LOCHINVER HOUSE SCHOOL IlJmtt¢d by REPORT AND FINAI¥CIAL sfATEMENTS FOR TUE YEAR ENDED 31 AUGUST 2(122 Charity Nwllber. 1091045 Comp*ny NuNbtr: iM374254 LOCHINVER HOUSE SCHOOL HEAD'S REPORT FOR THE YEAR ENDED 31 AUGUST 2022 HEAD'S REPORT Lc¢hinver Housc School celebr*cd its 75th anniversary year wilh sornc lremcnd0u￿Y high xhievem¢nis. As n]nnepth UP in the IndepeTrdent Schools of the Year Awards. we achieved a lop judgement of 'exccllenl' in all or¢8s of our Focused Complian¢¢ and Educational Qua]ity Inspeciion in February 2022. This backed up lh¢ same 8fddes confim)ed in our Previous full inspection. Our COTe valu¢s of Honesly. Kindness and R¢speci re￿>Thate through our tTuly diverse aTrJ in¢lusiv¢ ¢ommunity to enrich a learning journcy s¢rcngthened by our 7 '1earning p)wers'. Our IKJYS ore known individuals, nurtured as IrdrneTS and ¢nablcd Is contribJtOTS to the ¢ommuDlties ihcy will serve. Excelleni a¢&l¢mi Progress has been happily maintaintsj, with 15 Scholarship offers io LochinveT Boys at I l+ and 13+ The 75th anniversary cdebrations were a fo¢al point forour vibtant Parent Tea¢h¢r Ass(Kiation. Certainly. %hcA)Is have been importani hubs for ¢ommunity during such a lime of disl￿ation and separation, nationally. The Head Boys, Charitics. a lOng-￿anding pupil-lcd irtitiaiive, once again prow)sed and then d¢momically sclectcd the year's thr¢e Charities.. Dementia UK Sahara Conservation fund, and Lak¢side School. a local School for young pe(yle with profound nttds. Our pupils raised £10,500 in to￿1. cqually splii b¢Thveen the charities, represethwives attending the final presentation event. The school has ensured the positive provision of 4JOrts fixtures and a full PTogrdrnrne of resideniial trips. Event5 such as our act of remembranee. pumpkin Carving ai Hallowecn. history wojkshops, Christm&s production. Chri￿ma$ Fayre. dramatic presentations across the age range, Music concerts and Spons Days for all. have been valued a5 unitin8 experiences. The pupil-deviscd Year 8 Leaver5' Play was an eKuberani celebratiuh of creativity and talent. In this way the School has truly been a ¢harnpion of hope and healthy rnind5. Focusing upN)n sporting endcavour. we have beeorne National IMdAKnd¢ni S¢h(xTrl Basketball Champions once again. senior rugby players became County Sevens champions and oui under I I cricketers went onc be¢ier in reachin8 the naiional fina15 and in b¢¢oming bronze medalists. WiLh significant particjpation in the nation•1 athldi¢ finals, swrt at Lochinv¢r wntinues to impr￿. Our parlntrship with Dr Kathy Weston as a'Tooled-Up Educalion Schwl. ￿ntInueS. This new partDership lias 8lVfll our s¢aff, pupils and parents access io a constantly u￿0[¢d re￿)urCe library of World-cla￿ re5ear¢h. based advice. Lochinver h&5 made available io its pareThW advice fi)r ¢fftttive parenting in reskM)nse to a complex and changin8 world. This has ¢omplsmented ihc rontinyed work ihat the school d￿5 on digital wisdom and safety in partnership with Kari Hopw(K#J. The quaiiiy, ¢ornmitmeni and ability of our texhing staff. remains ihe S¢hool's m05t valued asset, with senior lead¢rs ntributing, fn)m the wmjium. io nail(￿ confcrcnccs durin8 thc ycar. Lochinver is a 8ently selective 5ch(M)I specialising in a well-tounded ¢ducation for boys. We provide a besp)ke and urturingjournry of challenge for success at l¥xh I l+ and 134 We are grounded - not gTand. and pupils are respecied for being diverse, dynatnic. hone# and kind. Strortg values equip our ty)ys wilh adaptable leaming power for an onward journ¢y to world ¢lass $ch￿ls. Ben Walker Head LOCHINVER HOUSE SCHOOL GOVERNORS. REPORT FOR THE YEAR KNDED 31 AUCU*T 2022 Th¢ Directors preseiit their repon and auditaj financial statements for the year ¢ndal 31 August 2022. Referen¢e Ind Athlnlstratlve Inform*tAoD Lc¢hinv¢rHouse SchiK>I wasfoufided by TNsrDttd in 1947. A Company Limiied by GuaTant¢¢. tochinv¢r House Sch(x)I, was incorporated on 14 February 2￿2 10 own and Mar￿ge the school. The assets and liabilities of th¢ school wer¢ transferred from Lo¢hinv¢r House School Trust to the Lirnitcd Company on l April 21K>2 when it commenced its edueational activitles. The school is a registe￿d charity. nurnber 1091045 and i5 constituted &$ a cornpany limited by guarant¢e. Its object4 powers and other Con￿lIllI10￿al matters are set out in its Memordnthim and Arti¢l¢s of Association. It is governed by a Board of Governors which is responsible for sdting ihe strntegic direction of ihe school and for ¢slablishing policy. The financial stsiements and report comply with the current slatutory Mcmorandum and Articles of Asso¢iation and thc Statcment of Recommended Practice - AccouThting and Reporting by Charities {SORP 2015k The Charities Act 2011 and th¢ Companies Aet 2(X)6. Dlr¢¢tor¥ The governing body of the comparty is known as the Board of Governorn The Members of the Bo8rd pre also the charity Govemors for the purposes of charity law and DirectOf5 for the purpose of company law. They are ￿$0 the ¢ompany members. Throughout ihis Teporn ihey arecolleaively T¢ferTed to &$ th¢ Governors. Th05c who 5crvcd during the year and sinc¢ the ycar end wcre: W R Moores Chair (resigned 31. AU￿ 2022) Chair (appointed as Chair 1° September 2022) Vice Chair (Chair. Risk Managem¢nt Committe¢) N Gilbert D A Taylor B Aitken Chair Finance and G¢n¢rai Committe¢- (aptK)intal as Chair 1° September 2022) M Collier S Coombs A English JGill¢spi¢ D Hamalis EDI ￿l￿d sr EduC￿lon Committe4 Safeguarding Lcad O Jacobs J Le Cous11iard H Philp J Taylor- Cummings A Walkcr EDI CfrLead A Ward They are elected ￿ a full Gov¢mor< Meeting for a t¢rni of three yeaT& They can be re-elected for up to three further conseculive teffl￿ of three years bui shall not then b¢ digible for r¢-dection withryjt a break ol at least twelve calendar months cxecpt by resolution of the Board. )CHINVER HOUSE SCHOOL GOVERNO1￿, REPORT (to#tlthued) FOR THE YEAR EIYDED 31 AUGU￿ 2022 KeyExecutives and Profession*1 Advimrs TheHe*d B C Walkcr B.A(Honsk PGCE The Bur5arlComp*DySeeretAry J C Smithy)n B.A (HO￿), FCA (Resigned 31° August 2022) J Long B.S¢.. ACA (Appointed I" Novernbcr 2022) AddM$ Lochinv¢rHouscSclKx)I Heath Ro*1 LittleHeaLh PoiieTS Bar Hertfordshire EN61LW BADkers NationalWe5Lmtn#tt Bankcommercial Banking I￿ Floor 30 clarend￿Ko￿l Watford, HcrtfoFdshire WD171GQ Solici¢on Vealc W&sbrwghVizard5 Orchardcourt Orchard Lane Brilol BSI 5WS Haysmacinryre LLP 10 1￿Cen Strert Place Londo EC4R IAG LOCHif4VER HOUSE SCHOOL GOVERNORS. REPORT {contiNued) FOR THE YEAR ENDED 31 AUGUST 2022 Struc¢ur¢, GoverDauce and M*n•E¢ment Gov¢rDlng Docvmettt Th¢ Company isgovemed by itsArticle5 ofAssocÉation. Thc Articlcs were reviewed and updated in 2015. The objects of the Company are 'to advance education by the canying on of a preparatory school for boys known as L(Khinv¢r House schr￿)1,. Covernlng Body The Governors are DirecttsTS and are elected at a meeting of th¢ Board of Governors. GovemoTS are [eC￿lled by nomination taking re8ard of Speci￿ skills personal qua]iiies and ihe principle5 of diversity and inclusion io ensure that thc Board retains an effective balance of expertise to strengthen the rnanagement of the Charity and refiects the ¢omposi(ion of its stakehold¢ts. GovernoTS are digible to serve for an initial perioj of threeycar5. GovernorTr8ining New Govertmn are provided with an induction pack cotrtairtin8 Board policy w)d Pr￿edUreS, *h¢m¢5 of governance and it)forn)alion rc8arding the work and opuaiions of the Sch(xTrl. Govcrnors are encouRged io atte4Jd suitable training course5 which deal with their responsibilities in relati¢)n to the Companies ACL Charity Law and tkpanm¢N for Edueation requiremenis as the need aTiSeS and are encouraged to attend new Gov¢rnor induction courses. Org4nlsatlon81 M•n*Kement There are nornially three full Board Meetings ¢xh year whcrc the Govemors meet and review the rA)licie5 of the Charity for which they are responsibla The Fjnance and Generdl Purwjses Committee med to review budgets, accounts and reports and makes recommendations io ihe Board of Gov¢rnors. The c￿v￿￿Or$ have a pjwamme of regular visits to ihe ￿h(x)I to witness 2nd monitor the Charity￿ work in artion. Day to day runnin8 of the School is delegated tothe Head and th¢ Burw. 5UPP)rted bythe S¢1￿1 Senior Leth￿1p Tearn. The school. through its oifL¢CfS, is Tepresenia in a number of org8ni5ations including the Asgxi*ion of Governing Btyjies of Indwndent Schools (AGBISI the Indewdent As9xiation of Prep SchLKsls (IAPS) and the Jndependent Sch(x)Is' BursarS,A$8￿1aIIoD (ISBA). Structure •lld Relatlonshlps The Head is an active mcmber of tAPS which promot¢s and MaEntsiT￿ 518nd#rds in preparntory schools. The takes an active part in numerous profession81 studies fOrtheev￿UatIOn of qualityand perfoTmanee. Ltside of the Covid-l9 r¢stsictions w¢ C￿￿e with as many local ¢hariiies. clubs and I￿latIonS as we can to widen public ￿¢¢5$ to the education we provide and promotc the educational benefits of usin8 our sportin8 facilities. W¢ have an arrdngemeni with a local state junior sch(M)I that usc our sciertce laboratories each week whi¢h makes a positive eontributiott to their education. Objecty Pllblle BeD¢fl4 ObjecdV￿ *nd Prfttelpal Aerfvld The school's 8im is to provide public benefiL in complian¢e with the duty in Section 17{5) of the charli1￿ Aa 2011 to havedue regard lo the Charity cOn￿lS810￿,S published general and relevani sub-se¢tor guidance, and in accordance with its Artieles of Asso¢i*ion. which is to eduL* iw5 UP to the age ofthineen. Str8te¥lc Aim *md Int¢nded Effect The Board's strategi¢ aitn is to reach its annua] objrttive for the public b¢j￿rit as a charitablc Indq>cndcnt School through the provision of a high-quality education for kn bthttn the ages of four and thirt¢¢n to allow them to achicvc the highest aeademic sthndards in preparaiion for ¢ntry into the senior school of their own and their par¢nts' ehoice. CHINVER HOUSE SCHOOL GOVERNORS, REPORT {¢04ti4w¢d) FOR THE YEAR ENDED 31 AUGUST 2022 Our wider adMI￿10n policy enables us lohdp knys Irom lower income ￿0therwISe disadvantaged familie5to bcnefit from the core educalional provision and the extra-curricular wgramme. The school also aims io draw out 211 Frt)ys' abilities and academic potential and io develop iheir wits intere￿$ in life wthin a secure and ￿able envir¢)nm¢nt to enthle them to partlcipate in society and their communiry. PrIn¢lp￿A¢t1V1ty The sdiool's principal activity ¢oniinues w be ihe provision of an excelleni Standard of education for boy$ aged four to thirteen. Objeetlvei The Board's main objective ¢ontinucs to bc to educate all pupils to a high ￿ndard each year, whith benefits their chosen senior schth)I for ihe compleiion of their education. The SCI￿1 has a three year whol¢ school d¢velopment plan which is regularly reviewed and updaled. The schiMTrI is comrnitted to reviewit)g its ac*lemic syllabus and teaching tndh(MJ& The facilities are upgraded regularly io provide m(xlcrn buildings and aTnenitj￿ whi¢h aimulate the pupils in all areas of their developmcnt. The Board's oiher objective isw d¢v¢l(y bursari￿ With a view io furthtt irKreasing the School's intake of boys from low income famili£s and lo extend working arrangem¢nis with othercharities and state schools ioprovide a¢¢e$5 toour facilitie5 for those who ¢aftn￿ come to the Schwl It￿]f. We set aside funds for bursary awards to help those in need of assistance with our school fces. Revlew ofA¢hievem¢nts and Performantefor ihe Year A¢ademk The achicvements of pupils demonstrate the schwl's continued suc¢¢ss. Lochinver boys are in demand and in the last 10 year5 we have sent boys to over 20 diff¢reni schools. Our leaver5 gain successful entry io iheir chosen senior sehools. 34 boys transitioned at 131: Aldenham 5. Pedford l. Eton l. Haileybury 3. M¢￿han1 Taylors 3. Miiificld I, Mill Hill 2, St Albarts 15, Si Coluniba's 2 and St Edmunds l. A furth¢r 18 knys left at I l- Aldenham l. Bedford I, Chancellor's 2, City of Londthi I, Dame Alice Owen l. Haberdashers 5. Merchanr Taylor's SchLK)12. Mount House 3, Sevenoaks l. W(K)dside High l. These ￿comPlIshMentS have been made wjssible by Ehe recruitment of ihe higheH qualiiy staff and by maintaining a high ieacher io pupil ratio which ensures that iea¢hing methods Can be suited to indLVLdual needs. Teaching aff regularly aiiend tTaining courses in order to ¢nhance iheir personaj performance and to impmve ihe quality of thc Lurriculum. Thr s¢h(M)J r¢vi¢ws sts academic syllabus artd kaching mdhcx4s in order to benchmark ￿andardS ond value- addedcritcria. ExtrJ-Cwrricul*r #ctlvltks Though ihe global impact of Covid-19 Trstrided the S¢ho(A fmm enga8in8 in ovmeas trips. a full summer programrne of UK-B&sed restdcntial term-time trips were offued io every pupil in Years 5-8. The School maintained its wide educational programm¢ to provide &$ many exiTaO for bursarie5 in 202112022 (202012021: £142.000> an amount which is r¢vi¢wed on an annua] bdSi& In 202112022 the School supwrted Dine (2020r2021= thirteen) pupils through c￿r Bursary Schem4 three (2020121- four) of whom were on a full bursary. The supp)rt which is available on a need5 ba5L5 as deterniined by the Governors, Bursary Award Committee reduced annual income from xale ftts by £ 93,550 (2020r2021 £126.897). The Governors have tnaintained the level of fundin8 for bursaries f(* the financial year 2Y23 and continue to seek to trcNit more bursary candidates via the Admissions process. Other PubJi¢ Benefit The 5eh¢x)I continues to support Trrdri¢Jts gocd causes via the Head Boys, Chariti&4. The don*ions support various national and local Charities which benefit the wmmunity. In 2021r2 The ¢hari¢ies were Sahard Consemtion. the Roy MaTsd¢n, Lakeside School and Dernenlia UK. The facilitics of the school are made availabl¢ to outside organi￿tionS to benefit the olu¢ation of children and adults. School links with the community continue with our ￿(￿latiOn with the local youth organisatioDs. We also have