OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-07-31-accounts

Company No: 1091938 Charity No: 309099

Luckley House School Limited

Annual Report and Accounts For the year ended 31 July 2023

Luckley House School

(A Charitable Company Limited by Guarantee)

Luckley House School Limited Mission and Vision for the year ended 31 July 2023

Mission

The mission is to provide a Christian education for boys and girls of secondary school age, both day pupils and boarders, characterised by academic excellence, a rich and diverse range of opportunity, aspiration and enthusiasm for life, and generosity of spirit.

The School is designated Church of England, Evangelical under the Designation of Schools Having a Religious Character (Independent Schools) (England) (No.2) Order 2004 and is closely linked with Church Society.

The School is built on the foundations of love and service and aims to equip pupils to live their lives well.

Vision

The School welcomes pupils from all faith backgrounds and none, believing that its Christian ethos provides the best possible basis and context for developing their gifts and abilities, their stature as individuals, and their characters as responsible members of society.

The School’s vision is for pupils to grow into maturity intellectually, physically, socially and spiritually, to become capable and influential young people, and to be equipped to live their lives to the full.

Luckley House School

Luckley Road Wokingham RG40 3EU

www.luckleyhouseschool.org bursar@luckleyhouseschool.org

Telephone: 0118 978 4175

Page 1

Luckley House School Limited Annual Report and Accounts for the year ended 31 July 2023

Contents

Contents
Section Page
Mission and Vision 1
Governors, Officers and Advisers 3
Reference and Administrative Information 5
Structure, Governance and Management 5
Objects, Aims, Objectives and Activities 6
Public Benefit 8
Review of Achievements and Performance for the Year 9
Financial Review and Results for the Year 9
Future Plans 10
Auditors 11
Statement of Governors’ Responsibilities 12
Independent Auditors’ Report to the Governors of Luckley House School Limited 13
Statement of Financial Activities (Income and Expenditure Account) 16
Balance Sheet 17
Cash Flow Statement 18
Notes to the Accounts 19

Page 2

Luckley House School Limited Governors, Officers and Advisers for the year ended 31 July 2023

Governors, Officers and Advisers

The Governors who served during the year were: -

Mrs C A Tao (Chair) Mr J Richardson (resigned 7 October 2023) The Lady Farmer * (Vice-Chair) Mr Jide Akingbade (appointed 25 March 2023) Revd G R Curry (Safeguarding Governor) Mr N Fenton (Chair of Business Committee) Mr B Gardiner (resigned 2 December 2023) Dr L Horrocks (Chair of the Governance Committee) Mr Jeremiah Igunnubole (appointed 1 July 2023) Mr A Imlay * Mrs S Laschinger Mr F Llewellyn (Chair of Education Committee) Mr A Perry Mr A Savage

Officers

Head

Bursar, Clerk to the Governors and Company Secretary

Mrs A Bizior

Mr N Patterson (to 31 December 2023) Mr B Ashton (Interim from 1 January 2024)

Page 3

Luckley House School Limited Governors, Officers and Advisers (Continued) for the year ended 31 July 2023

Advisers

Bankers

Auditors

Insurance Brokers

Address and Registered Office

National Westminster Bank Plc 5 Broad Street Wokingham Berkshire RG40 1FH Crowe U.K. LLP Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL Access Underwriting Limited Selsdon House 212-220 Addington Road South Croydon Surrey CR2 8LD Luckley House School Luckley Road Wokingham Berkshire RG40 3EU

www.luckleyhouseschool.org

Page 4

Luckley House School Limited Governors’ Report for the year ended 31 July 2023

Reference and Administrative Information

Reports and Accounts

The Board of Governors presents the report and accounts of Luckley House School Limited (“Luckley”) for the year ended 31 July 2023. The accounts appear in the format required by the Charities SORP (FRS 102). The report and accounts also comply with the Companies Act 2006.

Resume of Luckley House School

Luckley-Oakfield School Trust Limited was founded in January 1973. Oakfield School originated in 1895 and merged with Luckley School, which was established in 1918, to form Luckley-Oakfield School in 1959. In January 1973, Luckley Oakfield School Trust was founded and incorporated by guarantee. On 5 August 2013 Luckley-Oakfield School changed its name to Luckley House School (“The School”).

Luckley has no share capital and is a registered charity. The guarantee of each Governor is limited to £1. The governing document is the Memorandum and Articles of Association of the company and Governors are the Directors of the company.

The Luckley Directors, Governors and executive officers are listed on page 3. Particulars of Luckley’s professional 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 (Designated Procedure) (Independent Schools) (England) Regulations 2003 with the relevant religious denomination of Church of England, Evangelical.

Structure, Governance and Management

Governing Document

Luckley, a company limited by guarantee, is governed by its Memorandum and Articles of Association dated 5 December 2020

Board

The Board of Governors consists of Governors who are also company directors and trustees of Luckley. The details are as mentioned and listed on page 3.

Members

All Governors are members of Luckley and are appointed by the Board subject to approval by Church Society. Church Society is a registered charity (Charity No. 249574).

Recruitment and Training of Governors

Luckley’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 Chair of Governors, up to three other Governors, the Head, and the Clerk to the Governors, and have visited the School. New Governors are given copies of Guidelines for Governors and the governing document and inducted into the workings of the Charity and School including Board policies and procedures, through details of recent meetings, including strategic planning, and meetings with the Head and Bursar/Clerk 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), and other educational and/or professional bodies. The Board also incorporates training into the annual Strategy Planning Meeting.

