LOCKERS PARK SCHOOL TRUST LIMITED Acom Llmlted b Guarantee DIRECTORS, REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2022 LOCKERS PARK SCHOOL TRUST UMrrED REP RT AND ACCOUNT EAR ENDED INDEX Company Information 4-10 R8POrt of the Directors 11-14 Auditors, Rèport 15 Statémént of Financial Activtiies 16 Balance Sheet 17-25 Notes to the Accounts 2of25 LOCKERS PARK SCHOOL TRUST LIMrrED COMPANY INFORMATION Dlrectors C Lister (Chair) D Dolce C Tolman O Abel Smlth S Baldock J Snoxall (appointed 1¥t September 2021) K Eddlson {appointed 1* September 2021) S Lancaster (appointed 1° October 2021) T Lloyd - Baker {appointed 22Th1 November 2022) Senior Officers Headmastsr D8puty Head Director of Studies Bursar G Taylor (appointed 1S1 Septemb8r 2021) N CorrFg8n (apwinted 1At Septsmber 2021) T Dawes J Stsvens {appointsd 1° February 2022) Company secrètary J stevens Company number 01090034 Registorod charity number 311061 Registored offlce and business address Lockers Park Lane Hemel Hempstead Hertfordshire HP1 1TL Auditors Mercer & Hole LLP Chartered Accountants 72 London Road St. Albans Hertfordshire AL11NS Banker HSBC Bank PIC Howardsgate Welwyn Garden Cty Hertfordshire AL8 68H 3¢f25 LOCKERS PARK SCHOOL TRUST LIMITED REPORT OF THE DIRECTORS- YEAR ENDED 31 AUGUST 2022 STRUCTURE GOVERNANCE AND MANAGEMENT The Directors of th8 Charfty. Ytho are also the Govemors and Truste8s. submit their annual report and Ihe audited financial statements for th8 yèar ended 31 August 2022 The Directors confirm the financial statements comply wtth the requirements of the Charites Act 2011, Memorandum and Articles and the Charities SORP (effective January 2019). Th8 Charity is a company limited by guararrtee and govemed by a Memorandum and Articles of Associatson. Its objectives are to promote and provide for advancement of educalion and develop in United Kingdom any boarding or day ￿h0o1 for the education of childr8n. The Methods, Policies and Proeedurns of Appolntmen( Inductlon and Training of Dlrectors Lockers Park Direclors are appointed as arvj when required at a meeting of the Lockers Park School board on the basis of nominations received from the Directors and Headmasler. havlng taken appropriate soundings from other interested parties including staff and parents. Selection is made frcyn candidates with differing professional qualrfications l experionces to ensure a wide range of skills are available. The Board of Direct(￿ meet at least On￿ a te￿ to provide oversight of the management and operation of the School. Elements of this oversight Is delegated to sub-committees of the board which are chaired by individual Directors: The Finance & G8neral Purposes committee (chaired by Mr A Tlvey}, the Education Committee (chaired by Mr C. Tolman), The Pasioral & Safeguarding Committee (chaired by Mr O. Abel Smith who is 81so thé designated Govemor for S8feguarding), the Marketing Committee (chaired by Ms D. Dolce). These Committees meet at least once a temi, prior to the full Board meeting. New Directors are encouraged to take part In induction training programmes wovided by the AssocSation of GovernSng Bodies of Independent Schools and other bodies. They are inducted into the working5 of Lockers Park through a visils programme, discussion and an introductory pack. OBJECTIVES AND ACTIVITIES Ethos and Alms Lockers Park is a purposefvlly small prep school for boys. with a focus on pupils achleving excellent results alongside an enthusiasm for lifè. The school enjoys a long history, and our heritage and tradIt￿n helps lo shape the charactsr of our school, staff and pupils. We aim to inspire a lifelong love of leaming in every child who enters our school, and otter a first class. all- round educalion that provides academic prog￿$S1On, abundant opportunities and strong pastoral principles. Complementing this is our work to grow self-wnfidence, c*lebrale Indlviduallty. build r8sS1ienc8 and cultivale soclal Interacllon, instilling in each pupil m￿alS and values that last a lrfétimè. Emphasis has been placed on increasing indepgndent analysis and thought, through the introduction of Critical Thinking lessons to Year 7 & 8 pupils to enhance and develop abilities in judgement, evaluation and problem solving abilities. Critical Thinking is a valuable skill for our pupils to masler in proparation for senior schools and life after education. In addition, staff are encouraged to create opportunities for planning and delivering the STEM subjects in an integrated way. For the next academic year, the Arts will be included within this., thereby creating STEAM. This will continue to evolve within our broad curriculum. 