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2022-07-31-accounts

THE ROUND SQUARE (A Charitable Company Limited by Guarantee)

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

Company Registration No: 2011514 Registered Charity No: 327117

THE ROUND SQUARE

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2022

Trustees

John O’Connor Chair Lisa Moloney Deputy Chair (Membership) Innes Van Nostrand Deputy Chair (Nominations) Simona Baciu Catherine Donovan Sally James Surendra Kulkarni Paul Sandford Siddarth Singh Girnar

Former Trustees leaving the Board during the year

Richard McDonald Retired July 2022

Company Secretary

Jane Howison

Worldwide Management Team

Rachael Westgarth Chief Executive
Craig Carolan Professional Development Director (and Regional Support – Africa)
Katie Di Feliciantonio Digital Communications Manager
Lydia Eckstein Research Manager
Emma Fordham Conference and Projects Manager (PT)
Sally Frisby Content Manager
Ben George Schools’ Support Director – Australasia & East Asia
Jane Howison Executive Assistant to the Chief Executive (PT)
Duncan Hossack Schools’ Support Director – USA and Canada (PT)
Raksana Khan Finance Manager
Florencia Marante Schools’ Support Director – Latin America (PT)
Stacey Oguna Digital Assistant
Rajbir Sandhu Schools’ Support Director – South Asia & the Gulf
Aimee Theodore Programmes’ Support Director (and Regional Support – Europe & the Mediterranean)
Sandy Watt Membership Secretary (PT)
Auditors Haysmacintyre LLP
10 Queen Street Place, London, EC4R 1AG
Bankers Barclays Bank Plc
24 Lowfield Street
Dartford
Kent
DA1 1HE
Solicitors Bates Wells Braithwaite
10 Queen Street Place, London, EC4R 1BE

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The financial statements have been prepared in accordance with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association 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 (FRS 102)

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Round Square is a company limited by guarantee governed by its Memorandum and Articles of Association dated April 1986 and amended by special resolutions on 25 September 2001, 28 September 2012 and 20 May 2015.

The Round Square is registered as a charity with the Charity Commission at Morgan House, Madeira Walk, Windsor SL4 1EP

Appointment of Trustees

As part of the requirements of the Articles of Association, near to one-third of the Board of Trustees must retire at each Annual General Meeting (Article 3.5). Members of the Board of Trustees are, subject to any restrictions specified in the Rules of Governance (or in the case of Regional Trustees, in the Regional Charters), eligible for re-election (Article 3.6).

Over time and as terms of office expire, nominations for positions on the Board of Trustees come from a variety of sources and stakeholders of the Round Square Organisation.

In order to maintain a spread of regional perspectives on the Board, each region nominates and selects a candidate, by a vote of Heads of School in the Region, to put forward to the full Global membership for election to the Board via the AGM.

The Round Square Reps are also invited to select a Candidate, by global vote of the RS Reps, to be put forward for election by full-membership vote via the AGM.

All Round Square Heads of School are invited, from time to time, by the RS Chairman, to put forward to the Nominations Committee of the Board of Trustees, further candidates for election to the Board.

Trustee Induction and Training

New Trustees are provided with access to an information Dropbox detailing relevant information. This pack includes copies of governing documents, the Memorandum and Articles of Association, the Annual Report, Minutes of Trustee Meetings and reports including Committee reports, and budget information.

Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. An induction workshop for new Trustees is led by the RS Chairman and Chief Executive.

Organisational Structure

The Trustees, who can number up to twenty, comprise of individuals with specific skill sets who bring their expertise from wide-ranging backgrounds and geographical locations throughout the World.

The Trustees operate a committee structure, the committees and their responsibilities are shown below:

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The full Board meets, at a minimum, three times a year through a combination of in-person and virtual zoom meetings. In addition, both the full Board and its Committees communicate by group email.

The Board delegates day to day management of the organisation to the Worldwide Management Team.

Status and Administration

The company is a registered charity and a company limited by guarantee. The company registered number is 2011514.

Principal Risks and Uncertainties

Round Square has thorough processes in place for risk management of student-based activities including projects and conferences. In addition, the charity maintains a risk register, which was reviewed by the Board during the reported year at its July 2022 meeting.

The top three risks identified through this process, at that time, on the basis of an assessment of the severity of impact and likelihood were:

OBJECTIVES AND ACTIVITIES

Round Square (RS) is a not-for-profit network of schools in 50 countries on six continents with a stated object to advance education anywhere in the world.

Its proposition is based on the theories of Kurt Hahn who believed that schools should have a greater purpose beyond preparing young people for college and university. Together, the schools in the Round Square network share a belief in six pillars, or IDEALS, inspired by Hahn’s beliefs. These are:

I nternational understanding, empathy and tolerance D emocratic governance and justice E nvironmental stewardship A dventure, motivating self-discovery L eadership, with courage and compassion S ervice to others

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RS schools carry this belief into their practices and pedagogy, offering a holistic and collaborative approach to learning that develops students into well-rounded, informed, responsible, principled and confident Global Citizens.

Students at Round Square schools instigate and engage in, practical initiatives that develop their skills and understanding both of themselves and others, on an International scale. They are challenged to seek out issues that have resonance locally, regionally and internationally and form their own opinions and ideas about these in the context of the RS IDEALS.

