ROYALALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 REGISTERED CHARITY NO.. 311945
ROYALALEXANDRA AND ALBERT SCHOOL CONTENTS Pagelsl Report of the Trustees 2-18 Independent Auditors, Report 19-23 Consolidated Statement of Financial Activities 24-25 Balance Sheet 26 Consolidated Cash Flow Statement 27 Notes to the Financial Statements 28-52 Reference and Administrative Details 53-57
ROYALALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021 The Board of Management presents its annual report and the consolidated audited financial statements for the year ended 31 August 2021 and confirms they comply with the requirements of the Royal Alexandra and Albert School Act 1949, the Charities Act 2011, and United Kingdom Generallv Accepted Accounting Practice comprising FRS 102 and the Charities SORP 2015 IFRS 1021. In preparing these financial statements the Trustees confirm that they have had regard to the Charity Commission guidance on public benefit in the Charities Act 2011. The reference and administrative details set out on pages 53 to 57 form part of this report. CHAIRMAN'S STATEMENT Foundationers As is well known, the object of the Foundation is to support those children who are without one or both parents orwhose special circumstances mean that they would otherwise benefit from a boarding education and to bring them up according to protestant principles. Currently there are 97 Foundationers on the School Roll and the Foundation continues to work with other charities to increase the number of pupils that it can support at the School. The Board considers, however, that such numbers should be limited such that supported pupils have as normal a school experience as possible and are able to fit in seamlessly with other pupils at the school and that there is no perception by such other pupils that the school is anything other than a normal state boarding school. Thus although separate records are kept of the performance of the Foundationer cohort they are treated as any other member of the school. Any perception that the behaviour or attainment of Foundationer pupils is in any way inferior has been proved to be false. In the last academic year Foundationer attainment at GCSE and A level was in effect one grade higher than that which could have been expected nationally for disadvantaged Children, thus providing tangible evidence for the impact of the work of the Foundation. COVID 19 The continuance of the pandemic resulted in the School being closed for most of the Spring Term. This resulted in a loss to the Foundation of some £1.3 million in boarding charges and a curtailment of the Co-curricular offer and the ability of Flexi-boarders to take up their entitlement to stay overnight at the School. Foundation staff continued to be placed under strain by the modified operating mechanics necessitated by Covid and I would like to pay tribute to their fortitude during this period. Covid remains an issue in the current academic year and it is far from clear whether the results of the Foundation will be adversely affected this year. Finances The Foundation recorded a surplus of £1,033,516 for the year ended 31" August 2021. Whilst this compares very favourably with the deficit of £986,396 in the previous financial year, some £1.7 million of this amount is attributable to unrealised gains in the investment portfolio following the general improved performed in world stock markets.
ROYALALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021 (contlnued) Ground Source Heat Pum Pro ect The project is now largely complete and was finished on time and within budEet. Some teething problems inevitably remain but it is anticipated that these will soon be iesolved. Gloucester House We had planned to undertake a refurbishment of Gloucester House over the Summer. It soon became clear that a shortage of building materials would have risked the project not being complete by the Start of the current academic year. Accordingly the decision was taken to postpone the project until this year when it is hoped that supply problems will have been resolved. Swimmin Pool The swimminE pool was effectively closed for last year, mainly as a consequence of Covid, but also because its plant had become obsolete and was incompatible with the Ground Source Heat Pump Project. Accordingly the opportunity was taken to refurbish the pool which reopened at the beginning of the Autumn term Mark Dixon Mark Dixon left the employment of the Foundation as of 30 April 2021 and Mrs Rea Mitchell assumed the role of Acting Head for the rest of the academic year. Henceforward it has been agreed that the headteacher of the School will no longer be employed by the Foundation but that the School should assume full responsibility for their employment. Pending the appointment of a new head an arrangement has been entered into with South East Surrey Schools Education Trust to provide an interim executive headteacher (David Blow) and an interim headteacher ljames Malleyl to run the school until a new head can take up office. I should like to commend both David and james for the manner in which they have embraced the affairs of the Foundation and particularly their recent work with supporting charities. Foundation stsff During the year James Taylor was appointed as Estates Bursar and the Foundation has already benefitted from his considerable expertise. At the end of the Academic Year Peter Dawson retired as Bursar and Foundation Secretary and was replaced by Liz Lowe. I would like to thank Peter for his contribution over the last few years, in particular for masterminding the Gatton Hall refurbishment, the Ground Source Heat Pump Project and the Rank Weston refurbishment. l am delighted to say that we have not lost the services of Peter altogether as he has kindly agreed to stay on as Foundation Director on a temporary basis to supervise those affairs of the Foundation that were formerly line-managed by the Head.
ROYALALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021 (contlnued) Christina Foord Christina indicated to me a while ago that she would like to step down from the Board of Management and following the appointment of David Blow and James Malley referred to earlier, durinE which Christina played a most helpful role, she tendered her resignation. I would like to thank her for all the advice that she has given whilst on the Board. Governance Review During the year the Board and the Governing Body of the School commissioned National Governance AssOCl3tion to undertake a governance review of the Foundation, the Governing Body of the School and their interrelationship. The review concluded that there needed to be more separation between the affairs of the Foundation and the Governing Body of the School with the Foundation focusing more on its charitable objectives and the Governing Body of the School assuming more apparent responsibility for the running of the School. It found that the roles of the Board and the Governing Body had become confused with the Board being perceived arguably to interfere too much in affairs which were properly the preserve of the Governing Body. Work is currently underway to consider NGA'S recommendations and to refocus both the Board and the Governing Body. At the same time there will be a detailed consideration of the Charity Governance Code with a view to bringing the operations of the Foundation more into line with the operations of a modern charity. David Frank Chairman 7 December 2021
ROYALALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021 (contlnued) BACKGROUND The Royal Alexandra and Albert School was founded in 1758 and re-incorporated as an educational charity in 1949 under the Royal Alexandra and Albert School Act112 & 13 Geo 6 c.xviiil "the 1949 Act" and amendments thereto. Throughout this report the charity is referred to as "the Foundation" the name by which it is commonly known. The 1949 Act amalgamated the then Royal Alexandra School and Royal Albert School, made provisions for the amalgamation of the property and funds of the two schools, incorporated a management structure, arbd defined the objects of the new school. The main objects, laid down by the Act, are= To establish and maintain a boarding school for boys and girls who are without one or both parents or whose special circumstances make it desirable that they should go to a boarding school. To bring up the boys and girls in the school upon Protestant principles and to have them educated under arrangements provided by the statutory education authority. The arrangements since the original incorporation evolved over the decades such that the Foundation funds the boarding facilities and pastoral care with the education being provided by the Voluntary Aided School, Royal Alexandra and Albert School I'the School"), a state funded maintained school. The Foundation owns the land and buildings in which the School is located and appoints the majority of the School's governors. The Foundation's Board of Management has delegated the day to day management of boarding to the School's Governing Body. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The core purpose of the Foundation is to accommodate and educate 'Foundationers" These are pupils who would benefit from a boarding education and whose parents or guardians are unable to afford such boarding charges. Generally, Foundationers have lost one or both parents, have a chronically ill parent, have been abandoned or abused or the parent can no longer meet their daily needs. Approximately IO% of the available boarding places are reserved for Foundationers. Bursaries are given to fund or part fund boarding charges for Foundationers. All awards are means tested and range from full costs to more modest amounts, depending upon the circumstances of the child. Most of the Foundation's awards are made in conjunction with other trusts and benevolent funds,. we are grateful for the continuing support of many institutions, in particular.. BMTA Trust, Buttle Trust, Emmott Foundation, Reedham Trust, Royal National Children's SpringBoard Foundation, Royal Pinner School Foundation, St Marylebone Educational Foundation, Thornton-smith and Plevins Trusts and Anonymous Donors. A number of pupils, boarding charges are also funded wholly or partly by Local Education Authorities. The Foundation aims to provide the School with an environment in which all its pupils, including the Foundationers, will achieve their full academic, social and spiritual potential in order to become valued members of society. In order to achieve this, the Foundation seeks to ensure the provision of first- class educational facilities, high quality boarding accommodation and an excellent range of co- curricular activities.
ROYALALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021 (contlnued) OBJEcfivES AND AcfiviTIES FOR THE PUBLIC BENEFIT Icontlnuedl Boarding fees are charged in respect of the provision and use of boarding accommodation, pastoral care, food and co-curricular programme. The termly boarding charges for the last two years were.. Academic year 2020121 Academic year 2019120 Boarding Flexi boardir)g- secondary Flexi boarding-junior 5,250 1,980 1,450 5,250 1,980 1,450 Grants are provided to the School by the Foundation. Such grants are paid from unrestricted donations, investment income or property income. The annual grant is paid primarily to enable the School to have smaller classes, to provide additional support to Foundationers and for occasional special projects. The Foundation and School are situated in the heart of an historic landscape created by 'Capability' Brown. The Foundation has established a subsidiary charity to be responsible for the restoration and conservation of the historic parkland in which it is located both for the benefit of the general public and for the advancement of education including that of pupils at the School. The key elements of the Foundation's strategy for the current financial year were.. to continue to increase the number of Foundationers to continue the programme of capital investment to improve the educational facilities and boarding accommodation to continue to provide grant finance to the School to provide smaller classes and improved educational facilities to benefit the Foundationers and other pupils to support the School in order that it can continue to.. provide a broad and evolving curriculum and co-curriculum for the benefit and development of all pupils achieve positive value added o work towards expanding the Sixth Form to 250 pupils with 125 in each of Years 12 and 13, including some 125 boarders be a Christian caring community respecting all religious values and none to continue the improvements to the parkland and to extend access to our pupils and to visitors to the park for both educational and leisure purposes to fundraise both to support Foundationers and to fund capital projects to recruit suitable new members to the Board of Management and Governing Bodv
ROYALALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021 (contlnued) OBJEcfivES AND AcfiviTIES FOR THE PUBLIC BENEFIT Icontlnuedl The Foundation measures the success of its strategy through.. the number of Foundationers being supported the number of pupils attending the School (both boarders and flexi boarders) the Foundationer results achieved with particular emphasis being given to the value added achieved rather than the absolute results the number of Foundationers leaving for an appropriate career or tertiary education funds raised both to support Foundationers and for capital projects the number of visitors to the park the number of volunteer hours the Board of Management and Governing Body attracting people of a wide and appropriate range of skills and experience The performance against these measures is commented on throughout this report. A REVIEW OF OUR ACHIEVEMENTS AND PERFORMANCE Those who benefited from the Charity's work were.. 106 pupils and their families supported by the Foundation, other charities and Local Authorities (September 2019.. 901 136 Ministry of Defence funded boarders (September 2019.. 1371 other pupils attending the school, including a growing Sixth Form of 206 pupils Iseptember 2019= 1931 visitors to the historic buildings and parkland school children from other schools who visit the parkland for educational and other purposes the local community who visit the grounds community groups who use the school facilities our volunteers BURSARIES At the beginning of the academic year, 100 (September 2019: 901 pupils were supported by the Foundation, other charities and local authorities. At September 2020. the Foundation supported 67 (September 2019.. 591 boarding pupils with bursaries and continued workinE Wlth the Heads of local primary schools in Merstham (the third most deprived ward in Surreyl to identify pupils who would benefit from flexi-boarding. As at September 2020, 33 (September 2019.. 311 such pupils were being supported. In addition to the bursaries granted, the Headmaster remits boarding charges in cases of occasional hardship. At September 2020, 7 pupils (September 2019: 211 benefited from Headmaster remissions. The value of means tested bursaries and Headmaster remission in the year amounted to £772,804 12019120.. £642,0161 and represented 8.3%12019120: 7.5%) of gross fees. A number of pupils in receipt of bursaries also received pocket money bursaries, uniform bursaries and assistance with both UK and overseas school trips and the cost of music and riding lessons.
ROYALALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021 (contlnued) BURSARIES Icontlnued) Starting this year, the school offers scholarships to full boarder pupils who are high achievers in music and sport. Leadership scholarships have also been available to Sixth Form applicants since last year. During the year, the school awarded 28 scholarships together worth a total of £32,01212019120.. 14 scholarships worth £19,013). FOUNDATIONER EDUCATION Completing a Sixth Form course during a pandemic is a challenge, but the hard work of students at the Royal Alexandra and Albert School was rewarded this year. 83% of all A Levels taken by our KS5 Foundationers were graded A to B, and 100% were graded A to C. All of these pupils accepted a place at university. One Foundationer achieved A. in four subjects and was awarded a scholarship to study at Williams College, Massachusetts. One Foundationer did not take A Levels, but instead achieved all passes on a blended academic and vocational pathway and chose to pursue an apprenticeship. 84% of all GCSES taken by our K54 Foundationers were graded 4 or above, and 25% were graded 7 or above. 79% of KS4 Foundationers passed all English, Maths and Science subjects with at least a grade 4, which is a fantastic achievement for disadvantaged pupils. All Foundationers stayed in higher education, with 12 staying at our Sixth Form, 6 continuing at other colleges and l accepting a place at the BRIT School, the UK'S leading Performing and Creative Arts school. The key value-added measure in education is Progress 8 which seeks to measure the progress pupils make from age 11 to 16 years of age. The national average is zero so a positive score highlights that the school is adding above average value. The Government has not published Progress 8 data for the past two years. However comparing the GCSE average point score between 2021 and 2019 SUEgests our score is between +0.4 to +0.512019: +0.441. The School prides itself on offerinE an inclusive all-round education with a curriculum that extends beyond the classroom. The Foundation provides an extensive co-curricular programme forming part of the everyday experience for pupils. Activities begin at 4pm and, dependent on the activity, can finish anywhere between 5pm and 9pm. The range of activities on offer is wide, and designed to appeal to pupils of all ages and tastes. The Foundation has Its own indoor swimming pool and riding stables, as well as grass pitches, floodlit netball courts, astroturf pitch and sprints track. Due to COVID-19 restrictions, pupils had a reduced co-curriculum proEramme this year with limits on Eroup size and types of activity that could run safely. The programme was at its fullest in Summer 21, and 59% of Foundationers attended at least one club173Yo excluding exam years 11 and 131. After the year end, the School has returned to a full co-curricular programme. In Autumn 21, 85% of Foundationers have attended at least one club. In addition to the co-curricular programme, the Foundation pays for all Foundationers to go on educational school trips, and on recreational trips up to a set limit each year. The Foundation will also fund riding lessons or music lessons for pupils where it is considered beneficial to their all-round education. During the year. the Foundation paid for 10 Foundationers to take riding lessons and for 28 Foundationers to take music lessons.
ROYALALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021 (contlnued) SCHOOL GRANT The grant paid to the School in the year to 31 August 2021 amounted to £264,18312020.. £12,3261. PROPERTY MAThERS AND BUILDING DEVELOPMENT All property assets are held in the Foundation Fund. The Foundation Fund charEed a rental for the year ended 31 August 2021 of £1,794,78112019120.. £1,791,199) to the Boarding Fund in respect of the usage of the boarding estate. The rental charge is calculated on a basis of current market propertv yields, and is accounted for as a transfer between funds. GSHP Pro ect The Estates team have continued to be extremely busy this year completing the installation of a new Ground and Water Source Heat Pump IGSHPI system. The new GSHP system is believed to be the largest such project in the UK. By Spring Term, 11 out of the 13 planned plant rooms were fully operational. The plant room for the main school went live in April 2021, and the final plant room for the swimming pool in August 2021. The Foundation has applied for Government backed financial incentives available through the Renewable Heat Incentive IRHII for all of its plant rooms. Since March 2020, the government has announced successive reductions in the benefits of the RHI scheme. The Foundation applied for tariff guarantees in March 2020 meaning that all our project as identified above will be subject to the pre- reduction rates. The expected RHI funding receivable over 20 years is £7.3m. The GSHP Project is being funded by a 20-year green energy loan facility from Lloyds Bank which will be repaid from fuel savings, together with RHI funding. Further details of the loan facilities are given in note 15 to the financial statements. Within 20 years the project is expected to have saved 15 million litres of heating oil. Boardin House Refvrbishment A full refurbishment of Gloucester House was planned for Summer 2021. However due to unprecedented industry-wide material shortages and inflated costs, the works had to be significantly scaled back. Works were limited to the areas of greatest need, being staff flats and external works, and the replacement of some furniture. The Foundation aims to complete a full refurbishment of Gloucester House by the end of next year. Swimmin Pool The pool has been out of commission for most of the year, initially closed due to a failed heat exchanger. The Foundation decided on examination of the aging pool plant to replace some of the equipment with better technology and to also refurbish the overall look of the pool building. The most significant element of the project has been the installation of a new air handling system which is a more energy efficient air recycling system. Energy efficiency was also improved through insulation works to the ceiling. The pool was reopened in September 2021.
ROYALALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021 (contlnued) FUNDRAISING. DONATIONS AND LEGACIES The Charity is a public benefit entity. Throughout our long existence as a charity we have received constant and generous support from our subscribers and regular donors. Under our constitution all persons who make significant contributions are entitled to become members of the Court of Governors (the equivalent of shareholders) with power to appoint the Board of Management. A number of regular small donations were received from the donors who give primarily to support Foundationers. FINANCIAL REVIEW Net surplus for the year ended 31 August 2021 was £1,033,51612020- £986,396 deficit). The surplus is largely driven by the recovery of our investment portfolio following the pandemic, recognising an unrealised gain of £1.7m. The Foundation has suffered further financial loss due to the global pandemic, having to close the School for most of the Spring Term, and reduce fees for flexi boarders where overnight stays could not be offered. The total cost of school fees refunded to parents was £1.3m. Last year the Summer term school closure cost the Foundation £1.6m in fees. Fee reductions remain the key driver of financial loss as costs remain broadly similar to the prior year. AlthouBh cost savinES were made during the school closure, these were offset by additional costs this vear from the refurbishment of the swimming pool and Gloucester House. The Foundation was able to recover some of the cost of employees, wages through the government's Coronavirusjob Retention Scheme, the total claim for the year being £139,56612020.' £408,9551- Other educational income continues to be derived from educational lets and riding income. Property income comprises income from Gatton Park Lettings Limited. These income streams have also taken significant hits due to the pandemic, with no lettings booked for the Spring term and only one in the Summer, usually the busiest times of year. Investment returns Foundationers are principally funded through the investment income generated by the investment portfolio. The table below indicates the quarterly return on investments achieved by Investec Wealth & Investment Limited I"Investec"I for each of the quarters ended within the period ended 30 September 2021 and compares the actual return with the benchmark. 2020 2021 2021 2021 Quarterlv Actual return Dec Mar Jun Sept 8.3Yo i.s% 6.3% 1.2% Benchmark return 9.lyo 3.3% 5.6% 1.9Yo io
ROYALALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021 (contlnued) FINANCIAL REVIEW Icontinuedl Investec's annual performance return of 18.2% return has lagged behind the benchmark performance of 21.4Y.. Although markets are starting to recover from the global pandemic there have been additional difficulties arisin& particularly a recent rise in wholesale energy prices caused by a shortage in natural gas supply. The annualised performance over 3 years has recovered from last year, increasing to 8.0% compared with a bench mark of 6.3%. This level of performance remains comfortably above the long-term objective of CPI + 4%. Balance sheet Of the £1.8m fixed asset additions in the year, £1.6m related to the Ground Source Heating project. The project was completed in Summer 2021, and £4.5m was transferred to Land & Buildings to start depreciating. The total capital cost of the GSHP project included in Land & Buildings is £5.3m. Net current assets increased by £2.58m over the year, driven by drawing down the full £5.Im loan facility as detailed in note 15. £2m of unutilised loan facility has been transferred into a short-term deposit account, and is intended to cover any future cash shortfalls where the Foundation no longer has an overdraft facility. Following on from the defined benefit pension scheme valuation under FRS102, the pension scheme surplus of £749,000 has not been recognised as it is considered a contingent asset. As a result of the surplus for the year, total net assets increased to £35.1m. PLANS FOR FUTURE PERIODS The Board is keen to continue to develop a number of aspects of the School in order to be better able to fulfil the charitable objectives of the Foundation. The Ethos and Values of the School on which the future strategy is then based continue to be.. The School should offer an outstanding holistic education (academic, co-curricular and pastorall. The main role of the School is to prepare its pupils for life in the outside world, and pupils should leave ready to take their place in it without the necessity of further education. The School is fully comprehensive. non-elitist and non-selective, apart from a degree of suitability selection in the Sixth Form. The School is to have a boarding culture with a target number of full time boarders of around 50Yo of the full complement. It is a boarding school. not a day school with some boarding. The School should have a maximum size of 1,150 and should be co-educational throughout. Around IO% of the pupil base should be Foundationers. The School should be an instiller of moral values, setting yardsticks for the behaviour expected of its pupil base and alumni. li
ROYALALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021 (contlnued) PLANS FOR FUTURE PERIODS {contlnuedl The Board of Management's objectives remained consistent with the prior year. The key objectives and a summary of the progress over the past years are.. To increase and maintain pupil numbers, particularly boarders and the Sixth Form: o Target numk)er of boarders is 500 Iseptember 2021.. 497, September 2020.. 5011 Target number of Sixth Formers is 250 Iseptember 2021: 217, September 2020.. 2061 To improve pupil retention To increase revenue and cash generated in order to make further investment in the School facilities Where possible to reduce costs.. While the pupil numbers are growing there is an upward pressure on resources to support a growing number of pupils. The biggest item of expenditure is the cost of staffin8. While pupil numbers have increased, staffing has not increased at the same rate making staffing ratios more efficient. The Energy Project is designed to deliver long term cost savings. RESERVES AND FUNDING OF FUTURE WORK With the exception of £27,(x)0 12020.. £19,000) of assets attributable to restricted funds, the Foundation's assets are unrestricted as to their deployment and use. The amount and liquidity of the assets attributable to each fund are sufficient to meet the related obligations. The Board of Management believes that the free unrestricted funds of £6.5m Ibeing unrestricted funds of £35.Im net of tangible assets of £28.6ml, which is wholly represented by investments, are essential to finance the Charity's support of Foundationers. Free unrestricted funds have increased by £0.7m since last year largely due to gains on the investment portfolio. The designated fund comprises a surplus on the boarding fund which will be utilised to fund the future development and maintenance of the boarding estate. The reserves policy is reviewed annually by the Board of Management. GAON PARK LEINGs LIMITED Gatton Park Lettings Limited is a wholly-owned subsidiary of the Foundation whose principal activity is the letting of the conference facilities and non-educational boardinE facilities plus other trading activities of the School. Turnover for the year ended 31 August 2021 was £35,062 12020.. £8,711). Some lettings have been able to take place this year, but activity remains limited due to the ongoing COVID-19 pandemic. The whole of the taxable profits of Gatton Park Lettings Limited are donated as a charitable donation to the Foundation. 12
ROYALALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021 (contlnued) THE GATTON TRUST LIMITED I"GArroN TRUST") The Foundation is the sole member of Gatton Trust, a charitable company whose objectives are to conserve the historic landscape and buildings within Gatton Park,. provide access for the public to the parkland and provide an education centre for the benefit of the public and the School. This year work has continued to be affected by the COVID-19 pandemic. Lockdowns, government restrictions and safety guidelines have all had an impact on activities, income and staffing. During the vear 12,09312020.. 6,4221 visits were made to the park for events, activities and educational work. Educational activities were one of the areas hardest hit by the lockdown. The peak season for school visits was lost as winter restrictions were not eased until spring, and this meant school visits did not resume until mid-may. This year only 588 school children visited the park, compared to 842 children last year, which is significantly fewer than a normal year12019.' 3,2881. It would not be possible to deliver the educational programmes or to maintain and develop the parkland without the invaluable support of the 87 volunteers who gave 3,199 hours 12020- 93 volunteers and 4,814 hours). Volunteering lexcept to SUPPOrt open days) had to stop when the local area was placed under Tier 4 restrictions (November 20201 and could not restart until the end of the national lockdown lend of March 20211. The last two years have highlighted the importance of volunteering for the Trust, but also for the volunteers themselves. IOYO of the volunteers are vulnerable adults with issues such as mental health problems, physical disabilities and learning difficulties. Gatton Trust's surplus for the year ended 31 August 2021 was £31,64512020.. deficit £12,7251 showing some recovery from the COVID-19 pandemic. The funds carried forward amounted to £127,37712020= £95,732) of which É102,06812020.. £78,446) comprise unrestricted reserves. After the year end, the Trustees agreed to designate £70,000 of unrestricted funds to various parkland projects. INDEPENDENT INQUIRY INTO CHILD SEXUAL ABUSE I'IISCA") Following the School's self-referral to IICSA and the submission of all materials held relating to any alleged or established child sexual abuse there has been one more historic claim during the year requiring investigation. The School is insured to cover the outcome of this claim. GOVERNANCE OF THE FOUNDATION AND SCHOOL The governing bodies consist of= The Court of Governors, which comprises of Life Members being those persons who make a one-off donation in excess of £l,CK)O or members who make a declared annual subscription in excess of £50 to the Foundation. Such persons hold office for a period of one year following their most recent subscription or until their earlier resignation. The Court of Governors, which meets annually, appoints the members of the Council and, in most cases, the Board of Management. 13
ROYALALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021 (contlnued) GOVERNANCE OF THE FOUNDATION AND SCHOOL Icontinuedl The Board of Management which at 31 August 2021 comprised three principal officers and eight ordinary members. It is the Board of Management which has responsibility for the Eeneral control and management of the administration of the Foundation and its members have, therefore, the duties of charity Trustees. The Board of Management meets at least termly. The Council which acts in an advisory capacity to both the Court and the Board of Management and comprises persons with a broad range of expertise and who are distinguished in their field. The Council meets annually. The Governing Body which is the body responsible for the educational management of the School in accordance with the requirements of the various Education Acts. The Governing Body has delegated authority from the Board of Management regarding management of the boarding facilities, the Co-curricular program and pastoral care. The Board of Mana ement The Board of Management and the Governing Body establish and control such committees as are deemed necessary for the respective management of the Foundation and the School. A full list of the members of the Board of Management and its sub-committees is included on pages 53 - 57. Policies and Procedures Ado ed for the Indurtion and Trainin of Trustees The members of the Board of Management (also referred to as Trustees) have high level and relevant education, legal, estates, marketing, banking, finance and charity expertise. New Trustees, upon appointment, follow an induction which includes an explanation of their role as Trustee. They are also provided with detailed information regarding the Foundation and the School. Relevant ongoing training is provided periodically. The members of the Board of Management who served during the financial year and up to the date of signing these financial statements were.. David Frank Graham Williams CA MBA Fiona Sheridan Timothy Redburn FCA Richard Wells FRICS John Billingham Dame Mary Richardson BA PGCE DBE FRSA Charles Wates BSC MRICS Jonathan White MBA Edward Winter Nishma Acharya Elizabeth Tadd Christina Foord Chair Vice Chair- resigned 29 September 2020 Honorary Treasurer reappointed 22 October 2020 Comptroller resigned 29 lune 2021 14
ROYALALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021 (contlnued) GOVERNANCE OF THE FOUNDATION AND SCHOOL Icontlnuedl All Trustees give their time freely and no remuneration or expenses were paid in the year. No Trustee or person connected with a Trustee received any benefit from means tested bursaries during the year. The Foundation Secretary and Bursar, Elizabeth Lowe, is Secretary to the Board of Management, the Governing Body and a number of sub-committees. The Senior Leadershi Team The day to day management of the School is the responsibility of the Headmaster, and the Senior Leadership team I'SLT"). The SLT currently comprises the Headmaster, the Foundation Secretary and Bursar, Foundation Director, Deputy Head Academic, Deputy Head Pastoral & Boarding, Deputy Head Co-curriculum & Community, Senior Assistant Head, Head of Junior School, Assistant Head Behaviour Management and Marketing Director. In April 2021 Mark Dixon stepped down as Headmaster of the School. At the end of August 2021, the Marketing Director also resigned from her role. There were no other changes to the SLT during the year. After the year end in September 2021, two new Interim Heads joined the SLT to cover the responsibilities of Headmaster. The Interim Heads will remain with the School for the whole of the 21122 school year whilst the Governing Body recruits a new Headmaster. Also in September 2021. the Deputy Bursar, Elizabeth Lowe, was promoted to Foundation Secretary and Bursar. Previously the role was held by Peter Dawson, who became Foundation Director. Other Senior Staff The remuneration of the SLT is set with reference to the School Teachers Pay and Conditions Document and is determined by the Remuneration Committee. INVEsfMENT POWERS The Foundation's investment powers are set out in the 1949 Act. However, the Charity Commission has confirmed that the Foundation may exercise the wider powers of investment conferred by the Trustee Act 2000. The Foundation's portfolio of investments is overseen by the Investment Committee. Investec has been 8iven discretionary investment management powers, subject to certain specified restrictions. The investment policy is to manage the portfolio for total return but to ensure that over time the real capital value of the portfolio is maintained. There is no specific income target. The investment objective for any year is to produce an investment return in excess of a customised benchmark which, in particular, measures performance for gilts against FTSE Government All Stocks, corporate bonds against Merrill Lynch Non Gilt All Stocks, fixed interest stocks against the FTA Government All Stocks Index, UK Equities against the All Share index, overseas equities against the FtA World ex UK index and commercial property against IPD Quarterly. All securities are held on behalf of the Foundation by a nominee company which is a wholly-owned subsidiary of Investec. 15
ROYALALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021 (contlnued) PRINCIPAL RISKS AND UNCERTAINITIES As part of its normal procedures, the Board assesses the major risks and uncertainties to which the Foundation is exposed, in particular those related to the operations and finances of the Foundation. The assessment comprises.. a review of all the risks that the Foundation may face in its normal operations for the year ahead an assessment of the likelihood of those risks occurring, together with an assessment of their impact the establishment of procedures, actions and systems to mitigate the risks identified and to minimise any potential impact on the Foundation. The monitoring of financial and other areas of performance ensures that the Board is continually appraised of progress and the risks the Foundation faces. The principal risks and uncertainties facing the entity are summarised as-. the loss of key income streams. The Board takes appropriate professional advice and regularly monitors the implications of such a loss. reputational and monetary risk arising from sexual abuse cases. The Board works cooperatively with the police, employs specialist public relation consultants and insures such risks. the loss of key personnel due to retirement/promotion. The Board is actively involved in preparing and implementing succession planning strategies. the inability to generate surpluses or raise capital to fund future capital projects required for the future development of the School e.E. additional boarding house, further classrooms, learnin8 resource centre. expenditure required to maintain both the aging school estate as well as the heritage assets, in particular Gatton Hall and the listed walls. government policy relating to educational charities Limits on planning permission for temporary buildings government ordered closure of the school due to the COVID-19 pandemic Liabili insurance The Foundation maintains liability insurance for its Trustees and officers and the Directors, Trustees and officers of its subsidiary undertakings, which qualifies as a third party indemnity provision for the purposes of the Companies Act 2006. This insurance was in foice during the financial year and at the date of approval of the consolidated financial statements. 16
ROYALALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021 (contlnued) STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which Bive a true and fair view of the state of affairs of the Foundation and the group and of the incoming resources and application of resources of the group for that period. In preparing these financial statements, the Trustees are required to= select suitable accounting policies and then apply them consistently; observe the methods and principles in the Statement of Recommended Practice: Accounting and Reporting by Charities120151- make judgements and estimates that are reasonable and prudent,. state whether applicable UK accounting standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in business. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts arbd Reports) Regulations 2008. 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. The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the Foundation website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in otherjurisdictions. DISCLOSURE OF INFORMATION TO AUDITORS Each of the persons who is a Trustee at the date of approval of this report confirms that= lal so far as the Trustee is aware, there is no relevant audit information of which the Foundation's auditors are unaware,. and Ibl they have taken all the steps that they ought to have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that the Foundation's auditors are aware of that information. 17
ROYALALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021 (contlnued) INDEPENDENT AUDITORS A resolution proposing that Moore Kingston Smith LLP be re-appointed as auditors will be put to the forthcoming meeting of the Board of Management. On behalf of the Board: DTFrank Chairman 7 December 2021 18
ROYALALEXANDRA AND ALBERT SCHOOL INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF ROYAL ALEXANDRA AND ALBERT SCHOOL OPINION We have audited the financial statements of Royal Alexandra and Albert School and its subsidiaries (the 'group'l for the year ended 31 August 2021 which comprise the Group Statement of Financial Activities, the Group and Foundation's Balance Sheets, the Group Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the Eroup's and the Foundation's affairs as at 31 August 2021, and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and Foundation's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. OTHER INFORMATION The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained in the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 19
ROYALALEXANDRA AND ALBERT SCHOOL INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF ROYAL ALEXANDRA AND ALBERT SCHOOL OTHER INFORMATION Icontinuedl Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the followinE matters where the Charities Act 2011 requires us to report to you if, in our opinion.. the information given in the Trustees, Annual Report is inconsistent in any material respect with the financial statements- or the charity has not kept adequate accounting records,. or the financial statements are not in agreement with the accounting records and returns: or we have not received all the information and explanations we require for our audit. RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustees, responsibilities statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessinE the group and Foundation's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or Foundation or to cease operations, or have no realistic alternative but to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 20
ROYALALEXANDRA AND ALBERT SCHOOL INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF ROYAL ALEXANDRA AND ALBERT SCHOOL AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS {continuedl As part of an audit in accordance with ISAS IUKI we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group and parent charity's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees. Conclude on the appropriateness of the Trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group and Foundation's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the group or charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit report. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 21
ROYALALEXANDRA AND ALBERT SCHOOL INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF ROYAL ALEXANDRA AND ALBERT SCHOOL EXPLANATION AS TO WHAT EXTENT THE AUDIT WAS CONSIDERED CAPABLE OF DETEING IRREGULARITIES, INCLUDING FRAUD Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks,. and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity- Our approach was as follows= We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. We obtained an understanding of how the group and Foundation comply with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. We inquired of manaBement and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error. as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 22
ROYALALEXANDRA AND ALBERT SCHOOL INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF ROYAL ALEXANDRA AND ALBERT SCHOOL USE OF OUR REPORT This report is made solely to the charity's Trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity's Trustees as a body, for our audit work, for this report, or for the opinion we have formed. - P Moore Kingston Smith LLP 16 December 2021 Statutory Auditor Betchworth House 57- 65 Station Road Redhill Surrey RHI IDL Moore Kingston Smith LLP is eliEible to act as auditor in terms of Section 1212 of the Companies Act 2006. 23
ROYALALEXANDRA AND ALBERT SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 AUGUST 2021 Unrestricted Funds Foundation Boarding Fund School Fund £'ooo Réstricted Funds 2021 2020 £'ooo £'ooo £'ooo £'ooo INCOME FROM Charitable activities Boarding tharges Other educational income 8,461 31 8,461 149 7,830 54 118 Donatlons and legacles Grants from government and other public bodies Donations and other voluntary incorne Legacy income 12 128 74 214 409 13 420 16 449 399 16 16 Tradlng actlvltles Property income Park conservation and environmental education 35 35 69 69 37 Investments 218 218 232 Other intomè 175 175 20 Total income 481 9,215 90 9,786 8,990 EXPENDITURE ON Charitablè artivities School and grant making 11,7711 18,5891 110,3621 19,8431 Ralslng funds Fundraising and development Investment management costs 1361 1361 1331 Property letting expenses Total expendlture 11,8221 18,5891 110,4131 19,8841 Nèt incomèllexpenditurèl before gainsllosses on investments 11,3411 626 88 16271 18941 24
ROYALALEXANDRA AND ALBERT SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 AUGUST 2021 Icontinuedl Unrestrlcted Funds Foundatlon Boardlng Fund School Fund £'ooo Restrlcted Funds 2021 2020 £'ooo £'ooo £'OL £'ooo Net incomellexpenditurel before gainsllosses on Investments 11,3411 626 88 16271 18941 Realised and Unrealised Ilossllgain on investments 12 1,661 1,661 1931 Nèt incomèllexpenditurèl after gainsllosses on Investments 320 626 88 1,034 19871 Transfers between funds Market rental charged by Foundation Fund to Boarding Fund Foundation Bursaiie5 transferred to Boarding School Fund Additions and improvements to land and buildings 1,795 11,7951 18461 852 74 1741 Other recogni5ed gains and losses Actuarial gains/ Ilossesl on the defined benefit pension scheme 16 NET MOVEMENTIN FUNDS 1,343 13171 1,034 19871 Reconclllatlon of Funds FUND BALANCES brought forward at I September 33,385 668 19 34.072 35,059 FUND BALANCES tarried forward at 31 August 34,728 351 27 35,106 34,072 All income arises from the continuing activities of the Group. There are no recognised gains or losses other than those dealt within the Consolidated Statement of Financial Activities. There are no material differences between the net income /lexpenditurel and the fund balances carried forward stated above and their historical cost equivalents. The financial Statements have been prepared in line with FRS 102. 25
ROYALALEXANDRA AND ALBERT SCHOOL CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2021 At 31 August 2021 Group Foundation £'o At 31 August 2020 Group Foundation £'ooo £'ooo Noté £'ooo FIXED ASSETS Tangible assets Investments li 28,620 28,620 28.243 28.243 12 10,842 10,842 9.116 9.116 Total fixed assets 39,462 39,462 37,359 37,359 CURRENT ASSETS Debtors Term deposit Cash at bank and in hand Total current a55ets 13 545 2.082 2,774 5,401 518 2,082 2,637 5,237 667 82 1,628 2,377 673 82 1,517 2,272 Creditors= Amounts falling due within one year NET CURRENT ASSErsi ILIABIUTIESI 14 13,7621 13,7571 13,3191 13,3151 1,639 1,480 19421 11,0431 TOTAL ASSETS LESS CURRENT UA8ILITIES 41,101 40,942 36,417 36,316 Creditors= Amounts falling due after tsne year 15 15,9951 15,9951 12,3451 12,3451 TOTAL NET ASS5 35,106 34,947 34,072 33,971 THE FUNDS OFTHE CHARITY Restricted income funds 17,20 27 19 Unrestricted income fund5 excluding pension liability Pension reserve Designated funds Revaluation reserve 29,494 29,360 28,151 28.067 16 19 351 5.234 351 5,234 668 5.234 668 5,234 Total unrestricted income funds 17,18 35,079 34,945 34,053 33,969 TOTAL CHARITY FUNDS 35,106 34,947 34,072 33.971 The financial statements on pages 24 to 52 were approved by the Board of Management on 7 December 2021 and signed on their behalf= DTFrank Chairman 26
ROYALALEXANDRA AND ALBERT SCHOOL CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2021 Year ended 31 August 2021 £'ooo £'ooo Year ended 31 August 2020 £'ooo £'ooo Note CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by operating activities 22 965 1,129 Interest paid 1831 171 Net cash used in operatin8 activities 882 1,122 CASH FLOWS FROM INVESTING ACTIVITIES Dividends and interest from investments 218 232 Purchase of: Investments Fixed a55ets 11,4851 11,8121 11,5531 14,0811 Proceeds from.. Sale of investments Sale of fixed assets 1,400 1,207 Decreaselllncreasel in short term deposlts and investment adjustments 20 385 Net tash used in invèsting activitiès 11,6591 13,8071 CASH FLOWS FROM FINANCING ACTIVITIES New Borrowing: Lloyd5 Bank loan5 4,100 1,000 Repayment of Borrowin8'. Lloyd5 Bank loan5 11771 iiooi Net tash used In flnanclng actlvltles 3,923 900 CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR 3,146 11,7851 Cash and cash equivalents at the beginning of the year 1,710 3,495 Cash and cash equivalents at the end of the year 4,856 1,710 27
