Charity number.. 528770 LAWRENCE SHERIFF SCHOOL FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 LAWRENCE SHERIFF SCHOOL FOUNDATION CONTENTS Page Reference and adminislralive details of the Charity, its Trustees and advisers Trustees, report Independent auditors. report on the finanGial statements Statement of financial activities 8-11 12 Balance sheet 13 statement of cash flows 14 Notes to the finanGial statements 15-26 LAWRENCE SHERIFF SCHOOL FOUNUAI IUN REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025 Trustees Manoj Agarw81 lappoinlèd as a Trustee 1 May 20251 Sluart Baran James Barber lappoinled as a Parent Trustee fj 8 November 2025) Clinton Drackell Janel Eastwood (resigned as a TNslee 31 Augusl 20251 Stuart Eqworthy {Re-appoinled as Vice Chair ol Truslees 1 September 20251 Li Kang lappoinled as a Trustee 12 September 20251 Simon Kent lappoinled as a Truslee 29 April 20251 Kulasekar Krishnama Simon Lau {resigned as a Trustee 21 Seplember 20251 Thomas Leqqe Teresa Mpolu Juslin Muslon Kaloiiga Musukuma IRe-appoinled Chair ol Trustees 1 September 20251 Samir Muzaffar lappoinled as a Co-opted Trustee 14 October 20251 Gita Nalarajan lappoinled as a Trustee 25 September 20241 Beata Perks lappoinled as a Trustee 26 June 20251 Paula Whitfield Charity registered number 528770 Principal Address Lawrence Sheriff School Clifton Road Rugby Warwickshire CV213AG Auditors Crowe U.K. LLP Black Country House Rounds Green Road Oldbury Wesl Midlands B69 20G Bankèrs Barclays Bank PLC 11 North Street Rugby WaDMickshirÈ CV21 2AN Solicitors Brownc Jacobson LLP Mowbray House Castle Meadow Road Nollingham NG21BJ Page 1 LAWRENCE SHERIFF SCHOOL FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The Trustees present their annual report together with the audited financial slalemenls ol the Lawrt>nr.p. Sherilf School Foundation for Ihè year 1 September 2024 10 31 Augusl 2025. The Trustees have adopted the provisions of the Sialemenl ol Recommended Practice ISORPI "Accounting and Reporting by Charities IFRS 1021 in preparing the annual reporl and linanclal slalemenls of the Charity. Objectlves and activilies Policies and objecllves The objective of the Charity is For the public benefit, lo advance the education of students through the provision of a sile for a school known as Lawrence Sherilf School. In selling objectives and planning for aclivilies. the Trustees have given due consideration lo general guidance published by the Charily Commission relating lo public benelil, including the guidance 'Public benefit.. running a charity IPB21'. The Charily strives lo ensure that the provision of facilities is up lo dale, Ihus enabling the school lo provide the appropriate curriGulum and educativii of students from Rugby 2nd ils environs lo ende8vour to Maximise the students, polenlial. The Trustees are alert lo changes in government policy and seek lo develop the facilities lo accommodate such changes. Achievements and performance Main achievements of the Charity 2024-25 Iitlb beefi anoiher Impressive year lor external exam success. This was the first cohort of the larger intake as a result of the grammar school expansion project between 2020-2024 and even with this larger cohort the school has maintained the previous high standards sel. Al GCSE the school achieved the second hiuhpql 8p.1 of non-covid (JLbk results with an allainmenl 8 figure of 7.4 and the % ol entries achieving grades 9-7 was 68 /0. Diie to a lack of KS2 data, no government progi'ess 8 figure can be provided.. however, internal measures suggest this would have been around 0.65. Al post 16 we continued lo maintain niir hioh gtandgrds with tho average grade achieved being a B. The percenlage of enlries achieving A'.B was 72,1 /0. 840/0 pi'ogressed lo university with Ihe remaining students choosing apprenticeships, employment or gap years. As a result of the grammar school expansion, with a locus on disadvanlaged students, the number of students entering the school in receipt of pupil premium h2s increased trom 3 4°A lo 100/0. As a result of our 'keep-up nol catch-up approach,, the gap in allainmenl ancl progi.ess of thése pupils has closed. The results for 2025 showed that al GCSE the allainmenl gap was +0.07. Although there is no government pi'ogress data, internal data suggests that progress 8 WOLJld have been aboiil 1.1 which for Ihe second ye2r would be greater Ihai) the progress for thè rp.sl of the eohort. Th@ Trust is pi'oud of its work in this a￿a. As the school places emphasis on tho personal development of ils students there are many other achievements lo celebrsle. This list is not exhauslivo bul gives a Ilavour of the school's a¢liievemenls-. Wider participation, trips activities 2nd compelilions.. 