RENDCOMB COLLEGE FOUNDATION RF.PORT AND FINANCIAL STATF.MENTS FOR THF. YEAR ENDED 31 AUGUST 2024 Charity Number.. 311713 RENDCOMB COLLEGE FOUNDATION RF.PORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 CONTENTS PAGE Reference and administrdtive de(ails Trusiees. report 2- 16 Independeni audiiors. report 17- 19 Consolidaled staternenl of financial aclivities 20 Consolidaied and Foundalion balance sheets Consolidated c&qh flow staiernent 22 Notes 10 the accounis RENDCOMB COLLEGE FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS Trustees and key management leam: H C W Robinson DL (Chairman) S D E Parsons TD Mrs L H Singer R 11 Wills NJNHWills MJHWills S¢cr¢tary: P A Beddows Registered office: Knighi Frank LLP Unil 10 Burrough Court Bu￿Ough-on-the-I lill Mellon M()wbray Leicesi¢rshir¢ LE14 2QS Solicitors: Charles Russell Speechlys LLP Compass Flouse Lypiatt Road Chelienham Glouceslershire GL50 2QJ Auditors: Hazlewoods LLP Siaverton Court Siaverton Cheltenham GL51 OUX Brokers: Cazenove Capital Management Limited l London Wall Place London EC2Y SAU Bankers: Coulls & Co Chandos Branch 440 Sirand London WC?R OQS Charit), Number: 311713 RENDCOMB COLLEGE FOUNDATION TRUSTEES, RF.PORT FOR THE YEAR ENDED 31 AUGUST 2024 The I'rustees preseni Iheir annual report for the year ended 31 August 20?4 under the Charities Act ?0 I I together with Ihe audited consolidaied financial statements for the year which comply wilh the requireinents of the Foundalion's Trust Deed and ihe SiaiemLni of Rccornmendcd Praclice "Accounting and Reporting by Charilies Second Edilion effective l January 2019 (FRS102). STRUCTURE, GOVERNANCE AND MANAGEMF.NT Legal and ¢hari18ble $l¥tus The Foundation w&$ sel up by (he laie Frederick Hamilton Wills on 22 March 1920 10 provide educalion at Rendcomb College and is regislered with the Charity Commission (Registration No. 311713). With effect frorn I September 2006. Ihe business of the College and lis net operating asseis. iogether wilh investmen wilh a value of £ I million were transferred lo a newly incorporaied charily. Rendcomb College (Charity No. 1115884, Company No. 5891198). As ihe Tnlstees of the Foundation are ihe members of the incorporaied charity and appoint the Governors. Rendcomb College is treated as a subsidiary charity and its results have been consolidaled with those of the Foundation. Trustees. governors and advisers Details of the Trustees of ihe Foundalion. key officers and advisers are shown on page l. Governing document The Foundation is governed by its Trust Deed daling from 1920 and most recently amended in Augusl ?006. Organisational slruclure The Trustees are responsible for ensuring that the objective5 of the Foundation are met. Four of the Trustees are a150 Governors of Rendcomb College. Key managemeni per$oDnel The Truslees. Governors of the College logeiher with the Flead. Bursar and their Senior Leadership Team are the key management personnel. Remuneration for those employed by the College is sel by the Board of Governors lo encourage enhanced perforn)ance and to reward fairly and responsibly individual contributions to Ihe 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 securilies owned by the Foundalion and College are managed by Cazenove Capilal Management Limited. who aci with delegaied authority under the iems of a di5creiionary agreement. Recruitment, induction and training of Trustees Trusiees are appointed for a fixed five year lerin bul are eligible for reappoiniment. Trustees are inilially appointed for a five-year terni. In line wilh the Charil> CJovemance Code where a Irusiee has served for more Ihan ten years. Iheir reappointmenl is subject lo rigorous review and lak'es account of the need for prog)ressive refreshing) of the Governing Body. New lrnstees are inducted into the workings of the Foundation and its policies and procedures, Ihrough visils 10 the school. meeiings with key management ￿rsOnnel. and Ihe provision of handbooks and similar liicraiure. Details of training opportunilies are cirLulaled lo existing trustees who are encouraged to benefii from charity specific training provided by sector 5pecialisl law finns and accountants. RENDCOMB COLLEGE FOUNDATION TRUSTEES, RF.PORT (continued) FOR THF. YEAR F.NDED JI AUGUST 2024 OWECTS, AIMS AND OWECTIVES The objecls for which the Foundation is established are to advance education by supporting a boarding and day school ror boys and girls and by providin& buildings for use by th¢ Collebpe and making conlribulions to the College's operaling costs. The land belongying lo the Charity musl be made available for the purposes of the College. Principal activity 'I'he principal aciivily of Ihe Foundation was the continuing support for Ihe College to enable il to meet ils objective lo provide educaiion f()r boys and girls abjed from 3 to 18 years. College objects -l-he objecl for wh ich the C"ollege is established is lo advance education for the public benelil including Ihe provision and maintenance of a boardinb) and day school or schools for boys and girls in the United Kinb¥dom. Mission .(it#lement The College mission is lo develop ihou%hiful. adF'enlu rou% and academ i¢ally 8m bilious young people who are life- longy learnL'rs. It aiins lo prepar¢ them with Ihe characler and skills lo succeed in IhL' ever-chanbying world after school. l)upils have the freLdoin lo expL'rience. explore and ¢nquirL about Ih¢' world around Ih¢m. I'hc. Collc'¥iL 411111S to Lncourab)e iiidependence and lolcrance in a safe. caring ¢oininunily and iiiagnifii¢ni naiural cnvironinlni. To achieve this the College will: Promoie a girowth mind-sei. where abiliiies can bL. developed Ihrough dedication and hard-work; Provide a co-curriculum that will Lhallenge and supp()rt character devel()pment, leadL'r5hip and ieamwork., F.ncouragL' individualism. crealivily and conlribuii(In lo a nunuring and collal)oraiivL' community; LnbFender pl)ysical, spiritual and mental w¢ll-b¢inb> Ihrough a stronb pastoral sysl¢in; Prepare pupi15 for a lite beyond school., DL'velop an appreciaiion for and responsible atlilude iowards their environment and Surroundings. College Aclii'ities -he AcadL'inic Year 20?3-20?4 marked another year of sig?nificanl girowth and achieveinenl at RLndLomb College, buildinbp upon the successes of the pr¢'vious year. The Coll¢'bJe continued Ic) dLliver an excepii()i)Jl progJr(Iiiiiiie of academics. sports. concerts and p¢rlc)rmances. further L'nriihing Ih¢' vibrant coinmunily. experiinL¢.. 'l-his c(?Illinued success culininaled in Rendcomb CollL?sIL' beinb7 shortlislLd for the IndLpendLnl School of IhL' Year award by Ihe prestigious Independent School Parenl magyazine. AL'ademle.' A Level results were strong with 33°/0 ol. pupils achieving A'_A and 580/0 achieving A*_B. This year's cohort truly einbraced IhL' sch(K)Is value of being "Ambitious" at Rendcomb College. 2024's resu115 have also been the best in recent years, inLluding Ih05e preceding 2019. Pupils Ihis year did particularly well in the subjects of Chemisiry, Sport Science, An. Geography and Computer Science. with finn places bLinbTr confinnLd at Universil>' of Lxeter. University of Binn ingihain. UnivLrsily of Durham and the Universil), of LivLrpool. A reinarkablL 9?O/o of candidai¢s wer¢ su¢¢¢ssful in s¢¢urinb their fir51-Lhoice univer511y destinations. su￿asSIng the national averabie of around 8?0/0. Head of College. Rob Jones, stated.. .1 um ver). iJr(?ud ()]'Ihi.s J'vur .5 ¢'()hnrl. N(Il c)nly huve they huv¥ wc)rkvd exlrvmvly hurd in their.%uhjc'c'l.f. Ihei, huvL' ulso ddgdscj miiL'h vulug lij ihe schiJc)l in ihg urgu5 c)[,gpcJrl, mgnli?ring of Ygur 7 dnd I'gar 8 .5, riinning <'i)-c'urrii'iildr c'lubs. 'c?rkinx a.F nienlal healihfir.Fl aiders, achi¥ving Gc)Id. .Silver and BroL¢ Duke of Edinburgh AH'ards andfull). puriiLipulinx in i)iir.fixih Fc)rni gnrichnienl uclii'ili¢.F LJll.Furin% ihai ihL'p' arg mc)re ihun prL'purL,dfnr li[L* d[ler .Ic'hnol. Rt'P7dcumh c f)IlegL' is triilj. Sh()MJi￿% iis¥I]'d.5' u J'idnd her pl4)ce ai I larper & Keele Veterinary School io siart the joumcy of becoin ing a Velerinary SurgFeon. lenry. achieved A• A• C and an A. in his EPQ. ensuring his place ai the Universily L)l- Wanvick 10 5ludy (ilobal SustainablL' DLvelopinenl. Success continued wilh exceplional GCSF. results for 20?4. 390/0 of pupils achieved &irades 9-7. demonstrating a Slbynificanl improv¢inenl over the las1 c(iuple {)[ years. iiiLluding IhL ?019 results. An iillpressive 6?O/o of sludenls SLcured b)r4id¢'s 9-6. 1.his yeJr's cohort hilVL' shown rcmarkablL dL'dicalion and rL'silience, aiid their achicvemciits (Ire a lestamenl lo their hard work and the support of our excepiional leachingF siaff. Some oulstandingF re%ults Ihis ycar include Alice who achieved grade 9 in 9 subjects aiid &7rade 8 in two oihLrs, and Nathan wlio achiLVLd bbradL. 9 in 8 subjL'LI5 and bpradi 8 in two oihL'r%. Iluih sludinls have d()iic incrLdibly wL.11 ii) Ilieir studies and have eniered Rendcomb CollLgie sixth forni 10 continue wilh Iheir sludies. I Icad of Collcgyc Rob Joncs c()mmenied-. "IS t, dfc, In£'fÉ.UihlJ' iirfpiid ed students lo be boldLr. braver, and more ambitious in their decision-making. boih inside and outside the classrooin, ultimately leading lo greater learning and progress. Mu51c, Arl and Drama.. The Music Department coiilinued lo Ihrive. demonstrating a strong commitment to ex¢ellen¢e and achieving notable SULcesses. Over a ihird of Ihc school learned an instrument durii)g the year. demonstrdling a strong ¢ommitmeni io music education. The departmeni pr¢'senicd 50 concens ihroughoul the year, including two in Cirencesler. showcasing the talent and dedication of our students. Coffee Concerts. held every Thursday ai 10..30 AM in the Reading Room provided addilional perforniance opportunities for students and allowed parents to aiiend. The introduction of a Year 7 Inslrumenlal Scheme as part of Ihc KS3 cU￿1cUluM provided students with early exposurL' lo music learning. The department orgyanised an Or¢h¢siral Day wilh local primary schools, fostering collaboralion and inspiring younger Sluden15 and The English Touring Opera visiied along with local primary schools, atlracting over ?00 visitors and enriching the community's musical experience. The Rendcomb College Choral Society. composed of pupils. parents, and fricnds of the College, accoinpanied by professional musicians. perforn)ed Faure's Requiem in Ihe atm05pheri surroundings of Cir¢n¢¢sier Parish Church. -l-he Iwo most impressive concerts ol. the year were held in Cirencester Parish Church. The Christmas Carol Concert. a beloved Iradilion, packed IhL church lo capacity with altendees enjoying the festive atmosphere and beautiful mus1C. I'he Suinmer concert fcalured the Rendcomb College Choral Society and showcased Ihe lalcnts of Fred, a ialented A- level music siudeni who is