## **RENDCOMB COLLEGE FOUNDATION REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025** Charity Number: 311713 ## **RENDCOMB COLLEGE FOUNDATION** ## **REPORT AND FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 AUGUST 2025** |**CONTENTS**|**PAGE**| |---|---| |Reference and administrative details|1| |Trustees’ report|2 – 18| |Independent auditors’ report|19 – 21| |Consolidated statement of financial activities|22| |Consolidated and Foundation balance sheets|23| |Consolidated cash flow statement|24| |Notes to the accounts|25 - 39| **RENDCOMB COLLEGE FOUNDATION** **REFERENCE AND ADMINISTRATIVE DETAILS** |**Trustees and key management team:**H C W Robinson DL (Chairman)|**Trustees and key management team:**H C W Robinson DL (Chairman)| |---|---| ||I L H Ormerod (appointed 17 January 2025)| ||S D E Parsons TD| ||Mrs L H Singer| ||R H Wills| ||N J N H Wills| ||M J H Wills| |**Secretary:**|P A Beddows| |**Registered office:**|Knight Frank LLP| ||Unit 10 Burrough Court| ||Burrough-on-the-Hill| ||Melton Mowbray| ||Leicestershire| ||LE14 2QS| |**Solicitors:**|Charles Russell Speechlys LLP| ||Compass House| ||Lypiatt Road| ||Cheltenham| ||Gloucestershire| ||GL50 2QJ| |**Auditors:**|Hazlewoods LLP| ||Staverton Court| ||Staverton| ||Cheltenham| ||GL51 0UX| |**Brokers:**|Cazenove Capital Management Limited| ||1 London Wall Place| ||London| ||EC2Y 5AU| |**Bankers:**|Coutts & Co| ||Chandos Branch| ||440 Strand| ||London| ||WC2R 0QS| |**Charity Number:**|311713| 1 **RENDCOMB COLLEGE FOUNDATION** **TRUSTEES’ REPORT** ## **FOR THE YEAR ENDED 31 AUGUST 2025** The Trustees present their annual report for the year ended 31 August 2025 under the Charities Act 2011 together with the audited consolidated financial statements for the year which comply with the requirements of the Foundation’s Trust Deed and the Statement of Recommended Practice “Accounting and Reporting by Charities”, Second Edition effective 1 January 2019 (FRS102). ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Legal and charitable status** The Foundation was set up by the late Frederick Hamilton Wills on 22 March 1920 to provide education at Rendcomb College and is registered with the Charity Commission (Registration No. 311713). With effect from 1 September 2006, the business of the College and its net operating assets, together with investments with a value of £1 million were transferred to a newly incorporated charity, Rendcomb College (Charity No. 1115884, Company No. 5891198). As the Trustees of the Foundation are the members of the incorporated charity and appoint the Governors, Rendcomb College is treated as a subsidiary charity and its results have been consolidated with those of the Foundation. Subsequent to the reporting date, on 22 January 2026, the Governors resolved that Rendcomb College will close at the end of the summer term in July 2026. The decision was based on the deteriorating financial position of the College, the projected increase in the operating deficit, and the conclusion that continued support from the Rendcomb Foundation was no longer feasible. As a result, the Governors have determined that the charity will not continue its operations beyond the end of the 2025/26 academic year. TheFoundation will be applying to the Charity Comission to change its objects and will continue to support children and schools. In the meantime, the Foundation will be continuing to provide financial and other support to the College to assist it to wind down the operations of the school in a well managed way that ensures safeguarding pupil welfare and other regulatory obligations through to closure. ## **Trustees, governors and advisers** Details of the Trustees of the Foundation, key officers and advisers are shown on page 1. ## **Governing document** The Foundation is governed by its Trust Deed dating from 1920 and most recently amended in August 2006. ## **Organisational structure** The Trustees are responsible for ensuring that the objectives of the Foundation are met. Four of the Trustees are also Governors of Rendcomb College. ## **Key management personnel** The Trustees, Governors of the College together with the Head, Bursar and their Senior Leadership Team are the key management personnel. Remuneration for those employed by the College is set by the Board of Governors to encourage enhanced performance and to reward fairly and responsibly individual contributions to the College’s success. The remuneration is reviewed annually, including reference to comparisons with other independent schools where publicly available. The Trustees and Governors are not remunerated. ## **Investment powers** The portfolios of securities owned by the Foundation and College are managed by Cazenove Capital Management Limited. who act with delegated authority under the terms of a discretionary agreement. 2 **RENDCOMB COLLEGE FOUNDATION** ## **TRUSTEES’ REPORT (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ## **Recruitment, induction and training of Trustees** Trustees are appointed for a fixed five year term but are eligible for reappointment. Trustees are initially appointed for a five-year term. In line with the Charity Governance Code where a trustee has served for more than ten years, their reappointment is subject to rigorous review and takes account of the need for progressive refreshing of the Governing Body. New trustees are inducted into the workings of the Foundation , and its policies and procedures, through visits to the school, meetings with key management personnel, and the provision of handbooks and similar literature. Details of training opportunities are circulated to existing trustees who are encouraged to benefit from charity specific training provided by sector specialist law firms and accountants. ## **OBJECTS, AIMS AND OBJECTIVES** The objects for which the Foundation is established are to advance education by supporting a boarding and day school for boys and girls and by providing buildings for use by the College and making contributions to the College’s operating costs. The land belonging to the Charity must be made available for the purposes of the College. Following the announcement to close the College, the Foundation will be applying to the Charity Comission to change its objects and will continue to support children and schools. ## **Principal activity** For the time being, the principal activity of the Foundation continues to be supporting the College to enable it to meet its objective to provide education for boys and girls aged from 3 to 18 years. ## **College objects** The object for which the College is established is to advance education for the public benefit including the provision and maintenance of a boarding and day school or schools for boys and girls in the United Kingdom. ## **Mission Statement** The College mission is to develop **thoughtful** , **adventurous** and **academically ambitious** young people who are lifelong learners. It aims to prepare them with the character and skills to succeed in the ever-changing world after school. Pupils have the freedom to experience, explore and enquire about the world around them. The College aims to encourage independence and tolerance in a safe, caring community and magnificent natural environment. ## **To achieve this the College will:** - Promote a growth mind-set, where abilities can be developed through dedication and hard-work; - Provide a co-curriculum that will challenge and support character development, leadership and teamwork; - Encourage individualism, creativity and contribution to a nurturing and collaborative community; - Engender physical, spiritual and mental well-being through a strong pastoral system; - Prepare pupils for a life beyond school; - Develop an appreciation for and responsible attitude towards their environment and surroundings. 3 **RENDCOMB COLLEGE FOUNDATION** ## **TRUSTEES’ REPORT (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ## **College Activities** The Academic Year 2024–2025 presented Rendcomb College with a complex and challenging operational environment. The wider Independent School Sector faced unprecedented economic headwinds, intensified by the profound uncertainty surrounding the imposition of VAT on fees. This climate significantly impacted parental decision-making, contributing to a decline in pupil numbers. Despite these difficult external pressures, the College maintained its commitment to an exceptional programme of academics, sports, and the arts. This period of strategic challenge also saw a pivotal change in leadership, as the College prepared for the departure of Head of College, Rob Jones, at the end of the academic year. The Trustees and Governors acknowledge that the outcomes of the 2024–2025 year necessitate careful financial stewardship and a rigorous strategic review to ensure the long-term sustainability and future growth of the College. ## _**Academic:**_ The academic success of the Upper Sixth Form cohort in the 2025 A-Level examinations stands as a powerful reaffirmation of the College’s educational quality and the pupils' resilience. The results secured continue to demonstrate a consistently strong academic performance for the College, with 32% of pupils achieving A*–A grades and 58% securing A*–B. These outcomes embody the College's core value of “Ambitious” through drive, determination, and a commitment to excellence. Individual successes highlight the breadth of this achievement: Jack secured an outstanding four A* grades and proceeds to The University of Bath to study Computer Science; Georgette achieved A*, A*, A, A; and Gene attained A*, A*, A and will also be attending The University of Bath, reading Architecture. Furthermore, students achieved excellent results in key subjects including Psychology, History, Business Studies, and Sport, confirming offers at highly regarded institutions such as the University of Bath, University of Liverpool, and the University of Exeter. Overall, 90% of students received their first or second-choice university offer, reflecting the efficacy of the College’s preparation and guidance. The strength of the Arts was also evident, with one student progressing to the Leeds Conservatoire for Music and another to London Metropolitan for Fine Art. These results not only represent academic achievement but also demonstrate the tangible value provided by the College's programme, successfully preparing students for diverse and ambitious future pathways. ## Rob Jones, Head of College, summed up this year’s results by saying: “We congratulate all of our 2025 leavers on their incredible achievements this year. All that hard work and dedication has paid off. We wish them all the very best as they begin the next exciting chapter of their lives after Rendcomb College. This year is especially poignant, as it is my last as Head of College. I am delighted with all the successes that the school has provided for so many pupils here during my time.” The achievements of the Year 11 cohort in the 2025 GCSE examinations further underscore the quality and robustness of the College’s educational programme. Despite the broader uncertainties in the sector, these results demonstrate that the College continues to deliver excellent academic value. The pupils achieved a solid performance, with 29% of grades awarded at 9–7 and 54% at 9–6. These outcomes reflect not only the students' own ambition and determination but also the dedication of the teaching staff and the effectiveness of the support mechanisms that encourage impressive progress from initial starting points. Individual successes highlight the cohort’s strength, with Olivia and Ella both securing outstanding sets of top grades between 9 and 7. Sophia and Tony also achieved excellent results, each gaining 8 top grades in the 9 to 7 range. These achievements are particularly valuable as they confirm the foundation for the pupils' transition to Sixth Form, thereby supporting future enrolment stability. The Science Departments successfully maintained their commitment to academic rigour, securing strong external performance and delivering significant value through outreach and applied learning. This continuous investment in high-quality STEM education is essential to securing the College's reputation and long-term viability. 