Ardingly College Limited - Charity Commission

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Ardingly College Limited

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2018

Charity Registration No. 01076456

Company Registration No. 03779971 (England and Wales)

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Charity Registration No. 1076456

Company Registration No. 03779971 (England and Wales)

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ARDINGLY COLLEGE LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2018

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CONTENTS

Company information

Page1-2

Directors' report (incorporating the Strategic report)

Independent auditors' report

3-20

21-23

Financial statements of the company 24-52


COMPANY INFORMATION

DIRECTORS AND ADVISORS

Directors

ann'1

J F Sloane (Chairman)R H Brown

PBryan

S L ChampkinG Dixon

E Hewer

M Ireland

D H Johnson-PoensgenSKayE C Limerick

L LindsayH E SmithK SweeneyG N TurnerN WalkerM Beach

P JackmanSecretary

Charity No.Company No.

107645603779971

Principal Address and Registered Office

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Key Management PersonnelHeadDirector of Finance and ResourcesHead of Prep SchoolDeputy Head

Auditors

Ardingly CollegeCollege RoadArdinglyHaywards HeathWest Sussex

RH176SQ

B A FiggisT Trotter

H HastingsJ Johnson

RSM UK Audit LLPPortland

25 High StreetCrawleyWest SussexRH101BG

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COMPANY INFORMATION

Bankers Lloyds Bank pic

Haywards Heath Branch99-101 South Road

Haywards Heath

West Sussex

RH164ND

Solicitors Knights SolicitorsEagle Tower

Montpellier DriveCheltenham

Gloucestershire

GL50 1TA

Insurance Brokers Marsh Insurance Broker LimitedRockwood House9-17 Perrymount RoadHaywards HeathWest SussexRH163DU

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DIRECTORS' REPORT {incorporating the Strategic Report}YEAR ENDED 31 ST AUGUST 2018

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The directors present their report and financial statements (including the Directors' and StrategicReports) for the year ended 31st August 2018 and confirm they comply with the requirements of theCompanies Act 2006 and Reporting by Charities Statement of Recommended Practice applicable tocharities preparing their financial statements in accordance with the Financial Report Standardapplicable in the UK and Republic of Ireland (FRS 102).

REFERENCE AND ADMINISTRATIVE INFORMATIONThe charity was formed in 1858 and is registered with the Charity Commission as charity number1076456. The charity is a limited liability company and wholly owned subsidiary of The WoodardCorporation (charity number 1096270). The charitable company is incorporated in the United Kingdom.Directors of the Company are also Fellows (members) of the Woodard Corporation and participate inthe election of its board of management and are committed to its charitable objects.

Note 29 provides details of connected charities.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Company is governed by Articles of Association as adopted by Special Resolution dated20 March 2013, replacing those dated 6 July 2005 amended by Special Resolution dated 25 January2006. They permit funds to be managed in such a manner as the directors see fit, provided that suchpowers are only exercised for the purposes of attaining the objects and in a manner which is legallycharitable. The Articles of Association forbid the distribution of any property or funds, which are to beapplied solely towards the promotion of the objects of the company.

Governing Body

The governors are the directors and charitable trustees of the company and comprise the governingbody of Ardingly College and are elected to hold office for five years. The College is governed by thegoverning body which operates using a number of committees. Membership of each committee isoutlined on page 19. The governing body met three times during the year.

Recruitment and Training of Governors

All governors are Corporate Fellows of the Woodard Corporation. Corporate Fellows are responsiblefor electing the Woodard Corporation Board. Governors are recruited on the basis of nominations fromschool contacts and from selection when a post becomes available. The governing body look to ensurea mix of skills and select new governors on the basis of background, competence, specialist skills and,in the case of Fellows, Christian commitment. Governors are provided with induction training by theHead, Bursar and staff and a wider programme of training events is organised by the WoodardCorporation. The school also encourages governors to attend events run by the Association ofGoverning Bodies of Independent Schools (AGBIS).

Where possible the governors consider that the skills and experience of the Council should comprisethe following: accountancy, financial management, risk management, investments, marketing,PR/advertising, HR/training, IT strategy, education, charity governance, fundraising, planning,construction, health & safety and safeguarding.

One Governor may have one or more of these skills.Volunteers

Governors are volunteers providing their time for free to support the governance of the school. Theschool also relies on a number of others to undertake volunteer roles including Pre-Prep swimming;School Friends Association members; Solar Car assistance and extra-curricular clubs eg fencing,bridge, karate and drama.

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DIRECTORS' REPORT {incorporating the Strategic Report)YEAR ENDED 31 ST AUGUST 2018

Organisational Management

The College is governed by the governing body (Council) which delegates work to a number ofcommittees. Membership of each committee is outlined on page 19. The governors, who are also thedirectors, determine the general policy of the company.

Finance & General Purposes Committee - the Committee meets routinely once a term, approximatelytwo weeks in advance of the main Council meeting. The main aim of the small Finance Committee,whose members are drawn from the Council and have experience of financial matters, is to screen thefinancial aspects of the College's business in detail and to make recommendations to Council for formalendorsement. The Finance & General Purposes Committee makes recommendations to Council onbudget, borrowing, salaries and capital projects. The Committee met three times during the year.

Estates Committee - the Estates Committee acts on the authority of the Council of Ardingly College(the Council) in a monitoring and advisory role; their findings and recommendations being reported tothe Council for ratification or further specifically in relation to strategy, capital projects, maintenance,finance, compliance and IT. The Committee met three times during the year.

Education Committee - the role of Education Committee (EC) is to monitor the provision anddevelopment of all aspects of education in the College. The EC will be involved in devising,recommending, approving and reviewing policies but it is not part of the management and therefore notresponsible for the implementation of policy and other aspects of the day to day administration of theCollege. Comprising Governors, the Head and other members of staff, the EC serves as an interfacebetween the staff and Council to which it is responsible. The items to be discussed are agreed betweenthe Chair of the Committee and the Head following consultation with other members of the Committee.Its brief is to monitor the College's academic performance, guide the Senior Management Team, beaware of national changes in education and monitor the College's extra-curricular provision andcompliance with ISI. The Committee met three times during the year.

Development Committee - the Council has decided, in line with this provision, to delegate the duties,responsibilities and decision-making powers relating to the College's development activities to theDevelopment Committee which accordingly will attend to the needs of the College in respect of allaspects of non-core income generation. The Committee will comprise such individuals as can beexpected to effectively and successfully discharge this function based on personal experience, appetiteand commitment to the interests of the College. The following are the principal duties andresponsibilities of the Committee: to generate revenues, oversee all fundraising, determine fundraisingobjectives, oversee and draft business plans for new ventures. The Committee met three times duringthe year.

Nominations Committee - The Nominations Committee has been established as a sub-committee ofthe Council to take responsibility for ensuring the members of College Council have the skill set andexperience required to ensure appropriate governance of all College activities. The NominationsCommittee will meet as required but at least annually. The Committee met once during the year.

In addition to the formal structure, individual Governors are allocated key areas of responsibility:Safeguarding, hlealth & Safety, Compliance, Boarding, ICT and Pre Prep.

The key personnel are defined as those who attend full Council meetings: The Head, the Director ofOperations, the hlead of Prep and Pre Prep and the Deputy htead of the Senior College. The day today management of the company is delegated to the hlead and the Director of Finance and Resourcesas the key management personnel, overseeing educational, pastoral and administrative functions inconsultation with the senior staff. The day to day administration is undertaken within the policies andprocedures approved by the governors which provide for only significant expenditure decisions andmajor capital projects to be referred to the governors for prior approval.

The Head oversees the recruitment of all educational staff, whilst under delegated authority the Directorof Finance and Resources oversees the recruitment of administrative and non-teaching support staff.

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DIRECTORS' REPORT (incorporating the Strategic Report)YEAR ENDED 31 ST AUGUST 2018

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The remuneration of key management personnel (noted on P.1) is set by the Board, with the policyobjective of providing appropriate incentives to encourage enhanced performance and of rewardingthem fairly and responsibly for their individual contributions to the College's success.

The appropriateness and relevance of the remuneration policy is reviewed annually, including referenceto comparisons with other independent schools to ensure that the College remains sensitive to thebroader issues of pay and employment conditions elsewhere.

The College aims to recruit, subject to experience, at the lower to medium point within a band, providingscope .for rewarding excellence. Delivery of the College's charitable vision and purpose is primarilydependent on our key management personnel and staff costs are the largest single element of ourcharitable expenditure.

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Group Structure and Relationships

The College has two wholly owned non-charitable subsidiaries: Ardingly Projects Limited and ArdinglyCollege International Limited. Ardingly College International Limited was recently established as avehicle to enable development of overseas provision. The activities and trading of the subsidiaries aredescribed below. Note 29 provides details of connected charities.

The College has developed links with a wide range of organisations to ensure the widest possibleaccess to our facilities and education. Through membership of HMC, IAPS, AGBIS and ISBA andthrough 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 ofthe all-round education they receive at the College and they are engaged in a number of activities toenhance their understanding. We are focussed on enhancing our relationship with our Alumni group,the Old Ardinians via Ardingly Global Connect and social, sporting, mentoring and networking activities.

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CHARITABLE OBJECTS, AIMS, OBJECTIVES AND ACTIVITIESCharitable Objects

The charity's objects, as set out in the Articles of Association, are to promote and extend education(including spiritual, moral, social, cultural and physical education) in accordance with the doctrines andprinciples of the Church. The Church is defined as being the Church of England and churches in fullcommunion with the See of Canterbury.

Intended impact

An Ardingly education is to prepare every student to develop the skills they need to become globalcitizens. For challenges and opportunities that a changing world brings. So when they leave us, theycan truly say, "I'm World-Ready". We are living in a diverse and competitive world. At Ardingly Collegewe understand this and encourage our students to grasp every opportunity to be ready for the worldwhen they leave us. This could range from having the confidence to walk into a room and join aconversation, to having the insight to understand what great teamwork looks like, or having theknowledge of being able to cook an easy and tasty meal.

Aims

Our aim is to provide an excellent 21st century education by being aforward-thinking and high-achievingco-educational school with a strong academic focus, excellent student support and a global outlook

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ARD1NGLY COLLEGE LIMITED


Primary objectives

1. Enable every student to develop intellectual enquiry, an enthusiasm for life and sense of servicethrough which to gain confidence and fulfilment.

2. Provide consistently excellent and exciting teaching and learning.

3. Maximise academic results so that students achieve their full potential in examinedqualifications.

4. Offer varied and stimulating experiences that help to prepare students'for the next stage of theireducation and the world beyond.

5. Be an educational community founded on Christian values.

6. Develop our staff to enhance the quality of their work and professional fulfilment.

7. Promote the wellbeing of every girl and boy through personalised support and engagementwith parents as partners in their children's education.

8. Enable all students to find and develop their talents in sport, the performing and creative artsand the activities programme.

9. Develop our facilities to support first class education and enhance the College's traditionalsetting with contemporary features.

10. Provide excellent boarding facilities in a vibrant and caring boarding community for girls andboys.

Strategies to achieve the primary objectives

1. Resource the school to provide a broad and relevant academic curriculum that leads toqualifications in GCSEs, A Levels, IB Diploma and BTECs.

2. Creation of Teaching & Learning training provision internally within the College to focus onacademic improvement targets such as Quality of Feedback and Stretch & Challenge.

3. A new pay scale was introduced for teaching staff to ensure equity based on workload andresponsibility as well as long-term affordability for the College.

4. Middle and Senior Leadership training to develop management and leadership capacity withinthe College.

5. Investment in Science and Technology facilities to provide an excellent physical environmentfor teaching of STEM subjects.

