LOCHINVER HOUSE SCHOOL
(Limited by guar8nte¢)
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED31 AUGUST2020
Ch8rity Number: 1091045
Company Number: 04374254

LOCHINVER HOUSE SCHOOL
HEADMASTER'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2020
HEADMASTER'S REPORT
Loehinver House School has adapted wilh atsility and illgenuity to maintain excelleni prnvision to every pupil during ihis
unprecedented year. Working in ¢105¢ partnership with pa￿ntS an ex￿rIenCed and hitshly qualified staff switched to Ihe
remote provision of several live lesson% every day in order to ensure continuity of effective leaming for evely boy aged 4
to 13. In addition, working within guidance from ihe DtE, Lochinver worked with ambslion to ensure thai every boy was
able to retUTn for on-site experience of school before the summer vacation cominenced. Mainiaining a high level or
sctvice to the pupils and parents through such initiatives as the 13 weekly YouTube assemblies designed to sirciigthen and
encourage the comTnunily, broutshi overwhelmin?oly p)sitive responses and great appreciaiion. As a resuli inierest in the
School remains high.
Lochinver is a genily seleciive school specialising in a well-rounded education for Iws. We provide a ￿Spoke and
nurturing journey of challenge for success ai boih I I t and 13. We are grounded- noi grand. and our pupils are respecied
for being diverse. dynamic, honest and kind. Sirong values equip our boys wilh adapiable learning power for an onward
journey to world class schools.
Indeed. at (he close of ihis academic year. all i5 Year 8 pupils gained offers to their cliosen ￿h0O15 and in addition weTe
offered I I scholarships,17 academic, J music and on¢ Artl by schools which are truly excellent. This brings the last thr¢e
years, total 10 44 scholarships. award5 rnade ihrgugh examination and rivorous 35sessmeDt. Ai 124 and at tlie ¢i)d of their
penultiinare year. fifteen boys secured unconditional 13- plx¢s io St Albans School.
Lochinver offers a first cla55 edU￿tIon of both depth and brcadth. Triis is evidenced by achievemenis ekeinplified by the
following. five of our 180 insiruinenthl lean￿r$ were solected io be members of ihL CIiiTI j511 Scl)ools N#iional Orcliestra.
Our new RoiTrotlC5 Club attracied sirong interesi aiid Lochinver was the only Prep Scliool enirwir in Ihe Al inter-scliuol
Saturday ¢ompeiition at Forfismere School. Our basketball ieam yei again progiressed ro the IAPS Naiional fii)als. Visiring
Author Curtis Jobling delighted children aoross ihc school in his varied sessions on World Book Day. Prc-Lockdown,
'Wild Hair day, led by Lo¢hinver's Environtncntal OriTanisation established a live link 10 (In expen iii order to preseiii a
dedicated asseinbly in a low carbon way. The pupil-ILd piojeci launched in this asseinbly raised funds io buy 2 1/2 fooiball
pitches worth of rainforest under ihe in peT￿lu11Y au5piccs of the World Land Trust. T1￿ key pairon of this charity is Sir
David Attenl)orough.
With privilege COTn¢5 responstbilily and Lochinver pupils are committed to Ihinking globally and acTing locally. Pupil-led
charitable initiatives regularly Taise £15000 for i chariiies deJnocra(ically elecied by il)e school coiniiiuniiy each year.
The School is blessed by a talented team of highly commilled professionals who ha￿ shown iminense cApacity aiid cour4g¢
ID maintaining an excellent offering 10 the children and families we serye. My heartfeli thanks to everyone.
Ben Walker
I leddinaster

LOCHINVER HOUSE SCHOOL
GOVERNORS, REPORT
FOR THE YEAR ENDED31 AUGUST2020
The Dire¢tors pre5¢nt their report and audited financial statem¢nts for the year ended 31 August 2020.
Reference and Administrntive Inforrnalion
Lochinver House School Wds founded byTntst Deed in 1947. A Company Limited by Guarantee. Lochinver House School.
was incorpordted on 14 Febn￿ry 21M12 to own and manage the School. The assets and liabilities of the School were
trdnsferred from Lochinver House School Trust to the Limiied Company on l ApTiI 2002 when ir commenced its
educational activities. The School 15 a registered charity. number 1091045 and is constituied as a company limited by
guarantee. Its objects, power5 and other constituiional matters ate sei out in its Memorandum and Artieles of A550ciation.
li is govemed by a Board of Governors which is responsible for setting the 5n1￿1C directions of the School and for
establishirtg policy. The financial statements and report comply with the ¢utTeni statutory Metnorandum and Articles of
Association and the Statetnent of R￿QmMended Practice - Attoyniing and Reporting by Charities (SORP 2015), The
Charities Act 201 l and the Companie5 Act 2006.
Directors
The governing body of the company is known as the Board of Governors. The MembeT5 of the Board are also the charity
trustees for the purposes of charity law and DirectOTS for ihe purpose ofcompany law. They are also (he company members.
Throughout this report they are collectively referred to as the Governors. Those who served during the year and Since the
year end were..
W R Moores
Chair
D A Taylor
B Aitken
M Collier
Vice Chair
A English
N Gilbert
J Gillespie
O Jacobs
J Le Couilliord
JEROram
H Philp
C A Smith
Resign¢d 24 June 2020
J Taylor-cummings
They are elected ai a full Governor5, Meeting for a rerni of ihree years. They can be re<lected for up to three further
consecutive terms of three years but shall not ihen be eligible for re<leclion without a break of at least twelve calendar
months except by ￿$OlutIOn of the Board.

LOCHINVER HOUSE SCHOOL
GOVERNORS, REPORT {continued)
FOR THE YEAR ENDED 31 AUGUST 2020
Key Executives **d Professional Advisers
The Headmaster
B C Walker B.A.(Hons), PGCE
The Bursarlcompanyseeretary
N L Marlow B.A. {Honsl, ACA (to 31 July ?020)
J C Smithson B.A. {Hons), FCA (from l August 2020}
Address
LochinverFlo￿eSChool
Heath Road
LI￿1¢ Heath
Potter5 Bar
Henford5hire
EN61LW
B8nkers
Naiional Westhiinster B£inkCominercial Banking Isr Floor
JO Clarendon Road
Watford,
Hertfordshire
WD171GQ
Solicitors
Veale Wasbroughvixards
Oichurdcourt
Orchard Lane
Bristol
BSI 5WS
Auditors
Ilaysinacintyrc LLP
10 Queen Sireet Place
London
EC4R IAG

