Company No: 1091938 Charity No: 309099 Luckley House School Limited Annual Report and Accounts For the year ended 31 July 2020 Luckle HOUSE SCHOOL Luckley House School (A Charitable Company Limited by Guarantee)
Luckley House School Limited Mission and Core Values for the year ended 31 July 2020 Mission Statement To provide an individually focused, high quality education based on Christian principle5 that inspire pupils to fulfil their potential. Core Values: Luckley House 15 built on the Christian foundations of love and service. We enable our students to thrive in a secure and encouragng environmen( thereby equipping each Child to be resourceful and resilieno and ready to tske life'5 many challenges and opporrunities. Luckley House School Luckley Road Wokingham RG40 3EU vww.luckl hou5eschool.or re strar luckl house5chool.or Telephone: 0118 978 4175
Luckley House School Limited Annual Report and Accounts for the year ended 31 July 2020 Contents Mission and Core Values Page 3 Governors. Officers and Advisers Report of the Board of Goyernors for the year ended 31 July 2020 including Strategic Report Page 5 Reference and Adminiscryative Information Structure, Govemance and Management Objects. Aims. Objectyves and Activities Page 8 Public Benefit Page 9 Review of Achievements and Performan for the Year Page 10 Financial Review and Results for the Year Page 12 Future Plans Page 12 Auditors Page 13 Statement of Governors, Responsibilities Page 14 Independent Auditors. Report to the Governors of Luckley House School Limited Page 17 Statement of Financial Attivities {Income and Expenditure Account) Page 18 Balance Sheet Page 19 Cash Flow Statrment Page 20 Notes to the Accounts
Luckley House School Limited Governors, Officers and Advisers for the year ended 31 July 2020 The Governors and Directors who served during the year were:_ Revd G R Curry The Lady Farmer Drj D Ledger Mr B Gardiner MrsCATao Mr A Imlay (Chair of Bu5ine5s Cornrnittee) Mr D Kratt Mrs L Horrocks Mrs E Taylor Mrj Richard50n (Chair appointed l January 2020) Mrs S Laschinger (appointed 4 August 20201 member of the Business Committee. Key Management Personnel Headmistress Mrs J Tudor (resigned 31 August 20201 Mrs A Bizior (appointed I September 2020) Bursar, Clerk to the Governors and Company Secretary Mr N Patterson Page 3
Luckley House School Limited Governors, Officers and Adviser5 (Continued) for the year ended 31 July 2020 Advisers Bankers National Westminster Bank PIC 5 Broad Street Wokingham Berkshire RG40 1 FH Auditors Crowe U.K. LLP Aqui5 House 49-51 Blagrave Street Reading Berkshire RGI IPL Insurance Brokers Access Underwriting Limited Selsdon House 212-220 Addington Road South Croydon Surrey CR2 8LD Address and Registered Office Luckley House School Luckley Road Wokingham Berkshire RG40 3EU wv*w.luckle house5chool.o
Luckley House School Limited Governors, Report for the year ended 31 July 2020 Reference and Administrative Inforniation The Board of Governor5 prents the reporr and accounrs of Luckley House School Limited for the year ended 31 July 2020. The accounts appear in the format required by the Charities SORP {FRS 1021. The report and accounts also comply with the Companies Act 2006 as Luckley Oakfield School was incorporated by guarantee in January 1973 and changed its name to Luckley House School on S August 2013. It has no share capital and 15 a rstered charity. The guarantee of each Governor is limiied to £ l. The governing document is the Memorandum and Arricle5 of Association of the company and Governors are the Director5 of the company. Resume of Luckley House School Luckley-oakfield School Trust Limited (Luckley) vrd5 founded in January 1973. Oakfield School originated in the Lake District in 1895 and merged th Luckley School, which was established on the present 51te in 1918, to form Luckley-oakfield School in 1959. The name of the school was changed ro Luckley House School in 2013. Luckley is a registered charicy number 309099. The restered company number is 01091938. The Luckley Directors. Governors and executive officer5 are listed on page 3. Parricular5 of the Charity's profession31 advisers are given on page 4. In January 2004 Luckley-oakfield School was designated as a school with a religious character under The Religious Character of Schools {DeSignad Procedure} (Independent Schools) (EnOand) Regulat10115 2003 with the relevant religious denomination of Church of England, Evangelical. Structure. Governance and Management Governinz Document The Charity. a company limited by guarant is governed by its Memorandum and Arricles of Association dated 23 January 1973. Members The members of the Trust are appointed by Church Sociery. Church Society is a registered chariry (Charity No. 249574). Governing Board The Board of Governors consist of Governors who are also company direttors and trusts of Luckley House School. The details are as mentioned and listed on page 3. Recruitment ond Troining of Governor5 The Chariry's elected Governors are appointed at a meeting of the Board of Governors to fill specific skill requirements and on the basis of their personal competence, specialist skills and Christian eligibility. They will also have met with the Chairman of Governor5, one other Governor. the Head and the Clerk to the Governors and have visited the School. New Governors are given copies of 'Guideline5 for Governors. and the governing document, and inducted into the workings of the Chariry and School including Board policy and procedures, through details of recent meetings. including sirategic plannin& and through meetings with the Head and Bursarlclerk to the Governors. Details of on-going training are provided by the School to Governors and include events organised by AGBIS {Association of Governing Bodies of Independent Schools), ISC {Independent Schools Council) and other educational andlor professional dies. The Board also meet5 annually, in addition to normal meetings for training and Strategic Planning. Page 5
Luckley House School Limited Governors, Report (Continued) for the year ended 31 July 2020 Orgoni5otionol Management The members of the Trust meet at the Annual General Meeting to fulfil Their responsibilities and the Board of Governors is legally resFX)nsible for the overall management and control of Luckley House School, and meets Lt least three times a year. The work of implementing Member and Governor policy is carried out by the Business Cornmittee and the Education Committee who also meer three umes each year before the Governors, meetings. A Governan Committee meets twice each year to review all aspects of Governance including recruitment of new Members. The Academic & Pa5coral Committee reviews and monitor5 all aspects of school safeguarding. The day to day running of the School 15 delegated to the Head, supported by the senior leadership team, senior management team, and to the Bursar. The Head and the Bursar attend all Governor meetings. eommlttses and sub-committees. The remuneration of key management personnel is set by the Board, with the policy objettive of providing appropriate incentives to encourage enhanced perfomiance and of rewarding them fairly and responsibly for their individual contributions to the Company's success. The appropriateness and relevance of the remunerntion policy is reviewed annually, including reference to comparisons with other independeni schools Eo ensure that the School remains sensitive to the broader issues of pay and employment condition5 elsewhere. We aim to recruiL subjett to experience, at the lower to medium wint within a band. providing scope for rewarding excellence. Delivery of the School's charirable vision and purpose is primarily dependenc on our key management personnel