Charity Regi5trntion No. 1103326 Company Registration 110. 05011039 (England and Wales) WOODARD SCHOOLS (NorriNGHAMSHIRE} LIMITED DIRECTORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 'AaJPlNANL* 16112Q021 COMPANIES HOUSE A15 #183 WOODARD SCHOOLS {NorriNGHAMSHIRE) LIMITED COMPANY INFORMATION Page C(wnpany irrfcrnal￿￿ Directors. iewt (incorporalrng Ihe StrategK rew1} Independent auditorfs ieport Financial stalements of the comp 24 25to60 WOODARD SCHOOLS (NOThNGHAMSHIRE) LIMITED COMPANY INFORMATION DIRECTORS AND ADVISORS at the date of signing the accounts Directors P LLB MBA (Char and Custosl J C Barnsdale MRICS K Muthukumarappan MBBS FRCOG M M¢d S C J Peake BA PGCE A M Pepper C Phillips BA {Hon$l PGCE K Truscott MA FCIPD M P Stethenson BA (Honsl MSC N J Porter Bsc MRICS R W G Rcss BA (Plons) FCA N E Rdey BA MBA FCA Secretary R J tknrrKNe BA ACA Charity Ilo. 1103326 Company No. 05011039 Prin¢ipal Address and Reglstered offi￿ Wothp Colege W¢yksop Nottinghamsh S80 3AP Key Managem•nt Personnel Headmaster Bursar H8ad- Senior &hool Head- Preparatory Scho(A Finance Dlrector DrJ M Price PhD. Bsc Hor A (*ham C E T￿leY BA (Horts) D J Thorpe Bsc {Hons) J Moulsdale BA (Hons) {ACMAI Audltor RSM UK Audit LLP Central Square 5th Floor 29 Wellingttyi StrEet Leeds LS1 4DL 8ankefS Santanderplc 800lle Centrp Mèmyside L30 4GB Solidtors Veale Wasbrough LLP Narrow Quay House Narrow auay Bristol 8S1 4QA WOODARD SCHOOLS (N0￿INGHAMSHlRE) LIMrrED COMPANY INFORMATION Investment Advisers Ca￿0Ve Carittsl mar￿gen￿t LirThtsd 1 London Wal Pla¢è Lmdon EC2Y SAU In$urance Brokers Iwsh InsurarKe Brokers LKr*ted 17 Pefrymount Road Haywards Heath Wést Sussex RH16 3t)u WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED DIRECTORS, REPORT {in¢orporating the Strategic Report) YEAR ENDED 31ST AUGUST 2021 The dir¢dors present their reFOrt and finanoal stslements for Ihe year erwjed 31st Augu512021 and confinn thèy compty VAth the requirèments of Ihe Charities Act 2011. in¢*dNN the Directors, and Strategic Reports. under the Companies Act 20CkS. REFERENCE AND ADMINISTRAnVE INFORMA TION The chafity was formed in 2004 ar￿ is Wiste￿ wilh the Charity Commission as ¢hartty number 1103326. The c*arity is a limited liability company and ovmed subsKJTary of The Woodard Corporation Icharity number 10962701. The charilabte company is ￿￿￿Tl￿Nated in the United Kingdom. Directcrt of Ihe C¢>mpany are also Feltuws Imernbersl of the Woodard Cowporatw)n and participate in the election of its board of management aThJ are commltted to *s tharitable objects. Notè 33 provbjes detsils of connected ch¥riliès. STRUCTURE, GOVERNANCE AND MANAGEMENT Gov¢mlng Oocumert The Company is govemed by Arb'dÈs of Association as adopted by Special Resolut￿n daled 20th March 2013, replacing the Memorandum aTrJ ￿tic[es ofAssoCk3tX￿ dated 18th March 2004 aMe￿Ied by Speual Resdutions on 25th January 2008 23rd Jur* 2009. They permrt fijnds to be managed in such a manneras the directors see fiL provided that such pwets are orty exèrcised for the purposes of attaining the objecis and in a manner which is legally charitable. The Art￿e5 of A5sociatirm lorb¢d the distribulion of any wopety or fvnds. which are k) b¢ #P￿led s(4efy to*ards the promotKJn of the objects of the company. Governin9 Body The govemors are Ihe d￿CtOrS and charitable Imstees of the comp￿￿ and Compr￿ Ihe goveming body of Wc%￿ard Sthcds {Nottinghamshirèl Limrtéd and arè dected to hold office for fNe years. The school is 9ovemed by the goveftNng tr￿Y which operales using a number of committees. Membership of each cvrmiittee Is ouuined on page 20. The sw)¥emirvJ body met 5 tiTh*s during the ￿ar. RecNltment and Tralning ofGovornors All wvemors are Corporatè Feltows of