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2021-08-31-accounts

Charity number: 527177

REPTON SCHOOL TRUST

CORPORATE TRUSTEE'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

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 - 11
Balance sheet 12
Notes to the financial statements 13 - 26

REPTON SCHOOL TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021

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 2021

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 2021. 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 there were 1,012 pupils using the Trust’s facilities, almost half being boarders.

Sir John Port’s Charity grants totaling £1,500 were awarded to three local maintained sector schools and other local authority groups.

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

Having considered the operation, achievements and performance and finances of the School, the Governors are satisfied that public benefit has been provided in accordance with the Charities Act 2011 and the guidance published by the Charity Commission. The Governors are satisfied that the school’s aims are charitable, and that its operation was and is consistent with those aims. The primary benefit was the provision of education to the pupils at the school. The school is registered with the Department for Education and is subject to inspections by the Independent Schools Inspectorate. As the pupils were aged 3-19, the Governors are satisfied that the principal beneficiaries were appropriate to the Charity’s aims.

Consistent with its charitable objects, the school has benefitted children and young people who are not pupils at

Page 2

REPTON SCHOOL TRUST

CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

Repton.

The school has partnerships with three local maintained-sector schools: John Port Spencer Academy at Etwall (secondary), Etwall Primary, and Repton Primary School (primary). Relationships are overseen by a member of the Senior Management Team – the Deputy Head (Outreach).

Regrettably, the restrictions of the pandemic prevented any in-person activities or visits during the academic year 2020/21 between schools. Support that was able to continue was effectively limited to sharing of opportunities and online contact. These activities included: sharing an inspirational PHSE speaker, who delivered a talk at a partner school as part of their package for Repton (DNA); support with applications and practice interviews for students applying to Oxbridge and medical/dentistry courses (JPSA); access to online and competition opportunities for Gifted and Talented pupils (DNA and JPSA); governance (RPS); logistical support such as free use of the School’s minibuses to facilitate pupils’ access to events and activities (RPS); a science event delivered by Repton staff in the Science Priory (RPS); free use of facilities (RPS).

Beyond these partnerships, Repton CCF staff also provided support at City of Derby Academy and elsewhere; members of staff served as Governors at several local primary schools in addition to Repton Primary; and musical instruments were donated to The Pingle School. Within the limitations of Covid regulations, facilities and events at both sites were made available to youth groups and maintained-sector schools.

The school is also working with Our Learning Cloud, the EdTech arm of the 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: the Trust uses its 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. Perhaps most significant in this partnership is the significant sum that Repton pays Our Learning Cloud to provide an ongoing managed IT service. By purchasing IT support direct from a MAT, this money is injected into the state education system, with the intention that Greenwood Academy Trust will eventually ringfence those funds specifically to provide academic enrichment opportunities to their pupils of the kind that one would normally associate with the private sector.

In its continuing collaboration with the Royal National Children’s Springboard Foundation, the School supported six pupils across prep and senior (Years 7-11), attending Repton on 100%+ transformational bursaries. In addition, two other pupils enjoyed the same level of support: one (Year 9) funded jointly by the Buttle UK and Repton and another fully funded by the school.

Repton Prep School

The primary benefit was the provision of education to the pupils at the school. The school is registered with the Department for Education and is subject to inspections by the Independent Schools Inspectorate. As the pupils were aged 3-19, the Governors are satisfied that the principal beneficiaries were appropriate to the Charity’s aims.

Consistent with its charitable objects, the school has benefitted children and young people who are not pupils at Repton.

The school has partnerships with three local maintained-sector schools: John Port Spencer Academy at Etwall (secondary), David Nieper Academy at Alfreton (secondary), and Repton Primary School (primary). Relationships are overseen by a member of the Senior Management Team – the Deputy Head (Outreach).

Regrettably, the restrictions of the pandemic prevented any in-person activities or visits during the academic year 2020/21 between schools. Support that was able to continue was effectively limited to sharing of opportunities and online contact. These activities included: sharing an inspirational PHSE speaker, who delivered a talk at a partner school as part of their package for Repton (DNA); support with applications and practice interviews for students applying to Oxbridge and medical/dentistry courses (JPSA); access to online and competition opportunities for Gifted and Talented pupils (DNA and JPSA); governance (RPS); logistical support such as free

Page 3

REPTON SCHOOL TRUST

CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

use of the School’s minibuses to facilitate pupils’ access to events and activities (RPS); a science event delivered by Repton staff in the Science Priory (RPS); free use of facilities (RPS).

