2024-08-31-accounts

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

REGISTERED CHARITY NO: 311945

ROYAL ALEXANDRA AND ALBERT SCHOOL

	Page(s)
Report of the Trustees	2-18
Independent Auditors’ Report	19-23
Consolidated Statement of Financial Activities	24-25
Balance Sheet	26
Consolidated Cash Flow Statement	27
Notes to the Financial Statements	28-52
Reference and Administrative Details	53-56

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024

The Board of Management presents its annual report and the consolidated audited financial statements for the year ended 31 August 2024 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 (UK GAAP) comprising FRS 102 and the Charities SORP 2015 (FRS 102). In preparing these financial statements the Trustees confirm that they have had regard to the Charity Commission guidance on public benefit in the Charities Act 2011.

The reference and administrative details set out on pages 53 to 56 form part of this report.

CHAIRMAN’S STATEMENT

New Patron

On 18[th] September 2024 the School was honoured to welcome Her Royal Highness, the Duchess of Gloucester, for her thirteenth visit to the school and her first as Patron of the Royal Alexandra and Albert School Foundation. Over the past 50 years, The Duchess has shown extraordinary dedication to the Foundation and our school, in her role as President, and we are truly privileged to also formally welcome her as our Patron.

During her visit, The Duchess spent time engaging with students, who shared their personal experiences at the school. Her Royal Highness’ genuine warmth and keen interest in students’ lives have been a defining feature of her visits. Several students enjoyed speaking with The Duchess, creating memories they will cherish for years to come.

To mark the occasion, Her Royal Highness unveiled a commemorative plaque celebrating her recent appointment as Patron and her remarkable 50 years of service.

Foundationers

There are currently 94 Foundationers on roll at the school, 54 of which are Full Boarders and 40 Flexi Boarders. In 2023/24 9 Ukrainian students were being supported by the Foundation. Four of these students left at the end of the summer term 2023 bringing the total number of Ukrainian students who are being supported by the Foundation in September 2024 to 5. Ukrainian students now represent 5.3% of the total Foundationer number which the Bursary Committee considers to be an appropriate level at this time.

Ofsted Inspection 2024

The School was inspected by Ofsted in March 2024 and was graded as Good in 5 of the inspection categories and Outstanding in the Personal Development category. This resulted in a grade of “Good” overall. The report stated that “Pupils are happy and well cared for at Royal Alexandra and Albert School. They benefit from positive relationships with staff across the school. Pupils feel safe, confident that if they report any concerns or worries they will be dealt with”.

This was an excellent result and one we should be proud of. There is so much to celebrate at our school and we continue to be impressed by the attitudes and commitment of our students and staff.

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

Finance

The year’s results were bolstered by the recognition of investment gains of £1,080,000. Without these, the Foundation activities resulted in a loss of £28,000 for the year compared to a surplus of £202,000 (before one off legacy, pension fund and investment gains) in 2022/23. Once adjusted for the investment income, the surplus in the year was £1,051,000. As at 31[st] August 2024, total assets amounted to £36,753,000.

The Foundation continues to face difficult financial circumstances as it is impacted by macro and micro economic factors. Pupil numbers remain low, partly reflecting current economic conditions, cost of living pressures and uncertainty in the market. Cost of living pressures, combined with the 2022 ‘requires improvement’ Ofsted rating and reductions in external funding available for bursaries, have resulted in significant challenges in maintaining income. The financial crisis in the state education sector has also resulted in pressure for the Foundation to provide support. It is hoped that the recent positive inspection will improve this position, however, a fundamental review of the operating model has commenced with the support of independent external consultants. This will assess the state boarding market and provide insight which will assist in determining the strategic way forward.

The governance structure of the Foundation and School is proving a particular challenge in securing Government funding. Although eligible for Condition Improvement Funding (CIF), as a Voluntary Aided School, the School has never been successful despite several bids, even for urgent Health and Safety requirements which were considered by our advisors as being high quality. This may be due to the assumed availability of support through the Foundation which, over many years, has had no choice but to meet the costs despite them being the responsibility of the School.

Fundraising

The School has launched a £300,000 fundraising campaign to refurbish the sports hall and the undercover area known as ‘the Cage’. This exciting initiative is vital to maintaining the excellent facilities available to all students.

Estate

In the Summer of 2024, the last student bedroom refurbishment in Alexandra House and the last student bathrooms in Alexandra House and Gatton6 were completed. This sets a new standard at RAAS for these important areas for Boarder wellbeing. The Solar Programme has been completed which reduces the reliance on third party energy suppliers. The Gloucester Annexe and History/RS portacabins have been removed which significantly improves the look and feel of the school and there have also been improvements made at the stables. Refurbishment works to the New Block were challenging and have required a complete rebuild of the façade.

Trustees

I was delighted to join the team in March 2024 and to be appointed as Chairman when, after 12 years as a trustee and Chairman since 2014, David Frank retired. David made an incredible impact over his

years of seniice and we are indebted to him for his dedication, sound leadership and many hours spent supporting the Foundation. In particular, the Foundation has benefited enormou51y from David's le8al prowess and commercial acumen. He will be sadly missed but we are grateful that he continues to sit as a Chairman and Trustee of Gatton Trust. I would also like to thank Jonathan White and Richard Wells, who resigned during the year, for their contributions to the Foundation. Richard Wells must be particularly noted for his decades of dedicated service to the Foundation as a trustee and we are grateful that he continues to remain in an advisory role in matters relatin8 to estates to continue to share hi5 exceptional property expertise. Two new Trustees, Ryan Ramsey and Cindy Black were appointed on 24 March 2024 and the team was further stren8thened in early 2024125 when Dan Mewett and Kanika Sachdeva were appointed in September 2024. We welcome the new trustees and look forward to their contributions and insight going forward. Andrew Hodgkin Chalrman 16 December 2024

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

BACKGROUND

The Royal Alexandra and Albert School was founded in 1758 and re-incorporated as an educational charity in 1949 under the Royal Alexandra and Albert School Act (12 & 13 Geo 6 c.xviii) “the 1949 Act” and amendments thereto. Throughout this report the charity is referred to as “the Foundation”, the name by which it is commonly known.

The 1949 Act amalgamated the then Royal Alexandra School and Royal Albert School, made provisions for the amalgamation of the property and funds of the two schools, incorporated a management structure, 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 girls who are without one or both parents or whose special circumstances make it desirable that they should go to a boarding school.
! To bring up the boys and girls in the School upon Protestant principles and to have them educated under arrangements provided by the statutory education authority.

The arrangements since the original incorporation evolved over the decades such that the Foundation funds the boarding facilities and pastoral care with the education being provided by the Voluntary Aided School, Royal Alexandra and Albert School (“the School”), a state funded maintained school. The Foundation owns the land and buildings in which the School is located and appoints the majority of the School’s governors. The Foundation’s Board of Management has delegated the day to day management of boarding to the School’s Governing Body.

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT

The core purpose of the Foundation is to accommodate and educate “Foundationers”. These are pupils who would benefit from a boarding education and whose parents or guardians are unable to afford such boarding charges. Generally, Foundationers have lost one or both parents, have a chronically ill parent, have been abandoned or abused or the parent can no longer meet their daily needs. Approximately 10% of the available boarding places are reserved for Foundationers.

Bursaries are given to fund or part fund boarding charges for Foundationers. All awards are means tested and range from full costs to more modest amounts, depending upon the circumstances of the child. Most of the Foundation’s awards are made in conjunction with other trusts and benevolent funds; we are grateful for the continuing support of many institutions, in particular: Royal National Children’s SpringBoard Foundation, Buttle Trust, Emmott Foundation, Northern Counties Children’s Benevolent Society, St Marylebone Educational Foundation, Thornton, Sue Thomson Foundation, The NFL Trust and Anonymous Donors. During the year the fees for one pupil were funded by a Local Education Authority.

The Foundation aims to provide the School with an environment in which all its pupils, including the Foundationers, will achieve their full academic, social and spiritual potential in order to become valued members of society. In order to achieve this, the Foundation seeks to ensure the provision of firstclass educational facilities, high quality boarding accommodation and an excellent range of cocurricular activities.

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT (continued)

Boarding fees are charged in respect of the provision and use of boarding accommodation, pastoral care, food and co-curricular programme. The termly boarding charges for the last two years were:

	Academic year 2023/24	Academic year 2022/23
	£	£
Boarding – junior and secondary	6,130	5,725
Boarding – sixth form	6,400	5,975
Flexi boarding – secondary	2,320	2,165
Flexi boarding – junior	1,760	1,580

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 and conservation of the historic parkland in which it is located both for the benefit of the general public and for the advancement of education including that of pupils at the School.

The key elements of the Foundation’s strategy for the current financial year were:

! to continue to increase the number of Foundationers
! to continue the programme of capital investment to improve the educational facilities and boarding accommodation
! to continue to provide grant finance to the School to provide improved educational facilities to benefit the Foundationers and other pupils
! to support the School in order that it can continue to:
provide a broad and evolving curriculum and co-curriculum for the benefit and development of all pupils
achieve positive value added
be a Christian caring community respecting all religious values and none
! to continue the improvements to the parkland and to extend access to our pupils and to visitors to the park for both educational and leisure purposes
! to fundraise both to support Foundationers and to fund capital projects
! to recruit suitable new members to the Board of Management and Governing Body

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT (continued)

The Foundation measures the success of its strategy through:

! the number of Foundationers being supported
! the number of pupils attending the School (both boarders and flexi boarders)
! the Foundationer results achieved with particular emphasis being given to the value added achieved rather than the absolute results
! the number of Foundationers leaving for an appropriate career or tertiary education
! funds raised both to support Foundationers and for capital projects
! the number of visitors to the park
! the number of volunteer hours
! the Board of Management and Governing Body attracting people of a wide and appropriate range of skills and experience

The performance against these measures is commented on throughout this report.

