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2023-08-31-accounts

Registered number: 01053039 Charity number: 309100

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

TRUSTEES' ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charity, its directors and advisers 1 - 2
Trustees' Annual Report 3 – 9
Trustees’ Responsibilities Statement 10
Independent Auditor’s Report 11 – 14
Consolidated Statement of Financial Activities 15
Consolidated Statement of Financial Position 16
Company Statement of Financial Position 17
Consolidated Statement of Cash Flows 18
Notes to the Financial Statements 19 - 38

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS DIRECTORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023

Directors C L Butterworth, Chairman N R Brooks R N T Cormack R M den Besten L C L Fitzwilliams A B Henshilwood A J Hinchliff B J Holden V J Morphet (appointed on 12 December 2022) M A Smyth-Osbourne D D Vigors

Company secretary M E Brittain

Company registered number 01053039

Charity registered number 309100

Page 1

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS DIRECTORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023

Registered office Ludgrove School Wokingham Berkshire RG40 3AB

Auditor CLA Evelyn Partners Limited Statutory Auditor Chartered Accountants Onslow House Onslow Street Guildford Surrey GU1 4TL

Bankers Barclays Bank Plc P O Box 61 Bracknell Berkshire RG12 1GJ

NatWest Bank Plc 5 High Street Bracknell RG12 1DH

Page 2

(A company limited by guarantee)

LUDGROVE SCHOOL TRUST LIMITED

TRUSTEES' ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2023

The directors present their annual report and the financial statements for the year ended 31 August 2023. The financial statements consolidate the results of the School and Ludgrove School Foundation Limited.

Legal and administrative details

The School is a private company limited by guarantee incorporated under the Companies Acts 1948 to 1967, registered number 01053039, and a registered charity, number 309100. The Company was incorporated on 4 May 1972 and its governing document is the Memorandum and Articles of Association.

Directors

The directors, who are also governors and trustees, of the School at 31 August 2023 and up to the date of approval of these financial statements were:

C L Butterworth, Chairman N R Brooks R N T Cormack R M den Besten L C L Fitzwilliams A B Henshilwood A J Hinchliff B J Holden V J Morphet (appointed on 12 December 2022) M A Smyth-Osbourne D D Vigors

R M den Besten, V J Morphet and L C L Fitzwilliams have boys who attended the School during the year. Fees were paid on normal commercial terms.

There are no trustees other than the directors. Meetings of the full board of directors were held three times during the year, virtually in the summer term. As well as these meetings, there is frequent communication between the directors and there are sub-committee meetings with appropriate professional advisors in attendance. Regular contact is maintained with the headmaster between full board meetings. Details of new legislation, new regulations and news of other significant developments which will affect the School, together with appropriate training material, are sent to the directors as they arise.

The Board is responsible for identifying, recruiting and appointing new directors. New directors are inducted by individual board members, the headmaster and company secretary. The day to day running of the School is delegated to the headmaster, S W T Barber and deputy headmaster, G W Musson.

Page 3

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

TRUSTEES' ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023

Objectives and activities

The principal aim and activity of the Company continues to be the provision and promotion of a first class education. Ludgrove seeks to be a school where boys can grow and develop in a happy, caring environment, learn an awareness and concern for others around them and achieve their full potential, at the same time as providing facilities, employment and resources for the local community of Wokingham. The Company's strategies for achieving its aims include the recruitment, employment and training of a high quality, caring and professional workforce; the maintenance of a high standard of academic, moral and personal education; the maintenance, continual improvement and, when necessary, the addition of facilities at the School; and making available and seeking opportunities for the use of the School's grounds and facilities by other schools, clubs and other organisations in the local community.

The School had 189 (2022: 194) pupils on the register at the year end and has had a successful year with academic, sporting and cultural achievements as strong as ever.

Achievements and performance

As always we remain unashamedly ambitious for our boys in whatever they do, particularly on the academic front and it is a fact that every year, with a non-selective intake in Year 4, our boys achieve incredible academic success. We were delighted that all the top year boys gained entry to nine distinguished schools, including seventeen to Eton, seven to Radley, five to Harrow, three to Stowe, two each to Winchester, Rugby and Sherborne, and one each to Bryanston and Wellington.

When one thinks of a curriculum it is very easy to focus on the academic side of things. However, life outside the classroom is just as much a part of a child's education and sporting activity, cultural, musical and artistic studies continue to be an important part of life at the school. Team games of football and rugby were played against other schools at all ages and at all levels of ability. Additional matches were arranged in hockey, tennis, squash, fives, swimming, golf, chess, general knowledge, judo and athletics. Music and drama continue to play an important role in school life and all the boys take part in public speaking and poetry reciting events as well as in debates. The theatre continues to provide a wonderful space 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 this year have significantly enriched us all.

Page 4

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

TRUSTEES' ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023

Public Benefit

Ludgrove strives to fulfil its charitable objects to promote and provide for the advancement of education for the benefit of both its pupils and the wider community. The Governors, as charity trustees, have a duty to report in their Annual Report on the public benefit provided by the school.

The Governors have given consideration to the Charity Commission's general guidance on public benefit, and in particular to its supplementary public benefit guidance on running a charity and charging for services, and have concluded:

  1. That there are clearly identifiable benefits from the School's work which relate directly to its aims as set out above;

  2. There is no significant detriment flowing directly from the School's work which we consider needs to be balanced against those benefits;

  3. That the benefits which the school provides are widely available. A bursary policy has been established and funds put aside to provide a genuine opportunity for those who cannot afford the School's fees to benefit from it.

