, omission or misrepre5enlation. A further description of our responsibilitie% for the audit of the financial statetnents is located ot] the Financial Reporting Council's website at". w￿￿..fr¢.0 .uk'audiiorsre on%ibilitie%. This description forni% pan of our auditor's report. 15 1Tr4DEPEf+4DENT AUDITORS REPORT TO THE TRUSTEES OF RENDco￿1B COLLEGE FOUNDATION (CONTINUED) FOR THE YEAR ENDED 31 ALGVST 2023 tJse of our report This report is rnade 501ely to the charity's trustees, as a body, in accordance with section 144 of the Chanties Act 201 l and regulations n￿de under section 154 of thai Act. Oui audit work has been undertaken so Ihai we might slate w rhe charit￿$ trustees those mattepi we are iequired to state to them Ln an Audiior's repon and for no other purpose. To the fullesr extent pemiitted by laiv. we do not accepi or assume responsibiliiy to anyone other than Ehe charity's trnstees as a body for our audit work. for Ihis report, or for ihe opinions we have fom)ed. L(• Haysmacirtt￿e LLP Statutory Auditors 10 Queen Streei Place London EC4R IAG Date.. 24 June 2024 Haysmacintyre LLP is eligible to act as an auditor in tenns of section 1212 of the Cotnpanies Aci 2006 RENDCOMB COLLEGE FOUNDATION CONSOLIDATED STATEMENT OF FIf4Af4ciAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 College Foundation General De5igllattd Restrlcted General EndoJvmeDt Funds Funds Funds Funds Funds £'ooo £'ooo £'ooo £'ooo £'ooo Total 2023 £'ooo Total 2022 £'ooo Note INCOME FROF¥l: Charit#bl¢ actiNiti¢s School fees receivable Other income 7,171 650 7.171 650 6.536 592 Trading aCt￿VitIeS 212 218 233 Investment inc0￿e 48 144 192 184 Voluntary serTrice$ Grants and donations 26 26 1,504 Total i￿¢(>￿1￿% resour¢es 8.107 150 8,257 9,050 EXPENDITL'RE ON: Raising funds Trading ¢08rq 66 14 80 96 Charitable activities Education 8,727 183 99 9.009 8,160 Total expetlditure 8.793 197 99 9.089 8.256 Net incomel lexpenditllrel before investment g8insl (losses) {6861 147) (99) 18321 794 Gairnsl {1055es} on investmeni assets (661 {25) 11871 12781 12231 Net incomel lexpenditurel before transfers (686) (661 1721 12801 571 Transfers 15-18 714 12) (7011 Net movement in funds 28 168) {7731 12971 {I,110) 571 Fund balances at I September 2022 19431_ 1,254 57 4.037 6,295 10,700 10,129 balances at 31 August 2023 15-18 {9151 1,186 57 3,264 5.998 9.590 10,700 All the activities included above were continuing durlng the year. The notes on pages 20 10 33 fom part of these financial staielnenis. The Statement of Financial Activities for ihe comparative period has been presenied in note 26. 17 RENDCOMB COLLEGE FOUNDATION CONSOLIDATED AND FOUYDATION BALANCE SHEETS AT 31 AUGUST 2023 Group Foundatio 2023 2022 £'ooo £'ooo 2023 £'ooo 2022 £'ooo Note Fixed assets Tangible a5set5 Investment5 10 7,279 4,198 7,285 4,490 6,83 1 3,199 7,015 3,425 11.477 11.775 10.030 10,440 Current asset$ Debior5 Cash at bank and in hand Short terni deposit5 12 13 13 229 1.791 50 1.801 1,657 46 l.M3 547 35 779 39 2,070 3,504 823 2,025 Creditors.. amount5 falling due within one year 14 {2,8571 13,4791 {4911 11,0331 Net Current (liabilitiesl#sset$ (7871 25 332 99? Creditors: amounts fallillg due after one year 14 {i.1001 (i.i(x)) {i.i(x)I {i.100) Net assets 9.590 10.7(X) 10.332 Represented by: Unrestricted.. Foundation- expendable endowment Foundation- other College - General Designated Restricted.. College 15 18 18 16 17 5,998 3,264 19151 1,186 57 6,295 4,037 {9431 1,254 57 5,998 3,264 6,295 4,037 9.590 10.700 9.262 10.332 The financial Sta￿Me￿iS were approved and authorised for issue by the Board of the Trustees on 17 June 2024 and were Signed below on its behalf by.. H C W Robsnson Chairman The notes on pages 20 to 33 for￿ part of these financial statemenis. 