LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITEO BY GUARANTEEI GOVERNORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Charity Number. 1143359 Company Register￿ Number. OT124623 Registsred in England *AF12RQ95' 30104r2026 COMPANIES HOUSE 30 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE) INDEX TO THE GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Page Govemors. Officers arKI Advise Govemors. Annual Report. indLKling Strategic Rewt 3-18 Independent Auditorfs Rep)rt 19-21 ConsolKlaled SL*ement of Financial Activths 2025 22 Con$olhJated Ststement of Financial ActiVrt￿5 2024 23 ConsolKlated and Charitable Company Balar￿e Sheets 24 Consolwjated Cash Fk)w Slatement 25 Charity Cash Fltyv Stalement 26 Notes to the FinancBI Statemenls 27-52 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS {COMPANY LIMITED BY GUARANTEE) GOVERNORS, DIRECTORS AND CHARITY TRUSTEES The Governors of Lord Wandsworth College I'the College"} are the charTty trustees urKler Charty Law and the directors of the charitable company. The members of the Goveming 8ody who served in office as Governors during the year and subsequently and their committee memberships are delailed bel(hv". R J Hannirgton {Chairmanl- al. d}. n J P Robinson (Vice Chairrnan Sin￿ 2 Septemter 20241- al, fj S Aghnia IreswJned 11 De￿rn￿er 20251 K A Batwid(- al W Berry- (appointed 1 Septemter 20251 A E 8ritton- ¢1 C J Cazenove- cl. el. fj. jl IresBned 8 Oclober 20241 R Elliot- al, cl, O L Fleming- bl. cl. n I￿$19ned 30 Jure 20251 F Gill- cl. Il lakp01n￿d 16 January 2025} N C Gouldin9- al, gl. h) D Gowan - al. dl. Q. il H Harnmond- bl. el D Her&ell- al larpointed 1 Septerthr 2025} R G Janaway- al, dl. il J Jorgensen- el (appointed 16 Lknmte(2024} A J Kennedy- bl J E PhilpJtt- al l¥powited 1 September 2025) G ToThJue- dl. il D Walker- cl lappointed 1 septem￿￿2025) A Waller- el lal FIna￿e Commrttee Ibl Education Commrtteè Icl Regu1aiory & SafeguA￿1r￿j Ccffjmittèè Idl Infras￿￿ture C￿Mittee lel MartKekn"n9 & Fundraising Cornmittee lfj NominatKJns Committee Igl Pensions Ihl LWC Ente￿rises Ltd lil Stwn Farms Ltd 01 Health and Safaty Committ•• During the year the acty'wbe5 of the GovemiTrJ Body" were coTrJuct8d through 6 clynmrttees noted on page 3 and 4, as well a5 through the Stem Farni Trustees. GOVERNING BODY AND COLLEGE OFFICERS- KEY MANAGEMENT PERSONNEL A J Williarns B W Bennett (Re5￿￿ed 20 April 20251 W Dixon (Appointed 18 Awl 20251 Headmaster Ch*fOperabng Officer/Ckn* to Ihe Govemors Chi8f Op8r*wty Offw/Cleth to the Govemors OTHER KEY MANAGEMENT PERSONNEL T Hick5 (Apwntwj 22 W"120251 A Cothsworth T Rimmer A Watson S Corfiald P Gemian C MacDonald L Sindair D Wlde SeniorDeptJty Head Depvty Head Pastor Deputy Head ￿ fomi Deputy HeadAcadem DItEd￿ olPhilanlhropy & Al(tt7Jni Rel81i Dirèctty ofAdmissths and IAatheh"ng DAwI(Y Compliance. CurrKulufft and F¥ty"g¢ts LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEEI PRINCIPAL ADDRESS AND REGISTERED OFFICE Lord Wandsworth Colkge, Lcry sulic￿. Hook. Hampshire. RG29 1TB Advisevs Investment Advisers Quitter Che￿t Limi(ed Senator House 85 Qu*n Victoria Street London EC4V 4AB Bankers Lloyds Bank Ptc 174 Fleet Road Fleet Hampshire. GU5140D Solici(or5 Cha￿5 Russell Speechlys LLP One Lon¢Jon Square Cross Lanes Guildford Surrey. GU1 1UN Auditors RSM UK Audit LLP Dwdson House Forbury Square Reading 8erkshire. RG1 3EU Insurance Brokers Marsh Limited Capital House 1-5 PenynK)unl Road Ha￿ardS Heath West Sussex, RH16 3SY WEBSITE www.lordwandsworth.o LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS ICOMPANY LIMITED BY GUARANTEE) THE GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The members of the Colkge Goveming present Iheir Annual Report for the year ended 31 Augus12025 under the Charities Aet 2011. including the Goverr￿S. and strateg￿ ReFQrts. under the Companies Act 21K6, together with the audited financial ststernents for the year. REFERENCE AND ADPANISTrATIVE INFORMAnoN The College was foundeil in 1912, is conslrtuted as a comparby lynrted by guarantee regL%tered in Eroland & Wales, No 07724623 and registered with the Charity ComMtss￿n. No 1143359. The College was registered for VAT on 30 October 2024, with VAT registration number of 478527249. Details of the members of the Governing B¢>Jy, together with the College's offKers and prinapal advisers. ate given on pages 1 and 2. On 31 August 2025. under a Charitab￿ merger agreement, the business and assels of St Neot's (Eversleyl Limited, registered with the Charty Cornrnission under charity number 307324 and limited company number 00555144, were grfted lo the Charity. Following the rnerger. St Neot'5 Preparatory SchcAS, hereafter 'lhe Schcof has continued to operate as an independent preparatory school for children aged 2 10 13 under ts existing DE ￿giStration, within the overall governance structure of the enlarged charity. Following the rnerger the structure of supervisory ccrfnmrttees has been revithved and amend&l in order lo provide a framework that meets the needs of the enlarged group. The College has made qualifying Ihirdrfjaty indefflnty provistons for the benefit of rt$ direelors during the year. These provisions remain in fofce at the repo￿"n9 date. STRUCTURE. GOVERNANCE AND IdANAGEMENT Governing documents The College Is organised and managed in accordan￿ with the of Asscoation incorporated on 1 August 2011 which were updated by special resolLrtion on 27 March 2025. GOVERNING BODY The Gove1r￿rs, who are also the threclors and Chanty Trustees are legally responsible for the overall management and control of the College, nomially rneet four times a year. The work of detaI￿d formulation and implementation of most of their policies Is carried OLrt by members of the Finance Commrtiee, who rneel approximately tsvo weeks before each meeting of the Goveming Body, and by other executTve s￿￿0mMIttee$. The Chairman of Governors Is a member of the Finan￿ Cornmittee. The Governing Body is self-appointing. wth members appointed initially for five yeats in accordance with AGBIS guidelines, and subject lo re-appointment every three years thereafter. The Govemors receive no remuneration or other benefit from their role wf(h the College. Any matters involving connections betsveen Governors and College staff or beneficiaries, or indeed any inleresls, such as (xffltrxtual rela￿)nSh￿S wilh a related paty, musl be disclosed to the full Board and registered. RECRUITMENT AND TRAINING OF GOVERNORS New Govemors are comprehensively inducted into the wothings of the College. including Governing Body policy and procedures, al an induclron workshop organised for them by the Head and cle￿ lo the Governors. The new Governors also attend specialist exlemal eourses, induding training on the role and responsibilities of trustee5. Governors attend external trustee training and infonn*ion courses designed lo keep them informed and updated on urrent issues In the sector and on regulatory requirements. They also benefrt from in4)ouse training opportunrties, spending lime with staff and pupiL8 and meelings wrth the Headmaster. Organlsation and Leadership The members ol the Goveming Bcrfjy, as the charity trustees, are ￿9alty ￿pOnSIble for the overall management and eonlrol of the College. The work of implementing their poI￿leS is caffied out by ten sub-commrttees. including committees for Stern Farms, LWCE Ltd and Pension Trustees.. The Finance Committee scnrtinises revenue, the budget {including fees and salaries) and capital expenditu￿. This Committee also considers long-tem forecasts. superwses and finall￿ the audited financial slalements, prepares the annual report for approval by the Goveming Bc•ay, and rev*•VS risk management on behaw of the Governing Body. It monrtors the performance arKI repo￿ng of Stem Farms Ltd, LWC Enterprises Ltd. College pension schemes and the inveStry￿nI managers. LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE) THE GOVERNORS, REPORT FOR THE YEAR ENDEO 31 AUGUST 2025 (Continued) The Education CL)nmiitee considers educat￿TraI (including co10-year-okls and weekty wsrts to a bcal Infants School lo assist in the classrwms. As wdl as prowding Col*e resources and facilitie$. many national and kjcal charities have been supported including fo¢d banks al Alton and Basingsloke. Princes Trust. Maty Matters, St. Michael's H05pice, Brain Tumour Trust, Movember, Macmillan Coffee Morning. DEC Appeal and Robb￿.5 Ralty. The 5chwl chant*s of the year were again Esher College Africa Trust and Mary's Meals. Volunteering Volunteers help the College lo achieve its obJ'ectNes in many areas including the Duke of Edinburgh Award Scheme, the Combined Cadet Force, sport. the Sternon Pfogramme. and the Friends of Lord Wandsworth Ccdlege, which organises social events during the year. LWC has launched its own platfomi - L1￿c Connect - wh￿h has reached over 1,000 members this year. This inilwtTve will support the pupils with careers advice and mentoring. Many of these members volunteer for initratives in the LWC Futu￿$ programme. The Govemors express their thanks and app￿ciall0n for this Work in the fvrtherance of the Objects. and they are. of course, volunteers themselves in Iheir governance of these. Provlslon of Facilities and Expertise The College is renowned for some of the best fxilitses in the I¢￿al area and theso are made available to a wide range of users either ccffimercially or, in many cases, I￿e-of-Charge. Long Sutton Primary Sch￿1 uses various facilit*s free-of-charge, including a weekly swimmirvj sessKJn and C￿ping. Famtrx)rough Sixth Form College and Odiham Scouts also use the swimming PLY)l. Robert May's Schwl, Basingsloke DOE centre and Alton Boys, Brigaje have used the WCM)dland at no cost for DofE expedition camps The College helps T￿loa￿S School in running their bronze DofE, while pupils from the Costello School in Basingstoke are enrolled into LWC'S CCF and tske part in pint ventures and re￿dentsaI trips. The College P¢)ol is used by varK)us swim schcL)Is and dubs, while the Oive Abilty charty use the pool to leach people with disabilrties, including limbless veterans through their asS￿lat￿n with the Blesma charty Five l¢xal ¢rickel clubs use the cricket facilities. whik Hampshire H¢xkey and Hampshire Cricket regularly hire facili(ies for their junior development teams. Four bcal fcotball clubs and three hoc*ey dubs make use of the astro and football PTtches. while fv40 local running elubs stage cross.county events in the woodland and surrounding fElds. LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE) THE GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 {Continued} During the summer of 2025. the Wwnbledon of English hired Lvrfc's boarding. lexhing and sports farylitE$ for their 4-week residentral Course for 8-17-year-old5. In trtal 304 students from 29 countries stayed at LWC. In addition, LWC hosted religious groups for resident￿1 stays lo further the educational aims of their organisalions. The Pundarika Foundation's retreat week had 230 8uddhists by the spintual teacher. Tsoknyi Rinpoche, while Contsgious Bib￿ Ministries had a one-week camp for 180 y¢)urvJ Chrisb"ans. The College also hosts several ns)n-residential camps during s¢hwl holKlays. Next Level Camps run workshops and amp5 for 4-16 year-olds preffioting child engagement in aCIN￿e$ which support academic, social and physical progress. Pentathlon GB and the Pony Club run mulli4iscipline sports camp$, while England Rugby and Activate run specialist camps in rugby. heckey. crid(et. football and netball. The College provides the field behind the primary sch¢)ol to Long Sutton Parish Council al a peppercom rent, providing the wllage with a recreation ground and Odiham & Greywell Cricket Club with a second ground. LWC staff are also involved in Ihe coaching and admini5tralion of cricket at Odiham & Greywell CC. STRATEGIC REPORT Achievements and Performance In recent years the Cdlege has fcrused on creating regular assessment opportunities and sUp￿rt programmes beyond the inthall mock exams and on giving pupils the tools for self-agency and personal development, a focus on probkm solving and Crit￿al thinking in ￿r cjass-based lessons. At A Level. 