strong links with the re5idenlS' 8ssoci*ion. printing th¢ir n¢wsletter5 ill-h￿ EqU￿lty Dlverslty And In¢luilon IEDD Tlie Board views EDI a5 an-all school" sirntegic priority in whith all stakeknlders are involvol in the dev¢lopm¢nt and implementation, allowing us to gain a better undersranding of the lived experiellc￿ of our pupil& ￿aff. par¢nt$ and community. Our EDI stlategy siis ajongsidc our Equal Opwjrtuiiities Policies. A kry mission is to achieve an enriched eommunity kcoming more equiiabl< div¢rs¢ and in¢lusive,' 5trengthcned and an¢hora by OUT Core Value5 of Hortesty. Kindness and RespKt. Two Govemors are jointly leading the 5chLhJl 5tratC8y. Charfty FllndrAiiing The schTh)I has not made any fundrnising appea]s io the genenl public during the year And is unlikdy to do 50 in the firture. There has been no outsourccd fund raising via professional fundraisers orotherthird parties. As a r¢5ult, the charity is not re8iStered with the funthaising r¢guiator and reccivcd rto fundraising ¢omplaints in the year. LOCHINVER HOUSE SCHOOL GOVERNORS, REPORT (eontinued) FOR ThE YEAR ENDED 31 AUGU￿ WZZ Volunteers Volunteets from our parent bcdy CWLiinu¢ to provide invaluable 5UPP(Kt to our educaiiona] pmgramme. The ￿h0o] ntinucs to cnjoy the suppon of volunie¢TS and parental helpers in the clawoom. The level of this voluntary servi¢e is invaluable to the school in providing th¢ ¢xeellcnt level of education to which ihc 5th001 i$ committed. The Governors would like to thank all th05c Yolun¢eeTS for Iheir valuable SUPPDrt. The sch(M)l also appreciatC5 the number of parents who donate their time to take boy5 for readingsuppM. The Pareni Teacher Associalion meets regularly to organise and njn s(Kial events to raise furtds for the sthool. One example h&s ￿￿en the celebrations around our 75 anniverw this year. Such community activities have especially valua • this lim¢. as we em¢rg¢ from the di%l(Kating stTL¢tures of the pand¢mi¢. Lochinver has provideda hub for teconneciion and Communiiy initiative. supporting wellbeing and p05itivc PUTpose for so many. tA)okkng ah¢ad The key objective coniinues io b¢ the provision of a high*uality uJuc*ion for agd between four and thirteen to allow them to achieve ihe highe* athmic standards. The sehool hasa three year Development ProgrJmmecoiKrin8the Curriculu￿ pmists. thtf trnining, pupil dev¢lopm¢nt and the provision of bursary suppcrt. Flll#ncl*l Re5uIt5 The r¢5ults are sknwn in the accompanying financial stat¢ments on pages 13 to 15. During the financial year, the Schwl generated incorne of£5.181.879 (2021.. £4.914.154) from school a¢iiviti¢s. Exp¢nditurcof £4,948,249 (2021: £4,529,578) was1r￿￿Trcd. Additions to fixed ¥sseis ioialled £331,870 (2021.. £176.153) and included £64.622 12021: £87,628) for computer equiprnenL £248,578 {2021-. £26.579) on buildir)g improvements and equipment. £1 1.400 (2021.. £nill on mO￿r vehi¢l¢s, and £7,27012021- £61.745) on fixturcs & rrttings. The S¢hool h&5 an objective to achieve a SUTplus each year to enwre that t}￿lE are Sufficient rtseryes io manag¢ the School pNdenily and to provide funds for futuie capital ¢K￿di¢￿Te. Th¢ xcumulation of reserves 10 d*¢ e4th1¢5 the oiigoing implemeniation ofthe Sch(MTrl's Development Plan. Notcs 13 to 16 split the rcservcs bctween thosc held fora spttifi¢ PUTPOS¢ {restricted funds) and those available fortheday lo day rcquiremenis ofthe School (unrestricted funds). The Sch￿1.5 assets are c(mgthrul suffjcient to meet its obligations. Key manAgement personnel The Governors have idcntified the Hcad and Bursar ￿ key Mar￿gement pcr50nnel. The salary of ihese key manaserncnt personnel is sct by the Board of Govemors after &sscssin8 their F*rfomiance and reviewing market benehmarks. Inv￿tMentPerforM•￿te TheArti¢lu of AsscKiation permii fuThJ5 to be invtstcd in such invcstmcnt& securities and propety &5 may be thought fil. Ai presertl irtvestment income is gcneraied bypla¢ing fund5 With up to three sepaT*e banksto minimise risk, a5 detennitled by ihe Bursar, to whom such rwsibiliii¢s ar¢ delegated by the Govemors underih¢Terrns of Refere￿e 0fihcTI￿Ury Policy. LOCHINVER HOUSE SCUOOL GOVERNORS, REPORT (coNtin￿ed) FOR TIIE ITAR ENDED 31 AUGusf 21)22 Res0￿reeS and reserve pD]iey The 5chool'5 ullTestri¢ted funds represent two types of fund. Thc dc5i8nated 'Schwl Buildittgs" of £5,280,099 {2021.- £5,131,404) represertts unrestriaed funds retait)ed io financ¢ th¢ freehold propcrty of thc School. The ba12nce of the unrestTided funds of £4,359.657 (2021: £4.273,74D represenis general rtserves lo cover Th¢)rnal fluctuation5 in working eapital, to financ¢ the Continuing devel(yTnent of the Sch¢)ol and to help fund provision forbursaTies. Th¢ baianrx of re5trieted funds is £8,29412021.. £9269) PrIThdpal Rhka & Uneert•i•tiu Th¢ Governor5 carry oui regular reviews of the s¢hool's activities and opcratlons. As part of that review process they have established a Risk Management Committeewhichannually miewsthc acliontsken. orproposed to be takcn, by the School to identify and rnanage the main risks to which the School is exposed Through the rewrts and r¢commendation5 of the Risk Management C¢)mmitte& the Governors Monit(￿the effeciiv¢ness of th¢ sdwl's internal rrt)li¢ie5 and procedure5 for the management of such risks. in¢luding th¢ ¥lequxy of the seh(K)I's iA%urance cover. The s¢hwl has identifled the following as the princip￿ risks it fatts:_ Maintaining pupil ttumbers in the current challenging tconomic climate and ability of exi￿l￿g parents to fund ftts. Strategies for managing ihis risk i￿lUde the Director of Athnissions and Marketing appDillted to work to sirengihen linkswIth I￿￿[ nursery Sch￿]5 anddeveloping anwketing smegy tosupport pupil Tet¢ntioN arobust Bujw Policy and appli¢ats'on procedur¢ The capacity of the s¢hcx)I to adapt practi￿7]Y and efficiently to any changes in the legislative requirements for the education and charity sectors. Strategies for rnaThaginB this risk include having a dedicated llli & Compliance Manager and complian¢¢ is addressed as a stsnding Ltem of the main Governots, agenda at every meeiing. Rccruitment and rtention of $￿ff of ihe T<4uired ￿lbre to maintsin the high Stsndards of the sehool. This is in¢reasin8ly challenging and is being managuj by building a styong link with our local trdinin8 college. We also ¢n5ure that our in¢lustve recruitment pr(tess ¢ommunicat¢5 th* w¢ are and all that we offer to statT, both ncw and existing. in tenn5 in tenn5 of CTnployment package. p(6itive cultur< high*uality environment and career opportUDjty supported by wcll-re50urccd trdining. The Board rewgnises that systems cannot PTovide assuran￿ all p)Ssibl¢ risks have bEen identifled and managed. but striv¢s to ¢Dsure 5trategie& systems and plans are in platt to miugate these risks. LOCHINVER HOUSE SCHOOL GOVERNORS. REPORT (fontinued) FOR THE YEAR ENDED 31 AUGusf 2022 SfATEMENT OF DIRECTO￿, RESPONSIBILITIES The Governors (who are alg) DiTeaoTS of Lwhinv¢r H￿se sch￿)1 ftr the wrp)ses of eompany