Company Rogi$tration No: 1163240
R•gi8t•rod Charity No: 271907
RUSSELL SCHOOL TRUST
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND FINANCIAL STATEMENTS
31 AUGUST 2024

ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
CONTENTS
Page
Governors Directors and
haril Trustees
Officers Advis
rs and Webséte
Hlsto
of
h Sch ol
clors. R
Slralo 1¢ R
10
Financial Review
11-14
lem
of
un
15
Ind endenl A
1&18
Consolld
ment fF
19
20
21
22-23
24-34
Page 1 of 34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2024
GOVERNORS, DIRECTORS. AND CHARITY TRUSTEES
The Governors of Russell S¢hool Trust I'lhe School'l are trustees under charfty law and the dlrectors of the
charitable company. Members of the Governing Body who served in office during the y&ar are delalled below.
Prof8880r A M Ansari+ BA, MA, PhD. FRSE
Ms O B8do11 Pgarc& MA Ioxonl
Mr N CO￿11 BA, PGDIp {Lawl
Mr P 08W80n ACMA
Mrs M Grant MCIPD
Mr6 C HaIl￿aY 8A IHonsl QTS
Doctor A T Femande8' M8E. FRCGP, Bsc, AKC, MB8S,
DRCOG. DCCH
Mr8 L J J888up" ACIB
Mr J Lacey+ BA IHon81, 8TP, MRTPI
Mr A Lorf8+'
Mr A Merrlman BA. FCA
Hon Slr Phlllp Moort Kl.. MA {Oxonl
MT J Pennf FSI, FCIB
Mrs N Rab80n'
Mr A ROaCh-B￿ert Bsc IHons}. LLB (Hon81, FRICS, FCIHT.
rsJ Smith MA. MEd
Mrs S Thompgjn
Finance and Estates Committee
Education and Welfare Committe&
Strategy, Appointments and Remuneration Committee
Parent of ex-pupills
Alumni ol Royal Russell
12)
{3)
During the year, the activities of the Governing Body were carried out through three commlttees, 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 2024
OFFICERS
Headmaster
C J Hulthinson Bmet, FRSA
Head of Junior School
J J Evans BA, MA (cA￿A8)
Head of St David's Prep School
C L Mardell BAIHonsl, PGCE
Director of OperalkinslFinanc8
& Clerk to the Governing Board
N W Cufiey MBA, Cmgr, FCMI. FRSA
Prlnclpal Address and
R•gl8terod Office:
Royal Russell School, Coombe Lane, Croydon,
CR9 5BX
PROFESSIONAL ADVISORS
Audltorn
Crowe U.K. LLP, 2TrJ Floor. 55 Ludgate Hlll, London, EC4M 7JW
8anker•
Barclays Bank plc, 1 Churchill Place, London, E14 5HP
Nallonal Weslmin81er Bank Plc. 1 Jt Floor, 440 Strand, London, WC2R OQS
Sollcltor•
Moore Barlow LLP, The Oriel, Sydenham Road, Gulldford, GU1 35R
Web8lt•
ww.ro
alnJssell.co.uk
Page 3 of 34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2024
The Govemors present their Annual Report for the year ended 31 August 2024 under the charit￿ Act 2011,
Incorporating the Directors, and Strategic Reports under the Companies Act 2006, together with the audited
1Snanclal slalements for the year.
HISTORY OF THE SCHOOL
The School was founded as a charlty in 1853 for the education of children of necessitous warehousemen and
clerks. Lord John Russell consented lo be the first Presiéenl of the new School and In 1863 Edward, Prince
of Wales. laid the Foundallon stone of the Russell Hill School, Purl8y. The School was dependent upon
subscriptions fmm the Warehousemen and Clerks. bul11 was also sUPPOrted by many important commercial
flrm$.' Debanhams, Benlall, Courtauld, Marshall, Snelgrove, Lewis, Selfridges and Simpson are just a few.
The School al Purley flourished,. however, post 1918 the demand for further places from war orphans led lo
Ihe purchase of the Ballards Eslale in Addington. In a truly magnanimou5 gesture Mr Hollingsworth lof Bourne
& Holllngsworthl, made a deed of grft of th& whole of the purchase price of £21.000. Work on the new School
started in 1923 and the School wa8 formally opened by HRH Edward, Prince of Vvales, in 1924.
Durlng the Inte￿8[ years both schools conllnued to build on the foundalions18id down in the past,, however,
In¢rea8lng ¢ost per head and lack of reserves were an increasing Cor￿ern. The depression of the 1930s and
the Second World War aggrav81ed the Sltuatlon still further. Post war social change, particularly the coming
of the Welfar8 Slate. made il increa$lngly dlfflcull lo raise money for falling numbers of orphans and needy
chlldren. The schools went through a dWfi¢ult Iransi1Son period which ended wlth the sal6 of the site al Russell
Hlll and the conc8nlralSon of both prlmary and secondary education on the Ballards slle. The new facilities
ware formally opened in 1962 by Lord Hollenden. the then President of the School and, the followlng year, the
School was honoured by a vlsll from the Queen whèn the School officially became Royal Russell School.
In 1973, In financial d6fflcultles, the de¢l$lon was rnade to dose the School, bul parents and staff of tho School
sel up a campaign lo fight for the School. This resulted in the formation of a new Edu¢atlonal Charity which
was able lo lease the premi888 from the Trust and eventually purchase the freehold In 1992. Slowly, the new
charity lumed around the fortunes of the School and In 2003 Her Majesty Queen Ellzabelh, the School's
Patron, vislled the School lo mark its Sesquicenlenary, her fourth vlsll lo the School. In December 2010 the
School was delighted lo welcome her son, the Earl of Wessex. lo open the Performlng Arts Cenlre.
In 2017 the School opened the first of ￿ new daylboardlng houses, wllh the dellvery of Oxfordlcambridge
House. a home for up lo 85 boy boarding students, whlch alongslde their day student companlons, provid8s a
lolal sludenl population of almost 200 sbjdenls and the staff accommodation needed lo care for those Students.
Followlng the success of the development of Oxfordlcambridge House, the School began work lo develop a
mirior-image building for the 85 oirfs in aueen'81H¢)Ilenden H(>118ft, wllh th81 hiiildino npp.nlno In ?fl?n 89 a
home for the boarding and day pupils, a new Health and Wellbeing Centre, and staff accommodation.
Alongslde the development of the boarding and day houses, it was recognised that the school needed more
modern facilities for the sciences, and so developed an extension lo the existing science block, whlch was
delivered during the Covid-19 pandemic, providing modern science facilities Wlth whl¢h to Support growing
pupil numbers.
This year we have seen the conceptual development of the new home for the Junlor School, with funding In-
place, archileclural plans developed to an advanced 51age, and planning permi88ion granted, which will deliver
completely new Junior School building for the 2026127 academic year.
Page 4 of 34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2024
DIRECTORS, REPORT
STRUCTURE, GOVERNANCE AND MANAGEMENT
Govemlng Documents
The School is governed by ils Memorandum of Association and Articles of Association, last amended on 27
November 1998. Th8 School is constiluled as a company limited by guarantee registered in England, Company
No 1163246, and is registered with the Charity Commission under Charity No 271907.
Govornanc• Cod•
Trusleas are aware Of the Charity Governance Code published in 2017 whlch sets out the principles and
recommend￿ practice for good governance within the sector. The Charity ¢onlinually reviews ils governance
arrangéments agalnsl the prSnciples wllhin the code and will address any issues raised where required.
Gov•rnlng Body
The Board Is a Seff-appoinllng body governing the School. The Board of Governors 58 appointed by the
members. Governors are elected for a term of Ihree years expiring al the Annual General Meeting after the
third annlvorsary of elecllon and are eligible for re-election every three years thereafter. No Governor may be
re4le¢led lo Serve beyond the expiry of the term following their 70tn birthday. An extension may be granted in
ex¢eplional circumstances lo relain experience for a period and this extension is to be approved at the Annual
General Meeting when the Govemor would have retired.
Rocrultm•nt and Tralnlng of Governor•
The names of suitsble candidates are normally submitted by existing Governors or members of the School's
Leadership Team lo the Chair of the Board, although the School has 8dv8rtlsed for Governors In the past.
New Gandidates lour the School, meet with ils Officers, and are interviewed by the Strategy. Appointments and
Remuneration Commlllee. If recommended, their name goes forward lo the Board for consideration.
New Governors are supported In their rde by the provision of an information pa¢k and meeting8 with the
Headmaster, Director of Operations & Finance and School Leadership Team, In Ihair first year, new Govemors
a118nd meetings of both the Educallon and Welfare Committee and Finan¢0 and Eslale5 Committee lo broaden
their understanding of the School. New Governors allend specialist external Iruslee training courses on the
role and responsibilities of charlty trustees.
All Governor5 undtsrtaké régu13r IraSnlng da8Kdn8d to koep them informed and updal•d on regulatory
requiremenls and curffjnt l$$ue8 In the sector.
Organlsatlonal Managamont
The members of the Governirng Body. a$ the charity trustees, are legally responsible for the overall
management ané conlrol of the School. Governor5 normally meet al least three limes a year. The Strategy,
Appoinlrnents and Remuneration Committee sets the School's long-lerm 51rate9y, oversees recruitment of
Governors and members of the Schrjol Leadership Team. and makes recommendations on the remuneration
of members ofthe School Management Tearn and any staff pay awards. Members of the Finance and Estates
Committee and the Education and Welfare Cofflmittee monitor the implementation of the Board's policies and
mako recommendations lo the 8oard on matters wthin their respective areas of responsibility-
Page 5 of 34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2024
Chalrs of Su1￿cOMMItt￿&S.
Strategy, Appointments and Remuneration Committee
Finance and Estates Committee
Education and Welfare Committee
Mr J Penny
Mr J L3￿Y
Dr A Fernandes
The day-Ii>day management of the School is delegated to the respective Heads of each part of the School
and the Director of Operations & Finance, They are supported by their management teams and together this
group are the key management personnel. Both Heaémaslers and the Director of Operations & Finance attend
all Governor meetings.
Staff remuneration is Set by the Board, with the pol6Gy objective of providing approprlale incentives lo
encourage enhanced performance and of rewarding, faidy and responslbly, Individual contributions lo the
School's success. In settlng remuneralkin levels, refererKe 1$ made lo comparisons with other independent
schools and other benchmarklng data lo ensure the School r8main$ sensillve lo the broader issues of pay and
employment conditions elsewhere.
Group Structure and R•latlon•hlp8
The School has wholly owned non<haritsble sub$ldiarS6s'. Ru$$ell School Enlerprlses Llmiled and Russell
School International Limited, whose acliville¥ and trading perforrnar￿ are dlscussed In the relevant sections
of this report. The annual taxable wofils of both 5ub5idiaries are donated lo the School under the Gift Aid
scheme.
In December 2022 the School successfully merged wllh Sl Davld's School, Purl8y, as part of a lon*term
strategy of diversificalion and growth. The merger was part of a mutually agreed approach between the Board
of Russell School Trust and the Board of Sl Davi(J's School, Purley, with three members of thé retiring Sl
David's School, Purley Board joining the Russell School Trust Board Imrs Thompson, Mrs Bedell-Péarce, and
Mrs Grant). Posl-mèrgèr, the Head of Sl Dav￿,5 School now reports to the Headmaster of Royal Russell
School, wlth a lolnl Board of Gov6rnors for Russell School Trust.
Employment Pollcy
The S¢hool is an equal opportunities employer. Full and fair consideration is given lo job applications from
dls8bled person$ and due consideration is given lo their training and employment nèeds. Consultation with
employee$. or Ihelr represenlalives, has continued at all levels with the aim of taking the views of employee5
Into account when decision5 are made that are likely lo affect their interests. Employees are made aware of
the financial and economic perfomiance of the School.
Investment Pollcy and Performance
The Sch¢)ol aims to maximise ils total investment return for reinvestment in ils ongoing development plans. All
surplus monies are held in an inleresl-beanng account wlh Barclays Bank, Nalwest or Nat￿nWIde. Every
effort is made to retain the maximum amount on deposit for as long as possible.
Page 6 of 34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2024
OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES
The objects of the Charity, 8s set out In the Memorandum of Association. are lo promote and provide for the
advancement of educallon of chlldren and young persons in the United Kingdom and elsewhere. In furtheranc8
of these Oblects for the public beneflt the School has eslabllshed and admlnisters a programme of bursarial
awards.
The Goveming 8ody Is mlndful of the long-standing need to provlde public benefit and of the requirements of
the Charities Act 2011.
Vlslon and Valu•8
Royal Russell is drfferent by design. We are a family School which values the things whl¢h make each of us
dislinclively brilliant. Our commitment lo each other 18 lo help every member of our ￿mmUnIty slrlve for Ihelr
vlslon of success- lo lake a widef view of what their personal amblllons are.
Our v8lues speak to who we are and we strive lo be, whether you are a pupil, teach8r, staff member,
alumni or volunteer. Our values help lo gulde us In our learning together and a$ we nav+gale our way through
lrfe.
Our Vl8lon. Insplrlng a Ilfe of learnSng as the famlly school of choice.
Our Valu••
AmbltSou8. We are passionate learners who pursue excellence in all that we do. Through our broad curriculum
and co-currlcular programme. we are ambitious for ourselves and recognise the ffjwards of effort,
o)IlabcKallon. and commilmenl.
Op•n. The school's motto Is 'Nol for oneself but for all,. In our incluslve communlly, we believe in ourselves
and celebrate the differences in each other, recognislng the value of honesty, inlegrity, and respect for
everyone.
Dl8tlnctlve. We value originalbty, aulhenllclty, and conlrlbution to our community as a whole. We nurtura
pupils, Intellectual. social, cultural. and moral development, so that they can confidently contribute lo thoir world
Sing their unique skill sel.
Couragoous. We emphaslse that the right thing lo do isn't always the easiest thing lo do and promote spiritual
and moral values through Chrislsan principles. We encourage pupils lo challenge themselves and each olhef
to do 9ood', bewming strong 9lob21 cllizens.
Prln¢lpal actlvlty
Th8 School's principal acllvlty, as spacrfied in the Memorandum of Associallon, Is lo promote and provide for
th8 advancement of education of children. During the year, il has continued ils efforts to improve academic
standards and provide a high-qualily education for both girls and boys. but one balanced by the needs and the
ability of the individual and one that contains a rich and varied co4urricular programme. The School remains
committed lo monitoring th8 value added in terms of education to gel the best from ils pupils.
In setting objectivès and planning our activities the Governors have consldered the Charity Commission
general guidance on public benefit and remain ¢ommilled lo maintaining the current level of assistance lo
broaden access to education.
Our key objectives for the yegr included=
continuing to focus on maintaining pupil numbers
Page 7 of 34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2024
continuing to focus bursaries on enty to Year 7 and Year 910 encourage 8PFdications from those who
would not necessarily consider an independent education
continuing the current strategy to strengthen the School's position in a competitive market by
endeavouring to ensure that each pupil achieves the best results possible
providlng Inéivldual learning programmes lo all GCSE and A level candidate5
plan for the next stage of the school development plan. the rebuild of the junior School
implemenlalion of a 'blended leaming" pedagogic strategy
PUBLIC BENEFIT
Bur8arl•s
The Govemors remaln committéd lo maintaining the lev81 of funding made available for bursaries. All bursaries
are means lesled and the emphasis r6mains on bursaries for new pupils joining the Senior School. Bursaries
are awarded lo help ensure children from families who would otherwise not be able to afford the feos can
access the education we offer. Our bufsary awards are available lo all who meet our entry requirements and
are made solely based on parental means, or lo relieve hardship where a pupil's education and prospects
would olherwlse be al dsk, for exam in the case of parenlal illness or redundancy. The bursary awards
range in value and are means lesled. In assessing means we lake several factors into consideration, including
family income, Investments and savings, and family circumstances.
The School has no endowment funds, and all bursaries are funded by redirecting fee income. We have,
therefore, lo be mindful that we ensure a balance be￿een fee paying parents, many of whom make
considerable perscffial sacrifice lo fund their Child's education. and those benefiting from the awards. This year
the total of scholarships and bursaries was £2,331,07612023.' £2,040,868). 64 pupils in 2024 {64 in 20231
were in receipt of a bursary and the total allocated lo bursaries in 2024 was £798.352 {2023: £674,617}. There
were nSne pupi18 in the School whose fees were being mel in full, and another six where the fee remission,
In¢ludlng scholarships,15 more than 90%.
Information on fee assistance through bursaries is provided to all applylng to the School and the Informallon
is on the S¢hool'$ website. Advertisements for the School also cary information on the availability of
bursaries.
Working in tho Community
We lake our responsibilities as a member of the Croydon community seriously ané play an active role in
¥upporting a wide range of local activities, either by personal representation, use of facilities or both. Some
examples of those activities are described below.
Our Gombincd Godel force offerj the opportunlly to laln lh8 fiayal nusjell Gchool ccr to Coloma Conv6nl
Girls, School and lo share the School's facilities and staff. Students from Coloma particlpal& throughout the
year in the nationally recognised framework for both tha Army Cadet Force and th8 Air Cadet
Organisalion. They also participate in weekend and holiday leadership courses and aclivlty camps.
Each year we facililale meetings for the Croydon Noighbourhood Watch organisation, We hosted Ihe Croydon
Neighbourhood Watch 2023 AGM and lunch, which was att8nded by the Neighbourhood Watch co-ordinators
within the Borough, Local Council OffiGials. and represenlalives from Police Services.
Addiscombe Hockey Club use our facllitles to run thelr academy for beglnners lo exp&rlenced players a98d 7
to 13 involving pupils from the local community.
We work with Surrey County Cricket Club offering facilities for a var￿ty of ag8S and levels This year we
haiip hepn prnLid In pirtngr with Surr•y frick91 A860cialion6 and Ihg Afro n*ritsb•%n Crlck.•t Association 19
offer an additional home ground for club8 needing a location to play throughout the summer on Sundays.
Page 8 of 34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2024
