ILGS Reigate Grammar School Trust Financial Statement5 for the year ended 31 August 2024 together with Trustee's and Auditors, reports Registered Charity No. 312030
Refgate Grammar School Trust Legal and Administrative Information Address: Reigate Grammar School Reigate Road Reigate Surrey RH2 OQS Bankers: Barclays Bank PIC Level 12, 1 Churchill Place London E14 5HP Audltors: Haysmac LLP Registered Auditors 10 Queen Street Place London EC4R 1AG Sollcitors: Goodyear Blackie Herrington LLP Oak House Tanshire Park Shackleford Road Elstead Surrey GU8 6LB Corporate Trustee Reigate Grammar School The Governors of Reigate Grarnrnar School are as follows: Mr Mark Elsey (Chairl Mr Matthew Adshead {Resigned 2 July 2024) Mr John Duncan Anderson (Appointed 28 June 2024) Dr Shrilla Banerjee Mr Marc Benton Mrs Mary Braughler-Edmunds Mr Colin Cobain {Resigned 11 March 2024) Mr Brian Day Mr Christopher Dixon Mr Mark Elsey Mrs Johanna Hamilton (Appointed 28 June 2024) Mr Luke Herbert Mrs Maxine Hulme Mrs Lisa Page Mrs Margaret Shipley Mrs Rebecca Sturt (Appointed 28 June 2024) Mr Nicholas Weber Mr Edward Wheeler
Reigate Grammar School Trust Trustee's Report for the year ended 31 August 2024 The Trustee is pleased to present its report together with the financTal statements of the Charity for the year ended 31 August 2024. Legal and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, FRS102 the Financial Reporting Standard applicable in the UK ond Ireland and the Statement of Recommended Practice Accounting and reporting by charities ISORP (FRS10212" Edition. Structure, Governance and Management: The Charity was constituted by a Scheme sealed on 27 July 1976, when Reigate Grammar School reverted to independent status. The Scheme was amended on 31 May 1994 as a consequence of the Governors, decision that the School should become a fully co-educational school by the start of the 199711998 academic year. On 21 July 2011 a further scheme was adopted in order to enable the Trust to hold property previously held by the Godfrey Searle Choir Trust {CharTty No: 305102). Object of the Trust: At 31 August 2024 the Charity held certain property on trust in accordance WTth the scheme approved by the Charity Commission. In addition, donations for the specific purpose of financing future awards and prizes were held in restricted funds. The Trustee has had regard to the Charity Commission's guidance on public benefit. Trustee's Selectfon of Authorised Representatives: The Trustee, Reigate Grammar School, aims to achieve a wide spread of knowledge and experience through its authorised representatives so as to fulfil its statutory obligations and determine the aims and overall conduct of the Trust. All authorised representatives are Governors of Reigate Grammar School. Review of Actfvlties: The assets of the Trust are as follows: Land held under title number SY612426 - this is the playground and the oldest premises used by the School and the Art and Technology Centre. This property is a permanent endowment and is held on trust in accordance with the scheme approved by the Charity Commission. 2. The land and buildings donated by the Godfrey Searle Choir Trust. On 1 November 2011 the transfer of land into the trust previously held by The Godfrey Searle Choir Trust (Charity No: 3051021 under title number SY322956 was formally completed. At the same time the responsibility for managing and maintaining the Godfrey Searle Choir was transferred from The Godfrey Searle Choir Trust to the School. 3. Foundation and Charity Funds and The Paul Bewshea Memorial Scholarship Fund. Flnanclal Results: The net assets of the Trust as at 31 August 2024 were £2,352,013 12023: £2,300,674). Fixed assets total £1,302,986 (2023: £1,314,452) of the value of net assets, which is freehold land and buildings at Relgate St Mary's. There was one main income stream from the Trust during the period. This income arises from interest payable by Reigate Grammar School on the loan the Trust has made to this group entity of £800,000. Interest
receivable in respect of this loan was £59,833 in the year to 31 August 2024 (2023: £48,258) (see note 8 for further details). The Trustee considers the results to be satisfactory. Investment Pollcy: The Trust's financial assets are very small in relation to the overall resources of Re7gate Grammar School. A low risk strategy is followed with the majority of cash and investments being held on deposit. The Trustees have entered into a Loan Agreement with RGS, whereby £8(M),000 of cash has been lent to RGS, with Interest being paid to the Reigate Grammar School Trust at a rate of 2% above base rate per annum. Reserves: The Trustee adopts a prudent and cautious approach in managing the property and financial resources of the Trust. The Trust'5 focus is to maintain the land and buildings donated by the Godfrey Searle Choir Trust in 2011 and to utilise the funds to the benefit of pupils at Reigate Grammar School. The Trust maintalns three Restricted Funds, the net assets of which amounted to £2,352,013 at 31 August 2024 (2023". £2,300,674). The largest fund 15 the Godfrey Searle Property fund, which holds the freehold land and buildings at Reigate St Mary's has net assets of £2,312,862 as at 31 August 2024 {2023: £2,258,165) The Paul Bewshea fund within the Truet has fundcd thrcc £1,000 Paul Bcwshca Scholar".hipJ at thc "Jchool for the academic year 202312024. These scholarships totalled £3,000 for the period. Given that the restricted funds are being used to fund these scholarships, the balance held in the Paul Bewshea Fund is likely to reduce to nil over time. At 31 August 2024 the Paul Bewshea fund had net assets of E26,494 (2023". £29,819).The Foundation and Charity Funds hold funds for other awards and has net assets of £12,657 as at 31 August 2024 12023: £12,690).
