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2023-08-31-accounts

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

GOVERNORS’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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 2023

Page
Governors, Officers and Advisers 1 - 2
Governors’ Annual Report, including Strategic Report 3 - 19
Independent Auditor’s Report 20 - 22
Consolidated Statement of Financial Activities 2023 23
Consolidated Statement of Financial Activities 2022 24
Consolidated and Charitable Company Balance Sheets 25
Consolidated Cash Flow Statement 26
Charity Cash Flow Statement 27
Notes to the Financial Statements 28 - 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) S Aghnia (appointed 22 February 2024) 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 (resigned 21 March 2023) 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) A Thomas – e) (appointed 21 March 2023)

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 Headmaster B W Bennett Chief Operating Officer/Clerk to the Governors

OTHER KEY MANAGEMENT PERSONNEL

A Battison Senior Deputy Head S L Badger Deputy Head A Cocksworth (appointed 1 September 2023) Deputy Head R Pyper (resigned 31 August 2023) Deputy Head S Corfield Director of Philanthropy & Alumni Relations P D German Director of Admissions and Marketing C MacDonald Director Compliance and Projects D Wilde Director of People 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 2023

The members of the College Governing Body present their Annual Report for the year ended 31 August 2023 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 sub-committees. 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 sub-committees, (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 2023 (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 the 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 pupils for their 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, co-educational, non-denominational boarding and day foundation school. It focuses 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 2023

(Continued)

Intended Impact (of the College Mission)

The vision of the College is to 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 2022 there were 671 pupils (2021: 662) at the College of whom 54% (2022: 54%) board in some capacity, 41% (2022: 41%) were girls and 4% (2022: 4%) 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 principal activity of the Company is that of arable farming. The farm continues to make a profit, which is gift aided back to the College, and 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 ensures that the assets are used to their maximum outside of curriculum time. 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 2023 (Continued)

Scholarships

This year the value of scholarships and prizes awarded to pupils amounted to £240,088 (2022: £374,243). 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 48 Foundationers at a cost of £1,190,019 (2022: £1,115,506). 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

The College continues to strive to deliver as much outreach activity as possible. Pupils have continued to engage in projects within the local community, including visiting two local Residential Homes, helping out in the Long Sutton community (including Coronation celebrations and clearing the pond), hosting a regular Saturday activity club for 5-10 year olds and weekly visits to a local Infants School to assist in the classrooms. Maths students organised and led a scholars’ tutorial at the invitation of a local school and a trip was organised to help at the Care for Calais refugee warehouse for one weekend. The College also brought Year 4 pupils from a London school down to visit the woods and farm: described as ‘ the best trip ever’.

As well as providing College resources and facilities, many national and local charities have been supported including; food banks at Alton and Basingstoke, Princes Trust, Marty matters, St. Michael hospice, Brain Tumour Trust, Movember, Macmillan Coffee Morning, DEC Appeal and Robbie's Rally. The school charities of the year, Esher College Africa Trust and Mary’s Meals, each benefited from 50% of £4482 raised through the year. The pupils who participated in the College’s annual Devizes to Westminster canoe race raised funds for the Anthony Nolan Trust.

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 2023 (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 many cases, free-of-charge

Long Sutton Primary School uses various facilities free-of-charge, including a weekly swimming session. Hook Junior School and Farnborough Sixth Form College also use the swimming pool. In addition the College has assisted Crondall Scout Group with canoeing. Robert Mays School, Basingstoke DofE centre and Alton Boys’ Brigade have used the woodland at no cost for DofE expedition camps and pupils from the Costello School in Basingstoke are enrolled into LWC’s CCF.

The College pool is used by various swim schools and clubs, while the Dive Ability charity use the pool to teach people with disabilities. Five local cricket clubs use the cricket facilities, while Hampshire Hockey and Hampshire Cricket regularly hire facilities for their junior development teams. Three local junior football clubs all make use of the astro and football pitches and two local running clubs, Hart and Sandhurst, stage cross-country events in the woodland and surrounding fields.

In the summer of 2023, the Wimbledon School of English hired LWC’s boarding, teaching and sports facilities for their 4-week residential course for 12-17 year-olds. In total 155 pupils attended from 21 countries. In addition, LWC hosted the Pundarika Foundation’s Buddhist retreat week, in which over 200 people were led by the spiritual teacher, Tsoknyi Rinpoche.

The College provides the field behind the primary school to Long Sutton Parish Council at a peppercorn rent, providing the village with a recreation ground and Odiham & Greywell Cricket Club with a second ground. LWC staff are also involved in the coaching and administration of junior cricket at Odiham & Greywell CC.

STRATEGIC REPORT

LWC Centenary Year

The College took the opportunity to celebrate 100 years since the first pupil arrived. There were numerous events and activities across the year for the whole LWC Community to engage in, some to enjoy instantly, others to leave a legacy for generations that follow. The year was rounded off with a superb two day festival of music, performing arts, CCF displays, food and friendship galore!

The College enhanced the site by creating Quercus Corner in Sheephouse Copse and planting the new Centenary Wood. All pupils and staff received a bespoke coin marking the occasions of the centenary and the Coronation of King Charles III.

Achievements and Performance

This year is the second year of normal exams, with the current U6 taking their first set of ‘real’ exams after sitting Teacher Assessed Grades instead of GCSEs. JCQ has again applied stricter criteria for the top A* grades to ensure a return to pre-pandemic ratios across all grades. Recognising the challenge for both GCSE and A-Level pupils, all of whom dealt with lockdown-imposed changes to their assessment schedule, the College has focused on creating regular assessment opportunities and support programmes beyond the in-hall mock exams and on giving pupils the tools for self-agency and personal development through our unique collaboration with Charlie Unwin – Personal Leadership.

At A Level, 30% of grades were at A/A, down from 34% in 2022, but up from 25% in 2019, with 12 (13 – 2022) pupils achieving straight As and As. Some 65% of leavers went to their first-choice university. Cumulative A*-B was 61%, down as anticipated from 2022’s 68%, but still a significant improvement on 2019 (56.6%). Departments that performed particularly well included Art, D&T, English, French, Maths, Geography, Politics and Photography, with continued excellent results also in the EPQ. BTEC results were strong – 70% achieved Distinction, and 90% achieved either Distinction or Merit.

At GCSE, results were down on last year overall, although grade 9s were comparable with 2019 (14.1% v 13.3%). One pupil achieved straight 9s, and two further pupils scored at least eight grade 9s. 14 pupils achieved straight 9 to 7 grades. Of particular note at GCSE were the successes in the larger departments of Art, DT, Textiles, Geography, RS, and English Language.

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

THE GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

(Continued)

Achievements and Performance (continued)

At Key Stage 3, the College’s First and Second-Form pupils continue to respond positively to the restructured curriculum (now in its 3[rd] year), with greater emphasis on subject-specific skills taught through topic-specific content. Pupil choices from 2[nd] - to 3[rd] -Form have led to restructured curricula and a greater focus on learning strategies, which is of significant benefit as they approach the two exam-focused key stages for GCSE and A Level/BTEC. The Deputy Head (T&L) continues to meet regularly with HoDs to discuss results, individual pupils, and departmental direction and strategy.

The College continues to focus on A[2] RH (Attitudes, Approaches, Routines and Habits) 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. We intend to do the same with our innovative Personal Leadership initiative, working with Charlie Unwin (a highly successful high-performance sports psychologist) to support and develop pupils’ self-agency, which enters its second full year, and which supports the Attitudes and Approaches elements of A[2] RH.

Spiritual, Moral, Social and Cultural education

SMSC is embedded into school life and linked to assemblies, tutor periods and 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, Mental Health and LWC Champions (for neurodiverse pupils) Committees are led by pupils and supported by staff.; The Personal, Social, Health and Economic Education (PSHEE) spiral curriculum covers a wide variety of topics such as Values and Rights, Online life and Media, Keeping safe and Relationships and Sex Education (RSE), working in close collaboration with Chameleon PDE and the PSHEE Association.

Sport

Sport at LWC looks brighter than ever with all sports seeing a great degree of success. Highlights have included: In Hockey the 1[st] XI Girls won the Hampshire Cup and got through to the last four of the national T3 competition, the U14 Girls qualified for the National Tier 1 regional championships, the U13 Boys qualified for the South regional championships and the U14 Boys came 2[nd] in the Hampshire Cup and qualified for the south regionals. In Rugby the U18 Boys were Hampshire shield winners and had the highest win percentage in the school’s history in a normal season, the U14s had an unbeaten season and were winners of the Embley 7s, the U16s were runners up in the Hampshire Cup and U13s second in their group at Rosslyn Park.