Bursary policy

The School has a subsidiary charitable foundation to raise money to be available for the funding and advertising of scholarships and bursaries to be offered by the School. Until the foundation has raised sufficient funds to be able to provide such funding, the School makes a budgetary provision of an appropriate and affordable proportion of gross fee income to be applied to means tested bursaries (ranging up to 100% remission of fees). This bursary funding is available for all prospective and existing pupils including those in receipt of Continuity of Education Allowance and those supported by the Royal National Children's SpringBoard Foundation. Ludgrove is proud to be a RNCSF approved school. A bursary policy is in operation and is available to be viewed on the School's website. In addition, the School has arrangements in place with certain public schools for the identification of potential bursary candidates.

Ancillary or incidental educational and other associated activities

Locally Ludgrove does not exist in isolation and is part of the wider community. It offers educational support to members of the public on different levels, employs many local people and wherever possible supports local suppliers and businesses. During the year the school facilities were used on numerous occasions for the educational benefit of teachers and pupils from other schools. It is our intention to build on existing relationships to forge stronger links with local community schools, in particular:

Page 5

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

In addition to the above, the minibuses, swimming pool and sports hall are all used by the wider community.

Five members of staff are currently serving on the governing bodies of local state schools.

The School will continue to further foster links with the local community and Local Authority funded schools focusing on the provision of access to the School's facilities and opportunities to share expertise in academic, cultural and sporting activities as well as regularly reviewing how it can best deliver its charitable objectives. A governors’ Social Impact Committee has been established to focus on these activities.

Fundraising

All fundraising activities for the School are carried out by our staff with assistance from parents for specific fundraising events. The School does not use professional fundraisers. All fundraising activities are managed by the School and monitored by the directors. The School’s subsidiary charity, The Ludgrove School Foundation, carries out fundraising activity for the Group and during the year raised £53,434 (2022: £90,779) in donations.

No complaints relating to fundraising activities have been received by the School during this financial year. The School does not currently subscribe to any specific fundraising standards or schemes but considers that it has set appropriate standards for the operations and management of its fundraising activities. In particular the School considers that its processes and controls should ensure that vulnerable people and other members of the public are protected from any unreasonable intrusion.

Reserves policy

The Group's reserves of £15,095,533 (2022: £ 14,351,041 ) are held to enable the School to meet its objectives. The unrestricted reserves are substantially represented by fixed assets enabling the School to provide its services. The Group also had £33,442 (2022: £33,442) in restricted funds at the beginning of the year. Restricted funds at the end of the year were £90,765.

The designated funds are made up of the strategic reserve, long term investment reserve and special projects reserve. These funds are held to ensure the School has enough funds for unforeseen circumstances and capital projects around the school. Please see additional detail on page 33. There is currently no known date for the expected expenditure of these funds.

Investment policy

Some of the Company's investments are held as cash with remainder being held in an investment portfolio. This cash and the Company's unrestricted funds are held by two different banks and the portfolio is managed by Cazenove Capital.

Market value of land and buildings

The directors do not consider it possible to quantify the difference between the net book value and the market value of the Group's fixed assets without a professional valuation.

Page 6

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

TRUSTEES' ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023

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 on winding up.

Voluntary help

During the year various individuals gave their time in supporting the School's activities. The value of this substantial support cannot be readily quantified and has not been included in the financial statements.

Financial Review

The surplus for the year amounted to £87,492 (2022: £ 19,026 ). This surplus is before actuarial gains and losses on the defined benefit pension scheme. The actuarial gain for 2023 was £657,000 (2022: £ 2,008,000 ) and the net increase in funds totals £744,492 (2022: £ 2,027,026 ) . At the year end, the Group had retained reserves of £15,095,533 (2022: £ 14,351,041 ) of which £9,701,112 (2022: £ 9,974,575 ) relates to tangible fixed assets in the school and £1,489,000 (2022: £801,000) relates to pension asset. The balance of these funds is to be used in financing current and future developments. During the year there was capital expenditure of £45,924 (2022: £ 70,167 ).

The principal key financial performance indicators monitored by the governors are number of boys in the school. At the year end the number of boys in the school at the year end was 189 (2022: 194); the directors consider this to be satisfactory.

The Ludgrove School Foundation

The Ludgrove School Foundation, a wholly owned subsidiary of Ludgrove School Trust Limited and a registered charity with the objects of the advancement of education, in particular by the support and promotion of Ludgrove School, had a surplus for the year of £55,203, after making donations of £12,360 to the School (2022: surplus of £ 82,390 after donations of £ 11,730 ) and is consolidated in these accounts.

Remuneration of Key Management Personnel

The remuneration of staff is set by the board with the objective of providing appropriate incentives to encourage first class performance and of rewarding members of staff fairly for their contributions to the success of the School. Delivery of the School’s charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single component of the School’s charitable expenditure.

Staff remuneration is reviewed annually, with benchmarking exercises against other comparable independent schools carried out as appropriate to ensure the School remains aware of the broader issues of pay and employment conditions elsewhere.

Page 7

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

TRUSTEES' ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023

Plans for future periods

The Exploration Centre was fully opened in 2021 and continues to enhance and develop many facets of the curriculum. The School is undertaking an estate master-planning exercise to ensure that the physical development of the school site over the next 10+ years is aligned with the strategic development objectives of the business.

