Charity Registrallon No. 503982 Gompany Registralion No. 012044501England and Wales) LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 SOMERBYS LIMITED CHARTERED ACCOUNTANTS 30 NELSON STREET LEICESTER LE17BA
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED LEGALAND ADMINISTRATIVE INFORMATION Governors Mrs M Neilson Mrs S Siesage 8A (Hons) PGCE MBA NPQH rs J E Carroll BA (Hons) PG Cert (Chalr) Mrs H Mistry BSC (Hons) Mrs C Flinders ACMA CBMA Mrs D Chandarana LLB <Honsl Mr P Hitchcock Miss D Bhogaita BSC (Hons) Miss P Raitatha (Appointed 24 May 2024} (Appointed 4 December 20231 (Appointed 23 July 2024) (Appoinled 4 July 2024) Secretary and Bursar Ms S Shaw (Appointed 29 August 2023) Headmaster MrA whelpda BA PGGE NPQH Charlty number 503982 Company number 01204450 Règlstered offlce 454 Lon¢Jon Road Leicesler LE2 2PP Auditor Somerbys Limited 30 Nelson Street Leicester LE17BA Bankors HSBC PI 2-6 Gallowtree Gate Leicester LE1 1DA Handelsbankan Provlncial House 37 New Walk Lelcester LE16TU SollGltors Shakespeare Martineau LLP One Colton Square Leice5t8r LE1 1QH
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED CONTENTS Page Governors, report St8tement of Governors. reSpsIbIlitieS Independent auditol$ report statement of financÉal activities 13-14 Balance sheet 15 statennt of cash flows 16 Notes lo the financial staternents 17-29
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED GOVERNORS. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JULY 2024 The Governors. who are also Dlrectors and Trustees of the Trust. present their report and audited finandal slatements for the year ended 31 July 2024. Reference and administrative inforniation The Trust is a chariiable company founded in 1975. with th8 liability of its members limited to £1 each by guarantee. The Trust's Governors. Officers 8nd principal address are as listed within the legal and administrative information at the front of this document. Particulars of the Trust's ptofessional advisers aro also given within this information. Objertives and activities The Trusvs objective and principal aclivity continues to be the promotson of girls, educatioft. based on Christian principles according to the doctrines of the Church ol England, and remaln unchanged from pr8vlou$ years. Alms and Intènded Impact At the School, through ils teaching, the Trust aims: To provide an exceptional and 'boutique' all-round education which wlll prepare our studen15 for happy and fulfilling lives. and, thereft)re, during their years with us creating memorfes that will last a life-time. to create a friendly, caring community where every individual is valued to develop intellectual curlosity, academic excellence and a lrfe-long love of leaming to discover and nurture individual talents, creativity and seff-belief lo develop personal values of respect, acceptsnce, ursderstandin9 and determination to succeed Objectives for the year The Trust'5 main objective continued io be to educate the School's pupi15 to an exlIent acadetnic standard as achieved by the School in previous years. The Goveming Body has the following strategic targets: a. Finan¢e- lo secure the long term health and viability of the school by developing a strategic plan to reali5e and secure the school's airns and objectives and by regular monitoring of its finanrial position with appropriate re5porisive action where required. b. Estales - lo maintain and develop the school sile. and its faulÉtie5. to provide a high quality educational experi8nce for all stakeholders. c. Educational experlenco - to continue to be Committed lo providing a broad. high qualily experience for students from the eady years to the sixth fomi and beyond, adding value throughout the School. d. Responding to demographic change - to respond to demographic thange to ensure the school 15 besl placed to continue to meet its aims. The Govemors have paid due regard to guidance issued by thE Charity Commission in deciding what activlties the Trust should undertake.
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED GOVERNORS. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JULY 2024 Prirtcipal actlvltles of the year The primary focus was, as always. on the continual achiavement of high perlomian¢e in all areas of Ihe currtculum: academi¢, pastoral. sporting and expressive arts - alongside a continuing commitrnent to development, especially leadership, service and responsiblty. Another equally important focus has been to wi(Jen furiher aeSS to the educalion provided by the School. and to develop an aspirational culture. In a bid lo maintain and improve our high academic performance. there has been a continued emphasis on Teaching and Leaming. ensuring that pedagogical methods are varièd and highly effective. One of our aims hos been to strengthen our commltment lo those Identlhed as highly able and those who are on the SEND Register, and this ¢ommltment has been reflected In the CPD offered to stsff in both of these Important areas. As a School, we value the exlra•curricular tr¢ps and v5sits Ihat we are able to offer our studenty all of which enrich studenl experience, and create memories that last a life-time. Our enrichment provision has been significantly remewed with a member of staff leading the initiative. The Enrichment Programme. has been developed to cover five major areas- physical activity and sport, creativity and expression, stem. environmenl 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 visils play a significant part in the life of the School, and enhance the LHS oxperience. As a School. we aro proud of our diverse communily which reflecls Ihe multpolhnic demograph of the city of Leister. However. we recognise that with an issue as importanl as diversity and indusion there is always more WOTk lo bo done. Heads of Departmonl are reviewing thelr curriculum in a bid to be fully inclusive, and mark key dates such as Bl¥k History and Pride months. Former Students have been invited to meet with the Heaémaster and share Iheir stories in relation lo their experiences at Leicester High School. Govemors have taken steps lo improve the diversity of their body. All employrnent opportunities are advertised on the BAME webstte. The School is also actSvely engaging with key figures In the area of race-relations to furthèr develop our commilmenl lo eqvalily, diversity and inclusivity. One example belng.. Dr Liam Mccarthy, from Lèicester 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 year1202312024J were 85 in the Juniors and 225 in the Senlors. Number decreased throughout the year by 6 pupils, remainin9 Static at 3(W pupils. The school held in-person events, including the Open Morning and Sixth Form Open Evening. Attendance at events wa5 encouraging wth several expressions of interest in received.
