L4)tsghborough scho9lsFoE4n￿ho Governors, Reporl und FiFMtt¢ial Siaiemenis Foriheywendpd31 Augwi2023 Lou8hborou8h SclM)ols Foundatlofi Gov•fnors' Report and Flnan¢lJl Statements For the year ended 31 Au8U5t 2023 Reglstered company number 4038033 Reglstered ¢harlty number 1081765 LoyghborotrBh Srhg01& FoU￿d￿li0￿ GOver￿or¥, ReporiaNdFiAaK¢ialSialeme*ts Foy ili¢yeorended3J Augusl 2023 Contents Governots, report Statement of Trustee5' responslbilities 19 Report of the Independent auditors to the members of Lou8hborough Schools Foundatlon Consolidated statement of financlal actlvities 20 24 Consolldated summary Income and expendlture account Consolldated balance sheet 25 26 Charltable Company balance sheet 27 Consolldated cash flow statement 28 Notes 29 Lotsghborough Sclwols Foupthiion GovernorJ' Rep0rtdndFinaK¢tolSia¢eme￿tr FOr1hE￿Or eKded3J Augwi 2023 Governor< report Introductlon Governors, Tru5tee5 & Dlrectors The LouBhborough Schools Foundati￿ Is a company limlted by guarantee, number 4038033, and a ￿gIstered Charity. number 1081765. The Governors who served during the year, and up to the date of this report except where indicated, were: Ctropted Governo￿.. Dr M Aslam Mr5 K L Basey MrA Bowden Mr J Cimur5 Mrs A Clark Mrs E K Critchley Dr J Esson Dr S Gowers-cromie K Green Mr A HarTiS Mr R Harrlson Alr Vice-marshal G Howard MrA Dlone5 Mr S Leese MrsRI Eumb Mr S Morris MrsA Murphy Mrj Parkinson Mrsshah Mr P Snelling Mrs Lwebb lappolnted 22 May 20231 (appointed 27 October 20221 lappolnted IS September 20221 lappolnted S September 20221 lappointed 22 May 20231 (appointed 22 May 20231 Foundatlon Chair Foundation Vice Chair Ireslgned 25 March 2023 lappointed 22 May 20231 lappolnted 5 September 20221 lappolnted 21 May 20231 Iresi8ned 16 March 20231 IresSgned 22 September 20221 Irèsigned 16 December 20221 Nominated Governor.. Sister C Leydon Rosminiun Ststers of Pmvldence Dlrertors All Loughborough SchooLs Governors are regIste￿d wlth Companies House as Dirertors of the Company. Tmstees All Loughborough Schools Governors are wlstered with thÈ Charity Commisslon a5 Trustees of the Charlty. Lotsghborouzh $¢h¢￿Is Foundafiort Goverllors'Report QAdF￿a￿e1C1S1￿é￿en15 FoYih¢y¢ar8nded31 Augusi 2023 Governor< report (continued) Professlonal Advlser5: Banker5: National Westminster Bank pl¢ Market Pla LouBhborou8h LEII 3EA SoNcltors: Veale Wasbrough Wizards Orchard Court Orchard Lane Bristol BSI 5D5 Bird, Wllford and Sale 20 Church Gate LDughborough LEII IUD Audltor Cotsper Parry Group Limlted Sky Viow, Argosy Road East Midlands Airport Castle Donington Derby DE74 2SA Employment TaxAdv15er: PKF Smith Cooper Prospect House I Prospect Pla Derbv DE248HG Inveslment Advlsers: Charles stanley & Co. Limited 25 Luke Street London EC2A 4AR Insurance Broker: Haye5 Parson5 Insurance Broker5 Beacon Tower. Colston Street Brlstol BSI 4XE Land Managers: Matherjamle 3 Bank Court. Weldon Road Loughborough LEII 5RF Reglstered Offlce: 3 Burton Walks Loughborou8h LEII 2DU LoN8hboroNghS¢lwls Foupthfion Governor5. ReFort¢NdFinoneialSiaiemefrtts Foriheiyur end¢d3J Awui2023 Governors, report fcontlnued) Reference Inforniation Lou8hborough Schoo15 Foundatlon Is an educatlonal charlty administered by Governor5 who are also the Trusiees of the Charity and DIr￿tOrS of the Company. It comprise5 four independent schools and one nursÈry* all located in LoughborouBh. Loughborough Grammarschool ILGSI and Loughborough High School for Girls ILHSI were founded in 1495 and 1850 respettively. Fairfield Preparatory School became autonomous in 1969 havi￿ prevIou￿V operated as the Junior school of Loughborough High School. On I September 2015 Our Lad￿$ Convent School (founded 18501 was subsumed Into the Foundation thu5 becomin8 bt5 fourth indepentJent school; from I September 2018, the school changed its name to become Loughborough Amherst School ILAS). The Nursery, established by Lou8hborough Amherst School, opened In October 2016. Throughout the Governors, Reports and Flnanclal Statements, the company and chaTitable trust are referred to collectlvely as the Foundation. Objects, aims and Boals Charft(￿1e oblects The Charlws objects, as set out in theArticles of Association areto advance education bycarrying on in Great Britain a school or schools whSch may be day or boarding schools at which infants, thildren and students may obtain education and instruction in academic. sporting, mu51cal, cultural, s¢Senllflc, technical. religiou5, vocational, social and commercial subjects, activitie5 and crafts of every (Jescription and by andllary or incidental educ*lonal actNltles and other assodated activitles for the benefit of the community. Alms Loughborough Schools Foundatlon wS118lve young people the very best start in lrfe. The IncI￿1ve and complete educational experience we provide ensure5 that a¢ademie achlevement stem5 from the happlne55 and fulfilment derived from tailored learningi excitlng opportunities and excèllent facllities. At the core of our vision is the ambition to provide the best all round education that enables our young people to excel and to take a leading Pla￿ In tomorrow's inter-connected world. Gools Academlc Excellence To foster intellectual curlosity, academic rlgour and Independent learnlng In our pupi15 by placing academic achievement. outstanding teaching and a love of learning at the heart of evewhin8 we do. Developing our puplls To prepare our pupils to be suttessful In tomorrow's challenglng world we will fosteT resillence, integrity and self- respect while developlng the highèst level of personal and academ1¢ achSevement. People To work with the whole Foundation community to for8e the strongest sense of partnership thrtsugh commun purpose, shared ambitlon and quallty of leadership so that together we ean dellver ourvision. Community Engagement To create outward facing schools that engage wlth the local communlty in a way whlch encourages mutual understanding and common benefiL promotes the reputation and interests of the schools and reflects the broader social obllgations of the Foundatlon. iearnln8 Environment Provide a forward looking and 5UStainable learning environment that dellvers the rlght infrastructure and facilitSes that are adaptsble to the future need5 of our puplls and staff. Loughborottgh Schtrol$ Fowidulion Governors. Report tJndFiAatscialSiatemeAts Foriheyeor¢nded3J Augtisi 2023 Governor< report fcontlnuedj Sustalnable Enterprlse To operate the charity with the hlghest Slandards of accountabllity, probity and control. and generatè meaningful surpluse5 to meetthe Foundatlon's charitable objects both now and in the future. 5tru£ture. Governance and Management The Foundation 15 a company Ilmited by guarantee, number4038033, and a registered Charlty, number 108176. The Foundation is governed by its Memorandum and Artl¢les of Assodation. The Foundation is comprlsed of four schools: Fairfield Preparatory School for boy5 and girls aged 3-11. day only Headmaster.. Mr A R Earnshaw, B& NPQH Loughborough Amherst School lincorporatlng Loughborough Nur5eryl for boys and girls aBed 6 weeks-18. day and boardlng Headmaster.. Drj Murphy, BA, DPhil IOKonl (to August 20231 Headmaster.. Mr l Neville. MA Ioxonl. Mphil (Cantabl, (from September 20231 Loughborough Grammar School for boys aged I￿18, day and boarding Headmaster: Dr D Koch. M.St, D.Phil (Oxonl (to AuBUSt 20231 Headmaster: Mrs HM Foster, BA, Med, Dlp LA. Ifrom September 20231 Loughborough High School for 8irls aged 11-18. day only Head- Dr F Miles IMA Cantabl.MBBS Chief Operation Officer J W Doherty (to 31 January 20231 N E Edwards11 March 2023 to 18 August 20231 RJ Grant & R Smeeton (from 18 August 20231 The Governors of the Foundation, as Dlrector5 of the Company, are also Charity Trustees. The Governors determine the general policie5, Strategic dlrectlon of the FoundatSon and evaluate the risk register. A scheme of delegation formallses the responslbilitles between Governor5, Commlttees and the Executives. The day-to-day Management of educ3tlonal, pupll development and pastoral issues Is delegated to Ihe Heads, supported by their senior staff. The Chief Operating Officer ICOOI Is answerable foi the overall govemance of the charity, and specifically re5Pgnslble for the centralised functlons of finance, human rèsources, estates and grounds managerneftt. health and safety. compliancÈ. catÈrin& network services. commercial actlvity, marketing and the subsidiary companies. All Governors glve their tlme freely and no remuneration wa5 paid durlng the year. Reagonable travellin8 and assoclated expenses were paid In accordance wlth Foundation pollcy. Nu Trustee/Director, or person connected with a Governor, recelved any beneflt either from a means-tested Foundation bursary or a scholarship awarded to a pupil. Professional indemnity and liabllity Insurance Is In place for Governors. Membership of Relevant Profe551onal Bodles The Heads of Loughborough Amherst School. Falrfield Preparatory School, Loughborough Grammar School and LoughborouBh High School, are members ofthe CISQ IAPS, HMC, and GSA respectlvely. The Foundatlon is a member of the ISBA. These professlonal afFiliations collectlvely form part of the Independent Schools, Councll. Mernbership in these associations serves as a platform to exchange expertlse, knowledge, and experlences within the independent schools. sertor. Furthermore, they play a vltal role In representing the settor's vlews to the Government and regulatory bodle& LoMgkbororighSckoolsFounda¢io GovÉrrtors'Reporl andFillt7llcialStalepnevts Foriheyedr ePthd3IAug￿ 2023 Governors, report fcontinued) Governor Recrultment and Trainin8 The Board of Gcvernvrs requlres considerable breadth and depth of experlence to carry out Its dutles effectively and efficiently. The Nomlnations Commlttee InteThiews prospettlve governors on a regular basis and malntslns a list of prospectlve candidates to be called forward when vacancies arlse andlor Skill gaps In the Board become apparent. Askllls matrix is maintaine(J to Inform recrultment and training pr5orStles. All Governors follow an Induttion programme on appoSntment Including meetlngs wlth the School Heads. COO and relevant Chairs. All Governors are encoura8ed to attend external tralnlng to complement internal tralnlng provlded. In addltion to training for the Governurs ag a whole, Indrvidual Governors also receive tralnlng to supw)rt them In specificdutlesthey undertake. for example safeguardlng and finance. The Foundation is a member of theAsso¢latlon of Governing Bodie5 of Independent Schools IAGBISI and Governor5 are encouraged to make use of the programme of conferences and semlnars offered. A record of Govèrnor tralnlng is held by the secretary tts the Board. Governan￿ and Commlttee Structure The Board, through four functlonal committees, exerclses the governance and control of the Foundatlon and Schools. The Heads and the COO attend Governors, meetings. Additionally* an individual commlttee known as a 'S¢hool Board, operates for each of the Schools. As thefunctional commlttees have prlmacy. the four School Boards have limited executlve power5 but were constituted to ensu￿ that school issue5 are appropriately ralsed at Foundatlon Board level. An external review of Governance was completed in March 2023 with implementatlon of the planned action continuing 2023124. The commlttees in existence durlng the year were: Four SchoDI Boards ILoughborough Amherst School, Falrfield Preparatory S¢hool, Loughborough Grammar School and LoughborouÈh High 5chooll: School Boards are responsible for liaison on general matter5 and en5urin8 that School Issues are represented at the appropriate functional committee andlor the Foun(latlon Board. They have particularfocus on academia and educatlonal matters and providethe prlmary Governorlschool interface, Indudlng representation to the ISI, Sn addltion the Loughborough Amherst School Board exercises speclfic responsibllltles for the CatholSc lifè of the school. Each School Board Is constituted with at least three Governors and meet on a termly basts. The Flnance Audlt and Rlsk Ctynmlttee remit is to monltor the financlal performance of the Foundation and its constituent schools and to make recommendations