Beyond these partnerships, Repton CCF staff also provided support at City of Derby Academy and elsewhere; members of staff served as Governors at several local primary schools in addition to Repton Primary; and musical instruments were donated to The Pingle School. Within the limitations of Covid regulations, facilities and events at both sites were made available to youth groups and maintained-sector schools.

The school is also working with Our Learning Cloud, the EdTech arm of the 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: the Trust uses its 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. Perhaps most significant in this partnership is the significant sum that Repton pays Our Learning Cloud to provide ongoing managed IT service. By purchasing IT support direct from a MAT, this money is injected into the state education system, with the intention that Greenwood Academy Trust will eventually ringfence those funds specifically to provide academic enrichment opportunities to their pupils of the kind that one would normally associate with the private sector.

In its continuing collaboration with the Royal National Children’s Springboard Foundation, the School supported six pupils across prep and senior (Years 7-11), attending Repton on 100%+ transformational bursaries. In addition, two other pupils enjoyed the same level of support: one (Year 9) funded jointly by the Buttle UK and Repton and another fully funded by the school.

The Governors are satisfied that there is no evidence of detriment or harm associated with the School’s Activities. The Governors are satisfied that any private benefits are incidental, the fee remission provided for staff being part of the employment terms offered to attract and retain high quality staff.

FINANCIAL REVIEW

Expenditure exceeded income by £670,771 of which the Trust received £748,113 by way of donations from Repton School.

£1,087,111 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 18 of the financial statements.

The Governors of the Corporate Trustee estimate that the attendance of 1,026 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

Page 4

REPTON SCHOOL TRUST

CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

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 12 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 and amended on 29 November 2002, 17 March 2017 and 23 June 2017.

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.

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 at the Schools.

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 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 Finance and General Purposes Committee continues to identify, monitor and advise on the major business risks that face the Trust. 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:

Page 5

REPTON SCHOOL TRUST

CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

budgets and non-financial performance indicators;

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).

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.

Approved by the Corporate Trustee and signed on its behalf by:

C D Hibbs FCA BSc (Hons)

E M Shires BA FCA

Date: 12 May 2022

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 2021 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

In auditing the financial statements, we have concluded that the Corporate Trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 7

REPTON SCHOOL TRUST

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

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Corporate Trustee are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Page 8

REPTON SCHOOL TRUST

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

Based on our understanding of the company and industry in which it operates, we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

31 May 2022

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 2021

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
(expenditure)/income
before net gains on
investments
Net gains on
investments
9
Net income
Transfers between
funds
12
Net movement in
funds before other
recognised gains
Other recognised
gains:
Actuarial gains on
defined benefit pension
schemes
16
Net movement in
funds		 Capital
funds
2021
£
-
-
-
-
1,640,809
-
1,640,809
(1,640,809)
2,165,732
524,923
1,826,788
2,351,711
-
2,351,711		 Restricted
funds
2021
£
-
3,646
-
3,646
-
-
-
3,646
-
3,646
-
3,646
-
3,646		 Unrestricted
funds
2021
£
785,661
383,681
(60,000)
1,109,342
142,950
-
142,950
966,392
-
966,392
(1,826,788)
(860,396)
56,000
(804,396)		 Total
funds
2021
£
785,661
387,327
(60,000)
1,112,988
1,783,759
-
1,783,759
(670,771)
2,165,732
1,494,961
-
1,494,961
56,000
1,550,961		 Total
funds
2020
£
3,464,341
399,978
600,000
4,464,319
1,616,884
191,000
1,807,884
2,656,435
196,337
2,852,772
-
2,852,772
289,000
3,141,772

Page 10

REPTON SCHOOL TRUST

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

Note
Reconciliation of
funds:
Total funds brought
forward
Total funds carried
forward		 Endowment
funds
2021
£
83,304,854
85,656,565		 Restricted
funds
2021
£
39,298
42,944		 Unrestricted
funds
2021
£
(3,020,151)
(3,824,547)		 Total
funds
2021
£
80,324,001
81,874,962		 Total
funds
2020
£
77,182,229
80,324,001

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

The notes on pages 13 to 26 form part of these financial statements.

