2020-08-31-accounts - Lord Wandsworth College

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				Page
Governors,	Officers and Advisers			1-2
Governors'	Annual Reporl, including	Strategic Report		3-23
Independent	Auditor's Report			24-25
Consolidated	Statement of Financial	Activities 2020		26
Consolidated	Statement of Financial	Activities 2019
Consolidated	and Charitable Company		Balance Sheets	28
Consolidated	Cash Flow Statement			29
Charity Cash Flow Statement				30
Notes to the	Financial Statements			31-55

Advisers
Investment		Advisers		Quilter Cheviot I imited
				Senator House
				85Queen Victoria Street
				London EC4V 4AB
				Sarasin 8 Partners	LLP
				Juxon House
				100St Psuf's Churchyard
				London EC4M 8BU
Bankers				Lloyds Bank Pic
				174 Fleet Road
				Fleet
				Hampshire, GU51 4DD
Solicitors				Charles Russell Speechlys		LLP
				One London Square
				Cross Lanes
				Guildford
				Surrey GU1 1UN
Accountancy		and Tax Advice		RSM UK Tax and Accounting			I imited
				Highfield Court, Tollgate
				Chandlers Ford
				Eastleigh
				Hampshire, SO53 3TY
Auditors				RSM UK Audit LLP
				Highfield Court, Tollgate
				Chandlers Ford
				Eastleigh
				Hampshire, SO53 3TY
insurance	Brokers			Marsh Limited
				Capital House
				1-5Perrymount Road
				Haywards Heath
				West Sussex, RH16	3SY
WEBSITE
www. lordwandsworfh.			or

The total co	nsumption (kWh) figures	for energy supplies	reportable
			2019/20 UK
Utility and Scope			Consumption
			(kwli)
Grid-Supplied	Electricity		1,113,823
(Scape 2)
Gaseous and	other fuels		6,123,647
(Scope 1)
Transportation			266,693
(Scape 1)
		Total	7,906,163

			2019/20 UK
Utility and Scope			Consumption
			(tCOte)
Grid-Supplied	Electricity		260
(Scape 2)
Gaseous and	other fuels		1,112
(Scope 1)
Transportation
(Scope 1)
		Total	1,436

analysis is as follows:
Intensity Metric	2019/20 tIK Intensity Metric
tCOze per Pupil	2.27
LWC& LWCE - tCOse per Pupil	2.10
Stern Farms -tCOie per Hectare	0.324

LWC & LW	CE Combined
			2019/20 VK	2019/20 VK
Vtility and 5cope			Consumption	Consumption
			(Kwh)	(tCOse)
Grid-Supplied	Electricity		1,103,524	257
(Scope 2)
Gaseous and	other fuels		5,719,180	1,008
(Scope 1)
Transportation			262,358	63
(Scope 1)
		Total	7,085,062	1,328

			2019/20 VK	2019/20 VK
Vtility and Scope			Consumption	Consumption
			(Lwh)	(tCO2e)
Grid-Supplied	Electricity		10,299
(Scope 2)
Gaseous and	other fuels		406,467	104
(Srope 1)
Transportation			4,335
(Scope 1)
		Total	421,101	108

