Company Registration No.. 1163246
Re9lstered Charity No: 271907
RUSSELL SCHOOL TRUST
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND FINANCIAL STATEMENTS
31 AUGUST 2023
'ACZVBLYH*
2810312024
c￿￿PANIEs H(JJSE
254

ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
CONTENTS
Page
Govemor
Direclots and Cha
Trustees
Officers Advisors and Website
Histo
of the School
Directo
Slral
icRe
10
Financial Review
11-14
Slalemen
fA
nti
arKI Re
Res
onsibilities
15
Inde
endenl Auditor's Re
ort
16-18
Consolidated Statement of Financial ActNities
19
Consolidated Balance Sheet
20
School Balance Sheel
21
Consolidated Cash Fliwi Statement
22-23
Notes lo the Consolidated Fina￿la1 Ststements
24-35
Page 1 of 34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2023
GOVERNORS, DIRECTORS. AND CHARrtY TRUSTEES
The GovemcKs of Russell SchcM)l Trust 1.the Schoot.) a￿ trustees under charity law and the directors of the
charitable company. The members of the Governiry Body who served in office during the year are detailed
below.
GoVer1￿r
(f )
(2)
Professor A M Ansari+ BA, MA, Pho. FRSE
Ms O Bedell Pearce MA IOxon}
Appoinled Decernber 2022
Mr N Cobill BA, PGDip (Lawl
Mr P Dawson ACMA
Mrs M Grant MCIPD
Aprrt)inte(l D￿nb￿r 2022
Mrs C Halliday BA (Honsl QTS
Apwynted Odoter 2022
O¢xtor A T Femandes- MBE. FRCGP, Bsc. AKC. MBBS.
ORCOG, CCCH
Mrs L J Jèssup- ACI8
Mr J Lacey+ BA (Honsl. 8TP. MRTPI
Mr A Loiie+-
Ilr A Mefr#nan BA. FCA
The Hon Sir Philip Moor Kl.. PAA IOxon}
Mr J Penny- FSI. FCIB
Mrs N Rabscm)
Mr A Roach-BOw￿f Bsc {Honsl. LL8 (Honsl. FRICS, FCIHT,
MrsJ Smith MA. MEd
Mrs S Thompson
Ap￿Int￿rt OécÈm￿r 2022
Finance and Estates Committee
Education and Welfare Committee
Strategy. Appointments and Remuneralion Cofflmrtiee
Parent of pupil al the School
Parent of ex%)upills
Alumni of Royal Russell
12}
131
**
During the year, the activities of the Governing 8ody were carried out through three commillees, with
membership of these committees shown above.
Page 2 of 34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2023
OFFICERS
Headmaster
C J Hutchinson Bmet. FRSA
Head of JunK•r Scho
J J Evans BA. MA {CANTAB)
Head of St David's Prep Schts)I
C L Mardell BA(Honsl, PGCE
DI￿¢t01 of OperalionslFinance
& Clerk lo the Governing Board
N W CLthey M8A, Cmgr, FCMI, FRSA
Principal Address and
Registered Office:
Royal Russell Schod, Coombe Lane, Croydon.
CR9 5BX
PROFESSIONAL ADVISORS
Auditors
Crowe U.K. LLP, 2r￿ Floor. 55 Ludgale Hill. Lond￿, EC4M 7JW
Bankers
Barclays Bank plc, 1 Churchill Pla￿, London. E14 5HP
National Westminster Bank Plc, 1* Floor. 440 Strand. London. WC2R OQS
Solicitors
Mts)re Badow LLP. The Orid. Sydenham Road. Guildfc*d. GU1 35R
Website
alrussell.co.uk
Page 3 of 34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2023
The Governors present their AnThJal Rewrt for the year ended 31 August 2023 under the Charities Act 2011.
ineorporaling the Directors, antj strateg￿ Repcffts under the Compan*s Act 2006. Icylher with the audrted
financial slalements for the year.
HISTORY OF THE SCHOOL
The School was founded as a charity in 1853 for the education of children of ne¢essilous warehousemen and
clerks. Lord John Russell consented to be the first PfesKlenl of the new School and in 1863 Edward, Prince
of Wales, laid the Foundation stone of the Russell Hill School. Purfey. The School was dependent upon
subscriptions from the Warehousemen and Clerks. bul il was also supported by rnany important commerclal
firms.. Debenhams, Bentall, Courtauld. Marshall, Snelgrove. Lewis. Seffridges and Simpson are just a few.
The School al Purley flourished,. however, post 1918 the demand for further tAaces from war orphans led to
the purchase of the 8allards E51ate in Addinglon. In a truly magnanimous gesture Mr Hollingsworth lof Bourne
& Hollingsworthl, made a deed of gift of the whole of the purchase price of £21,IJOO. Work on the new School
started in 1923 and the School was formally opened by HRH Edwar(l. Prin￿ of Wales, in 1924.
During the interwar years both schools continued to bufld on the foundat￿nS laid down in the past,. however,
increasing cost per head and lack of reserves were an increasing concern. The depression of the 1930$ and
Ihe Second World War aggravated the situation sts"Il further. Post war S￿la1 change, particularly the coming
of the Weffare Slate. rnade il increasingly drfficull to raise money for falling numbers of orphans and needy
children. The Schools went through a d[[f￿￿11 transrtion period which ended with the sale of the sile at Russell
Hill and the concentration of both primary and secondary eduCat￿n on the Ballards sile. The new facilities
We￿ formally opened in 1962 by Lord Hollenden. the then President of the School and, the following year, the
School was honoured by a visit from the Queen when the Sch￿1 officially t￿rne Royal Russell Sthool.
In 1973. in financial diffieulties. the decisK)n was made to close Ihe.School, bul parents and staff of the School
set up a eampaign lo fight for the School. This resulted in the fomiation of a new Educational Charity which
wa5 able to lease the premises from the Trust and eventually purchase the freehold in 1992. Slowly. the new
charity turned around the fortunes of the Sthod and in 2LK13 Her Majesty Queen Elizabeth, the School's
Patron, visited the School to mark ils Sesquicenlenary. her fourth visit lo the School. In December 2010 the
School was delighled lo welcome her son. the Earl of Wessex, lo open the Perforrning Arts Cenlre.
Ift 2017 the Schod opened the first of two new daylboarding h(KJses. with the delivery of Oxfordlcambridge
House, a home for up to 85 ￿Y boarding studenls, which alongside their day student companions, provides a
total sludenl populaliw of almosl 200 students and the staff accommodation needed lo care those students.
Following Ihe success of the development of Oxlor<ilCambridge House. the Schocj began work to develop
mirror-irnage building for the 85 girls in Queen'slHollenden House, with that building opening in 2020 as a
home for the t*Jarding and day pupils. a new Health and Wellbeing Centre. and staff aeeommodalion.
Alongside the development of the boarding and day houses, it was recogni5ed that the school needed more
modern facilities for the sciences, and so developed an extension lo the existing Sc￿nce block. which was
delivered during the Covid-19 pandem￿, providiThJ modem saence facili(ies with which lo support growing
pupil numbers.
This year we have seen the conceptual development of the new home for the Junior Schod, with fvnding in-
ace and architectural ￿anS developed to an advanced slage. which. subject lo the grant of planning
permission, will ¢Jeliver a completely new Junior School building for the 2026127 academK year.
Page 4 of 34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2023
DIRECTORS. REPORT
STRUCTURE. GOVERNANCE AND MANAGEMEKr
Governing Documents
The School 15 governed by Memorandum of AssociatK)n an¢Y Articles of Association, last amended on 27
November 1998. The School is constiluled as a company limite(J by guarantee registered in England. Company
No 1163246, and is registered with the Charity Commission under Charrty No 271￿7.
Governance Code
Trustees are aware of the Charity Governance Code published in 2017 whieh sets out the principles and
recommen¢Jed practice lof good governance within the sector. The Charity continually reviews its governance
arrangements against Ihe prinaples within the eode and s￿11 address any Iss￿$ raised where required.
Goveming Body
The Board is a sdf-appointsng body 9)veming the Schod. The Board of Governots is appointed by the
mernbers. Governors are elected for a term of three years expiring al the Annual General Meeting after the
third anniversary of election and are eligible for re-eleclKJn every Ihree years Ihereafter. No Governor may be
re-elected lo serve beyorKI the expiry of the term following their 701h birthday. An extension may be granted in
exceptional circumstances to retain experience for a period and this extens¥)n is lo be approved at the Annual
General Meeting when the Governor would have retired.
Recrnltment and Trainlng of Governors
The names of suilable candidates are normally subfflitted by existing Governors or members of the School's
Leadership Team lo the Chair of the Board, allhwgh Ihe School has advertised for Governors in the past.
New candidates I¢￿r the School. meet wth ils Officers, arKJ are interviewed by the Strategy, Appoinlments and
Remuneration Committee. If reComme￿Ie￿. their name wes fLYward to the Board for CC￿SideratiOn.
New Governors are supported in their role by the provision of an information pack and meetings with the
Headmaster. Director of Operations & Finance an¢Y School Leadership Team. In their fir51 year. new Governors
allend meetings of both Ihe Education and Welfare Committee and Finance and Estates Committee to broaden
their understanding of the School. New Govemors attend specialist exlemal Iruslee training courses on the
role and responsibilities ol tharity trustees.
All Governors undertake regular training ¢Yesuned to keep them informed and updated on regulatory
requirements and current issues in the sector.
Organisational Management
The mernbers of the Governing Body. as the charity trustees. are legally responsible for the overall
management and control of the School. Govemors normalty meet at least three times a ye¥. The Siralegy,
Appointments and Remuneration Committee sels the School's long-term strategy. over5ee5 recruitment of
GOverr￿r5 arbd members of the School Leadership Team. and makes recommendations on the remuneration
of members of the School Management Team and any staff pay awards. Members of the Finance and Eslales
Committee and the Education and Welfare Committee monitor implemenlalion of the Board's policies and
make recommendations lo the Board on matters within their respectNe areas of responsibility.
Page 5 of 34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2023
Chairs of SU￿CommIttee$.
Strategy. Appointments and Remuneralion Committee
Finance and Eslales Committee
Education and Werfare Committee
Mr J Penny
Mr J Lacey
Dr A Femandes
The day-to-day management of the SchLhJl is delegated lo the respeclwe Heads of each part of the School
and the Direclor of Operations & Finance. They are supported by their management teams and together this
group are the key management personnel. 80th Headmasters and the Difeclor of Operations & Finance allend
all GOver￿r meeling$.
Staff remuneration is sel by the Board. with the polw objective of providing appropriate incentives lo
eneourage enhanced performance and of rewarding. fairty and responsibty, indivmlual contributions to the
School's success. In setb'ng remuneralDn levels. reference is made to eomparisons with other independent
schools arml other benchmarking data lo ensure the Sthool remains sensitsve to the broader tssues of pay ar
employment conditions elsewhere.
Group StruGture and Relationships
The Sehod has tsvo wholly owned non-charilable subsidiaries_. Russell Schoot Enterprise5 Limited and Russell
School International Limited. whose activities and trading perfOrrnan￿ are discussed in the relevant sections
of this report. The annual taxable profits of both subsidiaries are donated to the School under the Grft Aid
scheme.
In December 2022 the School successfully ft)erged wrth Sl David's School. Purtey, as part of a lon9-lerm
strategy of dwersificalion and growth. The merger was part of a mulually agreed approach belween the Board
of Russell School Trust and the Board of St David's School, Purley. wilh three members of the retiring Si
David'5 School. Purley Board joining the Russell School Trusl Board (Mrs Thompson. Mrs Bedell-Pearce, and
Mr5 Grant}. Post-merger, the Head of Sl David's School now reports to the Headmaster of Royal Russell
School. with a joint Board of Governors for Russell scho￿ Trust.
Employment Policy
The School is an equal opporbJnilies employer. Full and faw consideration is given lo job applications from
disabled persons and due consideration is given to their training and employrnenl needs. Consullalion with
employees. or their representatives. has continued at all levels with the aim of taking the views of employees
into account when decisions are made that are likety lo affect thew interests. Employees are made aware of
the financial and economic performance of the School.
Investment Policy and Perfornwhce
The School aims lo maximise rtS total investment retum for reinvestment in its ongoing development plans. All
surplus monies are held in an inleresl-bearing account with Barclays Bank, Nalwest or Nationwide. Every
effort is made lo relain the maximum amount on deposit fcK as long as possi￿e.
OBJECTS, AIMS. OBJECTIVES AND ACTIVITIES
The objects of the Charity. as sel out in the Memorandum of Associalion. are lo promote and provide for the
advancement of eduealion of children and young persons in the United Kingdom and elsewhere. In furtherance
of these Objects for the publ￿ benefit the Schod has estslJished and administers a programme of bursarial
awards.
Page 6 of 34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2023
The Governing Body is mindful of Ihe long-standing need lo provide pvblic benefil and of the requirements of
the Charities Act 2011 in this connection. the Goveming Body has monilored closely the gUIdar￿ on public
benefit produced by the Charity Commisgon.
Vlslon and Values
Royal Russell is different by des￿n. We are a family school which values the things which make each of us
distinctively brilliant. Our commitment to each other is lo help every member of our community 5tn.ve for their
vision of success- to lake a wder v*w of what their personal ambIt￿n$ are.
Our value5 Speak lo who we are and who we strive to be.. Whe1￿ you are a pupil. leather. staff member,
alumni or volunteer. values help lo guide us in our leamir*J together and also as we navigate our way
through lrfe.
Our Vision
Inspiring a life of learning as the family school of cho￿.
Our Values
Ambitious
We are passionate learners who pursue excellence in all that we do. Through our broad curriculuffl and co-
currieular programme. we are ambitious foi Lwrselves and recognise the rewards of effort. collat)oralion. and
commitment.
Open
The school'5 motto is 'Not for oneself bul for all.. In our industve community, we believe in ourselves and
celebrate the dtfferences in each other. recognising the value of honesty, integrity. and respect for everyone.
Distinctive
We value originality, aulhenlicity, and Contribution lo our community as a whole. We nurture pupils, intelleelual,
social, cultural. and moral devdopmenl, so that they can confidently contribule lo their world using their unique
skill set.
Courageous
We emphasise that the T￿h1 thing to do isn't a￿vayS the easiest thing lo do and promote spiritual and rnoral
values through Christian principle5. We enctsJrage pu￿1$ to challenge Ihemselves and exh other to do good,.
becoming strong global citizen5.
Principal activity
The School's principal aelwity. as specified in the Memorandum of Association, is lo promote and provide for
the advancement of education of d)ildren. During the year. it has conlinue(J ils efforts to improve academic
standards and provide a hKJh-quality edUcat￿n for both girls and tws. bul one balanced by the needs and the
ability of the individual and one that contains a rich and varied c0-curr￿Lar programme. The School remains
committed to monitoring the vaue added in lerms of education to get the best from its pupils.
In setting objectives and planning our activities the Govemors have consKlered the Charity Commission
general guidance on public benefit and remain committed to maintaining the current level of assistance lo
broaden access to education.
Our key obieclives for the year included..
continuing to fwjs on maintaining pupil numbers
conlinuing to focu5 bursarie5 on entry to Year 7 and Year 9 to encourage applications from those who
would not necessarily cortsidef an independent education
Page 7 of 34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2023
onlinuing the current strategy lo strengthen the School's posilion in a competilive market by
endeavouring lo ensure that each pupil achieves the best results possible
providing individual leaming programmes to all GCSE and A level candidales
plan for the nexl stage of the school developmenl plan. Ihe rebuild of the iunKY school
implemenlalion of a "￿ended leaming" slralegy
PUBLIC BENEFIT
8ursarios
The Governors remain committed lo mainlainin9 the ￿Ve1 offunding made available for i￿rsaT￿$. Al bursaries
are means lesled and the emphasis remains on bursaries lor new pupils joining the Senior School. Bursaries
are awarded lo help ensure children from families who would otherwise nol be a￿￿e lo afford the fees can
aceess the edu￿tiOn we offer. Our bursary awards are available to all who meet our entry requirements and
are made solely based on parental means. or to ￿lieve hardship where a pupil's education and prospects
would otherwise be al risk. for example in the case of parental Illness or redundancy. The bursary awards
range In value and a￿ means lesled. In assessing means we lake several factors into consideration, including
family income, inveslmenls and savings. and family circumstances.
The School has no endowment funds. and all bursaries are funded by redirecting fee income. We have,
therefore, to be mindful that we ensu￿ a balance bewn fee paying parents, many of whom make
considerable personal sacrifice lo fund their child's educat￿n. and those benefiting from the awards. This year
the total of scholarships and bursaries was £2.040,86812022.. £1.984.512). 64 pupils in 2023174 in 20221
wefe in receipt of a bursary and the total allocated lo bursaries in 2023 was £674.61712022." £692,496). There
wefe eight pupils in the Schod whose lees wète being mvl iri lull, diid another thrce sthoro the f99 remissinn,
induding scholarships. is more than 90%.
Information on fee assislance through bursaries is provwjed to all applying to the School and the infomation
is on the S¢hool'5 website.
Advertisements for the SchLKJI also Carry information on the availability of
bursaries.
Working in the Community
We take our responsibilities as a member of the Croydon community seriously and play an active role in
supporting a wide range of ILKal activities. either by personal representslion. use of facilities or bolh. Some
examples of these aclwitEes are described bdow.
Our Combined Cadet Force offers the opwrtunty to Join the Royal Russell School CCF lo Coloma Convent
Girls. School and lo share the School's facilit￿ and 51aff. Students from C(Aorn8 part￿ipate throughout the
year in the national￿ recognised framework for LK)Ih the Amiy Cadet Force and the Air Cadet
Organisalion. They also participale in weekend and holiday leadership courses and aclNity camps.
Throughout the season. Addiscombe HLxkey Club use our faalities to run thetr academy for beginners lo
experienced players aged 7 to 13 involving pupils from our School and Iheir club members. We work with
SLfrrey County Cricket Club offering facilities for their able-bod*d junw)rs and both adults and juniors with
aceessible needs.
Each year we facilitate meetings for the Croydon Neighb￿rhoOd Watch organisalion. We hosted Ihe Croydon
Neighbourhood Watch 2022 AGM and lunch. which was attended by the Neighbourhood Watch c¢)-ordinalors
within the Borough, Local Council Officials. and rewesentalives from Police Services.
Our swimming facilities are available lo local slate schods throughout the year for swimming lessons and to
prepare competitors for swimming galas. We have also offered l¢xal community groups the use of the pool
facilities for sponsored swims_ We also support the Restless Development Triathlon. which 15 hosted annually
by the School and supported by staff and students in aid of the natK)nal charity.
Page 8 of 34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2023
Facilities are used by the Croydon Perfom)ing Arts FestNal, and we are lo have SUPF*Yted the summer
event for Croydon Medical Assctiation held in The PavilK)n.
Throughout the year. we supported the Melropditsn Pdice Croydon Volunteer Police Cadets and we have
also provided beneficial use to the British Transport Police Dog section for Iraining new police dogs. We also
assisted with the British Transport Pdice Ropes Team lo facilitate their Iraining. We also hosted a Melropolilan
Police initiative along with Netball England. 'Beyond Ihe Court., to farylilate ywng women and young girls from
the wKler community lo I￿k al netball as a vehide for pJsrtNe change.
We supported the Melropolilan Police Croydon Volunteer Polti Cadets, the Melropdilan Police Youth
Engagement Team. anil a local Scout Group with the use of the School minibus throughout the year.
We hosted and sF<Jnsored a Borough-wide competition for young people this year. The School hosts 4-5
meetings a year for the Youth Organisalions in Unrform IYOUI, London Borough of Croydon. which allows
youth organisalions lo shwe resources and exchange g)od practti.
Our facililies were used at various limes during the year by the Surrey Wing Air Training Corps thereby
ellsuring members across the County attend ¥auaL￿e Iraining sessions.
Croydon Young Driver was supported with the use of our facilit￿S to ellable young people age¢Y between 15
