REGISTERED CHARITY NUMBER: 312706
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2025
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 2025
| 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 2025
The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. 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
Since the closure of Raine's Foundation School, the principal objective of the Charity remains 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 Trustees also make the Approach Road site available for use by local children and churches.
The Charity does not undertake fundraising activities and income is derived from an investment portfolio.
ACHIEVEMENTS AND PERFORMANCE
Summary
The Approach Road site continues to be maintained to a high standard despite the challenges posed by such a project. The Trust continues to liaise with Bouygues, who undertook the Building Schools for the Future renovation completed in 2013, in order to iron out problems.
The Trust continued to reach out into the local community in order to find best use for the Approach Road site. It has made several school contacts and is pursuing a future plan for permanent educational use. The site is busier than ever providing a much needed space for children's education, sport and activities.
According to our charitable objectives, we continue to provide bursaries for former Raine's students - 15 students were assisted with bursaries during the year for 2024/25.
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 2025
Trustees
Ms C Day Ms T Fox A V Groves Rev J Olanipekun Ms T McCormack Mrs M A Mole Ms 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 12 January 2026 and signed on its behalf by:
Ms T Fox - 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 2025.
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
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
12 January 2026
Page 3
Raine's School Foundation
Statement of Financial Activities for the Year Ended 31 March 2025
| 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 £ - 241,508 241,508 182,124 8,200 147,938 338,262 (3,227) (99,981) 774,516 674,535 |
Restricted fund £ - 446 446 124 - - 124 38 360 24,542 24,902 |
2025 Total funds £ - 241,954 241,954 182,248 8,200 147,938 338,386 (3,189) (99,621) 799,058 699,437 |
2024 Total funds £ - 265,527 265,527 348,776 27,700 142,077 518,553 11,640 (241,386) 1,040,444 799,058 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 4
Raine's School Foundation
Balance Sheet 31 March 2025
| 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 £ 159,956 500,000 659,956 490 22,721 23,211 (8,632) 14,579 674,535 674,535 |
Restricted fund £ 9,452 - 9,452 - 15,450 15,450 - 15,450 24,902 24,902 |
2025 Total funds £ 169,408 500,000 669,408 490 38,171 38,661 (8,632) 30,029 699,437 699,437 674,535 24,902 699,437 |
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 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 12 January 2026 and were signed on its behalf by:
T Fox - 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 2025
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 2025
2. INVESTMENT INCOME
| Rents received Fixed asset investment income Deposit account interest 3. RAISING FUNDS Investment management costs Portfolio management Property rental expenses |
2025 £ 233,587 8,252 115 241,954 2025 £ 2,358 179,890 182,248 |
2024 £ 252,477 12,716 334 265,527 2024 £ 3,519 345,257 348,776 |
|---|---|---|
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.
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 Total Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward |
Unrestricted fund £ - 265,042 265,042 348,648 27,700 142,077 518,425 11,394 (241,989) 1,016,505 |
Restricted fund £ - 485 485 128 - - 128 246 603 23,939 |
Total funds £ - 265,527 265,527 348,776 27,700 142,077 518,553 11,640 (241,386) 1,040,444 |
|---|---|---|---|
continued...