Our swimming facilities are made available lo local stale schools throughout the year for swimmlng lessons
for a low contribution offering swimming lessons al lower rates than local community pools. We have also
offered local community group the use of the pool for sponsored swims. With our Swimming training partner
Pulse Training we offer local communty students an intensive swimming course.
Restless Development Schools Triathlon is hosted annually by the School and supwrted by staff and
students in aid of the national charSly raislng funds for communities globally.
Fa¢illlies are used by the Cfoydon Performing Arts Festival for four woekend$ a year.
Throughout the year, we supported the Metropolltan Police Croydon Volunteer Pollce Cadets. and we have
also provSded beneflclal use lo the BrSllsh Transport Police Dog seGlion for Iralnlng new police dogs. We also
asslsted with the Brlllsh Transport Polke Ropes Team to faGililale Ihelr Iralnlng. We also hosted a
Melropolllan Police Inlllalive along wllh Netball England. 'Beyond th8 Court,, lo faci1Slale young women and
young girls from the wlder communlly lo look al netball as a vehide for posillve Ghange. We supported the
Metropolitan Police Croydon Volunteer Police Cadets, the m8lropolilan Police Youth Engagement Team, and
a local Scout Group wllh the use of the School minibus throughout the year.
We hosted and sponsored a Borough-wlde ¢ompelltlon for young people thls year. The School hosts 4-5
meetings a year for the Youth Organlsallons In Unlforffl IYOUI. London Borough of Croydon, whlch allow$
youth organisatlons lo share resource5 and exchange good pracllce.
Our facilllies were used al various Ilmes durlng the year by the Surrey Wing Air Training Corps thereby
ensurlng members a¢ros8 the County allend valuable training sessions.
Croydon Young Driver was supported with the use of our facilities lo enable young people aged between 15
and 24 years lo learn basic Car control, manoeuvring around a specially designed ¢ourse and awaraMss of
the dangers of drug. alcohol and mobile phone use while driving. or as a passenger, of a vehlcle.
The Spanish Government use the facllilles lo develop Spanlsh among young nauonals Ilving in the local
communlty, hosting ￿l¢¢-weeklY language lessons.
Fund Ra181ng
Pupi15 and staff enlhusiaslically participate in and promote numerous charitable events lo ralse money for
people less fortunate than themselves. This year we raised money for the Climate Recovery Fund VVWF UK.
JunKw School fundraising included a variety of good causes such as Restless Triathlon, Royal British Legion
Poppy Appeal, Jgan6 for Gene6, Croydon Animal Samaritan6, CanGer Rg6earGh UK. Support W3B provided
lo The Vine in New Addinglon and food donallons were coordinated via the Salvation Army. They also
participated in The Salvation Army Christmas Present Appeal. The Senior School continued lo raise money
for several charities including Evelina Children's Charity, Cancer Research, Crisis, Lives not Knives, Reedham
Children's Charity and the Downe Activity Centre.
Fund Ralslng for the Charlty
Most of the School's income is from school fees and other associated income. Russell School Trust has not
engaged with third parties to raise funds and any direct approach lo members of the public for fvnding has
been limited lo parents of wpils and alumni. No complaints were received in relation lo our fvndraising
activities.
InternatSonal Involvement
Internationally, the School has maintained ils commitment lo the Model United Nations. Al the 41 sl THIMUN
Affiliated Conference, hosted by the School in Octob8r 2023, we welcomed over 550 students, plus 80 from
Page 9 of 34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2024
Royal Russell. 38 schools attended wlth delegations from the UK. Europe, Africa and the USA. Royal
Russell pupils organised and participated in a stunningly successful event wrth 10 committees. an
Internallonal Court of Justice, and a day of debatlng in the General Assembly.
STRATEGIC REPORT
ACHIEVEMENTS ANO PERFORMANCE
R•vlow of xhlevom?nt• and perforrnanca for the year
Royal Russell School principally provides educallon for day pupils in the Croydon area with a catchment area
extending inlo South London and across lo Wimbledon and Bromley. but it also has a signlflcanl boarding
communlly with puplls drawn from over ￿nty different countries.
The average numbor of pup118 during the year wa5 1,225 12023: 1.185) of whom 186 12023.'1781 were
boarders.
Si David's School principally provide8 education for day pupils In Ihe Purley area. The average number of
pup118 al St Davld's School durfng the year was 143 {2023', 1461.
ComplIan￿ wlth Sgctlon 172(1) of th• Compan1￿ Act 2006
AS Dlreclors of the Charity, all Governors understand Ihelr duty to comply wllh Section 172{1), part8 a4 of the
Companies Act 2006. In doing this Governors are aware that they conslder, In good falth, that they should
promote the success of the School for the benefft of its long-18rm objectlves, and In dolng so have regard
lamong$l other matters) lo:
al Ihe likely consequences of any decislon In the long tem,
bl the interests of studenls and employees,
I the need lo foster good business relalionghlps wllh suppliers and customers, and others.
d} the impact of the School's operations on the communlly and th8 envlronment,
el the desirability of the School in malntalning a repulallon for high standards of business conduct.
fl the need to act fairly in all aspects of ils ongoing operallons.
Govemors consider relationships with all aspects of the Community and have regard to the need lo foster the
School'5 interests with parents, pupils, suppliers, and other customers, and understand that the effect of good
relationships are gulded by the principal declsions taken by Govomors and the School Executive during the
financial year. Relationships arp made though effe¢tlve ￿MmUnICatIon with the various stakeholders,
Including regular feedback and the opportunlly lo meet and talk with members of the School Leadership Team
as needed. Regular communications are published weekly and shared with parents and pupils, as well as
regular and transparent feedback to 8upplierg.
ISI Insp•rtlon- Soptember 2022
In September 2022 we were vlsited by a team of ISI Inspectors to cary out an inlegraled inspection. which
covered compliance, Educational Quality, and a request lo change pupil numbers by an additional 10010 1250.
The School was found to be excellgnl and compliant In all areas. and the increase in pupil numbers was
granted.
Acad?mic Achievement•
GCSE Results 2024
127 candidates, the largest number on re¢ord, sal lur cl Ivl¢41 ul 1197 GCSE dward5 this year.
The results were excellent the headline. 61.4% 9- 7 grades IA. _ A equivalenll. 15 the best performance by
Royal Russell cohort under'nom)al' examination conditions, ever.
Page 10 of34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2024
A level Results 2024
137 candidates were entered for 416 A levels and Level 3 BTEC National qualifications this summer, a
significant increase in candidates from 116 in 2023. The overall results were very strong and the predicted
increase in A, grades from 2023 together with a significantly increased value-added score, is a strong
message lo ￿lebrate with the Royal Russell community.
The UCAS outcomes were very encouraging, indicating the sound advice given lo each individual canéidale
by the Upper School Team.
FINANCIAL REVIEW
Streamllned Energy and Carbon Reportlng
The Streamlined Energy and Carbon Reporting disclosure pr85enls oui carbon footprint within Ihe United
Kingdom across Scope 1 and Scope 2, some international travel, wa51e disposal and water supply & Irealmenl
in Scope 3, an appropriate inlensily metric, the lolal energy use ol electriclly, gas ané transport fuel and an
energy efficlency improvements summary.
Yearended 31 August 2024
Eml••lofi¥ 8ourc•
tonnm ol CO
286.5
899.S
ulv•l•nt
Eleclricil
Gas
Vvaler Su
l & Trealmgnl
Waste Dis
osal
Business travel lané
Business travel - air
TOTAL
1,383,774
4.869 557
59.176
759
42,273
123 541
Kwh
Kwh
Kwh
km
10.1
30.9
1241.7
Year ended 31 Au9USt 2023
Eml••l¢)M 8ourn• .
qumtity
Carbon Faolprfnt
nnmofc
295.6
981.0
10.8
17.5
Electrici
Gas
Water Su
l & Treatment
Waste Dis
osal
Business travel - land
Business travel air
TOTAL
1,427,374
3.636,036
58,084
820
12,057
197,371
Kvvh
Kvvh
Kwh
38.9
The carbon footprint for the year is 1,241.712023.. 1,346.71 lonnes CO2 equivalent, which represents a carbon
intensity of 3.80 {2023'. 4.471 lonnes per full time equivalent employee.
Energy Efflclency Improvements
We are committed to year-on-yoar improvements in operational energy efficiency and will include detail of
current and future in our Environmentally Sustainable Governance IESGI initiative that wa5 launched this year.
A register of energy efficiency measures has been compiled with a view lo implementation in the next five
year5.
Page 11 of34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2024
Ongoing energy efficiency measures alr8ady undertaken, and including those undertaken In this year=
Where possible, we are completing replacement of all fluorescent lighting with LED lighting. This will not
only reduce the energy consumption bul will also reéuce long-térm maintenance requirements.
We have sought lo introduce PIR sensors for lighting. which Switch lighting off when rooms are not in use.
With healing being a core requirement wlthln our School, as appropriate. new more energy efficient
healing systems are being installed 8$ part of the estate Maslerplan, including a Combined Heat and
Power ICHPI plant for the new Replacement Residential Sluilent Accommodation IRRSAI buildlngs,
which ineorporales gas turbines for generating electricity from unused power.
The new cascade boller system installed in the Senior School is more energy efficient than Its
predeces50r. we have also sought lo pTovid8 moTr Insulatlon lo the boiler, boiler area and pipework lo
increas8 efficiency and heal loss.
All new bulld projects and major works are bullt lo a mlnimum of a good Building Research Establlshmenl
Envlronmenlal Assessment Method {8REEAMI rallng and passive house options are regularly
considered.
The school ha5 moved away from using internal combustion englne vehicles. purchasing electrically
powered vehicles for the catering and estates departments.
We have installed a waste food bio digester lo decrease the amount of waste food that Is disposed of.
Measures under consideration for the future..
W8 are mandated lo comply with the Energy SavSngs Opportunlty Scheme (ESOSI and as such produce
a summary of all available energy efficiency improvements on a four-year cyde. This wlll be completed
asain in line with the 2023 Phase 3 compllance deadllne.
Ro•ult• for tho yoar
The group's n81 income for thé year from operallons amounted lo £1,850,109 (2023.. £5,258,800). Thls
included a profil of £543,35112023'. £574,690) achieved by the School's tradlng subsidiaries whlch Is donated
lo the School.
Reserv•8 and Flnan¢io1 H•alth
The Governors regularly review the level of the S¢hool's funds, whlch are managed through a slruclured
business planning proces5. 11 is Govemor policy that fee5 should be sel at levels that allow the School lo meet
its normal operating expenditure and provlde a surplus for future investment in improvlng and expanding the
School's fa¢ililie5. The School currently has reserves of £28.Om12023.' £26.1ml. The School had no free
reserve5 al the balance sheet dale bul has drawn £em on a term loan facility with Nalional Westminsler Bank,
and Ihe ability lo draw fiJrthp.r flind8 A8 nArmssary ThA firxl rApilAI rApAympnt fnr this Inan will bp due in the
linancial year ending 31 August 2026.
The Governors are satisfied that the resources available lo the S¢hool are adequate for ils prolecled
requirements, including the funding of 8xpecled fijture capltal prol8¢ts.
RISK MANAGEMENT
The Board of Governors is responsible for the management of the risks faced by the School. Detailed
consideration of risks is delegated lo the Chair of each sub-committee, who are assisted by the Heads and
Director of Operations & Finance. A formal review of the charity's risk management process is undertaken on
an annual basis.
The key Controls used by the charity include-
detsiled terms of reference 2nd fomial agendas for all Committee and Board activity.,
formal annual strategic development planning.,
Page 12 of34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2024
comprehensive budgeting and management accounting,.
established organisalional structures and lines of reporting-,
formal written policies induéing clear aulhorisalion and approval18vels',
vetting procedures as required by law for the FKolection of th8 vulnerabl8.
PrSncSpal rlsks and uncertalntl88
The Board of Govemors malntslns a risk register which Is reviewed 81 e8ch of the sutFcommltte8s and al the
Board Me&tlng each term. The risk reglst8r 1$ also revlewed by the S¢hool Le8dership Team.
The view of Governors remalns that the main risk to the School is financlal In nature and would pdmarlly occur
due to a flnancial '8hock' lo the School, which was assessed as a decrease in the wpll roll, especially in the
boarding community.
That risk is now 89sessed by the Board as being ext￿melY Ilkely and hlghly Impacfful. and therefore scores
the highest level of risk on the Risk Register. Teachers, Penslon Scheme {TPS} employer conlrlbulion8
increased lo 28.68% from123.68%1 in April 2024, combined with the inlrodu¢lion of VAT on fees {from January
20251, alongside the loss of Business Rale Relief (from April 2025). and In¢rea$ed National Insurance
ontribullons are the major financial issu95 that have sIgn￿￿onI1Y affected the School. Governors have been
planning miligalory measures for all issues other than the Natlonal Insurance conlribullon Increas8, and 80
feel Gonfidelll in the TTU51'5 ability to manage those sIgn￿Gant add+tional costs.
However, for the other major ri3ks Idenlifled, the probablllty of an occurrencè has baen a8888sed as low, and
Sn most cases th8 Smpact also assessed a5 low. Thls is because th8 Governors are sallsfSed appropriate
controls have been pul in place and hav8 been maintained to manage those rSsks adequalely. The Board
recognlses that systems can provlde only reasonable bul not absolut8 assurance that major risks have been
managed.
DEVELOPMENT
Th8 Board continues Ihoir Current strategy lo improve the S¢hool'$ poslllon in a compelllive market by
endeavouring to en5ur8 that each pupil achieves lo tho besl of their ability. The Governors remain aware of
the need lo continue to invest in educational facilities and malntaln the fabr1¢ of the School.
The construction of a full-51Z8 hockey astro turf pitch and Mulli Use Games Area IMUGA} was completed
during 2013114 and thr8e, new, full size gras5 SPOrt5 pIIGhes had been e51ablished and were ready for use
from Seplemb8r 2015. A well-equipped pavilion and strength and conditioning facility were added In 2016 10
complement the sports pitch85 With the help of a generous donation from the School's parents, assoclation.
the 1853 Society.
The School continues lo provide for the long-lerm property development master plan. Two new residential
sludenl accommodation buildings were built and op8ned in 2017 and 2020. The School also built and
completed an extension lo Ihe science block in 2020, which ddivered four large laboratories. one Smaller
theory dassroom and new facilitle8 for staff and students.
We have successlully developed plans for a new Junior School, demolishing part of Ihe old Queen's Building,
and finallsing plans for this prolecl. We have successfully tendered for the work which began in October 2024.
with the prolecl sel to conclude early in 2026.
Page 13of34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2024
Stratogic Prlorltles
Loamlng
We will ensure that every pupil follows a unique learning journey by offering challenging and engaging
lessons delivered by passionate and dynamic teachers who are experts in their field.
From Nursery to Sixth Form, our education will foster Gurloslty, celebrate scholarship, and enable
discovery. creallng confident, ir￿ependent learners.
We belleve everyone can change and grow through application and experience. We vlill encourage
pupils to develop resillence and make the effort to Strlve for their visDn of success.
We believe in a total educatlon. We will encourage pupils lo extend their learnlng beyond the
curriculum through enrlchment acllvlties and cultural exp8riences,- learning together in a community that
celebrates Indlvidual arKI collective 8¢hlevemenls.
PoopI•
Royal Ru8881118 deeply committed to the Indlvidu81 wellbelng. ca￿, and development of each member
of our Gornmunity., we wlll help each of them lo define what success means to them.
We will encourage all members of our communlty lo live completely. emphaslslng the IMp￿tanCe of
academic achiev8menl, self-worth, odaplability, and klndness by showing ￿SpeCt for everyone.
We are an Inclusive communlly which Ilslens and responds lo the needs and Concerns of our all of our
members, 50 that all aspects of dlver51ty in our communlty are embraced, understood and respected. Our
pastoral 51ruclures promot8 mor81 responsibilty, respect, and courage alongside an underslandlng of our
School values.
Just as we care deeply for our pupi18, we value our 8t8ff and the contrlbullon Ih8y make lo the leaming
experience. We will provlde opportunllle5 for advancement and development by Inv8sling In actlvhle8 which
enhance Ihelr skills and support their wellbelng.
Plac•
The pupil environment contains excellent leachlng and leaming spaces and high-quality pa81oral and
soclal facilities. We wlll ensure our learning envlronmenl and speclalisl faclllties conllnue lo provlde outstanding
academic, pastoral. and social opportunities for our pupils acros$ all areas and ages.
We are commilled to environmental sustslnabillly and will share this commllment wllhln our leaming
communlty. only consuming the resources needed to run the ¢ampus responsibly, effic￿ntIY. and ethically.
As part of a comprehensive campus maslerplan, we are building an oulslanding new Junior School
and rKogress towards the development of the practlcal blocks in the Senior School.
We will use innovative technology in 811 areas of SGhool life, embracing new Ideas and Ihlnklng without
loslng $lghl of the humanity that binds us together.
Community
We will actively build connections within our School family that relnforce and celebrate all aspects of
our 3- 18 coeducalional loumey.
We will continue lo build positive relationships with memb&rs of our extended community. Including
local schools, our neighb(MJrs and community groups.
We have a global outlook and will continue to eslabllsh strong Intem2tional relationships and support
the creation of partnership schools across the world.
We will maintain Strong bonds with Old Russellians, Ihelr parents and families and former colleagues.
We look lo the friendship an¢J experience of these groups lo support currant Russellians and provide even
greater opportunities for Ru5sellians in the future.
Pag8 14 of34