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED GOVERNORS. REPORT {CONTINUED){INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JULY 2024 Strategic repcrt The descrlptlon under the headings "Achievements and performance. and "Financi81 r8view' meet the company law requirements for the Govemors to present a strategic report. Achiev8m•ntg and performance The students achieved excellent resutts In the 2024 public gxaminaliorts. At A Level, we celebrated 97.1Yts A. lo E pass-rate: 71 % of all A Levels grades were A. to B, with 50.79% of all grades A" loA. The A Level results were a true reflection of the cohort's ability, signifiG3ntly above the national average for independent schools and some of the best results gained in a de¢sde. The Sch1 app&ared in thè Telegraphs top 100 schools in the county. At GCSE. tho 94 pass rate was 100%. The 9-7 pass rate was 82.79kn. The results overall highlighted the School's continued success and considerable positive added-value al this level. The School results were the best results in Leicestershira and Rutland. re(wnised by the Telegraph with a place in the top 50 schools in Ihe county. The GCSE and A Level resufis refl9Ct the hard work and application of both students and staff, and demonstrate the 51rength of our dedicated teaching staff, as well as the signifKanl added value achieved by all acaderruc d8partmenls. Fundraisln9 perfomiance During the year the School received grants and donations as set out in note 3 of the financial statements.
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED GOVERNORS. REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JULY 2024 Publi¢ benefit The Governing Body are committed to offering bursary support to students vthose families would nol otherwise be In a position to pay full School fees. Bursary support of up to 80Yo of fees 15 currently offered; 34 sbJden15 {2023: 32 sludents) received bursary support in the year and 2 students received 100% SUPFK>rt from extemal benefactors. 44 studenls (2023: 46 students) Teceived academidmusic s¢hol8rships In the year. We continued to make strenuous efforts wlth our marketing to ensure that as many parents as possible are aware of our scholarships and bursary 5UPPQrt. We also contlnue to liaise with lo¢al charities in a bid lo incraase the number of scho18r8hips and bursarie5 that we are abb lo offer. The School has developed a c(YnprehensNe programme of workin9 wilh the communlty which provide5 mutua benefft. We are commilled lo the further development of this activity whlch includes developing and buildin9 on link8 with local primary schools, through measures including our series of Saturday Maslcrclasses which tske plaGe every half term. These sessions are designed for Year 5 girls from mainlaSnod primary schools across the city and the county. Th& sesslons are provided free of Charge and have encouraged over 500 students Irom approx. 45 Primary schools to visit the School and benefit from Subject taster se55ions. Local primary schools are invited to the annual production, and P05t 16 studenls from local maintained s¢hools are invited to our International Women's. Day careers conference. Year 9 drama productions toured local primary schools In February 2024, More recenuy, external parents (not Involved with the school) have been invited to the annual UCAS information evening for parent5. The h0o1 provldes a 'stay and play, weekly meeting for parènts and their children for which the 1$ no charge. The School continues to develop links with local nurseries, including offering of the Schod's facllitles and stsff. Within the wider communtiy, the School links with local bu$ines8es and the Young Enlerprise scheme. Our Outreach programme has included LHS members of staff visiling local primary schools lo deliver KS2 assemblies and lead part ol Ihe cuiriculum: most noticeably Hlstory. Science and Maths. The School offers ils facililies to hire al a compeltiive rale to lo¢al groups within the community that promote thé education of young people. Exlernal lettings used by academic groups, perfom)Ing arts, yoga arKJ art clubs. The halls and tennis ¢ourts are also used for holiday clubs. In addition, our facilitles are used for ad hoc meetings and children's parties. as the sile provides a contained and safe environment wtth good parking fa¢ilities.
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED GOVERNORS. REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JULY 2024 Financial review The Independent School Sector is facing a number of unprecedented challenges resulting from evolving polltical and economic threats. The Governors are continuing to monitor the impact on the School very closely. Net fees reiVed for the year were £3,678.376 (2023: £3,535.460). Despite pupil numbers being marginally down from the previous ygar. fee increases kept at an affordable level, and with careful budgeting and planning. the net increase in income resulLed in a £61,288 surplus (2023= £72.871 surplus}- However, this surplus excludes the £1.527 actuari81 loss on Ihe ISPS defined benefit scheme in the year (2023- £4.472 actuarial gain). The actual net movemenl in funds was £59.761. In view of Ihe above identified challenges and threats. Ihls is considered by the Governors lo be approprsate, and this amounl is likely to be spent during the 2024124 financial year on the priority SP8nding matlers mentioned, or referred to. below in this Report. Al the year end, lunds stand at E4,365.051 {2023: £4.305,290}. The cash held in the Charity at the financi81 year end is lower Ihan the openlng date. The Govemors have proryaclively monltored cash flow in detail throughout the year and the School is in a much better position than was fitsl forecast. laelY due to careful rTh)nitoring of our costs and the recovery of debts. The School will continue lo invest prudently In bulldlngs, refurbishrnents and resources for its future developmen( including in particular, IT. staff and improved sile 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 thal consider our cash position, sources of income and planned expendtture. This inctudes cost5 impacted by the current econorn and political environment. These seÈnarios conswjer reduced pupil numbers. the impact of VAT. delayed fee payment and potential bad debts as well as impact on costs surrounding the economic climaie. Sensitivity around these assumptions has also been considered in our forecasting. Results of this cash flow and sensitivity analysis indi(zte that the cash reserves of the charity are adequate lo meet the charitys obligations as they fall due. Having regard to the above. thc ITUStees believ8 il appropriate to 8dopt the going concern basis of accounttng in preparing the fin8nci81 statements. RBserves pollcy The School aims to hold enough reserves to cover at least one te'S operating costs plus capitsl repayments due on the" loan. at any month end during a financial year. Reserwes are those considered to be readily available $h balances. In the year ended 31 July 2024 the target cash sum, fell marglnally short. The Governors continue to monitor the position.