4e125 LOCKERS PARK SCHOOL TRUST LIMITED REPORT OF THE DIRECTORS - YEAR ENDED 31 AUGUST 2022 - CONTINUED We are proud of th6 dwersè b8ckgrounds of our communty and encourage all pupits to share their beliets, traditions and cultural celebrations. This allows the Who￿ school community lo leam about and appreciate different cultures and values. Academic success is Ce￿brated alongslde the musical, ading, sporting and c(KurriuJlar achievements of our pupils, and we aim to help them diswver hidden talents and initiate lrfelcng passlons along the way. The School continues to attract boarders and fiexi-boarders from UK resident families and overseas. The Boarding House is a thriving part of our community. Our approath prioritises forward-thlnklng, kinaésthetic leaming within a traditional prep school environment. Respect. l)on88ty. tol8ranc8 and compassion form the foundation of 811 our tea¢hing. Objectlves for the Year The focus has been on continuing to deliver academi¢ excellenix and to actively maintain thildren's menlal wellbeing with outstanding pastoral care. At all limes the dual mission has been to: support and educate, wth safety and wellbeing as a crftlcal consideration. A¢tivili88 As has been the case since the establishment of Lockers Park in 1874. its principal activities continue to be the provision of education in a day and boarding sthool. and this year Lockers Park averaged 170 pupils12021: 156 pupils). The Sthool wntinues to attract boarders from UK and intemational famili98 and the importance of fl8xi-boarding ensu￿$ a signffjcant numb8r of pupils access 8nd enjoy the boarding faciliti8S. The School will conilnue to offer a hlgh quallty, roundéd education to all pupils, and provide stlmulatsng leaming envlronmènt In whlch pupils can develop their academic polenlial to the full. Pupils are given Ihe opportunity to experience a broad range of Intellectual. cultural. spt)rting and widerwcommunrty influences and within the extended day our children w￿11 often develop great friendshlps and social skllls as th8y Interacl In a less formal setting. Achievements Lockers Park conllnues to provlde teachlng In small classes In a safe, caring and nurturing environment within our beautiful grounds, combining tradilron wilh forward-looking progression. Uniquety, wè support our p8r8nts by pro*thdlng a fully fl8xible ￿Spar0Und provision from 7.30am to 7.30pm for our pupils, at no additional cost lo parents. Our parents especially appreciats that w8 require no notice for this seNi(x. The School provides a wide variety of clubs and actiwties, and pupils also benefrt from the School's extended day. énabling them to accolerate Iheir prts3ress. The School's academic results are ex￿lIent and represent very signrficant"added value" from the baseline set as pupils enter the School. Our pupils ¢onts'nue to flourish and demonstrate significant personal davelopment In a wlde variety of areas, achieving high stsndard$ across the curriculum and particulady in sport, drama. art and music. We continue to develop and enhance our already broad curriculum to ensure that our pupils are equipped with the knowledge. ski118. and 5of25 8xamination successes that POStUon them for an outstandlng start in lrfe and insplres within them the confidence to challenge convention and continue as inquisitwe leamèrs. LOCKERS PARK SCHOOL TRUST LIMITED REPORT OF THE DIRECTORS . YEAR ENDED 31 AUGUST 2022- CONTINUED Pro ression We are proud that once again all Year 8 le8vers progressed to their flrstdioice senlor school. vthich included Eton, Rugby, St Albans and Oundle. Publ1¢ Beneflt As ever, Ihe Lod(ers Park communty Continued to support Its favourite charitl85. Jeans for Genes day in September raiséd £335 and the staff and pupils raised £256 at the annual Macmillan Coffee Moming. The annual Christrnas Jumper Day for Save the Children ralsed £312. The Poppy Appeal raised £131 and the school continued to support the Charlie Wall8r Foundation, raising £249. The annual sponsored walk raised £1,463 for The Pepper Foundation and £1,110 for the Collett School. Lockers Park is committed to supporting bcal schools in the communty by sharing our facilities and leaching resources, although In 21-22 this was limited du8 to covid restridions. During the Summer tem an art and sclence day was hosted for BOxm￿r Primary School and links w8re built wth the following schwls to deliver football toumaments and cross-country wnpetitions in 22-23.. Bovingdon Primary Academy. Boxmi)or Primary. Broadfield Academy, Greenway Primary, Hobbs Hill Wood School. Lime Walk School, Markyate Village Sch(K)I, Potten End C of E School. South Hill School and St Domlnlc Catholic Schwl. We have continued to work closely wlth senior schools to enable boys from less-advantaged backgrounds, currently rocelvlng bursarial support from Lockers Parf<, to contlnue to benefit from financial assistsnce after transttion. In addition, the School has supp(rted current pupils through means-lesled hardship provision when families find that they are no longer able to afford the full school fees. The School welcomes and celebrates pupils from all backgrounds. Lockers Pa￿ is committed to widening access for less-advantaged families via ils means-tested bursary provision. Residential Tri The annual ski trip was as popular as ever with this year's group going to ltsly. Years 3 and 4 enjoyed an ovemight stay under canvas on the grounds. As part of the Year 8 Leavers programme the sch￿1 were delighted to be 8bie