	FOR	THE YEA	R ENDED 31AU	GUST 2020
		Notes	Unrestricted	Restricted	Permanent	Total
			Funds	Funds	Endowment	Funds
					funds f	2020f
Income and endowments	from:
Charitable activities
School fees receivable			14,512,985			14,512,985
Ancillary trading income			192,452			192,452
Other trading activities
Non-ancillary trading activities			484,347			484,347
Other activities			539,072			539,072
Investments
Investment mcome			328,490	81,600		410,090
Bank and other interest			37,289			37,289
Voluntary sources
Donations ahd legacies			167,095	170,923		338,018
Total income			16,261,730	252,523		16,514,253
Expenditure on:
Raising funds
Nan-ancillary trading			403,683			403,683
Financing casts			544,284			544,284
Investment management			40,436	6,934		47,370
Fundraising and development			144,167			144,167
Total deductible costs			1,132,570	6,934		1,139,504
Charitable activities
Education and grant making			13,194,992	4,372		13,'f99,364
Total expenditure		10	14,327,562	11,306		14,338,868
(Losses)/gains on investments		17	(131,855)	150,225	42,923	61,293
Net income for the year			1,802,313	391,442	42,923	2,236,678
Pension scheme actuarial (lasses)		12	(240,000)			(240,000)
Net movement in funds for the			1,562,313	391,442	42,923	1,996,678
year before transfers
Funds expended				(176,073)		(176,073)
Transfers between funds		25	(50,000)		50,000
Net movement in funds for the			1,512,313	215,369	92,923	1,820,605
year
Funds brought forward		25	20,143,485	4,079,394	10,895,601	35 118,480
Funds carried forward		25	21,655,798	4,294,763	10,988,524	36,939,085

	FOR	THE YEA	R ENDED 31 AU	GUST 2019
		Notes	Unrestricted	Restricted	Permanent	Total
			Funds	Funds	Endowment	Funds
					Funds	2019
					6
Income and endowments	from:
Charitable activities
School fees receivable			14,307,114			14,307,114
Ancillary irading income			230,480			230,480
Other trading activities
Non-ancillary trading activities			773,750			773,750
Other activities			68,383			68,383
Investments
Investment income			353,904	104,9'IO		458,814
Bank and other interest			61,461			61,461
Voluntary sources
Donations and legacies			81560	191,109		272,669
Total income			15,876,652	296,019		16,172,671
Expenditure on:
Raising funds
Non-ancillary trading			697,213			697,213
Financing costs			600,718			600,718
Investment management			44,824	12,680		57,504
Fundraising and development			109,594			109,594
Total deductible costs			1,452,349	12,680		1,465,029
Charitable activities
Education and grant making			13,123,082	19,356		13142438
Total expenditure		10	14,575,431	32,036		14,607,467
Gains/(losses) on investments		17	295,957	(19,809)	35,442	311,590
Net income for the year			1,597,178	244,174	35,442	1,876,794
Pension scheme actuarial (losses)		12	(315,000)			(315,000)
Net movement in funds for the			1,282,178	244,174	35,442	1,561,794
year before transfers
Funds expended		25	(37,000)	(114,174)		(151,174)
Transfers between funds		25	3,470,949		(3,470,949)
Net movement in funds for	the		4,716,127	130,000	(3,435,507)	1,410,620
year
Funds brought forward		25	15,427 358	3,949,394	14,331,108	33,707860
Funds carried forward		25	20,143,485	4,079,394	10,895,601	35,118,480

CONSOLIDATED	CONSOLIDATED	CONSOLIDATED	CONSOLIDATED	CONSOLIDATED	CHARITABLE	COMPANY	BALANCE SHEETS AS AT 31 AUGUST 2020	BALANCE SHEETS AS AT 31 AUGUST 2020	BALANCE SHEETS AS AT 31 AUGUST 2020
					Notes		2020	2019
						Group 6	Charity 6	Groupf	Charity 6
Fixed Assets
Tangible assets					15	34,047,621	33,729,195	31,661,186	31,364,060
Investment properties					16	150,000	150,000	150,000	150,000
Investments					17	11,102,548	11,257,625	16860452	17,015,529
						45,300,169	45,136820	48671 638	48,529589
Current Assets
Stocks					18	203,744		219,906
Debtors					19	678,393	604,377	1,391,985	1,351,545
Investments Cash at bank and	in	hand			20	3,000,000 6,486,551	3,000,000 6,357,046	2,750,000 804,596	2,750,000 574,968
						10,368,688	9,961,423	5,166,487	4,676,513
Creditors: Amounts		falling		due
within one year					21	(3,472,671)	(3,377,300)	(3,494,978)	(3,302,627)
Net current assets						6,896,017	6,584,123	1,671,509	1,373,886
Total assets less	current			liabilities		52,196,186	51,720,943	50,343,147	49,903,475
Creditors: Amounts		falling		due
after more than one year					22	(15,548,101)	(15,530,294)	(15,623,667)	(15,608,237)
Net Assets before	pension					36,648,085	36,190,649	34,719,480	34,295,238
adjustment
Pension Scheme	funding			asset	12	291,000	291,000	399,000	399,000
NET ASSETS						36,939,085	36,481,649	35,118,480	34,694,238
Unrestricted funds					25	20,275,173	19,817,737	')8,979,077	18,554,835
Designated funds					25	1,380,625	1,380,625	1,164,408	1,164,408
						21,655,798	21,198,362	20,143,485	19,719,243
Restricted funds					25	4,294,763	4,294,763	4,079,394	4,079,394
Permanent Endowment			funds		25	10,988,524	10,988,524	10,895,601	10,895,601
TOTAL CHARITY	FUNDS					36,939,085	36,481,649	35,118,480	34,694,238

