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2022-07-31-accounts

Leweston School Trust (A Charitable Company Limited by Guarantee)

Annual Report and Financial Statements

For the Year Ended 31 July 2022

Company Number: 02041443 (England and Wales) Charity Registered in England and Wales Number: 295175

Leweston School Trust Contents For the Year Ended 31 July 2022

Chairman’s Report
Reference and Administrative Details
Report of the Governors (including Statement of Governors’ Responsibilities)
Independent Auditor’s Report on the Financial Statements
Consolidated Statement of Financial Activities
Balance Sheet and Consolidated Balance Sheet
Consolidated Cashflow Statement
Notes to Financial Statements		 Page
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Leweston School Trust Chairman’s Report For the Year Ended 31 July 2022

The Governors of Leweston School are pleased to present their report for 2021-22

The School

Leweston is a thriving school with a rich history, providing outstanding education to children from 3 months to 18 years of age. We offer an environment where children feel comfortable to learn and grow, providing them with diverse opportunities, encouraging them to try new experiences and achieve more than they thought possible. As a family-focused, community school, we are experts in understanding our pupils, instilling in them the independence, resilience and sense of adventure needed to go into the world with confidence.

Our Vision

In 2016 we published an ambitious strategic vision; to provide high quality, competitively priced education. Based on close analysis of the demographics, a comprehensive plan was produced to support this repositioning. During 2021 we reviewed and updated this work to include a detailed financial model and 30year investment plan. The new Strategic Plan was published in the summer of 2022.

Growth and Business Plan

September 2022 saw the ninth consecutive year of growth for the Prep and the fifth for the Senior School. This resulted in just over 600 children being educated on campus.

In September 2022 Leweston was visited by the Independent Schools Inspectorate who conducted an inspection across all ages of the school. Leweston Nursery was deemed Outstanding in all areas, the quality of Leweston pupils’ academic and other achievements was good with the quality of the pupils’ personal development considered excellent. Leweston also met all the standards required in the Focused Compliance Inspection. During their visit the Reporting Inspector noted how mature, helpful and well-mannered the pupils were in interviews and lessons and we were particularly delighted by the recognition that ‘pupils throughout the school … are strongly supportive of each other and enjoy working together, whilst having the confidence to proffer different views’, as this reflects the strength of a community that we work hard to achieve.

This continued growth within the School, combined with strategic financial planning places Leweston in a most advantageous position for future development. Our numbers remain buoyant and we are close to reaching capacity. Our boarding enquiries, both domestic and international, continue to grow and we are engaged with new markets. Most importantly, as a business we have seen the reduction of the substantial deficit to almost zero in the latest set of accounts. This has been our priority as it is critically important to us to see Leweston flourish financially as well as educationally. Looking forward, our financial projections indicate that we will be able to undertake increasingly ambitious initiatives. The quarter of a million pound expenditure to date has been in the necessary, but less than exciting, world of boilers, swimming pool filters and roofs but we look forward to more visible projects in the near future supported by individuals who believe in this vision and continue to engage with us as we deliver it.

None of this would be possible, of course, without the unrivalled dedication of the staff body, and the unswerving support of our parent community.

Mr Ian Lucas

Chair of Governors

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Leweston School Trust Chairman’s Report For the Year Ended 31 July 2022

Governors

Mr Ian Lucas (elected 24 June 2020) Chair of Governors Mr Dermot McKechnie* (elected 12 June 2018) Deacon Mark Brown (elected 14 January 2019) Mrs Doreen Martin (elected 4 December 2019)

Ms Valerie Simmons De Fontanals (elected 4 December 2019) Mrs Sarah Crowther (elected 16 September 2020) Mrs Rebecca Peacock (elected 16 September 2020) Professor Antony Meehan (elected 11 May 2021) Mr Simon Greenwood (elected 11 May 2021) Lieutenant General Sir James Dutton (elected 1 July 2022) Mr Paul Felbeck (elected 22nd June 2022) Mrs Janet Schofield** (elected 22nd June 2022)

** Education Committee

Clerk to the Governors

Lieutenant Colonel Paul (Gus) Scott-Masson

Officers

Head: John Paget-Tomlinson BA Hons, MA (London), MSc, MRes (London), PGCE Head of Preparatory School: Alanda Phillips MA (Ed), BA (Hons), PGCE, PGCE Ed Leadership Bursar: Lieutenant Colonel Paul (Gus) Scott-Masson, Manchester School of Business

Registered Office

Leweston School Sherborne Dorset DT9 6EN Company Number: 02041443

Auditor

Albert Goodman LLP Goodwood House Blackbrook Business Park Taunton TA1 2PX

Bank

NatWest Plc 2 Hendford Yeovil Somerset BA20 1TN

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Leweston School Trust Chairman’s Report For the Year Ended 31 July 2022

Solicitors

Wilsons Alexandra House St Johns Street Salisbury SP1 2SB

Stone King LLP 13 Queen Square Bath BA1 2HJ

Insurance Brokers

Marsh Ltd Education Practice Capital House 1 - 5 Perrymount Road Hawyards Health West Sussex RH16 3SY

Investment Advisers

Investec Wealth and Investment Limited 2 Gresham Street London EC2V 7QN

School Website

www.leweston.co.uk

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Leweston School Trust Report of the Governors (including statement of Governors’ responsibilities) For the Year Ended 31 July 2022

The Governors, who are also the members and directors of the Charity for the purposes of the Companies Act, present their report and the audited consolidated financial statements for the year ended 31 July 2022.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Documents

The governing documents of the Trust are the Memorandum and Articles of Association. The Articles of Association were last amended in March 2014, reducing both the minimum number of governors required on the Board and the quorum, and also making changes to the number and appointment of the Foundation Governors.

Governing Body

The Governors are required under the Articles to serve as Directors and Members of the Trust which is a company limited by guarantee and a registered charity. The Governors are divided into two categories; a Governor who is appointed by the Roman Catholic Bishop of Plymouth and Governors appointed through the normal system. The Articles require that 50% of Governors are of the Catholic faith. Governors serve a term of three years and are eligible to stand for re-election for a further two terms or longer in exceptional circumstances. Governors are responsible for the governance of both the Senior and Preparatory Schools. The Governing Body aims to comply with the Charity Governance Code for larger charities issued by the Charity Governance Code Steering group.

Governor Recruitment and Training

Governors are appointed who provide a balance of personal competence, specialist expertise and experience relevant to the running of an independent Catholic school. New appointments are selected to fill identifiable gaps in the Board’s existing skills and to meet the needs of good governance.

Induction is organised by the Bursar in order to familiarise new Governors with both Schools and their statutory responsibilities and obligations.

They are provided with ‘Guidelines for Governors’, a manual of good practice for the governors of independent schools and encouraged to attend seminars on good governance run by the Association of Governing Bodies of Independent Schools (AGBIS).

Each year Governors are informed of training courses run by the School’s accountants, solicitors, AGBIS and other organisations, to keep them updated on relevant changes to Charity law and their own responsibilities. In addition, in accordance with best practice, the School has undertaken a full review of its governance, facilitated by an external consultant and is acting on the recommendations.

Organisational Management

The Governors meet as a Board three times a year to determine the general policy of the Trust and review its overall management and control for which they are legally responsible. The work of scrutinising the Trust’s policies and performance is carried out by the Finance and General Purposes Committee (F&GPC), which meets five times a year, and the Education Committee, which meets termly. Specific Governors have additional responsibilities for Health and Safety, Risk Management, Child Protection and Enterprises and participate in the deliberations of the School’s officers in these areas, reporting to the full Board directly, or via the committees which meet at least three times a year and often more frequently. The day to day running of the School is delegated to the Heads supported by the Senior Leadership Teams. The Heads and the Bursar also meet for a weekly business meeting during term time and attend the Board and all committee meetings.

