OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-08-31-accounts

Registered number: 04399494 (England and Wales) Charity number: 1092298

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1 - 2
Trustees' report 3 - 9
Trustees' responsibilities statement 10
Independent auditors' report on the financial statements 11 - 13
Consolidated statement of financial activities 14 - 15
Consolidated balance sheet 16
Charity balance sheet 17
Consolidated statement of cash flows 18
Notes to the financial statements 19 - 38

(A company limited by guarantee)

SIR JOHN PORT'S CHARITY

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023

Chairman E M Shires BA FCA
Members A Bock BSc MRICS
A J Churchill MA FIET
Professor A M Buchan DSc FMedSci
Dr K J Dell MA DPhil PhD DipLCM
C D Hibbs FCA BSc (Hons)1
M J C Needham LLB
K K Joshi MA Cantab
R L Johnson BSc
M A Casini BSc
G R H Ralphs PGDip FCMI (resigned 3 October 2023)
E A Haydon BSc PGCE NPQH
J D Wyld BA
N C Walford BA (appointed 18 October 2022)
S Wan BSc MBA DipM (appointed 17 April 2023)
E Hattersley BA (appointed 17 April 2023)
1
Audit Committee Member
Company registered
number
04399494 (England and Wales)
Charity registered
number
1092298
Registered office
The Bursar's Office
Repton School
Repton
Derbyshire
DE65 6FH
Clerk to the Governing
Body
R Mair
Independent auditors
Bates Weston Audit Limited
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

Page 1

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Bankers National Westminster Bank Plc Crompton House Derwent Street Derby DE1 2ZG Santander Corporate Banking 5 Market Place Derby DE1 3PY Solicitors Foot Anstey LLP 2 Glass Wharf Bristol BS2 0EL Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR Accountants Bates Weston LLP Chartered Accountants The Mills Canal Street Derby DE1 2RJ Surveyors Fisher German The Estates Office Ivanhoe Business Park Ashby De La Zouch LE65 2UZ Insurance brokers P J Frankland Limited Oxford House Stanier Way The Wyvern Derby DE21 6BF

Page 2

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023

The Governors (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of Repton School (the Charity) for the year ended 31 August 2023. The Governors confirm that the Annual report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in 2019.

CHARITABLE OBJECTS

The Charities principal objective is to provide and promote independent day and boarding schooling in the Repton area. The Trust holds land and buildings in the Repton area, most of which are used by Repton School and Repton Preparatory School for the provision of co-educational independent schooling for children aged between 3 and 13 (Repton Preparatory School at Foremarke) and 13 to 18 (Repton School at Repton).

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Repton School

There were 630 pupils on-roll during the year, maintaining prior year numbers.

Repton has a philosophy that is committed to an all-round education, and the provision of a wide range of extracurricular opportunity enables our pupils to explore, grow and develop as well-rounded individuals.

Academic

17% of A Level entries were awarded an A and 40% of entries were awarded an A or an A. The percentage of entries awarded an A*, A or B was 68%.

62% of GCSE entries were awarded grades 7-9 which compared to 60% last year.

Sport

Repton continued its tradition as a pre-eminent sporting school with significant strengths in hockey, football, cricket and swimming.

Repton remains the leading co-educational hockey-playing school in England. Our pupils have now won 46 titles in total; one in 1995 and the rest since 2005. Our U18’s teams – girls and boys - ended the year as National Champions. Girls’ U16 were National Champions too, with the U16 Boys runners-up. Both the U14 Boys and Girls teams reached their national finals. Our U18 Girls were also National Indoor Champions. In terms of individual honours, several pupils have been chosen to represent their countries.

The football coaching team ensured that both Boy’s and Girls’ Football continued to develop, with the Girls 1st XI winning consistently in the Midlands League to come second overall and several players representative clubs such as Derby County and Leicester City. In Boys football, we remain Derbyshire U18 champions. Our ISFA representative honours have been strong in U18’s and U15’s and several players represented their country or have been selected for the youth teams with Leicester City, Burton Albion, Macclesfield Town and Birmingham City.

This season has been one to rank with the very best in the hallowed records of Repton Cricket. The Boys 1st XI won the SPREW Festival, and in doing so, broke the school record for the most number of wins in a season (17). Our girls cricket programme has continued to flourish, with the girls winning Repton’s first girls cricket national titles. The U15’s won the National T20 cup and four days later, the U18 side (containing many of the victorious U15 side), won the U18 National 100ball competition.

The success of Repton Swimming is quite phenomenal gaining promotion in the National Arena Swimming

Page 3

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

League. We have international representatives this summer with two swimmers and our coach selected to represent Great Britain at the European Junior Championships in Serbia this July and three swimmers selected to compete at the Commonwealth Youth Games in Trinidad this August, coming away with our first International medals.

Tennis has been a traditional sport of strength at Repton. Earlier in the year, the U15 girls made it through to the LTA National Final at Bolton, finishing third in the country from an original field of 2000 schools.

The Arts

Music is flourishing at Repton in many different forms. The Chapel Choir delighted audiences at St Paul's Cathedral, Lichfield Festival and Derby Cathedral, with soloists across all year groups given the opportunity for concert performances in Derby Cathedral and St Peter's Nottingham. In terms of exams, diplomas were achieved by two pupils, with Grade 8’s being achieved by 6 pupils.

Our school play, ‘Beauty and the Beast’, was performed over three nights to packed houses and rave reviews in our start of the art theatre. There was also great success in Derby Arts Festival and in our LAMDA awards.

Our very talented artists have held several exhibitions within the school. The highly skilled and inventive work ranged from still life painting to wildlife, denim ballgowns and breathtakingly intricate fantastical architectural models.

Following on from last years success, the international debating festival saw three of our teams test their mettle in live debates against other schools from the Repton family. This was expanded to include Vinehall, Repton Prep and Repton Malaysia this year.