Football continues to grow. Healthy numbers are sustained using the Chelsea FC connection and has seen teams play regular competitive football. Girls’ football numbers are also growing and we have introduced a full block of fixtures and training in the spring term to run alongside netball. Netball remains a key sport for girls in the spring term. The 1sts and 14A team enjoyed a 50/50 win/loss season capped off with the 1[st] team tour to Dubai. In Cricket the Summer term was full of winners. Along with the MCC fixtures, a full fixture list, the Dubai cricket and netball tour was a huge success. The U17 Girls were in the plate final, the U15 Girls won the Hampshire indoor cricket competition to reach the regional finals and won the Hampshire Cup outdoors, and the U13 Girls made the semi-final of the Hampshire Cup. In Athletics seven students represented their county and/or competed internationally. The U17 & U15 Boys team won the District Multi Events Pentathlon and the U15 Girls & Boys achieved the Hampshire Track Knock Out Final. The College also had a highly successful Devizes to Westminster campaign coming 2[nd] school overall with 18 pupils competing in this highly demanding endurance event.

CCF

The CCF has completed a comprehensive programme. This included 2 overnight exercises and a successful Adventure Training Camp in the Brecon Beacons. The RAF Section went to RAF Halton for the Annual Summer Camp and the Army went to a very wet Yoxter in Somerset where they were involved in a full range of activities earning some badges for high quality shooting on the range. 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 College also had a cadet who has served as one of the Lord Lieutenant of Hampshire Cadets this year. The CCF continues to work closely in a successful partnership with cadets from the Costello School in Basingstoke and numbers of new recruits from both schools continue to grow. 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 2023 (Continued)

Music

The Music Department played a central role in the College’s centenary celebrations, mounting a substantial Centenary Concert showcasing the best of LWC music-making past and present in an uplifting and invigorating evening of music. In addition the Department mounted a full year of events, including Autumn and Spring Term concerts, the vocal concert ‘Music from Stage and Screen’ and the Music Scholars’. The Open Section Recitals in the Cotteral Cup turned the spotlight onto those musicians of Grade 6 to Diploma level.

Pupils’ achievements have also been highlighted by two series of excellent ABRSM and Trinity-Guildhall music exams, whilst several pupils have been accepted into the Hampshire County Youth Orchestra, the NYO Inspire orchestra and the Royal College of Music Junior Department.

St Neot’s Collaboration

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

Since September 2022 a number of key evolutions have taken place notably:

The College does not exercise a controlling interest. However, both boards of Governors continue to discuss a merger in the future. If this were to take place, St Neot’s will maintain its identity and independence.

Investment performance

At the year-end, the Group’s investments totalled £9.7m (2022: £9.9m). The Governors keep the level of income withdrawn or re-invested under review to balance the needs and interests of current and future beneficiaries of the College’s activities. The Governors were not fully satisfied with the performance of the investments (noting they have been affected by the current economic crisis) and have moved an element of investments into shortterm gilts.

Fundraising performance

A Centenary Appeal was launched focussing on The Foundation, plus two additional projects: Foundationer Extras and the Lord Wandsworth Sculpture. The Centenary opened up additional avenues and gave a new platform to highlight philanthropy across the LWC Community.

The inaugural Beckwith (5 or 10km walk/run), the Sahara Trek, plus a hugely successful Giving Day all helped to ensure this year’s fundraising totals returned to pre-covid levels. These events were not only successful from an income perspective but were joyous occasions.

These, and other initiatives have encouraged 680 new donors to support the College raising a total for fundraising of £633,302 (2022: £459,811). This was broken down as £406,676 from individuals (2022: £186,885) including £49,640 from legacies (2022: £9,910), and £226,626 from Trusts & Foundations towards Foundationer fees (2022: £272,926). The College is hugely grateful to all our donors and supporters 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 2023 (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 2023 (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, with waiting lists, 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 £1,733,324 (2022: £1,128,982). In addition to the group’s results a distribution to the College of £25,788 was achieved by Stern Farms Ltd and will be paid during 2023-24 (during 2022-23 a distribution of £147,026 was made in respect of 2021-22). Gift Aid from LWC Enterprises Ltd amounted to £87,265 (2022: £86,529).

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 £44.5m (2022: £43m) at the year-end included £11.2m (2022: £11.2m) endowment capital, £4.8m unspent restricted income (2022: £4.7m) and £28.5m (2022: £27.1m) unrestricted income after taking account of the £941k pension asset (2022: £1,187k asset). £17.8m (2022: £15.9m) of this represented the net book value of fixed assets less associated internal funding arrangements, leaving free reserves of £10,743,981 (2022: £11,225,661) for the group and £10,509,783 (2022: £10,881,119) 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 £2.6m (2021: £2.5m). The extensive range of capital projects this year has included the opening of the Sixth Form Centre, Zenatas, the refurbishment of the old science centre from labs to classrooms, completion of the Library, Years 7 and 8 have moved into their own hub for day use and had street lighting constructed from the boarding house to the main campus. In addition, the tennis courts have been resurfaced and flood lighting added. Ongoing refurbishment of the boarding houses has continued as part of a rolling plan including bathrooms, day spaces and some new bedroom furniture.

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.

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

THE GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

(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.

12

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

THE GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (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.

Year 3

Lord Wandsworth College’s Scope 1 direct emissions (combustion of natural gas and transportation fuels) for this year of reporting are 925.5 tCO2e, resulting from the direct combustion of 4,715,263.93 kWh of fuel. This represents a carbon decrease of 1.01%, while energy usage has decreased by 13.48% from last year.

Scope 2 indirect emissions (purchased electricity) for this year of reporting are 267.2 tCO2e, resulting from the consumption of 1,290,372 kWh of electricity purchased and consumed in day-to-day business operations. This represents a carbon decrease of 1.31%, while energy usage has decreased by 7.84% from last year.

Due to improved methodology for measuring Scope 3 indirect emissions, this reporting period, there are 141.62 tCO2e from consumption of 564,849 kWh of energy, an increase of emissions by 47.41%, with energy usage also boosted by 44.06%, compared to the absolute numbers from last year. Our operations have an intensity metric of 1.93 tCO2e per Pupil for this reporting year. The previous data represents a reduction in operational carbon intensity of 2.3% from our previous reporting year.

13

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

THE GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (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:

Emissions Energy Consumption kWh
Scope & Utility 2020/2021 2021/2022 2022/2023
Scope 1
Natural gas, heating oil, fuels.		 4,446,970 5,450,007 4,715,264
Scope 2
Electricity (grid supplied)		 1,375,539 1,400,153 1,290,372
Scope 3
Emissions measured include: Category
6: Business travel Category 7: Employee
commuting
424,505		 392,083 564,849
Total 6,247,014 7,242,243 6,570,485

14

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

THE GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (Continued)

CARBON REPORT (Continued)

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

Emissions tCO2e/yr
Scope & Utility 2020/2021 2021/2022 2022/2023
Scope 1
Natural gas, heating oil, fuels.		 766.25 934.93 925.50
Scope 2
Electricity (grid supplied)		 292.07 270.76 267.20
Scope 3 include:
Category 6: Business travel Category 7:
Employee commuting
103.73		 96.07 141.62
Total 1,162.05 1,301.76 1,334.32

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 kWh per Pupil has been applied to the annual total energy consumptions of LWC. The methodology of the intensity metric calculations is detailed in the appendix, and results of this analysis is as follows:

Reporting Year Total GHG Pupils Intensity ratio TotalEnergy Intensity ratio
emissions tCO2e/pupil kWh/pupil
(tCO2e)
SECR 2020/21 1,162.05 643 1.81 6,247,014 9,715.42
SECR 2021/22 1,301.76 658 1.98 7,242,244 11,006.45
SECR 2022/23 1,334.32 690 1.93 6,570,485 9,522.44

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

15

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS

(COMPANY LIMITED BY GUARANTEE)

THE GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (Continued)

CARBON REPORT (Continued)

LWC & LWCE Combined

Utility and Scope 2022/23 2021/22 2020/21
Consumption (kWh) Consumption (kWh) Consumption (kWh)
Scope 1 - Natural gas, heating oil, fuels 4,538,696 5,290,277 4,446,970
Scope 2 - Electricity (grid supplied) 1,273,030 1,391,946 1,351,885
Scope 3 - Business travel, employee
commute		 564,849 385,969 258,255
Total 6,376,575 7,068,192 6,057,110
Utility and Scope 2022/23 2021/22 2020/21
Consumption (tCO2e) Consumption (tCO2e) Consumption (tCO2e)
Scope 1 - Natural gas, heating oil, fuels 879.65 893.91 766.25
Scope 2 - Electricity (grid supplied) 263.61 269.17 287.05
Scope 3 - Business travel, employee
commute		 141.62 94.6 61.14
Total 1,284.87 1,259.02 1,115.67

