||||Page|
|---|---|---|---|
|Company<br>information|||1 —2|
|Directors' report, Strategic report||and the Directors'|3 —28|
|responsibility|statement|||
|Independent|auditor's<br>report||29-32|
|Consolidated|statement<br>offinancial activities||33|
|Company<br>statement<br>offinancial||activities|34|
|Consolidated|and Company<br>Balance Sheet.||35|
|Consolidated|cashflow statement||36|
|Notes to the|financial statements|ofthe Company|37 —67|





|Governors|Governors||||M R Slumbers|(Chairman)|(Chairman)||
|---|---|---|---|---|---|---|---|---|
||||||Mrs A-M Edgell|(Deputy|Chair)||
||||||D E Austin||||
||||||Mrs J Brown (appointed||17June 2022)||
||||||R Crawford<br>Clarke||||
||||||Baroness J Cumberlege|||(resigned 17June 2022)|
||||||A D Fairclough||||
||||||Prof M J G Farthing||||
||||||DrSGodward||||
||||||TJ P Hancock||||
||||||J B Higgo||||
||||||Mrs C Houston||||
||||||Ms H O' Sullivan||||
||||||H C R Lawson||||
||||||J A Scott||||
|Ex-Officio||Provost|||The Rt Revd C|J Meyrick,||Bishop of Lynn|
|Secretary||and Clerk|||Mrs H Betts||||
|Charity|No.||||1076483||||
|Company||No.|||03779985||||
|Principal|address||and Registered|Office|Lancing College||||
||||||Lancing||||
||||||West Sussex||||
||||||BN15 ORW||||
|Head|||||D T Oliver||||
|Bursar|||||M B Milling CA||||
|Auditor|||||RSM UK Audit|LLP|||
||||||Portland||||
||||||25 High Street||||
||||||Crawley||||
||||||RH10 1BG||||
|Bankers|||||Barclays Bank|pic|||
||||||1 Churchill<br>Place||||
||||||Canary Wharf||||
||||||London||||
||||||E145HP||||





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|||2021/22||2020/21||
|---|---|---|---|---|---|
|Senior school||600||575||
|Hove Prep||179||183||
|Hove Pre-Prep||113||102||
|Worthing|Prep|121||121||
|Worthing|Pre-|||||
|Prep||73||67||
|Total||1,086||1,048||
|||2021/22||2020/21||
|||Boys|Girls|Boys|Girls|
|Senior school||343|257|323|252|
|Hove Prep||116|63|124|59|
|Hove Pre-Prep||64|49|56|46|
|Worthing|Prep|65|56|63|58|
|Worthing|Pre-|||||
|Prep||35|38|31||
|Total||623|463|597|451|





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|DIRECTORS|DIRECTORS|DIRECTORS|DIRECTORS|DIRECTORS|||
|---|---|---|---|---|---|---|
|The directors who are also Trustees for the purpose ofcharity<br>law who served|||||during|the year, and|
|the committees|ofwhich they were members,|are:|||||
|M R Slumbers|(Chair)|Finance and General|||Purposes||
|||Membership||and Nominations|||
|||Education|||||
|||Investment|||||
|||Exofficio all other subcommittees|||||
|D EAustin||Governors||and Staff|Liaison|(Chair)|
|||Designated||Health and Safety|||
|||Governor|||||
|Mrs J Brown||Education|||||
|Baroness Cumberlege<br>(resigned 17June 2022)|||||||
|R Crawford<br>Clarke||Finance and General|||Purposes||
|Mrs A-M Edgell|(Deputy Chair)|Designated||Child Protection||Governor|
|||Governors||and Staff|Liaison||
|A D Fairclough|||||||
|Prof M JG Farthing||Education|(Chair)||||
|DrSGodward||Designated||EYFSGovernor|||
|TJ P Hancock||Finance and General|||Purposes||
|||(Chair)|||||
|||Investment|||||
|J B Higgo||Education|||||
|Mrs C Houston||Finance and General|||Purposes||
|Ms H O' Sullivan||Education|||||
|H C R Lawson||Membership||and Nominations|||
|JA Scott||Finance and General|||Purposes||



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||||||Unrestricted|Restricted|Endowed|Total|Total|
|---|---|---|---|---|---|---|---|---|---|
|||||Notes|Funds|Funds|Funds|2022|2021|
||||||f|f|2|f||
|Income and endowments||from:||||||||
|Income from Charitable|Activities|||||||||
|School fees receivable|||||23,973,398|||23,973,398|20,784,542|
|Ancillary<br>trading<br>income|||||419,402|48,600||468,002|443,850|
|Other trading<br>activities||||||||||
|Non-ancillary<br>trading|income||||1,215,371|||1,215,371|400,073|
|Investments||||||||||
|Investment<br>income|||||17,628|||17,628|20,272|
|Bank and other interest|||||42,733|4,081|47,743|94,557|53,858|
|Other - Grants and donations||||||||||
|Grants and donations|||||46,397|501,453||547,850|1,054,005|
|TOTAL INCOME|||||25,714,929|554,134|47,743|26,316,806|22,756,400|
|Expenditure<br>on:||||||||||
|Raising funds||||||||||
|Non-ancillary<br>trading||||8|889,987|||889,987|382,528|
|Financing costs||||8/9|163,340|||163,340|196,483|
|Investment<br>management||||8|8,574|||8,574|5,875|
|Fundraismg<br>and development||||8|217,225|||217,225|201,265|
|Other costs||||8|3,993|||3,993|(5,100)|
|TOTAL RAISING FUNDS|||||1,283,119|||1,283,119|781,051|
|Charitable<br>Activities||||||||||
|Education<br>and grant making||||8|23,642,236|490,452|47,157|24,179,845|22,183,723|
|TOTAL EXPENDITURE||||8|24,925,355|490,452|47,157|25,462,964|22,964,774|
|Net income and expenditure|||before|||||||
|transfers|||||789,574|63,682|586|853,842|(208,374)|
|Realised gains on||||||||||
|investment<br>assets||||14|43,747|||43,747|81,064|
|Unrealised<br>(losses)/gains|on|||||||||
|investment<br>assets||||14|(161,292)|||(161,292)|65,701|
|Net income/(expenditure)|||||672,029|63,682|586|736,297|(61,609)|
|Transfers<br>between<br>funds||||||||||
|NET MOVEMENT<br>IN FUNDS|||||672,029|63,682|586|736,297|(61,609)|
|Fund balances at 1 September|||2021||13,234,825|1,565,281|1,998,555|16,798,661|16.860,270|
|FUND BALANCES AS AT||31AUGUST 2022|||13,906,854|1,628,963|1,999,141|17,534,958|16,798,661|





