**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 2024**
## **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 - 11|
|**Trustees' responsibilities statement**|12|
|**Independent auditor's report on the financial statements**|13 - 15|
|**Consolidated statement of financial activities**|16 - 17|
|**Consolidated balance sheet**|18|
|**Charity balance sheet**|19|
|**Consolidated statement of cash flows**|20|
|**Notes to the financial statements**|21 - 40|
## **SIR JOHN PORT'S CHARITY**
## **(A company limited by guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024**
|**Chairman**|E M Shires BA (Hons) FCA|
|---|---|
|**Members**|A Bock BSc MRICS|
||A J Churchill OBE MA FIET|
||Professor A M Buchan DSc FMedSci (resigned 7 December 2023)|
||Dr K J Dell MA DPhil PhD DipLCM|
||C D Hibbs BSc (Hons) FCA1|
||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 MBE BSc PGCE NPQH|
||J D Wyld BA|
||N C Walford BA|
||S Wan BSc MBA DipM|
||E Hattersley BA|
||S Gould BA (Hons) FCIPD (appointed 3 May 2024)|
||B W G Hughes BSc FRSA (appointed 23 August 2024)|
|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 auditor**
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 2024**
**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 2024**
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 2024. 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 19 (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**
16% of A Level entries were awarded an A* and 42% of entries were awarded an A* or an A. The percentage of entries awarded an A*, A or B was 73%.
58% of GCSE entries were awarded grades 7-9 which compared to 62% last year.
The year began with a statement of strong academic intent: Honorary Scholarships (achieving seven or more 9’s at GCSE) were awarded to 12 pupils. The year closes with a wide range of excellent offers to top-flight universities. Specifically, one student progressed to Harvard, as well as further placements in the USA to Reed College, Northeastern, Boston University, University of Arkansas, University of New Mexico and Ohio State. In the UK, Repton continues to have students secure places at some of the most competitive universities, and we were delighted to have places confirmed at: Durham (3), KCL (3) Edinburgh (2), Imperial College (1) and UCL (1). Finally, Repton was particularly delighted to have three pupils, and one OR, take up places to study at Cambridge University.
Regarding Careers, much work was undertaken over the course of the academic year to help prepare pupils for life beyond the school. As ever, there was a focus on the careers convention in June and we were lucky to have Nick Hillman, the Director of HEPI, deliver the keynote address. Nick was joined by a wealth of other speakers who provided engaging talks to both pupils and parents. In addition to this, interest in degree apprenticeships continues to grow and we have now appointed a specific member of the Higher Education team to support pupils with these applications.
One pupil was shortlisted for the 2024 Orwell Youth Prize which is an extraordinary achievement considering applicants come from all over the world. A pupil has been invited to attend UKMT’s Oxford training camp, having been awarded a gold medal, which placed him in the top 20 nationally.
Two pupils were awarded a commendation for their German entries in the Anthea Bell Translation Prize, a national competition run by The Queen’s College, Oxford with 16,000 entrants nationally. Two pupils reached the final of the National Schools Debating competition at Durham University. Results from the UKMT’s Intermediate Mathematical Challenge saw students achieve 27 Bronze, 18 silver and 12 gold awards. A group of four Reptonians won the Institution of Civil Engineers CityZen Award – 140 schools took part in the competition 'designed to inspire young people to follow a civil engineering career path'.
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## **SIR JOHN PORT'S CHARITY**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024**
## **Sport**
Repton remains the leading co-educational hockey-playing school in England. Our pupils have now won 50 titles in total; one in 1995 and the rest since 2005. The Girls’ 1st XI continued their phenomenal run, not losing a match in the NHA competition since 2015, winning not just the national indoor title, but the outdoor title too, our 50th national championship as a school – with the boys’ U18s narrowly losing out in theirs but winning the Independent Schools Cup. The strength in depth of Repton hockey is so impressive with the U18 Boys and U16 Girls becoming Midland Champions. In terms of individual honours, several pupils have been chosen to represent their countries.
This year, Girls’ Football has really grown in popularity and strength and the Girls’ 1st XI reached the last eight of the U18 ESFA Cup competition and the quarter-finals of the ISFA Cup, winning consistently in the Midlands League to come second overall. Girls play in the Derby County, Aston Villa and Leicester City U21 Women’s sides, with two pupils playing for the Independent Schools teams.
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 another to rank with the very best in the hallowed records of Repton Cricket. The Boys 1st XI reached the last 8 of the National U18 T20. The 1st XI won the SPREW Festival and broke the school record for the most number of wins in a season. There have been numerous individual successes, with current pupils making professional club 2nd XI and England Young Lions debuts. One pupil was selected for England U19s in the Summer of 2024.
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 won the U18 National 100ball competition. Alongside the victories, the girls also reached the U18 T20 semi-finals, the U17 Last 16 stage and the U15’s finished 2nd in the national indoor competition at Lord’s. Several of our pupils (both boys and girls) have enjoyed the benefits of representative attachments to county schemes, including Derbyshire, Warwickshire, Nottinghamshire, Lancashire, Yorkshire, Leicestershire, Suffolk, the Blaze and Northern Diamonds.