Organisational Management

The members of Luckley, which include all governors, meet at the Annual General Meeting and the Board of Governors, who are legally responsible for the overall management and control of the School, meet at least three times a year. The work of implementing Board policy is carried out by the Education and Business Committees who also meet three times each year before the Board meetings. A Governance Committee meets twice each year to review all aspects of Governance including recruitment of new

Page 5

Luckley House School Limited Governors’ Report (Continued) for the year ended 31 July 2023

Governors. The Education Committee reviews and monitors all aspects of school safeguarding and the Business Committee considers the remuneration of the Head and Bursar.

The day to day running of the School is delegated to the Head, supported by the senior leadership team, and to the Bursar. The Head and the Bursar attend all Board meetings and 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 Company’s success.

The appropriateness and relevance of staff remuneration 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.

The School aims to recruit appropriately qualified and experienced staff, offering competitive terms and conditions that provide scope for rewarding excellence. Delivery of the School’s charitable vision and strategic objectives is primarily dependent on our key management personnel. Staff costs are the largest single element of our charitable expenditure.

Relationship with Non-Charitable Subsidiary

Luckley has a wholly owned non-charitable subsidiary, Luckley 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

The School supports the attainment of the highest standards in the Independent Schools sector through networking with other schools and being a member of The Society of Heads, BSA (Boarding Schools Association), AGBIS (Association of Governing Bodies in Independent Schools), and ISBA (Independent Schools’ Bursars Association), and is a foundation member of TISCA (The Independent Schools Christian Alliance). The School also cooperates with many local organisations and charities in its ongoing endeavour to widen public access to the education it provides, optimise the educational use of our cultural, sporting and residential facilities, and promote in its pupils, in the public interest, awareness of the social context of the all-round education they receive. The School continues to develop further links with alumni through and with parents through Luckley House Friends.

Risk Management

The Board is responsible for the management of all risks faced by the School. The Business, Education and Governance Committees each consider risks associated with their respective areas. Strategic risks are scrutinised directly by the Board.

The Governors, in their opinion, have established resources and review systems which, under normal conditions, should allow these risks to be mitigated to an acceptable level in its day-to-day operations.

Objects, Aims, Objectives and Activities

Charitable Objects

The object of the charity as set out in the governing document is to promote and provide for the advancement of education in a context of Christian principles.

Public Benefit Aims and Intended Impact

Through the charitable objects, the public benefit Core Values and Aims have been reviewed by the Board, as outlined on page 8. Based on Christian principles, Luckley House School aims to provide a high-quality independent education, both through strong academic tuition and through developing wider sporting, artistic and social skills in all its pupils. This is intended to provide an environment where all pupils can develop and fulfil their potential, thus building self-confidence and inculcating a desire to contribute to the wider community.

Page 6

Luckley House School Limited Governors’ Report (Continued) for the year ended 31 July 2023

Objectives for the Year

Strategies to Achieve the Year’s Objectives

Strategies included ongoing review of academic syllabi and the benchmarking of academic standards against sector wide public examination results and independent value-added criteria. These are complemented by a wide range of pastoral strategies, based on Christian principles, to develop the whole person. Key to all these is developing the expertise of teaching and pastoral staff, ensuring succession planning, and continued staff development. Furtherance of our links with local junior schools in both the maintained and independent sectors continues to facilitate wider community access to Luckley House School and its facilities.

Principal Activities of the Year

Luckley provides an education to children from the ages of 11 to 18 principally from a catchment area across Berkshire, Surrey, Hampshire and Oxfordshire, but also admits boarding pupils based locally, regionally, nationally and internationally.

In the academic year ended July 2023 the School had 361 pupils (2022: 328) . The school grew to threeform entry into year 7 and a continued interest in the School for entry in future years.

The School continues to appeal to an expanding overseas clientele giving a valued international flavour and an understanding of other cultures.

Grant-making Policy

The Board has regard to Charity Commission and sub-sector guidance on Public Benefit. The Governors’ policy, in line with that of other independent schools, is to make scholarship awards on the basis of the individual’s educational ability and bursaries according to a financial assessment of parental financial situation. Means-tested bursaries equivalent to three full-fee-paying pupils (including 100% bursaries) are being offered for entry across the Lower School and into Year 12, thereby widening access to a Luckley education. All awards are reviewed annually.

This year, one pupil received a 100% Bursary (2022: 1 pupil) . The value of all means-tested Bursaries exceeded £284K (2022: £313K) with other additional means-tested hardship bursaries of £41K (2022: £54K) made available to relieve hardship where a pupil’s future education was at risk, all made from unrestricted funds. Scholarships were awarded to the value of £256K (2022: £230K) and awards of £176K in allowances (2022: £235K) , all made from unrestricted funds.

Volunteers

The School is fortunate to have an excellent relationship with Luckley House Friends. The Luckley House Friends Committee have arranged social activities for pupils, parents, and the local community throughout the year.

The School continues its links with former pupils through its alumni organisation.

Page 7

Luckley House School Limited Governors’ Report (Continued) for the year ended 31 July 2023

Public Benefit

The charitable purpose of the School is the advancement of education and is for public benefit. The Governors of the School are committed to education and to broadening access to the School. Governors use a wide range of opportunities and have complied with their duty in s.17(5) of the Charities Act 2011 to have due regard to the general and relevant sub-sector guidance concerning the operation of public benefit published by the Charity Commission in exercising their responsibilities as Governors.