18 RENDCOMB COLLEGE FOUNDATION CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31 AUGVST 2023 2023 2022 Notes Cash flow5 from operating activltles Net {oulgoingllincoming resources Invesltneni inLome Inteiesl received Depreciaiitsn charge Profit on sale of fixed assets Decreasellincreasel in debtor5 Increase in creditors 18321 11921 794 11841 276 288 1.572 128 (1.442) 597 Net cash (used inl I provided by operating activities 952 53 Cash nows from illve5tiDg aCtI￿tieS Purchase of tangible fixed asseis Proceeds on sale of tangible flxed assets Purchase of investments Proceeds frotn sale of investments Investment income 1270} 11351 15 192 184 Net cash (used in)Iprovided by investing aCti￿tIeS (641 49 Cash flo￿5 from firtaneing activities Repaytnent of loans in year (7501 (5001 Net e#sh provided by investing aCti￿tieS (750) (5001 Net decrease in cash and cash equivalents Cash and ¢a8h equivalenis at the beginning of the reporting period 138 1.703 13981 2,101 Cash and cash equivalent5 at the end of the vettr 13 1.841 1,703 Analysis of ehanges in net debt At 31 Allgu5t 2022 Other Change5 At 31 Augllst 2023 Cashflows Cash and eash equivaltnts C￿h ai bank Short ￿￿ deposits ,657 46 134 .791 50 1,703 138 1,841 Borrowings D¢bt due within one year Debt due after one year 1,000 1,100 750 250 i.ioo 2,100 750 1,350 Total 1397} 868 491 19 RENDCo￿[B COLLEGE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 GEYEEL4L IP*FORIWIATION Rendtyomb College Foundaiion is a charity established by trust deed in England and Wales and registered with the Charity Commi%sion. The members of the charity are the Trustees. Rendcomb Colltge Foundation was established by trust deed on 22 March 1920 (charity number 3117131. The Charity i5 2 Public Benefit Entity as defined by FRSIO2. Accouf*TING POLICIES A sutRTnary of the more important accouniing policies, which have been applied consistently, is sei out below. 2.1 AeeountiThg cotlventio The financial .%tateMent￿ have beet) prepared in accordance with the Fillancial Reporting Standard applicable in the UK and Republic of Ireland IFRS102}, the StateTnent of Recomtnended Practice applicable to charities preparing their account￿ in accordat)ce with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 Second Edition. The financial gtatemenls hap"e been prepated to give a 'true and fair, view and have departed from the Charities (Accoun15 and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure has inwolired following Accounting and Repofting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in ihe UK and Republic of Ireland (FRS 1021 Second Edition raiher than the Accounting and Reponing by Chariiies.. Statement of Recommended Pra¢tice etTeciive from l April 2005 which has since been withdrawn. The accouniing policies sei oui below have been applied in preparing ihe financial siatements for the year ended 31 August 2023 and the comparative inforn￿tIOn presented in these fJnanci21 statements for the year ended 31 August 2022. The financial statements are drawll up under the historical cost conveniion ex¢ept that illvestmenrs ar¢ carried at market value. Critlcal aceountlng judgements and key source5 of estimation uncertaiDtv It) the applicaiion of the accounting policie5, Trustees are required io make judgements, estitnates. and as5UEtiptions about the carryinbj value of assets and liabilities that are not teadily apparent from other sources. The e5timate5 and underlying assumptions are based on hislOTi¢al experience and other factors that are considered to be relevant. Actual results n￿Y diffu fro￿ these egtimates. The estirnates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates ate recognised in the period in which the esiimaie is revised if ihe revision affects only that period. or in the period of the revision and future periods if the revision atTe¢ied curreni and future periods. In the view of the Trustees, no assLullpiions concerning the or esiimation uncertainty affecting assets or liabilities at the balance 5heel date are likely to result in a maierial adjustment 10 their carrying amounts in the llext financial year. CoD501idation The accounts consolidate the results of the Foundation and Rendcomb College, a separately registered and incorporated charity {con]pany number.. 