to the Board accordlngly. It oversees the external audlt process as well as the programme of Internal reviews and checks undertaken throughout the year, such a5 Spot checks of the slngle central register. and safe8uards the integrity of the Foundation's systems and Internal controls. The committee is also responsible for rlsk management In the Foundatlon and for ensuring that the Foundation has a long-term finanual plan, con51Stent wlth Its overall strateglc development and infrastructure plans. It exerclses overslght of the Foundation's investrnents and reseNes. The committee is constituted with at lÈastthree Governor5 and meet on a termly basis. Operallons and Compliance Commlttee: advises the Board on all rnatters relatlng to capital development. reactlve nd planned malntenance. MaIntenan￿ of the grounds, human resource5, networks seThlces. catering and health and safety and compliance. The committee is constituted with at least three Governors and meÈt on a termly basls. Remuneratlon Committee: Conslsting ofthefourschool Board Chair5, the Wice Chairand chalred bythe Foundatlon Chalr. The committee has specific responsibility for determlning the rernuneration of the Foundation's sènior officers. The committee meets annually. The Nomlnallons Commlttee: Conslsting of the four School Board Chairs and chalred by the Foundation Chair. It advises the Board on the recruitment. selectlon and Induction of new Governors. In doin8 $0. It makes use of the policy on the recrultment, selectlon and inductlon of Governors. The ¢ommlttee meet twice a year or as necessary to consider applications from prospective govemors and undertake suc￿5510n planning. LoughboroNgh Schools Foundtttlo Governors'Reporl FI*￿￿e1￿1SIakemeKls FOr¢he￿arendEd3[A￿8￿5É2O25 Governorf report IconJnuedJ The Board also recelve5 reports from The Subsidlary Tradlng Board. The Subsidlary Tradlng Board has three Directors, two of whom are not a trustee of Loughborou8h Schools Foundatlon. The Direttors are responslble for the legal oversl8ht of the Foundation's incorporated subsidiarie5. vestment PollcylPerformance: The Investmènt objectives are to generate the highest P055ible returns, which are commensurate with a low to medium level of risk. The Foundation does not Specifically Invest In ethical investments. The value of the portfollo decreased from £4,846.000 to £4,795,000, durlng the year. Thi5 is due to a fall in thè underlying investments values during thè year,. caused by the sharp inerease in Interest rates. The Finan￿, Audit and Risk Commlttee routlnely revlew the investment portfolS0 and compare performance to relevant benchmarks, such as the FfSE IQO, the FTSE All share and the MSCI PIMFA Private Investor Balan￿d Indices to benchmark performante. Following a detalled review this year, the Foundation consolidated and rebalanced its investment portfolio between two investment managers: Charle5 Stanley Wealth Managers and CCLA Investment Management Ltd. Reserves The Governors have estsbllshed a policy on the holding of reserves. which is constltuted as folkjws: A sum Èqual to IO% of worklng capital which for the year 2022-23 was deemed to be £1,083.000 plus: A sum no less than S% and no morè than IO% of the designated In year CAPEX requirement which for the year 2022-23 was deerned to be £48,000. The total funds held Bt the end of the reporting period We￿ £68,049,000 and of this. £53,018.000 was either restrlcted or endowed, and therefore not avallable to be used for general purpose. The Foundatlon holds investments sufficlent to match the restritted funds a5 represented by the Bursary Fund, A. & P. M. Shepherd Bequest, Dyson Bequest, Coltman Bequest, 'Johnnie johnson. Award Fund, Woltson Fund and the various prize and scholarship funds. The combined requirement of the reserve pollcy and restricted funds throughout the reporting period was £5,788,000. As at 31 August 2023 our cash and Investments were £11,745.000 and therefore our pollcy wa5 met. Ltwghborough S¢hools Fo¥pJdo£lopr Gowrx¢rs' Report ond Fillurtelolstsiements For iheyear ended31 A￿&￿12023 STRATEGIC REPORT Main Alms forthe Year The main alm for the year, together with an Indicatlon of the progress made. were: Aims for 2022123 Development of school slrategic plans to further the delivery of the overall Foundatiun Strategy, building on 2021122 successes. Progre5S Schools made slgnificant progress in the development of individual strateglc plans aligned to thè pursult of excellence in education while a150 respectirw and embraclng their dlstlnct Identitles. A new long-term plan has been established, allgned wlth the Foundat5on's strategic plan. demonstrating commitment to sustainable flnances to support our goals. The plan acknowSÈdges potentlal thrèats and manages the associated rlsks. Development of a long-term flnancial plan to underpin the sustalnability of the Foundatlon that Is aliBned with the Foundation strateglc plan and wlder economic polScy. Support the new headmaster at Loughborough Grammar School to achleve agreed oblÈctives. Dr Daniel Koch achieved the objettlves Identified by Governors and Subsequently accepted a new post at Klmbolton School. Mrs Helen Foster, the Senlor Deputy Head, was appolnted Head IDesi8natel in April 2023 and assumed the role of Head at the start of the academic year. The school's reputation for academic and pastordl excellence cDntit)ues. Slgnifiont progress was made in the strategic exploratlon of extending boardin8 prov151on across the Foundatlon. Governors are committed to further developing the boardlng strate8y in the coming year. The Foundation is commltted to the contSnuation and gr0￿h of an extenslve Bursary program. wlth record- breaking pledges from alumni* parents. staff, and frlends. These efforts continue to demonstrate a shared commitment to Inclusivlty and changing Ilves through education. To Teview the potential to extend the boarding provislon across the Foundation exploring new markets and 5trateglc partnerships. To embed the Development Strategy to deliver a sustainable and collaboratlve approach to philanthropy. donor and alumni relationships 5UPPQrtinB the Foundatlon to further dellver tts Charitable Oblectives. To continue the implementatlon of the Dl8ital Transformation Strategy and develop plans for the second phase of development. Teaching has been enhanced wlth a refresh of classroom technology and dlgltal learnlng tools and resourtes. A new management Informatlon sy5tern was successfully launched in Aprll 2023. and the new finance system went live In August 2023. The second phase of the Dlgltal StTate8y includes measure5 to further transform the educational experlence, Invest in the professional development of staff, and underpln thls with fully integrated support systems. Governance arrangements have been revlewed to stren￿hen our commitment to EDI acros5 three key themes.. Reportlng and Communi¢atlon, Strategy, and Overslght. The Foundation EDI Govemor continues oversight of EDI strateEV. The school boards remain responsible for indlvidual school EDI actlon plans whllst the full board Is collectively responslble for the commitment to EDI princSples. Continue the focus on equality, dlversity and inclusion IEDII by embeddin8 school- based EDI plans buildlng upon the Foundation plan Implemente(I In 2021. Loughborougk Schools Fots&tda¢io GoVer￿or$, RgporluNdFIAiJhLlalSialements For iheyeor ertded3J Augusr2023 Flnanoal Revlew The Foundatlon beneflted from a stable operating envlronment In 2022-23. Income was higher durinB the year, having Increased by £2.2 mllllon as a result of increased Income from tuition and boarding fees, as well a5 £392,OOL) in donation and legacie5, which are held as restricted fundsand spent in Ilnewith the donors, wlshes.The Foundation felt the Impact of rising costs signlflcantly during the year, with Èxpenditure Increasing by £2.8 milllon Compared to the previous year. Expenditure outstripped income. causing income to fall from £632,000 In 2021-22 to £243,0 this year. The contlnued turbulence wlthln financlal markets led to the Foundation'5 inve5trnents losing £154,000. Thls limited the Erowth of the Foundation's balance sheet, but overall the posltion remalns healthy with cash balan￿ of £7.0 mlllSon and net current assets of £2.8 million. The Foundation spent £1,078.000 on new property plant and equlpment durlng the year, which is below the depreciation charge of £2.1 milllon. The Foundation's challenge for the future is ensurlng that sufflcient surpluses are ma(le to continue to Invest in the excellent facilities that are currently on offer. The FoundatS0rt's two sub55dlary companies had a mixed performance. The net proflts from LSF Shop LTD reduced to £18,000 in 2022-23 compared to £22.000 In the prevlous year. Thls reduttion is malnly due to a reduction In income as the return to school date wa5 much later than in the previous year, therefore parents delayed their expenditure. Thoma5 Burton Developrnent LTD had a Bood tradlng year and saw the net profit increase from £123,QOO to £144,000. Profits from both companies are 8ifted to the parent charlty. Covld 19 Pandemic Repayments for the CBILS loan Icoronavirus Business Interruption Loan Scheme) were made through 2022123 with £2.9m outstand1￿￿ at the year end. No funds were re￿IVed In relation to the Covld 19 Pandemlc durin8 the year. Philanthropy and Alumni Relatlons The ability of the Foundation to offer wlder attess through financial support is reliant upon the ongoing generosity of the Schoo15' core community (parents. alumni, staff, governors and friends) alongside that from external companles, trusts and foundatlons. Fundraising effort5 and initiatlves support burgarie5 and reliwe hardship for parents where the pupil's educatlon and future prospects would otherwise be at rrsk Durin8 the 12-month period to Au8USt 2023 £392,000 was raised. Grants and bursarles are awarded based on educational ability and finaneSal urcumstances, sublett to the restrlction5 Imposed by the donor of the funds. The Foundation uses an In-house team for the purpose of fund-ralsinB and is fully règrstered wlth the Fundraising Regulator to whlch it pays the statutory fundraising levy and abide5 by their Fundraisir￿ Code of Practlce. The￿ have been no fallures to comply with the scheme orstandards and no complaints re￿iVed by the Foundatlon about its fundraising activities. The Foundotion has taken all reasonable precautlons to protect vulnerable people and other members of the publlc fiom unreasonably intrusive or per51stent fundraising. Key Performance Indlcators The Foundation assess Its success in the Implementation and pursult of its Charity strategy by following key performan￿ indicators.. Pupil numbers in the schools Acadernic results The achievement of pupils in all areas of education development including Sport. music and drama Loughbornugh Schools Fouthiio Gov¢rnors' ReporlavdF1th7ncialS¢utemenl$ 'oriheyearendéd3J A¥gu$t2fj23 Pupll Numbers The pupll numbers at the end of thè year were 890 at Loughborough Grammar School, 534 at Lou8hborough Hlgh School, 528 at Falrfie5d Preparatory Sthool and 331 at Loughborough Amherst School. An averagè of 107 chlldren also attended thè Nursery setting throughout the year. equivalent to 623 Full Time wpils. Fees Tuitlon fees were increased for the 2022123 academlc year. Tuition fees charged during the year by Loughborough Grammarschool and Loughborough Hlgh School were £4,900 per term for years 6-9 (year 6 only at LGS). £4,980 per term for yèars 10-11 and £4.990 for years 12-13. At Fairfield Preparatory School fees were £4,010 per term (full tlmel for Klnder8arten, £4.120 for Pre-Prep and £4.220 for Prep. At Loughborough Amherst School the fees were £3.740 per term for Pre-Prepi £3,850 per term for Prep. In the Senior School fees were £4,780 per term for years 7-9, £4,840 for years 10-11 and £4.880 for years 12-13. Academ1¢ Thls academic ypar continued the return to pre.pandemlc standards followlng the measures Implemented by the Departmènt for Edu¢atiort which sought to ensure that pupi15 We￿ not dlsadvantaged by the dlsruption the pandemic caused. Puplls have shown superb resilien￿ and maturity agalnst a bKkdrop of lockdowns, remote learning and d15rupted teachlng. The results at GCSE and A Level were an excellent reflection of the hard work of staff and pupils. A Level puplls achleved notable success in their first experience of public exarninailon5. At Loughborough Am￿rSt School, 6% of the passes at A-Level were at grade A* 13% at A* to A and 44% of the passes were at A'_B. At GCSE 14% of the passes were at grade 9-8, 26% ofthe pa5se5 were 9-7% and 66% were 9-5. At LoughlM)r(¥ugh Grammar school, 17% of the pa55es at thLevel were at grade A* 47% at A. to A and 74% of the passe5 were at A*.B. At GCSE 43% ofthe p￿SeS were at 8rade 9-8. 