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2024-06-30-accounts

THE GOVERNING BODY OF RUGBY SCHOOL

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

Registered Charity Number 528752 www.rugbyschool.co.uk

THE GOVERNING BODY OF RUGBY SCHOOL

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

CONTENTS

Page
Governors, Principal Officers and Professional Advisers 3 – 4
The Report of the Governing Body 5 – 21
Statement of Governors’ Responsibilities 22
Independent Auditor’s Report 23 - 24
Consolidated Statement of Financial Activities 25
Balance Sheets 26
Consolidated Cash Flow Statement 27
Notes to the Financial Statements 28 – 55

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THE GOVERNING BODY OF RUGBY SCHOOL

ANNUAL REPORT

FOR THE YEAR ENDED 30 JUNE 2024

The Governing Body

B J O’Brien, LLB (Chair – resigned 6 March 2024) N Bacon FCA, CTA (3,4,5,6,7) (Chair – from 7 March 2024) R Aggarwal, MA, MBA (5) J C Barwell OBE (resigned 17 October 2024) E Marsden (Beesley) (9) (appointed 1 July 2024) C A Thompson (Coates) LLB (2,6,8) J Eastwood BA (resigned June 2023) R J Elmhirst LLB (Deputy Chair – resigned 22 March 2024) C Greenhalgh (1,2) (appointed 4 September 2024) A S Habib (3,5) C Marten MA (1,5,6,8,9) (Deputy Chair – from 23 March 2024) F McLean (appointed 20 November 2024) J Moreland MA, PGCE, NPQH (resigned 30 June 2024) Rev Canon Dr M Pryce (1) General Sir T Radford KCB DSO OBE (6) D Skailes BSC, FCA (3,5,6) (Deputy Chair – from 23 March 2024) P Smulders BA, MBA (resigned November 2023) T Strain (7) (appointed 20 November 2024) G Swan (appointed 20 November 2024) C Wills LLP (resigned 1 May 2024)

Appointed by

Governing Body Governing Body Governing Body Common Room Governing Body Governing Body Governing Body Governing Body Governing Body Governing Body Governing Body Common Room Governing Body Governing Body Governing Body Governing Body Governing Body Governing Body Governing Body

Executive Head Master

P R A Green MA, PGCE – resigned 31 December 2023

Head Master of Rugby School Head Master of Bilton Grange CEO Rugby School Global G Parker-Jones MA, PGCE G E B Jones MEd, BA, PGCE Dr N G Hampton MA, PhD, PGCE

Chief Operating Officer and Clerk to the Governing Body

P A Nicholls MA, FCA – resigned 31 August 2024 Dr D J White MA, PhD, FDA – appointed 1 October 2024

Principal Address and Registered Office Rugby School, The Bursary, 10, Little Church Street, Rugby, CV21 3AW

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REPORT OF THE GOVERNING BODY OF RUGBY SCHOOL FOR THE YEAR ENDED 30 JUNE 2024

Membership of Principle Governing Body Committees (as of date of this report) (1) RS Education (2) BG Education (3) Finance, Audit & Estates (4) Investment (5) International Development (6) Nominations

Other Current Members of Governing Body Committees W Assheton (3) R Draycott (5) P Henderson (4) C Howe (1) S Lebus (5) C Lam (7) A McNeile (2) D McNeill (7) F Salway (3) A Stuart (1) C Wills (5) P Yates (4)

(Relevant senior employees of the School are present in attendance at each Governing Body Committee)

Auditor

Crowe U.K. LLP Cheltenham

Advisers

Bankers

National Westminster Bank plc, Rugby

Solicitors

Veale Wasbrough Vizards LLP, Bristol

Investment Property Manager Principal Investment Managers Tandem Property Asset Management, London Quilter Cheviot Ltd, London Partners Capital LLP, London Surveyors Veritas Investment Management, London Farebrother, London WCM Investment Management, California

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REPORT OF THE GOVERNING BODY OF RUGBY SCHOOL FOR THE YEAR ENDED 30 JUNE 2024

The Governing Body of Rugby School (“Governing Body”), who are the trustees of Rugby School including Bilton Grange (the “School” or the “Charity”), present their Annual Report and the audited financial statements of the Charity for the year ended 30 June 2024. The Governing Body confirms that the financial statements comply with the Charity’s governing document, with current statutory requirements, with applicable accounting standards in the United Kingdom, with the Charities Statement of Recommended Practice (the Charities SORP (FRS 102)) and with the Charities Act 2011.

The Charity’s Objectives

Charitable Objects

The provision of a broad liberal Christian education at a boarding and day school at the School for children from Rugby and neighbourhood and elsewhere, and by ancillary or incidental activities and other associated activities for the benefit of the community.

Statement of Values

The Charity’s principal activity is the education and pastoral care of its students at Rugby School and Bilton Grange. All of its assets and its income and expenditure relate to that activity. The fundamental ethos of ‘the Whole Person is the Whole Point’ is everything we undertake at the schools to fulfil that principal aim.

The Charity’s Strategic Plan includes a Statement of the Rugby School Group ethos:

1 Arnoldian refers to Thomas Arnold, Rugby’s most famous Head Master from 1828-1842. His ethos for Rugby became a model for other public schools and exercised a strong influence on the education system of England and beyond.

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REPORT OF THE GOVERNING BODY OF RUGBY SCHOOL FOR THE YEAR ENDED 30 JUNE 2024

The schools consistently strive for all-round excellence. They recognise that there are many fundamental qualities which are not examinable: curiosity, shrewdness, initiative, leadership, an awareness of beauty, a sense of humour, a sense of responsibility and a gift for friendship, and that these and other basic qualities need to be developed in an institution that regards itself as educational.

The Governing Body consider that the schools provide an environment where each student is encouraged to develop and fulfil his or her potential, thereby inspiring a desire to contribute to the wider community.

Objectives for the Year

The Governing Body set the following aims for the academic year 2023/24:

Strategies to achieve Objectives

The schools’ strategies for achieving its objectives were to:

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REPORT OF THE GOVERNING BODY OF RUGBY SCHOOL FOR THE YEAR ENDED 30 JUNE 2024

Review of the Year’s Achievements and Performance

Principal activities of the year

Rugby School has 13 boarding houses and two day houses for 13–18 year old students. Bilton Grange is a predominantly day school for students aged from 3–13 years old with a boarding house for boys and a boarding house for girls, which take pupils from Year 3. Little Grange Nursery, for those aged from 6 months and up opened in August 2022 on the Bilton Grange site.

The average number of students in Rugby School during the year was 866 (2023: 864). The total number of boarders averaged 653 during the year, which maintained the boarder/day ratio at approximately 76%. The average number of students of Reception age up to sixth form in Bilton Grange was 391 (2023: 383) of whom the average number of full and weekly boarders was 56.

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REPORT OF THE GOVERNING BODY OF RUGBY SCHOOL FOR THE YEAR ENDED 30 JUNE 2024

Supporting access to the schools remained a priority for the Governors. In 2023/24, 17.4% of Rugby School's students and 12.5% of the children at Bilton Grange received concessions through Scholarships, Lawrence Sheriff Foundationships and Arnold Foundation schemes. These awards entitle students to financial assistance up to 100% of fees and in some cases extras. All concessions beyond 5% scholarship awards are subject to parental means testing.

During the year, financial support towards the Rugby School fees was provided for 351 students, representing 40.7% of students in Rugby School, including a significant number of students in receipt of a bursary for the full value of the School fees. A further 147 students at Bilton Grange received some form of financial support representing 37.5% of the students in Bilton Grange. We are particularly proud of our continued efforts to build on and develop student mentoring for Arnold Foundation and Earle Fund students as part of our support for them.

The Schools’ activities and strategy over the year have continued to support each School’s Development Plans. Rugby School has maintained its high academic performance and its position as one of the leading co-educational boarding schools in the UK and the world.

Educational Performance at Rugby School

The exam results for summer 2024 show an improvement in the previous year’s results, but also reflect the national trend of a move closer to the pre-Covid average grades:

National Average
All figures in percent 2024 2023 2022 2024 2023
A Levels (including IB)
A*- A (7-6) 58.2 56.2 64.2 27.6 26.5
A*- B (7-5) 85.4 83.5 84.6 53.6 52.7
A*- E (7-1) (pass) 100.0 100.0 100.0 97.1 97.2
GCSE
A* / 9-8 55.1 54.9 65.6 12.5 12.0
A*- A / 9-7 74.6 75.5 83.0 22.6 21.6
A*- B / 9-6 88.5 88.9 92.9 37.1 35.6
A*- C / 9-4 (pass) 98.7 98.4 99.6 70.4 67.8

As previously noted, both schools aim to offer far more than a strong academic performance. The Governing Body and staff place particular importance on robust and effective systems and processes for the pastoral care, support and guidance of our students. However, the academic performance remains a priority and some of the principal achievements of the schools were:

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REPORT OF THE GOVERNING BODY OF RUGBY SCHOOL FOR THE YEAR ENDED 30 JUNE 2024

Co-curricular highlights of the year at Rugby School

The School’s Whole Person, Whole Point ethos means that co-curricular activities remain firmly at the heart of the school’s educational programme.

