2022-08-31-accounts

(IiTiP+ ngiSntioD nU]thr 518•76 reRktrallDll 0205964• (EDR]ADd %VAle5} LUCTON PIERREPONT SCHOOL EDUCATIOYAL TRUST AN￿uAL REPORT LYD FINANCIAL STATEME.YTS FOR THE YEAR ENDED 31 AUGUST 2022

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST LEGAL AND ADMINISTRATII'E 114FORI¥I.4TION Tru%tee P L¢l￿5 AKh Thr RL3CtrtMI Prdx7hl¥" M J (Appoinied ?9 NOTr¢yn)￿ 2D211 (AppoinTtd:Y 211?11 R J StrNersfidd (Ap￿)1ntrd 29 20211 Hvjd Te4¢h¢r Mt5 DJ Marte All￿1￿¥ SI￿1￿ CDrnpa•v nurnbEr A￿dIt RKhard p￿ce knicesLiiniied (j￿nd FI￿ Crawlty RHIO IHT Bx•kiV LIo￿T￿LI W Pk Ariel IIou¥e 118 C(wentyy RoJ Shel B2h.lJ4ty s￿kIlors Hanison Clwk Rirt<¥bv>" ￿11(71 Thotpe H￿se ) (Iro￿ SItE Hereford HR4 9AR

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST CONTENrs SiatLXnCnl Lif tTh51LX￿ Wsibilibc5 Ind4xn&rtaLx4itofs rE $￿tt￿EThI0f fi￿anCIal 9- 1 BAlaJKe $heei Slatrynenl of ca¥b Notes Iv thc

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST TRLISTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YE4R EIN'DEJ) 3J.41,'GI..ST2022 The preseni the1rarn5￿i1 rew1 a￿1 fir&Kial forthe yeartskts131 Augu￿2012. Th¢ finRncial b¢cn wrForrd "ith th¢ ￿11<1¢5 5¢t In TindwiJI stalcni¢nts Trniply with ih¢ KTrKH)1 5lgiovernln￿&K.U[￿t]. t￿COmpanieS 2[￿ I￿1-ACCo￿￿tIng Jnd Rwrtiii¥ M. C-iaritl¢s." Stsi¢ii¥irtof kecwnmendrd ProCtItt ¥ppli¢¥bl¢ io ptLydring theira¢¢owbts in wih the Fill¥ncial Rewtting Stallda￿ 4pplieable In lh¢ LIK JIO R¢publK of Ir¢14Dd IFRS 1021-iefftoiir l Janwary ?0191. Obj¢rtlb¢snd Tv fvra￿h wjwationto i%e a moral b4$1$ 10411 wpilk Ik-yond th¢ i1t.tr￿Itk￿nal dc-knXYniL swn¢ %WMwluualttiMwJr>. wpil$8￿C%plYt¢Q tlbikick)p in ￿ bwaiiL¥t iJtional kiSL. PtLprin¥F thLYn lifi in an¥%LT-Lhan&FjnV In lo aLadL.JniLa[￿ co-iurriLular LXfLlIcn￿. thL Il1fv1 s¢ningrs they tran>ltlM th￿th(￿mi Ploy￿e ¥xcellentteachin¥7 th￿￿h tht recrnIttnenLa￿j rLentian ofhiEh4p￿lrt￿C1L5511X￿n [￿actstiLy￿ at Thn￿r￿¥ Adopt ptunotc hi¥h pupil5. Incul¥Jte J of imegraiKYn betr'e¢n loral and0￿¢￿5 ¥wdents. Enknceihe nui￿ WOTrJSiLMJ to JKDiidc hujthj enteting the Sch￿)1 aithe agE4.i. iii ¢h¢ 5taffand iupfth5e1f-inlpn)￿Mll by wwiding i1￿[ iraJninBand fvThthn¥e￿ern￿ cwrxs. Iinwoie the facilities ￿ offet at Ihe5dKK.I. • Introduc¢ ih¢ beii.flts0ft￿ io os an ?LwJieAr¢ a%w5￿ble. i￿1￿j•￿@()Ve￿s the UK￿.￿0 ii)iBhi bEll￿r toaffiKd an lndcpcndc￿ SL4￿] cdiKalion. Eiihcrthrtt(ly. otthiou8k ￿￿n￿l￿ mrknof5ts1t_ theschoolho1é5 ￿tt￿l￿[Sh￿>0fIl￿&S￿￿￿lH>n ofkni'cffling Bodi¢5 of I￿1cP¢￿J￿￿r ch(ds IAtiBIS j. the It￿epe]￿t st1￿)1 {Lw￿L1 iJ5il. The In&rnderd 5¢knls ￿s0¢￿tiOn￿lsAlThe Boarding S¢1￿￿[S Associati4 (BSAI. The IWendeM 81151rf AS￿1)11[￿115BA1aTr thr￿18b the He8d ofthe Prep Sjiool. Indewiden¢ A%￿￿1)it0￿ of Prtp st￿￿11APS). Ihus prWidinE I￿anY cPD(v[￿￿￿Il￿b lor SLaff_ Crf)Ilttiiiely. iTrL- orwi8aliOn% pnskide jinmense %lipw. fN)In ouid?nLY JTrd a ￿4￿11¢ raftOf8dl￿3￿d ￿&1￿￿11¢¢. SIKce%s 1% rne￿red exieMala￿demic rwJliK placessecuttl 41wi%rrsi1ies￿ othty hithyeducation irAiiutxM% alon£ide oiher Is% rneiric &%pe¢¢&. roNL¢ularly ￿￿1-beIN Piihlic ￿'n￿lI1 1% achiev￿ ih¢Oli¥hihLPn)¥i%4￿ full aJ8rth ttbpuIMlsthhL'rnI uAJbk' lil MiiL¥id Ihc ￿h1)l)I. n¥51￿. pnlNiSiOn iit.thi sch(MTrl fLYIDtl s¢knJ5aAIthtt idtt wmnknil).prim&rilyathltv￿ IhrOu¥h Thi ])iryxtsts vf thiiranny21 Tqxirt 315t Avy￿1 2071. tQOL'ihcr with thi fina￿1￿1 atW[￿￿t4 fw thL VL¥r. Trx'Ln prLwntLd with Cvwj ￿lih SORPIFRS 1021. Piihlsc IhL intslCLY rAid lu¥uidartCCiued by ￿.C￿llY CthnmtsSiOn tiviliL¥ Iksiknl sknuk1 undLrtakL. D￿¢ 10 tl)e P&SiJis of the heAdieacher. are un&ble itspros.mtan acbietremelts aod forthtvear. butthe aetilllies ofthe 5¢hoolJre r¢ll¢ci¢il in the 11¢4iwjal ￿l￿w. p*el

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST TRLISTEES REPORT (INCLUDING DIRECTORS, REPORT) {COF4TINUEDI FOR THE YE4R EIN'DEJ) 3J.41,'GI..ST2022 rrYj¢w The iinre5tllLYed funds ofthe School nega11￿ U45.538 12021." Negaliye Of£39:856}￿7Ih fund551anding ai Èl1.077 {20?1 ThL 4JC satisf￿ that tk-ydN]Dls' Lx7cvn￿ fimnrc lacilitKs a[KIllB￿￿￿llt wilh Alpth& schi￿¥.￿rL yufFKicnt io mi.￿t th¢ wwkiry&Pital rry¥irLmL¥S. A¢seneswlKy Tht rc5crvc%pDlicY i< t0S￿Sta1￿ Fund￿g￿Ncr￿￿fthtI hcbiand bank &bt t￿t￿￿1Th% attj%j(iÈ% of thccharily jUrr1.￿ tht SEnior Nq?tb7¥Ctn¢nl ul'ih¢ sch￿. Risksa￿1￿￿lir￿￿ conbv15establish￿ thtuu&lLNJllhc y¢¥r. Thc ttUSttts have a risk tnana¥7Ctncnt￿r.lltC￿y cornpri5￿- an ann￿1 rev1¢￿ of the Iisk% ¢hechaiiN I￿Y lthr.. - Ihc cstab115bllicnt of5ysicm5 t￿￿C￿U[￿5 to r.iligate [h(￿J15k5 thntifird in thE Hnd - Ilie iinplem¢nlalion of ￿tted￿r£S&S1￿O IOJnininiis¢aiiy iihPAtt ort the should iltrjse risksm￿le￿2IISe. The Scnior MAnaBdnent ¢￿U[C57h)i Ikthl ¢(llnpik5 wiih all tdevam le¥iskniKkn proeess Is al&) monilortd b> The ifttstees through ierm y rewirt5 provided b)'rfk- Head T•￿-her4[￿ th¢ iliirsav. &swell ￿ throu￿ indis1du￿ Tru5wiaking reSp￿751b11ity for ecnain key a￿s. Tnjsftt SU￿¢{M￿￿￿tt￿ &lsoctLWUtthat ihtattttsW]thinikir temil DlaIrtVd￿ fiLll¢tsmpliknee The n105t sign.'fiwi risky Ident)fKd ￿35 folkiw l. The onBOii¥ inlP2ir ofih¢gl£thl ¥tsndemi¢ IrLIth t￿￿#￿i￿￿#1 fMiil tLYThts. 2 Fee affLYJihlity. p3niiuI)rlv forparenL based¢n Ihe I￿[ 4thrneniaTrJ. 3. The abiliT) ltsaltrnl't [￿p11￿ Ifdi'tl [<￿tIc[m)n￿ C1)DI￿ut ￿￿tin4M 4 Lontilluimg fina￿￿11 pres$ute ￿1￿$¥￿11t￿ thrthgh cenirdl Kh)liCy 2]Ml kisstsf ¢knlthle rnte Through MIr￿¥the￿i pr￿¢￿se4 t￿#bIL5￿ and themtht TTUkntsare￿IfI￿tthll mjtrri%L4 idcrtlified Plan5 for fulure period5 As Liiiliin Sh4D¥hui p￿￿￿￿1h[LL-fiUu￿ puwl ￿11 ty)2(LQl.TruSTLts iv SL.hwl. pwywjin￿riLl) link¥WlthCh1￿. 1> ￿￿17 a) ￿L￿￿Tatin Ihr UK. AlphJ Sch(KTrlsLonnerliuTr Chi￿1 Hon¥ K￿E will aitTrkn briD¥ th1sebtsbli%hrd Joinl Venlur PWJ¥¢t. Alpha SclKN)slYorkinKp uith ha%rlh¢ plafr5 its plar<." - Alpha h4vealtay L5$0k ofits inttsihE S¢h(K>l kn kECP iIopEn. Thi5 54thTr￿hU¥￿r{3Mmllt￿r￿r and bEliefto thE Sch(￿. - B) rc5ellin¥ LucfoD'5 C051 iWea￿ llutal w"&slage.a5 Thell ￿ the rcdu]thwofkniTrisltaliirnTrle5 (now b> thr CEnbal y)rt ttliiil. sly ha%talrtad) &ert irt inipii)Ying athl &%.:ltyi￿g find￿111 S￿bIllrI. - In order i(I L4von5 InmnK. It is neces￿10 oyrsid¢ramiilti-f¥oed arv(wh uti11st5 the ex1511ngas5ets and 5ttEng¢hs of the school. WiTh Lhesc In n)ind. Alplth'5 aiitts foTLLKMOrtart-. l. To I￿￿re￿. pupil n￿li￿¢￿i itt CI&ss¢S'. . To th¢ scliwls FFE (Full firy F£¢ ewiji.4l¢mipe￿e￿149¢ 3. To LIMPWk￿ boarding MllnirS. by a￿bI￿8 Ihtin IhTtt Jrarperiod Trusiecb ahcad to lhcLWlrtg￿rLUerETrr. &'knL in S¢pianbu2V22_ e¥'ets£trort¥er links With Cirta. a%￿tIl as gcJi¢LatJi)8 addjtioi￿l rc¥ttiucs tv %upwLI tht (IL￿ty ili tIK Alpha ktkn)lsk(￿n￿trt)l75 iii Lliina HLMig ￿￿￿￿¥ V¥il1 aiu)ts biiiie grea1erb¢nef1￿ fr￿Th thi$ e%T?hlJ&hed Joint VentW¢WJWT. pe2

