Charity Règistration No. 1102929 Company Registrntlon No. 05035260 (England and Walesl SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED DIRECTORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED CONTENTS Pag• Compary infonnation Directors, repart lin¢orporating the Strategic report) 2-12 Independent auditors. report 1&16 Financial statewtnts of the company 17-39
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED COMPANY INFORMATION DIRECTORS AND ADVISORS Dlrethrs Mr M Elias IChaim)an) Mrs J J Marshall <Vi¢e Chaiman) MrR TEley Mrs C E Frost MrA S Varley Mrs M N A Faulder MrPWCook Mrs L M Worthington Mrs P L YianrN 8ecretary Charfty No. Company No. Prfn¢lpal Addregs and R•gistered Offlce MrsJ P Stone 1102929 05035280 Woc*Jard Corporation Hlgh Street. Abbot$ BrleY Rugeley WS15 3BW Key Mènag8m8nt P•rsonn•l Head Bursar MrJRAGear J P Stone Audltors RSM UK Audlt LLP 3 Hardman Street Manchester M3 3HF Bankers Lloyds 8ank PLC Pride Hill Shrewsbury SY11DGr 80li¢itorn The EK Whitehead Partngrshp 14 Chapel Street, Chead ST10 1DY Investmont Advlse Cazenove Capltal. Schrodèr & Co Limited 1 London Wall PlarR. London EC2Y S4U Insuranc• Broko arsh Limited Capital House 110 5 Perrymounl Road Haywards Heath West Sussex RH16 3SY
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED DIRECTORS, REPORT {Incorporats"ng th• Strategic Repo YEAR ENDED 31ST AUGUST2021 The directors present their report and financial statements for the year ended 31$1 August 2021 arKI confimi they compty with tha r8quirements of the Charities Act 2011. induding tho Directors, and strategic ReFKSrt5, under the Companies Act 20C6. REFERENCE AND ADMINISTRA TIVE INFORMA TION The charity was fOrnd in 2004 and 1$ registered with the Charity Commission as Gharity number 1102929. The charity is a limited liability company and wholly owned sub$Kliary of The Wc<wJard Corporation (Ghorty nurrt)8r 1096270). The Charitab company ts incorporated in the Unitod KingdL¥n. Directors of tha Company are also Fellows Imembersl of the Woodard CorpcKalion and partipate in the election of its board of mana9ement and are commit18d to its Charitab objects. CESSA TION OF SCHOOL OPERA TIONS Folk)wlng an In depth revi of all 88pts of the 8chc)I during the previous yearand thi5, it wa$ agre8d that the s¢h¢)ol trade and actNities would transfer to Denstone Cole from 1 September 2021. The mpany continugd to Irade as norn1 during the yearto 31 Au9USt 2021 and prowded the pupils with edutiOn, support and care that it always strived to give. The transfer went ahead as planned on 11t September 2021 and the school activrty was rglocated to Denstone College. land and buildings and the investment properties were sold lo a third party on 13m September 2021, All trade attributable to the company and it's $ub$idiary ceased therefore on 31¥t August 2021. The eontents of this report, including the aims and primary obj'ective8 of the entty remaln relevant for the year erKled 31 August 2021. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng Documont The Company is governed by AC5 of Association a5 adopted by SFecial Resolution dated 20 Maroh 2013, replacing those dated 28 January 2004 amended by Speck91 Resolutionlsl dated 25 January 2006, 28 April 2009 and 23 June 2009. They Femiit fvnds lo managed in such a manner as the directors see fft, provKled that Such powers are onty exercised for the purposes of attalnlng the objects and in a manner which is legalty charilable. The Articles of Association forbid the distribution of any prc4)ety or funds, which are to te applied solety towards the promotion of the ci)jects of the company. Governlng Sody The govemors, who are the directors and charitable trustees of the company and comprne the governing body of Smallwoc#J Manor Preparatory School Limited, trading as Denstone College Preparatory Scho)I IDCPS), are elected to hold office for five years. Th8 Sc1 is govemed by the govemin9 body which operates using a number of eommittees. Memb&rship of exh cc4Thnittee is outlined later in thi8 r8POrt. The govemlng body met three times during the year. Rocrultmnt and Training of Govemorn All govemors are Corporate Fell¢ywJ of the WcJdard Corporation. Corpmte Felbm are respcrnible for electing the Woixlard Corporation Board. Governors ore recruf(ed on the ba8i8 of nominations from school contacts and frc¥n selection when a post becomes available. The governing body lts)k to ensure a mix of skills and select new governors on the basis of bad(groun(I, competen, spalist skills and. in the case of Fellows. Christian commitmgnt. Govgrnors are provKl&J with induction training by the Head. Bursar and staff and a whler programmg of training events is organised by the Wocdard Corporation. The school also encourages governors lo attend events run ty the Assrtlalon of Goveming Bodies of Independenl Schools (AGBISI. IAthere p058ible the govemor8 0)n8er that the 8kill$ and eXPerce of the Board should compri8e the folbwing.. A Govamor wth th& following skills. attribute$ and expence..-
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED DIRECTORS. REPORT Ilncotrporatlng the Stratoglc Report) YEAR ENDED 31ST AUGUST2021 Management,. plannin9 and ytrategy., administration., govoman¢gltru5tggship' health and safety., project management., conflict resolution., consult8ncy,' risk managemenl chjld protection.. education andlor training.. human resoUrCperSOnneI. arts and culture". comrrÈrce.' propety and buildings., religion,. equal opportunrtias and diVety.. fin8nclaVbanking', fund raising., marketing,. pastoral., accountancy.. research: information lerlOgY. legal.. mediPR'. education (SENI; insurance., engineering and rn1¢1ne. One Govemor may have one or more ofthese skills. Voluntsors vemors ar8 volunl8ers promding their time for free to support the governance of the schcol. The school also relie$ on a number of others to undertake volunteer ro including A88i8tant Librarian,. Prfr school and Main Prep work experience. Art Therapist and Chess Club. organi8atital Man8ggm8nt The school is governed by the goveming which delegates work to a number of committees. Membership Of each committee is outlin&l later in thi8 rep1. The directors detemine the general pdicy of the mpanY. FinanceCorrtIee-lhe FinanceCommitle8 has 8 remittoconskler budgets. both revenue and capltal, cash fiow infonnation and finaroal reports, iluding Ihefinancial $tement$. 11 o1$0 nSiderS ffin8n¢ial policies and the finanual regulations. It makes recommendations to th8 govérning bcJy for approval. The Financo Commrttee met three times during the year. Estates C¢ynmiitee- the Estates Committee devebps the s¢hoof$ estates strate9y. in¢ludiNJ capit devel¢¥)ments and maintenance ofthe buildings and it makes rocornmandations to the governing body. It met three times during the year. Educatson Committee the Education Committee is responsible for oversight of the academic performance of the schcol and e(lucalional policy. ming recommendations lo the governing body. 11 met three during the year. The day to day management of the corrpany is delegated to the Head and the Bursar as the Key Management petsonnèl. overseeing educational, pastoral and admini8tralive functions in con8uttalh?n with the senior staff, The day lo day adminlstratlon is undertaken wrthin the policies and procedures approved by thg governors which prOve for onty sLgnrficant 0xndUr8 dgci$wJn$ and major Gapital projects to be referred lo the governors prior approval. The Head ov8rs885 th8 recruitmgnt c all gducational $laff, whilst under deated authority the bursar oversees the recruitment of adminlstrawe and non-teaching support staff. The Head and Burnar are invited to attend govarnors, meetiros. The remuneration of key management personnel is set by the Board, with the policy objective of providing appropriate Iente$ lo encourage enhan¢ed perfcffiwnce and of rewarding them faidy and responsib for their indwidual ttintributws to the school'5 success. The appropriateness and relevance of the remuneration pollcy is revi8 annualty. including reference to Mplson5 with other independent schools lo ensure that thg remains sensrtive to the broader issu88 of pay 8nd employwenl contliiions elsewhere. 14Ve aim to wurt, Subject to experie, at the lower to medium point withln a band. pdIng sccpe for rewarding excellence. D81wery of the school's Charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single elen*nt of our charitable 8xpendf(ure. Group Structuro and Relatlon8hlp8 The school hgs a wholty owned non-charItab subsidiary. smal¥00d Manor School Enterprises Limtted, the xtivitigs and trading of whth are described below. The school has dev8k)ped linkg wf(h a wide range oforganisalionstoensure thewkjest possible access to our fxilitia$ and Schooling. Through memb8rnh¥i of IAPS and Ihrtyjgh nerkIng with peer group$
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED DIRECTORS, REPORT (Inco)ratIng th• Strataglc R•port) YEAR ENDED 31ST AUGUST2021 we ensure that we arg able to attain the highest standards of qualty and performance. We encourage our pupils lo 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 activitie5 to enhance their understanding. We also cooperate wlth many local charities in our ongoing endeavours to widen public a¢¢ess to the schooling we can provKle, tti Qptimise the educational use of our cultural and sporting fac11rt5 and lo awaken in our pupils, in the publiG interest, an awargness of the sLKial context of the all-round education Ihgy CHARITABLE OBJECTS. AIMS, OBJECTIVES AND ACTIWTIES Charftable Objects The chanty's objects, as 8et out in the Articles of Association, are to promote and extend education linduding spiritual, moral, soaal, lIra1 and physical education) in accordance w(th the doctrines and primp$ of the Church. The Church is defined as being the Church of England and churches in full communion the See of can1eury. Intfrnd Impact Woodard sclK>)18 strive for the best all round education of every aspect of each indNidual', they ensure hvJh standards of religious education., and they see themselves as ccthmunities working tcgether for the benefit of all members. and of the Church and the nation. They are strong Christian foundations which &lhere to catholle belÈf as found in the Church. to Christian worshp focused in the Euchari81, and to the care of each individu818nd the whole school communty particulari8&J in the mini8ty of the Chaplain. Akn8 DCPS is a day school for pupils from the ages of 4 10 11. It aims to support chiklren in reaching their potential in all areas of their actmty atthe schod. and in the wider communty. This may b8 in academic subjects but could just as easily be reflected In success in art, drama. 8FQrt. MUS or dance. We produce'well rounded, individuals who are able to make a positwe contribution lo society. All Woodard schwls aim to provide a rcmjnded ed#t10ft to help the pupils to make their way in aduli Irfe. Primary obJ•ctlv The primary obj8ctives of DCPS to fulfil these aims are: to provide a stlmulatiro leaming envircment in which puplls can devebp their academlc potential lo the full-, to provide a happy and $U[& pastoral enwronment in which pupils can18grn to live together and thus foster a sense of communty. respect for one other and citizenship,. to prowd8 pupils wf(h the opp)rtunity to take a(fvantage of a breadth of co-curricular aCVIti.8$ in order to develop posrtively all asFects of their character, to provide pupils with the opportunity lo lake decisions based on their own judgment ond to communicate th)se decISn$ approprkgtely and effectivety., to provide financial support to enable children whose parents are Unab to 8fford the full fees to benèfft from an DCPS education.. to provide a clear. simple gnd effective management structure copable of taking timdy decisions and allocaliThJ necessary resources appropriately. and to provid8 the necessary administratwe and logi$lic framework to meet the negjs of members of staff arKI pupils alike.
