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2023-08-31-accounts

Registered number: 04390208 (England and Wales) Charity number: 1093165

REPTON PREPARATORY SCHOOL

(A company limited by guarantee)

GOVERNORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

REPTON PREPARATORY SCHOOL

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charity, its Governing Body and advisers 1 - 2
Governors' report 3 - 9
Governors' responsibilities statement 10
Independent auditors' report on the financial statements 11 - 13
Statement of financial activities 14
Balance sheet 15
Notes to the financial statements 16 - 27

REPTON PREPARATORY SCHOOL (A company limited by guarantee)

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

Chairman E M Shires BA FCA
Members A Bock BSc MRICS
Professor A M Buchan DSc FMedSci
A J Churchill MA FIET
Dr K J Dell MA DPhil PhD DipLCM
M J C Needham LLB
C D Hibbs FCA BSc1
R L Johnson BSc
K Joshi MA Cantab
M A Casini BSc
E A Haydon BSc PGCE NPQH
G R H Ralphs PGDip FCMI (resigned 3 October 2023)
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
Clerk to the Governing
Body
R Mair
Company registered
number
04390208 (England and Wales)
Charity registered
number
1093165
Registered office
The Bursar's Office
Repton School
Repton
Derbyshire
DE65 6FH
Principal office
Repton Preparatory School
Foremarke Hall
Milton
Derbyshire
DE65 6EJ
Headmaster
M Brotherton BEd (Hons), NPQH, FCCT
Independent auditors
Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

Page 1

REPTON PREPARATORY SCHOOL

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNING BODY 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 Surveyors Fisher German The Estates Office Ivanhoe Business Park Ashby De La Zouch Leicestershire LE65 2UZ Insurance Brokers P J Frankland Limited Oxford House Stanier Way The Wyvern Derby DE21 6BF Accountants Bates Weston LLP Chartered Accountants The Mills Canal Street Derby DE1 2RJ

Page 2

REPTON PREPARATORY SCHOOL

(A company limited by guarantee)

GOVERNORS' 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 Preparatory 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 school’s principle objective is to further the education of children and young persons. The principal activity is the provision of academic education enabling our pupils to go out into the world not just ready, but Repton Ready. Intellectually, physically, and emotionally prepared for the known and unknown; eager and equipped to achieve their full potential - whatever life holds.

Our core values are:

Our mission is to:

OBJECTIVES AND ACTIVITIES

Repton Preparatory School aims to provide the highest standard of teaching and learning, pastoral care and broad co-curricular and extra-curricular experience, in an inspiring and spacious setting. We aim to encourage our pupils to use their minds well, to understand their societal responsibilities, to make wise judgements; to be able to discriminate between right and wrong, good and better. A Repton education is about pride in performance.

We want each pupil to achieve their personal best and be able to approach all opportunities and challenges with confidence and resilience. We know that participation, in whatever arena, fosters wellbeing and that physical activity is important for growing children. Above all, we value the transferable skills our pupils gain from a broad curriculum: teamwork, dedication, resilience, leadership and a sense of achievement – both collectively and individually.

We believe that no education is complete without a spiritual element to it, teaching children to appreciate beauty, to be creative and to value others. With these elements in place, Repton Preparatory School aims to work in partnership with parents to produce grounded young people with a global outlook.

FUTURE OBJECTIVES AND DEVELOPMENTS

Page 3

REPTON PREPARATORY SCHOOL

(A company limited by guarantee)

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

Principal activities of the year

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

Page 4

REPTON PREPARATORY SCHOOL (A company limited by guarantee)

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

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.

There has been a drive for greater parent involvement including a regular talks programme for parents to address issues such as Sports Performance, Autism, Healthy Eating, Resilient Children, Online Safety, Mental Health etc and the Introduction of staff-led Literacy workshops for Pre-Prep parents in February 2023, with a Maths one to follow in September 2023. Parents have greater access to the Head and more visibility of school life.

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.

We entered three notable national Maths competitions: 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 exceptionally 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: 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.

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.

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

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.

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. The Music School hosted five Young Musician of the Year recital evenings and houses enjoyed preparing for the House Showcase. An additional 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. ABRSM music examinations took part throughout the year.

