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 )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 envirc￿ment in which puplls can devebp their academlc potential lo the full-, to provide a happy and $￿U[& pastoral enwronment in which pupils can18grn to live together and thus foster a sense of communty. respect for one other and citizenship,. to prowd8 pupils wf(h the opp)rtunity to take a(fvantage of a breadth of co-curricular aC￿VIti.8$ 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 decIS￿n$ 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$lic framework to meet the negjs of members of staff arKI pupils alike. SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED DIRECTORS, REPORT (Incorporarfng the Strateglc Report) YEAR ENDED 31ST AUGUST 2021 strategies to achleve the prlmary obJeclSve8 This year our main focus has been on the continuing for all pupils as well as pn5uring the tr8nsfer0factwit￿ to Denstone College as at 1st S8Pt8mb8r2021 went ahgaJ as smoothly as possib19 with liitle disruption to our pupiL8 and staff. We believe the transfer has been planned and execLrted 8uccessfulty. Prlnclpal Actlvltles of the Year The principal activrty of the school is the delivery of •Jucation to pupils ranging from 4 to 11 years of age. We also run a number of ¥ummer ￿h0o1 actNttEs and the school is open al other times use by the Ic¢al communlty. Pupil numbers at the ￿h0o1 during the year were as follows.. 2020r2021 201912020 Preparatory School Pr&Preparatory Schcd Pre-schwl 87 30 25 Total 142 2020r2021 Boys 40 18 2019r2020 Boys 53 20 13 Girfs 26 Gir18 Preparatory School Pre-Prepar8tory Schcd Pre-schcol 10 12 Total 32 56 Publ1¢ B¢n¢fit Wlhln the objects. the s¢hool aKns to Creale an environmnl to nurture children, to get the best from them and lo allow them lo devekjp and fu￿11 their potential. We provide them with a first cl888 Independent edutstion and a wide range of 8WJrting and artlstic opportunitK88. Our public ben8fft aim 18 that 011 pupils will be seff-confidgnt and desire to conlribute to the wlder communty. In the furtherance of the88 alms DCPS govemors, 8$ the charity trustees, have complted with th8 dijty in $.17 of the Chorilies Act2011 to have due regard to the Charity Commission's published general and relevant Su￿SeCtor guKlanco conceming the operation ofthe public benefit requirement under that Our sclThl welcomes pupi18 from all backg￿nds. To admit 8 pr05PaCtivg pupil wg naod to be 8thfi8d that our school will be able to educate and dev￿￿ a prospectlve pupil to the best oftheir potential and in line with the general standards achièved by thwr peers. Entrance interviews and 8ssessmenls are undertaken to satisfy oursefves and parents that potenlig5 pupils can cope with the pace of learning and benefft fr¢)m the eduG*ion wg provNJ8. An indiwdual's economic status. gender. ethnicty. rxe. religion or dk88bilty do ncl form part of our assassm8nt proc8sse$. SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED DIRECTORS, REPORT (InCO￿Orating 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 sch￿18. 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 addit￿n 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 perfo￿nartt 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 charit￿8 objectNes. An example of private benefit may be the reimbursement of travdling expensgs for trustees attending training cour8e8: any privale benefft to indiwduals or 8￿ments of ￿c￿dard are incidental to delNery ¢)f the charit*le 0￿.0￿ve8. 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 Othe￿￿e be at risk for exaryle in the ease of r¢dundancy. In assessing m8ans we u¥e the methodology proMu￿ated by the Independent Schcy)b' Bursars AssociatK)n, whkh takes a number of factors into onsiderallon including famity Ir￿Orne, investments and savings and famity circumstances for example dgpendanl reMives and the number ofsiblings. Our schwl does not have a Significant end￿ment 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 tr￿t 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 ar￿1 how to appty are avaiLgb18 on ¢)ur w8b$rte. This year the value of means tested bursaries tolall8d £24,934 and represented 2.5% of ¢)ur gros5 fee5. They prowded assistance lo 12 (rf our pupils. A hardship