2022-08-31-accounts - Loughborough Schools Foundation

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Governors'	report
Statement ofTrustees'		responsibilities					19
Report ofthe independent auditors			to the members		of Loughborough	Schools Foundation	20
Consolidated	statement	offinancial	activities				24
Consolidated	summary	income and	expenditure	account			25
Consolidated	balance sheet						26
Charitable Company balance sheet							27
Consolidated	cash flow	statement					28
Notes							29

Co-opted Governors:
Dr M Aslam (appointed 1September 2021)
Mr A Bowden (appointed 27October 2022)
Mr J Cimurs (appointed 15September 2022)
Mrs A Clark (appointed 5September 2022)
Mrs E K Critchley
Professor A Dodson (resigned 17March 2022)
Dr J Esson (appointed 1September 2021)
Professor J Feather (resigned 17March 2022)
Mr A Harris
Mr R Harrison, Foundation Chair from 5September 2022
Mr K M Higginson (resigned 23June 2022)
Air Vice-Marshal G Howard
Mr A DJones, Foundation Chair 18December 2021to 4September 2022
Mrs RJ E Limb
Mr Simon Morris (appointed 5September 2022)
Mrs A Murphy
Mrs G Richards (resigned 17August 2022)
Mr 5Shah
Mr P Snelling (resigned 22September 2022)
Admiral SirTrevor Soar (Foundation Chair to 17December 2021, resigned as Governor 17December 2021)
Mrs LWebb

All Governors	All Governors	All Governors	give up their	time freely and no remuneration	time freely and no remuneration	was paid during	was paid during	the course of the year.	the course of the year.	the course of the year.	the course of the year.	the course of the year.	Reasonable
travelling		and	associated expenses were paid in accordance with Foundation				policy.		No	Trustee/Director,			or person
connected		with a Governor,		received	any benefit either from a means-tested			Foundation			bursary	or a	scholarship
awarded	to a		pupil.
Registered		Office:				3 Burton Walks
						Loughborough
						LE112DU
Professional			Advisers:
Bankers:						National Westminster			Bank pic
						Market Place
						Loughborough
						LE113EA
Solicitors:						Veale Wasbrough		Vizards
						Orchard Court
						Orchard Lane
						Bristol
						BS15DS
						Bird, Wilford and		Sale
						20 Church Gate
						Loughborough
						LE111UD
Auditors:						Cooper Parry Group Limited
						Sky View, Argosy		Road
						East Midlands	Airport
						Castle Donington
						Derby
						DE74 2SA
Employment			Tax Adviser:			PKF Smith Cooper
						Prospect House
						1Prospect Place
						Derby
						DE24 8HG
Investment		Advisers:				Charles Stanley	5Co. Limited
						25 Luke Street
						London
						EC2A 4AR
Insurance		Broker:				Hayes Parsons	Insurance			Brokers
						Beacon Tower,	Colston		Street
						Bristol
						BS14XE
Land Managers:						Mather Jamie
						3 Bank Court, Weldon			Road
						Loughborough
						LE115RF

Fairfield Preparatory	Fairfield Preparatory	School	School		for boys and	girls aged 3-11
					Headmaster:	Mr A R Earnshaw, BA, NPQH
Loughborough	Amherst		School		for boys and	girls aged 6 weeks-18
(incorporating	Loughborough			Nursery)	Headmaster:	Dr J Murphy, BA, DPhil (Oxon)
Loughborough	Grammar		School		for boys aged 10-18 Headmaster (Interim): Dr C A Barnett, ME (to31August 2022)
					Headmaster:	Dr D Koch, BA, M.St, D.Phil (Oxon) (from 1
					September 2022)
Loughborough	High	School			for girls aged	11-18
					Headmistress:	Dr F Miles (MA Cantab) MBBS