and 24 years lo learn bas￿ car control. manoeuvring around a specially desKJned course and awareness of
the dangers of drug, alcohol and mobile phone use while drwing, or as a passenger, of a vehicle.
The Spanish Government use the facditw to develop Spanish among young nat￿nal$ INing in the local
community. hosting fvlice-wee￿Y language lessons.
Fund Raising
Pupils and staff enthusia5lieally part￿pate in arHI promote numerous chwtable events lo raise money for
people less fortunate than themselves_ Junior School fundraising induded a variety of g¢y)d causes such as
Jeans for Genes. Restless Development. British Dyslexia As50cialion. Croydon Food Bank and the Children's
Book Project. The Senior School continued to raise money for several local and overseas charities including
Cancef Research, Shelter, Crisis. and the MS Society. As a whole school event, six charities we supported
as part of the Vanguard Way Challenge event - Papyrus, Reedham Children's Trust, the climbing wall in
remembrance of Nick Smith la long-slandiThJ employee and vdunleer for Royal Russell who sadly passed
away in 2022). Demelza. Guide Dogs lor the 81ind arKI Teenage Cancer Trust.
Fund Raising for the Charity
Most of the School's income is from Sch(￿ fees and other aSs￿lated income. Russell School Trust has not
engaged wlh third parties to raise furKSs and any direct approach to members of the public for funding has
been limited lo parents of pupils and alumni. No complaints were received in re￿lIOn lo our fundraising
aclivilies.
International Involvement
Inlemalionally, the School has rnainlained rts commTtmenl lo the Model Untted Nations, Al the 40th THIMUN
Affilialed Conference, hosted by the School in October 2022. we welcomed over 555 students, including 87
from Royal Russell. 33 sCho￿S attended with delegations from the UK. Europe, and the USA. Royal Russell
pupils organised and participated in a stunningly successful event with 10 commillees. an International Court
of Justice. and a day of debating in the General Assembly.
Page 9 of 34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2023
STRATEGIC REPORT
ACHIEVEMENTS AND PERFORMANCE
Revlew of achievements and perforniance for the year
Royal Russell School principally provides educat￿n for day pupils in the Croydon area with a calchmenl area
extending into South London and across lo Wim1￿edOn arbj 8romley. I￿1 it also has a signfficant boarding
community with pupils drawn from over tsventy different countrEs.
The average number of pupils during the year vrd5 1.185 (2022.. 1,1431 of whom 178 {2022.'1831 were
boarders.
Si David's School principally wovides education day pupib in Ihe Purley area_ The average number of
pupils al St David's Schcol during the year was 146.
Compliancg with SKtion 172{1) of the comp￿18$ Ad 2006
As Directors of the Charity. all Govemors understarKI their duty to comply with Section 172(1), part5 a-f of the
Cornpanies Act 2006_ In doing this Governors are aware that they consider. in gcod faith. that they should
promote the success of the School for the benefil of rts long-lerm objectives, and in doing so have regard
{among5t other matter5110'.
al the likely consequences of any deasion in the long temi,
bl the Interests of siudenis and employees.
cl the need to foster good business relationships wlh suppliers and customers, and others.
dl the impact of the Schod's operations on the community and the environment,
el the desirabilily of the School in maintaining a retxjlats.on for high standards of business conduct.
Q the need lo act fairly in all aspects of ils ongKJing operations.
Governors consider relationships with all aspects of the communbty and have regard lo Ihe need lo foster the
School's interests vAlh parents. pupils. Sup￿lerS, and other customers. and understand that the effect of good
relationships are guided by the principal decisions taken by Govemors and the School Executive during the
finÈneial year. Relationships are made though effective communicatson wlh the vanous stakeholders,
including regular feedback and the opportunity to meet and talk wrth members of the School Leadership Team
as needed. Regular communications are published wee￿Y aThJ shared wth parents and pupils, as well as
regular and transparent feedback lo suptAiers.
ISI Inspection- September 2022
In September 2022 we were visited by a team of ISI Inspectors to carry out an integrated inspection, which
covered compliar￿. Educational Quality, and a request to chaftge pupil numbers by an additional 100 to 1250.
The School wa5 found lo be eX￿lIent and compliant in all areas. and the increase in J)upil numbers was
granted.
Academic Achièvements
GCSE Results 2023
123 candidates sat for a tola of 1125 GCSE awards this year. There were some oulstanding individual
performances across the whole group and our lop candidales achieved al least 9 grade 9s. 48.5°kn of grades
awarded were al grade 9, 8, 7 {A"IA)- There was much reporting in the nalbonal media of a retLtrn lo pre-
pandemic grading standards and this is evident in the overall results.
Page 10 of34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2023
A level Results 2023
116 ¢andKlales were enlered for 362 A levels and Level 3 BTEC National qualrficatKmS Ihis summer. The
overall results were very slroro and show very dose al￿nment with our predicted grades. The headline slalislic
of 46.7% A"IA grades reflecled the eff¢yts and erKleavours of pupils and staff and of the sUPWt from Royal
Russell families.
University College London was the mosl popular destination. wlh 10 students accepting offers.
5 accepted at Warwick. 4 al Loughborough and 3 at Noltingham. Southamplon, and Surrey.
Courses ranged from Architecture and Actuarial sc￿nCe through to Economics (7 students). Law {4 sludenls}.
Mechanical Engineering 13 students). Polities and International Relations {7 sludenl$} and Psychology 14
sludentsl. Addits'onally, fNe pupils from this Year 13 cohort started on their Sport Scholarship programmes at
US Universit￿S and anolher student se(#Jred an apprenticeship at KPMG.
FINANCIAL REVIEW
Streamlined Energy and Carbon Reporting
The Streamlined Energy and Cart*)n Reporb"ng disdosure presents our carbon footprint wrthin the United
Kingdom across Scope 1 and Scope 2. some inlemalional travel, waste disposal and water supply & Irealmenl
in Scope 3. an appropriate intensity metnc, total energy use of electriuty. gas and transwrt fuel and an
energy efficiency improvements summary.
Year ended 31 August 2023
Emisglons Source
Quantity
Unft
Carbon Footprint
tonnes of CO2 e
uival•nt
295.6
Scope
Electrici
Gas
Walef Supply & Treatment
Waste Dis
osal
Business Iravd - land
Business travel - air
TOTAL
1,427,374
3,636.036
58.084
820
12,057
197.371
Kwh
Kwh
10.8
17.5
Kwh
38.9
1.030.0
Year ended 31 August 2022
Emissions Source
Quantity
Unit
Carbon Footprint
tonnes of CO,
uivalent
389.9
1.365.3
10.7
12.4
Eleelri
Gas
Water Suppl & Treatment
Waste Dis
osal
Business travel - land
Business travel - air
TOTAL
2,016.439
7.479,433
61,902
583
32,155
37.854
Kwh
Kwh
Kwh
1.792.9
The carbon footprint for the year is 1.029.912022.. 1.792.9} lonnes COZ equivalent. which represenls a ￿rbon
inlensily of 3.4212022." 6.771 lonnes per full lime equivalent employee.
Page 11 of34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2023
Energy Efficiency Impiov•rn?nts
Russell Scho(l Trusl is committed to year￿￿-ye￿ imwovemenls in operational energy eff￿lency and will
include detail of current and fvlure ￿an$ in our Environmentally Sustainable Governance IESGI initiative that
will be launched this year. A regisler of energy efficiency measures has been compiled with a view lo
implemenlalion in the next five years. Ongoing erw efficiency measures already undertaken, and including
those undertaken in this year..
Where possible, we are completing rerdaeemenl of all fluorescent lighting with LED lighting. This will nol
only reduee the energy consumption bul will also reduce long-lerm maintersance requirements.
We have sought to introduce PIR sensors for lighting. which switch lighting off when rooms are not in use.
Wilh healing being a core requirement within our School. as appropriate. new more energy efficient
heating systerns are being installed as part of the estsle Maslerplan. induding a Combined Heal and
Power {CHP) plant for the two new Replacement Residential Sludenl Accommodation IRRSA) buildings.
which incorporates gas turbines for generating electricity from unused power.
The new cascade boiler system installed in the Senior School is more energy effIc￿nI than ils
predecessor, we have also sought lo tKovide more insulalK)n lo the boiler, boiler area and pipework lo
inuease efficiency and heal loss.
All new build projects and major works are tsJill lo a minimum of a good Building ReSe3￿h Establishment
Environmental Assessment Method {8REEAMI raling and passive house options are re9ularly
considered.
The school has moved away from using intemal combustion engine vehides, wrchasing electrically
powered vehides for the catering and estates departments.
We have instslled a waste foc4J bio digester lo dewse the amount of waste food that is disposed of.
Measures under consideration for the future=
We are mandated to comply wrth the Energy Savings Opportunity Scheme IESOS} and a5 such produce
a summary of all available energy efficiency improvements on a four-year cyde. This will be completed
again In line with the 2023 Phase 3 compliance deadline_
Results for the year
The group's nel income for Ihe year from operation5 omounled to £5,258,800 12022.. £1,362.229}. This
included a profit of £574,69012022.. £321.7471 achieved by the School's trading subsidiaries which is donated
to the School.
The group net income was increased this year by a one-off Inon-cash) donalton through Ihe merger wilh St
David's School of £3,130,249. and the revaluation gain of the interest rale instrument purchased from National
Weslminsler of £441,694. Deducting both figures from the group nel income gives a comparator figure of
£1,686,85712022." £1.362.229} as comparator from a historical perspective.
Reserves and Financial Health
The Governors regularly review level of the School's funds. which are managed through a structured
business planning process. It is Govemor policy Ihal fees sh￿jId be sel al levds that allow the School to meet
ils normal operating expendilure and provide a surplu5 for fiJlure investment in improving and expanding the
School's facilities. The School currently has reserves of £26.1m {2022: £20.9rn1. The School had no free
reseTres al the balance sheet dale bul has drawn £6rn on a lerrn loan facility with NatN)nal Weslminsler Bank.
and Ihe ability lo draw further funds as necessary. The first Capital repayment for this loan will be due in the
financial year ending 31 August 2026.
The Governors are satisfied that the resources available to the School are adequate for ils projected
requirements. including the funding of expecled future capital projects.
Page 12of34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2023
RISK MANAGEMENT
The Board of Governors is reswnsible for the rnana9ement of the risks faced by the Schooi. Detailed
consideration of risks is delegated lo the Chair of each sub-commrttee. who are assisted by the Heads and
Director of Opera¢K￿5 & Finance. A formal review of the charbty's risk management wocess is undertaken on
an annual basis.
The key controls used by the charity indude".
detailed terms of reference and formal agendas for all Committee arKJ Board aelrvity-
formal annual strategic development planning..
comprehensive iKJdgeling and management acwinting..
established organisational structures and lines of reporting.,
forrnal written policies induding clear aulhorisats.on and approval levels..
vetting procedures as required by law for the protection of Ihe vulrwable.
Principal risks and uncertainties
The Board of Governors maintains a risk register whth 15 rev￿ed at each of the sulFcommillees and at the
Board Meeting each term. The risk register is a150 reviewed by the School Leadership Team.
The view of Governors remains that the main risk lo the School is financial in nature and would primarily occur
due lo a financial 'shock' lo Ihe Schfy)l. which was assessed as a decrease in the pupil roll. especially in the
boarding communily.
That risk is now assessed by the Board as being extremely likety and highty impactful, and therefore scores
the hwJhesl level of risk on the Risk Register. news that Teachers, Pension Stheme employer
contributions will increase lo 28.68Yo from 123.68%) in April 2024, combined with the threat of VAT on fees
should the Lab￿Jr Party be elected to Government in 2024. alongside the potential loss of Business Rale
Relief are three financial issues that will Slgnrfun￿Y affect" the School. should miltgalory measures not be
introduced in the short-term future
However, for the other major risks idenlrfied. the pyobability of an occurrence has been assessed as low. and
in most cases the impact also assessed as low. This is because the Governors are satisfied appropriate
controls have been pul in place and have been maintained lo manage those risks adequately. The Board
recognises that systems can provide only reasonable but not absolute asS￿rar￿e Ihat major risks have been
managed.
DEVELOPMENT
The Board continues their current strategy to improve the Schwl's position in a competitive maikel by
endeavouring lo ensure that each pupil achyeves lo the best of their ability. The Govemors remain aware of
the nee(J to continue lo invest in educational facilities and maintain the fabric of the School.
The constnJction of a lull-size h(Kkey astro turf pitch a￿1 MU￿1 Use Games Area {MUGAI was completed
uring 2013114 and three. new, full size grass swrts pilches had been established 2nd were ready for use
from September 2015. A wellequipped pavilion and strength and eondilioning facility were added in 2016 10
omplement the sports pitche5 Wrth the help of a generous donation from the School's parents. association,
the 1853 Society.
The School continues lo provide for the long-term propety devdopmenl master plan. Two new residential
sludenl aecommodation buildings were built and opened in 2017 and 2020. The School also built and
completed an extension to the sc*nce blctk in 2020, which ddNered four large laboratories, one smaller
theory classroom and new facilities for staff and students.
Page 13 of 34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2023
Work continues lo devdop the existiro estsle. with a rdling programme of vpgrade and refurbishment, which
is managed over a 5-year period of development. This year we successfully developed a new Food
Technology classroom, two new science laboratories. and renovated the School's Original building. the Aston
Webb {Latessal block.
We continue lo develop plan5 for the demolition of the current Junior &hool and a complete rebuild of this
part of the school campus, which we hope will begin to develop in the latter stages of 2023.
Strategic Priorilios
L•arning
We will ensure that every pupil follow5 a unique leaming journey by offering challenging and engaging
lessons delivered by passionale and dynamic teachers who are experts in their field.
From Nursery lo Sixth Form, our education wll fosler cur￿$￿. Ce￿￿ale scholarship. and enable
discovery. creating confident, independent leamers.
We believe everyone can change and grow through appl￿tiOn and experierte. We will encourage
pupils to develop resilience and make the effort lo strive for their vision of success.
We believe in a total education. We will encourage pupils to extend their leaming beyond the
curriculum through enrichment acts'Vit￿S and cultural experiences.. leaming together in a community that
elebrales individual and collects.ve a¢h￿VeMents.
People
Royal Russell ss deeply committed lo the indNidual wellbeing. care, and development of each member
of our community,. we will help eoch of them lo define what success means to them.
We will encourage all members of ¢)ur ￿Mmunity to live completely. emphasi5ing the imFrf)rtance of
aCadern￿ achievement. self-worth. adaptabilty. and kindness by showng respect for everyone.
We are an inclusive community wh￿h listens and responds lo the needs and concerns of our all of our
members, so Ihal all aspects of diversity in wr community are ernbra￿d, understood and respected. Our
pastoral structures promote moral reS￿nsi1￿11ty. respect. and ￿Urage alongside an understanding of our
School values.
Just as we care deeply for our pupil$. we value our staff and the contribution they make lo the learning
exper￿nCe. We will provide opwrtuniltes for advancement and development by investing in aclivilies which
enhance their skills and support their wellbeing.
Place
The pupil environment contains excellent teaching and leaming spaces and high-quality pastoral and
social facilibes. We wll ensure our learning environment and specialist facilities c£Jnlinue lo provide outstanding
academic, pastoral. and social opportunrties for our pupils across all areas and ages.
We are committed lo environmental sustainability and will share this commitment within our learning
community. only consuming the resources needed to run Ihe campus responsibly. eff￿lentIY, and ethically.
As part of a comprehen5Ne campus maslerplan, we are building an outslanding new Junior School
and progress towards the development of the practul blocks in the Senior Schod.
We will use innovative technology in all areas of school lrfe. embracing new hdeas and thinking wtthout
losing sight of the humanity that binds us together.
Community
We will actively build connections within our Sch(x)I family that reinforce and celebrate all aspects of
our 3 - 18 coeducaltonal journey.
We wll conlirkue lo build posilNe relati￿ShIpS with members of our extended ¢ommunily. including
local Schools. our neighbours and community groups_
Page 14 of 34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2023
We have a global outlwk and wll continue to establish strong internat￿nal relats'onships and support
the creation of partnership schools across the wodd.
We will maintain slrong bonds with Old Rvssellians. their parents and families and former colleagues.
We look lo the friendship and experience of these groups lo support current Russellians and provide even
greater opportunrties for Russellians in the future.
STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES
The members of Ihe Governing Body (who are also the directors of Russell School Trust for the purposes of
company law) are responsible for preparirrfJ the Annual Report and financial 51alements in accordance with
applicable law and United Kingdom Generally AC￿pIed Accounting Pracb"ce (United Kin￿OM Accounting
Standards).
Company law requires the memters of GovernirwJ Body to prepare financial statements for each financial
year. Un(Jer company law the Governing Body members must r￿t approve the financial slalemenls unless
they are satisfied that they give a true and fair view of the srtuation of the ¢harilable company and the group
and of the incoming resources and application of res¢JJrces. Ir￿uding the income and expenditure. of the
charitable group for Ihal penod. In weparing these financial statements. the Goveming Body members are
reouired to..
sdect suitable accounting policies and then appty them eonsi5tenlly.'
observe the methods and principles in the Charities SORP:
make judgemen15 and accounting eslimales that are reasonable and Prudent.,
slate whether applicable Accounting Standards have been followed. subject lo any material departures
disclosed antj explained in the financial slalements", and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that
the charitable cornpany will continue in business.
The members of the Governing Body are responsible for ensuring that adequate accounting records are
maintained that are Suff￿lent to show and explain the charrty's and Ihe group's transactions and disclose with
reasonable accuracy at any tsme the financial posilion of the charity and the group and enable them to ensure
that the financial statemen15 comply wilh the Companies Act 2006 and the provisions of the Charity's
conslitvtion. They are also responsible for safeguarding the assets of the charity and the group and hence for
taking reasonable steps for the wevention and detection of fraud and Other irregularrtTres.
R•levant Audit Infonnation
Insofar as each of the Govemors. as directors of the charitable company. al the dale of approval of this report
is aware there is no relevant audit information {infomialion needed by the Company's auditor in connection
wilh preparing Ihe audit reFQrt} of which the Company's auditor is unaware. Each member of the Governing
Body has taken all the steps Ihal he or she should have taken as a member of the Governing Body In order lo
make himself or herself aware of the relevant audit information and to eStabl￿h that the Company's auditor is
aware of that information.
Goveming Body approval
This Annual Report. prepared under the Charities Act 2011, was approved by the Governing Body of the
School on 08 December 2023. including. in their capacity as company directors. approving the Oireclors, and
Strategic Reports contained I￿rein. and is soned as authorised on their behalf by.-
Mr A J Merriman FCA. Chair
08 December 2023
Page 15 of34