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED DIRECTORS, REPORT (Incorporarfng the Strateglc Report) YEAR ENDED 31ST AUGUST 2021 strategies to achleve the prlmary obJeclSve8 This year our main focus has been on the continuing for all pupils as well as pn5uring the tr8nsfer0factwit to Denstone College as at 1st S8Pt8mb8r2021 went ahgaJ as smoothly as possib19 with liitle disruption to our pupiL8 and staff. We believe the transfer has been planned and execLrted 8uccessfulty. Prlnclpal Actlvltles of the Year The principal activrty of the school is the delivery of •Jucation to pupils ranging from 4 to 11 years of age. We also run a number of ¥ummer h0o1 actNttEs and the school is open al other times use by the Ic¢al communlty. Pupil numbers at the h0o1 during the year were as follows.. 2020r2021 201912020 Preparatory School Pr&Preparatory Schcd Pre-schwl 87 30 25 Total 142 2020r2021 Boys 40 18 2019r2020 Boys 53 20 13 Girfs 26 Gir18 Preparatory School Pre-Prepar8tory Schcd Pre-schcol 10 12 Total 32 56 Publ1¢ B¢n¢fit Wlhln the objects. the s¢hool aKns to Creale an environmnl to nurture children, to get the best from them and lo allow them lo devekjp and fu11 their potential. We provide them with a first cl888 Independent edutstion and a wide range of 8WJrting and artlstic opportunitK88. Our public ben8fft aim 18 that 011 pupils will be seff-confidgnt and desire to conlribute to the wlder communty. In the furtherance of the88 alms DCPS govemors, 8$ the charity trustees, have complted with th8 dijty in $.17 of the Chorilies Act2011 to have due regard to the Charity Commission's published general and relevant SuSeCtor guKlanco conceming the operation ofthe public benefit requirement under that Our sclThl welcomes pupi18 from all backgnds. To admit 8 pr05PaCtivg pupil wg naod to be 8thfi8d that our school will be able to educate and dev a prospectlve pupil to the best oftheir potential and in line with the general standards achièved by thwr peers. Entrance interviews and 8ssessmenls are undertaken to satisfy oursefves and parents that potenlig5 pupils can cope with the pace of learning and benefft fr¢)m the eduG*ion wg provNJ8. An indiwdual's economic status. gender. ethnicty. rxe. religion or dk88bilty do ncl form part of our assassm8nt proc8sse$.
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED DIRECTORS, REPORT (InCOOrating the Strategic Report) YEAR ENDED 31ST AUGUST2021 Our school is a part of a wider communty and we are keen that our staff and pupils partiripate. Our school also offers 8 resource to support a range of educational activities for the beneff( of local children attending state schooL8 and th8ir teachers. Our governcK8 are commrtt&J to developing our programme of ccop8ratlon arKI joint working with k)cal malntalna se¢tor junior and secondary sch18. The actiwlies undertaken and the 8uccess of our programme are explained in Ihe'Review of Achievements and P8rfom)anc8 frjr the Yearf Sect of this port. Woodar(i and itB schcol8 provid8 8 sign¢Snt benefrt to the publK. The 8ch(x>l strives to ensure Ihat measures of public b9nefit are appropriate. and that signrficanl section8 Ihe public are Th)t exclud& from the opportunty to benefft from the 8ducation and facillties offer&J due to the need to pay a fee. In additn to signrficant provision of bursaries and other for of financial support. the schcol provides a wide range of Opportunf( foreommunty ben8fi1 and facilities and even15 are often open to all, Further detail of the public benefft offered 1$ included in the Section entitled 'Reviav of Achievements and perfonartt for the Year, bel¢)w. 11 is a key wuiremenl of evidencing public benefft that any private benefh to irKlividuals or eknients of tha charity will be incidentsl to the charit8 objectNes. An example of private benefit may be the reimbursement of travdling expensgs for trustees attending training cour8e8: any privale benefft to indiwduals or 8ments of cdard are incidental to delNery ¢)f the charitle 0.0ve8. Bur6arles & Scholarnhlps Burnarfgs The govemors VEW our bursary awards as important in helping to ensure children from families who would otherwisa not be able to afford the fees can access the education we offer. Our bursary awards available lo all who meet our general 8nlry r4uirements and are made solely on the basis of parertsl means or to relieve hardship where a pupil's education and fulure prospects would Othee be at risk for exaryle in the ease of r¢dundancy. In assessing m8ans we u¥e the methodology proMuated by the Independent Schcy)b' Bursars AssociatK)n, whkh takes a number of factors into onsiderallon including famity IrOrne, investments and savings and famity circumstances for example dgpendanl reMives and the number ofsiblings. Our schwl does not have a Significant endment and in funding our awards we have lo be mindful that we rnusl ensure a balance btheen fee-P8ying parents, many ofwhcth make considerable personal sauifi¢es lofvnd their child's educat¥)n. and those beneffting from the awards. The bursary awards range from 5% to 100Qh remission of fees. Wa also havg a hardship fund trt suppkments bursary awards to pay for co-curricular activities, equipment and school trips. Infonnation about fee asslstance through bursaries ks provided to all applying to the h0O1. We abo advertise the awards each summer in the local Pr and at local Ilbrari&s. Further detail8 of our bur88ry policy ar1 how to appty are avaiLgb18 on ¢)ur w8b$rte. This year the value of means tested bursaries tolall8d £24,934 and represented 2.5% of ¢)ur gros5 fee5. They prowded assistance lo 12 (rf our pupils. A hardship fund is also availabfe lo help pupi15 in receipl of bursaries meet the costs of school trips, examinath?n entrance fees and simiLqr 8xponsgS. Employment Pollty We are an equal opportunty organisation aryj are committed to a working environment that is free from any fomi of discrimlnation on the grounds of colour, race, ethnicrty, r8ligion, Sex, sexual orientation or disability. We will make reasonab adjustments to meet the of staff or pupils w) are or beccme disabled.
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED DIRECTORS, REPORT (Incorporatlng the Strateglc Report) YEAR ENDED 31ST AUGUST2021 STRA TEGIC REPOR T REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Impact of Coronavlru8 Pandemlc Schoo18 were Ofdered to dose to all except the children of'Key ¥Vofkers' in March 2W20 and mwh of the education was moved onllne. In brielthè Impact has bean to ralse the level of uncertainty and risk for the whole education se¢t¢r. All pupils r8tumed in Saptemb8r 2020, and the School has mad8 a numb8r of adaptations lo make ¥cclal dIStanng possible includirvJ', introducing one-way systems. all cleaning and cring staff rKeiving additional COVID training, changing meal and break times to accommodate the separate safe WO[1(in9 bubble8, pfovisKJn of PPE. addOal cleaning of the school durin9 the working day, and adaptation to COVID safe sport 5$on$ wilhln the scho)l. Wi(h regrd8 to the pandemic and it's d#maging effect on the school partieularty the loss of incom from the inability to let the premises out lo outside groups pLgns were made to transfer the school acbvitEs to Denstone College on 11t Seplemtor 2021. This plan has gone ahead and the schod land and builtlings were sold to a third party on 13th Septber 2021. The Promotlon of EducatloTh During the year we eilucaled 88 children betsveen the ages of 4 and 11. Th8 schcy)I provides a very high slandard of education and this is validated in rewew of the academic resuts, our me8SUTements of added valu8 and through external in8pection. The school offers 8 bro8d curriculum and educates hildren with a wide range of abilltles. Arts, Muslc and Drama One of the Important element$ of any Woodard school is the con¢entr8tKin on 8rt8. musk and drama. All three departments contributed significantly to the school's success over the course of the year. Children have Gontinued lo be inviled lo join the National Children's Choir of Great Britain. Numgtou$ 8xt8mal music 8xam$ wgrg passed as well. Pupils continuoto shine inArt and DgsiJ¢ n TeGhnology. Artwork i¥ regularly displaypj around the schcd and in ktal businesses. Pupils have b8en award8d prrzes in both National and regional COmpetitn$. Every child had the OPFQrtunity to represent the schcol on the games field over Ihe course of the year. Several indMdual$ success at district and county thl. Significant Evonts The school continued to work dosely with Denstone College, 8 senior school which is also a memb8r of the Woodard Corpornlion group of schools and lo whom the transfer of schts)l activrties loc4( plxe on the 1st September 2021. Regular meetings bthjeen Subject coordinators here and Heads of Department al the College are held. Pupi15 from the College vys(ted DCPS on a weekly basi8 to 888iSt wlth activities and parents frcyn DCPS attended WdriOUS workshops at Denstone Co118ge. C¢)mmunlty We continued to let the STte to relvJious groups, Charities such a5 the Samaritans. children's organi5ations and musical ensembl&s where Possib over the ccyjrse of the y8ar. both at weekends and during the scheol holiday$. The sile was also used by a l¢)cal Guwje troupe and v8r*)us swimming clubs and organisations made use of the s¢hool's Fthl. Parent8, Supper evening8 were held at a local pub each tenn and Ihese were open to frd$, past parents and others not assocLqll wllh the 8chcd.