to reintroduce the week-long trip to Bushcraft in Oxfordshire. Sport continues lo be a part of daily life at Locker5 Park. All the boys In the Prep School have daily coached sport lessons and all have the opportunity to represent the School in matches against other schools. In addition lo the main sports of football, rugby and cricket, our children take part in rifie shootlng, skiing, hockey, golf, badminton, squash, basketball, athletics, uoss- country and swlmming. Fixtures against other schools and In natlonal competrf(ions ensured the pupils received plenty of opportunities to demonstrate thelr abililies. The Pre-Pr8p pupils take r8gular PE lessons and make use of all avallable facillties. Musi¢ Lockers Parf( has a strong musical tradition, with over 80% of our pupils enjoying individual music18ssons In addition to timetabled class music. This year saw the retum of in person performances and the set music competition. 6of25 LQCKERS PARK SCHOOL TRUST UMrrED REPORT OF THE DIRECTORS -YEAR ENDED 31 AUGUST 2022- CONTINUED Drama Our puplls contlnued to r￿e1ve drama lessons with a 100% pass rale in LAMDA exams. Other Extralurrlcular Activitles Our pupils 8re encouraged to ty new experiences and the school offers many opp¢Muntties for these. The Art Extenslon group was again very well attended throughout the year. Our very own Scout Troop, Cub Pack and 8eaver Colony conlinue to offer a diverse range of activities Intended to help children develop skllls compllmentsry to those leamed In the classroom, whilst having lots of fijn as part of thls nattonal movement. Our Chess Club is popular. wlh boys giving up their break time to p18y game$. Memb8r3hip of the Eco Cornrnittee and sch1￿1 Council is sought after by many pupils. In free time. our pupils many be found building camps thin our extensive grounds.. playing table t8nnis- pool and table football- or playing games organlsed by memb9rs of staff. The Boarding House has been able to relniroduce a full calendar of 8v8nts and outirlgs. The take up of this has been high with many events being oversubsrJib8d. Friends of Lockers Park The Frlends of Lockers Park (FOLP) host a series of soclal and fundraising events for parents and pupils each year with an aim of both raising money for the school and local charities as well as bringing toggther parents, staff and pupils to promote 8 real ccwnmunity at Lockers Park. This year the Frlends were able to hosl a number of popular events Including the Brains of Lockers Quiz Night and th8 annual Summer Ball. RESULT8 A summary of the r8suKs for the year are given on page 16 of the financial statemants. In preparing this report. the Dire¢tors have noted the guidance set down by the Charlty Commission regarding public benefrt and a160 the supplemenlary guidance on the 8dv8ncernent of EduCat￿n. DIRECTORS The Directors of Ihe Company are the Govemors of the School and also the Trustees of the Charity. The Directors are 818Cted at a Director5, Meetlng and only the existin9 Directors are entitled to nominate and appoint new Directors. C Lister (Chair) D Dolce A Twey (resigned 3019r22) C Tolman O Abel Smith S Baldock S Jordache (resigned 3113122) J Snoxall (appointed 119121) K Eddison (appointed 119121) S Lancaster {appointed 1110121) T Lloyd- Baker (appointed 22111122) 7of26 LOCKERS PARK SCHOOL TRUST LIMrrED REPORT OF THE DIRECTORS - YEAR ENDED 31 AUGUST 2022 - CONTINUED SENIOR OFFICERS G Taylor N Corrigan T Dawes J St8vens Headmaster (appointed 18t Sept8mber 20211 Deputy Head (appointed 1st September 2021 > Director of Sludies Bursar (apwinted 141 February 2022) ORGANISATION The Dlrectors delemiine the general pollcy of Lockers Park. The day-today management of Lockers Park is delegat8d lo the Headma5ler. POLICY Lockers Park strives to combine the best oftradition with the best of modem practlce in providing a first-class. broad-based education. The wide range of facilities and opportunities availabie gives the Lockers Park boy invaluable exp&rience of teamwoTk and community life, and also offers him tremendous scop8 to develop individual and particular talents. RANT MAKING POLICY This year the value of scholarship and bursary awards made lo 30 pupils out of unrestricted fijnds was £34,433 and £83,861 respectively (2021: 32 pupils: £38,322 and £73.446). ApplScations for bursary awards are considered by the Directors and awards made on the basis of flnancial Information provided by the parent(s) and within parameters set by the Directors. RESERVES POLICY The Charty Commlssion requires all chariti8S to ￿1¢¥1 a formal polioy in respect of their financial reserves and explain for what future needs. opportunities. contlngencies and risks they are required. The Govemors carefully monitor the school's perfomwnce and cash flow to ensure it maintains sufficient free reseNes and liquid assets ft)r its future operations and WOTking capltal needs. As at 31 August 2022, the school had lotsl unrestricted reserves of £2,694.309 {2021'. £2,774,663) of which £192.022 (2021: £364,500) wer8 held as Designated Funds for school development