Charity Registration No. 1155150 Company Registration No. 08808550 (England and Wales) LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED DIRECTORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED CONTENTS Page Company information Directors, report (incorporating the Strategic Report) 3-16 Independent auditorfs report 17-20 Statement of financial activities 21 Balance Sheet 22 Notes to the financial statements of the Company 23-34
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED COMPANY INFORMATION YEAR ENDED 31 AUGUST 2024 Directors and Trustees Mr M R Slumbers (Chairman) Mr R W Crawford Clarke Secretary Mrs H Betts (resigned 02 October 2023) Mrs B M Hibbert (appointed 02 October 2023) Charity No. 1155150 Company No. 08808550 Principal Address Broadwater Road Worthing West Sussex BN14 8HU Registered Office Lancing College Lancing West Sussex BN15 ORW Head Mrs Francesca Milling Bursar Mr Mark Milling Auditor Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP Bankers Barclays Bank plc 1 Churchill Place Canary Wharf London E14 5HP
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED COMPANY INFORMATION YEAR ENDED 31 AUGUST 2024 Solicitors DMH Stallard LLP Griffin House 135 High Street Crawley Wesl Sussex RH10 1DQ Veale Wasborough Vizards LLP Narrow Quay Bristol BS14QA Insurance Brokers Marsh 1 Tower Place West Tower Place London EC3R 5BU Investment Advlsers Rathbone Brothers PIC 8 Finsbury Circus London EC2M 7AZ
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 The directors, who are also trustees of the charitsble company for the purposes of charity law, present their report and financial statements for the year ended 31 August 2024 and confirm they comply with the requirements of the Companies Act 2006, the Memorandum and Articles of Association, the Charities Act 2011, the Accounting and Reporting by Charities.. statement of recommended practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and republic of Ireland {FRS 102) effective 1 January 2019. REFERENCE AND ADMINISTRATIVE INFORMATION The charity was formed in December 2013 and is registered with the Charity Commission as charity number 1155150. The charity is a limited liability company and wholly owned subsidiary of Lancing College Limited (charity number 1076483) which in turn is a wholly owned subsidiary of The Woodard Corporation (charity number 1096270). The charitable company is registered in England and Wales. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The Company is governed by Articles of Association as adopted by Special Resolution dated 10 December 2013. They permit funds to be managed in such a manner as the directors see fit, provided that such powers are only exercised for the purposes of attaining the objects and in a manner which is legally charitable. The Articles of AssoGiation forbid the distribution of any propety or funds, which are to be applied solely towards the promotion of the objects of the school. Governing Body The school is governed by the full Governing Body of Lancing College, which owns I00°/o of the shares of the Company. The Governing Body operates using a number of commiltees. The Governing Body met termly during the year. The charitable company has made qualifying third party indemnity provisions for the benefit of its trustees during the year. These provisions remain in force at the reporting date. This insurance was paid for by Lancing College Limited. Recruitment and Training of Governors Governors of Lancing College Limited are recruited on the basis of nominations from school contscts and from selection when a post becomes available. The Governing Body look to ensure a mix of skills and select new Governors on the basis of background, competence, specialist skills. Governors are provided with induction training by the Head and Bursar. Where possible the Governors consider that the skills and experience of the Board should comprise the following.. A Governor with a legal background. A Governor with a financiallaccounting background. A Governor with education experience. A Governor with senior managerial or business experience. A Governor with experience of equal opportunities or disability needs. At least one female Governor and at least one male Governor. One Governor may have one or more of these skills.
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 Volunteers Governors are volunteers providing their time for free to support the governance of the school. The school also relies on others to undertake volunteer roles including some classroom assistants. The school also has a number of volunteer groups helping the school to raise funds and assisting in events. The Governing Body would like to thank all these volunteers for their help. Organisational Management The school is governed by the Governing Body of Lancing College Limited. The Governors determine the general policy of the school. The day-to-day management of the school is delegated to the Head and the Bursar, overseeing educational, pastoral and administrative functions in consultation with the senior staff. The day-to-day administration is undertaken within the policies and procedures approved by the Governors, which provide for significant expenditure decisions and major capital projects to be referred to the Governors for prior approval. The Head oversees the recruitment of all educational staff and the Bursar oversees the recruitment of administrative and non-teaching support staff. The Head and Bursar are invited to attend Governors, meetings. The remuneration of Key Management Personnel is set by the Goveming Body, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the school's success. The appropriateness and relevance ofthe remuneration policy is reviewed annually, including reference to comparisons with other independent schools to ensure that the school remains sensitive to the broader issues of pay and employment conditions elsewhere. The Governing Body considers all finance matters including budgets, both revenue and capital, cash flow information and financial reports, including the financial statements. It also considers financial policies and the financial regulations and the results of the audit. Group Structure and Relationships The group has developed links with a wide range of organisations to ensure the widest possible access to our facilities and schooling. Through membership of the Headmasters, and Headmistresses, Conference (HMC) and the Independent Association of Prep Schools (IAPS) and through networking with peer groups we ensure that we are able to attain the highest standards ofquality and performance. We encourage our pupils to develop an awareness of the social context of the all-round education they receive at the school and they are engaged in a number of activities to enhance their understanding. We also cooperate with many local charities in our ongoing endeavours to widen public access to the schooling we can provide, to optimise the educational use of our cultural and sporting facilities and to awaken in our pupils. in the public interest, an awareness ofthe social context ofthe all-round education they receive. Employment Policy The school is an equal opportunity organisation and is a friendly. ethical. vibrant and ouknard-looking place to work. It acts with integrity and treats all with respect. valuing diversity and rejecting discrimination. The school is fully committed to crealing and promoting a diverse and inclusive workforce that reflects both our IoGal community and our cosmopolitan student body. Job applications are welcome from all suitably qualified candidates regardless of ethnicity, religion, sexuality, gender, age or disability and applications from under-represented groups are particularly encouraged. The school will make reasonable adjustments to meet the needs of staff or pupils who are or become disabled. The remuneration of key management personnel is set by the Governing Body. The Governor and Staff Liaison Committee meets termly. This committee enables a forurn for Governors and senior management to brief and update employees and to encourage their involvement in strategic and tactical decision making.