			FO	R THE YEA	R ENDED 31	AUG	UST 2020
						2020			2019
Net cash inflow from operating activities (Note (i))						3,631,610			1,666,829
Cash flows from investing		activities
Payments for tangible fixed	assets				(3,376,972)			(7,238,575)
Receipts from sale of tangible		fixed assets			70,000			2,690
Movements in investments					5,724,457			4,629,034
Investment income and bank		interest			447,379	2,864,864		520,275	(2,086,576
Net cash provided by/(used		in)	investing			6,496,474			(419,747)
activities
Cash flows from financing		activities
Repayment of hire purchase					(20,235)			(44,487)
Finance costs paid					544,284		564,519	600,718	645 205
Change in cash and cash equivalents				in the
reporting penod						5,931,955			(1,064,952)
Cash and cash equivalents	at 1 September
2019						3,554,596			4,619,548
Cash and cash equivalents	at 31		August 2020			9	4!I6,551		3,554,596
Relating to:
Shortterm bonds						3,000,000			2,750,000
Cash at bank and in hand						6,486,551			804,596
						9,486,551			3,554,596
(i) Reconciliation ofnet income			to net cash
inflow from operating activities
							2020		2019
							E		6
Net income for the year						2,236,678			1,876,794
(Gains) on investments							(13,923)		(311,590)
Investment income and bank		interest				(447,379)			(520,275)
Finance costs							544,284		600,718
Funds expended						(176,073)			(151,174)
Investment management charges							47,370		57,504
Depreciation charges							945,837		880,807
(Profit)/loss on disposal of fixed assets							(25,300)		6,633
Pension finance (income)/cost							(7,000)		57,000
LWC 1989pension scheme	contributions					(125,000)
Decrease in stocks							16,162		35,679
Decrease/(increase) in debtors							713,592		(105,031)
(Decrease) in creditors (excluding			fees	in		(106,397)			(473,334)
advance and deposits)
Increase/(decrease) in fees	in	advance					23,432		(291,402)
Increase in parents' deposits							5,327		4,500
Net cash inflow from operating			activities			3,631,610			1,666,829

