THE RUGBY SCHOOL GENERAL CHARrrABLE TRUST ANNUAL REPORT FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Regbrtered Charlty Number 528756 THE RUGBY SCHOOL GENERAL CHARITABLE Trusf CONTENTS Page Trustees and Professional Advisors Report of the Trustees Statement of Trustees. Responsibilities Independent Auditorfs Report Statement of Financial Activities Balance Sheet io Notes to the Financial Statements 11-13 THE RUGBY SCIKJoLGENERALCHAR￿ABl£ TRUST TRUSTEES AND PROFESSIONAL ADVISORS Trustees B J O'Brien {Chairman) from 5 July 2020 L J Holmes {Chairman} Up to 4 July 2020 C Fletcher PRAGreen P A Nicholls Bankers National Westminster Bank plc 9 North Street Rugby Warwickshire C¥1212FB Investment Banker Quilter Cheviot Ltd One Kingsway London WC2B 6AN AudStor Crowe U.K. LLP 4th Floor, St James House St James Square Cheltenham GLSO 3PR Princlpal Offlce Rugby School Bursary 10, Little Church Street Rugby, CV213AW THE RUGBY SCHOOL GENEAALCHARITABLE TRUST Report of the Trustees for the year ended 30 June 2021 The Trustees present their Annual Report and the audited financial statements for the year ended 30 June 2021. The financial statements comply with the charitvs trust deed, wrth current statutory requirements, with applicable accounting standards in the United Kingdom, wlth the Charities Statement of Recommended Practice (the Charities SORP (FRS 10211 and with the Charities Act 2011. PRINapAL AcrivmES AND 08JEcnvES The Trust was established to raise and apply fijnds for the benefft of such charitable purposes connected with Rugby School as the Trustees shall in their discretion determine. Provided that the requirements of Rugby School have been considered first, funds may also be applied for such other charitable purposes as the Trustees shall decide. As noted in the settion on "Structure, Governance and Mana8emenV. most of the fundraising for scholarships and bursaries at Rugby School is undertaken bythe Arnold Foundation. PUBUC BENEFIT OBJEcllvES In setting the Trust's objectives and planning its activities the Trustees have 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. REVIEW OF OPERATIONS In accordance with the objects of the Trust. total net income of £56,31512020: £196,106} received durin8 the year las set out in the statement of financial activities) is payable to the Governing Body of Rugby School for specific projects to be undertaken at Rugby School. The Trust had no fund-raising activities requiring disclosure under s162A of the Charities Act 2011. RESERVES POUCY The Trust has no unrestricted reserve5 available for the general purpose of the charity. REVIEW OF ACHIEVEMENTS AND PERFORMANCE During the year donations were received from the continuing specific appeal for the Temple Reading Room {TRRI development and gifts from a number of the parents who generously offered for an amount equal to the Trinity term fee discounts due to the Covid-19 lockdown that they would have received. to be applied by the School for a new Hardship Fund. THE RVGBY SCHOOL GENERAL CHARITABLE TRUST Report of the Trustees for the year ended 30 June 2021 Icontinued) FLrruRE PLANS The Charivs plans for 202V22 are the continuing activities and objectives as described above. The charity will undertake future capital fund raising projects for Rugby School. FINANCIAL REVIEW With minimal expenditure for bank charges most of the income of £56.402 was represented in the surplus for the year of £56,315. Of this. £40.000 and £14,940 were recognised 35 restricted funds for the BG Cricket Pavilion and Hardship Fund, respettivelv. PRINCIPAL RISKS AND UNCERTAINTIES The main risk continues to be that insufficient funds are received to enable the TRR project to go ahead. In this situation it may be that, subject to ConS￿ltat￿n with the donors, donations will need to be refunded. STRucfuRE, GOVERNANCE AND MANAGEMENr The Rugby School General Charitable Trust is constituted by a trust deed dated 19th January 1971 and is a registered charity {number 528756}. Prior to the incorporation, in 2002, of the Arnold Foundation for Rugby School la charity which has the principal object of widening access to Rugby School by raising funds for more scholarships and bursaries) the General Charitable Trust was engaged in raising funds from supporters of the School. Since the establishment of the Arnold Foundation, activity in the General Charitable Trust has been limited to receipt of income from covenants and legacies that were established before the Amold Foundation's existence and to assist with fund raising for specific events or named capital projects. Trusiees The Trust is managed by Trustees who meet to ensure that the business of the Trust is carried out in accordance with its objects. The Trustees who Served the Trust during the year were: B. J. O'Brien Mrs L. J. Holmes R.C. Fletcher p.R.