OpenCharities

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

2023-07-31-accounts

Charity Registration No. 503982

Company Registration No. 01204450 (England and Wales)

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

SOMERBYS LIMITED CHARTERED ACCOUNTANTS 30 NELSON STREET LEICESTER LE17BA

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Governors MrsM Neilson
MrM Dunkley LLB (Hons)
Mrs S Siesage BA (Hons) PGCE MBANPQH
Mrs J E Carroll BA(Hons) PG Cert (Chair)
Ms C Salmon BA (Hons)
Mrs H Mistry BSC (Hons) (Appointed 4 January2023)
Mrs C FlindersACMACBMA (Appointed 4 January 2023)
Ms M K Khangura Chartered MCIPD, LLM (Hons), (Appointed 29August2023)
BSc.(Hons)
Secretary and Bursar Ms S Shaw (Appointed 29August2023)
Headmaster MrAWhelpdale BAPGCE NPQH
Charity number 503982
Company number 01204450
Registered office 454 London Road
Leicester
LE2 2PP
Auditor Somerbys Limited
30 Nelson Street
Leicester
LE1 7BA
Bankers HSBC Plc
2-6 Gallowtree Gate
Leicester
LE11DA
Handelsbanken
Provincial House
37 New Walk
Leicester
LE1 6TU
Solicitors Shakespeare Martineau LLP
One Colton Square
Leicester
LE11QH

seeS

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED

CONTENTS

a
SS		 a
SS
Page
Governors’ report 1-7
Statement of Governors' responsibilities 8
Independentauditor's report 9-11
Statement offinancial activities 12-13
Balance sheet 14
Statement ofcash flows 15
Notestothefinancialstatements 16-28

fea SS

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED GOVERNORS’ REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JULY 2023 Ne Te eee eee eS eee The Governors, who are also Directors and Trustees of the Trust, present their report and audited financial statements for the year ended 31 July 2023.

Reference and administrative information

The Trust is a charitable company founded in 1975, with the liability of its members limited to £1 each by guarantee.

The Trust’s Governors, Officers and principal address are as listed within the legal and administrative information at the front of this document. Particulars of the Trust's professional advisers are also given within this information.

Objectives and activities

The Trust's objective and principal activity continues to be the promotion of girls' education, based on Christian principles according to the doctrines of the Church of England, and remain unchanged from previous years.

Aims and intended impact

At the School, through its teaching, the Trust aims:

To provide an exceptional and ‘boutique’ all-round education which will prepare our students for happy and fulfilling lives, and, therefore, during their years with us creating memories that will last a life-time.

Objectives for the year

The Trust’s main objective continued to be to educate the school’s pupils to an excellent academic standard as achieved by the School in previous years. The Governing Body has the following strategic targets:

The Governors have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake.

Nee ee ee eee eee eee eee eee ee ee eS -1-

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED

GOVERNORS' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JULY 2023

----- Start of picture text -----
ee
----- End of picture text -----

ee

Principal activities of the year

The primary focus was, as always, on the continual achievement of high performance in all areas of the curriculum: academic, pastoral, sporting and expressive arts — alongside a continuing commitment to development, especially leadership, service and responsibility. Another equally important focus has been to widen further access to the education provided by the School, and to develop an aspirational culture.

In a bid to maintain and improve our high academic performance, there has been a continued emphasis on Teaching and Learning, ensuring that pedagogical methods are varied and highly effective. One of our aims has been to strengthen our commitment to those identified as highly able and those who are on the SEND Register, and this commitment has been reflected in the CPD offered to staff in both of these important areas.

As a School, we value the extra-curricular trips and visits that we are able to offer our students; all of which enrich student experience, and create memories that last a life-time. Our enrichment provision has been significantly reviewed with a member of staff leading the initiative. The Enrichment Programme, launched in January 2022, has been developed to cover five major areas: physical activity and sport, creativity and expression, stem, environment and community and personal development and wellbeing. We are always keen to broaden our students’ perspectives, build resilience and develop a wide appreciation of the world. Trips and visits play a significant part in the life of the School, and it has been most satisfying to see this part of School life return to the curriculum.

As a School, we are proud of our diverse community which reflects the multiethnic demograph of the city of Leicester. However, we recognise that with an issue as important as diversity and inclusion there is always more work to be done.