Repton Prep School

The Senior Management Team has been expanded to include Senior Deputy Head, Deputy Head Academic, Deputy Head Pre-Prep and Deputy Head Pastoral & Boarding in addition to new Head, who joined this academic year.

A new School Development Plan and new School Strategy and Prospectus have been implemented during the year after consultation with staff and governors. The school won the BSA Supporting Young Boarders award in May 2023 and been shortlisted for Independent School of the Year award 2023.

The team have improved the quality of education provided by the support and extension of strategies embedded into the curriculum, following Challenge in the Curriculum Inset January 2023 from the National Association for Abel Children in Education (NACE), and Latin has been extended down to Year 6 from September 2023.

They have enhanced the spiritual, moral, social and cultural development of the pupils through introducing of PASS (in additional to AS Steer) for increased information to monitor pupils’ attitudes to learning, reviewing and editing the Reward Scheme to have parity between academic and pastoral rewards, establishing a Year 8 Common Room to support the transition to senior school and provide more independence at Prep School and a dedicated study space in full time boarding houses to promote independence of learning. An Eco Committee has been working towards the Royal Horticultural Society Award. Curriculum days with other local schools have been initiated such as Chess competitions, Forensic Science Day, Colour with Confidence Art Day, and Townsend Warner History Prize, as well as an increasing the number of sporting fixtures.

Repton Prep has a philosophy that is committed to an all-round education, and the provision of a wide range of extra-curricular opportunity enables our pupils to explore, grow and develop as well-rounded individuals.

Page 4

(A company limited by guarantee)

SIR JOHN PORT'S CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Academic

Over 100 pupils in Years 6 to 8 competed in the UKMT Junior Maths Challenge with our most successful results for several years. This competition sees thousands of pupils compete with the top 40% achieving awards. 3 pupils qualified for the bonus kangaroo round in the Junior Maths Challenge, 4 pupils earnt Gold awards in the Primary Maths Challenge and 1 pupil qualified for the second round of the Intermediate Maths Challenge. A group of pupils entered the Townsend Warner History Prize with 1 pupil securing a place in the second round of the competition. A Year 8 pupil won first place in the Year 7/8 category in the Brogan-Rose essay prize at Repton.

Sport

The year was filled with House sporting events across each term such as Tug of War, Hockey, Football, Swimming and Cricket, where pupils demonstrated their sporting capabilities, team spirit and perseverance. These events culminated in the highly anticipated Sports Days for all pupils from Nursery to Year 8.

Over the course of the academic year 2022-23 there was continued success at regional and national level in Athletics, Football, Hockey, Golf, Tennis, Cross Country, Netball, Cricket, Triathlon, Equestrian, and Swimming. Several pupils represented a variety of external Academies and Squads. In Football, these included U13 ISFA Midlands Squad, Burton Albion, Derby County and Leicester City Academies. In Tennis, 8 pupils played for Derbyshire, Staffordshire, Yorkshire and Lincolnshire Counties and in Cricket, 6 pupils were County Representatives for Derbyshire, Nottinghamshire and Leicestershire. 9 pupils played County Hockey for Derbyshire and Staffordshire. 1 pupil represented Derbyshire County in Golf and 2 pupils played County Netball for Staffordshire. In addition, pupils took part in over 100 fixtures each term.

The Arts

In our creative subjects and extra-curricular activities, pupils participated in a lunchtime concert at Derby Cathedral and Chamber Choir performed alongside instrumentalists in the Painted Hall at Chatsworth, pianists performed in Steinway grand piano concerts, and the Brass Quartet took part in a masterclass and concert with Onyx Brass ensemble.

Drama

Many year groups performed over Christmas as well as the Year 3 and 4 Summer Performance. Years 5 and 6 gave a production called ‘Fairytale Characters on Trial’, using a range of physical theatre techniques to re-tell some well-known fairytales in new and creative ways. The senior production was ‘The Lion King’ which was an ambitious and mature interpretation of the classic musical. LAMDA exams took place throughout the year with excellent results across the board.

Other activities

Pupils also represented their houses in several academic events such as the Spelling Bee, Times Tables challenge, House Chess, House Science and General Knowledge Quiz. Alongside this, a number of creative events took place allowing pupils to design Christmas cards and take part in our House photography competition, exemplifying their creativity and artistic flair.

Repton Family of Schools

The Repton Family of Schools (RFS) manages schools in the UAE, Malaysia, Egypt, China and the UK.

Repton first embarked on its international adventure in 2007, with the opening of Repton Dubai – a K-12 school in Nad Al Sheba, Dubai. Today, Repton Dubai is consistently rated ‘Outstanding’ by the Dubai schools regulator and is known as one of the most prestigious and successful schools in the UAE, boasting a strong academic

Page 5

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

pedigree and university destinations.

2013 saw a significant expansion in the UAE, with the opening of Repton Al Barsha. An Early Years and Key Stage One school opened in in Abu Dhabi two years later, now known as Abu Dhabi ‘Rose’ Campus. In 2017, the Abu Dhabi senior school, ‘Fry’ Campus was opened. Between them, the four UAE schools currently educate over 5000 pupils.

In September of 2020, the first Repton school in China was opened, in the beautiful coastal city of Xiamen and, at the same time, Repton International School (Malaysia) opened its doors in Johor Bahru. In September 2021, Repton Cairo opened in the Mivida community of New Cairo, more schools are planned: for Qatar and a second school in Cairo.

In September 2020 we welcomed our first school in the UK to the family, St Wystan’s in Repton, followed by Vinehall in East Sussex in May of 2022.

We work closely with our partners to combine the local knowledge and financial strength of each of our partners with the governance and academic expertise provided by the Repton Family of Schools.

