||**Page**|
|---|---|
|Company information|`1-2`|
|Directors' report, Strategic reportand the Directors'|3-37|
|responsibility statement||
|Independent auditor's report|38-41|
|Consolidated statement offinancial activities|`42`|
|Company statement of financial activities|43|
|Consolidated and Company Balance Sheet.|44|
|Consolidated cashflow statement|45|
|Notes to thefinancial statements ofthe Company|46-76|





|**Governors**|M R Slumbers (Chairman)|
|---|---|
||MrsA-M Edgell (Deputy Chair)|
||DEAustin|
||R Crawford Clarke|
||Baroness J Cumberlege|
||C F Dennis (resigned 25June 2021)|
||AD Fairclough (appointed28April 2021)|
||Prof M J G Farthing|
||Dr S Godward|
||TJP Hancock|
||J B Higgo|
||Mrs C Houston|
||H CR Lawson|
||Mrs H S O'Sullivan|
||JAScott (appointed 23 June 2021)|
|**Ex-Officio Provost**|The Rt Revd C J Meyrick, Bishopof Lynn|
|**Secretary and Clerk**|Mrs H Betts|
|**Charity No.**|1076483|
|**Company No.**|03779985|
|**Principal address and Registered Office**|Lancing College|
||Lancing|
||West Sussex|
||BN150RW|
|**Head**|DT Oliver|
|**Bursar**|MB Milling CA|
|**Auditor**|RSM UK Audit LLP|
||Portland|
||25 High Street|
||Crawley|
||RH10 1BG|
|**Bankers**|Barclays Bank pic|
||1 Churchill Place|
||CanaryWharf|
||London|
||E14 5HP|





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||**2020/21**||**2019/20**||
|---|---|---|---|---|
|Seniorschool|575||605||
|Hove Prep|161||146||
|Hove Pre-Prep|152||130||
|Worthing Prep|117||110||
|Worthing Pre-|||||
|Prep|82||90||
|**Total**|**1,087**||**1,081**||
||**2020/21**||**2019/20**||
||Boys|Girls|Boys|Girls|
|Seniorschool|323|252|348|257|
|Hove Prep|113|48|103|43|
|Hove Pre-Prep|90|62|72|58|
|Worthing Prep|61|56|57|53|
|Worthing Pre-|||||
|Prep|38|44|41|49|
|**Total**|**625**|**462**|**621**|**460**|





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|||Unrestricted|Restricted|Endowed|**Total**|Total|
|---|---|---|---|---|---|---|
||Notes|Funds|Funds|Funds|**2021**|2020|
|||£|£|£|£|£|
|**Income and endowments from:**|||||||
|**Income from Charitable Activities**|||||||
|School fees receivable|2|20,784,542|||**20,784,542**|20,203,949|
|Ancillarytrading income|3|397,650|46,200||**443,850**|439,702|
|**Other trading activities**|||||||
|Non-ancillarytrading income|4|400,073|||**400,073**|406,610|
|**Investments**|||||||
|Investment income|5|20,272|||**20,272**|28,576|
|Bank and other interest|6|3,991|957|48,710|**53,658**|77,392|
|**Other - Grants and donations**|||||||
|Grants and donations|7|600,795|453,210||**1,054,005**|1,337,737|
|**TOTAL INCOME**||22,207,323|500,367|48,710|**22,756,400**|22,493,966|
|**Expenditure on:**|||||||
|**Raising funds**|||||||
|Non-ancillarytrading|8|382,528|||**382,528**|399,973|
|Financing costs|8/9|196,483|||**196,483**|295,690|
|Investment management|8|5,875|||**5,875**|4,923|
|Fundraising and development|8|201,265|||**201,265**|200,475|
|Other costs|8|(5,100)|||**(5,100)**|(9,830)|
|**TOTAL RAISING FUNDS**||781,051|||**781,051**|891,231|
|**Charitable Activities**|||||||
|Education and grant making|8|21,741,014|394,384|48,325|**22,183,723**|20,145,308|
|**TOTAL EXPENDITURE**|8|22,522,065|394,384|48,325|**22,964,774**|21,036,539|
|**Net income and expenditure before**|||||||
|**transfers**||(314,742)|105,983|385|**(208,374)**|1,457,427|
|Realised gains/(losses) on|||||||
|investmentassets|14|81,064|||**81,064**|4,440|
|Unrealised gains/(losses) on|||||||
|investment assets|14|65,701|||**65,701**|(75,520)|
|**Net (expenditure)/income**||(167,977)|105,983|385|**(61,609)**|1,386,347|
|Transfers betweenfunds|||||||
|**NET MOVEMENT IN FUNDS**||(167,977)|105,983|385|**(61,609)**|1,386,347|
|Fund balances at 1 September 2020||13,402,802|1,459,298|1,998,170|**16,860,270**|15,473,923|
|**FUND BALANCES AS AT 31 AUGUST 2021**||**13,234,825**|**1,565,281**|**1,998,555**|**16,798,661**|16,860,270|