Intensity metric – LWC & LWCE Combined

Reporting Year Total GHG Pupils Intensity ratio TotalEnergy Intensity ratio
emissions tCO2e/pupil kWh/pupil
(tCO2e)
SECR 2020/21 1,115.67 643 1.74 6,057,110 9,420.08
SECR 2021/22 1,259.02 658 1.91 7,068,192 10,741.93
SECR 2022/23 1,284.87 690 1.86 6,376,575 9,241.41

16

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS

(COMPANY LIMITED BY GUARANTEE)

THE GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (Continued)

CARBON REPORT (Continued)

Stern Farms

Utility and Scope 2022/23 2021/22 2020/21
Consumption (kWh) Consumption (kWh) Consumption (kWh)
Scope 1 - Natural gas, heating oil, fuels 176,568 165,845 166,250
Scope 2 - Electricity (grid supplied) 17,342 8,207 22,970
Total 193,910 174,052 189,220
Utility and Scope 2022/23 2021/22 2020/21
Consumption (tCO2e) Consumption (tCO2e) Consumption (tCO2e)
Scope 1 - Natural gas, heating oil, fuels 45.86 42.49 42.59
Scope 2 - Electricity (grid supplied) 3.59 1.59 4.88
Total 49.45 44.08 47.47

Intensity Metric – Stern Farms

Reporting Year Total GHG Hectares Intensity ratio TotalEnergy Intensity ratio
emissions tCO2e/hectare kWh/
(tCO2e) hectare
SECR 2020/21 47.47 333 0.14 189,220 568.23
SECR 2021/22 44.08 333 0.13 174,052 522.68
SECR 2022/23 49.45 333 0.15 193,910 582.31

17

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

THE GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (Continued)

CARBON REPORT (Continued)

Energy Efficiency Improvements

Lord Wandsworth College remains dedicated to continual improvements in operational energy efficiency, firmly adhering to principles of sustainability. Through a range of initiatives, the College actively reduces its carbon footprint and promotes eco-friendly practices.

18

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE) THE GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

(Continued)

CARBON REPORT (Continued)

Appendix

Reporting Methodology

Scope 1, 2 and 3 consumption and CO2e emissions data have been calculated in line with the 2019 UK Government environmental reporting guidance. Emissions Factor Database 2023 version 1 has been used, utilising the published kWh gross calorific value (CV) and kgCO2e emissions factors relevant for the reporting period 01/09/2022 – 31/08/2023.

Business travel emissions were calculated from reported mileage data associated with this activity. As no precise information existed on the types of vehicles and fuels used for this reporting period, an assumption was made that those were average vehicles with a 50-50 split of fuel usage between petrol and diesel.

A comprehensive and detailed survey was conducted to calculate the emissions stemming from the daily commute the employees of LWC conduct. We were able to calculate the emissions for personal vehicles based on the type of fuels used and size of vehicles, as per the market segment classification.

No estimations were used in the calculation of the GHG emissions and the energy consumption. Intensity metrics have been calculated using total tCO2e figures and the selected performance indicator agreed with Lord Wandsworth College for the relevant report period:

----- Start of picture text -----
690
333
----- End of picture text -----

Previous period metrics (1/9/21 – 31/8/22)

----- Start of picture text -----
658
333
----- End of picture text -----

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 J. Hannington

Robert Hannington

Chairman of Governing Body

Date 28/03/24

19

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 2023 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:

20

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:

21

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 group audit engagement team identified the risk of management override of controls and the risk of income recognition as the areas 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 and evaluating the business rationale in relation to significant or unusual transactions and transactions entered into outside the normal course of business. Furthermore, a sample of revenue transactions recorded either side of the year end were tested to confirm they had been recognized in the appropriate period. 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

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 28/03/24

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 2023

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 (losses)
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
2023
£
18,328,008
-
-
18,328,008
427,689
-
-
427,689
830,189
-
-
830,189
203,497
-
-
203,497
185,000
114,376
-
299,376
198,094
-
-
198,094
203,245
203,431
-
406,676
20,375,722
317,807
-
20,693,529
686,024
-
-
686,024
486,822
-
-
486,822
22,599
-
-
22,599
226,443
-
-
226,443
1,421,888
-
-
1,421,888
17,131,279
28,029
-
17,159,308
18,553,167
28,029
-
18,581,196
(254,599)
(90,397)
(34,013)
(379,009)
1,567,956
199,381
(34,013)
1,733,324
(144,000)
-
-
(144,000)
1,423,956
199,381
(34,013)
1,589,324
-
(83,523)
-
(83,523)
(60,105)
-
60,105
-
1,363,851
115,858
26,092
1,505,801
27,138,692
4,729,517
11,167,439
43,035,648
28,502,543
4,845,375
11,193,531
44,541,449

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.

23

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
£
Total
Funds
2022
£
16,903,713
-
-
16,903,713
385,639
-
-
385,639
760,225
-
-
760,225
72,253
-
-
72,253
190,115
80,008
-
270,123
87,748
-
-
87,748
55,613
131,052
-
186,665
18,455,306
211,060
-
18,666,366
357,549
-
-
357,549
533,105
-
-
533,105
30,368
-
-
30,368
205,078
-
-
205,078
1,126,100
-
-
1,126,100
15,301,586
24,338
-
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)
1,128,982
117,000
-
-
117,000
1,476,515
(154,778)
(75,755)
1,245,982
-
(129,988)
-
(129,988)
(68,368)
-
68,368
-
1,408,147
(284,766)
(7,387)
1,115,994
25,730,545
5,014,283
11,174,826
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.

Company Number: 07724623 Charity Number: 1143359

24

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

CONSOLIDATED AND CHARITABLE COMPANY BALANCE SHEETS AS AT 31 AUGUST 2023

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		 2023
Group
Charity
£
£
41,940,709
41,529,992
150,000
150,000
9,727,190
9,892,265
51,817,899
51,572,257
262,057
-
3,871,261
3,675,112
5,039,436
5,039,436
2,224,514
2,057,961
11,397,268
10,772,509
(4,624,445)
(4,416,959)
6,772,823
6,355,550
58,590,722
57,927,807
(14,990,273)
(14,972,273)
43,600,449
42,955,534
941,000
941,000
44,541,449
43,896,534
26,807,057
26,162,142
1,695,486
1,695,486
28,502,543
27,857,628
4,845,375
4,845,375
11,193,531
11,193,531
44,541,449
43,896,534		 2022
Group
£
40,595,188
150,000
9,926,386
50,671,574
376,366
3,286,406
3,002,126
4,402,829
11,067,727
(4,493,644)
6,574,083
57,245,657
(15,397,009)
41,848,648
1,187,000
43,035,648
25,498,179
1,640,513
27,138,692
4,729,517
11,167,439
43,035,648		 Charity
£
40,203,384
150,000
10,091,461
50,444,845
-
3,162,193
3,002,126
4,250,875
10,415,194
(4,350,718)
6,064,476
56,509,321
(15,397,009)
41,112,312
1,187,000
42,299,312
24,761,843
1,640,513
26,402,356
4,729,517
11,167,439
42,299,312

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 £1,597,222 (2022: £841,325).