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
RUSSELL SCHOOL TRUST
Opinion
We have audited the financ￿1 slatemenls of Russdl School Trust {'Ihe charitable company'l and it5
subsidiaries I'lhe group'l for the year ended 31 August 2023 wh￿h comprise the Consolidated Statement of
Financial Aclivilies. the Consolidated and Schod Balance Sheet, the Consolidated Cash Flow Slalemenl, and
notes lo the financial statements, including sgnrficanl accounting policies. The financial reporting framework
that has been applied in their preparation is applicable law and United Kingdom Accounting Standards.
ineluding Financial Reporting StarKlard 102 The Financial Repo￿.ng Stsndard applicable in the UK and
Republic of Ireland (United Kingdom Generally Accepted Accounting Prath'ce}.
In our opinion the finanu81 statements=
give a true and fair view of the stsle of the gr(MJp and the charitsble company's affairs as al 31 August
2023 and of the group's income and expenditure, for the year then ended,.
have been propeTly prepared in accordance wrth United Kingdom Generally kcepled Accounting Practice.
and
have been prepared in acc(ffdance wrth the requirements of the Cofflpanies Act 21))6.
Basis for opinion
We ￿nducted our audrt in accordance wrth lntemal￿tnaI Standards on Auditing IUKI {ISAs IUKI) and
applicable law. Our responsibilities under those slandards are further described in the Auditor's responsibilities
for the audit of the finar￿4a1 slalemenls section of our repcrt. We are independent of the group in accordance
with the ethical requirements that are relevant lo our audit of the financial slalements in the UK, including the
FRC's Ethical Standard. arKJ we have fulfilled our other ethical responsibilities in accordance with these
reqUi￿rnents. We believe that the audrt evidence we have obtained is sufficient and appropriale to provide a
basis for our opinion.
Conclusions relating to going ¢on¢èm
In audib'ng the finawal slalements. we have ￿nduded that the trustee's use of the going concern basis of
accounting in the preparation of the financial 5talemen15 is apwopriate.
Based on the work we have performed. we have not idenlrfied any malerial uncertainties relating lo events or
Condit￿nS that. individually or collectively, may cast significanl doubl on Ihe charitable company s or the
group's abilily lo conlinue as a going concern for a period of al least twefve months from when the financial
slalemenls are aulhorised for issue.
Our responsibilities and the responsibilities of the trustees bwth resk*ct lo goirvJ COr￿ern are described in the
relevant Sections of this report.
Other Information
The Iruslees are responsible for the other information contained within the annual rewrt. The olher information
comprises the information induded in the annual report. other than the financial statements and our auditor's
report Ihereon. Our opinion on the financial statements does r￿t cover the other infomialion and. except lo the
exlenl otherwise expli¢ily slated in our report. we do not express any form of assurance conclusion thereon.
Our responsibility 15 to read the olhef infomalion and, in doing so. consider whether the other information
materially inconsistent with the financial statements or our knth￿edge obtained in the audit or otherwise
appears lo be materially misslaled. If we identify such material inconsislencies or apparent fflaterial
misstalemenls, we are required to determine whether this gives rise to a material misstatement in the financial
slalemenls themselves. If. base(J on the work we have performed. we conclude that there is a material
misstslemenl of Ihis other information, we are required lo report that fact.
We have nothing to rewrt in this regard.
Page 16 of34