## 

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|||||Unrestricted|Restricted|Endowed|Endowed|Total|Total|
|---|---|---|---|---|---|---|---|---|---|
||||Notes|Funds|Funds|Funds||2022|2021|
||||||5|8||8|8|
|Income and endowments|from:|||||||||
|Income from Charitable|Activities|||||||||
|School fees receivable|||2|22,161,908||||22,161,908|19,200,881|
|Ancillary<br>trading<br>income|||3|387,801|48,600|||436,401|417,244|
|Other trading activities||||||||||
|Non-ancillary<br>trading<br>income||||314,625||||314,625|55,240|
|Investments||||||||||
|Investment<br>income||||17,628||||17,628|20,272|
|Bank and other interest||||42,733|4,081|47,743||94,557|53,658|
|Other - Grants and donations||||||||||
|Grants and donations||||46,397|501,453|||547,850|978,672|
|TOTAL INCOME||||22,971,092|554,134|47,743||23,572,969|20,725,967|
|Expenditure<br>on:||||||||||
|Raising funds||||||||||
|Financing costs|||8/9|151,407||||151,407|198,186|
|Investment<br>management|||8|8,574||||8,574|5,875|
|Fundraising<br>and development|||8|217,225||||217,225|201,265|
|Other costs|||8|3,993||||3,993|(5,100)|
|TOTAL RAISING FUNDS||||381,199||||381,199|400,226|
|Charitable<br>Activities||||||||||
|Education<br>and grant making|||8|21,678,156|490,452|47,|157|22,215,765|20,358,291|
|TOTAL EXPENDITURE|||8|22,059,355|490,452|47,157||22,596,964|20,758,517|
|Net income and expenditure||before||||||||
|transfers||||911,737|63,682||586|976,005|(32,550)|
|Realised gains on||||||||||
|investment<br>assets|||14|43,747||||43,747|81,064|
|Unrealised<br>(losses)/gains<br>on||||||||||
|investment<br>assets|||14|(161,292)||||(161,292)|65,701|
|Net income||||794,192|63,682||586|858,460|114,215|
|Transfers<br>between<br>funds||||||||||
|NET MOVEMENT<br>IN FUNDS||||794,192|63,682||586|858,460|114,215|
|Fund balances at 1 September||2021||15,313,793|1,565,281|1,998,555||18,877,629|18,763,414|
|FUND BALANCES AS AT|31AUGUST 2022|||16,107,985|1,628,963|1,999,141||19,736,089|18,877,629|





## 

## 

||||Group|Group|Company|Company|
|---|---|---|---|---|---|---|
|||Notes|2022|2021|2022|2021|
||||6|6||f|
|FIXEDASSETS|||||||
|Tangible assets||13|20,660,121|20,685,918|20,335,023|20,322,598|
|Investments||14|1,134,123|1,242,614|1,134,225|1,242,716|
||||21,794,244|21,928,532|21,469,248|21,565,314|
|CURRENT ASSETS|||||||
|Stocks|||192,706|197,224|54,859|49,898|
|Debtors||15|879,557|567,714|3,484,755|2,686,424|
|Cash||16|11,853,954|13,127,689|11,202,238|'12,997,597|
||||12,926,217|13,892,627|14,741,852|15,733,919|
|CURRENT LIABILITES|||||||
|Creditors<br>payable<br>within|one year|17|(9,195,003)|(10,343,347)|(8,484,511)|(9,742,453)|
|NET CURRENT ASSETS|||3,731,214|3,549,280|6,257,341|5,991,466|
|TOTAL ASSETSLESS|CURRENT||||||
|LIABILITIES|||25,525,458|25,477,812|27,726,589|27,556,780|
|LONG TERM LIABILITIES|||||||
|Creditors payable after one year||18|(7,955,475)|(8,484,295)|(7,955,475)|(8,484,295)|
|Provision for liabilities||32|(34,925)|(194,756)|(34,925)|(194,756)|
|TOTAL NET ASSETS|||17,535,058|16,798,761|19,736,189|18,877,729|
|REPRESENTED BY:|||||||
|CAPITAL AND RESERVES|||||||
|Called up share capital||23|100|100|100|100|
|FUNDS|||||||
|Endowed<br>funds||24|1,999,141|1,998,555|1,999,141|1,998,555|
|Restricted funds||25|1,628,963|1,565,281|1,628,963|1,565,281|
|Unrestricted<br>funds:|||||||
|General reserve||26|13,906,854|13,234,825|16,107,985|15,313,793|
|EQUITY SHAREHOLDERS'<br>FUNDS|||17,535,058|16,798,761|19,736,189|18,877,729|
|The financial statements|were approved|and authorised|for issue by the|Board on~...|November<br>2022||
|and signed on its behalf|by M R Slumbers||||||





