## **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
- (7) Fundraising (8) Risk, Compliance & Safeguarding (9) Student Pastoral Welfare
**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:
- 'Whole Person, Whole Point' is a useful short-hand for encapsulating what a Rugby School Group education is. It is a modern interpretation of Arnoldian[1] traditions: character development, leadership, questioning, balance, belonging and inclusivity.
- All schools in the Group will maintain rigorous standards of best practice in safeguarding and child protection.
- Schools in the Group provide an education that focuses on learning dispositions, not simply the acquisition of knowledge, and includes the full range of academic disciplines.
- Through the mechanism of a learner profile, attitudes, values, skills and knowledge are given equal weighting in an education in which all students sing and make music, are physically active and play sport, are given opportunities for creativity, attend concerts and exhibitions, take part in academic enrichment, have regular meetings with their tutor, and are given leadership opportunities throughout the School.
- The Group strives to be an international network of best-in-class schools, forming genuine partnerships that are more than just a badge above the door; schools which are authentically 'Rugby' but with a local flavour.
- There is a culture in which students are encouraged to ask themselves 'is there more to life than the immediately visible?'
- All students and staff have a commitment to serving others.
- All schools in the Group operate along the lines of a co-educational full boarding school with day pupils.
- There is a strong house system through which outstanding pastoral care is delivered, designed to foster a sense of belonging and inclusion.
- Schools in the Group cherish and nurture the values of team sport as embodied by the game of Rugby Football.
> 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**
- All schools have a charitable and philanthropic mechanism to allow talented and academically able children to attend, regardless of their family's financial means or background.
- A global Rugbeian Society will preserve and enhance the bonds of friendship among current and former students, parents, teachers and friends.
- The Group aspires to set the agenda in terms of developing and promoting excellence in teaching and learning, being at the forefront of global thinking on educational matters, whilst being mindful of its history and heritage.
- The Group will attract, train and retain the best staff in the world, embracing diversity and inclusion, promoting their interests and helping them to develop personally and professionally.
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:
- to maintain the School’s commitment to high academic standards providing teaching in person and remotely;
- to facilitate curriculum, student and staff development through the implementation of an academic rolling plan;
- to enable our students to gain admittance to the best universities and courses they can;
- to continue the pioneering work of the Arnold Foundation and use the bursaries programmes (Arnold Foundation, Earle Fund, Lawrence Sheriff and others) to ensure that access to the School is as wide as possible;
- to maintain the standards of pastoral care through the implementation of a pastoral rolling plan;
- to continue to provide and enhance the range of co-curricular activities to fulfil our ‘Whole Person Whole Point’ ethos;
- to continue to explore opportunities to open overseas schools in partnership with suitable partners;
- to continue to improve the schools’ facilities and to protect the historic environment through capital projects to improve and enhance the teaching, co-curricular and pastoral facilities throughout both schools;
- to continue to improve the sustainability of the School estate through an ongoing programme of capital investment.