and staff costs are the largest single element of our charitsble expenditure. Relationship with non- charitable subsidiary The charity has a wholly owned non-charir2ble subsidiary. Ltjckley House Enterprises LimiTed, which was incorporated on 26 October 2000. Further details are shown on the balance sheet and accompanying notes to the accounts. Other Relationships Luckley House School supports the attainment of the highest standards in the Independent Schools settor, through networking wth other schools and being a member of The Society of Heads, BSA (Boarding Schools Association), AGBIS, ISBA (Independent Schools, Bursars Association) and is a foundatton member of TISCA he Independent Schoo15 Christyan Alliance). The School also cooperntes wrth many local organisation5 and charities in its ongoing endeavours to widen public access to the schooling it provide5, to optimise the educational use of our cultural, sporting and residential facilities and to promots. in its pupils, in the public interes[ awarene55 of the social context of the all-round education they receive at School. The School continues to develop further link5 with our alumnae and with parents through LHF {Luckley House Friend5}. Risk Monogement The Luckiey House School Board of Governors is resp)nsible for the management of the risks faced by the School and has identrfied the main areas of risk as being.. Strategic. Operational. Financial and Compliance. Detsiled considerations of risk are delegated to the Business Committee. Major risks to which the charity is exposed have been identified and assessed, and controls have bn estsblished throughout the year. A formal review of the charity's risk management mapping processes is undertaken annually. Page 6
Luckley House School Limited Governors, Report (Continued) for the year ended 31 July 2020 The Governors, in their opinion. have established resources and review systems which, under normal conditions, should loW these risks to be mitigated to an acceptsble level in its day to day operations. Objecty Aims. Objectives and Activities Charitable Objects The objett of the charity as set out in the governing document is to promots and provide for the advancement of education in a context of Christian principles. Public Benefit Aims aftd Intended Import Through rhe charitsble objects above, the public benefit Core Values and Aims have been reviewed by the School Governors, as outlined on page l. Based on Christian principles. Luckley House School aims to provide a high qualiry independent education, both through strong academic tuition. and through developing wider sporting, artystic and Social ski115 in all its pupils. This is intended to provide an environmeni where each pupil is inspired and Cdn develop and fulfil their potential, thus building self- confidence and inculcating a desire to contribute to the wider communiry. Objertives for the Yeor to maintain the Schcx)I's current high standards of academic performance measured against extemal public examinarions. allowing full scope for the development of sporting and social skills., and to maintain the current high leve15 of pastoral care to continue to promote new entrano means-testsd bursaries up to the equivalent of three full-fee-paying place5 again this year (includes l 00% bursaries). Bursaries are provided for pupils who would not otherwise be able to take up a place at the School because of the financial situation of a parent or guardian. thus widening public access to a Luewey House School education to contTnue c7piral expenditure: to extend educational computer facilities, to further develop teaching and learning and communications to continue building mutually support5ve links wth other schools in our locality and encouraging greater community access to our facilities outside school hours including Christian residential summer camps. Strategies to Achieve the Yearfs Objertives Strategies included ongoing review of the academic syllabi used and benchmarking academic standards against external public examinations and independent value-xdded critsria. These are complemented by a wide range of pastoral stratrgies. based on Christian principles. to develop the whole person. Key to all these is maint2ining the expertise of tsaching, pastoral staff. ensuring succession planning and conunued staff developmenL Furtherance of our links with local junior schoo15 in both the maintained and independent sectors concinues to facilitaTr wider communiry access to Luckley House School and its facilities. Principal Activities of the Year The Chariry principally provides education to children from the age5 of I I to 18 in Wokingham from a catchment area across Berkshire, Surrey, Hampshire and Oxford5hire- and takes boarding pupils not only from a local catchment but nationally and internationally. Page 7
Luckley House School Limited Governors, Report (Continued) for the year ended 31 July 2020 In the academic year ended July 2010 the School had 306 pupils (2019.- 274)- There was three form entry into year 7 and there is continued intsresc in the School for entry in fijture years. The School continues to appeal to an expanding overseas clientele giving a valued internationai flavour and understanding of other cultures. Gmnt-making Policy Governors have regard to Charity Commission genertl and sub-sector guidance on Public Benefit. The Governors, policy, in line with that of OTher independent schools, is to make scholarship awards on rhe basi% of the individual's educational ability and bursaries according to a financial assessment of parenral financial situation. 'New Pupil. Means-teed bursaries equivalent to three full-fee-piying pupils (including I OOY. bursaries) are being offered for entry across the lower school and Year 12. where a pupil would not otherwise be able to take up a place ar the School because of the financial situation of a parent or guardian, thu5 widening access to a Luckley education. All awards are reviewed annually. This year, 2 pupils reiVed l OOY. Bursaries (2019.- 4 PuPils}- The value of all means-tesred 'New pupi15 Bursaries exceeded £331 K (2019.. £355K) with other additional means-tested hardship bursaries of £67K (2019.- £127K) to relieve hardship where a pupil's future education would be at risL- all made from unresrritted funds. Scholarships made to the School's pupils were £204K (2019.. £161 K) and awards of £560K in allowances, including an exceptional COVID discount totalling £295K, (2019.. £203K). all made from unre5tricced funds. Volunteers Luckley House School is forcunate to have an excellent relationship with Luckiey House Friends. The Luckley House Friends Committee have arranged social actiyities for pupils. parents and che local community throughout the year. The School continues its links with former pupi15 through its alumnae. Public Benefit The charitable purpose of Luckley House School is the advancement of education and is for public benefiL The Governors of Luckley House School are commitced to education and to broadening access to the School. Governors use a wide range of opportunities and have complied wilh their dtjty in s.17{5) of che Charities Act 201 I to have due regard to the general and relevant SuseCtor guidance concerning the operation of public benefit published by the Charity Commission in exercising their responsibilities as Governors. Education for Pupils We support the attainmenc of the highest standards in the Independent Schools settor. Our pupils achieve excellent results (see also page 9). stsff act as markers and moderators for public examinations and we support the induttion programme for newly qualified teachers. The teaching profession benefits from the training and continuous development programme and in service training for Luckley House School staff as they move between schools and edueation secrors. We continue to develop our links with local junior schools in both the mainrained and independent settors. Page 8