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 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. A group of Year 5 and 6 pupils also supported backstage with sound, lighting and props, making it a great collaboration. The senior production was

Page 5

REPTON PREPARATORY SCHOOL

(A company limited by guarantee)

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

‘The Lion King’ which was an ambitious and mature interpretation of the classic musical and they performed to sold-out audiences on the three nights. Boarders also took part in the Christmas Miscellany and put on their own play in the summer term based on Roald Dahl stories. LAMDA exams took place throughout the year with excellent results across the board.

Investment has been made in our Flexi boarding provision to enable Flexi to mirror our full boarding offering, with the introduction of single sex flexi houses, a new LAMDA teaching space and a textiles studio linked to the digital design facility have been established and the Health and Wellbeing centre has been relocated back into the heart of the school.

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 3-13, the Governors are satisfied that the principal beneficiaries were appropriate to the Charity’s aims.

Community Engagement and Volunteering

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 and St Saviour’s Church, Foremark.

Pupils were brought together via their House fundraising efforts throughout the year, supporting a range of charities chosen by our House Captains. Money Raised was split between the following charities: Derbyshire Mind, Derbyshire Wildlife Trust, Unicef, Macmillan and Centrepoint.

Repton Prep contributed to charitable initiatives through collections for The Padley Project at Harvest, ‘TOGS’ the children’s clothing bank in Derby, and a DVD collection for Derby Hospital Children’s Ward. Pupils also held bake and crochet sales to raise money for charitable initiatives close to their hearts such as Tommy’s Arc and The Little Princess Trust, raising over £1500 in total.

Two members of staff raised over £5000 for Rams in Kenya and visited Kenya at May half term to contribute their time and resources, in addition to the money raised for Chaddy Mission School.

Sporting facilities

The school provides a wide variety of community benefits as detailed above. The swimming pool is used for ‘Learning to Swim’ classes and the school’s facilities are used during the holidays by local charities.

ACCESS

The Governors are satisfied that 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. This was achieved by granting bursaries and scholarships in accordance with the Governors’ Remissions Policy, totalling £155,264 with:

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

Page 6

REPTON PREPARATORY SCHOOL

(A company limited by guarantee)

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

Two Ukrainian pupils were awarded transformational bursaries to attend the Prep School and the provision of free places means that people in poverty are not excluded from the opportunity to benefit from the school’s activity.

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

In the academic year 2022/23 the school had 422 pupils on-roll (2022/21 426 pupils).

We look forward to further diversifying our international boarding community, along with expanding our UK catchment area to develop further boarding provision as the boarding community sits at the heart of our school offering.

The School’s incoming resources were £7.06m (2022: £6.5m) and total charitable expenditure was £7.08m (2022: £6.4m), resulting in a deficit for the year of £20,016 (2022: £9,872). The principal source of income was School fees which accounted for 90% of total income (2022: 94%). Capital expenditure for the year amounted to £115k.

The Governors estimate that the attendance of 422 pupils at the School saved the public purse over £2.7 million based on an average cost per maintained school place of £6,350 per annum.

Going Concern

The Governors are confident 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.

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 Charity. It is the School's policy to donate its surplus unrestricted funds in excess of £100,000 to Repton School Trust, to fund future capital projects for the benefit of the School.

Investment policy

The policy of the Governors is to maintain sufficient cash reserves for the ongoing operation of the School, with excess surpluses being donated to Repton School Trust to fund capital development.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Legal status

Repton Preparatory School is registered as a charitable company limited by guarantee and a registered charity administered under the Companies Act 2006 and the Charities Act 2011, and was set up by a Memorandum of Association dated 4 July 2002, as amended 1 July 2003, 20 June 2008, 23 June 2017 and 29 July 2020.

Recruitment and appointment of Governors

Up to nineteen Governors are co-opted. One further Governor is nominated by the Heads and full-time teachers of Repton School and Repton Preparatory School. Care is taken with the appointment of Governors to ensure

Page 7

REPTON PREPARATORY SCHOOL (A company limited by guarantee)

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

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 School and to spend time with the Headmaster and Chief Operating Officer. They are encouraged to visit the School, including the staff Common Room and boarding houses to meet the staff and pupils, and are invited to School events.

