Charity Registration No. 1099060 

, o 

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 2023 


**----- Start of picture text -----**<br>
.<br>eee aoe - - oe ~<br>S<br>q*AD3V1IQ2*<br>° BG 25/05/2024 #300<br>COMPANIES HOUSE y<br>**----- End of picture text -----**<br>




’ 

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

. 

## CONTENTS 


**----- Start of picture text -----**<br>
|||||||
|---|---|---|---|---|---|
|:|:|Page|
|Company|information|1|
|Directors’|report|2-6|
|Strategic|Report|4-5|
|Statement|of|Directors’|Responsibilities|6|
|Independent|Auditor's|report|7-9|
|Statutory|financial|statements|of the|company|10-24|

**----- End of picture text -----**<br>




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

## CONTENTS 

|DIRECTORSANDADVISORS|DIRECTORSANDADVISORS|||||
|---|---|---|---|---|---|
|||1.R. Sanderson||||
|Directors||B.L.K. Allen||||
|||J.M. Bowman||||
|||M. S. Hedges (Chairman) (Appointed 4" April||||
|||2024)||||
|||TheWoodard Corporation Limited (Appointed4||||
|||April 2024)||||
|||||.||
|Charity No.||1099060||||
|Company No.||4788370||||
|Principal address and|Registered Office|Woodard Corporation||||
|||High Street||||
|,||Abbots Bromley||||
|||Rugeley|||:|
|||WS15 3BW||||
|Auditors||RSM UK Audit LLP||||
|||22 — 25 Farringdon Street||||
|||London||||
|||EC4A4AB||||
|Bankers||Svenska Handelsbanken||||
|||Unit 7, Europa Park||||
|||Appian Way||||
|||Grimsby||||
|||DN31 2UT||||
|Solicitors||Bridge McFarland||||
|||19 South St. Mary’s Gate||||
|||Grimsby||||
|||DN31 1JE||||
|||Wilkin Chapman||||
|||Cartergate House||||
|||26 Chantry Lane||||
||.|Grimsby||||
|||DN31 2LJ||||
|insurance Brokers||Marsh||||
|||Capital House|.|||
|||1-5 Perrymount Road||||
|||Haywards Heath||||
|||West Sussex||||
|||RH163SY||||



1 



, 

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

## DIRECTORS’ REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2023 

The directors present their report and financial statements for the year ended 315 August 2023 and confirm they comply with the requirements of the Charities Act 2011, including the Directors’ Reports, under the Companies Act 2006. 

## 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. 

## CESSATION OF SCHOOL OPERATIONS 

. 

The school business and certain assets were sold on 11" May 2021 and the name of the Company was changed to SJS Realisations Limited by Special Resolution dated 28" April 2021 and filed at Companies House on 12" May 2021. As a result of this sale all trade attributable to the company therefore ceased on 11" May 2021. The contents of this report, including the aims and primary objectives of the entity remain relevant to the period ended 11" May 2021, and subsequent periods. 

## STRUCTURE, GOVERNANCE AND MANAGEMENT 

## Governing Document 

The Company is governed by Articles of Association as adopted by Special Resolution dated 20% March 2013, replacing those dated 8" June 2003 amended by Special Resolutions dated 25!" January 2006, 28th April 2009, 234% June 2009, 20 March 2013, 224 March 2021 and 15" July 2023. 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. The charitable company is governed by the governing body. 

## Recruitment and Training of Governors 

All governors are Fellows of the Woodard Corporation. Fellows are responsible for electing the Woodard Board. Governors are recruited on the basis of nominations and the governing body look to ensure a mix of skills. Governors were provided with induction training and a wider programme of training events is organised by Woodard. 

With the change in circumstances at the school, the skills mix has changed and where possible the governors considered that the skills and experience of the governing body should comprise the following: 

   - e A Governor with a legal background. e A Governor with a financial/accounting background. e A Governor with senior managerial or business experience. 