The financial statements on pages 21 to 49 were approved by the Board of Governors and signed on its behalf by:

Robert J. Hannington

R J Hannington Chairman Dated: 28/03/24

James P Robinson

J P Robinson Chairman Finance Committee

25

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

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023

2023
2022
£
£
£
£
Net cash inflow from operating activities (Note (i))
3,147,178
2,754,202
Cash flows from investing activities
Payments for tangible fixed assets
(2,628,561)
(2,470,182)
Receipts from sale of tangible fixed assets
52,500
13,370
Movements in investments
(202,412)
1,761,618
Investment income and bank interest
497,470
(2,281,003)
357,871
(337,323)
Net cash provided by/(used in) investing
activities
866,175
2,416,879
Cash flows from financing activities
(Repayment)/addition of hire purchase
(20,358)
124,856
(Repayment)/addition of external finance
(500,000)
-
Finance costs paid
(486,822)
(1,007,180)
(533,105)
(408,249)
Change in cash and cash equivalents in the
reporting period
(141,005)
2,008,630
Cash and cash equivalents at 1 September
2022
7,404,955
5,396,325
Cash and cash equivalents at 31 August 2023
7,263,950
7,404,955
Relating to:
Short term bonds
5,039,436
3,002,126
Cash at bank and in hand
2,224,514
4,402,829
7,263,950
7,404,955
(i) Reconciliation of net income to net cash
inflow from operating activities
2023
£
2022
£
Net income for the year
1,733,324
1,128,982
Losses on investments
379,009
1,085,360
Investment income and bank interest
(497,470)
(357,871)
Finance costs
486,822
533,105
Funds expended
(83,523)
(129,988)
Investment management charges
22,599
30,368
Depreciation charges
1,251,976
1,106,725
(Profit)/loss on disposal of fixed assets
(21,436)
7,474
Pension finance (income)
(48,000)
(15,000)
LWC 1989 pension scheme admin costs
150,000
(150,000)
Decrease/(increase) in stocks
114,309
(142,168)
(Increase) in debtors
(584,855)
(244,527)
Increase/(decrease) in creditors (excluding
fees in advance and deposits)
203,626
(108,360)
Increase in fees in advance
29,897
18,595
Increase/(decrease) in parents’ deposits
10,900
(8,493)
Net cash inflow from operating activities
3,147,178
2,754,202		 2023
2022
£
£
£
£
Net cash inflow from operating activities (Note (i))
3,147,178
2,754,202
Cash flows from investing activities
Payments for tangible fixed assets
(2,628,561)
(2,470,182)
Receipts from sale of tangible fixed assets
52,500
13,370
Movements in investments
(202,412)
1,761,618
Investment income and bank interest
497,470
(2,281,003)
357,871
(337,323)
Net cash provided by/(used in) investing
activities
866,175
2,416,879
Cash flows from financing activities
(Repayment)/addition of hire purchase
(20,358)
124,856
(Repayment)/addition of external finance
(500,000)
-
Finance costs paid
(486,822)
(1,007,180)
(533,105)
(408,249)
Change in cash and cash equivalents in the
reporting period
(141,005)
2,008,630
Cash and cash equivalents at 1 September
2022
7,404,955
5,396,325
Cash and cash equivalents at 31 August 2023
7,263,950
7,404,955
Relating to:
Short term bonds
5,039,436
3,002,126
Cash at bank and in hand
2,224,514
4,402,829
7,263,950
7,404,955
(i) Reconciliation of net income to net cash
inflow from operating activities
2023
£
2022
£
Net income for the year
1,733,324
1,128,982
Losses on investments
379,009
1,085,360
Investment income and bank interest
(497,470)
(357,871)
Finance costs
486,822
533,105
Funds expended
(83,523)
(129,988)
Investment management charges
22,599
30,368
Depreciation charges
1,251,976
1,106,725
(Profit)/loss on disposal of fixed assets
(21,436)
7,474
Pension finance (income)
(48,000)
(15,000)
LWC 1989 pension scheme admin costs
150,000
(150,000)
Decrease/(increase) in stocks
114,309
(142,168)
(Increase) in debtors
(584,855)
(244,527)
Increase/(decrease) in creditors (excluding
fees in advance and deposits)
203,626
(108,360)
Increase in fees in advance
29,897
18,595
Increase/(decrease) in parents’ deposits
10,900
(8,493)
Net cash inflow from operating activities
3,147,178
2,754,202		 2023
2022
£
£
£
£
Net cash inflow from operating activities (Note (i))
3,147,178
2,754,202
Cash flows from investing activities
Payments for tangible fixed assets
(2,628,561)
(2,470,182)
Receipts from sale of tangible fixed assets
52,500
13,370
Movements in investments
(202,412)
1,761,618
Investment income and bank interest
497,470
(2,281,003)
357,871
(337,323)
Net cash provided by/(used in) investing
activities
866,175
2,416,879
Cash flows from financing activities
(Repayment)/addition of hire purchase
(20,358)
124,856
(Repayment)/addition of external finance
(500,000)
-
Finance costs paid
(486,822)
(1,007,180)
(533,105)
(408,249)
Change in cash and cash equivalents in the
reporting period
(141,005)
2,008,630
Cash and cash equivalents at 1 September
2022
7,404,955
5,396,325
Cash and cash equivalents at 31 August 2023
7,263,950
7,404,955
Relating to:
Short term bonds
5,039,436
3,002,126
Cash at bank and in hand
2,224,514
4,402,829
7,263,950
7,404,955
(i) Reconciliation of net income to net cash
inflow from operating activities
2023
£
2022
£
Net income for the year
1,733,324
1,128,982
Losses on investments
379,009
1,085,360
Investment income and bank interest
(497,470)
(357,871)
Finance costs
486,822
533,105
Funds expended
(83,523)
(129,988)
Investment management charges
22,599
30,368
Depreciation charges
1,251,976
1,106,725
(Profit)/loss on disposal of fixed assets
(21,436)
7,474
Pension finance (income)
(48,000)
(15,000)
LWC 1989 pension scheme admin costs
150,000
(150,000)
Decrease/(increase) in stocks
114,309
(142,168)
(Increase) in debtors
(584,855)
(244,527)
Increase/(decrease) in creditors (excluding
fees in advance and deposits)
203,626
(108,360)
Increase in fees in advance
29,897
18,595
Increase/(decrease) in parents’ deposits
10,900
(8,493)
Net cash inflow from operating activities
3,147,178
2,754,202		 2023
2022
£
£
£
£
Net cash inflow from operating activities (Note (i))
3,147,178
2,754,202
Cash flows from investing activities
Payments for tangible fixed assets
(2,628,561)
(2,470,182)
Receipts from sale of tangible fixed assets
52,500
13,370
Movements in investments
(202,412)
1,761,618
Investment income and bank interest
497,470
(2,281,003)
357,871
(337,323)
Net cash provided by/(used in) investing
activities
866,175
2,416,879
Cash flows from financing activities
(Repayment)/addition of hire purchase
(20,358)
124,856
(Repayment)/addition of external finance
(500,000)
-
Finance costs paid
(486,822)
(1,007,180)
(533,105)
(408,249)
Change in cash and cash equivalents in the
reporting period
(141,005)
2,008,630
Cash and cash equivalents at 1 September
2022
7,404,955
5,396,325
Cash and cash equivalents at 31 August 2023
7,263,950
7,404,955
Relating to:
Short term bonds
5,039,436
3,002,126
Cash at bank and in hand
2,224,514
4,402,829
7,263,950
7,404,955
(i) Reconciliation of net income to net cash
inflow from operating activities
2023
£
2022
£
Net income for the year
1,733,324
1,128,982
Losses on investments
379,009
1,085,360
Investment income and bank interest
(497,470)
(357,871)
Finance costs
486,822
533,105
Funds expended
(83,523)
(129,988)
Investment management charges
22,599
30,368
Depreciation charges
1,251,976
1,106,725
(Profit)/loss on disposal of fixed assets
(21,436)
7,474
Pension finance (income)
(48,000)
(15,000)
LWC 1989 pension scheme admin costs
150,000
(150,000)
Decrease/(increase) in stocks
114,309
(142,168)
(Increase) in debtors
(584,855)
(244,527)
Increase/(decrease) in creditors (excluding
fees in advance and deposits)
203,626
(108,360)
Increase in fees in advance
29,897
18,595
Increase/(decrease) in parents’ deposits
10,900
(8,493)
Net cash inflow from operating activities
3,147,178
2,754,202		 2023
2022
£
£
£
£
Net cash inflow from operating activities (Note (i))
3,147,178
2,754,202
Cash flows from investing activities
Payments for tangible fixed assets
(2,628,561)
(2,470,182)
Receipts from sale of tangible fixed assets
52,500
13,370
Movements in investments
(202,412)
1,761,618
Investment income and bank interest
497,470
(2,281,003)
357,871
(337,323)
Net cash provided by/(used in) investing
activities
866,175
2,416,879
Cash flows from financing activities
(Repayment)/addition of hire purchase
(20,358)
124,856
(Repayment)/addition of external finance
(500,000)
-
Finance costs paid
(486,822)
(1,007,180)
(533,105)
(408,249)
Change in cash and cash equivalents in the
reporting period
(141,005)
2,008,630
Cash and cash equivalents at 1 September
2022
7,404,955
5,396,325
Cash and cash equivalents at 31 August 2023
7,263,950
7,404,955
Relating to:
Short term bonds
5,039,436
3,002,126
Cash at bank and in hand
2,224,514
4,402,829
7,263,950
7,404,955
(i) Reconciliation of net income to net cash
inflow from operating activities
2023
£
2022
£
Net income for the year
1,733,324
1,128,982
Losses on investments
379,009
1,085,360
Investment income and bank interest
(497,470)
(357,871)
Finance costs
486,822
533,105
Funds expended
(83,523)
(129,988)
Investment management charges
22,599
30,368
Depreciation charges
1,251,976
1,106,725
(Profit)/loss on disposal of fixed assets
(21,436)
7,474
Pension finance (income)
(48,000)
(15,000)
LWC 1989 pension scheme admin costs
150,000
(150,000)
Decrease/(increase) in stocks
114,309
(142,168)
(Increase) in debtors
(584,855)
(244,527)
Increase/(decrease) in creditors (excluding
fees in advance and deposits)
203,626
(108,360)
Increase in fees in advance
29,897
18,595
Increase/(decrease) in parents’ deposits
10,900
(8,493)
Net cash inflow from operating activities
3,147,178
2,754,202
(20,358)
(500,000)
(486,822)		 866,175
124,856
-
(1,007,180)
(533,105)		 2,416,879
(408,249)
(141,005)
7,404,955
7,263,950
5,039,436
2,224,514
7,263,950
2023
£
1,733,324
379,009
(497,470)
486,822
(83,523)
22,599
1,251,976
(21,436)
(48,000)
150,000
114,309
(584,855)
203,626
29,897
10,900
3,147,178		 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