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Leweston School Trust Report of the Governors (including statement of Governors’ responsibilities) For the Year Ended 31 July 2022

STRATEGIC REPORT

Risk Management

The Board of Governors is responsible for the management of risk. A detailed Risk Management Plan is prepared by the Bursar and broken down into risks which are owned by the various committees, or the Board itself. The risks are reviewed twice a term by the Finance and General Purposes Committee and termly by the Education Committee and submitted to the Board for approval. Key strategic areas that are addressed include the academic standards, market position, long term financial stability and continued investment in the Trust’s resources and facilities.

Key controls used by the School include:

The Governors are satisfied that the Trust has established resources and review of systems which, under normal conditions, would allow those risks to be mitigated to an acceptable and reasonable level.

OUR AIM

To be a national leader in diamond edge education, offering high quality, individual education to day and boarding pupils within a competitive and flexible fee model. To deliver this within a distinctive Catholic ethos underpinned by the School’s values of community, opportunity and respect.

OUR MISSION

To provide a well-rounded and relevant education to boys and girls focused on the individual learner, instilling an independence, resilience and willingness to try which provides pupils with the confidence to meet the challenges of the wider world. To build a community of courtesy, respect and affection that has at its heart prayer and service to others.

SCHOOL AIMS

To give pupils an experience of life in a Christian community:

By affirming each individual as a sacred and unique part of God’s creation, and nurturing in each person a sense of dignity and self-worth

By valuing diversity and appreciating the contribution that every pupil makes to the life of the School

To provide the highest quality of teaching and learning, which is responsive to and supportive of the needs and aspirations of the individual:

By fostering intellectual curiosity, a desire to seek truth, and a life-long love of learning

By enabling pupils to discover their own strengths and weaknesses, to learn from ‘failures’, and to develop the determination to persevere, in order to pursue their goals

By supporting all pupils in their pursuit of academic and personal excellence and ensuring every pupil can take part in the School curriculum

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Leweston School Trust Report of the Governors (including statement of Governors’ responsibilities) For the Year Ended 31 July 2022

To provide a programme of sport and outdoor learning accessible to all which supports and enhances pupils’ personal development and academic achievements.

To forge relationships of trust and mutual respect between staff and students which contribute to the success of pupils in all aspects of School life.

To inspire pupils to develop their God-given gifts and be happy with who they are.

STRATEGIC PLAN

The School’s strategic plan for 2022-2027 focuses on five strategic goals based on the school’s values:

Community – to create a family community of shared aspirations and values which engenders a strong sense of belonging for parents, pupils and staff alike.

Opportunity – to provide the widest range of opportunity to our pupils, preparing them take their place in the world.

Expertise – to demonstrate the depth and breadth of experience in all aspects of the Leweston offering and the impact this has on our pupils.

Identity – to develop and communicate a strong sense of who and what we stand for.

Accountability – to maintain the highest standards in education and do so with integrity, effective leadership and efficiency. The strategic plan is available in full on the school website.

INVESTMENT

During the financial year 2021/22 the School has invested over a quarter of million pounds in capital expenditure. Development projects have included:

PUBLIC BENEFIT

Leweston School is a charitable trust which seeks to benefit the public through the pursuit of its stated aims. As an important part of its function, the school audits on an ongoing basis the public benefit it provides. For further information visit: https://www.schoolstogether.org/case-studies/?schoolId=94742

The School educates 606 children and the standard of education are judged by the Independent Schools Inspectorate and OFSTED to be of a high standard. The inspection reports of both bodies provide evidence of this and are freely available. By educating these children in the private sector the School saves the public purse a seven-figure sum by way of indirect public benefit:

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Leweston School Trust Report of the Governors (including statement of Governors’ responsibilities) For the Year Ended 31 July 2022

PENTATHLON ACADEMY

As one of only nine Pentathlon Training Hubs in the UK the School makes a significant contribution to the Pentathlon GB Pathway and is one of the cornerstones of the GB Squad. The Hub caters for athletes of all abilities and any pupil in the School can join. Leweston’s highly experienced GB coach, Mick Flaherty, organises and delivers dedicated training and mentoring programmes tailored to individual needs and abilities. The School also has its own Pentathlon Club which is open to the local community. The Club is a member of Pentathlon GB and Triathlon England and is primarily aimed at children and young adults from 6 to 19 years old who are interested in combining the sports of Modern Pentathlon and Triathlon. The club aims to provide general fitness through multi-discipline training and events and provides the opportunity for everyone to have a go. All levels are catered for, from complete novices to those competing nationally and internationally, as part of Team GB. The Club has continued to operate throughout the COVID 19 pandemic adapting its training options to conform with Government regulations. More information is available on the School’s website.

ACCESS

The Governors operate a Scholarship and Bursaries Policy, details of which are published on the School’s website. This is designed to enable access to the School for talented pupils who would benefit from an education at Leweston.

Scholarships recognise academic excellence, music, sport, art, drama and equestrian achievement and potential and may be supplemented with means-tested bursaries with the objective of trying to ensure that those children who would best benefit from a Leweston education are able to do so. Once a child has entered the School, and whether or not they have a scholarship, the School may provide means-tested bursaries if a pupil’s continuing education becomes at risk through financial hardship. A limited number of bursaries are available on entry to Leweston in cases where pupils do not meet the requirements for a scholarship.

In the year to 31 July 2022 the total value of scholarships and bursaries (excluding staff discounts and other concessions) was £1,306,754 and 197 pupils benefited in some way from awards. The School continues to give support to its pupils and to facilitate open access in many other ways. These include the provision of a Learning Support Department in both the Senior and Prep Schools which support pupils with individual needs, predominantly dyslexia. Currently these support 32 pupils. Leweston prides itself on an educational experience that realises every child’s potential be it in the classroom, sports field, concert hall or studio.

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Leweston School Trust Report of the Governors (including statement of Governors’ responsibilities) For the Year Ended 31 July 2022

EDUCATIONAL PERFROMANCE

Key Stage One

90% of Leweston pupils reached at least the expected level in English and Maths versus 52% nationally

95% of Leweston pupils reached at least expected level in English versus 59% (Writing) and 68% (Reading) nationally

90% of Leweston pupils reached at least the expected level in Maths versus 70% nationally

95% of pupils reached the expected level in Science

Key Stage Two

78% of Leweston pupils reached at least the expected level across all areas of the curriculum versus 59% nationally

85% of Leweston pupils reached at least the expected level in Reading versus 74% nationally

77.5% of Leweston pupils reached at least the expected level in writing versus 69% nationally

37.5% of Leweston pupils exceeded the expected level in Reading

78% of Leweston pupils reached at least the expected level in Maths versus 71% nationally

32.5% of Leweston pupils exceeded the expected level in Maths

92.5% of Leweston pupils reached at least the expected level in Science versus 79% nationally

GCSE

In 2022 43% of the GCSE results achieved the highest grades 7 to 9.

For the sixth year the Year 11 results were impressively higher than the national average with more than double the number of 9s. 85% of all pupils achieved at least two grades 7 to 9.

Several pupils scored a majority of 8s and 9s, in particular two, who gained an outstanding 15 grade 9s and 4 grade 8s between them.

Eleven of the different subjects on offer saw over half of all grades achieved as 9 to 7 including Biology, Chemistry, Physics, Further Maths, Maths, Latin, Drama, Physical Education, Music, Fine Art and Textiles.