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

## Volunteers 

Governors are volunteers providing their time for free to support the governance of the charitable company. Whilst in operation the charitable company had several volunteer groups helping the company to raise funds, assisting in school events and providing other help where required. 

2 



, ~ §JS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED) 

## DIRECTORS’ REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2023 

## Organisational Management 

The charitable company is governed by the governing body which met to take all significant decisions during the year. The previous committee structure was disbanded. The directors determine the general policy of the company. 

The day-to-day management of the company has mostly passed either to the governors or is undertaken as part of Woodard Corporation's activities. All previous structures supporting the school whilst in operation ceased as the previous senior management team were transferred to the new employer at 11" May 2021. 

## Group Structure and Relationships 

The charitable company does not have any subsidiaries or other group companies or charities. 

## 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. The charitable objectives are recognised as benefiting the public when pursued in the context of formal education in a body where all surplus funds are re-invested. 

In setting objectives and planning activities the governors have considered the Charity Commission's general guidance on public benefit. SJS Realisations Limited is a charitable trust which seeks to benefit the public through the pursuit of stated aims. 

## Aims and Intended Impact 

St James School was a boarding and day independent school for pupils from the ages of 3 to 18. It aimed to support children in reaching their potential in all areas of their activity at the school, and in the wider community. This may have been in academic subjects but could just as easily be reflected in success in art, drama, sport, music, or dance. 

## Primary objectives 

After the sale of the land and buildings and transfer of operations to Alpha Schools on 11" May 2021, the aims of the company became realisation of all remaining assets, and settling of liabilities. 

## Strategies to achieve the primary objectives 

The school council appointed a number of experts and other advisers to assist the charitable company in achieving its aims. 

## Principal Activities of the Year 

The principal activity of the company since the cessation of school operations and sale of the assets and operations has been the realisation of assets, chasing amounts owing, settling liabilities and ensuring that the wind down of the charitable company could be achieved successfully. 

## Public Benefit 

Within the objects, the school aimed to create an environment to nurture children, to get the best from them and allow them to develop and fulfil their potential. The public benefit aim was that all pupils were. self-confident and desired to contribute to the wider community. As stated above, in realising the assets the governors have been ensuring that the public benefit aim is delivered, as far as possible. Any excess of proceeds after the sale of the land and buildings and settlement of liabilities will be used for purely charitable purposes in pursuit of the public benefit. 

In the furtherance of these aims the SJS Realisations 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. 

It is a key requirement of evidencing public benefit that any private benefit to individuals or elements of 

, 

3 



: 

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

## DIRECTORS’ REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2023 

the charity will be incidental to the charity’s objectives. An example of private benefit may be the reimbursement of travelling expenses for directors attending training courses: any private benefits to : individuals or elements of Woodard are incidental to delivery of the charitable objectives. 

## STRATEGIC REPORT 

## REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR 

## Achievements and Performance in the Year 

Following the regrettable decision to transfer school operations and sell the land and buildings in May 2021 the governors have continued to arrange for recovery of any outstanding assets and settlement of all liabilities. As at 31st August 2023, deferred amounts were anticipated from the buyer, and debts owed to the charitable company were being followed and settled. 

; 

## FINANCIAL REVIEW 

The net gain for the year was £535,375 (2022: deficit of (£18,898)). 

in the year under review the overall expenditure of the company was focused on post-operation activity including archiving records, collection of debts and administration of the company. Operational activity to generate income had ceased. 

## Reserves Level and Policy, and Financial Viability 

Following closure, the reserves policy concentrates on realising the assets in order to pay liabilities, and using any surplus funds to pursue the charitable purposes. This policy is dependent on protecting the assets and maximising their value. 

Unrestricted funds increased by £535,375 to total a surplus of £71,708, as shown in note 17. 

Of the school’s total reserves of £85,893 at the year-end, £14,275 were restricted funds and £71,708 were unrestricted funds. 

As detailed further in the going concern section of the Directors’ Report, the business activities of the company and certain business assets were sold to Alpha Schools (Holdings) Limited on 11" May 2021. It is intended that SUS Realisations Limited will commence the necessary steps to undertake a voluntary winding up of the company as soon as practicabie. 

