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2020-08-31-accounts

Charity number: 527177

REPTON SCHOOL TRUST

CORPORATE TRUSTEE'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

REPTON SCHOOL TRUST

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Corporate Trustee's report 2 - 6
Independent auditors' report on the financial statements 7 - 9
Statement of financial activities 10
Balance sheet 11
Notes to the financial statements 12 - 26

REPTON SCHOOL TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2020

Corporate Trustee Sir John Port's Charity

The trustees of Sir John Port's Charity are as filed at Companies House.

Charity registered
number 527177
Principal office The Bursar's Office
Repton School
Repton
Derbyshire DE65 6FH
Independent auditors Bates Weston Audit Limited
Statutory Auditors
Chartered Accountants
The Mills, Canal Street
Derby DE1 2RJ
Bankers National Westminster Bank Plc
Crompton House, Derwent Street
Derby DE1 2ZG
Santander Corporate Banking
5 Market Place
Derby DE1 3PY
Surveyors Fisher German
The Estates Office, Norman Court
Ivanhoe Business Park
Ashby De La Zouch LE65 2UZ
Insurance Brokers P J Frankland Limited
Oxford House
Stanier Way
Derby DE21 6BF
Accountants Bates Weston LLP
Chartered Accountants
The Mills, Canal Street
Derby DE1 2RJ
Solicitors Foot Anstey LLP
2 Glass Wharf
Bristol
BS2 0EL
Stone King LLP
Boundary House
91 Charterhouse Street
London
EC1M 6HR

Page 1

REPTON SCHOOL TRUST

CORPORATE TRUSTEE'S REPORT FOR THE YEAR ENDED 31 AUGUST 2020

The Corporate Trustee presents its annual report together with the audited financial statements of Repton School Trust (the Charity) for the year ended 31 August 2020. The Corporate Trustee confirm that the Annual report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in 2019.

OBJECTIVES AND ACTIVITIES

Principal objective

The Trust's principal objective is to provide and promote independent day and boarding schooling in the Repton area.

Strategies for achieving objectives

The Trust holds land and buildings in the Repton area, most of which are used by Repton School and Repton Preparatory School for the provision of co-educational independent schooling for children aged between 3 and 13 (Repton Preparatory School at Foremarke) and 13 to 18 (Repton School at Repton). The Trust holds other assets, including some land not currently used by either school, for investment purposes; it has the power to dispose of and acquire land and buildings to further its objectives.

ACHIEVEMENTS AND PERFORMANCE

Review of activities

Between Repton School and Repton Preparatory School (Foremarke Hall) there were over 1,031 pupils using the Trust’s facilities, about half being boarders.

Sir John Port’s Charity grants totaling £1,000 were made to three local maintained sector schools.

PUBLIC BENEFIT

Having considered the operation, achievements and performance and finances of the Trust the Governors of the Corporate Trustee are satisfied that public benefit has been provided in accordance with the Charities Act 2011 and the guidance published by the Charity Commission.

Charitable Aims, Relevant Benefits and Beneficiaries

The Governors of the Corporate Trustee are satisfied that the Trust’s aims are charitable, and that its operation was and is consistent with those aims. The primary benefit was the provision of the land and buildings from which Repton School and Repton Preparatory School operate, educating over 1,031 pupils between them. The Schools are registered with the Department for Education and are subject to inspections by the Independent Schools Inspectorate. As the pupils attending the Schools were all under 19 the Governors are satisfied that the principal beneficiaries were appropriate to the Charity’s aims.

In addition to the normal educational provision, the Schools aim to inculcate a desire to contribute to the wider community, and annual audits of public benefit have identified benefits to the pupils that flow from other charitable activities in which they are involved:

Repton School

Pupils participated in a variety of fundraising activities for the benefit of a wide range of charities.

The School created the role of Deputy Head (Outreach) from September 2019, with the strategic aim of promoting and expanding its partnership work.