Sport

The highlight of our sporting success last year saw our U15 netballers crowned national champions, and our U15 and U17 girls’ cricket teams reached national finals in both the T20 and hundred ball competitions. We entered two girls’ teams into the Rosslyn Park Sevens competition, and the sport of rugby is seeing increased take-up from girls within the School. Boys’ Hockey had a successful year reaching the quarter finals of the Tier 1 competition (losing to the eventual winners), with our girls’ XI finishing 5[th] in the Tier 1 league in their first year of entry.

We saw considerable success across tennis fixtures, and rackets now has a healthy number of students playing on a weekly basis. We are very likely to have our first Foster Cup entry in a long time, as we currently have a student seeded 12[th] in the country. We last won this competition in 1994, and it is the premier rackets competition on a national level for the top 16 U18 seeds.

Plans are underway for a sports tour to South Africa in the summer of 2025, and there is also an U15 netball tour to Barcelona, and an E Block & F Block cricket tour to Dubai and tennis tour to Portugal planned in the coming academic year. The sports tour to South Africa will include Boys’ hockey for the first time, as we ensure that all core sports get access to good quality tours.

Ex-pupils Maia Bouchier and Jacob Bethell have had an excellent end to the summer, with Maia scoring her maiden century for England and Jacob making his international debut for England in T20 and white-ball cricket against Australia in September 2024.

The number of pupils on academy pathways has again increased. With the newly formed Birmingham Panthers professional netball team now in the area, this has provided developmental pathways for our students, with many already part of their PDP programmes. The U17 academy now train on site improving our partnership work. Many of our rugby players who were part of the Central Warriors academy (formerly Wasps), have now been picked up by Tigers or Saints. One current student has just signed a professional contract with Warwickshire, as part of the restructuring of women’s cricket. We also have an F Block student in the academy set-up for Leicester City, and some excellent horse-riders in the school with one recently qualifying for the Horse of The Year Show.

Rugby 360

It is a testament to the ongoing importance of service that we now have over 500 pupils engaged in the Rugby 360 service programme for 90 minutes each week. We have a thriving afterschool clubs programme, which supported over 700 local primary school children each week in the 23-24 academic year. In addition to this, we welcomed 750 students on site for Service Day in July, and on a weekly basis we work in 25 different local primary schools.

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REPORT OF THE GOVERNING BODY OF RUGBY SCHOOL FOR THE YEAR ENDED 30 JUNE 2024

On an increasing basis, we have schools approaching us to work with them to support in gaps with numeracy, literacy, IT literacy and foreign language acquisition. Through the generosity of students, families and staff in the Rugbeian Community, we donated over 3.5 tonnes of food to the foodbank last year, and had students supporting in 18 different charity shops across both the Rugby and Lutterworth town centres.

Rugby School became a ‘champion school’ as part of the Schools Partnerships Alliance in the 2023-24 academic year. Rugby also achieved ‘green flag’ status for the first time in its history – an initiative from the sustainability levée as part of Rugby 360.

CCF

CCF has returned to sectional training, and we ran our first overnight field camp for the whole contingent since Covid. We recently finished 12[th] in the Sir Steuart Pringle Trophy at the Commando Training Centre in Lympstone, coming in second place in two stances. We aim to encourage our students in adventurous activities and we have run cycling expeditions and hillwalking trips to Snowdonia, and Half Termly range days at Bramcote barracks have been reintroduced. We have field gun and first aid competitions on the horizon, and the contingent is on an upward trajectory.

Music

We currently have 67 Music Scholars in the School. Nine of them achieved music diplomas in Trinity (seven with distinction) and three had offers to study Music at Oxbridge. In addition, the impressive list of national and international musical achievements spans choral, instrumental and composing. A recently ex-Rugby student is currently the BBC Young Chorister of the Year; another student plays for the National Youth Brass Band of Great Britain; and a third student took the public vote to win a major French opera competition. An Arnold Foundation student is being mentored by world-renowned composer Hans Zimmer. Yet another student has played the piano to sold out audiences across Europe.

The Rugby Chorister Programme is thriving at Bilton Grange, with 34 students on the programme being supported by pupils and staff from Rugby School. We have also enjoyed a growing number of successful collaborations with cathedral and college choirs in Oxford and Cambridge. The programme has provided opportunities for Rugby’s choir to learn to lead younger people and organ playing students to gain real life experience of playing alongside worshipers and choirs.

The annual rock and pop night was a great success, with the winning band headlining at the Festival on The Close as a warm-up act for Adele (tribute). The most recent Blue Note society saw 300 sign-ups, which is a testament to the student feeling towards music in the school. Meanwhile the annual House Singing competition was a roaring success with Cotton and Rupert Brooke winning.

We enjoyed over 25 ensembles working together on a weekly basis, and it was good to see these come together in the large ensembles concert towards the end of Trinity.

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REPORT OF THE GOVERNING BODY OF RUGBY SCHOOL FOR THE YEAR ENDED 30 JUNE 2024

Performing Arts

Rugby School was named as a finalist in the Independent Schools of the Year Awards for Performing Arts, reflecting the quality and breadth of our provision. Rugby’s Performing Arts department starred our Macready Theatre Young Actors’ Company which had sell-out performances at the Edinburgh Fringe, receiving 4 and 5 reviews, from ‘Broadway Baby’ and ‘What’s On Stage’. Two Performing Arts Scholars became Rugby’s first to achieve distinctions in the Performing Arts ATCL Diploma, and a further student was also awarded the Kristi Award at the Kristin Chenoweth’s Broadway Bootcamp. Students in the newly created Macready Dance Company are flourishing bringing their creativity to our theatre performances; and in this year’s highlight, they collaborated with the Kings International Ballet Academy in a sell-out performance of Carmina Burana, sung by Rugby School’s Choral Society.

The Festival on The Close lit up Rugby town with its range of offerings in aid of Cancer Research UK. The community enjoyed collaborations with both Stomp and Flawless as part of the effort to develop more inclusive dance offerings. There was a comedy night, and strong ticket sales were seen for the Symphonic Ibiza event. Meanwhile workshops were offered on both Tuesday and Wednesday with these also offered to local secondary aged state school students.

The school musical was an outstanding centre piece of the year. ‘Into the Woods’ played to sell-out audiences in the Macready Theatre, and had a student cast (including tech, backstage, and ensemble) of over 60.

Duke of Edinburgh

The programme is thriving, with over 80 students signed up for Gold and 160 for Bronze. With Silver yet to be launched, this will be the largest cohort of D of E expeditioners in Rugby School history. We recently had over 25 students invited to a single event at Buckingham Palace to receive their Gold Award. In the past academic year, we saw 54 students complete their Bronze Award, 24 complete Silver, and 29 complete Gold (inc. OR’s).

Levée

We have restructured the co-curricular levée to give the individual roles within it greater clarity. We now have 6 students who oversee one core area of life at Rugby: Sport, Music, Performing Arts, Charities, Sustainability and CCF. These are led by one student who has oversight of the whole group and is an individual that is deeply immersed in our provision. This has enhanced the efficacy of the group in creating a more strategic and driven leadership group.

Highlights of the year at Bilton Grange

2023-24 was the 150th anniversary for the school and a series of celebrations took place across the academic year. These included special concerts, productions, chapel services, sporting events, a celebratory summer ball and a closing ceremony which included the creation of a time capsule (to be opened in 2073).

Students from Bilton Grange won an impressive 37 scholarships at 13+ (academic, D&T, computing, drama, music, performing arts and sport) with 32 accepted. In addition, four scholarships (academic and sport) were awarded at 11+.

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REPORT OF THE GOVERNING BODY OF RUGBY SCHOOL FOR THE YEAR ENDED 30 JUNE 2024

Whilst 66% of the leaving cohort moved on to Rugby, there were twelve other public school destinations to which Biltonians departed. Of the leavers heading to Rugby, 40% were moving as boarders.