Leicester High School believes that Black Lives Matter, and embraces the underlying tenets of the movement, and is working to further ensure equality in all areas of school life. Heads of Department are reviewing their curriculum; a dedicated blog post is released every half term to update the wider Leicester High School community on progress made and initiatives actioned, Former students have been invited to meet with the Headmaster and share their stories in relation to their experiences at Leicester High School. Governors are looking into improving the diversity of their body. Al! employment opportunities are advertised on the BAME website. The School is also actively engaging with key figures in the area of race-relations to further develop our commitment to equality, diversity and inclusivity. One example being: Dr Liam McCarthy, from Leicester University, joined us in School to give a lecture on Ugandan Asians in Leicester to students and parents.

Student numbers at the beginning of the academic year (2022/2023) were 72 in the Juniors and 230 in the Seniors. We continued to recruit throughout the year, making a net gain of twelve students and ending the academic year at 314. The school held in-person events, including the Open Morning and Sixth Form Open Evening. Attendance at events was encouraging with several expressions of interest in received.

a fDie

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED

GOVERNORS’ REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JULY 2023

----- Start of picture text -----
eSee
----- End of picture text -----

Strategic report

The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the Governors to present a strategic report.

Achievements and performance

The students achieved excellent results in the 2023 public examinations. At A Level, we celebrated 100% A to E pass-rate: 80% of all A Levels grades were A to B, with 60% of all grades A* to A. 100% of students have gone to their first-choice university. The A Level results were a true reflection of the cohort's ability, significantly above the national average for independent schools and some of the best results gained in a decade. The School appeared in the Telegraphs top 50 schools in the country.

At GCSE, the 9-4 pass rate was 98%. The 9-7 pass rate was 64%. The results overall highlighted the School's continued success and considerable positive added-value at this level.

The GCSE and A Level results reflect the hard work and application of both students and staff, and demonstrate the strength of our dedicated teaching staff, as well as the significant added value achieved by all academic departments.

Fundraising performance

During the year the School received grants and donations as set out in note 3 of the financial statements.

Additionally, during the year, the school has raised funds for its chosen charities: Crisis, Marie Curie, The Alice Ruggles Trust, Rainbows, Young Minds, Children in Need, Place2Be, McMillan Cancer Support and the Turkey/Syria Earthquake Appeal raising £6,600 in total. Pupils have also supported cultural activities.

Neeneeee ee eee ee e eee eee ee

----- Start of picture text -----
eae
----- End of picture text -----

3).

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED

GOVERNORS’ REPORT (CONTINUED)(INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JULY 2023 DeeeeEEEEEEEEEEEEee

Public benefit

The Governing Body are committed to offering bursary support to students whose families would not otherwise be in a position to pay full school fees. Bursary support of up to 100% of fees is currently offered; 32 students (2022: 34 students) received bursary support in the year and 2 students received 100% support from external benefactors.

46 students (2022: 48 students) received academic/music scholarships in the year.

We continued to make strenuous efforts with our marketing to ensure that as many parents as possible are aware of our scholarships and bursary support. We also continue to liaise with local charities in a bid to increase the number of scholarships and bursaries that we are able to offer.

The School has developed a comprehensive programme of working with the community which provides mutual benefit. We are committed to the further development of this activity which includes developing and building on links with local primary schools, through measures including our series of Saturday Masterclasses which take place every half term. These sessions are designed for Year 5 girls from maintained primary schools across the city and the county. The sessions are provided free of charge and have encouraged over 500 students from approx. 45 Primary schools to visit the School and benefit from subject taster sessions.

Local primary schools are invited to the annual production, and Post 16 students from local maintained schools are invited to our International Women's’ Day careers conference and our annual Oxbridge Information Evening. Year 9 drama productions toured local primary schools in February 2023. More recently, external parents (not involved with the school) have been invited to the annual UCAS information evening for parents.

The school provides a ‘stay and play’ weekly meeting for parents and their children for which there is no charge.

The School continues to develop links with local nurseries, including offering of the School's facilities and staff.

Within the wider community, the School links with local businesses and the Young Enterprise scheme,

During the Autumn Term 2021, the Headmaster visited close to twenty primary schools to encourage closer working relationships. Several of these schools sought the expertise of subject specialist teachers, who assisted with the creation of a programme of study for that particular primary school.

The School offers its facilities to hire at a competitive rate to local groups within the community that promote the education of young people.

External lettings used by academic groups, performing arts, yoga and art clubs. The halls and tennis courts are also used for holiday clubs. In addition, our facilities are used for ad hoc meetings and children’s parties, as the site provides a contained and safe environment with good parking facilities.

aeS SS ~4-

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED

GOVERNORS’ REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)

FOR THE YEAR ENDED 31 JULY 2023

"ee

Financial review

The Independent School Sector is facing a number of unprecedented challenges resulting from evolving political and economic threats. The Governors are continuing to monitor the impact on the School very closely.

Net fees received for the year were £3,535,460 (2022: £3,501,286).

