Registered number. 01053039 Charfty number 309100 LUDGROVE SCHOOL TRUST UMITED IA compary limited by guarantse) TRUSTEES, ANNUAL REPORT AND CONSOUDATED FINANcIALsTATEME￿[[s FOR THE YEAR ENDED 31 AUGUST 2022 *AC4F3QYQ' 2710512023 C(￿1PANIEs HOUSE #1 LUDGROVE SCH(X>L TRusf UMITED (A compary iimrie(I by guarante81 Page Trustees. Anr￿￿1 Repryt Truste￿ Responslbliiues Ststement io 11-14 15 16 17 19-38 LUDGROVE SCHOOL TRUST UMITED (A company limited by guaantee) REFERENCE AND ADMINisfRATIVE ￿AlLs OF THE CHARrrY. rrs DIRECTORS AND ADVISERS FOR THE YEAR ENOED 31 AUGUST 2022 Directors C L Butterworth. Chairman N R Brooks R N T Cormack R M den 8esten L C L Fitzwilts'arns A B Henshilwcmxi A J Hinchb'ff B J Holden W S Johnston Iresigned 21 June 20221 M A Smyth-0sL¥)urne D D Vigors V J Morphet lappointed on 12 December 2022) R M Wiggin (resigned 21 June 2022) M E Brittain 01053039 Charity registered Nmber 309100 Page 1 Lu￿ROvE SCHOOL TRUST UMITED (A coryxny ilmtted by guarantee) REFERENCE AND ADmINisrRATh￿ DEfAILS OFTHE CHARITY. ITS DIREcfoRS AND ADWSERS FOR THE YEAR ENDED 31 AUGUST 2022 Ludgrove School Wokingham Berkshire RG40 3AB Audknr CLA Evelyn Partners Limited Chartered Accountants statutory Auditor Onslow House Onslow Street Guildford Surrey GUI 4TL Bankws Barclays Bank Pic POBox61 Brackneil Berkshire RG12 IGJ Natwest Bank Pic 13 Market Place Reading RGI 2EG Page 2 LUDGROVE S3ry Umited by guarantee) TRusfEES' ANNUAL REPORT IINCORFQRAMNG THE STRATECdC REPORn COWINUEO FOR THE YEAR ENDED 31 AUGUST 2022 Objectlves and actlvlti The priwipal airn and acbvity of the Company conbnues to be the provision and promobon of a first ctass education. Ludgrove seeksto bea school where b)ys can grow and develop in a happy. caring environment, learn an awareness and CO￿ern for others around them and achieve their full FK)tential. at the same time as providing facilities. employment and resources for the local community of Wokingham The Company's strategies for achievi￿ its aims include the recruitmenL employment and training Df a high quality, caririg and professional workforce., the maintenance of a high standard of academic. moral and personal educatiorn." the maintenance. continual improvement and. when necessary. the addition of facilities at the School.. and making available and seeking opwrtuniLEs for the use of the SchoDI's grcmjnds and facilities by other schools. clubs ar¥J other organisabons in the l(*al community. The School had 194 12021.. 193) PUFJis on the register al the year eThJ and has had a successful yeai with academic. Spofling and cultural achieverrEnts as strong as ever Achlevements and perf0mlar￿e As always we remain unashamedlyambitious f￿ our boys in whatever they do. partculariy on the academic front and it Is a facl Ihat every year. with a non-seleclive intake in Year 4, our boys achieve incredible academic success. We were delighted that all the top yeai boys gained entry to twelve distinguished schools. including nine to Eton. eight to Radley. four to Marlborough. three to Harrow. three to Wellinglon, two each to Winchester. Charterhouse. RL￿by. TonbrKJge Shett)orne. and one each to Stowe. Bradfield. Chellenham. Oundle and Monkton Combe. When one thinks of a cufriculum it is very easyto focus on the academic side of thing& However. life outside the classroom is just as much a part of a child's education and sporting activity. culLuraL musical and artistic studies continue to be an importsnt part of bfe at the schooL Teaw games offootball and rugby were ptayed against other schooLs at all ages and at all levels of ab1￿"ty. Additional matches were arranged in hockey, tennis. squash.- fives, swimmirKJ. golf. chess. general knowledge. judo and athletic& Music and drama continue lo play an impcytant role in school b.fe and all the boys take part in pubbc speaking and poetsy recibng events as well as in debates. The theatre continues to provide a wonderfulspace for the performing arts and it has without doubt enhanced the confidence and character of the boys. It is also a venue which attracts high quality speakers and the lectures enjoyed ths year have significantLy enriched us all. Page 4 LUDGROVE SCHratsve working with those schools In addib"on. Lud9rove provides a budget to allow the organisab.on of a range of curriculum ennchment events. ranging from large scale events reaching I.OC() + students lo targeted activities designed to focus on small groups with specific needs. Page 5 LUDGROVE SCHOOL TRusf UMrrED IA company limited by guarnntee) TRU￿EEs. ANNUAL REPORTUNCORPORATING THE sfkATECAC REpoKn CONTINUED FOR THE YEAR ENDED 31 AUGUST 2022 In addition to the above. the minibuses. swimming pwi a￿1 swrts hall are ali used by the wider community. Six members of staff are currently serving on the goveming bodies of local state school& The School will conlinue to further foster b.nks wilh the tfKal community and Local Authority funded schools focusing on the provision of access to the SclKxA's facilities arKI OPF)Ortunities to share expertise in academic. cultural and sporting activities as well as regvlarly reviewing how it can best deb'ver its charitalAe objectives. A governors, Social Impact Committee has Ixen estsblished to f¢XUS on these activities. Fundraising All fundraising activities for the School are carried out by our staff with assistance from parents for specific fundiaising event& The SC￿X)I does not use professional fundraiser& All fijndraisiro activities are managed by the School and monitored by the director> The Schwl's subsidiary charity. The Ludgrove SchrK)l Foundation. carries out fijndraising activity for the Group arKI during the year raised £90,77912021." E16.7151 in donations No complaints relating to fur￿raISing actiwts.es have been received by the School during this financial year. The School does not CLJrrently subscribe to any sr)ecific fundraising standards or schemes but considers that It has set appropriate standards for Ihe operations and management of its fundraisiThJ activities. In particutar the School considers that its processes