Academically, Bilton Grange is performing well with seven academic scholarships offered by senior schools. The Common Entrance results for the leaving cohort were the strongest they had been for many years. Twelve pupils took the additional Maths paper at CE and 75% secured an A* or A. Two Bilton Grange students received an award from their senior school for achieving the highest mark in their CE papers for a particular subject (Biology and Chemistry papers) and one boy received an award for being the top CE candidate from any school based on his results.

Bilton Grange was delighted to see its Pre-Prep short-listed for the ‘Pre-Prep of the Year’ category in the Independent School of the Year Awards 2024; this was the second year running for this particular accolade. Meanwhile the School’s Early Years team won the Muddy Stilettos award for ‘Most Creative Learning Through Play’.

Twelve children competed in the London Round of the Scholar’s World Cup against forty other schools. One pupil finished 2nd overall and all twelve qualified for the round in Azerbaijan - although no-one was actually able to travel there.

Meanwhile BG’s U11 teams made it through to the finals of Science and Maths National Quiz Competitions held at Oxford University.

The school achieved the NCCE Computing Quality Mark (CQM), which recognises the excellent computing education provision at Bilton Grange. It also achieved Green Flag Status for the second successive year due to its environmental efforts. Bilton Grange was shortlisted in the spring edition of The Week’s top schools for its outdoor education.

A full range of sport, music and dramatic opportunities was again in evidence at Bilton Grange.

In the area of Performing Arts, each year group had the chance to perform and all productions carried a Victorian theme as a nod to the School’s 150th birthday celebrations. The Upper School production of Oliver! was widely regarded as exceptional, while the Middle School productions of Victorian Villainy and Bah Humbug! were tremendous fun and high quality. Three pupils were awarded a Drama scholarship to their senior school and the LAMDA results were outstanding.

Music is also thriving at Bilton Grange. Concerts were staged throughout the year ranging from soloist evenings to large scale ensemble concerts and jazz soirees. Large numbers of children performed. Nine of the scholarships offered by senior schools were for music and the ABRSM and Trinity exam results were excellent.

The choristers programme enjoyed its second year with 38 children from year 4-8 attending vocal training and singing in public Evensong services over four days each week. The programme continued to achieve national renown and the choristers performed publicly on several occasions, including at Merton College Oxford as well as alongside the Rugby Singers and the King’s Ballet in a memorable performance of Carmina Burana.

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REPORT OF THE GOVERNING BODY OF RUGBY SCHOOL FOR THE YEAR ENDED 30 JUNE 2024

The sporting programme was full with a strong showing in the major team sports. The U13 Boys were a particularly strong year group, with the A Team losing just one rugby match and remaining unbeaten through the regular hockey season. The hockey squad also won their IAPS regional qualifier and finished 9th overall at the national finals. The U13 Girls netball A Team also went unbeaten in their season. Significant successes were achieved with national medals won by BG pupils in swimming and athletics while a number of boys and girls gained county / regional selection in rugby, hockey, netball and cricket.

One BG pupil was crowned the IAME Euroseries Karting Champion 2023 and was on course to repeat this feat in 2024. In July, cricket and netball teams enjoyed a very successful tour of Barbados. Golf developed considerably through the year with BG hosting its first matches for some years. Twelve of the scholarships offered by senior schools were for sport.

Following continued DEI training, the staff DEI committee was established which has helped to enhance the working culture within the school for both staff and pupils.

Significant funds were raised by BG pupils for charities across the year including Children in Need, The Hoskyn Centre, the Rugby Foodbank, Comic Relief, Myton Hospice, the Precious Touch Foundation, the Motor Neurone Disease Association and Jeans for Genes.

There were also 122 pledges from members of the BG community which, alongside Rugby School, helped to raise over £105,000 for the Arnold Foundation and Earle Fund which provide boarding bursaries. In 2023/24 there were three children who benefited from a fully funded boarding place at BG thanks to the Earle Fund.

The Bilton Grange Challenge was launched in 2023/24 as a scheme to develop both a sense of service and personal development among the children in the Upper School. The first medals were awarded at Prize Giving with seven gold medals, four silver and twenty bronzes.

International Partnerships

The School continues to focus on working with schools internationally as part of the Rugby School Global network and the school is developing partnerships in a number of countries. At the close of its seventh year of operation, pupil numbers at Rugby School Thailand were over 1,000 for the year ended 30 June 2024. Rugby School Japan opened in Kashiwa-no-ha in Chiba Prefecture on 4 September 2023. Further schools are expected to be announced in 2024-25.

Little Grange Nursery

Little Grange Nursery opened on 1 August 2022 so the year ended 30 June 2024 was its second year of operation. Occupancy rates maintained the strong momentum of its first year and the provision has continued to garner very positive responses from parents.

Plans for Future Years

The Governing Body continues to pursue the School’s general objectives as set out earlier. The Governing Body has also set the following aims for the academic year 2024/25:

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REPORT OF THE GOVERNING BODY OF RUGBY SCHOOL FOR THE YEAR ENDED 30 JUNE 2024

Strategic development plans are presented to and reviewed by the Governing Body at least annually.

Public Benefit Objectives

In setting the School’s objectives and planning its activities the Governing Body has given careful consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee-charging.

Widening access to the School

The Governing Body is conscious that the schools must remain accessible to talented children, irrespective of parental means. This was the main driving force for the launch of the Arnold Foundation for Rugby School in late 2002, which has expanded to offer places at Bilton Grange under the Earle Fund. As of September 2024, 185 students and former students had benefited from support provided by the Foundation since 2004. The Governing Body thanks all the donors who have contributed over the year and is delighted that there were 28 Arnold Foundation students and 3 Earle Fund students at the schools during 2023/24. Two of the new Arnold Foundation students had started as Earle Fund students. In September 2024 the number of students in the schools who are funded by the Arnold Foundation is 27 at Rugby School and a further 4 at Bilton Grange.

Long before the launch of the Arnold Foundation for Rugby School, the School funded from its endowed and restricted funds a large number of scholarships, bursaries and concessions.

The Governing Body is determined to ensure that these are directed to cases of greatest need; therefore scholarship and foundation scholarship awards are initially for a maximum of 5% of fees, such scholarships being, however, augmentable (up to 100% if necessary) based upon an assessment of parental means.

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REPORT OF THE GOVERNING BODY OF RUGBY SCHOOL FOR THE YEAR ENDED 30 JUNE 2024

Bursaries policy

The School’s policy is to award scholarships on the basis of an individual’s educational potential. The School provides bursaries and augmentations, up to 100% of fees subject to means-tested assessments, to those students whose education may be at risk due to financial hardship or to make places available for deserving students from families who might otherwise not be able to afford school fees.

The total cost of scholarships, bursaries and augmentations during the year was £6.8 million (2023: £5.5 million) for the School. Approximately 40% of students receive some form of support. Awards entitle students to financial assistance up to 100% of fees and extras, subject to parental means tests.

Contribution to local schools

One fifth of the annual net income from the London Estate totalling £0.63 million (2023: £0.70 million) was paid to our neighbour, Lawrence Sheriff School, which operates in the maintained sector.

Community partnerships and services

The School aims to be a good neighbour in its local community and to develop mutually beneficial partnerships wherever possible.

Such initiatives have included those detailed above in the Review of the Year’s Achievements and Performance as well as:

Fundraising

Members of the School’s Rugbeian Community Office and Development Team organise fundraising activities and events and co-ordinate philanthropic support and involvement for the Arnold Foundation, Earle Fund and the schools. No entities within the Group use fundraising consultants or involve commercial participators. The School is registered with the Fundraising Regulator and operates according to the Code of Fundraising Practice. All direct fundraising marketing is undertaken by the fundraising team within the Rugbeian Community Office to ensure that it is not unreasonably intrusive or persistent. All promotional material contains clear instructions on how an individual can change their preferences for communication or be removed from mailing lists. There have been no complaints about fundraising activities during the year.

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REPORT OF THE GOVERNING BODY OF RUGBY SCHOOL FOR THE YEAR ENDED 30 JUNE 2024

Group Structure

The School’s consolidated report and financial statements include the activities and results of its wholly-owned subsidiaries: Rugby School Enterprises Limited, Rugby School International Limited, Little Grange Nursery Limited and Rugby School Projects Limited and also of three associated charities: the Arnold Foundation for Rugby School, the Rugby School General Charitable Trust and the Rugby School War Memorial Fund. The trustees and directors of these associated charities and companies are all appointed by the Governing Body of Rugby School.

