Registered number: 01090034 Charlty number: 311061 LOCKERS PARK SCHOOL TRUST (A Company Llmlted by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
LOCKERS PARK SCHOOL TRUST (A Company Limited by Guarantee> CONTENTS Page Referenc8 and Administratlve Detalls of the School, Its Trustees and Advisers TNstees' Report 2-11 Trustees. Responslblllties Statement 12 Independent Audltors. Report on the Financlal Statements 13-16 Statement of Flnanclal Actlvltles 17 Balance Sheet 18-19 ststement of Cash Flows 20 Notes to the Flnanclal Statements
LOCKERS PARK SCHOOL TRUST IA Company Llmlted by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustees C Lister, Chair O Abel Smith, Chair Remuneration, Govemance and Nominations Committee S Baldock, Chair Education Committee J Snoxall, Chair Finance & General Purposes Committee K Eddison S Lancaster T Lloyd-Baker A L HuttoTrNorth B Choraria (appointed 25 June 2024) D Eldridge (appointed 25 June 2024) Company reglster•d numb8r 01090034 Charlty reglstered number 311061 Reglstered offlce Lockers Park School Lockers Park Lane Hemel Hempstead Hertfordshire HP1 1TL Company secretary J stevens Independant audltor8 Haslers Chartered Accountsnts Old Station Road Loughton Essex IG10 4PL Bankers HSBC Bank PIC Wewn Garden City Hertfordshire AL8 6BH Page 1
LOCKERS PARK SCHOOL TRUST (A Company Limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their annual report together with the audited financial statements of the School for the year 1 September 2Q23 to 31 August 2024. The Annual Report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual Report and financial ststements of the charitable company comply wth the current statutory requirements. the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice {SORPI applicable to Charites preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS1021 (effective 1 January 2019). Lockers Park School Trust Limited is a legal entity that part ovms (25%) and leases the land, buildings and other assets of the School 175%). The School is a charitable company limited by guarantee, therefore the members of the Governing Body are also the directors and trustees of the charitable company. In addition, the members of the Governing Body are also the School's company members. The Governing Body is responsible and liable for the govemance and functioning of the School and the strategic direction of the school. ObJectiv88 and actlvfties a. Pollcles and obJeGtlves The principal objects of the Trust are: to promote and provide for the advancement of education and in connection therewith to conduct, carry on, acquire andlor develop in the United Kingdom (or in any other county) any l)oarding or day school or schools for the education of children. to provide facilities for recreation and other leisure time occupation for children in the interests of their social welfare. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charty Commission relating to public benefit, induding the guidance 'Public benefit.. running a charity {PB2)'. b. Strategles for achlevlng obJe¢tlves The Govemors are responsible for the overall management and control of Lockers Park School Trust Limited and meet at least temily to review and approve any grant applications above the agreed budget and manage the operational aspect5 of the Trust's activities. In addition, the Govemors meel regularly, nomially at least once a year. to review and discuss Strategy. Page 2
LOCKERS PARK SCHOOL TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Objectives and activities Icontlnued) c. Activities undertaken to achlèv8 obJèctiV88 Lockers Park enjoys a long history, this heritage and its traditions helps to shape the character of the school, staff and pupils. It aims to inspire a lifelong love of leaming in every child vtho enters the school, and offer a first class. all-round education that provides academic progression, abundant opportunrlies and strong pastoral principles. Complementing this is the work to gr(Y*V self-confidence, celebrate individuality. build resilience and cultivate social interaction, insts'lling in each pupil morals and values that last a lifetime. The school has put huge emphasis on developing leaming skills ythin the children. Staff have been trained In helping children 'learn how to leam. (metacognition). The sthool's Leamer Profile 15 central lo thi5 and provides a Gomerstone which we refer to when planning both curricular and co-curricular events. Our key leamer attributes are as follows: LOQKfRS PARK- I_EARNIR PRC)FI LI OLQUL INQUISMVE WE THINKABOUT WE KNOW CXJLSCLVES AND OTMEK ASPIRATKINAL LOCKERS PARK IAT. IVANT-,O iIF. SINCE 1874 WI ENI()Y NIIV CHALLENGI5 RE51UENT wr. wi)RKTQGETHIR The language is embedded with boys. staff and parents and is an integral part of the reward5 System. The aim is to ensure that when pupils leave Lockers Park, they are equipped the skills and attributes to thrive in Year 9 and beyond. For example, Year 6 took part in a Maths problem solving day which required collaboration, resilience and creative thinking. The Leamer Profile give5 a focus for staff to plan around. In addition, staff are encouraged to eate opportunities for planning and delivering the STEM Subjects in an integrated way. For the next academic year, the Arts Vifjll be induded viithin this., thereby creating STEAM. This will continue to evolve within the broad curriculum. Page 3
LOCKERS PARK SCHOOL TRUST (A Company Limited by Guaranteè) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 ObJeetives and activities (contlnued) The school is proud of the diverse backgrounds of the schod communty and encourages all pupils to share their beliefs, traditions and cultural celebrations. This allows the whole school community to leam about and appreciate drfferent cuhures and values. Academic success is celebrated alongside the musical, acting, sporting and co-curricular achievements of the pupils, and the school aims to help them discover hidden talents and initiate lifelong pa5sion5 along the way. The School continues to attract boarders and flexi-boarders from UK resident families and overseas families, The Boarding House is a thriving part of Ihe school community. The focus is on continuing io deliver academlc excellence and to activety maintain children's mental wellbeing with outstanding pastoral care. At all times the dual mission has been to support and educate, with safety and wellbeing as a critical consideration. As has been the case since the establishment of Lockers Park in 1874, its principal activities continue to be th& provision of education in a day and boarding school. and this year Lockers Park averaged 204 pupils (2023.. 