Education for Pupils

We support the attainment of the highest standards in the Independent Schools sector. Our pupils achieve excellent public examination results (see also page 10), staff act as markers and moderators for public examinations, and we support the induction 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 education sectors. We continue to develop our links with local junior schools in both the maintained and Independent sectors.

Bursaries

Commitment to broadening access to the School includes offering, to eligible parents/guardians, meanstested financial support for the payment of school fees. These Bursaries may be awarded in the form of a reduction of up to 100% on school fees payable depending on the financial circumstances 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 support. 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, subject to the School’s ability to fund these within the context of what is viable according to the School’s overall budget. Information provided by the School alerting the parents/guardians of potential pupils to the possibility of gaining means-tested financial support with the payment of school fees is advertised in the School prospectus, the School website, advertising flyers, the local press by means of advertisements, and during open days/mornings.

Pupil Activities

Over the course of the year pupils raised £4.9K (2022: £1.6K) for charities both national and international.

Use of Facilities

We also cooperate with many local organisations and charities to optimise the educational use of our cultural, sporting, and residential facilities and to promote, in our pupils, in the public interest, awareness of the social context of the all-round education they receive at the School. In addition to our sports facilities and theatre being used by local clubs and organisations, the residential facilities continue to be utilised during vacation periods to benefit other Christian faith and educational groups.

Page 8

Luckley House School Limited Governors’ Report (Continued) for the year ended 31 July 2023

Strategic Report

Review of Achievements and Performance for the Year

Operational Performance of the School

Luckley pupils achieved excellent outcomes in the public exams this year with 44% achieving GCSE grades of 7-9 and 76% A*- C at A Level.

100% of our Sixth Form Leavers achieved confirmed places on exciting university courses with 94% of students having secured places at their first-choice university. Students are also moving on into the world of film, sports, the creative arts and apprenticeships alongside academia.

During the year, substantial development of the site has taken place including the development of the outside space and the boarding accommodation.

Fundraising Performance

The charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011.

Investment Performance Against Objectives

Apart from the subsidiary undertaking mentioned in the Balance Sheet, Luckley has no material investments. Any short- term credit monies are placed in bank cash deposits.

Financial Review and Results for the Year

Review of Financial Activity

The Board remains focused on strategic planning with sound financial strategy and control continuing to be exhibited. Current assets have decreased by 7% (2022: increased 4%) . Creditors falling due within one year have also increased by 11% (2022: 31%) resulting in a decrease in net current assets.

The year-end shows a surplus in unrestricted funds before transfers. Pupil net fee income was up 21%, (2022: up 13%) . Costs have been vigorously controlled and managed, and we anticipate an upward trend in the coming years.

Reserves Policy

The School needs reserves to ensure it can fulfil the charitable obligations and commitments it enters into. The Governors regularly review the finances, budgets and spend against budget together with a monthly cash flow analysis as part of the effective stewardship of the School.

The Governors recognise that the level of reserves fluctuates during periods of investment in the School estate and the arrangements with our bank are in place to provide an adequate ‘safety net’ should it be required.

At the end of the financial year, the level of reserves stood at £11.6m (2022: £10.3m) with no freely available reserves (2022: nil). £639k of the reserves (2022: £734k) remain in restricted funds to be used for the development of the school site and a Development Office.

The move to becoming a coeducational school combined with other marketing strategies have proved successful with the School entering its seventh consecutive year of growth in pupil numbers. As this trend continues, the Board have every confidence that the School will reach its reserves target within an acceptable period of time.

Page 9

Luckley House School Limited Governors’ Report (Continued) for the year ended 31 July 2023

Investment Policy and Objectives

These are governed by the Memorandum and Articles, which permit monies not immediately required to be invested in such investments, securities or property as may be thought fit, subject to conditions imposed or required by law.

Principal Risks and Uncertainties

Education, Business (including compliance), and Governance risks are reviewed regularly by the relevant Board committees while strategic risks are considered directly by the Board at the annual Strategy Planning Meeting. Ensuring the long-term viability of the School continues to be of the highest priority for Governors. Bearing in mind the School’s current strengths and traditions, whilst also looking to the future, the Governors through the year have carried out extensive research and consultation to assess future local and national demands and how the School can best fulfil its vision for future generations.

Safeguarding and Health and Safety are always significant areas for risk management. The School Health and Safety Committee regularly reviews all related policies, and an outside consultant audits all risk assessments and procedures and reports to that committee. Governors review all policies and approve both Safeguarding and Health & Safety Policies.

Future Plans

During the year the Board have been reviewing strategic planning and aims. The key objectives within the current plan continue to be to:

Page 10

Luckley House School Limited Governors’ Report (Continued) for the year ended 31 July 2023

Auditors

So far as each of the Governors is aware, at the time the report is approved, there is no relevant audit information of which the company’s auditors are unaware, and the Governors have taken all steps that they ought to have taken in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Crowe U.K. LLP have expressed their willingness to continue in office as auditors and a resolution proposing their re-appointment will be submitted to the forthcoming Annual General Meeting.

The Governors’ Report, under the Charities Act 2011 and the Companies Act 2006, was approved by the Board of Governors on 16 April 2024 including approving, in their capacity as company directors, the Strategic Report contained therein, and is signed as authorised on its behalf by:

Mrs Claire Tao Chair

Page 11

Luckley House School Limited Governors’ Report (Continued) for the year ended 31 July 2023

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 Governors’ Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

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

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 Auditor’s Report to the Governors of Luckley House School Limited

We have audited the financial statements of Luckley House School Limited for the year ended 31 July 2023 which comprise the statement of financial activities, the balance sheet, the cash flow statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

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

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

We have nothing to report in this regard.