A Memorandum of Understanding was signed with John Port Spencer Academy in December 2019 to develop joint working between the schools. Activities in 2019-20 included a programme of support for JPSA pupils in their Higher Education applications for medical courses and Oxbridge, including joint workshops and practice interviews. JPSA pupils and staff participated in the Royal Institution Mathematics and Computer Science Masterclasses, and the Robotics Club at Repton.

Page 2

REPTON SCHOOL TRUST

CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

A Memorandum of Understanding was signed with Repton Primary School in January 2020. Activities in 201920 included: governance; delivery of after-school activities led by Repton pupils; logistical support such as free use of the School’s minibuses to facilitate RPS pupils’ access to events and activities; a science event delivered by Repton staff in the Science Priory; free use of facilities, including the 400 Hall, Chapel and swimming pool.

Repton has continued to strengthen its relationship with the David Nieper Academy, Alfreton. Areas of joint activity involved: sharing of CPD, both academic and pastoral; support for Gifted and Talented pupils at DNA and access to enrichment activities at Repton; use of PE facilities and access to specialist coaching for DNA pupils; collaboration between music staff across the two schools.

The School is also working with Greenwood Academy Trust, which educates some 17,000 pupils across 36 primary and secondary schools in Eastern England. This partnership offers a unique mutual benefit, with the Trust using their extensive experience in the EdTech space to shape Repton’s digital learning systems and infrastructure, while Repton use their independent academic flexibility to explore pedagogy and leading edge pastoral management, advising the Trust on these areas. Case studies are being produced by the Trust and Microsoft, with the intention that these are widely disseminated to offer practical and inspirational advice to other educators, both nationally and globally.

In its continuing collaboration with the Royal National Children’s SpringBoard Foundation, Repton supported five pupils across prep and senior, attending on 100%+ transformational bursaries. Of these, two joined the School in 2019 as part of a joint initiative between Royal SpringBoard, the England Cricket Board and the National Asian Cricket Council.

Repton Prep School

Consistent with its charitable objects, the School has benefitted children and young people who are not pupils at Repton Prep through partnership work and providing free access to Repton Prep facilities and staff expertise. A couple of members of staff served as governors at Griffe Field Primary School and Wren Park Primary School, and another leads a local Girl Guide group.

Access to Repton facilities and staff expertise include Repton Prep hosting a number of sporting fixtures, which includes maintained-sector schools and county/regional sides. The School hosted a number of tournaments and sports events, free of charge, which were attended by pupils from maintained-sector schools. In addition, a large number of local clubs and groups used the School’s sports facilities (swimming pool, gymnasium, sports halls, astroturf, indoor and outdoor tennis courts), including a high proportion of youth groups. Pupils from Silverhill Primary School use our D&T classroom, there are close links with Pennine Way Primary School who use the School’s synthetic sports pitch a number of times throughout the year, and Etwall Cricket Club use our Sports Hall for their junior winter training nets.

In addition to the normal educational provision, the School aims to instil a desire in its pupils to contribute positively and effectively to society, and they are encouraged to engage with the local and wider communities through fundraising and volunteering. This year, pupils raised approximately £4,000 through a Concert Programme in aid of the Lownds Family and The Laura Centre Derby Charity, and a concert with the King’s Men in aid of Hope and Homes for Children. Another group of pupils volunteered their time and raised money for the Derby Royal Hospital whilst entertaining staff, patients and visitors with Christmas Carols, and during the period of lockdown pupils were involved in a variety of activities to support their local communities. Throughout the year the School helps with the maintenance and upkeep of St Saviour’s Church, Foremarke, including a lot of time

spent maintaining the Church Yard and building.

Amongst benefits directly associated with the objects of the Charity, the School’s activities provided further charitable benefits to the community and external organisations in which pupil musicians and choristers performed at local services, including a very well received concert in St Wystan’s Church.

The Governors are satisfied that there is no evidence of detriment or harm associated with the School’s

Page 3

REPTON SCHOOL TRUST

CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

activities.

FINANCIAL REVIEW

Income exceeded expenditure by £2,656,435 of which the Trust received £2,261,345 by way of donations from Repton School and Repton Preparatory School.

£1,620,749 capital was invested in additions and improvements to the facilities used by Repton School and Repton Preparatory School.