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 CHARITABLE OBJECTIVES, AIIVIS AND ACTIVITIES Charitable Objects The charity's objects, as set out in the Articles of Association, are to advance education {including spiritual, moral, social, cultural and physical education) in accordance with the doctrines and principles of the Church in the Diocese of Chichester. Intended Impact and Public Benefit In setting our objectives and planning our activities our Trustees have given careful consideration to the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee-charging. Lancing College Preparatory School at Worthing Limited is a charitable trust which seeks to benefit the public through the pursuit of its stated aims. Our fees are set at a level to ensure the financial viability of the school and at a level that is consistent with our aim of providing a first-class education to all pupils. The school's charitable objectives are 'to promote and extend education,, and these objectives are recognised as benefiting the public when pursued in the context of formal education in a body where all surplus funds are re-invested. The Woodard Corporation and all ofthe schools it owns, including Lancing College Limited and Lancing College Preparatory School at Worthing Limited, are charitable bodies, with no external shareholders and no possibility of making distributions. including in the form of dividends. All surpluses are re- invested in education. Our school welcomes pupils from all backgrounds. To admit a prospective pupil we need to be satisfied that our school will be able to educate and develop the pupil to the best of their potential and in line with the general standards achieved by their peers. Entrance inteNiews and assessments are undertaken to satisfy ourselves and parents that potential pupils can cope with the pace of learning and benefit from the education we provide. An individual's economic status, gender, ethnicity, race, religion or disability do not form part of our assessment processes. Our school is a part of a wider community and we are keen that our staff and pupils participate. Our school also offers resources to support a range of educational activities for the benefit of local children attending state schools and theirteachers. Our Governors are cornmitted to developing our programme of cooperation and joint working with local maintained sectorjunior and secondary schools. Within the objects, the school aims to create an environment to nurture children, to get the best from them and to allow them to develop and fulfil their potential. We provide them with a first-class independent education and a wide range of sporting and artistic opportunities. Our public benefit aim is that all pupils will be self-confident and desire to contribute to the wider community. In the furtherance of these aims the Lancing College Preparatory School at Worthing Limited directors. as the charity trustees, have complied with the duty in s.17 of the Charities Act 2011 to have due regard to the Charity Commission's published general and relevant sub-sector guidance concerning the operation of the public benefit requirement under that Act. The Woodard Corporation and its schools provide a significant benefit to the public. The school strives to ensure that measures of public benefit are appropriate, and that significant sections of the public are not excluded from the opportunity to benefit from the education and facilities offered due to the need to pay a fee. In addition to significant provision of bursaries and other forms of financial support, the school provides a wide range of opportunities for community benefit and facilities and events are often open to all. It is a key requirement of evidencing public benefit that any private benefit to individuals or elements of the charity will be incidental to the charity's objectives. An example of private benefit may be the
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 reimbursement of travelling expenses for directors attending training courses.. any private benefit to individuals or elements of The Woodard Corporation are incidental to delivery of the charitable objectives. Aims The aims of the school are.. To preserve and promote the Christian values which lie at the heart of the foundation of the school. To provide an education for boys and girls aged 2 to 13 which inspires a desire for excellence and enables them to develop independent, searching minds and to realise their full academic potential. To ensure, as far as possible, thatthe years children spend at the school are happy and fulfilling ones. To maintain a close partnership with parents in guiding, and caring for, their children. To give each child the opportunity to experience a wide variety of activities which are not part of the examined curriculum and to encourage an interest in sport, music, drama, community service and other pursuits through the provision of excellent facilities and supervision. To provide a safe, welcoming. supportive and tolerant environment in which each pupil feels valued as an individual and, in turn, learns the Importan of tolerance and consideration towards others. To help each child realise the importance of contributing to the commLinity, both inside the school and beyond, and to ensure that the wider community benefits from the existence of the school. To facilitate entry, where possible, to the school for children from underprivileged backgrounds with the potential to benefit from a Lancing education. To work constantly towards the improvement and good maintenance of the school facilities and to exercise a careful, responsible stewardship of the school grounds. To appoint talented staff who enjoy the responsibility of fulfilling these aims and to assist them in their professional development. Objectives for the Year This year the focus has been on the following.. To continue the achievement of academic excellence. To implement school-wide developments in teaching and learning. To continue to improve facilities, both pastoral and academic. To maintain teaching staff expertise through continued professional development combined with the recruitment of teachers of ability and commitment. To develop and expand the way in which the senior school and the prep schools work together.
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 To increase pupil numbers in the school. To extend access to the school's facilities for the local community. Strategies to Achieve this Year's Objectives These included.. Benchmarking of academic standards against public examinations and independent value- added criteria. School-wide developments in Teaching and Learning, in particular to promote independent learning. Major investment in the refurbishment of facilities throughout the school and maintaining and developing the school's teaching resources. Ensuring the integration of the school with the senior school and sharing both teaching and physical facilities. Increasing the local community's awareness of the existence of the school by considered strategic marketing. Principal Actlvities of the Period The principal activity of the school is the delivery of education to pupils ranging from 2 to 13 years of a9e. We also run a number of summer school activities and the school is open at other times for use by the IoGal community. Pupil numbers at the school during the period were as follows= 2023124 2022123 Preparatory School Pre-Preparatory School 150 66 133 74 Total 216 207 2023124 2022123 Boys Girls Boys Girls Preparatory School Pre-Preparatory School 83 40 67 26 70 39 63 35 Total 123 93 109 98 Bursaries and Scholarships It is important to us that access to the education we offer is not restricted to those who can afford our fees. We believe our pupils benefit from learning within a diverse community. A great deal of learning occurs through social interaction, conversation and shared experiences which helps our pupils develop an understanding of the perspectives of other people that will be vital in their adult lives. Our concessions policies, including for bursaries, contribute to a widening of access to the education we offer and the facilities we enjoy.