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 are responsible for the overall management and control of the School. The full Governing Body usually meets three times a year. The Governors’ committees to which certain responsibilities are delegated and which all report directly to the Governing Body include the Finance and General Purposes Committee, the Academic Committee and the Pastoral and Safeguarding Committee which all meet termly, and the Audit Committee and the Governance and Nominations Committee which both meet annually.

The School is a co-educational independent preparatory school for pupils aged 3 to 13 years, and operates from land and buildings owned by Repton School Trust.

The day-to-day management of the school is delegated to the Head and Chief Operating Officer supported by their management teams. Housemasters and Housemistresses are responsible for pastoral care and overseeing pupils' progress through the School. Academic provision is managed through the Heads of Departments. All teaching staff are allocated to an academic department, and most are closely associated with one or other of the four boarding houses.

Key management personnel

The remuneration of key management personnel is set by the Remuneration committee and is kept under annual review. A number of criteria are used in setting pay:

Risk management

The Risk Register is reviewed regularly by the Executive and is considered by the Finance and General Purposes Committee termly. The Finance and General Purposes Committee continues to identify, monitor and advise on the major business risks that face the School, and the Risk Register is included in papers for each Governing Body meeting.

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.

Page 8

REPTON PREPARATORY SCHOOL (A company limited by guarantee)

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

Equal opportunities

The School supports the principle of equal opportunities and opposes discrimination on the basis of sex, marital or civil partnership status, gender reassignment, race, disability, sexual orientation, religious belief, part time or fixed term employment and age. Being a committed equal opportunities employer, the School takes every possible step to ensure that employees are treated equally and fairly in respect of these matters. All policies and practices seek to conform with the principle of equal opportunities in terms of recruitment, selection, training, promotion, career development, discipline, redundancy, and dismissal. With regard to disabled employees, this extends to having regard for their particular aptitudes and abilities; all reasonable steps are taken to continue the employment of employees of the School who have become disabled persons whilst employed by the School, and for arranging appropriate training.

Information and consultation

Within the bounds of confidentiality, staff are kept informed of matters that affect the progress of the School and are of interest to them as employees.

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 Governors and signed on their behalf by:

C D Hibbs FCA BSc (Hons)

E M Shires BA FCA

Date: 19 January 2024

Page 9

REPTON PREPARATORY SCHOOL

(A company limited by guarantee)

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

The Governors (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Governors' 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 Governors to prepare financial statements for each financial . Under company law, the Governors 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 Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Governors are required to:

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

Page 10

REPTON PREPARATORY SCHOOL

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REPTON PREPARATORY SCHOOL

Opinion

We have audited the financial statements of Repton Preparatory School (the 'charitable company') for the year ended 31 August 2023 which comprise the Statement of financial activities, the Balance sheet, 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 charitable company 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

In auditing the financial statements, we have concluded that the Governors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Governors are responsible for the other information contained within the Annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial

Page 11

(A company limited by guarantee)

REPTON PREPARATORY SCHOOL

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REPTON PREPARATORY SCHOOL (CONTINUED)

statements themselves. If, based on the 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.

Matters on which we are required to report by exception

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

Responsibilities of trustees

As explained more fully in the Governors' responsibilities statement, the Governors (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 Governors 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 Governors are responsible for assessing the 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 Governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

Page 12

(A company limited by guarantee)

REPTON PREPARATORY SCHOOL

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REPTON PREPARATORY SCHOOL (CONTINUED)

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 Charities Act 2011, Charities SORP (FRS 102), and 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 Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 Ltd Statutory Auditors Chartered Accountants The Mills Canal Street Derby DE1 2RJ 20 February 2024

Bates Weston Audit Ltd are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 13

REPTON PREPARATORY SCHOOL

(A company limited by guarantee)

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

Note
Income from:
Charitable activities
2
Investments
Total income
Expenditure on:
Charitable activities
3
Donation to Repton School Trust
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2023
£
-
47
47
-
-
-
47
2,581
47
2,628		 Unrestricted
funds
2023
£
7,060,360
3,906
7,064,266
7,084,329
-
7,084,329
(20,063)
133,834
(20,063)
113,771		 Total
funds
2023
£
7,060,360
3,953
7,064,313
7,084,329
-
7,084,329
(20,016)
136,415
(20,016)
116,399		 Total
funds
2022
£
6,496,293
71
6,496,364
6,433,838
72,398
6,506,236
(9,872)
146,287
(9,872)
136,415

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 16 to 27 form part of these financial statements.

