Charity Registration No. 1076483 Company Registration No. 03779985 (England and Wales) LANCING COLLEGE LIMITED DIRECTORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 LANCING COLLEGE LIMITED CONTENTS Page Company infomiation Directors, report, Strategic report and the Directors, responsibility statement 3-33 Independent auditor's report 34-37 Consolidated statement of financial activities 38 Company statement of financial activities 39 Consolidated and Company Balance Sheet. 40 Consolidated cashflow statement 41 Notes to the financial statements of the Company 42-73 LANCING COLLEGE LIMITED COMPANY INFORMATION YEAR ENDED 31 AUGUST 2024 Governors Mr M R Slumbers (Chairman} Ms K Ahton (appointed 14 June 20241 Mr D E Austin (resigned 28 June 2024) Lord G Barker (appointed 17 June 2024) Dr FJ Calvar (appointed 17 July 2024) Mrs J Brown Mrs P Cleeve Mr R Crawford Clarke Ms S Denning (appointed 31 May 2024) Mr A D Fairclough Prof M J G Farthing MrT J P Hancock Mr J B Higgo Mr J Hunter (appointed 8 May 2024) The Ven L Irvine-capel Mr H C R Lawson Ms Y Mangalji (appointed 14 June 2024) Mr J A Scott Ex-officlo Provost The Rt Revd C J Meyrick, Bishop of Lynn Secretary and Clerk Mrs H Betts (resigned 2 October 2023) Mrs B M Hibbert (appointed 2 October 2023) Charity No. 1076483 Company No. 03779985 Principal address and Registered Office Lancing College Lancing West Sussex BN15 ORW Key Management Personnel Head D T Oliver Bursar M B Milling CA Auditor Moore Kingstone Smith LLP g Appold Street London EC2A 2AP Bankers Barclays Bank plc 1 Churchill Place Canary Wharf London E14 5HP LANCING COLLEGE LIMITED COMPANY INFORMATION YEAR ENDED 31 AUGUST 2024 Solicitors DMH Stallard LLP Gainsborough House Pegler Way Crawley West Sussex RH117FZ Veale Wasborough Vizards LLP Narrow Quay Bristol BS14QA Insurance Brokers Marsh 1 Tower Place West Tower Place London EC3R 5BU Investment Advisers Rathbone Brothers PIC 8 Finsbury Circus London EC2M 7AZ LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 The directors present their report and financial statements for the year ended 31 st August 2024 and confirm they comply with the requirements of the Charities Act 2011, including the Directors, and Strategic Report, under the Companies Act 2006. REFERENCE AND ADMINISTRATIVE INFORMATION The College is the senior school of The Woodard Corporation and was founded by Nathaniel Woodard in 1848 to provide education. The company, Lancing College Limited, was formed in 1999 and is registered with the Charity Commission as charity number 1076483. The charity is a limited liability company and wholly owned subsidiary of The Woodard Corporation (charity number 1096270). The charitable company is incorporaled in the United Kingdom. Lancing Preparatory School at Hove (formerly Mowden School) was acquired in September 2002 and is part of Lancing College Limited. Lancing Preparatory School at Worthing Limited (formerly Broadwater Manor School) was acquired in January 2014 and is a fully owned subsidiary of Lancing College Limited. Note 34 provides details of connected charities and subsidiary companies. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The company is governed by Articles of Association as adopted by Special Resolution dated 20 March 2013 replacing those dated 6 July 2005, amended by special resolution dated 25 January 2006. They permit funds to be managed in such 2 manner as the directors see fit, provided that such powers are only exercised for the purposes of attaining the objects and in a manner which is legally charitable. The Articles of Association forbid the distribution of any property or funds, which are to be applied solely towards the promotion of the objects of the company. Governing Body The directors ofthe company are also Governors and charitable trustees for the purpose of Charity law. They comprise the Governing Body of Lancing College and are elected to hold office for five years. Any retiring director may be re-appointed. It is the collective responsibility of the Governing Body to ensure that the College is fit for purpose and to determine and support its strategic direction in order to enable it to attain its stated objectives. The Governing Body met three times during the year. Lancing Preparatory School at Worthing Limited and Lancing Preparatory School at Hove are governed by the Governing Body of Lancing College. The charitable Group has made qualifying third-party indemnity provisions for the benefit of its trustees during the year. These provisions remain in force at the reporting date. Recrultment and Training of Governors Certain Governors are also Fellows (members} of The Woodard Corporation and participate in the election of its board of management and are committed to its charitable objects. Governors are recruited on the basis of nominations from College contacts when a post becomes available. The Governing Body looks to ensure a mix of skills and select new Governors on the basis of background, competence, specialist skills and. in the case of Fellows, Christian commitment. Governors are provided with induction training by the Head, 8ursar and other staff, and a wider programme of training events is offered by The Woodard Corporation. The College also provides professional training on relevant subjects for its Governors and encourages them to attend events run by the Association of Governing Bodies of Independent Schools (AGBIS). Where possible the Governors consider that the skills and experience of the Governing Body should comprise the following.. At least two Govemors with a legal background At least two Governors with a financial background At least Governors with education experience LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 A Governor with experience of property and buildings A Governor with senior managerial or business experience A Governor with an arts background A Governor with experience of equal opportunities and disability needs At least one female Governor and at least one male Governor Any one Governor may have more than one of these skills. Volunteers Governors are volunteers providing their time for free to support the governance of the school. The school also relies on a number of others to undertake volunteer roles including chapel guides, some classroom assistants and some archive assistants. The College also has a number of volunteer groups helping the College to raise funds and assisting in College events. The Governing Body would like to thank all these volunteers for their help. Organisational Management The Governing Body operates through a number of committees. Membership of each committee is outlined on page 31. The Governors, together with the senior executives. determine the strategy of the school. Finance and General Purposes Committee - this committee has a remit to scrutinise budgets, both revenue and capital, cash flow information and financial reports, including the financial slatements. It also considers financial policies and financial regulations. It makes recommendations to the Governing Body for approval. The Finance and General Purposes Committee met three times during the year. Membership and Nominations Committee- this committee has delegated responsibility for identifying, recruiting and proposing new members of the Governing Body and for their induction, support and development. The Membership and Nominations Committee met twice during in the year. Governors and Staff Liaison Committee this committee was formed to facilitate further good relationships bel￿een the Governing Body. its appointed executives and the employees of the College through the sharing of ideas and information. It is not the intention that the Committee should replace existing channels of communication between employees, the Governing Body and its appointed executives, but rather that it should enhance them. The Governors and Staff Liaison Committee met twice during the year. Education Committee- this committee supports the Heads of the senior school and the prep schools to review the quality and consistency of the education provided to pupils and to advise the Governing Body about the education provision and development of all three schools. The Educab'on Committee met three times during the year. Investment Committee - this committee was formed to monitor Ihe risk profile and performance of the investments held by the College and The Foundation. The Investment Commiltee met twice during the year. See Investment Performance and Policy and Objectives below. Sustainability Committee- this commitlee was formed in 2023123 and met three times this year. Its aim is to create a sustainable family of schools which uses the world's resources in a responsible manner and to ensure first-rate stewardship of the wonderful estate. The day-to-day management of the school is delegated to the Head and the Bursar as the Key Management Personnel, overseeing educational, pastoral and administrative functions in consultation with the senior staff. The day-to-day administration is undertaken within the policies and procedures approved by the Governors. which require that significant expenditure decisions and major capital projects be referred to the Governors for prior approval. The Head oversees the recruitment of all educational staff and the Bursar oversees the recruitment of administrative and non-teaching support staff. The Head and Bursar are invited to attend Governors, LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 meetings together with the Heads of the prep schools. The remuneration of Key Management Personnel is set by the Governing Body, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the school's success. The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools to ensure that the school remains sensitive to the broader issues of pay and employment conditions elsewhere. Group Structure and Relationships The College has a wholly owned non-charitable subsidiary, Lancing College Enterprises Limited, the activities and trading ofwhich are described in note 4. Lancing College Enterprises Limiled changed its name from Buxbrass Limited on 24 April 2024. Note 33 provides details ofconnected charities. Lancing College Preparatory School at Worthing Limited {formerly Broadwater Manor School) is a fully owned subsidiary of Lancing College Limited. Lancing Prep at Hove is part of Lancing College Limited. Little Lancing Day Nursery and Forest School opened on the site of the former Sussex Pad in September 2019 and responsibility for its finances and regulatory compliance was transferred from Lancing College Limited to Lancing College Enterprises Limited during 2021122. The Board of Lancing College Enterprises Limited includes three Governors and an independent member. The College has developed links wilh a wide range of organisations to ensure the widest possible access to its facilities and schooling. Through membership of HMCI ISCI IAPSI ISBAJ AGBIS, and through networking wilh peer Groups, the College has a¢cess to third party support and guidance to assist it to attain the highest standards of quality and performance. There is a very active and illustrious Foundation Council that works closely and productively with the Foundation Office. Under the overa15 heading of The Lancing Society, there is a thriving alumni group and the College also has three parents, associations,. a combined Lancing College Parents Association for current and former parents, the Lancing Prep at Hove Parents, Association and the Lancing Prep at Worthing Parents, Association. All of these groups are generous in supporting the work of the College and their support is greatly appreciated. The College also co-operates with many local charities in its ongoing endeavours to widen public access to the schooling that it provides, to optimise the educational use of its cultural and sporting facilities and to awaken in its pupils an awareness of the social context of the all-round education they receive at Lancing College. Lancing College Chapel, which is Grade 1 listed and is an important building in its own right, is supported by separate charities. The Friends of Lancing Chapel (charity number 241403) works closely with the College to raise funds for the maintenance of the fabric of Lancing Chapel. The Friends also make it possible for the Chapel to be open to the public throLJghout the year and they arrange guides and tours for visiting parties. In addition, The Lancing College Chapel Trust (charity number 1111036), was formed to promote the religious, educational and charitable work of the Church of England by acquiring, preserving, maintaining and developing Lancing College Chapel and in this way to benefit the local and national community. The ownership of the Chapel was transferred to The Lancing College Chapel Trust on 23 May 2008 at a nil cost. A public appeal to raise the residual funds required to complete the Chapel building was launched in September 2019 and, following successful completion of the new west porch, it was dedicated in a formal ceremony on 23 April 2022. Employment Policy The College is an equal opportunity organisation and is a friendly, ethical, vibrant and oLI￿ard-lOokIng place to work. It acts with integrity and treats all with respect, valuing diversity and rejecting discrimination. The College is fully committed to creating and promoting a diverse and inclusive workforce that reflects both its local community and its cosmopolitan student body. Job applications are welcome from all suitably qualified candidates regardless of ethnicity, religion, sexuality, gender, age or disability and applications from under-represented Groups are particularly encouraged. The College will make reasonable adjustments to meet the needs of staff or pupils who are, or who become, disabled. LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 Employee Information The SACOS ("Salaries and Condition of SeNice") Group, which consists of employees from various parts of the College, meets with the Head Masler, the Bursar, the Senior Deputy Head and the HR Manager termly. In 2020, a new parallel Support Staff SACOS Group was introduced to give a greater voice to support staff. In conjunction with the Governor and Staff Liaison Committee these groups provide forums for Governors and senior management to briefand update employees and to encourage their involvement in strategic and tactical decision making. Investment Policy and Objectives The company's memorandum and articles of association permit funds to be invested in such manner as the directors see fit, providing that such powers of investment are only exercised for the purpose of attaining the charitable objects and in a manner that is legally charitable. Investment activities are managed in line with the requirements of the Trustee Act 2000. Rathbone Brothers PIC were appointed the College's investment manager in 2020. The College's investment objectives are to preserve the capital value of investments in real terms and maximise the retum and income on all investments within the parameters set by the Governors and agreed with the investment manager. The investment manager has discretion about how the investments are managed within parameters set by the Governors with a low to medium risk profile. Funds not invested are held on deposit to earn interest. CHARITABLE OBJECTIVES, AIMS AND ACTIVITIES Charitable Objects The charity's objects, as set out in the Articles of Association, are to promote and extend education (including spiritual, moral, social, cultural and physical education) in accordan￿ with the doctrines and principles of the Church in the Diocese of Chichester. Intended Impact and Public Benefit Lancing College is a Christian foundation in the Anglican tradition. Lancing College Limited is a charitable trust, which seeks to benefit society through the pursuit of its stated aims. It is a subsidiary of The Woodard Corporation. The College's charitable objectives are 'to promote and extend education,, and these objectives are recognised as benefiting the public when pursued in the context of formal education in a body where all surplus funds are re-invested. The Woodard Corporation, and all of the Schools it owns, are charitable bodies, with no external shareholders and no possibility of making distributions, including in the form of dividends. All surpluses are re-invested in education. Lancing College, set in outstanding countryside and housed in fine buildings, educates boys and girls to develop a love of learning and to reach their full potential, enriched by the arts and physical activities. The College's public benefit aim is to prepare young men and women of vision and integrity to be of service to their fellow human beings. In setting the College's objectives and aims and planning its activities, the Governors, as the charity trustees, have complied with the duty in s.17 ofthe Charities Act 2011 to have due regard to the Charity Commission's published general and relevant sub-sector guidance concerning the operation of the public benefit requirement under that Act. Fees are set at a level to ensure the financial viability of the College over the medium term and at a level that is consistent with its aim of providing a first-class education to all pupils. Lancing College welcomes pupils from all backgrounds and religions. To admit a prospective pupil the College needs to be satisfied that it will be able to educate and develop the pupil to the best of their LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 potential and in line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken to satisfy the College and parents that potential pupils can cope with the pace of learning and benefit from the education provided. An individual's economic status, gender, ethnicity, race, religion, sexuality or disability do not form part of the assessment processes. The College is a part of a wider community and it is keen that staff and pupils participate in that wider community. The College also supports a range of educational activities for the benefit of local children attending state schools and their teachers. The Governors are committed to developing the existing programme of cooperation and joint working with local maintained sectorjunior and secondary schools. Woodard and its schools provide a significant benefit to the public. The College strives to ensure that measures of public benefit are appropriate, and that significant sections of the public are not excluded from the opportunity to benefit from the education and facilities offered due to the need to pay a fee. The College's bursary programme creates a social asset without cost to the Exchequer. In addition to significant provision of bursaries (including a number of 110 / Transformational Bursaries more information on this Foundationer Programme can be found below and on the College website) and other forms of financial support, the school provides a wide range of opportunities for community benefit and facilities and events are often open to all. Further detail of the public benefit offered is included in the section entitled "Review of Achievements and Perf0rrnan￿ for the Year" below. Parents of pupils at the school often make significant sacrifices to pay the fees. In educating around 840 UK based pupils, parents help to relieve the State of the financial burden of paying for their children's education. The saving to the public purse is estimated to have had a value in the last year of £6m. Unlike schools in the maintained sector, the school is unable to recover the VAT on most of the purchases that it makes. During the past year, an estimated £1.6m of VAT was paid on goods and seNices. It is a key requirement of evidencing public benefit that any private benefil to individuals or elements of the charity will be incidental to the charity's objectives. An example of private benefit may be the reimbursement of travelling expenses for trustees attending training courses.. any private benefit to individuals or elements of Woodard is incidental to delivery of the charitable objectives. Aims The aims of the College are-. To preserve and promote the Christian values which lie at the heart of the foundation of the College To provide an education for boys and girls aged 2 to 18, which inspires a desire for ex￿llenCe and which enables them to develop independent, searching minds and to realise their full academic potential. In short form.. to prepare them for life To maintain the boarding ethos and structure of the senior school to the benefit of all pupils, both day and boarding To ensure, as far as possible. that the years children spend at Lancing College are happy and fulfilling ones To maintain a close partnership with parents in guiding, and caring for, their children To give each child the opportunity to experience a wide variety of activities which are not part of the examined curriculum and to encourage an interest in sport, music, drama, community service and other pursuits through the provision of excellent facilities and supervision To provide a safe, welcoming, supportive and tolerant environment in which each pupil feels valued as an individual and, in turn. learns the importance of tolerance and consideration towards others LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 To help each child realise the importance of contributing to the community, both inside the College and beyond, and to ensure that the wider community benefits from the existence ofthe College To facilitate entry. where possible, to the College for children from underprivileged backgrounds with the potential to benefit from a Lancing College education To use the world's finite resources responsibly and to ensure first-rate stewardship of the wonderful estate To appoint talented staff who enjoy the responsibility of fulfilling these aims and to assist them in their professional development Objectives for the Year This year the focus has been on the following: To continue the achievement of academic excellence and to implement school-wide developments in teaching and leaming, such as the Lancing Diploma To continue to improve facilities, both pastoral and academic To maintain and develop teaching staff expertise through continual professional development combined with the recruitment of teachers of ability and commitment To increase the number and level of means tested awards for pupils starting at Lancing College to widen further access to the education provided by the College To continue the work of the Foundation Office with the object of keeping all those who have associations with the College in touch with its work. In addition, to continue to raise funds to enable the provision of Transformational Bursaries, presetvation of Lancing College Chapel and to enable improvements to facilities To extend access to Lancing College's facilities for the local community LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 Principal Activities of the Year The principal activity of the College is the delivery of education to pupils ranging from 2 to 18 years of age. The College also runs a separate nursery educating babies to pre-schoolers and hosts a number of summer school activities. The College is open at other times for use by the local community. Pupil numbers at the College during the year were as follows.. 