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 The school granted awards, including scholarships, bursaries, discounts and concessions of £308k (2023 £290k). In the past year the school has provided Means Tested Financial Assistance or Scholarships to 17 pupils (2023 21 pupils) and the total value was £79k {2023 £88k) which represented 2.4 % {2023 _ 3.7 % ) of gross fee income. Other discounts or concessions including staff and sibling discounts were awarded to 81 pupils {2023 - 68 pupils) and the value was £229k (2023 - £202k}. The availability of all such awards for fee-assistance, together with the terms and conditions for each kind of award, is advertised on our website at www.lancingcollege,co.uk. The Governors view our bursary awards as important in helping to ensure children from families who would otherwise not be able to afford the fees can access the education we offer. Our bursary awards are available to all who meet our general entry requirements and are made solely on the basis of parental means or to relieve hardship where a pupil's education and future prospects would othetwise be at risk for example in the case of redundancy. In assessing means we use the methodology recommended by the Independent Schools. Bursars Association, which takes a number of factors into consideration including family income, investments and savings and family circumstances for example dependant relatives and the number of siblings. Our school does not have an endowment and in funding our awards we have to be mindful that we must ensure a balance beeen fee-paying parenls, many of whom make considerable personal sacrifices to fund their child's education, and those benefiting from the awards. The bursary awards range from 20°/o to 50/0 remission offees. Information about fee assistance through bursaries is provided to all applying to the school. Further details of our bursary policy and how to apply are available on our website. Details of bursary awards are also set out in note 2 to the accounts. Other Policies on Assistance: Financial planning policy Timely financial planning is often the key for many parents who are hoping to send their children to Lancing College Preparatory School at Worthing Limited and a school fees plan is available to help those who wish to fund educational costs through regular contributions. Family discounts policy To underline the value we place on continuity for families, we offer discounts where parents have more than one child at the school. Assistance for our teaching staff As part of our emphasis on attracting and retaining high calibre stsff, we offer a discount scheme where staff members choose to educate their children at our school. STRATEGIC REPORT REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE PERIOD The Promotion of Education During the year an average of 216 pupils belween the ages of 2 and 13 were educated. This compares with 207 pupils in the period 2022123. The Governors are pleased with the growing pupil roll during these uncertain times and are expecting a further rise in pupil numbers in the years to come. The school provides a very high standard of education and this is validated in the review of the academic results, and through external inspections. The school offers a broad curriculum and educates children with a wide range of ability. The school can demonstrate particular excellence in all academic areas (including the Strategically Important and Vulnerable subjects [SIVsl Mathematics, Science and Modem Languages), Music, Arts, Drama and Sport. The aim is to support children in reaching their potential in all areas of their activity at the school.
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 Academic Results We are very proud to share that our Early Years Team achieved a significant milestone by winning the Pearson National Teaching Awards 2024 Bronze award. This places us among Ihe top early years, settings in the country, showcasing our commitment to providing outstanding early childhood education. This Summer Term we also had cause to celebrate when Mrs Francesca Milling was awarded Headteacher of the Year in a Primary Setting. The school has also been shortlisted for 'Best Small Independent School of the Year,. We are thrilled with our Year 8 pupils who achieved excellent scholarship results again this year. From our 20 pupils in Year 8, 14 Scholarships were awarded to Lancing College and 1 to Our Lady of Sion. These were.. The Sankey Academic Scholarship (the highest award), 3 Academic Scholarships, 5 Drama Scholarships, 3 Sports Scholarships. 1 Headmaster's Award and 1 Ken Shearwood All-Rounder Award to Lancing College. 1 pupil received a Louise Humann Scholarship to Our Lady of Sion School. From our Year 6 cohort, 630/0 {12119) chose to apply for the Lancing College Advan Programme in 202312024, with 100/0 (2) deciding to wait until 202412025, due to being new to the school. This number, though lower than the previous year's average of 880/0, was anticipated with some families seeing Year 6 as a 'natural breaking point, at which to re-enter the state system. Of the applicants, 167 /0) (8112) were successful and gained guaranteed places at the College. Of the remaining 330/0 {3112), 11 % (11121 are resitting again this year whilst 220/0 (2112) remain with us and are looking at schools to best suit their educational needs. The Nursery has 26 children on roll for September 2024, with more children registered to join in the Spring and Summer Terms. Miss Mia Coggin completed her apprenticeship with us and achieved her Level 3 Early Years Educator. She will join the Nursery team as a permanent, part-time member from September 2024.-We extended our Early Years Free Entitlement Funding (EYFE) offer so, starting from September 2024, working parents of 2-year-old children who are eligible will now have access to 15 hours of EYFE at the beginning of the term they start with us. We have several children starting with us in September 2024 who turn I0 in the Autumn Term, and this means we can offer the EYFE to them immediately. 100% of children reached the expected level in the Prime Areas (Communication and Language, Physical Development and Personal, Social and Emotional Development) 86.6 /0 of children reached a Good Level of Development (GLDJ. There were no significant differences between boys and girls for achieving GLD. In our cohort, the average number of Early Learning Goals at Expected Level per child was 16.8. The maximum is 17 and in 2023, nationally. the average number of Early Learning Goals at Expected Level per child was 14.1. Pupils in Year 1 to Year 7 sat GL Progress Tests in English and Maths in the summer term. In English, the mean stanine for most year groups was at the higher end of average. The most notable group across the school is the higher achievers. Pupils in Year 6, 7 and 8 chose to enter the Townsend-warner competition again this year. There were over 1,142 entries from 72 well known prep and senior schools. We are thrilled for our pupils and where they were placed.. 4151 85th 15151 and 202nd The school was inspected in June 2022 and wasjudged to be both compliant and exlIent in 'Academic and Other Achievements, and 'Personal Development, achieving 'excellent' judgements in all 16 categories of educational quality. All members of the school community were delighted with this recognition of the quality of education provided. Improving Facilities Significant investment continues to be made into the buildings - various classrooms (and loos!} were fully refurbished and other common areas were re-floored and refreshed. A major flat roofwas replaced and significant electrical work undertaken.
