Charlty number: 52B770 LAWRENCE SHERIFF SCHOOL FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 LAWRENCE SHERIFF SCHOOL FOUNDATION CONTENTS Page Rèfor¢nce and admlnlstratlvg dètalls of tho Charlty. it¥ Trust•gs and advlsers Trustees. report Independenl audltors. report on the financlal Statements statement of flnancial activities 9-12 13 Balance shegt 14 Statement of cash flows 15 Notas to the flnancial statements 16-27 LAWRENCE SHERIFF SCHOOL FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AufJUST 2024 Trustees Stuart Baran Dennis Barnell (resigned 23 F8bruAry 20241 Mallhew Canale-Parola Irasigned 31 August 2024) Janet EaS￿¥00d Sluart Esworthy Gita Natarajan (appointed 25 September 2024} Slmon Lau Thomas Legge Clinton Drackell Carol Moor (resigned 10 July 20241 Teresa Mpofu Justin Muslon Kalonga MusukumB Kulasekar Krishnama Rebecca Rees Paula Whillield Charlty reglstered number 528770 Prlncipal Addre55 Lawrence Sh¥iilf S￿l1vul Clifton RoBd Rugby WatwiGkbliii¥ CV21 3AG Giork to Trustees Gllliuii Bvdidbliaw Audltors Crowe U.K. LLP BlaGk Cuuiiliy House Rounds Green Road Oldbury Wesl Mldland5 B69 2DG Bankers Barclays Bank PLC 11 North Street Rugby Warwickshire CV212AN Sollcltors Browne Jacobson LLP Mowbray House Castle Meadow Road Nollingh8m NG2 1BJ Page 1 LAWRENCE SHERIFF SCHOOL FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED J1 AUGUST 2024 The Trustees present their annual report together with the audited financial slalements of the Law￿nce Sheriff School Foundation for the year I Seplember 2023 to 31 August 2024. The Trustees have adopted the provisions ol the Slalemenl of Recommended Practice ISORPI "Accounting and Reporting by Charities" IFRS 102) in preparing the annual report and financlal $t8lemenls of the Charily. ObJe¢tlvos and a¢tlvltles a. Policles and oble¢tlvgS The objective of the Charily is for the public benefit, lo advan￿ the education of studen15 through Ihe provision of a sile for a school known as Lawrence Sheriff School. In setting objectives and plannSng for aclivilies, the Trustees have given due consideration to general guidance published by Ihe Chafily Comrnission relating lo public benefit, including the guidan￿ 'Public benefit.. running a charitv IPL121'. The Charity strives lo ensure that Ihe provision of facilities Is up lo dats, thus enabling the school to provid6 the appropriate curric.Iiliim And p.ducalion of students from Ruabv and ils environs lo endeavour lo maximlsè the students, polenlial. Thg Trustees are alert lo changes in govgrnmenl policy and 58ek lo develop the facilities to accommodate such changes. Achigvoment5 and perft)rmance a. Main achlevements of the Gharlty 2023-24 has been another impressive ye8r for exlemal èxam succ8ss. AI GCSE the school achieved thè highest gèt of nonfovid Pe..£E rgsulls with an allainment 8 lioure of 7.6 and tho °A of entries achieving gradè 9-7 was 73.G%. The Progre8a 8 liguro wa- the highost sinc0 the measuro was intrnrliirp.d with 0.89. At post 16 we entered our largest cohort lor A level exams and maintained our high standards with tha average grado achieved being a B. Thp pprrpnlago of entries achieving A'_B was 72.9. As the students enlered with the Covid enhanced measure3 value added datn is not availabla but all internal mèasiirA4 qhnw that standards have been maintainerl. The school ha3 now completed all work associated with the gramm2r 4r.hr)nl expansion and September 2024 saw the school Teach its capaclty of 1200 bludeiils. The number of students entering the School in racoipl of pupil premium has increased from 3 4Vo lo between 7 9°k. Just as importantly, the gap in allainmenl and pro9re5s of Ihesc pupil- haB clo6gd. Thè rosults for 2024 showg.d thAt 2t GCSE the altainmenl gap was only - 0.2, which Is Closer than the ggp on eiiliy. diid Ilie progress score shows Ih8t Ihcsc -ludents mak9 &von bettèr progrèss than their peers with a scor& of +1.18 compared with 0.89. The Trust is proud ol the work in this area. As the school places emphas15 uri IIIEt yvisonal development of its 31udenls Ihcrc aic many olhor achiovemenls to celebrate. This list is not exhaustlve bul gives a Ilavour of the s¢hool's achievements.. 