2021-08-31-accounts - Lucton Pierrepont School Educational Trust

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				Page
Reference and administrative			details ofthe School, its Trustees and advisers
Trustees' report				2-9
Independent	auditor's	report	on the financial statements	10-13
Consolidated	statement	offinancial activities		14
Consolidated	balance sheet			15-16
School balance sheet				17-16
Consolidated	statement	ofcash Rows		19
Notes to the	Rnanclal statements			20-46

REFERENCE AND	REFERENCE AND	REFERENCE AND	ADMINISTRATIVE	DETAILS OF THE SCHOOI„ ITSTRUSTEES AND ADVISERS	DETAILS OF THE SCHOOI„ ITSTRUSTEES AND ADVISERS	DETAILS OF THE SCHOOI„ ITSTRUSTEES AND ADVISERS
			FOR THE	YEAR ENDED 31AUGUST 2021
Trustees			Mr AJ Fumiss
			Mr R6 Sherrey
			Mr M TBoobbyer
			Mr P D Monis
			Dr A Patemon
			Mr A D Miles
			Mrs DJ Marten
			Revd M Kneen
			Mr G S F Bell (appointed		9June 2020)
			Mr A Khan
Company	registered
number			02059659 (England and Wales)
Charity registered
number			518076
Company	secretary		Mr KPTheme (resigned		31 August 2020)
			Mrs D J Marten (appointed 1 November			2020)
Head Teacher			Mr J H Goode (Acting Head Teacher from 1 September 2020)
			Mm E Nlblett (Acting Head Teacher from			1 September 2020)
Independent		auditor	Crows U.K. LLP
			Fourth Floor
			StJames House
			StJames Square
			Cheltenharn
			Gloucestershire
			GL50 3PR
Bankers			Lloyds TSBBank PLC
			Ariel House
			2138Coventry Road
			Sheldon
			B263JW
Solicitors			Harrison Clark Rickerbys		Solicitors
			Thorpe House
			29 Broad Street
			Hereford
			HR4 9AR

					Unrestricted	Restricted	Tots I	Total
					funds	funds	funds	funds
					2021	2021	2021	2020
				Note	E	E	E	E
Income from:
Donations				4	131,325		131,325	482,057
Charitable activities:
Fees					3,308,333		3,308333	3,638,584
Other educational			income		333,301		333,30t	423,778
Other trading activities				6	166,674		166,674	152,705
Investments				7	66		66	935
Total Incmne					3,939,699		3,939,699	4,695,059
Expenditure on:
Raising funds					141,532		141.532	82035
Charitabl activihes				9	4,132,805		4,132,808	4,701,104
Total expenditure					4,274,340		4,274,340	4,753,139
Net expenditure	before taxatlon				(334,641)		(334,641)	(85,080)
Taxation				15				(7,200)
Net expenditure	alter taxatlon				(334,641)		(334,641)	(92,280)
Transfers between		funds		23	27.126	(27,125)
Net movement in		funds			(307,515)	(27,128)	(334,841)	(92,280)
Reconciliation of		funda:
Total funds brought			forward		259,867	38,203	298,070	390,350
Net movement In	funds				(307,515)	(21',t25)	(334,541)	(92,280)
Total funds carried			forward		(47,648)	11,077	(36,571)	298,070

						Note		2021		2020f
Fixed assets
Intangible	assets					16				25,921
Tangible	assets					17		3,601,250		3,704,390
Investments						18				70
								3,601460		3,730,381
Current	assets
Stocks						19	39,730		27,786
Debtors						20	164,329		285,009
Cash at bank and		In hand					725		1,258
							204,784		314,053
Creditors:	amounts	falling due within one
year						21	(3,315,736)		(3,020,373)
Net current liabilities								(3,110,952)		(2,706,320)
Total assets less		current		liabilities				490,298		1,024,061
Creditors:	amounts	falling due after			more
than one	year							(526,869)		(725,991)
Net (liabilities)/assets			excluding		pension
asset								(36,571)		298,070
Total net	(liabilities)/assets							(36,571)		298,070