## PRINCIPAL RISKS AND UNCERTAINTIES 

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. A formal review of the risk management processes is undertaken annually. 

. 

The principal risks to which the charitable company was exposed, in the view of the governing body at 315t August 2023, included those affecting security and preservation of charitable assets both now and in the future. Significant risk areas are: 

- « the charitable company operated in a highly reguiated sector and appropriate professional advisers were appointed to ensure that the school could keep up to date with all requirements. 

- e the charitable company operated in an increasingly litigious environment and the governing body appoint appropriate professional advisers and purchase insurance using specialist brokers and advisers to ensure that all requirements and challenges are met. 

- ¢ all organisations face difficuit economic conditions and the directors of the charitable company keep abreast of economic conditions locally, nationally and internationally to identify trends and develop plans to address issues 

The key controis used by the charitable company include: 

- ¢ formal agenda and minutes for all meetings of the governing body - planning, financial forecasting, budgeting and management accounting e formal written policies e Clear authorisation limits 

4 



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

## . DIRECTORS’ REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2023 

- « vetting procedures, as required by law, for protection of the vulnerable 

With its limited ambitions, the charitable company planned strategically having regard for risk. Advisers and staff provided the governing body with regular reports of progress to realising the limited aims of the charitable company. 

The strategy for realisation was discussed between the governing body and the Woodard Board. 

## Financial risk management objectives and policies 

The charitable company 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. 

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. 

## GOING CONCERN 

As discussed in more detail in the going concern section of Accounting Policies, the directors consider that the preparation of the financial statements on a non-going concern basis reflects the sale of the business activities and certain assets of SJS Realisations Limited 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: 

1.R. Sanderson 

- B.L.K Allen 

J.M. Bowman 

M. S. Hedges (Appointed 4'" April 2024) 

The Woodard Corporation Limited (Appointed 4" April 2024) None of the directors has any beneficial interest in the company. 

## AUDITORS 

“RSM UK Audit LLP 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. 

5 



; 

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

## DIRECTORS’ REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2023 

## DIRECTORS’ RESPONSIBILITIES STATEMENT 

The directors are responsible for preparing the directors’ 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 financia! 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: 

- e 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; 

- e state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company and group wiil 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: 

- e so far as each trustee is aware, there is no relevant audit information of which the charitable company’s auditor is unaware; and 

. 

- e 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. 

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 21/05/24 including, in their capacity as company directors, approving the Directors’ and Strategic Reports contained therein, and signed on its behalf by: 

## Uk S Wedges 

## M. S. Hedges CHAIRMAN 

6 



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

## INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED) YEAR ENDED 31ST AUGUST 2023 7 

## 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 2023 which comprise the Statement of Financia! Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including 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: 

- e give a true and fair view of the state of the charitable company's affairs as at 31 August 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- e 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(b) to the financial statements, which describes the basis of preparation of the financial statements on a non-going concern basis. As described in Note 1(b), the company ceased trading following the sale of the school’s business activities and certain assets on 11th May 2021, and the directors have concluded that it is no longer appropriate to prepare the financial statements on a going concern basis. 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 other information comprises the information included in the Directors’ Report and Financial Statements other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Directors’ Report and Financial Statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstaternent of this other information, we are required to report that fact. , 

We have nothing to report in this regard. 

7 



, 

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

## INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED) YEAR ENDED 31ST AUGUST 2023 

## Opinions on other matters prescribed by the Companies Act 2006 

In our opinion, based on the work undertaken in the course of the audit: 

- e 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 

- e 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. 

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 

- e the financial statements are not in agreement with the accounting records and returns; or e certain disclosures of directors’ remuneration specified by law are not made; or e we have not received all the information and explanations we require for our audit. 

## Responsibilities of directors 

As explained more fully in the Directors’ Responsibilities Statement set out on page 6, the directors (who are also the trustees 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 directors 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 directors are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors 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. 