05891198, charity number.. 11158841 and Rendcomb Services Llmited. a separately re¥istered cotnpany, foi the year ended 31 August 2023. 2.3 Going Concertt The Trustees consider that there are no material uncertainties which would casi doubt on the ¢haFity's ability to continue as a going concern and therefore consider it appropriate to Prepare the fityancial statetnettts on a goin8 concern basis. 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 slated after deduciing allowances, scholarships and other remissiolls granted by Ihe College, but include ¢ontribuiions received from Restricted Funds for Scholarships, Bursaries and other grants. 20 RENDCOMB COLLEGE FOLTNDATION NOTES TO TUE ACCOLTr4TS leontlnued) FOR THE YEAR ENDED 31 AUGUST 21123 ACCOUNTING POLICIES (continued} 2.5 InvestTnent income Invesiment income from dividend5. bank balances and fixed inierest securities is accounted for on an ac¢ruals basis. 2.6 Donations income Donationq for putposes restricted by the wishes of the donor are taken to 'tregtricted fLUMls" where these wishes are legally binding on the Trnsiees. Donations that are required to be retained as capital in accordance wilh the donor's wishes are aCcoUn￿d for as'endowmenis" permaneni or cxpendable according to the nature of the restriLtLOLI. 2.7 GraDt income Grant income relates to the Government'5 Coronavirus lob Retention Grant ICJRG) ig recognised under the accruals basis in line with staff costs. 2.8 Expendliure Expenditure is accounted for on an accruals basis. It is allocated between caregories on Ihe basis of actual costs. Cost of Charitable activities includes expendiiure associated with the ￿nning of the College a[￿ include both direct and support costs. Support Costs represent indirect costs relating to raising funds and the charity's charitable activities. Support ¢osts, including govern2nce costs. are allocaied to aciivities on bases that represent the Governors, best estillLate of actual use. Govemance costs. compnse the costs of running the charity. including auditors, Eetnuneration alld expenses reimbursed to Govemtsrs aitending meeiings. 2.9 Investments Investments are stated ai marke¢ value. liealised gains and 105ses on investment5 repre5eTrt the difference between sale proceeds and opening tnarkei value lor value at date of purchase if later). Unrealised gain5 and losses represent the change in markei value of ihe investment portfolio in the year. 2.10 Fixed assets Fixed assets for use by the charity are stated at cost. le55 depreciation. Property gifted to the Foundation is staled al its value at the dale of the gift. Freehold land is not depreciated. Depreciation of oihei a55etS Is calculated on a siraighi- line bagis over the esiimaied useful life of an asset at the followlng rates.. Freehold buildings All-weather sports pitch Equipment and motor vehicles 50 years 10 years 4-Syears Assets under ¢onstJu¢tion are noi depreciated until such time that they are fit For use. 2.1 I Cash at baDk and in halld Cash at bank and cash in hand includes cash and short ierni highly liquid investments Wlth a Short maturity of ihree month5 or less from the date of acquisition or opening of the deposit or similar account. 2.12 Financial iD5trument$ The charity only has fitjancial asseis and financial liabilities of a kind Ihat qualify as basic financial instrument5. Basi¢ rinancial insinjtnenis, including Iiade and other debtors and creditors are initially recognised at transaction value and subsequenily measured at their settlement value. 