and controls should ensure that vulnerable people and other members of the public are piotected ftom any unreasonable intrusion. The Group's reserves of £14.351.04112021"£12.324.015) are held to enable the School lo meet its objectives. The unrestricted reserves are substantially represented by fLKed assets enabtsng the School to provide its services. During the yeai an amount of £Nil12021- £238.1081 was transferred into desKJnaled funds from general funds to covei possible future expenditure requirements. TIE Group also had £30.44212021- £770,616) in restricted furKls al the beginning of the year. Restricted funds at the end of the year were £33.442. Investrnent polky Some of the Company s investments are held as cash with remainder being held in an investment F)Ortfolio. This cash and the Company's unrestricted funds are held by two different banks and the portfolio is managed by Cazenove CaptaL Market ofLand a￿1 t￿ILdi￿$ The directors do r￿t consider it possible to quanbfy the diffeience between the net book value and the market value of the Group's fixed assets without a piofessional valuation. Page 6 LUDGROVE SCHOOL TRusf UMrrED (A ccxnpany limited by g4rantee) TFiusfEES' ANNUAL REpoi¥f ONCORFVRATING ThE sfRATEC4C REPORT) cO￿nNuED FOR THE YEAR ENDED 31 AUGUST 2022 Guarantee Each of the directors has guaranteed to contribute to the assets of the Company a sum of £1 in the event of a deficiency M Kmnding up. Voluntary During the year vaiious individuaLs gave their time in supP￿tIng the School's activities. The value of this substsntial support cannot be readily quantified and has not been inctuded in the financial statements. FlnancL9I Revtew The surplus for the year amounted to £19.026 ia)21" £31.65D. Ths surplu5 15 before actuarial gains and losses on the defined benef1t tEngon scheme. The acluarial gain f(% 2022 was £2.008.000 (2021" S577.QOO) and the net i￿reaSe in funds totaLs £2.027.026 (2021. E608.65D. At the yeai end. the Group had retained reserves of £14.351.04112021. ]2.324.015) of which £9.974.575 (2021." EIO.245.419) reLates to tangible fixed assets in the school and the balance of these funds is to used in financiro current and future developments. During the year there was catN'tal expenditure of £70.167 (2021.. £648.992). The principal key financial performarKe indicators monitored by the governors are number of boys and operating surplus. The operating surptus has reduced on the pr¢or yeaf as a result of the directors, Fyjticy of seekino to k*p fees as manageable as possible. while maintsining the necessary investment in the school and its staff. The number of boys in the school al the year end was 19412021." 1931 and the directors consider this to be satisfactory. The LLKlgrove Sdw)oi Foundation The Ludgrove School F(KJndation. a wholly owned subgdiary of Ludgrove School Trust Limiled and a registered charity with the objects of the advancement of education. in particLJiar by the support and promotion of Ludgrove SchooL had a surptus for the year of £82.390. after making donations of £11.730 to the khooi (2021.. deficit of £19.023 ofter d(¥￿ts'On5 of £25213) and is consoibdated in these accounts. Remuneration of Key Management Persorn The remuneration of staff is set by the board with the objective of providing appropriate incentives to encourage first cLass perforMa￿e and of rewarding rnembers of 51aff fairly for iheir contributions to the success of Ihe SchooL Delivery of the School's chariiable vision and purpose is primarily dependent on our key management peisonnel and staff costs are the largest single component of the School's charitable eXp￿dItUre. staff remuneration is reviewed annually. with b￿hrnafklng exercises against other comparable independent schools carried out as èppiopiiale to ensuie the Sch)ol remains aware of the broader issues of pay and employment conditions elsewhere. Page 7 LUDGROVE SCHOOL TRUST UMrrED (A clxnpary limited by guarantee) TRusfEES' ANNUAL REPORT aNCORPORATENG THE sfRATEGIC REPORn coMnNUEO FOR THE YEAR ENDED 31 AUGusf 2022 Plans forfuture perlods The Exploration Centre was fully opened in 2021 and has been an excellent addition to the SchooL The School is undertaking an estate master-pianning exercise to ensure that the physcal development of the School site over the next 10, years is ab.gned with the Strategic development objectives of the business. Principal ri* and uncertanti9S The board has assessed the major risks to which the SchoDI is exposed. in particular those related to the operations and finances of the School and is satisfied thal systems are in place to mits'gate exposure to Ihe major risks The directors. risk assessment pr(xess has identified those risks standard in owniro and operating any private schooL These include Inter aba financkivfiscaL opeiab"onal. legaVregulaLory. strategic. and ¥eputational risks. These are regularly and carefully monitored by the directors and appropriate risk management measuies implemented. The Company k￿pS a risk register. to whch newly identified risks are ￿led as and when they are noted. Con&deration is given to appropriale mitigabon of all risks identified. The whole register is reviewed annually by the directors TFp principal risks to the sctrKK)l arise as a result of the imFQrtance of maintsinirvJ its outstanding reputation. This ensures that that school is able lo attract sufficient boys and to recruit and relain the highest quality staff. This is of paramount importance to directors who closely monil(y all the factors that influence these areas to ensure that any risk to Ihe sckK)l is minimal. The high level of demand for places arK4 the school's excellent trèck record of SuppO￿ng boys with gaining places at their first choice of PUb￿"C school are testament Lo Iheir success In managing these risks. Page 8 LUDGROVE SCHOOL TRUST UMITED (A compary limited by guaranteel TRU5fEES' ANNUAL REPORT IINCORPORATING THE STRATEC4C REPORTr CONnNUED FOR THE YEAR ENDED 31AUGUST 2022 Provision of Information to ￿K11t0￿ Each of the persons who a￿ directois at the time when