The extent to which the audit was considered capable of detecting irregularities, including fraud 

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations . that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. 

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. 

8 



## : SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED) INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF SJS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED) YEAR ENDED 31ST AUGUST 2023 

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team: 

- e obtained an understanding of the nature of the sector, including the legal and regulatory frameworks that the charitable company operates in and how the charitable company is complying with the legal and regulatory frameworks; 

- e inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; 

- e discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. 

As a result of these procedures, we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2005, Charities Act 2011, the charitable company’s governing document, and tax legislation. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Directors’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, and inspecting correspondence with local tax authorities. 

The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, and challenging judgments and estimates. 

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. 

## RSrA Uke awk LLP 

Nicholas Sladden (Senior Statutory Auditor) 

For and on behalf of RSM UK Audit LLP, Statutory Auditor 22 — 25 Farringdon Street London EC4A 4AB Date: 23/05/24 

g 



- 

## $§JS REALISATIONS LIMITED (FORMERLY ST. JAMES SCHOOL, GRIMSBY LIMITED) : , 

## STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31ST AUGUST 2023 

. 

||Notes|Unrestricted|Restricted||||
|---|---|---|---|---|---|---|
|||Funds|Funds|2023|2022||
|||£|£|£|£||
|Income and endowments from:|||||||
|Investments|||||||
|Investment income|2|-|-|-|111||
|Bank and other interest|2|-|-|-|-||
|Other|||||||
|Sundry Income|3|§70,000|-|570,000|265||
|TOTAL INCOMING RESOURCES||570,000|-|570,000|376||
|Expenditure on:||||.||:|
|Raising funds|||||||
|Financing costs|5|32,317|-|32,317|7,236||
|TOTAL||7,236|-|7,236|7,236||
|Charitable Activities|||||||
|Education and grant making||2,308|-|2,308|12,038||
|TOTAL EXPENDITURE|4|34,625|-|34,625|19,274||
|Net income and expenditure<br>before transfers||535,375|-|535,375|(18,898)||
|NET INCOME||535,375|-|535,375|(18,898)||
|Pension scheme actuarial losses||-|-|-|-||
|yoreinfundsforthe||535,375|.|535,375|(18,898)||
|ooobalances at 1stSeptember||(463,667)|14,275|(449,392)|(430,494)||
|FUND BALANCES AS AT 31ST<br>AUGUST2023||71,708|14,275|85,983|(449,392)||



All recognised gains and losses in the current and prior year are included in the Statement of Financial Activities. The notes on pages 13 to 24 form part of these financial statements. 

10 



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

) 

## BALANCE SHEET YEAR ENDED 31ST AUGUST 2023 

||||Note|||||
|---|---|---|---|---|---|---|---|
||||||2023|2022||
||||||£|£||
||FIXED ASSETS|||||||
||Investments||8||150|150||
||||||150|150||
||CURRENT ASSETS|||||||
||Debtors due within one year||9||100,000|100,000||
||Debtors due after more than one||10||100,000|200,000||
||year|||||||
||Cash at bank and in hand||20||125,220|31,798||
||||||325,220|331,798||
||CURRENT LIABILITIES|||||||
||Creditors payable within one year||11||(239,287)|(781,240)||
||||||||)|
||NET CURRENT<br>ASSETS/(LIABILITIES)|.|||85,933.|(449,442)|.|
||TOTAL ASSETS LESS CURRENT<br>LIABILITIES||||86,083|(430,394)||
||LONG TERM LIABILITIES|||||||
||Creditors payable afterone year||||-|-||
||TOTAL NET ASSETS/<br>(LIABILITIES)||||86,083|(449,292)||
||REPRESENTED BY:|.||||||
||CALLED UP SHARE CAPITAL||13||100|100||
||RESTRICTED FUNDS||15||"14,275|14,275||
||UNRESTRICTED FUNDS|||||||
||General reserve||15|:|71,708|(463,667)||
||||||86,083|(449,292)||



The financial statements were approved and authorised for issue by the Board on 21/05/24 and signed on its behalf by 

## Ue S Wectgen 

## M. S. Hedges CHAIRMAN Company registration number 4788370 

The notes on pages 13 to 24 form part of these financial statements 

: 

; 

14 



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

. 