The success of Repton Swimming, a performance programme still under 5 years old, remains highly impressive, winning the West Midlands division of the National Arena Swimming League, before placing 4th at the National Final. After qualifying for the English Schools Swimming Association Finals in Birmingham, Repton topped the medal table, winning 4 Gold, 2 Silver and 2 Bronze medals from the 12 races on offer, including breaking the English Schools’ National Record in the U15 Girls’ Medley Relay. At the British and English Championships we had a record number of qualifiers, finalists and medallists (coming 5th on the GB medal table). Finally, we had international representatives with a pupil representing Team GB at The Paris Olympic Games, a club member of Repton Swimming representing Paralympics GB in Paris and a further pupil representing GB Juniors at the European Junior Championships.
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. Individually, the 1st VI players have developed the winning habit in their LTA singles events and both boys’ and girls’ teams have successfully negotiated successive rounds of the Glanville and Aberdare Cups and are poised for national success.
The Lent Term saw many excellent performances in Netball with the junior teams in particularly fine form. This was capped by the U14s competing at the National Netball Finals, making them one of the top 18 schools in the country, out of the 1500 schools who entered the national competition, with the 1st VII making it to the East Midlands Regional Finals.
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## **SIR JOHN PORT'S CHARITY**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024**
## **The Arts**
Music is flourishing at Repton in many different forms. The Chapel Choir delighted audiences at St Paul's Cathedral, Derby Cathedral and in St Peters Basilica in the Vatican in the heart of Rome as well as giving outstanding performances at Chatsworth house and a recording for Radio 4 in a joint concert with Derby Cathedral choir. The pupils enjoyed a musical masterclass at Steinway Hall in London and with Jess Gillam, nationally acclaimed Saxophonist. In terms of exams, diplomas were achieved by four pupils, with Grade 8’s being achieved by 6 pupils.
In Drama, the early focal point was the Michaelmas Term School Play, ‘Medea’ which was a triumph. At times harrowing viewing, the tension was superbly sustained by an excellent cast. The end of the Lent Term was dominated by the spectacular school musical, ‘Beauty and the Beast’ which ran for three nights in the 400 Hall to great acclaim. In addition, an inaugural matinee performance for 230 Repton Primary School pupils proved a great success. 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. Arts pupils have enriched their Art experience and understanding with a trip to see the once-in-a-lifetime Cezanne retrospective at the Tate Modern for the Sixth Form and to see the photography of Urwin Wurm at the Yorkshire Sculpture Park for Lower School pupils.
In Debating, six students, competed in the annual schools debating competition at the University of Durham. LAMDA awards have become increasingly popular as part of developing life skills and eight pupils achieved a distinction in their grade 8 exams.
## **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.
The School Development Plan and Strategic Plan have continued to be at the core of our curriculum delivery and planning, to ensure commitment to a progressive vision for the Repton Prep community now and in the coming years. The Strategic Plan is structured to mirror and complement our five pillars of Academic Study, Pastoral Care, Sport, Extra-Curricular involvement and Spirit of Place. We introduced a Progress at the Prep document which is sent out twice a year – once in September to outline our commitment to change for the year ahead, and once in May to report on our delivery of these objectives. The school was shortlisted for the Independent Schools of the Year 2024 Awards and was a 2024 Finalist in the TE Awards for Innovation in Education. We were also awarded Eco Schools status and achieved Level 5 of the RHS Award through our Eco Committee initiatives.
We were fortunate to begin works over Summer 2024 to develop the next phase of our Swimming Pool renovation to improve the experience for our pupils, the Learn to Swim programme and our squads. We also renovated our ICT suites and added a Media Suite to enable increased digital creativity across the curriculum in the next academic year through VR headsets, green screen technology, and LEGO Robotics to name a few. This was the first stage of our 5-year Digital Strategy. The installation of a new Textiles classroom has enabled this aspect to be incorporated into the Art and DT curricula with great success. We installed screens around the school in key areas to provide a better provision of information for pupils to promote greater independence which has been successful. Investment has also been made through an upgrade of washroom facilities in our full-time boarding houses, and we have accommodated more beds to respond to the increasing pupil demand in this area. We also installed a new Outdoor Classroom in the woods and carried out works to reinstate our Low Ropes course, as well as updates to the Pre-Prep play area.
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## **SIR JOHN PORT'S CHARITY**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024**
We produced a new Academic Updates brochure outlining changes and commitment to new initiatives for the benefit of pupil experience and learning, alongside the introduction of Enrichment booklets to expand our culture of ‘Challenge for All’. We started a pupil talk series entitled ‘RPS Inspires’ with topics such as History of the Elements and Dark Matter. We revised our school logo to incorporate our values, CARE code and learning powers into a newly designed Repton Prep Code which is used throughout the school. We also tracked EDIB initiatives in the curriculum and established a staff working group. New Activities booklets were introduced to streamline our offering which have been welcomed by parents, and the Year 8 Leavers’ Programme has been formalised and developed to incorporate more meaningful experiences.
We have continued a drive for greater parent involvement including a regular talks programme for parents to address issues such as Sports Performance and Participation from the Non-Perfect Dad, Inclusion & Culture from Schools’ Inclusion Alliance and Maths Challenge by the Happy Puzzle Company, as well as staff-led curriculum talks which have included Pre-Prep Maths and Literacy and Prep English and Science talks. We also partnered with Elevate Education to offer Study Skills talks for pupils and parents.
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. This was evidenced in our successful ISI Inspection in March 2024.
