2023-03-31-accounts - Raine's School Foundation

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REGISTERED CHARITY NUMBER: 312706

Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2023

for

Raine's School Foundation

Deeks Evans Audit Services Limited 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 2023

		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 2023

The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The principal objective of the Charity is to provide financial assistance to former pupils of Raine's Foundation School, 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

At the end of 2022, the Trustees collaborated with a large group of parents and Fulham Boys School to put together an application to the Department of Education to become a free school. It was a long shot as guidance suggested that London would not be included in this wave of new free schools. In the summer we learned that we were not one of the successful candidates. This was still a big disappointment to us and local parents who had campaigned vigorously. However, the Foundation remains committed to education locally and have not given up the dream of another school in Approach Road.

According to our charitable objectives, we continue to provide bursaries for former Raine's students who continue to flourish. Although no bursaries were paid in the period covered by this report, these have been paid since the period end.

Our former school premises in Old Bethnal Green Road is being occupied by Oaklands School until a final decision is made on its future.

The Approach Road building is used by local children and schools for sport and education.

FINANCIAL REVIEW

Reserves policy

The reserves policy is that the existing assets are retained to produce income which is wholly utilised to support 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.

The Charity Commissioners do permit the appointment of other Trustees who can provide special skills or 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

Page 1

Raine's School Foundation

Report of the Trustees for the Year Ended 31 March 2023

Trustees

Ms C Day Ms T Fox ACII FSFA MPMI A V Groves Rev J Olanipekun Ms T McCormack M A Mole C Turnbull G R Clubb P Dooley

Independent Examiner

Deeks Evans Audit Services Limited 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 29 January 2024 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

I report to the charity trustees on my examination of the accounts of Raine's School Foundation (the Trust) for the year ended 31 March 2023.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
the accounts do not accord with those records; or
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.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Stephen Moger

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

29 January 2024

Page 3

Raine's School Foundation

Statement of Financial Activities for the Year Ended 31 March 2023

Notes INCOME AND ENDOWMENTS FROM Investment income 2 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 £ 316,871 212,500 - - 166,588 379,088 (27,003) (89,220) 1,105,725 1,016,505	Restricted fund £ 457 113 - - - 113 (678) (334) 24,273 23,939	2023 Total funds £ 317,328 212,613 - - 166,588 379,201 (27,681) (89,554) 1,129,998 1,040,444	2022 Total funds £ 255,257 142,513 27,550 10,100 102,013 282,176 23,523 (3,396) 1,133,394 1,129,998

The notes form part of these financial statements

Page 4

Raine's School Foundation

Balance Sheet 31 March 2023

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 £ 484,440 500,000 984,440 8,690 29,366 38,056 (5,991) 32,065 1,016,505 1,016,505	Restricted fund £ 13,275 - 13,275 - 10,664 10,664 - 10,664 23,939 23,939	2023 Total funds £ 497,715 500,000 997,715 8,690 40,030 48,720 (5,991) 42,729 1,040,444 1,040,444 1,016,505 23,939 1,040,444	2022 Total funds £ 535,696 489,672 1,025,368 10,471 100,152 110,623 (5,993) 104,630 1,129,998 1,129,998 1,105,725 24,273 1,129,998

The financial statements were approved by the Board of Trustees and authorised for issue on 29 January 2024 and 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 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a 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.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

There is one restricted fund in existence - The Millie Gluckstein Fund. This is fund exists to provide a prize to one girl each year.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity'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 2023

2. INVESTMENT INCOME

Rents received Fixed asset investment income Deposit account interest RAISING FUNDS Investment management costs Portfolio management Property rental expenses	2023 £ 300,114 17,112 102 317,328 2023 £ 4,278 208,335 212,613	2022 £ 235,753 19,504 - 255,257 2022 £ 2,459 140,054 142,513

3. RAISING FUNDS

4. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.

5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Bursaries awarded Other charitable donations Other Total Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward	Unrestricted fund £ 254,792 142,454 27,550 10,100 102,013 282,117 23,521 (3,804) 1,109,529	Restricted fund £ 465 59 - - - 59 2 408 23,865	Total funds £ 255,257 142,513 27,550 10,100 102,013 282,176 23,523 (3,396) 1,133,394

continued...

