**CHARITY NUMBER: 309098 COMPANY REGISTRATION NUMBER: 0898539** 

**LAMBROOK SCHOOL TRUST LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** 



**LAMBROOK SCHOOL TRUST LIMITED** 

## **CONTENTS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** 

||**PAGE**|
|---|---|
|Annual Report of the Governors|1 – 12|
|Strategic Report||
|Directors’ Report||
|Statement of Governors’ Responsibilities||
|Auditors’ Report|13 - 16|
|Statement of Financial Activities|17|
|Balance Sheet|18|
|Cash Flow Statement|19|
|Notes to the Financial Statements|20 - 34|





**LAMBROOK SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2021** 

## **Declaration** 

The Governors, who are also charity trustees for the purposes of the Charities Act 2011, present their annual report in compliance with both that Act and the Companies Act 2006, together with the financial statements prepared under the latter Act, for the year ending 31 July 2021. 

The format and content of the report and financial statements comply with the Companies Act 2006, the Charities Act 2011 and the Statement of Recommended Practice: ‘Accounting and Reporting by Charities’ SORP (FRS 102). 

## **Introduction to Lambrook** 

Lambrook is a leading independent day and boarding School for boys and girls aged between 3 and 13 years. The School is run as an independent Charitable Trust, administered by a Board of Governors. 

The School was founded in 1860 and occupies a 52-acre site close to the towns of Ascot, Bracknell and Windsor. 

The School is made up of two sections: The Pre-Preparatory School (EYFS and Years 1 to 2) and the Preparatory School (for pupils in Years 3 to 8). Lambrook welcomes all families and has pupils from both the local area and the outskirts of London. Provision is made for those pupils travelling from further afield. 

Lambrook is proud of the academic success of its pupils; nationally standardised test data indicates that the performance of the pupils is above average. Last year pupils were awarded academic, music and sport scholarships for excellence in these fields. When pupils leave Lambrook they go on to excel at many of the top senior schools in the country. 

Lambrook offers weekly and flexi-boarding from age 7.  There is a thriving boarding community where pupils can opt to board five nights a week or one night every so often and every permutation in between.  There are two boarding houses, Lambrook House for girls and Westfield for boys. Each house is overseen by a house parent and supported by tutors. 

Children have one opportunity for an education which will form the basis of their lives and, at the same time, one childhood; Lambrook aims to keep a happy balance between the two. With acres of beautiful grounds, farm complete with bees, chickens and pigs, an Orchard, a woodland to explore, nine-hole golf course, and endless sports pitches, Lambrook children have a wealth of facilities and opportunities provided. 

## **Lambrook’s Aims** 

Since 1860, Lambrook has been laying the foundations for its pupils’ futures. During their time at the School pupils are given the ‘Feathers to Fly’ so that when they leave , they will spread their wings and take flight, leaving Lambrook as confident, happy, engaging, mature and thoughtful young adults. 

- **Inspiring** pupils from Nursery through to Year 8, ensuring an outstanding level of education from exceptional staff. 

- **Preparing** children for the next stage of their educational journey by giving them the skills for scholarship and Common Entrance entry at leading Senior Schools. 

- **Providing** pupils with an abundance of opportunities to discover, develop and showcase new talents. 

- **Nurturing** all pupils through an outstanding level of pastoral care, enabling them to flourish in a happy environment, in and out of the classroom, and in the boarding environment. 

- **Equipping** children for the ever-increasing challenges of the world in which they live; giving pupils the skills and the confidence to understand technology, the environment and other cultures better, thus enabling them to make a difference in the world, both now and in the future. 

The Governors’ and the School’s primary objective is to provide the highest standards of care and education to all of its pupils. 

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## **LAMBROOK SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** 

## **Review of 2021** 

Despite another unusual year at Lambrook with the disruption of Covid, it has been a very happy one. The children have immersed themselves in all that they have encountered. Whether in the classroom, learning remotely or on the sports field; whether through the extra-curricular programme, playing in the grounds or spending time with teachers and peers; the children have continued to develop their love of learning and the outdoors, grown in empathy and kindness to those around them and possessed an energy and can-do attitude that is infectious to all. 

Lambrook continues to maintain its excellent academic standard and a high teacher to pupil ratio, tailoring teaching to suit individual pupil needs where appropriate. The School employs a high calibre of both teaching and support staff. The outstanding nature of Lambrook staff has been particularly evident over the past year, as they have so enthusiastically embraced teaching and care for the children both during remote learning and when physically at school. 

The Covid-19 pandemic has brought numerous challenges, including another enforced school closure and further Government restrictions when the school has been open. Although kept in year group bubbles when at Lambrook, the children have had a fairly normal school experience, largely due to Lambrook’s small class sizes and extensive grounds, which accommodate all of them and the staff safely. The safety and wellbeing of the Lambrook community has remained a key priority throughout this time, and the School’s Medical Team has provided excellent care; looking after children who have been unwell, managing those with Covid symptoms, maintaining excellent hygiene and overseeing regular Covid testing of both senior pupils and staff. 

Tailored pastoral care, overseen by the Head of Pastoral Care and designated safeguarding leads, has given the children the skills to look after themselves and to look after others, empowering each one from Nursery through to Year 8 to value themselves, one another and to demonstrate respect and kindness. In a rather unusual time, Lambrook has placed particular emphasis on the mental health of its children, nurturing them and equipping them to be resilient and to cope when life gets difficult, and also to be brave enough to ask for help when they are unable to. 

Aside from some sports matches, under Government restrictions, parents have been unable to be on site for the School’s usual event programme. Despite this, the School continues to have an extremely supportive and active parent body. 

The School’s formal communication to parents remains paramount. Working closely with departments and individual staff members, the Communications Team has ensured streamlined, informative, concise and interesting correspondence with parents. The School has put together regular videos, photo galleries and online performances of concerts and plays, as well as live- streamed Speech Days. Restrictions provided opportunities for new traditions such as virtual swimming galas, Lambrook’s Big Breakfast, live cookie cook-a-longs, Remembrance projects, an interactive Performing Arts Advent Calendar and many inter-House competitions. 

The expansion of the School’s Digital Strategy has been timely, with all pupils in Years 5-8 receiving their own laptop in September 2020. Staff used this additional resource in their teaching from the start of the Michaelmas Term and consequently, the transition to remote learning in January 2021 was seamless. Several of Lambrook’s staff members have become pioneers in digital teaching and have regularly been key note speakers at online educational events. 

Lambrook is extremely grateful that the academic standards at the School have not been diluted over the past year and is extremely proud of the successes and achievements of each one of its pupils. This year Lambrook’s scholarship pupils were awarded academic, music and sport scholarships for excellence in these fields, including a King’s Scholarship to Eton and a Stevens Academic Scholarship to Bradfield. 

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## **LAMBROOK SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** 

A pupil’s future school’s journey begins in Year 5, where alongside pupil preparation, the Headmaster and Senior Leadership Team meet with parents to discuss the best options and fit for the next stage in their child’s education. The School identifies potential scholars in Year 7 and they are taught as a group in Year 8. Lambrook’s Common Entrance 100% pass rate success continues, and this year pupils go on to the top senior schools in the country including Abingdon, Bradfield, Brighton College, Charterhouse, Cheltenham College, Downe House, Eton, Hampton, Harrow, Marlborough, Pangbourne, Rugby, Shrewsbury, St George’s Ascot, St George’s Weybridge, St Mary’s Ascot, Stowe, St Edward’s Oxford and Wellington College. 

The School is fortunate to have some of the best facilities in the independent sector at preparatory level, which include 52 acres of beautiful grounds, sports pitches, a nine-hole golf course, a 25 metre swimming pool, Astroturf, Hard Courts, Chapel, a Diamond Jubilee Performing Arts Centre, Dance Studio, Sports Hall and state of the Art, Design and Technology and IT facilities, based in the recently built Queen’s Building. The School has plans to develop its sporting and academic facilities further, and has begun work over the summer, extending its Dining Room as well as expanding its Boarding provision in advance of the new academic year. 

In line with Government guidance, only senior pupils were able to board in the Michaelmas Term, which allowed a real strengthening and bonding for the boarding community. The Summer Term was incredibly popular, with most nights being completely full for both boys and girls. With 95% of pupils going on to board at senior school level, both weekly and flexi boarding have provided fantastic opportunities to develop independence. The older children are encouraged to support the younger ones as they embark on their boarding journey. 

Lambrook continues to excel in its competitive sport both in person and virtually, and it has remained very much part of the curriculum at all levels from Nursery to Year 8. Pupils have been able to take part in competitive fixtures in both the Michaelmas and the Summer Terms. The Summer Term was a particularly special cricket season, with pupils thoroughly enjoying being outside playing competitive fixtures after a long period of remote learning. One of the highlights for the Lambrook pupils was its annual Sports Day, which was a great celebration of skill, teamwork and sportsmanship. It was unfortunate that Governmental restrictions prevented us from inviting parents to watch this wonderful event. 

Across the School, pupils have taken part in football, rugby, hockey, athletics, netball, cricket and PE lessons. Pupils have also had the opportunity to experience a wide variety of other sports such as golf, lacrosse, karate, trampolining, badminton, squash, tennis, swimming and basketball. The School is proud of its reputation on the sporting circuit, not just in the results attained, but also in how the game is played by our pupils; we encourage our children to recognise that behaviour, attitude and sportsmanship are all far more important than aptitude. 