the Wotsjard Ctyp0ralb￿. c￿ Fellws are responsible lor elect￿9 the Woodard Corporatioi Board. Governors are recruite¢J on the bass of nominations from school contacts and from selecbon when a post becomes aval￿ble. The goveming bryly look to ensure a mrx of skills and seknt new governors on the basi5 of baCkg￿nd. compatence. spe¢iali81 skills and comrnitsnent to the Church ol England ethos of the school. Govemow5 are provided with induc*gn training by the Hoad and staff arKI a wider pmgramm of training events Is organi5ed by the Woodard Corporalion. The school a150 eno)uwes ￿err￿S lo attend events run by the ASS￿￿lion of Goveming Bod￿ of Independent Schools {AGBIS). Where pos51Ne Ihe govetrvys consKler that th¢ sk* and experierKe of the Board should ¢xJrnprisè the fdlowiryJ.' A Govern￿ with a legal background. A Go¥emor with a fiftancravaccounting backwnd. A Govern(Y wilh wlu¢ation extEriew. A Governcf wtth seniLY manage1k￿ or tyjsiness experience. A G¢v¢rnor with gxperience ot equal ird*Abllity r￿d$. At ￿$¢ one female Govemor and at lea5tone male Goveffby. One Govemor may have one or rn￿e ofthese skils. Volunteers Govemors are vohjnteers providing thelr twne for free to swort the 9o¥emance of Ihe The $chool also rdies on 8 number of other5 lo undertake volunteèr rdes indLwJirYJ fund raising. assisting ¥￿th school events and pr￿￿dIng other 5WWt requir¢d. WOODARD SCHOOLS (NorriNGHAMSHIRE) LIMITED DIRECTORS. REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2021 The Worksop Colege Parents. ASS(￿ation ￿janised a Ser￿ ofsooal fu￿110n$ for porents and statr. the focus this year has been on s￿￿[. ralher than lundraisiThJ events. Parents. Asscoation volunteers also assisled at a number of Open Events and in the transitm of farnilies to the College. The Ranby Parerbts Group continued to support Ihe athl￿ of Ihe P￿Parat￿ School through i prograrnme ol fvndraisin9 and SLX4al acti¥iiw. A variety ofswcessfvl social and kndraising ￿antS for parènts. pupils and staff kn)ok place. Volunteers have contiNJed to run thè F¥•paratory Schoofs second harnl unrform shjp 8nd assistèd WI￿ various actNities, inthding trips and the weèkly forest schc4)1. Organlsatlonal Alanagtment The sch￿1 is govemed by th• goVerr￿ng trx)dy T*hich dekgates Mtsrk to a rwrnber of committees. Membership of •ach cornn¥ttee is wtlined on pa9e 19. Th• threctors detenrine the general policy of the cornpany. Educaticffl Committee-takesdelegated responsI￿lty on be￿￿1011￿? B03rd fwoverseeing lh8 a9reed academK. ojrricular and pastoral Pfovision ofthe Scho)l. induding the rnaknng of reCor￿endationS as appropriate to the Board. so as to wovtde assurance tothe Board on the Scb)ol's educational provisron and has lead responsibilty for Safeguarding. Finance & Genetal Purposès CtM)miitee - takes delegated responsibility on tsehall of th• 8oard for overseeing all financial aspects of the School. T*4OTlong akngsid8 the Finance Director so as to provide assuran￿ to the Board on the Schod's shLYt and viatslity. Estates Sub-commiltee-takes delegated resp(￿ib￿Y on beha¥ of the Finance & General PufP)ses Committee {F&GPI for ovèrsèerng the Schc4)I's Estate lindudiro buildiry5. plantarKI vehiclès. grounds, gardens. roadways 5￿unty).' and Com￿13nCe vAth Health and Safety requifements relatin9 to the School's Estate. so as lo providp assutance lo F&GP and Ihe Board on all Estates matters. Governance Audit and Risk Committee - takes delegated rew5itslity on behalf of the Board for implernentsng and advising on the extern￿ audit.. 