2.13 Creditors and provlslon Creditors and prO￿lS1On8 are recognised where the charity has a presen¢ obligaiion resulting from a past el'ent that will probably result in Ihe transfer of funds to a third party and the amount due lo settle ihe obligaiion can be measured or estimated reliably. 21 RENDCOMB COLLEGE FOUNDATION NOTES TO THE ACCOUNTS (eontinuedl FOR THE YEAR EP4DED 31 AUGUST 2023 ACCOUYTtNG POLICIES Icontlnued) 2.14 Fund aeeountlng Expendable endowrnent fund5 are fund5 which have been received by means of legacies or capital donatiQn5 and the use of the income andlor capital is goiierned by the iems of the endowment. Resiricted funds are funds which have been received for specific putposes as indiLated by the donor. Urtresiri¢￿d fvnds {including thL>se designated) are funds whose use is wholly at the discreiion of the Trustees. 2.15 PeDsioD$ The College coniributes io the Teachers. Pension Defined Benefits Scheme at rates set by the Seheme actuary and advised to the Board by the Scheme Administrator. The Scheme is a tnulti-employer pension sche]ne a[￿ the Colle8e does not have any commitment to contribute to any deficit or Teceive any sU￿lUS arising on the Scheme. In accordance with FRS102. therefore, the Schetne is accounted for a5 a defined contribution Scheme. The College also operates a money purchase scheme for non-teaching staff. Contributions are charged lo the State￿ent of Financial Activities as incurred. 2.16 Operating lease Rentals payable are charged on a lime basis over the lease term, even if ihe payments are no¢ made on such a basis. Benefits teceived and receivable as an incentive to sign an operaiing lease are similarly spread on a siraight-line basis over the leabe term. 2.17 Foreign eurrene}' translation The charity-s functional and presentation currency is p)und sterling. Monetary assets and liabilittes denominated in foreign ¢urren¢ies are translated into sterling ai the raies of exchange ruling at the balance sheet dale. Transactions in foreign currencies are recorded ai the rate rnling al the date of the transaction. All differences are recognised in the Statement of Financial Activities. CHARITABLE ACTIVITIES- FEES RECEIVABLE 2023 £'ooo 2022 £'ooo Fees recexvable con51St of: School fees Less total bursaries, scholarships and allowance5 8.212 (1.040} 7.704 {1.1681 7,172 6,536 During the year £16k12022.. £7kl wa5 tranSfe￿d from the Foundation ￿ the College for bursaries. CHARITABLE ACTIVITIES- OTHER INCOME Unrestricted Designated Restricted £'ooo £'ooo £'ooo 468 Total 2023 £'ooo 468 Total 2022 £'ooo 408 49 67 68 Additional courses School tran5POrt Additional accommodation Other income 53 58 53 58 650 650 592 OTHER TRADING ACTIVITIES T(btal 2023 £'ooo Total 2022 £'ooo Unrestricted Designated Restricted £'ooo £'ooo £'ooo Trading income Fun¢iions Rental in¢ome Foresiry income 130 82 130 82 85 218 218 233 22 RENDCOMB COLLEGE FOUiYDATION NOTES TO THE ACCOUNTS (eoDtiThued) FOR THE YEAR ENDED 31 AUGUST 2023 INVESTMENT INCONIE Unrestricted funds College Foundation £'ooo £'ooo 2023 Total £'ooo 2012 Total £'ooo Income frotn investrneni portfolio Interest 43 144 187 184 48 144 192 184 GIiANTS AND DONATIONS Ullre$tricted £'ooo Total 2023 £'ooo Total 2022 £'ooo De5igDated £'ooo Restricted £'ooo Donaiions Granis 26 26 68 1,436 26 26 1,504 GRANTS AND DOF4ATIONS (2022) Unre$tri¢ted Total 2022 £'ooo Total 2020 £'ooo DesigDated £'ooo Restricted £'ooo £'ooo Donation5 Grants 68 1,436 68 1.436 332 1.504 1,504 332 Total Total TOTAL EXPENDITURE Staff costs Depreciation Other £'ooo 2023 £'ooo 2022 £'ooo £'ooo £'ooo Cost of raisiRg fund5 Tradin8 COStS 80 80 96 Charitable activities Teaching Welfare Premises Marketing Administration 3,920 353 253 38 18 37 263 1,122 1,061 134 4,221 1,493 1,351 134 1,810 4,003 1,319 1,054 104 1,680 510 183 5.036 276 3,697 9,009 8,160 5,036 276 3,777 9,089 8,256 Support costs include markeiing and administraiion cosis. 