24 Year 'lO stu(Jents all¥lid￿lI Ili¥ LaiiGabhirE Rugby Tour. 26 Year 8 students allended the Wal@s Rugby Tour. 90 students In Years 8,9&10 allended the Ski trip to Austria. 12 Year 8 Students will have allendcd the Cricket lour to Essex. 21 Year 7,8&9 students look part in the prestigious Solihull 6's Cricket Toumamenl. 12 Year 11&12 students will lake part in the Bablake T20 Cricket Tournament. 30 students have benefited from Iravolling lo Brilish Museum in Londr)n for the Parthenon Sculptures trip lo see in person the prescribed sources they use In the CIubbibtsI Civilisation. 22 students taken lo University of Warwick for a unlversily taster day with seminars and leclures and performance of Warwick Classics Play- The Persians. 60 Year 13 Biologists took parl in ine PGR DIscDVBly d(Iy ial Ilie Think Tank. Page 2 LAWRENCE SHERIFF SCHOOL FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED J1 AUGUST 2024 Achlevem9nts and pèrforman¢g (continued) 43 students in Yeaf 9 Iravelled lo Normandy at the end of October as part of the French curriculum. 61 sludènls travelled lo Lake Garda as part of the blennial European Music tour. 50 students enjoyed a trip lo the Christmas markets in Cologne as part of the German curriculum. 30 of our Year 13 Physics students visited the Jodrell Bank Observatory in October. 68 slud&nis ¢ompleted their Bronze Duke of Edinburgh expedilion as tmey work towards their Bronze award. 27 have completed their Silver expedition and are working towards their Silver award. and 23 students successfully completed their Gold expedition as part ol Ineir Gold award. 23 Geography students Participated in fieldwork 81 Bangof University. 30 students explored Bletchley Park as part of the Computer Science curriculum. 144 Year 7 students. allendee a residenti81 PGL trip. 2 students participated in the Auschwitz project. 40 sludenls visiled DIRFT as part of their Business Studies A level course and also attended Warwick Univergily Biising.R4 qehnr)1. 47 students also allended a Llusiness Slulligs irtp to Cadbury Wuild. 40 students visited Barcelona as part of th8 Spariish curriculum Competitions and wider participation. Ther& were 170 SPDrting fixtures with 215 students r&gularly reprosenling the school. 14 students c.nmpEhlpd at the Junior Open Nationals for Ultimate Frisbee and we finished as the Ihlrd besl school team in the country. 24 Year 13 Biologists look part and achieved 8 gold, 3 silver, 3 bronze, 3 huhly commended and 2 cornmg.ndg.d 2wArds. GO sltAdenls entered Ihc Scnior Physics Challangg thig year, double IhA nijmhpr that sat il last Year. One sludent achieved a Gold Award loui first in recent hisloryl, two achieved a Silver and 53 achi8ved Bionze Award$ Six nf nur Year 13s also sal the British Physics Olympiad Round 1. Foul achieved Gold Award, one kn7ilYer and onc Bronzc. 27 students took part in the Cambridge Chemistry Challenge. There weie 7 copper certilic8les, 5 silver certificates and 5 gold ￿rtifiCates. 166 student3 enlcrod for the Junior Mglhs Challèng@ with 14fj gaining Awards and 31 qualifying for follow on rounds. one SiULlent was thvii iiiviled lo Cambridge Universlty and the mcntor tchemg. 163 students entered the Inlermedbate Maths Challenge wlth 133 gainiiiy awards and 28 qualifying for further rounds. 115U stullenis entereLI the Seniur Mollis Challenge with 142 gaining award￿ ond 17 qualifying for further rounds. 