2020-08-31-accounts

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Charity Registration No. 1099060

Company Registration No. 4788370 (England and Wales)

SJS REALISATIONS LIMITED (FORMERLY ST JAMES’ SCHOOL, GRIMSBY LIMITED) DIRECTORS’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2020

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

	Page
Company information	1 – 2
Directors’ report	3 – 14
Strategic Report	7 – 14
Statement of Directors’ Responsibilities	14
Independent Auditor’s report	15 – 16
Statutory financial statements of the company	17 – 37

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

DIRECTORS AND ADVISORS

*DIRECTORS AND ADVISORS*
	R.D. England (Resigned 22ndMarch 2021)
Directors	A.M. Whitworth (Resigned 17thDecember 2020)
	I.R. Sanderson
	J.J.M. Shaw (Resigned 6thNovember 2020)
	D.C. Palmer (Resigned 3rdSeptember 2019)
	Mrs. R.L. Haith (Resigned 11thNovember 2020)
	A.E. Baxter (Resigned 10thDecember 2020)
	J. Pridgeon (Resigned 8thNovember 2020)
	J.M. Woolner (Resigned 18thNovember 2020)
	J. Lockwood (Resigned 11thAugust 2020)
	T.Furneaux (Resigned 10thNovember 2020)
	B.L.K. Allen (Appointed 20thDecember 2019)
	J.M. Bowman (Appointed 5thMarch 2020)
	L. O’Leary (Appointed 3rdMarch 2020,
	Resigned 13thOctober 2020)
Secretary	A. Major
Charity No.	1099060
Company No.	4788370
Principal address and Registered Office	St. James’ School, Grimsby
	22 Bargate
	Grimsby
	DN34 4SY
Key Management Personnel
Head	R.G. Murray
Bursar	A. Major
Auditors	RSM UK Audit LLP
	5th Floor, Central Square
	29 Wellington Street
	Leeds
	LS1 4DL
Bankers	Svenska Handelsbanken
	Unit 7, Europa Park
	Appian Way
	Grimsby
	DN31 2UT

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

Solicitors	Bridge McFarland
	19 South St. Mary’s Gate
	Grimsby
	DN31 1JE
	Wilkin Chapman
	Cartergate House
	26 Chantry Lane
	Grimsby
	DN31 2LJ
Insurance Brokers	Zurich Municipal
	Zurich House
	2 Gladiator Way
	Farnborough
	Hampshire
	GU14 6GB

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

The directors present their report and financial statements for the year ended 31[st] August 2020 and confirm they comply with the requirements of the Charities Act 2011, including the Directors’ Reports, under the Companies Act 2006. In anticipation of the sale of the School business and certain assets, the name of the Company was changed to SJS Realisations Limited by Special Resolution dated 28[th] April 2021 and filed at Companies House on 12[th] May 2021.

REFERENCE AND ADMINISTRATIVE INFORMATION

The charity was formed in June 2003 and is registered with the Charity Commission as charity number 1099060. The charity is a limited liability company and wholly owned subsidiary of The Woodard Corporation (charity number 1096270). Directors of the Company are also Fellows (members) of the Woodard Corporation and participate in the election of its board of management and are committed to its charitable objects.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Company is governed by Articles of Association as adopted by Special Resolution dated 20[th] March 2013, replacing those dated 8[th] June 2003 amended by Special Resolutions dated 25[th] January 2006, 28[th] April 2009 and 23[rd] June 2009. They permit funds to be managed in such a manner as the directors see fit, provided that such powers are only exercised for the purposes of attaining the objects and in a manner which is legally charitable. The Articles of Association forbid the distribution of any property or funds, which are to be applied 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 governing body of SJS Realisation Limited and are elected to hold office for five years. The school is governed by the governing body which operates using a number of committees. Membership of each committee is outlined on page 15. The governing body met 3 times physically and 7 times via remote link during the year.

Recruitment and Training of Governors

All governors are Corporate Fellows of the Woodard Corporation. Corporate Fellows are responsible for electing the Woodard Corporation Board. Governors are recruited on the basis of nominations from school contacts and from selection when a post becomes available. The governing body look to ensure a mix of skills and select new governors on the basis of background, competence, specialist skills and, in the case of Fellows, Christian commitment. Governors are provided with induction training by the Head, Bursar and staff and a wider programme of training events is organised by the Woodard Corporation. The school is also a member of the Association of Governing Bodies of Independent Schools (AGBIS). This allows the governors to attend further training and access a wide variety resources.

Where possible the governors consider that the skills and experience of the Board should comprise the following:

A Governor with a financial/accounting background. – R.D. England MBA

A Governor with education experience. – I.R. Sanderson

A Governor with senior managerial or business experience. – Mrs. R.L. Haith

A Governor with experience of equal opportunities or disability needs. – R.D. England

At least one female Governor and at least one male Governor.

One Governor may have one or more of these skills.

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

Volunteers

Governors are volunteers providing their time for free to support the governance of the school. The school also relies on a number of others to undertake volunteer roles including parents who assist with trips and sports fixtures, members of the PTA who organise parties and various events, and work placement students who are invaluable within the classroom.

Organisational Management

The school is governed by the governing body which delegates work to a number of committees. Membership of each committee is outlined on page 15. The directors determine the general policy of the company.

Finance and Resources Committee – the Finance Committee has a remit to consider budgets, both revenue and capital, cash flow information and financial reports, including the financial statements. It also considers financial policies and the financial regulations. It makes recommendations to the governing body for approval. The Finance Committee met 11 times during the year.

Academic Committee – the Academic Committee is responsible for oversight of the academic performance of the school and educational policy, making recommendations to the governing body. It met 3 times during the year.

Strategy Committee – This matter is the responsibility of the School Council.

The day to day management of the company is delegated to the Head and the Bursar as the key management personnel, overseeing educational, pastoral and administrative functions in consultation with the senior staff. The day to day administration is undertaken within the policies and procedures approved by the governors which provide for only significant expenditure decisions and major capital projects to be referred to the governors for prior approval.

The Head oversees the recruitment of all educational staff, whilst under delegated authority the Bursar oversees the recruitment of administrative and non-teaching support staff. The Head and Bursar are invited to attend governors’ meetings.

The remuneration of key management personnel is set by the Board, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the school’s success.

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

We aim to recruit, subject to experience, at the lower to medium point within a band, providing scope for rewarding excellence. Delivery of the school’s charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of our charitable expenditure.

Group Structure and Relationships

The school has developed links with a wide range of organisations to ensure the widest possible access to our facilities and schooling. Through membership of ISA and through networking with peer groups we ensure that we are able to attain the highest standards of quality and performance. We encourage our pupils to develop an awareness of the social context of the all-round education they receive at the school and they are engaged in a number of activities to enhance their understanding. We have a thriving alumni group, the Old Jacobeans, who are generous in supporting the work of the school and whose support we greatly appreciate. We also cooperate with many local charities (NSPCC, R.N.L.I., St. Andrew’s Hospice) in our ongoing endeavours to widen public access to the schooling we can provide, to optimise the educational use of our cultural and sporting facilities and to awaken in our pupils, in the public interest, an awareness of the social context of the all-round education they receive.

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

Employment Policy

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

CHARITABLE OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable 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 and principles of the Church. The Church is defined as being the Church of England and churches in full communion with the See of Canterbury.

