ROYAL ALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 REGISTERED CHARITY NO.. 311945
ROYAL ALEXANDRA AND ALBERT SCHOOL CONTENTS Pa8elsl 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 Administraiive Details 53-57
ROYAL ALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 The Board of Management present5 Its annual report and the consolidated audited financial statements for the year ended 31 August 2023 and confirms they comply with the requirements of the Royal Alexandra and Albert School Act 1949, the Charities Act 2011, and United Kingdom Generally Accepted Accounting Practice compri5in8 FRS 102 and the Charities SORP 2015 IFRS 1021. In preparing these financial Statements the Trustees confirm that they have had re8ard to the Charity Commission 8uidance on public benefit in the Charities Act 2011. The reference and administrative detai15 set out on pages 53 to 57 form part of this report. CHAIRMAN'S STATEMENT Le ac Firstly, I would like to thank John Waddin8ton for his very 8enerous legacy to the Foundation. This has provided £252,OCQ to support the tharity durin8 the last year which is particularly weltomed at a time where the financial outlook is challenging. John was a member of our 8oard for manv vears taking on several different roles including Vice-chairman, Treasurer and Chairman of Investment Committee. He served on the Council until a few years a80 and made an extremely valuable contribution to our charity. Foundatloners There are currenily 85 Foundationers on roll at the school, 49 of which are Full Boarders and 36 Flexl 8oarders. In 2022123 12 Ukrainian students remained on roll at the school, with io bein8 supported by the Foundation. One of these Students left the school in the spring term 2023, arid anoiher at the end of the summer term 2023 bringing the total number of Ukrainian students who remained on roll for September 2023 to 10. Ukrainian students now represent 8.5% of the total Foundationer number which the Bursary Committee considers to be an appropriate level at this time. taffin The headteacher, Morgan Thomas, carried out a full review of school staffing and leadership in early 2023. This led to a reslructure of senior and middle leadership in order to improve capacity, accountability and performance. The new leadership model was implemented in September 2023. Finance The yearfs results were bolstered by the recognition of pension fund 8ains in year, £787,OCQ, which will be realised on sale of the defined benefit pension scheme. This, together with £252,OCK) of legacy income improved the overall performance of the Foundation. Net income before taking account of the pension fund and investment portfolio movements resulted in a surplus of £454,000 compared to a surplus of £532,OCK) for the year ended 31" August 2022. Once adjusted for the unrealised pension fund income and investment losses the surplus in the year was £981,000. A5 at 31" August 2023 total assets amounted to £35,?02,O.
ROYAL ALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 Icontlnuedl The Foundation continues to face difficult financial circumstances. Pupil numbers remain low, partly reflecting current economic conditions. Of particular concern is the number of departures from year 8 pupils where the tnd needs to be reversed if the medium term sustainability of the boardin8 producl is not to be called into question. Cost of livin8 pressures combined with the 2022 'requires improvement, Ofsted rating and reductions in external funding available for bursaries have resulted in SiBnificant challenges in maintaining income. The financial crisis in the state education sector has also resulted in pressure for the Foundation to provide support. Taken together, a fundamental review of ihe operating model is required and has commenced with support from the Boarding Schoo15 Association. This will assess the state boardin8 market and provide insight which will assist in determining the strategic way forward. Estate Durin8 the year the solar programme has continued and will be completed during the next year. This will reduce the Foundation's reliance on third party ener8Y suppliers. Work ha5 also been completed on the refurbishment of Kent and Edinburgh Houses, and our new Sixth Form Centre 'Gatton 6. was officially opened for the new school year. This £142,000 investment will expand and improve on existing facilities encouraging more pupils to study with us beyond year 11. Trustees Two new Trustees Ononuju Irukwu and Perry Spanyol were appointed on 22 March 2023. We welcome both to the leam and look forward to their contributions and insight going forward. After 14 years as a Trustee of the Foundatior) Dame Mary Richardson retired on 27 lune 2023. Her educational experience has been particularly valuable over this period as well as the role she played in the staunch support of the Am)y Cadet Force IACFI. We will miss her and wish her well for the fulure. Governance Revlew Work on the implications of the Governance Review has continued throu8hout the year. Set out on pages 12 to 14 below is a discussion of the principles of the Charity Governance Code and the extent to which the Foundation either complies with the Code or where further work is required in this connection. David Frank Chairman l December 2023
ROYAL ALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 (contlnuedl BACKGROUND The Royal Alexandra ar)d Albert School was founded in 1758 and re-incorporated as an educalional 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 amal8amated the then Royal Alexandra School and Royal Albert School, made provisions for the amalgamation of the Pfoperty and fund5 of the two schools, incorporated a management structure, and 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 8irls 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 Eirls in the School upon Protestant principles and to have them edutated under arran8ements provided by the statutory education authority. The arrangement5 Since the original incorporation evolved over the decades such that the Foundation funds the boarding facilitie5 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 majorlty of the School's 8overnors. The Foundation's Board of Management has dele8ated the day to day management of boarding to the School's Governing Body. OBJEcfivES AND ACTIVITIES FOR THE PUBLIC BENEFIT The core purpose of ihe Foundation is to accommodate and educate "Foundationers" These are pupils who would benefit from a boarding education and whose parents or guardian5 are unable to afford such boarding charges. Generally, Foundationers have losl 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 Foundationer5. Bursaries are given to fund or part fund boardin8 charges for Foundationers. All awards are means tested and ran8e 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 partitular.. BMTA Trust, Bvttle Trust, Emmott Foundation. Northern Countie5 Children's Benevolent Society, Royal National Children's Sprin8Board Foundation, Royal National Children's Fund, Roy81 Pinner School Foundation, St Marylebone Educational Foundation, The Reedham Trust, Thornton, Sue Thomson Foundation, The NFL Trust and Anonymous Donors. Some pupils, boarding charges are also funded wholly or part by Local Education Authorities. The Foundation aims to provide the School with an environment in which all it5 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 er)5ure the provision of first- class educational facilities, high quality boarding accommodation and an excellenl range of co- curricular activities.
ROYAL ALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 (contlnuedl OBJECTIVES AND AcfiviTIES FOR THE PUBLIC BENEFIT Icontlnuedl Boardin8 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 2022123 Academic year 2021122 Boarding- junior and secondary Boarding- sixth form Flexi boarding- secondary Flexi boarding- junior 5.725 5,975 2,165 1,580 5,560 S,560 2,100 1,535 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 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 ond conseNation 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 slrategy 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 improved educational facilities to benefit the Foundationers and other pupils to support the School in order that it can continue to- o provide a broad and evolving curriculum and co-curriculum for the benefit and development of all pupils achieve positive value added be o Christian coring community respecting all religious values and none to continue the improvement5 to the parkland and to extend acce55 to our pupils and to visitor5 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 Body
ROYAL ALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 Icontlnued) OBJEcfivES AND ACTIVITIES 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 boarder51 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 Foundotioners and for capital projects the number of visitors to the park the number of volunteer hours the Board of Management and Governing Body attractin8 people of a wide and appropriate range of skills and experience The performance against these measures is commented on throu8hout this report. A REVIEW OF OUR ACHIEVEMENT5 AND PERFORMANCE Those who benefited from the Charity's work were.. IOS pupils and their families supported by the Fovndatlon, other charities and Local Authorities (September 2021.. 1011 145 Ministry of Defence funded boarders (September 2021: 1561 other pupils attending the sthool, including a Sixth Form of 195 pupi15 (September 2021.. 2141 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 volunteer5 BURSARIES At the beginning of the academic year, 105 Iseptember 2021.. 1011 students were supported by the Foundation, other charities and local authorities. At September 2022, the Foundation supported 65 (September 2021- 681 boarding students with bursaries and continued working with the Heads of local schools in Merstham Ithe third m05t deprived ward in Surreyl to identify students who would benefit from flexi-boarding. As at September 2022, 33 Iseptember 2021: 301 such 5tudent5 were being supported. In addition to the bursaries granted, the Headmaster remits boarding charge5 in case5 of occasional hardship. At September 2022. 1 student (September 2021.. 51 benefited from Headmaster remission. The value of means tested bursaries and Headmaster remission in the year amounted to £l,OCK),492 12021122.. £873.4631 and represented 9.0%12021122.. 7.8%) of gross fees. A number of students in receipt of bursaries a150 received pocket money bursaries. uniform bursaries and assistance with both UK and overseas school trips and the cost of music and riding lessons.