50% of grades were al A"IA, irt line wrth the 2024 results. while 83°A of grades were A'_B lup from 76% in 20241. Departments that perfomed particulaty well in temis of Value Added were EConOm￿s. Geography and Business - all scoring Alps 1 putting pupil progress in the lop 1% nationally versus the DfE national data set. BTEC results were excellent wrth the school scoring Alps 2. placing it n the top 1LVh nationalty for value added.. this was true al GCSE and A-Level as well. Al GCSE. grade 9 resutts were achieved by 13% of the pupils Whi￿ 47% of the results were graded 9-7. The College's First and Second-Fom pupils contsnue to respond posrtNely to the restructured curriculum (now in its 5th yearl, with greater emphasis on Subject-s￿ifiC skills taught through lop1¢-specif￿ content. Pupil choices from 2nd 10 3rd_Forrn have led to ￿deSIgne(l curriculum and a 9￿ater focus on learning strategies, wh￿h is of signifunt benefit as they approach the exam-ftxused key stages for GCSE and A LevetsBTEC. The Colkge continues to focus on A2RH IAttilude5, Approaches, Routines and Habrtsl to guide and support the academic curriculum. Spiritual. Moral. Social and Cultural educatlon SMSC is embedded into school life and linked to assemblies. House lrfe, tutor pericrtds and the Parental Engagement Programme. which look to support parents. It is a core ele￿nt of tfre luloring programme and is supported through the PSHEE curr￿UluM and work in Houses and the Health Cenlre. Pupils are encouraged lo lead in a variety of spaces whether as prefects or peer mentors who support younger pupils. Pupipled committees are al the forefront of the College's Anli-Racism. Pride, Gender Equalty and Mental Heatth provision, all supported by stsff. The Personal, Social, Health and Economic Education {PSHEE} spiral curriculum covers a wple variety of topics such as Values and Rights, Online lrfe and Media. Keeping safe and RelatKJnships and Sex Ed¥Jcalion {RSE). working in c105e collaboration with Wellio and the PSHEE Asso¢iats'on. The Health Centre also works Closely with the new Senior Head of SEND lo ensure that our neur(>Jiverse pupils ￿ apppJprkatety SUpp￿ted across xademK and pa$loral $pa¢e$. Sport 11 has been the most suceessful year in recent memory sp)rt with success at both County and National Level. Of note. the Under 15 Boys Rugby team wère Tunners up at the Conlinenlal Tyres National Cup and the Under 18 Girls Netball Team were runnefs up in the Sisters in Sport Nat￿n81 Trophy. In Rugby, there was a elean sweep of Hampshire Cup v￿tOrieS al Under 14, Under 15. Under 16 and Under 18 and the Under 18s also won the Rosslyn Park u7s Bowl. In Hockey the Under 13 Boys won the Hampshire Cup 7$ Championship and the Undef 18 Boys were the Hampshire Cup Champions. In Netball. both the Under 13 and Under 15 Gids were Di8lrict Champions and the Under 15 Girls reached the Quarter Finals of the Sisters in Sport National Vase. Football is a sport which is growing in partiCipat￿n and athievements w￿h the Under 15 Girf5 reaching the Quarter Finals of the Sistefs in Sport National Cup. The can￿ racing team continued to achEve Impre￿1ve resulis. achieving National Team Champions In marathon eanceing al the National Schcols Championships and second schools. leam in the Devizes to Westminster International Canoe Race. In Equeslrkan, LWC won the Hampshire tsile in Dressage, 70cm and 80cm Show Jumping. and 70cm and 90 cm Arena Eventing. Golf conb.nues lo thrive. wrth links slrenglhening with k)c81 clubs and governing bodies lo improve provision and level of compebts"on. LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEEI THE GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 (Continued) A thfivtng Sport Scholar and PerFOrman￿ PatFMay prc*Jramme supports both Ih¢)se who are exedling in Main Team Sports and those who are achiwng indNidual sU￿$S in ta￿￿t programmes and al national level outside LWC. Combined Cadet For¢e ICCF) The CCF continues lo wort( Close￿ in a successful partnership wrth cadets from the Costello School in Basingstoke and numbers of new reeruils from both schools continue to grow. This partnership beneffts both schools in equal measure. The CCF has tcfflp￿led a comprehensive programme. including part￿ipatIng in the Cadet Skill al Arms Meeting ICADSAMI for the first tsme in many years. Both Army and RAF Sections enjoyed exciting and challenging Summer Camps where they were involved in a full range of *ivities eaming some badges for high quality shooting. airmanship and fieldcraft. Porfomiing Arts LWC has Continued lo grow Danee, Drama and Music both academically and through our con of fraLbd and other iffegularfÉies. AUDITOR The auditor. RSM UK Audit LLP. is deemeli lo be ￿ppoInted under secticffl 487121 of the Companies Act 2006. RELEVANT AUDIT INFORMATION In so far as each of the Directofs, as merrthrs of the Govemin9 Bc¥Jy, al the date of approval of this report, is awa there is no relevant audit informalion (in[onnat￿n needed by the Company's auditor in connection wrth preparing the audrt report) of which Ihe Company's audilor is unaware. Each member of the Goveming Body ha5 taken all the 5tep5 that he or she should have taken as a member of the Governing Bc#Jy in order to make himself or herself aware of the re￿vant audrt inf0m1at￿n to esta￿lsh that the Company's audi(or is wware of that infomialion. LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS ICOMPANY LIMITED BY GUARANTEEI THE GOVERNORS. REPOR TFOR THE YEAR ENDED 31 AUGUST 2025 (c¢￿tinU￿) CARBON REPORT Greenhouse Gas Inventory 2024-25 Emission Source . GHG Itc￿e) '.Ènergy Use Ikwhl Scope 1 1.180.32 5.447.815.83 Scope 2 Market Based 1.314,791.00 Scope 2 Location Base(r 232.72 1,314.791.1)0 Scope 3-7 Employee Commuting 161.43 635.828.99 Totals 1.341.75 7,398.435.82 Scope 2 L(￿atIon Based emissions are exduded from the total. as explained in the melhodolc¥Jy. Intensity 2024-25 GHG ItCO2el Energy per FfE 6.13 33.783.0 per £100.000 tum¢)ver 31.085.86 Pgr Pupil1706 pupils) 1.90 10A80.0 The greenhouse gas inventory for 2024 10 25 provide5 8 clear and coherent picture of emissions and energy use across the College's operalK>ns. Total reported emissKJns of 1.341.75 tcoie are dominated by Scope 1 sources. wh￿h account for 1,180.32 tcoze and refiect the energy intensNe nalure of on srte fuel use for heating, plant, and operational aclivilies. Employee commuting emissions contribute a further 161.43 ICO2e an<1 represent a smaller bul still material proportion of the overall footprint. Electr￿rtY cOnsumpt￿n is re￿rted transparently at 1.314,791 kwh, with Scope 2 market based emissions correetty reported as zero due to fvll coverage under a renewable larrff. For transparency, loCat￿n based Smpe 2 emissions of 232.72 tcoze are disclosed separately and excluded from the total. in line with the slated melh(x1ology_ The reported intensity rat￿￿ are con￿Stent wrth the undertying emiss￿￿n$ ar￿ energy data and provide a useful basis for year on year comparison. Emissions intensity equates to 1.90 tcoze per pupil and 6.13 tCO2e per full lime equivalent, while ener9y inlensty stands at 10.480 kwh per pupil and 33.783 kwh per full lime equivalent. When assessed against financial activity. emissions of 5.64 tCO2e and energy use of 31.085.86 kwh are recorded per £100,OC¥J of tumover. These ralth align fulty wrth the rew1ed lotsls and clearty ￿fflect the College's operational profile, supporting informed assessment of perfomiance over tme. 12 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS {COMPANY UMITED BY GUARANTEE) ThE GOVERNORS'REPORfFOR THE YEAR ENDED 31 AUGUST 2025 (Continu8d) Historical Com GHG Emi66ions ItCO2el rison 2020-2021 2021-22 2022-23 2023-24 2024-25 Scope 1 766.25 934.93 925.$0 979.12 1.180.32 Scope 2 Location Based 292.07 270.76 267.20 217.73 232.7T Scope 2 Market Based NIA NIA NIA NIA Scope 3-7 103.73 96.07 141.62 131.89 161.43 Totals 1,162.05 1.301.76 1.334.32 1.328.74 1.341.75 Enèrgy 2020-2021 2021-22 2022-23 2023-24 2U24.25 Scope 1 4,446,970 5.450,007 4.715.264 5.296.350 S.447.816 Scope 2 Location Based 1,375,539 1.400.153 1.290.372 1.051.564 1.314.791 Scope 3.7 424.505 392.083 546.732 635.829 Totals 6.247,014 7,242,243 6.570.485 6.894.646 7.398,436 Intensity ItCO2el Rali05 2020-2021 2021-22 2022-23 2023-24 2024.25 pef FTE NIA NIA NIA NIA 6.13 per £11)0.000 Turnover NIA NIA NIA P41A 5.64 per Pupll 1.81 13 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE) THE GOVERNORS. REPORfFOR THE YEAR ENDED 31 AUGUST2025 (Continued) Pupils tCO2e per pupil Total kwh kwh per pupil 2020-21 1.162.05 1.81 6.247.014 9.715 2021-22 1.301.76 658 7.242,243 11.006 2022-23 1.334.32 671 6.570.48S 9.792 2023-24 1.328.74 6.894.646 10.139 202￿25 1.341.75 706 7,398.436 10.480 Inventory Analysis The historical data from 2021 through to 2025 provides a clear and stnKtured vthv of how the Col*e's greenhouse gas emissions and enef9y use have changed over li￿. Total reported emissions increase from 1.162.05 lonnes of earbon dioxide equivalent in 2021 to 1.341.75 tonnes of Carbon 0￿Xi¢je equivalent in 2025, while lolal energy eonsumplion rises from 6,247,014 kibwatt hours to 7,398,436 kilLywatt hours This reflects a general increase in operational demand across the perifA, although the year to year pattem shm that growth has r￿1 been linear and th81 operational and extemal factors continue lo inffluence perf0M￿nce. Scope 1 emissions remain the dominant contributor in every reporting year and show 8 dear upward trend. Emissions from this sourts rise from 766.25 tonnes of carbon di0x￿e equNalenl in 2021 to 1.180.32 tonnes of carbon dKJxide equivalent in 2025. This increase is mirrO￿d by Scope 1 energy use, which grchvs from 4.446,970 kibwatt hours lo 5,447.816 kik)watt hours over the same pericmy. In an educalTronal setting. this pattem is typically associated wrth sp&e healing, hol water provision, and luel use linked to the operat￿n and mainlenance of buildings and facilities. The figures indicate that direct lud consuffption continues to be the mst $igntfi¢ant inffluence on the College's overall emissions Pfofile. Eleclricily related emissKJns. Shown on a loCat￿n based basis, generalty decline be￿een 2021 and 2024, falling from 292.07 lonnes of carbon dioxide equivalent to 217.73 tonnes of carbon dioxide equivalent. before increasing Slightly to 232.72 tonnes of carbon di0x￿e equNalent in 2025. Electriety eonsumplion follows a similar pattem, decreasing from 1,375,539 kilgwatt hours in 2021 10 1,051,564 kilThvatt hours in 2024, then rising again to 1.314.791 kil¢Natt hours in 2025. These movefnents suggest that electricty demand is sensits.ve lo changes in building use, (xcupancy levels. and equipment requirements. all of which ean vary from year to year within a schcM)l environment. Emissions associated wrth emptyee commub'ng. rep)rted within Scope 3 10 7. increase sle&Jily over the period from 103.73 tonnes of carbon dioxKle equNaknt in 2021 to 161.43 lonnes of carbon dioxide equNalent in 2025. The corresponding energy estimate also rises from 424.505 kil¢)watt hours to 635.829 kilcwatt hours_ While smaller than Scope 1 emissions, commuting remains a meaningful source of emissions