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
Othe￿ise 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 fO￿ard
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