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED GOVERNORS. REPORT (CONTINUED>(INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JULY 2024 Risk management The Governors have assessed the major operatlonal and financial risk5. to which the Trust is exposed. paying particular allenlion tD the current economic and political landscape and what is changing in the independent school's. sector. The Govemors have updated the risk register for this, and are satisfied Ihal adequate controls are in place to miti-gate its exposure io these risks. This register is maintained and reviewed by the Bcord annually. bul more frequently under ihe current pressure5. The Board conlinues to review the sch¢Jol'5 estate and15 committed to the maintsnance and provision of high-quality oducational facilities. The key objective is to maintsin pupil numbers which will ensure the continued provislon of a high-quality educational experience for Ihe students. The Schi)ol became a phased withdrawal school with effect from September 2022. This now means that any teacher who started after 1 Seplember 2022 will have joined the new Defined Contrlbulion Scheme with flexible benefits, alon9 with any currenl teachers who decided to loin thls scheme. Any current teacher who had decided to continue lo conlribule lo the Teachers Pension Scheme will bear the ¢osl of any fvlur& rises in conlribulions. which miligales the risk lo the School. Insurance The cost of Governors. liability and professional indemnity Insurdnce taken out by the Twst in Ihe year amounted to £411 (2023: £4171; the level of cover was £2,000,000. Structure, governancè and management Governing document The Trusl is govemed by its Articles of Association, last amended on 18 May 2011. The document was reviewed in November 2019., no changes were considered necessary. Goveming Body Govemors are appointed in accordance with the Artides ofAssoaation. All Governors are Directors of the Company and Trustee5 of the Charily. Recruitment and training of Govemor5 New Governors are appointed on recommendation from th8 Appointments Comfflittee who consider the skills, knowledge and experience required on the Board. The Board MaintsS a balance of both education and business skills. All new Governors are inducted into the workings of the school and also ol the company as 8 registered charity. Trainlng is provided annually through a range of external and internal programme$. The school Is a member of AGBIS (Asso¢ialion of Governing Bodies of Independant Schools} who provide support and training on matters of govemance.
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED GOVERNORS. REPORT {CONTINUED)(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JULY2024 The Govarnots. who are also the directors for the purpose of company law, and who served durlng the year were: Mrs J E C8rroll BA (Honsl PG Cort Ichair of Govemors) Mr M Dunkley LLB (Honsl {Chair) Mrs M Neilson Mrs S Siesage BA (Honsl PGCE MBA NPQH Mrs D Chandarana LLB (Honsl Mr P Hitchcock Ms C Salmon BA (Hons) Mrs M Khangura chartp.red MCIPD. LLM (Hons) (Reslgned 31 December 20231 (Appointed 24 May 20241 (Appointed 4 Decemb8r 20231 {Resigned 4 March 2024) (Appointed 29 August 20241 (Resigned 14 June 2024) {Appointed 23 July 2024> Miss D Bhogaita Mrs C FlindersACMA CBMA Mrs H Misty BSC (Honsl Miss P Raitatha {Appolnted 4 July 20241 None of the Governors has any beneficial interest in the Company. AJI 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 Govemors administers the Trust and meets at least four limes throughout Ihe year. To assist in this process. sub-committees of Finance and Estates. Educ8tion, Remuneration and Appointments algo meet regularly throughout the year. Powers are delegated to the Headmaster and Bursarfor the day to day running of the school. Group structure and relationships The Trust has wholly owned. domiant subsidiaries as follows: Leicester High School For Girfs Limited Portland House Limited Employee Invclvement Applications for employment by disabled persons are aayS fijlly considered, bearing in mind the aptitudes of the applicant concerned. In the evenl of members of staff becorning disabled. every effort is made to ensure that their ernploymenl within Ihe 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 peT50ns shoukl. as far as possible, be identical to that of other employees. Aud6tor A resolution proposing that Somerbys Limited be reappoint8d a5 Audltor of the Tnjst wlll be put to the Annual Gen8ral Meeting.
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED GOVERNORS, REPORT <CONTINUED)(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 JULY 2024 Disclosurè of informatlon to Auditor Each of the Govemors has conflrmed that there is no information of whith they are aware which is relevant to the audit. bul of which the auditor 15 unaware. They have further confimied that they have taken appropriate steps to identity such relevant information and lo establish Ihat the auditor is aware of such information. On behalf of the Board of Governors Mrs J E Carroll BA {Hons) PG Cert {Chalr) 26 March 2025
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED STATEMENT OF GOVERNORS. RESPONSIBILMES FOR THE YEAR ENDED 31 JULY 2024 The Governor5, who are also Ihe DirectotE of Leicester High School Charilable Trust Limited for the purpose of ornpany law, are responsible for preparing the Govemors, Report and the acCntS In accordance wilh applicable law and United Klngdom Accounting Stsndards {United Klngdom Generally Accepted Accounting Pract2). Company Law requires Ihe Governors to Prepa accounts for each financial year whlch give a true and falr view of the stste of affairs of the Trust and of the incoming resources and applicotion of resources, including thè Incomg and expenditure, of the charftable company for that year. In preparing these accounts, the Governo are required to= - select suitabl8 accounting policies and then appty them conslstently- - observe Ihe methS and principles In the Charities SORP., make judgements and estimates that are reasonable and prudent" state whether applicable UK Accounting Slandards have been followed. subjecl to any material departure5 disck)sed and explained in the accounts,. and prepare the accounts on the going con¢em basis unless il is inappropriate to presume that the Trust will wntinue in operation. The Govemors are responsible for keeplng adequate a¢counling records that disc105e with reasonable accuracy at any time the financial position of Ihe Trust and enable them to ensure that the accounts comply with the Companles Act 2006. They are also responsible for safeguartling the assets of the Trust and hence for taking reasonable steps for the prevents'on and detection of fraud and other ITregularilie5.
