2021-03-31-accounts

REGISTERED CHARITY NUMBER: 312706

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Raine's School Foundation

Deeks Evans
Chartered Accountants
First Floor, West Barn
North Frith Farm, Ashes Lane
Hadlow
Tonbridge
Kent
TN11 9QU

Raine's School Foundation

Contents of the Financial Statements
for the Year Ended 31 March 2021

		Page
Report of the Trustees	1	to	2
Independent Examiner's Report		3
Statement of Financial Activities		4
Balance Sheet		5
Notes to the Financial Statements	6	to	11
Detailed Statement of Financial Activities		12

Raine's School Foundation

Report of the Trustees for the Year Ended 31 March 2021

Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31March2021. The
trusteeshaveadoptedtheprovisionsofAccountingandReportingbyCharities:StatementofRecommended Practice
applicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableinthe UK
and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

TheprincipalobjectiveoftheCharityistoprovidefinancialassistancetoformerpupilsofRaine'sFoundationSchool, who
in the opinion of the Trustees, would benefit by enabling them to continue with their education.

Significant activities

The main activity of the Charity is to assist former pupils of the Raine's Foundation School via payment of bursaries.

The Charity does not undertake fundraising activities and income is derived from an investment portfolio.

ACHIEVEMENT AND PERFORMANCE

Summary

During the year the Charity assisted 57 students in their education by way of bursaries.

The school closed on 31 August 2020.

The Trustees, along with their professional advisors, are currently reviewing the next steps for the charity.

FINANCIAL REVIEW

Reserves policy

Thereservespolicyisthattheexistingassetsareretainedtoproduceincomewhichiswhollyutilisedtosupport the
existing activities.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

Recruitment and appointment of new trustees

Trustee appointed Foundation Governors of the School are automatically trustees of the Charity.

TheCharityCommissionersdopermittheappointmentofotherTrusteeswhocanprovidespecialskillsor background
which is of benefit to the Charity.

Public benefit

The Trustees have had due regard to the guidance published by the Charities Commission with regards to public benefit.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number

312706

Principal address

32 Roffeys Close
Copthorne
West Sussex
RH10 3QY

Trustees

Ms C Day
Ms T Fox ACII FSFA MPMI
A V Groves
J P L Edwards (resigned 29.9.21)
Rev J Olanipekun
Ms T McCormack
M A Mole
C Turnbull (appointed 7.9.20)
G R Clubb
N Dennis (appointed 1.12.20) (resigned 29.9.21)
P Dooley (appointed 29.9.21)

Page 1

Raine's School Foundation

Report of the Trustees for the Year Ended 31 March 2021

REFERENCE AND ADMINISTRATIVE DETAILS

Independent Examiner
Deeks Evans
Chartered Accountants
First Floor, West Barn
North Frith Farm, Ashes Lane
Hadlow
Tonbridge
Kent
TN11 9QU

Approved by order of the board of trustees on 11 January 2022 and signed on its behalf by:

Ms T Fox ACII FSFA MPMI - Trustee

Page 2

Independent Examiner's Report to the Trustees of
Raine's School Foundation

Independent examiner's report to the trustees of Raine's School Foundation

IreporttothecharitytrusteesonmyexaminationoftheaccountsofRaine'sSchoolFoundation(theTrust)forthe year
ended 31 March 2021.

Responsibilities and basis of report

AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsinaccordancewith the
requirements of the Charities Act 2011 ('the Act').

IreportinrespectofmyexaminationoftheTrust'saccountscarriedoutundersection145oftheActandincarrying out
myexaminationIhavefollowedallapplicableDirectionsgivenbytheCharityCommissionundersection145(5)(b)of the
Act.