LOCHINVER HOUSE SCHOOL
GOVERNORS, REPORT (Continued)
FOR THE YEAR ENDED 31 AUGUST2020
Strutture, Governance and Management
Governing Document
The Company is g0ven￿d by its Articles of Association. The Articles were reviewed and updated in 2015. The objects
of the Company a￿ io advance education by the canying on of a preparatory school for boys known as Lochinver
House School.
Governing Body
The Governors are Directors and are elected ai a meeting of the Board of Govemor5. Govemors are ￿c￿lted on the
basis of llomination taking regard of special skills and personal qualities io ensure that the Board retains an effe¢tive
balance of ¢xperti5e to strengthen the rnanagement of the Charity. Governors a￿ eligible to serve for an initial period
of three year5.
GovernorTralning
New Governors are provided wilh an iTKluction pack containing Board policy and procedures, schemes of governance
and inforniarion regarding the work and operaiions of ihe School. Governors are encouraged to attend 5Ultable trainin8
courses which deal wilh their reswnsibilities in relation to th¢ Companies Act, Charity Law and Department for
Education requireTnents a5 the need arises and are en¢ournged ¢0 attend new Governor induction Courses.
Organisatlonal Man*gement
There are nonnally three full Board Meeting5 each year where the Governors meet and review the policies of the
Charity for which rhey are responsible. The Finance and Genernl PuTP05es Committee meet to review budgets,
ac¢ounis and reports and makes recornmendations io the Board of Governors. The Govemors havea programme of
regular visits to the Sch￿] to wilness and monitor the charitys work in aciion. Day to day running of the School i5
delegated io ihe Head and the Bursar, 5UPPOrted byihe School Senior Leadership Team.
The School. through its officers, is represented in a number of organisaiions including the Association of Governing
Bodies of Independent Schools (AGBIS). the Indertndent Association of Prep S¢hoo15 (IAPS) and the Independent
Schools, Bursar5'Association (ISBAI.
Structure Relatioll$bip$
The Headmaster is an active member of IAPS which promotes and Tnainthins 51andards in preparatory schools. The
School takes an active part in nuTnerous professional studies fortheevaluation of quality and perforn)ance.
Outside of the Covid-19 restrictions. we co-operate with as many local charitie& clubs and associaiions as we Can to
widen public access to the education we provide and promote the educational benefits of using our sporting fa¢ilities.
We have an a￿anger￿ent wilh ¥4 local sthte junior s¢hool that Use our science latx)ratorie5 fdch week whi¢h makes a
positive contribution to their education.
Objeets, Publie Be￿tfIt, Aijos, Objectives and Priocip41 Activities
The School's aim is to provide public benefit, in compliance with the duty in Section 17(5) of the Charities Act 2011 to
have due regard to the Charity Cornmission's published generdl and relevant suiFsector guidance. and in accordance with
its Articles of Association, which 15 to educate boys up to the age ofthirteen.

LOCHINVER HOUSE SCHOOL
GOVERNORS, REPORT (eothtinued)
FOR THE YEAR ENDED 31 AUGUST 2020
Str#tegie Aim and Intended Effect
The Board's strat¢gi¢ airn 15 to reach its annual objective for the public benefit as a charithble Independeni School
Ihrough the provision of a high quality education for trM)y5 between the age5 of four and thirteen io allow them io
a¢hieY¢ lh¢ high¢st a¢adcmi¢ s￿ndardS in preparation for cntry into thc scnior school of their own and their parenis,
clioice. Our wider adfflission policy enablcs us to help boys from lower income or orheti¥ise disadvaniaged fainilic5 to
b¢nefJt from our fee based %hooling and to ￿nefit frotn our extra4urricular progt3mine. The School also alin5 lo drdw
out all boys, abilities and academic poteiitial and to develop their wider intere￿$ in life wiihin a secure and srable
etivironinent to enable them to participate in society and the community.
PrineipalActivity
Th¢ School'5 principal a¢iivity ¢Olllinues to ￿ the wovision of an excellent stsndard of education for boy5 aged four to
thirteen.
Objcctives
-I'lio Board'5 main objective continues to be to educate all pupils io a high s￿ndard each year, which benefils th¢ir ¢hosen
Liiior scliool for the completion of their educarion.'Thc SchcM)I has a ihree year whole %h¢MTrl develo￿7]eJIt plaii wliich is
rL¥yularly reviewed and Upda￿d. The School is con)Iniiied io reviewing it5 a¢ademic syllabu5 and teachii)g tnethods. nie
ILILilities are upgraded regularly io provide Inodem ￿lId1111)s and arnenities, which stiinulate the pupils in all areas of their
development.
The Board's other objective is to develop bursaries wilh a view io funher increasing ih¢ School's intake of boys froni lower
incoine fai￿1[leS and io exiend workiiig arrdn¥pei￿enIS wilh oihercharities and stale schoo15 to provide access to OUT lacilities
fgr those who cannot come io Ihe School iiself. We sei aside funds for bursary aivards to help those in need of assisrance
with Olhr school fees.
Review of Achievemewts and Performance for tht Ytar
Aeademie
The achievemertis of pupils demonsirare ihe School's coiiiinued success. Lochinver IK)ys a￿ in deinand and in the last 10
year5 we have sent boys to over 20 differeni schools. Our Year 8 EKbys gain successful entry to their cliosen senior schools.
In the last three years. our boy5 have been off¢r¢d 44 scholarships. This year we seni boys 10 8 Schools. Aldenhain.
Bishop's Sionford College. Haberda5her5' A5ke's, Haileybury, Mill Hill School. Si Albans. St Coluniba's and
Westminster. These accomplishments have been tnade possible by the recnjiimeni of the highest quality siaff and by
Inaintatnints a l)j*h teacher io pupil ratio which en511res thai teachinti meih(K1s can be suiied to individuol needs. Teaching
staff regularly aiiend rrdining courses in order to ¢nhance their ￿[SOnal perfomance and to improve the quality of the
curriculum. The School reviews its Hcad¢mi¢ syllabus and teaching methods in order io benchmark standard5 and value-
dded criteria.
Extra-Curri¢ul&r aetlyltles
Alihough limited by ihe Covid-19 restrictions this year. the School has an ¢ducational program1￿e to provide many extra-
curricular aciiviiies for the chhldren. Vhsits have bttn undenaken io iheatye& field 5tlldy ¢entres, Inuseums and various
places of worship for differenl religions. Many of these visits have been lirsked to s￿lf1¢ classroom proje¢ts. A number
of iheaire and perforniing an5 groups have ¥iven perfomiances io the ￿h0o1 along witli talks by authots aiid storytellers
and these have usually been linked with annual Ix)ok wttks when the pupils parti¢ipai¢ in a wide tange of aciivities.
Music rcmains very strong at ihe school with a large uptake of participants. Over half of our boys learn an insirumenr witl)
half of those learning two or more to progress on a teTmly basi5 through ABRSM grdde exams. Five boys look part in the
Naiional Children'5 Orchestra. Our weekly composiiion club which builds on class tnusic lessons and the use of Sibelius
software led io a nuTnber of boys hearing their own coinpositions being played by a visitlng professional string quartei.
The School continueg to pui oui a tremendous number of sports tearns and we haye competed aE rhe highest level. For the
founh year. Lochinver were finalists in the IAPS Baskeiball ¢ompetiiion. We remain the only Prep School io have reached
the naiional final of the Independeni Schools Football Aswiation Cup. This was achieved ai Under 13 and Under I I
levels. Some boy5 ar¢ contracted to professional clubs.

