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2022-07-31-accounts

DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

Company Number: 7748737 Registered in England Registered Charity Number: 1144035

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

ANNUAL REPORT

AND GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) GOVERNORS, OFFICERS AND ADVISERS

GOVERNORS AND CHARITY TRUSTEES

The Governors of The Leys and St Faith’s Schools Foundation, "The Foundation" are the Foundation’s Trustees under Charity Law and the Directors of the Charitable Company. The members of the Governing Body who served office as Governors during the year and subsequently are detailed below:

Elected by the Life Donors

Mr A Barrett Mrs A Brunner Chair of St Faith’s Committee The Rev’d Canon Thomas Buchanan Chair of Governors – Resigned 03/10/2022 Mrs W Challen Mrs J Clarke Mr M Elliott Mr C Fairey Mr J Gladwin Chair of The Leys Committee 06/09/2022 Mrs E Hooley Mr C Kidman Hon. Secretary Mr C Kirker Mrs S Loft Mr J May Mr I McCaig Mr T Moore Mr S Peak Mrs H Renfrew Knight Vice Chair of Governors Miss L Sales Mr A Silverton Mr R Webster Hon. Treasurer

Elected by The Leys Common Room Mr M Brown Elected by St Faith’s Common Room Mr R Mitchell

Appointed by the Methodist Council Mrs P Graves Retired 30/06/22 Mr D Humphreys Rev’d J Pursehouse Rev’d A Walker Retired 30/04/22 Ex Officio Members Mr N Lloyd Past President OLS

Governors elected by Life Donors and the Common Rooms are appointed for a term of five years and can be re-elected for a further term. Governors who are appointed as officers can serve a further term. Governors elected by the Methodist Council serve until they retire. The President of the Old Leysian Society is an ex officio member and serves for the period of their presidency and for a further year.

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THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION

(A COMPANY LIMITED BY GUARANTEE) GOVERNORS, OFFICERS AND ADVISERS

EXECUTIVE OFFICERS

The Headmaster - The Leys School

M Priestley MA C Hyde-Dunn MA

The Bursar of The Leys School and Clerk to the Governors P McKeown BA The Bursar of St Faith’s School R Brent MBE MA MSc BEng

ADDRESSES

The Leys School St Faith’s School Trumpington Road Trumpington Road Cambridge Cambridge CB2 7AD CB2 8AG Registered Office as above Websites: www.theleys.net www.stfaiths.co.uk ADVISERS Bankers Svenska Handelsbanken AB (publ) Byron House Cambridge Business Park Milton Road Cambridge, CB4 0WZ Solicitors Birketts LLP 22 Station Road Cambridge CB1 2JD Farrer & Co 66 Lincoln’s Inn Fields London, WC2A 3LH Auditors Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Investment Advisers Quilter Cheviot Investment Management Senator House 85 Queen Victoria Street London, EC4V 4AB Insurance Brokers Hettle Andrews Eleven Brindley Place 2 Brunswick Square Birmingham, B1 2LP

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DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

The Governors of The Leys and St Faith’s Schools Foundation who are also Directors of the Charitable Company for the purposes of the Companies Act present their annual report for the year ended 31 July 2022 under the Companies Act 2006 (“the Act”), together with the audited Financial Statements for the year, and confirm that the latter comply with the requirements of the Act, the Memorandum and Articles of Association and the Charities SORP (FRS102).

REFERENCE AND ADMINISTRATIVE INFORMATION

The Charity was founded in 1875 and was registered with the Charity Commission under charity number 311436. In 2011, the Governors reviewed the legal status of the Foundation and decided the charity should become a Company Limited by Guarantee. This process was completed in December 2011. The Charity Number is 1144035 and the Company Number is 7748737. The Governors, Executive Officers and principal addresses of the Charity are listed on pages 1 and 2. Particulars of the Charity’s professional advisers are given on page 2.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Foundation is administered under a scheme established in December 2011 when the legal status of the charity changed.

Governing Bodies

The structure of The Foundation consists of a single Governing Body which is responsible for the two schools. The details of the Governing Body are explained on page 1 together with information on how the members are appointed.

Recruitment and Training of Governors

The Foundation’s elected Governors are appointed at a meeting of the Life Donors based on nominations received, taking into account eligibility, personal competence, specialist skills and local availability. New Governors are inducted into the workings of the Charity and its schools including Board policy and procedures at an induction day specifically arranged for them by the Clerk to the Governors. Established Governors are then provided with training opportunities including workshops and seminars organised by the Association of Governing Bodies of Independent Schools, the Boarding School Association and other professional organisations. Additional training and information are provided at Governor meetings to ensure Governors are updated on current issues and regulatory requirements.

Organisational Management

The Board of Governors as Trustees of the Charity and Directors of the Charitable Company are legally responsible for the overall management and control of both The Leys and St Faith’s Schools and meet as a board at least three times a year. The work of implementing key policies is carried out by the members of the various committees. These are The Leys School Committee, The St Faith’s School Committee, The Foundation Executive Committee and The Finance and Audit Committee. These committees meet at least once a term and then report to the Full Board meeting at the end of that term.

The Leys Committee deals with issues that are directly relevant to The Leys School. The St Faith’s Committee deals with issues that are directly relevant to St Faith’s School. The Foundation Executive Committee oversees the strategic planning for the Foundation and considers major issues which impact on either school. This Committee also has responsibility to oversee the regulatory compliance of the

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THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

Foundation. The Finance and Audit Committee is responsible for dealing with financial issues affecting both schools.

In addition to these Committees there is also an Investment Committee which meets once a year to review the activities of the Investment advisers. A Nominations Committee meets at least once a year to assist with succession planning for officers and the recruitment of new Governors. The Governors also meet once a year for an away day to discuss strategic issues. Ad hoc committees are established to look at specific issues.

The day-to-day running of the schools is delegated to the respective school Headmasters and Bursars. They are also supported by their Senior Management Teams and together this group are the key management personnel. The Headmasters and Bursars attend meetings of the above committees.

The remuneration of key management personnel is set by the board, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the Foundation’s success. The policy is reviewed annually and appropriate benchmarking data is used to ensure the Foundation considers the broader issues of pay and employment conditions.

Delivery of the Foundation’s charitable vision and purpose is primarily dependent on the key management personnel and staff under the direction of the Governors.

To ensure that the Foundation is following best practice, Governors benchmarked the work of the charity against the latest Charity Governance Code produced by the Charity Commission. The Governors benchmarked against the seven principles, particularly looking at the key outcomes, and identified a few areas where the Foundation could improve the way it operates. Action has been taken to ensure that these improvements are implemented.

Group structure and relationships

Leys Enterprises (Cambridge) Limited was incorporated in 1986 in England and with its registered office at The Leys School, Trumpington Road Cambridge, Cambridgeshire CB2 7AD. The principal activities of the company are the running of the school shops for both The Leys and St Faith’s schools. In addition, the company runs the school’s Balgarnie’s café and the organisation of the summer school staff at The Leys School. All surplus income is donated to the Foundation under the gift aid scheme.

Employment Policy

The Foundation is an equal opportunities employer. We celebrate diversity and do not discriminate based on race, religion, colour, national origin, sex, sexual orientation, age, disability status or any other applicable characteristics protected by law.

The Foundation’s employment policy gives full and fair consideration of applications for employment made by disabled persons, having regard to their aptitudes and abilities; The Foundation provides training, career development and promotion of disabled persons and would aim to continue the employment of employees who become disabled.

The Foundation regularly provides relevant information on the progress of the schools to all staff. The Headmasters at both schools communicate with the teaching staff at the end of each term following the Full Board meetings and at the start of each term. Both schools have established Staff Consultative Committees who meet every term and are provided with relevant information about the schools. The two Bursars also make a presentation to all the support staff following the Full Board meetings.

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THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

Relationships

The Foundation actively supports the attainment of the highest standards in the independent schools’ sector, partly through networking with other major schools and partly through peer group studies for the evaluation of quality and performance improvement methods.

Both schools co-operate with many charities and other local bodies in their endeavours to widen public access to the schools and to optimise the use of their cultural and sporting facilities.

The Foundation also benefits from the generosity of a thriving network of Old Leysians, and Old Fidelians, whose close support the Schools greatly appreciate and gladly acknowledge.

The Foundation works with a whole range of suppliers, many of whom have long standing relationships with the schools. We greatly value those relationships and work hard to foster a genuine sense of partnership.

Statement on compliance with s172(1) Companies Act 2006

The Governors, as Directors, of The Leys and St Faith’s Foundation consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Foundation for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1) (a-f) of the Act) in the decisions taken during the year ended 31st July 2022 as set out above.

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable Objects of The Foundation

The Foundation has two objects:

The religious teaching in the Schools shall be in accordance with that of the Methodist Conference.

Mission Statement for The Leys

The purpose of The Leys is to play our part in changing the world for the better. We do this by making a positive difference to the lives, values and prospects of Leysians, by being professional, caring and rewarding in developing and managing our staff, by being a responsive and trusted partner to our parents, and by making a beneficial and sustainable contribution to the wider community.

Aims

By foundation and structure, The Leys is a boarding community. We also place great value on being a “big, small school” embedded in the heart of Cambridge, and on giving Leysians a rich and rewarding academic and wider school experience – one they find valuable both intrinsically and in preparing for their futures. We seek, in the spirit of our Methodist founders and our Christian values, to send Leysians out into the world ready – academically, culturally, morally, physically, spiritually and socially – to live fulfilling lives which will make a positive contribution to society.