## **Academic**
We entered national Maths competitions: the First Maths Challenge (Years 3 and 4), the Primary Maths Challenge (up to Year 6), the UKMT Junior Maths Challenge (up to Year 8) and the Intermediate Maths Challenge (up to Year 11). Once again, our pupils performed very well across these competitions with a large number of pupils receiving bronze, silver or gold awards and some pupils qualifying for additional rounds of each competition: 1 pupil reached the Olympiad round in the Junior Maths Challenge and 3 pupils achieved Gold Awards alongside qualification for the bonus Kangaroo round; 3 pupils received Gold Awards in the Primary Maths Challenge with 1 pupil qualifying for the bonus round. A group of pupils entered the Townsend Warner History Prize with 1 pupil achieving a second-round place.
## **Sport**
The year was filled with House sporting events across each term such as Tug of War, Hockey, Football, Swimming, Tennis 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.
Pupils also represented their houses in a number of academic events such as the House Maths challenge, House Chess, House Science and General Knowledge Quiz, as well as the addition of our first House History and House Languages events. Alongside this, a number of creative events took place allowing pupils to design Christmas cards and take part in our House photography competition and our Play in a Day initiative, as well as our inaugural House Art competition which took inspiration form the Paris 2024 Olympics.
Over the course of the 2023-24 academic year there was continued success at regional and national level in Athletics, Football, Hockey, Fencing, Tennis, Netball, Cricket, Triathlon, Equestrian and Swimming. Several pupils represented a variety of external Academies and Squads. In Football, these included Burton Albion, Derby County and Aston Villa Academies. In Tennis, 6 pupils played for Derbyshire, Staffordshire, Yorkshire and Leicestershire Counties and in Cricket, 6 pupils were County Representatives for Derbyshire, Nottinghamshire and Lancashire. 21 pupils played County Hockey for Derbyshire and Staffordshire. 1 pupil represented Staffordshire County in Netball and 1 pupil represented Derbyshire in Cross Country. In Equestrian, 3 pupils represented Derbyshire, 1 pupil represented England and 1 pupil for Wales. In addition, pupils took part in over 200 fixtures each term.
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**SIR JOHN PORT'S CHARITY**
**(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024**
## **The Arts**
In addition to our creative subjects and extra-curricular activities programme, pupils participated in a number of concerts throughout the year both at Repton Prep, and at the Senior School through a Chapel Service, Potential Scholars’ Concert and Steinway piano concert. We also introduced regular Informal Concert platforms to enable all pupils to share their skills with an audience. Our choirs took part in the community Freedom! The Power of Song concert with the Senior School and Repton Choral Society which was a wonderful collaboration. Some Prep pupils also performed at Chatsworth House in the summer term as part of the Senior School music competition final. The Music School hosted five Young Musician of the Year recital evenings and houses enjoyed preparing for the House Showcase. An additional lunchtime concert was given at St Wystan’s Church, along with regular services at St Saviour’s Church; it is lovely for our boarders and musicians to share their talents with the wider community. The Carol Services, Remembrance Service and Harvest Services being highlights of the calendar year. ABRSM music examinations took part throughout the year with good success.
## **Drama**
Pupils from Pre-Prep all the way to Year 8 took to the stage to perform to large audiences throughout the year. Many year groups performed in our Theatre for Christmas events, as well as the Year 3 and 4 Summer Performance. Years 5 and 6 gave a production called ‘From Page to Stage’, using a range of group pieces and duologues, from Greek and Shakespearean theatre, as well as some Melodrama pieces and modern fairytale twists. A group of Year 8 Drama Scholars also supported backstage with sound, lighting and props, making it a great collaboration. The senior production was ‘The Witches’ which was an ambitious and mature interpretation of the classic Roald Dahl story and they performed to sold-out audiences on the three nights. Our Year 8 Drama Scholars also performed their scholarship monologues in a showcase evening and it was inspirational to see their talent on display. Boarders took part in the Christmas Miscellany and put on their own summer showcase performance to parents. LAMDA exams took place throughout the year with excellent results across the board.
## **Other activities**
Many concerts took place for public benefit and raised money for charity in the process. Student musicians in ensembles and choirs provided entertainment to our local community on a number of occasions, most notably at St Wystan’s Church, Repton Chapel and St Saviour’s Church, Foremark.
Pupils were brought together via their House fundraising efforts throughout the year, supporting a charity nominated by our House Captains, thus increasing pupil voice. Money raised from events such as mufti days, charity bake sale, our Christmas Fayre, and Parent Quiz Night was donated to Children First Derby and a cheque for £4500 was presented to them before the end of the academic year in assembly.
We were also part of a ‘Feeding Communities’ initiative which involved preparing 600 meals, packaged by our own pupils in collaboration with the Senior School, to distribute to local charities such as YMCA Derbyshire and South Derbyshire CVS Food Bank.
Repton Prep contributed to charitable initiatives through collections for The Padley Project at Harvest, Boxes for Ukraine via the Burton Rotary Club, and Easter egg donations for Children First Derby. Pupils also held various sales to raise money for charitable initiatives close to their hearts such as Revive Healthy Living Centre, Derby, BAGS charity, The Dougie Mac Hospice and Ruffy and Ruby, raising over £1000. £369 was donated to the Royal British Legion following the Poppy Appeal and a staff member sold handmade cards in school raising £300 for Alzheimer’s Charity.
Our School Counsellor continues her excellent work for Neverest Orthopaedics and food donations are regularly made to Derby City Mission.
## **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
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## **SIR JOHN PORT'S CHARITY**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024**
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 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 2023-24 academic year, the schools continued to grow. 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 2024, 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 23-24 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).