tlireciors. Rewrt is approved has confirmed that. so far as that director is aware. there is relevant audit information of which the Chariiabie Company's auditors are unaware.. arKI - that director has taken all the steps that ought to have ￿en tsken as a director in order to aware of any ir)formation needed by the Charitsble Company s auditors in connection wth preparing their report and to establish that CharitabLe Companys audrt￿5 are awaie of that information. This report. incorporabng the Grwp Strategic Report. was approved by Ihe directors on_2610512023 and signed on their behalf by. IW2qJQJJ iilOGP4T*ll C L ButteNmrth Chalnron Page 9 LUDGROVE SCHOOL TRUST LIMrrED IA company Ilmited by guardntee) TRusfEES'ANNUAL REPORT (INCORPORATING THE STRATEGIC REPOlm CONllNUED FOR THE YEAR ENDED 31AUGUST 2022 The trustees (who are also directors of the Charitable Company for the purFxxes of company lawl are responsible f¢y preparing the Trustees. Annual Report lirncorporating the strateg￿ Report) and the financial statements In accordance with appluble Law regulatws. Company law requires the trustee5 to prepare finarKial statements for each financial year which give a true and fair view of the state of affairs of the Charitsble Company and the group and of the incoming resources and application of resources. including the income and expenditure. of the charitable group for that period. In pieparing these finarKial stslements. the twslees are required to.. select suitable accounttng pobLies and then apply thern conslstently. observe the rrEthods and prI￿1p[eS in the Charities SORP.. make judgments arKI accounting estimates that are reasonable and prudenL state whether appkn'cabLe UK accountiro standards have teen followed. subj.ect to any material departures disclosed and explained in the fina￿la1 stsiements.. and prepare the financial statements on the goiryJ Co￿ern bass unless it is inappropriate to p￿SUrne Ihat the chariiabie groLJP will continue in tr*j￿nesS. The trustees are respon*ble for keeping adequate accounb.ng records that ale sufficient to show and explain the Charitable Company s transactK)ns and disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are a(so respx)nsible for safeguarding the assets of the charitable group and hence for tskiTrJ reasonable steps for the prevents.on and detection of fraud and other irregularities. Page10 LUDGROVE SCHCK)L TRusf UMrrED (A company limited by guararrtee) INDEPENDEKf AUDITORS REpo￿rT0 THE MEMBERSANDTRUSTEES OF LUDGROVE SCHOOL TRLIST UMrrED evelyn PARTNERS Opinion We have audited the financial statements of Ludgrove School Trust Limited Ithe 'parent charitable company'l and its subsidiaries Ithe group'l for the year ended 31 August 2022 which comprise the Consolidated Ststement of Financial Activities. Consob"dated Staternent of Financial Position, Company Statement of Financial Position. the Consobdated Statement of Cash Flows and the notes to the financial statements. including significant accounting policies. The financial reporting fiamework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdwi GeneraLiy Accepted Accounting Practice). In our opinion. the financial statements.. give a true and fair Mew of Ihe state of the group's and of the parent charitsble company s affairs as at 31 August 2022 arKJ of the group s income and expenditure for the year then ended.. have been pro[￿rIY prepared in accordance WIUI United lQ"rodom GerErally Accepted Accounting Practice.. and have b￿n prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlc We conducted our audit in aCC￿dance wilh Intemational Standards on Auditing (UK) IISAS IUKII and applicable law. Our reswnsibilities under those standards are further described in the Auditor's responsibib.ties for the audit of the financial statements section of our report We are independent of the group and parentchaiitable company in accordance with the ethical requirernents that are relevant to our audit of the financial statement5 in the UK. including the FRC'5 Ethical Standard. and we have fulfilled our other ethical responsibl￿tIeS in accordan￿ with these requiremen￿ We believe that the audit evkdence we have obtsined is sUffiC￿nt and appropriate to provide a basis for our opinion. Conclusions reLiting to golng concem In auditing the financial statements. we have concluded that the trustee5' use of the going concern basis of accounting in the preparation of the financkAI statements is appropriate. Based on the work we have perfomied. we have not identified any material uncertainties relating to events or condits.ons that, individually or ¢oLiectively. may cast significant doubt on the group and parent chariiable company s alj.lity to conb.nue as a g)ing concern for a period of at least twelve months from when the financial statements are authorised for issue. Our respOn*aibi￿.tle￿ and the responsibilities of the trustppgwith respect to going concern are described in the relevant sections of this rep Page 11 LUDGROVE SCH(X)L TRusf UMrrED INDEPENDENT AuDIT0￿s REPO[￿T0 THE MEMBERS AND TRUSfEES Lu￿ROvE SCHOOL TRUST UMfTED (c<>ntIrn￿d) Other information The other information comprises the information included in the Trustees. Annual Report and Consolidated Financial Statements. other than the financial statements and our auditor's report thereon The trustees are responsible for the other infomiation contained within the Trust&s' Annual Report and Consolidated Financial Statements. 