A REVIEW OF OUR ACHIEVEMENTS AND PERFORMANCE

Those who benefited from the Charity’s work were:

! 98 pupils and their families supported by the Foundation, other charities and Local Authorities through bursaries (September 2022: 105)
! 165 Ministry of Defence funded boarders (September 2022: 145)
! other pupils attending the school, including a Sixth Form of 173 pupils (September 2022: 195)
! visitors to the historic buildings and parkland
! school children from other schools who visit the parkland for educational and other purposes
! the local community who visit the grounds
! community groups who use the school facilities
! our volunteers

BURSARIES

During the academic year, in total 98 (September 2023: 105) students were supported by the Foundation, other charities and local authorities. At September 2023, the Foundation supported 48 (September 2022: 65) boarding students with bursaries and continued working with the Heads of local schools in Merstham (the third most deprived ward in Surrey) to identify students who would benefit from flexi-boarding. As at September 2023, 39 (September 2022: 30) such students were being supported.

In addition to the bursaries granted, the Headmaster remits boarding charges in cases of occasional hardship. During the year 2 students (2022/23: 1) benefited from Headmaster remission.

The value of means tested bursaries and Headmaster remission in the year amounted to £914,067 (2022/23: £1,000,492) and represented 8.2% (2022/23: 9.0%) of gross fees. A number of students in receipt of bursaries also received pocket money bursaries, uniform bursaries and assistance with both UK and overseas school trips and the cost of music and riding lessons.

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

BURSARIES (continued)

The School offers scholarships to full boarder pupils who are high achievers in music and sport. Leadership scholarships are also available to Sixth Form applicants. During the year, the School awarded 23 scholarships together worth a total of £47,255 (2022/23: 29 scholarships worth £40,225).

FOUNDATIONER EDUCATION

Six of the grades achieved by KS5 Foundation pupils were from BTEC courses and all achieved a merit grade or above, with one pupil achieving distinction and distinction* grades. Of those KS5 Foundationers who took A Levels 69% of all grades achieved were C and above, with 94% grade E and above. Five of the eight KS5 Foundation pupils who sat exams accepted a place at university with one pupil successfully gaining a sports scholarship to a university in the United States, where she will be playing football.

70% of KS4 Foundationers were graded 4 or above in five or more subjects . 60% of KS4 Foundationers passed both English and Maths with at least a grade 4. All Foundationers stayed in further education, with two staying at our Sixth Form, eight continuing at other colleges, including some specialist colleges for Computing and Coding.

The key value-added measure in education is Progress 8 which seeks to measure the progress pupils 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 provisional Progress 8 score for all Year 11 pupils is 0.61.

The School prides itself on offering an inclusive all-round education with a curriculum that extends beyond the classroom. The Foundation provides an extensive co-curricular programme forming part of the everyday experience for pupils. Activities begin at 4pm and, dependent on the activity, can finish anywhere between 5pm and 9pm. The range of activities on offer is wide, and designed to appeal to pupils of all ages and tastes. The Foundation has its own indoor swimming pool and riding stables, as well as grass pitches, floodlit netball courts, astroturf pitch and sprints track.

The School offered a full co-curricular programme this year, and most Foundationers attended at least one club and achieved an attendance rate of 60% or above.

In addition to the co-curricular programme, the Foundation pays for all Foundationers to go on educational school trips, and on recreational trips up to a set limit each year. The Foundation will also fund riding lessons or music lessons for pupils where it is considered beneficial to their all-round education.

SCHOOL GRANT

The grant paid to the School in the year to 31 August 2024 amounted to £341,250 (2023: £272,080).

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

PROPERTY MATTERS AND BUILDING DEVELOPMENT

All property assets are held in the Foundation Fund. The Foundation Fund charged a rental for the year ended 31 August 2024 of £2,091,904 (2023: £2,040,882) to the Boarding Fund in respect of the usage of the boarding estate. The rental charge is calculated on a basis of current market property yields, and is accounted for as a transfer between funds.

Boarding House Refurbishment

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 focusses on two areas, communal bathrooms and toilets and student bedrooms. These are the areas our research suggests have the greatest impact for our students.

This year saw the completion of the last student bedroom refurbishment in Alexandra House and the last student bathrooms in Alexandra House and Gatton6, setting a new standard at RAAS for these important areas for Boarder wellbeing.

Portacabins

The Gloucester Annexe and History/RS portacabins were removed in Summer 2024. This will allow the school estate to be used more efficiently and also significantly improve the look and feel of these areas for the school. There will also be a saving in rental costs for 2024/25 and going forward.

Energy Efficiency

With changes in the global price of energy, in recent years, greater focus has been brought on how we can reduce our energy consumption and costs across the estate. Much work has already been put into improving our energy efficiency and overall energy usage has fallen by approximately 25% since 2016/17, thanks to investment is insulation, LED lighting and the ground source heat pump (GSHP) 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 (RHI) for all of its plant rooms, and tariff guarantees were agreed in March 2020. The expected RHI funding receivable over 20 years is £7.3m.

A programme of installation of Solar panels commenced in September 2022 and was completed during the year. 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.

Other works

The refurbishment works to the New Block proved challenging in the year, requiring an entire rebuild of the façade, and improvement works including new fencing were completed at the Stables.

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

FUNDRAISING, DONATIONS AND LEGACIES

The Charity is a public benefit entity. Throughout our long existence as a charity we have received constant and generous support from our subscribers and regular donors. Under our constitution all persons who make significant contributions are entitled to become members of the Court of Governors (the equivalent of shareholders) with power to appoint the Board of Management.

In September 2024 the School launched a £300,000 fundraising campaign to refurbish the school’s sports hall and the undercover area known as ‘the Cage’. Concept designs have been prepared which demonstrate the potential of this refresh to the facilities.

A number of regular small donations were received from the donors who give primarily to support Foundationers.

FINANCIAL REVIEW

Net surplus for the year ended 31 August 2024 was £1,051,368 (2022: £981,394 surplus). This is stated after recognising realised and unrealised investment gains of £1.08m (2023: £0.3m loss). The result of the year, before investment movements, was a deficit of £28,402 (2023: £453,808 surplus).

This year saw a 3.5% increase in boarding fee income, with the increase in fees, and increases in income generated by the stables, external lettings, investments and OFGEM Renewable Heat Incentive Scheme. Overall the increase in income was 2.8% due to the higher level of government capital grant and £252k legacy income received in 2022/23. Educational lets and riding income are shown within Other Educational Income. Property income comprises income from Gatton Park Lettings Limited.

Expenditure on charitable activities increased by 7%, reflecting the inflationary pressures experienced over this period. Funds continue to be spent to maintain facilities across the estate, with the most significant investments being in the boarding house refurbishment programme.

Investment returns

Foundationers are principally funded through the investment income generated by the investment portfolio. The table below indicates the quarterly return on investments achieved by Investec Wealth & Investment Limited (“Investec”) for each of the quarters ended within the period ended 30 September 2024 and compares the actual return with the benchmark.

	2023	2024	2024	2024
Quarterly	Dec	Mar	Jun	Sept
Actual return(net of fees)	5.53%	4.33%	2.82%	0.6%
Benchmark return	4.63%	4.96%	2.78%	1.5%

Investec’s annual performance return of 14% (net of fees) was slightly below the annual benchmark of 14.6%. Annualised performance over 3 years reduced to 2.4% compared with a bench mark of 6.3% although remained broadly in line with the ARC Steady Growth index.

In recent months the US Federal Reserve and the Bank of England have joined European and other banks in reducing interest rates as inflation appears to be heading towards target levels. Despite this

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

there remains a possibility of market downturn, which together with tensions in the Middle East and political changes in the UK, Europe and the US results in an uncertain outlook.

Balance sheet

Of the £284k of fixed asset additions recognised in the year, £85k related to the completion of the solar panel programme and £107k to traffic management works.

Net current assets increased by £0.7m over the year, largely driven by increased funds being held as a term deposit, £1.1m, which partially reflected the income from the pension scheme surplus, £714k, following the closure of the scheme.

There was an increase of £0.7m in creditors due within one year due to trade creditors and boarding fees paid in advance. There was a reduction of £0.3m in creditors due after one year as long term loan repayments were made, including the final instalments on one long term loan.

As a result of the surplus for the year, in particular the £1.08m gains on investments, total net assets increased from £35.7m to £36.8m.

PLANS FOR FUTURE PERIODS

The Board is keen to continue to develop a number of aspects of the School in order to be better able to fulfil the charitable objectives of the Foundation.

The Ethos and Values of the School on which the future strategy is then based 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 enhances lives, ignites curiosity and inspires compassionate leaders.
! The school will instil the values 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 opportunities through 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 facilities
! Where possible to reduce costs: The biggest item of expenditure is the cost of staffing.

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

RESERVES AND FUNDING OF FUTURE WORK

With the exception of £40,000 (2023: £19,000) of assets attributable to restricted funds, the Foundation’s assets are unrestricted as to their deployment and use. The amount and liquidity of the assets attributable to each fund are sufficient to meet the related obligations.

The Board of Management believes that the free unrestricted funds of £11m (being unrestricted funds of £36.7m net of tangible assets of £25.7m), which is wholly represented by investments, are essential to finance the Charity’s support of Foundationers. Free unrestricted funds have increased by £2.2m 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 policy is reviewed annually by the Board of Management.

GATTON PARK LETTINGS LIMITED

Gatton Park Lettings Limited is a wholly-owned subsidiary of the Foundation whose principal activity is the letting of the conference facilities and non-educational boarding facilities plus other trading activities of the School. Turnover for the year ended 31 August 2024 was £101,584 (2023: £92,426). Lettings occupancy continued to improve this year. The whole of the taxable profits of Gatton Park Lettings Limited are donated as a charitable donation to the Foundation.

THE GATTON TRUST LIMITED (“GATTON TRUST”)

The Foundation is the sole member of Gatton Trust, a charitable company whose objectives are to conserve the historic landscape and buildings within Gatton Park; provide access for the public to the parkland and provide an education centre for the benefit of the public and the School.

A management plan for our woodlands has been completed during the year and the recommended works for managing ash dieback have been started. In July and August 2024, a large number of ash trees were removed from the southern side of the lake having a significant effect on wildlife and landscape. Similar projects will need to take place on other parts of the woodlands.

A celebration of 25 years since the filming of the restoration of the Japanese Garden was held in April. It was a chance to welcome back experts and friends who have supported Gatton over many years. It proved to be an interesting media story and a boost to publicity and visitor numbers.

