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2022-08-31-accounts

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

GOVERNORS’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

Charity Number: 1143359

Company Registered Number: 07724623 Registered in England

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

INDEX TO THE GOVERNORS’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

Page
Governors, Officers and Advisers 1 - 2
Governors’ Annual Report, including Strategic Report 3 - 18
Independent Auditor’s Report 19 - 21
Consolidated Statement of Financial Activities 2022 22
Consolidated Statement of Financial Activities 2021 23
Consolidated and Charitable Company Balance Sheets 24
Consolidated Cash Flow Statement 25
Charity Cash Flow Statement 26
Notes to the Financial Statements 27 - 51

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

GOVERNORS, DIRECTORS AND CHARITY TRUSTEES

The Governors of Lord Wandsworth College (“the College”) are the charity trustees under Charity Law and the directors of the charitable company. The members of the Governing Body who served in office as Governors during the year and subsequently and their committee memberships are detailed below:

R J Hannington (Chairman) - a), d), f) D W Watts (Vice Chairman) - f), i) A E Britton – c) C J Cazenove - c), e), f) S A Clements - b), e), f) R Elliot - a) L Fleming - b), c), f) N C Goulding - a), g), h) D Gowan - a), d), f), g), i) H Hammond - b), e) R Henshilwood – e) D Hertzell R G Janaway - a), d), i) A J Kennedy - b) J P Robinson – a), f) M S E Scoggins – c) (resigned 9 January 2023) G Tongue – d) (appointed 11 October 2022)

During the year the activities of the Governing Body were conducted through 6 committees noted on page 4, as well as through the Stern Farm Trustees.

GOVERNING BODY AND COLLEGE OFFICERS – KEY MANAGEMENT PERSONNEL

A J Williams, MA Headmaster B W Bennett Chief Operating Officer/Clerk to the Governors

OTHER KEY MANAGEMENT PERSONNEL

A J Battison Senior Deputy Head S L Badger, MA Deputy Head J J Davies (retired 31 August 2022) Deputy Head Robin Pyper Deputy Head P D German Director of Admissions and Marketing S Corfield Fundraising Director T Rimmer Head of Sixth Form

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LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

PRINCIPAL ADDRESS AND REGISTERED OFFICE

Lord Wandsworth College, Long Sutton, Hook, Hampshire, RG29 1TB

Advisers Investment Advisers Quilter Cheviot Limited Senator House 85 Queen Victoria Street London EC4V 4AB Bankers Lloyds Bank Plc 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 Limited Highfield Court, Tollgate Chandlers Ford Eastleigh Hampshire, SO53 3TY Auditors RSM UK Audit LLP Davidson House Forbury Square Reading Berkshire, RG1 3EU Insurance Brokers Marsh Limited Capital House 1-5 Perrymount Road Haywards Heath West Sussex, RH16 3SY

WEBSITE www.lordwandsworth.org

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LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

THE GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022

The members of the College Governing Body present their Annual Report for the year ended 31 August 2022 under the Charities Act 2011, including the Governors’ and Strategic Reports, under the Companies Act 2006, together with the audited financial statements for the year.

REFERENCE AND ADMINISTRATIVE INFORMATION

The College was founded in 1912, is constituted as a company limited by guarantee registered in England & Wales, No 07724623 and registered with the Charity Commission, No 1143359. Details of the members of the Governing Body, together with the College’s officers and principal advisers, are given on pages 1 and 2.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing documents

The College is organised and managed in accordance with the Articles of Association incorporated on 1 August 2011.

GOVERNING BODY

The Governors, who are also the Directors and Charity Trustees are legally responsible for the overall management and control of the College, normally meet three times a year. The work of detailed formulation and implementation of most of their policies is carried out by members of the Finance Committee, who meet approximately two weeks before each meeting of the Governing Body, and by other executive subcommittees. The Chairman of Governors is a member of the Finance Committee.

The Governing Body is self-appointing, with members appointed initially for five years in accordance with AGBIS guidelines, and subject to re-appointment every three years thereafter. The Governors receive no remuneration or other benefit from their role with the College. Any matters involving connections between Governors and College staff or beneficiaries, or indeed any interests, such as contractual relationships with a related party, must be disclosed to the full Board and registered.

RECRUITMENT AND TRAINING OF GOVERNORS

New Governors are comprehensively inducted into the workings of the College, including Governing Body policy and procedures, at an induction workshop organised for them by the Head and Clerk to the Governors. The new Governors also attend specialist external courses, including training on the role and responsibilities of trustees. Governors attend external trustee training and information courses designed to keep them informed and updated on current issues in the sector and on regulatory requirements. They also benefit from in-house training opportunities, spending time with staff and pupils and meetings with the Headmaster.

Organisation and Leadership

The members of the Governing Body, as the charity trustees, are legally responsible for the overall management and control of the College. The work of implementing their policies is carried out by eight subcommittees, (the Finance Committee is assisted by Enterprise Directors and Pensions Trustees who convene separately):

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LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

THE GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022 (Continued)

The day to day running of the College is delegated to the Headmaster, Mr Adam Williams, and the Chief Operating Officer (COO), Mr Barry Bennett (who also served as Clerk to the Governing Body), supported by the Senior Leadership Team.

Employment

The College is an equal opportunities employer. Consultation with employees, or their representatives, has continued at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests. Employees are made aware of the financial and economic performance of the College. Communication with employees continues through normal management channels in a variety of forms and also to apprise staff of current issues. Remuneration is set by the Board, with the objective of enhanced performance and of rewarding fairly and responsibly our employees’ contribution to College success.

Disabilities

The College encourages applications from disabled persons, makes adjustments to application and interview processes and supports staff who become disabled through the course of their employment via reasonable workplace adjustments and access to continuous professional development and training.

INVESTMENT POLICY AND OBJECTIVES

The College’s investment objectives are focused upon supporting the College’s Charitable Objects. This involves emphasis upon current and future needs by: maintaining (at least) the value of the investments in real terms; producing a consistent and sustainable amount to support expenditure; and, delivering these objectives within acceptable levels of risk. Specific investment objectives are set for the Endowment Fund, Foundationers’ Fund, Capital Fund, and for the College’s surplus liquidity. The income from the Foundationers’ Fund helps finance grant-making activities to Foundationers. The investment strategy and associated distribution policy are reviewed annually by The Finance Committee. Investments are only those considered suitable for a charity, including in respect of social, environmental or ethical considerations and the external investment managers provide reports on a quarterly basis for review by The Finance Committee.

OBJECTS, ACTIVITIES AND PUBLIC BENEFIT

Charitable Objects

The Charitable Objects are the advancement of education by maintaining and conducting a boarding and day school or schools for boys and girls for their primary and secondary education with preference for children who have lost one or both parents. This includes awarding scholarships and prizes based on assessed merit; and, providing bursaries on the grounds of means-tested financial need.

College Mission

Lord Wandsworth College is a socially inclusive, non-denominational boarding and day foundation school for boys and girls. It focusses on the needs of each individual, while developing in each child a concern for others and a loyalty towards the College community. It ensures that each pupil shapes their values and aspirations within a stimulating and supportive environment and strives constantly to improve the quality of teaching and learning.

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LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

THE GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022

(Continued)

Intended Impact (of the College Mission)

The vision of the College is create inwardly self-confident and outwardly modest, curious and passionate young individuals who are ambitious to go and make a positive difference in the world.

Primary Objectives

The focus has continued to be the advancement of education in a boarding and day school for pupils aged 11-18, with foundation support for children who have lost the support of one or both parents. The College strives: to deliver the best possible academic outcomes for pupils; engage with the wider community; to promote the College’s distinctive boarding ethos; to continue to develop Public Benefit through, for example, access to education and facilities; and, to develop the involvement of pupils in co-curricular activities. In doing so, the College has developed a Strategic Vision, which reinforces its approach to promoting boarding, developing character education, extending pupil voice and focusing upon improved standards of teaching and learning, and the associated facilities. To fulfil these aims, the College is striving to:

Principal Activity

The College’s principal activity, as specified in the Memorandum of Association, is the advancement of education and, in this, the College has again had a successful year. The College provides secondary education to boys and girls aged 11-18 years, both boarding and day. In September 2021 there were 662 pupils at the College of whom 54% (2021: 51%) board in some capacity, 41% (2021: 39%) were girls and 4% (2021: 7%) were from overseas. Waiting lists exist, thus providing a measure of confidence that the College can continue to operate at full capacity for the foreseeable future. This success is a result of the resolve to maintain the high standards for which the College is known and an ever increasing reputation.

LWC has two subsidiaries, which both gift aid their profits to the College.

Stern Farms Ltd

The principle activity of the Company is that of arable farming. The farm not only continues to make a profit, which is gift aided back to the College, but provides live interaction for the pupils, particularly in science (modern farming techniques), sustainability and business studies.

LWC Enterprises Ltd

The principal activity of the Company is that of hiring out residential and sports facilities. This not only ensures that the assets are used to their maximum outside of curriculum time, it also exposes the College to a wider cohort of the local population. LWC Enterprises also plays a key role in allowing the local community to use the facilities thus widening its role as a charity and being a full part of the community.

Public Benefit

The Governors give careful consideration to the Charity Commission’s guidance on Public Benefit. The Governors are content that the Charitable Objects are being followed and that significant Public Benefit is being achieved by the College. The College remains committed to the aim of providing Public Benefit in accordance with its founding principles and the disclosure of its Public Benefit aims. The Governors have complied with the duty in section 17 of the Charities Act 2011.

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LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

THE GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022 (Continued)

Scholarships

This year the value of scholarships and prizes awarded to pupils amounted to £374,243 (2021: £490,705). Scholarships are awarded on the basis of merit and selection is by examination, interviews and assessments in each individual field: academic, sport, performing arts, art, design & technology and all-round awards. The College has decided that in future years spending on scholarships will be reduced to allow more support to be given through means-tested bursary awards (whilst keeping the combined spend broadly similar as a proportion of the College's overall income).

Foundation Bursaries

The awarding of bursaries for ‘those disadvantaged by a loss of support’ is a measurable means of providing Public Benefit. Bursaries are awarded to Foundationers in accordance with the Objects, specifically selection criteria that focus upon:

Priority is given to children who have lost a parent through death and meet the above criteria to the fullest extent. This year the College supported 50 Foundationers at a cost of £1,115,506 (2021: £878,864). These pupils are from diverse backgrounds; some have been bereaved, some have parents with significant health problems and are carers themselves; others are living in kinship care with members of their extended family. Several have been witness to or have survived domestic abuse or violence. The College works with a wide range of partners who make referrals and it continues to offer means-tested support.

Community Outreach Activities

In addition to providing means-tested bursaries for Foundation pupils, the College provides Public Benefit through an extensive range of additional activities in accordance with the Objects. Examples of the types of benefit accessible to the wider community are: helping to train teachers; the commitment of teaching staff as external and chief examiners; providing facilities to local schools/community groups, and supporting local schools by working on governing bodies. Our leading musicians perform with county-level orchestras and various external groups have been supported by the loan of specialist material, such as instruments from the Music Department. In addition several have performed in local Residential Care Homes.

Pupils have been engaging in a number of projects within the local community, such as visiting support offered at a number of Care Homes, helping out in the Long Sutton community, and conservation work with the Amphibian and Reptile Society. In addition, English classes have been held to support local Ukrainian refugees.

As well as providing College resources and facilities, many national and local charities have been supported including of late the food banks at Alton and Basingstoke, Miller's Ark, UNICEF Children in Yemen, Mary's Meals, Wear it Pink, Movember, Macmillan Coffee Morning, Just Like Us, akt, Mind Out, Robbie's Rally, the school charities of the year, Reach and The Lily Foundation. Pupils' awareness of and compassion for those in need was evident in their boarding houses. The College’s annual participation in the Devizes to Westminster canoe race raised over £4k for Prostate Cancer UK whilst a one-off 12 hour non-stop football match raised just under £7k for the British Red Cross Appeal for the Ukraine.

Volunteering

Volunteers help the College to achieve its objectives in many areas including the Duke of Edinburgh Award Scheme, the Combined Cadet Force, sport and the Friends of Lord Wandsworth College, which organises fundraising and social events during the year. The Governors express their thanks and appreciation for this work in the furtherance of the Objects, and they are, of course, volunteers themselves in their governance of these.

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LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

THE GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022 (Continued)

Provision of Facilities and Expertise

The College is renowned for some of the best facilities in the local area and these are made available to a wide range of users either commercially or, in some cases, free-of-charge, for the advancement of sport, education, health and development. Long Sutton Primary School use various facilities free-of-charge, including a weekly slot in the swimming pool.

The College pool is also used by various swim and diving schools, and by four local swimming clubs (Farnham, Hart, Rushmoor and Reading Royals). In addition, the Dive Ability charity use the pool for teaching disabled people to dive. Hampshire Hockey and Hampshire Cricket Board regularly use a range of facilities for their junior development teams. Two local junior football clubs, Hartley Wintney and Manor Colts, along with Alton Hockey Club, all make use of the astro and football pitches, while four local cricket clubs (Odiham & Greywell, Alton, Hartley Wintney, and Tilford) use the wide-ranging cricket facilities. Also, two local running clubs, Hart and Sandhurst, stage cross-country events in the woodland and surrounding landscape.

The College is planning to renew the Long Sutton Parish Council’s lease on the field behind the primary school, providing the village with a recreation ground and Odiham & Greywell Cricket Club with a second ground. Staff are also involved in the coaching and administration of boys and girls at a range of local cricket clubs, notably Odiham & Greywell CC, as well as Alton Hockey club.

STRATEGIC REPORT

Achievements and Performance

This year sees the return to external exams after two years of internal grading. JCQ confirmation of changes to the content and structure of the exams in response to the impact of Covid on the exam cohorts was finalised in February, although the allowances were of variable value to subjects. Recognising the challenge for both GCSE and A-Level pupils, whose two-year courses were affected by two lockdowns in the first year, as well as by lockdown-imposed changes to their assessment schedule, the College added supplementary in-hall assessment periods to give pupils practice at both exam technique and content recall, but also at sitting exams. The U6 cohort missed their GCSEs because of lockdown, so had limited experience of ‘real’ public exams. After two years of producing grades that reflect pupils’ progress and achievement, schools returned to external grading.