LOCHINVER HOUSE SCHOOL
GOVERNORS, REPORT (continued)
FOR THE YEAR ENDED 31 AUGUST 2020
Development$ in the School
Having completed a three phase building development plan in the summer of 2019 and faced the challenge5 of Covid-19,
we are shortly lo cotnmence a review of our sttategic d¢velopment for the next 5 years. There has been significanl IT
development withill the School in the lasi few years and ihis continues. All boys in our top years, years 6-8 are provided
with an iPad to be used in conjunction with tradilional teaching methods. Our investment in IT has enabled u5 to respond
quickly to the demand5 of Covid-19 and we anti¢ipale thai the agility demonstrated during these times will Supercharge
our offering in thi5 regard in the future.
Publlt Benefrt
Bursarie5
The Governors re¢ognise that the independent education fe¢5 are at levels which may exclude many boys from applying
for a plaee at the School but they are committed to wdening the access to the education offered. Accordingly, the
Governors set a fixed Sum to provide bursaries for those boys whose parents could oiherwise not afford to send thein to
our School. The Governors have a fomal Bur52ry Policy and a Governors, Bursary Award Committee a5sesse5 all
applications and report to the Board. Details of Bursaries are included on the School websiie. The Governors budgeied
£135,000 for bursaries in 201912020 which is reviewed on an annual basis. Emergency funds were made available to assist
parents facing unprecedented demands during The Covid-19 Ye￿n¢t10￿%. In addition, the fees for the Summer terni for all
pupi15 were discounted by 20Vo 8$ 4 one-off concession to all parents.
In 201912020 the School supporfed fourteen (201812019.. twelve) pupt15 through our Bursary Scheme. rhree of whom were
on a fvll bursary. The support which is available on a needs basi5 as deterniined by th¢ Governors. Bursary Award
Committee reduced annual income from scale fees by £154,613 (2018119 £119.028). The Governors have currently agreed
thirteen bursaries for 202012021 totalling £118,678. including four fijll bursaries.
Other Public Benefit
The School continues to support various good ￿Use$ via the Head Boys, Charitie5. The donations 5UPPOrt various
national and local charities which benefit the community- This year the charilies were Breast Cancer Now. the Brain
Tumour Charity & the Child￿n,$ Tryst.
For a small prep school lh¢ S¢hool has great facilities and it Uses these as far as it is able to benefir the local ¢ommunity,
although this has been impacted ihis year by the Covtd-19 restriction5. [￿cal state schoo15 have attended workshop5 and
special events. The Scienc¢ latrrt)rntories are made available on a weekly basis for a local junior school to attend an after
school club. These aciKvilies rn8ke a positive contribution to their education. During the Closure of all schoo15 belwttn
March and May 2020 (in¢luding in the holidays), onsite education was provided to 18 children of keyworkers a5 well as a
full remote provision io all of our other boys during term time.
The facilities of the S¢hool are made available to outside organisations to benefit the education of children and adults.
School links with the ¢ommunity continue with our a$50ciation with the local youih organisations.
The School Tnaintains a public benefii register of all activities where the School opens its facilitie5 to the local community.
The fInancial benefit to the community via free or reduced charges for use of our facilitics ha5 been assessed to be over
£5,940 for 201912020 which was redu¢ed to the Covid-19 restriction5.
Charity Fundrglslng
The school has not made any furkdraising appeals io ihe general public during the year, and is unlikely to do $0 in the future.
There has been no outsourced fund rnising via professional fundrdi5ers or oiher third parties. As a result the charity is n
registered with the fundraising r¢gulator and received no fi]ndrdising complaints in the year.

LOCHINVER HOUSE SCHOOL
GOVERf40RS' REPORT (continued)
FOR THE YEAR ENDED31 AUGUST 2020
Volunteers
VoluThteers in the school have been limited since March 2020 by the Covid-19 restrI￿l0n$. The Parent Teacher Association
Ineets regularly to organise and social events to raise funds for the School. The School coniinues 10 enjoy the support
of volunteers and parenral helpers in ihe classro(Trm. The level of this voluntary service is invaluable to lh¢ School in
providing the excelleni level ofeducation ro which the School is commilted. The Governors would like to thank all thos¢
volunteers foi Iheir valuable support. The School also appre¢iai¢s the number of pa￿n(S wiK) donate their tirne to tpke
boys for readingsupport.
LOoki￿g ahead
The key objective continues to be the provision of a high qualiiy edU￿10n for t*)ys aged b¢tsv¢¢n four and thirteen io
allow them to achieve the highe￿ a¢ad¢mic ￿andards.
'rhc School has o thrtt year Development Programme coveringihe curriculum, pr¢mise4 staff irnining. pupil development
lind Ihe provision of bursary support.
Financi*l Rtsults JNd RcservesPolity
'I'he results are shown in the accompanyin(p financial sthreinenis on pages l) to 26. During the financial year. Ihe School
geiierated income of £4,498,795 (2019.. £4.830.590) from school activilies. The reduciion froin Ihe prior year reflect5 the
recognition the Governors made of the impaci rhal the Coronaytnjs pandeinic was likely ro have on ihe School Community
which led to a downward adjullmeni to the Summer ierni IN￿alment orth¢ 2019,?O fees.
Expenditureof£4,326.900 (?019= £4.292.288) ¥VdS incurred.
Additions to fixed asseis iotalled £340,144 (2019.. £579,816) and included £47,763 (2019.. £68,017) for computer
equipinent, £248.445 (2019.. £511.7991 on t￿1]dIng itnprovcments and equipmenL and fixtures & fittiThgs and Tnotor
vehicles of £19.792 and £24,144 respecrively.
The S¢hool has an objeciive to achieve a SUTplus ea¢h year io ensure that there are sufricient r¢s¢rv¢s to manage the
School prndently and io provide fvnds for fututt capital expendiiure. The accumulation of rewr￿5 to date enables the
oiigoing li￿plementatIon ofihe sch￿I.s tkv¢l(Trptnent Plan.
Noies 13 10 16 split ihe reserves between ihose held fora specific Purpose (re5trirted funds) and those available for the day
to day requirements of the School (uDr¢5tricted funds). The School's asseis are S￿￿l¢l¢￿t to meet its obligations.
Key management personDel
The Governors ha￿ identified the Headinasier and Bursar as key management personnel. The salary of these key
tnanageineni personnel is set by ihe Board of Governors after as5e55ing their perfom)ance and reviewing inarket
beiiclima]*s.
Investment Performan¢¢
TheArticl¢s of A550ciation perniit funds ¢0 be invested in such Investmen￿ se¢witi¢5 and property as may be thoiight fit.
At present iTtv¢stment income is generared primarily by placiTrg funds with up io three separate banksto minimise risk. as
detemiined by the Bursar. to whom such responsibilities are delegated by the Governors under the TeTmS of Reference of
the Treasury Policy.