Following the completion of the rebuilding of the Pulhamite pond and surrounding area in the Rock Garden, work has begun in earnest on the Old- World Garden. Funding is in place for the anticipated budget, some large ash trees have been removed and restorative pruning has started on the hedge and the ground has been cleared to discover what is left of the features.

During this period 17173 (2023 17851) visits were made to the park as part of our events, activities and educational work. In July 2024, Gatton Community Theatre used the park for performances of Setareh, a play written for the group by a member, with 443 members of the cast, crew and audience in total. Parts of the park are accessible as part of the North Downs Way.

Our biggest event, Gatton Country Fair, was affected by poor weather with 1346 people attending (2023: 2636). Volunteering is essential for our charitable activity to continue at the level we achieve.

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

THE GATTON TRUST LIMITED (continued)

Volunteers 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 125 volunteers (2023: 101) who regularly support the work of the Trust. In total they provided 8184 volunteer hours (2023: 7401)

GOVERNANCE OF THE FOUNDATION AND SCHOOL

The governing bodies consist 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 annual subscription in excess of £50 to the Foundation. Such persons hold office for a period of one year following their most recent subscription or until their earlier resignation. The Court of Governors, which meets annually, appoints the members of the Council and, in most cases, the Board of Management.
! The Board of Management which at 31 August 2024 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 Management and comprises persons with a broad range of expertise and who are distinguished in their field. The Council meets annually.
! The Governing Body which is the body responsible for the educational management of the School in accordance with the requirements of the various Education Acts. The Governing Body has delegated authority from the Board of Management regarding management of the boarding facilities, the Co-curricular program and pastoral care.

The Board of Management

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 – 56.

Compliance with Charity Governance Code

The Foundation recognises the principles set out in the Charity Governance Code and seeks to comply fully. A Governance Review in 2021 highlighted where compliance could be improved and the Foundation has worked on these areas.

The principles are:

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

GOVERNANCE OF THE FOUNDATION AND SCHOOL (continued)

Organisational Purpose - The Board is clear about the charity’s aims and ensures that they are being delivered effectively and sustainably
Every charity is headed by an effective Board that provides strategic leadership in line with the charity’s aims and objectives
The Board acts with integrity. It adopts values, applies ethical principles to decisions and creates a welcoming and supportive culture which helps achieve the charity’s purposes. The Board is aware of the significance of the public’s confidence and trust in charities. It reflects the charity’s ethics and values in everything it does. Trustees undertake their duties with this in mind.
The Board makes sure that its decision-making processes are informed, rigorous and timely, and that effective delegation, control and risk assessment and management systems are set up and monitored.
The Board works as an effective team, using an appropriate balance of skills experience, backgrounds and knowledge to make informed decisions.
Equality, Diversity and inclusion - The Board has a clear, agreed and effective approach to supporting equality, diversity and inclusion throughout the organisation and in its own practice. This supports good governance and the delivery of the organisation’s charitable purposes.
Openness and accountability - The Board leads the organisation in being transparent and accountable

As set out in the Objectives section of this report the sole purpose of the Foundation is for the benefit and assistance of Foundationers. Regular reporting on the progress and impact of the Foundations work on Foundationers together with financial reporting to ensure the charitable objectives are being delivered and can be for the foreseeable future.

The Board of Management sets the strategic leadership and trustees have been appointed to ensure a wide range of skills and experience are available to contribute to this leadership. There is a Code of Conduct which Trustees are required to sign and role descriptions for trustees and the chair ensure conduct and expectations are clear and transparent.

Risks are recorded in a risk register and formally reviewed by the Board twice a year. Detailed papers are prepared to support discussions and ensure that all trustees have the opportunity to evaluate and challenge decisions. The F&GP Committee meets at least once a term and receives regular reports on the financial position of the Foundation as well as the annual report of the auditors.

It is recognised that there is further work and cultural change required to improve the diversity of executive and non-executive members and this remains an ongoing process.

The Court holds the Board to account and receives the Annual Report and progress report on Foundationers.

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

GOVERNANCE OF THE FOUNDATION AND SCHOOL (continued)

Policies and Procedures Adopted for the Induction and Training of Trustees

The members of the Board of Management (also referred to as Trustees) have high level and relevant education, legal, estates, marketing, banking, finance and charity expertise. New Trustees, upon appointment, follow an induction which includes an explanation of their role as Trustee. They are also provided with detailed information regarding the Foundation and the School. Relevant ongoing training is provided periodically.

Membership of the Board of Management

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 Chair, retired 16 July 2024 Andrew Hodgkin appointed 26 March 2024, Chair from 2 August 2024 Ryan Ramsey appointed 26 March 2024, Vice Chair from 2 August 2024 Cindy Black Honorary Treasurer appointed 26 March 2024 Edward Winter appointed as Comptroller 2 August 2024 Richard Wells FRICS Comptroller retired 22 July 2024 Nishma Acharya John Billingham Gary Griffin Ononuju Irukwu Perry Spanyol resigned 13 June 2024 Elizabeth Tadd Charles Wates BSc MRICS Jonathan White MBA retired 27 March 2024 Dan Mewett appointed 24 September 2024 Kanika Sachdeva appointed 24 September 2024

All Trustees give their time freely and no remuneration or expenses were paid in the year with the exception of one Trustee who claimed £124.40 in travel 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 Governing Body and a number of sub-committees.

The Senior Leadership Team

The day to day management of the School is the responsibility of the Headmaster, and the Senior Leadership team (“SLT”). During the year the SLT comprised the Headmaster, the Bursar and

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

GOVERNANCE OF THE FOUNDATION AND SCHOOL (continued)

Foundation Secretary, Deputy Head (Curriculum, Teaching and Learning), Deputy Head (Boarding, Cocurricular & Community), Deputy Head (Achievement, Standards & Inclusion), Assistant Heads (Director of Learning for KS3, KS4 and KS5), Assistant Heads (Director of Standards for KS3 and KS4) Assistant Head (Head of Juniors), Director of Resources and Operations, and Director of Marketing, Admissions & Development. The Director of Resources and Operations left in School in April 2024 and the Director of Marketing Admissions & Development left in July 2024. The responsibilities of these posts have been reviewed and a revised structure implemented for 2024/25 with new appointments joining during the Autumn term.

Other Senior Staff

The remuneration of the Governing Body employed SLT is set with reference to the School Teachers Pay and Conditions Document and is determined 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 interest stocks against the FTA Government All Stocks 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 and uncertainties to which the Foundation is exposed, in particular those related to the operations and finances of the Foundation. The assessment comprises:

! a review of all the risks that the Foundation may face in its normal operations for the year ahead
! an assessment of the likelihood of those risks occurring, together with an assessment of their impact
! the establishment of procedures, actions and systems to mitigate the risks identified and to minimise any potential impact on the Foundation.

The monitoring of financial and other areas of performance ensures that the Board is continually appraised of progress and the risks the Foundation faces.

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

PRINCIPAL RISKS AND UNCERTAINITIES (continued)

The principal risks and uncertainties facing the entity are summarised as:

! the loss of key income streams. The Board takes appropriate professional advice and regularly monitors the implications of such a loss.
! reputational and monetary risk arising from sexual abuse cases. The Board works cooperatively with the police, employs specialist public relation consultants and insures such risks.
! the loss of key personnel due to the offer of enhanced employment packages, progression opportunities or retirement. The Board actively seeks external verification of the salaries of key personnel and considers career progression as well as succession planning strategies where possible.
! the inability to generate surpluses or raise capital 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 maintain 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

Liability insurance

The Foundation maintains liability insurance for its Trustees and officers and the Directors, Trustees and officers of its subsidiary undertakings, which qualifies as a third party indemnity provision for the purposes of the Companies Act 2006. This insurance was in 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 Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which 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 statements, the Trustees are required to:

! select suitable accounting policies and then apply them consistently;
! observe the methods and principles in the Statement of Recommended Practice: Accounting and Reporting by Charities (2015);
! make judgements and estimates that are reasonable and prudent;
! state whether applicable UK accounting standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; and
! prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in business.

ROYAL ALEXANDRA AND ALBERT SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued) STATEMENT OF TRUSTEES, RESPONSIBILITIES (Contlnued> The Trustees are responsible for keeping adequate accountin8 records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible forthe maintenance and integrityof 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. DISCLOSURE OF INFORMATION TO AUDITORS Each of the persons who is a Trustee at the date of approval of this report confirms that: lal so far as the Trustee is aware, there is no relevant audit information of which the Foundation's auditors are unaware: and Ib) 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 forthcomin8 meetin8 of the Board of Management. On behalf of the Board: A Hodgkin Chairman 16 December 2024 18

ROYAL ALEXANDRA AND ALBERT SCHOOL

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 2024 which comprise the Group Statement of Financial Activities, the Group and Charity Balance Sheet, the Group Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

! give a true and fair view of the state of the group’s and charity’s affairs as at 31 August 2024, and of the group’s incoming resources and application of resources, for the year then ended;
! have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
! have been prepared in accordance with the requirements of the Charities Act 2011.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’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 responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained in the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

ROYAL ALEXANDRA AND ALBERT SCHOOL

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF ROYAL ALEXANDRA AND ALBERT SCHOOL

OTHER INFORMATION (continued)

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

MATTERS 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 Trustees’ 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 inconsistent in any material respect with the financial statements; or
! adequate 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 a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group’s and charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or charity or to cease operations, or have no realistic alternative but to do so.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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 (continued)

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

! Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
! Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group and parent charity’s internal control.
! Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees.
! Conclude on the appropriateness of the Trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group and Foundation’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or charity to cease to continue as a going concern.
! Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
! Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit report.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.

Our approach was as follows:

! We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council.
! We obtained an understanding of how the group and Foundation comply with these requirements by discussions with management and those charged with governance.
! We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
! We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
! Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

ROYAL ALEXANDRA AND ALBERT SCHOOL

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES

OF ROYAL ALEXANDRA AND ALBERT SCHOOL

USE OF OUR REPORT

This report is made solely to the charity's Trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity's Trustees as a body, for our audit work, for this report, or for the opinion we have formed.