that is Influen￿ by travel distsnces, transport choices, and working arrangements. In an educational context. this category often responds lo behavioural inilialives and practical measures that support lower emIss￿n Iravel ¢¥bons. When emiss*)ns are assessed in reFaI￿n to pupil numb8rs, whth i￿reaSe from 643 in 2021 to 7(6 in 2025, th8 intensity ratios provide a more balanced p￿tUre of perfomiance. Emi$s￿nS per pupil rise from 1.81 tonnes of carbon dioxide equivalent in 2021 to a peak of 1.99 lonnes of carbon dioxide equNalent in 2023, before improving to 1.90 tonnes of Ca￿On dioxide equivalent in 2025. This suggests that amhough total emissions have increased, the growth in pupil numbers has helped lo m(MJerate the Irn￿ when eMiSs￿S are consNlered on a per pupil basis. Energy use per pupil shows greater variabilty across the perio(l. 11 increases from 9,715 kilowatt per pupil in 2021 to 11,006 kilowatt hours per pupil in 2022, then falls befo￿ rising again lo 10,480 kilowatt hours per pupil in 2025. These fluctuations are consistent with the influence of weather condition5. changes in occupancy. and variations 14 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY UMITED BY GUARANTEE) THE GOVERNORS. REPORTFOR THE YEAR ENDED 31 AUGUST2025 (Conb'nued) in buildin9 use. The most ￿eft1 figure remans hwJher than the starting point. indicating that ongoing attenlK)n to energy efficEncy remains important. The 2025 intensity measures also provide a¢SJrtk?nal insight when Considered againsl staffing and financial activity. Emissions of 6.13 tonnes of carbon dB)XKle equivalent per fijll lime equNalent antl 5.64 lonnes of carbon dioxM* equwalent per one hundred thousand pounds of tumover. along5hde energy use of 33,783 kilowatt hours per fvll time equwalenl and 31,085.86 kilowatt hours per one hundred thousand pounds of tumover, place Ihe latest year's perfomanee in a broader operational context. (knrall. the data shows that while growth and oper*ional demands have increased energy use and emissions over lime. impn)vements in intensty suggest that continued fccus on healing efficiency. energy managen*nt, and Iravd behavwr will be central to achieving future reilucts'ons GHG Emissions (tC02e) L.180JI 915 241.•7 261J• EOJ.73 2020-21 2021-22 2022-23 2023-24 2024-25 - Scope 2 Market Based SCOK 3-7 Energy Use (kwh) sju 2024-29 5847J16 YJ 2023.24 1.051.564 SJgSJ50 2022-23 SJ61 -7 J92ffiJ 2021.22 1.400.ISJ 42 2020.21 I(￿.r 3.iKKI,Q￿l 4.(KXI.(YX) s.(m.(KK) (M)o.000 Scope 3.7 U Se0￿ 2 15 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED 8Y GUARANTEE) THE GOVERNORS. REPOR TFOR THE YEAR ENDED 31 AUGUST2025 (Contlnuedj Emissions Management The 2024 10 202S greenhouse gas inventory shuws that the College's emissions profile continues to be shaped primaftly by direct fuel use across i(s estate. As a iesull. emissKJns management is most effectNe when il f¢xuses on reducing overall energy demand. improving system efficiency. arKI planning for gradual decart>onisation in a way that supports the bng term operation of a large arKI dNerse edu&itional campus. The College's approach feflecls an understanding that meaningful emissions redUCt￿n is ¥h￿Ved through sustained management rather than isolated inlervenlions. Managing Scope 1 Emissions from Heating and On Site Operations Scope 1 emissions remain the dominant source of reported emissKin$. rellecting the energy ￿qUIred to heal and operate leaching Spa￿$. ￿ardIng accommodation, and supporting facilities across the estste. Managing these emissions in the short to medium temi is cenlred ¢)n reduclng unnecessary energy use through improved control, rnaintena￿e, and monitoring of existing systems. Attention to building fabric performance. healing schedules, and system cplimisalion plays a Crilical role in limibng avOKIab￿ fvel consumpbon. part￿UladY during colder periods. Over the longer term. the College's planned preventative maintenance programme and decarbonisation studies provide a slruclured ba￿$ for reducin9 reliance on fossil fuels. Phased replacement of heating systems, improvements lo insulation. and targeted upgrades informed by techn￿al assessments all¢Jw emissions reduction to be planned in a way that is both financialty responsible and operatb)nalty realislie wrthin an educational setting. Managlng Electrlclty Demand under Renewable Supply Electricty consumptKJn continues to represent a swJnifi￿nI share of total energy use. although ils contr*ulion lo reported emissions is limf(ed by the use of a fully renewab￿ electr￿ty suppty. Despf(e zero market based Scope 2 emissions, managing ab501ute e￿ctricity demand remains important for cost control, system resi1￿nce, and long lemi sustainability. Ongoing monitoring of electricty use &ross buikjings. alongside oplinisation of lights"ng, equipment, and controls, supports eff￿lent operation wrthcArt compromising efjucational actNty. On site renewable generation. including e￿$ting sokr instsllations. conlribules to energy setr sufficiency and provides an opportunity to redLKe relran¢e on imported eIe￿r￿itY during periods of generation. Contsnued focus on maximising on sile use of generated electricty and aligning cOnsumpt￿n wrth generatKJn pattems supports both environmental and financial 0￿.ectIVes. Management and Reduction of Scope 3 Category 7 Employee Cornmuting Emissions arising from empbyee commuting represent a smaller but increasingty impcjrtant element of the College's overall greenhouse gas profile. These emissions are influenced by factors such as travel distance, mode of transport. and working patterns ralher than by est*e infrastructure abne. The College manages this category Ihfough the use of structured stsff commuting surveys. which pr¢)VKle insight into how employees travel to and from srte and alk)w changes in behaviour to be tracked over line. This approxh supports wdence based decision making and ensures that reported fvJures remain proportionate and representalive of a￿Val commuting patterns. Opportunities to reduce commuting related emissions are primarity focused on engagement and prxlical support rather than prescriptive controls. ￿st)r￿J initiatives. such as the Cycle to Work scheme. encourage lower emission travel while supporting Staff wdlbeing. Continued review of commuting data alh)ws the College to assess the effectiveness of these measures and to consider further ¥l￿n$ where apprcpriale, ensurirvJ that any interyenlKJns remain alKJned with the operational needs of a large rural campus. Using Intensity metri￿ to Support Fair and Meaningful Comparison The use of emissions and energy inlensty meliics per pupil, per full time eqUiVa￿n1, and per unrt of lumover supports fair comparison across yeaTr of ¢harrfJing adNity. AS pupil numbers and estsle use increase, these rat￿$ help distinguish be￿een growth drNen increases and undertying effIc￿ncY perfofmance. The improvement in per pupil emissions intensity in the l*esl year tlemonslr*es that In¢￿sed actiwty has not resulted in a proportKJnal rise in emissions. ￿infor¢in9 the value of intensty based mnitoring. 16 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEEI THE GOVERNORS, REPOR TFOR THE YEAR ENDED 31 AUGUST2025 Icontinued) These rnetll￿ also Sup￿ intemal deetsion making by high1￿￿htiThj where effic￿ncy gains are being aehieved and where furthef attention May be required. In an educational conlexl, per pupil and per staff measures are particularly useful for communicatiThJ performance to Stakeholders in a clear and accessibk way. Annual Review of kopè 3 Categories In addi(ion lo employee c(Knmuling. the College will continue to rev￿ rts WKler Scope 3 emissions annually lo assess whether additional categories shoukl be induded in fvture reporting. Tttis remew will con5Kler the felevanee. materiality, and data availabilrty for other S¢ope 3 sources. ensuring Ihat any expansion of the inventory is justified, accurate, and proportionate. This approach supports 9￿Ual improvement in reporting completeness without tompromisiny data quality or eonsi8tency. Commitment to Continuous Improvement The College's approach to emissKJns managemenl is underpinned by a commrtment to continuous improvement in both data quality and governance. From the next reporting cycle, the College will move t¢)wards monthly collection of energy and emissions dats rather than relying SO￿lY on annual aggregation. This change will strengthen the dats pipeline. improve visibility of trends throughout the year. and support earlier idenlificalton of anomalies or dis¢repanc*s. More frequent data gathering will also enab￿ more responsive operational manaoement, supporting ongoing efficiency improvemenls and enhanang the robuslne5s of future SECR disclosures. Absolute and Intensty Ratio Reduction Targets Lord Wandsworth Colfege recoynises that any I￿g lem) approxh to emissions reduckn.on should consider both absolute emissions and emissions intensty, partKulaty wrthin an educatKJnal enwronmenl where pupil numbers. eslale use, and aclivty levels may change over lime_ In consKlering a potential pathway aligned with a 2050 horizon. the College has begun to expkjre how absolute emissions coukl be redueed alongside continued improvement in intensity ratios per pupil, Fer staff member, and per unrt of turn¢)ver This approach allM prcgress lo be measured fairly while supporting the College's operational and educab.onal objectives. The College has al￿adY achieved zefo Scope 2 market based emissions through the procurement of electricity supplied entirely un¢Jer a renewable tarffi. FrC￿ an absolute emissions perspective. thi5 represents 3 significant mile51one, effectivety addressing electrrity related eMisS￿n$ within the currenl reporting boundary. From an intensity perspective, continued management of electr￿ty demand remains important to ensure that energy use per pupil and per staff member does nol increase as a¢tivty levels change. Ongoing efficiency measures and oplimisalion of on site newable generation will therefore support both absolLrte s&*ility and inlensty improvement ovef lime. Scope 1 emissions remain the most material souree of absolute emissions and are central lo any long temi reduction p*hway. In the short to medium lem), reductions are most likely to be achleved through bwering overall energy demand via improved buikding fabric, healing controls. and system efftiency. These artions support gradual reductKJns in absolute emissions while also improving emissions inlensty Metr￿$. Over Ihe longer term, as heating systems reach the end of their operational IKle. the phased transition away from fossil fvel based systems would enable further absolute reductions. with the k)ng term ambilion of approaching zero Scop8 1 emissions by 2050, subject to leehnical feasibilrty, financial viatslty. an¢J estsle requirements. Scope 3 emissions are recognised as an area where absolute redUct￿nS are more challenging, but where inlensily based impfovemenls can still be Irad(ed and encouraged. Current reporting f￿uSeS on employee commuting. with reductions influenced primarity by behavfv?ur, travel choices. and working pattems rather than direet operational conlfol. Over lime, improvements in per staff ccynmubng emissions Intensity may be xhievable through continued engagernent and practical support. even where abs￿ule reductions are constrained by external factors such as location and transport infraslruclure. As the College continues lo revw its Scope 3 trKJundary. addrtional categories may be incorporated into reporting where dala quality and materialty justify inclusion. Any expansion of the Scope 3 inventory would be reffle¢ted within both absolute and intensity based