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## **SIR JOHN PORT'S CHARITY**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024**
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 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 £650,966 (2023: £1,646,026). £2,487,732 (2023: £1,435,949) capital was invested in additions and improvements to the facilities used by Repton School and Repton Preparatory School. The Governors estimate that the attendance of 1044 pupils at the School saved the public approximately £7.8 million based on an average cost per maintained school place of £7,460 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.
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## **SIR JOHN PORT'S CHARITY**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024**
## **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**
Repton School Trust 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 25 June 2002 and amended on 29 November 2002, 17 March 2017 and 23 June 2017.
## **Recruitment and appointment of Governors**
The Governors of the Corporate Trustee are responsible for the 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 of the Corporate Trustee 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 Trust. 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:
- An annual budget approved by the Governors of the Corporate Trustee;
- Regular consideration by the Governors of the Corporate Trustee of financial results, variances from budgets and non-financial performance indicators;
- Delegation of authority and segregation of duties;
- Identification and management of risk.
Work continues to ensure that the Trust's current internal controls conform with charity guidelines
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## **SIR JOHN PORT'S CHARITY**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024**
## **Disclosure of information to auditors**
Each of the persons who are Governors at the time when this Governors' report is approved has confirmed that:
- so far as that Governor is aware, there is no relevant audit information of which the charitable company's auditors are unaware, and
- that Governor has taken all the steps that ought to have been taken as a Governor in order to be aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information.
Approved by order of the members of the board of Trustees and signed on their behalf by:
## **C D Hibbs BSc (Hons) FCA**
## **E M Shires BA (Hons) FCA**
Date: 20 March 2025
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## **SIR JOHN PORT'S CHARITY**
## **(A company limited by guarantee)**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024**
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 year. 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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) 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 Group will continue in business.
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 12
## **SIR JOHN PORT'S CHARITY**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITOR'S 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 2024 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:
- give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 August 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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:
- the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Group's or the parent charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
## **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 Auditor's 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 13
## **SIR JOHN PORT'S CHARITY**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITOR'S 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:
- the information given in the Trustees' report including the Strategic report for the financial year for which the financial statements are prepared is consistent with the financial statements.
- the Trustees' report and the Strategic report have been prepared in accordance with applicable legal requirements.
## **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:
- the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees' remuneration specified by law are not made; 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, 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.
## **Auditor's responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures
Page 14
## **SIR JOHN PORT'S CHARITY**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITOR'S 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:
- Enquiry of management around actual and potential litigation and claims;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
## **Wayne Thomas FCA (Senior Statutory Auditor)**
for and on behalf of
## **Bates Weston Audit Limited**
Statutory Auditors Chartered Accountants The Mills Canal Street Derby DE1 2RJ
22 May 2025
Page 15
## **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 2024**
|**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**
**gains/(losses) on**
**investments**
Net gains/(losses) on
investments
**Net**
**(expenditure)/income**
**before taxation**
Taxation
**Net**
**(expenditure)/income**
**after taxation**
Transfers between
funds
15
**Net movement in**
**funds**|**Capital funds**
**2024**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**1,901,964**
**1,901,964**
**(1,901,964)**
**1,419,560**
**(482,404)**
**-**
**(482,404)**
**1,296,970**
**814,566**|**Restricted**
**funds**
**2024**
**£**
**144,027**
**-**
**1,499**
**-**
**145,526**
**-**
**6,076**
**6,076**
**139,450**
**-**
**139,450**
**-**
**139,450**
**(937,409)**
**(797,959)**|**Unrestricted**
**funds**
**2024**
**£**
**617,134**
**31,259,019**
**2,307,157**
**1,850**
**34,185,160**
**35,755**
**31,735,925**
**31,771,680**
**2,413,480**
**388,318**
**2,801,798**
**(11,868)**
**2,789,930**
**(359,561)**
**2,430,369**|**Total**
**funds**
**2024**
**£**
**761,161**
**31,259,019**
**2,308,656**
**1,850**
**34,330,686**
**35,755**
**33,643,965**
**33,679,720**
**650,966**
**1,807,878**
**2,458,844**
**(11,868)**
**2,446,976**
**-**
**2,446,976**|_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_|
|---|---|---|---|---|---|
Page 16
## **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 2024**
|**Note**
**Reconciliation of**
**funds:**
Total funds brought
forward
Net movement in funds
**Total funds carried**
**forward**|**Capital funds**
**2024**
**£**
**85,092,389**
**814,566**
**85,906,955**|**Restricted**
**funds**
**2024**
**£**
**2,039,629**
**(797,959)**
**1,241,670**|**Unrestricted**
**funds**
**2024**
**£**
**5,485,891**
**2,430,369**
**7,916,260**|**Total**
**funds**
**2024**
**£**
**92,617,909**
**2,446,976**
**95,064,885**|_Total_
_funds_
_2023_
_£_
_91,666,440_
_951,469_|
|---|---|---|---|---|---|
||||||_92,617,909_|
The notes on pages 21 to 40 form part of these financial statements.
Page 17
## **SIR JOHN PORT'S CHARITY**
## **(A company limited by guarantee) REGISTERED NUMBER: 04399494 (England and Wales)**
## **CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2024**
|**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**|**116,739**
**3,880,236**
**16,577,040**
**20,574,015**
**(15,180,405)**|**2024**
**£**
**73,714,536**
**21,130,327**
**94,844,863**
**5,393,610**
**100,238,473**
**(5,173,588)**
**-**
**95,064,885**
**85,906,955**
**1,241,670**
**7,916,260**
**95,064,885**|_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_|
|---|---|---|---|---|
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 BSc (Hons) FCA**
**E M Shires BA (Hons) FCA**
Date: 20 March 2025
The notes on pages 21 to 40 form part of these financial statements.