At A Level, 34% of grades were at A/A, up from 25% in 2019, with 13 pupils achieving straight As and As. Some 65% of leavers went to their first-choice university in a difficult year for university admissions. Cumulative A*-B was 68%, a significant improvement on 2019 (56.6%). Departments that performed particularly well included Chemistry, French, Geography and Maths, with strong showings from the EPQ and Music Tech at AS Level.

At GCSE, results improved against the 2019 ‘benchmark’. 88% achieved the 9-5 grades. 2 pupils achieved straight 9s, and three further pupils scored at least 8 grade 9s. 20 pupils achieved straight 9 to 7 grades. Whilst many departments performed admirably, of particular note at GCSE were the successes in the larger departments of Art, Computer Science, Drama, English and Music.

At Key Stage 3, the College’s First and Second-Form pupils continue to respond positively to the restructured curriculum, with greater emphasis on subject-specific skills taught through topic-specific content. The new slimmed-down curriculum in 3[rd] Form has been a significant success, with pupils, parents and teachers responding positively to the additional learning hours and to the restructured topic content.

The College continues to focus on A[2] RH to guide and support the academic curriculum and was delighted to be shortlisted for the Independent Schools of the Year 2022 Awards in the Innovation Award for an Outstanding New Initiative category as well as Careers Programme -awaiting a final decision in the autumn.

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LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

THE GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022 (Continued)

Spiritual, Moral, Social and Cultural education

This is embedded into school life and linked to school and house assemblies, tutor periods as well as Parental Engagement talks, which look to support parents in their role as 'character coaches' for their children. Pupils are encouraged to lead lectures and talks. The College’s Anti-Racism, Pride, Gender Equality and LWC Champions (for neurodiverse pupils) Committees lead discussions on discrimination, joining staff briefings. Working in close collaboration with Thoughtbox, the Personal, Social, Health and Economic Education (PSHEE) spiral curriculum covered a wide variety of topics such as Anti-racism, Democracy, First Aid, Economics, My Sense of Self, Relationships and Sex Education (RSE) and Online safety. A Parental Working Party was created with parents from a wide variety of year groups and experience to look at the delivery of RSE and parental engagement talks. A newly updated RSE and PSHEE policy is available on the College website.

Sport

Following Covid, sport was back with celebratory vigour. During the winter term both boys’ rugby and girls hockey saw much success. The U16 A team were Hampshire County Champions with the Boys U16 B’s reaching the County Plate final. The girls had their best season ever with the U16s winning the National T3 competition at Beeston HC after becoming county and regional champions. The Netball 1[st] Team finished on a 60% win ratio.

During the winter term our football provision continues to grow and achieve some success. Healthy numbers are sustained by our Chelsea FC connection and has seen them play regular competitive football. Girls football will be introduced fully in the new academic year 2022/23.

Our school athletes were, once again, very competitive this year. At the District Champs our four teams achieved 2nd, 7th, 2nd and 3rd place. A record number (24) of our athletes as a result were selected to represent the District at the School County Championships , doubling last year’s selection. The College hosted numerous school friendlies for local schools as well as the Hampshire track knock out.

Cricket has seen participation levels reach a record high, particularly within girls' cricket which has an exciting future ahead following a sustained period of focus. Memorable moments of the campaign include the U14's and 15's boys reaching county cup finals. The Girls 1st XI reached the last 16 of the inaugural national 'Hundred' competition.

CCF

Following Covid, the CCF have been able to return to a full range of activities and camps this year. The CCF has run three overnight exercises: in the LWC copse, at Pirbright and at Bramley Training Areas. In addition, the Unit has run two successful Adventure Training Camps in Snowdonia and the Lakes and Dales. In addition the RAF went to RAF Valley on Anglesey where they had great exposure to the jets of the RAF and the helicopters of the Royal Navy. The Army went to Crowborough Camp in Sussex where after a very busy and successful week, the LWC Contingent won the Brigade Competition.

In addition to this success, the CCF had an air cadet who attended the Air Cadet Leadership Course at Cranwell and also cadets who attended the selective National Air and Space Camp in the Summer. The same cadet has also been selected to be the Lord Lieutenant’s Cadet for 2022-23.

In October the Cadet Force received their first set of Banners in a spectacular Banner parade, presided over by the Lord Lieutenant of Hampshire, which involved a Chinook helicopter, the Pipes of 19 Regiment Royal Artillery and a display of helicopter flying by two Gazelles.

The CCF continue to work closely in a successful partnership with cadets from the Costello School in Basingstoke and numbers of new recruits from both schools are growing rapidly. This year, 2022-23, the Cadet Force is the largest that it has been in recent times. This partnership benefits both schools in equal measure.

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LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

THE GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022 (Continued)

Music

Music is central to life at LWC, and, co-curricularly, the Music Department's focus during 2021-22 was primarily on two things: reinvigorating music ensembles and the musical experiences and reinstating live events. The former saw the successful ensembles led by the excellent team of peripatetic music staff.

The Music Department continues to foster links with local communities. The GCSE musicians performed the annual Lunchtime Concert at the Spire Church in Farnham, and the College has taken performances into local care homes; a hugely positive experience. Several students have been selected for the Hampshire Youth Orchestra and the Basingstoke Orchestra.

Drama

In Performing Arts, the College continues to promote exciting and engaging productions throughout the year, allowing for students across all year groups to participate. The ‘Nadine Uppall Theatre’ has been an exciting new studio theatre space that students and staff have been able to really enjoy this year. The grand opening last September, featured performances from the students, as well as the official opening led by famous actor Julian Sands, who is also a Sternian (former pupil) of the college.

Student voice still remains at the forefront of the academic and co-curricular programme by embedding studentled events and workshops. Outside of the classroom, the Drama department, presented the Mid-Senior production of ’we will rock you the musical’ which was a significant achievement for the students, having continued to tackle elements surrounding the pandemic. It was fantastic to see another musical production at LWC. Mid-year students performed “A Midsummer Night’s Dream” at The Haymarket Theatre in Basingstoke, as part of the Coram Shakespeare festival. As ever, LAMDA lessons continue to be a popular co-curricular activity for pupils with the largest number of participants to date. Grades continue to exceed expectations.

St Neot’s Collaboration

On 19 April 2021 the College entered into a formal collaboration with St Neot’s Preparatory School, Eversley. Since then St Neot’s has gone from strength to strength.

Since September 2021 a number of key evolutions have taken place notably:

Many regular operational exchanges are starting to take place, which are being seen as mutually beneficial to both educational establishments. The College does not exercise a controlling interest.

Investment performance

At the year-end, the Group’s investments totalled £9.9m (2021: £12.8m). £2m was drawn down from the Capital Fund in preparation for future capital expenditure. The Governors keep the level of income withdrawn or reinvested under review to balance the needs and interests of current and future beneficiaries of the College’s activities. This year the Finance Committee took the decision to consolidate funds under one investment company. The Governors are satisfied with the performance of the investments (noting they have been affected by the current economic crisis) and with the external manager of these investments.

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LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

THE GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022 (Continued)

Fundraising performance

Fundraising continued for The Foundation and “Aspirations”, which focussed on the new Science Centre this year. Donations from individuals for the Foundation continued but were lower than previous years. The longerlasting impact from Covid, and the subsequent energy price increases and their bearing on the cost of living etc. have all contributed. Legacy income was gratefully received amounting to £9,910 (2021: £12,170).

Regular Giving campaigns began in the summer term to encourage new donors. The College was able to secure a couple of significant pledges of support for the coming years (totalling £366,000 over the next 7 years). This year saw donations received from individuals and legacies totalling £186,885 (2021: £402,204). Therefore, raised income (including pledges) totalled £548,433.

Income from Trusts and Foundations increased this year by 18%. The College received grants towards fees of £272,926 (2021: £231,079) and towards extras (including uniform, sports equipment, educational trips, musical instrument tuition and other co-curricular activities) from the following trusts and charities: Achieving for Children; Andy Fanshawe Charitable Trust; Armed Forces Education Trust; BMTA Trust Limited; The Brewers Company; British Orthopaedic Association; Buttle UK; Eleanor Hamilton Educational Trust; Emmott Foundation; Fashion and Textile Children’s Trust; The Hale Trust; Hampshire and Isle of Wight Community Foundation; Mr Samuel Whitbread’s Trusts; The NFL Trust; Reeds Foundation; Royal National Children’s Springboard Foundation; The Royal Pinner School Foundation; the Sternians Trust Fund; Tantum Trust and Thornton-Smith and Plevins Trust. We also received some means tested contributions from parents/guardians.

The College also works in partnership with numerous other charities who help support our Foundationers or refer families to the Foundation: Action for Carers; Army Families Federation; Army Widows’ Association; Child Bereavement UK; Childhood Bereavement Network; Childhood Poverty Action Group; The Compassionate Friends; Cruse Bereavement Support; Bereavement Care; Daisy’s Dream; DrugFAM; Eastside Young Leaders’ Academy; Family Action; Gingerbread; Grandparents Plus; Hope in Tottenham; Jigsaw South East; London Youth; Mind; Nacoa; SANE; SeeSaw; Simon Says; Southside Young Leaders’ Academy; Survivors of Bereavement by Suicide; Taking Action on Addiction; WAY Widowed and Young; and Winston’s Wish.

Overall £459,811 has been received this year (2021: £633,283). The College is immensely grateful to all donors, past and present who make its various charitable activities possible.

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LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS

(COMPANY LIMITED BY GUARANTEE)

THE GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022 (Continued)

Section 172 Statement

The Governors have complied with section 172 of the Companies Act 2006 as follows:

The Governors understand the importance of maintaining excellent relationships with all the College’s stakeholders in order to fulfil the primary objective of delivering the best possible education it can for all its pupils. The College has established a Strategic Vision to fulfil this, and its other objectives, as noted under ‘Objects, Activities and Public Benefit’.

Governing Body Committees

The Governing Body comprises several committees as noted on page 1, which undertake to concentrate on specific areas of the organisation in order to achieve the best possible outcome for the College.

Long term decisions

The committees make decisions with the Strategic Vision in mind at all times which are ratified at the full Governing Body meetings.

Employees

Employee welfare is of great importance to the Governing Body, who recognise its importance to the successful running of the College on a daily basis. Where possible staff are able to work flexibly, and they are encouraged to undertake training courses in order for them to grow and develop. Meals are provided during term-time, sports facilities are made available and there is access to the School Counsellor if required. The board receives regular updates on staff well-being, health and safety, and safeguarding.

Relationships with parents, donors and suppliers

The board recognises the importance of maintaining excellent relations with parents, and together with the Headmaster, the Senior Leadership Team, and other staff, endeavours to ensure that the parents are given the most positive experience possible by giving the best possible all-round education to their children, together with regular parents’ meetings, communications on a weekly basis, invitations to sports fixtures, and other events such as musical, and theatrical evenings.

The Fundraising Committee and the fundraising staff have regular contact with donors including regular updates and invitations to events. The board understands the importance of engaging and maintaining productive relationships with suppliers in order to achieve the smooth running of the College.

Principal Risks and Uncertainties

The principal risk this year has been the ongoing economic crisis.

The risk register has been re-written with particular attention to the financial aspects of the College. It continues to be regularly monitored by the Governors. The current key risks are as follows:

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LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

THE GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022 (Continued)

The Governors consider the economic circumstances of recent years and the impact upon the affordability of fees across the independent sector to be one of the main risks faced by the College. The College is currently full, but there is no room for complacency. In addition in consultation with the teaching staff, the Governors decided to come out of the Government backed Teachers Pension Scheme from 1 September 2022. Moving to a Direct Contribution Scheme gives the College greater fiscal control.

Safeguarding, Child Protection and Health and Safety remain significant areas for risk management. The risks range from ensuring proper control of off-site activities, compliance with statutory requirements (e.g.fire), vehicle/pedestrian interfaces, College closure due to snow and physical abuse of pupils or staff.

HR risks are monitored closely and mitigated by a range of measures including comprehensive policies and, recruitment, compliance and remuneration strategies.

The level and breadth of activity at the College is impressive and the risks associated with all activities are minimised by thorough effective planning and risk assessment.

Benchmarking and KPIs

Benchmarking with like schools is frequent, detailed and scrutinised robustly. The Board regularly reviews benchmarking and key performance indicators such as pupil numbers, % fee remissions, remuneration, investment performance and an operating surplus % based on earnings after interest cost but before depreciation and tax.

FINANCIAL REVIEW

Following the previously reported arrangement of the £15m 3.36% long-term private placement, the College has moved forward with delivering its development vision and plans. This approach provides the basis and confidence for proceeding with various campus development plans.

Results for the year

The group’s net income for the year after gains/(losses) on investments amounted to £1,128,982 (2021: £4,823,392). In addition to the group’s results a distribution to the College of £147,026 was achieved by Stern Farms Ltd and will be paid during 2022-23 (during 2020-21 a distribution of £34,835 was made in respect of 2019-20). Gift Aid from LWC Enterprises Ltd amounted to £86,529 (2021: £3,019).

Reserves Level Policy

The College’s reserves policy is to maintain sufficient unrestricted income reserves to enable it to meet its shortterm financial obligations in the event of an unexpected revenue shortfall and to rely on the readily realisable investments as adequate cover for the College’s longer-term capital expenditure commitments and any longerterm financial obligations. The Group’s total reserves of £43m (2021: £41.9m) at the year-end included £11.2m (2021: £11.2m) endowment capital, £4.7m unspent restricted income (2021: £5m) and £27.1m (2021: £25.7m) unrestricted income after taking account of the £1,187k pension asset (2021: £905k asset). £15.9m (2021: £14.6m) of this represented the net book value of fixed assets less associated internal funding arrangements, leaving free reserves of £11,225,661 (2021: £11,160,117) for the group and £10,881,119 (2021: £11,044,806) for the College at the year-end.

Capital Expenditure

The Board's commitment to maintaining the College's excellence has been reinforced by the capital programme. Expenditure on capital projects during the year amounted to £2.5m (2021: £6.1m). The extensive range of capital projects this year has included the opening of the new 13 lab science centre, the refurbishment of the old science centre from labs to classrooms, library and Junior House Hub, ongoing refurbishment of the boarding houses, and the redevelopment of the Nadine Uppal Theatre. The major ongoing capital project is conversion of the old library into a contemporary Sixth Form Centre, which will be completed shortly. In addition a robust sustainability plan is being finalised for delivery.