2023124 2022123 Senior school Hove Prep Hove Pre-Prep Worthing Prep Worthing Pre- Prep 596 190 92 150 604 187 104 133 66 74 Total 2023124 2022123 Boys Girls Boys Girls Senior school Hove Prep Hove Pre-Prep Worthing Prep Worthing Pre- Prep 327 112 55 83 269 78 37 67 341 108 64 70 263 79 40 63 40 26 39 35 Total 617 477 622 480 Scholarships and Bursaries It is important to the College that access to the education it offers is not restricted only to those who can afford its fees. The College believes that its pupils benefit from learning within a diverse community. A great deal of learning occurs through social interaclion, conversation and shared experiences which help pupils develop an understanding of the perspectives of other people that will be vital in their adult lives. During the year, Lancing College granted awards, including scholarships, bursaries, discounts and concessions of £4,122k (2023 £3,591k) of this total amount £3,476k (2023 - £3,034k) was from unrestricted funds, £601k {2023 - £511 k) was from restricted funds. and £45k (2023 - £46k} was from endowed funds. The Governing Body's policy, in line with other independent schools, is to award scholarships on the basis of the individual's educational potential. Means tested bursaries can then be used to augment another award. Some funds are also awarded in cases of financial hardship to enable pupils to continue their education at the College. The gross fee concessions (scholarships, bursaries, sibling discounts and staff discounts) provided by the College, before funding from the Foundation represent 13.69/0 (2023 - 12.8 / ) of gross fee income. The College and the prep schools have 183 pupils (2023 - 186) on roll who have been awarded scholarships, based on their educational merit and potential. totalling £686k {2023 - £625k) and representing 2.3 % (2023 - 2.2 / ) of gross fee income. LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 The College and the prep schools also provided Means Tested Financial Assistance or Transformational Bursaries to 147 pupils (2023 - 143 pupils} and the total value was £2,376k (2023 £1,984k) which represented 7.9 % (2023 - 7.1°/ol of gross fee income. Of these bursary holders, 108 (2023- 87) paid 50 % or less of the fee, 35 {2023 - 28} paid 20 % or less of the fee and 2112023 - 19) paid no fees. The College includes details ofthe various concessions in its prospectus and Dn thewebsite. A11 parents making enquiries are provided with a description of the criteria for bursaries and scholarships. Bursary Policy- Means Tested Flnancial Asslstance Bursary awards are available to all who meet the general entry requirements and who, at the senior school, are in receipt of scholarship awards. They are made solely on the basis of parental means or to relieve hardship where a pupil's education and future prospects WOLJld otherwise be at risk, for example in the case of redundancy. In assessing means, the methodology recommended by the Independent Schools, Bursars Association is used, which tskes a number of factors into consideration including family income, investments and savings and family circumstances, for example dependenl relatives and the number of siblings. Lancing College does not have an endowment and, in funding awards, it is mindful that it must ensure a balance between fee-paying parents, many of whom make considerable personal sacrifices to fund their child's education, and those benefiting from the awards. Means Tested Financial Assistance ranges from 5 % to 1000/0 remission of fees. Bursary Policy- Foundationers In addition to these Means Tested Financial Assistance bursaries, in 2017118 the College established a new transformational bursary fundraising campaign to fund the whole costofeducating talented young people from challenging backgrounds. The objective was to raise £3m from third party donors in the first five years to provide full funding of 25 pupils. In the 2023124 year there were 19 Foundationers in the school across all year groups, with some of the Foundationers taking on leadership roles in their final year. The initial fundraising target was achieved 18 months ahead of schedule through the amazing generosity of donors and the support of our partners, described below. In establishing the Campaign in 2017, the College was responding to research amongst over 5.000 Lancing alumni. The survey was repeated in May 2021 and has demonstrated continued support, with 820/0 of OLS (Lancing Alumni) supporting the aims of the Foundationers campaign and nearly 300/0 planning to donate in the future. A second phase of fundraising has commenced, this time with a target of £8m to fund some 40 Foundationers over five years. As of the end of August 2024, the College has received donations and pledges of over £6.3m from donors in addition to the commitment of the College to fund 33% of the £10.5m. In September 2022, the College introduced a parent levy of 1 /0 which would go to the Foundationers programme and across the year 80 % of parents contributed. Foundationers are funded with 110 % of fees to ensure that they can have essential extras. Money raised for this purpose funds 67 /0 and the College funds 33 % of each transformational bursary. The campaign fund is kept separate and is restricted solely for the purpose of paying Foundationers, bursaries. Bursaries are awarded to young people in Year 9 and Year 12 from challenging backgrounds whose life chances are limited through family circumstances, or social deprivation, and whose aspirations have been adversely affected through no fault of their own. Candidates are identified with the support of schools and community groups who are aware of the programme and able to help identify potential pupils. An assessment and selection process is carried out in the November preceding each year of entry to ensure that funds are prioritised to those children who would gain the most from a Lancing education. Awareness of the campaign has spread across the Lancing community and has received a very positive response. Former transformational bursary pupils have readily stepped forward as ambassadors for the campaign and have willingly contributed at events, in print and in film. Fundraising activities have included events, targeted mailing, briefings and hosted dinners. Both the current parent and former parent associations are actively supporting the campaign together with OLS across a wide age range. The range and method of donation has been varied and has enabled OLS, parents and other supporters to engage with the campaign and support in a way that suits them. 10 LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 Our partners in the Foundationers programme include Trinity Church of England School in Lewisham, Eastside Young Leaders Academy (EYLA), Royal National Children's Springboard Foundation and the Buttle Trust. Our close relationship with EYLA enabled a third summer school to be run at Lancing at the end of August 2024. This year, 24 Young Leaders spent three days at Lancing College staying in boarding Houses. The programme included catch up study periods, skills development and sports as well as learning what boarding life is like. Lancing staff and teachers gave freely of their time and energy in the action-packed programme. Feedback from EYLA has been hugely positive. Carol Murraine, Scholarship Programme Director at EYLA said.. 'Lancing College's hospitality, guidance, and support throughout the Summer School made it an unforgettable experience. It's been an incredible journey of growth and learning, and we couldn't have asked for more. Lancing College's dedication to nurturing our young leaders is an inspiration. Promoting High Academic Standards: Scholarship Policy The purpose of scholarship awards is to recognise high academic potential or the ability to excel in co- curricular activities such as Art, Music, Drama or Sport. Scholarships are awarded on the basis of the individual's academic potential or evidence of exceptional abilities which will contribute to co-curricular activities. In addition, awards may be subject to conclitions imposed by the original donor. Scholarships are awarded wilh a fixed remission of fees of be￿een 50/0 and 300/0. Where further assistance is required, scholarship awards may be supplemented by a means tested bursary. Details of the scholarship policy are available on the College's website. Pupils are expected to be exemplar contributors in their area of scholarship. The progress of pupils receiving scholarships is reviewed at least annually to ensure this is in line with their abilities. No scholarships or bursaries were withdrawn in the year as a result of reviews. Other Policies on Assistance: Family Discounts Policy To underline the value placed on continuity for families. the College offers discounts where parents have more than one child at the College. Assistance for our Teaching Staff As part of the emphasis on attracting and retaining high calibre staff, a discount scheme is offered where staff members choose to educate their children at the College. LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 Energy and Carbon Reporting 2024 7,337,241 2023 7,337.320 Ener consum tion used to calculate emissions Energy consumption breakdown Ikwh).. Gas Electricity Heating oil Transport fuel Business travel (employee owned vehicles) kwh 4,808,068 1,982,688 285,722 240,165 20,598 5,118,670 1,748,746 250,692 202,538 16,674 Scope 1 Gas Heating Oil Trans ort fuel Total Sco Scope 2 Emissions in metric tonnes C02e Purchased electrici Scope 3 Emissions in metric tonnes C02e Business travel in em lo ee-owned vehicles Total ross emissions in metric tonnes C02e Intensit ratio: emissions in tonnes C02e er Emissions in metric tonnes C02e 887.04 74.29 57.12 1,018.45 921.36 65.18 48.41 1,034.95 410.52 362.12 4.77 1,433.74 1.24 3.89 1400.96 1.22 Group reporting requires us to include all subsidiaries and related companies that qualify. The numbers above include all qualifying subsidiaries and related companies. being Lancing College Limited, Lancing College Preparatory School at Worthing Limited and Lancing College Enterprises Limited. Quantification and Reporting Methodology We have followed the 2019 HM Government Environmental Guidelines. We have also used the Greenhouse Gas (GHG) Reporting Protocol - Corporate Standard and the 2023 Government's Conversion Factors for Company Reporting. Intensity Measurement The chosen intensity measurement ratio is total gross emissions in metric tonnes C02e per pupil. Measurements taken to improve efficiency During the year, the College has implemented a number of initiatives to improve the efficiency of its use of energy. These included: Commissioned an Energy Audit Reportwhich has allowed us to review our current installations and assess ways of improving our energy usage moving foNard. Replacement of one oil boiler with Air Source Heat Pumps on one of our Accommodation Houses and an extension to another house is also heated by Air Source Heat Pumps. An ongoing program to replace fluorescent light fittings with LED fittings. Replacement of old inefficient gas boilers with more efficient condensing boilers. BREAAM rated building with PV panels at our Hove Prep School. We have commissioned a Decarbonisation strategy report to review the next 25 year period Feasibility study taking place to review replacement of one of our last oil boilers Going forward, in addition to the ongoing programmes detailed above. the College is undertaking various other initiatives to improve energy efficiency in future years as follows-. Development of a campus-wide building management system to optimize energy control. zoning and usage Staff and Student awareness training on energy management 12 LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 A review into the feasibility of replacing any diesel-powered grounds equipment with electric items A review into the feasibility of replacing College vehicles with electric vehicles STRATEGIC REPORT REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR The Promotion of Education Section 172 of the Companies Act 2006 requires the directors to act in the way they consider, in good faith, would be most likely to promote the success of the charitable group to achieve its charitable purposes. The Act states that in doing so, the directors should have regard, amongst other matters, to-. The likely consequence of any decision in the long tenn The interests of t17e charitable group's employees The need to foster the charitable group's business relationships with suppliers, customers, and others The impact of the Gharitab18 group's operations on the community and the environment The desirability of the group maintaining a reputation for high standards of business conduct During the year 1.094 pupils be￿een the ages of 2 and 18 were educated at Lancing College's three schools. The College provides a very high standard of education and this is validated in the review of the academic results and the schools, measurements of added value. The College can demonstrate particular excellence in all academic areas including Mathematics, Science, Modern Languages, Music, Arts, Drama and Sport. The aim is to support children in reaching their potential in all areas of their activity at Lancing College. Academic The year was another strong one, both at A Level. where students achieved one of the best pass rates in recent history, with 78 /0 of grades at A'_B level, and at GCSE with an equivalent grade rate of 87 /0, the best results since 2010, a year prior to the reforms to the GCSE examination system, after which examinations became more stringent. Both at GCSE and A Level results were exceptional with Higher Education applications this year being particularly strong. It is worth noting the top ten destinations for Lancing College students at this level: Joint 1st- King's College London-, University College London- Exeter University 4th Manchester University Joint 5th - Bristol University. Southampton University Joint 7th = Imperial College, London, Bath University, Birmingham University, Nottingham University. The only one of these universities not in the elite Russell Group is University of Bath, one of the UK'S top sporting and engineering universities where these were the courses that our students studied. It is worth noting that our BTEC programmes in Business and in Sport were also highly successful with all candidates achieving the A'_B equivalence, enabling access for many of these students to their first- choice courses in these and other subjects at top universities. As ever. the wider student population went on to top ranked institutions in the UK and overseas. Overseas applications this year included notable US success with students going on to UCLA and Northeastern University while others went on to study at notable institutions in Russia and Spain. Furthermore, our specialist application support routes were particularly successful. Lancing has a longstanding reputation for medical and veterinary support with all of our applicants this year gaining 13 LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 admission to medical courses while our veterinary applications included offers to the best course for the subject in the world. Similar programmes exist in engineering where Lancing has been a proud champion of the CREST award scheme, a programme run in conjunction with local design engineers, Ricardo, allowing Lancing students to gain access to some of the world's top ten engineering Courses for multiple engineering disciplines including Imperial College, London, Loughborough and Southampton, the latter's aeronautical engineering programme an especially selective route. The list of institutions in which we gained access to top courses remains dizzying, from Psychological and Behavioural Science at LSE, architecture at Nottingham, medical biosciences at Imperial, Music at King's College London, and French and Chinese at Edinburgh. Of particular note among these higher education applications are the performance of the College's Foundationers, in receipt of 1100/0 bursaries to attend the school, these students coming from circumstances where they would not otherwise be able to benefit from the teaching and resources that a Lancing education provides. These students have gone on to gain admission to some truly fantastic institutions with one achieving a clean sweep ofA and A" grades, going on to study Law at Manchester University while this year's other leaving Foundationers went on to read for degrees in Biomedical Sciences at Nottingham, Music at Surrey and Economics at Birmingham. This year we have gone further in formalising the nature of this metacognitive excellence through the completion of the second year of the Lancing Diploma which explores how the curriculum and the co- curriculum together work to inculcate what we have identified as the 'Five Rs,, the virtues of resilience, responsibility, reflection, resourcefulness and reciprocity. The diploma has come about as a product of a yeai's review of all elements of our curriculum and in this academic year was on stream for all bar one year group in the school with the first diplomas awarded to leaving Year 13 students alongside the award of Junior Diplomas to those who have completed Year 9. The diploma experience allows students to recognise and articulate how the attributes of learning unite all elements of their pastoral, co-curricular and curricular lives and provides an opportunity to celebrate the truly holistic education attested to in this report. GCSE performance was, as above, especially strong - the best in recent memory. What is more, this is the cohort from which we began to select students earlier in Year 6 for admission to the College, a product of our new Advance Programme which tests many of the same skills and places the premium on independence of thought as that treasured by our Lancing Diploma. It is, we suspect, this coherence of approach that has been central to our GCSE success. We now have further extremely strong year groups for whom this approach has been pivotal to their success. This year's Centre for Evaluation and Monitoring report on the value-added performance of our students has also been particularly striking at GCSE where our standardised national residual for GCSE runs across the school to well over half a grade, meaning that at Lancing, compared to the national picture, where a child might be on the cusp of a 6 or a 7, she would get the Grade 7 at Lancing where she would not elsewhere. This success is built on the pedagogic excellence that remains at the heart ofall we do. Two colleagues, our Heads of Music and of Geography, worked with the PGCE departments of the Universities of Cambridge and Buckingham in the training of teachers in their disciplines, giving talks to the whole PGCE cohorts for those subjects at the universities on excellence in teaching. Similarly, the Deputy Head was a keynote speaker at the HMC academic deputies. conference, speaking on metacognition and curriculum design for all leaders of curriculum and learning across the leading independent sector schools. Prep Schools Academic LanGing Prep at Hove At the end of the school year, all pupils in Year 8 at Lancing Prep at Hove successfully gained a place into their first-choice senior school. A total of ￿e1ve awards were achieved.. five academic, one all- rounder, five sport and one Head Master's award. Destination schools were Lancing College (11 pupils), Bede's {9), Hurstpierpoint College (5}, Brighton College {3). Shoreham College (2}. Seaford College (1), Oxford International School {1) and an overseas school (1). In Mathematics, we entered three teams into the Year 5 Maths Challenge. hosted by St Andrews in Eastbourne. Out of a field of 33 teams we pla￿d first, tenth and Iwenty-first. Similarly, Windlesham 14 LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 House hosted a Year 6 Maths Challenge where LPH placed eleventh out of a field of 45 teams. All pupils in Years 3 and 4 entered the First Maths Challenge produced by UKMT. 17 pupils achieved a bronze award, with 4 more achieving gold and one child scoring an exceptional 100 %. Pupils in Years 5 and 6 entered the UKMT Primary Maths Challenge, achieving a bumper selection of bronze. silver and gold certificates, with candidates qualifying for the subsequent'Junior Kangaroo, round. Years 7 and 8 pupils achieved highly in the UKMT Junior Maths Challenge, where again they achieved a plethora of bronze, silver and gold certificates with another candidates qualifying for the subsequent Kangaroo round. In Science, a Group of Year 7 pupils won overall after competing in mixed-school teams at the Bede's Galactic Challenge. A team of Year 5 and 6 pupils reached the third round of the National Science Quiz. A Year 4 pupil won the Explorify International 'Start with Art, competition., her combined art-science work will feature on their website and be seen by millions of pupils across the globe as it is used in lessons to generate a discussion around global warming. The school also gained the Primary Science Quality Mark accreditation, demonstrating excellent provision for Science throughout the school. In Year 6, we entered children for pre-tests to a variety of schools to secure Year 9 places. Twenty two pupils sat the Advance Programme to Lancing College,. all bar were successful in earning a guaranteed place. Eight children were entered for Hurstpierpoint College and four were successful in earning a secured place for entry into Year 9. Six children were entered for pre-tests to Bede's and all were successful. Five children sat for Brighton College and three were successful. These are very pleasing results on challenging and often highly competitive assessments. In the Early Years Foundation Stage, we continue to use our own exceeding descriptors. All our Early Years children again made excellent progress against their individual starting poinls and the majority met or exceeded age related expectations, with reading, mathematics and physical development being areas of strength. Pupils in Year 1 to Year 7 sat GL Progress Tests in English and Maths in the summer term. An average of 77 % of pupils achieved either 'expected', 'higher' or 'much higher, results. In the few cases where pupils did not meet expected levels of progress, interventions were personalised in accordance with their need. Lancing P￿p at Worthing At Lancing Prep at Worthing, we are very proud to share that our Early Years Team achieved a significant milestone by winning the Pearson National Teaching Awards 2024 Bronze award. This places us among the top early years, settings in the country, showcasing our commitment to providing outstanding early childhood education. This Summer Term we also had cause to celebrate when Mrs Francesca Milling was awarded Headteacher of the Year in a Primary Setting. The school has also been shortlisted for'Best Small Independent School of the Year,. We are thrilled with our Year 8 pupils who achieved excellent scholarship results again this year. From our 20 pupils in Year 8, 14 Scholarships were awarded to Lancing College and 1 to Our Lady of Sion. These were.. The Sankey Academic Scholarship (the highest award), 3 Academic Scholarships, 5 Drama Scholarships, 3 Sports Scholarships, 1 Headmaster's Award and 1 Ken Shearwood All-Rounder Award to Lancing College. 