Rugby School Enterprises Limited

The principal aim of this trading subsidiary is to generate income from the use of the School’s facilities when not required for their principal educational purpose, and particularly during holiday periods. The company operates language and other courses, operates the School shop and also runs a sports centre which is open to the public when not being used by the School. The company’s distributable profit for the year is gifted to the School to be used for its principal activity.

Rugby School International Limited

The principal activity of the company is the provision of support to third parties to establish new premium international schools associated with Rugby School, in relation to using the School’s trademarks and know-how. The company’s distributable profit for the year is gifted to the School to be used for its principal activity.

Little Grange Nursery Limited

The principal activity of the company is the commercial provision of a nursery for children aged 6 months to 5 years and it received its Ofsted Registration in the Summer of 2022 before opening at Bilton Grange in August 2022.

Rugby School Projects Limited

This subsidiary company supplies design and build services and in March 2019 completed the construction of a new boarding house for the School. The entity is planned to be active during the planned construction of a new boarding house at Bilton Grange over the coming years.

The Arnold Foundation for Rugby School

The Arnold Foundation for Rugby School (the Arnold Foundation), an associated company that is also a registered charity, number 1095856, has the principal aim of raising funds for more bursary awards, widening access to the School, so that more YOUNG people may benefit from a boarding school education at Rugby, irrespective of their parents’ ability to pay the fees.

The Rugby School General Charitable Trust

Prior to the 2002 incorporation of the Arnold Foundation for Rugby School, this trust (also an associated entity) was principally engaged in raising funds from supporters of the School, usually to assist with named capital projects. From 2002, activity in this Trust has been limited to the receipt of income from covenants and legacies that were established before the Foundation’s existence and for fund-raising activities not conducted through the Arnold Foundation.

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REPORT OF THE GOVERNING BODY OF RUGBY SCHOOL FOR THE YEAR ENDED 30 JUNE 2024

The Rugby School Combined War Memorial Fund

Originally established in honour of those members of the Rugby School family who fell in the two World Wars, this trust (an associated entity) uses its investment income to fund scholarships or bursaries awarded to the children of Rugbeians who meet the criteria for financial assistance to attend or remain at Rugby School.

The Trustees have expanded the Fund’s objects by way of a Charity Commission Scheme in order to allow it to also support the children of those working in the emergency services and the NHS.

Financial Review

The School endeavours to ensure financial stability and continuing solvency year on year so that it can pursue its educational aims and objectives. Rugby School’s management continues to recognise the importance of strong cost control, seeking to contain cost increases as much as possible while ensuring that the School continues to deliver first class education and pastoral care.

The School’s charitable activities continue to be the main source of the Charity’s consolidated income and expenditure.

The School’s operations for the year ended 30 June 2024 resulted in net outgoing funds from operations of £4.78 million (2023: a net outgoing figure of £2.16 million), after charging £5.05 million (2023: £4.37 million) for depreciation on the School's property and equipment, but before pension revaluation adjustments under FRS 102.

The consolidated net incoming resources for the year, were heavily affected by a revaluation of the London Estate and revaluations in the value of the School’s financial investments and stood at £3.0 million (2023: net outgoing resources of £12.2 million) which, in addition to the School’s operating surplus, included:

Including the year-end revaluation on investments, which are substantially either restricted or endowment related, and the pension scheme actuarial revaluation, there was a net increase in the Charity’s funds for the year of £3.0 million (2023: a net decrease £12.2 million) as the property investments in the London Estate saw a significant decrease in value as a result of the significant changes in discount rates applied due to the rapid increases in interest rates.

Balance Sheet

The movement of funds for the year generated total consolidated funds of £226.3 million standing to the credit of the School as at 30 June 2024. The underlying assets and liabilities are set out in the Balance Sheet and further analysed in the notes which accompany the financial statements.

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REPORT OF THE GOVERNING BODY OF RUGBY SCHOOL FOR THE YEAR ENDED 30 JUNE 2024

Funds

The results of School operations (fees and related income less expenditure to administer, maintain and develop the School) are identified separately within the body of the financial statements. The use of net funds generated by this activity is unrestricted.

Endowed funds are predominantly represented by the London Estate, consisting principally of property in London bequeathed by the School’s founder, Lawrence Sheriff. This permanent endowment yields commercial, retail and residential rental income and, after accounting for the costs of its maintenance and administration, one fifth of the remaining surplus (plus one fifth of the income from certain non-property investments) is paid to Lawrence Sheriff School, a neighbouring secondary school originally established by the Governing Body of Rugby School and now operating in the state sector. Of the four-fifths which remain, the primary use is to fund foundations, scholarships and bursaries. Any remaining balance is unrestricted in use, but in practice is applied to finance capital projects which are of long-term benefit or accumulated for the same uses in future years.

Restricted funds can only be used for specified purposes and, accordingly, the School accounts separately for such assets, and for the income and expenditure related to them. The Consolidated Statement of Financial Activities further analyses these restricted funds as Special funds, consisting principally of fixed interest bearing securities and holdings in investment trusts and equities, many of which arose originally from bequests for specific purposes, such as scholarships, bursaries and prizes. The annual net income from such funds is used exclusively for the specified purposes, with any unallocated amounts being carried forward for the specific purposes in future years.

Other restricted funds consist primarily of gifts and legacies received through the Arnold Foundation for Rugby School, but also through the General Charitable Trust and the War Memorial Fund (see above). Gifts from the General Charitable Trust are utilised in the period. The carried forward balance of other items on the Statement of Financial Activities relates to the Arnold Foundation for Rugby School and the War Memorial Fund (see note 21).

Reserves Policy

The Governing Body has moved to an EBITDA based objective. The School does not expect to borrow money to cover operational requirements other than to cover short-term timing issues. The School has issued a £35 million private placement in order to fund various capital expenditure programmes in view for the coming five years.

It is the intention of the Governing Body that, on a continuing basis, the School will retain sufficient unrestricted reserves to sustain the fixed assets which are used by the School for its charitable activities. In those years where there are free reserves, the School may consider advancing the capital expenditure programme or designating funds for an identified programme of capital maintenance and investment.

In other years where the School may have negative free reserves, the School aims to manage the day to day working capital requirements through careful management of short term liquid resources.

The policy on the unrestricted reserves ensures that a proportion is allocated as designated funds, established in respect of:

18

REPORT OF THE GOVERNING BODY OF RUGBY SCHOOL FOR THE YEAR ENDED 30 JUNE 2024

The financial statements indicate that the School’s unrestricted funds of £70 million (see note 22) are invested in premises and equipment with free reserves at a deficit of £17.9 million before any pension provision. Given the financial strength of the School, in particular the endowment investments, the Governing Body is satisfied that this is adequate.

The Governing Body prepares a detailed long-term plan having regard to the School’s financial and physical resources, so that at all times the School retains the strength and flexibility to respond to contingencies and to longer term needs that may not be currently foreseen. Accordingly, the Governing Body consider that the School and the group have adequate resources and flexibility for the foreseeable future and consequently the adoption of the going concern basis is appropriate in preparing the financial statements. The reserves policy is monitored by the Finance & Audit Committee and is reviewed annually.

Fundraising Performance

The Arnold Foundation received £0.8 million of donations and legacies in the year. These funds will be applied for the specific aim of providing means-tested bursary awards to those students whose parents would not otherwise be able to afford an education at Rugby School.

Investment Performance

In relation to its financial investments, the Governing Body aims to optimise the returns generated by the investments such that, over the long term, the capital values are, at the least, maintained when adjusted for inflation.

This objective will be achieved if the investments exceed CPI+3% per annum on a rolling 5 year period, provided the total return targets are also met. These returns are being comfortably exceeded with the 5-year CAGR of 10.0% exceeding the 5 Year CAGR of CPI+3% (7.3%).

There are no specific restrictions other than that the investments should be suitable for trusts. The School’s investment performance is monitored regularly against objectives by the Investment Committee.

19

REPORT OF THE GOVERNING BODY OF RUGBY SCHOOL FOR THE YEAR ENDED 30 JUNE 2024

Governance and Management

Charity Governance Code

The Governing Body understands that effective governance is critical in running the charity and uses the Charity Governance Code as an important tool in assisting with the continuous review of governance of the Charity.

Governing Body

The School is an unincorporated charity created by the will of Lawrence Sheriff in 1567 and is a recognised charity under the Charities Act 2011 (charity number 528752). Its trusts include the Will, the 1873 Scheme and the Rugby School Act 1922. The Governing Body of Rugby School is a body corporate incorporated by Act of Parliament, under the Public Schools Acts 1868, as the charity’s corporate trustee. As well as being regulated by the Charities Act, the Governing Body and the School are regulated by the Public Schools Acts 1868 and 1872, by the 1873 Scheme, by the Rugby Lower School (Transfer) Act 1906 and by the Rugby School Act 1922.