58% ofthe passes We￿ 9-7% and 88% were 9-5. At Loughborou8h Hl8h Sthool, 16% of the passes at A-Level were at gradeA* 45% at A. to A and 73% of the pa55es were at A'_B. At G￿E 61% of the passes were at grade 9-8, 73% of the passe5 were 9-7% and 93% were 9-5. The excollent A Level results, combined with effectlve support In guidlng unlversSty course Chol￿5. resulted in a very high Suc￿55 rate in se¢urin8flrst-¢hoice university places. Thls success underscores the sthools. contlnued abilityto effectively prepare pupils foradmisslon to the most competltive unlver51tles and challen8lng courses. The dedicatlon and focus demonstrated by the pupils, a5 highlighted by the impressive academic achievement5, reflect the School comrnitment to academic excellènce and comprehenslve guldance in shaping pupils, educational paths. Fairfield prep School contlnued to flour15h and provided excellent outcomes for pup115 throughout the year. This SUC￿5$ Ss underscored by Its positive ￿putatiOn, acknow5edged by the Good Schools Gulde forfosterin8 curiosity and creativity. Notable accolades include recognitloD In Educatlon Today and a Hi8hly Commended ststus at the Muddy Stllettos Best Schools Awards 2023. Reaccreditation wlth the NACE Challenge Award attests to the school's commltment to hlgh-quality provision for more able learners. The school's achievements in LAMDA exam5nations. the Royal Exhibltlon, and sporting SU￿SseS further highllght its dlver5e accomplishments. Loughbor0￿h Scht)bls FouNdallo Governors, Report &OdFUTu￿¢￿OlS1aIgm¢￿ For tlwyear ended31 AwgtL9t2923 Cfycurrkulur Sport remains central tu our pupils, daily Ilves, and we've taken significant steps to enrlch their experience. We￿e expanded our staff to include a strength and conditionlng coach and qualified fitness suite personnel, Te5ulting in an improved pupil experlence. Local partnerships have been fosterod with Louehborough Unlversity and Quorn FC, hosting'Floodlight Friday, events in rugby and football. Generous donor support has been instrumental In the e5tabllshment of sports development program5. exemplified by the successful rugby player pathway scheme, with plans currently underway for similar inltiatives in hockey and crScket. Schools have celebrated some eX￿ptIOnal sportlng results Includlng the Glrls 1st Xl reachlng the Natlonal Ther 3 Hockey finals. an Impressive season for the rugby 1st XV, and the 1st Xl football team flnlshing as runner5-up in the Merclan football league. Younger pupils have eX￿lled. achieving numerou5 Vlctories and earning spot5 in regional finals in hockey. The Foundation'5 commltment to pupll particlpation Is evident. with every child In years 4 to 6 actlvely representSng their school acr055 various actlvities. showcasing a dedicated and vibrant sports culture. Notsbly, Loughborough Amherst School A-Level pupll Henrysearle made history by becoming thejunior Wimbledon Boys, single5 champion. Several other pupils and alumni of Lou8hborou8h Schools Foundation a150 delivered outstanding perforMan￿S at Wirnbledon, includinB Ranah Stoiber. Mika Stolsavllevl¢ who were amon8 a trio of Brltish juniors to make it through to the Wimbledon quarter-flnals. The Music Department had an exceptional year marked by notable achievements. The De Montfort Hall concert, featuring the moving composltion 'From War to Peace, and hostlng the Music Teachers, Association conference, stood out as significant highlights. These events exernpllfled the Department's unwavering commitment to inclu5Jvity anrl excellence. The year was filled wlth numerous roncerts, Èxamin3tion5, and communlty engagements, Including the highly antlcipated Al Fresco. A strong partnership wlth the Royal Birmingham Conservatolre and outreach projects in the local community ￿ntInued to benent both pupils and the bro￿er community. Employment The Foundation Is an equal opportunitie5 employer; and has a responsible approach to employment leglslation. The Foundatlon metthestatutory requirements to provlde a report on gender pay equality and will continue to monitor thls area and make changes, when and where they are practicable. The Foundatlon wekomes applicatlons for employment from disabled per50ns and assists, whenever practicabte and taking into account HR best practice, the recruitment. training, career development ar)d promotion of disabled people. Should an employee become dlsabled durlng thelr employment we make all reasonable adjustments to ensure they can remaln in employment: and Whe￿ necessary facilitate re-training. The Foundation encoura8es the contlnuou5 development and training of its employees and the provislon of equal opportunities for the trainlng and career development of all employees. The Foundation Is Committed to engaginB Wlth its employees. A varlety of method5 are used to achieve this. including team meetingsi Comrnon Room briefings and our staff representativè groups. Slnce early 2022 the Foundation ha5 voluntarily recogni5ed the teatherfs trade union NASUWT. Salartes The arran8ements for setting the pay and remuneration of the Foundatlon's key management personnel and any benchmark5. parameter5 or criteria used in setting their pay aTe detalled in note 8 In the notes to the financlal statement. Penslon Costs io LougkèoroughSchoolsFoundafloK Governors. ReporidxdFinancialSiaieMeKts For theyear epded31 Awi2023 Teachers: On 31 August 2021 the Foundatlon left the Teacher5. Penslon scheme ITPSI and the default Foundalion pension plan for teachlng staff became the Avlva Penslon Trust for Independent Schools IAPTISI thi5 is a multl- employer deflned contributlon pension schem& The Foundation re-joinèd the TPS on I September 2022. From this date teachers have had the. option of joir)Ing elther theTPS or APTI& From l October 2022 theTPS closed to new employee5 jolnlngthe Foundatlon with teaching staff only being ellglble to loin the APTIS. The employer contributlon rate for teachers for 2022123 was 16.5% for those in APTIS and 23.68% for those in TPS 12021122 23.68%). The default APTIS employee contrlbution rate Is 7% but can be varied by the employee. The penslon charge for the year Includes contributlons payable to the Schèmes of £2.367,OOQ12022 £1,874,owI. Non-Teachers: The LSF Group Personal Pension Plan 15 operated by Royal London. The pen51on charge for the year includes contrlbutions payable to the personal pension plans of £688.000. Future Plans Initiatlves for 2023124 Include.. Developing and Implementing a marketing strategy to establish FoundatSon schools as the preferred Choi￿ for parents In the reglon, while expandlng and Ènhandng boarding optlon5 based on the Strateglc groundwork laid out in 202212023. 2. Creating contlngency plans to addr&s potential political threats to independentschools. partlcularly in the event of VAT on school fees. Enhancing the governance and leadership structure. ensur1￿ that thè Foundation Is well-equlpped to navSgate the future with confldence and agility. 4. Supportin8 the new Headteachers at Loughborough Grarnmar and Loughborough Amherst Schoo55 to achieve Ihelr agreed objectwes. Further improving bursary and scholarshlp programs, actlvely increasin8 Outreach and engagement with the local ￿nMunIty. 6. Revlewing and enhanclng reuultment practlces to ensure equitable and diverse employee pre5entatlon. Rlsk Mana8ement Thè Tru5tee5 a￿ responslble for the identlfication and management of the risks faced by the Foundatlon, Induding the indlvldual schools. The day-to-day management of this requirement is delegated to the FinanTr, Audft and Rlsk Committee. Rlsks are identified and assessed: and controls and Improvements are established, where pDssible, to mitigate the risks. The Trustee5 have a risk management strateEy which ￿MPrIses. a dSfferentlation between strate8lc and operational ri5ks- clear management and review rèsponsibllities for both operatlonal and stTate8lc risk5, With first line and second rewlew re5ponsibllltles identlf5ed and a8reed: termly revlew of all risks by the Exe¢utSve Ioperatlonil R15kl and Financè. Audlt and Rlsk Commlttee Istrategic Ri5kl,' clear mechanlsm for the escalatlon of risk5 to the Governlng Body,. the establishment of policie5. systems and prtscedures to mltlgate those risks identifled: and the implementation of procedures deslgned to minim5se or manage any potential impact on the tharlty should those risk materiallse. The Trustees group risks into five categories: li Loughborough SCI￿015 FotrKdarloA Govérnor$'Reporl 04YdFi4L711cialStr2iemen15 For th¢yearendedS1 Att￿$12023 Governance- those risks which may arise from the dlrection, decSsion maklng or control envlronment. For example. the risk that governors or those charged with management may take a rlsk outside of thelr authority. Contro15 include the Foundation'5 Strate8y, which Informs deci￿on makin& an established govÈrnance Structure and a clear distlnction between governance and executive management. Regulatory- these are those risk5 which relate to the market and envlronment in whlch the Foundation operate5, and which May Influen￿ our stakeholders and/or the Foundation's buslness model le.g. any change In regulatory environment). To manage risks in this area, the ￿UndatiOn has esiablished mechanisms to analyse forecasts of potential change5 Ifl the charitable and education sectors, with the aim of anticipatlng regulatory change and implèmenting any mStlgating actions. Financial- those risks which relate to income and expenditure and may impact the Foundation's flnancial sustalnability. To manage these Tisks the Foundation has established a 10-year financial forecasting model, which enables it to model the Impact of any changes to its income or èxpenditure and take appropriate actlon. Reputational- risks to the reputation of the Foundation may arise from the declsions and actions of the Foundation. those employed by it, or pupi15 at Its schools. Should a reputational risk arise. it could have an immediate or long-term impart on pupil numbers, and therefore the Foundation's finance5. To manage these risks the Trustees have put in placè appropriate poli¢ie5 and oversight mechanlsms. Includlng for academic quality and safeEuarding. Operational-those rlsks arising from day-to-day operatlons of the Foundatlon and its schools. and usual related to an actlvlty which cannot be avoided le.g. security, health and safety). These rlsks therefore requlre active and on*oing control by the executive and other managers. Each risk identlfied is owned by a specified member of the executNe and monitored on an on-89ing basis by those charged wlth management. These risks are managed by ensurin8 accreditatlon Is up to date. havlng robust policie5 and procedures in place, and regular trainlng for staff worklng In these operational areas. Public Beneflt The Foundation exists to make a difference, not just to our pupils but to our wlder community. The Governors conftrm that they have glven due consideratlon to the requirements of the Charities Act 2011 and public benefit guidance published by the Charlty Commi5510n. The range of the actlvtty, which Is defined as public benefit 15 as follows- rinanclal SuppDrt The Governofs are proyd of the Foundation's long tradition of bursary provision. Governors remain comrnitted to broadenin8 access to those pupils who would benefit from the opportunities provided by the Foundation'5 schools, but whose parents may lack the flnancial means to meet the fees. Long-term Foundation Bursarie5 (School Asslsted Pla￿5 ISAPsll are available to entrant5 to Loughborough Amherst Sthool, Loughborough Grammar School and Loughborough