1oreyarr￿nirO reviebjing all 5ysiems and methods of control bolh financiaf and otherwise indvdJ"n9 risk manag*nènt: and for ènsuring the School is complying with all aspècts of the law. relevant rngulations and prac11￿. Human Resources Commttlee - tskes de￿gated respornsiblily on behalf of the Board of Governors (the Board) lor overseeing all Human Resources {HRI aspe(Xs of thé Sdth. working alongsid& the Head of HR. so as to provth a55urawKe to the Board on al HR matters. Th8 key p8rsot)nd arè defined as those WI￿ attend fvll Board meetings and the Headrnaster. The Senior Schod Head, the Preparatory School Head and the Bursar. The day to day managemènt of the company is dèlegated to the Headmastèr, overstr¢irtg ￿ueal￿aI. pastoral and administrative fijnctions in consultation wth Ihe senior siaff. The day to day administratk￿ is undertaken wthin the poli¢rs and procedu￿$ approved by the goverrK)r5 whith kYov#1e for onty swJnifunt expenditLtre dedsions and rna1￿ capitsl yop¢ts lo be referred lo the goverrKvs for p￿r approval. The Headmaster oversees th& recrvthent of al edUCa￿n¥ staff whilsL under detegatad authority. The rernunera140n of key management personnel is set by the Human Resources Committee, wilh the policy objective of providing appn)priate incentives lo erKowage enhanced performan¢e and of rewarding Ihem fairty and responsibly for Ihelr kndNldual ¢>)ntrétths to the 5chc4)I's success. The appropriateness and iel•vanté oflhe remuneraiknn yulw is by thè I leadmayter and the Bursar. induding reference to comwison5 with olher ￿￿eper￿ent schoo15 to ensure that the School remain5 sensitive to the broader issues of pay and empknymènt ujndits'ons els8where. The Executive Tearn delermines indivmlual salaries other than those of key mana9ement per50nnd wtlhin approved budget limils and iecc¥nmends general salary increases for approvat by ihe HR Committee. WOODARD SCHOOLS (NornNGHAMSHIRE) LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2021 We aim to rècruit. subj8d to expertence. at tho knwer to medium point wilhin a tsar￿. provhling scope for revrdrding èxcellence. t)elivery of the schc#Jfs charitsbJe Msion and purpose is primarily depenLlenl on our key manwjement personnel and stsff costs are the Jargest single el&mènt of our charitable expenditurè. Group Struclyre and Relat*)nships The school has a wholty owned r￿N￿aritable $￿S￿lIary. Wwdard lNoitingh￿h￿el Enterprises Llmiled. the 8¢bvtDe$ aThJ tradiry ofwtsth a￿ desuibed below. Note 33 wovides details of connecled charities. The schcd has developed links ￿1h • Y￿de rnnge of¢)rg¥nisalions to ensu￿ the wdèst possible aL￿Ss to our facilities arKI sthooling. Thfough meMbe￿hIp0f HMC. IAPS, BSA. ISBA, AGBIS end AEGIS and through networking with peer groups we ensure Ihal we are able to attain the highest standards of quality arKI performance. We encourage our pupils to develop an awareness of the Social context of the all-round educatKJn Ihey rewve at thè sdy)d arml th?y *e eNJaged in a number of activiiies to enhance their iJnder5tandirKJ. We have a thrivlng alLtmi grwp. lh¢ Old Worts(yians. who ar& geneiou5 in gJpp)rting the wc¥k ol the school and whose support we greauy aFyeciate. We also seek to c(h)perate many local charities in our ongjing endeavours to WKlen wblic a￿55 to the sch)oling we can prO￿de, tD optimis• the educational use ol our cultural and 5porkn.ng facilities and to awaken in our wpils. in Ihe public interest, an awareness of the social cthrytext ofthe allrfound educatson Ihey rKerve. CHARITABLE OBJECTS. AIMS. OBJECTIVES AND ACTIVITIES Charitable Objects The charivs otiects, as set out in Ihe Artkles of AsseAation. a￿ to p[￿ote extend educall (including spiritual, moral, *Lial. cullural and physical educatKml in accordan¢e wth the doctrines and principles of the Church. Thè Churth Is defined as being the Church of ErvJknd and churches in full communion with the See of