4 **RENDCOMB COLLEGE FOUNDATION** ## **TRUSTEES’ REPORT (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ## **College Activities (continued)** The College’s success in national competitions highlights the robust academic standard across all three sciences (Biology, Chemistry, and Physics) for pupils in Year 10 and above. These results demonstrate a competitive edge in external benchmarking: - British Physics Olympiad: Success was recorded across both the Senior Challenge (Year 12), achieving 1 Silver and 3 Bronze awards, and the Year 10 Online Challenge, securing 1 Gold and 9 Silver awards. - Biology Olympiads: Pupils achieved a Bronze award and a Highly Commended in the Intermediate Olympiad, alongside significant success in the Biology Challenge, which included 1 Gold, 1 Silver, 5 Bronze, and 7 Highly Commended certificates. To further enhance the curriculum and support university aspirations, the department delivered crucial applied learning experiences. These included a Year 12 Seminar Day at Birmingham University and a collaborative two-day in-house field trip for Year 13, conducted jointly with the Geography Department. These activities reinforce the academic depth required for progression into higher education. A strategic priority was to leverage College resources for internal pipeline development and external engagement, essential for market positioning in a difficult sector: - RSC Competition: The Chemistry Department demonstrated regional leadership by hosting the Royal Society of Chemistry Schools Analyst Competition, inviting external schools and showcasing the College’s facilities. - Junior School Integration: Senior School Science teachers prioritised engagement with the Junior School by running dedicated lessons in the specialist Senior labs. This early exposure to high-quality facilities helps to secure the internal pupil pipeline and demonstrates the College's commitment to continuous curriculum integration. - Wider Engagement: The annual Science Week offered a range of internal events, including lunchtime open lab sessions and a full school assembly show. Pupils also benefitted from external trips to the Cheltenham Science Festival and Science Live lectures at the Forum Theatre in Bath. These achievements confirm that the Sciences Department remains a core asset in delivering the high-value educational experience required to maintain parental confidence and enrolment in the current climate. The Modern Foreign Languages department continued to enhance the curriculum this year, focusing on fostering cultural understanding and demonstrating the crucial practical value of language skills beyond the classroom. A key initiative was welcoming back three successful alumnae—Anna Frost, Ella Higgins-Anderson, and Morgan Seatter-Messer. They delivered inspiring presentations to Years 7, 8, 10, 11, and 13, illustrating how their language learning has provided a significant **competitive advantage** in diverse careers, including law and technology. The talks provided students with valuable insights into the ongoing relevance of languages in professional life and shared experiences from their year abroad. The department excelled in delivering innovative, cross-curricular projects that apply language skills in practical contexts: - **RAF Odiham Challenge:** Students participated in a highly successful joint **Physics and French trip** to RAF Odiham, exploring the connections between languages and space. They won first place in a competition by designing and marketing a space hotel, presenting their proposal in their chosen language. This achievement earned 25 students a return visit, which included a Chinook helicopter tour, a Russian lesson, and a presentation on space exploration. - **Cultural Celebrations:** The College marked **European Day of Languages** with a tutor group quiz and celebrated **Journée Internationale de la Francophonie** , where staff and students engaged in speaking French, enjoyed French cuisine at lunch, and took part in related activities. 5 **RENDCOMB COLLEGE FOUNDATION** ## **TRUSTEES’ REPORT (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ## **College Activities (continued)** - The residential trip to **Château de la Baudonnière** offered a fantastic immersive experience for Year 7 and 8 pupils. Conducted entirely in French, the students participated in a wide array of cultural and historical activities, including exploring the **Normandy landing beaches** , viewing the **Bayeux Tapestry** , and engaging in French life skills such as bread making and snail tasting. This deep immersion is central to developing fluency and cultural literacy. The department’s focus on practical application and professional relevance ensures that MFL remains a high-value and enriching component of the Rendcomb education. The Business and Economics Department successfully continued to embed engaging and challenging teaching methodologies, resulting in a year of excellent outcomes and sustained academic improvement across all senior courses. The vocational BTEC Business courses demonstrated outstanding attainment, confirming the department's ability to deliver high-calibre practical qualifications: GCSE Level: The cohort achieved a record high of five Distinction Stars, with the vast majority of remaining students securing Distinction or Merit grades. A-Level: All students secured at least a Merit grade, and notably, one student achieved a prestigious Distinction Star. This strong performance followed a strategic investment of teacher time in preparing bespoke examination advice, particularly for a challenging Marketing component. The A-Level Economics results marked the highest level of top-grade attainment in three years, confirming the strength of the academic teaching: The A*-B proportion in A-Level Economics was the highest result over the last three years, reflecting successful curriculum delivery and student engagement with challenging economic principles. The department’s consistent success in delivering top grades across both vocational and traditional academic subjects underscores its vital contribution to the College’s overall academic profile and value proposition. The History Department recorded a highly successful academic year, distinguished by outstanding pupil attainment and the successful strategic enhancement of the curriculum. The department demonstrated exceptional academic performance, significantly exceeding baseline expectations across all senior examination levels: GCSE Results: Outcomes were excellent, with 60% of grades achieving A* (grades 8 and 9). A-Level Results: Results were equally impressive, including two students achieving the highly coveted A* grade, and 100% achieving grade C and above. Both Key Stage 4 (GCSE) and Key Stage 5 (A-Level) demonstrated significant positive value-added, confirming the department's efficacy in ensuring students perform substantially above initial projections. The department successfully embedded a new A-Level specification that strategically broadened students' historical knowledge. This included the introduction of important and relevant topics such as 20th Century China and Civil Rights in the USA. This enhancement allowed the curriculum to delve into previously overlooked perspectives, fostering a more inclusive and comprehensive understanding of the past. Enrolment figures for both A-level and GCSE History courses remained robust, demonstrating the continued popularity and the high academic value of studying the subject at Rendcomb College. The Geography Department upheld its commitment to developing intellectual curiosity and delivering high value, applied learning experiences throughout the year. 6 **RENDCOMB COLLEGE FOUNDATION** ## **TRUSTEES’ REPORT (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ## **College Activities (continued)** Fieldwork, a crucial element of the curriculum, was successfully delivered to reinforce real-world understanding and data collection skills: A-Level Fieldwork: Year 12 Geographers undertook essential field trips to Ebbw Vale and Cheltenham to investigate complex issues of economic change and inequality, providing necessary practical experience. GCSE Fieldwork: Year 10 students visited Gloucester Docks to study urban regeneration processes, while Year 11 students conducted core physical geography fieldwork on the Jurassic Coast in Dorset, including a residential stay on the Isle of Portland. Independent Research: A-Level Geographers successfully completed their rigorous independent research projects on advanced physical or human geography topics, a key requirement that demonstrates high-level academic competence. The department actively sought external opportunities to enrich the learning environment and foster a global perspective: UK Polar Network Initiative: At Key Stage 3, the Year 7 cohort collaborated with the UK Polar Network, resulting in the successful design and deployment of an Antarctic flag with a team of polar researchers. This initiative successfully fostered exceptional creativity and demonstrated the students' engagement with critical global societal issues. The department’s focus on practical investigation and high-level independent research confirms the strategic importance of Geography in delivering the College’s ambitious academic standards. The Academic Physical Education Department ensured the curriculum was significantly enriched through high-value external experiences, reinforcing the practical application of theoretical knowledge: - Sports Therapy Course: All academic PE students in Year 10 through Year 13 attended a practical Sports Therapy course at Birmingham City University. This provided valuable vocational experience, giving students hands-on learning in the assessment and treatment of sports injuries, including the essential clinical skill of taping. - New Disciplines: The curriculum was further diversified and enhanced by a dedicated trip for Year 10 students to Far Peak to learn and experience Padel tennis, ensuring exposure to contemporary and emerging sports disciplines. These targeted practical activities ensure the high-value delivery of the Academic PE curriculum. The College maintains a strategic focus on maximising pupil potential through targeted academic support, continuous pedagogical improvement, and robust community engagement, ensuring that high educational value is delivered across the institution. Structured support is provided to more able students through two age-differentiated groups, designed to build the communication skills and intellectual curiosity necessary for making competitive applications to top universities: The Bitner-Glindzicz group (Years 7–10, named after Old Rendcombian Maria, a distinguished geneticist). The Suffolk group (Years 11–13, named after Old Rendcombian Jonathan, ex-director of the national theatre). Both groups focus on the development of high-level academic skills, including debating, critical thinking, and theory of knowledge, reinforcing the ambition for lifelong intellectual growth. 7 **RENDCOMB COLLEGE FOUNDATION** ## **TRUSTEES’ REPORT (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ## **College Activities (continued)** The MedVet Society offers crucial, specialised support for students pursuing careers in medicine and veterinary science. The group engages in critical discussions on issues such as the state of the national health service and medical ethics. Preparation for aptitude tests and university interviews is often student-led, leveraging the valuable first-hand experience of senior pupils. The programme benefits significantly from the generous support of the Old Rendcombian family network. The College demonstrated a commitment to pedagogical improvement through institutional developments in teaching and learning. The quality of feedback students benefit from was enhanced via a new book look process, establishing structured accountability for feedback delivery. The College established a shared philosophy of teaching and learning, deliberately informed by pupil pursuits. This new philosophy provides an ambitious framework designed to ensure all pupils achieve the best possible progress. The College maintains its structured Community Links Programme through a partnership with Henley Bank School. This initiative sees Year 12 students provide valuable Teaching Assistant (TA) support in Henley Bank lessons on a regular basis, offering our Sixth Form pupils real-world experience in leadership and teaching while supporting educational capacity within the local area. ## _DT, Art and Drama:_ The Design Technology Department focused this academic year on enhancing technical capabilities, integrating advanced manufacturing, and equipping students with vital, applicable skills for higher education and independent life. The ultimate measure of the department's success is the strong progression of students into related fields. This year saw graduates further their passion for the subject by securing places to study Engineering, Product Design, and Architecture at universities both in the UK and internationally. To ensure the programme remains cutting-edge and delivers high-quality practical outcomes, the department executed a key investment strategy: Advanced Equipment: The acquisition and installation of a new laser cutter significantly enhances the breadth and quality of future practical projects. 