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST TRLISTEES REPORT (INCLUDING DIRECTORS, REPORT) {COF4TINUEDI FOR THE YE4R EIN'DEJ) 3J.41,'GI..ST2022 Lucton Pierrepont Educational Trust LirNited i5 a conipny liinilalbY¥uatantet gove[[￿ Meniotandiim at￿.Irt]CIes of As&ocia¢ion dated I l Jiily 1986. resised ?Ol3 NO5￿￿be1 I￿1. J¢ iqa resTrtsterec dwit). w'ith thecharity CornitlL&SitsJL The in￿¢¢¢&whO are a150 thedly￿E(￿S f￿1￿¢pur￿or law. aThJ thoThedthringthe)earaJwJ upto date of signathwe of the f1113ncial slalernents wetE". (A￿￿1￿1￿d 29 NDtreThbcr 20211 (AppyrtIL￿ 29 Nk)vuNnk.r2n211 A Khan The Rei'ereTrl PreknddTS M J Kneen R S Sherrey R J Sianet4fKld rjSF￿-11 M T FltyJbby¢T A J Furniss D J Marten D Milc% IApwin(ed W NoTrernbEr20211 IR¢%igTryJ )9 Ni)%'¢mlv 2011 (Ke51¥￿j ?9 Nmrmbli Gn)w. TnNLX num￿[5 vr￿ tLknxi kn riini tl% j. ￿1th Al(tha numin￿￿jGl￿ty[t The Chairman oru no[ni￿ed swb5trtut¢ will ttustee5' ￿1th AGBIS. the A55WlHti￿QfGtS￿￿mIn￿7 B(Klie50f Ind¢YTKni %hools. will be re¥wkiible f(y keepin¥ upw da with pracuceaNI ca5radiTrdtt￿ k￿l￿ge{kn¥￿ io fell(￿ t ThL I'￿11 ￿￿'Ll% lirrnly ihLicarLTrlhrcc sUlMuMnrnLIIL￿O￿C￿￿￿erin8 E￿￿dIlL￿.OllL Cowors Ilcll BLing& IIR Ihc ihird 14 ThL RLbuti&% CiimmillL.' wh￿h all fi￿￿cIal rn8iiL￿. 4)￿In( all￿die￿￿8nd BurariO Ma￿￿e ihe day-Iii-daF bv th¥ liifilTKfJtiibnal rnal'.if5 InclwiiTrLr hrrMnL. TrU￿t￿￿' Lil thL Jrl ¥liii DIrLcTL￿s uf thl w￿l￿1￿r¥ LirtitiL￿. In accordJnc¢ ￿'1th rhe c(npany'% art￿le￿ e rewliik)n rfft￿ng ihai Rithird PLi¢e Seryirt% Limiknl be rearwinted as fjuditorof IhL ionynv will bc zt a flU￿Tal Mccling. p*e3

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST TRLISTEES REPORT (INCLUDING DIRECTORS, REPORT) {COF4TINUEDI FOR THE YE4R EIN'DEJ) 3J.41,'GI..ST2022 Di5rh)5wr¢ tfj ¥wditor Each ofthe Itustees h&5 confittnec Ih&t thete 15 no iTrfottnalI￿0r￿thICh the) areawireiihich 15 re￿vant to theaudiL bul of which Ihe iTor is urtaware. They ha¥.e furtherconfirme& that thev ha%e tAkeo appKyi&ie to ideA¢Ify' s￿h ￿le￿￿11 informaliohattd to tJblish ihaiil* audiioi L￿a￿are L¥f such infomiarion. Small LQThPani£S' EwTr4ylied ihr> th￿[to¢sReF￿L ThL ￿l￿]rt W3¥ o[TrY￿L￿￿. TTU.41¢ 12July 2•24 e4

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST STATEMEP4T OF TRL'STEES RESPONSIBILITIES FOR THE YE4R EIN'DEJ) 3J.41,'GI..ST2022 The who 3rtalso ihediyeciots oILllth(xbPILxwi&hool Educatio￿1 T￿￿tf¢rIheFWr[￿￿c0f£OnlwY law. ar¢rewrt4iblef preparin< theTru%lees RvrtZt￿ rhe fi￿r.claI %laletthenlq in xcordJnCe￿ith arplirJNe iaw'aThJ UniTed KiTr¥rhM>ible for k¢¢pin& iecN& tha¢ disclose￿Ith1￿￿￿)nab1e ￿(￿raCY a¢ anv ¢ime ¢he fiiwncial pDsition ofthE sthool and enable thcrn loc￿Sure that the fI￿[￿JaI Stalen￿￿ts￿￿￿1}"￿1ih theCoTryMllit5 Ad_wi. Thryare a150 Ieswntible for saf¢guardiDB the JSSd>of i￿X￿1 and1￿￿¢ ￿kIng r¢axN¥JNe forthe rrnnllon aTrJ de¢uon of fraud and

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST IIYDEPEIYDENT AUDITOR'S REPORT TO THE TRUSTEES OF LIICTON PIERREPONT SCHOOL EDUCATIO.YAL TRIIST Dlst1lnbtr￿0pI￿lO We w"ereeng&&7ed to audir the financiil ￿lIe[r.enL￿ of Luclon P￿t Tn)5t Iihe Ch￿1￿ble Cornpan)k ￿hiC]I coiiipri5etl Lement of Ilnliicial4cliVities. the shee1th￿l the C3sh IlowslaTernents asat31 3rtd rtotes to fiA3ncial aiemenis. IM¢ludin&Tr a51iTnn)an'ofsp4nifiuni ￿toU￿1]P.g ￿)ll(le& Bz5iJ for Di￿1￿l￿er01OPJm W¢ ￿'¢r¢ ￿ dppoinJ of¢heChdrithf¢Co'nTrJnJ wwl aft¢r 11 21)f. Th1￿ fdjl IQLi¢iher wh th¢ de4th Trf th¢ hvddtndyter. LhJiiEe5 in peThL￿ne1 andthe tWU:lenEnt to'd d￿￿0￿￿tsi0[￿)1Et&l for filin¥y t[￿t we i￿n uiiabl¥.'LTr satiyfy OW5el¥e¥ as ¢he eli￿¢t￿e 4ndIa￿all(￿l of kry b3lJnc¢5 1 5t4trnients. As 4 ttwl¢of the rnatyet& we ￿tre denKTrtsTnakin¥ up the 5LaIetnc￿I Df fiNnrial ac1ib.it1￿ and 5talcrnenl of ￿5h M4tErial LIDEert¥iDty rdxlEd W¢ aitention iv 1.2 inih¢ iinan¢bil i￿￿1￿￿￿E￿il 202? ts Chari¥bkC'o￿p?Tr￿ hJd Iiabiliti¢b v.-"£334.4bl and tnwiea dEficrt fort￿ )YarllThffithd of £80S.08" A5 slat￿ in l. thc5tEvcnTs Drconditiuiik Indiculc tIMt m￿lfied in resp￿1 of thi5 mallei In audi¢ing ts finan¢iJl a¢etneDik have￿￿￿thJ US¢oft￿ c￿Ce￿I￿lS0[ ￿￿ntIng in ilie p￿parali ol'ihc financMI siatcmcnlg 15 aPFKDprialt. Our eY¥luttlwn iil"IhL' dirLIuT%' iiflhcilyly'sJbilili'lOr(¥rfinlo￿wM ihe ￿¥L￿)UnliNblrt[U￿￿Yj Iifmingp that faiilitlLwfL'rnaiJKMi in lur al 1? Thjntkfwrn IhL Dr￿)￿nin￿l t￿ linAnLial ￿talLI)lL.1]t5 IfLiitrini t4)nfirmdtl(Ins ttiim pHnythut Lxintinur Io ITrK' Lhmtsbl& CiimW> in DiYin&T all (Trf iL% tIK'y fall duL. thir respoThsibilities a￿1 ihe responsitrAliiitsofihedireaorswjih res[￿ ￿wing¢•I￿¢rn3rt de>cribed In the rel¢%ai)i ciions ol'iliis report. Other Inf￿r￿ati4 The oth¢r.'nfiYnia¢ioii CO￿prISeSthe AKI￿J¢Ll T¢PXt oth¢rtron out Awthtort ther￿￿. Th¢tri￿Tte¥ are T¢5P)Dsible fvy the th¢rinfot[nJtsWCi￿LWffl¢d ￿rythIn rYFMNt. Our ￿inIon0￿ ihe fin4TKial 5Lii¢ni¢rts rovrrtheoihrr information noi rxprr55 fo￿￿ ofasbUtaii¢e iIKrttsn Out ry5F￿51bilII is lo Ihr other inlormJtioii and Inik)iii&p yx ¢(¥bthriithe¢k¢i th¢oth¢r)nffflnv)Tr i¥ m3wkilty Iwon5151¢Th ￿ltr. the fir.?nci31 01 our kTrowlcd¥cobtaincd in Ihc EQut5eoft￿ auUiL or othctWJ5c to k n)ll1¢ri311) If id￿L]fy.5wh Thal¢￿￿11 Incoik5i5T¢nCIts orappaieni Inil¢¢rial rnis5rJ¢etnents, are required tsid¢r¢[tnw￿ ￿k￿￿e[￿lS gii¢Y rik" ty a nwterHI mis5Ut¢r.Ent iii ¢h¢ finaNcial aienients I￿.￿Sel￿e5. It. iw5¢d ￿￿[1[ 14iYe ￿forn¥￿ w¢ th•1 15 J I￿15St41¢￿entofIhlsother infDnnation. weare iequitd to [t￿MI fxL Wt ha¥e n￿bIrtE io te(x)n in This re8 Wc hJvc i1￿h1￿8 rqxirt in TLWI ol-IhL following rn311e15 reliun towh￿ ￿ch￿till￿$￿A￿4)￿lTh(￿a￿ Rprt%l Rcpdaliilll% 21M TLxiiiifL LS IOrLy)rt 10 you if. in 0￿￿0p1￿1￿￿'. Ihe Inliymalion ¥iven Ln the 5thIen￿-.5 ￿ iDECllSi51cnt in anv ￿￿terIal reyct ￿1th IhE mislees repon". or 5uffir1eiiiar￿uNt1￿￿ rec•rth Iwi¢ kqA". or Ihc financial 51aTriTLCllt5 arr nDI in 3¥rcctTrcnl wnh ihcatc(wmin¥ Or '¢ huie r¢¢e15￿ dll th¢ ar•J ¢wlawtiC4Js w¢ req￿￿ for￿1￿￿111. pe