Intended impact

Woodard schools strive for the best all round education of every aspect of each individual; they ensure high standards of religious education; and they see themselves as communities working together for the benefit of all members, the Church and the nation. They are strong Christian foundations which adhere to catholic belief as found in the Church, to Christian worship focused in the Eucharist, and to the care of each individual and the whole school community particularised in the ministry of the Chaplain.

Aims

SJS Realisations is a boarding and day school for pupils from the ages of 2 to 18. It aims to support children in reaching their potential in all areas of their activity at the school, and in the wider community. This may be in academic subjects but could just as easily be reflected in success in art, drama, sport, music or dance. We produce ‘well rounded’ individuals who are able to make a positive contribution to society. All Woodard schools aim to provide a rounded education to help the pupils to make their way in adult life.

Primary objectives

The primary objectives of SJS Realisations to fulfil these aims are:

to provide a stimulating learning environment in which pupils can develop their academic potential to the full;
to provide a happy and secure pastoral environment in which pupils can learn to live together and thus foster a sense of community, respect for one other and good citizenship;
to provide pupils with the opportunity to take advantage of a breadth of co-curricular activities in order to develop positively all aspects of their character;
to provide pupils with the opportunity to take decisions based on their own judgment and to communicate those decisions appropriately and effectively;
to provide financial support to enable children whose parents are unable to afford the full fees to benefit from a SJS Realisations Limited education;
to provide a clear, simple and effective management structure capable of taking timely decisions and allocating necessary resources appropriately, and
to provide the necessary administrative and logistical framework to meet the needs of members of staff and pupils alike.

Strategies to achieve the primary objectives

This year the focus for the school moved to create the best possible online learning experience for pupils who were affected by the Coronavirus pandemic, and the subsequent restrictions.

In line with current academic trends, we have been redesigning the curriculum to reflect the needs of a modern education, whilst at the same time maintaining the traditional core values and principles.

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

Principal Activities of the Year

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

Senior School Preparatory School Pre-Preparatory School Total Senior School Preparatory School Pre-Preparatory School Total	2019/2020 100 (30 boarders) 74 (1 boarder) 46 220 2019/2020 Boys Girls 56 44 40 34 20 26 116 104		2018/2019 97 (27 boarders) 102 (2 boarder) 40 239 2018/2019 Boys Girls 59 38 58 44 19 21 136 103

Public Benefit

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

In the furtherance of these aims the SJS Realisations Limited governors, as the charity trustees, have complied with the duty in s.17 of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub-sector guidance concerning the operation of the public benefit requirement under that Act.

Woodard and its schools provide a significant benefit to the public. The school strives to ensure that measures of public benefit are appropriate, and that significant sections of the public are not excluded from the opportunity to benefit from the education and facilities offered due to the need to pay a fee. In addition to significant provision of bursaries and other forms of financial support, the school provides a wide range of opportunities for community benefit and facilities and events are often open to all. Further detail of the public benefit offered is included in the section entitled ‘Review of Achievements and Performance for the Year’ below.

It is a key requirement of evidencing public benefit that any private benefit to individuals or elements of the charity will be incidental to the charity's objectives. An example of private benefit may be the reimbursement of travelling expenses for trustees attending training courses: any private benefit to individuals or elements of Woodard 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 who would otherwise not be able to afford the fees can access the education we offer. Our bursary awards are available to all who meet our general entry requirements and are made solely on the basis of parental means or to relieve hardship where a pupil’s education and future prospects would otherwise be at risk for example in the case of redundancy. In assessing means we use the methodology promulgated by the Independent Schools’ Bursars Association, which takes a number of factors into consideration including family income, investments and savings and family circumstances for example

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

dependant relatives and the number of siblings. Our school does not have an endowment and in funding our awards we have to be mindful that we must ensure a balance between fee-paying parents, many of whom make considerable personal sacrifices to fund their child’s education, and those benefiting from the awards.

The bursary awards range from 5% to 100% remission of fees. We also advertise the awards each year in the local press and social media. Where further assistance is required, scholarship awards may be supplemented by a means tested bursary. Further details of our bursary policy and how to apply are available on our website.

This year the value of means tested bursaries totalled £13,956 and represented 0.7% of our gross fees. They provided assistance to 8 of our pupils.

Scholarships

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

Scholarships are awarded with a fixed remission of fees of between 5% and 50%. We advertise the availability of scholarship awards each year in the local press. Further details of our scholarship policy are available on our website.

The school awarded academic scholarships to 25 pupils, based on their educational merit and potential, totalling £77,983 and representing 4% of our gross fees. The School also awarded a Golf Scholarship to 1 pupil, totalling £9,032, and Choral Scholarships to 2 pupils, totalling £9,632. Total Scholarships awarded of £96,647 represents 4.9% of the school’s gross fees. Of this number, 4 also qualified for means-tested bursary support and are included in the figures relating to bursary awards.

The progress of pupils receiving scholarships is reviewed at least annually to ensure their progress is in line with their abilities. No scholarships were withdrawn in the year as a result of reviews. The availability of all such awards for fee-assistance, together with the terms and conditions for each kind of award, is advertised on our website at www.saintjamesschool.co.uk.

Review

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

STRATEGIC REPORT

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

The Promotion of Education

During the year we educated an average of 220 children between the ages of 2 and 18. The school provides a very high standard of education and this is validated in review of the academic results, our measurements of added value and through external inspection. The school offers a broad curriculum and educates children with a wide range of ability. We can demonstrate particular excellence in Mathematics and Science. Our aim is to support children in reaching their potential in all areas of their activity at the school. This may be in academic subjects but could just as easily be reflected in success in art, drama, sport, music or dance. We produce ‘well rounded’ individuals who are able to make a positive contribution to society.

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

Two important contributors to our success are the strength of our pastoral care (where pupils feel secure and therefore able to learn) and our extra-curricular provision. We offer over twenty five clubs a week and compete successfully against many local State schools in a variety of sporting activities. As a Centre for both the Associated Board of Music and LAMDA, a very high proportion of our pupils successfully take examinations to the highest level and our Centre welcomes candidates from other schools as well.

Parents of pupils at the school often make significant sacrifices to pay the fees. In educating over 190 UK based pupils, parents help to relieve the state of the financial burden of paying for their children’s education. The saving to the public purse is estimated to have a value in the last year of £1,212,580.

Unlike schools in the maintained sector, the school is unable to recover the VAT on most of the purchases that we make. During the past year, we paid an estimated £43,000 in VAT on goods and services.

Academic Results

The educational performance of the school was very good, as demonstrated by the public examination results. Key stage 2 results were extremely pleasing, with many students exceeding their expectations. The school achieved 95% of its Year 11 students gaining 5 or more Grades 4 to 9 grades for GCSE against the national average of 63.7%, 32% of these results were at Grade 7 and above. This set of results demonstrates a significant improvement in terms of value added performance. There were some very pleasing Advanced Level passes with 30% of all results being at Grade 8 and above. There were 100% continuing on in to higher education at good quality universities of their choice.

The school aims to provide a rounded education to help the pupils to make their way in adult life and a very high proportion of students actively participate regularly in a wide variety of academies, clubs and extra-curricular activities, including Golf, Horse Riding, Tennis, Squash, Shooting, Debating, Computing, Karate, to back up the more traditional Music, Football, Netball, Swimming, Table-Tennis and academic clubs.

Improving Facilities

We continue to improve facilities through constant investment in the fabric of the buildings and assets, and programmes to provide the best facilities to support teaching and learning. This year we have invested in additional computer hardware for the art department and infrastructure across the Campus to improve the existing provision.