now pursuing his musical studies al Durham University. These concerts highlighted the departtnent's commitment lo providing high-quality musical experiences for ￿(h studenls and the wider community. The Drama departmenl has had an intensely creative and produclive year. with all year5 taking on Lionel Bart's 'Oliver!' and years 7-1 O producing our biennial Shakespeare in the Park.. Love's Labour's Losi. The musical was a triumph of collaboralion wilh the music departmenl and embraced a cast and crew of 65. coming from all age groups in the SL'nior 5Lh()ol. Pupils were able lo work both on 51age and otT as actors. musicians, choreographers, lighting technician5. Stage managemenl. backstage crew, wardrobe and hair and mak-eup lechnician5. Their dediLaiion and hard work produced a lighily rehearsed and extremely well received show, wilh high produciion values and explosive energy. which gave all those who took part a sense of real pride. "Love's Labour's Lost.. wilh ils casi and crew of 27 showcased carefully honed vocal and physical skills. as the young casl brought one of Shakespeare's great plays to life. in glorious 5un5hine on the lawn outside Old Rec. The casl broughi laughter to their audiences. as Ihe young men deierniined 10 eschew love for academia and Ihen elicited sympaihy. as their initially comedic attempts al counship. became genuine sorrow ai having lound love only 10 have their labours lost as the death of the King of France left the ladies in mouming. The outdoor show gave pupils the opportunity to work as actor5, Stage management. sound technicians and with props and costume. hair and makeup. RENDCOMB COLLEGE FOUNDATION TRUSTEES, REPORT (continued FOR THE YEAR ENDED 31 AUGUST 2024 College Activities (continued) In Academic Drama. the department staged 9 differenl plays over both GCSE and A Level examinations. from devised work to scripted texis culminaiing in accomplished and highlj. graded work, with exam re5u115 thal clearly showed excellent value added. LAMDA also creaied lis ow'n highl). regarded examination ￿'ork ￿ iih 54 % of entrants achieving distinctions in their level ?_5 LAMDA exams and ihe final 46. gaining merils, in Solo and Duo Acting, Public Speaking and Musical Theatre categories. ? pupils also achieved the UCAS poinis earning Bronie Aw'ards. Lasl year was also a bumper )'ear for theatre visits ￿'Ithin the Drama Department. w'ith >'ear 7 supporting The Bam and visiling their incrediblj. creative. home-gr0￿'n production of 'Treasure Island.. helping to dev¢lop their own ideas in lessons. This was iftl), folloH'ed by l'ears 10-13 joining us on the extremel). p)pular London Drama Tour. iaking in 'Wilness for ihe Prosecution ai the County. Hall and 'The Pla). Ihai Goes Wrong. ai ihe Duchess Theaire. The iour also offered a back'slage lour of The National Thealre. a backstage lour of the Globe theatre. a workshop with the Globe Theatre actors and a river cruise of the Thames. Rendcomb College also hosted Kaimary Productions as they perfornled the A Level set iexl ' Woyzeck. to the exam year groups and olTered a follow up ￿orK'Shop. This was followed bv an ever-popular workshop with Frantic Assembly, helping to prepare pupils for their devising components ￿ iihin the exam. M'hich resulted in extremely creative and high scoring Component I work.. rorn)er drama sludeni. Mia. secured the lead role in the Wesi End musical, "Your Lie in April., Based on the popular Japanese anime series. Ihis heanwarniing siory. of music. loss. and resilience was broughi io life ai Ihe renoH'ned I larold Pinter Theatre from June 28ih to September ? I si. The Art Department had another successful year. marked by a variety of engaging projects and notable achievements. Key highlights included.. Collaborative ¢ani'8$ proje¢t: Scholars worked iogeiher on a large-scale canvas that was prominently displayed in the school. Founders Da). exhibition: A selection of artwork from S￿dents in Years 6-13 was showcased at the Founders Day exhibition, receiving praise from parents. siaff. and students. New ceramics carousel: Year 9 students had the opportunity to explore cerdmics through a new carousel programme. Field trips: Year I I visited Oxford. Year 12 participated in an Art and Photography trip to London. and Year 8 enjoyed a Irip lo Colswold Safari Park. Visiting Artj51: Pauline Scoll-Garrett, a renowned print-maker based ai The Drdwing Projects in Trowbridge. conducted workshops wilh Year l ? and provided tuiorials for Year 13 studenls. Pauline's extensive experience and fascinaling career in the arts inspired studenls to explore ihe world of printmaking. She recently compleied a solo show al Rise Arts Centre in Frome. showcasing her work lo siudents and sharing insights inio her influences and processes. Pauline guided 5tudenls through the process of creaiing advanced. experimenlal mono-prinls. using professional inks and paper. The siudents were enthusiastic aboui leaming this new. art form and eagerly embarked on their own mono- print creations. The studio was filled wilh creaiiviTh' as studenis experimenied ￿'][h colours. texlures, and lechniques. inspired by Pauline's guidance and iheir own anisiic visions. The ouicomes w'ere impressive. and ihe Students were left inspired and with new skills lo explore further in le550n Junior School Art Actii'it).: The department collabordled with the junior school to offer weekly art activities to a seleci iroup of sludenls. facililaled bj. 6th forniers. New Brewery Arts 2025: A partnership with New BreweDJ' Arts led to plans for an "Arts Celebration" event and week- long show in January. RENDCOMB COLLEGE FOUNDATION TRUSTEES, REPORT (eontinued FOR THE YEAR ENDED 31 AUGUST 2024 College Activities (continued) Paris 2025: The department is aciively planning an international trip for Year 12 and 13 students lo Paris in February 2025. Royal Academy Young Artists Competilion: KS3 art club siudenls participaied in the competilion. gaining valuable experience. These accomplishments demonstrate ihe departmeni's commitsnent io providing a hIgh￿Uality art education that fosters creativity, collaboralion, and appreciation for the arts. Sporting Achievements." Rend¢omb College ha5 continued to excel in ils sporting pursuiis. demonstrnting a sirong commttment io athletic development and compelitive success. In lacrosse. the school achieved nolable success in the National Schools Lacrosse Championships. reaching the quarterfinals of Division 2 oul of 55 compeling schools. This impressive perforniance showcased the talent and dedication of our lacrosse ieams. The annual Rendcomb Invitational Tournameni, also known &$ ihe Small Schools Tournarnenl. hosled by the College. attrdcled participation fmm smaller lacrosse-playing schoo15. Rendcomb College secured a commendable 5econd-place finish in this prestigious event. Furtherniore. Ihe College participaled in ihe Chipping Norton 6,5 Lacrosse Tournamenl. a unique competition showcasing the new Olympic forniai for ihe sport. Rendcownb College demonstrated ils compelilive prowess by claiming boih first and second place in this tournament. coniributing (O the growth of inleresl in lacrosse within the local community. In rugby. the College participaled in the Jonny Wilkinson Cup. an annual tournameni hosied at Rendcomb. Addilionall).. the Issj Baile), Cup. a newly established hocke). tournameni. N'as held alongsidc the JW Cup. crealing memorable sporting event that is set to become an ar￿Ual tradilion. The cup is named after a fornier pupil who is now a Pardlympic aihleie. Individual achievemenls w'ere also celebraied. ￿'1[h Charlolle securing the top gun prize ai the Marlborough Shooling Competition ai Barbury Castle. Several students. including Franklin. Roman. Trisian. and ThLO. secured places in Junior Premier League squads for the ?0?4 season. Daniel M'as recognised for his cricketing prowess. being awarded ihe Cheltenham Cricket Club balsman of the year and playing for ihe Painswick Cricket Club U19 side. J&sper and Guy were also selected for the Glouceslershire County Crickel pathway. These sporting achievements refleci the College's dedicaiion io providing a N'ell-rounded educalion thai fosiers athletic development. compeiitive 5Pirit, and individual excellence. Flaving represented Team GB at the 2023 IWWF World Under 17 Waierski Championships. Ha￿lSon returned 10 the competilion this year in Canada. Facing iough compeiition. he secured an impressive 18th place in Ihe 51alom. making him Ihe top British athlele in the eveni. While the team didn't clinch any medals. Ihey delivered a strong overall perfomiance, Securing a commendable 8th-place finish out of a competitive field. The championships look place in Calgary. Albena. from August 14. Follom'ingi a brief break, Ihe ieam jetted off to Italy lo compele in the U17 & U14 European Waier Ski Championships from Augusi 21-25. The same squad. including Ha￿lSOn. will be representing Great Brilain. Ha￿lson s passion for waierskiing was igniied by his faiher. a fomler member of ihe British team. This early inspiration ha5 fueled his deterniinalion to excel in ihe sport. Despile facing challenges such as a back injury in the pasi. Harrison's resilience and dedication have propelled him lo the international stage. KS4 and KS5 PE sludenis aiiended the Careers in Sp)rt Conference at the Principality Stadium in Cardiff. gaining valuable insights into the diverse roles and responsibiliiies involved in working w iihin a professional 5POrts club and its foundaiion. Addilionally. they visiled Birniingham City University to experience fitness iesting. KS5 students participaied in laboratory assessments. including a V02 test and a Wingate tesl. KS4 students gained an overview of various field le5ts used to assess aerobic fitness. leg power. flexibility. speed. agility. strength. and other athletic allribules. These experience5 have equipped studenls with a deeper understanding of the sports industry. and Ihe opportunities available lo them. The departmcni'5 commitmeni lo providing sludents wilh praclical and enriching experiences has contributed io their overall developmeni as athleies and individuals. RENDCOMB COLLEGE FOUNDATION TRUSTEES, REPORT (conlinued) FOR THE YEAR F.NDF.D 31 AUGUST 2024 College Activities (continued) Aciiiiiiies & Pasloral.. Rendcomb College. renowned for its holistic approach and commiimeni to providing an outstanding pastoral experience, continued to offer comprehensive supEx)rt and guidance lo our studenls Ihroughoul the year. 