FUTURE PLANS

The College’s current Strategic Plan is subject to ongoing development and regular review by the Governors. Strategy 2030 is reaching completion and sees ambitious growth in numbers and output against a strong financial plan which supports further capital investment, increased numbers of staff and recognition of recruiting and maintaining talent.

12

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

THE GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022 (Continued)

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

The members of the Governing Body (who are also the directors of the College for the purposes of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company Law requires the Governing Body to prepare financial statements for each financial year. Under Company Law, the Governing Body members 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 group for that period. In preparing these financial statements, the Governing Body members were required to:

The members of the Governing Body are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding College assets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AUDITOR

The auditor, RSM UK Audit LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

RELEVANT AUDIT INFORMATION

In so far as each of the Directors, as members of the Governing Body, at the date of approval of this report, is aware there is no relevant audit information (information needed by the Company’s auditor in connection with preparing the audit report) of which the Company’s auditor is unaware. Each member of the Governing Body has taken all the steps that he or she should have taken as a member of the Governing Body in order to make himself or herself aware of the relevant audit information and to establish that the Company’s auditor is aware of that information.

13

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

THE GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022 (Continued)

CARBON REPORT

Streamlined Energy & Carbon Reporting

This report summarises our energy usage, associated emissions, energy efficiency actions and energy performance under the government policy Streamlined Energy & Carbon Reporting (SECR), as implemented by the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

It also summarises, in the appendix, the methodologies utilised for all calculations related to the elements reported under Energy & Carbon.

A total of 1% of consumption data used for SECR has been required to be estimated to achieve 100% data coverage.

Year 3

Lord Wandsworth College’s scope 1 and 3 direct emissions (combustion of natural gas and transportation fuels) for this year of reporting are 1,031 tCO2e, resulting from the direct combustion of 5,842,091 kWh of fuel. This represents a carbon increase of 18.51% from last year.

Scope 2 indirect emissions (purchased electricity) for this year of reporting are 270.76 tCO2e, resulting from the consumption of 1,400,153kWh of electricity purchased and consumed in day-to-day business operations. This represents a carbon reduction of 7.30% from last year.

Our operations have an intensity metric of 1.98 tCO2e per pupil for this reporting year.

This represents an increase in operational carbon intensity of 9.35% from our previous reporting year.

14

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

THE GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022

(Continued)

CARBON REPORT (Continued)

Consumption (kWh) and Greenhouse Gas emissions (tCO2e) Totals

The following figures show the consumption and associated emissions for this reporting year for our operations, with figures from the previous reporting period included for comparison.

Scope 1 consumption and emissions relate to direct combustion of natural gas, and fuels utilised for transportation operations, such as company vehicle fleets.

Scope 2 consumption and emissions relate to indirect emissions relating to the consumption of purchased electricity in day-to-day business operations.

Scope 3 consumption and emissions relate to emissions resulting from sources not directly owned by us. This relates to grey fleet (business travel undertaken in employee-owned vehicles) only.

Totals

The total consumption (kWh) figures for reportable energy supplies are as follows:

Utility and Scope 2021/22 Consumption
(kWh)		 2020/21 Consumption
(kWh)
Grid-Supplied Electricity
(Scope 2)
1,400,153
1,375,539
Gaseous and other fuels
(Scope 1)
5,450,007
4,446,970
Transportation
(Scope 1)
386,272
419,201
Transportation
(Scope 3)
5,811
5,304
Total
7,242,244
6,247,014

The total emission (tCO2e) figures for reportable energy supplies are as follows. Conversion factors utilised in these calculations are detailed in the appendix:

Utility and Scope 2021/22 Consumption
(tCO2e)		 2020/21 Consumption
(tCO2e)
Grid-Supplied Electricity
(Scope 2)
270.76
292.07
Gaseous and other fuels
(Scope 1)
934.93
766.25
Transportation
(Scope 1)
94.73
102.50
Transportation
(Scope 3)
1.34
1.23
Total
1,301.76
1,162.05

15

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS

(COMPANY LIMITED BY GUARANTEE)

THE GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022 (Continued)

CARBON REPORT (Continued)

Intensity Metric

An intensity metric of tCO2e per pupil has been applied for the annual total emissions of Lord Wandsworth College. In addition, an intensity metric of tCO2e per pupil has also been applied to the annual total emissions of LWC & LWCE only. An intensity metric of tCO2e per hectare has been applied to the annual total emissions of Stern Farms. The methodology of the intensity metric calculations is detailed in the appendix, and results of this analysis is as follows:

Intensity Metric 2021/22 Intensity Metric 2020/21 Intensity Metric
tCO2e per pupil
1.98
1.81
LWC& LWCE - tCO2e per pupil
1.91
1.73
Stern Farms - tCO2e per hectare
0.13
0.14

Lord Wandsworth College is comprised of three entities, LWC, LWCE Enterprises, and Stern Farms. The consumption and emission figures are shown below:

LWC & LWCE Combined

Utility and Scope 2021/22 Consumption
(kWh)		 2020/21 Consumption
(kWh)
Grid-Supplied Electricity
(Scope 2)
1,391,946
1,351,885
Gaseous and other fuels
(Scope 1)
5,290,277
4,446,970
Transportation
(Scope 1)
380,158
252,951
Transportation
(Scope 3)
5,811
5,304
Total
7,068,192
6,057,110
Utility and Scope 2021/22 Consumption
(tCO2e)		 2020/21 Consumption
(tCO2e)
Grid-Supplied Electricity
(Scope 2)
269.17
287.05
Gaseous and other fuels
(Scope 1)
893.91
766.25
Transportation
(Scope 1)
93.26
59.91
Transportation
(Scope 3)
1.34
1.23
Total
1,257.69
1114.44

16

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS

(COMPANY LIMITED BY GUARANTEE)

THE GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022 (Continued)

CARBON REPORT (Continued)

Stern Farms

Utility and Scope 2021/22 Consumption
(kWh)		 2020/21 Consumption
(kWh)
Grid-Supplied Electricity
(Scope 2)
8,207
22,970
Gaseous and other fuels
(Scope 1)
159,730
-
Transportation
(Scope 1)
6,115
166,250
Total
174,052
189,220
Utility and Scope 2021/22 Consumption
(tCO2e)		 2020/21Consumption
(tCO2e)
Grid-Supplied Electricity
(Scope 2)
1.59
4.88
Gaseous and other fuels
(Scope 1)
41.02
-
Transportation
(Scope 1)
1.47
42.59
Total
44.07
47.47

Energy Efficiency Improvements

We are committed to year on year improvements in their operational energy efficiency. As such, a register of energy efficiency measures available to us has been compiled, with a view to implementing these measures in the next 5 years.

Measures ongoing and undertaken throughout 2021/22:

  1. Replacing petrol machinery with electric.

  2. Increased insulation in various buildings by adding insulation.

  3. Program of front door replacements for domestic dwellings.

  4. Installation of LED lighting in boarding houses.

Measures prioritised for implementation in 2022/23:

Investment in solar panels on south facing roof surfaces.

17

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

THE GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022 (Continued)

CARBON REPORT (Continued)

Appendix

Reporting Methodology

Scope 1, 2 and 3 consumption and CO2e emissions data has been calculated in line with the 2019 UK Government environmental reporting guidance. Emissions Factor Database 2022 version 1 has been used, utilising the published kWh gross calorific value (CV) and kgCO2e emissions factors relevant for reporting period 01/09/2021 – 31/08/2022.

Estimations undertaken to cover missing billing periods for properties directly invoiced to Lord Wandsworth College were calculated on a kWh/day pro-rata basis at meter level. These estimations equated to 1% of reported consumption.

For properties where Lord Wandsworth College is indirectly responsible for utilities (i.e. via a landlord or service charge), an average consumption for properties with similar operations was calculated at meter level and applied to the properties with no available data.

These full year estimations were applied to one electricity supply and one gas supply.

Intensity metrics have been calculated using total tCO2e figures and the selected performance indicator agreed with Lord Wandsworth College for the relevant period:

Previous period metrics (1/9/20 – 31/8/21)

Approved by the Governing Body of Lord Wandsworth College, including, in their capacity as company directors, approving the Directors’ and Strategic Reports contained therein, and signed on its behalf by:

Robert Hannington

Chairman of Governing Body

Date

18

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITOR’S REPORT TO THE GOVERNORS OF LORD WANDSWORTH COLLEGE

Opinion

We have audited the financial statements of Lord Wandsworth College (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 August 2022 which comprise the Group Statement of Financial Activities, the Group and Charity Balance Sheets, the Group and Charity Cash Flow Statements and notes to the financial statements, including 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:

Basis for opinion

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 concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees 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 Governors’ Report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained in the Governors’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

19

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITOR’S REPORT TO THE GOVERNORS OF LORD WANDSWORTH COLLEGE (Continued)

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 of the audit, we have not identified material misstatements in the Directors’ Report or the Strategic Report included within the Governors’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Governors’ responsibilities set out on page 17, the governors (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 governors 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 governors 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 governors 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

Our 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 accordance 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.

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 to 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 accordance 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:

20

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITOR’S REPORT TO THE GOVERNORS OF LORD WANDSWORTH COLLEGE (Continued)

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 102), Companies Act 2006, Charities Act 2011, the parent charitable company’s governing document, tax legislation and Charities (Protection and Social Investment) Act 2016. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ 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/external 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 GDPR). We performed audit procedures to inquire of management and those charged with governance whether the charitable company is in compliance with these law and regulations and inspected correspondence with regulatory authorities.

The audit engagement team identified the risk of management override of controls and income recognition as the area where the financial statements were most susceptible to material misstatement due to fraud. 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, challenging judgments and estimates. Additionally the audit team tested the completeness of donations by reviewing minutes and post year end bank receipts and they substantively tested the income recorded around the year end.

A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 auditor’s 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.

Kerry Gallagher (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor and Chartered Accountant

Davidson House Forbury Square Reading Berkshire, RG1 3EU

Date

21

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTS) FOR THE YEAR ENDED 31 AUGUST 2022

Notes
Income and endowments from:
Charitable activities
School fees receivable
4
Ancillary trading income
5
Other trading activities
Non-ancillary trading activities
6
Other activities
7
Investments
Investment income
8
Bank and other interest
Voluntary sources
Donations and legacies
9
Total income
Expenditure on:
Raising funds
Non-ancillary trading
Financing costs
Investment management
Fundraising and development
Total deductible costs
Charitable activities
Education and grant making
Total expenditure
10
(Losses) on investments
17
Net income for the year
Pension scheme actuarial gains
12
Net movement in funds for the
year before transfers
Funds expended
25
Transfers between funds
25
Net movement in funds for the
year
Funds brought forward
25
Funds carried forward
25		 Unrestricted
Funds
£
Restricted
Funds
£
Permanent
Endowment
Funds
£
16,903,713
-
-
385,639
-
-
760,225
-
-
72,253
-
-
190,115
80,008
-
87,748
-
-
55,613
131,052
-		 Total
Funds
2022
£
16,903,713
385,639
760,225
72,253
270,123
87,748
186,665
18,455,306
211,060
-		 18,666,366
357,549
-
-
533,105
-
-
30,368
-
-
205,078
-
-		 357,549
533,105
30,368
205,078
1,126,100
-
-
15,301,586
24,338
-		 1,126,100
15,325,924
16,427,686
24,338
-		 16,452,024
(668,105)
(341,500)
(75,755)		 (1,085,360)
1,359,515
(154,778)
(75,755)
117,000
-
-		 1,128,982
117,000
1,476,515
(154,778)
(75,755)
-
(129,988)
-
(68,368)
-
68,368		 1,245,982
(129,988)
-
1,408,147
(284,766)
(7,387)
25,730,545
5,014,283
11,174,826		 1,115,994
41,919,654
27,138,692
4,729,517
11,167,439		 43,035,648

The Statement of Financial Activities has been prepared on the basis that all operations are continuing.

There are no other recognised gains or losses other than those passing through the Statement of Financial Activities.

22

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTS) FOR THE YEAR ENDED 31 AUGUST 2021

Notes
Income and endowments from:
Charitable activities
School fees receivable
4
Ancillary trading income
5
Other trading activities
Non-ancillary trading activities
6
Other activities
7
Investments
Investment income
8
Bank and other interest
Voluntary sources
Donations and legacies
9
Total income
Expenditure on:
Raising funds
Non-ancillary trading
Financing costs
Investment management
Fundraising and development
Total deductible costs
Charitable activities
Education and grant making
Total expenditure
10
(Losses)/gains on investments
17
Net income for the year
Pension scheme actuarial gains
12
Net movement in funds for the
year before transfers
Funds expended
25
Transfers between funds
25
Net movement in funds for the
year
Funds brought forward
25
Funds carried forward
25		 Unrestricted
Funds
£
Restricted
Funds
£
Permanent
Endowment
Funds
£
Total
Funds
2021
£
15,086,206
-
-
15,086,206
210,196
-
-
210,196
417,581
-
-
417,581
1,813,802
-
-
1,813,802
217,035
96,818
-
313,853
29,757
-
-
29,757
83,106
321,097
-
404,203
17,857,683
417,915
-
18,275,598
332,987
-
-
332,987
534,258
-
-
534,258
27,770
-
-
27,770
134,618
-
-
134,618
1,029,633
-
-
1,029,633
13,850,028
27,901
-
13,877,929
14,879,661
27,901
-
14,907,562
840,725
478,329
136,302
1,455,356
3,818,747
868,343
136,302
4,823,392
306,000
-
-
306,000
4,124,747
868,343
136,302
5,129,392
-
(148,823)
-
(148,823)
(50,000)
-
50,000
-
4,074,747
719,520
186,302
4,980,569
21,655,798
4,294,763
10,988,524
36,939,085
25,730,545
5,014,283
11,174,826
41,919,654

The Statement of Financial Activities has been prepared on the basis that all operations are continuing.

There are no other recognised gains or losses other than those passing through the Statement of Financial Activities.