ROYAL ALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 (contlnuedl 8URSARIES {continuedl The School offer5 scholarships to full boarder pupils who are high achievers in music and sport. Leadership scholar5hip5 are also available to Sixth Form applicants. During the year. the schc.ol awarded 29 scholarship5 together worth a total of £40,22512021122'. 31 scholarships worth £37,820). FOUNDATIONER EDUCATION This was the first year following the pandemic that has seen results return to that of pre-pandemic 8rading. Seven of the grades achieved by KS5 Foundation pupils were from BTEC courses and all achieved a pass grade or above, with two pupils achieving distinction grade5 and four achieving a merit grade. Of those K55 Foundationers who took A Levels 50% of all grades achieved were C and above, with 97% grade E and above. Eleven of the thirteen KS5 Foundation pupils who sat exams accepted a place at university with one pupil successfully gaining a degree apprenticeship in Digital aid Technology Solutions (Data Analyst) at Queen Mary's University London and as part of the course tY will work with Pwc. 62% of KS4 Foundationer5 were graded 4 or above in five or more subjects. 61% of KS4 Foundationer5 passed both English and Maths Wlth at least a grade 4. All Foundationers stayed in further education, with eight staying at our Sixth Form, nine tontinuing at other colleges, including specialist collegès for Dramatic Arts and Hair and Beauty- The key value-ddded measure in education is Progress 8 which seeks to measure the progress PUFiils make from 11 to 16 years of age. The national average is zero so a positive score highlights that the School is adding above average value. This year the estimated Progress 8 score for all Year 11 pupils is +0.1. The School prides itself on offering an Inclusive all-round education with a curriculum Ihat exterds 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 stable5, a5 well as gra5S Pltches, floodlit netball courts, astroturf pitch and 5print5 track. The School offered a full co-curricular programme this year, and most Foundationers attended at least one club and achieved an attendance rate of 50% or above. In addition to the co-curricular programme, the Foundation pays for all Foundationers to go on educalional school trips, and on recreational trips up to a set limit each year. The Foundation will a150 fund riding lessons or music lessons for pupils where it is considered beneficial to their all-round educalion. SCHOOL GRANT The 8rant paid to the School in the year to 31 Au8USt 2023 amounied to £272,08012022- £265,74E
ROYAL ALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 (continued) PROPERfi MArrER5 AND BUILDING DEVELOPMENT All property assets are held in the Foundation Fund. The Foundation Fund charged a rental for the year ended 31 August 2023 of £2,040,88212022.. £1,651,199) to the Boarding Fund in respect of the USaBe of the boarding estate. The rental charge 15 calculated on a basis of current market property yields, and is accounted for as a transfer between funds. The Estate5 team continue5 to be grown to enable more internal projects to be undertaken in house, and accelerate our boarding house refurbishment programme. Two additional team members were recruited by the year end, and there are two remaining vacancies which we plan to fill during the year. Boardln House Refurblshment The quality of our boarding accommodation is a key selling point in attracting new pupils to our school. In a shrinking market, it is critical we maintain our product to a good standard. The boarding house refurbishment programme focu55es on two areas, communal bathroom5 and toilets and student bedrooms. These are the area5 our research suggests have the greatest impact for our students. This year Edinburgh and Kent bathrooms were refurbished over the summer in addition Kent, Edinburgh and approximately half of Cornwall student bedrooms were a150 refurbished by the in house team. Additionally further support for our 6, form was targeted and a vacant boarding house has been repurposed at ground floor level for a new 6 form centre called Gatton6. This wa5 predominantly completed over the summer and formally launched on 18 September 2023. Ener Efflcienc With recent changes in the global price of energy, greater focus has been broughi on how we can reduce our energy consumption and costs acr05S the estate. Much work has already been put into improving our energy efficiency over the past few years, and overall energy usage has fallen by approximately 25% since 2016117, thanks to investment is insulation, LED lighting ond the ground source heat pump IGSHPI project. The GSHP Project was 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. The Foundation applied for Government backed financial incentives available through the Renewable Heat Incentive IRHII for all of its plant rooms, and tariff guarantees were agreed in March 2020. The expected RHI fundin8 receivable over 20 years is £7.3m. Solar panels producing 393,000 Mwh were targeted to be installed with work starting in September 2022. Approximately 75% of the programme had been completed by year end. There are no longer any government backed financial incentives for solar installation, but the on-site generation means much greater future resilience, as well as financial savings, for the Estate.
ROYAL ALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 Icontinuedl FUNDRAISING, DONATIONS AND LEGACIES The Charity 15 a public benefit entity. Throughout our long existence as a charity we have receiv:d constant and generous support from our subscribers and regular donor5. Under our constitution all persons who make significant contributiong are entitled to become members of the Court of Governor5 (the equivalent of shareholders) with power to appoint the Board of Mana8ement. A number of regular small donations were received from the donors who give primarily to suppon Foundationer5. FINANCIAL REVIEW Net surplus for the year ended 31 August 2023 was £981,39412022: £383,301 deficit). This 15 Stated after recognising one-off income relating to the defined benefit pension scheme, £0.7m, and unrealised investment losses of £0.3m12022.. £0.9m lossl. The net surplus before these movements was £453,80812022.. £531,817 surplusl. This year saw 3 reduction in boarding fee income however this was largely offset by an increase in lettings income. The school also benefited from legacy income of £252k and £121k government gr¢ nt funding toward5 capital projects. Funds continue to be spent to maintain facilitie5 acr05S the estate. with the most significcnt investments being in the boarding house refurbishment programme and solar panel installation. Other educational income continues to be derived from educational lets and riding income. Propely income comprises income from Gatton Park Lettings Limited. Investment return5 Foundationers are principally funded through the investment income generated by the investment portfolio. The table below indicate5 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 2023 and compares the actual return with the benchmark. 2022 2023 2023 2023 Quarterly Dec Mar Jun Sept Actual return Benchmark return 1.18% 3.53% 3.09% 3.30Yts 0.66Yts 0.94% -1.04% 1.18Yo The impact of stubborn inflation and the expectation of higher interest rates for longer, particularlv on equities held within the portfolio, resulted in Investec's annual performance return of 3.9% fall ng behind the benchmark performance of 9.6%. Annuali5ed performance over 3 years has weakened, reducing to 3.5% compared with a bench mark of 8.4%. This has resulted in the long term performance folling slightly beneath benchmark, although remains above the ARC Steady Growth index. The UK economic outlook is challenging and markets will remain uncertain and volatile until the effect of inflation and high inteyest rates 5tabili5e5.
ROYALALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 {continued) FINANCIAL REVIEW (continued) Balan¢e sheet Of the £0.7m fixed asset additions in the year, £O.Sm related to the solar panel programme, £O.Im to traffic management works and £O.Im to Temple Lodge. Net current assets increased by £2m over the year, largely driven by a term deposit of £1.5m placed in December 2022 and an increase in cash balance5 being held at 31 August 2023. A £1.3m loan wa5 drawn in December 2022 to facilitate the investment In ground source heat pumps, network power supply upgrade and other energy efficiency works. The pension scheme surplus of £714,00012022: £1,395,000) has not previously been recognised as it was considered a contingent asset. Steps have been taken during the year to secure the closure of the scheme which is now imminent and provides sufficient certainty to enable the value to be recognised in the balance sheet at 31 August 2023. As a result of the Surplus for the year, total net assets increased to £35.7m 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 Value5 of the School on which the future strategy is then based are- The School should give its pupils a distinctly different start in life, preparing them for the world with hope, optimism, compassion and empathy. Our vision is a community which enhance5 lives, ignites curiosity and inspires compassionate leader5. The school will instil the value5 of ambition, courage, integrity and respect. The School will offer: An ambitious and effective curriculum Exceptional behaviour and attitudes Exemplary personal development Inspirational and transformative leadership Excellent boarding and co-curricular provision Life enhancing opportvnities throvgh our charitable aims 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 To improve pupil retention To increase revenue and cash generated in order to make further investment in the School Where possible to reduce costs.. The biggest item of expendlture is the cost of staffing. io
ROYAL ALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 {continued) RESERVES AND FUNDING OF FUTURE WORK With the exception of £19,000 12022= £38,(XJOI of asset5 attribvtable to restricted funds, the Foundation's assets are unrestricteLI 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 £8.8m (being unrestricted fund5 of £35.7m net of tangible assets of £26.9ml. which is wholly represented by investments, a"e essential to finance the Charitvs support of Foundationers. Free unrestricted funds have increased bv £1.7m since last year. 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 poliry is reviewed annually by the Board of Management. GAON PARK LErnNGS LIMITEO 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 boarding facilities plus other trading activitie5 of the School. Turnover for the year ended 31 August 2023 was £92,42612022.' £75,596). Lettings occupancy continued to improve this year following restrictions that were in place during the COVID-19 pandemic. The whole of the taxable profit5 of Gatton Park Lettings Limited are donated as a charitable donation to the Foundation. THE GAON TRUST LIMITED I"GArroN TRUST") The Foundation is the sole member of Gatton Trust, a charitable company whose objectives are -.o conseNe 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. During the year the restoration of the Pulhamite pond in the Rock Garden continued and will be completed during the next year. Remedial work as a result of Ash dieback has also continued and a woodland management plan is being finalised to facilitate this work. During the year 17,85112022.. 16,7921 visits were made to the park as part of our events, activities and educational work. In school holidays the slte is let to other residential groups. In July 2022, Gatton Community Theatre used the park for performances of Wind in the Willow5, Wlth 1054 members )f the cast, crew and audience in total. The Gatton Country Fair had lower visitor numbers than last year with 2636 people attending12022.. 3615 people our highest ever number). The reasons for this may be the post-covid boom last year and increased price thi5 year. Overall the experience was better for Vi51tors this year and the income was not significantly reduced. Volunteering is essential for our charitable activity to continue at the level we achieve. Volunteer5 help with every aspect of our work, from governance by our trustees, gardening and parkland conservation, sUPPOrting our school visits and family activities, running events, office work and fundraising. There are 101 volunteers who regularly sUPPOrt the work of the Trust12022.. 99 volunteer51. In total they provided 7401 volunteer hours12022- 48201.
ROYALALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 (continued) THE GAThON TRUST LIMITED Icontlnuedl Gatton Trust's surplus for the year ended 31 August 2023 was £16,42912022'. £34,489). There was a surplus within vnrestricted funds of £35,35012022: £23,650) reflecting continued financial stability. At 31 August 2023, reserves amounted to £178,295 12022= £161,8661 of which £161,068 12022.. £125,718) comprise unrestricted reserves. As at 31 August 2023, unrestricted reserves included £91,41512022.' £55,0001 designated to future parkland projects and funding for the volunteer co- ordinator. GOVERNANCE OFTHE FOUNDATION AND SCHOOL The governing bodies cons1St of.. The Court of Governors, which comprises Life Members being those persons who make a one-off donation in excess of £1,000 or members who make a declared annval subscription in excess of E50 to the Foundation. Such person5 hold office for a period of one year following their most recent subscription or until their earlier resignation. The Court of Governors, which meet5 annvally, appoints the members of the Council and. in most cases, the 8oard of Management. The 8oard of Management which at 31 August 2023 comprised three principal officers and nine ordinary members. It is the Board of Management which has responsibility for the general 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 ManaBement and comprise5 persons Wlth a broad range of expertlse and who are dlstinguished in their field. The Council meets annuallv. 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 pastor31 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. Com liance wlth Chari Governance Code This section discusses the principles set out in the Charity Governance Code, analy5e5 the extent to which the Foundation complies with them and highlights where further work in this area is required. Following the Governance Review in 2021 more detailed analysis of these principles has been undertaken with a view expressly to improving the Foundation's compliance with them. l2
ROYALALEXANDRA AND ALBERT SCHOOL REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 {continued} GOVERNANCE OFTHE FOUNDATION AND SCHOOL Iconlinuedl Prlntlple l., Organlsatlonal Purpose The Board Is clear about the charity'5 aim5 and ensures ttt they are being delivered effectively and 5U5tainably The Governance Review clarified the Foundation's objectives and the Board is now clear bout its sole purpose which 15 for the benefit and assistance of Foundationer5. More emphasis is now being placed on this with participation in School affair5 minimised otr than to hold the Governing Body to account for those matters which are expressly within the remit of the Foundation. Regular reports are received at Board Meetin85 concerning the progress of FoundationEfS and the impact of the Foundation's work both on its own account and in conjunction with other charities whose objective is also to aid needy children. A practical limit of IO% of Foundationers means that, together with funds made available Jv other charities, the Foundation has no reason to believe that it will not have sufficient funjs to enable it to fLtnd it5 charitable objectives for the foreseeable future. Principle 2: Every charity is headed by an effective Board that provide5 Strategic leadershlp in line with the charity's aims and objectives A 5ki11s audit wa5 undertaken in 2021 with a view to identifying potential gaps at individLal trustee level. Overall the 8oard has focussed more on matters of strategy rather than ttempting executive action but it ha5 to be recognised that executive resources are perhaps more limited than they have been. Confining non-executive supervi5ior to the Foundation only, as opposed to the School, have helped to bring matters into far sharper focus. Prlnclple 3: The Board acts with integrity. It adopts values, applies ethical principle5 to decislons and creates a weltomlng and supportive culture which help5 achieve the charity'5 purposes. The Board Is aware of the slgnificance of the public's confidence and trust in charities. It reflects the charit5 S ethics and values in everything It does. Trustees undertake thelr duties with thi5 in mind. Expectations of trustees were codified in 2021 such that each trustee is required to sign individual trustee undertakings concerning their conduct as trustees, together with agreed role descriptions for trustees and the chair. As a consequence, whilst the view was previouslv taken that trustees, conduct could be left to the good sense of trustees the process is nc.w much more transparent with there being no room for doubt over what is expected. More work needs to be done so that it can clearly be seen that trustees are discharging their safeguarding responsibilities. A presence on the Governing Body safeguarding committ+?e may not be enough to underline that delegation of this responsibility is appropriate Jr sufficient. Principle 4: The Board makes sure that its decision-making processes are informed, rigorous and timely, and that effective delegatlon, control and risk assessment and management systems are set up and monitored. A new risk register was adopted in 2021. This register covers both the School and the Foundation but this improves the demarcation between both entities and reduces the risk of one entity straying into the territory of the other. The register is reviewed half-yearly. Board decisions are taken on the basi5 of detailed papers such that each trustee has the opportunity to evaluate and ch311enge major decisions. 13
ROYAL ALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 Icontinuedl GOVERNANCE OFTHE FOUNDATION AND SCHOOL Icontinuedl Financial controls are addressed in two ways. First the board receives an annual assessment on its financial controls from the auditors and secondly the F& GP committee scrutinises the Foundation's financial affairs a number of times each year so that appropriate monitoring is maintained. Principle 5: The Board works as an effective team, using an appropriate balance of skllls experience, backgrounds and knowledge to make informed declslons. Although the se3rch for new trvstees continves to be challenging, two new trustees were recruited during the year with additional skillsets widening the resources available to the Foundation. Principle 6: Equality, Diversity and inclusion - The Board has a clear, agreed and effectlve approach to supporting equality. diversity and inclusion throughout the organi53tion and in its own practice. Thls supports good governance and the delivery of the organisation's charitsble purposes. This remains an important goal, both in terms of non-executive and executive members. Cultural change is needèd to ensure better diversity and equality but thi5 is likely to continue to be a lengthy process. Principle 7: Openness and accountability The Board leads the organlsatlon in being transparent and accountable Trustees, undertakings and role description5 should provide a better structure for transparency. The Board is accountable to the Court but this currently comprises present nd past board members who lack an ability to hold the Board to account. Although the Court receives the Annual Report and a progress report on Foundationers this Is very mvch light touch. Improving the membership of the Court and improving its supervisory powers may go some way to addressing this. Policies and Procedures Ado ted for the Inductlon and Trainin of Trustees The members of the Board of Management lalso referred to as Trustees) have high level and relevant education, legal, estates, marketing, banking, finance and charity expertise. New Trustees, upon appointment, follow an inLluction 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. 14
ROYAL ALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 {continued) GOVERNANCE OFTHE FOUNDATION AND SCHOOL Icontlnuedl 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 Edward Winter Richard Wells FRICS Nishma Achary lohr) Billingham Gary Griffin Ononuju Irukwu Dame Mary Richardson BA PGCE DBE FRSA Perry Spanyol Elizabeth Tadd Charles Wates Bsc MRICS jonathan Whlte MBA Chair Honorary Treasurer- appointed 12 October 2022 Comptroller appointed 22 March 2023 retired 27, lune 2023 appointed 22 March 2023 All Trustees give their time freely and no remuneration or expenses were paid in the year with the exception of one Trustee who claimed £231.90 in expenses. 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 Goverrbing Body and a number of sub-committees. The Senior Leadershl Team The day to day managernent of the School is the responsibility of the Headmaster, and the Seni)r Leadership team I'SLT"). The SLT currently comprises the Headmaster, the Bursar and Foundation Secretary, Deputy Head Icurriculum. Teaching and Learnirbgl, Deputy Head IBoarding, Co-curricular & Community), Deputy Head IAchievement, Standards & Inclusion), Assistant Heads (Director of Learning for KS3. KS4 and KS51, Assistant Heads (Director of Standards for KS3 and KS41 Assistant Head IHead of luniorsl, Director of Resource5 and Operations, and Director of Marketing, Admissions & Development. The headteacher carried out a full review of school staffing and leadership in early 2023. This led to a restructure of senior and middle leadership in order to improve capacity, accountability and performance. The new leadership model was implemented in September 2023. This included a move to a faculty structure and the creation of six faculties, each led by a director supported by a Deputy director and assistant director. The school has been reorganised into three key functions.. Curriculum, Teaching and LearninE; Achievement, Standards and InclL+sion- Boarding, Co-curricular and Community. Each of these is lej by a Deputy Headteacher who reports directly to the Headteacher. 15
ROYAL ALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 Icontlnuedl GOVERNANCE OFTHE FOUNDATION AND SCHOOL Itontinued) her Sonior Staff The remuneration of the Governing Body employed SLT is set with reference to the School Teachers Pay and Conditlon5 Document and Is determlned by the Remuneration Committee. INVESTMENT 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 given 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 interesl stock5 against the FfA Government All Stock5 Index, UK Equities against the FTSE 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. PRINCIPAL RISKS AND UNCERTAINITIES As part of its normal procedures, the Board assesses the major risks ènd 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 risk5 occurring, together with an assessment of their impact the establishment of procedures, actions and systems to mitigate the risks identified and to minimi5e any potential impact on the Foundation. The monitoring of financial and other areas of performance ensures that the Board is continually appraised of proBress 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 consultant5 and insures such risks. the loss of key personnel due to retirement/promotion. The 8oard is actively involved in preparing and implementing succession planning strategies. 16