			FO	R THE YEA	R ENDED 31AU	GUST 2020
					2020			2019
Net cash inflow from operating			activities (Note (i))			3,680,403		1,524,125
Cash flows from investing	activities
Payments for tangible fixed assets					(3,260,374)		(7,216,016)
Receipts from sale of tangible		fixed assets					2,690
Movements in investments					5,724,457		4,629,034
Investment income and bank		interest			454,479	2,918,562	526,498	2,057,794)
Net cash provided by/{used		in) investing				6,598,965		(533,669)
activities
Cash flows from financing	activities
Repayment of hire purchase					(22,603)		(29,811)
Finance costs paid					544,284	566,887	600,718	630529
Change in cash and cash equivalents				in the
reporting period						6,032,078		(1,164,198)
Cash and cash equivalents at		1	September
2019						3,324,968		4,489,166
Cash and cash equivalents at		31 August 2020				9,357,046		3,324,968
Relating to:
Short term bonds Cash at bank and in hand						3,000,000 6,357,046		2,750,000 '574,968
						9,357,046		3,324,968
(i) Reconcgiation ofnet income to net cash
inflow from operating activities
						2020		2019
						6		6
Net income for the year						2,198,769		1,839,940
(Gains) on investments						{13,923)		(311,590)
Charitable Donations						63,447
Investment income and bank	interest					(454,479)		(526,498)
Finance costs						544,284		600,718
Funds expended						(176,073)		(151,174)
Investment management charges Depreciation charges						47,370 895,239		57,504 837,067
Profit on disposal offixed assets								6,633
Pension finance (income)/cost						(7,000)		57,000
LWC 1989pension scheme contributions						(125,000)
Decrease/(increase) in debtors						688,436		(103,904)
(Decrease)/increase in creditors			(excluding
fees in advance and deposits)						(9,426)		(494,669)
increase/(decrease) in fees in		advance				23,432		(291,402)
Increase in parents' deposits						5,327		4,500
Net cash inflow from operating			activities			3,680,403		1,524,125

4	SCHOOL FEESRECEIVABLE	SCHOOL FEESRECEIVABLE	SCHOOL FEESRECEIVABLE	SCHOOL FEESRECEIVABLE		2020	2019
	School fees					16,325,052	16,137,485
	Less: Bursaries, awards and remissions Less: Covid-19 early payment discount					(1,644,909) ~457,108	(1,830,371)
						14,512,985	14,307,114
5	ANCILLARY		TRADING INCOME			2020 f	2019 f
	Occasional	boarding fees				30,244	48,518
	Insurance commissions					23,732	26,989
	Transport					76,673	97,003
	Registration		fees			61,803	57870
						192,452	230,480
6	htON AhlCILLARY TRADING INCOME					2020	2019
							f'
	Trading income —LWC Enterprises				Limited	53,311	325,950
	Trading income —Stern Farms			Limited		431,036	447,800
						484 347	773,75~
7	OTHER ACTIVITIES					2020	2019
							f
	CJRS grant	income				491,207
	Other income					47,865	68,383
						539,072	68,383
8	INVESTMENT INCOME					2020f	2019 f
Unrestricted
	Securities					312,590	338,004
	Rents receivable					15 800	15,900
						328,490	353,904
Restricted
	Securities					81,600	104,910
						410,090	458,814
9	DONATIONS		AND LEGACIES			2020 f	2019 f.
Unrestricted
	Donations					'I52,095	61,560
	Legacies					151100	20000
						167,095	81,560
Restricted
	Donations					150,923	111,650
	Legacies					20,000	79,459
						170,923	191,109

10TOTAL EXPE	NDITUR	E	E	E
		Staff			Costs	Depre-	Other	Total	Total
					E ciation		Costs	2020	2019
						E			E
Non ancillary				124,016		50,598	229,069	403,683	697,213
trading
Financing costs							544,284	544,284	600,718
Investment
Manager Fees							47,370	47,370	57,504
Fundraising and
development			121,451				22,716	144,167	109,594
Charitable activities		8,791,864				895,239	3,512,261	13,199,364	13,142,438
		9,037,331				945,837	4,355,700	14,338,868	14,607,467
Ofthe above E11,306(2019:E32,036) relates						to restdcted	expenditure.
								2020	2019
								E
OTHER COSTS:
Non ancillary trading								229,069	393,040
Financing costs								544,284	600,718
Investment Manager Fees								47,370	57,504
Fundraising and	development							22,716	28,997
School running	costs:
Academic								635,142	736,298
Catering								365,921	674,619
Household and medical								207,608	217,997
Grounds								163,942	158,270
Maintenance								569,993	883,766
Other premises costs								668,686	707,597
Minibus								163,046	185,988
Support costs								737,923	701409
								3,512,261	4,265,944
Total other costs								4,355,700	5,346,203
11 NET INCOME	FOR THE		YEAR
								2020	2019
This is after charging/(crediting):								E	E.
Operating leases								102,797	103,961
Depreciation: owned assets								893,414	843,155
Depreciation: assets held		under			HP agreements			52,423	37,652
Auditor's remuneration:
Audit fees								49,566	43,479
Accountancy services								3,272	4,188
Gain cn disposal	ofassets							25,300	6,633