3D Printing Evolution: The use of 3D printing was further integrated across Key Stage 3 (KS3), GCSE, and A-level projects, including dedicated Research and Development (R&D) with new materials to explore different physical properties and applications. The curriculum emphasised practical application and critical thinking: Environmental Design: A new dedicated KS3 carousel module challenged Year 8 students to address global environmental concerns by upcycling materials to create new, valuable products, fostering a crucial design mindset. Green Car Challenge: The multi-year Green Car Challenge continued, engaging students in the detailed process of designing a new lightweight chassis to achieve enhanced performance. Cross-Curricular Support: The department provided essential technical support and expertise for the Senior School production of Harry Potter and the Cursed Child, constructing complex, custom props, including moving staircases, light-up wands, and floating broomsticks. A successful community links module was established, utilising the department's practical expertise to benefit the Sixth Form. This provided students with valuable practical life skills essential for independent living, including basic plumbing, car maintenance, and repairing circuits. 8 **RENDCOMB COLLEGE FOUNDATION** ## **TRUSTEES’ REPORT (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ## **College Activities (continued)** The Drama Department achieved a year of significant success, delivering an innovative production and securing excellent academic outcomes. The department’s work continues to be a major source of collaborative activity and skill development across the College. The flagship production was an innovative, collaborative staging of the brand-new school’s edition of Harry Potter and the Cursed Child. This major undertaking successfully engaged 70 pupils from all age groups in the Senior School, providing valuable vocational experience both on and off stage. Crucially, the success of the show was founded on extensive cross-departmental collaboration, drawing on resources and expertise from Design Technology (DT), Art, and Wardrobe. This collaboration was essential in constructing the ambitious technical elements, including a bespoke set of moving treads for the stair ballet, 40 lighting wands, and three magical doorways. The tightly choreographed show, which navigated 47 scene changes and 24 locations, was highly valued for its integrated stagecraft, where the professional execution of the constantly moving scenery was as critical as the acting. ## Academic rigour remained a priority, resulting in strong examination performance: Exam Outcomes: The department successfully staged and examined seven different plays for GCSE and A Level, ranging from devised work to scripted texts. This rigorous assessment process culminated in accomplished, highly graded work that demonstrated excellent positive value-added. LAMDA Examinations: Pupils achieved outstanding results in LAMDA examinations across Solo and Duo Acting, Reading for Performance, and Musical Theatre categories. 66% of entrants achieved Distinctions, with the remaining 34% gaining Merits. Two pupils achieved Merits at Bronze Level, and one gained an impressive Distinction at Gold Level, securing valuable UCAS tariff points for their university applications. The department ensured students benefited from high-quality external partnerships and theatre exposure to enhance their practical and theoretical knowledge: Theatre Visits: Examination and Year 7 groups supported The Barn Theatre, attending the innovative 'made by Barn' production of The Three Musketeers and the successful re-iteration of Stones in his Pockets. These visits provided essential inspiration and contextual material for their Component 3 written examinations. Specialist Workshops: The College hosted the Paper Birds Theatre company to instruct Years 10–13 on Verbatim Theatre, and Splendid Productions performed the A Level set text Woyzeck with an accompanying workshop, directly aiding pupil preparation for the written examinations. Creative Engagement: MAD Week saw the return of KatMary Productions with a creative interpretation of Metamorphosis, engaging pupils in physically challenging creation and staging, alongside the popular Squire Stage Combat workshops, which taught safe and convincing stagecraft. The department’s focus on high-calibre production, measurable academic success, and practical industry engagement ensures that Drama remains a high-value element of the Rendcomb curriculum. The Art Department delivered an exceptionally successful academic year marked by significant public engagement, strong examination outcomes, and strategic enhancement of student facilities and resources. A major highlight was the public exhibition, the Rendcomb Retrospective, hosted at New Brewery Arts in Cirencester. This week-long exhibition attracted over 800 visitors, providing crucial external validation of the quality of our students’ work and reinforcing the College's standing within the wider community. The successful opening night included an insightful talk by teacher and painter Benedict Lovering, enriching the public experience. Furthermore, a collaborative painting created by the Art Scholars (Year 7 to Year 13) was unveiled at the show and is now proudly displayed on the College premises, serving as a lasting testament to the departmental collaboration. 9 ## **RENDCOMB COLLEGE FOUNDATION** ## **TRUSTEES’ REPORT (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ## **College Activities (continued)** Students achieved excellent results, with positive value-added demonstrated across all subjects. This was headlined by Annabella, who secured an A* in A-level Art and has successfully progressed to Fine Art study at a leading London art school. The curriculum was significantly enriched through high-value experiences: Paris Study Trip: Year 12 and 13 Art and Photography students undertook a highly successful residential trip to Paris, gaining inspiration from key cultural institutions including the Louvre, Musée d'Orsay, Pompidou, and the European House of Photography. This provided essential context and fresh perspectives for their advanced coursework projects. Workshops and Trips: Students benefited from a hands-on textiles workshop led by Georgie Reese, a designer with experience in eco-fashion and leading British labels. Year 11 Art students also completed a crucial trip to Oxford, exploring the Ashmolean and Pitt Rivers museums to directly support the contextual development of their coursework. The generosity of the Rendcomb College Parent’s Association (RCPA) provided a substantial enhancement to resources this year, through the donation of a Silk Screen Exposure Unit and Heat Press. This specialised equipment expands the range of creative opportunities available to students in both Art and Photography, ensuring access to contemporary textile processes. The department also initiated and led the Urban Arts event for MAD Week, involving every student in the school in large-scale murals, spoken word poetry, and street dance. This successful, whole-school engagement underscores the department’s role in fostering a vibrant, creative culture across the College. Finally, the commitment to providing dedicated workspaces was realised with individual studio spaces for all Year 13 students, with plans to extend this enhanced provision to all Sixth Form artists in the near future. ## _Sporting Achievements:_ The Sporting programme for the 2024–2025 academic year was defined by pupil dedication, talent, and the successful delivery of the College's holistic education. Strong performance across a broad spectrum of disciplines reinforced the quality of the College’s offering. Elite individual performance highlights the high standard of coaching and pupil commitment, adding significant value to the College's reputation: Cycling: Georgia achieved an outstanding third-place finish at the National Omnium Championships, a remarkable feat given she competed a year above her age group. Hockey: Arwen maintained performance at the highest level, competing in the Division 1 National League while serving as the 1st XI Captain. Her brother Max is awaiting a decision from the Hockey Talent Academy following his recent trial. Chloe was selected for the Gloucestershire County Hockey Team for the second consecutive year and represented the West Panthers U13s at the national tournament, also excelling in netball with the Old Chelts U14 Regional squad. Wider Representation: Michael represented the South West in Volleyball, and Sophie secured fourth place in the South West Traveller Series for sailing. Several rugby and football players progressed to advanced trials, including Finn (Gloucester Rugby DPP) and Felix and Frazer (England Independent Schools Football Association team trials). Team success demonstrated strong collective spirit and the efficacy of the College's training programmes: Shooting: The Clay Pigeon Shooting Team achieved an outstanding Ninth place nationally, finishing ahead of highly established independent schools, marking a competitive milestone. Lacrosse: The First Team achieved a memorable victory, winning the Rendcomb Invitational Tournament for the first time in five years. 10 **RENDCOMB COLLEGE FOUNDATION** ## **TRUSTEES’ REPORT (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ## **College Activities (continued)** The Junior Boys’ Year 5 and 6 rugby and football squads completed undefeated seasons, reflecting strong foundational development and teamwork. Senior teams also competed successfully in prestigious tournaments such as the Jonny Wilkinson Cup and Issy Bailey Cup. The Junior School established a strong sporting foundation with several Under 11 and Under 9 squads completing unbeaten seasons across hockey, netball, rugby, and football. The successful re-introduction of hard ball cricket for U11s after a four-year gap was a particular developmental milestone, ensuring breadth of provision. Growth in alternative sports like mountain biking and horse riding further demonstrates the diverse opportunities that underpin the high-value Rendcomb experience. ## _**Pastoral:**_ Rendcomb College, renowned for its holistic approach and commitment to providing an outstanding pastoral experience, continued to offer comprehensive support and guidance to our students throughout the year. 2024-5 marked the first year of the amended PSHEE programme, ensuring more specialised teaching on all topics, with teachers specialising in one of the five areas: Relationships, Consent and EDI, Physical and Mental Health, Careers and Life Skills (including Finance and Citizenship). Our students also benefited from expert sessions with external speakers such as the police. Chapel was moved to the start of the day to create 55 minutes of dedicated PSHEE time per week to facilitate this and continued to offer an important weekly reflection slot. Further changes to the structure of the tutoring programme introduced tutor group reading once a week, and fortnightly virtues sessions, where students develop their understanding of the Rendcomb virtues and their character. Our students continue to show a commitment to well-being, with 14 Y10 and Y12 pupils choosing to gain the L2 Mental Health for Youth First Aid qualification this year. Dedicated prefects focused on developing connections with younger pupils, through regularly attending house at break time and facilitating activities. The buddy system was also streamlined to ensure a high-quality experience for Year 7 pupils and their Sixth Form buddies. Termly whole school activities brought the entire senior school together for a rough runner, a virtues puzzle challenge and summer fair. All staff continued to receive opportunities for safeguarding training, including talks from the school counsellor on current issues affecting our pupils. The on-site Counsellor continued to offer bespoke support to students and worked closely with the Safeguarding and Pastoral teams. Our highly qualified medical team continued to support students with their overall health and well-being. Providing expert care, treatment and advice for a variety of acute illnesses, and basic first aid. The medical team also helped students manage their chronic health conditions and provide health education and health promotion to encourage students to lead healthy lifestyles. Students with ADHD, benefited from early morning gym sessions in conjunction with the SENCO and Director of Sport. These initiatives demonstrate the department's dedication to providing comprehensive pastoral care and support to our students, promoting their well-being and academic success. The refurbishment of "The Barn" was successfully driven by the pupils, creating a vital space that reflects their personalities and identities. The enthusiasm and teamwork displayed by the students involved in this initiative were outstanding. This project provided a powerful platform to foster independence and entrepreneurial spirit, core values the College is keen to instil. Pupils demonstrated this drive by undertaking various fundraising initiatives, including foraging from the Rendcomb grounds to produce cordials and jams, as well as cultivating fruit and vegetables from their Kitchen Garden. The success of this endeavour was truly a collective effort of the wider College community. Gratitude is extended to the College Parents' Association (RCPA) for their generous grant, and to the parents who contributed their professional expertise or support, including those who provided the blinds, assisted with The Kitchen Garden, offered interior design expertise, supplied all the paint, contributed building/trading support, and donated homemade cushions, throws, and beanbags. 