Appointments, Recruitment and Training of Governors

Under the statutes, there is one nominated Governor and other members are appointed by the Governing Body itself. The Governors and principal officers are named on page 3 and 4 of this report.

Where the Governing Body itself co-opts a new member, this follows a selection process and a recommendation from its Nominations Committee. Governors are selected for their skills and experience across an appropriate spectrum. Before taking up appointment, new Governors visit the school for induction, receive key information relating to the charity and sign an appointment letter. All Governors are encouraged to attend the annual strategic planning meeting which often incorporates trustee-training issues.

The Governing Body’s voluntary code on retirements provides that, with the exception of the Lord Lieutenant and the Chairman and Deputy Chairman, members of the Governing Body do not normally serve more than ten years, unless, in exceptional circumstances, the Governing Body determines otherwise.

Governance

The Governing Body is responsible for the overall management and control of the School and meets at least once a term. Its principal responsibilities are to:

20

REPORT OF THE GOVERNING BODY OF RUGBY SCHOOL FOR THE YEAR ENDED 30 JUNE 2024

Organisational Management

Governing Body Committees

The Governing Body has appointed the following committees of its members to oversee the activities set out below. Membership is supplemented by the attendance of some of the principal officers of the School and by others with appropriate specialist knowledge. All these committees report regularly to the Governing Body and their terms of reference are reviewed annually.

Membership of these committees is shown on pages 3 and 4.

21

REPORT OF THE GOVERNING BODY OF RUGBY SCHOOL FOR THE YEAR ENDED 30 JUNE 2024

Key Management Personnel

The Governing Body delegates the daily management of Rugby School to the Head Master of Rugby School and of Bilton Grange to the Head of Bilton Grange and of international school projects and partnerships to the CEO RS Global. The Chief Operating Officer reports to the Head Master of Rugby School and is also the Clerk to the Governing Body. They are aided by other Key Management Personnel as detailed below.

Remuneration of the Key Management Personnel is set by the Nominations Committee with the policy objective of providing appropriate incentives to encourage performance and of rewarding fairly any individual contributions to the School’s success.

The Executive Leadership Group comprises the Head Master of Rugby School, the Head of Bilton Grange, the CEO of Rugby School Global, the Chief Operating Officer, the Deputy Head of Rugby School, the Development Director, the Estates Director, the Finance Director, the HR Director and the Rugbeian Community Director.

The Leadership Group of the Charity comprised the SMTs of the schools together with the Operations and Administration Management Group and any other members of the Executive Leadership Group.

Changes to Organisational Management in 2023-24

After a decade in role, Peter Green, the Executive Head Master, retired from 1[st] January 2024. With his departure, the senior leadership of the group changed to that indicated above. The core executive group comprise the Head Master of Rugby School, the Head of Bilton Grange, the CEO of Rugby School Global and the Chief Operating Officer.

Support

The School and the Governing Body greatly appreciate the important and valuable support given to the School in so many ways by Rugbeians and many other friends of the School. Above all, the Governing Body remains deeply grateful to the entire staff, both teaching and operational and administrative, whose unstinting hard work and loyalty has enabled the School to achieve its major objectives.

Principal Risk and Risk Management

The Governing Body conducts annually a review of risk assessments undertaken by the School’s management to identify the major risks to which the School (and the subsidiary and associated entities covered by this report) is exposed, and the systems for their mitigation. The Governing Body’s Risk, Compliance and Safeguarding Committee reviews the School’s Risk Management Report termly.

The Governing Body considers the principal risks faced by the School to be:

22

REPORT OF THE GOVERNING BODY OF RUGBY SCHOOL FOR THE YEAR ENDED 30 JUNE 2024

In the opinion of the Governing Body, the School (and the subsidiary and associated entities) has established resources and review systems which, under normal conditions, should allow those risks to be mitigated to an acceptable level in its day-to-day operations.

Statement of Governing Body responsibilities in respect of the Annual Report and the Financial Statements

The Governing Body is responsible for preparing the 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 Governing Body to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the group and of the incoming resources and application of resources of the group for that period. In preparing these financial statements, the Governing Body is required to:

The Governing Body is responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions, disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditors

Crowe UK LLP has indicated its willingness to be re-appointed as statutory auditors.

Approval

This report and the accompanying financial statements were approved by the Governing Body on 25 February 2025.

N Bacon Chairman

23

INDEPENDENT AUDITOR'S REPORT TO THE GOVERNING BODY OF RUGBY SCHOOL (continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement set out on page 22, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group's and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the 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 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

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 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.

Crowe UK LLP

Statutory Auditor

Cheltenham

Date: 11 March 2025

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

25

Funds: Unrestricted Endowed Restricted 2024 Unrestricted Endowed Restricted 2023
Notes £’000 £'000 £’000 £7000 £’000 £’000 £’000 £’000
INCOMEANDENDOWMENTSFROM:
CharitableActivities
Schoolfeesreceivable 2 41,494 - - 41,494 38,276 - - 38,276
Ancillarytradingincome 2,148 - - 2,148 2525 “ ~ 2,525
OtherTradingActivities
Tradingincome(non-ancillary) 5 3,803 - - 3,803 2,994 - - 2,994
Investments
Investmentincome 6 461 192 5,521 6,174 465 194 5,692 6,351
VoluntarySources
Donationsandlegacies 3 83 777 863 1 258 582 841
Other af = 112 113 13 - - 13
TotalIncome 47,910 275 6,410 54,595 44,274 452 6,274 51,000
EXPENDITUREON:
RaisingFunds
Trading 7 1,593 - - 1,593 1,139 - - 1,139
Financingcosts 1,134 - - 1,134 1,022 - 1 1,023
Investmentmanagementcosts 14 102 2,771 2,887 28 94 2,024 2,146
Fund-raisinganddevelopment = m 422 422 - - 442 442
Totalcostoffundraising 2,741 102 3,193 6,036 2,189 94 2,467 4,750
CharitableActivities
Schooloperations 47,952 - - 47,952 43,509 - 11 43,520
Scholarships,bursariesandprizes 3 - 549 4,210 4,759 - 306 3,878 4,184
PaymenttoLawrenceSheriffSchool 9 - - 630 630 - - 705 705
CostsofCharitableActivities 47,952 549 4,840 53,341 43,509 306 4,594 48,409
TotalExpenditure 7 50,693 651 8,033 59,377 45,698 400 7,061 53,159
Net(Expenditure)/Income (2,783) (376) (1,623) (4,782) (1,424) 52 (787) (2,159)
Netgains/(losses)oninvestments 13 2,250 (386) 5,361 7,225 1,386 (13,877) 2,322 (10,169)
NetIncome (533) (762) 3,738 2,443 (38) (13,825) 1,535 (12,328)
Transferbetweenfunds “he a ° (17) . ae ° (20) .
ReleaseofRepairsFund
feumrnesiermondeis		 21
yg		 =
=
-
-
-
-
sme		 (120)
 (120)
NETMOVEMENTINFUNDS 39 (762) 3,721 2,998 193 (13,825) 1,406 (12,226)
ReconciliationofFunds
Balancesbrought forward
at1 July 69,257 130,927 23,163 223,347 69,064 144,752 21,757 235,573
BALANCESCARRIEDFORWARD
at30June 69,296 130,165 26,884 226,345 69,257 130,927 23,163 223,347