Subscriptions are paid by each member school in proportion to their fee income and are utilised to support the organisation’s objectives. The organisation seeks to enhance the education of all constituents at member schools - pupils, governors and staff - and propagate a style of education built around the six IDEALS and Kurt Hahn’s philosophy.

Member schools demonstrate their commitment to Round Square IDEALS through activities run within their schools, through sharing good practice and knowledge, and through participation in international Round Square initiatives such as conferences and projects.

STRATEGIC INTENTIONS

Organisational

  1. To be a major global educational influencer, advocating and promoting the philosophy of Kurt Hahn as the basis for excellence in education around the world;

  2. To place students at the heart of our organisation, and to define our role, ambitions and activities by a compulsion to guide and support their educational, ethical and social journeys;

  3. To strive for the broadest possible reach, engaging with schools and young people throughout the world, irrespective of background and circumstance;

  4. To engender a culture within our schools that encourages and expects students to be active, informed and responsible participants in shaping and improving our world both now and in their future lives.

Individual

  1. To provide young people with the appropriate environment and opportunities for self-discovery and personal growth, through physical and mental challenge and ADVENTURE and through active participation in the DEMOCRATIC process of school leadership and governance;

  2. To guide and support students in discovering their own inner strengths and developing a sense of personal responsibility, understanding that true LEADERSHIP is rooted in kindness, empathy and justice and that the best leaders know how to be of SERVICE to others;

  3. To engender and nurture INTERNATIONAL understanding and global-mindedness through encouraging students to understand and appreciate the physical and social world around them and recognise the need to care for it through effective ENVIRONMENTAL stewardship.

Operational

  1. To harness and invest in all available technologies and social media to facilitate and enhance opportunities for teaching and learning, sharing good practice, organisational development and communications;

  2. To operate with the utmost professionalism: prioritising consistency of approach, method and implementation; delineating the roles of RS Central (infrastructure and enabling) and RS Schools (delivery and programme activity);

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setting standards rather than following them, and encouraging the elevation of the status of Round Square membership within all schools;

  1. To develop and promote the Round Square brand including codification of Intellectual Property, measurement and protection of what it means to be a Round Square member school.

PUBLIC BENEFIT

The organisation specifically identifies the advancement of education in its governing documents.

The organisation, as one of its cornerstones, recognises and promotes the importance of educating students to provide service to others and to participate in voluntary work in education, social service and similar activities in various parts of the World.

The organisation provides opportunities for students to participate in events including conferences and service projects. Specifically, the organisation provides young people with opportunities to work together as an international group promoting understanding. Individual schools in the Round Square network also arrange exchanges of students and staff between themselves.

Each Round Square Member School raises funds to support Round Square’s charitable activities. During the reported year donations from student fundraising made to the organisation were designated by the Board of Trustees to the Round Square Discovery Fund, which is used to support Round Square’s charitable activities including, for example, in purchasing materials for International Service Projects, or in providing bursaries to enable participation in projects and conferences for students whose financial circumstances would otherwise prevent them from taking part. In this way, Round Square directly supports students in participating in Round Square Conferences and on RSIS Projects and provides allocated funding to meet this commitment.

The Trustees confirm that they have referred to the Charity Commission’s guidance on Public Benefit in reviewing the charity’s aims, objectives and future plans.

ACHIEVEMENTS AND PERFORMANCE – ANALYSIS OF OPERATING COSTS

As a registered charity, Round Square is aware of the need to manage its resources to the best possible effect on behalf of its stakeholders, balancing in-house activities most effectively and efficiently delivered by the Management Team with initiatives that are outsourced to specialist suppliers and consultants. Note 3 of the accounts details the allocation of staff and governance costs, between the following areas:

– Membership Support and Recruitment

Round Square continues its strategy for measured growth, both in terms of the opportunities afforded to school communities within the Association and in the number of Member Schools.

Today 238 schools and colleges around the globe are part of the Round Square network, and 18 schools moved from Candidacy to Global Membership during the reported year. The combined addition of new Candidate and Global Member schools, along with changes in the exchange rate and local increases in school-fee income, resulted in an increase in subscription income of £35,345 during the year (Note 2a refers).

Interest in – and engagement with - Round Square continues to go from strength to strength both within and beyond our network. This year we have seen the Round Square community begin to emerge from the restrictions brought about by

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the COVID-19 pandemic and begin to establish a ‘new normal’. Travel-based programmes have begun to make a tentative return, creating a hybrid portfolio of activity for Round Square that combines the best of virtual opportunities with the return of some of long-established approaches to “doing” Round Square including face-to-face Conferences and travelling Student Exchange.

Once again, this year, there has been a significant uptake of Round Square’s online programmes. More than 5,200 students participated in 48 RS Zoom Postcards during the year, and 68 classroom collaborations were hosted around the world by RS Candidate and Member Schools, collectively enabling 81% of RS Schools to actively participate.

In place of a physical Conference in September 2021, just over 1,400 delegates joined us as Avatars for Blue Skies and Brave Conversations at the Virtual RSIC on a purpose-built Online Campus built on Gather. Six Virtual Conferences on Zoom followed over the remainder of the year, with a further 1,566 students and teachers taking part.

The success of Zoom Postcards has given rise to a new programme of Language Labs, a series of weekly conversations on Zoom, hosted in a particular language by students who are native speakers of that language, attended by students from across the world who are keen to learn. French, Spanish, and Japanese Language Labs ran during the reported year, with more planned for the coming year including Language Labs in Arabic and German.