High School, who meet the general entry requirements at the point at which the pupil enters the school. These awards are made on the basis of parental means and involve an a55essment of those means. During the year 135 puplls received asslstance amounting to £998,000. Of these 20 pupils re￿IVed IOO%fee remission. The awards aresubiect to annual review. A further 15 existing pupils were also given means-tested flnancial assistance in hardship bursaries amounting to £126,000. Thls assistance was awarded in clrcumstances in whlch it was believed that the a55iStance could be requlred for less than 12 month5. although on many occa5iLin5, a longer pèriod of time has proved necessary. A relatively hi8h prtsportion of these pupi15 havè also been glven total fee remisslon. Thls number includes 3 Ukrainian families who we have offered 100% fee remis510n. 12 Loughborough Schogl$FoE4nda¢ioM Governop¥' R¢port ondFihft*2cialSia¢em¢nts Foriheivorended31 Awl 2023 In some Instances of particular hardship financial as5i5tance has also been provided towards anollary costs, including lunches, transportation and school unlform. This come5 from a separate fundlng source to the abuve. The Foundati(Jn also re￿fve$ fund5 in theform of bequests ordonationsthat arelntended tosupport puplls meeting speclfic criterla set up the donor. Thls year £131.000 was awarded which benefited eleven pupils, five of whom also beneflted from the Foundation Bursary programme. The total funding for assisted Pla￿ was £1,255,000. This assistance was made avallable to 6.15% of the pupils and represents overall 3.VA of the tuitlon fee Income. In addltlon to rneans tested a55igtance, the Foundation also makes a Ilmlted amount of funds available to recogni5e its 5cholar5 and to support a small number of Blfted puplls through year5 12-13. The total amount of financial ass15tance (funded places and scho13rships comblnedl, excluding staff fee remlssion. expended during the year was f 1,392,000. This represenis 4.2% of the tultlon fee income. Where approprlate we wortwith famllles to support thern to a(￿55 fundingfrom other charltable sour￿. As these are funded externally this fundingos not included here. The figures which have been quoted in the precedlng part of thls section are the dlreci ￿5t$ of providing financlal assistance to pupils. These figures do not include the slgnificant costs of the management time at various levels of dealing wlth and proce551ng these awards, Dr tbe cost of targeted advertlslng whlch alms to stlmulate applicatlons fiom those who are ellgible. Educatlonal The Foundatlon has continued this year to wlden èccess to its edu￿tIonal resources and facilitie5. by bringing Independent and state school communltles together. Activities and partnershlps include: EducotionalExperfences Our commitment to learnin8 extends beyond those pupils who attend our schools. The Foundation supports educational inltlatives in a number of lotal schools. We believe thls Snterchange is mutually beneficlal provldin8 opportunlties for an exchange of Ideas between our staff and those working in local schools, and for our puplls to mlx, learn and work alon8slde pupils ftom other schools, and develop thèlr awareness of the wlder community in which they live. Examples include: Masterclasses organlsed bythe th￿e seniorschoolsdelivered si8niflcant educational benefitto the local stateschool community, covering subjects such as math, computlnE, history* art modern and 3nclent languages, and Engllsh. The language masterclass provided local Year 5 chlldren wlth an introductlon to slx languages.. French, Gerrnan, Spanish, Italiart, Greek, and Urdu. Approximately 20 local prlmary schools nominate up to five ehlldren each. resulting In around 100 attendees. The primary alm is to Insplre young learners to embrace new languages and generate interest in this currlcuSurn a5pett. The science masterclass programme en8a8ed with prlmary schcKsls In the area to ignite interest in the sclence5 and foster enthusiasm and enqu1ry. Year 12 and 13 pupils actlvely volunteer, sharing thelr passlon for the sciences and inspirlng younger puplls. For adults in the communlty, the seniorschools hosted mastercla55e5 in Classics. Ar¢ and Cornputln& with over 120 participants across the series of events. In additlon, Loughborough Grammar School's Classics department hosted quarterly onMne lectures attractinB a global audien￿ in¢ludlng puplls. educators, and the public. The lÉctures appealed to a wide audience while supporting A-level and G(SE learning. The most attended sesslon drew 350 13 ]￿h&or0#Sh3choOts Fourtknilon Go¥v*￿'Report ￿dFIn￿￿1ulS1afe￿￿llt5 the￿or fnded31 A¥gusi2023 partlcipants frorn (llverse countries and Involved uver40 UKschoots. Thls initiative, evolving during and post-COVID, emphasise5 public benefit thrwgh its yJobal accesslbility arKI direct finks to advanunB education. Loughborough HIEh School Collaborated wth Loughborough Unbversity, supportlng a research team whose studies will shape the future of food and art educatlon In schools. This partnership grants acce5S to subjects for insightful research. fostering innovation In educational prdcti The Lou8hborough Amherst Sthool Debatlrg Day foryear 5 pupi]s, involvingfive local state schools and one srnaller Independent school. has successfully lun for four year& The initvatNe focuses ￿ developing oracy skills through shared experh5e. enBaging 210 state sd￿1 pupi￿ with 21 partiupatiryd in the day's activities. Staff feedback highlights notable Improvements in partiapants'self*5teem. vocabulary, and bravery. This initiative exempllfies the School's deLfication to fosteringeducational growth. enhanar*5kiUs. and &K)51tively impacting the widercommunity. EducatlonolExpertise-EducatlonalTrgining (rnlsupwt A5 the Trustees ol an educatlon charity, Governors reco8ni5e the Importan￿ of sharing not onty our physScal resour￿5. but a150 the expertise and experience of ourstaff. to SUPtA)rt local schools and other organi5ations. Our approach underscores cur dedication to fostering meanirthl partnerships. sharirg expertise, and actsvely contrfbutu)g to the continuous advancement of education within our community. The Foundation approath to partnershlp working al￿ athnnclng education was reflected in partnerships including: Teacher Trainirg Placements- The FOundat￿n support5 Loughborough University hosting PGCE placement5. arbd Nottingham Trent Universtty supporting apprentice teather& External Examinations-Staff from Loughborou8h Grammar Sthool actively contrlbute to externa examinatiorts as team leaders and assistant examiner5. Expertise Sharfng- Loughborough High School ¢ontrilK)tes to local 5t*esdx)ols by sharing ￿pertIse through struciured subjett network meetings and collaborative sport5 moderation practi￿. NVQ Student Placements- Fairfjehj Preparat¢Jy Sd)ool provides essential placements for NVQ students, enrichin8 their learnin8 experience. Supportin8 GovÈrnance Roles- The Foundaticffl supports teaching and support stsff to seThe as Eovernors at local sth0015. prowding them vAth the necessary time and res(wrces to fulfil their govemance duties. Communlty The Foundation is a wdl-establSshed part of the Loughborough and Leicestwshire ￿MmUnIty. Embracing the splrlt of collaboration, the Foundation offer5 SUPPQrt to the communityi extending contributions in both fadlltles and expertise across the following areas: Musk The Mu5icSchool arti¥ely contributed to various community events and groups throughout the year. indudl￿- Church cOn￿rt Series- Providing Music￿n$ to perfom). supportir* the church community. Loughbjrough Open Music Competitions- offeri￿ a ptatfofm for nearty 2C•) young rnusicians to compete and showcase their talents. Supporting Local Eventsand Charitie5- Involvement In events suth as the Rainbrjws Christma5 Concer¢ the opening of the Loughborough Fair, and the Christmas LBht Ceremony. provldlng performers. Weèkly Open Acces5 Community Choir - Hosti￿ a weekty open-aCce￿ community choir, welcomlng members from the local community to partidpate. The Sports Depèrtment actlvely collaborates with local state $d￿AS and communlty groups. h05tinE a range of co¥npetitlon5 and events to promote Sports partklpaiion. In 2022n3 thls Included: Hosted the Leicester Tlgers Community Ruth CompetttK)n (80+ participants) and a local rugby club tag rugby competition (loo+ partiCipar￿ from 10 dubsl. Hosted Leicestershire netball competitions for local state secondary 5chool$15fv participants). Hosted Leicestershire County uicket finals150+ participants from local state sett)ndary schools). Hosted Area Athleti¢s Finals for U13, U15. and U17 age 8ro(ips175+ participants) and the Loughborough Town athletl¢s cDmpetition for local state primary schools IICQF pupi[5 from 8 schools). Louglthorougk Schools Foundaiion Governors. RwtimdFiKuncial&aiemeMIs Foriheyearend¢d3J AusNsi2023 Or8anised the Leicester Foxes Girls football cornpetltlon for local clubs wlth LeI￿ster Foxes, support11S0+ local players). Shoring ourFc¢llities Throughout the year. the Foundatlon made its grounds and factlltie5 avallable, elther free of charge or at a reduced rate, to local 8roup& socletjes and local charlties, many on a weekly basls. In 2022123 these included- Loughborough LightninB- Utilised indoor Sports facilltlos and outdoor courts for netball trainirvd. Loughborough Town Crlcket- Access to pltches for crlcket matches. LoughborouBh Culle8e Triathlon Club- Conductèd pool tralning Sessions. Lelce5ter Rlders Basketball- Access to the indoor sports centre. Army Reserves- Weekly use of the sports hall. Hathern Community Band- Held rehearsals In Hodson Hall. Badminton Club- Utllised the Sports Hall for thelr activities. Community Events: Rainbows Its a Knock Out event. Robblds Rugby Festlval- a charity event supportlng the Robble Anderson Can¢erTrust. A reduced rate for facility use was extended to the followlng organ12atlon4 provSdln8 additional benefits to Foundation puplls: Tom Flowers Cricket Camp- Conducted holiday courses in the Sports Hall. Leicester Tlgers Ru8by Camp- Hekl hollday courses on Quorn pltches. Volunteerlftg The Foundation 15 dedlrdted to Instllllng In pupils not only academlc knowledge but also a sense of responslbility towards their community. In pursuit of this goal. staff and pupils can engage in V0￿￿tary roles, contributing posltlvely to the communlty. including local primary sthou15 and care homes. Pupils from Loughborou8h High School and Loughborough Grammar School actlvely volunteer at Connaught House. provldlng cornpanionshlp to older adults and allevlating feelin￿ of loneliness. Additionally* community senlors attend events Ilke the Tableaux performan￿ and a Chr15tmas celebratlon tea party. All three Senior Schuo15' puplls run avoluntarysèrvice Unlt, supporting varlous local organlsations.The Schools serve as hosis for unlts of Ralnbows. Brownles, Guides, and Scouts, wlth Foundation staff. pupils, and parents actively involved in community events and volunteering. s a ￿MMunity benefiL LouEhborou8h Hi8h School annually provldes Staff assistan￿ for the Loughborough parkTun. Addltlonally. the Comblned Cadet Force contrlbutes one of the two marchlng bands and a contingent of approximately 200 cadets and 20 stsff for the Remernbrance Day PaTade. Thls contingent constitutes the single largest foTmation within the Remembrance march-pasL wltnessed by a typical crowd of several thousand from the local communlty- Pupils from ?11 three senior schools contrlbute to the local community through volunteering as part of the Duke of Edinburgh Awards. Thelr activities range from workinB in local charity shops to asslstlng with merchandlse at Rainbows Hosp1￿ and providing support lo elderly indivkluals In the community. Charltable Donations and Fundralslng A5 well as glvlng of time. puplls acr055 our family of schook actively en8aged in fundraising for a diverse range of causes. Thèy reco8nise that they understand that their efforts make a meaningful Impact on the lives of people of 311 age5 who are le55 fortunate. Collertively, puplls from attoss the Foundatlon ralsed £39,360 through a serle5 of events, inclu(fing nOn￿nIforM days. bake sales. arthj competitlons. The