Registered Charity Number 312046
Royal Medical Foundation of
Epsom College
Annual Report and Financial Statements
for the year ended
30 June 2024
presented to the
Annual General Meeting of
Council Members on Wednesday 4th December 2024

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
CONTENTS
Page
Council and Advisers
Report of the Council
2-15
Report of the Independent Auditor
16-18
Consolidated Statement of Financial Activitie5
19
Group and Charity Balance Sheets
20
Consolidated Cash Flow Statement
21-22
Notes to the Financial Statements
23-41

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
COUNCIL AND ADVISERS
YEAR ENDED 30 JUNE 2024
PATRON
HIS MOST GRACIOUS MAJESTY THE KNG
VISITOR
The Right Reverend The Lord Bishop of Guildford
PRESIDENT
Lord Carlile, CBE, FRSA, KC
VICE-PRESIDENTS
Mr PM Dodd, TD (deceased 26 June 2024)
Mr PG Hakim, FCA
Mr A Hagdrup, LLB
Mr GB Pincus, MBE
Dr AJ Wells, MB, BS, DRCOG, MRCGP (deceased 29th July 2024)
TREASURER
Mr AJ Pianca, FCA
MEMBERS OF COUNCIL
The Governors of the Royal Medical Foundation of Epsom College elect the Members of Council of the Royal Medical
Foundation of Epsom College.
Dr JS Bolton. MA. MB. FRCPsych
Dr HH Bowen-Perkins, MRCS, LRCP, MB, BS, LMSSA,
PGD(card)
J Bowernian, MA (Oxon), MRICS
R Bruce, LLB, LLM, FCIArb
Lord Carlile, CBE. FRSA, KC (President)
Miss K Davidson. KC
Dr S Dhillon, MBE
Mrs B. Dolbear
JA Hay (Vice-chainnan)
D Mahoney, MA
AJ Pianca. FCA (Treasurer)
GB Pincus, MBE (Vice-President)
Mr Alex Russell MA, OBE
(appointed 1st September 2023)
Sir John Scarlett, KCMG, OBE. MA {Oxon)
Mrs K Thomas. BM (Soton), FRCS (Orth) (Chairnian)
AJ Vallance-owen, MBE, MBA, FRCSEd
C Watson, BA(Hon5), MA. Mst(Cantab.), ACA
Dr AJ Wells, MB, BS, DRCOG. MRCGP (deceased
29th July 2024)
Mr A R Vartevanian. ACA MCSI (appointed 16 June
2024)
SECRETARY TO COUNCIL
Mrs EL Winfield, LLB
ADDRESS
BANKERS
AUDITOR
Epsom College, College Road, Epsom, SU￿eY KT17 4JQ
Barclays Bank PLC, One Churchill Place, London E14 5HP
Crowe U.K. LLP, St James House. St James Square.
Cheltenham GL50 3PR
Quilter Cheviot Ltd, 85 Queen Victoria Street, London EC4V
4AB
INVESTMENT
ADVISERS
Page I

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
REPORT OF THE COUNCIL
YEAR ENDED 30 JUNE 2024
TRUSTEES, REPORT
The Trustees of the Royal Medical Foundation of Epsom College (the "Charity"), who are also the Members of Council. present
their annual report for the year ended 30 June 2024. The financial statements cornply with the Charity's governing document and
Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) as it applies from I
January 2019.
The present Trustees, any past Trustees who served during the year, the Patron and the external advisers of the Charity, are set
out on page l.
REFERENCE AND ADMINISTRA TIVE DETAILS
The Royal Medical Foundation of Epsom Colleoe, also known as "RMF of EC
is a registered charity (number 312046)
originally established by an Act of Parliament of 1855. The objects of the Charity, which were contained in the Royal Medical
Benevolent College Acts of l 855 and 1894 (as amended). were the provision of a school and the provision of assistance to
medical men and their dependants. Dr John Propert, together with medical colleagues. set out to collect funds by public
subscription. creating the Charity in 1853.
On 2 July 2000 a Statutory Instrument, The Charities (Royal Medical Foundation of Epsom College) Order, dated 18 June 2000
(the "Order"), replaced the old statutory provisions with tnore appropriate modern rules. Under the Order. two new companies
limited by >
ouarantee were created as subsidiary charities of the overall Charity which is called the "Royal Medical Foundation
of Epsom College"
One subsidiary was fonned to carry on the activities of the medical profession charity under the name "The
Royal Medical Foundation and the other to carry on the activities of the school under the name Epsorn College
Following approval from the Charity Commission, the Council of the Royal Medical Foundation of Epsom College "The
Council" passed a resolution on 14 March 2001, made under Section 74 of the Charities Act 1993. to divide the trust funds within
the Epsom College Investment Pool between these two new limited companies.
STRUCTURE GOVERNANCE AND MANAGEMENT
The Governors are aware of the Charity Governance Code published in 2017 and updated in December 2020, which sets out the
principles and recommended practice for oood trovernance within the sector. The Board of Governors has reviewed its current
governance arrangements against the principles within the code and these are detailed within this report. The Board will continue
to review its operation against the Charity Governance Code over the coming year.
Governing Documents
The Charity is governed by its Statutory Instrument adopted on 2 July 2000 and is managed through its two subsidiary charities..
The Royal Medical Foundation (charity number 312046-145) and Epsom College (charity number 312046-146).
Governing Body
The Charity is run by the Council, the members of which are the Trustees of the Charity. The Council consists of no rnore than
24 members, including the President and the Treasurer who are ex-officio member5, all of whom are elected by the Governors
in accordance with the relevant legislation. The Governors comprise the current Trustees together with both Vice-Presidents and
Life Govemors. Vice-Presidents are elected by the Council. Life Govemors are person5 who subscribed certain sum5 of money
to the Charity prior to 1980 and were elected Prior to 2000. Since 2000, new Governors have been elected either by the Governors
in general meeting, or by the Council. The financial control of the Charity is the responsibility of the Treasurer.
Trustee roles, recruitment and training
To ensure that Trustees, roles and responsibilities are carried out effectively, the Council ha5 prepared a portfolio of expertise
that covers specific aspects of the Charity's work. The Council has an agreed process of induction and briefing for new Trustees.
The process includes a detailed written and verbal brief by the Secretary, attendance at Council and Sub-committee meetings
before appointment where appropriate and the issuing of an inforniation pack containing legal and trustee document5. Trustees
also attend relevant briefmgs held by advisers.
Page 2

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
REPORT OF THE COUNCIL (CONTINUED)
YEAR ENDED 30 JUNE 2024
STRUCTURE GOVERNANCE AND MANAGEMENT
continued
Organisational Management
Council meetings include meetings where Trustees review strate.ry, operational and investment perfonnance and the setting of
operating plans and budgets. An Annual General Meeting is held in November or December. The Council appoints Sub-
Committees when appropriate.
Effective partnership between Trustees and staff continues to contribute significantly to our success. The Council delegates the
exercise of certain powers in connection with the management and administration of the Charity as set out below. This is
controlled by the requirement of regular reporting to the Council, so that all decisions made under delegated powers can be
ratified in due course.
Key Personnel
Secretary to Couneil.. The Secretary 15 responsible for the day-to-day administration of the Charity's affairs as agreed by the
Council.
Epsom College: The Head, Bursar and members of the Senior Leadership Team are responsible for delivery of the College's
charitable vision and purpose and for tmplementino policies agreed by the Council. The remuneration of key management
personnel is set by the College Governors. With the policy objective of providing appropriate incentives to encourage enhanced
perfornlance and of rewarding them fairly and responsibly for their individual contributions to the College's success. The
appropriateness of the remuneration policy is reviewed annually; this includes comparisons with other independent schools to
ensure that the College remains sensitive to the broader issues of pay and employment conditions elsewhere. The conduct of
affairs is delegated to the executive team consisting of the Head, the Bursar and the other members of the Senior Leadership
Team.
The Royal Medical Foundation: Together, the RMF Caseworker, the RMF Administrator and the Epsom College fmance
department are responsible for the day-to-day management of the Charity's affairs and for implementin> policies atrreed by the
Council. Staff salaries are reviewed annually. In view of the nature of the charity, the Trustees benchmark against pay-levels for
similar roles in other comparable charities.
Employment policy
The Charity actively supports the attainment of the highest standards of education through rlgorous and continuous evaluation
of quality and perfomiance, the application of best practice and a widespread desire to improve standards. The Charity is an
equal opportunities employer. Full and fair consideration is given to job applications frorn disabled peTsoll5 and due consideration
is given to their training and employment needs. Consultation with employees, or their representatives, has continued at all levels
with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests.
Employees are made aware of the financial and economic perfonnance of the Charity. In order to promote an environment in
which the Charity can call upon the widest possible range of knowledge, skill and experience, a5 well as ensuring compliance
with the relevant legislation and codes of practice, th¢ Charity is committed to achieving and maintaining a workforce which
represents the population within its recruitment area in tenns of race or colour, nationality or national or ethnic origins, religion
or belief. sex, sexual orientation or marital status, age and disability- To this end the Charity regularly review5 the operation of
its recntitment, promotion, training and development policies to ensure that no applicant for employment 01 member of staff is
disadvantaged by conditions or requirements which cannot be shown to be justifiable. Communication with employees continues
through nornial management channels in a variety of fonns and also through exceptional channels to appraise staff of current
issue5.
Investment Policy and Objectives
The Joint Investment Committee ("JIC"), a committee of Council, is responsible for the management of the funds on behalf of
the Trustee5. The JIC meets twice a year. and cu￿entlY delegates management of the ￿ndS to Quilter Cheviot Limited {"QC").
In accordance with the Trustee Act 2000, the JIC have the power to invest in such stocks, shares and investments. a5 they consider
appropriate. The JIC'5 primary objective i5 the preservation of the capital value of the trust funds, as adjusted for inflation
(measured by the RPI). The secondary objective is to generate the income levels required and maximise capital growth. The
Jtc takes a long-tenn view on its investment5 and have instructed QC to give due consideration to social, environmental and
ethical considerations when making investment decisions.
Page 3

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
REPORT OF THE COUNCIL (CONTINUED)
YEAR ENDED 30 JUNE 2024
OBJECTS AIMS OBJECTIVES AND ACTIVITIES
Charitable Objects
The Charity's registered objects are given in the Statutory Instrument. The Charities (Royal Medical Foundation of Ep50m
College) Order, dated 18 June 2000.
The Charity has two primary objects..
{ l) To support registered medical practitioners of the United Kingdom, or individuals who have been such practitioners. andlor
their widows/widowers, who find themselves in reduced circumstances. and
(2) To provide Crenerally for the advancement of education and, without compromising this primary objecL to do so by the
provision of a school with a preference for the children of registered medical practitioners.
In addition, the Charity has a secondary object..
(3) To provide annuities or occasional financial assistance to registered medical practitioners of the United Kingdom andlor
their widowslwidowers and children, but only if it can do so without detriment to the primary objects.
The Trustees confirm that they have complied with the duty in s.17{5) of the Charities Act 2011 to have due regard to the Charity
Commission's published uuidance conceming the operation of the benefit requirement under that Act when reviewing the
Charity's aims and objectives and in planning ￿tUre activities and setting grant making policy for the year.
The work of the Charity is managed through its two subsidiary charities as follows:
The Ro
al Medical Foundation
"RMF"
The RMF carries out objects (l) and (3) by..
l. Providing financial assistance in the fonn of means-tested awards. There are four ways this help may be given to eligible
beneficiaries who are facing financial hardship-
regular payments to medical practitioners, their widows or widowers.
one_off and short-tern] grants when uruent assistance is required.
financial assistance with educational expenses at Epsom College. and
financial assistance with other educational expenses.
2. Providing information and advice on organisations that rnay provide assistance within the public and charity sectors.
The Caseworker is Citizens Advice Bureau trained and an affiliate of the Institute of Money Advisers and through the
provision of infonnation and advice on how to apply for current state welfare benefit5, the Caseworker can empower potential
applicants to help themselves.
Where possible, the Caseworker also refers potential applicants to other relevant charities who may be able to help.
Public Benefit Aim and Intended Impact
In setting the Charity's airns the Trustees have given due consideration to the Charity Commission's guidance on public benefit.
The Charity's public benefit airn is to give relief to those in need by reason of poverty or financial hardship. The Trustees have
sought to ensure that the section of the public that the Charity supports can readily access the Charity's resources and that such
acces5 15 not restricted by reason of geography within the United Kingdom or by the ability to pay.
Grant-making Policy
The RMF has established its grant making policy to achieve its objects for the public benefit to improve the lives of doctors who
are living in poverty or financial hardship and/or their widows, widowers and children. All registered medical practitioners (who
are. or have been, on the Principal L￿1 ofihe General Medical Council ofthe United Kingdom) an(Vor their widows. widowers
and children are eligible to apply for assistance. The Caseworker acts as the initial point of contact for all requests for fmancial
assistance. As a first Step, the Caseworker researche5 the circumstances of each case in detail to determine if the request is eligible
for RMF support and how best to proceed. For example, if it transpires the applicant is not in receipt of their eligible welfare
benefits, infonnation on how to apply will immediately be given. The RMF only gives financial a5SiStance where a beneficiary
15 in receipt of their welfare benefit entitlement. Providing this infornlation is sometimes enough to empower the person to help
themselves and, in many cases, no fvrther financial assistance is required.
Where an eligible applicant wishes to apply for fll]ancial assistance, a comprehensive application forn] is completed and reports
from two referees are obtained. The needs of eligible applicants are assessed through telephone assessments, which are
undertaken by the Caseworker, following which the Caseworker writes a Case Paper and Assessment Report. Cases are then
Page 4

