Charlty reglstr&tlDn nDmb¢r 5181176 Conwally Y¢glstradon number lJ2•59659 (EnE]attd Wal￿} LUCTON PIERREPONT SCHOOL EDUCATIONAL TRUST ANNUAL REPORT AND FINANCIAL STATEMKNTS FOR THE YEAR ENDED 31 AUGUST 2023 LUCTON PIERREPOLYT SCHOOL II DUCATIONAL TRUST t￿GALA1¥1D ADMINISTRATIVE IIYFORMATIOI¥4 P Bu&8 AKhaD The Rcvcrcnd Pr¢b¢ndtry M J K￿¢￿ RJ Stattrrsfield Head Teatber Mrs D J M&rte Charlty number 518076 Company rtU￿ber Ir2059659 Prlndpal address Luctoll School Leominsttr Hvr#fordfy'bire HR6 9PN Rich¥￿ Place DobEon SrrvicE5 Limited Gtvund Floor 1- 7 Statioll Road Crawley Wcst Sussex RIIIITr IHT Banker Lloyd8 TSB Bank Pl Aricl HoL*e 2138 Covew Road Sheldo B26 3JW Solldtor8 HEwi8on Clark Rickcrby8 Solicito Thor￿ Hou 29 Broad Str¢¢t Hcrcford HR4 9AK LucfoN PIERKEPOIYT SCHOOL EDUCATIONAL TRUST CONT[1 NTS PAg6 Statementof trustees WDwibilities t]￿ep￿￿te￿e &wtitoVs report Statem￿tof fjllattclal activitie8 Baianee 5hcct io Stateme]rt of c&8h tlows Notes to the ritW￿la1 statements 12-29 LUCTON PIEIUIEPONT SCHOOL KDUCATIONAL TRUST TRusfEES REPORT UNCLUDING DIRECTORSt REPORT) FOR THE YEAR ENDED 31 AUGUST2023 Th¢ pr¢s￿t th¢ir qllnufjlreport fin8ncial Stat¢thr￿ts forthE yc4r ended 31 August2023, The fit￿￿14[ strat¢m¢nts have been prepared IL aC￿rd￿¢¢ with the wounting poli¢ie8 sot out in notc I to th¢ finattcial 8ttttem¢nts and comply WAth the $¢hwl's ￿￿￿0[andu￿ and arti¢le& of u550ciatioll, the Conwies Act 2006 and "A¢eounting and k¢￿rtillg by Charities.. Statement of Kecomnjwded Prnctice applicable to charities preparing their 4¢¢0unts a¢eordance with the Finattcial ￿e￿rtstig Sta￿d￿￿ applicoble in the UKand Republic of freland (FRS 102). lefft¢tiv¢ l J4nuary2019). Obl¢¢tlves #¢llvttks To prDmots and pmide for advanttmetst of thratlon of cbildr¢JJ iu th¢ Uttited Klngdom and clswherc, ￿ educaiion to be desi￿d t£) give & 80und reii8ious and mornl by3is to all pupil Beyond the t¢a¢biag of traditional academic subie¢ts and SOTne vocatioThal qu8Jifi¢Ations. pupil¥ ar¢ Wie¢t￿ to develop in the broadest ¢du¢atioMI scnsc. prcwrin8 them for adult life in an ev¢rTh¢hBn8ing wotld. In addition to aGthi¢ and C4￿lfri(u1ar exr¥IlN￿, school seeks tt) prtsvide aware4￿sS of te£knologi¢d advall¢¢mcnt and enviroJJm¢ntsl i&8ucs. thereby equipping pupils all incroasingly 8lob•l sdting 5 thcy tr￿s￿li￿tt on 2dMlthood. The stratsEies employed to a¢hiev¢ the ¢horiVs aim5 alldobjeetive8 attd to $upw¢ lony¢m goals aTE Io: Provide actllent t￿hin8 tbrough thc ￿c￿ltMellt atld tytention of higb-qua]ity classr￿￿ practitioners at all age Tang AdoptaI￿proMole bigh stand￿th of iKh8viour amongstlhE pupils. IDculeAte a euli¥r¢ of intsgtation between local and0￿rS￿5 8ttTdents. Enh8ttce the nur5try provision to provid¢ h¢althy muniKrs entering the school ￿ ¢he ug¥ 415. (nY¢st in the staff and support self-iinprovement by providing iDs¢t trasnithg and ￿tidillg EXterJMI courses. Improve the facilities offtratthe sch(K>l. CoAgorve and impruve th¢ building of the s¢1￿01. IDtroducc the benefits of the 8chool to a8 wide au aud1¢w￿ as pos811)le. incLlldins over5W tDthts those in the UKwho mightnotb¢ able to afford WJ irtdepondetst school ethi¢atsoD. Bith¢r directly, or through ccrtain Mem￿[6 of Staff, the school hold$ memb¢rship orth¢ association of Goveming BudieB of Ind¢p¢nd6nt School8 IAGBIS), th¢ Independent School CowJ¢il IISC). The Indcpcndcnt 8choo18 AsBociation (18A).T Boarding Schoo18 A$$o¢iation (BSA). The JttdepBx￿eTrl Schools Bw%ars' A860¢iation ItSBAI and through the H¢ad of the Prep Sch￿)1, tlLe ILdepend¢ntA5sociation of Pw Scbo(bls {IAPSI. providin¥ 8¢¢es¥ to mally and CPD opporttwities for staff, Colle¢tiv¢ly, these orgallisation8provid¢ im[￿￿0 wport, from ¢ouwto policy guidancc and aw[￿1¢ raft of advi¢¢ Success is me&%ured through external &cadeAnic results, piHGe5 secured at ulliveKsiti48 attd oth¢r hisher edu¢atlOll IlJstitution$. alongside othEr1¥&5 ]n¢tsic 4spects. p￿tiCularlY w¢114)¢ing* Public b6nrfit is athieved through the provision of subsidisp41 and fi￿[ plHcB awards to pupi18 oth¢rwi$¢ un8bl¢ to att¢Dd the schwL alollgsidr ptUVi5ion uf th6 aBsets of th¢ 8¢lK>ol for local primary SCI￿oIS atkd the wid¢r ¢tsmmunity* primtirily achieved spirts facilities. Th¢ Dir¢ctOTS of the CompAny present thcir allnual wrt for th¢ y¢Er ¢Nled 31st AuEU8t 2021. togetb¢r with the fiD￿ClaI staten￿nts for the yettr, whi¢h hav6 beett prepa￿d in a¢¢ordanc¢ with Conwany tthw atknl xll comp]iwe¢ with Chatities SOBF (FRS 102}. The trustees I￿ve paid du¢ r¢gonl to guidatLce issued by th¢ Clwity con￿￿]￿10￿ in deGidiDg what Èctiviti&¥ tbE School should AeblcY¢mo#ts #ttd perform#nte DUE to the pH551ll8 of the he&dt¢fych¢r, w¢ unabl¢ Éo providc ￿ up(lat¢d achievcmetts and perfm10ll￿ for th¢ y¢ar. the activiti¢s of the ￿h0o1 llre t¢fie¢ted in thc fllwicial staternents iKIow. page I LUCTON PIERREPONf SCHOOL EDUCATIONAL TRUST TRUSTEES REpoRf (INCLiJDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR EIVDED 31 AUGUST2023 Thian¢lal r¢vl¢w The unreEtri¢ted fimds of the School ore &t n¢gti¢ivB £1,911,559 (2￿22. Nesotive of £845.538) with restricted standiug Ht £11.07712022: £11,077). Goingconcern The trustees ￿ satisficd that the 5thwls' operating c89b thw8, ¢Xternal faciliti&q and agr¢em¢nt with Alpha sch￿18 Ire suffici&itto ￿￿tthe $¢hotsl8 day to day working ¢Apitsl wuir¢m¢nts. R&yernagpollcy The resewe$ poli¢yi5 to suslaittfuodittgl)¢twe6A r¢8erYe8 held debttts ettsure the ongoing xtiViti￿ of th# ¢hority. MoJorTrtskf The board of t￿￿tee8 is r&y>JJsible for the management of th¢ risk5 fml by the gr0￿p. DetaileA ¢on$id¢TAtion$ of risk are thIegat￿ to the Senior Monag¢m¢nt of the school. Risks are identified, 88Be8sed and I￿)nt￿)[S estFblithrd throughout the yew. The trustees have A t15k managcmenl strat¢gy which compris¢8'. - w antwal review of thc risks the charity may face. -the establishment of $y$t¢m$ and procedures tomitigats those risks idcntificd in the plan,. and - the impleD)ent4tion of prLKedur¢8 desigt)ed to minimis¢ pOt￿)tial impact on th¢ ¢lMrÉty uhouldthos¢ riBk8rnatthiaJise. The Senior M8TJ8¥tm¢nt Te8￿1 ensur¢8 that th¢ ochool ¢ompile8 with atl r¢levaTLt Icgislation. Thi8 procoqs Is also n￿)nitOred by the tT￿￿te￿ through termly repots provided by the Head Teach¢r aT)d the Bursar. a8 well a8 throu8b individua] Trust¢C8 taking P)D8ibi]ity for thin key areas. Tn]8tec subcomtJ]ittffs alBQ el￿ thot th¢ areas within th6ir r¢mSt niaint&in IWI compliajhce The mo8t *ignific&Mtiisks Identified ￿ as follows; l. Th¢ ollgoillg impact of the Elobal p8nd¢xni¢ in both ed￿￿tional alld fiTwicial tenu& 2. Fcs affordability* Particuldriy forpartll?ts b￿ed ill th¢ lo¢al catshm¢llt ar¢4L 3. Thc ability to attract pupils frmn overse￿8 wbi18t trav¢1 r¢Btrictions colllinue to be impts*L 4 Continuing finan¢i41 pr¢8sure being appli￿ tbrough ¢¢ntral sovcrnment poliry and1056 of clMritabIeb￿lnesS rat¢ rauetions. Tbrougkn thc risk mana8ebLelltproce55ey ¢stsblished for th¢ s¢hoDI, and thc groupi the Trnstees are satisfied tbat the major tisk$ ideJLtifiedhave been ad¢quatsly mitigate4J where n￿e&S&ry. for future periods AS Luclun SL'hovl Shan8hai pass￿ the thr¢¢-figurt piipil roll ill 2020121, Tntstees look *￿ead to the op¢nin8 of Lu¢ti)n School ChDttgqing in g¢ptcmber 2(r22, providuw ¢v¢ll stronger links with (%illH, as well as generatillg 8dditionAI r¢v¢nues to 8iiPPDrt th¢ ch￿ttY in the UL A]ph& S¢knoDI'5 connections in China and Hong Kon8 wJl aim to bring gr¢atGr bcn¢fits from thi8 ¢sthbli8JKd Joittt y￿(￿￿¢ projec¢. A￿hth S¢hoa15 workit]g with the Heod have th¢ followio8pl8ns in placE.' - Alph&kave aIready ij]ve5ted £55Ok of its OWD mon¢y into the School to keep it open. This Shows hu8e ¢ommitrll¢nt atxi b¢li¢f to thc School. - By w¢ttittg Lucton'8 Cost b&fe attd twtUfAI wa8thgc, as well L8 the redundatw of thinistrutive roles (now cov¢r¢d by the Alpha Centr￿ support team), step5 hyvr fjlreadybeen in improving Lucton and developing finan¢iol stability. - lft ordcr to improve Lllcton's it is necegjary to ¢onsAd6r a nJulti-faceted approach that iitilisey the exiBting assd8 alld thngtbs of th¢ school. Wlth th&qe IA mittd.Alpha's aims forLUCto￿ are: l. To Incre￿ pupil numbers in cl•&5￿.. 2. To Amprovetbe 8ehTrJl's FFE (Full Tim¢Fee Equivalent) percentage 3. To improv¢ bowrding jwtnbers. by duubli]]g thesc in three y¢arp¢riod Thtst¢eB I￿k gknead to th¢ opening of I￿￿¢0￿ Scbool, Chongqing in 86ptembcr2(Y22, providittg evtn liuks with Chin&, well as gen¢ratillg additional revenu¢6 to support the ¢harity in the UK. Alpha S¢hool'8 con1￿￿10￿5 in China Hong Kong WAII &im to bring 8rea*r beL¢fits frojn this tstablithedjointventtwe proje¢L ge2 LUCTON PIERREPONT SCHOOL EDUCATIONAL TRUST TRUSTEES REPORT (IIYCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2023 Strllckng goverDaDC¢ alld m8nAgemettt Lucton PieAf¢pDnt Educational TiuBt Limitd 1$ & ¢ompany linited by 8uar&ntee SO￿L￿ed by its Memornndum and Articl¢8 of AB8ociation dated 11 July l986, revised in 2013 alld on Nov¢tllber 29th 2021. It 18 a r¢gi8t¢r¢d ¢harity with the Charity Comn)i85101L The tmst¢e¥ who are also the directorn for the purpo8¢ of Company law, w]w served d￿]ng the yw alld up to the date of signature of th¢ fLThanci￿ stHt¢ments wff¢'. P Bus8 Th¢ Rcv¢rendPrebendary M J Kneen R S Sh¢rrey RJ Ststtetyficld OiNi8nrd 8 OctDbtr 21Y23) Recrultmén¢ ffjdoppoinlmentofirwie Tkne appointrtt¢ntofth¢ InTStees is mwage41 by thclx>aTd kn m4iftt&ina strong alld ¢ffe¢¢iv¢ blend of profession41 And lay skills to ensure robust and informcd governance. From N0Ven￿er 29th 2021, when the school became part of the Alpha SGkools Clroup, Trn8tee llumb¢r8 were redu¢¢d kn ninc to fivw with ihr¢¢ Alpha nomTnated Gov¢rnor8 joining two retsiyheil ¢XiBting tAth S¢hool Gov¢rnors io Fomi th¢ board. Th¢ chairn￿n or o noinittthd substiiule WAIL be the trys[￿$, r¢pr¢sQDtativa8 with AGBIS, tlLeAs8ociation of Govern1￿g Bodies of IndepeJ)d¢ut S¢hool& alld will be trspon￿￿1e forke¢pillg up to date witb bpxt pt¥ti¢o and cascadiJJ8 th¢ knowledge (lown to f¢llow tTuth&%. OrydnisorlonttlfylrKclu The fLdl board (euDly and ther¢ are thre¢ Su1￿0￿MIttee￿, on¢ ¢overlTrg Educatio14 one cov¢r6 Woll Beit)g & HR and the third 15 Thc Restsur¢￿ Coinmitl¢¢, which includes all fjnanrial lljatters. The tYuste¢s appoint a Headteacher to ana8e the dAy-t(thy operatioJ$ of the School. To f&ililat¢ etyective operations, the l.Ieadteacher has delegllt¢il authority, within tsrn)$ of delegation appTvv¢d by th¢ tllL%t￿, for op¢ratioJJal nvLtt¢i% illrluding fiJMnK anploytnenl atmt academic performance rclatcd activity. I￿￿tr¢S orth¢ school are also Directors of the sub5idi&ry entities. udltor Ill accordatKe with the companvs artic1¢5, a r￿Olutiott prop08iThg that Richard Plar¢ D(bbson Servicos Lllnited IK re4ppointed auditDr uf thf [￿Ywill be put ot a Gen<￿] Me¢ting. Dffi8elosyr¢ of Infonllatffion t• Alldltor Each of th¥ itUSt£¢s has cofftfinlled that th¢r6 is R)0 illfomwtion of which thry ar¢ awa￿ which is relev8n¢ to the audiL but of which th¢ guditor is uttawar¢. Th¢y bav6 ¢ur(h¢r ¢onfirJn¢d tbaL they hw¢ tak¢n approprAate 8tsps to identify such relcv3Dt information a￿1 io establi$h that the auditDr is 4war¢ of such infomjation. Small Conq￿lES, rK¢n]ptions have be¢th applieA whenprepArtng thiB Dir¢ctorf8 Re￿. Th¢ trustees re￿rt was wproved by the Board of Tnute&8. PBus8 ThTStee Date:.. LUCTON PtERREPONT SCHOOL EDUCATIONAL TRUST STATEMENT OF TRUSTEES RESPONSIBILITIES FOR TBE YEAR ENDED 31 AUGUST2023 The truste¢&, who also th¢ dittctors of Lucton Pierr¢tKknt Sthool Edu¢ational Tru8t for th¢ purw)se of ¢ompAfty law, ar )upibl¢ for preparing the Trustres Report alld the fiDanci81 $tat6m¢llts in accordance with applicable l&w a￿1 Unitcd KI0gdo￿AC¢Oullkng st￿￿j￿rds (United King(knm (iellernllyAcc¢pted Ac&ountillg PracticE). Compatty Law requi￿ the tsugtees to pw fIt￿￿claI styknn¢nts f￿. eacb fi￿anCial year whicli give a true and fait view of the Btate of Aff*ir8 of the school and of the Incoming rtsourc¢s and applicatton of rGgouth. illcludin8 the inLome attd ¢xperLdxtur¢, of th¢ charitablc company for that year. In prepariL8 these fllLEttcial statem¢Jty the trLTBtCes are requird to: - select 8Uitabl¢ accounting poliri¢6 and the￿ apply them co￿￿18tentIy,. - observe the n￿th(th And prtnciples in th¢ CIMitie5 SORP. . jwJ8wnents ¥nd cstimates th&t areTeasothle Wy1￿￿denl and - w¢pare the fInatici81 stat¢m¢JLts on the going ¢on¢ern b&%is wn1￿$ 1¢ is inappropriste to pre$utne that the sch¢)ol wiIl ctsntinue ID O￿latIOn. The trvsts ar6 re5PO]]8ibl¢ for ke¢pitig adequat¢ a¢¢ouThLtiw recorth tha¢ dis¢los¢ with r¢asonable 8cwwy at olly time the fitwncial positioll of the 8chool and ellable them Lu ensur¢ that the rmo￿la1 st•tsELents cojnply with the Compttllies Act 21X)6. Tii¢y al80 fC8poDsibI¢ for saf6gLwrdin8 th¢ ￿5¢ts of th schixbl athl henG6 for takiDg re&8i>n#blE ¥ty for the prevention d¢t¢¢tion of fraud and oth¢rirregU1￿Jti¢& page4 LUCTON PIERREPONT SCHOOL EDUCATIONAL TRUST INDEPENDENT AUDITORIS REPORT TO THE TRUSTEES OF LUCTON PIERREPONT SCHOOL EDUCATIONAL TRUST 1)1sdAlmer of Oythlon We were ens&8¢d tts audit the fmallci￿ itAtsmellts of Lurton Piett¢wnt Education Th]st (the Charitable CompaThy), whith compri8e the 8tst¢meAt of fJn8n¢ial 4dviti¢B, the balaDc¢ sheet *nd th¢ Cash flow Etatements )8 a¢ 31 August 2023. and notw to the finEm¢ial statemcnts, inclllding a Bumw of ssgllific&Tht *¢Co[￿till8 policies. Wc do not ¢xpr¢u ￿ opiniott on the r4¢¢0mpHnyillg finan¢i41 $1ot¢m¢nts of thB Charitsble Compony. Because of thr 8igllifLcatt¢¢ of th¢ matt¢r5 dcsc¥ll￿d iTh th¢ 11gsis for DistIaimer of Opinion section of our ityurt, w¢ h8V¢ Ilot been able to obi#in suifi¢iETrt appropriate avdit ¢vid¢ncc toprovide a b48is for an Nudit Oplliion on thaqe ststements Bws14 for Dlsthlm¢r of Oplnlon Wc were not appoinied auditors of th¢ Cba¥itabl¢ Company until Lft¢r 31 August 2023. This fa¢t