177 pupils). The School will conts'nue to offer a high quality, rounded education to all pupils, and provide a stimulating learning environment in which pupils can develop their academic potential to the full. Pupils are given the opportunity to experience a broad range of intellectual, cultural, sporting and wider- community influences and within the extended day the children y11 often develop great friendship5 and social skills as they interact in a less fonnal setting. d. Grantrfnaklng pollcles This year the value of scholarship and bursary aVrdS made to 31 pupils out of unrestricted funds was £40,442 and £66,392 respectively {2023.' 37 pupils.. £32,831 and £61,076). A further £8,919 was awarded from restricted funds (a bequest to the school lo support an eligible pupil to financially continue his education at Lockers Park) to cover 100 % of fees. Applications for bursary awards are considered by the Directors and awards made on the basis of financlal infomi*'on w)vided by the parent{s) and within parameters set by the Directors. Page 4
LOCKERS PARK SCHOOL TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Objectives and actlvltles (continued) e. Maln actlvities undertaken to further the School's purposes for the publlc benefit ndralsln As ever, the Lockers Park community continued to support its favourite charities over the academic year as follows.. Autumn Term Christmas Carol Concert supporting DENS (local homeless charity) - £462 Christmas Jumper Appeal on behalf of Save the Children - £386 Children in Need Day- £179 Poppy Appeal on behalf of the British Legion- £227 Mcmillan coffee morning- £214 Spring Term The annual sponsored walk. which took place in March 2024, raised £1,951 for the Collett School and £2,578 for DENS. The school hosted a tickeled charity event on behalf of the Doddie Foundation in March 2024 which included talk from Kenny Logan and Andy Gomarsall MBE as well as a charity auction. The event raised a total of £4,265. Summer Term A total of £711 was raised for the Friends of Locker5 Park that will be reinvested into the infrastructure of the school to support both pupils and academic partnerships wth local state schools. Such 88 additional resources for our science and art departments. As 2024 is the 150th centenary of the school, a fundraising drive was launched to increase our extra-curricular provision with the introduction of a Woodland Food Technology Suite, a resource we intend to make available to other local state schools. Pupils chose this project to mark the centenary for the benefit that learning to cook would provide as an important life skill. Implementing food technology lessons has been on the school council agenda for the past 10 years. Interesting to note that the cookery extra-curricular activity is a sell out each term. The project cost is in the region of £750,000. So far a total of £121,080 has been raised and fundraising will continue over the following year. In tandem with this project the Draper Bursary, named after the school's first Headmaster, was also launched. This will increase bursary opportunities in the coming years to enable more local boy5 to benefit form a Lockers Park education. Su ortin Bursa Aided Pu ils Be ond Lockers Park The school continues to work closely wth Senior schools to enable boys from less-advantaged backgrounds, currently receiving bursarial support from Lockers Park. to continue to benefit from financial assistance after transition. In addition, the School has supported current pupils through means-tested 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 Park is committed to widening access for less-advantsged families via its means-tested bursary provision. Academic artnershi s with the State Sector The school has continued to invest in academic partnerships fjth local state schools. including inviting other pupils to attend lessons and workshops as well as sporting activities and events, such as football and cross country. The school has also made our minibuses available to South Hill Primary School. Page 5
LOCKERS PARK SCHOOL TRUST (A Company Llmlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Objectlves and activities Icontinued) The school provided worf( experien to six local pupils from three of the neighbouring stale secondary schools. The school has also invited the Collet School Coffee van, which is run by their students in order to provide work experience, to participate at charity events and to offer ad-hoc coffee stops for parents and staff. Achlevements and perfomiance a. Maln achlevements of the School Lockers Park continues to provide teaGhing in small dasses in a safe, caring and nurturing environment within the beautiful grounds, combining tradits'on with foThvard-looking progression. Uniquely, the school supwts its parents by providing a fully flexible aparOund provision from 7.30am to 7.30pm for pupils. at no addits'onal c05t to parents. The parents espeaally appreciate that the school requires no notice for this ser4ice. The School provides a wide variety of clubs and activities, and pupils also benefit from the School's extended day, enabling them to accelerate their progress. The Sthool's academic resurts are excellent and represent very significant "added value" from the baseline set as pupils enter the School. The pupils continue to flourish and demonstrate significant personal development in a wide variety of areas, achieving high standards across the curriculum and particularly in sport, drama, art and music. The school continues to develop and enhance its already broad curriculum to ensure that the pupils are equipped wth the knoedge, skills, and examination successes that position them for an outstanding start in life and inspires within them the confidence to challenge convention and continue as inquisitive leamers. Demand for places continues to grow and the academic year ended vrfith 205 pupils, the highest number of pupils on roll at Lockers Park since its inception in 1874. The school plans to accommodate 240 pupils within the next 5 years. The school is proud that once again all Year 8 leavers progressed to a range of OLrtstanding senior schools including Harrow, Eton, Rugby, St Albans, Radley and Oundle and five Vre awarded scholarships.. Academic (1), All-round (1) Art (1), and Sport <2) b. Key perfonnance indicators Access to Senior Schools - ¢$4stent success with boys gaining entry to top senior schools via entry tests in Year's 6, 7 & 8. Boys demonstrating progress in Standardised tests in intemal English and Maths External recognition through scholarship awards, both academic and non-academic External recognition through national awarding bodies - The school has achieved the Eco Schools Green Flag Award (with distinction), the Green Tree School (platinum award) and the Green Apple Award. The School was also shortlisted for the Muddy Stilettos. Happiest Boarding School Award and a finalist in the Independent Schools Association's Boarding School of the Year. Page 6