LWC 1989	Pension	and Life	and Life	Assurance Scheme (Continued)	Assurance Scheme (Continued)	Assurance Scheme (Continued)	Assurance Scheme (Continued)	Assurance Scheme (Continued)
An actuarial valuation was carried updated to take account of benefit						out as at outgoings	31 August 2020, based on membership since 31 August 2017, using actuarial					data at 31 assumptions	August 2017, at 31 August
2020. The major		assumptions			used	by the actuary		were (in nominal		terms)	as follows:
								At 31/08/20		At 31/08/19
								(per annum)		(per	annum)
									0/
Discount	rate										1.6
Rate ofincrease		in	pensionable		salaries				n/a		n/a
Rate ofincrease		of	LPI linked		pensions until 2030				2.3		2.5
Rate ofincrease		of	LPI linked		pensions after 2030				3.1		2.5
Inflation	assumption		(RPI)						3.3
Assumed	hfe expectancies			on	retirement at age 65			are:
Retiring	today					Males			22.1		22.6
						Females			24.4		24.5
Retiring	in 20years		time			Males			23.4		24.0
						Females			25.9		26.0

Changes	in the present value ofthe Scheme Obligations	2020	2019
		6'000	8'000
Obligations	at the beginning ofthe year	5,743	5,043
Movement	in year: Interest cost	90	129
	Benefits paid	(244)	(253)
	Actuarial loss	38	748
	Past service cost		76
Obligations	at the end of the year	5,627	5,743
Changes	in the fair value ofthe Scheme Assets	2020	2019
		6'000	6'000
Fair value	at the beginning ofthe year	6,142	5,814
Movement	in year: Return on assets	(202)	433
	Interest income	97	148
	Employer contributions	125
	Benefits paid	(244)	(253)
Fair value	ofScheme assets at the end ofthe year	5,918	6,142

Actuarial	gains/ losses on th	e defined pension scheme can be ana	lysed as follows:
			2020	2019
			f'000	E'000
Scheme	Obligations;
Change	in CPI market conditions		(38)	(748)
Return on assets, excluding		interest income	(202)	433
Actuarial	(loss) in the Statement of Financial Activities		(240)	(315)


LWC Enterprises Limited					2020	2019
Turnover Cost ofsales					161,671 ~332,383	460,200 ~328,228
Gross profit Administrative expenses (Loss)/profit on ordinary activities before		interest			(29,103) 49,398 ~78,501	41,917 131,972 ~90,055
Other interest receivable and similar	income				815	1,340
(Loss)/profit on ordinary activities					(28,288)	43,257
Distribution of reserves to charity						(58,732)
Retained (loss) for the financial year					(28,288)	(15,475)
Reconciliation oftrading subsidiary profits to			the	Statement of Financial	Activities:-
(Loss)/profit on ordinary activities					(28,288)	43,257
Group supplies receivable					(108,450)	(134,250)
Group supplies payable					97,485	120,826
Group interest receivable
Group interest payable					306	260
Trading subsidiary results					(38,947)	30,093
Included on pages 21 and 22 Statement of Financial Activities as:
Bank interest					815	1,340
Trading income —within non ancillary	trading		activities		53,311	325,950
Trading expenditure —within non ancillary		trading		expenditure	(93,073)	(297,197)
					~38.947	30,093