fund is also availabfe lo help pupi15 in receipl of bursaries meet the costs of school trips, examinath?n entrance fees and simiLqr 8xponsgS. Employment Pollty We are an equal opportunty organisation aryj are committed to a working environment that is free from any fomi of discrimlnation on the grounds of colour, race, ethnicrty, r8ligion, Sex, sexual orientation or disability. We will make reasonab￿ adjustments to meet the of staff or pupils w￿) are or beccme disabled. SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED DIRECTORS, REPORT (Incorporatlng the Strateglc Report) YEAR ENDED 31ST AUGUST2021 STRA TEGIC REPOR T REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Impact of Coronavlru8 Pandemlc Schoo18 were Ofdered to dose to all except the children of'Key ¥Vofkers' in March 2W20 and mwh of the education was moved onllne. In brielthè Impact has bean to ralse the level of uncertainty and risk for the whole education se¢t¢r. All pupils r8tumed in Saptemb8r 2020, and the School has mad8 a numb8r of adaptations lo make ¥cclal dIStan￿ng possible includirvJ', introducing one-way systems. all cleaning and c*ring staff rKeiving additional COVID training, changing meal and break times to accommodate the separate safe WO[1(in9 bubble8, pfovisKJn of PPE. add￿O￿al cleaning of the school durin9 the working day, and adaptation to COVID safe sport ￿5$on$ wilhln the scho)l. Wi(h reg*rd8 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 Sept￿ber 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 COmpetit￿n$. Every child had the OPFQrtunity to represent the schcol on the games field over Ihe course of the year. Several indMdual$ 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$. The sile was also used by a l¢)cal Guwje troupe and v8r*)us swimming clubs and organisations made use of the s¢hool's Fthl. Parent8, Supper evening8 were held at a local pub each tenn and Ihese were open to fr￿d$, past parents and others not assocLql￿l wllh the 8chcd. SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED DIRECTORS, REPORT (Inco￿OratIng 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 a￿1 otherfundralsing actNIt￿. often driven by the friends and parents of the school in conjunction with the schcol. Invo$trngnt Perfornmnce Agalnst Objectlv The company's investments are managed by Cazenove Capital and in the opinion of the advisers the perfomance has been salisfathjry. FINANCIAL REVIEW R￿￿tt* for tha Year The operating loss on schwl actiwties was £392,039. Thls Ios8 has been 8 dir¥t consequence of the COVID-19 pandemic hitting both the school fees receivabSa and perhaps moTe importantty the letting$ 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 $￿tK)n of the Directors, ReporL the trade of the charitable Company and certain business assets (excluding the 8chool land and buildings) have teen gifted to Denslone Cc41gge after 31st August 2021. The Smallwood Manor sile wa8 sold on 13th September 2021, any remaining liabilities Sell￿d and net pr￿d$ gifted to Denstone College for continuing investment in tha pr8paratory school. It is intended that sma1￿c￿)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 a￿ul 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 off￿dabIlIty 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 manage￿￿t. The risks r8nge fTc*m 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$'. th& markèt in which the school c¢*rates is highty rnmpetitive and we monitor devebpments In eilucalion to ensure that puplls a￿ayS receivg a first clas8. holistic arKI vari￿ aucalional gxperience in our sch¢)ol we ytriv8 to ensure that all staff a￿ able to work in a safe and supportfve efi￿rOnment and polues. prccedures and training in Human Resource management and Health and Safety help to ensure that the schod meets expedation8 the schwl operates in a highly regulated sector, including in matters of child protectlon, and we appoint appropriate professional a(Ivisers to ensure that we can keep up to date with all requirements., sthool or indivhlual membetship of bodies being the constituent asscciations of the Independent Sthools Council aAso ensure that we have ac¢ess to up to date information and support the school oporales in an increasingly litvJious environment and we