## 

## 

|||Unrestricted|Restricted|Endowed|**Total**|Total|
|---|---|---|---|---|---|---|
||Notes|Funds|Funds|Funds|**2021**|2020|
|||£|£|£|£|£|
|**Income and endowments from:**|||||||
|**Income from Charitable Activities**|||||||
|School fees receivable|2|19,200,881|||**19,200,881**|18,663,918|
|Ancillary trading income|3|371,044|46,200||**417,244**|417,867|
|**Other trading activities**|||||||
|Non-ancillary trading income|4|55,240|||**55,240**|46,666|
|**Investments**|||||||
|Investment income|5|20.272|||**20,272**|28,576|
|Bank and other interest|6|3,991|957|48,710|**53,658**|77,392|
|**Other - Grants and donations**|||||||
|Grants and donations|7|525,462|453,210||**978,672**|1,215,966|
|**TOTAL INCOME**||20,176,890|500,367|48,710|**20,725,967**|20,450,385|
|**Expenditure on:**|||||||
|**Raising funds**|||||||
|Financing costs|8/9|198,186|||**198,186**|289,967|
|Investment management|8|5,875|||**5,875**|4,923|
|Fundraising and development|8|201,265|||**201,265**|200,475|
|Other costs|8|(5,100)|||**(5,100)**|(9,830)|
|**TOTAL RAISING FUNDS**||400,226|||**400,226**|485,535|
|**Charitable Activities**|||||||
|Education and grant making|8|19,915,582|394,384|48,325|**20,358,291**|18,491,079|
|**TOTAL EXPENDITURE**|8|20,315,808|394,384|48,325|**20,758,517**|18,976,614|
|**Net income and expenditure before**|||||||
|**transfers**||(138,918)|105,983|385|**(32,550)**|1,473,771|
|Realised gains/(losses) on|||||||
|investment assets|14|81,064|||**81,064**|4,440|
|Unrealised gains/(losses) on|||||||
|investment assets|14|65,701|||**65,701**|(75,520)|
|**Net income/(expenditure)**||**7,847**|**105,983**|**385**|**114,215**|1,402,691|
|Transfers betweenfunds|||||||
|**NET MOVEMENT IN FUNDS**||7,847|105,983|385|**114,215**|1,402,691|
|Fund balances at 1 September 2020||15,305,946|1,459,298|1,998,170|**18,763,414**|17,360,723|
|**FUND BALANCES AS AT 31 AUGUST 2021**||**15,313,793**|**1,565,281**|**1,998,555**|**18,877,629**|18,763,414|





## 

|||**Group**||**Company**|**Company**|
|---|---|---|---|---|---|
||Notes|**2021**|2020|**2021**|2020|
|||£|£|£|£|
|**FIXED ASSETS**||||||
|Tangible assets|13|**20,685,918**|21,425,927|**20,322,598**|21,013,706|
|Investments|14|**1,242,614**|1,081,452|**1,242,716**|1,081,554|
|||**21,928,532**|22,507,379|**21,565,314**|22,095,260|
|**CURRENT ASSETS**||||||
|Stocks||**197,224**|184,777|**49,898**|54,098|
|Debtors|15|**567,714**|782,720|**2,686,424**|2,897,193|
|Cash|16|**13,127,689**|10,602,010|**12,997,597**|10,512,087|
|||**13,892,627**|11,569,507|**15,733,919**|13,463,378|
|**CURRENT LIABILITES**||||||
|Creditors payablewithin one year|17|**(10,343,347)**|(8,249,376)|**(9,742,453)**|(7,827,984)|
|**NET CURRENT ASSETS**||**3,549,280**|3,320,131|**5,991,466**|5,635,394|
|**TOTAL ASSETS LESS CURRENT**||||||
|**LIABILITIES**||**25,477,812**|25,827,510|**27,556,780**|27,730,654|
|**LONG TERM LIABILITIES**||||||
|Creditors payable after one year|18|**(8,484,295)**|(8,719,350)|**(8,484,295)**|(8,719,350)|
|Provision for liabilities|32|**(194,756)**|(247,790)|**(194,756)**|(247,790)|
|**TOTAL NET ASSETS**||**16,798,761**|16,860,370|**18,877,729**|18,763,514|
|**REPRESENTED BY:**||||||
|**CAPITAL AND RESERVES**||||||
|Called up share capital|23|**100**|100|**100**|100|
|**FUNDS**||||||
|Endowed funds|24|**1,998,555**|1,998,170|**1,998,555**|1,998,170|
|Restrictedfunds|25|**1,565,281**|1,459,298|**1,565,281**|1,459,298|
|Unrestricted funds:||||||
|General reserve|26|**13,234,825**|13,402,802|**15,313,793**|15,305,946|
|**EQUITY SHAREHOLDERS' FUNDS**||**16,798,761**|16,860,370|**18,877,729**|18,763,514|





## 

||Notes|**2021**|2020|
|---|---|---|---|
|||£|£|
|**CASH FLOWS FROM OPERATING ACTIVITIES**||||
|Net cash provided by operating activities|29|**3,005,792**|1,133,955|
|||**3,005,792**|1,133,955|
|**CASH FLOWS FROM INVESTING ACTIVITIES**||||
|Dividends, interest and rentfrom investments||**73,930**|105,968|
|Proceeds from sale ofproperty, plant and equipment||**15,366**|23,006|
|Purchase of property, plant and equipment||**(294,403)**|(336,146)|
|Proceeds from sale of investments||**887,347**||
|Purchase of investments||**(901,744)**|(23,653)|
|Net cash used in investing activities||**(219,504)**|(230,825)|
|**CASH FLOWS FROM FINANCING ACTIVITIES**||||
|Repayment ofborrowing||**(64,126)**|(269,079)|
|Financing costs||**(196,483)**|(295,690)|
|Net cash used in financing activities||**(260,609)**|(564,769)|
|**CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR**||**2,525,679**|**338,361**|
|CASH AND CASH EQUIVALENTSAT THE BEGINNING OF THE YEAR||**10,602,010**|10,263,649|
|**CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR**|30|**13,127,689**|**10,602,010**|