## STATEMENT OF CASH FLOWS YEAR ENDED 31ST AUGUST 2023 


**----- Start of picture text -----**<br>
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|2023|2022|
|Cash|flows|from|operating|activities:|Notes|£|£|
|Net|cash|provided|by|operating|activities|20|61,105|(114,287)|
|Cash|flows|from|investing|activities:|.|.|
|Dividends,|interest|and|rents|from|investments|2|-|111|
|Proceeds|from|the|sale|of property,|plant|and|equipment|-|-|
|Purchase|of|property,|plant|and|equipment|-|-|
|Net|cash|used|in|investing|activities|~|111|
|Cash|flows|from|financing|activities:|
|Repayments|of|borrowing|-|-|
|CashFinancinginflowscostsfrom|new|borrowing|,|4|32,317-|7,236-|
|Net|cash|provided/(used|in)|financing|activities|32,317|7,236|
|Change|in|cash|and|cash|equivalents|in|the|year|93,422|(106,940)|
|Cash|and|cash|equivalents|at|the|beginning|of the|year|20|31,798|138,738|
|Cash|and|cash|equivalents|at the|end|of the|year|20|125,220|31,798|

**----- End of picture text -----**<br>


12 



, 

: 

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

## NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 

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 Financia! 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 school's business activities and certain assets of SJS Realisations Limited were sold to Alpha Schools (Holdings) Limited on 11° May 2021. Following the transition, it is intended that SJS Realisations Limited will commence the necessary steps to undertake a voluntary winding up of the company as soon as practicable. The parent company, The Woodard Corporation, will ensure that all external liabilities are settled and will endeavour to recover monies owed. It is likely that there will ultimately be a shortfall in funds, and monies owed to The Woodard Corporation by SJS Realisations Limited are unlikely to be repaid in full. 

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 Reserve. Where the donor or an appeal has imposed trust law restrictions, voluntary income is 

13 



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

; 

## NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 

. 

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) 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. 

- g) Finance and Other Costs 

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

h) Pension Costs 

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

i) 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. 

j) Investments 

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. 

k) Fund Accounts 

- _ 

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

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

- l) Taxation 

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. 

> - 414 



. 

‘ 

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

| 

## NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 ; 

## 2. INVESTMENTS - BANK AND OTHER INTEREST RECEIVABLE 

; 

|||Unrestricted|Total|Total|
|---|---|---|---|---|
||||2023|2022|
|||£|£|£|
|Bank interest||-|-|-|
|Investment income||-|-|111|
|||-|-|111|
|OTHER|||||
||Unrestricted|Restricted|Total|Total|
||||2023|2022|
||£|£|£|£|
|General Donations|-|-|-|265|
|Intercompany loan|570,000|-|§70,000|-|
|written off|||||
||570,000|-|570,000|265|



## 3. OTHER 

15 



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

, 

‘ 

. 

## NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 

## 4. ANALYSIS OF EXPENDITURE 

|a)<br>Total expenditure|||||||
|---|---|---|---|---|---|---|
|;|.|Staffcosts<br>(note 6)|Depreciation<br>& Impairment|Support<br>Costs|Total<br>2023|Total<br>2022|
|||£|£|£|£|£|
|Costs of raising funds|||||||
|Financing cost (note 5)||-|-|32,317|32,317|7,236|
|Total cost ofgenerating<br>funds||7|.|32,317|32,317|7,236|
|Charitable expenditure|||||||
|Governance<br>Premises||-<br>-|-<br>-|9,849<br>-|9,849<br>-|-<br>3,967|
|School administration||-|-|(7,541)|(7,541)|8,071|
|Total charitable<br>expenditure||-|-|2,308|2,308|12,038|
|TotalExpended||-|-|34,625|34,625|19,274|