11 February 2025

Moore Kingston Smith LLP

Statutory Auditor

Betchworth House 57 – 65 Station Road Redhill Surrey RH1 1DL

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

ROYAL ALEXANDRA AND ALBERT SCHOOL

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024

INCOME FROM Charitable activities Boarding charges 5 Other educational income 5 Donations and legacies Grants from government and other public bodies 4 Donations and other voluntary income 4 Legacy income 4 Trading activities Property income Park conservation and environmental education Investments 6 Other income Total income EXPENDITURE ON Charitable activities School and grant making Raising funds Fundraising and development Investment management costs Property letting expenses Total expenditure 7,8 Net income/(expenditure) before gains/losses on investments	Unrestricted Funds Foundation Fund Boarding School Fund £’000 £’000 - 10,026 394 181 - - 25 222 - - 101 - 144 - 418 - - 360 1,082 10,789 (2,199) (9,679) - - (39) - (44) - (2,282) (9,679) (1,200) 1,110	Restricted Funds £’000 - - 40 47 - - - - - 87 (26) - - - (26) 61	2024 £’000 10,026 575 40 294 - 101 144 418 360 11,958 (11,904) - (39) (44) (11,987) (29)	2023 £’000 9,683 446 121 312 252 92 136 289 302
				11,633
				(11,112) - (36) (33)
				(11,181)
				452

ROYAL ALEXANDRA AND ALBERT SCHOOL

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

Net income/(expenditure) before gains/losses on investments Realised and Unrealised gain/(loss) on investments 12 Net income/(expenditure) after gains/losses on investments Transfers between funds - Market rental charged by Foundation Fund to Boarding Fund - Foundation Bursaries transferred to Boarding School Fund - Additions and improvements to land and buildings Other recognised gains and losses Actuarial gains/ (losses) on the defined benefit pension scheme 16 NET MOVEMENT IN FUNDS Reconciliation of Funds FUND BALANCES brought forward at 1 September FUND BALANCES carried forward at 31 August	Unrestricted Funds Foundation Fund Boarding School Fund £’000 £’000 (1,200) 1,110 1,080 - (120) 1,110 2,089 (2,089) (1,047) 1,047 40 - - - 962 68 32,935 2,748 33,897 2,816	Restricted Funds £’000 61 - 61 - - (40) - 21 19 40	2024 £’000 (29) 1,080 1,051 - - - - 1,051 35,702 36,753	2023 £’000 452 (260)
				192 - - - 787
				979 34,723
				35,702

All income arises from the continuing activities of the Group. There are no recognised gains or losses other than those dealt within the Consolidated Statement of Financial Activities. There are no material differences between the net income /(expenditure) and the fund balances carried forward stated above and their historical cost equivalents.

The financial statements have been prepared in line with FRS 102.

ROYAL ALEXANDRA AND ALBERT SCHOOL CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2024 At 31 August 2024 Group Foundatlon £'ooo £'ooo At 31 Au8USt 2023 Group Foundatlon £'ooo £'ooo Note FIXED ASSETS Tangible assets Investments li 25,737 25,736 26,897 26.896 12 11,358 11,358 10,052 10,052 Total fixed assets 37,095 37,094 36,949 36,948 CURRENT ASSETS Debtors Term deposit Cash at bank and in hand Pension Fund Asset Total current assets 13 1,376 4.771 3,270 1,276 4.771 3.040 729 3.636 3,132 714 8,211 635 3,636 2,943 714 7,928 16 9,417 9,087 Creditors.. Amounts falling due within one year NET CURRENT ASSETS 14 {3.4151 13,3921 12,821) {2,8001 6,fY)2 5,695 5,390 5,128 TOTAL ASSET5 LESS CURRENT LIABILITIES 43.097 42.789 42,339 42,076 Creditors: Amounts fallin8 due after one year 15 16,3441 (6,3441 16,637) 16,6371 TOTAL NET A5SET5 36.753 36,445 35,439 THE FUNDS OF THE CHARITY Restricted income funds 17,20 li 19 Unrestricted income funds Designated funds Revaluation reserve 28,545 2.934 5.234 28,384 2,816 5.234 27,357 3,092 5,234 27,202 3,002 5,234 19 Total unrestricted income funds 17,18 35,683 TOTAL CHARITY FUNDS 36,753 36,445 35,702 35,439 The financial statements on pages 24 to 52 were approved by the Board of Management on 16 December 2024 and signed on their behalf: A Hodgkin Chairman 26

ROYAL ALEXANDRA AND ALBERT SCHOOL

CONSOLIDATED CASH FLOW STATEMENT	CONSOLIDATED CASH FLOW STATEMENT	CONSOLIDATED CASH FLOW STATEMENT	FOR THE YEAR ENDED	31 AUGUST 2024	31 AUGUST 2024
		Year ended 31 August 2024		Year ended 31 August 2023
	Note	£’000	£’000	£’000	£’000
CASH FLOWS FROM OPERATING
ACTIVITIES
Net cash inflow from operating activities	22	1,901		1,898
Interest paid		(242)		(226)
Net cash generated from operating activities			1,659		1,672
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends and interest from investments		418		289
Purchase of:
Investments		(2,315)		(2,620)
Fixed assets		(284)		(755)
Proceeds from:
Sale of investments		2,101		2,364
Sale of fixed assets			-		11
Increase/(Decrease) in short term deposits and investment adjustments		(10)			65
Net cash used in investing activities			(90)		(646)
CASH FLOWS FROM FINANCING
ACTIVITIES
New Borrowing:
Lloyds Bank loans			-	1,300
Repayment of Borrowing:
Lloyds Bank loans		(296)		(312)
Net cash (used in)/generated from financing activities			(296)			988
CHANGE IN CASH AND CASH
EQUIVALENTS IN THE YEAR			1,273		2,014
Cash and cash equivalents at the beginning of the year			6,768		4,754
Cash and cash equivalents at the end of the year			8,041		6,768

ROYAL ALEXANDRA AND ALBERT SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1. GENERAL INFORMATION

Royal Alexandra and Albert School is a charity registered in the United Kingdom (registered charity number 311945). The charity’s registered office and operational address is: Royal Alexandra and Albert School, Foundation Office, Gatton Park, Reigate, Surrey, RH2 0TW.

2. ACCOUNTING CONVENTION

The financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, Accounting and Reporting by Charities: Statement of Recommended Practice (Charities SORP (FRS 102)), and the Charities Act 2011.

The financial statements are prepared in sterling, which is the functional currency at the charity. Monetary amounts in these financial statements are rounded to the nearest £1,000.

The consolidated financial statements incorporate those of the Foundation and of its subsidiary undertakings, Gatton Park Lettings Limited (company registration number 03227685) and The Gatton Trust Limited (company registration number 4216691, registered charity number 1101467), (together the “Group”). Both subsidiaries make up their financial statements to 31 August and are consolidated on a line by line basis. As permitted, a separate income and expenditure account dealing with the results of the parent charity only has not been prepared.

The charity is a qualifying entity for the purposes of FRS 102 as it is the ultimate parent of publicly available consolidated financial statements. The charity has taken advantage of the following exemptions in its individual financial statements:(i) Under FRS 102 paragraph 1.12 (b), from preparing a statement of cash flows

(ii) Certain disclosure requirements of section 11 in respect of financial instruments

(iii) Disclosure of the charity’s key management personnel compensation

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared under the historical cost convention, as modified by the inclusion of freehold buildings at deemed cost and certain financial assets and liabilities measured at fair value. The principal accounting policies applied in the preparation of these financial statements, consistently applied to all the years presented, are set out below.

Going concern

The results for the year, before investment portfolio movements, show a deficit of £28k. The investment portfolio movement of £1.08m provided the surplus and increase in net funds in the year. Whilst there were increases in boarding and other income, these were offset by increased operational costs. As inflationary pressures ease, lower pupil numbers remain the key driver of financial pressure going forward. The Executive and Trustees are reviewing and evaluating the operating model, and the state boarding market, in order to establish a sustainable strategic approach over the medium term. Having made appropriate enquiries, the Trustees are satisfied that the Foundation has adequate resources to continue for the foreseeable future being at least twelve months from the date of approval of the financial statements. For this reason, the Trustees have continued to adopt the going concern basis when preparing the financial statements.

ROYAL ALEXANDRA AND ALBERT SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (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 accuracy.

Boarding charges

Parental and local authority contributions represent the boarding charges paid by parents or local authorities as appropriate and are recognised when service is provided.

Boarding charges in advance

The charity offers a boarding charges in advance scheme where the cost of boarding charges can be reduced by making an advance lump sum payment. The scheme may be used to provide advance payments towards boarding charges for any set number of terms during the pupil’s potential time at the School, from a minimum of 3 terms up to a maximum of 15 terms. The minimum amount accepted by way of payment into the scheme is an amount calculated to generate termly payments of £500 per term, and the maximum is an amount calculated to generate the termly boarding charges at the time of entering the scheme. The commutation given is charged to the consolidated statement of financial activities and the remaining lump sum is deferred and recognised within current liabilities and released as the terms are used up.

Boarding charge deposits

Upon joining the School, a boarding charge deposit is taken for each pupil, which is returnable on the pupil leaving the school. These deposits are included within current liabilities since there is the potential for pupils to leave at any stage.

Bursaries

Bursaries are accounted for when the boarding charges to which they relate are recognised. Bursaries funded by grant giving trusts are included within donations in the Boarding School Fund. Foundation bursaries represent the boarding charges of bursary children funded by the Foundation. The Foundation bursaries are shown as a transfer between funds on the face of the Consolidated Statement of 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 grants receivable is dependent upon fulfilment of conditions within the charity’s control, the incoming resources are recognised when there is sufficient evidence that conditions will be met.

ROYAL ALEXANDRA AND ALBERT SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Legacies

Legacies are recognised when a charity has entitlement to the income, it is probable that it will be received and it can be measured reliably. Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution.

Income from investments

Interest is accounted for when receivable. Dividend income is accounted for when the right to receive payment has been established.

Property and park conservation income

Property lettings and park conservation income is accounted for in the period in which it is receivable.

Other income

Other income consists of income received from insurance claims and contributions received towards administrative costs. Income is recognised when receivable and quantifiable.

Expenditure

Costs of charitable activities include direct expenditure incurred through operational activities including grants paid directly relating to the objects of the charity. Grants are recognised in the period in which they are payable. Expenditure is accounted for on an accruals basis as a liability arises. This includes attributable VAT which cannot be recovered.

Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but are not directly incurred in the performance of charitable activities. Support costs include a proportion of the Foundation staff and office costs apportioned on the basis of staff time. Governance costs and support costs relating to charitable activities include the audit fee and legal and tax advice. The allocation of support and governance costs is analysed in note 8.

Taxation

The Foundation and The Gatton Trust Limited are registered charities and, as such, exempt from taxation which applies both to capital gains and to the income arising and expended on its charitable activities.

Gatton Park Lettings Limited donates its entire distributable profits to the Foundation, its holding company, and expects to continue to do this for the foreseeable future thereby mitigating any potential tax liability.

ROYAL ALEXANDRA AND ALBERT SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Pension costs

Defined Benefit Scheme

The charity operated a defined benefit pension scheme, closed to new members in March 2001, for the benefit of certain employees. The assets of the scheme were held separately from those of the charity in independently administered funds. A defined benefit pension scheme defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including age, length of service and remuneration. A defined benefit scheme is a pension scheme that is not a defined contribution scheme.

Following the purchase of deferred and current annuities to pay the benefits of all Scheme members the Trustees resolved that the winding up of the Scheme should commence on 2 March 2023. This process was completed during the year and as such no entries are included in the accounts to 31 August 2024. As there was certainty around the realisation of the asset it was recognised as ‘Pension Fund Asset’ in the balance sheet at 31 August 2023.

Basis of Valuations and Costs 2022/23

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 was calculated using the projected unit credit method. The charity engaged independent actuaries to calculate the obligation annually. The present value was determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating the estimated period of the future payments (‘discount rate’). The fair value of pension scheme assets was measured in accordance with the FRS 102 fair value hierarchy and included the use of appropriate valuation techniques. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions were recognised in the consolidated statement of financial activities as other recognised gains and losses. The net interest cost was calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of pension scheme assets. The cost of the defined benefit scheme, recognised in the consolidated statement of financial affairs as employee costs, except where included in the cost of an asset, comprised the increase in pension benefit liability arising from employee service during the period, and the cost of scheme settlements and changes. The pension contribution was wholly allocated to unrestricted funds.

Defined Contribution Schemes

The charity also pays contributions, for those employees who elect to become members and for whom the above scheme is closed, into a group personal pension scheme established with Legal and General Assurance Society or into a qualifying pension scheme established with the National Employment Savings Trust. These are both defined contribution schemes. Both schemes’ assets are invested separately from the Foundation assets and contributions, incurred and payable monthly, are charged to the Consolidated Statement of Financial Activities.

ROYAL ALEXANDRA AND ALBERT SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Operating Leases

The charity held only operating leases in the financial year. Operating leases cover leases of equipment and vehicles; where the title to the equipment remains with the lessor. The lease rentals payable are charged to the statement of financial activities on a straight line basis over the term of the leases.

Transfers between funds

Transfers are made from and within unrestricted funds in line with charitable objectives. A market rental charge of £2,091,904 for the use of the shared properties has been accounted for as a transfer to the Foundation Fund from the Boarding Fund. The cost of Foundation funded bursaries has been transferred to the Boarding School Fund from the Foundation Fund. The cost of fixed asset additions funded by DfE capital grants have been transferred from the Foundation Fund to restricted funds.

Related party transactions

The charity discloses all transactions with related parties including those within the same group.

Financial instruments

The charity applies Section 11 of FRS 102 in respect of financial instruments. Basic financial instruments include trade and other receivables, trade and other creditors, cash and bank and investments. Basic financial instruments are initially recognised at transaction value. Investments are recognised at fair value through profit and loss and the remaining assets are held at amortised cost. Liabilities are all held at amortised cost.

Tangible assets and depreciation

Tangible fixed assets, costing £2,000 or more, are stated at historic cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to 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 bases:

Freehold Land	No depreciation
Freehold Buildings	4% straight line
Freehold Buildings (listed)	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.

ROYAL ALEXANDRA AND ALBERT SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Freehold land and buildings were professionally revalued at 31 March 2013 to depreciated replacement cost with the revaluation surplus being taken to the revaluation reserve. On transition to FRS 102, the charity elected to take the revalued amount as deemed cost.

Projects in progress at the financial year end are carried forward to the accounting period of completion of the project whereupon they are transferred to an appropriate asset category. Depreciation is not charged on projects until they have been completed.

Investments and investment management

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Investments include short term deposits.

The charity does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

The investment management costs are expensed separately to the Consolidated Statement of Financial Activities and are recognised on an accruals basis.

Realised and unrealised gains and losses

All gains and losses are taken to the Consolidated Statement of Financial Activities as they arise. Realised gains and losses are calculated as the difference between sales proceeds and opening carrying value or purchase value of fixed assets or fixed asset investments if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.

Cash at bank and in hand

Cash at bank and in hand is held to meet short term cash commitments as they fall due rather than for investment purposes and includes all cash equivalents held in the form of short term highly liquid investments. A cash equivalent will normally have a short maturity of three months or less from date of acquisition.

Unrestricted funds

Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Board in furtherance of the objects of the Foundation. The unrestricted funds comprise the Foundation Fund and a designated fund, the Boarding School Fund, the aims and purposes of which are set out in Note 19.

ROYAL ALEXANDRA AND ALBERT SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Restricted funds

These are funds for which the donor has specifically restricted the purpose for which the funds may be used. Income received that has specific restrictions placed upon its use is credited to restricted income within the SOFA on an entitlement basis. Unspent balances are carried forward within the relevant restricted fund.

Critical 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 circumstances. The charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. It is the opinion of the Trustees that there are no estimates and assumptions that have a significant risk of causing a material adjustment of the carrying amounts of assets and liabilities within the next financial year, other than those addressed below.

Defined benefit pension scheme

The charity has obligations to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors including life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends.

4. DONATIONS AND LEGACIES

ONATIONS AND LEGACIES
Grants, donations and legacy income comprise: Grants from government and other public bodies Donations and other voluntary income Legacy income Capital grants Income grants and donations	2024 £’000 40 294 - 334 40 294 334	2023 £’000 121 312 252
		685
		121 564
		685

Grants from government and other public bodies comprise grants from the Department for Education (“DfE”) of £39,549 towards capital projects (2023: £121,053).

ROYAL ALEXANDRA AND ALBERT SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

4. DONATIONS AND LEGACIES (continued)

Donations and other voluntary income include the following grants of £1,000 or more in respect of bursaries for specific pupils:

ursaries for specific pupils:
	2023
	£’000
Royal National Children’s Springboard Foundation	79
The Frank Buttle Trust UK	40
Anonymous Donor	30
The Emmott Foundation	17
St Marylebone Educational Foundation	12
The NFL Trust	12
Sue Thomson Foundation	12
Thornton	7
Northern Counties Children’s Benevolent Society	6
The Forces Trust	6

5. INCOME FROM CHARITABLE ACTIVITIES

Contributions towards boarding charges: Parental Bursaries Local Authorities Total contributions Other educational income	Foundation Fund £’000 - - - - 394 394	Boarding School Fund £’000 11,019 (1,047) 54 10,026 181 10,207	Restricted Funds £’000 - - - - - -	2024 £’000 11,019 (1,047) 54 10,026 575 10,601	2023 £’000 10,776 (1,097) 4
					9,683 446
					10,129

ROYAL ALEXANDRA AND ALBERT SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

6. INVESTMENT INCOME The Group’s investment income arises as follows: Dividends and interest Interest receivable net of charges paid 7. TOTAL EXPENDITURE BY ACTIVITY TYPE Current year School and grant making Fundraising and development Investment management Property lettings Comparative year School and grant making Fundraising and development Investment management Property lettings	Direct costs £’000 9,890 - 39 33 9,962 Direct costs £’000 9,076 - 36 24 9,136		2024 £’000 272 146 418 Support and governance costs £’000 2,014 - - 11 2,025 Support and governance costs £’000 2,036 - - 9 2,045	2023 £’000 235 54
				289
				2024 £’000 11,904 - 39 44 11,987 2023 £’000 11,112 - 36 33 11,181

8. ALLOCATION OF SUPPORT AND GOVERNANCE COSTS

Support and governance costs are allocated on the basis of staff time as follows:

Current year Management Professional fees Staff costs Other costs Governance costs	School and grant making £’000 343 47 1,036 434 154 2,014	Property lettings £’000 - - 11 - - 11	2024 £’000 343 47 1,047 434 154
			2,025

ROYAL ALEXANDRA AND ALBERT SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

8. ALLOCATION OF SUPPORT AND GOVERNANCE COSTS (continued)

Comparative year Management Professional fees Staff costs Other costs Governance costs	School and grant making £’000 276 89 1,125 392 80 1,962	Property lettings £’000 - - 9 - - 9	2023 £’000 276 89 1,134 392 80 1,971

9. NET EXPENDITURE FOR THE YEAR

ET EXPENDITURE FOR THE YEAR
	2024	2023
Net expenditure is stated after charging:	£’000	£’000
Depreciation	1,442	1,432
Operating lease rentals	230	162
Bank charges and interest payable	275	247
Auditors’ remuneration
- Fees	32	30
- Other Services	1	1

10. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES

The average monthly number of employees (including senior leadership) employed by the Group during the year was:

uring the year was:
Management Welfare Maintenance	2024 28 92 24 144	2023 27 96 22
		145

The average monthly number of employees (including senior leadership) employed by the Group during the year, calculated as full-time equivalents was:

uring the year, calculated as full-time equivalents was:
Management Welfare Maintenance	2024 24 49 18 91	2023 22 58 17
		97

ROYAL ALEXANDRA AND ALBERT SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

10. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES (continued)

Total compensation for all staff:

Total compensation for all staff:
Wages and salaries Social security costs Pension costs – defined benefits Pension costs – defined contributions Termination benefits Total compensation for key management: Salaries Benefits in kind Pension costs Termination benefits Aggregate emoluments Personnel with employee benefits (excluding employer pension costs) between: £60,001 to £70,000 £100,001 to £110,000 £110,001 to £120,000	2024 £’000 3,088 239 3 154 16 3,500 2024 £’000 460 26 48 - 534 2024 1 1 1	2023 £’000 2,911 252 57 157 17
		3,394
		2023 £’000 346 6 22 11
		385
		2023 1 - 1

A payment of £247,682 was made to the school in respect of staff costs incurred by the school for boarding related duties for the year ended 31 August 2024 (2023: £263,588). This is not part of staff costs disclosed above.