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED DIRECTORS, REPORT (IncoOratIng the Strateglc Report YEAR ENDED 31ST AUGUST2021 OutreKh Thg prepwatory school had a fomial partner8hip herne wmh Denstone Collag¢ whereby ¢hihJr¢n of teachers receive a remission on fees of up to 25%. Charltablo Actlvltles As well as supporting the bcal community. pupils and 8taff from further afiehj uwj the school a8 a resijentsal centre. The sohool community takes part in a wider range of 8pon8ored event8 a1 otherfundralsing actNIt. often driven by the friends and parents of the school in conjunction with the schcol. Invo$trngnt Perfornmnce Agalnst Objectlv The company's investments are managed by Cazenove Capital and in the opinion of the advisers the perfomance has been salisfathjry. FINANCIAL REVIEW Rtt for tha Year The operating loss on schwl actiwties was £392,039. Thls Ios8 has been 8 dir¥t consequence of the COVID-19 pandemic hitting both the school fees receivabSa and perhaps moTe importantty the letting$ side of the business. The announcement arbj planning for the tran¥for on 1 Sgptember 2021 to Denstone College, 81s0 has contrfbuted to this loss, with $ubsequent expenditure incurred to a¢hitsve a 8uccessful transklon. School fees for the year were d(y*n by some 28.2% on last year. The parent8 of our pupils often make signifunl saenfiees to pay the fees. In doing $0 they help to relieve the state of the financial burden of edu¢ating 88 UK based ¢hildren. The samng 1$ estwnaled to have a value in the last year of £573.672. The schcol is unable lo recover the VAT on pureha88s it make8. During the past year. the corry)ary has paid an eslimatgj £80,000 In VAT on goods and 8eNces. In addition to the very substantial benefits our schcM)I brin98 to our pupi18. tha local community and society IhTough the frducation we offer, our bjrsary programme create a Ck81 asset vAthoui cost to the Ex¢hgqU8r. The company provides a penSKJn lo some staff under the tems ofthe Pensiorts Twst Gr(th Plan. As a result of this p8nsion schem8 bging und9r fvnd9d, the company is committed to contributing to a recovery plan. During the course of the year the company made contributions to the recovery plan of £1.715 and recognised Ikabilty underthe plan decreased by £1,685, with this value beiro recogni8ed in the Statement of Financial Activities. Furiher details can bo found In note 23. Re8èN68 Lavol and Pollcyy and Fln•nclal Vlablllty Unrestrictsd funds decreased by £393,414 lo total £1,268.967, as shown in note 22. As detailed further in the Going Concern $tK)n of the Directors, ReporL the trade of the charitable Company and certain business assets (excluding the 8chool land and buildings) have teen gifted to Denslone Cc41gge after 31st August 2021. The Smallwood Manor sile wa8 sold on 13th September 2021, any remaining liabilities Selld and net prd$ gifted to Denstone College for continuing investment in tha pr8paratory school. It is intended that sma1c)d Manor Preparatory SchcK)l Limrted and its trading subsidiary SmalNvood Manor Enterprtses Limited wll Commen the necessary 8teps lo urKlertake a voluntary winding up of the tsvo companigs.
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED DIRECTORS, REPORT lincory>oratlng tho Strategic Report) YEAR ENDED 31ST AUGUST 2021 PRINCIPAL RISKS AND UNCERTAINTIES CoronJvlrus Pandemlc Itshould be noted Ihatthes8financl81 statsm8nts were ccmpilwJ during the COVID-19 glob81 pandemk. Like most trustees. Ihe govemors keep under ¢onsideralion the impact of a cata8trcphic evenl on the hool'8 ability lo continue. bul that event may ccffie aul from many causes and bging specrfr akoul the source is not possible. The consideration of risks in the pawraphs bebw is therefore refiective of a more Stable environment and dces not specificalty loc4[ at the pandemic, or 0th8r similar 8v8nts. bul offer8 a widgT view of c(mOn events plus a specrfic risk looking at those events that coula impact ihe continuity of education. The govemorB considgrlhe economicturbU of recent years and tha offdabIlIty offees by parents across the independent sector to be the principal risk faced by the school. Thé govemiro body. therefore, decided to freeze fees for the year to 31 August 2021. Heamh and Safety 1$ athys a signfficant area for risk managet. The risks r8nge fTcm fir6 aTh infra8lnJcture to personal risks Imost notabty when away from the campus cfi trips and expedi(ionsl. The level and breadth of activty at the 8chcnl is impresswe and ri8k8 assockqled with all aclNfities are minimised by thorough planning and risk osse8smenl. The governing body is responsible for the identifi¢•tion and managemnt of ri8k8. The major rL8ks to which the Charty is exposed, as idenlrfie¢J by th8 direclors, have been revlewed and system$ or proc&ures have been established lo manage those risks. Detalled examination of the risks and establishment of controL8 to mi(igat8 thom is dgbgaled to Ihe Executive Officers and the pr¢xess is overseen by the Risk Committee on beh8W of the goveming btr. A forn31 roview ol the risk management processes L8 undertaken annualty. The principal risks to which the school is exposed include those affecting prot8Ction of pU.]S and 8e¢unty and preservation of charitable assets both now and in the future. Signfficant risk area$'. th& markèt in which the school c¢*rates is highty rnmpetitive and we monitor devebpments In eilucalion to ensure that puplls aayS receivg a first clas8. holistic arKI vari aucalional gxperience in our sch¢)ol we ytriv8 to ensure that all staff a able to work in a safe and supportfve efirOnment and polues. prccedures and training in Human Resource management and Health and Safety help to ensure that the schod meets expedation8 the schwl operates in a highly regulated sector, including in matters of child protectlon, and we appoint appropriate professional a(Ivisers to ensure that we can keep up to date with all requirements., sthool or indivhlual membetship of bodies being the constituent asscciations of the Independent Sthools Council aAso ensure that we have ac¢ess to up to date information and support the school oporales in an increasingly litvJious environment and we appoint appropriate professional advisers a1 purchase insurance using specialist brd(ers and ath8eTr to ensure that we can keep up to dale with all requirements and meot all challevJes all orgonisations face drfficum noMiC condTtions and directors and senior man8gers in the school keep abr8ast of economic condrth)n$ locally, nationally and intemaln8Ity to identfy trends arKI davokjp plans to address i$suos
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED DIRECTORS, REPORT (Incorporatlng the Strateglc Report) YEAR ENDED 31ST AUGUST2021 The key contro15 used by the schthjl include.. fOnal agendas and minutss for all meetings of the goveming l)ody and ¢ommittees terms of rgference for all committe8S mprehenswe strategic planning, finan¢i81 fore¢asling, budgeting and manageffnt accounti established and idenlthabk organisalional structures and reporting lines which are regulaty reviwed comprehensrvg formal written poli¢ies clear authori$ati¢n limits vetting proeedures, as r4uired by law, for protection of the vulnerab The school plans strategically having regard for risk. The executive provide the goveming boty with regular Teports which include éelails ofthe principal strategic objectives and the activity lo achieve those oblectfves. The xhool also records slgnlflc8nt achievements and update¥ the goveming body and Wcwjdard on short-tami plans. The strategy is discussed belween the goveming body and the Wtsodard Board and protocoL8 have bean developed and agro8d which outlinè the relationship baknn the tsvo bodle8. Flnanclal rlsk managemerrt objectlves and pollcl•8 The School u8es fr'nancial instruments. cher than derivatbves, comprising 108ns, cash and other liquid re8ourees and various other items such as trade debtors, creditors and finance lease arrangements that arise directty from Operatn5. The main purp08e of these financial instruments is to raise finance for the group's operations. The main issues arisirbg from the group'3 financid instruments are liquidity ri8k and interest rale risk. The h0o1,5 directors ajcpl policies for managing each of the rkS and these are summarised bel¢)w: Liquidity risk- the school seeks lo manage financkgl risk by ensuring sufficKgnl liquidity 1$ available lo meet foreseeable needs Interest rate risk- the school fin8nce8 cperations through a mixlure of retained suTplu GOING CONCERN As dis¢ussed in more detail in the ba$1$ of preparation section of Accounting Policies. the direclo consider that the preparation of the financial statements on a non-g(Mng concem baBiS relect8 the fact thot the trade of the charitable wmpany and certain business a$sels (excluding the school land and buildings) have b8en grfi8d lo D8nstone College since the 31st August 2021, and is the apprcpriate basis for both SmalNvL)od Manor Preparatory Schcol Limrted and its trading sub$idkary sMal¥00d Manor Enl&rpris&s Limited. Following Ihe transfer of activities, il 1$ intended that sma1COd Manor Pr8p8r81ory School Limited and rts Ir8ding 5ubsKli8ry Smalfv•Kod Monor Enterprises Limited wlll commence the neces8ary 8teps lo undertake a voluntary winding up ofthe companies. FUTURE PLAMS The scho)l Lqnd and buildings have been 8old onto athird party on 13th Seplemb8r2021. The company ceased tradlng on 31st August 2021. Following an in-depth Tewew of all areas of the %hcol, we beIve tronsfer gnd oloG*n to the Denstone College 8ite in September 2021 to be Ihe bgst way forward for our pupils. This will widen the opportunities avai18ble for our current and future sludents and albw thgm to experignce the unrivall8d omic and superb pastoral care offared at Denstona College. 10
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED DIRECTORS, REPORT (incorporating the Strat•gic Reportl YEAR ENDED 31ST AUGUST2021 DIRECTOR8 The dlre¢tors who sorved during Ihe year, and the corrffiittegs ofwhich tw are members, are.. M Elkqs (Cha1rml M N A Faulder Finance J J Marshall A S Vadey RTEI8y L M Worthington C E Frost P W Coc4( Finance C B Robinson (resigned 3111012020} P L Yianni None of the directors has any ben¢1 Interest In the compar)y. The company buys trustees and offi¢grs insurance on behalf of the directors. AUDITOR8 RSM UKAudit LLP, havlng expre88ed th8irwllingness to ¢ofttinue in ¢)ffi¢e, will be deemed reappointed for the next financial year in accordance with seGtion 487121 of the Companies Act 20C6 unless the compary r¥Eive¥ notice under section 48811) of the covanieS Act 20C6. DIRECTORS. RESPONSIBIUTIES STATEMENT The directors are resFoll5ible for preparing the direGtorf5 report ond the financial stalenEnts in accordance wlth applICab law and gUlat[C. c(panY law requires the directors to prepare financial statement5 for each financial year. Under that law the directors have elected to preparB the financial stalemerts in accordance With United Kingdom Generally Accepted Accounting Practlce (unit Klngdom Actnting Standards and appIable lawl including FRS 102, the Financial Reporting Stsndard applicab18 in the UK and R8publr of Ireland. Unéer company18W the directors must not approve the financial stat8m8nts un18ss they are Satisfied that they give a true and fair eW of the state of affairs of the charitable company and the group and of the incoming resour and application of resources, including the income and expenditure, of the eharitable ¢ompany arKI group fcf that per. In preparing thesefinancial statements, the direct3 are reqLbired to: Seleci suitable accounting polici8$ and then apply them nsistsntty', observe the methods and principbs in Charities SORP IFRS 102),. make judgoments and accounting estimates that are reasonable and prudent., ststg wholher applicable UK Accounting Standards have been followed, subpcl lo any malerial departures disclose{1 and explained in the financial statements., and, prepare the financial statements on the going concem basis unless il 15 in8ppropri8te to presume th81 the charitable company and group will continue In business. The directors are respOnsle for keepirvJ adequale accounting records that are sufficient lo show and explain the ¢haritsble MpanY'S and group's transactions and disch)8e with reasonable accuracy at any lime the finanGial position of the company and group and enab them to en811re that the financial statements compty wrth the Companies Act 2006. They are also responslblg for safeguarding the assets of thg ¢haritabl8 Company ar¥J group and hence for taking reasonable steps for th8J prevention and detection of fraud and other irregularities.
