LOCHINVER HOUSE SCHOOL
(Limited by guarantee)
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Charlty Number: 1091045
Company Number: 04374254

LOCHINVER HOUSE SCHOOL
HEAD'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
HEAD>S REPORT
As Headmaster, l am pleased to reflect on another year of joyful and successful learning at Lochinver
House. The past twelve months have seen our school community thrive, with a shared commitment
from staff and parents to ensure the very best outcomes for our pupils.
Lochinver House is a special place, defined by its close-knit community. We understand that for our
pupils to excel, they need to feel secure, valued, and supported in their learning. This year, we have
continued to prioritise pastoral care, offering a wide range of support systems that our pupils
appreciate and trust. With this solid foundation, they flourish academically and personally, embracing
the numerous curricular and co-curricular opportunities available to them.
At the heart of our ethos are the core values of Kindness, Honesty, and Respect. These values are
more than just words-they are embedded in daily life and guide the character development of every
child. We are dedicated to nurturing well-rounded individuals, equipping them with th8 skills, aptitudes,
and moral compass needed to navigate an ever-changing world.
We recognise that the future is both exciling and increasingly complex. As such, we continuously
assess how best to prepare our pupils for the challenges and opportunities that lie ahead. With
dlverse pupil body representing a wide range of cultural backgrounds and global p8rsp8Ctives, we are
committed to fostering an inclusive environment where every pupil is encouraged to think
independently and globally.
This year, we unveiled our new vision. A school that shapes global citizens, empowared with the
skills and knowledge to make 8 Posltive difference in the world," Our updated School Aims reflect this
vision, focusing on..
Nurture well-mannered pupils with moral courage, at ease with themselves, and who are
inclusive of others
Inspire pupils through an education of breadth and depth, with a global minds8t
Encourage pupils to be intellectually curious, ambitious and not to fear failure
Challenge pupils to be independent thinkers, who value different perspectives
These principles resonate deeply within our school community and appeal to prospective families.
Over the past year, w8've seen significant interest in our new nursery, Little Lochies, which opens in
September 2024. Enrollment inquiries have exceeded expectations, underscoring the demand for our
early years provision.
In response to evolving parental preferences, we have also made the exciting decision to transition
to co-education starting in September 2025. This phased introduction will begin with our youngest
pupils, allowing us to ensure a smooth and thoughtful transition. The response from prospective
parents has been ovemhelmingly positive, with growing interest from families of both boys and girls.
This year has been filled with remarkable achievements. Our pupils have excelled in sports, music,
drama, technology, and academic competilions. Highlights include the U11 football team becoming
regional champions, qualifying for the ISFA National Finals, and our U13 basketball team winning the
IAPS Nationals. Our pupils also enjoyed memorable trips, including a ski tour to the Dolomites and
cultural excursions to Italy and France. Outdoor learning is highly valued, and our Forest School
programme has continued to excite and provide wonderful personal development opportunities. as
have our outward-bound trips. In technology, our pupils reached the National Vex Robotics
championships, showcasing their innovation and problem-solving skills.

LOCHINVER HOUSE SCHOOL
HEAD'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
The arts remain a cornerstone of life at Lochinver House. Over 200 individual music lessons take
place each week, with pupils achieving up to Grade 8 in various instruments. Our younger choir
members had the unforgettable experience of performing at the 02 Arena for the Young Voices
national event, while we were once again invited to sing at St Paul's Cathedral. Drama, too, has
flourished, with Year 8's final production being a highlight of the year. Our artists have excelled in
competitions and taken part in some amazing exhibitions. Their self-expression has shone through a
range of mediums, with great success.
Academically, we continu8 to see very strong success in 11 + and 13+ exams, with a high proportlon
of pupils gaining entry to their first-choice senior schools. This success is a testament to our purpose-
built curriculum and the dedication of our talented staff, who go above and beyond to ensure each
child reaches their full potential. Our destination senior schools are aspirational, and the number of
places gained by our pupils is exceptionally high.
Our relatlonship with parents Is central to our success. We value the close partn8rship bebNeen home
and school and are grateful for the ongoing support of our proactive PTA, whose events further
strengthen our vibrant community.
In summary, the 2023-24 academic year has been one of growth, achievement, and innovation. I
extend my deepest gratitude to our dedicated staff, enthusiastic parants, and, most importantly, our
wonderful pupils, whose successes we celebrate with pride.
Jonathan Wadgo
Headmaster

LOCHINVER HOUSE SCHOOL
GOVERNORS, REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
The Directors present thelr report and audited financial statements for the year ended 31 August 2024.
Referènce and Admlnlstrative Information
Lochinver House School was founded by Trust Deed In 1947. A Company Limited by Guarantee. Lochlnver
House School, was incorporated on 14 February 2002 to own and manage the school. The assets and liabilities
of the school were transferred from Lochinver House School Trust to the Limited Company on 1 April 2002
when il commenced its educational activities. The schciol is a reglstered charity, number 1091045 and is
constituted as a company limited by guarantee. Its objects, powers and other constitulional matters are set out
in its Memorandum and Articles of Association. It is governed by a Board of Governors which is responsible for
setting the strategic direction of the school and for establishing policy. The financial statements and report
comply with the current statutory Memorandum and Articles of Association and the Statement of Recommended
Practice- Accounting and Reporting by Charities (SORP 2015), The Charities Act 20118nd the Companies Act
2006.
Directors
The governing body of the company is known as the Board of Governors. The Members of the Board are also
the charity Governors for the purposes of charity law and Directors for the purpose of company law. They are
also the 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..
N Gilbert
D A Taylor
B Aitken
H Chapman
M Collier
S Coombs
A Engllsh
J Gillesple
D Hamalis
Chair
Vice Chair & Chair: Nominations and Governance Committee
Chair.. Finance and General Purposes Committee
Appoinled.. 1 September 2024
Resigned.. 15 February 2024
Resigned,. 4 October 2023
Resigned,. 6 December 2023
Reslgned., 11 July 2024
Chair.. Education Committee, Safeguarding Lead
Resigned: 19 June 2024
Appointed: 1 September 2024
Appointed: 1 September 2024
O Jacobs
S Joshi
R Lane
J Le Couilliard
C Mllls
Appointed: 4 October 2023
Appointed: 1 September 2024
Resigned: 20 March 2024
Appointed: 1 September 2024
K Owen
H Philp
G Sriskanthan
J Taylor-cummings
A Walker
A Ward
The Governors are elected at a full Governors, Meeting for a term of three years. They can be re-elected for up
to three further consecutive terms of three years but shall not then be eligible for re-election without a break of
at leasl twelve calendar months except by resolution of the Board.