Phase 1 of a much-needed web site redevelopment was also completed during the reported year, with the public pages redesigned and framework for a new-and-improved logged-in students’ site, community intranet and resource library complete and ready for relaunch as phase 2 gets underway in the coming year.

With travel becoming possible again, our cycle of schools’ five-year self-reflection exercises has restarted, with Round Square’s Schools’ Support Directors guiding and supporting the first 24 processes before the end of the reported year. The five-year self-reflection is a guided process through which stakeholders within a RS school are invited to review and consider where Round Square themes and programmes currently fit within the school, and how they might support the school’s aims and objectives in the future, resulting in the creation of an actionable plan for future development.

Awareness of Round Square and interest in RS Candidacy remains strong, with a high number of new enquiries coming through as schools begin to build to rebuild their Global Programmes post-pandemic.

The total manpower invested in direct services and support to Candidate and Member Schools by members of the Worldwide Management Team and Board of Trustees amounted to an expenditure of £423,069 during the year (as disclosed in General Support costs and Governance costs in Note 3).

Programme Delivery, Research and Development

During the reported year, ongoing development and implementation of the Round Square Discovery Framework (RSDF) by Member and Candidate Schools continued. The RSDF was first rolled out at the RSIC2015 and is now in active use in more than 150 Round Square schools around the world.

The RSDF offers a structure for teaching and learning, both inside and beyond the curriculum, that connects the Spirit inherent in each of the Round Square IDEALS (International Understanding, Democracy, Environmental Stewardship, Adventure, Leadership and Service) with twelve Discoveries that students explore on their learning journey: inquisitiveness, tenacity, courage, compassion, inventiveness, ability to solve problems, self-awareness, sense of responsibility, appreciation for diversity, commitment to sustainability, communication and team-working skills.

Within this Framework, Students and Faculty in RS Member Schools are encouraged to discover and develop their own capabilities through a range of experiences, activities, taught lessons, collaborative projects and challenges.

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In the reported year, development and testing continued on the “Round Square Heroes of Discovery”, an initiative to create classroom resources and programmes based on the RSDF for Early Years and Primary/ Elementary students. This programme will be launched in Pilot form at the RS Heads’ Symposium in January 2023.

With travel and face-to-face meetings possible once again, a series of baraza Leader training events for students, and PD workshops for staff, were hosted at Oxford University Colleges during the first six months of 2022.

The first round of our pilot course with UCL (University College London), “Values-Based Education in Round Square Schools”, came to an end in July 2022. Over ten weeks, 24 course participants from RS schools around the world explored how three main theories of ethics (deontology, utilitarianism, and virtue ethics) translated to practice in a Round Square context. This initial pilot was fully funded by Round Square at a cost to the organisation of £37,500. The next pilot will take place in January 2023 and will be part-funded by Round Square, and part-funded by the course participants.

An international working group of RS School Heads and Faculty was formed during the year to begin work on developing a framework for Professional Development within Round Square. Starting from the results of a survey conducted across the RS network, the working group has begun to articulate some key qualities and attributes relevant to teaching in a RS context. In the coming year their work will form part of a network-wide consultation before a final iteration becomes the basis for a series of elective short-courses available through the RS web site.

The cost to the organisation in the reported year of these combined initiatives was £249,695 as disclosed in Note 3 of the accounts.

Digital & Other Communications

During 2021/22 further development of Round Square’s online presence saw the creation of an App, and various campaigns to engage students in creating content for Round Square’s platforms.

In the first quarter of 2022 Round Square hosted five Forums on Zoom for Heads, Reps and other faculty from RS schools, including global updates, Heads’ and Reps’ Meetings and good practice carousels. The Good Practice Carousels were recorded and turned into Podcasts available through the RS Web Site resource library.

In the first quarter of 2022 we worked with an animator to create sort film, published via YouTube, to help Round Square’s various stakeholder groups to explain Round Square in the wider world. Other film projects and podcasts completed during the year have added to Round Square’s online story.

We also began work on a podcast initiative dubbed “Talking Heads” in which Heads of Round Square schools are invited to record a short podcast on a topic of their choice to be shared with RS school faculty across the network via the RS web site. The first batch of podcasts have been recorded and will be aired in the coming year.

The Round Square Weekly online newsletter continued to keep our community connected and propagate collaboration and participation between RS schools across the world, including through advertising school-hosted events and activities for others to join and providing links to registration platforms.

The cost to the organisation in the reported year of these combined initiatives was £161,319 as disclosed in Note 3 of the accounts.

Conferences

During the reported year Round Square supported six virtual conferences hosted by RS schools across the world and attended by a total of 1,566 student and teacher delegates. Each conference was themed around one of the RS IDEALS and included keynote speakers, baraza breakouts, sharing of pre-work completed by attending delegations, and other activities.

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Having invested in the creation of a Virtual Conference Campus on Gather in 2020/21, combining video-conferencing with retro-gaming-style interactions, we hosted the annual Round Square International Conference online on this platform in September 2021, with participation from more than 1,400 delegates in 36 countries.

The total manpower invested in these combined initiatives by members of the Worldwide Management Team and Board of Trustees amounted to an expenditure of £103,417 during the year (as disclosed in General Support costs and Governance costs in Note 3).