More information about the School’s GCSE results is available on the School website.

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Leweston School Trust Report of the Governors (including statement of Governors’ responsibilities) For the Year Ended 31 July 2022

A Level

In 2022 well over half of all the A Level results were A or A, the fourth year running that this impressive benchmark has been achieved. More than a third of all results were A which is over twice the national average.

A third of students gained all As and As between them with two students achieving 3As and one 3As and an A. Over two thirds of the year group are celebrating at least one A or A grade.

The school’s impressive record in Further Maths continues with all candidates achieving A grades. 100% of all English Literature, Religious Studies and Fine Art results were A and A and, in the six languages taken, over two thirds of entries achieved A and A grades.

Three of the students are making deferred applications to Oxford. In addition to this, students will be leaving to take up places at universities including Durham, Exeter, Southampton, Edinburgh, University College London, Birmingham and York on courses as diverse as Modern Languages, Psychology, Chemical Engineering, Geology, Liberal Arts and Computer Science. Russell Group universities again will be the recipient of the majority.

Leweston’s exceptional teaching in Art and Design sees five of this year’s leavers go on to courses in Fine Art, Photography, Fashion and Fashion Styling at some of the top Art and Design schools in the country including the University of the Arts, University for the Creative Arts, Duncan of Jordanstone College of Art & Design and Bournemouth University.

To see the 2022 destinations in full visit the School website.

ACHIEVEMENTS AND PERFORMANCE

One pupil represents the South West at the British Eventing Youth Championships

Five athletes compete at National Biathle Championships with three athletes selected to join the GB Biathle Team for the World Championships

Year 11, wins RS TERRA World Championships U18 (Sailing)

12 athletes take part in National Triathle Competition with three National Champions, one bronze medallist and seven athletes selected for the GB Triathle team for the World Championships

Two pupils represent GB Pentathlon at the International Biathle & Laser Run in Madeira. Year 11, finishes 5th in the U17 Biathle. Year 8, wins Silver in the U15 Laser Run.

Six athletes (plus two relay teams) represent Wessex in the National Preparatory Schools Athletics Championships. Prep 6, finishes in 13th in the U12 800m. The U13 team finishes 10th in the 4 x 100m Relay. Year 7, finishes 9th in the U13 1500m. Year 8, reaches the final of the U14 200m, where he finishes 7th. He also finishes 8th in the 300m in 41.8secs. Year 8 is 12th in the U14 1500m and Year 8 is 11th in the Long Jump. Isaac T, Year 8 finish 9th in the U14 4 x100m Relay. Year 7, runs a brilliant 800m to finish 4th in the National Final.

51 athletes take part in National Biathle Competition, from Prep 3 to Year 11 with Gold, Silver and Bronze medals across a wide range of age groups.

Inter Girl’s Athletics Team, finish 7th at the ESAA Regional A Finals

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Leweston School Trust Report of the Governors (including statement of Governors’ responsibilities) For the Year Ended 31 July 2022

17 athletes represent Leweston at the Junior Wessex Athletics Championships. There are 22 top ten finishes, with 26 schools attending the event.

Forty pupils represent North Dorset at the Dorset School’s County Athletics Championships. 23 athletes finish on the podium, with eight Gold, twelve Silver and eleven Bronze placings. As a result, Leweston has eight new County Champions and nine pupils selected to represent Dorset at the South West Regional Champions.

Prep 5, becomes the National U10 Champion for the 25m Freestyle. Prep 5, wins Bronze in the U10 25m Breast Stroke.

Junior Girls Team come second at the ESAA Track & Field School’s Cup Regional Final

Team National Title for the third year running at National County SJ Championships

Year 10, finishes 2nd in the high jump at the Millfield Open Invitation meet; wins 600m and 300m events at the North Dorset Athletics Trials; qualifies to compete at the NSEA Show Jumping Final held at the Royal Windsor Horse Show with her team in 2nd place and achieves fourth place at the European Triathle Qualifying Championships gaining selection for Team GB.

10 athletes take part in the Leweston Triathle Championships a qualifying event for European Triathle Championships with two pupils selected for the GB team.

Leweston equestrian team take 2nd place at the Inter-Schools show jumping at the Platinum Jubilee Royal Windsor Horse Show.

Year 11, competes in her first BE CCI2* ODE event at Cirencester Park. Flora gains special dispensation from British Eventing Officials to compete at this level as she is not sixteen until August

Year 7 team place third in the IAPS Clay Pigeon Shooting Championships

8 athletes complete at the National Laser Run in Edinburgh with Reuben C, Year 9, becoming National Champion at U15. 5 athletes were selected for the GB Laser Run team for the European Championships

Team win at Moreton EC’s NSEA Grass Roots 60cm show jumping

Equestrian Team Jubilee win 90-95cm competition to take the Royal Windsor Intermediate Qualifier and Team Marine secure the win in the 1m-1.05m for the Hickstead Elite Qualifier

Athletes take three County titles at Somerset AAA Championships in U17, U15 and U13 age groups

U11 Girls Hockey team Runners Up in In2Hockey Dorset Tournament with U12 and U13 winning the same tournament

U12 netball team take Silver at the North Dorset Netball Tournament

Athletes win Bronze and Gold medals at the National Schools Shooting Finals, three pupils crowned National Champions in Intermediate event

U12 Cross Country team win Canford Relays

Eight fencers take part in the BYC Regional Epee Competition with Year 8 3rd in U14 competition. Three pupils were selected for the Region

Individual win in the 90-95cm Intermediate NSEA Eventers Challenge qualifier at Pontispool. Equestrian team qualifies to represent Dorset at the National County Championships

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Leweston School Trust Report of the Governors (including statement of Governors’ responsibilities) For the Year Ended 31 July 2022

Two teams qualify for the Hickstead Championships

Leweston Equestrian Team named NSEA SW Regional Grass Roots SJ Champions

30 athletes from minors to Sixth Form participate in Dorset School’s Cross Country Championships.

Leweston was the top performing school. All five of the Leweston teams (Minor Boys, Minor Girls, Junior Boys, Junior Girls and Intermediate Girls) finished on the podium, with one Team Gold, one Team Silver, and three Team Bronze medals

19 athletes take part in various age groups at British Schools’ Modern Pentathlon. Leweston wins U9 team Silver, U12 Bronze, U14 Bronze and Silver, U10 Gold and U16 Silver

Year 10 trains alongside members of the GB Ski Team as part of the Snowsport England training camp

Year 9, competes at England Athletics Age Group National Indoor Championships at EIS, Sheffield, winning a Silver medal in the U15 Girls’ Pole vault

32 pupils from Leweston Prep run at Clayesmore XC Relays, 3 of the Prep teams made the podium and 2 pupils ran individual fastest lap times

7 boys and 20 girls take part in the National Schools Biathlon

Sixteen athletes travelled to Malvern College to compete in the National Prep Schools Cross-country Championships. The U13 girls take 6th place.

Year 11, represents Bath Rugby DPP

Year 12, achieves Grade 8 distinction on flute

Schola Cantorum and Baroque Ensemble, Flute Group, Recorder Consort, Clarinet Solo, Piano Solo, and Jazz Band perform at the Sherborne Abbey Festival.

Prep 6, wins National Competition to design the livery for the AW149 (Leonardo’s latest generation multi-role helicopter)

Prep 6 wins the Leweston Queen’s Platinum Jubilee Art Competition 2022.