1 pupil received a Louise Humann Scholarship to Our Lady of Sion School. From our Year 6 cohort, 63 /, (12119) chose to apply for the Lancing College Advance Programme in 202312024, with 10 % (2} deciding to wait until 202412025, due to being new to the school. This number, though lower than the previous year's average of 88 %, was anlicipated with some families seeing Year 6 as a 'natural breaking point, at which to re-enter the state system. Of the applicants, (670/0) (8112) were successful and gained guaranteed places at the College. Ofthe remaining 33 % {31121, 11D/o11112) are resitting again this year whilst 220/012112) remain with us and are looking at schools to best suit their educational needs. The Nursery has 26 children on roll for September 2024, with more children registered to join in the Spring and Summer Terms. Miss Mia Coggin completed her apprenticeship with us and achieved her Level 3 Early Years Educator. She will join the Nursery team as a permanent, part-time member from September 2024. We extended our Early Years Free Entitlement Funding (EYFE) offer so, starting from September 2024, working parents of 2-year-old children who are eligible will now have access to 15 15 LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 hours of EYFE at the beginning of the term they start with us. We have several children starting with us in September 2024 who turn Iwo in the Autumn Term, and this means we can offer the EYFE to them immediately. 100°/o of children reached the expected level in the Prime Areas (Communication and Language. Physical Development and Personal, Social and Emotional Development). 86.60/0 of children reached a Good Level of Development (GLDI. There were no significant differences between boys and girls for achieving GLD. In our cohort, the average number of Early Learning Goals at Expected Level per child was 16.8. The maximum is 17 and in 2023, nationally. the average number of Early Learning Goals al Expected Level per child was 14.1. Pupils in Year 1 to Year 7 sat GL Progress Tests in English and Maths in the summer term. In English, the mean stanine for most year groups was at the higher end of average. The most notable group across the school is the higher achievers. Pupils in Year 6, 7 and 8 chose to enter the Townsend-warner competition again this year. There were over 1,142 entries from 72 well known prep and senior schools. We are thrilled for our pupils and where they were placed= 41SI 85th 151st and 202nd The school was inspected in June 2022 and wasjudged to be both compliant and excellent in'Academic and Other Achievements, and 'Personal Development, achieving 'excellent' judgements in all 16 categories of educational quality. All members of the school community were delighted with this recognition of the quality of education provided. Co-curricular The school continues to offer a vast array of activities, designed to enable each pupil to learn more about themselves, become more confident and shape their own identity. With more than 120 different activities to choose from, the provision is extensive. There are plenty of ways for pupils to try something new, extend their passions and develop lifelong interests. Pupil voice continues to drive the programme, and students are becoming more involved in the planning and running of activities. The co-curricular programme is purposefully designed to inspire, allow pupils to be brilliant and to be themselves. The outreach programme at Lancing has grown over the year with students being involved in several initiatives to support various local groups including a local care home, a nearby academy and Lancing Foodbank. Volunteering and community work continues to form a major part of the Scouts, CCF and DofE programmes. Residentials and day trips have increased in number as students have benefitted from sport tours. ski trips. cultural trips and academic trips. Sport is inclusive and every pupil partakes in a minimum of hours per week, with many doing well above this figure. Lancing has over 100 teams playing in sixteen different sports and approximately 500 fixtures throughout the year. The school encourages all pupils to compete to the best of their abilily, from school competitions to national level, or simply recreationally. The main team sports of football, cricket, hockey, netball. golf, climbing, athletics, basketball, riding, swimming, and tennis continue to form the backbone of our offering. Lancing runs several tournaments throughout the yearwelcoming local independent and state schools. The school hosted their first LTA Play Your Way to Wimbledon tournament, with six students progressing to area and regional finals. The event was attended by over 70 students. During the Summer Term, Lancing ran both the annual U11 prep school cricket tournament and the Lancing State School U9 Tournament, in partnership with Sussex CCC community and the national ECB as part of their Chance to Shine Scheme. Drama and dance are continuing to flourish at Lancing with several productions of varying cast sizes taking place throughout the year. Two notable performan￿$ were the school musical The Addams Family in November and the promenade production of Alice's Adventures in Wonderland in June. This year's winning Donald Bancroft One Act Play.. Send out the Clowns. was written and directed by two Sixth Form pupils. Music continues to form the core of the co-curricular with hundreds of individual lessons taking place 16 LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 each week and opportunities to play together and to perform individually. There is opportunity for all ranging from the House music competition (entered by hundreds of pupils) to large scale orchestral events, from rock concerts to instrumental masterclasses, and the weekly chapel services. A key highlight of the 175th birthday celebrations was the inclusion of the wider community. This was exemplified in the production of Beware the Macke￿1 Sky, which featured three performances involving over 200 primary school children, an adult chorus, and string players from across the county. Additionally, Radio 3 recorded the choir singing Evensong in the Chapel, which was broadcast just before Christmas, further extending the reach. Prep Schools Music and Drama At Lancing Prep at Hove, various drama events included a well-received performance of"Myth' with a cast of pupils from Years 7 and 8, which taught the pupils a body of stories about gods and heroes from ancient Greece and classical antiquity, alongside honing their comic timing on occasion. A poetry evening featuring pupils aged from Reception to Year 8 Celebrated the children's ability to recite and perform poetry to an audience ofappreciative parents and guests. Two drama evenings were performed by pupils from Years 3 to 8, showcasing acted scenes and devised drama. Pupils were entered for a variety of New Era Academy exams with a pass rate of 100°/o, all achieving either Merit or Distinction marks. In music, the choir performed at various events throughout the year including at One Garden, Brighton for a community Christmas event and leading the congregation at the Carols Among the Trees at The Church of the Good Shepherd. 'Concert Week, stretched into a second week to enable all performers to take to the stage, including an Ensembles Evening for choir, orchestra and various groups and bands. A total of 8 evening concerts took place with over 200 performers participating. Pupils from Lancing Prep Hove also took part in Beware the Mackerel Sky, a folk opera at Lancing College. At Lancing Prep at Worthing. Art, music and drama continue to be a great strength. 70 pupils sat LAMDA examinations in the Summer Term with 69 receiving distinctions. Many of our children continue to be keen to join the busy musical life of the school through individual music lessons and a range of ensembles (orchestra, string ensemble, rock band, brass band and two choirs). Music is vibrant and alive at LPW with 75 % of pupils playing an inslrument and over 50 % learning 2 or more. In the Summer Term many pupils sat ABRSM exams with all achieving pass, merit or distinction grades. Our annual musical, 'High School Musical,, was a great success and involved a significant majority of pupils in Years 6, 7 and 8. Improving Facilities Fives Cafe - The newly opened café at the College, named Fives, has a unique historical charm. The café's name pays homage to the building's original purpose, offering a nod to the traditional handball game once played there. Meanwhile, the remaining Fives Courts have had a total refurbishment and continue to hold matches of this traditional game. Fives Café is now a modern gathering spot for students and staff, while still retaining subtle architectural elements of the former court, including the original plaque. Visitors can enjoy a range of hotdrinks, pastries, and light meals in a setting that blends the school's rich history with a contemporary, vibrant atmosphere. The café is quickly becoming a favourite place for relaxation and conversation, surrounded by the legacy of Lancing College. The launch party brought a real buzz to the College with prizes and games for students and pupils alike. The Fives Cafe has quickly settled into College lifel 6th Form Centre - the College's new Sixth Form Centre is a state-of-the-art space designed to enhance the learning experience for senior students. The modern and expansive facility provides a dynamic environment that promotes both academic focus and social interaction. Equipped with its own kitchen, the centre offers a comfortable and convenient space where students can relax, study, or grab a bite between classes. One of the key features of the new centre is that the Head of Sixth Form is based there, creating an accessible hub for guidance and support. The sleek design, combined with practical amenities, ensures that students have everything they need to 17 LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 thrive in their final years at Lancing College. The space reflects the College's commitment to providing top-tier facilities that inspire both independence and community. The general rolling programme of improvement and refurbishment this year included, amongst many other projects and compliance work, upgrades to more classrooms, the redecoration of much of Teme House (with phase 2 continuing in summer 2025}, refurbishment of the slaff common room, refurbishment of the tennis pavilion, the replacement of the armory roof and the resurfacing of the outdoor play area at Little Lancing Nursery and Forest School. Lancing Prep at Hove- pupils enjoyed their first full year of use of the renewed main Astro pitch- this now looks very impressive. The grass pitches, which had never recovered from the hard use during the pandemic, were completely rejuvenated and reseeded for the start of the 2023124 year. Lancing Prep at Worthing- Significant investment continues to be made into the buildings- various classrooms (and loosl) were fully refurbished and other common areas were re-floored and refreshed. A major flat roof was replaced and significant electrical work undertaken. Wider Communlty Academies and State Sector Support The Woodard Corporation is involved in the development of academies. In support of this project, all Woodard schools have provided support, where asked, through provision of educational expertise, participation in governance, direct curriculum support, etc. In particular, Lancing College continues to provide specific support to the Sir Robert Woodard Academy ("SRWA") and works in partnership with it, facilitating shared PGCE placements for student teachers where practicable and offering support in the preparation of students making applications to universities, particularly to the Universities of Oxford and Cambridge and in medical applications and in Lancing's STEP mathematics preparation classes and SRWA pupils have also successfully been supervised by Lancing staff on Extended Project Qualifications. SRWA staff also continue to visit us arbd we go to them in order to share good practi￿ in an authentic and highly valued collaborative venture. We look forward to this partnership continuing. Eight members of staff act as Governors of state-maintained schools and academies. Several staff are trustees of other charities. Community Activity The College continued to broaden its links with the wider community.. Academic within the Community We work to train and develop excellent teachers at Lancing, both training and inducting teachers This year, once more as we have for the last decade and more we have welcomed PGCE students in Mathematics from the University of Sussex. an in-demand subject, providing opportunities for our trainee to also train in SEN, allowing her to take up a role in the subject in the state-maintained sector. The College remains a partner school in the Sussex Consortium forTeacher Education and Research. We provided training in all aspects of a teacher's iole leading towards qualified teacher status. We also provide a consulting lectureship to the University of Brighton's PGCE Course on theories of learning and pedagogical practice 18 LANCING COLLEGE LIMITED DIRECTORS. REPORT {incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 The College has also worked with the University of Buckingham has trained three student teachers this academic year to successful Completion of qualified teaching status through apprenticeship in Mathematics, Physical Education and Drama. We are a member of the Brighton branch of the Geographical Association attending meetings each year, and the department organises fieldwork days for preparatory schools and an inter-school Geography Quiz. The College is an active member of the English Speaking Union's regional and national debating competition, competing against local SGhools. The College is a member of the Sussex branch of the Mathematical Association and hosts regional events for this. The College offers a considerable seNice to the local community as a regional SAT centre for the sitting of admissions tests to US and Canadian universities and is, furthermore, hosting community Higher Education fairs for Canadian and European universities, inviting students from othef State and independent schools to attend. The College's Music department functions as a community examination centre for ABRSM and Trinity-Guildhall exams and provided concerts, such as the College's public Carol Services, College Singers and a number of other external concerts for the local community. The College's Mathematics department provides preparatory school master classes for scholarship and Common Entrance exams and links with our preparatory schools to create a mixed prep school and College Junior UKMT team and hosts the Sussex Mathematical Society lecture, attended by many other local and national schools. The College has this year instituted a peer tutoring scheme at Sir Robert Woodard Academy where our Sixth Form students provide mathematics and English Language support to students in younger years at SRWA. We also, as part ofourwider remit, contribute to the super-curriculum academic enrichment of SRWA, including the supervision of EPQ students at the school along with additional mathematics SUPPOrts for aspirant university mathematics students. The College's Science department runs a science day for over 140 local preparatory and primary school children as well as engaging in a CREST award community project for our Upper Sixth students in conjunction with Ricardo Engineering, a local manufacturing and mechanical engineering company. The College's Modern Foreign Language department provides exarnining and oral examinations for Russian for schools across Sussex and provided a similar facilily for oral examination at A Level for other independent schools in German and Spanish. The College also provides partnership for elite university interviews and Oxbridge and medical interviews with a range of other schools and has offered this facility also to Eastside Young Leaders, Academy in East London. Lancing College Community SeNiGe - our Outreach Programme saw pupils mentoring younger pupils in the Lancing College prep schools at Hove and Worthing and they have also assisted with Forest Schools visits to the College Farm. In addition, Sixth Form pupils who are considering a career in the medical profession volunteered at Worthing, Chichester and Southlands Hospitals and have undertaken a series of long-term work experience placements in local hospitals, clinics and in care homes at various times during the week, including weekends. Students in the Fourth to Lower Sixth Forms helped with the after school club at Little Lancing during the week and a small group of Lower Sixth students visited Stanbridge 19 LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 House (a home for the elderly) in Worthing to sing, chat and do some physical exercise each week and they also put on a concertfor the residents, Another group collected donations weekly from local stores in Worthing and delivered them to the family hub to be distributed to local families requiring foodbank support. This year saw a Subject Mentorship Programme being established with Sir Robert Woodward Academy. Lower Sixth students mentored those in Year 11 and the Lower Sixth at SRWto refine study techniques, identify resources and work together to problem solve. The Third Form paired up to bring together collections of Christmas presents foryoung carers living in the Lancing and Worthing area. Some 50 large gift bags were gathered complete with wrapped gifts, edible treats, wrapping paper, Christmas decorations and Christrnas cards and these were distributed via the Lancing Food Bank to young people who are acting as carers for immediate family members. It was a powerful and direct connection from our young people to those of the same age. Ider Chantable Activity - the College has undertaken specific fundraising for a variety of projects through a wide range of sponsored evenls and other activities. In 2023124 this fell into o main sections,. the Malawi Walk in the Advent Term, where the school and families turned out in force on the first weekend of the Advent Term to walk (a truncated due to high temperatures) ten miles across the Downs in orderto raise money to support four young people (Promise, Veronica, Norman and Brighton) whom we are sponsoring through their tertiary education,. for the sponsorship of a further 5 children through secondary education and for the funding of the building of classrooms at a local secondary school in the Nkhotakhota area and support of Open Arms children's home and the Gemo project in Blantyre, and the Lent Term fundraising organised by a committee of Lower Sixth pupils across the Houses. The Lancing Colle9e community - pupils, staff and parents - raised £23k through the sponsored walk and the Christmas Seasonal Readings for those we support in Malawi. The Advent Term also saw the Macmillan Coffee Morning raising just shy of £600 and collections for Stonepillow at the firework display, for Doctors Without Borders (in response to the Gazal Israel humanitarian crisis) and for Just One Tree raising in excess of £2k. In 'Ch8rities Term,, as the Lent Term is now generally referenced. charitable fundraising, organised within the College by pupils across the Houses saw Houses participating in sponsored events, a sleepout across several nights in January for homeless charities, quizzes, competitions, a silent disco. open mic night, bake sales, an Artathon and a host of House sponsored events and awareness as well as funds raised through House and whole-school assemblies. Across the term, over £12k was raised for those local, national and international charities championed by individual Houses. The charities supported were Turning rides (Head's), Action for Africa, (Second's), Chestnut Tree House (School), Fam? AfriGa (Field's},' West Sussex MIND (Gibbs,), Caritas Bhakita House (Sankey's). Men in Mind {Teme), rhe Lily Foundation (Manor), Action Aid UK {Handford) and Juvenile Diabetes Research Foundation (Saints'}. All of these charities were chosen by pupils. many of them because of particular connections with pupils in individual Houses or because of issues close to their hearts. Other initiatives, like collections for Children in Need, Christmas jumper wearing in aid of Crisis at Chnstmas, a collection for Turning Tides from the school Musical and a summer term concert by an Upper Sixth student raising funds for Focus Foundation brought charitsble fundraising within the school to in excess of £36k. Most of these initiatives were specifically proposed and then put into action by our pupils, and in this links were strengthened with the Lancing Food Bank. An Upper Sixth pupil organised a clothes swap to raise money for the ongoing crisis in Ukraine and a member of the Lower Sixth followed this up with Peace Trees in the Chapel on which students and staff hung messages of hope for the future and prayers for peace. The October Harvest Festival saw the school gathering and donating food stuffs for distribution to those in need in the local community. This charitable activity has ensured that not only has money been raised but awareness also and practical help extended to charities and individuals in need on a local, national and international basis. Thus, pupils of all ages and across all the Houses have been engaged in the world beyond Lancing in that ethical and ou￿ard-100kIng manner which is such a key characteristic of this community. 