Cantertjury. Intended Impact Wc￿¥1ard schcw)15 StrNe the be51 *1 round *ducat￿Jn ofev¢ry aspect ofeach indivKlual', they 6nsuro high standafds of reftgious education: and they see themsefve5 a5 communities wwknng tQgelher for the benefit of all memb8rs. and of ts Churth arpj the nat￿. They arè stroThJ chrisb.an foundalM)ns which adhere to cathdic belief as found in the Church. to Christian worship fowsed in the Eucharist, and to the carè of each individual and thè whde sclHKI cornrnunty partiuJlar¥sed in the ministsy d the Chaplain. Alms Woodard Schwls (Nottin￿arnshlre) Limited, In¢orwalirwJ WO￿ College and Ranby H￿$* Preparatory School. are boarding and day scl*)ds for pu￿1$ from the ages of 2 to 18. The schools aim to support children in reathng theif Potential in all areas of their actfvity al th? sthool, aTrJ in Ihe W￿er ommunity. This may b¢ in a¢adern￿ subj8cts bLrt could just as easi￿ be refle¢ted In svccess in art, drama, swl or rnvsic. We piodwe ￿11 rourKfed' indiwduals who are able lo rnake a posibve contribu￿rn to SOU*ty. Wl Woodarf $chools aim to wovKlo a rtyjnded education to he￿ the pupils to make their way in arjjlt lrfe. Primary obje¢tiYÈ$ The pflmary objectfves ol Worksco College Ranby House ￿paratOry s(*￿)1 to fulfil tt*5e aims re= de¥Elop resilenc adaptable. indepen￿t le￿}erS. support and ext￿￿ the academic and 1ndN￿Val endeavourof evary member of its nrnunity. rpgardless of ability. bxkwouThJ. gender. natior￿lItY or erned: WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED DIRECTORS. REPORT (Incorporating the Strategic Report) YEAR ENDED 31ST AUGusf2021 develop strength of ch¥acler throuth a thv•rse ex1r&awr￿llar projramme. leadership ar se￿￿e. aTra the promotTh) of sound moral values for each indiwdual.. provKle a supporbve cornrnunity. based on the Hcyjse system: lo art in kjco paTrntis ant1 to prtivide an environment that nurttjres. Èntourages arKI guidès Pu￿.1$ for their time at the sch¢x4 and in Preparati￿ for the I￿u￿&. buikl upon it5 ¢*aritable aim5 arml grcw tts s(MJnd fiwwncial fwndabon for fijbjre generations. Stral•gies to achieve the primary ¢>bjectives The 0verarchW￿ stralegieg used to achieve the prsmary ot4ecbves are: Further developrrent of thè YT 8 CUrr￿￿kIM In¢lL￿￿ty intr0￿ct￿)n of a bèsscrf) of Outdoor EducatN)n. Further development of the role of the Tutor. plcwl¥￿*)n ol irHJependent sbjdy through $ubIect clinics.. we have eststdished a dedicated team of Si¥lh Fonn Tutors led by the Sixth Form Leadership Team. Co<1p￿ng onto SLT ol MKldle Leaders to projress majty proiecls induding deveJopin9 academic excellence acnw the schcd and developing and promtiN4 a¢livities to enhance transition. Continued èmbeddw of the ctearer system of academic accountability and an wderslanding amongst Slxth Fomi sludents of ￿h￿e strands ofleaming,: Preparation. Review 8n(J Exter￿lon. This Ihrou9h the Sixth Forni Team and through iThyea5ed f(￿5 from departments as a Tèsult ofa rigorous Qualty and Slandard5 review proc*s5. Introducing to younger year groups the SLtQXS5ftA In￿atives from Sixlh Fom7. includlng eadier intervention to addrEs5 academic underperfoMiar￿. pastoral issues and development of independent learning. AFyointmentofa new ofHead olKey Stage 4. also inC￿TatIng Y9 will fvrther enhar￿ this. Restructuring of Ihe Sentor Leadership Team to conts"n￿ wrth the three year pro9ramn* of Team development resulting ￿ n•¥ rdes at the CrA￿ge (addition of Deputy Head Pastoral) and in a Leadership Team genuinely reflects that we are one Sche￿1. Usrng the skilL8 of the Leadership Team to embed Sup￿rt1¥e mea¢K% ol montNy ￿anCIal Iracking and weekly recruiknent tr¥knng. Princlpal A¢tivilles of thè Y•ar The prineipal acb.vty of ￿ sdwl is Ihe deltvery of edLwlion to wpls ￿r¥jIng from 2 to 18 years of age. We also faclitste a n¢Jmbef ol summer Sch&￿ activities and the Is OF￿ at olher times lof use by the Iwl c>)mrnL￿. Pupil r#Jmbers at Ihe schc*Y thring the year were as fokn•%.' 