Luckley House School Limited Governor5. Report (Continued) for the year ended 31 July 2020 Bursories Commitment to broadening access to the School includes offerin& to eligible parentslguardians. means- tested financial support for the payment of schools fees. These Bursaries may be awarded in the form of a reduction of up to l 00% on school fees payable. depending on the financial circumsTrnces of applicants and are subject to repeat testing of parents needs each year. It is the child's suitability for the school that is the first consideration in granting supporL The amount of the bursary award is not influenced by the level of the academic ability of the child but by the extent of need. Each case is assessed on its own merits and awards are made accordingly, subjett to the School's ability to fund these within the context of what is viable according to the School's overall budgeL Information provided by the School alerting the parents/guirdians of potential pupils to the possibilicy of gaining means-tested financial support with the payment of schools fees is adyertised in the School prospettus. the Sch¢)ol websiw advertising flyers, the local press by means of idvertisements and during open daYmornIng$. Pupil Activities Over che course of the year pupi15 raised £2.1 K (2019.- £2.7K) for charities both National and International. Use of Focilities We also cooperatr with many local organisations and charities to optimise the educational use of our cultural, sporcing and residential facilities and to promote, in our pupils, in the public interes( awareness of the social context of the all-round education they receive at School. In addOn to our SFK)rts facilities and theatre being used by local club5 and organisations, the residential facilities continue to be utilised during vacation periods to benefit other Christian faith and educational groups who would not otherwise be able to hold educational conferences. Strategic Report Review of Achievements and Performance for the Year Operationol Performance of the School The newty refurbished Sixth Form Centre Wds opened at the beglnning of the academic year. The new facility with its modern and vibrant style has set the Sixth Form apart frorn rhe rest of the school and given the siudents a new level of independence. A number of trips and events were organised in the autumn term culminating in the beautiful candlelit Carol Service at All Saints Church and outstanding musical performances at the Christmas Cheer Concert. Many sport matche5 and tournaments in a wide variety of sports, took place at the beginning of the academic year. One of the highlights was for the U I Vl 3 Girls, who took part in the ISA National Hockey finals at the Olympic Park. One of our pupils represented Luckley in the ISA London-west Regonal finals in swimmin& winning Gold in her age group for both Butterfy and Breaststroke. The Boarding communiry enjoyed the first half of the year as a strong family unit with Heads of Boarding providing a safe, fun and caring environment for all our boarders. Short term boarders from Spain and Germany added an extra dimension to the boarding communiry. Weekend trips included go karcing. kayaking, Thorpe Parl Escape Room. shopping trips and cultural trips to London and Wind50r. A promotional boarding-themed film was PrOdud which gave a real tlavour of boarding life at Luckley. Page 9
Luckley House School Limited Governors, Report (Continued) for the year ended 31 July 2020 During the Spring Term there as a whole•school production of Grease. and one of our pupi15 also made ic through to the District round of the Young Chef Competition. World Book Day was marked with a full programme of activities in school. A5 the term progressed school life srarced to change,- sports matche& trips and events were grndualty cancelled as the extent of the coronavirus became clear. On 20 March we closed our doors as the national lockdown Was announced. Our teaching and learning moved onto a remote learning programme. Pupils engaged in live le5son5 from their homes, as well as an extensive well-being programme. Teaching stsff found new way5 to deliver exciting enrichment activities to supplement the academic progrnmme. including wrcual concert5 and drama perfomances. a virtual SForts Week and an animal-themed 'Vinual Day Out, for our Year 7 pupil5. Our GCSE and A level students results were good, 72% of GCSE grades at 7-9 and 65% of A level grades at A*_B. At the end of the academic year we bid farewell to our Head. Mrs Jane Tudor after 8 years at the helm. During her leadership. the School grew by 90 pupils and academic standards were raised. Mrs Tudor took u5 successfully into lull coeducation, la the change of name to Luckley House School and oversaw an extensive programme of facilitie5 developmenL She will be remembered for her love of learning and her desire to share her pa55ion for life with both staff and pupils. Fundn7isinz Perforn?once The charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011. Invertment Perforn?ance against Objectives Apart from the subsidiary undertaking mentioned in the Balance SheeL the School has no material investments and any short- trrm credit monies a placed in bank cash deposits. Financial Review and Results for the Year Review of Financial Artiyity On the 20th March 2020 Ehe school was closed ro pupils and the Luckley communiry moved onto a remote learning platform for the rest of the academic year. To compensate for this change in education provision a fee discount was given for the summer tsrm. The closure also resulted in aloss of rental income to both the School and its subsidiary. However, we were able to reduce costs in a number of areas and also benefitted from the Government Furlough Scheme with most of our 5upporr staff being put on Furlough until the end of the term. Our parents, pupils and the whole school community embraced this change and our remote learning d5 well received and even resulted in a number of additional pupils being enrolled during this period. Although the start of 2020 has seen a lasting impact on boarding for the stsrt of this academic year we do envisage boarding returning to pre-COVID levels and the school is ready to face any future change5 that the current epidemic may cause. The Board of Governors remains focused on strategic planning with sound financial stracegy and control conunuing Lo be exhibited. Current Assets have increased by 29Y. {2019.- 39°AJ.' creditors falling due within one year have increased by 16% (2019.- 20%) resulting in an increase in net current assets. The year end result shows an operational deficit. Pupil net fee income as up 4%, (2019.. UP 16%) costs have been vigorou51y controlled and managed and we anticipate an upward trend in the coming years. Page 10