LOCKERS PARK SCHOOL TRUST (A Company Llmited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achlevements and perf0mnCe (contlnued) . Review of actlvltles Residential Trips The annual ski trip was as popular as ever with this yearfs group going io Italy. The school also provided a science trip to Iceland. With the appointment of an Assistant Head CCU1¢UIar. we have re-organised the end of year trips to broaden pupil's experience: Year 8 - Isle of Wight activity centre (residential) Year 7 - Tawd Vale activity centre (residential) Year 6- camping at lockers Year 5 - Lego Land vrforkshopslSilver5tone Year 3 & 4- Celtic Harmony (residential) Little Lockers - Enrichment week b) Sport Sport continues to be a part of daily life at Lod(ers Park. All the boys in the Prep School have daisy coached sport lessons and all have the opportunity to represent the School in matches against other schools. In addition to the main sports of football, rugby and cricket, the pupils take part in fencing, table tennis, skiing, hockey, golf, badminton, squash, basketball, athletics. cross country and swmming. Fixtures against other schools and in national competitions ensured the pupils received plenty of opportunities to demonstrate their abilities. The Pre-Prep pupils take regular PE lessons and make use of all available facilities. Music Lockers Park has a strong musical tradition, Vth over 60QA of pupils enjoying individual music lessons In addition to timetabled class music. This year saw the retum of in person performances and the set music competition. dl Drama The pupils continue to receive drama lessons with a 1 Oook pass rate in LAMDA exams. Two productions were staged which provided opportunits'es for all pupils to participate in. Other Extra-CurricLAar Activities The pupils are encouraged to try new experiences and the school facilitates opportunities for this. The Art Extension Group was again very well attended throughout the year. The school's very own Scout Troop, Cub Pack and Beaver Colony continue to offer a diverse range of activities intended to help children develop skills complimentary to those leamed in the classroom, whilst having lots of fun as part of this national Tnovement. The Chess Club is popular, with boys giving up their break time to play games. Membership of the Eco Committee and School Council is sought after by many pupils. In free time, the pupils many be found building camps within our extensive grounds,. playing table tennis; pool and table football,. or playing games organised by members of staff. The Boarding House conlnues to offer a full calendar of events and outings. The take up of this has been high with many events being oversubsctibed. Friends of Lockers Park The Friends of Lockers Park {FoLP) host a Series of soaal and fundraising events for parents and pupils each Page 7
LOCKERS PARK SCHOOL TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achlevements and p8rforniance (continued) year with an aim of both raising money for the school and local charities as V11 as bringing together parents, stsff and pupils to promote a real community at Lockers Park. The Trustees wish to extend their gratitude to the Friends for their sterling fvndraising support and the benefit this brings to the School. This year the Friends were able to host a number of popular events induding the Brains of Lockers Quiz Night and the annual Summer Ball. The Friends donated a total of £13,329 to the school this year. These funds were used to provide new benches wrthin the grounds and to fund a range of educational resources for different school departments induding science. art and drama. d. Factors relevant to achlov• objectives A comprehensive staff training programme was pui in place covering subjects such as Mental Health First Aid, stsff coaching, teaching children with Autistic Spectrum Disorder (ASDI and rugby safety coaching. The school has recently developed a strong Forest School offer, and the Boarding House has expanded the range and quants'ty of events that have proved popular with pupils. e. Investments made to enhance skills and faclllties A capital investment in excess of £260k was spent on the following projects.. Completion of the Sports Hall Project with the installation of a dimbing wall, gym and golf simulator New boilers for the swimming pool and the main building New air conditioning unit for the ICT room Updated refridgeration in the Catering Department Addits'onal changing room lockers and benches Refurbishment of the School Office Additional cla55room furniture Investment in improved WIFI, laptops, ipads and interactive screens Updating of grounds equipment Replacement of carpets in the Boarding House f. Income generatlon The school hosted t#VO residential lettings during the school holiday periods and demand for the holiday day camp places, delivered through a contract with Cascade Camp5, remains strong. g. Investment policy and perfornianco These are governed by the Memorandum and Articles of the Company. Financial revlew a. Going concern After making appropriate enquiries, the trustees have a reasonable expectsts'on that the School has adequate resources to continue in operational existen for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting poliaes. Page 8