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST IIYDEPEIYDENT AUDITOR'S REPORT {COYTIYL'ED) TO THE TRUSTEES OF LIICTON PIERR£PO￿"T SCHOOL EDUCATIO.YAL TRIIST R¢Spo￿91b1liti¢s of trustr4XS As eiplained liillv in the slate￿￿71t ofttustee5 respDnsibilitie5. are a150 thedireciot50fthe 5choDI forthe pU￿05E0r Compa￿), knM'. are resptptlsible lor iheFrfeparatLOfL ofihe t1￿￿al staiements aijd foybeirtg satisfiedthatthey gil'e fair v1thv. for 51Kli In¢¢rnal ¢M¢rol Jsthe irustrts de¢¢nKine Isne¢es5ar)'io enab".¢..￿ rxwgraTNM of-.inawial atem¢nii Ihat are freefroin m3nil 15slaleTritnl. whciherdue lo fraud ot ctroi. In prcpanNÉ Ihc finanrial 5ts1ctr￿IS. the t￿￿￿t¢S art resp￿SIbLe foi a55C551nk Il)c SCI￿] 5 kniliis, toioniirtiie as J ¥oing Lon￿eM disc1051nB. as applicablt. m2J=ersrek]ia io goiiiQ con¢em iisinp il goingKDiiC¢rn bH5iS L¥r iounting unless IhE truylee5 e11herjD￿mL to liquith the charitabk c(M]JpanyoTlocease 4)erali(￿0Th￿1r llDTtali51ic&hen￿l1I￿ [￿1 b) dostx A￿dIt￿,% rupoI$l￿1I¢k￿ ftsr tlK' dlt ￿1￿¢ W¢ ha￿e been arvointed as aLwJiiorunder ￿￿tIOn 144 ofihe Cthanties Aci wi l and in acco￿￿(¢￿1th The Aci ttki'ani rryiilationstnade orhaYiDB elTei1lhereuthleT. Our responsibility Oft￿(ban￿ble C¢wnrAnv's y4i¢merfs in with lfftynioMI St?ndardson AudiTin¥ aiid 10 isbue an audilW's rtp)n. Howtwtt. be¢auS¢OI'the i]WieI5des¢riid Jflihe El25iS fcrDiscl3imeT ofOpiJiiOii£e¢iiOn ofour report. we not abl¢k)thtain suffirientapprwie 0￿411 prm'ide a b¥is fwJn a￿lt t1￿5¢ fiiiar&ial £taieJnents. wt Jrt indctxtkkni ol'ihe c1￿￿[abl¢ Q'(HmPanJ lDa¢COrda￿¢W11h the ￿h￿al Ihaitsre rtle¥ani itrour di￿ri tsfihe linancial 51DIMerJl5 Ill the Llni¢ed ha￿e fvlfflkd0urotherah￿al r¢5wnsibi111ie5in X-corda￿e witli ihese requiremenis. Theexiemio wthich ar¢r•bleofdLwiing irfew￿ar11l¢ fra￿L ￿de￿lled ￿0w. W¢ haNe rnad¢ ewuirie5 Ofmawgen￿i. Ol￿alT¥￿¢￿5. r¢gW￿1￿¥￿￿r￿￿ureS relalinB tv idvnofyiTrg- evIl￿￿ting0￿￿ Lwpl>ing ￿1th l. laws ￿4￿latIonS ofamy inancesof Auk¢onwlianc< I. ￿-t￿TIl￿g and rryhmmfing ￿ Ik- rith5orr￿Udanl wknhcrI￿. hai.ckJK)wknlgi ofany artual. %USWLcdoTalliULyI Ird￿. Tlie intemal estsbIish￿ tonuti8ateiisksrtlaTed to ftaud orrM)ts weT¢ Tnt s￿￿'¢￿Ible ti. Inal¢riul nibstJi¢nknit th tv fr￿￿]. InrI￿￿blll W¢f¢ I￿.. liiniteJ tv It￿1n5 I114n￿l j<)urnal ffltrie5 viheradju5tnwnts Jnd ¢YJluating theiw51t￿¥ rJLKde in rY13tw tfj4nysipnifrdni.UW5ual trdnwtion% al￿ tratWLii￿nS t¥rtetEd into ￿t￿￿e0fthe non￿al LxMtr¥e oli￿ine 2. Reven￿ r￿n11￿)ry dit ptocedures planned I￿lUded. bj*￿￿re not li￿lled to thtDughtestS to ideTrlif)' the contrd Pr£￿ed￿J¢S in placeand IlL¥￿1 UithiJidiLdir￿P ul'ilie pupil liJL￿tI￿ Kyl￿111L￿xi Utrfdil￿. Pyuidutes LXtliYJuul. e7

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST IIYDEPEIYDENT AUDITOR'S REPORT {COYTIYL'ED) TO THE TRUSTEES OF LIICTON PIERR£PO￿"T SCHOOL EDUCATIO.YAL TRIIST 3. Goiil¥ tortceTh) Iher fiQartl ￿￿t]1-￿￿ bi. a￿1[ ertpgeitttt teath as g te#￿It of fkllirtyp￿l artd nSIrtBtogt&. Ir. order io the atto￿lsbe￿S weFoyed OA Ihe goirtg b&£i4 ￿$¢{T￿tIl￿.e fdl(WiThgte%ling ￿Er[anned. Obtain 2nd review fnreca8ts 3nd hidgeL% tOraper1￿ ihroll8h toJul!':IlJ.. (knin and revjew aL￿}unt￿ fortuture perikid uptL) Ihethie ol'tsigning oKihe&LXuunl% lu bll￿eL i&nlil! )y fllrther iyks.' rt&iew ¢UtttswndeTKe ivith ihebank rLyardJll¥ willin4nL￿%tQ c(￿1￿￿￿. w¥idingknkin¥ facil1i￿ (Aainin¥P a Idiu ui to fftanagCn￿￿l QLTollnl% and yLafcnd ￿Li￿nI} Altth stk￿14 ii)i4)nrirmtl￿.irVllli￿9L￿thd abiliiylo COrtiinllL kni IhL' Sckn. 4. L￿W¥And rLSW]atk)L% A rewiEW LTrl"hlllY t¥i¥nt r￿ul1) bv ISI SCI￿)15 Inst￿1￿r4(￿L w%iehw fTvrn leglll ILS looA( Fur id¢nl¢(>fbrW￿TrK5"'. r￿l¢v& miTrwws tsi iJenlifv anj breachts r¢wlatiQllb. S. ValuiM of prweTry The &udil engaÈernent le￿1 Jlso i￿)￿ri￿￿e vaILWi￿) of a5 a sunificant risk. lii 0thiottstthatthtTral￿tKThn rfproperty WT Ih¢4ccounts Is Valu￿ le￿0T￿bly. l￿fOll￿Tri￿. ￿￿edur¢S were planned: a￿ls11th thE pygriiseb 104N41v5e Indica¢icfisof initminnenl." docufftentation toanv JKDfe550nal waluatiDn an31>￿t Tnatkct to Mkntify" an> FNitenli&l Indic3tioTrs of iMp?in￿liof the schc4)I r(oM.v. A furt￿-rdcgL￿￿liQn 0[th￿r￿￿￿1IXlitMs Isa￿¥11￿1)it DTr R(pNtM¥ Cou￿11'S I￿.d￿￿ ￿.. hitrts.'fIww￿.rr¢.vr&ukn￿l4lJlurrC$rN)mibilillL foml%wofouf8￿1iW5￿￿￿. U%t report This rerx)rt is In￿ sokls to thtchaiiiy's irusiees. Lqa tdv. fft aCco￿tt￿lth 4 oftlCh3r iiL%IAc¢011Dl< and Rewrtsl Regulaiions'&lKJ8. OUr￿￿lI￿.0rk W, trtgn iiiideryaken 50 ihwe mi4hiswe iothe ¢harit)'5 I￿￿ee$thoSe Iiiarterq we are r.qiiired ioswe to iheni in anauditods report3nd for t4herpurr￿￿. Tothe liillest eAleJ peTmitted by la￿. dDnot Jcceptor3S5Dme re5wnsibility aj))0￿ ￿heI￿lan lhech￿lfy and ¢l￿-harity's trnsiees As a W).. forour •Jdii fwthis re[th.￿for the LWiniOnS w¢ hai'e fornied. DarrtTh HirdlnB{seTrl￿r Stituknr¥.4•dittsr) rthr nd bèhalf thf Rithard Platt Ser¥itts I.1￿1￿ Chuncrcd A¢Ywnthnt5 StrAtut•rn" Auditor l? Jllly IU14 Gr￿Dd 1- 7 StaiitHb Road C￿￿leY RHIO IHT Rithard Place Dob50n S¢Th'ices Limiied i& eligibl¢ a￿lI10r&f bv virtue of its eligibility a4 itor ol.ll conipany undersection l?12 of Ihe L0Th￿nIC5 ?IAkn_