Principal risks and uncertainties

The board has assessed the major risks to which the School is exposed, in particular those related to the operations and finances of the School and is satisfied that systems are in place to mitigate exposure to the major risks. The directors' risk assessment process has identified those risks standard in owning and operating any private school. These include inter alia financial/fiscal, operational, legal/regulatory, strategic, and reputational risks.

These are regularly and carefully monitored by the directors and appropriate risk management measures implemented.

The Company keeps a risk register, to which newly identified risks are added as and when they are noted. Consideration is given to appropriate mitigation of all risks identified. The whole register is reviewed annually by the directors.

The principal risks to the school arise as a result of the importance of maintaining its outstanding reputation. This ensures that that school is able to attract sufficient boys and to recruit and retain the highest quality staff. This is of paramount importance to the directors who closely monitor all the factors that influence these areas to ensure that any risk to the school is minimal. The high level of demand for places and the school's excellent track record of supporting boys with gaining places at their first choice of public school are testament to their success in managing these risks.

Page 8

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

TRUSTEES' ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023

Provision of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

This report, incorporating the Group Strategic Report, was approved by the directors on ………… 17/05/2024 and signed on their behalf by:

Charles Butterworth

Charles Butterworth (May 17, 2024 13:27 GMT+1)

………………………… C L Butterworth Chairman

Page 9

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

TRUSTEES' ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023

Trustees' Responsibilities Statement

The trustees (who are also directors of the Charitable Company for the purposes of company law) are responsible for preparing the Trustees' Annual Report (incorporating the Strategic Report) and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charitable Company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period.

In preparing these financial statements, the 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 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 also responsible for safeguarding the assets of the charitable group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 10

(A company limited by guarantee)

LUDGROVE SCHOOL TRUST LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF LUDGROVE SCHOOL TRUST LIMITED

Opinion

We have audited the financial statements of Ludgrove School Trust Limited (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 August 2023 which comprise the Consolidated Statement of Financial Activities, Consolidated Statement of Financial Position, Company Statement of Financial Position, the Consolidated Statement of Cash Flows and the 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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ 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 group and parent 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.

Page 11

(A company limited by guarantee)

LUDGROVE SCHOOL TRUST LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF LUDGROVE SCHOOL TRUST LIMITED (continued)

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 information contained within the Trustees’ 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 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 course of 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.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 10, the trustees (who are directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Page 12

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF LUDGROVE SCHOOL TRUST LIMITED (continued)

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the 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.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and under section 151 of the Charities Act 2011, and report in accordance with those Acts and relevant regulations made or having effect thereunder.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

We obtained a general understanding of the Group's and the Parent Charitable 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 litigation claims. We also drew on our existing understanding of the Group's and the Parent Charitable Company’s industry and regulation.

We understand that the Group and the Parent Charitable Company comply with the framework through:

In the context of the audit, 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 Charitable Company’s ability to conduct its business, and where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the Group's and the Parent Charitable Company’s activities:

Page 13

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF LUDGROVE SCHOOL TRUST LIMITED (continued)

Based on our understanding we performed the following specific procedures to gain evidence about compliance with the significant laws and regulations above:

The senior statutory auditor led a discussion with all members of the engagement team regarding the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:

The procedures we carried out to gain evidence in the above areas included:

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

Use of our report

This report is made solely to the parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent charitable company’s members and trustees, 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 parent charitable company, and the parent charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

CLA Evelyn Partners Limited

CLA Evelyn Partners Limited (May 20, 2024 10:13 GMT+1) Julie Mutton Senior Statutory Auditor, for and on behalf of CLA Evelyn Partners Limited Statutory Auditor Onslow House Chartered Accountants Onslow Street Guildford Surrey GU1 4TL

Date: 20/05/2024

Page 14

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023

Note
INCOME FROM:
Donations
3
Charitable activities
4
Other trading activities
5
Investments
6
TOTAL INCOME
EXPENDITURE ON:
Raising funds
7
Charitable activities
8
TOTAL EXPENDITURE
Net gains/(losses) on fixed
asset investments
NET GAINS BEFORE OTHER
RECOGNISED GAINS AND
LOSSES
Other recognised gains/(losses):
Actuarial gains on defined benefit
pension schemes
NET INCOME / MOVEMENT IN
FUNDS FOR THE YEAR
Reconciliation of funds:
Total funds at 1 September
2022
TOTAL FUNDS AT 31 AUGUST
2023		 Unrestricted
funds
Restricted
funds
Designated
funds
Total
funds
Total
funds
2023
£
2023
£
2023
£
2023
£
2022
£
59,567
57,323
-
116,890
90,409
5,914,865
-
-
5,914,865
5,688,409
38,555
-
-
38,555
27,569
66,633
-
-
66,633
28,041
6,079,620
57,323
-
6,136,943
5,834,428
52,254
-
-
52,254
18,954
6,029,319
-
-
6,029,319
5,705,371
6,081,573
-
-
6,081,573
5,724,325
32,122
-
-
32,122
(91,077)
30,169
57,323
-
87,492
19,026
657,000
-
-
657,000
2,008,000
687,169
57,323
-
744,492
2,027,026
11,455,846
33,442
2,861,753
14,351,041
12,324,015
12,143,015
90,765
2,861,753
15,095,533
14,351,041

All activities relate to continuing operations. The notes on pages 19 to 38 form part of these financial statements.