6 scientists look part In the Foxcroft Science competition. They finished in 5th place. placing them lop out of all of the stale schools thcil lu(Trk p￿1 l. 61 Year 12 students visited the Chemistry department al Warwick Universlry. As part of the partnership with Caterpillar 15 students look part in Robot Wars (achieving 2nd place) a￿1 40 sluuenis vlslled the CUST 2024 Achlevemants and pgrformance {continuedl With respect lo the specilic targets for lh& 2023-24 academic year.. t*lainlaln outsiandlny academlc oiilcome5 llith a PB score of )0.5 &nd A p05111v8 L3V4 scofe See dat3 alioi*t on external examintition To Increayé Ilio pefcèiiling concern basis of accounting in the preparation of the financi818txtpmpnls is appropriate. Based on the work we have performed, we have not identified any material unc8rtainlies relating ID events or Luiidiliviis that, individtjally or Go51eGlivoly, may cost aignificanl doubl on the charitys ability lo continue as a going concern for a period of al least twelve months frotn when the financial slalemenls are aulhori5ed for issue. Our responslbililies and Ihe respDnsibililies ol the Trustees with respect lo going concern are described in Ihe relevant sections of Ihis ￿POrt. Page 9 LAWRENCE SHERIFF SCHOOL FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LAWRENCE SHERIFF SCHOOL FOUNDATION ICONTINUEDI Other informatlon The other informalion comprises the information included in the Annual report other than th& financial slalements 8nd our Auditors, report Ihereon. The Trustees are responsible lor the other information contained within the Annual report. Our opinion on the financial statements does not covèr the other information and, excèpt lo the exlenl otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibillty is lo read the other information and, in doing so, consider whether the other information is maleriAlly inconsislont with the financial ststam8nts or our knowledge obtained in tho eours• of thp 8udit, or otherwise appears to be materially misstated. If we identify such materi81 inGonsislencies or apparant materi81 misslalemenls, wa arè required lo determine whether Ihls gives rise to a material misslalemenl in the financial stalgmgnls themselves. 11, based on the work we have performed. we conclude that thare is a material misstatement of this other information, we are requir&d lo retx)rt that fact. We have nothing to repon In Ihls regard. Mattors on whlch wè are requirod to rèport by exceptlon We have nothing to report in respect of the followiny matters where the Charities (Accounts and Reports) Rpgulations 2008 requires us to report to you if, in our opinion: the information givcn in the Trusl99$' r&port is inconsigtenl in any matèrfal rg.sp8rt with Ihg financial statements.. or Bufficionl accountin9 rocordg have not begn kept.. or Ihe financial statements are not In ag[￿e[1)UllI willi Ili¥ iiiwuiiling reGOtds and rotums. or wè hgv8 not refx>iv+xI all th8 information and explanations we require for our audll. R•sponsibilitio$ of trustegs AB exp12inèd more fully in Ihe Trii.4le.p.q' rp£pnn.4ihililies slalement. the Trustees are responsible for the vieyaialion of the financial ¥tatements which give a truc and fair view, and for such inlornal control as th Trustees determine is necessary to enable the ￿￿VISra110n of finanGial statements that are free from material misslalemenl, whether due lo fraud or error. In prep8rsng the financial slalemenls, the Trustees are responsible for assessing the charity's abilily to conlinue as a going concern, disclosing, as applicable, matters related lo going concem and using the going concern basis of accounlino unless the Trustees elther IntenLI lo Ilquldale tli¥ bli {131,3601 184,434) (97,984) Nei cash used In IlnanGlng artlvitivs 1217,2531 1229,3441 Change In cash and Èqulvalents In the yoar Cash and cash equivalents at the beginning of the year (71.0141 655,222 144,608 510,614 Cash and ¢•sh equivalents at th& end of thè year 14 584,208 655,22 The notA% nn pao85 16 10 27 form part of these tinancial siaiem8nts Page 15 LAWRENCE SHERIFF SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2D24 General Informatlon Tho Lawrence Sheriff School Foundatlon is a charity. The Charity nutnber is 528770. The nature of the Charitys operations and principal activity is a public benefit lo advance the 8ducalion ol boys through the provision of a sile for a school known as Lawrence Sheriff School. Accounting policies 2.1 Basis of prgparation of financlal statemonts The financial slalemenls have been prepared in accordance with the Charities SORP IFRS 1021 