In the 2022-23 academic year, the schools continued to grow as they continued to recover from the impacts of the pandemic on enrolments. Admissions numbers in Cairo continue to be affected by the war in Ukraine and the subsequent impacts on the Egyptian economy, which has meant numbers are lower than anticipated. Pupil numbers in the UAE schools, however, grew rapidly, also as a result of the Ukraine conflict.

In March 2023, the UAE schools were bought from our previous partner by Cognita, a global education group consisting of over 100 schools.

Income to RFS from these projects has remained steady throughout the 22-23 year.

Repton Enterprises

Enterprises is the commercial arm of the Group, its principal purpose being to generate income from RST's assets when they are not in use by the two Schools. They let assets to a wide variety of groups from sporting to the Arts, providing catering and additional services as required.

Repton School Sports Centre which includes the Repton Swimming Club and Repton Tennis and Rackets Club, forms a substantial part of the operation.

PUBLIC BENEFIT

Having considered the operation, achievements and performance and finances of the School, the Governors are satisfied that public benefit has been provided in accordance with the Charities Act 2011 and the guidance published by the Charity Commission. The Governors are satisfied that the school’s aims are charitable, and that its operation was and is consistent with those aims. The primary benefit was the provision of education to the pupils at the school. The school is registered with the Department for Education and is subject to inspections by the Independent Schools Inspectorate. As the pupils were aged 3-19, the Governors are satisfied that the principal beneficiaries were appropriate to the Charity’s aims.

Consistent with its charitable objects, the school has benefitted children and young people who are not pupils at Repton. The school has partnerships with three local maintained-sector schools: John Port Spencer Academy at Etwall (secondary), David Nieper Academy at Alfreton (secondary), and Repton Primary School (primary). Relationships are overseen by a member of the Senior Management Team – the Deputy Head (Outreach).

In collaboration with the Royal National Children’s Springboard Foundation, we have more pupils on transformational bursaries than ever before, and the recipients have contributed an enormous amount to all

Page 6

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

aspects of school life. With future fundraising initiatives, we aim to increase the number of transformational bursaries over the years ahead.

Environmental and Sustainability considerations

We introduced paper recycling stations into all the boarding houses and commenced several bulb and tree planting initiatives. We set in place plans for LED replacement fittings, improved heating systems and improved insulation.

Accessibility

The school applies appropriate academic entrance requirement to ensure that its pupils can benefit from the education provided but the Governors are satisfied that the opportunity to benefit from the school activities is not unreasonably restricted. Specifically, the Governors are satisfied that the access to the school meets the Charity Commission requirement to enable access to members of the public who might not be able to afford the full fees.

Some pupils benefit from contributions towards the fee from the Repton Foundation, other charities and organisations and public bodies such as local authorities and the Ministry of Defence.

Having considered the operation, achievements and performance and finances of the School the Governors are satisfied that public benefit has been provided in accordance with the Charities Act 2011 and the guidance published by the Charity Commission.

FINANCIAL REVIEW

Going Concern

After making appropriate enquiries, the Governors have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

Financial review

Income exceeded expenditure by £1,646,026 (2022: £2,614,329) before gains/losses on investments. £1,435,949 (2022: £1,618,916) capital was invested in additions and improvements to the facilities used by the Group.

The Governors estimate that the attendance of 1045 pupils at the School saved the public approximately £6.5 million based on an average cost per maintained school place of £6,350 per annum. The Governors are pleased to note the high proportion of pupils (compared to the maintained sector) taking A levels in Mathematics, Sciences, and Modern Foreign Languages, as they consider this to be a particular benefit to the public.

Reserves policy

Unrestricted funds, which have not been designated for other purposes, are available for use at the discretion of the Governors in furtherance of the general objectives of the Trust.

The restricted funds and endowment funds are invested in a mix of Equities, Government Gilts and Charitable Common Investment Funds, which provide a mix of assured regular income and the ability to accumulate funds in the long term by capital growth.

Page 7

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Investment Policy

The policy of the Governors of the Corporate Trustee is to invest to provide a mix of assured regular income and to accumulate funds in the long term. The investment performance was satisfactory in relation to the policy during the year.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Legal status

Sir John Port’s Charity is a registered Charity established in 1557, on the death of Sir John Port. It is administered under the Charities Act 2011 and in a scheme dated 4 July 2002 and amended on 1 July 2003, 20 June 2008, 23 June 2017 and 1 September 2020.

Recruitment and appointment of Governors

Up to nineteen Governors are co-opted. One further Governor is nominated by the head teachers and full-time teachers of Repton School and Repton Preparatory School. Care is taken with the appointment of Governors to ensure they bring other relevant professional skills to the school including education, finance, property and legal expertise. Each Governor serves for renewable terms of five years.

Induction and training of Governors

On appointment Governors are briefed by the Chairman of Governors and receive written information explaining the corporate organisation and copies of the constitutional documents. They are given the opportunity to tour the facilities owned by the Trust and to spend time at the Schools. Details of training run by the Governing Bodies Association are circulated to Governors. To encourage their attendance, funding is provided for those who wish to attend.

Organisational structure

The Governors of the Corporate Trustee are responsible for the overall management and control of the Charity. The full Governing Body usually meets three times a year. The Trust provides the land and buildings from which Repton School and Repton Preparatory School operate. The day to day management of the Trust’s property is delegated to the Headmasters and Chief Operating Officer of Repton School and Repton Preparatory School, supported by their teams.

Risk management

The Finance and General Purposes Committee continues to identify, monitor and advise on the major business risks that face the Trust. The Governors are satisfied that the major risks have been identified and appropriate measures are in place so that, under normal circumstances, the potential impact on the Trust will be minimised should any of those risks materialise. The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They include:

Work continues to ensure that the Trust's current internal controls conform with charity guidelines.