Page 14

Independent Auditor’s Report to the Governors of Luckley House School Limited (Continued)

Opinions on other matters prescribed by the Companies Act 2006

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

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 directors’ report included within the Governors’ 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:

Responsibilities of Governors

As explained more fully in the Governors’ responsibilities statement set out on page12, 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.

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.

Page 15

Independent Auditor’s Report to the Governors of Luckley House School Limited (Continued)

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 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 for the UK operations were The Education (Independent School Standards) Regulations 2014 and legislation around safeguarding children.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees 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 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 Business Committee about their own identification and assessment of the risks of irregularities, sample testing of documentation relating to non-fee income, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate and 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 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 noncompliance 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.

Alastair Lyon

Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Aquis House 49-51 Blagrave Street Reading RG1 1PL 23 April 2024

Page 16

Luckley House School Limited Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the year ended 31 July 2023

Notes
INCOME FROM:
Charitable activities
School Fees
4
Other educational income
4
Other ancillary trading income
4
Investments
Investment income
4
Voluntary Sources
Donations
Other Income
4
Total
EXPENDITURE ON:
Raising funds
Charitable Activities
Schools and grant-making
Other ancillary trading expenses
Total
7
Net gains on investments
Net income before transfers
Transfer between funds
Net movement in funds
Fund balance brought forward at
1 August 2022
Fund balance carried forward at
31 July 2023
14		 Unrestricted
£
6,238,698
225,789
578,254
18,942
18,287
-
7,079,970
24,058
6,686,031
699,292
7,409,381
-
(329,411)
1,699,443
1,370,032
9,557,482
£10,927,514		 Restricted
£
-
-
-
-
1,859,666
-
1,859,666
-
254,707
-
254,707
-
1,604,959
(1,699,443)
(94,484)
733,911
£639,427		 Total
2023
£
6,238,698
225,789
578,254
18,942
1,877,953
-
8,939,636
24,058
6,940,738
699,292
7,664,088
-
1,275,548
-
1,275,548
10,291,393
£11,566,941		 Total
2022
£
5,145,131
223,792
403,506
899
758,653
-
_6,531,981 _
20,053
5,848,904
547,098
6,416,055
-
115,926
-
115,926
10,175,467
£10,291,393

All incoming resources were derived from continuing operations.

The unrestricted income and expenditure column details the operational day to day finances of the school for the year. The restricted expenditure relates to planned development projects and expenditure which have been funded through specific donations to the school.

The notes on pages 19 to 34 form part of these accounts

Page 17

Luckley House School Limited Balance Sheet as at 31 July 2023 (Company No: 1091938)

2023 2022
Notes £ £ £
Fixed Assets
Tangible Assets 8 11,930,448 10,129,782
Other Investments 9 1 1
11,930,449 10,129,783
Current Assets
Stock 10 67,289 67,289 91,929
Debtors 11 621,416 621,416 305,898
Cash at bank and in hand 1,156,998 998 1,591,191
1,845,703 703 1,989,018
Creditors:amounts falling due within
one year 12.1 1,340,392 392 1,207,154
Net Current Assets/ Liabilities
505,311		 781,864
Creditors:amounts falling due after
one year 12.2 (868,829)
 (620,254)
Net Assets £11 £11,566,941 £10,291,393
Represented by: -
Restricted
Funds 14 639,427 733,911
Unrestricted Funds
Designated and general 14 10,368,715 8,993,693
Fair value reserve 14 558,789 563,789
14 **11,927,504 ** _9,557,482 _
Total Funds £11 £11,566,941 £10,291,393

Approved and authorised for issue by the Board of Governors on 16 April 2024 and signed on its behalf by:

Mrs C Tao Chair

The notes on pages 19 to 34 form part of these accounts

Page 18

Luckley House School Limited Cash Flow Statement for the year ended 31 July 2023

Notes
Net cash provided by operating
activities
17
Cash flows from investing activities
Payments to acquire tangible fixed assets
18
Proceeds from sale of tangible fixed assets
Interest received
Net cash provided by investing activities
Cash flows from financing activities
Repayment of loan
Finance lease repayment
Finance lease interest
Bank interest payable
Bank loan advance
Change in cash and cash equivalents in
the year
Cash and cash equivalents at the
beginning of the year
Cash and cash equivalents at the end of
the year		 £
(952,609)
-
15,081		 2023
£
267,967
(937,528)
235,369
(434,192)
1,591,191
£1,156,998		 2022
£
760,708
(728,537)
-
899
(48,343)
(85,108)
(16,821)
(24,058)
409,699		 (727,638)
(29,964)
(103,230)
(16,572)
(20,053)
120,000
(49,819)
(16,749)
1,607,940
£1,591,191

The notes on pages 19 to 34 form part of these accounts

Page 19

Luckley House School Limited Notes to the Accounts for the year ended 31 July 2023

1. Company Information

The principal activity of the School is the provision of education to children from the ages of 11 to 18. The School is a company limited by guarantee (registered number 1091938), is a registered charity (charity number 309099) and is incorporated and domiciled in the UK. Each member's liability would be limited to an amount not exceeding £1 in the event of the School winding up. The address of the registered office is Luckley House School, Luckley Road, Wokingham, Berkshire, RG40 3EU.