Page 15

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2023

Note
NON CURRENT ASSETS
Property, plant and equipment
14
Investments
15
Pension asset
21
CURRENT ASSETS
Trade and other receivables
16
Cash and cash equivalents
CURRENT LIABILITIES
Trade and other payables
17
NET CURRENT ASSETS
NET ASSETS
CONSOLIDATED FUNDS
Designated funds
19
Restricted funds
19
Unrestricted funds
19
TOTAL FUNDS		 £
275,633
2,592,643		 2023
£
9,701,112
2,266,502
1,489,000		 £




405,551
2,318,524		 2022
£
9,974,575
2,225,038
801,000
13,456,614



1,638,919		 13,000,613



1,350,428
2,868,276
(1,229,357)		 2,724,075
(1,373,647)




15,095,533 14,351,041
2,861,753
90,765
12,143,015		 2,861,753
33,442
11,455,846
15,095,533 14,351,041

The financial statements were approved by the directors on 17/05/2024 and signed on their behalf, by:

Charles Butterworth

Charles Butterworth (May 17, 2024 13:27 GMT+1)

C Butterworth

The notes on pages 19 to 38 form part of these financial statements.

Page 16

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2023

Note
NON CURRENT ASSETS
Property, plant and equipment
14
Investments
15
Pension asset
21
CURRENT ASSETS
Trade and other receivables
16
Cash and cash equivalents
CURRENT LIABILITIES
Trade and other payables
17
NET CURRENT ASSETS
NET ASSETS
CHARITY FUNDS
Designated funds
19
Restricted funds
19
Unrestricted funds
19
TOTAL FUNDS		 £
303,518
2,057,996		 2023
£
9,701,112
2,266,502
1,489,000		 £




397,936
1,891,919		 2022
£
9,974,575
2,225,038
801,000
13,456,614



1,145,178		 13,000,613



911,890
2,361,514
(1,216,336)		 2,289,855
(1,377,965)



14,601,792 13,912,503
2,861,753
33,442
11,706,597		 2,861,753
33,442
11,017,308
14,601,792 13,912,503

The unconsolidated net surplus of Ludgrove School Trust Limited for the year was £689,289 (2022: £ 1,944,637 ).

The financial statements were approved by the directors on 17/05/2024 and signed on their behalf, by:

Charles Butterworth

Charles Butterworth (May 17, 2024 13:27 GMT+1)

C Butterworth

The notes on pages 19 to 38 form part of these financial statements.

Page 17

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023

Note
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash generated from operating activities
A
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received
Purchase of property, plant and equipment
Proceeds on disposal of property, plant and equipment
Proceeds on disposal of fixed asset investments
Increase in fixed asset investments
Net cash used in investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting
period
CASH AND CASH EQUIVALENTS AT THE END OF THE
REPORTING PERIOD
NOTE TO THE STATEMENT OF CASH FLOWS:		 2023
2022
£
£
274,916
293,991
66,633
28,041
(45,928)
(70,169)
5,542
-
502,767
1,399,182
(529,811)
(1,243,451)
(797)
113,603
274,119
407,594
2,318,524
1,910,930
2,592,643
2,318,524

A. RECONCILIATION OF NET INCOME TO NET CASH GENERATED FROM OPERATING ACTIVITIES

Net income before other recognised gains and losses
Interest received
Depreciation of property, plant and equipment
Gains on investments
Decrease/(increase) in trade and other receivables
(Decrease)/increase in trade and other payables
Defined benefit pension scheme adjustments
NET CASH GENERATED FROM OPERATING ACTIVITIES		 2023
2022
£
£
87,492
19,026
(66,633)
(28,041)
313,849
341,011
(14,420)
(79,369)
129,918
(176,012)
(144,290)
198,376
(31,000)
19,000
274,916
293,991

The notes on pages 19 to 38 form part of these financial statements.

Page 18

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

The consolidated accounts are prepared under the Companies Act 2006 and the historical cost convention unless otherwise stated, in accordance with applicable United Kingdom Generally Accepted Accounting Practice including FRS 102 “The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland” (FRS 102) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with FRS 102 (effective 1 January 2019) - (Charities SORP (FRS 102)).

Ludgrove School Trust Limited is a school offering education to boys aged 8 to 13, which meets the definition of a public benefit entity under FRS 102.

The Parent Company has taken advantage of the exemption available to qualifying entities under FRS 102 from preparing a Statement of Cash Flows

1.2 Basis of consolidation

The consolidated financial statements present the results of Ludgrove School Trust Limited and its subsidiary undertaking ('the Group'). The Company has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Income and expenditure account.

1.3 Going concern

Directors 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 activities for the foreseeable future. Additionally, despite the current uncertainty in the wider economy, the strength of the School’s Statement of financial position is such that the directors consider that there is currently no material uncertainty over the school’s financial viability. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

1.4 Company status

The School is a registered charity and a private company limited by guarantee incorporated in England and Wales. The members of the Company are the directors named on page 1. The registered office is Ludgrove School, Wokingham, Berkshire, RG40 3AB. In the event of the Company being wound up, the liability in respect of the guarantee is limited to £1 per member of the Company.

Page 19

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1.5 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the directors in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the directors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds represent unspent monies received for a particular donor-specified purpose, as explained in the notes to the financial statements.

1.6 Income

All incoming resources are included in the Consolidated Statement of Financial Activities when the Company has entitlement to the funds, it is probable that monies will be received, and the amount can be measured with sufficient reliability.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Fee income represents fees, extras and disbursements, received for the education of the pupils attending the school, less discounts. Income received from the rendering of tuition services is recognised over the period the service is provided.

1.7 Expenditure

Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent 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 directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include the audit fees and costs linked to the strategic management of the Charity.