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
REPORT OF THE COUNCIL (CONTINUED)
YEAR ENDED 30 JUNE 2024
OBJECTS AIMS ORJECTIVES AND ACTIVITIES
continued
carefijlly assessed by the RMF Board, which meets four times per year. The RMF Board comprises nominated representatives
with both Medical and non-medical backgrounds and is responsible for considering and approving all grants decisions.
Grants are valid for a maximum of one year from the date of the award and are conditional on no change in financial or other
circumstances. Full disclosure of infomiation is requested at the time of each payment. All grants are subject to a comprehensive
annual review and are only continued for a further period if the circumstances are appropriate and if the funds are available. The
RMF Board assesses the impact the charity has on the lives of its beneficiaries. This is achieved through regular contact by the
Caseworker and by the review of correspondence that is received by the Charity's office.
som Colle
the"Colle
The College carries out object (2) throucrh the provision of day and boarding education on a co-educational basis at Epsom
College. The Collecre also has object (3) as a secondary object. The College has various endowed, restricted and unrestricted
trust funds held for special purposes in Connection with the development of its facilities and for scholarships, bursaries, prizes
and other educational uses.
ststement of Aims and Intended Impact
The Colleoe's aim is to provide exceptional all-round opportunities academic. social. sporting and cultural - in a safe and
supportive community. The College is a school that aims for excellence. and values both achievement and endeavour. The
College challenges pupils to develop their talents and broaden their interests- to become confident in themselves and to be tolerant
and appreciative of others.
Primary Objectives
The primary objectives of the College to ￿lfIl these aims are-.
l. To provide a flourishing co-educational environment for boarding and day pupils.
2. To deliver a modern, challenging and stimulating academic CUTTiculum-
3. To challenge and ultimately eradicate any forn] of discrimination within the College by promoting diversity, equality and
inclusion throughout the community.
4. To prepare pupils for entry higher education, th¢ workplace or apprenticeships, including those who aim for places on the
most competitive courses at university.
5. To preserve and strengthen the College's close traditional links to the medical profession.
6. To provide comprehensive pastoral care and guidance under the leadership of dedicated and caring staff.
7. To offer a wide range of co-curricular activities to foster the interest and maximi5e the individual potential of each pupil.
8. To foster moral and spiritual values, acceptance and understanding in every pupil and from within Epsom's Christian
foundation.
9. To develop a strong sense of responsibility and commitment to the community.
l O. To further genuine awareness. understanding and co-operation between College pupils and staff and its wider communities,
both local and international.
I l. To create a community where pupils will fmd some thing5 that will matter to them for the rest of their lives.
The aims and objectives set for the College's subsidiaries are to facilitate the achievement of the College's aims and objectives
as above.
Strategi¢5 to Achieve the Objectives
During the year under review, the Governing Body, who are also Trustees of Epsom College, have focussed on the following
areas to assist the College in ￿lfIllIng its aim and objectives:
Work closely with the Head to conttnue to improve the College's academic and financial perforn]ance"
Work closely with the Head ana Senior Team to ernbed the values of the school - kindness, ambition & integrity.
Work closely with the newly appointed A5515tant Head.. Designated Safeguarding Lead and the DSL with a particular
focus on the continuing enhancement of our safeguarding provision and the embedding of the use of CPOMS, a software
solution for monitoring safeguarding.
Ensure that the College remains 'future proof and aligns effectively with market demand by exploring possibilities of
establishing tsrther income streams.
Continue to meet the recommendations of the three-yeai Equality. Diversity & Inclusion (EDI) Development Plan and
SUPPOrt the work and development of the Head of EDI.
Page 5

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
REPORT OF THE COUNCIL (CONTINUED)
YEAR ENDED 30 JUNE 2024
OWECTS AIMS OBJECTIVES AND ACTIVITIES
eontinued
Increase funding and pastoral support for pupils under the aegis the Royal National Children's Springboard Foundation,
Surrey County Council Looked After Children provision and Boarding Schools Partner5hip5 and displaced pupils from
Enable our Co-curriculum to flourish and continue to promote our policy of 'no-one on the bench, and our pursuit of
excellence in the fonn of national honours.
Work on the above objectives has continued throughout, albeit mitigated by the need to undertake this in the context of
recovering from the tragedy. Additionally. the Governing Body have focu5sed on the following areas with the Colleoe's
Senior Leadership:
Principal Aetivities for the Year
The College provides an education to boys and girls aged I I to 18 on its 72-acre site situated on the outskirts of Epsom, Surrey.
At the end of the academic year Epsom College had I, 100 pupils (2023.. 1,097), of which 280/0 were boarders {2023'. 28 % ). 45 %
(2023.. 440/0) of the pupils were female.
Public Benefit Aims
The Governors recognise the College's broader responsibilities towards local communities, society and the environment, and
staff and pupils are actively encouraged to expand their awareness, understanding and contribution to the wider society wherever
possible.
Epsom College is committed to the aim of providing public benefit in accordance with its foundincr principles. In setting its aims
the Governors have carefully considered and complied with the duty tn s.17(5) of the Charitie5 Act 201 I to have due regard to
the Charity Commission's published guidance concernino the operation of the benefit requirement under that Act.
The awarding of bursaries, scholarships and other awards is a measurable Means of provtding public benefit. Despite the expected
introduction of VAT on school fees from January 2025, the College is continuing its efforts to widen access to Epsom to talented
youngsters with less financially fortunate families. l 01 pupils in September 2024 (2023.. 103) will now have the opportunity of
an Epsom education, opened up through bursaries with help provided by the Education TrusL Epsom College Bursary Funds,
The Old Epsomian Club and other generous benefactors. So far £2,433,000 (2023-24.. £2.418,000) has been allocated to bursaries
for the 2024-25 academic year.
All bursaries are awarded based on a proven f￿anCIal need, and in 2024-25 the average bursary awarded to a pupil will be
£24,091 per annum (2023-24-. £23,477). Of the 10 I pupils with a bursary 460/0 (2023.. 520/0) are in receipt of support covering at
least 75 /0 of the fees. All but four of the recipients have been awarded 'access widening. bursaries. enabling children whose
parents could not have otherwise afforded to enrol their child to start at Epsom College.
The College is an accredited member of the Royal National Children's SpringBoard Foundation and will be fully supporting
four pupils (2023-24-. four pupils) from disadvantaged circumstances, increasing social rnobility by widening access to boarding
education and learning. adapting and sharing best practice with other SpringBoard schools. In addition, the College continues to
work with Boarding Schools Partnerships, an organisation that works with local authorities to place vulnerable children in
boarding schools. In September 2024, the College will again be fully funding two children under this scheme. Furthermore, the
College is supporting two pupils who are attending school under the Ukrainian Placement Scheme.
Those pupi15 who attend the College and who receive fmancial support contribute to the school community in a variety of ways
and so the benefit is not purely to these pupils but to the whole College and, in some cases, to the wider community.
In addition to financial assistance, the College ha5 engaged in many other activities that provide benefits within the College,
objectives. An area of continuing development IS the building of closer links with schoo15 Wlthin the Bourne Education Trust.
Also. facilities are regularly used by local clubs and local junior schools (Wallace Fields, Banstead Juniors. Danetree). The
swirnming pool is especially busy, occupied by many local leam-to-swim programme5 and also training for local clubs Epsom
and Leatherhead; the hockey Astroturfs are the venues for Epsom Hockey Club. Chearn Hockey Club and youth team sessions,
and the cricket pitches for regional coaching and matches. We also provide facilitie5 to Surrey Netball, SU￿eY Squash, Surrey
Schools Badrninton, SU￿eY Hockey and Surrey Cricket. Epsorn pupils referee or lead groups of junior pupils and Epsom hosts
the annual SuTTey Schools. Squash tournament for state and independent school pupil5.
Throughout the last year, a sum of over £8,500 was raised for causes including the Teenage Cancer Trust, Surrey Stands With
Ukraine, Disasters Emergency Committee effort for humanitarian relief in Turkey and Syria, and Epsom & Ewell Food Bank.
Additionally, the College continued its long-time support of Growbaby, distributing over 1,300 donated toys for needy families
in the borough of Kingston each December.
Page 6

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
REPORT OF THE COUNCIL (CONTINUED)
YEAR ENDED 30 JUNE 2024
OBJECTS AIMS OBJECTIVES AND ACTIVITIES
continued
Public Benefit Aims (continued)
The College's Service programme sends over 200 sixth fonn and lower fourth pupils into the local community to offer up to an
hour of service per week to local community projects, local maintained schools, Crardeners, foodbanks, hospitals, disabled groups
and ad hoc seasonal projects, complemented by use of the College's facilities by local maintained infants, junior and special
schools and IT assistance for various community groups. The Programme donates time, not money, and since its establishment
in 2013, Epsom's pupils have volunteered over 29,000 hours, equating to over £300,000 in social value.
The College hosted a range of events for its community including ' In Conversations with. forn)er professional tennis player and
TV Presenter Annabel Croft. scientist Professor Tim Spector. and actor and comedian Rob Brydon.
The College continues its work in conjunction with The Bourne Education Trust on Artificial Intelligence (Al) in education. AI
in Education will maximise the interests of all involved in education, students, teachers, support staff, parents. governors and the
wider community. It hosted a second AI in Education Conference in which the conference began with a keynote speech from
Baroness Barran, then Parliamentary Under Secretary of State at the Department for Education. and the Minister Responsible for
AI.
ACHIEVEMENTS AND PERFORMANCE
RMF
The RMF aims to help registered medical practitioners, and their widowslwidowers and children, living An poverty or financial
hardship within the United Kingdom The section of the public that has the opportunity to benefit from the support of the RMF
is quite considerable since. at 30 June 2024, there were over 363,000 rnedical practitioners registered with the General Medical
Council (GMC). In addition. their widowslwidowers and children are also eligible to apply. During the last financial year, the
RMF'S contact details were circulated to all re(fiStered medical practitioners by the GMC and are available to all Members of the
GMC via their web 51te. Additionally, the RMF is part of both the Educational Trnsts, Forum and the joint portal for Medical
Charities.
The RMF supports its beneficiaries throughout the UK and our service is given free of charge. The direct cost of providin(r this
service in 2024 was £55,416 (2023.. £52,220) out of total administration expenses of £88,700 (2023.. £103,137). In most cases,
the RMF is contacted at a time of unforeseen crisis or tragedy and one of the greatest achievements of the RMF is to listen and
help people when they are most vulnerable and do not know where else to turn. Examples of achievements during the year are
given below.
Provtdin
inforn]ation and advice on or
anisations that ma
rovide assistance
The Caseworker is CilizeF7S Advice Bureau trainedand an affilialg ofthe Ip751ilute ofmoney Advisers and can empowerpotential
applica￿lS to help themselves through theprovision ofinformalion andadvice on how lo applyfor current state welfare benefits.
For example, a single parent hosting a refu(ree in her home was not aware that she was eligible for the 25 % single adult council
tax refund. The new council tax regulations came into effect in April 2022 and states that hosted refugees are now disregarded
when calculating how many adults reside in the property. She applied to the council tax office and received her refimd of which
she was very grateful for.
ThE Caseworker also refers callers fo other relevant charities who may be able to help. In the last year, many people including
nurses, medical professionals and medical students were referred to other charitie5.
The Casgworker offers comfor( andsupport to beneficiaries. This is especially imporlanifor ihose who have nofriends orfamily
and are therefore arlremely isolated. Usually, this involves a regular telephone call to vulnerable beneficiaries to check how
things are going. For example, the caseworker kept in touch with a beneficiary suffering with depression and suicidal thoughts.
They were very grateful to have an extra listening ear when things became OVe￿helmln8 for them. The caseworker continues
to call the beneficiary on a regular ba51S to offer moral support. They were also signposted to other agencies that were able to
provide ￿rther support.
This ongoing system of regular support is achieved through regular telephone calls and visits if required. The Caseworker is,
therefore, able to monitor the wellbeing of the RMF's beneficiaiies, and can refer a case back to the RMF Board should a
financial need become apparent.
Page 7