LOCHINVER HOUSE SCHOOL
GOVERNORS, REPORT (continued)
FOR THE YEAR ENDED 31 AUGUST 2024
Key Executives and Professional Advisars
The Hoad
J Wadg8 BA (Hons), PGCE, NPQH
Bursar I CompanySecr8tary
J Long
Address
Lochinver House School
Heath Road
Little Heath
Potters Bar
Hertfordshire
EN61LW
Bankers
National Westminster Bank Commercial Banklng 1st
Floor
30 Clarendon Road
Watford,
Hertfordshire
WD171GQ
Sollcltors
Veale Wasbroughvizards
Orchard Court
Orchard Lane
Bristol
BS15WS
Audltors
Haysmac LLP
10 Queen Street Place
London
EC4R 1AG

LOCHINVER HOUSE SCHOOL
GOVERNORS, REPORT {¢ontinued)
FOR THE YEAR ENDED 31 AUGUST 2024
Structurè, Governance and Managemènt
Governing Document
The Company is governed by its Articles of Association. The Articles were reviewed and updated in 2024.
The objecls of the Company are 'to advance education for the public benefit, including (but not limited to)
the operation of the school known as Lochinver House School, Potlers Bar,.
Govornlng Body
The Governors are Directors and are elected at a meeting of the Board of Governors. Governors are recruited
by nomination taking regard of special skills, personal qualities and the principles of diversity and inclusion to
ensure that the Board retains an effective balance of expertise to strengthen the management of the Charity
and reflects the composition of its stakeholders. Governors are eligible to serve for an initial period of three
years.
Gov•rnorTralnlng
New Governors are provided with an induction pack containing Board policy and procedures, schemes of
governance and information regarding the work and operations of the School. Governors are encouraged to
allend suitable training courses which deal with their responsibilities in relation lo the Companies Act, Charity
Law and Department for Education requirements as the need arises and are encouraged to attend new
Governor induction courses.
Organisatlonal Management
There are normally three full Board Meetings each year where the Governors meet and review the policies
of the Charity for which they are responsible, The Flnance and General Purposes Committee meet to
review budgets, accounts and reports and makes recommendations to the Board of Governors. The
Governors havea programme of regular visits to the school to witness and monitor the charity's work In actlon.
Day lo day running of the School is delegated lo the Head and the Bursar. supported by the School Senior
Leadership Team.
The school, through its officers, is represented in several organisations including the Association of
Governing Bodies of Independent Schools {AGBIS), the Independent Association of Prep Schools (IAPS)
and the Independent Schools, Bursars'Association (ISBA).
Structure and Relatlonshlps
The Head is an active member of IAPS which promotes and maintains standards in preparatory schools. The
school takes an active part in numerous professional Studies for the evaluation of quality and performance.
We co-operale with as many local charities, clubs and associaiions as we can to widen public access to the
education we provide and promote the educational benefiis of using our sporting facilities. We have an
arrangemenl with a local state junior school that use our sclence laboratories each week which makes a
positive contribution to their education.
Objects, Publlc Beneflt, Alm8, Objectlves and Prlnclpal Actlvltles
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 Commission's published general and relevant sub-sector guidance.
and in accordance with its Articles of Association, which is to advance education through the operation of
Lochinver House School.
Strateglc Aim and Intended Effect
The Board's strategic aim is to reach its annual objective for the public benefit as a charitable Independent
School through the provision of a high-quality education for children between the ages of four and
thirteen to allow them to achieve the highest academic standards in preparation for entry into the senior
school of their own and their parents, choice.

LOCHINVER HOUSE SCHOOL
GOVERNORS, REPORT (continued)
FOR THE YEAR ENDED 31 AUGUST 2024
Our wider admission policy enables us to help a small number of boys from lower income or otherwise
disadvantaged families to benefit from the core educational provision and the extra-curricular programme. The
school also aims to draw out all boys, abilities and academic potential and to develop their wider interests
in life within a secure and stsble environment to enable them to participate in society and their community.
Prlnclpal Actlvlty
The school's princlpal activlty continues to be the provision of an excellent standard of education for boys aged
four to thlrteen.
Objectlvos
The Board's main objectlve is to educate all puplls to a high standard each year, whlch beneflts their chosen
senior school for the completion of their educatlon. The school is in the process of developing a new five-year
strategy under the leadership of the new Head. The schoo5 is committed to reviewing its academlc syllabus and
teachlng methods. The facilities are upgraded regularly to provlde modern buildings and amenities, whlch
stlmulate the puplls in all areas of their development.
The Board's other objective is to develop bursaries wlth a view to further Increaslng the School's Intake of boys
from lower Income families and to extend working arrangements with other charities and state schools to provlde
access to our facilities for those who cannot come to the School itself. We set aside funds for bursary awards
to help a few boys in need of asslstance with school fees.
Revlew ofAchlevements and Performan¢• for the Year
Academlc
The achievements of pupils demonstrate the school's continued success. Lochinver puplls are In demand and
In the last 10 years we have sent them to over 20 different schools. Our leavers gain successful entry to thelr
chosen senlor schools. 29 boys transitioned at 13+: Aldenham 3, Haileybury 3, Harrow 1, Merchant Taylors 2,
Mount House 1, St Albans 11, St Columba's College 2, St Margaret's 3, St Edmund's 1 and Habs Boys 1. A
further 18 boys left us at 11 +: Aldenham 1, Alexandra Park Academy 1. Ark Pioneer Academy 2, Dame Alice
Owen 2, Goffs Academy 1, Haileybury 1, Latymer 1, Manchester Grammar School 1, QE Boys 1, Sevenoaks
School 1, St Albans School 3 and Habs Boys 3. These accomplishments have been made possible by the
recruitment of the highest quallty staff and by maintaining a hlgh teacher to pupil ratio whlch ensures that
teaching methods can be sulted to individual needs. Teachlng staff regularly attend training courses in order to
enhance their personal performance and to improve the quality of the curriculum, The school reviews its
academlc syllabus and teachlng methods to benchmark standards and value-added criteria.
Extra-currlcular actlvltles
Durlng the year the School ran various overseas trips, as well a full summer programme of UK-Based residentlal
term-time trips that were offered to every pupil in Years 5-8. The School mainiained its wide educational
programme to provide as many extra-curricular activities for the children as possible. Hence, educational visits
have been undertaken and workshops have been provided. Extended care at both ends of the day has
enriched children's experlence and has supported and enabled working parents.
Music remains very strong at the school with a large uptake of participants. Many of our boys learn an
instrument with half of those learning or more to progress through ABRSM grade exams Our weekly
composition club which builds on class music lessons and the use of Sibelius so￿are led to boys hearing thelr
own compositions being played by a visiting professional string quartet.
The school contlnues to put out a tremendous number of sports teams, supporting inclusion as well as
performance at the highest level. This year, once again. we compeied against other schools across a wide
range of sports including, basketball, rugby, football, athletics, cricket and cross country.