RUSSELL SCHOOL TRUST
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2024
STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES
The members of the Governlng Body (who are also the dlrectors of Russell School Trust for the purposes of
company lawl are responsible for preparing th8 Annual Report and financlal slalemenls in accordanGe with
appluble law and Un6ted Kingdom Generally Accepted Accounllng Pra¢llce {Uniled Kingdom Accounting
Standards).
Company law requlres the members of the Governlng Body to prepare flnan¢ial slalements for each financlal
year. Under company law the Governing Body members musl not approve the financial statements unless
they are satisfied that they give a Ifue and fair view of the situation of the charitable company and the group
and of the Incomlno resources and application of resources. including the income and expenditure, of the
charitable group for that period. In preparing these financial slalemenls, the Governing Body members are
requlred lo:
select suitable 8ccountlng policies and then apply them consislenlly.,
observe the methods and principles in the Charities SORP.,
make judgements and accounting eslimales that are reasonable and prudent.,
state whether applicable Accounling Standards have been followed, subl¢¢l to any material departures
dlsclosed and explained In th8 financial stalemenls,. and
prepare the flnancial sta18menls on the golng Concern basls unless il is Inappropriate to presume that
the charltable company wlll ¢ontlnue in business.
The members of the Govemlng Body are responslble for ensurlng that adequate a¢￿untIng records ar8
mainlalned that are sufficient lo show 8nd explain the charities and the group's transactions and disclose with
reasonable accuracy at any time the financial position of the charity and the group and enable them lo ensurg
that the financial slalements comply with the Compantes Act 2006 and the provisions of the Charity'$
Gons1itulDn. They are also responsible for safeguarding the assets of the charity and the group and hence for
taking reasonable steps for the prevention and detection of fraud and other irregularities.
Rèlevant Audlt Informatlon
Insofar as each of tha Goverr¢ors, as dlreclors of the charitable company, al the date of approval of thls report
is aware there is no relevant audit information {Informalion needed by the Company'5 auditor Gonneclion
with preparing the audit report) of whi¢h the Company's auditor Is unaware. Each m8mbef of the Governing
Body has taken all the steps that he or she should have tsken as a member of the Governing Body In order lo
make himself or hersew aware of the relevant audlt information and to establish that the Company'5 8udilor Is
aware of that information.
Governlng Body approval
This Annual Report. prepared under the Charities Act 2011, was approveé by the Governlng Body of the
School on 13 December 2024, including, in their capacty as company dlrectors. approving the Directors. and
strateg￿ Reports contained therein, and is signed as aulhorised on thelr behalf by..
Mr A J Merriman FCA, Chair
13 December 2024
Page 15of34