law) are responsible for preparing the Governors. Report and the flnancial statcrnc￿¢5 in accordartt with applicable law and Unitcd Kingdom Accounting Standard5 (Unitcd Kingdom Gawxally Accw¢d A¢cryLnting Prdctice). Company law requir&stheGovcrnors finan¢iai sts1￿)entS for exh fjnancial ye4r which give a ttue and fair vi¢w of th¢ slaie of affair5 of the charitable company and of ¢h¢ itwrning r¢sources and application of resour(e4 inrluding the incon¢ and cxpcndLtu￿ of the charity for that year. In preparing these flnancial datcments the Govcrnots are reqUI￿d lo: S¢lect suithblc acwjnting policics aTKI then apply them ¢on&stently' Observe the methods and principlcs in the Charities SORF; Make judgements and estimates that are reasonable and prudcn¢' State whdher applic8bl¢ UK Accounting Standards have been followed. subject to any mat¢riai departur£s disclosed and eXpl￿ned in ihe financial staterncnts- Prepare the finan¢iai sNements on th¢Boin8eOrtttn basisunltss it is inappropria(e 10 pr¢sum¢that th¢ charitable cotnpany will coniinue in busiiiess. The Govemors are r¢s￿nSible for kecpin8 pri)per *couniing rtcords thai ar¢ s￿￿1¢1¢At to show and explain the Schtw)I's transactions. disclose with reasonable accuracy ai any limc the financial position of the chaTitable Company and enable thern to ensure that the flnancial S￿l￿ne￿[S comply with ihe Companies Act 2006. Tlw are olso responsible for safeguarding the a5￿ts ofthe Charl￿1¢ ¢ompAny and heTKe for tsking r¢ag)nable steps for the prevention and d¢￿tIOn of fraud and other irregularilies. So far as each of the Governors is aware at the time the rty(Kt isapwed.. there is no relevani audit infoTmalion of which the c¢)mpanYs auditors unaware- aNI the Governors have iaken all *eps th* they ought 10 have taken to make themselves of any Tel¢van¢ audit inforn)ation and io establish that the audiitrsate aware of ihat infOnn*￿. AUDITOR Haysrnacintyre LI￿ have exprwd their willingness to continue itt office as audiiors and ¥ r¢501ution proposin8 their re-appointrnent will be submitted at the Annual Ga)ernl Me¢ling. In approvin8 thL5 Governws RqJo¢ thc Board are also approving thc Stratcgic R4)ort included herein thcir capacity as company directl￿5. Approved byth¢Boardof Dirtctorsatitsmeetingon 30 November 2022 and signed on itsbehaifby: N R Gilbert Ch#ir io INDEPENDENT AUDITOR?S REPORT TO THE MEMBERS OF IXICHINVER HOUSE SCHOOL OplnloD We have audited the finartcial statements of LochinveT Hows¢ Sch￿] for the year ¢nded 31 Augutt 2022 which wmprise of the Statement of Financial A¢tiviti¢4 the Balanee SheeL th¢ Cash Flow Statanenr and notes to the flnancial stst¢m¢nt$, in¢ludin8 a summary of sl8nifi￿nI a¢￿￿ntIng TX)lIci￿ The fina￿la1 reTX)rting framework thot h&s bccn applsed in their preparation is applicable law and United Kingd¢)m Acctyjniing S￿ndar&% including Finan¢ial Reporting Standard 102 The Frryanoal Reporting St4ndard appli(￿ble in ike UK oKd Republic of Irelond (Uniied Kingdom Generally Accepted Aecounting Prdctice). In our opinion, the financiaI statements- glve A true and fair view of the s￿¢ of the ¢haritable company's affairs a5 at 31 August 2022 and of the charitable company'5 net movement in fund& including the incorne aTMI eXpthditU￿. for the year then ended: have bttn properly prepared in ￿cord/ncc with Unitcd Kingdom Genera)ly Accepta Accounting Praetice; and hav¢ b¢¢n prepared in a¢¢ordancc with the rcquiremcnts of thecompanies A¢t 2(M)6. sls for opinitsn We conductcd our audit in aeeordance with Tnternattonal Standards on AudittnB (UK) OSAS IUK)) and applicable law. Our resp)nsibilities under tIKJse Standards are funh¢rdescribed in the Auditor's res5M>ll5ibilitkes forihe auditof th¢ finaneial statements sedion of our report. We are indq>cndcnt of the charity in accordance wilh the ethical requirements that are rel¢vant to our audit of the fLnan¢ial $tstements in the UK including th¢ FRC'S EthicAI Stsnd8rd. and we have fulfilled oih¢r cthical resp)nsibilitLCS Ln aCc￿danCe wth these TequiTemenr& We bdieve th* the audii ¢vid¢nce we have obtained 1$ sufficient and aw)ropriat¢ to prowde a basis for our (ysnion. CoDe1￿$s0￿3 rei8tlrtg to gokng ￿ll¢ern In auditing th¢ financial suiements wc have cortcluduj th& th¢ Govern￿. use of the going eoncern basis of accounting in the prq￿allOn of th¢ flnancial st￿ements is appr¢)priat Based OD th¢ work we have wf¢)Tme4 we have not identified any matttiai uncertainties relating to events or conditions thai, individually or collectivdy. may c&st significant doubt on the charitable company 's ability to continue as a going ¢oncern for a peri￿1 of at least twelve months frnm when the finan¢ial statements are authorised for issue. Our responsibilities and the rel￿nsibIlItieS of the &v¢rnoTS with resp￿ to going concern are deKribed in th¢ relcvant sections of this report. Other knformltknn The Governor5 are responsible for thc other inforniation. Thc othtr inf0m1￿10n comprises the snfom)ation included in the Governor5, Report. Our opinion on the fITwicial swements d0¢5 not cover the otheT infonnation an4 except ¢0 ¢h¢ ¢xt¢nt othen¥ise explicitly siaied in our r¢w>rt. we do not expTe&s any forni of assuTaw£ ¢on¢lusion thereon. In connection with ouraudit of the financial Aaterna￿ ourrewnsibility is to read the other information and, i* doing so. nsider whether the othcr infomiaiion is materially incort*stent with the financial st￿ements or our knowledge obtained inth¢ auditor othen¥is¢ appears tobematerially misstated. Ifwc identify such material inconsiMenciesorapparent m&eri misstatements, we a￿ requiTed to ddernjine whether there is a material misstsiem¢nt in the flnancial statements or a material misstatement of the oth¢r knfomation Jf, basd on the work we have puforrned, wc conclude that ihcrc is a material mis5t*ement of thisorher infonnation. wc arerequired to rg￿ that f&t. We havenothing to report in this regdrd. Oplnions on other mAtter$ prescrlbed by the Comp*mles Art 2￿ In our opinion. based on the work undertaken in the course of the audit.. the inforniation given in the Govem(Ks' Rewrt (which includes the strategic report and the dire¢tors' report prepared for the purpose5 of company law) forth¢ fllRn¢ia] year for whi¢h th¢ financial statements are prcparcd is ¢onsisient with th¢ financial sts1cmc￿ and the strategic re￿rt and the dirrftors, rew)rt iD¢ludcd within the Gov¢rnors' Repon have b¢¢n prepwed in rdance wilh applicable legal rcquirejnents. Matten on wbich we are reqwtred to report by txttptlon In the lighi of th¢ knowledge and understanding of the charitable compzny and its environment Obtain￿ in thc course of the audit, we have not identified material misstilernents in the GoverDors' Rwrt (which in¢oryorates the strategic report and the dire¢tors' reF4Jrt). INDEPENDEKf AUDITOR'S REPORT TO THE MEMBERS OF IA)CHINVER HOUSE SCHOOL (eontlttu¢d Wc have noihing to ￿pOrt in respect of th¢ following rnatter5 in rel*ion to which the Companies Act 2CQ6 requires us to report to you if, in