## 

## 

|||Notes|2022|2021|
|---|---|---|---|---|
||||6|6|
|CASH FLOWS FROM OPERATING ACTIVITIES|||||
|Net cash provided<br>by operating<br>activities||29|82,461|3,005,792|
||||82,461|3,005,792|
|CASH FLOWS FROM INVESTING ACTIVITIES|||||
|Dividends,<br>interest and rent from investments|||112,185|73,930|
|Proceeds from sale of property,<br>plant and equipment|||10,071|15,366|
|Purchase of property,<br>plant and equipment|||(1,005,565)|(294,403)|
|Proceeds from sale of investments|||267,956|887,347|
|Purchase of investments|||(277,010)|(901,744)|
|Net cash used in investing<br>activities|||(892,363)|(219,504)|
|CASH FLOWS FROM FINANCING<br>ACTIVITIES|||||
|Repayment<br>of borrowing|||(300,493)|(64,126)|
|Financing costs|||(163,340)|(196,483)|
|Net cash used<br>in financing<br>activities|||(463,833)|(260,609)|
|CHANGE<br>IN CASH AND CASH EQUIVALENTS|IN THE YEAR||(1,273,735)|2,525,679|
|CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR|||13,127,689|10,602,010|
|CASH AND CASH EQUIVALENTS AT THE END|OF THE YEAR|30|11,853,954|13,127,689|





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|The School fees income|The School fees income|comprises:||||||
|---|---|---|---|---|---|---|---|
|||||Group|Company|Group|Company|
|||||2022|2022|2021|2021|
|||||6|6|6|6|
|Gross fees||||26,788,798|24,689,775|23,484,276|21,603,279|
|Less: Total scholarships,||bursaries,|etc.|(3,344,098)|(3,056,565)|(3,071,030)|(2,773,694)|
|||||23,444,700|21,633,210|20,413,246|18,829,585|
|Add back|Scholarships,|Bursaries,|Grants|||||
|etc. paid|for by'|||||||
|Endowed|Funds|||47,157|47,157|48,325|48,325|
|The Lancing College Foundation:||||||||
|Restricted|Funds|||481,541|481,541|322,971|322,971|
|||||23,973,398|22,161,908|20,784,542|19,200,881|



## 

|Unrestricted||Group|Company|Group|Company|
|---|---|---|---|---|---|
|||2022|2022|2021|2021|
|||6|6|6|6|
|Extras||234,889|233,800|247,635|243,762|
|Entrance fees and registration|fees|114,265|110,290|105,822|103,127|
|Commissions||13,118|13,118|12,611|12,611|
|Other income||57,130|30,593|31,582|11,544|
|||419,402|387,801|397,550|371,044|



|Restricted||||||Group|Company|Group|Company|
|---|---|---|---|---|---|---|---|---|---|
|||||||2022|2022|2021|2021|
|||||||K|6|6||
|Contdibutions|to|the|Chapel|Maintenance|Fund|48,600|48,600|45,200|46,200|
|Total||||||468,002|436,401|443,850|417,244|





## 

## 

|Turnover||||||1,528,110|658,547|
|---|---|---|---|---|---|---|---|
|Cost ofsales||||||(1,184,010)|(611,019)|
|Gross profit||||||344,100|47,528|
|Administration||||||(106,786)|(44,238)|
|Operating<br>profit||||||237,314|3,290|
|Gift Aid donation||||||(237,288)||
|Retained<br>profit||||||26|3,290|
|The subsidiary<br>donates|its taxable profits to the company each year under the Gift Aid||||scheme.|||
|The net assets for Buxbrass||Limited at the end ofthe year was E50,629||||||
|Non-ancillary<br>Trading|Income|||||||
||||Group|Company||Group|Company|
||||2022|2022||2021|2021|
||||E|E||E|E|
|Nonwncillary<br>trading|income|||||||
|Buxbrass<br>Limited|||1,528,110|262,288||658,547|9,336|
|Less: Income eliminated|on|consolidation|(342,&88)|||(246,961)||
|Less: Grants and Donations||-Government|CJRS|||(40,613)||
|Buxbrass<br>Limited|||1,185,222|262,288||366,973|9,338|
|Other activities||||||||
|Rents receivable|||24,722|46,910||30,794|45,596|
|Interest on overdue fees|||5,427||5,427|306|305|
||||1,215,371|314,625||400,073|55,240|





## 

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## 

|Its results for the yea|r, as|extracted|from the audited accounts, are sum|marised<br>below:||
|---|---|---|---|---|---|
|||||2022f|2021<br>f|
|Income from Charitable||Activities||||
|Schoolfees||||1,811,490|1,583,660|
|Ancillary<br>trading<br>income||||31,601|26,606|
|Non-ancillary<br>trading|income|||11,982|600|
|Grants and Donations|-Government||CJRS||34,719|
|TOTAL INCOME||||1,855,073|1,645,585|
|EXPENDITURE||||||
|Education<br>and grant|making|||(1,977,261)|(1,824,712)|
|Deficit for the year||||(122,188)|(179,127)|