targets, and the nel zero pathway would be adjusted accordingly lo ensure consistency and transpareney. Thi5 approach ensures th81 pro3￿$$ Ichvards longer lemi objectives remains credible and aligned with the scope of emissions being measured at each st4e. 17 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS {COMPANY LIMITED BY GUARANTEE) THE GOVERNORS. REPORTFOR THE YEAR ENDED 31 AUGUST 2025 fcontinuedj By framing emission5 reduetim through both absolute and inlensty based lenses. the College Ès able to balance ambition with realism. This dual approach supports continuous improvement, accommodates changes in pupil numbers and estate use, and prwdes a flexible but stnKtured foundation for managing emtssions responsibly as part of long term strategic pLanning. Govemance and Oversight Responsibility for the management of greenhouse gas emissions at Lord IAèndswcKth College is hekl across ljoth operational and senior leadership levels. Day to day responsibilty for the collection. and quality assurance of emissions and energy data sits wtih designated operats.onal and estates management staff, who coordinate internal inputs relating to energy use across buildings, transport aotivty, and staff commuting. Oversight of carbon reporbng and emi$sw$ manajement is provid&J through senTh leadership as part of wider eslale planning. financial oversHJht. and performance re¥￿ processes. Emissions trends. data quality, and proposed management or redUCt￿n measures are revEwed on at least an annual basis to ensu￿ that reporting remains a￿Urate and aligned with the College's operat￿nal priorrtÈs and slalutory reporting reqviremenls. Strategic decisions retaling to emtssK)ns reduct￿1. investsrert in energy efficiency improvements. and the con5¥Jeration of k)nger lem) decarb￿lSaItr)n or nel zero pathway$ are taken al senior kadership and governance level. This ensures that climate relaled consideratK)ns are inlegraled into decisM)n making in a way that SLlPPOrts the long lem sustsinability of the College while remaining consislent with rts educational mission and eslale responsibilrties. D•claration and Sign Off This Streamlined Energy and carb￿ Rewting disclosure has been completed in accordance with the requirements of the UK SI￿aMI1ned Energy and Carbon Reporting frarne•￿rk arKI the a$sct￿ted guidance issued under the Companies Acl. Emissions have been caleulated and reported in line with the Greenhouse Gas prot￿01 Corporate Accounting and Reporting Standard, using the appfopriate UK Govemmenl greenhouse gas conversion factors for Company reporting published by the Department for Energy Security and Nel Zero in collaboration with DEFRA. Scope 1 and Scope 2 emissions have been rept)rted in accwlance wilh SECR requirements. Relevant Scope 3 emissions have been reported Whe￿ data is available and material. in line wrth the Greenhouse Gas Protocol Corporate Value Chain (Scope 3) Stsndard. This report has been revwed and signed off by the board of direLtors lor equNalenl management body). Signed on b•half of Lonl Wandsworth College: Date". 15104126 18 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF LORD WANDSWORTH COLLEGE Opinion We have audited the financial state￿nIS of Lord Wandsworth College (the 'parent charrtable COTnpany'l and its subsidiaries Ilhe 'group'l for the year ended 31 Augusl 2025 which comprise the Group Statement of Financkn?I Aclivilies. the Group and Charty Balance Sheets, the Group and Charty Cash Flow Statements and notes lo the financial slalemenls, including Signif￿nI aceounting pOI￿leS. The financ￿] reporting framework that has been applied in their preparatton is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Iieknd. (Unrted KIn￿j0M Generalfy Accepted Accounting Practtcel. In our opinion the financial statements_" give a true and fair view of the slate of the group's and the parent charilab￿ ccrfnpany'$ affairs as at 31 August 2025 and of the group's incoming resources and appli¢alion of resour￿, inclLKling its income and expenditure. for the year then ended", have been properfy prepared in accordance with United KÉngdom Generalty A￿epted Accounting Practi￿.. and have been prepa￿d in accorfanee with the requirements of the Cryr￿anieS Acl 2006. Basis for opinion We conducted our audit in accordance wrth Intemational Stsndards on Audrting (UK) {ISAs (UKII and applicable law. Our responsibilities under Ihose standards are further described in the Auditols responsibilities for the audit of the financial statements sects.on of our report. We are independent of the group and parent charitsble company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Elhical Stsndard and we have fulfilled our other ethical responsibilitie5 in accordance with these requirements. We believ8 Ihat Ihe audrt evKlen¢e we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going ¢on¢em In auditing the financel slatements. we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropri*e. Based on the work we have perfornied. we have not identified any material uncertainties rel81ing lo events or conditions that, individually or collectively, may cast stgnifKant doubt on the group's or parent charitable company's ability to conlinve as a going concem for a peric¥J of at least twelve monlhs from when the financial statements are authorised for issue. Our responsibilities and the ￿SPOnSibl11t1es of the trustees wilh rnspecl to going con¢em are described in the relevant sections of this report. Other infomiation The other information eomprises the infomiatK>n included in the Govemcrfs. Rew)rt other than Ihe financial ststements and our auditor's report Ihereon. The Iru51ees are resp)nsible for the other infomialion contained in the Governors, Report. Our ¢)pinion on the financ¢al 5L*ements does not cover the other information and, except lo the extent otherwise eXpl￿111Y staled in our report. we do rK￿ express any fomi of assurance conclusion thereon. Our responsibility is to read Ihe other information and, in doing so, consider whether the other information is materially inconsistent with the financial ststements or oui knowkedge obtained in the audit or olhenvise appears lo be materially misslaled. If we idenlify such material inconsisfrn¢￿s or apparent material misslaternents. we are required to detemiine whether this gives rise lo a material misslalemenl in the financial stslemenls themselves. If. based on the work we have performed, we eonclude that the￿ is a material m￿Statement of this other information. we are required lo report that fact. We have nothing to reFQrt in this regard. Opinion on other matt•rs prescribed by the Companies Act 2006 In our opinion, based on Ihe work undertaken in the course of the audrt.. the inlomalion given in the Govemors. Report whKh includes the Oirectors. Rewt and the Str*egic Report prepared for the purpt)ses of company law, for the financial year for which the financial statements are prepared is consislenl with the financial statements.. and the Directors, Report and the strateg￿ Report included within the G¢)veTn(Ks' Report have been prepared in accordance wlh appluble legal requirerrents. 19 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF LORD WANDSWORTH COLLEGE (Continued) Matters on which we are requlred to Rp)rt by •x¢eption In the light of the knowledge and understandin9 of the group and the parenl charitable ￿npanY and their environment obtained in the course of the audrt, we have not Klenbfied malerol misstslemenls in the Diredors, Report or the Strategic Report included wrthin the Govemor5' Report. We have nothing lo rewt in respect of the folk>￿"n9 matters where the Compan￿$ Act 2C￿ requires us lo report to you if, in Ouf cpinion". adequate accounting records have not been kept by the parent charitable cunpany. or relums adequate for our audit have not been received from brarthes not visited by us. or the parent Charrtab￿ cornpany f￿anCIal statements are n¢it in agreement wilh the a￿OUntIng records and returns", or certain di5elosures of govemors. remuneration specffied by law a￿ not made,. or we have not received all the inf0m8t￿n and explanations we require for our audrt. Responsibilities of trustees As explained more fully. in the Slalement of Govemors. responsibilities set out on page 12, the governors (who are also the directors of Ihe ¢horiiable company for the purposes of company lawl are responsible for the pieparation of the financial slalemenls and for being satisfied that they give a true and fair view. and for such inlemal control as the govemors determine is necessary to enable the preparation of financ￿1 sL*emenls that are free from malerk91 misslalemenl, whethei due lo fraud or error. In p￿paring the financial slalemenls, the govemors are responsible for assessing the group's and parent charitable company's ability lo continue as a going concem. di￿10$1ng. a$ applicable, matters related to going concern and using the going concern basis of accounting unless the g¢)vemors erther intend to liquidate the group or parent eharilable ceffjpany or lo cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the avdTt of the financlal statements Our objectives are lo obtain reasonable assurance atx)ul whether the financial slalements as a whole are free from material misstslemenl, whether due lo ftaud or error. and to issue an auditorfs report that includes our opinhjn. Reasonable assufance is a high level of assurance. but is not a guarantee that an audit conducted in accordance wilh ISAS {UKI will always detect a material misstatement when it exists. Misstatements Can arise from fraud or error and are considered material rf. Individual￿ or in the aggregate. they ￿Uld reasonably be expected lo influence the economic decis￿8 of users taken the basis of Ihese financial ststements. The extent to which the audit VAS considered Capable of detxting irregularities. including fraud 1rregularilies.are Instances of non (4.893,7601 11.808.305 (3.289.118) 221,1%3 114.292.3141 4,177470 2.917 582 3,619.C68. 39,500 6,596,242 25 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS {COMPANY LIMITED BY GUARANTEEI CHARITY STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 Nel cash inflow ftom operating &livities {Note (i)} 2,C64.972 6,487,511 Cash Ilows from Investing activities Payrnent5 for tsn9ible fixed assets Receipts from sale of tangible fixed assets Movements in investment5 Nel cash from acquisibon Investment income and bank inlefest {3.