THE GOVERNING BODY OF RUGBY SCHOOL BALANCE SHEETS AS AT 30 JUNE 2024

Notes
FIXED ASSETS
Freehold properties, fixtures & equipment
12
Investments
13
CURRENT ASSETS
Stock
Debtors
Investments-deposits
Bank and cash
CURRENT LIABILITIES
Creditors due within one year
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
14
15
CREDITORS due after more than one year
16
NET ASSETS EXCLUDING PENSION LIABILITY
PROVISIONS
Defined benefit pension scheme liability
18
NET ASSETS INCLUDING PENSION LIABILITY
19
FUNDS OF THE CHARITY:
Endowment funds
Restricted funds
Unrestricted funds:
Unrestricted income funds
Pension reserve
Total unrestricted funds
20
21
22
TOTAL CHARITY FUNDS		 Parent Charity
2024
2023
£'ODO
£'000
74,263
63,071
140,490
139,995
214,753
203,066
19
10
7,977
5,699
23,065
29,183
8,422
11,351
39,483
46,243
(11,973)
(9,271)
27,510
36,972
242,263
240,038
(41,828)
(38,810)
200,435
201,228
384
(113)
200,819
201,115
114,473
117,719
16,842
14,139
69,120
69,370
384
(113)
69,504
69,257
200,819
201,115		 Consolidated
2024
2023
£'000
£'000
74,263
63,071
168,667
161,775
242,930
224,845
112
110
5,896
6,061
23,336
29,428
8,904
11,542
38,248
47,141
(13,334)
(9,659)
24,914
37,482
267,844
262,327
(41,883)
(38,867)
225,961
223,460
384
(113)
226,345
223,347
130,165
130,927
26,884
23,163
68,912
69,370
384
(113)
69,296
69,257
226,345
223,347		 Consolidated
2024
2023
£'000
£'000
74,263
63,071
168,667
161,775
242,930
224,845
112
110
5,896
6,061
23,336
29,428
8,904
11,542
38,248
47,141
(13,334)
(9,659)
24,914
37,482
267,844
262,327
(41,883)
(38,867)
225,961
223,460
384
(113)
226,345
223,347
130,165
130,927
26,884
23,163
68,912
69,370
384
(113)
69,296
69,257
226,345
223,347
224,845
110
6,061
29,428
11,542
47,141
(9,659)
37,482
262,327
(38,867)
223,460
(113)
223,347
130,927
23,163
69,370
(113)
69,257
223,347

The deficit for the financial year in the financial statements of the parent charity was £296,000 (2023: deficit of £14. 7 million).

Approved by the Governing Body on 25 February 2025 and signed on their behalf by:

N Bacon - Chairma

Governing Body

D Skailes - Chairman of Audit Committee

The notes on pages 28 to 55 form part of these financial statements.

27

THEGOVERNINGBODYOFRUGBYSCHOOL
CONSOLIDATEDCASHFLOWSTATEMENT
FOR THEYEARENDED30JUNE2024
Consolidated
2024 2023
£’000 £’000
Reconciliationofnetincometonetcashflowfromoperatingactivities:
NetIncomeforthereportingperiod(aspertheStatementofFinancialActivities) (4,782) (2,158)
Eliminationofnon-operatingcashflows:
Investmentincomeandbankinterestreceivable (769) (926)
Endowmentdonations (83) (258)
Depreciation 5,055 4,370
ReleaseofRepairsFund - (120)
(Increase)/Decreaseinstocks (2) (32)
(increase)/Decreaseindebtors 165 1,041
Increase/(Decrease)increditors 6,628 (481)
Increase/(Decrease)inFeesinadvancescheme 63 (55)
Increase/(Decrease)inpensionschemeliability 58 32
Netcashprovidedbyoperatingactivities 6,333 1,413
Cashflowsfrominvestingactivities:
Purchaseoffixedassets (16,246) (8,268)
Purchaseofinvestments (32,644) (6,908)
Saleofinvestments 31,556 8,903
Investmentincomeandbankinterestreceivable 769 926
Transfer(to)/fromshorttermbankdepositsandequivalent 7,511 (28,460)
Netcashusedininvestingactivities (9,054) (33,807)
Cashflowsfromfinancingactivities:
Newendowments 83 258
Netcashprovidedbyfinancingactivities 83 258
Changeincashandcashequivalentsinthereportingperiod (2,638) (32,138)
Cashandcashequivalentsatthebeginningofthereportingperiod 11,542 43,680
Cashandcashequivalentsattheendofthereportingperiod 8,904 11,542
Analysisofcashandcashequivalents:
Cashatbank 8,904 11,542
8,904 11,542

2024 2023
£000 £000
TheSchool’sfeeincomecomprises:
Grossfees 45,155 40,894
Lessscholarships/bursariesnotfundedfromRestrictedReserves (2,060) (1,323)
Lessstaff,siblingandotherconcessions (1,601) (1,295)
SchoolFeesReceivable(SOFA) 41,494 38,276
Lessscholarships/bursaries/grant/prizes/otherawardsfunded (4,760) (4,184)
fromRestrictedReserves
NetFees 36,734 34,092
AddbackfromRestrictedReserve 4,760 4,184
41,494 38,276

comprise:
2024 2023
£000 £000
FoundationScholarships 120 123
Scholarships 1,061 998
ArnoldFoundationawards(means-tested) 1,463 1,180
Bursaries(means-tested) 2,115 1,880
ContributiontoSchoolfees 4,759 4,181
PrizesandExhibitions 1 3
4,760 4,184
2024 2023
£000 £000
Scholarships 669 618
Bursaries(means-tested) 1,391 704
ContributiontoSchoolfees 2,060 1,322
Totalscholarships,grants,prizesandotherawards 6,820 5,506

4. CHARITABLEACTIVITIES- OTHERINCOME
2024 2023
£000 £000
Othereducationalcharitableactivities
Registrationfees 183 147
Courses 56 28
Otherincludingtradesmendiscountsandsettlementfees - -
239 175
Otherancillaryactivities
Extra-curricularactivitiesandtrips(recharged) 969 831
Otherincludingcommissions - -
969 831
Othertradingactivities
Schoolshop,museum,tuckshopandevents 940 1,519
2,148 2,525
5. TRADINGINCOMEANDEXPENDITURE
2024 2023
£000 £000
Non-ancillarytradingactivities-includingtradingsubsidiaries 3,803 2,994

Company Company Shareholding Shareholding NetAssets NetAssets Turnover
Expenditure
Expenditure		 Profitin Profitin
registration at30June (inclinv’t theYear
number 2024 income)
% £ f£ £’000 £’000 £’000
RSEnterprises 2264068 100 4 4 1,910,597
1,910,597		 6)
Limited
RugbySchool 10238790 100 1 1 665,040 665,040 0
International
Limited
RugbySchool 10742346 100 1 1 5,699,124
5,699,124		 0
Projects
Limited
RugbySchool 15087238 100 1 (206,693) 10,522 217,215 (206,693)
Global
Partnerships
Limited
LittleGrange 13879790 100 1 1 1,255,010
1,255,010		 6)
Nursery
Limited
TheArnold 4516482 - - 23,355,842 5,166,584 1,950,835 3,215,749
Foundationfor
RugbySchool
RugbySchool - - - 2,378,241 342,185 57,072 285,114
CombinedWar
MemorialFund
6.INVESTMENTINCOME
2024 2023
£000 £000
Rentsreceivable 5,405 5,424
Incomeonfinancialinvestments 653 871
Interestreceivableoncash portfolio 116 56
6,174 6,351
Therentsreceivablerelates to leasehold propertyleases ontheLondon Estate (note13).
The		 future
cumulativeminimumleaseincomeunder non-cancellable operatingleases onthe London Estate areas
follows:
2024 2023
£000 £000
CumulativeLeaseholdpropertyincome:
Withinoneyear 5,057 4,575
Between1—5years 11,343 10,242
Over5 years 17,557 16,563
33,957 31,380

2024 2023
Note Staff Other Deprec’n Total Total
costs costs
£000 £000 £000 £000 £000
CostsofGeneratingand
ManagingFunds:
Tradingcosts 858 735 - 1,593 1,139
Fund-raisingcosts 354 68 - 422 442
Financecosts - 1,134 - 1,134 1,022
Investmentmanagement ; 2,888 ; 2,888 2,146
Costs
1,212 4,825 - 6,037 4,749
CharitableActivities
Schooloperations:
Teaching 17,321 2,417 973 20,711 18,528
Welfare 1,221 5,919 168 7,308 6,835
Premises 4,221 5,197 3,913 13,331 12,072
Support(including
ancillarytrading 2,716 3,549 - 6,265 5,754
expenditure)
Governance 95 240 - 335 332
School’soperatingcosts 25,574 17,322 5,054 47,950 43,521
Scholarships,bursariesand ; 4,760 ; 4,760 4,184
prizes 3
PaymenttoLawrence 9
SherriffSchool : eel : aa #08
TotalExpenditure 26,786 27,537 5,054 59,377 53,159

Amountsaccruedtoadvancefees Amountsaccruedtoadvancefees
Governors’travelexpenses(6Governors)
Fees payabletotheCharity’sauditorsfor:
e TheauditoftheCharityandGroupaccounts 81 68
e TaxandVATadvisoryservices 15 34
e Pensionsaudit

TotalStaffCosts: 2024 2023
£000 £000
Salariesandwages 21,495 19,346
Socialsecuritycosts 2,020 1,831
Pensioncontributions 3,128 2,/88
26,643 23,965
Benefits— healthinsurancecontributions 143 96
Salariesandwages 26,786 24,061