2. Statement of Accounting Policies

2.1 Basis of Preparation

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.

Luckley House School Trust 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).

2.2 Going Concern

September 2023 has started with a growth in pupil numbers including in boarding and the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.

2.3 Group Accounts

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 about Luckley House School Limited as an individual entity.

2.4 Tangible Fixed Assets

New buildings, vehicles and major items of fixtures and fittings and computer equipment are capitalised and carried in the balance sheet at historical cost less depreciation.

Depreciation is provided on all tangible fixed assets in use, other than freehold land, at rates and bases calculated to write off the cost of each asset over its estimated useful life as follows:

Freehold buildings 2% straight line basis Furniture and equipment 20% reducing balance basis Motor vehicles 25% reducing balance basis Computer equipment 33.3% straight line basis

Page 20

Luckley House School Limited Notes to the Accounts for the year ended 31 July 2023

2.5 Incoming Resources

School fees represent amounts receivable for educational services provided, including extras. Other educational income includes registration fees, exam fees and similar income. Other ancillary trading income includes school trips, school transport, catering and similar income.

Income is deferred for fees received in advance, theatre bookings taken in advance and trips that take place in future accounting periods. The income is recognised in the SOFA in the year to which it relates. The Coronavirus Job Retention Scheme grant is recognised in the SOFA in the period to which it relates.

2.6 Donations

Donations are credited to the Statement of Financial Activities in the year in which they are received and the economic benefit to the School is considered probable. Donations receivable for the general purposes of the Charity are credited to Unrestricted Funds. Donations for purposes restricted by the wishes of the donor are taken to Restricted Funds.

2.7 Resources Expended

Resources expended are 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.

Governance costs comprise the costs of running the charity, including strategic planning for its future development, also external audit, and all the costs of Board and Sub-Committee meetings and of preparing statutory accounts and satisfying public accountability.

2.8 Teaching Costs

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

2.9 Pension Scheme

The charity continues to operate a defined contributory group personal pension scheme for nonteaching staff and teaching staff.

2.10 Grants

During the year the School claimed nil (2022: £3K) from the UK Government under the Coronavirus SSP grant ((2021: nil) Coronavirus Job Retention Scheme). Grants are recognised in the statement of financial activities on an accruals basis

Page 21

Luckley House School Limited Notes to the Accounts (Continued) for the year ended 31 July 2023

2. Statement of Accounting Policies (Continued)

2.11 Operating Leases

Rentals payable under operating leases are charged to the statement of financial activities as incurred.

2.12 Stock

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

2.13 Financial instruments

Basic financial instruments include debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at amortised cost.

2.14 Cash and cash equivalents

Cash at bank and cash equivalents includes cash and short term highly liquid investments with a short maturity of 3 months or less from the date of acquisition or opening of the deposit or similar account.

2.15 Parent Deposits

The Governors have reviewed the contract terms under which deposits from parents 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 31 July 2023 have been included within current liabilities. The prior year deposits from parent balance has been similarly represented.

2.16 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 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.

Page 22

Luckley House School Limited Notes to the Accounts (Continued) for the year ended 31 July 2023

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. Income from Charitable Activities

4.1 School Fees

The School’s fee income comprised:

Gross Fees
Less: Total scholarships, bursaries and allowances
4.2
Other Educational Income
Registration Fees and other Educational Income
4.3
Other Ancillary Trading Income
Letting income
Other Ancillary Trading Income (see note 2.6)		 2023
£
7,011,260
(772,562)
£6,238,698
2023
£
£225,789
2023
£
52,135
526,119
£578,254		 2022
£
5,978,385
(833,254)
£5,145,131
2022
£
£223,792
2022
£
33,887
369,619
£403,506

The other ancillary trading income includes £31,053 (2022: £18.1K) payable by Luckley House Enterprises Limited for administration services provided by the School.

Page 23

Luckley House School Limited Notes to the Accounts (Continued) for the year ended 31 July 2023

4.4 Investment Income

Bank Interest
Rental income
Gift aid from investment
4.5 Other Income
Coronavirus Job Retention Scheme Grant		 2023
£
15,081
-
3,861
£18,942
2023
£
£-		 2022
£
848
-
_51 _
£899
2022
£
£-

5. Restricted Expenditure

During the year £402K was spent on school site development projects, £34k was spent on the development office and £150k on senior academic salaries.

6. Resources Expended

6.1 Staff Costs

Salaries and wages
Social security costs
Pension contributions		 2023
£
3,675,221
352,317
526,914
£4,554,452		 2022
£
2,919,259
271,237
482,538
£3,673,034

The average weekly number of employees during the year was 132 (2022: 125).

One of the Governors received expenses totalling £1,233 from Luckley House School during the year ( 2022: £1,195 )

Aggregate employee-benefits of key management personnel £271,358 £242,443

Page 24

Luckley House School Limited Notes to the Accounts (Continued) for the period ended 31 July 2023

6.1 Staff Costs (continued)

The number of higher paid employees was:

2023 2022
Taxable emoluments band
£60k to £70K 5 2
£70k to £80K - 1
£80k to £90K 1 -
£110K to £120K - 1
£130K to £140K 1 -
he number with retirement benefits accruing in
- Defined Benefit Schemes was - -
- Defined Contributions Scheme was 7
2
2023 2022
Full time Full time
Total staff
equivalent		 Total staff equivalent
No No No No
Teaching Staff 81
55		 74 49
Administration 15
14		 13 13
Domestic and welfare 30
18		 28 20
Transport 8
4		 7 4
Grounds and maintenance 4
4		 3 3
138
95		 125 89

The number with retirement benefits accruing in

During the year there were termination payments which amounted to £nil ( 2022: £nil ). There was £90k provided for at year-end in respect of a settlement agreement.