Page 8

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Disclosure of information to auditors

Each of the persons who are Governors at the time when this Governors' report is approved has confirmed that:

Approved by order of the members of the board of Trustees and signed on their behalf by:

C D Hibbs FCA BSc (Hons)

E M Shires BA FCA

Date: 19 January 2024

Page 9

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2023

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report including the Strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 10

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIR JOHN PORT'S CHARITY

Opinion

We have audited the financial statements of Sir John Port's Charity (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 August 2023 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the

Page 11

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIR JOHN PORT'S CHARITY (CONTINUED)

work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report including the Strategic report.

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

Responsibilities of trustees

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

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures

Page 12

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIR JOHN PORT'S CHARITY (CONTINUED)

in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charity and sector in which it operates, we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. Audit procedures performed by the engagement team included:

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

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

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Wayne Thomas ACA (Senior Statutory Auditor)

for and on behalf of

Bates Weston Audit Limited Statutory Auditors Chartered Accountants The Mills Canal Street Derby DE1 2RJ

20 February 2024

Page 13

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023

Note
Income and
endowments from:
Donations and legacies
2
Charitable activities
3
Investments
4
Other income
Total income and
endowments
Expenditure on:
Raising funds
Charitable activities
5
Total expenditure
Net
(expenditure)/income
before net losses on
investments
Net losses on
investments
Net
(expenditure)/income
before taxation
Taxation
Net
(expenditure)/income
after taxation
Transfers between
funds
15
Net movement in
funds		 Capital funds
2023
£
-
-
-
-
-
-
1,889,264
1,889,264
(1,889,264)
(428,023)
(2,317,287)
-
(2,317,287)
1,844,912
(472,375)		 Restricted
funds
2023
£
577,490
-
796
-
578,286
-
-
-
578,286
-
578,286
-
578,286
-
578,286		 Unrestricted
funds
2023
£
31,640
29,421,571
2,227,390
-
31,680,601
32,184
28,691,413
28,723,597
2,957,004
(213,746)
2,743,258
(52,788)
2,690,470
(1,844,912)
845,558		 Total
funds
2023
£
609,130
29,421,571
2,228,186
-
32,258,887
32,184
30,580,677
30,612,861
1,646,026
(641,769)
1,004,257
(52,788)
951,469
-
951,469		 Total
funds
2022
£
1,284,618
26,964,022
1,647,560
340
29,896,540
29,714
27,252,497
27,282,211
2,614,329
(1,684,169)
930,160
(58,380)
871,780
-
871,780

Page 14

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Note
Reconciliation of
funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Capital funds
2023
£
85,564,764
(472,375)
85,092,389		 Restricted
funds
2023
£
1,461,343
578,286
2,039,629		 Unrestricted
funds
2023
£
4,640,333
845,558
5,485,891		 Total
funds
2023
£
91,666,440
951,469
92,617,909		 Total
funds
2022
£
90,794,660
871,780
91,666,440

The notes on pages 19 to 38 form part of these financial statements.

Page 15

SIR JOHN PORT'S CHARITY

(A company limited by guarantee) REGISTERED NUMBER: 04399494 (England and Wales)

CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2023

Note
Fixed assets
Tangible assets
8
Investments
9
Current assets
Stocks
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one
year
12
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
13
Provisions
14
Total net assets
Charity funds
Capital funds
15
Restricted funds
15
Unrestricted funds
15
Total funds		 99,912
4,238,158
10,283,871
14,621,941
(12,918,438)		 2023
£
73,248,762
19,093,464
92,342,226
1,703,503
94,045,729
(1,307,820)
(120,000)
92,617,909
85,092,389
2,039,629
5,485,891
92,617,909		 130,617
5,514,570
7,796,723
13,441,910
(12,880,799)		 2022
£
73,750,391
18,633,926
92,384,317
561,111
92,945,428
(1,278,988)
-
91,666,440
85,564,764
1,461,343
4,640,333
91,666,440

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

C D Hibbs FCA BSc (Hons)

E M Shires BA FCA

Date: 19 January 2024

The notes on pages 19 to 38 form part of these financial statements.

Page 16

SIR JOHN PORT'S CHARITY

(A company limited by guarantee) REGISTERED NUMBER: 04399494 (England and Wales)

CHARITY STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2023

Total net assets

Total funds

The Charity's net movement in funds for the year was £ NIL (2022 - £NIL) .

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................

C D Hibbs FCA BSc (Hons)

................................................ E M Shires BA FCA

Date: 19 January 2024

The notes on pages 19 to 38 form part of these financial statements.

Page 17

(A company limited by guarantee)

SIR JOHN PORT'S CHARITY

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2023
£
2,799,846
2,228,186
43
(1,435,949)
52,222
(1,157,200)
(312,698)
2,487,148
7,796,723
10,283,871		 2022
£
4,493,634
1,647,560
-
(1,618,916)
56,275
(1,175,948)
(1,091,029)
3,402,605
4,394,118
7,796,723

The notes on pages 19 to 38 form part of these financial statements

Page 18

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Sir John Port's Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

The parent company has no assets or liabilities other than its investments in its subsidiaries, all of which are carried at nil value in the current and previous years.

The parent company has no employees, incoming resources or resources expended in the current or previous years.

1.2 Going concern

The Group meets its day-to-day working capital requirements through the close management of its cashflow from operations and utilising its renewed banking facility as required. After making enquiries, the trustees have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its financial statements.

1.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Fees receivable and charges for services and for the use of premises are accounted for in the period in which the service is provided. The School invoices pupils termly in advance and the income relating to these invoices is deferred until the start of the term to which they relate. Fees receivable are stated after deducting allowances, scholarships and other remissions allowed by the Schools.