The Trust has agreed to guarantee any bank borrowings of Repton School and Repton Preparatory School up to the limit stated in note 19 of the financial statements.

The Governors of the Corporate Trustee estimate that the attendance of 1,031 pupils at the Schools (excluding Nursery) saved the public purse about £6,500,000, it being understood that each maintained school place costs in excess of £6,350 per annum.

Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

Reserves policy

Unrestricted funds, which have not been designated for other purposes, are available for use at the discretion of the Governors of the Corporate Trustee in furtherance of the general objectives of the Trust.

The restricted funds and endowment funds are invested in a mix of Equities, Government Gilts and Charitable Common Investment Funds, which provide a mix of assured regular income and the ability to accumulate funds in the long term by capital growth.

The Trust has borrowed from the Repton Foundation in order to fund capital developments. After making scheduled repayments, the Trust will apply any excess cash to reduce its borrowings.

The income funds include designated funds which have been set aside by the Governors for specific purposes. Details are given in note 13 to the financial statements.

Investment policy

The policy of the Governors of the Corporate Trustee is to invest to provide a mix of assured regular income and to accumulate funds in the long term. The investment performance was satisfactory in relation to the policy during the year.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Legal status

Repton School Trust is a registered Charity established in 1557, on the death of Sir John Port. It is administered under the Charities Act 2011 and in a scheme dated 25 June 2002, as amended 29 November 2002.

Recruitment and appointment of Governors

The Governors of the Corporate Trustee are responsible for the recruitment and appointment of Governors.

Up to nineteen Governors are co-opted. One further Governor is nominated by the head teachers and full-time teachers of Repton School and Repton Preparatory School. Care is taken with the appointment of Governors to ensure they bring other relevant professional skills to the school including education, finance, property and legal expertise. Each Governor serves for renewable terms of five years.

Page 4

REPTON SCHOOL TRUST

CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

Governor induction and training

On appointment Governors of the Corporate Trustee are briefed by the Chairman of Governors and receive written information explaining the corporate organisation and copies of the constitutional documents. They are given the opportunity to tour the facilities owned by the Trust and to spend time with the Clerk to the Governors, who is the Bursar of Repton School.

Details of training run by the Governing Bodies Association are circulated to Governors. To encourage their attendance, funding is provided for those who wish to attend.

Organisational structure

The Governors of the Corporate Trustee are responsible for the overall management and control of the Trust. The full Governing Body usually meets three times a year. The major sub-committee is the Repton Standing Committee which meets termly. The Finance Committee and Development Committee report to the Standing Committee, which in turn reports to the Governing Body. The Risk Register Committee reports to the Audit Committee, which reports directly to the Governing Body and is independent of the Finance Committee.

The Trust provides the land and buildings from which Repton School and Repton Preparatory School operate.

The day to day management of the Trust’s property is delegated to the Headmasters and Chief Operating Officer of Repton School and Repton Preparatory School, supported by their teams.

Risk management

The Risk Register Committee continues to identify, monitor and advise on the major business risks that face the Trust, reporting through the Audit Committee. The Governors are satisfied that the major risks have been identified and appropriate measures are in place so that, under normal circumstances, the potential impact on the Trust will be minimised should any of those risks materialise.

The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They include:

Work continues to ensure that the Trust's current internal controls conform with charity guidelines.

PLANS FOR FUTURE PERIODS

The Governors of the Corporate Trustee intend to:

Corporate Trustees' responsibilities statement

The Corporate Trustee is responsible for preparing the Corporate Trustee's report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Page 5

REPTON SCHOOL TRUST

CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

The law applicable to charities in England & Wales requires the Corporate Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Corporate Trustee is required to:

The Corporate Trustee is responsible for keeping proper accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable it to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. It is also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Corporate Trustee, and signed on its behalf by:

C D Hibbs FCA BSc (Hons)

E M Shires BA FCA

Date: 6 January 2021

Page 6

REPTON SCHOOL TRUST

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF REPTON SCHOOL TRUST

Opinion

We have audited the financial statements of Repton School Trust (the 'charity') for the year ended 31 August 2020 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Page 7