LOCHINVER HOUSE SCHOOL
GOVERNORS, REPORT {¢ontinued>
FOR THE YEAR ENDED 31 AUGUST 2024
Developments in tho School
During the year the schod commissioned a range of projects to improve the fabric of the school and enhance
facilities for the boys. Two significant projects were undertaken during the summer holidays. One was the
redevelopmenl of the building adjacent to the central playground and the second project was to develop the Pre
Prep Building in readiness for our incoming Little Lochies in September 2024.
We have installed a sail to provide protection from the elemenls in Ihe pre prep play area, improved toilet
facilities in the Pre-Prep building, re-developed the Atrium lo provide a ftexible space for welfare aclivities.
completed the installation of LED lighting throughout the School and redecorated many areas as part of our
annual maintenance programme. We continue to invest in IT and digital resources for the benefit of the boys,
including a full upgrade of the school Wi-Fi and firewall, All boys in year 5 and above have the use of their own
iPad, with classes in lower year groups all havlng dlrect access to one-to-one portable devices.
Publlc Beneflt
The Governors have considered the requirements explained in guidance produced by the Charity Commission,
on their duty to report in the Annual Report on public benefit.
Bursaries
The Governors recognise that the level of independent education fees may exclude many boys from applylng
for a place at the School bul they are committed to widening the access to the educ8tion offered. Accordingly.
the Governors set a fixed sum to provide bursaries for those boys whose parents could otherwise not afford
to send them to our School. The Governors have a formal Bursary Policy and a Governors, Bursary Award
Committee assesses all applications and r8POrt to the Board. Details of bursaries are included on the School
Website. The Governors budgeted £110,000 for bursaries in 2023124 (202212023: £134,000) an amount whlch
is reviewed on an annual basis.
In 2023124 the School supported eleven (2022123.. seven) pupils through our Bursary Scheme, one (2022123..
one} of whom were on a full bursary. The support which is available on a needs basis as determined by the
Governors, Bursary Award Committee reduced annual income from scale fees by £127,436 (2022123 £77,599).
The Governors have increased the level of funding for bursaries for the financial year 24125 and continue to
seek to recruit bursary candidates via the Admissions process.
Other Publlc Boneflt
The school continues to support various good causes via the Head Boys, Charities, The donatlons support
various national and local charities which benefit Ihe community. In 2023124 the charities were Downs Syndrome
Association. Herts Young Homeless and British Heart Foundation.
The facilities of the school are made available to outside organisations to benefit the education of children and
adults. School links wilh the community continue with our association with the local yOLJth organisations. We
also have strong Ilnks wlth the residents, association, printing their newsletters in-house.
Equallty Dlverslty and Incluslon (EDI)
The Board views EDI as an "all school" strategic priority in which all stakeholders are involved in the
development and implementation, allowing us to gain a better understanding of the lived experiences of our
pupils, staff, parents and community. Our EDI strategy sits alongside our Equal Opportunities Policies. A key
mission is to achieve an enriched community becoming more equitable, diverse and inclusive. strengthened
and anchored by our Core Values of Honesty, Kindness and Respect.
Charlty Fundraising
The school has nol made any fundraising appeals io the public during the year and is unlikely to do so in the
future. There has been no outsourced fund raising via professional fundraisers or other third parties. As a
resull. the charity is not registered wilh the fundraising regulator and received no fundraising complaints in the
year.

LOCHINVER HOUSE SCHOOL
GOVERNORS, REPORT (contlnued)
FOR THE YEAR ENDED 31 AUGUST 2024
Volunteers
Volunteers from our parent body continue to provide invaluable support to our educational programme. The
school continues to enjoy the support of volunteers and parental helpers in the classroom. The level of this
voluntary service is Invaluable to the school in providing the excellent level of education to which the school is
committed. The Governors would like to thank all those volunteers for their valuable support. The school also
appreciates the number of parents who donate their time to take boys for readingsupport. The Parent Teacher
Association meets regularly to organlse and run social events to raise funds for the school. In 2023124 these
included the Christmas Fayre, Easter Egg Hunt, Summer Fete and the ever-popular Bingo Night.
Looklng ahead
In September 2024 we wlll open our pre-prep, welcoming Little Lochies into our growlng community. The
following year we are excited to welcome girls into Little Lochies, Receptlon and Years 1 and 2 as we mark Ihe
start of our joumey as a coeducational prep school.
From September 2024, throughout the pre-prep we will be following the Intarnatlonal Early Years Currlculum
and the International Prlmary Curriculum, which offers a hollstlc approach to learning, Integrating multiple
subjects, encouraging Inqulry-based learning and promoting the development of key skllls, knowledge and
understanding across varlous dlsclpllnes.
In September 2024 we are also excited to have appolnted our first Forest School teacher to support the broad
holistic approach to learning outside of the classroom.
Flnanclal Results
The results are shown In the accompanying financlal statements on pages 15 to 28. Durlng the financial year,
the School generated Incorne of £5,824.940 {2023: £5,514,176) from school actlvltles.
Expendllure of £5,896,333 (2023: £5,377,292) wa8 Incurred.
Additions to fixed assets totalled £244,412 (2023: £1,128,859) and included £47,963 {2023'. £46,513) for
computer equipment, £112,003 (2023: £559.450) on building improvements and equipment, £28.740 (2023,,
£48,261) on motor vehicles, and £55,706 (2023., £474.635) on fixtures & fittings.
The School has an objective to achleve a surplus each year to ensure that there are sufficient reserves to
manage the School prudently and to provide funds for future capilal expenditure. The accumulation of reserves
to date enables the ongoing implementation of the School's Development Plan. However. in the year under
review there was a deficit of £71,393 (2023: surplus of £122,134) as a result of a number of non-recurring costs
includlng legal and actuarial fees to support the TPS consultation, preparing for the opening of Little Lochies,
legal costs in connection wlth the decision to go co-educational from September 2025 and marketlng and
strategic advice to support the School in navigating the challenges that the sector is facing.
Notes 13 to 16 split the reserves between those held for a speclfic purpose (restricted funds) and Ihose available
for the day-to-day requirements of the School (unrestricted funds). The School's assets are considered sufficient
to meet its obligations.
Key management personnel
The Governors have identified the Head and Bursar as key management personnel. The salary of these key
management personnel is set by the Board of Governors after assessing their performance and reviewlng
market benchmarks.