26

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS

(COMPANY LIMITED BY GUARANTEE)

CHARITY STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 AUGUST 2023

2023
£
£
£
Net cash inflow from operating activities (Note (i))
3,091,394
Cash flows from investing activities
Payments for tangible fixed assets
(2,525,234)
(2,380,360)
Receipts from sale of tangible fixed assets
500
13,370
Movements in investments
(202,412)
1,761,618
Increase in share capital of LWC Enterprises
-
(9,998)
Investment income and bank interest
504,677
(2,222,469)
365,188
Net cash provided by/(used in) investing
activities
868,925
Cash flows from financing activities
(Repayment)/addition of hire purchase
(37,707)
161,402
(Repayment)/addition of external finance
(500,000)
-
Finance costs paid
(486,822)
(1,024,529)
(533,105)
Change in cash and cash equivalents in the
reporting period
(155,604)
Cash and cash equivalents at 1 September
2022
7,253,001
Cash and cash equivalents at 31 August 2023
7,097,397
Relating to:
Short term bonds
5,039,436
Cash at bank and in hand
2,057,961
7,097,397
(i) Reconciliation of net income to net cash
inflow from operating activities
2023
£
Net income for the year
1,590,454
Losses/(gains) on investments
379,009
Charitable Donations
233,555
Investment income and bank interest
(504,677)
Finance costs
486,822
Funds expended
(83,523)
Investment management charges
22,599
Depreciation charges
1,196,731
Loss on disposal of fixed assets
1,395
Pension finance (income)
(48,000)
LWC 1989 pension scheme admin costs
150,000
(Increase) in debtors
(512,919)
Increase/(decrease) in creditors (excluding
fees in advance and deposits)
139,151
Increase in fees in advance
29,897
Increase/(decrease) in parents’ deposits
10,900
Net cash inflow from operating activities
3,091,394		 2023
£
£
£
Net cash inflow from operating activities (Note (i))
3,091,394
Cash flows from investing activities
Payments for tangible fixed assets
(2,525,234)
(2,380,360)
Receipts from sale of tangible fixed assets
500
13,370
Movements in investments
(202,412)
1,761,618
Increase in share capital of LWC Enterprises
-
(9,998)
Investment income and bank interest
504,677
(2,222,469)
365,188
Net cash provided by/(used in) investing
activities
868,925
Cash flows from financing activities
(Repayment)/addition of hire purchase
(37,707)
161,402
(Repayment)/addition of external finance
(500,000)
-
Finance costs paid
(486,822)
(1,024,529)
(533,105)
Change in cash and cash equivalents in the
reporting period
(155,604)
Cash and cash equivalents at 1 September
2022
7,253,001
Cash and cash equivalents at 31 August 2023
7,097,397
Relating to:
Short term bonds
5,039,436
Cash at bank and in hand
2,057,961
7,097,397
(i) Reconciliation of net income to net cash
inflow from operating activities
2023
£
Net income for the year
1,590,454
Losses/(gains) on investments
379,009
Charitable Donations
233,555
Investment income and bank interest
(504,677)
Finance costs
486,822
Funds expended
(83,523)
Investment management charges
22,599
Depreciation charges
1,196,731
Loss on disposal of fixed assets
1,395
Pension finance (income)
(48,000)
LWC 1989 pension scheme admin costs
150,000
(Increase) in debtors
(512,919)
Increase/(decrease) in creditors (excluding
fees in advance and deposits)
139,151
Increase in fees in advance
29,897
Increase/(decrease) in parents’ deposits
10,900
Net cash inflow from operating activities
3,091,394		 2023
£
£
£
Net cash inflow from operating activities (Note (i))
3,091,394
Cash flows from investing activities
Payments for tangible fixed assets
(2,525,234)
(2,380,360)
Receipts from sale of tangible fixed assets
500
13,370
Movements in investments
(202,412)
1,761,618
Increase in share capital of LWC Enterprises
-
(9,998)
Investment income and bank interest
504,677
(2,222,469)
365,188
Net cash provided by/(used in) investing
activities
868,925
Cash flows from financing activities
(Repayment)/addition of hire purchase
(37,707)
161,402
(Repayment)/addition of external finance
(500,000)
-
Finance costs paid
(486,822)
(1,024,529)
(533,105)
Change in cash and cash equivalents in the
reporting period
(155,604)
Cash and cash equivalents at 1 September
2022
7,253,001
Cash and cash equivalents at 31 August 2023
7,097,397
Relating to:
Short term bonds
5,039,436
Cash at bank and in hand
2,057,961
7,097,397
(i) Reconciliation of net income to net cash
inflow from operating activities
2023
£
Net income for the year
1,590,454
Losses/(gains) on investments
379,009
Charitable Donations
233,555
Investment income and bank interest
(504,677)
Finance costs
486,822
Funds expended
(83,523)
Investment management charges
22,599
Depreciation charges
1,196,731
Loss on disposal of fixed assets
1,395
Pension finance (income)
(48,000)
LWC 1989 pension scheme admin costs
150,000
(Increase) in debtors
(512,919)
Increase/(decrease) in creditors (excluding
fees in advance and deposits)
139,151
Increase in fees in advance
29,897
Increase/(decrease) in parents’ deposits
10,900
Net cash inflow from operating activities
3,091,394		 2023
£
£
£
Net cash inflow from operating activities (Note (i))
3,091,394
Cash flows from investing activities
Payments for tangible fixed assets
(2,525,234)
(2,380,360)
Receipts from sale of tangible fixed assets
500
13,370
Movements in investments
(202,412)
1,761,618
Increase in share capital of LWC Enterprises
-
(9,998)
Investment income and bank interest
504,677
(2,222,469)
365,188
Net cash provided by/(used in) investing
activities
868,925
Cash flows from financing activities
(Repayment)/addition of hire purchase
(37,707)
161,402
(Repayment)/addition of external finance
(500,000)
-
Finance costs paid
(486,822)
(1,024,529)
(533,105)
Change in cash and cash equivalents in the
reporting period
(155,604)
Cash and cash equivalents at 1 September
2022
7,253,001
Cash and cash equivalents at 31 August 2023
7,097,397
Relating to:
Short term bonds
5,039,436
Cash at bank and in hand
2,057,961
7,097,397
(i) Reconciliation of net income to net cash
inflow from operating activities
2023
£
Net income for the year
1,590,454
Losses/(gains) on investments
379,009
Charitable Donations
233,555
Investment income and bank interest
(504,677)
Finance costs
486,822
Funds expended
(83,523)
Investment management charges
22,599
Depreciation charges
1,196,731
Loss on disposal of fixed assets
1,395
Pension finance (income)
(48,000)
LWC 1989 pension scheme admin costs
150,000
(Increase) in debtors
(512,919)
Increase/(decrease) in creditors (excluding
fees in advance and deposits)
139,151
Increase in fees in advance
29,897
Increase/(decrease) in parents’ deposits
10,900
Net cash inflow from operating activities
3,091,394		 2023
£
£
£
Net cash inflow from operating activities (Note (i))
3,091,394
Cash flows from investing activities
Payments for tangible fixed assets
(2,525,234)
(2,380,360)
Receipts from sale of tangible fixed assets
500
13,370
Movements in investments
(202,412)
1,761,618
Increase in share capital of LWC Enterprises
-
(9,998)
Investment income and bank interest
504,677
(2,222,469)
365,188
Net cash provided by/(used in) investing
activities
868,925
Cash flows from financing activities
(Repayment)/addition of hire purchase
(37,707)
161,402
(Repayment)/addition of external finance
(500,000)
-
Finance costs paid
(486,822)
(1,024,529)
(533,105)
Change in cash and cash equivalents in the
reporting period
(155,604)
Cash and cash equivalents at 1 September
2022
7,253,001
Cash and cash equivalents at 31 August 2023
7,097,397
Relating to:
Short term bonds
5,039,436
Cash at bank and in hand
2,057,961
7,097,397
(i) Reconciliation of net income to net cash
inflow from operating activities
2023
£
Net income for the year
1,590,454
Losses/(gains) on investments
379,009
Charitable Donations
233,555
Investment income and bank interest
(504,677)
Finance costs
486,822
Funds expended
(83,523)
Investment management charges
22,599
Depreciation charges
1,196,731
Loss on disposal of fixed assets
1,395
Pension finance (income)
(48,000)
LWC 1989 pension scheme admin costs
150,000
(Increase) in debtors
(512,919)
Increase/(decrease) in creditors (excluding
fees in advance and deposits)
139,151
Increase in fees in advance
29,897
Increase/(decrease) in parents’ deposits
10,900
Net cash inflow from operating activities
3,091,394		 2022
£
2,619,943