appoint appropriate professional advisers a￿1 purchase insurance using specialist brd(ers and ath8eTr to ensure that we can keep up to dale with all requirements and meot all challevJes all orgonisations face drfficum ￿noMiC condTtions and directors and senior man8gers in the school keep abr8ast of economic condrth)n$ locally, nationally and intemal￿n8Ity to identfy trends arKI davokjp plans to address i$suos SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED DIRECTORS, REPORT (Incorporatlng the Strateglc Report) YEAR ENDED 31ST AUGUST2021 The key contro15 used by the schthjl include.. fO￿nal agendas and minutss for all meetings of the goveming l)ody and ¢ommittees terms of rgference for all committe8S mprehenswe strategic planning, finan¢i81 fore¢asling, budgeting and manageff*nt accounti established and idenlthabk organisalional structures and reporting lines which are regulaty reviwed comprehensrvg formal written poli¢ies clear authori$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. c*her 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 Operat￿n5. 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 r￿kS 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 sma1￿COd 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 beI￿ve 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 (Cha1rm￿l 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 co￿vanieS 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 Act￿nting Standards and appI￿able 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 direct￿3 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 respOns￿le 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 e￿h 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 a￿aItOr is aware of that infomialion. The direct￿ are responsible for the maintenance and integrty of the corporate and financial information included on the charitable C￿PanY'S w•b$rte. Legi8lalM)n In tha United Kingdom wveming the preparation and dk88emination of finanaal statements may differ from leglsl8llon in other jurisdlct￿nS. 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 819r￿d 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 stat￿ents. induding a summary of svJnificant policies. The financial rewrting framework that has been arOl￿d in their prgparation is apPI￿able 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 opIn￿n 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 appI￿atr)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 r8quir8rr￿nts 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 Eth￿1 Standard and w8 have fulfilled our other ethical responsibilitw in aC￿rdanCe 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 financk*l stalemenls. the basls of accounts preparatKin policy, which describes the preparation oflhefinancial statements on a non-going COr￿M 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. Follo￿ng the transfer. il 18 Intended that Smallwood Manor Preparatw Sch￿1 Limited and its trading subsidiary smal￿v￿)d Manor Enterprw Limited will commence the n￿o$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 othe￿1$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 othe￿1$8 appears to be m*eTialty ml8Statsd. If we hlentify 8uch material inconslslencies or apparent malerkql misstatements. we are required to detemiine whether there 18 a material misstatement In thg finarKial slat8m8nts or a material mts$tsiemertt of the other inf0m￿tK)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 info￿nation, 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 fIr￿ncl87 year for which the financkal stat￿ents 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 identif￿d material mis*atgmgnts 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 chari￿le e(Ynpany. or retums adequate for our audh have not been receNed frc¥m branches nc* visited by us: or the pargnl charitable company fin￿e101 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$siatement, whether due to fraud or error. In preparing the financial slatgments, the Directors are responsible for as8essiTVJ the charitable company's ability to continue as o going GOn￿m, di8closlng, as applicable, matters related to going concem and using the going corKem basis of xcounting unless the tru81ees