K Greenhouse gas	em	issions	and energy use da	ta for the period	1September 2021to	31August 2022:
					2021/22	2020/21
						(Restated due to
						missing figures)
Energy consumption		used to	calculate emissions	(kWh)	10,386,484	10,510,440
Energy consumption ~ gas ~ electricity ~ transport	breakdown (kWh): fuel				7,638,434 2,656,960 91,090	8,279,614 2,184,082 46,744
Scope 1 emissions	in	metric	tonnes CO2e
Gas consumption Owned transport —mini-buses					1,404.48 11.47	1,522.37 6.68
Total Scope 1					1415.95	1529.06
Scope 2 emissions	in	metric	tonnes CO2e
Purchased electricity					540.16	508.00
Scope 3emissions	in	metric	tonnes CO2e
Business travel in employee			owned vehicles		4.48	1.08
Total gross emissions		in metric tonnes CO2e			1,960.59	2,038.14
Intensity ratio Tonnes CO2e			per pupil		0.87	0.91

				Unrestricted	Restricted
				income	income	Endowed	2022 Total	2021Tota I
			Note	Funds	funds	funds	funds	funds
				f000	f000	f000	f000	f000
Income and endowments	from:
Donations and legacies					377		377	111
Other trading activities				528			528	523
Investments				122	96		218	138
Charitable activities				31,897	897		32,794	31,018
Other				186			186	45
Total income and endowments				32,733	1,370		34,103	31,835
Expenditure on:
Raising funds:
Financing costs			9	314			314	135
Trading operations			9	382			382	395
Charitable activities			9	30,637	1,063	1,075	32,775	32,275
Total expenditure				31,333	1,063	1,075	33,471	32,805
Net income/(expenditure)	before
gains/(losses) on investments		and transfers		1,400	307	(1,075)	632	(970)
Gain/(Loss) on sale ofinvestments					(1)	10
Gain/(Loss) on investment	assets				(184)	(222)	(406)	907
Net income/(expenditure)	before transfers			1,400	122	(1,287)	235	(52)
Transfers between funds						(9)
Net movements in funds				1,407	124	(1,296)	235	(52)
Reconciliation offunds
Total funds brought forward				12,565	5,255	49,915	67,735	67,786
Total funds carried forward				13,972	5,379	48,619	67,970	67,735

Consolidated	summary income and	expenditure	expenditure	accounts
for the year ended 31August 2022
					Note	2022	2021
						f000	f000
Income from charitable related activities						33,358	31,174
Income from	non-charitable trading	activities				527	523
Interest and	investment income					218	138
Gain on sale	of investment assets				19
Gross income in the reporting period						34,103	31,835
Expenditure	on charitable activities					(30,597)	(30,078)
Expenditure	on non-charitable trading activities					(382)	(395)
Interest payable						(314)	(135)
Depreciation	and charges for impairment		offixed	assets		(1,103)	(1,013)
Total expenditure in the reporting		period				(32,396)	(31,621)
Net income	for the year					1,707	214

					Note			2021
						f000	f000	f000	f000
Fixed assets
Tangible assets							64,993		66,363
Investments							4,846		5,052
							69,839		71,415
Current assets
Stock					12	254		282
Debtors					13	715		536
Cash at bank		and in	hand			6,971		6,391
						7,940		7,209
Liabilities:	amounts		falling due within one
year
Creditors					14	(5,170)		(5,185)
Net current		assets					2,770		2,024
Total assets		less current		liabilities			72,609		73,439
Creditors:	amounts		falling due after more
than one	year						(4,424)		(5,316)
Provisions	for liabilities
Provisions					16		(215)		(388)
Net assets							67,970		67,735
Funds
Endowed	funds				18		48,619		49,915
Restricted	income funds				18,19		5,379		5,255
Unrestricted		income	funds		18		13,972		12,565
Total funds							67,970		67,735

Charitable balance sheet	Charitable balance sheet
at31August 2022		Note	2022		2021
			f000	f000	f000	f000
Fixed assets
Tangible assets Investments		10 11		64,987 4,846		66,354 5,052
				69,833		71,406
Current assets
Stock		12	54		48
Debtors		13	1,137		743
Cash at bank and in	hand		6,683		6,311
			7,874		7,102
Liabilities: amounts	falling due within one
year Creditors		14	(5,098)		(5,069)
Net current assets				2,776		2,033
Total assets less current liabilities				72,609		73,439
Creditors: amounts than one year	falling due after more	15		(4,424)		(5,316)
Provisions for liabilities
Provisions		16		(215)		(388)
Net assets				67,970		67,735
Funds Endowed funds Restricted income funds Unrestricted income funds		18 18,19 18		48,619 5,379 13,972		49,915 5,255 12,565
Total funds				67,970		67,735