and capital expenditure project5 and the romainder as General Funds. The Governors. policy is that free reserves, defined as General funds less fixed assets. should represent bètween 4-12 weeks 8xpenditure (£0.25m 40.75m) but may vary oulside of this depending on the status of school development plans. As at 31 August 2022, the school held free r8serves of £482.436 {2021: £436.5811 whith the Governors believe is Suff￿lent to cover the purpose frjr which they are intended. RISK MANAGEMENT Tha Directors continue to review the School's activities, particularty with regard to major risks that may arise from time lo time, and to monitor the effectiveness of the system of internal controls and other viable means, including insurance cover where appropriatè, by vthich those risks alrgady Identrfied by th8 Directors can best be mitigated. 8of26 LOCKERS PARK SCHOOL TRUST LIMrrED REPORT OF THE DIRECTORS - YEAR ENDED 31 AUGUST 2022 - CONTINUED FIXED ASSETS Acquisitions offix&d assets by the Sch¢)Jl during the year are shown in the Notes to the Flnancial Statements. PLAN FOR FUTURE PERIOD The Directors do not anticipate that there will be any fundamentsl change in the activitles of the School during the coming year. INVESTMENT POWERS These are gov8med by the Memor8ndum and Articles of the C¢Jnpany. DIRECTORS. RESPONSIBILITIES The company directors {who are also the Trustees of Lockers Park Trust Ltd for the purposes of charity law) are responsible for preparing a Directors. Annual Report and Finandal ststements in accordance with applicable law and United Kingdom Accounting Standards (United Kingd¢)m Generally A¢wted Accounting Practice). Company and charlty law requires direclors to prépare financial 5tstements for eath year vthich give a true and falr view of the state of affairs of the charttablè Company and of the incoming resources and application of resourcas, including the In￿Me and expend￿ure, of the charltable company for that period. In preparSng the financi81 statements, the ￿1￿CtorS are required to: select suitable accounting p()Ilcies and then appty them consislentiy: make judgements and estimates th8t are reasonable and prudent: state whether the polides adopted are in accordance wilh The Charmies (Accounts and Rep)rt} Regulations 2005. the Statement of Recommended Practlse 'Ac￿Unting and Rewrtlng by Charities. and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements., prepare the financial statsments on the going concem basis unl8ss il is inapproprlata to pre6Urne that the tharity will continue in business. The dlreclors are rèsponsible for keeplng proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and lo enabl8 them to ensure that the financial slatements comply with the Charities Ad 2011 and The Companies Act 2006. They are also responslbl8 for safeguarding tho assets of the charity and hence taklng reasonable steps for the prevention and detection of fraud and other irregularities. sTATEmE￿r OF DISCLOSURE TO AUDrroR In so far as the Dlrectors arè aware: there rs no relevant audit information that th8 charitsble company's auditors are unaw8re the diractors have taken all steps that they ought to have taken to make themselves aware of any relevant audlt Informatlon and to èstsblish that the charttable CoMpan￿S auditor is aware of that information. 9of25 LOCKERS PARK SCHOOL TRUST UMITED REPORT OF THE DIRECTORS . YEAR ENDED 31 AUGUST 2022- CONTINUED AUDrroRS Th& company's audltor, Mercer & Holè, Sncorporated on 1 October 2022 to become Merc8r & Hol8 LLP. The directors have consented to treating the incorporatlon of Mercer & Hole LLP as a continuatlon of the existing audit arrangement and in accordance with the company's articles, a resolution proposing that Mercer & Hole LLP be reapF¥)inted as auditor of the company will be put at a General Meeting. By Order of the Board Mr C Lister Chair Lockers Park School Lockers Park Lan8 Hemel Hempstead Hertfordshlre HP1 1TL 10of25 INDEPENDENT AUDrroR'S REPORT TO THE DIRECTORS OF LOCKERS PARK SCHOOL TRUST LIMrrED Oplnlon We have audited the financial statements of LcKkers Park Schcol Trust Limited (the 'chatitab18 company,) for the year ended 31 August 2022 which comprise the Statement of Financial Activrties, the B818nce Sheet, the Cash Flow Statement and note8 to the finanoal statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is appI￿able law and United Kingdom Accounting Standard5, induding Financial Reporting Standard 102 The Fin8nGial Reporting Standanl applicabl6 in the UK and Republic of Ireland (United Kingdom Generally Acc£pted Accounlng Practice). In our oplnlon the financial statemenls: give a Irue and fair vi8w of thè st8te of the charitable company's affairs as at 31 August 2022. and of its incorning resources and applic8tKJn of resources. including its income and experKliiure, for the year then ended,. have been prowly prepared in accordance with United Kingdom Generally Accepled Accounting Practice.. arKI have been prepared in accordanGe with the requirements of the Companies Act 21)06. Basis for oplnlon We conducted our