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 t￿nd 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 t￿Y
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.
GA￿ON 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 GA￿ON 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 tt*t
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 ot￿r
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 ot￿r
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 Co￿er
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 conside￿d 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 conSe￿ation
& 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 cOMMI￿EE
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