						2022	2021
					Note	f000	f000
Net cash flow from operating activities
Net cash flow (used)/provided by operating		activities			20	1,529	2,959
Cash flows from investing activities
Purchase of property, plant and equipment					10	(843)	(1,093)
Purchase ofinvestments					11	(492)	(187)
Proceeds from sale ofinvestments					11	292	108
Dividends, interest and rents received	from	investments			5	218	138
Net cash used in investing activities						704	1,925
Cash flows from financing activities
Repayment offinance leases						(124)	(124)
New loan
Net cash generated in financing activities						(124)	(124)
Change in cash and cash equivalents	in the	reporting	period			580	1,801
Cash and cash equivalents at the beginning		ofthe reporting		year		6,391	4,590
Cash and cash equivalents at the end	ofthe	reporting	year			6,971	6,391

3 Donations
	Unrestricted	Restricted	2022
	f000	f000	f000
Donations		377	377
Legacies
		377	377
	Unrestricted	Restricted	2021
	f000	f000	f000
Donations
Legacies

022 for both e unds.	ntities,	as extracted from their audi	ted accounts, are su	mmarised	below and	all relate to un	restricted
				Thomas	Burton
			The LSFShop	Development		Total	Total
			Ltd		Ltd	2022	2021
			f000		f000	f000	f000
Turnover			353		175	528	523
Cost ofsales			(260)		(1)	(261)	(294)
Gross profit			93		174	267	229
Administration			(70)		(50)	(120)	(109)
Other operating	income						8
Operating profit			23		124	147	128
Interest payable						(2)	(2)
Net profit			22		123	145	126
Retained reserves bought forward							(8)
Covenant			(22)		(123)	(145)	(118)
Retained reserves carried forward
he aggregate	amounts	ofassets, liabilities, share	capital and reserves	were:
					Thomas	Total	Total
			The LSFShop		Burton	2022	2021
			Ltd	Development			restated
					Ltd
			f000		f000	f000	f000
Non-current	assets
Current assets			356		158	514	338
Creditors: amounts		falling due within one year	(356)		(164)	(520)	(347)
Net current	liabilities				(6)	(6)	(9)
Creditors: amounts		falling due after more
than one year
Net liabilities
Share capital	and reserves

5	Investment	income
			Unrestricted	Restricted	2022	2021
			f000	f000	f000	f000
Bank	interest receivable		32	41	73	26
Investment income			75	55	130	93
Rental	income		15		15	19
			122	96	218	138
2021			81	57
6	Charitable	activities

School incom	e receivable comprised:
			2022	2021
			f000	f000
Tuition fees			29,611	28,392
Boarding fees			1,600	1,192
Bursary awards and grants			(897)	(1,072)
Bursary awards and grants paid for by restricted		funds	897	1,142
			31,211	29,654
Government	Grants			219
Catering receipts			1,234	968
Other fees 8	grant		349	177
			32,794	31,018

Charita	ble net inc	ome is stated after charging:
			2022	2021
			f000	f000
Auditor's remuneration:
For audit			34	29
For other	services		5	4
Governors'	professional	liability insurance	9	9
Depreciation	oftangible	fixed assets	2213	2 231
Staffcosts
Wages and salaries			18,181	17,496
Social security costs			1,836	1,632
Pension contributions			2,348	2,989
			22,365	22,117

The number of employees whose emoluments exceeded	E60,000was:
	2022	2021
E60,001 - E70,000		8
E70,001 - E80,000
E80,001 —F90,000
E90,001 —E100,000
E100,001 - E110,000
E110,001 - E120,000
E120,001 - E130,000
E130,001 —E140,000
E140,001 —E150,000
E150,001 - E160,000
E160,001 —E170,000
	26	19

9 Analysis of	total resources expended	total resources expended
			Staff			Total	Total
			costs	Other	Depreciation	2022	2021
			f000	f000	f000	f000	f000
			(note 7)		(note 10)
Cost ofgenerating	funds
Trading			93	285		382	395
Financing				314		314	135
			93	599		696	530
Charitable expenditure
Teaching costs			16,878	2,206		19,084	19,053
Welfare costs			325			325	283
School meals and catering			593	1,006		1,599	1,371
Premises			1,511	2,041	2,209	5,761	5,565
Support costs			2,818	1,839		4,657	4,475
Financial Assistance	including	Bursaries		1,032		1,032	1,237
and Scholarships
Governance costs			240	77		317	291
			22,365	8,201	2,209	32,775	32,275
Total expenditure			22,458	8,800	2,213	33,471	32,805