'll)e Pasioral Care Departmeni implemenled several key inilialives. including a Peer Educaiion Project where trained Sixih fomi sluden15 led MLnial Healih sessions wilh Year 7 and 8 studenls. Additionally. sixteen pupi15 from Years 10-1 ? were Irained in ML'nial El¢alih Firsi Aid to support iheir peers. The PSHEI-' programrne was amended and changed across all >'ears to ensure morL' specialised leaching on all topics. ￿.]lh leachcrs speciali7.ing in one of ihe five areas Covered by lh¢ curriculum. Chapel was moved to ihe start of the day to creale 55 minuies ofdedicaied PSHEF. time pcr week. All staff continued 10 receive opponuniiies for safegiuarding training. includingi lalks from IhL' school counsellor on curreni issues al'feciinbi our pupils. The department expandLd lis offerings for siudLnls wilh ADEID. including early morning gym sessions in conjunclion with the SENCO and Direcior of Swn. The buddy system was slreainlined lo ensure a high- qualily experience for Year 7 and 8 pupils and their Year 12 and 13 buddies. The on-sile Counsellor conlinued lo offer bespok¢' support lo students and work'ed closely M'iih the Safeguarding and Pa510ral ieams. These inilialives dL'inonslrale Ihe d¢panmenl's dedicaliun lo providing comprehcnsive pasioral care and supwn io our stud¢nls. promoting their w'ell- being> and academic success. The boarding¥ experience at Rendcomb CollL¥pe coniinued io thrive. offering a supportive and enrichingj envir()nmenl for our sludLnls. 'The Boarding Dcpartincni invesied in upgrading facilities. including new bcdroom and s()cial space fumilure and addilional air hockey and table fooiball lables. Outdoor seating spaces in house gardcns were updaied and improved lo provide greater comfort and enjoyment for boarders. A wider range of aclivities was introduced. including whole school boarding aciivilies on TuL'sda)'s and Thursdays with a focus on sport and leam aciiviiies. An addiiional boarder5 gym session was also addc'd. Boarding trips were centralised and now includL' a diverse rdnbyc of visils lo places of inieresi. a5 H'ell as aclivilic'5 such as paintballing, bowling. roller disco. kayaking. paddleboarding. archery. and Go Karting. These activities were suggested through Boarders Forums. These initiaiives fosiered a slrongT sense or coinmunily, providcd opponuniiies for personal growth and development, and coniribuied io the overall positive boarding experience ai Rendcomb Coll¢ge. The Green Car Challenge project was a resounding success. culminating in a thrilling rdce al Mallory Park last aLadL'inic year. This studenl-led inilialive involved a broad age group of students. from Ycar 6 10 Year 13. who contributed io the dcsign. developmcni. and racing of a susiainable eleclric race car. Partially. funded by a l.ocal (iovernmenl grant and the parent association. Ihe proje¢1 fosiL'fL'd a sense of ownership among the 51uden15. Despite racing challenges, including an early mechanical failure. the leam persevered and successfully completed the 3-hour race. finishingi in Ihe m iddle of the pack. The experience gained from Ihis race has inspired Ihe leam lo work on a new car desigyn ￿'Ith Ihc aim of achieving even stronger results in future coiiipetilions. .SLrih F"orm.' The Sixth Forn provided a comprehensive plaiforni for studenls lo prepare for their fulure endeavours. In Year 12, sludents embarked on a career fair visit in March and a university open day in June. gaining valuable insights into higher educaiion and potential career paths. The final three da>.5 of the ierni were dedicaied lo UCAS application and personal slalement wrilin8. mock interviews. and infomiaiive sessions on gap years. personal safety. and appreniiceships. Ejeyond academic pursuits. (he Sixih Forn] fostered a strong sense of community through various social events. The prefect dinner in November, thhole Sixih Forni Christmas dinner in December. and Y13 Leavers, chapel service and dinner in June were highlighis ol Ihe social calendar. Addilionall>', Ihe half-lermly 'Crypi' evenings prc)vided a fun and relaxed aimosphere for students lo socialize and dance. To prepare students for independent living. Year 13 Sludents speni a w'eek in 'Garden House, during the Michaelmas lerni. This immersive experience involved budgeting. C￿kIng. and cleanin8, equipping students wilh essenlial life skills. Furthemiore, the weekly community links programme in Year 12 instilled a sense of civic responsibiliiy. Students volunieered for 90 minuies each H'eek al local primary schoo15. care homes, and a partner secondary. school. assisting teachers and carers. REIYDCOMB COLLEGE FOUNDATION TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024 College Activities (conlinued) Junior School.. Academically. Ihis has been anoiher successful year and - from Nursery lo YT6 - we have witnessed pupils enjoylng their lessons. working to ihe besl of their ability and making cxcellenl progress across all areas of the cU￿1cUlUrn. A Significant majority of this Yr6 cohort will Irdnsfer to the Senior School with 13 of our current Yr6 remaining wilh us at RL'ndc()mb. TH'O of our pupils w'ere successful in being) offerLd acadLmic scholarships lo the Senior School and. in additiun, one pupil was awarded Ihe Rendcomb Scholarship and another wa5 successful in gaining a grammar school place. Our Frida), morninb disiinciion assemblies remain a k'e). part of (he school week and ihe), are the perfect plaifomi from which 10 showcase Ihe varied lalLnts of our pupils. During ihe course of the year. certificaies or Irophies have been presented 10 pupils lo celebrdte their successes in a wide range of areas. We have also enjojed numerous musical perforn)ances as well as routines from the pupils who have altended our various dance aciivilie5. The Co-curricular programme has continued lo develop with Ihis year seeing new acliviiies such as Sl'EM and Yoga aclivilies for Reception-Yr_ and Puul¢s & L hallenges and Walk & Talk for Yr3-Yr6. Of course. li 15 also bireai 10 See Ihose perennially wpular acliviiie5 coniinuin8 to flourish and Foresi School. Art Club and Cookery have continued 10 be well altended. Special menlion rnusl go to all of our Speech and Drama pupils who represenied the school ai the Cheltenham Festival of Performing Art5, They were hugely successful with several pupils gaining medals and some noiable individual perforrnances from Diya and l.ily - ￿e mas. w'ell have some fulure stars of slag7e and screen among u5. There wa% also LonsidLrable success w'ithin Ihe LAMDA examinations and our musicians have achieved man), notable succes5i5 in their Associated Board exams across a range of instruments - congratulations 10 you all. Our dancers also achieved a grcat deal of success al the Chelienham Festival of Perfornling Ans w'ith bi)Ih dance gyroups na￿0w1Y missing oui on the top pri7.e by a single mark. In addition. Daisy and Evelyn are conb¥raiulated for Iheir laniaslic perforniances at ihe festival and Isabella for her outstanding resulls in her exiernal dance aclivilies. The Rendcomb family ha5 continued io extend lis support lo the wider community and. over the course of Ihis pasl year, the Junior School has raised funds for and supponed a numbL"r of charities. We raised funds Ihis year in 5UPPOrt of Children in Need and all produce received for our Flarvesi l--e5tival was donaled lo Cirencesler Food Bank and C irencesler I lousing for Young People. We also raised monej. b). adding some colour inlo school life by dressing up in pink for Cancer Research: blue for World Diabeles Awareness Day and red for Comic Relief. Sport remains a key part of Rendcomb life and this year has been our firsl opw)rtunity io make extensive use of the MUGA (Mulii-use Game5 Area). This faciliiv has providcd us ￿.]lh a much-improved area for use during break limes and an extra resource. which ha5 been ulilised for the leaching of PE and Games ihis year. Choosing a highlighi of the sporting year is never an easy tssk. This year has seen many impressive learn and individual PLrfom)an¢es with some notable success for boys and girls during the cricket season. Our U I I boys. fooibal I leam were victorious al the Windnjsh Valle). Prep School lournameni H'here they managed to ￿.]n all of their matche5 w'iihout conceding a goal and played some entertaining allacking fooiball. lthere ha5 been individual and team success for Dougal and Safiya in triaihlon and lelraihlon and some brilliant achievements in dislance swimming from Rylan. Furthemiore. as well a5 representing their respeciive ag¢-group leams ai Rendcomb. Franklin and Roman continue 10 make good progress al Forest Green Rovers fooiball club and a number ol Yr5 girls were part of a very successful C irencesler U l O Hockey squad. All of our pupils enjoy the opportunity io perforni on stage ai ihe Gr1￿1n Theatre. Our Nursery-Yr2 pupils perfO￿ed in a wonderful Naiivity back in December and they then had a funher opportunity to perforni on the 'big 51age' during Iheir Spring Concert in April. Of course. no school year w'ould ever be complele wiihoul the Yr3-Yr6 Junior School production and Ihere were two amazing performances of 'Porridge. in the Gr1￿1n Theatre. With ?01 people in the audilorium. the Friday evening perforniance was likely a record allendanc¢ for a Junior School Produclion. 10 REIYDCOMB COLLEGE FOUNDATIO TRUSTEES, REPORT (eonlinued) FOR THE YEAR ENDED 31 AUGUST 2024 College Actii'ities {conlinued) Away from school ilself, a varieiy of educational irips and visiis have remained a key feature of the Junior School calendar. This year we have had visits lo Cotswold Wildlife Park. Cadbut) World. LEGO Discovery World. Chedworth Roman Villa and the Chelienham LiiLraiure Festival lo name jusl a few. For Year 6 pupils. Ihere M'as the rcsidenlial trip 10 Kilve Court Outdoor Education Centre in February. li is safc 10 say thai everybody thoroughl> enjoycd Ihcir time away. An unquestionable hi¥hli¥hi in ihis area though rnusl Surely be ihai ihe majorilv of Yrs and Yr6 pupils departLd school in May and headed for nonhern France. li ￿'aS an eclectic visii ￿'ith excursions ranging from a visii io a Iradiiional French market lo a trip io Ihe BLC Museum and from a chocolaie faciory. experience lo a visil lo a WWII Museum. Adml.s.slon.f and AlarA'eiln% Rendcomb College has made significanl slrides in streamlining Its admissions process. The transition lo the Opcn Apply plaifomi has not only reduced adminislraiive burdens bul also empowered paren15 10 aciively participale in their child's admis5ion5 journey.. The new s)'slein provides valuablL' insibhts inlo demog7raphics. admissions funnels. and coinmunicaiion paitems. enabling ihL adinissions team io lailor th¢ir approach and enhancL' the overall ¢xp¢rience. ThL' College's open mornings continue 10 attract strong interest. wilh regular aiiendance exceeding 50 families. The iniroduclion of Year 7 e¥pLrience da)'s and Junior School evenls has expand¢'d enb>abiemenl opportunilic% Ihroughoul Ih¢' year. Addilionally. collaboralive effvrts wilh commercial sales have maxiinised ¢xposure to pulLnlial farnilics. Int¢malional recruiiment. while still facing challenges post-C()VID. is showing sibins of recovery. 