REGISTERED COMPANY NUMBER.. 02448785 (England and Wales) REGISTERED CHARITY NUMBER: 802188 Report of the Trustees and Financial Statements for the Year Ended 31st March 2025 for The Loddon Foundatlon Ltd
The Loddon Foundation Ltd Contents of the Financial Statements for the Year Ended 31st March 2025 Page Report of the Trustees I to 14 Report of the Independent Auditors 15 to 18 Statement of Financial Activitles 19 Balance Sheet 20 Cash Flow Statement 21 Notes to the Cash Flow Statement 22 Notes to the Financial Statements 23 to 39 Detailed Statement of Financlal Activities 40 to 42
The Loddon Foundation Ltd Report of the Trustees for the Year Ended 31st March 2025 The Trustees of The Loddon Foundation Ltd present their annual report and audited accounts for the year ended 31 March 2025 and confirm that they comply with the requirements of the Charities Act 2011, as amended by the Companies Act 2006, the Memorandum and Articles of Association and the Charities Statement of Recommended Practice (SORP) IFRS102) 2019. Structure, Governance and Management Governing Document The Loddon Foundation is a company limited by guarantee and governed by its Memorandum and Articles of Association dated 4 December 1989, as amended on 8 June 2013. It is registered as a Charity with the Charity Commissioners. The members have agreed to contribute a maximum of £100 each in the event of the company winding up. The number of members is unlimited. The Company Directors are also Trustees of the Charity and Governors of the school. Appolntment of Trustees It has always been the policy that all members are Trustees, Directors and Governors of the school There are no other Directors, Trustees or Governors All the Directors, Trustees and governors henceforth are referred to as Trustees, as detailed on the reference and administrative details, served throughout the year unless otherwise stated. The Board has power to appoint additional Trustees if it considers fit to do so. New Trustee5 are selected based on their specialist knowledge e.g. teaching, care, financial, legal, IT, medical expertise,experience with children and adults with severe challenging behaviour and learning diff iculties. Trustees are recruited through networking of current Trustees a nd the interactions the Charity has with the local community. Two trustees have resigned from the Charity this year, and we have welcomed three more. Trustee Inductlon and Trainlng Prospective Trustees are invited to visit the School, where they can meet key employees, the children and other Trustees. Prospective Trustees are provided with information about the philosophy of the Charity along with details about the accredited training that is delivered nationally and promotes the philosophy and approaches of the Charity. The Trustees have on-going training, and receive additional information which is circulated as available from the Charity Commission. Trustees are invited to attend training delivered by Loddon Training - the external training division of the charity. Those who do attend find these sessions most useful. Trustees meet each year with the whole senior team to engage in the annual Strategic Planning process. Organisation The Board of Trustees, which must comprise of a minimum of 3 members, administer the Charity and meet at least four times a year. The Trustees fulfil the role of the Proprietorial Body for the School and are subject to registration by Ofsted. The Board of Trustees have had in place four subcommittees to facilitate their ongoing work. These subcommittees, along with their key responsibilities are: Page I
The Loddon Foundation Ltd Report of the Trustees for the Year Ended 31st March 2025 Finance. HR. Estates and IT Ensure that budgets are developed and monitored,. Approve investment proposals- Monitor the facilities programs and Health and Safety; Ensure that the Charity effectively manages and rewards staff,. and Advise on developing the IT strategy for the school. Philosophy, Education, Care and Training Ensure that the Charity maintains its focus on the underlying philosophy of positive approaches; Monitor the curriculum used within the Charity to ensure that they are aligned to the philosophy and approaches of PROACT-SCIPr_UKO; and Ensuring the School keeps the students within its care safe and complies with the relevant safeguarding legislation Loddon Training (LT) / Trainlng and Outreach Provide Strategic direction to Loddon Training such that the Philosophies of the school, the PLLUSS curriculum and practical application of PROACT-SCIPr-UK@ is spread as widely throughout the UK as possible; and Oversee the running of the Outreach programme which is supports teachers and schools who specialise in special education needs in the UK. Governance and Quality Management Recruitment, training and monitoring of Trustees,. Review of governance documents to ensure that they are up to date,. Review of the schools, Quality Management System and ensure compliance with ISO 9001,. and Maintain the Trustees Risk Register. The Trustees work closely with the Charity Leadership Team, via the subcommittees, to ensure that the aims and objective of the Charity, as agreed by the Trustees, are implemented through the organisation. The Charity Leadership Team currently comprises The Loddon Foundation Chief Executive Officer, the Director of Loddon Training, Director of Care (Registered Care Manager), Director of Finance and Company Secretary. and the Director of Human Resources. The remaining staff are employed in the School to provide care, education, training, support or as trainers for Loddon Training. The Loddon Foundation is not dependent upon the service of unpaid volunteers. The Charity Leadership Team formally report to the Trustees at the regular Trustees, meetings but also meet with smaller groups of Trustees to discuss on-going matters and to share information, as needed. The Trustees attend events during the year in which children and parents from the School take part, and visit the School between meetings. They attend some of the training events presented by Loddon Training along with the annual conference. Delegation and Decision Making The Trustees delegate day-to-day management of the Charity Leadership Team. Page 2
The Loddon Foundation Ltd Report of the Trustees for the Year Ended 31st March 2025 Remuneration of Key Management Personnel All Trustees are engaged under a voluntary basis and do not receive remuneration or benefits outside of those that all volunteers are entitled to such as the reimbursement of expenses for travel and subsistence. The Senior Leadership Team are remunerated as disclosed in report. Key personnel do not receive any other taxable benefits. The Trustees set the remuneration of the Charity Leadership team by reference to remuneration in the local employment market and those employed in special schools. Responsibility for remuneration elsewhere in the charity is delegated to the Charity leadership team who apply the same principles. All appointments and pay increases for those earning over £35,000 per annum are approved by the Finance and HR committee on behalf of the trustees. Related Party Relationshlps The charity covers all the costs associated with the trademarking and Mrs M Cornick M8E receives no payment for the use of the trademark. The board of Trustees have reviewed this arrangement and are confident that this continues to be in the best interests of the charity. PROACT-SCIPr-UKO is the registered trademark of Mrs M Cornick MBE. The Charity uses this trademark under licence. The Charity covers all the costs associated with the trademarking and Mrs M Cornick MBE receives no payment for the use of the trademark. The Board of Trustees have reviewed this arrangement and are confident that this continues to be in the best interests of the Charity. Quallfylng Thlrd Party Indemnity Provisions The charitable company has made qualifying third-party indemnity provisions (directors and officers insurance) for the benefit of its Trustees during the period. These provisions remain in force at the reporting date. Page 3