Page 14

REPTON PREPARATORY SCHOOL

(A company limited by guarantee) REGISTERED NUMBER: 04390208 (England and Wales)

BALANCE SHEET AS AT 31 AUGUST 2023

Note
Fixed assets
Tangible assets
7
Current assets
Stocks
Debtors
8
Cash at bank and in hand
Creditors: amounts falling due within one
year
9
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
10
Total net assets
Charity funds
Restricted funds
11
Unrestricted funds
11
Total funds		 6,413
2,475,628
830,688
3,312,729
(3,018,743)		 2023
£
115,092
115,092
293,986
409,078
(292,679)
116,399
2,628
113,771
116,399		 17,078
2,812,989
1,616,873
4,446,940
(4,048,660)		 2022
£
4,320
4,320
398,280
402,600
(266,185)
136,415
2,581
133,834
136,415

The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Governors 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 16 to 27 form part of these financial statements.

Page 15

REPTON PREPARATORY SCHOOL (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.

Repton Preparatory School 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 School’s Governors are its only Members however the School is considered to be part of the group headed by Sir John Port’s Charity. The School has taken advantage of the exemption contained within the Financial Reporting Standard 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.

The School has also taken advantage of the exemption to prepare a cash flow statement.

1.2 Going concern

The School meets its day-to-day working capital requirements through the close management of its cashflow from operations and calling on amounts due from group companies as required. After making enquiries, the trustees have a reasonable expectation that the School has adequate resources to continue in operational existence for the foreseeable future. The School 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 recognised and 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 School.

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

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.

Page 16

REPTON PREPARATORY SCHOOL

(A company limited by guarantee)

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

1. Accounting policies (continued)

1.4 Expenditure (continued)

Governance costs comprise the cost of running the School, including the external audit, any legal advice and all costs of complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability.

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 Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

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. Deprecation is not charged in the year of purchase.

Depreciation is provided on the following bases:

Motor vehicles - 20% on cost
Teaching equipment - 20% on cost
Office equipment - 20-25% on cost

1.8 Pensions

The School makes contributions to a defined contribution pension scheme on behalf of certain nonteaching staff. The School also makes contributions to the Teachers' Superannuation Scheme in respect of teaching staff, a notionally funded defined benefits pension scheme. Contributions to both schemes are charged in the Statement of Financial Activities as they fall due.

Page 17

(A company limited by guarantee)

REPTON PREPARATORY SCHOOL

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

1. Accounting policies (continued)

1.9 Fund accounting

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

Designated funds comprise unrestricted funds that have been set aside by the Governors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity 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.

2. Income from charitable activities

Unrestricted
funds
2023
£
School fees receivable
6,328,690
Other educational charitable activities
731,670
Total 2023
7,060,360
Total 2022
6,496,293
School fees receivable
Gross fees
Less: Total remissions, scholarships and bursaries		 Total
funds
2023
£
6,328,690
731,670
7,060,360
6,496,293
2023
£
7,525,863
(1,197,173)
6,328,690		 Total
funds
2022
£
6,080,115
416,178
6,496,293
2022
£
7,199,910
(1,119,795)
6,080,115

Page 18

(A company limited by guarantee)

REPTON PREPARATORY SCHOOL

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

3. Analysis of expenditure on charitable activities

Summary by fund type

Teaching
Welfare
Premises
Support and governance
Total 2022		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
-
4,375,869
-
408,002
-
1,406,019
-
894,439
-
7,084,329
15
6,433,823		 Total
2023
£
4,375,869
408,002
1,406,019
894,439
7,084,329
6,433,838		 Total
2022
£
3,910,197
366,525
1,255,824
901,292
6,433,838