REPTON SCHOOL TRUST

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF REPTON SCHOOL TRUST (CONTINUED)

Other information

The Corporate Trustee is responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Corporate Trustee's responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 8

REPTON SCHOOL TRUST

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF REPTON SCHOOL TRUST (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Bates Weston Audit Limited

Statutory Auditors Chartered Accountants The Mills, Canal Street Derby DE1 2RJ 22 January 2021

Bates Weston Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 9

REPTON SCHOOL TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020

Note
Income and
endowments from:
Donations and legacies
2
Investments
3
Other income
4
Total income and
endowments
Expenditure on:
Charitable activities
5
Pension settlement
Total expenditure
Net gains / (losses) on
investments
Net
(expenditure)/income
Transfers between
funds
13
Net movement in
funds before other
recognised gains
Other recognised
gains:
Actuarial gains on
defined benefit pension
schemes
17
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Total funds carried
forward		 Capital
funds
2020
£
-
-
-
-
1,449,811
-
1,449,811
196,337
(1,253,474)
13,882,042
12,628,568
-
12,628,568
70,676,286
83,304,854		 Restricted
funds
2020
£
-
1,162
-
1,162
-
-
-
-
1,162
-
1,162
-
1,162
38,136
39,298		 Unrestricted
funds
2020
£
3,464,341
398,816
600,000
4,463,157
167,073
191,000
358,073
-
4,105,084
(13,882,042)
(9,776,958)
289,000
(9,487,958)
6,467,807
(3,020,151)		 Total
funds
2020
£
3,464,341
399,978
600,000
4,464,319
1,616,884
191,000
1,807,884
196,337
2,852,772
-
2,852,772
289,000
3,141,772
77,182,229
80,324,001		 Total
funds
2019
£
2,874,646
412,262
-
3,286,908
1,465,386
876,000
2,341,386
(169,043)
776,479
-
776,479
948,000
1,724,479
75,457,750
77,182,229

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 12 to 26 form part of these financial statements.

Page 10

REPTON SCHOOL TRUST

BALANCE SHEET AS AT 31 AUGUST 2020

Note
Fixed assets
Tangible assets for operational use
8
Investments
9
Current assets
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within one
year
11
Net current liabilities
Total net assets
Charity funds
Capital funds
13
Restricted funds
13
Unrestricted funds
13
Total funds		 1,633,440
119,828
1,753,268
(6,355,882)		 2020
£
74,257,591
10,669,024
84,926,615
(4,602,614)
80,324,001
83,304,854
39,298
(3,020,151)
80,324,001		 203,000
494,449
697,449
(7,826,286)		 2019
£
74,086,653
10,224,413
84,311,066
(7,128,837)
77,182,229
70,676,286
38,136
6,467,807
77,182,229

The financial statements were approved and authorised for issue by the Corporate Trustee and signed on their behalf by:

C D Hibbs FCA BSc (Hons)

E M Shires BA FCA

Date: 6 January 2021

The notes on pages 12 to 26 form part of these financial statements.

Page 11

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Repton School Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements contain information about Repton School Trust as an individual entity and do not contain consolidated financial information as the parent of a group. The Charity has taken advantage of the exemption given under FRS 102 not to prepare consolidated financial statements as it is considered to be part of the group headed by Sir John Port’s Charity which prepares consolidated financial statements incorporating the results of the Trust.

The Trust has taken advantage of the FRS 102 disclosure exemptions permitted by Section 7 Statement of Cash Flows and Section 33 Related Party Disclosures.

1.2 Going concern

The Trust meets its day-to-day working capital requirements through the close management of its cashflow from operations and utilising its renewed banking facility as required. After making enquiries, the trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. The Trust therefore continues to adopt the going concern basis in preparing its financial statements.

1.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

Donations, grants and other forms of voluntary income are accounted for when received or when a contractual obligation to pay arises. Specific donations are carried to relevant restricted funds, or to endowed funds where the amount is required to be held as capital. Donations received for the general purpose of the Charity are credited to unrestricted funds.