Page 18
# **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 2024**
## **Total net assets**
## **Total funds**
The Charity's net movement in funds for the year was _£_ NIL _(2023 - £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 BSc (Hons) FCA**
**E M Shires BA (Hons) FCA**
Date: 20 March 2025
The notes on pages 21 to 40 form part of these financial statements.
Page 19
**(A company limited by guarantee)**
## **SIR JOHN PORT'S CHARITY**
## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024**
|**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**
The notes on pages 21 to 40 form part of these financial statements|**2024**
**£**
**6,655,154**
**2,294,470**
**60,250**
**(2,487,732)**
**57,975**
**(286,948)**
**(361,985)**
**6,293,169**
**10,283,871**
**16,577,040**|_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_|
|---|---|---|
Page 20
**SIR JOHN PORT'S CHARITY**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **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 21
**SIR JOHN PORT'S CHARITY**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **1. Accounting policies (continued)**
## **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%
Property with an estimated useful life of over 50 years, freehold land and assets under construction are not depreciated.
Page 22
**(A company limited by guarantee)**
## **SIR JOHN PORT'S CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **1. Accounting policies (continued)**
## **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 and provisions**
Liabilities 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 23
**SIR JOHN PORT'S CHARITY**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **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 2023_|**Restricted**
**funds**
**2024**
**Unrestricted**
**funds**
**2024**
**£**
**£**
144,027
617,134
_577,490_
_31,640_|**Total**
**funds**
**2024**
**£**
**761,161**
_609,130_|_Total_
_funds_
_2023_
_£_
_609,130_|
|---|---|---|---|
|||||
Page 24
## **SIR JOHN PORT'S CHARITY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **3. Income from charitable activities**
|**Unrestricted**
**funds**
**2024**
**£**
School fees receivable
27,301,272
Other educational and ancillary activities
3,957,747
**Total 2024**
31,259,019
_Total 2023_
_29,421,571_
**School fees receivable**
Gross fees
Less: Total remissions, scholarships and bursaries|**Total**
**funds**
**2024**
**£**
**27,301,272**
**3,957,747**
**31,259,019**
_29,421,571_
**33,813,680**
**(6,512,408)**
**27,301,272**|_Total_
_funds_
_2023_
_£_
_25,747,455_
_3,674,116_|
|---|---|---|
|||_29,421,571_|
|||_31,589,147_
_(5,841,692)_|
|||_25,747,455_|
## **4. Investment income**
|Bank and other interest
Rental income from properties
Dividends and interest from equities and
Common Investment Funds
Other loan interest
_Total 2023_|**Restricted**
**funds**
**2024**
**Unrestricted**
**funds**
**2024**
**£**
**£**
1,499
141,039
-
1,624,953
-
526,979
-
14,186
1,499
2,307,157
_796_
_2,227,390_|**Total**
**funds**
**2024**
**£**
**142,538**
**1,624,953**
**526,979**
**14,186**
**2,308,656**
_2,228,186_|_Total_
_funds_
_2023_
_£_
_36,620_
_1,702,806_
_488,760_
_-_|
|---|---|---|---|
||||_2,228,186_|
|||||
Page 25
## **SIR JOHN PORT'S CHARITY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **5. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|Teaching
Welfare
Premises
Support and governance
_Total 2023_
**Summary by expenditure type**
Teaching
Welfare
Premises
Support and governance
_Total 2023_|**Capital**
**funds**
**2024**
**Restricted**
**funds**
**2024**
**Unrestricted**
**funds**
**2024**
**£**
**£**
**£**
1,901,964
6,076
16,132,487
-
-
5,609,949
-
-
4,687,404
-
-
5,306,085
1,901,964
6,076
31,735,925
_1,889,264_
_-_
_28,691,413_
**Staff costs**
**2024**
**Depreciation**
**2024**
**Other costs**
**2024**
**£**
**£**
**£**
13,893,177
1,907,028
2,240,322
2,211,167
-
3,398,782
1,386,646
108,979
3,191,779
2,811,823
5,950
2,488,312
20,302,813
2,021,957
11,319,195
_18,085,325_
_1,937,537_
_10,557,815_|**Total**
**2024**
**£**
**18,040,527**
**5,609,949**
**4,687,404**
**5,306,085**
**33,643,965**
_30,580,677_
**Total**
**2024**
**£**
**18,040,527**
**5,609,949**
**4,687,404**
**5,306,085**
**33,643,965**
_30,580,677_|_Total_
_2023_
_£_
_16,607,193_
_4,867,112_
_4,205,016_
_4,901,356_
_30,580,677_
_Total_
_2023_
_£_
_16,607,193_
_4,867,112_
_4,205,016_
_4,901,356_
_30,580,677_|
|---|---|---|---|
Page 26
**(A company limited by guarantee)**
## **SIR JOHN PORT'S CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **6. Staff costs**
|Wages and salaries
Social security costs
Contribution to pension schemes|**Group**
**2024**
**£**
**16,497,491**
**1,391,072**
**2,414,250**
**20,302,813**|_Group_
_2023_
_£_
_14,730,700_
_1,195,745_
_2,158,880_|
|---|---|---|
||||
|||_18,085,325_|
The average number of persons employed by the Charity during the year was as follows:
