2024-07-31-accounts

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 2024

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 R Anthony

Mr A Barrett Mrs A Brunner Mrs W Challen Mrs J Clarke Mr C Fairey Mr J Gladwin Mrs E Hooley Mrs H Iqtidar Mr C Kirker Mrs S Loft MrJ May Mr T Moore Ms S Northcott Mr S Peak Mrs H Renfrew-Knight Sir M Rycroft Miss L Sales Mr A Silverton Mrs V Wienand

Retired 09/12/23 Chair of St Faith’s Committee

Chair of The Leys Committee

Retired 09/12/23

Hon. Treasurer Vice-Chair of the Foundation Chair of the Foundation

Elected by The Leys Common Room Mr M Brown

Elected by St Faith’s Common Room

Mr R Mitchell

Appointed by the Methodist Council Ms J Fen Rev'd. Dr P Glass Rev'd J Pursehouse Retired 22/06/24

Ex Officio Members Mrs Jo de Grey

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 - St Faith’s School

M Priestley MA

C Hyde-Dunn MA

The Bursar of The Leys School The Bursar of St Faith’s School

P McKeown MA

R Brent MBE MA MSc BEng

ADDRESSES

The Leys School Trumpington Road Cambridge CB2 7AD Registered Office as above

Websites:

St Faith’s School Trumpington Road Cambridge CB2 8AG www.theleys.net www.stfaiths.co.uk

ADVISERS

Bankers	Handelsbanken
	Byron House
	Cambridge Business Park
	Milton Road
	Cambridge, CB4 OWZ
Solicitors	Birketts LLP
	22 Station Road
	Cambridge
	CB1 2JD
	Farrer & Co
	66 Lincoln's Inn Fields
	London, WC2A 3LH
Auditor	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	Assured Partners Hettle Andrews
	Eleven Brindley Place
	2 Brunswick Square
	Birmingham,Bl2LP

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THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

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 2024 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 2024

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 cafe 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 2024

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. We are also regularly in contact with our parents and seek their feedback about the service we provide.

Both schools co-operate with many charities, other local bodies and the local community in their endeavours to widen public access to the schools and to optimise the use of their cultural and sporting facilities. We review such relationships on a regular basis and have appointed senior staff to oversee such relationships.

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 2024 as set out above.

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable Objects of The Foundation

The Foundation has two objects:

• a) The provision of high-quality education, in particular by the conduct of the two Schools known as The Leys School and St Faith’s School.

• b) The use of the facilities of the Schools, when not required for education, for other charitable purposes, for the benefit of the local community and the wider public.

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

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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 2024

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.

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

• 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.

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

• 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.

• 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.

• 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.

• 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" 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

We provide an inspiring an academically rigorousness day school education for girls and boys aged 4 to 13, with a broad and balanced curriculum. We equip pupils for diverse and meaningful futures through our tailored approach to education, with an emphasis on inclusivity and social responsibility. We value kindness and we understand that happy children fulfil their potential, our academic provision is underpinned by eight key learning habits and excellent pastoral care. We have a Christian ethos and welcome families from all faiths and beliefs. We are proud to be part of The Leys and St Faith’s Foundation.

Vision

Our ambition is for every child to be empowered and enabled to lead a fulfilling life and to contribute to society. We aim to prepare pupils for increasingly diverse futures by delivering an excellent, innovative education, equipping pupils with key knowledge and skills. We aspire that all our pupils become wellrounded, independent learners, able to recognise their own talents and have confidence in their own decisions. We will promote respect, equality, diversity and inclusion across our school community, as well as the importance of service. We will also prioritise well-being throughout the school and seek to shape a sustainable and environmentally responsible future.

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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 2024

We value

• e Kindness - we care for others and are respectful and understanding. e Community - we work together to support one another and create a school where everyone feels they belong.

• e Excellence - we promote high expectations and encourage every individual to fulfil their potential.

“Do all the good you can in all the ways you can” John Wesley

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 potentia!, 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 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 £1,067 ,368 in Bursary Awards or Scholarships. Over 190 pupils received some financial assistance. Within this provision means-tested awards based on a sliding scale according to financial circumstances totalling £828,480 were awarded to 67 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 2020 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 to fund the project. 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 2024 we have 7 Gift of Education pupils including our first one to join at Yr 7. One of the pupils who is now in Yr 13 won the school’s most prestigious science prize and is now applying for engineering at some of the best UK universities.

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 2023-24, £106,308 was awarded to a whole range of charities. In one initiative with The Cambridge Friendship Trust, which supports young adults, we have paid for transport and other expenses to enable those who can’t afford it to attend their fortnightly events. The schoo! has worked closely with Waterbeach Community Primary School to provide tents and other equipment to enable the pupils to experience camping, to replace rotten decking around a pond area, and to build a sensory memorial garden in

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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 2024

remembrance of a member of staff who passed away suddenly. Working with Rowan, a charity to support adults with learning disabilities we have provided resources to enable them to develop their facilities for providing a safe, creative enriching environment where art is used to bring people together, reducing loneliness, helping tackle social exclusion, whilst developing potential and improving happiness, health and wellbeing.

We are pleased to extend and enrich our partnership with Great Abington Primary School, offering rugby, hockey, and cricket coaching through Leys Sport. Last year, we added netball, which remains popular. Three Shakespeare Workshops for Year 6 ended with an assembly performance for parents and staff. The entire class also watched A Christmas Carol and Oliver performances and visited the geography department for hands on VR and sandbox activities in the Vision Studio. Using their outdoor space we also offered gardening and landscaping instruction for the pupils.

We continue our collaboration with the Red Balloon Learning Centre, this school, which aids the most vulnerable, has seen increased staffing from The Leys to work closely with small groups and individuals, offering 1:1 mentoring, coaching, trampolining, kickboxing, swimming, and climbing wall activities. Additionally, we provided more recycled iPads, laptops, and IT support and staff training to ensure effective and safe technology use.

in July we were able to deliver another Ollie Feast Summer Camp at The Leys. The team successfully achieved their mission of offering young people new challenges, opportunities for skill development, and the chance to build relationships while expanding their horizons and aspirations. By taking on both physical and mental challenges together, the participants have gained valuable experience in teamwork, leadership, effective communication, and essential life skills. The opening day involved mixing forty pupils from the four local partnership schools (Trumpington Community College, North Cambridge Academy, Coleridge Community College, Chesterton Community College) into mixed groups to tackle a wide range of team building, problem solving and leadership command tasks. As well as the now established Bushcraft Challenge and Archery competition, we added some exciting new activities including a caving experience, inflatable obstacle course battle and on the final day a crystal maze style climax which involved teams working together across all the disciplines they had experienced to win time in the crystal dome finale to collect tokens in the bid to win a prize. The partnership schools acknowledged that for many of their pupils, the skills and experiences gained during the camp will have a lasting impact beyond their time spent at The Leys. Nine Leys pupils generously dedicated their time over the summer holidays, taking on a range of responsibilities throughout the camp. Their volunteering efforts not only gave them a strong sense of purpose and fulfilment but also significantly contributed to their personal growth and development. They performed exceptionally well. Feedback from the partner school staff and activity instructors highlighted what outstanding ambassadors they are for our school.

St Faith’s continued to support Makukhanye school in South Africa. The link between the two schools has existed for over 20 years. At Easter pupils from St Faith’s visited the school and had the opportunity to see the difference that the charitable donations had made. Over the last 12 months St Faith's have provided funding for a whole range of improvements including: the provision of new security gates, 25 refurbished laptops and a safe source of the new laptops, for electrical maintenance repair for the whole site, for the completion of new classrooms, for the redevelopment of the school kitchen and a range of other improvements.

The school has run a whole variety of charity events throughout the year and donated significant amounts to several charities, including the Salvation Army Young minds, Tom's trust, Andy's man club, (Cambridge) city food bank and the NSPCC.