Year 9 STEM CREST award students showcase their projects to parents, staff and students

Year 7 pupils receive replies from the Houses of Parliament and Sir David Attenborough to their letters on global issues

The RNLI (Royal National Lifeboat Institution) visit Leweston Prep school to award William H, Prep 6, a certificate for raising £400 for the charity

5 students won the Leweston Enterprise Challenge, designing an event to be run by the Enterprise department with the aim of raising funds for the school

Prep 4, 5 and 6 receive certificates for their public speaking awards

Year 8 and 9 pupils enter a poetry writing competition run by the Somerset Literacy Trust. Leweston students dominated the awards with First, Second and Third prizes

Year 10, features in Sherborne Times ‘unearthed’ piece for her success in the Nancy Rothwell Award

Year 7 and 8 Choir win the Bishop Fox’s Cup at Taunton Festival. Schola Cantorum win the John Cole Cup

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Leweston School Trust Report of the Governors (including statement of Governors’ responsibilities) For the Year Ended 31 July 2022

3 pupils attend the first round of the Pro Corda Chamber Music Festival 2022. The only national festival to exclusively promote and celebrate chamber music within schools. Two Year 8and one Prep 6, made it through to the National Pro Corda Competition

Prep 5 wins an Instagram competition to have a telephone call from Kenton Cool at the South Pole. He shared facts and stories with her class

GOING CONCERN

The financial statements have been prepared on the going concern basis which assumes that the School will continue in operational existence for 12 months from the date of approval of these financial statements.

At the balance sheet date, the School had net current liabilities of £2,230,231 (inclusive of £750,000 of short term loans). Creditors falling due in more than year include other loans due to the Funding Group of £2,248,508 which was originally re-payable on 21 December 2022 and £1,000,000 repayable on 31 July 2025 (together the “Loans”)).

On 5th January 2023 the School entered into revised agreements in relation to the Loans and £550,000 of the short term loans which extended their maturity through to 2032 with no payments of principal due prior to March 2024.

The Governors have prepared projected cash flow forecasts for the five years to July 2027 which show that the School is expected to have sufficient available cash for 12 months from the date of approval of these financial statements. Achieving the forecast cash flows is reliant upon maintaining existing pupil numbers, achieving target numbers in future years and on-going cost efficiencies. Although they recognise that inherently there can be no certainty in relation to these matters, the Governors are confident that the School will meet these targets and remain within its projected cash flow forecast.

On this basis the Governors have concluded that the School is a going concern. The financial statements do not include any adjustments that would result from the School not being able to meet its liabilities as they fall due.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The School recorded an operating deficit of £6,888 (2021 deficit: £596,410) which represents a significant improvement compared to the previous financial year. Since July 2021 the School has increased its pupil numbers from 564 in 2020-21 to 615 in January 2023.

With the growth in pupil numbers the position of the School moving forward is positive although as referred to last year, the School is facing significant cost increases in relation to many of the goods and services it purchases, including, for example, energy costs and food. Against this backdrop, the Governors made the difficult decision to announce a mid-year fee increase effective from the Summer term 2023.

Freehold land and buildings

The School continues to invest in the land and buildings whilst mindful of our Grade 1 and 2 Listings.

Ancillary and Trading Income

The Trust has a wholly-owned subsidiary, Leweston Enterprises Limited (“Leweston Enterprises”), which provides leisure and letting facilities to the pupils and staff of Leweston School, to the local community and to the general public.

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Leweston School Trust Report of the Governors (including statement of Governors’ responsibilities) For the Year Ended 31 July 2022

In view of the challenging economic conditions, the Governors have closely examined the activities of Leweston Enterprises and have decided to reduce some of the services that it provides. In doing this, the Governors have been very mindful of the services that it provides to the local community.

Reserves Policy

The School holds reserves both restricted and unrestricted and an endowment fund. The School’s policy is that unrestricted reserves should not be accumulated from year to year, unless for a specific capital project; any surplus generated is invested in developing the buildings and resources of the School. The Trust’s unrestricted funds are a result of the revaluation of the land and buildings at the year-end.

Remuneration Policy

The Governing Body takes into consideration the recommendations of the F&GPC when agreeing annual budgets for staff remuneration. Academic staff salaries are reviewed annually in the light of national awards to take effect from 1st September. Support Staff are reviewed annually looking at government changes and market rates for specific roles.

ACCOUNTING AND REPORTING RESPONSIBILITIES

Statement of Governors’ responsibilities

The Governors (who are directors of the Leweston School Trust for the purposes of company law) are responsible for preparing the Report of the Governors and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure of the charitable group for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping adequate accounting records that 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Governors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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Leweston School Trust Report of the Governors (including statement of Governors’ responsibilities) For the Year Ended 31 July 2022

Statement as to disclosure to our auditors

In so far as the Governors are aware at the time of approving our Governors’ annual report:

AUDITOR

The auditors, Albert Goodman LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Signed on behalf of the Governors on ………………………. by:

…………………

Chair of Governors: Mr Ian Lucas

………………… Company Secretary: Lt Col Paul Scott-Masson

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Leweston School Trust Independent Auditor’s Report on the Financial Statements For the Year Ended 31 July 2022

Opinion

We have audited the financial statements of the Leweston School Trust for the Year Ended 31 July 2022, which comprise the consolidated Statement of Financial Activities, the consolidated and parent charitable company Balance Sheets, the consolidated and parent charitable company Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Generally Accepted Accounting Practice, 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:

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 and parent 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.

Material uncertainty relating to going concern

We draw your attention to note 1.2 of the financial statements which indicates that the School’s ability to continue as a going concern is dependent on the School’s cash flow remaining within the loan facilities. As stated in note 1.2, these conditions indicate that a material uncertainty exists that may cast doubt on the School’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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Leweston School Trust Independent Auditor’s Report on the Financial Statements For the Year Ended 31 July 2022

Other information

The Governors are responsible for the other information. The other information comprises the information included in the Governors’ 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.

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:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report included within the Report of the Governors.

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

Responsibilities of Governors

As explained more fully in the Statement of Governors’ Responsibilities, the Governors (who are also the directors of the parent 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 Governors 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 Governors are responsible for assessing the group and parent 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 Governors either intend to liquidate the parent charitable company or to cease operations, or have no realistic alternative but to do so.

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16

Leweston School Trust Independent Auditor’s Report on the Financial Statements For the Year Ended 31 July 2022

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 Report of Independent Auditors.

The extent to which the audit was considered capable of detecting irregularities included fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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17

Leweston School Trust Independent Auditor’s Report on the Financial Statements For the Year Ended 31 July 2022

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any,

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 group and parent 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 group and parent charitable company’s members and Governors 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 group and parent charitable company and the group and parent charitable company’s members as a body and the parent charitable company’s Governors as a body, for our audit work, for this report, or for the opinions we have formed

……………………. Joseph Doggrell FCA BSc (Hons) (Senior Statutory Auditor) for and on behalf of Albert Goodman LLP, Statutory Auditor

Goodwood House Blackbrook Business Park Taunton TA1 2PX

Date: …………………….

