Students at Martingrove Collegiate and their parents say they are surprised the school's former principal is facing charges of fraud and theft.

Police announced the charges Monday against Terry Baytor, 58, of Brampton.

They allege he took a total of $88,500 from a fund set up to handle students' activity fees between 2005 and late 2009, when he retired.

Baytor is to appear in court on Dec. 22. No allegations against him have been proven in a court of law.

Grant Bowers, lawyer for the Toronto District School Board, said the board appointed an interim principal following Baytor's retirement.

He alleged that the interim principal noted irregularities in the fund's book-keeping.

The TDSB has said it will replace any money missing from the funds.

Since Baytor retired almost a year ago following seven years at the north Etobicoke high school, he has taken up duties with a private school in Thornhill -- the Everest Academy.

School founder Farell Duclair said Baytor has been an asset to his students and was prepared to give him a chance to rebut the charges.

"Allegations are allegations," he said, although Baytor will be staying at home in the meantime.

CTV Toronto could not reach Baytor for comment.

The TDSB was to hold a meeting Tuesday night to inform parents about the situation.

With a report from CTV Toronto's Michelle Dube