(250,182)
2,369,761

(371,703)
1,998,058
5,254,943
7,253,001
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)		 2022
£
2,619,943

(250,182)
2,369,761

(371,703)
1,998,058
5,254,943
7,253,001
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)
(37,707)
(500,000)
(486,822)		 868,925
161,402
-
(1,024,529)
(533,105)
(155,604)
7,253,001
7,097,397
5,039,436
2,057,961
7,097,397
2023
£
1,590,454
379,009
233,555
(504,677)
486,822
(83,523)
22,599
1,196,731
1,395
(48,000)
150,000
(512,919)
139,151
29,897
10,900
3,091,394
2,619,943

27

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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 2015) - (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.

28

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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. Provision is made for obsolete and defective stock.

29

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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.

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.

30

LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1 ACCOUNTING POLICIES (Continued)

Pension costs and other post-retirement benefits (Continued)

The Charity also participated in a multi employer pension scheme, the Government’s Teachers Pension Defined Benefits Scheme, for its teaching staff, until 31 August 2022. 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.

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.

31

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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 2023, 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.

Depreciation

D epreciation is charged to the statement of financial activities over the course of an assets life, in accordance with the charities depreciation policies. The rates and percentages used are detailed above within the accounting policies. Given the large value of assets held within the charity and the fact depreciation is inherently an estimate, this gives rise to a higher risk and the potential for material misstatement.

3 LEGAL STATUS OF LORD WANDSWORTH COLLEGE

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

32

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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
Centenary income
Other income
8 INVESTMENT INCOME
Unrestricted
Securities
Restricted
Securities
9 DONATIONS AND LEGACIES
Unrestricted
Donations
Legacies
Restricted
Donations
Legacies		 2023
£
20,358,475
(2,030,467)
-
18,328,008
2023
£
56,625
2,554
161,223
85,671
121,616
427,689
2023
£
256,234
573,955
830,189
2023
£
113,487
90,010
203,497
2023
£
185,000
114,376
299,376
2023
£
153,605
49,640
203,245
203,431
-
203,431		 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
2021
£
195,156
565,069
760,225
2022
£
-
72,253
72,253
2022
£
190,115
80,008
270,123
2022
£
45,703
9,910
55,613
131,052
-
131,052

33

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

10 TOTAL EXPENDITURE

Staff Costs
£
Depre-
ciation
£
Non ancillary
trading
175,499
55,245
Financing costs
Investment
Manager Fees
-
-
-
-
Fundraising and
development
165,179
-
Charitable activities
9,482,114
1,196,731
9,822,792
1,251,976
Of the above £28,029 (2022: £24,338) 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
(Gain)/loss on disposal of assets		 Other
Costs
£
455,280
486,822
22,599
61,264
6,480,463
7,506,428
expenditure.		 Total
2023
£
686,024
486,822
22,599
226,443
17,159,308
18,581,196
2023
£
455,280
486,822
22,599
61,264
1,057,549
540,286
897,153
256,228
1,091,075
894,942
254,784
1,488,446
6,480,463
7,506,428
2023
£
106,893
1,163,459
88,517
59,896
6,790
(21,436)		 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

34

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

12 STAFF COSTS 2023
 2022
Group Charity Group Charity
a)Staff costs £ £ £ £
Wages and salaries 7,988,557 7,825,021 7,425,952 7,320,677
Employers’ National 719,602 712,309 735,865 730,251
Insurance contributions
Pension contributions 1,114,633 1,107,876 1,044,991 1,040,413
9,822,792 9,645,206 9,206,808 9,091,341
Contributions were made for nil (2022: 86) employees to the Teachers’ Superannuation Scheme which is a
defined benefits scheme. Contributions were paid to the Group Personal Pension Plan, a defined contribution
scheme, of which there were 215 members at the end of the year (2022: 126).
2023 2022
b)Particulars of staff Number Number
The average monthly number of staff employed by the Group during the
year was: 258 249
The average number of full time equivalent persons employed
by the Group (including part-time staff) during the year was: 213 209
Teaching and academic support staff 112 109
Administration and other staff 101 100
213 209
The number of employees whose emoluments exceeded £60,000 was:
£60,001 - £70,000 4 8
£70,001 - £80,000 4 1
£100,001 - £110,000 - 1
£110,001 - £120,000 1 -
£150,001 - £160,000 - 1
£160,001 - £170,000 1 -

Contributions were made for nil (2022: 86) employees to the Teachers’ Superannuation Scheme which is a defined benefits scheme. Contributions were paid to the Group Personal Pension Plan, a defined contribution scheme, of which there were 215 members at the end of the year (2022: 126).

The number of higher paid staff who contribute into a pension scheme is 9 (2022: 10), at a cost of £122,252 (2022: £142,244).

Key Management Personnel, of which there are 10 (2022: 9), are listed on page 1; their remuneration amounted to £991,613 (2022: £913,877).

c) Governors’ expenses

The Governors received no remuneration for their services during the year. 2 (2022: 2) Governors were reimbursed a total of £580 (2022: £251) for travel and other costs.

d) Pension obligations

Teachers’ Pension Scheme

The School previously participated in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £nil (2022: £864,695) and at the year-end £nil (2022: £101,342) was accrued in respect of contributions to this scheme.

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

From 1 September teaching staff were enrolled in the personal pension scheme. The liability at the year end was £nil (2022: £22,286).

35

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

12 STAFF COSTS (Continued)

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 2023. 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.

A full actuarial valuation was carried out as at 31 August 2020, and has been updated to 31 August 2023 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 2023. The major assumptions used by the actuary (in nominal terms) were as follows:

At 31/08/23 At 31/08/22
(per annum) (per annum)
% %
Discount rate 5.4 4.3
Rate of increase in pensionable salaries n/a n/a
Rate of increase of LPI linked pensions until 2030 2.5 2.9
Rate of increase of LPI linked pensions after 2030 3.3 3.7
Inflation assumption (RPI) 3.5 3.9
Assumed life expectancies on retirement at age 65 are:
Retiring today Males 21.4 22.0
Females 23.7 24.4
Retiring in 20 years time Males 22.7 23.3
Females 25.1 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.

36

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

12 STAFF COSTS (Continued)

LWC 1989 Pension and Life Assurance Scheme (Continued)

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
31/08/23
31/08/22
£’000
£’000
-
2,165
2,440
2,158
1,297
488
206
580
4,225
5,109
(3,284)
(3,922)
941
1,187

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 2023 2022
£’000 £’000
Obligations at the beginning of the year 3,922 5,416
Movement in year: Interest cost 163 85
Benefits paid (264) (271)
Actuarial (gain) (537) (1,308)
Past service cost - -
Obligations at the end of the year 3,284 3,922
Changes in the fair value of the Scheme Assets 2023 2022
£’000 £’000
Fair value at the beginning of the year 5,109 6,321
Movement in year: Return on assets (681) (1,191)
Interest income 211 100
Employer contributions - 150
Benefits paid (264) (271)
Scheme administrative cost (150) -
Fair value of Scheme assets at the end of the year 4,225 5,109

37

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

12 STAFF COSTS (Continued)

LWC 1989 Pension and Life Assurance Scheme (Continued)

No contributions were due to the scheme at the year end (2022: £nil).