85% of Lambrook pupils receive additional music, LAMDA or Royal Academy of Dance lessons. With Year Group choirs, Orchestras, String Groups, a Wind Band, dance show performances, Music and LAMDA exams, the Performing Arts Centre has remained a hive of activity throughout the year. In the Michaelmas term, some of Year 5 performed a National live performance of Macbeth, Year 6 performed The Wind in the Willows and Year 7 rehearsed and performed A Play in Two Days. In the Summer Term, parents were treated to online performances of Cats by Year 3 pupils, Robin Hood and the Sherwood Hoodies by Year 4, and the grand finale of Shrek performed by Year 8 pupils in their final week of term. 

Lambrook pupils have continued to benefit from further enrichment, through the clubs and activities both remotely and in person. From bee keeping to life saving, masterchef to film making, photography to farming, there have been options to give pupils the opportunity to try new things, build confidence and resilience as well as strengthening relationships with one another. The School has a very active Eco Team who, during the Michaelmas Term, led all pupils in the planting of 300 new trees in the Lambrook grounds as well as several other initiatives benefitting both the local Lambrook environment, and further afield. 

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## **LAMBROOK SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** 

Pupils have remained committed to being outward looking and supporting others. Prioritising a selfless attitude is paramount at Lambrook, and as part of the School’s Christian foundation, the School aims to give children a strong understanding of the responsibility to those around them. Despite Government imposed restrictions, Lambrook has served its local community over the past year through volunteering efforts, such as making PPE, writing to Care Home residents, filling boxes with Christmas presents for a local charity, through a ’12 Days of Giving’ project, being involved in making blankets for the homeless and also raising thousands of pounds for both local and national charities, through a range of activities, challenges and events. 

Covid has meant that Lambrook has had to have a different approach to its social impact programme and its partnerships with other schools, the local community and organisations and the sharing of resources and academic expertise. The School was disappointed not to be able to able to run a full Schools’ Partnership programme, to the usual extent this year, but it was able to facilitate some live lessons and staff training sessions as well as free swimming lessons to several of our partnership schools. 

Lambrook is extremely grateful for the continued interest in the School and continues to receive a large number of enquiries and registrations. The Headmaster has continued to meet on average 15 prospective families each week (using remote meeting platforms) for individual appointments and interviews. Towards the end of the year, we were able to welcome families onsite for socially distanced tours. The School was also able to run assessment days for most of its prospective incoming children as well as a ‘moving up morning’ for the Pre Prep and Lower School children. 

The School benefits from a strong word of mouth culture from both inside and outside Lambrook and over the past year has had received many positive reviews and accolades from publications such as The Telegraph, Tatler, Talk Education, The Field, Muddy Stilettos and The Good Schools Guide. 

The School continues to welcome a steady number of Alumni registering to be a part of the Old Lambrookian Community and we continue to send out a regular newsletter, updating them on all things Lambrook. With 160th Anniversary plans somewhat thwarted with regards to physical events; Lambrook had their first virtual Alumni Event for those boys who left in the 1950s and 1960s. It was a fantastic evening, and so very encouraging to hear what a positive impact Lambrook has had on its Leavers. Lambrook looks forward to being able to have many more in-person Alumni sports matches, visits and dinners over the next academic year. 

Following a pause on development at the School during the pandemic, this Summer, Lambrook has been able to start and resume work on the expansion of the School’s Dining Room, the creation of new classrooms and staff work areas as well as improvements to the School’s boarding facilities. 

The Lambrook Foundation strives to fundraise in several areas, including for the provision of bursaries for those who would truly benefit from a Lambrook education. Lambrook has strong links with the organisation Springboard which helps to identify potential bursary candidates for whom the opportunity to attend schools such as Lambrook would be truly transformational. The School looks forward to welcoming a new Springboard pupil to Lambrook in September. 

## **Charitable Objects** 

The charitable objective of the School is the provision of education for children. The Governors, who are also Trustees, regularly monitor the School’s performance and consider if it meets its objectives. 

The Governors’ role is voluntary, and no Governor receives any remuneration. The annual surplus is not distributable and is reinvested in the infrastructure of the School. 

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## **LAMBROOK SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** 

## **Public Benefit** 

- The School provides a number of bursaries which are awarded to children who would not otherwise be able to access the School but truly benefit from all that Lambrook has to offer. The value of the bursaries offered in 2021 was £544,744, with 12% of pupils benefiting from a bursary. 

- Unfortunately, due to Covid restrictions, Lambrook has been unable to run its usual subject specific Partnership Days in person. Instead, Lambrook has run online lessons for local Primary Schools, during the lockdown period, involving over 200 children. 

- The School has also run online training courses for teaching staff from local Primary Schools. One session was entitled ‘how to get the most out of online teaching’ and also on Mental Health First Aid.  Both of these proved to be extremely popular. 

- During the Summer Term, Lambrook provided free swimming lessons for two local Primary Schools 

- An academic partnership exists with a local Free School for children suffering from autism where one of Lambrook’s teachers provides end of term additional support to this school. 

- The ongoing drama partnership with one local school assists in the provision of technical equipment for its productions, and several local schools have benefited from Lambrook’s donation of IT and sports equipment. 

- In parallel with its educational partnerships, the School provides public benefit in the community through many activities, continuing to make its facilities available to local associations such as the East Berkshire Downs Syndrome Group, who meet on a weekly basis and hold an annual speech camp on the Lambrook School site. 

- The School was due to host a Partnership Event for local Prep Schools, with three high profile, key note speakers, with the aim of sharing best practice with regards to how best to support local schools. Unfortunately, this had to be postponed due to Covid. 

- Lambrook continues to be a designated refuge for a neighbouring school, with the Sports Hall being made available as its evacuation venue for disaster recovery practices. 

- Two members of staff at Lambrook currently serve as Governors for local schools, holding responsibility in specific roles and providing additional academic expertise to their Governing Bodies. Lambrook has also agreed to include other school pupils in its external examination schedules. 

- The School usually takes part in an Exchange Programme with the Clifton School in South Africa and annually host boys of a Prep School age. This had to be postponed this year due to Covid restrictions, but the School looks forward to being able to reinstating this for the next academic year. 

- When permitted, Lambrook’s Performing Arts Centre auditorium has been used by several groups and organisations, including a community choir, a choral society and a ballet school. 

- The Sports Hall and playing fields are used by two visually impaired cricket sides, the playing fields are used by Berkshire County Cricket, the Golf Course hosts the Berkshire Girls’ Beginners, and two local netball clubs hold matches on the Astroturf and Hard Courts – a member of staff also offers her services as a coach. The School also provides use of Lambrook minibuses for these organisations. 

- Sports sessions continue to be opened up to the wider Lambrook Community of all ages, including weekly swimming lessons for children from the surrounding area. The Swimming Pool is also used by Bracknell Swimming Club. 

- Local residents and groups are regularly invited to the School for various occasions including drinks receptions, art exhibitions and music concerts. 

- Lambrook pupils are usually regular visitors to a local care home and pupils have formed some special friendships with the residents there. During the pandemic, they have been unable to visit in person, but have instead, written to local residents and have shared pieces of their artwork for care home communal areas. 

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## **LAMBROOK SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** 

- The Lambrook Chapel Choir use their talents for the benefit of others during the pandemic as they have recorded pieces for local care homes and for an International Nurses’ Day service. 

- A member of Lambrook staff has deputised for the Vicar and the Lay Minister of the Benefice at Harvest, Remembrance, Christmas and Passiontide services in the local Parish Church. 

- Pupils have been taking part in a ‘Crisp Packet Project’ making sleeping bags for the homeless out of crisp packets. 

- The School sent older uniform and other clothing to Care for Calais - a volunteer-run refugee charity working with refugees in France and Belgium. They were particularly grateful for our fleeces and coats this year. 

- As well as raising funds for Lambrook’s chosen charity, First Days, pupils donated Christmas Jumpers as part of a fundraising appeal. Lambrook Families also donated, packed and wrapped over 300 Christmas boxes for First Days to give to children, packed with fun toys and games as well as practical items such as hats and gloves. One family even made 100 face masks for the workers of First Days so that they could be safe when distributing the Christmas boxes and other essential items. 

- Alongside the regular donation of practical items for First Days families, this summer, Lambrook collected games to be used for First Days Summer Fun Packs, for families to enjoy over the summer break. 

This year the School, together with an incredible contribution from the Lambrook Parent Teacher Committee, has raised in excess of £10,000 to support the following charities: 

- First Days 

- Hope Valley School (South Africa) 

- Macmillan Cancer Support 

- Jeans for FOP 

- Daisy’s Dream 

- Children in Need 

- National Epilepsy Society 

- Bracknell Foodbank 

- NSPCC 

- Royal British Legion Poppy Appeal 

- Movember 

- Comic Relief 

- Astbury Manor Care Home 

- I can and I am 

## **Fundraising** 

Lambrook’s Fundraising Policy requires the highest standards of fundraising and follows the Institute of Fund Raising’s Code of Practice, driven by the principles of Fairness, Inclusiveness and Accountability, and complies with the Charities Act 2011, the Data Protection Act 1998 and the General Data Protection Regulations 2018. During the last academic year, there have been no complaints about the School’s fundraising activities and the School does not make persistent approaches to potential donors. 