All resources expended are inclusive of irrecoverable VAT.

Page 20

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1.8 Property, plant and equipment

All assets costing more than £2,000 are capitalised.

Property, plant and equipment are stated at cost less depreciation. Depreciation is not charged on freehold land. Depreciation on other assets is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold buildings - 2% straight-line Leasehold buildings - over the term of the lease Freehold land - not depreciated Plant and machinery - 15% straight-line Motor vehicles - 25% reducing balance

Included in leasehold properties are buildings held under short leases which are being depreciated at the rate of 2% per annum. In the directors' opinion the leases will be renewed indefinitely.

1.9 Operating leases

Rentals under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

1.10 Taxation

As a charity, the Company and its subsidiary are exempt from tax on income and gains under current tax legislation to the 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 goods and services as the provision of education is exempt from VAT. The irrecoverable VAT is included in the total cost applicable to each expense heading.

1.11 Pensions

The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.

The Company additionally maintains a funded defined benefit pension scheme called the Ludgrove School Staff Pension Scheme. This scheme ceased to accrue benefits for active members as from 31 August 2011. Under the provisions of FRS 102, any surplus or deficit on the pension scheme is included in the Company's Statement of financial position.

Page 21

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1.11 Pensions (continued)

A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including age, length of service and remuneration. The liability recognised in the Statement of financial position in respect of the defined benefit plan is the present value of the defined benefit obligation at the reporting date less the fair value of the plan assets at the reporting date.

The defined benefit obligation is calculated using the projected unit credit method. Annually the Group engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating the estimated period of the future payments (‘discount rate’).

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Group’s policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other recognised gains/losses. These amounts together with the return on plan assets, less amounts included 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 fair value of plan assets. This cost is recognised in the Income and expenditure account as ‘Finance expense’.

1.12 Financial instruments

The charity has chosen to adopt Sections 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 recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss 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 current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 22

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1.12 Financial instruments (continued)

Financial liabilities are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability.

Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

2. KEY SOURCES OF ESTIMATION UNCERTAINTY AND JUDGEMENTS

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the Statement of financial position date and the reported amounts of revenues and expenses during the reporting period.

Defined benefit pension scheme

The Charity has an obligation to pay pension benefits to employees. The costs of these benefits and the present value of the obligation depend on a number of factors including life expectancy, salary and pension increases, and the discount rate on corporate bonds. The directors make appropriate judgements and estimates based on professional advice received from the scheme’s actuary. Assumptions are set out in note 21.

Page 23

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

3. INCOME FROM DONATIONS

Donations Unrestricted
funds
Restricted
funds
Designated
funds
Total
funds
Total
funds
2023
£
2023
£
2023
£
2023
£
2022
£
59,567
57,323
-
116,890
90,409

Included in donations income of £90,409 for the year ended 31 August 2022 is £90,409 which relates to restricted funds and the balance of £Nil relates to unrestricted funds.

4. INCOME FROM CHARITABLE ACTIVITIES

Fees receivable
Extras
Non-refundable
registration fees
Discounts and bursaries		 Unrestricted
funds
Restricted
funds
Designated
funds
Total
funds
Total
funds
2023
£
2023
£
2023
£
2023
£
2022
£
5,756,945
-
-
5,756,945
5,577,637
411,547
-
-
411,547
351,359
9,804
-
-
9,804
13,424
(263,431)
-
-
(263,431)
(254,011)
5,914,865
-
-
5,914,865
5,688,409

All income from other charitable activities in 2022 relates to unrestricted funds.

5. INCOME FROM OTHER TRADING ACTIVITIES

Rent receivable
Other income
Net interest (note 13)		 Unrestricted
funds
Restricted
funds
Designated
funds
Total
funds
Total
funds
2023
£
2023
£
2023
£
2023
£
2022
£
3,162
-
-
3,162
3,998
4,393
-
-
4,393
23,571
31,000
-
-
31,000
-
38,555
-
-
38,555
27,569

All income from other trading activities in 2022 relates to unrestricted funds.

Page 24

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

6. INCOME FROM INVESTMENTS

Unrestricted Restricted Designated Total Total
funds funds funds funds funds
2023 2023 2023 2023 2022
£ £ £ £ £
Investment income 66,633 - - 66,633 28,041

All investment income in 2022 relates to unrestricted funds.

7. EXPENDITURE ON RAISING FUNDS

Bank charges
Fundraising events
Fundraising administration
Staff costs		 Unrestricted
funds
Restricted
funds
Designated
funds
Total
funds
Total
funds
2023
£
2023
£
2023
£
2023
£
2022
£
159
-
-
159
62
21,290
-
-
21,290
-
21,481
-
-
21,481
13,132
9,324
-
-
9,324
5,760
52,254
-
-
52,254
18,954

All expenditure on raising funds in 2022 relates to unrestricted funds.

Page 25

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

8. EXPENDITURE ON CHARITABLE ACTIVITIES EXPENDITURE ON CHARITABLE ACTIVITIES
Unrestricted Restricted Designated Total Total
funds funds funds funds funds
2023 2023 2023 2023 2022
£ £ £ £ £
Staff costs 3,357,882 - - 3,357,882 3,167,973
Direct costs 1,062,437 - - 1,062,437 930,525
Depreciation 313,849 - - 313,849 341,013
Support costs (note 9) 1,295,151 - - 1,295,151 1,265,860
6,029,319 - - 6,029,319 5,705,371

All expenditure on charitable activities in 2022 relates to unrestricted funds.