ROYALALEXANDRA AND ALBERT SCHOOL NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 I. GENERAL INFORMATION Royal Alexandra and Albert School is a charity reElStered in the United Kingdom Ire8lStered charity number 3119451. The charity's registered office and operational address is.. Royal Alexandra and Albert School, Foundation Office, Gatton Park, Reigate, Surrey, RH2 OTW. 2. ACCOUNTING CONVENTION The financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Accounting and Reporting by Charities.. Statement of Recommended Practice (Charities SORP IFRS 10211, and the Charities Act 2011. The financial statements are prepared in sterling, which is the functional currency at the charity. Monetary amounts in these financial statements are rounded to the nearest £1,000. The consolidated financial statements incorporate those of the Foundation and of its subsidiary undertakings, Gatton Park Lettings Limited Icompany registration number 032276851 and The Gatton Trust Limited (company registration number 4216691, registered charity number 11014671, (together the 'Group"l. Both subsidiaries make up their financial statements to 31 August and are consolidated on a line by line basis. As permitted, a separate income and expenditure account dealing with the results of the parent charity only has not been prepared. The charity is a qualifying entity for the purposes of FRS 102 as It is the ultimate parent of publicly available consolidated financial statements. The charity has taken advantage of the following exemptions in its individual financial statements.. lil Under FRS 102 paragraph 1.12 Ibl, from preparing a statement of cash flows lill Certain disclosure requirements of section 11 in respect of financial instruments liiil Disclosure of the charity's key management personnel compensation 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements have been prepared under the historical cost convention, as modified by the inclusion of freehold buildings at deemed cost and certain financial assets and liabilities measured at fair value. The principal accounting policies applied in the preparation of these financial statements, consistently applied to all the years presented, are set out below. Golng concern The Foundation has suffered significant financial loss as result of the global pandemic and the measures taken to contain it. The total cost of school fees refunded to parents this year was £1.3m, and last year £1.6m. Fee reductions remain the key driver of financial loss as costs remain broadlv similar. Although cost savings were made during the school closure, these were offset by additional costs of refurbishment of the boarding estate. Whilst the ultimate impact of the pandemic cannot currently be quantified, the Trustees expect a return to normality over the next 12 months and, having made appropriate enquiries, the Trustees are satisfied that the Foundation has adequate resources to continue for the foreseeable future being at least twelve month5 from the date of approval of the financial statements. For this reason, the Trustees have continued to adopt the going concern basis when preparing the financial statements. 28
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 {continuedl 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES {continuedl Incoming resources All incoming resources are included in the consolidated statement of financial activities when the charity is legally entitled to them, receipt is probable and the amount can be quantified with reasonable accurary. Boarding charges Parental and local authority contributions represent the boarding charges paid by parents or local authorities as appropriate and are recognised when service is provided. Boarding charges in advance The charity offers a boarding charges in advance scheme where the cost of boarding charges can be reduced by making an advance lump sum payment. The scheme may be used to provide advance payments towards boarding charges for any set number of terms during the pupil's potential time at the School, from a minimum of 3 terms up to a maximum of 15 terms. The minimum amount accepted by way of payment into the scheme is an amount calculated to generate termly payments of £500 per term, and the maximum is an amount calculated to generate the termly boarding charges at the time of entering the scheme. The commutation given is charged to the consolidated statement of financial activities and the remaining lump sum is deferred and recognised within current liabilities and released as the terms are used up. Boarding charge deposits Upon joining the School, a boarding charge deposit is taken for each pupil, which is returnable on the pupil leaving the school. These deposits are included within current liabilities since there is the potential for pupils to leave at any stage. Bursaries Bursaries are accounted for when the boarding charges to which they relate are recognised. Bursaries funded by grant giving trusts are included within donations in the Boarding School Fund. Foundation bursaries represent the boarding charges of bursary children funded by the Foundation. The Foundation bursaries are shown as a transfer between funds on the face of the Consolidated Statement of Fir)ancial Activities. Donations and other voluntary income Donations and other voluntary income represent income from donors, whether individual or corporate, and grants from charitable trusts. Such income is accounted for when receivable and quantifiable. Gifts in kind are valued at market value at the date of receipt. Grants from government and other public bodies Grants from government and other public bodies are accounted for when the charity is entitled to the funds. Where entitlement to grants receivable is dependent upon fulfilment of conditions within the charity's control, the incominB resources are recognised when there is sufficient evidence that conditions will be met. 29
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 {continuedl 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES {continuedl Legacies Legacies are recognised when a charity has entitlement to the income, it is probable that it will be received and it can be measured reliably. Entitlement is taken as the earlier of the date on which either.. the charity Is aware that probate has been granted, the estate has been finalised and notification has been made by the executorlsl that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Income from investments Interest is accounted for when receivable. Dividend income is accounted for when the right to receive payment has been established. Property and park conservatlon Income Property lettings and park conservation income is accounted for in the period in which it is receivable. Other income Other income consists of income received from insurance claims and contributions received towards administrative costs. Income is recognised when receivable and quantifiable. Expenditure Costs of charitable activities include direct expenditure incurred through operational activities including grants paid directly relating to the objects of the charity. Grants are recognised in the period in which they are payable. Expenditure is accounted for on an accruals basis as a liability arises. This includes attributable VAT which cannot be recovered. Allocatlon of support and governance costs Support costs are those functions that assist the work of the charity but are not directly incurred in the performance of charitable activities. Support costs include a proportion of the Foundation staff and office costs apportioned on the basis of staff time. Governance costs and support costs relating to charitable activities include the audit fee and legal and tax advice. The allocation of support and governance costs is analysed in note 8. Taxation The Foundation and The Gatton Trust Limited are registered charities and, as such, exempt from taxation which applies both to capital gains and to the income arising and expended on its charitable activities. Gatton Park Lettings Limited donates its entire distributable profits to the Foundation, its holding company. and expects to continue to do this for the foreseeable future thereby mitigating any potent131 tax liability. 30
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 {continuedl 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES {continuedl Pension costs The charity operates a defined benefit pension scheme, now closed to new members, for the benefit of certain employees. The assets of the scheme are held separately from those of the charity in independently administered funds. A defined benefit pension scheme defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including age, length of service and remuneration. A defined benefit scheme is a pension scheme that is not a defined contribution scheme. The asset recognised in the balance sheet in respect of the defined benefit pension scheme has been restricted due to uncertainty around realisation of the net defined pension asset. This restriction has resulted in a Énil balance at the financial year end. The net defined benefit pension asset is the fair value of the pension scheme assets at the financial year end less the present value of the defined benefit obligation at the end of the financial year. The defined benefit obligation is calculated using the projected unit credit method. The charity engages independent actuaries to calculate the obligation annually. The present value is determined by discounting the estimated future payments using market yields on hiEh quality corporate bonds that are denominated in sterling and that have terms approximating the estimated period of the future payments I'discount rate'l- The fair value of pension scheme assets is measured in accordance with the FRS 102 fair value hierarchy and includes the use of appropriate valuation techniques. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the consolidated statement of financial activities as other recognised gains and losses. The net interest Cost is calculated by applyin8 the discount rate to the net balance of the defined benefit obligation and the fair value of pension scheme assets. The cost of the defined benefit scheme, recognised in the consolidated statement of financial affairs as employee costs, except where included in the cost of an asset, comprises the increase in pension benefit liability arising from employee service during the period, and the cost of scheme settlements and changes. The pension contribution is wholly allocated to unrestricted funds. The charity also pays contributions, for those employees who elect to become members and for whom the above scheme is closed, into a group personal pension scheme established with Legal and General Assurance Society or into a qualifying pension scheme established with the National Employment Savings Trust. These are both defined contribution schemes. Both schemes, assets are invested separately from the Foundation assets and contributions, incurred and payable monthlyi are charged to the Consolidated Statement of Financial Activities. Operating Leases The charity held only operating leases in the financial year. Operating leases cover leases of equipment and vehicles,. where the title to the equipment remains with the lessor. The lease rentals payable are charged to the statement of financial activities on a straight line basis over the term of the leases. 31