Accounling and Reporting by Charities: Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 leff8¢liv8 1 January 20191, the Financial Reportlng Standard applicablo in the UK and Ropublic of Ireland IFRS 10?) And thp Charilles Act 2011. Tho financial statements have been prepared to give a 'lrue and fairf view and have departed from tho Chtsrili&6 (Accounts and Reports) Regulation4 ?nnB only to the exlenl required lo provide a 'lru8 and fail, view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Slalemenl of Recommended Praolice effgctlV8 from 1 April 2005 which haR.4inrTr. heen withdrawn. Lawrence Sheriff School Foundalion meets the definition of a public benefit enlily under FRS 102. Assets and liabililigs are initially rèeognisprl 21 hiqlorical cost or Iransaclion value unless otherwise slated iii 11)v i¥l¥vaiil aGGounting poliGy. The Lawrence Sheriff School Foundation remains a separate entily. The Lawrence Shèriff School Foundation Is included In the accounlb ul ilie Academy Trust by the method of branch accounting. The funds associated with tho Foundation are shown wilhin separate antj ulg¢iily ideiilifiable funds. Thi3 en8ure8 that Ihc logal position bo￿09n Ihg enlilies iq accurately rellecled. whilst giving a true and lair view ol the ftnancial Vvbiliuii ul Ilie AGadorny Trust. 2.2 Charity status The Lawrence Sheriff School Foundation is a charity. The Charity number is 528770. The nalure of the Charity's operations and principal activity is a public benefit to advance the education of boys through the provislon ot a sile for a school known as LawrenLB Slieiill SGliool. 2.3 Golng concorn After making appropriate enquiries. th6 Trust Board has a reasonable expectation that the Academy Trust has adequate resources to continue in operational existence lor the fDreseeable future and there are no material uncertainties about the Trust's ability ID continue as a going concern, thus they continue ID adc>pl Ihp going Concern basis of accounting in preparing the financial slaterTients. Page 16 LAWRENCE SHERIFF SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcles Icontlnued) 2.4 Basis of account5ng wlth the Lawrence Sheriff School Academy Trust As detailed in 8¢¢ounling pollcy 2.1. the entities of the Lawrence Sheriff School Foundation and the Lawrence Sheriff School Academy Trust are under common control. However. thè Lawrence Sheriff School Foundation Temains a separate entity. The Lawrence Sheriff School Foundation is inoluded in the accounts of the Academy TriJ8t hy thè method of branch accounting. The funds assoaated with the Foundation are shown within separate and clearly identlfiable funds. This ensures that the legal position between the iwo enlities is accurately relleGted. whilst givlng a tru9 and lair view of the financial position of the Academy TTh￿1. 2.5 Income All incoming resources are included in the Statement of FlnanLldl Pubilioii (SoFA} once the Charity has legal enlilLemenl lo the inGome, il is probable that the income will be recelved and the amount of inGome receivable can be measured Tcliably. For legacies, entitlement is taken as when a distribution is received from the estate. For donations lo be recognised, the charlly wlll have bevii Iiulilied of the amounts and the 8ettlement dalg in writing. If there are any conditions allached lo the donation and this requires a lgvei 01 performance before 8nlillement can be obtainèd then income is deferred until these conditions are fully mel or the luSliimeni of Inose condlllonsls wilhiii Ili¥ wiilrol of th¢ Gharity and 18 probablo Ihot they will be fulfilled. The charity may feceive government grants in re5ped of capital expendiluie on the properties it owns. Income from guch grants will hp rproonised al fair value when the charity has eniillement after any performance conditions have been m81. 