**Registered number: 08170775 Charity number: 1149573**
## **THE LUDGROVE SCHOOL FOUNDATION**
# **(A company limited by guarantee)**
**TRUSTEES' ANNUAL REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 AUGUST 2020**
**THE LUDGROVE SCHOOL FOUNDATION**
**(A company limited by guarantee)**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the charity, its trustees and advisers**|2|
|**Trustees' annual report**|3 - 4|
|**Trustees' responsibilities statement**|5|
|**Independent auditor's report**|6 - 8|
|**Statement of financial activities**|9|
|**Balance sheet**|10|
|**Statement of cash flows**|11-12|
|**Notes to the financial statements**|13 - 17|
1
**THE LUDGROVE SCHOOL FOUNDATION**
## **(A company limited by guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS**
## **FOR THE YEAR ENDED 31 AUGUST 2020**
## **Trustees**
G Barber, Chairman D Wiggin H Mackenzie G Milne W Johnston L Fitzwilliams
## **Company registered number**
08170775
## **Charity registered number**
1149573
## **Registered office**
Ludgrove School Wokingham Berkshire RG40 3AB
## **Independent auditor**
Nexia Smith & Williamson Chartered Accountants Onslow House Onslow Street Guildford GU1 4TL
## **Bankers**
Barclays Bank PLC 1 Churchill Place London E14 5HP
2
**THE LUDGROVE SCHOOL FOUNDATION**
## **(A company limited by guarantee)**
## **TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2020**
The Trustees present their annual report together with the audited financial statements of The Ludgrove School Foundation for the year ended 31 August 2020. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **Structure, governance and management**
The Ludgrove School Foundation was established by a memorandum and articles of association dated 7 August 2012. The Foundation is a company limited by guarantee, not having share capital and is registered as a charity.
## **Organisational structure**
The Foundation currently has no employees and all decisions are taken and implemented by the Trustees.
## **Method of appointment or election of Trustees**
The management of the company is the responsibility of the Trustees. Trustees can be elected by the Member or co-opted by the serving trustees under the terms of the Articles of Association.
During the year the Trustees endeavoured to keep up to date with all legal and regulatory requirements. The trustees have considered the charity’s exposure to risks and uncertainties and consider that due to the simple nature of the charity the main risk is the general economic environment and the availability of appropriate donors to enable the charity to continue.
## **Related party relationships**
Related parties to The Ludgrove School Foundation include the Trustees and the ultimate parent company Ludgrove School Trust Limited, to whom the Foundation makes grants.
## **Objectives and Activities**
The objective of the Foundation is to distribute the funds available to it in support of charitable purposes approved by the Trustees. The current focus of the Foundation is to support the advancement of education, in particular the support and promotion of Ludgrove School.
The Trustees confirm that they have had regard to the Charity Commission’s published guidance on public benefit.
## **Strategies for achieving objectives**
The Foundation is financially dependent on donations received from individuals. The individuals are Old Boys and past parents of Ludgrove School. Brochures have been sent out to the Old Boys and past parents explaining the set up of the Foundation and the charitable activities.
## **Achievements and performance**
During the year the Foundation made a bursary grant of £10,048 (2019: £20,130) to Ludgrove School Trust in respect of the costs of pupils receiving discounted fees. In addition, the Foundation has carried out fundraising to raise monies for the construction of a new Exploration Centre at Ludgrove School and has committed grant funding of £853,066 in respect of this. £726,164 (2019: £nil) is due to the School at the year end. The trustees maintain a close relationship with Ludgrove School in order to ensure that grant funding is achieving the intended aims.
3
**THE LUDGROVE SCHOOL FOUNDATION**
## **(A company limited by guarantee)**
## **TRUSTEES' ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2020**
## **Fundraising**
The Charity has raised funds during this year through voluntary contributions. No external fundraisers were employed in this exercise although the Foundation did use the services of the Head of Development at Ludgrove School Trust in order to carry out fundraising activities for the Foundation. The Foundation has not participated in any voluntary scheme for regulation of fundraising but has monitored carefully the fundraising activities in order to protect vulnerable people from harm as a result of its fundraising activities. There have been no complaints received in respect of fundraising.
## **Financial review**
The Foundation has received donations of £93,326 (2019: £850,344) including £8,853 (2019: £42,234) Gift Aid receivable on donations from individuals, and £21,468 (2019: £780,906) donation income which is for the restricted purpose of funding a new Exploration Centre at Ludgrove School. £16,000 was received for the restricted purpose of bursary grants.
The Foundation holds free reserves of £369,220 (2019: £406,066) at the year end. Reserves will be applied for charitable activities in future years. The Foundation does not have a stated reserves policy.
## **Plans for the future**
The Trustees intend to continue to fundraise in order to support the Foundation’s charitable objectives, and in the short term the intention is to continue to support the funding of bursaries at Ludgrove School.