## 

## 

|||||||Group and|Company|
|---|---|---|---|---|---|---|---|
|Unrestricted||||||2022|2021|
|||||||5|5|
|Securities Investment|Income|||||||
|Equities and Fixed Interest||||||17,628|20,272|
|INVESTMENTS - BANK AND OTHER||INTEREST||||||
|||Unrestricted|Restricted|Endowed||Group and|Company|
|||||||2022|2021|
|||||||6||
|Bank interest||42,733|4,081||586|47,400|5,333|
|Other interest||||47,|157|47,157|48,325|
|||42,733|4,081|47,743||94,557|53,658|





## 

## 

|||Group|Company|Group|Company|
|---|---|---|---|---|---|
|||2022|2022|2021|2021|
|||||6|6|
|Restricted:||||||
|Other Donations||501,453|501,453|453,210|453,210|
|Unrestricted:||||||
|Government|Grants - CJRS|579|579|564,958|489,625|
|Other Donations||45,818|45,818|35,837|35,837|
|||547,850|547,850|1,054,005|978,672|





## 

## 

|8|ANALYSIS OF EXPENDITURE|||||||
|---|---|---|---|---|---|---|---|
|a)|Total expenditure|Staff costs|Support costs|Depreciation||Total 2022|Total 2021|
|||(note 10)||(note|13)|||
|||6||f||6|F|
||Costs ofraising funds|||||||
||Fundraising<br>and development|165,452|51,773|||217,225|201,265|
||Financing costs (note 9)||151,407|||151,407|198,186|
||Investment<br>management||8,574|||8,574|5,875|
||Loss on disposal ofasset||3,993|||3,993|(5,100)|
||Total for Company|165,452|215,747|||381,199|400,226|
||Finance costs ofsubsidiary||11,933|||11,933|(1,703)|
||Loss on disposal of investment|||||||
||Non ancillary<br>trading costs of|395,274|488,064||6,649|589,957|382,528|
||subsidiaries|||||||
||Total for Group|560,726|715,744||6,649|1,283,119|781,051|
||Charitable<br>expenditure|||||||
||Teaching|9,066,689|1,600,384|299,531||10,966,604|9,786,273|
||Welfare|1,639,914|1,048,987|49,374||2,738,275|2,321,822|
||Premises|1,118,435|3,628,665|630,168||5,377,268|5,435,959|
||School administration<br>and|1,454,833|1,296,033|||2,750,866|2,420,387|
||governance|||||||
||Grants awards<br>and prizes||4,974|||4,974|4,175|
||Movement<br>in pension recovery|(159,831)||||(159,831)|(53,034)|
||plan (note 32)|||||||
||School charitable<br>expenditure|13,120,040|7,579,043|979,073||21,678,156|19,915,582|
||Expenditure<br>from other funds:|||||||
||Restricted||490,452|||490,452|394,384|
||Endowment||47,157|||47,157|48,325|
||Total for Company|13,120,040|8,116,652|979,073||22,215,765|20,358,291|
||Total for Subsidiary|1,453,153|479,355|31,572||1,964,080|1,825,432|
||Total for Group|14,573,193|8,596,007|1,010,645||24,179,845|22,183,723|
||Totalresources<br>expended|||||||
||-Company|13,285,492|8,332,399|979,073||22,596,964|20,758,517|
||-Group|15,133,919|9,311,751|1,017,294||25,462,964|22,964,774|





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|ANALYSIS OF EX|PENDITURE (continued)|||
|---|---|---|---|
|Grants and prizes||Group and|Company|
|||2022|2021|
|From unrestricted|funds|f|F|
|Prizes and leaving|awards|4,974|4,175|



## 

|Company:||||2022f|2021f|
|---|---|---|---|---|---|
|Remuneration|paid|to auditor|for audit services|24,450|20,985|
|Reimbursement|of|personal|expenses to Governors|376||
|Other Governance||costs||54,385|208,629|
|||||79,211|229,614|
|Group:||||2022<br>f|2021f|
|Remuneration|paid|to auditor|for audit services|32,400|29,105|
|Reimbursement|of|personal|expenses to Governors|376||
|Other Governance||costs||57,671|209,604|
|||||90,447|238,709|



## 

## 

|FINANCING COSTS||||||
|---|---|---|---|---|---|
|||Group|Company|Group|Company|
|||2022f|2022f|2021|2021<br>f|
|Fees in Advance debt financing|costs|19,565|19,108|24,856|24,588|
|Lease finance costs||8,238|8,238|10,201|10,201|
|Bank interest payable||145,522|145,522|106,707|106,707|
|Provision<br>for bad and doubtful|debts|(9,985)|(21,461)|54,719|56,690|
|||163,340|151,407|196,483|198,186|