The School has recently launched ‘The Lambrook Foundation’, which formalises the giving to Lambrook, in the areas of capital development and bursary provision. The School is extremely fortunate to have strong support from donors, both in terms of finance, the sharing of resources and the giving of professional expertise, all which benefit both current and future pupils. 

The School does not use the services of professional fundraisers, rather, using its own internal resources to raise awareness of these projects. 

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**LAMBROOK SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** 

## **Future Plans** 

Providing the highest standard of education for pupils remains the primary focus for Lambrook. In order to remain as one of the leading Prep Schools in the country, it is essential that Lambrook continues to invest in its pupils, staff and resources. 

Following the success of the School’s Digital Learning Strategy this year, Lambrook is keen to continue to build on this and to further develop IT provision for both staff and pupils across the School, continuing to be leading in this field and subsequently, sharing this best practice with local partnership schools. Lambrook continues to work towards an impending EQI Inspection, ensuring that all remains in place for an excellent outcome. 

Lambrook is keen that its pupils thrive both inside and outside of the classroom, with Pastoral Care continuing to remain a priority. This year, the School will continue to develop the partnership between home and school, offering support and training for pupils, staff and parents. The launch of a new cocurricular enrichment programme in September will aim to offer even more opportunities to pupils at the School. 

The School will continue with small-scale capital development plans, including the extension to the existing Dining Room, improving boarding areas, developing classrooms and staff work spaces and under the ‘Lambrook Foundation’, offering an increased number of bursaries to those pupils who would truly benefit. 

Lambrook is keen to remain outward-looking in its approach, through bursary provision and the sharing of facilities which the School has to offer with other schools and groups under the formal umbrella of the Lambrook Partnership. The School will also continue to fundraise for both local and national charities, whilst teaching pupils to be outward-looking and kind towards all they encounter. 

The School will continue its focus on sustainability, teaching its pupils to be mindful of their environment and how they can have a positive impact on it. Through eco and farming schemes, pupils at the School consider their impact on a local and global scale. 

The Senior Leadership Team and the Governors are confident that, following another unprecedented period, Lambrook will continue to be dynamic, efficient, exciting, cohesive and, one of the leading Prep Schools in the country. 

## **Financial Review** 

The operating surplus for the year before depreciation and donations and grants was £1,810,207 an increase of £538,938 over the previous year. 

Donations and grants received during the year to 31 July 2021 amounted to £518,304 _(2020:_ £281,107) resulting in a net surplus after depreciation for the year of £1,698,326 _(2020: £918,485)._ 

The operational efficiency of the School is regularly monitored throughout the year by the Finance and General Purposes Committee to ensure that maximum resources are allocated to the education of the children. 

The School achieves its liquidity objectives by the careful management of working capital and regular forecasting of short and long-term cash requirements. 

The School’s cost base predominantly comprises staff costs, although there is exposure to increases in utility and related building operational costs. 

The School’s exposure to credit risk is mitigated by fees being due at the beginning of each term. 

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**LAMBROOK SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** 

## **Reserves Policy** 

On 31 July 2021 the School’s unrestricted funds were £16,872,926 (2020 £15,174,600). After deducting the carrying value of tangible fixed assets held for the School’s own use and adjusted for borrowing there were free reserves as defined by the Charity Commission of £2,907,275 _(2020:_ £1,210,283). 

The School's reserves policy is to maintain its unrestricted reserves at a level that will allow the school sufficient liquidity for normal operations including planned capital development. The School anticipates infrastructure improvements costing £3m over the next twelve months and will seek to accumulate further £1m of free reserves over the coming academic year in order to meet this commitment and provide resilience to any future challenge to  the School's operating surplus and its ability to raise voluntary income. 

From 12 January to 8 March 2021, the School was physically closed as part of the national response to the Covid 19 coronavirus pandemic. Despite the physical closure of the School, the School was able to service its pupils effectively throughout the period by offering a fully and comprehensive distance learning programme. As a result, Governors decided to offer a reduction of 10% to the closed portion of the Lent Term 2021 school fees. In order to preserve the School's financial position, operating expenses were reduced by ceasing catering activities and offset by using the furlough scheme in respect of 49 staff members. All but necessary capital expenditure was put on hold. 

At 31 July 2021, taking account of future cash flows, the Governors consider that reserves are sufficient. The School continues to generate further funds for improvements to the fabric of the buildings and funds are reviewed on a regular basis. Having assessed the School’s financial position, its plans for the foreseeable future, the risks to which it is exposed and the detailed cash projections, the Governors are satisfied that the School is financially robust. Because of the action taken, the Governors consider it appropriate for the going concern basis to be adopted for these accounts. 

## **Reference and Administrative Information** 

Lambrook School Trust Limited is a company limited by guarantee without a share capital, having two members, each of whom guarantees to pay £1 in the event of the company’s liquidation. The company number is 898539 and the charity number is 309098. 

On the 31 July 2009 Lambrook Haileybury School Trust Limited and the Imperial Service Endowment terminated their 1997 amalgamation agreement by mutual consent. Following the separation from the Imperial Service Endowment, Lambrook Haileybury School Trust Limited changed its name to Lambrook School Trust Limited. 

To reflect the significant investment in the School made by the Imperial Service Endowment during the period of the amalgamation, the Separation Agreement dated 31 July 2009 provided for the amendment of clause 7 of the Memorandum of Association of Lambrook to read as follows: 

If upon the winding-up or dissolution of Lambrook there remains, after the satisfaction of all debts and liabilities, any property whatsoever, the same shall not be paid or distributed among the members of Lambrook, but shall be given or transferred to the Imperial Service Endowment (Charity No. 310013-23) (“ISE”) provided that, at the date of such winding-up or dissolution ISE is a charity with educational objects and, if and so far as effect cannot be given to such provision, then to some other charitable object. 

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## **LAMBROOK SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** 

## **Governors – Structure, Governors and Management** 

The Governors who served during the year ended 31 July 2021 were as follows: - 

Mr P Burrowes (Chairman) Mr C J B Bromfield Mr B Chukwuemeka Miss A Dobson Mrs R Goss-Custard Mr A Honnor Mrs H Lyman Mr D F Macleod Mr P McKee Mr A Neil Mrs A Nicoll (resigned March 2021) Mr A Peterken 

## **Board Sub-Committees** 

## **Finance and General Purposes Committee** 

Mr P Burrowes Mr C J B Bromfield Mr B Chukwuemeka (Chairman) Mrs R Goss-Custard Mr D F Macleod Mr A Neil 

## **Education Committee** 

Mrs A Nicoll (Chairman) (resigned March 2021) Miss A Dobson Mr P McKee Mr A Peterken 

## **Health and Safety Committee** 

Mrs H Lyman (Chairman) Mr A Honnor Mr A Neil 

## **Governance and Nominations Committee** 

Mr P Burrowes (Chairman) Mr C J B Bromfield Mrs A Nicoll (Resigned March 2021) Mrs H Lyman 

## **Key Management Personnel** 

Headmaster Mr J Perry Deputy Headmaster Mr D Cox Director of Finance Mrs C Hetherington Bursar Mr N Moulton 

## **Registered Office** 

Lambrook School Winkfield Row Nr Ascot Berkshire RG42 6LU 

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## **LAMBROOK SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** 

## **Auditors** 

Crowe U.K. LLP Aquis House 49-51 Blagrave Street Reading RG1 1PL 

## **Bankers** 

Barclays Bank PLC 4[th] Floor Apex Plaza Forbury Road Reading RG1 1AX 

## **Governor Responsibilities** 

The Governors who are also directors of Lambrook School Trust Limited (for the purposes of company law) are responsible for preparing the Governors’ Annual Report (incorporating the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). 

Company law requires the Governors to prepare financial statements for each financial year. Under company law the Governors 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 Governors are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the charities SORP; 

- make judgments and estimates that are reasonable and prudent; 

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

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

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

## **Governing Document** 

The company is governed by its Memorandum and Articles of Association. 

## **Governing Body** 

The Governors are all Directors of Lambrook School Trust Limited. Those who held office during the year are listed on page 9. Governors are appointed by the Board either to fill a casual vacancy or to provide additional expertise. Each Governor is elected for three years and retiring Governors are able to stand for re-election at the Annual General Meeting. Governors will not remain in position for more than three terms other than in exceptional circumstances. 

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## **LAMBROOK SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** 

## **Governance** 

Lambrook School follows the Charity Commission’s Code of Governance, utilising the Code’s guidelines and principles to ensure the highest standards of Governance are maintained. 

The effectiveness of the School’s Governance is monitored by the Governance and Nominations Committee which meets once per term. 

## **Recruitment and Training of Governors** 

Potential Governors are identified by members of the Governing Body to bring a breadth of skills to the Board.  Once elected they receive an induction day at the School led by the Chairman and Headmaster with talks given by all the members of the School’s Senior Leadership Team (SLT) to provide an insight to the running of the School. Training courses are regularly offered to the Governors, particularly where a Governor has been selected to address a particular area, e.g. child protection issues. 

## **Organisational Management** 

The members of the Governing Body are legally responsible for the overall management and control of the School and meet once a term. 