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED DIRECTORS. REPORT (incorporatlng the Strateglc Report) YEAR ENDED 31ST AUGUST2021 The directors confimi that.. so far as eh director is aware, there is no relevant audit informatDn of which the charitable company's auditor is unaware., and th8 direcÈor5 have taken all the $lep$ that they ought to have taken as directors wi order to make themsefves aware of any relevant audit infcmm8tic and lo estsbllsh that the charitable company's aaItOr is aware of that infomialion. The direct are responsible for the maintenance and integrty of the corporate and financial information included on the charitable CPanY'S w•b$rte. Legi8lalM)n In tha United Kingdom wveming the preparation and dk88emination of finanaal statements may differ from leglsl8llon in other jurisdlctnS. Approved bythe Board ofDirectors ofSmallw(x)d Manor Preparatory Sthool Limited on 15/ia/wi including. in their capacity as ccthpany directors, approving the Directors, and Strategic Reports contained thereln. and 819rd on h8 behalf by.. M ELIAS CHAIRMAN 12
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED YEAR ENDED 31ST AUGUST2021 Oplnlon We have audited the financial 8ts1ements of Smalkvood Manor Preparatory School Llmited Ith& 'charltable eompany'l for the y8ar ended 31 Augu8t 2021 which comprise the Statement of Finan¢ial Adivitw, the BalanGg Sheet and the notes to the financial statents. induding a summary of svJnificant policies. The financial rewrting framework that has been arOld in their prgparation is apPIable law and United Kingdom kcounliThJ Standards, includirrfJ FRS 102'The Financkql Reporting Standard applicable in the UK and Republ of Ireland. (United Kingdcyn Generally Accepted Accwnling Practice). In our opInn the financial stalement8'. give a true and fair of the state of the chafitabte ¢ompanYs affairs as at 31 August 2021 and of ils incoming resources appIatr)n of re8ource8, includiThJ ils inwme and expenditure, for the year then ended. have been propety prepared in accordance with United Kwigdom Generally Accgpted Accounting Pfactsce., arKI hove bgen prepared in occord8nce with the r8quir8rrnts of thè Companies Act 2006. Basls for oplnlon W8 hav8 boen appointed auditors under the Companiès Act 21x6 and seclKJn 151 of the Chariligs A 2011 and report in a¢cordanGg with thos0 Acts. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS IUKI) and applicable law. Our responsibilities under those standards a further described in thè Audrtols responsibilities for the audit tsf the financial ststements section of our ieport. We are independent of the group and parent charitable company in accordance with the ethkal r8qulrements that are relevant to our audit of the financial statements in the UK. in¢luding the FRC'S Eth1 Standard and w8 have fulfilled our other ethical responsibilitw in aCrdanCe with these requirements. We bdieve that the audit evidence we have obtained sufficient and appropriata to proMd8 a basi5 for our opinion. Ernphasls of matter- non4Jolng GonG8rn basis of accounting We draw attention lo Note 1 of the financkl stalemenls. the basls of accounts preparatKin policy, which describes the preparation oflhefinancial statements on a non-going COrM bas. dueto the cessation of trade on 31st August 2021 and transfer of acliwties to Denslone College. At the point of transfer of actiwlies, certain business assets18xcluding the schc4)I larKI and buildings. which were sold to a third party on 13th September 2021) of Ihe Smal) Manor Pr8paralory School Limrted and ils trading subsidiary SmallwoLKi Manor Enterprises Limrted, were gifted to Denslone College. Follong the transfer. il 18 Intended that Smallwood Manor Preparatw Sch1 Limited and its trading subsidiary smalv)d Manor Enterprw Limited will commence the no$s8ry slep5 to undertake a voluntary winding up of the companies. There have been no adjustmgnts made lo the finanrial statements as result of the application of the non-going concem basi8 of occounling. Our opinion is not in respect of this matter. othor Infomiatlon The Directors are responsible forthe other infom)ation. The other infomialion compris88 the information ncluded in the Annual Report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other infonnation and, except to the extent othe1$8 expli¢iUy stated in our report. we do not express any fom of 88suran¢e conclusion thereon. In connection with our audit olthe financial statements, our responsibility isto read the other information and, in doing so. consKier whether the other information is materially inconsistent with the financial statements or our knowledge cbtsined in the audit or othe1$8 appears to be meTialty ml8Statsd. If we hlentify 8uch material inconslslencies or apparent malerkql misstatements. we are required to detemiine whether there 18 a material misstatement In thg finarKial slat8m8nts or a material mts$tsiemertt of the other inf0mtK)n. If, based on the work we have perfomied, wg condud• thai 13
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED YEAR ENDED 31ST AUGUST2021 there Is 8 material misstatement of thi8 other infonation, we are requiffjd lo report that f&t. We have nothing to report in thi8 regard. Oplnlons on other matt8r8 pre8crfbod by the Companlos Acl 2006 In our cyinion, based on the Work undertaken in the of the audbt.. the infomiation giv8n in thg Dir8Ctors' Report and the incorporated Strategic Report prepared for the purpose of company law for the fIrncl87 year for which the financkal statents are prepared 18 consistent with the financial slatements,. and the DlreLtors' Report and the Incorpofated Strategic Report have been prepered in a¢cordance w applicable legal requirement8. Mattors on thIGh wg are rgqulrgd to rnport by exceptlon In the light of the kn(ywl8dge aNI understanding of the charitable company arKI their environment obtained in the wurse of the audit. we have not identifd material misatgmgnts in the Directors. Report and the incorporatgd Strategic Report. We have nothing lo report In respect of the following matters where the Companies Act 20[ requires us to report to you rf. in our opinion.. adequate accounting record8 hav8 not been kept by tho parent charile e(Ynpany. or retums adequate for our audh have not been receNed frc¥m branches nc visited by us: or the pargnl charitable company fine101 statemer)ts are not in agreement with the a¢couftting records and retums,. or certain disclosures of directors. remuner"on spe¢rfied by law a not made" or we have not receNed all the infomwticfi and explanations we require for OLtr audiL Responslbllltles of trustees As explained more fully in the Statement of Director8, re8pon8iblllile8 set on pag8 11 to 12. the trustees {wlKS are al80 the directors of the charrtable wmpany for the purposes of company lawl are responsib for the preparalion of the financial stat8ments and for being satisfied that they give a true and fail vtew, and for such inlemal control as the trustses determine is necessary to enable the preparation of financial statements that ar8 free from material mi$siatement, whether due to fraud or error. In preparing the financial slatgments, the Directors are responsible for as8essiTVJ the charitable company's ability to continue as o going GOnm, di8closlng, as applicable, matters related to going concem and using the going corKem basis of xcounting unless the tru81ees either intend to liquidate the Chafitab company OT lo cease operations, or have no realistic altomatwe but to do so. Audltorfs re$pon$lbllhleg for the audlt of the flnanclal ststomonts Our obj8Ctive8 are to obtaln reasonabte assurance abolrt %thether the fingn¢ial statements a8 a wholg are free from matenal mk88Lqtement, whether due lo fraud or error, and to issue an auditor's report that include5 our opinion. Reasonab assurance is a high le1 of Urance, but 15 not a guarantee that an sudit conducted in accordance with ISAS IUKI wll aVayS deted a materlal misstatamenl when il exists, Mlsstatemerts can arise from Iraud cf error and are considered material if, indivJually or in the aggregate, they could SOnab be expect1 to infiuence the ecorKJmic deci5w)ns of users taken on the basi8 of these finanaal 81atements. A further description of our re8ponsibililie8 for the aud* of the fitwicial sL8lements Is provided th8 FlnarKial Reporting Council's websrte al htt ..Ifv.frC.Qr .uklauditorsres nsibilities. This dg$¢riPtion forms part of our audilorfs ieporL 14
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED YEAR ENDED 31ST AUGUST2021 The oxtent to whlch thg audft YAS con8ldered capable of detfjcting irrogulariti88, includlng fraud Irregularltles are instanc8s of non4ompltance with laws and regUtIOns. The obiectives of our audit are to obtain sufficient appropriate audit evidence regarding ccmplwnce with laws and regulations that have a direct effect on the determination of material amounts and disdosures in the financial Statements, to perfomi audit procedures to help identfy instances of non-compliance with other law8 and regulation$ that may have a material effect on the financial statements, and lo respond appropriate to idgntlfied or suspted non)Mpliance with law5 and rogvlations Klentifie(I during th8 audil. In relation to fr8LKI. tho objgGtive$of ouraudh are to identify and assess Ihe riskof material misstatement of the financkgl statements dug lo fraud, to obtain sufficignl approprtate audi( evenCe regarding the assessed risks of material mi8statement due to fraud through designing and irr¢Jlementing appp)priate responses and lo respond appropriatety to fraud or suspected fraud ident[rd durlng the audit. Hev¢r, rt 18 the primary respjnsibilty of managemen( with the oversohl of th08e ch9rged with govemance, to ensure that the entity'5 operations are condLKted in a¢¢tydan¢a wmh the provisions of laws and regulations and for the pr9vontn and detection of fraud. In identlfylng and assessing risks of material misstatement in reSpt of irragularitk, including fraud, ihe group audit engaggmentlgam.. oblained an understsnding of the nature of the sKtor, including the legal and regula frameworks that the group and parent charitable company operate in and hcw the group and parent charitable company are comptyin9 with the al and regulatory frameworks.. inquired of management. and those charged with g)vernance, about their own identification and assessment of the rrsks of irrggularities, including any known actual, suspected or alleged instances of fraud; discussed mgtters about nonwcompli8nce wtth aThJ regulations and how fra1 might 0ur including assessmgnt of how and where the financial $tatgm8nts may be susceptible to fraLKI. As a result of these pro¢edures we consider the most signrfKant law¥ and regulations that have a direct impact on the financral statements are FRS 102, Charities SORP IFRS 1021, Companies Ad 2006. Charrties Act 2011 and the parent charitable company's goveming document. We perfomied audit prcrtedures to delecl non<ompliances whh may have a materral impact on the finanal statements which includeil reviewing the financial statements including the Trustees. Report and remaining art lo nthv or unusual transactions whh may not be in accordarKe with the governing documents. The most $1gnrfanI laws and regulations that have an indirect impa¢t on the financkql statements are The EtIOn Ilndependenl School Standards) Regubtv)ns 2014. Keeping Children Safe in Education under seCtn 175 of the EdUCatn Act 2002. and the UK General Dats Protection Regulation (UK GDPR). We performed audit proceduresto inqulre ofmanagemntand those charged with gov?rrtanc8 whether the charitablg company is in compliance %wlh these law and reguktions and inspected coespOnder0 with rgguLatory authorities. The group aud51 engagement team idenlthgd the risk of management override of controls as the area whore the financial statements were nTht susceptibk to Mateal misslatemenl due to fraud. Audit procedures perfomed included but were not limited to testlng manual joumal entries and other adjustments, evaluating the bu9ine88 ratnale in relation to swnrficant. unusual transactions and transaction5 entered into outside the ncimal course of business,. and challenging judgnts and estimates. A frJrther description of our respons*)iliti8s for the audrt of the financial stalgmant5 is pfovKled on the Finan¢AI Reporting Council's website at htt ..Ilwww.froor'. klaudito This de8cripb.on fomis part of our auditor's report. 15
Use of our r•port This report is made solety to the charitable comparfs members, as a body. in acccKdance with Chapter 3 of Part 16 of the Companies A¢t 2006. Our alf( work has been undertaken 80 that we might state to the charitable company's members those matters w8 are required to state to them in an auditorfs report and for no other purpose. To the fullest extent pemrtted by law, we do not accept or assume re5ponsibilty to anyone other than the charitable ccvnpany and the tharitabb company's members as a body, for our audit work, for this report, or for the cpinions wo have formed. Ds18 Thorpè (Senlor Statutory Auditor} For and on behalf of RSM UK AUDIT LLP, StalLrtory Auditor Chartered Accountants 3 Hardman Street Manchester M3 3HF Dale: 17 December 2021 18
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31ST AUGusf2021 Notes Unrestrlcted Funds Reslrided Funds Endowed Funds 2021 2020 Incom• Ind 0ndOn0n from: CharStsblè Actlvltle School fees receNable JKllwy tr*Jing inwn¥ LMh•r hdlng 8eUvlV•8 Non-antyllary trading ints)rne In¥••lm•nts Inve$bnènt incorne Bank and oth•r int•r8st 0thor- Grnnts and donatlon8 Grants and donation5 Oth•r Incomlng rosourc•s TOTAL INCOMINa RESOURCES 935,331 133.285 935,331 133.285 1,161,598 135.479 17.078 294 381 19 19 193,543 1,103,327 1,103,621 1,509,541 Exp•ndlturn on: Ral8lng fund8 Flnanclng c08ts Investment man8gement (7.0851 17,08fj) 60 52,363 47 52 TOTAL DEDUCTIBLE COSTS 7,OTTI 52 17.026> 52.410 Charltable Actlvltlg¥ Educatttsn aThJ grant making 1.504.005 295 1.604.3(KI 1,663.688 TOTAL EXPENDITURE 1,4S£,928 347 1A97.276 1,736,298 Net galnsllb8sesl on in}Stment 14,15 187 1.428 1,815 1,1581 N•t •xp•nd5tur• TransfeTS tets4Een lund$ Nat M¢)v•rnent In lund• foru year Fund bala at 1st Septemter 2020 FUND BALANCES AS AT 31ST AUGUST 2021 1393,4141 1.375 1392,0391 1227.g151 (393,4141 1,375 {39¥13¥ (227,91SI 1.862,381 10,442 1.672M23 1.KQ,738 1,268,967 11,817 1.280.784 1.672,823 AIS amcxjnts rdate to continuing acti88. AJI recognv8ed 98ins and Ioss88 in the cajrrent and pnor yo8r or¥ In¢11 in the $tatemgnt of finan1 Thg notes on page8 20 to 39 form part ofthe89 finaKs1 statgmgnts. 17
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED BALANCE SHEET ASAT31ST AUGUST2021 Note 2021 2020 FIXED ASSETS Tanglbl¢ 8ssgts Securits'es Inve81ments Investment Prop 13 14 15 1,630,737 11.905 1,056,408 9.815 645,000 1,642,642 1.711,223 CURRENT ASSErs Stock Debtors Ca8h at bank and in hand 16 21,970 31.673 53,643 96,713 113,(60 209,TT3 CURRETr LIABIUTIES ClI9r$ payable within year 17 1409,217> (240,2031 NEf CURRENT LIABILrriES 1355.674) 130,430) TOTAL ASSETS LESS CURREKr LIA81LITIES LONG TERM LIABILITIES Creditors payable after on8 year Provisiong for liabllk*s 1,287.068 1,680.793 23 (6.184) (7.870) NET ASSETS 1.280.884 1,672,923 REPRESENTED BY: CALLED UP SHARE CAPITAL 19 100 100 ENDOWED FUNDS UNRESTRICTED FUNDS G8ngral reseNe 21 11.817 10.442 21 1.268.967 1,662.381 1.280.884 1.672.923 The financial statements wère typroved and authorised for issue by th8 Board on..
nd signed on its beha by
ELIAS CHAIRMAN Company rogistration numbgr 05035260 The notes on pages 20 to 39 fom part crf these financial statements. 18
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED STATEMENT OF CASHFLOWS AS AT31ST AUGUST2021 2021 2020 Cash flows frnm 0pornTr9 actlvltles: N•t cash us•d in oporating actlvltles 183.894 {278,3901 Cash flows from investing activities.. Oiwdends, interest and ronts from invesknents Proceeds from the sale of propety, plant #nd equlpment pUhaSe of proFerty. pSanl and equipment Purchase of investments Net cash uwl in inveBting actlvltlgs 2,268 5,225 16.626 (103,372) 46 {101.058) 19961 Cash flowg from flnancing activitio: Financing costs Nèt ¢ash provlded by flnanclno acllvltlos 3.503 3,503 Change in c88h and cash equivolents in the year Cash and cash equivaknts at the beginnlng of the y 181,3871 113.060 {379,443} 492,503 Cash and cash equivalents atthe end of tho year 31.673 113,(60 19
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 1. AccouKfiNG POLICIES The principal acceunting policies. all of which have been applied Consistent IhrcuJhout thg year aTrJ in the prewtir¥J year are: al Basls of Accountlng The gccounts have been prepared under the canIeS Act 20C6 arbd in aceord3nce wf(h the Statement of Recommended PltIce for Charit5 {'SORP IFRS1021') and with oppl¢able UK Accounting Standard8. They are drawn up on the historical cost accounting basis except that prworty and Sharo irwestments hehj as fixed a$sets are carried at fair value. Smalk¥ood Manor Preparstory School Limited meets the definition of a publK benefrt entity under Finonual Reporting Stsndard {FRSI 102. Assets and liabilities are initialty recognised at historical cost or transaction value Unle othemise Stated in the relevant accounting policy ne8. The preparation of financial statements in corfiimrty with FRS 102 requires management to make judgements. estimates and assumptions th81 affect the aPpIOI10n of policies and rewted amounts of assets and liabilities. ineom arKI expenses. The esllmates and associated assumptions are based on histor1 experience and var8 olher factors that are believed lo be reasonab under the cjrcumslances. th8 results of which form the basis of making the judgements a)ut carying values of assets and liabilities that are not readity apparent from other sources. Actual rullS may diffef from Ihe¥e estimates. Further detsi18 are provided in note 28. and in th8 accounling polKie8 for depreciv)n of fixed assets. for pensions and for bad debts. The financial statements are presented in sterling 1£> and the functional currency Is sterfing (£). b) Basis of Preparation of tho Financial Stat•m•nts and Going Concern The actfvities of Smalk¥ood Manor Preparatory School Limited have been transferrgj tr) Denslone College on 1st September 2021. Followlng Ihl8 tran8ltlon. it 18 intended that Smallwood Manor Preparatory School Limrted and its trading subsldiary Smald Manor Enterprises Limited, will commence the necessary stsp$ to undertake a voluntary winding up of the ¢ompanigs. As th8 tsvo cornpaniey ceased trading on 31st August 2021 and have transferred activities to D8nstone Cole, the financkil statements have been prepared on non-g¢ing COnM basis that reflects the transfer of the trade of the charitable ¢omp8ny and certain bu8ine88 a8sets lexcluding the school land ond building5, which were sokl to a third party on 13 September 20211 to be grf11 to Denslone Colleg8, Given that all the assets (excluding the 8chts)I land and buildings) of the compani8s wll be grfted to Denstone College, there will not be any impact on the reported flnancial results and balances as at 31 August 2021. the main imp1 has been in the provision ol additional disclosure. The direetors consider that the preparation of the financial stalement8 on a non-g)ing conlxm basis that refiects the transfer of the trade of the Charitab company. and certain busines8 assels lexcluding the school lond and buildMig8} to be grfied to Denslone College is the appropriat8 basis. c) Group AOUnts As the Subsidiary mpary has been dormant since the start of the COVID-19 pandemic 8nd throughout the year ended 31 August 2021 the need for consolidated financial stslements 18 not deemed appropriate, therefore these ants comprise only ofthe financtal statements the charty. dl School Fo•$ R•ceiv8bl• •nd Similar Incom• Fee5 e1Vle and other edutalKJnal Incomè are aceounted for in the perbod in which the Servi 1$ provided. Fees eale are slated after deducting altowanc88, scholarships and other remissions by the school, bul indude Gonlributions received from restricted funds for scholarships, bursaries and other grants. Fees in Advance sche Contracts a those fees r8c8ivad in advance of 8ducation to be provided in fijlure years under a Specif contract. The fees are either hekl as investments in interest bearing assets urbtil taken to income to match liabilities in the lerm when used, or refunded, they are hakl w'rthin the unr08tricted re8em8