## 

## 

|STAFF COSTS||||||||||
|---|---|---|---|---|---|---|---|---|---|
||||||Group||Company|Group|Company|
||||||2022f||2022<br>f|2021|2021|
|Total staff costs comprises:||||||||||
|Wages and salaries|||||12,377,687||10,853,814|11,506,352|10,261,611|
|Social security costs|||||1,275,805||1,138,194|1,118,526|1,008,268|
|Pension contributions|||||1,480,427||1,293,484|1,408,332|1,240,468|
||||||15,133,919||13,285,492|14,033,210|12,510,347|
|Included<br>in staff costs are redundancy||or termination||payments|totalling|ENil|(2021:E26,761).|||
|||||||||2022|2021|
|Aggregate<br>employee|benefits ofkey|personnel|(The|Head and|Bursar)|||449,644|407,433|



||Group||Company|Group||Company|
|---|---|---|---|---|---|---|
||2022||2022|2021||2021|
||Number||Number|Number||Number|
|Teaching||151|121||153|124|
|Others||258|223||250|232|
|||409|||403|356|



||Group||Company||Group||Company||
|---|---|---|---|---|---|---|---|---|
||2022||2022||2021||2021||
||Number||Number||Number||Number||
|F60,001 - F70,000||21||21||18||18|
|F70,001 - E80,000||5||5||5||5|
|E80,001 - F90,000||4||4||1||1|
|F90,001 - F100,000||3||2||3||2|
|E100,001 - E110,000||||||1||1|
|F110,001 -f120,000||||||1||1|
|f120,001 —f130,000|||||||||
|F200,001 - f210,000|||||||||





## 

## 

## 

## 



## 

|13|TANGIBLE FIXEDASSETS|||||||
|---|---|---|---|---|---|---|---|
||Company|Land and|Freehold|Motor|Computer|Fittings and|Company|
|||Buildings|Improvements|Vehicles|Equipment|Equipment|Total|
|||Freehald||||||
|||f||||||
||Cost|||||||
||At I September 2021|19,599,343|1,062,287|69,328|2,132,031|4,924,198|27,787,187|
||AddiTions|407,836|||144,281|453,445|1,005,562|
||Disposals||||(105,477)|(84,455)|(189,932)|
||As 31August 2022|20,007,179|1,062,287|69,328|2,170,835|5,293,188|28,602,817|
||Depreciation|||||||
||At I September 2021|1,938,321|401,232|65,908|1,659,900|3,401,228|7,464,589|
||Charge for the year|342,302|49,932|3,420|242,341|341,078|979,073|
||On disposals||||(105,477)|(70,391)|(175,868)|
||At 31August 2022|2,278,623|451,164|69,328|1,796,764|3,671,915|8,267,794|
||Net book value|||||||
||at 31August 2022|17,728,556|611,123||374,071|1,621,273|20,335,023|
||Net book value|||||||
||at 31 August 2021|17,663,022|661,055|3,420|472,131|1,522,970|20,322,598|
||Group|Company|Land and|Computer|Fittings and|Group||
|||Total|Buildings|Equipment|Equipment|Total||
||||Short|||||
||||Leasehold|||||
||Cost|||8|F.|8||
||At 1 September 2021|27,787,187|182,619|96,884|488,030|28,554,720||
||Additions|1,005,562||||1,005,562||
||Disposals|(189,932)||||(189,932)||
||As 31 August 2022|28,602,817|182,619|86,884|488,030|29,370,350||
||Depreciation|||||||
||At I September 2021|7,464,589|49,532|95,453|259,228|7,868,802||
||Charge for the year|979,073|8,214|1,431|28,577|1,017,295||
||On disposals|(175,868)||||(175,868)||
||At 31August 2022|8,267,794|5'7,746|96,884|287,805|8,710,229||
||Net book value|||||||
||at 31August 2022|20,335,023|124,873||200,225|20,660,121||
||Net book value|||||||
||at 31August 2021|20,322,598|133,087|1,431|228,802|20,685,918||





## 

|14|INVESTMENTS||||
|---|---|---|---|---|
||||2022|2021|
||Unrestricted|||6|
||Group Investments<br>as|at 1 September|1,242,614|1,081,452|
||Reinvested<br>income||17,628|20,272|
||Investment<br>management|fee|(8,574)|(5,875)|
||Realised gains on investments||43,747|81,064|
||Unrealised<br>(loss) igains|in investments|(161,292)|65,701|
||Closing market value||1,134,123|1,242,614|
||Group Investments<br>at|31August|1,134,123|1,242,614|
||Investments<br>in subsidiaries||102|102|
||Company<br>investments|at 31August|1,134,225|1,242,716|
||Investments<br>comprise:||||
||Listed investments||||
||Fixed Interest||200,604|202,631|
||Equities||816,588|908,128|
||||1,017,192|1,110,759|
||Alternative<br>investments||||
||Other||49,861|73,071|
||||49,861|73,071|
||Cash||67,070|58,784|
||Group Investments<br>at|31August|1,134,123|1,242,614|
||Investments<br>in subsidiaries||102|102|
||Company<br>investments|at 31August|1,134,225|1,242,716|



|||||||||2022||2021||
|---|---|---|---|---|---|---|---|---|---|---|---|
|Investments||in subsidiaries|comprise:|||||||6||
|Investment|in|subsidiary<br>trading||company|—Buxbrass|Ltd|||2||2|
|Investment|in|Lancing College||Prep School at Worthing|||Ltd||100||100|
||||||||||102||102|