The Loddon Foundation Ltd Report of the Trustees for the Year Ended 31st March 2025 STRATEGIC REPORT Objectives and Artivities Our Aims The objects of the Charity are the education, treatment and care of persons With learning disabilities. In addition, the Charity has a range of powers which include dissemination of good practice and to provide training, lectures and conferences both nationally and internation311y. The Charity achieves these through two principal activities: A School which provides education and care for 30 children and the provision of training courses for other schools, residential, day services and supporting living settings from the statutory, private or voluntary sectors who support children and/or adults, through Loddon Training. The Charity also provides Outreach services within the UK and internationally through the provision of training and support to include a small on-going programme in Zambia. Our Approach The Loddon Foundation Ltd continues to provide specialist education and high quality residential care for children with autism, profound and complex learning disabilities and severe challenging behaviour. The School is committed to enabling children to participate in the life of the community wherever possible and with whatever support is needed. The children all demonstrate behaviours of concern which have severely restricted their opportunities compared with children in main-stream schools and therefore need a 24-hour curriculum to provide maximum support to them and their families. The Loddon Foundation bases its approach in 'Positive Behaviour Support, and 'non-aversive' approaches to behaviour support within the philosophy and practice of PROACT-SCIPr-UK@ and the PLLUSSO curriculum both developed by the Charity and implemented within the School and disseminated through Loddon Training. These approaches are understood and recognised by Ofsted and local authorities Iwho pay fees for children to be pupils in the School). Using PROA-ScIPr-uK• and PLLUSS• as the philosophy and approach, the School bases its practice in personalised education and care to ensure each child's programme supports the needs of that child. The education of the child is both individualised and personalised, enabling learning programmes to occur in the natural settings rather than classrooms. For example, learning to dress and undress is learnt in the child's bedroom or swimming pool complex and activities are selected to ensure preparation for adult life with a focu5 on communication skills, choice, social skills and behaviour support. Transition planning plays an important part in the education of pupils when they reach 14+. The Loddon Foundation provides to external organisations training which is certif icated by Bild Acr {British Institute of Learning Disabilities Association of Certified Training) and known as PROACT-SCIPr-UK through Loddon Training. This is a specialist programme providing a 'whole approach, to enable staff to actively support individuals who demonstrate behaviours of concern and as far as is reasonably possible minimises the use of physical interventions and ensures the safety of staff. Loddon Training delivers this training to organisations throughout the UK and there are in the region of 200 organisations and 800 Instructors trained to deliver PROACT-SCIPr_UK@ courses to staff within their service and implement the approach in schools, residential, day services a nd supporting living settings. In addition, advice and support is offered to parents, families and other schools and care homes on a regular basis. Page 4
The Loddon Foundation Ltd Report of the Trustees for the Year Ended 31st March 2025 Subsidised courses and additional advice and support are provided through Outreach to parents and family carers to enable them to use both PROACt-SClPr-UK" and PLLUSSQ within their own homes. This enables children and adults to stay longer in the family home reducing the need for them to be supported in residential care. Loddon Training uses off-site training facilities at Field House Barn, a training facility providing for the increasing number of courses without reducing the use of space at the School. The PROACT-SCIPr-UK¢ acronym stands for 'Positive Range of Options to Avoid Crisis and use Therapy, Strategies for Crisis Intervention and Prevention,. Whilst PLLUSS means 'Personalised Learning for Life Using Supportive Strategies., These curricular approaches include ways of educating children who find the regular classroom prohibitive to learning. These programmes are delivered to ensure a culture of understanding of the philosophy of positive approaches and behaviour support as a 'whole approach, to enable learning to ta ke place for all in a person-centred way. Page 5
The Loddon Foundation Ltd Report of the Trustees for the Year Ended 31st March 2025 Our Objectives Achievements and Performance During the year the following progress was made against the objectives set in last year's annual report: Objectives Set Last Year Achievements To expand the repertoire of consultancy services to The additional training and consultancy offer has incorporate requests for support around specific expanded to include pre-assessment, challenges and include additional training where consultancy and report around individuals and/or appropriate. situations where physical interventions are not always necessary. These consultations may be provided face-to-face or by Teams/telephone. To enhance the support packages for families and Specific advice and support for parents and young people with ASD. families of young people with a diagnosis of ASD has been extended through the training and consultancy offer. Continue to enhance the learning environment and We continue to have links with Wellesley school offering more new opportunities both on site and in enhanced the Loddon children's offer of work the local community. related learning and socia l interaction.we have on going building work to provide some of our children with new accommodation. To facilitate positive outcomes for individuals with The scope of work to facilitate positive outcomes challenging behaviour by growing our local and for individuals and promote least restrictive national networks in order to promote least approaches has expanded to include supporting restrictive approaches. Instructors to promote Proactive and Active strategies withi n mainstream settings. Extend our reach and positive reputation by Both Amelia Pedley and Helen Wood continue to continuing to support other schools and local provide coaching to our partner schools networks to develop their own wellbeing through undertaking their own wellbeing journeys with successfully coaching partner schools to complete the RAW programme. Both (mainstream} schools the RAW programme and through conference have experienced some challenges with speaking and webinars. implementation, and it has been interesting to compare their experiences with ours. I have delivered two well-being-based online webinars for the Education and Training Foundation which have been well received. review and enhance PROACT-SCIPr-UKO The PROACT-SCIPr-UKO curriculum has been curriculum topics to include autism, co-production, further developed such to broaden the content positive behaviour support and keeping safe. around autlsm, coproduction and meaningful approaches of including the voice of those with 'lived experience, positive behaviour support and keeping safe Page 6
The Loddon Foundation Ltd Report of the Trustees for the Year Ended 31st March 2025 Development of the Charity {Trustees) Following a period of senior leadership change, the Trustees appointed a new Chief Executive Officer in March 2025, replacing the previous Principal-led model. The reasoning links in with the Foundation's values that we work in a partnership in all that we do. While it is early days, the CEO model aligns well to enable exceptional and committed distributed leadership, and supports greater cross-team collaboration and partnership across the organisation. Following a strategic review the trustees have approved phase 2 of a rebuilding programme which was fully funded by the building fund established previously, along with prior surpluses. This will build three new houses. This project commenced in October 2023 and is due to be completed June 2025. Previously the Trustees reviewed the viability of keeping Field House Barn as a training centre and it was decided that the best option was to sell and relocate Loddon Training to a more appropriate sized facility. With the arrival of the new CEO in March 2025, this project is being reviewed alongside the wider estates strategy, however it remains the intention to work towards housing the school and training facilities on the same site. The School The School is inspected as a Children's Home once a year and as a School every three years. The School was recognised as Good for its provision in social care and Outstanding in education during the last Ofsted inspections. There were many achievements in the School during the year which included.. The school has been working with our project managers to complete phase 2 of the building project with the development of new accommodation for three children's houses. This is due to be completed in June 2025. We have updated our data collection process for children's targets and adopted an even more rigorous approach, this has been praised by external stakeholders. We will move forward further and transfer over the information to a new app which allows us to link up data smoothly with other departments: Therapies, Wellbeing, Arts etc. We have continued to hold regular Green Week Therapy fun days for our young people and to support staff understanding by modelling Strategies and resources. We have highlighted the importance of this being embed to our culture and not one off tokenism. Feedback from staff in a recent survey indicate staff feel well supported. We have recruited a full Therapy team including two highly skilled and experienced therapists, a speech and language therapist and occupational therapist who has taken on Clinical Lead responsibilities. Their work is having a positive impact across the school. A new form of communication system has been created, Grid App, and is embedded with a number of pupils and will continue to expanded to the cohort. We have been fundraising for items to support the children's learning and will continue to expand this venture, with the potential of a Multi Use Games Area IMUGAI being the next project. Page 7