		Note		2021f		2020f
Charltyfunds
Restricted fuiids		23		11,077		38,203
Unrestricted funds
General funds		23	(461,748)		(184,431)
Revaluation reserve			414,101		444,298
Total unrestncted	funds	23		(47,646)		259,857
Total funds				(36,571)		298,070

					2021		2020
			Note		6		8
Fixed assets
Tangible assets			17		3,425,996		3,528,253
Investments			18		166,743		172,117
					3,592,739		3,700,380
Current assets
Stocks			19	39,730		27,786
Debtors			20	176,913		258,074
Cash at bank and	in hand			724		1,243
				217,367		285,103
Creditors amounts	falling due within one
year			21	(3,312,016)		(3,000,933)
Net current liabilities					(3,994,649)		(2,724,830)
Total assets less	current	liabilities			498,090		975,550
Creditors: amounts	falling due after more
than one year			22		(526,869)		(725,901)
Total net (liabilities)/assets					(28,779)		249,559

		Note		2021f		2020f
Charity funds
Restricted funds		23		11,077		39,203
Unrestricted funds
General funds		23	(498,881)		(251,573)
Revaluation Reserve		23	459,005		482,929
Total unrestricted	funds	23		(39,856)		211,358
Total funds				(28,779)		249,559

CONSOLIDATED STATEMENT OF CASH FLOWS	CONSOLIDATED STATEMENT OF CASH FLOWS
FORTHE YEAR ENDED 31AUGUST 2021
	Note	2021 6	2020f
Cash flows from operating actlvlles
Net cash (provided by)/ used in operating activities	25	(34,547)	19,983
Cash flows from investing activities
Dividends, Interests and rents from investments		66	935
Proceeds from the sale oftangible fixed assets			1,700
Purchase of tangible fixed assets		(4,371)	(48,001)
Financing costs		(49,523)	(45,437)
Interest element of HP payments		(20,665)	(14,402)
Net cash used In Investing activities		(74,493)	(105,205)
Cash flaws from financing scuvltles
Cash infiows from new borrowing
Repayments of borrowing		(44,586)	(30,584)
Repayments offinance leases		(51,912)	(44,882)
Net cash used in financing activities		(96,498)	(25,466)
Change In cash and cash equivalents In the year		(205,538)	(110,686)
Cash and cash equivalents at the beginning of the year		(168,160)	(57,472)
Cash end cash equivalents at the end ofthe year	26	(373,698)	(158,100)
The notes on pages 20to 46 form pert ofthese finandai	statements

				Unrestricted	Restricted	Total	Total
				funds	funds	funds	funds
				2021f	2021 5	2021f	2020f
	Government		grants
	Nursery Early		Years Funding	105,767		105,767	90,581
	Small Business Grant						10,000
	Coronavlrus	Job Retention Scheme		13,358		13,358	323,788
				119,125		119,125	424,359
	Donations			12,200		12,200	57,688
				131,325		131,325	482,057
	Total 2020			474,507	7,550	482,057
5.	Fees
						2021	2020f
	Fees receivable consist of:
	Gross fees					4,703,970	5,432,341
	Less bursarlea		and other allowances			(1,395,637)	(1,793,757)
						3,308,333	9,638,584
	All fea income		is unrestricted.

Other educati	onal Income
		2021f	2020f
Music, dence	and drama	75,520	65,324
Sdtool outings	and dubs	5,435	52,233
Examinations	and extra lessons	41,932	72,923
Horse riding and stable fees		43,294	42,297
Trans port		101,479	85,811
Uniforms		26,534	34,952
Other income		36,107	80,438
		333,301	423,778

			Unrestricted	Total	Total
			funds	funds	funds
			2021 6	2021f	2020f
Biomass income			44,472	44,472	41,889
Trading Income - Lucton	International	Schools Limited	60,725	80,725	72,646
Rental Income			41,477	41,477	38,170
			166,674	186,674	152,705
Torsi2020			152,705	152,705