9. SUPPORT COSTS

Basis of
Allocation
Other finance expense (note 13)
Direct
Office costs
Direct
Premises
Direct
Garden & grounds
Direct
Professional fees
Direct
Other support costs
Direct
Donations
Direct
Governance costs
Direct		 Support
costs
Total
2023
Total
2022
£
£
£
-
-
19,000
-
-
7,294
845,822
845,822
800,131
97,599
97,599
148,753
85,922
85,922
55,575
175,022
175,022
160,995
1,713
1,713
1,759
89,073
89,073
72,353
1,295,151
1,295,151
1,265,860

All expenditure on support costs relates to unrestricted funds.

10. NET INCOME

This is stated after charging:

Depreciation of tangible fixed assets:
- owned by the Charitable Group
Auditor’s remuneration:
- statutory audit of the Group
- statutory audit of the subsidiary
- statutory audit of the pension fund
- accounting services
- tax advisory
Operating lease rentals		 2023
2022
£
£
313,849
341,011
23,100
16,500
12,900
12,900
12,180
11,448
52,893
43,505
900
900
118,514
108,255

Page 26

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

11. STAFF COSTS

Staff costs were as follows:

Staff costs were as follows:
Wages and salaries
Social security costs
Other pension costs		 2023
2022
£
£
2,621,866
2,511,234
248,613
229,693
487,403
427,046
3,357,882
3,167,973

The average monthly number of employees during the year was as follows:

Teaching, pastoral and household
Maintenance
Administration
The number of higher paid employees was:
In the band £60,001 - £70,000
In the band £110,001 - £120,000		 2023
2022
No.
No.
98
103
8
8
8
7
114
118
2023
2022
No.
No.
4
4
1
1
5
5

The Charity and Group’s key management personnel comprise the directors, the headmaster, the deputy head and the bursar. Total remuneration paid to key management personnel was £281,699 (2022: £ 266,467 ).

12. DIRECTORS' REMUNERATION

During the year, no directors received any remuneration (2022: none). During the year, no directors received any benefits in kind (2022: none).

During the year retirement benefits were accruing to no directors (2022: none) in respect of defined benefit pension schemes.

During the year, no directors were reimbursed expenses (2022: none) .

Page 27

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

13. FINANCE EXPENSE

Interest income on pension scheme assets
Interest on pension scheme liabilities
Net interest on net defined benefit asset		 2023
2022
£
£
334,000
157,000
(303,000)
(176,000)
31,000
(19,000)

14. PROPERTY, PLANT AND EQUIPMENT

Land & Buildings
Plant &
machinery
Group and Company
£
£
Cost
At 1 September 2022
12,993,174
1,678,583
Additions
7,011
24,919
Disposals
(5,114)
-
At 31 August 2023
12,995,071
1,703,502
Depreciation
At 1 September 2022
3,328,696
1,370,442
Charge for the year
228,088
83,134
Depn on disposal
-
-
At 31 August 2023
3,556,784
1,453,576
Net book value
At 31 August 2023
9,438,287
249,926
At 31 August 2022
9,664,478
308,141
Included in net book value of land and buildings is:
Freehold land and buildings

Long leasehold
Short leasehold
 Land & Buildings
Plant &
machinery
£
£
12,993,174
1,678,583
7,011
24,919
(5,114)
-		 Motor
vehicles
Total
£
£
30,469
14,702,226
13,994
45,924
(5,700)
(10,814)
12,995,071
1,703,502		 38,763
14,737,336
3,328,696
1,370,442
228,088
83,134
-
-		 28,513
4,727,651
2,627
313,849
(5,276)
(5,276)
3,556,784
1,453,576		 25,864
5,036,224
9,438,287
249,926		 12,899
9,701,112
9,664,478
308,141		 1,956
9,974,575
2023
2022
£
£
9,124,500
9,336,955
60,086
60,086
253,701
267,435
9,438,287
9,664,476

Page 28

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

15. FIXED ASSET INVESTMENTS

Group and Company
Market value
At 1 September 2022
Additions
Disposals
Revaluation
At 31 August 2023		 Cash
Listed
Investments
Total
£
£
£
134,348
2,090,690
2,225,038
529,811
529,811
(14,106)
(488,661)
(502,767)
-
14,420
14,420
120,242
2,146,260
2,266,502

Total investment gains of £32,122 (2022: £91,077 loss) as shown on the Statement of Financial Activities comprise unrealised gains of £14,420 (2022: £79,369) and realised gain of £17,702 (2022: £170,446 loss).

Investments at 31 August 2023 comprise:

Equities – United Kingdom
Equities – Europe
Equities – North America
Equities – Japan
Equities – Asia ex Japan
Equities – Emerging markets
Bonds – United Kingdom
Bonds – North America
Bonds – Global
Alternatives – hedge funds
Alternatives – commodities
Alternatives – other
Cash		 2023
2022
£
£
147,589
149,509
150,663
165,169
622,271
569,469
31,500
27,047
57,230
68,324
120,543
123,841
366,356
196,678
77,147
158,577
157,073
136,001
118,898
148,757
136,318
171,198
160,672
176,120
120,242
134,348
2,266,502
2,225,038