20 LANCING COLLEGE LIMITED DIRECTORS, REPORT {incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 Lancing Prep at Hove wider community activity Community: Lancing Prep at Hove was a host venue forthe local Brighton & Hove Springboard Festival, supporting local actors and musicians. We were delighted when two participating pupils achieved first and second places in their categories. One pupil qualified for the subsequent Springboard Junior Championship in Drama. The school continues to have an active engagement with the parish church, The Church of the Good Shepherd, where harvest festivals, remembrance, Christmas and various eucharistic services are led or supported by the school. We continued to welcome a number of local nurseries to share our facilities and participate in activities led by our early years teachers including music, forest school and pond- dipping in the school's science garden. A number of teachers are governors at local state primary schools. The school hosted local schools (independent and slate) for matches and for the Brighton and Hove football leagues. We were thrilled when our pupils won our league. The sGhool hosted the finals day for the local Geerts Shield (football) and the LPH team were runners up. Teachers in the school sports department also coach netball and cricket in IDcal community groups. Two pupils were part of Sussex Cricket Pathways and one player was part of Sussex Netball. The school is actively involved in matches against local schools every week, with all pupils of prep school aged regularly selected to play for their school. The school also works with Bede's to put on mini festivals in tennis for independent and state school pupils from Reception to Year 2. The school works closely with Pavilions and Avenues, a local tennis club, to enable pupils to have access to excellent coaching in tennis. The U9 and U11 teams both won the Sussex Tennis Cup. and the U13 team came third in the same. Charity.. In total, the children at Lancing Prep at Hove raised over £7k for their chosen charities through various fundraising events and challenges. A school Charity Day for the pupils, elected charities- Children with Cancer and Sussex Cricket Foundation - was led by the senior pupils and included a visit from male and female international cricketers. One year group went to watch a local game and 14 pupils were flag bearers. Our PTA donated good quality unbranded uniform to Smarter Uniform which redistributes uniforms to those in need in Brighton & Hove. The children also gave back to the community by way of beach cleans and gratitude tea parties. Separately, through the Geography department, the school again supported JuslOneTree raising funds for and awareness of re-forestation and pupils have now 'planted' well over a thousand trees in reforestation projects. Other national charitable initiatives such as the Save the Children Christmas Jumper Day and a Readathon were also fundraising opportunities for the school community. We again donated over 200 giftboxes to the local YMCA for the young homeless population. Year 6 pupils completed an Entrepreneur Challenge in which they devised ways to invest a small amount of money to raise funds for the school charities. They raised an impressive £205 as well as developing their economic wellbeing through greater understanding. Lancing Prep at Worthing wider Gommunity activily Community: This yearwe launched the LPW Aspire Programme. The programme has involved partnering with local maintained schools, supporting local educational networks and groups. organising special topic days, and increasing activities with other schools. Aspire is about every pupil and teacher feeling that they are reaching together towards more ambitious goals both for individuals and as a community. On a Saturday moming each term we welcomed over twenty Year 5 and 6 pupils who were identified as able, gifted, and talented from local state-maintained schools. The pupils participated in English, Science, French, Team Building and Critical Thinking workshops, free of charge. We have become members of NACE (National Association for Able Children in Education). We have continued to form new relationships with local primary school heads and local nursery managers. To date this academic year, we have visited andlor welcomed 5 local nurseries, 5 state primary schools and 3 state secondary school leaders. In the Autumn Term, we welcomed all the pre-school children from Reflections Nursery for a morning of activities, in the Spring Term a group of 19 pre-school children from Davisons Nursery and in the Summer Term, the pre-school children from Little Lancing Nursery. The children participated in a PE and music workshop, a story time with Mrs Stephens in the Reception classroom and had a drink and snack on our beautiful field. The day was a success, and the children and the Nursery staff went away happy and with a goody bag. This will continue to be a termly event. In the Spring Term we welcomed 50 French pupils and their teachers from an inner-city school in Paris for an afternoon at LPW. This year. we have set up new alumni 21 LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 organisations. One is the ALPW (Alumni LPW) for former pupils 2014-2024 - '10 years of success., The second is the Friends of Broadwater Manor, working towards the 100th anniversary of the school in 2030. An ALPW Newsletter was created and sent to all those who have signed up, to date. It included a spotlight on past pupils, how they may spread the word and an invitation to three events this Summer Term.. Sports Day afternoon, Summer Fair and Summer Music Soiree all followed by drinks and a tour of the school. Charity: Over the course of the spring term and early part of the Summer Term, pupils in all age groups contributed a considerable amount offood to a local homelessness charity, Turning Tides. Our Bannister Mile sponsored run raised almost £2k for Worthing Mencap. Our annual Bannister Mile run. since it started in 2018, has raised £16.531 for local and international charities, and additional smaller sums were raised during the year for several other charities too. Our Green Team is working on a long-term project with Green Schools Project on working towards becoming a Zero Carbon Green school. This is a long-term project but demonstrates our school community's desire to bring about positive change. We have also been working with the organisation 'World of Books, who donate to schools. In the Spring Term we received 4 large crates of books. We kept 1 for our school library and donated the other 3 to local state maintained junior schools as part of our relationship development work. Lancing College Farm Project - the College is a member of the National City Farms Garden Federation. The Farm is now also working closely with the National Farmers, Union and il has links with numerous wildlife charities and conservation Groups including the Sussex Wildlife Trust and the Game Conservancy Wildlife Trust. The Farm is also working with the South Downs National Park Authority particularly with education-related activities. A major, community-focused project with the Butterfly Trust has been undertaken - this is now in its fifth year and going from strength to strength. The Farm is very actively involved in the Adur and Arun Farmers, NelMork and often provides educational input and guidance. Links wilh both Worthing and Hove prep schools are continually being improved to ensure that the wider College community benefits. Strong working relationships with outdoor further education colleges continue as do links with young farmers, groups and cubs and scout groups. The emphasis is now lo continue to focus and improve the educational visits externally and to strengthen the work we do internally with academic areas and for students who attend on a co- curricular basis. Joint working is also being forged with the Lancing Equestrian Centre in terms of land management and student development. Further activities have now been launched with home education groups across East and West Sussex. Four Sussex based SEN schools are due to visit us on a weekly rotational basis in 2024125. The Farm has also enabled studenls from Lancing College to attend during the holiday periods for extended work experience. In September 201 g a community focus project aimed at food sustainability, climate emergency and community partnerships was launched by Adur and Worthing Council. The Farm is taking an active role in this and meetings with the sustainability team for Adur and Worthing are ongoing. We are also working with Sustainable Sussex a community farm that has asked for professional input from us. The Farm Manager is also conducting survey work with Exeter University which centres on eco-farming, agri-environment and public engagement. Several interviews and case studies have also been completed for postgraduates at various universities across the UK and EU. A current project on carbon reduction is being undertaken with Sussex University and the first findings will shortly be released. Little Lancing Day Nursery and Forest School is now regularly visiting the farm. ConseNation The College continues to work with the South Downs Joint Committee to develop the landscape as an Area of Outstanding Natural Beauty and the College has declared its support for the South Downs National Park. The link with the West Sussex Bat Group continues to develop. A team of British Trust for Ornithology licensed bird ringers has been operating a ringing station in the Ladywell Valley since 2007. The team rings nearly 1,600 new birds during its 40 sessions each year and records of all the birds seen and heard are updated to county and national databases. A beekeeper also operates on site. English partridge and wildlife counts are conducted ￿l¢e a year and input passed to the game conservancy trust. Local conservation links are continually expanding, the College farm manager is inputting the Lancing Ring management plan with the SDNP and sits on an Ash die back working Group for Adur and Worthing Council. The College Farm is now being recognised as a leading site for conservation and land management and we are a leader in our field within school farms with 22 LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 many seeking advice and guidance from the Farm Manager. Community-based conservation work continues to be at the forefront of our activity and work with educational Groups and schools is thriving. Ecological work is focused upon river and stream ne￿OrkIng projects as well as woodland and meadow development. In August 2019 a project to work with Adur and Worthing Parks and Foreshores Department commenced, and this is heavily community focused, this project is ongoing. We are also working with the SDNP on the'trees forthe downs, project and the 'beeSine' project. As part of our forestry plan, we have planted saplings on two banks that have reverted back to woodland by the Equestrian Centre. We are also planting in the Ladywell Valley and on two banks in the horse fields adjacent to The Drive. We wi11 also be planting and rejuvenating one bank that runs to the sports pitches and the bank created from the Handford House extension waste and the small copse behind Timberscombe in Hoe Court. In addition to this, hedging trees and some major tidying and replanting are also being carried out along the full extent of the estate boundary with Adur Council's land at Lancing Ring. This extends from the bottom of Hoe Court, along the bridleway from Hoe Court to the quarry, and the lower areas of the pond where we are replacing nettles and scrub. The boundary with Applesham Farm is also being planted with hedge plants and trees. This process has seen a close working relationship with our local SDNP Ranger and Adur and Worthing Council. For each tree removed we have planted 11 and to date we have planted about 11,000. Alongside this, our Elm tree project is ensuring all new Elms are varieties immune to identified Elm diseases we have planted hundreds of these resistsnt elms. In May 2020, a visit to explore woodland creation on the Estate to complement our current processes took place. This is in the early stages and forms part of a process offered via the Arun and Adur Farm Cluster and is supported by the SDNP. We are currently converting approximately 50 acres of arable land into a species-rich chalk grassland that will be farmed and managed in a traditional manner in line with the objectives of the South Downs. The area reversion commenced in 2023 and by the end of 2024, following a rotation of legume and grass mixes, the full wildflower and grass mix will be seeded. To compliment the grassland the area will have a traditional weald and downland hedge surrounding it and the current field margins and a block of wild bird cover mix will accompany the transition and provide a habital for those species already present as well as encouraging new species. The area will be managed via grazing with cattle and sheep to maintain a good sward height. Hay production will also play an important part in ensuring that the wildflower and grassland seeds are spread and flourish. This will be overseen with the assistance ofthe SDNP rangers working with the College Farm team. The farm is participating in a mid-tier environmental focus grant scheme which runs until 2026 although it is likely to be replaced via an environmental land management scheme in 2025. Sports Facilities for the Community The cross-country courses, football pitches, netball courts. Astro, swimming pool, cricket pitches and squash courts continue to be used to give local prep and maintained schools free access for competition at the U11 and the U13 age Groups. The footfall for these tournaments is in the hundreds and entry is free to all. The sports staff continue to give up time on Wednesday afternoons to reach out to local schools and provide coaching and refereeing support free of charge. This not only takes place in Sussex but with schools that are located further afield in Hampshire, Kent and Surrey. The OL sports clubs used the tennis courts, football pitches, and cricket pitches for matches. The use of College football pitches benefited local teams. The College allows local cricket clubs to use both the indoor and outdoor nets to help preseason and winter training for their players. We also run the Lancing state primary 23 LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 tournament for U9's soft ball in partnership with Sussex CCC community and the national ECB as part of their Chance to Shine Scheme. The Sports department continues to support and grow participation in the form of the Prep Academy. This involves free coaching to pupils Year 4 - Year 8 by College staff here at the College on Saturday mornings. This has been extended to include Football, Hockey, cricket and Netball. The College's swimming coaches, teachers and lifeguards provide swimming lessons for local schools with over 500 childfen taking part each week as well as over 1QO pupils from our 2 prep schools. Under our guidance, hire groups use the pool bringing the community closer still. In addition, Lancing Swim School provides many more children with weekly essential learn to swim lessons. Many of these children eventually go on tojoin our successful swimming club (which is also open to the public) where swimmers can compete nationwide, some to National standard or join for fitness and fun. The College also provides RLSS courses and training to the local community as an approved training centre. The Equestrian Centre, under new management, continued to welcome many local schools during the year with clients booking an increased range of activities that are now on offer at the Centre. These include activities such as private and group lessons, horse care training, children's day camps, Horse Ball and adult training days. For the younger members of the public, our recently launched stable days are especially popular and allow those who are having to watch their spending in the current economic climate to parlicipate at the Centre. Further award schemes have been implemented during the past year including the British Horse Society Challenge Awards which is aimed at the leisure rider. Lancing College Chapel- The Chapel was extensively used and appreciated by both the school and the wider community in the College's 175th year. 2023124. School services took pla￿ as usual and the use of the Chapel for secular gatherings, music, teaching and communily events was further extended. The number of outside visitors to this Grade 1 listed building increased in 2023 following publicity about the new porch and has been sustained in 2024. Visitors are welcomed by the Verger or volunteer guides. The Verger gives exceptional service and is the National Membership Officer to the Guild of Vergers and their local branch secretary. He has further developed links with various companies specialising in tours and educational visits for the disabled and partially sighted, as well as U3A and Church groups. Several new volunteer guides have been recruited and the team does an excellentjob with increased responsibility for safeguarding and security. Talks about the Chapel and its role are given at Lancing and around the country, stressing the wide-ranging educational value of the archilectural and historic aspects of the building, as well as its religious significance. Local lectures and visils have been organised in connection with the 175th anniversary. Public organ recitals and other concerts are held in the Chapel, often for charitable causes. Several choirs and vocal groups have performed this year, and the public has been admitted to more frequent Choral Evensongs. The Community Opera 'Beware the Mackerel Sky, brought in performers of all ages and a large outside audience as did a G4 Concert, and day workshops of Matthew Coleridge's Requiem which made the top fifty in the Classic FM Hall of Fame. The Chapel's principal purpose is to be the place of worship, spiritual development and education for the whole school community. In addition to its role within the College, the Chapel has once again been used regularly by local schools and church groups for services, seminars and musical events. including the services held in July by the Diocese for those who are leaving their church primary school to go on to secondary school. Other diocesan events also happen here. The Lancing prep schools make regular use of the Chapel. Two public Christmas carol services (in addition to the school Christmas carol service) were held in the Chapel for the local community. The Chapel also hosted a carol service for Care for Veterans. Collections at concerts and services raise several thousand pounds each year for other local and national charities. The central position the Chapel holds in the whole of Sussex and the Diocese of Chichester makes it a perfect setting for public and civic events. The Lord- Lieutenant Awards for cadets and reserve forces in West and East Sussex were held in Chapel 24 LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 and in July 2024 the Sussex Heritage Trust held its annual awards ceremony in the nave. The College has given over part of the Chapel Garden for memorials to local war and air accident casualties, particularly associated with Shoreham Airport, and people may arrange to come here for reflection and remembrance. The South Cloister is an important War Memorial for many former pupils and staff who died in the two world wars. Weddings, baptisms, funerals and memorial services are held for members of the whole Lancing community. There were three weddings and a marriage blessing this year and more are being requested, as well as memorial services. The College's new Commercial Director is revising charges for outside use of the building. There are memorial stones and interments of ashes of many others associated with the College whose families visit the Chapel for comfort and solace. The Chapel is a valuable spiritual, emotional and educational supportfor many local people as well as presentand former pupils and staff of the College. The Chaplain, Fr Justin Pottinger, celebrates the Eucharist daily in term time and the weekly whole-school services are an essential part of Lancing life. The Friends of Lancing Chapel held a well-attended festival in September 2023 and there were several gatherings of OLS in the Chapel. The musical life within the Chapel is particularly vibrant and therapeutic, enhanced by using the crypt and the Music School. This wider experience ofwhat the Chapel has to offer as a spiritual, cultural and historic resource has further developed this year. In April John Goodall, architectural editor of Country Life, published an article in the magazine on the Chapel's importance as a national monument. It has also been possible to carry out extensive maintenance, conseNation works and improvements to preserve and enhance this remarkable building in accordance with the objectives of the Friends of Lancing Chapel. The Chapel's central role within the Woodard family of schools and its significance not just for the school but for the locality, the National Park and the wider community make it an important responsibility and inspiration. It is the public image of the College and the most treasured memory of many former pupils. Malawi Lancing College has supported three organisations in Malawi since 1996. At StAnne's Hospital, Nkhotakota, we have funded the provision of wards and staff houses, as well as providing equipment such as an anaesthetic machine, which was fully refurbished in 2020. The majority of our funds during the period from 1996 until 2012 were committed to St Anne's. When the team visits St Anne's on the biennial expeditions we repaint and decorate wards at the hospital. Our financial support for St Anne's has been scaled back in recent years in favour of our burgeoning support for Care In Action and Open Arms Malawi, our partner charities. In 2012, the College embarked on a new initiative with the Open Arms transition homes for orphaned and abandoned infants www.o enarmsmalawi.or We are long time visitors to the Open Arms homes in Blantyre and Mangochi (since 20001 and have supported them financially to the tune of around £80k (2000- 2023). We support three young men - firstly, Norman who won a scholarship to a prestigious private school, Kamuzu Academy, starting there a5 a boarder in August 2017. Having completed his schooling, he is now about to embark on the final year of his bachelor's degree in Sociology at the Catholic University of Malawi, where we continue to sponsor his education fees, living expenses and equipment {e.g. laptop). Secondly, we sponsor Moses in his vocational training to become an electrician. Finally, we sponsor Wilson in his vocational training in tourism. The July 2024 Malawi Expedition saw Moses, Norman and Wilson join us in Liwonde National Park and hiking Mt Mulanje, again paid for by Lancing College. (We additionally paid for Sam, Eric and Mary - all Open Arm5 alumni to come to Liwonde National Park.) In addition, we continue to support the Blantyre-based Jacaranda Children's Home with capital sums to support the care and rehabilitstion of the children. We visit the Home on the biennial trips and typically settle a cash donation of more