audlt In accordance ￿th Intemalional Standards on Auditing {UK) {ISAs (UK)) and applicable law. Our r8sponsibilit18s under those standards are further described in the Auditorfs responsibilities for the audit of th8 financial slalem8nts section of our report, We are independent of the charitable company in accordance with the ethical requirements that aTe relevant to our audit of the financial statements in the UK. including the FRC'S Ethlcal Standard. and we have fulfilled our other ethlcal responsibilities in accordance wlth these requiremènts. We believe that the audil evidence we have oblained is sufficient and appropriate to provide a basis our opinKJn. Concluslons relatlng to golng concern We have nothing to report in resp8Ct of the following matters in relation to which the ISAS (UK) require us to r8Wrt to you where: the directors. use of the going concem basis of accounting in the preparation of the financial statements is n(k appropriate" or Ihe directors have not disclosèd in the financial statements any identified material uncertainties that may cast significant doubt about the charttabb company's ability to continue to adopt the going concem basis of accounting for a period of at least twelve months from the date when the financial statemants are aulhorised for issue. other i￿ornIation The directors are resFJonsible for the other inforrnation. The other information compris8s the information included in the directors, annual repjrt. other than the financial statements and our auditor's rep)rt thereon. Our opinion on the financial statements dxs not cover the other information and, excèpt to the extent otherwise explicitly stated in our reF(¥t, wè do not express any form of assurance condusion thereon. (continued. -) 11 of25 INDEPENDENT AUDrroR'S REPORT TO THE DIRECTORS OF LOCKERS PARK SCHOOL TRUST LIMrrED - CONTINUED In connection with our audit of the financi81 statsments. our responsibility is to read the other infomation and, in doing so, consider whether the other information is materialty inconsistent with the financial statements or our knowledgè obtained In the audit or otherwise appears to be materially misstated. If we identify such materfal Inconsistencies or apparent material misstatemenls. we are required to determine whether the￿ is a material misst8tement in the financk81 statements or a material misstatemènt of the other infomiation. If, based on the work we have perfomied. w8 conclude that th8r8 is a material misstatem8nt of this other inftffmation. we are required to report that facl. We have nothing to report in this ward. Opinions on oth•r matt8rs prns¢rib6d by t￿ Companl•s Act 2006 In our opinion, bas8d on the work undertaken in the course of the audit: the infomation given in the directors. report (incorporating Ihe strategic report and tha directors. report) for the financial y8ar for which the finan(#al ststements are prepared is consist8nt with the financial stat8m8nts; and the directors. report has been prepared in accordance with applicablè18gal réquirèments. Matters on whlch we are requlred to report by exceptlon In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit. we have nol identified material misstatemen16 in the directors, report. We have nolhing to report in respect of the following matter5 in relation to which the Companies Ad 2006 requires us to report to you rf, in our opinion.. adequate accounting records have nol been kept, or retums adequate for our audit have not baan received from branches not visited by us: or the financial statements are nol in agreement bmth the accounting records and returns,. or certain disclosures of directors, remuneration specffj￿d by law are not made., or we have not received all the information and explanations we require for our audit. Rosponslbllltles of Dlrèctors, As explained more fully in the directOT5' responsibilities statement set out on page 10, the trustees (who are also the directors of the charitable company for the purposes of company law) a responslble for the preparation of the financial statemènts 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 financlal ststements that are free from materlal mlsstatement, whethèr due to fraud or error. In preparing the financÉal statements, the directors are responsible f(x assessing the charitable company's abilty lo continue as a going concem, disclosing. as applicable. mattets related to going concem and using Ihe going concern basis of accounting unless the directors elther intend to liquidat8 the charitabl8 company or to cease operations, or have no r8alistic aliemative but to do so. {continued. .) 