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACtITr'lTIES ITr4CLLD￿G INCO.%IE AND EXPEYDITI'RE ACCOUNT FOR THE ?E4R ENDED 31 ALIGIIST2022 T(fil fuods fttd$ 2022 2•ZI ID21 Nrrt¢s 1TrrTrrn¢frO￿- .974 54.974 131..325 315.¥97 3O7.4¥5 3.IM5.¥Y7 307.4¥5 ! RD¥.333 333,9)1 5.949 Investments Totsi iTheDilbt 3.157.U76 3.417.070 3.N5¥.974 ExPendItu￿on= RdiSillb fuTKL% Charithbie aci1vil￿s Takeover rel&l¢deXr￿ 4.V55.6Y6 !.Y95.78V Totsl eApelldltu 4.26:.7$8 ei tAwwJilvre IiN)5.6X! I%V5.0¥2) ID 181)5.rf21 IWS.6821 Rethnclll81knTr l¥Trds: fund balJrK¥7 * I Septe￿ber 20?1 11.077 1?8.779) ai 31 2021 {29.1791 ThL lalcTlliitt Offina￿lai aclivilics a]1 gal￿ and kn r£a)gn￿ All and cxpcndilllrc dcriNL from p*e9

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACtITr'lTIES ICOYTINUED) ITr4CLLD￿G INCO.%IE AND EXPEYDITI'RE ACCOLINT FOR THE ?E4R ENDED 31 ALIGIIST2022 prttyr fiDawdl >fAr LIAr￿¢r￿ed fttd$ Rt5trfucd fllmds T(*fil 2•ZI 1021 Nfyits 1TrrTrrn¢frO￿- 131..325 3.308.333 33iJ)I ! RD¥.333 333,9)1 5.949 5.949 Investments Totsi iTheDilbt 3.¥5S.974 3.N5¥.974 ExPendItu￿on= RdiSillb fuTKL% Charitable aCtiVit￿S !.Y95.78V Totsl CAPElldltu Transf¢n% brtlie¢n lunds 27.1)fy .Yei ltt fllDds (27.126) FllTrd balances at I seWe￿be[ 2V? 241J.559 ba1￿Ke5 #ijl AUEUM 21121 {2S.179) p¥e 111

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST BALAIYCE SHEET ASA T.11 AIIGI(ST2022 2•L• 2021 F5xtd TaTrgiblc ￿Sets IA%estment4 14 3J17.970 I(￿.743 3.475_IW6 16fi,743 3.484.69J 3.-792.739 CurreDt 16 39.730 Debiiirs 17 072267 and in 724 h12J91 CrLMlitorS: anitmiijts fllig due witbiA oe >tar 19 351179741 Nel curr¢Thtr liabiliil 13.W4.f491 Tot•1 a55ets le55 ¢urY¢oi IlabilhiES J49.01 49%.( CTedlton= fMlll•% due ilterTh•rE 11 (526.è691 .YeiiIxb￿J￿eS The Cundi tjf the%hMI Unri5tri¢tcJJ tunils 5181 139.F56) Thi L'lllllPJII) L¥L￿tItk.d t) i￿. aLwJiT wilifLTh￿E in 477 Act lurt￿. 31 Augus120•2. dlthiiu&ph an a￿lIt h2¥ catriLMI 144 ot Arl 2011_ Ihi diythi0r%8ckMwled¥￿ lknrycs￿L￿bil1LIth Ihe rtWilLYIl￿ls uflhccon4wnl¥￿ 2￿6 w1lh i XCOunllrtgY¢cords I￿. ol-fiKaneial%wLTh￿L% The hav¢ rno¢ required theo)wy of its finwrial strmeffjs wththe requIren￿￿50ftheLON1p￿￿Ies A iNJ6. foy theytur irt Que￿7￿ atiOrd&rt¢et¥iih srtiM)Tr476_ These financlll sl3tements IkgN'ebeenwepared Trith the w￿lSianS a￿liC￿le ￿ cO￿anIes5￿bF￿E tothe ￿nall Luxnp3nie c fin￿￿[&11￿¢￿C￿ app￿￿edby Tk. 12 July 24124 Trn%tte ilmpany r¢8i%lrn1ioD D?U59&y){EMgla￿ Wab.) p¥ell

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST STATEMEP4T OF CASH FLOWS FOR THE YE4R EIN'DEJ) 3J.4[,IGI..ST2022 2•L• 2021 C￿b from oPerat￿g acllTrilK Cash geAer3ia Irr)￿1)b&￿tra b).) operati(Jtt% 155515 1110.CW5) Puri11￿)¢Ol.1 Jilb Iblt TrnKteds froin diswsal oi tati¥ible fixed assets In¥'esimem ill¢orne 5.374 .YL.1¢￿ L￿r#I¢d frorn Iov¢4iD¥ I¢￿vIll¢s FlnaDdoga¢tSvltles Repayment bank k)Jn5 Pajment of fmance le2ses d)liEations 1214.004) 136J301 .Yei¢asb USEd In a¢Ifv￿e3 54.W7 (374.Y4 La%h LNtuwdlLml% ai ofyur {37_3.0991 Casb ALeDd ofTrtAr 1373.6WI RÈl*titsg tro= Caih ai bAnkAnd In hand Bdnkoverdr4ft¥ in ￿Ya￿le I￿. )LW 724 1374.4231 p¥e 12

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST INOTES TO THE FINANCIAL STATEMENTS FOR THE YE4R EIN'DEJ) 3J.4[,IGI..ST2022 LuciLin Pierr¢EMJllt&.hool Edwiynal Truy isa li￿1￿1 by gurJm¢¢ irKotpM¢xl and W81. Th¢ regist¢Yed vt7￿¢ is LUCIL￿ Schxbl. Lthjmiiisier. H¢rtr￿15hl￿. HR6 gPN. AcroNnilrJ£ ronveNt The JLrt&neL&J %l&loMLts1￿ ￿]1￿ I￿￿Ch￿l% ￿L￿OrandU￿ThQ￿dArti￿lt￿ f>rAsS5￿.]￿lIth. thc Ci)mrK)nii4 Aci 2￿. FRS lQ2'Thi Finattial Reryjning JrWirabl¢ ID ￿ LK and RLTruhlic nlln'l8nd"'{"FRS In2'"1 and Ihc charillL￿ 8oRP._4i￿m￿lin£ 3tkl R￿￿7￿s￿by Ch7￿lIk￿". $￿iC￿nI Prdctmx a￿lE￿￿k ioEharilits prLpannL Iheifacth)Iihl% In a¢LYffiIa￿￿ ￿..1h ihL' Fin3ML)Al SUNlartlaypl￿3blc In Ihc IJK and R£WbI￿0I IrL'lartd IPRS IQ21" ILftiLli¥i l Janw !0191. T￿. PthIIL IkTrit Entty FRS 102. Th¥ fina￿1￿7 ¥iatwKni¥ arc in ¥ty11r￿ whIthisd￿. furKKi￿ arn(Nwts in th¢s¢ ThL' IirtAnci1i l under Ihi hiskwal C￿ llmJifK￿j ts) ￿lUde 1h¢rL'wal￿1N)r of rrtY'hiild operlI¥￿al lair ¥iluC. T￿. PrTh1￿) ¥c ￿k1￿. Thtr¢hiCounl." for LLLOrtfvewni E￿￿'l￿)nal T[￿landth fu)l irttl¥& the rtwlL4vl-il% Sllb¥idk8rits Ihe b&414 Ih21 i￿. ￿￿Id￿rIL￿h31l irJ&d durin%ihe ¥wand are1￿E ￿aTL￿al io 1.2 C￿ncern Th￿ financi31 UaTcrncTrlSart P￿￿red￿th¢EvIll¥CACern ￿51$_The ttu5tttshai.ea rEl￿b]eeXSrtctaI]On Ihai theseliool will coniinue In (ver31￿TraI ¢x15M-¢ forihe foweable fv¢ur¢. h(m.e￿￿. Ihe tystttsJre a￿3(£ Dfcertain m4nal uncem￿nIJe5 whith CaiLsr doubi (rf) thcchariL?'5abilil)' toront1￿uc￿ a 8￿￿8 concctn. 'ith fvrKiing reqwrements leTr¢lstreyond thwhi¢h th¢bank￿0￿]d$llFV)ft. wo¥tiv¢1￿ to >afeBiwrd IL l(Jn¥-Ictm fuluir 01-thc newi&li(ML% wilh alietDMiit tundcTS. B2nk SUpTx￿ wicn exienda loalloh dLe k¥W¢S5.all approxh re￿ardedbY 1r.ieTreni￿n oi AiPiV Si-lwls. a ¢thL-aiH)n group. m)i'idJng gNi¢r iyf13iiirv forihe School 3nd ITS lenthrs. Alpha &hoDlsh7i¢b8tttd iOcmlthu¢sU￿]￿8 ￿￿$¢￿] fotthc 1ortbrtablc lulurt. The ha￿er¢I￿￿ed ryerored by haTrtrr b¢¢n.w%iii%d io rellvYP05sible th'nside s¢en2ri05 a a re￿1 ofrtthittd pupjl at￿l itiC4Mnt thlili(Ms&1 inJect)unS jfcreq￿ire$l bv Alp￿) khrn11s￿l[￿lth 4¢WI 14 3bk me• it% r&lIg3t￿r%#$ they fall d¥¢ fff a ofat le)qt 12 rhe dJie uf4ignin¥ihtr& I￿antial ￿LlenThL￿. 5alisfiedthi ikSL.knol ha% ei)nlinue rai= lor¢￿. r￿lf¢. F(Jr thi% rcaw Ih¢v ¢4)fTIDu¢ ￿ ￿[A i￿. fwi￿. rffcpgrniiiin tsfihc rinanciol ￿talL￿nL￿l%. 1.3 ChAritsW¢fuv15 Unre￿riCted full4tsa￿ awBi13bl= for￿¢ thedisctetion of dinJstces th furtl*n￿￿Ort￿cb)rJthb1t objectii'es. Resttiii¢d subj￿1 by thxN>Tb' (Ygranwts dsto they InaV￿ used. 411d Of the rexrici¢d fyI￿> are in thp nvte5 W thp IinJnrial stat￿ne￿￿. lThcorne dLfiYred uD¢II ihL' iemi li) li Telaits. Ibe￿ ￿¢f¢r￿ any￿￿1%4ft Ibc Batsnce wiihin cth111<M%. p¥e 13