Reigate Grammar School Trust Trustee's Report for the year ended 31 August 2024 R15k Mana8ement: The Trustee has considered the major rTsks affecting the Trust, and have implemented appropriate systems and controls. The Governors of Reigate Grammar School, as corporate trustee, are continuing to actively monitor the changing operational landscape and Impact on assets and related income held in the Trust. Grant Maklng Pol7cies: The Trust made grant5, awards and prizes during the period totalling £3,OCQ (2023: £3,000). Statement of Trustee's Responsibilities The Trustee is responsible for preparing the Trustee's Report and the financTal statements in accordance wth applicable law and United Kingdom Generally Accepted Accounting Practice ('UK GAAP,). The law applicable to charities in England & Wale5 requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustee is required to: Select suitable accounting policies and then apply them consistently" Observe the methods and principles in the Charities SORP. Make judgements and estimates that are reasonable and prudent. State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements" Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustee 15 responsible for keeping proper accounting records that disclose with reasonable accuracy at any one time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguardlng the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustee and signed on its behalf on I¥March 2025 Mark Elsey (Chair, Reigate Grammar School)
Independent auditors, report to the trustee of Reigate Grammar School Trust Opinion We have audited the financial statements of Reigate Grammar School Trust for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, and notes to the financial Statements, including a summary of significant accounting policies. The financial reporting framewort( that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Stondard applicoble in the UK and Republlc of Ireland (United Kingdom Generally Accepted Accounting Practice}. In our opinion, the financlal statements: give a true and faTr view of the state of the charity's affairs as at 31 August 2024 and of the net movement in funds, including the income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice" and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing IUK} IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the AudiLoi s i-espoi)sibililivS loi. Ll)¥ audil uf Lliv fiiidl ILldl 5LdLviii¥iiLs 5eLLiuii ul vui ieyui L. Wè dl v iiidéyeiiijviil vf ii)è Ll Idl ily in accordance with the ethical requirements that are relevant to our audTt 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. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the Trustee'5 use of the going concem basls of accounting in the preparation of the financial statements 15 appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individLially or collectively, may cast significant doubt on the charfty's abllity to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue, Our responsibilities and the responsibilities of the Trustee with respect to going concem are described in the relevant sections of this report. Other information The Trustee is responsible for the other inforfflation. The other information comprises the Infomiation Included Tn the Trustee's Report. Our opinion on the fTnancial statements does not cover the other information and, except to the extent Otheise explicitly stated in our rewrt, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consTder whether the other information is materially inconsTStent with the financial Statements or our knowledge obtained in 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 or a material misstatement of the other information. 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. Alatters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (kcounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: adequate accounting records have not been kept by the charlty. or sufficient accounting records have not been kept. or the charity financial statements are not in agreement with the accounting records and returns. or we have not received all the information and explanations we require for our audit.. ResponsTbilitie5 of Trustee for the flnanclal statements As explained more fully in the Statement of Trustee's Responsibilities set out on page 4, the Trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal ontrol as the Trustee determines is necessary to enable the preparation of financial statements that are f ree from material isstatement, whether due to fraud or error.