Page 12

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

1. Accounting policies (continued)

1.3 Income (continued)

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Dividends and interest on listed investments are accounted for when the investments are quote exdividend. Other interest is taken into account on an accruals basis. All investment income is stated inclusive of any related taxation recoverable.

1.4 Expenditure

Expenditure is accounted for on an accruals basis. Overheads and other costs not directly attributable to particular functional activity categories are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the year.

All expenditure is inclusive of irrecoverable VAT.

1.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £10,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold land and buildings - 2% to 25% on cost

Property with an estimated useful life of over 50 years, freehold land and assets under construction are not depreciated.

The Charity's land and buildings are included at deemed cost based on their most recent valuation (1997) and subsequent additions at cost as the Governors do not consider it appropriate to apply the historic cost basis to such property.

1.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

Page 13

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

1. Accounting policies (continued)

1.6 Investments (continued)

The financial support given to the trading subsidiaries via intercompany loans is considered necessary to further the charities aims, including the income streams which derive from the support. Accordingly such support if in furtherance of the charities aims is taken into account in assessing financial instrument impairment provisions pertaining to group current asset balances.

1.7 Pensions

Repton School Trust operated a funded defined benefits pension scheme, to which non teaching staff of the Schools were eligible to join up to 31 December 2000. The scheme liabilities were in the process of being bought-out during the year ended 31 August 2020 and the scheme is in the process of being wound down. Based on the existing schedule of contributions the Schools are not expected to contribute to the scheme over the year to 31 August 2021.

1.8 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Corporate Trustee in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Capital funds represent the value of those assets held permanently by the Charity, principally property and investments. Income arising on the capital funds can be used in accordance with the objects of the Charity and are included as unrestricted income. Any capital gains or losses arising on the assets form part of the capital funds.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

2. Income from donations and legacies

Unrestricted
funds
2020
£
Donations
3,464,341
Total 2019
2,874,646		 Total
funds
2020
£
3,464,341
2,874,646		 Total
funds
2019
£
2,874,646

Page 14

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

3. Investment income

Bank and other interest
Rental income from properties
Dividends and interest from equities and
Common Investment Funds
Total 2019		 Restricted
funds
2020
Unrestricted
funds
2020
£
£
49
443
-
137,089
1,113
261,284
1,162
398,816
1,137
411,125		 Total
funds
2020
£
492
137,089
262,397
399,978
412,262		 Total
funds
2019
£
2,695
126,321
283,246
412,262

4. Other incoming resources

Unrestricted Total Total
funds funds funds
2020 2020 2019
£ £ £
Pension Scheme recoverable surplus 600,000 600,000 -

5. Analysis of expenditure by activities

Educational support
Total 2019		 Activities
undertaken
directly
2020
£
2,200
80,074		 Support
costs
2020
£
1,614,684
1,385,312		 Total
funds
2020
£
1,616,884
1,465,386		 Total
funds
2019
£
1,465,386

Page 15

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

5. Analysis of expenditure by activities (continued)

Analysis of direct costs

Grants awards and prizes
Contribution to Repton Foundation running costs		 Total
funds
2020
£
2,200
-
2,200		 Total
funds
2019
£
5,170
74,904
80,074

Analysis of support costs

Depreciation
Financing costs
Support costs and governance
Interest on pension obligation		 Total
funds
2020
£
1,449,811
38,550
28,323
98,000
1,614,684		 Total
funds
2019
£
1,299,063
65
14,184
72,000
1,385,312

6. Auditors' remuneration

- The auditors' remuneration amounts to an auditor fee of £6,150 (2019 £5,950) , and non-audit services of £4,500 ( 2019 - £4,250 ).

7. Corporate Trustee's remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2019 - £NIL) .

During the year, no Corporate Trustee expenses have been incurred (2019 - £nil) .