To assist in the performance of their role the Board delegates some of its workload to the Committees detailed on page 12. All of the Committees meet once per term. 

The day to day running of the School is delegated to the Headmaster who is assisted by the SLT. The Headmaster, Director of Finance and members of the SLT attend meetings of the Governing Body and its Committees. 

The remuneration of key management personnel is set by the Board, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the School’s success. 

The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent Schools to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere. 

## **Group Structure and relationships** 

The Company has two wholly owned subsidiaries, Lambrook Sports and Leisure Club Limited (LSLCL) and Lambrook School (International) Limited (dormant). 

The School is a member of the following organisations: 

- The Incorporated Association of Preparatory Schools 

- The Association of Governing Bodies of Independent Schools 

- The Boarding Schools’ Association 

- The Independent Schools’ Bursars Association 

The School aims to achieve the highest standards in the Independent Education sector by establishing links with other Schools, a rigorous appraisal system and the encouragement of good practice. 

The School supports many local and national charities which assists in developing pupils’ awareness of their wider social responsibilities. 

## **Principal Activity** 

The principal activity of the School is the provision of education for boarding and day pupils, boys and girls between the ages of 3 and 13. The School educated 591 pupils during the academic year (562 in 2020). 

Page 11 



## **LAMBROOK SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** 

## **Risk Management** 

**The Board Is responsible for ensuring that there Is a proper system In place to ldenUfy significant risks faced by the School and that these risks are being appropriately mitigated. This responslblllty Is part of the terms of reference of the Finance and General Purposes Committee. Management of rtsk Is delegated to the SL T within this framework.** 

**Risks are analysed under the four headings of Strategic, Operational, Flnanclal and Compliance end through established systems of Internal controls risks are managed to minimise the potential Impact on the School.** 

**The Risk Register Is kept under constant review, updated by the SL T and monitored annually by the Finance and General Purposes Committee as a standing Item et the Summer term meeting.** 

**Risks Identified by the sutH:ommlttees of the Board during the course of the year are added to the Register as they arise and appropriate safeguards Introduced to minimise the likelihood of occurrence.** 

## **Prlnclpal Risks and Uncertainties** 

**The prlnclpal risks identified Include the following:** 

- **Reputation** 

- **Management Succession** 

- **Health and Safety** 

- **Flnanclal Control** 

- **Data Protection** 

**A detailed review of all identified risks has been performed and the required actions to mitigate these risks have been Implemented.** 

**In the opinion of the Governors, the School has established systems of Internal controls and other safeguards, Including Insurance, which under normal circumstances allow risks to be managed at an acceptable level.** 

## **Provision of Information to Auditors** 

**Each of the persons who are Governors acting at the time when this Governors' report Is approved has** 

**confirmed that:** 

- **so far as that Governor ls aware, there Is no relevant audit information of which the company's auditors are unaware,** 

- **and that Governor has taken all the steps that ought to have been taken as a Governor in order to be �ware of any Information needed by the School's auditors In connection with preparing their report and to establish that the School's auditors are aware of that information.** 

## **Auditors** 

**MrP� Chairman Crowe U.K. LLP as auditors to the company will be put to the Annual General Meeting In accordance with Section 485 of the Companies Act 2006, a resolution proposing the re-appointment of Approved and authorised by the Board on 2 December 2021. and s�n Its bf\f by** 

**Page 12** 




## **Crowe U.K. LLP** 

_Chartered Accountants_ Member of Crowe Global Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL, UK Tel +44 (0)118 959 7222 Fax +44 (0)118 958 4640 www.crowe.co.uk 

## **INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF LAMBROOK SCHOOL TRUST LIMITED** 

## **Opinion** 

We have audited the financial statements of Lambrook School Trust Limited for the year ended 31 July 2021 which comprise Statement of Financial Activities, Balance Sheet, Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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: 

- give a true and fair view of the state of the Charitable Company’s affairs as at 31 July 2021 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** 

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report. 

Crowe U.K. LLP is a limited liability partnership registered in England and Wales with registered number OC307043. The registered office is at 55 Ludgate Hill, London EC4M 7JW. A list of the LLP’s members is available at the registered office. Authorised and regulated by the Financial Conduct Authority. All insolvency practitioners in the firm are licensed in the UK by the Insolvency Practitioners Association. Crowe U.K. LLP is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Crowe U.K. LLP and its affiliates are not responsible or liable for any acts or omissions of Crowe Global or any other member of Crowe Global. 

Page 13 




## **AUDITORS’ REPORT TO THE MEMBERS OF LAMBROOK SCHOOL TRUST LIMITED (CONTINUED)** 

## **Other information** 

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

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

We have nothing to report in this regard. 

## **Opinion on other matter prescribed by the Companies Act 2006** 

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

- the information given in the Strategic Report and the Governors' Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Governors’ Annual Report and Strategic Report have been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In light of the knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Governors’ Annual Report. 

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

- adequate accounting records have not been kept; or 

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

- certain disclosures of Governors' remuneration specified by law are not made; or 

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

## **Responsibilities of the Governors** 

As explained more fully in the Governors’ Responsibilities Statement set out on page 10, the Governors 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 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 Charitable Company or to cease operations, or have no realistic alternative but to do so. 

Page 14 




## **AUDITORS’ REPORT TO THE MEMBERS OF LAMBROOK SCHOOL TRUST LIMITED (CONTINUED)** 

## **Auditor’s responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

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

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

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

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s  ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context were The Education (Independent School Standards) Regulations 2014, Health and Safety, General Data Protection Regulations, Safeguarding and Food Standards. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Governors and other management and inspection of regulatory and legal correspondence, if any. 

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

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the 

Page 15 




## **AUDITORS’ REPORT TO THE MEMBERS OF LAMBROOK SCHOOL TRUST LIMITED (CONTINUED)** 

financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. 

## **Use of our report** 

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 


**Janette Joyce** Senior Statutory Auditor For and on behalf of **Crowe U.K. LLP** Statutory Auditor 

Aquis House 49-51 Blagrave Street Reading RG1 1PL 

Date: 5 December 2021 

Page 16 



## **LAMBROOK SCHOOL TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES** 

## _**(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)**_ **FOR THE YEAR ENDED 31 JULY 2021** 

|Notes<br>**INCOME FROM:**<br>**Charitable activities:**<br>School fees receivable<br>4(a)<br>Other income<br>4(b)<br>**Other trading income**:<br>Rent and other income<br>4(c)<br>Income from trading subsidiary<br>**Investments**<br>Bank interest<br>**Voluntary sources**<br>Donations and grants<br>4(d)<br>**Total income**<br>**EXPENDITURE ON:**<br>**Charitable activities:**<br>School operating costs<br>5<br>**Raising funds:**<br>Financing costs<br>7<br>**Total expenditure**<br>5<br>**Net income before transfers**<br>6<br>Transfers between funds<br>18<br>**NET MOVEMENT IN FUNDS**<br>**FUNDS BROUGHT FORWARD**<br>**AT  1 AUGUST 2020**<br>**FUNDS CARRIED FORWARD**<br>**AT 31 JULY 2021**<br>21|**Unrestricted**<br>**Funds**<br>**£**<br>**9,490,544**<br>**1,358,347**<br>**33,187**<br>**-**<br>**1,813**<br>**500,021**<br>**11,383,912**<br>**9,665,832**<br>**38,037**<br>**9,703,869**<br>**1,680,043**<br>**18,283**<br>**1,698,326**<br>**15,174,600**<br>**16,872,926**|**Restricted**<br>**Funds**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**18,283**<br>**18,283**<br>**-**<br>**-**<br>**-**<br>**18,283**<br>**(18,283)**<br>**-**<br>**10,000**<br>**10,000**|**2021**<br>**Total**<br>**£**<br>**9,490,544**<br>**1,358,347**<br>**33,187**<br>**-**<br>**1,813**<br>**518,304**<br>**11,402,195**<br>**9,665,832**<br>**38,037**<br>**9,703,869**<br>**1,698,326**<br>**-**<br>**1,698,326**<br>**15,184,600**<br>**16,882,926**|_2020_<br>_Total_<br>_£_<br>_8,728,845_<br>_1,063,369_<br>_77,539_<br>_55,809_<br>_12,411_<br>_447,121_|
|---|---|---|---|---|
|||||_10,385,094_|
|||||_9,371,592_<br>_98,017_|
|||||_9,469,609_|
|||||_915,485_<br>_-_|
|||||_915,485_<br>_14,269,115_|
|||||_15,184,600_|



All operations are continuing. 

There are no recognised gains or losses in the current or preceding period other than those included in the Statement of Financial Activities. 