## 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 (2022: NIL). 

|||2023|2022|
|---|---|---|---|
|||£|£|
||Remuneration paid to auditor foraudit services|2,000|2,000|
|5.|FINANCING COSTS|||
|||2023|2022|
|||£|£|
||Bank Interest Payable|-|-|
||Other Interest Payable|39,534|22,364|
||Bank charges|1,400|1,476|
||Provision for bad and doubtful debts|(8,617)|(16,604)|
|||32,317|7,236|
||||.|
|6.|STAFFCOSTS|||



The average number of employees during the year calculated on a head count basis was Nil (2022: Nil). : 

16 



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

## NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 

## 7. TAXATION 

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

## 8. INVESTMENTS 

||||2023|2022||
|---|---|---|---|---|---|
||Investments comprise:||£|£||
||Listed investments|;||||
||Fixed Interest||150|150||
||||150|150||
|9.|DEBTORS due within one year||||-|
||||2023|2022||
||||£|gE||
||Other debtors||100,000|100,000||
||||100,000|100,000||



## 10. DEBTORS due after more than one year 

At the year end, a total of £200,000 was still due in respect of the sale of the business activity and certain assets from Alpha Schools (Holdings) Limited on 11" May 2021. Of this £100,000 is due after one year, with instalments to be paid 30 months and 42 months after the date of sale. Following a delay to receipts being received in line with the repayment scheduled, all amounts became due and were subsequently received on 13" March 2024. 

## 11. CREDITORS: amounts falling due within one year 

|CREDITORS: amounts falling due within one year|||
|---|---|---|
||2023|2022|
||£|£|
|Trade creditors|-|13,026|
|Accruals|2,216|676|
|Other creditors|28,772|69,005|
|Amounts owed to the parent company|208,299|698,533|
||239,287|781,240|



17 



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

## NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 

## 12. FINANCIAL INSTRUMENTS 


**----- Start of picture text -----**<br>
|||||||||
|---|---|---|---|---|---|---|---|
|2023|2022|
|£|£|
|FINANCIAL ASSETS:|
|Debt|instruments|at|amortised|cost|
|Trade|debtors|-|-|
|Other|debtors|200,000|300,000|
|200,000|300,000|
|2023|2022|
|FINANCIAL|LIABILITIES:|£|£|
|Financial|liabilities|at|amortised|cost|;|
|Trade|creditors|-|13,026|
|Other|creditors|28,772|69,005|
|Borrowings|-|bank|and|other|loans|208,299|698,533|
|Accruals|2,216|676|
|239,287|781,240|
|SHARE|CAPITAL|
|2023|2022|
|£|£|
|Authorised|
|100|Ordinary|Shares|of £1|each|100|100|
|Allotted,|called|up|and|fully|paid|
|100|Ordinary|Shares|of £1|each|100|100|

**----- End of picture text -----**<br>


## 13. SHARE CAPITAL 

The shares shall not be transferable. Any invitation to the public to subscribe for any shares or debentures of the company is prohibited. 

; 

18 



s 

: 

. 

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

## NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 


**----- Start of picture text -----**<br>
~<br>**----- End of picture text -----**<br>


## 14. DISPOSAL OF THE BUSINESS 

The business and certain assets of the company were sold to Alpha Schools (Holdings) Limited on 11" May 2021. All fixed assets were sold, as well as any stocks held and petty cash. The agreed sale price was £1,300,000 with the residual net book value of the assets sold being £1,347,813, resulting in a loss of £47,813. As stated in the sale agreement, Trinity (Summer) term fees belonged to Alpha Schools (Holdings) Limited. As part of the transfer of funds, monies collected by SJS Realisations Limited in respect of Trinity term were taken into account as well as outstanding trade debtors relating to Trinity term and costs incurred after the sale date by SJS Realisations Limited which related to Alpha Schools (Holdings) Limited. 