$72.189) {2,211.283} {3.317.762} 1.004, 545,382 2,022,739 630,136 4,898.909 Net ¢a$h provided by investing a¢livities 42,233 1,588,602 Cash flows from financing activities (Repayment) of hire purchase (Repayment) of extemal finance Finance eosts paid {49,3241 (500,000 476 271 478,603 1.025.595 Change in eash and equNalerts in the reporting period (436,3701 563.007 Cash and cash equivalents al 1 September 2024 7.660.404 7,097,397 Cash and cash equivalents al 31 August 2025 7,224.034 7,660,404 Relating to.. Short term bonds Cash al bank and in hand 1,000,000 6 660.404 7.660.404 7.224.034 7.224.034 lil Reeonciliation of net income to net cash inflow from operating activities 2025 2024 Net income for the year IGainsl/losses on Investments Charitable Donations Investment Income and bank interest Finance cosls Funds expended Investment management charges Depreciation charges Loss on ijisposal of fixed assets Pension finance (income) LWC 1989 pension scheme admin w$ts Ilnccease) in debtors Increase in c￿dItorS lexcluding fees in advance an¢J deposilsl Increase in fees in advance Gain on a¢quisilion Nel increase in liabilrties on aqui8iiw Incieaselldecrease} in parents. deposits Net cash inflow from operating activities 15,595,112 {462.8231 2,436,193 {777,1631 87.365 {630.1361 476,271 {132,5141 14.927 1.306.882 {545.3821 478,603 117,O¢X)I 1.452.071 I38,OC￿l 142,000) 311.000 (404,1191 {4.858.1491 11,998.379 {3,289.1181 (14.292.314) {4.177,4701 221,063 2,C64,972 182,237 3,619.068 39.500 6,487.511 26 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 1 ACCOUNTING POLICIES The accounliThJ policies ad¢wted by the Group are as fdl(Yw5.' Charlty Infom)atlon Loré Wandsworth College is a pfivale crmnpany fimited by guarantee. incoipNaled in EngLqnd and Wales. The principal activity and registered office are disclosed in the Govemor5' Report. Going concern Having reviewed Ihe demand for places and the College's fulure projeded ¢a$h fl¢)ws, the Governors have a reasonable expectation that the College ha$ a(lequale resources to ￿ntinue 11$ actNrties for al least ￿e1ve months from the date of sign off and ¢onsKJer Ihal there were no mater￿1 uncertainties over the College's financial viability The current economic uncertainties have t*en ￿￿tr¥ed and are.included in the College's risk register. A rolling S- year cash flw is prePa￿d and ￿￿eWed al each Goveming B(yJy and Finance Commrttee meeting. Basls of accountlng The financial slalemenls have been prepar￿ in accofdance wth Accounting and Reporting by Charities.. Statement of Recommended Prxtice applicable lo chaTriies preparing their accounts in acLordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} (effective 1 January 2019 (Charities SORP IFRS 10211. the Financral Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the C¢Jmp8nies Act 2006. Lord Wandsworth College meets the definiik?n of a public benefft enlty under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting pol notes. Basis of consolidation The consolidated financial st*emenl$ incorporate the finanaal staterrents of the charitsble Company and all group undertakings. As a consolidated Sialement of Financial ActNit￿$ is published, a separate Statemenl of Financial Aclwrties for the parent ¢harilable ￿rnPany is omitted from the ¢hanlabk group financial slalements by virtue of se￿lOn 408 of the ComPan￿S Act 2006. Fee Income Fee incory*, nel of bufsaries, awards and ￿MisSiOns. represents the fees re￿1vable by the Charity for education prOV￿e￿ in the nomial course of activities. in the year to which li relates. All fee income since 19t January 2025 is recognised net of VAT. Fee5 in advance Fees paKI in advance of the eduealron provided are taken to deferred income. and released lo income in the period in which the education is given. Letting incorne Letting income represents al￿￿ntS reCeNab￿ by LVIC Enterprises Limited for gwds and services net of VAT. Investments and Investment Income Trade investments are stated at mafkel value. The original cost value is stated in note 17. The policy adopted ty the Group is to keep valualNins up to date. The Statement of Finan￿al Act￿￿"e$ disb"nguishes befvleen realised and unrealised gainsllosses. Investrnenl income is accounted for on an income receivabfe basi8. Current asset investments are measured al amortised cost. Investrnents in subsKliaries are held al cost less any impaimient bosses. Donations and Grants Donations and grants are acccyjnled for on a recer¥able basis when the amounl can be reliably measured. Donations and grants received for the general purposes of the Chanty are included as Unrest￿ted funds. Donations and grants for actNities ￿tricted by the wishes of the donor a￿ taken to restricted funds. and ￿lessed as the ielaled expenditure is incurred. 27 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS {COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 1 ACCOVNTING POLICIES IC¢)nlinu8d Govemment grants Govemmenl grants are rec&3nised at the fair value of the assel r￿e1Ved or receivable when there 1$ reasonable assurance that the grant conditions will be met and the grants wll be received. Govemment grants relating to lumover are reeognised as ll)come over the perK*J$ when the related costs are Ineurred. Legacy income Legacy income 1$ a￿Unted for al the point of nOtifiCat￿n, in writing, by the personal Tepresentstwe of the eslale making the legacy, provided Ihat the value of Ihe kgacy be reasonabty estimated. Property incomo Rental income is received and reccgnised in the mnth to whith r( relates. If any rentsl income is received in advance of the relevant renlal peric¥J then Ihe baknce 1$ deferred until Ihe peric*J it relates to. Familng in¢orne Faming income ￿p￿SentS amounts receNabk for the sale of. and subsidies for. aTable CTOPS by Stem Famis Limited. Tumover is recognised when the company has the right lo the in¢cYne. The Single Fam Payment 1$ recognised on an xcruals basis in acccrfdance wilh European Cry)wntssion Regul*ions. Famiing stock Stock is valued al the lower of cost, being purchase price of materials used plus the cost of the farming methods undertaken, and nel reali5able value. Subsidies are provbaed where the cost of productTron is greater than the nel Tealisable value of the stock on the open market. These subs¥Jies have therefore been included n catulaling the net realisable value of the stock held al the year end. Expenditure Expenditure since January 2025 ts accounted fof on an accfuals basis and is reccgnised net of VAT. Expenditure is analysed into s￿h categories as to rea$￿abty enab￿ the user to gain an appreciation of the Group's expenditure during the year. Governance costs comprise the Cost of running the Group. including strategic planning for its fvlure *Jevelopmenl, also extemal audrt. any legal advti and costs of comptying wilh constitutsonal and statutory requirements. Leasing and hire purchase commitrnents A5se15 held under finance le85es, wh￿h are leases where subslantialty all the fisks and rewards of ownership of the asset have passed to the company, and hire purehase contracts, are capitalised in the balance sheet al their lair value and are depreckated over their useful lives. The caprtal elements of future obltyions under the leases and hire purchase contracts are included as liabilities in the baLance sheet. The interest elements of the rental oblvJatKJns are charged in the profrt and loss account over the periods of the leases ané hire purchase contracts and represent a ¢on$tant proportion of the balance of ￿pital repayments outstanding. Operating leases Operating lease costs are Charg￿ in the Statement of Financial Athvrties for the pwiod to which they relate on a straight line basis. Rentals payable under operating leases. includirKJ any lease irtentives le￿Ned. are charged lo Micome on a straight line basis over the tefm of the re￿ant ￿ase except where another more syslematie basis is more represenlalive of the time pattem in wthich economic benefits from the lease asset are consurred. Stock Stock is slated at the lower of cosi and net ￿514$ab￿ value. The man components are stationery. household and maintenance items, and ￿t￿ing supplw. PrOv￿1)n ts m•Je for ctholete ar￿ defectNe stctk. 28 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS ICOPIIPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 1 ACCOUNTING POLICIES (Continued) Tangible fixed assets and depreciation Tangible fixed assets are stsled at cost less ￿umuL￿1ed depreciatM)n. Fixed assets y￿th a value under £1,000 are not capilalised. Land is not depreeTrat￿. Depreciation is calculated to wrrte off the cost ol fixed assets kss eslimaled residual value over their expected useful INes. The annual depreciatw rales arMJ methods of Calculation are as lolbws.. Boarding houses Equipment, fixtures and rrttings Motor vehic Other buildirKJs Assets under construction Stern Fams Ltd Propety improvemen15 Plant and machinery Straight line over one hUnd￿d and tsventy five years Straight line over three lo twenty years Straight line over three lo ten years Slraighl line over ￿ertty lo seventy years Not depreciated S% strafjht line 1S% slraNJht line The propertw are reviewed for inyairn8nl on an annual basis. Funds held by the Chartty and subsidiary undertaking$ Permanent Endowment Funds al The caprtal account ccvnprising land and buildings and quoted investments wh￿h are permanenl endowment of the Foundation. b) The Recoupmenl Fund vthich required to replace investments Ad to finance capital expenditure. Unrestricted Funds These funds constrtute the 9eneral incclre of the Group, and their appl¢*1￿ is at the dIscret￿n of the Govemors. Designated Funds Designated funds are funds set aside out of unrestricted general fvnds for specific fulure purposes or projects as identified by the Goverrn)ts. Restricted Funds al The Fltr4M *acy is required lo be invested in an account from wh￿h the interest can be used lo assist a ferna￿ Foundalioner. bl Other restncted funds incjude donat￿nS lthvards the education of FOundat￿n pupils or other specrfied purposes. Capital Recoupment Capital expenditure financed through proceeds ol disposal of restrtied capital account assets is recouped al a rale not less than that recommended by the Charity Commission. provisionally over a peric#J of 60 years. Pension costs and other post-retirement benefits The Lord Wandsworth College 1989 Pension and Lrfe Assurance Scheme {-The Scheme'l provides reb"remenl benefts to qualifyirvj employees. including Adminislrats"ve and Support Staff and Hou$erna$ters. The Scheme was ctosed lo new members in March 2000. and ck)sed lo existing members as al 31 August 2DO4. Employee members are now treated as deferred pensioners. and there afe therefore no Charges to the Statement of Financial Acliwties. The Scheme is a deffined benefrt scheme which is extemalty fvnded and conlracled OLrt of the Slate Eamings Related PensK)n Scheme. The Pensi￿ charge is caleulaled on the basis of xtuarial advice. Pension thme assets are valued al market value at the balance sheet date. The pwsion scheme assel or deficil is recognised in fvll on the ba￿Ar￿ sheet. 29 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 1 ACCOUNMNG POUCIES {Continued) Pension ¢osl$ and other postqetirement benefits (Continued) A Group Personal Pension Plan is available to employees, which is a defined conlribLrtion scheme. Both the assets of this scheme and the LWC 1989 stheme above are held separatety from those of the Charity in independently administered funds. The Charity also participated in a multi employer pension scheme, the Govemment's Teachers Penshjn Defined Benefrts Scheme, for rts leaching staff. until 31 August 2022. This scheme is administered by the Teachers, Pension Agency. The pension Irability under this stheme is the responsibility of the Agency. It is not possible to identify the assets and liabilities of the scheme that are altributable lo the CharitylGroup. Accordingly. under Financial Reporting Standard 102. the Scheme 15 accounted for as rf li were a Defined Contribution scheme. Recognition of liabilities Liabilities are recognised within the financkal statements in respect of all expendrture for which the entity has a measurable Obligat￿n, be it ¢onstructNe or legal, at the balance sheet date. Any expenditure which is committed lo, but not Measurab￿ at this lime, is disclosed wrthin the notes to the financial statements as 8 contingent Ikgbility. Flnanclal Instruments The Group has elected lo apply Ihe pcovisions of sect￿n 11 'Ba$ic Financial Instwments. and section 12 '0ther Financial Instruments Issues, of FRS102. in fvll. lo all of its financial instrurnenls. Financial instruments are claSSrf￿ and accounled for. xcording to the substance of the contractual arrangement, as either financial assets or financial liabilities. Basic financial assets Basic financial assets, whth include debtors and cash and bank