￿ Green P.A. Nicholls Chairman (from 5 July 2020) Chainnan (up to 4 July 20201 Ex-officio Ex-officio (Secretary) The ex-officio Trustees are employees of Rugby School. All other Trustees are nominated by the Governing Body of Rugby School. THE RUGBY SCHOOLGENERAL CHARITABiE TRUST Report of the Trustees for the year ended 30 June 2021 icontinued) Organlsational Management The day-to-day runnin8 of the Trust is delegated to the Head Master and Chief Operatin8 Offi￿r of Rugby School, as Key Management Personnel. No remuneration has been paid by the Trust to the Key Management Personnel. THE RUGBY SCHOOLGENERAL CHARITABLE TRUST STATEMENT OF TRUSTEES, RESPONSIBIUTIES IN RESPECT OF THE ANNUAL REPORT AND THE FINANCIAL STATEMENTS The Trustees are responsible for preparin8 the Trustees, Annual Report and the flnanclal 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/Scotland/Northem Ireland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the tharity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements. the Trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and 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 goin8 concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitWstransactions. disclose with reasonable accuracy at anytimethe financial position of the charity and enable them to ensure that the financial statements comply with the Chartties Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the charivs constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detertion of fraud and other irregularities. Crowe U.K. LLP has indicated its willingness to be reappointed as statutory auditors. Approved by the Trustees at their meeting on 2 March 2022 and signed by order of the Trustees: P A Nicholls Trustee THE RUG8Y SCHOOL GENERAL CHAR￿A￿LE TRUST Independent Audttoes Report to the Trustees of the Rugby School General Charltable Trust Oplnlon We have audited the finanaal statements of The Rugby School General Charitable Trust for the year ended 30 June 2021 which comprlse the Slatement of Financial Artivities. the Balance Sheet and notes to the financial statements, including a summary of significant accounting poliues. The financial reporting framework that has been applied in their preparation i% appll¢able law and United Kingdom Accounting Standards. Including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunlted KinBdom Generally A¢￿pted Accountlng Practice). In our oplnlon the fftnancial statements: give a true and fair view of the state of the charlvs affairs as at 30 June 2021 and of its Incoming resour￿5 and ap￿1(at￿Ort of resources. induding its income and expenditure for the yèar then ended- have been pmperty prepared in accordan￿ with United Kin8dom Generally Accepted Accounting Practice.. and have been prepared in accordano with the requirements of the Charities A¢t 2011. Basls for opinion We conducted our audit in accordance 7*1th International Standards on Auditing (UK) IISAS IUKII and applirable law. Our responsibilities under those Standards are further described in the Auditorfs responsibilities for the audit of the financial statemenis sertion of our report. We are independent of the charity in accordance with thè èthical requirements that are relevant to our audit of the financfial statements in the UK, Including the FRUS Ethical Standard. and we have fulfilled our other ethical responsibiltties in accordancè with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conduslon5 felatlngto 8olnÈ concern We have nothing to report in respect of the following matters in relation to t*hich the ISAS IUKI requlre us to report to you where: theTru5tee5' useof thegoing concern basls of a¢￿￿ti￿ in the preparat*)n of the financial statements is not appropriate- or the Trustees have not disclosed in the financial statements any identified material uncertainties that may casi significant doubt about the ¢hariWs ability to continue to adopt the going concern basis of accountlng for a period of at least twel¥e months from the date when the financial statements are authorised for issue. Other infornmtlon The Trustees are respons￿le for the other informatlon. The other information comprises the Information induded in the annual report. oiher than the finan¢ial ststements and our avditorfs report thereon. Our opinion on the financial statements does not cover the other infomiation and we do not express any fomi of assurance onclu5ion theieon. In conne¢tlon with our audit of the financial statements, our responsibility is to read the other information and. in doing so, Consider whether the other infomiation ts materialty inconsistent with the financial statements or our knowledgeobtsined intheaudit or otherwiseappears to be materialty misstated. If wè Identify such material Inconslstencies or apparent material misstaternents, we are required to determine whether there is a material misstaiement In the financial statements or a material mi$state￿￿nt of the other information. If. based on the work we have performed. we corhdude that there is a material mt5Statement of thls other informatknn, we are required to report that fact. We have nothln8 to report in this regard. THE **RUGBY** SCHOOL **GENERAL CHARITABLE** TRUST ## **Independent Auditor's Report to the Trustees of the Rugby School General Charitable Trust** _**(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; 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 5, 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 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 144 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 U.K. LLP Statutory Auditor Cheltenham Date: 25 March 2022 **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.