'lThe College's Irial of short-lerin iasier weeks for inlernalional schools is a promising inilialive aimed at atlraciing long-terni board¢rs in Years 7-9. The marketing ieam's efforts have been inslrumenial in supwrting the admissions ieam and enhancing brand awareness. The consolidaiion of the leam into a single olTice has fosiered collalx)rdtion and improved e￿icIency. The new website has proven to be a valuable assei. providing valuable data on user behaviour and identifying areas for improvemeni. Wilh a significant increase in visiior numbers and engagemeni. Ihe website continues lo be a key channel for attracting and inforniing potenlial families. The College has executed a comprehensive digiial marketing stralegy. including Google PPC adverts. Facebook campaigns. and global partnerships. While print advertising has been reduced. targeted placements in high-end estate agencies and local evenis ensure conlinued visibility. The use of Vidigami, a closed photo sharing app. has fosiered a strong sense of communiiy and provided parents with a valuable ￿1ndOW into school life. This initiaiive has been well-received by parents and has contributed io positive cngagemenl. The College's investmeni in markeiing automation has yielded signtficanl results. generdling a sieady siream of leads ror the admissions learn. Future plans focus on enhancing the College's rL'pulalion and authority wiihin Ihe independent schools sector, further solidilying ils position as a leading educaiional inslilulion. Developmeni & Prnperty Th¢ Estates Tearn had an e¥tremel)' busy )'ear as alH'aN'5. maintaintng and updating the grade ?* listed Mansion House and surrounding school buildings. The renlal portfolio ￿a5 added lo wilh ihe residential property ncxl lo Ihe Rendcomb Posl 0￿7CC and Stores being significantly renovaled and iurned into a thriving Airbnb. 2 addilional domestic properties were refreshed ready for nem. lenanls. including a new. bathroom in one. The Assislant Housepareni Accommi)dalion in Stable Flouse was refurbished and reconfigured to creaie ? extra boarding bedrooms and a much-needed pupil kitchen and dining area. Roofing work. conlinued on-siie. this year focusing on the Chemisiry department in Stable Block. RENDCOMB COLLEGE FOUNDATION TRUSTEES, RF.PORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024 College Acli% ities (continued) Su.flalnability': Rendcomb College is committed lo fostering a sustainable fuiure and has implemented numerous iniiiaiives 10 reduce its environmental impacl. Our goal is lo inspire teachers. stsff. and pupils lo make environmenially friendly choices and take aclion lo prolccl our planet. At Rendcomb QollegFe. we have tak'en significanl sleps lo reduce our carbon footprinl and promote suslainability. We havL upgpraded our m inibus fleet lo F.uro 6 compliant rn(MJels. inslalled two EV charging poinis. and recycled building maiLrials M'henever possible. We have also applied for solar panels and improved energj. ¢￿iCIenCY Ihroubh loft insulation and l.fr.D lighiing upgrddes. Our grounds have been enhanced wilh ihe planting of neH' trees. Ihe pre5erYation of ancienl trees. and reduced mom'ing practices to promoie biodiversily. We have also implemented initialives lo reduce waste. such as using a local conlraclor for recycling and anaerobic digesiers lor fo(xl waste. Within our buildings. we ifdck and reduce phoiocopying and priniing outpul, use recycled prinler cartridge5, and m()niior energy usagjc in boarding houses lo idLnlifJ' area% for impri)vemenl. B). laking Ihcse aclions. Rendcoinb CollLbe is seltin¥ a positive exampl¢ for our sludenls and inspiring ihem lo become cnvironmentally conscious individuals. We believe that b). incorpordling sustainability into our daily lives. w¢ can crcaie a more 5usiainable fulurL for ourselves and fulure generdlions. Conimerclal Evenls Commercial acliviiy weni from 51rength lo slrengih in 2023-20?4. A5 ￿ ith prL'ViOUS years almost Ihe eniire Collegc site was let io Projecl Inlcrnaiional for 4 w'eLks during the 5uinmLr holida)"s. The). providL'd a Summer School experience for a muliiiude of naiionalities from Uibcki51an. Ital>'. Spain. France and China lo name a few. At Ihe busiesl Rendcomb housed l ?0 visilors on sile. providing board and laundry. catering. classrooms. and 5POrt facililie5. This wa5 iheir ihird year with us and the mosl successful yel. inspiring a repeal bouking for nexi )'ear. Follow ing this Rcndcomb hosied the Riversidc PlaN'ers. an amalcur drnmalics group, for Iheir annual residc'nlial. I'hey built an impressive sei in Ihe coum'ard and perforn)ed three nighis ol- Macbeth. At Ihe same liiiie Foodwork's. a local cookery school. renled Godman Ilouse for ihc resideniial elemeni of Iheir DO￿ Suminer School. The Gr7￿1n Theatre had multiple bookings throughoul the Academic Year. Local comprehensive. Kingshill. joined us for a week in July, pultin8 on Maiilda. This was followed b). a local dance sch￿1 who pui on 'A Nighi al the Movies.. and My Siage School w'ho perfomed an impressive perfornance of Mamma Mia. Earlier in the year local siage schools ulilised the facilities to perfumi Ihe Lion King and Shrek.. Word is spreading in the local area about our wonderful ThLatre faciliiies. and we ar¢ seeing increased enquiries and repeal b(M)kings. Thi5 year we ran successful Airbnbs in both School View. the propcrty next to ihe Post 0￿1Cc. and Garden House. Schvol View now operales as an Airbnb full-lime and Garden House at all limes when il is nol being used for ind¢p¢ndenl living for Year 13s. The newly refurbished Rendcomb Stores and Posl OtTice was an unmiligaled success with pupils. parents. staff and locals. Those involved have w'orked hard io creaie a "hub. for the local community. Additions have been fresh cake {made in our kiichen5) and daily paslries- fresh fruil and vegethbles: Rendcornb venison- pel supplies: Stationery: g*ifts and cards- increased grocerie5 and locally sourced beverages including Hawkstone Cider and l.ager! Over ihe Surnmer months work began in earnest io refurbish the property direcily behind to lurn it into a cotTee shop which has been mel with instant approval by parents. staff and locals alike. 12 RENDCOMB COLLEGE FOUNDATION TRUSTEES, REPORT (conlinued) FOR THE YEAR ENDED 31 AUGUST 2024 College Aclivilies (continued) Multiple bookings were made for the Griffin Theatre to take place during 2023 20?4. starting with a local state secondary using il for their annual produclion during Ociober half-tern) of 2024. The Collcgye looks forward lo welcoming many more local schools and club5 to use Ihe facililies in the up-coming academi¢ year. Public benefit Thc. TrusiLLS have had rLgard lo Ilic byuidance issued b), the Charity C()min ission in accordance with seclion 17 of the Charities Act 201 l in ci)suringp Il)al Il)c Fouiidaliun's objL'CtiV¢s are for Ihc. publiL bei)Lfit. C ijllexe suppc)rifi)rf¥L's The Collegye has the ability 10 offer Ihe Noel Wills Scholarship, a means-lesled award which is awardcd 10 a State Priinary Scli()ol pupil annu4i1 ly enlL'rin¥ the ccillL'gL' al the ab?e or I i. 'rhi8 is an enlirel), frec placc for Ilic duralioi) ol- a pupil's time al the school. In addilion. Ihe Col lege has an extensive Scholarships and ElursariL'5 Pulicy which is desig?nL'd will) Ihe inici)lii)n Ihal funding, gyoL% Iii familiL5 niosl in neL'd. in keLpingJ w iih Ihe Fi)undLr'% int¢'l)lion%. -1.0 suppon Ihis aim. Ihe serviLLS of Elur4ary Adii) inisiralion Limiled are used lo undL'rtake horne vi5il% and in-dLpih analy%i% of lin¢inLial silualions. With in this linancial yL'ar, bursary support aiiiounling lo 6010 of lolal Ice incoinL. hii% been gFf(Intcd 10 pupils allending RL'ndcomb. The Sinclair Bursary Fund money provided by Ihc Rendcoinb CollebP¢ foundation is used by Ihe Foundalion lo fund support lo Bursary candidaies, as are funds raised by 'l'he Friends of Rend¢umb trustees. Our Centenary Scholar perforined exceptionally well in his A Levels achievinb, A* A. A and is headin&p lo Bristol University to study Physics. L'huriiubl¢ ()ulredL'h M'()rk Rendcomb Collegie conlinucs to eng?age in ouirc'aLh work aiid numeri)us local stale Schools have been inviied to aiiL'nd events al Ilie C".ollcg7c. 'I'hL C ominuniiy l.inks projLcl which runs in YLar l ? has gJ()nL froni sirL'I)gJih 10 51rL'ngJlh involving local slate priinary and 5LL()ndary sch()ols, a5 WLII as two local care hoines. Individual dcp&lrtinL'nis havL run ouirL'ach projects, such a5 the Ch¢'mistry and Music dLpartinen15. whLreby they have invilcd IoLal Schools Ic) PilrticipatL' in workshops with our students. We continue lo make the Gr1￿1n Thealre available lo local schools and we have loaned our minibu5 and driver to Coberley C of E Primary School. Our 5POrts facililie5 are Uli lised by numerous local clubs and giroups. Muliiple mLmber5 of siaff volunlL'cr their lime al a variely of setting¥5. ? members of SL-I. were Chair ol. Cjovernors al Ii)cal mainldin¢'iJ schoo15 in 20?3 ?0?4. allowing for excellcnt cr058.fertilisation of ideas and expertise between the seLtors. Oiher volunleer role5 include leiidLr4 ai both Liirl CJuidL and Cubs Groups, a voluntary teacher al (iloucestershire Action for RefugF¢es & Asylum Seekers. a saleguardinb) consulianl at England Lacr055e. -l-rea5urer ai a local swim club and several addilional govemi)r roles. It is a lestamenl to our slaff and Ihe overarching eth05 Ihat 50 many are prcpared to donale their IiiYL' in Ihi5 way. Charity plays a major part in the Collegie'5 fundraising, 5UPPOrting local. national and overseas charities. We have undertaken internal events on key dates. such as Ihe Miicmillan C()l-f¢'c' Mominb>. and held nuinerous Mutli days lo support charities such as Children In Need, Coiiiic Relief. Cancer Re5Larch UK. and Cirenccsler Flousing for Young People. Siudenls also raised Inoncy for a Grcek Wildlife Charily, Tualipa Guylimi. who sludL'nts worked for as part or the Expedition Society trip. Support has been b) iven lo other charitable organisalions such (Is Ihe Friend5 of Rendc()i)Ib 10 support Iheir own charitable work. Rendcomb undertakes the grass culling of Si Peter's Church. Rendcomb. and also provides the cleaning. heating and general day to day mainlenance of the church building. The Colleg>¢ makes land available for the sitingF ()f the villag7e recycling and charity collection bins. During wor weather. the school salis and clears the roads in the village and Ihe doctors. surgery car park. RENDCOMB COLLEGE FOUNDATION TRUSTEES, REPORT (continued FOR THE YEAR ENDED 31 AUGUST 2024 College Acliviti¢s (continued) Parents of our pupils often mak¢ significant sacrifices lo pay the fees. During the year. the school educaled UK based children at negligible cosl lo the state. providing a tangible. indirect IKnefil to public finances in the region of £1.2m. Similarl).. unlike scl)ools in Ihe maintained sector. during the year Rendcomb College paid irrecoverable VA T on most of its purchases of goods and s¢rvi¢es. In summary, the College and Foundalion continue lo fulfil their aims admirably and intend to do so in future years. Further details about the College can be found on the website www.rendLombcolle FINANCIAL RF.VIF.W Deiails of tncome and expcndilure in the year are show'n in Ihe Con501idaied Siaiemenl of Financial Activities on page ?0. which dciails nei eXPL'nditure bcfore invL'slinenl gains ol- £5?6k 120?3.. £83?k) and a negyalive nel movemeni in funds of £231 k (2023.. £1. I l Ok). The Foundalion donaied £221 k lo the Lollege in 2024 (2023.. £713k). I'he value of the funds shown in ihe balance sheel at 31 Augusl 2024 is £9.359k (2023.. £9.590k). This is largely rL'presenied by a portloliu of investment tunds and cash, manag7ed on a discrelionary basis by Ca7.enove Capilal Mai)agpLm¢nl L.iinilL'd dnd Ir¢¢'hold pr()pL'rty. 