4 Year 12 sludenls look pail in the Auschwitz Project becoming Holocaust Ti'usl ambassadors. 6 Year 12-13 students look pail in the ESU'S Mace Debate reaching the Midlands Final. 145 Year 7 students dllending an outward bounds residential Irip al PGL 801'e811on Park. 40 slLidenls look part in a French immersion trip lo the north ol Fi'ance. All Year 7 students allended a history trip lo Warwick C2sIIe. All Year 8 sluclenls allended a liislory li.ip lo tho Black Country Living Museum. All Year 12 and 13 History students allended a trip lo Hampton Couri. Page 2 LAWRENCE SHERIFF SCHOOL FOUNDAI IUN TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 Achievements and performance Icontinuedl The Foundation for Ihe Hislory of Tolalilaiianism came in lo school lo run a workshop for all Year 12 and 13. History sluden15 about the Ukrainian Holodomor. All Year 12 and 13 Politics sludenls attended a Irip lo the Houses ol Parliament. 68 31ud0nl￿ signed up and working towards their Rronze Diike of Edinburgh Award. 18 sludenls signed up and working towards their Silver Duke ol Edinburgh Award. 17 students signed up and working towards Iheir Gold Duke ol Edinburgh Award. All 1200 sludenls on roll were offcred approximalely 110 varying enrichmenls lo choose from. 60 students attended a performance of Romeo and Juliet al the Belgrade Theatre in Coventry. The whole of Year 11 allended an in-school performance ol Macbeth. Five Year 13 Compuler SGienGe studenls and one Year 12 Computer Scien¢e student are completing a week-long work experience placemenl in the software development team al Lorax Compliance based in Rugby. 15 Year 12 Compuler Science students are allendiiig the Applied Compuling Experience Day al Covenlry Universily. All Year 8 Computer Science students look parl in the Mission Zero challenge sponsored by Ihe European Space Agency. Over 100 sludenls successfully complelgd Ihe challenge and Iheir programs were run on the Astro Pi compuler on board the International Space Slalion in May and the astronauts were able lo see these images as they went about their daily lasks. 3 Year 1 fj and12 students allended the Historical Association's Greal Debate. 24 Year 10 students look part in the Rugby lour lo Lancashire. ?fi Ygar 8 students look parl in the Ruqby lour to Wales. All of Year 9 watched, and look part in, an event run by Riot Act about the importance ol being aware of your surroundings around traffic. All of Year 10 walrhgd A prp.%enlalion and took part in wort governance and management Constitution Lawrence Sheriff School Foundation is a registered charity. number 528770, and is consliluled under a Memorandum of Association. All Trustees ol Lawrence Sheriff School Academy Trust act as Trustees ol the ch8rily. Thus the charity is governed by Trustees who are all members of the Governing Body of Lawren￿ Sheriff School Academy Trust. The Trustees are responsible lor running the charity and Ihls is dislincl from their responsibility as School Trustees lo oversee the running ol the school itself. The Academy Trust is an exempl charity and governed by ils own Memorandum and Articles of Association. The Foundation owns the land and buildings from which the Academy Trust operates and is govemed by a Charily Commission Scheme dated 14th October 2010. An amendment was made lo update the charitable objectives as of 24th September 2020. New Trustees receive 8 copy of the Charity Scheme and founding Act. They are invited lo allend a training session covering governanp.e and strategic vision. They receive copics of Ihe accounts and charity and Trublees, newslellers. They are also invited lo lake parl in internal and external training as appropriate. Thg. Triigl@$s rogularly reviaw the ri- that are identified. -k- faGod by the Gharily. and iTripleiiiviil syblviris for mlllgaiing of any risks 8latetnenl of Trustees. responsibilities The Trustees are responsible for preparino Ihp. TriJqtp.p.g' rg.port and the financisl £talement- applicable law ancl United Kingdom Accounting Slandaids (United Kingdom Generally Accepted Accounting Praclicel. in accordance wilh The law applicable lo charities in England & Wales requires the Trustees lo prepare financial statements for e2ch financi21 which give a true and fair view of the slate of affairs ol Ihe