Luckley House School Limited Governors. Report (Continued) for the year ended 31 July 2020 Re5erwe5 Policy The School needs reserves to ensure it can fijlfil and complete the charitable obligations and commitments it enters into. The Chariry'5 policy is to Tnvest in premises and equipment to 5UPPOrt the bu5ines5 and educational requirements of the Charity. while ensuring adequate financing of day-to-day operational needs and the miintenance of adequate reserves to meet any contingencies as they arise. Therefore reuined surpluses I not held as free reserves. but are normally utilised for improvements to the Charities facilite5. This policy is supported by external financing as and when necessary which is allocated to specific capital projects. At the end of the financial year the level of reserves stood at £9.5m (2019.. £9.6m) wtth no freely available reserves (2019.. £308k). £24k of the reserves {2019.. £26k) remain in restricted funds to be used for the development of a fundraising offic The move to becoming a coeducational school combined with ocher marketing strategtes are proving successful wth the schcx)l entsring its fifth consecutive year of growth at year end. As this trend continues Governors have every confidence thatthe school wtll reach its reserve5 target within an acceprable period of time. Investment Policy and Objectives These are governed by the Memorandum and Articles which perrnit monies not immediately required to be inVeSd in such invesunents, securitie5 or property as may be thought fit subjett to conditions imposed or required by law. Principal Risk5 and Uncertainties Business, Compliance, Governance and Education risk are reviewed regularly by the relevant Governor Committee while strategic risks are considered at the Governors, annual Strntegic Planning Day. Ensuring the long term Yiabiliry of the School continue5 to be of the highest priority for Governors. Bearing in mind the School's current Strength5 and traditions, whilst also looking to the future. the Governors through the year have carried out exten5iYe research and consultation to assess fvture local and national demand5 and how the School Cdn best fulfil its vision for the next l 00 years. Health and Safety is always a significant area for risk management. The School Health and Safety Committee reviews regularly all related policies and an outside consultant audits all risk assessrnents and procedures and reports to that committee. Page 11
Luckley House School Limited Governors. Report (Continued) for the year ended 31 July 2020 Future Plans During the year the Luckley House School Governors have been reviewing 5trdtegtc planning and aims. The key objectives within the current plan are- to maintain the current high SndardS of academic achievement as measured by external public examinations and independent value-added criteria to balance acadernic achievement through maintaining a curriculum allowing full scope for the educational developmenL of sporring and social as well as academic skills to maintain the current high levels of pastornl (2re to continue to promote new-entrant means-tested bursaries up io the equivalent of three full-fee-paying places {include$ 80Yty bursaries} so as to widen public access even further to the schooling we can provide to continue to extend educational computer facilities to all pupils and teachers as part of our scrategy of encouraging new forms of learning and communication. to continue building mutually supportive educational links with other schools in our localiry 2nd encouraging greater educational community access to our facilities outside school hour5 Auditors Sts far a5 each of the governo is aware. at the time the report is approved: there is no relevant audrc information of which the company's auditors are unaware,. and the governors have taken all steps that they ought to have taken as governors in order to make themselves aware of any releydnt audit inforrnation and to e5tabli5h that the company's auditors are aware of that information. Crowe U.K. LLP have expressed their willingness to contynue in ofFice as auditors and a resolution proposing their re-app)intment will be submitted to the forthcoming Annual General Meeting. The Governor5 Repo under the Charities Act 201 l.and the Companies Act 2006. was approved by the Board of Governor5 on 21 November 2020 including approving in their capacity as company directors the Strategic Report contained therein, and 15 signed as authori5 on its behalf by. Mr J Richardson Chair e 12
Luckley House School Limited Statement of Governors, Responsibilities Statement of Governors. Responsibilities The Trustees (who are also directors of Luckley House School Limited for the purposes of company law) are responsible for preparing the Governor5 Reporc and the financial statements in accordance with applicable law and United Kingdom Generally Acceptrd Accounting Practice {Unitrd Kingdom Accounting Srandard51- Company law require5 the Trusrees co prepare financial sratements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they grive a true and frdir view of the state of affairs of the charitable company and of the incoming resource5 and application of resource5, including the income and expenditure, of the charitable company for thac period. In preparing these financial statements, the Trustees are required to.. selecc Suitable accounting policie5 and then apply them consistently,. observe the methods and principles in the Chariues SORP- • make judgments and estirnate5 that are reasonable and prudenL state whether aPplible UK accounting standards have been followed, subjert to any material departure5 disclosed and explained in the financial statements- and prepare the financial st2tements on the going concern basi5 unles5 It is inappropriate to presume that che chariuble company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company'5 transattions, disclose with reasonable accuracy at any time the financial position of the charirable company and enable them to ensure that the financial sratsments comply the Companies Att 2006 and the provisions of the charity's constitution. They are 50 responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and derecrion of frnud and other irregularities. Page 13
Crowe U.IQ LLP CharteTrdAGGountarJts Member of Crowe Glvbal Aquis House 49-51 Blagrave Street Reading Berk$hire RG1 1PL. UK Tel +44101118 959 7222 Fax 4101118 958 4640 wNvw.crow8.co.uk • Crowe Independent Auditorfs Re ort to the Governors of Luckley House School Limited Opinion We have audited the financial stslements of Luckley House School Limited for the year ended 31 July 2020 which Comprise the statement of financial 8Ctivities, the balance sheet and notes lo 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 Stsndard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iuniled lQngdom Generally Accepted Accounting Praclicel. In our opinion the financial slatemenls". give a true and fair view of the state of the eharitable company's affairs as al 31 July 2020 and of s incoming reSoUrS and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Praetice," and have bèen 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 {UKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitablè Company in accordance with the ethical requirements that are relevant to our audit of the financial ststements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in aceordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relating to going concern We have nothing to report in respect of the following matters in relation tg which the ISAS IUKI require us to report to you where". the Governors, use of the going concern basis of accounting in the preparation of the financial statements is not appropriate., or the Governors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability lo continue to adopt the going concern basis of accounting for a period of at least e1ve months from the date when the financial statements are authorised for issue Page14 Crort U.L LLPIS t bred liibilNywtserdbpwste41nE tpd w¢5#¥¢d¢bwOC307lJ. otsr4iB4tStBrid5HDw 10 Sdidwsl< Lèfjd EC4Y BEH Ali#oftheLLP'smemknk5¥vaikb]¢ll¢1h¢i¢gae0ffl AUlhoriy4WrC]dbYttLTr&rnDlCodth L501)tyrt10eIJThIb¢ mIre11¢enjeI In I%bY1bÈknIVtnÉYP711tlrtrsA7itsn Cn)wcU.K. LLPi$aMts¢rOJw¢G10b1[ EathmbeTtuOrCr0weG1Ob IcBJ1<IlrY CtU. LLPkn1iisI1i1ie$I¢¢rt rtptrNibl¢oili¥bL¢fyr¥&SQfQlSsl$QfC[0WÈThOraThQtFRImcbcrQfeTEGJo.