LOCKERS PARK SCHOOL TRUST {A Company Llmlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 b. Reserves policy The Charity Commission requires all charities to adopt a fomial policy in respect of their financial reserves and explain for what future needs, opportunities, contingencies and risks they are required. The Governors carefully monitor the schocA's perfomiance and cash flow to ensure it maintains sufficient free reserves and liquid assets for its fiJture operations and working capitsl needs. As at 31 August 2024, the school had total unrestricted reserves of £3,391,392 (2023.. £2,914,606) of which £144,523 (2023.. £168,558) were held as Designated Funds for school development and capital expenditure projects and the remainder as General Funds. The Governors, policy is that free reserves, defined as General funds less fixed assets, should represent between 8-12 weeks expenditure I£0.61m £0.92m) but may vary outside of this depending on the status of school development plans. As al 31 August 2024, the school held free resetves 01 £1,100,342 {2023'. £643,409). While this exceeds the sum required to cover 12 weeks of expenditure. Govemors wish to take cautious approach in maintaining sufficient reserves. due to regulatory changes resulting from the imposition of VAT and the current volatility affecting the independent sector, Govemors are also committed to maintaining the high level of academic excellence within the School and continuing to invest in the capital infrastnjcture. c. Flnanclal rlsk management obJectlv•s and pollcles The Directors continue to review the School's activities, particularly with regard to major risks that may arise from time to time, and to monitor the effectiveness of the system of intemal controls and other viable means, Including insurance cover vthere appropriate, by which those risks already identified by the Directors can best be mitigated. Page 9
LOCKERS PARK SCHOOL TRUST (A Company Llmlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Structure, govemance and management a. Constftutlon Lockers Park Govemors are appointed as and when required at a meeting of the Lockers Park School board on the basis of nominations received from the Trustees and Headmaster, having taken approprrate soundings from other interested parties including staff and parents. Seleth'on is made from candidates wtth differing professional qualifications l experiences lo ensure a wide range of skills are available. The Directors of the Company are the Govemors of the School and also the Trustees of the Charity. The Directors are elected at a Directt>rs' Meeting and only the exists'ng Direclors are entitled to nominate and appoint new Directors. Chris Lister (Chair) Oliver Abel Smith (Chair- Remuneration, Governance and Nominations Committee and Designated Governor for Safeguarding) Sam Baldock (Chair- Education Committee) Justin Snoxall (Chair- Finance & General Purposes Committee) Kirsty Eddison Stafford Lancaster Tristan Lloyd-Baker Anna Hutton-North (Designated Govemor for Marketing) Daniel Eldridge {appointed June 2024) Bhavna Choraria (appointed June 2024) Gavin Taylor Headmaster Noeleen Corrigan Deputy Head Tim Dawes Director of Studies Jackie Stevens Bursar The Full Board of Trustees meet at least once a term to provide oversight of the management and operation of the School. Elements of this oversight is delegated to su1CoMM[tteeS of the board which are chaired by individual Directors.. The Finance & General Purposes Committee (chaired by Mr J. Snoxall), the Education Committee (chaired by Mr S. Baldock). and the Remuneration, Govemance & Nominab'ons Committee (chaired by Mr O. Abel Smith who is also the designated Govemor for Safeguarding). These Committees meet at least once a term, prior to the full Board meeting. New Trustees are required to tske part in induction training programrnes provided by the Association of Goveming Bodies of Independent Schools and other bodies. They are inducted into the working5 of Lockers Park through a visits programme. discussion and an introductory pack. Plans for future periods Demand for place5 in year 7 & 8 has increased to three fomis for each of these year groups. The school is planning capital projects thal will increase Spa capacity wthin the main building and to provide improved parking facilities for the school community. Fundraising wll continue to raise the necessary funds to build Woodland Food Technology Suite. Page 10
LOCKERS PARK SCHOOL TRUST (A Company Llmlted by Guardntee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Dlsclosure of Infomiatlon to audltors Each of the persons who are Trustees at the time wthen this Trustees, Report is approved has confirmed that.. so far as that Trustee is a4vare, there is r relevant audit informats'on of b*hich the charity's auditors are unaware; and that Trustee has taken any relevant audit infomiation and to establish that the charity's auditors are aware of that infomiation. Audltors The auditors, Haslers, have indicated their lIlingneSS to continue in office. The designated Trustees ryI1 propose a rnots'on reappointing the auditors at a meeting of the Trustee& Approved by order of the members of the board of Trustees on 22 January 2025 and signed on their behalf by: C Llster (Chair of Trustees) Page11
LOCKERS PARK SCHOOL TRUST IA Company Llmlted by Guardntee) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees (who are also the directors of the School for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance wtth applicable law and United Kingdom Accounting Standards (United lingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the School and of its incoming resources and application of resources, including its Income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting pc4icies and then apply them consistently; observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and PTudent', stste whether applicable UK Accounting Stsndards (FRS 1021 have been followed. subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless it 15 inappropriate to presume that the School will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the School's transactions and disclose with reasonable accuracy at any time the financial position of the School and enable them to ensure that the financial stalements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the School and hence for taking reasonabl8 Steps for the prevents'on and detection of fraud and other irregulartties. Approved by order of the members of the board of Trustees on 22 January 2025 and signed on its behalf by.. C Llst8r (Chair of Trustees) Page 12