12of25 INDEPENDENT AUDITOR'S REPOIU TO THE DIRECTORS OF LOCKERS PARK SCHOOL TRUST LIMITED- CONTINUED AudIt0￿$ rtsponsibilitlos for Iho audit of the flnanclal statemonts Our oblectives are to obtain reasonabl? assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audltorfs report thal indudes 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 arlse from fraud or error and are considered materS81 kf. Indlvidually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularltles. Including fraud. are instances of non-compliance wilh laws and regulations. We design procedures in lina with our responsibilities. outllned above, to detecl material misstatgments in respect of irregularities, including fraud. The 8Xtènt to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Ex lanatlon as to what extant thè audlt was consldered ca able of datéctin irre ularities includln fraud We gained an understanding of the legal arKI regulatory frame￿￿rk applicable to the charity and the envlronment In whlch it operat8s and considered Ihe rlsk of acts by Ihe charity that were contrary to applicable laws and regulations, including fraud. We evaluated managamenfs incentives and opportunMles for fraudulent manlpulation of the financial statementsand the finanGial r8POrt (including the risk of override of controls), and detemiined that the principal risks were related to posting inappropriate entries including journals to overstata revenue or understate expenditure and management bi8S in accounting estimates. Audit procedures perfcrnied by the engagement team Includ8d.' discussions with management. including considerations of known or suspected instances of non-compliance with laws and regulations and fraud" gaining an understanding of management's contrcls designed to prevent and detect IrregulaAti6s', and identifying and testing joumal entries. Because of the inh9rent limitations of an audit. there 18 a risk that we wll not detect 811 irregularities, including those leadlng to a materlal mlsstatement In the financial stalements or non (169.323) Reconclllatlon of Funds Balance Brought Forward At 1 September 2021 15 Balance Carrfed Forward At 31 August 2022 The statement of financial adivities includes all gains and losses recognised in the year. All income and expend￿Ure derive from continuing aclivf(les. 1Sof25 LOCKERS PARK SCHOOL TRUST LIMITED ESHE￿.31 2022 2021 Notss Flxed Assets Tangible Assets 2.019,851 1,972.109 Current Assets Stocks Debtors Cash At Bank And In Hand 7.171 724.202 1445 469 2,176,842 6,623 569,020 1334 530 1,910.173 10 Llabllltles Cr8ditors.' Amounts Falling Due Within One Year 11 1474 250 1 079 485 Nel Current Assetsl{Llablllties) 702 592 830 688 Totsl Assets Less Curront Liabilitl•s Net Assets The Funds Of The Charlty Restricted Funds Glft Account 12 28.134 28,134 Unrestrictod Funds Revenue Account Designated Funds 12 12 2,502,287 192022 2,694.309 2,410.163 364 500 2,774,663 Total Charity Funds 15 For Ihe ye8r ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to sm811 Companies but as Ihis company is a charfty, it is subjed to audit under the Charities Act 2011. Directors, rèsponslblllties: The directors ackr￿41edge Ihelr responsibilities for Com￿Y1ng with the requirements of the Companies Act 2CK)6 with raspect to accounting records and the preparation of accounts. The financial statements on page8 16 to 26 were approved by the Directors and signed on } Oirectors Company Roglstratlon No. 01090034 16(125 LOCKERS PARK SCHOOL TRUST LIMITED H FLOW STATEMENT F R TH ED 31 AUG Nots 2022 2021 Cash generated by Operatlng Activltles 377.824 30,291 Cash flows from IrNe$ting A¢tlvltles Interest Income Finance costs Payments to acqu[￿ tarrfJiblè assets 250 {2.422) 264 717 (2,554) Cash usod in Investing Adivitio$ Nat eash US￿ in Financing A¢tMtles Change in cash arKI cash equivalents In the year Cash and cash equivalents at the beginning of the year Total cash and cash equivalents at the end of the year 111,938 (1.251) 1,333,531 1.334,782 NOTES TO THE CASH FLOW STATEMENT A. Reconclllatlon of net movom6nts In funds to net cash flow from operating activiti85 2022 2021 Net movement in funds Non-operating cash flows eliminated: Financing costs Depreciation Interest incoma {IncreaseyDecrease in stock (IncreaseyDecrease in Debtors Increasel(DeGrease) in Creditors (80,354) (169,323) 2,422 216,971 (250) (548) (155,182) 2,554 198,670 1,409 (71,456) Net cash generated by operatlng adlvltles 170125 LOCKERS PARK SCHOOL TRUST LIMrrED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 ACcOuP￿ING POLICIES Basis of ration The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applirable to charit185 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irèland {FRS1021 (effective 1 January 2019)- Charities SORP (FRS 1021). the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102) and the requirements of the Companies Act 2006. The School meets the definition of a public ben8flt entity under FRS 102. Assets and liabllltles are initially recognised at historical cost or transaction value unless otheNlse stated in the relevant accounting policy not8s. The accounts have been prepared on a going concern basis 8s the directors are satisfied that Ihe charity is able to satisfy its debts as they fall due. The financial statements are prepared in 51erling. which Is the functlonal currency of the charty. Monetary amounts in these finandal statemerrts are rounded to the nearest £. Goin Concem These financial statements are prepared on Ihe going concem basis. Over the past 