Arts, Music and Drama

One of the important elements of any Woodard school is the concentration on arts, music and drama. SJS Realisations Limited is involved in all different aspects of these activities with a number providing the training necessary to pass graded exams set by national institutions. We achieved a notable 100% successes at distinction level in the highest grades in LAMDA.

Our pupils and staff pride themselves on the quality of our choirs and related choral work. Events vary in their nature and complexity and choirs are often invited to support civic and community events, which this year saw invitations to sing in the Mayoral parlour at civic functions.

We also have smaller ensembles, chamber groups, and other groupings that flourish alongside the large choirs and orchestras.

Each year we stage musical and theatre productions, including the annual Foster Memorial Concert, and regular Musical Interludes.

Sport

The enormous range of sports offered at SJS Realisations Limited reflects the importance given to sporting activity and physical education. Sports include swimming, badminton, football, tennis, table tennis, cross country, basketball, athletics, rounders, and golf.

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

Impact of Coronavirus Pandemic

Schools were ordered to close to all except the children of ‘Key Workers’ in March 2020 and much of the education was moved online. In brief the impact has been to raise the level of uncertainty and risk for the whole education sector. St James’ School adapted well to the new situation and moved to online Zoom lessons for pupils in Yrs. 3-12, and the extended use of ClassDojo for pupils in Reception to Yr. 2. This level of interaction allowed pupils, parents and staff to maintain and monitor academic progress during the initial period of lock down. Following the announcement that schools could re-open from 1[st] June 2020 we put an extensive range of H&S measures in place, including the use of X-Mist in all teaching spaces, which allowed us to welcome back pupils from Day-Care to Prep 6, as well as some pupils in Yr. 10 and 12. Not only was this beneficial academically it also had huge social benefits for the pupils who had not had actual physical interaction with their peers since 17[th] March 2020.

The governors were mindful that the school were not able to deliver our full academic package and agreed to reduce tuition fees by 20% in the Trinity Term to reflect this. As the boarding pupils were no longer resident, although accessing on-line lessons, their boarding fees were refunded in full. The governors quickly recognised that the effects of Covid-19 would be long lasting, impacting many families and business, and made the decision not to increase the tuition fee rates for the 2020-21 academic year in the hope of supporting our families through this period.

The impact on the financial results for the year to 31st August 2020 has been significant but this has been mitigated as much as possible through the use of the various Government support schemes. The school accessed the Job Retention Scheme, between March and August 2020, and placed on furlough a total of 42 out of 69 staff during April and May. The school discussed accessing additional support via a CBILS with Handelsbanken, but as Handelsbanken did not have accreditation this was not pursued. However, in order to support the school during this period Handelsbanken did offer, and the school accepted, that the capital repayment of the loans be deferred from April 2020 until January 2021. This benefit amounts to c. £50k.

The majority of pupils returned in September 2020, including Boarding and international pupils, and the school has made a number of adaptations to make social distancing possible including creating year group bubbles to reduce the number of interactions occurring. The bubbles are Day-Care to Reception, Yrs. 1 and 2, Yrs. 3 and 4, Yrs. 5 and 6, Yrs. 7 to 9 and Yrs. 10 to 13. One of the many advantages of SJS Realisations Limited is our small class sizes. This has meant that by increasing the number of year group bubbles, rather than Pre-Prep, Prep and Senior, if we have a positive test returned for either a pupil or staff member we are able to minimise the impact on the wider school community. All pupils are required to wear face coverings when travelling on school transport. Also the school minibuses are cleaned each week with X-Mist, an aerosol product which provides seven days protection by creating a film on all surfaces. In the Senior Dept. all staff and pupils are required to wear a face covering when moving internally around the campus, and these are to remain in place until seated in the classrooms / Dining Hall etc.

Post balance sheet event

The school activities and certain assets of SJS Realisations Limited have been sold post year end to Alpha Schools (Holdings) Limited on 11 May 2021

Wider Education

We are committed to providing opportunities for students at university to gain practical teaching experience as part of their PGCE teacher training course. During the year 6 students were given such an opportunity across all three departments of the School.

Community

Through development of, and provision of access to new facilities, the school remains at the heart of

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

the community. Facilities made open to the public include:

We operate an after-school and holiday club for local children, although this was restricted between March and August 2020.
The Grimsby, Cleethorpes and District Youth Orchestra make use of our Markham Hall and Master’s Room on a weekly basis.
We enter external candidates for examinations which they would not otherwise be able to access.
Our sports field is now the home of Grimsby Borough Junior Football Club.

Outreach

The senior school has a formal partnership scheme with the local College, Grimsby Institute, whereby the younger sibling from abroad may be educated and board at SJS Realisations Limited and the older sibling may attend the Institute/University to study and be resident there.

The partnerships with Cottagers Plot Riding School and White Ledge Shooting School continued to grow during this academic year.

Charitable Activities

The school community takes part in a wide range of sponsored events and other fundraising activities. During the year we managed to raise in excess of £800 to help these projects.

Fundraising Performance

Fundraising and the ongoing work of raising voluntary funding for the school in Grants and donations totalled £69,749 (2019: £4,674), including restricted income donations of £7,500 (2019: £4,456).

Key Performance Indicators

The Key Performance Indicators (KPIs) used by the school are:

KPI	Target	Actual
Surplus	£10,000	(£156,178)
Pupil Numbers	250	220
Total salaries to income from Charitable activities.	75%	74.7%

The school’s targets have been affected by the Coronavirus Pandemic and were not a true reflection of the performance of the school.

Statement on Brexit

Following the outcome of the UK referendum on European Union membership, the UK left the European Union on 31st January, 2020. In preparation for this date, and in anticipation of the transition period, the school reviewed operations to understand and plan for the initial impact from Brexit. Guidance was also available from a number of sources including the Independent Schools Bursars Association. At this stage it is not possible to implement comprehensive policies for all possible changes as the future trade, visa and travel agreements are not yet in place. The school will continue to work with relevant authorities, staff, parents and suppliers to fully understand the impact in all areas including particularly visa requirements, the supply chain and data handling and protection, in order to minimise risk and potential disruption.

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

FINANCIAL REVIEW

Results for the Year

The net incoming resources for the year amounted to (£156,178) and this was the operating loss on school activities. Gross fee income for the year was down by some 16% on last year, due to the loss of pupil, both day and boarding income caused by the Coronavirus pandemic.

In addition to the very substantial benefits our school brings to our pupils, the local community and society through the education we offer, our bursary programme creates a social asset without cost to the Exchequer.

Reserves Level and Policy, and Financial Viability

It has been the school’s policy to utilise funds to ensure that high quality improvements to facilities are provided for the benefit of pupils. The aim is to budget so as to provide sufficient working capital to meet the present needs and future development requirements of the school without the requirement to have recourse to sales of tangible fixed assets. Unrestricted funds decreased by £71,590 to total a deficit of (£41,436), as shown in note 22. SJS Realisations Limited plans to fund longer term capital expenditure and meet long term liabilities through careful management of resources and investments and through building reserves.

The governors have a continuing programme of refurbishment, development and investment to maintain excellent teaching facilities for our pupils. In common with most independent schools, and due to the having to fund their own capital investment plans, free reserves are at a negative balance illustrating the extent of the investment in our school. The school’s total reserves of (£27,161) at the year-end, £14,275 were restricted funds and (£41,436) unrestricted funds. Fixed assets held for charity use totalled £1,331,018 leaving a deficit on free reserves of (£1,372,454) at the year-end. The school’s financial viability does not depend on income reserves but in its ability to continue to trade at a surplus on an annual basis, and on the substantial portfolio of fixed assets held for operational use. The school does not have, and cannot rely on, permanent endowments.

