Charity number: 528770
LAWRENCE SHERIFF SCHOOL FOUNDATION
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

LAWRENCE SHERIFF SCHOOL FOUNDATION
CONTENTS
Page
Reference and administrative details of the Charity. its Trustees and advlsers
Trustees. report
Independent auditors. report on the financial statements
statement of financial activltles
10
Balance sheet
Statement of Cash flows
12
Notes to the financial statements
13-24

LAWRENCE SHERIFF SCHOOL FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 AUGUST 2023
Trustees
Stuart Baran
Dennis Barnell
Matthew Canale-Parola
Janel Eastwood
Stuart Esworthy (appointed 1 September 20221
Simon Lau
Thomas Legge
Clinton Dracketl lappoinled 8 February 20231
Carol Moor
Teresa Mpofu
Justin Muslon
Kalonga Musukuma
Kulasekar Godavathi Krishnama (appointed 8 February 20231
Rebecca Rees
Paula Whitfield
Charity reglstered
number
528770
Principal Address
Lawrence Sheriff School
Clifton Road
Rugby
Watwickshire
CV21 3AG
Clerk to Trustees
Gillian Beardshaw
Auditors
Crowe U.K. LLP
Black Country House
Rounds Green Road
Oldbury
Wesl Midlands
B69 2DG
Bankers
Barclays Bank PLC
11 North Street
Rugby
Warwickshire
CV212AN
Solicitors
Browne Jacobson LLP
owbray House
Castle Meadow Road
Nollingham
NG2 1BJ
Page 1

LAWRENCE SHERIFF SCHOOL FOUNDATION
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
The Trustees present their annual report together with the audited financial slalemenls of the Lawrence Sheriff
School Foundation for the year 1 September 2022 10 31 August 2023. The Trustees have adopted the provisions
ol the Slalemenl of Recommended Practi￿ ISORPI "Accounting and Reporting by Charities IFRS 1021 in
preparing the annual report and f1nancial slalements of the Charity.
Objectives and activities
Policies and oblectives
The objective of the Charity is for the public benefit, to advance the education of students through the provision
of a sile for a school known as Lawrence Sheriff School.
In setting objectives and planning for activities, the Trustees have given due consideration lo general guidance
published by the Charity Commission relating lo public benefit, including the guidance 'Public benefit.. running a
charity IPB21'.
The Charity strives lo ensure that the provision of facilities is up to dale, thus enabling the school lo provide the
appropriate curriculum and education of students from Rugby and ils environs lo endeavour to maximise the
students. potential. The Trustees are alert to changes in government policy and seek lo develop the facilities lo
accommodate such changes.
Achievements and performance
a. Main achievements of the Charity
2022-23 has been another impressive year for external exam success. There has been a national return to pre-
pandemic standards yel the GCSE progress 8 figure remains higher than 2017, 2018 and 2019. Although there
is no value added data for post 16 the attginmenl figure remain higher than 2019.
There have been changes in the Senior Leadership Team with the retirement of Dianne Halestrap in August
2022. The overall structure has remained the same bul there has been a redistribution of roles and
responsibilities. Tony Bedgood has moved from Assistant headlAssislanl Head of Sixth form to Assistant
HeadlHead of Sixth Form. Luke Brown has been appointed to the SLT with the responsibility for Personal
Development.
The Academy has continued lo grow its Teaching School Hub remit with the added responsibility for Appropriate
Body work from September 2023. This was planned for throughout the academic year 2022-23 with the
appointment of a Deputy Director of the TSH and an increase in the number of admin hours.
A major success lor the school has been the designation as a Co-lead Iwilh Sidney Slringer Academy in
Covenlryl for one of only fifteen national MFL Hubs working with the National Consortium lor Language
Education. The application process ran from November 2022 until nolilication in July 2023. The designation runs
for three years initially from September 2023.
The school continues with ils expansion project and following the compSelion ol the Science building in Easter
2022. The old science labs were refurbished throughout the academic year 2022-23. This has allowed for a
refurbished History. Politics and Classical Civilisalion block, refurbished Art block and an additional MFL room
which doubles up as a small conference room. The Engineering department now has three workshops which has
allowed for growth of the department al both Level 2 and Level 3.
To allow lor this expansion staffing levels have increased and the Academy has been fortunate lo be able lo
appoint specialist teachers lor all roles. This will allow the Academy lo continue lo meet ils objectives and ensure
that the quality of education and standards continue to be maintained.
Page 2