	Unrestricted	Restricted	Total	Total
	funds	funds	funds	funds
	2021 6	2021f	2021 6	2020 5
Teaching	2,276,584		2,278,584	2,606,799
Welfare	345,672		345,672	397,436
Premises	590,362		590,382	634,056
Support	918,170		918,170	1,062,613
	4,132,608		4,132,808	4,701,104
Total 2020	4,700,954	150	4,701,104

					Total	Total
	Teaching 2021 2	Welfare 2021f	Premises 2021f	Support 2021 5	funds 2021 5	funds 2020 5
Staff costs	2,155,057		238,427	329,230	2,722,714	3,139,033
Depreciation		22,120	65,391		107,511	120,397
Other costs	123,527	323,562	266,564	588,940	1,302,583	1,441,674
	2,278,684	345,672	590,362	918,170	4,132,808	4,701,104
Tote/ 2020	2,SOS,799	397438	S34,05S	1,062,813	4,701,104

	2021	2020f
Audit fees	29,592	22,877
Accountancy	4,838	2,400
Legal and professional	53,874	10,979
Trustees' expenses	384	1,242
	88,366	37,498

			2021f	2020f
Fsus payable	to the School's auditor	fcr the audit ot ths School's annual
accounts			23,360	22,877
Fees payable	to the School's auditor	in respect of:
All non-audit	services not inttuded above		4,030	2,400

Staff costs
				Group	Group	School	School
				2021f	2020f	2021 f.	2020f
Wages and	salaries			2,198,698	2,541,390	2,198,698	2,541,390
Social security costs				189,439	218,391	189,439	218,391
Contribution	to defined	contribution	pension
schemes				334,577	379,252	334,577	379,252
				2)722714	3 139033	2 722 714	3139033

			Group	Group
			2021	2020
			No.	No.
Teaching			72	55
Support	and	ancillary	31	58
			103	112

Group	Gmup
2021	2020
No.	No.

Trustees (2020-f1 242 to 3T Taxation	ru	stees). Ex	pe	nses related ta	travel and stationery	.
						2021 E		2020f
Corporation tax
Current tax on net expenditure	for the year							7,200
Taxatlon on net expenditure								7,200
The tex assessed for the year	ls	the same	as	(2020 - the same es) the standard		rate ofcorporation		tex in
the UK of19%(2020- 19%).The dilferences				are explained	below:
						2021		2020
						E		f
Net expenditure before tax						(334,641)	(65,050)
Net expenditure multiplied by the		standard	rate of corporation		tax in the UK
of 19(2020 - 19%),						(63,582)	(16,155)
Effects of:
Chantable activities nat subiect	ta taxation					63,582	23,365
Total tax charge for ths year								7,200
There are no factors considered		likely to affect future tax charges
							Page 32

			NOTES TO THE FINANCIAL STATEMENTS
			FOR THE YEAR ENDED 31 AUGUST 2021
16.	Intanglbl ~ assets
	Group
				Goodwlg
				F
	Cost
	At 1 September 2020			52,441
	At 31 August	2021		52,441
	Amortisation
	At 1 September 2020			26,520
	Charge for the year			5,544
	Impairment	charge		20,377
	At 31 August	2021		52,441
	Net book value
	At 31 August	2021
	At 31August	2020		25,921

	Freehold	Plant and	Motor	Fixtures and
	property 6	machineryf	vehicles 2	flttlngs 6	Total 6
Cost or valuation
At 1 September 2020	3,018,537	416,210	397,$64	1,084,865	4,917,476
Addi6ons	1,033			3,338	4,371
At 31 August 2021	3,019,570	418,210	397,864	1,088,203	4,921,847
Depreciation
At 1 September 2020	28,241	45,826	298,781	842,438	1,213,086
Charge for the year	26,273	14,574	22,121	44,543	107,511
At 31 August 2021	52,514	60,200	320,902	886,981	1,320,597
Net book value
At 31 August 2021	2,967,056	356,010	76,962	201222	3,601,250
At 31August 2020	2,992,296	370,554	99,083	242,427	3,704,390