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED Opinion We have audited the financial statements of Leicester High School Charifable Trust Limited (the 'Trust') for the year ended 31 July 2024 whlch comprlse the ststement of Inanclal 8divities, the balance she8t, the statement of Cash Ir¢)ws and the noles to the financial statements, Including a summary of 51gnificanl aGcounting polic4es. The ftnancial reportlng framework that has been applied in thelr preparation15 applicable law and United Kingdorn Accounting Slandards. including Financial Reporting Standard 102 The Finan¢i81 Reporting Standard applic8ble in Ihe UK and Republio of Iland (United Kingdom GenerallyAccepted Accountlng Praclica). In our opinion, the financial stalements: give a true and fair view of the stsle of the charitable company's affairs as at 31 July 2024 and of ils incoming resources and application of resou$, including ils income and expenditure, for the year then ended; have been properly prepared in accordance wllh United Kingdom Generally Accepted Accounting PraCti- and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and appllcable law, Our responsibilities under those standards are further described in the Auditors respon&bilities for the audit ol the financial statements section of our report. We are independent of the Trust in accordance with the ethical requiTrments thal are relevant to our audit of the financial statements in Ihe UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical sponSibl1111es in accordance with Ihese r8quiremenls. Wg believe that the audit ev(dence wa have obtalned Is sufficient and appropriate to provide a basis tor our oplnlon. Con¢lu$lon$ relating lo going Gon¢ern In auditing the financial ststements, we have concluded that the Govemors, use of the going ¢oncern basis ol accounting in the pparation of the finan¢i81 statements is appropriate. Base(l on the work we have performed. we have not idenllfied any material untsrtainties relating to events or Conditions thal, indivldually or collecllvely, may cast slgnlficant doubt on the Trusl's ability to conlinlte as a golng concern for a period of at least e1ve months Irom when the financial staternents 8re authorised for issue. Our respon5ibllities and the responslbilltlos of the Governors wilh respecl to going Goncern are desuibed In the relevant sections ol this report. Other informatlon The other informatlon comprises thg infomation included in the annual report other than the flnarrlal statements and our auditors report Ihereon. The Govemors are resp(sible for the other infomiation conlained within the annual report. Our oplnion on Ihe financial statements does not cover the other inforrF)ation and. except lo the extent otherwise explicitly slated 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 ¢our$e of the audit, or otherwise appears to be materially misstated. If we identrfy such material inconsistencies or apparenl material misstatements. we are required determine whether this gives ris& to a material rnisslatement in the financial stslements Ihemselves, If, based on the work we have perfomied. we Conclude that there is a material misslaternent of this other infomiaDon, we are required to report that fact. Wo have nothing to report in this regard. Opinions on other matters prescribèd by the Companie5 Acl 2006 In our opinion. based on the worf( undertaken in the Course of our audit.. the infonnation given in the Govemors, report for the financlal year for which the flnancial slatemenls are prepared, which includes the dlreclors. report and the strategic report prepared for the purposes of company law. is consislenl with thè financial statements,. and the strategic report and the direGtors' report included within the Governors. port have been prepared in accordance with applicable legal requirements. 10-
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED Matters on whi¢h we are required to report by exception In the lighl ol the knowledge 2nd understanding of the Trust and Its environment obtained in the cour58 of the aud, we have not identified material misstatenEnt5 in the Slralegic Report and the Govemors, Reporl. We have nothing to report in respect of thè following matters In relation to which th8 Companies Act 2006 qUireS us to report to you if, In our opinion: adequate accounting records have not been kepl, or returns adequate for our audlt have not been received from branches not visited by us", or the financial statements are not in agement with the accounting records and relums; or certain disclosures of Truslees. remuneration specified by law are not made., or we have not received all the infoThation and explanations we requlre for our audii. Responsibililies of Governors As explained more fully in the Staiemenl of Governors Responsibilities. the Governors, (who are also dlrector5 of the charitable company for Ihe purposes of company lawl are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such Intemal control as the Govemors determine is necessary to enab18 tho preparation of accounts Ihat are free from material misstatement, whether due lo fraud or error. In preparing the accounts, the Govemors are responsible for assessing the Trusys ability lo continue as a golng ¢oncern, discloslng, as applicable, matters related to going concern and using the golng concem basis of accounting unless the Governors either intend lo liquidate the charitable company or to cease operalions, or have no realisli¢ altemative but to do so. Auditorfs responslbllilies for the audit of ihe finon¢lal statèrnenls Our objectives ale lo obtain reasonable assurance about whether Ihe aKount5 as a whole are free from material mi$staternent. whether due to fraud or error, and to issue an Auditorfs Report that includes our opinion. Reasonable assuran is a high level of assurancg, but is nol a guarantee that an audit conducted in a¢¢ordance with ISAS (UK> will aayS delect a material misstatement when it exlsts. Misststements can arise from freud or enDf 8rN4 are considered material rf. individually or in the aggrate. they could reasonably be expected to influenc6 the eGonomlc decisions of users taken on the basis of these accounts. The extent to whlch our procedures are capable of deteIng irregularilles, including fraud, is delailed below. The risk of not detecting a material mlsglalemènt resulting from error ts considered to be low. The risk of not delecting a material misstatement resulting from fraud is higher, as fraud may involve collusion. fcffgery, intentional omissions. misrepresentations. or the override of intemal controls. In the Context of Leicester High School Charilable Trust Llmlted. we have identified specific laws and regulations. such BS the Independent Schools Standards- Educalion Act 2002- Education Regulations 2014: Protection of Children Act 1999 and general commercial laws and regulations, such as: Companies Acl 2006; ChaTlties Act 2011., Charity Commission guldance.. HeaRh and SafY legislation., GDPR and employment law. Our understanding of the legal and regulatory framework applicable to Leicesler High School Charilable Trust Limited and how the charitable company has complied with its oblig8tions has been obtained by enqulry of management and thos8 charged with govemanc8. As part of our enquiries we have discussed policies and procedures on compllance with laws and regulations and whether any Instance5 of non compliance have occurr9d. 11