Page 29

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

16. TRADE AND OTHER RECEIVABLES

Trade receivables
Amounts owed by group
undertakings
Prepayments and accrued income
Other receivables
17.
TRADE AND OTHER PAYABLES:
Amounts falling due within one year		 Group
2023
2022
£
£
168,606
226,058
-
-
105,616
179,014
1,411
479		 Company
2023
2022
£
£
158,610
218,443
37,881
-
105,616
179,014
1,411
479
275,633
405,551		 303,518
397,936
Other payables
Social security payable
Accruals
Deferred income (note 18)
Amounts owed to group undertakings		 Group
2023
2022
£
£
217,947
246,340
67,942
61,127
401,858
374,681
541,610
691,499
-
-		 Company
2023
2022
£
£
217,947
246,340
67,942
61,127
388,837
361,781
541,610
691,499
-
17,218
1,229,357
1,373,647		 1,216,336
1,377,965

18. DEFERRED INCOME

Deferred income relates to school fees paid in advance.
Group
2023
2022
£
£
As at 1 September
691,499
581,048
Amounts released to SOFA
(691,499)
(581,048)
Amounts deferred in the year
541,610
691,499
As at 31 August
541,610
691,499		 Deferred income relates to school fees paid in advance.
Group
2023
2022
£
£
As at 1 September
691,499
581,048
Amounts released to SOFA
(691,499)
(581,048)
Amounts deferred in the year
541,610
691,499
As at 31 August
541,610
691,499		 Company
2023
2022
£
£
691,499
581,048
(691,499)
(581,048)
541,610
691,499
541,610
691,499		 541,610
691,499

Page 30

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

19. STATEMENT OF FUNDS - GROUP

General Funds - all funds
Designated funds
Strategic reserve
Long-term investment
reserve
Special projects reserve
Total designated funds
Restricted funds
Learning support
Hardship fund
Bursary fund
Total restricted funds
Total of funds		 Brought
forward
1 September
2022
£
Income
£
Expenditure
£
Gains/
(Losses)
£
Carried
Forward
31 August
2023
£
11,455,846
6,079,620
(6,081,573)
689,122
12,143,015
750,000
-
-
-
750,000
750,000
-
-
-
750,000
1,361,753
-
-
-
1,361,753
2,861,753
-
-
-
2,861,753
10,456
-
-
-
10,456
22,986
-
-
-
22,986
-
57,323
-
-
57,323
33,442
57,323
-
-
90,765
14,351,041
6,136,943
(6,081,573)
689,122
15,095,533

Page 31

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

19. STATEMENT OF FUNDS (continued) - COMPANY

General Funds - all funds
Designated funds
Strategic reserve
Long-term investment
reserve
Special projects reserve
Total designated funds
Restricted funds
Learning support
Hardship fund
Bursary fund
Total restricted funds
Total of funds		 Brought
forward
1 September
2022
£
Income
£
Expenditure
£
Gains/
(Losses)
£
Carried
Forward
31 August
2023
£
11,017,308
6,038,810
(6,038,643)
689,122
11,706,597
750,000
-
-
-
750,000
750,000
-
-
-
750,000
1,361,753
-
-
-
1,361,753
2,861,753
-
-
-
2,861,753
10,456
-
-
-
10,456
22,986
-
-
-
22,986
-
-
-
-
-
33,442
-
-
-
33,442
13,912,503
6,038,810
(6,038,643)
689,122
14,601,792

Page 32

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

19. STATEMENT OF FUNDS (continued)

Designated funds

The Strategic reserve has been set up to cover possible future expenditure of an exceptional nature. The Long-term investment reserve has been set up to cover future expenditure on the School's land and buildings.

The Special projects reserve has been set up for potential future requirements of the school.

Restricted funds

The Learning support fund was created by the donation of funds specifically for learning support.

The Bursary fund was created by the donation of funds in the subsidiary charity specifically for the purpose of providing bursaries.

The Hardship fund was created by donations in response to the COVID-19 pandemic and will be used to fund bursaries for families in need as a result of the pandemic.

Page 33

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS

GROUP
Tangible fixed assets
Fixed asset investments
Pension asset
Current assets
Creditors due within one year		 Unrestricted
funds
Restricted
funds
Designated
funds
Total
funds
Total
funds
2023
£
2023
£
2023
£
2023
£
2022
£
9,701,112
-
-
9,701,112
9,974,575
-
-
2,266,502
2,266,502
2,225,038
1,489,000
-
-
1,489,000
801,000
2,182,260
90,765
595,251
2,868,276
2,724,075
(1,229,357)
-
-
(1,229,357)
(1,373,647)
12,143,015
90,765
2,861,753
15,095,533
14,351,041

All tangible fixed assets for 2022 relate to unrestricted funds. All fixed asset investments for 2022 relate to designated funds. Included within current assets for 2022 is £33,442 relating to restricted funds, £636,715 relating to designated funds, with the balance of £2,053,918 relating to unrestricted funds. All creditors and provisions for liabilities and charges for 2022 relate to unrestricted funds.

COMPANY
Tangible fixed assets
Fixed asset investments
Pension asset
Current assets
Creditors due within one year		 Unrestricted
funds
Restricted
funds
Designated
funds
Total
funds
Total
funds
2023
£
2023
£
2023
£
2023
£
2022
£
9,701,112
-
-
9,701,112
9,974,575
-
-
2,266,502
2,266,502
2,225,038
1,489,000
-
-
1,489,000
801,000
1,732,821
33,442
595,251
2,361,514
2,289,855
(1,216,336)
-
-
(1,216,336)
(1,377,965)
11,706,597
33,442
2,861,753
14,601,792
13,912,503

All tangible fixed assets for 2022 relate to unrestricted funds. All fixed asset investments for 2022 relate to designated funds. Included within current assets for 2022 is £33,442 relating to restricted funds, £636,715 relating to designated funds, with the balance of £1,619,698 relating to unrestricted funds. All creditors and provisions for liabilities and charges for 2022 relate to unrestricted funds.