'I'he invesimcnt purtfcilio wa5 valued al £4.487k al 31 Augiust 2024 (?0?3'. £4,198k). and Ihc frc'Lh()Id propcrty is recordcd in Ihc accounts on the basis sel oul in note 2.1 O on pagle ?4. The niarkcl valuc of thL land and buildings M,hich are OM nL.d bs. the l¥oundaiion and used by the College is considered to be bjrc'dier Ihan the value ai which Ihey are recorded in Ihc accounts. Rl.IA manaKemeni The I'rustces ensure Ihal the major risk5 10 which Ihe Trusl 15 exposed are reviewed Iwo limes a year and Ihai sysiems arL in pla¢L' tu m ilibiil¢' or ii)inimisL' SULh risks. I'he TrusleL's are salisfiL'd that the risks idL'niifiL'd are being managic'd ¢ITeclively and 10 the greatest exienl PO55ible. Principul Ri.fLF 14nd Uncer114inlies The Trustees keep the Foundalion's major risks. which are to ensure thai lis invesimenis are properly managed and thal ils propert). is mainlaiiied b￿. the CollL'b¢. undL'r rebpular revi¢w'. The College's risks are ideniil i¢'d as bL'inb Siralcb> IL. Regulatory. Governance, Exlernal. Operational. Personnel. Environmcnlal. Technological. Academic or Financial. Cunir()I measures arc clearly idcnlified whLfL risk faclor% sugg7es1 a highcr IL'vcl of risk. l-hc Collegyc has a well- d¢VLloped Ln)LfgFL'ncy Plan in place. In c(11)Iin()n wilh many uther smiillLr ind¢'pL'ndeni Colllgcs IhL' major risk5 are around pupil numbers and Ihe onbjoing finaiilial viabilily of Ihe Coll¢g7¢': slrai¢'giic work is thL'refor¢ undertaken lo mitigale these risks by mcasures including e￿I¢L¢nI and targeied markelinbF and promotional activiiy. and key decisions such as numbers of inlernalional pupils. During ihe course of (he prior year, the school underwent an ISI material change inspection and mei ihe required siandard5 in all areas. indicaiing thal the school has robust and clearly managed policie5 around all areas of compliance including safer recruilmenl. anti-bullying and complaints liive.Ilmenl perféprmance Th¢. Truslec'5 Inveslmenl ()bjectives are to al ILa%l maintain the real valuc. c)f iapital while gei)¢'raiing a susldinablL' ILv¢I of income io support the on¥oing charilable aLliviliL'S. TherL is a iarbyLiI i)f CPI plus 40/11 per annuin. nel of feLs. over the long-tem. The portfolios are l 00 % invesled in the Charit). Multi-Assel F und. The Trustees consider Risk as follows.. Capiial volaiiliiy.. Ihey arc able lo tolerate medium lo high oscillations in value Income.. stability of income is considered imponanl -lnflalion.. proteclion of the real portfolio value over the long lenn is considered important The Charity Mulii-Assel Fund has a stable and suslainable total return distribution of 40/0 per annum. Income is currently sel up lo be paid lo the Trustees at the end of every quarter. 14 RENDCOMB COLLEGE FOUNDATION TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024 FINANCIAL RF.VIF.W (Continued) Re.ferves policj andgoiiig concern Under Ihe il'rnis of the deed, the Truslecs make availablc lo Ihc Govemors all in¢ome arising from Ihe Endowment Funds of th¢ Foundation. It is the policy ol- the TruslLes il)ai the Foundaiion as a whole should seek lo generale a surplus of income over expenditure each year to safeguard ihe future of the Collegye and to provide funds for a programme of conlinuous refurbishment of College properties. The Trustees periodically review Ihe level of reserves to ensure thai ihese are consisient with the College's budgetary requiremenls. The consolidaied unreslricled funds al 31 August 2024 were £3.265k (2023.. £3.535k). of which £1.252 (20?3.. £1.186k) represents designated funds to be invested to provide income 10 support the provision of bursaries and school improvements. Additionally. a balance of £6,094 (?023.. £5.998kl is held in the balance sheet as expendable endowment. The policy of the TrusleLS is io ensure they relain sutyicicnl unrestriclcd re5crvcs to 3sSlSt the Govc'rnors to manage Ihe fixed as￿15 which are used by the Governors for its charilable activities. I'his is reviewed periodically. The Trustees seek lo balance Ihe required improvements and enhancements lo Iheir F.slale wiihin ihe overall running of the Foundation and School's finances. Reserves may be reslricted for bursary. 5Lholarship. developmeni or other purpose if thi5 15 a specific request of a donor. It therefore remains the policy of Tru51e¢s. lo seek to build up reserves out of operating surpluses, subject lo the demands for fulure expenditure lo support the school and Governors. 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 Ihis be required. 'lThe Foundation ha.8 a loan of £1. I m on which no interest 15 charg7ed and repayable by 2030. This is secured against residential property which is not required for the running of the College. In the year a further loan of £250.000 has been repaid. Plans (or future periods It is expected Ihal pupil numbers will be maintained in the coming years, whilst still maintaining the school's family- feel and caringj cthos. 'I'he work that ha5 been started on updatingF and refreshing k¢y areas of the school sile will coniinue, with more sigFnificant projects being considLred as need arises. The Foundation conlinues to provide considerable support lo the College. In ?02?.23 Ihe Foundation was pleased lo support Ihe College from the Martin Wills bequesl. The Martin Wills beque5l is received every 7 years and the last bequcsl amounled to £1.4m. The supported provided by thc Foundation in the prior year included the first of three installmcnl lo support the upgFrade of IT a¢ross the College. the resurfacing> of a playground, Ihe purchase of ihe lease and business of the Village Shop and Post Office and £ 100.000 towards College running cosis. The second installmenl towards the IT upgrade wtis made in ?0?3-?4 and the Foundation have conlinued to support College running costs with a further gift of £100.000. The investment by the l-oundaiion and CollL'ge is welcomed by parents and prospective parents. helping lo boost interest in Ihe school and show continuing investment inlo the school's infrasiruciure. RENDCOMB COLLEGE FOUNDATION TRUSTEES, RF.PC)RT {continued} FOR THE YEAR F.NDED 31 AUGUST 2024 TRUSTEF.S' RF.SPONSIBILITIES The Truslees are responsible for preparing Ihe Trustees, Report and the financial statements in accordance wilh applicable la￿. and United Kingdom Accouniing Siandards (Uniied Kingdom Generally Accepted Accouniing Praclice). including Financial Reporting Siandard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.. The law applicable lo charilies in England & Wales requires the Truslees lo prepare financial slalements for each financial year w'hich gy ive a true and fair view of Ihe stale of alTairs of the charily and of the incoin ing¥ resources and application of resources of the charity for Ihat period. In preparing Ihese financial slalements, the I'ruslees are required to.. Selecl 5uiiable accouniing policies and ihen apply them consistently- Observe the methods and principles in ihe Charities SORP (FRS 102). Mak'e judgements and esiimates Ihat are reasonable lind prudent: State th hL'iher applicable accounling Slandards have been followed. subjeci 10 any material departures disclosed and eiplained in the financial slalements: Prepare thi financial statements on the going concern basis unless il is inappropriaie to presume ihat the charity will coniinue in busines5. lkne truslees are responsible for keeping proper accounting records Ihal disclose with reasonable accuracy al any lime Ihe financial posiiion of Ihe charity and enable them to ensure Ihai the financial siatemenis compl). with Ihe Charities Aci 2011. the Charity (Accounis and Reports) Regulations ?010 and the provisions of ihe irusi deed. 11)ey ar¢ also responsible for safeguarding the asseis of the charity and hence for taking reasonable steps for ihe prevention and deteclion of frdud and other i￿egUlarIties. AUDITORS A resolution proposing the re-appointment of Haysmacintyre LLP as auditors will be made al the next Annual Generdl Meeling. The Trustees. Report was approved by the Trusiees on 171h January 20?5 and is signed on Iheir behalf by.. Henry Robinson - Chaimian 16 INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF RENDCOMB COLLEGE FOUNDATION FOR THF. YF.AR F.NDF.D 31 AUGUST 2024 Independent auditor's report to the trustee5 of Rendcomb College Foundation Opinion Wc have audited Ihe financial slatement5 of Rendcomb College Foundation for the year ended 31 August 20?4 which comprise thL L onsolidail'd Siatein¢'ni of F injncial AciiviliLS. Ihc Consolidaild and l.oundaiion 13alanLL' Shee15. the Consolidated Cash l.'low Sialemenl and noles to Ihe linancial statem¢nts. including) a summary of sib>nificanl accounting polici¢'%. The financial reporting framLwork' that has been appli¢d in Ihc'ir prL'paraiion is applicable law and Ilniied K ingd()m Accounting Siandards, including F inancial Rcporting SiandpliL'iihlL' in ilit, LJA jrr¢bgyu IcqriliLs, incluiling fraud 15 dciailed below.. Flased on our ui)dcrs14ti)dingi of Ilie g¥roup and the environment in whiLh il operalLS. we idLniifi¢'d thai Ihe principiil risks ul. non-compliance wilh 14lWS and regJulalion5 related t() the indL'pLiidenl school regulations. salebyuarding r¢guliilions, healil) and salely requirements. CJDPR. eii)ploym¢'ni law and Lhariiy law, and we c(Insidered Ihe extent to which non- compliance Inighi have a n)alcrial eftecl on the financial slalL'menls. We also con%iderL'd Ihosc law5 and regiulation5 that have a dirLLI iiiipacl ()n Il)L' preparation ol. the financial slalemenls such as such as Ihe Charities Aci ?0 I l and consider uiher faLlors such as payroll lax. We evaluated managemeni's incentives and opportunities for fraudulenl manipulation of the Iinancial slaleinents (includiilb the risk of ovLrridc' (Jr cc)niri)151 and d¢ilenninL'd that the principal risks were relalcd lo Ihc improper recogFI)ilion of revenue and Inanabcm¢nt bias in a¢countinbY e51imat¢'s. Audii procedurc5 perfonned by thc engab?Linent team included.. Inspccling correspoiidencL with rLb'uI2K Ii)rs and lax auihi)riliLS: Discussions witli InanablLinenl inLluding considL'ralion of known or suspecied instances of non-compliance willi law5 and regiulalion and fraud: F.valualing Inanagemenl's controls designed lo pr¢venl and detect irregularities: Idenlifyinbl and lesling joumals: and Chall¢nb>ing assumpiions dnd judgjemenis made by management in Iheir crilical accounling estimates Because of the inherent limitalions of an audit, Ihere is a risk Ihat we will not delecl all irregularities. including those leading lo a material m i55tatement in the financial statements or non-compliance with regulation. Thi5 risk increases the Inore thai compliance with a law or regiulalion is reinoved from the events and transactions refle¢lL'd in the financial slalemen15. as we ￿ ill be le55 likely lo bLcome aware of inslances ol. non-compliance. 