Crowe Independent Auditor'5 Report to the Governors of Luckley House School Limited (Continued Other information The Governors are responsible for the other information. The other information comprises the infomiatDn included in the annual report, other than the financial statements and our auditoff s rert thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly staled in our report, we do not express any form of assumnce Conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether there is a material misslatemenl in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misslatemenl of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit the information given in the Govemors, Teport, which includes the Governors, Annual Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements", and the Governors, Annual 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 undèrstanding of the charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors, Annual Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require5 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 Govemors, remuneration specified by law are not made- or we have not reTrived all the information and explanations we require for our audit. Page 15
Crowe ""
Independent Auditor's Report to the Governors of Luckley House School Limited (Continued)
Responsibilities of Governors
As explained more fully in the Governors' responsibilities statement set out on page 13, the Governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the 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.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.orq.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Alastair Lyon
Senior Statutory Auditor
For and on behalf of
Crowe U.K. LLP
Statutory Auditor
Aquis House
49-51 Blagrave Street
Reading
RG11PL
Date: 21 December 2020
Page 16
Luckley House School Limited Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the year ended 31 July 2020 Unrestricted ReStricd Total 2020 Total 2Q19 N¢xe$ INCOME FROM: Charitable attivmes School Fees Other educational income Other ancillary trading income Investments Invesrment income Voluntary Sources Donations Other Income 4.175,710 84.698 259.120 4,175,710 84,698 259,120 4,009,216 87.568 334.287 29.988 29,988 59.462 6.523 113.860 30 6,553 113860 13.065 To 4,669,899 30 4.669.929 4 503,598 EXPENDITURE ON: sing funds Charitable Activitie5 Schools and grantmaknng Other ancillary trading expenses 7,539 7,539 950 4,383,837 335,842 1,738 4,385.S75 335.842 4.242.431 374.261 Totsl 4.727,218 1,738 4 728 956 4.617.642 Net gains on invèstments Net income before transfers Transfer betr/een funds Net movement in funds 49,OOQ (65.044J 157.3191 294 (57.0251 (1,708} 294 (2.002} (59,027) (59.027) (65,044) Fund balance brought forward at l August 2019 9,608,680 26,475 9.635.155 9.700 199 Fund balance carried foryiard at 31 July 2020 14 £9,5S1,655 £24,473 £9,576.128 £9.635.155 All incoming resources were derived from continuing operatyon& The unrestricted income and expenditure column details the operational day to day finances of the school for the year. The restricted expenditure relate5 to planned development projects and expenditure which have been funded through specific donations to the school. The notrs on pages 20 to 36 form part of these accounts Page 17
Luckley House School Limited Balance Sheet as at 31 July 2020 Com an No: 1091938 2020 2019 Notes Fixed A55ets Tangible Assets Investment Propery Other Investments 10,013,678 9,500,157 624,000 9b 10,013,679 10.124.158 Current Assets SttKk Debtors Cash at bank and in hand 1,332 307,373 643,417 3.056 289,239 443,333 952,122 735,628 Creditors: amounts falling due within one year 882,752 762.899 Net Current Assetsl Liabilities 69.370 (27.271) Creditor&' amounLS falling due after one year 12.2 (506,921) (461,732) Net Assets £9,576.128 £9.635.155 Represented by:_ Restricted Funds Unrestricted Funds Designated and general Fair valL¢e reserve 24,473 26.475 8,977,866 573,789 9.029,891 578,789 9,551,655 9,608,680 Total Funds £9,576,128 £9,635,155 Approved and authorised for issue by the Board of Governors at its meeting on 21 November 2020 and signed on its behalf by. Mr J Richard50n Chair The notes on pages 20 to 36 form part of these accounts Page 18
Luckley House School Limited Cash Flow Statement for the year ended 31 July 2020 Notes 2020 2019 Net cash provided by operating activities 528,392 260.335 Cash flows from investing activities Paymenrs to acquire raftgible fixed assets Proceeds from sale of tangble fixed assets Interest received (238,366) {170.392) 1,122 1.518 2,635 Net cash provided by investing activities (135,731) (167.752) Cash flows from financing activities Repayment of loan Finance lease repayment Finance lease interest Bank interest payable Bank loan advance (21,966) (50,034) (13,038) (7,539) (12.848) (45.428) {11,692) (950) 200,000 129,082 (92,577) Change in cash and cash equivalents in the year 200,084 221.665 Cash and cash equivalents at the beginning of the year 443,333 221.668 Cash and cash equivalents at the end of the year £643,417 £443,333 The notes on pages 20 to 36 form parc of these accounts Page 19
Lucldey House School Limited Notes to the Accounts for the year ended 31 July 2020 Company Information The principal activity ol the School is the provision of education to children from the ages of I I to 18. The School is a company limited by guarantre {regstered number 10919381. is a registered charity {chariry number 3090991 and is incorporated and domiciled in the UK. Each member's liability would be limited to an amount not exceeding £ l in the event of the School winding up. The address of the registered office is Lucklex House School, Luckley Road, Wokingham, Berkshire, RG40 3EU. Statement of Accounting Policie5 2.1 Basis of Preparation The financial statsments have been prepared in accordance with Accounting and Reporting by Charities- Statement of Recommended Prattice applicable to charities preparing their accounts in accordance with the Financial Reportsng Standard applicable in the UK and Republic of Ireland (FRS 102) {effectyve l January 2015) Charities SOFiP IFFiS 102}, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Companies Act 2006. Luckley House School Trust meers the definicion of a public benefit entyry under FRS 102. Assets and liabilities are initially recognised at hi5toricdl cost or transattion value unless Otherwise stated in the relevant accounting policy note(51. 2.2 Going Concern During March 2020 the school moved onto a remote learning platform as a result of che CQVID19 epidernic. Staff and pupils rose to the challenge this produced and the accompanying adjustment ro fees was welcomed by parents. In Septrmber 2020 the school buildings were re-opened to all pupils with safe working prattices for all. A full risk assessment has been undertaken and although we do not expett another full lock down. the directors believe the school is prepared should this happen. As a consequence of the reduced fees charged in che Summer Term of 2020 a bank overdraft facility has been granted although it has not yet been called upon. The directors have a reasonable expectation that the company has adequate resources to conunue in Operation existsnce for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial Statements. 2.3 Group A¢¢ounts Group accounts have not been prepared as the results and assets of the subsidiary undertaking are considered to be immaterial to the accounts. These accounts present information ibout LUceY House School Limited as an individual entity. 2.4 Tangible Fixed Assets New buildings. vehicles and major item5 of fixture5 and fittings and computer equipment are capiT31ised and carried in the balance sheet at hi5toriol cost less depreciation. Depreciatton is provided on all tangible fixed assets in use. other than freehold land, at ratrs and bases calculated to writs.off the cost of each asset over it5 estimxted useful life as follow5- Freehold building5 Furniture and equipment Motor Yehicle5 Computer equipment 2% 5tfdight line basis 2070 reducing balance basis 25Yo reducing balance basis 33.3% straight ITne basis Page 20