6. Coordination of academic and pastoral provision across the transition years was reviewed andimproved to ensure that pupils benefit from a strong continuity and consistency of educationalexperience as they progress through the College.

7. Able & Gifted provision enhanced through the introduction of Challenge Weeks. The academicprogress of defined groups was also developed.

8. 2nd year of World Ready Week to stimulate pupils to develop adaptable transferable skills.

9. Introduce and roll out a year-round educational provision option.

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DIRECTORS' REPORT {incorporating the Strategic Report)YEfl^R ENDED 31 ST AUGUST 2018

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Principal Activities of the Year

The principal activity of the school is the delivery of education to pupils ranging from 2 to 18 years ofage. We also run a number of summer school activities and the school is open at other times for useby the local community. Pupil numbers at the school during the year were as follows:

Senior SchoolPreparatory SchoolPre-Preparatory School

Total

Senior SchoolPreparatory SchoolPre-Preparatory School

Total

2017/2018

56728577

929

2017/2018Boys32314039

502

(285 boarders)(55 boarders)

Girls24414538

427

2016/2017

55628064

900

2016/2017Boys32814731

506

(296 boarders)(54 boarders)

Girls22813333

394

1Pupil numbers are presented excluding Pre-Nursery and Nursery pupils. Prior year numbers have beenadjusted for comparative purposes.

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Public Benefit

Within the objects, the school aims to create an environment to nurture children, to get the best fromthem and to allow them to develop and fulfil their potential. We provide them with a first classindependent education and a wide range of sporting and artistic opportunities. Our public benefit aimis that all pupils will be self-confident and desire to contribute to the wider community.

In the furtherance of these aims the Ardingly College governors, as the charity trustees, have compliedwith the duty in s. 17 of the Charities Act 2011 to have due regard to the Charity Commission's publishedgeneral and relevant sub-sector guidance concerning the operation of the public benefit requirementunder that Act.

Our school welcomes pupils from all backgrounds. To admit a prospective pupil we need to be satisfiedthat our school will be able to educate and develop a prospective pupil to the best of their potential andin line with the general standards achieved by their peers. Entrance interviews and assessments areundertaken to satisfy ourselves and parents that potential pupils can cope with the pace of learning andbenefit from the education we provide. An individual's economic status, gender, ethnicity, race, religionor disability do not form part of our assessment processes.

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Our school is a part of a wider community and we are keen that our staff and pupils participate. Ourschool also offers a resource to support a range of educational activities for the benefit of local childrenattending state schools and their teachers. Our governors are committed to developing our programmeof cooperation and joint working with local maintained sector junior and secondary schools. Theactivities undertaken and the success of our programme are explained in the 'review of achievementsand performance for the year' section of this report.

Woodard and its schools provide a significant benefit to the public. The school strives to ensure thatmeasures of public benefit are appropriate, and that significant sections of the public are not excludedfrom the.opportunity to benefit from the education and facilities offered due to the need to pay a fee. Inaddition to significant provision of bursaries and other forms of financial support, the school provides awide range of opportunities for community benefit and facilities and events are often open to all. Furtherdetail of the public benefit offered is included in the section entitled 'Review of Achievements andPerformance for the Year' below.

It is a key requirement of evidencing public benefit that any private benefit to individuals or elements ofthe charity will be incidental to the charity's objectives. An example of private benefit may be thereimbursement of travelling expenses for trustees attending training courses: any private benefit toindividuals or elements ofWoodard are incidental to delivery of the charitable objectives.

Bursaries & Scholarships

Bursaries

The governors view our bursary awards as important in helping to ensure children from families whowould otherwise not be able to afford the fees can access the education we offer. Our bursary awardsare available to all who meet our general entry requirements and are made solely on the basis ofparental means or to relieve hardship where a pupil's education and future prospects would otherwisebe at risk for example in the case of redundancy. In assessing means we use the methodologypromulgated by the Independent Schools' Bursars Association, which takes a number of factors intoconsideration including family income, investments and savings and family circumstances for exampledependant relatives and the number of siblings. Our school does not have an endowment and infunding our awards we have to be mindful that we must ensure a balance between fee-paying parents,many of whom make considerable personal sacrifices to fund their child's education, and thosebenefiting from the awards.

The bursary awards range from 5% to 75% remission of fees. We also have a hardship fund thatsupplements bursary awards to pay for co-curricular activities, equipment and school trips. Informationabout fee assistance through bursaries is provided to all applying to the school. We also advertise theawards each summer in the local press and at local libraries. Further details of our bursary policy andhow to apply are available on our website.

This year the value of means tested bursaries totalled £557,513 and represented 3% of our gross fees.They provided assistance to 57 of our pupils of which 1 pupil benefited from a full remission of fees. Ahardship fund is also available to help pupils in receipt of bursaries meet the costs of school trips,examination entrance fees and similar expenses.

Scholarships

The purpose of our scholarship awards is to recognise high academic potential or the ability to excel inour co-curricular activities. Our scholarships are awarded on the basis of the individual's academicpotential or evidence of exceptional abilities which will contribute to our co-curricular activities. Inaddition, awards may be subject to conditions imposed by the original donor.

Scholarships are awarded with a fixed remission of fees of between 5% and 65%. Where furtherassistance is required, scholarship awards may be supplemented by a means tested bursary. Weadvertise the availability of scholarship awards each summer in the local press and at local libraries.Further details of our scholarship policy are available on our website.

The school awarded scholarships to 306 pupils, based on their educational merit and potential, totalling£861,109 and representing 4.2% of our gross fees. Of this number, 57 also qualified for means-testedbursary support and are included in the figures relating to bursary awards.

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DIRECTORS' REPORT {incorporating the Strategic Report)YEAR ENDED 31ST AUGUST 2018

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The progress of pupils receiving scholarships is reviewed at least annually to ensure their progress isin line with their abilities. No scholarships were withdrawn in the year as a result of reviews. Theavailability of all such awards for fee-assistance, together with the terms and conditions for each kindof award, is advertised on ourwebsite at www.ardinqly.com.

Review

The College includes details of the various concessions in the prospectuses and on the website. Allparents making enquiries about possible entry are provided with a description of the criteria for bursariesand scholarships. In most cases the budget for bursaries is allocated using a "needs blind" approachas far as possible, whilst giving priority to the continuity of education of those pupils already at theschool. All criteria and policies relating to concessions are kept under review and are updated whennecessary.

Employment Policy

We are an equal opportunity organisation and are committed to a working environment that is free fromany form of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation ordisability. We will make reasonable adjustments to meet the needs of staff or pupils who are or becomedisabled.

Investment Policy and Objectives

The company's memorandum and articles of association permit funds to be invested in such manneras the directors see fit, providing that advice has been obtained from a financial expert and providingthat such powers of investment consider the suitability of investments and the need for diversification.

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STRATEGIC REPORT

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Key Performance Indicators

There are a range of key performance indicators used by the College to assess performance, the mainones are: Percentage Remission; Net margin as % of income; Staff Costs as % of income; Other Costsas % of income. All of which performed better than target this year.

The principal factors regarding achieving these targets has been robust financial management, asincome over performed budget and costs were tightly managed. In addition there is increased focusand awareness being developed during SMT meetings.

The Promotion of Education

During the year we educated an average of 945 children between the ages of 2 and 18. The Collegeprovides a very high standard of education and this is validated in review of the academic results, ourmeasurements of added value and through external inspection. The College offers a broad curriculumand educates children with a wide range of ability. We can demonstrate particular excellence in pastoralcare, academic attainment, sports, music, art, drama and the provision of outdoor education.

Academic Results

The educational performance of the College in 2017-18 was excellent, as demonstrated by the publicexamination results.

GCSE

Students attained the best set of GCSE grades in the College's history. The new top grade of 9 wasintroduced to reward the very top performers, so for our GCSE cohort of 109 to achieve over 500 grade9-7s was a sign of real academic distinction.

A* A*-A A*-B A*-C

2018 53% 75% 90% 99%

A Level

A* A*/A A*-B A*-C

2018 18% 46% 80% 94%

IB Diploma

2018

7-6 HL | 7-5 HL | 7-4 HL | Average points per student

88% | 98% | 100% | 38.60

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Improving Facilities

We continue to improve facilities through constant investment in the fabric of the buildings and assets,and ambitious programmes to provide the best facilities to support teaching and learning. Work is welladvanced on the new three storey science building which is being constructed adjacent to the existingfacility. The new building will provide a home for the Design Technology department along with fivenew laboratories. The new building will open by Easter 2019 and the entire existing science facility willbe refurbished in a rolling programme over the next three years. Plans are in place to implement newaccess door controls and, more significantly, to extend the day house provision for girls, amongst manyother projectg.

Work is also underway on an extension to the Music School to provide a new Drum Room andRehearsal Room.

Arts, Music and Drama

The headlines for the past year in the Visual Arts Department centred again around our fantasticacademic results - made possible through our ongoing and increasingly strong ethos of stretching ourstudents to explore their own practice creatively to the highest possible level. Developments were madeto introduce a new A Level in Photography for 2018-19 with construction of a darkroom and studio, andthe lead teacher - Scan Walsh - settled into the department bringing his expertise in graphic andphotographic communication to his classes. Sixth Form artists achieved all top level grades, with A forA Level and top 7s and 6s forming the high percentage of our marks. GCSE faced the new numericmark scheme and we were overjoyed to gain 9s, 8s and 7s - equivalent to A**, A* and A for all. Tripsventured out to Amsterdam, Chichester and London and we sent students on to Cambenwell, Brighton,Nottingham and the Courtauld to study Art and Architecture. We hung our usual successful shows inthe gallery: Whole School, IB, A Level and GCSE and maintained our focus on encouraging studentsto discover their own individuality and transform ideas into reality through their work. It was anothervery good year.

The year started with the Shell Music Award Holders' Concert in which the depth of talent bodesextremely well for the future across all instruments. There was a poignant Remembrance concert whilstthe Music @ Ardingly provision saw visits from a Rock Band, String Ensemble and a SaxophoneQuartet. For many, Pacific Overtures was the musical project for the term then, of course, was theChristmas Concert. Lent saw the return of the Ardingly Young Musician of the Year, the winner havingsince gone on to study at the Guildhall School of Music and Drama. The choir successfully touredPrague and The Cabaret Evening was its typical lively self. The Spring Concert revealed studentstechnical skill whilst the Orchestra tackled music by Vaughan Williams, Shostakovich and Walton. Thechoir visited Guildford Cathedral whilst the annual Make a Noise day took on new levels with some 130pupils involved. The Schola Cantorum recorded a CD of Christmas Choral music and there was a jointconcert with Ardingly Choral Society of Brahms' German Requiem, a masterclass with NYJO and theAnything But Classical Concert. The Summer Concert was a fantastic celebration of the musical year.With weekly music lesson numbers now in excess of 440, some 37 distinctions in music exams and 10pupils tackling Grade 7 or higher the Music School is a very vibrant hub of activity which greatly looksforward to its material expansion of a new Drum Room and Recording Suite in 2019.

In the Michaelmas term we staged the challenging and ambitious Pacific Overtures and students wonpraise for their committed performances and exceptional singing. In January we welcomed a newDirector of Drama who immediately launched her inaugural production The Wolves ofWilloughby Chasewith the Shell and Remove. We were lucky enough to engage the services of a professional puppetmaker who created us some wonderful Wolf masks. In the Trinity term we had the Theatre in Educationproject visit several local primary schools and hold workshops alongside performances. This was verywell received and we hope to repeat the experience this year. We also recorded some excellentLAMDA results with 131 Distinctions, 17 Merits and 3 Passes over the course of the year.