The Loddon Foundation Ltd Report of the Trustees for the Year Ended 31st March 2025 Loddon Training Loddon Training continues to adapt to an ever changing market place maintaining its online courses and 'face to face, offerings, and supporting implementation of PROACT-SCIP-UKQ in to other sectors.. Loddon Training have a dynamic approach to the ongoing development of the PROACT-SCIPr-UK curriculum ensuring that all courses remain appropriate, reflective of current guidance and methodologies. Trainers continue to develop their skills in all aspects of the PROACT-SCIPr-UK@ curriculum, taking responsibility for specific topics to ensure a dynamic approach to delivery, such topics include Applied Behaviour Analysis, Trauma Informed Care, co-production Autism and implementation of a whole organisational approach. Loddon Training continues to be included in various procurement directories to increase the awareness of its offerings and promote 'the PROACT-SCIP-UK. whole approach curriculum, through it's website and social media. The marketing strategy continues on the development of key messages and the promotion of training services and the PROACT-SCIPr-UKO brand through the website and our social media channels. Loddon Training increased the number of Aff iliate Organisations under the Bild ACT certification for PROACT-SCIPr-UK@ and PROACT-SCIPr-UKO Centres. This increases the marketability of the training with certification being mandatory for services where there is a health funded component or for those inspected by CQC. The demand for consultancy work continues to increase with the scope broadening to include supporting organisations to take individuals who are moving in to supported living accommodation. Support for parents and family carers, and foster carers continues through the provision of both training and consultancy services, locally and nationa Ily. Outreach Advice and support is provided 'face to face, to a wider audience to include parents and families enabling the person to maintain a better quality of life. Social Media is used as a mechanism for disseminating information and raising the profile of the approach as is the addition of 'white papers,. Public Benefit The Trustees confirm that they have regard to the Charity Commission's guidance on public benefit and this is shown in the reporting of the Charity's objectives and achievements. These are summarised below- The School provides fully residential places for up to 30 children who need education care and support and all are fully funded by local authorities, with no private placements. Page 8
The Loddon Foundation Ltd Report of the Trustees for the Year Ended 31st March 2025 Loddon Training provides training to schools, residential. day services and supporting living settings from the statutory, private or voluntary sectors. The training is important and is in great demand and benefits children and adults with a wide range of needs and diff iculties. The Charity provides support to parents and professionals needing advice and support. Loddon Training provides subsidised courses for parents and family carers. Staff contribute freely to national conferences and consultations. The School invites the local community to share in events and observe the work. The Charity provides employment and training leading to national qualifications. The Charity shares its advanced knowledge of autism, learning disabilities and restrictive behaviours with other professionals e.g. the SHIP PBS network group and other online forums. The Charity shares its expertise with local disability forums, and other charities. The Charity supports parents and families and other charities with training. Financial Review The charity has generated an increase in its unrestricted reserves of £285,690. The surplus was generated by investments £176,488, Loddon Training £115,918, donations of £9,386, and unfortunately a deficit in school operations of {£16,1021. The surplus for the year plus depreciation have been transferred to a designated building fund which the Trustees have established as a contribution towards funding the restoration and refurbishment of the main house on the school site, which we aim to complete in the next few years. After careful consideration that trustees approved capital spending of £50,195 to install air conditioning units in two of our houses, replace an older school vehicle and replace our gas tanks. The principal source of income this year is from our long term investment in Schroders and bank interest received. We are not dependent on donations which is less that l¢/0 of our total income for the year. The school fee income has been applied to provide residential care and education for the pupils in the School. We increased school fees by an average of 6% for existing students plus a 7Yo increase on new students, therefore an increase in our school fee income, overall our income has increased by 8% which is a result of a increase in overall student fees. Staff wages and salaries account for 79/0 of the costs of running the foundation. Wages and salaries increased from last year by £893k, however agency costs has also decreased by £304k. Our staff benefited from a 3.5Yo increase across the most of the Foundation. The charity has been acutely aware of the pressure to increase salaries to remain competitive and reduce our care vacancy deficit which has proved successful in 2024-25. During the year the Charity has spent £53,556 on capital investment. The capital expenditures included: WIFI Access points1£2,7041 Solar Panels (£28,734) Balance sewage Tank 1£12,2381 Freezer (£1,578) Air conditioning unit1£5.3141 Specialist cha ir and bed1£2,988} Page 9
The Loddon Foundation Ltd Report of the Trustees for the Year Ended 31st March 2025 Reserve5 and Financlal Health The Trustees regularly review the finances, budgets and spend against budget as part of the effective governance of the charity. The Charity budgets to ensure the School is self funded but it is supported by the return on its investments and the surplus generate by Loddon Training to replace and renew the facilities the charity requires to pursue its charitable aims. The level of school fees is reviewed annually by the Trustees in liaison with the Charity Leadership Team. Fee invoices are raised quarterly in advance which contributes to healthy cash balances at the beginning of each quarter. In the normal course of events therefore the Trustees do not foresee difficulties in the Charity's cash flow position. The Trustees consider the greatest financial risk to the charity is the local authority austerity programme which has resulted in councils delaying payments and contesting inf lationary increases in fees. The Trustees consider it prudent to have a surplus to enable the School and Loddon Training to continue operating during a period of reduced income or increased expenditure. A reserve equivalent to at least three months average expenditure is held. The Trustee's will continue with the building project that has been established and will once again transfer the surplus made this year after capital expenditure into the separate Building Fund reserve. The surplus made in 2024-25 will be held in the building project reserves as a contribution towards the restoration and refurbishment of the main house in preparation of this becoming offices for support services and training once the students have moved into the new accommodation. This project is set to commence in the next few years. 2024-25 2023-24 Total Funds Less: Invested in fixed assets £15,105,246 £14,819,556 £11,717,859 £9.335,121 £3,387,387 £5,484,435 £3,387,387 £2,014,803 £5,484,435 £1,969,723 Reserves of 3 months Designated building fund Designated main house fund Capital expenditure £640,969 £679,115 £52,500 £3,025,787 £445.925 £43,000 Funds available for charitable purposes £0 £0 The Trustees will continue to review its reserves policy in the light of the economic climate to ensure they continue to be set at a realistic level. Page 10