our opinion.. adequate accounting records have not been kept by the charithle company" or the charitable company financial statemenL5 are agrecmcnt with ihe acc(wnting records and retu￿ or ertain di￿105Ures of Governors. remuneration specified by law are not made; or we have not Te¢eived all the inforrnation and ￿PlanatIonS we reiwir¢ forour audit RespoD5ibiliknes of Covernors for the st•t¢ments As explained more fully in the GovernoT5' rcsponsibililies ￿atemeNt sd out on page 10, Ihe Governors ar¢ r¢5ponsible for the preparati￿ of the fjnancial ￿#tements and for being ￿1Sfied that they give a true and fair view, and for such internal control as the Governors deteTmine 15 ￿essary I0•￿Ie the PTeParati￿ of fit)ancial statements that aT¢ fTe¢ from material misstatcment, whether due to fTaud orerror. In preparing the financial statements, the Govemors ar¢ ￿SPOnSible for asses$ing thc charilable comp*Jy's ability to continue &5 a going Concern. disclosing, as applicabl¢ mattcrs related io going concern and using the goin8 conccrn ba51S of ac￿￿nting unle&8 the Governors eits iniend to liquidate the ¢haTitsble company or to ¢ease operatiort& or havc no realistic alternative but to do so. Audltor's responsibilities for the iudit of the fJnanci*l stitemeDts Our objectives are to obiain reasonable assurdnce alx>ut whdheT ¢he financiaj &￿eMents as a whole are free from material misstat¢ment. whether due io fraudorerror. and to issue an auditor's reportthat include5 our opinion. Reasonable &ssuran¢¢ is a high level of assuranffj t￿1 is not a guardniee that an audit conducted in accordance with ISAS (UK) will always de￿¢1 a material mis￿aleMent when it exists. Mis￿al¢M¢nIs can arise from fraud or error and are considered material if, individually or in the aggregate. they could re*s(xubly bc cxptttcd to influth¢¢ the ￿OnOMic decisions of us¢rs taken on the basis of ihese financial Statements. Irrcgularities, including frau￿ are instanc¢5 of nOn-￿p]lanCe with laws and regul*ion& We design prrttdures in line with OUT responsibilities. ouilincd above, to dettti m*etial mi55taternents in resp¢ci of ifregularitie5. including fraud. The extent lo which out procedures ar¢ capabl¢ of ddeaing irregularitics includin8 fraud 1$ dc¢ailcd below: Based on our utlderslanding of the ¢haritable Company and the cnvironmeni in which it orKrales. w¢ identified that the prI￿1paI risk5 of non-complianc¢ wi¢h law5 and [egul￿10￿5 relaied 10 ISI regul*ions. health aTMI safety law, Safeguarding regulations, GDPR and employmets( law. We considered the exieni io which non-compliance rnight have a material effect on the financial staiemenis. We also eon5idcred those laws and regulations that have a direct impact on the pr¢paiation of the financial statem¢pts such as ihe CoTnpanies Aci 21M)6. the Chariihes Aci 211 aTMI payroll tax. We evaluated managemeni's in¢cntives and q)porttLnilies for fraudulent manipulation of th¢ financial ￿ateMentS(]neIudIn£ Ihc risk of ovetTidc of conlrolsl. and detcrnjincd that the principal risks were rclalcd io p051ing inappropriat¢ journals to revenue and management bia% in accounting e5timate5. Audii pro¢¢dures ￿fOrmed by the en8a8emeTrt leam included.. Inspecting correspondenee with regulaioTS and tsx auihoritLes' Discussions with management ithcluding consideration of kThiwn or suspecied instances of non-compliance with laws and regulation and fraud- Evaluatin8 management's tontrol$ d¢signd to pr¢vcnt and ddect irre8ularilies' Idethtifying and tesiing journal4 in particular j￿rnal entries polled wi¢h unusual account cornbination4 POStiTh85 by unusual users or with unU￿al dtscriptLon5,' and Challenging assumptions aThd judgements made by managanent in theireritic41 accounting estimates Because of ihe inherent limiiations of an audit. there is a risk that we will w ddeci irTegulaTities including ihose leading to a material mi5Statetnent in the flnancial statemcnis or non-compliance with regulation. This risk incrca5C5 th more ihai compliance with a law or regulation is Temovoj from the events and trdnsactions refleeied in the fittan¢ial atements. as we will be le&$ likely to become aWaTr of itJ5tan¢es of non-compliance. The risk is also gr￿er regarding iTregulariiies occurring due to fraud rnther ihan errw. as frnud irtvolv¢5 intentional concedlrnent, forg¢ry, ¢ollusi om155ton or m15r¢pr￿cnla1iOn. A further description of our rcsponsibilitie% for the audit of the financial statements is located on the Finan¢i81 Reporting Council's wd>5ltt at.. www.f . Thi5 description fornis part of our auditor's rew>rt. Use of 0￿r report This report is made solely lo the charitable company's member4 a body. in accordance wilh Chapter 3 of Part 16 of the Companies A¢1 2006. Our audit work has been und¢rtaken g) th* we might io ihe chaTiiable companys members 12 INDEPENDENT AUDITOR'S REPORT TO THE MEMBEILS OF InCHINVER HOUSE SCHOOL (contlnued) Ihose matters we are rcquitedto stateto them in an Auditovs rtport ¥nd forN) otherputpose. To the fullcst extent pemiitted by law. w¢ do not acceptorassume responsibiliryto anyoneotherthan thecharithlecompany and the charitable company's rnembers. as a body, for our audit worL forthis reporL or for th¢ opini{￿S we havc forn￿d. Thornas Wi150n (Senior Staiutory Auditor) For and on beha]f of H3ysmacintyre tLP, Sthiutory Auditor Dale: 14 December 2022 10 ￿een Street Place London EC4R IAG 13 LOCHINVER HOUSE SCHOOL srATEMENT OF FINANCIAL ACTIVITIFS ll¢orpor*tlng tncome expendithre *ccount} FOR THE YEAR ENDED 31 AUGUST 2D22 Restrlded Unrestrleted Fund Fund Tot*1 2022 Total 2021 Note INCOME FROM: Charit*ble Adlvltles School Ftt5 receivable Regislration ftts and other iiicome 5.024.229 128.604 5.024,229 128.604 4.790,562 105,502 Donations 10.665 4.471 15.136 8.424 Other trading getllltks Rents and Icttin85 Investment in¢ome 8.666 1,0 11,619 2291 11,619 2291 her Total S*¢ow¢ 10,665 5.171214 5,181,879 4,914.154 EXPEf4DITURE ON: Charitable Aftivities School Operating costs 11.640 4.936,6(fJ 4,948,249 4.529.578 Total expenditure 11,640 4.936.609 4,948.249 4.529.578 N¢t (eipeDdltureYineome (975) 234.605 233,630 384.576 Transfers bdwecn funds Ne¢ mov¢w¢n¢ in fund¥ (975) 234.605 233,630 384.576 Balancc5 brought forward 9.269 9.405.151 9.414,420 9.029.844 Balantts ¥Jt earrled forn•rd 13 8.294 9.639.756 9.648,050 9.414,420 There were no a¢quisiiions ordiscothinued auivittes during thc year. There werc no other reco8niscd gain5 or Ios5C5 during the year. The ac¢ompanying not¢5 forn part of these &¢￿￿ts. 14 LOCHJNVER HOUSE SCHOOL Company No. O43742S4 BALANCE SHEET AS AT 31 AUGUST 2022 2022 2021 FiXED ASSETS T8n8iblt a$8ets Schty)I buildings and quipment 5.647.648 5.571,681 CURRE￿ ASSETS DebtOTS Cash at bank and in hand 10 107.861 5.138J71 153286 4.573.653 5,246232 4,726.939 CREDITORS: am(*Jnts falling du¢ Wlthirt one y¢ar (1.084,679} (724,6(Kl) NET CURREIYT ASSETS 4,161,553 4,002J39 TOTAL ASSETS LESS CiIRRENr LLIBILITJES 9.8(YJ.201 9,574.020 CREDITORS: amc*Jnts f￿ling du¢ aftcr one year 12 (161.151) (159.6(Xl) TOTAL NET ASSETS 9.648,050 9.414.420 CAPITAL AI¥D RESERVFS Unresiricted funds Designated: SchoDI Buildings Generai funds 13 5,280,099 4.359,657 5.131.404 4.273,747 15 9,639.756 9,405.151 R¢stricted funds 16 8294 9,269 9.648,050 9.414.420 Approv￿ by ihe Board of DiredOIS al its meeting on 30 Nove]nber 2022 and Sig￿ below on its behalf by: N R Gilbert Cb*lr of GowJwr¥ 15 LOCHINVER HOUSE SCHOOL CASH FLOW STATEMEiYT FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 C#$h flows from op¢r4tiffjg •etivities: Ne¢c￿hpn¥Vvded by oe¢1￿￿¢$ 888.947 805.461 Calh tIow5 from inve5tin8 •ctivities: Interea received Pr(Ke¢ds from sal¢ of fjxed assets Payments for iangible fjxed assets 2,291 5.350 (331,870) 1.000 {176.l53) NetC•5h used In Invatlng •cdvilie5 (324.229) {175,153) Change in cash in the reporting year 564.718 630.308 CAsh at the be2lnnlDg ofthe reporthig year 4373.653 3,943,345 Cash at the end of the reporting ye 5.138.371 4.573.653 Reconci]i*tioD of net imcothe to Aet t￿b fioTV frow oper*ti*g #etivities 2022 2021 Net iJKome (or the reportlng year {85 per the 5t*temeDt of financial activities) AdjustmeAt5 for: Depreciation charges Profil on di5P05al of r￿ed Interest received Decrease tn debtors Increase in crojitors 233.630 384.576 252.543 (1.988) (2.291) 45.425 361.628 263.538 (I,(KK)) 11,235 147.112 Net ¢*ih provlded by operAtln8 activities 888,947 805.461 A￿lYsIS of ¢ASh and ¢ash ¢qDfv8lents 2022 2021 Cash at bartk 5,138J71 4.573.653 Tot81 ¢ash 8nd cash equlvlknts 5.138J71 4573.653 16 LOCHINVER HOUSE SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGusf 2022 Accouf4TING POLICILS The financial statements have bttm prepared in aw)rdW￿ with Accounting and Reporting by Charitie5.' Statcmcnt of Recommended Prdctice 8pplicable (o charities preparing their acwjnts in accordance with the Financial Reporting Standard applicable in th¢ UK and Rqjublic of Ireland (FRS102) (Charities SOBTr Second Editio effeeiive l January 20191. the Financial RqM)rtin8 Standard appliablein th¢ uK￿l Republic of Ireland (FRS 102) and ihe Companics Act 2rf￿. The functiortai currency of the school is considereAJ io be GBP brnsethat isthe cumcy of th¢ primary ¢conomic environment in which the 5¢h(M)l ¢)p¢rdte The schwl 15 4 Public Bencfst Entity regiaered as a charity in Efigland and Wales and a company limiied by guaranttt (company numkn.. 04374254 and charity number.. I{￿)10431. a) B•$ii of Prep*r*tlon The accounts ar¢ prepared utthr the histori￿1 o)5t conventi￿. b) Coin¥ eoneern Having Tevi¢wed the fijnding facilities avail8ble lo the togdher with the expe¢t¢d ongoing demand for platts and th¢ school'5 future pJDjected c¥h flow& theGovernorshave att exwiation that the School has adequate resources to continue lis o¢tivities for the foreseeable fuiure and considcr that thcre were no material unceTtaintie5 over the school's flnancial viabilbty. A¢¢ordingly. Ihey alsocontinuctoadopt thegoingcon¢¢m b&sis in preptiringihe financial statements as outlined in thc Statement of Ac¢tyJniing and R¢wJrting Responthbilities on page 10. ¢) Critiea] *ttounrfng Judgem¢nts and key sourttt of estlmatlon unttrt•lDty In the appliC￿lon of th¢ acwjnting policie& Govemors are Tequired to make judgemenL esiimate4 and ￿sumptionS about The carying value of &s5et5 and liabilities that are not rcadily apparent from other sources. The estimates and undcrlying assumptions artb￿ed on historitsl experience and other fa￿Or5that are eortsidered to be relevant. Actual r￿Ults may diffes from ihese eMimat¢s. The e5timate5 and underlying assumptions are revi¢wed on an ongoing basis. Revisions to accountin8 estimates are recognised in the year in which Ihe estim*e is revisa if thc revision affects only thai year, Dr in thc year of the revision and fvture years if the rcvL5ion affected current and future years. Judgemcnts m*Ae by the GovemoT& in th¢ application of these ac¢4)uniingpolicies that hav¢ Significant effect on the financial 5t*ernents and with a signifjcant risk of materia] adjustment in the n¢xl year ar¢ deemed to be in relation io the depreciation of tangible fixed a&sets and ar¢ discussed kltsw. In the view of the Governor4 no assumptions concerning the future or estimation uncertainty affe¢ting assets or liabilities at the balance shttt date are likely to result it) a m*eriai ￿jUstment tts their carrying amounis in the next financial year. d) Feel alld s1ml1￿ In¢oJn¢ Fees T¢c¢ivable and othe¥ fetsare accounted for in the year in which the smice isprovided. Fees rcccivable rcpresent f¢¢s les5 bursaries and allowan¢¢s and other income dcrived from the Sch￿1.$ continuin8 activitie e) Invut￿ettI IDeome tnvestment income from bank balan￿ and r￿ed intettst securiiies is ￿oUnted for on an accruals basis. 17 LOCHINVER HOUSE SCHOOL NOTLS TO THE FINAIYCIAL sfATEMENrs FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICILS {CODtinued) O DoM81ll)￿ Iw¢i¢& graDt$ •nd otI￿r volllntary inttimt Volunury income is accounied for as and when ¢ntitl¢m¢nt arise4 thc amount can be reliably quantified and the economic benefit ￿ the School i5 ￿nSIdered probable. Expenditurt Expenditure is accounted for on an a¢crua]s basis and are all0¢￿ed to ¢xp¢ns¢ headings on a direct CO￿ basi5. The irrecoverdble VAT is included with the itcm of expertse to which li ￿lates. Governance costs compriscc05ts incurred in meeting statutory and constitutional requirements of the School. h) TIDglble Flxed knsets No dwreciation is provided on freehold land. For all other asscts. dcpreciation 15 calculated to write off the cost of the item over the anticipated uscful lifcasfollows.. Freehold buildings Fixtur¢b, fittings andequipm¢nt Long-lcnll fixtures, fitiings and equipmcnt Compulcr equipmth)t Motor vehiclcs Y/9 stright line b￿lS 25Y• ￿raigh1 linc basis 4•/• 5trdight linc ba51S 25#/4 Strnight linc b&%is 15U/• reducing balance FAsis ItEIIIS Costing less than £l.(KX) are written off as zn expense ￿ XqUiTed. Itcms arc depreciatedonly for six months inihe year of acquisition. D P¢n$ioD contributions Th¢ company conlributcs 10 the Tea¢heTS Pension Scheme ai raies sd by the scheme arluary. It is part of 8 multi- employ¢r scheme and it is TM)t possible to *iribllic a value to the schcme ￿etS and liabilities which would be appropriart to the company. In &cordan¢e with FRS 102 the scheme is accounted for as if il were a defined contribuiion seheme. The assets of the scheme art held separ￿elY frorn those of the company. The pen&on cost charge represents the amount of the contribuiions payable LO the scheme in respect of Ihc year. The company also contribU￿S io personal p¢nsion schernes for n£￿-tea￿lng #aff and thcsccontributions are charged to the profit and loss accounl in thc year inwhich they are incurred. j) Unre5tritted Futsds UnTe4rici¢d Fund5 are fvnds applied a¢ th¢discruion of Ihc Governor5 in furth￿4￿￿ of the objccts of the school. k) Restricted fvnds This r¢pres¢nts the moni&8 rtteived for SFttifi¢ pu[W￿ #s diKlostsJ in n￿¢ 16. I) FI￿￿¢]#] Imstruments Basic