2020r2021 201912020 Senior Scho)I Preparatcry SthrAI Pr*Preparatory s(￿￿)1 369 95 1135 bo¥der51 11 boarder5) 1149 bDardeis1 11 boardets) Tot 517 2020r2021 Gi 201912020 Boys Seritor School p￿paratOry Schr Pre-Preparatcry W¥)ol 226 43 45 143 52 39 202 52 149 314 234 287 230 WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED DIRECTORS. REPORT {InCo￿4ratlng the Strategic Reportl YEAR ENDED 31ST AUGusf 2021 Publlc B•n•fft Within the otiiects, the schcd aims to create an envmnmenl to nurture thlldren. to W the best from them ond to allow them to develop and fvlfil their potentsal. W• prov*le them wilh a first class independent etjucation and a wide range of sportrng and arbsbc oppc*lunitiès. The aim is that the Preparatory ScFkic4 wjptls Mll be sufficiently self-￿fident to Ilourish in Senior Schocl and that all Senior School pupls will be fully equipped for iheir l*￿Sen futwe. Ovr public benefit aim and on an individual basis is that all pu￿1$ will be Self-c￿fi￿enI and desi￿ to ¢ontribute to the wder ¢£Jmmunity. In the furtherance ofthese awms the Worksop Cdlege and Ranby Hovse P￿aratory S¢hool governors. as the rharity Iwstees. have complied with the duty in s.17 ofthe Ch¥rities Act 201110 have due regard lo Ihe Chaiity Ccrfnmission's publshed general and relevant SLtssector guklants concerning thè Qpgration of Ihe pubfK benefrt requwement under thatAcL ChJ school welcomes pupils from all backgmunds. To admit a prospective pupli we need to be 5alisfjed th8t our selthl will be able to educate and develop a prospective pupil to the best of Ihelr potentrdl and in line wth the ge￿ra1 Star￿ardS athieved by th*r peers. Enlrance and assessment5 are undertaken to 58tisfy cwrsekn and parents that polenlial pu￿15 cope with the pace oflearniThJ and benefit from the edLKation we provide. An individuafs èconomic ststtts. gender. ethnirAty, race, religion or disablity do not fonm part of our assessment processes. Our sclwl is a part of a WTdÈr communrty and we are keen that our staff and puwls participate. Our sthool also offers a res(MJrce lo support a range of edU￿tk)nal for the benefit ol local children attending state scho915 and their tead￿[s. Our gove￿r5 are commiited to develOp￿Thj our F*ogramme of cooperation and joint working with local maintained sector junior and secondary schools. Tha acbwties undertaktrn and the suLre5s of our FXC*Jfamme are eXp￿Ined ￿ the'rewèw of athievements and ptrftsman￿ for the yearf section of Ihis reFtht Woodard and its 5chooJs provide a S￿jA1￿CanI berefit to the wl*. The school strives to ensure that measures of ptjblic benefit are appropriate, and that SKJntficant sect￿$ of Ihe publK are not exduded from the opportunity to benefit from the educatrm and facilities offered due to the netd to pay a fee. In athjition to signbfrant PTowsion ol bursaries and other fomts of financial support. th¢ sch¢)ol prowdes a wide fange of opportunities for community benefrt and farilitie5 arKI events a￿ often open to all. Further detsil of the publK bgnefit offered is indLMJed ￿ the section entiued 'Rav￿W ol A¢hievements and Performance for the Year. ithw. It is a key requirement of ewdenring publi¢ benefftlhat any privale benefft to iThJividuals or elements of the charity will be InCKJent￿ to the charitys obiettives. An example of prI￿ale benefrt may be Ihe relmbursement of travdliwwJ expenses for trustees attending trainir4J course5.' any prNate benefit to Individuals or elements of WiX)d8rd are w)odental io delivery ofthe