Page 34

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

21. PENSION COMMITMENTS

Ludgrove School Trust Limited operates a Group Personal Pension scheme, a defined contribution scheme, for the benefit of certain employees. Contributions in the year were £487,403 (2022: £ 427,046 ).

The Group also operates a defined benefit pension scheme.

Contributions by both employees and the Company are held in director administered funds completely independent of the Company's finances. The profit and loss charge is based upon actuarial advice by a professionally qualified actuary. The Scheme's Actuary is not an employee of the sponsoring employer.

The amounts recognised in the Statement of financial position are as follows:

Present value of funded obligations
Fair value of scheme assets
Net balance		 2023
2022
£
£
(6,645,000)
(7,958,000)
8,134,000
8,759,000
1,489,000
801,000

The amounts recognised in the Consolidated Statement of Financial Activities are as follows:

Net interest (income)/ cost 2023
2022
£
£
(31,000)
19,000
(31,000)
19,000

Page 35

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

21. PENSION COMMITMENTS (continued)

Movements in the present value of the defined benefit obligation and the fair value of scheme assets were as follows:

At 1 September 2022
Interest income on scheme assets
Return less interest income on scheme
assets
Interest cost
Actuarial gains / (losses)
Past service cost
At 31 August 2023		 Assets
Liabilities
Total
£
£
£
8,759,000
7,958,000
801,000
334,000
-
334,000
(570,000)
-
(570,000)
-
303,000
(303,000)
-
(1,227,000)
1,227,000
(389,000)
(389,000)
-
8,134,000
6,645,000
1,489,000

The date of the most recent actuarial valuation of the scheme assets and liabilities was 5 August 2019.

The Group expects to contribute £nil (2022: £nil) to its defined benefit pension scheme in 2023 representing contributions made by the school.

Principal actuarial assumptions at the Statement of financial position date (expressed as weighted averages):

averages):
2023 2022
Pension revaluation in deferment (CPI, maximum 5% with
effect from 6 April 1999 to 5 April 2009) 2.80% 3.20%
Pension revaluation in deferment (CPI, maximum 2.5% with
effect from 6 April 2009) 2.50% 2.50%
Discount rate 5.10% 3.90%
Pension escalation in payment (RPI, max 2.5% with effect from
1 August 2007) 2.20% 2.30%
Pension escalation in payment (RPI, max 5% with effect from 6
April 1999 to 31 July 2007) 3.20% 3.50%
RPI inflation 3.30% 3.70%
CPI inflation 2.80% 3.20%

Page 36

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

22. OPERATING LEASE COMMITMENTS

At 31 August 2023 the Group had commitments under non-cancellable operating leases as follows:

Group and Company
Expiry date:
Less than 1 year
Between 1 and 5 years
Greater than 5 years		 Land and buildings
Other
2023
2022
2023
2022
£
£
£
£
49,381
57,403
69,133
50,852
86,497
112,212
82,484
89,335
-
2,338
-
-

23. CAPITAL COMMITMENTS

There are no capital commitments as at 31 August 2023 (2022: £Nil)

24. RELATED PARTY TRANSACTIONS

The Foundation made bursary grants of £12,360 (2022: £ 11,730 ) to the School during the year. During the year the School has settled expenses related to Foundation of £42,738. As at the year end £37,881 is due to be paid to the School (2022: £17,218 due from Foundation to School).

The Headmaster’s wife works at the school and received remuneration in the year of £56,736 (2022: £53,796). The Deputy Headmaster’s wife also worked at the school in the year and received remuneration in the year of £35,475 (2022: £27,500).

During the year, the Group received donations from trustees of £Nil (2022: £300).

R M Besten and L C L Fitzwilliams have boys who attended the School during the year. Fees were paid on normal commercial basis.

There were no other related party transactions during the year that require disclosure.

25. CONTROLLING PARTY

There is considered to be no ultimate controlling party.

Page 37

LUDGROVE SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

26. SUBSIDIARY

Percentage Company name Country shareholding Description The Ludgrove School Foundation United Kingdom 100% Charitable foundation

The Charity is the ultimate controlling party of The Ludgrove School Foundation Limited as established by its memorandum and articles of association dated 7 August 2012, company number 08170775 and charity number 1149573. The objective of The Ludgrove School Foundation Limited is to distribute funds available to it in support of charitable purposes approved by its directors. The assets and liabilities of the subsidiary which have been included in the consolidated accounts are shown below as are a summary of its income and expenditure. The registered office of The Ludgrove School Foundation is Ludgrove, Wokingham, RG40 3AB.

Summary of subsidiary assets and liabilities

Summary of subsidiary assets and liabilities
Debtors
Cash
Creditors
Net Assets		 2023
£
2022
£
9,996
24,833
534,648
426,606
(50,902)
(12,900)
493,742
438,539

Income and expenditure summary

Income and expenditure summary
Voluntary income
Costs of generating voluntary income
Donations
Professional fees
Governance costs
Surplus/(Deficit)
Funds brought forward
Total		 2023
£
2022
£
119,817
113,073
(30,614)
(5,760)
(12,360)
(11,730)
(159)
(293)
(21,481)
(12,900)
55,203
82,390
438,539
356,149
493,742
438,539

Page 38