breakdown of eontrfbutlons from each school is as follow5: Loughborough Arnherst School Fairfield Preparatory school £12,951 £ 7239 15 LO￿￿borOugh5choo￿FoU#d01$o Go¥*rnors'R¢ptriovdFiRanclolsiaten￿nIs Ftr theiYarended31 Awisi2023 Loughborough Grammarschool £ 7.434 Loughborough Ffi8h School £IL736 In our senior schools, the commitment to tharitsble actiiryfies s led by Charity Prefect5. Senior puplls actively partiopate In the collection and d5stribution of food items donated by pupils acro55 all four 5th00is through event5 like harvest festivals. These donations benefit local communitygroups and food banks. Throughout the year, our sthools 5UPPOrted varlous charibe5. indudin8 Cancer Rasearth. Dogs TrusL The Laura Centre, NHS En￿and, Kalwdhar Trust. Ronald McDonald House Chartties. RNLI, AOK 5(MJO. and Afflnesty Internatlonal. ECOn￿lk Impart In addition to the publlc benefit arising from the Foundatiorfs tharitable actlvities. the Foundation makes a 55gnificant ptssilive contribution to the local economy. In 2022123 it employed on average 741 peop￿. and 77.8% of the £19.4 million paid in sèlariÈs {£18.3 mllllon in 202V22) remalned in Leicestershire. with an estrmated 93.7% remaining in the East Midlands. We support local busine55es. In 2022123 cHJr total dlrett swd was circa £9ffj miifion {£7.8 million in 20211221. of which £3.6 mllllon was spent in the East Midlands economy. We estirnate that in providi￿ an educatkjn to more than 2.283 local children, the exchequer collectively save more than £12.2 million a year whrch it would otherwise cost to educate those children In local maintalned schcols. Sectlon 172 Ststement The Trustee5 have acted in a way In which they conslder. in good faith. promoted the suttess of the Foundation for the benefit of all benefiaaries and widw stskehoider groups. The ways in which they have done thi5 are described in further d￿01[ thrOu￿(￿t this repo¢ spedfkallv: staktholder Employees Page 10 {"Employmenf) Benefiaaries Page5 910 (Academic) al￿ Py 11-12 1"AnanCi￿ Supporf) Community pa￿ 14-16 l*Jblic Benefifl Economic benefit Page 16 1￿ConoMiC Impacri 16 Lotsghboroughschools Fourtdollon Governor5'Repor14a#dFinancialSiofemeni$ For iheyear ended3JANgu512023 Carbon Rqport UK Greenhouse gas emlssl¢)ns and enerw use data for the perlod I September 2022 to 31 Au8USt 2023: 2022123 20ZV22 IRestated due to mlssing figures) Energy consumption used to calculate emissio￿ Ikwhl 9,714594 10,386,484 Energy consumptlon breakdown Ikwhl: 89$ electricity transport fuel 7,409,821 2,203,773 ioi,000 7.638.434 2.656,960 91,090 Scope l emissSons in metrlc tonne5 C02e Gas consumptlon Owned transport- mini-buses 1.362.44 12.32 1,404A8 11.47 Total Scope I 1374.76 Scope 2 emissions In metric tonnes C02e Purchased electrlclty Renewable electrlclty purchased 513.79 -505.95 540.16 5wpe 3 emissions In metrlc tonnes C02e Business travel in employee owned vehicles 5.57 4.48 Total gross emlsslcffls In metrlctonnes C02e 1,390.18 1,960.59 Inten51ty ratio Tonnes C02e per pupll 0.61 0.87 17 Loughboromgh Sel￿015 Fou1￿￿110￿ GtxvrKtrs'Reporf ondFiRunriolStofemenls For￿¢￿r*I￿d3I 2023 Quantlfication and reportlng methodology We have followÉd thè 2019 HM Government Envlronmenral ReFQrtirrf Guiddines. We have also used the GHG Report1￿ Protucol-corporatestsndard and have used the 2020 UX GovernmenY5 Conversion Factors forcompany Reporti￿. Intenslty measurement The chosen intensitymeasurement ratio 15 total 8ross emissiors In metrktonne5 C02e per pupll, the recommended ratlo forthe settor. Measures taken to Imw(Ne energy elfkTe We have installed smart meters across all ￿teS and Increased wrjeo conferencing technolo8Y to facSntste staff to work from home and not travel to work for meetings. Approved by the Board on 7 D￿mber 2023 and s4ned its behalfby: Roger Harr150n Chalrman 18 loughborough SchoolsFoundation Governots, Reporf4￿dFI￿0nCl0lsIa4*rne￿¢S ForilEewend6d31 Augwt2023 Tru5te25' responsibllltles statement The Trustees Iwho are a150 dlrectOT5 of L¢)ughborou8h Schools Foundallon for the purpose5 of company law) are responsible for preparing the Governors, Annual Report, includlng the Strategic Report. and the financial statements In accordance with applicable law an(1 Unlted Klngdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requlres theTrustees to preparefinanclal statementsfor each financial year, whl¢h Blve a true and falr view of the stste of affairs of the charitable company and of the incomin8 resources and application of resources. including the income and expenditure. of the charltable company for that period. In preparlng these financial StatÈmentS, the Trustees are requlred to: select sultable accounting policies and then apply them conslstently: observe the methods and principles Sn the charlties SORP 2019 IFRS 102}", makejudgements and estimates thai are reasonable and prudent; state whether appllcable UK Attounting Standards have been followed, 5ubjectto any materlal departures discI￿ed and explained In the financlal 5tatements,' prepare the financial statements on the golng concern basis unless it Is Inappropriate to presume that the charitable company wlll continue In operatlon. The Trustees are responsible for keeplng adequate accounting ￿cordS that disclose wlth reasonable accuracyat any tiTne the financial p051tion of the charltable company and enable them to ensure that the flnanclal statements CPTnply wlth the Companies'Act 2006. They are also responslble for 5afeguaTding the assets of the Charltable company and hence for tsklng reasonable steps for the prevention ar￿ detection of fraud and other irregularlties. In so far as the Trustees are aware- there 15 no Televant audlt information of which the charitsble companVs audltor15 unaware; arKI the Trustees have taken all steps that they ou8ht to have taken to make themselves aware of any relevant audit informatlon and to establish that the auditor 15 aware of that Informatlon. The Trustees are responsible for the maintenance and Integrity of the corporate and financial information Included on the charitable companies webslte. Legislatlon in the United Kingdom governlnB the preparation and dissemlnation may dlffer from legislation In other jurSsdictions. 19 tNDEPENDEp¥fAUDifows AEPORT TOTHE MEMBERS OF LOUGHBOROUGH SCHOOLS FOUNDATION Oplnlon We have audited thefinancial ststements of Loughborough Schools FOUnda￿On l.the companfl and its subsidiaries 1.the 8roup-I for the year ended 31 Av8USt 2023 which cofflpr￿e the Consolidated Statement of Finandal Aulvltles, the Consolidated and Parent Company Balance sheets. the Cashflow Statement and the related notes includln8 a summary of slgnificant accountlng policles. The financlal reporting framework that has been applied In thelr preparation Is applicable law and United Kingdom krounting Stsndards (United Klngdom Generally Accepted Accounting Practice) including Ftnanclal Reporting StsrKlard 102 The financlal Reporting Standard applicable In the LIK and Republlc of I￿land, and the Charilles SORP 2019. In our opEnlon. Ihe flnancial statements: 81ve a trué and falr vlew of ihe state of the group's and the parent chartsble companvs affalrs as at 31 Au8u5t 2023 and of the Incornlng resources and appI￿atIOn of resources. includlng its income and expenditure. for the year ended,- have been properly prepared in accordance wtth Unrted Kln8dom Generally Attepted Accountlng Prartlce.. have been prepared In accordance with the requlrements ofthe Companles Att 2006. Baslslor Oplnl We condurted our audit In accordance wlth Internattonal Standards on Auditing IUKI IISA5IUKII and appllcable law. Our responslbllltles under those standards are further described In the audltorfs ￿sponSibl11t1es for the audlt of the flnanclal statements sectlon of our report. We are independent of the comparry in accordance with the ethlcal requirements that are relevant to our audit of the finandal statements In the UK indudlng the FRC'S Ethlcal Star￿ard, and we have fulfllled our otherethlcal responsibilltles In accordancewlth these requlrements. We belleve that the audil evidence we have obtslned15 5ufficlent and approprlate to pmvide a basis for our opinlon. Con¢luslons rnlatlngto 8oln8 concem In auditin8 thè flnanclal 5taternents. we have concluded t￿1 the Govemors. use of the goln8 concem basLs of accounlin6 In the preparatlon of the flnandal statements Is approprlate. Based on the work we have performed, we have not Identified any rnaterral Un￿rtaIntleS relatlng to events or condltlons that. indlvldually or collectlvely. rnay cast s18nifKant doubt on the Foundation's ablllty to tontinue as a golng concern for a perlod of at least twelve months from when the financial statements are authorlsed for Issue. Our responslbilitles and the re5ponslbllltles of the GO¥err￿r$ T*lth respett to 8oln8 corKern are described In the relevant secticw of thls le￿rt. Other InfomiatSon The Governors are responsible for the other infomiation. The other Information comprises the Informatlon Induded In the Governors, Teport, other than the financial ststements and our audlt report thereon. Our opinion on the flnancial statements does not cover the other InformaJon and. except to the extent otherwise explScitly stated in our reporL we do not express any form of awrance c(￿dus1On thereon. In connectlon with our audlt of the financwl ststements. our responsi1￿lIty is to read the other Information and. in doln8 so, consider whether the other information 15 materlauy incons1Stent with the financial statements or our knowledge obtained in the audit or othen¥lse appears to be materlally mi55tated. If we identlfy such mater131 Inconsistencles or apparent materlal misstatements, we are required to determine whether there is a materlal mi5Statement in the flnanclal statements or a material misstatementof the other information. If. based on thework we have performed. we conclude that there is a material misststement of thts other Informatlon. we are required to report that fact. We have nothln8 to report in thls regard. 20 INDEPENDENT AUDITOWS REPORT TOTHE MEMBERS OF LOUGHBOROUGH SCHOOLS FOUNDATION Oplnlons on other matters pre5crlbed by the Companle5 Act 2006 In our oplnion, based on the work undertaken In the course of the audit: the Information glven In the GoveTnor5' Report Ilncorporatlng the Strategic Report) for the financlal year for which the financial 5tstemeThts are prepared is conslstent with the financial statements. and the Governors, Report and Strategic Report have been prepared In accordan￿ with applioble legal requirements. Matters on whi¢h ￿ aTe requlred to report by exceptlon In the Ilght of our knowledge and understandlng of the group and parent charltable company and its envlronment obtained In the course of the aud1¢ we have not Identlfied materfal misstatements in the Governors, Report and the strategic Report. We have nothlng to report in respect of the followlng matters in relation to which the Companies Ad 2006 requires us to report to you If, In our opinion: adequate accounting records have not been kept by the parent charitsble (ompanyi or returns adequate for our audlt have not been re￿ived from branthes not visited by u5; or the parent charltable companvs financial statements are not in agreèment with the attountlng records and returns- or certain disclosuTe5 of Governorg remuneratlon speclfied by law are not made: or we have not re￿IVed all the information and exptanations wè requlre for our audlt Respon51bllities of Governors As explained more fully in the Statement of Governors, Re5ponslbllltle5 set out on page 19, the Governors (who are Truttee5 of the charltable company for the purpose of charity law and the dirertors of the charltable company for the purposes of company lawl are responsSble forthe preparation of the financial statements and for belng satisfied that they give a true and fair vlew, and for such Internal control a5 the governor5 determine is necè55ary to enable the preparotlon of financlal statements that are freè from materlal misstatemenL whether due to fraud or error. In preparlng the financial staternents, the Governors are responslble for assesslngthe group< and companrfs ablllty to continue as a going concern, disclosln& as