; 

As at the year-end SJS Realisations Limited was owed £200,000 (2022: £300,000) on the sale to be paid in 2 remaining instalments of £100,000 30 months and 42 months after the date of sale. SJS ’ Realisations Limited paid Alpha Schools (Holdings) Limited £82,139.65 on 20 December 2021 and a further £11,758.48 on 18 January 2022 in respect of the calculation of the combined apportionment of Trinity terms fees, outstanding debtors and costs incurred by SJS Realisations Limited. 

, 

## 15. 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. 

## 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. 

. 

19 



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

## NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 

## 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS 

- 

||‘|Unrestricted|Restricted|||Total<br>2023|Total<br>2022|
|---|---|---|---|---|---|---|---|
|||£|£|||£|£|
|Tangible fixed|assets|-|-|||-|-|
|Investments<br>Net current asset/ (liabilities)||-<br>71,708|150<br>14,125|||150<br>85,833|150<br>(449,542)|
|Long term liabilities||-|-|||-|-|
|||71,708|14,275|||85,983|(449,392)|
||||||||)|
|Prioryearcomparative figures:||||||||
|||Unrestricted|Restricted|||Total<br>2022|Total<br>2021|
|||£|£|||£|£|
|Tangible fixed|assets|-|-||.|-|-|
|Investments<br>Net current asset/ (liabilities)||-<br>(463,667)|150<br>14,125|||150<br>(449,542)|150<br>(430,644)|
|Long term liabilities||-|-|||-|-|
|||(463,667)|14,275|©||(449,392)|(430,494)|



20 



. 

~ 

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

## NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 

, 

: 

, 

## 17. SUMMARY OF MOVEMENTS ON MAJOR FUNDS 

|||||||At 31|
|---|---|---|---|---|---|---|
||At1Sept<br>2022||Incoming<br>resources|Resources<br>expended|Transfers|August<br>2023|
||£||£|£|£|£|
|Restricted Funds|||||||
|St. James’ Music Fund|6,622||-|-|-|6,622|
|LF Funding Grant|20||-|-|-|20|
|Sports Fund|790||-|-|-|790|
|Masters Room Appeal|4,848||-|-|-|4,848|
|IT Fund|1,995||-|-|-|1,995|
||14,275||:|-|-|14,275|
|Unrestricted Funds|||||||
|General Reserve|(463,667)||570,000|(34,625)|-|71,708|
||(463,667)||570,000|(34,625)|:|71,708|
|Total Funds|(449,392)||570,000|(34,625)|-|85,983|
|||,|||||
|Prioryearcomparative figures:|||||||
|||||||At 31|
||At1Sept<br>2021||Incoming<br>resources|Resources<br>expended|Transfers|August<br>2022|
||£||£|£|£|£|
|Restricted Funds|||||||
|St. James’ Music Fund|6,622||-|-|-|6,622|
|LF Funding Grant|20||-|-|-|20|
|Sports Fund|790||-|-|-|790|
|Masters Room Appeal|4,848|||-|-|4,848|
|(T Fund|1,995||-|-|-|1,995|
||14,275||-|-|-|14,275|
|Unrestricted Funds|||||||
|General Reserve|(463,667)||376|(19,274)|-|(463,667)|
||(463,667)||376|(19,274)|-|(463,667)|
|TotalFunds|(449,392)||376|(19,274)|-|(449,392)|



## 18. CAPITAL COMMITMENTS 

: 

At 31 August 2023, the charitable company had no capital commitments. 

21 



. 