2024 2023
No. No.
Teaching 284 264
OperationsandAdministration 507 496
Total 791 760

2024 2023
No No
£60,000 - £69,999 28 32
£70,000 - £79,999 16 13
£80,000 - £89,999 9 4
£90,000 - £99,999 6 4
£100,000 -£109,999 2 1
£110,000
£120,000
-£119,999
-£129,999		 -
1		 1
-
£130,000
£140,000
£150,000

-£139,999
-£149,999
-£159,999		 -
2
1		 -
-
£160,000
£170,000
£180,000
£210,000
£250,000
£260,000




-£169,999
-£179,999
-£189,999
-£219,999
-£259,999
-£270,000		 1
-
1
-
-
=		 -
-
-
-
1

ParentCharity andConsolidated
Freehold
land& Assetsunder Fixtares& Total
buildings construction equipment
COST £000 £000 £000 £000
Asat1 July2023 107,038 136 7,924 115,098
Additions 9,073 6,665 509 16,247
Transfers 188 (188) - -
Disposals - - - -
Asat30June2024 116,299 6,613 8,433 131,345
DEPRECIATION
Asat1 July2023 45,952 - 6,075 52,027
Chargefortheyear 4,285 - 770 5,055
Transfers - - - -
Disposals - - - -
Asat30June2024 50,237 - 6,845 57,082
NETBOOKVALUE
Asat30June2024 66,062 6,613 1,588 74,263
Asat30June2023 61,086 136 1,849 63,071

ParentCharity
London Bilton Special Comp’nof
Estate Grange Funds Fees Total
£000 £000 £000 £000 £000
Balanceat1 July2023 104,770 2,981 30,945 1,299 139,995
Additions 3,985 - 19,719 (1) 23,703
Cashbalancemovement (47) - (398) 54 (391)
Disposalsatnetproceeds (3,911) (3,256) (17,491) - (24,658)
Revaluations (4,103) 275 5,639 28 1,839
Balanceat30June2024 100,694 - 38,414 1,380 140,488
Representedby:
Freeholdproperties 93,150 - - - 93,150
Financialinvestments 6,581 - 37,637 911 45,129
Cashdeposits 963 - 777 469 2,209
100,694 - 38,414 1,380 140,488
Consolidated
Parent Arnold War Total
Charity Foundation Memorial
£000 £000 £000 £000
Balanceat1 July2023 139,995 19,697 2,083 161,775
Additions 23,703 10,081 177 33,961
Cashbalancemovement (391) (832) (95) (1,318)
Disposalsatnetproceeds (24,658) (6,810) (89) (31,557)
Revaluations 1,839 3,659 308 5,806
Balanceat30June2024 140,488 25,795 2,384 168,667
Representedby:
Freeholdproperties 93,150 - - 93,150
Financialinvestments 45,129 25,795 2,380 73,304
Cashdeposits 2,209 - 3 2,212
140,488 25,795 2,383 168,667


DEBTORS
ParentCharity Consolidated
2024 2023 2024 2023
£000 £000 £000 £000
Tradedebtors 2,743 2,014 3,122 2,648
Taxationrecoverableandaccrued
incomefromHMRC : : 1,021 2
Otherdebtors 703 1,307 718 1,352
Inter-groupbalances 3,572 329 - -
Prepaymentsandaccruedincome 959 2,049 1,035 2,059
7,977 5,699 5,896 6,061

CREDITORS:duewithinoneyear
ParentCharity Consolidated
2024 2023 2024 2023
£000 £000 £000 £000
Tradecreditors 2,852 3,036 2,986 3,148
Taxationandsocialsecurity 786 584 817 606
Othercreditors 1,646 1,534 1,650 1,538
Inter-groupbalances - - - -
Accrualsanddeferredincome 3,016 1,788 4,176 2,017
Entrancefeesandfinaltermdeposits 1,226 1,097 1,257 1,117
Advancefees 646 818 646 818
AdvancefeesviaScheme(note17) 1,801 414 1,802 415
11,973 9,271 13,334 9,659

ParentCharity Consolidated
2024 2023 2024 2023
£000 £000 £000 £000
Financeleasecreditor - - - -
Debtfinance 35,000 35,000 35,055 35,058
Entrancefeesandfinaltermdeposits 3,347 3,311 3,347 3,310
AdvancefeesviaScheme(note17) 3,481 499 3,481 499
41,828 38,810 41,883 38,867

2024 2023
£000 £000
Between2 to5 years 1,790 262
Between1 to2 years 1,690 236
3,480 498
Within1 year(note15) 1,801 414
Balanceat30June 5,281 912

2024 2023
£000 £000
Balanceat1 July 913 857
Newcontracts 5,305 688
Refunds (120) -
Amountsaccruedtocontracts 21 5
6,119 1,550
AmountsutilisedinpaymentoffeestotheSchool (838) (638)
Balanceat30June 5,281 912

2024 2023
Rateofincreaseinsalaries n/a n/a
Rateofincreaseinpensionspayment 5.00% 5.00%
Discountrate 5.01% 5.22%
Inflationassumption 3.78% 3.68%
Statutoryrateofincreaseofpensionsindeferment 3.78% 3.68%
ExpectedreturnonSchemeassets 5.01% 5.22%
Assumeslifeexpectancyonretirementatage60:
Retiringtoday
—males		 25.8 26.5
Retiringtoday
—females		 28.5 29.2
Retiringin20years
—males		 27.0 27d
Retiringin20years
—females		 29.7 30.4
MarketValue MarketValue
2024 2023
£000 £000
FairvalueofSchemeassets 5,671 5,690
Presentvalueoffundedobligations (5,287) (5,803)
Asset/(Deficit)inthescheme 384 (113)

2024 2023
£000 £000
Definedbenefitobligationat1 July 5,803 6,370
Interestcost 293 235
Benefitspaid (443) (209)
Actuariallosses/(gains) (366) (593)
Definedbenefitobligationat30June 5,287 5,803
Changeinthepresentvalueoftheschemeassetsareasfollows:
2024 2023
£000 £000
Fairvalueofschemeassetsat1 July 5,690 6,067
EmployerContributions - -
Benefitpayments (443) (209)
Expensespaid (50) (20)
Expectedreturnonschemeassets 284 223
Actuarialgains/ (losses) 189 (371)
Fairvalueofschemeassetsat30June 5,670 5,690
AnalysisoftheamountschargedwithintheStatementofFinancialActivitiesare asfollows:
2024 2023
£000 £000
Interestonpensionschemeliabilities (293) (235)
Expenses (50) (20)
Expectedreturnonpensionschemeassets 285 223
TotalamountchargedtotheStatementof
FinancialActivities (58) (a2)
Analysisofactuarialgainsandlosses:
2024 2023
£000 £000
Actualreturnlessexpectedreturnonscheme 189 (371)
assets
Experiencegainsandlossesarisingonthe 310 (204)
schemeliabilities
Changestoassumptionunderlyingthepresent 56 797
valueoftheschemeliabilities
Actuarialgain/(loss) 555 222

Actual return:
2024 2023
£000 £000
Actual return on the Scheme assets in the 473 (148)
period
2024 2023 2022 2021 2020
£000 £000 £000 £000 £000
PresentvalueofSchemeliabilities
FairvalueofSchemeassets		 5,286
5,670		 5,803
5,690		 6,370
6,067		 8,409
7,057		 8,886
6,337
Asset/(Deficit) 384 (113) (303) (1,352) (2,549)
Experiencegains/(losses)onthe 310 (204) (5) 34 33
liabilities
Experiencegains/(losses)on		 189 (371) (909) 823 (363)
schemeassets
Actuarialgain/(loss)		 555 222 1,113 1,240 (956)

Thenetassetsareheld forthevarious fundsandadvance feesasfollows:
Endowed Restricted Unrestricted Advance 2024
Funds Funds Funds Fees Total
£000 £000 £000 £000 £000
ParentCharity
FixedAssets - - 74,263 - 74,263
Investments 110,586 20,137 8,384 1,383 140,490
NetCurrent
Assets/(Liabilities)		 3,887 (3,295) 24,889 2,029 27,510
LongTermLiabilities - - (37,964) (3,480) (41,444)
114,473 16,842 69,572 (68) 200,819
Consolidated
FixedAssets - - 74,263 - 74,263
Investments 128,716 30,184 8,384 1,383 168,667
NetCurrent
Assets/(Liabilities)		 1,449 (3,300) 24,736 2,029 24,914
LongTermLiabilities - - (38,019) (3,480) (41,499)
130,165 26,884 69,364 (68) 226,345