Sport

There were lots of positive moments in sport last year. Our D 15 Football team won the Elgin Leagueand reached the semi-final of the ISFA Cup. Our 1 st Xl reached the quarter finals of the ISFA cup and

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semi Final of the London Cup. We also had players representing ISFA at all levels.

The basketball team had 11 wins and were undefeated champions in Southern Independent Leaguefor the second consecutive season.

For Hockey it was the first time in recent years that the College put out four teams at senior level, whilsthaving regular A, B, and C team fixtures. All three of the teams competing in the county tournamentshowed promise, but all lost out by the narrowest of margins in the semi-finals. Girls' hockey wasdominated by Indoor. In our first ever indoor tour to Hamburg we played top German sides UhlenhorsterHC and HarvesthuderHC. As a result, both Girls U16 and U18s reached the regional finals, with .theU18s missing out on Nationals by one game. On the boys' side, the stand out team were the U14s, whowon the County Cup and progressed through to regionals.

In the Cricket season our U15s reached the semi Final of the T20 cup and six Ardingly boys representedSussex CCC. We also saw the start of girls' cricket.

Enrichment and Co-Curricular

The College is justifiably proud of its co-curricular programme with students having many opportunitiesto develop their leadership skills through the Duke of Edinburgh Award Scheme, Sports Teams, Music,the Performing Arts, Debating and the Student Council. Enrichment activities are offered mainly duringspecific Enrichment Programme sessions to ensure that there is limited disruption to academic lessons.Students can select from a range of outdoor, creative, academic, active or service options.

This year's Remembrance Service Parade, involved the CCF and the entire College communitycombined with music from the school brass band. The CCF was disbanded at the end of the 2017/18

academic year; however there remains an exciting programme of Outdoor Activities including overnightcamps, DofE expeditions, weekend skydiving trips, clay pigeon-shooting, sailing trips and climbing.Shell students undertook a two day hike and overnight camp in the Trinity Term. A large proportion ofShell undertook the Bronze Duke of Edinburgh Award and rifle shooting expanded.

The College sailing trip crossed the Baltic this summer and Service trips took place to India and Kenya;with students involved in helping to improve facilities, raising money and teaching. 47 Fifth studentsvisited Iceland whilst Shell hlistory students visited concentration camps in Poland. Pre-season tours toBisham Abbey and a Tennis tour to Cyprus took place and the College sent a delegation of students tothe MUN Debate at UWC Mostar (Bosnia-hlerzegovina) with students commended for the efforts. Artstudents visited Amsterdam whilst the Choir completed a musical tour of Prague.

World Ready Life Skills and Careers

Our College was an exciting, colourful and extremely busy place during our second World Ready Lifeskills week. Our students had numerous life skills carousels to choose from, with self-defence; cookingon a budget; cake decorating; photography and DIY being extremely popular choices; as well asparticipating in Life skills workshops such as Problem Solving; Self Confidence and Leadership. OurRemove students participated in a "Connect with the Community" afternoon and spent time in an activitythat meant "giving something back". The activities included: planning and running an afterschool clubfor 70 primary school pupils; visiting a local care home and doing a music concert; dog walking or carwashing for our Ardingly Community.

Students were provided with individual careers advice; offered the chance to attend talks on a range ofdifferent careers from industry experts and set-up with work experience placements. Sixth Formstudents enjoyed the "One Day Job Challenge" competing for a job by completing a CV and beinginterviewed by a range of industry experts. As part of the World Ready programme students wereexposed to a range of confidence building, career development and self-esteem opportunities via thePSHE days that took place for all year groups.

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We launched an Old Ardinian/Sixth Form Mentoring Scheme, with OA's offering to provide guidance tocurrent Sixth Form pupils choosing similar higher education options and we hosted a Sixth FormBusiness Networking dinner to enable our pupils to practise key life skills - networking andcommunication.

Numerous Further Education fairs were also on offer including: Studying Abroad; Dutch Universitiesand our Annual Further Education Fair. We launched our department specific Careers Events withCelebrating the Sciences, with eighteen professionals inspiring our students. Next was Careers in Sportand PE with Physiotherapists; Life Style practitioners and a Merchandising Direct on hand amongstmany others. Our Creative Industries Event was very well received with a huge range of industriesrepresented.

We hosted a number of specialist talks, one from a Consultant Herpetologist and Gastroenterologist.Other topics included How to become a Pilot, Architecture and Management Consultancy.

Life skills workshops and sessions ran throughout the year: CV writing, networking, interviewpreparation, presentation skills and work experience sessions. We helped to place around 45 studentsin practical and valuable work experience placements. Students are encouraged to be proactive in theirsearch for placements to ensure they are making decisions about future choices with essential hands-on and practical experience.

Wider Education

We are committed to providing opportunities for students at university to gain practical teachingexperience as part of their PGCE teacher training course and we had one student work with us lastyear.

The Woodard Corporation is involved in the development of academies as part of the government'sinitiative. In support of this project all Woodard schools have provided support, where asked, throughprovision of educational expertise, participation in governance, and direct curriculum support.Community

Through development of, and provision of access to our facilities, the College remains at the heart ofthe community. Facilities made available to the public include:

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The College swimming pool, which is made available to local swimming clubs including ArdinglySwimming Club, Dolphin Ladies Haywards Heath Club, St Peters C.E. Primary School and fromJanuary 2019 "Tracy Lowe Swim School"

Our Music facilities which are made available to a wide range of local music societies includingthe Ardingly Choral Society and Mid Sussex Sinfonia. The music facilities are also used forGuild Hall and Rock School examinations. At Christmas, a Mince Pies and Music event is heldfor our local Senior Citizens.

Our sports pitches and sporting facilities which are recognised as being of particular quality andare regularly used by well-known brands such as Tottenham Hotspurs Academy, UK Footballtrials, East Grinstead Hockey and Netball Academies, Mid Sussex Hockey Club through to localgroups such as Rugby Tots. One of our most successful community based initiatives is Footy-stars and Hockey-stars, which entails our senior school students running after school clubs atthe College for local primary school children with up to 80 children participating each week.In IT we offered free classes, run by College staff and students, for local senior citizens.

Outreach

As well as the activities above, we have development partnerships with a number of local primary andsecondary schools.

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Prep School

We held a STEM Day for Year 6 pupils from eight local independent prep and state primary schoolswho worked together to design and build their own mini solar car. We also invited pupils from ten localstate primary schools to join us for an all-day singing event, which culminated in a concert performedin our Chapel. Our Maths department worked with pupils from Lindfield Primary School to stretch theirgifted pupils and we hosted a Maths Challenge, which stretched the most able mathematicians fromboth schools and helped build connections between the pupils. In sport, Ardingly elite footballers helpedcoach local primary school footballers and hlockey players every week at "Footy Stars" and "Hockeystars". . . . .

Senior School

Music and Drama were celebrated in two events: "Make a Noise" day where a number of local statePrimary schools worked with Ardingly students on instrumental and big band pieces, and by the CollegeActing Company devising and performing a play to an audience of children from five local state primaryschools. Staff and students from Varndean attended a Shakespeare Conference at Ardingly wherethey delivered papers and listened to lectures from Shakespeare scholars. Four local state schoolsattended our Economics Forum day, and Ardingly pupils and staff helped develop debating clubs in twostate secondary schools. Ardingly prefects shared best practice on pastoral issues with students fromthe Royal Alexandra and Albert state school and took the opportunity to build relationships prior tofurther collaboration next academic year. Our Librarian helped local primary schools develop theirlibraries. Senior students were involved in several community support events and projectsincluding: clearing land and clearing a bike trail for pupils of Sunny Down school for autistic boys;meeting and debating with international students from Pestalozzi on the subject of world poverty, beforeembarking on a service trip to India; attending a training session on how to deliver academic enrichmentto pupils from socially deprived backgrounds in Brighton. This was followed by a teaching session, withmore sessions to follow in the next academic year.

The College has a programme of widening educational access to their facilities, at fee rates belowcommercial levels. Subsidised arrangements are now in place for the swimming pool and sports hall,and the summer school programme continues to be highly successful. The woodlands have been madeavailable to The Sussex Wildlife Trust to enable Forest School sessions for pupils from local schools.

Charitable Activities

Our service provision has grown over the past year. Each week over 100 students engage in some formof service activity including Into University partnership work with disadvantaged children from Brighton;volunteering with Kangaroos, a local charity which provides fun activities for children with learningdisabilities; working in the local British Heart Foundation charity shop and helping at the BroadbridgeHealth Leisure Centre Discovery Day for families caring for a child with disabilities.Students have also assisted in two local care homes (Maplehurst in Haywards Heath and Woodlandsin Burgess Hill) with the 'Music and Memory' project which aims to compile bespoke playlists forresidents. Two year 12 students also embarked on an Art project in the latter care home to improve thedecor in the communal dining area.

On the gardening front, one group of students volunteered at Standen National Trust property andanother group helped develop a sensory garden at St. Andrew's School in Crawley.

Several students worked as stewards at the Ardingly showground for their spring, summer and autumnshows and the June Big Bang event.

Haywards hleath foodbank benefited from three different student initiatives including a social servicefoodbank project, making food products to sell and foregoing food of their own through 'no puddingdays'. £415 was raised in total.

Service trips to India and Kenya took place with students involved in helping to improve facilities, raisingmoney and teaching.

14


DIRECTORS' REPORT [incorporating the Strategic Report)YEAR ENDED 31 ST AUGUST 2018

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The Schola Cantorum performed at both the Cuckfield Christmas Tree Festival and Worth Abbey andour choir performed at remembrance and fundraising services.

Fundraising Performance

Less progress has been made this year on fundraising due to limited staff resources and a focus onother activities.

A number of small donations were received totalling £39,624 and one larger donation, possibly in theregion of £1.3m is expected in tranches over the next year.

FINANCIAL REVIEW

Results for the Year

The net incoming resources for the year amounted to £22.9m of which the operating surplus on schoolactivities was £2.1m. £1.3m of this income relates to a legacy donation, which has been recognised inthe year, but which is expected to be received in 2018/19. The remaining surplus has been achievedwith a rise in fees lower than inflation and against a background of strongly rising operating costs, sothat in the circumstances we consider it a highly satisfactory achievement. Gross income for the yearwas up by some 3.7% on last year, reflecting the increase in pupil numbers throughout the school.Our trading company, Ardingly Projects Limited continues to hire out Ardingly College facilities out ofterm time and school hours, as well as undertaking commercial activity on behalf of the school andexternally. The company contributed £434,812 to the school's operating surplus. Group total fundsincreased by £2.1m for the year, including revaluations.

The parents of our pupils often make significant sacrifices to pay the fees. In doing so they help torelieve the state of the financial burden of educating 768 UK based children. The saving is estimatedto have a value in the last year of £4,781,568.

The school is unable to recover the VAT on purchases it makes. During the past year, Ardingly CollegeLtd has paid an estimated £1,389,564 in VAT on goods and services.

In additional to the very substantial benefits our school brings to our pupils, the local community andsociety through the education we offer, our bursary and outreach programmes create a social assetwithout cost to the Exchequer.

Reserves Level and Policy, and Financial Viability

It has been the College's policy to utilise funds to ensure that high quality up-to-date facilities areprovided for the benefit of pupils. The aim is to budget so as to provide sufficient working capital tomeet the present needs and future development requirements of the College without the requirementto have recourse to sales of tangible fixed assets, or use of the College's readily realisable investmentssupporting unrestricted funds. Unrestricted funds increased by £2,610,446 to total £15,101,253, asshown in note 23. This is as a result of improved performance in student numbers; trading companyresults and cost control. This has been offset by continued investment in College buildings and facilities.The governors have invested substantial sums into new College buildings in recent years and have acontinuing programme of refurbishment, development and investment to maintain excellent teachingfacilities for our pupils.