applicable, matters related to golng concern and using the golng concern basis of accounting unless the governors elther Intend to Ilquidate the group or the eornpany or to cease operations. or have no reallstlc altematlve but to do so. Audltorfs responslbllltles for the audlt of the flnantlal statements Our objectlves are to obtaln reasonable assurance about whether the flnanclal statements as a whole are free from materlal misstatement, whether due to fraud or error, and to issue an AudltOT'S report that includes our oplnlon. Reasonable assurance Is a high level of a55urancè, but Is not a guarantee that an audlt conducted in accordance with ISAS IUKI will always detect a materlal mlsstatement when it exist5. Misstatements can arlse from fraud or error and are conSide￿d materlal If, indlvldually or in the aggregate, they could reasonably be expeaed to Influence th8 economic declsiDns of users taken on the basls of these financlal statements. Irregularltles. including fraud, are instances of non-compliancewith law5 and regulations. We design procedure5 In Ilne with our responsibilltles. outllned above, to detect material mSsstatements in respect of irregularities, indudlng fraud. The extent to which our procedures are capable of detectlng irregularitie5. Iniluding fraud, is detailed below: 21 DEPENDENT AUDffOfS REPORT TO ThE MEMBERS OF LOUGHBOROUGH SCHOOLS FOUNDATION Our assessment fo¢ussed on kw laws and regulatlons the Foundation has to compty wlth and areas of the flnancial statements we assessed as being more susceptible io mi55tatemenL These key laws and regulations included but were not limited to cornplian￿ wlththe Companies Act 2006. Charlties Act 2011, taxatlon le8islatlon. data protection. anti-bribery and employment le8i51ation. We are not responsible for prevÈntlng Irregularltles. including fraud. (￿r approach to detectlng Irregularlties. ind(rding fraud. included, but was not limited to. the fotlowin& obtainirvd an understanding of the legal and regulatory framework appllcable to the Foundation and how the Foundation is complying wlth that framework. Indudlng a8reement of financial Statement disclosure5 to underlying documentatlon and other evkjence,. obtalnln8 an understsndln6 of the Foundatlon's control environment and how the Foundatlon has applled relevant control procedure5, through dlscussions wlth management and by perfonning WalkthrOu￿ testing over W areas: obtaining an understanding of the Foundatlon's rfsk assèssment proce55. Includlng the risk of fraud.. revlewlrrd meetln8 mlnutes of those charged wlth governance throughout the year, and performlng audlt testln8 to address the risk of management overrfde of controls, Includln8 testlng journal entrles and other adjustments for appropriateness. evaluating the busine55 ratlonale of Sl8nificant transactions outside the nomal course of business and revlewln8 accounting estlmates for blas. Whllst conslderlng how our audlt work addrÈ5sed the detertlon of Irregularw. we atso consldered the Ilkelihood of detection of fraud based on our approath. Irwularitles arlslng from fraud are Inherently more dlfflcult to detert than thosè arisbn8 from error. Because of the Inherent Ilmitations of an audlt there Is a rbk that we will not detect all Irrègularltles, Indudln8 those leadlng to a materSal mlsstatement in the flnanclal statements or non-compliance wlth regulation. Thls risk inC￿a$e$ the more that compliance wlth a law or regulation Is removed from the events and transactlo refiected in the fSnanclal statements. a5 we vill be less likety to become aware of Instances of nonrward 31 5y2 47A76 67,970 All incomlng resources and resource5 expended derjve from (onllnutsy￿Trt[onS. The stat￿nentof NnanCIalAttThit￿ I￿[lIdeS èl Eaifts and losses recoBn15ed kn theyear. The rv)tes on pages 29to 52 form partof the5efinanthl statements. 24 Loughborough SchoolJFotsKdo¢iDpJ Governors. Report and Fin8n¢ial Statements For theyeor ended31 AE4gus¢ 2023 Con5011dated summary income and expendlture accounts for the yeor eftded31 August2033 Note 2023 2022 £000 Incorne from charitable related actI￿tieS 35,620 33.358 Income from non-charitablè trad1r￿ artivltles 527 Interest and Inve5trnent Income 218 Gross Income In tha reportlng perlod 36551 34.103 Expendlture on charitable activitles 133ASI) 130,5971 Expenditure on non-charitable trdditvd artivitie5 13271 13821 Interest payable 14711 1314) Depreaation and charges for Impairment of flxed assets {983) 11.1031 Total expendlture in the reportlnB perlod 135.23Z) 1313961 Net Income forthe year 319 1.707 The income for the year arlses from continulng activltles. A detailed analy515 of the subsidlari& tradlng results are set out in note 4. Detailed analysls of the expenditure Is provlded in the statement of flnanclal activitles and note 9. Thesummary income and expendlture account excludes endowed funds and unrealised 8alnslllossesl in accordan with Companle5 Act 2006. The account Is derived from the statement of financlal activitles on page 24 which together with the note5 to the flnancial ststements provides Informatlon on the movement durlnB the year of the funds ofthe group. The notes on pages 29 to 52 form part of these flnancial statements. 25 Lougmpopo￿hse￿oolI FotsKdafion Governors. Repon and FSnancia] Statem¢nts For ihejror ended31 2Q23 Con$olldated balance sheet ot31 August2023 Notg 20 2022 £000 £ofy) £ODO £000 Nxed assets Tangible assets Investments io li 63,970 4795 64,993 4,846 68,765 69,839 Current assets Stock Debtors Cash at bank and in hand 12 13 214 905 6.950 254 715 6.971 8,069 7,940 Liabllltles: amounts falllng due wlthln one year Credltors 14 15,291) 15.1701 Net current assets 2,778 2.770 Totsl assets le55 current Ilabllities 71.543 72,6L19 Credltors: amounts falllng due after more than one year 15 13J541 14,4241 Provisions for Ilabllitie5 Provlslcns 16 iuoi 12151 68049 67,970 Funds Endowed funds Restricted income funds Unrestrkted income funds 18 18. 19 18 47076 5.$42 15,031 48.619 5,379 13.972 Total funds 68,049 67,970 The flnancial statements were approved bythe board of dlrertors on 7 De￿mber 2023 and were signed on its behalf bv- Roger H?rrlsOn Cholrn?on Company registered number.. 4038033 The notes on pages 29 tc 52 form part ofthese financlal statements. 26 Loughboromgh Scknols Foundafion Governots, R¢port and Financial SiatemetLts For theyeareNded31 2023 charltable balan￿ sheet at 31 August 2023 Note 2023 2022 £000 £000 £000 £000 Flxed assets Tan8ible assets Investments io 63,%8 64.987 4.846 68,763 69,833 Current assets Stock Debtors Cash at bank and in hand 12 13 54 1,137 6,683 1,342 6,667 8,053 7,874 Uablllties: amountsfallln8 due wlthln one Creditors 14 (5,2731 15,0981 Net ¢urrent a55ets 2,780 2.776 Total a55ets less current Ilabllltles 71,543 72.609 Credltors: amountslalllng due after mo than one year 15 (3.354) 14,4241 Provi51ons for Ilabilltlos Provlsions 16 11401 12151 68.049 67,970 Funds Endowed fund5 Restricted income fund5 Unrestricted income funds 18 18, 19 18 47A76 5,542 15JJ31 48,619 5,379 13,972 Total fund5 68.049 67,970 The financial statements were approved bythe board of dlrector5 on 7 December 2023 and were sSgned on its behalf by.. Roger Harrison Chairmun Company registered number.. 4038033 The notes on pages 29 to 52 form part of these financlal statements. 27 LoughborotÈgh Schools Fou*da¢ion Govemors. Report and Financial Statetn¢nts For iknyedr ¢nded31 Augusi 2023 Consolidated statement of cash flow5 Aorthe yeorended32 August2023 2023 2022 £OOD Note Net cash flow from operatlng actlvltles Net cash flow lusedllprovided byoperatlngactlvltFes 20 1,746 2,557 Cash flowsfrom Investlngactlvltles Purchase of property. plant and equipment Purchase of investments Proceeds from sale of invertments Dlvldends. Interest and rents re￿iVed from Investments io li li 11,0781 11,2071 1,104 442 18431 14921 292 218 Na eash used in Inve5tlng artfvitles 1.007 1,732 Cash flowsfrom flnanckng activltles Rèpayment of finance lease5 Repayment of Loan and Mortgage New loan 11241 11.0281 IL028) Net ￿$h 8enwated In finandn8 actlvities 11,0281 11,152 Change In cash and cash equlvalents In the reportlng perfod 580 Cash and cash equlvalents at the beglnning of the reporting year 6.971 6.391 Cash and cash equlvalents at the end of the repoiting year 6,950 6,971 The notes on pa8e$ 29 to 52 fomi part of these financial statements. 28 Louglthorough Schools Foundailon Governots. Report and Fitwicial Sta*menis For tlteiyar endÉd3J Augt&f¢ 2023 Note5 Ifornilngpartof theflnjnclalrtotementsj Accounting Pollcles Loughborough Schoois Foundation is a company limlted by guarantee and Is incoTpurated and domiclled in the Unlted Kingdom. The address of the reglstered office is Eiven in the tharlty informatlon on page 2 of these financial statements. The nature of the charitvs operation and principal activities Is to provide a day or boarding school for bo￿ dnd girls of all a8es. The charity C(Jnstitute5 a public benefit entity as defined by FRS 102. The financlal statements have been prepare(I in accordan￿ with Accountin8 and Reporting by Charities: Statement of Recommended Practlce èppllcable to charities preparing thelr accounts In attordance with the Financlal Reportlng StandaTd applicable in the UK and Republic of Ireland IFRS 1021, the Charities Act 2011, the Companles Act 2006 and UK Generally Accepted Prattice. The flnancial statements are prepared on a golng concern basis under the hi5torlcal cost eonvention. modified to include certain items at fair value. The financlal statÈments are prepared in sterling whlch isthe functional currency of the charlty and Tounded to the nearest £'OOO. The signiflcant accountin8 PDllcips applied In the preparatlon of thesefinancial statements are set out below. These policies have been conslstently applled to all years presented unless otherwise stated. Bqsls olconsolidatlon The group flnandal statements are the ￿vIt of the con5olidation of the finandal statements of the company and its subsidiaries LSF Shop LimStÈd, Thomas Burton Developrnents Limited and Lou8hborough Schools Intemational lQin8daol Limlted (dormant and disso￿ed 20 June 20231. Thefinanclal Statements of all wmpanies are made up to 31 August 2023. No separate SOFA has been presented for the charlty alone following exemptions afftirded by the Companles Act 2006 and the SORP IFRS 1021. Fund éytcourting Funds held by the charitabSe company are either- Unrestrlcted general fund5-these are funds, which can be used In accordance wlth the charitable objects at the discretion of the dlrectors. Restrlcted funds - these are funds that can only be used for particular Testricted purposes withln the objects of the charltable company. Restrictlons arise when specified by the Mernorandum and Article5 of Assoclation. or the donor, orwhen funds are raised for particular restrlcted purposes. Permanent endowed fvnds- th¥e are thÈ land and buildings of the Schools and Investments. which are not free for dlsposal wlthout repl3￿Ment. Income ￿(O￿nItIOn All intoming resources are Included in the Statement of Financial Activitiès ISDFA} when the charlty 55 legally entltled to the income after any performance conditions have been me¢ the amount can bè measured reliably and It IS probable that the Income will be received. Fee5 r￿e1vable Fees receivable are accounted for in the perlod to whlch they relate. Each year an overall amount of 5% of the fees received Is allocated to the bursary fund. The fee5 receivable are stated after deductlng scholarships and other rÈmissions granted by the charltable company: however. the stated fees Indude ihe contributlon5 r￿￿e￿ from restricted funds for bursaries and other grants. 