Independent auditors, report to the trustee of Reigate Grammar School Trust In preparing the financial statements, the Trustee is responsible for assessing the charity's ability to continue as a going oncern, disclosing* as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intend to liquidate the charity or to cease operation5, or have no realistic alternative but to do so. Auditors, responsibilities for the audlt of the financlal statements Our objectives are to obtain reasonable"assurance about whether the flnanclal statements as a whole are free from mdleJ 1<11 misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decTsions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures Tn line wth 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: Based on our understanding of the charity and the environment in which it operate, we identified that the principal risks of non-compliance with law5 and regulations related to Charity Law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulation5 that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and the Statement of Recommended Practice for Charities (SORP 20191. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements lincluding the risk of override of controls), and determined that the principal risk5 were related to posting inappropriate journal entries and management bias in certain accounting estimates and judgements. Audit procedures performed by the engagement team included: Inspecting correspondence with regulators and tax authorit7es' Discussions with management includlng consideration of known or suspected instance5 of non-compliance with laws and regulation and fraud. Evaluating management's controls designed to prevent and detect irre£uLarities" Identifying artd testlng journals. in particular journal entries posted with significant values. and Challenging assumptions and judgements made by management in their accounting estimates and challenge of the underlying a5suinptions. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, Including those leading to a material misstatement in the financial statement5 or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financlal statements, as we will be les5 likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilitie5 for the audit of the financial statements is located on the Financlal Reporting Council's website at: www.frc.or .uk/auditorsr¢s nsibiliti¢s. This description forms part of our auditor's report. Use of our report This report is made solely to the charity's trustee, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charitls trustee those matters we are required to state to them in an Auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibTlity to anyone other than the charity's trustee as a body for our audit work, for this report, or for the opinions we have formed. Haysmac LLP, Statutory Audltors March 2025 10 Queen Street Place London EC4R 1AG Haysmac LLP is eligible to act as an audTtor in terms of section 1212 of the Companie5 Act 2006
Reigate Grammar School Trust Statement of Financial Activities for the year ended 31 August 2024 RESTRICTED 2023 Notes 2024 INCOME Investment Income - Property Investment Income - Interest 350 66,677 325 48,382 67,027 48,707 EXPENDITURE ON: Charitable activity: Grants, awards and prizes Property Costs Auditor's Remuneration {3,000) {11,501) (1,3501 (3,000) (11,501) (1,800) TOTAL EXPENDITURE {15,8511 (16,301) NET INLOME BEFORE INVESTMENT LOSSES 51,176 32,406 Unrealised investment gains / (losses) 163 (128) NET INCOME 51,339 32,278 Balance brought forward 2,300,674 2,268,396 Balance carried forward £2,352,013 £2,300,674 No summary income and expenditure account has been prepared because this information is clearly ident7fied in the above statement.
Reigate Grammar School Trust Balance Sheet as at 31 August 2024 2024 2023 Notes --TANGIBLE FIXED A55ETS-- ...---- Land and Buildings Investments 1,302,986 2,322 1,314,452 2,159 £1,305,308 £1,316,611 CURRENT ASSETS Debtors Cash at bank and in hand 800,015 248,108 800,015 185,173 1,048,123 985,188 CREDITORS: due within one year (1,418} (1,125) NET CURRENT ASSETS 1,046,705 984,063 NET ASSETS £2,352,013 £2,300,674 Represented by: RESTRICTED FUNDS £2,352,013 £2,300,674 Approved and authorised for issue by the Trustee on l.?March 2025 Mark Elsey, Representative of the Trustee The accompanying notes are an integral part of this balance sheet.