LOCKERS PARK SCHOOL TRUST IA Company Llmlted by Guarantee) INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF LOCKERS PARK SCHOOL TRUST Oplnlon We have audited the financial statements of Lockers Park School Trust (the 'charitable company,) for the year ended 31 August 2024 thIch comprise the Statement of Financial Activities, the Balance Sheet. the Stalement of Cash Flows and the related notes. including a summary of signrficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinlon the flnancial statements: give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources, induding its income and expenditure for the year then ended., have been properfy prepared in accordance Vth United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing (UIQ (ISAS (UK)) and applicable law. Our responsibilities under those stsndards are further described in the Auditors, responsibilitie5 for the audit of the financial statement5 section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Counol'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. Concluslons relatlng to golng concern In auditing the financial statements, have concluded that the Trustees, use of the going concem basis of accounts'ng in the preparation of the financial statements is appropriate. Based on the worf( we have performed, have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charitable company's ability to continue as a going concem for a period of at least hvelve months from when the financial statements are aLrthorised far issue. Our re5ponsibilits.es and the respon5ibilits.es of the Trustees V•ith respect to going concem are described in the relevant sections of this report. Page 13
LOCKERS PARK SCHOOL TRUST (A Company Llmited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LOCKERS PARK SCHOOL TRUST (CONTINUED) Other Information The other infomiation comprises the infomation induded in the Annual Report other than the financial statements and our Audrtors, Report thereon. The Twstees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the olher information and, except to the extent othenmse explicitly ststed in our report, we do not express any form of assurance onclusion thereon. Our responsibility is to read the other information and, in doing 50, consider vthether the other information is materially inconsistent wlh the financial statements or our knowledge obtained in the course of the audit, or otherwrse appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to detennine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other information. are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters vthere the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the infomiation given in the Trustees, Report is inconsistent in any material respect with the financial statements., or sufficient accounting records have not been kept. or the financial statements are not in agreement wth the accounting records and retums- or we have not received all the infomiation and explanations require for our audit. Responslbllltles of trustees As explained more fully in the Trustees, Responsibilities Statement, the Trustees {who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements Ihat are free from material misstatement. whether due to fraud or error. In preparing the financial siatements. the Trustees are responsible for assessing the charitable company's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of axounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic altemats-ve but to do so. Page 14
LOCKERS PARK SCHOOL TRUST (A Company Llmlted by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LOCKERS PARK SCHOOL TRUST (CONTINUED) Audltors. responsiblliti88 for the audit of the flnanclal statements We have been appointed as auditor under section 144 of the Chartties Acl 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance aboLrt %thether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, bui is not a guarantee that an audit conducted in accordance vAth ISAS (UK) will athys 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 basi5 of these financial statements. Irregularities, includlng fraud, are instsnces of non-compliance wth laws and regulalions. 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. Based on our understanding of the legal and regulatory frameworks that are applicable to the entity we have considered those that have a direct and indirect material impact on the financial statements and operations of the company. These Indude bul are not limited to the Charitie5 Act 2011, GDPR. and Employment and Health & Safety legislation. We obtained an understanding ol how the company are complying Yth those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquirie5 through our review of documentation generated and assessing the exlent of compliance Vth the relevant laws and regulations. We discussed among the audit engagement team regarding the opportunities and incentives, including management override of controls, that may exist within the organisab'on for fraud and how and where fraud might occur in the financial statements. As a result of performing the above, we identified the greatest potential for material misstatements due to fraud are in the followng areas, and our specffic procedures perfomied to address these are described below.. The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due lo fraud. In addition, the key princtpal risks related to the existence of inappropriate joumal entries to impact the profft for the year and management bias in accounting eslirnates. Procedures performed to address these were as follows: Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud. This included corroboration by review of Board Minutes and review of Gorrespondence with relevant bodies., . Understanding how those charged wilh govemance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process: Undertaking testing designed to test the controls in place wthin the procurement system induding access and Gontrols in relation to banking., and Identifying and testing journal entries, in particular any unusual joumal entries posted around the year-end and journal entries posted by infrequent system users. Page 15