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 f￿M of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so. consider whether the other information is materially inconsistent wth the financial statements or our knowledge obtained in the course of the audit or otherwse appears to be materially misstated. If we identify such material inconsistencies ￿ apparent material misslatements. we are required to determine whether this gives rise lo a material misstatemenl in the financial statements themselves If. based on the work we have perfonned. we conclude that there is a material misstatement of this other informab"on. we are required to rew*t that facL We have nothing to reptxt in this regard. In our opinion. based on the WO￿ undertaken in the course of the audiL' the information given in the Truslees, Annual Report. which includes the Strategic Report and the Directors, Report prepared for the purposes of company law. for the financial year for whith the financial statements are prepared is consislent with the financial stalements.. and the Strategic ReFQrt and the Directors, Report included within the Trustees. Annual Rewrt have been prepared in accordance wilh applicable legal requirements Matters on which we are required to reFQrt by exception In the light of the knowledge and undersianding of the group and the parent charitsble company and their environment obtained in the t￿r$e of the audit. we have not Identif￿ material misstatements in the Strategic Report or ihe Oirectcxs, ReFKyt included within the Trustees, Annual ReporL We have nothing to report in respert of the following matters in relation to which the Companies Act 2006 requires us to report to you if. in opinion". adequate and sufficient accounb.ng records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from Eyanches not visited by us., or the parent charitable company financial statements are not in agreement with Ihe accounting records and returns.. or certain disclosures of trustees. remuneration specified by law are not made.. or we have not received all the information arKI explanations we require for our audiL Responsibititles of trustees As explained more fully in the Trustees, Responsibitities Ststement set out on page 10, the trustees (who are directors of the parent charitable company for the purposes ofcompany lawl are responsible for the preparation of the financial ststements arKI for beirKJ sab"sfied that they give a true arKI fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whet￿r due to fraud or error. Page 12 Lu[￿ROvE SCH(K)L TRUST UMrrED (A company Ltn*d by guaantee) INDEPENDENT AUDffOR'S REPORTTO THE MEMBERS AND TRLI5￿ OF Lu[￿ROvE SCHOOL TRUST UMrrED Iwttir¥tsd) In preparing the financial statements. the trustees are restK)nsble for assessing the group's and the parent charitable company s ability to continue as a going concern. disclosing. as applicable, matters retated to going concern and using the going corbcern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibl￿tIeS fcff the audit of Ihe finandalststements We have been appointed as auditor under the Companies Act 2006 and under sectiorb 151 of the Charities Act 2011. and report in accordance with those Acts and relevant reguiab'ons made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statemenis as a whole are free from material misstatement. whether due to fraud or err￿. and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but 15 not a guarantee that an audit conducted in accordance with ISAS IUKI wll always detect a material misstatementwhen it exists. Misstatements can ar￿e 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. Irregularities. including fraud. are instsnces of non-ci)mpliance wilh laws and regulations. We design procedures in line with our responsibili'ties. outlined above. to detect material misstatements in respect of irreguLarities. including fraud. The extent to which our procedures are capable of detecting irregularilies. including fraud. is detailed teiow. We obtained a general understanding of the Group's and the Parenl Charitsble Company's legal and regulatory framework through enquiry of management concerning.. their understanding of relevant Laws and regulations". the entities, policies and procedures regarding compliance. and how they identify, evaluate and account for litigakn.on claim& We aL80 drew on our existing understanding of the Group's and the Parent Charitable Companys industry and regulatiC￿. We undersL3nd that the Group and the Parent Charitable Company comply with the framework through". Outsourcing financial statement prepardtion and tax complkance to exiemal experts.. Updating operating procedures. manuals and internal controls as legal and reguL3tory requirements change.. and Management's oversight through regular meeb'ngs and comptiance rewrts"ng. In the context of the audiL we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Group's and the Parent Chaiitable Company s akility to conduct its business. and where there is a risk that failure to comply could result in material penaltses. We identified the following Laws and regulations as being of significance in the context of thé Group s and the Parent Charitable Cmmpanys activities.. The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements.. and The Charities Act 2011 Page 13 LU[￿ROVE SCHOOL TRUST UMrrED L4 comFWry Irnited by guarantee) INDEPENDENT AUDITOIYS REPORTTO THE MEMBERS AND TRUSfEES OF LUWROVE SCHOOL TRUST UMrrED (continugj) Based on our understanding we ￿rfOrmed the following skEcific procedures to gain evidence atÉ)ut compliance with the significant laws and regulations above". We identified the taws arKI regutalions applicable to the charily through discussions with management. and from Ouf commercial knowledge and eXp￿IenCe of the sector,. Making enquiries of management arKI those charged with governance to understand their awareness of any non-compb.ance of laws and regulations.. Reviewing minutes of meetings of ttrK)se charged with governance to identify any instances of non-compliance. The senior stalutory auditor led a discussion with all mem￿r5 of Ihe engagement learn regarding the susceptibility of the entity's financial statements to material misstatement. includin9 how fraud might occur. The areas identified in this discussion were.. Manipulation of the financial statements via fraudulent jouinal entries. The procedures we carried out to gain evidence in the above areas included.. Substantive work on material areas affeding the results. in particular significant items of expenditure and revenue.. Testing journal entries. focusing particulatiy on postings to unexpected