Independent examiner's statement

Ihavecompletedmyexamination.Iconfirmthatnomaterialmattershavecometomyattentioninconnectionwith the
examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhichattention should
be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Deeks Evans
Chartered Accountants
First Floor, West Barn
North Frith Farm, Ashes Lane
Hadlow
Tonbridge
Kent
TN11 9QU

11 January 2022

Page 3

Raine's School Foundation

Statement of Financial Activities for the Year Ended 31 March 2021

Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Raising funds 3 Charitable activities Bursaries awarded Other charitable donations Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted fund £ 20 73,711 73,731 40,998 32,350 - 154,397 227,745 120,391 (33,623) 1,143,152 1,109,529	Restricted fund £ - 439 439 49 - - - 49 1,745 2,135 21,730 23,865	2021 Total funds £ 20 74,150 74,170 41,047 32,350 - 154,397 227,794 122,136 (31,488) 1,164,882 1,133,394	2020 Total funds £ 3,415 75,014 78,429 15,472 38,130 20,035 83,059 156,696 (69,825) (148,092) 1,312,974 1,164,882

The notes form part of these financial statements

Page 4

Raine's School Foundation

Balance Sheet 31 March 2021

Notes FIXED ASSETS Investments Investments 8 Investment property 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Unrestricted funds Restricted funds TOTAL FUNDS	Unrestricted fund £ 595,744 489,672 1,085,416 4,535 23,494 28,029 (3,916) 24,113 1,109,529 1,109,529	Restricted fund £ 13,767 - 13,767 - 10,098 10,098 - 10,098 23,865 23,865	2021 Total funds £ 609,511 489,672 1,099,183 4,535 33,592 38,127 (3,916) 34,211 1,133,394 1,133,394 1,109,529 23,865 1,133,394	2020 Total funds £ 608,741 489,672 1,098,413 650 68,220 68,870 (2,401) 66,469 1,164,882 1,164,882 1,143,152 21,730 1,164,882

ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon11January2022and were
signed on its behalf by:

T Fox ACII FSFA MPMI - Trustee

The notes form part of these financial statements

Page 5

Raine's School Foundation

Notes to the Financial Statements for the Year Ended 31 March 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,havebeenprepared in
accordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancial Reporting
StandardapplicableintheUKandRepublicofIreland(FRS102)(effective1January2019)',Financial Reporting
Standard102'TheFinancialReportingStandardapplicableintheUKandRepublicofIreland'andthe Charities
Act2011.Thefinancialstatementshavebeenpreparedunderthehistoricalcostconvention,withthe exception
of investments which are included at market value, as modified by the revaluation of certain assets.

Income

AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementtothefunds,it is
probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlement and
theamountoftheobligationcanbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisand has
beenclassifiedunderheadingsthataggregateallcostrelatedtothecategory.Wherecostscannotbe directly
attributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwiththeuse of
resources.

Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedasa commitment
but not accrued as expenditure.

Intangible fixed assets

The intangible fixed assets consist of a coat of arms.

The coat of arms has been depreciated to a value of £nil.

Investment property

The valuation of the investment property has been done on the best estimate of the Trustees.

Any surplus or deficit on revaluation is shown in the SOFA as 'Other recognised gains/losses'.

The property is not depreciated as it is held for its investment potential.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthecharity. Restrictions
arise when specified by the donor or when funds are raised for particular restricted purposes.

Thereisonerestrictedfundinexistence-TheMillieGlucksteinFund.Thisisfundexiststoprovideaprizeto one
girl each year.

Pension costs and other post-retirement benefits

Thecharityoperatesadefinedcontributionpensionscheme.Contributionspayabletothecharity's pension
scheme are charged to the  Statement of Financial Activities in the period to which they relate.

Investments

Investment income is included in the SOFA when receivable.

Listed investments are included in the balance sheet at their mid-market value at the year end.

Any changes in the market value of listed investments is shown in the SOFA as 'Other recognised gains/losses'.

Irrecoverable VAT

VAT is not recoverable by the Charity and is therefore included in the relevant costs in the SOFA.

continued...