c￿ltable otlectives. Bursari•s & Seholarships 8ursaries The govemors view our bursary awards as important in helpirrfJ to ensure th￿dren from farnilies who would othenwse not be able to afford the fees can access Ihe ed￿at￿)n we offer. Our bursary awards are available to all wh) meet our genèfal enty requirements and a￿ made solety on the basis of parental means or lo ￿￿'eve ha￿Ship where a pupsl's ed￿1￿￿ and fvture Pfospects would otherwise be at risk for exampl¢ in the case of redundancy. In assessing rr*ans we use the melhodology promulgaied by the Ir￿ependent Sch(KAs' Bursars Association. whth takes a number of factors into onsiderati¢Jn induding farrrily inc(Yre. inve5trnents and swng5 and lamify orcumslances. lor example d•pendant relabves and Ihe numberofs1￿1ngs. Our s¢h¢)ol does not have an endowrnenl and in fvnding our awards we have to be mindful thatwe rThJst ensure a balance between full fetrpaytng parents. many of whom make considerable personal sacrkfices to fvnd their th￿.$ edue#ti¢)n. and those benefrting from the awards. The bursary awards ranged from 5Yo to 95% remi55ion offees. Informatton abtsjtfee as5i%lano thmgh bVr￿rI&S is prov%Jed to all applying lo Ihg We also adverb.sè Ihe awards. Further details of our bursary polcy and how lo apply are available on ow T*ebsite. Thls year. total ￿nIsSIonS were £1.544.256. The value of means lested bJtsarks totslled £3fj0.436 WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMrrED DIRECTORS. REPORT (incorporaffng the Strategic Reporfj YEAR ENDED 31ST AUGUST 2021 and represented 3.93% of o¢Jr 9ross fees. Thls assisted 62 olour Pu￿. Scholarshlps The P￿r￿se ol tyjr scholarship avAnls is to recc¥3rise hwh aCadeffl￿ potential or Ihg ability to ex¢g1 in our co-cJJrricular activities. Our schc4arships are a￿rded on the basis of the indNiduafs academiG potential or evidence of excepb'onal abilities which wlll CAMtrityJte to our cTrcwI￿1ar activities. In addition. awards may be subject to conth"Ilons inwed by the original dornjr. Scholarships a￿ awarded vthh a fixet1 ￿miss￿)n of fees, typically 5% and 25%. Where lurlher assistartce ts requtred. scholarship awards may be supplemented by a means tested bursary. Wè advertise the availability of schofarship awards e8th year. Further detaiks of r#Ji scholarshp pdicy arè available on our websile. The sch¢J)l awarded SCho￿rshipS to 142 pupils. based on Iheireducalional Thrit and potèntial. totalling £70S.075 arKI representin9 7.69% of our gross fees. or Ihis number. 30 also qualtfied for means-tesied I￿rSary support and are induded in the fyU￿$ relaling to bwsary The progress of PUPEls receiving schcAatships is remewed al least annuatty lo ensure their prcrfJre$5 1$ in line wlh their abililre5. No 5th¢Jlar5hip5 were wthdrawn in the year as a result of rovièws. The availability of all such awards lor feethas5istsrtt, topther with the lenns and conditions for each ki￿1 of award. is adveibsed on website. Revlew The sthool indudes detaib of the various ¢oncessp3ns in the prospectuses and on the website. All parènts making enquiries abotrtpossible entyare prowdedwilh a deSCTiptionof thè criteria for bufsaries and $Ch￿arshIps. In ￿K)st Cases the tmjdget for L¥Jrsariès is alkxated using a "needs blind- approach as far as Fwsible. whilst gmng pr#irity lo Ihe conlinuty ol edu￿1￿￿ of pupi￿ already at the school. ￿1 crrteria and policies relatiry ￿ Cor￿esS￿r* ar¢ kept uThJer revkw and are updated %then n￿eSSary. Bursary awards are rewey￿d ￿nUalty. Employment Poliry We are an equal opportunity organisalion and are ccynmitted to aworking environffentthal is frèg from any fonn of discriminath)n on thè grtsunds of ccdour. race. ethnw. religon. sex. 5exu81 orfentathjn or disability. We