ROYAL ALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 Icontinued) PRINCIPAL RISKS AND UNCERTAINITIES Itontinuedl the inability to generate surpluses or raise tapital to fund future capital projects required for the future development of the School e.g. additional boarding house, further classrooms, learning resource centre. expenditure required to rnaintain both the aging school estate as well as the heritage assets, in particular the listed walls. government policy relating to educational charities Limits on planning permission for temporary buildings Liabili in5uran¢e The Foundation maintain5 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 force during the financial year and at the date of approval of the consolidated financial statements. 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 Standard5 (United Kingdom Genera ly Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give 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 5tatefflents, the Trustees are required to- select 5Ultable accounting policies and then apply them consistently,. observe the methods and principles in the Statement of Recommended Practice: Accounting and Reporting by Charities120151,' make judgement5 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 lo presume that the Foundation will continue ir) busine55. The Trustees are responsible for keeping adequate accounting records that disclose with reasonatle accuracy at any time the financial posltion of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are a150 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 otr 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 other jurisdictions. 17
ROYAL ALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 (continued) DISCLOSURE OF INFORMATION TO AUDITORS Each of the persons who 15 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 auditor5 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. 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.. DT Frank Chairman l December 2023 18
ROYAL ALEXANDRA AND ALBERTSCHOOL INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ROYAL ALEXANDRA AND ALBERT SCHOOL OPINION We have audited the financial statements of Royal Alexandra and Albert School for the year ended 31 August 2023 which comprise the Group Statement of Financial Activities, the Group and Char tv Balance Sheet, the Group Cash Flow Statement and note5 to the financial statement5, includiig significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Tie Financial Reporting Standard Applicable in the UK and Republic of Ireland, (United Kingdom Generallv Accepted Accounting Practice). In our opinion the financial 5tatements- give a true and fair view of the state of the group's and charity's affairs as at 31 August 20.3. and of the group's incoming resources and application of resources, for the year then endÉd,. 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 re5ponsibillties under those standards are further described in the Auditorfs 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 5tatement5 in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethi=al re5pon5ibilities in accordance with these requirement5. We believe that the audit evidence we hrve obtained is sufficient and appropriate to provide a ba515 for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditinE the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial 5tatement5 15 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's or charity'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 responsibllities and the responsibilities of the Trustees with respect to goir)g concern are described in the relevant sections of this report. OTHÉR INFORMATION The other information comprises the information included in the Annual Report, other than -.he financial 5tatement5 and our auditorfs report thereon. The Trustees are responsible for the otier information contained in the Annual Report. Our opinion on the financial statements does not Coer the other information and, except to the extent otherwise explicitly stated in our report, we do iot expres5 any form of assurance conclusion thereon. 19
ROYALALEXANDRA AND ALBERT SCHOOL INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ROYAL ALEXANDRA AND ALBERT SCHOOL OTHER INFORMATION Icontlnued) Our responsibility is to read the other information and, in doing so, consider whether the other information 15 materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appear5 to be materially misstated. If we identify such material inconsistenties or apparent material misstatements, we are required to determine whether there is material misstatement in the financial statements themselve5. 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 In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit. we have not identified material misstatements in the TrLSStees' Annual Report. We have nothing to report in respect of the following 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 incon5iStent in any material respect with the financial statements,. or dequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,- or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of Trustees, remuneration Specified by law are not made,. or we have not received all the information and explanations we require for our audit. RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustees, responsibilities statement set out on page 18. the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give 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 5tatement5, the Trustees are responsible for assessing the group's and charity's ability to continue as a going concern, disclosing, a5 applicable, matter5 related to going concern and using the going concern basis of accoLsntinB unless the Trustees either intend to liquidate the group or charity or to cease operation5, or have no realistic alternative blbt to do 50. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OFTHE FINANCIAL STATEMENTS We have been oppointed as auditor under Section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. 20
ROYAL ALEXANDRA AND ALBERT SCHOOL INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ROYAL ALEXANDRA AND ALBERT SCHOOL AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS {contlnued} 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 audStorfs 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 consided 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. As part of an audit In accordance with ISAS IUKI we exercise professional judgement and maintain professional 5cepticism throughout the audit. We also: Identify and assess the risk5 of material mi55tatement of the financial statements. whether due to fraud or error, design and perform audit procedures responsive to those risk5. 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 f¥aud 15 higher than for one resulting from error, as fraud may involve collusion, forgery. intentional omissioris, 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 appropriatene55 of accounting policies used and the reasonablenes5 of accounting estimate5 and related di5cIoSUfes made by the Trustees. Conclude on the appropriatenes5 of the Trustees, use of the Boing concern basis of accounting and, based on the audit evidence obtained, whether a matefial 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 afe 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 a5 a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statement5 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 bu5ine55 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 re5pon5ible for our audit report. We communicate with those charged with governance regarding, among other mattels. 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
ROYAL ALEXANDRA AND ALBERT SCHOOL INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ROYAL ALEXANDRA AND ALBERT SCHOOL EXPLANATION AS TO WHAT EXTENT THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD Irregularities, including fraud, are instances of non-compliance with laws and regulation5. 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 fravd 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 ot)tain sufficient appropriate audit evidence regarding the assessed risks of material mi55tatement 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 charitv. 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 requirement5 by discu55ion5 Wlth management and those charged with governance. We assessed the risk of material misstatement of the financial statements, including the risk of material mi55tatement due to fraud and how it might occur, by holding discussions with management and those char8ed with Bovernance. We inquired of management and those charged with Eovernance 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 enquirie5 of management and those charged with governance and obtalning additional corroborative evidence a5 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
ROYAL ALEXANDRAAND 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, a5 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 ¥eport and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anv party other than the charity's Trustees as a bodyi for our audit work, for this report, or for the opinion we have formed. 19 December 2023 Moore Kingston Smith LLP ststutory Auditor Betchworth House 57- 65 Station Road Redhill Surrey RHI IDL Moore Kingston Smith LLP is eligible to act a5 auditor in terms of Section 1212 of the Companies Act 2006. 23