LOCHINVER HOUSE SCHOOL
GOVERNORS, REPORT {contlnued
FOR THE YEAR ENDED 31 AUGUST 2024
Investment Pèrformance
The Articles of Association permit funds to be invested in such investments, securitles and property as may be
thought fit. At present investment income is generated by placing funds with up to three separate banks to
minimise risk. as determlned by the Bursar, to whom such responsibilities are delegated by the Governors under
the Terms of Reference of the Treasury Policy.
Resources and reserve poll¢y
The school's unrestricted funds represent two types of fund. The designated School Buildings" of £5,671.812
(2023: £5,671.812) represents unrestricted funds retained to finance the freehold property of the school. The
balance of the unrestricted funds of £4,019.209 (2023.. £4.090.086) represents general reserves to cover normal
fluclualions in working capital, to finance the continuing development of the School and to help fund provision
for bursaries. The balance of restricted funds is £7,770 {2023'. £8.286) which represent funds raised by the boys
for external charitable purposes.
Prlnclpal Rlsks & Uncertalntle8
The Governors carry out regular reviews of the school's activities and operations. As part of that review process
the Nominations and Governance Committee reviewed the actions taken, or proposed to be taken, by the School
to identify and manage the main risks to which the School is exposed. Through the reports and
recommendations of the Nominations and Governance Cornmittee, the Governors monitor the effectiveness of
the school's internal policies and procedures for the management of such risks, including the adequacy of the
school's insurance cover,
The school has identlfled the following as the principal risks it faces:
The turmoil in the sector that has resulted from the current government's pledge to introduce VAT on
School fees. All schools are considering their long-term viabllity, and this has resulted in unprecedented
changes in the way the sector meets the shifting demand for independent school education. The number
of school mergers, acquisitions and closures is on scale that is creating waves in a normally stable
sector. The Governors at Lochinver continue to closely monitor developments and wlll continue to
respond to local developments to secure the future of the school.
Mainlaining pupll numbers when birth rates are declining nationally poses a financlal rlsk. We also know
that the imminent impositSon of VAT on school fees will pul further pressure on parents, many of whom
are already making significant sacrifices io support the cost of the children's education. Strategies for
managing this risk include the introduction of Little Lochles In September 2024 and the move to
coeducation the following year. We have also Invested in marketing which is fundamental to pupil
recruitment and retention.
The capacity of the school to adapt practlcally and efficiently to changes in Ihe legislativ8 requirements
for the education and charity sectors. Stralegies for managing this risk include detailed financial
planning to ensure that the school has robust plans to mitigate the impact of the imposition of VAT on
school fees and other such changes when implemented. The School also has a dedicated HR &
Compliance Manager and compliance is addressed at every meeting of the Board of Governors. Senior
staff and Governors undertake frequent training and receive sector updates to ensure they remain well
informed of upcoming legislative changes.
The Board recognises thal it is impossible to guaranlee that all risk has been eliminated entirely but strives to
ensure strategies, systems and plans are in place to mitigate identifiable risks.
10

LOCHINVER HOUSE SCHOOL
GOVERNORS, REPORT (continued)
FOR THE YEAR ENDED 31 AUGUST 2024
STATEMENT OF DIRECTORS, RESPONS181LITIES
The Governors (who are also Directors of Lochinver House School for the purposes of company law) are
responsible for preparing the Governors, Report and th8 finanGial stat8ments in accordance with applicable law
and United Kingdom Accounting Standards (Unlted Klngdom Generally Accepted Accounting Practice).
Company law requires the Governors to prepare financial 5taternents for each financial year which give a true
and falr vlew of the state of affairs of the charitable company and of the incoming resources and applicatlon of
resources, Including the income and expenditure, of the charity for that year. In preparing these financial
statements, the Governors are required to:
Select suitable accounting poll¢les and then apply them ¢on8lstently',
Observe the methods and principles in the Charities SORP:
Make Judgements and estimates that are reasonable and prudent.,
State whether applicable UK Accounting standards have been followed, subject to any materSal
departures disclosed and explalned In the financlal statements.,
Prepare the financial statements on the going concern basis unless it Is inappropriate to presume that
the charltable company will continue in business.
The Governors are responslble for keeplng proper accounting records that are sufficient to show and explaln
the School's transactlons, disclose with reasonable accuracy at any time the financial position of the charltable
company and enable them to ensure that the financial statements comply with the Companies Act 2006. They
are also responsible for safeguarding the assets of the charltable company and hence for taklng reasonable
steps for the preventlon and detectlon of fraud and other Irregularltles.
So far as each of the Governors Is aware at the tlme the report Is approved..
there is no relevant audlt Informatlon of which the company's audltors are unaware; and
the Governors have taken all steps that they ought to have taken to make themselves aware of any relevant
audit information and to establish that the auditors are aware of that information.
AUDITOR
Haysmac LLP have expressed their willingness to continue In office as auditors and a resolutlon proposing their
re-appointment will be submitted at the Annual General Meeting.
In approving thls Governors Report, the Board are also approving the Strategic Report Included herein their
capacity as company directors.
Approved bythe Board of Directors at its meeting on 11 11. 2aw and signed on Its behalf by:
kJ3¥M-
N D Gilb¢rt
Chalr