Company Number: 07724623 Charity Number: 1143359

23

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

CONSOLIDATED AND CHARITABLE COMPANY BALANCE SHEETS AS AT 31 AUGUST 2022

Notes
Fixed Assets
Tangible assets
15
Investment properties
16
Investments
17
Current Assets
Stocks
18
Debtors
19
Investments
20
Cash at bank and in hand
Creditors: Amounts falling due
within one year
21
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due
after more than one year
22
Net Assets before pension
adjustment
Pension Scheme asset
12
NET ASSETS
Unrestricted funds
25
Designated funds
25
Restricted funds
25
Permanent Endowment funds
25
TOTAL CHARITY FUNDS		 2022
Group
Charity
£
£
40,595,188
40,203,384
150,000
150,000
9,926,386
10,091,461
50,671,574
50,444,845
376,366
-
3,286,406
3,162,193
3,002,126
3,002,126
4,402,829
4,250,875
11,067,727
10,415,194
(4,493,644)
(4,350,718)
6,574,083
6,064,476
57,245,657
56,509,321
(15,397,009)
(15,397,009)
41,848,648
41,112,312
1,187,000
1,187,000
43,035,648
42,299,312
25,498,179
24,761,843
1,640,513
1,640,513
27,138,692
26,402,356
4,729,517
4,729,517
11,167,439
11,167,439
43,035,648
42,299,312		 2021
Group
£
39,252,575
150,000
12,803,732
52,206,307
234,198
3,041,879
-
5,396,325
8,672,402
(4,125,575)
4,546,827
56,753,134
(15,738,480)
41,014,654
905,000
41,919,654
24,028,762
1,701,783
25,730,545
5,014,283
11,174,826
41,919,654		 Charity
£
38,906,219
150,000
12,958,809
52,015,028
-
2,986,227
-
5,254,943
8,241,170
(3,983,481)
4,257,689
56,272,717
(15,719,730)
40,552,987
905,000
41,457,987
23,567,095
1,701,783
25,268,878
5,014,283
11,174,826
41,457,987

As permitted by s408 Companies Act 2006, the Charity has not presented its own Statement of Financial Activities and related notes as it prepares group accounts. The Charity’s net movement in funds for the year were £841,325 (2021: £4,976,338).

The financial statements on pages 22 to 51 were approved by the Board of Governors and signed on its behalf by:

R J Hannington Chairman Dated:

J P Robinson Chairman Finance Committee

24

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022

2022
2021
£
£
£
£
Net cash inflow from operating activities (Note (i))
2,754,202
922,696
Cash flows from investing activities
Payments for tangible fixed assets
(2,470,182)
(6,236,039)
Receipts from sale of tangible fixed assets
13,370
1,708,877
Movements in investments
1,761,618
(273,598)
Investment income and bank interest
357,871
(337,323)
317,795
(4,482,965)
Net cash provided by/(used in) investing
activities
2,416,879
(3,560,269)
Cash flows from financing activities
Addition of hire purchase
124,856
4,301
Finance costs paid
(533,105)
(408,249)
(534,258)
(529,957)
Change in cash and cash equivalents in the
reporting period
2,008,630
(4,090,226)
Cash and cash equivalents at 1 September
2021
5,396,325
9,486,551
Cash and cash equivalents at 31 August 2022
7,404,955
5,396,325
Relating to:
Short term bonds
3,002,126
-
Cash at bank and in hand
4,402,829
5,396,325
7,404,955
5,396,325
(i) Reconciliation of net income to net cash
inflow from operating activities
2022
£
2021
£
Net income for the year
1,128,982
4,823,392
Losses/(gains) on investments
1,085,360
(1,455,356)
Investment income and bank interest
(357,871)
(317,795)
Finance costs
533,105
534,258
Funds expended
(129,988)
(148,823)
Investment management charges
30,368
27,770
Depreciation charges
1,106,725
945,675
Loss/(profit) on disposal of fixed assets
7,474
(1,623,467)
Pension finance (income)
(15,000)
(8,000)
LWC 1989 pension scheme contributions
(150,000)
(300,000)
(Increase)/decrease in stocks
(142,168)
(30,454)
(Increase) in debtors
(244,527)
(2,363,486)
(Decrease)/increase in creditors (excluding
fees in advance and deposits)
(108,360)
423,284
Increase in fees in advance
18,595
386,331
(Decrease)/increase in parents’ deposits
(8,493)
29,367
Net cash inflow from operating activities
2,754,202
922,696		 2022
2021
£
£
£
£
Net cash inflow from operating activities (Note (i))
2,754,202
922,696
Cash flows from investing activities
Payments for tangible fixed assets
(2,470,182)
(6,236,039)
Receipts from sale of tangible fixed assets
13,370
1,708,877
Movements in investments
1,761,618
(273,598)
Investment income and bank interest
357,871
(337,323)
317,795
(4,482,965)
Net cash provided by/(used in) investing
activities
2,416,879
(3,560,269)
Cash flows from financing activities
Addition of hire purchase
124,856
4,301
Finance costs paid
(533,105)
(408,249)
(534,258)
(529,957)
Change in cash and cash equivalents in the
reporting period
2,008,630
(4,090,226)
Cash and cash equivalents at 1 September
2021
5,396,325
9,486,551
Cash and cash equivalents at 31 August 2022
7,404,955
5,396,325
Relating to:
Short term bonds
3,002,126
-
Cash at bank and in hand
4,402,829
5,396,325
7,404,955
5,396,325
(i) Reconciliation of net income to net cash
inflow from operating activities
2022
£
2021
£
Net income for the year
1,128,982
4,823,392
Losses/(gains) on investments
1,085,360
(1,455,356)
Investment income and bank interest
(357,871)
(317,795)
Finance costs
533,105
534,258
Funds expended
(129,988)
(148,823)
Investment management charges
30,368
27,770
Depreciation charges
1,106,725
945,675
Loss/(profit) on disposal of fixed assets
7,474
(1,623,467)
Pension finance (income)
(15,000)
(8,000)
LWC 1989 pension scheme contributions
(150,000)
(300,000)
(Increase)/decrease in stocks
(142,168)
(30,454)
(Increase) in debtors
(244,527)
(2,363,486)
(Decrease)/increase in creditors (excluding
fees in advance and deposits)
(108,360)
423,284
Increase in fees in advance
18,595
386,331
(Decrease)/increase in parents’ deposits
(8,493)
29,367
Net cash inflow from operating activities
2,754,202
922,696		 2022
2021
£
£
£
£
Net cash inflow from operating activities (Note (i))
2,754,202
922,696
Cash flows from investing activities
Payments for tangible fixed assets
(2,470,182)
(6,236,039)
Receipts from sale of tangible fixed assets
13,370
1,708,877
Movements in investments
1,761,618
(273,598)
Investment income and bank interest
357,871
(337,323)
317,795
(4,482,965)
Net cash provided by/(used in) investing
activities
2,416,879
(3,560,269)
Cash flows from financing activities
Addition of hire purchase
124,856
4,301
Finance costs paid
(533,105)
(408,249)
(534,258)
(529,957)
Change in cash and cash equivalents in the
reporting period
2,008,630
(4,090,226)
Cash and cash equivalents at 1 September
2021
5,396,325
9,486,551
Cash and cash equivalents at 31 August 2022
7,404,955
5,396,325
Relating to:
Short term bonds
3,002,126
-
Cash at bank and in hand
4,402,829
5,396,325
7,404,955
5,396,325
(i) Reconciliation of net income to net cash
inflow from operating activities
2022
£
2021
£
Net income for the year
1,128,982
4,823,392
Losses/(gains) on investments
1,085,360
(1,455,356)
Investment income and bank interest
(357,871)
(317,795)
Finance costs
533,105
534,258
Funds expended
(129,988)
(148,823)
Investment management charges
30,368
27,770
Depreciation charges
1,106,725
945,675
Loss/(profit) on disposal of fixed assets
7,474
(1,623,467)
Pension finance (income)
(15,000)
(8,000)
LWC 1989 pension scheme contributions
(150,000)
(300,000)
(Increase)/decrease in stocks
(142,168)
(30,454)
(Increase) in debtors
(244,527)
(2,363,486)
(Decrease)/increase in creditors (excluding
fees in advance and deposits)
(108,360)
423,284
Increase in fees in advance
18,595
386,331
(Decrease)/increase in parents’ deposits
(8,493)
29,367
Net cash inflow from operating activities
2,754,202
922,696		 2022
2021
£
£
£
£
Net cash inflow from operating activities (Note (i))
2,754,202
922,696
Cash flows from investing activities
Payments for tangible fixed assets
(2,470,182)
(6,236,039)
Receipts from sale of tangible fixed assets
13,370
1,708,877
Movements in investments
1,761,618
(273,598)
Investment income and bank interest
357,871
(337,323)
317,795
(4,482,965)
Net cash provided by/(used in) investing
activities
2,416,879
(3,560,269)
Cash flows from financing activities
Addition of hire purchase
124,856
4,301
Finance costs paid
(533,105)
(408,249)
(534,258)
(529,957)
Change in cash and cash equivalents in the
reporting period
2,008,630
(4,090,226)
Cash and cash equivalents at 1 September
2021
5,396,325
9,486,551
Cash and cash equivalents at 31 August 2022
7,404,955
5,396,325
Relating to:
Short term bonds
3,002,126
-
Cash at bank and in hand
4,402,829
5,396,325
7,404,955
5,396,325
(i) Reconciliation of net income to net cash
inflow from operating activities
2022
£
2021
£
Net income for the year
1,128,982
4,823,392
Losses/(gains) on investments
1,085,360
(1,455,356)
Investment income and bank interest
(357,871)
(317,795)
Finance costs
533,105
534,258
Funds expended
(129,988)
(148,823)
Investment management charges
30,368
27,770
Depreciation charges
1,106,725
945,675
Loss/(profit) on disposal of fixed assets
7,474
(1,623,467)
Pension finance (income)
(15,000)
(8,000)
LWC 1989 pension scheme contributions
(150,000)
(300,000)
(Increase)/decrease in stocks
(142,168)
(30,454)
(Increase) in debtors
(244,527)
(2,363,486)
(Decrease)/increase in creditors (excluding
fees in advance and deposits)
(108,360)
423,284
Increase in fees in advance
18,595
386,331
(Decrease)/increase in parents’ deposits
(8,493)
29,367
Net cash inflow from operating activities
2,754,202
922,696		 2022
2021
£
£
£
£
Net cash inflow from operating activities (Note (i))
2,754,202
922,696
Cash flows from investing activities
Payments for tangible fixed assets
(2,470,182)
(6,236,039)
Receipts from sale of tangible fixed assets
13,370
1,708,877
Movements in investments
1,761,618
(273,598)
Investment income and bank interest
357,871
(337,323)
317,795
(4,482,965)
Net cash provided by/(used in) investing
activities
2,416,879
(3,560,269)
Cash flows from financing activities
Addition of hire purchase
124,856
4,301
Finance costs paid
(533,105)
(408,249)
(534,258)
(529,957)
Change in cash and cash equivalents in the
reporting period
2,008,630
(4,090,226)
Cash and cash equivalents at 1 September
2021
5,396,325
9,486,551
Cash and cash equivalents at 31 August 2022
7,404,955
5,396,325
Relating to:
Short term bonds
3,002,126
-
Cash at bank and in hand
4,402,829
5,396,325
7,404,955
5,396,325
(i) Reconciliation of net income to net cash
inflow from operating activities
2022
£
2021
£
Net income for the year
1,128,982
4,823,392
Losses/(gains) on investments
1,085,360
(1,455,356)
Investment income and bank interest
(357,871)
(317,795)
Finance costs
533,105
534,258
Funds expended
(129,988)
(148,823)
Investment management charges
30,368
27,770
Depreciation charges
1,106,725
945,675
Loss/(profit) on disposal of fixed assets
7,474
(1,623,467)
Pension finance (income)
(15,000)
(8,000)
LWC 1989 pension scheme contributions
(150,000)
(300,000)
(Increase)/decrease in stocks
(142,168)
(30,454)
(Increase) in debtors
(244,527)
(2,363,486)
(Decrease)/increase in creditors (excluding
fees in advance and deposits)
(108,360)
423,284
Increase in fees in advance
18,595
386,331
(Decrease)/increase in parents’ deposits
(8,493)
29,367
Net cash inflow from operating activities
2,754,202
922,696
124,856
(533,105)		 2,416,879
4,301
(408,249)
(534,258)		 (3,560,269)
(529,957)
2,008,630
5,396,325
7,404,955
3,002,126
4,402,829
7,404,955
2022
£
1,128,982
1,085,360
(357,871)
533,105
(129,988)
30,368
1,106,725
7,474
(15,000)
(150,000)
(142,168)
(244,527)
(108,360)
18,595
(8,493)
2,754,202		 (4,090,226)
9,486,551
5,396,325
-
5,396,325
5,396,325
2021
£
4,823,392
(1,455,356)
(317,795)
534,258
(148,823)
27,770
945,675
(1,623,467)
(8,000)
(300,000)
(30,454)
(2,363,486)
423,284
386,331
29,367
922,696

