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 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 re￿iVed 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. la￿elY 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 Maints￿S 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 a￿ayS 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 will a￿ayS delect a material misstatement when it exlsts. Misststements can arise from freud or enDf 8rN4 are considered material rf. individually or in the aggr￿ate. 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 dete￿Ing 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 Saf￿Y 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 non￿oMplianc8 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 bu￿ness. 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[to￿S 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 PUb￿C 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 dassif￿d 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 be￿een 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 app￿prfate. 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 Car￿ng 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 r￿e1Vable 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 Goverr￿r5 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 FIX￿re$, Motor v¢hlclEs flttlngs & equFpmont Total Cost or valuatlon At 1 A￿U81 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