Reigate Grammar School Trust Notes to the Financial Statements for the year ended 31 August 2024 ACCOUNTING POLICIES a. Statement of compllance The financial statements are prepared under the historical cost convention as modified to include the revaluation of investments. The format of the financial statements has been presented to comply with the Charitles Act 2011, FR5102 The Financial Reporting Standard Gpplicable in the UK and Ireland and the Statement of Recommended Practice Accounting and Reporting by Charities (Second Edition, effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS102. b. General Inforrnation The Charity is a charity registered in England and Wales {charity number: 312030). The Charity's registered office address is: Reigate Grammar School, Reigate Road, Reigate, Surrey, RH2 OQS. Basls of Accounting The financial statements have been prepared under the Charities Act 2011 on the historical cost convention as modified by the valuation of investments, which is consistent with the prlor year. d. Disclosure exemptions The Charity has taken advantage of the exemptions which are available to subsidiary undertakings, in accordance with section 1.12 of FR5102, from presenting a statement of cash flows and disclosures relating to financial instruments. e. Going concern The Trustee considers that there are no material uncertainties which would cast doubt on the Charity's ability to ioiILiiiuè d5 d ¥UiII¥ LufiLerii. f. Slgnlflcant Judgments and sources of estlmatlon uncertainty The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applylng the Charity's accounting policies. The key judgement that has been applied by management relates to the useful economic life of tangible fixed assets. The following prTncTpal accounting policies have been applTed: g. Income All income is recognised when the criteria of entitlement, measurement and probability of receipt have been satisfied. Rent rece7vable is recognised in the period to which it relates. Investment income, including interest receivable, and other miscellaneous income are accounted for on a receivable basis. h. Expenditure Expenditure is recognised as soon as the related liability is incurred and has been classified under headings that aggregate all costs relating to that category. LiabilitTes are recognised as soon as there is a legal or constructive obligation committing the Charity to the expenditure. Grant makfng policy Grants are recognised as expenditure in the academic year to which the award relates.
Reigate Grammar School Trust Notes to the Financial Statements for the year ended 31 August 2024 ACCOUNTING POLICIES (continued) Tang?ble Fixed Assets and Depreciation Tangible fixed assets are inTtially recognised at cost. Depreciation is provided on fixed assets to write off their cost less estimated residual value over their estimated useful economic life by equal annual instalments as follows.. Freehold buildings 20 to 50 years The carrying values of tangible fixed assets are reviewed for Impairment in accordance with the requirements of FRS102. k. Investments Listed Tnvestments held for the long-term to generate income or capital growth are carried at fair value as fixed assets. Realised gains are the difference between sales proceeds and the carrying value of the investment. The carrying value is the fair value at the beginning of the year or the purchase cost where the investment was acquTred during the year. Unrealised gains are the change in value of investments after taking into account any movements in investment holdings such as purchases and disposals of investments. Realised and unrealised gains are accounted for within the Statement of Financial Activities. Financial instruments Basic financial instruments transactions that result in the recognition of financial assets and liabillties such trade and other accounts receivable and payable are accounted for on the following basis: Debtors and creditors Debtors and creditors are measured at the transaction price less any provision for impairment. Any losses arising from impairment are recognised as expenditure. m. Funds Restricted Income funds comprise unexpended balances of donatTons and grants held in trust to be applied for specific purposes. io