Charity and ol ils incoming resources and applicalion of resources, including ils income and expenditure, loi. that period. In preparing these financial slalemenls, the Trustees are required lo.. select suitab16 accounting policies and then apply them consistently". observe the methods and pi"inciples of the Charities SORP IFRS 1021., make judgrnenls and accounting eslim21es that are reasonable and prudenl.. state whether applicable UK Accounting Slandards IFRS 1021 have been followed. subject 10 any material departures disclosed and explained in the linanoial slalemenls., prepaie the financial slalemenls on Ihe going e.oncern basis unless il is inappropriate to presume that the Charity will continue in business. The Trustees are I'esponsible foi" keeping adequalp accounting records that are SLJfficienl lo show and explain the Chai"ily's Il'ansaclions and disclose wilh reasonable a¢cui"acy al any lime the linancial position of the Charity and enable them lo ensure Ihal the financial slalemenls comply willi the Chai'ilies Act 2011. the Charity IAcGounls aiicl Reports) Regulations 2008 and Ilie provisions of Ilie Memorandiiim of Association. They al'e also responsible for safeguarding the assets of the Chai'ity and lience lor taking reasonable steps for the prevention and detection ol fi'aud and other irregularities. Page 6 LAWRENCE SHERIFF SCHOOL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 Dlsclosure of information to auditors Each ol the persons who are Trustees at the lime when this Trustees. reporl is approved has confirmed Ihal.. so far as that Trustee is aware, there is no relevant audit information of which the ¢harilVs audilors are unaware, and that TrLlStee ha¥ taken all the sleps Ihal ought to have been taken as a Trki8tee in order lo be aware of any relevant audit information and lo establish Ihal the charilvs audilors are aware ol that information. Auditors The audilors, Crowe U.K. LLP, have indicated their willingne%$ lo continue in office. The designated Trustees wll propose a rnolion reappointing the auditors al a meeting ol the Trustees. Approved by order of the members ol the board of Trustees and signed on their beh21f by.. Dale.. I I pttM6e£ ZCILr P¥ge 7 LAWRENCE SHERIFF SCHOOL FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LAWRENCE SHERIFF SCHOOL FOUNDATION Opinion We have audited Ilie financial statements of Lawrence Sheriff School Foundation Ilhe 'charily'l for the year ended 31 August 2025 which comprise the Slalemenl of financial aclivilies, the Balance sheel, the Slalemenl of cash flows and the related notes, inclLiding a summary ol signi11￿rnI 2¢counling policies. The linanr.ial reporting Iriiinework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Slandard applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Praclirp.). The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities preparing their accnijnls in accordance with the Fin?ncial Reporting K)landards appliLdble in the UK and Republic ol Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Slalemenl of Recommended Practice issued on 1 April 2005 which is relerred 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 accordan￿ with the Generally Ac￿pIed Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial slalemenls.. give a true and fair view of the slate of the charilvs affairs as al 31 August 2025 and of ils incoming resources and application of resources for the year then ended., have been properly prepArp.d in accordance wilh Unil&d Kingdom G¢nerally AGGepleLI ALuuunllng Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordan￿ with Inlern81ional Standards on Auditing IUKI IISAS {UKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial slalementf qp.r.linn of our report. Wo aro indcpcndcnt of the charity iii aciuiddiiLV with (he ethical reguiremenls that are relevant lo our audit of Iho financial slalemenls in the United Kingdom. includiiig the Financial Reporting Coun¢il'8 Elhi¢al Standard. and we have fulfilled our other ethical responsibilities in accordancg. with these reguiremenls. We beliove that thè audil evidence we have obtained is sufficient 2nd appropriate lo provide a basis for our opinion. Conclusions relating to going coneern In auditing the financial slalemenls. we have concludpd Iliat Ihe Trustees. us8 of the going concern basis of accoiinling in the preparation of the financial slalemenls is apprupriale. B25ed on the work we htsve performed, we have not identilied any mAterial uncertainties relating lo events or