RSIS Projects/ Community Service

With continuing nervousness over travel, our Round Square International Service Project for 2021 was a virtual one. At the RSIC2021, keynote Speaker and Tiger Kloof Alum, Lesego Serolong called on RS Schools around the world to support her One Million Beehives campaign. Her call to action across the Round Square Community saw more than 50 schools take part and collectively raise more than USD $30,000 in direct donations to her campaign.

Alongside Lesego’s campaign, Round Square coordinated a series of 90 minute online “hive events” including some fantastic “Live from The Hive” contributions from RS schools around the world. Lesego Serolong visited four RS Schools who hosted a “Bee Day”, and will be joining an Alumni panel to speak at the RSIC2022.

Despite the continuing effects of the pandemic, 85,477 students participated in some form of physical community service activity across RS schools during the year. This is back to pre-pandemic levels (84,721 in 2019), which is an encouraging sign. Planning began during the year for a potential return of RSIS Projects in the latter part of 2023.

The total manpower invested in these combined initiatives by members of the Worldwide Management Team and Board of Trustees amounted to an expenditure of £94,015 during the year (as disclosed in General Support costs and Governance costs in Note 3).

Leadership, Staffing & Infrastructure

During the 2021/22 year, one member of staff returned from maternity leave, in a part-time capacity, and one new appointment was made, to fill the new position of Digital Assistant.

The combined cost to the organisation of the key personnel that made up the Worldwide Management Team during 2021/22 (names listed on page 2) was £764,156 (2020/21 £696,244).

The pay of all employed members of the Worldwide Management Team is reviewed annually, and, as required, is increased in accordance with average earnings.

Remuneration of all members of the Worldwide Management Team is bench-marked with other UK-based charities whose activities are similar to those of Round Square, with market forces for the individual roles, and with roles of equivalent status in the education sector in the territory in which each team member is based. This is done to ensure that the remuneration is set fair and not out of line with that generally paid for similar roles requiring similar skills sets and levels of experience.

During the reported year operating leases for office, premises totalled £63,386 (£63,126 in 2021).

FINANCIAL RESULTS AND RESOURCES

The total income for the year was £1,112,077 and total expenditure was £1,119,168. At the year-end, on 31 July 2021, Round Square was holding a total of £829,114 in reserves, made up of £382,755 in unrestricted, £25,759 in restricted and £420,600 in designated funds.

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Fundraising Disclosure

Round Square does not undertake any direct fundraising activity, and as such has received no complaints and worked with no 3[rd] party fundraising partners in the past year. Students in Round Square schools undertake fundraising activities as part of their education, and many choose to make donations from these funds to Round Square.

Investments Policy

Round Square has reviewed its cash balances and has made some investment decisions based on the need to ensure funds are held in accounts producing investment returns whilst ensuring funds are held securely.

A conservative approach to the investment of surplus funds continues to form the basis of the investment policy. The Finance and General Purposes Committee will review the cash position at least annually and make decisions accordingly, seeking to make investments only where there is a minimum risk to capital.

Reserves Policy

Reserves built up in the organisation are intended for investment, by Board decision, in the development of a specific initiative or area of the business. It is not the intention of the Board to supplement normal operating expenditure through the use of reserves.

During the year the Round Square Board reviewed and adopted a revised reserves policy for Round Square, taking into account the main financial risks for the organization, the levels of secure and reliable income, and committed expenditure over 12 months. The aim of the policy is that Round Square should hold £316,120 in free reserves (unrestricted funds not tied up in fixed assets or designated).

At the year-end Round Square’s holding in free reserves amounted to £334,077 (unrestricted £382,755 less fixed assets of £48,678) which is £17,957 above Round Square’s reserves target. Heading towards the financial risks of staging the RSIC2022 the Round Square Board considers this to be a prudent position to maintain at this time.

PLANS FOR THE FUTURE

Strategic Themes

Three strategic themes continue to form the central framework of our plan. These encapsulate our Guiding Principles and provide a touchstone for shaping current and future ambitions. Our themes are:

Strategic Outcomes

The Round Square Strategic Plan identifies five Strategic Outcomes for the organisation:

The Ebb & Flow of Learning in the organisation

BEING Round Square not just DOING Round Square

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The Vision and purpose of the approach shared by Round Square schools

Propagating the Round Square approach

Seeking out those schools that excel and innovate in areas that we are passionate about

Worldwide Implementation Plan

The Worldwide organisation continues to focus on four key areas in support of the strategic plan:

The Round Square Discovery Framework

Schools throughout the RS network continue to embrace and embed the Round Square Discovery Framework, using it as the basis for developing and structuring their individual approaches to values-based education.

In the coming year, Round Square will continue to facilitate good practice sharing around the RSDF. In addition, the first quarter of 2022 will see the launch of the Round Square Heroes of Discovery pilot programme for Early/ Primary Years, extending the RSDF to the youngest students in our community (see Programme Delivery R&D below).

Programme Delivery, R&D

The coming year will see completion of the renovation of the Round Square website with the revision of student pages and a refresh and redesign of the logged in staff/ resource library.

Work will continue on the creation of a Professional Development Framework around which a series of elective shortcourses will be created to be accessed through the RS web site.

January 2023 will see the second pilot of our Certificate with UCL, and in the same month we will launch the pilot of the RS Heroes of Discovery Programme at the January 2023 RS Heads’ Symposium. In the months that follow, three roll-out events will be hosted for Early/ Primary Years faculty and RS Reps in different locations around the world to maximise accessibility.