|Teaching
Assistants, domestic and catering
Management and administration|**Group**
**2024**
**No.**
**190**
**389**
**91**
**670**|_Group_
_2023_
_No._
_186_
_345_
_92_|
|---|---|---|
||||
|||_623_|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
||**Group**|_Group_|
|---|---|---|
||**2024**|_2023_|
||**No.**|_No._|
|In the band £60,001 - £70,000|**31**|_23_|
|In the band £70,001 - £80,000|**11**|_12_|
|In the band £80,001 - £90,000|**2**|_3_|
|In the band £90,001 - £100,000|**2**|_1_|
|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_|
|In the band £190,000 - £200,000|**1**|_-_|
## **7. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2023 - £NIL)_ .
Page 27
## **SIR JOHN PORT'S CHARITY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **7. Trustees' remuneration and expenses (continued)**
The Governors are considered to be key management personnel.
During the year ended 31 August 2024, £360 was reimbursed or paid directly to Trustees for travel expenses _(2023 - £_ NIL).
## **8. Tangible fixed assets**
## **Group**
|**Cost**
At 1 September 2023
Additions
Disposals
At 31 August 2024
**Depreciation**
At 1 September 2023
Charge for the year
On disposals
At 31 August 2024
**Net book value**
At 31 August 2024
_At 31 August 2023_|**Freehold**
**property**
**£**
**93,130,758**
**1,154,971**
**-**
**94,285,729**
**20,332,528**
**1,901,964**
**-**
**22,234,492**
**72,051,237**
_72,798,230_|**Motor**
**vehicles**
**£**
**840,526**
**122,228**
**(60,250)**
**902,504**
**690,989**
**41,110**
**(60,248)**
**671,851**
**230,653**
_149,537_|**Fixtures and**
**fittings**
**£**
**1,452,361**
**1,103,640**
**-**
**2,556,001**
**1,151,366**
**78,882**
**-**
**1,230,248**
**1,325,753**
_300,995_|**Office**
**equipment**
**£**
**-**
**106,893**
**-**
**106,893**
**-**
**-**
**-**
**-**
**106,893**
_-_|**Total**
**£**
**95,423,645**
**2,487,732**
**(60,250)**
**97,851,127**
**22,174,883**
**2,021,956**
**(60,248)**
**24,136,591**
**73,714,536**
_73,248,762_|
|---|---|---|---|---|---|
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 (2023 - £30,221,892) on which no depreciation is charged.
Page 28
## **SIR JOHN PORT'S CHARITY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **9. Fixed asset investments**
|**Group**
**Cost or valuation**
At 1 September 2023
Additions
Disposals
Revaluations
Transfers between classes
At 31 August 2024|**Land**
**£**
**10,013**
**-**
**-**
**-**
**-**
**10,013**|**Investment**
**funds**
**£**
**18,475,320**
**286,948**
**(22,220)**
**1,807,878**
**256,548**
**20,804,474**|**Unlisted**
**investments**
**£**
**608,143**
**-**
**(35,755)**
**-**
**(256,548)**
**315,840**|**Total**
**£**
**19,093,476**
**286,948**
**(57,975)**
**1,807,878**
**-**
**21,130,327**|
|---|---|---|---|---|
## **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 29
**(A company limited by guarantee)**
## **SIR JOHN PORT'S CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **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|**2,721,165**|**(2,092,896)**|**1,912,816**|**85,113,314**|
|Repton School|**21,121,865**|**(21,482,088)**|**(360,223)**|**545,015**|
|Repton Preparatory School|**7,468,386**|**(7,605,554)**|**(137,168)**|**(20,769)**|
|Repton Foundation|**488,626**|**(904,697)**|**107,260**|**7,420,533**|
|Repton School Enterprises Limited|**1,460,644**|**(1,593,174)**|**(132,530)**|**(132,148)**|
|The Repton Family of Schools Limited|**2,671,554**|**(644,533)**|**2,027,021**|**2,113,595**|
|St. Wystan's School|**835,537**|**(823,329)**|**12,208**|**25,354**|
## **11. Debtors**
|Fee debtors
Other debtors
Prepayments and accrued income
Corporation tax refund|**Group**
**2024**
**£**
**3,168,546**
**325,594**
**364,311**
**21,785**
**3,880,236**|_Group_
_2023_
_£_
_3,260,877_
_586,898_
_390,383_
_-_|
|---|---|---|
||||
|||_4,238,158_|
## **12. Creditors: Amounts falling due within one year**
||**Group**|_Group_|
|---|---|---|
||**2024**|_2023_|
||**£**|_£_|
|Other loans|**-**|_6,667_|
|Deferred income|**8,839,318**|_9,285,098_|
|Trade creditors|**1,209,473**|_1,165,310_|
|Refundable deposits|**363,042**|_238,300_|
|Corporation tax|**-**|_21,785_|
|Other taxation and social security|**441,861**|_534,092_|
|Hire purchase contracts|**4,942**|_5,263_|
|Other creditors|**3,731,702**|_1,222,062_|
Page 30
**(A company limited by guarantee)**
## **SIR JOHN PORT'S CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **12. Creditors: Amounts falling due within one year (continued)**
|Accruals and deferred income
Deferred income at 1 September 2023
Resources deferred during the year
Amounts released from previous periods|**Group**
**2024**
**£**
**590,067**
**15,180,405**
**Group**
**2024**
**£**
**9,454,555**
**8,839,318**
**(9,454,555)**
**8,839,318**|_Group_
_2023_
_£_
_439,861_|
|---|---|---|
||||
|||_12,918,438_|
|||_Group_
_2023_
_£_
_8,736,142_
_9,454,555_
_(8,736,142)_|
||||
|||_9,454,555_|
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**
|Hire purchase contracts
Refundable deposits
Other creditors|**Group**
**2024**
**£**
**-**
**1,352,633**
**3,820,955**
**5,173,588**|_Group_
_2023_
_£_
_4,538_
_1,303,282_
_-_|
|---|---|---|
||||
|||_1,307,820_|
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 31
**SIR JOHN PORT'S CHARITY**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **14. Provisions**
## **Group**
|At 1 September 2023
Amounts used