Donations, grants and other forms of voluntary income are accounted for when received or when a contractual obligation to pay arises. Donations subject to specific donors are carried to relevant restricted funds, or to capital funds where the amount is required to be held as capital. Donations received for the general purpose of the Group credited to unrestricted funds.

For legacies, entitlement is the earlier of the Group being notified of an impending distribution or the legacy being received.

Investment income is accounted for in the period in which the Group is entitled to receipt.

Page 19

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. Accounting policies (continued)

1.3 Income (continued)

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

1.4 Expenditure

Expenditure is accounted for on an accruals basis. Overheads and other costs not directly attributable to particular functional activity categories are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the year, either by reference to staff time or space occupied, as appropriate. The irrecoverable element of VAT is included with the item of expense to which it relates.

Support costs are those costs incurred directly in support of expenditure on the objects of the Charity. Governance costs are those incurred in connection with administration of the Group and compliance with constitutional and statutory requirements.

All educational supplies are written off in the year of purchase.

1.5 Government grants

Government grants are recognised in income when the grant proceeds are received or receivable unless future performance-related conditions are specified that have not been met. Grants received before the income recognition criteria are satisfied are recognised as a liability.

1.6 Taxation

The Governors consider the main activities of the Group to be exempt from corporation tax and accordingly no provision for corporation tax is made in the financial statements. All except three of the charity's subsidiaries are exempt from corporation tax. The three subsidiaries that are not exempt from corporation tax recognise liabilities on taxable profits that are not donated under the gift aid scheme.

1.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £10,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is not charged in the year of purchase.

Depreciation is provided on the following bases:

Freehold land and buildings - 2% to 10% Motor vehicles - 20% on cost Fixtures, fittings and equipment - 13% to 25%

Page 20

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. Accounting policies (continued)

1.7 Tangible fixed assets and depreciation (continued)

Property with an estimated useful life of over 50 years, freehold land and assets under construction are not depreciated.

1.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

1.9 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

1.10 Liabilities

Liabilities and provisions are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation.

1.11 Operating leases

Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight line basis over the lease term.

1.12 Pensions

The subsidiaries make contributions to a defined contribution pension scheme on behalf of certain non-teaching staff. Contributions to this scheme are charged in the Statement of Financial Activities as they fall due.

The Schools also makes contributions to the Teachers' Superannuation Scheme in respect of teaching staff, a notionally funded defined benefits pension scheme. Contributions to this scheme are charged in the Statement of Financial Activities as they fall due.

Page 21

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. Accounting policies (continued)

1.13 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes.

The capital funds represent the value of those assets held permanently by the Group and those assets that are expendable at the discretion of the Trustees, principally property and investments. Income arising on the capital funds can be used in accordance with the objects of the Charity and are included as unrestricted income. Any capital gains or losses arising on the assets form part of the capital funds. Investment management charges and professional fees relating to the capital funds are charged against the funds.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

1.14 Related parties

The company is a parent and prepares consolidated accounts. The company has taken advantage of the exemption contained within the Financial Reporting Standard Number 102 and has therefore not disclosed transactions with entities which form part of the group, other than as normally disclosed in the notes to the financial statements and which, in the opinion of the Governors, are necessary for the users of the Charity's accounts.

2. Income from donations and legacies

Donations and legacies
Total 2022		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
577,490
31,640
972,826
311,792		 Total
funds
2023
£
609,130
1,284,618		 Total
funds
2022
£
1,284,618

Page 22

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

3. Income from charitable activities

Unrestricted
funds
2023
£
School fees receivable
25,747,455
Other educational and ancillary activities
3,674,116
Total 2023
29,421,571
Total 2022
26,964,022
School fees receivable
Gross fees
Less: Total remissions, scholarships and bursaries		 Total
funds
2023
£
25,747,455
3,674,116
29,421,571
26,964,022
31,589,147
(5,841,692)
25,747,455		 Total
funds
2022
£
24,511,359
2,452,663
26,964,022
29,981,582
(5,470,223)
24,511,359

4.

Investment income

Bank and other interest
Rental income from properties
Dividends and interest from equities and
Common Investment Funds
Total 2022		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
491
36,129
-
1,702,806
305
488,455
796
2,227,390
950
1,646,610		 Total
funds
2023
£
36,620
1,702,806
488,760
2,228,186
1,647,560		 Total
funds
2022
£
177
1,262,930
384,453
1,647,560

Page 23

(A company limited by guarantee)

SIR JOHN PORT'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

5. Analysis of expenditure on charitable activities

Summary by fund type

Teaching
Welfare
Premises
Support and governance
Grants, awards and prizes
Total 2022
Summary by expenditure type
Teaching
Welfare
Premises
Support and governance
Grants, awards and prizes
Total 2022		 Capital
funds
2023
Restricted
funds
2023
Unrestricted
funds
2023
£
£
£
1,889,264
-
14,717,929
-
-
4,867,112
-
-
4,205,016
-
-
4,901,356
-
-
-
1,889,264
-
28,691,413
1,722,457
4,221
25,525,819
Staff costs
2023
Depreciation
2023
Other costs
2023
£
£
£
12,385,972
1,898,040
2,323,181
2,130,012
-
2,737,100
1,184,209
37,229
2,983,578
2,385,132
2,268
2,513,956
-
-
-
18,085,325
1,937,537
10,557,815
16,829,822
1,792,397
8,630,278		 Total
2023
£
16,607,193
4,867,112
4,205,016
4,901,356
-
30,580,677
27,252,497
Total
2023
£
16,607,193
4,867,112
4,205,016
4,901,356
-
30,580,677
27,252,497		 Total
2022
£
15,201,399
3,611,706
3,319,087
5,114,546
5,759
27,252,497
Total
2022
£
15,201,399
3,611,706
3,319,087
5,114,546
5,759
27,252,497