balances. are inrtially measured at tran$xlion price inclLKling tranSaCt￿n costs and are subsequentty camed 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 futu￿ receipts discounted at a marf(et rale of interest. Financial assets classifEd as receivable within one year are not amortised. Basic fin8ncia1liabilit￿S Basie financial liabilities, induding credi(ors are initialty recc#3nised al transacl*)n price unless the arrangement constitutes a financing transaction, where the debt inslrun*nl is measureil at the present value of the future receipts discounted al a market rate of interest. Financkql liabilities classrfied as payable within one year are not amortised. Liabilities are recognised within the financk?I statemen15 in respect of all expenditure fof which the entity has a measurable obligation. be rt constructNe or legal, at the balance sheet dale. Any expenditu￿ which is committed to. but not Tr￿aSUrable at this time, is disclosed wrthin the notes lo the financial sL*ements as a contingent lia￿"llty. Llquld res¢ur¢es LiquKI resources indude cash held on long temi deFK>siI vthere penahies will be suffered rf funds are wrthdrawn before matuity. Distribution of profrts The subsidiary LWC Enlerpiise5 Ltd 15 mandated. as per the Arb"cles of Association, lo pay gfft aid of an amount up lo the taxable profits each year to Lord Wandsworth College, the ultimate parent undertaking. However, the Stern Farms Ltd grft aid Is not mandated arKI so 9rft aid distribLrtion will be recc¥Jnised in the entity's accounts upon payment. In line with ICAEW Technical Release Tech 16114BL'. the subsidiarie5 ITeat thi5 donation a5 a distribution of reseNes and il is p8i¢J erthw pre year end or within 9 months of the year end. Any donation made in this manner is cappe(I lo the level of dislribuiable reserves availab￿. The Boards ar8 responsible for formally agreeing the amount lo be distributed each year. 30 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 1 ACCOUNTING POUCIES (Continued) Investment property Investment propety, wh￿h is propety held to eam Tentals andlcf for caprtal appretiath)n. is measured using the fair value model and stated at its fair value as at the reporting end dale. The surplus or deficit on revaluation is recognised in the Statement of Financial Aclivities. Where fair value cannot be achieved undue cost or effort. investrnent propety is accounted ts as tangible fixed assets. Redundancy and lermination payments Redundancy and terminat￿￿ payrrEn15 are made after taking applicable *al advKe. Expendrture is rectranised immediately as an expense when the group is demonstrabty commrtted to terminate the ernploymenl. Refundable deposits Refundable deposits are currentty classrfied as current in the financial statements as they are retumable upon one months, noti￿. 2 JUDGEMENTS AND KEY SOURCES OF ESTIMATK)N UNCERTAINTY In the application of the charrtable group's accounting policies. the Governors are required lo make judgements, estimates and assumptions a￿ul Ihe carrying amount of assets and liabilities Ihal are not readily apparent from olhef sources. The eslimales and associated assumptions a￿ based on historical expervènce and other factors that a￿ considered to be relevant. Actual ￿$￿tt$ may drffer frcrfn these eslwnates. Key 50urce5 of estimation uncertainty The estimates and assumptions whKh have a ssnificant risk of causing a material ￿luStment lo the carrying amount of assets and liabilrties are as fdlows". Pension asset The present value of the (Jefined benefit pension asset depends on a number of factors that are detemiined on an acluarial basis using a variety of assumptions. The assumptions used in delemiining the net cost lincome} for pensions include the diseounl rate. Any Changes in these assumptions, whch are disclosed in note 12, will impact the carrying amount of the pension asset. A fvll actuarial valuation perfomied * 31 August 2020. updated to 31 August 202S. has been used by the actuary in valuing the pensions asset, and the valuation for the curlenl year includes an estinaled valuatN)n of an insurance policy entered into to cover the policy during the year ended 31 August 2025. Fami stock Sio¢k is valued al the lower of cost. being purchase price of materials used plus the eosts of the farming methods undertaken, and the nel realisable value. SubsKlies are provided where the eosl of production is greater than the nel realisable value of Ihe stock on the open market. These sub5Klies have therefore been included in calculating the nel realisable value of the st￿k held at the year end. Classlficatlon ol leases In calegorising leases as finance leases CK opefaling leases. management makes jUdge￿nIS as to whether significant risks and rewards of ownership have transferred to Ihe group. Depreciation Depreciation is charged to the statement of financial ￿t￿rt*S over the course of an assets life, in accordance with the charities depreciation pOI￿leS. The rates and percentages used are detailed above within the accounting policies. Given the large value of assels held within the ¢harty and the fad depreciation is inherently an eslimale, this gives rise lo a hKJher rtsk the potential for material misstatement. 3 LEGAL STATUS OF LORD WANDSWORTH COLLEGE The College is a Company limited by guarantee and has M share capital. 31 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 4 SCHOOL FEES RECEIVABLE 2025 2024 School fees Less.. Bursaries. awards and remissions 24,044.549 2,536,216 21 508 333 22.615,083 2,371,195 20 243 888 S ANCILLARY TRADING INCOME 2025 2024 Occasional boarding fees Insurance commissions Transport Registration fees Other ineome 27.250 41,705 2.615 140.195 81.000 71.300 42,193 140,743 265.515 6 NON ANCILLARY TRAtXNG INCOME 2025 2024 Trading income- LWC Enterprises Limited Trading income- Stern Fanns Limf(ed 526,303 485,562 1,011 865 418,369 410,998 829 367 7 OTHER ACTV41TIES 2025 2024 Centenary income other income 1.645 145.620 147.265 80,180 80,180 8 INVESTMENT INCOME 2025 2024 Unrestricted Securil*s Restricted Securibes 329.051 259.835 119,284 448,335 112,962 372,797 9 DONATIONS AND LEGACIES 2025 2024 Unrestricted Donations Legacies 92,919 146,910 146,910 Restricted Donations Legacies 314,$48 115,670 15,000 130.670 334,548 32 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS {COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 10 TOTAL EXPENDITURE Slaff Costs Depre. ciation Other osts Totsl 2025 Total 2024 Non ancillary trading 124.468 81.273 593.261 799,002 493.3SS Finaneing Costs 478,603 478.603 476.271 Investment Manager F 17.0(M) 17.000 14.927 Fundraising and development 175,8 163,$46 339.402 223.846 Charitable &tivilies 11869.373 12.169.697 1.462 775 1.544.048 6,897.046 8 149 456 20229 193 21,863,200 19320487 20,528,886 Ofthe above £67.109 {2024.. £26,450) rdates to restricted exwdi(ure. 2025 2024 OTHER COSTS: Non ancillary trading 593.261 332.600 Financing costs 478,603 476.271 Invgstment Managar Fees 17.000 14,927 Fundralslng and dgvelopment 163.546 52,308 School running costs: Academic Catering Household and rned￿ Ground5 Maintenance Other prem¢ses costs Minibus Support costs 1,005,144 867,895 767,716 252,290 91 S,831 1,089,023 311,466 1.678,384 6.887,749 898,724 663.728 1,010.837 293.669 1,056,621 1,184.381 349,637 1825.348 7,282,943 Total other costs 8.140 159 8 159.049 11 NET INCOME FOR THE YEAR 2025 2024 This is after chargingll¢redrting)'. Operating leases Depreciation.. owned assets Depreciation.. assets held under HP agreements Audilof's remuneratvJn'. Audit fees Payable lo the auditor for non-aLKIrt services (Gain) on disposal of assets 77,713 1.449.007 95.041 127.602 1.259,229 110,238 80,000 3,750 70,732 1,950 117.227) 33 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS ICOMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 12 STAFF COSTS 2025 2024 Grt>up Charity Group Charity al Staff Costs Wages and salaries Employers. National Insurance contributions Pension conlribulions 9,525,916 9.323,171 8.931.333 8,845,609 1,006,901 1.309.746 11.842.563 990.020 1.303.165 11.616,356 817.977 1,251.060 11.000.370 809,084 1.247,507 10,902.200 Pension conlributi¢)ns were paKI to the Grtyjp Personal Penston Pkn, a defined contribLrtion Scheme, of whKh there were 246 members at the end of the year12024." 213). 2025 Number 2024 Number bl Particulars of staff The average monthly number of stsff employed by the Group during the year was.. 282 266 The average number of full time equivalent petsons employed by the Grcmjp {including part-lirne staffj during the year was.. 219 218 Teaching and academic support staff Adminisl¥ats"on and other staff 117 102 219 117 101 218 The number of employees whose ermluments exeeefjed £60.0￿ was." £60,001 - £70,000 £70,001 - £80,000 £80,001 - £￿,000 £90.001- £100,000 £130,001- £140,000 £180,001- £190,000 £190,001- £200,000 20 18 The number of higher paid staff who contribute into a pension ￿heme is 3012024.. 241, at a ￿st of £385.01012024'. £300.4621. Key Management Personnel, of which there are 1212024.. 111. are listed C￿ page 1-, their remuneration amounted to £1,244,756 {2024.' £1.207.350). c} Governors. expenses The Govemors received no remuneration for their services during Ihe year. 1 Govemor12024'.4) wa5 reimbursed a total of £233 {2024". £4891 for travel and other costs. dl Pension obligations Pension conlributions for staff are paid into a Group Personal Pen$v)n Scheme. The h"ability at the year-end was £162,76612024.' £141.2901 34 LORO WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 12 STAFF COSTS {Contlnuedl LWC 1989 Pension and knfe Assurance Scheme The CharilylGroup ¢)perates a fvnded defined benefft ￿heme in the UK wh￿h provides both pensions in retirement and death benefrts to members. Pension beneffts are ￿lated to the members, final sa￿ry at retirement or earlier withdrawal and their length of service. A full actuari81 valu8lFon was carried as al 31 August 2023, and has been UFAYaled to 31 August 2025 based on membership data as at 31 August 2023, updated lo take account of expected outgoings since August 2023, using actuarial assumptions al 31 August 2025. Since 1 September 2004 the scheme has been ck)$ed to new members. The mapr as5urnpb"on5 used by the actuary {in nominal temis} were as foll¢)ws". At 31108125 At 31108124 {perannuml (perannum) Discount rate Rate of increase in pensionable salaries Rale of increase of LPI linked pensions until 2030 nla nla Rate of increase of LPI linked pensions after 2030 Innalion assumption {RPI) Assumed lrfe expectanc￿$ on retirement at age 65 are". Retiring today Males Females Males 21.4 23.8 22.7 21.4 23.7 22.7 Retiring in 20 years lime Femaks 25.2 25.1 The assumptions used by the actuary are the best estimates chosen from a range of possible aetuark41 assumptions which, due to the lime scak covered. may nol necessarity be bome ¢xrt in practits. During the year the Trustees enlefed an insufance poly in Pl￿ of the penS￿)n asset previously held. Legal transfer of the liability is planned but not COmp￿ted during Ihe year. 35 LORD WANDSWORTH COLLEGE AND SU8SIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2025 12 STAFF COSTS (Continued) LWC 1989 Pension and Life Assurance Scheme (Continued) The assumptions used in determining the overall expected ￿tuffl of the assets of the Scheme have been set having regard lo y*lds available on govemmenl bonds and bank base rates and incorwraling appropriate risk margins. The fair value of the scheme's assets, which are not intended to be fealise(S in the short lem and may be subject to swnificant change before they are realised, and the present value of the SChe￿￿'S liablities. whth are derived