Opinlons on othèr rnatters prescribed by the Companies Ad 2006
In our opinion based on the v￿k undertaken during ojr audil
the information given in the trustees. ￿￿rt. which includes the directors. repryt Ènd the strategic
report prepared for the purposes of company law. for the financial year for whth the financial
statements are prepared is consislenl wlh the financial 5tatemenls.' and
the Strateg￿ report and the directors, rekyjrt induded within the trustees, report have been prepared in
accordance with applicable legal requirements.
Matlers on which wg are required to report by exception
In light of the knowledge and understsndiro of the group and the charilable company and they environment
obtained in the course of the audit, we have not ldentrf￿l material misstatements in the strategic report or the
directors, report induded wthin the iruslees. report.
We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006
requires us lo report lo you rf. in our opinion".
the parent company has not kept adequate accounting records." or
the parent company financial stslements are not in agreement wrth the acwunling record5 and relums,"
certain disclosures of Iruslees. remuneration specrfied by law are not made." or
we have not received all Ihe information and explanations we require for our audit.
R•¥ponsibilities of trvst•es
As explained more fully in the Slalement of Accounting and Reporting RespOnsibilit￿s, sel out on page 15.
the trustees (who are also the directors of the charitable company for Ihe purposes of company lawl are
responsible for the preparation of the finawal stslemenls and for being satisfied that they give a true and fair
view. and for such inlemal control as the trustees determine is necessary to enable the preparation of financial
slalemenls that are free from material misstatement. whether due to fraud or error.
In preparing the financi￿ stslements, the trustees are responsible f(x assessiThJ the group or the charitable
company's ability to continue as a going concem. disdosing. as appluble. matter5 rdaled to going concern
an¢J using the going concern basis of accounb'ng unless the trustees either intend to liquidate the charitable
company or lo cease operations, or have no realistic alternative but lo do so_
Audltor's responsibillties for the audit of the financial st*ements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstalemenl. whether due lo fraud or error, and lo issue an auditor's report that includes our
opinion. Reasonable assurance is a high levd of assurance bul is not a guarantee that an audit conducted in
accordance with ISAS {UKI will always detect a matenal misslalement when rt exists.
Misslatemenls can arise from fraud or error ar￿ are considered material rf, individually (* in the aggregate.
they Could reasonably be expected to InfflUen￿ the ecoTh)mic decisions of users taken on the basis of these
financial statements.
Details of the extent to which the audit was eonsidered capable of detecting irregularities. induding fraud and
non•cornpliance with laws and regulations are sel out below.
A lurther description of responsibililies for the audit of the finanual statemen15 15 located on th8
Financial Reporting Council's websile al-. www.frc.
kl ditorsres
nsibililies. This description forms part
of our audrtor's rep)rt.
Extent to which the audit was ￿nSIdered capable of deteding irregularities. including fraud
Irregularities, i￿luding frau¢Y, are instsnces of non-complian￿ with laws arHI regulalrons We identrfied and
assessed the risks of material misstatement of the financial statements from irregularilies. whether due lo fraud
or error, and discussed these belween our audit team members. We then designed and perfomied audit
procedures responsive lo those risks. induding obtaining audit evidence sufficEnl and appropriate to prOV￿e
a basis for our opinion.
Page 17 of34