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31STAUGUST2021 of the Sch1. Any surplus of assets over liabilrties is held within the fund as a buffer. Debts are prov¢ded for rf not recovered wtthin one twm. Estimating amount8 to provide aoain6t rVery of debts18 8 matter ofludgement. e) Anclllary and NofvAnclllary Tradlng Incom• Ancillary trading irKome represents amounts from aGtivilies to generate fvnds Wthin the charitable objeds, for oxampl8 schc¥Jl yhop sal8s, coaches to and from schcol and schjol trips. Non4ncillary trading income represents amounts frcrtn activities not directty rekted lo the charrt8ble 0.e¢l8. for example lettiros of schts)I facilities out of lem time and rental from spare 8chcol buildings. Income from those actNities 18 recognised in the Ststement of Financial Activities when the goods are sokl or semces provkled. fj Voluntary sources. Grants and Donltions Voluntsry ineoming resources are accounted for as 8nd when entitlemènt arLqes. the amount can reliably be quantifEd and eCor1¢ benefft 1$ wnsidered probable. Voluntary income for general purpose5 is xcounted for as unrestrthd an¢J is Credit to the General Reserve. Where the dor or an appeal has imposed Irust law restrictions. voluntary income is credf(ed to the relevanl restricted fund and incoming endchvments are accounted for as pemianenl trust cap¢tal or expendable Irusl capital, according to whether the donor intends retention lo be pemnent or not. Gifts in kind a valued at estim81ed c)en Ma01 value al the date of grft, in the case of assets for retention or tsjnsurnpts'on, or at thè Val lo the school In ¢as8 of donalad servicas or fr£ilities. gl Coronaviru$ Job Ret¢ntlon khgmo ICJRSI incomg Th8 CJRS grant is rocervable as ccrfnpgnsati¢)n for $tsff costs incurred and for the purpose of gmng immediat8 financial support to th& schods with no future related costs. It is reccgnised in income in the period in whlch It becomes receivable. h) Expend119 Expenditure is arUed as soon as there is a contr7Ktual Obligat or a liabilty 1$ ¢onsidered probable, discounted to present value for longer term liabilities. Expenditure is allocated to eypense headings erther on a direct cost basi8 or apportioned according to lime spent. The irrecoverable element ofVAT is included wlh the item of expen8etowhich it relates. Bad dgbts are provided for in accordance wilh the group bad debt policy. il Financ• and Other Costs Othercogls include amounts accrued in accordancewtth the lemis of Fees in A(fvance Scheme Contract8. j) P•nglon C08ts The school company participates In the Teacher6, Penslons scheme, yrfhh is an unfunded government scheme, and The Pensions Trust Scheme, both of which provide benefits based on final Pensnable pay. The funds of the schemeg are separate from the company, although the company'8 share of the scheme8 cannot be identified as the 8cheme8 afe mulil-empbyer s¢heme$, and so the pension ¢ts are aw)unted for a$ defined wntributMM 8c*mes. The Kimpany offers MberShIp of the Pensions Trust Gri)wth Plan to employees other than th8 full-time acadern staff. Th8 Pension5 Trust Grch¥th Pn 15 a muhi-employer pensKJn scheme where the scheme assets are Pttjled for Snvestment purposes and cannot attributed to individual employeTS. Benefft$ are pa•J from the total scheme asset$. 1118 in most respects a money purchase arrangement, but has som8 guarantees. A$ a ri is not FOSSIb or appropriate to idenlfy the assets and liabilrf(ies of the sGheme which are attributablo io the ompany, though, to the guarant8gs inh8r8nl in the scheme, the companies remain potenlialty liable for a debt on wthdrawal from tl scheme. In èceordanee wrth Financial Reporting Standard IFRS) 102 {section 281 therefore, the stheme 15 toUnted for in a fashion which is similar lo a defined contribution scheme. The company musl recognise a IKability measurgd as the present value of tho wntribulions payable that arisg from tha dofrit rgcovgry agrawnent and th9 r9suknng axp8nse in the income and expenditure account i.e. the unwlnding of the dfiscounl rate as a finance cost in the period in whi¢h it arises. More detsil is gNen in note 23. 21
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 k) Tangiblg FIX Ass•ts and 0opro¢latlon In accordancewith Section 35.10 Idl of FRS102. sMal¥00d Manor Pfeparatory SCI1 Limited has elect&J to use the ¢arrying value of any ofthe above freehold Lgnd and buiklings previou$ty carried at a valuation, as their deern cost at the date of transition to FRS102. 1 Seplgmber 2014. Tang1@ fixed as5els are stai&J at cost18ss dePreclOn. I1VIdual Gapital items, or proje(s, wrth a value greater than £10,OQJ are capitalised. Assets in the cowse of ccfflstruction are ststed at cost less any prowsion for irpaim)enL They arg transferr&1 to complated assets when 8ubstanti811y all of the aotmtw necessary to get the asset ready for use are complete. Where apprc¢riale rtht includes own18bour ¢osts in relation to ccfflstruction. and dOrt attributable overheads. Wheretangiblg fwl assets have been acquired wrth thg aid of 8pec6fic grants they are included in the b8L4ne& sheet al cost and d8PWk4ted over their expeGied useffiJl econcynic lrfe. The rel8led granls are credited lo £ restricted fLxed assetfvnd {in tho Stat8mont of financial activities and carried I0[d in the balance she8tl. The depreci81ion on such 8ssels is charyed in the Statement of flnancial activibes over the expected uBefvl economic of the related asset c a basis L¥Jnsistent wf(h the depreciatlon Folicy. Depreciation ig provided at rates calculated to write off th8 cost, less e81imatgJ residual valug of each a85et based on current market prices, ovgr ts expected u8eful lrfe, as follcws: Freehold ld is not depated Fhold Buildings.. - Variable according to the buihjing and written off over the expecled useful lrfe (see paragraph below) - 10% on cost - 33.3% on t1 . 25% on co8t The company has reviewed ils tangible assets. which compfise land, buildings and initial fLXtures and fitting$. Th8 company undertakes an annual review of 811 buildings assessing thgir useful economic Irfe. In some cases the useful gwnomic life of a buikling is anticipatgj to be of consider+le length, often ¥i excess of 100 years. The buildings are eapilalised in the financial stal8ments at hkstorr Cost. WheTe the calculated depatIon charge is a material fNJure. rt 1$ Charged in Ihe8e financial stat8ments but, where the c4rrying value 18 not more than the esllmed recoverable amourbt and the depreaation on the building is rKJt malgrial to these flnancial statements. it has been assessed, bul not charged on the basis that tt is not material. The directors will continue lo carry out annual assessments of the recoverable amunt and the estimated useful lrfe of all buildings and where the depreck•tion a materk91 value. rt will be charged. The review is based on the direcloY8' a8ses8ment5 Qfthe markel value and the future econom¢c benefit derived from an asset versus i(,$ Garrying value in the financlal statemènts. Then the company undertakes o sKJnifunt refurbiyhm8nt project that will have an economi benefit, the cost of the refurbishment is capitalised. reeorded sepgralety under'Freehold Land and Buildings, ft5 Useful lrfe is estimated anil It Is depreciated over that useful lrfe. No dgpreciation 15 pfovKled for in respect of investment properties in accordance wlth Secti 16 of FRS102. Such propgrties are held for their investment potential and r)t for consumption within the business. Investment properties are stat8d al their fair value at the balancg Sheet Plant and equipment Fixtures and flitings Motor vehick88 The company exercise5 judgement In 861tttl of apprcyri8te r8te8 for depreciation of fixed asset8, and matt&rs of impaimienL l) FlnancSal Instruments The company only has finanual 88sets financial liabilities of a kind that qualify as basic financkgl instruments. Basic financial instNments are initialty recogniwl at transaction value and subsequendy measured at their SettIerrnt value with the excèption of bank lo8 whth a 8ubsequentty measured at amortised Cost using the effective interest mglhcJ. 22
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 m) S•curltle$ and F•M In Advan¢0 Invesbnonts Securities and Feeg in Advance inv8Stm8nts arg carriod at fair value, which 1$ deemed to be market value as al the balan¢e sheet de. Unwlised gains and losses arising on the revaluation of investments are credllèd or charged to the Statement of Financral Activities and are allocated to the approprlale fund according to the'ownershp, of the untjedying assets. Realis galns and losses are the difference befven sales proceeds and opening market value where thg investment was held al the b89inning of the year, or sales Preeds1&sS cost of purcha89 where the investsnont was acquired in the year. The revaluatDn reserve reflects the accumulated lotsl of unrealised gains and losses, Unlnv8Sted cash i¥ the balance of liquid cash, held a8 an investsnent, which has not been investe(l in securities. n) Stocks Stocks cixnprise raw materials. consumable stc¥e8 ar gc)d6 held for resale." they are val1 at Ihe lower of cost and nel realisable value. ol Lea8lng Commltm8nts A8sets held under finarKe lea and purcha89 contracts are capitalised in the balance sheet and are depreeialed over their useful lives or the PeriJ of the lease whthever is th& Shorter. The interest element of the obliJatK)ns is charged to the Ststement of Financial AGtivilie¥ over the period of the 18a8e. Rentals applicable to operaling leases where subslantialty all of the benefrts and risk8 of ownership remain wth the18ssor are charged to the Slalernent of Financial Activities on a slrnight line basis over the lease term. Lèasè incentives are accounted for over the se temi on a 8traight-line basi& pl Deposlt8 fM parents Deposits received from parents a fepayable thin one temi s notice, an¢J are re¢ord&J a$ short temi Ilabilrtle8. q} Fund A¢count¥ End¢)wment funds are sullect to spacifi¢ conditions by donors that thg capital musl b maintained by the charty. Endtwment fvnd$ are furth&r sutTrdMded into permanent aTh 8XFendable. where requir by the temis of the trust. Re81ricted funds arè subject lo specific Gondrtions by donofs a8 to how they may be used. The purposes and uses of the restricted funds are s81 out Sn the notes to the financial statements. Designated funds comprise funds which have bggn set asKJ& at the discretion of the directo for specrfic purposes. The purrxJ8es and uses ol the d88ignatthl funds are Set out in the notes to the financial statements. r) Taxatlon The ¢i)mpany is a registered charity and as such are exemN frcn irce tax and corporation tax under th8 provi5ion$ of Sgclion 478 of the CorKxir8tion T8x Act 2010. Thwe is no similar exemption for VAT, which is induded in expenditure or in the cost of assets as appropriate. The school has a $l$1d8ry company that is subjectlo taxes including corporation tax and VAT in the 5ameway as any commercial otganisation. Thet8xCharg lo the profil and loss account is based on the subsKliary company's profrt for the year and takes into aceount tax arising b8caus@ of timing drfferences between th8 treatment of certain items for tax and aceounling purposes. The subsidiary company distributes the majorty of its profits to sMalfv M8nor Preparatory School Limited under GiftAid and tax liabilrtie5 are kapl lo a minimum.