25

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

CHARITY STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 AUGUST 2022

2022
2021
£
£
£
£
Net cash inflow from operating activities (Note (i))
2,619,943
867,503
Cash flows from investing activities
Payments for tangible fixed assets
(2,380,360)
(6,081,589)
Receipts from sale of tangible fixed assets
13,370
1,610,377
Movements in investments
1,761,618
(273,598)
Increase in share capital of LWC Enterprises
(9,998)
-
Investment income and bank interest
365,188
(250,182)
324,855
(4,419,955)
Net cash provided by/(used in) investing
activities
2,369,761
(3,552,452)
Cash flows from financing activities
Addition/(repayment) of hire purchase
161,402
(15,393)
Finance costs paid
(533,105)
(371,703)
(534,258)
(549,651)
Change in cash and cash equivalents in the
reporting period
1,998,058
(4,102,103)
Cash and cash equivalents at 1 September
2021
5,254,94
3
9,357,046
Cash and cash equivalents at 31 August 2022
7,253,00
1
5,254,943
Relating to:
Short term bonds
3,002,126
-
Cash at bank and in hand
4,250,875
5,254,943
7,253,001
5,254,943
(i) Reconciliation of net income to net cash
inflow from operating activities
2022
£
2021
£
Net income for the year
767,784
4,781,307
Losses/(gains) on investments
1,085,360
(1,455,356)
Charitable Donations
86,529
37,854
Investment income and bank interest
(365,188)
(324,855)
Finance costs
533,105
534,258
Funds expended
(129,988)
(148,823)
Investment management charges
30,368
27,770
Depreciation charges
1,062,351
904,565
Loss/(profit) on disposal of fixed assets
7,474
(1,610,377)
Pension finance (income)
(15,000)
(8,000)
LWC 1989 pension scheme contributions
(150,000)
(300,000)
(Increase) in debtors
(175,966)
(2,381,850)
(Decrease)/increase in creditors (excluding
fees in advance and deposits)
(126,988)
395,312
Increase in fees in advance
18,595
386,331
Increase in parents’ deposits
(8,493)
29,367
Net cash inflow from operating activities
2,619,943
867,503		 2022
2021
£
£
£
£
Net cash inflow from operating activities (Note (i))
2,619,943
867,503
Cash flows from investing activities
Payments for tangible fixed assets
(2,380,360)
(6,081,589)
Receipts from sale of tangible fixed assets
13,370
1,610,377
Movements in investments
1,761,618
(273,598)
Increase in share capital of LWC Enterprises
(9,998)
-
Investment income and bank interest
365,188
(250,182)
324,855
(4,419,955)
Net cash provided by/(used in) investing
activities
2,369,761
(3,552,452)
Cash flows from financing activities
Addition/(repayment) of hire purchase
161,402
(15,393)
Finance costs paid
(533,105)
(371,703)
(534,258)
(549,651)
Change in cash and cash equivalents in the
reporting period
1,998,058
(4,102,103)
Cash and cash equivalents at 1 September
2021
5,254,94
3
9,357,046
Cash and cash equivalents at 31 August 2022
7,253,00
1
5,254,943
Relating to:
Short term bonds
3,002,126
-
Cash at bank and in hand
4,250,875
5,254,943
7,253,001
5,254,943
(i) Reconciliation of net income to net cash
inflow from operating activities
2022
£
2021
£
Net income for the year
767,784
4,781,307
Losses/(gains) on investments
1,085,360
(1,455,356)
Charitable Donations
86,529
37,854
Investment income and bank interest
(365,188)
(324,855)
Finance costs
533,105
534,258
Funds expended
(129,988)
(148,823)
Investment management charges
30,368
27,770
Depreciation charges
1,062,351
904,565
Loss/(profit) on disposal of fixed assets
7,474
(1,610,377)
Pension finance (income)
(15,000)
(8,000)
LWC 1989 pension scheme contributions
(150,000)
(300,000)
(Increase) in debtors
(175,966)
(2,381,850)
(Decrease)/increase in creditors (excluding
fees in advance and deposits)
(126,988)
395,312
Increase in fees in advance
18,595
386,331
Increase in parents’ deposits
(8,493)
29,367
Net cash inflow from operating activities
2,619,943
867,503		 2022
2021
£
£
£
£
Net cash inflow from operating activities (Note (i))
2,619,943
867,503
Cash flows from investing activities
Payments for tangible fixed assets
(2,380,360)
(6,081,589)
Receipts from sale of tangible fixed assets
13,370
1,610,377
Movements in investments
1,761,618
(273,598)
Increase in share capital of LWC Enterprises
(9,998)
-
Investment income and bank interest
365,188
(250,182)
324,855
(4,419,955)
Net cash provided by/(used in) investing
activities
2,369,761
(3,552,452)
Cash flows from financing activities
Addition/(repayment) of hire purchase
161,402
(15,393)
Finance costs paid
(533,105)
(371,703)
(534,258)
(549,651)
Change in cash and cash equivalents in the
reporting period
1,998,058
(4,102,103)
Cash and cash equivalents at 1 September
2021
5,254,94
3
9,357,046
Cash and cash equivalents at 31 August 2022
7,253,00
1
5,254,943
Relating to:
Short term bonds
3,002,126
-
Cash at bank and in hand
4,250,875
5,254,943
7,253,001
5,254,943
(i) Reconciliation of net income to net cash
inflow from operating activities
2022
£
2021
£
Net income for the year
767,784
4,781,307
Losses/(gains) on investments
1,085,360
(1,455,356)
Charitable Donations
86,529
37,854
Investment income and bank interest
(365,188)
(324,855)
Finance costs
533,105
534,258
Funds expended
(129,988)
(148,823)
Investment management charges
30,368
27,770
Depreciation charges
1,062,351
904,565
Loss/(profit) on disposal of fixed assets
7,474
(1,610,377)
Pension finance (income)
(15,000)
(8,000)
LWC 1989 pension scheme contributions
(150,000)
(300,000)
(Increase) in debtors
(175,966)
(2,381,850)
(Decrease)/increase in creditors (excluding
fees in advance and deposits)
(126,988)
395,312
Increase in fees in advance
18,595
386,331
Increase in parents’ deposits
(8,493)
29,367
Net cash inflow from operating activities
2,619,943
867,503		 2022
2021
£
£
£
£
Net cash inflow from operating activities (Note (i))
2,619,943
867,503
Cash flows from investing activities
Payments for tangible fixed assets
(2,380,360)
(6,081,589)
Receipts from sale of tangible fixed assets
13,370
1,610,377
Movements in investments
1,761,618
(273,598)
Increase in share capital of LWC Enterprises
(9,998)
-
Investment income and bank interest
365,188
(250,182)
324,855
(4,419,955)
Net cash provided by/(used in) investing
activities
2,369,761
(3,552,452)
Cash flows from financing activities
Addition/(repayment) of hire purchase
161,402
(15,393)
Finance costs paid
(533,105)
(371,703)
(534,258)
(549,651)
Change in cash and cash equivalents in the
reporting period
1,998,058
(4,102,103)
Cash and cash equivalents at 1 September
2021
5,254,94
3
9,357,046
Cash and cash equivalents at 31 August 2022
7,253,00
1
5,254,943
Relating to:
Short term bonds
3,002,126
-
Cash at bank and in hand
4,250,875
5,254,943
7,253,001
5,254,943
(i) Reconciliation of net income to net cash
inflow from operating activities
2022
£
2021
£
Net income for the year
767,784
4,781,307
Losses/(gains) on investments
1,085,360
(1,455,356)
Charitable Donations
86,529
37,854
Investment income and bank interest
(365,188)
(324,855)
Finance costs
533,105
534,258
Funds expended
(129,988)
(148,823)
Investment management charges
30,368
27,770
Depreciation charges
1,062,351
904,565
Loss/(profit) on disposal of fixed assets
7,474
(1,610,377)
Pension finance (income)
(15,000)
(8,000)
LWC 1989 pension scheme contributions
(150,000)
(300,000)
(Increase) in debtors
(175,966)
(2,381,850)
(Decrease)/increase in creditors (excluding
fees in advance and deposits)
(126,988)
395,312
Increase in fees in advance
18,595
386,331
Increase in parents’ deposits
(8,493)
29,367
Net cash inflow from operating activities
2,619,943
867,503		 2022
2021
£
£
£
£
Net cash inflow from operating activities (Note (i))
2,619,943
867,503
Cash flows from investing activities
Payments for tangible fixed assets
(2,380,360)
(6,081,589)
Receipts from sale of tangible fixed assets
13,370
1,610,377
Movements in investments
1,761,618
(273,598)
Increase in share capital of LWC Enterprises
(9,998)
-
Investment income and bank interest
365,188
(250,182)
324,855
(4,419,955)
Net cash provided by/(used in) investing
activities
2,369,761
(3,552,452)
Cash flows from financing activities
Addition/(repayment) of hire purchase
161,402
(15,393)
Finance costs paid
(533,105)
(371,703)
(534,258)
(549,651)
Change in cash and cash equivalents in the
reporting period
1,998,058
(4,102,103)
Cash and cash equivalents at 1 September
2021
5,254,94
3
9,357,046
Cash and cash equivalents at 31 August 2022
7,253,00
1
5,254,943
Relating to:
Short term bonds
3,002,126
-
Cash at bank and in hand
4,250,875
5,254,943
7,253,001
5,254,943
(i) Reconciliation of net income to net cash
inflow from operating activities
2022
£
2021
£
Net income for the year
767,784
4,781,307
Losses/(gains) on investments
1,085,360
(1,455,356)
Charitable Donations
86,529
37,854
Investment income and bank interest
(365,188)
(324,855)
Finance costs
533,105
534,258
Funds expended
(129,988)
(148,823)
Investment management charges
30,368
27,770
Depreciation charges
1,062,351
904,565
Loss/(profit) on disposal of fixed assets
7,474
(1,610,377)
Pension finance (income)
(15,000)
(8,000)
LWC 1989 pension scheme contributions
(150,000)
(300,000)
(Increase) in debtors
(175,966)
(2,381,850)
(Decrease)/increase in creditors (excluding
fees in advance and deposits)
(126,988)
395,312
Increase in fees in advance
18,595
386,331
Increase in parents’ deposits
(8,493)
29,367
Net cash inflow from operating activities
2,619,943
867,503		 2022
2021
£
£
£
£
Net cash inflow from operating activities (Note (i))
2,619,943
867,503
Cash flows from investing activities
Payments for tangible fixed assets
(2,380,360)
(6,081,589)
Receipts from sale of tangible fixed assets
13,370
1,610,377
Movements in investments
1,761,618
(273,598)
Increase in share capital of LWC Enterprises
(9,998)
-
Investment income and bank interest
365,188
(250,182)
324,855
(4,419,955)
Net cash provided by/(used in) investing
activities
2,369,761
(3,552,452)
Cash flows from financing activities
Addition/(repayment) of hire purchase
161,402
(15,393)
Finance costs paid
(533,105)
(371,703)
(534,258)
(549,651)
Change in cash and cash equivalents in the
reporting period
1,998,058
(4,102,103)
Cash and cash equivalents at 1 September
2021
5,254,94
3
9,357,046
Cash and cash equivalents at 31 August 2022
7,253,00
1
5,254,943
Relating to:
Short term bonds
3,002,126
-
Cash at bank and in hand
4,250,875
5,254,943
7,253,001
5,254,943
(i) Reconciliation of net income to net cash
inflow from operating activities
2022
£
2021
£
Net income for the year
767,784
4,781,307
Losses/(gains) on investments
1,085,360
(1,455,356)
Charitable Donations
86,529
37,854
Investment income and bank interest
(365,188)
(324,855)
Finance costs
533,105
534,258
Funds expended
(129,988)
(148,823)
Investment management charges
30,368
27,770
Depreciation charges
1,062,351
904,565
Loss/(profit) on disposal of fixed assets
7,474
(1,610,377)
Pension finance (income)
(15,000)
(8,000)
LWC 1989 pension scheme contributions
(150,000)
(300,000)
(Increase) in debtors
(175,966)
(2,381,850)
(Decrease)/increase in creditors (excluding
fees in advance and deposits)
(126,988)
395,312
Increase in fees in advance
18,595
386,331
Increase in parents’ deposits
(8,493)
29,367
Net cash inflow from operating activities
2,619,943
867,503
161,402
(533,105)		 2,369,761
(15,393)
(371,703)
(534,258)
1,998,058
5,254,94
3
7,253,00
1
3,002,126
4,250,875
7,253,001
2022
£
767,784
1,085,360
86,529
(365,188)
533,105
(129,988)
30,368
1,062,351
7,474
(15,000)
(150,000)
(175,966)
(126,988)
18,595
(8,493)
2,619,943
867,503

26

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

1 ACCOUNTING POLICIES

The accounting policies adopted by the Group are as follows:

Charity information

Lord Wandsworth College is a private company limited by guarantee, incorporated in England and Wales. The principal activity and registered office are disclosed in the Governors’ Report.

Going concern

Having reviewed the demand for places and the College’s future projected cash flows, the Governors have a reasonable expectation that the College has adequate resources to continue its activities for at least twelve months from the date of sign off, and consider that there were no material uncertainties over the College’s financial viability. The current economic uncertainties have been reviewed and are included in the College’s risk register. A rolling 5-year cash flow is prepared and reviewed at each Governing Body and Finance Committee meeting.

Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Lord Wandsworth College meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the charitable company and all group undertakings.

As a consolidated Statement of Financial Activities is published, a separate Statement of Financial Activities for the parent charitable company is omitted from the charitable group financial statements by virtue of Section 408 of the Companies Act 2006.

Fee income

Fee income, net of bursaries, awards and remissions, represents the fees receivable by the Charity for education provided in the normal course of activities, in the year to which it relates.

Fees in advance

Fees paid in advance of the education provided are taken to deferred income, and released to income in the period in which the education is given.

Letting income

Letting income represents amounts receivable by LWC Enterprises Limited for goods and services net of VAT.

Investments and Investment income

Trade investments are stated at market value. The original cost value is stated in note 17. The policy adopted by the Group is to keep valuations up to date. The Statement of Financial Activities distinguishes between realised and unrealised gains/losses.

Investment income is accounted for on an income receivable basis.

Current asset investments are measured at amortised cost.

Investments in subsidiaries are held at cost less any impairment losses.

Donations and Grants

Donations and grants are accounted for on a receivable basis when the amount can be reliably measured. Donations and grants received for the general purposes of the Charity are included as unrestricted funds. Donations and grants for activities restricted by the wishes of the donor are taken to restricted funds, and released as the related expenditure is incurred.

27

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

1 ACCOUNTING POLICIES (Continued)

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. Government grants relating to turnover are recognised as income over the periods when the related costs are incurred.

Legacy income

Legacy income is accounted for at the point of notification, in writing, by the personal representative of the estate making the legacy, provided that the value of the legacy can be reasonably estimated.

Property income

Rental income is received and recognised in the month to which it relates. If any rental income is received in advance of the relevant rental period then the balance is deferred until the period it relates to.

Farming income

Farming income represents amounts receivable for the sale of, and subsidies for, arable crops by Stern Farms Limited. Turnover is recognised when the company has the right to the income. The Single Farm Payment is recognised on an accruals basis in accordance with European Commission Regulations.

Farming stock

Stock is valued at the lower of cost, being purchase price of materials used plus the cost of the farming methods undertaken, and net realisable value. Subsidies are provided where the cost of production is greater than the net realisable value of the stock on the open market. These subsidies have therefore been included in calculating the net realisable value of the stock held at the year end.