or unusual accounts and those with unusual or no descripb"ons'. and Reviewing and challenging estimates made by management A further description of our reswnsibilities is available on the Fina￿la1 Reporbng Council's website at". k/ This description fCffi￿ part of our auditor's report. Use of our report This report is made solely to the parent charitable company s members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 Our audit work has been urKlertaken so that we might state to the parent charitable company's members and trustees. those matters we are required to state to them In an auditor's rewrt and foi no other purpose. To the fullest extent permitted by law, we do not accept or assume resporsiiility lo anyone olhei than the parent chaiitable company, and the parent charitable company's members as a body. for our audit worl<. for this report. or for Ihe opinions we have formed cLAEb￿￿P￿rf Jutie Mutton Senior Statutory Auditor. for and on behalf of CLA Evelyn Partners Limited statutory Auditor Chartered Accountants Onslow House Onslow Street Guildford Surrey GUI 4TL Date.. 2610512023 Page 14 LU[￿ROvE SCH(X)L TRUST UMrrED (A company iimrted by guarantee) CONSOUDATED STATEMENT OF FINANCIAL AcnvmES NCLUIING INCOME & EXFENDrruRE Accoumn FOR THE YEAR ENDED 31ALIGUST 2022 Total funds 2022 Totol funds 2021 fur#Js funds 2022 2022 INCOME FROM.. CY)nations Charitable activities othei tradirng activities Investments other if￿0Me TOTAL INCOME 90.409 5.688.409 27.569 28.041 90.409 92.665 5.688.409 5.060.209 27,569 8.069 28.041 2.039 113,637 5.276.619 5.834.428 5.834,428 EXPENDrruRE O Raising funds Charitable actiwties TOTAL E￿rnN AS AT 31AUGUST 2022 2021 NON CURRE￿ AWS Property. pianl and equipment Investments Pension asset 9.974.575 a225,038 10.245,419 2.301,400 16 22 12.546.819 CURRENT ASSErs Trade and other receivables Cash and cash equivalents 17 229.539 1.910.930 2.318.524 2.R4.075 2.140.469 CURRENT U*£ILmES Trade and other payables 18 IL3T3.647J (1175.273) NEf CURRENT ASSErs L350.428 965,196 TOTALASSEfs LESS CuRREp￿ UABILMES 14.351041 13.512.015 PROVISONS FOR UABILMES Pension liabibty (1188.000) ASWS 14.35L041 12.324.015 CONSOUDATED FUNDS Designaled funds 2.86L753 2.861.753 Restricted funds 33.442 33.442 Unrestricted funds 45&846 9,428.820 TOTAL FUNDS 14.35L041 12.324.015 The financial statements were approved by the directors on 26105D023 and signed on their behalf. by". The notes on pages 19 to 38 foim part ofthese financial statements. Page 16 LUDGROVE SCHOOL TRUST LIMrrED COMPANY STATEMENT OF ANANCIAL FI)SITION AS AT 31 AUGUST 2022 2022 2921 NON CURRENT NSSErs Property, pLanl and equipment Investments Pension asset 9.974,57S 2225,038 80LOOO 10.245.419 2.301.400 16 11000,613 12.546.819 CURRENT ASSErs Trade and other ieceivables Cash and cash equivalents 17 397.936 189L9 241.621 1.531.539 2.289.855 1.773.160 CuRRETr￿ UABILMES Trade and other payables 18 (L377.9651 (1164.113J 609.047 TOTAL*SSEfs LESS cuRREfr￿ LL4BtLmES 13.912.503 13.155.866 PROVISION FOR LIABILrrES Pension liabibty (1.188.000) NEfASSErs 1191a503 11.967.866 CHARfry FUNDS Oesgnated furKJs 20 a86L753 2.861.753 Restricted funds 20 442 48.105 Unrestricted funds 20 IL017.308 9.058,008 TOTAL FUNDS 13.912503 11,967.866 The unconsolidaled net surplus of Ludgrove Schwl Trust ￿Mited for the year was El.944.637 12021.. £627.674). The finantrdl siatements were approved by the directors on wsmj and signed on their behalf. by.. The notes on pages 19 to 38 form part ofthese financial ststements. Page 17 LUDGROVE SCHOOL TRUST UMtrED (A company limited by guarantee) CONSOUDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 CASH FLOWS FROM OPEPAT]NG AcnvmE& Net cash generated from operating activiips 293.991 241786 CASH FLOWS FROM INVESTING ACTP4rnES' Interest recgved Purchase of property. plant arKI equipment Prrxeeds on disposal of fixed asset investments Increase in fixed asset investments 28.041 (70.169) L399.182 IL243,45J) 2.039 1907.3521 1.174.824 (1.323.1191 113.603 (1.053.6Q8) Change in cash and cash equivalents rn the re￿tIng period 407.594 (811.822) Cash and cash equivalents at the beginning of the reFyytiThJ pericKI L910.930 2.722.752 CASH AND CASH EQUIvALEF￿sAT THE END OF THE REF￿ATING FERIOD 2,3W524 1.910,930 NOTETOTHE STATEMENT OF CASH FLOWS. RECONCILIAThIN Cffi NET INCOME TO CASH GENEIIATED FROM OPERATING AcMwnES 2022 2021 Net inco¥ne before other recognised gains and losses Interest received Depreciation of property. plant arKI equipment Gains on investments Ilnc¥easel/decrease in trade and other receivabLes IDecreasel/increase in trade ar￿ other payables Defined benefit pen&on scheme adjustments 19.026 f28.04 34LOll (79.3691 a76.0 198.376 .000 31.651 12.0391 350.816 131.6941 124.0491 1110,8991 28.000 NEf CASH GENERATED FROM OPE114TING AcnvmES 293.991 241.786 The notes on pages 19 to 38 fomi part of these financhal statement> Page 18 LUDGROVE SCHOOL TRUSf UMrrED (A company limited by guawtee) NOTES TO THE FINANCL4L ￿ATEME￿s FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POUCIES The consolKlated accounts are prepared urKler the Companies Act 2006 ar￿ the historical cost convention unless otherwise slated. in accordance with applicable United Kingdom Generally Accepted Accounting Practice including FRS102 The Financial Reporting Standard applicable in the United Kingdom arrfd the Republ￿ of Ireland" IFRS 1021 and Accounting and Reporting by Charities.. Statement of Recommended Practice appbcable to Chaiities preparing their accounts in accordance with FRS 102 leffective l January 20191- (Charities SORP IFRS 10211. Ludgrove School Trust Limited is a school offering educalion lo boys aged 8 to 13. which meets the defirnition of a pUb￿"C benefit entity under FRS 102. The Parent Company has taken advantage of the exempti￿ available to qualifying entities urKler FRS 102 from preparing a Siatement of Cash Flows The consobdated financial ststements present the results of Ludgrove School Trust Limited and its subsidiary undertakn.ng I'lhe Group'l. The Company has taken advantage ofthe exernpbon contained within section 408 of the CompanTres Act 2006 nol to present its own Income and expenditure account. 