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED Our understanding of the charitable company's policies and procedures on fraud risk has been obtained through enquiry with management a5 to the control activlties, operational systems in place ané whether there is knowledge of any actual, suspected or alleged fraud. We consider thal the audit team collectlvely had the appropriate competence and ¢apabilities lo Identify or iecognise non-Gompliance wSth laws and regulations. During our audit work th8re We no significanl Instances of nonoMplianc8 identified, In response to the audtt risks identif18d in respect of irrégularfty and fraud, we have undertaken the folknwing procedures- Enquiry of managernenl, and those charged with governance around actual and potential litigation and claims. Enquiry of managernènl lo Identify any instances of non-compliance with laws and regulations. Enquiry ol management to idenlify any Subsequent events that have occurred alter the year end relating io this financi81 year. Reviewing legal expenses durlng and after the year end for evldenrR of non-compliance with laws and regulations. Reviewing financial statement dl$¢losures and testing to supporting documentation to assess compliance with applicable laws and regulations. Audrtlng the risk of management overrrde of controls. including through le51ing journ81 entries and other adjuslmenls for 8ppropri8tenes8, and evaluating the business rationale of significant transactions outside the nomial course of buness. A further descriptDn of our responsibilities for the audit of the accounts is located on the Financial Reporting Council's website 8t: httP:IhwJw.fr¢.org.uklauditor5responsibili11gs. Thi5 descriplioft foms part of our Auditor's Report. This report is mada solely lo 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 beèn undertaken so that we mlght slate to the charitable company's members those matters we are required to 51ale to them in an Aud[toS Report and for no other purpose, To the fullest extent pemillled by law. we do not accept or assume responsibility to other than the charitabl8 company and Its members as a body, for our audit work, for this repDrt. or for Ihe opinions we med. FCCA {S¢nlor Statutory Audttor) for and on bèhalf of Somerbys Limlted Chartered Accountants Statutory Audltor 30 Nelson Street Leicester LE1 7BA 12-
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2024 Current financlal year Unreslrfctod Restricted funds funds 2024 2024 Tatsl Total 2024 2023 Notes Donations and legacies Income from ch8ri1able activities Investments Other income 1.500 3,924,371 8,112 12,209 13.709 3.924.371 8,112 10,792 3,807,462 3,979 4,000 Total Ineome 3.933,983 12,209 3,946,192 3,826,233 Expenditure on charitable activilies 3,812,725 12,209 3,824.934 3,699,060 Finance costs 59.970 59.970 54.302 Total resources expended 3.872,695 12.209 3,884.904 3.753.362 Net in¢ome for the yearj Net Incomlng resources 61,288 61,288 72,871 other recognised gains and losses Actuarial (loss)Igain on defi'ned benefit pension schenies {1.527) {1.5271 4,472 Net movement In funds 59.761 59.761 77.343 Fund balances at l Augu512023 4.305,290 4.305,290 4,227.947 Fund balances at 31 July 2024 4,365.051 4,365.051 4.305.290 The statement of finan(aal activities includes all gains and losses recognised in the year. The slatement of financial activilies includès all gains and losses rerA)gnised in Ihe year. All Income and expendilure derive from continuing activities. The statement of financial activities also complies with the requlrements ts an income and expendlture account under the Companies Act 2006. 13-
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED STATEMENT OF FINANCIALACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 JULY 2024 Prior financial year Unrestri¢tod Restricted funds funds 2023 2023 Total 2023 Note8 Donations and leoacie5 Income from charitable activities Investments Other incom8 2.675 3.807,462 3,979 4,000 8.117 10,792 3,807.462 3,979 4,000 Total income 3,816,116 8.117 3.826.233 Expenditure on charilable activities 3.690,943 8,117 3,699.060 Finance costs 54.302 54,302 Total resources expended 3,745,245 8,117 3.753.362 Net inGoffle for the yearl Net incoming resources 72.871 72,871 Other recognised gain5 and losses Acluarial {lossllgain on defined benefit ponsion schemes 4.472 4.472 Net movemant in funds 77.343 77.343 Fund balances at 1 August 2022 4,227.947 4.227.947 Fund balances at 31 July 2023 4,305.290 4.305,290 The stalemenl of financial activities indudes all 9alns 8nd losses recognised in the year. The statement of financial activities includes all galns and losses recogntsed in the year. All incorne and expendilure derive from continuing actlvilies. The slalernenl of financial activities also complies with the requirements for an income and expenditure accounl under the Companies Ad 2006. 14-
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED BALANCE SHEET ASAT31 JULY2024 202d 2023 ot•b Flxed assets Tarolblo asseb Cunynl assets Deblo Cash Bt bank and In hand 13 4.957,598 4.942,897 15 354,203 717,4.61 3ÈQ090 744.148 I.QY1.864 1,132238 .thdltors: amounts lalllng due with"In vne yèar (373.493) (373,079) Nel affrent a85eis 698.171 759,159 Tolal a$$ets kss curroftt Ilab'ilitlès 5.655.7e9 5.707,8S6 'Credltors: amounts talllng due •ft¢r morn thaD opeyear 11290.718) 11.39&565) Nèt a88el¥ 4.365,051 4.3Q629Q Incom¢ fvnds Unrestricled tunds 4,365.051 4.305.Z90 4.365.051. 4.305.2go The accounts were appr.oved by IhE GoyemDf8 on.36 Marth 2025 J E Carroll BA (Hons) PG Cert IChair} Comp•Jy R•gl•tralton No. ts121144SO -1s-
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Notes Cash flows from operatlng acllvitiès Cash generated from operations 24 113,250 16.683 Investlng activities Purchase of tangible fixed assets Investment income received (47.4171 8.112 (24.890> 3,979 Not cash used in Investing activitie¥ (39.305) (20.911) Financing activities Repayment of bank loans (100,632) {98,247) Nat cash used in financing activitles (100,6321 (98,247) Net decrease in cash and cash gquivalonts (26,687) (102.475) Cash and cash equivalents al beginning of year 744.148 846.623 Cash and Gash equlvalents at end of year 717,461 744.148 16-