LAWRENCE SHERIFF SCHOOL FOUNDATION
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2023
Achievements and performance Icontinuedl
Another significant success for the school has been the opening of The Griffin Primary School in September
2023. Lawren￿ Sheriff School is sponsoring the Primary School. Alison Hine was appoinled as Headleacher
designate in February 2023 and worked closely wilh Teresa Mpofu lo ensure the successful opening with a full
PAN 0130 in the reception class. The Little Griffin Nursey also opened in September 2023 and this was
recognised as being a significant achievement by the LA. Lawrence Sheriff School continues lo work with Rugby
School lo ensure the legal structures are in place to allow Lawrence Sheriff School lo establish a Mulli Academy
Trust.
b. Investment policy and performance
The Charity's main source of income is from Rugby School which has specific investments held in trusts for the
charity. The Income from these investments is paid in quarterly inslalments lo the foundation with a balancing
final payment made with the final inslalmenl.
Flnancial Review
a. Going concern
After making appropriate enquiries, the Board of Trustees has a reasonable expectation that the Foundation has
adequate resources to continue in operation81 existence for the foreseeable future. The Income from Rugby
School is stable and for this reason il continues lo adopt the going concern basis in preparing the financial
slatemenls. Further details regarding the adoption of the going con￿rn basis can be found in the
Statement of Accounting Policies.
b. Reserves policy
As al 31 August 2023 the value of unrestricted funds was £841,19412022 - £692,184). The Trustees believe that
for the coming financial year the balance on this fund is sufficient for anlicipaled essential expenditure lo
rnainlain and insure the land and buildings, service the bank loans and provide other support lo the Academy
Trust to enable the school to continue lo provide a high standard of education. The Trustees reserve policy is lo
maintain unrestricted reserves ol al least £600,000.
As at 31 August 2023 the value of restricted and endowment funds was £8,283,40712022 - £8.400,0461.
The goveming body of the Academy Trust continue lo invest prudently in the development of the school.
An amount of £113.617 12022 £139,700) has been transferred from the General Fund to the Permanent
Endowment Fund this year lo cover the loan repayments during the year. The balance on the Peimanenl
Endowment Fund represents the cost of valuation of existing buildings and those under construction and
refurbishment costs less than oulslanding balanTrs on the loans after depreciation.
c. Fundraising
Fundraising activities of the Foundation are restricted lo school based activities such as summer fetes and dress
down days. and are not bound by any voluntary scheme. These activities do not involve the use of professional
fund-raisers or commercial participants.
Page 3

LAWRENCE SHERIFF SCHOOL FOUNDATION
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2023
Structure, governance and management
a, Constitution
Lawrence Sheriff School Foundation is a registered charity, number 528770, and is conslituled under a
Memorandum of Association.
All Trustees of Lawrence Sheriff School Academy Trust act as Trustees of the charity. Thus the charity is
governed by Trustees who are all members of the Governing Body of Lawrence Sheriff School Academy Trust.
The Trustees are responsible for running the charity and this is distinct from their responsibility as School
Trustees lo oversee the running of the school itself.
The Academy Trust Is an exempt charity and governed by its own Memorandum and Articles of Association.
The Foundation owns the land and buildings from which the Academy Trust operates and is governed by a
Charity Commission Scheme dated 14th October 2010. An amendment was made lo update the charitable
objectives as of 24th September 2020.
New Trustees receive a copy of the Charity Scheme and founding Act. They are invited to attend a training
session covering governance and strategic vision. They receive copies of the accounts and charity and Trustees,
newsletters. They are also invited lo lake part in internal and external training as appropriate.
The Trustees regularly review the risks faced by the charity, and implement systems for mitigating of any risks
that are identified.
Plans for future periods
The charity will continue lo support the provision of facilities and servi￿$ in keeping with the nature of the
school. Having spent significant sums on the provision of new facilities over recent years, our focus over the
oming years will be on the expansion project for future periods.
The Trustees will continue lo support members of staff through allowances for higher education courses and.
where appropriate, students will benefit from Governor awards.
Page 4