Each event will outline the Heroes Programme, plan approaches to implementation in mixed baraza workshops, share good practice and incubate collaboration between schools. Alongside each event a networking track for RS Reps will also be held. The first of these events will be hosted at Oxford University in April 2023.

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Virtual Programming

Round Square will continue to co-ordinate a programme of weekly Zoom Postcards from Member Schools and Language Labs over the coming year.

The first quarter of 2023 will once again see a series of online Forum Meetings take place on Zoom for RS Reps and school faculty, to network, share good practice, and find out what’s coming up in the year ahead. These will be followed, later in the year, by some opportunities to come together face-to-face around the roll-out of the Heroes of Discovery programme (see below).

Whilst tentative plans are in place to make a return to in-person Round Square International Service Projects in 2023, in the meantime, building on the success of this year’s Virtual RSIS Project to support the One Million Beehives campaign a second campaign will be invited to make a case for support. During 2023, Round Square will be sharing the story of another former RS school pupil and inviting students in RS schools to directly support The Noah Initiative , a non-profit organisation, which provides disadvantaged young boys in Kenya with positive mentors.

RS Conferences

The Round Square International Conference 2022 will be hosted in the UK in September 2022, across seven Oxford University Colleges for the first half of the week and going on to six Round Square Schools for a long weekend of Adventure and Service programmes. With 1,500 delegates expected to attend it promises to be a fitting post-pandemic reboot to in-person programmes.

A programme of 12 in-person Round Square Global Conferences for different age groups ranging from 11-18 will be hosted by RS schools around the world during 2023. Each themed around one of the RS IDEALS, the Conferences will all be available to RS schools to attend from anywhere in the world. The calendar will be published in October 2022, and Letters of Commitment to attend invited thereafter.

Networking & Professional Development

With a focus on maximising the potential of networking within Round Square for all Candidate and Member schools, resource will continue to be directed towards encouraging, supporting and facilitating greater communication, good practice sharing and collaboration in the coming year.

With travel now possible again, mentoring of schools’ five-year self-reflections via face-to-face visits to schools will be a key focus for members of the RS Management Team in the coming year. In addition, energies will be directed towards supporting schools into the RS Exchange Programme to enable them to access opportunities for student exchange actoss the RS community.

In January 2023 Round Square will once again host a Symposium bringing together Heads of RS Schools in London around the theme “Building a Sense of Belonging”. Further face-to-face gatherings will be coordinated around launch events for the Heroes of Discovery Programme (see above).

Diversity and Quality of Membership

In line with the Strategic Plan objectives indicated by all regions, diversity remains a key focus in the consideration of new Candidate School applications, and attention will be focused once again towards growing interest in Round Square in unrepresented or under-represented parts of the world.

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STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (the United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time of the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each of the Trustees is aware at the time the report is approved:

In preparing this report, the Trustees have taken advantage of the small company’s exemptions provided by section 415A of the Companies Act 2006.

Approved by the Trustees on 15[th] November 2022 and signed on their behalf by:

John O’Connor Chairman Round Square

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ROUND SQUARE

FOR THE YEAR ENDED 31 JULY 2022

Opinion

We have audited the financial statements of The Round Square for the year ended 31 July 2022 which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We 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 charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ROUND SQUARE

FOR THE YEAR ENDED 31 JULY 2022

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report (which incorporates the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement, set out on page 13 , the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The Round Square - Financial Statements for the year ended 31 July 2022

Page 15

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ROUND SQUARE

FOR THE YEAR ENDED 31 JULY 2022

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified the principle risks of non-compliance with laws and regulations related to employment law and charity law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and Charities Act 2011.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls. Audit procedures performed by the engagement team included:

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Tracey Young (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of Haysmacintyre LLP, Statutory Auditor London 17[th] November 2022 EC4R 1AG

The Round Square - Financial Statements for the year ended 31 July 2022

Page 16

THE ROUND SQUARE STATEMENT OF FINANCIAL ACTIVITIES (incorporates the income and expenditure account) FOR THE YEAR ENDED 31 JULY 2022

Unrestricted
Funds
£
1,099,564
-
79
1,380		 Designated
Funds
£
4,834
6,220
-
-		 Restricted
Funds
£
-
-
-
-		 2022
Total
£
1,104,398
6,220
79
1,380		 2021
Total
£
1,081,380
12,127
208
1,491
1,101,023 11,054 - 1,112,077 1,095,206
1,074,578 44,590 - 1,119,168 997,249
1,074,578 44,590 - 1,119,168 997,249
26,445
356,310		 (33,536)
454,136		 -
25,759		 (7,091)
836,205		 97,957
738,248

All transactions are derived from continuing activities

There are no other gains and losses other than these shown above.

The comparative Statement of Financial Activities is shown in note 16.