The Loddon Foundation Ltd Report of the Trustees for the Year Ended 31st March 2025 Investment Policy and Performance The Trustees, having regard to the liquidity requirement of operating the Loddon Foundation and to the reserves policy, have formally operated a policy of keeping two thirds of the funds in Deposit accounts and one third in Equities and Bonds. At the year end the charity had cash deposlts of £4,026,907 and £1,629,653 invested in the Cazenove charity multi-asset fund. The £4m held in cash represents: £0.6m held to fund phase 2 of the school building project and £2m held as a 3 month cost reserve with the balance representing the school fees paid in advance by the local authorities. Whilst currently more is held in deposits than the policy states, it has been left as cash reserves as it will be spent in the coming year on the new school buildings . The investments in the Cazenove charity multi-asset fund has increased by £40,872. The trustees take a long-term view to investment and are pleased the initial investment of £1,000,000 made in January 2015 has increased to £1,629,653 over ten years. The investment policy is continually reviewed in conjunction with the reserves policy. Plans for Future Periods Key objectives for the coming year have been agreed between the Board of Trustees and the Charity Leadership Team. The continued focus of the Charity is to: Expand the repertoire of consultancy services to include mainstream educational settings. Enhance the support packages for mainstream education, supported living and parent5 and carers supporting individuals with ASD. Broaden our offer to include additional levels of training in the PROACT-SCIPr-UKQ whole approach curriculum for organisations who do not require physical interventions. Widen our presence, increase our profile, and broaden our network through the implementation of an enhanced marketing and communications strategy. Extend our reach and positive reputation by continuing to support other schools and local networks to develop their own wellbeing through successfully coaching partner schools to complete the RAW programme and through conference speaking and webinars. Continue to enhance the learning environment and offering more new opportunities both on site and in the local community. Continue to facilitate positive outcomes for individu315 with challenging behaviour by growing our local and national networks in order to promote least restrictive approaches. Page 11
The Loddon Foundation Ltd Report of the Trustees for the Year Ended 31st March 2025 Expand the delivery of trauma informed approaches and the provision of good quality SUPPOrt through the PROAcf- SCIPr-uK curriculum. Develop materials to support organisational implementation of the PROACT-SCIPr-UK whole approach. Continue to provide support for parents and carers through the provision of informal coffee mornings and 'open sessions,. Risk Management The Trustees have a risk management strategy and a Risk register which has been developed in partnership with the Charity Leadership Team. This is reviewed annually to highlight.. Current and future risks that the Charity may face. The establishment of systems and procedures to limit those risks and mitigate any losses suffered. The implementation of procedures designed to minimise any potential impact on the charity should those risks materialise. A key area that the Trustees review each year is the impact of possible conflicts of interest within the Board, especially in relation to Liaise Loddon Ltd. The Board feel that this area is well understood and managed especially now the number of current Trustees has increased. At the operational level the Key risks facing the charity are: Reputational risk arising from a safeguarding incident. The school has extensive safeguardi ng policies which include safe recruitment at the time of appointment, extensive induction training which is regularly re-enforced and check procedures which are implemented at the first suggestion of any issue arising. Local authority funding from central government is being cut back and this may eventually reduce the willingness of the local a uthorities to pay for the level of care provided by the school. The school holds the equivalent of three months of charity running costs back in reserves. The School must ensure it can continue to meet the changing standards required by Ofsted. To do this it employees a School improvement consultant and trains its staff at induction and re-enforces annually their safeguarding obligations. The recruiting of a full team of care staff has been difficult during recent years and the risk has been mitigated by hiring agency staff at additional costs. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02448785 (England and Wales) Page 12
The Loddon Foundation Ltd
Report of the Trustees for the Year Ended 31st March 2025
Registered Charity number 802188
Registered office
The Loddon School Wildmoor Lane Sherfield-On-Loddon Hook Hampshire RG27 OJD
Trustees
SJ Corbett Senior Pbs Clinician S Fussey Retired Company Director M R Lakin Retired R W Lycett Retired J A Wake Retired Registered Care Manager R Avis Retired G Day Retired S A Swanson Retired (resigned 21.6.24) H Key (appointed 27.11.24) J E Gibbons (appointed 27.11.24)
Auditors
Sheen Stickland Chartered Accountants Statutory Auditors 2 Oriel Court Omega Park Alton Hampshire GU34 2YT
Investment Advisers and Managers
Schroder & Co. Limited 1 London Wall Place London EC2Y SAU
Senior Management Team
Chief Executive Officer Richard Kennett Director of Loddon Training Janet Bromley Director of Care (Registered Care Manager) Tim Clark Director of Finance and Company Secretary Elizabeth Fairhead Director of Human Resources Sarah Jeffrey
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of The Loddon Foundation Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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The Loddon Foundation Ltd Report of the Trustees for the Year Ended 31st March 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES- continued Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charity SORP; make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fra ud and other irregularities. In so far as the trustees are aware: there is no relevant audit information of which the charitable company's auditors are unaware; and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. AUDITORS The Auditors, Sheen Stickland will be proposed for re-appointment at the forthcoming Annual General Meeting. Report of the trustees, incorporating a strategic report, approved by order of the board of trustees. as the company directors, on 3.o./..? 12.og-:S and signed on the board's behalf by: G Day- Trustee Page 14
Report of the Independent Auditors to the Members of The Loddon Foundation Ltd Opinion We have audited the financial statements of The Loddon Foundation Ltd {the 'ch3ritable company'l for the year ended 31st March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financi31 statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is a pplicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31st March 2025 and of its incoming resources and application of resources, including its income and expenditure, 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 Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the f inancial statements in the U K, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern 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 uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such materi31 inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there 15 a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 15
Report of the Independent Auditors to the Members of The Loddon Foundation Ltd Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Matter5 on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibllities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In prepari ng the f inancial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Page 16