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED DIRECTORS. REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST2024 Arts, Music and Drama Art, music and drama continue to be a great strength. 70 pupils sat LAMDA examinations in the Summer Term with 69 receiving distinctions. Many of our children continue to be keen to join the busy musical life of the school through individual music lessons and a range of ensembles (orchestra, string ensemble, rock band, brass band and choirs). Music is vibrant and alive at LPW with 750/0 of pupils playing an instrument and over 50 /0 learning 2 or more. In the Summer Term many pupils sat ABRSM exams with all achieving pass, merit or distinction grades. Our annual musical, "High School Musicaf, was a great success and involved a significant majority of pupils in Years 6, 7 and 8. Sport Our cricket U13 A team 2nd our mixed U13 A team remained undefeated this season. Alongside this we triumphed in all tag rugby matches. Every pupil in the Prep has represented the school in foolball, netball, hockey, or cricket fixtures this year.11 is very important to us that all our children 'Love Learning, and that includes sports. We have brought girls, football onto the curriculum and are beginning to see success in fixtures. We are delighted that all our Prep children have continued to have a minimum of one session per week of sports at the College. Alongside the great benefits of this for our pupils, it is excellent CPD for our PE staff and an opportunity to share ideas and experience. The LPW Festival of Fun sports events have run again wilh Year 3, 4, 5 and 6 pupils from many local prep and primary schools being invited to participate in mixed teams to play a series of mini fixtures with a focus on netball, football and tag rugby. Swimming lessons have been in place for all our children in our Nursery and Reception class and in Years 3 to 6. Vve extend our gratitude to Lancing College for access to their pool. We have several pupils in Years 7 and 8 who have participated in swimming galas. competed in IAPS contests, and represented Lancing College across various age groups. All our Prep pupils participated in a junior golf day. This was an opportunity for them to play games and tasks that are based around the skills needed to play golf, with the aim of allowing them to play golf independently on a golf course. American Flag football continues to be successful and we now have a KS2 and KS3 team. There were a vast number of after school sporting clubs on offer for our pupils including football, netball. basketball, gymnastics. cricket, dance, yoga and karate. LPW took part in the Dance Festival at Lancing College. Our Year 1 and 2 and some Year 5 and 6 pupils took part in the show over two nights. and it was an exciting experience for all those involved. As part of our co-curricular programme, we took 36 pupils skiing for the first time to Sestriere, Italy. We put on a trip to Surrey sports park to watch Surrey Storm Super League netball team in a pre-season friendly. Before and after Christmas all our pupils attended ice skating sessions in their PE lessons. Wider Community Activity This year we launched the LPW Aspire Programme. The programme has involved partnering with local maintained schools, supporting local educational neorkS and groups, organising special topic days, and increasing activities with other schools. Aspire is about every pupil and teacher feeling that they are reaching together towards more ambitious goals both for individuals and as a community. On a Saturday morning each term we welcomed over twenty Year 5 and 6 pupils who were identified as able, gifted, and talented from local state-maintained schools. The pupils participated in English, Science, French, Team Building and Critical Thinking workshops, free of charge. We have become members of io
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 NACE (National Association for Able Children in Education)- We have continued to form new relationships with local primary school heads and local nursery managers. To date this academic year, we have visited andlor welcomed 5 local nurseries, 5 state primary schools and 3 state secondary school leaders. In the Autumn Term, we welcomed all the pre- school children from Reflections Nursery for a morning of activities, in the Spring Term a group of 19 pre-school children from Davisons Nursery and in the Summer Term, the pre-school children from Little Lancing Nursery. The children participated in a PE and music workshop, a story time with Mrs Stephens in the Reception classroom and had a drink and snack on our beautiful field. The day was a success, and the children and the Nursery staff went away happy and with a goody bag. This will continue to be a termly event. In the Spring Term we welcomed 50 French pupils and their teachers from an inner-city school in Paris for an afternoon at LPW. This year, we have set up new alumni organisations. One is the ALPW (Alumni LPW) for former pupils 2014-2024 - '10 years of success., The second Is the Friends of Broadwater Manor, working towards the 1 Ooth anniversary of the school in 2030. An ALPW Newsletter was created and sent to all those who have signed up, to date. It included a spotlight on past pupils, how they may spread the word and an invitation to three events this Summer Term.. Sports Day afternoon, Summer Fair and Summer Music Soiree all followed by drinks and a tour of the school. Charity Over the course of the spring term and early part of the Summer Term, pupils in all age groups contributed a considerable amount of food to a local homelessness charity, Turning Tides. Our Bannister Mile sponsored run raised almost £2k for Worthing Mencap. Our annual Bannister Mile run, since it started in 2018, has raised £16.531 for local and international charities, and additional smaller sums were raised during the year for several other charities too. Our Green Team is working on a long-term project with Green Schools Project on working towards becoming a Zero Carbon Green school. This is a long-term project but demonstrates our school community's desire to bring about positive change. We have also been working with the organisation 'World of Books, who donate to schools. In the Spring Term we received 4 large crates of books. We kept 1 for our school library and donated the other 3 to local state maintained junior schools as part of our relationship development work. KPI Review Fee receipts increased by £399k to £2,476k in 2023124. The deficit reversed from £138k in 2022123 to a reinvestment surplus of £282k in 2023124. Pupil numbers rose from 207 to 216. Responding to External Pressures The independent schools. sector, including Woodard independent schools, stood up well to the problems created by the 'cost of living crisis, but independent schools remained concerned, and many were planning for pressure on pupil numbers, particularly once the new Labour Government confirmed the introduction of VAT on school fees from 191 January 2025. The increases in the cost of living impacted all areas of cost for independent schools, particularly in stsff costs and utilities. The more recent return to long term rates of inflation has lessened this impact, but schools have all faced an issue in recovering their costs through fee rises. This will continue with the introduction of VAT.
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 FINANCIAL REVIEW Results for the Year The net surplus for the year wa5 £282k {2023 £138k deficit) which was in line with our expectations. These surpluses are planned to grow over the nexi year or as we build pupil numbers. Reserves Level and Policy, and Financial Viability The school is fully supported financially by its parent company, Lancing College Limited. It is the school's policy to utilise funds to ensure that high quality up-to-date facilities are provided for the benefit of pupils. The medium-term aim is to budget so as to provide sufficient working capital to meet the present needs and future development requirements of the school without the requirement to have recourse to sales of tangible fixed assets. Unrestricted funds increased by £282k (2023 decreased by £138k) during the year to a total deficit of £2,108k {2023 £2,390k), as shown in note In common with other independent schools, the Governors have invested substantial sums into the school buildings in recent years and have a continuing programme of refurbishment, development and investment to maintain excellent teaching facilities for our pupils. In common with most independent schools, free resetves are at a negative balance illustrating the extent of the investment in our school. Free reserves describe a charity's ability to meet short to medium-term charitable commitments from 'liquid' net assets. Calculation per the SORP definition excludes fixed assets whilst including the liabilities associated with long-term borrowing to fund their purchase. The school has negative reserves of £2,108k but is fully supported by Lancing College Limited, which has expressed that the inter-company loan balance will not be withdrawn whilst the school is returned to a surplus making position and until it is able to repay the loan. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Accounts. PRINGIPAL RISKS AND UNCERTAINTIES The consideration of risks in the paragraphs below reflects the current more stable environment, post the coronavirus pandemic, offering a wider view of common events plus a specific consideration of those events that could impact the continuity of education. The Governors considerthe economic turbulence ofrecent years and the affordability offees by parents across the independent sector to be the principal risk faced by the school. There is no room for complacency particularly as we exit a period of high cost inflation. For September 2023 the Governing Body increased fees by 9 % - the school faced very high cost inflation of in 2022123 largely due to an increase in utility costs for the year. As inflation began to slow, the fees were increased by 5 /0 in September 2024. The independent sector as a whole is currently subject to increased political risk following confirmation by the Government that they will remove tsx concessions for charitable independent schools. adding VAT and removing business rates relief. There is a significant risk to the independent seclor as adding VAT to school fees from 151 January 2025 may make the fees unaffordable for a proportion of parents, potentially affecting school income. The full effect will not be known until all details of the policy are announced and schools and parents are able to assess the impact on affordability. The school will do everything it can to mits'gate the impact on fees for parents. Health and Safety is always a significant area for risk management. The risks range from fire and damage to infrastructure, to personal risks {most notably when away from the campus on trips and expeditions). The level and breadth of activity at the school is impressive and the risks associated with all activities are minimised by thorough planning and risk assessment. The Governing Body is responsible for the identification and management of risks. The major risks to which the charity is exposed, as identified by the directors, have been reviewed and systems or procedures have been established to manage those risks. Detailed examination of the risks and establishment of controls to mitigate them is delegated to the executive and the examination of risks is 12
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED DIRECTORS. REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 discussed at all of the sub committees and at the main Goveming Body. Major risks to which the school is exposed include those affecting safeguarding and protection of pupils, the security and preseNation ofcharitsble assets both now and in the future and inflationary pressures on utilities, especially energy, and other costs. The Governing Body continually scans the horizon for emerging or changing risks. Significant risk areas.. the Governors consider possible catastrophic business interruption events and ensure that the school has a plan in place to allow education to continue in a range of different scenarios the market in which the school operates is highly competitive and we monitor developments in education to ensure that pupils always receive a first class, holistic and varied educational experience in our school we strive to ensure that all staff are able to work in a safe and supportive environment and policies, procedures and training in Human Resource management and Health and Safety help to ensure that the school meets expectations the school operates in a highly regulated sector, including in matters of safeguarding and child protection, and we ensure that there is appropriate governance in place to manage safeguarding risks including a designated Safeguarding Lead (DSL) and Deputies. We appoint appropriate professional advisers to ensure that we can keep up to date with all requirements including school or individual membership of bodies being the constituent associations of the Independent Schools Council, ensuring that we have access to up-to-date information and support from West Sussex and National safeguarding organisations we are also exposed to financial risks such as the imposition of VAT on school fees and a reduction in charitable rates relief. We keep abreast of all planned or anticipated changes and will adapt our financial management of the school accordingly the school operates in an increasingly litigious environment and we appoint appropriate professional advisers and purchase insurance using specialist brokers and advisers to ensure that we can keep up to date with all requirements and meet all challenges all organisations face difficult economic conditions and directors and senior managers in the school keep abreast of economic conditions locally, nationally and internationally to identify trends and develop plans to address issues The key controls used by the school include.. formal agendas and minutes for all meetings of the Governing Body and committees a comprehensive risk register which is regularly reviewed and updated a crisis response plan terms of reference for all committees comprehensive strategic planning, financial forecasting, budgeting and management accounting. including where appropriate, auditing of accounts established and identifiable organisational structures and reporting lines which are regularly reviewed comprehensive formal written policies clear authorisation limits vetting procedures, as required by law, for protection of the vulnerable the use of external experts and agencies where required The school plans strategically having regard for risk. The executive provides the Governing Body with regular reports which include details of the principal strategic objectives, the risks to achieving Ihese objectives and the mitigating actions to manage those risks. The school also records significant achievements and updates the Governing Body and The Woodard Corporation on short-term plans and risks. The strategy is discussed between the Governing Body and the Woodard Board and protocols have been developed and agreed which outline the relationship betmeen the two bodies. 13
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 Financial Risk Management Objectives and Policies The school uses financial instruments, other than derivatives. comprising loans, cash and other liquid resources and various other items such as trade debtors and creditcrs that arise directly from operations. The main purpose of these financial instruments is to raise finance for the school's operations. The school is fully supported financially by Lancing College, its parent company. The main issues arising from the school's financial instruments are liquidity risk and interest rate risk. The directors adopt policies for managing each of the risks and these are summarised below.. Liquidity risk - the school seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs by negotiating adequate facilities from banks and other lenders. Interest rate risk- the School finances operations through a mixture of retained surpluses and bank and other borrowings. The exposure to interest rate fluctuations is managed by the use of both fixed and floating facilities. GOING CONCERN Lancing Prep at Worthing is fully supported by Lancing College Limited. Having considered all factors and reviewing the available evidence, the directors have a reasonable expectation that the charity will be able to continue operating for the foreseeable future and the financial statements have been prepared on a going concein basis. Further details related to the adoption of the going concern basis can be found in the accounting policies on page 23. PLANS FOR FUTURE PERIODS The Strategic Development Plan of Lancing College and its Prep Schools is revised annually. The key current objectives are: To promote teaching that encourages active learning and critical, creative and independent thinking. To maintain and improve monitoring of pupil progress. To maintain and improve the current high standards of academic achievement. To promote and maintain standards of excellence in sport. music, drama and all other aspects of our extra-curricular provision. To develop and improve facilities and ICT for pupils and staff. To recruit and retain members ofthe Common Room capable and willing to involve themselves fully in the academic, pastoral and extra-curricular activilies of thè school. To develop and enhance the school's relationship with both the local and the wider community and to develop wider community access to the school's facililies. To increase the capability of the school to offer education to children whose parents are unable to afford full fees. To provide and improve pre-prep and prep education in Worthing. 14