The company’s unrestricted reserves are primarily invested in tangible fixed assets which are all used for its direct charitable activities.

PRINCIPAL RISKS AND UNCERTAINTIES

Coronavirus Pandemic

It should be noted that these financial statements were compiled during the Covid 19 global pandemic and before the recent vaccine trials began. Like most trustees, the governors keep under consideration the impact of a catastrophic event on the school’s ability to continue, but that event may come about from many causes and being specific about the source is not possible. The consideration of risks in the paragraphs below is therefore reflective of a more stable environment and does not specifically look at the pandemic, or other similar events, but offers a wider view of common events plus a specific risk looking at those events that could impact the continuity of education.

The governors consider the economic turbulence of recent years and the affordability of fees by parents across the independent sector to be the principal risk faced by the school. The school is not currently full, and there is no room for complacency. The governing body, therefore, decided last year to increase fees in September 2019 by only approximately 3%. For September 2020 the governing body has not increased fees to help support our families.

Health and Safety is always a significant area for risk management. The risks range from fire and infrastructure to personal risks (most notably when away from the campus on trips and expeditions). The level and breadth of activity at the school is impressive and the risks associated with all activities are minimised by thorough planning and risk assessment. The governing body is responsible for the identification with the support from staff involved in these areas of activity.

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

The governing body is responsible for the identification and management of risks. The major risks to which the charity is exposed, as identified by the directors, have been reviewed and systems or procedures have been established to manage those risks. Detailed examination of the risks and establishment of controls to mitigate them is delegated to the School Council and the process is overseen by the Finance and Resources (F & R) Committee on behalf of the governing body. A formal review of the risk management processes is undertaken annually.

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

the governors consider possible catastrophic events and ensure that the school has a plan in place to allow education to continue in a range of different scenarios;
the market in which the school operates is highly competitive and we monitor developments in education to ensure that pupils always receive a first class, holistic and varied educational experience in our school;
we strive to ensure that all staff are able to work in a safe and supportive environment and policies, procedures and training in Human Resource management and Health and Safety help to ensure that the school meets expectations;
the school operates in a highly regulated sector, including in matters of child protection, and we appoint appropriate professional advisers to ensure that we can keep up to date with all requirements; school or individual membership of bodies being the constituent associations of the Independent Schools Council also ensure that we have access to up to date information and support;
• the school operates in an increasingly litigious environment and we appoint appropriate professional advisers and purchase insurance using specialist brokers and advisers to ensure that we can keep up to date with all requirements and meet all challenges and;
all organisations face difficult economic conditions and directors and senior managers in the school keep abreast of economic conditions locally, nationally and internationally to identify trends and develop plans to address issues.
Amendments to the Teachers’ Pension Scheme, and the impact of any future increases, are being closely monitored by the Board, who are reviewing the membership position of the School.

The key controls used by the school include:

formal agenda and minutes for all meetings of the governing body and committees
terms of reference for all committees
comprehensive strategic planning, financial forecasting, budgeting and management accounting
established and identifiable organisational structures and reporting lines which are regularly reviewed
comprehensive formal written policies
clear authorisation limits
vetting procedures, as required by law, for protection of the vulnerable

The school plans strategically having regard for risk. The F & R committee provides the governing body with regular reports which include details of the principal strategic objectives and the activity to achieve those objectives. The school also records significant achievements and updates the governing body and Woodard on short-term plans.

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

Financial risk management objectives and policies

The school uses financial instruments, other than derivatives, comprising loans, cash and other liquid resources and various other items such as trade debtors and creditors that arise directly from operations. The main purpose of these financial instruments is to raise finance for the school’s operations.

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

The main issues arising from the school’s financial instruments are liquidity risk and interest rate risk in the longer term. The school’s directors adopt policies for managing each of the risks and these are summarised as follows:-

Liquidity risk – the school seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs by negotiating adequate facilities from banks and other lenders
Interest rate risk – the school finances operations through a mixture of retained surpluses and bank and other borrowings. The exposure to interest rate fluctuations is managed by the use of both fixed and floating facilities.

FUTURE PLANS

As discussed in more detail in the basis of preparation section of Accounting Policies, the directors consider that the preparation of the financial statements on a non-going concern basis that reflects the sale of the trade and certain assets of SJS Realisations Limited post year end to Alpha Schools (Holdings) Limited on 11 May 2021. It is intended that SJS Realisations Limited will realise its remaining assets, settle outstanding liabilities and then the parent company will commence the necessary steps to undertake a voluntary winding up of the company.

DIRECTORS

The directors who served during the year and up to the date of the accounts being signed, and the committees of which they are members, are:

ommittees of which they are members, are:
R.D.England (Resigned 22ndMarch 2021)	Finance, Marketing, H.R, Boarding
A.M. Whitworth (Resigned 17thDecember 2020)	Finance, Marketing, H.R
I.R. Sanderson	Academic
J.J.M. Shaw (Resigned 6thNovember 2020)	Marketing
D.C. Palmer (Resigned 3rdSeptember 2019)	Academic, H.R, Boarding
Mrs. R.L. Haith (Resigned 11thNovember 2020)	Academic, Finance, Marketing,
	Boarding, H.R
A.E. Baxter (Resigned 10thDecember 2020)	Council, Marketing
J. Pridgeon (Resigned 8thNovember 2020)	Council
J.M. Woolner (Resigned 18thOctober 2020)	Academic, Finance, H.R
J. Lockwood (Resigned 11thAugust 2020)	Finance, Boarding
T.Furneaux (Resigned 10thNovember 2020)	Finance
B.L.K Allen (Appointed 20thDecember 2019) J.M. Bowman (Appointed 5thMarch 2020)	Academic, Boarding Academic

None of the directors has any beneficial interest in the company. One Governor is a parent of one student attending the school.

AUDITORS

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

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

DIRECTORS RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the director’s report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally 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 satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the directors are required to:

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors confirm that:

so far as each trustee is aware, there is no relevant audit information of which the charitable company’s auditor is unaware; and
the directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information.

Qualifying third party indemnity provisions

The charitable company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date with an indemnity limit of £2,000,000.00

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Board of Directors of SJS Realisations Limited on 26 May 2021 including, in their capacity as company directors, approving the Directors’ and Strategic Reports contained therein, and signed on its behalf by:

I.R. Sanderson DIRECTOR

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

CHARITY STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31ST AUGUST 2020

Opinion

We have audited the financial statements of SJS Realisations Limited (formerly St. James’ School, Grimsby Limited) (the ‘charitable company’) for the year ended 31 August 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charitable company’s affairs as at 31 August 2020 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Emphasis of matter – non-going concern basis of accounting

We draw attention to Note 1 of the financial statements, the basis of accounts preparation policy, which describes the preparation of the financial statements on a non-going concern basis, due to the

sale of trade and assets to Alpha Schools (Holdings) Limited which was completed on 11 May 2021. Following the transfer of its activities, trade and certain assets, it is intended that SJS Realisations Limited (formerly St. James’ School, Grimsby Limited) will commence the necessary steps to undertake a voluntary winding up of the company. There have been no adjustments made to the financial statements as a result of the application of the non-going concern basis of accounting. Our opinion is not modified in respect of this matter.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Directors’ Report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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, which includes the Directors’ Report and the Strategic Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors’ Report and the Strategic Report included within the Directors’ Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report or the Strategic Report included within the Directors’ Report.