tos¢th¢r wi¢b th¢ death of thc hc8dmgster, ¢hllng¢5 iu pet8oDllel and the iequiremeJ]t to get bGcount8 coinpleled for has meont wr havc b¢¢ll unAbl¢ to Satisfy ours¢lvc8 as to the compkten¢s$, exiBtencc alld valuation of k6y balallces in the fJnan¢ial st#t¢n]¢nts. As a resul¢ of th¢$¢ nMttei& ￿ were uJJable tu dtst¢Kfftino whether ally r*djUst￿¢11ts might have beeA] fou￿1 n¢ces$&ry in re5lKCt ofrccord¢d or utsre￿d￿ bal8rKc5. attd the cl¢m￿ts making up th¢ 814t¢m¢￿t of fInatt¢iaJ acliviti¢s, al￿ $tHtwn¢Lt of cash flows. MAttrlg1 Un¢ert*lnty related to golng ¢on¢trn We drf4W att¢tition tti note 1.2 ill the fm#ncial statallÈnts, which indi¢ot¢s that at 31 AU8￿St 2023 tbc Charitabl¢ Company IMI nei liabiliti08 of £1,900,482 aod nwdt 4 deficit fot the year tJKts ended of £1,066.021. As stated in not¢ I, these ev¢nts or conditions, inth'cats that a Ajjaterial unr¢rtainty exists that rni¥y Cast sigDIfic￿t doubt on th¢ ¢ompaDy's ability to continu¢ as a goitsg ronctrn. Our opioion 1$ notmodifiod ill rttpect of this ￿￿tt¢r In auditio8 thc fitwiciul statallo w¢ bav¢ conclud6d that tlLe diT¢¢tors' use of th¢ going concern basis of a￿0￿￿ting ia the pr¢parntion of th¢ fllIa]￿1al statetnents is approprifite. Our ¢va]iiation of the di￿10￿, assessment of the ¢ntity'8 abiiiiy to contittue to adopt the going coDcem basis of accounting includcd confjrmittg that banking faci]tts¢s remAiLed place for at least 12 from the dat¢ of si8nittg th¢ financial st¥itements aod r¢¢¢iving confiTmati0tt8 from # ¢onncctcd paty that they would continue to 5UPiX)rt th¢ ¢h￿￿tabl¢ company in p&yiJJg all of it5 debts as they fall due. Our rcspon8ibAlitie8 at)d tb¢ r¢Bponsibilities of the d]r￿rS witb respc¢l to 8OillB (X}￿¢￿ ar¢ described ill th¢ r¢lev#mt Ecctiofys of this irport. Othtrlnfnrrnation The otb¢r ittfoTJnation coftJpri8eB the inform￿J0￿ It)c￿ded in th¢ anlluRI T¢￿t other than the fitwn¢ial statcmcnts &nd our auditoV$ reykrt thcrcon. Thc tttJstee4 4r¢ Tespons1ble fot th¢ oth¢r information cotttttiftyd within th¢ allnual report. ODr opinion on thB financiaj statem¢nts d0¢5 not (x>ver the other infomthtion wc do ttot expre95 any forni of concl￿rOn there4fft. Ollr r¢8pon8ibility 1$ to read th¥ (rthttr information wid, in doing so, consider whether the other iDforotstion i$ materi8Ily jJi¢on8i8t¢nt with the fjnanciai statsments or our knowledg¢ obtained in tho ci)urse vf Ih¢ audit, or otherwi8e app￿S to be materially misstated. If w¢ idcntify such nmterial in¢ong15tcDci￿ ot appomit mknrial Ini55tat￿llellts. we twe required to whether thi8 8LV¢S rise to a material mis8tut¢ment in th¢ fjnancial statements thcm8elveé. I£ b&sed on the WO￿ wc have perforjned, w¢ ¢onclude that tthere i% &m%terial Flli55tatetnent of this oth¢r ittfotmatl0￿ we requited tD r¢port that fa¢L We Ixvenuthing to re￿)rti￿thiS regar {￿terS on whlch we are requlred tstr riwthrt by exceptlon Wc have Mthing to wort in reS￿t of th¢ following matters in ￿latiOrt to Ythich the Chatitiw {A￿o￿nts tULd Repokts) Regulation$ 2(K)8 twuir¢us to teportto you rf, in our opinion.. the information giv¢D in tht fithancial stutrmcllts is inconsi$t¢at in ally mat£rlal te8￿ with the tm$te¢s report or sufficientaecouniiLg r¢¢ords have not b¢¢n knpt,. or th¢ f]llancial slat¢m¢nts ar¢not in agreem¢nt with thc ar￿Until}8 records. or we have not received all the ittformalion and explandtions we requi￿ for ouraudiL pa8¢ 5 LUCTON PIERREPONT SCHOOL EDUCATIONAL TRUST INDEPENDENT AUDITORIS RFPORT (CONTINUED) TO THE TRUSTII ES OF LUCTON PIERREPONT SCHOOL EDUCATIONAL TRUST Responjlbllltles of tr￿￿e1 As cxplained more fvlly Ill tILe Statement of trustees rewts5ibilities, the tsv8t¢es, who alBO the direciors of the 8¢tkn)ul for tl pwpoge of Company law, are resp0ti8ible for the prcpttrntiots of the r]natt¢ial 8tat¢m¢nts for beiThg Èatisfiryd thal they giv¢ a ttue and f￿'r view, and for suLh internaj control as Ihc trustees detstmin¢ 1$ necc&wy to enable the prepaTatioll of finan¢ial tem¢Jts that arc free frtsm nThteria] mi5$tat¢m¢llL whether due to frnud or error. In pr¢pwing the firhancial Stat￿nents, thc are responsible for &￿sSIDS th¢ 8¢1￿01,$ ability to ¢Ontin￿ 45 a going ¢oty¢¢m, di8¢105ing* as applicable, matter4 rvlated to goiDg coJJ¢¢m alld using concern basis of accouTktillg uJJles8 th¢ 1rn5ttts cithcr Antend to liquidate th¢ C￿￿1t￿ble ¢ompany or to ccase operationE4, or haveno realisti¢ a]tcrnative but to dv so. Audhor's resp>nslbllltle& forthe the Illlanda] StAte￿ellts We have been appointeAI as wditor under 8editn 144 of the Charities Act 2011 and report in accordance with the A¢t 8nd rel¢v&tLtregulations OT having effect thereuttder. Our responsibility is to condu¢t w wudit of the aJwitgbl¢ Company's fin￿￿1￿1 slatements in accordw with Inte￿tio1MI Stsndwrds otLAuditing and to i8su¢ Ill auditor'$ ryiyt. However, becau￿ of th¢ m&ttcrs dc8cribed in the forDisclaimcr or Opinion section of our r¢poKL we W￿E not wble to obtaitt suifI¢i¢nt appropriate audit ¢videnc¢ to provide 8 bL8is for an audit opinion ott th￿¢ fi]]allciaJ Btatements. WE are independent of the Clwitabl¢ Con]pany in accordattce with the ethical requir¢ments that are Iclevant to ow Audit of thc fu￿￿1￿1 Statements in the United Kingdom. alld we have fulfilled our oth¢r ethieal respJttsibilitie8 in ac¢ordDttc¢ with these r¢quirem¢nts. The exteDtto which ourpTo¢edure8 wable of detecting iyreguJaritie4 including ftaui is dctailed below. We have enquiriEs of ￿￿￿￿emen( and directors, regardti￿ the wocedures r¢lating to id¢ntifyin& evaluatllW &TLd ¢omplyingwith laws and r¢gulations and whett]¢r they were awar¢ of any instancts of I￿)n-￿MplianCW. 2. dthiing and r¢8wJding to the risk8 of frAud and wh¢th¢r thry bave knowLedge of any actual, 5Uspe¢tcd or alleged 3. the illternal controls #thlislled to mitig&ts ri8k8 related to fraud QT non-wrnpliallce with laws and r6gulatiolls' Disc￿](￿ amon8 the eJJgR8emcnt regardiDg how wh¢r¢ fraud might occur in the fin￿la1 stat¢ll￿￿LS and SLY potentiAI Indi￿t018 tsf fraud.A8 Part of thiB dl8cUB8iO￿ we ithntificdpotentiAI sigtiifii¥ntK£sks forfmmi its th¢ foll(Fwing anx8.' l. Management ov¢rride of the controls iti place The a￿dit eng4g¢ment tealn iderLtified th¢ risk of management oveftide of control$ 49 the area where the fina￿la1 slatcments were tnogt SU￿¢ptIble to mat¢riaL miutat¢ment due to ft&ud. Auditpro¢¢dutts planned Incl￿ted, but wetr not lirnitcd to testittg tThanual journal entrie$ attd other adiustments ¢valuating th¢ busine* Fationale ITL re14tiott ¢0 any $igDifjcanC wM5ual transactions aDd trnst￿tIOns oftÉer￿ into outsid¢ of the ]ll)rn)￿ ¢ours¢ of ￿81￿￿8. 2. R¢v¢tsu¢r￿g￿itiOAL Audit pro¢¢d￿ planned inGlud¢d, but w¢re not limited to performing walk thr￿ tcsts kn identify th¢ COJLtml prOc￿l￿re8 ID placc and once an uDd¢rStan￿ of the pupil fee income recognitJon p￿￿e$S WAS obt4intAI. subsfalltive pro¢edur¢s to b¢ carried LUCTofi PILRREPONT SCHOOL EDUCATIONAL TRUST INDEPKNDENT AUDITOR'S REPORT (CONTANUED) TO THE TRUSTEES OF LucfoN PJERREPONT SCHOOL EDUCATIONAL TRUST 3. 