Provisions relate to claims that have been brought against a subsidiary.|**Provisions**
**£**
**120,000**
**(120,000)**|
|---|---|
|||
||**-**|
|||
## **15. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted**
**funds**
General funds
**Capital funds**
Expendable
endowment
Endowment
sinking fund
Property Fund|**Balance at 1**
**September**
**2023**
**£**
**5,485,891**
**Balance at 1**
**September**
**2023**
**£**
**1,501,605**
**11,890,863**
**71,699,921**
**85,092,389**|**Income**
**£**
**34,185,160**
**Income**
**£**
**-**
**-**
**-**
**-**|**Expenditure**
**£**
**(31,783,548)**
**Expenditure**
**£**
**-**
**-**
**(1,901,964)**
**(1,901,964)**|**Transfers**
**in/out**
**£**
**(359,561)**
**Transfers**
**in/out**
**£**
**-**
**264,728**
**1,032,242**
**1,296,970**|**Gains/**
**(Losses)**
**£**
**388,318**
**Gains/**
**(Losses)**
**£**
**135,013**
**1,284,547**
**-**
**1,419,560**|**Balance at**
**31 August**
**2024**
**£**
**7,916,260**
**Balance at**
**31 August**
**2024**
**£**
**1,636,618**
**13,440,138**
**70,830,199**
**85,906,955**|
|---|---|---|---|---|---|---|
Page 32
## **SIR JOHN PORT'S CHARITY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **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
Foremarke pool
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
Prep theatre
refurbishment
**Total of funds**|**Balance at 1**
**September**
**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**|**Income**
**£**
**673**
**-**
**6,371**
**-**
**4,678**
**-**
**-**
**-**
**12,500**
**11,304**
**-**
**-**
**-**
**25,000**
**75,000**
**10,000**
**145,526**
**34,330,686**|**Expenditure**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**(76)**
**-**
**-**
**-**
**(6,000)**
**-**
**-**
**-**
**-**
**-**
**(6,076)**
**(33,691,588)**|**Transfers**
**in/out**
**£**
**-**
**-**
**(165,945)**
**-**
**-**
**-**
**-**
**-**
**-**
**(100,479)**
**-**
**(170,985)**
**-**
**(125,000)**
**(375,000)**
**-**
**(937,409)**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**1,807,878**|**Balance at**
**31 August**
**2024**
**£**
**11,839**
**11,481**
**6,371**
**3,125**
**108,903**
**7,900**
**4,824**
**79,823**
**12,500**
**12,504**
**14,000**
**458,400**
**500,000**
**-**
**-**
**10,000**|
|---|---|---|---|---|---|---|
|||||||**1,241,670**|
|||||||**95,064,885**|
Page 33
## **SIR JOHN PORT'S CHARITY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **15. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted**
**funds**
General 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
Berger IT prize
Wong Owen
Sponsorship
Fives Appeal
RJB Legacy -
Music Provision|_Balance at_
_1 September_
_2022_
_£_
_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_
_4,900_
_79,823_
_100,479_
_20,000_|_Income_
_£_
_31,680,601_
_-_
_-_
_-_
_-_
_305_
_-_
_4,315_
_-_
_5,791_
_-_
_-_
_-_
_1,200_
_-_|_Expenditure_
_£_
_(28,776,385)_
_-_
_-_
_(1,889,264)_
_(1,889,264)_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_|_Transfers_
_in/out_
_£_
_(1,844,912)_
_-_
_237,164_
_1,607,748_
_1,844,912_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_|_Gains/_
_(Losses)_
_£_
_(213,746)_
_(86,227)_
_(341,796)_
_-_
_(428,023)_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_|_Balance at_
_31 August_
_2023_
_£_
_5,485,891_|
|---|---|---|---|---|---|---|
|||||||_1,501,605_
_11,890,863_
_71,699,921_|
|||||||_85,092,389_|
|||||||_11,166_
_11,481_
_165,945_
_3,125_
_104,225_
_7,900_
_4,900_
_79,823_
_101,679_
_20,000_|
Page 34
## **SIR JOHN PORT'S CHARITY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **15. Statement of funds (continued)**
## **Statement of funds - prior year (continued)**
|The Sir Geoffrey
and Lady Isobel
Barnett
Scholarship
Fund
The Christopher
Rowbotham
Bursary Fund
R M Kirkland -
Art & DT
L Yu - Digital
classroom|_Balance at_
_1 September_
_2022_
_£_
_462,710_
_500,000_
_-_
_-_
_1,461,343_|_Income_
_£_
_166,675_
_-_
_100,000_
_300,000_
_578,286_|_Expenditure_
_£_
_-_
_-_
_-_
_-_
_-_|_Transfers_
_in/out_
_£_
_-_
_-_
_-_
_-_
_-_|_Gains/_
_(Losses)_
_£_
_-_
_-_
_-_
_-_
_-_|_Balance at_
_31 August_
_2023_
_£_
_629,385_
_500,000_
_100,000_
_300,000_|
|---|---|---|---|---|---|---|
|||||||_2,039,629_|
## **16. Summary of funds**
## **Summary of funds - current year**
|General funds
Capital funds
Restricted funds|**Balance at 1**
**September**
**2023**
**£**
**5,485,891**
**85,092,389**
**2,039,629**
**92,617,909**|**Income**
**£**
**34,185,160**
**-**
**145,526**
**34,330,686**|**Expenditure**
**£**
**(31,783,548)**
**(1,901,964)**
**(6,076)**
**(33,691,588)**|**Transfers**
**in/out**
**£**
**(359,561)**
**1,296,970**
**(937,409)**
**-**|**Gains/**
**(Losses)**
**£**
**388,318**
**1,419,560**
**-**
**1,807,878**|**Balance at**
**31 August**
**2024**
**£**
**7,916,260**
**85,906,955**
**1,241,670**|
|---|---|---|---|---|---|---|
|||||||**95,064,885**|
Page 35
## **SIR JOHN PORT'S CHARITY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **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:
- a) Awarding scholarships, bursaries or maintenance allowances at the School to persons under the age of eighteen years who are in need of financial assistance;
- b) Awarding to such persons grants or maintenance allowances to enable them to travel whether in the United Kingdom or abroad in furtherance of their education;
- c) Otherwise furthering the education of such persons.