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 AUDITOR Following a competitive tender process, Moore Kingston Smith LLP were appointed as the company's external auditors at the Annual General Meeting held on 23rd May 2024, for the year to 31 August 2024 onwards. As a consequence, RSM UK Audit LLP did not offer themselves for reappointment under section 487 (2) of the Companies Act 2006. The Board would like to express its appreciation to RSM for theif services over the past seven years. 15
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 DIRECTORS, RESPONSIBILITIES STATEMENT The directors who are also trustees for the purpose of charity law are responsible for preparing the Directors, Report incorporating the Strategic Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law. the directors have elected to prepare financial statements in accordance with United Kingdom Generally Accepted Accounting Practice, (United Kingdom Accounting Standards and applicable law) including FRS102, the Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitsble company for that period. In preparing these financial statements, the directors are required to.. select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP (FRS 102); make judgements and estimates that are reasonable and prudent" prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The directors are responsible for keeping 8dequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Provision of information to the Auditor The directors confirm that-. so far as each director is aware, there is no relevant audit information of which the charitable company's auditor is unaware; and the directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the charitable company's auditor is aware of that information. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The Directors, Report incorporating the Strategic Report have been approved by the board of directors of Lancing College Preparatory School at Worthing Limited on . & . December 2024 and signed on their behalf.. M R Slumbers CHAIRMAN 16
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED Independent auditor's report to the trustees of Lancing Preparatory School at Worthing Limited Opinion We have audited the financial statements of Lancing College Preparatory School at Worthing Limited {the charitable company) for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally AcTrpted Accounting Practice). In our opinion the financial statements: give a true and fair view of the slate of the charitable company's affairs as at 31 August 2024 and of the incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK}) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Directors. Llse of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least Iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. other information The other information comprises the information included in the Annual report other than the financial statements and our auditor's report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 17
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED Independent auditor's report to the trustees of Lancing Preparatory School at Worthing Limited Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Directors, Report and the inwrporated Strategic Report prepared for the purpose of company law for the financial year for which the financial statements are prepared is consistent with the financial statements., and the Directors, Report and the incorporated Strategic Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors. Report and the incorporated Strategic Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns- or certain disclosures of directors, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Directors, responsibilities set out on page 15, the trustees (who are also the directors of the charitable cotnpany for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and forsuch internal control as the trustees determine is necessary to enable the preparation offinancial statements that are free from rnaterial misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Audltor's responsibilities for the audit of the financial statements Our objectives are to obtsin reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an auditconducted in accordance with ISAS (UK) will always detect a material misstatementwhen it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. 18
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED Independent auditor's report to the trustees of Lancing Preparatory School at Worthing Limited In relation to fraud, the objectives ofouraudit are to identify and assess the risk ofmaterial misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordan with the provisions of laws and regulations and for the prevention and detection of fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team: obtained an understanding of the nature of the sector, including the legal and regulatory frameworks that the charitable company operates in and how the charitable company is complying with the legal and regulatory frameworks" inquired of management, and those charged with governance. about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud., discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how arid where the financial statements may be susceptible to fraud. As a result of these procedures we consider the m05t significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP, Companies Act 2006, Charities Act 2011, the charitable company's governing document. and tax legislation. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Directors, Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, inspecting correspondence with local tax authorities and evaluating advice received from external advisors. The most significant laws and regulations that have an indirect impact on the financial statements are the Education (Independent School Standards) Regulations 2014, Keeping Children Safe in Education under section 175 of the Education Act 2002, and the UK General Data protection Regulation (UK GDPR). We performed audit procedures to inquire of management and those charged with governance whether the charitable company is in compliance with these laws and regulations and inspected correspondence with regulatory authorities. The au(fit engagement team identified the risk of management override of controls and the risk of revenue recognition for non-fee income as the areas where the financial statements were most susceptible to material misstatement due to fraud. In respect of the risk of management override of controls, audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual trar)saclions and transactions entered into outside the normal course of business and challenging judgments and estimates. In respect of the risk of revenue recognition for non-fee income, audit procedures performed included but were not limited to testing samples of transactions back to underlying documentation. A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council's website at htt ..Ilwww.frc.or .uklauditorsres onsibilities. This description forms part of our auditor's report. 19
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED Independent auditor's report to the trustees of Lancing Preparatory School at Worthing Limited Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. WIL L LL Jonathan Aikens, Senior Statutory Auditor for and on behalf of Moore Kingston Smith LLP, Statutory Auditor ,Chartered Accountants 9 Appold Street, London, EC2A 2AP Dated 20 Dember 2024 20
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) AS A T31 AUGUST2024 2024 2024 2024 2023 Notes Unrestricted Funds Restricted Funds Total Funds Total Funds INCOME FROM: Income from Charitable Activities School fees Ancillary trading income Non-ancillary trading income Other- Grants and donations 2,475,624 96,848 2,475,624 96,848 2,076.690 66,402 4.978 4,978 3,924 2,075 2,075 TOTAL INCOME 2,577,450 2.075 2,579,525 2,147,016 EXPENDITURE ON.. Charitable Activities Schools and grant- making 2.297,213 450 2,297,663 2,284,974 TOTAL EXPENDITURE 2,297,213 450 2,297,663 2.284,974 NET INCOMEI (EXPENDITURE) 280,237 1,625 281,862 (137,958) Transfers between funds NET MOVEMENT IN FUNDS 280,237 1,625 281,862 (137.958) Fund balances brought forward at 1 September (2,389,715) 12,389,715) (2,251,757) FUND BALANCES AS AT 31 AUGUST (2,109,478) 1.625 (2,107,853) (2,389,715) The accompanying notes form an integral part of these financial statements. 21