The school's total reserves of £15.7m at the year-end included £0.3m of endowed funds, £0.3m ofrestricted funds and £15.1m unrestricted designated funds. Ardingly College also holds reserves of£1.2m for the defined benefit pension-fund deficit. The College's financial viability does not depend onincome reserves but in its ability to continue to trade at a surplus on an annual basis, and on thesubstantial portfolio of fixed assets held for operational use.

The company's unrestricted reserves are primarily invested in tangible fixed assets which are all usedfor its direct charitable activities. The College does not have, and cannot rely on, permanentendowments.

15


DIRECTORS' REPORT {incorporating the Strategic Report)YEAR ENDED 31ST AUGUST 2018

PRINCIPAL RISKS AND UNCERTAINTIES

The governors consider the economic turbulence of recent years and the affordability of fees byparents across the independent sector to be principal risk faced by the College. Governors are awareof the need to monitor fee inflation, particularly as a proportion of average family income and to controlthe cost base to minimise the requirement for fee increases. We are also pursuing profitableinternational opportunities with the establishment ofArdingly College International.

Health and Safety is always a significant area for risk management. The risks range from fire andinfrastructure to personal risks (most notably when away from the campus on trips and expeditions).The level and breadth of activity at the College is impressive and the risks associated with all activitiesare minimised by thorough planning and risk assessment including having a permanent hlealth & SafetyManager in position and all necessary Risk Assessments in place.

The governing body is responsible for the identification and management of risks. The major risks towhich the charity is exposed, as identified by the directors, have been reviewed and systems andprocedures have been established to manage those risks. Detailed examination of the risks andestablishment of controls to mitigate them is delegated to the Executive Officers and the process isoverseen by the Finance and General Purposed Committee on behalf of the governing body. A formalreview of the risk management processes is undertaken annually.

The principal risks to which the College is exposed include those affecting protection of pupils andsecurity and preservation of charitable assets both now and in the future. Significant risk areas:

the market in which the College operates is highly competitive and we monitor developments ineducation to ensure that pupils always receive a first class, holistic and varied educationalexperience in our College

• 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 ensurethat the College meets expectationsthe College operates in a highly regulated sector, including in matters of child protection, and weappoint appropriate professional advisers to ensure that we can keep up to date with allrequirements; College or individual membership of bodies being the constituent associations of theIndependent Colleges Council also ensure that we have access to up to date information andsupportthe College operates in an increasingly litigious environment and we appoint appropriateprofessional advisers and purchase insurance using specialist brokers and advisers to ensure thatwe can keep up to date with all requirements and meet all challengesall organisations face difficult economic conditions and directors and senior managers in theCollege keep abreast of economic conditions locally, nationally and internationally to identify trendsand develop plans to address issues.

The key controls used by the College include:

• formal agendas and minutes for all meetings of the governing body and committeesterms of reference for all committees

comprehensive strategic planning, financial forecasting, budgeting and management accountingestablished and identifiable organisational structures and reporting lines which are regularlyreviewedcomprehensive formal written policiesclear authorisation limitsvetting procedures, as required by law, for protection of the vulnerable.

The College plans strategically having regard for risk. The executive provide the governing body withregular reports which include details of the principal strategic objectives and the activity to achieve thoseobjectives. The College also records significant achievements and updates the governing body andWoodard on short-term plans.

The strategy is discussed between the governing body and the Woodard Board and protocols havebeen developed and agreed which outline the relationship between the two bodies.

16


DIRECTORS' REPORT [incorporating the Strategic Report)YEAR ENDED 31 ST AUGUST 2018

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Financial risk management objectives and policies

The College uses financial instruments, comprising loans, cash and other liquid resources and otheritems such as trade debtors and creditors that arise directly from operations.

The main issues arising from the group's financial instruments are liquidity risk and interest rate risk.The College's directors adopt policies for managing each of the risks and these are summarised below:

Liquidity risk - the College seeks to manage financial risk by ensuring sufficient liquidity is availableto meet foreseeable needs by negotiating adequate facijities from banks and other lenders.Interest rate risk - the College has mitigated its risk to interest rate fluctuations by agreeing a fixedrate loan.

GOING CONCERN

After review of evidence, the Ardingly College Board has a reasonable expectation that the group willbe able to continue operating for the foreseeable future and the financial statements have beenprepared on a going concern basis. Further details related to the adoption of the going concern basiscan be found in the accounting policies on page 27.

EMPLOYEE CONSULTATION

The Headmaster and other members of the College leadership team meets with all staff prior to thestart of each term to provide information on matters of concern, including the academic and financialperformance of the College and major capital projects being undertaken.

The College has a staff consultative committee called the Staff Council with elected employeerepresentatives from across the College as well as key members of the Leadership Team - theHeadmaster, Prep School Headmaster, Director of Finance & Resources, Head of Pupil and StaffSupport and HR Director. The Staff Council meets twice a year and is an opportunity for staff membersto raise issues of concern or ideas for improvement of college facilities and working practices.

The College is keen to encourage employee participation in communication of matters of concern tothem. On a weekly basis each of the main schools hosts a meeting with staff from that school to discussissues affecting staff and pupils. The Resources/ Support Staff team also meet for a coffee breakmeeting each week where key messages are shared.

Employees have also in the recent past had an element of their pay award based on collegeperformance, pupil numbers and fee income by way of a one-off payment as part of the annual salaryreview.

Where there is any major development affecting the terms and conditions of members of staff, theCollege holds consultation meetings with affected employees in advance of any major change strategye.g. during recent teacher pay review, or implementation of 50 week provision for the nursery.

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FUTURE PLANS

The College has a 5-year College Plan that includes pupil model, capital projects and staff development.

In 2020 the College will celebrate the 150th Anniversary of providing education on this site. To markthis occasion, the College is planning a major fund-raising campaign for transformational bursaries andfor assisting with educational provision in a specific area of local need where government and charitablefunding is currently not sufficient to meet demand. In this way the College aims to continue to fulfil itscharitable purposes, both in the educational provision it makes to students at the College and also to atargeted group of children outside the College.

18



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DIRECTORS

The directors who served during the year, and the committees of which they are members, are:J F Sloane (Chairman)

R H Brown

P N BryanS L ChampkinG W DixonE Hewer

M E Ireland

D H T Johnson-Poensgen

SKayThe Earl of Limerick

L E LindsayH E SmithK E C SweeneyG N Turner

N WalkerM Beach

(resigned 12.09.18)

(resigned 21.10.18)(appointed 5.10.17)

Finance & General Purposes, Estates,Education, Development, Nominations.Special responsibility - Boarding &Compliance.Development

Finance & General Purposes

Estates

Education

Education, NominationsFinance & General Purposes, Estates,Nominations. Special Responsibility -IT.Special Responsibility - ComplianceFinance & General PurposesSpecial Responsibility - Safeguarding

Finance & General Purposes, Estates,Development, Nominations. SpecialResponsibility - Health & Safety.DevelopmentEducation

None of the directors has any beneficial interest in the company. Ardingly College buys trustees andofficers insurance on behalf of the directors.

AUDITORS

RSM UK LLP, having expressed their willingness to continue in office, will be deemed reappointed forthe next financial year in accordance with section 487(2) of the Companies Act 2006 unless thecompany receives notice under section 488(1) of the Companies Act 2006.

JJJJJI

19



DIRECTORS RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the director's report and the financial statements inaccordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under thatlaw the directors have elected to prepare the financial statements in accordance with United KingdomGenerally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law)including FRS 102, 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 satisfiedthat they give a true and fair view of the state of affairs of the charitable company and the group and ofthe incoming resources and application of resources, including the income and expenditure, of thecharitable company and group for that period. In preparing these financial statements, the directors arerequired to:

select suitable accounting policies and then apply them consistently;observe the methods and principles in the Charities SORP (FRS 102);make judgements and accounting estimates that are reasonable and prudent;state whether applicable UK Accounting Standards have been followed, subject to any materialdepartures disclosed and explained in the financial statements; and,prepare the financial statements on the going concern basis unless it is inappropriate to presumethat the charitable company and group will continue in business.

•

•

The directors are responsible for keeping adequate accounting records that are sufficient to show andexplain the charitable company's and group's transactions and disclose with reasonable accuracy atany time the financial position of the company and group and enable them to ensure that the financialstatements comply with the Companies Act 2006. They are also responsible for safeguarding theassets of the charitable company and group and hence for taking reasonable steps for the preventionand detection of fraud and other irregularities.

The directors confirm that:

so far as each director is aware, there is no relevant audit information of which the charitablecompany's auditor is unaware; andthe directors have taken all the steps that they ought to have taken as directors in order to makethemselves aware of any relevant audit information and to establish that the charitable company'sauditor is aware of that information.

The directors are responsible for the maintenance and integrity of the corporate and financialinformation included on the charitable company's website. Legislation in the United Kingdom governingthe preparation and dissemination of financial statements may differ from legislation in otherjurisdictions.

Approved by the Board of Directors of Ardingly College on 29th November 2018, including, in theircapacity as company directors, approving the Directors' and Strategic Reports contained therein, andsigned on its behalf by:

0^

James Sloane CHAIRMAN

20


INDEPENDENT AUDITORS' REPORTTO THE MEMBERS OF ARDINGLY COLLEGE LIMITEDYEAR ENDED 31ST AUGUST 2018

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Opinion

We have audited the financial statements of Ardingly College Limited (the 'parent charitable company')and its subsidiary (the 'group') for the year ended 31 August 2018 which comprise the Consolidatedand Charity Statements of Financial Activities, the Consolidated and Charity Balance Sheets and thenotes to the financial statements, including a summary of significant accounting policies. The financialreporting framework that has been applied in their preparation is applicable law and United KingdomAccounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK andRepublic of Ireland" (United Kingdom Generally Accepted Accounting Practice)In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent charitable company's affairs asat 31 August 2018 and of the group's incoming resources and application of resources, includingits income and expenditure, for the year then ended;have been properly prepared in accordance with United Kingdom Generally Accepted AccountingPractice; and

have been prepared in accordance with the requirements of the Companies Act 2006.Basis for opinion

We have been appointed auditors under the Companies Act 2006 and section 151 of the Charities Act2011 and report in accordance with those Acts.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) andapplicable law. Our responsibilities under those standards are further described in the Auditor'sresponsibilities for the audit of the financial statements section of our report. We are independent of thegroup and parent charitable company in accordance with the ethical requirements that are relevant toour audit of the financial statements in the UK, including the FRC's Ethical Standard and we havefulfilled our other ethical responsibilities in accordance with these requirements. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) requireus to report to you where:

• the directors' use of the going concern basis of accounting in the preparation of the financialstatements is not appropriate; orthe trustees have not disclosed in the financial statements any identified material uncertainties thatmay cast significant doubt about the group's or parent charitable company's ability to continue toadopt the going concern basis of accounting for a period of at least twelve months from the datewhen the financial statements are authorised for issue.

Other information

The Directors are responsible for the other information. The other information comprises the informationincluded in the Annual Report other than the financial statements and our auditor's report thereon. Ouropinion on the financial statements does not cover the other information and, except to the extentotherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other informationand, in doing so, consider whether the other information is materially inconsistent with the financialstatements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Ifwe identify such material inconsistencies or apparent material misstatements, we are required todetermine whether there is a material misstatement in the financial statements or a materialmisstatement of the other information. If, based on the work we have performed, we conclude thatthere is a material misstatement of this other information, we are required to report that fact. We havenothing to report in this regard.