	Freehold	Plant and	Motor	Fixtures and
	property	machinery	vehicles	fttttngs	Total
		E	E	E	E
Cost or valuation
At 1 September 2020	2,841,537	416,210	397,864	1,084,865	4,740,476
Additions	1,033			3,338	4,371
At 31 August 2021	2,842,570	416,210	397,864	1,088,203	4,744,847
Depreciation
At 1 September 2020	25,368	45,626	298,781	842,438	1,212,213
Charge for the year	25,400	14,574	22,121	44,543	106,638
At 31 August 2021		60,200	320,902	886,981	1,318,851
Net book value
At 31 August 2021	2,791,802	356,010	76,962	201,222	3,425,996
At 31August 2020	2,816,169	370,584	99,083	242,427	3,528,263

	Investments
	In
	subsidiary
	companies
	6
Cost orvaluation
At 1 September 2020	234,066
At 31 August 2021	234,068
Impairment
At 1 September 2020	61,971
Charge for the year	5,374
At 31 August 2021	67,345

	Names				Company	Company	Registered	office	office	or principal	or principal	Class of	Holding
					number		place ofbusiness					shares
	Lucton	School Limited			07067619		Lucton School,		I ucton,			Ordinary	100%
							Leomlnster,	Herefordshlre			HR6
							9PN
	Lucton	Intematjonsl		Schools	09825420		Lucton School,		Lucton,			Ordinary	100%a
	Limited						Leominster,	Herefordshire			HR6
							9PN
	The financial		results	ofthe subsidiaries		for the year were:
	Names						Income f	Expenditure 6			Profit/(Loss) Ifor the		Nst sssetsl (liabilities)
												year	6
												E
	Lucton	School Limited								3,947		(3,947)	168,167
	Lucton	International		Schools	Limited		80,725		112,534			(31,809)	(671)
19.	Stocks
							Group			Group		School	School
							2021 6			2020f		2021 6	2020f
	School	uniforms					39,730			27,	786	39,730	27,786

			Group	Group	School	School
			2021	2020	2021	2020
			E			6
Trade debtors			62,196	131,396	62,196	64,353
Amounts owed by group		undertakings			12,584	16,106
Other debtors			21,856	42,714	21,856	42,714
Prepayrnents	and accrued income		80477	110,699	80,277	110,699
			164,329	265,009	176,913	256,074

Creditors: Am	ounts falling due within one	year
		Group	Group	School	School
		2021 6	2020f	2021 E	2020f
Bank overdraRs		374,423	169,416	374,423	169,416
Bank loans		1,120,033	1,155,452	1,120,033	I,155,452
Fee deposits		36.380	104,125	38,380	104,125
Trade creditors		273,969	191,496	273,969	191,496
Fees in advance		5$6,671	572,628	596,671	572,526
Amounts owed	to group undertakings			10,554
Corporation tax		7,200	7,200
Other taxation	and social security	308,893	293,336	308,893	293,336
Obligations under finance lease and hire
purchase contracts		50,023	51,912	50,023	51,912
Other creditors		451,851	442,979	451,851	442,979
Accruals		$4,293	31,927	87,219	26,667
		3,315,736	3,020,373	3,312,016	3,009,933

Creditor	s: Amount	s falfing due	within one	year (continued)
				Group	Group	Company	Company
				2021f	2020 f	2021 E	2020 f
Deferred	income at 1 September		2020	577,528	62,164	577,528	62,164
Resources defened		during the year		591,671	577,528	591,871	577,526
Amounts	released	from previous	periods	(572,528)	(62,164)	(572,528)	(62,164)
				596,671	577,526	596,671	577,526

		Group	Group	School	School
		2021f	2020f	2021 6	2020
Bank loans		37,500	46,667	37,500	46,667
Fee deposits		151,038	292,930	151,038	292,930
Net obligations	under finance lease and	hire
purchase contracts		196,544	246,567	196,544	246,567
Fees in advance			5,000		5,000
Other creditors		141,787	134,027	141,787	134,627
		526,869	725,991	526,869	725,991
included within the above are amounts		falling due as follows:
		Group	Group	School	School
		2021f	2020f	2021	2020f
Between one and two years
Bank bans		10.000	10,000	10,000	10,000
Between two and five years
Bank loans		27,500	30,000	27,500	30,000
Over five years
Bank loans					6,667