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED BALANCE SHEET AS A T31 AUGUST2024 2024 2023 Notes FIXED ASSETS Tangible assets 248,837 265,151 248,837 265,151 CURRENT ASSETS Debtors 10 48,585 45,599 48,585 45,599 CURRENT LIABILITIES Creditors due within one year (2,221,303) (2,678,292) NET CURRENT LIABILITIES (2,172,718) (2,632,693) TOTAL ASSETS LESS CURRENT LIABILITIES {1.923.881) (2,367.542) LONG TERM LIABILITIES Creditors payable after one year 12 (183,872) (22.073) NET LIABILITIES (2,107,753 (2,389,615) CAPITAL AND RESERVES Called up share capilal 14 100 100 FUNDS Restricted funds Unrestricted funds= General reseNe 15 1,625 {2,109.4781 (2,389,715) EQUITY SHAREHOLDERS, FUNDS 16 12,407,753) (2,389,615) The financial statements were approved and authorised for issue by the Board on and signed on its behalf by . December 2024 Mr M R Slumbers (Chairman) Company registration number: 08808550 The notes on pages 23 to 34 form part of these financial statements 22
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 1. ACCOUNTING POLICIES The principal accounting policies, all ofwhich have been applied consistently throughoutthe period= a) Basis of Accounting These accounts are the individual company accounts for Lancing College Preparatory School at Worthing Limited, a private charitable company limited by shares incorporated and registered in England and Wales. The accounts ofthe company have been prepared under the Companies Act 2006 and in accordance in accordance with the Statement of Recommended Practice for Charities ('SORP (FRS102)') arsd with applicable UK Accounting Standards. They are drawn up on the historical cost accounting basis. These financial statements are presented in Sterling and the functional currency is Sterling. Lancing College Preparatory School at Worthing meets the definition of a public benefit entity under Financial Reporting Standard {FRS) 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The address of the registered office is given on Page 1. The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Further details are provided in the accounting policies for bad debts. b) Going Concern The accounts have been prepared on a going Goncern basis. The Lancing College Preparatory School at Worthing Limited and Lancing College Limited boards review the financial information for the charity and consider whether the charity is a going concern for a period of at least 12 months from the date of approval of the accounts. The school has negative reserves of£2,108k but is fully supported by its parent Lancing College Limited. Lancing College Limited has, whilst not legally binding, confirmed its ability and intention to continue to support the school in meeting its liabilities as they fall due for a period of at least 12 months from the date of signing of these accounts. The inter-company loan balance will not be withdrawn whilst the school is returned to a surplus making position and until it is able to repay the loan. Having considered all the factors and reviewing the available evidence, the directors have a reasonable expectation that the charity has adequate resources to continue operaling for the foreseeable future and the financial statements have been prepared on a going concern basis. c) Fees and Sirnilar Income Fees receivable and other educational income are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions by the school, but include contributions received from restricted funds for scholarships, bursaries and other grants. Debts are provided for if not recovered within one term. Estimating amounts to provide against recovery of debts is a matter ofjudgement. 23
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 d) Ancillary and Non-Ancillary Trading Income Ancillary trading income represents amounts from activities to generate funds within the charitable objects for example school shop sales, coaches to and from school and school trips. Non-ancillary trading income represents amounts from activities not directly related to the charitable objects, for example lettings of school facilities out of term time and rental from spare school buildings. Income from these activities is recognised in the Statement of Financial Activities when the goods are sold or serViS provided. e) Voluntary sources, Grants and Donations Voluntary incoming resources are accounted for as and when entitlement arises, the amount can reliably be quantified and the economic benefit is considered probable. Voluntary income for general purposes is accounted for as unrestricted and is credited to the General Reserve. Vvhere the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for as permanent trust capital or expendable trust capital, according to whether the donor intends retention to be permanent or not. Gifts in kind are valued at estimated open market value at the date of gift, in the case of assets for retention or consumption, or at the value to the school in case of donated services or facilities. Expenditure Expenditure is accrued as soon as there is a contractual obligation or a liability is considered probable, discounted to present value for longer term liabilities. Expenditure is allocated to expense headings either on a direct cost basis or apportioned according to time spent. The irrecoverable element ofVAT is included with the item ofexpense to which it relates. Bad debts are provided for in accordance with the group bad debt policy. The cost of refurbishing and converting existing buildings is written-off in the year in which it is incurred except where the useful life has been extended. g) Governance costs Governance costs include the costs attributable to Lancing College Preparatory School at Worthing Limited's compliance with constitutional and statutory requirements, including audit, strategic management and governors. meetings and reimbursed expenses. Such costs include both direct and allocated support costs. h) Pension Costs The school participates in the Teachers, Pensions scheme, which is an unfunded government scheme providing benefits based on final pensionable pay. The funds of the scheme are separate from the company, although the charitable company's share of the schemes cannot be identified as the scheme is a multi-employer scheme, and so the pension costs are accounted for as defined contribution schemes. The charitable company also contributes to other defined contribution pension schemes for non-teaching staff. i) Tangible Fixed Assets and Depreciation Tangible fixed assets are stated at cost less deprecialion. Individual capital items, or projects, with a value greater than £10,000 are capitalised. Depreciation is provided at rates calculated to write off the cost. less eslimated residual value of each asset based on current market prices, over its expected useful life, as follows.. 24
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 Leasehold land Overthe shorter ofthe economic life ofthe asset orthe life of the lease Computer equipment -25% oncost Fixtures and fittings beeen 40/0 and 250/0 on cost The company has reviewed its tsngible assets. which comprise of leasehold buildings, computer equipment, and furniture and fittings. Lancing College Preparatory School at Worthing exercises judgement in selection of appropriate rates for depreciation of fixed assels, and for matters of impairment. j) Financial Instruments Lancing College Preparatory School at Worthing only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. k) Fund Accounts Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Designated funds comprise funds which have been set aside at the discretion of the directors for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. l) Taxation Lancing College Preparatory School at Worthing Limited is a registered charity and as such is exempt from income tax and corporation tax under the provisions of Section 478 of the Corporation Tax Act 2010. There is no similar exemption for VAT, which is included in expenditure or in the cost of assets as appropriate. m) Cash flow statement The cash flows of Lancing College Preparatory School at Worthing Limited are included in the consolidated cash flow statement of Lancing College Limited. The company is exempt under the terms of Section 1 of FRS 102 from publishing a cash flow statement. n) Accounting estimates and judgements Debts are provided for if not recovered within one term. Estimating amounts to provide against recovery of debts is a matter ofjudgement. There are no key sources of estimation uncertainty. Lancing College Preparatory School at Worthing also exercises judgement in selection of appropriate rates for depreciation of fixed assets, and for matters of impairment. n) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 25
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 o) Cash Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. p) Creditors Creditors and provisions are recognised where the chaflty has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. q) FRS 102 Exemptions As a qualifying entity within the meaning of FRS 102, the charitable company has chosen to take advantage in its financial statements of the following disclosure exemplions.. Section 11 and section 12 - Financial instruments disclosures. 26