Despite pupil numbers being marginally down from the previous year, fee increases kept at an affordable level, and with careful budgeting and planning, the net increase in income resulted in a £72,871 surplus (2022: £38,563 surplus). However, this surplus excludes the £4,472 actuarial gain on the ISPS defined benefit scheme in the year (2022: £23,291 actuarial loss). The actual net movement in funds was £77,343.

In view of the above identified challenges and threats, this is considered by the Governors to be appropriate, and this amount is likely to be spent during the 2023/24 financial year on the priority spending matters mentioned, or referred to, below in this Report.

At the year end, funds stand at £4,305,290 (2022: £4,227,947).

The cash held in the Charity at the financial year end is lower than the opening date.

The Governors have pro-actively monitored cash flow in detail throughout the year and the School is in a much better position than was first forecast, largely due to careful monitoring of our costs and the recovery of debts.

The School will continue to invest prudently in buildings, refurbishments and resources for its future development, including in particular, IT, staff and improved site security. The Board will ensure that any surplus income will be put back into the School.

Going concern

We have prepared a number of scenarios that consider our cash position, sources of income and planned expenditure. This includes costs impacted by the current economic and political environment. These scenarios consider reduced pupil numbers, delayed fee payment and potential bad debts as well as impact on costs surrounding the economic climate. Sensitivity around these assumptions has also been considered in our forecasting. Results of this cash flow and sensitivity analysis indicate that the cash reserves of the charity are adequate to meet the charity's obligations as they fall due.

Having regard to the above, the trustees believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Reserves policy

The School aims to hold enough reserves to cover at least one term's operating costs plus capital repayments due on the loan, at any month end during a financial year. Reserves are those considered to be readily available cash balances. In the year ended 31 July 2023 the target cash sum, fell marginally short. The Governors continue to monitor the position.

SS

-5-

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED GOVERNORS’ REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JULY 2023 iSSS Se

Risk management

The Governors have assessed the major operational and financial risks, to which the Trust is exposed, paying particular attention to the current economic and political landscape. The proposed changes by some political parties to actively introduce measures that would result in additional costs or taxes in the sector. The Governors have updated the risk register for this, and are satisfied that adequate controls are in place to mitigate its exposure to these risks. This register is maintained and reviewed by the Board regularly and more frequently under the current pressures.

The Board continues to review the school’s estate and is committed to the maintenance and provision of high-quality educational facilities. The key objective is to maintain pupil numbers which will ensure the continued provision of a high-quality educational experience for the students.

The School became a phased withdrawal school with effect from September 2022. This now means that any teacher who started after 1 September 2022 will have joined the new Defined Contribution Scheme with flexible benefits, along with any current teachers who decided to join this scheme. Any current teacher who had decided to continue to contribute to the Teachers Pension Scheme will bear the cost of any future rises in contributions, which mitigates the risk to the School.

Insurance

The cost of Governors' liability and professional indemnity insurance taken out by the Trust in the year amounted to £417 (2022: £1,134); the level of cover was £2,000,000.

Structure, governance and management

Governing document

The Trust is governed by its Articles of Association, last anended on 18 May 2011. The document was reviewed in November 2019; no changes were considered necessary.

Governing Body

Governors are appointed in accordance with the Articles of Association.

All Governors are Directors of the Company and Trustees of the Charity.

Recruitment and training of Governors

New Governors are appointed on recommendation from the Appointments Committee who consider the skills, knowledge and experience required on the Board. The Board maintains a balance of both education and business skills, All new Governors are inducted into the workings of the school and also of the company as a registered charity. Training is provided annually through a range of external and internal programmes. The school is a member of AGBIS (Association of Governing Bodies of Independent Schools) who provide support and training on matters of governance. The Governors, who are also the directors for the the purpose of company company law, and who served who served served during the year were: were: Mrs M Neilson Mr J AAilen J AAilen AAilen FCA (Resigned 5 December 2022) 2022) Mr T Leah T Leah Leah BA(Hons) PGCE NPQH (Resigned 26 September 2022) September 2022) 2022)

The Governors, who are also the directors for the the purpose of company company law, and who served who served served during the year were: were: Mrs M Neilson Mr J AAilen J AAilen AAilen FCA (Resigned 5 December 2022) 2022) Mr T Leah T Leah Leah BA(Hons) PGCE NPQH (Resigned 26 September 2022) September 2022) 2022) Mr M Dunkley LLB (Hons) (Chair) Mrs S Siesage BA (Hons) PGCE MBA NPQH Mrs J E Carroll BA (Hons) PG Cert Ms C Salmon BA (Hons) Mrs H Mistry BSC (Hons) (Appointed 4 January 2023) Mrs C Flinders ACMA CBMA (Appointed 4 January 2023) ieSEe EE

=Gie

eee

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED

GOVERNORS’ REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)

FOR THE YEAR ENDED 31 JULY 2023

Dee

None of the Governors has any beneficial interest in the company. All of the Governors are members of the company and guarantee to contribute £1 in the event of a winding up.