23 REiYDCOMB COLLEGE FOUNDATION NOTES TO THE ACCOLINTS (continued) FOR THE YEAR ENDED 31 AUGUST 102J TOTAL EXPETrIDITURE leontillued) 2023 £'ooo 2022 £'ooo Govtrnanee included in other cost5 Remuneration paid to auditor for audit services (including VAT) Audit of parent Audit of subsidiaries Remuneration paid lo auditor for other servi¢es lin¢luding V AT) 10 17 10 20 10 41 37 Norte of the Truqiees received any remuneration during the year. Expenses iotalling £nil (2022., £nil) were reimbursed io Tru8rees during the year for trap'elling costs and other out of pocket expenses. TOTAL EXPEP4DITURE120221 Staff c05t$ £'ooo Total 2022 £'ooo Total 2021 £'ooo Depreelatlon £'ooo Other £'ooo Cost of raising funds Trading cost5 96 96 Ch&ritable activitie$ Education Teaching Welfare Premises Marketing Administraiion 3,706 359 226 25 24 56 272 936 772 104 974 4.003 1.319 1.054 104 1.680 3,840 1,049 83 1.654 522 184 4,813 289 3,058 8,160 7.742 4,813 289 3,154 8,256 7,749 STAFF COSTS 2023 £'ooo 2022 £'ooo Wages and 8alarie Social securiry co8t Pension contribuiion8 (note 24) Redundancy payments 4,199 394 438 4,004 381 415 13 5,036 4,813 24 RENDCOMB COLLEGE FOUNDATIOP4 P40TES TO THE ACCOUPITS (continued) FOR THE YEAR ENDED 31 AUGUST 2023 STAFF COSTS (eoniinuedl 2023 No. 2022 No. The average monthly number of ernployees in the year was.. Teaching.. Full time Part time Welfare Premises Adminisiration 51 63 19 10 19 50 54 19 16 162 146 2023 No. 2022 No. Number of higher paid employees in bands of.. 60,000- 69,999 70,000- 79.999 140.000- 149,999 150.000- 159,999 Aggregate employee benefits of key management personnel during the year were £615,827 (2022.. £570,225). 10. TANGIBLE FIXED ASSETS Freehold land College bllildiDgs D￿'elling houses Assets uThder COll%truetion Total College Equipment £'ooo Total £'ooo £'ooo £'ooo £'ooo £'ooo Cost At I September 2022 Additions Transfersldisposals 70 9,061 392 9.523 2,896 270 12,419 270 Ai 31 August 2023 70 9.061 392 9,523 3,166 12,689 Depreeiation Ai I September 2022 Di%po8als Charge for the year 2.318 190 2,508 2,626 5,134 175 183 93 276 At 31 August 2023 2,493 198 2.691 2.719 5.410 Net Book Value 31 August 2023 70 6,568 194 6.832 447 7.279 31 August 2022 70 6.743 202 7.015 270 7,285 The College has use of the properties oNTrmed by the Foundation, consisting of :. The main building of the School with many classroom5 and facilities, including ihe kitchens, dining hall and a boarding house and the new perf0T￿ing art5 cen¢re; The stable bloeL kncluding laboratories, ICT Room and classrooms and ihe Arts Block including classroom%'. The boarding houses, consisting of Park House, Old Rectory. Godmatt House, Lawl House and Stable House. Garden House is used for the 6, Fonll,. 25 RENDCOMB COLLEGE FOu￿DATIoN NOTES TO THE ACCOUNTS (eontinuedl FOR THE YEAR ENDED 31 ALTGUST 2023 10. TANGIBLE FIXED ASSETS (coniinuedl In addition, there are tennis court5. a swimming pool, 5POrt5 hall, 4, and 5, Fonn Social Centre and an all-weather sports pitch- Dwelling houses for employeeg consist ot the Headmaster's House, The Rectory, Reciory Cortage, Park Cottsge, No's 15, 16. 19. Houses on external let are Coombe House, Chum House. Orchard House and No's 15, 17,18,20 Ihe Posi OtTice (part shopl and Posi Office Cottage. and The Griffin Centre. The College maintains use of ihese propenies on an annual basis, beinb the sole beneficiary of pioperties on the College Sile and Ihe recipient of rental incotne of properties in the Su￿OU￿dIng area. These renvain under the o￿le[ShiP of the FouDdation', their use by the College 15 key to the fulfIlrnenl of the Foundation's objects. 11. FIXED ASSET INVESTMENTS Grollp FollDdatio 2023 £'ooo 2023 £'ooo 2022 £'ooo 2022 £'ooo Market value ai I September 2022 Disposal pniLeeds Acquisitions at cost Realised gaijvllossl Unreali%ed Ilossl 4,490 115) 4.713 3,425 (15) 3,595 {278) (223) {212} (1701 Marke¢ value at 31 August 2023 4.198 4.490 3.198 3,425 Historical Cost 3,697 3.713 2,737 2,753 Investments are all in UK funds. 