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THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

In order to achieve our Purpose, we aim to deliver an education which:

  1. Is built on three foundation stones: pastoral, academic and wider curricular. Whilst interconnected, ‘pastoral’ is accepted as pre-eminent, because pupils who feel supported and confident are able to flourish in all areas of the life of the school.

  2. Gives Leysians an engaging, rewarding and valuable academic and wider school experience, enriched by our boarding structure and our unique location.

  3. Nurtures, within a community which is Christian in its core values, open and liberal in its world view and diverse in its intake, young people who: display kindness to those around them; have sound values on which they can base their lives; can think for themselves; are able to make the most of the many opportunities on offer; express themselves with articulacy; can perform resiliently under pressure; and become responsible and engaged citizens.

  4. Builds mutually supportive and trusting partnerships with our stakeholders including Governors, parents and Old Leysians so that they can help us to be the best that we can be.

  5. Manages and rewards our staff in a way that builds purposeful, trusting and cohesive teams which are able to work at their best, feeling valued, motivated and able to contribute directly to the success of the School and its pupils.

  6. Ensures, through our charitable, bursarial and partnership work, that The Leys is seen as a force for good in the local and wider community.

Vision

The combination of our distinctive ethos and world-class location makes The Leys unique. We seek constantly to improve, learning from best practice in academic, pastoral and wider curricular provision, to be the best that we can be in bringing these enduring aims to life. Thus, by the time of our 150[th] Anniversary in 2025, our ambition is to be recognised as an outstanding city boarding school which lives by its core values and which succeeds in delivering on its purpose.

Mission for St Faith’s

St Faith’s seeks to be a happy, inclusive and a supportive community which welcomes families from all religious and cultural backgrounds. Underpinned by Christian values, we nurture every child as an infinitely valuable and uniquely gifted member of the St Faith’s family. We aim to cultivate strength of character, distinguished inter-personal qualities, distinctive leadership ability and a keen sense of social responsibility. Our innovative and future-focused education builds on a strong academic heritage and promotes excellence in all areas.

Values

The School was originally founded to educate the children of Fellows of The University of Cambridge Colleges; it subsequently formed a joint foundation with The Leys, an established Methodist school. St Faith’s thus enjoys a unique, dual heritage resulting in an education characterised by academic excellence and innovation that is underpinned by a foundation of Christian values and principles.

At St Faith’s all members of the School community are:

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THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

The Foundation’s Public Benefit

In meeting the first of its objects the Foundation’s Public Benefit aim is to provide an environment where each pupil can develop and fulfil his or her potential, thus, to help build self-confidence and inculcate a desire to contribute to the wider community and the wider public.

The second object provides the opportunity for the Foundation to play an important role within the local community.

In the furtherance of these aims the Foundation Governors, as the Charity Trustees, have complied with the duty under Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s published guidance concerning the operation of the Public Benefit requirement under the Act.

A specified Governor has a responsibility to oversee the public benefit activities of the Schools. An annual report for all Governors is produced to summarise the activities that have been undertaken to benefit the local community and wider public.

The awarding of bursaries for the needy is a measurable means of providing public benefit. The Foundation takes the view that bursaries awarded to those who would not otherwise be able to afford the fees are important, but not to the exclusion of the much wider benefit that the schools provide within the community. This year, the schools awarded £1,071,476 in Bursary Awards or scholarships. Over 267 pupils received some financial assistance. Within this provision means-tested awards based on a sliding scale according to financial circumstances totalling £861,819 were awarded to 68 pupils.

The Leys has continued to move forward with the ‘Gift of Education’, a project aimed at transforming young lives through boarding bursaries. The project was launched in May 2021 and the ambition is for the school to support two pupils in each year group on 110% boarding bursaries. The program is provided in partnership with Royal Springboard, the U.K.’s largest boarding school bursary charity. The overall target is to raise £6 million. The first Gift of Education pupil joined The Leys in September 2020 and left in July 2022. She significantly outperformed her A-level predictions and is now taking up a place at Kings College London. In September 2022 four Gift of Education pupils will join The Leys.

The Community Fund at the Leys is an initiative between The Leys and St Faith’s Schools Foundation and Wesley’s Chapel and Leysian Mission. It has been established through the support of one major donor plus additional donations from across the Leysian community. The Fund supports charity projects in the Cambridge area and in the local community around City Road in East London. For 2021-22, £87,000 was awarded to a whole range of charities. In late 2021 the Fund approved a grant to partner with Cambridge City Council to support children of low-income families to take part in sport and physical activity. During the year the Fund also helped LGBTQ+ young people in Cambridgeshire to travel to access groups, provided equipment for Cherry Hinton Scouts, supported a mentoring group for vulnerable young people, provided funds to Rowan, a charity for adults with learning difficulties and enabled Cambridge Acorn Project to provide enrichment sessions for pupils from disadvantaged backgrounds.

The Leys has also continued to work with local schools; at Great Abington School primary school there was a Shakespeare workshop and sports coaching in netball and cricket. At Newnham Croft primary school, The Leys provided mentoring in maths and at North Cambridge Academy transitional support was provided for Year 6 pupils. Looking to the future additional work has been planned on the wider curriculum with an outdoor learning project proposed with both Great Abington primary school and Waterbeach primary school. In addition, the partnership with the Red Balloon Learning Centre continues. This school, which supports the most vulnerable, has benefited from the expertise of one designated member of staff who has continued to work closely with small groups and individuals providing them with respite, 1:1 mentoring, coaching, trampolining, swimming, and climbing wall experiences. The Leys

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THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

also provided them with thirty-two recycled iPads, two laptops and on-going technical IT support and training of staff to ensure effective and safe deployment of the technology.

St Faith’s welcomed pupils from local primary schools to a STEM day. The pupils enjoyed designing, building and testing rocket cars in engineering and taking part in the Robot Olympics in computing with the Year 7 and 8 Pupils from St Faith’s. St Faith’s also supported the work of Age UK by making over 200 Christmas cards and 70 wrapped presents which were then distributed to the lonely and isolated older members of the local community.

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

Review of 2021/22

Both schools began 2021/22 with higher pupil numbers than budgeted. The Leys was particularly pleased that the number of boarders was higher than forecasted. A decision was made to manage spending very carefully and delay project spending in the first term until there was more certainty about any further impact from Covid-19.

Fortunately, the impact of COVID-19 was extremely limited and the schools remained fully open for all 3 terms and did not lose any pupils. The income from letting activities recovered significantly and, for the first time for 3 years, the Bell International School ran a summer holiday programme at The Leys.

Both schools undertook some limited project spending over the summer holidays although both struggled to complete all the planned projects due to challenges with obtaining raw materials and engaging contractors to carry out works.

The schools are very pleased with their overall financial performance for 2021/22.

Planning for 2022/23

For 2022/23 Governors took account of the potential impact of the Ukraine war and assumed that the impact of Covid-19 would diminish. Budget planning assumed conservative pupil numbers and a recovery in lettings income. The staff salary increase was set at the same level as anticipated inflation.

Actual performance for 2022/23

On the income side, both schools have begun the new year with higher pupil numbers than budgeted. On the cost side, the estimated operational costs have been revised to take account of the higher level of inflation than was assumed during budget planning. Two detailed scenarios have been put together. The schools are also considering additional financial support for the lowest paid staff and the potential impact of the current economic crisis on both current parents and prospective parents.

The schools have reviewed the key covenant conditions for the bank loan and mortgages and there are no concerns about achieving them.

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THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

Planning for 2023/24

Looking ahead to 2023/24 the greatest financial risk to the schools is the potential increase in operating costs and the fee rise which the schools may need to charge to cover these increased costs. The Foundation’s current utility contract expires in September 2023 and the new contract will mean a significant increase in costs. The school is working with brokers and aims to start negotiations in April 2023 on a new contract. There is a concern that salary costs could also increase significantly if inflation continues to rise and there is a substantial pay award in the Maintained Sector. There is also a concern about the level of inflation in 2023/24. The schools have considered a range of mitigating actions to limit the impact of the potential cost rises so that the fee rise for 2023/24 can be kept at a sensible level.

The economic situation could also impact both potential and prospective parents. The Schools are putting together various scenarios and mitigations they could implement.

Objectives for the year for The Leys

In last year’s Trustees’ Report, the following objectives were identified for the next five years:

  1. Continue our focus to ensure that The Leys is recognised as a centre of excellence for two core academic objectives: the quality of the continued professional development of our academic staff and the quality of teaching and learning at The Leys.

  2. Continue to offer a wide range of extra-curricular activities and aspire to high standards both in the wider curriculum and in the all-roun d personal development of the pupils.

  3. Continue to build links with feeder schools in the independent and maintained sectors and develop our marketing strategies to keep the school full.

  4. Continue to strengthen the positive impact of the school in terms of benefit to the wider community, not least through the future provision of fully funded places for the most disadvantaged children.

  5. Continue to develop the use of Information Technology both as a teaching tool and to enhance the administration of the Foundation as a whole.

  6. Continue to focus on the future development of the campus through the implementation of a master plan for the site.

  7. Continue to develop and enhance our reputation for excellent pastoral care.

Review of the operational performance of The Leys 2021-22

  1. The Leys’ reputation as a centre of excellence has been enhanced not least through strong academic results including, after some solid A Level results, the best examined GCSE results in the School’s history. According to a number of criteria, they were even higher than those produced by Teacher Assessed Grades (TAGs) and Centre Assessed Grades (CAGs) in 2020 and 2021. An impressive 79% of all grades awarded were 9, 8 or 7, and 36% were graded 9, the highest mark possible. Top performing pupils included Guy A, Alexandra B, Clara de S,

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THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

Emily H and Harry TB, all of whom obtained straight 9 grades. The percentage of 9s, more than a third of all the grades awarded for this cohort, is the best it has ever been in the school’s history, which is truly outstanding. This success is testament to the focus in recent years on the quality of the continued professional development of our academic staff and the quality of teaching and learning at The Leys.