Page 11

REPTON SCHOOL TRUST

BALANCE SHEET AS AT 31 AUGUST 2021

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
12
Restricted funds
12
Unrestricted funds
12
Total funds		 1,127,509
314,393
1,441,902
(6,311,629)		 2021
£
73,703,893
13,040,796
86,744,689
(4,869,727)
81,874,962
85,656,565
42,944
(3,824,547)
81,874,962		 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

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: 12 May 2022

The notes on pages 13 to 26 form part of these financial statements.

Page 12

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

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.

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.

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.

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REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

1. Accounting policies (continued)

1.3 Income (continued)

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.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

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.

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

Page 14

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

1. Accounting policies (continued)

1.6 Investments (continued)

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 bought-out during the year ended 31 August 2021 and the scheme is in the process of being wound down.

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.

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
2021
£
Donations
785,661
Total 2020
3,464,341		 Total
funds
2021
£
785,661
3,464,341		 Total
funds
2020
£
3,464,341

Page 15

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

3. Investment income

Bank and other interest
Rental income from properties
Dividends and interest from equities and
Common Investment Funds
Total 2020		 Restricted
funds
2021
Unrestricted
funds
2021
£
£
2
358
-
138,487
3,644
244,836
3,646
383,681
1,162
398,816		 Total
funds
2021
£
360
138,487
248,480
387,327
399,978		 Total
funds
2020
£
492
137,089
262,397
399,978

4. Other incoming resources

Pension Scheme recoverable surplus
Total 2020		 Unrestricted
funds
2021
£
(60,000)
600,000		 Total
funds
2021
£
(60,000)
600,000		 Total
funds
2020
£
600,000

5. Analysis of expenditure by activities

Educational support
Total 2020		 Activities
undertaken
directly
2021
£
1,350
2,200		 Support
costs
2021
£
1,782,409
1,614,684		 Total
funds
2021
£
1,783,759
1,616,884		 Total
funds
2020
£
1,616,884

Page 16

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

5. Analysis of expenditure by activities (continued)

Analysis of direct costs

Grants awards and prizes
Analysis of support costs
Depreciation
Financing costs
Support costs and governance
Interest on pension obligation		 Total
funds
2021
£
1,350
Total
funds
2021
£
1,640,809
2,930
82,670
56,000
1,782,409		 Total
funds
2020
£
2,200
Total
funds
2020
£
1,449,811
38,550
28,323
98,000
1,614,684

6. Auditors' remuneration

- The auditors' remuneration amounts to an auditor fee of £6,300 (2020 £6,150) , and non-audit services of £4,700 ( 2020 - £4,500 ).

7. Corporate Trustee's remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .

During the year, no Corporate Trustee expenses have been incurred (2020 - £NIL) .

Page 17

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

8. Tangible fixed assets

Cost
At 1 September 2020
Additions
At 31 August 2021
Depreciation
At 1 September 2020
Charge for the year
At 31 August 2021
Net book value
At 31 August 2021
At 31 August 2020		 Freehold
land and
buildings
£
89,126,001
1,087,111
90,213,112
14,868,410
1,640,809
16,509,219
73,703,893
74,257,591

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 (2020 - £39,747,561) on which no depreciation is charged.

Page 18

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

9. Fixed asset investments

Cost or valuation
At 1 September 2020
Additions
Disposals
Revaluations
At 31 August 2021
Debtors
Trade debtors
Amounts owed by group undertakings
Other debtors
Creditors: Amounts falling due within one
Amounts owed to group undertakings
Other creditors		 Investments
in
subsidiary
companies
£
1,013
-
-
-
1,013
year		 Investment
funds
£
10,658,011
1,199,724
(993,684)
2,165,732
13,029,783		 Land
£
10,000
-
-
-
10,000
2021
£
1,028,126
99,383
1,127,509
2021
£
6,270,471
41,158
6,311,629		 Total
£
10,669,024
1,199,724
(993,684)
2,165,732
13,040,796
2020
£
1,026,500
606,940
1,633,440
2020
£
6,333,173
22,709
6,355,882