Expenditure

Expenditure is accounted for on an accruals basis.

Expenditure is analysed into such categories as to reasonably enable the user to gain an appreciation of the Group’s expenditure during the year.

Governance costs comprise the cost of running the Group, including strategic planning for its future development, also external audit, any legal advice and costs of complying with constitutional and statutory requirements.

Leasing and hire purchase commitments

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts, are capitalised in the balance sheet at their fair value and are depreciated over their useful lives. The capital elements of future obligations under the leases and hire purchase contracts are included as liabilities in the balance sheet.

The interest elements of the rental obligations are charged in the profit and loss account over the periods of the leases and hire purchase contracts and represent a constant proportion of the balance of capital repayments outstanding.

Operating leases

Operating lease costs are charged in the Statement of Financial Activities for the period to which they relate on a straight line basis.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Stock

Stock is stated at the lower of cost and net realisable value. The main components are stationery, household and maintenance items, and catering supplies. Where necessary, provision is made for obsolete and defective stock.

28

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

1 ACCOUNTING POLICIES (Continued)

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less accumulated depreciation. Fixed assets with a value under £1,000 are not capitalised. Land is not depreciated.

Depreciation is calculated to write off the cost of fixed assets less estimated residual value over their expected useful lives. The annual depreciation rates and methods of calculation are as follows:

Boarding houses - Straight line over one hundred and twenty five years Equipment, fixtures and fittings - Straight line over three to ten years Motor vehicles - Straight line over three to ten years Other buildings - Straight line over twenty to seventy years Assets under construction - Not depreciated Stern Farms Ltd Property improvements - 5% straight line Plant and machinery - 15% straight line

The properties are reviewed for impairment on an annual basis.

Funds held by the Charity and subsidiary undertakings

Permanent Endowment Funds a) The capital account comprising land and buildings and quoted investments which are the permanent endowment of the Foundation.

b) The Recoupment Fund which is required to replace investments sold to finance capital expenditure.

Unrestricted Funds These funds constitute the general income of the Group, and their application is at the discretion of the Governors.

Designated Funds Designated funds are funds set aside out of unrestricted general funds for specific future purposes or projects as identified by the Governors.

Capital Recoupment

Capital expenditure financed through proceeds of disposal of restricted capital account assets is recouped at a rate not less than that recommended by the Charity Commission, provisionally over a period of 60 years.

Pension costs and other post-retirement benefits

The Lord Wandsworth College 1989 Pension and Life Assurance Scheme (“The Scheme”) provides retirement benefits to qualifying employees, including Administrative and Support Staff and Housemasters.

The Scheme was closed to new members in March 2000, and closed to existing members as at 31 August 2004. Employee members are now treated as deferred pensioners, and there are therefore no charges to the Statement of Financial Activities.

The Scheme is a defined benefit scheme which is externally funded and contracted out of the State Earnings Related Pension Scheme.

The pension charge is calculated on the basis of actuarial advice. Pension scheme assets are valued at market value at the balance sheet date. The pension scheme asset or deficit is recognised in full on the balance sheet.

A Group Personal Pension Plan is available to employees, which is a defined contribution scheme. Both the assets of this scheme and the LWC 1989 scheme above are held separately from those of the Charity in independently administered funds.

29

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

1 ACCOUNTING POLICIES (Continued)

Pension costs and other post-retirement benefits (Continued)

The Charity also participates in a multi employer pension scheme, the Government’s Teachers Pension Defined Benefits Scheme, for its teaching staff. This scheme is administered by the Teachers’ Pension Agency. The pension liability under this scheme is the responsibility of the Agency. It is not possible to identify the assets and liabilities of the scheme that are attributable to the Charity/Group. Accordingly, under Financial Reporting Standard 102, the scheme is accounted for as if it were a Defined Contribution scheme.

Recognition of liabilities

Liabilities are recognised within the financial statements in respect of all expenditure for which the entity has a measurable obligation, be it constructive or legal, at the balance sheet date. Any expenditure which is committed to, but not measurable at this time, is disclosed within the notes to the financial statements as a contingent liability.

Financial instruments

The Group has elected to apply the provisions of section 11 ‘Basic Financial Instruments’ and section 12 ‘Other Financial Instruments Issues’ of FRS102, in full, to all of its financial instruments.

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets or financial liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Liabilities are recognised within the financial statements in respect of all expenditure for which the entity has a measurable obligation, be it constructive or legal, at the balance sheet date. Any expenditure which is committed to, but not measurable at this time, is disclosed within the notes to the financial statements as a contingent liability.

Liquid resources

Liquid resources include cash held on long term deposit where penalties will be suffered if funds are withdrawn before maturity.

Deferred taxation

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more or a right to pay less tax in the future have occurred by the balance sheet date with certain limited exceptions.

Deferred tax is calculated on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Distribution of profits

The subsidiary LWC Enterprises Ltd is mandated, as per the Articles of Association, to pay gift aid of an amount up to the taxable profits each year to Lord Wandsworth College, the ultimate parent undertaking. However, the Stern Farms Ltd gift aid is not mandated and so gift aid distribution will be recognised in the entity’s accounts upon payment. In line with ICAEW Technical Release ‘Tech 16/14BL’, the subsidiaries treat this donation as a distribution of reserves and it is paid either pre year end or within 9 months of the year end. Any donation made in this manner is capped to the level of distributable reserves available. The Boards are responsible for formally agreeing the amount to be distributed each year.

30

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

1 ACCOUNTING POLICIES (Continued)

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as at the reporting end date. The surplus or deficit on revaluation is recognised in the Statement of Financial Activities.

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

Redundancy and termination payments

Redundancy and termination payments are made after taking applicable legal advice. Expenditure is recognised immediately as an expense when the group is demonstrably committed to terminate the employment.

Refundable deposits

Refundable deposits are currently classified between long term and short term in the financial statements. These deposits are refundable in the event that pupils leave the school on one term’s notice and as such the deposit would be refunded to the parents at that point. However the financial statements are prepared on a going concern basis and it is assumed that the majority of children will remain in the school for their full years of education and therefore the deposit will be refunded to them when they leave the school. Short term deposits reflect those pupils who will be leaving the school within one year, and the long term element reflects those pupils who will be leaving the school after 12 months from the balance sheet date.

2 JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the charitable group’s accounting policies, the Governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows;

Pension asset

The present value of the defined benefit pension asset depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost (income) for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 12, will impact the carrying amount of the pension asset. A full actuarial valuation performed at 31 August 2020, updated to 31 August 2022, has been used by the actuary in valuing the pensions asset.

Farm stock

Stock is valued at the lower of cost, being purchase price of materials used plus the costs of the farming methods undertaken, and the net realisable value. Subsidies are provided where the cost of production is greater than the net realisable value of the stock on the open market. These subsidies have therefore been included in calculating the net realisable value of the stock held at the year end.

Classification of leases

In categorising leases as finance leases or operating leases, management makes judgements as to whether significant risks and rewards of ownership have transferred to the group.

3 LEGAL STATUS OF LORD WANDSWORTH COLLEGE

The College is a company limited by guarantee and has no share capital.

31

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

4 SCHOOL FEES RECEIVABLE
School fees
Less: Bursaries, awards and remissions
Less: Covid-19 rebates
5 ANCILLARY TRADING INCOME
Occasional boarding fees
Insurance commissions
Transport
Registration fees
Other income
6 NON ANCILLARY TRADING INCOME
Trading income – LWC Enterprises Limited
Trading income – Stern Farms Limited
7 OTHER ACTIVITIES
CJRS grant income
Other income
Sale of Shepewood House
8 INVESTMENT INCOME
Unrestricted
Securities
Rents receivable
Restricted
Securities
9 DONATIONS AND LEGACIES
Unrestricted
Donations
Legacies
Restricted
Donations
Legacies		 2022
£
18,871,475
(1,966,274)
(1,488)
16,903,713
2022
£
46,402
25,009
132,683
101,122
80,423
385,639
2022
£
195,156
565,069
760,225
2022
£
-
72,253
-
72,253
2022
£
190,115
-
190,115
80,008
270,123
2022
£
45,703
9,910
55,613
131,052
-
131,052		 2021
£
17,895,155
(1,992,176)
(816,773)
15,086,206
2021
£
11,934
19,906
87,445
90,911
-
210,196
2021
£
56,433
361,148
417,581
2021
£
156,057
63,218
1,594,527
1,813,802
2021
£
217,035
-
217,035
96,818
313,853
2021
£
77,936
5,170
83,106
314,097
7,000
321,097

32

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

10 TOTAL EXPENDITURE

Staff Costs
£
Depre-
ciation
£
Non ancillary
trading
115,467
44,374
Financing costs
Investment
Manager Fees
-
-
-
-
Fundraising and
development
160,317
-
Charitable activities
8,931,024
1,062,351
9,206,808
1,106,725
Of the above £24,338 (2021: £27,901) relates to restricted
OTHER COSTS:
Non ancillary trading
Financing costs
Investment Manager Fees
Fundraising and development
School running costs:
Academic
Catering
Household and medical
Grounds
Maintenance
Other premises costs
Minibus
Support costs
Total other costs
11 NET INCOME FOR THE YEAR
This is after charging/(crediting):
Operating leases
Depreciation: owned assets
Depreciation: assets held under HP agreements
Auditor’s remuneration:
Audit fees
Payable to the auditor for non-audit services
(Loss)/gain on disposal of assets		 Other
Costs
£
197,708
533,105
30,368
44,761
5,332,549
6,138,491
expenditure.		 Total
2022
£
357,549
533,105
30,368
205,078
15,325,924
16,452,024
2022
£
197,708
533,105
30,368
44,761
809,796
477,411
862,057
227,149
898,746
823,479
239,225
994,686
5,332,549
6,138,491
2022
£
104,326
1,002,626
104,099
57,505
3,996
(7,474)		 Total
2021
£
332,987
534,258
27,770
134,618
13,877,929
14,907,562
2021
£
210,790
534,258
27,770
36,231
576,862
370,353
809,832
152,600
793,501
690,246
186,214
1,405,413
4,985,021
5,794,070
2021
£
101,845
892,152
53,523
52,458
3,788
1,623,467

33

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

12 STAFF COSTS
a)Staff costs
Wages and salaries
Employers’ National
Insurance contributions
Pension contributions		 2022
Group
£
7,425,952
735,865
1,044,991
9,206,808
Charity
£
7,320,677
730,251
1,040,413
9,091,341		 2021
Group
£
6,616,970
624,929
925,918
8,167,817		 Charity
£
6,541,199
622,882
922,649
8,086,730

Contributions were made for 86 (2021: 76) employees to the Teachers’ Superannuation Scheme which is a defined benefits scheme. For non-teaching staff, contributions were paid to the Group Personal Pension Plan, a defined contribution scheme, of which there were 126 members at the end of the year (2021: 110).

b)Particulars of staff
The average monthly number of staff employed by the Group during the
year was:
The average number of full time equivalent persons employed
by the Group (including part-time staff) during the year was:
Teaching and academic support staff
Administration and other staff
The number of employees whose emoluments exceeded £60,000 was:
£60,001 - £70,000
£70,001 - £80,000
£100,001 - £110,000
£130,001 - £140,000
£150,001 - £160,000		 2022
Number
249
209
109
100
209
8
1
1
-
1		 2021
Number
226
188
98
90
188
7
-
-
1
-

The number of higher paid staff who contribute into a pension scheme is 10 (2021: 7), at a cost of £142,244 (2021: £110,439).

Key Management Personnel, of which there are 9 (2021: 8), are listed on page 1, their remuneration amounted to £913,877 (2021: £724,072).

c) Governors’ expenses

The Governors received no remuneration for their services during the year. 2 (2021: 4) Governors were reimbursed a total of £251 (2021: £251) for travel and other costs.

d) Pension obligations

Teachers’ Pension Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £864,695 (2021: £776,119) and at the yearend £101,342 (2021: £90,284) was accrued in respect of contributions to this scheme, which included members’ contributions.

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.

34

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

12 STAFF COSTS (Continued)

Teachers’ Pension Scheme (Continued)

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 the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the point they become payable.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. Following a public consultation, the Government have accepted three key proposals recommended by the Government Actuary and are aiming to implement these changes in time for the 2020 valuations.

The 2016 cost control valuations have since been completed in January 2022, and the results indicated that there would be no changes to benefits or member contributions required. The results of the cost cap valuation are not used to set the employer contribution rate, and HM Treasury has confirmed that any changes to the employer contribution rate resulting from the 2020 valuations will take effect in April 2024.

Until the 2020 valuation is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly, no provision for any additional past benefit pension costs is included in these financial statements.

Following an appropriate period of consultation, the Governors took the decision to opt out of the TPS with effect from 1 September 2022.

LWC 1989 Pension and Life Assurance Scheme

The Charity/Group operates a funded defined benefit scheme in the UK which provides both pensions in retirement and death benefits to members. Pension benefits are related to the members’ final salary at retirement or earlier withdrawal and their length of service.

Since 1 September 2004 the Scheme has been closed to existing members. As the recovery plan ended on 31 August 2018 there are not expected to be any formal contributions to the Scheme for the year ending 31 August 2022. However, the Charity/Group has been paying £25,000 per month into the Scheme since April 2020 to help meet cashflow requirements. The monthly contribution finished in February 2022.

35

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

12 STAFF COSTS (Continued)

LWC 1989 Pension and Life Assurance Scheme (Continued)

A full actuarial valuation was carried out as at 31 August 2020, and has been updated to 31 August 22 based on membership data as at 31 August 2020, updated to take account of expected outgoings since August 2020, using actuarial assumptions at 31 August 2022. The major assumptions used by the actuary (in nominal terms) were as follows:

At 31/08/22 At 31/08/21
(per annum) (per annum)
% %
Discount rate 4.3 1.6
Rate of increase in pensionable salaries n/a n/a
Rate of increase of LPI linked pensions until 2030 2.9 2.7
Rate of increase of LPI linked pensions after 2030 3.7 3.5
Inflation assumption (RPI) 3.9 3.7
Assumed life expectancies on retirement at age 65 are:
Retiring today Males 22.0 22.0
Females 24.4 24.3
Retiring in 20 years time Males 23.3 23.3
Females 25.8 25.8

The assumptions used by the actuary are the best estimates chosen from a range of possible actuarial assumptions which, due to the time scale covered, may not necessarily be borne out in practice.