The notes on pages 20 to 34 form part of these financial statements 

Page 17 




## **LAMBROOK SCHOOL TRUST LIMITED BALANCE SHEET** 

## **31 JULY 2021** 

## **COMPANY NUMBER 0898539** 

|||**2021**|**_2020_**|
|---|---|---|---|
||**Notes**|**£**|£|
|**FIXED ASSETS**<br>**Tangible assets**<br>**Investments**|10<br>11|**15,916,271**<br>j|**_16,253,245_**<br>**_1_**|
|||**15,916,272**|**_16,253,246_**|
|**CURRENT ASSETS**<br>**Stocks**|12||**_4,602_**|
|**Debtors**<br>**Cash at bank and in hand**|**13**|**494,616**<br>**5,784,572**|**_424,537_**<br>**_2,839,338_**|
|||**6,279,188**|**_3,268,477_**|
|**CREDITORS: Amounts falling due within one year**|14|**(3,066.210)**|**_(2,190,311)_**|
|**NET CURRENT ASSETS**||**3,212,978**|**_1,078,166_**|
|**TOT AL ASSETS LESS CURRENT LIABILITIES**||**19,129,250**|**_17,331,412_**|
|**CREDITORS: Amounts falling due after more than one year**|**15**|**(2,246,324)**|**_(2.146,812)_**|
|**NET ASSETS**|21|**£16,882,926**|_£15,184,600_|
|**FUNDS:**||||
|**Unrestricted funds (Including a revaluation**<br>**reserve of £917,907)**<br>**Restricted funds**|**22**<br>**23**|**16,872,926**<br>**10,000**|**_15,174,600_**<br>**_10,000_**|
|**TOTAL FUNDS**||**£ 16,882.926**|£_15.184.600_|



**Approved and authorised for Issue by the Board of Governors on 2 December 2021 and signed on its behalf by** 

**Mr P Burrowes Chalrm** 

**Mr B Chukwuemeka Chairman of the Finance and General Purposes Committee** 


**The notes on pages 20 to 34 form part of these financial statements** 

**Page 18** 



## **LAMBROOK SCHOOL TRUST LIMITED CASH FLOW STATEMENT** 

## **FOR THE YEAR ENDED 31 JULY 2021** 

|**CASH FLOW STATEMENT**<br>**Net movement in funds**<br>Loan interest paid<br>Interest Income<br>Depreciation<br>Loss on disposal of fixed assets<br>Impairment of fixed assets<br>Change in stock<br>Change in debtors<br>Change in creditors<br>**Net cash generated from operating**<br>**activities**<br>**Cash flows from investing activities**<br>Payments to acquire tangible fixed assets<br>Loan interest paid<br>Interest Income<br>**Net cash used in investing activities**<br>**Cash flows from financing activities**<br>Repayments of ISE loan finance<br>Repayments of bank loan finance<br>**Net cash (used in)/provided by financing**<br>**activities**<br>**Payment on account scheme**<br>Payments on account utilised<br>Receipts from payments on account<br>**Net cash (used in)/ provided by payment**<br>**on account scheme**<br>**CHANGE IN CASH IN THE YEAR**<br>**CASH AND CASH EQUIVALENT AT THE**<br>**BEGINNING OF THE REPORTING**<br>**PERIOD**<br>**CASH AND CASH EQUIVALENTS AT THE**<br>**END OF THE REPORTING PERIOD**|**2021**<br>**£**<br>**£**<br>**1,698,326**<br>**40,180**<br>**(1,813)**<br>**630,185**<br>**12,148**<br>**-**<br>**4,602**<br>**(70,079)**<br>**475,322**<br>**2,788,871**<br>**(305,359)**<br>**(40,180)**<br>**1,813**<br>**(343,726)**<br>**(24,500)**<br>**(313,808)**<br>**(338,308)**<br>**(266,384)**<br>**1,104,780**<br>**838,396**<br>**2,945,234**<br>**2,839,338**<br>**£ 5,784,572**|_2020_<br>_£_<br>_915,485_<br>_55,649_<br>_(12,411)_<br>_636,891_<br>_-_<br>_32,462_<br>_4,324_<br>_233,023_<br>_(39,471)_|
|---|---|---|
|||_1,825,952_<br>_(794,210)_<br>_(55,649)_<br>_12,411_<br>_(837,448)_|
|||_(24,500)_<br>_(197,689)_|
|||_(222,189)_|
|||_(715,321)_<br>_444,795_<br>_(270,526)_|
|||_495,789_<br>_2,343,549_<br>_£ 2,839,338_|



The notes on pages 20 to 34 form part of these financial statements 

Page 19 



**LAMBROOK SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** 

## **1. COMPANY INFORMATION** 

The principal activity of the School is the provision of education for boarding and day boys and girls, between the ages of 3 and 13. The Charity (registered number 0898539 and charity number 309098), is incorporated and domiciled in the UK. The address of the registered office is Winkfield Row, Bracknell Berkshire, RG42 6LU. 

## **2. ACCOUNTING POLICIES** 

## **a) Accounting Convention** 

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 2015) – Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

Lambrook School 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 note(s). 

## **Going Concern** 

From 12 January to 8 March 2021, the School was physically closed as part of the national response to the Covid 19 coronavirus pandemic. Despite the physical closure of the School, the School was able to service its pupils effectively throughout the period by offering a fully and comprehensive distance learning programme. As a result, Governors decided to offer a reduction of 10% to the closed portion of the Lent Term 2021 school fees. In order to preserve the School's financial position, operating expenses were reduced by ceasing catering activities and offset by using the furlough scheme in respect of 49 staff members. All but necessary capital expenditure was put on hold. The School continued to follow measures which mitigate the risk of a Covid 19 outbreak. It followed all Government and Department for Education guidance. When they returned to School, children continued to learn, eat and play in year group bubbles and contact between year groups was kept to an absolute minimum. The School implemented strict hygiene measures and all visitors to the School including parents were restricted. Covid 19 has impacted some of the School's parents but it remains full and has a wait list for places in 2022/23 

In addition to the above, having reviewed the funding facilities available to the School together with the expected ongoing demand for places and the School's future projected cash flows, the Governors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis. 

The financial statements are prepared under the historical cost convention.  They include the results of the School’s operations as described in the report of the Governors. 

## **b)** 

## **Group Accounts** 

The accounts of Lambrook Sports and Leisure Club Limited and Lambrook School (International) Limited have not been consolidated with those of the School as the Governors consider that the amounts involved are not material. 

## **c) Funds** 

Unrestricted funds are available for spending within the objects of the Company. 

Restricted funds are to be used for specified purposes laid down by the donor.  Expenditure for those purposes is charged to the fund. When buildings are completed funds are transferred from Restricted to Unrestricted as the restriction on the donation has been fulfilled. 

Page 20 



## **LAMBROOK SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** 

## **2. ACCOUNTING POLICIES (Continued)** 

## **d) Incoming Resources** 

School fees represent amounts receivable for educational services provided, including extras.  Other income includes chargeable extras, school trips, registration fees, school transport, temporary boarding fees and similar income. 

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

## **e)** 

## **Resources Expended** 

Expenditure is accounted for on an accruals basis.  Expenditure is allocated to expense headings either on a direct cost basis, or apportioned according to time spent.  The irrecoverable element of VAT is included with the item of expense to which it relates.  Expenditure in respect of the Governance of the charity includes Governors’ expenses, audit and certain legal costs. 

## **f)** 

## **Donations and grants** 

Income from donations is recorded when the funds are received. The Coronavirus Job Retention Scheme grant is recognised on a straight line basis over the furlough period for each relevant employee under the performance model as permitted by the Charity SORP. 

## **g) Tangible fixed assets** 

The School has applied the ‘deemed cost’ provisions of FRS102 in that valuations of previously revalued land and buildings will not be further revalued. 

Assets purchased for less than £3,000 are written off to the Statement of Financial Activities on acquisition. 

## **h) Depreciation** 

Depreciation is calculated to write down the cost of all tangible fixed assets, except freehold land, by equal annual instalments over their expected useful lives.  The rates applicable are:- 

Freehold buildings 2% per annum Roadway 5% per annum Freehold improvements 10% per annum Temporary classroom 34% per annum Plant and equipment 10% - 25% per annum Motor vehicles 25% per annum 

## **i) Stocks** 

Stocks are stated at the lower of cost and net realisable value. Stock is measured using the FIFO (first in first out) method. 

## **j) Pensions** 

The School operates a contributory superannuation scheme under the Teachers’ Superannuation Regulations 1976 (amended). The pension costs charged in the year for the Teachers’ Pension Scheme are based on the contributions made to the centralised government pension scheme run by the Department of Education as stated in note 24. 

The charity contributes to the Pensions Trust Growth Plan for certain of its employees. This is in most respects a money purchase arrangement, but does include certain guaranteed benefit elements. The Plan is a multi-employer scheme. It is not possible in the normal course of events to identify the share of the underlying assets belonging to the individual participating employers, and in accordance with FRS102, is accounted for as a defined contribution scheme with contributions being recorded as they become payable.  However the School also makes deficit contribution payments to the Scheme and, in accordance with FRS 102 these payments have been measured at fair value and included as a liability on the balance sheet, as per notes 14 and 15. 

The contributions for both Schemes are charged in the Statement of Financial Activities in the year in which they are payable. 

Page 21 



**LAMBROOK SCHOOL TRUST LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** 

## **2. ACCOUNTING POLICIES (Continued)** 

## **k) Financial instruments** 

Basic financial instruments include debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at amortised cost. Note 25 provides more information on financial instruments where future cash flows are anticipated, with financial assets referring to trade debtors, amount owed by group undertakings, other debtors and cash equivalents, and financial liabilities referring to all creditor balances excluding deferred income and payments on account. 

## **l) Cash and cash equivalents** 

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. 