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
RUSSELL SCHOOL TRUST
Opinion
We have audited the financial statements of Russell School Trust {'Ihe charllable company,) and its
subsidiaries I'thè group,) for the year ended 31 August 2024 which comprlse the Consolidatad Statement of
Financial Activities, the Consolidated and School Balance Sheet, the Consolidated Ga$h Flow Statement, and
notes lo the financial statements. including significant accounting policles. The flnan¢ial reporting framework
that has been applied in their preparation is applicable law and United Kingdom A¢Gounling Standards,
including Financial Reporting Standard 102 The Financial Reporting Standard apkll¢able In the UK and
Republic of Ireland Iuniled Kingdom Generally Accepted Accounting Practice).
In our oplnion the financial slalements..
give 8 true and falr vlew of the slate of the group and the charitable company's affairs as of 31 August
2024 and of the group's income and expenditure. for the year then ended.,
have been propefly prepared in accordance wllh Unrted Kingdom Generally Accepted Accountlng Practice,.
and
have been prepared in aCCordar￿e with the requirements of the Companiès Act 2006.
B￿lfj for oplnlon
We conducled our audit in accordance with International Stsndards on Auditing (UK) IISAS {UKII and
appllcable law. Our responsibilities under those standards are further d95Gribed in the Auditor's responsibilllle$
for the audit of the flnancial slalemenls section of our report. We are Independent of the group in accordance
wllh the ethical requirements that are r616vanl lo our audit of the financial statements in the UK, including th
FRC'$ Elhl¢al Standard, and we have fulfille(J our other elhical respon¥ibilities in acGordance with these
requlrements. We belleve that the audit evidence we have obtained is sufficient and appropriate to provide a
bas1$ for our opinlon.
Conelu81on• rèlatlng to golng conc•rn
In audltlng th8 financ181 stalemenls, we h8ve conduded that the trustee's use of the golng concem basls of
accounllng In the preparation of the financial slalemenls is approprlal8.
Based on the work we have performed, we have not iéenlffled any material uncertainties relating lo ev&nls or
condlllons that, indivldually or colle¢tSvely, rnay cast significant doubl on the. charitable company's or the
group's abilty lo continue a8 a going concern for a period of at least ttvelve months from when the financial
$latement5 are aulhorlsed for Issue.
Our responsibilllies and tha respon$lbilili8s of the trustees wllh ￿sPect to going cOr￿M are described in the
relevant Sections of Ihls report.
Oth•r Inforrnatlon
The Irusl88S 8re responsible for the other informatk)n contained within the annual report. The other information
comprises the 5nformailon included in the annual report, other than the financial slalements and our audilols
report thereon. Our opinion on the flnancSal stslemenls do95 not cover the other information and, except lo the
exlenl otherwlse explicitly slated in our report, we do not expr￿5 any form of assurance ¢onclusion Ihereon.
Our responslblltty 1$ to read the other Information and, in doing so, consider whether the other irrformation is
materially Inconsislenl with the financlal statement5, or our kno￿edge obtained in the audit or otherwise
appears to be materially misstated. If we identrfy such material inconsistencies or apparent material
misslalemenl$. we are required lo determine whether this gives rise lo a material misstalemenl in the financial
slalemenls themselves. If, based on the work we have performed, we conclude that there 15 a material
misstalemenl of this other information, we are required lo r8port that fact.
We have nothing to ￿port in this regard.
Page 16 of34