LOCHINVER HOUSE SCHOOL
GOVERNORS, REPORT (continued)
FOR THE YEAR ENDED31 AUGiJST 2020
Resources
The School's unrestricted funds represent Iwo t￿eS of fund. The designated "School Buildings" of £5,233.968 (2019..
£5.114.135) represents unrestricted fvnds rethined to finance th¢ freehold property of the School. The balance of the
unrestricted funds of £J.783,119 (2019.. £3,7J8.184) represents genernl reserves to cover normal fluctuations in working
capital. io finance rhe continuing development of ihe Sch(￿1 and to help fund provision forbursaries.
Principal Risks & Uneertalntles
The Governor5 cary out regular remews of the School's activities and operations. As part of that process a Risk
Management Committee annually reviews the action taken. or proposed to be taken, by the School to identify and rnanage
the main risks to which the School is exposed. Through the reports and recommendations of th¢ Risk Management
Committee, the Governors monitor the effertiveness of the School'5 internal policies and procedures for the management
of such risk& includino the adequa¢y of the School's insurance ¢over.
The Schcmll has identified the following as the principal risk$ it fac¢s'
Maintaining pupil numbers in the current challenging economic climat¢ and the abiliry of existing parents to fund
fees. particularly wilh the uncertain ¢conomic conditions once th¢ global health emerg¢n¢y lifts. Strategies for
managing this risk include the Director of Admissions and Marketing working io strengthen links with local
nursery schools and developing a markeling Strategy to support pupil retention. A new web51te was launched and
a social media agency engaged. A robust Bursary Policy and application procedure is in place.
The capacity ofth¢ School to adapi Pfdciically and efficiently to rhe increasingly onerous regulatory ond legislative
requirements that schools face. Siraiegies for managing Ihis risk include having a dedicated HR & Compliance
Manager aThd compliance is addressed as a Standing item of the main Governors agenda at every meeting.
Recruitment and reiention of sialT of the required calibre to maintain the hioh siendards of the School, this is
increasingly challenging and 15 ￿ing managed by building links with ￿ining ¢olleges and enhancing our
recruitment process. CPD is actively encournged and supported.
SignifIcaDt political change which wll inevitsbly be detrimental to the charitable siatU5 of independent schools.
Risks Tllay include the potential loss of business rdte relief and the introduction of VAT on School fees resulting
in a fall in pupil nurnbers due to fees being unaffordable for many parents. The Schi)ol work5 Wlth the ISC and
other representative bodies to defend the chariiable staius of independent schools and i5 constantly seeking ways
Io Teduce costs and generate additional income (o mitigate the impact of these possible changes.
The Board recognises thai systems Cannot Provide absolute a5surJn¢e ihat all possible risks have l*en identified and
managed, but strives to ensure straiegie5. syslems and plans are in pl¥¢e to mitigate these ri5k5.

LOCHINVER HOUSE SCHOOL
GOVERNORS, REPORT (continued)
FOR THE YEAR ENDED31 AUGUST 2020
STATEMENTOF DIRECTORS, RESPONSIBILITIES
The Governors (who are also Directors of Lochinver House Sch(￿1 for the purrmises of company law) are responsible for
preparing the Governors. Repon and the financial ￿alcTnen1S in accordance with applicable law and Unit¢d Kingdom
Accounting Standards (Uniied Kingdom Generally A¢ttpted Accouniing Prnciice).
Coinwdny law requires th¢ Gov¢rnor5 to prepare fi¥Lancial statements for each financial year which give a true and fair view
of rhe stale of affairs of the charitabl¢ ¢OTnpany and of the incoming resources and applicalion of resources. including Ihe
ii)come and expenditure, of the charity for that year. In preparing these financial sraiement5, the trusle¢s ar¢ r¢quI￿d to..
Select suitable accouniing policic5 and then apply them conslstently.
Observe rhe methods and principles in the Charities SORP;
Make judgemenis and estimates that are reasonable and PTU(knt-
Stare wheiher applicable UK Accouniing swidards have be¢n followed. subjeci to any Inaterial departiire5
disclosed and explained in the financial siaieinents.
Prepare the financial statements on the goinii ¢oncem basis unless li is inappropriate io presume that the charitable
company will continue in business.
The Governor5 are responsible for keeping proper accounting records that are sufficieni to show and explain the School's
transactions, disclose with reasoiiable accuracy ai any iiine the financial position of the charitable company and enable
tl)em to ensure thai ihe financial siaiemenis coinply with the Companie5 Act 2006. They are also responsible for
safeguarding the È5sets of ihe charitable company and hence for iaking rea50￿ble steps for the prevention and deieciion
of fraud and other irregularities.
So far &5 ¢aeh of the Governors is awd¥e ai the lime ihe report is apFwoved:
Ihere 15 no relevant audit infomiaiion of ivhich the co]npan￿S a￿litorS are vnaware., aThl
Ihe Govemors hav¢ tak¢n all st¢ps ihat they ought to have iaken io Inake dKin5elves awdre of any relevant audil
inforn)alion and to e¥ablish thai the audiiors are aware of that infoniialioii.
AUDITOR
Messrs Hay5macintyre LLP have expressed their willingnes$ to cofttinue in office as auditors and a resolution proposing
their re-aptK)intment will be submiiied ai the Annual Generdl Meetin
In approving this GovernorslTrustees ReporL ihe Board also approving the Straiegic Report includ¢d herein iheir
capacity as company directors.
Approved bythe Bojrd of Directors at itsmeetingon
IIL
and signed on itsbehalfby:
W R Moores
Chair
10