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accountlng pollcles 1.1 Accounting convention These accounts have been prepared in accordance with FRS102 The Financial Reporting Standard 8ppIic8ble in the UK and Republic of Ireland.. "Accounting and Reporting by Charities. the Statement of Recommended Prdctice lor charities applying FRS102, the Companies Act 2006 and UK Generally Accepted Accounting Praclice as il applies from 1 January 2015. The charity is a PUbC Benefit Entity as defined by FRS102. The accounts have been prepared under the historlcal cost convention. The Trust has iaken advantage of the exemptions provided by Seclion 405 01 the Companles Act 2006 not to prepare group acwunts a% the subsidiary undertakings are not material for the purpose of giving a true and fair view. The financial statements present information about the charity a5 an individual company and not about its group. 1.2 Golng concern At the tinie of approving the finan¢tal $tstements, the Govemors have a reasonable expectation that the Trust has adequate resources lo continue in operational existence for the foreseeable futura 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 infomialion on the mallers that Ihe Govemor5 have considered is induded within the Trustees Report. 1.3 Charltable fund5 Designated funds ¢omprise funds which have been sel aside al the discrellon ol the Govemors for speclfic purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. 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 ndS are subject to specific conditi(S by donors as to how they may be used. The purposes and uses of the restricted funds a set out in the notes to the accounis. 1.4 Incoming resources Donations are accounted (or as and when tho enlillement arises. the amount can be quantified and the economic benefil lo Ihe SGhool is oonsidered Probable. Fees receivable are accounted for in the year in which the service is provided after deducting burs8ries. scholarships and other remissions granted by the school. Investment income is accounted for on an accruals basis. 1.5 Re50urGes expended Expenditure is recognised once Ihere is a legal or constru&ive obligation to transfer economic benerrt to a third party. it is probable Ihat a transfer of economic beneftts will be qUired in settlemenl. and the arnount of the obligation ¢an be measured reliably. Expenditure is dassifd by activity. The costs of each activty are made up of the total of direct costs and shared costs, including support Costs invofved in undertaking each activity. Direct cos19 altributable lo a single athity a allocated directly to that activity. Shared costs vdhich conlribute to more than one activity and support costs which are nol attributable to a single aclivlly are apportroned beeen those aclivilies on a basis consistent with the use of resources. Central staff wsts are allocated on the basis of lime spent. and depreciatlon charges are allo¢aled on the portion of the asset's Use. 17-
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Accountln9 policies (Continued) Expenditurè is summarised under fvncti¢)nal headings on a direct cost basis or apportioned according to managemenl estimates of the amount attributable to that activity In Ihe year. either by reference to staff time or swa occupied. as appprfate. Govornanco costs comprise the costs of running the Twst. including strategic planning for its future development, intemal and extemal audit, and all the costs of comptying with constitutional and statutory requirements. such as the costs of Board and Commitlee meetings and of preparing siatutory account3 and satisfying public accountability. 1.6 Tangible fixed assets Tangible fixed assets other Ihan freehold land and buildings are stated at cost less depr8ciatlon. Depreciation is provided at rates calcutated to writ6 off the Gost less estimated resldual value of each ass8t over its expectsd useful life. as follows: Fixtures. fittings & 8quipment Motor vehicle$ 3-8 years 3 years Fixed a5sels under £1.000 In value are not capiialised l)ut treated as revenue expenditure In the ar of purchase. Freehold land and buildings are induded at vaiuation, all gains and losses arising on the valuatton of Ihe properties are shown In the statement of financial activilles. The Carng values of the freehold land and buildin95 are reviewed annually for Impalment. 11 events or changes in circumstsnces Indicate that the carrying value may not be recoverable, the value of the freehold land and buildings will be adjusted through Ihe slalement of financial activities. 1.7 Impairment of flxed assets At each reporting end date, the Trust raviews the carying amounts of ils tangible and intsngSble assets lo delemine whether there is 8ny indicalion that those assets have suffered an impairment loss. 11 any such indicalion exists. the COVerable amount of the asset is estimated in order to determine the exlenl of the impairment. 1.8 Financial instruments The Trust has elected to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 'Qlher Financial Instruments Issues. of FRS 102 to all of Its financial inslrurnents. Financial inslrutnents are recognisod in the Trust'5 balance sheel when the Trust becornes party to the conlraclual provisions of the instrument. Financial asgets and liabilities are offset, with the nel amounts pfesented in the financial statements. when thore is a legally enforceable righl to sot off the recognised amounts and there is an interrtion to seltle on a nel basis or lo realise the as5el and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtor5 and cash and bank balances, are initially measured at Iransacllon price including transaction cost5 and are subsequently carried al amortised cost using the effeclive interest method unless the arrangement wnslitules a linancing transaction. where the Iransaciion Is measured at the present value of the future rec&ipts discounted at a rnarkel rale of interest. Financial assets Classified as re1Vable within one year are not amortised. 18-
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Accounting policies Icontlnued) Baslc financial liabilities Basic financial liabilities. including creditors and bank loans are initially recognised at transaction price unless the 2rrangemenl constitutes a financing transactton, wher8 the debt instrument is rneasured at Ihe present value of the future receipts discounted at a market rat8 of interest. Flnancial liabilrlies classified as payable within one year are not amcrtised. 1.9 Employee benefits The cosl of any unused holiday enlitlement is recognised in the period in which the employee's services ar• le[wed. Critical accounting estimales and Judgoments In the application of the Trust's accounllng policies, the Govemors are required to make Judgements. estirnales and assumptions about the Carrying amount of assets and liabilities Ihal are not readily apparent from oiher sources. The esiimates and associated assumptions are based on historical experience and other factors Ihat are considered to be relevanl. Adual results may differ from these estimates. The estimates 8nd underlying assumption$ are reviewed on an ongolng basis. R•vi$lons to accounting estimales are recognised in th8 period In which Ihe estimate is revised where the revlsion affects txly that peri¢, or in the period of the r8vision and future periods where Ihe r8vSsion affects both current and future periods. Critical judgements There are no critical judgements {apart from those involving éstimates) in applying the Trusfs aecounling policies. Key source5 of estimatlon uncertainty The estimates and assumptions which have a signtficant risk of caustng a materÉal adjustment to the carrying amount of assets and liabilitie5 are as follows. Useful economlc Ilves of tangible assets The annual depreciation charge for tangib18 assets is sensitivo to ¢hange8 in the estimated useful economi INes and restdual values of the assets. Freehold Proporly The Trust carries its freehold property at lair value at each reporting end date. with ¢hanges in fair value being recognised in the staternBnt of financial activities. Donations and legacies Unre3trlct•d Restrlcted funds funds Total 2024 Total 2023 Miscellaneous donations Donated deposits from leaving pupils 12.209 12.209 1,500 8,292 2.500 1.500 1.500 12,209 13,709 10,792 19-