Resources e	xpended total f33,471	,000(2021:f32,805,000)of	which the s	plit between fund	s is as follows;
		Staff			Total
		costs	Other	Depreciation	2022	2021
		f000	f000	f000	f000	f000
Unrestricted	funds	22,458	7,768	1,107	31f333	30,353
Restricted funds			1,032	31	1,063	1,268
Endowment	funds			1,075	1,075	1,184
Total expenditure		22,458	8,800	2,213	33,471	32,805

		Freehold
		land and	Furniture
		buildings	and fittings	Equipment	Total
		f000	f000	f000	f000
Costor valuation
Balance at 1September 2021		73,906	2,386	9,498	85,790
Additions at cost		258	131	454	843
Transfer between	classes	(54)	52	2
At end ofyear		74,110	2,569	9,954	86,633
Depreciation
Balance at 1September 2021		(9,308)	(1,819)	(8,309)	(19,436)
Charge for year		(1,499)	(125)	(586)	(2,210)
At end ofyear		(10,807)	(1,944)	(8,895)	(21,646)
Net book value
At 31August 2022		63,303	625	1,059	64,987
At 31August 2021		64,598	567	1,189	66,354

	2022	2021
	f000	f000
Equipment		199
Depreciation		49

11 Investments	11 Investments
				Listed and
			Freehold	managed
Consolidated	and charitable	company	property	investments	Total
			f000	f000	f000
Balance at 1	September 2021		1,081	3,971	5,052
Disposal ofproperty
Additions at	cost			492	492
Disposals				(292)	(292)
Change in market value ofinvestments			129	(535)	(406)
Balance at31August 2022			1,210	3,636	4,846


		Consolidated	Charitable	Consolidated	Charitable
			company		Company
		f000	f000		f000
Stocks		54	54	48	48
Subsidiaries'	stocks	200		234
		254	54	282	48

13 Debtors
					2022			2021
				Consolidated		Charitable	Consolidated		Charitable
						Company			company
				f000		f000			f000
Fees receivable				191		191	123		123
Other debtors				499		499	389		389
Trade debtors				25			24
Due from group	undertakings					447			231
				715		1,137	536		743
14 Creditors:	amounts	falling due within		one year
						2022			2021
				Consolidated		Charitable	Consolidated		Charitable
						company			Company
				f000		f000			f000
Prepaid fees				2,101		2,101	1,747		1,747
Fee guarantees					80	80		74	74
Taxation and social security					509	502	484		474
Net obligations	under hire	purchase	contracts					124	124
Mortgage obligation					28	28		28	28
CBILs loan				1,000		1,000	1,000		1,000
Other creditors					998	933	1,339		1,234
Accruals					454	454		389	388
				5,170		5,098	5,185		5,069

Repayments are due as follows:	Repayments are due as follows:	2022	2021
		f000	f000
Amounts	falling due:
~	Within one year	1,000	1,000
~	Between one and two years	1,000	1,000
~	Between two and five years	1,917	2,000
~	After five years		917
		3,917	4,917

			Legal Costs	Compliance	Total
			f000	f000	f000
Balance	at 1September 2021		102	286	388
Charged in year Utilised/released		in year	74 ~71	47 ~223	121 ~294
			105	110	215

Minimum lease payments under hi	re purchase fall due as follows:
		2022			2021
	Consolidated		Charitable	Consolidated		Charitable
			company			Company
	f000		f000			f000
Within one year				124		124
Between 1-5years
				124		124