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18

Leweston School Trust

Consolidated Statement of Financial Activities (including income and expenditure account) For the Year Ended 31 July 2022

Notes
Income:
Donations and gifts
1d
Charitable activities
School fees and extras
1a
Investment income
1b
Other income
1c
Total income
Expenditure:
Costs of raising funds
Trading expenses
2
Marketing costs
2
Investment management fees
2
Charitable activities
School operating costs
2
Total expenditure
Transfers between funds
15
Net gains on investments
12
Reconciliation of funds
Total funds brought forward
Total funds carried forward
Net income/(expenditure) for
the year before transfers and
gains and losses
Net income/(expenditure) and
net movement in funds for the
year		 Un-
restricted
funds
£
57,547
7,393,882
311
450,884
7,902,624
499,205
61,851
-
7,402,033
7,963,089
(60,465)
-
-
(60,465)
1,435,357
1,374,892		 Restricted
funds
£
-
-
-
-		 En-
dowment
fund
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
500,000
500,000		 Total
2022
£
57,547
7,393,882
311
450,884		 Total
2021
£
65,963
5,828,932
845
369,427
- 7,902,624 6,265,167
-
-
-
-		 499,205
61,851
-
7,402,033		 402,422
61,951
-
6,538,045
- 7,963,089 7,002,418
-
-
-		 (60,465)
-
-		 (737,251)
-
-
-
210		 (60,465)
1,935,567		 (737,251)
2,672,818
210 1,875,102 1,935,567

The statement of financial activities has been prepared on the basis that all operations are continuing operations. There were no gains or losses arising in the year that are not shown above.

The statement of financial activities incorporates the income and expenditure account.

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19

Leweston School Trust – Company Registration Number: 02041443 Balance Sheet and Consolidated Balance Sheet As at 31 July 2022

Notes
Fixed assets
Tangible fixed assets
7
Intangible assets
8
Investment in subsidiary
9
Current assets
Stock
10
Debtors
11
Investments
12
Cash at bank and in hand
Liabilities:
Creditors falling due within one year
13
Net current liabilities
Creditors: amounts falling due in more
than one year
14
Total net assets
The funds of the charity:
Restricted funds
15
Unrestricted funds
15
Revaluation reserve
15
Endowment fund
15
Total charity funds		 £
£
Group
Charity
7,803,004
7,662,350
-
-
-
1
7,803,004
7,662,351
159,168
56,078
2,245,367
2,709,699
-
-
229,821
189,681
2,634,356
2,955,458
(5,313,750)
(5,185,689)
(2,679,394)
(2,230,231)
(3,248,508)
(3,248,508)
1,875,102
2,183,612
210
210
(361,364)
(52,854)
1,736,256
1,736,256
500,000
500,000
1,875,102
2,183,612
2022		 £
£
Group
Charity
7,806,260
7,683,203
-
-
-
1
7,806,260
7,683,204
91,344
32,460
1,994,802
2,387,025
-
-
125,807
97,326
2,211,953
2,516,811
(4,835,430)
(4,762,298)
(2,623,477)
(2,245,487)
(3,247,216)
(3,247,216)
1,935,567
2,190,501
210
210
(330,147)
(75,213)
1,765,504
1,765,504
500,000
500,000
1,935,567
2,190,501
2021		 £
£
Group
Charity
7,806,260
7,683,203
-
-
-
1
7,806,260
7,683,204
91,344
32,460
1,994,802
2,387,025
-
-
125,807
97,326
2,211,953
2,516,811
(4,835,430)
(4,762,298)
(2,623,477)
(2,245,487)
(3,247,216)
(3,247,216)
1,935,567
2,190,501
210
210
(330,147)
(75,213)
1,765,504
1,765,504
500,000
500,000
1,935,567
2,190,501
2021
7,683,204
32,460
2,387,025
-
97,326
2,516,811
(4,762,298)
(2,245,487)
(3,247,216)
2,190,501
210
(75,213)
1,765,504
500,000
2,190,501

The Governors have prepared group accounts in accordance with section 399 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the charitable company.

The notes from pages 19 – 39 form part of these accounts.

Approved and authorised for issue by the Board of Governors on ……………….. and signed on their behalf by:

…………………………..

Chair of Governors: Mr Ian Lucas

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20

Leweston School Trust Consolidated Cashflow Statement For the Year Ended 31 July 2022

----- Start of picture text -----
Total 2022 Total 2021
£ £
Notes Group Group
Cash flows from operating activities
Net movements in funds for the year (60,465) (737,251)
- -
(Gains)/losses on investments
- -
(Profit)/loss on disposal of tangible fixed assets
Depreciation 7 222,880 226,935
Amortisation 8 - 8,171
Interest receivable 1b (311) (163)
Dividends received 1b - (682)
----- End of picture text -----

Depreciation
7
Amortisation
8
Interest receivable
1b
Dividends received
1b
 222,880
-
(311)
-		 226,935
8,171
(163)
(682)
Interest payable - 19,872
Working capital adjustments
Decrease/(increase) in stocks
10
Decrease/(increase) in trade debtors
11		 (67,824)
(250,565)		 (17,306)
(109,972)
(Decrease)/increase in trade creditors
12		 529,612 1,002,876
Net cash flow from operations
Cash flows from investing activities
Interest receivable
1b
Dividends received
1b
Proceeds from sale of investments
Payments to acquire tangible fixed assets
7
Payments to acquire investments
12
Net cash (outflow)/inflow from investing activities
Cash flows from financing activities
Loans received
Loans repayments
Net cash (outflow)/inflow from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
Consisting of:
Cash at bank and in hand		 373,327
311
-
-
(219,624)
-
(219,313)
-
(50,000)
(50,000)
104,014
125,807
229,821
229,821
229,821		 392,480
163
682
25,352
(556,591)
-
(530,394)
250,000
(350,000)
(100,000)
(237,914)
363,721
125,807
125,807
125,807

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21

Leweston School Trust Notes to the Financial Statements For the Year Ended 31 July 2022

1 Accounting Policies

The principal accounting policies adopted in the preparation of the financial statements are as follows:

1.1

Basis of accounting

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The charitable company and its subsidiaries are a public benefit group for the purposes of FRS 102 and therefore the School also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011.

The financial statements are prepared in sterling, which is the functional currency of the School. Monetary amounts in these financial statements are rounded to the nearest pound.

1.2

Going concern

The financial statements have been prepared on the going concern basis which assumes that the School will continue in operational existence for 12 months from the date of approval of these financial statements.

At the balance sheet date, the School had net current liabilities of £2,230,231 (inclusive of £750,000 of short term loans). Creditors falling due in more than year include other loans due to the Funding Group of £2,248,508 which was originally re-payable on 21 December 2022 and £1,000,000 repayable on 31 July 2025 (together the “Loans”)).

On 5 January 2023 the School entered into revised agreements in relation to the loans and £550,000 of the short term loans which extended their maturity through to 2032 with no payments of principal due prior to March 2024. Whilst the revised agreement was signed after the year end, the Governors consider the principle to have been agreed with the lender before 31 July 2022 and, as a result, consider it appropriate that the ageing of the £2,248,508 loan in the financial statements is disclosed based on the agreement signed on 5 January 2023.

The Governors have prepared projected cash flow forecasts for the five years to July 2027 which show that the School is expected to have sufficient available cash for 12 months from the date of approval of these financial statements. Achieving the forecast cash flows is reliant upon maintaining existing pupil numbers, achieving target numbers in future years and on-going cost efficiencies. Although they recognise that inherently there can be no certainty in relation to these matters, the Governors are confident that the School will meet these targets and remain within its projected cash flow forecast.

On this basis the Governors have concluded that the School is a going concern. The financial statements do not include any adjustments that would result from the School not being able to meet its liabilities as they fall due.

1.3 Basis of consolidation

The Trust’s subsidiary began trading on 1 July 2010. These group financial statements consolidate on a line by line basis the financial statements of the School and its subsidiary undertakings made up to 31 July 2022. As permitted by the Companies Act 2006, the parent charitable company’s income and expenditure account has not been included in these financial statements. The parent charitable company’s deficit for the year was £6,888 (2021 deficit: £596,410).