will make reasonable adAustrnents to rneet ts needs ofstaff or wpi15 vkno are or become disabled. Investment Policy and Objectlves The COTry)any's Arlides of Ns%Kialion permit funds to bg inv•st8d n suth manner as the dirèctors see fil. providing that such pcp•￿[$ of investrnenl are onty exercised for the purkw of attaining ihe objects and in a manner that is leg￿lY djarilable. Investment actiwties are managed in line tmth the rtquirenEnts Of1￿ Trusteè Aet2000. The goverNJrs have appointed Cazenove Capilal Manageff￿nt Limited a5 invès1ment managers. ()Jr investment policy is to preserye the Capit￿ v￿e of in¥eslments aTrJ m￿Mist Ihe retum and income on all investments. The investment managers have distrètKJn atmwl ITh the in¥e5tm8nts are managed wthin policy parameters Set by the goveinors. The investrnenl largets a￿ to ￿SerVe the real value of Inves1￿nts against inflation and lo geneiale an incL¥ne yiehj of 3%. The Board are satisfied with bc*th the increase St) Ihe ov¥41 Val￿ ol investments ￿ld ytekj achieved al a time of ecxjnomic uncertainty. WOODARD SCHOOLS (NOThINGHAMSHIRE) LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2021 STRA TEGIC REPOR T REVIEW OF ACHIEVEMENTS AND PERFORIW4CE FOR THE YEAR The Promotion of Edu&￿10￿ During the year we educate(1548 ¢h￿ren between the ages of 2 and 18. The sch￿1 rKovJdes a vèry high $landard of edueab.on and this is vafjdated in review of the acaderric results. our measurements ol added valuè and Ihrough èxtemal inspection. The school offers a broad Gurrrwlurn and eduGatès chldren with a wide range of abilty. Th8 school ¢on demonstrate parltcufar ex￿r￿ auoss not onty the academ￿ spectrum but also in sport, music and the a￿. The aim ofthe school is to support children in reathiNJ theirpotential in all areas oftheiractwity at the school. This hdislic approach is iellected in Success in art drnma. music or on the sports fiekj. The school pr<*Ju¢es ￿ell rounded. indmduals are at4e to make a pJsitNe CL￿tribution to sociely. A very lafge majority mve on to highereducalion and achEve Ihéirfirstc* second cltr)ice ofdestination. This year 80% achieved Flaces al Russell group untY￿￿ti"￿S. A gfowing number of cases each year sees pupils able to Irade up. on results day. Our Value added dats remwns rci)USL The quality of our Univèrsity advicè and preparath* is rthv exceptional and gwen the unu5ual'buyerfs rnarkev that now exists around University adnwS￿On.' this adwce and the hard work of pupils contribule to ￿J1 suczess. Academic Resufts A level." The teaching slaff wotked wedibty hard to ensure Ihat fair teacher assessed grades we awarded which ￿r1ected the puptls. ability in their svbiecL The A levd pass rate was 98.5°/a With A and A- grades al 46% and A'.C at 83°k. Th￿e pupib got straight A".$ V•ryth al￿ther 4 pupils gaining all A's or A's. 80% of pupils got rnto their fwst chotce univwsty. GCSE.. 96% of pupils gained an ovwal pass vlith 84% gainw)g passes indurfing English and Maths. 45% of all grades were at A. The above r8suJts aro partiwlaTly WnprnSsi￿ grven the n￿Se￿ClIve nature tsf th• schts)l and valLte a(Ided lor eath rxjpil conlinues to be IM￿eS￿. Improving Faeilitiès Wt continue to improvè fau"lith"es through constsnt investrpnl in the fabrk of the bjildings and assets nd ambitN)US Piogrammes to ￿￿¥￿Ie the best facilities to SUPPQrt leachin9 aThJ learning. Covid restriclions limited rÈfurbishmentduriThJ 202￿21 butthe 5POrts hallwas compktely redecorated. a new iing main was in the s¢nior school building. Arts. Music and Drama One of the irnFK)rtanl elerrents of any Wethard sch¢)S is the c(MKentration ¢)n ats. music and drama and we continue to bè renowned the arts. Unf￿Unate1Y. Covhd mèant that our Worksop