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
REPORT OF THE COUNCIL (CONTINUED)
YEAR ENDED 30 JUNE 2024
ACHIEVEMENTS AND PERFORMANCE
continued
The provision of such infom]ation and support by the Caseworker is a fundamental and crucial part of the work of the Charity-
It is not possible to distinguish between the amount of time spent purely on giving infonnation, advice and support and that Spent
on assessing requests for fInancial assistance. The Trustees consider both equally important.
Providin
financial assistance
The RMF provides means-tested financial assistance to alleviate the stress of poverty or financial hardship. Awards totalling
£220.466 (2023: £199,754) were made during the year ended 30 June 2024, as shown below..
Number of
beneficiaries
Type of Award
Amount Paid
(£)
Regular payments to medical practitioners and their widows I
widowers
Short-terni payments or one-off grants where urgent assistance is
re
uired
Financial assistance with educational ex
Financial a5SiStance with educational ex
11,160
56
177,614
enses
enses at E
33,185
1,493
som Colle
66
TOTAL
220,466
Regularpayments to medicalpraclitioners and iheir widows/widowers. The RMF has continued to support a number of medical
practitioners and their families who live in reduced circumstances. For example, the RMF has been assisting a doctor suffering
with mental health problems who felt very cut off from family and friends. The regular award from the RMF has provided them
with the opportunity of making visits and joining in with some of the family activities which they were unable to participate
before due to lack of funds. The beneficiary is very gr2teful for the support, especially as they are now able to visit and have the
occasional outings with family and friends making them feel less isolated.
Shorf-lerrp7 paymenls or one-offgrants where urgenl assistance is reqiiired. A relatively srnall amount of money paid can have
a huge impact on our beneficiaries, lives. For example, a young doctor who had suffered a stroke and was left very disabled,
needed specialised medical equipment not provided by the NHS to help them progress With their rehabilitation. The RMF funded
a 5pecialised treadmill with the recornmendation from their occupational therapist and other equipment which has helped speed
up their recovery.
Financial assislance wilh edu¢atiOP7al expenses. Family crisis can strike at any time and educational stability, especially during
critical exam years, can be crucial. The RMF helps by providing asslstance with educational costs where a change of circumstance
puts the family into fmancial crisis and where they are unable to cary on with paying school fees or extras. For example, the
RMF assisted a single-parent doctor and her children, who all suffered trauma during the family break up, to continue with their
eXtra-CU￿1cuIar activities when the father stopped paying for these costs. It helped the children immensely to cary on
participating in their regular activities and feel some norniality in their lives when all else was falling apart.
Section 172 (1) Statement
The RMF is not required to make a disclosure under section 172{1) of the U.K. Companies Act 2006. due to its status as a 5rnall
company.
E som Colle
Revieiv of Achievements and Performance for the Year
The College enjoyed excellent A-level results in 2024 with 87Q/o of grades A*.Bs and 61 % A*A. The grade distributions were
even better than last year's Sunday Times award-winning results.
Overall. the A-level results were excellent and, of the leavers applying to University this year. over 900/0 have met the conditions
for r￿st and second choice institutions with 84D/o of students accepted at their first-choice university and 950/0 have been
successfijl with their first and second choices. Again. these entry levels are amongst the best the College ha5 ever had.
At GCSE, the results were exceptional with 63.20/0 of all grades 9s and 8s and 82.3 % 95, 8s and 7s. which matched the excellent
grades received by last year's College record-breaking cohort.
Page 8

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
REPORT OF THE COUNCIL (CONTINUED)
YEAR ENDED 30 JUNE 2024
ACHIEVEMENTS AND PERFORMANCE
continued
Attaining academic achievement did not prejudice sporting and cultural activities this year. In sport there have been
unprecedented successes at national level across a range of sports and both for teams and individually. The College prides itself
on exceptional breadth of participation by boy5 and girls in an extensive fixture list against schools with a national reputation
for sport. On average around 80 % of the whole pupil roll play sport for the College across the year, with 95_1000/D in the younger
groups.
The College's tri-service CCF remains one of the largest in the country and has produced several tsraduates and serving members
of the anned forces across the years. The College also operates a high quality and vibrant Duke of Edinburgh programme. and
has continued to see a significant increase in the number of pupils completing their silver and gold awards over the last few
years. Similarly. participation and high levels of perforn]ance in Music and Drama is widespread, with excellence evident in the
staging of plays and musicals such as such as 'Our County's Good,. 'The Addams Family,, 'Wendy and Peter Pan, and 'The
Lion King., as well as a wide range of high-quality weekly concerts and recita15 by the broad range of musical groups and
ensembles. All these are open to anyone to attend and are extremely popular. Individuals have also reached final stages of
national competitions.
The Governors, commitment to maintaining the College's excellence has again been reinforced by the capital expenditure
programme. Expenditure on capital work this year amounted to over £7. Im (2023: £7.4m).
Fundraising Performance
The fundraising activities of the Colletse are coordinated and run through the Epsorn College Development Department.
Significant progress has been made this year in their ongoing work of raising voluntary funding for the College. Grants, donations
and legacies donated through this department totalled £1,029.000 {2023: £1,147,000). The operating costs of the Developrnent
Department are paid for by the College. For this year, the perforniance of fundraising, on costs of £331.000 (includino staff
costs), was a ratio of 32.20/0 against the £1,029,000 voluntary income receivable by the Developrnent Department. These fiuures
exclude funds raised by pupils in support of other charities and the income given under gift aid by the trading subsidiary
companies.
All fundraising activities for the College are carried out by the Development Office and College staff, with assistance from the
alumni, parents and pupils for the running of specific fundraising events. The College does not use professional external
fundraiseis or have any commercial participator5. All fundraisin(r activities are managed by the Director of DevelopmenL with
overall oversight by the members of the Enterprise, Commercial. Charity and Overseas Sub-committee.
Under the Charities (Protection and Social Investment) Act 2016, the College is reporting that no complaints relating to
fundraising activities have been received by the College during this financial year. However, the College has in place procedures
that would be followed in the event of a complaint being received, with the initial response being the responsibility of the Director
of Development under the Head and the Chair of the Enterprise, Commercial. Charity and Overseas Sub-committee. Any
continuing issues would then be passed to the Chainnan of the College Governing Body to deterniine what further action might
be required. The College is a member of The Institute of Development Professionals in Education and the Council for
Advancement and Support of Education and subscribes to the Fundraising Preference Service. It has voluntarily registered with
the Fundraising RegulatOT and complie5 Wlth the Code of Fundraising Practice. The College considers that it has set appropriate
standards for the operation and management of its fundraising activities and these are outlined under its Code of Ethical
Fundraising, which may be found on the Colletre website. In particular, the College considers that its processes and controls
should ensure that vulnerable people and other members of the public are protected from any unreasonable intrusion on a person.
privacy and that no fundraising activities would be unreasonably persistent or place undue pressure on a person to give money
or other property.
Section 172 (1) Statement
The Governors, as Director5, must act in accordance with a set of general duties. These duties are detailed in section 172(1) of
the U.K. Companie5 Act 2006, which is sumrnarised as follows: 'A Director ofa Company musl act in ihe way he/she considers.
in goodfaith, wozlldbe mosi likely lopromote the success ofthe Companyfor the benefit of its members as a whole. and in doing
so have regard (amongst other mallers) io..
The likely conseqtiences of any decision iF7 the long term
The interesls of the Company's employees
The need tofoster the Company's b￿SinesS relationships with suppliers. customers and others
4. The impact of the Company's operations on the community and Ihe environment
The desirability ofthe Company maintaining a repzilalionfor high standards of business conduct, and
6. The need to actfairly as between members ofthe Compary.
Page 9

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
REPORT OF THE COUNCIL (CONTINUED)
YEAR ENDED 30 JUNE 2024
ACHIEVEMENTS AND PERFORMANCE
continued
The Governors consider that they have fulfjlled their duties in accordance with section 172(1) of the U.K. Companies Act 2006
and have acted in a way tn which is most likely to promote the success of Epsom Colleoe for the benefit of its stakeholders as a
whole in the following ways..
Pupils
Boarding and day pupils alike benefit from the College's award-winnino
pastoral provision with staff placing as much
importance on pupils, personal development, lifelong friendships and camaraderie as they do on exam results. Pupils are actively
encouraged to offer comments and suggestions on the operation of the school through committees, houses or tutor meetings. and
this pupil voice is actively considered in decisions made by the Senior Leadership Team and Governors.
The College's Personal and Social Development (PSD) programme has been Sicrnificantly enhanced. particularly in Years l O
and I I where more time has been given to the course. Modules have been refined and new modules introduced covering RSE,
digital safety, spiritually & morality and physical wellbeing. These have been auomented to reflect emerging issues such as
vaping, consent and Andrew Tait, and to help embed the College's values of kindness, ambition and integrity.
In October 2022 the College had its ISI progress monitoring visit and met all standards to make it fully compliant. While
inspections can happen at any time we are now on the three-year cycle and anticipate the next ISI inspection to occur in during
academtc year 2025-2026. In Lent Terni 2024 an Educational Review was undertaken to ensure that the College is always
inspection-ready.
Employees
The College recognises that the qualities and skills of its employees and the commitment of its staff play a major role in the
College's success. Weekly briefLngs keep staff infornled of school wide developments. and there are opportunities for staff
consultation with Governors, both fonnally and infornially. Staff wellbeing has remained a key focus this year as the College
heals from the tragic events of February 2023. The College continues to offer support in the fonn of external counsellors as well
as of trained teaching and support staff who had undertaken the mental health first aiders course and the College Chaplain has
added further care and energy to the College provision.
Parents
The College recognises the many benefits from engaging positively with parents- towards this end, the College publications
highlight aspects of College life and provide an insight into the school, especially for parents of weekly and full boarders.
The Thursday Post, sent out at 3pm each Thursday. consolidates all of the week'5 notices and announcements into a singular
email and its focus remains with an internal audience concerning matters relatincr to the successful running of the College. In
addition, The Brief continues to be sent on a Friday afternoon to approximately 3.300 subscribers and it is an important
component of the College's marketing and PR. Parental attendance at events, co-curricular, Soirees, Founder's Day and Speech
Day remained very strong- obviously, in part this reflects the growth of the school, however, it also indicate5 the strength and
quality of the relationship that exits within the community-
Community
The Colle(ve is proud of its place within the local community and endeavours to offer support and assistance where possible by
spon50ring local SPOTts clubs and offering opportunities for local schools and clubs to benefit from its excellent academic and
co-curricular facilities. This h&$ included hosting a cricket day for pupils with a range of disabilities from Specialist schools in
the local area, a551Sted by 6th Forn] students. something we hope to expand each year towards an Olympic5-5tyle event. The
mainly 6th Form Service Programme works with local charities and social organisations to identify ways in which the pupil body
can best provide support and assistance. Although the 250-strong programme had to adapt during the COVID years to working
in-school and producing services and goods for local schoo15 and charities. it has returned as a hybrid operation. with over 150
pupils returning to work in the local community each week. with others continuing to contribute in-school to deliver services.
The prograrnme is an integral part of the College'5 partnership with local state schools and continues to grow in scale and scope,
with Lower School pupils involved once again.
The College has endorsed the three-yeaT Equality, Diversity and Inclusion Development Plan; progress has been pleasing and
set targets have been met. the work undertaken has received wider re¢o.(mition and the Members of staff at the heart of the
provision are regularly invited to speak at regional and national conferences.
Page 10

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
REPORT OF THE COUNCIL (CONTINUED)
YEAR ENDED 30 JUNE 2024
ACHIEVEMENTS AND PERFORMANCE
continued
Environmental Performanee: Streamlined Energy and Carbon Reporting
In accordance with The Companies (Directors, Report) and Limited Liability Partnerships (Energy and Carbon Report)
Recrulations 2018, the College presents its ener￿ usage for the year under review.
2024
2023
UK energy use
kwh
7 811,827
8,648,099
Associated Greenhouse ga5 emissions
Tonnes C02 e
ivalenl
Intensity ratio
IC02e
er
1,612
The College continues with its LED lighting plan having now replaced some 75 % of lights across the estate. The project will
now be extended across both main sports halls and the extemal flood-lighting.
Most of the radiators within the College have had therniostatic valves fitted to allow temperatures to be controlled locally by
individual area5. Outdated older radiators are slowly beincr replaced which has contributed to the signifIcant decrease in natural
gas usage.
The upcoming renewal of the vehicle fleet includes two 9-seater hybrid vehicles within the new contract. The EV charoing points
have been a success Wlth much demand from Colletse staff. The College are now considering increasing the number of charging
points on 51te.
Recently a large, previously undetected, water leak has been discovered and repaired, and therefore water consumption is
expected to fall over the coming year.
The data includes electricity and gas used across the College campus and consumption of fuel used in College owned or leased
vehicles or that used by staff in their own vehicles on College business. This data includes usatse arising from the activities of
Epsom Colle(re Enterprises Ltd. The electricity and gas data were gathered directly from supplier meter records and invoices,
with fuel consumption data being gathered from vehicle mileage records. Domestic residences on the College site that ar¢
responsible for their own energy usage and bills are excluded from this report. The fuel consumption does not include daily staff
or pupil commuting, however, it does include College run transport to and from certain College activities and events, such as
sports fixtures and COTnmunity service activities.
Calculations were made in accordance with the GHC Protocol Corporate Accounting and Reporting Standard- further
infonnation on this protocol can be found here: h
rotocol.or
co
orate-5taT]dard. All the business activities included
were converted into carbon emissions using the DEFRA 2021 published emissions factors. No mandatory emissions have been
excluded from this report.
FINANCIAL REVIEW
Results for the year
The Statement of Financial Activities reveals a surplus of £3,456,000 (2023: £5.143.000). This exceeded forecast expectations,
primarily due to funding Secured from individuals to support pupils during their time at the College, and a number of other factors
including strong ancillary income and tight control over costs.
Within the total surplus. gains of £1,945.000 arose in respect of Endowed Funds (2023.. 826,000) and gains of £720,000 (2023..
losses £2,465.000) arose in respect of Restricted activities. A surplus of £791.000 arose in respect of Unrestricted activities
(2023: £6,782,000 iThcluding the transfer of donations raised of £2,899,000 in respect of the 6th Fonn Centre, the Memiaid, from
restricted to unrestricted reserves). The Balance Sheet of the Charity remains strong and in line with Council's expectations given
the investment in f￿ed assets.
The principal funding source of the Charity continues to be school fees receivable. This income is used directly to support the
primary objectives of the Charity disclosed on Pages 4 and 5 above.
Page 11