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## 

|Freehold land is notdepreciated||
|---|---|
|Freehold buildings|- Variable according to the building and written off over the|
||expected useful life|
|Freehold improvements|- Overthe useful economic life ofthe improvement|
|Leasehold land|- Over the shorter ofthe economic life ofthe asset or the life|
||ofthe lease|
|Computer equipment|- 25% on cost|
|Fixturesand fittings|- between 4% and 25% on cost|
|Motorvehicles|- 25% on cost|



## 



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## 

|The School fees income comprises:|||||
|---|---|---|---|---|
||**Group**|**Company**|Group|Company|
||**2021**|**2021**|2020|2020|
||£|£|£|£|
|Gross fees|**23,484,276**|**21,603,279**|22,721,205|20,857,588|
|Less: Total scholarships, bursaries, etc.|**(3,071,030)**|**(2,773,694)**|(2,854,964)|(2,531,378)|
||**20,413,246**|**18,829,585**|19,866,241|18,326,210|
|Add back Scholarships, Bursaries, Grants|||||
|etc. paid for by:|||||
|Endowed Funds|**48,325**|**48,325**|49,430|49,430|
|The Lancing College Foundation:|||||
|Restricted Funds|**322,971**|**322,971**|288,278|288,278|
||**20,784,542**|**19,200,881**|20,203,949|18,663,918|



## 

|**Unrestricted**|**Group**|**Company**|Group|Company|
|---|---|---|---|---|
||**2021**|**2021**|2020|2020|
||£|£|£|£|
|Extras|**247,635**|**243,762**|246,808|237,559|
|Entrancefees and registration fees|**105,822**|**103,127**|105,384|103,134|
|Commissions|**12,611**|**12,611**|14,544|14,544|
|Other income|**31,582**|**11,544**|28,866|18,530|
||**397,650**|**371,044**|395,602|373,767|
|**Restricted**|**Group**|**Company**|Group|Company|
||**2021**|**2021**|2020|2020|
||£|£|£|£|
|Contributions tothe Chapel Maintenance Fund|**46,200**|**46,200**|44,100|44,100|
|**Total**|**443,850**|**417,244**|439,702|417,867|





## 

|**2021**|**2020**|
|---|---|
|£|£|



## 

|Turnover|**658,547**|691,253|
|---|---|---|
|Cost ofsales|**(611,019)**|(647,346)|
|Gross profit|**47,528**|43,907|
|Administration|**(44,238)**|(34,519)|
|Operating profit|**3,290**|9,388|
|GiftAid donation||(8,617)|
|Retained profit|**3,290**|771|



## 

||**Group**|**Company**|Group|Company|
|---|---|---|---|---|
||**2021**|**2021**|2020|2020|
||£|£|£|£|
|**Non-ancillary trading income**|||||
|Buxbrass Limited|**658,547**|**9,338**|691,253|17,955|
|Less: Income eliminated on consolidation|**(248,961)**||(272,554)||
|Less: Grants and Donations -Government CJRS|**(40,613)**||(40,985)||
|Buxbrass Limited|**368,973**|**9,338**|377,714|17,955|
|**Other activities**|||||
|Rents receivable|**30,794**|**45,596**|24,153|23,968|
|Interest on overduefees|**306**|**306**|4,743|4,743|
||**400,073**|**55,240**|406,610|46,666|





## 

## 

||**2021**|2020|
|---|---|---|
||£|£|
|**Income from Charitable Activities**|||
|School fees|**1,583,660**|1,540,032|
|Ancillary trading income|**26,606**|21,835|
|Non-ancillary trading income|**600**|185|
|Grants and Donations -Government CJRS|**34,719**|80,787|
|**TOTAL INCOME**|**1,645,585**|1,642,839|
|**EXPENDITURE**|||
|Education and grant making|**(1,824,712)**|(1,659,952)|
|**Deficit for the year**|**(179,127)**|(17,113)|



||**Group and **|**Company**|
|---|---|---|
|Unrestricted|**2021**|2020|
||£|£|
|**Securities Investment Income**|||
|Equities and Fixed Interest|**20,272**|28,576|



|||Unrestricted|Restricted|Endowed|**Group and **|**Company**|
|---|---|---|---|---|---|---|
||||||**2021**|2020|
|||£|£|£|£|£|
|Bank|interest|3,991|957|385|**5,333**|27,962|
|Other|interest|||48,325|**48,325**|49,430|
|||3,991|957|48,710|**53,658**|77,392|





## 

||**Group**|**Company**|Group|Company|
|---|---|---|---|---|
||**2021**|**2021**|2020|2020|
||£|£|£|£|
|**Restricted:**|||||
|Other Donations|**453,210**|**453,210**|440,413|440,413|
|**Unrestricted:**|||||
|Government Grants - CJRS|**564,958**|**489,625**|885,567|763,796|
|Other Donations|**35,837**|**35,837**|11,757|11,757|
||**1,054,005**|**978,672**|1,337,737|1,215,966|