LOCKERS PARK SCHOOL TRUST (A Company Llmtted by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LOCKERS PARK SCHOOL TRUST (CONTINUED) Because of the inherent limitations of an audit, there is a risk that V¥ill not detect all irregularities, including those leading to a material misstatement in the financial ststements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we wll be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than eor, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial 5tatement5 15 located on Ihe Financial Reporting Council'8 website at.. wMv.frc.or .uklaudit nsi This description fomis part of our Auditors. Report. Use of our report This report is made solely to the charitable companls tNstees, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit V40rk has been undertaken so that we might state to the charitable company's trustees those matters y are required to stste to them in an Audltors, Report and for no other purpose. To the fullest extent pennitted by law, we do not accept or a55ume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions have formed. Haslers Chartered Accountants Statutory Auditor Old Station Road Loughton Essex IG10 4PL 22 January 2025 Haslers are eligible to act as auditors in temis of section 1212 of the Companies Act 2006. Page 16
LOCKERS PARK SCHOOL TRUST (A Company Llmkted by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Restricted Unrestrlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Incom6 from: Donations and legacies Fees Receivable Interest Income Other income 138.169 138,169 4.328,228 70,109 26,142 60, 180 3,438,465 20.084 37,071 4,328,228 70,109 26,142 Total Income 138,169 4,424,479 4,562,648 3,555,800 Expendlture on: Charitable activities 26.028 3,947,694 3,973,722 3,354, 718 Total expendfture 26,028 3,947,694 3,973,722 3,354, 718 Net movement In funds 112,141 476,785 688,926 201,082 Reconciliatlon of funds: Total funds brought forward Net movement in funds 8,919 112,141 2.914,606 476,785 2,923,525 588,926 2, 722,443 201,082 Total funds carrled forward 121,060 3,391,391 3,512,451 2,923,525 The Statement of Financial Activities indudes all gains and losses recognised in the year, The notes on pages 21 to 36 fomi part of these financial statements. Page 17
LOCKERS PARK SCHOOL TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 01090034 BALANCE SHEET AS AT 31 AUGUST 2024 2024 2024 2023 2023 Note Flxed assets Tangible assets 2.146.527 2, 102, 639 2,146,627 2, 102, 639 Current assets Debtors Cash at bank and in hand 12 1.105.373 2,216,476 637, 160 1,892, 894 3,321,849 2,530, 054 Creditors: amounts falling due within one year 13 {1,955,924) (1, 709, 168) Net current as8et8 1.365,925 820,886 Total assets less current Ilablllties 3,612,462 2,923, 525 Totsl net assets 3,512,452 2,923, 525 Charity funds Restricted funds.. Restricted funds 14 121,060 8,919 Total restricted funds Unrestricted funds 14 121.060 8,919 Designated funds General funds 14 14 144,523 3,246.869 168,558 2. 746,048 Totsl unrestricted funds 14 3,391,392 2,914,606 Total funds 3,512,452 2, 923,525 The entity was entrtled lo exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity to obtsin an audit for the year in question in accordance with Section 476 of the Companies Act 2006. However, an audit is required in accordance with section 144 of the Charities Act 2011. Page 18
LOCKERS PARK SCHOOL TRUST IA Company Llmfted by Guarantee) REGISTERED NUMBER: 01090034 BALANCE SHEET ICONTINUED) AS AT 31 AUGUST 2024 The Trustees acknovledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for Issue by the Trustees on 22 January 2025 and signed on their behalf by: C Llster (Chair of TTUSte85) The notes on pages 21 to 36 fomi part of these financial statements. Page19
LOCKERS PARK SCHOOL TRUST IA Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Cash flows from operatlng activitles Net cash used in operating activities 514,940 688.681 Cash flows from investlng actlvlties Purchase of tangible fixed assels Interest income (261,467) (261, 340) 70,109 20, 084 Net cash used in investlng actlvltles 1191,358) (241,256 Change In cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year 323,582 447,426 1,892,894 1,445, 469 Cash and cash equlvalents at the end of the year 2,216,476 1,892,894 The notes on pages 21 to 36 fomi part of these financial statements Page 20
LOCKERS PARK SCHOOL TRUST {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies 1.1 Basls of preparatlon of financial statements The financial statements have been prepared in accordance wth the Charities SORP (FRS 102) - Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicabSe in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Lockers Park School Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless Otherwise stated in the relevant accountin9 policy. 1.2 Income All income 15 recognised once the School has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Fees receivable and charges for servi5 are accounted for in the period in which the Service is provided. Fees receivable are stated after deducting allowances, stholarships, bursaries and other remissions allowed by the sdiool. Grants are induded in the Statement of Financial Activities on a receivable basis. The balance of Income received for specific purposes but not expended during the period is shown in the relevant funds on ihe Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Income tax recoverable in relation to investment income is recognised at the time the investment Income is receivable. 1.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economlc benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classtfied by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributsble to a single activity are allocated directly to that activrty. Shared costs which contribute to more than one activity and support costs whidi are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the School's objectives, as well as any associated support costs. All expenditure is inclusive of IeCoVerable VAT. Page 21