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST INOTES TO THE FINANCIAL STATEMENTS (CONfiNuED FOR THE YE4R EIN'DEJ) 3J.4[,IGI..ST2022 AccountiDg PDIicK (Conti￿llEd> Cash donu11()￿ 4r¢ r¢Co¥￿is¢￿0n rrL¢iPL ￿h¢rdOn&￿Ths a￿￿￿15¢donc¢ thc¥cTrwl h¥5 iK¢n nL1f￿d of thc unl EYrf0r.naiic¢c￿ilI7onS rwuir¢ &f¢rTrl ofihe arnount. [LxQI"¢Tdb￿ in uThl¢T Gifi Aid or deedyVfeLT%kn￿miS (¢thJ¥ni5ed at I￿lin￿or1h¢ GranL%. inL.luJin&wb¥LrnnKtit ariljtfs. dte in Qt finafKlal wCti%Ll1¢￿￿￿I I fLXYi¥ablL ￿￿15. ThL inLurne is advdI￿e DI￿￿7t1￿m￿l ofrerew. it5fEL4)Enrtil￿ lsdvfet￿i￿Trl inrlthl L￿￿1t￿￿J iief¥Tr inLom=. Where en1i¢l¢tYwt W¢UT5￿f0Te ryom¢ is reviYliEatIL￿C4n￿L. [nLd5UtLyl￿1Idb1Y. F.xpeThliture c1￿7r￿￿bY drliyity. The cos15 of¥th upof tht tolal ofdirect CDsts SI￿red Cl￿￿, includi￿& sulv￿ COsL¥ utK¢rtskinbP ￿h￿l￿1t}.. DIiKi¢o)tsaMriiwthl¢ s1Tr1 -k acti%iry are all(K41ed direiilyio ¢hat attii'ity. Shared C(￿t5 whiih contribuLeto l￿￿￿￿151tva￿￿ suppxtCL￿lS Mthichare not attriixtrdble to a 5in..Iv artivity3t¥ apputtsMed thus¢￿¢1￿"11￿sQn a iusis coThsi4ent ￿lih thevs¢of rest￿ri￿￿ Centtal sTaifcosts are 411ocatcd thr of I1￿ 5pent.and depDxiationaJv.ys4r¢￿k￿￿J0Th ofdK&5el's￿. 1.6 TAll¥lble fixed A5sLh15 Tangible fL4ed assets a]Y imiti&ly r(￿Ur￿ at C05taN15ubseqenifv iwsurtd #Cost or tr71AioN net ofdepreciaftort and any I￿￿1[￿ent losses t>w￿l￿tiOn sv wrrty off the (￿Jt ￿Tr￿lU￿10Th Of￿ k55 Ih¢ir retsId￿ value5 th￿r useful Ii%'es on IhE fv110￿,7llX b￿5.. FrLLhuld land dr.JlJuildin Plant ￿￿1 e4uipThent fir.ings Mowrvehie]tk - 5•£ line (m c05t onc￿1 redi￿1￿8 bYla￿t ?5% FrLxyld la]Kl )5 The Or Io ThtdiyNJsal Qt[aMin￿Ia%thtdIftCftxCI￿trCn Ik %2le wo¢etht%atKI 1heta￿1ng value Flxtd asxi lttieikne#ts In￿￿1 iicn15 in yJtsidiarie5 atrall heldal kss w￿Pa￿TriCt1L as 10 ￿￿1￿1￿ tr(Kn i15 AifJth repyMn¥end dat£ t￿$¢￿ [¢5M￿the iJfryiO8 Mn8ibl¢ assets io &t¢Tmine ￿he[herlher¢ is ony estinwa itt orderiodetem)ine Iheextrniof￿ imrAiymeJlt k>s4 Iifaoyl. If the rtcov¢yable &%ei i%estNnaTed io ￿le￿$tha￿ ￿￿tat￿1ng>￿￿M.1he ctsniing an￿1 ot.the &%4LX i ttdiicedto It% recn%erahle aThiunl. An Lmpl￿¢￿t ioss ￿ reC08Tr￿a irnrnediaiely in The Ln¢(M￿eX￿￿Iwre forTheyear. yDl¢$%ih¢ relrvani p4e 14

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST INOTES TO THE FINANCIAL STATEMENTS (CONfiNuED FOR THE YE4R EIN'DEJ) 3J.4[,IGI..ST2022 AccountiDg PDIicK (Conti￿llEd> atL sfJtid * thL' knwLTuf L4A5t and 5cl11￿• wirc to LDnJpILL-arHI ￿11. cl￿ dirtL rnatenals r¥J. t4hLYi. a￿11￿￿¢. JiN'L hd%L kn'il iwurr¢xI ifft brinwn4P Ihiifpiibini I￿at1￿M aTh]cLwNlit￿￿. Itettb al nDorwrninal ￿￿￿idelIt￿n the l(Nei0frepLyLYTh￿tclTrXt (￿￿L Nil ruliubll bJluL JS t￿- tsrnatLuI Sclling pri¢L- all i￿1￿3llYJ Cvsts of riKnpI¢tj￿ll C4pStS bL- inLllrrtd in matkLtIi 4¥lliThr anJ JLb¢nbw¢M)n. I.ID Ca5b caJb EqulvilEllts I ARh ind eAth eqiikilenlq 1￿clIM1e￿qh ￿ll$ held At call with EhM4erm IiqiJMI Thngin. maTUrnie%ofthreetnonih$oT k&%. andfvnk o%.¢rtraf￿ Bank ovffdrAtTrs ar￿ ￿lthill boTTowiTrgq- incytT¢ni liabiliti 1.11 Flnotlal The ￿houl h35el￿ted 10 3pply the proTrision5 olsett￿n I l -Ba51c InSt[wn￿￿' and SerDon I?.0th￿ Firmntial InstrumEnts 155ueb of FR5 Lo all of 115 fi￿￿(￿71 Financi31 inslruiTLents are recogn15cd ID tI)E5c1M￿l.5 [￿]]￿E shed Mhen thesdKx>l Lrcomesparn> io the Eonlraclual pro￿1￿10n5 of Ihe in%iwnJetii. Fi￿￿(1￿1 agsds atMI li&bililic5 itrotYsth_Thiih thcnd P]ttThtcd ihc fi￿ancial 51Jlcmcn& whcn thcrc is4 l.-gally enfLY(e1ble Tighi io sei OtTiherecign￿3bTrjwts3ndlh¢Ic iiteNtithi to wd¢on a neib%isor io tealise the a￿1 and settle Ihc liabiliiy.simu113nCOU51). BAwfri141nri41R¥ets 8&4iL finLlntL&I whith InLlu￿￿b1V￿ #TKl£thJndbknk InLlially Ira￿￿￿110￿￿￿et inLludin wbwllLily u%iM¥IILif¢ciit thier(￿ rne￿NI Ihe 8rrart¥Lmeni ri)n￿tiL￿1￿& a finJtKJnii IJajL￿bo￿. wk-rcthc1ra￿cll￿ 1% at t￿ wcnl ialL￿. oftho future at mtsrkei TalL ol"irtterLSI FinaNLnil ai4L%%ikns%ilicdas tLYLi.thli yiratL IinanCI',Il 1iajil1111￿. Incl￿￿1￿¥ Crcdii￿$ arHI tonk arc inilially Jw%￿1￿1 Pri£C inlts% IhL' amin¥cmtni slilulith a linJtKIn￿ Wk-rctkdc￿ itisitwTrcni is mc45urcd * ihcprcstnl saltsc ofihc r￿tsrL' pawmcnLi di4cLwnlcd mJrKil ftsiL DriniLyi￿. FI￿￿1 l1aknlilitsilatyifi￿ as ￿Vabl¢ ￿lIhi￿ rt018nK)A1￿￿I. Trath¢Tditry¥ Jri pay fiwg7wL%vr￿iLXs in thi wjinxt) (bf (wiTdtiUns pyIiLryS. Art￿￿￿[￿ payablL ar¢ il&¥sifiLuI LUnLTht liJbil1lK￿ ifwyrnLWt ￿1th1￿ ￿ar4)r It"noK. IhL> pfL%L'nlLJ&s nyn-¢urr¢nl liabilit￿$ TrJ¢ ￿￿tI)r¥￿Te rwiwjinitulty dt IrJiwtll(￿ PriiyJThJ T]￿￿.￿¢￿￿1 dnii)rt15¢U Lx)st l)erecugJrrlMm Pl￿￿(1d1 li8bilifies art derttognid Iwlertthes¢knl aredI5cha￿d Ortancelled. 1.12 TaARthn ThL brhwl 1$ ￿￿￿mpl trom