  1. As the School has recovered from the restrictions of lockdowns and Covid mitigations have gradually been withdrawn, the range of extra-curricular activities offered during the school week has returned to its enviable pre-pandemic level and pupils continue to achieve high standards in sport, art, drama, music, the Combined Cadet Force, the Duke of Edinburgh Scheme and in a vast array of other clubs and activities. Our public speaking team, for instance, remained unbeaten throughout the academic year and would have competed at the national finals at the NEC but for the cancellation of that event a result of Covid disruptions in other regions of the UK. Our sporting teams were very successful throughout 2021-22, with our pupils showing great enthusiasm for the resumption of a full sporting programme. A wide range of plays, concerts and productions were staged throughout the year and the End-of-Year Concert at Saffron Hall was very strong for our musicians. Similarly, our Summer Cabaret was a wonderful showcase of the ability of our pupils in the performing arts. The School continues to see the wider curriculum as playing a vital role in the all-round personal development of the pupils.

  2. We continue to build links with feeder schools in the independent and maintained sectors and to develop our marketing strategies to keep the school full. Events for feeder schools have resumed successfully post-lockdowns and Covid restrictions. A new Head of Marketing has been appointed and work is underway on a new school website. The School roll remains very full for the forthcoming academic year. After a Covid-related hiatus in 2020 and 2021, we were delighted with the successful re-introduction of the longstanding Leysian tradition, the 24-Hour Visit, at the end of the Lent Term 2022. This is an event for next year’s incoming Year 9 (and pupils from Year 8 in Moulton moving up into new Houses) to mix and get to know each other, the School campus, and us, especially in their House groups. They amazed us – in a very positive way.

  3. We have done a huge amount of outreach and partnership work through the newly established Community Fund, managed by our Development Office, through which we partner with a number of local charities to have a positive impact on the wider community. In addition, our work with the Royal National Children’s SpringBoard Foundation continues to gain momentum, and our first SpringBoard ‘graduate’ from The Leys left with A*,A,B at A Level– an exceptional achievement and a wonderful demonstration of what this work can do to encourage social mobility through the provision of extraordinary opportunities to young people. Fundraising for this programme continues, and a number of new SpringBoarders will join the School in September 2022.

  4. We continue to develop the use of Information Technology both as a teaching tool and to enhance the administration of the Foundation as a whole. Some elements of our Covid adaptations (for example, online parents’ evenings) have been retained to enhance our provision in the ‘new normal’ and the rollout of Augmented Reality and Virtual Reality has continued thanks to the generous donation of a Leysian parent benefactor, with VR and AR facilities now available to departments throughout the Clapham Building. A full-scale review of our school IT infrastructure is underway.

  5. Post-Covid, there is a renewed focus on the future development of the campus through the implementation of a master plan for the site. A number of projects were completed during the summer of 2022 in readiness for the new academic year.

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THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

  1. We continue to develop and enhance our reputation for excellent pastoral care. In 2021-22, we had a strong focus on racism awareness training for pupils, and we also had a focus on inclusiveness and diversity awareness. All boys in Years 8-13 have now received a talk on masculinity from ‘Beyond Equality’. All pupils in Year 9 and in the Lower Sixth completed a three-hour session on anti-racism awareness training. Our ‘sex and relationships’ courses within the PHSE programme were revised at the start of the academic year in light of the various pieces of legislation that were brought in over the last two years. This year we have worked with the Kite Trust around LGBT issues with Years 10 and the Lower Sixth, and Dhiverse, a local sexual health clinic, have spoken to Years 11, Lower and Upper Sixth. The Upper Sixth were given a chance in small groups to discuss sexual health, consent, STIs and accessing help in the community – this is something we felt was very important for them prior to their departure for university. We have also passed our first section towards the Kite Trust Rainbow Award and submitted work for the next two sections. This award is intended formally to recognise our work towards greater LGBT+ awareness in the School and its community. Pupil-led initiatives included the pupil group “We are Everyone”, which has met weekly to allow the Sixth Form to discuss a range of topics, and the Veg Patch has flourished under the auspices of the Wellbeing Prefect who ran it as a relaxing opportunity for Sixth Formers.

Objectives for the year for St Faith’s

In last year’s Trustees’ Report, the following objectives were identified for the next five years:

  1. Continue to provide an excellent all-round education with a future-focus and strong academic core.

  2. Continue to ensure that pupils’ personal development is excellent, providing them with a strong foundation on which to build in the future.

  3. Maintain the current school roll.

  4. Continue to develop good links with the community, including partnerships with maintained schools.

  5. Continue to increase the provision of means-tested bursaries.

  6. Lead the introduction and development of Engineering as a curriculum subject across maintained and independent schools in the UK and abroad

Review of the operational performance of St Faith’s 2021/22

  1. The first two terms of the academic year were characterised by Covid-related challenges and adaptations, with the lifting of restrictions in March 2022 enabling a focus on re-introduction of school events and rebuilding community. The school continued to provide a broad, futurefocused and rigorous education throughout the year, despite the ongoing disruptions caused by the pandemic. This was independently verified during an Educational Quality and Regulatory Compliance Inspection by the Independent Schools Inspectorate (ISI) in October 2021, which reached the following conclusions:

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THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

These are the highest possible inspection ISI judgement outcomes and affirm the excellent allround quality of education and pastoral care provided at St Faith’s.

In addition, a record number of scholarships and awards (a total of 38) to senior schools were awarded, across the curriculum.

  1. As recognised by the ISI Inspection, a focus on pupils’ personal development continued, with initiatives such as the Eco Committee, the School Council, the Buddy system and charity fundraising all being prominent, alongside regular assemblies. Kindness certificates have been awarded across all year groups and the ISI recognised the exemplary behaviour of the pupils.

  2. The school roll has been maintained and despite significant challenges associated with the cost of living, the demand for places remains very high. At the start of the academic year in September, we have 571 pupils on roll and this number will increase to 575 pupils on roll in January, which is the highest number in St Faith’s history. A Year 3 Open Morning (aged 7+ is a main point of entry) is being introduced this Michaelmas Term to ensure demand is maintained, with a focus on the ‘tailored’ education offered by St Faith’s.

  3. The school has continued to promote its links with local maintained schools and the community wherever possible, for example inter-school Maths and Chess competitions, despite the physical challenges of the pandemic. This focus will continue into the 2022-23 academic year.

  4. The increase in provision for means-tested bursaries in the Summer of 2020, to take into account the potential impact of Covid on parents, has been maintained in recognition of the increase in cost of living and the impact this will have on family disposable income. We have noted that a small number of families have declined school place offers for financial reasons.

  5. Engineering continues to be a distinctive feature of the St Faith’s curriculum and we have continued to deliver curricular training and resources on this subject throughout the year.

Future planning for the academic year has also been informed by a whole school survey (pupils, parents and staff) by RSAcademics in the Summer of 2021. Generally, the results of this were very positive and affirming.

Future focus areas were highlighted, including:

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DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

FUND RAISING PERFORMANCE AT THE LEYS 2021/22

We are, as ever, very grateful for the support from our Leysian Community of Old Leysians, parents, staff, former staff and other friends of the School.

All fundraising is carried out through the Development Office. This is in the form of telephone campaigns, direct mail, Giving Days and individual solicitation. The Office is staffed by professionals who undergo continuous peer review and industry standard training. The School is registered with the Fundraising Regulator and staff are members of IDPE, which though not a regulated body does provide best practice for the industry and adhere to all ICO regulations. The activities and performance of the Office is monitored by the Headmaster and Governors.

The Office saw a number of staff changes during the year with both Senior Development Officer and Development Office Administrator leaving their roles. Both positions have been filled, and both new staff members began their roles at the start of the 2022-23 financial year.

The School only contacts those with a genuine connection with The Leys and does not cold call/mass market. We screen people for TPS when conducting telephone fundraising and exclude as appropriate. All those aged over 80 are excluded from fundraising activity unless they opt in, as are those under the age of 25. All those that request no further contact are marked such, and no further communications are sent. All other communications are measured and appropriate given the individual’s relationship with the School.

The main addition to the fundraising programme during the year was the first Leys Giving Day held on 23 March 2022. The Giving Day raised a total of £27,300 towards the Gift of Education, the Community Fund and House Charities. There were 131 donors, including 53 first time donors.

During the year 2021/22 the Development Office raised just under £600k from 260 donors in philanthropic gifts. While overall funds raised decreased from last year, the total number of donors increased by 30. This increase in donors is entirely attributable to the Leys Giving Day.

The School is committed to its transformational bursary programme, the Gift of Education, which provides 110% boarding bursary places to vulnerable and disadvantaged children. Following the launch of the campaign in May 2021, to date we have received £1.48million in new funds raised and are raising £34k per year in regular giving. This is against a target of £6million new funds raised and £50k annual regular giving. The long-term aspiration remains to support two transformational bursary places in each year group of the School.

Like many other educational institutions, we are relying on a combination of “legitimate interest” and consent to contact members of our community by post, telephone and email. We are increasingly successful in obtaining consent to contact by email through a variety of channels, this year obtaining contact details from 100% of the 2022 Upper Sixth Leavers for the first time. To date we have over 2,700 consents to send the OL News electronically. All data is held securely on our alumni and supporter database which is accessible to limited members of the school staff. All staff in the Development Office have access to the database and have undertaken appropriate industry standard data protection training.