Page 24

(A company limited by guarantee)

SIR JOHN PORT'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

6. Staff costs

Wages and salaries
Social security costs
Contribution to pension schemes		 Group
2023
£
14,730,700
1,195,745
2,158,880
18,085,325		 Group
2022
£
13,627,419
1,209,193
1,993,210
16,829,822

The average number of persons employed by the Charity during the year was as follows:

Teaching
Assistants, domestic and catering
Management and administration		 Group
2023
No.
186
345
92
623		 Group
2022
No.
188
331
88
607

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2023 2022
No. No.
In the band £60,001 - £70,000 23 21
In the band £70,001 - £80,000 12 4
In the band £80,001 - £90,000 3 2
In the band £90,001 - £100,000 1 2
In the band £100,001 - £110,000 1 1
In the band £110,001 - £120,000 - 1
In the band £170,000 - £190,000 1 1
In the band £240,000 - £250,000 - 1

7. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

Page 25

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

7. Trustees' remuneration and expenses (continued)

The Governors are considered to be key management personnel.

During the year ended 31 August 2023, £360 was reimbursed or paid directly to Trustees for travel expenses (2022 - £ NIL).

8. Tangible fixed assets

Group

Cost
At 1 September 2022
Additions
Disposals
Transfers between classes
At 31 August 2023
Depreciation
At 1 September 2022
Charge for the year
At 31 August 2023
Net book value
At 31 August 2023
At 31 August 2022		 Freehold
property
£
92,098,516
1,032,242
-
-
93,130,758
18,443,265
1,889,263
20,332,528
72,798,230
73,655,251		 Motor
vehicles
£
708,992
131,534
-
-
840,526
659,803
31,186
690,989
149,537
49,189		 Fixtures and
fittings
£
1,180,231
246,249
(43)
(7,814)
1,418,623
1,134,280
17,086
1,151,366
267,257
45,951		 Office
equipment
£
-
25,924
-
7,814
33,738
-
-
-
33,738
-		 Total
£
93,987,739
1,435,949
(43)
-
95,423,645
20,237,348
1,937,535
22,174,883
73,248,762
73,750,391

The Charity has elected, in accordance with FRS 102, to use the carrying value on 1 September 2014, the date of transition to FRS 102, of any of the above freehold land and buildings previously carried at a valuation, as their deemed cost.

All tangible fixed assets are held for use on charitable activities.

Included in the above are assets with a cost of £30,221,892 (2022 - £30,221,892) on which no depreciation is charged.

Page 26

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

9. Fixed asset investments

Group
Cost or valuation
At 1 September 2022
Additions
Disposals
Revaluations
Transfers between classes
At 31 August 2023		 Land
£
10,001
-
-
-
-
10,001		 Investment
funds
£
17,881,177
257,200
(20,038)
(645,440)
1,002,421
18,475,320		 Unlisted
investments
£
742,748
900,000
(32,184)
-
(1,002,421)
608,143		 Total
£
18,633,926
1,157,200
(52,222)
(645,440)
-
19,093,464

10. Group undertakings

The following were subsidiary undertakings of the Charity:

Names Company Charity Registered office or principal
number registration place of business
number
Repton School Trust 527177 The Bursar's Office, Repton
School, Derbyshire, DE65 6FH
Repton School 04390219 1093166 The Bursar's Office, Repton
School, Derbyshire, DE65 6FH
Repton Preparatory School 04390208 1093165 The Bursar's Office, Repton
School, Derbyshire, DE65 6FH
Repton Foundation 1067418 The Hall - Repton School,
Repton, Derbyshire, DE65 6FH
Repton School Enterprises Limited 02644487 1 High Street, Repton,
Derbyshire, DE65 6GD
Repton School Shop Limited 00905547 The Paddock, Repton School,
Repton, Derbyshire, DE65 6FH
The Repton Family of Schools Limited 05859839 The Bursar's Office, Repton
School, Derbyshire, DE65 6FH
St. Wystan's School 00880309 527181 11a High Street, Repton,
Derbyshire, DE65 6GE

Page 27

(A company limited by guarantee)

SIR JOHN PORT'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

10. Group undertakings (continued)

The financial results of the subsidiaries for the year were:

Names Income Expenditure Profit/(Loss) Net assets
£ £ / Surplus/ (liabilities)
(Deficit) for £
the year
£
Repton School Trust 4,479,049 (1,991,974) 2,145,279 83,200,498
Repton School 19,473,382 (20,366,107) (892,725) 905,238
Repton Preparatory School 7,064,313 (7,084,329) (20,016) 116,399
Repton Foundation 840,691 (298,689) 242,029 7,313,273
Repton School Enterprises Limited 1,546,028 (1,403,579) 142,449 43,382
The Repton Family of Schools Limited 2,305,548 (573,683) 1,731,865 1,026,984
St. Wystan's School 792,618 (792,528) 90 13,146

11. Debtors

Fee debtors
Other debtors
Prepayments and accrued income		 Group
2023
£
3,260,877
586,898
390,383
4,238,158		 Group
2022
£
3,408,223
1,468,900
637,447
5,514,570

12. Creditors: Amounts falling due within one year

Group Group
2023 2022
£ £
Other loans 6,667 6,667
Fees in advance 9,285,098 8,859,387
Trade creditors 1,165,310 1,639,066
Refundable deposits 238,300 235,807
Corporation tax 21,785 4,699
Other taxation and social security 534,092 446,264
Hire purchase contracts 5,263 5,147
Other creditors 1,222,062 594,712
Accruals and deferred income 439,861 1,089,050

Page 28

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

12. Creditors: Amounts falling due within one year (continued)

Deferred income at 1 September 2022
Resources deferred during the year
Amounts released from previous periods		 Group
2023
£
12,918,438
Group
2023
£
8,736,142
9,454,555
(8,736,142)
9,454,555		 Group
2022
£
12,880,799
Group
2022
£
4,239,957
8,736,142
(4,239,957)
8,736,142

Deferred income relates to fees in advance as disclosed in creditors and the balance is trips and other miscellaneous income.