## 

|**8**|**ANALYSIS OF EXPENDITURE**|||||||
|---|---|---|---|---|---|---|---|
|**a)**|**Total expenditure**|Staff costs|Support costs|Depreciation||**Total 2021**|Total 2020|
|||(note 10)||(note|13)|||
|||£|£|£||£|£|
||**Costs of raising funds**|||||||
||Fundraising and development|145,199|56,066|||**201,265**|200,475|
||Financing costs (note 9)||198,186|||**198,186**|289,967|
||Investment management||5,875|||**5,875**|4,923|
||Profit on disposal of asset||(5,100)|||**(5,100)**|(9,830)|
||**Total for Company**|145,199|255,027|||**400,226**|485,535|
||Finance costs ofsubsidiary||(1,703)|||**(1,703)**|5,723|
||Loss on disposal of investment|||||||
||Non ancillary trading costs of|176,732|199,147||6,649|**382,528**|399,973|
||subsidiaries|||||||
||**Total for Group**|321,931|452,471||6,649|**781,051**|891,231|
||**Charitable expenditure**|||||||
||Teaching|8,514,814|937,056|334,403||**9,786,273**|9,316,634|
||Welfare|1,561,974|740,537||19,311|**2,321,822**|2,147,681|
||Premises|1,065,874|3,738,285|631,800||**5,435,959**|4,286,369|
||School administration and|1,275,520|1,144,867|||**2,420,387**|2,286,629|
||governance|||||||
||Grants awards and prizes||4,175|||**4,175**|6,003|
||Movement in pension recovery|(53,034)||||**(53,034)**|(47,210)|
||plan (note 32)|||||||
||School charitable expenditure|12,365,148|6,564,920|985,514||**19,915,582**|17,996,106|
||Expenditure from otherfunds:|||||||
||Restricted||394,384|||**394,384**|445,544|
||Endowment||48,325|||**48,325**|49,429|
||**Total for Company**|12,365,148|7,007,629|985,514||**20,358,291**|18,491,079|
||**Total for Subsidiary**|1,346,131|447,318||31,983|**1,825,432**|1,654,229|
||**Total for Group**|13,711,279|7,454,947|1,017,497||**22,183,723**|20,145,308|
||**Total resources expended**|||||||
||**• Company**|**12,510,347**|**7,262,656**|**985,514**||**20,758,517**|18,976,614|
||**• Group**|**14,033,210**|**7,907,418**|**1,024,146**||**22,964,774**|21,036,539|





## 

|**Grants and prizes**|**Group and **|**Company**|
|---|---|---|
||**2021**|2020|
|From unrestricted funds|£|£|
|Prizes and leaving awards|**4,175**|6,003|



||**2021**|2020|
|---|---|---|
|**Company:**|£|£|
|Remuneration paid to auditor for audit services|**20,985**|14,662|
|Reimbursement ofpersonal expenses to Governors||908|
|Other Governance costs|**208,629**|124,898|
||**229,614**|140,468|
||**2021**|2020|
|**Group:**|£|£|
|Remuneration paid to auditor for audit services|**29,105**|21,892|
|Reimbursement ofpersonal expenses to Governors||908|
|Other Governance costs|**209,604**|126,785|
||**238,709**|149,585|



|**FINANCING COSTS**|||||
|---|---|---|---|---|
||**Group**|**Company**|Group|Company|
||**2021**|**2021**|2020|2020|
||£|£|£|£|
|Fees inAdvance debt financing costs|**24,856**|**24,588**|35,477|35,023|
|Lease finance costs|**10,201**|**10,201**|11,803|11,803|
|Bank interest payable|**106,707**|**106,707**|144,494|144,494|
|Provision for bad and doubtful debts|**54,719**|**56,690**|103,916|98,647|
||**196,483**|**198,186**|295,690|289,967|





## 

|**10**|**STAFF COSTS**|||||
|---|---|---|---|---|---|
|||**Group**|**Company**|Group|Company|
|||**2021**|**2021**|2020|2020|
|||£|£|£|£|
||**Total staff costs comprises:**|||||
||Wages and salaries|**11,506,352**|**10,261,611**|10,624,089|9,412,280|
||Social security costs|**1,118,526**|**1,008,268**|1,061,517|954,149|
||Pension contributions|**1,408,332**|**1,240,468**|1,521,577|1,339,174|
|||**14,033,210**|**12,510,347**|13,207,183|11,705,603|



|||||||||||**2021**|2020|
|---|---|---|---|---|---|---|---|---|---|---|---|
|Aggregate|employee|benefits|of|key|personnel|(The|Head|and|Bursar)|**407,433**|366,224|



## 

||**Group**||**Company**|Group||Company|
|---|---|---|---|---|---|---|
||**2021**||**2021**|2020||2020|
||**Number**||**Number**|Number||Number|
|Teaching||**153**|**124**||157|126|
|Others||**250**|**232**||243|223|
|||**403**|**356**||400|349|



||**Group**||**Company**||Group||Company||
|---|---|---|---|---|---|---|---|---|
||**2021**||**2021**||2020||2020||
||**Number**||**Number**||Number||Number||
|£60,001 -£70,000||**18**||**18**||9||9|
|£70,001 -£80,000||**5**||**5**||5||5|
|£80,001 -£90,000||**1**||**1**||2|||
|£90,001 - £100,000||**3**||**2**|||||
|£100,001 - £110,000||**1**||**1**|||||
|£110,001 - £120,000||**1**||**1**|||||
|£170,001 - £180,000|||||||||
|£200,001 - £210,000||**1**||**1**|||||