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

2023
£’000
Scheme Obligations:
Change in CPI market conditions
(537)
Return on assets, excluding interest income
681
Actuarial (loss)/surplus in the Statement of Financial Activities
144
13 RESULTS OF SUBSIDIARIES
LWC Enterprises Limited
2023
£
Turnover
382,734
Cost of sales
(235,127)
Gross profit
147,607
Administrative expenses
(61,641)
Profit on ordinary activities before interest
85,966
Other interest receivable and similar income
-
Profit on ordinary activities
85,966
Distribution of reserves to charity
(87,265)
Retained (loss) for the financial year
(1,299)
Reconciliation of trading subsidiary profits to the Statement of Financial Activities: -
Profit on ordinary activities
85,966
Group supplies receivable
(126,500)
Group supplies payable
113,809
Group interest receivable
-
Group interest payable
426
Trading subsidiary results
73,701
Included on pages 23 and 24 Statement of Financial Activities as:
Bank interest
-
Trading income – within non ancillary trading activities
256,234
Trading expenditure – within non ancillary trading expenditure
(182,533)
73,701		 2022
£’000
(1,308)
1,191
(117)
2022
£
338,256
(195,974)
142,282
(56,469)
85,813
-
85,813
(86,529)
(716)
85,813
(143,100)
128,717
-
159
71,589
-
195,156
(123,567)
71,589

38

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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
2023
2023
2023
£
£
£
-
-
-
61,174
-
-
32,463
-
-
49,000
-
-		 Total
Total
2023
2022
£
£

-

61,174
67,570

32,463
44,967

49,000
-
142,637
-
-		 142,637
112,537
-
-
-
142,637
-
-
-
-
142,637
112,537
142,637
-
-		 142,637
112,537
-
-
-
-
-
(34,013)
-
-
-
-
-
60,105
-

(34,013)
(75,755)

-
-

60,105
68,368
-
-
26,092
26,092
(7,387)
2023
2022
£
£
9,682,147
9,682,147
1,361,384
1,335,292
150,000
150,000
11,193,531
11,167,439
3,520,949
3,520,949
(1,292,126)
(1,263,653)
2,228,823
2,257,296
13,422,354
13,424,735
-
-
13,422,354
13,424,735
2,228,823
2,257,296
11,193,531
11,167,439
13,422,354
13,424,735

Included in permanent endowment funds is the revaluation reserve of £108,750 (2022: £108,750).

39

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

13 RESULTS OF SUBSIDIARIES (Continued)

Stern Farms Limited
2023
£
Turnover
573,955
Cost of sales
(343,955)
Gross profit
230,000
Administrative expenses
(207,729)
Other operating income
43,221
Profit on ordinary activities before interest
65,492
Other interest receivable and similar income
969
Interest payable
(9,557)
Profit on ordinary activities before taxation
56,904
Tax on profit on ordinary activities - Note 14
-
Profit on ordinary activities
56,904
Distribution of reserves to charity
-
Retained profit for the financial year
56,904
Reconciliation of trading subsidiary profits to the Statement of Financial Activities: -
Profit on ordinary activities
56,904
Group rent payable
50,000
Group interest payable
7,750
Trading subsidiary results
114,654
Included on pages 23 and 24 Statement of Financial Activities as:
Other activities
43,221
Bank interest
969
Trading income – within non ancillary trading activities
573,955
Trading expenditure – within non ancillary trading expenditure
(503,491)
114,654		 2022
£
565,069
(67,855)
497,214
(214,083)
1,456
284,587
592
(9,794)
275,385
-
275,385
-
275,385
275,385
50,000
7,750
333,135
1,456
592
565,069
(233,982)
333,135

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.

40

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

15 TANGIBLE FIXED ASSETS – GROUP

Cost
At 1 September 2022
Additions
Disposals
At 31 August 2023
Depreciation
At 1 September 2022
Charge for the year
Disposals
At 31 August 2023
Net Book Value
At 31 August 2023
At 31 August 2022		 Freehold
Land and
Buildings
Plant and
Machinery
Equipment
fixtures
and fittings
Motor
vehicles
Total
£
£
£
£
£
42,639,633
595,687
3,671,217
593,206
47,499,743
2,191,177
103,327
242,408
91,649
2,628,561
-
(66,672)
(487,182)
-
(553,854)
44,830,810
632,342
3,426,443
684,855
49,574,450
3,628,008
188,252
2,833,393
254,902
6,904,555
789,501
53,543
298,909
110,023
1,251,976
-
(37,503)
(485,287)
-
(522,790)
4,417,509
204,292
2,647,015
364,925
7,633,741
40,413,301
428,050
779,428
319,930
41,940,709
39,011,625
407,435
837,824
338,304
40,595,188

Included within the net book value of £41,940,709 is £309,800 (2022: £488,845) 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 £88,517 (2022: £104,099).

Included within the Freehold Land and Buildings additions in the year were assets held under construction amounting to £385,783.

41

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

15 TANGIBLE FIXED ASSETS – CHARITABLE COMPANY

Cost
At 1 September 2022
Additions
Disposals
At 31 August 2023
Depreciation
At 1 September 2022
Charge for the year
Disposals
At 31 August 2023
Net Book Value
At 31 August 2023
At 31 August 2022
Direct charitable purposes
Other purposes - management
and administration of the charity		 Freehold
Land and
Buildings
Equipment
fixtures
and fittings
Motor
vehicles
Total
£
£
£
£
42,656,606
3,575,525
586,711
46,818,842
2,191,177
242,408
91,649
2,525,234
-
(487,182)
-
(487,182)
44,847,783
3,330,751
678,360
48,856,894
3,625,930
2,741,121
248,407
6,615,458
789,501
297,207
110,023
1,196,731
-
(485,287)
-
(485,287)
4,415,431
2,553,041
358,430
7,326,902
40,432,352
777,710
319,930
41,529,992
39,030,676
834,404
338,304
40,203,384
40,432,352
769,760
319,930
41,522,042
-
7,950
-
7,950

Included within the net book value of £41,529,992 is £212,770 (2022: £238,201) 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 £74,510 (2022: £70,023).

Included within the Freehold Land and Buildings additions in the year were assets held under construction amounting to £385,783.

16 INVESTMENT PROPERTY

2023 £ Fair value As at 1 September 2022 and 31 August 2023 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 2023
2022
£
£
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 2023

17 FIXED ASSET INVESTMENTS

GROUP
Quoted Investments
Market value at 1 September 2022
Additions
Disposals
Net realised investment (losses)/gains for the year
Net unrealised investment (losses) for the year
Market value of quoted investments
Cash held in portfolio
Market value at 31 August 2023		 2023
2022
£
£
9,563,910
12,347,466
1,034,175
1,804,420
(641,552)
(3,502,616)
(12,887)
693,267
(366,122)
(1,778,627)
9,577,524
9,563,910
149,641
362,451
9,727,165
9,926,361

The net realised and unrealised (losses) for the year amounted to £(379,009) (2022: loss of £(1,085,360)). Investment Manager Fees amounted to £22,599 (2022: £30,368).

Market value of UK quoted investments at 31 August 2023 is analysed as follows:

2023 2022
£ £
Value of investments 9,577,524 9,563,910
Cash 149,641 362,451
9,727,165 9,926,361
Unquoted Investments
Cost at 1 September 2022 and 31 August 2023 25 25
Total Investments for group 9,727,190 9,926,386
Historical cost of UK quoted investments at 31 August 9,581,854 9,419,620
2023 2022
CHARITY £ £
Quoted Investments
Market value at 1 September 2022 9,563,910 12,347,466
Additions 1,034,175 1,804,420
Disposals (641,552) (3,502,616)
Net realised investment (losses)/gains for the year (12,887) 693,267
Net unrealised investment (losses) for the year (366,122) (1,778,627)
Market value of quoted investments 9,577,524 9,563,910
Cash held in portfolio 149,641 362,451
Market value at 31 August 2023 9,727,165 9,926,361
The net realised and unrealised (losses) for the year amounted to £(379,009) (2022: loss of £(1,085,360)).
Investment Manager Fees amounted to £22,599 (2022: £30,368).
Market value of UK quoted investments at 31 August 2023 is analysed
as follows: 2023 2022
£ £
Value of investments 9,577,524 9,563,910
Cash 149,641 362,451
9,727,165 9,926,361
Unquoted Investments
Cost at 31 August 2023:
Shares in subsidiary undertakings 10,100 10,100
Debenture loan to subsidiary undertaking 155,000 155,000
165,100 165,100
Total Investments for Charity 9,892,265 10,091,461
Historical cost of UK quoted investments at 31 August
 9,581,854 9,419,620