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DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

INVESTMENT PERFORMANCE AGAINST OBJECTIVES

The Governors’ objective is to achieve a total rate of return target that is equivalent to the median of the Wealth Management (WM) index for Charities judged on a 3 year rolling basis. The Survey ceased to exist in April 2016 and performance is now compared to the MSCI WMA Balanced Index, as a market comparator and the Asset Risk Consultants (ARC) Charity Steady Growth Index, as a peer group measurement. On a rolling 3 year basis to July 2022, the net total rate of return of the fund was 19.4% compared with the MSCI WMA benchmark of 11.3% and ARC Steady Growth Index of 10.5%. On a rolling 5 year basis the net total return of the fund was 45.2% compared to 26.8% for the MSCI WMA benchmark and 23.1% for ARC. The net total rate of return of the fund from August 2021 to July 2022 was -3.9% compared with a movement in the MSCI WMA Balanced benchmark of -0.4% and -2.7% for ARC.

During the year, across the individual asset classes, save for the alternative investments, this proved a challenging period for the portfolio. Even ahead of the UK mini-budget, fixed interest markets proved challenging, with cold comfort taken from the relative outperformance of Gilts which declined by 14.3% during the period, against -10% for the portfolio’s limited fixed interest exposure. Overseas equities account for 46.5% of the portfolio’s invested assets, with the US (27.4%) now the largest single equity exposure as the portfolio continues to adopt an ever increasing international posture. Amongst the equities, this was only section to deliver positive returns, with significant returns from Chevron, Pfizer, Pepsico and Apple offsetting weakness amongst industrials, such as Xylem and Trane Technologies. Within the domestic UK market (22%), although the focus is international, the skewed nature of returns during the period, with energy stocks surging in response to the invasion of Ukraine, led to underperformance. Domestically, a total return of -3.9% compared to a 7.4% return from the MSCI United Kingdom large and medium companies index. Further afield after, in the round, a pleasing performance in the prior year – we lagged behind local market indices, most of this attributable from an abrupt rotation in style at the start of the calendar year as value orientated companies came back into favour. The alternatives (18%), which include investments in property, infrastructure, renewables and private equity enjoyed a strong, positive and uncorrelated return of over 2.5% - usefully ahead of the decline in Gilts, real estate and total return strategies.

The managers expect to experience further turbulence in all markets in the short term, however they believe that the portfolio remains suitability resilient to withstand a reasonable level of capital volatility over the medium to long term, but cannot exclude the challenges of maintaining real values in the short term when faced with double digit inflation and rising bond yields. The managers expect that the ongoing impact of the Ukraine conflict, ongoing supply chain constraints, persistent inflation, squeezed incomes, the cost of living crisis and the prospect of central bank policy errors will all continue to contribute to market volatility in the year ahead. Overall, though, they remain positive for the long-term prospects of the current investment strategy and believe that we are towards the bottom of the current cycle. Whilst resilience and a cheerful disposition will be required to live through the next 12 months, they believe that prospects for investors are set to improve by mid 2023.

The Investment Committee continues to monitor the activities of the portfolio Managers and is satisfied with Quilter Cheviot’s performance.

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DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

ENVIRONMENTAL REPORT

The Foundation welcomes the opportunity to report on the work both schools have been involved in to reduce our impact on the environment and educate our pupils on the importance of acting in a sustainable manner. Both schools have committed a great deal of time and resources over recent years. St Faith’s were the first Independent school winner of the Ashden Sustainability Award and have worked with a number of schools in the state and independent sectors to assist them with putting together sustainability action plans. The pandemic has impacted on actions that were originally planned for 2021/22. The aim is to move forward with these initiatives in 2022/23.

Total energy use and greenhouse emissions.

Totals 2022 Greenhouse Emissions
(KgCO2)		 Greenhouse Emissions
(KgCO2) 2021
Gas Usage 5,209,274 KwH 957,829 849,093
ElectricityUsage 1,523,132 KwH 355,103 353,340
Transport 7,123 Litres 17,862 12,573
Total Greenhouse Emissions 1,330,794 1,215,186
Intensity ratio
emissions per pupil		 1,330,794
1,142
= 1,165		 1,215,186
1,143 = 1,063

The data has been derived from the energy monitoring systems at the schools and checked with the invoice information. The fuel consumption has been calculated from invoice data.

The intensity ratio looks at the emissions per pupil as the number of pupils is the main driver of our emissions. The ratio has risen from last year but this is explained by the fact that the schools were open for all 3 terms whereas in 2020/21 they were closed for 1 term. Our aim is that by better educating our pupils we can drive the emissions per pupil down and this could become a key target which would motive the pupils.

Specific actions by the schools

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DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

FINANCIAL REVIEW

Results for the year

The income generated by the Foundation increased by £1M from £25.5M to £26.6M. The most significant factor was an increase in school fee income, which increased by almost £2M. Both schools were close to capacity and unlike last year the schools remained open for the full year and therefore did not have to refund any of the fees. Other educational income also rose significantly due to an increase in charges to parents (as pupils were able to enjoy school trips and other activities which had been reduced during Covid), an increase in lettings income and the reintroduction of the Bell International School. The amount received in donations and grants reduced significantly as last year included a significant legacy donation. The surplus generated by The Foundation was £2.2M.

Reserves level, policy and financial viability

At the Balance Sheet date, the Foundation’s total reserves were £44.8M (2021 £43.5M) including £4.2M (2021 £4.1M) of endowed funds, £4.5M (2021 £4.3M) of expendable endowed funds, £2.7M (2021 £2.4M) of restricted funds and £33.9M (2021 £32.4M) of unrestricted funds.

Within the unrestricted funds, £331k (2021 £223k) was designated to provide financial support for parents impacted by hardship and £1.1M (2021 £1M) was designated for the Gift of Education.

Ideally, the Governors would like a General Fund of free reserves equivalent to 6 weeks unrestricted expenditure to meet its immediate objectives and protect its current activities, including the provision of adequate working capital. Due to the fact that the Governors decided to pay off one of the mortgages early, at a cost of £900k, it was not possible to generate this level of free reserves The Governors are confident they have mitigation plans in place and therefore the lack of free reserves is not a significant issue.

The Foundation monitors its cash flow carefully. There is a bank overdraft facility of £500K and an understanding with the bank that the facility can be increased to £1M if needed. A variety of scenarios have been modelled for 2023/24 and the Foundation has a number of mitigating actions that could be taken if required. The Governors feel confident that the Foundation will not have any cash flow challenges.

Going concern

At the time of approval of the Annual Report and Accounts, the current economic situation continues to evolve and the long-term impact on the Foundation, in common with other businesses, is unknown. The Governors have reviewed the position carefully taking into account the latest economic data and have undertaken various scenario exercises, particularly in terms of the impact of rising costs. The

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DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

financial analysis demonstrates that even under the most pessimistic scenario the Foundation would not experience any significant financial problems and would be able to manage the cash flow implications without having to take any further mitigating actions for the year. In looking ahead to July 2024 there are additional cost pressures which will impact the Foundation. The Governors have carefully considered these and potential mitigating actions which The Foundation could take to improve the financial situation if required. There are currently significant cash balances and an investment portfolio should additional liquidity be required through this period of uncertainty to meet the liabilities as they fall due for the Foundation as a whole.

The Foundation does not anticipate any material reduction in prospective pupil numbers above that which the Foundation has used for the purposes of financial modelling and forecasting. Accordingly, the Governors believe the School's financial resources are sufficient to ensure the School will continue as a going concern for the foreseeable future, being at least 12 months from the date of approval of the financial statements and have therefore prepared the financial statements on the going concern basis.

PRINCIPAL RISKS AND UNCERTAINTIES

The Foundation’s Governors are responsible for the management of the risks faced by the Foundation. Detailed considerations of risk are delegated to the individual school committees who are assisted by the senior management teams. Risks are identified, assessed and controls established throughout the year. The top ten risks facing the school is a standing item at all committee meetings. A full review of the charity’s risk management process is undertaken on an annual basis at a full Governors’ meeting.

The key controls used by the Foundation include formal agendas for all committee and board activity, comprehensive strategic planning, budgeting and management accounting, an established organisational structure and lines of reporting, formal written policies, clear authorisation and approval levels and vetting procedures as required by law for the protection of the vulnerable. Through the risk management process established by the Foundation, the Governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

Unlike the last two years, the Governors do not consider the potential impact of the Covid-19 as the major risk facing the Foundation. The most significant risks come from the current economic situation. The schools have considered several different scenarios and assumptions and are confident that they have strong mitigating actions in place. Both schools coped exceptionally well with the challenges during 2021/22 and have started 2022/23 close to capacity and with encouraging interest from prospective parents for 2023/24. The schools are not complacent and will continue to monitor the current economic situation and any potential impacts on the schools.

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THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

FUTURE PLANS

The Leys began a fundamental review of its Strategic Plan in May 2021 and has now produced a plan for 2022-27. In the plan The Leys has committed its resources and energies over the next 5 years to ensuring to enhance its position as an ‘Alpha’ boarding school for the East of England and a Tier 1 International Boarding School. The term ‘Alpha boarding school’ describes those boarding schools that will remain strong within a UK boarding market which is increasingly regional, and in which some leading schools will remain or become the ‘go-to’ regional hub boarding school of choice. Alpha school characteristics include being strong academically, being able to attract both traditional independent school parents and first-time buyers, and providing strong individualised care (academic, pastoral). The term ‘Tier 1’ boarding school within the international boarding market describes those leading boarding schools that will remain reputationally secure and highly regarded within the international boarding market, with well-established and trusted links to international parents.