finan¢ial Instruments are initially re¢ognixd * transa￿10ft value and subwu¢ntly measured at amonised with the excepii¢)n of investments which a￿ held * fair value. Financial as5dS held amortised cost comprise cash at bank and in hand. iogdher wilh trade and other debtors. A specific provision is made for debis for which rccovcrability is in doybi. C&sh at bank and in hand is defined as all cash held in instani access bank accounts and used ￿ working capital. Finan¢ia] liabilities held at amonised c(fjt ¢￿Prise all crvjitors except gXi81 ￿UrIty and other taxes and PTovisions. m) Debtor5 Tr￿e and otherif¢btors arc rcco8ni5ed at thesettl¢m¢nt amount due after any trade di%ouni offered. Prepayments arc Wdlucd at the amount prepaid nct of any tr*Je dixounts due. 18 LOCHINVER HOUSE SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 AccoiJKfiNG POLICILS {¢oJdttved) n) C*8h At bank and ID baDd Cosh ai bank and in itKlud¢s ¢xsh a￿1 4LQrt tem highly liquid Investm&￿5. o) Credltors and provlsions CreditOTS and provisions are recognised whue the School has 8 present obli8ation resulring from a past event that will probably resul¢ in the trdnsfer of funds io a third pany and the amount due to sdtle the obligation can be me&sured or e5timaied reliably. Creditors and provisions are nonnally rwi5ed at their settlement amount after allowing for arty trade discounts du 19 LOCHINVER HOUSE SCHOOL N(yrES TO THE FINANCIAL STATEMENTS (¢omtinu¢d) FOR THE YEAR ENDED 31 AUGUST 2022 I FELS RECEIVABLE Unrestrleted fund$ 2022 Unrestrkted funds 2021 Gro￿ fees Less: loial bursaries and staff concessions 5.140.789 (116.560) 4935.933 (145,371) Fees Receivable 5.024.229 4.790,562 REGisfRATION FEES AI¥D OTHER INCOME Uttre5tr1eted fllnds 2022 Unre5trIcled fund5 2021 Rcgislration and olhcr fees includin8 initial deposits forfeitcd Sundry income Before & After School clubs and music Miiio 58.594 9,120 60,890 23,003 37.408 45,091 128,604 105.502 srAFF cosrs 2022 2021 Staff ¢osis Jn¢urred were *sfollows'. Wages and salaries Soeial security costs Other pension costs Other ¢osts 2.784.210 274.533 456.499 31,180 2.627.888 262.115 451.747 31.079 3.546,422 3.372.829 There was a ierminalion payment made in the year totslling £50,750. This w&s in licu of notice and contrdctual. The liability has been accrned at year end. The aver88¢ number of ¢mployees during the year within exh categw of persons was: Number Number Teaching Welfare and premises AdministTa(ioii 87 21 88 21 10 117 119 The Governor5 rcceivcd no rcmuncrdtion. No Governors were reimbursed cxperLSCS during the year (2021: £nil)- Aggrega¢e employee bcncfkts of kcy management person￿] 269,342 230.698 20 LOCHINVER HOUSE SCHOOL NOTES TO THE FINANCIAL STATEMENTS leonilmed) FOR THE YEAR EIYDED 31 AUGUST 2022 STAFF COSTS (eonrfttued) The numlxr of highcr paid employees (includin8 taxablc bcncfits l)ut excluding employ¢rs' pension contribuiions) to 31 Au8U5t 2022 was: 2022 Number 2021 Number £60,001- £70,000 £70.001- £80,000 £80.000- £90,0 £90,IK)I - £iOO.000 £ioo,001- £1 10,000 Th¢ School participates in the Teachc￿ Pcnsion Scheme rthe TPS"> for its teachin8 Staff. The pension charge for the year includes Contrib￿lon$ payabl¢tothe TPS of £383.756 (2021.. £380,833) and at theyear-end £45.000 (2021 . £Nil) was acerued in respect of contribution5 to this schcm The TPS is an unfunded multl-cmployer defina benefits ptn5ion 5cherne governed by The Tea¢her5' Pensions Re8ulations 2010 (&s amended) and The Teachets. Penskon S¢hem¢ Regulations 2014 (as amended). Memb¢r5 ¢ontribute ott a Tray as you go" Iwis Wlth contributions from members and the employer being Credited to the Exchequer. Rdircment #Trj othttpension benefits ar¢ paid by public funds provided by Parliament. Thc cmployer contribution rate is sct by the Secretary of Siaie following 5cherne valuations undertaken by ¢h¢ Govcrnrnent Actuary's Department. The most recent 8¢luari￿ valuacion of the Trs wa5 prepared as at 31 Ma￿h 2016 and the Valuation Repoo which was published in March 2019. confim)ed ih* th¢ ¢mployer contribution rate for the TPS w¢wld increase from 16.4°A to 23.6/th from I Sept¢mbu 2019. ETnployers are also requircd to pay a sthetne adminisiration l¢vy of 0.08% giving a tota] employer ¢ot)tribJtion ratcof 23.68QA. The 31 March 2016 Valuation Report wasprepared in ac￿rdanCe with ihebeneflts Sa oui in rh¢ *h¢me regulations and under th¢ 8ppr¢)ach speeified itt the Direction& as th¢y applied at 5 Marcll 2019. However, the assumptions w¢re tonsidered and Set by the Department for Educaiion prior to the rulin8 in the 'McClouWS8rg¢8Dt ease,. This ¢as¢ has rcquircd the courts to ¢onsider Ca￿ regarding the implttnentstion of the 2015 refomis to Public Service Pensions including the Teachers. P¢n5iOllS. On 27 June 2019 th¢ Suprerne Court dcnied the government permi55iOll to appeal the Court of Appeal'5 judgment that trdnsilionai provisions introduccd to the refomied wsion schemes in 2015 gave rise to unlawful age discrimination. Th¢ government Is respecting the Court's decision and has said it will engage fvlly wi¢h the Employment Tribunal as well as employer and meTnber represet)thiiv¢s w agree how the discriminations will be remedied The government aTmounttd on4 February 2021 that IL intends to ptoceul wilh ad¢f¢rred choicc underpin under which membu5 will bc able to choose either lega¢y or reformed scheme benefits in respe¢t of thNr service during the period between l April 2015 and 31 March 2022 at the point they b￿orne payable. Th¢TPS is subjert to 8 mechanism which was put in pl￿ to protect taxpayers against unfores¢¢n ¢hange5 in scheme costs. The Chief S￿relary to the Treasury. hawng in 2018 announced that there would be a review of thks cost Cap m¢chanisrn. in January 2019 announced a pausc to the CO￿ ¢ap mechanism following the Court of Appeal's rulin8 in the Mccloudlsargeant case athd until there is certainty about the value of pensions to employees from April 2015 onward5. The pause was lifted in July 2020. and a consultation was launched on 24 June on proposed change5 tothecostcontrol mrthanism following a review by the GovernmentAcDJary. Following a public onsultation. Ihe Governm¢nt have acC￿ted three key prysals r¢£ommended by thc &vernment Actuary. and ar¢ ¥irning to implement tlw¢ ¢b￿ge5 in time for the 2020 valuations. 