Organisational structure

The Board of Governors administers the Trust and meets at least four times throughout the year. To assist in this process, sub-committees of Finance and Estates, Education, Remuneration and Appointments also meet regularly throughout the year. Powers are delegated to the Headmaster and Bursar for the day to day running of the school.

Group structure and relationships

The Trust has two wholly owned, dormant subsidiaries as follows:

Employee involvement

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the Trust continues and that the appropriate training is arranged. It is the policy of the Trust that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Auditor

A resolution proposing that Somerbys Limited be reappointed as Auditor of the Trust will be put to the Annual General Meeting.

Disclosure of information to Auditor

Each of the Governors has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

On behalf of the Board of Governors

----- Start of picture text -----
<=—S
Mr M Dunkley LLB (Hons)
----- End of picture text -----

4 December 2023

Dennen eee

eee eee eee eee eee eee ee

aps

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED

STATEMENT OF GOVERNORS’ RESPONSIBILITIES

FOR THE YEAR ENDED 31 JULY 2023

SSee

The Governors, who are also the Directors of Leicester High School Charitable Trust Limited for the purpose of company law, are responsible for preparing the Governors’ Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Governors to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these accounts, the Governors are required to:

The Governors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ee

-8-

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED a

Opinion

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

{n our opinion, the financial statements: - give a true and fair view of the state of the charitable company's affairs as at 31 July 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Governors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Governors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon, Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

ia SS -9-

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED

es

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Trust and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Governors’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of Trustees’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of Governors

As explained more fully in the Statement of Governors Responsibilities, the Governors’ (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal contro! as the Governors determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error. In preparing the accounts, the Governors are responsible for assessing the Trust's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The risk of not detecting a material misstatement resulting from error is considered to be low. The risk of not detecting a material misstatement resulting from fraud is higher, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

In the context of Leicester High School Charitable Trust Limited, we have identified specific laws and regulations, such as the Independent Schools Standards; Education Act 2002; Education Regulations 2014; Protection of Children Act 1999 and general commercial laws and regulations, such as: Companies Act 2006; Charities Act 2011; Charity Commission guidance; Health and Safety legislation, GDPR and employment law.

Our understanding of the legal and regulatory framework applicable to Leicester High School Charitable Trust Limited and how the charitable company has complied with its obligations has been obtained by enquiry of management and those charged with governance.

As part of our enquiries we have discussed policies and procedures on compliance with laws and regulations and whether any instances of non compliance have occurred.

SSSS -10-

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED eee

Our understanding of the charitable company's policies and procedures on fraud risk has been obtained through enquiry with management as to the control activities, operational systems in place and whether there is knowledge of any actual, suspected or alleged fraud.

We consider that the audit team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. During our audit work there were no significant instances of non-compliance identified.

In response to the audit risks identified in respect of irregularity and fraud, we have undertaken the following procedures:

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at: htto:/Avww.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and regulations made under that Act. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other-than the charitable company and its members as a body, for our audit work, for this report, or for the

Marcus Dockerty FCA FCCA (Senior Statutory Auditor) for and on behalf of Somerbys Limited

----- Start of picture text -----
Chartered Accountants
Statutory Auditor
----- End of picture text -----

----- Start of picture text -----
sexpacsevstoepmnonancetes
30 Nelson Street
Leicester
LE1 7BA
----- End of picture text -----

teSeee SS SS

-W-

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2023

ee

nn

eeeeeeeeeeeeeeeeeeeEeEeEeEe—eeEeEEee

Current financial year

Current financialfinancialyear
Current financialfinancial year Unrestricted Restricted Total Total
funds funds
2023 2023 2023 2022
Notes £ £ £ £
Income and
endowments
from:
Donationsand legacies		 3 2,675 8,117 10,792 15,927
Income from charitable activities 4 3,807,462 - 3,807,462 3,716,023
Investments 5 3,979 - 3,979 466
Other income 6 4,000 - 4,000 -
Totalincome 3,818,116 8,117 3,826,233 3,732,416
Expenditure
on:
Expenditure on charitable activities		 7 3,690,943 8,117 3,699,060 3,654,549
Finance costs 54,302 - 54,302 39,304
Total resources expended 3,745,245 8.117 3,753,362 3,693,853
Netincome forthe year/
Netincoming resources		 72,871 - 72,871 38,563
Other recognised gains and losses
Actuarial gain/(loss) on defined benefit pension
schemes		 4,472 - 4,472 (23,291)
Netmovement in funds 77,343 7 77,343 45,272
Fund balances at 1 August2022 4,227,947 - 4,227,947 4,212,675
Fundbalancesat31July2023 4,305,290 - 4305290 4,227,947