ROYAL ALEXANDRA AND ALBERT SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 Unrestricted Funds Foundation Boarding Fund School Fund E'ooo Restri¢ted Fund5 2023 2022 £'ooo £'ooo E'ooo INCOME FROM Charitable activities Boarding char8es Other educational income 9.683 103 9,683 446 10.253 152 343 Donations and lÈgaclÈs Grant5 frorn government and other public bodies Donations and other voluntary income Legacy income 121 121 42 io 294 312 442 252 252 Trading zctivitles Property income Park conservation and environmental education 92 92 75 136 136 120 Investments 289 289 234 Other income 302 302 304 Total Income 10,382 129 11,633 11,624 EXPENDITURE ON Charrtable actlvltles School and 8rant making 12,0181 19.0681 1261 111.1121 111,0371 Ralsing fvnds Fundraising and development Inve5trnent rnanagement cost5 1361 1361 1371 Property letting expenses 1331 1331 1181 Total expendlture 12.0871 19.0681 111,1811 jll,0921 Net Incomellexpenditurel before gainsllosses on Investments 19651 1,314 103 452 532 24
ROYAL ALEXANDRA AND ALBERT SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 Icontlnuedl Unre5trl¢ted Fund5 Foundatlon Boarding Fund School Fund E'ooo Restricted Funds 2023 2022 E'ooo E'OOO £'ooo E'OOO Net Incomellexpendlture before gainsllossès on Investments 19651 1.314 103 452 532 Realised and Unrealised Ilossl/gain on investments 12 12601 12601 19151 Net Incomellexpendlturel after Kain5llosses on Inv*stment5 11,2251 1,314 103 192 13831 Transfers beiween fLtrnds Market rent81 charged by Foundation Fund to Boarding Fund Foundation Bursaries transferred to Boarding School Fund Additions and improvernents to land and buildings 2,041 12,0411 11,0961 1,097 121 11211 other rtcognistd 8Jlns and losses Actuarial gains/ Ilossesl on the defined benefit pension scheme 16 787 787 NET MOVEMENT IN FUNDS 11591 1.157 1191 979 13831 Reconcillatlon of Funds FUND BALANCES brought forwaril at I SepiÈmbÈr 33,094 1.591 38 34.723 35,106 FUND BALANCES TrIed forward at 31 August 32,935 2.748 19 35,702 34,723 All income arises from the continuing activitie5 01 the Group. There are no reco8n15ed gains or losses Other than those dealt within the Consolidated Statement of Flnancial Activities. There are no material differences between the nei income Ilexpenditurel and the fund balances carried forward stated above and their historical cost equivalents. The financial staterrents have been prepared in line with FRS 102. 25
ROYAL ALEXANDRA AND ALBERT SCHOOL CONSOLIDATED BALANCE SHEET A5 AT 31 AUGUST 2023 At 31 August 2023 Group Foundation É'ooo £'ooo At 31 August 2022 Group Foundation É'ooo É'ooo Nole FIXED ASSErs TanEible assets Investments li 26.897 26,896 27,576 27,573 12 10,052 10.052 10,119 10,119 Total fixed assets 36,949 36.948 37.695 37,692 CURRENT ASSErs Debtors Term deposit Cash at bank and in hand Pension Fund Asset Total current assets 13 729 3,636 3.132 714 635 3.636 2,943 714 7.928 1,053 2.083 2,671 990 2,083 2,487 16 8.211 5.807 Creditors.. Amount5 falling due within one year NET CURRENT ASSErsi ILIABILITIESI 14 12,8211 12,8001 13,1161 13,0981 5,390 5,128 2.691 2,462 TOTAL ASSEfs LESS CURRENT LIABILITIES 42,339 42,076 40,386 40,154 Creditors.. Amounts falling due after one year 15 16.6371 16.6371 15,6631 15.6631 TOTAL NEf ASSETS 35,702 35,439 34,723 34,491 THE FUNDS OF THE CHARITY Restricted income funds 17,20 19 38 Unrestricted income funds Designated funds Revaluation reserve 27,357 3,092 5.234 27,202 3,002 5.234 27,805 1,646 5,234 27,664 1,591 5,234 19 Total unrestricted income funds 17,18 35,683 35,438 34,685 34,489 TOTAL CHARITY FUNDS 3S.702 35.439 34,723 34,491 The financial statement5 on page5 24 to 52 were approved by the Board of Management on I December 2023 and Signed on their behalf- D T Frank Chairman 26
ROYAL ALEXANDRA AND ALBERT SCHOOL CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023 Year ended 31 Avgust 2023 Year ended 31 August 2022 £'ooo f'ooo É'ooo £'ooo Note CASH FLOWS FROM OPERATING ACTIVITIES Net Cash provided by operating activities 22 1,898 677 Interest paid 12261 11521 Net cash used In operating adivltles 1,672 525 CASH FLOWS FROM INVESTING AcfiviTIES Dividends and interesi from Investmenis 289 234 Purchase of: Investments Fixed assets 12.6201 17551 12,1111 13911 Pioceeds from: Sale of inveslments Sale of fixed assets 2,364 12 2.062 Decrease/llncreasel in short term deposits and investment adjustments 64 11301 NÈt cash used In Investlng actlvltles 16461 13361 CASH FLOWS FROM FINANCING ACTIVITIES New Borrowlng.. Lloyds Bank loans 1,300 Repayment of Borrowin8'. Lloyds Bank loans 13121 12911 Net cash used in flnancing actlvltles 988 12911 CHANGE IN CASH ANDCASH EQUIVALENTS IN THE YEAR 2.014 11021 Cash and cash equivalents ai the beginnin8 of the year 4,754 4,856 Cash and ¢a5h equlvalents at the end of the year 4,754 8.768 27
ROYAL ALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 I. GENERAL INFORMATION Royal Alexandra and Albert School is a charity registered in the United Kingdom (registered charitv number 3119451. The charity's re81Stered 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 Charitie5'. Statement of Recommended Practice Icharities 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 statement5 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, Itogether the"Group'l. Both subsidiaries make up their financial statements to 31 August and are consolidated on a line by line basis. A5 permitted, a separate income and expenditure account dealing with the results of the parent charity onty has not been prepared. The charity 15 a qualifying entity for the purposes of FRS 102 as it 15 the ultimate parent of publicly available consolidated financial statement5. The charity ha5 taken advantage of the following exemptions in its individual financial 5tatements'. 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 charitvs key management personnel compensation 3. SUMMARY OF SIGNIFICANT ACCOUNTING pouaES 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 year5 presented. are set out below. Golng concern The results for the year, before investment portfolio movements and reco8nition of the pension fund asset, show a surplus of £453k. Lower pupil numbers, leading to a reduction in fee income, remained the key driver of financial pressure as costs remained broadly similar. The Foundation was groteful to receive legacy income of £252k during the year which contributed substantially to the surplus. The Executive and Trustees, in conjunction with the Boarding Schools Association, are reviewing the operating model, and the state boarding market, in order to establish a sustainable strategic approach over the medium temi. Having made appropriate enquiries, the Trustee5 are satisfied that the Foundation ha5 adequate resources to continue for the foreseeable futurè bein8 at least twelve months from the date of approval of the financial statement5. For this reason, the Trustees have continued to adopt the going concern basis when preparing the financial statements. 28
ROYAL ALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (continued) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 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 accuracv. Boarding charges Parental and local authority contributions represent the boarding charges paid by parents or local authorities as appropriate and are recogni5ed when service is provided. Boarding charge5 in advanre The charity offers a boarding charge5 in advance scheme where the cost of boarding charges tan 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 £51XJ 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 recogni5ed within Current liabilities and released as the term5 are used up. Boarding charge deposlts Upon joining the School, a boarding charge deposit 15 taken for each PLtpil, which 15 returnable on the pupil leaving the school. These deposits are included within current liabilities since there is the potential for pupils lo leave at any stage. Bursarie5 Bursaries are accounted for when the boarding charges to which they relate are recognised. Bursaries funded by grant givinE 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 Financial 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 Brants receivable is dependent upon fulfilment of conditions within the charity'5 control, the incomin8 resources are recogni5ed when there is Sufficient evidence that conditions will be mel. 29
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Icontinued) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Icontinuedl Le8acles Legacies are recognised when a charity has entitlement to the income, it is probable that it will be received and it can be me35ured 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 executorf5 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 conser¥atlon Income Property lettings and park conservation income 15 accounted for in the period in which it is receivable. Other Income Other income consist5 of income received from insurance claims and contributions received towards administrattve 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 liabilitv 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. Taxatlon The Foundation and The Gatton Trust Limited are registered charities and, a5 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 holdin8 Company, and expects to continue to do this for the toreseeable future thereby mitigating anv potential tax liability. 30
ROYAL ALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Icontinuedl 3. SUMMARY OF SIGNIFICANT ACCOUNTING POUCIES Icontlnuedl Pension costs The charity operates a defined benefit pension scheme, now closed to new member5. for ihe benefit of tertain 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 factor5 including age, length of Service and remuneration. A defined benefit scheme 15 a pension scheme that Is not a defined contribution Scheme. The defined benefit scheme is being closed and as there is certainty around the realisation of the asset it is now reco8nised in the balance sheet at 31 August 2023. In prior years the uncertainty has resulte(l in a £nil balance being recognised. 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 high quality corporate bonds that are Ilenominated in sterlinB and that have terms approximatinB 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 change5 in actuarial assumptions are recognised in the ¢ons01idated statement of financial activities as other recognised gains and losses. The net interest Cost is calculated by applying the discount rate to the net balance of the defined benefii 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 seNice during the peflod, and the cost of scheme settlements and changes. The pension contribution is wholly allocated to unresiricted funds. The charity also pays contribution5. 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 Savin85 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 lease5 of equipment and vehlcles- where the tltle to the equlpment 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