Luckley House School Limited Notes to the Accounts for the year ended 31 July 2020 2.5 Investment Property Investment properties are cOgnIsed initially at their cost of acquisition and measured subsequently at their fair value at each reporting daTr. Purchases and sales of invescment propertie5 are recognised on exchange of contracts. 2.6 Incoming Resources School fees represent amounts receivable for educaiional services provided, including exrras. Ocher educational income includes registration f&s, exam fees and similar income. Other ancillary trading income include5 school trips, school transporo catering and similar income. Income is deferred for fees retsived in advance, theatre bookings tsken in advance and trips that rake place in future accounting periods. The income is recognised in the SOFA in the year to which it relates. The Coronavirus Job Retention Scheme grnnt is recognised in the SOFA in the period to which it laceS. 2.7 Donations Donations are credited to the Statement of Financial Acrivities in Ehe year in which they are received and the economic benefit to the School is considered probable. Donations receivable for the genernl purposes of the Charity are credited to Unrestritted Fund5. Donations for purpose5 restricted by the wishes of the donor a taken to Restritted Funds. 2.8 Resources Expended Resources expended are accounted for on an accruals basis. Expenditure is allocated to expense headings either on a direct cosc basis, or apportioned according to time spent The irrecoverable element of VAT is included with the item of expense to which it relates. Governance costs comprise the costs of running the chariry. including strdtegic planning for its future developmen¢ also external audi( and all the costs of Board and Sub-committee meetings and of preparing statutory accounts and satisfying public accountability. 2.9 Teaching Costs Supplies of books, stxtionery, games equiprnent and sundry materials are written off when the expendiiure is incurred. 2.10 Pension Stheme Unril 31. December 2019 the charity contributed to the Teachers, Pension Defined Benefits Scheme at rates set by the Scheme Attuary and advised to the Board by the Scheme Administrator. The scheme is a multi- employer pension scheme and It is not possible to identify the assets and liabilities of the scheme which are attriburable to the School. In accordance with FRS102 therefore, the scheme is accounted for as a defined contribution scheme. The ehariry continues to operate a defined contributory group personal pension scheme for nOn-aching staff and teaching stsff were included in this scheme from I sEJanuary 2020. Page21
Luckley House School Limited Notes to the Accounts (Continued) for the year ended 31 July 2020 Statement of Accounting Policies (Continued) 2.1 l Grants During the year the School claimed £114K from the UK Government under the Coronavirus Job Retsntion Scheme. GranL5 are recognised in the statement of financial attivities on an accruals basis 2.12 Operating Leases Renttls payable under operating leases are charged to the statement of financial activities as incurred. 2.13 Stock Stocks are valued at the lower of cost and net realisable value. 2.14 Financial instruments Basic financial instruments include debtor5 and creditors. Debtors and creditor5 are initially recognised at transattion value ind subsequently measured at amortised cost Note 23 provides more information on financial instruments where future cash flows are anticipatrd. with financial ssets referring to trade debiors, amount owed by group underraking& other debtors cash. and cash equivalents, and financial liabilities referring to creditor balances excluding deferred income, fees in advance, other tsxes and social security costs. 2.1 S Cash and cash equivalents Cash at bank and cash equivalents include5 cash and short terrn highly liquid invescments with a short maturity of 3 months or less from the date of acquisition or opening of the deposit or similar accounL 2.16 Parent Deposits The Governors have reviewed the contratt tsrms under which deposits from drentS are held by che School. Although under normal circumstance5 these will be repaid over luture years when the pupils complete their education at the school. pupils can leave at earlier dates. The School doe5 not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balantr sheet date and. in line with the requirements in FRS 102, the balance of che deposits held at 31 July 2020 have been included within current liabilities. The prior year deposits from parents balance has been similarly represented. 2.17 Deferred Income (Fees in advance scheme) Amounts received under the school's Fees in Advance Scheme contracts for education not utilised in the year to settle school fees, are recorded as deferd income and allocated as current liabilities, where the education will be provided within 12 months from the reFX)rting date. and as long-tsrm liabilitie5 where the education will be provided in subsequent years. Page 22
Luckley House School Limited Notes to the Accounts (Continued) for the year ended 31 July 2020 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. trustee5 are required co make judgements. estimates and assumptions abouc the carrying values of assets and liabilicies that are not readily apparent from other sources. The estImaS and underlying assumptions are based on historical experience and other factors that are considered tr) be relevant Attual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estymates are recogni5ed in the period in which the estimate is revised if the revision affett5 only that period or in the period of the revision and future period5 sf the revision affects the current and future periods. The trustees consider that there att no rnaterial judgernents in applying accounting policies or key sources of erimacion uncertainty. Income from Charitable Activities 4.1 School Fees The Schools, fee income comprised: 2020 2019 Gross Fees Le5s- Toral 5cholar5hips, bursaries and allowances 5,043,296 867,586 4.854.153 844.937 £4,175,710 £4.009.216 4.2 Other Educational Income 2020 2019 Registration Fees and other Educational Income £84,698 £87.568 4.3 Other Ancillary Trading Income 2020 2019 Letting income Other Ancillary Trading Income (see note 2.5) 39,808 219,312 £259,120 39,156 295,131 £334,287 The other ancillary trading income includes £13.500 (2019.. £13.500) payable by Luckley House Enterprises Limited for administrntion services provided by the School. Page 23