Thenetassetsareheldforthevarious Thenetassetsareheldforthevarious fundsandadvance feesasfollows:
Endowed Restricted Unrestricted Advance 2023
Funds Funds Funds Fees Total
£000 £000 £000 £000 £000
ParentCharity
FixedAssets - - 63,071 - 63,071
Investments 112,964 14,468 11,263 1,300 139,995
NetCurrent
Assets/(Liabilities)		 4,755 (329) 33,479 (933) 36,972
LongTermLiabilities - - (38,424) (499) (38,923)
117,719 14,139 69,389 (132) 201,115
Consolidated
FixedAssets - - 63,071 - 63,071
Investments 125,729 23,482 11,264 1,300 161,775
NetCurrent
Assets/(Liabilities)		 5,198 (319) 33,536 (933) 37,482
LongTermLiabilities - - (38,482) (499) (38,981)
130,927 23,163 69,389 (132) 223,347

Balance Incoming Amounts Total Investment Balance
at30June funds expended — returnto gains/ at30
2023 income (losses) June2024
£000 £000 £000 £000 £000 £000
ParentCharity
LondonEstates:Property 101,937 - - - (5,350) 96,587
LondonEstates:Equity 5,955 81 - - 1,247 7,283
LewisBenefactionfund 9,827 111 (652) - 1,317 10,603
BiltonGrange -
117,719		 -
192		 -
(652)		 -
:		 -
(2,786)		 114,473 -
Consolidated
ArnoldFoundationAwards
13,208
130,927		 84
276		 -
(652)		 -
-		 2,400
(386)		 15,692
130,165
Prioryearmovementin endowedfunds:
Balance Incoming Amounts Total Investment Balance
at30June funds expended — returnto gains/ at30
2022 income (losses) June2023
£000 £000 £000 £000 £000 £000
ParentCharity
LondonEstates:Property 118,720 - - - (16,783) 101,937
LondonEstates:Equity 5,245 94 - - 616 5,955
LewisBenefactionfund 9,244 100 (399) - 882 9,827
BiltonGrange 162 - (164) - 2 -
133,371 194 (563) - (15,283) 117,719
Consolidated
ArnoldFoundationAwards
11,382		 258 163 - 1,405 13,208
144,753 452 (400) - (13,878) 130,927

Preserved Unapplied Total
Value Value
£000 £000 £000
Broughtforward:
PreservedValue 5,633 - 5,633
UnappliedTotalReturn - 148 148
Total 5,633 148 5,781
Movementinreportingperiod:
Investmentreturn:dividend/income - - -
Investmentreturn:gains/losses - 1,247 1,247
Unappliedtotalreturnallocatedtoincome - - -
Unappliedtotalreturnallocatedtocapital 173 (173) -
AdditionalGranttoLawrenceSheriffSchool - -
Netmovementinreportingperiod: 173 1,074 1,247
CarriedForwardat30June2024:
Total 5,806 L222 7,028

(a)Currentyearmovementinrestrictedfunds: (a)Currentyearmovementinrestrictedfunds: (a)Currentyearmovementinrestrictedfunds:
Balanceat Incoming Amounts Transfer Total Investm’t Balance
30June funds expended Returnt/f gains at30June
2023 appliedto 2024
income
£000 £000 £000 £000 £000 £000 £000
ParentCharity
SpecialFunds:
CarmienIvgstment
Fund
LewisBenefactionFund		 12,007
-		 70
-		 (685)
-
:
-		 -
-		 3,795
-		 15,187
-
LondonEstate 1,390 5,299 (5,782) “ - 907
School 742 6 - - - - 748
14,139 5,375 (6,467) = - 3,795 16,842
Consolidated
WarMemorial 2,093 35 (57) - - 307 2,378
GeneralCharitable ; 33 (6) (17) - - -
Trust
pevrelelPuRMcaEieanibe
RugbySchool		 6,931 978 (1,504) . - 1,259 7,665
23,163 6,411 (8,034) (17) - 5,361 26,884
(b)Prioryearmovement inrestrictedfunds:
Balanceat Incoming Amounts Transfer Total Investm’t Balance
30June funds expended Returnt/f gains at30June
2022 appliedto 2023
income
£000 £000 £000 £000 £000 £000 £000
ParentCharity
SpecialFunds:
CamimenInvestitent
Fund		 10,963 160 (394) : - 1,278 12,007
LewisBenefactionFund - - - - - - -
LondonEstate 1,654 5,216 (5,359) (120) = - 1,390
School 725
13,342		 46
5,422		 (29)
(5,783)
s
(120)		 -
;		 1,278 ~
 742
14,139
Consolidated
WarMemorial		 1,878 32 (54) - - 237 2,093
GeneralCharitable ; AG (36) (10) - ; -
Trust
ArnoldFoundationfor
RugbySchool		 6,537 774 (1,187) = = 807 6,931
21,757 6,274 (7,060) (130) - 2,322 23,163

ArnoldFoundationforRugbySchool
TheArnoldFoundationfund
ismoniesgiventoprovidefundsandfutureincomefortheprovisionof
bursaryawardstoRugbySchoolandtoBiltonGrangeviatheEarleFund.
£000
ExpendedbytheArnoldFoundationintheyearto30June2024inaccordancewith
thewishesofthedonors:
Bursaryawards 1,504
Unexpendedbalanceofgiftsandlegaciesas at30June2024:
RestrictedfundstobeutilisedforBursaryAwards 7,479
UnrestrictedfundsinArnoldFoundation(buttreatedasRestrictedforthe 186
Group)tobeutilisedforbursaryAwards
7,665

(a)Currentyearmovementin unrestricted unrestricted funds:
Balance Incoming Amounts Transfers Investment Balance
1July funds expended gains/ 30June
2023 (losses) 2024
£000 £000 £000 £000 £000 £000
ParentCharity
Designatedfunds:
Fixedassetsfund
Newboardinghousefund
Buildingmaintenancefund
Commercialentitiesfund
BiltonGrangedesignated
BloxamFund		 63,071
-
282
688
5,286
11,800		 -
-
-
-
-
(517)		 -
-
-
-
-
(12)		 11,192
-
-
-
(5,560)
-		 -
-
-
-
274
528		 74,263
-
282
688
-
11,799
Generalunrestrictedfunds:
Schooloperations
Pensionreserve		 (11,757)
(113)
38,887
-		 (40,876)
(58)		 (5,615)
-		 1,449
555		 (17,913)
384
69,257 38,370 (40,946) 17 2,806 69,504
Consolidated
RugbySchoolEnterprises
RugbySchool International
RugbySchoolGlobalP’ships
RugbySchoolProjects
LittleGrangeNursery		 -
-
-
-
-		 1,911
665
10
5,699
1,255		 (1,911)
(665)
(218)
(5,699)
(1,255)		 -
-
-
-		 -
-
-
-		 (0)
-
(208)
(0)
-
69,257 47,910 (50,694) 17 2,806 69,296
(b)Prioryearmovementinunrestricted funds:
Balance Incoming Amounts Transfers Investment Balance
1July funds expended gains/ 30June
2022 (losses) 2023
£000 £000 £000 £000 £000 £000
ParentCharity
Designatedfunds:
Fixedassetsfund
Newboardinghousefund		 59,173
-		 -
-		 -
-		 3,898
-		 -
-		 63,071
-
Buildingmaintenancefund 282 “ - - = 282
Commercialentitiesfund
BiltonGrangedesignated
BloxamFund		 688
5,121
11,199

-
-
(225)		 -
-
(25)		 =
-
-		 -
165
850		 688
5,286
11,799
Generalunrestrictedfunds:
Schooloperations
Pensionreserve		 (7,081)
(303)		 41,382
-		 (42,540)
(32)		 (3,888)
-		 370
222		 =(11,757)
(113)
69,079 41,157 (42,597) 10 1,608 69,257
Consolidated
RugbySchoolEnterprises
RugbySchoolInternational		 -
-		 1,522
596		 (1,522)
(596)		 -
-		 -
-		 -
-
RugbySchoolProjects
LittleGrangeNursery		 -
(15)
69,064		 -
997
44,273		 -
(983)
(45,698)		 -
10		 -
1,608		 -
-
69,257

ParentCharity ParentCharity Consolidated
2024
2023		 2024 2023
£000
£000		 £000 £000
Payable within1 year 734
283		 734 283
Payable between2 to5 years 665
221		 665 221
Payable aftermorethan5 years - - - :
1,399
504		 1,399 504