21


INDEPENDENT AUDITORS' REPORTTO THE MEMBERS OF ARDINGLY COLLEGE LIMITEDYEAR ENDED 31 ST AUGUST 2018

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 incorporated Strategic Report prepared forthe purpose of company law for the financial year for which the financial statements are preparedis consistent with the financial statements; andthe Directors' Report and the incorporated Strategic Report have been prepared in accordance withapplicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company andtheir environment obtained in the course of the audit, we have not identified material misstatements inthe Directors' Report and the incorporated Strategic Report.

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

adequate accounting records have not been kept by the parent charitable company, or returnsadequate for our audit have not been received from branches not visited by us; orthe parent charitable company financial statements are not in agreement with the accountingrecords and returns; orcertain disclosures of directors' remuneration specified by law are not made;orwe 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 19, the trustees(who are also the directors of the charitable company for the purposes of company law) are responsiblefor the preparation of the financial statements and for being satisfied that they give a true and fair view,and for such internal control as the trustees determine is necessary to enable the preparation of financialstatements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the group's and parentcharitable company's ability to continue as a going concern, disclosing, as applicable, matters relatedto going concern and using the going concern basis of accounting unless the trustees either intend toliquidate the group or parent charitable company or to cease operations, or have no realistic alternativebut to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a wholeare free from material misstatement, whether due to fraud or error, and to issue an auditor's report thatincludes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that anaudit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if, individually or in theaggregate, they could reasonably be expected to influence the economic decisions of users taken onthe basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is provided on theFinancial Reporting Council's website at httD://www.frc.orq.uk/auditorsresponsibilities. This descriptionforms part of our auditor's report.

22


INDEPENDENT AUDITORS' REPORTTO THE MEMBERS OF ARDINGLY COLLEGE LIMITEDYEAR ENDED 31 ST AUGUST 2018

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Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stateto the charitable company's members those matters we are required to state to them in an auditor'sreport and for no other purpose. To the fullest extent permitted by law, we do not accept or assumeresponsibility to anyone other than the charitable company and the charitable company's members asa body, for our audit work, for this report, or for the opinions we have formed.

^Srf at ^>u- U^.

Zoe Longstaff-Tyrrell (Senior Statutory Auditor)For and on behalf of RSM UK AUDIT LLP, Statutory AuditorChartered AccountantsPortland25 High StreetCrawleyWest SussexRH101BGDate if. f^cy^j^r ^pir .

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23


CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating anIncome and Expenditure Account)YEAR ENDED 31 ST AUGUST 2018

Notes

Income and endowments from:Charitable Activities

School fees receivable 2

Ancillary trading income 3Other trading activities

Non-ancillary trading income . 4Other Activities 4

Investments

Bank and other interest 5

Voluntary sourcesGrants and donations 6

Other incoming resources

TOTAL INCOMINGRESOURCES

Expenditure on:Raising fundsNon-ancillary trading 7Other income generating activitiesFinancing costs 8Investment managementFundraising and development

TOTAL DEDUCTIBLE COSTS


Education and grant making 7

TOTAL EXPENDITURE

Net gains/(losses) on investment 1 3assets

Net income/(expenditure)

Transfers between funds 23

Other recognised gains/(losses)

Pension scheme actuarial gain/(losses) 25

Net Movement in funds for theyear

Fund balances at 1st September

FUND BALANCES AS AT 31ST AUGUST

UnrestrictedFunds

£

18,655,793872,941

1,908,05726,546

27,054

1,343,5691,750

22,835,710

1,267,709

382,790

66,718

1,717,217

18,898,047

20,615,264

2,220,446

390,000

2,610,446

12,490,807

15,101,253

RestrictedFunds

£

EndowedFunds

£

12,291

7,929

20,220

107,387

107,387

(87,167)

(87,167)

385,793

298,626

(862)

(862)

(862)

273,099

272,237

Total2018

£

18,655,793

872,941

1,908,057

26,546

39,345

1,351,4981,750

22,855,930

1,267,709

382,790

66,718

1,717,217

19,005,434

20,722,651

(862)

2,132,417

390,000

2,522,417

13,149,699

15,672,116

Total2017

£

17,905,973675,316

1,742,29630,945

68,345

208,1653,425

20,634,465

1,114,743

431,369

68,789

1,614,901

18,510,956

20,125,857

1,056

509,664

439,000

948,664

12,201,035

13,149,699

All amounts relate to continuing activities. All recognised gains and losses in the current and prior year are included in thestatement of financial activities. The notes on pages 27 to 52 form part of these financial statements.

24


CHARITY STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Incomeand Expenditure Account)YEAR ENDED 31 ST AUGUST 2018

Income and endowments from:Charitable Activities

School fees receivableAncillary trading income

j Other trading activitiesNon-ancillary trading incomeOther Activities

Investments

Investment income

Bank and other interestVoluntary sources

Grants and donationsOther incoming resourcesTOTAL INCOMINGRESOURCES

Expenditure on:Raising funds

Non-ancillary tradingOther income generatingactivities

Financing costsInvestment managementFundraising and development

TOTAL DEDUCTIBLE COSTS


Education and grant making

TOTAL EXPENDITURE

Net gains/(losses) on investmentassets

Net income/(expenditure)

Transfers between funds

j Other recognised gains/(losses)i Pension scheme actuarial losses

Net Movement in funds for the; year! Fund balances at 1st September

FUND BALANCES AS AT 31 STAUGUST

Notes UnrestrictedFunds

£

2 18,655,7933 1,292,009

4

5

6

244,57026,546

26,944

1,343,5691,750

21,591,181

7

8 405,968

66,718

472,686

7 18,898,049

19,370,73513

2,220,446

23

25 390,000

2,610,446

12,490,542

15,100,988

RestrictedFunds

£

12,291

7,929

20,220

107,387

107,387

(87,167)

(87,167)

385,793

298,626

EndowedFunds

£

(862)

(862)

(862)

273,099

272,237

2018

£

18,655,7931,292,009

244,57026,546

39,235

1,351,4981,750

21,611,401

405,968

66,718

472,686

(862)

2,132,417

2017

£

17,905,9731,102,649

•223,26430,945

68,261

208,1653,425

19,542,682

454,329

68,789

523,118

19,005,436 18,510,956

19,478,122 19,034,074

1,056

509,664

390,000 439,000

2,522,417 948,664

13,149,434 12,200,770

15,671,851 13,149,434

All amounts relate to continuing activities. All recognised gains and losses in the current and prior year are included in thestatement of financial activities. The notes on pages 27 to 52 form part of these financial statements.

JJ[- 25


CONSOLIDATED AND CHARITY BALANCE SHEETSAS AT 31 ST AUGUST 2018

FIXED ASSETSTangible assetsSecurities Investments

CURRENT ASSETSStockDebtorsCash at bank and in hand

Note

1213

14

CURRENT LIABILITIESCreditors payable within one 15year

NET CURRENT ASSETS

Group2018

£

23,214,2599,840

23,224,099

168,5652,091,4784,137,331

6,397,374

(5,112,534)

1,284,840

2017£

21,395,91110,702

21,406,613

. 149,274873,750

4,969,573

5,992,597

(4,897,298)

1,095,299

Charity2018

£

23,214,2599,843

23,224,102

30,OQ22,441,9763,839,177

6,311,155

(5,026,683)

1,284,472

2017£

21,395,91110,704

21,406,615

25,5401,444.7244,416,403

5,886,667

(4,791,735)

1,094,932

NET ASSETS

REPRESENTED BY:CALLED UP SHARECAPITAL

ENDOWED FUNDSRESTRICTED FUNDSUNRESTRICTED FUNDSGeneral reservePension reserve

16

TOTAL ASSETS LESS CURRENTLIABILITIES

LONG TERM LIABILITIESCreditors payable after oneyear

TOTAL NET ASSETSEXCLUDING PENSIONLIABILITY

Net pension liability 25

20

2323

2325

24,508,939

(7,628,723)

16,880,216

(1,208,000)

15,672,216

100

272,237298,626

15,101,253

22,501,912

(7,771,113)

14,730,799

(1,581,000)

13,149,799

100

273,099385,793

12,490,807

24,508,574

(7,628,723)

16,879,851

(1,208,000)

15,671,851

100

272,237298,626

15,100,888

22,501,547

(7.771,113)

14,730,434

(1,581,000)

13,149,434

100

273,099385,793

12,490,442

15,672,216 13,149,799 15,671,851 13,149,434

The financial statements were approved and authorised for issue by the Board on 29th November 2018and signed on its behalf by

iC^JfJames Sloane CHAIRMANCompany registration number 03779971

The notes on pages 27 to 52 form part of these financial statements

26


NOTES TO THE FINANCIAL STATEMENTSYEAR ENDED 31 ST AUGUST 2018

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1. ACCOUNTING POLICIES

The principal accounting policies, all of which have been applied consistently throughout the yearand in the preceding year are:

a) Basis of Accounting

The accounts of the group have been prepared under the Companies Act 2006 and inaccordance with the Statement of Recommended Practice for Charities ('SORP (FRS102)')and with applicable UK Accounting Standards. They are drawn up on the historical costaccounting basis except that property and share investments held as fixed assets are carriedat fair value.

Ardingly College meets the definition of a public benefit entity under Financial ReportingStandard (FRS) 102. Assets and liabilities are initially recognised at historical cost ortransaction value unless otherwise stated in the relevant accounting policy notes.The preparation of financial statements in conformity with FRS 102 requires management tomake judgements, estimates and assumptions that affect the application of policies andreported amounts of assets and liabilities, income and expenses. The estimates andassociated assumptions are based on historical experience and various other factors that arebelieved to be reasonable under the circumstances, the results of which form the basis ofmaking the judgements about carrying values of assets and liabilities that are not readilyapparent from other sources. Actual results may differ from these estimates. Further detailsare provided in the accounting policies for depreciation of fixed assets, for pensions and for baddebts. The financial statements are presented in sterling (£) and the functional currency issterling (£).

b) Going Concern

The accounts have been prepared on a going concern basis. The Ardingly College Boardreviews the financial information for the company and the group, and consider whether thegroup and company are a going concern for a period of at least 12 months from the date ofapproval of the accounts. After making enquiries, the directors have a reasonable expectationthat the group has adequate resources to continue in operational existence for the foreseeablefuture. Accordingly, they continue to adopt the going concern basis in preparing the AnnualReport and Accounts.

c) Group Accounts

The financial statements consolidate the financial statements of the company, and all itssubsidiary companies, charitable trusts and funds with all inter-company balances beingeliminated. Entities are consolidated where Ardingly College exercises overall control eitherthrough ownership of shares, or through having common trustees with a common objective.Accounting policies are consistently applied between group companies.

d) School Fees Receivable and Similar Income

Fees receivable and other educational income are accounted for in the period in which theservice is provided. Fees receivable are stated after deducting allowances, scholarships andother remissions by the school, but include contributions received from restricted funds forscholarships, bursaries and other grants. Fees in Advance Scheme Contracts are those feesreceived in advance of education to be provided in future years under a specific contract. Thefees are either held as investments in interest bearing assets until taken to income to matchliabilities in the term when used, or refunded, or they are held within the unrestricted reservesof the school. Any surplus of assets over liabilities is held within the fund as a buffer. Debtsare provided for if not recovered within one term. Estimating amounts to provide againstrecovery of debts is a matter of judgement.