either intend to liquidate the Chafitab￿ company OT lo cease operations, or have no realistic altomatwe but to do so. Audltorfs re$pon$lbllhleg for the audlt of the flnanclal ststomonts Our obj8Ctive8 are to obtaln reasonabte assurance abolrt %thether the fingn¢ial statements a8 a wholg are free from matenal mk88Lqtement, whether due lo fraud or error, and to issue an auditor's report that include5 our opinion. Reasonab￿ assurance is a high le￿1 of ￿Urance, but 15 not a guarantee that an sudit conducted in accordance with ISAS IUKI wll a￿VayS deted a materlal misstatamenl when il exists, Mlsstatemerts can arise from Iraud cf error and are considered material if, indiv*Jually or in the aggregate, they could ￿SOnab￿ be expect￿1 to infiuence the ecorKJmic deci5w)ns of users taken on the basi8 of these finanaal 81atements. A further description of our re8ponsibililie8 for the aud* of the fitwicial sL8lements Is provided ￿ th8 FlnarKial Reporting Council's websrte al htt ..Ifv￿￿.frC.Qr .uklauditorsres nsibilities. This dg$¢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 regU￿tIOns. 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 susp￿ted 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( ev￿enCe 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[r￿d durlng the audit. H￿ev¢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 pr9vont￿n and detection of fraud. In identlfylng and assessing risks of material misstatement in reSp￿t 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 fra￿1 might 0￿ur including assessmgnt of how and where the financial $tatgm8nts may be susceptible to fraLKI. As a result of these pro¢edures we consider the most signrfKant law¥ and regulations that have a direct impact on the financral statements are FRS 102, Charities SORP IFRS 1021, Companies Ad 2006. Charrties Act 2011 and the parent charitable company's goveming document. We perfomied audit prcrtedures to delecl non 52.410 Charltable Actlvltlg¥ Educatttsn aThJ grant making 1.504.005 295 1.604.3(KI 1,663.688 TOTAL EXPENDITURE 1,4S£,928 347 1A97.276 1,736,298 Net galnsllb8sesl on in}￿Stment 14,15 187 1.428 1,815 1,1581 N•t •xp•nd5tur• TransfeTS tets4Een lund$ 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 acti￿￿88. AJI recognv8ed 98ins and Ioss88 in the cajrrent and pnor yo8r or¥ In¢1￿1￿ in the $tatemgnt of finan￿￿1 Thg notes on page8 20 to 39 form part ofthe89 finaKs1 statgmgnts. 17 SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED BALANCE SHEET ASAT31ST AUGUST2021 Note 2021 2020 FIXED ASSETS Tanglbl¢ 8ssgts Securits'es Inve81ments Investment Prop 13 14 15 1,630,737 11.905 1,056,408 9.815 645,000 1,642,642 1.711,223 CURRENT ASSErs Stock Debtors Ca8h at bank and in hand 16 21,970 31.673 53,643 96,713 113,(60 209,TT3 CURRETr￿ LIABIUTIES C￿lI9r$ 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 0porn￿Tr9 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 pU￿haSe 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 c￿anIeS Act 20C6 arbd in aceord3nce wf(h the Statement of Recommended Pl￿tIce for Charit￿5 {'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$sets are carried at fair value. Smalk¥ood Manor Preparstory School Limited meets the definition of a publK benefrt entity under Finonual Reporting Stsndard {FRSI 102. Assets and liabilities are initialty recognised at historical cost or transaction value Unle￿ othemise Stated in the relevant accounting policy n￿e8. The preparation of financial statements in corfiimrty with FRS 102 requires management to make judgements. estimates and assumptions th81 affect the aPpI￿OI10n of policies and rewted amounts of assets and liabilities. ineom arKI expenses. The esllmates and associated assumptions are based on histor￿1 experience and var￿8 olher factors that are believed lo be reasonab￿ under the cjrcumslances. th8 results of which form the basis of making the judgements a￿)ut carying values of assets and liabilities that are not readity apparent from other sources. Actual r￿ullS may diffef from Ihe¥e estimates. Further detsi18 are provided in note 28. and in th8 accounling polKie8 for depreci*v)n of fixed assets. for pensions and for bad debts. The financial statements are presented in sterling 1£> and the functional currency Is sterfing (£). b) Basis of Preparation of tho Financial Stat•m•nts and Going Concern The actfvities of Smalk¥ood Manor Preparatory School Limited have been transferrgj tr) Denslone College on 1st September 2021. Followlng Ihl8 tran8ltlon. it 18 intended that Smallwood Manor Preparatory School Limrted and its trading subsldiary Smal￿￿￿d Manor Enterprises Limited, will commence the necessary stsp$ 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 Col*e, the financkil statements have been prepared on non-g¢ing COn￿M 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 grf1￿1 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 imp￿1 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 A￿OUnts 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 a￿nts comprise only ofthe financtal statements the charty. dl School Fo•$ R•ceiv8bl• •nd Similar Incom• Fee5 ￿e1V￿le and other edutalKJnal Incomè are aceounted for in the perbod in which the Servi￿ 1$ provided. Fees ￿e￿a￿le 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 Sch￿1. 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 r￿Very 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 eCor￿￿1¢ 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 pem*nent or not. Gifts in kind a￿ valued at estim81ed c*)en Ma￿01 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 $tsff costs incurred and for the purpose of gmng immediat8 financial support to th& schods with no future related costs. It is reccgnised in income in the period in whlch It becomes receivable. h) Expend1￿19 Expenditure is a￿rUed as soon as there is a contr7Ktual Obligat￿ or a liabilty 1$ ¢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, yrfh￿h is an unfunded government scheme, and The Pensions Trust Scheme, both of which provide benefits based on final Pens￿nable 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 P￿n 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 t￿oUnted 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 SCI￿1 Limited has elect&J to use the ¢arrying value of any ofthe above freehold Lgnd and buiklings previou$ty carried at a valuation, as their deern￿ cost at the date of transition to FRS102. 1 Seplgmber 2014. Tang￿1@ fixed as5els are stai&J at cost18ss dePrec￿lOn. I￿1VIdual Gapital items, or proje(*s, wrth a value greater than £10,OQJ are capitalised. Assets in the cowse of ccfflstruction are ststed at cost less any prowsion for irpaim)enL They arg transferr&1 to complated assets when 8ubstanti811y all of the aotmtw necessary to get the asset ready for use are complete. Where apprc¢*riale rtht includes own18bour ¢osts in relation to ccfflstruction. and dOr￿t attributable overheads. Wheretangiblg fwl assets have been acquired wrth thg aid of 8pec6fic grants they are included in the b8L4ne& sheet al cost and d8PWk4ted over their expeGied useffiJl econcynic lrfe. The rel8led granls are credited lo £ restricted fLxed assetfvnd {in tho Stat8mont of financial activities and carried I0￿￿[d in the balance she8tl. The depreci81ion on such 8ssels is charyed in the Statement of flnancial activibes over the expected uBefvl economic of the related asset c a basis L¥Jnsistent wf(h the depreciatlon Folicy. Depreciation ig provided at rates calculated to write off th8 cost, less e81imatgJ residual valug of each a85et based on current market prices, ovgr ts expected u8eful lrfe, as follcws: Freehold l*d is not dep￿ated F￿hold Buildings.. - Variable according to the buihjing and written off over the expecled useful lrfe (see paragraph below) - 10% on cost - 33.3% on t￿1 . 25% on co8t The company has reviewed ils tangible assets. which compfise land, buildings and initial fLXtures and fitting$. 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 dep￿atIon charge is a material fNJure. rt 1$ Charged in Ihe8e financial stat8ments but, where the c4rrying value 18 not more than the esllm*ed 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 SettIerr￿nt value with the excèption of bank lo8￿ whth a￿ 8ubsequentty measured at amortised Cost using the effective interest mglhc*J. 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 d*e. 