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
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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.

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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
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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
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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.

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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 be￿een 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.

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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 I￿0 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 ex￿lIent 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.

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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 ne￿orkS 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

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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.

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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 De￿mber 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 serVi￿S 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
be￿een 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 be￿een £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 re￿iVed 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