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

SSSSS -12-

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2023 e e

e

Priorfinancial year
Unrestricted Restricted Total
funds funds
2022 2022 2022
Notes £ £ £
Income and
endowments
from;
Donationsand legacies
Income from charitable activities		 3
4		 2,281
3,716,023		 13,646
-		 15,927
3,716,023
Investments 5 466 - 466
Total income 3,718,770 13,646 3,732,416
Expenditure
on:
Expenditure on charitable activities		 7 3,640,903 13,646 3,654,549
Finance costs 39,304 - 39,304
Total resources expended 3,680,207 13,646 3,693,853
Net income forthe year/
Netincoming resources		 38,563 - 38,563
Otherrecognised gains and losses
Actuarial gain/(loss) on defined benefit pension schemes		 (23,291) - (23,291)
Netmovement infunds 15,272 - 15,272
Fund balances at
1 August2021		 4,212,675 - 4,212,675
Fundbalancesat31July2022 4,227947 - 4,227,947

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

iSe eS SS =13%

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED

BALANCE SHEET

AS AT 31 JULY 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 12 4,942,697 4,951,265
Current assets
Debtors
Cash at bank and in hand		 14 388,090
744,148		 331,763
846,623
1,132,238 1,178,386
Creditors: amounts falling due within 15
one year (373,079) (404,767)
Netcurrent assets 759,159 773,619
Total assets less current liabilities 5,701,856 5,724,884
Creditors: amounts falling due after
morethan oneyear		 16 (1,396,566) (1,496,937)
Netassets 4,305,290 4,227,947
Income funds
Unrestricted funds 4,305,290 4,227,947
4,305,290 4,227,947

The accounts were approved by the Governors on 4 December 2023

a Mr M Dunkley LLB (Hons)

Company Registration No. 01204450

----- Start of picture text -----
aia Ss
me, Ve
----- End of picture text -----

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2023

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2023|2022| |Notes|£|E|£|£| |Cash|flows|from|operating|activities| |Cash generated|from|operations|22|16,683|42,079| |Investing|activities| |Purchase|of tangible|fixed|assets|(24,890)|(29,157)| |Investment|income|received|3,979|466| |Net cash|used|in|investing|activities|(20,911)|(28,691)| |Financing|activities| |Repayment of bank|loans|(98,247)|(96,532)| |Net cash|used|in financing|activities|(98,247)|(96,532)| |Net decrease|in cash and|cash|equivalents|(102,475)|(83,144)| |Cash|and cash|equivalents|at beginning|of year|846,623|929,767| |Cash and|cash|equivalents|at end|of year|744,148|846,623|

----- End of picture text -----

ia -15-

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED

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

1 Accounting policies 1.1. Accounting convention These accounts have been prepared in accordance with FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", “Accounting and Reporting by Charities" the Statement of Recommended Practice for charities applying FRS102, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015. The charity is a Public Benefit Entity as defined by FRS102. The accounts have been prepared under the historical cost convention. The Trust has taken advantage of the exemptions provided by Section 405 of the Companies Act 2006 not to prepare group accounts as the subsidiary undertakings are not material for the purpose of giving a true and fair view. The financial statements present information about the charity as an individual company and not about its group. 1.2 Going concern At the time of approving the financial statements, the Governors have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future and they continue to adopt the going concern basis of accounting in preparing the financial statements. The Governors have considered a period of 12 months from the date of approval of the accounts. Further information on the matters that the Governors have considered is included within the Trustees Report.

Unrestricted funds are available at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts. 1.4 Incoming resources Donations are accounted for as and when the entitlement arises, the amount can be quantified and the economic benefit to the school is considered probable.

Fees receivable are accounted for in the year in which the service is provided after deducting bursaries, scholarships and other remissions granted by the school. Investment income is accounted for on an accruals basis.

1.5 Resources expended Expenditure is recognised once there is a legal or constructive obligation to transfer economic 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 classified 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 attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between 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 are allocated on the portion of the asset's use.

ns

-16-

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 a es

1 Accounting policies

(Continued)

Expenditure is summarised under functional headings on a direct cost basis or apportioned according to management estimates of the amount attributable to that activity in the year, either by reference to staff time or space occupied, as appropriate.