27



e) Ancillary and Non-Ancillary Trading Income

Ancillary trading income represents amounts from activities to generate funds within thecharitable objects, for example school shop sales, coaches to and from school and schooltrips. Non-ancillary trading income represents amounts from activities not directly relatedto the charitable objects, for example lettings of school facilities out of term time and rentalfrom spare school buildings. Income from these activities is recognised in the Statementof Financial Activities when the goods are sold or services provided.

f) Voluntary sources, Grants and Donations

Voluntary incoming resources are accounted for as and when entitlement arises, theamount can reliably be quantified and the economic benefit is considered probable.Voluntary income for general purposes is accounted for as unrestricted and is credited tothe General Reserve. Where the donor or an appeal has imposed trust law restrictions,voluntary income is credited to the relevant restricted fund and incoming endowments areaccounted for as permanent trust capital or expendable trust capital, according to whetherthe donor intends retention to be permanent or not. Gifts in kind are valued at estimatedopen market value at the date of gift, in the case of assets for retention or consumption, orat the value to the school in case of donated services or facilities.

For legacies, entitlement is taken as the earlier of the date on which either: the charity isaware that probate has been granted, the estate has been finalised and notification hasbeen made by the executor(s) to the Trust that a distribution will be made, or when adistribution is received from the estate. Receipt of a legacy, in whole or in part, is onlyconsidered probable when the amount can be measured reliably and the charity has beennotified of the executor's intention to make a distribution.

g) Expenditure

Expenditure is accrued as soon as there is a contractual obligation or a liability isconsidered probable, discounted to present value for longer term liabilities. Expenditure isallocated to expense headings either on a direct cost basis or apportioned according totime spent. The irrecoverable element of VAT is included with the item of expense to whichit relates. Bad debts are provided for in accordance with the group bad debt policy. Thecost of refurbishing and converting existing buildings is written-off in the year in which it isincurred except where the useful life has been extended.

h) Finance and Other Costs

Other costs include amounts accrued in accordance with the terms of Fees in AdvanceScheme Contracts.

i) Pension Costs

The Company participates in the Teachers' Pensions scheme, which is an unfundedgovernment scheme, which provide benefits based on final pensionable pay. The fundsof the scheme are separate from the company, although the company's share of thescheme cannot be identified as the schemes are multi-employer schemes, and so thepension costs are accounted for as defined contribution schemes. The Company alsocontributes to a Group Personal Pension scheme with defined contributions for non-teaching staff.

There is a closed defined benefits scheme for non-teaching staff. Contributions to thescheme are made in accordance with the recommendations of independent actuaries andare charged to the Statement of Financial Activities as they are incurred. In addition, underthe provisions of FRS102, the actuarial liability of the scheme is reviewed annually andprovision is made for any actuarial deficit arising.

The assets of the scheme are held separately from the company in an independentlyadministered fund. Contributions to the defined contribution scheme are charged to theStatement of Financial Activities as they are incurred.

Actuarial assumptions in respect of defined benefit pension schemes

The application of actuarial assumptions relating to defined benefit pension schemes is

28



nftit

1

J

JJJJJJ

incorporated in the financial statements in accordance with FRS 102. In applying FRS102, advice is taken from independent qualified actuaries. In this context, significantjudgement is exercised in a number of areas, including future changes in salaries andinflation, mortality rates and the selection of appropriate discount rates.

More detail is given in note 25.

j) Tangible Fixed Assets and Depreciation

In accordance with Section 35.10 (d) of FRS102, Ardingly College has elected to use thecarrying value of any of the above freehold land and buildings previously carried at avaluation, as their deemed cost at the date of transition to FRS102, 1 September 2014.Tangible fixed assets are stated at cost less depreciation. Individual capital items, orprojects, with a value greater than £10,000 are capitalised. Assets in the course ofconstruction are stated at cost less any provision for impairment. They are transferred tocompleted assets when substantially all of the activities necessary to get the asset readyfor use are complete. Where appropriate cost includes our own labour costs in relation toconstruction, and directly attributable overheads.

Where tangible fixed assets have been acquired with the aid of specific grants they areincluded in the balance sheet at cost and depreciated over their expected useful economiclife. The related grants are credited to a restricted fixed asset fund (in the statement offinancial activities and carried forward in the balance sheet). The depreciation on suchassets is charged in the statement of financial activities over the expected useful economiclife of the related asset on a basis consistent with the depreciation policy.Depreciation is provided at rates calculated to write off the cost, less estimated residualvalue of each asset based on current market prices, over its expected useful life, as follows:Freehold land is not depreciatedFreehold Buildings:

Freehold improvementsComputer equipmentTelephone systemFixtures and Fittings,Plant & EquipmentMotor vehicles

Variable according to the building and written offover the expected useful life (see paragraphbelow)

Over the useful economic life of the improvement25% on cost10% on cost

5% - 25% on cost25% on cost

The company has reviewed its tangible assets, which comprise land, buildings and initialfixtures and fittings. The company undertakes an annual review of all buildings assessingtheir useful economic life. In some cases the useful economic life of a building isanticipated to be of considerable length, often in excess of 100 years. The buildings arecapitalised in the financial statements at historic cost. Where the calculated depreciationcharge is a material figure, it is charged in these financial statements but, where thecarrying value is not more than the estimated recoverable amount and the depreciation onthe building is not material to these financial statements, it has been assessed, but notcharged on the basis that it is not material. The directors will continue to carry out annualassessments of the recoverable amount and the estimated useful life of all buildings andwhere the depreciation is a material value, it will be charged. The review is based on thedirectors' assessments of the market value and the future economic benefit derived froman asset versus its carrying value in the financial statements.When the company undertakes a significant refurbishment project that will have aneconomic benefit, the cost of the refurbishment is capitalised, recorded separately under'Freehold Improvements', its useful life is estimated and it is depreciated over that usefullife.

Ardingly College exercises judgement in selection of appropriate rates for depreciation offixed assets, and for matters of impairment.

29



k) Financial Instruments

Ardingly College only has financial assets and financial liabilities of a kind that qualify asbasic financial instruments. Basic financial instruments are initially recognised attransaction value and subsequently measured at their settlement value with the exceptionof bank loans which are subsequently measured at amortised cost using the effectiveinterest method.

DebtorsTrade and other debtors are recognised at the settlement amount due after any tradediscount offered. Prepayments are valued at the amount prepaid net of any trade.discounts due.

CashCash at bank and cash in hand includes cash and short term liquid investments with ashort maturity of three months or less from the date of acquisition or opening of thedeposit or similar account.

CreditorsCreditors and provisions are recognised where the charity has a present obligationresulting from a past event that will probably result in the transfer of funds to a third partyand the amount due to settle the obligation can be measured or estimated reliably.Creditors and provisions are normally recognised at their settlement amount afterallowing for any trade discounts due.

I) Securities and Fees in Advance Investments

Securities and Fees in Advance investments are carried at fair value, which is deemed tobe market value as at the balance sheet date.

Unrealised gains and losses arising on the revaluation of investments are credited orcharged to the Statement of Financial Activities and are allocated to the appropriate fundaccording to the 'ownership' of the underlying assets. Realised gains and losses are thedifference between sales proceeds and opening market value where the investment washeld at the beginning of the year, or sales proceeds less cost of purchase where theinvestment was acquired in the year. The revaluation reserve reflects the accumulatedtotal of unrealised gains and losses. Uninvested cash is the balance of liquid cash, heldas an investment, which has not been invested in securities.

m) Stocks

Stocks comprise consumable stores and goods held for resale: they are valued at the lowerof cost and net realisable value.

n) Leasing Commitments

Rentals applicable to operating leases where substantially all of the benefits and risks ofownership remain with the lessor are charged to the Statement of Financial Activities on astraight line basis over the lease term. Lease incentives are accounted for over the leaseterm on a straight-line basis.

o) Fund Accounts

Endowment funds are subject to specific conditions by donors that the capital must bemaintained by the charity. Endowment funds are further sub-divided into permanent andexpendable, where required by the terms of the trust.

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 financialstatements.

Designated funds comprise funds which have been set aside at the discretion of thedirectors for specific purposes. The purposes and uses of the designated funds are setout in the notes to the financial statements.

30



ftn

p) Taxation

Ardingly College is a registered charity and as such are exempt from income tax andcorporation tax under the provisions of Section 478 of the Corporation Tax Act 2010. Thereis no similar exemption for VAT, which is included in expenditure or in the cost of assetsas appropriate.

The school has a subsidiary company that is subject to taxes including corporation tax andVAT in the same way as any commercial organisation. The tax charged to the profit andloss account is based on the subsidiary company's profit for the year and takes intoaccount tax arising because of timing differences between the treatment of certain itemsfor tax and accounting purposes. The subsidiary company distributes the majority of itsprofits to Ardingly College under Gift Aid and tax liabilities are kept to a minimum.

q) FRS102 Exemptions

As a qualifying entity within the meaning of FRS 102, the charitable company has chosento take advantage in its financial statements of the following disclosure exemptions:

11

•

Section 11 and Section 12 - Financial instruments disclosuresStatement of cash flows (as the cash flows ofArdingly College Limited in theconsolidated cashflow statement of the woodard corporation)

JjJJJJ

31



2. CHARITABLE ACTIVITIES - SCHOOL FEES RECEIVABLE

The school fees income comprisesGross feesLess: Total scholarships, bursaries, etc

Add back: Scholarships, Grants etc paid for by RestrictedFunds

2018£

20,725,673(2,087,588)

17,708

2017£

19,980,072(2,095,702)

21,603.

18,655,793 17,905,973

Scholarships, bursaries and other awards were paid to 363 pupils (2017: 305 pupils). Within this,means-tested bursaries totalling £557,513 were paid to 57 pupils (2017: £594,213 to 50 pupils).

3. CHARITABLE ACTIVITIES - ANCILLARY TRADINGINCOME

ExtrasEntrance fees and registration feesPupil transportRent receivable and related incomeCommissions and related incomeSundry other income

4. OTHER TRADING ACTIVITIES

Non-ancillary trading incomeArdingly Projects Limited turnoverLettings incomeRents receivableInterest receivable - pupil billsOther non-ancillary trading income

2018£

508,42775,62463,000

91,484134,406

872,941

2018£

1,793,059

114,99826,546

2017£

369,99256,39652,860

44,359151,709

675,316

2017£

1,642,434

99,86230,945

1,934,603 1,773,241

32



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5. INVESTMENTS - BANK AND OTHER INTEREST RECEIVABLEUnrestricted Restricted Endowed

Bank interestOther interest

25,3261,728

27,054

29112,000

12,291

Total2018

£

25,61713,728

39,345

6. VOLUNTARY SOURCES - GRANTS, DONATIONS AND LEGACIES

Unrestricted Restricted Endowed

Sundry Bequests &DonationsLegacies

14,581

1,328,988

1,343,569

7,929

7,929

Total2018

£

22,510

1,328,988

1,351,498

Total2017

£

55,52812,817

68,345

Total2017£

208,165

208,165

jJJjJJ^-

33



7. ANALYSIS OF EXPENDITURE

a) Total expenditureStaff costs

(note 9)£

Costs of raising fundsNon ancillary tradingOther incomegenerating activitiesFinancing cost (note 8)InvestmentmanagementFundraising anddevelopment

Total cost ofgenerating funds

Charitable expenditureTeachingWelfarePremisesSchool administrationDonationsGrants awards andprizes (note 8b)

648,711

30,298

679,009

8,637,7261,039,4121,150,0621,084,093

SupportCosts

£

618,998

382,790

36,420

1,038,208

879,9441,233,6432,618,290

897,535

17,924

Depreciation(Note 12)

£

8,2021,141,336

44,268104,058

Total2018

£

382,790

66,718

1,717,217

9,525,8723,414,3913,812,6202,085,686

17,924

Total2017

£

1,267,709 1,114,743

431,369

68,789

1,614,901

9,152,3953,099,5754,046,5242,058,891

12,934

Governance costs

Education and grantmaking

Total Expenditure

11,911,293

11,911,293

12,590,302

5,647,336

148,941

5,796,277

6,834,485

1,297,864

1,297,864

1,297,864

18,856,493

148,941

20,722,651

18,370,319

140,637

19,005,434 18,510,956

20,125,857

Governance costs includes £126,747 annual levy paid to the Woodard Corporation.