## 

## 

## 

|DEBTORS||||||||||
|---|---|---|---|---|---|---|---|---|---|
|||||||Group||Company||
|||||||2022|2021|2022|2021|
|||||||f|f|6|E|
|Fee debtors||||||217,876|190,894|195,988|174,475|
|Trade debtors||||||53,557|35,262|||
|Amounts<br>owed||by group undertakings||||||2,756,153|2,202,496|
|Other debtors||||||111,239|85,307|108,759|85,307|
|Prepayments|and accrued income|||||496,885|256,251|423,855|224,146|
|||||||879,567|567,714|3,484,755|2,686,424|
|CASH AT BANK BYFUND||||||||||
|||||||Group||Company||
|||||||2022|2021|2022|2021|
|||||||8|6|6|F|
|Restricted||||||1,501,914|1,797,246|1,501,914|1,797,246|
|Unrestricted||||||10,155,453|11,134,442|9,503,737|11,004,350|
|Endowed||||||196,587|196,001|196,587|196,001|
|||||||11,853,954|13,127,689|11,202,238|12,997,597|
|CREDITORS:|PAYABLE|||WITHIN ONE YEAR||||||
|||||||Group||Company||
|||||||2022|2021|2022|2021|
|||||||8|8|E|F|
|Bank loans and||overdrafts||(note|19)|475,887|237,943|475,887|237,943|
|Net obligations||under finance leases (Note 21)||||31,462|82,584|31,462|82,584|
|Deferred consideration|||of|freehold ofthe||61,009|62,549|61,009|62,549|
|Prep School|Hove|||||||||
|Trade creditors||||||544,698|1,095,434|525,424|1,013,751|
|Amounts<br>owing||to group|undertakings||||124||124|
|Taxes and social secudity||||casts||316,662|274,493|275,155|238,267|
|Advance fees|(note 20)|||||272,670|313,162|272,670|313,162|
|Other creditors||||||289,246|243,439|230,990|205,215|
|Accruals||||||1,307,553|1,403,023|1,116,261|1,325,100|
|Final term deposits||||||1,154,404|601,800|1,088,357|568,850|
|Deferred income - fees|||received||in advance|4,741,412|6,028,796|4,407,296|5,694,908|
|||||||9,195,003|10,343,347|8,484,511|9,742,453|



## 



## 

## 

## 

||||Group||Company||
|---|---|---|---|---|---|---|
||||2022|2021|2022|2021|
|Amounts<br>falling due;|||6|f||6|
|After 5years|||87,493|88,193|87„493|88,193|
|Within 2to 5 years|||1,872,879|1,812,215|1,872,879|1,812,215|
|within<br>1 to 2 years|||646,032|662,796|646,032|662,796|
|Due after more than|1 year||2,606,404|2,563,204|2,606,404|2,563,204|
|Due within<br>1 year|||1,154,404|601,800|1,088,357|568,850|
||||3,760,808|3,165,004|3,694,761|3,132,054|
|CREDITORS: PAYABLE AFTER MORE THAN ONE YEAR|||||||
||||Group||Company||
||||2022|2021|2022|2021|
||||f|5|6|6|
|Bank Loans<br>(note 19)|||4,877,837|5,353,724|4,877,837|5,353,724|
|Net obligations<br>under|finance leases||15,531|30,988|15,531|30,988|
|(note 21 )|||||||
|Final term deposits|||2,606,404|2,563,204|2,606,404|2,563,204|
|Advance fees (note 20)|||381,549|401,216|381,549|401,216|
|Deferred consideration||offreehold ofthe|74,154|135,163|74,154|135,163|
|Prep School Hove|||||||
||||7,955,475|6,484,295|7,955,475|8,484,295|





## 

## 

||||Group and|Company|
|---|---|---|---|---|
||||2022|2021|
||||5|F|
|Due|After|5years|2,974,291|3,450,178|
|Due|within|2 to 5 years|1,427,660|1,427,660|
|Due|within|1 to 2 years|475,886|475,886|
|Due|after|more than1 year|4,877,837|5,353,724|
|Due|within|1 year|475,887|237,943|
||||5,353,724|5,591,667|



## 

## 

||||Group||Company||
|---|---|---|---|---|---|---|
||||2022|2021|2022|2021|
||||6|f|f|6|
|After|5|years|110,853|144,599|110,853|144,599|
|Within||2 to5years|133,672|104,802|133,672|104,802|
|Within||1 to 2 years|137,024|151,815|137,024|151,815|
||||381,549|401,216|381,549|401,216|
|Within||1 year|272,670|313,162|272,670|313,162|
||||654,219|714,378|654,219|714,378|





## 

|||||Group||Company||
|---|---|---|---|---|---|---|---|
|||||2022|2021|2022|2021|
||||||F|8|8|
|Liabilities|at 1 September|||714,378|1,320,721|714,378|1,320,721|
|New contracts||||278,703||278,703||
|||||993,081|1,320,721|993,081|1,320,721|
|Amounts|utilised|in payment|offees|(338,862)|(526,519)|(338,862)|(525,519)|
|Amounts|repaid||||(79,824)||(79,824)|
|Liabilities|at 31|August||654,219|714,378|654,219|714,378|



||||Group and|Company|
|---|---|---|---|---|
||||2022|2021|
|Amounts||falling due:|6|5|
|ARer 5|years||||
|Within|2|to 5years|6,475|5,435|
|Within|1|to 2 years|9,056|25,553|
||||15,531|30,988|
|Within|1|year|31,462|82,584|
||||46,993|113,572|





## 

## 

## 

|||Land and|Buildings|
|---|---|---|---|
|||2022|2021|
|||K|2|
|Expiry|date:|||
|Within|one year|53,765|53,765|
|Within|1 to 2 years|53,765|53,765|
|Within|2to 5years|53,765|107,530|
|||161,295|215,060|