No member of the Board of Management received remuneration in the current year. No expenses were paid in the year with the exception of one Trustee where £124.40 in travel expenses were claimed.

No Termination benefits were paid to staff during the year (2023: £17,321).

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.

ROYAL ALEXANDRA AND ALBERT SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

11. TANGIBLE FIXED ASSETS

Group COST 1 September 2023 Additions Transfer Disposals 31 August 2024 ACCUMULATED DEPRECIATION 1 September 2023 Charge for year Disposals 31 August 2024 NET BOOK VALUE 31 August 2023 31 August 2024 Foundation COST 1 September 2023 Additions Transfer Disposals 31 August 2024 ACCUMULATED DEPRECIATION 1 September 2023 Charge for year Disposals 31 August 2024 NET BOOK VALUE 31 August 2023 31 August 2024	Freehold land and buildings £’000 37,613 - 415 - 38,028 (11,098) (1,315) - (12,413) 26,515 26,515 Freehold land and buildings £’000 37,613 - 415 - 38,028 (11,098) (1,315) - (12,413) 26,515 25,615	Projects in progress £’000 215 234 (449) - - - - - - 215 - Projects in progress £’000 215 234 (449) - - - - - - 215 -	Furniture, equipment and horses £’000 1,938 24 34 - 1,996 (1,790) (98) - (1,888) 148 108 Furniture, equipment and horses £’000 1,934 24 34 - 1,992 (1,786) (98) - (1,884) 148 108	Motor vehicles £’000 211 26 - - 237 (192) (31) - (223) 18 14 Motor vehicles £’000 202 24 - - 226 (184) (29) - (213) 18 13	Total £’000 39,977 284 - -
					40,261
					(13,080) (1,444) -
					(14,524)
					26,897
					25,737
					Total £’000 39,964 282 - -
					40,246
					(13,068) (1,442) -
					(14,510)
					26,896
					25,736

ROYAL ALEXANDRA AND ALBERT SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

11. TANGIBLE FIXED ASSETS

Freehold land and buildings were revalued at 31 March 2013 using the Depreciated Replacement Cost method of valuation by Richard Greenaway FRICS of Stanley Hicks. This method of valuation is used where there is no active market for the asset or no useful relevant evidence of recent sale transactions due to the specialised nature of the asset. The valuation which is incorporated in the figures below valued freehold land and buildings at 31 March 2013 at £24 million. Under FRS 102 the revalued amount or freehold buildings now equals deemed cost.

Borrowings from Lloyds Bank Plc, details of which are given in note 15, are secured against all property.

12. INVESTMENTS

NVESTMENTS
Investments comprise: UK Fixed Interest Overseas Fixed Interest Equities and Unit Trusts Short term deposits Group total investments Investment in subsidiaries Foundation total investments	2024 £’000 961 263 9,543 10,767 591 11,358 - 11,358	2023 £’000 747 253 8,639
		9,639 413
		10,052 -
		10,052

The Trustees believe that the carrying value of the investments is supported by underlying assets and/or future cash flows.

UK Listed Investments At 1 September Additions Disposal proceeds Adjustments Realised & unrealised gain on investment Market value at 31 August Historical cost at 31 August	2024 £’000 9,916 2,315 (2,101) - (1,079) 11,209 8,742	2023 £’000 9,920 2,620 (2,364) (1) (259)
		9,916
		8,083

Stocks and money held in the portfolio managed by Investec are held to the order of Lloyds Bank plc as security for the loan and overdraft facilities. Details in note 15.

ROYAL ALEXANDRA AND ALBERT SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

12. INVESTMENTS (continued)

NVESTMENTS (continued)
	2024	2023
	£	£
Investment in subsidiary at cost	101	101

Gatton Park Lettings Limited

The Foundation controls the ordinary share capital of Gatton Park Lettings Limited, a company incorporated in England and Wales (company registration number 03227685). The principal activity of Gatton Park Lettings Limited is the commercial letting of Gatton Hall and other site facilities. The whole of Gatton Park Lettings Limited’s taxable profits are donated under gift aid to the Foundation.

he Foundation.
Turnover Expenditure Operating profit donated to the Foundation Assets Liabilities Funds	2024 £’000 102 (9) 93 117 (24) 93	2023 £’000 92 (8)
		84
		108 (24)
		84

The Gatton Trust Limited

The Foundation is the only member of The Gatton Trust Limited, a charitable company limited by guarantee and incorporated in England and Wales (company registration number 4216691, registered charity number 1101467). The principal activities of the company are the restoration and conservation of Gatton Park and the provision of access for the public to the parkland and the provision of educational resources.

rovision of educational resources.
Turnover Expenditure Operating surplus/(deficit) Assets Liabilities Funds	2024 £’000 193 (155) 38 239 (23) 216	2023 £’000 148 (132)
		16
		188 (10)
		178

Gatton Estates Limited

The Foundation controls the ordinary share capital of Gatton Estates Limited, a company incorporated in England and Wales (company registration number 12469691). The company was incorporated on 18 February 2020 and is yet to commence trading. It has adopted the exemption from preparing accounts under section 394A of the Act for the financial year ended 31 August 2024.

ROYAL ALEXANDRA AND ALBERT SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

13. DEBTORS

DEBTORS
Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income	31 August 2024 Group Foundation £’000 £’000 260 156 - 24 745 745 371 351 1,376 1,276	31 August 2023 Group Foundation £’000 £’000 226 120 - 12 214 214 289 289 729 635
			635

Trade debtors are stated after bad debt provision of £398,385 (2023: £479,371). During the year bad debts totalling £49,377 (2023: £157,680) and credits of £8,207 (2023: £0) 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

Trade creditors Taxation and social sec. Other creditors Amounts owed to group undertakings Lloyds loan Boarding charges in advance Boarding charge deposits Accruals and deferred income	31 August 2024 Group Foundation £’000 £’000 950 948 60 60 163 146 - - 239 239 1,314 1,314 167 167 522 518 3,415 3,392	31 August 2023 Group Foundation £’000 £’000 527 526 62 62 80 63 - - 296 296 1,100 1,100 216 216 540 537 2,821 2,800	31 August 2023 Group Foundation £’000 £’000 527 526 62 62 80 63 - - 296 296 1,100 1,100 216 216 540 537 2,821 2,800
			2,800

Amounts owed to group undertakings are unsecured, interest free and payable on demand.

ROYAL ALEXANDRA AND ALBERT SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (continued)

Deferred income comprises boarding charges received in advance of the start of Autumn Term.

At 1 September Amount released in year Amount deferred in year At 31 August	31 August 2024 Group Foundation £’000 £’000 1,100 1,100 (1,100) (1,100) 1,314 1,314 1,314 1,314	31 August 2023 Group Foundation £’000 £’000 1,203 1,203 (1,203) (1,203) 1,100 1,100 1,100 1,100	31 August 2023 Group Foundation £’000 £’000 1,203 1,203 (1,203) (1,203) 1,100 1,100 1,100 1,100
			1,100

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Instalment debts Due 2 to 5 years Due after 5 years Fee Deposits Due 2 to 5 years Due after 5 years TOTAL	31 August 2024 Group Foundation £’000 £’000 1,051 1,051 4,401 4,401 5,452 5,452 546 546 346 346 892 892 6,344 6,344	31 August 2023 Group Foundation £’000 £’000 1,011 1,011 4,680 4,680 5,691 5,691 624 624 322 322 946 946 6,637 6,637	31 August 2023 Group Foundation £’000 £’000 1,011 1,011 4,680 4,680 5,691 5,691 624 624 322 322 946 946 6,637 6,637
			5,691
			624 322
			946

			6,637

The Foundation’s principal bankers are Lloyds Bank Plc. The Foundation has three loan facilities and no overdraft facilities.

The final instalments of the outstanding bank loan of £66,666 were paid in the year and the loan was fully repaid in January 2024. The loan was interest only until April 2014 and then repayable in 30 termly instalments. The interest rate was 1.2% plus base rate.

The terms of the outstanding bank loan of £4,451,052 are that interest only was payable until March 2021 and the loan is then repayable in monthly instalments over 20 years, finishing in March 2041. The interest rate is fixed on £4,000,000 at 3.044%, and variable on the remaining loan balance at 2.31% plus base rate.

A loan of £1,300,000 was drawn in December 2022, the outstanding balance is £1,240,024. The loan is repayable in monthly instalments over 20 years. The interest rate is 2.31% plus base rate.

ROYAL ALEXANDRA AND ALBERT SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR (continued)

In granting loan and overdraft facilities in 2011, Lloyds Bank Plc required a base rate cap agreement to be entered into until January 2024. The interest rate cap is 3.0%. No further base rate cap agreement was entered into in granting the £5.1m or £1.3m loans.

The loans and overdraft are secured on all property. Stocks and money held in the portfolio managed by Investec are also held to the order of Lloyds Bank Plc.

16. PENSION SCHEME OBLIGATIONS

Defined Contribution Schemes

The Foundation operates two defined contribution schemes for employees. One is a group personal pension scheme established with Legal & General Assurance Society. Contributions of £9,526 were made during the year (2023: £9,249). As at 31 August 2024 contributions totalling £3,112 (2023: none) were payable to the scheme. The other scheme is an auto enrolment “qualifying” scheme established with National Employment Savings Trust. Contributions of £143,674 (2023: £139,309) were made during the year. As at 31 August 2024 contributions totalling £18,106 (2023: £18,817) were payable to the scheme.

Gatton Trust operates a defined contribution scheme with Whitechurch and with National Employment Savings Trust. Contributions of £3,776 (2023: £1,760) were made during the year.

Defined Benefit Scheme

The Foundation maintained a defined benefit pension scheme operated by Legal & General Assurance Society with assets held in a separately administered fund. This fund was closed to new members in March 2001 and was wound up during the year with the completion accounted for in the accounts at 31 August 2023. The information shown below is provided in conformity with the requirements of Section 28 of FRS 102 for the year to 31 August 2023.