## **Going concern**
After making appropriate enquiries, and considering the impact of the COVID-19 pandemic, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
## **Disclosure of information to auditor**
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
- so far as that Trustee is aware, there is no relevant audit information of which the charitable company's
- auditor is unaware, and
- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware
- of any relevant audit information and to establish that the charitable company's auditor is aware of that information.
This report was prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
03/03/2021
This report was approved by the Trustees, on and signed on their behalf by:
GWPBarber (Mar 3, 2021 10:08 GMT) GWPBarber **G Barber** Trustee
4
## **THE LUDGROVE SCHOOL FOUNDATION**
## **(A company limited by guarantee)**
## **TRUSTEES' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 AUGUST 2020**
The Trustees (who are also directors of The Ludgrove School Foundation for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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:
-
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and 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. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
5
**THE LUDGROVE SCHOOL FOUNDATION**
**(A company limited by guarantee)**
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE LUDGROVE SCHOOL FOUNDATION**
## **Opinion**
We have audited the financial statements of The Ludgrove School Foundation (the ‘charitable company’) for the year ended 31 August 2020 which comprise the Statement of Financial Activities, the Balance Sheet and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
In our opinion, the financial statements:
- give a true and fair view of the state of the charitable company’s affairs as at 31 August 2020 and of its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- 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 charitable company 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**
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
6
**THE LUDGROVE SCHOOL FOUNDATION**
**(A company limited by guarantee)**
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE LUDGROVE SCHOOL FOUNDATION (continued)**
## **Other information**
The other information comprises the information included in Trustees’ Annual Report and Financial Statements, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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.
In connection with our audit of the financial statements, 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinion on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees’ Annual Report, which incorporates the Directors’ Report prepared for the purpose of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Directors’ Report included within the Trustees’ Annual Report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report contained within the Trustees’ Annual Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit;
- the trustees were not entitled to take advantage of the small companies’ exemption from the requirement to prepare a strategic report.
7
**THE LUDGROVE SCHOOL FOUNDATION**
**(A company limited by guarantee)**
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE LUDGROVE SCHOOL FOUNDATION (continued)**
## **Responsibilities of trustees**
As explained more fully in the Trustees’ Responsibilities Statement set out on page 5, the trustees (who are also 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.
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.
## **Use of our report**
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
## **Jeffrey Selden**
Senior Statutory Auditor, for and on behalf of Nexia Smith & Williamson Statutory Auditor Chartered Accountants
Onslow House Onslow Street Guildford Surrey GU1 4TL
> Date: 03/03/2021
8
**THE LUDGROVE SCHOOL FOUNDATION**
## **(A company limited by guarantee)**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2020**
|**Note**
**INCOME FROM:**
Donations and legacies
Income from fundraising events
**TOTAL INCOME**
**EXPENDITURE ON:**
Raising funds
2
Charitable activities
3
**TOTAL EXPENDITURE**
**NET INCOME**
Transfers between funds
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|**Unrestricted**
**funds**
**2020**
**£**
**55,858**
**2,653**
**58,511**
**33,416**
**11,249**
**44,665**
**13,846**
**(50,692)**
**(36,846)**
**406,066**
**369,220**|**Restricted**
**funds**
**2020**
**£**
**37,468**
**-**
**37,468**
**-**
**863,114**
**863,114**
**(825,646)**
**50,692**
**(774,954)**
**780,906**
**5,952**|**Total**
**funds**
**2020**
**£**
**93,326**
**2,653**|_Total_
_funds_
_2019_
_£_
_850,344_
_-_
_850,344_|
|---|---|---|---|---|
||||**95,979**||
||||**33,416**
**874,363**|
_26,234_
_33,472_
_59,706_
_790,638_
-
_790,638_
_396,334_
_1,186,972_|
||||
**907,779**||
||||
**(811,800)**
**-**||
||||**(811,800)**
**1,186,972**||
||||**375,172**||
The notes on pages 13 to 17 form part of these financial statements.
All activities are classed as continuing. There are no recognised gains or losses other than those passing through the statement of financial activities.
9
## **THE LUDGROVE SCHOOL FOUNDATION**
## **(A company limited by guarantee)**
**Registered Number: 08170775**
## **BALANCE SHEET AS AT 31 AUGUST 2020**
|**Note**
**CURRENT ASSETS**
Debtors
6
Cash at bank and in hand
**CREDITORS:**amounts falling due within
one year
7
**NET CURRENT ASSETS**
**NET ASSETS**
**CHARITY FUNDS**
Unrestricted funds
8
Restricted funds
8
**TOTAL FUNDS**|**£**
**9,082**
**1,112,976**|**2020**
**£**
_£_
_161,641_
_1,035,665_
_1,197,306_
_(10,334)_
**375,172**
**375,172**
**369,220**
**5,952**
**375,172**|_2019_
_£_
_1,186,972_|
|---|---|---|---|
||
**1,122,058**
**(746,886)**|||
|||||
||||_1,186,972_|
||||
_406,066_
_780,906_
_1,186,972_|
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
> The financial statements were approved and authorised for issue by the Trustees on and signed 03/03/2021 on their behalf, by:
GWPBarber (Mar 3, 2021 10:08 GMT) GWPBarber
## **G Barber Chair of Trustees**
The notes on pages 13 to 17 form part of these financial statements.