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST INOTES TO THE FINANCIAL STATEMENTS (CONfiNuED FOR THE YE4R EIN'DEJ) 3J.4[,IGI..ST2022 AccountiDg PDIicK (Conti￿llEd> l.lj Lfflpl•yee benell ThL ot.any h￿l￿a).L￿7Itk.m￿￿t7￿￿YLl¥cd l￿- F43i(Mi in ￿h1ththc rtnploya's SLT¥l￿￿j￿ Tetmiiytiw hVnefit5zrerwUgn￿ ￿ffitn thesrhuol c0tnmltt￿ t(stermiMleth¢ emplo>Noiiofdn ymplvJtYO710 ￿ld¢ rniination benefi 1.14 R¢trire]nent bvneffit5 TL'a¢blDx The School connil￿te5 10 theTurheri' PeTr5i￿ khettEat the rdtes mukEscontriLN]tions to d'n￿neY pU[cl￿se, bch¢xr.-orbuppoYf bt3ff. As li rthsièle ro sewal) iLkniify..heJsbdS aNI lièbiliiiesof the Teach￿￿. Pensioii A%¢M.' ScheThe. It isaccounted If it ￿ere J defined cOntnbit￿￿ s￿￿￿ne U[￿er FRS Ib? 5cknls' roNribDtiOn5t0t￿ schernes are charged in he Iinancial sMen￿￿tsa5 troT￿rther I￿ti￿li13t]On Set note XXX. upport stair The 5¢h(Nil upÈrdl&¥a stheme for.ts sUPPMt Contri￿ti(￿Sli¢*S. tht NTrmakt jlldgthients, esiimaies 3rtd 2ssUm￿l0n% aknuithecarr¥'in¥ainouniof l￿bIllI￿* th313re Th)¢ read>￿ wr¢m froin ￿h¢r %wr¢eo IhetiNiaiL￿ 8nda%%oiiated a%surtiP(iun% ar¥ ext￿1￿￿ Jnd COll5j￿ Jobt AtiLI rE￿IL$MaY Oitytt fro Ihese estim)ie%. lh¢ pLriiJd in whi¥ lh¥ LWLrna is r¢ii<d T￿. ￿V￿￿J.￿l in the ofithc TevjSjon and r￿ur¢ p¥e 16

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST INOTES TO THE FINANCIAL STATEMENTS (CONfiNuED FOR THE YE4R EIN'DEJ) 3J.4[,IGI..ST2022 Crilicaj (Conti￿llEd> Crilic4J ijseful ¢¢owomlc bN'e5of t4nglbk •9gd5 Thi Innual dLTrr'.XiaTiiM ihaY>'% Ivi Ihi ￿￿•b￿&%(3￿'$LY￿￿ll11tl￿c￿aTh￿￿ L¢ful eeonornK livts artd re%idual Thc uscflllLYQtM)mii liv￿ Jtml r￿1￿1 arc annually. jrcamthd￿ whcn ImpATheThtof dtbtor5 The )￿k¢S1￿ es11n￿ltof retodabltv&lue offtt&btth> trgdeathlixbef ddxots. M'hen tsssessing the irnwmnt of deht4ITr n7er￿n1t￿r￿M1er￿faCt￿r$ incl]din¥thecwreDicrerfil n1lry8￿fthedthnr. theyng Trmf1lenfthe￿hiTrY￿Allrt h1¥or￿al ¢xperiewK. ofa51M5 and IhÈ OtptOPErty vllltltrAI The 5<hLxII has ajnarka 131ua1il￿ then, Thtte ye3r4￿MIe￿i[ts thattherdrryingi•lueoftheirassets renwns low Ihan the fairyalueof Ihe assets(￿ the 0￿￿ rnarkeL lkner(￿e (Izt t￿r is nc impa1Th￿Tht. Eletw'een theTraluattDll5. fftanak7ernenl tryuircd io rcY'.o4 the a55Ct5 for ijnpaltu￿￿1. tlusrL7[￿I￿s atla Ofjudw￿nt. Th¥ srhwl l p￿￿ided ￿lE￿ a Wility by ihv 7 years. Th¥ Jttwnt 1% t￿re￿al th¢r¢f•￿T￿￿¥t FKfXThtvalu¢ ￿1n..￿n appTYMiit¢ dis(ouni ￿￿r. M411dg<m¢irt d¢Lided thui lh¢ lI￿t appropridte d15thxmt rdte is 2.1.￿ the same r&ie&S th¢ircunni IncoThe from iegaci UDresirfcitd fthds 2•22 2021 10.989 43.985 i4.974 ¢vranis r¢¢thtbl¢ forcor¢ Niirsery Eatly Ye￿5 Fundin 105.767 13.35% KiLk*tstT &.hrtnL 4i.985 43.985 p4e 17

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST INOTES TO THE FINANCIAL STATEMENTS (CONfiNuED FOR THE YE4R EIN'DEJ) 3J.4[,IGI..ST2022 I￿￿￿¢fr[b￿ rhritlJlL' rtitrili¢5 UDreylMe UDre51ricle fuDd5 21J21 f¥Dd5 2•22 Fee% lees 3.744.N12 1678.W51 (Mb¥TducatiDnal i￿cOme Mus1¢. Etsnce & d￿M￿. Sc1K￿0th1￿ aTh1c1￿bs E￿mInalL￿$8￿dtxita ks'so HorieTidin¥ 3nd 5tsble f¢e5 TrJnwort Unilutm¥ YJKI iThiimC 1114.82_5 83.955 41,Y32 43.7H 37.7i6 ?i.n74 6S.441 h2.641 3.377 li¢? Intomtfrom Dlktrtr¥dillg¥rtiNilitS Ullrestrirte u￿￿￿1r1clEd fttds l￿DdS 1022 Aiurn4Sb LrtLi)nK' RLnial ifxiJmL' 44.472 41.477 28,N)3 Othertrddin8 ￿tI￿Lne￿ IncoTrefrom InYeMmeTr UTrrrBrlclrd (wnd¥ 21121 fnd¥ 2022 p¥e 11

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST INOTES TO THE FINANCIAL STATEMENTS (CONfiNuED FOR THE YE4R EIN'DEJ) 3J.4[,IGI..ST2022 Uwrc￿￿td 2022 F•Trdrz15iDX publklty CosTolraisill¥ futsts EApLiditurro# charitxblr ieathkn% Z012 ieiiare rremlses 2O2Z 20Z2 2022 Direct cosls 23i8.150 94.9 86.OrfJ D¢Y￿-lation ifflpaiTmeM 107u15 844.4).1 247.fy)5 2.6W.897 Ify￿214 5¥6.679 5.554 ¥.36 ShHreof %overnaM¢e¢ostsiwe 9 Supp(xt 60￿c￿lsncc -137.931 41.(kn3 74.461 y.lw 44b.59.1 4.(W5 54267 .Q5fs 4.n55.64S fuDd Unr¢siricied fuThts 3.068.￿1 5￿.05& 68V.74Y 4.U55.6I eifat Premises TotHI 2021 2021 2021 Dirrct c￿51% 2.155.057 23%.421 2.393.4R4 106.A38 713.b4.1 'iUtiun Und impaiTmeThi (lthercosis 22.120 323J52 123J27 2 778y4 345th72 5R9.5O1 3.213765 ShAre￿r SUp￿aNd g4)%ernaN¢eeoAtsiwe 91 Supp( 491.&12 62.651 74.1￿ 127.23% 16.209 693.64Y ax. .8jl.018 4￿.786 j 995.780 A TrZI￿liS fvnd lu￿ -813.Oi8 4_W.?86 7j&.956 3.995.750 p¥e 19

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST INOTES TO THE FINANCIAL STATEMENTS (CONfiNuED FOR THE YE4R EIN'DEJ) 3J.4[,IGI..ST2022 2D22 2021 169.644 27h.949 54.2G7 12Y,23U 364.419 OlhLrup)IOll<ts%L% 5(Kb.8 AD¥lTrxd btt- T¢a¢hin$ elfare 378,994 554.454 Preini5es .1)7V 143.447 7I2.a15 21121 G•itrD4•re ro5tsrompr15¢: Audit 29.)92 .1.827 26.955 Legal and prOtes&ki￿al Tru%tCCs' cxpcnEcS 53.574 F8.-¥rf1 I3.%2', 12021. £4.1361 nM-4udit ¥¢hlL l%ei D￿Vt￿¢llI IMf•Md5 ID21 2011 The ne( mDTre￿enr]n luth i%sf3ted aft￿d￿rgin£l(crti￿t￿g)." 29.)92 DePrec￿t￿n ofowned tanLpible fixed Jsx Profit Dn di%p05&1 olthngible IOh.&18 Tru5t¥V5 Nont of the ¢n￿te<S {or4thy PUsOtsCOThrteuaiih thm}I¢c¢ivthlu*VrtrnurteiaiK￿ orknefiis Ibestl￿OI durithg tkve#r. p¥e 211

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST INOTES TO THE FINANCIAL STATEMENTS (CONfiNuED FOR THE YE4R EIN'DEJ) 3J.4[,IGI..ST2022 EThpl•yr Th< aY¢N&c rn￿￿ty numb¢r0fwplwcsth￿￿¥ th¢JcdTa5'. 10 73 72 Totsl Iv3 LmP1•W￿lJt ¢oJts 2PZ2 2UZI '38e&and saLirie5 2.355.818 ?16.422 2(m).)￿? 2.19¥ 698 hwr pLYL¥k)n 334.577 2.772.76? Reduithn¢y dfKI ￿l￿aliL￿1 ILAallin¥ £Nil IA1121.. £1.1661 we￿n￿de1￿ the rwrt1l￿ ffrtrityj. Thctri%rt nue[n￿OY¥tsM"h￿￿a￿ft￿3I ￿￿￿ticIati￿1kn £MI.IK). Rem￿￿tIO ofkt% rnith¢tmtAt Per￿￿thE1 The reniUnerntl￿ of ke} InaNg¢xneiii per&)nr*l Wdsa5folJows'. 2022 2021 219.4 17Y.736 Inatm￿e[￿nt pet50nNel ihEHeathvatharMi the B￿r￿r. 13 TA%AtknTr Thecknrity is¢XeIrt￿ from tsxati(m Its￿1vIlle5 be<3￿1¢ all its i%Jpplied fuCh￿13bIe pur￿5¢$. p¥e21

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST INOTES TO THE FINANCIAL STATEMENTS (CONfiNuED FOR THE YE4R EIN'DEJ) 3J.4[,IGI..ST2022 14 T¥wgible fiK¢d HSSL'ts Ctyst At I SLyeMi￿r 7021 Dis￿#15 2.842J70 1.088.203 397. 4.744.847 At 31 2.342570 1.(¢1¥303 388.869 4.735.¥52 DcprL%iaiiDn andimwirmcNI At I SLVimbir )n21 DeWeL￿￿tIll￿ iharged in the yedr limirjattd io tLW¢t tsrdiSp￿ls 5n.7fv9 30.615 32o.gr)? i%.44S 181641 18.?641 Ai 31 2112? Xl.3XJ 333.X93 At 31_4kn8USt 3.56.010 54.V76 3.3'.7.Y5V Al 31 2Th21 35¢KOIO 76.9ITr 425 Flxtd aAet C051 or i'lu4ilTrn Ai I Septeniber 21Ql L. 31 Alls￿￿ 202 166.743 •rI)i￿gaIn￿￿￿t 31 Augiu%t 2Q2L AI 31 Au8uSI 711 2022 I￿27 (hhcrinsc51l￿ntsC￿np￿$¢. te5 Irjieitmaits in sut6iOiarie5 166.74.1 locks ID21 -79.73n p¥e 22