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
REPORT OF THE COUNCIL (CONTINUED)
YEAR ENDED 30 JUNE 2024
Investment Performance
At the year-end. the Charity's lono.tenn investments totalled £19.2m (2023.. £16.8m). The investments generated investment
income of £563.000 (2023.. £521,000) during the year. The year-end valuation of invested funds resulted in net gain5 on
investments of £2.086,000 (2023: £399,000) being recognised in the Statement of Financial Activities.
In assessing perfornance, the JIC use various indices as a means of evaluating both the investment adviser in tertns of
perfomiance against their competitors and the trust funds against returns achieved by other UK charities of the same size. In the
past year, the Charity has been above the mean average and the JIC are satisfied with this performance.
Reserves poliey
RMF
The Trustees make every effort to distribute the maximum amount that they are able, by awarding grants to any beneficiary who
has a proven fmancial need and who falls within their criteria. In recent years. the RMF has been able to support all eligible
applicants. Throuoh the Trustees and Caseworker, the RMF liaises closely with other medical charities and the Educational
Trusts Forum to maximise the ability of the Charity to identify qualifying beneficiaries. The RMF details are also available on
various web sites, through which many enquiries for assistance are generated. Awards are met from the resources of the Charity,
which is supported by donations and bequests from Local Medical Committees, Medical Charities, Medical Organisations and
individual Medical Practitioners.
Total reserves at 30 June 2024 are £9,895,000 (2023.. £8,936,000) and unrestricted reserves held by the RMF are £2,727,000
(2023= £2,553,000). The Trustees have reviewed the reserves policy and recognise that there are substantial undistributed
reserves. The plannincr
process. including financial projections, has taken into consideration the cu￿ent economic climate and
its potential impact on investment income and planned expenditure. The Trustees take the view that the level of reserves is
appropriate to meet the RMF'S annual obligations on a fund-by-fund basis and to ensure financial stability- Undistributed
reserves are invested to increase income to enable more beneficiaries to be helped in the future and our cash deposits could easily
be drawn down should working capital be required. The accounts have therefore been prepared on the basis that the charity is a
going concern.
som Colle
The College and its subsidiaries currently hold minimal free reserves. This is because the College continues to invest its
unrestricted surpluses, over the years, into the College campus and educational facilities. This investment is vital to the long-
temi sustainability of the College. The College is able to operate using this rnodel, due to the significant cash generated
throughout the year via school fees, which, along with the banking facilities, provide5 the required working Capital to operate
during the year, and to manage any 5hort-tenn income volatility. The Governors have reviewed this position and consider it
remains appropriate.
The Epsom College Group's total reserves of £41. Im (2023.. £38.7m) at the year-end is represented by £7.9m (2023.. £6.6m) of
endowed funds, £4.2m (2023: £3.7m) of restricted funds and £29.Om (2023.. £28.4m) unrestricted funds. There are currently
free reserves in the Group of £16,000 (2023= £16.000) and none in the College (2023.. nil) as funds continue to be invested in
tangible fixed assets.
The impact of the new Labour Government's pledge to introduce VAT on school fees has raised significant concern amongst
our parent body. Despite this. at the time of approving these financial statements, the College ha5 not seen any material reduction
in prospective pupil numbers for the 2024-25 academic year, but the number of conversations about affordability challenges are
increasing.
It is expected that the impact of VA T on school fees will be felt in fu￿re admissions cycles and perhaps in January 2025 when
it becomes a reality. The Governors continue to be satisfLed that external financial facilitie5 provide an additional and adequate
safety net, if it should be required and, therefore, have no concerns regarding going concern of the College. The Going Concern
policy. found in Note l(q) to the Financial Statements expands on the reasons for this conclusion.
A pension liability of £1 1,000 (2023= £28,000) arising from the College's obligations as a member of The Pension Trust (historic
defined benefit pension scheme) exists at the year-end date. A funding agreement is in place with The Pensions Trust and the
College has sufficient resources to meet the future funding requirements.
Page 12

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
REPORT OF THE COUNCIL (CONTINUED)
YEAR ENDED 30 JUNE 2024
PRINCIPAL RISKS AND UNCERTAINTIES
RMF
The RMF has a register of major potential risks for the charity and the RMF Board regularly examines the principal areas of the
Charity's operations and considers what major risks may arise in each of these areas. In the opinion of the Trustees, the Charity
has established procedures and review systems to manage these risks, the principal risk being a reduction in investment income
which could jeopardise the amounts available for beneficiaries.
som Colle
The College maintains a Risk Register which is reviewed annually by the Board of Governors with a view to ensuring that the
charitable objectives of the College are achieved in the short, medium and longer term, and that the risks of the trading
subsidiaries are understood and managed. The principal risks for the forthcomincr academic year are as follows..
Health, Safety and Wellbeing: the health. safety and wellbeing of our pupils, staff and comrnunity remains our utmost
priority and this year continue to actively improve our site safety and security to reduce risks and promote safeguardincr
as everyone's responsibility.
Political change.. the Government have confimied that they intend to levy 20 % VAT on school fees from l January
2025, along with removing business rate relief from April 2025. The mid-academic year introduction of VAT is earlier
than anticipated and despite the College 'absorbing' 10.5 % of the V A T, the 9.50/0 increase in fees will be a challeng¢
for many parents.
Finanee.. whilst the College is in good financial shape, it is not blessed with endowments and reserves. To 'absorb'
10.50/0 of the VA T the College will have to work hard to save costs and increase its non-fee income. Parents are rightly
concerned about the increased cost of education. and the College will work hard to keep any future fee increases as low
as possible and certainly below the level of inflation.
Pupil numbers.. could be at risk because of the likely addition of VAT and increased financial pressure on parents.
The key controls used by the Governors to manage risk include..
Fomial agenda and minutes for the Cornmittee and Board activities.
Comprehensive strategic planning, budgeting and management accounting.
Established oruanisational structUTe and lines of reporting.
Formal written policies.
Clear authorisation and approval levels.
Vetting procedures as required by law for the protection of the vulnerable" and
Consideration of the recent recommendations of any ISI inspections and the Educational Review that took place in
Lent Tenn 2024.
Through the risk management process established for the College and its subsidiaries, the Governors are satisfied that the major
risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable. but
not absolute assurance that major risks have been adequately managed. The Governors regularly review the effectiveness of
current plans and strategies for managing all identified major risks for both the College and its subsidiaries
FUTURE PLANS
The RMF Trustees recognise that the charltable sector as a whole faces many challenges, particularly for a small charity with
such a focused operation. With a portfolio of investments where fund values are directly affected by market conditions. the
Trustees are conscious of the continuing need to reduce overhead costs to the minimum, in particular those associated with
administration. and the need to maximise income from it5 investrnents and other sources.
The Trustees believe that the Charity has a sound fmancial basi5 upon which to build foi the future. Work will continue to
strengthen the RMF'S profile and to develop existing services yet further to reach and help the medical community. The Board
are sure that the charity's founder, Dr John Proper¢ would heartily approve of the efforts of the Foundation over the last year
and would be content that the RMF is meeting the moral and legal obligation5 that it owes to its beneficiaries and to its
benefactors.
Page 13

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
REPORT OF THE COUNCIL (CONTINUED)
YEAR ENDED 30 JUNE 2024
FUTURE PLANS
continued
som Colle
Over the course of the coming academic year the following aspects of school development will receive particular attention:
Strategie Planning: a new Strategic Plan, with an associated campus masterplan, will be developed-
Safeguarding: best practice will be identified and implemented to enhance pupil and staff wellbeing throughout the
College community, in order to safeguard all those in our care;
Finance: recognising the need to keep future fee rises to more manageable levels, a rigorous review of costs will take
place alongside continued development of non-fee income streams-
International: potential oppormnities overseas that will both bolster Epsom's reputation locally and internationally,
while also providing income, will be explored.
Admissions and Marketing: a new Director of Adrnissions, working closely with the Director of Marketing, will
seek to continue to attract academically strong and talented pupils despite the introduction of VAT on school fees.
Academic results: maintain the upward trajectory of the excellent GCSE and A-level grade5 of the past two years.
Outstanding pupil experienee: continue to evaluate and monitor each pupil's experience, to ensure that they enjoy
success in and out of the classroom, achieve their potential and love their journey through the College-
Co-curricular: build a market-leading co-curricular programme, in tenns of both quality and participation, and
continue to pursue success at County and National level.
STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILTIES
The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable
law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).
The law applicable to charities in England and Wales requires the Trustees to prepare f￿ancial statements for each fmancial
year. Under Charity law the Trustees must not approve the financial statements unless they are satisfied that they give a trne and
fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income
and expenditure. of the Charity for that period. In preparing these financial statements. the Trustees are required to-.
select suitable accounting policies and then apply them consistently.
observe the methods and principle in the Charities SORP.
make judgements and estimates that are reasonable and prudent.
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and
explained in ihe financial statements; and
prepare the f]nancial statements on the going concern basis unless it is inappropriate to presurne that the Charity will continue
in busines5.
The Trustee5 are responsible for keeping adequate accounting records that Sufficient to show and explain the Charity's
transactions, disclose with reasonable accuracy at any time the fmancial position of the Charity and enable them to ensure that
the fmancial Statements comply with the Charities Act 201 I, the Charities (Accounts and Reports) Regulations 2008 and the
provisions of the Charity's constitution. They are also responsible for safeguarding the assets of the Charity and hence for taking
reasonable steps for the prevention and detection of fraud and other i￿egUlar1ties.
The Trustee5 are responsible for the Maintenance and integrity of the corporate and f￿anCial inforn]ation included on the
Charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial staternent5 may
differ from legislation in other jurisdictions.
Page 14

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
REPORT OF THE COUNCIL (CONTINUED)
YEAR ENDED 30 JUNE 2024
DISCLOSURE OF INFORMATION TO AUDITOR
Insofar as each of the Trustees at the date of approval of this report 15 aware. there is no relevant audit infonnation (inforniation
needed by the company's auditor in connection with preparing the audit report) of which the charity's auditor is unaware. Each
member of Council has taken all the steps that he or she ought to have taken as a member of Council in order to make hirn5elf or
herself aware of the relevant audit information and to establish that the charity's auditor is aware of that inforniation.
COUNCIL MEMBERSHIP
Council member Dr Jeremy S Bolton, Dr Hywel H Bowen-Perkins, Mr Richard H. Bruce, Miss K Davidson, Dr S Dhillon, Mr
John Hay and Mr George P Pincus are standing down in rotation at the Annual General Meeting but are eligible and recommended
for re-election for a terni of three years.
AUDITOR
Crowe U.K. LLP has indicated its willingness to be reappointed as statutory auditor and a general resolution proposing
reappointment will be submitted to the forthcoming Annual General Meeting.
Approved by Members of Council present at a meeting on 4th December 2024 and signed on its behalf by..
Mrs K Thomas
Chair
Page 15

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF
ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
Opinion
We have audited the financial statements of the Royal Medical Foundation of Epsom College {'the charity,) and its subsidiaries
('the oroup,) for the year ended 30 June 2024 which comprise the Group Statement of Financial Activities. the Group and Charity
Balance Sheets, the Group Cash Flow Statement and notes to the financial statements, including sionificant accounting policies.
The financial reporting fvamework 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 the parent chaTity'S affairs as at 30 June 2024 and of the group's
income and expenditure. 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 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 fmancial statements, we have concluded that the trustees. use of the going concern basis of atcounting in the
preparation of the financial statetnents is appropriate.
Based on the work we have perfornied. we have not identified any material uncertainties relating to events or conditions that.
individually or collectively. may cast sionificant doubt on the charity's or the group's ability to continue a5 a gointr concern for
a period of at least twelve rnonths from when the financial staternents 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 infornlation contained within the annual report. The other inforniation comprises the
information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on
the financial statements does not cover the other infom]ation and, except to the extent othenvise explicitly stated in our repo
we do not express any fonn of assurance conclusion thereon.
Our responsibility is to read the other infom)ation and, in doing so. consider whether the other infomiation 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 rnisstatements, we are required to detennine whether thi5 gives
rise to a material misstatement in the f￿anCIal statement5 themselves. If, based on the work we have perfonned, we conclude
that there is a rnaterial misstatement of this other inforn]ation. we are required to report that fact.
We have nothing to report in this regard.
Page 16