130iDg conc¢rn Anoth¢r sigrtifjeallt wk identifi¢d by th¢ audit ett8agemellt team WA9 going concen), as a rnult of failing pupil ttumbets and Ti8itJg c05ts.. In order to wt th￿ the accounts b¢sng pr¢pgxed on the going cvnceni basis was ¢orr¢ct the following testtilg was piwJt￿I.. Obtaill and T￿l¢w txshflow foreC￿ts aDd budgets for a period through to 5uly 202S. Obtsin ond rev16w m&nagcmcrJt ounts for futur¢ p¢iAiJds up to the datc of si8ning orth¢ Iwunts to teview ￿lin$t bwigets and id¢ntify any further fimdiD8 i5SU¢S,' t¢view correswnthnG¢ with th¢ bat)k regarding th¢ir willitt8ne88 to continue providing banking facilitics., Obthining a letter of 8uppor4 up (o date monag¢m¢nt attd yeaL 6nd accounts from Alphr4 S¢hry)18 to collfjrm lli¢ir Willin8[￿58 and ability to contiTru¢ to 5UPPOrt the sth￿L 4. t4WB and regulations The audit ¢nBagett￿nt team Id¢￿tifIed law8 And r¢gulations as & signifL¢aiLt risk lo orthr to teBt that th¢ finaK¢ial statements were not Tyjaterially misstatcd through fraud or ¢rror arssing from a br¢Kli of laws and regulations, thB lollowing testing pro¢edure8 w¢rE pl$m￿d. A review of w rw6nt re8uIts is8ued by ISI (Tndependent School8 Inspcctoratsl; review of Ctsryespondence from legal advi8W£ to look for evid¢llGe of bre8che4 rcview of bo8rd to identify aThy brea¢h¢$ itt laws alld rcgulations. 5. Valuation of property The a￿tt engage￿¢llt team o1$0 identified the vaEuatioJ] of wopety as a $18Difi¢ont risk. tn ordrr to test that the valuation of pn)tKrty pcr thc acciwnts 18 Valu￿ teasonably* th¢ following proc¢dures w¢r¢ pl4[￿￿,. a visit to th¢ sGhool premis¢s to ￿lY￿e indRL¥¢ion$ of irnp&irmettt,' r¢vi¢w di)￿li0￿ to any piof¢ssioJJal Yaluation Analyse property mBtht to ideL(ify poteotial indicAtioos ol'impaiTmEIIt of the $¢hool prorKty. A furtber dcscription of ¢)wr¢8ponsJ7)ilitse8 IS 8vailabl6 on th¢ Fin8nciai Reporting Counthl'8 website ai: httP8Jlwww.fftr.org.ukl auditorsre$pon3ibilities. This d6soLipti(It) foMJJ8 partof our auditoi's reporL iJ5e I￿r report This rwrt is made sokly to thr charity's tr￿te¢s, a¥ a b(rfly. in Accordanc6 with port 4 of tbe aLariti￿ (Accoullts at)d R¢port8) RwiLation$ 2008. Our audit work has been imdcrtakcll so tIMt we might State to th¢ ¢haritys trustee5 rnalte￿ we are requircd to st&t¢ to them in auditovs wort and forno other purpv%. fu the fullest Ext¢nt perniitted by llw, we do not sccept or z&8urne rtsponsibilily tsi llttyone other than thc ¢b9rily and the clwity's tr￿te£S a8 &IMMJy* for ow &udit wort forthis rcp or for the opillions wt h&ve fomtrAI. 3 December 2024 Rlch9rd Place Dobsom S¢rvl¢eJ Linthed Chartered AeefyUnt￿t$ Grollnd Iloor 1-7 StatioTh CrgTvI¢y West Sussex Date RHJII IHT Richard Place DobsoTh Services Limitd 1$ ¢lisible appoint￿Ent as a￿ditOr of the 8¢hooi by virth¢ Df its ¢li8ibiliry for appointn￿￿tAs auditurofa CoMp￿Y l￿d¢r8e¢lI0n 1212 of tIL6 Lompani¢sA¢t 21K)6. page 7 LUCTON PIERREPONT SCHOOLEDUCATIONAL TRUST STATEMEIYT OF FINANCIALACTIVitTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST2023 Currnit tknAnolaly¢ar U￿r￿trIC￿d fund¥ 2023 RestrIot¢d fund8 2023 Tofil Total 20LI 2022 tntomt frorn: DonatioN and 1¢8a¢i¢s bl¢ ac 36 36 54,974 2.635,546 2SI220 2,635.546 251,220 3,065,897 31)7.485 Othcr educwtional income Other trading activitie4 TtyV6Sttn￿ts 14,472 14,472 28,603 117 Totalkncome 2,901274 2.￿1274 3,457,076 Expelldlture on.. Raising C]Jarit4bk activities TakeaVw￿laÈ￿ expeD$e8 17,198 3950.097 17,198 3,950.097 75251 4,055,696 Totsl expendIture 3,967.295 3,967295 4,262,758 Nrtexpendliure mov¢meMt kn hnd8 {I,(h56,iY21) (l,(￿6,021) (805.682) ReconclU¥tivTh of funds: Fund balalle￿ at I September2022 (845,538) 11,077 (834,461) (28.779) Fund halances at 31 AyKu5t 2013 {1,911,559) 11,077 (1,900.482) (834,461} The Stat￿llent of fin￿da1 aetivititt iD¢luda8 all gain8 and 108ges recognised in the Y￿r. All ityttAJtne atsd expendityr¢ dcrivo )ni coJ)tiTLUillg activiti¢s. page 8 LUCTON PIERREPONT SCHOOLEDUCATIONAL TRUST STATEMENT OF FINANCIALACTivrrIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR EIVDED 31 AUGUST2023 Prlor fln*DeiAI yeAr Unrestrlcted fund$ 2022 R￿trAct¢￿ fiLnd8 2022 Total 2022 In¢omo fmm.. Donauon8 attd le￿1(￿$ arita Fres Oth￿ ¢thcational in¢¢)me 54,974 54,974 3,065.897 307.485 3.065,897 307,485 Othertradtng activitie8 Investm¢nts 28,603 E17 28,603 117 3,457,076 3,457.076 Expendllmre on: Raising fund Charitabk a¢tiviti¢4 Trk¢overre]8￿I ¢xpeDS¢S 75,251 4.035.696 131,811 75251 4,055.696 131,811 Totsl tXpendI￿re 4261758 4,262,758 Net theomo thovement IM fulld$ (805,682) 1805,682) RocoJL¢illatloD of thlld¥: Fulld bajanccs at I Sept¢rnbor 2021 (39,856) 11,077 (28.779) Fund bal4Dce¥ at31 August 2022 (845,538) 11,077 {834.461} PH8¢ 9 LUCTON PIERREPONT SCHOOL EDUCATIONAL TRUST BALANCE SHKET ASAT31AUGUST2023 21n3 Notos Flxed a55¢t$ T￿ibl¢ as#¢ts I￿V￿(j￿ents 14 15 3,239,039 166,743 3,317950 166.743 5,405,782 3.484,693 Current A5￿t5 Debtors Cash &t bankADd inh&lld 16 316,157 672,267 24 316,157 672291 Cr¢dltor8: fgjllllg due wlthln OME year 18 14.628,150) (3.807,974) Nét chirreDt ll#bSlllleg {4311,993) (3,135.683) Total assets Iw8 crnt IIAbllllles (906,211) 349,010 Crelitor8: amounts hlllng after ￿ore thali ono year 19 (994,271) (1,183.471) Net 118bllltks (l,9￿,482) {834,4611 Th* funds of the srhoDI R¢¥tritikd it)cotn¢ fimd$ Urw¢strictedfuThds 21 11,077 {1.911,559) 11,077 1845,538) {1,900,482} (834.461) The company IB etttiti¢d to t￿e exemption from the audit rcquir¢m¢tst colltained ill 8￿ti￿ll 477 of thc Companies Act 2006, fi>r the year eNl&l 31 August 2023, 41though an auditkn% betn carria out under section 144 of th¢ CharitiesAGt2011. The directots acI(twleJ8¢ their rewn8ibiliti¢s for cotuplyitsg with th¢ r¢quirements of tho Companie¥ A¢t 2006 with re8￿t to accountit]g￿ord¥ aAdth¢ pr¢paratiollof fuja￿la1 stalem￿. The tn¢mheTh hAV¢ not r¢qUir￿ th¢ ¢ompaDy to obthill an audit of its financial st8tements urndcr tb¢ rquirem¢nts of th¢ Compallie8Act 2(K16, for the y￿r in qut8ti()n in acL0rdai￿C with section 476. These finHttoial statemeTht8 have be¢n pryared in aCcoTdat￿£ ￿1th th¢ provssions appli¢2ble to coInpmi¢8 fjUbj￿t to the 8rnall Companies r¢gim¢. Th¢ fiThanrial 5tatrnts w¢r¢ approved by the tNstc¢s on........ P Bu&8 Trustee C￿Y tY8istratlon numlxr tr2059659 {EnglaThd andwales) pttge 10 LUCTON PIERREPONT SCHOOL EDUCATIONAL TRUST STATEMENf OF CASH FLOWS FOR THE YE4REJVDED 31 AUGUST2023 2023 2022 Noteg CA5h flows from optr*tlng 4ctlvltles Cash s¢tt￿￿d from OPEr#Lions 29 I05.089 155,525 Inve$thhg aedvltlcj Purcha5¢ of tongible fixcd lkncecds fromdiswal of tangiNc fixed 928¢ts lllv¢stsnent r¢r¢iv¢d {3.145} 576 731 117 Net {Nsed knVg*nerated from Investtng aedvItle8 (2.569) w¢tlvfitLe8 RqMyrn¢llt of bgJ)k loan8 Payment of fi1jarncelea￿ obli88ti¢) (41,IM) (210.037) (64,8461 (36,530) Net used irt f￿4￿Cl￿g actlvltl¢s (251,181) (101 J76) N¢t (deer¢a8¢)Ilwr¢a5¢ In ¢ash Alld cash eqU￿lent¥ (148,661) 54,9 Cash wd cash ¢qUTvakThts 8tbe8iDniJJg of y¢&r (318,702) {373,699} Cigh and equlvY41ents It end of ye4r (467,363) 1318,702) RelatI￿g to: Cash atlAnkand inhand Bank overdr&fts included in ¢rcditors payable witILiO one year 24 {467,363) 1318,720 pag¢ll LUCTON PIERREPONT SCHOOL EDUCATIONAL TRUST NOTES TO THC, FINANCIAL STATEMENTS FOR THE YEAR kNDLD 31 AUGUST2023 Aetountlni p•]Idei Charity infnrmAtI* Lu¢l¢m Pi•r¢poni S¢hool Edu¢atiwal Tryst is a privat¢ ¢omplllly limited by gDaralltee incotpoTrtod in EDglarnd and W&leA. Th&reB]St¢￿i r>ffi¢e is IA￿0￿ ScJLCrt)I, IAWtoJJ, Leominst¢r, H¢r¢fordshir4 HR6 9PN. 1.1 Aceouotlni conveDtIo The finallcial slattmcnts have beon prepared iD xcordance with th¢ $cb(Kbl's M¢Jnorandwn and Arii¢les of AssociatiM, the Cojrpanies Act 2006, FRS 102 Financial Reporting Standard applic&blc ill the UIC and Liepubli¢ of Ir¢land" ("FRS 102,) and the Ch8riÉi# SORP "Accounting 2nd Reportios by Charitiss.. Statomcnt of ReCOll￿nded PThctice aypli¢abl¢ to Gharltiespr6Pating th¢ir ac¢outhts ill i¢¢ordan¢ewith th¢ FinAn¢i￿ R¢poitin8 Stand￿1 applicablo the IJK and Rybli¢ of Zr¢land (FRS 102)" unt. th6 ¢myitt8 all￿Ullt of the &8$¢¢ 18 rcduceA to itg recoveri)ble atnoiinL An impairmentlos5 is rewgniscd inhrnediately in the inc0ind¢x￿odItyllE for the year, unle8s the relevaiit oset is carried at ta rev8Ju¢d all￿￿llL in which ¢&8e the irya1rn￿￿t loss 15 tr¢utsd a8 a revaluation PAge 13 LUCTON PtERREPONT SCHOOL EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIYDED 31 AUGUST2023 Accountkng pl￿5¢1 (coDtI￿lled) 1.9 Ca•TrA eask eqllfval¢nts Cash d cth ¢quivalents include cash inhend, deposits held at Cojl with bank8. other shDrtrl¢nn liquid investments with Origind TnaknitieB of thr¢¢ month4 or l&%s, and bank ovudraft8. Bank ov¢rdraJts ar¢ 8hovrn withln borfowings in ¢urrefLt liabiliti¢5. 1.10 l0%trn￿ellts The sch￿1 ha8 tlec*d to apply provlslons of Section 11 'Ba8ic Fin￿181 In8ttwnents' Al￿ Section 12 '0th¢r Fit)wKia] Jnatrumcntg 188ueB' of FRS 102 to &ll of it& fiJwwia] irL8tt7rnts. Finallcial I￿%trUM¢nts are rcwglli8ed in the s¢hool's bal¥￿e 8he¢t whEn th¢ school 1￿MeS pxty to tILe ¢onts*etu¥J Provisions of the i1￿tru￿¢￿t. FiD8n¢isI assets liabilities ar¢ offseL with the net 8mounts prcscntcd ill the fJnaoGial 6tst¢m¢nt5, when thetr is a legally entorceabieKi8ht to set off recoun1¥￿ amounts and ther¢ is an int¢ntioD to 5Cttle Oll a ba8t$ or to r¢alise the a55etand settle th¢ liabllity 5irnultsneoll$ly. Ba8ic f1tt4n¢ia] 4s5¢ts, wbich include debtors cash batsk balan￿, are initially measured at traDsactiOll PTiG¢ iwludiL8 tran8aCtion costs and w¢ Subse(￿entlY c8ni¢d #¢ amortised cost using the eff¢¢tiv¢ inler¢st mcthod uDLts8 the 2ryoos¢ni¢nt con8titute8 a fJnanGing transaction. whet¢ th¢ transaction is meAsuT¥d ut th¢ present Yalue of th¢ future receipts di8COUllted at a marketrate of ittt¢resL Flnancial a&￿ts cla&sifiEd TeC6ivable within one y¢ar ar¢ not attLOrtised. Bttslell#4ttdollwébilil¢ Basic fjnaneial liabi]ities. ittluding ¢[￿lt￿r& alld bank loan$ are iThitiaJly reco8ni8ed at trItt￿tIon pice unles8 the aM￿￿tillent wnstitutes a fjnwitsg txansaction, wher¢ Ibe thbt in5tnunwrt 18 me8suryl at the pr¢6ent valu¢ of the thturc )ym¢nts di5GOUllted at a tyrk¢t rate of int¢r¢8L ¥iDHuC1￿ liabiliti&% tl&s$ifi￿I fjs payabl¢ within one yetr not amort15ed. Debt IJ)strwll¢nts SUbs￿lle￿IlY ¢anied at amortisdctsgt, USlJl8 the effec4ive inlerest rat¢ metho Trade creditors obligati0tt5 to pay for goods or serYicc4 that bave been acquir&l in th¢ ordinary course of operntio]Js from Suppli￿S. Atnounts ￿Y4b1¢ are classified a$ currcnt liabilities ifp4yrn¢nL is within one yw or I￿. If llo¢ th¢y aro presented zs non-curr￿t liabiJiti&%. Ttade cr¢ditors arc r¢Wgnls￿ Initi￿lY at transsctioti pri¢e and subsquentty Me￿￿￿ed &t twrtis¢d cost Ilsing the effwtiv¢ interest method. Derecoxn￿lWi offittrfNrit711thbUI￿¢s Fillancilll liabilities &r¢ d¢r¢¢ogllised wben the schuol's ¢oJ)tractyal obknsations expirc or discharyed or cott¢ell¢ 1.11 Taxat1• The s¢hool 1$ ¢Kempt fro￿¢0￿)0rtttiots tax on its ch8ritabl¢ 8¢liviti¢s. 1.12 Emp]oyet benellts Th6 cost of ally unused Iw)liday ¢ntitlemeTht 18 wgllisod ID thep¢riod in whi¢h th¢ ¢mploye¢'s service8 are rec¢iv¢d. Tem11t￿tIott b¢n¢fkts aTe reco8nis¢d itnmediutoly as an exp¢JJse wh6n thc school 18 domoJJstrably ￿n]￿lItted to the employDwts of all en)ploy¢e tsrto provide tsrmin&tion beathts. pag¢ 14 LUCTON PIERREPONT SCHOOL EDUCATIONAL TRUST NOTES TO TIIE FINANCIAL STATEMENTS (CONTINUED) FOR TIIE YEAR EIVDED 3JAUGUST2023 AeeoundDg pollde5 (Continued) 1.13 Retlremtnt b¢n¢llts T¢¥chtng it9ff The School ¢ontribute8 to the Teach<￿, P¢ngiurn Scheme at the adYi8¢d rates at)d aJ80 makes contributi0118 to A'mon¢y purchase, 8chm¢ for $iipm staff. As It IB not possiblc Éo gLyarat¢ly identify the a%GF8 liabilities of th¢ Tea¢b¢ts' Pengion AgGnGy S¢heme, it j8 ￿coUnted for &8 if it wer¢ a defined contiikn1ti￿ 8Ghetne under FRS 102. Th¢ 8¢liools' contributions tothe scILen￿ ￿ Gharged in he fuwi¢ial stat¢tn¢nts ag tlw aGGTue. For fiLLthcr illfoTmati¢m se6 ￿0t¢ XXX. Support itiff Tho School op¢rnt¢s a p¢nsion Schen￿ for its 8Wrt staff. a defill¢d GontributioJL8 sch¢mc. Contributions payable to the Sthool's defimd contributiQll6 &d￿rne are ch￿ged to the sty1ten￿￿t ofFillHnGial A¢tivities. 1.14 Lex l*a8¢8 Classificd fmartee lea8￿ whenever tbe trrn]s oethe 1¢98¢ tra08fer subatantially all th¢ risks rewards of ownership to tb¢ le&8¢¢s. All other lease$ are ¢lwifi¢d as operatittg l¢as¢s. Assets beldullder finanre leos¢$ are re£ogDis¢d gs ll5￿1% at the lower of th6 09s¢ts &ir valuc at lh¢ dat¢ of inception 9Th1 ihe p￿Sent valuc of thc minimum leo8e paytnents. Thc r¢lit¢d li8bi]ity AS incluthd in the balallc¢ ghe¢L as a finallce le&8e oblig&UOA. Lease payments ar¢ trE4trd as consisting of capital aKd intemt el&n¢nl%. Thc intcreyt is charged to net Inco￿£/(¢XptndltsW¢) for th¢ y¢ar 80 to prducc a constallt p¢riiK1i¢ rate of Int£￿31 on th¢ remaiDiTLg bidync¢ of thB liability. kn¢ts obtained under IAir¢ purchase ctrntracts or financr le4w are capitalL5¢d in th¢ Balance Sh¢¢t. Tknse held under hi￿ p￿r¢￿￿e Contracts ar¢ dEp￿G￿￿ted over their estimY4ted usefvl live&. Th￿¢ h¢ld WLd¢r fJnollc¢ Iwe5 arc depreciated ovor their e8tin&ted u8eful Iivcs or tknc14*S¢ terni whichevcr 15 5borter. The intere81 d¢m¢nt of the4¢ obli8atiotss is ¢harged to the Staternellt of Fillw¢id Acttvitics the rclcvaotperi(Nl Th¢ ewitsl elenKnt of tILC futur¢ payments is treated as a li&bility. Rentats p&id under oper8tiDg le&w ¢bat8ed to the Statcm¢TLt of Fituncial A￿1vitie4 IXJ slraight-lille b￿19 ov¢r th¢ period of th¢ Iras In the application of th¢ school's accoullting pt>li¢ieE. ikn trustees kwe r¢qutied to mak¢ jud8cnxcnts. estiii)•tts ￿K1 ssu]npti0118 alM)Ut th¢ rwtryfft8 amoimt of asy¢ts ond liabilili￿ that arc not readily appar6llt from other sources. The ¢StiTnat&4 And Assotsiatcd assurnpti¢)tya ￿ based on histori￿1 rxwi¢fftce other [￿lOrS that ar¢ co1￿ldered to be releVant.AC￿al r¢sults may differ from these eÉtinJale8. The estimatC8 and undeAyit)g 4ssuE)wtioJJs ar¢ r¢vi¢w¢d on an ongoiThg bA9i$. Revisions to a¢¢ountiog estimatcs are ¥ecogThi%rxl in thc pcriod its whi¢lk the estimate is r¢viseiE where the revision Hfftcts ottly that PEri¢i or in th¢ period of th6 r6viyion and thture peri￿5 whwr the reviBiOll affects knttl ¢utt¢nl and fvttir¢wiod8. Crftluljudgements U8efxl ecollomi¢ IiYe$ Ibf trdnglble ￿5¥ets The aD]wai (t¢yTwi4tion chaxges for th¢ tangible a88ets are seDsitiv¢ to challg&8 IL the e8timated usefvl ￿OnoMIC li￿6 d residual Valu￿ of the assets. The economi¢ lives r¢sithfftl valucs are reA8$essed ￿￿￿u&lly. They arc #m¢￿d￿ wbe]k nec￿ary to ttfle¢t ￿￿re[￿t cstimatrs, bwd on Lthlogical a(fvancemenL ecouomic utilisation. and the phyii¢al¢onditton of the a56ets. Iwp41nllentof debto The ￿h0o1 makes an thimAt¢ of the recovwRbl¢ vdue of fee debtors, trAd¢ and othcr d¢btor8. When aSB¢55ing the itnpairmenl of debtora, managelnrnt con8ider8 factorn inrSudiD8 the current ¢ttdit rating of th6 d6btor, the ageing proflle of the deblors historical cxpori¢n¢e. page 15 LUCTON PIERREPONT SCHOOL KDUCATIONAL TRUST NOTES TO THK FINANCIAL STATEMENTS {COIYIINUED} FOR THE FEAR ENDIID 31AUGUST2023 Crltital Aceountlng e#timate5 and JlldgemÈnts {Cojhtl￿lled) Impglrm¢Jrt of a&%ets And tlw #I$￿￿ent of property vgluatlonl The schotsl has a market valu8tsoD txrformed tvtry tbree yeBrs ajjd thatthe catrying vilue of their assets remain8 low¢r than thc fair vftlue of tho 85S¢ts on thc open m*rkeL and therefore that their is Tho in]paiTm¢nt. Betwe￿1 thr viluatLOllS, managemenl 14 required to review the as8¢ts forin]painneni and thuef¢r¢ ihis remiiti3 anam of jud8emffl As$essment of penjion IIRblMty school 1$ provided with a liability by the pension8 provider, payNbk over the next 7 yeora. The atrtouDt 18 materid 8Nt thcrefi>rc must be diicountd to net present value using appropriate discount rnt£. h1&￿gET￿ent have de¢id¢d tha¢ the most appropriat¢ di6COUlltrate is 2.IY¢, th¢ 6aToe Tatc as thcir curr¢nt borrowings. lllcome from doD8¢lon¥ legacl¢s Unttytrleted funds 2023 UJwestrl¢ted 21122 DonattoJ]$ 8nd8ifts 36 10,989 43,985 30 54974 Grants Kickstart Schem¢ 43985 43,985 In¢om¥ from Charltable a¢dvldes UureBtrl¢ttd funda 2023 Unrestjlrted Cunds 2022 Fee8 Gross fees tKss.' bursaries and oth¢raJlowattca 3,334.862 (699J161 3,744,8tr2 {678,9051 Other ed￿￿tional In¢ome Music. datKe & dram4 school outiD8a and clubs Exami￿tionS and extr& le88on8 Hi>￿e Tidit)8 Hnd stable f¢es Transi Utiifonw aud Other1t￿ 147,429 7.107 l.R53 52.303 42,528 104,825 37.736 25.904 73.079 65.941 2,886.766 3,373J82 PaEe 16 LUCTON PIERREPONT SCHOOL EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUKD) FOR THE YEAR ENDED 31 AUGUST2023 from other tradlng i¢tlvlll¢* Ullr&strl¢ted UnTrTstrlct¢ nsts 2023 21)22 Retstal io¢om¢ 14.472 28,603 Intome from Investme4)1¥ UDrestrktsd Unr£8trl¢ted f￿￿8 funds 2023 2022 Intcrcdtr¢¢¢ivable 117 ExpendlturE funds Unre5trfelwl Ul￿estrI¢t¢d rund$ 2023 2022 Fundrthkng pubmdty Costof raising fvnds 17,198 75251 e17 LUCTON PIERREPONT SCHOOL EDUCATIONAL TRUST NOTES TO THE FINANc￿L STATEMEiYfs (CONTINUED) FOR THE YE4R E]VDED 31 AUGUST2023 Expendlture on ¢h8rltRbk Adfvltles Teaclthig 2013 wdrar¢ 2023 Pr¢ml8e5 Tot 2023 Dire¢t ¢4)sts Staff eogts Dwtr¢iation xlld iLW)ainnent Ots costs 2341588 84,875 61,860 508,975 2,326,463 81,480 965.805 19,620 338.441 118.389 2,359,977 358.061 655,710 3,373,748 Share of Jypport goYerll4nce c￿ts (see 9) Support (3overnance 341.374 61,789 51,794 9375 488,017 88,332 17,168 2,763.140 419,230 767.727 3,950,OYI 2.763.140 4L9230 767.727 3,950,097 Tt#ehln% 2122 Welfaye 2022 Premlses Totsl 2022 2022 Dlrect ￿sts Staff costs Depr¢¢iation 8LdimpairneJLt OttLer costs 2,508,150 94,968 8Q060 415,651 2,603,118 107,315 844,403 212S5 247,005 181,747 2,689,8￿[ 268,260 596.679 3,554.836 Grant funding of activities l$¢eth)te ) Sbatt of support and g￿yern￿ce costs (see Y) Swpport 337.931 41.063 33,701 4.095 74,961 9,109 446,593 54,267 3,068,891 306,056 680,749 4.055.696 Ath•1￿1• by fund Unt¢¥tsi¢td funds 3,068.891 306.056 680,749 4.055,696 page 18 LUCTON PIERREPONT SCHOOL EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EM)ED 31 AUGUST2023 Support eoits 4110¢4ted tu aetlvltl¢s 2023 2•22 Sthff costs oih¢rsupportcosts (lovernaA¢¢ C08ts 151,614 336,403 88,332 169,644 276.949 54.267 576,349 500,860 ANaly8ed betweell: T¢abhing W¢lfor¢ 403,163 61.169 114017 378,994 37,796 84.070 576,349 500,860 2•23 2022 GoverMan¢e eosts comprffille: Auditfees A¢¢outtsncy Leg81 o1￿ profrs8ion81 21,346 23.421 3,827 26.985 34 66,986 88,332 54267 Govem8D¢¢ Costs include8 p8yments to the auditor of £21.346 (2022.. £27,248) for the preparntion audit of the school'8 onnua] accounts. 10 Net movement in 2021 The n¢trnovcmenl in fuTLd8 is stated aft¢r£h￿￿llgUCraitith$). Fe¢$ VF)y•bl¢ for the auditof the charity's fmollGial statsments Depreciatiott of ovrncd tatt&ibl¢ fix¢d assets 21.346 81,480 23.421 107,315 Non¢ of th¢ tsnstees {or ally p¢t#>llS Col￿tEd with tkn) ￿e[v￿ any re￿￿eration or i%llefjts from th¢ s¢hoo1 duTing tkn year. During th¢ yAr, EID expens￿ w¢rr rciml)ursed Or￿la directly to any of th¢ trustees12Q21.. £34 tts l knJstee>. pAgo 19 LUCTON PIERREPONT SCHOOL EDUCATIONAL TRUST NOTLS TO THE FINANCIAL STATEMENTS (COLYTINUED) FOR THE FEAR E]YDED 31 AUGUST2023 12 Employees Tb¢ averaEe monthly nullth¢r of ¢￿p10ye¢S durin8thgyearFas: 21123 Nuthbor 2Q22 NumI￿r Twhin Support and ancill 70 31 73 33 Tot81 101 106 Employment costs 2023 1022 Wllgeé alld sa]ati So¢ia] $e¢urity ¢08ts OtherpBn&ion costs 2.119,567 193.831 164,679 2355.818 216,422 2￿,522 2,478,077 2,7T2,762 Th¢ numlxr of employeeB wh05¢ annuHL tattuneralioll was rnor¢ £60.￿0 is follow8.. 2023 Nmmber 2022 Nurnber £80,{K￿. £90,000 £ioo,ooi- £1 io,Ix £110,001- £120.000 Rel￿￿￿￿¥thIn of key mAnagement personnel Th¢ ￿[Mu[¢￿tIon ofkey managellLent pusoxjnel wtt% Ls folLows.' 2023 A88re8at¢ compeD8atits 136,529 219.466 Key Inanagen￿￿tperSOnJeI compri8cd thr Headt¢fyG]w and tbe Bursar. 