11 is probably that the income will be received and the amount can b& measured reliably. If enlitlemenl is not mel, Ihen these amounts are deferred. The unrestricted fund includes Ihe income from the Rugby School EslatÈ, which is payable to the Trustees of the Lawren¢8 Sheriff School under the Rugby Lower School (Transfer) Act 1906. It Is payable to th& Triislp.p. nf l Awrpnce Sheriff School and transferred lo the Trustees ot Lawrence sliei.iff SGhool FouTrdatioTr. However, lo cnkiuro comp1919 Irgnsparoncy as to the amount nf inr.nm8. ils application for th& sole benefit If Lawrence Sheriff School and lo be consislenl with previous years it continues tL) be rliRc.l(k8pd A% part DI incume of Lawrence Sheriff School Foundation.11 is recognised oli Ihg accruals ba515. Page 17 LAWRENCE SHERIFF SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST ZQ24 Accounting poll¢l¢s Icontlnuedl 2.6 Expenditure Expenditure is recognised On￿ there is a legal or conslTuclive obligation to Iransler economic benefit lo a third paty. il is probabl8 that a transfer of economic benefits will be required in selllement and the amount ol the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the lolal of direct costs and shared costs, including support cos15 involved in undgrtaking èach aclivity- Direct costs attributable to 8 2ingl61 artivity arè allocated directly lo that aclivSty. Shared costs which contribute lo wore than one activity and support costs which are not allributsble to a single activity are apporlioned bfy￿een thos& acllvlll8s on a basis consislenl with the use of resources. Ce5)Iral staff c051s are allocated on thè basis of time spent, and depreciation charges allocated on the portion of the asset's use. Costs of charitab19 activities aro costs incurred in Ihg Foundatinn'% r.hAritahle Dbjecls. This irscludes all expendlture fund¥LI L)y Ili¥ RuyL)y Lower School (Transfer) Act 1906 income which includ¢d in the accounts. Some of the income is being used lo pay capital and Interest on bank loans taken out to fund property improvements. Expenditure on raising funds includes all expenditure incurred by the Charlty lo raise funds foT its charitable purposes and includes costs of all fundraising 2c.tivitiès èvants and non-charitable trading. 2.7 Intgrfrst recelvable Interebl Llll luiillb livld on deposit 15 included when rtsceivablo and the amount con be meaeured reliably by the Charity.. this is normally upon nolilicalion ol Ine InieTesi paiLI or payable by the bank. 2.8 Tangible Ilxed assets and depreciatlon Tangiblè fixed assets gre rècogniqed al rosl. nel of depreciation and any provision for impaimienl. After recognition, under thè cost model, tangible fixed assets are measured at cost les8 Qccumulated depreciation and any accumulated impairment losses. All costs incLJrred io brlng a tangible lixe asgel into ils intended working condition qhnuld be included in the measurement of cost. Depreciation is not charo¢d on freehold land. Depreciation is provlded al rates calcijlaled lo write off th6 cost of fixtrd 9$9ols,1gss their estimated residual value, ovgr thÉ4ir #.xppelpd usèful lives, Der&recialion is provided on Ihg following basis.. Fr&ehold buildings 15-50years 2.9 Liablllti•s and provislons Llabililies are recognised when Ihere is an obligation al the Balance sheet dale as a fesult of B past •VEJnt, it is probable that a transfer of oeonomic hpnpfil will hp ipquired in settlement. and the amount of the selll8ment C8n be eslimaled reliably. Liabilities are recognised al the amount Ihat the Charity anliclpates il will pay to settle the debt or thè amount il has received as advan¢ed payments for the goods or seNices 51 must provid8. Provisions are measured al the bost estimate of the 8mounls required to soltle the obligation. Wh8rg the ?ffe¢t of the timc Yoluo of money is malorial, tho provision is basgd on the prèsent valug ol those amounts, discounted al Ihe pre-tax discount rale that rellecls the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges. Page 18 LAWRENCE SHERIFF SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 20Z4 Accountlng pollclos Icontlnued) 2.10 Flnanclal instrument5 Except for quoted investments, the charity only has financial assets and financial liabilities of a kind that qualify as basiG financial inslrum8nt5. Basic financial instruments are inilially recognised al transaction value and subsequentSy measured at their setuement value. 