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF
ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE (CONTINUED)
Matters on which we are required to report by exception
We have nothing to report in respect of the followincr matters in relation to which the Charities (Accounts and Reports)
Regulations 2008 requires us to report to you if, in our opinion..
the inforniation given in the fmancial statements is inconsistent in any material respect with the trustees. report- or
sufficient and proper accounting records have not been kept by the parent charity. or
the financial statements are not in agreement with the accounting records and returns. or
we have not received all the inforniatton and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees, responsibilities statement, set out on paoe 14, the trustees are responsible for the
preparation of the fmancial statements and for being satisfied that they give a true and fair view, and for such internal control as
the trustees detennine is necessary to enable the preparation of financial statements that are free from rnaterial misstatement,
whether due to fraud or etror.
In preparing the financial statements, the trustees are responsible for assessing the group 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 charity or to Cease operations, or have no realistic alternative but to
do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 151 of the Charities Act 201 I, and report in accordance with the Acts and
relevant regulations made or having effect thereunder.
Our objectives ate to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or e￿0[, 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 misstaternent when it exists. Misstatements can arise from fraud or error and are considered material if. individually or
in the a￿tsregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.
Details of the extent to which the audit was considered capable of detecting i￿egularitIeS, including fraud and non-compliance
with laws and regulations are set out below.
A further description of our Tespon5ibilities for the audit of the financial statements is located on the Financial Reporting
Council'5 website at.. www.frc.or
.uklauditorsres
onsibilities. This description fonns part of our auditor's report.
Extent to which the audit Ivas considered capable of detecting irregularities, including fraud
ItTegularities, including fraud. are instances of non-compliance with laws and regulations. We identified and assessed the risks
of rnaterial misstatement of the fInancial statements from irregularities, whether due to fraud or error. and discussed these
between our audit team members. We then designed and performed audit procedures responsive to those risks, including
obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on
those laws and regulations that have a direct effect on the detennination of material amounts and disclosures in the financial
statements. The laws and regulations we considered in this context were the Charities Act 201 I, together with the Charities
SORP (FRS 102). We assessed the required compliance with these laws and regulations part of our audit procedures on the
related flnancial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements
but Compliance with which might be fundamental to the charity's and the group's ability to operate or to avoid a material penalty.
We also considered the opportunities and incentives that may exist within the charity and the group for fraud. The laws and
regulations we considered in this context for the UK operations were the General Data Protection Regulation, Health and Safety
legislation, Employment and Education (Independent School Standards) Regulations 2014.
Auditing standards lirnit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of
the Trustees and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial staternents from i￿egUl￿1ties. including fraud, to be within
the assumptions and volatility of valuation data used to value the financial instruments and derivatives, the procuretnent
processes for significant capital projects, grant expendittwe and the override of controls by management for all entities. Our audit
procedures to respond to these risks included enquiries of management, and The Council of the Royal Medical Foundation of
Page 17

**INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE (CONTINUED)** 

Epsom College about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate and reading minutes of meetings of those charged with governance. 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. 

## **Use of our report** 

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

## **Date: 09 December 2024** 

## **Crowe U.K LLP** Statutory Auditor **Cheltenham** 

Crowe U.K LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor ofa company under section 1212 of the Companies Act 2006. 

Page 18 



ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 JUNE 2024
Notes
Unrestricted
Restricted
Endowed
Total
2024
£'ooo
Total
2023
£'ooo
INCOME AND ENDOWMENTS FROM..
Charitable activities
School fees receivable
Ancillary trading income
Other trading activities
Non-ancillary trading income
Other activities
Investments
Investment income
Bank interest
Voluntary sources
Grants and donations
£'ooo
£'ooo
£'ooo
33,380
2,635
33,380
2,635
30,816
2,300
I,oio
233
I,oio
465
636
200
232
103
402
456
563
402
52J
75
689
574
1,267
1,323
TOTAL BEFORE FINANCE INCOME
37,767
1,377
578
39,722
35,871
Increase in fair value of derivatives
1,858
TOTAL INCOME
578
39,722
37,729
EXPENDITURE ON:
Raising funds
Non-ancillary trading
Financing costs
Decrease in value of derivative
Investment management
Fundraising and development
158
846
685
12
331
158
846
685
79
331
194
579
13
54
75
220
TOTAL DEDUCTIBLE COSTS
2,032
13
54
2,099
J,068
CHARITABLE ACTIVITIES
Education and grant making
35,246
1.007
36,253
31.858
TOTAL EXPENDITURE
1,020
54
38,352
32,926
NET INCOME/(EXPENDITURE) FROM
OPERATIONS
489
357
524
1,370
4,803
Gains on investments
302
363
l.421
2,086
339
NET INCOME FOR THE YEAR
791
720
1,945
3,456
5, 142
Pension scheme actuarial losses
21
NET MOVEMENT IN FUNDS
791
720
1,945
3,456
5,143
Fund balances brought fonvard at l July
20
30,978
4,597
12,046
47,621
42,478
FUND BALANCES CARRIED
FORWARD AT 30 JUNE
20
31,769
5,317
13,991
51,077
47,621
The notes on pages 23 to 42 form part of these financial Statements
Page 19

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
GROUP AND CHARITY BALANCE SHEETS
AT 30 JUNE 2024
Group
2024
£'ooo
Groiip
2023
Charity
2024
£'ooo
Charity
2023
£'ooo
Note5
FIXED ASSETS
Tangible assets
Investments
Derivatives
10
41,719
19,224
2,545
63,488
38,283
J6,765
3,230
58,278
41,698
19,299
2,545
63,542
38,261
16,840
3,230
58,331
12
CURRENT ASSETS
Stock
DebtOTS
Cash and deposits
39
2,666
19,339
22.044
48
2, 554
J3,024
J5,626
36
3,358
18,529
21,923
45
2,938
12,269
15,252
13
CURRENT LIABILITIES
Creditors payable within one year
14
12,591
12,541
NET CURRENT ASSETS
9,453
5. 620
9,382
5.551
TOTAL ASSETS LESS
CURRENT LIABILITIES
72,941
63.898
72,924
63.882
LONG TERM LIABILITIES
Creditors payable after one year
15
21,864
16,277
16.277
NET ASSETS
51,077
47,621
51,060
47,605
ENDOWED FUNDS
19,20
13,991
12. 046
13,417
12,046
RESTRICTED FUNDS
19,20
5,317
4.597
5,888
4,597
UNRESTRICTED FUNDS
19,20
31,769
30.978
31,755
30,962
TOTAL FUNDS
51,077
47,621
51,060
47,605
The net result of the charity for the year, included within the fmancial Statements, was a surplus of £3.455.000 (2023.. £5,143,000).
Approved and authorised for issue by Members of Council present at a meeting on 4 December 2024 and signed on their behalf by..
A. J. Pianca
Treasurer
The notes on pages 23 to 42 form part of these financial statements.
Page 20

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
2024
£'ooo
2023
£'ooo
Notes
Cash flows from operating activities
Net cash provided by operating activities
5,656
6,825
Cash flows from investing activities:
Dividends and interest from investments
Payments for tangible fixed assets
Change in cash awaiting investment
New capital introduced
Proceeds on sale of tangible fixed assets
Net cash used in investing aetivities
559
(7,144)
201
(574)
521
(7. 675)
86
(6,958)
(7. 061)
Cash flows from financing activities:
Repayment of borrowing
Cash inflows from new borrowing
Movement in finance leases
Finance costs paid
New fees in advance money
Fees in advance money utilised
Net cash provided by financing activities
(652)
(370)
2,026
(59)
(722)
1. 933
164
(846)
10,625
1,674
7,617
1,331
Change in cash and cash equivalents in the reporting
period
Cash and cash equivalents at the beginning of the reporting
period
Cash and cash ¢quivalents at the end of the reporting
period
6,315
1,095
13,024
11.929
(li)
19,339
13,024
The notes on pages 23 to 42 form part of these financial statements.
Page 21

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
(i) Reeoneiliation of net income to net cash flow from operating activities
2024
£'ooo
2023
£'ooo
Net income for the reporting period (as per the statement
of financial activities)
Investment income
Decrease / (increase) in value of derivative
Finance costs
Depreciation charges
Loss on disposal of assets
Decrease in stock
Increase in debtors
(Decrease) l increase in creditors (excluding fees in advance)
1,370
4, 803
(559)
685
846
3.708
(521)
(1,858)
579
3,266
(7)
(112)
291
(1,362)
1, 922
4,286
5,656
2,022
6,825
Net eash provided by operating activities
ti) Analysis of eash cash equivalents
2024
£'ooo
2023
£'ooo
Cash in bank
Cash in hand
Notice deposits (less than 3 months)
Total cash and cash equivalents
15,833
io
3,496
19,339
9. 040
3.970
13.024
iii) Analysis of changes in net debt
l July 2023
£'ooo
9,040
14
Cash flows
£'ooo
6,793
{4)
(474)
6,315
Non-cash 30 June 2024
changes
£'ooo
15,833
io
3.496
19,339
Cash in bank
Cash in hand
Notice deposits
Cash and cash equivalents
3,970
13,024
Bank loans falling due within one year
Bank loans falling due after more than one year
Finance lease obligations due within one year
Finance lease obligations due after more than one year
Total borrowings and finance lease obligations
(652)
(13,978)
(61)
(69)
(14,760)
(652)
{13,326)
(216)
(78)
(14,272)
652
(164)
(9)
652
(164)
Net debt
(1.736)
6,151
652
5,067
The notes on pages 23 to 42 form part of these financial statements.
Page 22

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
ACCOUNTING POLICIES
The principle accounting policies adopted and critical areas of judgement are as follows..
Basis of Preparation of the Financial Statements
The financial statements have been prepared on the historical cost basis of accounting, as modified by the
revaluation of investment investments. and in accordance with the Financial Reporting Standard applicable in
the UK and Republic of Ireland (FRS102), the Charities Act 2011. the Charities SORP (FRS 102) and the
accounting policies set out below.
The functional currency of the Charity is considered to be pounds sterling as that is the cU￿encY of the primary
economic environment in which the Charity operates. The f￿ancial statements are also presented in pounds
sterling.
The financial statements consolidate, on a line-by-line basis, all fund5 of the RMF and the College logether with
the financial statements of its wholly owned subsidiaries, Epsom College Enterprises Limited (company number
01066747), Epsom College Overseas Limited (company number 07562826) and Epsom College Transport
Limited (company number 12437332) that are prepared for the same period. No separate Statement of Financial
Activities has been prepared for the College alone, as pennitted by Section 408 of the Companies Act 2006. The
College has taken advantage of the exemption available to a qualifyino entity in FRS 102 from requirement to
present a Charity only Cash Flow Statement with the consolidated fmancial statements.
The Charity is a public benefit entity and is registered as a charity in England and Wales (charity number..
312046). It was established by an Act of Parliament of l 855. The Charity is domiciled in the UK and the addres5
of the registered office is Epsom College, College Road, Epsom, KTI 7 4JQ.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the accounting policies, the Trustees are required to make judgements, estimates and
assumptions about the carying value of assets and liabilities that are not readily apparent frorn other sources.
The estimates and underlying assurnptions are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these estimates.
The estimates and assumption5 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 fvture period5. Bank loans are amortised
using the effective interest rate method.
In the view of the Trustees. with the exception of pension liabilities (see note 21), no assumptions concerning
the future OT estirnation uncertainly affecting assets or liabilities at the balance sheet date are likely to result in a
material adjustment to their carrying atnounts in the next financial year.
b)
Fees and Similar earned incorne
Fees receivable and charges for services and use of the premises, less any allowances, scholarships, bursaries
granted by the College against those fee5, but includino contributions received frorn restricted fund5, are
accounted for in the period in which the service is provided.
Investment income
Investment income from dividend5, bank balance5 and fixed interest securities is accounted for on an accruals
basis.
Page 23