## **m) Parents’ deposits** 

The Governors have reviewed the contract terms under which Pupil fee deposits are held by the School. Although under normal circumstances these will be repaid over future years when the pupils complete their education at the school, pupils can leave at earlier dates. The School does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at the year end have been included within current liabilities. 

## **3 JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY** 

In the application of the Charity’s accounting policies, which are described in note 2, Governors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources.  The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant.  Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an on-going basis.  Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods. 

The Governors consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty. 

## **4. INCOMING RESOURCES** 

## **a) SCHOOL FEES** 

|The School’s fee income comprised:<br>Gross fees<br>Less: bursaries and allowances|**2021**<br>**£**<br>**10,035,288**<br>**(544,744)**<br>**£ 9,490,544**|_2020_<br>_£_<br>_9,246,611_<br>_(517,766)_|
|---|---|---|
|||_£ 8,728,845_|



Page 22 



**LAMBROOK SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** 

## **4. INCOMING RESOURCES (Continued)** 

## **b) CHARITABLE ACTIVITIES** 

|Other income:<br>Chargeable extras – income<br>Registration fees<br>Flexible boarding fees<br>**GENERATED FUNDS**<br>Rent and other income:<br>Rent receivable<br>Other miscellaneous||
|---|---|



## **c) GENERATED FUNDS** 

## **d) DONATIONS AND GRANTS** 

Included within the unrestricted figure is £150,331 relating to the Coronavirus Job Retention Scheme grant received from the UK Government. See Note 23 for restricted donations analysis. 

## **5. TOTAL RESOURCES EXPENDED** 

|**2021**<br>**Charitable activities**<br>School operating costs:<br>Teaching costs<br>Welfare costs<br>Premises costs<br>Support costs<br>**Raising funds**<br>Financing costs<br>**TOTAL**<br>_2020_<br>_Charitable activities_<br>_School operating costs:_<br>_Teaching costs_<br>_Welfare costs_<br>_Premises costs_<br>_Support costs_<br>_Raising funds_<br>_Financing costs_<br>_TOTAL_|**Staff costs**<br>**£**<br>4,973,304<br>317,405<br>418,961<br>1,310,355<br>7,100,025<br>-<br>7,100,025<br>_Staff costs_<br>_£_<br>_4,956,374_<br>_295,070_<br>_407,579_<br>_1,184,385_<br>_6,843,408_<br>_-_<br>_6,843,408_|**Depreciation**<br>**£**<br>108,948<br>-<br>521,237<br>-<br>630,185<br>-<br>630,185<br>_Depreciation_<br>_£_<br>_188,830_<br>_-_<br>_448,061_<br>_-_<br>_636,891_<br>_-_<br>_636,891_|**Other**<br>**£**<br>513,254<br>304,997<br>726,515<br>390,856<br>1,935,622<br>38,037<br>1,973,659<br>_Other_<br>_£_<br>_507,251_<br>_278,476_<br>_769,886_<br>_335,680_<br>_1,891,293_<br>_98,017_<br>_1,989,310_|**Total**<br>**2021**<br>**£**<br>**5,595,506**<br>**622,402**<br>**1,666,713**<br>**1,781,211**|
|---|---|---|---|---|
|||||**9,665,832**|
|||||**38,037**|
|||||**9,703,869**|
|||||_Total_<br>_2020_<br>_£_<br>_5,652,455_<br>_573,546_<br>_1,625,526_<br>_1,520,065_|
|||||_9,371,592_|
|||||_98,017_|
|||||_9,469,609_|



Included in support costs are governance costs of £51,421 _(2020: £50,914)._ 

Page 23 



## **LAMBROOK SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** 

## **6. NET INCOME** 

|Net incoming resources are stated after charging:<br>Depreciation of tangible fixed assets<br>Auditors’ remuneration – audit and accounts preparation fees<br>**FINANCE COSTS**<br>Bank charges<br>Loan interest<br>Bad debt provision<br>**STAFF COSTS**<br>Wages and salaries<br>Social security costs<br>Other pension costs (see note 24)<br>Other staff costs|**2021**<br>**£**<br>**630,185**<br>**17,140**<br>**5,472**<br>**40,180**<br>**(7,615)**<br>**£**<br>**38,037**<br>**5,646,779**<br>**527,114**<br>**926,132**<br>**-**<br>**£ 7,100,025**|_2020_<br>_£_<br>_636,891_<br>_16,650_|
|---|---|---|
|||_6,299_<br>_55,649_<br>_36,069_|
|||_£_<br>_98,017_|
|||_5,434,776_<br>_506,194_<br>_894,389_<br>_8,049_|
|||_£ 6,843,408_|



## **7. FINANCE COSTS** 

## **8.** 

The average monthly number of persons employed by the School during the year was: 

|Teaching<br>Welfare<br>Support<br>Premises|**2021**<br>**No.**<br>**116**<br>**4**<br>**18**<br>**16**<br>**154**|_2020_<br>_No._<br>_115_<br>_4_<br>_15_<br>_16_|
|---|---|---|
|||_150_|



The number of employees whose emoluments exceeded £60,000 were: 

|£60,001 - £70,000<br>£70,001 - £80,000<br>£80,001- £90,000<br>£150,001 - £160,000|**3**<br>**1**<br>**2**<br>**1**|_4_<br>_1_<br>_-_<br>_1_|
|---|---|---|



Four of these employees _(2020: four)_ accrued retirement benefits under the Teachers’ Pension Scheme, two employees were members of the Pensions Trust Growth Plan _(2020: two_ ), and one employee had a personal pension plan. Their contributions this year totalled £99,491 ( _2020: £90,480)._ 

£Nil remuneration _(2020: £Nil)_ was paid to members of the Board of Governors and expenses of £nil _(2020: £1,421)_ were reimbursd to nil _(2019: 3)_ Governors for travel and seminars. 

Key management personnel as listed on page 9 received aggregate remuneration (including employers NI and employers pension contributions) of £511,939 _(2020: £421,988)._ 

Page 24 



**LAMBROOK SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** 

## **8. STAFF COSTS (Continued)** 

Mrs J Perry, the Headmaster’s wife is employed at the School under a standard contract of employment and under the appointment of the Governors. 

## **9. TAXATION** 

Lambrook School Trust Limited is a charity and is entitled for the current year to the exemptions provided by Section 505 Income and Corporation Taxes Act 1988. 

## **10. TANGIBLE FIXED ASSETS** 

|**DEEMED COST**<br>At 1 August 2020<br>Additions<br>Impairment<br>Disposals<br>At 31 July 2021<br>**DEPRECIATION**<br>At 1 August 2020<br>Charge for the year<br>Disposals<br>At 31 July 2021<br>**NET BOOK VALUES**<br>**31 July 2021**<br>_31 July 2020_|**Freehold**<br>**land and**<br>**buildings**<br>**£**<br>19,689,213<br>97,302<br>-<br>(8,528)<br>19,777,987<br>3,738,081<br>524,720<br>(468)<br>4,262,333<br>**15,515,654**<br>_15,951,132_|**Plant and**<br>**equipment**<br>**£**<br>1,399,488<br>5,879<br>-<br>(30,499)<br>1,374,868<br>1,242,860<br>64,704<br>(26,411)<br>1,281,153<br>**93,715**<br>_156,628_|**Motor**<br>**vehicles**<br>**£**<br>327,995<br>30,460<br>-<br>-<br>358,455<br>247,540<br>40,761<br>-<br>288,301<br>**70,154**<br>_80,455_|**Assets**<br>**under**<br>**the course of**<br>**construction**<br>**£**<br>65,030<br>171,718<br>-<br>-<br>236,748<br>-<br>-<br>-<br>-<br>**236,748**<br>_65,030_|**Total**<br>**£**<br>21,481,726<br>305,359<br>-<br>(39,027)|
|---|---|---|---|---|---|
||||||21,748,058<br>5,228,481<br>630,185<br>(26,879)|
||||||5,831,787<br>**15,916,271**<br>_16,253,245_|



If freehold land and buildings had not been revalued in the past, they would have been included at the following amounts: 

|Cost<br>Additions<br>Disposals<br>Aggregate depreciation<br>Net book value|**2021**<br>**£**<br>18,065,887<br>97,302<br>(8,528)<br>(3,556,914)|
|---|---|
||<br>£14,597,747|



All assets are used for direct charitable purposes. 

Page 25 



## **LAMBROOK SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** 

## **11. FIXED ASSET INVESTMENT** 

|**FIXED ASSET INVESTMENT**|||
|---|---|---|
|**Group undertaking**<br>Two Ordinary shares of £1 in Lambrook Sports and Leisure<br>Club which were gifted to the Company<br>One Ordinary share of £1 in Lambrook School (International)<br>Limited|**2021**<br>**£**<br>**-**<br>**1**<br>**£**<br>**1**|_2020_<br>_£_<br>_-_<br>_1_|
|||_£_<br>_1_|



The Company’s investment in Lambrook Sports and Leisure Club Limited (LSLC) represents the cost of acquisition of the whole of the ordinary share capital and voting rights of it, (company number: 02900023 and its registered office is Winkfield Row, Bracknell, Berkshire. RG42 6LU).  It is a company whose principal activity is the hire of the School’s general and sporting facilities.  The aggregate of the subsidiary’s share capital and reserves was net liabilities of £1,228 ( _2020: net liabilities of £10,897)_ at 31 July 2021 and its results for the year ended on that date are summarised below. 

