**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:
- An annual budget approved by the Governors of the Corporate Trustee;
- Regular consideration by the Governors of the Corporate Trustee of financial results, variances from
Page 5
**REPTON SCHOOL TRUST**
## **CORPORATE TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021**
budgets and non-financial performance indicators;
- Delegation of authority and segregation of duties;
- Identification and management of risk.
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:
- Continue to develop the facilities of Repton School and Repton Preparatory School, according to the educational needs.
- Continue to build a bursary fund, with a target of £20m, by 2025.
- Continue to provide grants to local bodies and individuals to promote the education, including social and physical training, of young persons resident in the parishes of Repton and Etwall.
- Seek to maximise the value of the Trust’s assets with a view to extending and improving the properties from which Repton School and Repton Preparatory School operate.
- Continue to seek to work with local state schools to provide public benefit.
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
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:
- give a true and fair view of the state of the charity's affairs as at 31 August 2021 and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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:
- the information given in the Corporate Trustee's report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **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:
- Enquiry of management around actual and potential litigation and claims;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
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.
Page 13
**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.
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**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)_|
|---|---|
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**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).
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