## 

## 



## 

|**Company**|**Land and**|**Freehold**|**Motor**|**Computer**|**Fittings and**|**Company**|
|---|---|---|---|---|---|---|
||**Buildings**|**Improvements**|**Vehicles**|**Equipment**|**Equipment**|**Total**|
||**Freehold**||||||
||£|£|£|£|£|£|
|**Cost**|||||||
|At 1 September2020|19,583,470|1,062,287|69,328|2,001,465|4,808,450|27,525,000|
|Additions|15,873|||162,785|115,748|294,406|
|Disposals||||(32,219)||(32,219)|
|**As 31 August 2021**|**19,599,343**|**1,062,287**|**69,328**|**2,132,031**|**4,924,198**|**27,787,187**|
|**Depreciation**|||||||
|At 1 September2020|1,594,443|351,300|61,348|1,418,244|3,085,959|6,511,294|
|Charge forthe year|341,878|49,932|4,560|273,875|315,269|985,514|
|On disposals||||(32,219)||(32,219)|
|**At 31 August 2020**|**1,936,321**|**401,232**|**65,908**|**1,659,900**|**3,401,228**|**7,464,589**|
|**Net book value**|||||||
|**at 31 August 2021**|**17,663,022**|**661,055**|**3,420**|**472,131**|**1,522,970**|**20,322,598**|
|Net book value|||||||
|at 31 August 2020|17,989,027|710,987|7,980|583,221|1,722,491|21,013,706|
|**Group**|**Company**|**Land and**|**Under**|**Computer**|**Fittings and**|**Group**|
||**Total**|**Buildings**|**Construction**|**Equipment**|**Equipment**|**Total**|
|||**Short**|||||
|||**Leasehold**|||||
|**Cost**|£|£|£|£|£|£|
|At 1 September 2020|27,525,000|182,619|10,266|96,884|544,139|28,358,908|
|Additions|294,406|||||294,406|
|Disposals|(32,219)||(10,266)||(56,109)|(98,594)|
|**As 31 August 2021**|**27,787,187**|**182,619**||**96,884**|**488,030**|**28,554,720**|
|**Depreciation**|||||||
|At 1 September 2020|6,511,294|41,318||93,611|286,758|6,932,981|
|Charge forthe year|985,514|8,214||1,842|28,576|1,024,146|
|On disposals|(32,219)||||(56,106)|(88,325)|
|**At 31 August 2021**|**7,464,589**|**49,532**||**95,453**|**259,228**|**7,868,802**|
|**Net book value**|||||||
|**at 31 August 2021**|**20,322,598**|**133,087**||**1,431**|**228,802**|**20,685,918**|
|Net book value|||||||
|at 31 August 2020|21,013,706|141,301|10,266|3,273|257,381|21,425,927|





## 

|**14**|**INVESTMENTS**|||
|---|---|---|---|
|||**2021**|2020|
||**Unrestricted**|£|£|
||**Group Investments as at 1 September**|**1,081,452**|1,128,879|
||Reinvested income|**20,272**|28,576|
||Investment managementfee|**(5,875)**|(4,923)|
||Realised gains on investments|**81,064**|4,440|
||Unrealised gains in investments|**65,701**|(75,520)|
||Closing market value|**1,242,614**|1,081,452|
||**Group Investments at 31 August**|**1,242,614**|1,081,452|
||**Investments in subsidiaries**|**102**|102|
||**Company investments at 31 August**|**1,242,716**|1,081,554|
||**Investments comprise:**|||
||**Listed investments**|||
||Fixed Interest|202,631|209,218|
||Equities|908,128|665,020|
|||**1,110,759**|874,238|
||**Alternative investments**|||
||Preference shares||40,519|
||Other|73,071|152,298|
|||**73,071**|192,817|
||**Cash**|**58,784**|14,397|
||**Group Investments at 31 August**|**1,242,614**|1,081,452|
||**Investments in subsidiaries**|**102**|102|
||**Company investments at 31 August**|**1,242,716**|1,081,554|



||**2021**||2020||
|---|---|---|---|---|
|**Investments in subsidiaries comprise:**|£||£||
|Investment in subsidiary trading company - Buxbrass Ltd||**2**||2|
|Investment in Lancing College Prep School atWorthing Ltd||**100**||100|
|||**102**||102|





## 

|**DEBTORS**|||||
|---|---|---|---|---|
||**Group**||**Company**||
||**2021**|2020|**2021**|2020|
||£|£|£|£|
|Fee debtors|**190,894**|150,500|**174,475**|149,547|
|Trade debtors|**35,262**|2,176|||
|Amounts owed by group undertakings||396|**2,202,496**|2,174,929|
|Other debtors|**85,307**|169,928|**85,307**|169,928|
|Prepayments and accrued income|**256,251**|456,617|**224,146**|402,789|
|Tax recoverable||3,103|||
||**567,714**|782,720|**2,686,424**|2,897,193|
|**CASH AT BANK BY FUND**|||||
||**Group**||**Company**||
||**2021**|2020|**2021**|2020|
||£|£|£|£|
|Restricted|**1,797,246**|1,563,045|**1,797,246**|1,563,045|
|Unrestricted|**11,134,442**|8,843,350|**11,004,350**|8,753,427|
|Endowed|**196,001**|195,615|**196,001**|195,615|
||**13,127,689**|10,602,010|**12,997,597**|10,512,087|



## 

||**Group**||**Company**||
|---|---|---|---|---|
||**2021**|2020|**2021**|2020|
||£|£|£|£|
|Bank loans and overdrafts (note 19)|**237,943**|203,333|**237,943**|203,333|
|Net obligations under finance leases (Note 21)|**82,584**|92,484|**82,584**|92,484|
|Deferred consideration offreehold ofthe|**62,549**|64,127|**62,549**|64,127|
|Prep School Hove|||||
|Trade creditors|**1,095,434**|496,506|**1,013,751**|451,931|
|Amounts owing to group undertakings|**124**|164|**124**|164|
|Taxes and social security costs|**274,493**|252,216|**238,267**|226,088|
|Advance fees (note 20)|**313,162**|527,340|**313,162**|527,340|
|Other creditors|**243,439**|229,437|**205,215**|190,245|
|Accruals|**1,403,023**|827,642|**1,325,100**|775,037|
|Final term deposits|**601,800**|717,815|**568,850**|686,265|
|Deferred income - fees received in advance|**6,028,796**|4,838,312|**5,694,908**|4,610,970|
||**10,343,347**|8,249,376|**9,742,453**|7,827,984|