In addition, the operational plan for The Leys includes the following:

  1. Continue our focus to ensure that The Leys is recognised as a centre of excellence for two core academic objectives: the quality of the continued professional development of our academic staff and the quality of teaching and learning at The Leys.

  2. Continue to offer a wide range of extra-curricular activities and aspire to high standards both in the wider curriculum and in the all-round personal development of the pupils.

  3. Continue to build links with feeder schools in the independent and maintained sectors and develop our marketing strategies to keep the school full.

  4. Continue to strengthen the positive impact of the school in terms of benefit to the wider community, not least through the partnership with the Royal National Children’s SpringBoard Foundation to drive social mobility through the provision of fully funded places at The Leys.

  5. Continue to develop the use of Information Technology both as a teaching tool and to enhance the administration of the Foundation as a whole.

  6. Continue to focus on the future development of the campus through the implementation of a master plan for the site.

  7. Continue to develop and enhance our reputation for excellent pastoral care.

  8. To share and raise awareness of our newly developed ‘Values Statement’ for all staff. The values identified were as follows: we put the pupils at the heart of everything we do; we are one community; we aim to get better all the time; we do “All The Good We Can”; we take responsibility.

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DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

St Faith’s School objectives for the academic year 2022-2023:

  1. To provide an appropriately balanced, broad and rigorous St Faith’s education, including curricular and wider-curricular opportunities.

  2. To continue to focus on the health, safety and wellbeing of the school community.

  3. To embed proof-of-concept for mobile devices and digital strategy.

  4. To deliver education tailored to each child, with precision and a focus on top-down excellence.

  5. To reinforce high expectations of behaviour in children.

  6. To maximise financial and operational efficiencies.

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DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also directors of The Leys and St Faith’s Schools Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees, the strategic report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of Information to Auditors

In so far as each of the Trustees of the charity at the date of approval of this report is aware there is no relevant audit information (information needed by the charity’s auditor in connection with preparing the audit report) of which the charity’s auditor is unaware. Each Trustee has taken all of the steps that he/she should have taken as a Trustee in order to make himself/herself aware of any relevant audit information and to establish that the charity’s auditor is aware of that information.

This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Governing Body of The Leys and St Faith’s Schools Foundation on 10[th] December 2022, including in their capacity as company directors approving the Strategic report contained therein, and is signed as authorised on its behalf by:

Mrs Helena Renfrew Knight Vice Chair of the Governing Body

Dated 10[th] December 2022

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DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

Independent Auditor’s Report to the Members of The Leys and St Faith’s Schools Foundation

Opinion

We have audited the financial statements of The Leys and St Faith’s Schools Foundation (‘the charitable company’) and its subsidiaries (‘the group’) for the year ended 31 July 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Foundation Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's or the group’s ability 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 trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

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Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 20, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’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 material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

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.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, Charities Act 2011, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School

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Standards) Regulations 2014, General Data Protection Regulation (GDPR), health and safety legislation, taxation legislation and employment legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Tina Allison Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor

London

15 December 2022

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DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2022

Notes
Income and endowments from:
Charitable Activities
School fees (net)
2
Other educational income
3
Other activities
3
Voluntary sources
Grants and Donations
4
Investments
Investment income
Bank and other interest
Other trading activities
Non-ancillary trading income
5
Total income
Expenditure on:
Raising funds
Non-ancillary trading
Fundraising and Development
Financing costs under Advance Fee
Contracts
Finance costs
Bank and Mortgage interest
Investment Management Fees
Total deductible costs
6
Charitable activities
Education and grant making
6
Total expenditure
Net incoming funds from operations
before transfers and investment
gains
Investment (losses)/gains
8
Transfer between funds
17
Net income and capital inflow
Fund balances at 1 August 2021
FUND BALANCES at 31 July 2022
14		 Unrestricted Restricted Endowed
Funds
Funds
Funds
£'000
£'000
£'000
24,123
-
-
1,261
-
-
22
-
-
33
360
-
187
359
-
4
1
-
279
-
-
25,909
720
-
251
-
-
195
82
-
191
-
-
32
-
-
96
-
-
63
-
-
828
82
-
23,369
157
-
24,197
239
-
1,712
481
-
(222)
(150)
(523)
54
(54)
-
1,544
277
(523)
32,415
2,394
8,739
33,959
2,671
8,216		 Total
Funds
2022
£'000
24,123
1,261
22
393
546
5
279
26,629
251
277
191
32
96
63
910
23,526
24,436
2,193
(895)
-
1,298
43,548
44,846		 Total
Funds
2021
£'000
22,162
519
112
2,130
312
4
252
25,491
244
170
141
42
106
38
741
21,820
22,561
2,930
2,117
-
5,047
38,501
43,548

The notes on pages 27 to 46 form part of these accounts.

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DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CONSOLIDATED AND FOUNDATION BALANCE SHEETS

AT 31 JULY 2022

Notes
FIXED ASSETS
Tangible fixed assets
7
Investments
8
CURRENT ASSETS
Stocks
Debtors payable within one year
9
Cash
CREDITORS:payable within one year
10
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS:due after more than one year
Advance fees
12
Loans
11
TOTAL NET ASSETS
14
FUNDS
PERMANENT ENDOWED FUNDS
15
EXPENDABLE ENDOWED FUNDS
16
RESTRICTED FUNDS
17
UNRESTRICTED FUNDS
18		 Group
2022
£’000
32,723
13,771
46,494
124
1,029
10,963
12,116
(11,161)
955
47,449
(865)
(1,738)
44,846
4,187
4,029
2,671
33,959
44,846		 Group
2021
£’000
33,869
12,822
46,691
119
617
10,929
11,665
(10,607)
1,058
47,749
(1,036)
(3,165)
43,548
4,454
4,285
2,394
32,415
43,548		 Foundation
2022
£’000
32,712
13,771
46,483
28
1,118
10,919
12,065
(11,109)
956
47,439
(865)
(1,738)
44,836
4,187
4,029
2,671
33,949
44,836		 Foundation
2021
£’000
33,852
12,822
46,674
17
699
10,917
11,633
(10,568)
1,065
47,739
(1,036)
(3,165)
43,548
4,454
4,285
2,394
32,405
43,538

The net result for the financial year within the financial statements of the parent charity was a surplus of £2,193,000 (2021: £2,930,000).

These financial statements were approved and authorised for issue by the Governing Body on 10[th] December 2022 and were signed on its behalf by:

Mrs Helena Renfrew Knight Vice Chair of the Governing Body

Mr R Webster Hon. Treasurer

Company number 7748737

The notes on pages 27 to 46 form part of these accounts.

Page 25

DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 JULY 2022

Notes
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities
23
CASH FLOWS FROM INVESTING ACTIVITIES
Investment income receipts
Bank interest received
Purchase of tangible fixed assets
Purchase of investments
Net cash (used)/provided by investing activities
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of loans and mortgage borrowings
Net cash (used) financing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the reporting period		 334
5
(177)
(1,695)
(1,427)		 2022
£’000
2,994
(1,533)
(1,427)
34
10,929
10,963		 2021
£’000
6,350
312
4
(162)
(48)
106
(640)
(640)
5,816
5,113
10,929

The notes on pages 27 to 46 form part of these accounts

Page 26

DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2022

1. Accounting Policies

The Foundation is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee. It was incorporated on 22 August 2011 (company number: 7748737) and registered as a charity on 22 August 2011 (charity number: 1144035). The registered office of the Foundation is The Leys School, Trumpington Road, Cambridge, Cambridgeshire CB2 7AD.

The financial statements have been prepared on the historical cost basis of accounting, as modified by the revaluation of other investments, and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006, the Charities SORP (FRS 102) and the accounting policies set out below.

At the time of approval of the Annual Report and Accounts, the current economic situation continues to evolve and the long-term impact on the Foundation, in common with other businesses, is unknown. The Governors have reviewed the position carefully taking into account the latest economic data and have undertaken various scenario exercises, particularly in terms of the impact of rising costs. The financial analysis demonstrates that even under the most pessimistic scenario the Foundation would not experience any significant financial problems and would be able to manage the cash flow implications without having to take any further mitigating actions for the year. In looking ahead to July 2024 there are additional cost pressures which will impact the Foundation. The Governors have carefully considered these and potential mitigating actions which The Foundation could take to improve the financial situation if required. There are currently significant cash balances, and an investment portfolio should additional liquidity be required through this period of uncertainty to meet the liabilities as they fall due for the Foundation as a whole.

The Foundation does not anticipate any material reduction in prospective pupil numbers above that which the Foundation has used for the purposes of financial modelling and forecasting. Accordingly, the Governors believe the School's financial resources are sufficient to ensure the School will continue as a going concern for the foreseeable future, being at least 12 months from the date of approval of the financial statements and have therefore prepared the financial statements on the going concern basis.

The financial statements present the consolidated statement of financial activities (SOFA), the consolidated cash flow statement and the consolidated and Charity balance sheets comprising the consolidation of the School with its wholly owned subsidiary Leys Enterprises (Cambridge) Limited. No separate SOFA has been presented for the Charity alone, as permitted by Section 408 of the Companies Act 2006.

The Foundation has taken advantage of the exemption available to a qualifying entity in FRS102 from the requirement to present a charity only Cash Flow Statement with the consolidated financial statements.