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Income Irom charitablg aGtivlties S¢hool fee• L•s¥: total school trlp bur$8rfe5, mèals and grants and other Incom• illowan¢eg 2024 Total 2[124 Total 2023 2024 2024 Income for the year 4,086,932 {408.556} 245,995 3,924.371 3,807,462 Income from investments Unre5trlcted Unrestrictèd funds funds 2024 2023 Other income 8,112 3,979 Other income Total Unrestrlcted funds 2024 2023 Interest received on Insurance Claim 4,000 Expendllure on charilable actlvltles Teaching Premlses Welfare Support costs of schooling Total 2024 Total 2023 Slaff costs Deprecialion Other costs 2,346.465 173,454 32,516 279,606 86,710 296,566 2,903,195 32,516 846,127 2,854,509 33,458 781,955 234,686 68,887 262,948 2,581,151 485.576 155,597 559.514 3.781.838 3,669,922 Governance Gosts 43.096 43,096 29,138 2,581.151 485.576 155,597 602.610 3,824,934 3,699,060 -20-
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Net movement in tund8 2024 2023 The net movement in lunds is staled after chargingl(credlting>'. Depreciation of owned tangible fixed assets 32,516 33,458 Auditorfs remuneration Governance StS Includes payrnents to the auditor of £6,60012023: £6.480) in respect of audit fees. 10 Goverrr5 During the year £555 (2023: £270) of expenses were reimbursed or pald for on behalf of one Govemor in respect of Iravel expenses and subscriptions. No remuneration wa5 paid lo Govemors in the year. 11 Employees Number of èmployees The average number of employees during the year was". 2024 2023 Teaching Non-leBching 38 49 40 50 87 Employment costs 2024 2023 Wages and Salaries Social 5ecunty costs Other pension ¢osts 2,305.877 211.644 385.674 2.256.211 215,318 382,980 2,903.195 2.854.509 The number of employees whose annual remuneration (excluding Eension conlributions) was £60,000 or more were.. 2024 Numbar 2023 Number Between £60.0¢)O and £70,000 Belween £90,000 and £100,000 Between £100,000 and £110.000 Remuneration and benefits paid to key management personnel totalled £284,830 {2023- £274.7941 for the year. Of the employee5 whose emoluments exceed £60,000, 3 {2023'. 3) have retlremenl benefits aGwing under defined benefft pension schemes. 21
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JULY2024 12 Taxation The Trust's activities fall w7thin the exemptions from income tax and corporation tsx conferred to registered charities. 13 Tangible fixed assets Land •nd bullding5 FIXre$, Motor v¢hlclEs flttlngs & equFpmont Total Cost or valuatlon At 1 AU81 2023 Additions 4.850.000 1.825.351 47,417 30,831 6,7C6,182 47.417 At 31 July 2024 4.850.000 1.872.768 30.831 6.753.599 Depreclation At 1 August 2023 Depreciation charged in thg year 1.732.654 32,516 30.831 1.763.485 32.516 At 31 July 2024 1.765.170 30,831 1.796,001 Carrylng arnount Al 31 July 2024 4,850.000 107,598 4,957.598 At 31 July 2023 4,850,0¢)O 92.697 4.942,697 Freehold18nd and buildings were valued on 16 September 2021 byAitchison Raffely. 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 th8 modular buildings we transferred into the heading of land and buildings and as from 1 August 2021 the modular buildings have no longer been depreciated and wi15 instead be subject lo poriodiG valuation reviews along with the land and buildings generally- The Governors ¢Sider that the valuation received is appropriate a5 at 31 July 2024. The historical cost of the freehold land and buildings is £6,447.292 (2023.. £6.447,2921- The net book amount in respoct of land inGluded in freehold land and buildings is £1,050.00012023.- £1.050,000). All assets are used directly for charitsble purpose except for a small proportion of the building5 and 8quipment which are used in the administration of ihe school. 14 Flxed asset investments The Trusl holds 100¢A (2 shares) of the £1 ordinary share capttsl of Iwo donnant companies a5 follows: Leicester High School for Girls Limited Portland House Limited The shares have been valued at £Nil as the companies have been dorrnant since incorporation. -22-
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 15 Debtors 2024 2023 Amounts falllng due withln one year.. Trade debtors Prepayments and accrued Ino)me 265,402 88,801 243.446 144,644 354,203 388,090 16 Creditors: amounts falling duè wlthln one year 2024 2023 Loans and overdrafts Taxatlon and social security Fees recoived in advance Trad8 Creditors Olher creditors Accruals and deferred incomè 104.460 48.992 8.312 27.108 111,376 73,245 101.244 52.400 5.877 29,253 102,048 82,257 373,493 373.079 Bank borrowings a secured against the fre8lK)Id land and buildings. Included In other creditors due within one year are repayable deposits of £14,000 {2023: £13.750} made by parents which are nomally repayable when the pupll leaves the school. Deferred income relates to income received for school trips that are planned lo occur In the next school year and will be recognised upon the date the trips take place. 17 Credltors: amounts falllng due after more than one yaar 2024 2023 Bank loans Repayable dewsits 1.214.968 1.318.816 75.750 77,750 1,290.718 1.396.566 Loan maturity analysis In wnore than one year but not more than years In more than years bul not mre than five years In more than five years 833.643 105.600 275.725 121,325 903.266 294,225 1,214,968 1,318,816 Bank borrowings are secured against the freehold land and buildings. -23-
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 18 Guarantee The Trust, being 8 Gompany Ilmlted by guarantee, has no share c8pital. Evèry member of the Trust Is Ilable. on windlng up, contrlbuting an amounl nrA exceedlng £1 towards the Ilabilitles of the Trust. Al 31 July 2024 guarant8es to Ihe value of £9 {2023'. £7) could be exercised. 19 Restrlcted funds At 1 August 2023 Incomlng resources Rosources expended At 31 July 2024 Donation towards sixih form scholarship Donabon lowards bursary fund 12.059 150 (12.059) 1150) 12.209 112.209) Previous year: At 1 August 2022 Incoming resources Resources expended At 31 July 2023 Donation towards sixlh fonn scholarship Donation towards bursary fund 7.967 150 17,967) (150) 8,117 8,117 Analysls of net assets between funds Unrestrlcted Restricted Total Fund balances at 31 July 2024 are represented by.. Tangible assets Current assets Long tenm liabilities 4,957.598 698.171 (1.290.718) 4,957,598 698.171 (1.290.718) 4,365,051 4.365,051 -24-
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 21 Operating lease commitments Al the reporting end dale Ihe Trust had ouistanding commitments for futu minimum lease payments under non<ancellable operating leases, whlch fall due as follows: 2024 2023 Within one year Belween two and five yeats In over live years 35,653 69,607 2,049 22,504 40,952 107,309 63,456 22 Related party transadlons There were no disclosable related paty transactions during the year {2023.' none). 23 Analysis of changes In net (debtyfunds At 1 August 2023 Cash ftow5 At 31 July 2024 Cash at bank and In hand 744,148 (26,6871 717,461 Loans Falling due withln one year Loans falling due after more than one year (101,244) {1.318,8161 {3,216} 103.848 (104,4601 (1,214.968) <675,912) 73,945 (601,967) 24 Cash generated from opgrations 2024 2023 Surplus for ihe year 61.288 72,871 Adjustments for: Investment income recognised in statement of financial aclivitles DepciatIon and impairment of tangible fixed assets Dlfference between pension charge and cash contributions {8.112) 32,516 (1,527) (3.979) 33,458 4,472 Movernents in worklng capital- Dec8$el{lCreasej in debtors (Decrease) in credito 33.887 (4.805) (56.327) (33.812) Cash generated from operatlons 113,247 16,683 -25-