## 

||||**Group**||**Company**||
|---|---|---|---|---|---|---|
||||**2021**|2020|**2021**|2020|
|Amounts falling due;|||£|£|£|£|
|After 5 years|||**88,193**|79,193|**88,193**|79,193|
|Within 2 to|5 years||**1,812,215**|1,692,855|**1,812,215**|1,692,855|
|within<br>1 to|2 years||**662,796**|454,304|**662,796**|454,304|
|Due after more than||1 year|**2,563,204**|2,226,352|**2,563,204**|2,226,352|
|Due within|1 year||**601,800**|717,815|**568,850**|686,265|
||||**3,165,004**|2,944,167|**3,132,054**|2,912,617|



|||**Group**||**Company**||
|---|---|---|---|---|---|
|||**2021**|2020|**2021**|2020|
|||£|£|£|£|
|Bank Loans<br>(note 19)||**5,353,724**|5,388,334|**5,353,724**|5,388,334|
|Net obligations under finance leases||**30,988**|113,572|**30,988**|113,572|
|(note 21|)|||||
|Final term deposits||**2,563,204**|2,226,352|**2,563,204**|2,226,352|
|Advance|fees (note 20)|**401,216**|793,381|**401,216**|793,381|
|Deferred|consideration offreehold ofthe|**135,163**|197,711|**135,163**|197,711|
|Prep School Hove||||||
|||**8,484,295**|8,719,350|**8,484,295**|8,719,350|





## 

|||||**Group and **|**Company**|
|---|---|---|---|---|---|
|||||**2021**|2020|
|||||£|£|
|Due|After 5|years||**3,450,178**|3,761,670|
|Due|within|2 to 5 years||**1,427,660**|1,219,998|
|Due|within|1 to 2 years||**475,886**|406,666|
|Due|after more than||1 year|**5,353,724**|5,388,334|
|Due|within|1 year||**237,943**|203,333|
|||||**5,591,667**|5,591,667|



|||**Group**||**Company**||
|---|---|---|---|---|---|
|||**2021**|2020|**2021**|2020|
|||£|£|£|£|
|After 5|years|**144,599**|175,824|**144,599**|175,824|
|Within|2 to 5 years|**104,802**|264,357|**104,802**|264,357|
|Within|1 to 2 years|**151,815**|353,200|**151,815**|353,200|
|||**401,216**|793,381|**401,216**|793,381|
|Within|1 year|**313,162**|527,340|**313,162**|527,340|
|||**714,378**|1,320,721|**714,378**|1,320,721|





## 

## 

||**Group**||**Company**||
|---|---|---|---|---|
||**2021**|2020|**2021**|2020|
|||£|£|£|
|Liabilities at 1 September|**1,320,721**|1,602,436|**1,320,721**|1,602,436|
|New contracts||223,493||223,493|
||**1,320,721**|1,825,929|**1,320,721**|1,825,929|
|Amounts utilised in payment offees|**(526,519)**|(450,750)|**(526,519)**|(450,750)|
|Amounts repaid|**(79,824)**|(54,458)|**(79,824)**|(54,458)|
|**Liabilities at 31 August**|**714,378**|1,320,721|**714,378**|1,320,721|



## 

|**FINANCE LEASE OBLIGATIONS**|||
|---|---|---|
||**Group and **|**Company**|
||**2021**|2020|
|Amounts falling due:|£|£|
|After 5 years|||
|Within 2to 5 years|**5,435**|30,988|
|Within 1 to 2 years|**25,553**|82,584|
||**30,988**|113,572|
|Within 1 year|**82,584**|92,484|
||**113,572**|206,056|





## 

|||Land and|Buildings|
|---|---|---|---|
|||**2021**|2020|
|||£|£|
|Expiry|date:|||
|Within|one year|**53,765**|53,765|
|Within|1 to 2 years|**53,765**|53,765|
|Within|2to 5 years|**107,530**|161,295|
|||**215,060**|268,825|



||**Group **|**and **|**Company**||
|---|---|---|---|---|
||**2021**||2020||
||£||£||
|**Authorised**|||||
|100 Ordinary shares of£1 each||**100**||100|
|**Allotted, called up and fully paid**|||||
|100 Ordinary shares of£1 each||**100**||100|





## 

## 

|**Group and Company**||||Movement in funds|||
|---|---|---|---|---|---|---|
||Balance at 1||||||
||September|||Investment||Balance at 31|
||2020|Income|Expenditure|gains /(losses)|Transfer|August 2021|
||£|£|£|£|£|£|
|Endowed Funds|1,998,170|48,710|(48,325)|||**1,998,555**|
|**Group and Company**||||Movement in funds|||
||Balance at 1||||||
||September|||Investment||Balance at 31|
||2019|Income|Expenditure|gains /(losses)|Transfer|August 2020|
||£|£|£|£|£|£|
|Endowed Funds|1,996,913|50,686|(49,429)|||**1,998,170**|