11 **RENDCOMB COLLEGE FOUNDATION** **TRUSTEES’ REPORT (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ## **College Activities (continued)** This project is a clear example of the Rendcomb Family spirit, proving that the College community is essential to achieving ambitious student-led goals. ## _Junior School_ The Junior School, encompassing Nursery through Year 6, continues to be a vital source of academic and financial stability, successfully delivering a broad and high-quality educational experience despite the challenging external environment. The focus remains on demonstrating tangible value and securing the College’s pupil pipeline. The Year 6 cohort’s transition success provides a strong endorsement of the Junior School programme. This year saw a highly competitive set of internal scholarships awarded, with pupils successfully offered Art, Sport, and Academic scholarships at the Senior School. Crucially, the Rendcomb Scholarship was again awarded, and two pupils secured external grammar school places, validating the strength of the College's academic preparation and securing future enrolment. The performing and creative arts remain a critical differentiator, adding significant value to the overall offering. Notably, Isobel (Year 6) had her painting, ‘Badger the Lurcher’, selected for inclusion in the Royal Academy’s Young Artists exhibition in London. This outstanding external recognition elevates the profile of the College's Art provision. In external competitions, Junior School pupils were hugely successful at the Cheltenham Festival of Performing Arts, securing a high number of certificates and medals. Of note, Lily (Year 4) achieved an exceptional haul including three gold medals and the prestigious Whitefriars Cup, while the Performance Dance Group returned victorious with the Hobart-Bird Cup. This success, alongside strong results in LAMDA and Associated Board Music exams, underscores the excellence of the specialist teaching provided. A key factor in pupil retention is the delivery of a rich and distinct pastoral and experiential programme. This was highlighted by the inaugural "Magic Day," centred on a Quidditch Day where children from Reception to Year 6 were sorted into houses to take part in physical games and challenges designed to promote teamwork and physical activity. Such unique, whole-school events reinforce the vibrant community spirit and holistic value proposition essential for attracting and retaining families in the current market. The commitment to community responsibility also remained firm. The Year 6 pupils demonstrated commendable leadership and initiative by planning and executing their own charity disco as part of their PSHE curriculum. This effort successfully raised over £700 for two chosen charities, reflecting the school’s dedication to nurturing responsible citizens. The sporting programme continued to yield success, reinforcing the value of the College’s resources and coaching. The U11 boys’ football team were victorious at the Windrush Valley Prep School tournament, demonstrating competitive success. Furthermore, the commitment to safety and practical life skills was highlighted by the comprehensive Cycle Ready programme (Bikeability) undertaken by Year 5 and Year 6 pupils. The external assessor noted the exceptional effort, determination, and resilience shown by all 40 participants during the on-road Level 2 training, resulting in a 100% successful pass rate. This success is not merely technical but reflects the character development fostered by the College. Individual accounts highlighted this determination: a Year 5 pupil, initially very nervous, successfully completed the course by showing great determination to succeed. Similarly, several pupils who were anxious about descending steep hills, and others cycling long distances despite physical discomfort, ultimately conquered their fears, demonstrating the grit and perseverance that are key educational outcomes at Rendcomb. By sustaining high-quality academic outcomes, securing competitive scholarships, and delivering excellence in cocurricular areas that build essential life skills and character, the Junior School ensures its essential role in maintaining the College's long-term strategic viability and appeal to prospective families. 12 **RENDCOMB COLLEGE FOUNDATION** ## **TRUSTEES’ REPORT (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ## **College Activities (continued)** ## _Development, Property & Sustainability_ The College has executed a comprehensive program of site investment and facility modernisation this academic year, ensuring high standards of safety, functionality, and aesthetic quality across the campus. The Estates Team demonstrated exceptional skill and dedication, successfully delivering multiple complex projects. ## Signature Refurbishments and Facility Upgrades Significant resources were strategically deployed to upgrade key areas of the campus, showcasing the Estates Team’s in-house capabilities. The Rendcomb Café: The new café behind the Rendcomb Stores and Post Office was completed to an excellent standard, opening at the end of January. A substantial refurbishment of 'The Barn' was completed, encompassing full rewiring, replacement of the entire heating and domestic water system (including a new boiler, pipes, and radiators), new flooring, complete redecoration, and the installation of a new lighting system. The Estates Apprentice took a leading role in installing the new kitchen. Further essential upgrades included the refurbishment of the Physics prep room and the replacement of the Pavilion roof. The College advanced its commitment to sustainability and core infrastructure improvement. Solar panels were installed on the Sports Hall, a major step toward achieving the College's sustainability goals and actively reducing operating costs. Specialist contractors successfully traced and re-piped a significant part of the Stable Block heating system, strategically addressing an underground pipe issue to ensure long-term heating efficiency. Significant maintenance work was undertaken to worn sections of the main gravel car park and the astro pitch floodlight system, maintaining high standards for student facilities. The College made significant progress in enhancing site safety and compliance, reflecting a proactive approach to pupil and staff welfare. Extensive fire compartmentalisation work was carried out in Stable House, ensuring the safety of pupils and staff. Specialist contractors were engaged to survey and map the fire compartmentalisation compliance across the boarding house. Furthermore, fire-linked door closers were installed in the Clock Hall and the Junior School Medical Room. Follow-up visits from fire officers resulted in very few action points and confirmed the superior standard of the College's fire risk management. These wide-ranging achievements reflect the Estates Team's continued commitment and hard work in ensuring a safe, modern, and high-quality environment that supports the College’s educational mission. ## _Commercial Events_ The College's commercial activities and auxiliary businesses delivered exceptional performance this year, proving their critical importance in diversifying income streams and generating profit for reinvestment in the core educational mission. The College's trading company (Rendcomb Services) achieved a highly positive year. This success translates directly into significant support for the College Trade at Rendcomb Stores continues its strong upward trajectory, with turnover increasing by 42%. The store continues to strategically identify new suppliers, including local producers, and introduce seasonal stock lines. The newly opened College Café is successfully integrated into operations, with the main kitchen providing popular food, including highquality sweet treats. The strategy of maximising facility utilisation through rentals and lettings proved highly effective, minimising overheads and generating reliable income. New lettings structures, including opening School View for the entire year and Garden House for a prolonged period ensured that the Airbnb properties were regularly booked, including during the quieter months, leading to an increased turnover of 89%. Astro pitch bookings went from strength to strength through strong local recommendations. The facility was used 3 to 4 times a week, securing regular bookings from local Lacrosse, Hockey, Football, and Rugby clubs. These multiple low-input bookings have generated income with minimal overheads. The Griffin Theatre hosting welcomed multiple external shows. Operations have been professionalised with the installation of a permanent till and card machine. Bar and snack services, now run through Rendcomb Services, maximising event revenue and streamlining logistics. 13 **RENDCOMB COLLEGE FOUNDATION** ## **TRUSTEES’ REPORT (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ## **College Activities (continued)** The College continues to secure valuable residential bookings. The College hosted Project International for its established four-week International Summer School, although two weeks of the original booking were cancelled due to visa issues. The College secured new bookings, including a two-week Easter holiday program for a group of up to 40 pupils from Germany. Foodworks continues to utilise Godman House for their residentials, with multiple bookings confirmed for the year. ## _**Public benefit**_ The Trsutees and Governors have had regard to the guidance issued by the Charity Commission in accordance with section 17 of the Charities Act 2011 in ensuring that the College’s objectives are for the public benefit. ## _College support for fees_ The school can offer the Noel Wills Scholarship, a means-tested award which is awarded to a State Primary School pupil annually entering the college at the age of 11. This is an entirely free place for the duration of a pupil’s time at the school. In addition, the College has an extensive Scholarships and Bursaries Policy which is designed with the intention that funding goes to families most in need, in keeping with the Founder’s intentions. To support this aim, the services of Bursary Administration Limited are used to undertake home visits and in-depth analysis of financial situations. Within this financial year, bursary support amounting to 6% of total fee income has been granted to pupils attending Rendcomb. The Trustees Sinclair Bursary Fund money provided to the College is also used to fund support to families, as are funds raised by The Friends of Rendcomb trustees. ## _Charitable and Outreach Activities_ Charity plays a major role in the College's fundraising, supporting local and national causes throughout the academic year. This commitment is reflected in the numerous internal events and initiatives undertaken by the student body and staff. The College actively organised events focused on specific charitable needs such as mufti days which were successfully held this year to raise funds for Cancer Research and Great Western Air Ambulance. Targeted fundraising efforts provided support to local organisations, including Cirencester Housing for Young People. The College continued its tradition of supporting national fundraising efforts by undertaking internal events on key dates, including the Macmillan Coffee Morning, Beyond direct financial fundraising, the College supported charitable infrastructure by aiding other organisations, such as the Friends of Rendcomb, to further their own community work. The consistent organisation of these events ensures that the College maintains its tradition of serving the wider community and instilling a sense of social responsibility in its pupils. The College has strengthened its commitment to local public safety by assuming responsibility for the maintenance and upkeep of the community defibrillator, which is conveniently located next to the main road through the village. This vital, life-saving equipment is now readily accessible to anyone in the surrounding area, offering crucial peace of mind to residents and the large number of visitors enjoying the local countryside, including hikers on the Macmillan Way and Monarch's Way, and frequently travelling cyclists. By ensuring the defibrillator is accessible and properly maintained, the College actively contributes to the safety and well-being of the wider community. Rendcomb undertakes the grass cutting of St Peter’s Church, Rendcomb, and also provides the cleaning, heating and general day to day maintenance of the church building. The College makes land available for the siting of the village recycling and charity collection bins. During poor weather, the school salts and clears the roads in the village and the doctors’ surgery car park. 14 **RENDCOMB COLLEGE FOUNDATION** ## **TRUSTEES’ REPORT (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ## **College Activities (continued)** The commitment of College staff to charitable and community service significantly extended