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Raine's School Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
| 5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund fund £ £ TOTAL FUNDS CARRIED FORWARD 774,516 24,542 6. INDEPENDENT EXAMINERS FEE 2025 £ Independent Examiners Fee 5,019 7. INTANGIBLE FIXED ASSETS COST At 1 April 2024 and 31 March 2025 AMORTISATION At 1 April 2024 and 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 8. FIXED ASSET INVESTMENTS MARKET VALUE At 1 April 2024 Additions Disposals Revaluations At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 There were no investment assets outside the UK. Cost or valuation at 31 March 2025 is represented by: Valuation in 2025 |
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund fund £ £ TOTAL FUNDS CARRIED FORWARD 774,516 24,542 6. INDEPENDENT EXAMINERS FEE 2025 £ Independent Examiners Fee 5,019 7. INTANGIBLE FIXED ASSETS COST At 1 April 2024 and 31 March 2025 AMORTISATION At 1 April 2024 and 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 8. FIXED ASSET INVESTMENTS MARKET VALUE At 1 April 2024 Additions Disposals Revaluations At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 There were no investment assets outside the UK. Cost or valuation at 31 March 2025 is represented by: Valuation in 2025 |
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund fund £ £ TOTAL FUNDS CARRIED FORWARD 774,516 24,542 6. INDEPENDENT EXAMINERS FEE 2025 £ Independent Examiners Fee 5,019 7. INTANGIBLE FIXED ASSETS COST At 1 April 2024 and 31 March 2025 AMORTISATION At 1 April 2024 and 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 8. FIXED ASSET INVESTMENTS MARKET VALUE At 1 April 2024 Additions Disposals Revaluations At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 There were no investment assets outside the UK. Cost or valuation at 31 March 2025 is represented by: Valuation in 2025 |
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund fund £ £ TOTAL FUNDS CARRIED FORWARD 774,516 24,542 6. INDEPENDENT EXAMINERS FEE 2025 £ Independent Examiners Fee 5,019 7. INTANGIBLE FIXED ASSETS COST At 1 April 2024 and 31 March 2025 AMORTISATION At 1 April 2024 and 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 8. FIXED ASSET INVESTMENTS MARKET VALUE At 1 April 2024 Additions Disposals Revaluations At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 There were no investment assets outside the UK. Cost or valuation at 31 March 2025 is represented by: Valuation in 2025 |
Total funds £ 799,058 |
Total funds £ 799,058 |
|---|---|---|---|---|---|
| 2025 | 2024 | ||||
| £ | £ | ||||
| 5,019 | 4,714 | ||||
| Coat of arms £ 8,225 8,225 - - Listed investments £ 285,491 5,996 (118,890) (3,189) 169,408 169,408 285,491 Listed investments £ 169,408 |
continued...
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Raine's School Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
9. INVESTMENT PROPERTY
The investment property at 4 East Arbour Street was revalued on 16 August 2023 by Sohal Associates Chartered Surveyors. The valuation of £500,000 is for full vacant possession.
The Charity owns the land and school building at Approach Road as well as a title on the former Raine's school site on Old Bethnal Green Road. This school building is currently being rented by LBTH for Oaklands School.
The former caretaker's house on that site is let separately on a commercial basis.
When the school occupied the buildings they were shown at a valuation of nil and continue to be so. However, there are long-standing discussions with the Department of Education and LBTH for the Old Bethnal Green Road site to be sold.
Fair value at 31 March 2025 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 241,508 Restricted funds Millie Gluckstein Fund 446 TOTAL FUNDS 241,954 |
At 1.4.24 £ 774,516 24,542 799,058 Resources expended £ (338,262) (124) (338,386) |
£ 500,000 2025 2024 £ £ 490 7,600 2025 2024 £ £ 1,669 2,163 6,963 11,210 8,632 13,373 Net movement At in funds 31.3.25 £ £ (99,981) 674,535 360 24,902 (99,621) 699,437 Gains and Movement losses in funds £ £ (3,227) (99,981) 38 360 (3,189) (99,621) |
|---|---|---|
continued...
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Raine's School Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Millie Gluckstein Fund TOTAL FUNDS |
At 1.4.23 £ 1,016,505 23,939 1,040,444 |
Net movement in funds £ (241,989) 603 (241,386) |
At 31.3.24 £ 774,516 24,542 799,058 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Millie Gluckstein Fund TOTAL FUNDS A current year 12 months and prior year 12 months Unrestricted funds General fund Restricted funds Millie Gluckstein Fund TOTAL FUNDS |
Incoming Resources resources expended £ £ 265,042 (518,425) 485 (128) 265,527 (518,553) combined position is as follows: At 1.4.23 £ 1,016,505 23,939 1,040,444 |
Gains and Movement losses in funds £ £ 11,394 (241,989) 246 603 11,640 (241,386) Net movement At in funds 31.3.25 £ £ (341,970) 674,535 963 24,902 (341,007) 699,437 |
|---|---|---|
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 £ 506,550 931 507,481 |
Resources expended £ (856,687) (252) (856,939) |
Gains and Movement losses in funds £ £ 8,167 (341,970) 284 963 8,451 (341,007) |
|---|---|---|---|
continued...
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Raine's School Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2025.
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 2025
| 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 |
2025 £ 233,587 8,252 115 241,954 241,954 2,358 179,890 182,248 8,200 72,796 1,457 2,814 960 35 5,019 57,074 7,783 147,938 338,386 (96,432) |
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) |
|---|---|---|
This page does not form part of the statutory financial statements
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