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← Repton School

2024-08-31-accounts

Registered number: 04390219 Charity number: 1093166

REPTON SCHOOL

(A company limited by guarantee)

GOVERNORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

REPTON SCHOOL

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charity, its Governors and advisers 1 - 2
Governors' report 3 - 10
Governors' responsibilities statement 11
Independent auditor's report on the financial statements 12 - 14
Statement of financial activities 15
Balance sheet 16
Notes to the financial statements 17 - 29

REPTON SCHOOL

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024

Chairman E M Shires BA (Hons) FCA
Members A Bock BSc MRICS
Professor A M Buchan DSc FMedSci (resigned 7 December 2023)
A J Churchill OBE MA FIET
Dr K J Dell MA DPhil PhD DipLCM
M J C Needham LLB
C D Hibbs BSc (Hons) FCA1
K K Joshi MA Cantab
R L Johnson BSc
M A Casini BSc
E A Haydon MBE BSc PGCE NPQH
G R H Ralphs PGDip FCMI (resigned 3 October 2023)
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
Clerk to the Governing
Body
R Mair
Company registered
number
04390219
Charity registered
number
1093166
Registered office
The Bursar's Office
Repton School
Repton
Derbyshire
DE65 6FH
Headmaster
M J Semmence MA MBA
Independent auditor
Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ
Bankers
National Westminster Bank Plc
Crompton House
Derwent Street
Derby
DE1 2ZG

Page 1

REPTON SCHOOL (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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 SCHOOL

(A company limited by guarantee)

GOVERNORS' 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 school’s principal 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 ACTIVITES

Repton School aims to provide the highest standard of teaching and learning, pastoral care and broad cocurricular and extra-curricular experience, in an inspiring and spacious setting.

With 1,000 years of education history, the traditional values of encouraging pupils to aim high while showing respect for all are of utmost importance. Repton is undoubtedly modern in terms of practice and outlook. We encourage our pupils to think big, to be ambitious and unbounded. Reptonians show extraordinary spirit and exceptional passion by creating opportunities for themselves, both at school and in their personal endeavours. Repton is small enough to ensure that the talents of each individual are nurtured and valued, yet large enough to compete on the international arena across academia, music, the arts and sport. We believe in the pursuit of academic excellence and success, but this is not at the expense of an all-round and broad education.

Pastoral care is a high priority, facilitated through the boarding houses. All pupils, the majority of whom board, belong to one of the ten boarding houses. Each House is set in its own grounds and has its own dining room; the creation of a friendly, family atmosphere is considered key to the development and success of the pupils.

Academic standards are high and because most of our teachers, tutors and coaches are based in the village, Reptonians never have to prioritise academic achievement over their love of the theatre or rank their aptitude for sport above their passion for music. Pupils are encouraged to take advantage of a broad range of activities offered beyond the classroom. There are opportunities for all abilities to participate in a wide variety of sports, music, and drama. There is a thriving Combined Cadet Force, which, along with the Duke of Edinburgh Award scheme, gives opportunities for leadership and adventurous training. Community service and charitable work are strongly encouraged, with opportunities within and beyond the formal School programme.

Page 3

REPTON SCHOOL

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

FUTURE OBJECTIVES AND DEVELOPMENTS

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Operational performance of the School

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

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. Trips, tours and visits continue to enrich the Repton experience.

Principal activities of the year

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

Academic

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

Page 4

(A company limited by guarantee)

REPTON SCHOOL

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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'.

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

Page 5

REPTON SCHOOL

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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.medals.

Music

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.

Drama

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.

ART

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.

Other Cocurricular activities

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.

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

Our careers convention provided an invaluable guide to the challenging landscapes of university and career choice and the world beyond Repton with many parents, alumni and friends of the school freely giving their time and their expertise to inform and inspire our sixth formers in a full programme of talks and advice. Alongside them, stands from over 20 universities opened new possibilities for our questioning candidates. Our Duke of Edinburgh and cadet programmes adds hugely to the education development of our pupils.

Page 6

REPTON SCHOOL

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Our wider programme of trips and tours is part of the Repton Experience. Design and Technology visited Triumph motorcycles for our budding engineers, theatre trips for our drama enthusiasts, the Iceland Geography trip was a tremendous success with glorious scenery and incredible geographical phenomena. There was a also visit to the first world war battlefields in June.