Rendcomb's reach and positive local impact over the past academic year. Staff involvement covered civic leadership, educational support, and direct social aid. Several staff members demonstrated civic commitment through impactful local projects: - One staff member successfully secured a National Lottery Grant and other funding, working with the Parish Council and residents to establish a new Community Orchard. - Another actively contributed to the Local Nature Action Plan group, collaborating with the Gloucestershire Wildlife Trust to map local wildlife and support rewilding initiatives. - Further civic service included acting as a secretary for a local Parochial Church Council (PCC) and as a Councillor for the Rendcomb Parish Council. Staff dedicated time and expertise to support education and professional development across the region: - Several staff members volunteered as Governors in local state schools, including one who chaired two academies in Gloucester. - The College Librarian served as Treasurer for the local Gloucestershire branch of the School Library Association and the College hosted a valuable half-day CPD session for local librarians. Staff contributed significantly to local welfare, arts, and sports communities: - Contributions to the local arts scene included volunteering at the Cheltenham Film Festival, with a collaboration explored to give Art and Photography students opportunities to participate in festival events. Other roles included taking on a Marketing Officer role for a local Arts & Drama Society. - In direct welfare support, one staff member actively volunteered at the Smiles Community Café for Gloucester Feed The Hungry. - The Cirencester Lacrosse Club was run on a volunteer basis by a member of staff, and the wider staff body showed strong collective support for a charity walk that raised money for Macmillan Cancer Support. These efforts underscore the staff's dedication to service, actively strengthening the College's connections within the wider community. ## **FINANCIAL REVIEW** Details of income and expenditure in the year are shown in the Consolidated Statement of Financial Activities on page 22, which details net expenditure before investment gains of £907k (2024: £526k) and a negative net movement in funds of £834k (2024: £231k). The Foundation donated £821k to the College in 2025 (2024: £221k). The value of the funds shown in the balance sheet at 31 August 2025 is £8,525k (2024: £9,359k). This is largely represented by a portfolio of short term deposits, managed on a discretionary basis by Cazenove Capital Management Limited and freehold property. During the year a decision was taken to realise the fixed asset investments and to place the proceeds into liquid short term deposit accounts. The freehold property is recorded in the accounts on the basis set out in note 2.10 on page 26. The market value of the land and buildings which are owned by the Foundation and used by the College is considered to be greater than the value at which they are recorded in the accounts. ## **Risk management** The Trustees ensure that the major risks to which the Trust is exposed are reviewed two times a year and that systems are in place to mitigate or minimise such risks. The Trustees are satisfied that the risks identified are being managed effectively and to the greatest extent possible. 15 **RENDCOMB COLLEGE FOUNDATION** **TRUSTEES’ REPORT (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ## **Principal Risks and Uncertainties** The Trustees keep the Foundation’s major risks, which are to ensure that its investments are properly managed and that its property is maintained by the College, under regular review. The College Governors continue to monitor the risks through established risk-management processes, covering strategic, regulatory, governance, external, operational, personnel, environmental, technological, academic and financial risks. Control measures remain in place and are periodically reviewed to ensure they are appropriate for the College’s circumstances. The College also maintains a well-developed Emergency Plan, which has been subject to both external review and internal testing. In previous years, the principal risks related to pupil numbers and the long-term financial viability of the College, with significant work undertaken to mitigate these risks through targeted marketing activity and strategic decisions relating to admissions, including the balance of international pupils. The College also implemented various mitigating actions in response to risks that emerged during the pandemic, particularly in relation to staffing and continuity of operations. Following the Governors’ announcement on 22 January 2026 that the College will close at the end of the 2025/26 academic year, the nature of the risks faced by the organisation has changed. The primary focus of risk management is now on ensuring a well-managed and orderly wind-down of operations. This includes safeguarding pupil welfare during the final year of teaching, managing staff transitions sensitively and in accordance with employment legislation, fulfilling all regulatory obligations, and ensuring that financial, contractual and safeguarding responsibilities are met through to closure. The Governors are satisfied that appropriate plans and controls are in place to manage these closure-related risks and to support the College community throughout this period. ## **Investment performance** The Trustees Investment objectives are to at least maintain the real value of capital while generating a sustainable level of income to support the ongoing charitable activities. There is a target of CPI plus 4% per annum, net of fees, over the long-term. The portfolios are 100% invested in the Charity Multi-Asset Fund. The Trustees consider Risk as follows: - −Capital volatility: they are able to tolerate medium to high oscillations in value - −Income: stability of income is considered important −Inflation: protection of the real portfolio value over the long term is considered important The Charity Multi-Asset Fund has a stable and sustainable total return distribution of 4% per annum. Income is currently set up to be paid to the Trustees at the end of every quarter. During the year a decision was taken to realise the majority of the fixed asset investments and to place the proceeds into liquid short-term deposit accounts. This ensured that funds were readily available to support the operational needs of the College. 16 **RENDCOMB COLLEGE FOUNDATION** ## **TRUSTEES’ REPORT (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ## **Reserves policy and going concern** Under the terms of the deed, the Trustees have made available to the Governors all income arising from the Endowment Funds of the Foundation. It had been the policy of the Trustees that the Foundation as a whole should seek to generate a surplus of income over expenditure each year to safeguard the future of the College and to provide funds for a programme of continuous refurbishment of College properties. The Trustees periodically review the level of reserves to ensure that these are consistent with the College’s budgetary requirements. The consolidated unrestricted funds at 31 August 2025 were £2,505k (2024: £3,265k), of which £1,260k (2024: £1,252k) represents designated funds to be invested to provide income to support the provision of bursaries and school improvements. Additionally, a balance of £6,030k (2024: £6,094k) is held in the balance sheet as expendable endowment. The policy of the Trustees is to ensure they retain sufficient unrestricted reserves to assist the Governors to manage the fixed assets which are used by the Governors for its charitable activities. Following the announcement on 22 January 2026 to cease the operations of the College, the Trustees have donated a further £1.08m to the College. IT will continue to support the College in assisting it to wind down the operations of the school in a well managed way that ensures safeguarding pupil welfare and other regulatory obligations through to closure. Subsequent to the College’s closure, the foundation will apply to the Charity Commission to change its objectives and will continue to support children and schools. At the time of approving these financial statements, the Trustees have not decided how the charity will support children and schools. The Trustees have considered cash flow forecasts and believe there is sufficient cash to continue supporting the College to its closure and to fund ongoing costs of the Foundation until a decision is made on the future of the charity. ## **Plans for future periods** With no sustainable route forward, the Governors have reached the profoundly sad conclusion that the College cannot continue beyond the end of the 2025/26 academic year. As noted above, the Foundation will be applying to the Charity Commission to change its objects and will continue to support children and schools. 17 RENDCOMB COLLEGE FOUNDATION TRUSTEES, REPORT (eontinlled) FOR THE YEAR ENDED 31 AUGUST 2025 TRUSTEES, REI SPONSIBILITIEI S The Trustees are responsible for prepariiig the Trustees, Report and the financial statements in accordance with pplitable Iclw and United Kingdom Accoiiiiting Standai'ds (United Kingdom Generiilly Accepted Accounting Practice), ineliiding Financial Reporting Standard 102 'IThe Financirtl Reporting Standard applicable in the UK and Republic of Ireland. The law applicahle to charities in England & Wales requires the Trustees to prepare financial statements for each fIna￿claI yegy wliicli give a tnie and fk)ii' view of the stale of affairs of tlie ¢liaYity and of the incoming resources aiid application of resourees of the charity for that period. In Preparing these finai)ciRI statements. the Trustees aiE required to: Select SULttJblc aLLounling policies aiid tlien apply them ¢oiisislenily' Observe Ilie i)ietliods aiid pi'iiiciple5 jl) the Charities SORP (FRS 102}. Make.judgeincnts alld estimate5 thftt are reasonable and pnident. State whether applicable a¢countihg standai'ds have been followed. subject to any material departures disclosed and explaiiied in Ilie fii)ancial statejnenis: Prepare tlie fiiiaticial stateiiieiils on tlie goiiig coiicem basis unless it is inappropi'iate to presume that the charity will continue ill biisiness. The tTUStees are Irsponsible for keeping proper accoiinting records that distlose with ￿￿sonable accuracy at any tsme Ilie fijiaiicial positioii ol. Ilie charity and enable tlieni to eiisure ihat tlie financial statements comply with tlie Charities Act 201 I, the Charity (AccoLlI)ts and Repoilsl liegiilatlOll5 2010 and the provision$ of tlic ti'ust deed. They are also responsible lor safegiiarding> the asse15 of the charity aiid l)en¢e for taking reasonable .%tep% for the pre¥ention and detection of fraiid and otlier irregularities. AUDITORS A resoliition proposing the re-appointment of Hazlewoods LLP a5 auditol's will be made at the next Annual General Meeting. The Trustee5' Report was approved by the Trllstees on nknL % and is sign¢d on their behalfby.. Henry Robin50n- Chairman 18 **INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF RENDCOMB COLLEGE FOUNDATION** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ## **Independent auditor’s report to the trustees of Rendcomb College Foundation** ## **Opinion** We have audited the financial statements of Rendcomb College Foundation for the year ended 31 August 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Foundation Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the group’s and of the parent charity’s affairs as at 31 August 2025 and of the group’s net movement in funds 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 requirements of the Charities Act 2011. ## **Basis for opinion** We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: 19 **INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF** ## **RENDCOMB COLLEGE FOUNDATION (CONTINUED)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** - adequate accounting records have not been kept by the parent charity; or - sufficient accounting records have not been kept; or - the parent charity financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees for the financial statements** As explained more fully in the trustees’ responsibilities statement set out on page 18 **,** the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the independent school regulations, safeguarding regulations, health and safety requirements, GDPR, employment law and charity law, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as such as the Charities Act 2011 and consider other factors such as payroll tax. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to the improper recognition of revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: - Inspecting correspondence with regulators and tax authorities; - Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; - Evaluating management’s controls designed to prevent and detect irregularities; - Identifying and testing journals; and - Challenging assumptions and judgements made by management in their critical accounting estimates Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 20 **INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF** ## **RENDCOMB COLLEGE FOUNDATION (CONTINUED)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ## **Use of our report** This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed. **Scott Lawrence FCA DChA (Senior Statutory Auditor)** **For and on behalf of Hazlewoods LLP, Statutory Auditor** **Staverton Court Staverton Cheltenham GL51 0UX** **Date:** 23.03.2026 Hazlewoods LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 21 ## **RENDCOMB COLLEGE FOUNDATION** ## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ||||**College**||**Foundation**|**Foundation**||| |---|---|---|---|---|---|---|---|---| |||**General**|**Designated**|**Restricted**|**General**|**Endowment**|**Total**|**Total**| |||**Funds**|**Funds**|**Funds**|**Funds**|**Funds**|**2025**|**2024**| ||**Note**|**£’000**|**£’000**|**£’000**|**£’000**|**£’000**|**£’000**|**£’000**| |**INCOME FROM:**||||||||| |**Charitable activities**||||||||| |School fees receivable|3|7,745|-|-|-|-|7,745|8,071| |Other income|4|628|-|-|-|-|628|802| |**Trading activities**
|5|458|-|-|-|-|458|554| |**Investment income**|6|68|-|-|146|-|214|216| |**Voluntary services**||||||||| |Grants and donations|7|27|-|-|-|-|27|21| |||------------|-----------|-------------|------------|------------|------------|------------| |**Total incoming resources**||8,926|-|-|146|-|9,072|9,664| |||------------|-----------|------------|-----------|-----------|------------|------------| |**EXPENDITURE ON:**||||||||| |**Raising funds**||||||||| |Trading costs||113|-|-|47|5|165|165| |**Charitable activities**||||||||| |Education||9,608|-|-|109|98|9,814|10,025| |||------------|-----------|------------|------------|------------|------------|------------| |**Total expenditure**|8|9,721|-|-|156|103|9,979|10,190| |||------------|----------|------------|------------|------------|------------|------------| |**Net expenditure before**||(794)|-|-|(10)|(103)|(907)|(526)| |**investment gains**||||||||| |Gains on investment assets||-|8|-|26|39|73|295| |||------------|-----------|------------|------------|------------|------------|------------| |Net
income/
(expenditure)||(794)|8|-|16|(64)|(834)|(231)| |before transfers||||||||| |Transfers|15-18|-|-|-|-|-|-|-| |||------------|-----------|------------|------------|------------|------------|------------| |**Net movement in funds**||(794)|8|-|16|(64)|(834)|(231)| |Fund balances at||||||||| |1 September 2024||(1,297)|1,252|-|3,310|6,094|9,359|9,590| |||------------|-----------|------------|------------|-----------|------------|------------| |**Fund balances at**||||||||| |**31 August 2025**|15-18|(2,091)|1,260|-|3,326|6,030|8,525|9,359| |||=====|======|=====|=====|======|======|======| All the activities included above were continuing during the year. The notes on pages 25 to 39 form part of these financial statements. The Statement of Financial Activities for the comparative period has been presented in note 25. 22 RENDCOMB COLLEGE FOUNDATION CONSOLIDATED AND FOUNDATION BALANCE SHEETS AT31 AUGUST2025 Group 2024 £'oo Foundallon 2025 2024 £'ooo £'ooo 2025 £'ooo Note Flxed #ssets TangTible assets Investments 6,925 426 7.128 4.487 6,464 426 6,648 3.419 7,351 6,890 10,067 Current assets Stock Debtors Ca511 at baiik and Èn hand Shoit tertn dep051t5 12 13 13 639 858 3,672 390 2,443 39 162 2,590 388 39 5.181 2,880 2,752 433 Creditor5: f8lling d￿C within oDe year 14 {2.907} {4.036) (229) {217) Net current assets 2,274 {1.156) 2,523 216 Cyedilors: amounts falling due after one year 14 {I,1001 {I,100) (1,100) {I,100) Net assets 8,525 9,359 8,313 9,183 Represented by: Unrestricied.. Foundation - expendable endowment Foiindation other Colle&T¢- General Desigyiiated Restricted: Coll¢LJe 15 18 6.030 6,094 6,035 2,278 6,094 3,089 (2,0911 1,260 (1,297) 1,252 8,525 9.359 8,313 9,183 The financial stalenient5 were approved and autlioi'ised for issue by the Board of ihe Tnjstees on and were 5iyied below on its belialf by.. H C W Robinso Chairman The notes on page5 25 to 39 forjn part of th¢se financial staleinents. 23 **RENDCOMB COLLEGE FOUNDATION** ## **CONSOLIDATED CASHFLOW STATEMENT** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ||||||**2025**|**2024**| |---|---|---|---|---|---|---| |||||**Notes**|**£**|**£**| |**Cash flows from operating activities**||||||| |Net outgoing resources|||||(907)|(526)| |Investment income|||||(214)|(216)| |Depreciation charge||||10|333|336| |Increase in value of stock|||||(4)|(8)| |Increase in debtors|||||(248)|(161)| |(Decrease)/Increase in creditors|||||(1,132)|1,429| ||||||---------------|---------------| |**Net cash (used in) / provided by operating activities**|||||(2,172)|854| |**Cash flows from investing activities**||||||| |Purchase of tangible fixed assets|||||(131)|(185)| |Purchase of investments|||||-|-| |Proceeds from sale of investments|||||4,137|6| |Investment income|||||214|216| ||||||----------------|----------------| |**Net cash provided by investing activities**|||||4,220|23| |**Cash flows from financing activities**||||||| |Repayment of loans in year|||||-|(250)| ||||||----------------|----------------| |**Net cash provided by financing activities**|||||-|(250)| |Net decrease in cash and cash equivalents|||||2,048|641| |Cash and cash equivalents at the beginning of the reporting||||period|2,482|1,841| ||||||----------------|----------------| |**Cash and cash equivalents at the end of the year**||||13|4,530|2,482| ||||||========|========| |**Analysis of changes in net debt**||||||| ||**At 31**|**August**|||**Other**|**At 31 August**| ||**2024**|||**Cashflows**|**Changes**|**2025**| |||**£**||**£**|**£**|**£**| |**Cash and cash equivalents**||||||| |Cash at bank|2,443|||(1,585)|-|858| |Short term deposits||39||3,633|-|3,672| ||---------------|||---------------|---------------|---------------| ||2,482|||2,048|-|4,530| ||=======|||=======|=======|=======| |**Borrowings**||||||| |Debt due within one year|||-|-|-|-| |Debt due after one year|(1,100)|||-|-|(1,100)| ||---------------|||---------------|---------------|---------------| ||(1,100)|||-|-|(1,100)| ||---------------|||---------------|---------------|---------------| |**Total**|1,382|||2,048|-|3,430| ||=======|||=======|=======|=======| 24 **RENDCOMB COLLEGE FOUNDATION** **NOTES TO THE ACCOUNTS** **FOR THE YEAR ENDED 31 AUGUST 2025** ## **1. GENERAL INFORMATION** Rendcomb College Foundation is a charity established by trust deed in England and Wales and registered with the Charity Commission. The members of the charity are the Trustees. Rendcomb College Foundation was established by trust deed on 22 March 1920 (charity number 311713). The Charity is a Public Benefit Entity as defined by FRS102. ## **2. ACCOUNTING POLICIES** A summary of the more important accounting policies, which have been applied consistently, is set out below. ## **2.1 Accounting convention** The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Statement of Recommended Practice (SORP) FRS 102 – ‘Accounting and Reporting by Charities (2019)’ Second Edition, effective 1 January 2019. They have been prepared to give a true and fair view in accordance with the Charities (Accounts and Reports) Regulations 2008. The accounting policies set out below have been applied in preparing the financial statements for the year ended 31 August 2025 and the comparative information presented in these financial statements for the year ended 31 August 2024. The financial statements are drawn up under the historical cost convention except that investments are carried at market value. ## **Critical accounting judgements and key sources of estimation uncertainty** In the application of the accounting policies, Trustees are required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods. In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. ## **2.2 Consolidation** The accounts consolidate the results of the Foundation and Rendcomb College, a separately registered and incorporated charity (company number: 05891198, charity number: 1115884) and Rendcomb Services Limited, a separately registered company, for the year ended 31 August 2025. ## **2.3 Going Concern** The Trustees consider that there are no material uncertainties which would cast doubt on the charity’s ability to continue as a going concern and therefore consider it appropriate to prepare the financial statements on a going concern basis. ## **2.4 Fee Income** Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the College, but include contributions received from Restricted Funds for Scholarships, Bursaries and other grants. 25 ## **RENDCOMB COLLEGE FOUNDATION** ## **NOTES TO THE ACCOUNTS (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ## **2. ACCOUNTING POLICIES (continued)** ## **2.5 Investment income** Investment income from dividends, bank balances and fixed interest securities is accounted for on an accruals basis. ## **2.6 Donations income** Donations for purposes restricted by the wishes of the donor are taken to “restricted funds” where these wishes are legally binding on the Trustees. Donations that are required to be retained as capital in accordance with the donor’s wishes are accounted for as “endowments” – permanent or expendable according to the nature of the restriction. ## **2.7 Grant income** Grant income relates to the Government’s Coronavirus Job Retention Grant (CJRG) and is recognised under the accruals basis in line with staff costs. ## **2.8 Expenditure** Expenditure is accounted for on an accruals basis. It is allocated between categories on the basis of actual costs. Cost of charitable activities includes expenditure associated with the running of the College and include both direct and support costs. Support costs represent indirect costs relating to raising funds and the charity’s charitable activities. Support costs, including governance costs, are allocated to activities on bases that represent the Governors’ best estimate of actual use. Governance costs comprise the costs of running the charity, including auditors’ remuneration and expenses reimbursed to Governors attending meetings. ## **2.9 Investments** Investments are stated at market value. Realised gains and losses on investments represent the difference between sale proceeds and opening market value (or value at date of purchase if later). Unrealised gains and losses represent the change in market value of the investment portfolio in the year. ## **2.10 Fixed assets** Fixed assets for use by the charity are stated at cost, less depreciation. Property gifted to the Foundation is stated at its value at the date of the gift. Freehold land is not depreciated. Depreciation of other assets is calculated on a straight-line basis over the estimated useful life of an asset at the following rates: Freehold buildings 50 years All-weather sports pitch 10 years Equipment and motor vehicles 4 - 5 years Assets under construction are not depreciated until such time that they are fit for use. ## **2.11 Cash at bank and in hand** Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **2.12 Financial instruments** The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value. ## **2.13 Creditors and provision** Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. 26 **RENDCOMB COLLEGE FOUNDATION** **NOTES TO THE ACCOUNTS (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ## **2. ACCOUNTING POLICIES (continued)** ## **2.14 Fund accounting** Expendable endowment funds are funds which have been received by means of legacies or capital donations and the use of the income and/or capital is governed by the terms of the endowment. Restricted funds are funds which have been received for specific purposes as indicated by the donor. Unrestricted funds (including those designated) are funds whose use is wholly at the discretion of the Trustees. ## **2.15 Pensions** The College contributes to the Teachers’ Pension Defined Benefits Scheme at rates set by the Scheme actuary and advised to the Board by the Scheme Administrator. The scheme is a multi-employer pension scheme and the College does not have any commitment to contribute to any deficit or receive any surplus arising on the Scheme. In accordance with FRS102, therefore, the Scheme is accounted for as a defined contribution scheme. The College also operates a money purchase scheme for non-teaching staff. Contributions are charged to the Statement of Financial Activities as incurred. ## **2.16 Operating lease** Rentals payable are charged on a time basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term. ## **2.17 Foreign currency translation** The charity’s functional and presentation currency is pound sterling. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are recognised in the Statement of Financial Activities. ## **3. CHARITABLE ACTIVITIES – FEES RECEIVABLE** |||| |---|---|---| |**CHARITABLE ACTIVITIES – FEES RECEIVABLE**|**2025**|**2024**| ||**£’000**|**£’000**| |**Fees receivable consist of:**||| |School fees|8,879|9,215| |Less total bursaries, scholarships and allowances|(1,234)|(1,144)| ||------------|------------| ||7,745|8,071| ||======|======| Means tested scholarships, busaries and other awards totalling £508,504 (2024: £488,093) were paid to 47 pupils (2024: 46). Within this, no pupils (2024: 1) were in receipt of the Francis Dutton Scholarship. During the year £17k (2024: £10k) was transferred from the Foundation to the College for bursaries. ## **4.