from cash flow projections over long penods and thus inherenlty uncertain, were". Fair value at 31108125 £'ooo Fair value at 31108124 £'ooo Equities and Propety Fixed Inleresl Deferred and immediale annuities Cash and Other Index linked gills Fair value of assets 2,597 63 2,919 3,942 Present value of liabilil*s Surplus in the funded scheme and Net Pen￿On asset 2.899 3.201 20 741 None of the assets of the Scheme are invested in the College,￿Group'S financial instruments and none of Ihe assets ore pr¢pert￿$ or other assets used by the col￿elGr0Up. Changes in the presenl value of the Scheme Obligations 2025 2024 £'ooo Obloations at the beginning of the year 3.201 3,284 Movernenl in year. Interest cost Benefits paid Actuarial (gain) Past Servi￿ ￿$1 151 {2341 (2191 171 (242) 1121 obl￿allOnS at the end of the year 2.899 3.201 Changes in the fair value of the Scheme Assets 2025 £'ooo 2024 £'ooo Fair value at the teginning of the year 3.942 4.225 Movement in year. Retum on assets Interest income Employer conlribulK)ns Benefits paid Scherne administratwe cost {1.033) 189 71 {234) 116) 57 213 {2421 {3111 Fair value of Scheme assets at the end of the year 2.919 36 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2025 12 STAFF COSTS IContinu•d) LWC 1989 Pension and Life Assurance kh•m• (Continued) Contributions of £71k were made into the pensKryn scheme in the year12024". £nill. Actuanal gainsl losses ¢)n the ¢Jefir*d pension scheme can be analysed as fdkjvs: 2025 2024 £'ooo Scheme Obligations". Change in CPI market conditions {219) 112) Relum on assets. e￿ludIng interest ino 1.033 1571 Actuarial l$urplus}Ibss in the Statement of Financial Actiwt 814 1691 13 RESULTS OF SUBSIDIARIES LWC Enterprises Limited 2025 2024 Tumover Cost of sales Gross proff( Administrative expenses Profil on ordinary actmties tlefore interesl other interest receivable and similar income Profil on ordinary actiwties Distribution of reserves to chaity Retained profiV(lossl for the financial year 660,975 313,967 347.008 85.899 261,109 568.019 305,492 262.527 85.804 176.723 261,109 268 014 176,723 150291 Reconciliation of tr&Jing subsidiary proffts lo the Slaleffent of Financral Activities.. _ Profit on ordinary actiwties Group sUppl￿S receivab Group supplEs payable Group interest receivable Group interest payab Trading subsidiary results 261,109 (134,6711 78,783 176,723 1149,6501 244,964 205.221 273,915 Included on pa9es 23 and 24 Statement of Financial Activit￿ as". Bank intefesl Trading income- within Tr)n ancillary tradin9 xlivibes Trading expenditure- within non ancillary traling expenditure 526.303 (321,082 418,369 1144,4541 205.221 273.915 37 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS ICOPaPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 13 RESULTS OF SUBSIDIARIES (Continu•dl Lord Wandsworth Foundation With effect from 1 August 2013. the Charity Commissth linked Lord Wandsworth Foundation lo Lord Wandsworth College for accountancy and registration purposes. The folk)wing anatyses the resums, assets and liabilit*s of each fund held by Lord Wandsworth Foundation. In¢orne and Exp•ndltur• un￿trICted Fubmts 2025 Restrl¢ted Funds 2025 Perrnanent endowrnent 2025 Totsl 202S T¢)tsl 2024 R•nts r8ceivable Investrnent income Legacy incorne Total income 58,833 58.267 58,833 58,267 53,383 46,637 15￿0 115.020 117 1 117100 Inve5trn8nl ManaJer Fees Charitable donats'ons to L Toial expenditure Net lexpenditurel Unrealised gainllh7ssl on invesfftnts Realised profft on disposal ol inves￿ents Transfer frc¥n LWC Net movement in funds 117.11XJ 117.100 117.11XJ 117100 115.020 115.020 61.PAJS 61.605 159.890 50.000 111 605 50 CK)O 50,(X)O 209.890 Balance Sheèt 2025 2024 Flxed Ass•ts Tangibk assèts Investments In¥e5tm8nt properties 9.682,147 1.632,879 9.882.147 1.571,274 150.000 11403.421 11465026 Currersl Asgets Debtors 3.570,949 3.520.949 Cr•dltois- kniounts lalling due within one y8ar 11,292,126) 11.292,1281 N•¢ Curr•nt A￿ets1(Liabll1tr￿) 2 278 823 2 228 823 Total le¥8 current IlabS1111 13.743,849 13.fj32.244 Cr•ilitoYs'. Amounts I￿ling due aftef more than one yt¥ NET ASSETS 13.743 849 13632244 Unre8tri¢ted funds 2.228,823 2.228.823 Pernianent Endowment fvnd8 11,515,026 11.403,421 TOTAL FUNDS 13,743,849 13.632.244 Included in pemanent endowment funds is the revaluation reserve of £108.75012024". £108.7501. 38 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 13 RESULTS OF SUBSIOIARIES Icontinuedl Stern Famis Llrnited 2025 2024 Turnover Cost of sales Gross profil Adminislralwe expenses Other operating income Profil on ordinary activities before interest Other interest receivable and similar income Interest payab Profil on ordinary activities before taXat￿n Tax on profit on ordinary activities - Note 14 Profrt on ordinary activities Distribution of reserves to chanty Retained profil for the financ￿1 year 485,%2 285 571 199.991 1224.3131 38.357 14.035 1100 7.750 7.385 410,998 183,974 227,024 1212,3611 15.137 29,800 831 10.316 20,315 7,385 20,315 7,385 Re¢oncilialion of trading subsKliary proffts to the Statement of Financial Actr¥ibes" . Profrt on ordinary activil*s Group suPpl￿S receivable Group rent payable Group interest payable Trading subsidiary results 7.385 20,315 13,778) 50,000 7,750 74,287 50.000 7.7SO 65,135 Included on pages 23 and 24 Statement of Financial Adiviknes as.. Other activities Bank interest Trading Income- within non ancillary trading activities Trading expenditure- within non anollary trading expendilure 88.357 1.100 485.562 509.884 65.135 11,359 831 410.998 74.287 14 TAXATION The College is a registered charty and as such has been granted eXeMpl￿n under Seclfv)n 505 of the Income and Corporation Taxes Act 1988. All taxable proffts of LWC Enterprises Limited have been distributed out of Te5erves to the College. Stem Fams Limi(ed tsxable profits wil be distributed to the College but the distn"bution has not been accounted for in Stem Farms Limited'5 FinanrAal Slalements. 39 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 15 TANG18LE FIXED ASSETS- GROUP Freehold Land and Buildings Plant and Machinery Equipment fixtures and fittings Motor vehicle Totsl Cost Al 1 September 2024 Addilions Disposals Al 31 August 2025 46.799.167 20.594.090 717.318 205.200 130.000 792.518 3.566.068 632,646 132 S98 722.299 51,804.852 21.431.936 262 598 72 974.190 67.393.257 Depreciation Al 1 September 2024 Charge for the year Disposals At 31 August 2025 5.337,467 1,089,328 225,474 71.617 57,960 239.131 2.821.155 286.038 132.598 2.974.595 473.947 97,065 8.858,043 1.544.048 190.558 10.211.533 6,426.795 571.012 Net Book Value At 31 August 2025 60,966,462 553,387 1.091.522 151,287 62,762,658 At 31 August 2024 41.461.7CQ 491.844 42 946 809 Included within the net bth)k value of £62.762,658 is £456.(60 (2024". £397,138) relatirrfJ to assets held under hire purchase agreernenls. The depreciation charged lo the financial statements in the year in respect of such assets a￿K)Unted lo £116.934 {2024.. £110,238). Included within the Freeho￿ Land and Buildings addrttin5 in the year were assets held under construction amgunting to £1.651.67812024. £656,362). 40 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 15 TANGIBLE FIXED ASSETS- CHARITABLE COMPANY Fffeehold Equipmenl Land and fixtu￿$ Buildings and fittings Motor vehicles Total C05t At 1 September 2024 Additions Disposals At 31 August 2025 46,816,140 20,594,091 3.436,422 612,630 132,598 3.916,454 708.809 50.961,371 21.206.721 132,598 708.809 72,035.494 67 410,231 Depreclatlon Al 1 Septembef 2024 Charge for the year Disposals At 31 August 2025 5,335,389 1.089,328 2.719,328 278,406 132 598 472,261 95,041 8,526.978 1,462.775 132.598 9857.155 6424 717 Net Book Valuo At 31 August 2025 60.985.514 1,051.318 141.507 62.178.339 Al 31 August 2024 41,480,751 717.094 236,$48 42.434 393 DI￿¢1 charitable purwses 60 985.514 1051.318 141.507 62.178.339 Included wrthin the nel book value of £62,178,338 is £74,039 (2024." £138,263) relating lo assets held under hire purchase agreements. The depreciation charged to the finar￿￿81 statements in the year in respect of such assets amounted lo £64,22412024.. £74.508}. Included within the Freehokl Land and Buiklings addrt￿n9 ￿ the year were assets held under eonstruetion amounting to £1.651,67812024.' £656,362). 16 INVESTMENT PROPERTY 2025 Fair value As at 1 September 2024 and 31 Au9U$t 2025 150,000 The fail value of the investment propety has been arrived al on the basis of a valuation carried out in August 2016 by Simmons & Sons, who are not connected wilh the charity. The valuatK)n was made on an open market value basis by reference to market ewdence of transaction prices for similar properties. The Govemors are satiSf￿d that this valuation remain5 appropriate. If investment properties were stated on an historical cost basis r*her than a fair value bas15, the amounts would have been included as follows.. 2025 2024 Cost and carrying amount 31 Augusl 41.250 41 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 17 FIXED ASSET INVESTMENTS 2025 2024 GROUP Quoted Investments Market value at 1 Septemter 21rd4 Additions Disposals Net reali58d inve51ment Ibs5851 fLV th8 year Net unrealised investment gainsl{k)ssesl for ￿ year Market value of quot￿1 investrnents Cash held in portfolio Ma¢ket value at 31 AtyLkSt 2025 13.758,313 4.315,745 {4,088,4481 11,9771 389,554 14.373.167 100.648 9.577.524 6,306.442 12.902.816) 15,9411 783.104 13.758.313 48.850 14.473.835 13,807,163 The net realised aTh1 unrealised gains forthe year amountwj to £462.82312024" k)ss of £777,153). 1Th￿tr￿ant Managaf Ftes am(wt8d to £17,¢knJ12tr23." £14,92n. Mathel Val￿ of UK quoted inveslrnents al 31 AtyJu512025 15 ¥naWd as toll(Y4VS." 2025 2024 Value of investments Cash 14.373,187 100.648 14473835 13.758,313 48 850 13807 163 Unquoted In¥estments Cost at I Septemter 2024 aThJ 31 AvJust 2025 25 25 Total Investments for group 14.473.860 13.807.188 Historical cc6t of UK quotecl investrnents at 31 ALNJUSI 13.053.017 12.825.720 2025 2024 CHARITY Quotsd Inv•$¢m¢nts Market value at 1 Septemter 2024 Additions Oisposals Net realised investrnent1105sesl for ￿ year Net unrealised investment gainsllbsses) for year Market value of quoteij investrnents Cash held in portfolio Markèt valuè at 31 August 2025 13.758,313 4,315,745 14,088,448) 11.9771 389.554 14.373,187 100,648 14.473,835 9.577.524 6,3C6.442 12.902,8161 15,9411 783.104 13.758,313 48,8 13.807,163 The net reali5ed and unreali5ed gains lor Ihe year amounteil to £389.$5412024". k)ss 01 £777,153). Investrnent Manèjer Fee5 wnounled to £17.¢XQ12024." £14.9271. Market value ol UK quoted investsnents at 31 August 2025 is watysed as follows.. 202S 2024 Value of InVests￿rtts Cash 14,373.167 100.648 14,473,835 13.758.313 48,850 13.807,163 Unquoted Inv•5trnents Cost at 31 Aty3USt 2024.. Shares in subsKliary undertakin95 Debentu￿ loan io subsHliary undertakiThJ 10.1CQ 151.9ts) 162.LXXJ 10,1(K) 155,000 165.1tM) Total Inv•stm•nts for Charity 14,635,835 13,972,263 Hislortsl cost of UK quot8d inveslments ai 31 Wst 13.053.017 12.825.720 42 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 17 FIXED ASSET INVESTMENTS (Continued) The anatysis of investments betsveen Funds is sh(rwn in note 25. Details of the split of investments held by the group at the year end are as folk￿5.. 