6.2 Net incoming/(outgoing) resources

This is stated after charging/(crediting)
Auditors’ remuneration – Audit fees
-
relating 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		 2023
2022
£
£
15,570
11,275
496,450
500,127
20,494
25,617
-

20,266

Page 25

Luckley House School Limited Notes to the Accounts (Continued) for the year ended 31 July 2023

7. Analysis of Resources Expended

Charitable activities
Teaching Costs
Welfare
Premises
Support Costs
Finance Costs
Recharges
Raising Funds
Bank Loan Interest
Other Ancillary
Trading
Total Resources
Expended		 Staff costs
£
3,077,793
549,598
111,008
695,552
-
-
4,433,951
-
120,501
£4,554,452		 Other
£
258,957
205,538
836,877
535,649
33,463
122,253
1,992,737
24,058
575,897
£2,592,692		 Depreciation
£
296,104
-
220,840
-
-
-
516,944
-
-
£516,944		 Total
£
3,632,854
755,136
1,168,725
1,231,201
33,463
122,253
6,943,632
24,058
696,398
£7,664,088

Included within support costs are governance costs of £38,293 (2022: £15,863

2022 Comparative

Charitable activities
Teaching Costs
Welfare
Premises
Support Costs
Finance Costs
Recharges
Raising Funds
Bank Loan Interest
Other Ancillary Trading
Total Resources
Expended		 Staff costs
£
2,552,842
459,553
76,271
496,588
-
-
3,585,254
-
87,780
£3,673,034		 Other
£
223,627
146,515
852,951
447,514
32,227
35,572
1,738,406
20,053
459,318
£2,217,777		 Depreciation
£
304,650
-
220,594
-
-
-
525,244
-
-
£525,244		 Total
£
3,081,119
606,068
1,149,816
944,102
32,227
_35,572 _
5,848,904
20,053
547,098
£6,416,055

Page 26

Luckley House School Limited Notes to the Accounts (Continued) for the year ended 31 July 2023

8. Tangible Assets

Deemed Cost
1 August 2022
Additions
Disposal
Transfer
31 July 2023
Depreciation
1 August 2022
Disposal
Provision for year
31 July 2023
Net Book Value
31 July 2023
Net Book Value
31 July 2022		 Freehold
Land &
Buildings
£
12,137,747
2,040,987
-
-
14,178,734
2,854,381
-
220,840
3,075,221
£11,103,513
£9,283,366		 Computer
Equipment
£
692,716
67,611
-
-
760,327
537,651
-
115,064
652,715
£107,612
£155,065		 Furniture
&
Equipment
£
2,061,463
183,447
-
-
2,244,910
1,372,614
-
174,523
1,547,137
£697,773
£688,849		 Vehicles
£
66,366
25,565
-
-
91,931
63,864
-
6,517
70,381
£21,550
£2,502		 Total
£
14,958,292
2,317,610
-
-
17,275,902
4,828,510
-
516,944
5,345,454
£11,930,448
£10,129,782

The net book value of furniture and equipment includes an amount of £81,976 (2022: £102,470) in respect of assets held under finance leases and hire purchase contracts. The net book value of computer equipment includes an amount of £42,278 ( 2022: £84,556 ) in respect of assets held under finance leases and hire purchase contracts.

The cost or valuation of freehold land and buildings includes freehold land at £2,623,040 which is not depreciated.

The School has elected, in accordance with Section 35.10(d) of FRS102, to use the carrying value on 1 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 2023

9. Other Investments

At 1 August 2022 and 31 July 2023
Name of undertaking
Country of
incorporation
Luckley House
Enterprises Limited
England		 2023
2022
£
£
£1
£1
Description
of shares
held
Proportion
of rights
and shares
held
Nature of
business
£1 Ordinary
100%
Provision of
serviced
residential lets

Group accounts have not been prepared on the grounds of immateriality.

The audited accounts for the company for the year to 31 July 2023 show a turnover of £42,563 profit of £3,337 leaving net assets of £9,370.

10. Stock

Stock
ebtors
Trade debtors
Amount owed by group undertaking
Prepayments and accrued income
Other debtors		 2023
£
67,289
£67,289
2023
£
18,398
50,890
532,663
19,465
£621,416		 2022
£
91,929
£91,929
2022
£
92,042
19,824
182,178
_11,854 _
£305,898

11. Debtors

Page 28

Luckley House School Limited Notes to the Accounts (Continued) for the year ended 31 July 2023

12.1 Creditors: Amounts falling due within one year

Fees received in advance
Fees in Advance Scheme (see note 13)
Deposits from parents
Trade creditors
Other taxes and social security costs
Accruals and deferred income
Bank Loan (see note 12.2a)
HP and Finance Lease (see note 12.2b)
Other creditors		 2023
£
151,386
276,263
285,572
52,425
91,119
247,503
117,567
39,680
78,877
£1,340,392		 2022
£
80,430
249,318
279,901
194,107
75,297
138,885
37,432
85,108
66,676
£1,207,154