INDEPENDEpff AUDITOR'S REPORT TO THE MEMBERS OF LOCHINVER HOUSE SCHOOL
Opinio
We have auditcd the finan¢ial 5tat¢rnents of Lochinver House School for the year ended 31 August 2020 which comprise
the Stat¢rnent of Financial Activities, the Balance Sheet. the Cash Flow Statrmenr and the related not¢s to the financial
statements, including a summary of significant accounting policies. The financial rep)rting framework that has beert
applied in their prepardtion is applicable law and United Kingdom Accouniing S(andards. including Financial Reporting
Standard 102 The Financial Reporiingsiondordopplicoble in ihe UK andRepublic oflr¢land(United Kingdom Generally
Accepted Accounting Practice).
In our opinion, the financial Siaternents..
give a tru¢ and fair view of the stste of the charitsble ¢ompony's affairs as at 31 Auglrst 2020 and of the charitable
ornpany'5 net movement in funds. including the income and expendirure. for the year ihen ended:
have been properly prepared in accordanc¢ with Uniied Kingdom G¢nerdlly Accepted Accounting Practice. and
have been prepared in a¢cordance with the requirements of the Companies Act 2006.
Ba5ig for opinion
We conducted our audil in accordance with International Stsndard5 on Auditing (UK) (ISAS (UK)) and applicable law.
Our r¢sponsibilities under those siandards are fijrtherdescribed in the Audiior's responsibilitie5 forthe audii of the financial
statement5 section of our repon. We are independent of the charity in accordance with the ethical requirements that are
relevant to our audit of the financial ststements in the UK. including the FRC'S Eihical Standard. and we have fulfilled our
other ¢thi¢al responsibilities in accordance with these requiremenis. We believe that ihe audit evidence we have obtained
15 sufficient and appropriate io provide a b8Sis for our opinion.
Responsibililies of tru5tee5 for the finanelgl stgtemeNI$
As explained more fully in the twstees. resw)nsibiliiies siatelnent set outon page 12. the trustees (who are also the directors
of the charitable ¢ompany for the purposes of company law) are re5pon5ible for the pr¢parntion of the financial statements
and for being satisfied that they give a true and fair view, and for such internal control as the tsvstee5 determine is necessary
to enable ihe prepardtion of financial statements thai are free from maierial missiat¢m¢nL whether due to fraud or error.
In preparing the financial sta(emenis. Ihe trustees are responsible for assessing the charitable company's ability to continue
as a going ¢oncem. disclosin& as applicabl¢, matters related to tsoing ¢oncern and using the going concem basis of
a¢counting unless ihe trustees either intend to liquidate ihe charitable ¢ornpany or to cease operations, or have no realistic
aliernative but to do 50.
Audltor's responsibilities for the audit of the fiNanci*l st*tements
Our objectives are to obtain re250nable assurance about whether the financial sr8iements a$ a whole are free from material
misstatement. whetherdue to fraud or error. and ro issue an auditor's rewrt thai includes our opinion. Reasonable assurance
is a high level of assuranee, but is nol a guaranitt thai an audit conducted in accordance with ISA5 (UK) will always detect
a material misstatement when it ex1￿$. Misstatements can arise from fraud or error and are considered material if.
individually or in the aggrewe. they could re&8onably be ¢xpected io influence the e¢onomK decisions of users taken on
Ihe basis of these financial statemenis.
A further d¢￿rIptIon of our responsibilities for the audit of the financial siatements is located on the Financial Reporting
Council's w¢b5ite al.. www.frc.or
itorsres
sibilities. This description forTll5 part of our audÈtor's report.
Conclusions relatlng to going concern
We have nothing to report in respeci of the following mallers in relation to which the ISAS (UK) require us to report to you
where..
the irnsi¢¢s' use of the going concern basis of a¢rounting in the Preparation of the financial ststements is not
appropriate,. or
the trustees have noi disclosed in ihe financial 5taiements any identified material uncertainties that may cast
significanr doubl about the charilable company's ability to ¢ontinueto adopt the going concern basis of accounting
for a period of at Iwi twelve month5 from the date when the financial ststements are authoTi5ed for issue.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LOCHINVER HOUSE SCHOOL
Other inforrna¢ion
The trustee5 are r￿ponSIble for the other infom)aiion. The oiher inforn7atton comprises the information ineluded in the
Trustees, Annual Report. Our opinion on the financial Matemenis doe5 not cover the other information and, except io the
extent otherwise explicitly stated in our report. we do noi express any form of a55urJnc¢ con¢lusion thereon.
In connection with our audil of the financial sraiem¢nts, our r¢5ponsibility is io read ihe oiher inforn)ation and. in doing so,
consider whether the other infomiaiion is materially inconsistent with the fillaneial statemenis or our knowledge obiained
in the audit or orherwise appears io be Ma￿DaIlY tnissiaied. If we id¢ntify such mat¢rial inconsisiencies orapparent maierial
misstaieinents. we are required to dei¢Tmine whether there is a material misstaiement in the financial srateinenr5 or a
material misstatement of ihe other information. If, based on the work we have performed, we conclude thai rhere is
material misstaiemenr of thi5 Other information, we are required to report thai fact. We have noihingto repon in ihis regard.
OpiDlOllS Oll Other mattern prescribed by the Companies Act 21M)6
In our opinion. based on the wod( undertaken in the course of th¢ aLMlit'.
the infoTll)ation given in the Tn￿le¢S. Annual Report (which includes the strdtegic report and the dircciors. rcpon
prepared for the purposes of company law) for the financial year for which the financial statemenis are prepared
is consistent with the financial slat¢ments- and
Ihe strategic report and the direciors. repon irKluded within the TnLStees' Annual Report have been p￿PAred in
accordance with applicable legal Tequirements.
MJtl¢rs on which we Are required to report by exeeptio
Iii Il)e lighi of th¢ kiiowledge and understanding of the charitable ¢oinpany and its environment obwined in the course of
Ilie audiL we have noi ideniified material rnisstatements in the Trustees. Annual Report (which incorporates ihe strategic
ieport and the direcEors' repon).
We have norhing io report in respect of the following malteT5 in relation to which ihe Companies Act 2006 r¢quire5 U5 to
report io you if. in our opinion..
adequatr accounring records have noi beeji k¢pt by thc charitzbk company. or Ewurns adequate for our audii have
not been received from branches not visiied by us: or
lh¢ charitable company financial siaiemenis are in aL>rceinent with the accouiiting record5 and retums: or
ertatn dis¢105ui'e5 of trusiees, reinuneraiion 5pecificd by law are not mad¢. or
we have received all ihe infortnation and explanalions we require for our audil.
Use of our report
This I'epon is made wlely to ihe chariiable Compan￿9 mem￿ts. as a body. in accordance with ChaNer 3 of Part 16 of the
Companies Aci 2006. Our audit work has been undenaken so Ihai we mighi suie w the ¢haritabl¢ ¢oinpany'5 rneinbers
those Jnai*r5 w¢ ar¢ required [0 State to them in an Auditor's rekKtrrtond for no other puw. To the fullest extent perniitted
by law, we do not Kcept or assume resw)nsibiliiy io anyone otherthan lh¢ charithbl¢ c¢Mnpany and the charitable coinpany's
Inember5 as a body, for our audit wr)rK for this report. or for the opinions we have formed.
.u
'Thoma5 Wilson
Senior Statutory Audltor
For and on behalf of HaysmaelThtyre LLP
Statutory Auditors
10 Queen Street Place
London
EC4R IAG
Dare..
9 December 2020
12

LOCHINVER HOUSE SCHOOL
STATEMENT OF FINANCIAL ACTIVITIES
(In¢orporat•ng incom¢ and expenditure account)
FOR THE YEAR ENDED 31 AUGUST2020
Re5trieted Unrestrieted
Fund
Fund
Tot81
2020
Total
2019
Note
INCOME FROM:
Charitable aetivltles
School Fee5 receivable
Regi5tTation fees and other income
4ulO,6)1
107,384
4,310,6i I
107.384
4,640,609
143.438
Donatlons
7.127
56.018
63,145
20,128
Other trading actLVlties
Rents and lettings
Investment income
6,409
11,226
6.409
11,226
8,989
13,838
Other
3,588
Total income
7.127
4.491.668
4.498.795
4,830,590
EXPENDITURE ON:
Charitable Activities
School Operating costs
4.326,91)0
4.326.9(KJ
4292,288
Total eypenditurt
4.326.900
4.)26,900
4,292,288
Net income
7,127
164.768
171.895
538.302
Transfers between funds
Net rnovement in fund5
7.127
164.768
171,895
538,J02
Balances brought fonvard
5.630
8.852.319
,852,949
8,319,647
Balances gt ¢4rri¢d forw*rd
13
12.757
9,017.087
9.029.844
8,857,949
There were no acquisitions or discontinued activities during the yw. There were no oih¢r recognised gains or losses
during th¢ year.
The accompanying notes forni part of these accounts.
13

LOCHINVER HOUSE SCHOOL
Comp*ny f4th 04374254
BALAf4CE SHEET
AS AT 31 AUGUST2020
2020
2019
Notes
FIXED ASSETS
T8ngible assets
Scliool land. buildings and equipment
5,659,066
5,523.69
CURRENT ASSETS
Debtors
Cash at bank and in hand
10
164.521
3.943.345
127,779
4,tN)1,672
4.107.866
4.129,451
CREDITORS: amounts falling due
within one year
(584.587)
(646.191)
NET CURRENT ASSETS
i.52i279
3,483,260
TOTAL ASSETS LESS CURIiENT
LIABILITIES
9,182.345
9.006,950
CREDITORS: amounts fallingdue
afier one year
(152.501)
{149,001)
TOTAL NET ASSETS
9,029,844
.857,949
CAPITAL AND RESERVES
Unresiricted funds
Designated.. School Buildings
General funds
13
5,23i.968
3,78i.119
5.114.135
3,738.184
15
9,017,087
8.852,319
Restricted funds
16
12,757
5.630
9.029.844
8,857.949
Approved by the Board of Director5 at its meding on
and s]￿ed below on its behalf by..
W R Moores
Director
14