13 G¢yng con¢em Ll'rectors have reviewed the funds available to the School together with the expected ongoing demand for places and the future projected cash flows. and have concluded that the school has adequate resources to continue its acbvities for the foreseeable future. Additionally, despite the current uncertainty in the wider economy. the strength of the Schwl's Ststement of financial positi(M is such that the directors consider t￿L there is curiently no material unce¥tainty over the school's financial viability. Accordingly. they continue to adopt the going concern basis in preparing the finar￿￿3[ ststements. L4 Compary statl The School is a registered charity and a private company b"mited by guarantee incorporated in England and Wales. The members of the Company are the directors named on page l. The registered office is Ludgrove SchooL Wokingham. BeTkshire. RG40 3AB. In the event of the Company bang wound up. the balybty in respect ofthe guarantee is limited to £1 per member of the Company. Page 19 LUDGROVE SCHOOL TRUST UMrrED (A c¢Jmpany limited by guarant&) NOTES TOTHE FINANCiAL 5rATEME￿5 FOR THE YEAR ENDED 31AUGUST 2022 L5 Fund accountlng General funds are unrestricted funds which are available for use at the dscretion of the directors in furtherance ofthe gwEral obieclivesof the Company and which Fwve not been designated for other purposes. Deggnated funds comprise Un￿StrICted furKls that have been set aside by the directors for partscular purposes. The aim and use of each designated fund is set out in the T)Otes to tl finanaal statements. Restr¢cted funds iepresent unspent monies received for a particular donor-specified purpose. as explained in the notes to the financial ststement& L6 Income All incoming resources are included in the Consolidated Stalemenl of Financial Activities when the Company has entitlement to the funds il is probable Ihat monies will be received. and the amount can be measured with suffioent reliabitity. Income tsx recoverable in relation to donations received UT￿er Gift Aid or deeds of covenant is recconised al the time of the donation Income tax recoverable in relation to investment income is reco9nised at the time the investment irtome is receivable. Fee income represents fees. extras and disbursements. received for the education of the pupils attending the school. less discwnts I[￿orne received from the ￿nderIng of tuition swices is reccyJnised over the period the setvtce is prov*Jed. Expenditure is accounted for on an acciuais basis and has been included urKler expense categories Ihat aggregate all costs for allocation to acb"vitie& Where costs cannot be directly attributed to particular activitEs they have been allocated on a basi5 con￿stent with the use of the resources. Charitable expenditure comprises those costs Incurred by the charity in the delivery of its activities and services for its beneficiaries It includes both costs that can be allocated directty to such activities and those costs of an indirect rkature necessary to support them. Governance costs include those costs associated with meeling the constilutional and statutory requirements of the Charity and i￿l￿de the audit fees and costs linked to the strategic maTh2gernent ofthe Charity. All resources expended are inclusive of irrecoverable VAT. Page 20 Lu￿ROvE SCHOOL TRUST LIMITED (Acompany lIn￿ted by guarant￿1 NOTESTO THE RNANCIAL sfATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2022 All assets costing rrK)re than £2.000 are capitalised. Property. plant and equipment are stated at cost less depreciation. Depreciation is not charged on frp.p.hnld land. C)p.preciation on other assets is provided at rates calculated to write off the cost of those assets. less their estimated residual value. ovei their expected useful lives on the following bases.. Freehold buildings Leasehold buildirKJs Freehold land Plant awj machinery Motor vehictes 2% straight-line over the term of the lease not depreciated 15% straight-￿"ne 25% reducing baLance InclLJded in leasehold prOFe￿eS are buildings heLd L￿der short leases which are being depreciated at the rate of a per annum. In the directors. opinion the leases will be renewed iThJefinitely. Rentals undw operating leases are charged to the ConsoLHdated Ststement of Financial Activities on a straight-line basis over the lease term Benefits received and recesvable as an incentive lo sign an operating lease are recognised on a straight-line basis over the period until the date the rent is expected to be adjusted lo the prevaiLir¥J market rate. LIO Taxation As a charity. the Company and its subsidiary are exempt from on income and gains under curient tax legisLatKJn to Ihe extent that these are applied to charitable objects. No tax charges have arisen in the Group. The Group is unable to recover the input VAT associated with the supply of g(￿dS and services as the provision of educatK)rb is exempl from VAT. The irrecoverable VAT is included in the total cost applicable to each expense heading. ill Penskx The Company operates a defined contribution pens¢on scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year. The Company addit￿naLlY maintains a fuThYed defined LEnefit pension scheme called the Ludgrove School Stsff Pension SCherr￿. This scheme ceased to accrue benefits for active members as from 31 August 2011. Under the provisions of FRS 102. any surplus or def*cit on the ppngon ￿.hP.rnp. 1% inr.IIKlpd in the. C.nmpany s Statemenl of financial position, Page 21 LUCQROVE SCHOOL TRUST UMrrED IA company Ilmited by guarantee) NOTESTO ThE AW4CtAL sfATEMEKrs FOR THE YEAR ENDED 31AUGUST 2022 Lll Pens￿$ (continuèd) A defined benefit plan defines the pension benefit that the employee will receive on reb'rement. usuatly depe1￿ent sevwal factors irKluding age. length of service and remuneration. The liability recognised in the Statement of financial position in respecl of defined benefit plan is the present value of the defined