In December a group of young of carol singers provided a welcome treat at a local nursing home and children painted plant pots and potted seedlings for plant sales at Arthur Rank Hospice.

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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 2024

The link with Shirley Community Primary School continues to grow with St Faith’s providing transport to enable them to take part in sports tournaments and in the future, we look forward to supporting them with musical instrument tuition and also swimming tuition.

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

Review of 2023/24

Both schools began 2023/24 with higher pupil numbers than budgeted which was very encouraging. The Leys also generated more income from the Bell International School than had been forecast. During the year both schools managed their operational cost effectively and therefore the end of year surpluses before projects was significantly higher than had been budgeted.

Both schools undertook more project work over the summer holidays then in recent years and managed to complete all the projects in the planned timescales.

The schools are very pleased with their overall financial performance for 2023/24.

Planning for 2024/25

For 2024/25 the schools had taken a cautious approach to budgeted pupil numbers due to the UK economic and political situation and the potential impact from international tensions. They assumed that lettings income would continue to recover and return to pre-covid levels. On the cost side the schools had decided to continue to offer the TPS to teaching staff alongside a DC scheme. Those staff who choose to stay in the TPS would not get a salary rise for 2024/25 whereas those choosing the DC scheme would get a 3% rise. Support staff would get a 3% salary rise. The schools had experienced a significant increase in utility costs in 2023/24 and it was hoped that a new contract would be negotiated from September 2024 which would bring these costs down. Inflation was assumed to continue to fall but remain above the 2% target.

The biggest threat was the potential introduction of VAT on school fees and the ending of business rate relief. The schools assumed a Labour government would be elected and introduce VAT on school fees from April 2025 and also remove business rate relief at the same time.

The schools planned for an increase in capital spending in 2024/25 which was linked to the master planning work at both schools.

Actual performance for 2024/25

On the income side, The Leys has begun the new academic year with higher pupil numbers than budgeted whereas St Faith’s has experienced a small fall in numbers. The Leys has also seen a better Bell International School than anticipated and both schools have benefited from healthy cash surpluses which have been invested to generate additional income.

On the cost side, the new Labour Government has surprised the sector by bringing in VAT on school fees from January 2025. The schools decided to reduce the pre-VAT fees by 3% from January 2025 and then offer

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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 2024

financial support to those parents who would struggle with paying the post-VAT fees. This has impacted the forecasted fee income and has also meant an increase in the contingency budgets. The other significant cost increase that the schools have included in their revised budget forecasts is the impact of the changes to employers NI. This will affect the schools from April 2025 and will mean additional costs of around £100k for The Leys and £50k for St Faith’s.

Both schools anticipate that the surplus before projects will be reduced compared to the originally planned budgets but do not see this causing any significant issues for the schools.

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

Planning for 2025/26

Looking ahead to 2025/26 the most significant financial threat is the potential impact from the imposition of VAT on fees on the demand from both current and prospective parents. Both schools are working hard to reduce their operating costs for 2025/26 to ensure that the cost rise to parents (including VAT) is kept as low as it possible whilst still providing an outstanding service to parents. Both schools are also investing in their marketing and recruitment activities.

Objectives for the year for The Leys

Review of the operational performance of The Leys 2023-24

Last year, the following objectives for the year were identified:

• Pastorally, the key actions for the coming year include: 1. Diversity and Inclusion: addressing issues around gender equality and promoting positive behaviour around school.

• 1. A focus on consistency of tutoring across all year groups. 3. Developing mental health support for pupils with a focus on anxiety, ADHD and autism.

• Within the Wider Curriculum, the key actions for the coming year include: 4. To review and analyse participation rates with the after-school activities programme 5. Work towards a wider curricular programme that continues to be staffed with high quality people who enhance the pupil experience.

• Continued improvement of facilities and communication of decisions.

Academically, the top priorities for 2023-4 are:

1. To embed the new Head of Academic Scholarship to help support and stretch the most able. 8. To Bring our deliberations on the Shape of the Day to a successful conclusion. 9. To develop a clear vision for our academic position and how we want to be perceived academically by pupils and parents.

2. To embed a culture of excellence in T&L by seeking positive value-added and outstanding outcomes across the Common Room and sharing approaches, including the reimplementation of the ‘observation without judgement’ done before Covid.

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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 2024

1. To develop a framework/approach to department reviews/appraisals to include the appropriate use of pupil voice.

In terms of the economic and financial context, we are considering how we will cope and adjust if, as seems very likely, VAT is placed on school fees. Our key actions for 2023/24 in this area include:

1. Understanding the impact on both current and prospective parents of the proposal to introduce VAT on fees.

2. Investigating how we reduce our operating costs, both staffing and non-staffing, to enable us to minimise any increase in the fees we charge to parents.

3. Investigating how we can increase the non-pupil income we generate.

Review of operational performance at The Leys

Pastorally, the key achievements for 2023-4 include:

A diversity and Inclusion focus on addressing issues around gender equality and promoting positive behaviour around school. We rolled out a school-wide programme of identifying and reinforcing ‘Leys Values’ and developed our mental health support for pupils, focusing especially on anxiety, school absence, ADHD and autism.

Within the Wider Curriculum, the key achievements for 2023-4 include the following:

We reviewed and analysed participation rates with the after-school activities programme, ensured the delivery of a wider curricular programme staffed with high quality people who enhance the pupil experience and continued our focus of improving facilities and communication. One particular highlight of the year is that an Old Leysian represented Great Britain in the Men’s Hockey at the Paris Olympics. Outstandingly successful tours and trips took place, including the Southern Africa Expedition, our first overseas Girls’ Cricket Tour — to Dubai — and a Boys’ Rugby and Hockey Tour to South Africa.

Academically, the key achievements for 2023-4 include the following:

The new Head of Academic Scholarship is firmly embedded in post and is working well in supporting and stretching the most able in a bespoke way. Our Shape of the Day deliberations have concluded with the adoption of a New Leys Week from September 2024.

The Leys’ reputation as a centre of excellence has been enhanced not least through strong academic results including excellent A Level and GCSE results. At A Level, the 2024 cohort of Year 13 pupils at The Leys received the best ever A Level results in the school’s recorded history. More than 23% of all grades achieved were A and 87% were graded A-B. The overwhelming majority of Leysians succeeded in securing the grades they needed to go on to their first choice of university, and it is particularly impressive that in terms of pupil outcomes, 69% of this cohort of Leysians achieved at least ABB at A Level. In addition, The Leys pupils of 2024 achieved outstanding GCSE results. 71% of all grades received were 9, 8 or 7, 48% were graded 9 or 8, and 27% were graded 9, the highest mark possible. The proportion of 9s was particularly impressive — significantly up on pre-Covid results, and up on last year’s results also. Value added across both A Levels and GCSEs was significantly positive, demonstrating that The Leys has successfully added value to the academic endeavours of its pupils in these vital public examinations.

In terms of the economic and financial context, we are continuing to prepare for the introduction of VAT on school fees. We have communicated with parents regularly throughout the academic year 2023-4. We have held multiple staff and governor meetings focusing on investigating how we reduce our operating costs, both staffing and non-staffing, to enable us to minimise any increase in the fees we charge to

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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 2024

parents and have continued to investigate how we can increase the non-pupil income we generate. This work is ongoing.

In terms of its overall success as a School, it is worth noting that The Leys was selected by the Sunday Times as its East Anglian Independent School of the Year for 2024. Headmaster, Martin Priestley, having announced his retirement from The Leys in August 2025, Dr Clare Ives, currently Deputy Head at Sevenoaks School, has been appointed to be the first female Head of The Leys; she will succeed Mr Priestley in September 2025, in what is the School’s Sesquicentenary Year.