'Ihe risk is also greater regardii)g irregularities occU￿l￿g due lo fraud rather than e￿Or, as fraud involves intentional concealment. forgery. collusion. omission or misrepresentation. A further description of our responsibilities for the audil of the financial slalements is located on Ihe Financial Reporting Council 5 website ai.. ww￿..frc.0r .uL auditorsres onsibilities. This descriplion fornis part of our auditor'5 report. IIYDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF RENDCOMB COLLEGE FOUNDATION (CONTINUED) FOR THE YEAR ENDED JI AUGUST 2024 Use ofour report This report is made solely to the charity's truslees. as a body, in accordance with seclion 144 of the Charities Act 2011 and regulations made under section 154 of thai Aci. Our audit work has been undertaken so thal we might slate to the charity's Iruslees Ihose matlers we are required to slalc to Ihem in an Audilorfs report and for no oiher purpose. l o the fullest exlent perniilted b), law. ￿'e do not accept or assume responsibilil). lo anyone other than the charil), s trustees as a bod>. for our audit work. for this report. or for the opinions we have fonned. Scott Lawrence FCA DChA (Senior Stalulory Audilorl For on behalf of Hazlewoods LLP. Siatutor). Auditor Si#i'erlon Court Si¥i'¢rton Chelienham GL51 OUX Date: 22.01.2025 Hazlewoods LLP is eligible lo act as an audiior in iemis of 5eciion 1212 of Ihe Companie5 Aci 2006 19 RENDCOMB COLLEGE FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED JI AUGUST 2024 College Found¥lion General Designoled Restricted Gen¢r¥l EDdowmenl Funds Funds Funds Funds Fund5 £'o £'ooo £'ooo Tot41 2024 £'ooo Tot41 2023 £'ooo Note INCOMF. FROM". Cha ritable acti%'itie5 School fees receivable Other income 8,071 80? 8.071 802 7.171 650 Tradtng activities 552 554 218 Ini'estment income 152 216 192 VoluntAry seri'ices Grants and donations 26 Total ineom ing resources 9,510 154 9.664 8.?57 F.XPF.NDITURF. ON: R#isin£ funds I'radingj costs Charitable activities Education 143 22 165 80 9.808 99 10.025 9,009 Total expenditure 9.951 140 99 10,190 9.089 Nct Ineomel (expendilure) befor¢ inv¢stm¢nl %ains/ {losses 1441) 14 (99) (526) (832) (iainsl (losses) on investment asscls 68 32 195 295 {2781 Nci income/ (expendiiure) bi'fore transfers (441) 68 46 96 (231) (1.1 10) Transfers 15-18 59 (2) {57) Net movement in funds (38?) (57) 46 96 (231) 11.110) Fund balances at I Sepiember 2023 (915) 1.186 57 5.998 9.590 10.700 Fund balances al JI August 2024 15-18 (1 ?97) 1.252 3,310 6.094 9,359 9,590 All Ihe activitie5 included above were conlinuing during the year. The notes on pages 23 to 36 forni part of these financial sialements. Th¢ Stalemenl of Financial Activities for the comparative period has been presented in note 25. 20 RENDCOMB COLLEGE FOUNDATION CONSOLIDATED AND FOUNDATION BALANCE SHEETS AT 31 AUGUST 2024 Group 2023 £'ooo Foundalion 2024 2023 £'ooo £'ooo 2024 £'ooo Nole Fixed assets Tangible assets Investments 10 7.1?8 4,487 7.?79 4.198 6,648 3,419 6.831 3,199 1.615 1.477 10,067 10,030 Current a55ets Debtors Cash ai bank. and in hand Short term d¢posits 12 390 ?.443 39 229 1.791 50 388 39 779 39 13 2,880 2,070 433 823 Creditors: amounts falling due within one year 14 (4.036) (2.857) (217) (491) Net current (liabilities)lassets (1.156) (787) 216 332 Creditor5: amounts falling due after one year 14 (I,i(K)) (I,l(M)) (1,100) (1,100) Net gssets 9.359 9.590 9.183 9.262 Represented by: Unresiricied.. Founddlion - expendable endowmeni Troundalion - other College - General Designaied Restricted.. College 6.094 3.310 (1.297) 1.252 5.998 6,094 3.089 5.998 16 1.186 57 9.359 9.590 9,183 9.?62 The financial statements were approved and authorised for issue by ihe Board of ihe Truslees on and were signed below on its behalf by: 17.01.2025 HCWRO Chainnan inson The notes on pages 23 to 36 fomi part of these financial statements. 21 RENDCOMB COLLEGE FOUNDATION CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notes C4$h flows from operating 8¢livilies Nel ouigoing resources Inveslment income Depreciation charge ncrea5e in value of stock (Increase}Idecrease in debtors Increase in creditors (526) {216) 336 (8) (161) 1,429 (83?) (19?} 276 10 1.572 128 Net cash provided by operating activitie5 854 952 Cash flows from ini'esting activities Purchase ol. tangible li.¥ed assets Purchase of investments Proceeds from sale of invesimenls Inveslmeni income (185) (270) 216 192 Net cash provided byl(used inl investtng activities 23 (64) Cash flow's from financing aetivilies Repaynienl of loans in )'ear (250) (750) Net eash provlded by investing 4clivities (2501 (750) Nel decrease in cash and cash equtvalents Cash and cash equivalents at ihe beginning of the reporting period 138 .703 1,841 Cash and elsh equivalents at the end of Ihe year 13 2.482 1.841 Anolysis of ¢h2nges in net debt A131 Augu$¢ 2023 Olher Changes A131 Augu$¢ 2024 Cashflows Cash and cash equivalents Cash at bank Short lerni deposits 1.791 50 652 2,443 39 1.841 2.482 Borrowings Debi due within one year Debi due after one year (250) (1,100) 250 (1,100) (1.350) 250 (1.100) Total 491 891 1.382 22 RENDCOMB COLLEGE FOUNDATIOIY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 GF.NF.RAL INFORMATION Rendcomb College Foundation is a charity eslablished b), trust deed in England and Wales and registered with the Charily Commission. The mernbers of the charity are the Trustees. Rendcomb College Founddlic)n was established by irust deed on 22 March 19?0 (charily number 311713). The Charity is a Public Benefii Enlity as defined by FRSIO? ACCOUNTING POLICIF.S A summary of the more imwrtanl accounting policies. which have been applied consistently. is set out below. Accounting convention The financial statement5 have been prepared in accordance N iih Ihe Financial Reporting Standard appliLablL' in th¢ UK and Republic of Ireland IFRSIO?). the Siaiement of Recommended Praclice applicable to charilies preparinb? their accounis in accordance wilh ihe Financial Reponing Siandard applicablL' in Ihe Ll K and Republic of Ireland (FRS 102) Second Ediiion. The financial statements have been prepared 10 give a 'irue and fair. view and havc. d¢parted from thL' Chariiies (Accoun15 and RerM)ns) Regulations ?008 only to the extenl required to providL' a 'true and fair vi¢'w'. This departure ha5 involvcd follow'ing Accouniingj and Rcponing by C'liarilies preparin8 their accounts in accordance ￿ iih the F inancial Reponing Siandard appli¢ablL' in the UK and R¢'public of Ireland (FRS 102) Second Edilion rdiher Ihan the Accounting and Reporting by Charities.. Siatement of Recomrnended Practice etrective from l April 2005 which has since been withdrawn, The accounting policies sei out below have been applied in preparing the financial slalemenls for the year ¢nded 31 Aug7usI ?0?3 and Ihe comparaiive infomation presented in Ihese financial slalemenls for the year ended 31 Aublusl ?O?l The financial slalemenls are drawn up under (he hisiorical cosl conveniion excepi that inveslinents arc carri¢d al mark¢1 valu¥. Critical accounting jud2ements ind key sources of es¢im4tion uncertainty In the applicaiion of the accouniing policies. Trustees are rcquired io make judg?em¢nt5. eslinialcs. and assumptions about the ca￿'inb7 value of assets and liabiliiies Ihai are noi readil! appar¢'ni from other sourcc5. The eslimaics and underlying7 astsumpiions are based on hislorical experience and oiher laclors thal are considered lo be relevant. Actual resul(s may differ from ihese eslimates. The eslimaies and underlying assurnpiions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in the period in which the eslimale is revised if the revision affects only Ihal period. or in Ihe period of the revision and future periods if the revision affethed current and future peri(Kls. In the view of the Trustees. no assumptions concerning the fulure or esiimaiion un¢ertainiv affeciing asscls or liabililies ai the balance sheel date are likely lo resuli in a material adjustment to their canving amounts in the next financial year. Consolidation The accounts consolidate th¢ r¢sults of th¢ Foundation and Rendcomb College. a separately registered and incoryjoraled charity (coinpany number.. 05891198. charitN' number.. 11158841 and Rendcomb Services Limited, a separately registered company. for the year ended 31 August ?023. 2.3 Going Concern The l-ruslees consider ihal there are no maierial uncenainties w'hich would casi doubi on the charily'5 ability lo continue as a going concern and therefore consider li appropriate 10 prepare the financial Statements on a going concern basis. 2.4 Fee Income Fees reLeivable and charges for services and use of premises are accounted for in the period in N,hich thc scrvice is provided. Fees receivable are stated after deducling allowances. scholarships and oiher remissions granted by the College. but include contribulions received from Restricted Funds for Scholarships. Bursaries and oiher grants. 23 RENDCOMB COLLEGE FOUNDATION NOTF.S TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES {continued 2.5 Inve51ment income Investment income from dividends. bank balances and fixed interest securities is accounled for on an accruals basis. 2.6 Donation5 inrome Dondlions for purposes restricied by the wishes of the donor are taken lo "'restricled fuTMls where these wishes are legall), binding on Ihe "I"rusiees. Donaiions thai are required (o be reiained as capilal in accordance wilh Ihe donor's wishes are accounied for as "endowmenis" pemianeni or expendable acLvrding 10 ihe nature of the reslriclion. Cv rant income Gr4inl income relates lo Ihe Governmenl's Coronavirus Job R¢l¢nlion Grant (CJRG) and is recognised under the accruals basis in line wilh staff costs. 2.8 F.xpciiditurc E.