ndilions that, individu211y or collectively, may cast significant doubl on the charity's ability lo conliiiue as a going concern for a period of al least twelve months froin when Ihe financial slalements are aulhorised loi. issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this repori. Page 8 LAWRENCE SHERIFF SCHOOL FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LAWRENCE SHERIFF SCHOOL FOUNDATION ICONTINUEDI Other information The other inlormalion comprises the information included in Ihe Annual report ollier Ilian the financial sialements and our Auditors. report Ihereon. The Truslees are responsible for the other inlormali()n contained within the Annual report. Our opinion on the financial slalemenls does not cover the other inlormalion and, except lo the exlenl otherwise explicilly slated in our report, we do not express any form ol assurance Gonclusioii thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other inlormalion is malerially in¢onsisle.nt with the financial slalemenls or our knowledge obtained in the course ol the audit, or otherwise appears lo be materially misslaled. 11 we identify such malerial inconsistencies or apparent material misslalemenls, we are required lo determine whether this gives rise lo a material misslalemenl in the financial stalcment themselves. If, based on the work we have performed. we conGlude that there is a material misslalemenl ol this other informalion, we are required lo report Ihal fact. We have nothing lo report In this regard. Matters on which we are requlre(J to report by exception We have nothing lo report in respect of the following mallers where the Charities (Accounts and Reports) Regulations 2008 requircs us to r&port lo you if, in our opininn.. the information given in the Trustees, report is inconsistent in any material respect with the flnancial ¥tatemcnt-- or sufficient acoounling records have not been kept,. or the financial statements are not in agreement with the accounting records and returns., or we have not received all the Informatlon (iiid vxk)laiiations we require for our audit. Rogponslhilities of Truslees As explained more fully in the Trustees, responsibilities slalemenl, the Trustees are responsible for the preparatiuri ul ihe financial statement- which give a true and fair vip.w, 2nd for such internal control as the Trustees delermine is necessary lo enable the preparation of financial slalements that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial stalemenls, the Trustees are responsible for assessing the charity's ability lo continue as a going concern. disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Ti'uslees eilher intend lo liquidale Ihe charity or to cease operations, or have no realistic allernalive bul lo do so. Page 9 LAWRENCE SHERIFF SCHOOL FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LAWRENCE SHERIFF SCHOOL FOUNDATION {CONTINUEDI Auditors. responsibilities for the audit of the financial statements We have been appoinled as auditor under section 144 of the Charilies Act 2011 and report in accordance with the Acl and relevant regulations made or having effecl thereunder. Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole 2re free from material misslalemenl, whellier due lo fraud or error, and lo issue an Auditors, report Ihal includes our opinion. Reasonable assurance is a high lgvel of assurance, bul is not a guarantee that an audil conduGled ii) accordance with ISAS IUKI will always delecl a maleri21 misslalemenl when il exists. Misslalemenls can arise from fraud or error and arè considered material if. individually or in the aggregate, they could reasonably be expected lo influence Ihp economic decisions of users taken on the basis of these financial blalemenls. Irregularities, including fraud, are instan￿S of non-compliance with laws and regu121ions. We design procedures in line wilh our responsibililies, outlined above, to delecl material mis8lalemenls in respect of irregularities, including Iraud. The exlenl lo which our procedures are capable ol delecling irregularities, including fraud is detailed below.. We oblainecl an understanding of the legal and regulatory frameworks within which the charitable foundation operates. focusing on those laws and regulations thal have a direct effect on the dgterminalion of material amovnls and disclosures in the financial slalemenls. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP IFRS 1021. We assessed the required compliance with these laws and regulations as part of our audit procedures nn Ihp. rg.laled financial statoment ilcm- In addition, we considered provisions ol other laws and regulalions that do not have 8 direct effect on the rinancial slalemenls bul compliance with whir.h might bo fundamgnlal to thc charitable foundation's ability Iv operate or 10 avoid a materi21 penalty. We also considered the opportunilies and incentives th81 may exist within the charitable foundation for fraud. The key laws and regulations we considered in this context were General Data Protection Regulalinn. hp.alth and gafety10gislation and cmployee legi31ation. Auditing standards limit the required audit procedures lo identify non-compliance with Ihege laws and regulations to p.nqiiirp. nf tho Trusteeg and othor management and inspe¢tion of Iv¥uldlury and legal correspon(5ence, if any. We idenlilied the greatest risk of material impact on the financi21 slalemenls from irregularities, including fraud, to be the override of eonlrols by management. Our audil procedures lo respond lo these risks included enquiries of management and the Board 8bout their own idenlificatiun and assessment of the risks of irregularities, sample lesling on the posting of journals, reviewing accounting eslimales for biases, reviewing regulatory correspondence, and reading minutes of meetings of those charged with governance. OvAng lo the inherent liinilalions of an audit, there is an unavoidable risk that we may not have deleclttd some material misslalemenls in the financial slalemenls, even though we have properly planned and performed our audit in aGcoidaiiLe with auditing standards. For example, the further iemoved non-compliance with laws and regulalion5 lirregulariliesl is from the events and transactions ieflecled in the financial slalemenls, the less likely the inhei'enlly limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-deleclion ol irregularities, as these Inay involve collusion, forgery, intentional omissions, Inisi'epreseiilalions, or Ihe override ol internal conliols. We are not responsible for preventing noncompliance and cannot be expected lo delctscl non-complian￿ with a1112ws xnd regulations. A furlhei. description of our responsibilities foi" the audit of the financial slalemonls is located on the Financial Reporting Counr.il's website at.. ww.frc.or .uklaLidilorsres Auditors. report. onsibililies. This description forms part ol our Page 10 LAWRENCE SHERIFF SCHOOL FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LAWRENCE SHERIFF SCHOOL FOUNDATION ICONTINUEDI Use of our report This reporl is made solely lo the charily's Iruslees, as a body, in a¢cordanLV with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audil work has been undertaken so Ihal we might slate lo Ihe charitls Iruslees those mattèrs we are required lo slate lo them in an Audilors, reporl and for no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibilily lo anyone other Ilian the charily and ils Iruslees, as a body, for our audit work, for this reporl, or for the opinions we have fomied. Crowe U.K. LLP Slatulory Auditor Black Country House Rounds Green Road Oldbury Wesl fthidlands 869 2DG Dale.. 18 DÈc&mb&r 2025 Crowp I l K LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page11 LAWRENCE SHERIFF SCHOOL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025 Unreslri¢ted Endowment funds funds 2025 2025 Total funds 2025 Total funds 2024 Note Income and endowments from.. Donalions and legacies Investments 623,337 4,789 623,337 4.789 625, 723 5,.?22 Total income and endowments Expenditure on.. Charitable activities 628,126 628,126 631,045 477,048 222,267 699,315 870,727 Total expenditure 477.048 222,267 699.315 870,727 Net incomellexpenditurel Transfers between funds 151,078 1139,1041 1222,2671 139.104 {71,1891 (239,682) Net rnovement in funds 11,974 {83,1631 171.1891 1239,682) Reconcillation of funds.. Total funds brought foiwar Nel movement in funds 673,217 11,974 8,211,702 183.1631 8,884,919 171,1891 9,124.601 1239,682) Total funds carried forward 685,191 8,128,539 8,813,730 8,884.919 The notes on pages 15 10 26 form part ol these financial slalemenls. Page 12 LAWRENCE SHERIFF SCHOOL FOUNDAI ION BALANCE SHEET AS AT 31 AUGUST 2025 2025 2024 Note Fixed assets Tangible assets 9,630,063 9,852,330 9,630,063 9,852,330 Current assets Debtors Cash al bank and in hand 369,346 356.809 125, 723 584,208 726,155 709.931 Creditors.. amounts falling due within one year 1180,0681 (115.818) Net current assets 546,087 534,113 Total assets less current liabilities Credilorg. gmniinlq l%lling due after more than one year 10,176.150 10,386.443 10 {1,362,4201 (1,501,524) l otal net assets 8,813,79ft 8,884,919 Charlty funds Endowment funds Unreslricled funds 8,128,539 "8ts,191 8,211,702 G73,217 11 Total funds 8,813.730 8,884,979 The fin cial slal enls were approved and aulhoi'ised for issuè by the Trusteg.