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 CHARITABLE ACTIVITIES - SCHOOL FEES 2024 2023 The school fees income comprises: Gross fees Less: Total scholarships, bursaries. etc 2,783,736 {308,112) 2,366,274 (289,584) 2,475.624 2,076,690 Scholarships, bursaries and other awards were paid to 99 pupils (2023.. 84 pupils). Within this, means tested bursaries and scholarships totalling £59k were paid to 11 pupils (2023.. £86k to 21 pupils). CHARITABLE ACTIVITIES - OTHER INCOME 2024 2023 Ancillary income.. Wraparound care & holiday clubs Entrance and registration fees Extra school care - Learning support and Music 28,846 2,550 65,452 30,244 4,895 31,2S3 96,848 66,402 Non-ancillary activities: Other income 4,978 3,924 101,826 70.326 4. NET EXPENDITURE FOR THE PERIOD 2024 2023 Net expenditure for the period is stated after charging.. Depreciation Auditor's remuneration- audit 48,459 9,000 34,603 6,700 S. STAFF COSTS 2024 2023 Total staff costs comprise: Wages and salaries Social security costs Pension contributions 1,284,486 114,735 242,059 1,250,375 117,227 195,707 1,641,280 1,563,309 27
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 5. STAFF COSTS- CONTINUED Number of employees: The average monthly number of employees during the period on a headcount basis was: 2024 Number 2023 Number Teaching staff Others 33 16 33 14 49 47 One employee was remunerated between £70,001 and £80.000 in the year (2023.. One beeen £90,001 and £100,000). The aggregate employee benefits of key personnel during the year were £515,921 (2023: £484,979). These key employees are employed by the parent company, Lancing College Limited. DIRECTORS None of the directors {or any persons connected with them) received any remuneration or reimbursement of expenses during the period {2023: none). 28
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 7a. ANALYSIS OF TOTAL RESOURCES EXPENDED Staff (Note 5) Other Costs Depreciation (Nole 9) 2024 Total 2023 Total Charitable activities Teaching Welfare Premises Support cost of schooling Grants, awards and prizes School charitable expenditure Expenditure from restricted funds 1,381,761 106,120 63,278 89,671 69,965 85,439 344,876 107,434 210 1,451,726 191,559 456,613 197,105 210 1.464,252 167,304 459,629 193,471 318 48,459 1,640,830 607,924 48,459 2,297,213 2,284,974 450 450 Total resources expended 1,641,280 607,924 48,459 2,297,663 2,284,974 b. Governance Costs included in support costs 2024 2023 Remuneration paid to auditor for audit services Other Governance Costs 9,000 198 6,700 6,296 12,g96 TAXATION The company is a registered charity and therefore no liability to taxation arises on its charitable activities. 29
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 9. TANGIBLE FIXED ASSETS Land and Buildings Short Leasehold Computer Equipment Fittings and Equipment Total Cost At 1 September 2023 182,619 141,089 294.581 618,289 Additions Disposals 32.145 32,145 At 31 August 2024 182,619 141,089 326,726 650,434 Depreciation At 1 September 2023 65.958 101,796 185.384 353.138 Charge for the year 8,214 14.735 25,510 48,459 At 31 August 2024 74,172 116.531 210,894 401.597 Net book value at 31 August 2024 108,447 24,558 115,832 248.837 Net book value at 31 August 2023 116,661 39,293 109,197 265,151 All assets are used for charitable purposes. Lancing College Preparatory School at Worthing Limited has a fixed and floating charge over all the property of the company with Barclays Bank PLC. 10. DEBTORS 2024 2023 Fee debtors Trade debtors Prepayments and accrued income Other debtors 21,561 1,438 23,726 1,860 5,375 100 35,313 4,811 45,599 School fee debtors are net of £6,834 {2023'. £4,071) provided for doubtful debts. 30
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 11. CREDITORS: Amounts falling due within one year 2024 2023 Trade creditors Amounts owed to group undertakings Other creditors Accruals Entrance deposits Deferred income - fees reiVed in advance Finance lease Advance fees 38,758 1,104,030 42,704 18,177 47,450 823,613 14,715 131,856 58,463 2,120,875 50,471 10,895 47,000 375,873 14,715 2,221,303 2,678,292 Deferred income relates to fees received in advance for the forthcoming academic year, £375,873 was released in the year to the Statement of Financial Activities and £823,613 was deferred. Included within the other creditors is an amount owing to the Teachers. Pension Scheme al the end of the year of £14,780 (2023.. £19,610}. 12. CREDITORS: Amounts falling after one year 2024 2023 Finance lease Advance fees 7,358 176,514 22,073 183 872 22.073 13. FINANCE LEASE OBLIGATIONS 2024 2023 Amounts falling due.. Within 2 to 5 years Within 1 to 2 years 7,358 14,715 7,358 7,358 14,715 22,073 14,715 Within 1 year 36,788 31
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 14. SHARE CAPITAL 2024 and 2023 Authorised 100 Ordinary Shares of £1 each Allotted, called up and fully paid 100 Ordinary Shares of £1 each The company's shares which carry no right to fixed income, each carry the right to one vote at general meetings of the company. 15. RESTRICTED FUNDS The income funds of the company include restricted funds comprising the following unexpended balances of donations held on trust for specific purposes- Balance at Balance al 31 August 2024 September 2023 Income Expenditure Transfer Aspire Fund 2,075 450 1,625 Restricted Funds 2.075 450 1.625 In the year the company launched its Aspire Programme aimed at raising ambitions across the school. The funds received a donation of £2,025 from the Trustees of Worthing WOW (charity number 1166203) to start the programme. 32
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 16. ANALYSIS OF NET LIABILITIES BETWEEN FUNDS The company's net liabilities belong to the various funds as follows.. Fixed Assets Net Current Assets I (Liabilities) Long term Liabilities 2024 Total Restricted Funds Unrestricted Funds 1.625 (2,174.343) 1,625 (2,109.378) 248,837 <183,872) 248,837 (2,172,718) (183,872) {2,107,7531 Fixed Assets Net Current Liabilities Long Temi Liabilities 2023 Total Restricted Funds Unrestricted Funds 265,151 (2,632,693) (22,073) (2,389.615) 265,151 (2,632,693) (22,073) (2,389.615) 17. RECONCILIATION OF MOVEMENT IN EQUITY SHAREHOLDERS, FUNDS 2024 2023 Opening shareholders, funds Net movements in funds (2,389,615) 281,862 {2,251,6571 (137,958} Closing shareholders, funds 2 107 753 2.389,615 The shareholders, unrestricted funds represent those resources which may be used towards meeting any of the charitable objects of the school at the discretion of the Trustees. The funds are currently in deficit but the school has plans to return to a surplus position to reduce this deficit position. 18. TEACHERS, PENSION SCHEME Teachers, Pension Scheme The School participates in the Teachers, Pension Scheme I'the TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of£222,619 (2023.- £177,040) and at the year-end £14,780 (2023.'£19,974} was accrued in respect of contribLFtion5 to this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 (as amended) and The Teachers, Pension Scheme Regulations 2014 (as amended). Members contribute on a "pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. 33
LANCING COLLEGE PREPARATORY SCHOOL AT WORTHING LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. Following the Mccloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation has valued the 'greater value, benefits for groups of relevant members. The employer contribution rate for the TPS is 28.60/0, and employers are also required to pay scheme administration levy of 0.08 % giving a total employer contribution rate of 28.68°/0. 19. RELATED PARTIES AND ULTIMATE CONTROLLING PARTY The parent company and controlling paty is Lancing College, a company registered in England and Wales and limited by shares. Control is exercised by the parent by virtue of owning 1000/0 of the share capital of Lancing College Preparatory School at Worthing. Lancing College Limited has company registration number03779985 and charity registration number 1076483. Lancing College's principal activity is the education of girls and boys aged 13 to 18. The registered address of Lancing College Limited is Lancing College, Lancing, West Sussex BN15 ORW. The directors consider that the ultimate parent undertaking is The Woodard Corporation (Company number 04659710), a registered charity, number 1096270 which is registered in England and Wales. The Woodard Corporations principal activity is to act as a holding company for various schools, colleges and academies. Control is exercised by the ultimate parent by virtue of Owning 100 % of the share capital of Lancing College Limited. In line with paragraph 33.1A of FRS 102, the company, as a wholly owned subsidiary, is not required to disclose transactions with otherwholly owned members of the group. There were no other related party transactions during the year. The largest gioup of undertakings for which group accounts are drawn up is that headed by The Woodard Coiporation and the smallest is thal headed by Lancing College Limited. Copies of these accounts can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ or are available on the Charity Commission website. 34