The accompanying notes (pages 20-29) form part of these financial statements

The Round Square - Financial Statements for the year ended 31 July 2022

Page 17

THE ROUND SQUARE

BALANCE SHEET

AS AT 31 JULY 2022

NOTES
FIXED ASSETS
Tangible Assets
5
CURRENT ASSETS
Debtors
6
Stock
Cash at bank
CURRENT LIABILITES
CREDITORS: Amounts falling due within one year
7
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
FUNDS
Unrestricted:
General Funds
10
Designated Funds
10
Restricted
10
Total Charity Funds		 2022
£
48,678
507,395
15,055
2,102,415
2,624,865
(1,844,429)
780,436
829,114
382,755
420,600
25,759
829,114		 2021
£
56,550
97,950
4,205
931,778
1,033,933
(254,278)
779,655
836,205
356,310
454,136
25,759
836,205

The financial statements were approved and authorised for issue by the Board of Directors on 15[th] November 2022 and were signed on its behalf by:

…………………………………….

John O’Connor - Chairman

The accompanying notes (pages 20-29) form part of these financial statements

Company Registration No: 2011514

The Round Square - Financial Statements for the year ended 31 July 2022

Page 18

THE ROUND SQUARE

STATEMENT OF CASH FLOWS

FOR YEAR ENDED 31 JULY 2022

2022
£
Cash Flows from Operating Activities
Net cash provided by activities
1,170,558
Cash flows from investing activities:
Bank interest
79
Change in cash & cash equivalents in the reporting period
1,170,637
Cash and Cash equivalents at the beginning of the reporting period
931,778
Cash and cash equivalents at the end of the reporting period
2,102,415
Reconciliation of net income to net cash flow from operating activities
2022
£
Net income for the reporting period (as per Statement of Financial
Activities)
(7,091)
Adjustments for:

Depreciation charges
7,872
Bank interest
(79)
(Increase) / decrease in stocks
(10,849)
Increase in debtors
(409,445)
Increase in creditors
1,590,151
Net cash provided by operating activities
1,170,560		 2021
£
117,422
208
117,630
814,148
931,778
2021
£
97,957

7,945
(208)
3,527
(42,219)
50,420
117,422

The Round Square - Financial Statements for the year ended 31 July 2022

Page 19

THE ROUND SQUARE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

1. ACCOUNTING POLICIES

(a) Basis of preparation and going concern

The Financial Statements have been prepared in accordance with 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 (FRS 102) – (Charities SORP (FRS 102)) Second Edition, effective 1 January 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Charity constitutes a public benefit entity as defined in FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy below.

The Board of Trustees consider there are no material uncertainties about the Charity’s ability to continue as a going concern. The review of our financial position, reserves levels and future plans gives Trustees confidence the Charity remains a going concern for the foreseeable future. Financial projections have been subjected to detailed risk assessments, including significant reductions in income in the wake of the COVID19 pandemic or other adverse international scenarios, and it is considered that the Charity would remain going concern even in that event.

The particular accounting policies adopted are described below.

(b) Income

Income is recognised when the charity has an entitlement to the funds, it is probable that the income will be received and the amount can be reliably measured. Donations are included in full in the Statement of Financial Activities when there is an entitlement, probability of receipt and the amount of income receivable can be measured reliably.

U.K. Government grants, such as CJRS (Covid job retention scheme), are recognised as ‘other income.’

All subscription income relating to the financial period covered by this report is recorded in the Statement of Financial Activities. Any membership income relating to the subsequent financial year is treated as deferred income.

Project income is recognised in the Statement of Financial Activities when the project occurs. Any project income relating to the subsequent financial year is treated as deferred income.

Income from other trading activities is recognised as earned as the related goods are provided.

Investment income is bank interest and is recognised on a receivable basis once the amounts can be measured reliably.

(c) Expenditure

Liabilities are recognised as expenditure as soon as there is legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of obligation can be measured reliably.

The Round Square - Financial Statements for the year ended 31 July 2022

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THE ROUND SQUARE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2022

Expenditure is accounted for on an accruals basis and is allocated to expense headings either on a direct cost basis or apportioned according to time spent. The irrecoverable element of VAT is included with the item of expense to which it relates. Charitable activities relate to costs incurred in delivering the charity’s activities and services to its beneficiaries. General support costs include salaries and office costs. Governance costs are costs incurred in meeting the constitutional and statutory requirements.

General support costs and Governance costs have been allocated to each of the Charitable activities based on an apportionment of time. This is disclosed in Note 3 of the accounts.

(d) Stock

Stock is valued at the lower of cost and net realisable value.

(e) Financial instruments

The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

(f) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

(g) Cash at bank and in hand

Cash at bank and in hand includes cash and short-term deposits with a short maturity of three months or less from the date of opening of the deposit or similar account.

(h) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third-party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are formally recognised at their settlement amount after allowing for any trade discounts due.

(i) Employee benefits

Short term benefits: Short term benefits including holiday pay are recognised as an expense in the period in which the service is received.

Employee termination benefits: Termination benefits are accounted for on an accruals basis and in line with FRS 102.

The Charity operates a NEST pension plan. Contributions to the scheme are recognised as they fall due.

(j) Operating lease rentals

Rentals under operating leases are charged to the profit and loss account as they fall due.

The Round Square - Financial Statements for the year ended 31 July 2022

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THE ROUND SQUARE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2022

Any rent-free periods are allocated over the life of the lease and the creditor released annually.

(k) Fixed assets and depreciation

Individual fixed assets costing £1,500 or more are capitalised at cost and depreciated over their useful economic life on a straight-line basis as follows:

Office equipment 10% per annum Computer Equipment 33% per annum

Where the purchase price is below £1,500 the item will be written off in full during the reported year.