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST INOTES TO THE FINANCIAL STATEMENTS (CONfiNuED FOR THE YE4R EIN'DEJ) 3J.4[,IGI..ST2022 D¢b¢fjr5 2D22 2021 Tyadedebtoys AM￿￿1[5￿￿¢d hy ¥￿￿p unthrtakirgs Oth¢T PieyayiiiriilJ¥lid 587.¥14 22.830 62.196 12.5Y4 80.)77 672.267 Inclu&d Wlihin Ira& debiof6 l>aprthisJoM de￿S I￿ally￿8 Q6.WI%12021'. 126.WI%) Lo#Tr$ and ￿Ver0￿#￿S 2022 21J21 BJiik QifTJraft¥" Bank 374.42.I 1.157.533 I.IW?.687 PJyiblc wiihin Ilnr v¢3r Pèyable ifth ￿¢year 374.463 l.D36.950 1.494.456 37.￿￿j A bunk loan with LIDyds OTr l m￿)019 t4￿y￿ble by The IntEfe51 the 15 fixed ai 2.1% 3bok¢ the Lw tate. A Back loan of£50.IKX> ¢¢rntrt¢￿g{￿ 7 May20th4 . tLPtr.a>kbJ 72 iionilily 2 5Y• fixed interest. Tht loan5WCrt 5eciirtd by the followin A firs¢1¢￿711 rge QTrs¢rihe I'reelKild pmrerty oftkxknl A Iir5t leyl charge overibe eqwsmjn tylhe gjbsidiary. An un1iini￿d deEniurt fronj Ikschool. An unlim¢ieddebeiiiur¢ from Lwityn khwl Liqiityl. An willihi￿d all tNJDies ftQtn Ihe ￿bsid￿. p¥e 23

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST INOTES TO THE FINANCIAL STATEMENTS (CONfiNuED FOR THE YE4R EIN'DEJ) 3J.4[,IGI..ST2022 Cr¢ditQTS= falli•¥ di¢ withi• 2D22 2021 Bank and 05.￿tafts Ohli¥:IION% under financi kYs¢% Oth¢T lux ￿lil￿ d￿JY￿•￿I D¥frtteJ liK￿l Tiadecrtdiiors Uth¢Y-rediiLYs Ae¢rLwb dL.lenL￿ iiKOrnC 18 374.46! fi3.510 1.494.456 50.Q23 -108.893 914.-%44 215 ?24 074.D60 its.994 5W.7¥5 -4.807.974 2D21 21121 4te5 Bank 18 1.03b.Y50 146.5?1 0bligiiio￿s undcr finthiicc Ica5f8 othLT￿r￿￿ 19&.514 29? 825 52b.869 ?￿21 Ari%ing fKMn SCW fe&s deferted Deferred irKome is IrKI￿¢d inthe fin8Aci￿ swernenLsas foll(rtvs'. 2021 Curr¢ni IiabiliiiL% 914.544 Moi'ellienls in t￿year Dif.. -.d 1TKttn￿. ￿ I 2UZI 9h.fi71 577.52% R,.li-4)id pr￿￿1￿mi> LKTi(xb R¢)yurr¢¥ th¥f¢Tr￿ in tIK 59fi.671 Dtfettcd 3t 31 A￿¥u￿ 2022 14.544 p4e 24

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST INOTES TO THE FINANCIAL STATEMENTS (CONfiNuED FOR THE YE4R EIN'DEJ) 3J.4[,IGI..ST2022 A Tr81Trsi5of w¢t 55¢ts brhvf¢l fwid5 Llllreytrkned fnds 2112 Reytrfrled I￿al 21J22 At 11 Augwyi 2022.. Ta￿VibIL 3.3(hS.%73 L-urrect asset&{Iithlilie5) Long Tctm ILabili()t5 [3.1_?5.6831 IX43.53¥1 LlireMrk¢ed Rtstri¢ttd f¥llds 2D21 T￿￿1 2•21 2021 At 31 4uRW$t ID21'. Tan¥ible a55e15 Inv￿L￿rnI5 Lurrer.t a￿%el 7_414.919 1fi6.743 13.OY4.fy191 {50.R691 'Iliabilitie%) liahilit] 13.W.f491 T￿. rLlncicd ol'lk. ihe Won wbjccl knsywifi timdilioTk% by li)hsh k" 41 1 5EPternL￿r ••21 Tr*n%feT5 2022 of the [￿Dderdo￿a[Cdto scknl Pr￿Oll5 >ur. I SeptE[R￿r 2•ZO Tra￿Sle At 31 Au%ist Portrdlt vf thL. sch￿1 Sp)tts hall pioject 11.077 125.ts?61

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST INOTES TO THE FINANCIAL STATEMENTS (CONfiNuED FOR THE YE4R EIN'DEJ) 3J.4[,IGI..ST2022 IT￿ted fuThds (Conti￿llEd> Th< pllryw)¢ fJFihr rcstrici¢d turKJrfLI 1.077 15 lo rnaiTrlain th¢ Portrdil ofth¢ fOU￿¢T fiJrttK futUTC kn¢fil of Th¢ whwl. This re5tri(IioD b¥ th¢CknritY thedLyitydiquir¢dth¢tKirtrait frLNn th¢dMrnJbk 0￿￿1&all0￿ weV￿yj$IY re5wn5i￿e lortheseknL Tt8nskrJ t(tAeth furt￿5&[< ioteflr¢l tht rtstriC￿ futNJ5wbich full¥ wlilitsd thejJ restsiCljOtLs fvlfill¢J. Th￿¢ have thereforeb¢¢Th r¢Ylasgfied ￿v￿re#￿¢￿0 UThr£stiicted Th< f￿￿j50r th¢¢YdThty balw¢e50f .hK.h Ar¢ Iiot subjeli to bFLifi¢ by Jnd l￿dn1￿9 ￿hO￿kn mai b¢w¢d. Th¢5¢ in¢l¥&dtygtMt¥J fu￿$ ￿7]Ch ha%¢ s¢135thwlof nre51-Irtd fun￿bY the1[￿ for 5￿C[fiC pwt]h)5es- Ai l S¢pl¢mlr 2021 Tra￿Sfer5 At 11 AygM5t 1022 rxpl￿drd R¢Nihwioti ri￿lL.￿al -1¥7.¥2¥ (l.233.3(￿l 3.457.076 14.2th.4qS1 3.41.07h Preyious p¢Ar. Al I Stpi¢nilr 2020 TraNsf¢r¥ Al.11 exPE￿dEd 1021 ReN8IILqliofi reserst fun {232.94?} 3J15S.974 !.S?8.9-,4 25 The Sch(JoI partKipates in the Texlkys, Vertsi￿1 ￿1￿me l-tk TIS") rot its ieatltingsthiT. The p￿￿10A ¢harye for71￿ >ear itic1￿leS ¢oniributh)n5 pa)'thl¢ to ih¢TP5 of £39 -.1fj1121)?1." £2￿.1￿8)a￿daithC I59.2111￿￿ 3Kruedjn re5peci Ihi$scheine. The isan unfvntkd multiinploverdefJned be￿rS 5(heme sthetThed t1￿ TeacheJ5' ￿en&￿n% RegUl￿10￿S 2010 ia5 The TeAchers' P￿A$lott regulaiAMS IJ>14 {asaineft4kn11. M￿￿rs¢￿7IlLN￿t￿ a &4 you so'basis I4'ith iQlltriblltk)11 from InenthT5 2nd [￿enPl0}er being CTEdited ￿the Exch¢quer_ Reliremenl ￿ht￿ benefits are pajd b) blic tiinds prov)ded bv Parlian￿￿ Theemployerc0n￿1￿l￿Qn rale is set b!, the Secret3t% ofstate folloy4in¥%chetne ialualjoTrs I￿￿￿e￿ake￿ by the CK)vetntnent Act￿ry'S D£p8rtnK￿T. The m￿1 recetht a¢ill8ri31 %81u&tith tsftkTPS wep3rtd A%ai 31 March 20108￿ The Val￿411￿n RerK%i. .hich M'L% publis7￿ in March21119. c￿rIn￿ed thai ihe ewloyercon(ribwioTh ￿e for the TPS ￿￿Tru]d Ir£re￿ fri)m Ifi.4Th￿ t 23.fj1• fTom 1 5eptnber21)19. Emplvyet%aTe rwuiied its]My ￿￿￿￿￿lfdLiun lif0.0￿• loldl tn4?IIwEr eOniYibllliOm NIL d'23.h8?•. Tjie 31 N131ch ￿16 I'aluatior. Repm ￿*pr￿￿ed in xcrtince ￿114 rhe t¢rtfilS hl the S¥henk regulations ajid U￿¢r Ihe approach speciliec In the Dire-ILon& &5 t￿. Jpplied at 5 March Tri)IY. HO￿￿￿tr. lie a55UJllPtion5 Con5]der￿ set b} the Depallnwnt for Eduraiion PTior to the DJIMIV In lhe'kkCl￿KiSCv&e￿￿¢ Ca)e'. Thi$ required the tyconsider cJs¢5 regJrthniJ the Impl¢nY￿1a￿I￿vtr1h¢ ryjl) retQTrtb tlbth¢ PuiblK knILY P¢w%11￿ I[KI￿lin¥ th¢ I￿￿￿'Pensi(￿5 p¥e 26