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LOCHINVER HOUSE SCHOOL
Opinion
We have audlted the financial slatements of Lochinver House School for the year ended 31 August 2024 which
comprise of the Statement of Financial Activities, the Balance Sheet. the Cash Flow Statement and notes to the
financial statements. including a summary of significant accounting policies. The financial reporting framework
that has been applied In their preparation is applicable law and United Kingdom Accounting Standards. including
Financlal Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of
Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of the
charitable company's net movement In funds, including the income and expenditure, for the year then
ended:
have been properly prepared in accordance with United Kingdom Generally Accepted Accountlng
Practice., and
have been prepared in accordance with the requlrements of the Companies Act 2006.
Basis for oplnlon
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditor's responsibilitles forthe audit
of the financial statements section of our report. We are independent of the charity in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical
Standard, and we have fulfilled our other ethical responsibilities in accordance wlth these requirements. We
believe thal the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Concluslons relatlng to golng concern
In auditing the financial statements, we have concluded that the Governors, use of the going concern basis of
accounting in the preparation of Ihe financial slatements is appropriate.
Based on the work we have performed, we have not Identified any material uncertainties relaiing to events or
conditions that, individually or collectively. may cast significanl doubt on the charitable Company's abillty to
continue as a going concern for a period of at least twelve months from when the financial statements are
authorised for issue.
Our responsibilities and the responsibilities of the Governors with respecl to going concern are described in the
relevant sections of this report.
Other Informatlon
The Governors are responslble for the other Information. The other information comprises the information
included In the Governors, Report. Our opinion on the financial statements does not cover the other Information
and, except to the extent othemise explicitly stated in our report, we do not express any form of assurance
conclusion thereon.
In connection with our audit of the financial slalements. our responsibility is to read the other information and,
in doing so, consider whelher the other information is materially inconsistent with the financial statements or our
knowledge obtained in the audit or olherwise appears to be malerially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are required to determine whether there is a material
misstatement in the financial statements or a material misstatement of the other information. If, based on the
work we have performed, we conclude that there Is a materlal mlsstalement of thls other informatlon, we are
required to report that fact. We have nothing to report in Ihis regard.
Oplnlons on other matters prescribed by the Companles Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the Governors. Report (which includes the strategic report and the directors,
report prepared for Ihe purposes of company law) for the financial year for which the financial
statements are prepared is consislent with the financial statements., and
the strategic report and the directors, report included within the Governors, Report have been prepared
in accordance with applicable legal requirements.
12

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LOCHINVER HOUSE SCHOOL (Continued)
Matters on which we are requlred to report by exceptlon
In the light of the knowledge and understanding of the charitable company and its envlronment obtained in the
course of the audit, we have not identified material m15Statements in the Governors. Report (which incorporates
the strategic report and the directors, report).
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006
requlres us to report to you if, in our opinion:
adequate accounting records have not been kept by the charitable company,. or
the charitable company financial statements are not in agreement with the accounting records and
relurns,. or
certain disdosures of Governors, remuneration specified by law are not made; or
we have not recelved all the information and explanations we require for our audit
Re8ponslbllltles of Gov•rnors for tha flnanclal 8tatement8
As explained more fully in the Governors, responsibilities statement set out on page 10, the Governors are
responsible for the preparatlon of the financial statements and for being satlsfied that they give a true and falr
vlew. and for such internal control as the Governors determine is necessary to enable the preparation offinancial
statements that are free from material misstatement, whether due to fraud or error.
In preparlng the financial statements, the Governors are responsible for assessing the charltable company's
ability to continue as a going concern, dlsclosing, as applicable. matters related to golng concern and using the
going concern basls of accountlng unless the Governors either Intend to liquidate the charltable company or to
cease operations, or have no realistic alternative but to do so.
Audltorf8 re8ponslbllltle8 for the audlt of tha flnanclal statement8
Our objeclives are to obtaln reasonable assurance about whether the flnancla5 statements as a whol8 are free
from material mlsstatement, whether due to fraud or error, and to Issue an audltor's report that includes our
opinion. Reasonable assurance is a high level of assurance but Is not a guarantee that an audit conducted in
accordance with ISAS (UK) will always detect a materlal misstatement when it exists. Misstatements can arlse
from fraud or error and are considered material If, Indlvldually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basls of these financial statements.
Irregularltles, Includlng fraud, are Instances of non-compliance wlth laws and regulations. We desSgn procedures
in line with our responsibilitSes. outlined above, to detect materlal misstatements in respect of irregularities,
Including fraud. The extent to which our procedures are capable of delecting irregularities, including fraud is
detalled below:
Based on our understandlng of the charitable company and the environment In whlch It operates, we identified
that the principal risks of non-compliance with laws and regulatlons related to ISI regulations, health and safety
law, safeguarding regulatlons, GDPR and employment law. We considered the extent to which non-compliance
might have a material effect on the financial statements. We also considered those laws and regulations that
have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the
Charities Act 211 and payroll tax.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial
statements (Including the risk of override of controls), and determined that the principal risks were related to
posting inappropriate journals to revenue and management blas In accounting estimates. Audit procedures
performed by the engagement team included:
Inspecting correspondence wlth regulators and tax authorities,.
Discussions with management including consideration of known or suspected instances of non-
compliance wilh laws and regulation and fraud,.
Evaluating management's controls designed to prevent and detect Irregularities.,
Identifying and testing journals, in particularjournal enlries posted with unusual account combinations,
postings by unusual users or with unusual descriptions: and
Challenging assumptions and Judgements made by management in their critical accounting estimates
13

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LOCHINVER HOUSE SCHOOL (contlnued)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment. forgery. collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at.. www.frc.or
.uklauditorsres
sibilities. This description forms part of our
auditor's report.
Use of our report
This report is made solely to the charitable company's members. as a body. in accordance with Chapter 3 of
Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable
company's members those matters we are required to state to them in an Auditor's report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
the charitable company and the charitable company's members, as a body, for our audit work, for this report. or
for the opinions we have formed.
kLJ
Thomas Wibon (Senior Statutory Auditor)
For and behalf of Haysmac LLP, Statutory AudStor
Date 18112124
10 Queen Street Place
London
EC4R 1AG
14

LOCHINVER HOUSE SCHOOL
STATEMENT OF FINANCIAL ACTIVITIES
{Incorporatlng Income and expendlture account)
FOR THE YEAR ENDED 31 AUGUST 2024
Restrlcted Unrestrlcted
Fund
Fund
Total
2024
Total
2023
Note
INCOME FROM:
Voluntary Incomo
Donations
9,234
11,496
20.730
24,506
Charltabl• actlvltles
School Fees receivable
Registration fees and other Income
5,508,912
184,581
5,508,912
184,581
5,295,335
139.885
Other tradlng actlvltles
Rents and letllngs
Investment income
13,067
87,888
13,067
87,888
7,871
46,579
Other Income
9,762
9,762
Total Incom•
9,234
5,815,706
5,824,940
5.514,178
EXPENDITURE ON..
Charltabl• Actlvltles
School Operating costs
9,750
5,886,583
5,896,333 5,392,042
Total oxpendlture
9,750
5,886,583
5,896,333
5,392,042
Net (oxpendlture)Iln¢ome
(516)
(70,877)
{71,393)
122,134
Transfers between funds
Net movement In funds
(516)
(70,877)
{71,393)
122,134
Balances brought forward
8,286
9,761,898
9,770,184
9,648,050
Balance8 at carrled forward
13
£7,770 £9,691,021
£9,698,791 £9,770,184
There were no acquisitions or discontinued activities durlng the year. There were no other recognised gains or
losses during the year.
The accompanying notes form part of these accounts.
15