Reigate Grammar School Trust Notes to the Financial Statements for the year ended 31 August 2024 2. INVESTMENT INCOME 2024 2023 Interest £66,677 E48,382 Interest of £59,833 {2023: £48,258) has been paid by Reigate Grammar School to the Trust in respect of the year to 31 August 2024 in respect of the loan of £800,000. There is also bank interest which has been received of £6,844 (2023: E1241. 3. STAFF COSTS The Trust has no employees. No persons connected with the Trustee received any remuneration or other benefits from the Trust. 4. LAND AND BUILDINGS Freehold Land and Build?ngs Cost At 31 August 2023 and 31 August 2024 1,450,135 Depreciation At 31 August 2023 Charge for the period At 31 August 2024 (135,6831 (11,466) {147,149) Net Book Value At 31 August 2024 £1,302,986 At 31 August 2023 £1,314,452 5. INVESTMENTS 2024 2023 Market value brought fOard Unrealised investment (losses) 2,159 163 2,287 (128) Market value carried forward £2,322 £2,159 Historical cost as at 31 August 2024 £3,794 E3,794 li
Reigate Grammar School Trust Notes to the Financial Statements for the year ended 31 August 2024 DEBTORS 2024 -----.----- 2023 Trade debtor Intercompany debtor - loan to Reigate Grammar School 15 15 800,000 800,000 £800,015 £800,015 The Loan is repayable at any time on demand by the Trust, and the Trust may at any time, by notice to the School, cancel its commitment to advance the Loan or any part of it. The maximum amount to be lent to Reigate Grammar School is £1,000,000. CREDITORS 2024 2023 Other credTtors and accruals 1,418 1,125 £1,418 £1,125 RELATED PARTIES The Trust own5 the freehold of the land held under title number SY612426 - this is the playground and the oldest premises used by Reigate Grammar School and the Art and Technology Centre. It should be noted that the charitable company holds the property on trust in accordance with the scheme approved by the Charity Commissions related to the transfer of Reigate Grammar School. This is because the land is a permanent endowtnent. The Trust has provided Reigate Grammar School with a loan of £800,000. Interest of £59,833 (2023: £48,258) has been paid by Reigate Grammar School to the Trust in respect of the year to 31 August 2024. During the year 202312024, three Paul Bewshea awards of £1,000 each were made totalling £3,000 1202212023: £3,000) to pupils at Reigate Grammar School. There are no other related party transactions. 12
Reigate Grammar School Trust Notes to the Financial Statements for the year ended 31 August 2024 RESTRICTED FUNDS Balance at I September 2023 Income Expenditure Investment (Losses)l Gains Balance at 31 August 2024 Paul Bewshea Fund Foundation and Charity Funds Godfrey Searle Property 29,819 (3,325) 26,494 12,690 2,258,165 129 66,898 (325) (12,201) 163 12,657 2,312,862 £2,300,674 E67,027 (£15,851) £163 £2,352,013 Balance at 1 September 2022 Income Expenditure Investment Gainsl (Losses) Balance at 31 August 2023 Paul Bewshea Fund Foundation and Charity Fund5 Godfrey Searle Property 33,144 (3,325) 29,819 13,019 2,222,233 124 48,583 {325) 112,651) {128) 12,690 2,258,165 £2,268,396 £48,707 {£16,301) (£128) £2,300,674 The Paul Bewshea Fund was set up to provide financial assistance to any pupil awarded The Paul Bewshea Memorial Scholarship. In order to be eligible for this scholarship the pupil concerned must have achieved excellent academic results and have a150 shown an interest in aviation or science as a career. During the year 202312024, three Paul Bewshea awards of £1,000 each were made totalling £3,000 (2022/2023: £3,000). The Foundation and Charity Funds were set up to provide for the cost of awarding, as appropriate, on an annual basis other prizes and awards. The Godfrey Searle Property Fund was created by the donation of land and buildings by the Godfrey Searle Choir Trust. On 1 November 2011 the transfer of land previously held by The Godfrey Searle Choir Trust (Charity No: 3051021 under title numbers SY313629 and SY322956 was formally completed. At the same time, the responsibility for managing and maintaining the Godfrey Searle Choir was transferred from The Godfrey Searle Choir Trust to the School. The transfer of the land to the Trust, rather than to the School, reflected that the land, in part, is subject to permanent endowment. The cost5 of maintaining the properties are borne by the fund and income arising accrues to the fund. 13