Report of the Independent Auditors to the Members of The Loddon Foundation Ltd Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with15As IUKI will always detect a material misstatement when it exists. Misstatements can arise from f raud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. The laws and regulations applicable to the charity were identified through discussions with the trustees and other management, also from our commercial knowledge and experience of the incorporated charity. Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the company, including but not limited to The Companies Act 2006, taxation legislation, data protection, anti-bribery, anti-money-laundering, employment, environmental and health and safety legislation. The extent of compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting legal expenditure and correspondence. The identified laws and regulations were communicated within the audit team, the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by.. making enquiries of management as to where they considered there was susceptibility to fraud, them knowledge of actual, suspected and alleged fraud; To address the risk of fraud through management bias and override of controls, we: tested journal entries to identify unusual transactions,. performed analytical procedures to identify any unusual or unexpected relationships,. assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial statement disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governance,. enquiring of management as to actual and potential litigation and claims; and reviewing correspondence relevant regulators and the charity's legal advisors. Page 17
Report of the Independent Auditors to the Members of The Loddon Foundation Ltd Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fra ud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. David Sanders FCA Isenior Statutory Auditor) for and on behalf of Sheen Stickland Chartered Accountants Statutory Auditors 2 Oriel Court Omega Park Alton Hampshire GU34 2YT Date: Page 18
The Loddon Foundation Ltd Statement of Financial Activities for the Year Ended 31st March 2025 2025 Tota I funds 2024 Total funds Unrestricted Restricted funds funds Notes INCOME AND ENDOWMENTS FROM Donations 9,387 15,000 24,387 33,122 Charitable activities Operations of the school Training and workshops 8,822,224 786,252 8,822,224 786,252 8,146,592 703,847 Investment income Other income 135,616 135,616 166,056 1,598 Total 9,753,479 15,000 9,768,479 9,051,215 EXPENDITURE ON Charltable actlvities Operations of the school Training and workshops 8,838,327 670,334 15,000 8,853,327 670,334 8,493,065 526,442 Total 9,508,661 15,000 9,523,661 9,019,507 Net gains on investments 40,872 40,872 153,220 NET INCOME Transfers between funds 285,690 116,0731 285,690 184,928 21 16,073 Net movement in funds 269,617 16,073 285,690 184,928 RECONCILIATION OF FUNDS Total funds brought forward 14,819,461 95 14,819,556 14,634.628 TOTAL FUNDS CARRIED FORWARD 15,089,078 16,168 15,105,246 14,819,556 The notes form part of these financial statements Pae 19
The Loddon Foundation Ltd Balance Sheet 31st March 2025 2025 2024 Notes FIXED ASSETS Tangible assets Investments 14 15 10.088,206 1.629,653 7,746,340 1,588.781 11,717,859 9,335,121 CURRENT ASSETS Debtors Investments Cash at bank and in hand 16 17 3,195,743 2,214,625 412,310 5,594,347 4,026,907 7,222,650 8,221,282 CREDITORS Amounts falling due within one year 18 13,835,263} 12,736,847) NET CURRENT ASSETS 3,387,387 5,484,435 TOTAL ASSETS LESS CURRENT LIABILITIES 15,105,246 14,819,556 NET ASSETS 15,105,246 14,819,556 FUNDS U nrestricted funds Restricted funds 21 15,089,078 16,168 14,819,461 95 TOTAL FUNDS 15,105,246 14,819,556 The financial statements were approved by the Board of Trustees and authorised for issue on ..ho[..l./.oo.aS........ and were signed on its behalf by: GDay- rustee The notes form part of these financial statements Pae 20
The Loddon Foundation Ltd Cash Flow Statement for the Year Ended 31st March 2025 2025 2024 Notes Cash flows from operating activities Cash generated from operations 530,616 229,945 Net cash provided by operating activities 530,616 229,945 Cash flows from investing activitles Purchase of tangible fixed assets Sale of tangible fixed assets Current asset investment movement Interest received (2,596,350) 2,750 412,310 83,234 {620,067} 1,800 92,693 116,661 Net cash used in investing activities {2,098,0561 1408,9131 Change in cash and cash equlvalents In the reporting period Cash and cash equivalents at the beginning of the reporting period 11,567,440) 1178,9681 5,594,347 5,773,315 Cash and cash equivalents at the end of the reporting period 4,026,907 5,594,347 The notes form part of these financial statements Page 21
The Loddon Foundation Ltd Notes to the Cash Flow Statement for the Year Ended 31st March 2025 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Gain on investments Loss/lprofitl on disposal of fixed assets Interest received Increase in debtors I ncrease in creditors 285,690 184,928 250,764 140,8721 970 183,2341 1981,118} 1,098,416 260,997 1153,2201 {1,5981 1116,661) (214,6801 270,179 Net cash provided by operations 530,616 229,945 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.24 Cash flow At 31.3.25 Net cash Cash at bank and in hand 5,594,347 {1,567,4401 4,026,907 5,594,347 {1,567,440) 4,026,907 Liquid resources Deposits included in cash Current asset investments 412,310 (412,3101 412,310 1412,310} Total 6,006,657 11,979,750) 4,026,907 The notes form part of these financial statements Page 22
The Loddon Foundation Ltd Notes to the Financial Statements for the Year Ended 31st March 2025 GENERAL INFORMATION The Loddon Foundation Ltd a private company limited by guarantee incorporated in England and Wales. The registered office and principle place of business is The Loddon School, Wildmoor Lane, Sherfield-on-Loddon, Hook, Hampshire, RG27 OJD. ACCOUNTING POLICIES Basi5 of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective l January 2019}', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The financial statements a re presented in sterling which is the fu nctional currency of the charity and rounded to the nearest pound. The reporting period is for the year ended 31st March 2025. Golng concern At the time of approving the financi315tatements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operation31 existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements, Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. School fees, training and workshop fees and other income are recognised in the Statement of Financial Activities in the period in which the service is provided. Fees are invoiced quarterly in advance, and training and workshops are invoiced in advance to the course being provided. Income received in advance is recognised as deferred income. Cash donations are recognised on receipt. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Expenditure All expenditure is accounted for on an accruals basis and has been classified under heading5 that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. The irrecoverable VAT 15 included with the item of expense to which it relates. Page 23 continued..-
The Loddon Foundation Ltd Notes to the Financial Statements - continued for the Year Ended 31st March 2025 ACCOUNTING POLICIES- continued Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.Overheads have been allocated on the basis of actual spend by activity. Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, financial administration, IT support and payroll costs. They are incurred directly in support of expenditure of the objects of the charity. Where sUPPOrt costs cannot be directly attributed to particular headings they have been allocated to expenditure on charitable activities. Governance costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs include external audit, legal advice and indemnity insurance for the Trustees, trustee meeting costs, and preparation of statutory accounts and meeting statutory requirements. Government grants Government grants are recognised in the statement of Financial Activities when there is reasonable assurance that the cond itions of the grant will be met, and grants will be received. Grants received before the recognition criteria are met are included as a liability. Government grants are recognised at fair value. Charltable actlvitles The Charity undertakes two principle activities: a School which provides education and care for 30 12023., 301 children. The charity also provides training courses for a number of organisations through Loddon Training & Consultancy, including Outreach services within the UK and internationally through the provision of training and support to include a small on-going programme in Zambia. Tangible fixed assets Tangible fixed assets are stated at cost less depreciation, which is provided in equal annual instalments over the estimated useful lives of the assets, and any provision for impairment. Individual assets over a cost of £1,000 are capitalised. Assets in the course of construction cost includes professional fees and other directly attributable costs necessary to bring the asset into use. Depreciation commences when the assets are ready for their intended use. Any gain or loss on disposal of an item of fixtures and fittings are determined by comparing the proceeds from disposal with the carrying amount of fixtures and fittings, and is recognised within other income/expenses in profit or loss. The rates of depreciation applied to assets are as follows: Freehold buildings- over 50 years Page 24 continued...