12. DEBTORS Group Foundatio 2023 £'ooo 2023 £'ooo 2022 £'ooo 2022 £'ooo School fee5 receivable PrepaJThents and accrued incotne Grant receivable Other debtor5 69 154 210 148 1,436 1,436 229 1.801 1,443 13. CASH AND CASH EQUIVALENTS Group FouDdat&o 2023 £'ooo 2023 £'ooo 2022 £'ooo 2022 £'ooo Cash al bank Shon ierni deposiis 1.791 50 1,657 46 779 39 547 35 1,841 1,703 818 582 Short tern) deposits comprise temporary deposits of surplus funds with Lloyds Bank PIC and balances held in cash accounts with Cazenove. 26 RENDCOMB COLLEGE FOUNDATION NOTES TO THE ACCOUNTS {eODtiDued} FOR THE YEAR ENDED 3 1 AUGUST 2023 14. CREDITORS: amounts fg11ing due within one y¢ar Group Foundation 2022 £'ooo 2023 £'ooo 2022 £'ooo 2023 £'ooo Trade creditors Accruals Regi%rration and guarantee fees Deferred income Other creditors Oiher lax and social security Loan fJnat]cing Amount5 due to Rendcomb College 273 94 580 1.501 46 263 79 555 1,448 23 34 33 250 1.000 250 200 1.000 2,857 3.479 491 1,033 CREDITORS: &rnounts fallillg 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 M4thin IL>an financing is a loan of £250k from Cazenove Capital Managernent. The loan 18 subject to intere$t charged on a daily ba8is at a rate equal ro the aggregaie of the Base Rate and a margin of 2.250/0 per annutn and is repayable on demand. Creditors greater than l year relate to a loan secured by way of a fixed charge on desigt]ated school assetg. The loan bears no interest and is repayable in 2030. 15. ENDOWMENT FUNDS Net olltgoing resources IThve5tment gainsl{105ses} £'ooo At31 Aug 2023 £'ooo At I Sept £'ooo* TraD5fer5 £'ooo £'ooo FOHndalion-Endowmeryif￿rtd$ Original Fund The 1976 Additional Trust Fund 1945 Covenant Fund Dulverton Grant 1945 Supplemental Trust Deed 3,335 158 1,025 1,160 617 (991 (99) 15} (30} 1341 3,126 153 994 1.126 599 6.295 199} 5.998 The funds are expendable a[￿ represented mainly by illvestments which are ll￿naged as a pool by the inve5trnent fund managers, Cazenove & Co. EYDOWMEYT FUNDS (20221 Net outgoing resources £'o Investment gainslllosses} £'ooo" At31 Aug Z022 £'ooo" At I Sept £'ooo" Transfers £'ooo FDundutioK-Endowmentfunds Original Fund The 1976 Additional INst Fund 1945 Covenant Fund Dulverton Grant 1945 supple￿ental Trust Deed 3,514 161 1.049 1.187 632 198) 3.335 158 1,025 1,160 617 141 1241 1271 114} 6,543 198) 11501 6.295 resiated to refeci allo¢aiion of investment gainsl(losse5} across end0￿￿￿ent fund5 The funds are expendable and represenied mainly by investments which are tnanaged as a pool by the investment fiLnd managers, Cazenove & Co. 27 RENDCOMB COLLEGE FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 AUGUST 2023 16. DESIGNATED FUNDS At I Sept 2022 £'ooo P4e¢ incoming resources Investment gain￿{lo$s¢S) £'ooo At31 Avg 2023 £'ooo Tran5fer5 £'ooo £'ooo College FoLmdation Fund Francis Dutton Bequest 1,201 53 {21 1661 1,133 53 1.254 (2) 166) 1,186 The College Foundation Fund consists of the investment portfolio transferred by Rend¢omb College Foundation. The current intention is to reta2n the Fund and use the income ¥enerated to help fund the activities of the College. The Francis Dutton Bequest 15 ulilised for scholarships. DESIGNATED FUNDS (2022) At I Sept 2021 £'ooo Net Incoming rewurces £'ooo Investment gainsl(losses) £'ooo At 31 Aug 2022 £'ooo Transfers £'ooo College Foundation Fund Francis Dutron Bequest 1,254 53 1531 1,201 53 1,307 (531 1,254 The College Foundation Fund consLSts of the investment porttolLO Iransferted by Rendcotnb College Foundation. The current intetEtion is to retaill the Fund and use the income generated to help fund the activiiies of the College. The Francis DuttOD Bequest is utili5ed for scholarships. 