Page 16

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

8. Tangible fixed assets

Cost or valuation
At 1 September 2019
Additions
At 31 August 2020
Depreciation
At 1 September 2019
Charge for the year
At 31 August 2020
Net book value
At 31 August 2020
At 31 August 2019		 Freehold
land and
buildings
£
87,505,252
1,620,749
89,126,001
13,418,599
1,449,811
14,868,410
74,257,591
74,086,653

The Charity has elected, in accordance with FRS 102, to use the carrying value on 1 September 2014, the date of transition to FRS 102, of any of the above freehold land and buildings previously carried at a valuation, as their deemed cost.

All tangible fixed assets are held for use on charitable activities.

Included in the above are assets with a cost of £39,747,561 (2019 - £39,747,561) on which no depreciation is charged.

Page 17

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

9. Fixed asset investments

Investments
in
subsidiary
companies
£
Cost or valuation
At 1 September 2019
1,013
Additions
-
Disposals
-
Revaluations
-
At 31 August 2020
1,013
10.
Debtors
Trade debtors
Amounts owed by group undertakings
Other debtors
11.
Creditors: Amounts falling due within one year
Amounts owed to group undertakings
Other creditors		 Investment
funds
£
10,213,400
1,846,227
(1,597,953)
196,337
10,658,011		 Land
£
10,000
-
-
-
10,000
2020
£
1,026,500
606,940
1,633,440
2020
£
6,333,173
22,709
6,355,882		 Total
£
10,224,413
1,846,227
(1,597,953)
196,337
10,669,024
2019
£
203,000
-
203,000
2019
£
7,811,966
14,320
7,826,286

12. Contracts and commitments

Capital expenditure contracted for but not included in these financial statements was £nil (2019 - £1,118,882).

Page 18

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

13. Statement of funds

Statement of funds
Statement of funds - current year
Balance at 1
September
2019
£
Income
£
Expenditure
£
Unrestricted
funds
Designated
funds
Pension buyout
reserve
375,000
-
-
General funds
General reserve
6,092,807
4,463,157
(69,073)
Pension reserve
-
-
(289,000)
6,092,807
4,463,157
(358,073)
Total
Unrestricted
funds
6,467,807
4,463,157
(358,073)
Capital funds
Endowed
exhibitions and
prizes
3,264
-
-
Endowment
sinking fund
10,206,174
-
-
Property fund
60,466,848
-
(1,449,811)
70,676,286
-
(1,449,811)		 Transfers
in/out
£
(375,000)
(13,507,042)
-
(13,507,042)
(13,882,042)
-
262,236
13,619,806
13,882,042		 Gains/
(Losses)
£
-
-
289,000
289,000
289,000
-
196,337
-
196,337		 Balance at
31 August
2020
£
-
(3,020,151)
-
(3,020,151)
(3,020,151)
3,264
10,664,747
72,636,843
83,304,854
Balance at 1
September
2019
£
Unrestricted
funds
Designated
funds
Pension buyout
reserve
375,000
General funds
General reserve
6,092,807
Pension reserve
-
6,092,807
Total
Unrestricted
funds
6,467,807
Capital funds
Endowed
exhibitions and
prizes
3,264
Endowment
sinking fund
10,206,174
Property fund
60,466,848
70,676,286

These are restricted funds of the charity comprising the following balances to be held on trust from which the income is to be applied for specific designated purposes:

The Property fund holds the accumulated property additions and improvements capitalised in previous years other than the current year additions which are financed from and subsequently transferred from the General fund post the Annual General Meeting.

The Endowment sinking fund comprises unrealised and realised gains and losses deriving from the capital of endowed assets pending allocation to suitable designated capital funds.

Page 19

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

13. Statement of funds (continued)

Statement of funds - current year (continued)