We Obtain￿ ￿ urKlerslanrfwNJ of the legal armj regulakny fram•¥w￿ TMtNn the charilable compary
and group operates. fowsing on those I￿ and regutations that have a drect effect on the deterrnlnat￿n ol
material amounts disdosures in fmancra statements. The laws and regLrfattons we consthred in this
(y)nlext were the Companies Act 2006. the Charities Act 2011 and taxatK>n le￿slatIOn. together with the
Charil¢es SORP IFRS 102). We assessed the required complArtt with tF*se IM and regulalions as of
our audit procedwes on the related statement iteThs.
In additlon, we consldered provisK)ns of other laws and regulations that do nol have a dtrect effect on the
finandal ststsments but CoM￿lart¢e with wlllth mi￿t be fundamental to ts charotth ￿Mpan￿S and the
group's abifity to operate or lo avdd a material p8naty. We a150 considered lh8 opportunlttes and incenlNes
that may e￿$1 wthirt the Chafttable compary and the group frrffraud. T1￿ laws and regulations considered
in this eontexl for the UK ¢)peratsons wtre The Education {Ind¢pendenl School Statbjards) Regulations 2014.
emptO￿￿rt legi*knon. heallh & safety 1wlatx￿. and Germl Data Pfthdh?n RegulatiDn (GOPR).
Auditing slarvJar(Is lunit th8 fequired audit F￿ocedUreS to Klenbfy norKompll8nce wlth these laws and
regulalions to enquiry of the Tr¢Jstees and th manasyment and inspectvjn. of regulatryy and legal
Correspondw￿. ifary.
We ideftlifi￿l the greal8St rlsk of malerk81 impacton Ihe financlal statements from krewlarities. I￿ludIng fraud.
lo be within the overrlle of cortrds by managemenL C￿r audl prcttdures to respond to these risks induded
enquiries ofmanagem•nl and the Finance & Esl*s Comn¥ttee aboutthw own identificalion and assessment
of the risks of irregularitie5. saffl￿¢ testing on the posting of joumals, rev￿Ing accounting estimates for
blases. reviewin9 regulatory correspondence the Charity CommissiorL Independent Schools Inspectorate,
Ofsted, ￿alYt￿l procedures and tests of detam on in¢ome and readirKJ mlnules of meetings of Ihose charged
th governan￿.
Ow(ng to the inherenl Iwnitath)ns of an audl thexe Is an ur0v(*Jable risk Ihatwe may not have dete¢ted some
materiat misststements in the financial statem￿ts, even ltrwh we have prowly ￿anned and perfomied our
audit In accordance with au(fitirg standards. For exarnple, the further removed non-com￿l￿nCe with laws and
regulatl¢Kts (irregularitJe$} 1$ from the events and transacttons rell￿ted in the fin¥¢cial slalem8nts, the less
likdy the inherently lirnited FYocedwe5 required by audtling standards would Identify it. In addition. as wth any
audit. there remained a hIg￿r rrsk of r￿n￿etect￿m of irregularities. as these may kwolve Gdlu5ion. forgery.
intentional omisswts, misrepresentstiorn. (x the ovemde of in*mal wntrols. We are not responslble for
preventtng non-complian￿ and (annol bo expected lo de￿cl nOrF<om&￿rdr￿e with all laws and regulations.
Use of thls report
This report is made solety to the d￿rita￿e company$ members. as a body. In accordan￿ with Chapter 3 of
Part 16 01 the Cornpanies Act 2006. 1)Jr ajdil work has t￿n undertaken so that we might stsle lo the
charitable companrfs W￿rnt￿$ those matters ￿￿ are required lo slate lo them in an auditor's oport and for
no other Fwpose. To the full8st extent pemiitted by law. we do ncl wt or assume responsibility to anyone
olher than the charitable ¢crfnpary arml the charitat4e cOmpa￿S members as a body. for our audil work, for
reporL or for the OPInk￿ ￿lIa¥8 foftned.
TIM Redwood
Sentor Statutory Audit
For and on behalf of
Crowe U.K. LLP
Statutory Auditt
London
15 December 2023
Page 18of34

RUSSELL SCHOOL TRUST
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
IINCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 AUGUST 2023
Company Registr*ion No: 1163246
All unr•stri¢ted
and restf icted
funds
2023
All unreslrticled
•nLI re5tricfed
funds
2022
Notes
INCOME FROM:
Charltable activi14es
School fees recewable
25,141.176
1.316,054
21.666.213
Anci113ry trading income
782.316
Other tradin9 activities
Non-Ancillary iradin9 income
851,059
528,573
Investments
Bank and Oiher Interest
7(a)
7{b)
95,962
38,531
Iniere51 rate inslrumenl revaluation.
441.694
Oonations and legacies
'Donalions
7{c)
3,169.214
24,138
Total income
31,015,159
23.039. 771
EXPENDITURE ON..
Raising funds
Non-Anc411ary trading costs
279.889
209.202
Financing ¢osis
276.646
82.798
556,535
291,998
Charitable a¢tivities
Education and gra￿-MakIng
2S.199.824
31.385,544
Total expenditure
25.756,3S9
21,677.542
Net income for the year
5,258.800
1.362,229
Balan￿ Lyovghl foTrwar(J ai 1 September
20.860,800
19.498.571
Balance carried forward at 31 August
26.119.600
20,860.800
All %li¥itie5 are conb"nuin9 and Ihere a￿ no gains ￿lo$Se$ other ihan as staled abrwe. Included wiihin Education anij
gran*￿akIng Is £18B of ￿$1￿Cted eX￿ndItUre.
Page 19 of34