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

CHARITY STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31ST AUGUST 2020

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Statement of Trustees’ responsibilities set out on page 14, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

DALE THORPE (Senior Statutory Auditor) For and on behalf of RSM UK Audit LLP, Statutory Auditor Chartered Accountants Central Square 5[th] Floor 29 Wellington Street Leeds LS1 4DL

Date: 27 May 2021

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

CHARITY STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31ST AUGUST 2020

Notes Income and endowments from: Charitable Activities School fees receivable 2 Ancillary trading income 3 Other trading activities Non-ancillary trading income 4 Investments Investment income 5 Bank and other interest 5 Other – Grants and donations Grants and donations 6 TOTAL INCOMING RESOURCES Expenditure on: Raising funds Non-ancillary trading Financing costs 8 TOTAL Charitable Activities Education and grant making 7 TOTAL EXPENDITURE Net income and expenditure before transfers NET INCOME Pension scheme actuarial losses Net Movement in funds for the year Fund balances at 1st September 2019 FUND BALANCES AS AT 31ST AUGUST 2020	Unrestricted Funds £ 1,630,490 278,895 13,962 409 9 262,810 2,186,575 - 110,285 110,285 2,229,880 2,340,165 (153,590) (153,590) - (153,590) 112,154 (41,436)	Restricted Funds £ - - - - - 7,500 7,500 - - - 10,088 10,088 (2,588) (2,588) - (2,588) 16,863 14,275	2020 £ 1,630,490 278,895 13,962 409 9 270,310 2,194,075 - 110,285 110,285 2,239,968 2,350,253 (156,178) (156,178) - (156,178) 129,017 (27,161)	2019 £ 1,945,683 335,786 37,987 397 10 4,674
				2,324,537
				1,583 64,820
				66,403 2,244,676
				2,311,079
				13,458
				13,458 -
				13,458 115,559
				129,017

All recognised gains and losses in the current and prior year are included in the statement of financial activities. The notes on pages 22 to 40 form part of these financial statements.

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

BALANCE SHEET YEAR ENDED 31ST AUGUST 2020

	Note
		2020	2019
		£	£
FIXED ASSETS
Tangible assets	11	1,330,868	1,441,018
Securities Investments	12	150	150
		1,331,018	1,441,168
CURRENT ASSETS
Stock		35,085	30,909
Debtors	13	700,681	672,330
Cash at bank and in hand		6,873	6,711
		742,639	709,950
CURRENT LIABILITIES
Creditors payable within one year	14	(1,709,394)	(1,586,415)
NET CURRENT LIABILITIES		(966,755)	(876,465)
TOTAL ASSETS LESS CURRENT LIABILITIES		364,263	564,703
LONG TERM LIABILITIES
Creditors payable after one year	15	(391,324)	(435,586)
Provisions for liabilities
TOTAL NET LIABILITIES		(27,061)	129,117
REPRESENTED BY:
CALLED UP SHARE CAPITAL	19	100	100
RESTRICTED FUNDS	21	14,275	16,863
UNRESTRICTED FUNDS
General reserve	21	(41,436)	112,154
		(27,061)	129,117

The financial statements were approved and authorised for issue by the Board on 26 May 2021 and signed on its behalf by

I.R. Sanderson DIRECTOR Company registration number 4788370

The notes on pages 20 to 37 form part of these financial statements

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

STATEMENT OF CASH FLOWS YEAR ENDED 31ST AUGUST 2020

Notes Cash flows from operating activities: Net cash provided by operating activities 26 Cash flows from investing activities: Dividends, interest and rents from investments 5 Proceeds from the sale of property, plant and equipment Purchase of property, plant and equipment 11 Proceeds from sale of investments Purchase of investments Net cash used in investing activities Cash flows from financing activities: Repayments of borrowing Cash inflows from new borrowing Financing costs 8 Net cash provided (used in) / by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 27 Cash and cash equivalents at the end of the year 27	2020 £ 131,541 418 - (9,265) - - (8,847) (44,263) - (110,285) (154,548) (31,854) (246,044) (277,898)	2019 £ 13,188
		407 - (14,000) - -
		(13,593) (71,869) - (64,820)
		(136,689)
		(137,094) (108,950)
		(246,044)

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

1. ACCOUNTING POLICIES

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

a) Basis of Accounting

The accounts have been prepared under the Companies Act 2006 and in accordance with the Statement of Recommended Practice for Charities (‘SORP (FRS102)’) and with applicable UK Accounting Standards. They are drawn up on the historical cost accounting basis.

SJS Realisations Limited meets the definition of a public benefit entity under Financial Reporting Standard (FRS) 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Further details are provided in the accounting policies for depreciation of fixed assets, for pensions and for bad debts. The financial statements are presented in Sterling (£), and the functional currency is also sterling (£).

b) Going Concern

The business activities and certain assets of SJS Realisations Limited have been sold post year end to Alpha Schools (Holdings) Limited on 11 May. Following the transition, it is intended that SJS Realisations Limited will commence the necessary steps to undertake a voluntary winding up of the company.

The directors therefore consider that the preparation of the financial statements on a non-going concern basis is appropriate. There have been no adjustments made to the financial statements as a result of the application of the non-going concern basis of accounting.

c) School Fees Receivable and Similar Income

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

d) Ancillary and Non-Ancillary Trading Income

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

e) Voluntary sources, Grants and Donations

Voluntary incoming resources are accounted for as and when entitlement arises, the amount can reliably be quantified and the economic benefit is considered probable.

Voluntary income for general purposes is accounted for as unrestricted and is credited to the General

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

Reserve. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for as permanent trust capital or expendable trust capital, according to whether the donor intends retention to be permanent or not. Gifts in kind are valued at estimated open market value at the date of gift, in the case of assets for retention or consumption, or at the value to the school in case of donated services or facilities.

f) Coronavirus Job Retention Scheme (CJRS) income

The CJRS grant is receivable as compensation for staff costs incurred and for the purpose of giving immediate financial support to the schools with no future related costs. It is recognised in income in the period in which it becomes receivable.

g) Expenditure

Expenditure is accrued as soon as there is a contractual obligation or a liability is considered probable, discounted to present value for longer term liabilities. Expenditure is allocated to expense headings either on a direct cost basis or apportioned according to time spent. The irrecoverable element of VAT is included with the item of expense to which it relates. Bad debts are provided for in accordance with the group bad debt policy.

The cost of refurbishing and converting existing buildings is written-off in the year in which it is incurred except where the useful life has been extended.

h) Finance and Other Costs

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

i) Pension Costs

The school company participates in the Teachers' Pensions scheme, which is an unfunded government scheme which provide benefits based on final pensionable pay. The funds of the schemes are separate from the company, although the company’s share of the schemes cannot be identified as the schemes are multi-employer schemes, and so the pension costs are accounted for as defined contribution schemes. The company also contribute to other defined contribution pension schemes for non-teaching staff.

j) Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. Individual capital items, or projects, with a value greater than £10,000 are capitalised.