There were no transactions between LSLC and the Charity in the year other than the management charges of £35,022 _(2020: £50,276 )_ in relation to staff salaries and the use of the swimming pool by Lambrook Sports and Leisure Club Limited. In the year ended 31 July 2021 total gift aid payments of £nil _(2020: £11,100)_ were made from Lambrook Sports and Leisure Club Limited to Lambrook School Trust Limited. At the year end the Subsidiary owed £20,730 _(2020: £44,709)_ to Lambrook School Trust Limited. 

The Statement of Income And Retained Earnings for LSLC for the year ended 31 July 2021 and 31 July 2020 was as follows: 

|**TURNOVER**<br>Cost of sales<br>**GROSS PROFIT**<br>Administration expenses<br>Profit/(loss) before tax<br>Tax<br>Profit/(loss) after tax<br>Retained earnings at the beginning of the year<br>Profit/(loss) for the year<br>Gift aid donation<br>Retained earnings at the end of the year|**2021**<br>**£**<br>**30,731**<br>**-**<br>**30,731**<br>**(21,062)**<br>**9,669**<br>**-**<br>**9,669**<br>**(10,899)**<br>**9,669**<br>**-**<br>**£**<br>**(1,230)**|_2020_<br>_£_<br>_17,995_<br>_-_<br>_17,995_<br>_(51,353)_|
|---|---|---|
|||_(33,358)_<br>_-_<br>_(33,358)_|
|||_33,559_<br>_(33,358)_<br>_(11,100)_|
|||_£_<br>_(10,899)_|



The School is guaranteeing support to the trading subsidiary for the foreseeable future. 

On the 17 May 2019 Lambrook School (International) Limited was incorporated.  It’s registered office is as per Lambrook Sports and Leisure Club Limited noted above.  The company was dormant during the year. 

Page 26 



**LAMBROOK SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** 

|**12.**<br>**STOCKS**<br>Consumables<br>**13.**<br>**DEBTORS:**Amounts falling due within one year<br>Trade debtors – fees and extras receivable<br>Amount owed by subsidiary undertaking<br>Prepayments and other debtors<br>**14.**<br>**CREDITORS:**Amounts falling due within one year<br>Bank loan (see Note 16)<br>Amount due to ISE (see Note 16)<br>Trade creditors<br>Other taxes and social security<br>Other creditors<br>Fees received in advance<br>Parents’ deposits<br>Pension scheme funding deficit<br>Accruals<br>Deferred income- Payments on Account Scheme (Note 17)<br>**15.**<br>**CREDITORS:**Amounts falling due after more than one year<br>Bank loan (see Note 16)<br>Amounts due to ISE (see Note 16)<br>Pension scheme funding deficit<br>Deferred income-Payments on Account Scheme (Note 17)|**2021**<br>**£**<br>**£**<br>**-**<br>**2021**<br>**£**<br>**297,495**<br>**20,730**<br>**176,391**<br>**£**<br>**494,616**<br>**2021**<br>**£**<br>**322,606**<br>**24,500**<br>**171,305**<br>**51,448**<br>**298,876**<br>**612,617**<br>**680,634**<br>**5,660**<br>**258,468**<br>**2,426,114**<br>**640,096**<br>**£ 3,066,210**<br>**2021**<br>**£**<br>**896,514**<br>**707,000**<br>**15,881**<br>**626,929**<br>**£ 2,246,324**|_2020_<br>_£_<br>_£_<br>_4,602_|
|---|---|---|
|||_2020_<br>_£_<br>_229,213_<br>_44,709_<br>_150,615_|
|||_£_<br>_424,537_|
|||_2020_<br>_£_<br>_313,808_<br>_24,500_<br>_95,938_<br>_122,311_<br>_237,627_<br>_454,973_<br>_524,502_<br>_6,018_<br>_157,014_|
|||_1,936,691_<br>_253,620_|
|||_£ 2,190,311_|
|||_2020_<br>_£_<br>_1,219,120_<br>_731,500_<br>_21,183_<br>_175,009_|
|||_£ 2,146,812_|



Page 27 



**LAMBROOK SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** 

## **16. LOANS AND OTHER BORROWINGS** 

|**LOANS AND OTHER BORROWINGS**|||
|---|---|---|
|Bank loan<br>Amounts due to ISE<br>**Maturity of debt**<br>Within one year or on demand<br>Between one and two years<br>Between two and five years<br>Over five years (see below)|**2021**<br>**£**<br>**1,219,120**<br>**731,500**<br>**£ 1,950,620**<br>**347,106**<br>**283,759**<br>**735,255**<br>**584,500**<br>**£ 1,950,620**|_2020_<br>_£_<br>_1,532,928_<br>_756,000_|
|||_£ 2,288,928_|
|||_338,308_<br>_347,106_<br>_970,014_<br>_633,500_|
|||_£ 2,288,928_|



The School has two loans with the Imperial Service Endowment (ISE), an educational charity, as detailed below. 

An amount of £406,000 ( _2020: £420,000)_ due to the ISE represents advances made to the School for the purpose of constructing and/or refurbishing buildings and carrying out other improvements at Lambrook School, as sanctioned by an order by the Charity Commission dated 8 October 1998. Under the terms of this order, no interest is payable and the advances are repayable in equal annual instalments of £14,000 per annum over 50 years. 

A further amount of £325,500 _(2020: £336,000)_ is due to the ISE.  In accordance with a Charity Commission Order dated 2 April 2003, no interest is payable, and the amount will be repayable in equal annual instalments of £10,500 per annum over 50 years. 

The above ISE loans, totalling £731,500 are secured against certain School freehold land and property. 

The School has two bank loans totalling £1,219,120 both secured against certain School freehold land and property. 

The loan facility was agreed in the year ended 31 July 2012, and the School drew down the maximum amount available to them of £2m in the year ended 31 July 2013. The remainder of the loan has a fixed interest rate of 4.35%. The loan is for a 10-year term with the last payment due to be made January 2023. 

A new loan facility was agreed in the year ended 31 July 2019, and the School has drawn half of the maximum amount available to them of £1m in the year ended 31 July 2019. The other £1m is no longer available for drawdown. The loan has a floating interest rate which will never be less than the margin of 2.25%. The loan is for a 5-year term with the last payment due to be made December 2023. 

Page 28 



## **LAMBROOK SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** 

## **17. PAYMENT ON ACCOUNT SCHEME** 

Amounts may be paid on account to the School to be applied towards the cost of future tuition fees.  The money may be returned subject to the specific conditions stated within the Scheme literature. Assuming pupils will remain at the School fees on account will be applied as follows:- 

|Within 1 year<br>Within 1 to 2 years<br>Within 2 to 5 years|**2021**<br>**£**<br>**640,096**<br>**512,240**<br>**114,689**<br>**1,267,025**|_2020_<br>_£_<br>_253,620_<br>_91,829_<br>_83,180_|
|---|---|---|
|||_428,629_|



The balance represents the accrued liability under the contracts.  The movements during the year are detailed as follows:- 

|At 1 August 2020<br>Fees received on account<br>Utilised<br>At 31 July 2021|**2021**<br>**£**<br>**428,629**<br>**1,104,780**<br>**(266,384)**<br>**£ 1,267,025**|_2020_<br>_£_<br>_699,155_<br>_444,795_<br>_(715,321)_|
|---|---|---|
|||_£_<br>_428,629_|



## **18. FUNDS** 

Restricted fund amounts of £18,283 relate to capital projects. These funds have had their restriction fulfilled during the year and hence have been transferred to the unrestricted fund. This transfer is made in accordance with the Schools normal accounting policy. 

## **19. CAPITAL COMMITMENTS** 

At 31 July 2021, the School had capital commitments amounting to £620,874 ( _2020: £12,700)_ in connection with the expansion and redevelopment of classrooms, sports and performing arts facilities _._ 

## **20. OPERATING LEASE COMMITMENTS** 

At 31 July 2021 the School had annual contracts under non-cancellable operating leases as follows:- 

|Expiry date:<br>Less than one year<br>Between two and five years|**Land and Buildings**<br>**2021**<br>_2020_<br>**£**<br>_£_<br>**18,000**<br>_-_<br>**30,000**<br>_-_<br>**48,000**<br>_-_|**Land and Buildings**<br>**2021**<br>_2020_<br>**£**<br>_£_<br>**18,000**<br>_-_<br>**30,000**<br>_-_<br>**48,000**<br>_-_|
|---|---|---|
|||_-_|



Page 29 



**LAMBROOK SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** 

## **21. ANALYSIS OF NET ASSETS BETWEEN FUNDS** 

|**Unrestricted**<br>**funds**<br>**£**<br>Fixed assets<br>15,916,272<br>Net current assets<br>3,202,978<br>Long term Liabilities<br>(2,246,324)<br>**Charity funds at 31 July 2021**<br>**£16,872,926**<br>_ANALYSIS OF NET ASSETS BETWEEN FUNDS - 2020_<br>_Unrestricted_<br>_funds_<br>_£_<br>_Tangible fixed assets_<br>_16,253,246_<br>_Net current liabilities_<br>_1,068,166_<br>_Long term Liabilities_<br>_(2,146,812)_<br>_Charity funds at 31 July 2020_<br>_£15,174,600_|**Restricted**<br>**funds**<br>**£**<br>-<br>10,000<br>-<br>**£**<br>**10,000**<br>_Restricted_<br>_funds_<br>_£_<br>_-_<br>_10,000_<br>_-_<br>_£_<br>_10,000_|**Total**<br>**funds**<br>**£**<br>**15,916,272**<br>**3,212,978**<br>**(2,246,324)**|
|---|---|---|
|||**£16,882,926**|
|||_Total_<br>_funds_<br>_£_<br>_16,253,246_<br>_1,078,166_<br>_(2,146,812)_|
|||_£15,184,600_|