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 2. CHARITABLE ACTIVITIES- SCHOOL FEES RECEIVABLE 2021 2020 The 01 fee8 income o)mpris8S: Gross f8e$ Less.. Total scholarships, bur88ries, etc 1.053,546 1118,216} 1.303,039 (141,441) 938,331 1,161,598 Schokrships, bursaries and other awards wefe paid to 37 pupils12020', 43 pupils}. Within this. means-lesled bursaries totalling £24,934 were paid to 13 pupils12020'. £36,837 to 13 pupiL81. The value of fee discounts given to parents in respect of online leaming made necessary by tha COVID-19 p8ndemK totg11gd £NIL (2020. £157,312). 3. CHARITABLE ACTIVITIES - ANCILLARY TRADING INCOME 2021 2020 Extras Entrance fees and fegtstralion fee$ Pupil transport Rent receNable and related income Sundry Other income 50.264 1,150 1.683 67,261 13,039 78,897 474 133.285 135.479 4. OTHER TRADING ACTivrriES 2021 2020 Non4ncillary trading Income Smallwood Manor School Enterprises Llmiled 17,078 17.078 24
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 5. INVESTMEp¥fs- INVESTMENT INCOME Unrestricted Restricted Endowed Totsl 2021 Total 2020 Securltles Investment Incoffle Equities Fixed inl8r8st Other 25 202 227 326 381 e. INVESTMENTS- BANK AND OTHER INTEREST Unrgstricted RestrKtwJ Endowed Total 2021 Totsl 2020 Bank interest 19 19 19 19 1.887 7. OTHER- GRANTSAND DONATIONS Unrestricted RestfKted Endowed Total 2021 Total 2020 Govemment grants- CJRS 34,660 34,660 193.543 34,660 34.660 193,543
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 8. ANALYSIS OF EXPENDITURE a) Tot•1 9XndIturfr Support Costs Deprocaation (Not¥ 13} Total 2D21 Total 2020 {note 10) Co8ts of rnlslng fvnds Non anrAlkry tradlng FlnarKlng Cost Inol& 9) Investment managamènl 13,450 52.308 47 17,rA85) 17,0851 T¢)tsl cost of g•n•r•lityg funds 17.025) (7,0151 65,885 Charitable expondlture Teaching WeKare Preml888 School admink8tration Grants awards and prizes Inole 7bl Movernenl in p8nwon rewvery plan Gov9mance Edu¢•tion and grnnt makknq 715,944 115,711 50,614 168,860 36,402 33,932 112,322 221.999 294 6.690 5,475 28,629 5,399 716.036 156.118 191.565 396.258 294 1,057.129 125,113 259,293 240,943 401 29 154 855 1,051.129 4LK.978 46,193 1004300 1,683.888 Totsl Expgndlthre 1.051.129 399,953 46.193 1h97375 1,749,753 bl Grants. award• and priz88 Thg school makes awards to widividual families to support sc0[1ng. 2021 2020 From Unre8trl¢ted Funds: Prizas and leaving awards From Endow Funds: Prizes and leaving awards 301 294 401 c) Total resources expended includ8: The company reimburses govemors fcf out of pod(et exp8n59s including travel sub8istsnGe and aGcommcilation, where a claim is made. No Iru8lees were reimbursed during the year. 2021 2020 Rernuneratn paid lo auditor for a11t semces DepreciatK?n of tsnglble fixed assets.. - owned by the charitab Company Reimbursement of per80nal ewgnses to govemorè 26 18,270 46,193 43,463 855
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 9. FINANCING COSTS 2021 2020 Bank charges Intere51 payable- Inlercompany loans Provision for bad and doubtful debts 3,503 {10,588} 52,363 {7,085 52,368 10. STAFF COSTS 2021 2020 The aggregate payroll costs for the year were: Wages and salarie$ Social security costs Other pension costs Private medical insurance 869.218 66,690 123,996 1,225 1.rA1,129 81.818 145,533 1,253 1,051,129 1,288,733 Included in staff costs ar¢ redundancy or termination payments totalling £85.752 {2020: £26,996). The Head, Deputy Head arKI Bursar are clas8ed by the school a8 being the Key Management Per60nnel. Nona of the govemors recewed remuneration or ¢)thor bongfrts from SmalfvNood Manor Preparatory Schtsol Limf(¢d or from any connected body. Aggregate empbyee beneffts of key management persne1 176.022 147.211 The numbar of higher paid employees whose annual emoluments were £60.0(Kl or more was.. 2021 No 2020 No £60,001- £70.OC £70.001- £80.OC The number with ts'rement benefts accruing: - in TeoGher Pgnsion schemes was Of whh th8 contributions amounted to £14,238 £14,318 For 2021 there are no12020.. None) employe88 eaming over £60.(H)D per year that have chosen not to participate in a penSn scheme.
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 10. STAFF COSTS (Continu&Jl Th? average nuffthr ofgmployges during the year calculated on a head Munt basi5, was 42 {2020: 65> 2021 No 2020 No Teaching Other aclivitie8 20 22 11. DIRECTORS None ofth8 directors {OT any person$ Gonnected with them) receNed any remuneratKJn during the year. Scholarships totalling £NIL were awarded lo children of dlrectors attending the school12020.' £NILI. 12. TAXATION The company 1$ a registered chaiity and therefore no Ilabilty to taxation 8rises on ts chaiitable activib'e$.
- Lr• roo U)tNo •¢oo <uo
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 14. SECURlEs INVESTMENTS 2021 2020 Invgstments At 1 September 2020 Investment management fee¥ Gain5JlL05se8> on investments Movement in uninvested cash 9,714 {601 1,616 636 10,919 14n (1.1581 11004 100 9,714 Inve8knent in subsidiaries 100 Investments at 31 August 2021 11,904 9,814 Invostmonts comprlge: Llsted Investments Fixed interest Equitie$ 2,902 7,401 Cash Inve8tm8nt in 8ub8idi8ri88 100 At 31 August 2021 11,904 SmalKveod Manor Preparatory School Limited owns all of the share capital of Smalfv0d Mar School Enterprises Limited, a company incorporated in Englandlwales. Further detai18 are pmvided in note 24 and 27.
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 15. INVESTMENT PROPERTIES 2021 2020 Valuation 811 September 2020 Transfgrr*J to tangible as8ets-land and buihyings 645,000 1645,0001 645,000 Valuatlon at 31 August 2021 645.C4)0 Investment properties ¢onsist of those of Coryany's LqThJ and buildings that are held for investment purp058s and which are not use(1 in the schoc4's ¢)wn aclivilies, primarily rasidential houses whth are let 4>Jt on the open marf(et. The company is responsible for improvement8 and maintenance of the properties. Where properti8s are Occupi on leases, they cannot be reali8ed rther than in accordance wth the1&3se lerms. Folthling the de¢ision to tran$f8r the Sthool lo DensIce College and sell the $¢hool land and buildings and irwestmenl properties, the investment properties vtsre reclassTrled as tlb 8888ts. A formal valuatn of the properties was prepared by John Gemian Chartered Surveyors as at 27 November 2013. The investment properties along th the school land and buildlngs and remaining fixtures were sold on 13th September 2021 for a ¢omblned sale price of £2,205.00D. 16. DEBTORS 2021 2020 sch11 fee8 receIVLe Other debtors Prepaym8nts and accrued income 1,111 8,676 12,183 10,922 62,688 23,103 21,970 96.713 31
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 17. CREDITORS: amounts falling due within ono year 2021 2020 DeF4)sil8 frcrfn parents 675 26.950 Trade credilors Taxation and social security Other creditors Aru41$ Deferred incom8 Amount¥ due to subsidiary ConY Loans due to parent company Amounts due to parent company 112,415 19.148 2,825 20,270 250 91 I[,153 20.281 2,436 41.927 42.261 75 120 409,217 240,203 Summary of mov•m•nts in doforred incom BaL8re 8t 1 September 2020 Movament during th8 year 42.261 142,011) Balance at 31 August 2021 250 Deferred income arises dug lo deposits r¢¢eived in advance for lets of the property. 18. POST BALANCE SHEET EVENTS The school land, buildings, plant and invgslm8nt propertie$ We sold on 13th September 2021. The 8ale price was £2,205,000. After disposal of the assets at nel book value the company had a net gain of £574,264. Upon receipt of the funds a donation of £1,363,284 was lator made to Denstone College. The108n from Wctr)dard Corporation has also been paid back. A further donation will be made to Denstone Col*e once any outstanding matters have beon resowl by the company.
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 19. SHARE CAPITAL 2021 2020 Authorised 1tYJ Ordingry Shares d £1 each 100 100 Allotted, called up and fully pald 100 Ordinary Shares of £1 e 100 100 The shares shall not be transferabb. Any inwtation to the publ to subscribe for any shares or debentures of the company is prohibited. 20. FUNDS The companls funds are anatysèd urKl8r the followSrKJ headings.. a) ENDOWED FUNDS Funds set asvje to promote, assist and support th¢ ¢haritable objectrves of the sclKol. bl UNRESTRICTED FUNDS Unre5triGted fvnds represent a¢xumul*d irKome from the schwl's aclNities and other sourceg that are availabkg for the g8neral puOse5 of the hot4. 21. ANALYSIS OF NEf ASSETS BEfwEEN FUNDS Total 2021 Total 2020 Unwtrricted Restricted Endowed Tangible fixed assets Securf(ies investments Propety investments Share capbtal Nel Current assets Long temi liabilitie$ 1,630.737 1,700 1,630,737 11,905 1,056,408 9.715 645.OCiI 100 (30.430) 17,870) 10,205 100 (357,2861 16,1841 100 1356.674) 16,1B4) 1.812 1,269,097 11,817 1.280.884 1,872,923
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 22. SUMMARY OF MOVEPAENTS ON MAJOR FUND8 At31 AtyJust 2021 At 1 Sopt 2020 Inwming rè50urras GAlnÉl {loss•s} ey¥en¢*d EndovAd Fund• 8ursary FuThJ Schijol Pupil B8qU•St Prize FuTra Scholarship bursary and prize fuThJ 10.442 347 11,817 Total Endowment 10A42 347 11117 Unr•trF Funds Ganèral ReseNe 1,341.313 2.318 318.752 1.103,327 1,496.928 187 947,899 2.316 318,752 Designated Revaluatw)n Resgrvp 1162.381 1,103,327 1h9Q928 187 1,264867 Total Fund• 1,672,823 1,103.621 1097375 1.615 1,28Q784 Note 21 provbdos dgtsils of the irvjiwdual fjjnth.