ROYAL ALEXANDRA AND ALBERT SCHOOL NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (continued) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Icontinuedl Transfers between funds Transfers are made from and within unrestricted funds in line with charitable objectives. A market rental charge of £2,040,882 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 transfèrred from the Foundation Fund to restricted funds. Related party transactions The charity discloses all transactions with related parties including those withln the same group. Flnanclal Instruments The charity applies Section 11 of FRS 102 in respect of financial instruments. Basic financial instruments include trade and other re¢eivable5, trade and other creditors, cash and bank and investments. Basic financial instrument5 are initially recognised at transaction value. Investments are recognised at fair value through profit and loss and the remaining assets are held at amortlsed cost. Liabilities are all held at amortised cost. Tanglble assets and depreciation Tangible fixed assets, Costing £2,CX)O or more, are stated at historic cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing 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 ba5e5: Freehold Land No depreciation Freehold Buildings 4Yo Straight line Freehold Buildings Ilistedl 2% straight line Motor Vehicles 50% 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 arè transferred to an appropriate asset category. Depreciation is not charged on project5 until they have been completed. 32
ROYAL ALEXANDRA AND ALBERT SCHOOL NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (contlnued) 3. SUMMARY OF SIGNIFICANT ACCOUNTING pouaES (continued) Investments and investment management Investments are a form of basic flnanclal instrument and are inltially recognised at their transaction value and Subsequently measured at their fair value as at the balance sheet date using the c105ing quoted market price. Inve5tment5 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 invesiors 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 Statement of Financial Activities and are recognised on an accruals basis. Realised and unrealised gains and losses All gains and losse5 are taken to the Consolidated Statement of Financial Activities as they arise. Realised gains and losse5 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 8ains 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 include5 all cash equivalent5 held in the form of Short term highly liquid investments. A cash equivalent will normally have a short malurity of three months or less from date of acquisition. Unrestrfrted lunds 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 04Jt in Note 19. Restrlcted 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 restricted fund. 33
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Icontlnued) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Icontinuedl Crltical accounting judgements and estimation uncertainty Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the ircumstance5. 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 518nificant risk of causing a material adjustment of the carrying amounts of assets and Ilabilities within the next financial year, other than those addressed below. Defined benefitpen51on 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 expectancv, 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 feflect historical experience and current trends. 4. DONATIONS AND LEGACIES 2023 2022 Grants, donation5 and legacy income comprise: Grants from government and other public bodies Donations and other voluntary income Legacy income 121 312 252 685 42 442 486 Capital grants Income grants and donations 121 564 685 42 444 486 Grants from government and othef public bodies comprise grants from the Department for Education I"DfE"l of £121,053 towards capital projects12022: £42,468). 34
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 {contlnuedl 4. DONATIONS AND LEGACIES Itontinued) Donations and other voluntary income include the following grants of £1,000 or more In respect of bursaries for specific pupils.. 2022 Royal National Children's Springboard Foundation The Frank Buttle Trust UK Anonymous Donor Sue Thomson Foundation The Emmott Foundation The NFL Trust St Marylebone Educational Foundation Northern Counties Children's Benevolent Society The Reedham Trust Thornton Naval Children's Charitv The Forces Trust The BMTA Trust Limited Royal Pinner School 147 58 30 li 5. INCOME FROM CHARITABLE ACTIVITIES Foundation Fund Boarding School Fund £'ooo Restricted Funds 2023 2022 £'ooo E'OOO E'OOO £'ooo Contributions towards boarding charges.. Parental Bursaries Local Authorities 10.776 11,0971 10,776 11,0971 11,210 19621 Total contributions 9,683 Other educational income 343 103 446 152 343 9,786 10,129 10,405 35
ROYAL ALEXANDRA AND ALBERT SCHOOL NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (¢ontinuedl 6. INVESTMENT INCOME The Group's investment income arise5 a5 follows: 2023 £'O(K) 235 2022 £'ooo 233 Dividends and interest Interest receivable net of char8es paid 54 289 234 7. TOTAL EXPENDITURE BY AcllviTY TYPE Support and governance costs Direct osts Current year 2023 E'ooo 2,036 School and 8rant making Fundraising and development Investment management Property lettings 9,076 11,112 36 24 36 33 11,181 Support and 80vernance costs £,0 1,697 Direct Costs £.0 9,340 Comparatlve year 2022 £'ooo 11,037 School and grant making Fundraising and development Investment management Property lettings 37 37 18 11,092 9,386 1,706 8. ALLOCATION OF SUPPORT AND GOVERNANCE COSTS Support and governance cost5 are allocated on the basis of staff time as follows.. School and grant making £'ooo 276 89 1,125 392 80 1,962 Property lettings £'ooo Current year 2023 £'ooo 276 89 1,134 392 80 1,971 Management Professional fee5 Staff costs Other c05tS Governance costs 36
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (continued) 8. ALLOCATION OF SUPPORT AND GOVERNANCE COSTS Icontlnuedl School and grant making £'ooo 272 46 965 319 95 1.697 Property lettings £'ooo Comparative year 2022 £'ooo 272 Management Professional fees Staff costs Other costs Governance costs 46 974 319 95 1,706 9. NET INCOME/IEXPENDITUREI FOR THE YEAR 2023 £'ooo 2022 £'ooo Net incomellexpenditurel is stated after chorging.. Depreciation Operating lease rentals Bank charges and interest payable Auditors, remuneration Fees Other Services 1,432 162 247 1,435 165 175 30 26 10. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES The average monthly number of employees lincluding senior leadership) employed by the Group during the year was.. 2023 27 96 22 145 2022 26 99 20 Management Welfare Maintenance 145 The average monthly number of employees lintluding senior leadership) employed by the Group during the year, calculated a5 full-time equivolents WO5.. 2023 2022 21 61 14 96 Management Welfare Maintenance 22 58 17 97 37
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Icontlnued) 10. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES Icontinuedl Total compensation for all staff: 2023 £'ooo 2,911 252 57 157 17 3,3g4 2022 £'ooo 2,788 243 170 148 Wage5 and salaries Social security cost5 Pension Costs- defined benefits Pension costs~ defined contributions Termination benefit5 3,349 Total compensatlon for key management: 2023 £'o¢J) 346 2022 £'ooo 333 Salaries Benefits in kind Pension costs Termination benefit5 Aggregate emoluments 22 li 18 385 Personnel wlth employee beneflts lexcludln8 employer pension costs) between: 2023 2022 £60,001 to £70,000 £90,001 to £lOO,000 £IOO,001 to £llO,000 A payment of E263,588 was made to the school in respect of staff costs incurred by the school for boarding related duties for the year ended 31 August 202312022.. £262,083). This is not part of staff costs disc105ed above. No member of the 8oard of Management received remuneration in the current year. No expenses were paid in the year with the exception of one Trustee where £231.90 in expenses were claimed. Termination benefits of £17,32112022'. none) have been paid to staff dvring 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 2023 {continuedl 11. TANGIBLE FIXED ASSETS Freehold land and bulldings £'ooo Furnlture. equlpment and horses £'ooo Projects In progres5 £'ooo Motor vehicle5 Group Total COST I September 2022 Additions Transfer Disposals 31 August 2023 36,882 232 745 17621 2,015 208 39,337 754 731 31 Iiiii 1,938 11141 39,977 37,613 215 211 ACCUMULATED DEPRECIATION I September 2022 Charge for year Disposals 31 August 2023 19,7991 11,2991 11,7911 11091 iio 11,7901 11711 1241 111,7611 11,4321 113 113,0801 111,0981 11921 NET BOOK VALUE 31 August 2022 31 August 2023 27,083 26,515 232 224 37 27,576 26.897 215 148 19 Freehold land and buildings £'ooo Furniture, equlpment and horses £,0 Project5 in progress £'ooo Motor vehicle5 £'(h)o Foundation Total £'ooo COST I September 2022 Additions Transfer Disp05als 31 August 2023 36,882 232 745 17621 2,010 200 39,324 754 731 31 Iiiii 1,934 11141 37,613 215 202 ACCUMULATED DEPRECIATION I September 2022 Charge for year Disposals 31 August 2023 19,7991 11,2991 11,7871 11091 iio 11.7861 11661 1211 111,7521 11,4291 113 113,0681 111,0981 11841 NET BOOK VALUE 31 August 2022 31 August 2023 27,083 26,515 232 224 34 18 27,573 26.896 215 148 39
ROYAL ALEXANDRA AND ALBERT SCHOOL NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (continued) 11. TANGIBLE FIXED ASSEfs Freehold land and buildings were revalued at 31 March 2013 uslng the Depreciated Replacement C05t 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 dve to the spetialised nature of the asset. The valuation which 15 incorporated in the fi8ures 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. Borrowin85 from Lloyds Bank Plc, details of which are given in note 15, are secured against all property. 12. INVESTMENTS 2023 2022 £'ooo Investments comprlse: UK Fixed Interest Overseas Fixed Interest Equities and Unit Trusts 747 253 8,639 9,639 413 10,052 426 467 9,027 9,920 199 10,119 Short term deposit5 Group total Investments Investment in 5ub5idiaries Foundatlon total Investments 10,052 10,119 The Trustees believe that the carrying value of the investments is supported by underlying assets andlor future cash flows. 2023 £'o 9,920 2,620 12,3641 iii 12591 2022 £'wo 10,738 2,111 12,0621 35 19021 UK Listed Investments At I September Additions Disposal proceeds Adjustments Reali5ed & unrealised gain on investment Market value at 31 August 9,916 9,920 Historical cost at 31 August 8,083 7,257 Stocks and money held in the portfolio managed by Investec are held to the order of Lloyds Bank plc a5 security for the loan and overdraft facilitie5. Detai15 in note 15. 40