The Foundation meets the definition of a public benefit entity under the guidance issued by the Charity Commission.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, Trustees 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

Page 27

DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF ACCOUNTING POLICIES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

and other factors that are considered to be 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 period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affected current and future periods.

In the view of the Trustees, no assumptions concerning the future or estimated uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

1.1 School fees

Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the Schools, but include contributions received from Trust Funds.

1.2 Donations, legacies, grants and other voluntary income

Voluntary income is accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the Schools is considered probable. Donations received for the general purposes of the Schools are credited to unrestricted funds, to distinguish them from direct school income. Donations for purposes restricted by the wishes of the donor are taken to Restricted Funds where these wishes are legally binding on The Foundation Trustees, except that any amounts required to be retained as capital in accordance with the donor’s wishes are accounted for instead as Endowments, permanent or expendable according to the nature of the restriction. Grant income is recognised when there is evidence of entitlement, the receipt is probable, and the amount can be reliably measured. There were no performance related conditions attached to grant income received.

1.3 Investment Income

Investment income from dividends, bank balances and fixed interest securities is accounted for on an accrual’s basis.

1.4 Expenditure

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer-term liabilities. Expenditure is allocated to expense headings either on a direct cost basis or apportioned according to time spent. The irrecoverable element of VAT is included with the item of expense to which it relates.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity.

Governance costs comprise the costs of complying with constitutional and statutory requirements.

1.5 Intra-group

Intra-group sales and charges between the Foundation and its subsidiary are excluded from trading income and expenditure.

Page 28

DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF ACCOUNTING POLICIES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

1.6 Pension costs

The School contributes to two pension schemes as follows:

1.7 Tangible fixed assets

All expenditure on individual tangible fixed assets over £2,000 is capitalised in the balance sheet at cost.

Other expenditure on equipment incurred in the normal day-to-day running of the two schools is charged to the Statement of Financial Activities as incurred.

1.8 Depreciation

Depreciation is provided on a straight-line basis at rates which are sufficient to write the tangible fixed assets down to their estimated residual value over their estimated useful lives. The depreciation rates are:

preciation rates are:
Per Annum
Freehold land Nil
Freehold buildings off site rebuild cost used for depreciation 2%
Freehold buildings on site new build cost used 2%
Freehold buildings on site total refurbishment 7 – 20 years
Buildings on leasehold land Length of lease
Plant and machinery 10 - 20%
Fixtures, fittings and equipment 7 – 34%

During the year the Trustees reconsidered the useful economic life of some of the building assets which has resulted in a change to the estimated lives of these assets and them being written off over an extended time period. Boarding houses refurbishments will be written off over 15 years.

Page 29

DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF ACCOUNTING POLICIES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

1.9 Investments

Listed investments are valued at market value as at the balance sheet date. Unrealised gains and losses arising on the revaluation of investments are credited or charged to the Statement of Financial Activities and are allocated to the appropriate Fund according to the “ownership” of the underlying assets. Investment in the subsidiary is valued at cost less provision for impairment.

1.10 Stocks

Stocks have been valued at the lower of cost and estimated selling price less costs to sell/ estimated profit margin.

1.11 Advanced fee scheme

Amounts received under the school’s Advance Fee Scheme contracts for education not yet utilised to settle school fees are recorded as deferred income and allocated as current liabilities where the education will be provided within 12 months from the reporting date and as long-term liabilities where the education will be provided in subsequent years.

1.12 Financial instruments

The Foundation has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at the present value of future cash flows. Financial assets held at amortised cost comprise bank and cash in hand, together with trade and other debtors. Financial liabilities held at amortised cost comprise bank loans, trade and other creditors. Investments including cash held as part of the investment portfolio are held at fair value at the Balance Sheet date, with gains and losses being recognised within income and expenditure.

1.13 Fund accounting

The charitable trust funds of the Foundation are accounted for as unrestricted or restricted income, or as endowment capital, in accordance with the terms of trust imposed by the donors or any appeal to which they may have responded. Endowment funds are further sub-divided into permanent and expendable.

Unrestricted income belongs to the Foundation’s corporate reserves: spendable at the discretion of the Governors either to further the Foundation’s Objects or to benefit the Schools’ themselves. Where the Governors decide to set aside any part of these funds to be used in future for some specific purpose, this is accounted for by transfer to the appropriate designated fund.

Restricted income comprises gifts, legacies and grants where there is no capital retention obligation or power but only a trust law restriction to some specific purpose intended by the donor.

Permanent endowment arises where a donor intends the gift to be retained permanently for use by the Foundation for its financial benefit (i.e., by investment). If the donor or the terms of an appeal has restricted the purpose for which the gift or any income from it is to be used, any part converted into income for spending will accrue to the appropriate restricted fund. The income on the permanent endowed funds held is used to pay for scholarships and bursaries as per the wishes of the donors.

Page 30

DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF ACCOUNTING POLICIES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

Expendable endowment funds are accounted for similarly, except that all capital can be converted into income for spending either at the Governors’ own discretion or else upon the happening of some event contemplated by the donor.

1.14 Leases

Rentals payable under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term, even if the payments are not made on such a basis unless the rental payments are structured to increase in line with expected general inflation, in which case the Foundation/group recognises annual rent expense equal to amounts owed to the lessor. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Page 31

DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

2.
SCHOOL FEES
2022
£’000
Fees receivable consist of:
School fees
25,804
Less: scholarships, bursaries and allowances
(1,838)
23,966
Add back: Bursaries and other awards paid by restricted funds
157
24,123
3.
CHARITABLE ACTIVITIES - OTHER INCOME
2022
£'000
Other educational charitable activities
Entrance and registration fees
70
Recharge extra-curricular activities
329
Pupil welfare
3
Courses and sub-lettings
649
Summer School
210
1,261
Other activities
School fees refund scheme commissions
8
Other
14
22
4.
GRANTS AND DONATIONS RECEIVABLE
2022
UNRESTRICTED
RESTRICTED
£'000
£'000
Donations
4
326
Donations for bursaries re Wesley Scholars
-
34
Legacies
25
-
Furlough grant
4
-
33
360
2021
UNRESTRICTED
RESTRICTED
£’000
£’000
Donations
3
480
Donations for bursaries re Wesley Scholars
-
41
Legacies
908
264
Furlough grant
434
-
1,345
785
5.
OTHER TRADING ACTIVITIES
Trading income
2022
£'000
Leys Enterprises (Cambridge) Ltd
279		 2022
£’000
25,804
(1,838)
23,966
157
24,123
2022
£'000
70
329
3
649
210		 2021
£’000
23,806
(1,802)
22,004
158
22,162
2021
£'000
81
125
59
254
-
519
-
112
112

TOTAL

£'000

330
34
25
4

393

TOTAL

£’000

483
41
1,172
434

2,130
2021
£'000

252		 2021
£’000
23,806
(1,802)
22,004
158
22,162
2021
£'000
81
125
59
254
-
519
-
112
112

TOTAL

£'000

330
34
25
4

393

TOTAL

£’000

483
41
1,172
434

2,130
2021
£'000

252








1,261 519
8
14		 -
112
22 112
TOTAL
£'000
330
34
25
4
393
TOTAL
£’000
483
41
1,172
434
785 2,130
2022
£'000
279		 2021
£'000
252

Page 32

DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

6.
ANALYSIS OF EXPENDITURE
2022
Costs of raising funds:
Non-ancillary trading
Fundraising and Development
Financing costs under advance fee
contracts
Financing costs
Bank and mortgage interest
Investment managers charge
Total costs of raising funds
Charitable activities:
Education and grant making
Teaching
Welfare
Premises
Support costs and governance
Schools’ operating costs
Grants, awards and prizes
Cost of charitable activities
Total expenditure
2021
Costs of raising funds:
Trading costs
Fundraising for voluntary resources
Financing costs under advance fee
contracts
Financing costs
Bank and mortgage interest
Investment managers charge
Total costs of raising funds
Charitable activities
Education and grant making
Teaching
Welfare
Premises
Support costs and governance
Schools’ operating costs
Grants, awards and prizes
Cost of charitable activities
Total expenditure		 Staff
costs
£'000
70
131
-
-
-
201
11,041
1,167
915
1,961
15,084
-
15,084
15,285
Staff
costs
£'000
54
107
-
-
-
-
161
10,686
1,094
873
1,889
14,542
-
14,542
14,703		 Other
costs
Depreciation
£'000
£'000
176
5
146
-
191
-
32
-
96
-
63
-
704
5
1,592
107
2,016
74
2,235
1,137
1,022
-
6,865
1,318
259
-
7,124
1,318
7,828
1,323
Other
costs
Depreciation
£'000
£'000
184
6
63
-
141
-
42
-
106
-
38
-
574
6
1,222
125
1,777
76
1,884
1,158
773
-
5,656
1,359
263
-
5,919
1,359
6,493
1,365		 Total
£'000
251
277
191
32
96
63
910
12,740
3,257
4,287
2,983
23,267
259
23,526
24,436
Total
£'000
244
170
141
42
106
38
741
12,033
2,947
3,915
2,662
21,557
263
21,820
22,561

Page 33

DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

6. ANALYSIS OF EXPENDITURE (CONTINUED)

Governance expenditure includes:
Auditors’ remuneration for audit services
Reimbursement of personal expenses to Governors – travel costs
Total staff costs comprised:
The aggregated payroll costs for the year were as follows:
Wages and salaries
Social security costs
Pension contributions
Aggregate employee-benefits of key management personnel		 2022
£'000
27
-
27
11,997
1,203
2,085
15,285
1,761		 2021
£'000
25
-
25
11,567
1,136
2,000
14,703
1,619

The average number of the Foundation’s employees during the year was 415 (2021 - 389) of whom 168 (2021 - 168) were teaching staff and the rest were support staff.