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST AUGUST 2021
23. PENSION SCHEMES
Teachern, PensSon Scheme
The Schc)I partlp#te8 in the TegGhers' Pension Schem8 {England Wales} {Yhe TPS,). for ils
teaching staff. The employerfs nSIOn cost8 Paid to the Thers, Pension Scheme in the perle
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 23. PENSION 8CHEME8 Icontinued) Pen¥ions Trust Growth Plan Th6 schcol participates in the TPT Retirement Solutions - Th8 Growth Plan, whith is a multi- employer scheme prowding benefits to over 950 non4ssociatgd participating employers. The schem8 is a defined ber*fft scheme ift the UK. It is not possible for the school to cbtain sufficient infomialion to enable it lo account for the 8cheffts as a defined benefft scheme. Ther8fore it awounts for il as a defined cOntbUt10n scheme. The sth8m8 is subject lo the funding legislats'on outlined in the P¢nwns A 2004 thi¢h ¢ame into force on 30 De¢emb8r 2005. Thks, togetherwilh documents issued by the Pensions Regulator and Technical Actuarkql Standards issued by the Flnancial Reporting Council, set oul the framevth for fundiry defin&J benefft o¢cupational pension schemes in the UK. The scheme Is cl8ssrfied as a last-mw standing arrangem8nl'. Therefore the schcM)l 18 pclentially liable forother parti¢ipating employer5, obligations rfihose empk)yers are unable to meettheirshare of scheme defrtS following withyrawal from the scheme. part1patIftg employers are legally rg]uired to meet their share of the Scheme deficits on sn 8nnully purchase basis on wthdrawal from the tscheff. Summary of provisn for penslon d8ffidt recovery plan Company 2021 2if20 TPT Retirom8nt Solutio- The Plan 6.184 7,870 TPT Retlrement Solutlong - The Groyth Plan D8ficil Contributk) A fvll actuarial v81uation for the scheme was earried out at 30 S8ptembeT 2017. This 8cluario1 valuallon showed assets of £794.9m, liabilitie8 of £926.4m and a deficit of £131.5m. The schemè's pVIouS valuation was carried out at 30 September 2014. This valuallon shLrnved assets of £793.4m, liabilitS of £969.9m and a deficit of £176.5m. To eliminate this funding shortfall. the Trustee asked the particip.ng enwoyers to pay additional ccffithbutions to the 8chem8 a$ foll¢)WS'. From 1 April 2016 10 31 March 2025.. £12.945m pw annum (payable monthly and increasing by 3% each on 1st April) From 1 A11 2016 to 31 MarGh 2028: £54.450 par annum Ipayablé monthty and in¢reasing by 3% each on 1st April) Unless a ¢on¢8s$ion has been read with Trustee the temi to 30 September 2025 applie8. The re¢overy plon contributions are allocated to each parbcipating employer In li with r estimated share of the Series 1 and Series 2 scheme li8bilities. Where the sGheme is in deficitand wherethe empbyer has agre&l lo a defictifunding arraNJement thè company r9ccgnises a liabilty for this clsligation. The amount reGognised is the net present valug of the defrt red10n contnbutp)ns payable undèr the agreement that relates lo tha deficri. The present value 1$ calculated using Ihe disUnt rate detailed in these disclosures. The unwnding of the discount rate 18 reccgnised as a finance cctst.
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 23. PENSION SCHEMES (Contniued) Pre8ent Values of Provilion 2021 2020 PRsgnt value of provision 6.184 7,870 Reconclllatlon of op•ning #nd Closing provisions 2021 2020 prO$10n at 1 September 2020 Unwinding of thg discount factcf Def11 contri)ution paid Remea8uremenls- impact of any change in assumptions Remeasuremenls- amendments lo the Gonlribution schedule 7,870 37 11.7151 {81 9,380 {1,664) Provision at 31 August 2021 6.184 7,870 In¢om• and •xpendfture Impact 2021 2020 Interest expense Unwinding of the dis¢ount fxtor Remeasur@ments- impact of any change in assUMptn$ Remeasurements- amendments to the contribLrtion schedule Contributions paid in respect of future serVe. Costs recognwd in inccThe and expenditure account 37 A88umptlon8 2021 %per annum 2020 %p annum Rate of dlseount 0.55 The dI$unt rates shown above are the ualent Single discount rale8 whlch. when u8ed to dis¢ounl Ihe futur8 rgcovery plan contrlbutlons éue. would give the same results as uslng a full AA corporate bond yield curve to discount the same rttovery plan wnlribution$. Deficit Contributlons Schedule Thefollowing schedule showsthe def11 C¥)ntribulion8 agreed bthieenthe company and the scheme 8t ?h year end period: 2021 2020 Year 1 Year 2 Year 3 Year 4 Yèar 5 Year 6 Year 7 Year8 Year9 Year10 1,766 1,819 1,873 794 1.714 1.766 1.819 1,873 794
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 23. PENSION SCHEMES (Continued) The ¢OvanY must ree¢<Jni$e a liability mea$ufed as the presenl value of the contributions payable that arise from the deficbt recovery agrooment and the SUIt1ng expense in the income and expenditure accounl i.e. the unwinding of th8 di8ccnt rate as a finan cost in the perh)d in whKh it arises. 11 is these contribut#)ns that have begn used lo derNe the company's balancg Sheet liabilrty. 24. SUBSIDIARIES Th8 Company own5 all of the Share capital of Smalhvood Manor Schcol Enlgrprises Limited. a company incorporated in EnglandIwa {Company number. 05181896). This company has been domiant sir 1 September 2020. SMallwcd Manor Sch¢)ol Enterpre$ Limited was domiant during the year lo 31 August 2021. At 31 Augusl 2021 the company had shareholderfs fuTrJs of £1CQ {2020: £1001. 25. CONTINGENT LIABIUTIES The Ccthpany ha8 been notffied by The Pensn9 Tru8t of the estimated employer debt on wlthdrawal from the PL8n ba88d on the financk81 poslllon of the Plan as at 30 Sepl8mber 2020. As of thi¥ date the e$limatgd grryloygr dgbt for the Corr¥)any was £46.93412020'. £47,228) induding Serkgs 3 liabilili8S. 26. ULTIMATE coKfROLUNG PARTY The Wt¥8rd CeOratn knmited iy the ullimale controlling paty. a registered ¢harty number 1096270. which is incorporated in England and Wales (company number 04659710}. Copies of the financkl statements ol the WocJard Corporatlon can be obtained ftom High Stree( Abbots Bromley, Rugeley, Staffordshire, WS15 3BW. The a¢counl$ of SMa1fvC4j Manor Preparatory School Limited are induded within the Gonsolidated finar41 statements of the Woojard Corporation MIted. 27. RELATED PAIUIES As stated in note 26. Smallwocrtl Manor Preparatory School Limited 18 a wholly thvned subsidiary of The wdard Corporation. An amount of £5,178 (2020.. £7.0l was paid during the year to Woodard Corporation by way of a lo me8t running costs. Al the year end The WcJard Corporation ¢)wed SmallwTr)d Manor Preparatory S¢h¢)ol Limited £NIL12020'. £NIL). In additi'on, SmalNvood Manor Preparatory Schcol Limrted owed The W¢Jodard Corporation £4012020: £1201. The Woodard Corporation k)an8d Smallwood Manor Preparatory School Limited £250.000 during the year. Interest has accrued over the year and the balance thyed to The Woodard CorporatKJn at the year end was £253,503. The loan has been repaid since the year end as referenced in note 18. The company al80 conlrofs a 8ubsidkqry company, Smallwc(J Manor School Enterprlse8 Lhntted {wistered number 051818961 whlch is currenUy dormant. The registered offe of the Subsidiary tradlng company k the same as the scho. Tran8aclion8 in relation to marketing materials and office con$umoble5 has taken place in the year beOen smalhQj Manor Prgparatory Schc4Jl Limited and Mcconnell's {Midlandsl Linited, a firm of which Mr R T Eley, Director of Smallwc•Jd Manor Preparatory Schcol Limrta. is a director. smalV00 Manor Preparatory School Limited made t¢)tal purchases of £295 {2020'. £4,746) from Mcconnell's {Midlandsl Limited. with payments of £NIL12020'. £1,343) outstanding at the year end date. Reimbursement of travel and 8ub8181ence exFen8e8 to director8 10ts118d £NIL {2020: £8551.
SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 28. AccouKfiNG ESTIMATES AND JUDGEMEPITS In preparing the financkql statements, the directors are required to make eslimale8 andludgements. Th8 matters detailed b8low are considered lo be the most important in understanding the judgements that involved In preparing the financi81 statgmgnts and the unc8rtaintios Ihat could iffwt the amounts reported in the results of operations, financial P)611 and cashflcws. Accounting pdicie5 are shown at not8 1 to the financkil statements. PensKin scheme deficil redueliort P8yments As explained at note 23 there 15 a deficit retion plan in pl&e in wpe¢t of the company's membership of the Pension Tru¥fs Grh Plan. FRS 102 requi$ a liabilty to be recognlsed in respecl of the present value of future contributions payable under the terns of the defrt recovery plan. The incorporatKJn of this liability in thefinancial statements involves the exercise ofjudgement in a number of areas, including the selection of an appropriate discount rate. P8nslon scheme conllngenl Ilablllly A6 explainèj at not625there is a conlngent Ilablllty In theeventthat thocompany were towithdraw its membership of the Pension Trust's Growth Plan. The independent qualrfied actuaries advisirvJ the PenSnS TTUSt in respect of the contingent withdr•val liability exe1$9 signrtirAnt judgement in detgnnining the amount of that liability. Judggment is axercisad in a numb8r of area8, includi future changes in salaries and infiation, rrK)rtality rntes and the seleclw)n of apprOPrte discount rate8. 29. RECONCILIATION OF NET INCOMEIIEXPENDITURE} TO NET CASH INFLQW FRQM OPERATING ACTIVMES 2021 2020 Net oxpendllure for the year (as per the stat•m•nt of financlal actlvltleg) 1392.039) 1227,9151 Adjustments for: Depreciation charges {Gains}Ilosses on inveslments DivKlends. interest and rents from inve8tmen18 Financing costs Lo881(profitl on the sale of ftxed a88ets Defined benrt pensbjn stheme Ilncreaselldecrease in st¢xks Ilncr8as8lld8crease in d8bto Inereasel{deerease} in ereditors 46,193 12.1501 13451 13.5031 25.879 43.463 1,158 {2,2681 151 74,743 167,328 112,223> 180,600} Ng1 sh provklgd by OPBratlng aGtl¥lllos 183,894) 1278,390) 30. ANALYSIS OF CASH AND CASH EQUIVALENTS 2021 2020 Cash at bank and in hand 31,673 113,060 Total cash and ca8h 8qulvalents 31.873 113,C60 31. ANALYSIS OF CHANGES IN NET DEBT No reconciliation has been provKled on the basis that the only debt owed by SMal)d Monor Preparatory Schwl Limit is Ihal to the parent company al the value of £253,50312020.' £NIL)