LAWRENCE SHERIFF SCHOOL FOUNDATION
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2023
Statement of Trustees. responslbilities
The Trustees are responsible lor preparing the Trustees, report and the financial slalemenls in accordance with
applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally A¢￿pIed Accounting
Practi¢el.
The law applicable to charities in England & Wales requires the Trustees lo prepare financial statements for
each financial which give a true and fair view ol the slate of affairs of the Charity and of ils incoming resources
and application of resources, including ils income and expenditure, for that period. In preparing these financial
slalemenls, the Trustees are required lo..
select suitable accounting policies and then apply them consislenlly.,
obseNe the methods and principles of the Charities SORP {FRS 102).,
make judgments and accounting eslimales that are reasonable and prudent,.
slate whether applicable UK Accounting Standards (FRS 1021 have been followed, subject to any material
departures disclosed and explained in the financial stalemenls.,
prepare the financial slalemenls on the going concern basis unless il is inappropriate lo presume that the
Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain
the Charity's transactions and disclose with reasonable accuracy al any lime the financial position of the Charily
and enable them lo ensure that the financial statements oomply with the Charities Act 2011, the Charity
(Accounts and Reports) Regulations 2008 and the provisions of the Memorandum of Association. They are also
responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are Trustees al the time when this Trustees, report is approved has confirmed that..
so far as that Trustee is aware, there is no relevant 8udil information of which the charity's auditors are
unaware, and
that Trustee has taken all the steps that ought lo have been taken as a Trustee in order lo be aware of
any relevant audit information and lo establish that the charity's auditors are aware of that information.
Auditors
The auditors. Crowe U.K. LLP. have indicated their willingness lo continue in office. The designated Trustees will
propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by..
atthew Canale-Parola
Chair of Trustees
Teresa Mpofu
Trustee and Headleacher
Dale. ill li12n23
Page 5

LAWRENCE SHERIFF SCHOOL FOUNDATION
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LAWRENCE SHERIFF SCHOOL
FOUNDATION
Opinlon
We have audited the financial slalements of Lawrence Sheriff School Foundation Ithe 'charily'l for the year
ended 31 August 2023 which comprise the Statement of financial aclivilies, the Balance sheet. the Slalemenl of
cash flows and the related notes, including a summary of significant accounting policies. The financial reporting
framework that has been applied in their preparation is applicable law and United Kingdom Accounting
Standards, including Finanryal Reporting Standard 102 'The Financial Reporting Standard applicable in the UK
and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities
preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republi
of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Statement of Recommended
Practice issued on 1 April 2005 which is referred lo in the exlanl regulations bul has been withdrawn.
This has been done in order for the accounts lo provide a true and fair view in accordance with the Generally
Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financia5 stalernents..
give a true 2nd fair view of the stale of the charity's affaiTS as al 31 August 2023 and of ils incoming
resources and application of resources for the year then ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice.. and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable
law. Our responsibilities under those standards are further described in the Auditors, responsibilities lor the audit
of the financial slalemenls section of our report. We are independent of the charity in accordance with the ethical
requirements that are relevant lo our audit of the financial slalemenls in the United Kingdom, including the
Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in
accordan￿ with these requirements. We believe that the audit evidence we h8ve obtained is sufficient and
appropriate to provide a basis for our opinion.
Concluslons relating to going concern
In auditing the financial slalemenls, we have concluded th81 the Trustees, use of the going con￿rn basis of
accounting in the preparation of the financial statements is appropriate,
Based on the work we have performed, we have not identified any material Un￿rtaiNlieS relating lo events or
conditions that. individually or collectively, may cast significsnl doubl on the charity's ability lo continue as a going
concern for a period ol at least twelve months from when the financial statements are aulhorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the
relevant sections of this report.
Page 6

LAWRENCE SHERIFF SCHOOL FOUNDATION
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LAWRENCE SHERIFF SCHOOL
FOUNDATION ICONTINUEDI
Other Information
The other information comprises the information included in the Annual report other than the financial statements
and our Auditors, report thereon, The Trustees are responsible lor the other information contained within the
Annual report. Our opinion on the financial slalements does not cover the other information and, except lo the
exlenl otherwise explicitly staled in our report, we do not express any form of assurance conclusion thereon. Our
responsibility is lo read the other information and, in doing so, Consider whether the other information is
materially inconsislenl with the financial statements or our knowledge obtained In the course ol the audit, OT
otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material
misstalemenls, we are required to determine whether this gives rise lo a material misslalemenl in the fi'nancial
slalemenls themselves. If, based on the work we have perfomied, we conclude that there is a material
misslatemenl of this other information. we are required to report that fact.
We have nothing lo report in this regard.
Matters on whlch we are required to report by exception
We have nothing lo report in respect ol the following mallers where the Charities (Accounts and Reports)
Regulations 2008 requires us lo report lo you if, in our opinion..
the information given in the Trustees, report is inconsislenl in any material respect with the financial
slatemenls, or
sufficient accounting records have not been kept., or
the financi21 statements are not in agreement with the accounting records and returns,. or
we have not re￿iVed all the infomialion and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees, responsibilities slalemenl, the Trustees are responsible for the
preparation of the financial statements which give a true and fair view, and for such internal control as the
Trustees determine is necessary lo enable the preparation of finan￿al slalemenls that are free from material
misstatement, whether due lo fraud or error.
In preparing the financial slalements, the Trustees are responsible for assessing the charity's abi15ty lo continue
as a going COn￿rn, disclosing, as applicable, mallers related lo going concern and using the going concern
basis of account1ng unless the Trustees either intend lo liquidate the charity or lo cease operations. or have no
realisti¢ allernalive bul lo do so.
Page 7