Certain Trustees have spouses or other relations who are employed at the schools as a teacher and as such receive salaries in accordance with the pay scale for all of the Foundations teachers. These Trustees do not vote at Trustee meetings on any matters relating to teachers’ remuneration. At 31 July 2022 there was one Trustee with a spouse employed whose aggregate gross salary for the year ending on that date was £41,243 (2021: £39,145) Certain Trustees also have children who are pupils at the school and pay fees in accordance with the normal fee rates for all pupils less any contractual discounts to which they are entitled.

None of The Foundation Trustees received any remuneration, or other benefits from the schools or any connected organisation. During the year a total of £188.45 (2021 - Nil) was reimbursed to 2 (2021 - 0) Foundation Trustees for travel expenses.

The Foundation received £2,199 (2021 £100) in donations from its Trustees during the year which were for the specific purpose of the gift of education bursary.

The number of higher paid employees was:
Taxable emoluments bands:
£ 60,001 - £ 70,000
£ 70,001 - £ 80,000
£ 80,001 - £ 90,000
£ 90,001 - £100,000
£100,001 - £110,000
£120,001 - £130,000
£140,001 - £150,000
£150,001 - £160,000
£170,001 - £180,000
£180,001 - £190,000		 2022
2021
No.
No.
15
18
-
1
1
1
1
-
-
1
1
-
1
-
-
1
-
1
1
-
20
23

The total employer pension contributions for higher paid staff were £313,789 (2021 - £354,293). During the year there were 2 termination payment made of £17,307 (2021 nil). There was nil outstanding at the year end.

Page 34

DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

7.
TANGIBLE FIXED ASSETS
FOUNDATION AND
GROUP
Cost (or frozen valuation)
1 August 2021
Additions
Assets no longer in use
As at 31 July 2022
Depreciation
As at 1 August 2021
Charge for year
Assets no longer in use
As at 31 July 2022
Net book value
31 July 2022
31 July 2021		 Foundation
Subsidiary
Land and
Plant and
Fixtures,
Fittings andFoundationFixtures and
Buildings
Machinery Equipment
Total
Equipment
£’000
£’000
£’000
£’000
£’000
57,821
950
2,396
61,167
62
-
57
120
177
-
-
(73)
(34)
(107)
-
57,821
934
2,482
61,237
62
25,109
711
1,495
27,315
45
1,052
75
190
1,317
6
-
(73)
(34)
(107)
-
26,161
713
1,651
28,525
51
31,660
221
831
32,712
11
33,712
239
901
33,852
17		 Group
Total
£’000
61,229
177
(107)
61,299
27,360
1,323
(107)

Land and buildings at cost comprises the following at 31 July 2022.

Freehold
Long lease (to 2119)		 2022
2021
£’000
£’000
44,721
44,721
13,100
13,100
57,821
57,821

The freehold and leasehold properties are insured for £138,196,992 (2021: £151,323,129).

Heritage Assets (The Foundation and its treasures)

The Foundation has a substantial endowment of assets gifted or bequeathed on trust for retention in perpetuity to form a permanent record of the Schools’ history and which are required to be preserved for their educational value to the Schools and, through reasonable public access to them, as a contribution to the nation's culture and education both nationally and locally. These comprise a unique collection of paintings depicting The Leys School’s previous eight heads since its founding in 1875, together with many other artefacts whose intrinsic value is also bound up with The Leys School’s history. Most of these are irreplaceable originals to which no reliable value can be attributed. Accordingly, these assets are not capitalised in the financial statements.

Page 35

DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

8. INVESTMENTS GROUP AND FOUNDATION

Unrestricted
£’000
Balance 1 August 2021
3,465
Additions at cost
319
Disposal proceeds
(329)
Investment losses
(222)
Changes in cash awaiting investment
40
Closing market value 31 July 2022
3,273
Investments comprise:
Investments in listed stocks
Cash
Other		 Restricted
Permanent
Endowment/
Expendable
Endowed
£’000
£’000
915
8,442
1,937
752
(222)
(775)
(150)
(523)
27
95
2,507
7,991
2022
£’000
13,109
450
212
13,771		 Total
£’000
12,822
3,008
(1,326)
(895)
162
13,771
2021
£’000
12,534
288
-
12,822

The investment holdings at the year-end were UK £7.1m and overseas £6.7m.

9.
DEBTORS
Amounts falling due in less than one year:
Fees
Sundry debtors
Prepayments
Due from subsidiary undertaking
10.
CREDITORS
Amounts falling due within one year
Trade creditors
Taxation and social security
Loans and mortgages
Other creditors
Accruals
Deposits from parents
Deferred income - fees in advance of term
Deferred Income advance fees (see note 12)		 Group
2022
£’000
453
205
371
-
1,029
2022
£’000
306
327
550
267
297
1,661
300
7,453
11,161		 2021
£’000
233
40
344
-
617
2021
£’000
198
317
640
207
315
1,472
505
6,953
10,607		 Foundation
2022
£’000
453
165
369
131
1,118
2022
£’000
271
317
550
267
290
1,661
300
7,453
11,109		 2021
£’000
233
39
342
85
699
2021
£’000
169
314
640
207
308
1,472
505
6,953
10,568

Pupil fees deposits – the total held in relation to fee deposits of £1,661,099 is included above. In the normal course of business, the expected repayment of these amounts will be £406,101 within one year and £1,254,998 after more than one year.

Page 36

DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

11. CREDITORS AMOUNTS FALL DUE AFTER MORE THAN ONE YEAR

Amounts falling due after more than one year
Deferred income – fees in advance scheme (see note 12)
Bank loan and mortgage*		 2022
£’000
865
1,738
2,603		 2021
£’000
1,036
3,165
4,201

12. ADVANCE FEE PAYMENTS

Parents may pay to The Foundation several years of tuition fees in advance. The money may be returned, subject to specific conditions on receipt of one term’s notice. Advance fees are due to be applied as follows:

After 5 years
Within 2 to 5 years
Within 1 to 2 years
Within 1 year
The movements during the year were as follows:
At 1 August 2021
New contracts during the year
Amounts accrued to contracts
Amounts utilised in payment of fees to the school
Balance at 31 July 2022		 2022
£’000
-
328
537
865
7,453
8,318
7,989
7,509
190
(7,370)
8,318		 2021
£’000
-
509
527
1,036
6,953
7,989
5,594
7,356
141
(5,102)
7,989

Page 37

DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

13. OPERATING LEASES

The future minimum lease payments under non-cancellable operating leases are as follows:

Group and Foundation
Within one year
Between one and five years
Over five years		 2022
£’000
87
113
24		 2021
£’000
50
66
24

The total lease payments recognised in the Statement of Financial Activities amounted to £138,949 (2021: £67,076).

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

The net assets are held for the various funds and advance fees as follows:

2022
Permanent endowment
funds
Expendable endowed funds
Restricted funds
Unrestricted funds
Advance fees
2021
Permanent endowment
funds
Expendable endowed funds
Restricted funds
Unrestricted funds
Advance fees		 Fixed
Assets
£’000
-
-
-
32,723
32,723
-
32,723
Fixed
Assets
£’000
-
-
-
33,869
33,869
-
33,869		 Investments

£’000
4,079
3,911
2,507
2,422
12,919
852
13,771
Investments

£’000
4,310
4,132
915
2,442
11,799
1,023
12,822		 Net Current
Assets/(liabilities)
£’000
108
118
164
552
942
13
955
Net Current
Assets/(liabilities)
£’000
144
153
1,479
(731)
1,045
13
1,058		 Long Term
Liabilities
£’000
-
-
-
(1,738)
(1,738)
(865)
(2,603)
Long Term
Liabilities
£’000
-
-
-
(3,165)
(3,165)
(1,036)
(4,201)		 Total
£’000
4,187
4,029
2,671
33,959
44,846
-
44,846
Total
£’000
4,454
4,285
2,394
32,415
43,548
-
43,548

Page 38

DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

15. PERMANENT ENDOWED FUNDS

2022 1 August Investment 31 July
2021 Income Expenditure Losses 2022
£’000 £’000 £’000 £’000 £’000
Endowment 4,454 - - (267) 4,187

The Permanent Endowed funds were set up with shares donated by Thomas R Fern and monies from school fundraising. The endowments were further increased with a legacy from the late Gerald A France. The funds were set up to provide funding for scholarships. In 2007 a gift of £50,000 was received to establish an endowed fund ‘The Suresh Karthingesu Fund’ to provide annual bursary support. Only the income is drawn down which helps fund Bursaries.

2021
1 August
2020
£’000
Endowment
3,750
16.
EXPENDABLE ENDOWED FUNDS
2022
1 August
2021
£’000
Scholarships
4,285		 Income
£’000
-
Income
£’000
-		 Expenditure
£’000
-
Expenditure
£’000
-		 Investment
Gains
£’000
704
Transfers and
Investment
Losses
£’000
(256)		 31 July
2021
£’000
4,454
31 July
2022
£’000
4,029

The expendable endowed funds are made up of numerous donations the income from which is used to provide scholarships and bursaries. The bursary fund is to provide funds for the gift of education initiative.