Governance costs comprise the costs of running the Trust, including strategic planning for its future development, internal and external audit, and all the costs of complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability.

Fixtures, fittings & equipment 3-8 years Motor vehicles 3 years Fixed assets under £1,000 in value are not capitalised but treated as revenue expenditure in the year of purchase.

Freehold land and buildings are included at valuation, all gains and losses arising on the valuation of the properties are shown in the statement of financial activities.

The carrying values of the freehold land and buildings are reviewed annually for impairment. If events or changes in circumstances indicate that the carrying value may not be recoverable, the value of the freehold land and buildings will be adjusted through the statement of financial activities.

1.7 Impairment of fixed assets At each reporting end date, the Trust reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment.

1.8 Financial instruments The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

a “7

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

eee

(Continued)

Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.9 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

2 Critical accounting estimates and judgements

in the application of the Trust's accounting policies, the Governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources, The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

There are no critical judgements (apart from those involving estimates) in applying the Trust's accounting policies.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets.

Freehold Property

The Trust carries its freehold property at fair value at each reporting end date, with changes in fair value being recognised in the statement of financial activities.

3 Donations and legacies

Unrestricted Restricted Total Total
funds funds 2023 2022
£ £ = £
Miscellaneous donations 175 8,117 8,292 13,677
Donated deposits from leaving pupils 2,500 - 2,500 2,250
2,675 8,117 10,792 15,927

aeS = 18

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |School|fees|Less:|total|School|trips/|Total|Total| |bursaries,|meals|and|2023|2022| |grants|and|other|income| |allowances| |2023|2023|2023| |£|£|£|&|£| |Income|for the|year|3,900,455|(364,995)|272,002|3,807,462|3,716,023|

----- End of picture text -----

5 Investments

----- Start of picture text -----
|||||| |---|---|---|---|---| |Unrestricted|Unrestricted| |funds|funds| |2023|2022| |£|£| |Bank|interest|received|3,979|466|

----- End of picture text -----

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Unrestricted|Total| |funds| |2023|2022| |£|£| |Interest|received|on|Insurance|Claim|4,000|-|

----- End of picture text -----

7 Expenditure on charitable activities

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Teaching|Premises|Welfare|Support|Total|Total| |costs|of|2023|2022| |schooling| |zi|£|£|£|£|£| |Staff costs|2,291,781|161,680|78,277|322,771|2,854,509|2,870,650| |Depreciation|-|33,458|-|-|33,458|45,524| |Other|costs|237,993|277,082|62,926|203,954|781,955|691,710| |2,529,774|472,220|141,203|526,725|3,669,922|3,607|884| |Governance|costs|-|-|-|29,138|29,138|46,665| |2,529,774|472,220|141,203|555,863|3,699,060|3,654,549|

----- End of picture text -----

----- Start of picture text -----
cn
----- End of picture text -----

-19-

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

a

8Auditor's remuneration

Governance costs includes payments to the auditor of £6,480 (2022: £6,360) in respect of audit fees.

9 Governors During the year £270 (2022: £864} of expenses were reimbursed to two Governors in respect of travel expenses. No remuneration was paid to Governors in the year.

10 Employees

Number of employees

The average number of employees during the year was:

Number of employeesemployees
Theaveragenumberof employeesemployeesduringtheyear was:was:
The average number of employeesemployees during the year was:was: 2023 2022
Teaching
Non-teaching		 40
50		 41
49
90 90
Employmentcosts 2023
£		 2022
£
Wagesand salaries
Social security costs
Otherpension costs		 2,256,211
215,318
382,980		 2,257,654
218,038
394,958
2,854,509 2,870,650
The number of employees whose annual remuneration (excluding pension
contributions)was£60,000ormorewere: 2023 2022
Number Number
Between £60,000 and £70,000 2 1
Between£90,000and£100,000 1 1

Remuneration and benefits paid to key management personnel totalled £274,794 (2022: £265,023) for the year.

Of the employees whose emoluments exceed £60,000, 3 (2022: 2) have retirement benefits accruing under defined benefit pension schemes.