(l) Funds

Unrestricted funds are funds that can be used in accordance with the charitable objects at the discretion of the Trustees. Designated funds are funds set aside by the Trustees out of unrestricted general funds for specific future purposes. Restricted funds arise when funds can be used only for a specific purpose, either as specified by the donor or in accordance with the terms for which they were raised.

(m) Foreign currencies

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Monetary assets and liabilities are retranslated at the rate of exchange ruling at the balance sheet date. Any exchange differences arising from the translation are dealt with in the Statement of Financial Activities.

(n) Accounting judgements and estimates

In preparing these financial statements, management has made judgements, estimates and assumptions in the reported assets, liabilities, income and expenditure and the disclosures made in the financial statements. Estimates, assumptions and judgements are continually evaluated and are based on historic experience and other factors, including expectations of future events that are believed to be reasonable. The Trustees do not consider there to be any significant estimates and judgements.

2a. INCOME FROM CHARITABLE ACTIVITIES

Subscription Income
RSIS Project Income
Insurance payment in respect of RSIS		 2022
2021
£
£
1,099,564
1,064,219
4,834
-
-
17,161
1,104,398
1,081,380

The Round Square - Financial Statements for the year ended 31 July 2022

Page 22

THE ROUND SQUARE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2022

2b. DONATIONS AND GRANTS

2c. INVESTMENT INCOME
Bank interest
2d. INCOME FROM OTHER TRADING ACTIVITIES
Sale of merchandise
Donations (Discovery Fund)
Coronavirus Job Retention Scheme Grant		 2022
2021
£
£
6,220
6,319
-
5,808
6,220
12,127
2022
2021
£
£
79
208
2022
2021
£
£
1,380
1,491

3. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Charitable activities
Membership – Support & Recruitment
Programme Delivery, R&D
Digital & Other Communications
Conference Expenditure
RSIS/ Service Project Expenditure		 Basis of
apportionment
Activity
Costs
General
SupportGovernance
Total
£
£ £
£
87,652
413,953
9,116
510,721 Resource 45%
80,467
165,581
3,647
249,695 Resource 18%
10,895
147,183
3,241
161,319 Resource 16%
101,189
2,228
103,417 Resource 11%
91,990
2,026
94,016 Resource 10%
179,014
919,896
20,258
1,119,168

For comparative figures from 2021 see note 13.

The General Support costs include salaries to employees and payments to contractors who carry out significant work on behalf of the charity totalling £764,156 (2021 £696,244). (See Note 4.)

The Round Square - Financial Statements for the year ended 31 July 2022

Page 23

THE ROUND SQUARE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2022

3. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES (continued)

ANALYSIS OF GOVERNANCE COSTS
Board meeting expenses
Audit and accountancy
Legal costs
Net movement in funds is stated after charging:
Operating leases – premises
Fees paid to auditors - audit
- other
Depreciation
4. STAFF COSTS AND TRUSTEES EMOLUMENTS
Wages and salaries
Social Security Costs
Pension Costs
Contractor costs		 2022
2021
£
£

11,553
(222)
8,435
8,450
270
2,173
20,258
10,401
2022
2021
£
£
63,386
63,126
8,435
8,450
-
7,872
7,945
2022
2021
£
£
401,186
386,109
42,780
40,082
23,250
23,423
467,216
449,614
296,940
246,630
764,156
696,244

The pension costs include contributions to NEST pension plan (auto-enrolment) and one employee's personal pension plan.

The average number of employees during the year was 9 (2021: 8) with all employee time involved in providing support services to charitable activities.

The number of employees who received emoluments exceeding £60,000 was:

2022 2021
£60,000 - £70,000 1 -
£130,000 - £140,000 1 1

Related Party Transactions

The Board considers its key management personnel comprise the Worldwide Management Team and the total emoluments for these individuals were £764,156 (2021 £696,244).

The Round Square Board of Trustees received £325 reimbursed travel expenses relating to the work of the Charity during the reported year (2021 Nil). There were no transactions with Trustees in the year.

The Round Square - Financial Statements for the year ended 31 July 2022

Page 24

THE ROUND SQUARE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2022

5. TANGIBLE FIXED ASSETS

Office Equipment, Fixtures and Fittings
Cost
At 1 August 2021
At 31 July 2022
Depreciation
At 1 August 2021
Depreciation
At 31 July 2022
Net book value
6. DEBTORS
Trade debtors
Less Provision for bad debts
Other debtors
Prepayments and accrued income
VAT Recoverable
7. CREDITORS: Amounts falling due within one year
Trade creditors
Subscriptions received in advance
RSIC2022 monies in advance
Other taxes and social security
Other creditors
Accruals		 2022
£
74,835
74,835
18,285
7,872
26,157
48,678
2022
£
234,488
(14,012)
836
268,945
17,137
507,395
2022
£
85,455
144,980
1,564,274
14,184
3,219
32,317
1,844,429		 2021
£
74,835
74,835
10,340
7,945
18,285
56,550
2021
£
8,238
(1,998)
816
90,894
-
97,950
2021
£
44,024
133,779
-
13,858
9,015
53,602
254,278

Prior year’s subscription and project income of £133,779 was all released to SOFA this year. Deferred subscription received in advance during this year £144,980 will be released on an activity basis.