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.
The Mr J M G Levesley fund is for the refurbishment of the Prep theatre.
Page 36
## **SIR JOHN PORT'S CHARITY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **16. Summary of funds (continued)**
## **Summary of funds - prior 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_|
## **17. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
|Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
**Total**|**Capital**
**funds**
**2024**
**£**
70,830,199
15,076,756
-
-
-
85,906,955|**Restricted**
**funds**
**2024**
**Unrestricted**
**funds**
**2024**
**£**
**£**
-
2,884,337
1,143,434
4,910,137
98,236
20,475,779
-
(15,180,405)
-
(5,173,588)
1,241,670
7,916,260|**Total**
**funds**
**2024**
**£**
**73,714,536**
**21,130,327**
**20,574,015**
**(15,180,405)**
**(5,173,588)**|
|---|---|---|---|
||||**95,064,885**|
Page 37
**(A company limited by guarantee)**
## **SIR JOHN PORT'S CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **17. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior period**
|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_
_£_
_-_
_1,699,445_
_346,851_
_(6,667)_
_-_
_-_
_2,039,629_|_Unrestricted_
_funds_
_2023_
_£_
_1,548,841_
_4,001,551_
_14,275,090_
_(12,911,771)_
_(1,307,820)_
_(120,000)_
_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_|
|---|---|---|---|---|
## **18. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income for the period (as per Statement of Financial Activities)
**Adjustments for:**
Depreciation charges
(Gains)/losses on investments
Dividends, interests and rents from investments
Decrease/(increase) in stocks
Decrease in debtors
Increase in creditors
Increase / (decrease) in provisions
**Net cash provided by operating activities**|**Group**
**2024**
**£**
**2,446,976**
**1,961,708**
**(1,807,878)**
**(2,294,470)**
**(16,827)**
**357,922**
**6,127,723**
**(120,000)**
**6,655,154**|_Group_
_2023_
_£_
_951,469_
_1,937,535_
_645,440_
_(2,228,186)_
_30,705_
_1,276,412_
_66,471_
_120,000_
_2,799,846_|
|---|---|---|
Page 38
**(A company limited by guarantee)**
## **SIR JOHN PORT'S CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **19. Analysis of cash and cash equivalents**
|Cash in hand
**Total cash and cash equivalents**|**Group**
**2024**
**£**
**16,577,040**
**16,577,040**|_Group_
_2023_
_£_
_10,283,871_|
|---|---|---|
||||
|||_10,283,871_|
## **20. Analysis of changes in net debt**
|Cash at bank and in hand
Debt due within 1 year
Finance leases|**At 1**
**September**
**2023**
**£**
**10,283,871**
**(6,667)**
**(9,801)**
**10,267,403**|**Cash flows**
**At 31**
**August 2024**
**£**
**£**
**6,293,169**
**16,577,040**
**6,667**
**-**
**4,859**
**(4,942**
**6,304,695**
**16,572,098**|**Cash flows**
**At 31**
**August 2024**
**£**
**£**
**6,293,169**
**16,577,040**
**6,667**
**-**
**4,859**
**(4,942**
**6,304,695**
**16,572,098**|
|---|---|---|---|
||||**16,572,098**|
## **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 every 4 years. 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 2020 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 27 October 2023, with the SCAPE rate, set by HMT, applying a notional investment return based on 1.7% above the rate of CPI.
The key elements of the valuation and subsequent consultation are:
- employer contribution rates set at 28.68% of pensionable pay, including a 0.08% employer administration charge.
- total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £262,000 million, and notional assets (estimated future contribution together with the notional investments held at the valuation date) of £222,200 million giving a notional past service deficit of £39,800 million
The TPS valuation for 2020 determined an employer rate of 28.68%, which was payable from 1 April 2024.
Page 39
**SIR JOHN PORT'S CHARITY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **21. Pension commitments (continued)**
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 (2023 - £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 2024.
## **25. Controlling party**
The Governors of Sir John Port's Charity are considered to be the ultimate controlling party.
Page 40