Opinions on other matters prescrlbed by the Companles Act 2006
In our oplnion based on the work undertaken during our audit
the information given In the trustees. report. which includes the directors, report and the strategic
report prepared for the purposes of company law, for the financial year for which the finandal
slalemenls are prepared is consislenl wth the financial slalements., and
the strategic report and the directors, report included within the trustees, report have been prepared in
accordanG8 With applicable legal Tequiremenls.
Mattors on whlch wo are rOqUiTed to report by exceptlon
Considering the knowledge and understanding of the group and the charitsble company and their environment
obtained in the course of the audit, we hav8 not idonlified material misstatements in the strategic report or the
directors, report included wlhin the trustees, report.
We have nothing to raport in respect of the followlng matters in relation lo which the Companies Acl 2006
r8quirès us to report to you if. In our opinion..
the parent company ha5 not kept adequate accounting records,. or
the parent company financial statement5 are not in agre8m8nl wlth the accounllng records and returns..
or
certain disclosures of trustees, remuneration specified by law are not made.. or
we have not received all the information and explanations we require for our audlt.
Rospon•Sbllltl•* of trugt•o9
As explalned more fulty In the Sialemenl of Accounting and Reporting Responslbllilles. set out on page 15,
the Iruslees Iwho are also the directors ol the charitable company for the purposes of company lawl are
responsible for the preparallon of the financial statements and for being satisfied that they give a true and falr
view, and for such Internal control as the Iruslees determine Is necessary to enable the preparatlon of flnancl81
stalemenls that are free from material misstatement, whether due lo fraud or error.
In preparlng the financi81 slalemenls, the trustees are responsible for assesslng the group or the charitable
company's ability lo conllnue as a going concern. dlsclosing, as applicable, matters ralaleé to golng concern
and using the golng concern basis of accounting unless the Iruslees eiihor Intend lo liquidate the charflable
ompany or to cease operations, or have no reallslk allernatSve bul lo do so.
Audltoes r•spon8lbllltl•B for the audlt (rf the flnanclal stat•ments
Our objectives affj to obtain reasonable assurance about whether the flnanclal slalem6nts as a whole are free
from materlal misslalemenl, whether due to fraud or error, and lo issue an auditor's report that Includes our
oplnion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit Gonducted in
accordance with ISAS {UKI will always delecl a material misstalemenl when il exists.
Misstalemenls can arise from fraud or error and are considered material rf, individually or In the aggregate.
thpy n.ni Ilrl rpasnnahly hp p¥Dpr.IpA tn infil Ipnrfv Ihft p.r.nnnmir. dRe,i8innq nf I ispr8 taken nn Ihft ha818 nf IhA8A
financlal stalemenls.
Details of the 8xlenl lo which th8 audit was Considered capable of delecling irregularilios, including fraud and
non-compllance with laws and regulation5 are sel out below.
A further description of our respon5ibililies for the audit of thè financial statements Is located on the
Financial Reportlng Councll's website at.. vrnw.f
ons
'lilies. This description form5 part
of our auditor's report.
Extent to whlch the audlt was consldgred capablg of d9tgrting irrogulariti•s, Includlng fraud
Irregularities, including fraud, are instances of r￿n-Compli?nce with laws and regulations. We identified and
a55es5ed the risks of material misslatemenl of the financial statements from irregularities, whether due lo fraud
or error, and discussed these be￿een our audit team members. We then designed and pertormed audit
procedures responsive lo those risks, including obtaining audit evidence sufficient and appropriate to provide
a basis for our opinion.
Page 17of34

We obtained an understanding of the legal and regulatory frameworks within ￿lch the ¢haritable company
and group operates, focusing on those laws and regulallons that have a direct effect on the determination of
material amounts and disclosures in the financial slalements. The laws and regulations we considered in this
context were the Companies Act 2006. th8 Charities Act 2011 and taxation legislation, together with the
Charrties SORP {FRS 102). We assessed the required compliance with these laws and regulations a8 part of
our audit procedures on the related financial statement Items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the
Inancial statements but compliance with which might be fundamental to the charltable company's and the
group's ability lo operate or lo avoid a material p8n81ty. We also considered the opportunities and incentives
that may exlst w(thin the charitable company and the group for fraud. The laws and regulations we considered
in this context for the UK operations were The Eéucalion Ilndependenl School Stanéards) Regulations 2014,
employmenl legislation, health & safety legislation, and General Data Prole¢llon Regulation IGDPRI.
Auditing standards limll the required audit pr¢Kedures lo Identify non<ompliance with Ihege laws and
regulations to enqulry of the Trustees and other management and inspeGlion of regulatory and legal
correspondence, if any.
Wa Id8nllfied the gre8te$t rlsk of malerlal Impact on the financS8l slalemenls from Irregularities. Including fraud,
lo be wllhin the override of controls by management. Our auéit procedures to respond lo these risks Included
enquiries of m8n8gemenl and the Finan¢6 & Eslales Committee about their own Idenlificalion and as5essmenl
of the risks of irregularities, sample 1951ing on the posllng of journals, reviewing acwunling 8slimales for
b￿ase8, reviewing regulatory correspondence with the Charity Commission. Independent Schools Inspeclorale,
Ofsled, analytical procedures and le51s of detail on income and reading minutes of meetings of those ch8rged
with governance.
Owing lo the Inherent Ilmllaliony of an audtt, there 18 an unavoidable risk that we may not have d818cled som8
malerlal mi8slalement5 in the financial stalemenls, even though we have properfy planned and performed our
audll In accordan¢e with auditing standards. For example, the further removed non40mpliance with laws and
regulations liffegularillesl Is from the events and transactions reflected in the financial slatemenls, Ihe le88
likely the Inherently limited procedure$ required by auditing standards woulé identify it. In addition, as wllh any
audit, there remalned a higher rlsk of non4eleclion of irregularities, as thes8 may involve collusion, forgery,
inlentlonal omlsslons, misrepresentations, or the ovarride of internal controls. We ar8 not responsible for
prevenllng non-compllance and cannot be expected to detect non-compliance with all laws and regulations.
Us• of thls report
This report 1$ made Solely lo the ¢haritable company's mombers, 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 sta18 to the
charllable company's members those matters we are required lo slate to them in an auditor's report and for
no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility to anyone
other than the ¢harftable company and the charitable Company's members as a body, for our audll work, for
this report, or for the oplnlons we have formed.
Dlpgsh Chhatralla
Senior Statulory Auditor
For and on behalf of
Crowe U.K. LLP
Slalulory Auditor
London
Dale: 18 December 2024
Page 18 of34

RUSSELL SCHOOL TRUST
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 AUGUST 2024
Company Reglstratlon No: 1163246
All unro¥tricted All unreslricted
and restrictod
and restricted
funds
funds
2024
2023
Notes
INCOME FROM:
Charitablo actlvlti
School fees receivable
Ancillary trading Income
28,149,783
1,571,550
25,141,176
1.316.054
Othor tradlng actlvltla•
Non-AncSllary Iradlng In¢om&
9¥774
851,059
Inv￿tmant8
Bank and Other Interest
71al
7{b)
220.137
{$48,666
95,982
441,694
Interest rale Instrument revaluallon
Donatlon• andlogacl
Donations
71cl
95.124
3,189,214
Totsl Incom•
30,432.702
31,015, 159
EXPENDITURE ON:
Ralslng funds
Non-Anci118ry trading Costs
403,072
279,889
Flnancing costs
342.909
276.646
745,981
556,535
Charltsbl• aGtiviti
Education and grant-making
27.836,612
25, 199,824
Total expendltur•
28,582,S93
25,756,359
Net In¢omo for the year
1.850,109
5,258,800
Balan¢e brought forward al 1 September
26.119.600
20.860,800
Balance carrled fo￿rd at 31 August
27,969,709
26,119,600
All aclivili8s are ￿ntinUIng arKI there are no galns or losses oth8r than 89 Stale¢J 8bov8. Indu¢Jed within Education and
grant-maklng Is £940 01 restricted expendrture.
Page 19 of34

RUSSELL SCHOOL TRUST
CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2024
Company Registratlon No: 1163246
Notes
2024
2023
FIXED ASSETS
Tanglble assets
10
36,559,378
35,995,417
CURRENT ASSETS
Stocks
Debtors
Short term investments
Cash and Deposlts
12
13
99.898
1,931.695
4.000,000
3.577 478
66,148
2,234,871
3 928 492
9,609,071
6,229,511
CURRENT LIABILITIES
Creditors payable wblhin one year
14
12.134,815
10,210,037
NET CURRENT LIABILITIES
(2,625,744) (3,980,526)
TOTAL ASSETS LESS CURRENT LIABILITIES
34033,634
32,014,891
LONG-TERM LIABILITIES
Credllors payable after one year
15
6,083,925
5,895,291
NET ASSETS
27,989,709
26,119,600
UNRESTRICTED FUND8.'
Gentrral funds
27,969,709
26,118,660
RESTRICTED FUNDS
940
TOTAL FUNDS
27,969,709
26,119.600
The surplus for the flnancial year dealt with in the financlal slaternenls of the parent charltable company was
£1.850.109 {2023'. £5,258.8001
Approved by the Board of Governors and authorised for issue on 13 December 2024
r A Merriman FCA, Chair, Goveming Body
Mr J Lacey, Chair, Finance and Estatos Committee
Pag8 20 of 34