than £1 k. Since September 2019, Lancing has additionally supported a rural health clinic outside Blantyre, serving the residents of Kumanda Community. We helped pay for the construction of the clinic and its connection to the main electricity power grid. We bought a second-hand Toyota 25 LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 Land Cruiser which has been customised for use as an ambulan￿, in which role it sees 2417 service. We continue to pay for Maintenan￿ and fuelling of the ambulance. Lancing has sponsored the univefslty education, accommodation and educational equipment (for example laptops} of three Malawian students since September 2020.. Veronica {reading Forestry & Environment) and Brighton (reading Optometry) at Mzuzu University, and Promise studying Child Health Nursing at the Kamuzu College of Nursing. We have partnered with the charity Care in Action www.care-in-action.or to achieve this. Additionally, we sponsor five secondary schoolchildren through the charity. Through Care In Action, we provided emergency supplies (blankets and food} following Cyclone Freddy in March 2023. We have also made donations to Bloomfield Day Care Centre and GEMO Nursery, two institutions funded through Care In Action. Brighton and Promise joined the 2024 expedition al different stages for interaction with Lancing pupils. We embarked on a new project in July 2022 with Chankhasi Primary and Secondary Schools in Nkhotakota. To dale we have contributed over £6k towards teachers, salaries and the building of two new classrooms at this expanding school. In 2024 we helped in the construction of a girls, boarding hostel which we have part funded. The Malawi Walk in September 2023 raised over £18k for the projects described above. Fundralslng Performance The Foundation Office has continued to expand its activities during the year, focusing on developing stronger links with its current and past parents and increasing engagement with former pupils {OLs)- The Lancing Society, which brings all the various Lancing communities under one name. has become an important part of the College's promotion. A strong programme of face to face and electronic communication from across the Society is leading to increased participation and interest in the College. Unrestricted funds received by the Foundation during the year totalled £115k (2023 - £32kl. In addition, restricted funds (including inteiest} of £869k (2023 £1,048k) were received during the year from which £703k (2023- £501k) was used to fund Foundationers. In the last year we recruited three new members to the Legacy Society with pledges totalling over £1m. Investment Performance In August 2015, the College received investments of £872k from the unrestricted legacy of Mr Michael Hughes. This portfolio is managed by Rathbones Brothers PLC and the investments were valued at £1.215k (2023 £1,106k) at year end. These investments will be used as required to fund education and facilities. The College's historic investments were liquidated in July 2012 to fund in part the purchase of the freehold of Lancing College Preparatory School at Hove. The school was granted an order on 12 July 2012 by the Charity Commission for England and Wales to borrow money and charge property under the power given in sections 105 and 124 of the Charities Act 2011. The loan is for 50 years and is secured against the freehold of the prep school. Interest is being charged at the rate of 3 %. FINANCIAL REVIEW Results for the Year The consolidated Statement of Financial Activities is at page 38. The net surplus for the year amounled to £941 k (2023 - £955k). Our lettings income has been higher than ever and our nursery, Little Lancing Nursery and Forest School, is making a significant contribution. Lancing Prep at Worthing made a surplus (of £282k compared with a loss of £137k in 2023) for the first time since it joined the Lancing College family of schools in 2014. 26 LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 Bearing in mind the continuing difficult financial, economic and political climate and the levels of investments being undertaken to rejuvenale the sites and to improve the educational and pastoral provisions, as well as the recent increased costs of compliance, national insurance, the national minimum wage, the apprenticeship levy, teachers, pensions and the cost of utilities, the Governors consider these results to be highly satisfactory and that the College is in a solid financial position to weather the continuing problems in the wider economy as well as impending fiscal and political risks. All surpluses are reinvested in the schools. Our trading company, Lancing College Enterprises Limited, hires out the College's facilities during holidays and school hours, as well as undertaking commercial activity on behalf of the College and externally. During 2021 the farm activity associated with the wider farmland was transferred to Lancing College Enterprises now that the tenant has handed all their land back to the College. Lancing College Enterprises pays a rent to the College for the use of the farmland. The bulk of the lettings trading is normally during the easter and summer holidays and this is now back to pre-pandemic levels and that, together with the success of Liltle Lancing Nursery and Forest School, means that Lancing College Enterprises has contributed a surplus of£653k to the Group's operating position in 2024 compared with £526k in 2023, £237k in 2022 andjust £3k in 2021. Little Lancing pays property rent and a management charge to the College. The College has a rolling ten-year business plan and recent results have consistently been in line with plans. Overdraft and loan facilities are constantly monitored and adapted and are in place to cover any ongoing liabilities and our forecast spending. Cashflow forecasts are monitored on a continuous basis. Since 2014 the College has borrowed £6.1m from Barclays bank - £3.1 m to part fund the £3.5m of boarding refurbishments and the £2m extension to Handford House. We drew down a further £1 m in August 2017 to part fund the new Laurent Hall at Lancing Prep at Hove and another £2m in December 2017 to fund future projects. We started to repay these loans from February 2019 over 15 years and the repayments are covered in our financial plans and cashflow forecasts. This loan was renegotiated post year end, having come to the end of its initial term. The balance was rolled forward into a new facility with a 5 year capital repayment holiday and a 25 year repayment term. The current outstanding loan amount is £4.4m and the repayment profile can be seen in note 19 to the accounts. KPI Review Net fee receipts for the Group increased from £24,520k in 2023 to £26,097k in 2024. Overall we educated 1,084 pupils in the year compared to 1,102 in the previous year. Pleasingly, this small drop was reversed in September 2024. Our trading margin (another key KPI) grew from £522k to £649k. Our net reinvestment surplus of £941k gives as a margin against total income of 2.94Q/o. When depreciation of £1,072k is added back the surplus is £2,012 {6.3 % of income). Our cash equivalents position is healthy at £17,800k (compared with £12,727k in 2023)- this is exceptionally inflated due to many parents paying for a year's fees {or even longer in some cases} before the general election. Reserves Level and Policy, and Financial Viability It has been the College's policy to utilise funds to ensure that sensible but high quality facilities are provided for the benefit of pupils. The aim is to budget to provide Sufficient working capital to meet the present needs and the future development requirements of the College without the need to have recourse to sales of tangible fixed assets or use of the readily realisable investments supporting unrestricted funds. Unrestricted funds increased by £795k (2023 increased by £489k} to total £15,191 k (2023 - £14,396k) as shown in note 27. The intention is to plan in the medium term for reinvestment surpluses of not less than 100/0 of income before depreciation and after the costs of development, refurbishment and other improvements. The College achieved 6.30/0 against this measure in 2023124. The company's unrestricted reserves are primarily invested in tangible fixed assets, which are all used for its direct charitable activities. Impairment reviews have been undertaken in line with accounting practice requirements and, in the directors, view, properties are not impaired below their recorded cost in the accounts. Investments (other than endowment assets) are held to create income and capital pending utilisation. 27 LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 The Governors have invested substantial sums into staff, Foundationers and new or improved school buildings in recent years and have a continuing programme of refurbishment, development and investment to maintain excellent facilities, accommodation and teaching for our pupils. In common with most independent schools, free reserves are at a negative balance illustrating the extent of investment in our school. The Group's total reserves of £19,431 k at the year-end included £2,019k of endowed funds, £2,221 k of restricted funds and £15,191 k of unrestricted funds, which includes reserves of £6k for our pension-fund deficit. Fixed assets held for use of the Group totalled £21,711 k, leaving a free reserve deficit of £6,520k (2023.. £6,491k} at the year-end. The Governors consider that given the strength of the charity's balance sheet, the stable cash flow from full student rolls, the strong support of Barclays Bank and the ongoing popularity of the College there is no need to build up a free reserve. Engagement with Suppliers, Customers and Others in a Business Relationship with Lancing College The College seeks to engage actively and positively wilh all stakeholders in the local community and in the wider educational landscape. Collaborative relationships with suppliers, parents. educational partners and community leaders are seen as key enablers to achieving success in all of the Group's operations. During the year the Group has further promoted this engagement though specific initiatives including.. Regular communication and engagement with parents and prospective parents of pupils attending the College to enhance the understanding of the provision to each pupil and to fully coordinate support to pupils from parents and schools Engagement with other educational organisations and partners at local and national levels to share best practice and to provide peer support Active dialogues with local councils on matters which impact children and families in the community as well as relate to operation of each school Engaging with local businesses to promote career and educational opportunities for pupils for their mutual benefit Seeking all possible opportunities to engage with local and national suppliers in the area Seeking regular communication with all suppliers and ensuring good commercial practices of prompt payment and clear communication to optimise arrangements for supply of goods and services to the College Promoting and encouraging pupil and staff opportunities to engage in local voluntary and other projects to support the community Providing community aC￿sS to the College and, in many cases, adopting a role that puts the school at the heart of a community. PRINCIPAL RISKS AND UNCERTAINTIES Responding to External Pressures The independent schools, sector, including Woodard independent schools, stood up well to the problems created by the 'cost of living crisis, but independent schools remained concerned, and many were planning for pressure on pupil numbers, particularly once the new Labour Government confirmed the introduction of VAT on school fees from 151 January 2025. The increases in the cost of living impacted all areas of cost for independent schools, particularly in stsff costs and utilities. The more recent return to long term rates of inflation has lessened this impact, but schools have all faced an issue in recovering their costs through fee rises with the resulting negative impact on parental affordability. This pressure on the school and parents will continue with the introduction of VAT (from January 2025) and the removal of charitable rates relief (from April 2025). The full effect will not be known until all details of the policy are announced and schools and parents are able to assess the impact on affordability - it will take several years before the sector stabilises at a new normal. The school will do everything it can to mitigate the impact on fees for parents without losing the fundamental purpose of the school to provide world class education in a caring, safe and supportive environment. The consideration of risks in the paragraphs below offers a wide view of common events plus a specific 28 LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 consideration of those events that could impact the continuity of education. The Governors consider the economic turbulence of recent years and the oncoming future and the affordability of fees by parents across the independent sectorto be the principal risk faced by the school. The school is currently near maximum capacity, but there is no room for complacency particularly in this period of radical upheaval in the sector. The Governing Body, therefore, decided last year to increase the fees in September 2023 by 9 %, largely due to very significant increases of over £1 m per annum in utility costs (gas and electricity). For September 2024 the Governing Body has increased fees by 50/9 as inflation has come back under control. Health and Safety is always a significant area for risk management. The risks range from fire and damage to infrastructure, to personal risks (most notably when away from the campus on trips and expeditions). The level and breadth of activity at the school is impressive and the risks associated with all activities are minimised by thorough planning and risk assessment. The Governing Body is responsible for the identification and management of risks. The major risks to which the charity is exposed, as identified by the directors, have been reviewed and systems or procedures have been established to manage those risks. Detailed examination of the risks and establishment of controls to mitigate them is delegated to the executive and the examination of risks is discussed at all of the sub committees and at the main Governing Body. Major risks to which the College is exposed include those affecting safeguarding and protection of pupils, the security and preservation of charitable assets both now and in the future and inflationary pressures on utilities, especially energy, and other costs. The Governing Body continually scans the horizon for emerging or changing risks. Significant risk areas: the Governors consider possible catastrophic business interruption events and ensure that the school has a plan in place to allow education to continue in a range of different scenarios the market in which the school operates is highly competitive and we monitor developments in education to ensure that pupils always receive a first class, holistic and varied educational experience in our school we strive to ensure that all staff are able to work in a safe and supportive environment and policies, procedures and training in Human Resource management and Heallh and Safely help to ensure that the school meets expectations the school operates in a highly regulated sector, including in matters of safeguarding and child protection, and we ensure that there is appropriate governance in place to manage safeguarding risks including a designated Safeguarding Lead (DSL) and Deputies. We appoint appropriate professional advisers to ensure that we can keep up to date with all requirements including school or individual membership of bodies being the Gonstituent associations of the Independent Schools Council, ensuring that we have access to up-to-date information and support from West Sussex and National safeguarding organisations we are exposed to financial risks such as the imposition of VAT on school fees and a reduction in charitable rates relief. We keep abreast of all planned or anticipated changes and will adapt our financial management of the school accordingly the school operates in an increasingly litigious environment and we appoint appropriate professional advisers and purchase insurance using specialist brokers and advisers to ensure that we can keep up to date with all requirements and meet all challenges all organisations face difficult economic conditions and directors and senior managers in the school keep abreast of economic conditions locally. nationally and internationally to identify trends and develop plans to address issues The key controls used by the school include: formal agendas and minutes for all meetings of the Governing Body and committees a comprehensive risk register which is regularly reviewed and updated a crisis response plan terms of reference for all committees comprehensive strategic planning, financial forecasting, budgeting and management accounting, including where appropriate, auditing of accounts established and identifiable organisational structures and reporting lines which are regularly reviewed 29 LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 comprehensive formal written policies clear authorisation limits vetting procedures, as required by law, for protection of the vulnerable the use of external experts and agencies where required The school plans strategically having regard for risk. The executive provides the Governing Body with regular reports which include details of the principal strategic objectives, the risks to achieving these objectives and the mitigating actions to manage those risks. The school also records significant achievements and updates the Governing Body and The Woodard Corporation on short-term plans and risks. The strategy is discussed be￿een the Governing Body and the Woodard Board and protocols have been developed and agreed which outline the relationship between the two bodies. Financial Risk Management Objectives and Pollcles The College uses financial instruments, other than derivatives, comprising loans, cash and other liquid resources and various other items such as trade debtors, creditors and finance lease arrangements that arise directly from operations. The main purpose of these financial instruments is to raise finance for the group's operations. The main risks arising from the College's financial instruments are liquidity risk and interest rate risk. The College's directors adopt policies for managing each ofthe risks and these are summarised below: Liquidity risk- the College seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs by negotiating adequate facililies from banks and other lenders. Interest rate risk - the College finances operations through a mixture of retained surpluses and bank and other borrowings. The exposure to interest rate fluctuations is managed by the use of both fixed and floating facilities. GOING CONCERN The school has full rolls and healthy cash reserves, which it monitors carefully. and the full support of its bank, Barclays. Having considered all factors and reviewing the available evidence, the directors have a reasonable expeclation that the Group will be able to continue operating for the foreseeable future 2nd the financial statements have been prepared on a going concern basis. Further details related to the adoption of the going concem basis can be found in the accounting policies on page 41. PLANS FOR FUTURE PERIODS The College's Strategic Development Plan is reviewed annually. The key current objectives are-. To ensure a high level of Consistency and academic success at all levels. where we add value to all. To provide a co-curricular programme that enriches the curriculum and provides life-changing learning beyond and in line with the lessons learned in the classroom. To prepare Lancing pupils to make a positive contribution to the world and to their own communities. To care for the well-being and personal development of all our pupils. To maintain pupil numbers at over 600 in the senior school and develop a waiting list of quality pupils for every year in the Lancing family of schools. To ensure that the Lancing Community maximises its potential to meet its charitable aims and uses its resources and expertise to the benefit of the wider community. 30 LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 To build a stronger and more supportive Lancing College community by maintaining, renewing and encouraging the involvement of OLS, parents and friends in the life of the College and to promote its general well-being. DIRECTORS The directors who are also Trustees for the purpose of charity law who served during the year, and the committees of which they were members, are.. Mr M R Slumbers (Chair) Finance and General Purposes Membership and Nominations Investment Ex officio all other subcommittees Mr D Austin Staff Liaison Committee (Chair) (resigned in June 2024) Ms K Ahton Staff Liaison Committee Safeguarding Lord G Barker Education Sustainability Mrs J Brown Education Mr R Crawford Clarke Finance and General Purposes Sustainability Mrs P Cleeve Staff Liaison Committee (Chair) (appointed July 2024) Ms S Denning Education Safeguarding Mr A D Fairclough Finance and General Purposes Prof M J G Farthing Education (Chair) MrT J P Hancock Finance and General Purposes (Chair) Investment Mr J B Higgo Education Mr J Hunter Safeguarding The Ven L Irvine-capel Designated Safeguarding Governor Safeguarding (Chair) Mr H C R Lawson Membership and Nominations Sustainability (Chair) Ms Y Mangalji Finance and General Purposes Investment Mr J A Scott Finance and General Purposes Sustainability Dr FJ Calvar Finance and General Purposes None of the directors has any beneficial interest in the Group. 31 LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 Exemptions from disclosure Lancing College has not taken advantage ofany exemption from disclosure in relation to trustee details. AUDITOR Following a competitive tender process, Moore Kingston Smith LLP were appointed as the company's external auditors at the Annual General Meeting held on 23rd May 2024, for the year to 31 August 2024 onwards. As a consequence, RSM UK Audit LLP did not offer themselves for reappointment under section 487 {2) of the Companies Act 2006. The Board would like to express its appreciation to RSM for their services over the past seven years. 