ROYAL ALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Icontlnued) 12. INVESTMENTS (continued} 2023 2022 Investment in subsidiary at C05t ioi ioi Gatton Park Lettings Limited The Foundation controls the ordinary share capital of Gatton Park Lettings Limited. a company incorporated in England and Wales Icompany registratlon number 032276851. The principal activity of Gatton Park Lettings Limited is the commercial letting of Gatton Hall and other slte facilitie5. The whole of Gatton Park Letting5 Limited'5 taxable profits are donated under gift aid to the Foundation. 2023 2022 Turnover Expenditure Operatirig profit donated to the Foundation 92 181 84 75 68 Assets 108 1241 84 87 1191 68 Funds 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 Icompany registration number 4216691, registered charity number 11014671. The principal activitie5 of the company are the restoration and conservation of Gatton Park and the provision of access for the public to the parkland and the provlsion of educational resources. 2023 2022 £'o 141 11071 34 Tufnovef Expendlture Operating surpluslldeficitl 148 11321 16 A$5ets 188 iioi 178 186 1241 162 Funds Gatton Estates Llmlted The Foundation controls the ordinary share capital of Gatton Estates Limited, a company incorporated in England and Wales Icompany registration number 124696911. The company wa5 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 2023. 41
ROYAL ALEXANDRA AND ALBERT SCHOOL NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Icontlnuedl 13. DEBTORS 31 August 2023 Foundation 31 August 2022 Foundation £'fM)O 204 23 Group £,0 226 Group Trade debtor5 Amounts owed by group undertakings Other debtors Prepayments and accrued income 120 12 289 214 214 547 547 289 289 217 216 635 1.053 990 Trade debtors are stated after bad debt provision of £479,37112022.' £408,0651. During the year bad debts totalling £157,68012022'. £120,955) 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 2023 Foundation 31 August 2022 Foundation £'ooo 806 60 68 Group £'CM)O 527 62 80 Group Trade creditors Taxation and social sec. Other creditors Amount5 owed to group undertakings Lloyds loan Boarding charges in advance Boarding charge dep051t5 Accrua15 and deferred income 526 62 63 807 60 82 296 1,100 296 i.ioo 291 1,203 291 1,203 216 540 216 537 183 490 183 487 2,821 2,800 3,116 3,098 Amounts owed to group undertakings are unsecured, interest free and payable on demand. 42
ROYAL ALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (contlnuedl 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 2023 Foundation 31 August 2022 Foundatlon Group £'ooo 1,203 11,2031 I,ioo I,ioo Group At I September Amount released in year Amount deferred in year At 31 August 1,203 11,2031 i.ioo I,ioo 1,763 11,7631 1,203 1,203 1,763 11,7631 1,203 1,203 15, CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31 August 2023 Foundation 31 August 2022 Foundatlon Group Group Instalment debts Due 2 to 5years Due after 5 yeals I,oii 4,680 5,691 I,oii 4,680 5,691 895 3,813 4,708 895 3,813 4,708 Fee Deposlts Due 2 to Syears Dve after 5 year5 624 322 624 322 946 622 333 955 622 333 955 946 TOTAL 6,637 6,637 5,663 5,663 The Foundation's principal bankers are Lloyds Bank Plc. The Foundation has three loan facilities and no overdraft facilitie5. The terms of the outstanding bank loan of £66,666 are that interest only was payable until April 2014 and the loan 15 then repayable in 30 termly in5talment5 finishing in january 2024. The interest rate is 1.2Yo plus base rate. The terms of the outstanding bank loan of £4,643,473 are that Interest only was payable until March 2021 and the loan is then repayable in monthly instalment5 over 20 years, finishing in March 2041. The interest rate 15 fixed on £4.000,000 èt 3.044%, and variable on the remaining loan balance at 2.31% plu5 base rate. A loan of £1,300.000 was drawn In December 2022, the outstanding balance 15 £1,276,583. The loan is repayable in monthly instalments over 20 years. The interest rate is 2.31% plus base rate. 43
ROYAL ALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2023 Icontlnued) 15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Icontlnued) In granting loan and overdraft facilities in 2011, Lloyds Bank PIC requifed 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 or £1.3m loans. The loans and overdraft are secured on all property. Stocks and money held in the portfolio managed by Investe¢ are also held to the order of Lloyds Bank Plc. 16. PENSION SCHEME OBLIGATIONS Deflned Contrlbution Schemes The Foundation operate5 two defined contribution scheme5 for employee5. One 15 a group personal pension scheme established with Legal & General Assurance Society. Contributions of £9,24912022= £7.6921 were made during the year. As at 31 August 2023 no contributions12022.. nonel were payable to the scheme. The other scheme is an auto enrolment "qualifying" scheme established with National Employment Savlngs Trust. Contributions of £139,30912022.. £130,2351 were made during the year. As at 31 August 2023 contributions totalling £18,81712021.. £17,252) were payable to the scheme. Gatton Trust operates a defined contribution scheme with Whitechurch and with National Employment Savings Trust. Contributions of £1,76012022'. £2,258) were made during the year. Defined Benefit kheme The Foundation maintains a defined benefit pension scheme operated by Legal & General Assurance Society with assets held in a separatÈly 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 Charterhovse Consultancy Ltd. The contributions are determined by an independent qualified actuary on the basis of triennial valuation5 using the projected unit method. A full actuarial valuation was carried out at 23 March 2021 and updated to 31 August 2023 by the actuary, based on the provision5 of FRS 102. The most recent triennial valuation at 23 March 2021 revealed a funding surplus Itechnical provisions less valve of a55etsl of £0.118m. The employer had agreed recovery plan contributions of 44Yo of pensionable pay, plu5 £8,300 a month in respect of the past service shortfall. In addition. the employer contributed £5,500 a month towards the expenses of the scheme. Given the surplus of the scheme these contributions ceased from l January 2023. Contributions paid by the Foundation during the year ended 31 August 2023 were £55,20012022.. £165,600).
ROYAL ALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (continued) 16. PENSION SCHEME OBLIGATIONS (continued) The scheme was closed to new members in March 2001. The employees. contribution is 5% of pensionable pay in excess of £IOO12021.' 5%). The current service cost for this scheme for the year was nil12021: £3,000). 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 assvmptions vpon which the valvation was based. 2023 2022 n/a n/a 5.0% 5.oyo 3.0% 3.3% 3.0% 2.1% S.OYo 5.OY¢ 2.3% 2.8% 2.8%** 2.3% n/a 2.1% 5.2% 4.2% 3.3% 3.8% 3.2% 3.5% 2.3% 2.8% Rate of increase in salaries Rate of increase in pensions in payment accrued before 6 April 1997 Rate of increase in pensions in payment accrued 6 April 1997 - 5 April 2007 Rate of increase in pensions in payment accrued after 5 Apfil 2007 Rate of increase in deferred pensions accrued before l October 2003 Rate of increase in deferred pensions accrved l October 2003 - 5 April 2(X)9 Rate of increase in deferred pension5 accrued after 5 April 2009 Rate of increase in pensions in payment capped at 2.5% Discount rate Inflation rate Ipre-retirementl Inflation rate Ip05t-retirementl Inflation rate ICPII •Under FRS 102 the rate used to discount liabilities is based upon corporate bond yields. Subject to a maximum of 2.5% pa throughout the period of deferment The mortality assumptions adopted imply the following life expectations at age 60.. 2023 Years 26.4 29.0 27.6 30.2 2022 Years 26.4 29.0 27.5 30.2 Retiring today - Men Retiring today - Women Retiring in 20 years - Men Retiring in 20 years - Women The major categories of scheme assets are as follows.. 2023 2022 £'ooo 1,031 1,384 711 737 95 2,611 6,569 UK Equities Global Equities Government Bor)d5 Corporate Bonds Cash Value of annuities. Total scheme assets 714 4,577 5,291 •The value of annuities is taken to be equal to the corresponding volue 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 2023 (continued) 16. PENSION SCHEME 08UGATIONS (continued) Analysis of amounts charged to Statement of financial activities: 2023 2022 Current seNice cost Past service cost Expenses Net interest credit/lcostl Unrecognised net interest credit 131 1591 1831 57 1571 1741 13 1131 Net cost reco8nised as an expense 11421 1771 Return on pension scheme assets excluding interest income Net scheme surplus not recognised Actuarial gain1110551 in the present value of liabilities 11,2731 1,452 608 11,5741 16321 2,113 Total actuarial gain/llossl recognised 787 1931 Reconciliation of opening and closing balance5 of the scheme assets and liabilities.. Present value of scheme Ilabilltles £'ooo 15,1751 Gross penslon asset/ Fair value of scheme assets £'oi 6,570 £'ooo 1,395 Opening scheme assetsllliabilities Current Servi cost Past service cost Interest incomellcostl Actuarial gainlllossl Contributions by employer Contributions by scheme particlpants Benefits paid Expenses p3id Closing scheme assets/lliabilitiesl 1591 12131 608 1591 57 16651 69 270 11,2731 69 12611 1831 5,292 261 1831 714 14,5781 The total return on scheme assets for the year was a £1,279,000 loss12022: £1,668,0001055I. The actuarial valuation at 31 August 2023 generated a net scheme asset of £714,000 12022: £1,395,000). In prior years thi5 net scheme asset ha5 not been recognised due to uncertainty over its recoverability. The Trustees have commenced a process to close the defined benefit scheme. Whilst thi5 15 not yet finalised, policies to cover the remaining scheme member benefits have been secured and there is sufficient certainty to recognise the scheme surplus of £714,000. The surplus 15 stated after making provision for future expenses of £44,000. 46
ROYALALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (continued) 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS Group Unrestricted funds Current year Designated funds Restricted funds Total funds 2023 £'o( 26,897 10,052 Fixed assets Investments Net current ssets/lliabilities1 Non-curfent liabilities Net assets 26,894 10,052 2,282 3,092 16 5,390 16,6371 16,6371 35,702 3,092 19 Comparatlve year Unrestricted funds £'ooo 27,573 10,119 Designated funds £'ooo Restricted funds £'ooo Total funds 2022 Fixed assets Investments Nel current 27,576 10,119 I,oio 1,646 35 2,691 Non-current liabilities Net assets IS.6631 33,039 15,6631 34,723 1,646 38 Foundatlon Current year Unrestrlcted fund5 Deslgnated funds Restrlcted funds £'(K)O Total funds 2023 Fixed 3ssetS Investments Net current asset511liabilitie51 Non-current liabilities Net assets 26,896 10,052 26,896 10,052 2,125 3,002 5,128 16,6371 32.436 16,6371 35,439 Comparatlve year Unrestricted funds £'i)00 27,573 10,119 Deslgnated funds Restrlcted funds Total funds 2022 £'LM)o 27.573 10,119 Fixed asset5 Investments Net current as5etsllliabilitiesl Non-current liabilities Net assets 869 1,591 2,462 15,6631 32,898 15,6631 34.491 1,591 47
ROYAL ALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Icontlnued} 18. GROUP STATEMENT OF FUNOS At I Sept 2022 £'ooo Fund transfers £'ooo At 31 Aug 20Z3 £'o Income £'ooo Expendlture £'ooo Unrestricted funds.. Foundation Fund Boarding School Fund Restricted funds 33,094 1,591 38 34,723 1,121 11,171 129 12,421 12,3481 19,0681 1261 111,4421 1,066 19441 11221 32,933 2,750 19 35,702 At I Sept 2021 Fund transfers £'o At 31 Aug 2022 £'ooo Income £'ooo Expendlture Unrestricted funds.. Foundation Fund Boarding School Fund Restricted funds 34,728 351 513 11,048 63 11,624 12,8781 19,1201 191 112,0071 731 16881 1431 33,094 1,591 38 34,723 27 35,106 19. GROUP DESIGNATED FUNDS Group and Foundation unrestricted funds include the following designated funds.. At I Sept 2022 £'ooo 1,591 New deslgnatlons £'ooo 11,171 252 11,423 At 31 Au8 2023 Utlllsed £'ooo 110,0121 Boarding khool Fund John Philip Waddington Legacv Foundation designated fund5 2,750 252 3,002 1,591 110,0121 Gatton Trust- Park Conservation Group designated funds 55 1,646 35 11,458 90 3.092 110,0121 At I Sept 2021 £'ooo 351 351 New desS8nations £'ooo 11,048 11,048 At 31 Aug 2022 £'ooo 1,591 1,591 Utilised £'ooo 19,8081 19,8081 Boarding School Fund Foundation designated fun¢ls Gatton Trust- Park Conservation Group des58nated funds 70 11,118 1151 19,8231 55 1,646 351 48
ROYAL ALEXANDRA AND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (continued) 19. GROUP DESIGNATED FUNDS (continued) New designations in Gatton Trust represent unrestricted funds set aside by the Trustees to fund approved expenditure on various projetts, all of which involve the reconstruction and conservation of the gardens and parkland. New designations in the Boarding School Fund represent boarding income for the year while amounts released represent boarding expenditure including other recognised gains/llossesl and net fund transfers tolfrom the Foundation Fund. The surplus on Boarding School Fund will be used principally to fund the future development and maintenance of the boardin8 estate. 20. GROUP RESTRICTED FUNDS At l Sept 2022 £'o Income/ Capital £'ooo 121 At 31 Aug 2023 £.0) Utllised DfE building grants Weir Bridge fund University of 8ristol prize fund Foundationer Fund Foundation restricted funds 11211 iii iii 11231 122 Gatton Trust- Park ConseNation & Education Group restricted funds 36 1251 18 38 129 11481 19 At I Sept 2021 £,0 Income/ Capltal £'ooo 42 At 31 Aug 2022 Utillsed £'ooo 1421 DfE building grant5 Weir Bridge fund University of Bristol prize fund Foundationer Fund Found?tion restricted funds 43 1431 Gatton Trust- Park conSeation & Education Group restricted funds 25 20 191 36 27 63 1521 38 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 Bflstol 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. 49
ROYAL ALEXANDRA AND ALBERT SCHOOL NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 {continued) 21. FINANCIAL COMMITMENTS The Foundation had the following future minimum lease payments under non-cancellable operating leases for assets, other than land and buildings, poyoble os follows: 2023 £'ooo 39 96 23 158 2022 Within one year Within two to five year5 After five years 52 124 34 210 The Foundation had capital commitmellts in respect of the solar project of £156,960.12022'. none) 22. CONSOLIDATED CASH FLOWS FROM OPERATING ACTIVITIES 2023 £'ooo 192 2022 £'o 13831 Net incomellexpenditurel for the year Adjustments for: IGainllLoss on investments Interest paid Investment income Depreciation charge Pension adjustment FRS102 IProfitllLoss on sale of assets 259 226 12891 1,432 74 Iiii 902 152 12341 1,435 Movements In working capital.. Decreaselllncreasel in debtors IDecreasel/lncrea5e in creditors 324 13091 15081 16871 Net cash inflow from group operations 1,898 677 23. ANALYSIS OF CHANGES IN NET DEBT Other non<ash changes £'ooo At I Sept 2022 £'ooo Cash flows £'o At 31 Aug 2023 £'ooo Cèsh and cash equivalents Cash at bank and in hand 4,754 4,754 2,014 2,014 6,768 6,768 Borrowings Debt due within one year Debt due after one year 12911 14,7081 14,9991 12451 151 12961 IS,6911 15,9871 781 19881 19881 1,026 Total so
ROYAL ALEXANDRAAND ALBERT SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST Z023 (contlnuedl 23. ANALYSIS OF CHANGES IN NET DEBT Icontlnuedl Other non-cash changes At I Sept 2021 £'(M)O Cash flows £'(M)O At 31 Aug 2022 Cash and cash equlvalents Cash at bank and in hand 4,856 4,856 11021 11021 4,754 4,754 Borrowings Debt due within one year Debt due after one year 12931 14,9971 15,2901 12911 14,7081 14.9991 291 291 121 Total 14341 189 12451 24. FINANCIAL INSTRUMENTS 2023 2022 £'o Financial assets held at arnortised cost: Trade debtors Accrued income Other debtors 226 12 214 452 289 547 838 Flnanclal assets held at fair value through profit and loss: Investments 10,052 10,119 Flnanclal Ilabilltles held at amortlsed cost: Creditors.. amounts falling due within one year Trade creditors Accruals Lloyds loans Other creditors 527 280 295 358 1,460 807 434 291 325 1,907 Creditors.. amounts fallin8 due after one year Lloyds loan5 Other creditors 5,692 945 6,637 4.708 955 5,663 51
ROYALALEXANDRA AND ALBERT SCHOOL NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (contlnuedl 25. RELATED PARTY TRANSAcfioNS The Foundation enjoys a c105e workin8 relationship with Royal Alexandra and Albert School which is a maintained Khool funded by Surrey County Council. The Foundation funds the boardin8 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 management 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 recharge5 the Foundation a portion of staff costs for boarding duties carried out by teoching staff. There are cross charges between the School and the Foundation in relation to shared facilities e.8. Utilities, maintenance, insurance, horse care costs and catering costs Ifree school meals) as well as shared personnel. 2023 £'ooo 272 263 2022 £'ooo 266 262 Grant to School Solary reallocation charge Recharged by Foundatlon to School: Salaries Other Inet of VATI 85 213 61 291 Recharged by School to Foundatlon: Salaries Other (net of VATI 119 80 124 81 Purchases from related partie5: Gatton Community Theatre During the year, the following key management personnel were customers of the Foundation- Name G Bendall J Czerpak S King L Miller J Gale S Greenwood B Maddox M Thomas S Wheeler Annual transaction value £3,754 £792 £2,944 £4,780 £5,459 £6.850 £3,176 Amount outstanding at 31 Au£ 2023 (£8551 1£1,5541 1£1231 1£1,1791 (£5561 £6,077 52
ROYAL ALEXANDRA AND ALBERT SCHOOL REFERENCE AND ADMINISTRATIVE DETAILS AS AT 31 AUGUST Z023 Reglstered Name: Royal Alexandro and Albert School Charlty Number: 311945 Prlncipal Address: Foundation Office Gatton Park Reigate Surrey RH2 OTW Tel.. 01737 649050 Solicitors: Farrer & Co LLP 66 Lincoln's Inn Field5 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 Auditor5 Betchworth House 57-65 Station Road Redhill Surrey RHI IDL 53
ROYALALEXANDRA AND ALBERT SCHOOL REFERENCE AND ADMINISTRATIVE DETAILS AS AT 31 AUGUST 2023 (contlnuedl PATRON Her Late Majesty Queen Elizabeth11 PRESIDENT HRH The Duchess of Gloucester BOARD OF MANAGEMENT David Frank Edward Winter Richard Wells FRICS Chair Honorary Treasurer Comptroller Nishma Acharya John Billingham Gary Griffin Ononuju Irukwu ppointed 22 March 2023 Dame Mary Richardson BA PGCE DBE FRSA retired 27 June 2023 Perry Spanyol ppointed 22 March 2023 Elizabeth Tadd Charles Wates BSC MRICS Jonathan White MBA 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 Crispin Blunt MP Helyn Clack Canon Peter Bruinvels Rt Rev Jonathan Clark David Frank William Gillen Ali Henderson Sal Hu55ain Richard Link Dr julie Llewellyn Or jeffrey Magee James Meyer Nick Owen Dame Mary Richardson Dorothy Ross-Tomlin Paul Ryder Tony Samuels resigned 19 January 2023 lex officio- Chairman Board of Management) (Chairman of Surrey County Council) resigned 19 September 2023 appointed 23 January 2023 appolnted 27 June 2023 54
ROYAL ALEXANDRA AND ALBERT SCHOOL REFERENCE AND ADMINISTRATIVE DETAILS AS AT 31 AUGUST 2023 {continuedl MEMBERS OFTHE COUNCIL Icontlnuedl The Hon Mrs Lavinla Sealy Adrian Smart Katie Sunley Sally Varah DL Andrew Wates Richard Wells Graham Williams Edward Winter resigned 15 September 2023 resigned 14 April 2023 resigned 24 july 2023 lex officio - Comptroller Board of Management) lex officio- Honorary Treasurerl FINANCE & GENERAL PURPOSES IF&GPI COMMITTEE Edward Winter Chair Morgan Thoma5 Headteacher David Frank Charles Wales Richard Wells INVESTMENT COMMIThEE David Frank Richard Wells Edward Winter Edward Williams Chair 55
ROYAL ALEXANDRA AND ALBERT SCHOOL REFERENCE AND AOMINISTRATIVE DEfAILS AS AT 31 AUGUST 2023 (continued) BURSARY cOMMIEE David Frank Nishma Acharyo john 6illingham Elizabeth Tadd Jonothon 8oyce Elizabeth Lowe Morgan Thomos Chair Chaplain Bursar Headteacher REMUNERATION COMMITTEE John Billingham David Frank Dovid Clomp Choir Chair of the Board of Management Chair of Governing Body 56
ROYAL ALEXANDRA AND ALBERT SCHOOL REFERENCE AND ADMINISTRATIVE DETAILS AS AT 31 AUGUST 2023 {continuedl GArroN TRUST LIMITED David Frank Peter Dawson Moggie Kippen Alon Mortlock Helen Neve Gail Sperrin Choir GATTON PARK LETTINGS UMITED Covered under the F&GP committee Richard Wells David Frank Peter Dowson Elizobeth Lowe Chair resigned 30 Morch 2023 Only members of the committees have beer) listed, members 'in attendance, have not been included. Nomes in italics ore CommAttee members who are nor members of the 8oord of Management 57