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 {continuedl 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES {continuedl Transfers between funds Transfers are made from and within unrestricted funds in line with charitable objectives. A market rental charge of £1,794,781 for the use of the shared properties has been accounted for as a transfer to the Foundation Fund from the Boarding Fund. The cost of Foundation funded bursaries has been transferred to the Boarding School Fund from the Foundation Fund. The cost of fixed asset additions funded by DfE capital grants have been transferred from the Foundation Fund to restricted funds. Related party transactions The charity discloses all transactions with related parties including those within the same group. Financial instruments The charity applies Section 11 of FRS 102 in respect of financial instruments. Basic financial instruments include trade and other receivables, trade and other creditors, cash and bank and investments. Basic financial instruments are initially recognised at transaction value. Investments are recognised at fair value throuBh profit and loss and the remaining assets are held at amortised cost. Liabilities are all held at amortised cost. Tangible assets and depreciation Tangible fixed assets, costing £2,000 or more, are stated at historic cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringin8 the asset to its working condition for its intended use. Depreciation is recognised so as to write off the cost of the assets, less their residual values, over their expected useful lives on the following bases.. Freehold Land No depreciation Freehold Buildings 4Yo Straight line Freehold Buildings Ilistedl 2Yo Straight line Motor Vehicles 50Yo in the financial year of acquisition, 25% straight line thereafter Furniture, Equipment 20% straight line & Horses Depreciation is charged for a full year in the year of acquisition. The useful economic lives and residual value of fixed assets are reviewed at the end of each accounting period. Freehold land and buildings were professionally revalued at 31 March 2013 to depreciated replacement cost with the revaluation surplus being taken to the revaluation reserve. On transition to FRS 102, the charity elected to take the revalued amount as deemed cost. Projects in progress at the financial year end are carried forward to the accounting period of completion of the project whereupon they are transferred to an appropriate asset category. Depreciation is not charged on projects until they have been completed. 32
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 {continuedl 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES {continuedl Investments and investment management Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Investments include short term deposits. The charity does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. The investment management costs are expensed separately to the Consolidated Statemerbt of Financial Activities and are recognised on an accruals basis. Reallsed and unreallsed galns and losses All gains and losses are taken to the Consolidated Statement of Financial Activities as they arise. Realised gains and losses are calculated as the difference between sales proceeds and opening carrying value or purchase value of fixed assets or fixed asset investments if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Cash at bank and in hand Cash at bank and in hand is held to meet short term cash commitments as they fall due rather than for investment purposes and includes all cash equivalents held in the form of short term highly liquid investments. A cash equivalent will normally have a short maturity of three months or less from date of acquisition. Unrestricted funds Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Board in furtherance of the objects of the Foundation. The unrestricted funds comprise the Foundation Fund and a designated fund, the Boarding School Fund, the aims and purposes of which are set out in Note 19. Restricted funds These are funds for which the donor has specifically restricted the purpose for which the funds may be used. Income received that has specific restrictions placed upon its use is credited to restricted income within the SOFA on an entitlement basis. Unspent balances are carried forward within the relevant restrirted fund. 33
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 {continuedl 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES {continuedl Critical accounting judgements and estimation uncertainty Estimates and judgements are continually evaluated and are based on historical experience and other factors, includinE expectations of future events that are believed to be reasonable under the circumstances. The charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. It is the opinion of the Trustees that there are no estimates and assumptions that have a significant risk of causing a material adjustment of the carrying amounts of assets and liabilities within the next financial year, other than those addressed below. Defined benefit pension scheme The charity has obligations to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors including life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends. 4. DONATIONS AND LEGACIES 2021 £'ooo 2020 Grants, donations and legacy income comprise.. Grants from government and other public bodies Donations and other voluntary income Legacy income 214 449 16 409 399 679 808 Capital grants Income grants and donations 74 605 808 679 808 Grants from government and other public bodies comprise grants from the Department for Education I"DfE"l of £73,931 towards capital projects12020: nil), and £139,56612020: £408,955) claimed through the Coronavirus Job Retention Scheme to cover employees, wages. 34
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 {continuedl 4. DONATIONS AND LEGACIES Icontinuedl Donations and other voluntary income include the following grants of £1,000 or more in respect of bursaries for specific pupils: 2021 £'ooo 226 Royal National Children's Springboard Foundation The Frank Buttle Trust UK Anonymous Donor The Reedham Trust The BMTA Trust Limited The Emmott Foundation Royal Pinner School St Marylebone Educational Foundation Thornton Lloyd Foundation Fashion and Textile Children's Trust Naval Children's Charity The Forces Trust 75 28 24 22 li li 5. INCOME FROM CHARITABLE ACTIVITIES Foundation Fund Boarding School Fund £'ooo Restrirted Funds 2021 2020 £'ooo £'ooo £'ooo £'ooo Contributions towards boarding charges.. Parental Bursaries Local Authorities 9,293 18521 20 9,293 18521 20 8,446 16341 18 Total contributions 8,461 8,461 7,830 Other educational income 118 31 149 54 118 8,492 8,610 7,884 35
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 {continuedl 6. INVESTMENT INCOME The Group's investment income arises as follows.. 2021 £'ooo 218 2020 Dividends and interest Interest receivable net of charges paid 226 218 232 7. TOTAL EXPENDITURE BY ACTIVITY TYPE Support and governance costs £'o 1,649 Direct costs £'o 8,713 Current year 2021 É'ooo 10,362 School and grant making Fundraising and development Investment management Property lettings 36 36 8,761 1,652 10,413 Support and governance costs £'o 1,653 Direct costs £'o 8,190 Comparative year 2020 É'ooo 9,843 School and grant making Fundraising and development Investment management Property lettings 33 33 8,228 1,656 9,884 8. ALLOCATION OF SUPPORT AND GOVERNANCE COSTS Support and governance costs are allocated on the basis of staff time as follows: School and grant making £'ooo 273 19 942 238 177 Propertv lettings £'OLN) Current year 2021 £'ooo 273 19 945 238 177 Management Professional fees Staff costs Other costs Governance costs 1,649 1,652 36
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 {continuedl 8. ALLOCATION OF SUPPORT AND GOVERNANCE COSTS Icontinuedl School and grant making £'ooo Property lettings £'o Comparative year 2020 £'ooo Management Professional fees Staff costs Other costs Governance costs 277 277 51 838 184 303 1,653 51 841 184 303 1,656 9. NET INCOMEIIEXPENDITUREI FOR THE YEAR 2021 2020 £'ooo Net income/lexpenditurel is stated after charging.. Depreciation Operating lease rentals Bank charges and interest payable Auditors, remuneration Fees Other Services 1,435 147 ioi 1,380 146 40 24 21 10. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES The average monthly number of employees (including senior leadershipl employed by the Group during the year was= 2021 27 2020 25 87 18 130 Management Welfare Maintenance 90 17 134 The average monthly number of employees (including senior leadershipl employed by the Group during the year, calculated as full-time equivalents was.. 2021 22 59 12 2020 20 58 14 Management Welfare Maintenance 93 92 37
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 {continuedl 10. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES Icontinuedl Totsl compensation for all staff: 2021 £'ooo 2,637 230 173 147 93 3,280 2020 £'ooo 2,452 202 170 121 Wages and salaries Social security costs Pension costs- defined benefits Pension costs- defined contributions Termination benefits 2,946 Totsl compensation for key management: 2021 £'ooo 317 2020 £'ooo 285 Salaries Benefits in kind Pension costs Termination benefits Aggregate emoluments 20 93 432 19 307 Personnel with employee benefits (excluding employer pension costs) between: 2021 2020 £60,001 to £70,000 £90,001 to £ICN),000 £l(x),001 to £llO,000 A payment of £260,(X)O was made to the school in respect of staff costs incurred by the school for boarding related duties for the year ended 31 August 202112020.. £618,777). This is not part of staff costs disclosed above. No member of the Board of Management received remuneration in the current year. Termination benefits of £92,83112020.. £1,332) have been paid to staff during the year. The Foundation has a composite insurance policy which provides professional indemnity insurance cover for the Officers, Governors, Council Members and Trustees. The cost of the cover relating to the Trustees is inseparable from the cost of the total cover. The Charity Commission has made an order to authorise the provision of indemnity insurance for the Trustees. 38
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 {continuedl 11. TANGIBLE FIXED ASSErs Freehold land and buildings £'ooo Furniture, equipment and horses £'ooo Projects in progress £'ooo Motor vehicles £'ooo Group Total £,0 COST I September 2020 Additions Transfer Disposals 31 August 2021 32,179 2,927 1,780 14,4971 1,977 20 133 12 37,216 1,812 4,490 1181 1,986 131 142 1211 39,007 36,669 210 ACCUMULATED DEPRECIATION I September 2020 Charge for year Disposals 31 August 2021 17,2661 11,2621 11,6011 11521 18 11,7351 11061 1211 18,9731 11,4351 21 110,3871 18,5281 11241 NET BOOKVALUE 31 August 2020 31 August 2021 24,913 28,141 2,927 210 376 27 28,243 28,620 251 18 Freehold land and buildings £'ooo Furniture, equipment and horses £'ooo Projerts in progress £'ooo Motor vehicles £'ooo Foundation Total £'ooo COST I September 2020 Additions Transfer Disposals 31 August 2021 32,179 2,927 1,780 14,4971 1,961 20 131 12 37,198 1,812 4,490 181 1,980 Iiii 38,999 36,669 210 140 ACCUMULATED DEPRECIATION I September 2020 Charge for year Disposals 31 August 2021 17,2661 11,2621 11,5851 11521 11041 1211 18,9551 11,4351 li 110,3791 18,5281 11,7291 11221 BOOKVALUE 31 August 2020 31 August 2021 24,913 28,141 2,927 210 376 27 28,243 28,620 251 18 39