29 Loughborougli School¥ FoU￿JaIl0￿ Gov¢Tnor5' Report attd Financial St&temcnts For iheyet7reAd¢d3J A¥gMsi2023 Notes (continued) thvestmentlncome Investment income is earned throuBh holding a55ets for Investment purposes such a5 share5 and property. It includes dlvidends, Snlere5t and rent. Where it Is not practicable to identify investment management Costs incurred withln a scheme wlth reasonable accuraty the Investment Income Is reported net of these costs. It Is Included when theamount can be measured reliably. Interest Income is reco8ni5ed u5ingthe effective Interest method and dividend and rent Income Is recognlsed as the charivs rl8ht to recelve payment Is established. Donutlons Donation5 recelved for the Beneral purposes of the schools are credlted to unrestrlcted funds. Donations subSect to 5peclflc wlshes of the donor5 are carried to the relevant re5trlcted fund or to the endowed fund. Tradlng Income Trading income, Includln8 income from LSF Shop Llmited and Thomas Burton Developments, Is Included when receivable. Expendlture recognltlon All expendlturè is accounted for on an accruals basls and ha5 been cla5s5fled under headln8s that aggregate all costs related to the cate80ry. Expendlture15 recognlsed where there Is a legal or constructive oblleatlon to rnake payments to third partles, it Ss probable that the5ettlement wlll be requlied and the amount of the obllgatlon can be measured rellably. It Is cate8orised under the followlng headings.. Expendlture on ralslng funds Expendlture on charitable actlvltles Other expenditure represents those Iterns not fallln8 Into the categorles above. Charltable expendlture compr15es those cost$ incurred by the charltable group In the dellvery of acllvltiés and sèrvlces for Its beneficlarles. Governance costs Include those costs assoclated wlth meetlng the constltutlonal and statutory requlrements of LouBhborou8h Schools Foundatlon and Its subsldlarles, thls Includes audlt fees. AII costs are allocated between the expendlture eate8orles of the Statement of Flnanclal Actlvltles on a basls deslgned to reflect the use of the resource. Costs relatin8 to a particular actlvlty comprlse both costs that can be allocated dlrectly to Such actlvltlès and those cD5t5 of an Indlrect nature nece55Ory to support them. Irrecoverable VAT Is charged as an expense agalnst the actlvily for wh5ch expenditure arose. Redundonry/termlnatlon payments All redundancy and iermlnatlon payments are recoBnlsed wlthin the year. 30 Loughborough Schools Foundaiio Govemors. Report and Firtancial StstemetLts For thEyear¢nded 31 Awli 2023 Notes Icontlnued) Tungiblefved ussets Thefreehold land and bulldingswerè r￿Valued as at 31 August 2014 and ort adoptlon of FRS 102 SORP thkswas taken as"deemed c05t°. Tanglble fixed assets are ststed atcost lordeemed costl orvaluatEon less accumulated depreciatlon and accumulated impalrment losses. Cost includes Costs directly attributable to maknn8 the asset capable of operatlng as Intended. Depreciatlon15 provided on all tangible fixed a55et5. at rates calculated to write off the cost, le55 estimated resldual value, of eath asset on a systematic basis over its expected useful life as follow5: No depreclatlon charge 5-50 years 10 years 4- 10 years Freehold land and listed buildings Other freehold buildings Furniture and fittlng5 Equlpment Item5 COStSng less than £500 are wrltten off as an expeNe when aqulred. Inve5tmentproperties Investment properties for whlch fair value can be measured reliably wSthout undue cost or effort are measured at fair value at each reporting date with changes in fair value recogni5ed in'llossl/gains' on revaluation of investments. In the SOFA. No depreciatlon is Cha￿ed on Investment propertles in accordance with the Charltles SORP. Flxedasset Investments Investments a￿ recognlsed initially at fair value which Is normally the transaction prlce excluding transattlon costs. Subsequently, they are mèasured at falr value with changes recognlsed in 'gain5lllosse5} on revaluation of Investments, in the SOFA. Realised gains and 105ses are calculated as the dlfferen¢e be￿@en sale proceeds and original cost. Stock Stocks are stated at the lower of wst and estimated selling prlce le55 CQSt5 to complete and sell. Cost includes all costs of purchase, costs of wnversion and other costs Incurred in brlngingstockto its present location and ¢ondltion. C05t Is calculated using the first-ln, first-out formula. Provlsion 15 made for damaged, obsolete and slow-moving stock where appropriate. Opernting Lea5e5 Operating lease rentals are charged to the statement of financial activities on a stralght-llne basis over the perlod of the lease. Deferred Income Prepald fees are held a5 credltors untll the start of the term to which they relate. They are then transferred to the statement of financial activitles and re￿gnised as Incomè. Toxotlon LoughboTough Schocls Foundatlon Is exempt from Income tax and capitsl gain5 tax undor Section 505 IcfA1988. 31 Lwkbovough Schools FottHdaiio Governors. Report and Financial Statements For iheyear ended31 Augttsk2023 Notes Icontinue Penslon schemes Teuchers'Pension Scheme The Foundation withdrew from the TPS on 31 August 2021, on I September 2022 the Foundatlon re-lolned the TPS. TheTPS is an unfunded scheme and contrlbutions are calculated so as to spreadthe costof pensions over employees, working lives in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The corbtributlons are determlned by the Government Actuary on the basi5 of quinquennlal valuations using a prospectlve unit credit method. As stated in Note 22. the TPS is a multi*mployer scheme and there Ss Insufficient Information available to USÈ defined benefit accountlng. The TPS is therefore treated as a defined contributlon 5chemo for accountlng purposes and the contrlbutlons recogni5ed In the period to which th@y relate. Defined Contrlbutlon Scheme The School pays contributÈon5 on behalf of its support and teaching staff, into two defined contrlbution pension schemes. which are managed independently of the finances of the School. The schemes are operated on a defined contrlbution basls, and therefore no surpluses or deficits will arise. Contrlbutions arè charged against expenditure In the year In which they fall due. Gulng concern The financlal statements have been prepared on a going COn￿M basls as the Trustees beliwe that no material Un￿rtaIntieS exist. The Trustees have consldered the level of funds held and the expected level of income and ÈKpenditure for 12 months from authorislng these financial statements. After taking into consideratlon the effects of the cost of Ilving crlsis and the prospect of changes to the Foundatlon's VAT status. Governors are still satisfied Ihat the budgeted income and expenditure Is sufficient wlth the level of reserve5 for the charity to be able to continue as a goin8 concern. Llmltedby9uarontee Each member of the charltable company undertakes to contribute to such amount as may be requlred but not exceeding £10. Re-stotement oAprioryearflgures Where prloryear fi8ure5 are re.stated. the reason will be stated in the notes seclion Df the accounts. Judgements and key souros of estimatlon uncertainty The group makes estimates and a5sumptlons concerning the future. The Govemors are also requlred to exercise judgement in the process of applying the charltable compan15 accounting pollcles. Estimates and judgèments are contlnually evaluated and are based on historical experience and other factors, includlng expectaiions of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a SiBnificant risk of causing a material adjustwnent to the tarrying amounts of assets and liabilities withln the next financial year a￿ addressed below: In preparlng these flnancial statements. the dlrectors have made the followingjudgements: Leoses The group determines whether leases enrered into bythe group either as a le55or ora lessee are operatln8 orfinance leases. These decisions depend on an assessment of whether the risk5 and rewards of ownership h3vÉ been transferred from the lessorto the lèssee on a lease by lease basls based on an evaluation of theterms and conditions of the arrangements. and a¢¢ordlngly whether the lease requlres an asset and liability to be recognised in the statement of financlal posltion. 32 LoMghboroughS¢hools Fot¢ndthlo Governors, Report and Finan¢ial Stat¢ments For ihe)*ur e#ded31 Au8y$i 2023 Notes Icontinueo) Investmentpropertles Critical estimates, assumptions and ludgements relate to the delerminatlon of the ￿rryIng value of investment propertles at fair value. In determlnin8 this, the group appllès the overrldinB concept that falr value is the amount for which an asset can bè exchanged between knowledgeable willlng partlès in an arm's ler)8th transactlon. The nature, facts and clrcum5tsnces of the investment drives the valuation methodoloBy. Recovembllltyof trade debtors Trade and other receivable5 are recognise(I to the extent that they are judged recoverable. Management reviews are performed to e5tlmate the level of resÈrves requlred for Irrecoverable debt. Provisions are made specifically against Invol￿5 where recoverability Is uncertain. Management makes allowan￿ for doubtful debts based on an assessment of the recoverabillty of debtor> Allowances are applled to debtors where events orchanges in clrcumstances Indicate thatthe carrying èmounts may not be recoverable. Management specifically analyse hlstorical bad debts, customer creditworthiness, current economic trends and changes In customer payment terms when maklng o judgement to evaluate the adequacy of the provision for doubtful debts. Where the expectatlon is different from the ori8lnal estimate. such (riffe￿n￿ wlll Impart the carrying value of debtors at)d the charge In the stateM￿t of financlal actlvities. Depreclatlon and residuul value5 Management have reviewed the a55et lives and assoclated residual values of all fixed asset classes. and have concluded that asset lives and residual value5 are appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-a55esslng asset Ilve5. factors such as technological Innovatlon, product life cydes and malntenanc8 programmes are laken Into account. Residual value assessments consider Issues such as future market conditions. the remalnlng life of the a55et and projected dlsposal values. 3 Donatlons and legacles Unrestricted £000 Re5tri¢ted £0 2023 £0 Donatlon5 Legacie5 392 392 392 92 Unrestrlcted Reslrlcted £000 £otN] 2022 £000 Donatio Legacles 377 377 377 377 33 Loughknroughseknols FoundaÈio Goyemors. R¢port 8J]d FiThan¢iol Statements Foriheyear e￿ded31 AI8tssf2023 Notes Icontinuedl Other tradlng a£tlvltle5 b8fore ¢on501tdatlon The Foundation owns the entire share capitsl of The LSF Shop Limlted and Thomas Burton Development Limited. 80th subsidlaries covenant any taxable profrt5 to thè Foundation. The trading results for the year ended 31 Au8USt 2023 for both entitie5. as extracted from thelr audlied accounts. are summarlsed below and all relate to unre5tritted fund5. Thomas Burton O•veloprnent The LSFShop Total 20ZJ £000 Totsl 2022 £(X)D £000 £oc#) Turnover C05tof saks 199 141 528 12611 12011 12051 6r05s profit 89 195 267 Admlnlstration other0pe￿I￿B IrKome 1701 1501 Iizoi 11201 OPeraU￿ profft 19 145 164 147 Interest payable Net prolit 18 144 162 145 Retalned reserves bouRhtfeMard Covenant 11441 11621 11451 Retakned reserve$£arf￿d fonmard Thè 3ggre8ate amounts of assets, liabilities. sharÈ capital and re5erve5 were: Thomas Burton Development Ltd £000 Total 2023 Total 2022 The LSF Shop £000 00 Non-turrent assets Current a55ets Creditors.. amounts falling due wlthin one year 315 13151 218 12201 533 1535) 514 15351 Net current liabilities 121 12) 161 Creditors: due after more than oneyear Net Ilablllties share capital and reserves Lease costs of £10.290 per annurn are payable by LSF shop to thè Foundatlon untll expiratlon of the le￿e on l March 2026. 34 Louglthorough Schools Foundaiio# Govemors. Report and Fsnan¢ièl Stst¢ment5 For ¢hey¢ar ¢vded 31 Augttsi 2023 P4ote5 Icontinuedl Investment Incom* Unrestritted Re5tri¢ted £000 £000 2023 £000 2022 Éooo Bank interest receivable Investment Income Rental Income 215 68 309 124 73 130 15 56 292 150 218 Charltable actlvltles School Income recelvable comprlsed: 202> £000 2022 £000 Tultlon fees Boarding fees Bursary award5 gnd grants Bursary awards and grants pald for by restrlcred funds 31,750 29,611 1,600 18971 897 932 33,291 3L211 Caterln8 recelpts Other fees & 8rant 1,309 1,234 349 34,986 32,794 School Income was £34,986,00012022.. £32,794,000) of whlch £34,054,00012022'. £31,897,000) was attrfbutsble to unrestrlcted funds and £932,00012022: £897,000) was attributablé to restrlcted funds. Tultion fees for the year Snclude £939,00012022: £897,000) transferred to restricted fund bursarles. Bursary awards. grants and scholarshlps were rnade to 158 puplls12022: 1771 from restrlcted funds. 