A number of visiting speakers have come to speak this year covering a range of pastoral topics including antibullying, respect, body Image and self-esteem, vaping and social media.

In addition we were delighted to welcome parents to a talk focused on Online Safety and on helping young people to navigate choices and decisions as part of growing up in the 21st Century.

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 12-19, 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 (Pastoral), together with the Head of Community Action.

We hosted some successful outreach events. A highlight of the year was hosting the Lewis Sewell Memorial concert in the 400 Hall. This was to raise money for the Lewis Sewell Memorial Trust in partnership with YMCA Derbyshire and the Embark Federation. We were also able to support local state Schools with personal statements and university applications and have had some shared workshops on the arts. These events provide a genuine coming together of young people to learn together with and from each other about key issues of universal relevance. In addition we have worked to increase pupil voice and development of leadership skills with our pupils preparing and delivering assemblies to local primary Schools on themes such as Black History Month.

We have provided several school venues and support services to the Royal National Children’s Springboard Foundation, a charity that works with children from underprivileged backgrounds, and have been the tester School for their in-School interview process to be trialled. We also hosted a Pantomime in December 2024, which benefited over 300 pupils from three local Schools.

There are now 45 L6 pupils involved in the Community Action programme on a weekly basis, volunteering in a range of different community projects including providing gardening Services for the Etwal Alms Houses and St Wystan’s churchyard. The sustainability team have expanded their provision to include a Repton Vinted shop and allotment. A new initiative this year has been developing provision of Sport to Repton Primary School, solely planned and led by members of the L6th. Ten Repton Pupils volunteer every week at Derby Hospital as part of the Derbyshire Hospital mealtime volunteers programme, a programme which the School has been committed to for a number of years.

In collaboration with the Royal National Children’s Springboard Foundation and through own transformational bursary programme, we continue to have a number of pupils on transformational bursaries, 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

Page 7

REPTON SCHOOL

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

We are in the implantation phase for the LED replacement fittings project, 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. This was achieved by granting bursaries and scholarship to 475 Pupils, several of whom receive 100% remissions, totalling £4,227,744 (2023: £3,766,700).

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

£24,877,591 (2023: £23,254,701) was generated in gross fee income. £5,054,461 (2023: £4,396,239) was granted in respect of bursaries and scholarships. Income exceeded expenditure on charitable activities by £395,083 (2023: £755,750). In addition to this, £755,306 was also donated to the Repton School Trust relating to the 2023/24 School surplus (2023: £1,648,475).

The Governors estimate that the attendance of 630 pupils at the School saved the public approximately £4.7 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 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.

Page 8

REPTON SCHOOL

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Legal status

Repton 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. The School was founded on the death of Sir John Port in 1557.

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 term 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 senior school for pupils aged 12 to 19 years and operates from land and buildings owned by Repton School Trust.

The day to day management of the school is delegated to the Headmaster (Chief Executive Officer) 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 ten 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:

Page 9

REPTON SCHOOL

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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. They include:

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 BSc (Hons) FCA E M Shires BA (Hons) FCA

Date: 20 March 2025

Page 10

REPTON SCHOOL

(A company limited by guarantee)

STATEMENT OF GOVERNORS' RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024

The Governors (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Governors' 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 Governors to prepare financial statements for each financial year. 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 11

REPTON SCHOOL

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF REPTON SCHOOL

Opinion

We have audited the financial statements of Repton School (the 'charity') for the year ended 31 August 2024 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 Auditor's 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 Auditor's 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 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.

Page 12

REPTON SCHOOL

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF REPTON SCHOOL (CONTINUED)

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

Responsibilities of trustees

As explained more fully in the 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.