18 months COVID-19 has been dominating the world social and economic climate and has had an Impact on performance across a wide range of industries, including the charitsble companys oym perfonnance. However, Ihe directors have been monitoring, and wll continue to monitor. the ongoing situation on a daily basis and are confident that the charitable company has the resources to deal with the thanging circumstan￿S for the foreseeable future. Incom Income is recognised when the charity has entitlement to the funds, any p8rfomiance conditions attached to the items of income have been met, it is probable that ihe income will be received and the amount can be measured reliably. Fees receivable and charges for servi￿$ are accounted for In the period in which the service is provided. Fees receivable are stated after deducting allowancés, scholarships. bursariès and other remisslons allowed by the school. Donations Donation5 ar8 credited in the Accounts in the year in whlch they are re￿ived. Interest Receivable Interest on funds held on deposit is included when r8celvable and tha amwnt can bg measuréd reliabty by the charity.. this is nOmial￿ upon notification of the interest paid or payab18 by th8 Bank. Fund accounts'n Unrestricted funds are available to spend on adivities that further any of the purposes of charity. Designaled Funds are held for school development and capital expenditure projects. The restriGted fund is to be usefj by the boys to complete thelr time at the school. 18￿25 LOCKERS PARK SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES CONTINUED Ex ndlture Expendilure is re(￿nised once there is a legal or constructive obligat￿n to make payment to a third paty. it is probable that settlement will be required and the amount of the obligation can be measured reliably. eratin leases Rentals payable under operallng leasas arè charged against income on a straight line basls over the lease term. eciation Leasehold propety improvements. the Covenant Property and the 2010 Appeal Account are being depreciated over a 25 year perfod, excEpt for the swimming pool improvements {included within Leasehold propety improvements In note 9) whlch are depreciated over a 15 year pertod. Depreciation is provided on othor fixed assets to write off their cost over their &stimated useful lives al the following rates- Fumiture, Fittings and Equipment Motor Vehldes 20% Straight Llne on Cost 25Yo Stralght Llne on Cost Stock Stocks of consumables have been valu8d by the Directors at cost. being not more than the net realisable value. Debtors Trade 8nd other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due. Cash at bank and In hand Cash at bank and cash in hand includes cash and short t8m highly liquid investments wtth a short maturity of three months or less from Ihe date of acquisition or opening of the deposit or similar a¢￿unt. Creditors and rovisions Creditors and provisions are recognised there the company has a present obligation resulting from a past event that will probably result In the transfer of funds lo a third party and the amount dua to setde the obligation can be measured or estimated reliably. Credltors aThl provisions aro nomialy recognised at their soltlament amount after allowing any trade discounts du6. Financi ments The charity only has financial assets and financlal Ilablltties of a kind that qualfy as basic finanGlal Instruments. Basic financial instruments are inltlally reco9nised at transaction value and subsequently measured at their settlement value. 19of25 LOCKERS PARK SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 1. ACCOUNTING POLICIES CONTINUED Pensions The sthool contrfbuted to Ihe Teachers, Superannuation Schem8 at rates set by the Scheme Actuary and as advised by the Scheme Administrator until D6cember 2019. The scheme is a Mu￿1-eMploYer pension scheme and tt is not possible to identify the assets and liabilities of the scheme attribuiable lo the school. In accordance with FRS 102 therefore, the scheme is accounted for as a defined contribulion scheme. From January 2020 the school transferred out of the Teachers, Superannuatlon Scheme and now contribute to a new Master Trust Scheme. The sch(K)l also contributes to other schemes for non-teachlng staff. The penslons are exlemally funded. Payments made to the schemes ar8 charg•d to the income arKI expenditure account as incurred. LEGAL STATUS OF THE TRUST The Trust is a company limited by guarantee Incorporat￿ In ErKJlarYl and Wales and has no share capital. In the event of the chartty being wound up, the liability in respect of the gu8rantee is limited to £1 per member of the charity. DONATIONS AND LEGACIES 2022 Totsl 2021 Total Unrestricled Restricted Dor)ations NCOME FROM FEES The Income represents the net fees and other items Invoiced by Lockers Park. ERIN 2022 2021 Unrestricte Restrl Rents and Lettings Grant Incom8 Sundry Income 8,269 8.269 155 60.674 20of25 LOCKERS PARK SCHOOL TRUST LIMrrED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL 2022 2021 Wages and Salaries Social Securty Costs Teachers. Pension