RUSSELL SCHOOL TRUST
BALANCE SHEET
AS AT 31 AUGUST 2024
Company Rogistration No: 1163246
Note$
2024
2023
FIXED ASSET8
Tanglble assets
10
36,559,378
35.995.417
Investments
11
36 559 379
35 995 419
CURRENT ASSETS
Stocks
Debtor8
Short term investments
Cash and Oaposils
12
13
99.898
2.308,320
4.000,000
3,107,928
66, 148
2,724,85T
3,322,581
9.516.146
6,113,586
CURRENT LIABILITIES
Credllors payable wlthln one year
14
12,046.744
10,098,966
NET CURRENT (LIABILITIES)
(2,530.5981 (3,985,380)
TOTAL ASSEfs LESS CURRENT LIABILITIES
34,028,780
52,010,039
LONG-TERM LIABILITIES
Creditors payable after one year
15
6.063,925
5.985,291
NET ASSErs
27.984855
26,114,T48
UNRESTRICTED FUNOS:
General funds
RESTRICTED FUNDS
27,964.855
26,113,808
940
TOTAL FUNDS
27.964,855
26.114.748
Approved by the Board of Governors and authorlsed for bsue 13 Decemb8r 2024
Mr A Merrlman FCA, Chair, Governing Body
Mr J Lacey. Chair, Finance and Eslales Committee
Page 21 of34

RUSSELL SCHOOL TRUST
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
2024
2023
N•t ¢88h Inflow from operatlng actlvltles
{Not¢ a)
5,612,121
4,485.684
Ca8hllow from Inve8tlng actlvltles
Purchase of tangible flxed assets
Net (Increase) in Short term deposits
Bank and other Inleresl receipts
{1,852,263)
(4,000,000)
220 137
(1,365,419)
15,632,126)
(1,269,45TJ
Cashflow• from flnan¢lng actlvltla$
Loan Interest pald
N81 loan financel(repaymentl
{342,909}
11,900
(276,646)
(70,850)
(331,009)
(347.496)
Change In Cash and cash equlval•nts In tho
year (Not• b)
(351,014)
2,868. 731
R•conclllatlon of n•t cash flow to mov•ffl•nt
In not d•bt
(Decreaseylncrease In cash
(IncreaseyDeGrea5e in bank loan finance
(351,014)
11.900
(2.868. 731)
70.850
(Incr•a8eyDocroa¥• In net d•bt (Not• bl
{382,914}
2,939,581
Not dobt at 1 Soptomb•r
11,984,408)
(4,903,989)
N•t d•bt at 31 August
{2,327.322)
(1.984,408)
Page 22 of 34

RUSSELL SCHOOL TRUST
CONSOLIDATED CASH FLOW STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
NOTES TO THE CASH FLOW STATEMENT
Roconcillation of n•t Incom• to net cash
Inflow from op•ratlng actlvltles
2024
2023
Net Income for the year
1,860.109 5,258,800
Bank and other interest r8ceipts
Bank interest and other financing costs
Loss on dlsposals of fixed 28sels
Assets acqulred on comblnalion wllh Sl Davlds School
Depreciation
Ilncreasey Decrease In stock
Decreasel{Increase} In debtors
Increase In creditors
(220.137)
342.909
23.859
(95,962)
2T6,646
249,334
(3, 130,249)
1,523.609
1,518,108
{33,7501
409
303,178 (1,099,333)
1,822,340
1,507,931
Not ca•h Inflow Irom oporatlng a¢tlvltlo•
5,612,121
4,485,684
Analy811 of change• In not d•bt
Asat
I September
2023
Asat
31 August
2024
Cuh flow
Cash at bank and in hand
Bank loan due within one year
Bank loan due after more than one year
3,928,492
(351,014)
3,577,478
(5,892,900)
{11.900) {5,904,800)
{362,9141 {2,327,322)
(1,964,408)
Page 23 of 34

RUSSELL SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
ACCOUNTING POLICIES
The financial statements have been prepar8d in accordance with the FinanGial Reporting Standard applicable
In the UK and Republlc of Iretand {FRS102}, the Companies Act 2006 and the Slalemenl of Recommended
Practice applicable to charities preparing their accounts in accordance with the Financial Reportlng Standard
applicable in the UK and Republic of Ireland IFRS 1021. The functional currency of the S¢hool is Considered
to be Bri118h pound5 because that is the currency of the primary economic environment In vthi¢h the School
operate8.
The accounts are drawn up on the historical cost basis of accounllng. as modlfled by the revaluatlon of
investment prop8rties and other Investments.
The accounts present the Gonsolidaled slatem8nl of financial aclivllies ISOFA), the consolSdaled cash flow
statement and the consolidated and Charity balance sheets comprising the consollda15on of the School and
with its wholly owned subsldiary Russdl School Enl8rprises Ltd and Russell School Internallonal Ltd. The
Charity has taken exemption from kyesenling Ils unconsolidaled Incomè and expenditure account under
3e¢tion 408 of the Companies Act. The Charity has also taken advantage of the exempllon avall8ble to a
qualifying entity In FRS 102 from the requirement lo present a charity only cash flow statement with thè
¢onsolldaled flnanoial statements.
After considerlng current cash holdings, the funding facilities and the cash flow projection for the next hvelv8
months and current pupil numbers an¢Y taking into consideration the s¢heduled capital and Interest payments
on th8 bank loans, the Truylees have a reasonable expectation that the Charity has adequate resources lo
onlinu8 Ils aclivllles for the foreseeable future and consider that there were no m31orial uncertalnlies over the
Charlty's financial viablllty. Accordlngly, they also continue lo adopt the golng Goncern basis in preparlng the
financlal statements as outlined In the Statement of Accounting and Reporting Responsibilities on page 15.
The School Is a Publ1¢ 8enefll Enllty reglstered as a charity sn EnglarKI and Wales and a company limited by
guarantee. 11 w88 Incorporated on 15 March 1974 (company number.. 11632461 and registered as a charity on
16 August 1976 Icharily number.. 2719071.
Crltlcal accountlng Judgements and koy 8ource• of ••tlmatlon unc•rtalnty
In the applicallon of the accountlng pollcles, Trust8es a￿ roquifed lo make judgements, &slimates, and
assumptlons about the carying value of assets and liabllilles that are not readily appamnt from other sources.
The esllmal&s and underlylng as$umpllons are based on historical experience and other factors that are
relevant. klual r8sulls may drffer from these esllmales.
The estimates and underfylng a$6umptions are reviewed on an ongolng ba$i$. Ravtsions to accountlng
e81imales are recognised In the period In whlch the estimate Is revised rf the revision affects only that period,
or in the period of the ￿vIsIon and future perlods rf the revi51on affected current and future per￿8.
In the view of the Trustees. no assumptions concerning the future or estimation uncertainty affecting asset5 Qr
liabilities al the balance Sheet dale are likely lo result in a material adluslment to their carying amounts in the
next financial year. The most significant areas of estimation within the financial slalemenls are considered to
be al the value of the St David's School addition which has been Included in the accounts al the market value
shown in the valuation report prior lo the acquisition bl estimallon connected lo the useful lives of tangible
fixed assets.
The following accounting policies have been appli6d consistently In dealing w7lh items which are considered
material in relation lo the Charity's financial stal6menls.
Page 24 of 34

RUSSELL SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
1.1 Fees and similar oarned income
Fee5 receivable and charge5 for services and use of the premises, less any allowances. scholarships and
bursaries granted by the Charity again51 those fees, but including conlribulion5 received from reslrlcled funds,
are accounted for in the period in which the service is provided.
1.2 Flxed Assets
Buildings. motor vehicles. computers, plant and machinery and other equipment costing more than £2,500 are
capilalised and ¢Jepre¢Saled by annual inslalmenl$ over Ihelr estimated useful lives. The current rates of
depreclallon are..
Fwhold bulldlNJ$
School and ¢omputer equlpmenl
Plant and Machinery
Motor vehicles
2%_ 1 Ooh on 8 straigh14ine basis
1 S% - 33¥• on 8 slr8ighl-line basis
10°A on a slr8lghl-line basls
25¥0 on a slralghl-llne ba$ls
Assets during conslrucllon and land are not depr￿late¢l. Inveslmenl$ subsldlarles are valued al cost less
provl$Son for Impairment,
1.3 8to¢k8
Stocks are valued al the lower of co818nd net reallsable value, cost belng the purchase prtce on a fir81 In. flr81
out basis.
1.4 Inv•6tm•nt Incomo
Inv8slmenl Income from divldends, bank balance5 and fixed inlerest s￿￿rItIeS Is a¢¢ounled for on an accruals
basis.
1.5 Expendltur•
Expenditure is accrued as soon as a liability is ¢onsidered probable, discounled lo present value for long8r-
term liabilities and accounted for on an accruals basis. Overheads and other costs not directly allribulable lo
funclional activity calegoiies are apportioned ov6r the relevant ¢ategorles based on the related staff lime.
Governan¢e costs inclLbde expenditure on GomplianGe with conslilutional and slalulory requirements. The
irreGoverable element of value added lax is included with the item of expense lo which It relates.
Intra-group sales and Charges betw&en the Charity and its subsidiarles are exduded from Iradlng Income and
8xpenditure.
1.6 Oporatlng Loases
Rentals under operating leases are charged on a 51raighl-line basis ovèr Ih818ase term. even if the payments
are not made on such a basis. Benefits received and receivable as an incenlivoto sign an operating lease are
similarfy spread on a straighl-line basis over the lease term.
1.7 Flnanclal Instrumgnts
Basic financial instruments are initially recognised at transaction value and subsequently measured at
amortised cost except for investments which are held al fair value. Financial asse15 held al amortised cost
comprise cash al bank and in hand, together with trade and other debtors. A specific provision is Tnade for
debts for which recoverability is in doubl. Cash al bank and in hand is defined as all cash held in instant acces5
bank accounts and used as working capital. Financial liabiliti85 held al amortised ￿5t comprise all credttor5
except fees received in advance, social security and other taxes. Assets and liabilities held in foreign curren
are translated to British pounds al the balance she81 dale at an appropriote year end exchange rate.
Page 25 of 34