32 LANCING COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 DIRECTORS, RESPONSIBILITIES STATEMENT The directors who are also Trustees for the purpose of charity law are responsible for preparing the Directors, Report incorporating the Strategic Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare Group and company financial statements for each financial year. Under that law, the trustees have elected to prepare financial statements in accordance with United Kingdom Generally Accepted Accounting Practice, {United Kingdom Accounting Standards and applicable law) including FRS102, the Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the Group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and the Group for that period. In preparing these financial statements, the directors are required to= select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP (FRS 102)., make judgements and estimates that are reasonable and prudent., state whether applicable UK 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 and the Group will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's and Group's ttansactions and disclose wilh reasonable accuracy at any time the financial position of the charitable company and Group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Gharitable company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Provision of information to Auditor The directors confirm that.. so far as each director is aware, there is no relevant audit information of which the charitable company's auditor is unaware,. and the directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the charitsble company's auditor is aware of that information. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The Directors, Report and Strategic Report have been approved by the board of directors of Lancing College Limited on L December 2024 and signed on their behalf.. M R Slumbers CHAIRMAN 33 LANCING COLLEGE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LANCING COLLEGE LIMITED Opinion We have audited the financial statements of Lancing College Limited (the 'parent charitable company.) and its subsidiaries (the 'Group') for the year ended 31 August 2023 which comprise the Consolidated Statement of Financial Activities, the Company Statement of Financial Activities, the Consolidated and Company Balance Sheets, the consolidated cash flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the Group's and the parent charitable company's affairs as at 31 August 2023 and of the Group's 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 accordancewith the requirements ofthe Companies Act 2006 and the Charities Act2011. Basis for opinion We have been appointed auditors under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those acts We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, 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 concem In auditing the financial statements, we have concluded that the Directors, use of the going concern basis of accounting in the preparation of the financi21 statements is appropriate. Based on the work we have performed, we have not identified any material ￿n￿rtaIntIeS relating to events or conditions that, individually or collectively. may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the Directors, Report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the Directors, Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly ststed in our report, we do not express any form of assurance conclusion thereon. 34 LANCING COLLEGE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LANCING COLLEGE LIMITED 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 material 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 is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 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 Directors, Report, which includes the Directors. Report and the incorporated Strategic Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements., and the Directors, Report and the Strategic Report included within the Directors, Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Group and the parent charitable company and their environment obtained in the course ofthe audit, we have not identified material misstatements in the Directors, Report or the Strategic Report included within the Directors, Report. We have nothing to report in respect of Ihe following matters where the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion: adequate and sufficient accounting records have not been kept by the parent charitable company, or returns adequate for our audit have nol been received from branches not visited by us,. or the parent charitable company 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 reqLJire for our audit. Responsibilities of trustees As explained more fully in the Statement of Directors, responsibilities set out on page 32, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 preparing the financial statements, the trustees are responsible for assessing the Group's and parent 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 Group or parent charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Ouf 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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordan￿ with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud 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. 35 LANCING COLLEGE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LANCING COLLEGE LIMITED The extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are lo obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements. and to respond appropriately to identified or suspected non- compliance with laws and regulations identified during the audit. In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordan￿ with the provisions of laws and regulations and for the prevention and detection of fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the Group audit engagement team". obtained an understanding of the nature of the sector, including the legal and regulatory frameworks that the Group and parent charitable company operate in and how the Group and parent charitable company are complying with the legal and regulatory frameworks; inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP {FRS 1021. Companies Act 2006, Charities Act 2011, the parent charitable company's governing document, and tax legislation. We performed audit procedures to detect non4ompliances which may have a material impact on the financial statements which included reviewing the financial statements including the Directors, Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, inspecting correspondence with local tax authorities and evaluating advice received from internal advisors. The most significant laws and regulations that have an indirect impact on the financial statements are The Education (Independent School Standards) Regulations 2014, Keeping Children Safe in Education under Section 175 of the Education Act 2002, and the UK General Data Protection Regulation (UK GDPRI. We performed audit procedures to inquire of management and those charged with governance whether the charitable company Group is in compliance with these laws and regulations and inspected correspondence with regulatory authorities. The Group audit engagement team identified the risk of management overfide of controls and the risk of revenue recognition for non-fee income as the areas where the financial statements were most susceptible to material misstatement due to fraud. In respect ofthe risk of management override of controls, audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and challenging judgments and estimates. In respect of the risk of revenue recognition for non-fee income. audit procedures performed included but were not limited to testing samples of transactions back to underlying documentation. A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council's website at htt '.Ilwww.frc.or .ukJauditorsres onsibilities. This description forms part of our auditor's report. 36 LANCING COLLEGE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LANCING COLLEGE LIMITED 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 auditorfs 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. Jonathan Aikens, enior Statutory Auditor for and on behalf of Moore Kingston Smith LLP, Statutory Auditor ,Chartered Accountants 9 Appold Street, London, EC2A 2AP Dated 22 January 2025 37 LANCING COLLEGE LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31 AUGUST 2024 (as reslatedl Total 2023 Unreslricled Funds Reslricled Funds Endowed Funds Total 2024 Nolos Income and endowments from: Income from Charitable Actlvlties School fees receivable Ancillary trading income 26,743.147 771,321 1601,380) 53,400 144,8211 26.096.946 824,721 24,520,183 669.906 Other tradlng activities Non-ancillary trading income Investments Investment income Bank and other intere51 Grants and donatlons Grants and donations 2.728.575 2,728,575 2.415.459 25,160 608,472 25.160 774,204 21,978 455,613 108,127 57,605 110,234 709,151 819,385 976.208 TOTAL INCOME 30,986.909 269,298 12.784 31.268.991 29.OS9,347 Expendlture on: Raising fund5 Non-ancillary trading Financing costs Investment man8gemenl Fundraising and development 1,892,748 521,846 8.372 207,541 1,892.748 521.846 8.372 207,541 1,684,615 385,960 7,965 213,185 TOTAL RAISING FUNDS 2,630,507 2,630,507 2.291.725 Charitsble Activities Education and grant making 27.652.830 136.174 27,789,004 25,771.024 TOTAL EXPENDITURE 30,283,337 136,174 30,419,511 28,062,749 Net income and expendlturg before transfers Realised (losses) I gains on investment a55ets Unrealis¢d (losses) I gains on investment assets 703,572 133,124 12,784 849,480 996,598 14 {14.775) (14,775) 127.7761 14 106.202 106,202 113.8901 Net in¢omellexpenditurel 794.999 133,124 12.784 940,907 954,932 Transfers be￿￿en fvnds NET MOVEMENT IN FUNDS 794,999 133,124 12,784 940,907 954,932 Fund balances al 1 September 2023 14,395.726 2.088,218 2,005,946 18.489.890 17,534,958 FUND BALANCES AS AT 31 AUGUST 2024 15,190,725 2,221,342 2.018.730 19.430.797 18,489,890 Ail amounts relate lo Gonlinuing aelivilies. All recognised gains and losses in the current and prior year are included in the statement of financial aclivilies. The notes on pages 42 to 73 fomi part of these financial statement5. 38 LANCING COLLEGE LIMITED COMPANY STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and and Expenditure Account) YEAR ENDED 31 AUGUST 2024 las restated) Total 2023 Unreslricled Funds Reslricled Funds Endowed Funds Totsl 2024 Notes Income and endowments from: Income from Charitable Activitles School fees receivable Ancillary trading income 24,267,523 673,121 1601,3801 53,400 {44,8211 23,621,322 726,521 22.443.493 602.704 Other trading activities Non-ancillary trading income Investments Investment income Bank and other interest Grants and donatlons Grants and donations 842.476 842,476 717,940 25,160 588.054 25,160 753.786 21,978 455,613 108,127 57,605 110,234 707.076 817,310 976,208 TOTAL INCOME 26.506,568 267.223 12.784 20,786,57S 25,217,936 Expenditure on: Raising funds Financing costs Investment management Fundraising and development 819 501.773 8,372 207.541 501,773 .372 207,541 373,295 7,965 213,185 TOTAL RAISING FUNDS 717,686 717.686 594.445 Charitable Actlvlties Edu¢alion and grant making 25,360,634 135.724 25,496,358 23.484.775 TOTAL EXPENDITURE 26,078,320 135.724 26,214,044 24.079,220 Net Income and expenditure before transfgrs Realised Ilossesl I gains on investment assets Unrealised Ilossesl I gains on investment assets 428,248 131,499 12.784 572,531 1.138,716 14 114.7751 {14,775} 127.7761 14 106,202 106,202 113,8901 Not Income 519,675 131,499 12,784 663,958 1,097.050 Transfers be￿een funds NET MOVEMENT IN FUNDS 519.675 131.499 12,784 663,958 1.097,050 Fund balan￿5 al 1 September 2023 16,738.975 2,088,218 2,005,946 20,833,139 19,736,089 FUND BALANCES AS AT 31 AUGUST 2024 17,258,650 2,219.717 2.018,730 21,497.097 20,833,139 All 8mounls relate to continuing aclivilie5. All recognised gains and losses in the current and prior year are included in the statement of financial activities. The notes on page5 42 10 73 form part of these financial slalemenls. 39 LANCING COLLEGE LIMITED CONSOLIDATED AND COMPANY BALANCE SHEET AS A T31 AUGUST 2024 Group Company Notes 2024 2023 2024 2023 FIXED ASSETS Tangible assets Investments 13 14 21,710,997 1,214,685 22,925,682 20,886,872 1,106,470 21,993,342 21,361,435 1,214,787 22,576,222 20,514,042 1,106,572 21,620,614 CURRENT ASSETS Stocks Debtors Investments Cash 187,229 1,549,827 6.000.000 17,799,660 194,885 1,393,955 41,685 3.574,836 6,000,000 16,555,517 48,434 4,381,443 15 16 17 12,727.462 11,789,840 25,536,716 14,316,302 26,172,038 16,219,717 CURRENT LIABILITES Creditors payable within one year 18 {17,318.3491 110,329,004) {15,721,783) 19,538,515) NET CURRENT ASSETS 8,218,367 3,987,298 10,450.255 6,681.202 TOTAL ASSETS LESS CURRENT LIABILITIES 31,144,049 25.980.640 33,026,477 28,301,816 LONG TERM LIABILITIES Creditors payable after one y88r Provision for liabilities 19 33 (11.706,871) 16,281 } (7,469,937) (11,522,999) {7.447,8641 120.713} {6,2811 120,7131 TOTAL NET ASSETS 19.430,897 18,489,990 21,497,197 20.833,239 REPRESENTED BY: CAPITAL AND RESERVES Called up shar8 capital. 24 100 100 100 100 FUNDS Endowed fijnds Restricted funds Unrestricted funds.. General reserve 25 26 2,018,730 2,221,342 2,005.946 2,088,218 2,018,730 2.219,717 2,005,946 2.088,218 27 15,190,725 14,395,726 17,258,650 16.738,975 EQUITY SHAREHOLDERS, FUNDS 19,430,897 18,489,990 21,497,197 20,833.239 The ftnancial statements were approved and aulhorised for issue by the Board on . and signed on its behalf by M R Slumbers December 2024 Chairman Company Registration No. 03779985 The notes on pages 42 to 73 form part of Ihese financial statements. 40 LANCING COLLEGE LIMITED CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 (as restated) 2023 Notes 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by operating activities 30 7,565,387 7,565,387 2.826,005 2,826.005 CASH FLOWS FROM INVESTING ACTIVITIES Dividends, interest and rent from investments Proceeds from sale of propety, plant and equipment Purchase of propety. plant and equipment Proceeds from sale of investments Purchase of investments Cash on deposit 795,792 4,565 11,903,201) 606,448 (623,236} {6,000,0001 477,591 6,944 {1,255,9291 882.926 1696,9391 Net cash used in investing activities {7,119,6321 1785,4071 CASH FLOWS FROM FINANCING ACTIVITIES Repayment of borrowing Financing costs Receipts from fees in advance Fees in advance ulilised {535,395) {521.666) 5,819,506 1136,002) {536,895) {385,960) 68,826 1313,061) Net cash used in financing activities 4,626,443 11,167,090) CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR 5,072,198 873,508 CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 12,727,462 11,853,954 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 31 17,799,660 12,727,462 Th6 notes on pages 42 to 73 form part of these financial statements. 41 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES These accounts are the group accounts of the group headed up by Lancing College Limited, a private hartlable company, limited by shares. incotporaled and registered in England and Wales. The address of its registered office can be found on page 1. The principal atcounling policies, all of which have been applied consistently throughout the year and in the preceding year are.. a) Basis of Accounting The accounts of the group have been prepa￿d under the Companies Act 2006 and in accordan￿ with the Statement of Recommended Practice for Charilies I'SORP {FRS102)') and with applicable UK Accounting Standards. They are drawn up on the histoiical cost accounting basis except that that property and share investments held as fixed assets are carried at fair value. Lancing College meets the definition of a public benefit entity under Financial Reporting Standard (FRSI 102. Assels and liabilities are initially recognised al historical cost or transaction value unless otherwise staled in the relevant accounting policy notes. The preparation of financial statements in conformity with FRS 102 requires management to make judgements. eslimales and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The eslimales and associated assumptions are based on historical experieTr￿ and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Further details are provided in note 1 (t) below, and in the accounting policies for depreciation of fixed assets, for pensions and for bad debts. The financial statements are presented in Sterling 1£) and the functional currency is Sterling {£). b) Going Concem The accounts have been prepared on a going concern basis. The Lancing College Governing Body reviews the financial information for the company and the group, and consider whether the group and company are a going concern for a period of at least 12 months from the dale of approval of the accounts. Having wnsidered many factors. including strong pupil numbers, available cash levels and the underlying asset base, the directors have a reasonable expectation that the group will be able lo continue operating for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Accounts. c) Group Accounts The financial statements consolidate the financial statements of the company, and all ils subsidiary companie5, charitable trusts and funds with all inler-company balances being eliminated. Enlilies are consolidated where Lancing College exercises overall control either through ownership of shares, or through having common trustees with a common objective. Accounting policies are consistently applied between group companies. d) Fees and Similar Income Fees receivable and other educational income are accounted for in the period in which the service is provided. Fees receivable are staled after deducting allowances, scholarships and other remissions by the school, bul include contributions received from restricted funds for scholarships. bursaries and other grants. Advance Fee Contracts are those fees received in advance of education lo be provided in future years under a specific contract. The fees are held as investments in interest bearing assets until either taken to income to match liabilities in the term when used, or else refunded. Any surplus of assets over liabilities is held within the fund as a buffer. Debt5 are provided for if not recovered within one term. Estimating amounts to provide against recovery of debts is a matter of judgement and further details are provided in note 1 {u) below. 42 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 e) Ancillary and Non-Ancillary Trading Income Ancillary trading income represents amounts from activities lo generate funds within the charitable objects for example. registration fees, music fees. Non-ancillary trading income represents amounts from activities not directly related to the charitable objects, for example letlings of school facilities out of term time and rental from spare school buildings. Incorne from these activities is recognised in the SOFA when the goods are sold or services provided. Voluntary sources, Grants and Donations Voluntary incoming resources are accounted for as and when entitlement arises. the amount can reliably be quantified and the economic benefit is considered probable. Voluntary income for general purposes is accounted for as unrestricted and is credited lo the General ReseNe. W)ere the donor or an appeal has imposed trust law resliictions, voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for as pemanenl trust capital or expendable trust capital, according lo whelher the donor intends retention lo be permanent or not. Gifts in kind are valued al estimated open market value at the date of gift, in the case of assets for retention or consumption. or at the value to the school in case of donated services or facilities. g) Expenditure Expenditure is accrued as soon as there is a contractual obligation or a liability is considered probable. discounted lo present value for longer temi liabilities Expenditure is allocated to expense headings either on a direct cost basis or apportioned according to tiffle spent. The irrecoverable element of VAT is included with the item of expense to which it relates. Bad debts are provided for in accordance with the group bad debt policy. h) Finance and Other Cost$ Other costs include amounts accrued in accordance with the temis of Fees in Advance Scheme Contracts. Pension Costs The company and subsidiary Preparatory school participate in the Teachers, Pensions scheme. which is an unfunded government scheme, and The Pensions Trust scheme, both of which provide benefits based on final pensionable pay. The funds of the schemes are separate from the company, although the company's share of the schemes cannot be identified as the schemes are mulli-employei schemes, and so the pension Gosls are accounted for as defined contribution schemes. The company and subsidiary Preparatory school offers membership of the Pensions Trust Growth Plan to employees other than the full-time academic staff. The Pensions Trust Growth Plan is a mulli- employer pension scheme where the scheme assets are pooled for investment purposes and cannot be attributed to individual employers. Benefits are paid from the total scheme assets. It is in most respects a money purchase arrangement, bul has some guarantees. As a result it is not possible or appropriate to identify the assets and liabilities of the scheme which are attributable to the company. though, due lo the guarantees inherent in the scheme, the companies remain polenlially liable for a debt on withdrawal from the scheme. In accordance with Financial Reporting Standard (FRSI 102 (section 28) therefore, the scheme is accoLtnted for in a fashion which is similar to a defined contribution scheme. The company must recognise a liability measured as the present value of the contributions payable Ihal arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finan￿ cost in the period in which it arises. More detail is given in notes 32 and 35. Termination Payments Termination payments are recognised immediately as an expense when there is a clear decision or commitment to terminate the employment or provide such temination benefits. 