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
ACCOUNTING POLICIES (Continued)
d)
Donations, legacie5* grants and other voluntary ineome
Voluntary income is accounted for as and when entitlement arises, the amount can be reliably quantified and
the economic benefit to the Charity is considered probable.
Voluntary income for the Charity's general purpose is accounted for as'unrestricted Funds" Where the donor
or an appeal has itnposed trust law restrictions, voluntary income is credited to the relevant restricted fund and
incoming endowments are accounted for as pernlanent trust capital or expendable trust capital, according to
whether the donor intends retention is to be pernianent or not.
Grant income is recognised when there is evidence of entitlement, the receipt is probable and the amount can
be reliably measured. There were no perfonnance related conditions attached to grant income received.
Expenditure
Expenditure is accrued as soon as a liability is considered probable, discounted to present value for long-terni
liabilities. ExpendiNre attributable to more than one cost category in the SOFA is appropriated to them on the
basis of the estimated amount attributable to each activity in the year, either by reference to staff time or the
use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure
to which it relates.
Governance costs comprise the Costs of complying with constitutional and statutory requirements as well as
Trustee training.
Tangible fixed assets and depreciation
Expenditure of the acquisition, construction or enhancement of land and buildings, vehicles, furniture,
machinery, ICT infrastructure and equipment and other equipment costing more than £500 are capitalised and
carried in the balance sheet at historical cost. Other expenditure on equipment inCu￿ed in the normal day-to-day
running of the Charity is charged to the Statement of Financial ActLVlties as incU￿ed.
Depreciation is provided to write off the cost of all relevant tangible fixed assets less estimated residual value
based on Cu￿ent rnarket prices, in equal instalments over their expected useful economic lives. The current
depreciation rates are as follows:
New buildings
Freehold and leasehold improvements and renovations
Furniture, machinery and equipment
Motor Vehicles
2-40/0
2-20010
Buildings outside the grounds of Epsom College have been included at their 30 June 1995 valuation. Costs
associated with buildings in the course of construction have not been depreciated pending completion of the
work.
g)
Investments
Listed investments are valued at market value as at the balance sheet date. Unrealised gains and losses arising
on the revaluation of investments are credited or charged to the Staternent of Financial Activities and are
allocated the appropriate fund according to the "ownership" of the underlying a55et5.
Investments in subsidiaries are valued at cost less provision for impairnient.
h)
Stock
Stock represents good5 for resale and is valued at the lower of cost or estitnated selling price.
Debtors
Short terni debtors are measured at transaction price (e.g. value of school fees billed but not yet paid), less any
impaimient.
Page 24

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
ACCOUNTING POLICIES (continued)
Creditors
Short terni creditors are rneasured at the transaction price. Other financial liabilities including bank loans, are
rnea5ured at fair value. net of transactions costs, and are measured subsequently at amortised cost using the
effective interest method.
Pupil fee deposits held by the school-. Although under nornial circumstances these will be repaid over futrjre
years when the pupils complete their education at the school, pupils can leave at earlier dates. The school does
not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance
sheet date and. in line with the requirernents in FRS 102, the balance of the deposits held are included within
current liabilities.
k)
School fees in advance
In addition to the school fees, which are payable one term in advance, the College accepts fees for longer
periods. These longer-tenn fees paid in advance are credited to income when the fees are due. In consideration
of the lump sum received the scheme provides for a discount to be applied towards the cost of education.
Amounts received under the College's Advance Fee Scheme contracts for education not yet utilised to settle
school fees are recorded as defetTed income and allocated as current liabilities where the education will be
provided within 12 months from the reportin(r date and as long-term liabilities where the education will be
provided in subsequent years.
i)
Provisions for liabilities
Provisions are recognised when the Charity has a present obligation (legal or constructive) as a result of a past
event, it is probable that the Charity will be required to settle the obligation, and a reliable estirnate can be rnade
of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present
obligation at the end of the reporting period, considering the risks and uncertainties Su￿ound1ng the obligation.
Where the effect of the time value of money is material. the amount expected to be required to settle the
obli(ration is recognised at present value using a pre-tax discount rate. The unwinding of the discount is
recognised as a finance cost in the Statement of Financial Activities {"SOFA") in the period it arises.
The Charity recognises a provision for annual leave accrued by employees as a result of services rendered in
the current period, and which employees ore entitled to carry forward and use within the next 12 months. The
provision is measured at the salary cost payable for the period of absence.
Leases
Leases are classified as finance leases whenever the tenns of the lease transfer substantially all the risks and
rewards of ownership of the leased asset to the Charity- All other leases are classified as operating leases.
Assets held under finance leases are recognised initially at fair value of the leased asset (or, if lower, the present
value of the minimum lease payments) at inception of the lease. The corresponding liability to the lessor is
included in the Balance Sheet as a flnance lease obligation. Lease payments are apportioned between finance
charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate
of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss.
Assets held under finance leases are included in tangible fixed assets and depreciated and assessed for
ilnpairrnent losses in the same way as owned assets.
Page 25

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
ACCOUNTING POLICIES {Continued)
Fund accounting
Charitable trust funds are accounted for as unrestricted or restricted income, or as endowment capital. in
accordance with the tenns of trust imposed by the donors or any appeal to which they may have responded.
Endowtnent funds are further sub-divided into pennanent and expendable.
Unrestricted income belongs to the Charity's corporate reserves, spendable at the discretion of the Trustees
either to further the Charity's Objects or to benefit the Charity itself. Where the Trustees decide to set aside any
part of these funds to be used in future for some specific purpose, this is accounted for by transfer to the
appropriate designated fund.
Restricted income comprises gifts and legacies where there is no capital retention obligation or power but only
a trust law restriction to some specific propose intended by the donor.
Permanent endowment arise5 where a donor intends the gift to be retained pernianently for use by the Charity
(e.g. freehold land) or for its fmancial benefit (i.e. by investment).
Expendable endowment funds can be converted into incorne for spending with at the Trustees own discretion
or else upon the happening of some event contemplated by the donor.
Financial instruments
Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised
cost with exception of investments which are held at fair value.
Financial assets held at amortised cost comprise cash at bank and in hand, together with all debtors other than
prepayments and tax recoverable. A specific provision is made for any debts for which recoverability is in
doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working
capital.
Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and fees
received in advance.
Derivatives are not basic financial instruments. These are initially recognised at fair value on the date a
derivative contract is entered into and are subsequently r¢measured at their fair value at the balance sheet date.
Chantses in fair value are recognised in the Statement of Financial Activities in fmance costs 01 finance income
as appropriate.
Derivatives classified as liabilities have been split between due with one year and after one year based on the
future estimated cashflows.
p)
Pension costs
Retirement benefits to employees of the Charity are provided through three pension schemes. The pension costs
charged in the Staternent of Financial Activities are deterniined as follows..
The Teachers, Pension Scheme
Thi5 15 a multi-employer pension scheme and it 15 not possible to identify the Charity's share of the underlying
assets and liabilities of the Teachers. Pension Scheme on a consistent and reasonable basis and therefore, as
required by FRS102, the College accounts for the scheme a5 if it were a defined contribution scheme. The
Charity's contributions, which are in accordance with the recommendations of the Government Actuary, are
charged in the period in which the salaries to which they relate are payable.
Pensions Trust
Contributions are paid, in respect of non-teaching staff, to the Pensions Trust into a defined contribution
scherne. Contributions for current employees are generally at a rate equivalent to 70/0 of annual basic pay for
those in the existtng scheTne and 4 % for those who were auto-enrolled from the Charity's staging date of I
January 2014.
The Charity previously contributed to a Pension Trust defined benefit scheme. A liability exists in relation to
the deficit funding for this historic Scheme.
Page 26

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
ACCOUNTING POLICIES {Continued}
p)
Pension costs (continued)
The historic deftned benefit scheme is subject to the ￿ndIng legislation outlined in the Pensions Act 2004
which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator
and Technical Actuarial Standard issued by the Financial Reporting Council. set out the fraTnework for funding
defined benefit occupational pension schemes in the UK.
Retiring Pensions Fund
The Charity also pays post-employment benefits to certain fornier members of staff and their relatives. This
was previously paid from a desicrnated, separately invested fund, which was divested durino the year. The
College now pays these benefits from operating income. The Fund is invested separately from all other funds.
q)
Going concern
The preparation of financial statements requires an assessment of the validity of the going concern assumption,
this being dependent upon the availability of adequate financial resourc¢ to allow the Group and Charity to
continue in operational existence for the foreseeable future.
The income expected to be available depends most importantly upon an estimate of pupil numbers and their
boarding mix as well as investment income. At the time of approving these financial statements the Colleoe is
experiencing increased pupil numbers compared with prior years. The College has considered the effects of a
small reduction in pupil numbers on the financial forecasts, taking account of current cash reserves, bankincr
facilities and the Colle(re's ability to rescale its operations accordingly. There are currently adequate cash
balances and banking facilities in place to ensure that the College can meet its obligations through this period
of uncertainty.
The Trustees have reviewed budgets and projected cash flows and are confident that with the continued support
of existing bank funding levels the Group and Charity will have adequate resources to continue in operational
existence for the foreseeable future, being at least 12 months from the date of approval of the financial
statements. Consequently, the Trustees consider it appropriate to prepare the financial statements on the going
concem basis.
Page 27

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
CHARITABLE ACTIVITIES- FEES RECEIVABLE
2024
£'ooo
2023
£'ooo
Fees reeeivable consist of:
School fees
Less: Scholarships, bursaries and other awards
35,785
3,286
32,499
881
33,380
33. 035
(2, 714
30.321
495
30,816
Add back scholarships and grants paid out of restricted funds
Scholarships and grants paid out of restricted funds is the total restricted expenditure on grants and awards made
during the year. In previous years, only restricted expenditure on grants and awards that was funded by
investment income was included here, and ￿ndIng from other sources was netted against the cost of scholarships,
bursaries and other awards in note 2. Comparative figures above have been restated.
CHARITABLE ACTIVITIES - OTHER INCOME
2024
£yooo
2023
£'ooo
Ancillary trading income
Entrance and registration fees
Additional charges to pupils
Other
206
2,362
67
2,635
164
2.093
43
2,300
OTHER TRADING ACTIVITIES
2024
£'ooo
2023
£'ooo
Non-aneillary trading income
Epsom College Enterprtses Ltd
Courses and lettings
Insurance claim
327
683
347
142
147
636
Other activities
Unrestricted income
Epsom College Overseas Ltd - royalties
Restricted income
Epsorn College Overseas Ltd- royalties
233
200
232
Trading subsidiaries
Epsom College Enterprises Ltd: the aggregate amount of its assets. liabilities and funds as the end of the reporting
period were £91.491 (2023= £91,491). It had turnover of £327,449 {2023'. £346,577), expenditure of £l19.729
(2023.. £145.853) and a profit of £207,720 (2023.- £200.724) for the reporting period.
Epsorn College Overseas Ltd.. the aggregate amount of its assets, liabilities and funds as the end of the reporting
period were £100 (2023.. £100). It had turnover of £465,835 (2023.. £200.000), expenditure of £5,452 (2023-
£14,123) and a profit of £459,383 (2023: £185.877) for the reporting period.
Ep50m College Transport Ltd.. the aggregate amount of its assets, liabilities and fi]nds at the end of the reporting
period were £ l 00 (2023.. £100). It had turnover, derived from transport services provided to Epsom College, of
£265,120 (2023: £240.055), expenditure of £225,606 (2023= £206.002) and a profit of £39,514 (2023.. £34,053)
for the reporting period.
FINANCE INCOME
2024
£'ooo
2023
£'ooo
1.858
Increase in fair value of derivatives
Page 28

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
IYOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
GRANTS AND DONATIONS RECEIVABLE
Total
2024
£'ooo
Total
2023
£'ooo
Unrestricted
£'ooo
Restricted Endowmellt
£'ooo
£'ooo
Donations to Royal Medical Foundation
Donations to the College for other
charities, bursaries, fixed asset purchases
and other putposes
Donations to the Epsom College Education
Trust for the development of educational
facilitie5 and activities of the College
Other Donations
129
129
137
1.029
1,029
I,J48
105
1,263
105
1,267
36
1,323
During the year ended 30 June 2024 two Governors made total donations of £65,000 to the Colleoe for the
development of educational facilitie5 (2023.. two Govemors donated £12,321 in total).
ANALYSIS OF TOTAL EXPENDITURE
(a) Total expenditure
Staff
Costs
£'ooo
Other
Costs
£'ooo
2024
Total
£'ooo
2023
Total
£'ooo
Depreciation
£'ooo
Raising funds
Trading costs
Fundraising costs
Decrease in value of derivative
Investment management
Financing costs (note 8)
148
167
685
79
846
io
158
331
685
79
846
J94
220
164
75
579
Total raising funds
164
1,925
io
2.099
1,068
Charitable activities
Teaching
Welfare
Premises
Support and governance costs
Grants. awards and prizes
13,838
4J02
535
1.980
3,188
2,082
3,007
2,511
1,112
58
17,084
6J84
6,467
5,206
1.112
15,091
5, 769
5, 761
4,489
748
2,925
715
Total charitable activities
20,655
11,900
3,698
36,253
31,858
Total expenditure
20,819
13,825
3,708
38,352
32, 926
Page 29

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
(b) Governance ineluded in support costs
2024
£'ooo
2023
£'ooo
Remuneration paid to auditor for audit services
Remuneration paid to auditor for assurance services
68
71
69
74
Remuneration paid to auditor for audit services and assurance services exclude I￿ecover8b1e VAT.
Remuneration paid to the auditor of the trading subsidiaries for audit services are included, net of VAT, within
Trading costs and amount to £14,300 (2023: £12,800).
Remuneration paid to the auditor of the trading subsidiaries for tax services was £3,850 (2023.. £4,550).
FINANCE COSTS
2024
£'ooo
2023
£'ooo
School fees in advance financing costs
Bank borrowings financing costs
Interest rate swap (income)
Pension scheme financing costs
277
1.023
(455)
148
589
(li9)
846
579
STAFF COSTS
2024
£'ooo
2023
£'ooo
The aggregate payroll costs for the year were as follows:
Wages and salaries
Social security costs
Pension contributions
16,749
1,740
2,330
20,819
14.680
1.579
2.001
18.200
Aggregate employee benefits of key management personnel
2,672
1. 645
The average number of employees during the year was".
2024
2023
Teaching
Other (including teaching support stafo
136
347
483
127
325
4)2
None of the Trustees, or persons connected with them. received any remuneration during the year. Travel
expenses of £1,936 were reimbursed to three governors during the year (2023: £1,613).
Page 30