LAWRENCE SHERIFF SCHOOL FOUNDATION
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LAWRENCE SHERIFF SCHOOL
FOUNDATION ICONTINUED)
Auditors. responsibilities for the audlt of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with
the Act and relevant regulations made or having effect Ihereunder.
Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due lo fraud or error, and lo issue an Auditors, report that includes our
opinion. Reasonable assuran￿ is 8 high level of assurance, but is not 2 guarantee that an audit conducted in
accordance with ISAS IUKI will always delecl a materia1 misslatemenl when il exists. Misslatemenls can arise
from fraud or error and are considered m8lerial if, individually or in the aggregate, they Could reasonably be
expected to Influen￿ the economic decisions ol users taken on the basis of these financial slalemenls.
Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures
in line with our reswnsibilities, outlined above, lo delecl material misslalements in respect of irregularities,
including fmud. The extent to which our procedures are capable of delecling irregularities, including fraud is
detailed below..
We obtained an understanding of the legal and regulatory frameworks within which the charitable foundation
operates. focusing on those laws and regulations that have a direct effect on the delerminalion of material
amounts and disclosures in the financial statements. The laws and regulations we considered in this context
were Ihe Charities Act 2011 togethèr with the Charities SORP IFRS 1021. We assessed the required Compliance
with these laws and regulations as part of our audit procedures on the related financial statement Items.
In addition, we considered provisions of other laws and regulations that do not have a direct eflecl on the
financial slalemenls bul compliance wlh which mi9hl be fundamental lo the charitable foundation's ability lo
operate or lo avoid a material penalty. We also considered the opportunities and incentives that may exist within
the charitable foundation for fraud. The key laws and regulations we considered in this context were General
Data Protection Regulation, health and safely legislation and employee legislation.
Auditing standards limit the required audit procedures lo identify non-complian￿ with these laws and regulations
to enquire of the Trustees and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk ol material impact on the financial statements from irregularities. including fraud.
lo be within the liming and completeness of certain income streams and the override of controls by
management. Our audit procedures to respond lo these risks included enquiries of management and the Board
about their own identification and assessment of the risks of irregularities, sample testing on the posting of
journals, reviewing accounting eslimales for biases. reviewing regulatory correspondents, and reading minutes
of meetings of those charged wilh governance.
Owing lo the inherent limitations of an audit. there is an unavoidable risk that we may not have detected some
material misslalemenls in the finan￿al slalemenls, even though we have properly planned and performed our
audit in accordance with auditing standards. For example, the further removed non-compliance with laws and
regulations lirregularitiesl is from the events and transactions reflected in the financial slatemenls, the less likely
the inherently limited procedures required by auditing stsndards would identify it. In addition, as with any audit,
there remained a higher risk ol non-deleclion of irregularities, as these may involve collusion, forgery, intentional
omissions, misrepresenlalions, or the override ol internal controls. We are not responsible for preventing
noncompliance and cannot be expected lo detect non-compliance with all laws and regulations.
A further description of our responsibilities for the audit of the financial slalemenls is located on the Financial
Reporting Council's website al." www.frc.or
.uklauditorsres
nsibililies. This description forms part of our
Auditors, report.
Page 8

LAWRENCE SHERIFF SCHOOL FOUNDATION
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LAWRENCE SHERIFF SCHOOL
FOUNDATION (CONTINUED}
Use of our report
This reFK)rt is made solely to the charity's trustees. as a body, in accordance with Part 4 of the Charities
IAcwunls and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the
charity's Iruslees those mallers we are required lo stale lo them in an Auditors, report and for no other purpose.
To the fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the charity
and ils Iruslees, as a body, for our audit work, for this report, or for the opinions we have formed.
Crowe U.K. LLP
Slalulory Auditor
Black Country House
Rounds Green Road
Oldbury
Wesl Midlands
B69 2DG
Dale.. 19 December 2023
Crowe U.K. LLP are eligible lo act as auditors in terms of section 1212 of the Companies Act 2006.
Page 9