## 

## 

|||||Movement in funds||||
|---|---|---|---|---|---|---|---|
||Balance at 1|||||||
||September|||Investment||Balance|at 31|
||2020|Income|Expenditure|gains /(losses)|Transfer|August|2021|
||£|£|£|£|£|£||
|Chapel Maintenance|5,988|46,246|(46,354)||||5,880|
|Woodard Benefit Fund|272,535||(21,522)|||251,013||
|Appeal Donations|1,180,775|454,121|(326,508)|||1,308,388||
|**Group and Company**|**1,459,298**|**500,367**|**(394,384)**|||**1,565,281**||
|||||Movement in funds||||
||Balance at 1|||||||
||September|||Investment||Balance|at 31|
||2019|Income|Expenditure|gains /(losses)|Transfer|August|2020|
||£|£|£|£|£|£||
|Chapel Maintenance|29,183|44,249|(67,444)||||5,988|
|Woodard Benefit Fund|293,883||(21,348)|||272,535||
|Appeal Donations|1,092,926|444,601|(356,752)|||1,180,775||
|**Group and Company**|**1,415,992**|**488,850**|**(445,544)**|||**1,459,298**||





## 

|||||Movement in funds|||
|---|---|---|---|---|---|---|
||Balance at 1||||||
||September|||Investment||Balance at 31|
||2020|Income|Expenditure|gains /(losses)|Transfer|August 2021|
||£|£|£|£|£|£|
|**Designated Funds:**|||||||
|Foundation account|1,275,397|35,837|(157,713)|146,765||**1,300,286**|
|General funds|14,030,549|20,141,053|(20,158,095)|||**14,013,507**|
|**Company**|15,305,946|20,176,890|(20,315,808)|146,765||**15,313,793**|
|Subsidiary|||||||
|Prep school subsidiary|(1,950,457)|1,645,587|(1,824,699)|||**(2,129,569)**|
|Trading subsidiary|47,313|658,546|(655,258)|||**50,601**|
|Consolidation adjustments||(273,700)|273,700||||
|**Group**|**13,402,802**|**22,207,323**|**(22,522,065)**|**146,765**||**13,234,825**|
|||||Movement in funds|||
||Balance at 1||||||
||September|||Investment||Balance at 31|
||2019|Income|Expenditure|gains /(losses)|Transfer|August 2020|
||£|£|£|£|£|£|
|**Designated Funds:**|||||||
|Foundation account|1,319,187|41,021|(13,731)|(71,080)||**1,275,397**|
|General funds|12,628,631|19,869,828|(18,467,910)|||**14,030,549**|
|**Company**|13,947,818|19,910,849|(18,481,641)|(71,080)||**15,305,946**|
|Subsidiary|||||||
|Prep school subsidiary|(1,933,342)|1,642,839|(1,659,954)|||**(1,950,457)**|
|Trading subsidiary|46,542|691,297|(690,526)|||**47,313**|
|Consolidation adjustments||(290,555)|290,555||||
|**Group**|**12,061,018**|**21,954,430**|**(20,541,566)**|**(71,080)**||**13,402,802**|





## 

||||Net current|Long term|**Total**|
|---|---|---|---|---|---|
||Fixed assets|Investments|Assets/|Liabilities|**2021**|
||||(Liabilities)|||
||£|£|£|£|£|
|**Share capital**|||100||**100**|
|**Endowed funds**|||1,998,555||**1,998,555**|
|**Restricted funds**|||1,565,281||**1,565,281**|
|**Unrestricted funds**|20,322,598|1,242,716|2,427,530|(8,679,051)|**15,313,793**|
|**Company**|20,322,598|1,242,716|5,991,466|(8,679,051)|**18,877,729**|
|Subsidiary companies (Note 33):||||||
|Prep school at Worthing|243,640|(100)|(2,373,109)||**(2,129,569)**|
|Buxbrass|119,680|(2)|(69,077)||**50,601**|
|**Group**|**20,685,918**|**1,242,614**|**3,549,280**|**(8,679,051)**|**16,798,761**|
||||Net current|Long term|**Total**|
||Fixed assets|Investments|Assets/|Liabilities|**2020**|
||||(Liabilities)|||
||£|£|£|£|£|
|**Share capital**|||100||**100**|
|**Endowed funds**|||1,998,170||**1,998,170**|
|**Restricted funds**|||1,459,298||**1,459,298**|
|**Unrestricted funds**|21,013,706|1,081,554|2,177,826|(8,967,140)|**15,305,946**|
|**Company**|21,013,706|1,081,554|5,635,394|(8,967,140)|**18,763,514**|
|Subsidiary companies (Note 33):||||||
|Prep school at Worthing|285,892|(100)|(2,236,247)||**(1,950,455)**|
|Buxbrass|126,329|(2)|(79,016)||**47,311**|
|**Group**|**21,425,927**|**1,081,452**|**3,320,131**|**(8,967,140)**|**16,860,370**|