43

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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		 2023
2022
£
£
1,851,164
-
1,407,145
92,509
327,478
333,929
6,897,937
6,885,447
500,945
518,388
-
326,492
149,641
362,451
9,727,165
9,926,361

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 £46,782 £85,966
Stern Farms Ltd 100% ordinary shares Farming £627,284 £56,904
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
Finished goods for resale
Arable farming grain in store and
n ground		 2023
Group
Charity
£
£
6,358
-
255,699
-
262,057
-		 2022
Group
Charity
£
£
-
-
376,366
-
376,366
-
-

44

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

19 DEBTORS

Due within one year:
Fees receivable
Trade debtors
Amounts owed by group undertakings:
LWC Enterprises Limited
Other debtors
Prepayments
Due after more than one year:
Loan to St Neots		 2023
Group
Charity
£
£
127,008
127,008
69,297
-
-
13,099
117,977
99,665
533,830
412,191
848,112
651,963
3,023,149
3,023,149
3,871,261
3,675,112		 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		 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
528,867
2,633,326
3,162,193

20 INVESTMENTS HELD AS CURRENT ASSETS

Notice accounts with Lloyds Bank 2023
Group
Charity
£
£
5,039,436
5,039,436		 2022
Group
Charity
£
£
3,002,126
3,002,126

21 CREDITORS - AMOUNTS FALLING DUE WITHIN ONE YEAR

Deposits by parents
Fees received in advance
Trade creditors
Amounts owed to group undertakings:
LWC Enterprises Limited
Taxes and social security
Other creditors
Accruals and deferred income
Loan notes
Hire Purchase agreements		 2023
Group
Charity
£
£
39,000
39,000
2,102,975
2,102,975
1,374,178
1,302,613
-
-
191,273
189,969
165,211
165,211
184,483
67,866
500,000
500,000
67,325
49,325
4,624,445
4,416,959		 2022
Group
Charity
£
£
46,600
46,600
2,164,698
2,164,698
682,828
635,711
-
29,610
194,139
192,859
567,823
462,335
266,729
266,729
500,000
500,000
70,827
52,176
4,493,644
4,350,718		 2022
Group
Charity
£
£
46,600
46,600
2,164,698
2,164,698
682,828
635,711
-
29,610
194,139
192,859
567,823
462,335
266,729
266,729
500,000
500,000
70,827
52,176
4,493,644
4,350,718
4,350,718

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 2023

22 CREDITORS - AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Deposits by parents
Fees received in advance
Loan notes
Hire Purchase agreements		 2023
Group
Charity
£
£
376,395
376,395
483,449
483,449
14,000,000
14,000,000
130,429
112,429
14,990,273
14,972,273		 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		 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
15,397,009

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		 2023
Group
Charity
£
£
2,102,975
2,102,975
280,221
280,221
203,228
203,228
2,586,424
2,586,424		 2022
Group
£
2,164,698
140,566
251,263
2,556,527
Charity
£
2,164,698
140,566
251,263
2,556,527
Balance at 1 September 2022
Amount released to income earned from charitable
activities
Amount deferred in the year
Balance at 31 August 2023		 Group
£
2,556,527
(2,294,054)
2,323,951
2,586,424		 Charity
£
2,556,527
(2,294,054)
2,323,951
2,586,424

Loan notes

Due within one year
Due between 1 and 2 years
Due between 2 and 5 years
Due after more than 5 years		 2023
2022
Group
Charity
Group
Charity
£
£
£
£
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
1,500,000
1,500,000
1,500,000
1,500,000
12,000,000
12,000,000
12,500,000
12,500,000
14,500,000
14,500,000
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 2023

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		 2023
Group
Charity
£
£
67,325
49,325
62,754
44,754
67,675
67,675
-
-
197,754
161,754
2023
Group
£
Charity
£

9,577,524
9,577,524

 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		 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

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		 2023
2022
Group
Charity
Group
Charity
£
£
£
£
45,108
-
48,733
-
101,332
-
141,865
-
146,440
-
190,598
-

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		 2023
2022
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 2023

25 FUNDS – GROUP

Balance at 1 September 2022
Net income
(Losses) on investments
Transfer
Funds expended
Recoupment charge transfer
Actuarial (losses) on pension scheme
Balance at 31 August 2023		 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
1,464,955
11,167,439
4,321,299
408,218
4,729,517
1,640,513
25,498,179
27,138,692
43,035,648
-
-
-
114,376
175,402
289,778
48,933
1,773,622
1,822,555
2,112,333
-
(34,013)
(34,013)
(90,397)
-
(90,397)
(38,560)
(216,039)
(254,599)
(379,009)
-
-
-
-
-
-
44,600
(44,600)
-
-
-
-
-
-
(83,523)
(83,523)
-
-
-
(83,523)
-
60,105
60,105
-
-
-
-
(60,105)
(60,105)
-
-
-
-
-
-
-
-
(144,000)
(144,000)
(144,000)
9,702,484
1,491,047
11,193,531
4,345,278
500,097
4,845,375
1,695,486
26,807,057
28,502,543
44,541,449

FUNDS – CHARITABLE COMPANY

Balance at 1 September 2022
Net income
(Losses) on investments
Transfer
Funds expended
Recoupment charge transfer
Actuarial (losses) on pension scheme
Balance at 31 August 2023		 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
1,464,955
11,167,439
4,321,299
408,218
4,729,517
1,640,513
24,761,843
26,402,356
42,299,312
-
-
-
114,376
175,402
289,778
48,933
1,865,043
1,913,976
2,203,754
-
(34,013)
(34,013)
(90,397)
-
(90,397)
(38,560)
(216,039)
(254,599)
(379,009)
-
-
-
-
-
-
44,600
(44,600)
-
-
-
-
-
-
(83,523)
(83,523)
-
-
-
(83,523)
-
60,105
60,105
-
-
-
-
(60,105)
(60,105)
-
-
-
-
-
-
-
-
(144,000)
(144,000)
(144,000)
9,702,484
1,491,047
11,193,531
4,345,278
500,097
4,845,375
1,695,486
26,162,142
27,857,628
43,896,534

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 2022

25 FUNDS – GROUP

25 FUNDS – GROUP
Balance at 1 September 2021
Net income/(expenditure)
(Losses) on investments
Transfer
Designated funds expended
Recoupment charge transfer
Actuarial gains on pension scheme
Balance at 31 August 2022		 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/(expenditure)
(Losses) on investments
Transfer
Designated 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.

49

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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
-
1,361,384
129,663
-
-
1,491,047
9,832,147
1,361,384
129,663
(129,663)
-
11,193,531
-
3,451,825
1,393,550
-
-
4,845,375
32,258,562
4,913,981
9,874,055
(4,494,782)
(14,049,273)
28,502,543
42,090,709
9,727,190
11,397,268
(4,624,445)
(14,049,273)
44,541,449
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
-
1,361,384
129,663
-
-
1,491,047
9,832,147
1,361,384
129,663
(129,663)
-
11,193,531
-
3,451,825
1,393,550
-
-
4,845,375
31,847,845
5,079,056
9,249,296
(4,287,296) (14,031,273)
27,857,628
41,679,992
9,892,265
10,772,509
(4,416,959) (14,031,273)
43,896,534

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 2023 was £69,391 (2022: £69,838).

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

Within Other Restricted Funds are donations towards the education of Foundation pupils, including a donation of £50,000, and other donations for specified purposes.

50

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

26 ANALYSIS OF CHANGES IN NET FUNDS

Cash
Current asset investments
Debt due after one year:
Bank loans
Total net		 At 1 September
2022
£
4,402,829
3,002,126
(15,000,000)
(7,595,045)		 Cash
flows
£

(2,178,315)
2,037,310

500,000

358,995		 At 31
August 2023
£
2,224,514
5,039,436
(14,500,000)
(7,236,050)

27 CAPITAL COMMITMENTS

At the year end there were no capital commitments.

At the previous year end projects amounting to £1.1m had been approved by the board and subsequently committed.

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 £87,365 (2022: £86,529) from its reserves to Lord Wandsworth College.

Subsequent to the year end Stern Farms Ltd will distribute £25,788 (2022: £147,026) from its reserves to Lord Wandsworth College and this will be paid in the following year. Stern Farms Ltd paid rent of £50,000 (2022: £50,000) and £7,750 (2022: £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