RUSSELL SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Non bas1¢ financial instruments a￿ recognised al fair value in the balance sheet with changes In fair value
recognised in the Statement of Financial Acllvllles.
1.8 PonsSon Scheme Contributlons
Retlrement benefits lo employees of the Charlty are provided through three penston Schemes- defined
benefit and one deflned Contribution. The pension contributions in respect of all three pension schemes are
r￿QgnISed in the Statement of Financial Activities as they fall due.
1.9 Fees In advance
Amounts recelved In advance for education not yel ullll¥ed to settle school fees are recorded as deferred
income and allocated as currenl liabilities where the education will be providèd within 12 months from the
reporting dale and as long-term Ilabilit￿S where the education will be provided in subsequent years.
STATUS OF THE CHARITY
The Charlty 15 a company limlled by guarantee and does not have 8 share capital. Each member of th8 Chartty
Ltndertakes lo conlrlbule up lo £1 to the assets of the Charity in the event of ils being wound up.
As all Ils activities are charllable, the Charlty Is not Ilable to Income lax or corporation tax.
FEES RECEIVABLE
2024
2023
Fees receivable conslsl of:
Gross fees
Less.. Bursaries, scholarshlps and other awards
30,73S,501
(2,585,718)
27,420.478
(2,279,302)
28,149,783
25,141,176
OTHER ANCILLARY ACTIVrnES
2024
2023
School trlps and other extra charges
Staff propety Service charge
1,536,532
35.018
1,283,510
32,544
1,571,550
1,316,054
NET INCOME I {EXPENDITUREI IS STATED AFTER
2024
2023
Depreciation
Payments under operating leases- equipment
Governance costs of the charity and trading expendlture includes..
Auditor's remuneration - Audit fees
- Other work
1,523,609
343,490
1,518. 108
355,940
37,718
13,471
36, 770
r.385
STAFF COSTS
All employee costs
(a)
2024
2023
Salaries and wages
Social security costs
Pension costs
Agency costs
14,808,751 13. 103. 146
1,557,851
1.374.887
2,345,238
1.958,009
182.217
236,968
Staff costs of all employees
18,894.063 16.673.010
Page 26 of 34

RUSSELL SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Staff cosls include redundancy or other lermlnation payments during the year which amounted to £128.812
{2023.' £107,5T71 of which £24,800 was outstanding at 31 August 2024 in respect of redundancy or
termination payments.
2024
2023
(b) Aggregate employee benefits of key management personnel
2,003,252
1,628,531
Ic) The average number of ém ￿0ye&S in the year:
2024
FTE Hoadcount
2023
FTE +Lle8dcount
Teaching
Other
236
175
176
125
219
185
136
Total
325
301
384
{d}The number of employees wh088 emoluments, induding benefl15, exceeded £80,0(KJ in the following
bands Was..
2024
2023
£60,001-£70.000
£70,001-£80.000
£80,001-£9),000
£90,001-£100.000
£100,001-£110,000
£110,0014120,000
£120.001-£130,000
£170,001-£180,000
£190.000-£200,000
24
Governors received no remuneration through the year. Durlng Ihe period ended 31 August 2024. there were
governor training expenses lolalling £23012023.. £490}, gift$ to govemors tolalling £4812023.. £4041, dinner
wlth governors tolalling £365 12023.. £2721, governance subscrlptions lotalllng £1,807 and £287 of other
expenses.
7. {•) INTEREST INCOME
2024
2023
Interest from short term bank depo8Sls
220.137
95,962
220.137
95.962
(bl REVALUATION OF FINANCIAL INSTRUMENTS
2024
2023
Interest rale Instrument revaluatlon
(548.606)
441,694
(548.666)
441,694
Page 27 of 34

RUSSELL SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
The interest rate inslrum8nl protect5 the trust from ￿UctUatIng interest rates thereby reducing exposure to risk of
market movements. The instrument is recognised at fair value in the balance sheet with the movement in fair
value during the year. shown above and included wlthln the Statement of Financial Aclivilies.
2024
2023
(c) DONATIONS RECEIVED: Unreslrlcled
Reslricled
8,360
86,764
95.124
3,139,621
29.593
3,169,214
Total
Unrestricted donallons in 2023 include £3,130,249 received as a one-off donation from a charrty combination
with Sl David's School. Restricted donations income of £86,76412023.. £29,593) was received from thè Parents,
Association. Thls was used towards new school 8quipment before 31 August 2024. Olhar donat￿nS were
toward8 feas for studénts from the annual fvnd.
8. FINANCING COSTS
2024
2023
Loan Interest payable
342,909
276,646
276,646
9. ANALYSIS OF EXPENDITURE
Staff
costs
Other
costs
Oepreciatlon
Total
2024
RalsSng funds:
FinancSng costs
Tradlng costs of subsidiary
342,glJ9
121,808
342,909
403,072
281,264
Total
281,284
464,717
745,981
Charltablo actlvltle•
Teaching
Welfare
Premises
Support & Governance
13,232.514
2,836,116
483.188
2,061,003
2,122,137
1,456,182
2,098,483
2,023,402
150,491
158,431
1,203,483
13,204
15,505,142
4448,729
3,785.132
4,097.809
Total
18,612,799
7,700,204
1,523,609
27,836,612
Total Expendlture
18,894.063
8,184,921
1,523,809
28,582.593
Sl8ff
Other
Page 28 of 34

RUSSELL SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
ost$
¢osts
Depreciation
rotal
2023
Ralslng lunds..
Financing costs
Trading costs ofsubsidi8ry
2T6,646
128.312
276,646
279,889
151.577
Total
151,577
404,958
556. 535
Charitable activities
reaching
Wemare
Premises
Support & Governance
11.51T,980
2,595. 179
488,325
1,919,949
1.720. 163
1.325,911
1.872,2T3
2,241,936
158,391
147,089
1, 199,000
13,628
13,396,534
4,068, 1 T9
3,559,598
4, IT5,513
Total
16.521.433
7, 160.283
1.518, 108
25, 199,824
Totsl Expondlturn
16.673.010
7.565,241
1,518. 108 25,756,359
The trading costs of the subsldlary Include ¢orporatlon tax payable of £nil12023.' nlll. Included Sn support and
govemance costs above are governance costs of £67,46012023'. £67,826)
10. TANGIBLE FIXED ASSETS (GROUP AND COMPANY
Freehold
Land and
Bulldlngs
Plant and
Equipment
Sothvare
Motor
Vehlcles
Total
Cost
At 1 September
2023
Addilions
Disposals
44,444,522
4.450. 757
120.144
74.601
49,090,024
1,873,815
1421,6341
328,022
(161,671 }
19,657
2,221,494
(583,305}
At 31 August 2024 45,896,703
4,617,108
120,144
94,258
50.728.213
D•pro¢latlon
Al 1 September
2023
ProvMl4d In lh• y•¥r
Oisposals
9.639,574
1,187,452
(397,7751
3,294, 199
318,700
171,2631
I t8,676
1,426
42, 158
16,021
19,657
13,094,607
1,523,609
1449.381)
At 31 August 2024
10,429,251
3,541,638
120,102
77,846
14,168,835
Not book valug
At 31 August 2024
35,467,452
1,075,472
16,412
36,359,378
At 31 August 2023
34,804,948
1, 156,558
1,468
32,443
35,995,417
Page 29 of 34

RUSSELL SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
11. INVESTMENTS
Company
Inveslment in subsldlarlas
The company holds 100¥o of the issued Share capital of Russell School Enterprises Limited (company
number 09860025) and Russell School Inlernatsonal Ltd (company number 11243414}.
The prlncipal aclivlltes of Russell School Enterprise8 Limited are the building works, the lelling of Royal
Russell School facililles lo third parties, and the provision of pupil recruilmenl services.
The prlncipal actlvllles of Russell School Internallonal are the set-up of overseas buslness opportunities. The
reglstered office for both subsidiar￿5 is Royal Russell School, Coombe Lan6. Croydon. CR9 5BX.
Al 31 August 2024 Russell School Enterprlses Limited had no fixed assets. net current a$$et$ of £3,853
{2023.' £3.8531 and shafeholder's funds of £3,85312023'. £3,853). Turnov8r for the year was £1,315,621
12023.. £1.298,9621 and11 had loss for the year of £nll (2023.. £nlll. after a gfft ald provlsion of £447.296 in
favour of Russell School Tnjsl.
Al 31 August 2024 Russell School Inlernatlonal had no fixed assets, net current assets of £1 (2023.. £11 and
shareholder's funds of £112023.. £11. Turnover for the year was £133,97312023.. £200,899) and it had proflt
for th& year of £nll (2023.. £nll). after a gwt aid provislon of £96,058 In favour of Russell School Tru81.
A signbficanl proportion of the Income of Russell School Enlerprl$e$ Llmlted arlses from fac1lit￿8 and
services provided and charged lo the School. The Gonsolldaled results therefore reflect the costs of providing
these facililles and 3ervice5 offset by the external nel income generated by Ihls company.
12.
STOCKS
Group
Company
2024
2024
2023
2023
Consumables
99,898
68,t48
99,898
66,148
13. DEBTORS
Group
Company
2024
2024
2023
2023
Trade debtors
Other deblo
Gift aid from subsidiary undertaking
Pr8paymenls
Interest rale instrument
Amounts due from subsidiary undertaklngs
Other laxalron
$34,023
20,957
373.066
133,416
271,230
20.957
543.351
989,096
380,030
103,650
332,055
133,416
574.690
755.662
928.696
338
996,345
380,030
757,348
928,696
42.345
2,234,871
1,931,695
2,308,320
2, 724,857
Page 30 of 34