Luckley House School Limited Notes to the Accounts (Continued) for the year ended 31 July 2020 4.4 Investment Income 2020 2019 Bank Interest Rental income Gift aid from investment 2,635 180 27.173 £29 988 1.518 16.397 41.547 £59.462 4.5 Other Income 2020 2019 Coronaviru5 Job Retention Scheme Grant £113860 Restricted Expenditure During the year £1.7K was spent by the drama department on Stng blocks. Resources Expended 6.1 Staff Costs 2020 2019 Salaries and wages Social security costs Pension contributions 2,427,193 227,946 426,228 £3,081,367 2.296.556 211.549 349,623 £2,857,728 The average weekly number of employee5 during the year was 106 (2019.- 106). One ol the Governors received expenses totalling £952 from LUceY HoLsse School during the year {2019.. £nil) AggregaTr employee-knefits of key management personnel £240,T18 £200,747 The number of higher paid employees v•as: 2020 2019 Taxable emoluments band £70k to £80K £80k to £90K £1 IOKco£120K Page 24
Luckley House School Limited Notes to the Accounts (Continued) for the period ended 31 July 2020 6.1 Staff Costs (continued) The number wtth retirement benefits accruing in Defined Benefit Schemes was Defined Contriburions Scheme was 2020 2019 Full time equivalent Full time equivalent Total staff No Total stoff Teaching Staff Admini5trdtion Domestic and welfare Grounds and mxinrenance 62 42 10 16 61 12 24 44 10 16 25 106 73 106 76 During the year there were redundancy payments which amounted to £14k12019.- £1 IK)- There 5 riothing outstanding at the year end. 6.2 Net incomingl(outgoing) resources 2020 2019 Thi5 15 Stated after chargingllcrediting) Auditors remunerdtion - Audit fees re12ting to parent company Depreciation of owned tangible fixed assets Depreciation of tangible fixed assets held under finance leases and hire purchase Loss on disposal of fixed assets 9,525 40,027 9.260 50.034 308,818 263,772 9,010 Page 25
Luckley House School Limited Notes to the Accounts (Continued) for the year ended 31 July 2020 Analysis of Resources Expended Staff costs Other Depreciation Total Charitable activities Teaching Costs Welfare Premises Support Costs Finince Costs Recharges 2,153,434 379,085 114,109 434,739 152,224 93,414 336,125 315.597 21,003 37.000 955,363 129,887 2.435.545 472,499 669,192 750,336 21,003 37.000 4,385,575 218,958 3,081,367 348,845 Raising Funds Bank Loan Interest Other Ancillary Trading 7,539 7,539 335,842 335,842 Total Resources Expended £3,081,367 £1.298,744 £348,845 £4,728,956 Included within support Costs are governance costs of £21,596 (2018.. £8.955} 2019 Comparative Stoff costs Other Deprecitition Totol Chorituble artivfcies Teaching Costs Wefore Premises Support Costs Finance Costs Rechorges 1.973.681 342.205 111.802 430.040 223,151 121,268 340,233 312,039 22.535 51,671 1.070.897 111,658 2.308.490 463.473 654.183 742.079 22.535 51,671 4.242.431 202.148 2.857.728 313.806 Raising Funds Bonk Loan Interest Other Anallory Trading 950 374.261 950 374.261 Totul Resources Expended £2,857,728 £1.446.108 £313,806 £4,617.642 Page 26
Luckley House School Limited Notes to the Accounts (Continued) for the year ended 31 July 2020 Tangible Assets Assets under course of construction Freehold Land & Buildings Furniture Compucer EquipmenE Equipment Vehicle5 Deemed Cost l August 2019 Additions Property recategorized Transfer 99,556 110.870 297,907 102.568 1.439,931 18,828 66,366 6,100 238,366 624,000 210,426 624,000 1210,4261 31 july 2020 11055,957 400,475 1,458,759 66,366 13.981,557 Depreciation l August 2019 2,207.369 218.958 276.533 51,591 1,074,697 76,813 60,435 1,483 3,619,034 348,845 Provision for year 31 July 2020 2,426,327 328,124 61,918 3.967,879 Net Book Value 31 July 2020 £9.629.630 £72.351 £307.249 £4.448 £10.013678 Net Book Volue 31 Juty2019 £9.008,062 £99.556 Ql,374 65,234 £5.931 £9500 157 The net book value of furniture and equipment includes an amour*t of £160.109 (2019 £200,137) in respect of assets held under finance leases and hire purchase contracts. The cost or valuation of freehold land and building5 includes freehold land at £1,108,040 which is not depreciated. The School has elected. in accordance with Sectyon 35.10(d) of FRS102. to use the carrying value on I September 2014, the date of transition to FRS102, of any of the above freehold land and buildings previously carried at a valuation. as their deemed cost. Page 27
Luckley House School Limited Notes to the Accounts (Continued) for the year ended 31 July 2020 Investment Property The investment property is shown at open market value based on the Governor5, assessment of similar properue5 in the local area. 2020 2019 Costlvaluation At l August 2019 Net gain from fair value adjustment Investment recategorized a5 fixed asset 624,000 575.000 49.000 624 000 At 31 July 2020 £624.000 9b. Other Investments 2020 2019 At l August 2019 and 31 July 2020 £1 Name of undertaking Country of incorporation Description Proportion of shares of rights held and shares held Nature of business Luckley House Enterprises Limited England £1 Ordinary loo% Provision of serviced residential lets LtJcWey-Oakfield Enterprises Limited was incorporatrd on 26 October 2000. On 19 September 2013 Luckley-oakfield Enterprise5 Limited changed its name to Luckley House Enterprises Limited. Group accounts have not been prepared on the grounds of immaterialiry. The audited accounts for The company for the year to 31 July 2020 show a turnover of £25.737 profit of £8.256 leaving net assets of £4.078. 10. Stock 2020 2019 St¢xk 1,332 3.056 £1,332 £3.056 Page 28
Luckley House School Limited Notes to the Accounts (Continued) for the year ended 31 July 2020 Debtors 2020 2019 Trnde debtors Amount owed by group undertaking Prepayments Other debtors 103,899 40,728 162.746 132.120 29,284 124,948 2,887 £307,373 £289,239 12.1 Creditors: Amounts falling due within one year 2020 2019 Fee5 recetyed in advan Fees in Advance Scheme (S note13) Deposits from parents Trade creditor5 Other ttxes and social security costs Accruals and deferred income Bank Loan (see note 12.lal HP and Finance Lease (see notr 12.2b) Other creditors 75,204 229,362 221,900 37,029 59,767 120,962 22.826 50.034 65,668 105,658 165,889 191,692 46.844 59,666 63.709 20,688 50,934 58.719 £882,752 £762.899 12.2 Creditors: Amounts falling due after more than one year 2020 2019 Fees in Advance Scheme (see notr13) HP and Finance Lease (see note 12.2b) Bank Loan (see notr 12.2a) 247,038 104,675 155.208 127.711 154,709 179.312 £506 921 £461,732 12.2a The bank loan is repayable as follows: 2020 2019 Within one year Bdween one and two years Beeen two and five years Over five years 22,826 23,718 76,855 20.688 22.363 73,404 83,545 £178,034 £200,000 Page 29
Luckley House School Limited Notes to the Accounts (Continued) for the year ended 31 July 2020 12.2a (continued) The bank loan 15 secured by a le charge over the fr*hold properry of the school and irs assets. The loan being £178K at 31 July 1020 (1019: £200kl will be repaid in 2027. The interest rate is 3.8% above Base Rate. 12.2b The HP and finance lease is repayable as follows: 2020 2019 Within one year Between one and two years Between and five years 50,034 50,034 54,641 50,034 50.034 104675 £154,709 £204, 743 13 Fees in Advance Scheme Parents may enter into a COnCt to pay the School in advance for fixed contributions towards the tuition fees for up to five years. The money may be returned subjecc to specific condioons on the receipt of notice. Assuming pupils will remain in the School, fees in advanee wll be applied as follow5- 2020 2019 Within 2-5 years Within 1-2 years 135,279 111,759 247,038 229 362 71.508 127.711 165,889 Within l year £476,400 £293.600 Summary of movements in liability Balance at l August 2019 New Contracts Amounts used to pay fees 293,600 437,431 254.631 Balance at 31 July 2020 £476,400 Page 30