LOCHINVER HOUSE SCHOOL
Company No. 04374254
BALANCE SHEET
AS AT 31 AUGUST 2024
2024
2023
Notes
FIXED ASSETS
Tanglblé assets
School land. buildings and equipment
6,397,336
6.451,769
CURRENT ASSETS
Debtors
Cash at bank and In hand
10
203,635
4,364,304
160,226
4,868,304
4,567,939
5.028,530
CREDITORS: amounts falling due
within one year
11
(1,120,809)
(1,556.390)
NET CURRENT ASSETS
3,447,330
3,472.140
TOTAL ASSETS LESS CURRENT
LIABILITIES
9,844,666
9,923,909
CREDITORS: amounts falling due
after one year
12
(145,875)
(153,725)
TOTAL NET ASSETS
£9,698,791
£9,770,184
CAPITAL AND RESERVES
Unrestricted funds
Designated.. School Buildlngs
General funds
13
5,671,812
4,090,086
9,691.021
15
9,691,021
9,761,898
Restricted funds
16
7.770
8,286
£9,698,791
£9,770,184
Approved by the Board of Directors at its meeting on i l Trd Cernty 2LX4 and slgned below on ils behalf
by".
N D Gilbert
Chair of Governors
16

LOCHINVER HOUSE SCHOOL
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
2024
2023
Cash flows from operatlng actlvltles:
Net cash pmvided by operatlng activltios
(364,877)
809,164
Cash flows from Investlng actlvltles:
Interest received
Proceeds from sale of fixed assets
Payments for tanglble fixed assets
87,888
17,401
{244,412)
46,579
3,050
(1,128,860)
Net cash used In Investlng actlvltles
{139,123)
(1,079.231)
Change In cash In the reportlng year
(504,000)
(270,067)
Cash at the beglnnlng of the reportlng year
4,868,304
5,138,371
Ca8h at tho end of the reportlng year
£4.364,304
£4,868,304
Reconclllatlon of net Incomo to nat ca8h flow from operatlng actlvltl•s
2024
2023
N•t (doflclt) Income for tho roportlng year
{a8 per the statement of flnanclal actlvltles)
Adjustments for:
Depreciation charges
Loss (Profit) on dlsposal of flxed assets
Interest received
(Increase) in Debtors
(Decrease) Increase in credltors
(71.393)
122,134
291,206
(9,762)
(87,888)
(43,409)
(443,631)
252,755
68,934
(46,579)
(52,365)
464,285
N•t ¢ash provlded by oporatlng actlvltles
£(364,877)
£809,164
Analys18 of ¢ash and cash equlvalents
2024
2023
Cash at bank
4,364,304
4.868,304
Total cash and cash equivalent8
£4,364,304
£4,868,304
17

LOCHINVER HOUSE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
ACCOUNTING POLICIES
The financial statements have been prepared in accordance with Accounting and Reporting by Charities:
Statement of Recommended Practice applicable to charities preparing their accounts in accordance wlth
the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (Charitles SORP
Second Edition, effective 1 January 2019). the Financial Reporting Standard applicable in the UK and
Republic of Ireland (FRS 102) and the Companies Act 2006.
The functional currency of the school is considered to be GBP because that is Ihe currency of the primary
economic environmenl in which the school operates.
The school is a Public Benefit Entity registered as a charity in England and Wales and a company limited
by guarantee (Gompany number.. 04374254 and charity number.. 1091045).
a) Ba818 of Preparatlon
The accounts are prepared under the historical cost conventlon.
b) Golng concern
Having reviewed the funding facilities available to the school together with the expected ongolng demand
for places and the school's future projected cash flows. the Governors have an expectation that the school
has adequate resources to continue its activities for the foreseeable future and consider that there were
no material uncertainties over the school's financial viability. Accordingly, they also conlinue to adopt the
going concern basis in preparing the financial statements as outlined in the Statement of Accounting and
Reporting Responsibilities on page 11.
c) Crltlcal accountlng Judgements and key sources of estlmatlon unc•rtalnty
In the applicalion of the accounting policies, Governors are required to make judgement. estimates, and
assumptions about the carrying value of assets and liabilities that are not readily apparent from other
sources. The estimates and underlying assumptions are based on historical experience and other f8Ctors
that are relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the ye8r in whlch the estimate is revised if Ihe revision affects only that year,
or In the year of the revision and future years if the revision affected currenl and fulure years.
Judgements made by the Governors, in the application of these accounting policies that have significant
effect on th8 financial statements 2nd eslimates with a significant risk of material adjustment in the next
year are deemed to be in relation to the depreciation rales of tangible fixed assets and are discussed
below.
In the view of the Governors, no assumptions concerning the fulure or estimation uncertainly affecting
assets or liabilities at the balance sheet date are likely to result in a material adjuslmenl to their carrying
amounts in the next financial year.
d) Fees and Slmllar Income
Fees receivable and other fees are accounted for in the year in which the service is provided. Fees
receivable represent fees less bursaries and allowances and other income derived from the School's
continuing activilies.
e) Investment Income
Investment income from bank balances and fixed interest securitles is accounted for on an accruals basis.
18

LOCHINVER HOUSE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
ACCOUNTING POLICIES (Gontlnued)
fj Donatlons, legacle8, grants and other voluntary Incorne
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) Expendlture
Expenditure is accounted for on an accruals basis and are allocated to expense headings on a dlrect cost
basis. The irrecoverable VAT Is Included wlth the Item of expense to whlch It relates. Governance costs
comprise costs incurred in meetlng statutory and constitutlonal requirement8 of the School.
h) Tanglble Flxed Assets
No depreciation is provided on freehold land. For all other assets, depreciation is calculated to write off
the cost ofthe item over the anticipated useful life as follows:
Freehold buildings
Fixtures, flttlngs andequipment
Long-iem) fixtures, fittings and equlpment
Computer equipment
Motor vehicles
2Vo Stralght Ilne basls
250/0 Straight line basis
40A straight line basis
25¥0 Straight line basis
25% reduclng balance basls
Items costlng less than £1,000 are wrltten off as an expense as acqulred. Items are depreclatedonly for
six months in the year of acquisition,
l) Penslon contrlbutlon8
The company contributes to the Teachers, Penslon Scheme at rates set by the scheme actuary. It is part
of a multi-employer scheme and it is not possible to atlrlbute a v81ue to the scheme assets and liabilities
which would be appropriate to the company. In accordance with FRS 102 Ihe scheme Is accounted for
as rf it were a defined contribution scheme. The assets of the scheme are held separately from those of
the company. The pension cosl charge represents the amount ofthe contributions payable to the scheme
Sn respect of the year.
With effect from 1 August 2024, the school's penslon provider for teachers Jolnlng the School and for
teachers choosing to opt out of the Teachers, Pension Scheme is the Aviva Pension Trust for Independent
Schools (APTIS). The company also contributes to personal pension schemes for non-teaching staff and
contributions to both these schemes are charged to the Statement of Flnanclal Actlvitles In the year in
which they are incurred.
J) Unrestrlcted Funds
Unrestricted Funds are funds applied at the discretion of the Governors In furtherance of the objects of
the School.
k) Restrlcted funds
This represents the monies received for specific purposes as disclosed in note 16.
19