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 25 Penslon and other pOst¢t112rnent beneflt commltm•nts The Tèachers. Penslort Scheme The School participates in the Teachers, Pension Scheme ("the TPS"} for its teaching staff. The pension charge for Ihe year includes contributions payable to tha TPS of £332.558 (2023., £331,200) and at the year*nd £16,336 12023: £24.3451 was accrued in respect of contributions to thls scheme. The TPS is an unfunded mulli-8mployer defined benefiis pension scheme govemed by The Teachers, Pension8 Regulalion5 2010 (as amended) and The Teachers, Pension Scheme Regulations 2014 (as am&ndedl. Membe contribute on a-pay as you go. basi5 With conlribulions from member5 and the employer being credited to the Exchequor. Retiremenl and other pension benefits are paid by publiG funds provided by Parfiamertrl. Th& empk)yer contribution rate is set by the Secretary of Slate folkjwlng scheme valuations undertaken by the GovemmentAcluary's Depariment. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report. whi¢h was published in October 2023. Following the Mccloud judgement, Ihe remedy proposed Ihal when benefits become payable, eligibla members can selecl to receive them from either the reformed or lega¢y schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that member5 are likely to choose the option that provides them with the greater benefiis. and in preparing the 2020 valuation have valued Ihe'greater value, benefits for groups of relevant members. The employer contribution rale for the TPS 1$ 28.6Yo. and employers are also required lo pay a scheme administartion levy of 0.080JD giving a total employer contribution rate of 28.68 /. -26-
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 25 Penslon and other post-rotlrement benefft commhrnents (Contlnued) The Independent SGhools' Pension Scheme The Sch(1 participates in th8 scheme. a muliiryemployer scheme whith provides benefits to SDme 61 non- asS(ls1ed employers. The scheme is a defined benefit scheme in the UK. It is not possible for the SclK)ol lo obtain sufficient information tr) enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. The stheme 15 subject to the fun(iing legislation outlined in ihe Pensions kt 2(M)4 which came into force on 30 December 2005. This, together with documents issued by Ihe Pensions Regulator and Technical Actuarial standards issued by the Financial Reportin9 Council, s8t out the framework for funding defined benefit occupational pension schemes in the UK. The scheme is classified as a 'last-man Standing arrangemenf. Therefore the School is potenlially liable for other participatlng employers, obligations if those employers are unable lo meet thelr share of Ihe scheme deficit following withdrawal from the scheme. Participating employers aré legally required to meet IheSr share of the scheme deficit on an annuity purchase basis on withdrawal from the 5theme. Afull acluarial valuation for the scheme was carried out with an effective date of 30 September 2020. This actuarial valuallon was certified on 22 December 2021 and showed asséts of £201.1 m, Ilabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall, the trustees and the participatlng employers h8ve agreed that additional contributions wlll be paid. in combination from all employers. to the schemé as follows.. Deficil conlributions From 1 September 2022 to 30 June 2032: {payable monthly and Increasing by 3% on each Isl September) Note that the scheme'5 previous valualion was carried out with an effeGtive date of 30 September 2017. This valuation showed assets of £149.4m. Ilabilities of £187.6m and a deficlt of £38.2m. To eliminale this funding 5hortfrdll. the Tnjstee has asked the participating employers to pay additional contributions to the scherne a5 follows: £2.687,cA)O pèr annum Deficit contributtons Frorn 1 September 2019 to 30 April 2030.. (payable monthly and increasing by 30A on each 1st September) The recovery plan contributions are alloGated to each participating employ8r in line wlth their esllmated share of the scheme liabilitos. £2.387.357 per annum Where the scheme is in defictt and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligalion. The amount recognised is the net present value of the defictt reduction contributions payable under the agreemenl that relates to the deficit The present value is calculated using Ihe dIOunt rate detailed In these disclo$ures. The unwinding of the discounl rate is recogni5ed as a finanGe cost. -27-
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 25 Pension and olher post-retirernent benefit commitments (Continued) PRESENTVALUES OF PROVISION 31 July 2024 31 July 2023 31 July 2022 Present value of provision 40.176 41,740 49,681 RECONCILIATION OF OPENINGAND CLOSING PROVISIONS 31 July 2024 31 July 2023 Provision at stari of peT•od Unwinding of the discount factor {inlerest expense) Deficit conlribution paid Remeasurement5- impact of any change in assumptions Remeasurements- amendments to th8 contributlon schedule Provision at end of period 41.740 2.216 (5.307) 1.527 49,681 1,525 14.994) 14.472) 40,176 41,740 INCOMEAND EXPENDITURE IMPACT 31 July 2024 31 July 2023 Inlefest expense Remeasurements- Impact of any change in assumptions Remeasurements - amendments to Ihe contribution schedule Contributi¢)ns paid in respèct of future service Costs recognised in income and expenditure acwunt 2,216 1.527 1.525 <4.472) 17.839 19.853 -28-
LEICESTER HIGH SCHOOL CHARITABLE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 25 Penslon and other pOStetIrement benefit commltments (Contlnuedl ASSUMPTIONS 31 July 2024 31 July 2023 31 Juty 2022 % per annum % per annum % per annum Rale of dlscount 4.63 5.70 3.24 The discount rates shown above are th8 equivalent single discount rate$ whlch, when used to discount the futu recovery plan ntributIonS due, would give the same results as using a full AA corporate bond yleld curve lo discount the same recovery plan contributions. The following schedule detalls the deficit contributlons agreed beeen the School and the scherne at each year end pericKI.. DEFICIT CONTRIBUTIONS SCHEDULE Yoar ending 31 July 2024 31 July 2023 31 July 2022 Year 1 Year 2 Year 3 Ye8r4 Year 5 Year 6 Year 7 Year8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year15 Year16 Year 17 Year 18 Year 19 Year 20 5.466 5.630 5.799 5,973 6,152 6.337 6.527 6.161 5,307 5,466 5,630 5.799 5.973 6,152 6,337 6,527 6.161 4.994 5,307 5.466 5,630 5,799 5,973 6,152 6,337 6,527 6.161 The School must recognise a liability measured as the present value of the contributtons payable that arlse from the deficil recovery agreement and Ihe resulbng expense in tho [rme and expenditure account i.e. th8 unwinding of the discount r8te as a finan cosl In the period in which it aris68. 11 is these contribulions that have b88n us8d to derive the balance 5heel liabilily.