Stateme	nt offun	ds - prior year
		Balance at					Ba/ance at
		1 September				Transfers	31August
		2019f	Income f	Expenditure	Taxationf	in/oui f	2020 f
Unrestricted
funds
Gsnerel	Fund	(124,775)	4,690,509	(4,756,748)	(7,200)	13,783	(184,431)
Revaluation
reserve		470,539		(26,241)			444,298
		345,764	4,690,509	(4,782,989)	(7,200)	13,783	259,867
Restricted
funds
Portrait	ofthe
founder	donated
lo lhs school		11,077					11,077
Sporls hall
project		25,626					25,626
Shop		1,841				(1,841)
Classroom		3,742				(3,742)
Storage	unit	398				(398)
Dining room
Iolding doors		1,902				(1,902)
Anti-slip	covering		150	(150)
Prep School new
staging			4,000			(4,000)
Nursery	pirate
ship			1,900			(1,900)
Outside	play
squipmsnt			1,500
		44,586	7,550	(150)		(13,783)	38,203
Total of	funds	390,350	4,698,059	(4,783,139)	(7,200)		298,070

Analysis	ofn	et assets behveen funds - cunenl	year
			Unrestricted	Restricted	Total
			funds	funda	funds
			2021	2621	2021
			E	E	E
Tangible	fixed	assets	3,590,173	11,077	3,601,250
Current	assets		204,784		204,784
Creditors	due	within one year	(3,315,736)		(3,315,736)
Creditors	due	in more than one year	(526,869)		(526,869)
Total			(47,848)	11,077	(36,571)

Analysis	of net assets between
		IJnresrrlcfed	Restricted	Tolal
		funds	funds	funds
		2020	2020	2020
		E	E	E
Tangible	fixed assets	3,704,390		3,704,390
Intangible	fixed assets	25,921		25,921
Fixed asset investments		70		70
Current assets		275,850	38,203	314,053
Creditors	due within one year	(3,020,373)		(3,020,373)
Creditors	due in more than one year	I725,991)		(725,991)
Tl		259,867	38,203	298,070

25.	Reconciliation of net movement in funds	to net cash flow from operating	to net cash flow from operating	activities
				Group	Group
				2021 6	2020f
	Net expenditure for the year (as per Statement of Flnandal		Activities)	(334,641)	(92,280)
	Adjustments for:
	Depreciation charges			107,511	120,397
	Amortisation charges			25,921	5,544
	Dividends, interests and rents from investments			(66)	(935)
	(Profit) on the sale offixed assets				(227)
	(Increase) / Decrease in stocks			(11,944)	18,336
	Decrease / (Increase) in debtors			120,680	(5,865)
	(Decrease)/Increase in creditors			(12,196)	(85,026)
	Financing costs			49,523	45,437
	interest element of HP and finance lease payments			20,665	14,402
	Net cash (used in)/provided by operating	activities		(34,547)	19,983
26.	Analysis ofcash and cash equivalents
				Group	Group
				2021 6	2020f
	Cash In hand			725	1,258
	Overdraft fadlity repayable on demand			(374,423)	(169,418)
	Total cash and cash equivalents			(373,698)	(168,160)

last full vsluaton. The following notes	last full vsluaton. The following notes	last full vsluaton. The following notes	last full vsluaton. The following notes	relate to the formal actuarial valuation as at 30September	relate to the formal actuarial valuation as at 30September
The financial assumptions underlying				ths last valuation as at 30September 2014were as follows:
					% p.e
Investment	return	pre-retirement			5.1
Investment	return post retirement		-non-pensioner		3.3
Investment	return	post retirement	-pensioner		33
Rate of pension		increases
RPI					3.1
CPI					2.2