LOCHINVER HOUSE SCHOOL
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2020
2020
2019
Cash Ilows from operating activities:
Ivel crtsli provided by operaling aciivill
270,591
756,983
Cash fiows from investing activities:
Interesi re¢¢ived
Payments for tangible fixed assets
Proceeds from disposal of fixed asseis
11.226
(340.144)
13.838
(579.816)
2,178
Nel iised In liives¢inz 4Tclivilies
(328.918)
(563,800)
Change in cash the reporting year
{58,327)
193,183
Cash At the beginning of the reporting year
4.001,672
3,808.489
Cash at the end of the reporting yegr
3.943.i45
4.001,672
Reeoneillation of net income to net cash flow from operating adivitie5
2020
2019
Ne¢ in¢oJne for the reporting year
(as per the $tslement of finanelal activiti￿)
Adjustments for:
Depreciation ¢harges
Interest received
Profit on sale of fixed assets
{Increase)/decrease in delmors
{Decrease} in creditors
171,895
538,302
204.768
{11,2261
205,145
(13,838)
(2.178)
68.575
(39,023)
(36,742)
(58.104)
Net Cash provided by operating getlvities
270,591
756,983
Analysis ofcash and ¢ash equivalents
2020
2019
Cash at bank
3,943,345
4,001,672
Total cash And eash equivalents
3,943,345
4,001,672
15

LOCHINVER HOUSE SCHOOL
NOTES TO THE FINAIYCIAL STATEMENTS
FOR THE YEAR ENDED31 AUGUST 2020
ACCOUNTING POLICIES
The financial siatements have been prewdred ID accordanee with Accounting and Reporting by Charities.. Statement
of RecoTnTnended Practice applicable to charili¢s preparing their accounts in accordan¢e with the Financial
Reporting Siandard applicable in rhe UK and R¢public of Ireland (FRS1021 (Chariiies SORP 2015 (Second Edition.
effcclive l January 2019)). the Financial Reponing Standard applicable in the UK and Republic of Ireland (FRS
102) and the Companies Act 2006.
The functional currency of the sch¢x)l is ￿nSIdered to ￿ GBP because ihat is the ¢urre￿Y of the primary econoinic
environment in which ihe school operates.
The school is a Public Benefii Entity registered as a charity in England and Wales and a company liinited by
guardntee (company num￿r.. 04374254 and chaiity number: 1091045).
8) Basis of Preparthtion
The accounis are prepared under the historical COA convention.
b) Going concern
Having review¢d the funding facilities available io ihe school together with the expected ongoing deimand for places
and the school's future projected cash flows. Ihe Governor5 have an expectation ihai ihc school lia5 od¢quat¢ resourees
io coniinue lis activities for the foreseeablc fuliirc and coiisider that there weTe no maierial uiicenainties over the
hool's financial viabiliiy. Accordingly. Ihcy also continuc to adopt thegoingconcern basis in prcpari118 the financial
stateinents as outlined in the Siatemenr of AccountingD aTrd Reporting Respon%ibiliiies on page 12.
e) Criile#l Accounting judgement5 key 50urcu 01￿¢1￿2t10￿ uncertainty
In ihe applicarion of th¢ accounting ￿licIeS. Govcmors are required to make judgcincnt. cstimates, and assumptions
about the canying value of asse¢s and liabhlilies ihat are not readily apparent from orher souree5. The estimates and
underlying assuinptions are based on historical expcrience and other faciors that are con5ider¢d io be relevani. Aciual
results may differ from these esiimaies.
The estiinate5 and underlying assumpiions art reviewed on an ongoing basis. Revisions to accounting esrimares are
recognised in the year in which rhe estimate is revised if t1￿ revision affect5 only that year. or in ihe year of the
rev15ion and future years if the revision affected curreni and future year5.
JudgeEnents made by the Governo￿ in the application of ihvA accounting Frfjlicies thai have significant effect on the
rinancial statements and estima1￿ with a significant risk of marerial adjustment in the next year are deemed to be in
relation to the depreciation rares of tsngible fixed assers and are di%ussed below.
In the view of ihe Governors, r40 assumpiions concerning ihe futllre or estimaiion uncenainty aff¢¢ting assets or
liabilities ai the balan¢¢ sheet dale 41re likely io resuli in a Jnaieiial adjuslinent to their canying amount5 in the next
rinancial year.
d) Fec5 and Similar Income
Fees receivable and other fees are accounied for in the year in which the service is provided. Fees receivable represent
fees less bursaries aiid allowances and other incoine derived from Ihe S¢hool's continuing actLVlties.
e) Investment income
5nveslin¢nt income from bank balances and flxed interest securiiies is %eounted for on an accnwls basis.
16

LOCHINVER HOUSE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
ACCOUNTING POLICIES (eontlnued)
Q Don#tion& legaci4 grnnts *nd other voluntary intome
Voluntary income is accounted for as and when entitlement arises. the amount can be reliably quantified and the
economic benefit to the School is considered probable.
g) Expenditure
Expenditure is atcountcd for on an accruals basis and are allocated to expense headings on a direct e051 basis. The
irrecoverdble V AT is included with the item of expense to which il relates. Governance costs comprise costs incuTred
in meeting statutory and constitutional requirements of the School.
h) Tangible Fixed Assets
No depreciation is provided on freehold la1￿. For all other asset& depreciaiion is calculated to WTite off the cosi of
the item overthe anticipated usefitl lifeas follows..
Freehold buildings
Fixtures. fittings andequipment
Long-lerm fiKtures, fittings and equipment
Computer equipment
Moior Yehicles
2•A straight line basis
250h slraighi line b&8iS
4Yo siraighi line basis
25%ti siraight line b&%is
25% reducing balance basi5
Iterns Co￿1n8 less than £1,000 are WTiiten off as an expense as a¢quired. Items are depreciatedonly for six months
in the year ofacquisition.
i) Pension contributions
The company Gontrtbutes to the Teachers. Pension S¢heTDe at rdtes sei by Ihe scheme actuary. It is part of a multi-
employer s¢heme and it is not Possible io attribute a value to the scheme assets and liabiliiies which would be
appropriate to the company. In accordance with FRS 102 ihe scheme is accounted for as if it were a d¢fined
ontribution scheme. The assets of the s¢heme are held separd(ely from those of the company. The pension cost
charge represents the amouni of the Contributions payable 10 ihe scheme in respect of the year. Th¢ company also
ontributes to personal pension schemes for non-teaching 51aff and these contribution5 are charged to the profit and
loss account in the year in which they are incurred.
J) Unre$tricted Fund5
Unrestricted Funds are funds applied at ihe discretion of the Governor5 in funhernnce of the objects of ihe school.
k) Restricteil funds
This ￿presents ihe monies received for s[￿lf1¢ purposes as disc105ed in noie 16.
l) Finaneixl instruments
Basic fJnan¢ial instntments are initially recognised at trdnsaction value and subsequenily measured at amortised
with the ¢x¢¢ption of invesimenrs which are held at fair value. Financial assets held amonised cost comprise cash
at bank and in hand, together with trade and other debtors. A specifie provision is made for debts for which
recoverability is in doubr. Cash ai bank and in hand is defined as all cash held in instant access bank account5 and
used 8$ working capital. Financial liabilities held at amonised cost comprise all creditors except social 5¢curity and
other taxes and provision5.
) Debtors
Trnde and other debiors are recognis¢d at the settlemenr amount du¢ after any trade discount offered. Prepayments
re valued at ihe amount prepaid nei of any trade discounts due.
17