## _Strategies to achieve Objectives_
## The schools’ strategies for achieving its objectives were to:
- continue to review the academic curriculum to ensure that it is both broad and challenging; at Bilton Grange this means maintaining the traditional Common Entrance syllabus in the core subjects while devising something more innovative in the other subjects;
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## **REPORT OF THE GOVERNING BODY OF RUGBY SCHOOL FOR THE YEAR ENDED 30 JUNE 2024**
- continue to subscribe to independently set and assessed tests at age 13 and on entering the sixth form, which produce data which helps evaluate performance in GCSEs, the IB and A levels. Rugby School uses this data to assess value-added performance, against which a summary of outcomes is prepared annually for the Governing Body;
- continue to use academic rolling development plans across the schools and review these annually through department review meetings;
- encourage the students’ spiritual and moral growth, their cultural awareness and physical development by promoting participation in a wide range of activities and through the curriculum;
- at Rugby School, continue to use a rigorous Personal Development Review (PDR) process involving the observation of lessons and the close scrutiny of all departments. A Bilton Grange, introduce a new, similar PDR system that focuses on a mentoring approach;
- maintain the House structure, which continues to be one of the defining features of life at Rugby School;
- at Rugby School, provide enhanced CPD and research opportunities (learning awards) for all staff, including learning awards, a Pastoral Leadership Qualification through HMC and lunchtime INSED opportunities;
- at Bilton Grange, also provide enhanced CPD opportunities including new pastoral ‘listener’ training and a ‘mental health first aid’ qualification;
- at Rugby School, enhance the process of Levee appointments and enhancing prefect training, including a programme of Graydin coaching;
- increase the number of co-curricular, student-led opportunities and establish a specified student-led enrichment hour in the Scheme of Hours;
- develop further vocational societies;
- provide appropriate high quality educational facilities;
- offer opportunities to day students through the Lawrence Sheriff Foundation awards and bursaries;
- develop the Earle Fund at Bilton Grange as a sister programme to the Arnold Foundation, offering fullyfunded boarding places to children in Bilton Grange’s Upper School;
- identify suitable candidates for Earle Fund and Arnold Foundation funded places at the schools directly or through links with partner charities and schools in the maintained sector and working with The SpringBoard Bursaries Foundation;
- continue to emphasise the role of the chaplaincy;
- extend the Rugby Schools Group reach by opening a nursery on the Bilton Grange site.
## **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:
- Excellent A Level and IB Diploma results meant that admittance to universities remained strong, with almost all students progressing to university directly or following a gap year;
- The School enjoyed outstanding results in academic competitions, including Mathematics and Science Olympiads;
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**REPORT OF THE GOVERNING BODY OF RUGBY SCHOOL FOR THE YEAR ENDED 30 JUNE 2024**
- For the second time students at Rugby School were awarded the International Baccalaureate Diploma. They achieved excellent results with strong successful take ups from universities and the number of students taking the exams is growing in 24/25.
## _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**
- to maintain the School’s commitment to high academic standards;
- to facilitate curriculum, student and staff development through the implementation of an academic rolling plan;
- to enable our students to gain admittance to the best universities and courses they can;
- to develop the provision at Bilton Grange Preparatory School as a core part of the Rugby Group of Schools;
- to continue the pioneering work of the Arnold Foundation and use the bursaries programmes (Arnold Foundation and Lawrence Sheriff) to ensure that access to the School is as wide as possible;
- to develop a plan for outstanding and forward thinking emotional and physical health and well-being vision for 2024;
- to continue to explore opportunities to open overseas schools in partnership with suitable investors;
- to continue to develop and strengthen the ‘Whole Person Whole Point’ brand using positive and inspiring examples to illustrate our ethos in action;
- to continue to improve the School’s facilities and to protect the historic environment through capital projects to provide outstanding facilities that are safe, secure and inspirational places to live and work in;
- to continue to improve the sustainability of the School estate through an ongoing programme of capital investment;
- to continue to explore opportunities for on-line education, both commercially and for internal use.
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.
14
## **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:
- members of staff contributed their time voluntarily to a number of charitable causes such as assisting in the running of the Bradby Club, the Rugby Portobello Trust, and the Lawrence Sheriff Alms-houses as well as acting as governors of a number of maintained schools;
- the School opened its sports and other facilities to many local individuals and organisations (including other schools) charging rates below those applying to commercial businesses, sometimes providing facilities free of charge;
- both Rugby School and Bilton Grange’s facilities are provided free of charge for a number of charitable fundraising activities including school sports days, concerts, plays, art exhibitions local sporting organisations; and
- numerous local choirs and orchestras have held rehearsals and concerts in a number of School venues during the course of the year and the School has also hosted several events involving local schools.
## **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.
15
## **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.
16
## **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:
- the Arnold Foundation for Rugby School received gifts and legacies of £0.84 million during the year;
- a net transfer of £2.45 million from the London Estate, after the payment of the one-fifth share to Lawrence Sheriff School;
- £6.8 million (representing 15.1% of gross fees) was used to fund scholarship and bursary awards. Assistance towards payment of the fees by way of scholarships and bursaries was provided to a total of 416 students across Rugby School and Bilton Grange.