RUSSELL SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
14. CREDITORS: Amounts falllng
due wlthln ono year
Group
2024
Company
2024
2023
2023
Bank loan - secured Inole 17)
Trade creditors
Fees received in advance {note 14a)
Deposits
Other creditors
Social Security and other related taxes
Pension Scheme contributions
Oth8r taxation
Accruals
784,337
5,546,563
4,516,407
72.634
365,937
303,212
6,776
$38,949
745, 722
4,015.567
4.238,269
44, 702
345. 747
239,949
758,453
5,504,164
4.516.407
72.634
385.937
303,212
682,915
3,977,975
4,238,269
44,651
345, 747
239.949
580.087
525.937
569,460
12,134,815 10,210,037 12,046,744
10.098,966
Govèrnors have reviewed the contract terms under which pupil fee deposits a￿ held by the School. Although
under normal circumstances these will be repaid over future years when the pupi15 Complete their education
at the School, puplls Can leave al eadier dales. The School does not therefore have an unconditional right lo
relaln the Individual deposits for al least 12 months aft8r Ihts balance $heel dale and, In line with th8
requlrements of FRS 102, the balanco of the deposits held al 31 August 2024 has been I￿lUde{l within current
Ilabilllles. Deposits total abov• includes £3,646,095 that is expocled lo fall due after one year.
14. (al FEES RECEIVED IN ADVANCE
2024
2023
Cornpany
Wllhin 2 10 5 years
Wlthin 1 year
159,125
5,504,164
5,663.289
197,209
3, 780, 766
3.97T,975
The movements during the year were as follows:
Balance brought fonmard
New contracts In the year
Amounts ullllsed in payment of fees lo the School
3.977.975
2,849,549
5.504,164
3,977,975
13,818.8501 (2,849,549)
8818nce carrled forward
5.663,289
3,977,975
13. CREDrroRS: Amounts falllng duo aftor moro thon ono yoar
2024
2023
Group and ¢ompany
ank loan- secured Inole 171
Fees received in advance Inote 14al
Pension def￿11 due in more than 1 year
5,904.800
159.125
5,892,900
2,391
5,895,291
6.063,925
Page 31 of34

RUSSELL SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
16. BANK LOANS- OUTSTANDING
2024
2023
Group and ¢ompany
Repayable within one ye8r
Betweon one and years
Between Ihiee and five years
After flve years
500,000
3,000.000
2,404,800
2,690.500
3,202.400
6,904,800
5,892,900
17. BANK LOANS- TERMS
The School has one oulstandlng bank loan agreement of £17,000,000 with National
We$tmlnsler Bank, of whloh £5,904,8001s oulslanding. No capllal repayment is required for the
first three years. Inleresllg payable al 1.50V• above the Nalwesl Base Rale ané is secured by
legal charge5 over the freehold18nd and bulldlngs of the School.
Th8 School has purchased a collar and floor Interest rale instrument lo protect agalnsl the rlsk
of Sntéresl rale fluctuatlons. Thi818 recognised at falr value in the balance sheet.
18. FINANCIAL COMMrrMENTS
a) Capltal Commltm•nts
The School Is currently In the process of deslgnlng and buildlng a new JunSor School. As a result of this
anliGipaled project there are capital commllmenls on 31 August 2024 of £17.465.33212023.'
£1,434,769).
b) Loa80 Commttmonts
At 31 August 2024 the Group had mlnimum Commitments under equlpmenl operallng leases..
Group
Company
2024
2023
2024
2023
Payable within one year
Payable be￿een one and flve years
332.916
548,619
271,714
308,077
332,910
548.619
271.714
308,077
19. PENSION COSTS
ToaGhgrs' P•nslon Schéma
The School participates In the Teacher5, Pension Scheme I'the TPS.) for ils teaching stsff. The pension
charge for the year includes contributions payable lo the TPS of £1,877.32212023.' £1.531,1181 aTrJ at the
yearend £242,47912023.. £186,665) was accrued in respect of contributions to this scheme.
The TPS is an unfunded mulli-employeT defined benells pension scheme governed by The Teachers,
Pensions Regulations 2010 {a$ amended) and The Teachers, Pension Scheme Regulation5 2014 las
amended). Members contribute on a pay as you go. basis with contributions from members and the ernployer
being credited lo the Exchequer. Retirement and other pension benefits are paid by public funds provided by
P8rli8menl.
Page 32 of 34

RUSSELL SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
The employer contribution rate is sel by the Secretary of State followng scheme valualsons undertaken by the
Government Actuary's Department. The most recent actuarial valuatlon of the TPS was prepared as at 31
March 2020 and the Valuation Report was published In October 2023.
Following the Mccloud judgement, the remedy proposed that when benefits become payable, eligible
member5 can select lo recelve them from elther the reformed or legacy schemes for the perSod 1 Aprll 2015
10 31 March 2022. The acluarles have assumed that rnembers are likely lo choose the optlon that provides
them with the greater beneffts, and In p￿parIng the 2020 valuatlon has valued the 'greater value, beneflls for
groups of relevant members.
The employer contribution rate for the TPS is 28.6QA. and employers are also required to pay a scheme
adminislralion levy of 0.08Vo giving a lolal employer contribution rale of 28.68%.
bl
P•nslons Trust Growth Plan
The School look the decision lo leave this scheme effeclSve from 31 August 2020. The School paid 30
employers, conlrlbulions for the remaining two members of staff. lotalling £1.816 (2023.. £1,718} during the
year.
This Is in most r88pect8 a money purchase arrangement bul does include certain guaranteed benef51
618ments. The Plan 58 a mulll-employer scheme, and il is not possible in the normal course of events lo
idenlfy the share of the underlylng assets belonging lo the individual participating employers and accordlngly.
in accordance wlth FRS102. 18 accounted for as a defined contribution scheme with contributions being
recorded as they b8corne payable. Conlribullons paid into the Plan up to and Includin9 September 2001
were converted lo defined amounts of penslon payable from normal rellrement dales. From Octob8r 2001
onlrlbulions were Inv8518d in personal fiJnd8 whSch have a capllal guarantee, and whlch are converted lo
pension on reliremenl, either wlthSn the Plan or by the purchase of an annulty-
The rules of the Plan glve the Trustee the power lo require employers lo pay additional contributions lo ensure
Ihal the stalulory funding objective under the Pensions Act 2004 is mel. The Stalulory funding objective is
that a pension scheme should have sufficient assets lo meet Ils pasl service liabilities, krKMn as Technical
Provisions. As a result of the funding deficit, addilional contribullons were required from the Trust for the
year. The eslimal6d value of the deficit owed al 31 August 2024 was £2,391, which combined with scheme
expenses meant an overall contribution of £3,665 from Russell School Trust for the year. The contributions
have inGr8ased lo £2,713 for 24125 wllh deficit contributions due lo cease from January 2025. Scheme
exp8nses will continue lo be payable and will Increase by 3% pa compound. until the next valuation of the
Gr￿ Plan in September 2025.
The School has been advlsed by the Plan Iruslee that. rf It was to withdraw ils membershlp of the Plan.11 had
an eslimaled conlingenl liability of £37,543 al September 20241£37,543 al September 2023}. This debt wlll
not cryslallise whilst Russell School Trust continue8 to have one or more acllve m8mbers in the scheme.
The amount of the above potential debt d8pends on many factors including total Plan liabilllies. Plan
Investment performance, the liabilities in respect of current and former employees of the School. financial
condillons at the lime of the c6ssation event and the insurance buY-￿rt market. The amounts of the debt Gan
therefore be volatile over Ilme.
Avlva
Support slgff of Ru55ell School Trust have been entiued lo membership of the Royal Rus$g11 AVIVA Pension
Scherrse I'the Plan") since 1 September 2020. All staff were asked to sign a conlra¢l vaTialion lo 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 I September 2020.
Page 33 of 34

RUSSELL SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
During the summer of 2020. existing staff were provided with a seminar and sliées oudining the benefits of
AVIVA over TPT and given Information on how to transfer Ih8ir TPT funds lo the new scheme,. how8ver, il is
unknown how many have done so. In the last year £466.10112023.' £425.172) was contributed by the School
lo AVIVA as employer contributions lo the scheme and there has been increased interest and lake-up of
employees wishing lo make their own contributions to the scheme which are paid under a SMART Pensions
facility Isalary-8acrifice}.
The AVIVA Scheme has been made avallable lo leaching staff as an allernalN8 lo the Teachers, Penslon
Scheme since September 2020 and during the year there were 20 members (2023.. 18 members} of tea¢hSng
staff who have opted out of TPS and Into AVIVA.
20. RECONCILIATION OF MOVEMENT OF FUNDS
At 1 Séptémbor
2023
Not Incom•1 At 31 August
(expendltur•l
2024
Unrestrlcted funds
Re$lricled funds
26,118,660
1,851,049
1940)
27,989,709
Total school funds
28,119,600
1,850,109
27,969.709
Al Y Septemb&r
2022
Net income/
(expendilure)
At 37 August
2023
Unrestncted funds
Restrlcted funds
20,859,6T2
1, 128
5,258.988
(188)
26,118,660
940
Total school fund8
20,860,800
5,258,800
26, 119,600
21. RELATEO PARTY TRANSACTIONS
At 31 Augus12024 the School had oulstandlng loans from Barclays Bank tolalllng £nil12022-23: nil}. Mr J
Penny is the Head of UK Inlemallonal Prlvale Bank and has no direct financial interest in the School's loan
transaGlions. Mr Penny has dedared a potential conflict of Interest with any Barclays Bank transactlons
because of hls role both as a School Governor and at Barclays Bank. Accordingly, Mr Penny has not
participated In any of the discussion9 or decision8 on any Barclays Bank loan ¢onlracl8 by the members of the
Governlng Body.
In 2023-2024, Russell School Enlerprlses Ltd charged £166.594 (2023-24.. £355,580) to the School in re$pacl
of desbgn and build services, £338.22612023-24- £293,221} in respect of agency comrnissions and made
provision for Glft Aid payments lo the School of £447.295 {202&24.. £401,233). The net balance owed to the
School at 31st Augus12024 was £549,62912023-24.' £401.233 owed from the school).
In 2023-24, Russell School Inlematlonal Ltd made provision for Gtft Aid payments lo the School of £96,056
12023-24.. £173,457). The nel balance owed lo the School at 31 August 2024 was £97,378 {2023-24.'
£173,795).
Page 34 of 34