Objectives for the year for St Faith’s

Review of the operational performance of St Faith’s 2023-24

Last year, the following objectives for the year were identified:

1. To enhance pupils’ active listening

2. To make efficient and tailored use of digital tools in accordance with our digital learning vision

3. To develop our Wellbeing strategy — including Equality, Diversity and Inclusion (EDI)

4. To review and refine our reporting system to parents

5. To review and streamline Communications

6. To continue to prepare for ISI inspection within the new ISI framework

7. To encourage children in their behaviour, manners, presentation

8. Financial and operating efficiency

9. To enhance pupils’ active listening

Throughout the year, we developed pupils’ listening skills with the aim that they:

• e Give the speaker their full attention

• e Think about what is being said

• e Develop a deeper understanding in order to be able to work with greater independence e Enhance their relationships with others

CPD was provided through Osiris training. Teachers and teaching support staff then set clear expectations about listening and made use of positive reinforcement. Lessons were planned to support pupils to demonstrate excellent listening skills e.g. cold calling, clarification pauses, chunking instructions and minimising possible distractions. Pupils were also encouraged to consider their best ‘listening position’. This focus was followed up with staff through the Appraisal system, Learning walks and Teaching in Partnership programmes.

2. To make efficient and tailored use of digital tools

This was designed to build on the successful introduction of mobile technology in 2022-2023 and the initial lessons learned in the 2022-23 academic year. Specific targets included the following:

• e To hone the use of iPads in Pre Prep, Year 3 and Year 7 to make best use of digital tools to support whole class and individual learning

• e To embed the use of iPads in the Year 4 and Year 8 curriculums and explore how to make use of iPads to enhance pupils’ creativity

• e Identify how we can best provide mobile digital provision for Year 5 and 6 pupils in 2024-2025

• e Provide high quality training for pupils, teachers and teaching support staff to enhance their digital skills

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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 2024

• e Share examples of and advice and information about digital learning with parents e Embed the Seesaw guidelines to provide consistency in posts shared, and embed the Digital Learning Committee and Digital Innovators Group

e Continue to explore how best to assess pupils’ digital work and the use of Al Digital strategy was extensively reviewed and updated by SMT throughout the year, including feedback from Heads of Department. Training proved to be an area in which Staff required additional support. The decision was made to use OneNote with Year 7 and 8 pupils, rather than a mix of OneNote and Teams. Set of odds was introduced for Years 5 and 6, and Microsoft based laptops were also trialled. Pre-prep also utilised seesaw for homework and provision of tailored feedback, as well as new age-appropriate Apps aligning with their curriculum such as Epic Books and White Rose Maths. Games and quizzes using platforms such as ‘Kahoot’ were also successful in engaging children and reinforcing their learning in an interactive way.

1. To develop our Wellbeing strategy — including Equality, Diversity and Inclusion (EDI) Our new Wellbeing strategy was published, and several mental health first aiders among staff have now been trained. A new pupil mental health and well-being policy has now been developed. The role of the school counsellor has been enhanced and their support is being embedded in our wellbeing strategy. As part of our wellbeing and pastoral care arrangements, we are continuing to look at ways to establish an overview of each pupil’s curricular and extra-curricular commitments and we continue to consider the impact of encroachments on pupil activity. We are also examining the distribution of workload for staff and considering the balance of the curriculum. Peer mentoring, the ‘Girls on board’ initiative and PSHCE also form an important part of pupil well-being. Staff wellbeing tools have also been shared with staff, including online resources, and these are regularly referenced in INSET training. The Parents’ Association also held an event focussed on wellbeing at Easter for pupils, parents and staff. Pupils also completed an EDI survey and reflective exercise in the Michaelmas term, with feedback and reflective opportunities provided to pupils and staff, as well as key findings shared in an assembly. There has been a focus too on hearing and acting upon the pupil voice, including a new safeguarding platform called MyVoice. A ‘quiet area’ has also now been established in response to the School Council pupil voice exercise.

2. To review and refine our reporting system to parents

During the academic year, we continued to explore the following priorities:

• e Develop recommendations for a new grading system to provide greater clarity to parents about their child’s Attainment and Learning Habits in a way in which is manageable and sustainable.

• e Establish timeline for introduction of revised grading system. e Explore how pupil voice can be integrated into reporting for Year 7 and Year 8 pupils. e Review how and when we assess pupils and how assessment data is used.

We made good progress towards these targets, and set up a new reporting template, with agreed statements for attainment and curriculum coverage, as well as examples. The new grading system was piloted with Year 8 in the Lent term. The feedback survey was completed by 10% of parents, and feedback was positive about the sue of language rather than letter/number descriptors. In the Summer term, the feedback from the pilot was shared with HODs and further trials of reporting to Years 4 and 7 are being undertaken during the Michaelmas Term 2024.

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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 2024

1. To review and streamline Communications

This involved a range of stakeholders and involved design and embedding of a whole school communication plan. This included greater use of MySchool Portal for parental communication, to reduce email traffic, as well as a refined model for proofreading school communications. Communications around school trips now use software called “Evolve”. Sharepoint is also a key platform for sharing documents and collaboration without email attachments. Parents have now received a Parent-School communication protocol outlining provisions and expectations of use.

1. To continue to prepare for ISI inspection within the new ISI framework This has been a very important strategic priority for the whole school throughout the year, with the new framework now in place and an ISI Inspection expected in Michaelmas Term 2024. This has involved extensive training an preparation, including updating of ISI SharePoint and my school portal. We have also refined our mechanisms for ensuring the appropriate evidence is in place, as well as being rigorous in reviews around compliance. This has involved dedicated SMT and staff training sessions being scheduled regularly in the calendar. The summer term 2024, we engaged the services of two current ISI inspectors to review our inspection preparations and plans. Their assessment was was very positive and we have acted upon their helpful and constructive feedback. A member of SMT has now also completed their training as an ISI Team inspector which has also afforded valuable insights in our preparations.

7. To encourage children in their behaviour, manners, presentation

A clear focus on “being our best selves” continues throughout the school. Specifically this year, it has involved

• e Continued focus on manners and behaviour through assemblies, tutor time and PSHCE

• e Ongoing use of kindness certificates (and kindness stickers in the Pre Prep)

• e Use of behaviour ‘Merit’ certificates linked to a new pastoral care monitoring system called Trackit Lights

e Continued focus on manners at lunch times and in the dining room, with positive reinforcement Assemblies have also been used to communicate expectations to pupils, and our Uniform Policy has been updated and shared with pupils and parents.

8. Financial and operating efficiency

With challenges around the cost of living and VAT, the focus has been on financial and operational efficiency, as well as pupil recruitment and retention. Work is ongoing to review all budget areas to maximise efficiency and ensure alignment of both schools in the Foundation, as well as sustainability initiatives. St Faith’s pupil retention at 11+ is increasingly challenging when local senior schools are now preferring to offer more places at 11+ rather than 13+. It is also increasingly important for St Faith’s parents that the Senior School offering at The Leys has equa! or more appeal than other local (day) schools, with many reporting that the long days and Saturday school make them consider alternative senior schools. Marketing and Recruitment strategies are ongoing and a new school website has been prepared for launch early in the Michaelmas Term 2024. It was agreed that the Foundation would remain in the Teacher Pension Scheme. This will be re-considered at the next re-evaluation (2027). This has involved revised salary arrangements to offset increases in employer contributions. This opportunity is appreciated by staff and is a very attractive feature for staff recruitment and retention.

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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 2024

FUND RAISING PERFORMANCE AT THE LEYS 2023/24

The Leys’ Development team work closely with people across the wider Leysian community, from Old Leysians and Common Room past and present to parents, Governors and more. 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 school has not used any 3” party fundraising organisations and there have been no complaints received about any fundraising activities.