LOCHINVER HOUSE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST2020
ACCOUNTING POLICIES Icontinued)
n) Cash at bank and in hand
Cash at bank and c&sh in hand includes cash and shon temi highly liquid investments.
o) Creditors and provis10113
Creditors and pmvisions are recO￿liSed where ihe School has a preseni obligalion resulting from a past ¢v¢nt that
will probably result in ihe transfer of funds io a third party and ihe amouni due to settle the obligation can b¢
measured or estimated reliably. Creditors and provisions are norn￿1]Y recognised at iheir settlemeni ainouiit after
allowing for any trade discounts due.
18

LOCHINVER HOUSE SCHOOL
NOTES TO THE FINANCIALSTATEMENTS (continued)
FOR THE YEAR ENDED 31 AUGUST2020
FEES RECEIVABLE
Unrestricted
funds
2020
Unrestrieted
funds
2019
Gross fees
Less.. total bursaries and staff concessions
4,486.769
(176,138)
4,784.618
(144.009)
Fees Receivable
4,310.631
4,640,609
REGISTRATION FEES AND OTHER INCOME
Unrestri¢ted
funds
2020
Unrestriet¢d
funds
2019
Registration and other fees including initial deposits forfeiled
Sundry income
Before & After S¢hool clubs and music tuiiion
22.975
28.701
55,708
29,513
33.677
80,248
107,384
143.438
ST AFF COSTS
2020
2019
Staff costs incurred were a5follows=
Wages and salaries
Social Security costs
Other pension costs
Other costs
2,554.i71
257,308
444,536
30,766
2,531,217
251,965
338,688
31,531
3,286.981
3.153.401
The average number of employees during the year within each caiegory of persons was:
Number
Number
Teaching
Welfare and premises
Administration
68
15
69
89
91
The TrU￿ee% received no remuneration. No Irustees We￿ reimbursed expenses durin8 the year (2019: £nil).
Aggregate employee benefits of key management personnel
237262
237,967
19

LOCHINVER HOUSE SCHOOL
NOTES TO THE FINANCIAL STATEMENfs {coDtinUtd)
FOR THE YEAR ENDED31 AUGUST 2020
STAFF COSTS (continued)
The number of higher paid employees (including taxable benefits bui excluding employers. pension
contributions) to i l August 2020 was-.
2020
Number
2019
Number
£60.001- £70,000
£70,001- £80,0
£80,000- £90.000
£90.001- £100,000
£ioo.(101-£i 10.000
The School panicipaie5 in the Teachers, Pension Scheme (-Ihe TPS-) for its teaching staff. The pension charge for
the year includes coniriburions payable to the TPS of £336.978 (2019= £266,977) 8]yJ at the year•eiid £Nil (2019 -
£Nil) was accrned in resp¢d of ¢On￿lbul70nS to this scheme.
The TPS is an unfunded multi*mployer defjned ￿nefIts pension scheme governed by The Teachers. Pensions
R¢gulaiions 2010 (as amended) and The Teachers. Pension Scheme Regulation5 2014 (as amendcdl. Meinbei
onlribute on a "pay as you go" basis with conlributiorts from Inembers and the employer beino crcdited to the
Exchequer. R¢tiremeni and other pension benefils art paid by public funds provided by Parliament.
The employer contribuiion rale is Sci by ihe Srtrciary of Sthte following scheine valuation5 undertakcn by the
Government Aeiuary's DepatThieni. Inosi rccenl aciuarial valuatioD of the TPS was prepared as at J l March
2016 and the Valuation RewL which was published in Marrh 2019, confirmed Iliat the employer coniribuiiimi ratc
for the TPS would incrvdse from 16.4•/'O 10 ?i.6y• from I Sepiember 2019. EinployeTS are also required to pay a
s¢hem¢ administration levy of 0.080/0 giving a iotsl employer coniribution rdtc of 2i.68Q
The 31 March 2016 ValuatioD R¢port wa5 prepared in accordance with the benefils sei OLII ill the scheme regulations
and under the approach specifjed in the DitECtions, as they applied at 5 March 2019. However, the a55umptitsns
were considered and sei by the Departtnent for Educaiion prior w the n]ling in the 'McCloudlSargeant Case . This
case has required the Courts to consider cases regarding the implementation of the 2015 refom15 to Public Service
Pensions including the Teachers, Pension5.
On 27 Julie 2019 tlie Suprciiie Court denied ilic ¥ovcri)Inent pennission to appeal the Court of Appeal'5 judginenr
thai iransiiional provi5Lons introduced io the reformed pension schemes in 2015 gave rise io unlawful age
discrimination. The government is respecting ihe Court's decision and ha5 said it will entsage fully wirh the
Employmeni Tribunal as well as employer and meimber representaiives to ag￿¢ how the discriminaiions will be
remedied. A consultation was launched by the government on 16 July 2020 and closed io Ttsponses on I l October
2020.
The TPS is subject to a cosi cap mechanisin which was put in place to protect taxpayers againsr unforeseen changes
in scheme cost5. The Chief Secmary ro the Treasury. having in 2018 announced that there would be a review of
Ihis cosi ¢ap mechanism. in January 2019 announced a pause io ihe cost cap mechanism following the Court of
Appeal's ruling in the Mccloudlsargeant case and until there is cerrainry about ihe value of pensions TO employe¢5
from April 2015 onwards. The pause was lifted in July 2020 and the govemment is preparing to ¢onipl¢t¢ th¢ cosi
conirol el¢tnent of the 2016 valuations, which is expected ro be cornpl¢ted in 2021.
In view of the above ruling5 and decisions ihe assumpiions used in the 31 March 2016 Actuarial Valuation may
become inappropria(e. In ihis scenario, a Valuation prepared in ac¢ordatLce with revised benefits and suitably revised
assumptions would yield differeni results ihan those contained in the Aciuarial Valuation.
Until the consultation and the cost tap mechanism review are completed it is not PQS5ible to conclude on any
financial impact or fviure changes io the coniribution raies of ihe TPS. Accordingly. no w>vision for any addiiional
past benefit pension costs 15 included in ihese financial Statements.
20

LOCHINVER HOUSE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (eontlnu¢d)
FOR THE YEAR ENDED 31 AUGUST 2020
EXPENDITURE
2020
2019
Direct charitable expenditure includes:
Depreciation
204.768
205,145
Governance costs includ¢=
Auditors, remurteration
audit
non audit
Directors liability insurance
10,530
900
2,315
9.585
1,050
2,203
INVESTMENTS INCOME
UThre5tri¢ted
fund5
2020
Unrestricted
funds
2019
Bank interest
11226
13,838

LOCHINVER HOUSE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (eontittued)
FOR THE YEAR ENDED 31 AUGUST 2020
ANALYSIS OFTOTAL EXPENDITURE
Staff
Costs
Tot41
2020
Other
Deprttiatio
Charitable activiti
School Operating C05ts'.
Teaching
W¢lfare
Premises and equipment
Support and governance costs
Head Boys, charitable donaiioJL%
2.730,082
96.567
118,960
341.372
217.999
81,422
390,688
145,042
2.948.081
177.989
714.416
486.414
204,768
3286.981
835.151
204,768
4.326.900
ANALYSIS OFTOTAL EXPENDITURE
(Prior Year)
Ye&r-endtd
Totsl
2019
Stgff
osls
Other
Depreciation
Charitable aetivities
S¢hool Operating Costs-
Teaching
Welfare
Premises and equipment
Support and gov¢mance costs
Head Boys. clroTiiabl¢ donations
?.622.611
97.454
103.576
329.760
277,607
90,574
384.048
166.575
14,9)8
2,900,218
188,028
692.769
496.335
14,938
205,145
3.15i.401
933.742
205,145
4,292.288
PENSION COMMITMEKrs
Staff costs include payttLen15 by the company to the Teachers. Pensions Scheme of ￿3&9?8 (2019- £266,977)
and to an individual defined coniribuiion scheme on behalf of certain employees of £71,710 {2019: £71,584).
The amount ouisianding at the y¢or-¢nd w&$ £Nil (2019: £Nil).