RUSSELL SCHOOL TRUST
CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2023
Company Registratlon No: 1163246
Notes
2023
2022
FIXED ASSETS
Tangble assets
10
35.995.417
32,940.801
CURRENT ASSETS
Stocks
Debtors
Cash and Deposits
12
13
66,148
2.234.871
3.928.492
66.557
1. 135.538
1.059,760
6.229.511
2.261.855
CURRENT LIABILITIES
Creditors payable wilhin one year
14
10.210.037
10.176.537
NET CURRENT LIABILITIES
13.980,526) (7,914,682)
TOTAL ASSETS LESS CURRENT LIABILITIES
32,014,891
25,026,119
LON&TERM LIABILMES
Creditors PaYa￿e after one year
15
5.895.291
4,165,319
NET ASSETS
26.119.600
20,860,800
UNRESTRICTED FUNDS:
General funds
20
26,118.660
20.859,672
RESTRICTED FUNDS
t, 128
TOTAL FUNDS
26,119,600
20,860,800
The surplus for the financial year dealt with in the financk41 statements of the parent charitable company was
£5,2S8,800 (2022. £1,362.2291
Approved by the Board of GovemcKs and authorised for issue on 08 December 2023
Mr A Merriman FCA, Chair, Goveming Body
Mr J Lacey, Chair. Finance and Eslates Committee
Page 20 of 34

RUSSELL SCHOOL TRUST
BALANCE SHEET
AS AT 31 AUGUST 2023
Company Registration No: 1163246
Noles
2023
2022
FIXED ASSETS
Tangible assets
10
35.995.417
32,940,801
Investments
11
35 995.419
32 940 803
CURRENT ASSETS
Slocks
Debtors
Cash and Deposits
12
13
66.148
2,724.857
3,322.581
66,557
1,284,784
789,741
113,586
2.141.082
CURRENT LIABILITIES
Creditors payable within one year
14
10.098.966
to,060,616
NET CURRENT (LIABIL￿lEs)
(3.985.380) (7,919,534)
TOTAL ASSETS LESS CURRENT LIABILITIES
32,010,039
25.027.269
LONG-TERM LIABILITIES
Creditors payable after one year
5.895.291
4.165.319
NET ASSETS
26,114.748
20.855.950
UNRESTRICTED FUNDS:
General funds
RESTRICTED FUNDS
26.113.808
20.854.822
1.128
TOTAL FUNDS
114.748
20,855.950
Approved by the Board of GovenKJrs and aulhorised for issue on 08 December 2023
Mr A Merriman FCA Chair, Goveming Body
Mr J Lacey. Chair. Finance and Eslates Committee
Page 21 of 34

RUSSELL SCHOOL TRUST
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2023
2023
2022
Net cash inflow from operatlng actlvllles
(Note al
4.485,684
2.904.073
Cashflow from investing activities
Purchase of tangible fixed assets
Bank and other interest receipts
(1,365,419)
95.962
(1.473,374)
(1.269.457)
(1.434.843)
Cashflows from fin￿Clng activities
Loan interest paid
Loan capilal repaid
(276.6461
(70.8501
(82.796)
(1.847,307)
{347.496)
(1,924, 103)
Change in Cash and cash equivalents in the
year {Not• bl
2.868,731
(454,873)
Reconciliation of net ￿$h Ilow to movement
in net debt
{Decreaseylncrease in cash
{IncreaseyDecrease in bank loan finance
2.868.731
70.850
(454,873)
1.841,307
{Incfease)IDecrease in net debt (Note bl
2,939,581
Nèt dèbt at 1 September
14,903.989)
[6,290.422)
Net debt at 31 August
(1.964.408
(4,903.988)
Page 22 of 34

RUSSELL SCHOOL TRUST
CONSOLIDATED CASH FLOW STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
NOTES TO THE CASH FLOW STATEMENT
Reconclliation of net income to net cash
infiow from operating activities
2023
2022
Nel income for the year
5.2S8.800
1.362.229
8ank and other interest reeeipls
Bank interest and other financing costs
Loss on disposals of fixed assets
Assets acquired on combinalion with St DavKls S¢t￿m
Depreciation
Decreaselllncre8se) in stock
Decrease in debtors
Increase in creditors
195.962)
276,646
249,334
(3.130,249)
1.518.108
(38.531)
82.796
1,407,745
(3.409)
(68.466)
161. 709
(1,099,333)
1.507.931
Ng1 cash inflow fn>m operating activitiès
4.4BS,684
2.904,073
Analysis of changes in nel debt
Asal
I Seplember
2022
A$a¢
31 August
2023
Cash flow
Cash * bank and in harKI
Bank loan due within one year
Bank loan due after more than one year
1.059,761
2,868,731
(1.804.487)
1,804,487
(4, 159,262) {1.733,638) {5,892,900}
2.939.581
{1,964.408}
3.928.492
(4,903,988)
Page 23 of 34

RUSSELL SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
ACCOUNTING POLICIES
The financi81 stslemenls have been prepared in accordance wrth the Financial Reporting Standard applicable
in the UK and Republic of Ireland IFRS102). the Companies 2006 and the Statement of Recommended
Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Siandard
applicable in the UK and Republic of Ireland (FRS 1021. The funcb.onal eurTency of the School is considered
lo be British pounds because that is the currerry of ihe primary economic environment in which the School
operates.
The accounts are drawn up on the historical Cost basis of acc4)unling. as modified by the revaluation of
investment kyoperties and other irbveslment5.
The accounts present the consolidated statement of finanoal activities ISOFAI. the consolidated cash flow
5talernenl and the consolidated and Charity balance sheets comprising the ￿nsol1d81i0n of the School and
with it5 wholly owned subsidiary Russell School Enlerrffises Ltd and Russdl School International Ltd. The
Charity has laken exemption from presenting ils unconsolidaled income and expendilufe account under
section 408 of the Companies Act. The Charity has also taken advantage of the exemption available lo a
qualfying entity in FRS 102 from the requirement to rrtesenl a charity only cash flow statement wtlh the
consolidated financial statements.
After Considering current cash holdings, the funding facilities and the cash ftow projection for the next twelve
months and current pupil numbers aThJ taking into consideralion the scheduled capital and interest payments
on the bank loans, the Trustees have a reasonable expectation that the Charity has adequate resources to
conlinue ils aclivilies for the foreseeable future and conskler that there were no material uncertainltes over Ihe
Charity's financial viability. A￿Ordingty, they also continue to adopt the wing concern basis in preparing the
financial stslgments a5 Ou￿1￿ed in the Statement of Accounting and Reporb'ng Responsibilities on page 15.
The School is a PU￿1C Benefit Entity registered as a charty in England and Wales and a company limited by
guarantee. It was incorporated on 15 March 1974 (company rKJmber: 1163246} and registered as a charity on
16 August 1976 Icharily number= 271 ￿71.
Crltlcal accounting judgements and key sources of estimation uncertainty
In the application of the accounting poli￿es. Trustees are required lo make judgements, eslimales. and
assumptions about the carying value of assets and liabilit￿$ that are not readily apparent from other sources.
Thè estimates and underlying 8ssumptN)ns are based on historical experience and other f&lors that are
levanl. Actual results may tjrffer from these estimates.
The eslimales and undeflying assumplions are reviewed on an ongoing basis. Revisions lo accounting
eslimales are rec￿nIsed in Ihe period in which the estimate is revised rf the revision affects only that period,
or in the period of the revision and fulure periods If the revision affected current and future periods.
In the view of the Trustees. no assumptK)ns conceming the future or estimation uncertainty affecting assets or
liabilities at the balance sheet date are likely to result in a material adjuslmenl lo their carrying amounts in the
next financial year. The most signrficanl areas of estimation wthin the financial slatemenls are considere(J lo
be al the value of the St David's School addition which has been included in the accounts at the rnarkel value
shown in the valuats.on report pnor to the acquisition b) estimation connected lo the useful lives of tangible
fLxed asset5.
The following accounting poI￿leS have been applied consislentty in dealiThJ with item5 which are considered
material in relation to the Charity's financial slalemertsls.
Page 24 of 34

RUSSELL SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
1.1 Fees and slmllar earned income
Fees receivable and charges for services and use ol Ihe premises, less any allowanc*s, scholarships and
bUr$ar￿S granted by the Charity against those fees, t￿1 induding contr1tyJt￿ns received from restricted funds,
are accounted for in the period in whth the service is provKled.
1.2 Fixgd Assgts
Buildings. motor vehicles. computers. plant aThJ machinery and olher equipment costing more than £2,500 are
eapilalised and depreciated by annual inslalmenls over their estimated useful lives. The current rates of
depret￿tIon are=
Freehold buildings
School and computer equipment
Plant and Machinery
Motor vehides
- 10% on a straighl-line basis
15% - 33% on a slrawJhl-line basis
10% on a slraighl-line basis
25% on a straoh14ine basis
Assets during constructKJn and land are not de￿￿￿￿ted. Investments in subsKliar￿s are valued al cost less
provision for impairment.
1.3 StoGks
Stocks are valued at the lower of cost and net realisalje value, cosl being the purchase price on a first in, first
out basis.
1.4 Investment IllU>rnO
Investment income from divwJeThJs. bank balances ar￿ fixed inleresl securities is a¢eounteé for on an accnjals
basis.
1.5 Expendituro
Expenditure is accnJed as as a liability is considered probable, discounted lo present value for longer-
term liabilities and accounted for on an accruals basis_ Overheads and other costs not directly attributable to
functional activity calegories are appixtioned over the relevant categories based on the relaled staff lime.
Governance costs include expendrture on compliance bwth conslilulional and statutory requirefflenls. The
Irrecoverable element of value added lax is induded with the ttem of expense lo which it relates.
Intra-group sales and charges between the Charty and rts subsKliaries are excluded from trading income and
expenditure.
1.6 Operating Leases
Rentals under operaling leases a￿ charged on a straight4rne basis over Ihe lease term. even rf the payments
are not ma(ie on such a basis Benefits received and recetvable as an incentive to 5Trgn an operating lease are
similarly Spread on a straight-line basis over lease term.
1.7 Finan¢lal instruments
Basic financial instruments are initially recognised al transaction value arKI subsequendy measured at
amortised cost except for inveslmenls wh￿h are held al fair value. Financial assets held at amortised cost
comprise cash al bank and in hand. together wlh trade and other debtors. A specrfic proVis￿n is made for
debts for which recoverability is in doubt. Cash al bank and in hand 15 defined as all cash held in instant access
bank accounts and used as working capital. Financial liabilities held al amortised cost comprise all Greditor5
except fees received in advance, social security and olher taxes. Assets an¢J liabililies held in foreign currency
are translated lo British pounds at the balar￿e sheet date at an appropriate year end exchange rate.
Page 25 of 34

