##
|||||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|
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|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|||||
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|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|
##
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|
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|
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||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|AND|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|
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|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|
##
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|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|
##
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|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|
##
|||||2020||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||
##
|||||2020||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|
##
##
##
##