The Loddon Foundation Ltd Notes to the Financial Statements - continued for the Year Ended 31st March 2025 ACCOUNTING POLICIES- continued Tangible flxed assets Property improvements- over 7 years Motor vehicles - 25% reducing balance basis Fixtures, f ittings and genera l equipment - 15Yo Stra ight line basis Furniture, carpets, computers and high risk equipment - 33.3% straight line basis Taxation The charity is exempt from corporation tax on its charitable activities. During the financial year the foundation registered for VAT, turnover is shown in the profit and loss account exclusive of VAT and a VAT liability has been recognised at the year end. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the cha rity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and pu rpose of each fund is included in the notes to the f inancial statements. Penslon costs and other p05t-retirement benefits The charitable company operates a personal pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. The charitable company also operates a Teachers, Pensions Scheme, details can be found in note 19. The Charity has arranged a defined contribution pension scheme for all eligible employees. The assets of this scheme are held separately from those of the Charity. Pension costs charged in the Statement of Financial Activities represent the contributions payable by the Charity in the year. Employee benefits Short-term employee benefits costs are recognised as a liability and an expense. Redundancy payments are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination Fixed asset investments Fixed asset investments are initially measured at their transaction value and are subsequently measured at fair value at each reporting date. Realised or unrealised gains and losses on disposals, or on revaluation, are recognised in the Statement of Financial Activities. Realised and unrealised gains and105ses Page 25 continued...
The Loddon Foundation Ltd Notes to the Financial Statements - continued for the Year Ended 31st March 2025 ACCOUNTING POLICIES - continued All gain5 and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening fair value (purchase date if later). Unrealised gains and losses are calculated as the difference between the fair value at the year end and opening fair value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities. Cash and cash equlvalents & current asset investments Cash and cash equivalents include cash in hand, cash at bank and other short-term liquid investments with original maturities of three months or less. Current asset investments represent short-term investments with original maturities of more than three months. Debtors Short term debtors are stated at the settlement amount due after any trade discount offered. Appropriate allowances for estimated irrecoverable amounts are recognised in the Statement of Financial Activities when there is objective evidence that the asset is impaired. Credltors Creditors and provisions are measured at their settlement value. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the charity's accounting policie5, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates, The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Critical accounting estimates and assumptions Fixed asset investments Fixed asset investments are classified as such after consideration is given for their intended purpose. The trustees have given consideration as to how the investments will be used in the future. The resources are considered to be in long term use. Page 26 continued...
The Loddon Foundation Ltd Notes to the Financial Statements - continued for the Year Ended 31st March 2025 DONATIONS 2025 2024 Donations 24,387 33.122 Donations of £15,00012024: £27,015) are restricted whilst donations of £9,38712024: £6,107) are unrestricted. INVESTMENT INCOME 2025 2024 Rents received Deposit account interest 52,382 83,234 49,395 116,661 135,616 166,056 INCOME FROM CHARITABLE ACTIVITIES 2025 2024 Income analysed by class of business: Charitable activities Operations of the School Training and workshops 8,822,224 786,252 8,146,592 703,847 9,608,476 8,850,439 OTHER INCOME 2025 2024 Gain on sale of tangible fixed assets 1,598 Page 27 continued...
The Loddon Foundation Ltd Notes to the Financial Statements - continued for the Year Ended 31st March 2025 CHARITABLE AcTIVlEs COSTS Support costs {see note 91 Direct Costs Tota15 Operations of the school Training and workshops 8,682,474 650,187 170,853 20,147 8,853,327 670,334 9,332,661 191,000 9,523,661 SUPPORT COSTS Governance costs Finance Other Totals Operations of the school Training and workshops 13,119 75,590 3,626 82,144 16,521 170,853 20,147 13,119 79,216 98,665 191,000 10. NET INCOME/IEXPENDITURE) Net income/lexpenditurel is stated after charging/lcrediting}: 2025 2024 Auditors, remuneration Depreciation - owned assets Hire of plant and machinery Other operating leases l Def icitl/surplus on disposal of fixed assets 20,668 250,764 250,853 13,119 970 20,803 260,996 233,381 15,564 11,598} Included in the Auditors remuneration is costs for other services,. £4,060 for the accounts preparation {2024: £3,690} teachers pension audit £1,30012024.' £1,210). Page 28 continued...
The Loddon Foundation Ltd Notes to the Financial Statements - continued for the Year Ended 31st March 2025 11. TRUSTEES. REMUNERATION AND BENEFITS The Trustees did not receive any remuneration during the year ended 31st March 2025 (2024: £Nill. Gifts were made to one trustee totalling £Nil {2024: EIOO). Trustees, expenses Expenses relating to travel and meetings totalling £120 were reimbursed to two Trustees (2024: £556 to two Trustees}. Cost of Trustee indemnity insurance borne by the Charity within the year was £1,875 12024 £2,412). 12. STAFF COSTS 2025 2024 Wages and salaries Social security costs Other pension costs 6,532,195 546,852 312,899 6,093,041 453,379 256,262 7,391,946 6,802,682 Agency costs of £1,039,453 12024.. £1,343,302) were paid during the year and are included in the wages and salaries cost shown above. The average monthly number of employees during the year was as follows.. 2025 167 2024 162 School Training and workshops 175 170 The number of employees whose employee benefits (excluding employer pension costs} exceeded £60,000 was: 2025 2024 £60,001- £70,000 £80,001- £90,000 Pension contributions of £26,137 {2024- £38.0641 were made in respect of the above employees. Remuneration of key management personnel Page 29 continued...