Balance at 1
September
2019
£
Income
£
Expenditure
£
Transfers
in/out
£
Gains/
(Losses)
£
Balance at
31 August
2020
£
Restricted
funds
Endowed
exhibitions and
prizes
21,383
1,113
-
-
-
22,496
Robert Beldam
Priory
Foundation
10,806
49
-
-
-
10,855
Other restricted
funds
5,947
-
-
-
-
5,947
38,136
1,162
-
-
-
39,298
The income funds of the Charity include restricted funds comprising the unexpended balances of grants
held on trust to be applied for specific purposes and restricted income from capital funds.
Total of funds
77,182,229
4,464,319
(1,807,884)
-
485,337
80,324,001
Statement of funds - prior year
Balance at
1 September
2018
£
As restated
Income
£
Expenditure
£
Gains/
(Losses)
£
Balance at
31 August
2019
£
Unrestricted funds
Designated funds
Pension buyout reserve
375,000
-
-
-
375,000
General funds
General reserve
2,901,360
3,285,770
(94,323)
-
6,092,807
Pension reserve
-
-
(948,000)
948,000
-
2,901,360
3,285,770
(1,042,323)
948,000
6,092,807
Total Unrestricted funds
3,276,360
3,285,770
(1,042,323)
948,000
6,467,807		 Balance at
31 August
2020
£
22,496
10,855
5,947
39,298
Balance at
31 August
2019
£
375,000
Unrestricted funds
Designated funds
Pension buyout reserve
General funds
General reserve
Pension reserve
Total Unrestricted funds
6,092,807
-
6,092,807
6,467,807

The income funds of the Charity include restricted funds comprising the unexpended balances of grants held on trust to be applied for specific purposes and restricted income from capital funds.

Page 20

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

13. Statement of funds (continued)

Statement of funds - prior year (continued)

Endowment funds
Endowed exhibitions and
prizes
Endowment sinking fund
Property fund
Restricted funds
Endowed exhibitions and
prizes
Robert Beldam Priory
Foundation
Other restricted funds
Total of funds		 Balance at
1 September
2018
£
3,264
10,375,217
61,765,911
72,144,392
20,315
10,736
5,947
36,998
75,457,750		 As restated
Income
£
-
-
-
-
1,069
69
-
1,138
3,286,908		 Expenditure
£
-
-
(1,299,063)
(1,299,063)
-
-
-
-
(2,341,386)		 Gains/
(Losses)
£
-
(169,043)
-
(169,043)
-
-
-
-
778,957		 Balance at
31 August
2019
£
3,264
10,206,174
60,466,848
70,676,286
21,384
10,805
5,947
38,136
77,182,229

14. Summary of funds

Page 21

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

14. Summary of funds (continued)

Summary of funds - current year

Balance at 1
September
2019
£
Designated
funds
375,000
General funds
6,092,807
Endowment
funds
70,676,286
Restricted funds
38,136
77,182,229		 Income
£
Expenditure
£
-
-
4,463,157
(358,073)
-
(1,449,811)
1,162
-
4,464,319
(1,807,884)
Balance at
1 September
2018
£
As restated
Income
£
375,000
-
2,901,360
3,285,770
72,144,392
-
36,998
1,138
75,457,750
3,286,908		 Transfers
in/out
£
(375,000)
(13,507,042)
13,882,042
-
-
Expenditure
£
-
(1,042,323)
(1,299,063)
-
(2,341,386)		 Gains/
(Losses)
£
-
289,000
196,337
-
485,337
Gains/
(Losses)
£
-
948,000
(169,043)
-
778,957		 Balance at
31 August
2020
£
-
(3,020,151)
83,304,854
39,298
80,324,001
Balance at
31 August
2019
£
375,000
6,092,807
70,676,286
38,136
77,182,229
Summary of funds - prior year
Designated funds
General funds
Endowment funds
Restricted funds

15. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Capital
funds
2020
£
72,636,843
10,668,011
-
-
83,304,854		 Restricted
funds
2020
Unrestricted
funds
2020
£
£
-
1,620,748
-
1,013
39,298
1,713,970
-
(6,355,882)
39,298
(3,020,151)		 Total
funds
2020
£
74,257,591
10,669,024
1,753,268
(6,355,882)
80,324,001

Page 22

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

15. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Capital
funds
2019
£
60,466,847
10,223,400
-
(13,961)
70,676,286		 Restricted
funds
2019
£
-
-
38,136
-
38,136		 Unrestricted
funds
2019
£
13,619,806
1,013
659,313
(7,812,325)
6,467,807		 Total
funds
2019
£
74,086,653
10,224,413
697,449
(7,826,286)
77,182,229

16. Prior year adjustments

The Trust previously recognised donations from its charitable and trading subsidiaries amounting to the total unrestricted surpluses or trading profits made in that year. No legal obligation exists for the subsidiaries to make the donations, which are made voluntarily. Therefore the donations are now recognised in the period they are paid rather than accrued for in the year the surplus or profit was made. The prior year figures have been restated to reflect this change.