Page 7

Raine's School Foundation

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund fund £ £ TOTAL FUNDS CARRIED FORWARD 1,105,725 24,273 6. INDEPENDENT EXAMINERS FEE 2023 £ Independent Examiners Fee 4,262 7. INTANGIBLE FIXED ASSETS COST At 1 April 2022 and 31 March 2023 AMORTISATION At 1 April 2022 and 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 8. FIXED ASSET INVESTMENTS MARKET VALUE At 1 April 2022 Additions Disposals Revaluations At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 There were no investment assets outside the UK. Cost or valuation at 31 March 2023 is represented by: Valuation in 2023	Total funds £ 1,129,998	Total funds £ 1,129,998
2023		2022
£		£
4,262		4,154

	Coat of arms £ 8,225 8,225 - - Listed investments £ 535,696 52,076 (52,048) (38,009) 497,715 497,715 535,696 Listed investments £ 497,715

continued...

Page 8

Raine's School Foundation

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

9. INVESTMENT PROPERTY

The investment property at 4 East Arbour Street was revalued on 16 August 2023 by Sohal Associates Chartered Surveyors.

The Charity also owns the land and buildings at Approach Road, Bethnal Green from which the Raines Foundation Upper School used to operate as well as a portion of the land in Old Bethnal Green Road on which the Lower School is sited. The ownership of the remaining land at the Lower School is disputed.

When the school occupied the buildings they were shown at a valuation of nil.

The Trustees have decided that until the ownership of the full school site is ascertained the charity will continue to show a nil valuation.

The Charity does however receive rent from the old caretakers bungalow on the lower school site which is let on a commercial basis separate from the school buildings.

Fair value at 31 March 2023 is represented by:

Valuation in 2023 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Taxation and social security Other creditors 12. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds Millie Gluckstein Fund TOTAL FUNDS	At 1.4.22 £ 1,105,725 24,273 1,129,998	2023 £ 8,690 2023 £ - 5,991 5,991 Net movement in funds £ (89,220) (334) (89,554)	£ 500,000 2022 £ 10,471 2022 £ 1,277 4,716 5,993 At 31.3.23 £ 1,016,505 23,939 1,040,444

continued...

Page 9

Raine's School Foundation

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

12. MOVEMENT IN FUNDS - continued

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

Incoming resources £ Unrestricted funds General fund 316,871 Restricted funds Millie Gluckstein Fund 457 TOTAL FUNDS 317,328 Comparatives for movement in funds Unrestricted funds General fund Restricted funds Millie Gluckstein Fund TOTAL FUNDS Comparative net movement in funds, included in the above are as Incoming resources £ Unrestricted funds General fund 254,792 Restricted funds Millie Gluckstein Fund 465 TOTAL FUNDS 255,257	Resources expended £ (379,088) (113) (379,201) At 1.4.21 £ 1,109,529 23,865 1,133,394 follows: Resources expended £ (282,117) (59) (282,176)		Gains and losses £ (27,003) (678) (27,681) Net movement in funds £ (3,804) 408 (3,396) Gains and losses £ 23,521 2 23,523	Movement in funds £ (89,220) (334) (89,554) At 31.3.22 £ 1,105,725 24,273 1,129,998 Movement in funds £ (3,804) 408 (3,396)

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 1.4.21 £ 1,109,529 23,865 1,133,394	Net movement in funds £ (93,024) 74 (92,950)	At 31.3.23 £ 1,016,505 23,939 1,040,444

continued...

Page 10

Raine's School Foundation

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

12. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds General fund Restricted funds Millie Gluckstein Fund TOTAL FUNDS	Incoming resources £ 571,663 922 572,585	Resources expended £ (661,205) (172) (661,377)	Gains and Movement losses in funds £ £ (3,482) (93,024) (676) 74 (4,158) (92,950)

13. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2023.

14. ULTIMATE CONTROLLING PARTY

The Charity is controlled by the Trustees.

Page 11

Raine's School Foundation

Detailed Statement of Financial Activities for the Year Ended 31 March 2023

INCOME AND ENDOWMENTS 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 Social security Pensions Stationery, printing & adverts Sundry expenses Independent examiners fee Legal & professional fees IT expenses Total resources expended Net expenditure	2023 £ 300,114 17,112 102 317,328 317,328 4,278 208,335 212,613 - - - 61,072 371 2,023 960 38 4,262 90,008 7,854 166,588 379,201 (61,873)	2022 £ 235,753 19,504 - 255,257 255,257 2,459 140,054 142,513 10,100 27,550 37,650 51,156 127 1,882 960 495 4,154 36,451 6,788 102,013 282,176 (26,919)

This page does not form part of the statutory financial statements

Page 12