The team has undergone changes in this year with the previous Director of Development finishing in June 2023 and their replacement starting in November 2023. The team currently consists of four core members, equivalent to three full time members of staff, and works closely with the OL Society VicePresident and the Archivist.

Responsibilities of the team broadly include alumni relations, managing The Community Fund and of course fundraising. The fundraising element includes a wide array of responsibilities from building and maintaining relationships, negotiating gifts, reporting on impact and more. The School only contacts those with a legitimate interest in the School, with vigorous GDPR processes in place and the option for our friends to opt-out of contact easily.

Below is a summary of fundraising income, to the nearest £10,000. We raise £36,000 per year for bursaries through regular giving:-

School	Year	All bursaries (inc. GoE) and	All exc. legacies £’000s
		Unrestricted£’000s

135 donors gave during the 23/24 year, down on the previous year due to no Giving Day due to its biennial nature. As is to be expected, the interruption to the momentum of fundraising by the gap in and change of Directors has also had a knock-on effect on income, as has the loss of a major donor and the lack of a Giving Day.

Over this period the fundraising priority remained bursaries, and we are committed to the Gift of Education bursaries, still working towards the aspirational goal of funding two 110% bursaries in each year group of the School.

Our methods for cultivating relationships include our impact reporting, publications, increasing touchpoints at events and one-on-one relationship building. We contact prospects by telephone, email, mail and in-person meetings. We continue to be successful at securing permission to contact Leysians as they leave the School, maintaining a 100% opt-in rate for all Upper Sixth leavers in 2024. All data is held securely on our alumni and supporter database which is accessible to limited members of the school staff.

The Foundation has a Fundraising Policy in place which sets out the Foundation’s approach to fundraising and to protect vulnerable people and other members of the public from behaviour which:

• e is an unreasonable intrusion on a person’s privacy

• e is unreasonable persistent

• e places undue pressure on a person to give money or other property

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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 2024

INVESTMENT PERFORMANCE AGAINST OBJECTIVES

The performance of the portfolio is compared to a bespoke Index, as a market comparator, which contains a 75% global equity weighting through the MSCI All World index, with the balance in cash, corporate and sovereign debt, and the Asset Risk Consultants (ARC) Charity Steady Growth Index, as a peer group measurement. On a rolling 3-year basis to July 2024, the net total rate of return of the fund was 7.7% compared with the bespoke benchmark of 18.3% and ARC Steady Growth Index of 8.0%. On a rolling 5-year basis the net total return of the fund was 33.8% compared to 32.2% for the bespoke benchmark and 22.9% for ARC. The net total rate of return of the fund from August 2023 to July 2024 was 12.6% compared with a movement in the bespoke benchmark of 14.7% and 10.5% for ARC. In the round, during the year, across the individual asset classes, this proved a respectable period for the portfolio. Following on from the turbulence in FY 22/23, and the impact of the UK mini-budget on alternatives and fixed interest markets and subsequent impact on the rolling 3 year return, during FY 23/24 the Corporate debt and Gilts within the portfolio delivered a combined total return of 7.9%, useful ahead of the 5.7% movement in UK Gilts, and 4.4% in Corporate debt. The alternative investments, which include investments in property, infrastructure, renewables and private equity enjoyed a strong, positive and uncorrelated return of 6.5% - again ahead on the UK Gilt market return. The expectation is that both sections of the portfolio, which represent some 23% of overall investment, will continue to benefit against the backdrop of declining interest rates.

Equities account for 73% of the portfolio’s invested assets, with an agreed and significant shift to a more globally reflective mix, predominantly centred on individual names. Domestic equities, at 14%, are still overweight relative to the market and this, despite useful outperformance (17.5% against 14% for the MSCI UK large and medium companies index) combined with a modest equity underweight compared to the market, constrained overall returns. US equities, at 40%, are now the largest single equity exposure as the portfolio continues to adopt an ever-increasing international posture. A return of 21.2% broadly matched the market return, which was a pleasing outcome given the dominance of the ‘magnificence seven’ throughout the investment period. Overall, the focus amongst the equities is now towards sector, rather than geography with significant returns from industrials (United Rentals, Experian), Financials (JP Morgan, Ares and Intermediate Capital), Information Technology (Dark Trace, Nvidia, Palo Alto and TSMC), and Communication Services (T Mobile, Walt Disney and Alphabet). These more than compensating for weakness from Energy, Materials and some sections of Consumer Discretionary and Staples. Further afield, fund selection in Emerging Markets and Japan proved a frustration and in the case of Japan led to a reorganisation — this represents 3% of overall investment. Disappointment here was tempered by significant outperformance in Asia (4% of the portfolio) with a return of 21% almost 3 times that of the local market return. During the year income levels remained broadly unchanged compared to those achieved in the previous period. The Fund delivered income of £395,061 (FY 22/23 £399,635), equivalent to a yield of 2.7%. The managers expect to see income levels at least maintained in the period ahead.

Looking forward the managers 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. They remain committed to the long-term investment objective but continue to highlight that to incorporate the impact of elevated inflation in 2022 and 2023, that it be regarded as a 10 year, rather than 5-year, target. Overall, aside from the many macro and climatic challenges, they remain positive for the long-term prospects of the current investment strategy.

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

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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 2024

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 schoo! 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.

Total energy use and greenhouse emissions.

==> picture [446 x 153] intentionally omitted <==

----- Start of picture text -----
Totals 2024 Greenhouse Totals 2023 Greenhouse
Emissions (KgCO2) Emissions
2024 (KgCO2) 2023
4,720,899 KwH 888,038 4,823,125 KwH 886,828
Electricity Usage 1,610,775 KwH 375,536 1,678,816 KwH 391,399
6,508 Litres 16,374 7,930 Litres 19,919
Total Greenhouse Emissions 1,279,949 1,298,146
Intensity ratio 1,279,949 1,298,146
emissions per 1,147 = 1,116 1,142 = 1,137
pupil
----- End of picture text -----

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 decreased again this year which is what we were hoping and we are delighted about. Our aim is that by better educating our pupils we can drive the emissions per pupil down further and this could become a key target which would motive the pupils.

Specific actions by the schools

• e Both schools are investigating how they should plan to put together net zero action plans for the school sites including considerations for renewable energy and building energy performance.

• e Both schools have made significant steps towards reducing food production and plate waste has been seen as best practice within the Chartwells schools.

• e St Faith's has been accredited at the highest level of the Eco Schools’ Award scheme with an award of the Green Flag for the 8" time and with distinction.

• e St Faith’s has led with an initiative to collaborate with other schools in Cambridge through the formation of the Independent Schools’ Travel Forum. One significant initiative has been the sharing of home to school transport routes between 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 2024

• e Significant investment has been made in LED and lighting controls installations across the school site, and with the installation of solar panels to offset catering energy consumption.

• e St Faith’s housekeeping is now predominantly chemical free, which is both a cost reduction and a significant sustainability milestone. The Leys is looking to mirror the work at St Faith’s.

• e The Leys has invested in additional water fountains and water bottles for the pupils to eliminate the use of single use plastic bottles.

• e The Leys invested in smart TRV’s and software to enable the central control of all radiators throughout the school which will lead to a significant reduction in gas usage.

FINANCIAL REVIEW

Results for the year

The income generated by the Foundation increased by £1.3M from £28.7M to £30M. The most significant factor was an increase in school fee income, which increased by almost £2.7M. Both schools were Close to capacity in terms of pupil numbers. Other educational income also rose significantly due to an increase in charges to parents as pupils were able to enjoy a full range of school trips and other activities which had been built up again following the impact of Covid. Lettings income also increase particularly from the Bell International School.