-APLndilurL is accounied for on an accruals basis. li is allocated between calegories on the basis of aclual costs. Cost of charilable activiiies includes expendiiure associaied with the running of ihe College and include both direct and suppon cosls. Support cosls represent indirect Costs relaling to raising funds and the charity's charitsble aclivities. Support Costs, including governance costs. are allocaled io activities on bases Ihal represeni ihe Governors, best estimate of actual us¢. Governance costs comprise the costs of running ihe charity. including auditors. remuneration and expenses reimbursed io Governors atlendin8 meelings. 2.9 Investments InvLslmLnls are stated at markel value. Realised gains and losses on inveslmenls represenl the difference between sale proceeds and opening market value (or value al dale of purchase if later). lJnre81ised gains and losses represent the change in market value of the investment portfolio in the year. 2.1 O Fixcd 855ets Fixed assets for use by Ihe charil), are Stated ai c051. less depreciaiion. Propeny gifted to ihe Foundation is Stated at ils value at the dale of the gift. Freehold land is not depr¢ciat¢d. Dcprecialion of oiher assets is calculaled on a slraibyhi-line basis ov¢r the e51imal¢d us¢ful life of an ass¢t ai th¢ follow'ing rales.. Freehold building5 All-weaiher 5POrts piich E-"quipmeni and motor vehicles 50 )'ears l O )'ears 4 - 5 )'ears A55els under construclion are noi depreciated until such time thai ihey are fit for use. 2.1 I Cash at bank and in hand Cash at bank and cash in hand includes cash and short le￿ highly liquid inveslments with a short maiurity of three months or less from the date of acquisition or openin8 of ihe deposit or similar aCC￿nI. 2.12 Financial instrument5 The charily only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenis. Basic financial instnjmenis. including Irade and other debiors and crediiors are initially recognised al iransaciion value and subsequen(ly measured at their seitlement value. 2.13 Creditors And provision Creditors and provisions are recognis¢d where the chariry has a present obligation resuliing from a past event that will probably result in the transfer of funds lo a third party and the amount due to settle the obligation can be measured or eslimaled reliably. 24 RENDCOMB COLLEGE FOUNDATION NOTF.S TO THE ACCOUNTS (continued FOR THE YEAR F.NDF.D 31 AUGUST 2024 ACCOUNTING POLICIES (continued) 2.14 Fund accounting Expendable endowmenl funds are funds which have been received by means of legacies or capilal donations and the use of the incom¢. and,.'or capildl is governed by thc term5 of Ihe endowment. Reslricled funds are funds which havL' been received fc)r SPL'¢ifiL purposes as indicated by the donor. Unreslricled funds {includii)g those desig?naledl are funds whose use is whol ly ai lh¢ discr¢iiion of Ih¢' TrusieLS. 2.1 S Pensioiis l-hL CollL'ge conlribules lo Ihe Teachers. Pension Defined Benefi15 Scheme ai rate5 Sel by Ihe Scheme actuary and advi5¢d lo the Iloard by the Scheiiie Adii) inislralor. I'hc schemc is a multi-employer pension schenie aiid the Colleb7e does nol have any Commilmenl lo contribule lo any delicil or receive any surplus ari5ingi on the Scheme. In accordancL wiilI FRSIO? therLlorL'. thL Scl)¢mc' is accouiit¢'d for as a dLfinLIi coniribuli()n schLine. The C"ollLg?e also operales a money purchase schLii)e lor non-Ic'aLhing staff. Coniribulions are Lharged lo Ilie %ialcnienl of I'-inai)cial Activities as incurred. 2.16 OperJtiiig Ica5e R¢iiials pJ}'abli ar¢. charged ()n a lime basi8 over Ihe lease ierni. even if Ihe pavillenls are not made on such a basis. Bcnefii4 reLeived and recLivablL a% an incentive Io Sibjn an opL'ralii)b Ici( se are siinilarly sprLad on a slraibyhi_line basis over the lease tenn. 2.17 Foreign currency Iranslalion l-hL' Lharily s funLlicTrn¢il and presentation currency is pound 51erling. Monetary as5e15 and liabilities denominated in forei&in currencies are IranslalLd inlo slerlii)&) al the rates of exchanb)¢ rulinb ai the balance sheei dale. Transaclions in forLigin CU￿encieS are rccorded al the rate njling al Ihe dale of th¢ Iransaclion. All differences are recog¥nisLd in Ilie SialeinL'nt of Financi(Il ALliviliLs. CHARITABLF. ACTIVITIF.S- FF.F.S RF.CF.IVAIILF. 2024 £'ooo 2023 £'ooo Fees receivable Consist or: Schoc)I fL'¢'S Less lolal bursaries. scholarships and allowances 9,215 (1.144) 8,212 (1,040) 8.071 7,172 Means te.sted scholarships, busarie5 and ()ther awards lotalling £488.093 1?023. £491.7601 wer¢ paid to 46 pupils (20?3, 41 l. Within Ihis, I pupil (?0?3.. 1) M'5 in receipl of Ihc Francis l)ullon Scholarship. During Ihe yC¢ir £ l Ok (20?3.. £16k I was Iran5te￿Cd froiii thc Fouiidalion lu Ihe Lollcgpc for bursaries. CHARITABLF. ACTIVITIF.S- OTFIF.R INCOMF. U nrc51ricled £'ooo 562 118 71 50 Tolal 2024 £'ooo 562 118 Total 2023 £'ooo 468 De5ignalcd Restricted £'ow £'OIH) Additional courses School transport Additional accommodation Oilier income 53 58 50 802 802 650 OTHER TRAI)ING ACTIVITIES Total 2024 £'ooo Tolal 2023 £'ooo Unreslri¢led Designyted Restricted £'ooo £'ooo £'ooo Trading income Functions Renial income Forestry income 439 439 130 82 554 554 218 25 RENDCOMB COLLF.GE FOUNDATION NOTES TO THE ACCOUNTS (eontinued) FOR THE YEAR ENDED 31 AUGUST 2024 INVF.STMENT INCOME Un restricted fund5 College Foundation £'ooo £'oi 2024 Total £'ooo 2023 Total £'ooo Income from investment ponfolio Inlcrest 44 20 15? 196 20 187 64 152 216 192 GRANTS AND DONATIONS Unreslri¢l¢d £'ooo TotAI 2024 £'ooo Total 2023 £'ouo Desi2naled £'ooo R¢slricted £'ooo Donations Granls 26 21 26 TotAI Tolal TOTAL EXPENDITURE Staff costs £'ooo Depreciation Other £'ooo 2024 £'ooo 2023 £'ooo £'ooo Cost of rAising funds 'rrading cosls 165 165 80 Ch4ril#ble gctivilics EJiiL'ull(JPI Teaching WL.Ifare Premises Markelinb Adininislralion 4.3?8 466 302 59 19 257 484 1.086 4,871 1,571 1.802 148 .633 4.??1 1,493 1,351 134 1.810 148 993 639 5.735 336 3.954 10.025 9,009 5.735 336 4,119 10.190 9.089 Support costs include marketing and adminislralion costs. 26 RENDCOMB COLLEGE FOUNDATION NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED31 AUGUST 2024 TOTAL EXPENDITURE (continued) 2024 2023 £'o Cto%'ernance included in other costs RLmuneration paid io auditor lor audil services (including VA T) Audit of parenl Audit of subsidiaries Remuneration paid io auditor for oiher services (including VA T) 15 20 10 24 41 None of the Trustees received any remuneraiion duTing ihe ￿'ear. Expenses tolalling £nil (2023.. £nil) were reimbursed to Trustees during Ihe year for travelling costs and oihcr oul of pocket expenses. TOTAL EXPENDITURE (2023) Staff costs £'o( Tot¥1 2023 £'ooo Total 2022 £'ooo Depreciation Other £'ooo £'o( Cosl of raising (unds Trading costs 80 80 96 Charitable activitie5 Education Teaching Welfare Premises Marketing Administration 3.920 353 253 38 263 4,?21 1,493 1.351 134 1.810 4,003 l.i19 1,054 37 1.061 134 510 183 1.680 5.036 276 3.697 9.009 8.160 5.036 276 3.777 9.089 8,256 STAFF COSTS 2024 £'ooo 2023 £'ooo Wages and salaries Social security costs Pension contributions (note 24) Redundancy pavments 4.786 453 496 4.119 394 438 5.735 5.036 27 RENDCOMB COLLEGE FOUNDATION NOTES TO THE ACCOUNTS (¢onlinued) FOR THE YEAR ENDED JI AUGUST 2024 STAFF COSTS (continued) 2024 2023 The average monthly number of employees in the year was: Teaching- Full lime Pan lime Welfare Premises Administration 52 59 28 10 19 63 19 10 19 168 162 2024 2023 Number of higher paid employees in bands of.. 60.000 - 69.999 70,000- 79,999 150.000- 159.999 Aggregate employee benefits of key rnanagemenl personnel during the year were £663.728 (?023.' £615.827). 10. TANGIBLE FIXED ASSETS Freehold land £'o(M) College buildings Dwelling houses Tot81 College Equipment Total £'ooo £'o(H) Cost Ai I Seplember 2023 Additions Transfer￿disPOsalS 70 9.061 392 9,523 3.166 185 (130) 12,689 185 (130) At 31 August 2024 70 9.061 392 9,523 3.221 12.744 Dcpre¢ialion At I Seplember 2023 Disposa15 Charge for the year 2.493 198 5.410 (130) 336 175 184 15? At 31 Augusi 2024 7.669 2.741 5.616 Net Book Value 31 August 2024 70 6,i92 186 6.IA8 480 7.128 31 August 2023 70 6.568 194 6.832 447 7.279 The College has use of the properties 0￿.ned b). the Foundation. con5iSting of -_ The main building of Ihe School w'ith many classrooms and facilities, includin8 the kilchens. dining hall and a boarding house and the new perforniing ans centre: The stsble block. including lalx)ratories. ICT Room and classrooms and the Arts Block including classrooms. The boarding houses, consisling of Park House, Old Rectory. G(Klman House. Lawn House and Stable House. Garden House is used for the 6th Forrn: 28 RENDCOMB COLLEGE FOUNDATION NOTF.S TO THF. ACCOUNTS (conlinued) FOR THE YEAR ENDED 31 AUGUST 2024 10. TANGIBLE FIXED ASSETS (continued) In addition, ther¢ are lennis courts, a swimming pool. spons hall. 4 and 5 Forni Social Centre and an all- weather sports pitch: Dw'elling houses for employees consisl of the Headmasier's House. The Rectory. Rectory Cottage. Par* Collagie. No s 15. 16. 19. Elouses on exlernal lel are Coombe House, Churn House. Orchard House and No's 15, 17.18.?O ihe Posl 0￿1¢¢ (part shop) and Post Otrice Coiia&ie' and The Griffin Centre. The College maintains use of these properties on an annual basis. being the sole beneficiary of properties on Ihe College sile and the recipient of rental income of properties in the surrounding area. These remain under the ownership of the Foundation: Iheir use by the College is key io ihe fulfilmeni of the Foundation's objects. I I. FIXED ASSET INVF.STMENTS Group Foundation 2024 2023 £'ooo £'ooo 2024 £'ooo 2023 £'ooo Market value at I September Disposal proceeds ALquisilions al cosl RLalised &painl(loss) Unrealiscd gain.11055) 4.198 (6) 4.490 (15) 3,198 (6) 3.425 (15) 295 (278) 227 (212) Market value at 31 August 4.487 4,198 3.419 3.198 Hisiorical Cost 3,693 3.697 2.732 2.737 Investments are all in UK funds. 12. DEBTORS Group 2023 £'ooo Foundation 2024 £'oo( 2024 £.0￿) 2023 £'iioo School fees receivable Prepayments and accrued income Oiher debtors 144 246 69 154 390 229 IJ. CASH AND CASH F.QUIVALF.NTS Group Foundation ?074 £'ooo ?0?4 £'ooo ?0?3 £'ooo 20?3 £'ooo Cash ai bank Short terni deposils 2.443 39 1.791 50 388 39 779 39 2.482 1.841 427 818 Short tenn deposits cornpri5e (emporary dep)sits of surplus funds with Lloyds Bank PIC and balance5 held in cash accounls wilh Cazenove. 