The assets of the pension scheme were held separately from those of the Foundation and administered by Charterhouse Consultancy Ltd. The contributions were determined by an independent qualified actuary on the basis of triennial valuations using the projected unit method. A full actuarial valuation was carried out at 23 March 2021 and updated to 31 August 2023 by the actuary, based on the provisions of FRS 102.

The most recent triennial valuation at 23 March 2021 revealed a funding surplus (technical provisions less value of assets) of £0.118m. The employer had agreed recovery plan contributions of 44% of pensionable pay, plus £8,300 a month in respect of the past service shortfall. In addition, the employer contributed £5,500 a month towards the expenses of the scheme. Given the surplus of the scheme these contributions ceased from 1 January 2023. Contributions paid by the Foundation during the year ended 31 August 2023 were £55,200.

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. For 2022/23 the employees’ contribution was 5% of pensionable pay in excess of £100. The current service cost for this scheme for the year was nil.

As required by FRS 102, the defined benefit liabilities have been measured using the projected unit method. The table below state the FRS 102 actuarial assumptions upon which the valuation was based.

ased.
	2023
Rate of increase in salaries	n/a
Rate of increase in pensions in payment accrued before 6 April 1997	5.0%
Rate of increase in pensions in payment accrued 6 April 1997 - 5 April 2007	3.0%
Rate of increase in pensions in payment accrued after 5 April 2007	3.0%
Rate of increase in deferred pensions accrued before 1 October 2003	5.0%
Rate of increase in deferred pensions accrued 1 October 2003 - 5 April 2009	2.3%
Rate of increase in deferred pensions accrued after 5 April 2009	2.8%**
Rate of increase in pensions in payment capped at 2.5%	n/a
Discount rate*	5.2%
Inflation rate (pre-retirement)	3.3%
Inflation rate (post-retirement)	3.2%
Inflation rate (CPI)	2.3%

*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
Retiring today - Men	26.4
Retiring today - Women	29.0
Retiring in 20 years - Men	27.6
Retiring in 20 years - Women	30.2

The major categories of scheme assets are as follows:

major categories of scheme assets are as follows:
UK Equities Global Equities Government Bonds Corporate Bonds Cash Value of annuities* Total scheme assets	2023 £’000 714 4,577
	5,291

*The value of annuities is taken to be equal to the corresponding value of liabilities calculated in accordance with the actuarial assumptions above.

ROYAL ALEXANDRA AND ALBERT SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (continued)

16. PENSION SCHEME OBLIGATIONS (continued)

Analysis of amounts charged to statement of financial activities:

nalysis of amounts charged to statement of financial activities:
Current service cost Past service cost Expenses Net interest credit Unrecognised net interest credit Net cost recognised as an expense Return on pension scheme assets excluding interest income Net scheme surplus not recognised Actuarial gain in the present value of liabilities Total actuarial gain recognised	2023 £’000 - (59) (83) 57 (57)
	(142)
	(1,273) 1,452 608
	787

Reconciliation of opening and closing balances of the scheme assets and liabilities:

Opening scheme assets/(liabilities) Current service cost Past service cost Interest income/(cost) Actuarial gain/(loss) Contributions by employer Contributions by scheme participants Benefits paid Expenses paid Closing scheme assets/(liabilities)	Fair value of scheme assets £'000 6,570 - - 270 (1,273) 69 - (261) (83) 5,292	Present value of scheme liabilities £'000 (5,175) - (59) (213) 608 - - 261 - (4,578)	Gross pension asset/ (liability) £'000 1,395 - (59) 57 (665) 69 - - (83)
			714

The total return on scheme assets for the year to 31 August 2023 was a £1,279,000 loss.

The actuarial valuation at 31 August 2023 generated a net scheme asset of £714,000. In prior years this net scheme asset had been recognised due to uncertainty over its recoverability. The Trustees had commenced a process to close the defined benefit scheme, policies to cover the remaining scheme member benefits had been secured and there was sufficient certainty to recognise the scheme surplus of £714,000 at 31 August 2023. The surplus was stated after making provision for future expenses of £44,000.

ROYAL ALEXANDRA AND ALBERT SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Group

roup
Current year Fixed assets Investments Net current assets Non-current liabilities Net assets Comparative year Fixed assets Investments Net current assets Non-current liabilities Net assets	Unrestricted funds £’000 25,735 11,358 3,030 (6,344) 33,779 Unrestricted funds £’000 26,894 10,052 2,282 (6,637) 32,591	Designated funds £’000 - - 2,934 - 2,934 Designated funds £’000 - - 3,092 - 3,092	Restricted funds £’000 2 - 38 - 40 Restricted funds £’000 3 - 16 - 19	Total funds 2024 £’000 25,737 11,358 6,002 (6,344)
				36,753
				Total funds 2023 £’000 26,897 10,052 5,390 (6,637)
				35,702

Foundation

oundation
Current year Fixed assets Investments Net current assets Non-current liabilities Net assets Comparative year Fixed assets Investments Net current assets Non-current liabilities Net assets	Unrestricted funds £’000 25,736 11,358 2,868 (6,344) 33,618 Unrestricted funds £’000 26,896 10,052 2,125 (6,637) 32,436	Designated funds £’000 - - 2,816 - 2,816 Designated funds £’000 - - 3,002 - 3,002	Restricted funds £’000 - - 11 - 11 Restricted funds £’000 - - 1 - 1	Total funds 2024 £’000 25,736 11,358 5,695 (6,344)
				36,445
				Total funds 2023 £’000 26,896 10,052 5,128 (6,637)
				35,439

ROYAL ALEXANDRA AND ALBERT SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

18. GROUP STATEMENT OF FUNDS

Unrestricted funds: - Foundation Fund - Boarding School Fund Restricted funds Unrestricted funds: - Foundation Fund - Boarding School Fund Restricted funds	At 1 Sept 2023 £’000 32,933 2,750 19 35,702 At 1 Sept 2022 £’000 33,094 1,591 38 34,723	Income £’000 1,082 10,789 87 11,958 Income £’000 1,121 11,171 129 12,421	Expenditure £’000 (1,202) (9,679) (26) (10,907) Expenditure £’000 (2,348) (9,068) (26) (11,442)	Fund transfers £’000 1,085 (1,044) (40) - Fund transfers £’000 1,066 (944) (122) -	At 31 Aug 2024 £’000 33,897 2,816 40
					36,753
					At 31 Aug 2023 £’000 32,933 2,750 19
					35,702

19. GROUP DESIGNATED FUNDS

Group and Foundation unrestricted funds include the following designated funds:

Boarding School Fund John Philip Waddington Legacy Foundation designated funds Gatton Trust – Park Conservation Group designated funds Boarding School Fund John Philip Waddington Legacy Foundation designated funds Gatton Trust – Park Conservation Group designated funds	At 1 Sept 2023 £’000 2,750 252 3,002 90 3,092 At 1 Sept 2022 £’000 1,591 1,591 55 1,646	New designations £’000 10,790 (252) 10,538 48 10,586 New designations £’000 11,171 252 11,423 35 11,458	Utilised £’000 (10,724) (10,724) (20) (10,744) Utilised £’000 (10,012) (10,012) 0 (10,012)	At 31 Aug 2024 £’000 2,816 -
				2,816 118
				2,934
				At 31 Aug 2023 £’000 2,750 252
				3,002 90
				3,092

ROYAL ALEXANDRA AND ALBERT SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (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 projects, 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/(losses) and net fund transfers to/from the Foundation Fund. The surplus on Boarding School Fund will be used principally to fund the future development and maintenance of the boarding estate.

20. GROUP RESTRICTED FUNDS

GROUP RESTRICTED FUNDS
DfE building grants Weir Bridge fund Sports Hall Fund Foundationer Fund Foundation restricted funds Gatton Trust – Park Conservation & Education Group restricted funds DfE building grants Weir Bridge fund University of Bristol prize fund Foundationer Fund Foundation restricted funds Gatton Trust – Park Conservation & Education Group restricted funds	At 1 Sept 2023 £’000 - 1 - - 1 18 19 At 1 Sept 2022 £’000 - 1 1 - 2 36 38	Income/ Capital £’000 40 - 10 1 51 37 88 Income/ Capital £’000 121 - - 1 122 7 129	Utilised £’000 (40) - - (1) (41) (26) (67) Utilised £’000 (121) - (1) (1) (123) (25) (148)	At 31 Aug 2024 £’000 - 1 10 -
				11 29
				40
				At 31 Aug 2023 £’000 - 1 - -
				1 18
				19

DfE building grants are received to fund specific fixed asset projects. Weir Bridge funds were received for the restoration of the Weir Bridge. The University of Bristol donated £1,000 as a prize fund for the Most Improved Student to be paid out equally over 10 years. Donations to the Foundationer Fund are received specifically to support our Foundationer pupils.

ROYAL ALEXANDRA AND ALBERT SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (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, payable as follows:

Within one year Within two to five years After five years	2024 £’000 37 101 12 150	2023 £’000 39 96 23
		158

The Foundation had no capital commitments at 31 August 2024 (2023: £156,960 in respect of the solar project).