Reserves level, policy and financial viability

At the Balance Sheet date, the Foundation’s total reserves were £49.1M (2023 £46M) including £4.5M (2023 £4.1M) of endowed funds, £4.3M (2023 £3.9M) of expendable endowed funds, £3.3M (2023 £2.9M) of restricted funds and £37M (2023 £35.1M) of unrestricted funds.

Within the unrestricted funds, £543k (2023 £428k) was designated to provide financial support for parents impacted by hardship and £1.1M (2023 £1.1M) was designated for the Gift of Education.

Ideally, the Governors would like free reserves equivalent to between 6 weeks (£3m) and 12 (£6m) weeks unrestricted expenditure to meet its immediate objectives and protect its current activities, including the provision of adequate working capital. For 2023/24 there were free reserves of £4.9m (2022/23 £2.9m) The significant increase is predominately due to the increase in advanced fee payments.

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 2024/25 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 and political 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, anticipated political decisions and have undertaken various scenario exercises, particularly in terms of the impact of VAT on school fees. The financial analysis demonstrates that even under the most pessimistic scenario the Foundation would not experience any significant financial problems and

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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 2024

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 2026, the most significant threat comes from the potential impact on pupil numbers due to the imposition of VAT on school fees. The Governors have carefully considered this threat 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 has considered potential reductions in current and prospective pupil numbers in the financial modelling and forecasting. Accordingly, the Governors believe the Foundation’s financial resources are sufficient to ensure the Foundation 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 schoo! 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.

The most significant risk facing the Foundation is the potential impact of VAT on school fees resulting in a fall in demand for places at the two schools. The schools do not anticipate a challenge coping with 2024/25 as they have planned for VAT being imposed during the academic year and are confident of the mitigations they have in place to support current parents. The real challenge will be from 2025/26. St Faith’s has already seen a reduction in their expected numbers for 2024/25. Both schools are working hard to reduce their operating costs for 2025/26 to ensure the cost rise to parents (including VAT) is as low as it can be whilst still providing an outstanding service to parents. Both schools are also investing in their marketing and recruitment activities.

Another high-level risk is a security compromised by malware, a cyber-attack or social engineering exploit. The schools have a range of mitigations in place including workstation security policy, Microsoft and Sophos malware and email protection, firewall and NAC, MFA for conditional access, CE+/ISAME annual audits, cyber security training for staff, penetration testing, and phishing training for staff.

An increasing risk in recent years has been the challenge in recruiting high quality staff in both teaching and support roles. The schools have introduced a whole range of measure including a greater variety of

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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 2024

recruitment channels, the increasing use of social media platforms, the investment in an applicant tracking system, and a review of the remuneration packages for staff.

FUTURE PLANS

The Leys School priorities for 2024-25 Pastoral

• e Increasing understanding of how being an international pupil can impact on a pupil’s learning experience

• e A focus on supporting pupils with needs related to neuro-diversity e Helping pupils’ understanding of how to look after their own wellbeing

Academic

• e Show excellent value-added in public examinations. e Develop individualised support for Academic Scholars, through the work of the Head of Academic Scholarship.

• e Develop, implement and review and refine Leys Learning in Year 9. e Increase the variety in, demand for, and uptake of, academic societies.

Wider Curricular

• e Offer a wide range of activities, over a range of levels, which maintains inclusivity and encourages individuals to feel that there is something within the Wider Curriculum at The Leys at which they can shine.

• e Develop our culture of participation e Ensure sustainable staffing of the wider curriculum by colleagues who are skilful practitioners, who understand the value of their and pupils’ participation by pupils in the Wider Curriculum.

Financial

• e Continuing to plan for and communicate effectively about the imposition of VAT on school fees from January 2025.

St Faith’s School Priorities for 2024-25

1. Implementation of the wellbeing strategy and continue to embed EDI

2. Effective assessment and feedback

3. Expectations of high standards of behaviour and conduct inside and outside the classroom 4. Review the rewards systems.

4. The improved the use of data for decision making.

5. Refinement of the School communications.

6. Financial and operational efficiency — VAT mitigation: recruitment and retention. 8. Compliance including: the new IS! framework and EDI

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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 2024

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:

• e select suitable accounting policies and then apply them consistently;

• e observe the methods and principles in the Charities SORP;

• e make judgments and estimates that are reasonable and prudent;

• e state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

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 7" December 2024, including in their capacity as company directors approving the Strategic report contained therein, and is signed as authorised on its behalf by:

Sir Matthew Rycroft yp Chair of the Governing Body

Dated 7" December 2024

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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 2024 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).

In our opinion the financial statements:

• e give a true and fair view of the state of the group’s and the charitable company’s affairs as at 31 July 2024 and of the group’s income and expenditure, for the year then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• e have been prepared in accordance with the requirements of the Companies Act 2006.

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

• e the information given in the trustees’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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• e the strategic report and the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements.

• 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:

• e adequate and proper accounting records have not been kept; or

• e the financial statements are not in agreement with the accounting records and returns; or

• e certain disclosures of trustees' remuneration specified by law are not made; or

• e we have not received all the information and explanations we require for our audit.

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

Page 23

Date: 11 December 2024

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 2024

		Unrestricted	Restricted	Endowed	Total	Total
		Funds	Funds	Funds	Funds	Funds
					2024	2023
	Notes	£'000	£'000	£'000	£'000	£'000
Income and endowments from:
Charitable Activities
School fees (net)	2	28,111	-	-	28,111	25,370
Other educational income	3	2,568	-	-	2,568	2,100
Other activities	3	19	-	-	19	29
Voluntary income
Grants and Donations	4	83	335	-	418	449
Investments
Investment income		200	168	-	368	405
Bank and other interest		173	1	-	174	57
Other trading activities
Non-ancillary trading income	5	375	-	-	375	324
Total income		31,529	504	-	32,033	28,734
Expenditure on:
Raising funds
Non-ancillary trading		309	-	-	309	273
Fundraising and Development		174	76	-	250	254
Financing costs under Advance Fee
Contracts		272	-	-	272	197
Finance costs		69	-	-	69	17
Bank and Mortgage interest		132	-	-	132	131
Investment Management Fees		64	-	-	64	61
Total expenditure on raising funds	6	1,020	76	-	1,096	933
Charitable activities
Education and grant making	6	28,995	255	-	29,250	26,157
Total expenditure		30,015	331	-	30,346	27,090
Net incoming funds from operations
before transfers and investment
gains		1,514	173	-	1,687	1,644
Investment Gains/(losses)	8	346	240	805	1,391	(451)
Transfer between funds	17			-	-	-
Net income		1,860	413	805	3,078	1,193
Fund balances at 1 August2023		__35,176	2,897		7,966	46,039
FUNDBALANCESat31July2024	14	37,036	3,310	8,771	49,117	46,039

The notes on pages 28 to 46 form part of these accounts.

Page 25

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CONSOLIDATED AND FOUNDATION BALANCE SHEETS AT 31 JULY 2024

		Group	Group	Foundation	foundation
	Notes	2024	2023	2024	2023
		£000	£'000	£000	£’000
FIXED ASSETS
Tangible fixed assets	7	31,609	32,096	31,601	32,089
Investments	8	14,747	13,343	14,747	13,343
		46,356	45,439	46,348	45,432
CURRENT ASSETS
Stocks		172	164	44	25
Debtors payable within one year	9	1,611	1,137	1,719	1,218
Cash		24,277	12,654	24,248	12,639
		26,060	13,955	26,011	13,882
CREDITORS: payable within one year	10	(16,009)	(11,448)	(15,962)	(11,378)
NET CURRENT ASSETS		10,051	2,507	10,049	2,504
TOTAL ASSETS LESS CURRENT LIABILITIES		56,407	47,946	56,397	47,936
CREDITORS: due after more than one year
Advance fees	12	(6,090)	(607)	(6,090)	(607)
Loans	11	(1,200)	(1,300)	(1,200)	(1,300)
TOTAL NET ASSETS	14	49,117	46,039	49,107	46,029
FUNDS
PERMANENT ENDOWED FUNDS	15	4,470	4,059	4,470	4,059
EXPENDABLE ENDOWED FUNDS	16	4,301	3,907	4,301	3,907
RESTRICTED FUNDS	17	3,310	2,897	3,310	2,897
UNRESTRICTED FUNDS	18	37,036	35,176	37,026	35,166
		49,117	46,039	49,107	46,029

The net result for the financial year within the financial statements of the parent charity was a surplus of £1,687 ,000 (2023: £1,644,000).