benefit obLoaiion at the Teporting date less Ihe fair value of the plan assets at the reporting date. The defined benefit obligation is calculated using the projected unit credit rnethc￿. Annually the Group engages independent aclLJaries to calcuLate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that a¥e denominated in sterting and that have terms approximating the estimated period of the future payments I'di￿Ount rale'l. The fair value of plan assets is measured in accordance wth the FRS 102 fair value hierarchy and in accordancewith theGroup's pdicyfor9miLarty held assets. Thisincludes the use of approFyiate valuation technique& Actuarial gain5 and losses arising from experience adjustments and changes in actuarHI assumptions are chaiged or credited to other recognised gains/losses. These amounts together with the return on pian assets. less arnounts i￿luded in net interest. are disclosed as 'Actuarial gains on defined benefit scheme.. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fail value of pian assets. This cost is recognised in the Income and experKliture account as'Finance expense. The charity has chosen to adopt SectK)ns 11 and 12 of FRS 102 in respect of financial instruments. Basic financial assets. including trade and other receivables. cash and bank balances and investments in commercial paper. are initially iecognised at transaclion price. unless the arrangement constitutes a financirng Iransaction. where the transaction is measured at the present value of the future receipts discounted at a market rate of interesL Such assets are subsequently carried al amortised cost using the effective interest meth(xJ. At the end of each reportiro Fetth fina￿la[ assets measured at amorti5ed cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carryiro amount and the present value of the estirnated cash flows discounted at the asset's orjginal effective interest rate. The impairmenl l¢)ss is recognised in profit or loss. If there is decrease in the impairment Loss arising from an event occurring after the impairment was recognised. the impairment is reversed. The reversal is such that the CLJrrent carrying amount does not exceed what the carrying amount would have been had the impairment not previously been reeognised. The impairment reversal is recognised in profit or loss. Page 22 LUDGROVE SCHOOL TRUST UMITED IA compary limited by guaranteel NOTES TOTHE FINANCIAL ￿ATEmE￿IrS FOR THE YE4R ENDED 31AUGUST 2022 L12 Finawai instrumerts (contirrt*d) Financial liabilities are clawfied in accordance wth the sUbSts￿e of the contractual arrangements entered into the definit￿nS of a financial ￿abILIty. Basc financial ￿abiLitIes. I￿ludIng trade and other payables and bank loans. are initiatly recognised at transaction price. unless the arrangement constitutesa firiancing transacti(yi. where the debt Instrument is measured at the present value of the future receiptsdiscounted at a market rate of interest. rrade payables are obbgations to pay for goLKls or services that have been acquired in the ordinary course of business from suppbers. Acc(xJnts payabte are classified as current liabilities if Pay￿Ent Is due within one year or less If noL they are presented as non-current b'abilities Trade payables are recognised initiatly at trarsaction price and subsequently measured at amortised Cost using the effective interest meih(Kl. Financial babilities are derecognised when the iiabib.ty isexb"nguished. that is when the contractual obtsgats'on is discharged. cancelled CY expire& KEY SOURCES OF EsnMATlc￿ UNCERTAIMfY AND JUDGEMEpirs The preparation of financialststements in confoTmity with generally acceptedaccounting practice requires management to make estimates and judgements that affect the reported amounts of assets and babilities as well as the disclosure of contingent asset5 and liabilities at the Statement of financial position date and the reported amounts of revenues and expenses during the reporting peri¢)d. The Charity hès an obtsgat￿)n to pay pensM)n benefits to employee& The costs of these benefits and the pre￿it value of the obkngation deperKI on a number of factors including irfe expectancy. salary and pension increases. and the discount rate on corporate bonds. The directors make appropriate jL￿gementS and estimates based on profes90nal advice received from the scheme's acLLJary. The discount rate of corporate bonds as at 31 August 2022 has increased to 39% compared to 1.6% at the previous year end. This change in assumption Underlyi￿ the valuation of the assets and liabilities has resulted in the scheme moving from an overall liability or deficit in the piK)r year to èn asset at the end of the current year. The increase in fair value of the scheme assetS15 higher than the increase in present value of the scheme b'abilities. resulting in this change of valuation. Page 23 LUDC4iOVE SCHOOL TRUST UMrrED (A company ilmited by guarantee) NOTES TO THE FI￿ANCIAL STATEMENTS FOR THE YE4A ENDED 31 AucAJsf 2022 INCOME FROM DCAYAMONS Total funds 2022 Totol funds 2021 fiJThJs 2022 2022 2022 Donations 90.409 92,665 Included in donations income of £92.665 for the year e￿Ied 31 August 2021 is E75.950 whrh relates to restricted furKls and the balan￿ of £16.ns relates to uNestricted funds. IPKOME FROM CHARITABLE ACTMTJES Total funds 2022 Total funds 2021 funts 2022 fijrnts 2022 funds 2022 Fees receivabLe Extras Non-refundable registration fees t*scounls and bursaries 5577,637 351359 5.577,637 351,359 4.995,425 256,383 13.424 13.424 10.956 1254.0 54,OU) 1202.5561 &688,409 5.688.409 5,060.208 ALI income from other charitable acb"vities in 2021 relates to unrestricted funds. INCOfvE FROM OTHER TgADING ACTMTIES Totsl funds 2022 Totol fund5 funds 2022 furwts 2022 funds 2022 2021 Rent recavable Other irKome 3.998 23.5n 3,998 23.sn 4.097 3.972 27.569 27.569 8.069 All income from other trading activities in 2021 relates to unrestricted funds. Page 24 Lu￿ROvE SCH(K)L TRUST UMITED IA company Umit8d by guarantee) NOTES TO THE FINANCIAL SrATEmE￿rS FOR THE YEAR ENDED 31 AUGUST 2022 