% and signed on their behalf by.. Dale.. The notes on pages 15 10 26 form part of these financial slalemenls. Page 13 LAWRENCE SHERIFF SCHOOL FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 Note Cash flows from operating activities Nel cash provided by operating activities 13 2,581 140,917 Cash flows from investing activities Dividends, interests and rents receivable from inveslmenls 4,789 5,322 Net cash provided by investing aclivlties 4,789 5,322 Cash flows from financing activities Repayments of borrowing Interest paid 1139,1041 195,6651 (132,819) (84,434) Net cash used in financlng activities 1234,7691 {217,2531 Change in cash and cash equivalents in the year Cash 2nd rA8h p.oiiivalontg St the b?ginning of the ycar {227,399) 584,208 171,0141 655, 222 Cash and cash equivalents at the end of the year 14 356.809 584.208 The notes on pages 15 10 26 form part of these financial s181emenls Page 14 LAWRENCE SHERIFF SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 General informatlon The Lawrence Sheriff School Foundation is a charity. The Charity number is 528770. The nature of the Cliarily's operations and principal aclivily is a public bènefit ta advan￿ the education ol boys Ihrough the provision of a sile for a school known as Lawren￿ Sheriff School. Accounting policies 2.1 Basis of preparatlon of financial statements The financial slalemenls have been prepared in accordance with the Charities SORP IFRS 1021 Accounling and Reporting by Charilies., Slalement of RecO[n￿lended PraGIIGe applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 leffeclive fj January 20191, the Financial Reporling Slandard applicable in the UK and Republic of Ireland IFRS 1021 and Ihe Charities Act 2011. The financial slalemenls have been prepared lo give a 'lrue and fair. view and have deparled from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required to provide a 'lrue and fair, view. This departure has involved following the Charities SORP IFRS 1021 published in O¢tober 2019 rathèr than the Accounting and Reporting by Charities.. Slalement of Recommended Practi￿ effective from 1 April 2005 which has since been withdrawn. Lawrence Sh¢riff School Foundation m¢Jol£ Ihp. dp.finilion of a public benefit enlily under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise staled in the relevant accounting policy. The Lawrence Sheriff School Foundation remains a separate enlily. I he Lawrence Sherill SLI iuol Foundation is includcd in the accounts of the Ar.2dp.my Trust by the method of branch accounling. The funds associaled with the Foundation are shown within separate and Clearly identifiable funds. This ensures that the legal position between the two entities is accurately rollecled, wnilsi givlng a trug illl(J Idil view of the financial Po￿lti0n of the Academy TrLlgt 2.2 Charity status The Lawrence Sheriff School Foundation is a ch8rily. The Charily number is 528770. The nature of the Chari15ls operations and princip&l activity is a public benefit lo advance the education of boys through Ihe provision ol a 51le for a school known as Lawrence Sheriff Schuul. 2.3 Going concern After making appropriate enquiries. the Trust Board has a reasonable expectation that the Acadomy Trust has adeqLi3le. resources lo continue in operational existence for the foreseeable future and there are no malei.ial uncèrlainlies aboul Ihe Trust's ability lo conlinue as a going concern, thus they Continue lo adopt the going concern basis ol accounting in preparing the financial slalemenls. Page 15 LAWRENCE SHERIFF SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting policies Icontinuedl 2.4 Basis of accounting with the Lawrence Sheriff School Academy Trust As clelailed in accounting policy 2.1, the two enlilies of the Lawrence Sheriff School Foundation and the Lawrence Sheriff School Academy Trusl are under common control. Howevpr. the Lawrence Sheriff School Poundalion remains a sttparale enlily. The Lawrence Sheriff School Foundation is included in the acpniints of the Academy Trust by Ihc melhod of branch accounling. The funds associated with the Foundation are shown within separate and clearly identifiable funds. This ensures that the legal position between the two enlilies is accurately reflecled, whilst giving a true and 12ir view of the financial position of the Academy Trust. 