34



^n']

n

7, ANALYSIS OF EXPENDITURE (Continued)b) Grants' awards and prizes

Ardingly College makes awards to individual families to support schooling.2018

£

From Endowed Funds:Other grants and awardsFrom Restricted Funds:Other grants and awardsPrizes and leaving awardsFrom Unrestricted Funds:Other grants and awardsPrizes and leaving awards

17,924

2017£

21,60312,934

17,924 34,537

c) Total resources expended include:

Ardingly College reimburses governors for out of pocket expenses including travel subsistence andaccommodation, where a claim is made. Four (2017:7) trustees were reimbursed during the year.

Remuneration paid to auditor for audit servicesRemuneration paid to auditor for non-audit servicesDepreciation of tangible fixed assets:

- owned by the Charitable Company- held under finance leases and hire purchase contracts

(Profit)/loss on disposal of fixed assetsOperating lease rentals:

- land and buildings- other assets

Cost of stock/inventories recognised as an expense in the periodReimbursement of personal expenses to governors

2018£

15,543

1,297,864

1,750

52,7631,008,931

632

2017£

12,679

1,077,621

19,7871,023,504

1,374

JJjJJ

8. FINANCING COSTS

Bank interest payableOther interest payableFees In Advance debt financing costsPension Scheme financing costBank chargesProvision for bad and doubtful debts

2018£

370,678

11,578534

382,790

2017£

386,601

5,92738,841

431,369

35


NOTES TO THE FINANCIAL STATEMENTSYEAR ENDED 31ST AUGUST 2018

9. STAFF COSTS

The aggregate payroll costs for the year were:Wages and salariesSocial security costsOther pension costsPrivate medical insurance

2018£

10,409,5751,019,1771,159,997

1,553

2017£

9,863,757947,516

1.099,6091,888

12,590,302 11,912,770

Included in other pension costs are defined contribution payments totalling £334,545 (2017:£276,393).

Included in staff costs are redundancy or termination payments totalling £24,046 (2017: £20,000).The amount outstanding at the year-end was £nil (2017: £nil).

The College Head, Deputy Head, Prep Head and Operations Director are classed by the school asbeing the Key Management Personnel.

None of the governors received remuneration or other benefits from Ardingly College or from anyconnected body.

Aggregate employee benefits of key management personnel £493,501 £512,648

The number of higher paid employees whose annual emoluments were£60,000 or more was:

£60,001 -£70,001 -£80,001 -£90,001 -£100,001£110,001£120,001£130,001£140,001£150,001

£70,000£80,000£90,000£100,000-£110,000-£120,000-£130,000-£140,000-£150,000-£160,000

The number with retirement benefits accruing:- in Defined Contribution schemes was

Of which the contributions amounted to

- in Defined Benefit schemes was

Of which the contributions amounted to

2018No

1441

11

5

£82,318

16

£156,946

2017No

17211

1

1

5

£66,922

18

£174,709

For 2018 there are nil (2017: nil) employees earning over £60,000 per year that have chosen not toparticipate in a pension scheme.

36



nn

9. STAFF COSTS (Continued)

The average number of employees for the Group and Charity during the year calculated on a headcount basis, was 411 (2017:402)

2018 2017No No

TeachingOther activities

141270

411

139263

402

10. DIRECTORS

None of the directors (or any persons connected with them) received any remuneration during the year.Scholarships totalling £nil were awarded to children of directors attending the school (2017: £nil).

J

11. TAXATION

The company is a registered charity and therefore no liability to taxation arises on its charitableactivities.

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13. SECURITIES INVESTMENTS

Group investmentsAt 1 SeptemberNew money investedReinvested incomeAmounts extractedInvestment management feesRealised gains/(losses) on investmentsUnrealised gains/(losses) on investmentsMovement in uninvested cash

Group investments at 31 August

Investment in subsidiaries

Company investments at 31 August

2018£

10,702

(862)

9,840

3

9,843

2017£

9,646

1,056

10,702

2

10,704

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Investments comprise:Listed investmentsFixed interestEquities

Group investments at 31 August

Investment in subsidiaries

Company investments at 31 August

9,840

9,840

3

9,843

10,702

10,702

2

10,704

Ardingly College owns all of the share capital of Ardingly Projects Limited, a companyincorporated in England/Wales and Ardingly College International Limited, a companyincorporate in England/Wales. Further details are provided in note 26.In addition to the above investments, cash balances within the Fees in Advance Scheme areincluded in current assets as cash deposits.

39



14. DEBTORS

School fees receivableTrade debtorsStaff loansOther debtorsPrepayments and accrued incomeTax recoverableAmounts due from subsidiarycompanyAmounts due from parent company

Group2018

£

203,815285,253

1,432,660163,904

3,740

2,106

2,091,478

2017£

284,084402,892

25,917160,857

873,750

Company2018

£

203,8157,640

1,404,376163,904

3,740656,395

2,106

2017£

284,084

25,917160,857

973,866

2,441,976 1,444,724

15. CREDITORS: amounts falling due within one year

Group2018

£2017

£

Bank loans and overdrafts 174,554 163,745Deposits from parents 309,294 290,443Fees received from parents in 2,682,823 2,425,279advance of termTrade creditors 701,950 772,749Taxation and social security 18,575 239,463Other creditors 130,339 150,151Fees in Advance Scheme 162,413 102,507Accruals 932,586 752,961

Company2018

£

174,554309,294

2,682,823

679,044

112,697162,413905,858

2017£

163,745290,443

2,425,279

751,143218,522114,186102,507725,910

5,112,534 4,897,298 5,026,683 4,791,735

Ardingly College has a bank loan from Lloyds Bank Pic. The loan is secured against the Collegecampus at a fixed rate of interest of 5.845% over base rate, and is repayable over a term of 25 yearsin total.

40



[11

16. CREDITORS: amounts falling due after one yearGroup2018

£

Bank loans and overdraftsFees received from parents inadvance of termDeposits from parentsFees in Advance Scheme

6,079,185

16,8681,475,340

57,330

17. BANK LOAN

The bank loan is repayable in instalmentsDue after 5 yearsDue within 2 to 5 yearsDue within 1 to 2 yearsDue after more than one yearDue within 1 year

2017£

6,253,740

32,4081,379,026105,939

Company2018

£

6,079,185

16,8681,475,340

57,330

7,628,723 7,771,113 7,628,723

2018£

5,276,351617,968184,866

6,079,185174,554

6,253,739

2017£

6,253,740

32,4081,379,026105,939

7,771,113

2017£

5,495,436583,749174,555

6,253,740163,745

6,417,485

JjJJJJJJ1

The bank loan is held entirely by the parent entity, Ardingly College Limited.

18. FEES IN ADVANCE SCHEME

Parents and others may enter into a contract to pay for fixed contributions towards pupil tuition fees fora number of years in advance. The money may be returned subject to specific conditions on the receiptof notice. Assuming pupils remain in the school, fees in advance will be applied as follows:

After 5 yearsWithin 2 to 5 yearsWithin 1 to 2 years

Due after more than one yearWithin 1 year

2018£

57,330

57,330

162,413

219,743

41

2017£

105,939

105,939

102,507

208,446



18. FEES IN ADVANCE SCHEME (Continued)

Summary of movements in liability

Balance at 1 September 2017New contractsAmounts used to pay fees

Balance at 31 August 2018

£

208,446113,804

(102,507)

219,743

19. COMMITMENTS UNDER OPERATING LEASES

The future minimum commitments under non-cancellable operating leases are:

Within 1 yearWithin 1 to 5 yearsAfter 5 years

Land and buildings2018 2017£ £

Other2018 2017£ £

48,46377,614

126,077

22,18316,740

38,923

20. SHARE CAPITAL

Authorised100 Ordinary Shares of £1 each

Allotted, called up and fully paid100 Ordinary Shares of £1 each

2018£

100

100

2017£

100

100

Ordinary Share Rights

The ordinary shares, which carry no right to fixed income, each carry the right to one vote at generalmeetings of the College.

42

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21.FUNDS

Ardingly College's funds are analysed under the following headings:

a) ENDOWED FUNDS

The endowed funds of the Charity are funds set up by donors as permanent capital. The incomegenerated is restricted to funding bursaries, grants and prizes.

b) RESTRICTED FUNDS

Special trust fundsThese represent current gifts, donations legacies etc from external donors for specific purposeswhere there is no requirement to preserve capital. Expenditure directly financed by such gifts isshown under restricted funds.

At 31 August 2018,these were:

Ardingly College Prize & Bursary FundStrength & Conditioning CentreStudent HardshipMark Lawrence Bursary

£

107,764121,87157,11711,874

298,626

c) UNRESTRICTED FUNDS

Unrestricted funds represent accumulated income from the school's activities and other sourcesthat are available for the general purposes of the school.

This is also includes the Drake Fund (£1,328,988), which is formed from a legacy donation duringthe year. Funds and income generated from the fund are intended to be used to fund bursaries andthe purchase of equipment for College use.

43

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23. SUMMARY OF MOVEMENTS ON MAJOR FUNDS

nnn1!-)(

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Endowed-Permanent

PropertyShares

Revaluation Reserve

Total Endowment

Restricted Funds

Ardingly CollegePrize and DonationFundStrength &Conditioning CentreStudent HardshipMark LawrenceBursary

Unrestricted FundsSpecific DevelopmentCampaignsDrake FundGeneral ReservePension ReserveTrading Subsidiary

Total Funds

At 1 Sept2017

£

283,57310,702

(21,176)

273,099

110,719

188,856

56,931

29,287

385,793

13,149,699

Incoming Resourcesresources expended Transfers£ £ £

14,968

4,770

186

296

(17,924)

(71,755)

(17,708)

20,220 (107,387)

54,580 19,886

1,328,98814,016,862 20,885,805 (19,997,233)(1,581,000) - (17,000)

365 601,031 (601,031)

12,490,807 22,835,710 (20,615,264)

;

22,855,930 (20,722,651)

Note 21 provides details of the individual funds.

Endowed-Permanent

PropertyShares

Revaluation Reserve

Total Endowment

At 1 Sept2016

£

283,5739,646

(21,176)

Incomingresources

£

Resourcesexpended

£Transfers

£

Gains/(losses)

£

(862)

(862)

390,000

Gains/(losses)

£

1,056

At 31August

2018£

283,5739,840

(21,176)

272,237

107,763

121,871

57,117

11,875

298,626

74,466

1,328,98814,905,434(1,208,000)

365

390,000 15,101,253

389,138 15,672,116

At 31August

2017£

283,57310,702

(21,176)

272,043 1,056 273,099

jJ

45



Restricted FundsArdingly CollegePrize and DonationFundStrength &Conditioning CentreCharles Godwin

Student HardshipMark LawrenceBursary

Unrestricted FundsSpecific DevelopmentCampaignsGeneral ReservePension ReserveTrading Subsidiary

108,311

45,12756,996

43,553

253,987

40,574

13,617,066(1,983,000)

365

15,342

165,551

5,000210

644

186,747

34,593

19,829,471

(12,934)

(34,516)

(4,818)(275)

(16,785)

57,821

(45,309)

1,875

(69,328) 14,387

(6,200) (14,387)(19,429,675)

(37,000)583,654 (583,654)

439,000

11,675,005 20,447,718 (20,056,529) (14,387)

110,719

188,856

56,931

29,287

385,793

54,580

14,016,862(1,581,000)

365

439,000 12,490,807

Total Funds 12,201,135 20,634,465 (20,125,857) 440,056 13,149,799

24. CAPITAL COMMITMENTS

At 31 August 2018, the group had capital commitments as follows,relating to the STEM building and Percussion Room Extension:

2018

£

2017

£

Expenditure contracted for but not provided in the accounts 2,905,458 219,880

46



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25. PENSION SCHEMES

Teachers' Pension Scheme

The School participates in the Teachers' Pension Scheme (England and Wales) ("the TPS"), for itsteaching staff. This is a multi-employer defined benefits pension scheme and it is not possible orappropriate to consistently identify the liabilities of the TPS which are attributable to the School. Asrequired by Section 28.11 of FRS102, the School accounts for this scheme as if it were a definedcontribution scheme.