10. Debtors

11. Creditors: Amounts falling due within one year

Page 19

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

12. Statement of funds

Statement of funds - current year

Unrestricted
funds
General reserve
Pension reserve
Capital funds
Endowed
exhibitions and
prizes
Endowment
sinking fund
Property fund		 Balance at 1
September
2020
£
(3,020,151)
-
(3,020,151)
3,264
10,664,747
72,636,843
83,304,854		 Income
£
1,109,342
-
1,109,342
-
-
-
-		 Expenditure
£
(86,950)
(56,000)
(142,950)
-
-
(1,640,809)
(1,640,809)		 Transfers
in/out
£
(1,826,788)
-
(1,826,788)
-
206,039
1,620,749
1,826,788		 Gains/
(Losses)
£
-
56,000
56,000
-
2,165,732
-
2,165,732		 Balance at
31 August
2021
£
(3,824,547)
-
(3,824,547)
3,264
13,036,518
72,616,783
85,656,565

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 20

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

12. Statement of funds (continued)

Balance at 1
September
2020
£
Income
£
Expenditure
£
Transfers
in/out
£
Gains/
(Losses)
£
Balance at
31 August
2021
£
Restricted
funds
Endowed
exhibitions and
prizes
22,496
3,644
-
-
-
26,140
Robert Beldam
Priory
Foundation
10,855
2
-
-
-
10,857
Other restricted
funds
5,947
-
-
-
-
5,947
39,298
3,646
-
-
-
42,944
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
80,324,001
1,112,988
(1,783,759)
-
2,221,732
81,874,962
Statement of funds - prior year
Balance at
1 September
2019
£
Income
£
Expenditure
£
Transfers
in/out
£
Gains/
(Losses)
£
Balance at
31 August
2020
£
Unrestricted
funds
Designated
funds
Pension buyout
reserve
375,000
-
-
(375,000)
-
-
General funds
General reserve
6,092,807
4,463,157
(69,073)
(13,507,042)
-
(3,020,151)
Pension reserve
-
-
(289,000)
-
289,000
-
6,092,807
4,463,157
(358,073)
(13,507,042)
289,000
(3,020,151)		 Balance at 1
September
2020
£
Income
£
Expenditure
£
Transfers
in/out
£
Gains/
(Losses)
£
Balance at
31 August
2021
£
Restricted
funds
Endowed
exhibitions and
prizes
22,496
3,644
-
-
-
26,140
Robert Beldam
Priory
Foundation
10,855
2
-
-
-
10,857
Other restricted
funds
5,947
-
-
-
-
5,947
39,298
3,646
-
-
-
42,944
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
80,324,001
1,112,988
(1,783,759)
-
2,221,732
81,874,962
Statement of funds - prior year
Balance at
1 September
2019
£
Income
£
Expenditure
£
Transfers
in/out
£
Gains/
(Losses)
£
Balance at
31 August
2020
£
Unrestricted
funds
Designated
funds
Pension buyout
reserve
375,000
-
-
(375,000)
-
-
General funds
General reserve
6,092,807
4,463,157
(69,073)
(13,507,042)
-
(3,020,151)
Pension reserve
-
-
(289,000)
-
289,000
-
6,092,807
4,463,157
(358,073)
(13,507,042)
289,000
(3,020,151)
Unrestricted
funds
Designated
funds
Pension buyout
reserve
General funds
General reserve
Pension reserve		 Balance at
1 September
2019
£
375,000
6,092,807
-
6,092,807

Page 21

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

12. Statement of funds (continued)

Statement of funds - prior year (continued)

Total
Unrestricted
funds
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
2019
£
6,467,807
3,264
10,206,174
60,466,848
70,676,286
21,383
10,806
5,947
38,136
77,182,229		 Income
£
4,463,157
-
-
-
-
1,113
49
-
1,162
4,464,319		 Expenditure
£
(358,073)
-
-
(1,449,811)
(1,449,811)
-
-
-
-
(1,807,884)		 Transfers
in/out
£
(13,882,042)
-
262,236
13,619,806
13,882,042
-
-
-
-
-		 Gains/
(Losses)
£
289,000
-
196,337
-
196,337
-
-
-
-
485,337		 Balance at
31 August
2020
£
(3,020,151)
3,264
10,664,747
72,636,843
83,304,854
22,496
10,855
5,947
39,298
80,324,001

