REGISTERED CHARITY NUMBER: 312706
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2024
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 2024
| 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 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. 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
The Trust continued in its quest to find a school to use the Approach Road premises. Not an easy task with numbers of children declining in the Borough. With this objective in mind we constantly endeavour to maintain the building to a high standard which had been left to decline before school closure in 2020. This was a difficult year financially as we were hit by a devastating 500% increase in energy prices following the Russian invasion of the Ukraine. Prices have subsequently been fixed at a much lower level to prevent a recurrence of that situation.
The former Raine's Lower School in Old Bethnal Green Road is still occupied by Oaklands School. However, we very much hope that the Department of Education will soon make a decision about ownership of the property.
However, in the meantime, we continue to provide the premises for children's education, dance and sport as well as church services on Sundays.
According to our charitable objectives, we continue to provide bursaries for former Raine's students - 21 students were assisted with bursaries during the year for 2023/24. In addition we paid bursaries to 33 students this year in relation to 2022/23.
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 2024
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 14 January 2025 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 2024.
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
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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
14 January 2025
Page 3
Raine's School Foundation
Statement of Financial Activities for the Year Ended 31 March 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Raising funds 3 Charitable activities Bursaries awarded Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ - 265,042 265,042 348,648 27,700 142,077 518,425 11,394 (241,989) 1,016,505 774,516 |
Restricted fund £ - 485 485 128 - - 128 246 603 23,939 24,542 |
2024 Total funds £ - 265,527 265,527 348,776 27,700 142,077 518,553 11,640 (241,386) 1,040,444 799,058 |
2023 Total funds £ - 317,328 317,328 212,613 - 166,588 379,201 (27,681) (89,554) 1,129,998 1,040,444 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 4
Raine's School Foundation
Balance Sheet 31 March 2024
| 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 £ 271,965 500,000 771,965 7,600 8,324 15,924 (13,373) 2,551 774,516 774,516 |
Restricted fund £ 13,526 - 13,526 - 11,016 11,016 - 11,016 24,542 24,542 |
2024 Total funds £ 285,491 500,000 785,491 7,600 19,340 26,940 (13,373) 13,567 799,058 799,058 774,516 24,542 799,058 |
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 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 14 January 2025 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 2024
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...
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Raine's School Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
2. INVESTMENT INCOME
| Rents received Fixed asset investment income Deposit account interest 3. RAISING FUNDS Investment management costs Portfolio management Property rental expenses |
2024 £ 252,477 12,716 334 265,527 2024 £ 3,519 345,257 348,776 |
2023 £ 300,114 17,112 102 317,328 2023 £ 4,278 208,335 212,613 |
|---|---|---|
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds 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 |
Total funds £ 317,328 212,613 166,588 379,201 (27,681) (89,554) 1,129,998 1,040,444 |
|---|---|---|---|
continued...
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Raine's School Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
| 6. INDEPENDENT EXAMINERS FEE Independent Examiners Fee 7. INTANGIBLE FIXED ASSETS COST At 1 April 2023 and 31 March 2024 AMORTISATION At 1 April 2023 and 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 8. FIXED ASSET INVESTMENTS MARKET VALUE At 1 April 2023 Additions Disposals Revaluations At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 There were no investment assets outside the UK. Cost or valuation at 31 March 2024 is represented by: Valuation in 2024 |
||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| 4,714 | 4,262 | |
| Coat of arms £ 8,225 8,225 - - Listed investments £ 497,715 7,046 (230,910) 11,640 285,491 285,491 497,715 Listed investments £ 285,491 |
continued...
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Raine's School Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
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.
When the school occupied the buildings they were shown at a valuation of nil and continue to do so.
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 2024 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 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 265,042 Restricted funds Millie Gluckstein Fund 485 TOTAL FUNDS 265,527 |
At 1.4.23 £ 1,016,505 23,939 1,040,444 Resources expended £ (518,425) (128) (518,553) |
2024 £ 7,600 2024 £ 2,163 11,210 13,373 Net movement in funds £ (241,989) 603 (241,386) Gains and losses £ 11,394 246 11,640 |
£ 500,000 2023 £ 8,690 2023 £ - 5,991 5,991 At 31.3.24 £ 774,516 24,542 799,058 Movement in funds £ (241,989) 603 (241,386) |
|
|---|---|---|---|---|
continued...
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Raine's School Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.4.22 £ Unrestricted funds General fund 1,105,725 Restricted funds Millie Gluckstein Fund 24,273 TOTAL FUNDS 1,129,998 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 316,871 (379,088) Restricted funds Millie Gluckstein Fund 457 (113) TOTAL FUNDS 317,328 (379,201) A current year 12 months and prior year 12 months combined position is as follows: At 1.4.22 £ Unrestricted funds General fund 1,105,725 Restricted funds Millie Gluckstein Fund 24,273 TOTAL FUNDS 1,129,998 |
Net movement in funds £ (89,220) (334) (89,554) Gains and losses £ (27,003) (678) (27,681) Net movement in funds £ (331,209) 269 (330,940) |
At 31.3.23 £ 1,016,505 23,939 1,040,444 Movement in funds £ (89,220) (334) (89,554) At 31.3.24 £ 774,516 24,542 799,058 |
|---|---|---|
continued...
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Raine's School Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
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 £ 581,913 942 582,855 |
Resources expended £ (897,513) (241) (897,754) |
Gains and Movement losses in funds £ £ (15,609) (331,209) (432) 269 (16,041) (330,940) |
|---|---|---|---|
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
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 2024
| 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 individuals Other Wages Social security Pensions Stationery, printing & adverts Sundry expenses Independent examiners fee Legal & professional fees IT expenses Total resources expended Net expenditure |
2024 £ 252,477 12,716 334 265,527 265,527 3,519 345,257 348,776 27,700 62,207 219 2,456 960 521 4,714 71,000 - 142,077 518,553 (253,026) |
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) |
|---|---|---|
This page does not form part of the statutory financial statements
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