2025 2024 UK Fixed Interest UK Equrties Global Equities Allernalives Cash 6.738.829 6,054.022 7.634.358 7.370.456 333,835 100648 14.473,835 13 807.163 The Charity has sharehok1iTr3s in the ordinary share capital of the companies listed bek)w. which are iegistered in England and Wales. Company Shareholding Activity Capital & Reseryes Results for the year LWC Enlerpnses Ltd Cts NLwnber 02142457 1000A ordinary shares Hire of residential aThJ sports facilrt 66.312 261,109 Stern Farms Ltd Co N￿nber 01304753 100% ordinary shares Farming 650,950 7.385 There is a debenture loan due from Stem Farms Limited of £155.000 (2024." £155.000) vthich carrie5 intere51 al per annum_ The registered off￿e of l)olh Ente￿rises Limrted and Stem Farms Limrted is Lord Wandsworth Col*e, Long SLthon, H¢)ok. Hampshire, RG29 1TB. 18 STOCK 2025 2024 Group Charity Group Charity Finished gcods for resa Arable famwng grain in store and in ground 44.028 167.149 43.C67 589 269.065 211 177 43.067 269.654 43 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE.YEAR ENDED 31 AUGUST 2025 19 DEBTORS 2025 2024 Group Charity Group Charlty Due within one year. Fees receivable Trade debtors Amounts owed by group undertakings". LWC Enterprises Limited Other debtors Prepayments Loan lo Sl Neots 8,379,861 311,124 8,379,861 144,387 279.078 16,487 279.078 62,072 45,048 3C6.012 45.048 353,514 236,645 538,850 3 124 727 4 195.787 4,195.787 220,560 454,866 3 124,727 4 079.231 4,079.231 9 089 547 9.089.547 8 937 380 8,937.380 Following the inlrodudion of VAT on schod fees from January 2025. fees reeeNable at 31 August 2025 include fees for Autumn Term 2025 as these were inVo￿ed in advance of the balar￿e sheet dale. The eorresponding ineome in advance is shown in note 21. VAT legislation implemented with effect from 1 January 2025 imposed VAT chargeabilty on a range of Independenl School services also providing the opportunty to seek VAT recoveries under the Capital Gcods Scheme and on pre VAT registration operational costs_ A major review was undertaken during 2025 to establish possible claims resulb'ng in the submission in January 2026 to HMRC of the first of a series of annual claims to be submitted over a 10 year Per￿d. Accordingly whilst Ihe lotal Claims are contingent. amounting to circa £2.7 million no reccgnilion has been made in these accounts. 20 INVESTMENTS HELD AS CURRENT ASSETS 2025 2024 Group Charlty Group Charity Notice accounts with Lloyds Bank 1,WO,000 1000 000 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS ICOMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 21 CREDITORS - AMOUNTS FALLING DLIE WITHIN ONE YEAR 2024 Group Charity Group Charity Deposits by parents Fees TeceThied in advance Trade creditors Amounts ¢)wed to group undertakings". LWC Enterprises Limited Taxes and Social secuiity Other Creditors Accruals and defefred income Loan notes Hife Purchase agreements 675,958 1,713,(￿5 2.038.993 675,958 1.713,C65 2.416.272 39.500 4,018.892 1.210.155 39.500 4,018,892 1,151,813 25,707 190,097 391,814 85,539 500,000 44,7S4 6.448.116 1.239.312 668.975 9.821.953 1.000.000 150,562 17.308,818 1,266.345 457,130 9.726.281 1.OCKJ.IX#J 89.751 17.344.802 191,366 391,945 176,823 5t]O,000 83,963 6.612.644 Hire purchase agreements are secured on the assets to wh￿h they reWe. Foll¢)wing the introduction of VAT on school fees frc*m January 2025. deferred income at 31 August includes fees for Autumn Term 2025. The Corresponding fees receNable balance is shown in note 19. 22 CREDITORS- AMOUNTS FALUNG DUE AFTER MORE THAN ONE YEAR 2025 2024 Group Char Group Charlty Dep05f(s by parents Fees received in advance Loan notes Hire Purchase agreements 415,395 2.186.600 13.500.000 104.736 16.206 731 415,395 2,186,600 13,500,000 67.676 16 169671 1.203.309 13.000.000 1,203,309 13,000.C 14250 809 14 203.309 Hire purchase agreements are secured on the assets lo which they relate. In the current year deposits by parents have been classrfied as due within one year as they could be repayable with one terms notice. Fees In advance Pa￿ntS may enter into a contract to pay the College up to the equNalenl of seven years luilion fees in advance. The money may be returned subj￿1 to ￿rtain ￿nditKyns. Assuming pupils wil remain al the College. advance fees will be applied as folbws.. 2025 2024 Group Group Charity Charty Due within one year Due be￿een 1 and 2 years Due be￿een 2 and 5 years 1.713,C65 714,248 489 061 2.916.374 1.713.065 714,248 489 061 2,916.374 4,018,892 1,258,147 928 453 6.205,492 4,018,892 1,258,147 928 453 6,205,492 45 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 22 CREDITORS- Amouiifs FALUNG DUE AFTER MORE THAN ONE YEAR (Continued) Group Charity Balanee al 1 September 2024 Amount released lo income earned fr￿n charitable activities Repayment 6.205.492 {3.122,0121 6.205,492 13.122,012) (145,5301 {145,530) Amount deferred in the year Balance al 31 August 2025 326.424 3.264.374 326.424 3.264.374 Loan notes 2025 2024 Group Charity Group Charity Due within one year Due be￿een 1 and 2 years Due befvjeen 2 and S years Due after more than 5 years 1.CM)O.OLK) 500,0 1.500.000 11 000.000 14,000.000 1.OC4).C#)J 5CQ,000 1.500,(YXI 11.000 0 14,000.OCN) 500.OLN) 500,OCN) 1.500,0 11.500.orxJ 14.000,000 500,000 soo,000 1.500,000 11,500,000 14.000,000 The Group holds financial instruments in the form of a fixed Inte￿51 loan, payable at an interest rale of 3.36%. During 2016117 Lord Wandsworth Col*e issued and sokd £15m of 3.36% senior unsecured r)oles to BAE Systems Pension Funds, the capital being ￿Payable from August 2023 to Juty 2047. This loan was taken out to better enable vaiious improvements around the caff*)us over a number of years {'Prqect Beanslalk.). Hlre purchase agreements Future commi(menls under hire purchase agreements *e as foltcpws.. 2025 2024 Group Charity Group Charity t)ue within one year Due tse￿een 1 and 2 years Due be￿een 2 and S years Due after more than 5 years 98,745 65,030 2.467 37.935 17.530 2,467 83.963 79.528 25,208 44.754 42.468 25,208 166,242 57,932 188.699 112.430 23 FINANCIAL INSTRUMENTS 2025 2024 Group Charity Group Charfty Investments measured at fair value through profit or loss 14 375 547 14375547 13.758,313 13.7S8,313 46 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 24 OPERATING LEASES Lessee Al the reporting end date Ihe charitabk group had outstanding C￿MI￿nentS for future minimum ￿8$e payff*nls under non-cancellable operating l&*es, t*thich fall due as follcws". 2025 2024 Group Charlty Group Charlty Due within one year Due be￿een 1 and 5 years 213,258 219,903 433.161 135,546 131 393 266.939 77,713 161424 239,137 Lessor At the reporting end date the charitable group had contracled with lenanls for the folk)wing minimum lease payments.. 2025 2024 Group Charity Group Charity Due within one year Due betsveen 1 and S years 50,000 2QbJ.000 250,000 so,000 200 000 250,000 47 LORO WAM)SWORTH COLLEGE AND SVBSILWIY UNDERTAKWGS ICOMPANY LIMrrED BY GUARANTEEI IIOTES TOTrE AllAIK￿L$TATE￿ÈNTSFOR THE YEAREtrIDED JI A￿v$T2￿25 25 FIINDS-GROLIP Fw TOT*L 8*￿r*￿ I SewErtwg)24 11.*X421 2m&7n 28293.612 .3nJ8 11SJt4 267. 127215 18.143,OJ 462,82J 119, la559 61 144,431 FwthexpC￿¢d &ilIn¢•￿31 WXP25 S.849.10q 2.14th3ts2 FLINDS- CHARITABLE COMPA•IY F¥id Funu To 7D2.4M 11.4PJ3.411 4.4B3.35J 471DJS 5.355.1 IIJFI.7TT 27.￿1.1 15.la&454 141.434 15.1B5.494 129x9 I￿.$5¥ 61A Tt•r41 ¥141 42mB.07a el￿nCe￿31 AWJat2025 101 •J8 LORDWANDSWORTH COLLEGE AND SVBSIOIARY LWDERTAKWGS ICOAIPANY UI•JTED BY GUARANTEETr MOTESTOTHE NNANCIALSTATEIIEFifs FOR￿ YEARENDED 31 AiAST2Ots 26 COMPARAMVE FUNDS FOR THEYEAR ENDEDJ1 AUGUST 1024-1￿1JP Fwj To T(•1 Fw•J T(al X.W.0$7 l.W697 111S$1 %113 217.182 113 J.169 179.S 1$1 159*) 2111 777.113 Tmsfet 11 4ll411 COMPAPJTIVE FUIIDS FOR THEYEAR ENDEDJI AVGUST 2Q24-CHARWfABLE¢OI•ANY FL TOTAL Tty Tr I Sev￿￿￿%023 i.w,017 11.191531 4M45.J7S 217.1 4tyk113 1&1Q.142 27.857VB 1.$92.13 212.16D 43.￿.￿y 1.Bag.321 F7F.163 NElinpJn 112.*2 I￿113 50.laS ISg.Ob) 15&B 153N 1131514J 150.rwi I1.￿3427 4*)3$3 471m) 2.078.7n 27.fyY2 150 19W927 4g LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS (COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2026 25 FUNDS {Continuedl Capital Account Land, buildings and investments frym the pemwnent endthvment. Recoupment Account Expendrture of restricted ILbfKls on capital prcie¢ts is recouped Trn a separate accc*Jnt under Order5 of the Charity Commission. The balan￿ of £4.422.125 will be recouped over 60 years. On completion. funds recouped are tranSfer￿d lo the Capital Account. Designated Foundationers Fund Funds designated by the Governor5 the purpose of creating allo¢at&J funds lo be used lo finance the bursaries awarded to Foundalioners in future years. Unrestricted Funds Within unfeslricted reserves is The Benefactors Fund wh￿h arose from general donat￿nS received by the College. Ils applicab'on is at the discretion of the Governors as no specrfic objectives have been set by the individual donors. The balance of this fund as al 31 August 2025 was £7S.5￿12024.. £75.556)- Restricted Funds The Foundation has receNed approx. £2.15m in lolal fr￿ the Flower legxy. The kgacy is required to be invested in an account from which the interest be used to assist a female Foundalioner. Other Restricted Funds Within Other Restricted Funds are donatKJns towards the edu￿tiOn of Found*ion pupiFs, including a donation of £50,000, and other donat￿nS for speofied purposes. LORD WANDSWORTH COLLEGE ANO SU8SIDIARY UNDERTAKINGS ICOMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 CAPITAL CoMM￿ENTs At the year-end there were no ￿pital ccffrmrtments. At the previcmjs year end there were no capilal commilments. 27 RELATED PARTY TRANSACTIONS The following Govemors and members of the senior leade￿hIp team of Lord Wandsworth College are also directors of LWC Enterprises Ltd.. N C Goulding WL Dixon The following Govemors and members of the Sen1￿ leadership team of Lord Wandsworth C￿lege are direclofs of Stern Famis Ltd-. D Gowan R G Janaway G H Tongue W L Dixon Subsequent lo the year end LINC Enlefprises Ltd wll dtstribute £268.01412024.' £150,291) from its reserves to Lord Wandsworth College. Subsequent lo the year end Stem Farms Ltd will distribute £nil (2024". £nil} from its ￿serveS to Lord Wandsworth College and this will be paid in the follo¥wng year. Stem Fams Ltd paKI rent of £50,000 {2024." £50.0001 and £7,750 12023.. £7,750) debenture interest lo Lord Wandsworth College. Lord Wandsworth College holds a fixed and floating charge over the assets of Stem Faffns Ltd in respect of the debentu￿. 28 VLTIMATE CONTROLUNG PARTY The Governors of the Cdlege are consKlered to represent the utttrnate eontrolling paty. 51 LORD WANDSWORTH COLLEGE AND SUBSIDIARY UNDERTAKINGS ICOMPANY UMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 29 ACQUISITtONS On 31 August 2025 Lord Wandsworth College acquired control of St Neots Preparatory schcd Iformerty St Neots {Eversley} Limiledl. The cost of the acquisrtj'on comprised of £Nil consideration. bLrt a loan trom Lord Wandsworth College to Sl Neols P￿paratOry school of £3,023.149 was waNed as part of the acquisition. The substance of the acquisitM)n is that of a grft and it has been accounted for under the purchase method in the eonsolidaled financial slalement5 of the group. The as5els and l￿blIrtieS were valued at their fair value and recognised in the balance sheet under the appropriate heajings wrth a corresponding net amount recognised as a nel gain in the Stslemenl of Financial Aelivilies. The valuation of the land and buildings acquired was completed by Savills. The folli)wing table sets out the fair values of the idenlffiable assets and liabilrt￿s acquired and an analysis of their recognition in the Statement of Financial Actimties.. Net book valu• Fair value adjustments Fair valu• Tangible fixed assets Stocks Debtors Cash at bank and In hand Total Assets 4.868,928 12.605,988 17.474,916 1,859,585 1.859,585 994,869 7.723,382 994.869 20,329.370 12.605.988 Liabilities Consideratlon paid Gain on acquisition 6.037.056 6.037.056 12 605 988 14292 314 52