43 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 k) Tangible Fixed Assets and Depreciation In accordance with Section 35.10 (d) of FRS102, Lancing College has elected to use the carrying value of any of the above freehold land and buildings previously carried al a valuation, as their deemed cost at the date of transition to FRS102, 1 September 2014. Tangible fixed assets are slated al cost less depreciation. Individual capital items, or projects, with a value greater than £10,000 are capilalised. Assets in the course of construction are staled al cost less any provision for impairment. They are transferred to completed assets when substsntially all of the activities necessary lo get the asset ready for use are complete. Vvhere appropriate cost includes our own labour costs in relation to construction, and directly attributable overheads. Where tangible fixed assets have been acquired with the aid of specific grants they are included in the balance sheet al cost and depreciated over their expected useful economic life. The related grants are credited lo a restricted fixed asset fund {in the slalement of financial activities and carried forward in the balance sheet). The depreciation on such assets is charged in the statement of financial activities over the expected useful economic life of the related asset on a basis consislenl with the depreciation policy. Depreciation is provided at rates calculated to write off the cost, less eslimaled residual value of each asset based on current market prices, over ils expected useful life, as follows.. Freehold land is not depreciated Freehold buildings Variable according to the building and wrillen off over the expected useful life Freehold improvements Over the useful economic life of the improvement Leasehold land Over the shorter of the economic life of the asset or the lrfe of the lease Computer equipmenl 25010 on cost Fixtures and fittings between 40/0 and 25*/¢ on cost Motor vehicles - 25/0 on cost The company has reviewed its tangible assets, which comprise land, buildings and initial fixtures and fittings. The company undertakes an annual review of all buildings assessing their useful economic life. In some cases the useful economic life of a building 15 anticipated to be of considerable length. often in excess of 100 years. The buildings are capilalised in the financial statements at historic cost. Vvhere the calculated depreciation charge is a material figure. il is charged in these financial slalements but, where the carrying value is not more than the eslimaled recoverable amount and the depreciation on the building is nol material to these financial statements. il has been assessed, but not charged on the basis that it is not material. The directors will continue to carry out annual assessments of the recoverable amount and the estimated useful life of all building5 and where the depreciation is a material value, il will be charged. The review is based on the directors. assessments of the matkel value and the future economic benefit derived from an asset versus its carrying value in the financial statements. )en the company undertakes a significant refurbishment project that will have an ewnomic benefit, the cost of the refurbishment is capitalised, recorded separately under "Freehold improvements., its useful life is estimated and it is depreciated over that useful life. Lanong College exercises judgement in selection of appropriate rates for depreciation of fixed assets, and for matters of impairment. There are also judgements involved when deciding whether an asset should be capitalised on the balance sheet or expensed to the Statement of Financial Activity. This is highlighted in more detail in the accounting estimates and judgements paragraph t below. l) Financial Instruments Lancing College only has financial assets and financial liabilities of a kin¢J that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 44 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 m) Investments and Fees in Advance Investments Investrnenls and Fees in Advance investments are carried al fair value. which is deemed to be market value as al the balance sheet date. Realised and unrealised investment gains and losses are recognised as 'net gainsl{losses) on investment assets, in the Statement of Financial Activities and are allocated to the appropriate fund according to the 'ownership' of the underlying assets. n) Stocks stocks comprise raw materials. consumable stores and goods held for resale.. they are valued at the lower of cost and net realisable value. o) Leasing Commitments Assets held under finance leases and hire purchase contracts are capilalised in the balance sheet and are depreciated over their useful lives or Ihe period of the lease whichever is the shorter. The interest element of the obligations is charged to the SOFA over the period of the lease. Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the SOFA on a straight line basis over the lease term. Lease incentives are accounted for over the lease tem on a slraighl-line basis. p} Fund Accounts Endowment funds are subject lo specific conditions by donors that the capital must be maintained by the charity. Restricted funds are subject to specific condilions by donors as to how they may be used. The purposes and uses of the restricted funds are sel out in the notes to Ihe financial statements. Designated funds comprise funds which have been set aside al the (Jiscretion of the directors for specific purposes. The purposes and uses of the designated funds are sel out in the notes lo the financial stalemenls. q) Taxation Lancing College and ils subsidiary Preparatory school are registered charities and as such are exempt from income tax and corporation tax under the provisions of Section 478 of the Corporation Tax Act 2010. There is no similar exemption for VAT, which is included in expenditure or in the cost of assets as approprtate. The school has a subsidiary trading company that is subject to taxes including corporation lax and VAT in the same way as any commercial organisation. The tax charged to the profit and loss account is based on the subsidiary company's profil for the year and lakes into account tax arising because of timing differences between the treatment of certain items for tax and accounting purposes. The subsidiary company distributes the majority of ils profits to Lancing College under Gift Aid and tax liabilities are kept to a minimum. r) Cash flow ststement In accordance with FRS 102, Lancing College Limited has taken advantage of the exemption. under Section 7 'Statement of Cash Flows. _ Presentation of a Statement of Cash Flows and related notes and disclosures, requirement to disclose individual financial statements of Lancing College Limited and Lancing College Preparatory School al Worthing Limited. Fees reTrived in advance are included a financing activities rather than operating movement. s) Accounting estimates and Judgements In preparing the financial slalements, the directors are required lo make estimates and judgements. The matters detailed below are considered to be the most important in understanding the judgements thal are involved in preparing the financial statements and the uncertainties that could impact Ihe amounts reported in the results of operations, financial position and cashflows. 45 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 Pension scheme deficit reduclion payments As explained at note 33, there is 8 deficit reduction plan in place in respect of Lancing College's membership of the Pension Trust's Growth Plan. FRS 102 requires a liability to be recognised in respect of the present value of future contributions payable under the terms of the deficit recovery plan. The incorporation of this liability in the financial statements involves the exercise of judgement in a number of areas, including the selection of an appropriate discount rates. Pension scheme contingent liability As explained at note 36, there is a wntingent liability in the event that Lancing College Limited were lo withdraw its membership of the Pension Trust's Growth Plan. The independent qualified actuaries advising the Pensions Trust in respect of the contingent withdrawal liability exercise significant judgement in detemiining the amount of that liability. Judgement is exercised in a number of areas, including future changes in salaries and inflation, mortality rates and the selection of appropriate discount rates. Capitalisalion of tangible assets Management exercise judgment in the treatment of tangible assets in the financial slalemenls. either as capital items shown on the balance sheet, with the cost spread over the life of the asset, or recognised in full in the year of purchase in the Statement of Financial Acltvities. The ability of the asset lo add value or generate further income for the College is considered. which often involves judgements lo be made in Complian￿ with accounting standards. t) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. Fee debtors are reviewed regularly and bad debt is provided for in line with The Woodard Corporation's group policy. u) Cash Cash at bank and cash in hand includes cash and short lerm highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of Ihe deposit or similar account. v) Creditors Creditors and provisions are recognised where the charity has a present obligation resulting from a past evenl that will probably result in the transfer of funds to a third party and the amount due lo settle the obligation can be measured or estimated reliably. Credit015 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. AcKeptance deposits are paid lo the school lo secure a place for the child al the school. Deposits held form part of the general funds of the School until the child leaves the school at which point they are credited without interest to the final payment of the fees or other sums due to the School. Deposits are held as creditors on the balance sheet and are classified as owing within one year and over one year based on when they are expected to be credited against income. w) Interest receivable Interest on funds held on deposit is included when receivable and the amount can measured reliably by the charity, this is nomially upon notification of the interest paid or payable by the bank. x) FRS 102 Exemptions As a qualifying entity within Ihe meaning of FRS 102, the charitable company has chosen to take advantage in its financial statements of Ihe following disclosure exemptions.. Section 11 and section 12 - Financial instruments disclosures. y) Fee Deposits Refundable fee deposrts are currently classified between long temi and short term in the financial statements. These deposits are refundable in the event that the pupils leave a school on one term's notice and as such the deposit would be refunded to the parents al that poinl. However, the financial statements are prepared on a going concern basis and il is assumed that the majoflty of children will remain in school for their full years of education and therefore the deposit will be refunded to Ihem when they leave the school. Short term deposits reflect those pupils that will be leaving a school within one year, and the longer- term element reflects those pupils that will be leaving a school after 12 months from the balance sheet date. 46 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 CHARITABLE ACTIVITIES - SCHOOL FEES The School fees income comprises.. (as restated} Group 2023 las reslatedl Company 2023 Group 2024 Company 2024 Gross fees 30,219,331 27,435,595 28,111,095 25,744.821 Less.. Total Scholarships, bursaries. elc. 14,122,386 13,814,273) 13.590,9121 {3,301,3281 26,096,946 23,621,322 24,520,183 22,443,493 Scholarships, bursaries. staff Goncessions and sibling dicounls were paid lo 487 pupils {2023.' 447 pupils}. Within this, bursaries lolalling £2,306k were paid to 147 pupil$12023.' £1,984k to 143 pupils). 3 CHARITABLE ACTIVITIES - ANCILLARY TRADING INCOME Unrestricted Group 2024 Company 2024 Group 2023 Company 2023 Extras Entrance fees and registration fees Commissions other income 600,563 100,763 796 69,199 505,965 98,213 796 68,147 493.421 106,156 431,614 101,261 18,218 17,718 771,321 673,121 618,906 551,704 Restricted Group 2024 Company 2024 Group 2023 Company 2023 Contributions lo the Chapel Maintenance Fund 53,400 63,400 51,000 51,000 Totsl 824,721 726,521 669.906 602,704 47 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 OTHER TRADING ACTIVITIES al Non-anclllary trading in¢ome The company owns the whole of the share capital of Lancing College Enterprises Ltd Iformerfy Buxbrass Limited), which lets the school p￿miseS and facilities. Its trading results for the year, as extracted from the audited accounts. are summarised below.. 2024 2023 Turnover Cost of sales 3,186,771 (2,252,296 2,770,646 {1,944,5151 Gross profil Overheads & administration expenses 934,475 {285,6201 826,131 1304,3281 Operating proftl 648,855 521,803 Gift Aid donation 1653,7681 1525.963) Retained profil I (loss) 14,9131 14.1601 The subsidiary donales its taxable profits to the company each year under the Gift Aid scheme. The nel assets for Lancing College Enterprises Ltd at the end of the year was £42.23312023 £46,469). Non-ancillary Trading Income Group 2024 Company 2024 Group 2023 Company 2023 Non-ancillary tradlng Income Lancing College Enterprises Lld 3.186.771 719.768 2,770,646 590,963 Less.. Income eliminated on consolidalion {499,0801 1399,8371 Lancing College Enterprises Ltd 2,687,691 719,768 2.370.809 590.963 other actlvities Rents receivable Interest on overdue fee5 Other 11,657 17,513 11,714 97,107 17,513 8,088 14,814 19,222 10,614 100,265 18,648 8,064 2,728,575 842,476 2.415.459 717.940 48 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS {Continued) YEAR ENDED 31 AUGUST 2024 OTHER TRADING ACTIVITIES ICONTINUEDI b) INCOME FROM SUBSIDIARY CHARITY The company bought the business of Broadwaler Manor School. a p￿paratOry school, for nil cost, on 1 January 2014 and formed a new subsidiary charity. Lancing College Preparalory School al Worthing Limited. Its results for the year, as extracted from the audited a¢¢ounls, are summarised below.. 2024 2023 Income from Charitable Activlt5es School fees Ancillary trading income Non-ancillary trading income Other - Grants and Donations 2,475,624 96,848 4,978 2,075 2,076,690 66,402 3,924 TOTAL INCOME EXPENDITURE Education and grant making 2,579,525 2.147,016 12.297,663} 12,284.9741 Surplus l (Dofi¢itl for the year 281,862 1137,9581 The subsidary charity had net liabilities and a deficit on funds of £2,107,753 al 31 August 2024. INVESTMENTS - INVESTMENT INCOME Group and Company 2024 2023 Unreslricled Securltles Investment Income Equities and Fixed Interest 25,160 21,978 49 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 INVESTMENTS - BANK AND OTHER INTEREST Group 2024 Company 2024 Group 2023 Company 2023 Bank interest Other interest 729,383 44,821 708.965 44,821 409,624 45,989 409,624 45,989 774.204 753,786 455,613 455,613 Group 2024 Company 2024 Group 2023 Company 2023 Endowed: Bank interest Other interest 12.784 44,821 12,784 44,821 6,805 45,989 6.805 45.989 Restricted: Bank interest 108,127 108,127 51,536 51,536 Unr•$tricted: Bank interest 351,283 351,283 608,472 588,054 774,204 753,786 455,613 465.613 VOLUNTARY SOURCES - GRANTS AND DONATIONS Group 2024 Company 2024 Group 2023 Company 2023 Restri¢ted', Other Donations 709,151 707,076 943,778 943,778 Unrestrlcted: Other Donations 110,234 110,234 32,430 32.430 819,385 817,310 976,208 976,208 50 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 ANALYSIS OF EXPENDITURE Total expendlture Staff costs Inole 101 Support costs Depreciation Inote 131 Total 2024 Total 2023 Costs of raising funds Fundraising and development Financing Costs {note 91 Investment management Loss on disposal of assel 176,905 30.636 501,773 8,372 207,541 501,773 8,372 213.185 373.295 7,965 Total for Company Flnance costs of subsidiary Non ancillary trading costs of subsidiaries 176,905 540,781 20,073 814,669 717.686 20,073 1,892,748 594,445 12,665 1,684,615 1.071.125 6.954 Total for Group 1,248,030 1,375,523 6,954 2,630,507 2,291,725 Charitsble expenditure Teaching Welfare Premises School administration and governance Grants awards and prizes Movement in pension recovery plan (note 32) 10,352,127 2,004.131 1,381,428 2.129,772 1,428,160 1,149.602 4.270,993 1,596.842 269,075 56.361 692.778 12.049.362 3,210.094 6,345.199 3,726,614 11,507,673 2,967,687 5,736,014 3,173,359 10,924 10,924 18,441 5,769 18,147 18,441 School charitable expendilure Expenditure from other funds.. Restricted Endowment 15,885,899 8.456,521 1,018,214 25,360,834 23,408,649 130.276 5.448 135,724 76,126 Total for Company 15,885,899 8,586,797 1,023,662 25,496,358 23.484,775 Total for Subsidiary 1.640,830 603.357 48,459 2,292,646 2,286,249 Total for Group 17,526,729 9.190.154 1,072.121 27,789,004 25,771,024 Totsl resources expended . Company 16,062,804 9,127,578 1,023,662 26,214,044 24.079,220 . Group 18,774,759 10,566,677 1,079,075 30,419,511 28,062,749 51 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 ANALYSIS OF EXPENDITURE ICONTINUEDI b) Grants and prizes Group and Company 2024 2023 From unrestricted funds Prizes and leaving awards 11,134 6,088 Governance included In support costs Lancing College reimburses governors for out of pocket expenses including travel subsistence and accommodation. Expenses of £1,289 were reimbursed to 3 directors (2023- £382 to one director)- 2024 2023 Company: Rernuneration paid to auditor for audit services Reimbursement of personal expenses lo Govemors Other Governance costs 31,435 1,289 356,293 30,050 382 230,499 389,017 260.931 2024 2023 Group: Remuneration paid to auditor for audit services Reimbursement of personal expenses lo Governors Other Governance Costs 47.635 1,289 361,985 41,250 382 239,362 410,909 280,994 FINANCING COSTS Group 2024 Company 2024 Group 2023 Company 2023 Fees in Advance debt financing costs Lease finance costs Bank interest payable Provision for bad and doubtful debts 18,011 660 409,803 93.372 16,753 660 393,751 90,608 13,156 1,191 359.916 11,697 12.599 1,191 344.853 14.652 521,846 501,T72 385,960 373.295 52 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 10 STAFF COSTS Group 2024 Company 2024 Group 2023 Company 2023 Total staff costs comprlses: Wages and salaries Social security Costs Pension contributions 14,621,762 1,468,814 2.684.183 12,376,881 1,296,029 2,389,894 13,744,732 1,403,929 1,995,805 11,681,934 1,173,411 1,839,932 18,774,769 16,062,804 17,144,466 14,695.277 Included in staff costs 8re redundancy or lerminalion payments lotalling £0 12023.. £11,037). 2024 515,921 2023 484,979 Aggregate employee benefits of key personnel (The Head and Bursar) Number of employees: The average number of employees calculated on a head count basis during the year was.. Group 2024 Number Company 2024 Number Group 2023 Number Company 2023 Number Teaching others 175 259 142 201 156 277 123 233 434 343 433 356 The number of employees whose annual emoluments were £60,000 or more was.. Group 2024 Number Company 2024 Number Group 2023 Number Company 2023 Nurnber £60.001- £70,000 £70.001- £80,000 £80,001- £90,000 £90,001- £100,000 £100,001 £110.000 £120.001 £130,000 £130,001 £140,000 £220,001- £230,000 £230,001- £240,000 24 13 24 12 23 23 Group contributions of £949,79512023,' £605,149) and company contributions of £931.70012023. £605.149) were made lo the pension schemes, ft)r 4712023.. 401 higher paid group employees and 46 (2023.. 401 higher paid company employees. 53 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 11 DIRECTORS No directors lor any persons conr¢ected with them) received any remuneration dufing the year12023..Nill. No directors received remuneration from Lancing College Limited or from any other connected body. No directors received Bursaries or Scholarships12023.' one pupil re¢eived £35,139). 12 TAXATION The company is a registered charity and therefore no liabilily to laxalion arises on ils charitable activities. 54 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 13 TANGIBLE FIXED ASSETS Company Land and Bulldlnq$ Freehold Fraehold Work undor Impri)vements Con8¢ructlon Motor Vehlcle¥ Computer Equlprngnt Flttlngs and Equlpmont Company Total Cost At 1 Septsrnber 2023 Additions Dlsposals Transfer 20,041.170 20.493 1.108,232 154,802 1,170,815 100,886 2.076,659 113,585 5,736,693 S65.662 29,218,442 1.871,055 1,182.618 11,182,618) A8 31 August 2024 20,061.663 2.290,860 142,999 101,386 2,190,244 6,302,355 31,089,497 Depreclatlon At 1 September 2023 Charge for the year On disposals 2.633.632 355.660 501,168 69,158 67.180 11,235 1,493,012 222,927 4,009,408 384.682 8,704,400 1.023,662 At 31 August 2024 2,989.292 570.326 78,415 1,716.939 4,374.090 9,728,062 Net book value at 31 August 2024 17,072.371 1,720,524 142,999 22,971 474,305 1.928,265 21,361.435 Net book value At 31 August 2023 17,407,S38 607,CE4 154,802 33,706 5B3,e47 1.727,285 20,514,042 Group Company Totsl Land and Bulldlng6 Short L?asehold Cornput8r Egulpment Flttlng8 and Equlpment Group Total Cost At 1 Septèmbor 2023 Additi'ons Oisposals 29,218.442 1,871.055 182,619 141,089 533,038 32,146 30,075,188 1,803,201 A8 31 August 2024 31,089.497 182.619 141,089 565,184 31.978.389 Depreelatlon At 1 Sept¢rnber 2023 Charge for the year On disposals 8.704,4QK) 1.023.662 65,959 8.215 101.796 14.735 316,161 32,464 9,188.316 1,079.076 At 31 Augug12024 9.728.062 74,174 116.531 348,625 10,267,392 Ngt book value at 31 August 2024 21,361,435 108,445 24,558 216.559 21.710.997 Net book valuè at 31 August 2023 20.514,042 116,660 39,293 216.877 20,886,872 Induded in fumilure and frttings assets held under finance lease which have a nel book value ol£O12023- £4,348) and dep￿ciatIon of £4.3481202> £4.3481 was charged durlng the ytsar. Included in computer equipment ar8 assets held under finance lea58 which have a net book value of £138,50412023- £232.99818nd depreciation of £103,39412023- £66.5561 was charged during the year. All assets are used for charitable purpos85 Other than Ihos? r?18ling lo the trading 3ubsidiary. 55 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST2024 14 INVESTMENTS 2024 2023 Unrestrlcted Group Investments as at 1 September Reinvested income Investment management fee Realised losses on investments Unrealised gain l (loss) in investmenls 1,106,470 25,160 18,3721 (14.7751 106,202 1.134.123 21,978 {7.965) (27.776) (13,890) Closing market value Group Investments at 31 August Investments In subsidiaries Company Investments at 31 August 1,214,685 1,214,685 102 1,214,787 1,106,470 1,106,470 102 1.106,572 Investments comprlse: Listed investments Fixed Interest Equities 400,773 666,092 1,066,865 104.477 719,587 824,064 Alternative investments Other 147,820 147,820 254,878 254,878 27.528 1,106,470 102 1.106.572 Cash Group Investments at 31 August Investments in subsldiaries Company investments at 31 August 1,214,685 102 1.214,787 At 31st August 2024 there were the following holdings comprising of more than 5% of the total {2023 - None) BNY Mellon Global Funds- Credit Z (Hgd) Inc £87,570 Treasury 1140/0 Gilt 3110712031 £66,938 The investmenls held in the Lancing Centenary Endowment Fund and the Lancing College Prize were liquidated lo partly fund the acquisition of Newdom Developments {Holdings) Limiled and Newdom Developments Limited in prior years. The School was granted an order on 12 July 2012 by the Charity Commission for England and Wales lo borrow money and charge property under the power given in section5 105 and 124 of the Charities Act 2011. The loan is for 50 years and is Secured against the freehold of the property occupied by Lancing College Preparatory School Hove which was owned by Newdom Developments Limited, but transferred to Lancing College Ltd. Interest is charged at the rale of 30/0. 