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22

Leweston School Trust Notes to the Financial Statements For the Year Ended 31 July 2022

1.4 Company limited by guarantee

The company is limited by guarantee, the guarantors at the present time being the Governors, to the extent of £1 each.

1.5 Fees receivable and similar income

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the school.

1.6 Donations and fund accounting

Donations received for the general purposes of the school are included as restricted funds. Donations restricted by the wishes of the donor or the terms of an appeal are taken to restricted funds. Donations required to be retained as capital in accordance with the donors wishes are accounted for as endowments - permanent or expendable according to the nature of the restriction.

1.7 Expenditure

Expenditure is allocated to expense headings, which aggregate all costs relating to the category 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.

All costs associated with the provision of education are allocated to Charitable Expenditure. Only the costs directly associated with, or incurred solely in, Raising Funds are allocated to this category. For example, the costs of kitchen and domestic staff who are employed on a short term basis during the school holidays are allocated to the Cost of Raising Funds whereas the costs of the permanent staff are allocated to Charitable Expenditure because they would have to be paid in any event. Likewise, only premises costs that are incurred because of, or to support, the letting activities are allocated to the Costs of Raising Funds.

Supplies of games equipment, books, stationery and sundry materials are written off when the expenditure is incurred.

Governance costs comprise the costs of running the Trust, including strategic planning for its future development, external audit, and all other costs of complying with constitutional and statutory requirements.

1.8 Leases and hire purchase contracts

Where assets are financed by finance leases and hire purchase agreements the assets are included in the Balance Sheet at cost less depreciation in accordance with the school’s normal accounting policy. The present value of future rentals is shown as a liability. The interest element of rental obligations is charged to the Statement of Financial Activities over the period of the lease in proportion to the balance of capital payments outstanding.

Rentals paid under operating leases are charged to the Statement of Financial Activities evenly over the period of the lease.

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23

Leweston School Trust Notes to the Financial Statements For the Year Ended 31 July 2022

1.9 Tangible fixed assets and depreciation

All fixed assets are used in direct furtherance of the school’s objectives. Fixed assets are included in these financial statements at their original cost less depreciation provided to date.

Assets that are expected to have a useful economic life of less than two years and/or cost less than £250 are not capitalised and are written off in the year of purchase.

Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the costs less estimated residual value of each asset, by equal annual instalments, over their expected useful lives which are considered to be:

Freehold land Not depreciated Freehold buildings and improvements 50 years Plant and machinery 10 years Fixtures and fittings 10 years Vehicles 5 years Computers 3 years All weather pitch 15 years Enterprises assets 15% reducing balance

All fixed assets are used in direct furtherance of the school’s objectives. Fixed assets are included in these financial statements at their original cost less amortisation provided to date.

Amortisation is provided on all intangible fixed assets at rates calculated to write off the costs less estimated residual value of each asset, by equal annual instalments, over their expected useful lives which are considered to be:

Software 3 years

1.11 Stock

Stocks are stated at the lower of cost and net realisable value.

Investments are valued in the balance sheet at their mid-market value at the balance sheet date. Investment management costs are accounted for as incidental costs of the acquisition or disposal where transaction-based, while investment income management costs are charged as expenditure out of the relevant income funds.

1.13 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.14 Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 11, 12 and 13 for the debtor and creditor notes.

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24

Leweston School Trust Notes to the Financial Statements For the Year Ended 31 July 2022

1.15 Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.16 Pensions

Full-time and part-time teaching staff employed under a contract of service are eligible to contribute to the Teachers’ Pension Scheme (TPS) or the Royal London Pension Scheme. The TPS, a statutory, contributory, final salary scheme is administered by Capita Teachers’ Pensions on behalf of the Department for Education and Skills.

For the TPS scheme, the costs include normal and supplementary contributions. The regular cost is the normal contribution, expressed as a percentage of salary of a teacher newly entering service, which would defray the cost of benefits payable in respect of that service. Variations from the regular pension cost are met by a supplementary contribution. This occurs if, as a result of the actuarial investigation, it is found that the accumulated liabilities for benefits to past and present teachers are not fully covered by normal contributions to be paid in the future and by the fund built up from past contributions. The normal and supplementary contributions are charged to the income and expenditure account in the year for both pension schemes.

The school also pays contributions into a Group Personal Pension Scheme for Support staff. The Scheme is a defined contribution pension scheme. The assets of the Scheme are held separately from those of the School in an independently administered fund. The Pension Scheme charge represents contributions payable by the school in accordance with the rules of the Scheme.

1.17 Taxation

As a registered charity, the charitable company is not liable to corporation tax or capital gains tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the company, and is therefore included in the relevant costs in the Statement of Financial Activities. The charity subsidiary is able to recover Value Added Tax and therefore it is not included within the relevant costs in the Statement of Financial Activities.

1.18 Key estimates and judgements

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the Governors to have most significant effect on amounts recognised in the financial statements.

(i) Useful Economic Lives - The annual depreciation charge for property, plant and equipment is sensitive to change in the estimated useful economic lives and residual value of assets. These are reassessed annually and amended were necessary to reflect current circumstances.

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25

Leweston School Trust Notes to the Financial Statements For the Year Ended 31 July 2022

1a Fees receivable and incoming resources

The School's activities are carried out within the UK. The School's fees comprised:

Gross fees
Less: Total bursaries, grants and allowances
Extras and disbursements		 Gross fees
Less: Total bursaries, grants and allowances
Extras and disbursements		 Gross fees
Less: Total bursaries, grants and allowances
Extras and disbursements		 2022
£
8,379,037
(1,306,754)
7,072,283
321,599		 2022
£
8,379,037
(1,306,754)
7,072,283
321,599		 2022
£
8,379,037
(1,306,754)
7,072,283
321,599		 2022
£
8,379,037
(1,306,754)
7,072,283
321,599
7,393,882
1b
Investment income
Interest receivable
Dividend income
1c
Other income
Rent and lettings
Other trading income
Other income
1d
Donations and gifts		 Unres-
tricted
£
60,001
370,999
19,884
450,884		 Res-
tricted
£
-
-
-
-		 Total
2022
£
60,001
370,999
19,884
450,884		 Unres-
tricted
£
(2,239)
263,282
108,384
369,427		 2022
£
311
-
311
Res-
tricted
£
-
-
-
-
369,427

Income donations and gifts		 Unres-
tricted
£
57,547
57,547		 Res-
tricted
£
-
-		 Total
2022
£
57,547
57,547		 Unres-
tricted
£
65,963
65,963		 Res-
tricted
£
-
-		 Total
2021
£
65,963
65,963

1b Investment income

1c Other income

1d Donations and gifts

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26

Leweston School Trust Notes to the Financial Statements For the Year Ended 31 July 2022

2 Total expenditure

Cost of raising funds
Trading expenses
Marketing costs
Investment management fees
Charitable activities
Teaching costs
Welfare
Premises
Support costs of schooling (2a)
Governance costs (2b)
Loss on disposal of shares
Cost of raising funds
Trading expenses
Marketing costs
Charitable activities
Teaching costs
Welfare
Premises
Support costs of schooling (2a)
Governance costs (2b)
Loss on disposal of shares		 Staff costs
£
195,375
-
-
195,375
3,779,545
222,964
157,751
722,468
-
-
4,882,728
5,078,103
Staff costs
£
177,981
-
177,981
3,526,444
174,859
139,990
409,777
-
-
4,251,070
4,429,051		 Other
£
287,168
61,851
-
349,019
100,473
635,591
881,050
679,754
809
-
2,297,677
2,646,696
Other
£
194,297
61,951
256,248
52,047
566,250
758,924
697,741
13,825
130
2,088,917
2,345,165		 Depreciation
and
amortisation
£
16,662
-
-
16,662
-
-
221,628
-
-
-
221,628
238,290
Depreciation
£
30,144
-
30,144
-
-
198,058
-
-
-
198,058
228,202		 Total
2022
£
499,205
61,851
-
561,056
3,880,018
858,555
1,260,429
1,402,222
809
-
7,402,033
7,963,089
2021
£
402,422
61,951
464,373
3,578,491
741,109
1,096,972
1,107,518
13,825
130
6,538,045
7,002,418