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST INOTES TO THE FINANCIAL STATEMENTS (CONfiNuED FOR THE YE4R EIN'DEJ) 3J.4[,IGI..ST2022 25 (Conti￿llEd> iln 2?Ju￿ ?019 thi SU￿Lf￿l C.'wrt ik. ID Jpr￿1 ￿. Cwrtnf Appral'% iyd&Ym¢nt thal trLn%ltiunai PATr￿ in11￿1￿¢￿ io ihe ￿r￿¢Med henth. In 7015 ri¥e 11 Lrtl&wful a¥e Qi)LYimiha.'iots. The ¥Oemmeni i re5pee.ing the C'oul'5 ￿.[slOr 2nd has saMI il M'ill tngage fullv the Emph)iinenl TTiblln312s well as empl￿Tr and InernbEi representstives io agree the dixriThiin3u(￿5 ￿ Ill b¢ renKdied. the ¥x)4enInJ￿ ￿)nounCed on 4 Febnr3ry 20?1 that 1¢ rvceeil ￿1th a dhiiceuthpin mETnlJeTh" will ￿a￿et0 either legary nr trfwmed ￿he￿￿ he￿rillI thr l A￿1 2015 31 M4￿￿2022 ￿1x￿￿t itrw"knLHbtVdyabl¥ The TPS 1% siibiea ik) a Ci)M (ap nKrhani%n wh¢¢h in plY i￿p•Ye￿. agairA unfwo%een thange s in theme costs. The Cl)iefkcrt(Ar¥ io the TJtaSw5.. fr3Vin¥ its 2(Ili¢ aDnOiin¢al ihai thett wthjlé k a te%iew of thLS COST eapinechanism. in Jani￿￿) 2019 annouiiced a paiw to cou fdp ￿ed￿lI1s￿ foll￿1th£ the CoutT of Appwafs niling in the McCloud,S¢r¥ean¢ case al￿ Jr.d until ihere 15 ttrtaint) thollt th￿ Nalue of to employ¥￿ from Awl j015 onward4 The ?ause lified iii I￿). 21)2n. t4aS 24 tv ¢fr￿ 4iintn)I IN%hdliism l(bIkiwin￿ b) 1h CJOvCtnmcnl ALt￿ry. FollU￿1￿¥ Ihi puElI¢ ionv¢ rulin¥4 amd d¢¢i%lOTh% I￿ qumyKifiS in ibc 31 Kl?T arty pa￿ benefit Cost is intludttd in tits&ti(ial stste1￿n15. Lenaiii lK￿-￿(adeMIc Maff are (éThe ￿1￿>1s, sc￿ne IisfENI. Thi) is an industy-M'id¢ fviiced efinEJ bencfitb 5Lhctne. As a rc5uIL n is FwibleoTapyrvprihie lo ithiify ihe a55Ct5 and Iiabilili¢) ofihc 5knTrxiiiE wliich itE The lasi foIinal ¥￿JaIl0￿ ofik 5cherne wa5 a5 ai 30 Sepi¢ynkn 2014 b) a Wf¢￿510￿11ty gmlified actuxy. The niark valut of thi 5LtrTh￿'5 ￿5¢￿ aLihr Y￿￿11i￿ ￿￿5£110 milli￿. The rcNeal¢d y 5hDrthll of 355etsrol￿PSrtd ￿1th th lu¢rf1141Mlititsofi37 Imillion. ¢qui%al¢fii W # PX>i funJill4r l¢%el of 7i°ts. Annual funding updates of th- SCh￿￿e are catTied u51ll8 JfrfwDxirnate 3cliwi31 teChnIquL￿ rather thjn member bv InLYKb calculatlQn5 and will therEfore prod￿￿ Lhe 5ainE results a5 a full aLliwial i'aluatiOD. Hoi4eNer. '.hey iTrill pro%'ide a bi( Indi¢aiKbll ihe financial prosiKS% of ihe S¢￿ Si￿¢¢ rhe kn fill ￿81￿￿K)n. th¢ folk)winkT re13te ￿ the fi¥mial ￿l￿arIaL luatiLM 30ScptLYI)iL7 ￿14. The riTranc￿l UTKkrlying the val•atioTra5 al JOS•b¥r 201. &sfollowo". Inieslnent relutn pre-relircincnl RPI cpi ThL futuri. >¢ThI￿￿' LiinIn1￿Ll￿$ rJlj iKYTr drrfj if tlK i'aiualh)n ixbmi (Yut in prnctiL¢ thib allctn ol.i0nlrib￿I0￿5 %hollk]bc %uftKicnl l)cllrnitM￿ ￿1c¢￿t11rIihj 3l 1029. p4e 27

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST INOTES TO THE FINANCIAL STATEMENTS (CONfiNuED FOR THE YE4R EIN'DEJ) 3J.4[,IGI..ST2022 25 (Conti￿llEd> Th¢ TrnsiiTrn ti)r yiwr rLTLJLThts 1h¢ cit"£7(b.469{2D21 L26.469) Thv year t￿1 £17.438 &ttuert in twii of t(yn1nbu(￿￿S io ihi% 5£h¢mc. I￿"hm￿d In thi% 1% a fixed mtsnihl> atr.Outsl of£i.Li9, being tl.Ol¥ in re5peit of a￿1¢1[ tl 17 in re5P¢Ct of admini5ty11iNe ext￿5¢5. From I S¢o¢mber !V21 the filed mont￿) anmxini h&4 Increas￿ ￿ 11.572 LlJ38 ib respeu ofdelicil thrthnis aThl £1.%: irt resp￿1 otadminisiraiii.e eX￿lS¢S. In acci)YEt?nie ￿11￿ FRS 1¢12 h&t yw1$￿ a ljabilily intt441Klll its Ihc&fi¢il. rn£¥%uMI ai cl)￿ and includ wJihiNoihcrctrdilots. 0￿. liAg I￿￿ C4YtlOJltn￿oTS iK¥5¢¢ Ai i￿.[L￿1￿8￿Td dail 1￿c￿￿O01 ful￿￿ I￿￿￿. ￿V[lit￿lS WKlLtK)n-tu￿cIIsbk rwraiin¥ IL%S¢%. fall fDlhM.' 2022 2021 Within Dne 92_5 35.952 y!_f BctivcrNlwts 3fi.877 27 EweDtsftÈr thè ￿p￿ti￿bE date ftLYthe balat￿. daic. Ill￿ I￿¢da￿a￿.ThCschth)l yin¥ ihr¢Wi thL riLxruJlingp a Ilcl Te2cker. Rebttd prl!' lrnnsArtilln5 DuTinE the the 51kn1 eTrter¥d into thefollowinE5tran5th0Th5 with ￿LI[￿dpa[kne￿.. DuTin[ they￿￿ of£28.b7bl2021." £18.lIH)￿￿￿ M￿[k￿￿ Gardw Limited. a [￿npanY in which Bryan M￿khAn7. a Direc10r of LiKtyn Sch￿1 LiJAidivho on Sernkr2021. haiac4)ntrolliiig interest. There isarl arnouni £￿ed lo A4atkhar.IGat4ies Limited 01£5.781 12021". £3.7?4) I￿lu￿ In I￿￿tredItO[S￿t Ihe )ear e￿. Thechildren ofststl'aiid irU￿teS ma>. aneThJ t￿s(IN￿)L In such irusttt5 rAJ'5cknI fee5 ai ihe stsThlard raies akailable 10 311 parents. bDlslatTJnetnbet5 rnay receive afee tEm155ional an Jgreed rate. During thevtdr eth_"?l A￿U51 2021 expense5 totalling ￿ere reiinbU￿0[ paKldi]wilv to I Ern￿et. Expen5e5 relale to Ira%el and ￿atiL￿{2O2J". £3ts1 was trirnjutscd to 3 Intercompan> ba￿￿eS￿l the yeart￿ wetr115.20112t)?1". I12.5¥4Iowed bv Lwton School Limi￿ and E7.fy2%12D21". £10.5541 D￿ed by L￿0￿ Irierna¢ional Limiied. Ai eharit) 0￿rd Ll 74D)￿ IOAlph khtsoL5 HoJdiNg Litnitot prfe 21

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST INOTES TO THE FINANCIAL STATEMENTS (CONfiNuED FOR THE YE4R EIN'DEJ) 3J.4[,IGI..ST2022 29 Swb5iliari¢5 rk¢uil% ofthc ￿h￿l.5 wbsidiari¢5at.71 An￿￿51 W22 ar¢ a5 follo￿.. mÈ•futhiÈrtkl# Clam Y• Hèld tsifite DireL Indirttt &Jwl. Luiloo ￿￿nIn￿lir. Hereford%hJre. HRfy 9PN LUCIM IniLYNti4))Ml S¢￿)1% Q¢thnarY %hart I￿.0D Lwion. Leomjn%T¢r. H¢refordshite. HR6 9PN The 3ggtry3teL￿Pj￿l aTrl Tesetvesand [herV￿￿E foithtye3rofsthidrdritsexdudEd frorn c4J]LS01thiion folloM%". tne•f Undert￿kill¥ PrDfiVILosJl L1rnI￿ 161.l&7 C%5b gYwrJtLyI frotD opuatiDwJ 2022 2Q21 Deficit foriheyear IW.i.682) Adjii%1wthi.% frjf.. InvibtlThLlIt inLXYrnI fL'LXlWi'a in STdlcnii￿T￿)rfi￿aThc1￿I aLtiYiI t)el￿¥￿t￿)n inwimwt bl¢ fiiAI I￿) 11)6.638 Move￿Ie￿[S in ￿0[king(￿piLlI". Decre3w'iincrea$el in stL 1lntrii￿trdLrrLz￿ in&-bkniwfi I￿￿(deL.Te>￿el in a¥ditOT> I￿re￿ In defetrgd iNcotne 3¥.730 1495.)54 11 l.Y44) 991.7(rf C*5h ¥fflernt¢d from11th￿rbed bvTr fypeMi•Ns p¥e 29

LucfoN PIERREpoYf SCHOOL EDUCATIONAL TRUST INOTES TO THE FINANCIAL STATEMENTS (CONfiNuED FOR THE YE4R EIN'DEJ) 3J.4[,IGI..ST2022 A￿1)315 nctlthljtvfww &i.11 4u¥y1•21 L35h 3ibank and 7)4 {7W) 55.fi97 B3nk 1373.6991 54.997 I318.￿2) L0an5fdllinba￿ wiihinon¢ yJr LOw15f￿11￿S di￿ ift¢rTrKY¢ Q￿y￿aT Oblig￿11￿￿￿5 undcr fin?nc¢ I.(HA.296 IWI.450) (37.I,J)I (24A.5b71 (l.L)16.950) (1.777.799} 156.373 32 Tr-*dll 5ervlttt prr•vhJod hv athlhor p¥e 311

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