2024 2023 Investments In stsbsidiaries comprise: Investment in subsidiary trading company - Lancing College Enterprises Ltd Investment in Lancing College Prep School al Worthing Ltd 100 100 102 102 Lancing College Limited owns all of the share capilal of Lancing College Enterprises Ltd and Lancing College Preparatory School at Worthing Limited, companies incorporated in England and Wales. Further details are provided in note 34. 56 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 15 DEBTORS Group Company 2024 2023 2024 2023 Fee debtors Trade debtors Amounts owed by group undertaking$ Other debtors Prepayments and accrued income 316,574 80,699 73,076 221,671 291,560 1,021 2,256,158 21,072 1,005,025 66,216 685 3,307,856 17.487 989,199 22,928 1,129,626 22,298 1.076,910 1.549,827 1,393,955 3,574,836 4,381,443 School fee debtors are net of £286.729 (2023.. £202,959) provided for doubtful debts. 16 CURRENT ASSET INVESTMENTS Group Company 2024 2023 2024 2023 Cash on Dep051t (95 day Notice) 6,000,000 6,000,000 6,000,000 6,000,000 17 CASH AT BANK BY FUND Group Company 2024 2023 2024 2023 Restricted Unrestricted Endowed 2,350,706 15,194,578 254,376 1,940.303 10,545,567 241,592 2,350,706 13.950,435 254,376 1,940,303 9,607,945 241.592 17,799,660 12,727,462 16,555,517 11.789,840 57 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 18 CREDITORS: PAYABLE WITHIN ONE YEAR Group Company 2024 2023 2024 2023 Bank loans and overdrafis (note 20) Net obligations under finance leases (Note 22) Deferred consideration of freehold of the Prep School Hove Trade creditors Taxes and social security costs Advance fees (nole 21 } Other creditofs Accruals Final term dep05its Deferred income- fees received in advance 475,887 96,415 14,647 475,887 93,197 59,507 475,887 81,700 14,647 475,887 78,482 59,507 830.502 329,511 1,905,279 404,801 1,090,580 895,067 11,275,660 834.724 344,309 165,858 359,944 1.572.346 1.634.408 4.788,824 698,470 299,962 1,773,423 379,341 1,002,308 814,619 10,181,426 705,595 285,077 165,858 332,380 1,508,269 1,557,410 4,370,050 17,318,349 10.329.004 15,721,783 9,538.515 Lancing College Limited has a Cross guaranlee with Buxbrass Limited relating to a Barclays Bank PIC and floating charge. Other creditors includes £268.539 of pension contribulions due as at 31 August 2024 {2023- £189,776>. Deferred income relates lo fees received in advance for the forthcoming academic year, £4,788,824 was released in the year to the Statement of Financial Activities and £11,744,641 was deferred. 58 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 18 CREDITORS: PAYABLE WITHIN ONE YEAR (CONTINUED} Parents pay to the school a deposit in advance. The money may be retumed subject to specific conditions on the receipt of one lerm's notice. Assuming pupils all remain in the school (which the vast majority do based on historical information), refundable deposits will be applied as follows,. Group Company 2024 2023 2024 2023 Amounts falling due., After 5 years Within 2 to 5 years within 1 to 2 years 81,600 2,866,768 587.760 82,793 1,967,514 632,709 81.600 2,866,768 587,760 82,793 1.967,514 632,709 Due after more than 1 year Due within l year 3,536,128 895,067 2,683,016 1,634,408 3.536,128 814,619 2,683,016 1,557,410 4,431.195 4,317,424 4,350.747 4,240.426 19 CREDITORS: PAYABLE AFTER MORE THAN ONE YEAR Group Company 2024 2023 2024 2023 Bank Loans (note 20} Net obligations under finance leases (note 22) Final lerm deposits Advance fees (note 21) Deferred consideration of freehold of the Prep School Hove 3.926.063 56,471 4,401,950 126,198 3,926.063 49,113 4,401,950 104.125 3,536,128 4,188,209 2,683,016 244,126 14.647 3,536,128 4,011,695 2,683,016 244,126 14,647 11.706,871 7,469,937 11,522,999 7,447.864 The acquisition of Newdom Developments (Holdings) Limited and Newdom Developments Limited was part funded by an interest free loan from the vendors which is secured against Ihe freehold of the property occupied by Lancing College Preparatory School Hove. The freehold was owned by Newdom Developments Limited, bul transferred lo Lancing College Ltd during 2016117. The final instalment is due in December 2024. 59 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 20 BANK LOAN Group and Company 2024 2023 Due After 5 years Due within 2 to 5 years Due within 1 to 2 years 2,022,517 1,427,660 475,886 2,498,404 1,427,660 475,886 Due after more than 1 year Due within 1 year 3,926,063 475,887 4.401,950 475,887 4.401,950 4.877.837 In November 2014 a new £9m loan facility and £1.5m overdraft facility was agreed with Barclays Bank. A total of £6.1m was drawn down against this facility. This loan is secured over the main College buildings. staff accommodation and the Sussex Pad. Loan interest payable is at the Barclays bank base rale plus 1.750/0. 21 ADVANCE FEES Parents may enter into a contract to pay school fees in advance., assuming pupils will remain in the school, advance fees will be applied as follows: Group Cornpany 2024 2023 2024 2023 After 5 years Within 2 to 5 years Within 1 to 2 years 463,393 1,539,940 2,184,876 75,696 101.268 67,162 463,393 1,507,861 2,040,441 75,696 101.268 67,1e2 4,188,209 1,905,279 244,126 165,858 4,011,695 1,773,423 244.126 165,858 Within 1 year 6,093,488 409,984 5,785,118 409,984 60 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 21 ADVANCE FEES (CONTINUED) The balance represents the accrued liability under the contracts. The movements during the year were: Group Company 2024 2023 2024 2023 Liabilities at 1 September New contracts 409,984 5.819,506 654.219 68.826 409,984 5.511,136 654,219 68.826 6,229.490 (136.002) 723,045 1313.061) 5,921,120 {136,0021 723,045 {313,0611 Amounls utilised in payment of fees Amounts repaid Liabilities at 31 August 6,093,488 409,984 5,785,118 409,984 22 FINANCE LEASE OBLIGATIONS Group Company 2024 2023 2024 2023 Amounts falling due.. After 5 years Within 2 to 5 years Within 1 to 2 years 4,723 51,748 42,012 84,186 4,723 44,390 35.654 68.471 58,471 96,415 126,198 93,197 49,113 81,700 104,125 78,482 Wilhin 1 year 152,886 219,395 130,813 182.607 Finance lease agreements relate lo specialist infrastructure as well as mechanitsl and IT equipment which is capitalised and financed and repaid over an average perio(i of 3 years. 61 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS {Continued) YEAR ENDED 31 AUGUST 2024 23 COMMITMENTS UNDER OPERATING LEASES At 31 August 2024 the Group had annual commitments under non-cancellable operating leases as follows'.- Land and Buildings 2024 2Q23 Expiry date: Within one y6ar Within 1 to 2 years Within 2 to 5 years 66,365 66,365 66,365 53,765 53,765 107,530 199.095 215,060 This operaling lease relales lo the rental of Lancing College Preparatory School at Worthing's buildings with an extended option lo lerminale after three years. The rental increased by RPI in 2024 in line with the agreement and £61,115 was paid in the year. 24 SHARE CAPITAL Group and Company 2024 2023 Authorised 100 Ordinary shares of£1 each 100 100 Allotted, called up and fully paid 100 Ordinary shares of£1 each 100 100 The Company's ordinary shares, which carry no right to fixed income. each carry the right to one vote at general meetings oflhe Company. 62 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 25 ENDOWED FUNDS The endowed funds of the company include a number of individual Irusl and prize funds set up by donors as permanent capilal. The investments that represented the majority of the funds were liquidated lo part fund the acquisition of the freehold of Lancin9 Preparatory School al Hove. The School was granted an order on 12 July 2012 by the Charity Commission for England and Wales to borrow money and charge the property under the power given in sections 105 and 124 of the Charities Act 2011. The loan is for So years and secured against the freehold property. Interest is being charged at the rate of 3f/lD. Group and Company Movement in funds Balance at 1 Seplemb&r 2023 Investment Expenditure gains l(losses) Balance al 31 August 2024 Income Transfer Endowed Funds 2,005,946 12,784 2,018,730 Group and Company Movement in funds Balance at 1 September 2022 Investment Expenditure gains Illosses) Balance at 31 August 2023 Income Transfer Endowed Funds 1.999.141 6.805 2,005,946 63 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 26 RESTRICTED FUNDS The income funds of the company include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes.. Movement in funds Balance at 1 September 2023 Investment Expenditure gains Illosses) Balance al 31 August 2024 Inwme Transfer Chapel Maintenance Woodard Benefit Fund Appeal Donations 38,914 395,978 1,653,326 54,673 {42,816) {14,107) (78.801) 50.771 381,871 1,787,075 212,550 Company 2,088,218 267,223 (135.724) 2,219,717 Aspire Fund 2,075 (450) 1,625 Group 2.088,218 269,298 (136,1741 2,221,342 Movement in funds Balance at 1 September 2022 Investment Expenditure gains l{losses} Balance at 31 August 2023 Income Transfer Chapel Maintenance Woodard Benefit Fund Appeal Donations 30,017 337,898 1,261,048 51.697 101,427 382,257 (42,800) 143,347) 10,021 38,914 395,978 1,653,326 Group and Company 1,628,963 535.381 176,126) 2,088,218 The Chapel Maintenance Fund is a fund sel up for the day to day maintenance of the Chapel. The fund receives a total of £53,400 per annurn split equally from the Friends of Lancing Chapel and Ihe College. The Woodard Benefit Fund is a fund with a specific purpose of providing bursaries in emergency hardship cases. Appeal donalions relate to fvnds received for a speGifiG purpose which were predominatly bursaries and scholarships. LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 27 UNRESTRICTED FUNDS The income funds of the group are as follows: Movement in funds Balance al 1 September 2023 Investment Expenditure galns Illosses) Balance at 31 August 2024 Income Transfer Designated Funds: Foundation account 1,119,885 114,784 26,391,784 (64,999) (26,013,321) 91.427 1,261,097 15,997,553 General funds 15.619.090 Company Subsidiary Prep school subsldiary Trading subsidiary Consolidation adjustments 16,738,975 26,506,568 {26,078,320> 91,427 17,258,650 (2.389.716} 46,467 2.577,450 3.206,512 (1.303,621) 12.297,212) (3,211,425) 1,303.621 {2,109,4781 41,554 Group 14,395,726 30,986,909 {30.283.337) 91,427 15,190,725 Movement in funds Balance at 1 September 2022 Investment gains l{lossesl Balance at 31 August 2023 Income Expenditure Transfer Deslgnated Funds". Foundation account 1,166.580 14,941,405 34,778 (39,807) {23,963,287) 141,666) 1,119,885 General funds 24,640,972 15.619,090 Company Subsidiary Prep school subsidiary Trading subsidiary Consolidation adjustments 16,107,986 24,675.750 (24,003,094) {41,666) 16,738,975 (2,251,758) 50,627 2,147,016 2,770,646 (1,076,251) (2,284.974) (2,774.806) 1.076,251 {2,389,7161 46,467 Group 13,906,854 28,517,161 127,986,623) 141,6661 14,395,726 The Foundation Account represents uniestricted donations received since the inceplion of Ihe Developmenl Office in 2005. Expenditure relates to a number of small projects and bursaries. LanGing College Prep school at Worthing has negative reserves of £2,107,753 due to historically low pupil numbers and inveslment in the school. The Directors of Lancing College Limited are fully supportive of the school and are of the opinion that it can be repaid. 65 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 28 ANALYSIS OF NET ASSETS BETWEEN FUNDS The company's net assets belong lo the various funds as follows.. Nel current Asselsl Long term Liabililies Total 2024 Fixed assets Investments (Liabilities) Share capltal 100 100 Endowed funds 2,018.730 2,018,730 Restrlcted funds 2,219,717 2,219,717 Unrestricted funds 21,361,435 1,214,787 6,211,708 (11,529,280) 17,258,650 Company Subsidiary companies (Note 341.. Prep school al Worthing Lancing College Enterprises Ltd 21.361,435 1,214,787 10,450,255 (11,529,280) 21,497,197 248,837 100,725 {100) {2) (2,172,719) (59,169) {183,872} 12,107,854) 41.554 Group 21,710,997 1,214,685 8,218,367 {11,713,152} 19.430,897 Net current Assetsl Long terrn Liabilities Total 2023 Fixed assets Investments (Liabilities) Share capital 100 100 Endowed fundg 2,005,946 2,005,946 Restricted funds 2,088,218 2,088,218 Unrestricted funds 20,514,042 1,106,572 2,586,938 (7.468,57n 16,738,975 Company Subsidiary companies (Note 34).. Prep school at Worthing Lancing College Enterprises Ltd 20.514,042 1,106,572 6.681,202 (7,468,577) 20,833,239 265,151 107,679 (100) (2) (2,654,767> (61,210) {2,389,716) 46,467 Group 20,886,872 1,106,470 3,965,225 17.468,5771 18,489,990 29 CAPITAL COMMITMENTS Lancing College has no major capital commitments as at 31 August 2024 (2023-. £40,000). 66 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 30 RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH INFLOW FROM OPERATIONS Group and Company 2024 2023 Net income for the year 940,907 954,932 Adjustments for Depreciation of tangible fixed assets (Profit) l Loss on sale of fixed assets {Gain) l Loss on investments Interest receivable Interest and investment income Decrease / (Increase) in stocks (Increase) in debtors In¢rease l (Decrease) in credilors 1,079,076 14,565) (91,427) (795,792) 521,666 7,656 (624,8531 6,532,719 1,029,178 {8,9441 41.666 (477,5911 385,960 (2,1791 (514.398) 1,415,381 Net cash provided by operating activities 7,565,387 2,826,005 31 ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash in hand and at bank 17,799,660 12,727,462 Total cash and cash equivalents 17,799,660 12,727,462 32 ANALYSIS OF CHANGES IN NET DEBT Balance at 31 August 2023 Cash flows Balance at 31 August 2024 Cash and cash equivalents Cash 12,727,462 5,072.198 17,799.660 12,727,462 5,072,198 17.799,660 Borrowings Loans falling due within one year Loans falling due after one year Finance lease obligation due within one year Finance lease obligalion due after one year (475,886) {4,401,950) {93,197) 1126,1981 1475.8861 {3,926,0631 196,415) {56,471) 475,887 (3,218) 69,727 15,075,158) 542,396 {4,554,835} Total 7,652,304 5.614,594 13,244.825 67 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 33 PENSION SCHEMES Teachers, Pension Scheme The School participates in the Teachers, Pension Scheme ("the TPS") for its teaching staff. The pension charge for the year includes contfibutions payable to the TPS of £1,797,546 {2023.' £1,977,551) for the school and £2,020,165 for the Group (2023.. £2,226,125) and at the year-end £138,067 (2023: £180,316) was accrued in respect of group contributions to this scheme. 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 (as amended). Members contribute on a "pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. 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 Ihe TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 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 1 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 28.6/0. and employers are also required to pay a scheme administration levy of 0.08°/o giving a total employer contribution rate of 28.68¥0. 68 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 33 Pensions Trust Growth Plan The school participates in the scheme, a multi-employer scheme which provides benefits to some 638 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the school to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore, it accounts for it as a defined contribution scheme. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. The scheme is classified as a 'last-man stsnding arrangement,. Therefore the school is potentially liable for other participating employers, obligations if those employers are unable to meettheirshare of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. Summary of provision for pension deficit recovery plan Company 2024 £'ooo 2023 £'ooo 21 TPT Retirement Solutions - The Growth Plan TPT Retirement Solutions - The Growth Plan Deficit Contributions A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets ot £800.3m, liabilities of £831.9m and a deficit of£31.Sm. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows.. Deficit contributions From 1 April 2022 to 31 January 2025.. £3.312m per annum (payable monthly} Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies. Note that the scheme's previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of£794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional ontributions to the scheme as follows.. Deficit contributions From 1 April 2019 to 30 September 2025: £11.243m per annum (payable monthly and increasing by 30/0 each on 1st April) The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities. INhere the scheme is in deficit and where the company has agreed to a deficitfunding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rale is recognised as a finance cost. 69 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 33 PENSION SCHEMES (Continued) Present Values of Provision 2024 2023 Present value of provision Reconciliation of opening and closing provisions 2024 2023 Provision at 1 September Unwinding of the discount factor Deficit contribution paid Remeasurements - impact of any change in assumptions Remeasurements- amendments to the contribution schedule 20.713 758 (15,199) 34,925 1,193 (15,199) {206) Provision at 31 August 6,281 20.713 Income and expenditure impact 2024 2023 Interest expense - unwinding of the discount factor Remeasurements - impact of any change in assumptions 758 1,193 1206} Assumptions 2024 /0 per annum 2023 annum Rate of discount 5.13 6,04 The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions. The following schedule shows the deficit contributions agreed be￿een the company and the scheme at each yeaf end period. 2024 2023 Year 1 Year 2 6,333 15,199 6.333 6,333 21,532 70 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 33 PENSION SCHEMES DEFICIT RECOVERY PLAN (continued) The company must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises. It is these contributions that have been used to derive the company's balance sheet liability. 34 SUBSIDIARIES The Company owns all the share capital of a subsidiary trading Company, Lancing College Enterprises Ltd, registered number 01570797, th& results ofwhich are detailed in Note 4 and owns all of the share capital of a charitable subsidiary Lancing College Preparatory School at Worthing Limited, registered number 08808550, registered charity number 1155150, the results of which are also detailed in Note 4. The registered office address ofall the companies is Lancing College, Lancing, West Sussex BN15 ORW. These companies are consolidated within the Group accounts of Lancing College Limited. 71 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 35 Consolidated Statement of Financlal Actlvltl¢s - Comparative figures by fund type Unre51Ticled Reslricled Funds Funds las reslatedl Total 2023 Endowed Funds Year ended 31 August 2023 Income and endowments from: Income from Charitable Actlvltle$ School fges receivable Ancillary trading income 25,077.105 618.906 1510.9331 51.000 {45,989) 24.520,183 669,906 Other trading activities Non-ancillary trading Income Investments Investment income Bank and other interest Voluntsry sourc9$ Grants and donations 2.415,459 2,415,459 21,978 351.283 21,978 455,613 51.536 52,794 32.430 943.778 976.208 TOTAL INCOMING RESOURCES 28,517.161 535,381 6,805 29.059.347 Expendlture on: Raislng funds Non-ancillary Trading Financing costs Inveslm&nt management FLtndraising and development Other costs 1.684,615 385.960 7.965 213,185 1,684,615 385,960 7,965 213,185 TOTAL DEDUCTIBLE COSTS 2,291.725 2,291,725 Charltable Actlvlties Education and grant making 25,694,898 76.126 25.771,024 TOTAL EXPENDITURE 27,986,623 76.126 28.062,749 Net Income and exp8ndltur8 bgfore transfers Realised gainslllosses) on Investment assets Unrealised gain51llosses} on investment assets 530.538 459,255 6,805 996,598 127,77ei 127,776} 113.8901 113.890} Net in¢omel{Expendlture} 488.872 459,255 6.805 954,932 Transfers between funds NET MOVEMENT IN FUNDS 488.872 459.255 6,805 954.932 Fund balances al 1 September 2022 13,906,854 1.628,963 1,999.141 17,534.958 FUND BALANCES AS AT 31 AUGUST 2023 14,395.726 2,088.218 2,005,946 18,489,890 72 LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 36 CONTINGENT LIABILITIES The Company has been notified by the Pensions Trust of the estimated employer debt on withdrawal from the Growth Plan, as outlined in note 33, based on the financial position of the Growth Plan as at 30 September 2016. As of this date the estimated employer debt for the Company was £705.763 including Series 3 liabilities. The endowed funds of the company include a number of individual trust and prize funds set up by donors as permanent capital. The investments that represented the majority of the funds were liquidated to fund the acquisition of Newdom Developments {Holdingsl Limited and Newdom Developments Limited. The School was granted an order on 12th July 2012 by the Charity Commission for England and Wales lo borrow money and charge the property under the power given in sections 105 and 124 of the Charities Act 2011. The loan is for 50 years and secured against the freehold property. Interest is charged at the rate of 1°/0 above base rate. The proceeds of the sale of investments were £1,909,985. 37 ULTIMATE CONTROLLING PARTY The Woodard Corporation is the ultimate controlling paty. registered charity number 1096270, company number 0659710, which is incorporated in England and Wales. Copies of the financial statements of The Woodard Corporation can be obtained at the registered office, High Street, Abbots Bromley, Rugeley, Staffordshire, WS15 3BW. The accounts of Lancing College Limited are included within the consolidated financial statements of The Woodard Corporation. The Woodard Corporation's principal activity is to act as holding company for various schools, colleges and academies. 38 RELATED PARTIES As stated in note 37 Lancing College Ltd is a wholly owned subsidiary ofThe Woodard Corporation. An amount of £177,039 (2023 - £155,201) was paid during the year to the Corporation by way of a levy to meet Corporation running costs. The Directors of the Company rely upon the assurance of The Woodard Corporation that the levy is a legitimate charge for the Company. Balance owed from The Woodard Corporation at the year-end is Nil (2023 - Nil}- As ststed in note 34 Lancing College Limited controls a subsidiary Lancing College Enterprises Ltd. An amount of £35,531 was paid from the subsidiary in the year. The balance owed from Lancing College Enterprises Ltd at the year-end is £1,151,451 (2023 - £1,186,982). As stated in note 34 Lancing College Limited controls a subsidiary Lancing College Preparatory School at Worthing Limited. An amount of £1,016,846, was paid from the subsidiary in the year. The balance owed from Lancing College Preparatory School at Worthing Limited at the year-end is £1,104,029 {2023 - £2,120,875). 39 PRIOR YEAR RESTATEMENT The prior year figures have been restated to correct the treatment of Bursaries funded from restricted and endowed funds. 73