Page 6

Raine's School Foundation

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

2. INVESTMENT INCOME

Rents received Fixed asset investment income Deposit account interest RAISING FUNDS Investment management costs Portfolio management Property rental expenses	2021 £ 52,858 21,291 1 74,150 2021 £ 2,417 38,630 41,047	2020 £ 47,559 27,449 6
		75,014
		2020 £ 2,786 12,686
		15,472

3. RAISING FUNDS Investment management costs

4. TRUSTEES' REMUNERATION AND BENEFITS

Therewerenotrustees'remunerationorotherbenefitsfortheyearended31March2021norfortheyear ended
31 March 2020.

Trustees' expenses

There were no  trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.

5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Raising funds Charitable activities Bursaries awarded Other charitable donations Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward	Unrestricted fund £ 3,415 74,508 77,923 15,421 38,130 20,035 83,059 156,645 (68,935) (147,657) 1,290,809	Restricted fund £ - 506 506 51 - - - 51 (890) (435) 22,165	Total funds £ 3,415 75,014 78,429 15,472 38,130 20,035 83,059 156,696 (69,825) (148,092) 1,312,974

continued...

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Raine's School Foundation

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund fund £ £ TOTAL FUNDS CARRIED FORWARD 1,143,152 21,730 6. INDEPENDENT EXAMINERS FEE 2021 £ Independent Examiners Fee 2,832 7. INTANGIBLE FIXED ASSETS COST At 1 April 2020 and 31 March 2021 AMORTISATION At 1 April 2020 and 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 8. FIXED ASSET INVESTMENTS MARKET VALUE At 1 April 2020 Disposals Revaluations At 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 There were no investment assets outside the UK. Cost or valuation at 31 March 2021 is represented by: Valuation in 2021	5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund fund £ £ TOTAL FUNDS CARRIED FORWARD 1,143,152 21,730 6. INDEPENDENT EXAMINERS FEE 2021 £ Independent Examiners Fee 2,832 7. INTANGIBLE FIXED ASSETS COST At 1 April 2020 and 31 March 2021 AMORTISATION At 1 April 2020 and 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 8. FIXED ASSET INVESTMENTS MARKET VALUE At 1 April 2020 Disposals Revaluations At 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 There were no investment assets outside the UK. Cost or valuation at 31 March 2021 is represented by: Valuation in 2021	5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund fund £ £ TOTAL FUNDS CARRIED FORWARD 1,143,152 21,730 6. INDEPENDENT EXAMINERS FEE 2021 £ Independent Examiners Fee 2,832 7. INTANGIBLE FIXED ASSETS COST At 1 April 2020 and 31 March 2021 AMORTISATION At 1 April 2020 and 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 8. FIXED ASSET INVESTMENTS MARKET VALUE At 1 April 2020 Disposals Revaluations At 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 There were no investment assets outside the UK. Cost or valuation at 31 March 2021 is represented by: Valuation in 2021	5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund fund £ £ TOTAL FUNDS CARRIED FORWARD 1,143,152 21,730 6. INDEPENDENT EXAMINERS FEE 2021 £ Independent Examiners Fee 2,832 7. INTANGIBLE FIXED ASSETS COST At 1 April 2020 and 31 March 2021 AMORTISATION At 1 April 2020 and 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 8. FIXED ASSET INVESTMENTS MARKET VALUE At 1 April 2020 Disposals Revaluations At 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 There were no investment assets outside the UK. Cost or valuation at 31 March 2021 is represented by: Valuation in 2021	Total funds £ 1,164,882	Total funds £ 1,164,882
			2021		2020
			£		£
			2,832		2,400
				Coat of arms £ 8,225 8,225 - - Listed investments £ 608,741 (121,366) 122,136 609,511 609,511 608,741 Listed investments £ 609,511

continued...

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Raine's School Foundation

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

9. INVESTMENT PROPERTY

Theinvestmentpropertyat4EastArbourStreetwasrevaluedon10December2012byConways Chartered
Surveyors.

TheCharityalsoownsthelandandbuildingsatApproachRoad,BethnalGreenfromwhichtheRaines Foundation
UpperSchooloperatesaswellasaportionofthelandinOldBethnalGreenRoadonwhichtheLowerSchool is
sited. The remaining land at the Lower School are owned by the London Diocese Board of Schools.