12.2 Creditors: Amounts falling due after more than one year

Fees in Advance Scheme (see note 13)
HP and Finance Lease (see note 12.2b)
Bank Loan (see note 12.2a)		 2023
£
171,081
2,923
694,825
£868,829		 2022
£
164,143
42,507
_413,604 _
£620,254

12.2a

The bank loans are repayable as follows:

Within one year
Between one and two years
Between two and five years
Over five years		 2023
£
117,567
118,491
347,837
228,497
£812,392		 2022
£
37,432
38,283
121,673
253,648
£451,036

The Nat West bank loan is secured by a legal charge over the freehold property of the school and its assets. The loan being £325K at 31 July 2023 ( 2022: £342k ) will be repaid in 2036. The interest rate is 4.91%. The Societe General Loans are unsecured and will be repaid in 2028. The loans were £487k at 31 July 2023.

Page 29

Luckley House School Limited Notes to the Accounts (Continued) for the year ended 31 July 2023

12.2b

The HP and finance lease is repayable as follows:

Within one year
Between one and two years
Between two and five years		 2023
£
39,680
2,923
-
£42,603		 2022
£
85,108
39,680
2,827
£127,615

13 Fees in Advance Scheme

Parents may enter into a contract to pay the School in advance for fixed contributions towards the tuition fees for up to five years. The money may be returned subject to specific conditions on the receipt of notice. Assuming pupils will remain in the School, fees in advance will be applied as follows:

Within 2-5 years
Within 1-2 years
Within 1 year
ummary of movements in liability
Balance at 1 August 2022
New Contracts
Amounts used to pay fees
Balance at 31 July 2023		 2023
£
57,406
113,675
171,081
276,263
£447,344
£
413,461
484,972
(451,089)
£447,344		 2022
£
70,436
93,707
164,143
249,318
£413,461

Summary of movements in liability

Page 30

Luckley House School Limited Notes to the Accounts (Continued) for the year ended 31 July 2023

14. Funds

14.1 Net Assets of the Funds of Charity

Restricted funds
Unrestricted
Funds
General Reserve
Fair value reserve
Comparative
Restricted funds
Unrestricted Funds
General Reserve
Fair value reserve		 Fixed
Assets
£
-
11,371,659
558,789
£11,930,448
Fixed
Assets
£
-
9,565,993
563,789
£10,129,782		 Investments
£
-
1
-
£1
Investments
£
-
1
-
£1		 Net Current
Long term
Assets/
Liabilities
(Liabilities)
£
£
639,427
-
(134,116)
(868,829)
-
-
£505,311
(£868,829)
Net Current
Long term
Assets/
Liabilities
(Liabilities)
£
£
733,911
-
47,953
(620,254)
-
-
£781,864
(£620,254)		 Fund
Balance
£
639,427
10,368,715
558,789
£11,566,931
Fund
Balance
£
733,911
8,993,693
563,789
£10,291,393

2022 Comparative

14.2 Unrestricted Funds: Movements in the Year

General
Reserve
Fair value
reserve		 Balance
1 August
2022
£
8,993,693
563,789
£9,557,482		 Income
£
7,079,970
-
£7,079,970		 Expended
£
(7,409,381)
-
(£7,409,381)		 Transfer
£
1,704,443
(5,000)
£1,699,443		 Balance
31 July
2023
£
10,368,725
558,789
£10,927,514

The movement between reserves reflects depreciation in the year from the 1985 revaluation of buildings and the capital expenditure funded by restricted donations.

Page 31

Luckley House School Limited Notes to the Accounts (Continued) for the year ended 31 July 2023

14.2 Unrestricted Funds: Movements in the Year (continued)

2022 Comparative

Comparative
General
Reserve
Fair value
reserve		 Balance
1 August
2021
£
8,956,200
568,789
£9,524,989		 Income
£
5,779,510
-
£5,779,510		 Expended
£
(6,023,896)
-
(£6,023,896)		 Transfer
£
281,879
(5,000)
_£276,879 _		 Balance
31 July
2022
£
8,993,693
563,789
£9,557,482

14.3 Restricted Funds: Movements in the Year

Christian Outreach
LOOGA/Fundraising
Polo grant
School Building
Development
Sports Field
Senior academic staff
Teen Tech ICT
Speech day prize
Music		 Balance
1 August
2022
£
85
73,523
572
507,708
-
150,000
1,844
60
119
£733,911		 Income
£
-
326
-
344,310
1,365,000
150,000
-
30
-
£1,859,666		 Expended
£
-
(3,022)
-
(251,685)
-
-
-
-
-

(£254,707)		 Transfer
£
-
(34,413)
-
(150,000)
(1,365,000)
(150,000)
-
(30)
-
(£1,699,443)		 Balance
31 July
2023
£
85
36,414
572
450,333
-
150,000
1,844
60
119
£639,427

The LOOGA/Fundraising monies have been restricted to the funding of a LOOGA and fundraising office.