Income and Expenditure	Income and Expenditure		Unrestricted	Restricted	Permanent
			Funds	Funds	Endowment	Total	Total
			2020	2020	2020	2020	2019
Rents receivable			82,726			82,726	84,635
Investment income			34,505			34,505	22,765
Legacy income			35,000			35,000	20,000
Total income			152,231			152,231	127,400
Investment Manager	Fees
Charitable donations	to LWC		152,231			152,231	127,400
Total expenditure			152,231			152,231	127,400
Net (expenditure)
Llnrealised gain on investments					42,923	42,923	35,442
Realised profit on disposal of
investments
Recoupment transfer	from LWC				50000	50000	50000
Net movernenl in funds					92,923	92,923	85,442
Balance Sheet						2020	2019
Fixed Assets
Tangible assets						9,682,147	9,682,147
Investments						1,156,377	1,063,454
investment properties						150,000	150,000
						10,988,524	10,895,601
Current Assets
Debtors						3,520,949	3,520,949
Creditors: Amounts	falling due within					(1,263,653)	(1,263,653)
one year
Net Current Assets/(Liabilities)						2,257,296	2,257,296
Total assets less current						13,245,820	13,152,897
liabilities
Creditors: Amounts	falling due after
more than one year
NET ASSETS						13,245,820	13,152,897
Unrestricted funds						2,257,298	2,257,296
Permanent Endowment		funds				10,988,524	10,895,601
TOTAL FUNDS						13,245,820	13,152,897

Stern Farms Limited	Stern Farms Limited				2020	2019
Turnover Cost ofsales					431,036 ~171,705	447,800 ~231,964
Gross profit					259,331	215,836
Administrative expenses					(187,404)	(210,758)
Other operating income					3,380	3,116
Profit on ordinary activities before interest					75,307	8,194
Other interest receivable	and similar	income			141	447
Interest payable					(9,251)	(15,044)
Profit/(loss) on ordinary	activities before taxation				66,197	(6,403)
Tax on profit on ordinary	activities -	Note	14
Profit/(loss) on ordinary activities Distribution of reserves to charity Retained profit/(loss) for the financial		year			66,197 ~4,715 61,482	(6,403) (8,403)
Reconciliation oftrading	subsidiary profits		to	the Statement of Financial	Activities:
Profit/(lass) on ordinary	activities				66,197	(6,403)
Group rent payable					50,000	50,000
Group interest payable					7,750	7,750
Trading subsidiary results					'l23,947	51,347
included on pages 21 and 22 Statement of Financial Activities as:
Other activities					3,380	3,116
Bank interest					141	447
Trading income —within non ancillary trading activities Trading expenditure —within non ancillary trading expenditure					431,036 ~310.610	447,800 ~400,016
					123,947	51,347

15 TANGIBLE FIXEDASS	ETS —GROUP
	Freehold	Plant and	Equipment	Motor	Total
	Land and	Machinery	fixtures	vehicles
	Buildings		and fittings
Cost	6		6	6
At 1 September 2019	32,000,214	464,797	4,185,612	357,505	37,008,128
Additions	3,054,687	116,598	185,593	20,094	3,376,972
Disposals		108260	524,034		632,294
At 31 August 2020	35,054,901	473,135	3,847,171	377,599	39,752,806
Depreciation
At 1 September 2019	1,932,317	165,013	3,056,725	192,887	5,346,942
Charge for the year	510,391	40,536	353,987	40,923	945,837
Disposals		63,560	524,034		587,594
At 31 August 2020	2,442,708	141,989	2,886,678	233,810	5,705,185
Net Book Value
At 3'I August 2020	32,612,193	331,146	960,493	143,789	34,047,621
At 31 August 2019	30,067,897	299,784	1,128,887	164,618	31,661,186

'I5 TANGIBLE	FIXEDASSETS	—CHARITABLE	CONIPANY
		Freehold	Equipment	Motor	Total
		Land and	fixtures	vehicles
		Buildings	and fittings
			F
Cost
At 1 September Additions	2019	32,017,187 3,054,687	4,077,598 185,593	351,010 20,094	36,445,795 3,260,374
Disposals			524,034		524,034
At 31 August 2020		35,071,874	3,739,157	371,104	39,182,135
Depreciation
At 1 September	2019	1,930,239	2,965,104	186,392	5,081,735
Charge for the year		510,391	343,925	40,923	895,239
Disposals			524,034		524,034
At 31 August 2020		2,440,630	2,784,995	227,315	5,452,940
Net Book Value
At 31 August 2020		32,631,244	954,162	143,789	33,729,195
At 31 August 2019		30,086,948	1,112,494	164,618	31,364,060
Direct chantable	purposes	32,631,244	953,428	143,789	33728,461
Other purposes —management and administration ofthe charity			734		734