## 

|**29**|**RECONCILIATION OF NET INCOMING RESOURCES **|**TO NET CASH**||||
|---|---|---|---|---|---|
||**INFLOW FROM OPERATIONS**|||**Group and **|**Company**|
|||||**2021**|2020|
|||||£|£|
||Net (expenditure)/ income for the year|||**(61,609)**|1,386,347|
||**Adjustments for**|||||
||Depreciation oftangible fixed assets|||**1,024,146**|1,043,174|
||Profit on sale offixed assets|||**(5,100)**|(13,997)|
||(Gain)/losses on investments|||**(146,765)**|71,080|
||Interest receivable|||**(73,930)**|(105,968)|
||Interest payable|||**196,483**|295,690|
||Increase in stocks|||**(12,447)**|(27,315)|
||Decrease in debtors|||**215,006**|26,069|
||lncrease/(decrease) in creditors|||**1,870,008**|(1,541,125)|
||**Net cash provided by operating activities**|||**3,005,792**|1,133,955|
|**30**|**ANALYSIS OF CASH AND CASH EQUIVALENTS**|||||
|||||**2021**|2020|
|||||£|£|
||Cash in hand and at bank|||**13,127,689**|10,602,010|
||Total cash and cash equivalents|||**13,127,689**|10,602,01 O|
|**31**|**ANALYSIS OF CHANGES IN NET DEBT**|||||
|||**Balance at 31**|Cash flows|Other non-cash|**Balance at 31**|
|||**August 2020**||changes|**August 2021**|
|||£|£|£|£|
||**Cash and cash equivalents**|||||
||Cash|**10,602,010**|2,525,679||**13,127,689**|
|||**10,602,010**|2,525,679||**13,127,689**|
||**Borrowings**|||||
||Loans falling duewithin one year|**(203,333)**|(34,610)||**(237,943)**|
||Loans falling due after one year|**(5,388,334)**|34,610||**(5,353,724)**|
||Finance lease obligation duewithin one year|**(92,484)**|9,900||**(82,584)**|
||Finance lease obligation due after one year|**(113,572)**|82,584||**(30,988)**|
|||**(5,797,723)**|92,484||**(5,705,239)**|
||**Total**|**4,804,287**|2,618,163||**7,422,450**|





## 

## 



## 

|||||||**Company**||
|---|---|---|---|---|---|---|---|
|||||||**2021**|2020|
|||||||**£'000**|£'000|
|TPT|Retirement|Solutions|-The|Growth|Plan|**195**|248|



## 

## 


## 



## 

|**32**|**PENSION SCHEMES (Continued)**|||
|---|---|---|---|
||**Present Values of Provision**|**2021**|2020|
|||£|£|
||Present value of provision|**194,756**|247,790|
||**Reconciliation of opening and closing provisions**|**2021**|2020|
|||£|£|
||Provision at 1 September|**247,790**|295,000|
||Unwinding of the discount factor|**1,203**|2,591|
||Deficit contribution paid|**(53,975)**|(52,403)|
||Remeasurements - impact of any change in assumptions|**(262)**|2,602|
||Remeasurements - amendments to the contribution schedule|||
||**Provision at 31 August**|**194,756**|247,790|
||**Income and expenditure impact**|**2021**|2020|
|||£|£|
||Interest expense - unwinding of the discount factor|**1,203**|2,591|
||Remeasurements - impact of any change in assumptions|**(262)**|2,602|
||Remeasurements - amendments to the contribution schedule|||
||Costs recognised in income and expenditure account|||
||**Assumptions**|**2021**|2020|
|||% **per**|% per|
|||**annum**|annum|
||Rate of discount|**0.63**|0.55|



|at each year end period:|||
|---|---|---|
||**2021**|2020|
||£|£|
|Year1|**55,595**|53,975|
|Year2|**57,263**|55,595|
|Year3|**58,980**|57,263|
|Year4|**25,000**|58,980|
|Year 5||25,000|
||**196,838**|250,813|





## 



## 

|**34**|**Consolidated Statement of Financial Activities - Comparative figures **|**Consolidated Statement of Financial Activities - Comparative figures **|**by fund type**|||
|---|---|---|---|---|---|
|||Unrestricted|Restricted|Endowed|**Total**|
||**Year ended 31 August 2020**|Funds|Funds|Funds|**2020**|
|||£|£|£|£|
||**Income and endowments from:**|||||
||**Income from Charitable Activities**|||||
||School fees receivable|20,203,949|||**20,203,949**|
||Ancillary trading income|395,602|44,100||**439,702**|
||**Other trading activities**|||||
||Non-ancillarytrading income|406,610|||**406,610**|
||**Investments**|||||
||Investment income|28,576|||**28,576**|
||Bank and other interest|22,369|4,337|50,686|**77,392**|
||**Voluntary sources**|||||
||Grants and donations|897,324|440,413||**1,337,737**|
||**TOTAL INCOMING RESOURCES**|21,954,430|488,850|50,686|**22,493,966**|
||**Expenditure on:**|||||
||**Raising funds**|||||
||Non-ancillaryTrading|399,973|||**399,973**|
||Financing costs|295,690|||**295,690**|
||Investment management|4,923|||**4,923**|
||Fundraising anddevelopment|200,475|||**200,475**|
||Other costs|(9,830)|||**(9,830)**|
||**TOTAL DEDUCTIBLE COSTS**|891,231|||**891,231**|
||**Charitable Activities**|||||
||Education and grant making|19,650,335|445,544|49,429|**20,145,308**|
||**TOTAL EXPENDITURE**|20,541,566|445,544|49,429|**21,036,539**|
||**Net income and expenditure before**|||||
||**transfers**|1,412,864|43,306|1,257|**1,457,427**|
||Realised gains/(losses) on|||||
||investment assets|4,440|||4,440|
||Unrealised gains/(losses) on|||||
||investment assets|(75,520)|||(75,520)|
||**Net income/(Expenditure)**|1,341,784|43,306|1,257|**1,386,347**|
||Transfers betweenfunds|||||
||**NET MOVEMENT IN FUNDS**|1,341,784|43,306|1,257|**1,386,347**|
||Fund balances at 1 September 2019|12,061,018|1,415,992|1,996,913|**15,473,923**|
||**FUND BALANCES AS AT 31 AUGUST 2020**|13,402,802|1,459,298|1,998,170|**16,860,270**|





## 

## 

##