## **22. UNRESTRICTED FUNDS** 

|_As at 1_<br>_August_<br>_2020_<br>_£_<br>General Fund<br>14,224,226<br>Revaluation Reserve<br>_950,374_<br>_15,174,600_<br>_UNRESTRICTED FUNDS- 2020_<br>_As at 1_<br>_August_<br>_2019_<br>_£_<br>_General Fund_<br>_13,282,774_<br>_Revaluation Reserve_<br>_982,841_<br>_14,265,615_|**Income**<br>**£**<br>**11,034,222**<br>**-**<br>**11,034,222**<br>_Income_<br>_£_<br>_10,103,987_<br>_-_<br>_10,103,987_|**Expenditure**<br>**£**<br>**(9,671,402)**<br>**(32,467)**<br>**(9,703,869)**<br>_Expenditure_<br>_£_<br>_(9,433,642)_<br>_(32,467)_<br>_(9,466,109)_||**Transfers**<br>**£**<br>**367,973**<br>**-**<br>**367,973**<br>_Transfers_<br>_£_<br>_271,107_<br>_-_<br>_271,107_|**As at 31**<br>**July**<br>**2021**<br>**£**<br>**15,955,019**<br>**917,907**|
|---|---|---|---|---|---|
||||||**16,872,926**|
||||||_As at 31_<br>_July_<br>_2020_<br>_£_<br>_14,224,226_<br>_950,374_|
||||||_15,174,600_|



Page 30 



## **LAMBROOK SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** 

## **23. RESTRICTED FUNDS** 

|Piano Fund<br>Playground Fund|_As at 1_<br>_August_<br>_2020_<br>_£_<br>_10,000_<br>_-_<br>_10,000_|**Income**<br>**£**<br>**-**<br>**18,283**<br>**18,283**|**Expenditure**<br>**£**<br>**-**<br>**-**<br>**-**|**Transfers**<br>**£**<br>**-**<br>**(18,283)**<br>**(18,283)**|**As at 31**<br>**July**<br>**2021**<br>**£**<br>**10,000**<br>**-**|
|---|---|---|---|---|---|
||||||**10,000**|



## **Lambrook Development Fund** 

This fund relates to various capital project builds for the School’s future vision. 

## **Playground Fund** 

This fund is to provide playground equipment for pupils. 

## **The Piano Fund** 

This fund is to be used to purchase a grand piano. 

## _RESTRICTED FUNDS- 2020_ 

|_Lambrook Development Fund_<br>_Piano Fund_<br>_The Foundation Fund_|_As at 1_<br>_August_<br>_2020_<br>_£_<br>_-_<br>_-_<br>_3,500_<br>_3,500_|_Income_<br>_£_<br>_271,107_<br>_10,000_<br>_-_<br>_281,107_|_Expenditure_<br>_£_<br>_-_<br>_-_<br>_(3,500)_<br>_(3,500)_|_Transfers_<br>_£_<br>_(271,107)_<br>_-_<br>_-_<br>_(271,107)_|_As at 31_<br>_July_<br>_2021_<br>_£_<br>_-_<br>_10,000_<br>_-_|
|---|---|---|---|---|---|
||||||_10,000_|



## **24. PENSION SCHEME** 

## **a) Teachers Pension Scheme** 

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £820,300 ( _2020: £794,405_ ) and at the year-end £184,970 ( _2020 - £88,547_ ) was accrued in respect of contributions to this scheme. 

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. 

Page 31 



**LAMBROOK SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** 

## **24. PENSION SCHEME(Continued)** 

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%. 

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

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

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

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation. 

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

## **b) Non-Teaching Pension Scheme** 

The School’s non-teaching staff are entitled to membership of the Pension Trust Growth Plan (“the Plan”). This is a multi-employer pension plan which provides benefits to some 950 non-associated participating employers.  The scheme is a defined benefit scheme in the UK. 

lt is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. 

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. 

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## **LAMBROOK SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** 

## **24. PENSION SCHEME(continued)** 

The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. 

A full actuarial valuation for the scheme was carried out at 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme. 

The Company paid contributions totalling £105,832 _(2020: £99,984)_ during the year (including the movement on the deficit contribution liability) and at the year end £18,625 _(2020: £19,038)_ was accrued in respect of contributions to this scheme. 

## **25. FINANCIAL INSTRUMENTS** 

|Financial assets measured at amortised cost<br>Financial liabilities measured at amortised cost<br>Financial liabilities measured at fair value|**2021**<br>**£**<br>**6,102,797**<br>**(3,353,117)**<br>**(21,541)**|_2020_<br>_£_<br>_3,113,259_<br>_(3,195,162)_<br>_(27,201)_|
|---|---|---|



The Charitable Company’s income, expense, gains and losses in respect of financial instruments are summarised below 

|**Interest income and expense:**<br>Interest income<br>Interest expense<br>Bad debts|**2021**<br>**£**<br>**(1,813)**<br>**40,180**<br>**(7,615)**|_2020_<br>_£_<br>_(12,411)_<br>_55,649_<br>_60,888_|
|---|---|---|



Financial assets measured at amortised cost comprise trade debtors, amount owed by group undertakings, other debtors and cash equivalents. 

Financial liabilities measured at amortised cost comprise bank loans and overdraft, trade creditors, other creditors, parents’ deposits and accruals excluding deferred income and other taxes and social security. 

Financial liabilities measured at fair value comprise the pension deficit contribution liability. 

## **26. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT** 

|Increase in cash in the year<br>Payment on account scheme<br>Loan repayments<br>Change in net debt<br>Net debt at 1 August<br>**NET FUNDS/(DEBT) AT 31 JULY**|**2021**<br>**£**<br>**2,945,234**<br>**(838396)**<br>**338,308**<br>**2,445,146**<br>**121,781**<br>**£**<br>**2,566,927**|_2020_<br>_£_<br>_495,789_<br>_270,526_<br>_222,189_<br>_988,504_<br>_(866,723)_|
|---|---|---|
|||_£_<br>_121,781_|



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**LAMBROOK SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** 

## **27. ANALYSIS OF CHANGE IN NET DEBT** 

|Cash at bank and in hand<br>Payments on account scheme<br>Loans|_Net debt as_<br>_at 1 August_<br>_2020_<br>_£_<br>_2,839,338_<br>_(428,629)_<br>_(2,288,928)_<br>_£_<br>_121,781_|**Cash**<br>**Change**<br>£<br>2,945,234<br>(838,396)<br>338,308<br>£ 2,445,146|**Net funds as**<br>**at 31 July**<br>**2021**<br>**£**<br>**5,784,572**<br>**(1,267,025)**<br>**(1,950,620)**<br>**£ 2,566,927**|
|---|---|---|---|



|_28._<br>_COMPARISON STATEMENT OF FINANCIAL ACTIVITIES- 2020_<br>_Unrestricted_<br>_Funds_<br>_Restricted_<br>_Funds_<br>_£_<br>_£_<br>_INCOME FROM:_<br>_Charitable activities:_<br>_School fees receivable_<br>_8,728,845_<br>_Other income_<br>_1,063,369_<br>_Other trading income:_<br>_Rent and other income_<br>_77,539_<br>_Gift Aid from subsidiary_<br>_55,809_<br>_Investments_<br>_Bank interest_<br>_12,411_<br>_Voluntary sources_<br>_Donations_<br>_166,014_<br>_281,107_<br>_Total income_<br>_10,103,987_<br>_281,107_<br>_EXPENDITURE ON:_<br>_Charitable activities:_<br>_School operating costs_<br>_9,368,092_<br>_3,500_<br>_Raising funds:_<br>_Financing costs_<br>_98,017_<br>_-_<br>_Total expenditure_<br>_9,466,109_<br>_3,500_<br>_Net income before transfers_<br>_637,878_<br>_277,607_<br>_Transfers between funds_<br>_271,107_<br>_(271,107)_<br>_NET MOVEMENT IN FUNDS_<br>_908,985_<br>_6,500_<br>_FUNDS BROUGHT FORWARD AT  1 AUGUST_<br>_2019_<br>_14,265,615_<br>_3,500_<br>_FUNDS CARRIED FORWARD AT 31 JULY 2020_<br>_15,174,600_<br>_10,000_|_Total_<br>_£_<br>_8,728,845_<br>_1,063,369_<br>_77,539_<br>_55,809_<br>_12,411_<br>_447,121_|
|---|---|
||_10,385,094_|
||_9,371,592_<br>_98,017_|
||_9,469,609_|
||_915,485_<br>_-_|
||_915,485_<br>_14,269,115_|
||_15,184,600_|



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