LAWRENCE SHERIFF SCHOOL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITSES
FOR THE YEAR ENDED 31 AUGUST 2023
Unrestricted
funds
2023
Restricted Endowment
funds
funds
2023
2023
Total
funds
2023
Total
funds
2022
Note
Income and
endowments from:
Donations and legacies
Investments
718.909
3,139
718,909
3.139
666,737
354
Total income and
endowments
722,048
722,048
667,091
Expenditure on:
Charitsble activities
467,410
222.267
689,677
694,454
Total expenditure
467,410
222,267
689,677
694,454
Net
incomellexpenditurel
before net gains on
Investments
Nel gainl{lossl on
investments
254,638
{222,267}
32.371
(27,363)
3,352
Net
incomellexpenditurel
Transfers between
funds
254,638
1222.2671
32.371
(24,011)
11
1105.628}
17,9891
113,617
Net movement in
funds
149,010
17,9891
1108.6501
32,371
(24,011)
Reconclliation of
funds:
Total funds brought
lonward
Nel movement in funds
692,184
149,010
7,989
{7,9891
8.392,057
108.6501
9,092.230
32,371
9, 116,247
(24,011)
Total funds carrfed
forward
841,194
,283,407
9.124,601
9,092.230
The notes on pages 13 to 24 form part of these financial statements.
Page 10

LAWRENCE SHERIFF SCHOOL FOUNDATION
BALANCE SHEET
AS AT 31 AUGUST 2023
2023
2022
Note
Fixed assets
Tangible assets
10,074,597
10.296,864
10,074.597
10,296.864
Current assets
Debtors
Cash al bank and in hand
204,743
655,222
291,738
510,614
859,965
802.352
Creditors.. amounts fallino due wlhin one
year
1169,333)
(226, 811)
Net current assets
690.632
575,541
Total assets less current liabilities
10,765,229
10,872,405
Creditors.. amounts falling due after more
than one year
10
11,640.6281
(1, 780. 175)
Total net assets
9,124,601
9,092,230
Charity funds
Endowment funds
Reslricled funds
Unrestricted funds
11
11
8,283,407
8,392,057
7,989
692, 184
841,194
Total funds
9,124.601
9,092,230
The financial slalemenls were approved and authorised for issue by the Trustees and signed on their behalf by..
Matthew Canale-Parola
Chair of Trustees
Teresa Mpofu
Twslee and Headleacher
Dale. Il IIL12023
IJ | Id25
The notes on pages fj3 10 24 form part of these fi'nancial slalemenls.
Page11

LAWRENCE SHERIFF SCHOOL FOUNDATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023
2023
2022
Note
Cash flows from operatlng activities
Nel cash provided by operating activities
13
370,813
218,009
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from sale ol investments
3,139
354
18,857
Net cash provided by Investing actlvities
3,139
19,211
Cash flows from flnancing activities
Repayments of borrowing
Interest paid
1131,3601
197,9841
(139, 700)
(90,888)
Net cash used in financlng activities
1229,3441
1230,5881
Change in cash and cash equlvalents in the year
Cash and cash equivalents al the beginning of the year
144.608
6,632
503,982
510,614
Cash and cash equivalents at the end of the year
14
655,222
510,614
The notes on pages 13 to 24 form part of these financial slalemenls
Page 12

LAWRENCE SHERIFF SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
General information
The Lawrence Sheriff School Foundation is a charity. The Charity number is 528770. The nature of the
Charity'5 operations and principal activity is a public benefit lo advance the education of boys through the
provision of a site for a school known as Lawrence Sheriff School.
Accounting policies
2.1 Basis of preparation of financial statements
The financial stslements have been prepared in accordance with the Charities SORP {FRS 1021
Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011.
The financial statements have been prepared lo give a 'lrue and fair, view and have departed from
the Charities (Accounts and Reports) Regulations 2008 only lo the extent required lo provide a 'true
and faiv view. This departure has involved following the Charities SORP IFRS 1021 published in
October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended
Practice effective from 1 April 2005 which has since been withdrawn.
Lawrence Sheriff School Foundation meets the definition of a public benefit enlily under FRS 102.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise
slated in the relevant accounting policy.
The Lawrence Sheriff School Foundation remains a separate enlily.
The Lawrence Sheriff School Foundation is included in the accounts of the Academy TrLJSt by the
method of branch accounting. The funds associated with the Foundation are shown within separate
and clearly identifiable funds. This ensures that the legal position between the bNO entities is
accurately reflected, whilst giving a true and fair view of the financial position of the Academy Trust.
2.2 Charity status
The Lawrence Sheriff School Foundation is a charity. The Charity number is 528770. The nature of
the Charity's operations and principal activity is a public benefit lo advance the education of boys
through the provision of a site for 8 school known as Lawrence Sheriff School.
2.3 Going concern
After making appropriate enquiries, the Trust Board has a reasonable expectation that the Academy
Trust has adequate resources lo continue in operational existence for the foreseeable future and
there afft no material uncertainties about the Trust's abilily lo continue as a going concern, thus they
continue to adopt the going concern basis of accounting in preparing the financial slalemenls.
Page 13