13 Tr%atlo The charity 51 ex¢￿￿1 from taxatioll 011 Lts activiti¢sb#8us¢ all ffits inc•Jn¢ is 4pplicd forcbaritable pwe& pBg¢20 LUCTON PIERREPONT SCHOOL EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE FEAR ENJ)ED 31AUGUST2023 14 T4nElblo tlxed AS*tts FTeeWd IAMd a￿d FlxlurE5 MfjtDrYqhld¢ ulp]ncnt Cos¢ At I Sept¢mb¢r2022 AdditioJJs DiS￿s&I8 2.842J70 416210 1,088203 3,145 (576) 388.869 4,735.852 3,145 {5761 At 31 Augu5t2023 2.842570 410,210 1,090,T32 388,869 4,738,421 D¢precIatIo￿ Alld ffimp*trM￿t At I September 2022 Dopreciation charged in the ycar 81383 29,460 60200 16,320 942.426 16.080 333.893 19.620 1,417,902 81.480 At 31 AUg￿t 2(r23 110,843 76,520 958,506 353,513 1,499,382 CHrrylng amount At 31 August 2023 1731,727 339,690 132266 35,356 3,239,039 At 31 August 2022 2.761,187 356,010 143,777 $4,976 3 J17.950 15 FIKed a4sd Investments (hher IDYe8tments Cost or At l 8eptemb¢r 2022 & 31 August 2023 l66,743 C•rrylng At 31 Augu￿ 2023 166.743 At 31 AuEvst 2022 166.743 2123 2022 Notes ILv¢5tmeThts ID sub8idiars¢8 166,743 166,743 page 21 LUCTON PIERREPONT SCHOOL EDUCATIONAL TRUST NOTES TO THE FINAIYCIAL STATEMENTS (CONTINUED) FOR THE YEAR E]VDED 31 AUGUST2023 16 Debto 2111 2022 Amounts f•lllng dM¢ wlthln on• yeAr. Trad¢ debtots ATnounts owd by f¢llow 8roup Wmlertaknigs Otherde￿or$ Pr¢p&YM￿ts a¢¢nwl in¢ome 270,844 20.000 587,814 22,83D 19,251 42.372 25,313 316,157 672.267 I￿ludedwith1￿trad¢ debtors Is # provi8ioll for b￿ld¢b*S toialliThg £43,697 (2022.. £20,995) 17 LO*￿% and overdrAtts 2023 2022 Bank ov¢rth&ft8 BaDk loalls 467.363 1,051,543 318,726 1,092,687 IJ18,906 1,411,413 Payablt witlllnonc y¢ar Payable after one ye4r 524,635 994271 374,463 1,036,950 lttluded witbin baok loBJJs ille: A bank I￿rt with Lloyd8 Bank on l May 2019* rq)&yabl¢ by monthty in8talm¢nts. Th¢ int¢r¢st ￿te on the loan is fix¢d at 2.IOA aktyve the base ratc. A Boutt¢e Ba¢k lom of £so,(K￿ C¢)MmeD¢i￿ on 7 May 2020, repay4bl¢ by T2 monthly repaymL4nts at 2.50/0 fixed These loans were securedbythe following.. AfJr8t le8al clwge ov¢r th¢ fr¢¢holdproperty oethe 8dMNFI. Afjrst legal ¢hArge over th¢ ¢qu¢strim lami Owned by tb¢ subsAdiary. An unlimit¢d d¢benttre from th¢ 5¢hool. All unli]nited debenture fromLucton School Limited. An unlimitcd all nM>nies guarantee trorn the subsidiary. 22 LUCTON PIERREPONT SCHOOL KDUCATIONAL TRUST NOTFg TO THE FINANCIAL STATEMENfs (CONTINUED) FOR TRE YE4R ENDED 31 AUGUST2023 18 Crethtor8: arAouThts fallln¥ due wlthln om¢ yo 2023 21122 Bank loaNs at)d ov¢rdrth ObliwAOTh$ urnd¢rfJnance leascB Other taxation and Soci￿ security Def¢r[￿ ittcon Trade creditors Othcr creditors Awruals 17 524,635 374,463 63,516 95,167 914,544 235,224 2,074.066 J54,738 988.410 325,820 2.634.547 4,628,150 3,807974 19 CTedlt•r#: 4moNnts fglllng due After more than one yur 21￿3 2022 Bank loalls Obligations utth finanrL IcRs 17 994,271 1,036.950 146.521 994,271 1,183,471 2• Deferred In¢oD 21U3 2022 Arisin8frorn school fee& def￿red 988,410 914,544 D¢ferreJ incomo is inCl￿ded itt the finan¢ial ststements as follts 2023 2022 Deferred in¢om¢ is induded within.. Current liabilitie4 988.410 914544 Movement8 in the y¢ar: Defe￿￿ ill¢OJlle at I September 2ff22 Relewd from pr¢vious PKIL Resourc&8 d¢f¢r￿j irttbe year 914.544 (914,544) 988,410 596,671 {596,671} 914,544 Dcferred ill¢om¢ at 31 August 2023 988,410 914.544 page 23 LUCTON PIERREPONT SCHOOL KDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUKD) FOR THE YE4R ENDED 31 AUGUST2023 21 R&strlcted full Th¢ restrictEd fi]nd8 of the ch￿lty eA)mpri8e the ￿eXp¢￿ded balan¢es of donatioDs and grants h¢ld on tr￿l subject to spcciflc cO￿lt10n$ bydonor8 as to ILOW th¢y may be u8e(L At l 8tptemb¢r At 31 Augu51 2•22 2023 Portraitof the foundu dottat&l to sclwol 11,077 11.077 Prevlolls year: At I At31 August 202A 2022 Poitrail of thc found¢r doTw¢dto sclMM)I 11,077 11.077 Th¢ puTpos¢ of the restricted fulld of £11,077 IB to hold and maitttsin tiic Pithit trf Ihe Founder for the thturc bwtfjt of the schopl. rf%iriction was KDwos¢d by th¢ Charity CoTll]nission whcn thc ch￿lty a¢qllired the portrait from th¢ ¢haritablt or8aDisationpreviously rcspon8ible for the SCI￿01. Umrestrleted fllllds The unrestrictEd fundK of the charity comNise the uttxpended balanc￿ of donations and grants which are not 8ubj¢¢¢to ifi¢ conditiot]8 by dollors and as to how they may be used. These include desigllAtsd fimds which h•v¢ been s¢t asid¢ outof unreétsiGi¢d fvnds bythe tswste&s for spwific purpose& At I Septernbtr I￿¢￿MI￿g R¢sollrces At 31 AM#u$¢ expemd¢d Rcvaluationreserye G¢n¢Tal funds 387,828 {1233,366) 387,828 {3,967,295) (1299,387) 2,901274 {845,538) 2,901,274 (3,9672951 (1,911.5591 Prewlou•y¢4r: At I Septemb¢r 2021 IDcomittg res•urces Re*Our￿ At31 August expended R¢vlltua¢ion re4¢rY¢ Geaetal fiwd$ 414,101 (453.957) (26273) 387.828 (4,236,485) (1.233J661 3,457,076 (39.856) 3,457.076 4,262,758 1845.538} ge24 LUCTON PIERREI powr SCHOOL EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIYJ)ED 31 AUG'UST2023 of#et asvts b¢tw¢ell funds Unrestrl¢ted Restrlcted fund* 2023 Totsl 2023 At31 Augult 21123: Tangiblc Inveslrnt￿tB Current aSSe￿(lIabilItieS} tA)Dg tsrni ]i8bililieB 3.227,962 166,743 14.311,993) (994.271) 11,077 3,239,039 166.743 (4,311,993) 1994.271) 11911.559) 11.91K>.482) Ullrestrkted Restrlc¢ed fnnd8 2012 2122 2022 At 31 Augwt 2022.. Tangiblr a&8ets ILv¢8lm¢nts Cutyent a55¢ts1(liabiliti￿) Long term ItabiliiieB 3,306.873 166,743 (3,l35,683) (1.183,471) 11,077 3317.950 166,743 {3.13S,683) {1.183,471) 1845,538} 11,077 (834,461) 24 Pettslisthtomml¢meth• The School p￿tiCIpate￿ in IhE T¢acbers' Petision Sch¢me {"the TPS") for its teaching 8tsff. Th¢ pension charge for th¢ year itJ¢ludts ¢oJJtributioti& payable to the ITS of £264.585 (2022.. £392,051) atxl * th¢ Ye￿ elld £15,619 was wued in re¥p¢ct Df contributioti8 to this gcheme. The TPS 1$ unfi]nded tnulti-¢￿p1oYer d¢fjned b￿erits peJJsion 8ekneme gover￿{ by th¢ Trachers, Pensions ReguJ4tion$ 2010 (as am¢ndedl a￿d The Tea¢herB' Pcnsiott Schem¢ Tegulatioll5 2014 (a8 mknded). Members contribute oil &'pay as you 80, basis with Colltributiou from menthcr8 ond the ¢Tnployer beittg ￿ed￿tea to tb6 Exchequ¥r. Rdirement lld otherpellsiou ￿rits are paid by public funds provided by Parliamenl Tho empluw colltiibutiots rAts i5 set by th¢ Seiyetary of Ststs following schejne valuation8 ulld¢rtaken by the GoverntnentActhary's D¢partsnellt. The tnu$t Tec¢nt actuarial valuatioTh of the TPS was pr¢pgr¢d a8 at 31 Mardl 2016 the Valuatioll Rq)ort, whi¢h was pllbliSh￿ iii March 2019, ¢DllfLllncd thai IhB ttmpkiy￿ contribution rJt¢ foT the TPS would inctYab¢ from 16.40A to 23.60A from I SeptembGr 2019. En]ploYE￿ are also wuired to pay a scheme admiDistsxtion l¢vy of O.OWo gtvitsg a total t￿plOYeE cojjtributionrnle of 23.68¢/0. Th¢ 31 hlarch 2016 Valti&tion Reix)rt VTJ5 prepared in A¢¢ordAllce with tke betxefitS S¢t out An the 8¢]U￿¢ regulations and under the approach SPLxified in the Directions. as they applicd &t 5 Marth 2019. Howev¢r, tts¢ 1wu￿p1lonS WE collsidcred #nrf 8Bt by the DepAtimet]t for Educitioj) prior to th¢ rnling its thc 'McCloudlSerg¢4ttt c￿.. This has r¢qiiirel thc wurts t¥> tonsid¢r ca￿S r¢8ardiug thc inwlem¢ntatton of the 2015 refortu¥ to tho PubliG S¢rvi¢¢ P¢tL8ions including theTe¥h¢rs' Pen5j(Ml$. page25 LUCTON PIERREPONT SCHOOL EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMKNfs (CONTINUED) FOR THE YL4R ENDED 31 AUGUST2023 Pemshn rommitinents (Co¢)thiued) orn 27 June 2019 the 8uprnne Court dcnicd thc govtmx)Jent p¢nnission to app¢&l the Court of App¢&i's judB6ment that transi¢ion&l provisions introduced to the refornied pen5iOD sth¢mes 2015 gav¢ lis¢ to unlv4wfi]l ag¢ diRcrimination. The 