2.5 Income All incoming resources are included in the Slalemenl of Financial Position {SoFAI once the Charity has legal enlillemenl lo the income, il is piobable that the income will be received and the amount of income receivable can be measured reliably. For legacies, enlillemenl is taken as when a distribution is re￿iVed from the eslale. For donations lo be recognised, the charity will have been nolilied ol the amounts and the selllemenl dale in writing. If there are 2ny conditions allached lo the donation and this requires a level of pcrformance before enlill¥iiieiil u(In be obtaine(J then Income is defe￿e￿ until these conditions are fully mel or the lullilmenl of those conditions is within the control of the charity and is probable that they will be fulfilled. The charity may receive government grants in respect of capital expenditure on the properties il owns. Income from such grants will be recognised al fair value when the charity has enlitlgm*nl aft&r any performance conditions have been mel. 11 is pi'obably that the income will be received and the amount can be measured reliably. If enlillemenl 15 not met, then these amounts 2re deferred. I he unreslricled fund includes the income from the Rugby School Estate, which is payable lo the Trustees of the Lawrence Sheriff School under the Rugby Lower School ITransferl Act 1906. 11 is payable lo Ihe Truslee of Lawrence Sheriff School And transferred lo the Trustees ol Lawren Sheriff School FoLJndalion. However, lo ensure complete Iranspaiency as to the amount of income, ils application lor the sole benefit if Lawrence Sheriff School and lo be consislenl with previous years il continues lo be disclosed as part (Jf income of Lawrence Sheriff School Foundation. It is I"ecognised on Ihe accruals basis. Page 16 LAWRENCE SHERIFF SCHOOL FOUNUATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting policles Iconlinuedl 2.6 Expenditure Expendilure is recognised once there is a legal or conslruclive obligation lo transfer economic benefit lo a Ihird party, il is probable Ihal a transfer of economic benelils will be required in selllemenl and the amounl ol the obligalion can be measured reliably. Expenditure is clabbif1ed by activity. The costs of each activity are made up of the lolal of direct costs and shared costs, including suppori cosls involve.d in undertaking each aclivily. Direcl costs atlribulable lo a single aclivily are allocated directly lo that aclivily. Shared costs which contribute lo more Ihan one aclivily and support coslb which are nol allribulable lo a single activity are apportioned between those activities on a basis consislenl with the use of resources. CJpnlral slaff costs are allocaled on Ihe basis of lime spent. and depreciation charges allocated on the portion of the assel's use. Costs ol charitable activities are ¢osls ineurred in the Foundalion's charitable objects. This includes all expenditure funded by the Rugby Lower School ITransfÈrl Act 1906 inGome which is included in the accounts. Some of Ihe income is being used to pay capital and interest on bank loans taken out lo lund property improvements. Expenditure on raising funds includes all expenditure incurred by the Charity lo raise funds for ils charilable purposeb aiid includes costs of all fundraising activities events and non-charilable trading. 2.7 Interest recelvable Interesl on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity., this is normally upon nolif1calion of the inleresl paid or payable by the bank. 2.8 Tanglblè fixed assets and depreciatlon Tangible fixed assets are recognised al cosl, net ol deprecla11on and dlly PIOVlsion for impairment. After recognition, under the cosl model. tangible fixed assets are measured al cost less accumulated d￿.r)r?r.IAI10n and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into ils intended working condition should be included In Ihe measuremeni of Gobl. Deprècialion is not charged on freehold land. Dep￿CIall0n is provided al rates calculaled to write off the cost of fixed assets, less their eslimaled residual value, over their expected useful lives, Depreciation is provided on the follnwino basis.. 