RUSSELL SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Non basic financial instruments are recognised at fair value in the balance sheet wlh changes in fair value
recognised in the Siatemenl of Financial A¢tNities.
1.8 Penslon Schoffle Conlributions
Retirement benefits lo employees of the Charity are provided through three pension schemes." tsvo defined
benefit and one defined conlribulion. The pension conlribut￿Jns in respect of all three pensi￿ schemes are
recognised in the Slalemenl of Financial AclNitses as they fall due.
STATUS OF THE CHARITY
The Charity is a company limrted by guarantee and does not have a share capital. Each member of the Charity
undertakes to conlribule up lo £1 to the assets of the Chartty in the event of its being wound up.
As all its aCtiVrt￿S are charitable. the Charty is not liable to income lax or corporation lax.
FEES RECEIVABLE
2023
2022
Fees receivable consist of:
Gross fees
Less". Bursaries. s¢￿arshipS and Ot￿r awards
27,420,478
12,279,302
23,898,564
(2,232,351)
25.141.176
21.666.213
OTHER ANCILLARY AcnvmES
2023
2022
School trips and other extra charges
S18ff property service charge
1283,510
32.5M
749,270
33,046
1.316,054
782.316
NET INCOME I (EXPENDITURE} IS STATED AFTER
2023
2022
Depreciation
Payments under operating leases- equipment
Governance costs of the charity and trading expenditure includes.
Audilor's remurwation - Audrt fees
- Other work
1.518.108
355.940
1,407,745
317,651
36.770
7.385
27,025
6,670
STAFF COSTS
la)
Al employee cnsls
2023
2022
Salaries and wages
Soci81 seoJrity costs
Pension costs
13.340.114 11,552.019
1.374.887
1.209.256
1.958.009
1,766,487
Staff costs of all employees
16.673.010 14,527.762
Page 26 of 34

RUSSELL SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Staff costs include redundancy or other lemiinalion payments during Ihe year which amounted lo £107.577
(2022.. £14.9071 ofvthich £97235 was outstsnding al 31 August 2022 in respectofredundancy or termination
payments.
2023
2022
(bl Aggregate employee benefit5 of key management personnel
1,628,531
7.513,908
(c) The average number of employees in the year.
2023
2022
FTE Headcount
Headcount
Teaching
Other
176
125
219
165
151
174
783
182
Total
301
384
265
365
{dlThe numbef of employees whose emdurnents. induding benefits. excee(led £60,￿) in the following
band5 was..
2023
2022
£60,001470,000
£70,001480.000
£80,001-£90.000
£90.001-£100,000
£100.001-£110,000
£110.001-£120,000
£170,001-£180,0¢)0
24
16
Governors received no rernuneratK)n through the y&8r. During the perio(i ended 31 August 2023, there were
governor training expenses totalling £490 12022." £179). grfts lo 9)Ver￿rS tolalling £40412022: £120) and
dinner wlh governors totalling £27212022- £134}.
7. (a) INTEREST INCOME
2023
2022
Interest from short temi bank deposits
95.962
38.531
95,962
38.531
Ib) REVALUATION OF FINANCIAL INSTRUMENTS
2023
2022
Interest rate instrument revaluation
441.694
441.694
Page 27 of 34

RUSSELL SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
The interest rale instrument protects the trust from fluctuating interest rates thereby reducing exposure lo risk
of market movemen15. The instrument is reeognEsed al fair value in the balance sheet wth the movement in
fair value duiing the year. shown above and induded wlhin the Slalement of Financial Adivilies.
2023
2022
(¢} DONATIONS RECEIVED . Unreslrtcted
Restricled
3.139.621
29,593
3.169.214
7.951
16,187
24,138
Total
v￿estrICted donation$ include £3.130.249 received as a one-off donation from a charity combination with St
David's School. Restricted donalK)ns income of £29.593 was received from Ihe Parents. Association. This
was used towards new school equipment before 31 Augusl 2023. Other donalions were towards fees for
students from the annual fund.
FINANCING COSTS
2023
2022
Loan interest payable
276,646
82, 796
276,646
82,796
9. ANALYSIS OF EXPENDITURE
Staff
costs
costs
Depreciation
Total
2023
Raising funds:
Financing costs
Trading costs of subsidiary
276,646
128.312
276,646
279,889
151.577
Total
1 51.577
404.958
556,S35
Charitable activities
Teaching
Welfare
Premises
Support & Governance
11,517,980
2.595.179
488.325
1.919.949
1.720,163
1,325.911
1.872,273
2.241.936
158.391
147.089
1,199.000
13.628
13.396,534
4.068,179
3.559,59B
4.175,513
Totsl
16,S21.433
7.160.283
1.518,108
25,199,824
Total Expenditur•
16.673.010
7.565.241
1.518,108 25,756.359
Page 28 of 34

RUSSELL SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Staff
osts
Other
costs Deprwation
2022
Raising funds."
Financing costs
Trading costs of subsAliary
82.796
70.488
82. 796
209, 745
739.257
Total
139.257
153.284
292.541
Charitable activities
Teachil
Welfare
Premises
Support & Governance
9.832.028
2.367.277
469,052
1.726,t49
1. 191.422
1. 133,254
1.509,444
1.754,630
126, 774
151,322
1,120,548
9, 101
11.150.224
3,645.853
3,099,044
3,489.880
Totsl
14.388.506
5.588, 750
1.407, T45
21.385.001
Total Expenditure
14,527. 763
5.742.034
1.407.745 21.677.542
The trading costs of the subsidiary include corporation tax payable of £nil (2022.. nil). Included in support and
governance costs above are governartt costs of £67,826 (2022.. £55.8691
10. TANGIBLE FIXED ASSETS (GROUP AND COMPANY)
Freehol¢J
Land and
Buildings
Plant and
Equipment
Motor
Vehicles
Total
Cost
Al 1 Seplember
2022
Additions
Disposals
41.842, 113
4.765.613
120, 144
34,705
46, 762.575
4.518.820
{1,916.411)
265,415
{580,271)
44,468
14,5721
4,828,703
12,501,254)
At 31 August 2023
44,444,522
4,450,757
120.144
74.601
49.090,024
Depreciatlon
Al 1 September
2022
Provided in the year
Disp05als
10, 119. 724
1.186,024
11.666, 1741
3.553.707
315,783
{575.291)
115.351
3.325
32,992
12.976
(3.810)
13.821,774
1,518,108
12,245,275}
At 31 August 2023
9,639.574
3.294.199
118.676
42.158
13,094.607
Net book value
At 31 August 2023
34.804.948
1.156.558
32.443
35,995,417
At 31 August 2022
31,722.389
7.27 7.906
4, 793
1, 773
32.940,801
Page 29 of 34

RUSSELL SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
11. INVESTMENTS
Company
Investment in subsidiaries
The company holds 100% of the issued share capital of Russell Sehool Enterprises Limited (company
number 098600251 and Russell School International Ltd (company number 11243414).
The principal activities of Russell School Enterprises Limited are the building of Re￿acement ResHlenlial
Sludenl Aetommodalion. the letting of Royal Russell School facililies to third part￿S and the provision of
pupil recrurtmenl SerV￿e5.
The principal *Nilies of Russell School Inlemational are invesligatson and sel up of ovetseas business
opportunities. The regislered office for bolh SUbsidk￿es ts Royal Russell SclvJol. Coombe Lane, Croydon,
CR9 58X.
Al 31 August 2023 R￿sse11 School Enterprises Limited had no fixed assets. nel current assets of £3,853
12022. £3.853} and shareholder's funds of £3.85312022'. £3.8531. Turnover for the year was £1.298,962
12022.. £1.012.989} and il had1055 for the year of £nil {2022-. £nill. after a gift aid provision of £401,233 in
faV￿r of Russell School Trust.
At 31 August 2023 Russell School International had no fixed assets, net current assets of £112022.. £11 and
shareholder's funds of £112022.. £1)- Turnover for year was £200,89912022'. £31,372) and il had profit
for the year of £nil (2022.. £nill. after a gift aid provision of £173,457 in favour of Russell School Trust
A significant prop(Ktw of the income of Russell School EnlerprLses Limited arises from facilit￿S aTrJ
services provided and charged to the School. The consolKlated ￿sUItS therefore reflect the cosls of providing
these facilities and serv￿e$ offset by the extemal nel Ir￿ome generated by this company.
12.
STOCKS
Group
Company
2023
2023
2022
2022
Consumables
66.148
66,557
66,146
66,557
13. DEBTORS
Group
Company
2023
2023
2022
2022
Trade debtors
Other debt(Ks
Grft aid from subsKliary urKlertaking
Prepayments
Interest rale instrument
Amounls due from subsidiary undertakings
Other taxation
373.066
133.416
450,368
125,712
332,055
133,416
574.690
755.662
928.696
338
278, 154
725,716
327. 746
559. 168
757.348
928.696
559. 168
42.345
2.234,871
1. 135.538
2.724,857
1,284. 784
Page 30 of 34