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 {continuedl 11. TANGIBLE FIXED ASSErs Freehold land and buildings were revalued at 31 March 2013 using the Depreciated Replacement Cost method of valuation by Richard Greenaway FRICS of Stanley Hicks. This method of valuation is used where there is no active market for the asset or no useful relevant evidence of recent sale transactions due to the specialised nature of the asset. The valuation which is incorporated in the figures below valued freehold land and buildings at 31 March 2013 at £24 million. Under FRS 102 the revalued amount or freehold buildings now equals deemed cost. Borrowings from Lloyds Bank Plc, details of which are given in note 15, are secured against all property. 12. INVESTMENTS 2021 £'ooo 2020 £'ooo Investments comprlse: UK Fixed Interest Overseas Fixed Interest Equities and Unit Trusts 402 195 407 373 8,192 8,972 144 10,141 10,738 104 10,842 Short term deposits Group total investments 9,116 Investment in subsidiaries Foundation total investments 10,842 9,116 The Trustees believe that the carrying value of the investments is supported by underlying assets andlor future cash flows. 2021 £'ooo 8,972 1,485 11,4001 20 1,661 2020 £'ooo 8,719 1,553 11,2071 UK Listed Investments At I September Additions Disposal proceeds Adjustments Realised & unrealised gain on investment 1931 Market value at 31 August 10,738 8,972 Historical cost at 31 August 6,685 6,156 Stocks and money held in the portfolio managed by Investec are held to the order of Lloyds Bank plc as security for the loan and overdraft facilities. Details in note 15. 40
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 {continuedl 12. INVESTMENTS Icontinuedl 2021 2020 Investment in subsidiary at cost ioi ioi Gatton Park Lettlngs Llmited The Foundation controls the ordinary share capital of Gatton Park LettinES Limited, a company incorporated in England and Wales (company registration number 032276851. The principal activity of Gatton Park Lettings Limited is the commercial letting of Gatton Hall and other site facilities. The whole of Gatton Park Lettings Limited's taxable profits are donated under gift aid to the Foundation. 2021 £'ooo 35 131 32 2020 Turnover Expenditure Operating profit donated to the Foundation Assets 37 12 161 Funds 32 The Gatton Trust Limited The Foundation is the only member of The Gatton Trust Limited, a charitable company limited by guarantee and incorporated in England and Wales (company registration number 4216691, registered charity number 11014671. The principal activities of the company are the restoration and conservation of Gatton Park and the provision of access for the public to the parkland and the provision of educational resources. 2021 £'ooo 94 1621 32 2020 £'ooo 59 1721 1131 Turnover Expenditure Operating surplus/ldeficitl Assets 133 161 127 loo 141 96 Funds Gatton Estates Limited The Foundation controls the ordinary share capital of Gatton Estates Limited, a company incorporated in EnBland and Wales (company reElStration number 124696911. The company was incorporated on 18 February 2020 and is yet to commence trading. It has adopted the exemption from preparing accounts under section 394A of the Act for the financial year ended 31 August 2021. 41
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 {continuedl 13. DEBTORS 31 August 2021 Foundation £'O(M) 55 31 August 2020 Foundation £'ooo 79 Group £'IM)O 87 Group £'ooo 80 Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 243 243 316 316 215 214 271 271 545 518 667 673 Trade debtors are stated after bad debt provision of £347,95412020: £280,0941. During the year bad debts totalling £78,82412020'. £62,552) were written off. Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31 August 2021 Foundation £'iwo 760 54 81 31 August 2020 Foundation £'ooo 761 45 86 Group £'ooo 760 54 83 Group £'ooo 762 45 86 Trade creditors Taxation and social sec. Other creditors Amounts owed to group undertakings Lloyds loan Boarding charges in advance Boarding charge deposits Accruals and deferred income 293 1,763 293 1,763 125 1,232 125 1,232 301 508 301 505 391 678 391 675 3,762 3,757 3,319 3,315 Amounts owed to group undertakings are unsecured, interest free and payable on demand. 42
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 {continuedl 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (continued) Deferred income comprises boarding charges received in advance of the start of Autumn Term. 31 August 2021 Foundation £'ix)o 1,232 11,2321 1,763 1,763 31 August 2020 Foundation £'ooo 1,332 11,3321 1,232 1,232 Group £'ooo 1,232 11,2321 1,763 1,763 Group £'ooo 1,332 11,3321 1,232 1,232 At I September Amount released in year Amount deferred in year At 31 August 15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31 August 2021 Foundation £'wo 31 August 2020 Foundation Group £'ofy) Group £'o Instalment debts Due 2 to 5 years Due after 5 years 999 3,998 4,997 999 3.998 4,997 467 775 1,242 467 775 1,242 Fee Deposits Due 2 to 5 years Due after 5 years 711 711 758 345 1,103 758 345 287 998 287 998 1,103 TOTAL 5,995 5,995 2,345 2,345 The Foundation's principal bankers are Lloyds Bank Plc. The Foundation has three loan facilities and no overdraft facilities. The terms of the outstanding bank loan of £266,667 are that interest only was payable until April 2014 and the loan is then repayable in 30 termly instalments finishing in January 2024. The terms of the outstanding bank loan of £5,023,832 are that interest only was payable until March 2021 and the loan is then repayable in monthly instalments over 20 years, finishing in March 2041. The charity has a third loan facility available of £1,300,000, on which no draw downs have been made to date. From the drawdown date, the loan will become repayable in monthly instalments over 20 years. 43
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 {continuedl 15. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR Icontinuedl In granting loan and overdraft facilities in 2011, Lloyds Bank PIC required a base rate cap agreement to be entered into until January 2024. The interest rate cap is 3.0%. No further base rate cap agreement was entered into in granting the £5.Im Of £1.3m loans. The loans and overdraft are secured on all property. Stocks and money held in the portfolio managed by Investec are also held to the order of Lloyds Bank Plc. 16. PENSION SCHEME OBLIGATIONS Defined Contribution Schemes The Foundation operates two defined contribution schemes for employees. One is a group personal pension scheme established with Legal & General Assurance Society. Contributions of £11,49212020: £12,216) were made during the year. As at 31 August 2021 no contributions12020'. £3,147) were payable to the scheme. The other scheme is an auto enrolment "qualifying" scheme established with National Employment Savings Trust. Contributions of £117,75712020.. £82,817) were made during the year. As at 31 August 2021 contributions totalling £14,75312020'. £11,054) were payable to the scheme. Gatton Trust operates a defined contribution scheme with Whitechurch and with National Employment SavinES Trust. Contributions of £2,23912020.. £3,222) were made during the year. Defined Benefit Scheme The Foundation maintains a defined benefit pension scheme operated by Legal & General Assurance Society with assets held in a separately administered fund. The information shown below is provided in conformity with the requirements of Section 28 of FRS 102. The assets of the pension scheme are held separately from those of the Foundation and are administered by Charterhouse Consultancy Ltd. The contributions are determined by an independent qualified actuary on the basis of triennial valuations using the projected unit method. A full actuarial valuation was carried out at 23 March 2021 and updated to 31 August 2021 by the actuary, based on the provisions of FRS 102. The most recent triennial valuation at 23 March 2021 revealed a funding surplus (technical provisions less value of assets) of £0.118m. An updated Schedule of Contributions is in the process of being finalised by the scheme Trustees. Currently the employer has agreed recovery plan contributions of 44% of pensionable pay, plus £8,300 a month in respect of the past service shortfall. In addition, the employer contributes £5,500 a month towards the expenses of the scheme. Contributions paid by the Foundation during the year ended 31 August 2021 were £173,00012020: £172,000). 44
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 {continuedl 16. PENSION SCHEME OBLIGATIONS {continuedl The scheme was closed to new members in March 2001. The employees, contribution is 510 of pensionable pay in excess of £IOO12020: 5%). The current service cost for this scheme for the year was £6,00012020.. £6,000). The current service cost is consistent with prior years. As required by FRS 102, the defined benefit liabilities have been measured using the projected unit method. The table below state the FRS 102 actuarial assumptions upon which the valuation was based. 2021 2.4% 3.3% 2.2% 2020 2.1% 3.0% 2.2% 1.6% 3.1% Rate of increase in salaries Rate of increase in pensions in payment capped at 5% Rate of increase in pensions in payment capped at 2.5Yo Discount rate Inflation rate 1.6% 3.4¥0 Under FRS 102 the rate used to discount liabilities is based upon corporate bond yields The mortality assumptions adopted imply the following life expectations at age 60: 2021 Years 26.3 28.9 2020 Years 26.4 28.5 Retiring today - Men Retiring today- Women Retiring in 20 years- Men Retiring in 20 years- Women 27.5 30.1 27.7 29.8 The major tategories of scheme assets are as follows.. 2021 £'ooo 2020 £'ooo UK Equities Global Equities Government Bonds Corporate Bonds Cash Value of annuities. 1,020 1,384 1,050 1,090 148 3,547 803 1,091 1,078 1,073 97 4,028 Total scheme assets 8,239 8,170 The value of annuities is taken to be equal to the corresponding value of liabilities calculated in accordance with the actuarial assumptions above. 45
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 {continuedl 16. PENSION SCHEME OBLIGATIONS {continuedl Analysis of amounts charged to statement of financial activities.. 2021 £'o 161 1671 2020 É'ooo 161 1551 Current service cost Expenses Net interest credit/lcostl Unrecognised net interest credit 171 181 Net cost recognised as an expense 1731 1611 Return on pension scheme assets excluding interest income Net scheme surplus not recognised Actuarial gainlllossl in the present value of liabilities 86 13941 208 1521 21 1801 Total actuarial gainlllossl recognised li) Iiiii Reconciliation of opening and closing balances of the scheme assets and liabilities.. Present value of scheme liabilities £'ooo 17,8221 161 11231 208 Gr055 pension asset/ Illabilityl £'ooo Fair value of scheme assets £'ooo Opening scheme assetsllliabilities Current service cost Interest incomellcostl Actuarial gain/llossl Contributions by employer Contributions by scheme participants 8enefits paid Expenses paid Closing scheme assets/lliabilitiesl 8,170 348 161 130 86 173 294 173 iii 255 12551 1671 8,238 1671 749 17,4891 The total return on scheme assets for the year was a £68,0(K) gain12020.' £73,OCK) lossl. The actuarial valuation at 31 August 2021 generated a net scheme asset of £749,000 12020.. £348,000). For reporting purposes this net scheme asset has not been recognised due to uncertainty over its recoverability. 46
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 {continuedl 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS Group Foundation Fund £'ooo Designated funds £'ooo Restricted funds £'o Total funds 2021 £'ooo Current year Fixed assets Investments Net current assets/lliabilitiesl Non-current liabilities Net assets 28,620 10,842 28,620 10,842 1,261 351 27 1,639 15,9951 34,728 15,9951 35,106 351 27 Comparative year Foundation Fund £'ooo 28,243 9,116 Designated funds £'OLNJ Restricted funds £'o Total funds 2020 £'ooo 28,243 9,116 Fixed assets Investments Net current assets/lliabilitiesl Non-current liabilities Net assets 11,6291 668 19 19421 12,3451 33,385 12,3451 34,072 668 19 Foundation Foundation Fund £'ooo 28,620 10,842 Designated funds Restricted funds £'OLN) Total funds 2021 £'wo 28,620 10,842 Current year Fixed assets Investments Net current assetsllliabilitiesl Non-current liabilities Net assets 1,127 351 1,480 15,9951 34,594 15,9951 34,947 351 Comparatlve year Foundation Fund £'ooo 28,243 9,116 Designated funds Restricted funds £'OLN) Total funds 2020 £'wo 28,243 9,116 Fixed assets Investments Net current assetsllliabilitiesl Non-current liabilities Net assets 11,7131 668 11,0431 12,3451 33,301 12,3451 33,971 668 47