11. Taxation

The Trust's activities fall within the exemptions from income tax and corporation tax conferred to registered charities.

ieee

-20-

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

SS

12 Tangible fixed assets Land and Fixtures, Motorvehicles Fixtures, Motorvehicles Total
buildings fittings&
equipment
£ £ £ £
Cost or valuation
At 1 August2022 4,850,000 1,800,461 30,831 6,681,292
Additions - 24,890 - 24,890
At31 July2023 4,850,000 1,825,351 30,831 6,706,182
Depreciation
At 1 August2022
Depreciation charged in the year		 -
-		 1,699,196
33,458		 30,831
-		 1,730,027
33,458
At 31 July 2023 - 1,732,654 30,831 1,763,485
Carrying amount
At31 July2023 4,850,000 92,697 - 4,942,697
At31July2022 4,850,000 101,265 - 4,951,265

Freehold land and buildings were valued on 16 September 2021 by Aitchison Raffety, Chartered Surveyors, on an existing use value at £4,850,000. The valuation included modular buildings that had previously been separately capitalised and subject to annual depreciation. At 31 July 2021 the modular buildings were transferred into the heading of land and buildings and as from 1 August 2021 the modular buildings have no longer been depreciated and will instead be subject to periodic valuation reviews along with the land and buildings generally. The Governors consider that the valuation received is appropriate as at 31 July 2023.

The historical cost of the freehold land and buildings is £6,447,292 (2022: £6,447,292).

The net book amount in respect of land included in freehold !and and buildings is £1,050,000 (2022: £1,050,000). All assets are used directly for charitable purpose except for a small proportion of the buildings and equipment which are used in the administration of the school.

  1. Fixed asset investments

The Trust holds 100% (2 shares) of the £1 ordinary share capital of two dormant companies as follows: Leicester High School for Girls Limited Portland House Limited

The shares have been valued at £Nil as the companies have been dormant since incorporation.

Neeeeeeee eee ee

oO4 =

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

72

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |14|Debtors| |2023|2022| |Amounts|falling|due|within|one|year:|£|£| |Trade|debtors|243,446|232,114| |Prepayments|and|accrued|income|144,644|99,649| |388,090|331,763| |15|Creditors:|amounts|falling|due|within|one|year| |2023|2022| |£|£| |Loans|and|overdrafts|101,244|98,870| |Taxation|and|social|security|52,400|§5,449| |Fees|received|in|advance|5,877|6,168| |Trade|creditors|29,253|42,068| |Other|creditors|102,048|119,684| |Accruals|and|deferred|income|82,257|82,528| |373,079|404,767|

----- End of picture text -----

15 Creditors: amounts falling due within one year

Bank borrowings are secured against the freehold land and buildings.

Included in other creditors due within one year are repayable deposits of £13,750 (2022: £13,500) made by parents which are normally repayable when the pupil leaves the school.

Deferred income relates to income received for school trips that are planned to occur in the next school year and will be recognised upon the date the trips take place.

16 Creditors: amounts falling due after more than one year

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2023|2022| |£|£| |Bank|loans|1,318,816|1,419,437| |Repayable|deposits|77,750|77,500| |1,396,566|1,496,937| |Loan|maturity|analysis| |In|more|than|one|year|but|not more|than|two|years|121,325|101,244| |In more|than|two years|but|not more|than|five years|903,266|988,151| |In more|than|five|years|294,225|330,042| |1,318,816|1,419,437|

----- End of picture text -----

Bank borrowings are secured against the freehold land and buildings.

eSeee «DD's

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

a

17 Guarantee

The Trust, being a company limited by guarantee, has no share capital.

Every member of the Trust is fiable, on winding up, contributing an amount not exceeding £1 towards the liabilities of the Trust.

At 31 July 2023 guarantees to the value of £7 (2022: £7) could be exercised.

18 Restricted funds

Movement in funds Movement in funds Movement in funds Movement in funds Movement in funds
Incoming
resources		 Resources
Balanceat
expended 1 August2022		 Incoming
resources		 Resources
expended		 Balance at
31 July 2023
£ £ £ £ £ £
Donation towards sixth
form scholarship		 12,526 (12,526) - 7,967 (7,967) -
Donation towards bursary
fund		 120 (120) - 150 (150) -
Donation towards drama
and music subjects 1,000 (1,000) - - - -
13,646 (13,646) - 8,117 (8,117) -
Analysis of netassets between funds Unrestricted Restricted Total
£ £ £
Fund balances at 31 July 2023 are represented by:
Tangible assets
Current assets		 4,942,697
759,159		 -
-		 4,942,697
759,159
Long term liabilities (1,396,566) - (1,396,566)
4,305,290 - 4,305,290