** ## **5.** |**CHARITABLE ACTIVITIES – OTHER INCOME**|**CHARITABLE ACTIVITIES – OTHER INCOME**|**CHARITABLE ACTIVITIES – OTHER INCOME**||**Total**|**Total**| |---|---|---|---|---|---| ||**Unrestricted**|**Designated**|**Restricted**|**2025**|**2024**| ||**£’000**|**£’000**|**£’000**|**£’000**|**£’000**| |Additional courses|417|-|-|417|562| |School transport|103|-|-|103|118| |Additional accommodation|59|-|-|59|71| |Other income|49|-|-|49|50| ||-----------------|------------------|------------------|--------------------|----------------------| ||628|-|-|628|802| ||=========|========|=========|===========|===========| |**OTHER TRADING ACTIVITIES**|||||| ||**Unrestricted**|**Designated**|**Restricted**|**2025**|**2024**| ||**£’000**|**£’000**|**£’000**|**£’000**|**£’000**| |**Trading income**|||||| |Functions|326|-|-|326|439| |Rental income|132|-|-|132|113| |Forestry income|-|-|-|-|2| ||------------------|------------------|------------------|---------------------|------------------| ||458|-|-|458|554| ||=========|=========|=========|===========|===========| 27 **RENDCOMB COLLEGE FOUNDATION** ## **NOTES TO THE ACCOUNTS (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** |**6.**|**INVESTMENT INCOME**||**Unrestricted funds**|**Unrestricted funds**|**2025**|**2024**| |---|---|---|---|---|---|---| ||||**College**|**Foundation**|**Total**|**Total**| ||||**£’000**|**£’000**|**£’000**|**£’000**| ||Income from investment portfolio||48|146|194|196| ||Interest||20|-|20|20| ||||----------|------------|---------------|---------------| ||||68|146|214|216| ||||======|======|=======|=======| |**7.**|**GRANTS AND DONATIONS**||||**Total**|**Total**| |||**Unrestricted**|**Designated**|**Restricted**|**2025**|**2024**| |||**£’000**|**£’000**|**£’000**|**£’000**|**£’000**| ||Donations|27|-|-|27|21| ||Grants|-|-|-|-|-| |||---------------|-----------------|-------------|-----------------|-----------------| |||27|-|-|27|21| |||=======|========|========|=======|=======| |**8.**|**TOTAL EXPENDITURE**|||||| ||||||**Total**|**Total**| |||**Staff costs**|**Depreciation**|**Other**|**2025**|**2024**| |||**£’000**|**£’000**|**£’000**|**£’000**|**£’000**| ||**Cost of raising funds**|||||| ||Trading costs|-|-|165|165|165| |||---------------|---------------|---------------|---------------|---------------| ||**Charitable activities**|||||| ||_Education_|||||| ||Teaching|4,477|67|455|4,999|4,871| ||Welfare|915|8|505|1,428|1,571| ||Premises|346|257|1,124|1,727|1,802| ||Marketing|-|-|150|150|148| ||Administration|658|2|850|1,510|1,633| |||---------------|----------------|---------------|--------------|--------------| |||6,396|334|3,084|9,814|10,025| |||---------------|----------------|---------------|--------------|--------------| |||6,396|334|3,249|9,979|10,190| |||=======|========|=======|=======|=======| Support costs include marketing and administration costs. 28 **RENDCOMB COLLEGE FOUNDATION** ## **NOTES TO THE ACCOUNTS (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ## **8 TOTAL EXPENDITURE (continued)** ||**2025**|**2024**| |---|---|---| ||**£’000**|**£’000**| |**Governance included in other costs**||| |Remuneration paid to auditor for audit services (including VAT)||| |Audit of parent|6|2| |Audit of subsidiaries|19|15| |Remuneration paid to auditor for other services (including VAT)|4|7| ||--------------|------------| ||29|24| ||=======|=======| None of the Trustees received any remuneration during the year. Expenses totalling £Nil (2024: £nil) were reimbursed to Trustees during the year for travelling costs and other out of pocket expenses. |**TOTAL EXPENDITURE (2024)**||||**Total**|**Total**| |---|---|---|---|---|---| ||**Staff costs**|**Depreciation**|**Other**|**2024**|**2023**| ||**£’000**|**£’000**|**£’000**|**£’000**|**£’000**| |**Raising funds**|||||| |Trading costs|-|-|165|165|80| |**Charitable activities**|||||| |_Education_|||||| |Teaching|4,328|59|484|4,874|4,221| |Welfare|466|19|1,086|1,571|1,493| |Premises|302|257|1,243|1,802|1,351| |Marketing|-|-|148|148|134| |Administration|639|1|993|1,633|1,810| ||--------------------|--------------------|---------------------|---------------------|---------------------| ||5,735|336|3,954|10,025|9,009| ||--------------------|--------------------|--------------------|---------------------|---------------------| ||5,735|336|4,119|10,025|9,089| ||==========|==========|==========|==========|===========| |**9.**|**STAFF COSTS**|**2025**|**2024**| |---|---|---|---| |||**£’000**|**£’000**| ||Wages and salaries|5,270|4,786| ||Social security costs|553|453| ||Pension contributions (note 24)|535|496| ||Redundancy payments|38|-| |||-------------|-------------| |||6,396|5,735| |||======|======| 29 ## **RENDCOMB COLLEGE FOUNDATION** ## **NOTES TO THE ACCOUNTS (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** |**9**|**STAFF COSTS (continued)**||| |---|---|---|---| |||**2025**|**2024**| |||**No.**|**No.**| ||The average monthly number of employees in the year was:||| ||Teaching:||| ||Full time|50|52| ||Part time|57|59| ||Welfare|44|28| ||Premises|9|10| ||Administration|19|19| |||------------|----------| |||179|168| |||======|=====| |||**2025**|**2024**| |||**No.**|**No.**| ||Number of higher paid employees in bands of:||| ||60,000 – 69,999|3|4| ||70,000 – 79,999|2|1| ||150,000 – 159,999|-|1| ||170,000 – 179,999|1|-| Aggregate employee benefits of key management personnel during the year were £785,781 (2024: £663,728). ## **10. TANGIBLE FIXED ASSETS** ||**Freehold**
**land**|**College**
**buildings**|**Dwelling**
**houses**|**Total**|**College**
**Equipment**|**Total**| |---|---|---|---|---|---|---| ||**£’000**|**£’000**|**£’000**|**£’000**|**£’000**|**£’000**| |**Cost**||||||| |At 1 September 2024|70|9,061|392|9,523|3,221|12,744| |Additions|-|-|-|-|131|131| |Transfers/disposals|-|-|-|-|-|-| ||----------|-------------|------------|------------|------------|--------------| |At 31 August 2025|70|9,061|392|9,523|3,352|12,875| ||----------|-------------|------------|------------|------------|--------------| |**Depreciation**||||||| |At 1 September 2024|-|2,669|206|2,875|2,741|5,616| |Disposals|-|-|-|-|-|-| |Charge for the year|-|175|8|184|150|334| ||----------|-------------|------------|------------|------------|--------------| |At 31 August 2025|70|6,217|214|3,059|2,891|5,950| ||----------|-------------|------------|------------|------------|--------------| |**Net Book Value**||||||| |31 August 2025|70|6,217|178|6,464|461|6,925| ||=====|======|=====|======|=====|=======| |31 August 2024|70|6,392|186|6,648|480|7,128| ||=====|======|=====|======|=====|=======| The College has use of the properties owned by the Foundation, consisting of :- - The main building of the School with many classrooms and facilities, including the kitchens, dining hall and a boarding house and the new performing arts centre; - The stable block, including laboratories, ICT Room and classrooms and the Arts Block including classrooms; - The boarding houses, consisting of Park House, Old Rectory, Godman House, Lawn House and Stable House. Garden House is used for the 6[th] Form; 30 **RENDCOMB COLLEGE FOUNDATION** ## **NOTES TO THE ACCOUNTS (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ## **10. TANGIBLE FIXED ASSETS (continued)** - In addition, there are tennis courts, a swimming pool, sports hall, 4[th] and 5[th] Form Social Centre and an allweather sports pitch; - Dwelling houses for employees consist of the Headmaster’s House, The Rectory, Rectory Cottage, Park Cottage, No’s 15, 16, 19. - Houses on external let are Coombe House, Churn House, Orchard House and No’s 15, 17,18,20 the Post Office (part shop) and Post Office Cottage; and The Griffin Centre. The College maintains use of these properties on an annual basis, being the sole beneficiary of properties on the College site and the recipient of rental income of properties in the surrounding area. These remain under the ownership of the Foundation; their use by the College is key to the fulfilment of the Foundation’s objects. |**11.**|**FIXED ASSET INVESTMENTS**|**Group**|**Group**|**Foundation**|**Foundation**| |---|---|---|---|---|---| |||**2025**|**2024**|**2025**|**2024**| |||**£’000**|**£’000**|**£’000**|**£’000**| ||Market value at 1 September|4,487|4,198|3,419|3,198| ||Disposal proceeds|(4,136)|(6)|(3,060)|(6)| ||Acquisitions at cost|-|-|-|-| ||Realised gain/(loss)|-|-|-|-| ||Unrealised gain/(loss)|75|295|67|227| |||------------|------------|------------|------------| ||Market value at 31 August|426|4,487|426|3,419| |||======|======|======|======| ||Historical Cost|361|3,693|361|2,732| |||======|======|======|======| ||Investments are all in UK funds.||||| |**12.**|**DEBTORS**||**Group**|**Foundation**|| |||**2025**|**2024**|**2025**|**2024**| |||**£’000**|**£’000**|**£’000**|**£’000**| ||School fees receivable|297|144|-|-| ||Prepayments and accrued income|342|246|-|-| ||Other debtors|-|-|-|6| |||------------|
------------|------------|------------| |||639|390|-|6| |||======|
======|======|======| |**13.**|**CASH AND CASH EQUIVALENTS**|**Group**||**Foundation**|| |||**2025**|**2024**|**2025**|**2024**| |||**£’000**|**£’000**|**£’000**|**£’000**| ||Cash at bank|858|2,443|162|338| ||Short term deposits|3,672|39|2,590|39| |||--------------|--------------|------------|------------| |||4,530|2,482|2,752|427| |||=======|=======|======|======| Short term deposits comprise temporary deposits of surplus funds with Lloyds Bank Plc and balances held in cash accounts with Cazenove. 31 **RENDCOMB COLLEGE FOUNDATION** ## **NOTES TO THE ACCOUNTS (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ## **14. CREDITORS: amounts falling due within one year** |**CREDITORS: amounts falling due within one year**||||| |---|---|---|---|---| |||**Group**||**Foundation**| ||**2025**|**2024**|**2025**|**2024**| ||**£’000**|**£’000**|**£’000**|**£’000**| |Trade creditors|419|210|18|6| |Accruals|29|75|3|4| |Registration and guarantee fees|328|523|-|-| |Deferred income|1,479|3,050|-|-| |Other creditors|84|58|-|-| |Other tax and social security|568|120|7|7| |Amounts due to Rendcomb College|-|-|200|200| ||------------|------------|------------|------------| ||2,907|4,036|228|217| ||======|======|======|======| |**CREDITORS: amounts falling due after one year**|1,100|1,100|1,100|1,100| ||======|======|======|======| Deferred income comprises external funding for school fees all due in the following financial year. Creditors greater than 1 year relate to a loan secured by way of a fixed charge on designated school assets. The loan bears no interest and is repayable in 2030. ## **15. ENDOWMENT FUNDS** |**ENDOWMENT FUNDS**|||||| |---|---|---|---|---|---| |||**Net outgoing**||**Investment**|**At 31 Aug**| ||**At 1 Sept**|**resources**|**Transfers**|**gains/(losses)**|**2025**| ||**£’000**|**£’000**|**£’000**|**£’000**|**£’000**| |**_Foundation-Endowment funds_**|||||| |Original Fund|3,129|(103)|-|20|3,046| |The 1976 Additional Trust Fund|158|-|-|1|159| |1945 Covenant Fund|1,026|-|-|6|1,032| |Dulverton Grant|1,163|-|-|7|1,170| |1945 Supplemental Trust Deed|618|-|-|4|622| ||------------|----------|---------|-----------|------------| ||6,094|(103)|-|39|6,030| ||======|=====|====|=====|======| The funds are expendable and represented mainly by investments which are managed as a pool by the investment fund managers, Cazenove & Co. ## **ENDOWMENT FUNDS (2024)** |**ENDOWMENT FUNDS (2024)**|||||| |---|---|---|---|---|---| |||**Net outgoing**||**Investment**|**At 31 Aug**| ||**At 1 Sept**|**resources**|**Transfers**|**gains/(losses)**|**2024**| ||**£’000***|**£’000**|**£’000**|**£’000**|**£’000**| |**_Foundation-Endowment funds_**|||||| |Original Fund|3,126|(99)|-|102|3,129| |The 1976 Additional Trust Fund|153|-|-|5|158| |1945 Covenant Fund|994|-|-|32|1,026| |Dulverton Grant|1,126|-|-|37|1,163| |1945 Supplemental Trust Deed|599|-|-|19|618| ||------------|----------|---------|-----------|------------| ||5,998|(99)|-|195|6,094| ||======|=======|======|=====|======| * restated to refect allocation of investment gains/(losses) across endowment funds The funds are expendable and represented mainly by investments which are managed as a pool by the investment fund managers, Cazenove & Co. 32 ## **RENDCOMB COLLEGE FOUNDATION** ## **NOTES TO THE ACCOUNTS (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** |**16.