LAWRENCE SHERIFF SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Accounting policies Icontinuedl
2.4 Basis of accounting with the Lawrence Sheriff School Academy Trust
As detailed in accounting policy 2.1, the two enlilies of the Lawrence Sheriff School Foundation and
the Lawrence Sheriff School Academy Trust are under common control. However, the Lawrence
Sheriff School Foundation remains a separate entity.
The Lawrence Sheriff School Foundation is included in the accounts of the Academy Trust by the
method ol branch accounting. The funds associated with the Foundation are shown within separale
and clearly identifiable funds. This ensures that the legal position belween the enlilies is
accurately reflected, whilst giving a true and fair view of the financial position of the Academy Trust.
2.5 Income
All incoming reSoUr￿S are included in the Statement of Financial Position ISOFAI once the Charity
has legal enlitlemenl to the income, il is probable that the income will be received and the amount of
income receivable can be measufftd reliably.
For legacies, enlillemenl is taken as when a distribution is re￿iVed from the estate.
For donations lo be recognised, the charity will have been notified of the amounts and the selllemenl
dale in writing. If there are any conditions allached lo the donation and this requires a level of
performance before enlillemenl can be obtained then income is deferred until these conditions are
fully met or the fullilment of those conditions is within the control of the charity and is probable th81
they will be fulfilled.
The charity may receive government grants in respect of capital expenditure on the properties it
owns. Income from such grants will be recognised at fair value when the charity has enlillemenl after
any performance conditions have been mel. 11 is probably that the income will be received and the
amount Can be measured reliably. If enlillement is not mel, then these amounts are deferred.
The unresliicled fund includes the income from the Rugby School Eslale, which is payable to the
Trustees of the Lawrence Sheriff School under the Rugby Lower School (Transfer) Act 1906. 11 is
payable lo the Trustee of lawren￿ Sheriff School and transferred lo the Trustees of Lawrence
Sheriff School Foundation. However, lo ensure complete transparency as lo the amount of income,
ils application for the sole benefit if Lawrence Sheriff School and lo be consistent with previous years
il continues lo be disclosed as part of income of Lawrence Sheriff School Foundation. It is recognised
on the accruals basis.
Page 14

LAWRENCE SHERIFF SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Accounting policies {continuedl
2.6 Expenditure
Expenditure is recognised once there is a legal or constructive oblig81ion lo transfer economic benefit
lo a third party, il is probable that a transfer of economic benefits will be required in selllemenl and
the amount of the obligation can be measured reliably. Expenditure is classifi'ed by aclivily. The costs
of each activity are made up of the lolal of direct costs and shared costs, including support costs
involved in undertaking each activity. Direct costs allribulable lo a single activity are allocated directly
lo that activity. Shared costs which contribute lo more than one activity and support costs which are
not attributable lo a single activity are apportioned between those activities on 8 basis consislenl with
the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation
charges allocated on the portion ol the asset's use.
Costs of charitable activities are costs incurred in the Foundation's charitable objects. This includes
all expenditure funded by the Rugby Lower School (Transferl Act 1906 income which is included in
the accounts. Some of the income is being used lo pay ￿pital and interest on bank loans taken out
to fund property improvements.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for ils
charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
2.7 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured
reliably by the Charity., this is normally upon nolificalion of the interest paid or payable by the bank.
2.8 Tangible fixed assets and depreciation
T8ngible fixed assets are recognised al cost, nel of depreciation and any provision for impairment.
After recognition, Ljnder the cost model, tangible fixed assets are measured at cost less accumulated
depreciation and any accumulated impairment losses. All costs incurrèd to bring a tangible fixed
asset into its intended working condition should be included in the measurement of cost.
Depreciation is not charged on freehold land. Depreciation is provided al rates calculated to write off
the cost of fixed assets, less their eslimaled residual value, over their expected useful lives,
Depreciation is provided on the following ba5iS'.
Freehold buildings
15-50years
2.9 Llabilities and provisions
Liabilities are recognised when there is an obligation al the Balance sheet date as a result of a past
event, il is probable that a transfer of economic benefit will be required in selllemenl, and the amount
of the selllemenl can be estimated reliably.
Li8bililies are recognised al the amount that the Charity anlicipales it will pay lo sellle the debt or the
amount il has reeeived as advanced payments for the goods or services il musl provide.
Provisions are measured al the best estimate of the amounts required to sellle the obligation. Where
the effect of the lime value of Money is material, the provision is based on the pfftsenl value of those
amounts, discounted al the pre-tax discount rale that rellecls the risks specific lo the liability. The
unwinding of the discount is recognised within interest payable and similar charges.
Page 15