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 befv*en sales proceeds and opening market value where thg investment was held al the b89inning of the year, or sales Pr￿eeds1&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 val￿1 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 Peri￿J 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 f￿M 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 frc*n ir￿c*￿e 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￿$1d￿8ry company that is subjectlo taxes including corporation tax and VAT in the 5ameway as any commercial otganisation. Thet8xCharg￿ lo the profil and loss account is based on the subsKliary company's profrt for the year and takes into aceount tax arising b8caus@ of timing drfferences between th8 treatment of certain items for tax and aceounling purposes. The subsidiary company distributes the majorty of its profits to sMalfv￿ M8nor Preparatory School Limited under GiftAid and tax liabilrtie5 are kapl lo a minimum. SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 2. CHARITABLE ACTIVITIES- SCHOOL FEES RECEIVABLE 2021 2020 The ￿￿0￿1 fee8 income o)mpris8S: Gross f8e$ 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 9X￿ndIturfr 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 sc￿0[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 Rernunerat￿n paid lo auditor for a￿11t 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 pers￿ne1 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 wh￿h 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 penS￿n 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$. * Lr• roo U)tNo •¢oo on investments Movement in uninvested cash 9,714 {601 1,616 636 10,919 14n (1.1581 11004 100 9,714 Inve8knent in subsidiaries 100 Investments at 31 August 2021 11,904 9,814 Invostmonts comprlge: Llsted Investments Fixed interest Equitie$ 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 Smalfv￿0d Ma￿r 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 DensIc￿e College and sell the $¢hool land and buildings and irwestmenl properties, the investment properties vtsre reclassTrled as t￿lb￿ 8888ts. A formal valuat￿n of the properties was prepared by John Gemian Chartered Surveyors as at 27 November 2013. The investment properties along ￿th the school land and buildlngs and remaining fixtures were sold on 13th September 2021 for a ¢omblned sale price of £2,205.00D. 16. DEBTORS 2021 2020 sch￿11 fee8 receIV￿Le Other debtors Prepaym8nts and accrued income 1,111 8,676 12,183 10,922 62,688 23,103 21,970 96.713 31 SMALLWOOD MANOR PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 17. CREDITORS: amounts falling due within ono year 2021 2020 DeF4)sil8 frcrfn parents 675 26.950 Trade credilors Taxation and social security Other creditors A￿ru41$ Deferred incom8 Amount¥ due to subsidiary Co￿￿nY 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 BaL8r￿e 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 pu￿Ose5 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 part￿lp#te8 in the TegGhers' Pension Schem8 {England Wales} {Yhe TPS,). for ils teaching staff. The employerfs ￿nSIOn cost8 Paid to the T￿hers, Pension Scheme in the perle was a¢wod in resp* of wntributions lo this scheme. The TPS is an unfunded multiémployer defin8d b8n8ffts pgnsion scheme govemed by Thg T6a¢heTs' P8nsion Stheme Regulation5 2010 a$ arrendgj The Teachers. Pension Scheme Regulations 2014 las amondedl. Mémbers ¢onlribute on a.pay as you go" ba818 Wth contributions from membern and the empl¢)yer being credited to th8 Exchequar. Retiram8nt and other penslon beneffts ar6 paid by Publ￿ funds provided by P8riiamenl. The employer conlributK)n rat8 Is sel by the Secretary of Stale follw.ng s¢heme valuati￿$ undertaken by the Govemment Actuary'8 Department. The most recent actuarial valuatkjn of the TPS was prepared as at 31 March 2016 and the Valuation Rep¢)rt, whlch was publlshoJ in Marth 2019, confimied that the 8mpbyer contribution rate forthg TPS increase from 18.4% 10 23.6% from 1 September 2019. Employets a￿ al$0 required to pay a schem administralion le￿ of 0.08% giving a total employ￿ CA)ntribution rato of 23.68%. The 31 March 2016 Vall￿tIOn ReFxJrt was prepared in accordance w￿h the benefits Set out In the scheme reguL4tions and under the approach specified in the Direct￿n$, as they applied 91 S Marth 2019. Howgver, the a$sumptK)ns wefe consKlered and sel by the Department