TheCharitydoesnotreceiveanyrentfromtheschoolandthepremisesisincludedintheaccountsata valuation
of £nil.

TheCharitydoeshoweverreceiverentfromtheoldcaretakersbungalowonthelowerschoolsitewhichislet on
a commercial basis separate from the school buildings.

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other debtors 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Taxation and social security Other creditors 12. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds Millie Gluckstein Fund TOTAL FUNDS	At 1.4.20 £ 1,143,152 21,730 1,164,882	2021 £ 4,535 2021 £ - 620 3,296 3,916 Net movement in funds £ (33,623) 2,135 (31,488)	2020 £ 650 2020 £ 1 - 2,400 2,401 At 31.3.21 £ 1,109,529 23,865	2020 £ 650
				2020 £ 1 - 2,400
				2,401
			1,133,394

Net movement in funds, included in the above are as follows:

Unrestricted funds General fund Restricted funds Millie Gluckstein Fund TOTAL FUNDS	Incoming resources £ 73,731 439 74,170	Resources expended £ (227,745) (49) (227,794)	Gains and Movement losses in funds £ £ 120,391 (33,623) 1,745 2,135 122,136 (31,488)	Gains and Movement losses in funds £ £ 120,391 (33,623) 1,745 2,135 122,136 (31,488)
				(31,488)

continued...

Page 9

Raine's School Foundation

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

12. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds General fund Restricted funds Millie Gluckstein Fund TOTAL FUNDS	At 1.4.19 £ 1,290,809 22,165 1,312,974	Net movement in funds £ (147,657) (435) (148,092)	At 31.3.20 £ 1,143,152 21,730
			1,164,882

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds General fund Restricted funds Millie Gluckstein Fund TOTAL FUNDS	Incoming resources £ 77,923 506 78,429	Resources expended £ (156,645) (51) (156,696)	Gains and Movement losses in funds £ £ (68,935) (147,657) (890) (435) (69,825) (148,092)	Gains and Movement losses in funds £ £ (68,935) (147,657) (890) (435) (69,825) (148,092)
				(148,092)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds General fund Restricted funds Millie Gluckstein Fund TOTAL FUNDS	At 1.4.19 £ 1,290,809 22,165 1,312,974	Net movement in funds £ (181,280) 1,700 (179,580)	At 31.3.21 £ 1,109,529 23,865
			1,133,394

Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedintheabove are
as follows:

Unrestricted funds General fund Restricted funds Millie Gluckstein Fund TOTAL FUNDS	Incoming resources £ 151,654 945 152,599	Resources expended £ (384,390) (100) (384,490)	Gains and Movement losses in funds £ £ 51,456 (181,280) 855 1,700 52,311 (179,580)	Gains and Movement losses in funds £ £ 51,456 (181,280) 855 1,700 52,311 (179,580)
				(179,580)

continued...

Page 10

Raine's School Foundation

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

13. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2021.

14. ULTIMATE CONTROLLING PARTY

The Charity is controlled by the Trustees.

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Raine's School Foundation

Detailed Statement of Financial Activities for the Year Ended 31 March 2021

INCOME AND ENDOWMENTS Donations and legacies Donations Investment income Rents received Fixed asset investment income Deposit account interest Total incoming resources EXPENDITURE Investment management costs Portfolio management Property rental expenses Charitable activities Grants to institutions Grants to individuals Other Wages Pensions Stationery, printing & adverts Sundry expenses Independent examiners fee Legal & professional fees Anniversary commemoration IT expenses Total resources expended Net expenditure	2021 £ 20 52,858 21,291 1 74,150 74,170 2,417 38,630 41,047 - 32,350 32,350 19,431 1,030 1,060 1,368 2,832 119,283 - 9,393 154,397 227,794 (153,624)	2020 £ 3,415 47,559 27,449 6 75,014 78,429 2,786 12,686 15,472 20,065 38,100 58,165 - - 150 - 2,400 57,564 22,945 - 83,059 156,696 (78,267)

This page does not form part of the statutory financial statements

Page 12