LAWRENCE SHERIFF SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Accounting policies Icontinuedl
2.10 Financlal instruments
Except for quoted investments, the charity only has financial assets and financial liabilities of a kind
that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al
transaction value and subsequently measured al their selllemenl value.
2.11 Fund accountlng
Reslricled funds represent those resources which may be used towards the meeting of the charitable
objectives of the Foundation al the discretion of the Trustees.
Restricted funds Incorporate all ol the individual prize funds. By order of the Charity Commission all
individual prize funds have been combined into one fund in the accounts. These are..
Lawrence Sheriff School Foundation
Lawrence Sheriff School Prize Fund
Lawrence Sheriff Scholarship Fund
Lawrence Sheriff Leaving Exhibition Fund
The permanent endowment fund represents the value of the property including additions less the
oulslanding capital on loans used lo pay for additions lo the property. A transfer is made each year lo
flecl the capital repayments made on the loans during the year.
Income from donations and legacies
Unrestricted
funds
2023
Total
funds
2023
Rugby Lower School donations
718,909
718,909
Unrestricled
funds
2022
Total
funds
2022
Rugby Lower School donations
666, 737
666, 737
Page 16

LAWRENCE SHERIFF SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Expenditure on charitable activities
Unrestricted Endowment
funds
funds
2023
2023
Total
funds
2023
Insurance
86,587
6,947
274,491
3.903
6,943
88,559
86,567
6,947
274,491
3,903
6,943
88,559
222.267
Rugby Bid Levy
School budget allowance
Prizes
Professional fees
Finance charges
Depreciation
222,267
467,410
222,267
689,677
Unreslricled Endowmenl
funds
funds
2022
2022
Tol81
funds
2022
Insurance
Rugby Bid Levy
School budget allowance
Prizes
Professional fees
Finance charges
Depreciation
93,383
5,000
253,982
5,038
23,896
90, 888
93,383
5.000
253.982
5,038
23,896
90,888
222,267
222,267
472,187
222,267
694,454
Page 17

LAWRENCE SHERIFF SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Net incomellexpenditure)
2023
2022
Audil0rf5 remuneration - stalulory audit
Depreciation of tangible fixed assets..
- owned by the Chatity
3.850
3,500
222.267
222,267
Trustees. remuneratlon and expenses
During the year. no Trustees re￿iVed any remuneration or other benefits (2022- £NIL).
During the year ended 31 August 2023, no Trustee expenses have been incurred (2022- £NIL).
Page 18

LAWRENCE SHERIFF SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Tangible fixed assets
Freehold
property
Cost or valuation
At 1 September 2022
12,075.000
Al 31 August 2023
12,075,000
Depreciation
At 1 September 2022
Charge for the year
1,778,136
222,267
At 31 August 2023
2,000,403
Net book value
Al 31 August 2023
10,074.597
At 31 August 2022
10,296, 864
Included in land and buildings includes freehold land al v81ualion of £1,545,000 12022 - £1,545,000)
which is not depreciated. Tangible fixed assets with a nel book value of £9,468,50012022 £9,672.0001
have been pledged as secuiity for liabilities of the charity. These assets have a reslricled tille.
Prior lo the adoption of FRS102 the freehold property was included al the 1914 valuation of £23,345 with
all subsequent additions being slated at cost. On transition to FRS10211 September 20fj41 the freehold
property was revalued lo ils eslimaled fair value and this was taken to be deemed cost. Al transition dale,
the IreehoSd land and buildings were subject lo independent, professional valuation which was
undertaken by Towler Shaw Roberts Chartered Surveyors. The main school complex was valued on a
Depreaaled Repla￿ment Cost Basis and the sports field was valued on an existing use basis.
Page 19

LAWRENCE SHERIFF SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Debtors
2023
2022
Due withln one year
Accrued Income from Rugby Lower School
204,743
297, 738
204.743
291,738
Credltors: Amounts falling due within one year
2023
2022
Bank loans
Amounts owed to Lawrence Sheriff School Academy Trust
Accruals and deferred income
132,819
321
36,193
124,632
321
101,858
169,333
226,811
10.
Creditors: Amounts falling due after more than one year
2023
2022
Bank loans
1,640,628
1, 780, 175
Included within the above are amounts falling due as follows..
Between two and five years
Bank loans
576,688
539,027
Over flve years
Bank loans
1,063.940
7.241, 148
A term loan facility of £3m was taken out with Barclays Bank in 2009. The loan capital is repayable in
monthly inslalmenls and is secured on the main school property at Clifton Road. £2m of the facility is al a
fixed rale of 6.2557010 repayable by September 2033 and £1m of the facility is on a variable rale of
0.85570/0 over base repayable by March 2023. The term loan is secured on the land and buildings of the
endowment fund.
Page 20