2.11 Fund a¢countlng Reslrictad funds represent those resourcès whi¢h may be used towards thè meeting of the charitable objectives of the Foundation at Ihe discreliorTr of the Trustees. The permanent endowment fund represents the value of the property includin9 additions less the oulslciiidiiiy Gapiial on loans used lo pEJy for addition6 to th8 property. A transfer i& made Èach year lo reflect the capil81 repayments marje on Ine loans (Jurlng IIIV Y￿CIr. Income from donations and lègacies Unre8trlcted funds 2024 Total fund5 2024 Rugby Lower School donations 625,723 625.723 Unrestricted fiinrl. 2023 Total funds 2023 Rughy Lnwer SchoDI donations 718,9Q9 718,909 Page 19 LAWRENCE SHERIFF SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Expenditure on charltable actlvltles Unrestricted Endowment funds funds 2024 2024 Total funds 2024 Insurance Rugby Bid Levy School budget allowance Finance charg89 Depreciation 94,853 10,000 459,173 84,434 94.853 10,000 459,173 84.434 222,267 222,2fj7 648.460 ?22.267 870,727 Unre5triGted Endowment funds funds ?n?.g Total funds 2023 2023 Insurance Rugby Bid Lvvy School budg81 allowance Prizès 86,567 6,947 274,491 3,903 6,943 88.559 86,567 6.947 2T4,491 3,903 6.943 88.559 222.267 Professional fees Finance charges DepreciEJtson 222,261 467,410 222,267 680,677 Page 20 LAWRENCE SHERIFF SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2D24 Net Incomellexpendlturg) 2024 2023 Audltorfs remuneration - slalutory audit Depreciation of tangible lixed assets.. - owned by the Charity 4.050 3,850 222.267 222.26T Trustoes. remuneratlon and expenses During the year. no Trustee5 received any Temuneralion or other benelils {LUI3- £NIL). During the year ended 31 August 2024, no Ttuslee expenses have been incurfed (2023- £NIL}. Page 21 LAWRENCE SHERIFF SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Tangible flxed assets Freehold property Cost or valuatlon Al 1 Seplernb8r 2023 12,075,000 Al 31 August 2024 12,075,000 Depreciation Al I SVpleiTIL7￿r 2023 Charge for the yBar 2,000,403 222.267 At 31 Augu312024 2,222,070 Net book value At 31 August 2024 9,852,330 Al 31 August 2023 10,074.597 Included in land and buildings includes freehold land al valuation of £1.545.000 12023 £1,54S,0001 which is not depreclaled. Tangible fixed assets with a net book value of £9,265,00012023 - £9,468,500) li￿v¥ bEeii pl¥tly¥d i1b bvbuiily for licibiliti￿5 of the chailty. These as5els have a restrlcte¢J Iltle. Prior to th8 adoptSon of FRS102 the freehold property was includ8d at th8 1914 valuation of £23,345 with all subsequent addlllons belng slated al cost. On transition ID FRS10211 September 20141 the freehold property was revalued lo ils eslimaled lair value and this was taken lo be deerned cost. Al IrAnsilinn d5Jtp. Ihe freehold land and buildings were subject to independent, professional valuation which was undertaken by TDwler Shaw Roberts CharteTed Sutveyors. The main school complex was valued on a Depreciated Replacement Cost Basis and the sports figld was valued on an existing use basis. Page 22 LAWRENCE SHERIFF SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Debtors 2024 2023 Due withln one year Accrued income from Rugby Lower School 125,723 204.743 125,n3 204,743 Credltors: Amounts falllng due withln one year 2024 2023 Bank loans Amounts owed lo Lawrence Sheriff School Academy Trust Accruals and deferred income 139,104 321 36,393 132,819 36. 