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9. STAFF COSTS (continued)
The number of employees who received remuneration of £60.000 or greater, in the following bands, was:
2024
36
31
2023
34
19
£60.001 - £70,000
£70,001 - £80.000
£80,001 - £90,000
£90,001 - £100,000
£ioo,001 £1 10.000
£110,001 £120,000
£130,001- £140,000
£160,001- £170.000
£180,001- £190.000
£270.001- £280,000
The number with retirement benefits accruin<y in the Teachers, Defined Benefit and Non-Teachers' Defined
Contribution Schemes was 68 and 13 respectively {2023= 55 and 9). The relevant amount of contributions in respect
of the Non-Teachers' Scheme was £94,221 (2023.. £56,070).
There were no redundancy payments made during the year (2023.. £4,996). There were no settlement payments
made during the year (2023.. NIL). There were no outstandin
payments at the year-end (2023.. NIL).
io.
TANGIBLE FIXED ASSETS - CHARITY AND GROUP
Charity
Assets
Under
Construction
Subsidiary
Charity Fixtures &
Total Equipment
Land &
Buildings
Plant,
Fixtures &
Machinery Equipment
& Vehicles
Group
Total
£'ooo
£'ooo
£'ooo
£'ooo
£'ooo
£'ooo
£'ooo
Cost or frozen valuation
Ai l July 2023
AddKtions at cost
77.192
6,046
1,999
307
5, 422
782
84,613
7,135
73
84,686
7,144
At 30 June 2024
83,238
2,306
91,748
82
91,830
Depreciation
Ai l July 2023
Charge for the year
40,558
2,816
1, 763
123
4.031
759
46,352
3,698
51
10
46,403
3,708
At 30 June 2024
43,374
1.886
4,790
50,050
61
50,111
Net book value
At l July 2023
36.634
236
1,391
38,261
22
38,283
At 30 June 2024
39,864
420
1,414
41.698
21
41,719
The amount of expenditure on buildings up to 31 December 1955 is una5certainable and is not considered to be material
to these financial statements. Expenditure since that date has been capitali5ed in the balance sheet.
Included in Land & Buildings are properties outside the College grounds. These were first capitalised in the balance sheet
as at 30 June 1995 at their market value of £2,060,771 at that date. Additions since then have been included at cost.
Chartered Surveyors carried out an independent valuation of freehold properties outside the College grounds as at 30 June
1995 on the assumption that vacant possession was immediately available. Properties comprising sub-divided flats were
valued on the assumption that the individual flats had the benefit of 99 year leases at peppercorn ground rent and that an
acceptable managernent and service atsreement was in place. No structural survey or legal searches were carried out.
The total net book value of fixtures & equipment of the College of £1,414,000 (2023.. £1,391,000) includes £322.000 (2023:
£81,000) held under finance lease. Depreciation chaTged on these assets amounted to £150,000 (2023= £75,000).
Page 31

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
All tangible fixed assets are held for use in charitable activities.
11. INVESTMENTS
a) Group and Charity Investment movements
Total
2024
£'ooo
Total
2023
£'ooo
Group investments as at l July
New capital introduced
Chancre in cash awaiting investment
Realised gains
Unrealised oains
Group investments at 30 June
16,765
574
(201)
139
1,947
19,224
16,512
(86)
165
174
16.765
Investment in subsidiaries
Charity investments at 30 June
75
19,299
75
16,840
b)
Investment analysis
2024
£'ooo
2023
£'ooo
Fixed interest stocks and bonds
UK equities
Worldwide equities
Alternative investments
Group investments
2,991
5,653
9,892
688
19,224
2,914
4,471
8,608
772
16,765
Investment in subsidiaries
Charity investments
75
19,299
75
16,840
12.
DERIVATIVES
Group
2024
£'ooo
2,545
Group
2023
£'ooo
3,230
Charity
2024
£'ooo
2,545
Charity
2023
£'ooo
3,230
Financial instruments
The College ha5 derivative atTangements to protect against interest rate volatility over the period of repayment of
its loan facilities. Further inforn]ation on the interest rate swap arrangements 15 found in Note 15.
13.
DEBTORS
Group
2024
£'ooo
Group
2023
£'ooo
Charity
2024
£'ooo
Charity
2023
£'ooo
Fees and extras
Trade debtors
Sundry debtors
Prepayments and accrued income
Amounts due from subsidiary companies
175
44
1,282
1,165
275
28
1,281
970
175
275
1,271
1,160
752
3,358
1.281
965
417
2. 938
2,666
2,5)4
All debtors are due within one ye￿.
Page 32

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
14.
CREDITORS PAYABLE WITHIN I YEAR
Group
2024
£'ooo
Groiip
2023
£'ooo
Charity
2024
£'ooo
Charity
2023
£'ooo
Deposits from fee payers
Bank loans and overdrafts
Finance lease
Trade creditors
Taxation and social security
Other creditors, accruals and deferred income
School fees in advance scheme (see note 16)
Pension deficit funding (see note 21)
Holiday pay accrual
2,975
652
216
751
450
3,046
3,966
li
524
12,591
2, 701
652
2,975
652
216
742
450
3,006
3,965
li
524
12,541
2, 701
652
61
865
422
3,232
1,255
J9
494
9,70]
875
412
3.537
1,255
19
494
10,006
Deposits from fee payers, under normal Circumstances, are repaid over future years when the pupils complete their
education at the school. However, as pupils Can leave at earlier dates, the balance of the deposits held at the end
of the financial year have been included within current liabilities. In the nonnal course of business, the expected
repayment of these amounts will be £885,000 within one year (2023: £908,000) and £2,090,000 after more than
one year (2023: £1,793,000).
15.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024
2023
£'ooo
£'ooo
Bank loans and overdrafts
School fees in advance scheme (see note 16)
Finance lease
Pension deficit funding (s¢e note 21)
13,326
8,460
78
13,978
2,220
69
io
16,277
21.864
The total bank loan at the year-end is £13.978,000 (2023.. £14,630,000) and is comprised of two facilities. The
£8m facility, with a 25-year amortisation period. is fully drawn and 15 for the purpose of funding the College's
previous building and development programmes. The £7m facility was arranged to part fund the construction of
the Mennaid building. There have been no new drawdown5 during the year (2023: £2,025,901) and the facility is
now fvlly drawn.
Total repayments are due on these loans as follows:
2024
£'ooo
652
2,609
2023
£'ooo
652
2, 609
11,369
14,630
Due within l year
Due between 2 and 5 years
Due after more than 5 years
13,978
Interest is charged at SONIA plus 1.900/0 on both loans.
The College has entered into fixed interest rate swaps in relation to both loans. The strike rate5 are 1.25 % and 2.80/0
for the £8m and £7m loans, respectively. The interest rate swap has a zero-floor mechanism with an embedded cap,
the floor and cap elements are valued separately as assets for the purposes of these account5.
The College has access to a £3.5m revolving credit facility to help fund its building and capital developlnent
programrne. There was no utilisation of this facility during the year. Interest is charged on this facility at a rate of
SONIA plu5 1.35010. The College also ha5 in place a £1.5m overdraft facility to help manage working capital
requirements throughout the year. All facilities are Secured by a fixed and floating charge over all assets of the
College.
Page 33

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
16.
SCHOOL FEES IN ADVANCE SCHEME
PaTents rnay enter into a contract to pay to the College up to the equivalent of seven years, fees in advance. The money
may be returned subject to specific conditions on the receipt of one tern)'s notice. The scheme provides for discounts
to be applied to the cost of education as the fees fall due. Assuming pupils remain at the College/ start at the college as
anticipated, the liability for advance fees, accrued to dale, will be applied as follows..
2024
£'ooo
623
7,837
3,966
12,426
2023
£'ooo
319
J,901
1.255
3,475
Beyond 5 years
Within 2-5 years
Within l year
The movements during the year were as follows:
At l July
New contracts during the year
Amounts accrued to contracts
3,475
10,625
3,019
J,933
14,100
4, 952
Arnounts returned to leavers
Amounts utilised in payment of fees
Balance at 30 June
(6)
1,668
12,426
(56)
1,421
3.47i
17.
FINANCIAL INSTRUMENTS
2024
£'ooo
12,871
2023
£'ooo
19.995
Financial assets measured at fair value
Financial assets held at fair value include assets held as investments and derivative fmancial instruments (swap, floor and
cap (2023-. investments and derivative asset (swap, floor and cap).
18. FUNDS OFTHE GROUP
UNRESTRICTED FUNDS
E som Colle
General fund - RepreseT]ting accumulated income from the College's activities and other sources that are available for
the general purpose of the College.
Fixed assets fund - A designated fund that represents the College's investment in propety less the amount funded by
bank borrowings.
Derivative reserve - Representing accumulated fair value gains and losses associated with the annual revaluations of
derivative fmancial instruments.
al Medical Foundation
General fund - Representing accumulated income from the Charity's activities and other sources that ale available for
the general purpose of the Charity.
al Medical Foundation of E
som Colle
Surrey scholar5, fund Representing funds received from the parents of SU￿eY Scholars and held for the general
purpose of the charity.
Page 34

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
18.
FUNDS OF THE GROUP (CONTINUED)
RESTRICTED FUNDS
som Colle
Scholarships, bursaries and the development of educational activities
Representino numerous individual gifts,
leoacies and trrants given to the Collecve over many years for a specific purpose but where there is no requirement to
preserve capital. For the past three financial years, the College has been receiving donations to The Mern)aid capital
campaion to fund a new centre to transforn] the educational experience of its pupils, with particular focus on the Sixth
Forni. These donations are restricted for this purpose only.
al Medical Foundation
Grant funds for education and maintenanc¢ (restricted and endowed)- Representing funds held to provide pensions,
ar￿UltIeS and grants and other pecuniary assistance for medical practitioners or their families in Theed.
Giftlannuity fund {restrict¢d and endowed) - Representing the Funds held to provide renewable annual grants,
annuities and other pecuniary assistance for medical practitioners or their families in need.
ENDOWED FUNDS
som Colle
Scholarships and Bursaries - Representing numerous individual gifts, le<Tacies and trrants given to the College over
many years for scholarships and bursaries. Endowed funds of £7,884,000 (2023.. £6,545,000) included expendable
endowments of £2,034,000 (2023.. £1,852,000).
al Medical Foundation
Foundation scholars, fund- Representing the funds held to provide for the education of children of medical practitioners
in need at Epsom College.
19.
ALLOCATION OF THE IYET ASSETS
The net assets are held for the various ￿ndS as follows..
Fixed Investments
Assets
Net Current
Assetsl
(Liabilities)
£'ooo
Long Tenn
Liabilities
2024
Total
£'ooo
£'ooo
£'ooo
£'ooo
Unrestricted funds
General fund
Fixed assets fund
Derivative reserve
1.855
39,864
2,545
44,264
1.914
(946)
8,401
(78)
(21.786)
2,745
26,479
2,545
31,769
1.914
7,455
(21,864)
Restricted funds
3,520
1,797
5J17
Endowed funds
13,790
201
13.991
Balances at 30 June 2024
44,264
19,224
9,453
Page 35

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
19.
ALLOCATION OF THE NET ASSETS (CONTINUED)
2023
Fixed
Assets
Investments
Ne¢ Current
Assels/
(Liabililies)
£'ooo
Long Term
Liabilities
2023
Tolal
£'ooo
£'ooo
£'ooo
£'ooo
Uiireslricledfunds
Generalfiind
Fixed assetsfund
Derivative reserve
1, 649
36,634
3.230
41,513
1. 755
(752)
4. 739
(79)
(J6,J98)
2,573
25,175
3,230
30,978
1, 755
3.987
(16,277)
Resirictedfunds
3,170
1,427
4.597
Endowedfunds
11,840
206
12,046
Balaiices ai 30 Julie 2022
41,513
16,765
5,620
(16,277
47,621
20.
MOVEMENT ON FUNDS
l July
2023
£'ooo
Income
Expenditure
Transfers
Gains
ILosscs
30 June
2024
£'ooo
£'ooo
£'ooo
£'ooo
£'ooo
UNRESTRICTED
Epsom College
General fund
Designated fixed asset fund
Derivative reserve
16
25,175
3,230
37,657
(36,392)
(1,304)
1,304
39
16
26,479
2,545
(685)
Royal Medical Foundation
General funds
2,557
30,978
iio
37,767
(201)
37,278
263
302
2,729
31,769
RESTRICTED
Epsom College
Scholarship5, buisaries and development
of educational facilities
3, 719
1,185
(934)
273
4,243
Royal Medical Foundation
Grant funds - maintenance and education
Giftlannuity fund
211
667
4,597
79
113
1,377
(43)
43
1,020
24
66
363
271
803
5,317
ENDOWED
Epsom College
Scholarship5
6.545
578
(30)
791
7,884
Royal Medical Foundation
Grdnt funds- matntenance and education
Relief of poverty fund
Gifdannuity fund
Foundation scholars
2.280
210
2,539
472
12,046
(io)
(i)
(li)
261
24
291
54
1,421
2,531
233
2,819
524
13,991
578
54
TOTAL FUNDS
47,621
39,722
38,352
2,086
51,077
Page 36