LOCHINVER HOUSE SCHOOL
NOTES TO THE FINANCIAL sTATEME￿T5 (eontinued)
FOR THE YEAR ENDED 31 AUGUST 2020
TANGIBLE FIXED ASSETS
Fixture5
Fittings &
Equipment
Freehold
Land
Frtthold
Buildings
Computer
Equipment
Motor
Vehicle5
Total
Cost
Ai I September 2019
Additions
Disposals
425,806
6.182.145
248.445
413,494
19,792
(4,449)
404,272
47.763
(1,898)
99,971
24,144
7,525.688
340.144
16,347)
At 31 August 202
425.806
6.430,5
428.837
450,137
124.115
7,859,485
Depreciation
At I September 2019
Charge for the year
Disposals
1,493,816
128,612
148,596
35,4(Xl
(4,449)
282,030
29,IlS
(1.898)
77.556
11.641
2,001.998
204,768
(6,347)
At 31 August 2020
1.622.428
179,547
309.247
89,197
2.200.419
Nel Book Value
At 31 August 2020
425.806
4,808.162
249290
140,890
34.918
5.659,066
At31 August2019
425,806
4.688,329
264.898
122242
22,415
5,523,690
The above assets include those acquired from Lochinver House S¢hool TTUSI on J l March 2002 for £2.985,449
being rhe net book value to the Trust at the date of transfer. The land and buildings were originally acquired by
that Trust in 1957 when the School wa5 founded by Trus¢ Deed and sirKe that dale. various improvements and
extensions had beert made to the buildings.
The remainder of the a55ets have been acquired sin¢e ihe company was incorporated and are stated at Cost les5
depreciation.
10. DEBTORS
2020
2019
Fees receivable
Other debtors and prepayments
10.040
154,481
21.203
106,576
164,521
127.779
I I. CREDITORS: amounts falling due wlthln one year
2020
2019
Fees in advance and initial deposits
Trade creditors
Other creditors and accruals
365,253
78,915
140.419
459,046
68,213
118.932
584.587
646,191
12. CREDITORS: aTnounts falling du¢ *fttr more than one ye8r
2020
2019
Long term d¢poslt5 held
152,501
149.001
23

LOCHIIYVER HOUSE SCHOOL
NOTES TO THE FINANCIAL sfATEMENTS (eontinued)
FOR THE YEAR ENDED31 AUGUST21120
13. MOVEMENT IN FUNDS
Balance at
I SeptembeT
2019
Balance at
31 August
2020
Trnnsfer tol
(from) fund
Intome
ExpendIt￿re
Unre5trieted funds
S¢hool Buildings fund
Othcr reserves
5,114,135
3.738,184
119,833
(119,8331
5.233,968
3.783,119
4,491,668
(4.326,900)
8.852.)19
4.491.668
(4.326,900)
9,017,087
Restricted funds
7,127
12.757
MOVEMENT IN FUNDS
(Prior Ye3r)
B4lan¢e at
I September
2017
Ba]ance at
31 August
2019
Transfer tol
(from) fund
Income
Expenditur¢
Unrestricted funds
School Buildings fund
Other reserves
4.850.323
3.465.794
263,812
(259,506)
5.114.135
3,7i8,184
4,809.052
(4,277,156)
8.316.117
4,809,052
(4.277,156)
4,i06
8.852.319
Restricted fund5
3.530
21.538
(15,132)
(4.306)
5,630
14. ANALYSIS OF NET ASSETS BETWEEN FUNDS
20211
Total
Unresirided
Restricted
Fixed assets
Debiors
Cash a( bank and in hand
Creditors
5.659,066
164,521
3.930,588
1737,088)
5,659,066
164.521
3.943.345
(737.0881
12,757
9,017.087
12.757
9,029,844
ANALYSIS OF NET ASSETS BETWEEN FUNDS
(Prior Yearl
2019
Total
Unrestricted
RLStricted
Fixedasseis
Debiors
Cash ai bank and in hand
Creditors
5.523.69)
127.779
3,996.042
(795.192)
5,523,69)
127.779
4,(K)1,672
(795,192)
5.630
,852.319
5,630
8,857,949
24

LOCHINVER HOUSE SCHOOL
r40TES TO THE FINANCIAL STATEMENTS (contlDued)
VOR THE YEAR Ef4DED 31 AUGUST 2020
15. UNRESTRICTED FUNDS
The company's unresiricted funds represent iwo iypes of fund. The designated -school Building5" of
£5,23),96812019- £5.114,1 J5} represents unrestricted fund5 retained to finance the freehold property of the
School. The balance of the general funds of £i.78i.119 (2019.. £).7)8.184) represents free reserves of
£3,358.02] (2019: kn,328.629) to cover nomial fluetuaiions in working capital and to finance the continuing
development of the School and the remaining £425,09812019= £409,555) represents the value of other fixed
a55eis.
16. RESTRICTED FUNDS
Th¢ r¢stricted funds of £12.757 (2019: £5.6)0) relaie to monies held by ihe School on behalf of pupils for
external charitable PUTposes and the ski fund. Transfers from Tes¢ricied funds have been made to reflect the
assets funded frotn restricted donations becoming unresiri¢ted upon purchase.
17. CAPITAL COMMITMENTS
The Headmaster, together wilh the Directors. continues to implemeni the Development Plan for the School.
The Direthors have authorised expenditure of £Nil (2019.. £91 k) in respect of information technology and
£Nil {2019= £645k) primarily in respeci of alterati0115 to the S¢hool's buildings.
I& FINANCIALCOMMITMENTS
At 31 August 2020 the tharity no annual commitments under non<ancellable operating leases.
19. TRANSAcfioNS WITH RELATED PARTIES
During the yearthe company paid forihe Director5, liabiliry insurdnce. The ¢ost ofthe premium is included withtii
Ihe io(al ¢051 of insurance and amounted 10 £2,315 (2019.. £2.303).
There were no oiher reloied party transxtions during the year.
20.
LIABILITY OF MEMBERS
The company is limited by guaraniee and as such each member has guaranteed io conrribuie a sum not exceeding
£1 O io the assets of the company in the event of it being wound up and unable to pay its debts.
25

LOCHINVER HOUSE SCHOOL
NOTES TO THE FINANCIAL STATEMENfs (continued)
FOR THE YEAR ENDED31 AUGUST 2020
21.
FIP4ANCIAL INSTRUMENTS
2020
2019
Fin8n¢ial assets measured at amortised costs (a)
10.040
28,028
Cash held (b)
3,943,345
4,001,672
Financial liabilities ai amortised costs (c)
737,088
795,192
(a) Financi81 assets in¢lude trod¢ debtors fee debto]5 and ￿her debroJ3.
Ib) Cash held
(¢)
Financial liabilities include deposits. fees in advance. trade creditor& accruals and other creditors
26