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 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 13

REPTON SCHOOL

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF REPTON 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 the Companies Act 2006. Audit procedures performed by the engagement team included:

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our 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 Ltd Statutory Auditors Chartered Accountants The Mills Canal Street Derby DE1 2RJ

22 May 2025

Page 14

REPTON SCHOOL

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024

Note
Income from:
Donations and legacies
2
Charitable activities
3
Investments
Total income
Expenditure on:
Charitable activities
4
Donation to Repton School Trust
Total expenditure
Net income/(expenditure)
Transfers between funds
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2024
£
500,000
-
722
500,722
-
-
-
500,722
(500,000)
722
49,932
722
50,654		 Unrestricted
funds
2024
£
-
20,495,786
125,357
20,621,143
20,726,782
755,306
21,482,088
(860,945)
500,000
(360,945)
855,306
(360,945)
494,361		 Total
funds
2024
£
500,000
20,495,786
126,079
21,121,865
20,726,782
755,306
21,482,088
(360,223)
-
(360,223)
905,238
(360,223)
545,015		 Total
funds
2023
£
-
19,450,340
23,042
19,473,382
18,717,632
1,648,475
20,366,107
(892,725)
-
(892,725)
1,797,963
(892,725)
905,238

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

The notes on pages 17 to 29 form part of these financial statements.

Page 15

REPTON SCHOOL (A company limited by guarantee) REGISTERED NUMBER: 04390219

BALANCE SHEET AS AT 31 AUGUST 2024

Note
Fixed assets
Tangible assets
8
Current assets
Stocks
Debtors
9
Cash at bank and in hand
Creditors: amounts falling due within one
year
10
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
11
Provisions for liabilities
12
Total net assets
Charity funds
Restricted funds
13
Unrestricted funds
13
Total funds		 48,386
3,382,725
11,027,144
14,458,255
(12,607,667)		 2024
£
2,018,374
2,018,374
1,850,588
3,868,962
(3,323,947)
-
545,015
50,654
494,361
545,015		 47,758
3,824,522
7,100,026
10,972,306
(9,250,481)		 2023
£
298,554
298,554
1,721,825
2,020,379
(995,141)
(120,000)
905,238
49,932
855,306
905,238

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 were approved and authorised for issue by the Governors 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 17 to 29 form part of these financial statements.

Page 16

REPTON SCHOOL

(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.

Repton 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 not 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 recognised and 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 17

REPTON SCHOOL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1. Accounting policies (continued)

1.4 Expenditure (continued)

Governance costs comprise the cost of running the School, including external audit, any legal advice, and all the 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:

Freehold property - 2% to 10% on cost
Motor vehicles - 20% on cost
Teaching equipment - 20% on cost
Office equipment - 5 to 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 18

REPTON SCHOOL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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 donations and legacies

Restricted Total Total
funds funds funds
2024 2024 2023
£ £ £
Donation for capital projects 500,000 500,000 -

Page 19

(A company limited by guarantee)

REPTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

3. Income from charitable activities

Unrestricted
funds
2024
£
School fees receivable
19,823,130
Other educational and ancillary activities
672,656
Total 2024
20,495,786
Total 2023
19,450,340
School fees receivable
Gross fees
Less: Total remissions, scholarships, exhibitions and bursaries		 Total
funds
2024
£
19,823,130
672,656
20,495,786
19,450,340
2024
£
24,877,591
(5,054,461)
19,823,130		 Total
funds
2023
£
18,858,462
591,878
19,450,340
2023
£
23,254,701
(4,396,239)
18,858,462

4. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2024
£
Teaching
10,335,201
Welfare
5,163,871
Premises
2,988,202
Support and governance
2,239,508
20,726,782
Total 2023
18,717,632		 Total
2024
£
10,335,201
5,163,871
2,988,202
2,239,508
20,726,782
18,717,632		 Total
2023
£
9,338,599
4,459,110
2,766,164
2,153,759
18,717,632

Page 20

(A company limited by guarantee)

REPTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

4. Analysis of expenditure on charitable activities (continued)

Summary by expenditure type

Teaching
Welfare
Premises
Support and governance
Total 2023		 Staff costs
2024
Depreciation
2024
£
£
8,946,538
-
2,148,698
-
520,538
84,665
1,180,106
-
12,795,880
84,665
11,490,270
32,909		 Other costs
2024
£
1,388,663
3,015,173
2,382,999
1,059,402
7,846,237
7,194,453		 Total
2024
£
10,335,201
5,163,871
2,988,202
2,239,508
20,726,782
18,717,632		 Total
2023
£
9,338,599
4,459,110
2,766,164
2,153,759
18,717,632