LOCKERS PARK SCHOOL TRUST (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcles Icontjnued) 1.4 Tanglble flxed assets and depreclatlon Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreoation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be inciuded in the measurement of cost. Leasehold propety improvements, the Covenant Propety and the 2010 Appeal Account are being depreciated over a 25 year period on a reduring balance basis, except for the swimming pool improvements (included Kfjthin Leasehold property improvements) whith are depreciated over a 15 year period on a straight line basis. Depreciation is provided on other fixed assets on the following basis.. Freehold propety Motor vehides Fixtures and fittings Not depreciated 25% Straight Line on cost 20% Straight Line on cost 1.6 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.6 Cash at bank and In hand Cash at bank and in hand indudes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquistiion or opening of the deposit or similar account. 1.7 Llabllltles and provlslons Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit w11 be required in settlemenl, and the amount of the settlement can be ests"mated reliably. Liabilities are recognised at the amount that the School anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or service5 it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts. discounted at the pre-tax discount rate that reflects the risk5 specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance Gost. 1.8 Flnanclal instruments The School only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are sUbseqUenY measured at amortised cost using the effective interest method. Page 22
LOCKERS PARK SCHOOL TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies Icontlnued) 1.9 Operating leases Rentals paid under operating leases are charged to the Statement of Financial Activities on straight-line basis over the lease temi. 1.10 Penslons The Charity operates a defsned contribution pension scheme and the pension charge represents the amounts payable by the Charty to the fund in respect of the year. 1.11 Fund accountlng General funds are unrestricted funds which are available far use at the discretion of the Tru5tee5 in furtherance of the general objectives of the School and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance wtth specific restrictions imposed by donors or whith have been raised by the School for particular purposes. The costs of raising and administering such funds are charged against the 5pecifiG fund. The aim and use of Èach restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Income from donatlons and legacles Restrfcted Unrestrfcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations 138.169 138,169 60,180 Total 2023 10,000 50,180 60,180 Page 23
LOCKERS PARK SCHOOL TRUST (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from charitable actlvltles Unrestricted funds 2024 Total funds 2024 Total funds 2023 Fees income Rents and lettings 4,283,703 44.525 4,283.703 44,525 3,377,065 61,400 4.328.228 4,328,228 3,438, 465 Total 2023 3,438,465 3, 438, 465 Investment Income Unrestricted funds 2024 Total funds 2024 Tot81 funds 2023 Interest receivable 70.109 70,109 20,084 Total 2023 20, 084 20, 084 Page 24
LOCKERS PARK SCHOOL TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Other incoming resources Unrestricted funds 2024 Total funds 2024 Total funds 2023 Remedial sources SEN Funding 11,670 14,472 11,670 14,472 11,010 26,061 26.142 26.142 37,071 Tot812023 37,071 37,071 SEN funding is EHCP funding receNed from Buckingham County Council. Analysls of expendlture on charftable actlvltles Summary by lund type Restricted Unrestrlcted funds funds 2024 2024 Total 2024 Tot81 2023 School 26,028 3.947,894 3.973.722 3,354, 718 Total 2023 29,215 3,325, 503 3,354, 718 Analysls of expendlture by activltles Actlvilles undertaken dlrectly 2024 Total funds 2024 Total funds 2023 School 3,973,722 3,973.722 3,354, 718 Total 2023 3,354, 718 3,354, 718 Page 25
LOCKERS PARK SCHOOL TRUST (A Company Limitsd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure by activities (continued) Anatysls of direct costs Total funds 2024 Total fvnds 2023 School 2024 Staff costs Depreciation Teaching resources Govemance costs Staff training Administrative costs Premises expenses Catering Expenses Insurances Bank charges Advertising and marketing Motor and travelling Kitchen costs Legal and professional School inspection costs Entertainment cosls 2.609,584 217.578 220,224 17,900 16,886 69,257 417,330 172.291 35,710 3.021 93,005 23,968 6,478 65,369 3,869 1.252 2.609.684 217,578 220,224 17,900 16,886 69,257 417,330 172.291 36,710 3.021 93.005 23.968 6.478 65,369 3,869 1.262 2,298,304 178, 552 122,013 23, 100 20, 199 40,215 332, 689 138,557 28,356 q,883 118,233 15, 131 9, 638 23,467 4,38t 3.973,722 3,973,722 3,354, 718 Tot812023 3,354, 718 3,354. 718 Audltors. remuneration 2024 2023 Fees payable to the School's auditor for the audtt of the School's annual accounts 16.850 16,200 Fees payable to the School's auditor in respect of.. All non-audit ser4ices not induded above 24,010 5, 730 Page 26
LOCKERS PARK SCHOOL TRUST (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contTibution pension schemes 2.149.829 184.438 27S,316 1,936,812 165,844 195,647 2,609,583 2,298, 303 The average number of persons employed by the Sch<)ol during the year based on headcount was as follows.. 2024 No. 2023 Teaching Teaching assistants Admin Other 26 27 41 39 79 The number of employees whose employee benefits (exduding employer pension costs) exceeded £60,000 was: 2024 No. 2023 No. In the band £60,001- £70.000 In the band £80,001- £90,000 In the band £90,001- £100,000 10. Trustees. remunerallon and expenses During the year. no Trustees received any remuneration or other benefrts (2023- £NIL). During the year one trustee was reiTTTrbursed travel expenses amouting to £2,54212023 . £NIL) Page 27
LOCKERS PARK SCHOOL TRUST (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. Tangible fixed assets 114 share of Long-temi freehold leasehold property property Furniture. Motor fixtures and vehlcles fittings Total Cost or valuatlon At 1 September 2023 Additions 100,000 4.676.146 145,033 51.647 1,157,117 116,434 5.984.910 261,467 At 31 August 2024 100.000 4,821,179 61,647 1,273,551 6,246.377 Depreclatlon At 1 September 2023 Charge for the year 2,813,748 158.192 47.647 1.000 1,020.876 68,386 3,882,271 217,578 At 31 August 2024 2,971,940 48,647 1,079,262 4,099,849 Net book value At 31 August 2024 100,000 1,849,239 3,000 194,289 2,146,528 At 31 August 2023 100,000 1,862,398 136,241 2, 102, 639 Page 28