Summary by expenditure type

Teaching
Welfare
Premises
Support and governance
Total 2022		 Staff costs
2023
Depreciation
2023
£
£
3,807,703
-
54,223
-
650,274
4,320
322,164
-
4,834,364
4,320
4,531,001
20,188		 Other costs
2023
£
568,166
353,779
751,425
572,275
2,245,645
1,882,649		 Total
2023
£
4,375,869
408,002
1,406,019
894,439
7,084,329
6,433,838		 Total
2022
£
3,910,197
366,525
1,255,824
901,292
6,433,838

Page 19

(A company limited by guarantee)

REPTON PREPARATORY SCHOOL

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

4. Governance costs

Governance costs included in support costs:
Auditors' remuneration
Auditors' non-audit costs		 2023
£
5,225
2,825
8,050		 2022
£
6,016
3,276
9,292

5. Staff costs

Wages and salaries
Social security costs
Contribution to pension schemes		 2023
£
3,834,043
342,231
658,090
4,834,364		 2022
£
3,567,569
332,387
631,045
4,531,001

Termination payments totalled £15,104 during the year (2022: £NIL) and were processed through the payroll. At the balance sheet date, £NIL is outstanding (2022: £NIL).

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

Teaching
Assistants, domestic and catering
Management and administration		 2023
67
70
9
146		 2022
68
67
9
144

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

2023 2022
In the band £60,001 - £70,000 2 -
In the band £70,001 - £80,000 1 1
In the band £100,001 - £110,000 1 1

The aggregate remuneration and benefits received by key management personnel was £438,544 (2022 - £381,913).

Page 20

REPTON PREPARATORY SCHOOL

(A company limited by guarantee)

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

6. Governors' remuneration and expenses

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

During the year ended 31 August 2023, £80 travel expenses were reimbursed to one Governor (2022 - £ NIL).

7. Tangible fixed assets

Cost
At 1 September 2022
Additions
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
Debtors
Amounts owed by group undertakings
Fee debtors
Prepayments and accrued income		 Motor
vehicles
£
275,216
89,168
364,384
270,896
4,320
275,216
89,168
4,320		 Teaching
equipment
£
20,057
-
20,057
20,057
-
20,057
-
-		 Office
equipment
£
42,264
25,924
68,188
42,264
-
42,264
25,924
-
2023
£
1,489,816
931,809
54,003
2,475,628		 Total
£
337,537
115,092
452,629
333,217
4,320
337,537
115,092
4,320
2022
£
1,872,958
850,451
89,580
2,812,989

8. Debtors

Page 21

(A company limited by guarantee)

REPTON PREPARATORY SCHOOL

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

9. Creditors: Amounts falling due within one year

Refundable deposits
Trade creditors
Amounts owed to group undertakings
Other creditors
Other taxation and social security
Fees in advance
Accrued expenses
Deferred income at 1 September 2022
Resources deferred during the year
Amounts released from previous periods
Deferred income at 31 August 2023		 2023
£
19,350
173,090
69,049
251,966
84,973
2,315,804
104,511
3,018,743
2023
£
2,246,602
2,388,481
(2,246,602)
2,388,481		 2022
£
17,600
386,591
1,050,816
104,346
86,086
2,233,979
169,242
4,048,660
2022
£
2,061,731
2,246,602
(2,061,731)
2,246,602

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

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

2023 2022
£ £
Refundable deposits 292,679 266,185

Repayment of refundable deposits is due on the child leaving the school, net of any charges outstanding.

No interest is due on these balances.

Page 22

REPTON PREPARATORY SCHOOL

(A company limited by guarantee)

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

11. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Expendable funds for donation
General funds
General funds
Total Unrestricted funds
Restricted funds
Drama prize fund
Bowesman-Jones Endeavour
prize fund		 Balance at 1
September
2022
£
33,834
100,000
133,834
1,681
900
2,581		 Income
£
-
7,064,266
7,064,266
47
-
47		 Expenditure
£
-
(7,084,329)
(7,084,329)
-
-
-		 Transfers
in/out
£
(20,063)
20,063
-
-
-
-		 Balance at
31 August
2023
£
13,771
100,000
113,771
1,728
900
2,628

The income funds of the School include restricted funds comprising the unexpended balances of grants held on trust to be applied for specific purposes as above.