5. Governance costs

Governance costs included in support costs:
Auditors' remuneration
Auditors' non-audit costs
Legal and professional fees		 2024
£
11,340
6,960
298,249
316,549		 2023
£
11,160
6,840
316,355
334,355

6. Staff costs

Wages and salaries
Social security costs
Contribution to pension schemes		 2024
£
10,228,232
968,537
1,599,111
12,795,880		 2023
£
9,245,340
817,423
1,427,507
11,490,270

Wages and salaries includes redundancy and termination payments totalling £105,966 (2023: £10,000), which were fully paid during the year.

Page 21

(A company limited by guarantee)

REPTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

6. Staff costs (continued)

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

Teaching
Assistants, domestic, catering and administration
Senior management		 2024
100
291
11
402		 2023
100
265
13
378

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

2024 2023
In the band £60,001 - £70,000 28 21
In the band £70,001 - £80,000 10 8
In the band £80,001 - £90,000 1 3
In the band £90,001 - £100,000 2 1
In the band £100,001 - £110,000 1 -
In the band £170,001 - £180,000 - 1
In the band £190,001 - £200,000 1 -

The aggregate remuneration and benefits received by key management personnel was £1,500,754 (2023: £1,309,889).

7. Governors' remuneration and expenses

During the year, no Governors received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 August 2024, £5,982 travel expenses were reimbursed to five Governors. (2023 - £80)

Page 22

REPTON SCHOOL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

8. Tangible fixed assets

Freehold
property
£
Cost
At 1 September 2023
-
Additions
586,716
At 31 August 2024
586,716
Depreciation
At 1 September 2023
-
Charge for the year
-
At 31 August 2024
-
Net book value
At 31 August 2024
586,716
At 31 August 2023
-
Debtors
Fee debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Motor
vehicles
£
476,142
122,228
598,370
415,773
23,277
439,050
159,320
60,369		 Teaching
equipment
£
159,051
627,261
786,312
145,060
2,798
147,858
638,454
13,991		 Office
equipment
£
973,429
468,279
1,441,708
749,235
58,589
807,824
633,884
224,194
2024
£
2,122,471
991,184
19,314
249,756
3,382,725		 Total
£
1,608,622
1,804,484
3,413,106
1,310,068
84,664
1,394,732
2,018,374
298,554
2023
£
2,250,230
1,284,980
21,981
267,331
3,824,522

9. Debtors

Page 23

(A company limited by guarantee)

REPTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

10. Creditors: Amounts falling due within one year

Refundable deposits
Trade creditors
Deferred income
Amounts owed to group undertakings
Other taxation and social security
Hire purchase contracts
Other creditors
Accrued expenses
Deferred income at 1 September 2023
Resources deferred during the year
Amounts released from previous periods
Deferred income at 31 August 2023		 2024
£
261,902
1,000,849
6,231,459
1,559,781
244,752
4,942
3,037,884
266,098
12,607,667
2024
£
6,804,467
6,231,459
(6,804,467)
6,231,459		 2023
£
217,450
956,620
6,717,876
-
224,362
5,263
914,390
214,520
9,250,481
2023
£
6,435,558
6,804,467
(6,435,558)
6,804,467

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

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

Refundable deposits
Hire purchase contracts
Other creditors		 2024
£
908,231
-
2,415,716
3,323,947		 2023
£
990,603
4,538
-
995,141

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

No interest is due on this balance.

Page 24

(A company limited by guarantee)

REPTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

12. Provisions

At 1 September 2023
Amounts used		 Provisions
£
120,000
(120,000)
-

Provisions relate to claims that have been brought against the school.

13. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Expendable funds for donation
General funds
General reserve
Total Unrestricted funds
Restricted funds
Andrew Fraser Trust
George Philip travel award
Works of Art
Pugh-Thomas GAP fund
Ernest L. Rothenthal bequest
Clowes Textiles prize
Capital projects		 Balance at 1
September
2023
£
755,306
100,000
855,306
14,799
17,031
9,651
3,547
4,479
425
-
49,932		 Income
£
-
20,621,143
20,621,143
248
141
52
216
65
-
500,000
500,722		 Expenditure
£
(755,306)
(20,726,782)
(21,482,088)
-
-
-
-
-
-
-
-		 Transfers
in/out
£
-
500,000
500,000
-
-
-
-
-
-
(500,000)
(500,000)		 Balance at
31 August
2024
£
-
494,361
494,361
15,047
17,172
9,703
3,763
4,544
425
-
50,654

Page 25

(A company limited by guarantee)

REPTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

13. Statement of funds (continued)

Total of funds 905,238 21,121,865 (21,482,088) (21,482,088) - 545,015
Statement of funds - prior year
Balance at Balance at
1 September Transfers 31 August
2022 Income Expenditure in/out 2023
£ £ £ £ £
Unrestricted funds
Designated funds
Expendable funds for donation 1,648,475 - (1,648,475) 755,306 755,306
General funds
General reserve 100,000 19,472,938 (18,717,632) (755,306) 100,000
Total Unrestricted funds 1,748,475 19,472,938 (20,366,107) - 855,306
Restricted funds
Andrew Fraser Trust 14,666 133 - - 14,799
George Philip travel award 16,878 153 - - 17,031
Works of Art 9,565 86 - - 9,651
Pugh-Thomas GAP fund 3,515 32 - - 3,547
Ernest L. Rothenthal bequest 4,439 40 - - 4,479
Clowes Textiles prize 425 - - - 425
49,488 444 - - 49,932
Total of funds 1,797,963 19,473,382 (20,366,107) - 905,238

Capital projects

The income relates to restricted donations received by the group for the refurbishment of the DT workshop and costs associated with a digital classroom and the Orchard common room. Following completion of the capital works, the value of the restricted tangible fixed assets held for general purposes was transferred to unrestricted funds.

Page 26

(A company limited by guarantee)

REPTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

14. Summary of funds

Summary of funds - current year

Designated funds
General funds
Restricted funds		 Balance at 1
September
2023
£
755,306
100,000
49,932
905,238
Balance at
1 September
2022
£
1,648,475
100,000
49,488
1,797,963		 Income
£
-
20,621,143
500,722
21,121,865
Income
£
-
19,472,938
444
19,473,382		 Expenditure
£
(755,306)
(20,726,782)
-
(21,482,088)
Expenditure
£
(1,648,475)
(18,717,632)
-
(20,366,107)		 Transfers
in/out
£
-
500,000
(500,000)
-
Transfers
in/out
£
755,306
(755,306)
-
-		 Balance at
31 August
2024
£
-
494,361
50,654
545,015
Balance at
31 August
2023
£
755,306
100,000
49,932
Summary of funds - prior year
Designated funds
General funds
Restricted funds
905,238

15. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
-
2,018,374
50,654
14,407,601
-
(12,607,667)
-
(3,323,947)
50,654
494,361		 Total
funds
2024
£
2,018,374
14,458,255
(12,607,667)
(3,323,947)
545,015

Page 27

(A company limited by guarantee)

REPTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

15. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
Total		 Restricted
funds
2023
£
-
49,932
-
-
-
49,932		 Unrestricted
funds
2023
£
298,554
10,922,374
(9,250,481)
(995,141)
(120,000)
855,306		 Total
funds
2023
£
298,554
10,972,306
(9,250,481)
(995,141)
(120,000)
905,238

16. Pension commitments

A group defined contribution pension scheme is operated which non-teaching staff are eligible to join. The total cost to the School was £291,033 (2023 - £285,881), which represents the contributions made by the School during the year.

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 £1,308,078 (2023 - £1,141,626). At the year-end £157,411 (2023 - £132,266) 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 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.

Page 28

REPTON SCHOOL

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

16. Pension commitments (continued)

The key elements of the valuation and subsequent consultation are:

The TPS valuation for 2020 determined an employer rate of 28.68%, which was payable from 1 April 2024.

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

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

17. 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.

18. 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 2024.

19. 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 the Registrar of Companies, Companies House, Crown Way, Cardiff, CF4 3UZ.

20. Contingent liabilities

The School 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).

Page 29