Where tangible fixed assets have been acquired with the aid of specific grants they are included in the balance sheet at cost and depreciated over their expected useful economic life. The related grants are credited to a restricted fixed asset fund (in the statement of financial activities and carried forward in the balance sheet). The depreciation on such assets is charged in the statement of financial activities over the expected useful economic life 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 residual value of each asset based on current market prices, over its expected useful life, as follows:

Freehold land is not depreciated Freehold Buildings: - Variable according to the building and written off over the expected useful life (see note below) Freehold improvements - Over the useful economic life of the improvement

Leasehold land - Over the shorter of the economic life of the asset or the life of

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

	the lease
Leasehold enhancement	- Over the economic life of the asset
Computer equipment	- 25% on cost
Plant and Equipment	- 10% on cost
Fixtures and fittings	- 25% on cost

The company has reviewed its tangible assets, which comprise land, buildings and initial fixtures and fittings. The company undertakes an annual review of all buildings assessing their useful economic life. In some cases the useful economic life of a building is anticipated to be of considerable length, often in excess of 100 years. The buildings are capitalised in the financial statements at historic cost. Where the calculated depreciation charge is a material figure, it is charged in these accounts but, where the carrying value is not more than the estimated recoverable amount and the depreciation on the building is not material to these financial statements, it has been assessed, but not charged. The directors will continue to carry out annual assessments of the recoverable amount and the estimated useful life of all buildings and where the depreciation is a material value, it will be charged. The review is based on the directors’ assessments of the market value and the future economic benefit derived from an asset versus its carrying value in the financial statements.

When the company undertakes a significant refurbishment project that will have an economic benefit, the cost of the refurbishment is capitalised, recorded separately under ‘Freehold Improvements’, its useful life is estimated and it is depreciated over that useful life.

SJS Realisations Limited exercises judgement in selection of appropriate rates for depreciation of fixed assets, and for matters of impairment.

k) Financial Instruments

SJS Realisations Limited only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

l) Securities and Fees in Advance Investments

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

Unrealised gains and losses arising on the revaluation of investments are credited or charged to the Statement of Financial Activities and are allocated to the appropriate fund according to the ‘ownership’ of the underlying assets. Realised gains and losses are the difference between sales proceeds and opening market value where the investment was held at the beginning of the year, or sales proceeds less cost of purchase where the investment was acquired in the year. The revaluation reserve reflects the accumulated total of unrealised gains. Uninvested cash is the balance of liquid cash, held as an investment, which has not been invested in securities.

m) Stocks

Stocks comprise raw materials, consumable stores and goods held for resale: they are valued at the lower of cost and net realisable value.

n) Leasing Commitments

Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and are depreciated over their useful lives or the period of the lease whichever is the shorter. The interest element of the obligations is charged to the SOFA over the period of the lease. Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the SOFA on a straight-line basis over the lease term. Lease incentives are accounted for over the lease term on a straight-line basis.

o) Fund Accounts

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Designated funds comprise funds which have been set aside at the discretion of the directors for

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

p) Taxation

SJS Realisations Limited is a registered charity and as such is exempt from income tax and corporation tax under the provisions of Section 478 of the Corporation Tax Act 2010. There is no similar exemption for VAT, which is included in expenditure or in the cost of assets as appropriate.

2. CHARITABLE ACTIVITIES - SCHOOL FEES RECEIVABLE

The school fees income comprises Gross fees Less: Total scholarships, bursaries, etc.	2020 £ 1,968,407 (337,917) 1,630,490	2019 £ 2,240,154 (294,471)
		1,945,683

Scholarships, bursaries and other awards were paid to 81 pupils (2019: 99 pupils). Within this, meanstested bursaries totalling £13,956 were paid to 8 pupils (2019: £18,287 to 13 pupils).

3. CHARITABLE ACTIVITIES – ANCILLARY TRADING INCOME

Extra Subjects Entrance fees and registration fees Fees in lieu of notice School meals Pupil Transport New Clothing Sales Second Hand Clothing Sales Other Income 4.OTHER TRADING ACTIVITIES Non-ancillary trading income Lettings Income Interest receivable – pupil bills	2020 £ 131,893 4,384 24,762 53,297 8,572 13,906 - 42,081 278,895 2020 £ 4,225 9,737 13,962	2019 £ 140,442 3,869 22,770 91,652 11,864 17,674 50 47,465
		335,786
		2019 £ 25,450 12,537
		37,987

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

5. INVESTMENTS - BANK AND OTHER INTEREST RECEIVABLE

Bank interest Investment income	Unrestricted £ 9 409 418	Total 2020 £ 9 409 418	Total 2019 £ 10 397
			407

6. OTHER - GRANTS AND DONATIONS

General Donations IT Donation Pelham House Refurbishment Art Room Donation Masters Room Appeal Job Retention Scheme	Unrestricted £ - - 61,649 600 - 200,561 262,810	Restricted £ - 7,500 - - - - 7,500	Total 2020 £ - 7,500 61,649 600 - 200,561 270,310	Total 2019 £ 218 - - - 4,456 -
				4,674

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

7.ANALYSIS OF EXPENDITURE a)Total expenditure Staff costs (note 9) £ Costs of raising funds Non ancillary trading Other income generating activities - Financing cost (note 8) - Total cost of generating funds - Charitable expenditure Education and grant making Teaching 1,191,110 Welfare 199,565 Premises 42,888 School administration 142,479 Governance - Total charitable expenditure 1,576,042 Total Expended 1,576,042	Depreciation & Impairment (note 11) £ - - - 12,006 - 107,409 - - 119,415 119,415	Support Costs £ - 110,285 110,285 122,357 55,290 272,983 63,186 30,695 544,511 654,796	Total 2020 £ - 110,285 110,285 1,325,473 254,855 423,280 205,665 30,695 2,239,968 2,350,253	Total 2019 £ 1,583 64,820
				66,403
				1,353,115 285,675 357,459 225,670 22,757
				2,244,676
				2,311,079

b) Total resources expended include:

SJS Realisations reimburses governors for out of pocket expenses including travel subsistence and accommodation. There were no claims by the governors during the year (2019:1).

Remuneration paid to auditor for audit services Remuneration paid to auditor for non-audit services Reimbursement of personal expenses to governors Depreciation & impairment of tangible fixed assets: -Owned by the Charitable Company Operating Lease rentals: -land and buildings -other assets	2020 £ 18,280 - - 119,415 51,928 15,248 204,871	2019 £ 10,203 - 96 37,417 40,348 17,068
		105,132

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

8.FINANCING COSTS Bank Interest Payable Other Interest Payable Bank charges Provision for bad and doubtful debts 9.STAFF COSTS The aggregate payroll costs for the year were: Wages and salaries Social security costs Other pension costs Private Medical insurance	2020 £ 24,978 4,957 6,654 73,696 110,285 2020 £ 1,297,638 101,600 175,531 1,273 1,576,042	2019 £ 20,952 5,249 6,179 32,440 64,820 2019 £ 1,347,466 108,206 126,894 1,540
		1,584,106

The Head and Bursar are classed by the school as being Key Management Personnel with a combined remuneration of £104,500 (2019: £112,000).

None of the governors received remuneration or other benefits from SJS Realisations or from any connected body.