The Round Square - Financial Statements for the year ended 31 July 2022

Page 25

THE ROUND SQUARE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2022

8. TAXATION

The company is a Registered Charity (No. 327117) and is not liable to tax on its surpluses generated by charitable activities.

9. CONSTITUTION

The company is limited by guarantee. The maximum liability of each member on winding up is £1.

10. FUNDS

Unrestricted Funds
General Funds
Designated Funds
Project Development Fund
Discovery Fund
Restricted Funds
Hill Trust
Prince Alexander
TOTAL FUNDS		 Balance at
Transfers
Balance at
1 August
Income
Expenditure
between
31 July
2021
Funds
2022
£
£
£
£
£
356,310 1,101,024
1,074,578
-
382,755
198,105
-
44,590
-
153,515
256,031
11,054
-
-
267,085
2,111
-
-
-
2,111
23,648
-
-
-
23,648
836,205 1,112,078
1,119,168
-
829,114

Please refer to note 14 for comparison figures.

The Round Square - Financial Statements for the year ended 31 July 2022

Page 26

THE ROUND SQUARE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2022

Restricted Funds:

The Hill Trust relates to donations received towards the provision of bursary support for students that could not otherwise afford to participate in RSIS projects.

The Prince Alexander Project fund was created to generate funds for the building materials (bricks and mortar) element of the Round Square International Service (RSIS) projects, and is no longer receiving income donations and will be spent out over the coming years. It is not used for administrative purposes.

Designated Funds:

The Project Development Fund represents monies that the Trustees have earmarked for organisational development projects.

The Discovery Fund has been designated to accept donations from Member Schools to Round Square, and from other income sources, and will be used to fund a variety of support programmes e.g. RSIS Project and Conference activity including building materials and tools, transport of those materials and tools to project sites and bursaries for students that could not otherwise afford to participate in RSIS projects or the RSIC.

As Round Square is a Charitable Trust, the accumulated funds do not belong to the members. If, upon the winding-up or dissolution of the Trust there remains, after satisfaction of all debts and liabilities, any property whatsoever, then, under the terms of the company's memorandum, this must be transferred to some other charitable institution having similar charitable objects to the company. All unrestricted reserves are held for supporting the charitable objectives of the company.

11. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted funds:
- General
- Designated
Restricted Funds		 Fixed
assets
£
48,678
-
-
48,678		 Net
Current
Assets
£
334,077
420,600
25,759
780,436		 Total
£
382,755
420,600
25,759
829,114

Please refer to note 15 for comparison figures.

The Round Square - Financial Statements for the year ended 31 July 2022

Page 27

THE ROUND SQUARE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2022

12. OPERATING LEASES

The Charity entered into an operating lease rental agreement on 22 February 2019. The term ends on 21 February 2029. The outstanding commitment at 31 July 2022 is £332,261, which is the entire commitment over the life of the lease (with an annual rent of £50,470).

13. COMPARATIVE ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES – YEAR ENDED 31 JULY 2021

Charitable activities
Membership – Support & Recruitment
Research and Development
Digital & Other Communications
Conference Expenditure
TOTAL		 Basis of
apportionment
Activity
Costs
General
Support
Governance
Total
5,426 373,546
4,680
383,652 Resource
45%
72,496
174,322
2,184
249,002 Resource
21%
10,654
199,225
2,497
212,376 Resource
24%
68,169
83,010
1,040
152,219 Resource
10%
156,745
830,103
10,401
997,249

14. COMPARATIVE ANALYSIS OF FUNDS – YEAR ENDED 31 JULY 2021

Unrestricted Funds
General Funds
Designated Funds
Project Development Fund
Discovery Fund
Restricted Funds
Hill Trust
Prince Alexander Fund
TOTAL FUNDS		 Balance at
Transfers
Balance at
1 August
Income
Expenditure
between
31 July
2020
Funds
2021
£
£
£
£
£
356,310
1,088,887
997,249
(91,638)
356,310
106,467
-
-
91,638
198,105
249,712
6,319
-
-
256,031
2,111
-
-
-
2,111
23,648
-
-
-
23,648
738,248
1,095,206
997,249
-
836,205

The Round Square - Financial Statements for the year ended 31 July 2022

Page 28

THE ROUND SQUARE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2022

15. COMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS – YEAR ENDED 31 JULY 2021

Unrestricted funds:
- General
- Designated
Restricted Funds
 Fixed
assets
£
56,550
-
-
56,550		 Net
Current
Assets
£
299,760
454,136
25,759
779,655		 Total
£
356,310
454,136
25,759
836,205

16. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

INCOME & EXPENDITURE Unrestricted Designated Restricted 2021
Funds Funds Funds Total
Notes £ £ £ £
Income from:
Charitable activities 2a 1,081,380 - - 1,081,380
Donations and grants 2b 5,808 6,319 - 12,127
Investment Income 2c 208 - - 208
Other 2d 1,491 - - 1,491
1,088,887 6,319 - 1,095,206
Expenditure on:
Charitable activities 3 997,249 - - 997,249
997,249 - - 997,249
Net income 91,638 6,319 - 97,957
Transfer between funds (91,638) 91,638 - -
Net movement in funds - 97,957 - 97,957
Reconciliation of funds:
Total funds brought forward 356,310 356,179 25,759 738,248
Total funds carried forward 356,310 454,136 25,759 836,205

The Round Square - Financial Statements for the year ended 31 July 2022

Page 29