IfrKOME FFIOM INVEsfMENTS Totol funds 2021 fvnd5 2022 fvnds 2022 funds 2022 2022 Investrnent income 28.041 28.041 2.039 All Investment income in 2021 relateslo unrestricted funds. OTHER 1￿C￿E Total Total funds 2021 furvts 2022 furK 2022 funds 2022 2022 Job Retention Scheme grant income 113.637 All other irKome in 2021 relates to unrestricted fund& EXPENDITURE ON RA19NG FUNDS Total funds 2021 funds 2022 fu￿ 2022 funds 2022 funds 2022 Bank charges Fundraising events Fundraising administration Staff costs 62 65 A32 13.132 5.760 11.250 2.472 18.954 13.787 All expenditure on raising funds in 2021 relates to unrestricted funds. Page 25 LUDGROVE SCH(J)L TRUST UMtfED (A company limited by guarantee) NOTESTOTHE FINANCIAL ￿ATEME￿s FOR THE YEAR ENDED 31 AUGUST 2022 EXPENDtruRE ON CHAR￿ABLE ACTMTIES Totsl funds 2022 Totol funds 2021 furKts 2022 funds 2022 funds 2022 staff costs 'rect costs Depreciatio Support costs Inote 101 3.167,9T3 930.525 3410 L265.860 3.167.973 930,525 341013 L265.860 3.032.846 758,055 350.816 1.121.158 5.705.3n 5.705.3n 5.262.875 AU expenditure on charitable actiwties in 2021 relates to unrestricled fund 10. SUPPORTCOSTS Tolol 2021 2022 othei finance e￿nse (note 141 Office costs Premises Garden &grounds Profesgonal fees Other support cosls Donatior Governance costs Direct Direct Direct Direct Direct Direct Direct Direct 19.000 7.294 800,131 148,753 55.575 160.995 L759 353 .000 28.000 12.181 745.099 101,537 28.822 138.563 io 66,946 148.753 55.575 160.995 L759 T2.353 1265.860 1,265.860 L121,158 All expenditure on support costs relates to unrestricted funds NEf INCOME This is slated after charging.. 2022 2021 Depreciation of tangTble fixed assets". - owned by the Charitable Group Auditor's remune¥atson". statutory audit of the Group stalutory audit of the subsidiary - statutory audit of the pen￿on furKI accounting services tsx advisory Operating lease rentals 34LOll 350.816 16,500 12.900 15.450 8.250 11.058 42.559 882 75.234 43,505 900 108255 Page 26 LUDGROVE SCHOOL TRUST UMrfED NOTES TO THE FINANCIAL STATEMENTS FOR THE YE4R ENDED 31AUGUST 2022 STAFF cosrs staff cosis were as folio 2022 2021 Wages and salaries Social security costs Other pension costs 25IL234 229,693 427,046 2.413.562 203.489 418,267 3.167.9T8 3.035.318 The average monthly number of employees durirwJ the year was as foiiows.. 2022 No. 2021 No. Teaching. pastoral and hoUse￿Id Maintenance Administrab'on 103 119 The number of higher paid employees was". 2022 2021 No. In the band E60.001- E70.000 In the band £IIO.001- £120.000 The Charity and Group's key management Ftrsonnel comprise the direclors. the headmaster. the deputy head and the bursar. Total remuneratK)n paKI lo key management personnel was £291,545 (2021. £282.617J. DIRECTORS, REMUNERATION Ouring Ihe year. no directors received any remu￿rat￿)n 12021. none). During the year. no directois received any benefits in kind 12021. none). During the year retirement &M￿r[ts were accruing to no directors 12021.. none) in re¥)ecl of defined benefit pen90n schemes. During the year. directors were reimbursed expenses (3021. none). Page 27 LU[￿ROvE SCHOOL TRUST LIMITED (A compary limited by guarantee) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31AUGUST 2022 14. RNANCE EL TRUST UMrrED (A compary Linited by guaranteel NOTES TO THE FINANaAL sfATEMEMrs FOR THE YEAR ENDED 31AUGUST 2022 OPERAMNG LEASE COMMtTMETrrrs At 31 August 2022 the Group had commitments urKler non-canceLiable operating leases as foiiows.. Other 2022 2022 2021 2021 Group arKI Compary Expiry dat Less than l year Between 2 and S years Greater than 5 years 57,403 51.303 2.338 50.852 20.515 27.642 19.555 2,338 24. CAATAL COMMITMWS There are no caytsl commitments as at 31 August 2022 Q021. £NiLI RELATED PAKfY TRANS4CTIONS The Foundation made burs3ry granls of £11.730 f2021" £25.213J to Ihe khool during the year During the yearthe head bursarexercised a deposits reconcib"ab'on and £17.812 of deposits was written off and is due to be paid to Foundation. As at the year end £17.218 is due to be paid from School to Foundation 12021". £15.257 due from Foundation to &hooL). The Headmasterfs wfe works al thé school arKJ received remuneration in the year of £53.79612021,. S53,007). The Deputy Headmasler's wfe also worked at the sch¢x)l in the year and ieceived remuneration in the year of £27.5001202L £NiU. During the year. the GToup received donations from trustees of £300 12021". £3001. D D Vigors. R M Beslen and L C L Fitzwillian￿ have tK)ys who atterKJed the School during the year. Fees wore paid on normal commercHI ba￿& There were no other related party transactions duriThJ the year that require disclosure. 2& CONTROLUNG PAirrY There is considered to ￿ no ultimate controibrKJ party. Page 37 LUDGROVE SCHOOL TRUST UMITED (A ccxnpary limited by guarantee) NOTESTO THE FINANCIAL ￿ATEME￿s FOR ThE YEAR ENDED 31 AUGUST 2022 SUBgtJARY Conwary narne sharehclding Description The Ludgrove School FouThJationUnited KiThJdom iocrA Charitable foundation The Charity 15 the ultimate controlling party of The Ludgrove SclKK)l Foundèlion Limited as established by its memorandum and articles of association dated 7 ALJgust 2012. company numbe 08170775 and charity number 1149573. The objective of The Ludgrove School Foundation Limited is to distribute fund5 available to it in support of charitable purposes approved by its directors. The assets and lialJ'tsties of the subsidiary which have been included in the consolidated accounts are shown below as are a summary of Ils income and eX￿￿ltUre. Ttr￿ registered office of The Ludgrove School Foundation is Ludgrove. Wokingham. RG40 3A8. SUMM￿ of subdthry ass•tsaThA Ilabilitiès 2022 20 Debtors Cash Creditors 24.833 428.606 aa9001 3.175 379.391 126,4171 438.539 356.149 IrKorn•and eXpe￿Ilture sumrTMIry 2022 2021 Voluntsry income Costs ofgeneraknng voluntsry income Ck)nab'ons Professional fees GOverna￿e costs surplus/(Def￿ilj ll3.OTa 15.760) aLT80) <293) 112.900) 19.977 12,4721 125.2131 1651 111,2501 119.0231 Funds brought forward 356,149 375.172 438.539 356.149 Page 38