19 Analysis of net assets between funds

iesa

-23-

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

a

20 Operating lease commitments

At the reporting end date the Trust had outstanding commitments for future minimum lease payments under for future minimum lease payments under for future minimum lease payments under
non-cancellable operating leases, which fall due as follows:
2023 2022
£ £
Within one year 22,504 19,518
Between two and five years 40,952 13,757
63,456 33,275
21 ~+Related party transactions
Therewere no disclosable related party transactions during the year (2022: none).
22 Cash generated from operations 2023
£		 2022
£
Surplus fortheyear 72,871 38,563
Adjustments for:
Investmentincome recognised in statement offinancial activities		 (3,979) (466)
Depreciation and impairment oftangible fixed assets
Difference between pension charge and cash contributions		 33,458
4,472		 45,524
(23,291)
Movements in working capital:
Increase in debtors (56,327) (56,015)
(Decrease)/increase in creditors (33,812) 37,764
Cash generated from operations 16,683 42,079
23. Analysis ofchanges in net (debt)/funds
At 1 August2022 Cash flows At31 July 2023
£ £ £
Cash atbank and in hand 846,623 (102,475) 744,148
Loans falling due within oneyear
Loans falling due aftermorethan one year		 (98,870)
(1,419,437)		 (2,374)
100,621		 (101,244)
(1,318,816)
(671,684) (4,228) (675,912)

a

-24-

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 NeeeeeTe Te ee eee eee

24 Pension and other post-retirement benefit commitments

The Teachers’ Pension Scheme

The School participates in the Teachers’ Pension Scheme ("the TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £331,200 (2022: £346,848) and at the year-end £24,345 (2022; £28,327) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended}. Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the ‘greater value’ benefits for groups of relevant members.

The valuation confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

iee 25-

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 nr 24 Pension and other post-retirement benefit commitments (Continued)

The Independent Schools' Pension Scheme

The School participates in the scheme, a multi-employer scheme which provides benefits to some 61 nonassociated employers. The scheme is a defined benefit scheme in the UK. It is not possible for the School to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a ‘last-man standing arrangement’. Therefore the School is potentially liable for other participating employers’ obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out with an effective date of 30 September 2020. This actuarial valuation was certified on 22 December 2021 and showed assets of £201.1m, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall, the trustees and the participating employers have agreed that additional contributions will be paid, in combination from all employers, to the scheme as follows:

Deficit contributions

From 1 September 2022 to 30 June 2032:

£2,687,000 per annum

(payable monthly and increasing by 3% on each 1st September)

Note that the scheme's previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £149.4m, liabilities of £187.6m and a deficit of £38.2m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From 1 September 2019 to 30 April 2030:

£2,387 ,357 per annum

(payable monthly and increasing by 3% on each 1st September)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the scheme liabilites.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

ee

-26-

;

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

aSs

24 Pension and other post-retirement benefit commitments

(Continued)

PRESENTVALUES OF PROVISION
31 July 2023
31		 July 2022 31 July 2021
£ £ £
Presentvalue ofprovision 41,740 49,681 29,211
RECONCILIATION OF OPENINGAND CLOSING PROVISIONS
31 July 2023 31 July 2022
£ £
Provision at start ofperiod
Unwindingofthediscountfactor(interestexpense)		 49,681
1,525		 29,211
288
Deficit contribution paid (4,994) (3,109)
Remeasurements - impactofanychange in assumptions
Remeasurements - amendments to thecontribution schedule		 (4,472)
-		 (5,649)
28,940
Provision atend ofperiod 41,740 49,681
INCOMEAND EXPENDITURE IMPACT
31 July 2023 31 July 2022
£ £
Interestexpense
Remeasurements— impact ofanychange in assumptions		 1,625
(4,472)		 288
(5,649)
Remeasurements -amendments to the contribution schedule - 28,940
Costsrecognisedinincomeandexpenditureaccount 19,853 20,941

wee «27s

LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 eeee eee eee ee EEE 24 Pension and other post-retirement benefit commitments (Continued)

ASSUMPTIONS

Rate of discount

31 July 2023 31 July 2022 31 July 2021 %perannum %perannum % per annum 5.70 3.24 1,04

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

The following schedule details the deficit contributions agreed between the School and the scheme at each year end period:

DEFICIT CONTRIBUTIONS SCHEDULE

Yearending ending 31 July
£		 2023
31		 July 2022
£		 31 July 2021
£
Year 1 5,307 4,994 3,109
Year 2 5,466 5,307 3,202
Year 3 5,630 5,466 3,299
Year4 4 5,799 5,630 3,397
Year 5 5,973 5,799 3,499
Year 6 6,152 5,973 3,604
Year 7 6,337 6,152 3,713
Year 8 6,527 6,337 3,824
Year 9 6,161 6,527 2,952
Year 10 - 6,161 -
Year 11 a = =
Year 12 - “ -
Year 13 a “ -
Year 14 - ~ -
Year 15 - . -
Year 16 - - -
Year 17 - - -
Year 18 - - -
Year 19 - - -
Year 20 - - 2

The School must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises.

It is these contributions that have been used to derive the balance sheet liability.

Se

= 28=