10
**THE LUDGROVE SCHOOL FOUNDATION**
## **(A company limited by guarantee)**
|**STATEMENT OF CASH FLOWS**
**FOR THE YEAR ENDED 31 AUGUST 2020**|**STATEMENT OF CASH FLOWS**
**FOR THE YEAR ENDED 31 AUGUST 2020**|**STATEMENT OF CASH FLOWS**
**FOR THE YEAR ENDED 31 AUGUST 2020**||
|---|---|---|---|
|**Note**
**CASH FLOWS FROM OPERATING ACTIVITIES:**
Net cash generated from operating activities
A
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting
period
**CASH AND CASH EQUIVALENTS AT THE END OF THE**
**REPORTING PERIOD**
B||**2020**
**£**
77,311
77,311
1,035,665
|_2019_
_£_
_785,146_
_785,146_
_250,519_
_1,035,665_|
|||**1,112,976 **||
11
**THE LUDGROVE SCHOOL FOUNDATION**
## **(A company limited by guarantee)**
## **NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020**
## **A. RECONCILIATION OF NET INCOME TO NET CASH GENERATED FROM OPERATING ACTIVITIES**
**----- Start of picture text -----**
2020 2019
£ £
Net income/expenditure before other recognised gains and
losses (811,800) 790,638
Decrease in debtors 152,559 (8,044)
Increase in creditors 736,552 2,552
NET CASH GENERATED FROM OPERATING ACTIVITIES 77,311 785,146
**----- End of picture text -----**
## **B. Analysis of changes in net debt**
**----- Start of picture text -----**
At 1.9.2019 Cash flows Other non At 31.8.2020
cash changes
£ £ £ £
Cash and cash equivalents 1,035,665 77,311 - 1,112,976
**----- End of picture text -----**
The notes on pages 13 to 17 form part of these financial statements.
12
**THE LUDGROVE SCHOOL FOUNDATION**
**(A company limited by guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2020**
## **1. ACCOUNTING POLICIES**
## **1.1 Basis of preparation of financial statements**
The Ludgrove School Foundation is a private company, limited by guarantee, registered in England and Wales under company number 08170775, having its registered office at Ludgrove School, Wokingham, Berkshire.
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The financial statements have been prepared on the going concern basis and the trustees consider there to be no material uncertainties in respect of going concern.
The Ludgrove School Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The presentation currency is sterling and is rounded to the nearest £1.
The company is a company limited by guarantee. The member of the company is Ludgrove School Trust Limited. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
## **1.2 Going concern**
The Trustees have considered the cash position and future liabilities of the Foundation and consider that the going concern basis of accounting continues to be appropriate. The Trustees have considered the emergence and the continuance of the COVID-19 pandemic which started during the year and consider that this does not materially impact the position or the operation of the charity at the current time. There are no material uncertainties in relation to the going concern status of the Foundation.
## **1.3 Income**
All income is recognised once the company has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
13
**THE LUDGROVE SCHOOL FOUNDATION**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2020**
## **1. ACCOUNTING POLICIES (continued)**
## **1.4 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
## **1.5 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Restricted funds are those given for a specific purpose and must only be applied for that purpose.
## **2. COST OF RAISING FUNDS**
|Event costs
Donated fundraising services
**TOTAL**
**CHARITABLE ACTIVITIES**
**Grants to institutions:**
Bursary grant to Ludgrove School
Exploration Centre grant to Ludgrove School
**Support costs:**
Governance costs (note 4)
Bank charges
**TOTAL**|**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**2020**
_Total_
_2019_
**£**
**£**
**£**
_£_
**2,217**
**2,217**
**31,199**
**-**
**31,199**
_26,234_|
|---|---|
||**33,416**
**-**
**33,416**
_26,234_|
||**-**
**10,048**
**10,048**
_20,130_
**-**
**853,066**
**853,066**
**11,175**
**-**
**11,175**
_11,416_
**74**
**-**
**74**
_1,926_|
||**11,249 863,114**
**874,363**_33,472_|
## **3. CHARITABLE ACTIVITIES**
Total support costs in 2019 was allocated to unrestricted funds. Grants expenditure in 2018 was allocated to restricted funds.