Lucldey House School Limited Notes to the Accounts (Continued) for the year ended 31 July 2020 14. Funds 14.1 Net Assets of the Funds of Charity Fixed Asset$ Net Current Assetsl (Liabilitie5) Long term Liabilities Fund Balance Investments Restricted funds Unrestricted Funds General Reserve 24.473 24,473 9.439.889 44,897 (506,921) 8.977.866 Fair value reserve 573.789 573.789 £ i 0.013.678 £1 £69,370 É506.921 £9 576,128 2019 Comparotwe Fixed A55ets Net Current setsl (Liobiliries) Long term Ltabilitie5 Fund Bolance Investments Restricted funds Unrestritted Funds General Reserye 26.475 26.475 8.921.368 624.001 (53.746) (461,732) 9.029.891 Foir value reserve 578.789 578.789 £9.500.157 £624.001 £27,271 £461.732 £9.635.155 14.2 Unrestricted Funds: Movements in the Year Balonce l August 2019 Balance 31 July 2020 IncornÈ Expended Transfer General Reserve 9,029,891 4.669.899 {4.727.218} 5.294 8.977.866 Fair value reserve 578,789 5,000 573.789 £9,608,680 £4,669,899 £4.727.218 £294 £9.551.655 The movement be*een reserves reflects depreciation in rhe year from the 1985 revaluation of buildings and the capital expenditure funded by restricted donation5. Page31
Luckley House School Limited Notes to the Accounts (Continued) for the year ended 31 July 2020 14.2 Unrestricted Funds: Movements in the Year (continued) 2018 ComPGrotive Balonce l August 2Q18 Bolon 31 Juty 2Q19 &7in on Investment Income E¥pended Tronsfrr General ReseThe 9.091.810 4,501,723 (4,617.642) 49,000 5,000 9,029.891 Foir volue reseNe 583.789 5.000 578.789 £9,675,599 £4.5Ql,723 £4.617.642 £49.000 £9.608.680 14.3 Restricted Funds: Movements in the Year Bolance l August 2019 Balance 31 July 2020 Income Expended Transfer Christian Outreich LOOGAJFundraising Polo grnnt Drama Teen Tech I Speech day prize Music 142 21.823 572 1.975 1.844 {57) 85 21,823 572 (1,681) (294) 1,844 30 30 119 £26,475 £1,738 (£294) £24,473 The LOOGAIFundraising monies have been restritted to the funding of a LOOGA and fundraising office. 2019 ComPara(Ne Bolunce l August 2019 Balon 31 Juty 2020 Income Expended Transfer Christiun 0reaCh LOOGAIFuftdraising Polo gront Droma Teen Tech ICT Music 142 21.823 572 100 1,844 119 142 21.823 572 1.975 1.844 119 1,875 £24.600 £1,875 £26.475 Page 32
Luckley House School Limited Notes to the Accounts (Continued) for the year ended 31 July 2020 15. Other Financial Commitments The following annual commitments existed at 31 July 2020 in respett of non-cancellable operating leases expiring= Other opernting leases Asat31 July 2020 As(rt31 Juty 2019 Within one year Between two and five years After five years 63,937 96,266 374 80,606 113306 2,385 £160,577 £196.297 Operating lease expenditure in the year was £84,153 (2019.- £125,315) 16. Pension Obligations The School participated in the Teacher5, Pension Scheme for its teaching Staff up until the 31 st December 2019. The pension charge for the year includes contributions paydble to the scheme of £138,451 {2019.. £237.793) The School runs a defined contribution scheme for support staff and the trachers joined this scheme from 1st January 2020. The cost for the year represents the School's contribution5 to the scheme of £287,777 {2019.- £111.830}. The amount unpaid at the year-end included in other creditors was £55,737 (2019.. £48.061) 17. Reconciliation of cash flows from Operating Activities 2020 2019 Net movement in funds Gain on investment Depreciation charge Loss on disposal of tangible fixed assets Interest receivable Interest on finante lease Interest payable Decreasel{Increase) in stock (Increase)IDecrease in debtors and prepayments Increase/(Decrease) in fees received in advance Increase in deposits from prents (Decrease)Ilncrease in trade creditors Increase in other taxes and social security Increase in accruals & deferred income Increase in other creditors (59,027) (65.044) (49.000) 313.806 9,010 (1.518) 11.692 950 (876) 16,059 (40.017) 22.793 11.614 9.936 14.237 6.693 348,845 (2,635) 13,038 7,539 1,724 (18,134) 1 $2,346 30,208 (9,815) 57,253 6,949 Net cash provided bylprovided by (used in) operating activities £528,392 £260.335 Page 33
Luckley House School Limited Note5 to the Accounts (Continued) for the year ended 31 July 2020 18. Reconciliation of Fixed Asset Purchases 2020 2019 Cash paid in year Assets purchased under HP & Rnance Lease Less creditors l August 2019 238,366 170.392 250.171 Total addition5 (per note 8) £238.366 £420,563 19. Reconciliation of Net Cash Flow to Movement in Net Funds 2020 2019 Increase in cash in the year Loan repayments Capital element of finanee lease repayments 200,084 21,966 50,034 221.665 12.848 45.428 Change in net funds 272,084 2 79.941 Net fundslldebt) at l August 38,590 (24 lJ51) Net Funds at 31 July 310,674 38.590 20. Analysis of Change in Net Funds Net funds a5 at l August 2019 Net funds as at31 July 2020 Cash Change Cash at bank and in hand Bank loan Finance lease 443.333 (200.000) 204.743 200,084 21,966 50,034 643,417 (178,034 154.709 38.590 £ 272.084 £ 310,674 Pe 34
Luckley House School Limited Notes to the Accounts (Continued) for the year ended 31 July 2020 21. Related Party Luckley House Enterprises Limited is considered to be a related party of the School as it 15 a wholly owned subsidiary. The School received £27.173 (2019: £41,547) from their subsidiary and paid £nil 12019: £nil). The balance due from Luckley House Enterprises at the year-end vft5 £40,728 (2019.- £40,728) No other related pary transattion5 were entered into during the year. 22. Capitat Commitments During the financial year the school had entered into an agreement for the refurbishment of the sixth form conservatory. The amount of the contratt entered into but not provided for in these financial statements £SK12019.. £99.556) 23. Frnancial Instruments 2020 2019 Financial assets measured ac amortised cost Financial liabilities measured at amorused cost 788,044 607.625 778.301 731.068 The company's income, expense, gains and losses in respett of financial instrumenrs are summari5ed below 2020 2019 Interest income and expense Interest income Interest expense 2,635 7.539 1.518 950 Financial assets measured at amortised cost comprise cash and cash equivalents, trade debtors, amount owed by group undertaking and other debtors. Financial liabilitie5 measured at amorcised cost comprise a bank loan, trade creditors, other creditors and accruals excluding deferred income and fee5 received in advance. Page 35
Luckley House School Limited Notes to the Accounts (Continued) for the year ended 31 July 2020 24. Statement of Financial Activities - Comparative figures by fund-type Year ended 31 July 2019 Funds Total UnSErieted Kèstricted INCOME FROM: Charitable aCEivities School Fees Other educational income other ancillary trading income Invesunents Investment income Voluntary Sources Donations 4.009,216 87.568 334.287 4.009.216 87.568 334.287 59,462 59,462 1,875 13,065 Totsj 4.501,723 1,875 4.503.598 EXPENDITURE ON: Raising Fund5 Chantable Activities Schools and grantmaking Other ancillary trading expenses 950 950 4,242.431 374,261 4.242.431 374.261 Total Net gains on inYe5tment5 Net income before transfers Tr&nsfer between funds Net movement in funds 4,617,642 49,000 166,9191 4617642 1,875 (65,044) 166,9191 1,875 (65,044) Fund balance broughc forward at I August 2018 9,675,599 24,600 9.700.199 Fund balance carried for*4ard at 31 July2019 £9,608,680 £26,475 £9.635.1 $5 Page 36