17. RESTRICTED FUNDS At I Sept 2022 £'ooo et outgoin8 resources £'ooo Investment 8ains1{105sesl £'ooo At 31 Aug 2023 £'ooo Transfers £'ooo Longitude grant Centenary fund 50 50 57 57 The Longitude grant Consists of funds awarded ar rhe Longitude Explorer Challenge and 15 being used to develop Science, Technology, En8ineering andlor Maths education within the College. The Centetvdry fund consists of amounts received for the Cenrenary celebration. 28 RENDCOMB COLLEGE FOUNDATIOiY NOTES TO THE ACCOUNTS Icontinlledl FOR THE YEAR EP4DED 31 AUGUST 2023 RESTRICTED FUIYDS (2022) At I Sept 2021 £'ooo Net outgoing re50urce5 Investment gain51{1055e5) £'ooo At31 Allg 2022 £'ooo Transfers £'ooo £'ooo Longitude grant Centenary fut]d 50 50 57 57 The Lortgitude grant consists of funds awarded at the Longitude Explorer Challenge and is being used to develop ScLen¢e, Tectmology, Engineering anLVor Maths edu¢a¢ion within the College. The c￿l¢nary fund consists of amounts re¢eived for the C￿te￿ary celebration. 18. UNRESTRICTED FLryDS Net llleomlngl (outgoing) resources Investment gainsl (losses) £'ooo At I Sept 2022 £'ooo At31 Aug 2023 £'ooo Transfers £'ooo £'ooo College Govemors 1943) (686) 714 {9151 Sinclair Bursary FLmd Other Funds 427 3.610 (181 {6831 125) 390 2,874 (53) 4,037 (471 (701) {25) 3,264 3,094 {733) 13 (251 2,349 Fund transfers relate to ongoing financial support provided by the Foundation to the College in respect of working capital. UNRESTRICTED FUNDS12022} et incomin {outgoiDgl resources Investment gaRnsl Ilosse5) £'ooo At I Sept 2021 £'ooo At Jl Aug 2012 £'ooo Transfers £'ooo £'ooo College Governors {7491 1503} 309 (943) Foundation Sinclair Bursary Fund Other Funds 434 2,537 10 1,385 {201 427 3,610 {3121 2,971 1,395 1309) (201 4,037 2,222 892 120) 3.094 29 RENDCOMB COLLEGE Fouf4DATJON NOTES TO THE ACCOUIYTS (continued) VOR THE YEAR ENDED 31 AUGUST 2023 19. NET ASSETS BY FUND Tangible rixed assets £'ooo Long term liabilities £'ooo Net current asset51(liabilities) £'ooo Investments £'ooo Total £'ooo Ullre5tricted fuThd5 Collvge 447 3,694 (1.3621 295 {915) 3,264 375 Endowmtnt Funds Foundniio 3.138 2,824 36 5.998 DesÉgDated funds College 999 187 .186 Restricted fu￿d$ College 57 57 7,279 4,198 11,1001 787 9,590 20. FINANCIAL INSTRb'MELYTS 2023 £'ooo 2022 £'ooo Cash and cash equi￿.a[C￿ts Financial in5trutnenlS that are debt inslrnments measured at amorti8ed c05t 1,841 67 ,703 .653 1,908 3,356 Financial liabiliiies meaqured at arnortised c05t {2.1641 12,8131 Finall¢ial a%8et% mea8ured at amortised cost include fee debiors and a¢¢rned income. Financial liabiliiie% measured at arnortised cost irtclude fees in advance, trade creditors, other Creditors and loan financing. 21. OPERATING LEASE COMMITMENTS: LESSEE At 3 1 Augusi 2023, the College had conunitments under non-cancellable operating lease5 as Set out below-. 2023 2022 Fixtures & riitings £'ooo FiAtllre$ & fitting5 £'ooo Vehicle5 £'ooo Vehicles £'ooo Operating lea8es which expire.. Within one year In one to tivo years In two to five years 54 54 10 54 64 Total costs incurred in the year in respecr of rental charges for a5set5 held under operating lease of £74k12022.. £97k). 30 RENDCOMB COLLEGE Fouf4DATION NOTES TO THE ACCOUTrITS (continued) FOR THE YEAR ENDED 31 ALGUST 2023 22. PENSION COSTS (a) Teaching stuff The School now panicipate8 in the Aviva Pen.%ion Trust for Independent Schools IAPTIS) which i5 a defined contribution pen%ion 8cheme which can be used by all ISBA member q¢hools for their teaching staff. It 15 set up a5 part of Aviva'5 "Ma%ier Trust" tru%t-ba%ed pen%ion arrangement managed by independent piofesslonal trustees. It 15 available for ISBA members and %uch other Organi￿allOnS as are admiited by muiual agreement. The pension charge for the vear includes contributior19 payable to Aviva of £481,862 (202?: £425.5261 and at the year-end £nil 12022.. £nill was accrued in respect of contributions to this scheme. b) Non-teaching staff The College o¥perates a money purchase scheme for non-teaching staff. The as8ets of the s¢h¢me are held qeparaiely from those of ihe College. At the year end there were 66 1?022.' 