					Tangible	Investments	Net current	Non current	Total
					Fixed assets		assets/	(liabilities)
							(liabilities)	and provisions
					f000			fQQQ	f000
Restricted income		funds
Bursary fund							600		600
Burton bursaries	2						226		226
A & PM Shepherd		bequest				775	1,292		2,067
HS Gym Equipment					136				136
BFDyson bequest						156	168		324
Parkin bequest					387				387
Coltman bequest							178		186
Wolfson bequest						126	53		179
GN Harvey fund					12				12
Bancroft bequest							66		66
Steinway Appeal					62				62
Prize funds						8	23		31
Scholarships						138	138		276
New Grammar School CCF Building					100				100
The Old Loughburian			Benevolent	fund		140	(10)		130
OLAFOC fund							70		70
Donations restricted			fund				88		88
Cockrell bequest						137	17		154
Lorraine Simmons		Scholarship				195	58		253
Huston Bequest					24	0	8		32
Total restricted income funds					721	1,683	2,975		5,379
Unrestricted income			funds		18,817		(322)	(4,523)	13,972
Endowed funds					45,455	3,163			48,619
					64,993	4,846	2,654	(4,523)	67,970

				Tangible	Investments	Net current	Non current	Total
				Fixed assets		assets/	(liabilities)
						(liabilities)
				f000	f000	f000	f000	f000
Restricted income	funds
Bursary fund						600		600
Burton bursaries 2						188		188
A5 PM Shepherd	bequest				873	1,292		2,165
HS Gym Equipment				62				62
BFDyson bequest					172	167		339
Parkin bequest				396				396
Coltman bequest						174		183
Wolfson bequest					150	53		205
GN Ha rvey fund				14				18
Bancroft bequest						65		65
Steinway Appeal				67				67
Prize funds					10	21		31
Scholarships					149	138		287
New Grammar School CCF Building				102				102
The Old Loughburian		Benevolent	fund		145	(9)		136
OLAFOC fund						72		72
Donations restricted		fund				151		151
Cockrell bequest					164	24		188
Total restricted income funds				643	1,676	2,936		5,255
Unrestricted income		funds		19,181		(912)	(5,704)	12,565
Endowed funds				46,539	3,376			49,915
				66,363	5,052	2,024	(5,704)	67,735

	Balance at 1				Investment	Investment
	September			Transfer and	gains on	gains on	Balance at 31
	2020	Incoming	Outgoing	adjustment	revaluation	sales	August 2021
	f000	f000	f000	f000	f000	f000	f000
Bursary fund	600	1,072	(1,072)				600
Burton bursaries	171	47	(30)				188
A 8 PM Shepherd	2,022	29	(29)		142		2,165
bequest
HS Gym	69		(8)				62
Equipment
BFDyson bequest	306		(6)		32		339
Parkin bequest	402		(8)				396
Coltman bequest	185		(3)				183
Wolfson bequest	173		(7)	(2)	39		205
GN Harvey fund	19		(1)				18
Bancroft bequest	65						65
Steinway Appeal	72		(5)				67
Hammers icy
bequest
Prize funds	29	2					31
Scholarships	260	94	(84)		17		287
New Grammar	105		(3)				102
School CCF
Building
The Old	117				21		136
Loughburian
Benevolent fund
0LAFOC	74		(2)				72
Donations	154		(3)	(44)			151
restricted fund
Cockrell bequest	142				43		188
Total	4,965	1,308	(1,266)	(46)	294		5,255

							2022	2021
							f000	f000
Cash flows from operating	activities
Net Income/(expenditure)	forthe reporting		period (as per the statement			offinancial	235	(52)
activities)
Adjustment for:
Depreciation charge							2I213	2 231
Dividends, interest and rents received from			investments				(218)	(138)
Decrease/(increase)in stock							28	20
Decrease/(increase) in debtors							(179)	708
Increase/(decrease) in creditors							(783)	630
Increase/(decrease) in provisions							(173)	388
Gain/(loss) on revaluation	ofinvestments						406	(828)
Net cash (used)/provided	by operating	activities					1,529	2,959
21 Analysis ofchanges	in net debt
			Balance	at 31	Cash	Flows	Non Cash	Balance as at 31
			August	2021			Flows	August 2022
				f000		f000	f000	f000
Cash				6,390		581		6,971
Loans falling due within one year				(1,028)		1,028	(1,028)	(1,028)
Loans falling due after more than one year				(4,531)			1,028	(3,503)
Finance lease obligations	due within	one		(124)		124
year
Finance lease obligations	due after more
than one year
Totals
				707		1,733		2,440

	2022	2021
	f000	f000
Expiry date:
Within 1year	144	138
Between 2 and 5years	201	251
Greater than 5year
Total	345	389