LOCHINVER HOUSE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
ACCOUNTING POLICIES (¢ontlnued)
l) Financlal instrument8
Basic financial instruments are initially recognised at transaction value and subsequently measured at
amortlsed apart from investments which are held at falr value, Financlal assets held amortised cost
Gomprise cash at bank and in hand, together with trade and other debtors. A specific provision is made
for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in
instanl access bank accounts and used as worklng capital. Financlal liabilities held at amortised cost
comprise all creditors except social security and other taxes and provisions
m) Trade and other debtors are recognised at the settlement amount due after any trade dlscount
offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
n) Cash at bank and In hand
Cash at bank and cash In hand includes cash and short term highly liquid investments.
o) Credltors and provl8lon8
Creditors and provisions are recognised where the School has a present obllgation resulting from a past
evenl that will probably result in the transfer of funds to a Ihird party and the amount due to settle the
obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at
their settlement amount after allowing for any trade discounts due.
20

LOCHINVER HOUSE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (contlnued)
FOR THE YEAR ENDED 31 AUGUST 2024
FEES RECEIVABLE
Unr6strlcted
funds
2024
Unrestrlcted
funds
2023
Gross fees
Less.. tolal bursaries and staff concessions
5,659,722
{150,810)
5.402.652
(107,317)
Fees Receivable
£5,508,912
£5,295,335
REGISTRATION FEES AND OTHER INCOME
Unrestrlcted Unrestrlcted
funds
funds
2024
2023
Registration and other fees includlng Inltlal deposits forfeited
Sundry income
Before & After School clubs and muslc tultlon
60,001
25,317
99,263
54,641
13,555
71,689
£184,581
£139,885
STAFF COSTS
2024
2023
Staff costs incurred were asfollows:
Wages and salarles
Social securlty costs
Other pension costs
Other Costs
3,109,258
314,889
545,962
131,176
2,867,763
288,420
476,770
132,897
£4,101,283
£3,765,850
Included in Wages and Salaries, there Ss a termination payment made in the year totalllng £21,000.
The average number of employees during the year within each category of persons was,.
Number
Number
Teachlng
Welfare and premlses
Administration
84
21
10
18
95
The Governors received no remuneration. No Governors were reimbursed expenses durlng the
year (2023.. £nil).
Aggregate employee benefits of key management personnel
£180,732
£166,517
21

LOCHINVER HOUSE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (contlnued)
FOR THE YEAR ENDED 31 AUGUST 2024
STAFF COSTS (contlnued)
The number of higher paid employees (including taxable benefit5 but excluding employers,
pension contributions) to 31 August 2024 was:
2024
Number
2023
Number
£60.001- £70,000
£70,001 - £80,000
£100,001- £110.000
The School participates in the Teachers, Pension Scheme ("the TPS"), for Its teaching staff. The pension
charge for the year includes Contributions payable to the TPS of £427,337 (2023: £424.402) and at the year-
end £55,634 (2023.. £44,574) was accrued In respect of contributions to this scheme.
The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers.
Pensions Regulations 2010 (as amended) and The Teachers, Pension Scheme Regulations 2014 las
amended). Members contribute on a "pay as you go" basis wilh contributions from members and the
employer being credited 10 the Exchequer. Retirement and other pension benefits are paid by public funds
provided by Parliament.
The employer contribulion rate is sel by Ihe Secretary of State following scheme valuations undertaken by
the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at
31 March 2020 and the Valuation Report was published in October 2023.
Following the Mccloud judgement, the remedy proposed that when benefits become payable, eligible
members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015
to 31 March 2022. The actuaries have assumed thal members are likely to choose the option thal provides
them with the greater benefits, and in preparing the 2020 valuation has valued the 'greater value, benefits for
groups of relevant members.
The employer contribution rate for the TPS is 28.60/0, and employers are also required to pay a scheme
administration levy of 0,08°k giving a tolal employer contribution rate of 28.680/0.
22

LOCHINVER HOUSE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS {contlnued)
FOR THE YEAR ENDED 31 AUGUST 2024
EXPENDITURE
2024
2023
Direct charitable expendlture includes:
Depreciation
£291,206
£252,755
Governance costs Include:
Auditors, remuneration
audlt
non audit
Dlr8Qtors liability insurance
18,000
1,920
13,250
1,500
1,548
INVESTMENT INCOME
Unrestrlcted
fund8
2024
Unrestrlctod
funds
2023
Bank interest
£87,888
£46,579
7. ANALYSIS OF TOTAL EXPENDITURE
Staff
cost8
Total
2024
Other
Deproclatlon
Charltable a¢tlvltla8
School Operating Costs:
Teaching
Welfare
Premises and equipment
Support and governance costs
Head Boys, charltable donations
3,216.360
132,198
252,176
500,549
324,407
133,235
689,666
346,786
9,750
3,540,767
265,433
1,233,048
847,335
9,750
291,206
£4,101.283
£1,503,844
£291,206
£5,896,333
23

LOCHINVER HOUSE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS {continued)
FOR THE YEAR ENDED 31 AUGUST 2024
ANALYSIS OF TOTAL EXPENDITURE
(Prior Year)
Year-ended
Total
2023
Staff
C08ts
Other
Depreclatlon
Charltable a¢tlvltl•s
School Operating Costs..
Teaching
Welfare
Premises and equipment
Support and governance costs
Head Boys, charitable donations
3,008,396
113,664
237,333
406,457
262,579
126,827
749,060
227,171
7,800
3,270,975
240,491
1,239,148
633,628
7,800
252,755
£3,765,850 £1,373,437
£252,755
£5,392,042
PENSION COMMITMENTS
Staff costs include payments by the company to the Teachers, Pensions Scheme of £427,337 (2023:
£424,402) and to individual defined contribution schemes on behalf of certain employees of £82,040
(2023.. £52,368). The amount owing at the year-8nd in respect of TPS was £55,634 (2023.. £44,574).
There was nothing owing in respect of the defined conlribution schemes (2023 £nil).
24