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 {continuedl 18. GROUP STATEMENT OF FUNDS At I Sept 2020 £'ooo Fund transfers £'ooo At 31 Aug 2021 £'ooo Income £'ooo Expenditure Unrestricted funds.. Foundation Fund Boarding School Fund Restricted funds 33,385 668 2,142 9,215 90 11,447 11,8221 18,5891 1,023 19431 1801 34,728 351 19 34,072 27 35,106 110,4131 At I Sept 2019 É'ooo Fund transfers É'ooo At 31 Aug 2020 £'ooo Income £'ooo Expendlture Unrestricted funds.. Foundation Fund Boarding School Fund Restricted funds 33,278 1,747 34 321 8,664 11,3841 18,5861 171 19,9771 1,170 11,1571 1131 33,385 668 19 35,059 8,990 34,072 19. GROUP DESIGNATED FUNDS Group and Foundation unrestricted funds include the following designated fund: At I Sept 2020 £'ooo New designations £'ooo At 31 Aug 2021 £'ooo Utilised £'ooo Boarding School Fund 668 9,215 19,5321 351 At I Sept 2019 £'ooo New designations At 31 Aug 2020 utilised £'ooo Boarding School Fund 1,747 8,664 19,7431 668 New designations represent boarding income for the year while amounts released represent boarding expenditure including other reco8nised gain51llossesl and net fund transfers tolfrom the Boarding School Fund. The surplus on Boarding School Fund will be used principally to fund the future development and maintenance of the boarding estate. After the year end, it was agreed by the Trustees of Gatton Trust to designate £70,000 of the unrestricted funds to various parkland projects. 48
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 {continuedl 20. GROUP RESTRICTED FUNDS At I Sept 2020 £'(M)O Income/ Capital £'OCK) 74 At 31 Aug 2021 Utilised £'ooo 1741 DfE building grants Weir Bridge fund University of Bristol prize fund Foundationer Fund Hardship Fund Foundation restricted funds iii 151 1801 80 Gatton Trust- Park Conservation & Education Group restritted funds 17 io 121 25 19 90 1821 27 At I Sept 2019 £'ooo Incomel Capital £'ooo At 31 Aug 2020 Utilised £'ooo DfE building grants Weir Bridge fund University of Bristol- prize fund Foundation restricted funds Gatton Trust- Park Conservation & Education Group restricted fund5 32 1201 17 34 1201 19 DfE building grants are received to fund specific fixed asset projects. Weir Bridge funds were received for the restoration of the Weir Bridge. The University of Bristol donated £1,000 as a prize fund for the Most Improved Student to be paid out equally over 10 years. Donations to the Foundationer Fund are received specifically to support our Foundationer pupils. The Hardship Fund was set up to provide school fee support in 20121 to those who were experiencing financial problems as a result of the COVID-19 pandemic 21. FINANCIAL COMMITMENTS The Foundation had the following future minimum lease payments under non-cancellable operating leases for assets, other than land and buildings, payable as follows.. 2021 £'ooo 2020 £'ooo Within one year Within two to five years After five years 96 106 44 246 131 93 224 49
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 {continuedl 21. FINANCIAL COMMITMENTS Icontinuedl Amounts contracted for but not provided in the financial statements: 31 August 2021 Foundation £'ix)o 31 August 2020 Foundation £'ooo Group £'ooo Group £'ooo Acquisition of tangible fixed assets 1,764 1,764 22. CONSOLIDATED CASH FLOWS FROM OPERATING ACTIVITIES 2021 £'ooo 1,034 2020 £'ooo 19871 Net income/lexpenditurel for the year Adjustments for: IGainl/Loss on investments Interest paid Investment income Depreciation charge IProfitl/Loss on sale of assets 11,6611 83 12181 1,435 93 12321 1,380 51 Movements in working capital: Decreaselllncreasel in debtors (Decreaselllncrease in creditors 122 170 180 637 Net cash inflow from group operations 965 1,129 23. ANALYSIS OF CHANGES IN NET DEBT Other non-cash changes £'ooo At I Sept 2020 £'ooo Cash flows £'o At 31 Aug 2021 £'ooo Cash and cash equivalents Cash at bankand in hand 1,710 1,710 3,146 3,146 4,856 4,856 Borrowings Debt due within oneyear Debt due after one year 11251 11,2421 11,3671 11681 168 12931 14,9971 15,2901 13,9231 13.9231 Total 343 17771 14341 50
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 {continuedl 23. ANALYSIS OF CHANGES IN NET DEBT {continued) Other non-cash changes £'ooo At I Sept 2019 £'ooo Cash flows £'ooo At 31 Aug 2020 £'ooo Cash and cash equivalents Cash at bankand in hand 3,495 3,495 11,7851 11,7851 1,710 1,710 Borrowings Oebt dLJe within one year Debt due after one year iiooi 13661 14661 1251 25 11251 11,2421 11,3671 19011 19011 Total 3,029 12,6861 343 24. FINANCIAL INSTRUMENTS 2021 £'ooo 2020 £'OOD Financial assets held at amortised cost: Trade debtors Accrued income Other debtors 87 80 119 316 243 334 515 Financial assets held at fair value through profit and loss: Investments 10,842 9,116 Financial liabilities held at amortised cost: Creditors: amounts falling due within one year Trade creditors Accruals Lloyds loans Other creditors 760 508 293 418 762 678 125 522 1,979 2,087 Creditors: amounts falling due after one year Lloyds loans Other creditors 4,997 998 5,995 1,242 1.103 2,345 51
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 {continuedl 25. RELATED PARTY TrANSACTIONS The Foundation enjoys a close working relationship with Royal Alexandra and Albert School which is a maintained school funded by Surrey County Council. The Foundation funds the boarding facilities and pastoral care, in partnership with Surrey Education Authority who fund the pupils, tuition. The Foundation has the power to appoint the majority of the Governing Body to whom day to day manaEement of the boarding at the school and the running of the Co-curricular program is delegated. The Foundation provides funds to the school towards the running costs and the school recharges the Foundation a portion of staff costs for boarding duties carried out by teaching staff. There are cross charges between the school and the Foundation in relation to shared facilities e.g. utilities, maintenance, insurance, horse care costs and catering costs (free school mealsl as well as shared personnel. 2021 £'ooo 2020 £'ooo Grant to School Salary reallocation charge 264 260 12 619 Recharged by Foundation to School: Salaries Other (net of VATI 118 42 190 106 Recharged by School to Foundation: Salaries Other (net of VATI 195 233 102 149 Purchases from related parties: Gatton Community Theatre M Dixon Donations received by Gatton Trust from related parties: Netherby Trust Merstham Millennium Trust During the year, the following key management personnel were customers of the Foundation: Name G Bendall J Czerpak M Dixon S King L Miller J Gale S Greenwood Annual transaction value £5,354 £648 £11,164 £2,971 Amount outstanding at 31 Aug 2021 1£1,8591 £34 IE121 1£1,4281 1£1,6951 £14 £2 £719 £144 During the year, Gatton Trust purchased a long-seNice retirement gift for former Trustee Graham Williams at a cost of £125. 52
ROYALALEXANDRA AND ALBERT SCHOOL REFERENCE AND ADMINISTRATIVE DETAILS AS AT 31 AUGUST 2021 Registered Name: Royal Alexandra and Albert School Charlty Number: 311945 Principal Address: Foundation Office Gatton Park Reigate Surrey RH2 OTW Tel.. 01737 649050 Solicitors: Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH Bankers: Lloyds Bank plc 115 The Broadway Crawley Surrey RHIO IDU Investment Advlsers: Investec Wealth & Investment Ltd 30 Gresham Street London EC2V 7QN Independent Auditors: Moore Kingston Smith LLP Chartered Accountants and Statutory Auditors Betchworth House 57-65 Station Road Redhill Surrey RHI IDL 53
ROYALALEXANDRA AND ALBERT SCHOOL REFERENCE AND ADMINISTRATIVE DETAILS AS AT 31 AUGUST 2021 Icontinuedl PATRON Her MajestyThe Queen PRESIDENT HRH The Duchess of Gloucester BOARD OF MANAGEMENT David Frank Chair Graham Williams CA MBA Fiona Sheridan Timothy Redburn FCA Richard Wells FRICS John Billingham Dame Mary Richardson BA PGCE DBE FRSA Charles Wates Bsc MRICS Jonathan White MBA Edward Winter Nishma Acharya Elizabeth Tadd Christina Foord Vice Chair- resiEned 29 September 2020 Honorary Treasurer reappointed 22 October 2020 Comptroller resigned 29 June 2021 MEMBERS OF THE COUNCIL: The Lord Lieutenant of the County of Surrey The Rt Hon The Lord Mayor of London The Mayor of Reigate & Banstead The Chairman of Surrey County Council Crispin Blunt MP Canon Peter Bruinvels Rt Rev jonathan Clark John Cornish David Frank William Gillen Ali Henderson Dr Claire Hodgkiss Pauljulius Barry Lambert Richard Link Drjeffrey Magee Gerri McAndrew James Meyer Hilary Moriarty Dorothy Ross-Tomlin Paul Ryder The Hon Mrs Lavinia Sealy Fiona Sheridan resigned 24 September 2021 lex officio- Chairman Board of Management) appointed 12 September 2021 resigned 13 September 2021 resigned 14 September 2021 lex officio- Treasurer Board of Management) 54
ROYALALEXANDRA AND ALBERT SCHOOL REFERENCE AND ADMINISTRATIVE DETAILS AS AT 31 AUGUST 2021 Icontinuedl MEMBERS OF THE COUNCIL {contlnued) Adrian Smart Katie Sunlev Robert Swannell CBE Sir Eric Thomas Sally Varah DL Andrew Wates Richard Wells Graham Williams lex officio - Comptroller Board of Management) lex officio - Vice Chairman Board of Management) resigned 29 September 2020 FINANCE & GENERAL PURPOSES IF&GP) COMMITTEE Edward Winter Chair John Billingham David Frank Timothy Redburn Fiona Sheridan Charles Wates Richard Wells Graham Williams Andy Cowen M(yrk Dixon Edward Perry reappointed 22 October 2020 resigned 29 September 2020 resigned 30 April 2021 INVESTMENTCOMMIThEE Graham Williams Timothy Redburn David Frank Fiona Sheridan Richard Wells Edward Winter Chair- resigned 29 September 2020 Chair- reappointed 22 October 2020 55
ROYALALEXANDRA AND ALBERT SCHOOL REFERENCE AND ADMINISTRATIVE DETAILS AS AT 31 AUGUST 2021 Icontinuedl BURSARY COMMITTEE David Frank Nishma Acharya John Billingham Fiona Sheridan Elizabeth Tadd Jonathan Boyce Peter Dt7wson Elizobeth Lowe M(Jrk Dixon Ron Seorle Chair Chaplain Bursar- resigned 31 August 2021 Bursar- appointed I September 2021 resigned 30 April 2021 STAFF MATTERS COMMITTEE John Billingham David Frank Fiona Sheridan Mork Dixon James Molley Andrea Self Judith Mogee Chair Headmaster- resigned 30 April 2021 Interim Head- appointed I September 2021 appointed 29 September 2020, resigned 2 July 2021 appointed 29 September 2020 SAFEGUARDING COMMIThEE David Clomp John Billingham David Frank Elizabeth Tadd Chris Green John Stafford Chair REMUNERATION COMMirrEE John BillinBham David Frank Edward Winter Fiona Sheridan Ros Kamaryc Ron Seurle Chair Chair of the Board of Management Chair of the F&GP Committee Honorary Treasurer of the Board of Management 56
ROYALALEXANDRA AND ALBERT SCHOOL REFERENCE AND ADMINISTRATIVE DETAILS AS AT 31 AUGUST 2021 Icontinuedl GATTON TRUST LIMITED Graham Williams David Frank Peter Dawson Chair- resigned 29 September 2020 Chair as of 25 November 2020 Moggie Kippen Alon Mortlock Helen Neve Gail Sperrin appointed 21 July 2021 GAThON PARK LEING5 LIMITED Covered underthe F&GP committee Richard Wells David Frank Peter Dowson Mark Dixon Elizubeth Lowe Helen Pollord Chair resigned 27 May 2021 appointed 23 November 2021 resigned 26 January 2021 Only members of the committees have been listed, members 'in attendance, have not been included. Nomes in itulics are Committee members who are not members of the Board of Management 57