**|**DESIGNATED FUNDS**|**At 1 Sept**|**Net incoming**||**Investment**|**At 31 Aug**| |---|---|---|---|---|---|---| |||**2024**|**resources**|**Transfers**|**gains/(losses)**|**2025**| |||**£’000**|**£’000**|**£’000**|**£’000**|**£’000**| ||College Foundation Fund|1,203|-|-|8|1,211| ||Francis Dutton Bequest|49|-|-|-|49| |||------------|----------|------------|-----------|------------| |||1,252|-|-|8|1,260| |||======|=====|======|=====|======| The College Foundation Fund consists of the investment portfolio transferred by Rendcomb College Foundation. The current intention is to retain the Fund and use the income generated to help fund the activities of the College. The Francis Dutton Bequest is utilised for scholarships. |**DESIGNATED FUNDS (2024)**|**At 1 Sept**|**Net incoming**||**Investment**|**At 31 Aug**| |---|---|---|---|---|---| ||**2023**|**resources**|**Transfers**|**gains/(losses)**|**2024**| ||**£’000**|**£’000**|**£’000**|**£’000**|**£’000**| |College Foundation Fund|1,135|-|-|68|1,203| |Francis Dutton Bequest|51|-|(2)|-|49| ||------------|----------|------------|-----------|------------| ||1,186|-|(2)|68|1,252| ||======|=====|======|=====|======| The College Foundation Fund consists of the investment portfolio transferred by Rendcomb College Foundation. The Francis Dutton Bequest is utilised for scholarships. ## **17. RESTRICTED FUNDS** |**RESTRICTED FUNDS**|||||| |---|---|---|---|---|---| ||**At 1 Sept**|**Net outgoing**||**Investment**|**At 31 Aug**| ||**2024**|**resources**|**Transfers**|**gains/(losses)**|**2025**| ||**£’000**|**£’000**|**£’000**|**£’000**|**£’000**| |Longitude grant|-|-|-|-|-| |Centenary fund|-|-|-|-|-| ||------------|----------|------------|-----------|------------| ||-|-|-|-|-| ||======|=====|=====|=====|======| There has been no movement in restricted funds during the year. 33 ## **RENDCOMB COLLEGE FOUNDATION** ## **NOTES TO THE ACCOUNTS (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** |**RESTRICTED FUNDS (2024)**|||||| |---|---|---|---|---|---| ||**At 1 Sept**|**Net outgoing**||**Investment**|**At 31 Aug**| ||**2023**|**resources**|**Transfers**|**gains/(losses)**|**2024**| ||**£’000**|**£’000**|**£’000**|**£’000**|**£’000**| |Longitude grant|7|-|(7)|-|-| |Centenary fund|50|-|(50)|-|-| ||------------|----------|------------|-----------|------------| ||57|-|(57)|-|-| ||======|=====|====|=====|======| The Longitude grant consists of funds awarded at the Longitude Explorer Challenge and is being used to develop Science, Technology, Engineering and/or Maths education within the College. The Centenary fund consists of amounts received for the Centenary celebration. In prior years the expenditure had not been matched against the funds and so has been shown as a transfer this financial year. |**18.**|**UNRESTRICTED FUNDS**||**Net incoming/**||**Investment**|| |---|---|---|---|---|---|---| |||**At 1 Sept**|**(outgoing)**||**gains/**|**At 31 Aug**| |||**2024**|**resources**|**Transfers**|**(losses)**|**2025**| |||**£’000**|**£’000**|**£’000**|**£’000**|**£’000**| ||**_College_**|||||| ||Governors|(1,297)|(794)|-|-|(2,091)| |||-----------|----------|----------|-----------|-----------| ||**_Foundation_**|||||| ||Sinclair Bursary Fund|421|(8)||26|439| ||Other Funds|2,889|(2)|-|-|2,887| |||-----------|----------|----------|-----------|-----------| |||3,310|(10)|-|26|3,326| |||-----------|----------|----------|-----------|-----------| |||2,013|(812)|-|26|1,230| |||======|=====|=====|=====|======| Fund transfers relate to ongoing financial support provided by the Foundation to the College in respect of working capital. |**UNRESTRICTED FUNDS (2024)**||**Net incoming/**||**Investment**|| |---|---|---|---|---|---| ||**At 1 Sept**|**(outgoing)**||**gains/**|**At 31 Aug**| ||**2023**|**resources**|**Transfers**|**(losses)**|**2024**| ||**£’000**|**£’000**|**£’000**|**£’000**|**£’000**| |**_College_**|||||| |Governors|(915)|(441)|59|-|(1,297)| ||-----------|----------|----------|-----------|-----------| |**_Foundation_**|||||| |Sinclair Bursary Fund|390|(1)|-|32|421| |Other Funds|2,874|15|-|-|2,889| ||-----------|----------|----------|-----------|-----------| ||3,264|14|-|32|3,310| ||-----------|----------|----------|-----------|-----------| ||2,349|(427)|59|32|2,013| ||======|=====|=====|=====|======| 34 **RENDCOMB COLLEGE FOUNDATION** ## **NOTES TO THE ACCOUNTS (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** |**19.**|**NET ASSETS BY FUND**|**Tangible**||**Long term**||**Net current**|| |---|---|---|---|---|---|---|---| ||**fixed assets**||**Investments**|**liabilities**||**assets/(liabilities)**|
**Total**| |||**£’000**|**£’000**|**£’000**||**£’000**|**£’000**| ||**Unrestricted funds**||||||| ||_College_|461|-|-||(2,552)|(2,091)| ||_Foundation_|3,523|426|(1,100)||472|3,321| ||**Endowment Funds**||||||| ||_Foundation_|2,941|-|-||3,094|6,035| ||**Designated funds**||||||| ||_College_|-|-|-||1,260|1,260| |||------------|-------------|-------------||-------------|--------------| |||6,925|426|1,100||2,274|8,525| |||======|======|======||======|=======| |**20.**|**FINANCIAL INSTRUMENTS**|||||**2025**|**2024**| |||||||**£’000**|**£’000**| ||Cash and cash equivalents|||||4,530|2,482| ||Financial instruments that are debt instruments||measured at amortised cost|||-|-| |||||||--------------|--------------| |||||||4,530|2,482| |||||||=======|=======| ||Financial liabilities measured at amortised cost|||||(3,082)|(4,418)| |||||||=======|=======| ||Financial assets measured at amortised cost include fee debtors and accrued income.||||||| ||Financial liabilities measured at amortised cost||include fees in|advance, trade|creditors, other creditors and loan||| ||financing.||||||| |**21.**|**OPERATING LEASE COMMITMENTS: LESSEE**||||||| ||At 31 August 2025, the College had commitments under non-cancellable operating|||||leases as set out below:|| |||||**2025**||**2024**|| |||||**Fixtures**|**&**||**Fixtures &**| ||||**Vehicles**|**fittings**||**Vehicles**|**fittings**| ||||**£’000**|**£’000**||**£’000**|**£’000**| ||Operating leases which expire:||||||| ||Within one year||2||9|2|9| ||In one to two years||-||9|-|9| ||In two to five years||-|
13||-|21| ||||------|---------||------|---------| ||||2|
31||2|39| ||||===|
====||====|====| Total costs incurred in the year in respect of rental charges for assets held under operating lease of £11k (2024: £6k). 35 **RENDCOMB COLLEGE FOUNDATION** **NOTES TO THE ACCOUNTS (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ## **22. PENSION COSTS** ## _(a) Teaching Staff_ The School participates in the Aviva Pension Trust for Independent Schools (APTIS) which is a defined contribution pension scheme which can be used by all ISBA member schools for their teaching staff. It is set up as part of Aviva’s “Master Trust” — a trust-based pension arrangement managed by independent professional trustees. It is available for ISBA members and such other organisations as are admitted by mutual agreement. The pension charge for the year includes contributions payable to Aviva of £371,683 (2024: £366,363) and at the yearend £30,237 (2024: £30,143) was accrued in respect of contributions to this scheme. ## _b) Non-teaching staff_ The College operates a money purchase scheme for non-teaching staff. The assets of the scheme are held separately from those of the College. At the year end there were 85 (2024: 77) members of the money purchase scheme. Employer’s contributions totalled £162,032 (2024: £128,524) during the year and at the year-end £13,466 (2024: £11,292) was accrued in respect of contributions to this scheme. ## **23. RELATED PARTY TRANSACTIONS** Rendcomb College is a connected charity with Rendcomb College Foundation as the Trustees of the Foundation are the members of the College. During the year the Foundation donated £821,110 (2024: £221,110) to the College. At 31 August 2025 the balance receivable from the Foundation was £200,000 (2024: £200,000). During the year the College purchased services of £269,532 (2024: £179,937) from Rendcomb Services Limited and at the year end was owed a net balance of £10,578 (2024: owed £30,029). Rendcomb Services Limited is a wholly owned subsidiary of Rendcomb College. During the year no Governor (2024: one) had any children (2024: two children) enrolled at the College, and fees charged were at the full rate. During the year £24,295 (2024: £13,375) was donated by the Friends of Rendcomb for two scholarships. During the year £nil (2024: £nil) was donated by the Huntly and Margery Sinclair Charitable Trust. ## **24. SUBSIDIARIES** ## **Rendcomb College** Rendcomb College is a wholly owned subsidiary of Rendcomb College Foundation. Its results for the year, as extracted from the audited financial statements, are summarised below: ||**2025**|**2024**| |---|---|---| ||**£’000**|**£’000**| |Income from:||| |Charitable activities|8,373|8,873| |Trading activities|190|276| |Investments|68|64| |Voluntary services|849|243| ||-------------------|-------------------| |Total income|9,480|9,456| ||=========|=========| 36 ## **RENDCOMB COLLEGE FOUNDATION** ## **NOTES TO THE ACCOUNTS (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ## **24. SUBSIDIARIES (continued)** ## **Rendcomb College (continued)** Rendcomb College is a wholly owned subsidiary of Rendcomb College Foundation. Its results for the year, as extracted from the audited financial statements, are summarised below: ||**2025**|**2024**| |---|---|---| ||**£’000**|**£’000**| |Expenditure on:||| |Trading costs|7|67| |Education|9,484|9,628| ||-------------------|-------------------| |Total expenditure|9,491|9,695| |Net income/(expenditure)|(11)|(239)| |Gains/(losses) on investments assets|8|68| ||-------------------|-------------------| |Net movements in funds|(3)|(171)| ||=========|=========| |Tangible fixed assets|461|480| |Investments|-|1,067| |Stock|4|| |Debtors|846|595| |Cash and short term deposits|1,718|2,021| |Creditors|(2,873)|(4,005)| ||-------------------|-------------------| |Net assets|156|158| ||=========|=========| Subsequent to the reporting date, on 22 January 2026, the Governors resolved that Rendcomb College will close at the end of the summer term in July 2026. The decision was based on the deteriorating financial position of the College, the projected increase in the operating deficit, and the conclusion that continued support from the Foundation was no longer feasible. As a result, the Governors have determined that the College will not continue its operations beyond the end of the 2025/26 academic year. 37 **RENDCOMB COLLEGE FOUNDATION** ## **NOTES TO THE ACCOUNTS (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ## 24. **SUBSIDIARIES (continued)** ## **Rendcomb Services Limited** Rendcomb Services Limited is a wholly owned subsidiary of Rendcomb College. Its trading results for the year, as extracted from the audited financial statements, are summarised below: ||**2025**|**2024**| |---|---|---| ||**£’000**|**£’000**| |Turnover|268|275| |Cost of sales|(182)|(231)| ||--------------|--------------| |Gross profit/(loss)|86|45| |Administrative expenses|(48)|(25)| ||--------------|--------------| |Operating profit/(loss)|38|19| ||=======|=======| |Stocks|8|8| |Cash|61|35| |Debtors|3|20| |Creditors|(16)|(44)| ||--------------|--------------| ||56|(19)| ||=======|=======| 38 ## **RENDCOMB COLLEGE FOUNDATION** ## **NOTES TO THE ACCOUNTS (continued)** ## **FOR THE YEAR ENDED 31 AUGUST 2025** ## **25. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES** ||||**College**||**Foundation**|**Foundation**||| |---|---|---|---|---|---|---|---|---| |||**General**|**Designated**|**Restricted**|**General**|**Endowment**|**Total**|**Total**| |||**Funds**|**Funds**|**Funds**|**Funds**|**Funds**|**2024**|**2023**| ||**Note**|**£’000**|**£’000**|**£’000**|**£’000**|**£’000**|**£’000**|**£’000**| |**INCOME FROM:**||||||||| |**Charitable activities**||||||||| |School fees receivable|3|8,071|-|-|-|-|8,071|7,171| |Other income|4|802|-|-|-|-|802|650| |**Trading activities**
|5|552|-|-|2|-|554|218| |**Investment income**|6|64|-|-|152|-|216|192| |**Voluntary services**||||||||| |Grants and donations|7|21|-|-|-|-|21|26| |||------------|-----------|---------|---------|---------|------------|------------| |**Total incoming resources**||9,510|-|-|154|-|9,664|8.257| |||------------|-----------|---------|---------|---------|------------|------------| |**EXPENDITURE ON:**||||||||| |**Raising funds**||||||||| |Trading costs||143|-|-|22|-|165|80| |**Charitable activities**||||||||| |Education||9,808|-|-|118|99|10,025|9,009| |||------------|-----------|---------|---------|---------|------------|------------| |**Total expenditure**|8|9,951|-|-|140|99|10,190|9,089| |||------------|----------|---------|---------|---------|------------|------------| |**Net income/ (expenditure)**||(441)|-|-|14|(99)|(526)|(832)| |**before investment gains/**||||||||| |**(losses)**||||||||| |Gains/ (losses) on investment||-|68|-|32|195|295|(278)| |assets||||||||| |||------------|-----------|---------|---------|---------|------------|------------| |Net
income/
(expenditure)||(441)|68|-|46|96|(231)|(1,110)| |before transfers||||||||| |Transfers 15-18||59|(2)|(57)|-|-|-|-| |||------------|-----------|---------|---------|---------|------------|------------| |**Net movement in funds**||(382)|66|(57)|46|96|(231)|(1,110)| |Fund balances at||||||||| |1 September 2023||(915)|1,186|57|3,264|5,998|9,590|10,700| |||------------|-----------|---------|---------|-----------|------------|------------| |**Fund balances at**||||||||| |**31 August 2024**|15-18|(1,297)|1,252|-|3,310|6,094|9,359|9,590| |||=====|======|=====|=====|======|======|======| 39