of EducatDn prior to the ruling in the 'McCloudlSargeant ease. This case has requiTed the courts to consider ¢ase$ regarding th8 Implementat￿ of t￿ 2015 refoms to Public Service Penwcms includirKJ the Teachers, Pension. On 27 June 2019 the sUpr￿e Court denied the govemment pennis8ion to appeal the Ccdjrt of Appeal'sjudgmenl that transitional prowsions intr0dL￿ed to the reforn￿d pensh)n schemes in 2015 gave rise to unlawful ag8 discrimination. The government is respecting the Court's decisN)n and has said (( VAII engage fully with th8 Employment Tribunal as well as empbyer and member representstive8 to agree how the disGriminations will be remedied. A consullation was laLtnched by the governmènt on 18 July 2020, and closed to responses on 11 O¢tob¥ 2020. The TPS is subject to a cost cap mechanSsm whlch was put in place to protect t8xpay¥s •Jainst unforeseen changes in Schen￿ ￿$1s. The Chief Secretary to thg Trgasury, having in 2018 announced that there wwld be a review of this cost cap m&hani5m, in January 2019 announced pause to the cost cap mechanism following the Court of Appeal's ruling in the McClou￿S?rgeanI case and until Ih8re is certainty about Ih8v81ue of pensions lo employees frcwn April 2015 om¥ards. The pause was lrfted in July 2020 and the govemment is prep8ring to complgts the cost ccntrol element of thg 2016 valuations, wh￿h i% eXp￿ted to bg Com￿81￿ in 2021. In view of the above rulings and decisions the assumptions us8d in the 31 March 2016 Actuarial Valuation may become inappref*riale. In this scenario. a valuation prepared in accordance with revised beneffts and 8uit8bty 88sumpt*)n$woubJ yi8ld drflerent results than t￿se cx)ntained in the Actuarial Valuatlon. Until the consultation and the cost ¢•p mechanism are COM￿010d it is not possib￿ to conclude on any financkql impact orfuture changes lo the contribution rates ofthe TPS. Accordingly no prowsion for any additK)nal past benefft pension c05ts is Included in these finan￿al statements. 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 cOnt￿bUt10n 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 def￿rtS following withyrawal from the scheme. part￿1patIftg 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 provis￿n 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 p￿VIouS valuation was carried out at 30 September 2014. This valuallon shLrnved assets of £793.4m, liabilit￿S 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 A￿11 2016 to 31 MarGh 2028: £54.450 par annum Ipayablé monthty and in¢reasing by 3% each on 1st April) Unless a ¢on¢8s$ion has been ￿read with Trustee the temi to 30 September 2025 applie8. The re¢overy plon contributions are allocated to each parbcipating employer In li￿ with ￿r estimated share of the Series 1 and Series 2 scheme li8bilities. Where the sGheme is in deficitand wherethe empbyer has agre&l lo a defictifunding arraNJement thè company r9ccgnises a liabilty for this clsligation. The amount reGognised is the net present valug of the def￿rt red￿￿10n contnbutp)ns payable undèr the agreement that relates lo tha deficri. The present value 1$ calculated using Ihe dis￿Unt 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￿$10n at 1 September 2020 Unwinding of thg discount factcf Def￿11 contri)ution paid Remea8uremenls- impact of any change in assumptions Remeasuremenls- amendments lo the Gonlribution schedule 7,870 37 11.7151 {81 9,380 {1,664) Provision at 31 August 2021 6.184 7,870 In¢om• and •xpendfture Impact 2021 2020 Interest expense Unwinding of the dis¢ount fxtor Remeasur@ments- impact of any change in assUMpt￿n$ Remeasurements- amendments to the contribLrtion schedule Contributions paid in respect of future serV￿e. Costs recognwd in inccThe and expenditure account 37 A88umptlon8 2021 %per annum 2020 %p annum Rate of dlseount 0.55 The dI$￿unt rates shown above are the ￿u￿alent Single discount rale8 whlch. when u8ed to dis¢ounl Ihe futur8 rgcovery plan contrlbutlons éue. would give the same results as uslng a full AA corporate bond yield curve to discount the same rttovery plan wnlribution$. Deficit Contributlons Schedule Thefollowing schedule showsthe def￿11 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 ¢O￿vanY must ree¢ 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)