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27

Leweston School Trust Notes to the Financial Statements For the Year Ended 31 July 2022

2a Support costs of schooling

----- Start of picture text -----
2022 2021
£ £
Staff training and recruitment 37,321 29,400
Marketing activities 87,196 68,438
Marketing - commission 60,650 59,452
Central costs 398,596 413,930
Legal and professional 49,992 21,675
Finance costs 227,777 104,846
861,532 697,741
----- End of picture text -----

2b Governance costs

----- Start of picture text -----
2022 2021
£ £
Audit and accountancy fees 14,418 13,483
Governors expenses 809 342
15,227 13,825
----- End of picture text -----

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28

Leweston School Trust Notes to the Financial Statements For the Year Ended 31 July 2022

3 Staff costs

----- Start of picture text -----
Employment costs 2022 2021
£ £
Wages and salaries 4,262,742 3,599,623
Social security costs 357,426 312,187
Pension costs 457,935 517,241
5,078,103 4,429,051
Number of employees
The average monthly number of employees during the year was:
2022 2021
Educational staff 103 100
Support staff 61 65
Nursery staff 23 15
187 180
The number of employees whose annual emoluments were £60,000 or more were:
2022 2021
number number
£60,001 - £70,000 1 -
£80,001 - £90,000 - 1
£90,001 - £100,000 1 -
4 Net income/(expenditure) for the year
This is stated after charging:
2022 2021
£ £
Net income is stated after charging:
Depreciation of tangible fixed assets - owned 222,880 226,935
-
Amortisation of intangible fixed assets - owned 8,171
Operating lease rentals - other 47,199 167,148
Auditors remuneration
- Auditor's remuneration 14,418 9,925
- Audit services for the subsidiary 2,000 1,950
- Non-audit services - 875
----- End of picture text -----

4 Net income/(expenditure) for the year

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29

Leweston School Trust Notes to the Financial Statements For the Year Ended 31 July 2022

5 Governors directors

The Governors were not paid or received any other benefits from employment with the school or its subsidiary in the year (2021 – £nil). No Governor received payment for professional or other services supplied to the Leweston School Trust (2021 – £nil). The Leweston School Trust has paid for directors and officers indemnity insurance.

6 Defined contribution pension scheme

The charitable company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charitable company to the scheme. Contributions totalling £39,197 (2021 – £36,678) were payable to the scheme at the end of the year and are included within the taxation and social security creditor.

Leweston School Trust considers that the key management personnel comprise the governors and the Senior Leadership Team who are the Head, Bursar, Deputy Academic Head, Deputy Head Pastoral, Director of Marketing, Director of Boarding, and Head of Prep. The total employee benefits including pension costs of the key management personnel of the group were £493,632 (2021: £488,846).

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Leweston School Trust Notes to the Financial Statements For the Year Ended 31 July 2022

7 Tangible Fixed Assets

Group
Cost
Additions
Disposals
Depreciation
Charged in year
Eliminated on disposal
Net book values
At 1 August 2021
At 31 July 2022
At 1 August 2021
At 31 July 2022
At 1 August 2021
At 31 July 2022		 Freehold
Land and
Buildings
£
7,696,446
59,178
-		 All
Weather
Pitch
£
362,658
-
-		 Plant
&
Equipment
£
1,417,010
69,754
-		 Fixtures
and
Fittings
£
1,313,606
73,892
-		 Motor
Vehicles
£
73,350
16,800
(42,660)		 Total
£
10,863,070
219,624
(42,660)
7,755,624 362,658 1,486,764 1,387,498 47,490 11,040,034
448,318
111,283
-		 362,658
-
-		 1,123,579
60,959
-		 1,060,318
45,095
-		 61,937
5,543
(42,660)		 3,056,810
222,880
(42,660)
559,601 362,658 1,184,538 1,105,413 24,820 3,237,030
7,248,128 - 293,431 253,288 11,413 7,806,260
7,196,023 - 302,226 282,085 22,670 7,803,004

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Leweston School Trust Notes to the Financial Statements For the Year Ended 31 July 2022

7 Tangible Fixed Assets (cont.)

Charity
Cost
At 1 August 2021		 Freehold
Land and
Buildings
£
7,647,043		 All
Weather
Pitch
£
362,658		 Plant
&
Equipment
£
1,291,809		 Fixtures
and
Fittings
£
1,301,788		 Motor
Vehicles
£
73,350		 Total
£
10,676,648
Additions 47,931 - 49,606 73,728 16,800 188,065
Disposals
Depreciation
Charged in year
Eliminated on disposal
Net book values
At 31 July 2022
At 31 July 2022
At 1 August 2021
At 31 July 2022
At 1 August 2021		 - - - - (42,660) (42,660)
7,694,974 362,658 1,341,415 1,375,516 47,490 10,822,053
446,613
107,304
-		 362,658
-
-		 1,069,996
53,561
-		 1,052,241
42,510
-		 61,937
5,543
(42,660)		 2,993,445
208,918
(42,660)
553,917 362,658 1,123,557 1,094,751 24,820 3,159,703
7,200,430 - 221,813 249,547 11,413 7,683,203
7,141,057 - 217,858 280,765 22,670 7,662,350

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Leweston School Trust Notes to the Financial Statements For the Year Ended 31 July 2022

8 Intangible fixed assets

----- Start of picture text -----
Software
£
Cost
At 1 August 2021 97,553
Additions -
At 31 July 2022 97,553
Amortisation:
At 1 August 2021 97,553
-
Charge during the year
At 31 July 2022 97,553
-
Balance at 31 July 2022
-
Balance at 31 July 2021
----- End of picture text -----

----- Start of picture text -----
9 Investments
Charity
2022 2021
£ £
Leweston Enterprises Limited
Ordinary shares of £1 each 1 1
----- End of picture text -----

Leweston Enterprises Limited (company no. 07212188) was incorporated in England and Wales on 6 April 2010 as a wholly owned trading subsidiary of Leweston School Trust. The parent charity holds 100% of the issued share capital and 100% of the voting rights of the subsidiary trading company.

The principal activity of the company is the attendance of commercial operations on behalf of Leweston School Trust. The subsidiary gift aids its taxable profits to Leweston School Trust, and files audited accounts with the Registrar of Companies.