Scheme Costs (note 18) Defined Contribution P8nsion Costs (note 18) 1.568,775 147,710 169,716 1,500,740 146,200 156,049 The average number of employees of Lockers Park during the year was as follows: 022 2021 Stsff 79 75 Full tlme equrvalents Teaching Other 29 28 29 No employee received belween £80,000 and £90,000 (2021: one). The Trusts8s received no ramunerat￿n during the year, During the year one Trustee was r8imbur58d travel expenses amounting to £1.137 (2021: £700). The Charity considers its key management personnel to comprise of the sonior management team. The total employmént benefits including employer ponsion contribulions of the key management personnel were £234,26812021: £343,049}. The remuneratlon of key manag6m8nt P8rsonnèl is set by the goveming b¢xly who agr86 the percentage increase. During the year ther8 wer8 no spouses of Key Manag8ment personnel that worked at the school and r8c8iv8d a salary {2021: 0). NET INCOME Stated after charglng.. 2022 2021 Auditors Remuneration for Audit Services Audltors Remuneration for Other Services Indemnlty Insurance Depreciation on Fixed Assèts Operating Lease R8ntals 8,400 8,400 256 216,971 256 198.670 21 of25 LOCKERS PARK SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 EXPENDITURE Staff Costs Othèr Total Raising Funds.. Marketing Charitable Activities." Educational Cat8ring Housekeeping Establishment Administration Financial Depreciation 95,020 95,020 1.334,273 139,666 116,469 80.478 202,823 138.584 132,997 16,584 346.574 136,227 2,422 216 971 1,472.857 272,663 133.053 427,052 339,050 2,422 216971 22of25 LOCKERS PARK SCHOOL TRUST LIMrfED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022- coMfiNUED TANGIBLE FIXED ASSErs Estate Freehold Leasehold Fumltur• Fittin s and Motor E ul ment Vehicles Share rovements Total At 1 Seplember 2021 Additions Disposals At 31 August 2022 100.000 4,3iJ).166 202.582 1,011,040 62.135 50,647 5.461.853 264.717 11JO QOO 4 502 748 1073 175 5 726 570 De reclation At 1 September 2021 Charge in Year Disposals At 31 August 2022 2.531,076 144,172 908,925 71,899 49.747 3.489,748 216,971 2 675 248 980 824 3706 719 Net Book Value At 31 August 2022 At 1 September 2021 Al assèts are held for use on direct charttable activities. 10. DEBTORS 2022 2021 Trade Debtors Other Debtors Prepayments 716.339 550 559.218 6.041 11. CREDITOR 2022 2021 Amounts falling due within one year Fees Charged in Advance other Creditors AC¢n￿lS 1,139,379 283,086 938,810 123,782 LOCKERS PARK SCHOOL TRUST LIMITED TES TO THE ACCOUNTS FOR THE YEAR ENDED UST 2022 - CONT ED 12. TEDF ND Balance Brou ht Fonvard Balance Carried Forward Income ndlture Transfers Revenue a￿Unt Designated Funds Restricted Fund 2,410,163 2,875,994 {2,954,340) 170,470 364,500 2.740 (4,748) (170.470) 2,502,287 192,022 Unrestricted funds are available to spend on activities that furth8r ary of the purposes of the charity. Designated Funds are held for school development and capital expenditure proiocis. The restricted fund islo be used by the boys to complete thelrtlme atthe school. 13. TAXATION The Company is a Registered Charity and no taxation is payable on Its income. 14. CONTINGENT LIABILITIES Thére were no contingènt liabilrties at the yearend. 15. ECONCILIATION OF MOVEMENT IN FUNDS 2022 2021 Net Incorne Opening Funds {80,354) 2 802 797 1169,323) 2972 120 Closing Funds 16. LEASE COMMITMENTS The minimum annual rentals payable under nonwcancellable operating laase8 are as follows- Land and Bulldln 2022 2021 Other 2022 2021 &xpiry date: Less than one year Between thvo and five years After five years 72.218 288,870 64,310 257,238 210 24c125 LOCKERS PARK SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 - CONTINUED 17. INTEREST PA ABLE AND ILAR CHARGE 2022 2021 Bank charges 18. PENSION SCHEMES Up until the end of December 2019, the charitable company participated in th8 Teathers. Pension Scheme (England and Wales) (Ihe TPS") for Its teaching staff. The pensk)n charg8 for that period indudes conlributlons payable to the TPS of £nil {2021'. £nil). From January 2020 Ihe teaching staff who had been included in the TPS scheme were transfetred into a new Master Trust scheme. The pension charge for that period indudes contributions payable to the Master Trust of £150k. Othor Penslon Schemes One member of the non-teaching staff has opted to be a member of the stakeholder P6nsion scheme with Scottish Equttable. This is a defined contrlbutlon scheme and the cosl forthe year represents Lockers Park's contrfbutions to the scheme of £4,212 (2021: £7,080). Nil12021= nil) members of the non-teaching staff and one {2021: one) teacher have opted to be a member of the auto*nrolment Now pension scherne. This is a defined contribution scheme and the cost for the year rep￿sentS Locke￿ Park's contributtons to th8 scheme of £13.037 (2021: £11,952). No members ofthe n￿-teaching slaff opt9d to be a membgr ofthe Standard Life pension scheme. This is a defined contribution scheme and the cost for the year represents Lockers Park's Contributions to the scheme of £nil (2021. £nil). 25t125