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
20.
MOVEMENT ON FUNDS (Continued)
2023
l Jiily
2022
£'ooo
Income
Expenditure
Transfer5
Gains
ILosses
£'ooo
30 June
2023
£'ooo
£'ooo
£'ooo
£'ooo
UNRESTRICTED
Epsom College
General fund
Designated fixed asset fund
Derivative reserve
16
20,221
1,372
34,OJ9
(32,005)
Q.055)
4.954
41
J6
25,J75
3,230
1.858
Royal Medical Foundation
General fvnds
2.587
24,196
99
(140)
(32,145)
2,557
31P,978
35,976
2.899
52
RESTRICTED
Epsom College
Scholarships, bursaries and development
of educational facilities
6.227
1.587
(595)
(3.555)
55
3,719
Royal Medical Foundation
Grant funds - maintenance and education
Gift/annuity fund
220
615
74
92
1,753
(87)
(51)
(735)
211
667
7,062
(3,555)
70
4,597
ENDOWED
Epsom College
Scholarships
5,80J
(25)
t556
J13
545
Royal Medical Foundation
Grant funds- maintenance and education
Relief of poverty fund
Giftlannuity fijnd
Foundation scholars
2,247
207
2,501
464
(Jo)
43
2,280
210
2,539
472
(ii)
49
11,220
(48)
656
218
12,1146
TOTAL FUNDS
42,478
37,729
(32,926)
340
47,621
Page 37

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
21.
PENSION COSTS
(a) Teachers. Pension Scheme
The College participates in the Teachers, Pension Scherne ("the TPS") for its teachints staff. The pension charge for the
year includes contributions payable to the TPS of £1,985,959 (2023: £1,687,339) and at the year-end £328,723 (2023..
£203,291) was accrued in respect of contributions to this scheme.
The TPS is an unfunded multi-employer defined benefits pension scheme ooverned by The Teachers, Pensions
Regulations 2010 (as amended) and The Teachers, Pension Scheme Regulations 2014 (as amended). Members contribute
on a "pay as you go" basis with contributions from mernbers and the employer beino credited to the Exchequer.
Retirement and other pension benefits are paid by public ￿ndS provided by Parliament.
The employer contribution rate is set by the Secretary of State followino scheme valuations undertaken by the
Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020
and the Valuation Report was published in October 2023.
Following the Mccloud judgement, the remedy proposed that when benefits become payable, eligible members can select
to receive them from either the reforn)ed or legacy schemes for the period l April 2015 to 31 March 2022. The actuaries
have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing
the 2020 valuation have valued the 'greater value, benefits for groups of relevant members.
The valuation Conf￿ed that the employer contribution rate for the TPS would increase from 23.60/0 to 28.60/0 from I
April 2024. Employer5 are also required to pay a scheme administration levy of 0.080/0 giving a total employer
contribution rate of 28.680/0.
(b) Pensions Trust
Contributions are paid, in respect of non-teaching staff, to the Pensions Trust into a defined contribution scheme.
Contributions for current employees are generally at a rate equivalent to 7 /0 of annual basic pay for those in the existing
scheme and 4 % for those who were auto-enrolled from the College's staging date of l January 2014. The pension
charge for the year includes contributlolls payable to The Pensions Trust of £328,723 (2023.. £285,199) excluding the
defined benefit deficit fundino At the year-end £63,032 {2023.. £55,142) was accrued in respect of contributions to this
scheme.
The College previously contributed to a Pension Trust defined benefit scheme. A liability exists in relation to the deficit
fundtng for this historic scheme.
The scheme is subject to the ￿ndIng legislation outlined in the Pensions Act 2004 which came into force on 30
December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards
issued by the Financial Reporting Council. set out the framework for funding defined benefit occupational pension
schemes in the UK.
The historic defmed benefIt scherne is classified as a 'last-rnan standing a￿angement,. Therefore. the College 15
potentially liable for other participating employers, obligations if those employers are unable to meet their share of the
scheme deficit following withdrawal from the scherne. Participating employers are legally required to meet their share
of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.
A full actuarial valuation for the scheme wa5 carried out at 30 September 2020. This valuation showed assets of £800.3m,
liabilities of £831.9tn and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating
employers to pay additional contributions to the 5cherne as follows=
Deficit contribution5
From l April 2023 to 31 January 2025..
£3,312,000 per annum
(payable monthly and increasing by 30/0 on
I st April each year)
The recovery plan contributions are allocated to each participating employer in line with their estimated share of the
Series l and Series 2 scheme liabilities.
Page 38

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
21.
PENSION COSTS (Continued)
As the Scheme is in defIcit and the College has entered into a deficit ￿ndIng arrangement a liability has been recognised
for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under
the agreement. The present value is calculated using a discount rate of 6.40/0 per annurn. The discount rates are the
equivalent single discount rates which, when used to discount the fvrnre recovery plan contributions due, would give
the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions. The
unwinding of the discount rate is recognised as a fmance cost.
RECONCILIATION OF OPENING AND CLOSING PROVISIONS
2024
£'ooo
28
2023
£'ooo
47
Provision at l July
Unwinding of the discount factor (interest expense recognised in SOFA)
Deficit contribution paid
Re-measurements - impact of change in actuarial assumptions (Tecognised in SOFA)
(18)
(19)
Provision at 30 June
li
28
22.
CAPITAL AND OTHER COMMITMENTS
Epsom College
Tangible fixed assets contracted for at 30 June 2024 totalled £1,138,000 (2023.. £1,617,809).
The College utilis¢s bank borrowings in order to fund capital development. A bank overdraft is secured by a fixed charge
against the freehold assets of the College and fonns part of the facilities agreement that includes the loans referred to in
Note 15.
In the forthcoming academic year, the College has committed to ￿nd bursaries for l 01 pupils totalling £2,433,000, and
has awarded 322 scholarships (to 300 pupils) totalling £643,000. Bursaries and scholarships are funded principally from
school fees receivable, supplernented by investment income.
Royal Medical Foundation
The Royal Medical Foundation and related Trust Funds have already made award5 totalling £68,726 for the year to 30
June 2024 (to 30 June 2024 £79.349) in respect of tuition fees and other charitable assistance. The Trustees have
authorised these awards, which have not been provided for within the accounts as the awards are subject to the recipients
fulfilling certain conditions.
23. LEASE COMMITMENTS
The Charity's future minimum fmance lease payments ale as follows".
2024
£'ooo
2023
£'ooo
Within one year
Between one and five years
More than five years
317
469
io
796
61
69
130
Certain IT equipment is held under fmance lease aTTangement5. Finance lease liabilities are secured by the related asset5
held under fmance leases (see note 10).
Page 39

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
24.
RELATED PARTY TRANSACTIONS
The Charity has entered into the following related party transactions during the year..
Epsom College
During the year, Jennifer Hay Ballet, operated by a daughter of Governor JA Hay, invoiced the College for educational
services totalling £14,695 (2023.. £18,531).
Last year, the Collecre made an interest_free loan to Sir Anthony Seldon, Head of Epsom College of £l.18m. The loan
was provided for the purpose of purchasing a propeity convenient to get to the College each day and is repayable within
three months of the cessation of his employment at Epsom College. In September 2024, the Govemors agreed to extend
the repayment date to no later than 30th September 2025.
In the year ended 30 June 2024, the Royal Medical Foundation of Epsom College charged Epsom College a management
charge of £6,366 to cover the governance and administration costs of the parent charity (2023: £7,217).
Epsom College in Malaysia
The Treasurer of the Royal Medical Foundation of Epsom College, A J Pianca, is a director on the Board of Epsom
College in Malaysia and its parent company Educ8 Group Sdn Bhd.
The Royal Medical Foundation Limited (the 44RMF")
The Royal Medical Foundation is a sister company which falls under The Royal Medical Foundation of Epsom College
umbrella.
In the year ended 30 June 2024, the Royal Medical Foundation of Epsom College charged the RMF a management charge
of £6,366 to cover the governance and administration costs of the parent charity {2023'. £7,218).
During the year Epsom College charged the RMF £5.000 (2023.. £5,000) to rent office space and paid salaries including
pension contributions of £63.035 (2023.. £53,057) on behalf of the RMF which were subsequently reimbursed by th¢
RMF. In addition, the RMF paid school fees to Epsom College for the Foundationer beneficiary totalling £33,551 (2023:
£35,296).
At the year-end, Epsorn College owed the Royal Medical Foundation £16,215 (2023: £12,271).
Epsom College Enterprises Limited ("Enterprises")
Epsom College Enterprises Limited is a wholly owned Subsidiary company.
During the year Epsom College Enterprises donated £207.720 {2023: £200,724) of income to Epsom College. In addition,
the College made payments for salaries and expenses on behalf of Enterprises, which totalled £110,552 (2023= £135,172).
All expenses were reimbursed by Enterprise5. No loans were made by Epsom College to Epsom College Ente￿riseS
during the year (2023- NIL).
At the year-end, Epsom College Enterprises owed the College £268,255 (2023: £219,198).
Epsom College Overseas Limited ("Overseas")
Ep50m College Overseas Limited is a wholly owned subsidiary company.
During the year Overseas donated £459,383 (2023= £185.877) of income to Epsom College. In addition, the College
made paylnents for expenses on behalf of Overseas, which totalled £13 (2023.. £10,694). All expenses were reimbursed
by Overseas. No loans were made by between the two organisations during the year (2022.. NIL).
At the year-end, Epsom College Overseas owed the College £459,384 (2023: £184.047).
Epsom College Transport Limited ("Transport")
Epsom College Transport Limited is a wholly owned subsidiary cotnpany.
During the year Epsom College Transport donated £39,514 (2023: £34,054) of income to Epsom College. The
organisation provided a minibus service to the College throughout the year. In addition. the College made payments for
salaries and expenses on behalf of Transport, which totalled £168,635 (2023: £141,004). All expenses were reimbursed
by Transport. No loans were rnade by between the two organisation5 during the year (2023.. £10,000).
Page 40

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
24. RELATED PARTY TRANSACTIONS (Continued)
At the year-end, Epsom College Transport owed the College £24.948 (2023.. £13,252).
The Royal Medical Foundation of Epsom College
The Royal Medical Foundation of Epsorn College is the parent Charity to which Epsom College belongs.
The Royal Medical Foundation of Epsom College is responsible for the 'Pool' within which Epsom College invests.
Additional funds of £574,000 were invested in the Pool during the year (2023: NIL). The Pool has generated Epsom
College an investment income of £277,000 (2023.. £258,135).
At the year-end, the Royal Medical Foundation of Epsom College owed the College £268,973 (2023: £86,328).
At the year end, the Royal Medical Foundation of Epsom College owed the Royal Medical Foundation £87,189 (2023..
Royal Medical Foundation owed the Royal Medical Foundation of Epsom College £32,387).
Page 41

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
25.
COMPARA TIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 30 JUNE 2023
Unrestricted Restricted
Endowed
Total
2023
£'ooo
INCOME AND ENDOWMENTS FROM:
Charitable activities
School fees receivable
Ancillary trading income
Other trading activities
Non-ancillary trading income
Other activities
Investments
Investment income
Bank interest
Voluntary sources
Grants and donations
£'ooo
£'ooo
£'ooo
30,816
2,300
30,816
2,300
636
200
636
200
97
67
424
521
75
1.321
1,323
TOTAL BEFORE FINANCE INCOME
34,118
1,753
35,871
Change in fair value of derivatives
1,858
1,858
TOTAL INCOME
35.976
1.753
37,729
EXPENDITURE ON:
Raising funds
Non-ancillary trading
Financing costs
Investtnent management
Fundraising and development
194
579
12
220
194
579
75
220
15
48
TOTAL DEDUCTIBLE COSTS
15
48
1,068
CHARITABLE ACTIVITIES
Education and grant making
31,140
718
31,858
TOTAL EXPENDITURE
32,145
733
48
32,926
NET INCOME/(EXPENDITURE) FROM
OPERATIONS
3,831
1,020
(48)
4,803
Transfer between fund
(Losses)/gains on investments
2,899
51
(3,555)
70
656
218
339
NET INCOME FOR THE YEAR
6.781
(2,465)
826
5,142
Pension scheme actuarial losses
NET MOVEMENT IN FUNDS
6,782
(2.465)
826
5,143
Fund balances brought forward at l July
24,196
7,062
11,220
42,478
FUND BALANCES CARRIED FORWARD
AT 30 JUNE
30,978
4,597
12.046
47,621
Page 42