## 

|||Group|and|Company||
|---|---|---|---|---|---|
|||2022||2021||
|||6||2||
|Authorised||||||
|100Ordinary|shares of21 each||100||100|
|Allotted, called up and fully paid||||||
|100Ordinary|shares ofEI each||100||100|





## 

## 

|Group and Company|Group and Company||||Movement|in funds|||
|---|---|---|---|---|---|---|---|---|
|||Balance at 1|||||||
|||September|||Investment|||Balance at 31|
|||2021|Income|Expenditure<br>8|gains /(losses)<br>f||Transfer<br>E|August 2022<br>E|
|Endowed|Funds|1,998,555|47,743|(47,157)||||1,999,141|
|Group and Company|||||Movement|in funds|||
|||Balance at 1|||||||
|||September|||Investment|||Balance at 31|
|||2020|Income|Expenditure|gains /(losses)||Transfer|August 2021|
|||f|E|E|||E|F|
|Endowed|Funds|1,998,170|48,710|(48,325)||||1,998,555|





## 

## 

|grants<br>he|ld on trust for s|pecific purposes:|||||||
|---|---|---|---|---|---|---|---|---|
||||||Movement|in funds|||
|||Balance at 1|||||||
|||September|||Investment|||Balance at 31|
|||2021<br>f|Income<br>F|Expenditure<br>F|gains l(losses)<br>f||Transfer<br>f|August 2022<br>f|
|Chapel Maintenance||5,880|48,670|(24,533)||||30,017|
|Woodard|Benefit Fund|251,013|121,102|(34,217)||||337,898|
|Appeal Donations||1,308,388|384,362|(431,702)||||1,261,048|
|Group and Company||1,565,281|554,134|(490,452)||||1,628,963|
||||||Movement|in funds|||
|||Balance at 1|||||||
|||September|||Investment|||Balance at 31|
|||2020|Income|Expenditure|gains l(losses)||Transfer|August2021|
|||f|f|f|f||f|f|
|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|





## 

|The income|The income|funds ofthe|group are as follows:|group are as follows:||||||
|---|---|---|---|---|---|---|---|---|---|
|||||||Movement|in funds|||
||||Balance at 1|||||||
||||September|||Investment|||Balance at 31|
||||2021|Income|Expenditure|gains /(losses)||Transfer|August 2022|
||||5||2|||5|F|
|Designated||Funds:||||||||
|Foundation|account||1,300,286|46,106|(62,267)|(117,545)|||1,166,580|
|General funds|||14,013,507|22,924,986|(21,997,088)||||14,941,405|
|Company|||15,313,793|22,971,092|(22,059,355)|(117,545)|||16,107,985|
|Subsidiary||||||||||
|Prep school|subsidiary||(2,129,569)|1,855,073|(1,977,262)||||(2,251,758)|
|Trading<br>subsidiary|||50,601|1,528,110|(1,528,084)||||50,627|
|Consolidation||adjustments||(639,346)|639,346|||||
|Group|||13,234,825|25,714,929|(24,925,355)|(117,545)|||13,906,854|
|||||||Movement|in funds|||
||||Balance at 1|||||||
||||September|||Investment|||Balance at 31|
||||2020|Income|Expenditure|gains /(losses)||Transfer|August2021|
||||5||5|E||6|f|
|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<br>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|





## 

## 

|The compa||ny'|s<br>net a|ssets belong to t|he various<br>funds as|follows:||||
|---|---|---|---|---|---|---|---|---|---|
||||||||Net current|Long term|Total|
||||||Fixed assets|Investments|Assets/|Liabilities|2022|
||||||||(Liabilities)|||
||||||||6|||
|Share capital|||||||'l00||100|
|Endowed|funds||||||1,999,141||1,999,141|
|Restricted||funds|||||1,626,963||1,628,963|
|Unrestricted|||funds||20,335,023|1,134,225|2,629,137|(7,990,400)|16,107,985|
|Company|||||20,335,023|1,134,225|6,257,341|(7,990,400)|19,736,189|
|Subsidiary||companies||(Note 33):||||||
|Prep school at Worthing|||||212,066|(100)|(2,463,724)||(2,251,758)|
|Buxbrass|||||113,032|(2)|(62,403)||50,627|
|Group|||||20,660,121|1,134,123|3,731,214|(7,990,400)|17,535,058|
||||||||Net current|Long term|Total|
||||||Fixed assets|Investments|Assets/|Liabilities|2021|
||||||||(Liabilities)|||
|||||||6|6|6|6|
|Share capital|||||||100||100|
|Endowed|funds||||||1,998,555||1,998,555|
|Restricted||funds|||||1,565,261||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|(6,679,051)|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|