Aggregate employee benefits of key management personnel	1,273	1,540
The number of higher paid employees whose annual emoluments were
£60,000 or more was:
	2020	2019
	No	No
£70,001 - £80,000	1	1
Of which the contributions amounted to
- in Defined Benefit schemes was	£17,050	£13,102

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

9. STAFF COSTS (Continued)

The average number of employees during the year calculated on a head count basis was 74 (2019: 80)

2019: 80)
Teaching Welfare Premises Support	2020 No 42 13 10 9 74	2019 No 46 13 12 9
		80

10. TAXATION

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

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

11.TANGIBLE FIXED ASSETS Cost At 1stSeptember 2019 Additions Disposal At 31st August 2020 Depreciation & Impairment At 1stSeptember 2019 Charge for the year Disposal At 31st August 2020 Net book value at 31st August 2020 Net book value at 31stAugust 2019	Freehold Land & Buildings £ 1,317,783 - - 1,317,783 25,294 88,424 - 113,718 1,204,065 1,292,489	Plant & Equipment £ 229,464 9,265 - 238,729 104,606 18,985 - 123,591 115,138 124,858	Computer Equipment £ 80,602 - - 80,602 56,931 12,006 - 68,937 11,665 23,671	Total £ 1,627,849 9,265 -
				1,637,114
				186,831 119,415 -
				306,246
				1,330,868
				1,441,018

All assets are used for charitable purposes.

On 11 May 2021, trade and certain assets of SJS Realisations Limited were sold, and as part of the sale agreement proceeds were allocated against certain assets such as the buildings. The apportionments indicated that the recoverable value of the freehold buildings was lower than the net book value at the year end and therefore an impairment charge of £82,000 was recognised in the statement of financial activities for the year ended 31 August 2020.

12. SECURITIES INVESTMENTS

Investments comprise: Listed investments Fixed interest Company investments	2020 £ 150 150	2019 £ 150
		150

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

13. DEBTORS

School fees receivable Other debtors Prepayments and accrued income	2020 £ 666,133 577 33,971 700,681	2019 £ 642,229 861 29,240
		672,330

14. CREDITORS: amounts falling due within one year

Bank loans and overdrafts Deposits from parents Fees received from parents in advance of term Trade creditors Taxation and social security Accruals Other creditors Deferred Income Other Loans	2020 £ 358,238 48,513 156,616 179,033 20,456 94,535 64,300 387,703 400,000 1,709,394	2019 £ 326,223 39,313 466,047 107,638 26,863 74,478 57,817 388,036 100,000
		1,586,415

SJS Realisations Limited has bank loans from Handelsbanken. Both loans are secured by a charge over the freehold property of the school at a rate of interest of 2% and 2.25% over LIBOR. The first loan is repayable by 12[th] June 2029 and the second loan is repayable by 20[th] December 2022.

Deferred income arises due to the inclusion of School fees receivable for Michaelmas 2020 that was invoiced prior to 31st August 2020.

15. CREDITORS: amounts falling due after one year

Bank loans and overdrafts	2020 £ 391,324 391,324	2019 £ 435,586
		435,586

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

16. BANK LOAN

The bank loan is repayable in instalments: Due after 5 years Due within 2 to 5 years Due within 1 to 2 years Due after more than one year Due within 1 year	2020 £ 177,457 140,400 73,467 391,324 73,467 464,791	2019 £ 201,719 160,400 73,467
		435,586 73,468
		509,054

The carrying amount of the loans payable as at 31 August 2020 is £464,791 (2019: £509,054).

17. COMMITMENTS UNDER OPERATING LEASES

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

Expiry date: Within 1 year Between 2 and 5 years After 5 years	Land and 2020 £ 42,500 49,292 43,000 134,792	buildings 2019 £ 42,500 79,792 55,000 177,292	Other 2020 £ 15,248 20,599 - 35,847	2019 £ 15,248 35,846 -
				51,094

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

18. FINANCIAL INSTRUMENTS

FINANCIAL ASSETS: Debt instruments at amortised cost Trade debtors Other debtors FINANCIAL LIABILITIES: Financial liabilities at amortised cost Trade creditors Other creditors Bank overdrafts Borrowings - bank and other loans Accruals Deposit from Parents SHARE CAPITAL Authorised 100 Ordinary Shares of £1 each Allotted, called up and fully paid 100 Ordinary Shares of £1 each	2020 £ 666,133 577 666,710 £ 179,033 64,300 284,771 864,791 94,535 48,513 1,535,943 2020 £ 100 100	2019 £ 642,229 861
		643,090
		£ 107,638 57,817 252,755 609,054 74,478 39,313
		1,141,055
		2019 £ 100 100

19. SHARE CAPITAL

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

20. FUNDS

SJS Realisations Limited funds are analysed under the following headings:

a) RESTRICTED FUNDS

St. James’ Music Fund

This represents funds received for the purpose of the musical activities of the school. 20. FUNDS (Continued )

LF Funding Grant

This represents a grant received for the purpose of the early years activities of the School.

Sports Fund

These are various grants and donations towards the cost of new sports equipment and events.

Chaplaincy

This is a contribution towards the cost of a chaplain.

Masters Room Appeal

This is monies raised towards the refurbishment of the Masters room.

IT Fund

This is monies received for the purchase of IT equipment during the Coronavirus Pandemic.

b) UNRESTRICTED FUNDS

Unrestricted funds represent accumulated income from the school’s activities and other

sources that are available for the general purposes of the school.

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets Securities investments Net current asset / (liabilities) Long term liabilities rior year comparative figures: Tangible fixed assets Securities investments	Unrestricted £ 1,330,868 - (980,880) (391,324) (41,436) Unrestricted £ 1,441,018 -	Restricted £ - 150 14,125 - 14,275 Restricted £ - 150	Total 2020 £ 1,330,868 150 (966,755) (391,324) (27,161) Total 2019 £ 1,441,018 150	Total 2019 £ 1,441,018 150 (876,465) (435,586)
				129,117
				Total 2018 £ 1,464,435 150

Prior year comparative figures :

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

Net current (liabilities)/assets Long term liabilities	(893,278) (435,586) 112,154	16,713 - 16,863	(876,465) (435,586) 129,117	(841,571) (507,455)
				115,559

22. SUMMARY OF MOVEMENTS ON MAJOR FUNDS

Restricted Funds St. James’ Music Fund LF Funding Grant Sports Fund Chaplaincy Masters Room Appeal IT Fund Unrestricted Funds General Reserve Total Funds rior year comparative figures: Restricted Funds St. James’ Music Fund LF Funding Grant Sports Fund Chaplaincy Masters Room Appeal Unrestricted Funds General Reserve Total Funds	At 1 Sept 2019 £ 6,622 20 790 4,583 4,848 - 16,863 112,154 112,154 129,017 At 1 Sept 2018 £ 6,622 20 790 5,000 392 12,824 102,735 102,735 115,559	Incoming resources £ - - - - 7,500 7,500 2,186,575 2,186,575 2,194,075 Incoming resources £ - - - - 4,456 4,456 2,320,081 2,320,081 2,324,537	Resources expended £ - - - (4,583) - (5,505) (10,088) (2,340,165) (2,340,165) (2,350,253) Resources expended £ - - - - (417) - (417) (2,310,662) (2,310,662) (2,311,079)	Transfers £ - - - - - - - - - - Transfers £ - - - - - - - - -	At 31 August 2020 £ 6,622 20 790 - 4,848 1,995
					14,275
					(41,436)
					(41,436)

					(27,161)
					At 31 August 2019 £ 6,622 20 790 4,583 4,848
					16,863
					112,154
					112,154

					129,017

Prior year comparative figures :

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

23. CAPITAL COMMITMENTS

CAPITAL COMMITMENTS
At 31 August 2020, the group had capital commitments as follows:	2020	2019
	£	£
Expenditure contracted for but not provided in the accounts	-	-

24. PENSION SCHEMES

Teachers’ Pension Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £167,961 ( 2019: £119,958 ) and at the year-end £18,319 ( 2019 - £16,853 ) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. A consultation was launched by the government on 16 July 2020, and closed to responses on 11 October 2020.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020 and the government is preparing to complete the cost control element of the 2016 valuations, which is expected to be completed in 2021.