35 LouEhboroughSchoolsFoJindfJil¢)n Gov¢tnors' Report and FiThth¢iaI S¢a*m¢nls For theJ*ar ended31 Atsg¥si 2023 Notes Icontlnue Charltable net In￿me Is stated after char81n￿. 2025 £000 2022 £OOD Auditorfs rernuneration: For audit For otherservitès Governors. professional Ilabillty insurance Depreci3tlon of tangltrAe fixed assets 31 34 2,101 2.213 Staff costs Wagès and salarle5 So¢lal security costs Penslon contributions 19,411 1.881 3,053 18,181 1,836 2,348 22.365 The number of employees whose contract5 were tefmlnated and who left our employment wlthln the flnanclal year totalled 7. wlth an assoclated cost of E200k. The average number of employees In the year was 74112022: 7081 ofwhom 29012022: 2821 were teachln8 Staff and 54 were casual Staff, Nelther the governors nor pèrsons connected wllh them received any remuneratlon or other beneflts from the ¢harltable company or any connected or8anlsatlon. The number of employees whose emolumènt5 exceeded £60,000 was; 2023 io 2022 13 £60,001- £70,000 £70,001- £80,OOD £80,001- £90.000 £90,001- £100,000 £ioo,ooi- £iio,000 £110,001- £120,000 £120,001. £130,000 £130,001- £140,000 £140,001- £150,000 £150,001- £160,000 É160,IY)1- £170,000 21 26 Contrfbutlons were made to the Teacher5. Penslon scheme, which Is a defined benefit scheme for 15 hl8her pald employees12022: 01. Contrlbutions were paid to a deflned contribution pension scheme for 6 employees12022: 251. 36 LotsghborougkSchDols Foundotion Governors, Report and Fina￿la1 Statements For the￿aTeNded5] 2023 Notes Icontlnued) Governors and key management personnel remuneratlon and expenses The Governors conslder that theyfft together with the Heads of the four schools and the COO comprlse the Key Management Personnel. The Governors glve of thelr tlme freely and the pay and remuneration of the Heads and the COO is Set by the Remuneratlon Committee and 15 kept under annual revlew. A number of criterta are used in setting pay: Nature of the role and responsibilltles Competitor salarles In the reglon The sertor average salary for comparable positlons Trends In pay The total amount of employee benefits received by key management personnel 15 £798.00012022: £831,000). The Trustees nelther recelved nor waived any remuneration durin8 thè year12022: £NILI. 37 Loughborough Schools FoupOallofri Gov¢rnors' Rq)ort and Financial Statemcnls For /he￿£￿ended3] Au8ust2023 Notes (continued) Analysis of total resources expended staff costs 00 (note 71 Total 2023 £OOD Total 2022 oiher DeprecTation £orx) £000 (note 101 Cost of generatlng funds Trading financing 84 239 471 3Z7 471 382 314 84 710 696 charftable expendlture Teachlng costs Welfare costs School meals and taterlng Premise5 Support costs Finanaal Assistance including Bursarie5 and Scholarshlps Governance costs 18,052 290 701 1,620 3,369 2.077 20,129 290 1,931 6,332 5,218 1,214 19,084 325 1,599 5.761 4,657 1.032 1.230 2.652 1,849 1.177 1060 37 313 83 396 317 24.345 9.068 2.097 35,510 32.775 Total expenditure 24,429 9,778 iioi 36,308 33,471 Governance costs are an apportionment of the relevarkt peoples, salaries wlth regard to the long term strateBk planning of the charitable company. Resources expended totsl £36.308,QOO12022- £33,471,000) of which the split between funds is as follows: Staff Total costs 2023 £000 £000 Other Depreclati¢)n £000 £000 2022 £000 Unrestricted funds Restricted funds Endowmentfunds 24,429 8,601 1,177 34J)18 1,214 lJ)76 31,333 1,063 1,075 37 1,076 Total expenditure 24,429 9.778 iioi 36,308 33.471 Bur5arles and scholaTshlp Costs of £1,066,00012022'. £1,032.0001 have been charged dlrectly to restrStted funds. 38 Loughborough Scknols Foundalion Govcrnors, Report aDd Finon¢Éal Statements For theyettreitded3J Ats8USt2023 Notes Icontlnuedl io Consolldated tsnglble fixed assets Fr8ahold land and Bulldlne5 £000 Furnlture and rrttln8S £000 Equlpment £or Totsl £fyJo Cost orvoluotlon Balance at I September 2022 Additions at C05t 74.110 368 2,569 66 9.970 644 86,649 1,078 At end ofyeaT 74.478 2.635 10,614 87,727 Depreciotlun Balance at I September 2022 Char8ef￿year 110.8071 11.5291 11.9441 11221 18.9051 14501 121,6561 12,1011 At end of year 112.3361 12,066) 19,3551 123,7571 Netbookvalue At 31 Au8USt 2023 62,142 569 1,259 63.970 At 31 A￿ust 2022 63,303 625 1,065 64,993 The parent charltable company has elected, In accordance with S35 Ioldl of FRS 102. to use the carrying value on I September 2014, the date of transition to FRS 102, of any of the abovefreehold land and bulldinBs prevlously carried at a valuatlon as their deemed cost. The value of the plaWng fields and listed buildings* which are not depreciated, at the end of the year was £1,6c¥).000 12022.. EI,600,QOOI and £4.260,00012022: £4,260.0001 respectlvely. No value Is included for land other than playlng fleld& The 51te Is an Inte8ral part of the scholastlc entity comprising malnly educatlonal bulldlngs for whlth no alternatlve purchaser Is forween. As a consequence, any valuation of the slte Is impracticable at rÈasonable expense. All assets are held for use on charitable actlvities. There were no assets held under finance lease5 or hlre purchase contracts. 39 gkborotsgh Schools Foundatio GDv¢rnoTs' Report and Financi￿ Swements For ih¢year eKded31 Aus￿1 2023 Notes Icontinue Charftable company tanBlble fixed assets Freehold land and bulldlngs £000 Furniture and fittinES £000 Equipment £OOD Total £000 Costorvaluotlon Balance at I September 2022 Additions at C05t 74.110 368 2.569 66 9.954 644 86,633 1,078 At end of year 74,478 2,635 10.598 87,711 Deprerlatjon Balance at I September 2022 Charge foryear 110.8071 1.5291 11,9441 11221 18.8951 14461 121,6461 12,0971 At end ofyear 112,3361 12.0661 19,3411 123,743) Netbook value At 31 Au8U5t 2023 61142 569 1,257 63,968 At 31 August 2022 63.303 625 1.059 64,987 There were no assets held under fSnance leases or hlre purchase contracts. 40 I￿h&orOugh Schools Ft)widotlo (Aivem(ws' Report and Financial &atemcnts Fw ¢nded 31 2023 Note5 Icontlnuedl li Investments Usted and Freehold m•a8ed property Investments £wo Consofidated ar￿ cIwits￿e cofflwv Total £000 Balan￿ at 15eptember 2022 1.210 3.636 4W16 Dlsposal of prop Addltlons at cost Disposals Chan8e In marketvalue of investments 1.207 {1.1041 1154} LZ07 (1,1041 Balance * 31 Au8USt2025 Lz The Ilsted and managed Investments of E3.585.00012022.- £3,636.(KKII ¢omprtse £2.038.00012022: £1.071.000) charity investments and £1.547,LIXI12022: £2.56s.L￿) investments directly listed in the Unlted Kingdom. There were no Investments that constituted over S% of the market value of the Ilsted irwestment portfolio. The freehold property has been r￿alued based on the Independent Trraluatlons b/qualif￿d chartered surveyors. whlch were compteted In March 2021for buildings and Au8u5t 2022 for land. 12 Stods 2022 cl￿$￿1dated Charitsble Consotidated con¥>anv £000 Charitable Company £000 £000 Stocks Subsidlarle5' Stocks 54 2CK) 54 170 254 54 41 Loughbornugh Schools Fowtdotlo Goyemors, R¢port and Financial Statantnts For th8year eKded31 Awl 2023 Noles Icontlnuedl 13 Debtors 2023 2022 Consolldated Charltable Companv £000 Consolldated Charltable ompany £000 £000 £000 Fees re￿1vable Other debtors Trade debtors Due from group undertiklngs 403 446 56 403 422 191 499 25 191 499 517 447 905 1,34Z 715 1,137 14 CredStors: amounts falllng due wbthln on• y•ar 2023 2022 Consolldated Charltable Company Éooo Consolldated Charitable Companv £000 £000 £000 Prepald fees Fee guarantees Taxatlon and socSal securlty Net obll8atlons under hlre purchase contracts MoTtya8e obll8atlon CBILS loan Other credltor$ Accrva15 1,715 74 509 1,715 74 502 2,101 80 509 2,101 502 28 1,000 998 454 28 LOOO 933 454 1,000 L350 615 Iwoo 1,339 615 5,291 S,273 5,170 5,098 Net oblS8atlons under hlre purchase contracts are secured on the assets to whlch they relate. Fee guarantee5 are repayable when puplls leave. Other creditor5 include £137,00012022'. £312,QOOI of outstandlng penslon contribution5. 42 LoughboroughSchoo15 Fomndalio Governors. RepDrt and Finatici&l Statrments For they¢arended31 Atssxfi 2023 Notes Icontinuedl 15 Credltor5: aTnounts falling due after Me ￿ar 2023 2022 Consolldated Charltable Companv £000 Consolidated Charitable Company £000 £000 £000 Fee guarantees Prepald Fees Mortgage obliBatic CIBts loan 879 879 805 116 586 2,917 805 116 586 2.917 558 1.917 558 ¥917 3,354 3354 4.424 4,424 Analysis ol MortgaBe Loan Repayments are due as follows.. 2023 2022 £000 AThounts falling due.. Ithin one year Behveen one and two years Between two and Ilve years After five years 28 28 28 558 530 586 614 Lender HSBC Bank plc Term 7 years Se¢urlty 85 Castledlne Street Interest Rate Variable. char6ed at 1.55% over base rate The terms ofthe mortgage allow repayment without Incurring any penalty. Analysls of CBILS Loan Repayments are due as follows- 2023 £000 2022 £000 Amounts falling due: Wlthin oneyear Between one and two years Between two and fwe yeaTS After five year5 1,000 1,000 917 1.000 1.000 1,917 2￿17 3.917 Lender Natwe5t Bank PLC Temi 6 years 5￿Ullty Interest Rate Six resldentlal propertie5 1 year interest free. interest rate after l year owned by the 2.37Yo over base rate Foundation, along wlth the Parkin Sport5 Hall. 43 Lou8hborotEh Scknols FOUnth￿0 GovemoTS' Report and Finan¢i81 StEtements Forth¥￿ar ended31 Atyst 2023 Notes Icontinuedl Prnv151ons Legal Costs Compllance Totsl £000 105 29 104 £000 iio £000 215 29 Balance at i September 2022 Charged In year utllSsedlreleased in year 30 iio 140 Legal costs relate to provisions to defend both known and potentlal litigatlon regarding employment matter5 and capital projects. Compliance provisions relate to potentlal Tlsks that have been identlfled but were not fully resolved by the year end. 17 Hlre pur¢ha5e and finance leases Minlmum lease payments under hire purchase fall due as follow5.. 2023 Charltable company £000 2022 Consolldated Consolidated CharStable Company £CK)O £OL Withln oneyear Between 1-5 years 44 Lollghborough SehoolsFoundotig Gov¢rnor5' Report Trnd Financial St&tements For 1kewarep￿ed3l Awut2023 Notes Icontinuedl 18. Analysi5 of net assets between funds Z023 Tanglble FSxed assets I￿￿$￿Trents Net current Non ￿rreTrI a￿ets1 Illabllltlesl Illabilitiesl and prov151ons £000 Total £￿0 EOOO £000 Restricted Income funds Bu￿ry fund Burton bursarie5 2 A& PM Shepherd bequest HSGYM Equlpment BF Dyson bequest Parkln bequest Cothan bequest W0￿S0n bequest GN H3tvey fund Bancroft bèque Stelnway Appeal Prize funds Scholarshlps New Grammar School CCF Bulldln8 The Old Loughburlan Benevolent fund OLAFOCfund DonatlDns restrlcted fijnd cock￿11 beque LorralnÈ Simmons Scholarship Huston Bequest 600 246 1.282 246 1,784 119 318 379 194 166 li 502 151 167 379 lis 51 li 57 30 260 37 395 97 123 69 164 135 97 135 1121 164 127 520 548 30 21 Totsl restrirted Income funds 1.699 3,159 5y2 Unrtstrlrted Income funds 18,907 13821 13,4941 15.031 Endowed funds 44,379 3,096 47A76 63,970 4.795 2.778 13,4941 68.049 45 Looghboroush Schools Fo¥nduflo Governors. Rcport and Fin&n¢ia] Stat£ments For they¢aY ended31 Aty￿12023 Notes Icontinued) Analysls of net assets between lund$ 2022 Tanglble Flx•d assets Investments Net ￿ritAt a5setsl Non curre Total frestotedj Iresrotsdj £QDO £000 fQOO £000 Restrlcted Incomèfunds Butsary fund Burton bursariés 2 A & PM Shepherd bequest HS Gym Equlpment BF Dyson bequest Parkin bequest Coltman bequest Wolfson bequest GN Hirvey fund Bancroft bequest stelnway Appeal Prlze funds Scholarship5 New Grammarkhool CCF Bullding The Old Loughburian Benevolèntfund OLAFOCfund Donatlons restrictsd fund Cockrell bequest Lorraine Slmmons Scholarshlp Huston Bèquest 600 226 1,292 600 226 2,057 136 324 387 186 179 12 66 62 31 276 775 136 156 387 178 53 126 66 138 100 140 iioi 70 88 17 58 130 70 88 154 253 32 137 195 Total restritted Incomefunds 721 1,683 2,975 5,379 Vnresirlcted Income funds Irestotedl 18,817 1206 14,6391 13.972 Endowed funds 45,455 3,163 48,619 64,993 4,846 2.654 14.5391 67,970 The unrestricted income funds have been restated to corrett the Misclassif￿at10n of £116.000 of non