591 members of the tnoney purcha%e 8cheme. Employer's coniribuiions tothlled £106,813 12022.. £104.727} during the year and at the year-end £nil l?022.. £Nil} was accrued in respect of Qontributions to this Scheme. 23. RELATED PARTY TRANSACTIONS Ret)dcomb College is a connected charity with Rend¢ornb College Foundation as the Tnsstees of the Foundation are the metnber5 of the College. During the year the Foundaiion donated £712.819 (20?2'. £346,000) to the College. At 31 August 2023 the balance receivable from the Foundation was £200,00012022.' £nill. During the year the College purchased services of £220,391 12022.. £215,967) from Rendcomb Services LiMi￿d and at the year end ha5 a net receivable balance of £36,50712022.. £8,722 net creditor balan¢e}. Rendcomb ServL¢es Litnited is a M,holly ON￿ed subsidiary of Rendcomb College. During the year two Governors (2022.. five) had two (2022.. ten children) enrolled ai Ihe College, and fee5 Charged were at the full rate. During the year £13,625 was donated by the Friends of Rendcomb for two scholarships. During the year £3,000 was donated by the Huntly and Margery Sinclair Chariiable Trust. 24. SUBSIDIARIES Rendcomb College Rendc0t[￿ College is a wholly owned 5ub5idiary of Rendcomb College Foundaiion. lis results for the year. as extracted from the audited financial statements, are summarised below.. 2023 £'ooo 2022 £'ooo Incotne from.. Chariiable a¢iii'i¢ies Trading aciivities Investments Voluniary services 7.821 212 48 738 7.128 217 41 378 Totsl income 8.819 7,764 RENDCOMB COLLEGE FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YEAR EIYDED 31 AUGUST 2023 24. SUBSIDIARIES (continlled) Rendcomb College IcontiThued) Rendcomb College is a wholly oumed subsidiary of Rendcomb College Foundation. Its results fc>r the year. as extracted from the audited financial staternettts. are summari5ed below.. 2023 £'ooo 2022 £'ooo Expenditure on.. Trading costs Educatson 66 8,727 80 7,877 Total expenditure 8,793 7,957 Nei in¢omel{expendirure) (193} Gain￿lI08seSI on investments assets 166} 1531 Nei movernents in funds 1401 12461 Tangible fixed assets It]vestments Debtor Cash and short terni deposits Creditors 447 999 445 985 12,547) 270 1,065 367 1.095 (2,428) Net assets 329 369 Rendcofftb Services Limited Rendcomb Services Limited is a wholly owned subsidiary of Rendcomb College. Its trading iesulis for the year. as extracted from the audited financial sratements, are sUMn￿rised below.. 2023 £'ooo 2022 £'ooo Tumover C05t of sales 220 (212} 216 1218} Gross profitl(lossl (21 Ad￿￿niStratiVe expenses {71 Operating profivlloss) Cash Debiors Creditors 38 26 (481 128} 121 32 RENDCOMB COLLEGE FOUNDATION NOTES TO THE Accouf4TS {¢olltlDued) FOR THE YEAR ENDED 31 AUGUST 2023 25. . COMPARATtVE STATEMEPIT OF FIf¥ANCIAL ACTIVITIES College General Desigllated Restrlcted Fund5 Funds Funds £'ooo £'ooo £'ooo FollDdatio Other E￿d0￿￿￿ent Funds Funds £'ooo £'ooo Total 2022 £'ooo r4ote INCOME FRO￿1.. Charitable aetivitles School fees receivable Other income 6,536 592 6,536 592 Tr&dillg actI￿tIeS 217 17 2J3 Investment Income 41 143 184 Voluntary services Grants and donatiot 68 1,436 1,504 Profit disposal of Fixed as5etg Total iD£omiThg re50urees 7,454 1,596 9,050 EXPENDITURE ON: Raising funds Trad]ng ¢OSLS Finance costs Adtninigtration costs 80 96 Charitable aetivitles Education 7,877 185 98 8.160 Total expenditure 7,957 201 98 8.256 Net incomel (expendliure) before investment galllsl {10s5esl (5031 1,395 198) 794 Gain￿ {10gsesl on invesiment assets 153) (201 (1501 (?23} Net incc>tnel {expenditurel before tratlsEers 15031 153) 1.375 12481 571 Transfer5 15-18 309 (3091 Net movement in funds 1194) 1531 1.066 12481 571 Fund balances ar I September 2021 (749) 1,307 57 2.971 6,543 10,129 Fund balances at 31 August 2022 15-18 1943} 1,254 57 4,037 6,295 10,700 33