**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: 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 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... Page 7 **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... Page 8 **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... Page 9 **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... Page 10 **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 Page 12