The assumptions used in determining the overall expected return of the assets of the Scheme have been set having regard to yields available on government bonds and bank base rates and incorporating appropriate risk margins. The fair value of the scheme’s assets, which are not intended to be realised in the short term and may be subject to significant change before they are realised, and the present value of the scheme’s liabilities, which are derived from cash flow projections over long periods and thus inherently uncertain, were:

Equities and Property
Fixed Interest
Cash and Other
Index linked gilts
Fair value of assets
Present value of liabilities
Surplus in the funded scheme and
Net pension asset		 Fair
value at
Fair
value at
31/08/22
31/08/21
£’000
£’000
2,165
2,246
2,158
3,173
206
580
106
796
5,109
6,321
(3,922)
(5,416)
1,187
905

36

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

12 STAFF COSTS (Continued)

LWC 1989 Pension and Life Assurance Scheme (Continued)

None of the assets of the Scheme are invested in the College’s/Group’s own financial instruments and none of the assets are properties or other assets used by the College/Group.

Changes in the present value of the Scheme Obligations Changes in the present value of the Scheme Obligations 2022 2021
£’000 £’000
Obligations at the beginning of the year 5,416 5,627
Movement in year: Interest cost 85 81
Benefits paid (271) (346)
Actuarial (gain)/loss (1,308) 54
Past service cost - -
Obligations at the end of the year 3,922 5,416
Changes in the fair value of the Scheme Assets 2022 2021
£’000 £’000
Fair value at the beginning of the year 6,321 5,918
Movement in year: Return on assets (1,191) 360
Interest income 100 89
Employer contributions 150 300
Benefits paid (271) (346)
Fair value of Scheme assets at the end of the year 5,109 6,321

No contributions were due to the scheme at the year end (2021: £nil).

Actuarial gains/ losses on the defined pension scheme can be analysed as follows:

Scheme Obligations:
Change in CPI market conditions
Return on assets, excluding interest income
Actuarial (loss)/surplus in the Statement of Financial Activities		 2022
£’000
(1,308)
1,191
(117)		 2021
£’000
(54)
360
306

37

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

13 RESULTS OF SUBSIDIARIES

LWC Enterprises Limited
2022
£
Turnover
338,256
Cost of sales
(195,974)
Gross profit
142,282
Administrative expenses
(56,469)
Profit on ordinary activities before interest
85,813
Other interest receivable and similar income
-
Profit on ordinary activities
85,813
Distribution of reserves to charity
(86,529)
Retained (loss)/profit for the financial year
(716)
Reconciliation of trading subsidiary profits to the Statement of Financial Activities: -
Profit/(loss) on ordinary activities
85,813
Group supplies receivable
(143,100)
Group supplies payable
128,717
Group interest receivable
-
Group interest payable
159
Trading subsidiary results
71,589
Included on pages 23 and 24 Statement of Financial Activities as:
Bank interest
-
Trading income – within non ancillary trading activities
195,156
Trading expenditure – within non ancillary trading expenditure
(123,567)
71,589		 2021
£
162,533
(95,304)
67,229
(46,374)
20,855
18
20,873
(3,019)
17,854
20,873
(106,100)
95,304
-
21
10,098
18
56,433
(46,353)
10,098

38

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

13 RESULTS OF SUBSIDIARIES (Continued)

Lord Wandsworth Foundation

With effect from 1 August 2013, the Charity Commission linked Lord Wandsworth Foundation to Lord Wandsworth College for accountancy and registration purposes. The following analyses the results, assets and liabilities of each fund held by Lord Wandsworth Foundation.

Income and Expenditure
Sale of property
Rents receivable
Investment income
Legacy income
Total income
Investment Manager Fees
Charitable donations to LWC
Total expenditure
Net (expenditure)
Unrealised (loss)/gain on investments
Realised profit on disposal of
investments
Transfer from LWC
Net movement in funds
Balance Sheet
Fixed Assets
Tangible assets
Investments
Investment properties
Current Assets
Debtors
Creditors:Amounts falling due within
one year
Net Current Assets/(Liabilities)
Total assets less current
liabilities
Creditors:Amounts falling due after
more than one year
NET ASSETS
Unrestricted funds
Permanent Endowment funds
TOTAL FUNDS		 Unrestricted
Funds
Restricted
Funds
Permanent
Endowment
2022
2022
2022
£
£
£
-
-
-
67,570
-
-
44,967
-
-
-
-
-		 Total
Total
2022
2021
£
£

-
1,594,527

67,570
67,012

44,967
36,141

-
12,170
112,537
-
-		 112,537
1,709,850
-
-
-
112,537
-
-
-
-
112,537
1,709,850
112,537
-
-		 112,537
1,709,850
-
-
-
-
-
(75,755)
-
-
-
-
-
68,368
-

(75,755)
136,302

-
-

68,368
50,000
-
-
(7,387)
(7,387)
186,302
2022
2021
£
£
9,682,147
9,682,147
1,335,292
1,342,679
150,000
150,000
11,167,439
11,174,826
3,520,949
3,520,949
(1,263,653)
(1,263,653)
2,257,296
2,257,296
13,424,735
13,432,122
-
-
13,424,735
13,432,122
2,257,296
2,257,296
11,167,439
11,174,826
13,424,735
13,432,122

Included in permanent endowment funds is the revaluation reserve of £108,750 (2021: £108,750).

39

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

13 RESULTS OF SUBSIDIARIES (Continued)

Stern Farms Limited
2022
£
Turnover
565,069
Cost of sales
(67,855)
Gross profit
497,214
Administrative expenses
(214,083)
Other operating income
1,456
Profit on ordinary activities before interest
284,587
Other interest receivable and similar income
592
Interest payable
(9,794)
Profit on ordinary activities before taxation
275,385
Tax on profit on ordinary activities - Note 14
-
Profit on ordinary activities
275,385
Distribution of reserves to charity
-
Retained profit/(loss) for the financial year
275,385
Reconciliation of trading subsidiary profits to the Statement of Financial Activities: -
Profit on ordinary activities
275,385
Group rent payable
50,000
Group interest payable
7,750
Trading subsidiary results
333,135
Included on pages 23 and 24 Statement of Financial Activities as:
Other activities
1,456
Bank interest
592
Trading income – within non ancillary trading activities
565,069
Trading expenditure – within non ancillary trading expenditure
(233,982)
333,135		 2021
£
361,148
(137,177)
223,971
(197,168)
3,755
30,558
693
(10,039)
21,212
-
21,212
(34,835)
(13,623)
21,212
50,000
7,750
78,962
3,755
693
361,148
(286,634)
78,962

14 TAXATION

The College is a registered charity and as such has been granted exemption under Section 505 of the Income and Corporation Taxes Act 1988.

All taxable profits of LWC Enterprises Limited have been distributed out of reserves to the College.

Stern Farms Limited taxable profits will be distributed to the College but the distribution has not been accounted for in Stern Farms Limited’s Financial Statements.

Included within the net book value of £40,203,384 is £238,201 (2021: £62,909) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £70,023 (2021: £28,444).

Included within the group and company freehold land and buildings additions is £nil (2021: £4,957,607) which relates to assets under the course of construction as at 31 August 2022. The value of the assets under construction at the year end is £nil (2021: £7,407,475).

40

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

15 TANGIBLE FIXED ASSETS – GROUP

Cost
At 1 September 2021
Additions
Disposals
At 31 August 2022
Depreciation
At 1 September 2021
Charge for the year
Disposals
At 31 August 2022
Net Book Value
At 31 August 2022
At 31 August 2021		 Freehold
Land and
Buildings
Plant and
Machinery
Equipment
fixtures
and fittings
Motor
vehicles
Total
£
£
£
£
£
40,874,554
506,835
3,822,198
397,015
45,600,602
1,765,079
89,822
300,401
314,880
2,470,182
-
(970)
(451,382)
(118,689)
(571,041)
42,639,633
595,687
3,671,217
593,206
47,499,743
2,980,208
146,056
2,975,572
246,191
6,348,027
647,800
43,166
309,203
106,556
1,106,725
-
(970)
(451,382)
(97,845)
(550,197)
3,628,008
188,252
2,833,393
254,902
6,904,555
39,011,625
407,435
837,824
338,304
40,595,188
37,894,346
360,779
846,626
150,824
39,252,575

Included within the net book value of £40,595,188 is £488,845 (2021: £353,717) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £104,099 (2021: £53,523).

41

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

15 TANGIBLE FIXED ASSETS – CHARITABLE COMPANY

Cost
At 1 September 2021
Additions
Disposals
At 31 August 2022
Depreciation
At 1 September 2021
Charge for the year
Disposals
At 31 August 2022
Net Book Value
At 31 August 2022
At 31 August 2021
Direct charitable purposes
Other purposes - management
and administration of the charity		 Freehold
Land and
Buildings
Equipment
fixtures
and fittings
Motor
vehicles
Total
£
£
£
£
40,891,527
3,714,184
390,520
44,996,231
1,765,079
300,401
314,880
2,380,360
-
(439,060)
(118,689)
(557,749)
42,656,606
3,575,525
586,711
46,818,842
2,978,130
2,872,186
239,696
6,090,012
647,800
307,995
106,556
1,062,351
-
(439,060)
(97,845)
(536,905)
3,625,930
2,741,121
248,407
6,615,458
39,030,676
834,404
338,304
40,203,384
37,913,397
841,998
150,824
38,906,219
39,030,676
826,159
338,304
40,195,139
-
8,245
-
8,245

16 INVESTMENT PROPERTY

2022 £

Fair value As at 1 September 2021 and 31 August 2022 150,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out in August 2016 by Simmons & Sons, who are not connected with the charity. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The Governors are satisfied that this valuation remains appropriate.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:

Cost and carrying amount 31 August 2022
2021
£
£
41,250
41,250

42

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

17 FIXED ASSET INVESTMENTS

GROUP
Quoted Investments
Market value at 1 September 2021
Additions
Disposals
Net realised investment gains for the year
Net unrealised investment (losses)/gains for the year
Market value of quoted investments
Cash held in portfolio
Market value at 31 August 2022		 2022
2021
£
£
12,347,466
10,655,206
1,804,420
726,581
(3,502,616)
(489,677)
693,267
84,632
(1,778,627)
1,370,724
9,563,910
12,347,466
362,451
456,241
9,926,361
12,803,707

The net realised and unrealised (losses) for the year amounted to £(1,085,360) (2021:gain of £1,455,356).

Investment Manager Fees amounted to £30,368 (2021: £27,770).

Market value of UK quoted investments at 31 August 2022 is analysed as follows:

Value of investments
Cash
Unquoted Investments
Cost at 1 September 2021 and 31 August 2022
Total Investments for group
Historical cost of UK quoted investments at 31 August
CHARITY
Quoted Investments
Market value at 1 September 20201
Additions
Disposals
Net realised investment gains for the year
Net unrealised investment (losses)/gains for the year
Market value of quoted investments
Cash held in portfolio
Market value at 31 August 2022		 2022
£
2021
£
9,563,910
12,347,466
362,451
456,241
9,926,361
12,803,707
25
25
9,926,386
12,803,732
9,419,620
10,078,746
2022
2021
£
£
12,347,466
10,655,206
1,804,420
726,581
(3,502,616)
(489,677)
693,267
84,632
(1,778,627)
1,370,724
9,563,910
12,347,466
362,451
456,241
9,926,361
12,803,707

The net realised and unrealised (losses) for the year amounted to £(1,085,360) (2021:gain of £1,455,356).

Investment Manager Fees amounted to £30,368 (2021: £27,770).

Market value of UK quoted investments at 31 August 2022 is analysed
as follows:
Value of investments
Cash
Unquoted Investments
Cost at 31 August 2022:
Shares in subsidiary undertakings
Debenture loan to subsidiary undertaking
Total Investments for Charity
Historical cost of UK quoted investments at 31 August		 2022
£
2021
£
9,563,910
12,347,466
362,451
456,241
9,926,361
12,803,707
10,100
102
155,000
155,000
165,100
155,102
10,091,461
12,958,809
9,419,620
10,078,746

43

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

17 FIXED ASSET INVESTMENTS (Continued)

The analysis of investments between Funds is shown in note 25.

Details of the split of investments held by the group at the year end are as follows:-

UK Fixed Interest
Overseas Fixed Interest
UK Equities
Global Equities
Alternative
Property
Cash		 2022
20201
£
£
1,407,145
92,509
1,029,489
154,770
333,929
1,621,487
6,885,447
8,346,946
518,388
815,952
326,492
378,822
362,451
456,241
9,926,361
12,803,707

The Charity has shareholdings in the ordinary share capital of the companies listed below, which are registered in England and Wales.

Company Shareholding Activity Capital & Results for
Reserves the year
LWC Enterprises Ltd 100% ordinary shares Hire of residential and
Co Number 02142457 sports facilities 48,081 85,813
Stern Farms Ltd 100% ordinary shares Farming 717,406 275,385
Co Number 01304753

There is a debenture loan due from Stern Farms Limited of £155,000 (2021: £155,000) which carries interest at 5% per annum.

The registered office of both LWC Enterprises Limited and Stern Farms Limited is Lord Wandsworth College, Long Sutton, Hook, Hampshire, RG29 1TB.