LOCKERS PARK SCHOOL TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Debtors 2024 2023 Due wlthln one year Trade debtors Prepayments and accrued income 922,515 182,858 593,576 43.584 1,105,373 637, 160 Prepayments and aGcwed income indudes amount for schod trips due to take place in the next financial year totslling £81,602 {2023'. £2.892). 13. Credltors: Amounts falllng due wlthln one year 2024 2023 Trade credrtors Other creditors Other tsxation and social securty Accruals and deferred income 78,674 1.786,058 49,888 42,304 32.974 1,501,951 46,400 127,843 1,956,924 1,709, 168 Other creditors indude amounts for pupil deposits and tenn fees which have been raised in advance totalling an amount of £1.779,617 (2023- £1,496,535). Page 29
LOCKERS PARK SCHOOL TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. Statement of funds Statement of funds - current year Balance at 1 September 2023 Balance at 31 August 2024 Transfers Inlout Income Expendlture Unrestricted funds Deslgnated funds Caprtal Expenditure 150th Project 168,558 14,035) (20,000) (20.000) 20.000 144,523 168,558 {24.0361 144.523 General funds Revenue Account 2,746,048 4,424,480 13,923,659) 3,246,869 Total Unrestrlcted funds 2,914,606 4.424.480 (3,947,694 3,391,392 Restrlcted funds 150th Project Assisted places 138,169 (17,109) 18.919 121,060 8,919 8,919 138,169 (26,028) 121,060 Total of funds 2,923,525 4,562,649 (3,973,722 3,512,452 Page 30
LOCKERS PARK SCHOOL TRUST (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 1& Statement of funds (continued) Designated Funds The Capitsl Expendrture Fund provides funding towards caprtal expenditure and development of the school. The 150th Project Fund relates to funding towards buying merchandise for the 150th fundraislng project. The transfer between the designated funds represent funds which were agreed by the trustées to be spent on expenditure in relation to the 150th Project. Restricted Funds The 1501h Project Restricted ftjnd relates to funding towards the building of Ihe Woodlands Food Tech suite. The Assisted Places Restricted Fund provides funding towards assisted places costs. The School Hall Development Restricted Fund relates to a donation recelved for the purpose of redeveloping the school sports hall. Page 31
LOCKERS PARK SCHOOL TRUST IA Company Limited by Guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. Statement of funds (continued) Statement of funds - prlor year Balance at 1 Seplember 2022 Balance at 31 August 2023 Transfers in/out Income Expendkure Unrestrlcted funds Deslgnated funds Capital Expenditure 192,022 (73,504) 50,040 168, 558 General funds Revenue Account 2.502. 287 3,545,8( (3, 251, 999) (50.040) 2, 746, 048 Total Unrestrlcted fund5 2,694,309 3.545,800 (3.325.503) 2,914,606 Restrlcted funds Assisted Places Sports Hall Development 28, 134 (19,215) (10,000) 8,919 10,000 28, 134 10.000 (29,215) 8,919 Total of funds 2. 722.443 3, 555, 800 (3, 354, 718) 2, 923, 525 Page 32
LOCKERS PARK SCHOOL TRUST IA Company Llmfted by Guarantee> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Summary of funds Summary of funds- current year Balance at 1 September 2023 Balance at 31 August 2024 Transfers Inlout Income Expendlture Designated funds General funds Restricted funds 168,558 2,746,048 8,919 (24,0351 4,424,480 13,923,659) 138,169 (26,028) 144.523 3,246.869 121,060 2,923,525 4,562,649 13,973,722) 3,512,452 Summary of funds- prlor year Balance at 1 September 2022 Balance at 31 August 2023 Transfers in/out Income Expenditure Designated funds General funds Restricted funds 192,022 2,502,287 28,134 173,504) 3,545, 800 (3,251, 999) 10,OL (29,215) 50,040 168,558 (50, 040) 2, 746, 048 8,919 2, 722,443 3,555,800 (3,354. 718) 2,923,525 Page 33
LOCKERS PARK SCHOOL TRUST {A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Analysis of net assets between funds Analysls of net assets between funds - current perlod Restrfcted Unrestrlcted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year 2,146,527 2,146,527 3.200.789 3,321.849 (1,955.924) (1,965,924) 121.060 Total 121,080 3,391,392 3,512,452 Analysls of net assets between funds - prlor perlod Restricted Unrgstricted runds fvnds 2023 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year 2, 102, 639 2, 102, 639 2,521, 135 2,530,054 (1. 709, 168) (1, 709, 168) 8,919 Total 8,919 2,914, 606 2, 923, 525 Page 34
LOCKERS PARK SCHOOL TRUST {A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Reconciliation of net movement in funds to net cash flow from operatlng activitles 2024 2023 Net income for the period (as per Statement of Finanaal Activltles) 588.926 201,082 Adlustments for. Depreaab'on charges Interest income Decrease in stocks Decreasel{increase) in debtlxs Increase in creditors 217.678 170,109) 178,552 (20,084) 7,171 87.042 234,918 (468,213) 246.758 Net cash provlded by operatjng actlvltles 514,940 688, 681 18. Anatysls of cash and cash equlvalents 2024 2023 Cash in hand 2,216,476 1,892,894 Total cash and cash equlvalents 2,216,476 1,892,894 19. Analysls of changes In net debt At31 August 2024 September 2023 Cash flows Cash at bank and in hand 1.892,894 323.582 2,216,476 1,892,894 323,682 2,216,476 Page 35
LOCKERS PARK SCHOOL TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Pension commitm8nts The charity operates a defined contribution scheme vA)ose assets are held independently and administered separately from those of the charity. During the year, the cost was £275,316 (2023.. £195,647). Contributions totalling £5,441 (2023.. £4.080) were payable to the fund at the balance sheet date and are Induded in creditors. 21. Operatlng lease commltments At 31 August 2024 the School had commitments to make future minimum lease payments under non- cancellable operating leases as follow5.. 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 60,000 240,000 240,000 60,000 240, 000 300,OQO 640,000 600,000 The operating lease relates to rental commitments that cover the 75% of the school freehold that is leased by the school. 22. Members, Ilablllty Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being vlound up while helshe is a member, or within one year after helshe ceases to be a member, such amount as may be required. not exceeding £1 for the debts and liabilities ¢ontraded before helshe ceases lo be a member. 23. Related party transactlons During the year the Trust reimbured trustees £2,542 (2023.. £NIL). There were no OLrtstanding tsalan5 ovng between related parties and the Trust at 31 August 2024 (2023: £NIL). Page 36