RUSSELL SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
14. CREDITORS: Amounts falling
due within one year
Group
2023
Company
2023
2022
2022
Bank loan - secured (note 17)
Trade creditors
Fees received in advar
Deposits
Amounts dve to subsidiary underta￿ng5
Olher creditors
Social Security and other related taxes
Pension Seheme conlributsons
Olher taxation
Accruals
1.804,487
488.434
2.849,549
3.873.305
1.804,487
436.354
2.849.549
3.8T3,305
2,904
14,857
301,938
211.295
745.722
4.015.567
4.238.269
682.915
3,977,975
4,238,269
44.702
345,747
239.949
14.857
301,938
211.295
2.204
630.468 569,460
44.651
345.747
239.949
580.081
565,927
10.210.037 10.176.537 10,098,966
10,060,616
Governors have review￿￿ the contract temis under which pupil fee tjeposits are held by the School. Although
under normal circumstances these will be repaid over fvture years when the pupils complete their education
al the School. pupils can leave at earlier dates. The School does not therefore have an unconditional right lo
retsin the individual deposrts for al least 12 months after the balance sl*et dale and. in line with the
requirements of FRS 102, the balance of the deposits hdd at 31 August 2023 has been included within current
liabilities. Deposits loial above includes £3.457.387 that is expected lo fall due after one year.
15. CREDITORS: Amounts falling du• after more than one year
2023
2022
Group and company
Bank loan - secured Inole 17)
Pension deficit due in more than 1 year
5.892.900
4. 159.262
6,057
4.165.319
S.895.291
16. BANK LOANS- OUTSTANDING
2023
2022
Group and company
Repayable within one year
Befvleen one and years
Be￿een th￿e and five years
After five years
1.804,487
435. 118
3,724,145
2.690.500
3.202.400
5.892.900
5,963. 750
17. BANK LOANS- TERMS
The School has one oulsiandirrfj bank loan of £17.000,000 with NalKtrnal Weslminsler Bank, of
which £5,892.900 is out51anding. No capilal repayment is required for the f1rst three years.
Interest is payable at 1.50% above the Natwest Base Rale and is secured by legal charges over
the freehold land and buildirvJs of the Sehool.
The School has purchased a collar and floor interest rate instrument to protect against the risk
of interest rale fluclualK)ns. This is recognised al fair value in the balance sheet.
Page 31 of 34

RUSSELL SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
18. FINANCIAL COMMITMENTS
a) CapStal Comfflitin8nts
The School has completed the construction of a second Replacement Residential Siudenl
Accommodation IRRSA21 and is in planning stages for conslnJclDn of a new Junior Schod building. As
a result of this there are capital commitments on 31 Auwsl 2023 of £434.769 {2022.' £1,044,369).
b) L•as• Commitments
At 31 August 2023 the Group had minimum commitments under equipment operating leases..
Group
Company
2023
2022
2023
2022
Payable within one year
Payable between one and fwe years
271.714
308,077
352,157
310,408
271,714
308,077
352, 157
310,408
19. PENSION COSTS
Teachers. Penslon Scheme
The School participates in the Teaehets. Peft$￿n Scheme 1.the TPS'I for its teaching staff. The pension
charge for the year includes Contribut￿nS payable lo the TPS of £1,526.75412022'. £1.417.390) and at the
year-end £186,66512022 - £167.2711 was accrued in respect of contributions to Ihis scheme.
The TPS is an unfunded multi-employer defined benefits pension scheme govemed by The Teachers.
Pensions Regulations 2010 las amended) and The Teachers, penS￿n Scheme Regulations 2014 las
amended}. Members contribute on a'pay as you go. basis with contributions from members and the employer
being credited to the Exchequer. Rebrement and other pension benefits are pa￿ by public funds provided by
Parfiamenl.
The employer contr1tr￿JIi0n rale is set by the Secretary of State following scheme valuations undertaken by Ihe
Government Actuary's Department. The most recent actuark31 valuation of Ihe TPS was prepared as at 31
March 2020 and the Valuation Re￿[. whth was published in October 2023.
Fcdlowng the Mccloud judgement. the remedy proposed Ihal when benefits become payable, eligible
members can select lo receive them from either the reformed or legacy schemes for the penod 1 April 2015
10 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides
them with the greater benefits, aThJ in preparing the 2020 ValUat￿n have valued the'grealer value, benefits for
groups of relevant members.
The valuation confirmed that the emFAoyer contribution rate for the TPS would increase from 23.6% to 28.6%
from 1 April 2024. Employers are also required to pay a Scheme administration levy of 0.08% giving a total
employer contribution rale of 28.68%.
b}
Pensions Trust Growth Plan
The Sch¢>J took the decision to leave thi5 scheme e￿lIve from 31 August 2020. The School paid 3•A
employers, contributions for the remaining two members of staff. tolalling £1.71812022.' £1.669) during the
year.
Page 32 of 34

RUSSELL SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
This is in most respects a morw purchase arrangement bul does include certain guaranteed benefit
elements. The Plan is a mulli*mployer scheme, and It is not possible in the normal course of events lo
identify the share of the underfying assets belonging to Ihe individual participating ern￿OyerS and accordingly.
in accordance with FRS102, is accounted for as a defined conlribution scheme with contributions being
recorded as they become payable. Contributions paid into the Plan up lo and including September 2001
were converted to defined amounts of pension payal￿e frorn normal reb"rement dales. From October 2001
contributions were invested in personal funds wh￿h have a capital guarantee, arKI whth are converted lo
pension on reliremenl, either within the Plan or by Ihe purchase of an annuity.
The rules of the Plan gNe the Trustee the power to require employers to pay additional contributions to ensure
that the slatulory funding objeclive under the PensK)ns Act 2004 is met. The statutory funding objective is
that a pension scheme slKJuld have Suff￿lent assets lo meet tts past service liabilities, known as Technical
Provisions. As a result of the funding def￿11, additional contributions were required from the Tnjsl for the
year. The estimated value of the deficit owed al 31 August 2023 was £2,589.
As a ￿S￿lI of the funding deficil, contribvlions of £3,613 were reouired from Russell Schwl Trust for year.
The additional coniribulions have increased lo £3.680 for 23124 and future contributions will increase by 30
pa compound for the sefvice charge element onty. until the nexl valualK)n of the Growth Flan in September
2025.
The School has been advised by the Plan trustee that. rf il wa5 to wilhdraw ts membership of the Plan, il had
an eslimaled conlingenl liabilty of £37,543 at September 2022 (£119.997 al September 20191. This debt will
not cryslallise whilst Russell School Trust Continues lo have one or more aclNe members in the scheme.
The amount of the above wtent￿l debt depends on many factors including total Han liabilities. Plan
investment performance, Ihe liabililies in respect of current and former employees of Ihe School. financial
colldilions al the lime of Ihe cessatK)n event and the insurance buy-out market. The amounts of Ihe debt can
therefore be volatile over time.
Aviva
Support staff of Russdl School Twsl have been enlilted to membership of the Royal Russell AVIVA Pension
Scheme I"Ihe Plan") sirtt 1 September 2020. All staff were asked lo sign a contract varialK)n to agree lo move
from TPT to AVIVA in the summer of 2020. All new staff have only been offered membership of the AVIVA
scheme since 1 September 2020.
Ouring Ibe summer of 2020. existing staff were provhled with a seminar and slMJes outlining the benefits of
AVIVA over TPT and given information on how to transfer their TPT funds lo the new sct*me,' however, il is
unknown how many have done so. In the last year £607,121 (2022-. £505,983) was contribuled by the School
lo AVIVA as employer conlribulN)ns lo the scheme and there has been increased inleresl and take-up of
employees wishing lo make their own conlritKJlions to the scheme which are paid under a SMART PensN)ns
facility Isalary-sacrrfice).
The AVIVA scheme has been made available to teaching staff as an alternative to the Teachers, Pension
Scheme Sin￿ September 2020 and during the year there were 18 members {2022: 17 members) of leaching
staff who have opted CNJI of TPS aThJ irblo AVIVA.
20. RECONCILIATION OF MOVEMENT OF FUNDS
At 1 September
2022
Net incom
{eX￿nditure1
At 31 August
2023
Unrestricted funds
Restricted funds
20.859.672
1.128
S.2S8.988
{188)
26.118,660
940
Total school funds
20.860.800
5.258.800
26,119,600
Page 33 of 34

RUSSELL SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
At I Septemt*r
2021
Nel income/
(expenditure)
At 31 August
2022
Unrestricted fvnds
ReStr￿ted funds
19,491.708
6.863
1,367.964
(5.735)
20,859,672
1.128
Tolal school fvnds
19,498,571
1,362.229
20.860.800
21. RELATED PARTY TRANSACTIONS
At 31 August 2023 the School had oulslarKJing loans from 8ardays Bank lotalling £nil {2021-22.' £5.963,750).
Mr J Penny is a Head of Ihe UK Inlemalional Private Bank and has no direct financial inleresl in the School'5
loan Iransaclions. Mr Penny has dedared a potential confiicl of Interest with any Barclays Bank transactions
because of his role both as a School Governor and al Bardays Bank. Accordingly, Mr Penny has not
participated in any of the discussions tx decisions on the Bardays Bank loan contracls by the members of the
Governing Body.
In 2022-2023. Russell SchocA Enlerpnses Ltd ch¥ged £355,580 {2021-22.. £237.6571 to the School in respect
of design and build services. £293.221 12021-22.. £275.2141 in respect of agency commiss￿)n$ and made
provision for Gift ￿"d payrnenls to the School of £401,233 {2021-22- £297.4801. The net balance owed lo the
School at 31 st August 2023 wa5 £401,23312021-22". £296,020 owed from Ihe school).
In 2022-23. Russdl School lTrlernational Ltd made provision for Gift Aid payments to the School of £173,457
12021122. £24.2661. The nel balance owed lo the School al 31 August 2023 was £173,795 (2021-22. £22,824}.
Page 34 of 34