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme,governed by the Teachers' Pensions Regulations (2010) and, from 1 April 2014, by the Teachers'Pension Scheme Regulations 2014. Membership is automatic for full-time teachers in schools and,from 1 January 2007, automatic for teachers in part-time employment following appointment or achange of contract, although they are able to opt out.

The TPS is an unfunded scheme and members contribute on a "pay as you go' basis - thesecontributions along with those made by employers are credited to the Exchequer. Retirement andother pension benefits are paid by public funds provided by Parliament.Valuation of the Teachers' Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review ofthe TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap)Directions 2014 published by HM Treasury. The aim of the review is to specify the level of futurecontributions. Actuarial scheme valuations are dependent on assumptions about the value of futurecosts, design of benefits and many other factors. The latest actuarial valuation of the TPS wascarried out as at 31 March 2012, and in accordance with the Public Service Pensions (Valuationsand Employer Cost Cap) Directions 2014. The valuation report was published by the Departmentfor Education on 9 June 2014. The key elements of the valuation and subsequent consultation are:

employer contribution rates set at 16.48% of pensionable pay (including a 0.08% employeradministration charge (currently 14.1%)total scheme liabilities (pensions currently in payment and the estimated cost of futurebenefits) for service to the effective date of £191 ,500 million, and notional assets (estimatedfuture contributions together with the notional investments held at the valuation date) of£176,600 million giving a notional past service deficit of £14,900 millionan employer cost cap of 10.9% of pensionable pay will be applied to future valuationsthe assumed real rate of return is 3.0% in excess of prices and 2% in excess of earnings. Therate of real earnings growth is assumed to be 2.75%. The assumed nominal rate of return is5.06%

•

During the previous year the employer contribution rate was 14.1%. The TPS valuation for 2012determined an employer rate of 16.4%, which was payable from September 2015. The nextvaluation of the TPS is currently underway based on April 2016 data, whereupon the employercontribution rate is expected to be reassessed and will be payable from 1 April 2019.The employer's pension costs paid to the Teachers' Pension Scheme in the period amounted to£825k(2017:£823k).

A copy of the valuation report and supporting documentation is on the Teachers' Pensions website.

JJJ

47



25. PENSION SCHEMES (Continued)

Ardingly College Retirement Benefit Scheme(A final salary pension scheme operated for Support staff)

Composition of the Scheme

A full FRS102 valuation was carried out for the Ardingly College Retirement Benefit Scheme as at 31August 2018 by a qualified independent actuary. The assets of the scheme are held separately from thoseof the Employer. The major assumption? used by the actuary to v.alue the assets and liabilities at thebalance sheet date are:

2018 2017

Inflation assumptionRate of increase in salaries

The assumed rate of increase to pensions in defermentThe assumed rate of interest to pensions in paymentAssumed rate used to discount scheme liabilities

Expected returns on assets

3.4%4.4%3.4%3.3%2.8%2.6%

3.5%4.5%3.5%3.4%2.6%2.0%

Assumptions

The assumptions have been determined as follows:

the discount rate is based on a yield curve constructed from the iBoxx sterling AA Corporate BondIndex at the effective date, at the duration of the liabilities;

the rate of increase in the Retail Price Index (RPI) is derived from the difference in the yields on fixedand index-linked UK government bonds (gilts) at the effective date published by the Bank of England.The rate of increase in the Consumer Price Index (CPI) and inflation-linked pension increases arebased on the RPI assumption

demographic assumptions are those used for the funding valuation as at 1 September 2014. They aredescribed in the report on the valuation dated 28 August 2015

Assets and Liabilities at each year end in accordance with FRS102 were:

Total market value of assetsPresent value of liabilitiesDeficit

2018£

2,891,000(4,099,000)(1,208,000)

2017£

2,817,000(4,398,000)(1,581,000)

Analysis of amount recognised in Statement of Financial Activities

Current service costNet interest on defined benefit liabilityExpenses paid from the Scheme

Total Cost

2018£

50,00041,000

7,00098,000

2017£

70,00039,000

8,000117,000

48



Changes in the present value of the defined benefit liabilities are:

f]n;11']

r~

]

1JJJJJi

Opening value of liabilitiesInterest costService cost (including member contributions)Experience gainChange of assumptions (gain) / lossBenefits paidClosing value of liabilities

Changes in the fair value of the assets are as follows:

Opening value of assetsExpected returnAsset gainContributions by employerContributions by membersBenefits paidExpenses paid from the schemeClosing value of assets

2018£

4,398,00097,00056,000

(97,000)(225,000)(130,000)^4,099,000

2018£

2,817,00056,00075,00074,0006,000

(130,000)(7,000)

2,891,000

2017£

4,677,00079,00076,000

(80,000)(262,000) •(92,000)

4,398,000

2017£

2,694,00040,00097,00080,0006,000

(92,000)(8,000)

2,817,000

The total value of the assets is divided between the main asset classes as follows:

At 31 Aug 18 At 31 Aug 17

EquitiesGiltsBondsPropertyCashAnnuitiesTotal

32.5%14.3%24.9%5.1%2.4%

20.8%

34.2%14.7%22.5%4.4%0.2%24%

100% 100%

Amounts for the current and previous 4 periods (in thousands):

2018£'000

2017£'000

2016£'000

2015£'000

2014£'000

Present value ofliabilitiesTotal market value ofassets

(4,099)

2,891

(4,398)

2,817

(4,677)

2,694

(3,526)

2,294

(2,802)

1,482DeficitExperience gain /(loss)on assets

(1,208)

75

(1,581)

97

(1,983)

349

(1,232)

36

(1,320)

40Experience gain/(loss)on liabilities 97 80 83 8 69

The actual return on assets over the period was a gain of approximately £131 k (2017: £137k).The total actuarial gain/loss for the period (being the sum of the liability experience gain/loss, thechange of assumptions gain/loss and the asset gain/loss) was a gain of approximately £397k (2017:loss of approximately £439k).

49



The Employer expects to contribute approximately £50k to the scheme in the year from the end of theperiod towards the deficit.

26. SUBSIDIARIES

The Company owns all of the share capital ofArdingly Projects Limited, a company incorporated inEngland and Wales (Company number: 01931797). This company carries out trading activity onbehalf of the College including commercial letting and sales from the College's tuck shop anduniform shop.

Ardingly Projects Limited had a turnover of £1,793,059 (2017: £1,642,434), gross profit of£1,252,784 (2017: £1,108,499), and a profit before tax and gift aid of £419,067 in the year ended31 August 2018 (2017: profit of £427,249). At 31 August 2018 the company had shareholder'sfunds of£367 (2017: £367).

Ardingly Projects Ltd paid rent of £129,572 (2017: £123,402) and employment cost recharges of£648,710 (2017: £506,629) to Ardingly College Limited during the year. Ardingly Project Limited'sfull year profit before tax of £419,067 is gift aided to Ardingly College Limited. At year end, ArdinglyProjects Limited owed Ardingly College Limited £667,086 (2017: £966,711).

The Company also owns all of the share capital of Ardingly College International Limited, acompany incorporated in England and Wales (Company Number 11540470). This company wasincorporated on 28 August 2018, and will be used for all activities relating to the setting up ofeducational partnerships with international schools.

Both subsidiaries have the same registered office of Ardingly College, College Road, Ardingly,Haywards Heath, West Sussex, RH17 6SQ.

50



27. Consolidated Statement of Financial Activities - Comparative figures by fund typeUnrestricted Restricted Endowed Total

Rn;11]

jJ

j

JJJJJJ^

Year Ended 31 August2017

Income and endowmentsfrom Charitable activitiesSchool fees receivableAncillary trading incomeOther trading activitiesNon-ancillary trading incomeOther ActivitiesInvestmentsInvestment incomeBank and other interestVoluntary sourcesGrants and donationsOther incoming resourcesTotal Incoming ResourcesExpenditure on:Raising fundsNon ancillary tradingOther income generatingactivitiesFinancing costsInvestment managementFundraising anddevelopmentTotal Deductible CostsCharitable activitiesEducation and grant makingTotal resources expendedNet gains/(losses) oninvestment assets

Net income/(expenditure)Transfers between fundsOther recognisedgains/(losses)Pension scheme actuarialgains/(losses)Net movement in funds forthe yearFund balances at 1stSeptemberFund Balances at 31stAugust

£

17,905,973675,316

1,742,29630,945

55,528

34,2353,425

20,447,718

1,114,743

431,369

68,789

1,614,901

18,441,62820,056,529

391,189(14,387)376,802

439,000

815,802

11,675,005

12,490,807

51

£ £

12,817

173,930

186,747

69,32869,328

117,41914,387

131,806

131,806

253,987

385,793

1,056

1,056

1,056

£

17,905,973675,316

1,742,29630,945

68,345

208,1653,425

20,634,465

1,114,743

431,369

68,789

1,614,901

18,510,95620,125,857

1,056

509,664

509,664

439,000

1,056 948,664

272,043 12,201,035

273,099 13,149,699


NOTES TO THE FINANCIAL STATEMENTSYEAR ENDED 31ST AUGUST 2018

28. ULTIMATE CONTROLLING PARTY

TheWoodard Corporation Limited (Company Number 04659710) is the ultimate controlling party,a registered charity number 1096270, which is incorporated in England and Wales. Copies of thefinancial statements of the Woodard Corporation can be obtained from High Street, AbbotsBromley, Rugeley, Staffordshire, WS15 3BW. The accounts of Ardingly College Limited areincluded within the consolidated financial statements of the Woodard Corporation Limited.

29. RELATED PARTIES

. As stated in note 26, Ardingly College Limited, is a wholly owned subsidiary of The Woodard .Corporation. An amount of £126,747 was paid during the year to Woodard Corporation byway ofa levy to meet running costs.

The company also controls a subsidiary trading company, Ardingly Projects Limited and a newsubsidiary, Ardingly College International Limited.

During the year the company was charged professional fees of £14,608 by Savills (L&P) Ltd ofwhich Guy Dixon is a Director; Professional Fees of £12,815 by Deloitte Professional Services Ltdof which James Sloane is a Consultant with Deloitte MCS Ltd and Kate Sweeney is a Partner;Professional Fees of £5,284 by Knights Professional Services Ltd of which Sian Champkin is aPartner. In addition, the College purchased storage facilities and woodchip at a cost of £27,348from Chiddinglye Farm Partners of which Lord Edmund Limerick is the owner.

The fees were charges on an arm's length basis and no amounts were outstanding at year end. Allconflicts have been recorded on Declaration of Interest forms and also at the start of relevantGovernor meetings to be included in the minutes.

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Ardingly College Limited - Charity Commission

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