** 8 THE RUGBY SCHOOL GENERAL CHARtrABLETRusr Statement of Financial Actlvities for the year ended 30 June 2021 Restrirted Funds Year 2021 Note Year 2020 INCOME FROM: Incomlng resouros from generated funds Donations Interest 56,402 196,148 Total Income 56.402 196.148 EXPENDITURE ON: tharitable artlvities (871 142) Gift to the Governing Body of Rugbyschool 156.315) (196,106) Total Expenditure (56.4021 (196,1481 NET INCOME AND MOVEMENT IN FUNDS The notes on pages 11 to 13 form part of these financial statements. THE RUGBY SCHOOL GENERAL CHARITABLE TRUST Balance Sheet as at 30 June 2021 Note 30 June 2021 30June 2020 CURREMf ASSETS Debtors 10.739 3,839 Bank 55.515 7,351 66,254 11,190 cRED￿ORS. amounts due within one year (66,2491 111,1851 NET ASSErs REPRESENTED BY: Permanent endowment TOTAL FUNDS The financial statements on pages 9 to 13 were approved by the Trustees on 2 March 2022 and are signed on their behalf by: B O'Brien Trustee P A Nicholls Trustee The notes on page5 11 to 13 form part of these financial Statements. 10 THE RUGBY SCHOOL GENERAL CHARITABiE TRU Notes to the Financial Statements for the year ended 30 June 2021 PRINaPAL AccoupifiNG pouaES Legal Status of the Fund The Trust is a charity, registered in England and Wales (charity number 5287561, operatin8 from premises at the Bursary, Rugby School, Rugby, Warwickshire. Basis of Accounting The Financial Statements have been prepared under the historical cost convention in accordance with applicable accounting standards in the United Kingdom, the Charities Statement of Recommended Practice (the Charities SORP IFRS 102)) and the Charltles Act 2011. A summary of the principal accountin8 policies. which have been applied consistently. are set out below. The financial statements have been prepared on the Boing concern basis, under the historical cost convention and in accordance with FRS 102. The financial statements have been prepared to give a 'true and fairf view and have departed from the Charities {Accounts and Reports) Regulations 2008 only to the extent required to provide a'true and fairf view. This departure has involved followin8 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and republic of Ireland {FRS 102} issued on 16 July 2015 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from l April 21M)5 which has since been withdrawn. Donatlons, Glfts and Legacies Donations and gifts are credited to revenue when received. Legacies are accounted for on receipt of payment from the personal representative. It is the policy of the Trustee5 that any shares or other securities that are donated to the Trust be converted to cash as soon as possible. Expendlture All expenditure Is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Cash-flow Statement The company has taken advantage of the exemption under FRS 102 not to produce a cashflow statement. Recognitlon of Liabilitles Liabilities are recognised when an obligation arlses to transfer economic benefrts as a result of past transattions 01 events. Ta￿￿10n The Trust is a registered charity and, as such. is entitled to certain tax exemptions on income. THE RUGBY SCHOOL 6ENERALCIIARITABLE TRU Notes to the Flnanclal Statements for the year ended 30 June 2021 (contlnuedj Financial Instruments The Trust only has financial assets and liabilities of a kind that qualrfy as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. with the exception of investments which are held at falr value. Key Judgements and Assumptlons Estimated. judgements and assumptions are made based on a combination of past experience, professional expert advice and other reasonable factor5 relevant to the circumstsnces. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year. DONATIONS 2021 2020 Speclflc appeals: TRR Development Appeal BG Cricket Pawlion BG Bursary Fund Rugby 20CK) Appeal Hardship Fund Michell House Appeal Cotton House Appeal Total Donations 176,330 625 212 14.940 18,305 400 625 1%.148 625 56.402 GIFfs TO THE GOVERNING BODY OF RUGBY SCHOOL Under resolutions, pa$5ed by the Trustees, the entirety of the annual income, including amounts advanced to the Trust by way of loan (other than the Permanent endowment and sums required to repay loans, or to make special donations to other charities), is to be paid to the Governin8 Body of Rugby School by way of 8rft. EMPLOYEE, TRUSTEE AND KEY MANAGEMEKf PERSONNEL INFORMATION No staff were employed by the Trust during the year. No Trustee or Key Management Personnel received any remuneration or any reimbursement of expenses from the Trust during the year. 12 THE RUGBY SCHOOL GENERALCHARITA8LETRU5T Notes to the Flnanclal Statements for the year ended 30 June 2021 i¢ontlnuedJ DEBTORS Amounts falling due within one year. 2021 2020 Tax recoverable 10,739 3,839 CREDrfoRS: AMouKfs FALUNG DUE WITHIN ONE YEAR 2021 2020 Due to the Governing Body of Rugby School Due to the Arnold Foundation for Ru8by School 66.254 11,190 66.254 11.190 FINANCIAL INSTrUMENTS 2021 2020 Financial Assets held at amortised cost (ol Financial Liabilities held at amortised cost (bj foj includes cash. tmde debtors ond otherdebtors fb) Indudes trode ondothercredito 55,51S 66.249 7,351 11,185 PERMANENT ENDOWMEKr Under the Trust Deed no part of the capital of the Permanent Endowment of £5 {2020: £5} shall be expended for any purpose. RELATED PARTIES There are no other related party transactions. 10. ULTIMATE CONTrOWNG PARTY The ultimate controlling party is the Governing Body of Rugby School, a charity registered in the United Kingdom (charity registration number: 5287521. Acopyof their consolidated accounts may be obtained from the registered office at Rugby khool. The Bursary, 10. Little Church Street, Rugby, CV213AW. 13