Total of funds 136,415 7,064,313 (7,084,329) - 116,399

Page 23

REPTON PREPARATORY SCHOOL

(A company limited by guarantee)

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

11. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Expendable funds for donation
General funds
General funds
Total Unrestricted funds
Restricted funds
Drama prize fund
Bowesman-Jones Endeavour
prize fund
Total of funds		 Balance at
1 September
2021
£
72,398
71,293
143,691
1,681
915
2,596
146,287		 Income
£
-
6,496,364
6,496,364
-
-
-
6,496,364		 Expenditure
£
(72,398)
(6,433,823)
(6,506,221)
-
(15)
(15)
(6,506,236)		 Transfers
in/out
£
33,834
(33,834)
-
-
-
-
-		 Balance at
31 August
2022
£
33,834
100,000
133,834
1,681
900
2,581
136,415

Page 24

REPTON PREPARATORY SCHOOL

(A company limited by guarantee)

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

12. Summary of funds

Summary of funds - current year

Designated funds
General funds
Restricted funds		 Balance at 1
September
2022
£
33,834
100,000
2,581
136,415
Balance at
1 September
2021
£
72,398
71,293
2,596
146,287		 Income
£
-
7,064,266
47
7,064,313
Income
£
-
6,496,364
-
6,496,364		 Expenditure
£
-
(7,084,329)
-
(7,084,329)
Expenditure
£
(72,398)
(6,433,823)
(15)
(6,506,236)		 Transfers
in/out
£
(20,063)
20,063
-
-
Transfers
in/out
£
33,834
(33,834)
-
-		 Balance at
31 August
2023
£
13,771
100,000
2,628
116,399
Balance at
31 August
2022
£
33,834
100,000
2,581
Summary of funds - prior year
Designated funds
General funds
Restricted funds
136,415

13. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
-
115,092
2,628
3,310,101
-
(3,018,743)
-
(292,679)
2,628
113,771		 Total
funds
2023
£
115,092
3,312,729
(3,018,743)
(292,679)
116,399

Page 25

(A company limited by guarantee)

REPTON PREPARATORY SCHOOL

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

13. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Restricted
funds
2022
£
-
2,581
-
-
2,581		 Unrestricted
funds
2022
£
4,320
4,444,359
(4,048,660)
(266,185)
133,834		 Total
funds
2022
£
4,320
4,446,940
(4,048,660)
(266,185)
136,415

14. Pension commitments

A group personal pension scheme is operated which non-teaching staff are eligible to join. The total cost to the School was £87,804 (2022 - £94,421), which represents the contributions made by the School to this scheme. At 31 August 2023, £34,363 (2022 - £NIL) of pension contributions were due to the nonteaching staff group personal pension scheme.

The School participates in the Teachers' Pension Scheme (England and Wales) ("the TPS"), for its teaching staff. The TPS is an unfunded scheme and members contribute on a ‘pay as you go’ basis – these contributions along with those made by employers are credited to the Exchequer.

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. Membership is automatic for teachers in academy trusts. All teachers have the option to opt-out of the TPS following enrolment.

The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The pension charge for the year includes contributions payable to the TPS of £570,286 (2022 - £536,624). At the year-end £73,656 (2022 - £67,593) was accrued in respect of contributions to this scheme.

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 26

REPTON PREPARATORY SCHOOL

(A company limited by guarantee)

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

14. Pension commitments (continued)

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 School has accounted for its contributions to the scheme as if it were a defined contribution scheme. The School has set out above the information available on the scheme.

15. 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.

16. Related party transactions

The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 August 2023.

17. Controlling party

The School’s Governors are its only Members however the School is considered to be part of the group headed by Sir John Port’s Charity. Copies of the consolidated financial statements of Sir John Port's Charity are available from Companies House.

18. Contingent liabilities

The charitable company 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).

Page 27