18 STOCK

18 STOCK
Arable farming grain in store and
n ground		 2022
Group
Charity
£
£
376,366
-
376,366
-		 2021
Group
Charity
£
£
234,198
-
234,198
-
-

44

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

19 DEBTORS

Due within one year:
Fees receivable
Trade debtors
Amounts owed by group undertakings:
LWC Enterprises Limited
Stern Farms Limited
Other debtors
Prepayments
Due after more than one year:
Loan to St Neots		 2022
Group
Charity
£
£
34,393
34,393
2,236
-
-
-
-
-
182,170
173,795
434,281
320,679
653,080
528,867
2,633,326
2,633,326
3,286,406
3,162,193		 2021
Group
Charity
£
£
128,204
128,204
133
-
-
3,551
-
-
276,824
266,203
510,903
462,454
916,064
860,412
2,125,815
2,125,815
3,041,879
2,986,227		 2021
Group
Charity
£
£
128,204
128,204
133
-
-
3,551
-
-
276,824
266,203
510,903
462,454
916,064
860,412
2,125,815
2,125,815
3,041,879
2,986,227
860,412
2,125,815
2,986,227

20 INVESTMENTS HELD AS CURRENT ASSETS

2022
Group
Charity
£
£
Notice accounts with Lloyds Bank
3,002,126
3,002,126
21
CREDITORS - AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
Group
Charity
£
£
Deposits by parents
46,600
46,600
Fees received in advance
2,164,698
2,164,698
Trade creditors
682,828
635,711
Amounts owed to group undertakings:
LWC Enterprises Limited
-
29,610
Taxes and social security
194,139
192,859
Other creditors
567,823
462,335
Accruals and deferred income
266,729
266,729
Loan notes
500,000
500,000
Hire Purchase agreements
70,827
52,176
4,493,644
4,350,718		 2021
Group
Charity
£
£
-
-
2021
Group
Charity
£
£
49,493
49,493
2,204,363
2,204,363
768,090
723,674
-
-
158,592
156,979
684,400
624,782
208,797
208,797
-
-
51,840
15,393
4,125,575
3,983,481

Hire purchase agreements are secured on the assets to which they relate.

45

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

22 CREDITORS - AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Deposits by parents
Fees received in advance
Loan notes
Hire Purchase agreements		 2022
Group
Charity
£
£
357,895
357,895
391,829
391,829
14,500,000
14,500,000
147,285
147,285
15,397,009
15,397,009		 2021
Group
Charity
£
£
363,495
363,495
333,569
333,569
15,000,000
15,000,000
41,416
22,666
15,738,480
15,719,730		 2021
Group
Charity
£
£
363,495
363,495
333,569
333,569
15,000,000
15,000,000
41,416
22,666
15,738,480
15,719,730
15,719,730

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:

Due within one year
Due between 1 and 2 years
Due between 2 and 5 years		 2022
2021
Group
Charity
Group
Charity
£
£
£
£
2,164,698
2,164,698
2,204,363
2,204,363
140,566
140,566
220,015
220,015
251,263
251,263
113,554
113,554
2,556,527
2,556,527
2,537,932
2,537,932
Balance at 1 September 2021
Amount released to income earned from charitable
activities
Amount deferred in the year
Balance at 31 August 2022		 Group
£
2,537,932
(2,333,213)
2,351,808
2,556,527		 Charity
£
2,537,932
(2,333,213)
2,351,808
2,556,527

Loan notes

Due within one year
Due between 1 and 2 years
Due between 2 and 5 years
Due after more than 5 years		 2022
2021
Group
Charity
Group
Charity
£
£
£
£
500,000
500,000
-
-
500,000
500,000
500,000
500,000
1,500,000
1,500,000
1,500,000
1,500,000
12,500,000
12,500,000
13,000,000
13,000,000
15,000,000
15,000,000
15,000,000
15,000,000

The Group holds financial instruments in the form of a fixed interest loan, payable at an interest rate of 3.36%.

During 2016/17 Lord Wandsworth College issued and sold £15m of 3.36% senior unsecured notes to BAe Systems Pension Funds, the capital being repayable from August 2023 to July 2047. This loan was taken out to better enable various improvements around the campus over a number of years (‘Project Beanstalk’).

46

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

22 CREDITORS - AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR (Continued)

Hire purchase agreements

Future commitments under hire purchase agreements are as follows:

Due within one year
Due between 1 and 2 years
Due between 2 and 5 years
Due after more than 5 years
23
FINANCIAL INSTRUMENTS
Investments measured at fair value
through profit or loss		 2022
Group
Charity
£
£
70,827
52,176
46,780
46,780
100,505
100,505
-
-
218,112
199,461
2022
Group
£
Charity
£

9,563,910
9,563,910

 2021
Group
Charity
£
£
51,840
15,393
31,638
12,888
9,778
9,778
-
-
93,256
38,059
2021
Group
£
Charity
£
12,347,466
12,347,466		 2021
Group
Charity
£
£
51,840
15,393
31,638
12,888
9,778
9,778
-
-
93,256
38,059
2021
Group
£
Charity
£
12,347,466
12,347,466

24 OPERATING LEASES

Lessee

At the reporting end date the charitable group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Due within one year
Due between 1 and 5 years		 2022
2021
Group
Charity
Group
Charity
£
£
£
£
48,733
-
67,102
-
141,865
-
196,107
-
190,598
-
263,209
-

Lessor

At the reporting end date the charitable group had contracted with tenants for the following minimum lease payments:

Due within one year
Due between 1 and 5 years		 2022
2021
Group
Charity
Group
Charity
£
£
£
£
-
50,000
-
50,000
-
200,000
-
200,000
-
250,000
-
250,000

47

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS

(COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

25 FUNDS – GROUP

Balance at 1 September 2021
Net income
(Losses) on investments
Transfer
Funds expended
Recoupment charge transfer
Actuarial gains on pension scheme
Balance at 31 August 2022		 Permanent Endowment Funds
Restricted Funds
Unrestricted Funds
Capital
Recoupment
Permanent
William and
Designated
General
Account
Fund
Endowment
Jesse Flower
Other
Restricted
Foundationers
Reserve
Unrestricted
TOTAL
Total
Fund
Total
Fund
Total
£
£
£
£
£
£
£
£
£
£
9,702,484
1,472,342
11,174,826
4,582,791
431,492
5,014,283
1,701,783
24,028,762
25,730,545
41,919,654
-
-
-
80,008
106,714
186,722
33,432
1,994,188
2,027,620
2,214,342
-
(75,755)
(75,755)
(341,500)
-
(341,500)
(142,702)
(525,403)
(668,105)
(1,085,360)
-
-
-
-
-
-
48,000
(48,000)
-
-
-
-
-
-
(129,988)
(129,988)
-
-
-
(129,988)
-
68,368
68,368
-
-
-
-
(68,368)
(68,368)
-
-
-
-
-
-
-
-
117,000
117,000
117,000
9,702,484
1,464,955
11,167,439
4,321,299
408,218
4,729,517
1,640,513
25,498,179
27,138,692
43,035,648

FUNDS – CHARITABLE COMPANY

Balance at 1 September 2021
Net income
Gains on investments
Transfer
Funds expended
Recoupment charge transfer
Actuarial gains on pension scheme
Balance at 31 August 2022		 Permanent Endowment Funds
Restricted Funds
Unrestricted Funds
Capital
Recoupment
Permanent
William and
Designated
General
Account
Fund
Endowment
Jesse Flower
Other
Restricted
Foundationers
Reserve
Unrestricted
TOTAL
Total
Fund
Total
Fund
Total
£
£
£
£
£
£
£
£
£
9,702,484
1,472,342
11,174,826
4,582,791
431,492
5,014,283
1,701,783
23,567,095
25,268,878
41,457,987
-
-
80,008
106,714
186,722
33,432
1,719,519
1,752,951
1,939,673
-
(75,755)
(75,755)
(341,500)
-
(341,500)
(142,702)
(525,403)
(668,105)
(1,085,360)
-
-
-
-
-
-
48,000
(48,000)
-
-
-
-
-
(129,988)
(129,988)
-
-
-
(129,988)
-
68,368
68,368
-
-
-
-
(68,368)
(68,368)
-
-
-
-
-
-
-
-
117,000
117,000
117,000
9,702,484
1,464,955
11,167,439
4,321,299
408,218
4,729,517
1,640,513
24,761,843
26,402,356
42,299,312

Within the permanent endowment funds for both the Group and Charity is £108,750 in respect of the fair value reserve for the investment property.

48

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS

(COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

25 FUNDS – GROUP

25 FUNDS – GROUP
Balance at 1 September 2020
Net income/(expenditure)
Gains on investments
Transfer
Designated funds expended
Recoupment charge transfer
Actuarial losses on pension scheme
Balance at 31 August 2021		 Capital
Recoupment
Permanent
William and
Designated
General
Account
Fund
Endowment
Jesse Flower
Other
Restricted
Foundationers
Reserve
Unrestricted
TOTAL
Total
Fund
Total
Fund
Total
£
£
£
£
£
£
£
£
£
£
9,702,484
1,286,040
10,988,524
4,007,644
287,119
4,294,763
1,380,625
20,275,173
21,655,798
36,939,085
-
-
-
96,818
293,196
390,014
38,320
2,939,702
2,978,022
3,368,036
-
136,302
136,302
478,329
-
478,329
193,238
647,487
840,725
1,455,356
-
-
-
-
-
-
89,600
(89,600)
-
-
-
-
-
-
(148,823)
(148,823)
-
-
-
(148,823)
-
50,000
50,000
-
-
-
-
(50,000)
(50,000)
-
-
-
-
-
-
-
-
306,000
306,000
306,000
9,702,484
1,472,342
11,174,826
4,582,791
431,492
5,014,283
1,701,783
24,028,762
25,730,545
41,919,654

FUNDS – CHARITABLE COMPANY

Balance at 1 September 2020
Net income/(expenditure)
Gains on investments
Transfer
Designated funds expended
Recoupment charge transfer
Actuarial losses on pension scheme
Balance at 31 August 2021		 Permanent Endowment Funds
Restricted Funds
Unrestricted Funds
Capital
Recoupment
Permanent
William and
Designated
General
Account
Fund
Endowment
Jesse Flower
Other
Restricted
Foundationers
Reserve
Unrestricted
TOTAL
Total
Fund
Total
Fund
Total
£
£
£
£
£
£
£
£
£
£
9,702,484
1,286,040
10,988,524
4,007,644
287,119
4,294,763
1,380,625
19,817,737
21,198,362
36,481,649
-
-
-
96,818
293,196
390,014
38,320
2,935,471
2,973,791
3,363,805
-
136,302
136,302
478,329
-
478,329
193,238
647,487
840,725
1,455,356
-
-
-
-
-
-
89,600
(89,600)
-
-
-
-
-
-
(148,823)
(148,823)
-
-
-
(148,823)
-
50,000
50,000
-
-
-
-
(50,000)
(50,000)
-
-
-
-
-
-
-
-
306,000
306,000
306,000
9,702,484
1,472,342
11,174,826
4,582,791
431,492
5,014,283
1,701,783
23,567,095
25,268,878
41,457,987

Within the permanent endowment funds for both the Group and Charity is £108,750 in respect of the fair value reserve for the investment property.

49

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

25 FUNDS (Continued)

Analysis of net
assets between
funds - Group
Capital account
Recoupment account
Restricted Funds
Unrestricted Funds		 Tangible
Fixed
Assets
Investments
Current
Assets
Current
Liabilities
Long
Term
Creditors
Total
£
£
£
£
£
£
9,832,147
-
-
(129,663)
-
9,702,484
-
1,335,292
129,663
-
-
1,464,955
9,832,147
1,335,292
129,663
(129,663)
-
11,167,439
-
3,542,222
1,187,295
-
-
4,729,517
30,913,041
5,048,872
9,750,769
(4,363,981)
(14,210,009)
27,138,692
40,745,188
9,926,386
11,067,727
(4,493,644)
(14,210,009)
43,035,648
Analysis of net
assets between
funds – Charity
Capital account
Recoupment account
Restricted Funds
Unrestricted Funds		 Tangible
Fixed
Assets
Investments
Current
Assets
Current
Liabilities
Long
Term
Creditors
Total
£
£
£
£
£
£
9,832,147
-
-
(129,663)
-
9,702,484
-
1,335,292
129,663
-
-
1,464,955
9,832,147
1,335,292
129,663
(129,663)
-
11,167,439
-
3,542,222
1,187,295
-
-
4,729,517
30,521,237
5,213,947
9,098,236
(4,221,055) (14,210,009)
26,402,356
40,353,384
10,091,461
10,415,194
(4,350,718) (14,210,009)
42,299,312

Capital Account

Land, buildings and investments form the permanent endowment.

Recoupment Account

Expenditure of restricted funds on capital projects is recouped in a separate account under Orders of the Charity Commission. The balance of £4,422,125 will be recouped over 60 years. On completion, funds recouped are transferred to the Capital Account.

Designated Foundationers Fund

Funds designated by the Governors for the purpose of creating allocated funds to be used to finance the bursaries awarded to Foundationers in future years.

Unrestricted Funds

Within unrestricted reserves is The Benefactors Fund which arose from general donations received by the College. Its application is at the discretion of the Governors as no specific objectives have been set by the individual donors. The balance of this fund as at 31 August 2022 was £69,838 (2021: £71,033).

Restricted Funds

The Foundation has received approx. £2.15m in total from the Flower legacy. The legacy is required to be invested in an account from which the interest can be used to assist a female Foundationer.

Other Restricted Funds

Included in Other Restricted Funds is a donation of £50,000 towards the education of Foundation pupils.

50

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

26 ANALYSIS OF CHANGES IN NET FUNDS

Cash
Current asset investments
Debt due after one year:
Bank loans
Total net		 At 1 September
2021
£
5,396,325
-
(15,000,000)
(9,603,675)		 Cash
flows
£

(993,496)
3,002,126

-

2,008,630		 At 31
August 2022
£
4,402,829
3,002,126
(15,000,000)
(7,595,045)

27 CAPITAL COMMITMENTS

At the year end there were no capital commitments, however projects amounting to £1.1m have been approved by the board and subsequently committed.

At the previous year end the college was contractually committed to £1.2m for the ongoing Science Block project.

28 RELATED PARTY TRANSACTIONS

The following Governor of Lord Wandsworth College is a director of LWC Enterprises Ltd:

N C Goulding

The following Governors of Lord Wandsworth College are directors of Stern Farms Ltd:

Danny Gowan R G Janaway D W Watts

Subsequent to the year end LWC Enterprises Ltd will distribute £86,529 (2021: £3,019) from its reserves to Lord Wandsworth College.

Subsequent to the year end Stern Farms Ltd will distribute £147,026 (2021: £nil) from its reserves to Lord Wandsworth College and will be paid in the following year. Stern Farms Ltd paid rent of £50,000 (2021: £50,000) and £7,750 (2021: £7,750) debenture interest to Lord Wandsworth College. Lord Wandsworth College holds a fixed and floating charge over the assets of Stern Farms Ltd in respect of the debenture.

29 ULTIMATE CONTROLLING PARTY

The Governors of the College are considered to represent the ultimate controlling party.

51