13. Creditors: Amounts falling due after more than one year

Bank loans
Hire purchase contracts
Refundable deposits		 Group
2023
£
-
4,538
1,303,282
1,307,820		 Group
2022
£
6,667
9,398
1,262,923
1,278,988

Repayment of refundable deposits is due on the child leaving the schools, net of any charges outstanding. No interest is due on these balances.

Page 29

(A company limited by guarantee)

SIR JOHN PORT'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

14. Provisions

Group
Additions
Provisions relate to claims that have been brought against a subsidiary.
15.
Statement of funds
Statement of funds - current year
Balance at 1
September
2022
£
Income
£
Expenditure
£
Transfers
in/out
£
Unrestricted
funds
General funds
4,640,333
31,680,601
(28,776,385)
(1,844,912)
Balance at 1
September
2022
£
Income
£
Expenditure
£
Transfers
in/out
£
Capital funds
Expendable
endowment
1,587,832
-
-
-
Endowment
sinking fund
11,995,495
-
-
237,164
Property Fund
71,981,437
-
(1,889,264)
1,607,748
85,564,764
-
(1,889,264)
1,844,912		 Gains/
(Losses)
£
(213,746)
Gains/
(Losses)
£
(86,227)
(341,796)
-
(428,023)		 Provisions
£
120,000
120,000
Balance at
31 August
2023
£
5,485,891
Balance at
31 August
2023
£
1,501,605
11,890,863
71,699,921
85,092,389

Page 30

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

15. Statement of funds (continued)

Restricted
funds
Robert Beldam
priory foundation
Repton library
General
bursaries
New science
facilities
Other restricted
funds
Brogan history
prize
Berger IT prize
Wong Owen
Sponsorship
Fives Appeal
RJB Legacy -
Music Provision
The Sir Geoffrey
and Lady Isobel
Barnett
Scholarship
Fund
The Christopher
Rowbotham
Bursary Fund
R M Kirkland -
Art & DT
L Yu - Digital
classroom
Total of funds		 Balance at 1
September
2022
£
10,861
11,481
161,630
3,125
98,434
7,900
4,900
79,823
100,479
20,000
462,710
500,000
-
-
1,461,343
91,666,440		 Income
£
305
-
4,315
-
5,791
-
-
-
1,200
-
166,675
-
100,000
300,000
578,286
32,258,887		 Expenditure
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(30,665,649)		 Transfers
in/out
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(641,769)		 Balance at
31 August
2023
£
11,166
11,481
165,945
3,125
104,225
7,900
4,900
79,823
101,679
20,000
629,385
500,000
100,000
300,000
2,039,629
92,617,909

Page 31

(A company limited by guarantee)

SIR JOHN PORT'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

15. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated
funds
Musical
instrument fund
General funds
General funds
Total
Unrestricted
funds
Capital funds
Expendable
endowment
Endowment
sinking fund
Property Fund
Restricted
funds
Robert Beldam
priory foundation
Repton library
General
bursaries
New science
facilities
Other restricted
funds
Brogan history
prize		 Balance at
1 September
2021
£
46
2,911,604
2,911,650
1,730,614
13,036,518
72,616,783
87,383,915
10,857
11,481
154,254
3,125
97,457
7,900		 Income
£
-
28,922,764
28,922,764
-
-
-
-
4
-
7,376
-
946
-		 Expenditure
£
-
(25,613,913)
(25,613,913)
-
-
(1,722,457)
(1,722,457)
-
-
-
-
(15)
-		 Transfers
in/out
£
(46)
(1,226,183)
(1,226,229)
-
146,425
1,087,111
1,233,536
-
-
-
-
46
-		 Gains/
(Losses)
£
-
(353,939)
(353,939)
(142,782)
(1,187,448)
-
(1,330,230)
-
-
-
-
-
-		 Balance at
31 August
2022
£
-
4,640,333
4,640,333
1,587,832
11,995,495
71,981,437
85,564,764
10,861
11,481
161,630
3,125
98,434
7,900

Page 32

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

15. Statement of funds (continued)

Statement of funds - prior year (continued)

Berger IT prize
Wong Owen
Sponsorship
Foremarke pool
Fives Appeal
RJB Legacy -
Music Provision
The Sir Geoffrey
and Lady Isobel
Barnett
Scholarship
Fund
The Christopher
Rowbotham
Bursary Fund		 Balance at
1 September
2021
£
4,900
79,823
50,000
59,298
20,000
-
-
499,095		 Income
£
-
-
-
2,740
-
462,710
500,000
973,776		 Expenditure
£
-
-
-
(4,206)
-
-
-
(4,221)		 Transfers
in/out
£
-
-
(50,000)
42,647
-
-
-
(7,307)		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-		 Balance at
31 August
2022
£
4,900
79,823
-
100,479
20,000
462,710
500,000
1,461,343

16. Summary of funds

Summary of funds - current year

General funds
Capital funds
Restricted funds		 Balance at 1
September
2022
£
4,640,333
85,564,764
1,461,343
91,666,440		 Income
£
31,680,601
-
578,286
32,258,887		 Expenditure
£
(28,776,385)
(1,889,264)
-
(30,665,649)		 Transfers
in/out
£
(1,844,912)
1,844,912
-
-		 Gains/
(Losses)
£
(213,746)
(428,023)
-
(641,769)		 Balance at
31 August
2023
£
5,485,891
85,092,389
2,039,629
92,617,909

Page 33

(A company limited by guarantee)

SIR JOHN PORT'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

16. Summary of funds (continued)

Endowment funds

The capital funds of the Group include the above balances to be held on trust from which the income is to be applied for specific purposes.