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.
17
**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**
- Fixed assets fund – the School will retain sufficient unrestricted reserves to sustain the fixed assets which are used by the School for its charitable activities.
- Building maintenance fund – used when the School sets aside additional monies towards the costs of maintaining the School’s facilities as part of its development plans.
- Rugby School Enterprises fund – the funds gifted to the School by the trading subsidiary are to be utilised on projects determined by the Governing Body which benefit a significant proportion of the School’s community. During the current year this encompassed the provision of additional scholarships.
- Bilton Grange fund – this fund related to investments transferred to the Charity under the charitable merger in January 2020. The investments had been designated for usage in the construction of the new boarding house at Bilton Grange. The disposal of the assets was completed in the 2023/24.
- Bloxam Fund – The funds originated from a portion of the proceeds of sales in 2019 and 2020 of long-held donated art works and rare books which were designated by the Governors to be utilised for bursary funding and for projects to benefit a significant proportion of the School’s current and future community.
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:
- ensure that the School is run in accordance with its charitable objectives and that all the functions of the School are authorised by the powers provided by its statutes and regulations and by charity law;
- act in the best interests of the School and current and future beneficiaries at all times;
- appoint the Head Master of Rugby School, the Head of Bilton Grange, the CEO of Rugby School Global and, after consultation with the Head Master, the Chief Operating Officer, the Deputy Head(s) and the Assistant Head(s) and approve their terms and conditions;
- in consultation with the Head Master and his management team, set the strategy and policies by which the School will be run;
- approve the Development Plan;
- ensure that the School meets the objectives that the Governing Body sets from time to time;
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## **REPORT OF THE GOVERNING BODY OF RUGBY SCHOOL FOR THE YEAR ENDED 30 JUNE 2024**
- control finance by approving realistic budgets and longer-term plans and by approving systems and safeguards that optimise the chances that they will be achieved;
- ensure the effective and efficient administration of the School and its resources, striving for best practice in good governance;
- ensure that the School is compliant with appropriate statutory and advisory regulations and aims for best practice in this area;
- understand the extent of duties in relation to risk management and to legal compliance and be satisfied that there is a rolling programme for meeting them;
- ensure that competent professional advice is taken when necessary;
- appoint a Chairman and one or more Deputy Chairs;
- appoint members to its committees; and
- review and approve the terms of reference and the output of these committees.
## **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.
- RS Education Committee: Review of education broadly, academic policies and performance.
- BG Education Committee: Review of education broadly, academic policies and performance.
- Fundraising Committee: Advise and support the trustees of the Arnold Foundation and the Governing Body in raising funds for the Arnold Foundation and Capital Projects.
- Student Welfare Committee: care for the safeguarding, wellbeing and pastoral needs of the student body.
- Risk, Compliance and Safeguarding Committee: Legislation and inspection compliance, risk management.
- • Finance, Audit and Estates Committee: Financial policy and general operations relating to the running of the School. The audit sub-committee addresses financial reporting, systems and controls.
- International Development Committee: Formulation of the strategy for Rugby School’s international development, international school partnerships and recommendation of international projects.
- Investment Committee: Management and administration of Special Funds and all other non-property investments. The Governing Body have agreed that the School’s investment portfolio be managed on a discretionary basis by its Investment Managers subject to policies and objectives that the Governing Body establishes from time to time having regard to the Investment Committee’s recommendations.
- Nominations Committee: Review of Governing Body membership, including recommendations of individuals who might be co-opted to the Governing Body.
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:
- affordability of fees by parents across the independent school sector;
- future demand for independent education and particularly boarding education;
- the ability to address the economic environment and cost-of-living challenges;
22
## **REPORT OF THE GOVERNING BODY OF RUGBY SCHOOL FOR THE YEAR ENDED 30 JUNE 2024**
- an inappropriate mix of students or unfilled student places;
- the risks associated with the implementation of VAT to educational fees;
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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:
- the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
- sufficient accounting records have not been kept by the parent charity; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit
## **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`||
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