These financial statements were approved and authorised for issue by the Governing Body on 7th December 2024 and were signed on its behalf by: Sir MathewbiteRycroftGn aeMr S Peak Chair of the Governing Body Hon. Treasurer

Company number 7748737

The notes on pages 28 to 46 form part of these accounts.

Page 26

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2024

			2024	2023
	Notes		£'000	£000
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities	23		12,622	2,571
CASH FLOWS FROM INVESTING ACTIVITIES
Investment income receipts		368		433
Bank interest received		174		57
Purchase of tangible fixed assets		(1,027)		(820)
Purchase of investments		(76)		-
Net cash (used)/provided by investing activities			(561)	(330)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of loans and mortgage borrowings		(438)		(550)
Net cash (used) financing activities			(438)	(550)
Change in cash and cash equivalents in the reporting period			11,623	1,691
Cash and cash equivalents at the beginning of the period			12,654	10,963
Cashandcashequivalentsattheendofthereportingperiod			24,277	12,654

The notes on pages 28 to 46 form part of these accounts

Page 27

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2024

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.

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 and possible other factors that could impact charities. 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 2025 there are additional cost pressures which could 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.

Page 28

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF ACCOUNTING POLICIES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

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 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 receivables 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.

Page 29

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF ACCOUNTING POLICIES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

1.5 — Intra-group

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

• 1.6 Pension costs

The School contributes to two pension schemes as follows:

• (a) The Teachers’ Pension Scheme - This scheme is a multi-employer pension scheme. It is not possible to identify the Foundation’s share of the underlying assets and liabilities of the Teachers’ Pension Scheme on a consistent and reasonable basis and therefore, as required by FRS102, accounts for the scheme as if it were a defined contribution scheme. The School’s contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable.

• (b) Aviva Master Trust Scheme -This scheme is a multi-employer pension scheme which has been set up to give teachers an alternative to The Teachers Pension scheme. This scheme is currently active with no participants.

• (c) The Foundation Group Personal Pension Plan — This is a defined contribution group personal pension plan for both The Leys and St Faith’s schools non-teaching staff with Standard Life Assurance Company Limited. Employers’ pensions costs are charged in the period in which the salaries to which they relate are payable.

• 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 ona 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:

depreciation 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,fittingsandequipment	7-34%

Page 30

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF ACCOUNTING POLICIES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

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 ofa 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

Page 31

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF ACCOUNTING POLICIES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

on the permanent endowed funds held is used to pay for scholarships and bursaries as per the wishes of the donors.

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 32

THE LEYS AND ST FAITH’S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

2.	SCHOOL FEES					2024	2023
						£000	£000
	Fees receivable consist of:
	School fees					30,127	27,346
	Less: scholarships, bursaries and allowances					(2,264)	(2,130)
						27,863	25,216
	Add back: Bursaries and other awards paid		by	restricted funds		248	154
						28,111	25,370
3.	CHARITABLE ACTIVITIES	- OTHER INCOME				2024	2023
						£'000	£'000
	Other educational charitable activities
	Entrance and registration fees					74	102
	Recharge extra-curricular activities					1,197	844
	Pupil welfare					52	44
	Courses and sub-lettings					833	744
	Summer School					412	366
						2,568	2,100
	Other activities
	School fees refund scheme commissions					1	1
	Other					18	28
						19	29
4.	GRANTS AND DONATIONS	RECEIVABLE
	2024		UNRESTRICTED			RESTRICTED	TOTAL
				£'000		£'000	£'000
	Donations			-		335	335
	Legacies			83		-	83
				83		335	418
	2023		UNRESTRICTED		—RESTRICTED	RESTRICTED	TOTAL
				£’000		£’000	£’000
	Donations			3		444	447
	Legacies			2		-	2
				5		444	449
5.	OTHER TRADING ACTIVITIES
	Trading income					2024	2023
						£'000	£'000
	LeysEnterprises(Cambridge)Ltd					375	324

Page 33

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 2024

6. ANALYSIS OF EXPENDITURE
2024	Staff	Other	Depreciation	Total
	Costs	costs
	£'000	£'000	£'000	£'000
Costs of raising funds:
Non-ancillary trading	78	228	3	309
Fundraising and Development	130	120	-	250
Financing costs under advance fee
contracts	-	272	-	272
Financing costs	-	69	-	69
Bank and mortgage interest	-	132	-	132
Investment managers charge		64	-	64
Total costs of raising funds	208	885	3	1,096
Charitable activities:
Education and grant making
Teaching	12,841	2,605	285	15,731
Welfare	1,300	2,529	72	3,901
Premises	1,056	3,192	1,154	5,402
Support costs and governance	2,415	1,444	-	3,859
Schools’ operating costs	17,612	9,770	1,511	28,893
Grants, awards and prizes	-	357	-	357
Cost of charitable activities	17,612	10,127	1,511	29,250
Total expenditure	17,820	11,012	1,514	30,346
2023	Staff	Other	Depreciation	Total
	Costs	costs
	£'000	£'000	£'000	£'000
Costs of raising funds:
Trading costs	73	195	5	273
Fundraising for voluntary resources	134	120	-	254
Financing costs under advance fee
contracts	-	197	-	197
Financing costs	-	17	-	17
Bank and mortgage interest	-	131	-	131
Investment managers charge	-	61	-	61
Total costs ofraising funds	207	721	5	933
Charitable activities
Education andgrant making
Teaching	11,817	2,102	230	14,149
Welfare	1,264	2,316	70	3,650
Premises	1,014	2,527	1,142	4,683
Support costs and governance	2,172	1,229	-	3,401
Schools’ operating costs	16,267	8,174	1,442	25,883
Grants, awards and prizes	-	274	-	274
Cost of charitable activities	16,267	8,448	1,442	26,157
Totalexpenditure	16,474	9,169	1,447	27,090

Page 34

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 2024

6. ANALYSIS OF EXPENDITURE (CONTINUED)
	2024	2023
Governance expenditure includes:	£'000	£'000
Auditors’ remuneration for audit services	35	30
Reimbursement of personal expenses to Governors — travel costs	1	-
	36	30
Total staff costs comprised:
The aggregated payroll costs for the year were as follows:
Wages and salaries	13,950	13,002
Social security costs	1,415	1,318
Pension contributions	2,455	2,154
	17,820	16,474
Aggregateemployee-benefitsofkeymanagementpersonnel	1,820	1,818

The average number of the Foundation’s employees during the year was 420 (2023 - 416) of whom 168 (2023 - 166) were teaching staff and the rest were support staff.

Five key management personnel have spouses or other relations who are employed at the school as teachers and as such receive salaries in accordance with the pay scale for all of the Foundation teachers the aggregate gross salary for the year ending on 31 July 2024 was £201,946 (2023: 188,803) they may 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.

Certain Trustees 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.

The wife of Reverand Glass, Governor provided timetable consultancy services via their company J Glass for the Foundation in the year and invoiced accordingly totaling £6,450 (2023: £0), There were no amounts outstanding at the year end.