15-50years Freehold buildings 2.9 Llabilities and provisions Liabililies are recogiiised when there is in obligation at the Balanp.p sheet dale as a result of a past event. il is probable that a transfer ol economic benefit will be required in selllemenl, and the amount of the selllemeril can be eslimaled reliably. Liabilities are recognised al the amounl th81 the Charity anlicipales il will pay lo sellle the debt or the amount il has received as advanced payments lor the goods or services il musl provide. Provisions are measured al the be51 estima18 of the amounts I"equired lo settle the obligation. Where the eflect of the lime value ol money is material, Ilie provision is based on the present value ol those amounts, discounled 81 the pre-tax discounl l'ate that relleets tho risks specific to Ihc liability. Th& unwinding of the discount is recognised within inleresl payable and siinilar charges. Page 17 LAVVFfENCE SHERIFF SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting policies Icontinuedl 2.10 Financial instruments Except for quole(J inveslmenls, the charity only has linancial assels and financial liabilities ol a kind Ihal qualify as basic finaiicial inslrumenls. Basi¢ finan¢ial instruments are inili211y recognispd al Iransactiuii value and subsequently measured al their selllemenl value. 2.11 Fund accounting Reslricled funds represent Ihose resources which may be used towards the meeting of the charitable objectives ol the Foundation al Ihe discretion of the Trustees. The permanent endowment fund represents the value of the property inclu(Jing additions less the oulslanding capital on loans used lo pay for addilions lo the properly. A transfer is made each year lo reflect the capital repayments made on the loans during the year. Income from donations and legacies Unrestricted funds 2025 Total funds 2025 Rugby Lowcr evchool donations 623,337 623,337 Unreslricled funds 2024 Total ruii(I 2024 Rugby Lower School donations 625, 725 625, 723 PagÈ 18 LAWRENCE SHERIFF SCHOOL FOUNUATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Expenditure oll charitable activities Unrestricted Endowment funds funds 2025 2025 Total funds 2025 92,453 10,000 278,930 95,665 92,453 10,000 278,930 95.665 222,267 Insurance Rugby Bid Levy School budget allowance Finance charges Depreciation 222,267 477,048 222,267 699,315 Unreslricled Endowm8nl fun(Is funds 2024 2024 Total funds 2024 Insurance Trugby Bid Lcvy School budget allowance FinAnr.p charges Depreciation 94.853 10,000 459.173 84,434 94.853 10,000 459,173 84.434 222,267 648,460 222,267 70, 727 Page 19 LAWRENCE SHERIFF SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Net incomellexpenditure) 2025 2024 Auditor's remuneration - slalulory audit Deprecialion of tangible fixed assets.. owned by the Charily 4,350 4,050 222,267 222,267 Trustees, remuneration and expenses During the year, no Truslees received any remuneration or olher benefits (2024 - £NIL). During the year ended 31 Augusl 2024. no Trustee expenses have been incurred (2024 - £NIL). Page 20 LAWRENCE SHERIFF SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Tangible fixed assets Freehold property Cost or valuation Al 1 September 2024 12,075,000 Al 31 August 2025 12,075,000 Depreciation Al 1 Seplember 2024 Charge for the year 2,222,670 222,267 Al 31 August 2025 2,444,937 Net book value At 31 August 2025 9,630,063 Al 37 Atigiist kul4 9,852,330 Included in land and builclings Includes freehold land al Vdluitliuii uf £l.J4J,000 12024 £1,545.0001 which is not depreciated. Tangible fixed a8sels with a nel book value of £9,061,50012024 - £9,265,000) have been pledged as security for liabilities of the charity. These a8sels have a reslricled lille. P￿Or lo the adoption of FRS102 the freehold property was included al the 1914 valuation of £23,345 wlh all subsequent additions being slated al cost. On transition lo FRS10211 September 20141 thè freehold properly was revalued lo its estimaled fair value and this was taken lo be deemed cost. At transition dale. the freehold land and buildings were subject lo independent, professional valuation which was underiakp.11 by Towler Sh2w Roberts Chartered Surveyors. The main school complex was valued on a Deprecialed Repla￿ment Cost Basis and the sports field was valued on an exisling use basis. Page 21 LAWRENCE SHERIFF SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Debtors 2025 2024 Due within one year Accrued inconie fruiri Rugby Lower School 369,346 125, 723 369,346 125, 723 Creditors.. Amounts falling due within one year 2025 2024 Bank loans Amounts owed lo L8wrence Sheriff School Academy Trust Accruals and dèferred income 139,104 321 40,643 739, 704 321 36,393 180,068 175,818 10. Creditorts.. AJiiouii(> l