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

## NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 

19. STATEMENT OF FINANCIAL ACTIVITIES — COMPARATIVE FIGURES BY FUND TYPE FOR THE YEAR ENDED 315? AUGUST 2022 

|,|Notes|Unrestricted|Restricted|2022|2021|
|---|---|---|---|---|---|
|||Funds|Funds|||
|||£|£|£|£|
|Income and endowments from:||||||
|Charitable Activities||||||
|School fees receivable||-|-|-|968,046|
|Ancillary trading income||-|-|-|152,367|
|Other trading activities||||||
|Non-ancillary trading income||-|-|-|3,659|
|Investments||||||
|Investment income|2|111|-|111|426|
|Bank and other interest||-|-|-|4|
|Other Donations||||||
|Grants and donations|3|265|-|265|28,294|
|TOTAL INCOMING<br>RESOURCES||376|-|376|1,152,793|
|Expenditure on:||||||
|Raising funds||||||
|Financing costs<br>;|5|7,236|-|7,236|250,878|
|TOTAL||7,236|-|7,236|250,878|
|Charitable Activities||||||
|Education and grant making|4|12,038|-|12,038|1,257,435|
|Loss on disposal ofoperations||-|-|-|47,813|
|TOTAL EXPENDITURE||19,274|-|19,274|1,556,126|
|Netincome<br>andexpenditure||(18,898)|-|(18,898)|(403,333)|
|NETINCOME||(18,898)|-|(18,898)|(403,333)|
|Pension scheme actuarial losses||-|-|-|-|
|yarinfundsforthe||(18,898)|_|(18,898)|(403,333)|
|oesbalances at 1stSeptember||(444,769)|14,275|(430,494)|(27,161)|
|FUND BALANCES AS AT 31ST<br>AUGUST2022||(463,667)|14,275|(449,392)|(430,494)|



22 



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

## NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 

|20.|RECONCILIATION|OF<br>NET|INCOME/(EXPENDITURE)|TO|NET<br>CASH|INFLOW<br>FROM|.|
|---|---|---|---|---|---|---|---|
||OPERATING ACTIVITIES|||||||
||||||2023|2022||
||||||£|£||
||Netincome fortheyear<br>activities)|year(asperthestatementoffinancial|||535,375|(18,898)||
||||)|||||
||Adjustments for:|||||||
||Depreciation & impairment charges||||-|os||
||Dividends, interest and rents from investments||||-|(111)||
||Loss/(profit) on the sale offixed||assets||-|-||
||Financing costs||||(32,317)|(7,236)||
||(Increase)/decrease|in stocks|||-|-||
||Decrease in debtors||||100,000|16,656||
||Decrease in creditors||||(541,953)|(104,698)||
||Net cash provided|by operating activities|||61,105|(114,287)||
|21.|ANALYSIS OFCASHANDCASH EQUIVALENTS|||||||
||||||2023|2022||
||||||£|£||
||Cash at bank and in|hand|||125,220|31,798||
||Totalcashandcashequivalents||||125,220|31,798||



## 22. 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. 

## 23. RELATED PARTIES 

The Company is a wholly owned subsidiary of The Woodard Corporation, a registered charity number 1096270, which is incorporated in England and Wales. An amount of £Nil (2022: ENil) was paid during the year to the Corporation by way of a levy to meet Corporation running costs. Woodard also provided a loan of £100,000 in 2013, upon which interest of £7,049 (2022: £5,137) is payable for the year ended " 315t August 2023. Interest on this loan is charged at 4.5% over the Bank of England base rate. Woodard provided a further loan of £300,000 in June 2020, which is repayable over 5 years and interest was charged at 2.25% over the base rate. Interest charged during the year amounted to £14,817 (2022: £8,328). During 2020-21 Woodard provided a further loan of £307,333 with interest charged at a rate of 2.25% over the base rate and the interest charged for the year amounted to £17,667 (2022: £8,899). 

It was agreed by The Woodard Corporation Board on 15 July 2023 to write off £570,000 of the loan provided to SJS Realisations Limited. This was achieved by the cancellation of the 2013 and 2020 loans in full including interest and the reduction of capital of the 2021 loan. The capital owing as at 315 August stands at £208,299. 

The amount owing to The Woodard Corporation at 31% August 2023, excluding the loans is £28,772 (2022: £69,005). 

23 



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

## NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 

, None of the directors (or any persons connected with them) received any remuneration during the year and no travel or other expenses (2022: £NIL) were reimbursed to any director during the year. There are no further related party transactions. 

## 24. CONTINGENT LIABILITIES 

‘There are no contingent liabilities during the year. 

## 25. 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. 

24