None of The Foundation Trustees received any remuneration, or other benefits from the schools or any connected organisation. During the year a total of £772.39 (2023 - £558.63) was reimbursed to 4 (2023 - 3) Foundation Trustees for travel expenses. The Foundation received £1,756 (2023 £2,232) 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:	2024	2023
	Taxable emoluments bands:	No.	No.
	£ 60,001 - £ 70,000	28	18
	£ 70,001 - £ 80,000	16	4
	£ 80,001 - £ 90,000	-	1
	£ 90,001 - £100,000	1	1
	£100,001 - £110,000	1	-
	£130,001 - £140,000	-	1
	£140,001 - £150,000	-	1
	£150,001 - £160,000	1	-
	£160,001 - £170,000	1	-
	£180,001 - £190,000	-	1
	£210,001 - £230,000	1	-
		49	27

The total employer pension contributions for higher paid staff were £584,486 (2023 £407,534). During the year there were no termination payments made of ENil (2023 £48,939). There was nil outstanding at the year end.

Page 35

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 2024

7.	TANGIBLE FIXED ASSETS
	FOUNDATION AND		Foundation			Subsidiary
	GROUP
				Fixtures,
		Land and	Plant and	Fittings and	Foundation	Fixtures and	Group
		Buildings	Machinery	Equipment	Total	Equipment	Total
		£’000	£000	£’000	£000	£’000	£’000
	Cost (or frozen valuation)
	1 August 2023	57,915	1,191	2,870	61,976	63	62,039
	Additions	342	252	429	1,023	4	1,027
	Assets no longer in use	-	(66)	(13)	(79)	(11)	(90)
	As at 31 July 2024	58,257	1,377	3,286	62,850	56	62,976
	Depreciation
	As at 1 August 2023	27,203	777	1,907	29,887	56	29,943
	Charge for year	1,068	69	374	1,511	3	1,514
	Assets no longer in use	-	(66)	(13)	(79)	(11)	(90)
	As at 31 July 2024	28,271	780	2,268	31,312	48	31,367
	Net book value
	31 July 2024	29,986	597	1,018	31,601	8	31,609
	31July2023	30,712	414	963	32,089	7	32,096

Land and buildings at cost comprises the following at 31 July 2024.

	2024	2023
	£'000	£'000
Freehold	45,087	44,721
Long lease (to 2119)	13,100	13,100
	58,187	57,821

The freehold and leasehold properties are insured for £152,984,066 (2023: £149,252,751).

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 36

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 2024

8. INVESTMENTS GROUP AND FOUNDATION

GROUP AND FOUNDATION
			Permanent
			Endowment/
			Expendable
	Unrestricted	Restricted	Endowed	Total
	£’000	£’000	£’000	£’000
Balance 1 August 2023	3,171	2,465	7,707	13,343
Additions at cost	655	510	1,502	2,667
Disposal proceeds	(604)	(431)	(1,410)	(2,445)
Investment losses	346	240	805	1,391
Changes in cash awaiting investment	(52)	(37)	(120)	(209)
Closing market value 31 July 2024	3,516	2,747	8,484	14,747
			2024	2023
Investments comprise:			£'000	£000
Investments in listed stocks			14,396	12,774
Cash			168	377
Other			183	192
			14,747	13,343

The investment holdings at the year-end were UK £5.7m and overseas £8.9m.

9.	DEBTORS	Group		Foundation
		2024	2023	2024	2023
		£000	£000	£'000	£’000
	Amounts falling due in less than one year:
	Fees	529	365	529	365
	Sundry debtors	527	424	446	363
	Prepayments	555	348	553	346
	Due from subsidiary undertaking	-	-	191	144
		1,611	1,137	1,719	1,218
10.	CREDITORS
		2024	2023	2024	2023
		£'000	£000	£000	£’000
	Amounts falling due within one year
	Trade creditors	331	374	313	323
	Taxation and social security	369	349	351	339
	Loans and mortgages	100	437	100	437
	Other creditors	375	487	375	487
	Accruals	486	245	475	236
	Deposits from parents	1,944	1,741	1,944	1,741
	Deferred income - fees in advance of term	451	425	451	425
	Deferred Income advance fees (see note 12)	11,953	7,390	11,953	7,390
		16,009	11,448	15,962	11,378

Pupil fees deposits — the total held in relation to fee deposits of £1,943,920 is included above. In the normal course of business, the expected repayment of these amounts will be £437,560 within one year and £1,506,360 after more than one year.

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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 2024

11. CREDITORS AMOUNTS FALL DUE AFTER MORE THAN ONE YEAR

	2024	2023
	£000	£000
Amounts falling due after more than one year
Deferred income — fees in advance scheme (see note 12)	6,090	607
Bank loan	1,200	1,300
	7,290	1,907

A mortgage was taken out in July 2017 over a period of 20 years secured on the Leys site to purchase a property to be used for staff accommodation.

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:

	2024	2023
	£000	£’000
After 5 years	216	-
Within 2 to 5 years	3,081	193
Within 1 to 2 years	2,793	414
	6,090	607
Within 1 year	11,953	7,390
	18,043	7,997
The movements during the year were as follows:
At 1 August 2023	7,997	8,318
New contracts during the year	17,797	7,397
Amounts accrued to contracts	272	198
Amounts utilised in payment of fees to the school	(8,023)	(7,916)
Balanceat31July2024	18,043	7,997

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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 2024

13. OPERATING LEASES

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

Group and Foundation	2024	2023
	£000	£000
Within one year	31	104
Between one and five years	95	143
Over five years	25	27
The total lease payments recognised in the Statement of Financial Activities amounted to		£72,531
(2023:£104,120),	:

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

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

2024
	Fixed		Net Current	Long Term
	Assets	Investments	Assets/(liabilities)	Liabilities	Total
	£000	£’000	£'000	£’000	£'000
Permanent endowment		4,331	139	-	4,470
funds
Expendable endowed funds	-	4,153	148	-	4,301
Restricted funds		2,747	563	-	3,310
Unrestricted funds	31,609	600	6,027	(1,200)	37,036
	31,609	11,831	6,877	(1,200)	49,117
Advance fees	-	2,916	3,174	(6,090)	-
	31,609	14,747	10,051	(7,290)	49,117
2023
	Fixed		Net Current	Long Term
	Assets	Investments	Assets/(liabilities)	Liabilities	Total
	£'000	£000	£'000	£'000	£'000
Permanent endowment	-	3,934	125	-	4,059
funds
Expendable endowed funds	-	3,772	135	-	3,907
Restricted funds	-	2,466	431	-	2,897
Unrestricted funds	32,096	2,571	1,809	(1,300)	35,176
	32,096	12,743	2,500	(1,300)	46,039
Advance fees	-	600	7	(607)	-
	32,096	13,343	2,507	(1,907)	46,039

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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 2024

1. PERMANENT ENDOWED FUNDS

2024	1	August			Investment	31 July
		2023	Income	Expenditure	Gains	2024
		£000	£’000	£'000	£’000	£'000
Endowment		4,059	-	-	All	4,470

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.

	2023		1 August	1 August			Investment	31 July
				2022	Income	Expenditure	Loss	2023
				£000	£’000	£’000	£’000	£’000
	Endowment			4,187	-	-	(128)	4,059
16.	EXPENDABLE	ENDOWED	FUNDS
							Transfers and
	2024		1	August			Investment	31 July
				2023	Income	Expenditure	Gains	2024
				£000	£’000	£’000	£’000	£'000
	Scholarships			3,907	-	-	394	4,301

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.