14
**THE LUDGROVE SCHOOL FOUNDATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2020**
|**4.**
**GOVERNANCE COSTS**
Accountancy
**2,975**
Audit fee
**8,200**
**TOTAL**
**11,175**
**5.**
**NET INCOME**
This is stated after charging:
Auditor’s remuneration – audit
Auditor's remuneration – other financial services|**2,975**
**8,200**|**-**
**2,975**
_4,228_
**-**
**8,200**
_7,188_|
|---|---|---|
||**11,175**|**-**
**11,175**
_11,416_|
|||**2020**
_2019_
**£**
_£_
**8,200**
_7,188_
**2,975**
_4,228_|
During the year, no Trustees received any remuneration (2019 - £Nil).
During the year, no Trustees received any reimbursement of expenses (2019 - £Nil).
The charity has no employees (2019 - none).
## **6. DEBTORS**
|Gift Aid recoverable
Accrued pledges
**TOTAL**|**2020**
_2019_
**£**
_£_
**-**
_45,641_
**9,082**
_116,000_|
|---|---|
||**9,082**
_161,641_|
15
**THE LUDGROVE SCHOOL FOUNDATION**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2020**
## **7. CREDITORS: Amounts falling due within one year**
|Amounts owed to group undertakings
Accruals and deferred income
**TOTAL**|**2020**
**£**
**736,806**
**10,080**|_2019_
_£_
_594_
_9,740_|
|---|---|---|
||**746,886**|_10,334_|
## **8. STATEMENT OF FUNDS**
## **YEAR ENDED 31 AUGUST 2020:**
|**EAR ENDED 31 AUGUST 2020:**||
|---|---|
|Unrestricted Funds
Restricted Funds:
-
Bursaries
-
Exploration Centre|**Balance at 1**
**September**
**2019**
**Income**
**Expenditure**
**Transfers**
**between**
**funds**
**Balance at 31**
**August 2020**
**£**
**£**
**£**
**£**
**£**
**406,066**
**58,511**
**(44,665)**
**(50,692)**
**369,220**
**-**
**16,000**
**(10,048)**
**-**
**5,952**
**780,906**
**21,468**
**(853,066)**
**50,692**
**-**|
||**1,186,972**
**95,979**
**(907,779)**
**-**
**375,172**|
## _**YEAR ENDED 31 AUGUST 2019:**_
|**_YEAR ENDED 31 AUGUST 2019:_**|||||
|---|---|---|---|---|
||**_Balance at 1_**||||
||**_September_**|**_Income -_**||**_Balance at 31_**|
||**_2018_**|**_Donations_**|**_Expenditure_**|**_August 2019_**|
||**_£_**|**_£_**|**_£_**|**_£_**|
|_Unrestricted funds_|**_388,686_**|**_69,438_**|
**_(39,576)_**|
**_406,066_**|
|_Restricted funds – bursaries fund_|**_7,648_**|**_780,906_**|
**_(20,130)_**|
**_780,906_**|
|**_TOTAL FUNDS_**|**_396,334_**|**_850,344_**|
**_(59,706)_**|
**_1,186,972_**|
16
**THE LUDGROVE SCHOOL FOUNDATION**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2020**
## **9. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
## **YEAR ENDED 31 AUGUST 2020:**
|Current assets
Creditors due within one year
**TOTAL**
**_YEAR ENDED 31 AUGUST 2019:_**
_Current assets_
_Creditors due within one year_
**_TOTAL_**|**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**funds**
**£**
**£**
**£**
**379,300**
**742,758**
**1,122,058**
**(10,080)**
**(736,806)**
**(746,886)**|
|---|---|
||**369,220**
**5,952**
**375,172**|
||**416,400**
**780,906**
**1,197,306**
**(10,334)**
**-**
**(10,334)**|
||**406,066**
**780,906**
**1,186,972**|
## **10. RELATED PARTY TRANSACTIONS**
During the year the Foundation pledged a bursary grant of £10,048 (2019: £20,130) to its parent company, Ludgrove School Trust Limited (“the School”) and a grant towards the building of the School’s Exploration Centre of £853,066 (2019: £Nil). £736,806 was owed to the School as at 31 August 2020 (2019: £594).
During the year the Foundation received donations totalling £300 (2019: £10,300) from trustees.
## **11. ULTIMATE PARENT UNDERTAKING**
The ultimate parent company is Ludgrove School Trust Limited, a company incorporated in the United Kingdom under company number 01053039 and registered as a charity in England and Wales under number 309100. Ludgrove School Trust Limited runs a boarding school for boys age 8 to 13. The parent company, as the sole member of the Foundation, has the right to elect Trustees and to vote at general meetings. The School prepares consolidated accounts which include the results of the Ludgrove School Foundation and are available from Ludgrove School, Wokingham, Berkshire, RG40 3AB.
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