The Loddon Foundation Ltd Notes to the Financial Statements - continued for the Year Ended 31st March 2025 12. STAFF COSTS- continued The remuneration of key management personnel is as follows. 2025 2024 Aggregate compensation 331,510 431,954 The key management personnel of the Charity are the Charity Leadership Team, as detailed on the Legal and Administrative Information page. 13, COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds funds Total funds INCOME AND ENDOWMENTS FROM Donations 6,107 27,015 33,122 Charltable activities Operations of the school Training and workshops 8,146,592 703,847 8,146,592 703,847 Investment income Other income 166,056 1,598 166,056 1,598 Total 9,024,200 27,015 9,051,215 EXPENDITURE ON Charitable activities Operations of the school Training and workshops 8,466,010 526,442 27,055 8,493,065 526,442 Total 8,992,452 27,055 9,019,507 Net gains on investments 153,220 153,220 NEf INCOME/(EXPENDITURE} 184,968 140} 184,928 RECONCILIATION OF FUNDS Total funds brought forward 14,634,493 135 14,634,628 Page 30 continued...
The Loddon Foundation Ltd Notes to the Financial Statements - continued for the Year Ended 31st March 2025 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted funds funds Total funds TOTAL FUNDS CARRIED FORWARD 14,819,461 95 14,819,556 14. TANGIBLE FIXED ASSET5 Assets in the course of constr uction Fixtures and fitti ngs Freehold property Motor vehicles Totals COST At 1st April 2024 Additions Disposals 9,840,430 47,864 774,212 2,534,799 233,848 5,692 189,248 11,037,738 7,995 2,596,350 (8,9951 {8.9951 At 31st March 2025 9,888,294 3,309,011 239,540 188,248 13,625,093 DEPRECIATION At 1st April 2024 Charge for year Eliminated on disposal 2,961,358 229,088 192,390 8,688 137,650 12,988 15,2751 3,291,398 250,764 {5,275) At 31st March 2025 3,190,446 201,078 145,363 3,536,887 NET BOOK VALUE At 31st March 2025 6,697,848 3,309,011 38,462 42,885 10,088,206 At 31st March 2024 6,879.072 774,212 41,458 51,598 7,746,340 Page 31 continued...
The Loddon Foundation Ltd Notes to the Financial Statements - continued for the Year Ended 31st March 2025 15. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 1st April 2024 Gain/lloss) on investment 1.588,781 40,872 At 31st March 2025 1,629,653 NET BOOK VALUE At 31st March 2025 1,629,653 At 31st March 2024 1,588,781 There were no investment assets located outside the UK. Cost or valuation at 31st March 2025 is represented by: Listed investments Valuation in 2025 1,629,653 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade debtors Other debtors Prepayments and accrued income 3,034,289 25,947 135,507 2,054,530 21,956 138,139 3,195,743 2,214.625 Page 32 continued...
The Loddon Foundation Ltd Notes to the Financial Statements- continued for the Year Ended 31st March 2025 17. CURRENT ASSET INVESTMENTS 2025 2024 Unlisted investments 412,310 Current asset investments relate to short term bonds with maturities of more than 6 months but less than 12. 18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade creditors VAT Other creditors Accruals and deferred income 437,125 880,737 65,946 2,451,455 348,784 69,681 2,318,382 3,835,263 2,736,847 At the year end pension contributions of £34,46012024: £29,284) were outstanding and included in creditors. 19. LEASING AGREEMENTS Minimum lease payments under non-cancellable operating leases fall due as follows.. 2025 2024 Within one year Between one and five years 28,264 112,415 26,763 104,338 140,679 131,101 Page 33 continued...
The Loddon Foundation Ltd Notes to the Financial Statements - continued for the Year Ended 31st March 2025 20. ANALYSIS OF NET ASSETS BEfwEEN FUNDS 2025 Total funds 2024 Total funds Unrestricted Restricted fund5 funds Fixed assets Investments Current assets Current liabilities 10,088,206 1,629,558 7,206,577 {3,835,2631 10,088,206 7,746,340 1,629,653 1,588,781 7,222,650 8,221,282 13,835,263) {2,736,8471 95 16,073 15,089,078 16,168 15,105,246 14,819,556 21. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.3.25 At 1.4.24 Unrestrlcted funds General fund Designated fund - Building development fund Designated fund- Main house building project 11,347,749 2,123,256 13,471,005 3,025,787 {2,384,8181 640,969 445,925 285,690 245,489 977,104 14,819,461 285,690 {16,0731 15,089,078 Restrlcted funds Zambia fund Student Funds 95 95 16,073 16,073 95 16,073 16,168 TOTAL FUNDS 14,819,556 285,690 15.105,246 Page 34 continued...
The Loddon Foundation Ltd Notes to the Financial Statements - continued for the Year Ended 31st March 2025 21. MOVEMENT IN FUNDS- continued Net movement in funds, included in the above are as follows- Incoming resources Resources expended Gains and Movement losses in funds Unrestricted funds Gener31 fund Designated fund Main house building project 9,467,789 19,508,661} 40,872 285,690 285,690 9,753,479 {9,508,6611 40,872 285,690 Restricted funds Zambia fund 15,000 {15,0001 TOTAL FUNDS 9,768,479 19,523,661} 40,872 285.690 Comparatives for movement in funds Net Transfers between funds movement in funds At 31.3.24 At 1.4.23 Unrestricted funds General fund Designated fund - Building development fund Designated fund- Main house building project 10,834,493 381,061 132,195 11,347,749 3,800,000 (196,0931 {578,1201 3,025,787 445,925 445,925 14,634,493 184,968 14,819,461 Restrlcted funds Zambia fund 135 140) 95 TOTAL FUNDS 14,634,628 184,928 14.819,556 Page 35 continued...
