**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: 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. 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|**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|**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|**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