193 175.618 109,333 10. Creditors: Amount$ f8lllng due after more than on• yoar 2(124 2023 Bank loans 1.501,524 I,G40,G20 Included within the above are amounts falling due as follows: Between two and fivè years Bank loans 576,688 576,688 Ovgr five years Bank *)ans 924,836 1.063,940 A term loan facility of £3m was taken out with Barclays Bank in 2009. The loan capital is repayable in monthly instalmenls 8nd is secured on the main s¢hool property al Clifton Road. £2m of the facility is at a rixed rate of 6.2557Yo repayable by September 2033 and £1m of the facility is on a variable rale of 0.8557°kn over base repayable by March 2033. The lerin loan is secured c)n the land and buildings of the endowment fund_ Page 23 LAWRENCE SHERIFF SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2Q24 11. Statement of funds Statement of funds - current year Balancg at 1 Septembgr 2023 Balance at 31 August 2024 Transfers inlout Income Expendltura Unre5trlcted funds Genèral Funds- ell funds 841,194 631,045 1648,4601 (150.5621 673,217 Endowment funds Endowment FundB- all funds 8.283.407 1222.2671 15D.562 8,211,702 Total of fund 0,124.601 631.045 1870,72n 8.884.919 The sptscilic purposes for which funds are lo bo applip.rl Arè As follows.. Unrestricted funds are available for use 81 the discretion of the Trustees for the furtherance of the Charity," objccts. Restfi¢led funds represents a prize fund that is held for the provlslon of prizes. The Endowment fund i¥yiesenls fieehold land and building- that are pgrmanontly endowed. Thay c.an hp. used for èducational purposes al the discretion of Ihe Trusiees. There ib cilbu li Iriortgage attached lo the assets which has been shown within endowmant funds. Page 24 LAWRENCE SHERIFF SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR TME YEAR ENDED 31 AUGUST 2024 11. Statgment of funds Icontlnuèdl statement of funds - prior year Balancp a 1 Sepltrmber 2022 Balance al 31 August 2023 Translers in/oul Income ExpenilAture UnrestriGtcd funds General Funds - all funds 692, 184 722,048 (467,410) (105.628J 847.194 Endowment fund5 Endowment Fun(Js- all funds 8,392.05T (222,26T) 113,a17 8,283,407 Restricted funds PrYz8 fund 7,989 (7.989J Total of fiinds 9,092,230 722,048 (689,677) 9,124,601 12. Analysi5 of net assets hÈtweon liind Analysis of ngt assets betweèn funds - current perlod Unro6tri¢t?d Endowm•nt funds fund5 2024 2024 Total fund5 2024 Tangible fixed assets Current assets Credilors due wllhin one year Creditors due in more than one year 9,852,330 9,852,330 709,931 1139.104) 1175.818) (1.501.524> 11,501.5241 709.931 136,714) Total 673,217 8,211,702 B.884,919 Page 25 LAWRENCE SHERIFF SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Analysls of net assets between funds Icontlnuedl Analysls of net a5set5 between funds- prior perlod Unfftslricled Endowm8nl funds funds 2023 2023 Total funds 2023 Tangible fixed assels Current assets Creditors due wilhin on& year Creditors due in more than one year 10,074,597 10,074,597 859.965 {150,562) (169,333) (1,640,628) (1.640,628) 859,965 (18.77lJ Total 1141. 194 8,283,407 9, 124,601 13. Reconciliation of not movemènt In funds to nfrt cash flow from operotlng actlvltles 2OZ4 2023 Npt inrnmelexpenditure for the period las per Slalement ol Financial Acliviliesl 1239.6821 32,371 Adjustments tor: Depreciation charges .1 roctsivabl& Decrease in debtors Increasel{decrease) in credilois Inte[￿bI p(ayabl 222,267 IS.3221 19,DZ 200 84.434 222,267 (3. 139) 86.990 (56,240) 97,984 Net cash provlded by operatlng activities 140,917 380,238 14. Analysls of cash and cash èquivalents 2024 2023 Cash in hand 584,208 655,222 Total cash and cash equlvalents 584.208 655,222 Page 26 LAWRENCE SHERIFF SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Analysls of changes In net debt At1 September 2023 Cash flows other non- cash At31 changes August 2024 Cash al bank and in hand Debt du8 within 1 year Debt due after 1 year 655,222 1132.819) {1,640,628) 171,014} 132,B19 584.208 1139.104) 1139,104) 139.104 11,501.5241 11.118.225} 61,805 (1.056,420) 16. Controlllng party The Charity is controllod by the Governing Body of Lawr9ncè Sheriff SchoDI Academy Trust- all of whom are all of the Trustees of the Charity. During Ihe year, the Lawrcncc Shcriff School Foundation paid various T9¢h2rges tolalling £584.02612022 £375,000) lo Lawrence Sherlff School Academy Trust. The expenditure is accounted for within Costs of f.harilsJhlp aclivilies. At Ihe year-end £321 was owed lo Lawren￿ Sheriff Sch(K)l Academy Trust 12023.. £321 owed to Lawrence Sheriff School Academy Trust). Page 27