LAiniRENCE SHERIFF SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
11.
statement of funds
statement of funds - current year
Balance at 1
September
2022
Balance at
31 August
2023
Transfers
inlout
Income Expenditure
Unrestricted funds
General Funds- all funds
692,184
722,048
1467,4101
1105,6281
841,194
Endowment funds
Endowment Funds- all funds
8,392,057
1222.2671
113,617
8.283,407
Restricted funds
Prize fund
7,989
{7,9891
Total of funds
9.092,230
722,048
1689,6771
9,124,601
The specific purpose5 for which funds are to be applied are as follows..
Unrestricted funds are available for use al the discretion of the Trustees for the furtherance of the
Charity's objecls.
Reslricled funds represents a prize fund that is held for the provision of prizes,
The Endowment fund represents freehold land and buildings that are pemianenlly endowed. They can be
used for educational purposes al the discretion of the Trustees. There is also a mortgage attached lo the
assets which has been shown within endowment funds.
Pa9e 21

LAWRENCE SHERIFF SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
11. Statement of funds {continuedl
Statement of funds - prior year
Ba18nc8 al
7 September
2021
Balance al
31 Augusl
2022
Transfers
in/oul
Gains/
(Losses)
Income Expenditure
Unrestricted
funds
General Funds -
all funds
633. 727
666.973
(472, 187)
(139, 700)
3,371
692, 184
Endowment
funds
Endowment
Funds - all funds
8,474,624
{222,267)
139, 100
8,392.057
Restrlcted
funds
Prize fund
7,890
118
(19)
7.989
Total of funds
9,116,241
667,091
(694.454)
3,352
9,092,230
12.
Analysis of net assets between funds
Analysis of net assets between funds-current year
Unrestricted Endowment
funds
funds
2023
2023
Total
funds
2023
Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
10.074.597 10,074,597
859,965
1150,5621
1169,3331
{1,640,6281 11,640,628)
859,965
{18,7711
Total
841,194
8,283,407
9,124.601
Page 22

LAWRENCE SHERIFF SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
12.
Analysis of net assets between funds Icontinuedl
Analysis of net assets between funds - prior year
Unreslricled
funds
2022
Restricted Endowmenl
funds
funds
2022
2022
Tolal
funds
2022
Tangible fixed assets
CUr￿n1 assets
Creditors due within one year
Creditors due in more than one year
10,296,864 10,296,864
802,352
(124,632)
(226,811)
(7. 780, 175) (1,780, 175)
794,363
{102, 179)
7,989
Total
692, 184
7,989
8,392,057
9,092.230
13.
Reconciliation of net movement In funds to net cash flow from operating activities
2023
2022
Net incomelexpenditure for the year las per Statement of Financial
Acliviliesl
32,371
{24,011)
Adjustments for:
Depreciation charges
Losses on investments
Dividends, interests and rents from investments
Decreasel{increasel in debtors
Increaselldecreasel in creditors
Interest payable
222,267
13,1391
222,267
(3,352)
(354J
(124,547J
57,718
90,888
86,995
156.2401
97,984
Net Cash provided by operating activities
380,238
218,009
14.
Analysis of cash and cash equivalents
2023
2022
Cash in hand
655,222
510.614
Total cash and cash equivalents
655,222
51 0,614
Page 23

LAWRENCE SHERIFF SCHOOL FOUNDATION
NOTES TO THE FINANCSAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Analysis of changes In net debt
At1
September
2022 Cash flows
other non-
cash
At31
changes August 2023
Cash al bank and in hand
Debt due within 1 year
Debt due after 1 year
510,614
1124,6321
(1,780.1751
144.608
131,360
655,222
1132,8191
11,640,628)
1139,547)
139,547
{1,394,1931
275,968
{1.118,2251
16. Controlllng party
The Charity is controlled by the Governing Body of Lawrence Sheriff School Academy Trust- all of whom
are all of the Trustees of the Charity.
During the year, the Lawren￿ Sheriff School Foundation paid various recharges lolalling £375,00012022
£377,000) to Lawrence Sheriff School Academy Trust. The expenditure is accounted for within Costs of
Charitable 8clivilies.
At the year-end £321 was owed lo Lawren￿ Sheriff School Academy Trust 12022.. £321 owed lo
Lawrence Sheriff School Academy Trustl.
Page 24