## 

|29|RECONCILIATION<br>OF NET INCOMING RESOURCES|RECONCILIATION<br>OF NET INCOMING RESOURCES|TO NET CASH||||
|---|---|---|---|---|---|---|
||INFLOW FROM OPERATIONS||||Group and|Company|
||||||2022|2021|
||||||f|8|
||Net income/(expenditure)for<br>the year||||736,297|(61,609)|
||Adjustments<br>for||||||
||Depreciation<br>oftangible<br>fixed assets||||1,017,298|1,024,146|
||Profit /(Loss) on sale offixed assets||||3,993|(5,100)|
||(Loss)/gain<br>on investments||||117,545|(146,765)|
||Interest receivable||||(112,185)|(73,930)|
||Interest payable||||163,340|196,483|
||Decrease<br>/ (Increase)<br>in stocks||||4,518|(12,447)|
||(Increase)<br>/ Decrease<br>in debtors||||(311,843)|215,006|
||(Decrease)<br>/ Increase<br>in creditors||||(1,536,502)|1,870,008|
||Net cash provided<br>by operating|activities|||82,461|3,005,792|
|30|ANALYSIS OF CASH AND CASH|EQUIVALENTS|||||
||||||2022|2021|
||||||8|f.|
||Cash in hand and at bank||||11,853,954|13,127,689|
||Total cash and cash equivalents||||11,853,954|13,127,689|
|31|ANALYSIS OF CHANGES<br>IN NET DEBT||||||
||||Balance at 31|Cash flows|Other non-cash|Balance at 31|
||||August2021||changes|August 2022|
||Cash and cash equivalents||||||
||Cash||13,127,689|(1,273,735)||11,853,954|
||||13,127,689|(1,273,735)||11,853,954|
||Borrowings||||||
||Loans falling due within one year||(237,943)|(237,943)||(475,886)|
||Loans falling due afier one year||(5,353,724)|475,667||(4,877,837)|
||Finance lease obligation<br>due within|one year|(82,584)|51,122||(31,462)|
||Finance lease obligation<br>due after|one year|(30,988)|15,457||(15,531)|
||||(5,705,239)|304,523||(5,400,716)|
||Total||7,422,450|(969,212)||6,453,238|





## 

## 

## 



## 

## 


## 

## 



## 

## 

|32|PENSION SCHEMES (Continued)|PENSION SCHEMES (Continued)|PENSION SCHEMES (Continued)|PENSION SCHEMES (Continued)|PENSION SCHEMES (Continued)|PENSION SCHEMES (Continued)|||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||Present Values||ofProvision||||||||2022|2021|
||||||||||||E|E|
||Present value of||provision||||||||~34 925|194756|
||Reconciliation|ofopening|||and||closing|provisions|||2022|2021|
||||||||||||E|E|
||Provision at 1 September||||||||||194,756|247,790|
||Unwinding<br>ofthe||discount|factor|||||||1,106|1,203|
||Deficit contribution<br>paid||||||||||(38,363)|(53,975)|
||Remeasurements||- impact||of|any|change|in|assumptions||(1,539)|262|
||Remeasurements||—amendments||||to the contribution|||schedule|(121,035)||
||Provision<br>at 31|August|||||||||34,925|194,756|
||income and expenditure|||impact|||||||2022|2021|
||||||||||||E||
||Interest expense||- unwinding|||ofthe discount|||factor||1,106|1,203|
||Remeasurements||-impact||of|any|change|in|assumptions||(1,539)|(262)|
||Remeasurements||-amendments||||to the contribution|||schedule|(121,035)||
||Costs recognised||in income||and expenditure||||account||||
||Assumptions||||||||||2022|2021|
||||||||||||%per|% per|
||||||||||||annum|annum|
||Rate ofdiscount||||||||||4.46|0.63|





## 

## 

## 

## 



## 

## 

|34|Consolidated<br>Statement|Consolidated<br>Statement|of Financial Activities|of Financial Activities|- Comparative<br>figures|by fund|type|||
|---|---|---|---|---|---|---|---|---|---|
||||||Unrestricted|Restricted||Endowed|Total|
||Year ended 31August|2021|||Funds|Funds||Funds|2020|
||||||6|F||F|6|
||Income and endowments||from:|||||||
||Income from Charitable|Activities||||||||
||School fees receivable||||20,784,542||||20,784,542|
||Ancillary<br>trading<br>income||||397,850|46,200|||443,850|
||Other trading<br>activities|||||||||
||Non-anci8ary<br>trading<br>income||||400,073||||400,073|
||Investments|||||||||
||Investment<br>income||||20,272||||20,272|
||Bank and other interest||||3,991||957|48,710|53,658|
||Voluntary<br>sources|||||||||
||Grants and donations||||600,795|453,210|||1,054,005|
||TOTAL INCOMING<br>RESOURCES||||22,207,323|500,367||48,710|22,756,400|
||Expenditure<br>on:|||||||||
||Raising funds|||||||||
||Non-ancigary<br>Trading||||382,528||||382,528|
||Financing<br>costs||||196,483||||196,483|
||Investment<br>management||||5,875||||5,875|
||Fundraising<br>and development||||201,265||||201,265|
||Other costs||||(5,100)||||(5,100)|
||TOTAL DEDUCTIBLE COSTS||||781,051||||781,051|
||Charitable<br>Activities|||||||||
||Education<br>and grant making||||21,741,014|394,384||48,325|22,183,723|
||TOTAL EXPENDITURE||||22,522,065|394,384||48,325|22,964,774|
||Net income and expenditure|||before||||||
||transfers||||(314,742)|105,983||385|(208,374)|
||Realised gains/(losses)<br>on|||||||||
||investment<br>assets||||81,064||||81,064|
||Unrealised<br>gains/(losses)<br>on|||||||||
||investment<br>assets||||65,701||||65,701|
||Net income/(Expenditure)||||(167,977)|105.983||385|(61,609)|
||Transfers<br>between<br>funds|||||||||
||NET MOVEMENT<br>IN FUNDS||||(167,977)|105,983||385|(61,609)|
||Fund balances at 1 September|||2019|13,402,802|1,459,298||1,998,170|16,860,270|
||FUND BALANCES AS AT|31AUGUST 2020|||13,234,825|1,565,281||1,998,555|16,798,661|





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