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

Until the consultation and the cost cap mechanism review are completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly, no provision for any additional past benefit pension costs is included in these financial statements.

25. STATEMENT OF FINANCIAL ACTIVITIES – COMPARATIVE FIGURES BY FUND TYPE FOR THE YEAR ENDED 31[ST] AUGUST 2019

Notes Income and endowments from: Charitable Activities School fees receivable 2 Ancillary trading income 3 Other trading activities Non-ancillary trading income 4 Investments Investment income 5 Bank and other interest 5 Other Donations Grants and donations 6 TOTAL INCOMING RESOURCES Expenditure on: Raising funds Non-ancillary trading Financing costs 8 TOTAL Charitable Activities Education and grant making 7 TOTAL EXPENDITURE Net income and expenditure before transfers NET INCOME Pension scheme actuarial losses Net Movement in funds for the year Fund balances at 1st September 2018 FUND BALANCES AS AT 31ST AUGUST 2019	Unrestricted Funds £ 1,945,683 335,786 37,987 397 10 218 2,320,081 1,583 64,820 66,403 2,244,259 2,310,662 9,419 9,419 - 9,419 102,735 112,154	Restricted Funds £ - - - - - 4,456 4,456 - - - 417 417 4,039 4,039 - 4,039 12,824 16,863	2019 £ 1,945,683 335,786 37,987 397 10 4,674 2,324,537 1,583 64,820 66,403 2,244,676 2,311,079 13,458 13,458 - 13,458 115,559 129,017	2018 £ 1,807,849 366,215 42,350 390 2 110,832
				2,327,638
				5,402 55,118
				60,520 2,252,591
				2,313,111
				14,527
				14,527 -
				14,527 101,032
				115,559

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

26.RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH
OPERATING ACTIVITIES
2020
£
Net income for the year (as per the statement of financial
activities)
(156,178)
Adjustments for:
Depreciation & impairment charges
119,415
Dividends, interest and rents from investments
(418)
Financing costs
110,285
(Increase)/decrease in stocks
(4,176)
(Increase)/decrease in debtors
(28,351)
Increase/(decrease) in creditors
90,964
Net cash provided by operating activities
131,541
27.ANALYSIS OF CASH AND CASH EQUIVALENTS
2020
£
Cash at bank and in hand
6,873
Overdraft facility repayable on demand
(284,771)
Total cash and cash equivalents
(277,898)

INFLOW FROM
2019
£
13,458
37,417
(407)
64,820
(7,035)
(143,243)
48,178
13,188
2019
£
6,711
(252,755)
(246,044)

28. ULTIMATE CONTROLLING PARTY

The Woodard Corporation Limited is the ultimate controlling party, a registered charity number 1096270, which is incorporated in England and Wales. Copies of the financial statements of the Woodard Corporation can be obtained from High Street, Abbots Bromley, Rugeley, Staffordshire, WS15 3BW. The accounts of St James’ School Grimsby Limited are included within the consolidated financial statements of the Woodard Corporation Limited.

29. RELATED PARTIES

The Company is wholly owned subsidiary of The Woodard Corporation, a registered charity number 1096270, which is incorporated in England and Wales. An amount of £9,200 (2019: £12,690) was paid during the year to the Corporation by way of a levy to meet Corporation running costs. Also £4,250 (2019: £3,750) for the carbon reduction Liability. The Corporation also provided a loan of £100,000 in 2013, upon which interest of £4,957 (2019: £5,249) is payable for the year ended 31[st] August 2020. Interest was charged during the year at a rate of 5.25% until 10[th] March and 4.75% until 18[th] March and then 4.60%. The corporation also provided a further loan of £300,000 in June 2020. It is repayable over 5 years and interest is to be charged at 2.25% over the Bank of England base Rate. Repayment of loan and interest will commence on the 30[th] September 2020. The amount owing to the Woodard corporation at 31[st] August 2020, excluding the loan is £33,613 (2019: £28,656).

SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

None of the directors (or any persons connected with them) received any remuneration during the year, with the exception of one director whose spouse was employed by the school and they received remuneration of £6,157 (2019: £6,679) during the year. One director (2019: 3) has a child attending the school. The director paid fees in the total of £10,878 (2019: £11,385) during the year, no bursaries (2019: NIL) had been awarded this year to them. There were no travel expenses (2019: £96) reimbursed to any director (2019:1) during the year.

Staff remissions totalling £34,247 were awarded to 2 Key Personnel.

There are no further related party transactions.

30. CONTINGENT LIABILITIES

There are no contingent liabilities during the year.

31. ACCOUNTING ESTIMATES AND JUDGEMENTS

In preparing the financial statements, the directors are required to make estimates and judgements. The matters detailed below are considered to be the most important in understanding the judgements that are involved in preparing the financial statements and the uncertainties that could impact the amounts reported in the results of operations, financial position and cash flows. Accounting policies are shown at note 1 to the financial statements.

Provision for bad debts

Debts are provided for if not recovered within one term. Estimating amounts to provide against recovery of debts is a matter of judgement.

Depreciation, impairment and residual values of fixed assets

Judgement is exercised in estimating the residual values of fixed assets, the selection of appropriate rates for depreciation, and for matters of impairment.

CONTENTS

CONTENTS

DIRECTORS AND ADVISORS

CONTENTS

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

REFERENCE AND ADMINISTRATIVE INFORMATION

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Governing Body

Recruitment and Training of Governors

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

Volunteers

Organisational Management

Strategy Committee – This matter is the responsibility of the School Council.

Group Structure and Relationships

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

Employment Policy

CHARITABLE OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable Objects

Intended impact

Aims

Primary objectives

Strategies to achieve the primary objectives

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

Principal Activities of the Year

Public Benefit

Bursaries & Scholarships

Bursaries

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

Scholarships

Review

STRATEGIC REPORT

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

The Promotion of Education

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

Academic Results

Improving Facilities

Arts, Music and Drama

Sport

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

Impact of Coronavirus Pandemic

Post balance sheet event

Wider Education

Community

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

Outreach

Charitable Activities

Fundraising Performance

Key Performance Indicators

Statement on Brexit

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

FINANCIAL REVIEW

Results for the Year

Reserves Level and Policy, and Financial Viability

PRINCIPAL RISKS AND UNCERTAINTIES

Coronavirus Pandemic

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

Financial risk management objectives and policies

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

FUTURE PLANS

DIRECTORS

AUDITORS

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

DIRECTORS RESPONSIBILITIES STATEMENT

Qualifying third party indemnity provisions

CHARITY STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31ST AUGUST 2020

Opinion

Basis for opinion

Emphasis of matter – non-going concern basis of accounting

Other information

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

CHARITY STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31ST AUGUST 2020

Responsibilities of Directors

Auditor’s responsibilities for the audit of the financial statements

Use of our report

CHARITY STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31ST AUGUST 2020

BALANCE SHEET YEAR ENDED 31ST AUGUST 2020

STATEMENT OF CASH FLOWS YEAR ENDED 31ST AUGUST 2020