The Property fund holds the accumulated property additions and improvements capitalised in previous years other than the current year additions which are financed from and subsequently transferred from the General fund post the Annual General Meeting.

The Endowment sinking fund comprises unrealised and realised gains and losses deriving from the capital of endowed assets pending allocation to suitable designated capital funds.

There is no restriction on the expendable endowment fund's capital, which may be spent at the discretion of the Trustees.

The permanent endowment fund's capital is restricted and is not available for expenditure.

Transfers

The transfer in to the property fund is in respect of prior year additions in accordance with the stated policy. The other transfers relate to an exercise undertaken by the Trustees during the year to confirm the allocation of endowment funds between expendable and permanent. Further clarification was sought to the nature of restrictions on the funds. Legal advice was obtained in consultation with the investment fund manager to confirm the revised position. The transfers bring the funds in line with the advice received.

Restricted funds

The income funds of the Group include restricted funds comprising the unexpended balances of grants held on trust to be applied for specific purposes and restricted income from capital funds.

The Sir Geoffrey and Lady Isobel Barnett Scholarship fund is for the following purposes:

The Christopher Rowbotham Bursary Fund is for the assistance of pupils whose parents are unable to afford the full amount of fees.

The R M Kirkland fund is for the refurbishment of the DT workshop.

The L Yu fund is for the costs associated with a digital classroom and the Orchard common room.

Page 34

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

16. Summary of funds (continued)

Summary of funds - prior year

Designated
funds
General funds
Capital funds
Restricted funds		 Balance at
1 September
2021
£
46
2,911,604
87,383,915
499,095
90,794,660		 Income
£
-
28,922,764
-
973,776
29,896,540		 Expenditure
£
-
(25,613,913)
(1,722,457)
(4,221)
(27,340,591)		 Transfers
in/out
£
(46)
(1,226,183)
1,233,536
(7,307)
-		 Gains/
(Losses)
£
-
(353,939)
(1,330,230)
-
(1,684,169)		 Balance at
31 August
2022
£
-
4,640,333
85,564,764
1,461,343
91,666,440

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
Total		 Capital
funds
2023
£
71,699,921
13,392,468
-
-
-
-
85,092,389		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
-
1,548,841
1,699,445
4,001,551
346,851
14,275,090
(6,667)
(12,911,771)
-
(1,307,820)
-
(120,000)
2,039,629
5,485,891		 Total
funds
2023
£
73,248,762
19,093,464
14,621,941
(12,918,438)
(1,307,820)
(120,000)
92,617,909

Page 35

(A company limited by guarantee)

SIR JOHN PORT'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

17. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Capital funds
2022
£
71,981,436
13,583,328
-
-
-
85,564,764		 Restricted
funds
2022
£
-
1,165,288
346,055
(50,000)
-
1,461,343		 Unrestricted
funds
2022
£
1,768,955
3,885,310
13,095,855
(12,830,799)
(1,278,988)
4,640,333		 Total
funds
2022
£
73,750,391
18,633,926
13,441,910
(12,880,799)
(1,278,988)
91,666,440

18. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
(Gains)/losses on investments
Dividends, interests and rents from investments
Decrease in stocks
Decrease in debtors
Increase in creditors
Increase / (decrease) in provisions
Net cash provided by operating activities		 Group
2023
£
951,469
1,937,535
645,440
(2,228,186)
30,705
1,276,412
66,471
120,000
2,799,846		 Group
2022
£
871,780
1,792,396
1,737,131
(1,647,560)
66,597
93,750
1,579,540
-
4,493,634

Page 36

(A company limited by guarantee)

SIR JOHN PORT'S CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

19. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
2023
£
10,283,871
10,283,871		 Group
2022
£
7,796,723
7,796,723

20. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
Finance leases		 At 1
September
2022
£
7,796,723
(6,667)
(6,667)
(14,545)
7,768,844		 Cash flows
At 31
August 2023
£
£
2,487,148
10,283,871
-
(6,667)
6,667
-
4,744
(9,801)
2,498,559
10,267,403		 Cash flows
At 31
August 2023
£
£
2,487,148
10,283,871
-
(6,667)
6,667
-
4,744
(9,801)
2,498,559
10,267,403
10,267,403

21. Pension commitments

The Schools in the group have employees who are members of the Teachers Pension Scheme (TPS).

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2016 and in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014. The valuation report was published by the Department for Education on 5 March 2019.

The key elements of the valuation and subsequent consultation are:

Page 37

SIR JOHN PORT'S CHARITY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

21. Pension commitments (continued)

rate of return including earnings growth is 4.45%.

The TPS valuation for 2016 determined an employer rate of 23.68%, which was payable from 1 September 2019. The next valuation result is due to be implemented from 1 April 2024.

A copy of the valuation report and supporting documentation is on the Teachers’ Pensions website.

Under the definitions set out in FRS 102, the TPS is a multi-employer pension scheme. The trust has accounted for its contributions to the scheme as if it were a defined contribution scheme. The trust has set out above the information available on the scheme.

22. Other financial commitments

The Charity has a contingent liability in respect of a multilateral cross guarantee, relating to the bank overdraft facility granted under a group set off arrangement between Repton School, Repton Preparatory School, Repton School Trust and Sir John Port's Charity. This guarantee is limited to £1,500,000. At the balance sheet date the total amount of secured debts due to the bank amounted to £NIL (2022 - £NIL).

23. Members' liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before he/she ceases to be a member.

24. Related party transactions

There were no related party transactions for the year ended 31 August 2023.

25. Controlling party

The Governors of Sir John Port's Charity are considered to be the ultimate controlling party.

Page 38