2022 Comparative

Christian Outreach
LOOGA/Fundraising
Polo grant
School Building
Development
Senior Academic Staff
Teen Tech ICT
Speech day prize
Theatre Event
Pizza Oven
Music		 Balance
1 August
2021
£
85
20,023
572
477,775
150,000
1,844
30
-
-
119
£650,448		 Income
£
-
80,000
-
520,000
150,000
-
30
100
2,341
-
£752,471		 Expended
£
-
(26,500)
-
(213,188)
(150,000)
-
-
(100)
(2,341)
-
(£392,129)		 Transfer
£
-
-
-
(276,879)
-
-
-
-
-
-
(£276,879)		 Balance
31 July
2022
£
85
73,523
572
507,708
150,000
1,844
60
-
-
119
£733,911

Page 32

Luckley House School Limited Notes to the Accounts (Continued) for the year ended 31 July 2023

15. Other Financial Commitments

The following annual commitments existed at 31 July 2023 in respect of non-cancellable operating leases expiring: -

Within one year
Between two and five years
After five years		 Other operating leases
As at 31
July 2023
As at 31 July
2022
£
£
93,127
80,478
127,549
129,046
19,739
1,113
£240,415
£210,637		 Other operating leases
As at 31
July 2023
As at 31 July
2022
£
£
93,127
80,478
127,549
129,046
19,739
1,113
£240,415
£210,637
£210,637

Operating lease expenditure in the year was £72,231 (2022: £86,063)

16. Pension Obligations

Pension payments made during the year were as follows:

2023
£
Defined contribution scheme
523,830
Total Pension Costs
£523,830
Amounts included in creditors at Year End
£66,998
17. Reconciliation of cash flows from Operating Activities
2023
£
Net movement in funds
1,275,548
Gift in kind
(1,365,000)
Depreciation charge
516,944
Loss on disposal of tangible fixed assets
-
Interest receivable
(15,081)
Interest on finance lease
16,821
Interest payable
24,058
(Increase)/Decrease in stock
24,640
(Increase)/Decrease in debtors and prepayments
(315,518)
(Decrease)/ Increase in fees received in advance
104,839
Increase in deposits from parents
5,671
Increase/(Decrease) in trade creditors
(86,650)
Increase/(Decrease) in other taxes and social security
15,822
Increase in accruals & deferred income
36,781
Increase/(Decrease) in other creditors
29,091
Net cash provided by operating activities
£267,966		 2022
£
482,538
£482,538
£56,746
2022
£
115,926
-
525,243
20,266
(899)
16,572
20,053
(89,985)
(18,627)
(67,065)
47,396
166,403
16,373
4,422
4,630
£760,708

Page 33

Luckley House School Limited Notes to the Accounts (Continued) for the year ended 31 July 2023

18. Reconciliation of Fixed Asset Purchases

econciliation of Fixed Asset Purchases
2023
£
Cash paid in year
542,910
Donation in kind
1,365,000
Assets purchased under HP & Finance Lease
409,699
Total additions (per note 8)
£2,317,609
econciliation of Net Cash Flow to Movement in Net Funds
2023
£
(Decrease)/Increase in cash in the year
(434,193)
Loan advance
(361,356)
Capital element of finance lease repayments
(85,102)
Change in net funds
(710,536)
Net funds at 1 August
1,012,540
Net Funds at 31 July
£
**302,004 **		 2022
£
728,537
126,266
£854,803
2022
£
(16,749)
(90,036)
(23,036)
(129,821)
1,142,361
£ 1,012,540

19. Reconciliation of Net Cash Flow to Movement in Net Funds

20. Analysis of Change in Net Funds

Cash at bank and in hand
Bank loan
Finance lease		 Net funds as
at 1 August
2022
£
1,591,191
(451,036)
(127,615)
£ 1,012,540		 Cash
Change
£
(434,193)
(361,356)
85,012
£ (710,537)		 Net funds as
at 31 July
2023
£
1,156,998
(812,392)
(42,603)
£ 302,003

21. Related Party

Luckley House Enterprises Limited is considered to be a related party of the School as it is a wholly owned subsidiary. The School received £3,861 ( 2022: £40,569 ) from their subsidiary and paid £nil ( 2022: £nil ). The balance due from Luckley House Enterprises at the year-end was £50,890 (2022: £19,824).

During the year, the aggregate value of all donations to the charity by all trustees and related parties combined amounted to £1,515,000 (2022: £670,000).

No other related party transactions were entered into during the year.

Page 34

Luckley House School Limited Notes to the Accounts (Continued) for the year ended 31 July 2023

22. Capital Commitments

During the previous financial year, the school had entered into an agreement for the purchase of IT equipment new minibuses. The amount of the contract entered into but not provided for in these financial statements was £81K ( 2022: £81k )

23. Statement of Financial Activities – Comparative figures by fund-type

Year ended 31 July 2022

Year ended 31 July 2022
INCOME FROM:
Charitable activities
School Fees
Other educational income
Other ancillary trading income
Investments
Investment income
Voluntary Sources
Donations
Other Income
Total
EXPENDITURE ON:
Raising Funds
Charitable Activities
Schools and grant-making
Other ancillary trading expenses
Total
Net income before transfers
Transfer between funds
Net movement in funds
Fund balance brought forward at 1
August 2021
Fund balance carried forward at
31 July 2022		 Unrestricted
£
5,145,131
223,792
403,506
899
6,182
-
5,779,510
20,053
5,456,745
547,098
6,023,896
(244,386)
276,879
32,493
9,524,989
£9,557,482		 Restricted
£
-
-
-
-
752,471
-
752,471
-
392,159
-
392,159
360,312
(276,879)
83,433
650,478
£733,911		 Funds
Total
£
5,145,131
223,792
403,506
899
758,653
-
**6,531,981 **
20,053
5,848,904
547,098
6,416,055
115,926
-
115,926
10,175,467
£10,291,393

Page 35