LOCHINVER HOUSE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (contlnued)
FOR THE YEAR ENDED 31 AUGUST 2024
9. TANGIBLE FIXED ASSETS
Flxtures
Flttlngs &
Computer
Motor
Equlpment Equipment Vehicles
Freehold
Land
Freehold
Bulldlngs
Total
Cost
At 1 September
2023
Additions
Disposals
425.806
7,265,198
875,459
476,223
168,525 9,211,211
112.003
55,706
(89,627)
47,963
28,740
244.412
{24,145) (113.772)
At 31 August 2023
425,806
7,377,201
841.538
524,186
173.120 9.341,851
Depreclatlon
At 1 September
2023
Charge for the year
Dlsposals
2,019,191
273,565
368,268
98,418 2,759,442
142,874
74,777
(89,627)
54,345
19,210
291,206
(16,506) (106,133)
At 31 August 2024
2,162.065
258,715
422,613
101.122 2,944,515
Net Book Valuo
At 31 August 2024
425,806
5,215,136
582,823
101.573
71,998 6,397.336
At 31 August 2023
425,806
5,246,007
601,894
107,955
70,107 6,451,769
The above assets Include those acqulred from Lochlnver House School Trust on 31 March 2002 for
£2,985,449 being the net book value to the Trust at the date of transfer. The land and buildings were
originally acqulred by that Trust In 1957 when the School was founded by Trust Deed and since that
date, various Improvements and extenslons had been made to the buildings.
The remainder of the assets have been acquired slnce the company was incorporated and are stated
at cost less depreciatlon.
10. DEBTORS
2024
2023
Fees receivable
Other debtors and prepayments
31,225
172,410
43,915
116,311
£203,635
£160,226
11. CREDITORS: amounts falllng due wlthln one year
2024
2023
Fees in advance and initial deposlts
Trade creditors
Other creditors and accruals
492,381
152,728
475,500
523,027
115,142
918,221
£1,120,609
£1,556,390
25

LOCHINVER HOUSE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (contlnued)
FOR THE YEAR ENDED 31 AUGUST 2024
12. CREDITORS: amounts falling due after more than ono year
2024
2023
Long term deposits held
£145,875
£153,725
13. MOVEMENT IN FUNDS
Balance at 1
September
2023
Transfer
tol(from)
fund
Balance at
31 August
2024
Income
Expenditure
Unrestricted funds
School Buildings fund
Other reserves
5,671,812
4,090,086
(5.671,812)
5,671,812
5.815,706
(5,886,583)
9,691,021
9,761,898
5,815,706
(5,886,583)
9,691,021
Restricted funds
8.286
9,234
(9,750)
7,770
Total
£9,770,184
£5,824,940 £{5,896,333)
£9,698,791
MOVEMENT IN FUNDS
(Prior Year)
Balance at
1 September
2022
Balance at
31 August
2023
Transfer tol
Expendlture (from) fund
Income
Unrestricted funds
School Buildings fund
Other reserves
5,280,099
4,359,657
391,713
(5.384,242) (391.713>
5,671,812
4,090.086
5,506,384
9,639,756
5,506,384
(5,384,242)
9,761,898
Restricted funds
8.294
7.792
(7,800)
8,286
£9.648,050
£5,514.176 £(5,392.0421
£9,770,184
14. ANALYSIS OF NET ASSETS BETWEEN FUNDS
2024
Total
Unrestrlcted
Restrlcted
Fixed assets
Debtors
Cash at bank and in hand
Creditors
6,397,336
203,635
4.356,534
(1,266.484)
6,397,336
203,835
4,364,304
{1,266,484)
7,770
£9,691,021
£7,770 £9.698,791
26

LOCHINVER HOUSE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 AUGUST 2024
ANALYSIS OF NET ASSETS BETWEEN FUNDS
(Prior Year)
2023
Total
Unrestrlcted R•strlcted
Fixed assets
Debtors
Cash at bank and in hand
Creditors
6,451,769
160,226
4,860,008
(1.710,115)
6.451,769
160,226
8,296 4.868,304
(1,710,115)
£9.761,888
£8,296 £9,770,184
15. UNRESTRICTED FUNDS
The School's unrestricted funds amount to £9,675,804 {2023 - £9,761,898). During the year the
Governors decided to combine the School Bullding Fund (a nominal designated fund) with other general
reserves as the designatlon was no longer requlred. The unrestricted funds represent free reserves lo
cover normal fluctuations In working capital and to finance the contlnuing development of the School
Including maintaining and Improving the underlying fixed assets.
16. RESTRICTED FUNDS
The restricted funds of £7,770 (2023: £8,286) relate to monies held by the School on behalf of pupils
for external charitable purposes. Transfers from restrlcted funds have been made to reflect the
assets funded from restricted donations becoming unrestricted upon purchas8.
17. CAPITAL COMMITMENTS
There were no capltal commltments at the year end {2023 - £nll).
18. FINANCIAL COMMITMENTS
At 31 August 2024 the charlty had annual commitments under non-cancellable operating leases of
£6,682 due withln one year {2023: £6,682) and £6,676 due between two and five years (2023: £13,358).
19. TRANSACTIONS WITH RELATED PARTIES
During the year the company paid for the Directors, 118bility insurance. The cost of the premium is
Included within the total Cost of insurance and amounted to £1,548 {2023: £1,548).
During the year, the School pald £3,360 (2023 £2,946) to Helen Phllp. a Governor of the School for her
services as a supply teacher.
There were no other related paty transactions durlng the year (2023.. None).
20, LIABILITY OF MEMBERS
The Company is limited by guarantee and as such each member has guaranteed to contribute a sum
not exceeding £10 to the assets of the company in the event of it being wound up and unable to pay its
debts.
27

LOCHINVER HOUSE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 AUGUST 2024
21. NET DEBT RECONCILIATION
At1
Septemb•r
2023
Other non-
cash
changes
At31
August
2024
Cashflow8
Cash at bank and in hand
£4,868.304
£(504,000)
£4,364,304
Other non-
cash
changes
At31
August
2023
September
2022
Cashflows
Cash at bank and in hand
£5.138,371
£{270,067)
£4,868,304
28