2023	1	August			Investment	31 July
		2022	Income	Expenditure	Loses	2023
		£000	£’000	£’000	£’000	£’000
Scholarship		4,029	-	-	(122)	3,907

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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 2024

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----- Start of picture text -----
17. RESTRICTED FUNDS
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RESTRICTED FUNDS
				Investment
2024	1 August	Income	Expenditure	Gains/	31 July
	2023			Transfers	2024
	£’000	£'000	£'000	£'000	£’000
Wesley scholars fund	12	-	-	-	12
Scholarship	38	105	(105)	-	38
Ollie Feast	50	-	(7)	-	43
Development funds
Great Hall	8	-	-	-	8
Chapel Centenary fund	21	-	-	-	21
The gift of education (bursary)	2,052	231	(143)	240	2,380
Bursaries (various)	144	-	-	-	144
Prize funds	63	-	-	-	63
Boat house redevelopment	17	-	-	-	17
Vision studio	74	-	-	-	74
Organ Scholarship fund	-	60			60
Other	157	3	-		160
Community fund	261	105	(76)		290
	2,897	504	(331)	240	3,310

All funds represent monies given for the specific purposes, but not yet expended. The Gift of education bursaries is an initiative with the Royal National Children’s SpringBoard Foundation to provide transformative bursaries for disadvantaged and vulnerable children. All balances | the gains/transfer relate to gains.

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

2023	1 August				31 July
	2022	Income	Expenditure	Transfers	2023
	£’000	£'000	£’000	£’000	£’000
Wesley scholars fund	45	-	(33)	-	12
Scholarship	38	115	(115)	-	38
Ollie Feast	50				50
Development funds
Great Hall	8	-	-	-	8
Chapel Centenary fund	21	-	-		21
The gift of education (bursary)	1,820	326	-	(94)	2,052
Bursaries (various)	137	13	(6)	-	144
Prize funds	63	-	-	-	63
Boat house redevelopment	17	-	-	-	17
Vision studio	114	-	-	(40)	74
Other	134	64	-	(41)	157
Community Fund	224	111	(74)	-	261
	2,394	629	(228)	(175)	2,897

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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 2024

18. UNRESTRICTED FUNDS

				Transfers/
2024	1 August	Income	Expenditure	—_Investment	31 July
	2023			Gains	2024
	£’000	£’000	£’000	£’000	£000
Designated funds
Gift of education	1,066	83	-	-	1,149
Funds for hardship bursaries	428	115	-	-	543
Unrestricted funds	33,682	31,331	(30,015)	346	35,344
TotalUnrestrictedFunds	35,176	31,529	(30,015)	346	37,036

The gift of education is expected to be fully utilised within 10 years, and the funds for helping parents impacted by the current economic situation (hardship bursaries) is expected to be fully utilised within 3-5 years.

2023				Transfers/
	1 August	Income	Expenditure	Investment	31 July
	2022			Gains	2023
	£’000	£’000	£000	£’000	£’000
Designated funds
Gift ofeducation	1,064	2	-	-	1,066
Funds for hardship bursaries	313	115	-	-	428
Unrestricted funds	32,582	27,988	(26,862)	(26)	33,682
Totalunrestrictedfunds	33,959	28,105	(26,862)	(26)	35,176

1. CONTRACTS AND COMMITMENTS

St Faith’s has no capital commitments, The Leys has the balance of the sports hall roof £331k as at the 31 July 2024 (2023: £165k).

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 £191,142 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 2024 was £15,785 (2023 - £14,100).

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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 2024

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 £1,949,321 (2023: £1,687,903) and at the year-end £ Nil (2023 - £ 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 2020 and the Valuation Report was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation has valued the ‘greater value’ benefits for groups of relevant members.

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

The contributions in respect of the support staff defined contribution scheme was £360,317 for The Leys, and £146,599 for St Faith’s (2023: £336,524 and £130,244).

22. ANALYSIS OF CHANGES IN NET DEBT

	1 August	Cash	31 July
	2023	flows	2024
	£'000	£000	£000
Cash in bank	12,654	11,623	24,277
Advance fee payments due within one year	(9,131)	(4,766)	(13,897)
Advance fee payments due after more than one	(607)	(5,483)	(6,090)
year
Bank loans falling due within one year	(100)	-	(100)
Bank loans falling due after more than one year	(1,300)	100	(1,200)
Mortgages falling due within one year	(338)	338	-
Mortgages falling due after more than one year	-	-	-
Total borrowings	(11,476)	(9,811)	(21,287)
NetDebt	1,178	1,812	2,990

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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 2024

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

	ACTIVITIES
			2024	2023
			£'000	£’000
	Net income for the reporting period		1,687	1,644
	(as per the statement of financial activities)
	Adjustments for
	Depreciation charge		1,514	1,447
	Investment income and interest		(542)	(462)
	Investment managers fees		64	61
	(Increase) in stocks		(8)	(40)
	(Increase) in debtors		(474)	(108)
	Increase in creditors		132	270
	(excluding advance fee movement)
	Increase/(decrease) in fees in advance scheme		10,046	(321)
	creditors
	Increase in parent deposits		203	80
	Net cash provided by The Group’s operating
	activities		12,622	2,571
24.	FINANCIAL INSTRUMENTS
		Group	Group	Foundation	Foundation
		2024	2023	2024	2023
		£'000	£000	£'000	£000
Financial	assets measured at amortised cost (a)	25,319	13,443	25,402	13,511
Financial	assets measured at fair value (b)	14,747	13,343	14,747	13,343
Financial	liabilities measured at amortised cost (c)	(3,158)	(3,202)	(3,129)	(3,143)
Netfinancialassetsmeasuredatamortisedcost		36,908	23,584	37,020	23,711

(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.

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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 2024

25. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITES - COMPARATIVE FIGURES BY

FUND TYPE

Year ended 31 July 2023	Unrestricted	Restricted	Endowed	Total
	Funds	Funds	Funds	Funds
				2023
	£'000	£'000	£'000	£'000
Income and endowments from
Charitable Activities
School fees (net)	25,370	-	-	25,370
Other educational income	2,100	-	-	2,100
Other ancillary activities	29	-	-	29
Voluntary sources
Donations	5	444	-	449
Investments
Investment income	221	184	-	405
Bank and other interest	56	1	-	57
Other trading activities
Non-ancillary trading income	324	-	-	324
Total income	28,105	629	-	28,734
Expenditure on
Raising funds
Non-ancillary trading	273	-	-	273
Fund-raising for voluntary resources	180	74	-	254
Financing costs under Advance Fee
Contracts	197	-	-	197
Finance costs	17	-	-	17
Bank and Mortgage interest	131	-	-	131
Investment Management Fees	61	-	-	61
Total deductible costs	859	74	-	933
Charitable Activities
Schools and grant making	26,003	154	-	26,157
Total expenditure	26,862	228	-	27,090
NET INCOME	1,243	401	-	1,644
Investment gains	(107)	(94)	(250)	(451)
Transfers between funds	81	(81)	-	-
NET MOVEMENT IN FUNDS	1,217	226	(250)	1,193
Fund balances at 1 August 2022	___33,959	2,671		_8,216
FUNDBALANCESat31July2023	35,176	2,897	7,966	46,039

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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 2024

26. LEYS ENTERPRISES (CAMBRIDGE) LIMITED

The Foundation owns the whole of the share capital	of a	trading company Leys Enterprises	trading company Leys Enterprises	trading company Leys Enterprises	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.
				2024	2023
			£000		£000
BALANCE SHEET
Tangible fixed assets				8	7
CURRENT ASSETS
Stock				128	139
Debtors				80	62
Cash				29	15
				237	216
CREDITORS: amounts falling due within one year				(238)	(214)
Net current liabilities				(1)	2
TOTAL NET ASSETS				7	10
CAPITAL AND RESERVES
Called up share capital				-	-
Profit and loss account				7	10
				7	10

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

PROFIT AND LOSS ACCOUNT	20224	2023
	£'000	£000
Turnover	324	324
Cost of Sales	(249)	(249)
Gross profit	75	75
Administration	(24)	(24)
Net profit	51	51
Donation to Parent under gift aid	(51)	(51)
Retainedprofitforperiod	-	-

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