							2020	2019
GROUP
Quoted Investments
Market value at 1 September 2019							'I5,239,355	15,038,787
Additions							5,064,002	1,063,470
Disposals							(9,709,444)	(1,174,492)
Net realised investment	gains for the			year			911,599	4,573
Net unrealised investment			(losses)/gains			for the year	850 306	307,017
Market value ofquoted	investments						10,655,206	15,239,355
Cash held in portfolio							447,317	1,621,072
Market value at 31 August			2020				11,102,523	16,860,427
Investment Manager Fees			amounted	tof47,370(2019:E57,504).
Market value of UK quoted			investments		at 31 August 2020 is analysed as follows:
							2020	2019
							E	E
Value of investments							10,655,206	15,239,355
Cash							447,317	1,621,072
							11,102,523	16,860,427
Unquoted Investments
Cost at 1 September 2019			and 31 August			2020	25	25
Total investments for	group						11,102,548	16,860,452
Historical cost of UK quoted			investments		at 31 August		9,733,669	14,644,375
							2019	2018
CHARITY							6	E
Quoted Investments
Market value at 1 September 2019							15,239,355	15,038,787
Additions							5,064,002	1,063,470
Disposals							(9,709,444)	(1,'I 74,492)
Net realised investment	gains for the year						91'I,599	4,573
Net unrealised investment		(losses)/gains			for the year		850,306	307,017
Market value ofquoted	investments						10,655,206	15,239,355
Cash held in porffolio							447,317	1,621,072
Market value at 31August		2020					11,102,523	16,860,427
Investment Manager Fees		amounted		to	E47,370(2019:E57,504).
Market value of UK quoted			investments		at	31 August 2020 is analysed as follows:
							2020	2019
Value of investments							10,655,206	15,239,355
Cash							447,317	1,621,072
							11,102,523	16,860,427
Unquoted Investments
Cost at 31 August 2020:
Shares in subsidiary undertakings							102	102
Debenture loan to subsidiary			undertaking				155,000	155,000
							155,102	155,102
Total Investments for	Charity						11,257,625	17,015,529
Historical cost of UK qu	oted		investments		at 31 August		9,733,669	14,644,375

Details of	the split of investments held by the group	at the year end are as follows:-
		2020	2019
			f
UK Fixed	Interest	1,184,325	3,046,864
Overseas	Fixed Interest	152,180	402,329
Uk Equities		1,237,993	4,408,603
Global Equities		7,146,319	5,818,705
Alternative		527,731	1,155,356
Property		406,658	407,498
Cash		447,317	1,621,072
		11,102,523	18,860,427

England and Wal	es
Company		Shareholding		Activity		Capital S	Results for
						Reserves	the year
LWC Enterprises	Ltd	100%ordinary	shares	Hire of residential	and
Co Number 02142457				sports facilities		20,945	(28,288)
Stern Farms Ltd		100%ordinary	shares	Farming		455,644	66, 'I 97
Ca Number 01304753

18 STOCK
				2020			2019
			Group		Charity	Group		Charity
Finished goods	for resale					8,773
Arable farming	grain	in store and	203,744			211,133
in ground
			203,744			219,906