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Leweston School Trust Notes to the Financial Statements For the Year Ended 31 July 2022

A summary of the trading results is shown below:

----- Start of picture text -----
2022 2021
£ £
Turnover 424,515 258,643
Cost of sales (427,937) (338,269)
Gross (loss)/ profit (3,422) (79,626)
Administrative expenses (50,155) (61,219)
Net profit/(loss) before tax (53,577) (140,845)
- -
Donation payable to Leweston School
Retained in subsidiary (53,577) (140,845)
The assets and liabilities were:
Fixed assets 140,654 123,057
Current assets 248,303 162,999
Current liabilities (697,466) (540,989)
Total net assets (308,509) (254,933)
Representing:
Called up share capital 1 1
Profit and loss account (308,510) (254,934)
(308,509) (254,933)
10 Stock
2022 2021
Group Charity Group Charity
£ £ £ £
Consumables and stores 56,078 56,078 32,460 32,460
Stock for resale 103,090 - 58,884 -
159,168 56,078 91,344 32,460
----- End of picture text -----

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Leweston School Trust Notes to the Financial Statements For the Year Ended 31 July 2022

11 Debtors

----- Start of picture text -----
2022 2021
Group Charity Group Charity
£ £ £ £
Fees and extras 2,143,241 2,060,804 1,913,296 1,858,851
- - - -
Less provision for doubtful debts
Other debtors 8,883 - 21,443 -
VAT and other taxes - - - -
Prepayments and accrued income 93,243 79,486 60,063 60,063
- -
Amount due from group undertaking 569,409 468,111
2,245,367 2,709,699 1,994,802 2,387,025
12 Current asset investments
2022 2021
£ £
-
Balance at 1 August 2021 25,352
Additions - -
-
Disposals (25,352)
- -
Gains / (losses) from movements in valuations
Accrued interest - -
Cash movement - -
- -
Balance at 31 July 2022
2022 2021
£ £
- -
Property
Cash - -
- -
----- End of picture text -----

12 Current asset investments

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Leweston School Trust Notes to the Financial Statements For the Year Ended 31 July 2022

13 Creditors: Amounts falling due within one year

----- Start of picture text -----
2022 2021
Group Charity Group Charity
£ £ £ £
Other loans 750,000 750,000 800,000 800,000
Trade creditors 394,927 337,976 353,017 310,784
Taxation and social security 662,475 657,338 628,101 631,916
Fees in advance 2,983,377 2,983,377 2,557,883 2,557,883
Other creditors 496,434 435,988 480,719 449,033
VAT and other taxes 5,527 - 3,028 -
Accruals 21,010 21,010 12,682 12,682
5,313,750 5,185,689 4,835,430 4,762,298
2022 2021
Group Charity Group Charity
£ £ £ £
Deferred income:
Brought forwards 2,557,883 2,557,883 1,853,757 1,858,012
Received in the year 2,983,377 2,983,377 2,557,883 2,557,883
Released in the year (2,557,883) (2,557,883) (1,853,757) (1,858,012)
Carried forwards 2,983,377 2,983,377 2,557,883 2,557,883
----- End of picture text -----

Other loans

Other loans include an amount of £750,000 (2021: £800,000) are unsecured and are not attracting interest.

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Leweston School Trust Notes to the Financial Statements For the Year Ended 31 July 2022

14 Creditors: Amounts falling due after more than one year

----- Start of picture text -----
2022 2021
Group Charity Group Charity
£ £ £ £
Other loans 3,248,508 3,248,508 3,209,145 3,209,145
Other creditors - - 38,071 38,071
3,248,508 3,248,508 3,247,216 3,247,216
2022 2021
Other loans Group Charity Group Charity
Repayable by instalments: £ £ £ £
In one year or less 2,248,508 2,248,508 50,000 50,000
- -
Between one and two years 50,000 50,000
Between two and five years 1,000,000 1,000,000 3,109,145 3,109,145
3,248,508 3,248,508 3,209,145 3,209,145
----- End of picture text -----

Other loans

Other loans include an amount from the Funding Group of £2,218,508 (2021: £2,109,145). The loan attracted interest at 4% over the Bank of England Base Rate in the year. The amount is secured over freehold property owned by Leweston School Trust. Since the year end the school has entered into a revised agreement in relation to the loan which extended its maturity to 2032 with no due payments prior to March 2024. Whilst this agreement was signed 5 January 2023, the Governors consider that the principle that the loan was not be repayable within 12 months at the year end had been agreed by the 31 July 2022 with the lender. As a result, the ageing of this loan has been disclosed on this basis.

Other loans include an amount of £1,000,000 (2021: £1,000,000). The loan attracts interest at 3.25% over the Bank of England Base Rate. The amount is secured over freehold property owned by Leweston School Trust. At the year end this amount was repayable in full on 31 July 2025.

Other loans include an amount from Trustees of the Institute of the Religious of Christian Instruction of £30,000 (2021: £100,000). The loan was provided free of an interest charge. The amount is secured over the freehold property owned by Leweston School Trust. Since 31 July 2022 the amount outstanding of £30,000 has been donated to the school and therefore will not require repayment.

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Leweston School Trust Notes to the Financial Statements For the Year Ended 31 July 2022

15 Summary of movement in funds

----- Start of picture text -----
Transfers
Opening Incoming Outgoing & valuation Closing
Balance Resources Resources gains Balance
Group £ £ £ £ £
Unrestricted funds
General reserve (330,147) 7,902,624 (7,963,089) 29,248 (361,364)
Revaluation reserve 1,765,504 - - (29,248) 1,736,256
Restricted funds
School production 210 - - - 210
Total restricted 210 - - - 210
Endowment fund 500,000 - - - 500,000
-
1,935,567 7,902,624 (7,963,089) 1,875,102
----- End of picture text -----

Summary of movement in funds – prior year

Prior year
Group
Unrestricted funds
General reserve
Revaluation reserve
Restricted funds
School production
Total restricted
Endowment fund		 Opening
Balance
£
377,856
1,794,752
210		 Incoming
Resources
£
6,265,167
-
-		 Outgoing
Resources
£
(7,002,418)
-
-		 Transfers
& valuation
gains
£
29,248
(29,248)
-		 Closing
Balance
£
(330,147)
1,765,504
210
210
500,000
1,935,567
210 - - -
500,000 - - -
2,672,818 6,265,167 (7,002,418) -

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Leweston School Trust Notes to the Financial Statements For the Year Ended 31 July 2022

16 Analysis of assets between funds

----- Start of picture text -----
Unrestricted Restricted Endowment Total
Funds Funds Funds 2022
£ £ £ £
Group
- -
Tangible fixed assets 7,803,004 7,803,004
- - - -
Intangible assets
Current assets 2,134,146 210 500,000 2,634,356
Current liabilities (5,313,750) - - (5,313,750)
- -
Long term liabilities (3,248,508) (3,248,508)
As at 31 July 2022 1,374,892 210 500,000 1,875,102
Unrestricted Restricted Endowment Total
Prior year Funds Funds Funds 2021
£ £ £ £
Group
- -
Tangible fixed assets 7,806,260 7,806,260
- - - -
Intangible assets
Current assets 1,711,743 210 500,000 2,211,953
Current liabilities (4,835,430) - - (4,835,430)
- -
Long term liabilities (3,247,216) (3,247,216)
As at 31 July 2021 1,435,357 210 500,000 1,935,567
----- End of picture text -----

17 Obligations under leases

The total future minimum rentals payable under non-cancellable operating leases funded by unrestricted funds are as follows:

----- Start of picture text -----
2022 2021
£ £
Due within one year 106,159 149,770
Due between two to five years 249,337 317,997
Due in over five years 37,500 75,000
392,996 542,767
----- End of picture text -----

18 Related parties

Governors are entitled to recover reasonable expenses incurred solely and directly as a result of performing their duties as a Governor and Trustee. Expenses which are likely to fall into this category include travel, subsistence, and training costs. During the year no (2021: no) Governors were reimbursed £nil in respect of travel (2021: £nil).

Mrs Sarah Gordon Wild a previously Governor who resigned 23 March 2022 had previously advanced a loan of £350,000 to the charity. No interest was charged during the year and at the year end £200,000 (2021: £250,000) was due to Mrs Sarah Gordon Wild.

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