22. CONSOLIDATED CASH FLOWS FROM OPERATING ACTIVITIES

CONSOLIDATED CASH FLOWS FROM OPERATING ACTIVITIES
Net income for the year Adjustments for: (Gain)/Loss on investments Interest paid Investment income Depreciation charge Pension adjustment FRS102 Profit on sale of assets Movements in working capital: Decrease in debtors Increase/(Decrease) in creditors Net cash inflow from group operations	2024 £’000 1,051 (1,080) 242 (418) 1,442 - - 66 598 1,901	2023 £’000 192 259 226 (289) 1,432 74 (11) 324 (309)
		1,898

23. ANALYSIS OF CHANGES IN NET DEBT

Cash and cash equivalents Cash at bank and in hand Borrowings Debt due within one year Debt due after one year Total	At 1 Sept 2023 £’000 6,768 6,768 (296) (5,691) (5,987) 781	Cash flows £’000 1,274 1,274 - 296 296 1,570	Other non-cash changes £’000 - - 57 (57) - -	At 31 Aug 2024 £’000 8,042
				8,042 (239) (5,452)
				(5,691)
				2,351

ROYAL ALEXANDRA AND ALBERT SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

23. ANALYSIS OF CHANGES IN NET DEBT (continued)

Cash and cash equivalents Cash at bank and in hand Borrowings Debt due within one year Debt due after one year Total	At 1 Sept 2022 £’000 4,754 4,754 (291) (4,708) (4,999) (245)	Cash flows £’000 2,014 2,014 - (988) (988) 1,026	Other non-cash changes £’000 - - (5) 5 - -	At 31 Aug 2023 £’000 6,768
				6,768 (296) (5,691)
				(5,987)
				781

24. FINANCIAL INSTRUMENTS

4. FINANCIAL INSTRUMENTS
Financial assets held at amortised cost: Trade debtors Accrued income Other debtors Financial assets held at fair value through profit and loss: Investments Financial liabilities held at amortised cost: Creditors: amounts falling due within one year Trade creditors Accruals Lloyds loans Other creditors Creditors: amounts falling due after one year Lloyds loans Other creditors	2024 £’000 261 114 745 1,120 11,358 950 515 239 390 2,094 5,452 892 6,344	2023 £’000 226 12 214
		452 10,052 527 280 295 358
		1,460 5,692 945
		6,637

ROYAL ALEXANDRA AND ALBERT SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

25. RELATED PARTY TRANSACTIONS

The Foundation enjoys a close working relationship with Royal Alexandra and Albert School which is a maintained school funded by Surrey County Council. The Foundation funds the boarding facilities and pastoral care, in partnership with Surrey Education Authority who fund the pupils’ tuition. The Foundation has the power to appoint the majority of the Governing Body to whom day to day 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 recharges the Foundation a portion of staff costs for boarding duties carried out by teaching staff. There are cross charges between the school and the Foundation in relation to shared facilities e.g. utilities, maintenance, insurance, horse care costs and catering costs (free school meals) as well as shared personnel.

personnel.
	2024	2023
	£’000	£’000
Grant to School	341	272
Salary reallocation charge	248	263
Recharged by Foundation to School:
Salaries	47	85
Other (net of VAT)	264	213
Recharged by School to Foundation:
Salaries	92	119
Other (net of VAT)	64	80
Purchases from related parties:
Gatton Community Theatre	1	2

During the year, the following key management personnel were customers of the Foundation:

Name	Annual transaction value	Amount outstandingat 31 Aug2024
M Thomas	£1,668.30	-
L Miller	£4,663.20	-£1,648.20
J Czerpak	£717.79	£53.22
B Maddox	£3,537.60	-

ROYAL ALEXANDRA AND ALBERT SCHOOL

REFERENCE AND ADMINISTRATIVE DETAILS AS AT 31 AUGUST 2024

Registered Name:	Royal Alexandra and Albert School
Charity Number:	311945
Principal Address:	Foundation Office
	Gatton Park
	Reigate
	Surrey
	RH2 0TW
	Tel: 01737 649050
Solicitors:	Farrer & Co LLP
	66 Lincoln’s Inn Fields
	London
	WC2A 3LH
Bankers:	Lloyds Bank plc
	1/5 The Broadway
	Crawley
	Surrey
	RH10 1DU
Investment Advisers:	Investec Wealth & Investment Ltd
	30 Gresham Street
	London
	EC2V 7QN
Independent Auditors:	Moore Kingston Smith LLP
	Chartered Accountants and Statutory Auditors
	Betchworth House
	57-65 Station Road
	Redhill
	Surrey
	RH1 1DL

ROYAL ALEXANDRA AND ALBERT SCHOOL

REFERENCE AND ADMINISTRATIVE DETAILS AS AT 31 AUGUST 2024 (continued)

PATRON

HRH The Duchess of Gloucester

PRESIDENT

HRH The Duchess of Gloucester

BOARD OF MANAGEMENT

David Frank Andrew Hodgkin Ryan Ramsey

Cindy Black Edward Winter Richard Wells FRICS Nishma Acharya John Billingham Gary Griffin Ononuju Irukwu Perry Spanyol Elizabeth Tadd Charles Wates BSc MRICS Jonathan White MBA Dan Mewett Kanika Sachdeva

Chair, retired 16 July 2024 appointed 26 March 2024, Chair from 2 August 2024 appointed 26 March 2024, Vice Chair from 2 August 2024 Honorary Treasurer appointed 26 March 2024 appointed as Comptroller 2 August 2024 Comptroller retired 22 July 2024

resigned 13 June 2024

retired 27 March 2024 appointed 24 September 2024 appointed 24 September 2024

MEMBERS OF THE COUNCIL:

The Bishop of Croydon The Lord Lieutenant of the County of Surrey The Rt Hon The Lord Mayor of London The Mayor of Reigate & Banstead The Chairman of Surrey County Council The Director General of Military Training, modern day equivalent position: Commandant, Soldier Academy Cindy Black

Crispin Blunt MP Canon Peter Bruinvels David Frank

Andrew Hodgkin

appointed 15 may 2024

appointed 2 January 2024 ex officio, Honorary Treasurer, Board of Management resigned 6 February 2024 ex officio, Chairman Board of Management until 16 July 24 ex officio, Chairman Board of Management from 2 August 24

William Gillen Ali Henderson Richard Link Dr Julie Llewellyn

ROYAL ALEXANDRA AND ALBERT SCHOOL

REFERENCE AND ADMINISTRATIVE DETAILS AS AT 31 AUGUST 2024 (continued)

MEMBERS OF THE COUNCIL (continued)

Dr Jeffrey Magee James Meyer Nick Owen Rebecca Paul MP Ryan Ramsey

Dame Mary Richardson Dorothy Ross-Tomlin Paul Ryder Tony Samuels The Hon Mrs Lavinia Sealy Stuart Southall Katie Sunley Sally Varah DL Andrew Wates Richard Wells

Jonathan White Graham Williams Edward Winter

resigned 19 September 2023 appointed 23 January 2023 appointed 27 September 2024 ex officio, Vice Chair of Board of Management from 2 August 24

deceased 5 July 2024 resigned 6 February 2024 resigned 15 September 2023 appointed 15 May 2024

resigned 26 March 2024 ex officio - Comptroller Board of Management until 22 July 2024 appointed 27 March 2024

ex officio – Comptroller Board of Management

FINANCE & GENERAL PURPOSES (F&GP) COMMITTEE

Edward Winter Chair until 11 September 2024 Cindy Black ex officio – Honorary Treasurer of Board of Management appointed 26 March 2024 (Chair from 11 September 2024) David Frank retired 16 July 2024 Andrew Hodgkin appointed 26 March 2024 Morgan Thomas Headteacher Ryan Ramsey appointed 27 June 2024 Charles Wates Richard Wells retired 22 July 2024

retired 22 July 2024

INVESTMENT COMMITTEE

David Frank Andrew Hodgkin

Cindy Black Ononuju Irukwu Richard Wells Edward Winter Edward Williams

Chair, retired 16 July 2024 appointed 26 March 2024, acting Chair from 2 August 2024 appointed 26 March 2024 appointed 27 June 2024 retired 22 July 2024

ROYAL ALEXANDRA AND ALBERT SCHOOL

REFERENCE AND ADMINISTRATIVE DETAILS AS AT 31 AUGUST 2024 (continued)

BURSARY COMMITTEE

David Frank Chair, retired 16 July 2024 Elizabeth Tadd Nishma Acharya John Billingham Kanika Sachdeva appointed 7 October 2024 Jonathan Boyce Chaplain Elizabeth Lowe Bursar Morgan Thomas Headteacher

Chair, retired 16 July 2024 appointed as Chair 7 October 2024

GATTON TRUST LIMITED

David Frank Peter Dawson Maggie Kippen Alan Mortlock Helen Neve Gail Sperrin Elizabeth Lowe

Chair

GATTON PARK LETTINGS LIMITED Covered under the F&GP committee Richard Wells Chair, retired 22 July 2024 David Frank resigned 16 July 2024 Charles Wates appointed 27 June 2024 Elizabeth Lowe

GATTON ESTATES LIMITED Covered under the F&GP committee David Frank resigned 16 July 2024 Charles Wates appointed 27 June 2024 Edward Winter James Taylor

Only members of the committees have been listed, members ‘in attendance’ have not been included.

Names in italics are Committee members who are not members of the Board of Management

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

ROYAL ALEXANDRA AND ALBERT SCHOOL

CONTENTS

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024

CHAIRMAN’S STATEMENT

New Patron

Foundationers

Ofsted Inspection 2024

ROYAL ALEXANDRA AND ALBERT SCHOOL

Finance

Fundraising

Estate

Trustees

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

BACKGROUND

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT (continued)

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT (continued)

A REVIEW OF OUR ACHIEVEMENTS AND PERFORMANCE

BURSARIES

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

BURSARIES (continued)

FOUNDATIONER EDUCATION

SCHOOL GRANT

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

PROPERTY MATTERS AND BUILDING DEVELOPMENT

Boarding House Refurbishment

Portacabins

Energy Efficiency

Other works

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

FUNDRAISING, DONATIONS AND LEGACIES

FINANCIAL REVIEW

Investment returns

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

Balance sheet

PLANS FOR FUTURE PERIODS

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

RESERVES AND FUNDING OF FUTURE WORK

GATTON PARK LETTINGS LIMITED

THE GATTON TRUST LIMITED (“GATTON TRUST”)

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

THE GATTON TRUST LIMITED (continued)

GOVERNANCE OF THE FOUNDATION AND SCHOOL

The Board of Management

Compliance with Charity Governance Code

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

GOVERNANCE OF THE FOUNDATION AND SCHOOL (continued)

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

GOVERNANCE OF THE FOUNDATION AND SCHOOL (continued)

Policies and Procedures Adopted for the Induction and Training of Trustees

Membership of the Board of Management

The Senior Leadership Team

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

GOVERNANCE OF THE FOUNDATION AND SCHOOL (continued)

Other Senior Staff

INVESTMENT POWERS

PRINCIPAL RISKS AND UNCERTAINITIES

ROYAL ALEXANDRA AND ALBERT SCHOOL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

PRINCIPAL RISKS AND UNCERTAINITIES (continued)