2021 1 August Investment 31 July
2020 Income Expenditure Gains 2021
£’000 £’000 £’000 £’000 £’000
Scholarship 3,609 - - 676 4,285

Page 39

DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

17.
RESTRICTED FUNDS
2022
Wesley scholars fund
Scholarship
Ollie Feast
Development funds
Great Hall
Chapel Centenary fund
The gift of education (bursary)
Bursaries (various)
Prize funds
Boat house redevelopment
Vision studio
Other
Community fund		 1 August
2021
£’000
43
38
50
8
21
1,620
158
62
17
54
123
200
2,394		 Income
£’000
34
98
-
-
-
351
5
1
-
114
11
106
720		 Expenditure
£’000
(32)
(98)
-
-
-
(1)
(26)
-
-
-
(82)
(239)		 Investment
Losses/
Transfers
£’000
-
-
-
-
-
(150)
-
-
-
(54)
-
-
(204)		 31 July
2022
£’000
45
38
50
8
21
1,820
137
63
17
114
134
224
2,671

All funds represent monies given for the specific purposes, but not yet expended. The Gift of education bursaries is a new initiative with the Royal National Children’s SpringBoard Foundation to provide transformative bursaries for disadvantaged and vulnerable children. The Community Fund is a new initiative linked to the Old Leysian Mission. The funds are to be used for charitable causes in the community. Charities apply for funds from the community fund. The transfer of £54,000 was to reimburse the unrestricted fund for expenditure incurred on behalf of the restricted fund in respect of the vision studio.

2021
Wesley scholars fund
Scholarship
Olllie Feast
Development funds
Great Hall
Chapel Centenary fund
The gift of education (bursary)
Bursaries (various)
Prize funds
Boat house redevelopment
Vision studio
Other
Community Fund		 1 August
2020
£’000
39
38
-
8
21
1,028
62
62
17
17
120
138
1,550		 Income
£’000
41
100
50
-
-
440
117
-
-
72
3
85
908		 Expenditure
£’000
(37)
(100)
-
-
-
-
(21)
-
-
-
-
(23)
(181)		 Transfers
£’000
-
-
-
-
-
152
-
-
-
(35)
-
-
117		 31 July
2021
£’000
43
38
50
8
21
1,620
158
62
17
54
123
200
2,394

Page 40

DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

18. UNRESTRICTED FUNDS

2022
Designated funds
Gift of education
Funds for COVID-19 /hardship
bursaries
Unrestricted funds
Total Unrestricted Funds		 1 August
2021
£’000
1,039
223
31,153
32,415		 Income
£’000
25
90
25,897
26,012		 Expenditure
£’000
-
-
(24,300)
(24,300)		 Transfers/
Investment
Losses
£’000
-
-
(168)
(168)		 31 July
2022
£’000
1,064
313
32,582
33,959

The gift of education is expected to be fully utilised within 10 years, the HSE incident is now concluded, and the funds for helping parents impacted by Covid-19 and now hardship due to cost of living is expected to be fully utilised within 3 years.

2021
Designated funds
Gift of education
Funds towards HSE incident
Funds for COVID-19 bursaries
Unrestricted funds
Total unrestricted funds		 1 August
2020
£’000
131
250
406
28,805
29,592		 Income
Expenditure
£’000
£’000
908
-
-
(250)
-
(183)
23,675
(21,947)
24,583
(22,380)		 Transfers/
Investment
Gains
£’000
-
-
-
620
620		 31 July
2021
£’000
1,039
-
223
31,153
32,415

19. CONTRACTS AND COMMITMENTS

There are no capital commitments for either school as at the 31 July 2022 (2021: Nil).

20. RELATED PARTY TRANSACTIONS

The Foundation’s trading subsidiary, Leys Enterprises (Cambridge) Limited makes a donation under gift aid to The Foundation of its taxable profits each year.

Included in Debtors of The Foundation is an amount of £130,769 due from the subsidiary.

The staff working for Leys Enterprises (Cambridge) Limited are employed by both The Leys School and Leys Enterprises (Cambridge) Limited. The salaries are processed through Leys School and transferred to Leys Enterprises (Cambridge) Limited. The transfer value of transaction charges for year ended July 2022 was £10,575 (2021 £5,100).

Page 41

DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

21. PENSION SCHEME

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 £1,662,597( 2021: £1,588,437 ) and at the year-end Nil 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 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the 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 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the point they become payable.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. Following a public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in time for the 2020 valuations.

The 2016 cost control valuations have since been completed in January 2022, and the results indicated that there would be no changes to benefits or member contributions required. The results of the cost cap valuation are not used to set the employer contribution rate, and HM Treasury has confirmed that any changes to the employer contribution rate resulting from the 2020 valuations will take effect in April 2024.

Page 42

DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

Until the 2020 valuation is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statement.

The contributions in respect of the support staff defined contribution scheme was £287,367 for The Leys, and £131,199 for St Faith’s (2021: £296,633 and £115,267)

22. ANALYSIS OF CHANGES IN NET DEBT

ANALYSIS OF CHANGES IN NET DEBT
Cash in bank
Advance fee payments due within one year
Advance fee payments due after more than one
year
Bank loans falling due within one year
Bank loans falling due after more than one year
Mortgages falling due within one year
Mortgages falling due after more than one year
Total borrowings
Net Debt		 1 August
2021
£’000
10,929
(8,425)
(1,036)
(190)
(2,377)
(450)
(788)
(13,266)
(2,337)		 Cash
flows
£’000
34
(689)
171
90
977
-
450
999
1,033		 31 July
2022
£’000
10,963
(9,114)
(865)
(100)
(1,400)
(450)
(338)
(12,267)
(1,304)

23. RECONCILIATION OF NET INCOME TO GROUP CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period
(as per the statement of financial activities)
Adjustments for
Depreciation charge
Investment income and interest
Investment managers fees
(Increase) in stocks
(Increase) in debtors
(Decrease) in creditors
(excluding advance fee movement)
Increase in fees in advance scheme creditors
Increase/(decrease) in parent deposits
Net cash provided by The Group’s operating
activities		 2022
2021
£’000
£’000
2,193
2,930
1,323
1,365
(551)
(316)
63
38
(5)
(9)
(412)
(44)
(135)
-
329
2,395
189
(9)
2,994
6,350

Page 43

DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

24. FINANCIAL INSTRUMENTS
Financial assets measured at amortised cost (a)
Financial assets measured at fair value (b)
Financial liabilities measured at amortised cost (c)
Net financial assets measured at amortised cost		 Group
2022
£’000
11,621
13,559
(3,042)
22,138		 Group
2021
£’000
11,202
12,822
(2,798)
21,226		 Foundation
2022
£‘000
11,668
13,559
(3,000)
22,227		 Foundation
2021
£’000
11,275
12,822
(2,762)
21,335

(a) Financial assets include cash, trade and fee debtors, staff loans, other debtors and accrued income.

(b) Financial assets held at fair value include assets held as investments. (c) Financial liabilities include deposits, trade creditors and other creditors.

Page 44

DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

25. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITES - COMPARATIVE FIGURES BY FUND TYPE

Year ended 31 July 2021
Income and endowments from
Charitable Activities
School fees (net)
Other educational income
Other ancillary activities
Voluntary sources
Donations
Investments
Investment income
Bank and other interest
Other trading activities
Non-ancillary trading income
Total income
Expenditure on
Raising funds
Non-ancillary trading
Fund-raising for voluntary resources
Financing costs under Advance Fee
Contracts
Finance costs
Bank and Mortgage interest
Investment Management Fees
Total deductible costs
Charitable Activities
Schools and grant making
Total expenditure
NET INCOME
Investment gains
Transfers between funds
NET MOVEMENT IN FUNDS
Fund balances at 1 August 2020
FUND BALANCES at 31 July 2021		 Unrestricted Restricted
Endowed
Funds
Funds
Funds
£'000
£'000
£'000
22,162
-
-
519
-
-
112
-
-
1,345
785
-
190
122
-
3
1
-
252
-
-
24,583
908
-
244
-
-
147
23
-
141
-
-
42
-
-
106
-
-
38
-
-
718
23
-
21,662
158
-
22,380
181
-
2,203
727
-
585
152
1,380
35
(35)
-
2,823
844
1,380
29,592
1,550
7,359
32,415
2,394
8,739		 Total
Funds
2021
£'000
22,162
519
112
2,130
312
4
252
25,491
244
170
141
42
106
38
741
21,820
22,561
2,930
2,117
-
5,047
38,501
43,548

Page 45

DocuSign Envelope ID: A248BF36-3319-4198-AC9A-8B46FA1E792C

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

26. LEYS ENTERPRISES (CAMBRIDGE) LIMITED

The Foundation owns the whole of the share capital of a trading company Leys Enterprises (Cambridge) Limited company number 2016905, with the Foundation receiving taxable surpluses earned by the company as a donation under gift aid.

2022 2021
£’000 £’000
BALANCE SHEET
Tangible fixed assets 11 17
CURRENT ASSETS
Stock 96 102
Debtors 42 3
Cash 44 12
182 117
CREDITORS: amounts falling due within one year (182) (124)
Net current liabilities - (7)
TOTAL NET ASSETS 10 10
CAPITAL AND RESERVES
Called up share capital - -
Profit and loss account 10 10
10 10
he Company has £2 share capital which after rounding to the nearest £1,000, becomes £nil)
PROFIT AND LOSS ACCOUNT 2022 2021
£’000 £’000
Turnover 278 252
Cost of Sales (229) (226)
Gross profit 49 26
Administration (22) (18)
Net profit 27 8
Donation to Parent under gift aid (27) (8)
Retained profit for period - -

(The Company has £2 share capital which after rounding to the nearest £1,000, becomes £nil)

Page 46