The Loddon Foundation Ltd Notes to the Financial Statements - continued for the Year Ended 31st March 2025 21. MOVEMENT IN FUNDS- continued Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and Movement losse5 in funds Unrestrirted funds General fund Designated fund - Building development fund 9,024,199 18,796,358) 153,220 381,061 1196,0941 1196,093) 9,024,200 18,992,452} 153,220 184,968 Restricted funds Zambia fund 27,015 127,0551 1401 TOTAL FUNDS 9,051,215 {9,019,507) 153,220 184,928 A current year 12 months and prior year 12 months combined position is as follows,. Net movement in funds Transfers between funds At 31.3.25 At 1.4.23 Unrestrlcted funds General fund Designated fund Building development fund Designated fund - Main house building project 10,834,493 381,061 2,255,451 13,471,005 3,800,000 (196,0931 12,962,938) 640,969 285,690 691,414 977,104 14,634,493 470,658 116,0731 15,089,078 Restricted funds Zambia fund Student Funds 135 140} 95 16,073 16,073 135 {401 16,073 16,168 TOTAL FUNDS 14,634,628 470,618 15,105,246 Page 36 continued...
The Loddon Foundation Ltd Notes to the Financial Statements- continued for the Year Ended 31st March 2025 21. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and Movement losses in funds Unrestricted funds General fund Designated f und - Building development fund Designated fund- Main house building project 18.491,988 118,305,019) 194,092 381,061 1196,0941 (196,0931 285,690 285,690 18,777,679 118,501,113) 194,092 470,658 Restrlcted funds Zambia fund 42,015 142,0551 1401 TOTAL FUNDS 18,819,694 118,543,168) 194,092 470,618 Designated fund Building Development Fund The School has set up a designated fund to demonstrate to third parties (local authorities) the need to generate a surplus each year in order to modernise our facilities. Designated fund- Main House Building Project Fund The School has set up a designated fund to demonstrate to third parties {local authorities) the need to generate a surplus each year in order to restore and refurbish the main house on the school site. Designated fund - Horticultural Project Fund The School had received a donation from Drayton Manor which was used for the new outdoor classroom. Restricted Fund Zambia Fund The School has received specific donations for its activities in Zambia. Where funds are donated for a specific purpose they are held in restricted funds until they are spent for the purpose the donor intended. Restricted Fund - Student Fund The School has received specific monies in relation to spending money for specific students. Where funds are donated for a specific purpose they are held in restricted funds until they are spent for the purpose the donor intended. Page 37 continued...
The Loddon Foundation Ltd Notes to the Financial Statements - continued for the Year Ended 31st March 2025 22. EMPLOYEE BENEFIT OBLIGATIONS The charity participates in the Teachers, Pension Scheme (TPSI for its teaching staff. The pension charge fo the year includes contributions payable to the TPS of £74,00012024: £71,000). The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 {as amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Members contribute a percentage of their salary to the scheme. Contributions from members and the employer are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The Charity has accounted for its contributions to the scheme as if it were a defined contribution scheme. All pension contributions and liabilities are allocated to unrestricted funding, as all staff costs relate to the general operation of the School. The TPS is a statutory, contributory, defined benefit scheme, governed by the Teachers, Pension Scheme Regulations 2014. Membership is on an opt out basis for teachers in the charity. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in November 2023. Following the Mccloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period l April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation has valued the 'greater value, benefits for groups of relevant members. The employer contribution rate for the TPS is 28.6Yo, and employers are also required to pay a scheme administration levy of 0.080A giving a total employer contribution rate of 28.68%. 23. CAPITAL COMMITMENTS 2025 2024 Contracted but not provided for in the financial statements 806,727 3,068,787 The capital commitment is the development cost for the Maple Grove property - phase 2 works fit out of the houses, plus roofing repairs on the main house, oil tanks, new school vehicle and air conditioning units. Page 38 continued...
The Loddon Foundation Ltd Notes to the Financial Statements - continued for the Year Ended 31st March 2025 24. RELATED PARTY DISCLOSURES As at 31st March 2025 no amounts were owed by related parties12024: £Nill. Total donations received from Trustees amounted to £Nil {2024: £Nill. Page 39
The Loddon Foundation Ltd Detailed Statement of Financial Artivities for the Year Ended 31st March 2025 2025 2024 INCOME AND ENDOWMENTS Donations Donations 24,387 33,122 Investment income Rents received Deposit account interest 52,382 83,234 49,395 116,661 135,616 166,056 Charitable activities Operations of the School Training and Workshops 8,822,224 786,252 8,146,592 703,847 9,608,476 8,850,439 Other Income Gain on sale of tangible fixed assets 1,598 Total incoming resources 9,768,479 9,051,215 EXPENDITURE Charltable activities Wages Social security Pensions Catering Rates and water Insurance Light and heat Telephone Postage and stationery Advertising Sundries Cleaning Repairs and renewals Subscriptions Carried forward 6,532,195 546,852 312,899 250,853 41,680 95,916 186,234 28,334 33,689 38,390 99,307 162,367 414,542 10,400 8.753,658 6,093,041 453,379 256,262 233,381 33,735 74,192 215,500 30,094 39,501 40,477 107,402 173,055 287,615 10,148 8,047,782 This page does not form part of the statutory financial statements Page 40
The Loddon Foundation Ltd Detailed Statement of Financial Activities for the Year Ended 31st March 2025 2025 2024 Charitable activities Brought forward Travel and subsistence Staff training Recruitment Bank charges Computer costs Clothing Resources Motor expenses Depreciation of freehold property Depreciation of improvements to property Depreciation of fixtures & fittings Depreciation of motor vehicles Depreciation of computer equipment Loss on sale of tangible fixed assets 8,753,658 53,648 31,771 31,830 1,435 69,911 11,911 73,628 53,135 156,122 72,965 3,143 12,988 5,546 970 8,047,782 41,290 56,035 125,699 1,665 123,022 14,301 79,637 39,809 160,078 72,965 2,853 16,379 8,718 9,332,661 8,790.233 Support costs Finance Other operating leases 13,119 15,564 Other Consultancy Staff benef its 32,134 47,082 70,826 45,068 79,216 115,894 Governance costs Auditors, remuneration Legal fees 20,668 77,997 20,803 77,013 98,665 97,816 Total resources expended 9,523,661 9,019,507 Net income before gains and losses 244,818 31,708 Realised recognised gains and losses Carried forward 244,818 31,708 This page does not form part of the statutory financial statements Page 41
The Loddon Foundation Ltd Detailed Statement of Financial Activities for the Year Ended 31st March 2025 2025 2024 Realised recogni5ed gains and losses Brought forward Realised gains/llossesl on fixed asset investments 244,818 31,708 40,872 153,220 Net income 285,690 184,928 This page does not form part of the statutory financial statements Page 42