				2020		2019	2019	2019
			Group	Charity	Group			Charity
Due within one year:
Fees receivable			22,366	22,366	94,656			94,656
Trade debtors			10,731		43,021
Amounts owed	by group undertakings:
LWC Enterprises		Limited		9,201				91,095
Stern Farms Limited
Other debtors			139,728	126,720	96,458			75,675
Prepeyments			505,568	446,090	1,157,850			1,090,119
			678,393	604,377	1,391,985			1,351,545
20 INVESTMENTS HELD AS			CURRENT ASSETS
				2020		2019
			Group	Charity	Group			Charity
					f			f
Short term bond			3,000,000	3,000,000	2,750,000			2,750,000
21 CREDITORS - AMOUNTS			FALLING DUE WITHIN ONE YEAR
				2020		2019
			Group f	Charity f	Group f.			Charity f
Deposits by parents			44,000	44,000	35,000			35,000
Fees received	in advance		1,998,987	1,998,987	1,916,679	1,916,679
Trade creditors			584,407	556,985	908,878		797,497
Taxes and social		security	183,758	181,903	152,642		1	50,893
Other creditors			627,348	578,950	425,555		364,039
Deferred income			1,082	1,082	15,917			15,917
Hire Purchase	agreements		33,089	15,393	40,307		22,602
			3,472,671	3,377,300	3,494,976	3,302,627

						2020	2020	2020			2019
						Group f		Charity E		Group E		Charity E
Deposits by	parents					339,621		339,621		343,294		343,294
Fees received		in advance				152,614		152,614		211,490		211,490
Loan notes					15,000,000			15,000,000	15,000,000			15,000,000
Hire Purchase		agreements				55,866		38,059		68,883		53,453
					15,548,101			15,530,294	15,623,667			15,608,237
Hire purchase		agreements	are secured on the assets		to	which they	relate.
Fees in advance
Parents may		enter into a contract to pay the College			up to the equivalent of seven				years tuition		fees	in advance.
The money	may be returned			subject to certain conditions. Assuming				pupils will remain		at the	College, advance
fees will be applied as follows:
						2029				2019
						Group E		Charity f	Group E			Charity E
Due within one year					1,998,987			1,998,987	1,916,679			1,916,679
Due between		1 and 2 years				99,173		99,173		211,490		211,490
Due between		2 and 5 years				53,441		53,441
					2,151,601			2,151,601	2,128,169			2,128,169
						Group		Charity
Balance at 1	September 2019					2,128,169		2,128,169
Amount released to income			earned from charitable		(2,'f29,375)			(2,129,375)
activities
Amount deferred in the year						2,152,807		2,152,807
Balance at 31		August 2020				2,151,601		2,151,601
Loan notes
						2020				2019
				Group			Charity		Group			Charity
					E			E		E		E
Due within one year
Due between		1 and 2 years
Due between	2 and 5years			1,500,000			1,500,000		1,000,000			1,000,000
Due after more than 5years				13,500,000			13,500,000		14,000,000			14,000,000
				15,000,000			15,000,000		15,000,000			15,000,000

Future comm	itments		under hire purchase	agreements are as	follows:
					2020		2019
				Group f	Charity f	Group f	Charity f
Due within one year				33,089	15,393	40,307	22,602
Due between	1 and	2years		33,200	15,393	30,824	15,394
Due between	2 and	5years		22,666	22,666	35,773	35,773
Due after more than 5years						2,286	2,286
				88,955	53,452	109.190	76,055
23 FINANCIAL		INSTRUMENTS
					2020	2019
				Group f	Charity f	Group	Charity f
Investments	measured		at fair value
through profit	or loss			10,655,206	10,655,206	15,239,355	15,239,355

					2919
			Group	Charity f	Group f	Chartty f
Due	within one year		38,700		52,800
Due	between	1 and 5years	24,300		63,000
			63,0110		115,000

					2019
			Group	Charity f	Group	Charity f
Due	within one year			50,000	15,900	65,900
Due	between	1 and 5years		200,000		200,000
				250,000	15,900	265,900

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		At 1	Cash	At 31
		September	flows	August
		2019		2020
		f		8
Cash		804,596	5,681,955	6,486,551
Debt	due after one year:
Bank	loans	15,000,000		15,000,000
Total	net	14,195,404	5,681,955	8,513,449