29 RENDCOMB COLLEGE FOUNDATION NOTES TO THE ACCOUNTS {continued) FOR THE YEAR F.NDF.D 31 AUGUST 2024 14. CREDITOR5: amounts falling due within one l'ear Group Foundation 2023 £'O(M 2024 2023 £'ooo 2024 £'ooo Trade creditors Accruals Regislralion and guardntee fees DL'ferred income Oiher credilors Oiher tax and social security Loan financing Amounis due io Rendcomb College 210 75 523 3,050 58 120 273 94 580 1,501 46 113 250 34 250 200 200 4.036 217 491 CREDIT()RS: gmounts falling due after one )'eAr 1.100 1.100 1,100 Deferred income comprises external funding for school fees all due in ihe following financial year. Included wiihin loan financing is a loan of £250k from Cazcnove Capilal Management. The loan is subjeci to inleresl charged on a daily basis al a rai¢ equal io the aggregate of ihe Base Raie and a margin of 2.250/0 per annum and is repayable on demand. Crediior5 greaier ihan l year relaie to a loan secured by way of a fixed charge on designaied school asseis. The loan bears no interesi and is repayable in 2030. IS. ENDOWMF.NT FUNDS Net oul%oing rcsource5 At 31 Au2 2024 £'oiio Ai I Sept Tr•nsfers £'ooo g•insl{lusses £'ooo Fuundoilon-Fndowmenllunds Original F und The 1976 Addilional Trusi Fund 1945 Covenani Fund Dulverton Grant 1945 Supplemenlal Trust Deed 3.126 153 994 1.126 599 (99) 10? 3.129 158 1.076 1.163 618 32 37 19 5.998 {99) 195 6.094 The funds are expendable and represenied mainly by investments which are managed as a pool by the investment fund managers. Cazenove & Co. ENDOWMF.NT FUNDS (2023) Nel outgoing resources Investmenl yinsl(10sscs) At31 Aug 2023 £'ooo* Ai I Sept Transfers Foundailon-Endowmenifunds Original Fund The 1976 Additional Trusi Fund 1945 Covenant Fund Dulverton Granl 1945 Supplemental Trus( Deed 3.335 158 1.0?5 (99 {99) (5) (30) (34) (18) 3,126 153 994 1.1?6 599 617 6.295 (99) (I i) {187) 5.998 resiaied lo refect allocalion of investment gainsl(losses> across endowmeni funds The funds are expendable and represented mainly by investments which are managed as • pool by the inves(menl fund managers. Cazenove & Co. 30 RENDCOMB COLLEGE FOUNDATION NOTF.S TO THF. ACCOUNTS (¢onlinu¢d) FOR THE YEAR ENDED 31 AUGUST 2024 16. DF.SIGNATED FUNDS Al I Sept 2023 £'ooo Net incoming resou rce5 DTrC51ment gains/(l()sses) £'ooo At JI Aug 2024 £'ooo Transfers £'ooo £'ooo College fouiidalion Fund Francis Dutlon Bequesi {2) 68 1,199 53 53 1,186 (2) 68 1,252 The College Foundaiion Fund consists of the inveslmenl Portfolio transfe￿ed by Rendcomb College Foundaiion. The curreni inienlion is to retain Ihe Fund and use the income generated to help fund the aciivities of IhL' College. l-he Francis l)ution Bequest is ulilised for scholarships. DF.SIGNATF.D FUNI)5 (2023) At I Sep¢ 2022 £'ooo Nel inconi ink resources Ini'eslmeiil gAiiis/llI)s%es) Ai 31 Aug 2023 £'ooo Transfers £'ooo College l.oundaiion Fund Franci5 Duiion Bequest 1,201 53 (2) 1661 53 (2) {66} 1.186 The Collebye Foundalion Fund con5isls of Ihe investment ponfolio IransfetTed by Rendcomb College Foundation. The current inlenlion is to relain the l.und and use the income bienerated lo help fund the activities of Ihe College. The Francis Dullon Ejequesi is ulilised for scholarships. 17. RF.STRICTF.D FUNDS At I Sept 2023 £'ooo Net outgoing reSOUTres Inveslment gxinslllosses) £'ooo At 31 Aug 2024 £'ooo Tr8nsf¢rs £'ooo £'ooo Longitude b7rant Cenlenarv lund (7) 150) 50 57 (57) The Longiludc gyranl consist5 of funds awarded al lh¢ l.ongiludL' Explorer Challenge and is bLing used lo develop Science. 'Icchnology. Engin¢¢ring andlor Maths educalion within the CollL'gJe. The CeniL'I)Jry fund consisls of amounts rei¢ived for thL Centenary celebration. In prior year5 the expendiiurL had not been malchLd ab>ainsl the funds and so has been shown as a transfer this financial year. RENDCOMB COLLF.GE FOUNDATION NOTF.S TO THF. ACCOUNTS (conlinued) FOR THE YEAR ENDED 31 AUGUST 2024 RESTRICTED FUNDS (2023) At I Sept 2022 £'ooo Net out%oing resou rces I ni'estment gain51(1055es) £'ooo At31 Aug 2023 £'ooo Transfers £'ooo £'ooo Longitude grani Cenleniiry fund 50 50 57 57 The l.ongy iludL' gFranl consists of funds awarded at the l.ongiludL l.'xplorer Challenge and is bcing used to develop Science, 'I'echnology, b.ngineering andlor Maths educaiion wiihin ihe College. The Centenary fund consisls of amounis received for Ihe Centenary celebralion. 18. UNRF.STRICTF.I) FIINDS Nel inc()mingl {i>ulg()inK> r¢sources I n*'c%lnicn¢ At l 6•ept 202J £'ooo Ai31 Aug 2024 £'ooo Tr¥nsf¢rs £'ooo (1055es £'ooo £'ooo Ciillexe GuvL'rnors (915) (441) 59 (1 ?97> Fiiunduilipii Sinclair Blirsary Fund Other Funds 390 2,874 32 4?1 2,889 3.?64 14 32 3.310 2.349 (427) 59 32 2.013 Fund Iransfers relaie 10 ongoing liiiancial support provided by the Foundaiion 10 Ihe College in respect of working capital. UNRESTRICTF.D FIINDS (202JI Nel inrDmingl ulgoinR) re$ources In%'tstnicnt 29ins/ (lo%ses) £'ooo At I Sept 2022 £'ooo Ai 31 Aug 2023 £'ooo Tr#ns(ers £'ooo £'ooo Ciillexe Governors {943) (686) 714 (915) Sinclair Bursary Fund Other F uiids 427 3.610 (18) (683) (25) 390 2,874 (53) 4.037 (47) (701) {25) 3,?64 3,094 (733) 13 {25) 2,349 32 REIYDCOMB COLLEGE FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YF.AR ENDED 31 AUGUST 2024 19. NET ASSETS BY FUND Tangible rixcd 855¢ts £'ooo Long t¢rm liabilities £'ooo Net current a55etsl{liabilities) £'ooo Investments Total £'ooo £'ooo Unrestricted funds 480 (1,777) 403 (1.297) 3,310 Fc)up7dulion 3.607 400 (1,100) Endowment Funds Founduliun 3.041 3,019 34 6,094 Designated fund5 C c?Ilege 1,068 184 1.252 7.128 4,487 (1.1001 (1.156) 9.359 20. FINANCIAL INSTRUMENTS 2024 £'ooo 2023 £'ooo Cash and cash equivalen15 Financial instruments thai are debt instrumenls measured at amortised cost 2.482 1,841 67 2.48? 1.908 Financial liabilities measured al amortised cost (3.318) (2,164) Financial assels measured at amortised cost include fee debtors and accrued income. Financial liabililies measured at amortised cost include fees in advance, trdde creditors, other creditors and loan rinancing. 21. OPERATING LEASE COMMITMEIYTS: LESSEE Ai 31 August 2024. the College had commilments under non-cancellable operating leases as sel oui below.. 2024 2023 Fixtures & ritlings £'ooo Fixturc5 & rjttings £'ooo Vehicle5 £'OIMI V¢hieles £'ooo Operating leases which expire.. Within one year In one lo two years In two to five years 54 39 54 Toial cosis incurred in the year in respect of rental charges for a5sels held under operaiing lease of £6k (2023.. £74k)- 33 RENDCOMB COLLEGE FOUNDATION OTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 22. PENSION COSTS (a) Teaching slaff The School now participates in the Aviva Pension TTUSI for Independenl Schools (APTIS) which is a defined conlribulion pension scheme which can be used by all IS13A member Schools for their teaching 51aff. li is sei up as pan of Aviva s 'Masler Trust" a trust-based pension arrangcmeni managcd by indcpcndeni professional trusiees. It is availablc for I SBA Inembers and such oih¢'r orgFanisations as are admiltcd by mutual agreement. The pension charge for thl ) ear includes Loniribuiions p3yablL lo Aviva of £494,887 (?0?3'. £481.86?) and at the year- end £nil {20?3'. £nil) was accrued in respect of conlribulions to this scheme. bj NcJn-l¥a<-hinx.%luir The Coll¢b?e operales a money purchas¢ scheme for non-teaching slaff. The assets of the scheme are held separately from those of the College. Ai the year end there were 77 {?0?3.. 66) members of ihe money purchase scheme. Employer'5 contributions tolalled £128.524 (20?3.. £106,813) during (he year and al (he year-end £nil (2023.. £Nil) was accrued in respecl of coniributions lo ihis scheme. 23. RELATF.D PARTY TRANSACTIONS Rendcomb College is a connected charity with Rendcomb College Foundation as the Truslecs of the Foundalion arL ihe members of Ihc College. During the year the Foundation donaled £2?1,110 (?0?3.. £71 ? 819) to rhe College. At 31 August 2023 ihe balance receivable from the Foundaiion was £200,000 (?023.. £200,000). During the year Ihe College purchased service5 of £179.937 (2023.. £220.391) from Rendcomb Services Limited and ai Ihe year end ha5 a net receivable balance of £16.708 (2023.. 36.507). R¢nd¢omb Services Limited is a wholly own¢d subsidiary of Rcndcomb Colleg¢. During the year one Governor (20?3'. Iwo) had two (20?3.' two children) enrolled al the College. and fees charged were ai the full raie. During the year £13.375 (20?3.' £13,6?5) was donated by the Friends of Rendcomb for two ￿holarships. During the year £nil (2023.. £3.000) was donated by the Hunily and Margery Sinclair Charitable Trust. 24. SUBSIDIARIES Rendcomb College Rendcomb College is a wholly owned subsidiary of Rendcomb College Foundation. Its ￿sUltS for ihe year. as exlracled from the audited financial statemenls. are summari5ed below.. 2024 £'ooo 2023 £'ooo Income from.. Chariiable aciivities Trading aciiviiies Inveslmenls Voluntary services 8.873 276 64 243 7,8?1 212 48 738 Total income 9.456 8.819 34 RF.NDCOMB COLLEGE FOUNDATION NOTES TO THE ACCOUNTS (continued FOR THE YEAR ENDED 31 AUGUST 2023 24. SUBSIDIARIES (continued) Rendcomb College (continued) Rendcomb College is a wholly owned subsidiary of Rendcomb College Foundalton. lis resulis for the year. as extracted from Ihe audiied financial siaiemenis. are summarised below- 2024 £'ooo 2023 £'ooo ExpL'ndiiure on.. Trading costs Education 67 9.6?8 66 8.7?7 Total expenditure 9.695 .793 Nei income/(expendilure) 26 Gain￿(lOSses) on investments assets 68 (66) Nei movements in funds (40) Tangible fixed asseis Investments Debtors Cash and short tern) dew)sits Creditors 480 1.067 595 ?.021 (4.005) 447 999 445 985 (2.547) Nei asseis 158 329 Rendeomb Serwi¢¢5 Limil Rendcomb Services Limited is a wholly owned subsidiary of Rendcomb College. lis trading resulis for the year, as exiracied from the audiied financial 51atemenis. are summarised below= 2024 £'ooo 2023 £'ooo Turnover Cost of sales 275 (231} 2?0 (212) Gross profitl(loss) 45 Administrative expenses (?5) (7) Operating profiU(loss) 19 Stocks Cash Debiors Creditors 35 20 (44) 38 (48) (19) (i) 35 RENDCOMB COLLEGE FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YEAR F.NDED31 AUGUST 2024 25. COMPARATIVE STATF.MF.NT OF FINANCIAL ACTIVITIES College Foundation General Designated Restricted General F.ndowment Funds Funds Funds Fund5 Funds £'o £'o( Tot41 2023 £'ooo Tol81 2022 Note INCOMF. FROM: C. huritable activitie5 SLhool f¢'¢s rL'ceivable Oiher income 7.171 650 7.171 650 6.536 592 Trading activities 212 218 233 Investment income 48 144 192 184 Volunlar). seri'iccs (iran15 and dona(ions 26 26 1,504 Total incoming re50urres 8.107 150 8.257 9.050 F.XPF.NDITURF. ON: Raising (unds "I'rading cosis 66 14 80 96 Charitable activities F.ducalion .727 183 99 9.009 8,160 Total expenditure .793 197 99 9.089 ?56 Nel incomel {expendilu re) before ini'estmenl gains1 (IDssC5) (686) (47) (99) (832) 794 Clain￿ Ilosses) on investmeni a55els {66) (25) (187) (278) {223) Net incornel (expenditure) before (ran5fers (686) (66) {72) (?86} 571 Transfers 15-18 714 (2 (701) Nel movemeDI in funds 28 (68) (773) (297) (1,110) 571 Fund balance5 at I September 2022 {943)_ 1.254 57 4.037 6,?95 10,700 10,129 Fund b*lxnces at 31 August 2023 15-18 {915) 1.186 57 3.264 5.998 9.590 10,700 36