Page 22

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

13. Summary of funds

Summary of funds - current year

General funds
Endowment
funds
Restricted funds		 Balance at 1
September
2019
£
(3,020,151)
83,304,854
39,298
80,324,001		 Income
£
1,109,342
-
3,646
1,112,988
Income
£
-
4,463,157
-
1,162
4,464,319		 Expenditure
£
(142,950)
(1,640,809)
-
(1,783,759)
Expenditure
£
-
(358,073)
(1,449,811)
-
(1,807,884)		 Transfers
in/out
£
(1,826,788)
1,826,788
-
-
Transfers
in/out
£
(375,000)
(13,507,042)
13,882,042
-
-		 Gains/
(Losses)
£
56,000
2,165,732
-
2,221,732
Gains/
(Losses)
£
-
289,000
196,337
-
485,337		 Balance at
31 August
2021
£
(3,824,547)
85,656,565
42,944
81,874,962
Balance at
31 August
2020
£
-
(3,020,151)
83,304,854
39,298
80,324,001
Summary of funds - prior year
Designated
funds
General funds
Endowment
funds
Restricted funds		 Balance at
1 September
2018
£
375,000
6,092,807
70,676,286
38,136
77,182,229

14. Analysis of net assets between funds Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Capital
funds
2021
£
72,616,782
13,039,783
-
-
85,656,565		 Restricted
funds
2021
Unrestricted
funds
2021
£
£
-
1,087,111
-
1,013
42,944
1,398,958
-
(6,311,629)
42,944
(3,824,547)		 Total
funds
2021
£
73,703,893
13,040,796
1,441,902
(6,311,629)
81,874,962

Page 23

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

14. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

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
£
-
-
39,298
-
39,298		 Unrestricted
funds
2020
£
1,620,748
1,013
1,713,970
(6,355,882)
(3,020,151)		 Total
funds
2020
£
74,257,591
10,669,024
1,753,268
(6,355,882)
80,324,001

15. Capital commitments

2021 2020
£ £
Contracted for but not provided in these financial statements
Acquisition of tangible fixed assets 147,000 -

16. 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 2021.

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.

The Scheme, which is in the final stages of its winding up, holds a net pension asset of £0.053m (2020 - £0.6m). 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 24

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

16. Pension commitments (continued)

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

At 31 At 31 August
August 2021 2020
% %
Discount rate N/A 1.63
Future pension increases N/A N/A
RPI Inflation N/A N/A
CPI inflation N/A N/A
Deferred pension revaluations N/A N/A

Sensitivity analysis

The Charity's share of the assets in the scheme was:

At 31
August 2021
£
Corporate bonds
-
Cash
66,000
Liabilities other than actuarial present value of promised retirement benefits
(13,000)
Total fair value of assets
53,000
The actual return on scheme assets was £3,000_(2020 - £16,000)_.
The amounts recognised in the Statement of financial activities are as follows:
2021
£
Interest on obligation
10,000
Expenses
(66,000)
Settlement
-
Total amount recognised in the Statement of financial activities
(56,000)		 At 31 August
2020
£
605,000
15,000
-
620,000
2020
£
16,000
(114,000)
(191,000)
(289,000)

Page 25

REPTON SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

16. Pension commitments (continued)

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

Opening defined benefit obligation
Interest cost
Benefits paid
Impact of experience losses
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
Remeasurement losses on assets
Actuarial (losses) / gains
Contributions by scheme participants
Liabilities other than actuarial present value of promised retirement benefits
Benefits paid
Expenses paid
Settlements
Returned to employer
Closing fair value of scheme assets		 2021
£
-
-
(1,000)
1,000
-
-
2021
£
620,000
10,000
(8,000)
-
-
(13,000)
-
(66,000)
-
(490,000)
53,000

17. 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.

18. 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 (2020 - £nil).

Page 26