21 LOCHINVER HOUSE SCHOOL NOTES TO THE FINANCIAL STATEMENfs (eonthiued) FOR THE YEAR ENDED 31 AUGUST 2022 The 2016 cost Control v￿￿all0￿S hav¢ 5inc¢ betn cornpleted in January 2022. and re￿Its indieated that there would be no chang&8 to benefits or m￿ber ¢ontyibuiions required. The r¢wlts of thec95t cap valuation are not used t05etthe employer contribution wate, and HM Treasury has confimied lh* any ¢hanges ￿ the ¢mploy¢rcoThlribution rate ruulting from the 2020 va]uatioDs wll lake effe¢t in April 2024. Until the 2020 valuation is ￿Mpl￿ed it is not Possible to conclude on any financial impact or future changes to the niribution rates of th¢ TPS. Accordingly. no provision for any additional benefit pension costs is included in these financia] sthtemenl& EXPENDITURE 2022 2021 Direct charitable cxpEnditurc incluths: Dcpreciation 252.543 263.538 Governance costs include: Auditors, rernuneratlon audit non audit Directors liability insuran 12,2(M) IJ lJ48 11,145 1,000 652 INVEsfMENT INCOME Unrestr5rted fund5 2022 Unrestric¢¢d funds 2021 Bank interest 2.291 1.000 ANALYSIS OF TOTAL EXPENDITURE Staff Total 2022 Depreciatio Ch*rlt4ble ac¢iYiti School OperduThg Costs.. Teaching Welfare Premisc5 and 4uipment Support and governance costs H¢ad Btsys. ¢hari¢able donatioTrs 1843.130 105.024 165.273 432.9)5 327,856 115.462 468.354 225.972 11,640 3.170,986 220,486 886,170 658.967 11,640 252J43 3.546.422 ,149.284 252,543 4.948,249 22 LOCHINVER HOUSE SCHOOL NOTES TO THE FINANCIAL STATEMEKfs (continued) FOR THE YEAR ENDED 31 AUGusf 2022 ANALYSIS OF TOTAL EXPENDTfuRE (Prlor Year) Yur4Dded TotAI 2021 St•ff Other Depre¢i*tlo CbaritAble artivltla School Operating Costs: Teaching Welfare Premises and equipment Support and governartce costs Head Boys. ¢haritable donations 2.741.276 93,681 174.600 363272 199h54 115.679 443J97 129289 5.192 2,940.930 209.360 881,535 492J61 5,192 263.538 3.372.829 893211 263.538 4,529.578 PENSION COMhirrMEiYrs Staff costs include paymenis by the Company ￿ th¢ T￿her5, Pen5ion5 Scheme of £383,756 (2021: £380,833) and to an individual defincd contribution scheme on behalf of certain employee5 of £43.89312021.. £70.284). The amouDt at the year end £45.000 relating to August 2022 and this has been accN&4.12021.. £Nil> 23 LOCHINVER HOUSE SCHOOL NOTES TO THE FINANCIAL sfATEMEIWTS (cottthiued) FOR THE YEAR ENDED 31 AUGusf 2022 TANGIBLE FIXED A&SETS FixtW¢5 Fmho Freehold Flttlngs & Computer Land BMlJd5ny Equipm¢nt Equipment Motor Vehicles Total Cost At I September 2021 Addition5 Disposals 425.806 6.457.169 248.578 485,146 7.270 (3.840) 449.212 64,622 (32,470) 124,115 11,4LX) 7,941,448 331,870 (36.3101 At 31 A•gust 21122 425.806 6.705.747 488.576 481,364 135J15 8.237.008 DepreclatloD At I S¢pLember 2021 Charge for the year Disposals 1.751.571 131.628 215.545 41,682 (480) 304.724 71,260 (32.470) 97,927 7.973 2.369,767 252.543 (32.950) At 31 A4gust 2022 425.806 .883,199 256.747 343.514 105gC 2.589,360 Net Book Value At 31 August 2022 425.806 4.822,548 231.829 137.850 29,615 5,647,648 At 31 AuEusi 2021 425.806 4.705.598 269.601 144,488 26,188 5,571,681 The above &%seis in¢lude those acquired from Lo¢hinver House School Trust on 31 March 2002 for £2.985.449 being the net b)ok value io Ihe Trust ai thc date of trartsfer. The land and buildings were originally acquired by that Trust in 1957 when the School was founded by Trust Deed and since ¢hat dale, various improvements and extensions had been made io thc buildings. The remainder of the assds have been acquired Since ihc rompany was incorporated are stated at cost less depre¢iaiion. 10. DEBTORS 21122 2021 F¢es receivable Other d¢biors and prepayment5 51.470 56.391 30,120 123,166 107,861 153,286 11. CREDrroRS: Amounts falikn8 due wlthltt Olle ye 21122 2021 Fees in advance and iniiiaj d¢p05its Trade Creditors Other Credito￿ and a￿nI915 Other taxation and social S￿￿rity 570.765 142.523 371J71 20 523,745 70.688 66.236 63,931 .084.679 724,600 12. CREDrroRS: amounts due After more than y¢•r 2022 2021 Long iern) deposits held l61,151 159,600 24 LOCHINVER HOUSE SCHOOL IYOTES TO THE FINANCIAL STATEMENTS (eolltinued) FOR THE YEAR ENDED 31 AUGiIST 2022 13. MOVEMENf IN FUNDS B*l8nc¢ It I September 2021 BAlance at 31 Allgugt 2022 T￿￿fer tol Expemdltllre (from) fund Income Unrestrieted funds School Buildings fund her re5erve5 5,131.404 4273.747 148.695 (159,360) 5,280.099 4J59.657 5.181.879 (4.936,fQ)) 9.405.151 5,181,879 (4,936.609) (10.665) 9.639.756 ReS¢rIc¢￿ fun 9269 10.665 (11.640) 8294 9.414,420 5.181.879 {4.948249) 9.648.050 Totffli MOVEMENT IN FUNDS (Prlor Y¢•r) BaJ•n¢¢ *t A September 2020 Ba]an¢e •1 31 August 2021 Transfer tol ExpeAdlture {from} fund lrtome Unrejtricted fund# School Buildings fvnd Other reserves 5233.968 3.783.119 (102.564) 100,860 5.131.404 4273.747 4914,154 {4.524J86) 9.017.087 4.914.154 {4.524.386) (1,704) 9.405.151 Restricted futtds 11757 (5.192) 1.704 9269 9.029.844 4.914,154 {4,529.578) 9.414.420 14. ANALYSIS OF NKf ASSETS BETWEEN FUNDS 2022 Total Unr¢strkt¢d Restrkted Fixcdasset5 DeErtors Cash at bank and in hand Crediiors 5,647.648 107,860 5.130,077 (1.245,829) 5,647.648 107,860 5,138,371 (1245,829) 8294 9.639.756 8294 9.648,050 ANALYSIS OF NET A&8ETS BThEN FUNDS (Prlor Ye*r) 2021 Totsl Fixeda55¢ts Debtors Cash at bank and in hand Creditors SJ71.681 153286 4.564J84 (884200) 5,571,681 153,286 4,573,653 (884.200) 9269 9,405.151 9269 9.414,420 LOCHINVER HOUSE SCHOOL NOTES TO THE FtNANCIAL sfATE.MENTS (continued FOR THE ITAR ENDED 31 AUGusf 2022 The company'5 unrestricted funds represent two lYp￿ of fund. The designa*d"School BuildinBs" of £5,280,099 {2021.. £5,131,404) represents unrestricted funds retaind to finance the f￿ehOld prop2rty of the School. Thc balancc of the gener￿ fvnds of £4,359.657 {2021= £4.273,747) represents free reserves io cover nornial fluctuations in working capital and to flnance the ¢ontinuin8 developmetlt of the School and the valu¢ of other fixed asse I& IiLSTRICTED FUNDS The restricted funds of £8.294 (2021.. £9,269) relaie to rnonies held by the School on behalf of pupils for external elwitable purwses. Transfers from reslricted fund5 have bccn made io reflect the assets funded frorn r¢strhcted donalion5 becoming unrestri¢¢ed upon purchase. A7. CAPITAL COMMITMENTS Directors have authorised cxpcnditUTe of £NTI (2021: £Nil) in respect of inforniation technology and £Nil (2021.. £52,383) primarily in respect of alteraiions to th¢ School'sbuildings. FINAF4CIAL COMMITMEr At 31 Augu* 2022 the charity annua] commitments uThJer non-￿nCelIable op¢rdting leases of £6,682 due within one year (2021: £6.682} and £20,040 due between TWO and five years {2021.. £26,729). 19. TRA14SAcfioNS wrrH REIATED PARTIES ring iheyearth¢company paid foriheTh"recioTI liability insurance. Tr cost of the ptemium is included within the total cost of hnsuran¢e and amounted to £l.548 (2021.. £652). t￿rIng the year a company. Clifford Lodge (New Barnet) Limited. UTkder the control of a Governor. H¢l¢n Philp, vansacted services for £3.INSO with Lcthinver House khiM)l Limited. There were no ￿her rel￿ed pty transactions during the year (2021: None). 20. LIABILITY OF MEMBERS The company TS limited by gyardntee and assuch exh member has guaranteed to ci)nttibuie a sum nol ex¢e¢ding £10 to the assets of the company in the ¢vent of li beinB wound up and unable to pay its debts. LOCHINVER HOUSE SCHOOL NOTES TO THE FINANCIAL sfATEMKNTS (CODtlnued) FOR THE YEAR ENDED 31 AUGUST 2022 21. NET DEFf RECONCILIATION Atl Stptember 2021 Other non- Ai 31 August 2022 CAshtiows C*sh at bank and in hand 4573.653 564.718 5,138,371 Atl September 21120 Other no sh challK At 31 August 2021 C&sh at bank and in h￿d 3.943.345 630J08 4.573,653 27