8ovemTn¢nt is rc¥ptctiJJg thc Courvs de¢isioK •nd h88 s&id it will eiigage fijlly with th¢ Employment Tribunal •s well a8 employ¢r and metnbcr rtprcscAtativ¢s to a￿¢£ bow the dI￿riMinatIOnS will ￿ remedaed. thB yov¢mm¢nt a￿1￿11¢¢4 on 4 February 2021 that it int¢nd8 to proceed with a defrrrd choice underpin Under which mmhers will bc able to Choose either legacy or r¢fom)¢d Scheme benefits in r6SPE¢t of their servicc during the period bctwe¢n l April 2015 31 MaToh 2022 at the point theybE¢om¢ payabl¢. The TPS is subj¢¢t t¢ 8 W8t cap rnechaDiSm which wa5 Put in place to protrt¢ toxpayers WtiL5t unforueen chpthge s 111 srhEme costs. The Chief S¢¢retory to the Treasury, having in 2018 aDnounc¢d that there would be a r¢view of tbis cost GRp mechanism, irl January 20I9 aJ)twunc¢d apaus¢ to th¢ cost m¢chat]i5m folluwirtE the Court of Appe￿'S nlling in the McCloud1￿¢&￿t case ￿}d and until there is certainty about value of peDSiQnS to employc£s from April 2015 onwatd5. The p4U6e was lifted July 2020, at]d R consultation was lam￿hed on 24 ju￿ oh propos￿1 Chang￿ lu th¢ c05t Gottttol mechanism toUowiD8 a review by tiic Gov¢rt]m¢nt A¢tyary. FollowLU8 th¢ public COTtsultotiO￿ the g0ven￿￿ent acreptcd three key propE>sals r¢¢omm¢ndeAI by thc Gov¢Mm￿t Aduary, alld aimitt8 to implem¢nt tlwe changes in tim¢ for tb¢ 2020 valuations. In viow of th¢ above rnlinES and d￿1910￿8 the &K4umptions used irl the 31 2016 Actuarial Valuation rnay become Inappropriate. In this wjariffj tt valwdtion prepa￿d IL A¢¢ord8ttce with r¢viB¢d benefits and suitabk revised ￿SumptiO￿￿ wouldyield different r¢5Utts those cOn￿ned in thtActiWY￿ ValuatioD. Until tkn cost ¢ap revision 15 ￿Mpleted it is not P05sib16 to mcludc on any fin8n¢ial impact or fuLwr ¢hNng¢s to tlie contribution ratcs of the TPD. Acmpwtd with th¢ valuc of liabilities of £37 njiljion, equivalent to apast service fvnd1l￿ level of 75•/0. A[￿￿al updates of th¢ 8chem¢ ￿¢ carrAed out usiD8 8ppri)xim&te acttwriai ts¢httique8 rather than memb¢r by n￿llber ¢a]oui&iiDtt8 and will tknfi>r¢ not pr(Klu¢e the sam¢ results a8 acluarial Vdluation. However. th¢y will provide a gwd indiL*tiotJ of thc financial progress of th¢ schsnK sincc th¢1oSt thll valuation. thc following noteB rclNt¢ to thg fo￿￿1 actuarial val￿10￿ a6 at 30 Sepknbet 2014. The financi41 a8sttinptions undcr1yitsgthe10stv￿￿Lti0￿as at 30 Sq)t¢mb¢r 2014 were as follows: InveBLm¢lltreturnprtrr¢tircmcnt Inv¢5tm¢ntretum post retire]n¢nt- nojkpensioner Jnv¢$tswitre(urn poytrtirem¢nl- pensioner 3.3• 3.3V Rate of pEn5jOli i]icreBses RPI CPI 22'A The oJy8OXt)g futhre s2rvic6 wntributions bcen ass￿ ond if the Yaluation are borne out in practic this patt¢rn of cotrtri￿tiOn5 Should b¢ $ufYici¢tttto elsmittttte the p4St servAC¢ defi¢itby 31 Au8USt2029. pa8026 LUCTON PIERREPONT SCHOOL EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR EIVDED 31 AUGUST2023 24 Penslon cornmftments (Cotsthllued) The pensiott charge for tbc year rcprts¢nts thr Schwl's contributions payabl¢ to the sche￿e of £24.071 {2022.. £26.469) and &t th¢ y¢Hr end £17,438 was acGLu¢d in r¢8PeCt of coJJknl)utions to this scheme. tAcludcd io tbis is tt fixed mollthly amowit of £1.829. beitt8 £1.018 in respcct of defIcil amouiits 4nd £117 in respect of 4dmi"Di$tr&tiv¢ ¢xp¢ns¢5. From I S¢ptrnther 2021 the fixed mOAthly ¥mount has itt¢rewd to £1572 being £lJ38 in r¢sp¢￿ of d¢fiGit 4rty)unts QEMI £152 in respect of admini5trativr ¢xpeD5es. accordan¢e with FRS 102 the school ha8 recognised a liknility in relation to the defi¢iÈ m¢asur¢d at amortis¢d ¢ost and inGILuledwRthin other ¢reditorb. 25 Operatlng It￿t commltments Ltsste At the repoiting end dat¢ thc 5Ghool had outstamdllw committnents ts fi]tllre minimwn lessc ullder non- ¢en¢ell8ble op¢r&ting which f￿1 du¢ foIlows.' 2•23 21122 Within one year 925 Events afterthe reportkng dAte After the batsnL% the¢¢ dat4 the Head Teacher of the 8¢kn001 sadly passed away. Th¢ 8¢hwl 8r¢ oThtiy going through the proces$ of r¢¢ruititig arKw HcgdTeacher. 27 Rd#ted p#rty tr4nu¢tIon$ DuriJJ8th¢ yearthe school entered inlo the followin85 transactions with r¢latedp￿rt1ss.' DuriDg the Ye￿ purchas¢8 of £23,030 (2022.. £28,676) w¢r¢ tnade from Markham GaragcE Limited, t compally in which Elryan Markham, & Dir¢¢tor of Lucton School LiMit¥d who r¢51￿￿ on 9tb Septemb¢r 2021, has a ¢ontrolbllg iThtetr81. There is an amount owcd to Mad(Iwn G8rageÈ Limited of £1.70412W.. ￿,781) in¢lud¢d in trad¢ creditoTr &t the y¢ur The ch]Idten of 8t&ff and frustrcs may attend the schoDI. I]] such ¢aseB tru8tees p&y s¢hool fe¢s ot the sta]Mkn x*¢8 available to all par￿t$ but 8taffm¢mb¢rs may rrf¢iv¢ a fec remi&8ion at on 88reedrAt¢. During the y￿￿ ended 31 Awt 2023, no expenses were reimbuwd or paid dir￿tlY to ally of the txustsxs (2022: £34 wa& rcIDthU￿d to I tnbst¢esJ TtstcrcoTnpany bglances at the y¢llr ¢nd wete £llil (2022: £15201) owed by Lu¢ton Sch￿1 Limited £nil (2ff22.. £7,628) OW￿ by Lucton tnlenJatioThil Limited At the ycar end, Ihe sch(Kkl ow¢d £l,896320 (2022.. £1,240,380) to Alpha Schools Holdin88 LimiteAL Th¢ s¢]h)ol was owe4J £20,WO fromTPS Realisation$ 2024. ￿ aswitit¢d ¢ompany, at the balance sheet date. page 27 LUCTON PIERREPONT SCHOOL EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS (COIYTINUED) FOR THE YEAR ENDED 31 AUGUST2023 Det&i1s of the 8clu)01'5 sub5idiari¢5 at 31 August2023 or¢ a8 follow$'. Na￿¢ of lln&rt8klnE Regbtered of b￿￿Ne Class or sbaTe5 beld Yo Held Dlrect Indlr¢¢t LuctioL School Limited Lu¢t4)n S¢hool. E(lu¢4tion Lucton, Leominster, Her¢fordshire. HR6 9PN l.u¢ton IttterLAtioMI S¢]￿￿ LuctoD School, Limited Lu¢too, Otdilmry shat¢s loo.00 Eth]catiOn Ordinary 100.00 Herefordshir HR6 9PN Thc aggr¢8ate capitsl andr¢8¢rvrs and th¢ resuI¢ for th¢ yurof subsid1￿1¢3 cxclud¢d fl￿ ￿$011dation wa5 aB follow8: N*Fne of und¢rt•l(bhg Profitl(L05$) Capltal and Re5erY Luction ScFtt)ol Limited Lucton Illtcrnatiot￿I S¢hoDIs Limit¢d 108.167 (671} 29 Cash generated from operatlo 2023 2022 Deficit forthe y¢ar (1,066,021) (805.682) AdjustllKnts for: tDV¢5trD¢nt in¢oty¢ recognised iti sialement of flnancid a¢tiviti¢S Depttxiation aknd itLp4irmentof langible fixed a&8¢ts (1171 107,315 81,480 Mov¢ineAt8 ill working capital.. (Inue&s¢ydecr¢&8c in sto¢ks D¢crcaS¢l(illo¢￿e) in debk)rs lftrr¢&qt ith thEditOTÉ Ill¢re￿ in d¢ferred 39.730 (495,354) 991,760 317.873 356,110 659.654 73.866 C￿h g¢n¢rfit¢O frornoperathTrn# 105,089 l55525 page28 LUCTON PIERREPONT SCHOOL EDUCATIONAL TRUST NOTES TO THEI FINANCIAL STATEMENTS (CONTINUED) FOR THE YE4R ENDED 31A UGUST2023 31 Analys15 of chxllges Ill net (debtyfund8 Atl S•pt¢mbeT 2Tr22 Ilows At31 Aw8w5t2O2J Cash at bank and ill knd Bank ovrrdr (24) {148,637) (318,726) 1467,363) (318.702) 1148,(01) 1467,363> Inan$ fallin8 withitt one y¢hr Loan8 folling due afrrmor¢ thatt oneye&r Obligations undcr fiJJallcc Icascs (55.737) {1,036.9501 (210,0371 {1,535) 42,679 210.037 157272) (994271) (1,621.426) 101520 (1,518,906) g¢29