The brought forward funds of the Trust for the year ended 31 August 2019 were increased by £3,313,358. Income from donations to the Trust decreased by £408,334 resulting in a £3,264,725 decrease in funds carried forward to £77,182,229.

17. Pension commitments

The Charity operates a defined benefit pension scheme.

Repton School Trust is the sponsoring employer of the Repton School 1974 Pension & Life Assurance Scheme, which is a defined benefit arrangement. The last full actuarial valuation of this scheme was carried out by a qualified independent actuary as at 31 August 2015 and updated on an approximate basis to 31 August 2020.

The scheme liabilities were the subject of a buy-out in the previous year by an insurer. The insurer paid a premium of £4.7m in December 2018, which was based on data provided before the audit of past pension calculations and the incorporation of GMP equalisation.

There were no contributions made by Repton School and Repton Preparatory School over the financial year. Based on the existing schedule of contributions, the Schools are not expected to contribute to the Scheme over the year to 31 August 2021.

The Scheme, which is in the final stages of its winding up, holds a net pension asset of £0.6m (2019 - £0.9m). Final amounts for the Trust are expected to be recoverable within the next 12 months and have been recognised in other income and shown as due in other debtors.

Page 23

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

17. Pension commitments (continued)

Principal actuarial assumptions at the Balance sheet date (expressed as weighted averages):

At 31
August At 31 August
2020 2019
% %
Discount rate 1.63 1.80
Future pension increases N/A 2.50
RPI Inflation N/A 3.50
CPI inflation N/A 2.50
Deferred pension revaluations N/A 2.50

Sensitivity analysis

Discount rate -0.5%
Mortality assumption - 1 year increase
CPI rate +0.5%
The Charity's share of the assets in the scheme was:
Corporate bonds
Cash
Total fair value of assets		 At 31
August
2020
£
-
-
-
At 31
August
2020
£
605,000
15,000
620,000		 At 31 August
2019
£
330,000
114,000
125,000
At 31 August
2019
£
1,031,000
46,000
1,077,000

The actual return on scheme assets was £16,000 (2019 - £174,000) .

Page 24

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

17. Pension commitments (continued)

The amounts recognised in the Statement of financial activities are as follows:

Interest on obligation
Expenses
Settlement
Total amount recognised in the Statement of financial activities		 2020
£
16,000
(114,000)
(191,000)
(289,000)		 2019
£
60,000
(132,000)
(876,000)
(948,000)

Movements in the present value of the defined benefit obligation were as follows:

Opening defined benefit obligation
Interest cost
Actuarial (gains)/losses
Benefits paid
Settlements
Closing defined benefit obligation
Movements in the fair value of the Charity's share of scheme assets were as follows:
Opening fair value of scheme assets
Interest income
Actuarial (losses) / gains
Benefits paid
Expenses paid
Settlements
Closing fair value of scheme assets		 2020
£
165,000
3,000
-
(29,000)
(139,000)
-
2020
£
1,077,000
19,000
(3,000)
(29,000)
(114,000)
(330,000)
620,000

18. Controlling party

Sir John Port's Charity is the corporate trustee of Repton School Trust. The Trust is considered to be part of the group headed by Sir John Port's Charity. Copies of the consolidated financial statements of Sir John Port's Charity are available from Companies House.

Page 25

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

19. Contingent liabilities

The Charity has a contingent liability in respect of a multilateral cross guarantee, relating to the bank overdraft facility granted under a group set off arrangement between Repton School, Repton Preparatory School, Repton School Trust and Sir John Port's Charity. This guarantee is limited to £1,500,000. At the balance sheet date the total amount of secured debts due to the bank amounted to £nil (2019 - £nil).

Page 26