Concert Sefies was unable to take place but we managed to live slrearn weekly pupTI recitsls and our ¢8rol )neert on our Worksop Musie You Tube Channel. We also rnanaged to perf￿rn plays at the College for year 7 & 8 pupils and at Ranby. with 50cialty distanced audience parltcipat*)n for Ihe latter. pupil also won the Woodard Musoan ofthe yèar award and the Independent Sthools KS4 Musi¢ian of the year awftrd. Prize day at the Cdlege was recorded and sent live to parents. but due to the smaller nurnber5 and lair wealher we were abre to h￿t Priz8 gtwng ai Ranby wilh p*ents altending in the grourkls. Parents enjoyed an excellent ceremony with the guest speakef beirvj ouf newty appouited wel-beiThJ co- ordinator. who is an Workwian f(￿er Head of al thè Cwe. WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED DIRECTORS, REPORT {In¢orporatlng the Strategic Reporfj YEAR ENDED 31ST AUGUST 2021 Sport Worksop CoU8ge and Ranby House afè r&htiy famous fortheirsportir4J provision and Oeswl• a year which was impacted hugety by COVKI we manage(1 to maintain ￿gular s￿rt when the pupils were in school. In the first temi the girts did play $ome hockey fixtures but due to Ihe restricti￿$ with rugby the first half of the iemi saw Ihe College switch to crithet with Senvjrs pawng a number of great games and securing victortes again￿ the likes of the MCC and F¢yty c￿b. When schoofs were pemitted to reopèn In Ihe summer tem the boys and girls enjoyed muGh $pJrL Th$ introduction ofgirls crid(et proved to be a huge success ￿th Notbngham5hire CCC assisliThJ wilh (x)a¢hing as Ihe school had become their devel0pff￿nt cenler in thi5 regim. The ￿y$ enjoyed a number of r￿tureS in all age groups against many schoc4s in the kxality and beyond and a9ainst a number of county age group stdes. Mthough relaiivelyyourvJ, ourffifsl eleven enjoyed great$￿CesS winning Ihe region and reaching the lasl 8 01 Ihe national ￿lenty over competition and making the last 16 of the 50 over competilion before narrow def•at away at Rugby Schod. DurirvJ the sea%)n a￿1 throughoutthè summerthe school also ￿Sted a number of Nottinghamshire COLmty crickel clvb fixtures with numerous other counties enjowng playing on wr grounds. In add￿On we ￿Sted a professional 1st Xl twenty over Notbnghamshir¢ warm up game was streamed INe nationally. We also had the honour of hostir the MCC region uty seffw-finJs 5 r•Y￿)nS and iities from all over the UK takn'ng part in a day long competrtion. Unfortunatety. Covyj meant that fjttle hockey was to be played ar￿ wè wate unabl& lo defend our national independent schg)ls under 15 bde bulitwas a pleasure to see three Oldwiwksopians including aptain, Adam Dixon, get trwir chance to represent GB in the Olympic games. Other SpNting Old Worksopians enjoyed much succèss. notably the EThJland Cricket Caplain. Jrx Root. who hat1 a record breaking summer in iniernatsjnal test Matd￿5. as did Samit Patel. in the one hundred and ￿enty over blast competitions. GoEf has continued to thrive and in June Ihe school became National independent school ￿arn￿OnS for the first timtr. We conty'nue to attraGt hBh calibèr young goKers to the school and our fixture 115t is ever incrèasing we have enjoyed hostrng marry events and other schc¥J15 on our Conege Pine8 course. Our link wth Loughborough kghtniny retball also continues to grow ¥¥th the appointment of on• oftheir players to coach our aye group teams. They also continue to use ¢)ur facilib.es for their age group eoaehing sessi￿￿. This is all part ol our strategy lo devekp dose rebtionslups with pmfessional and kjcal C￿b$ in wder to provide continued to development for our pupils and Palhw¥ys into prOfe￿onal SPOTL Significant Events In January 2020, Ihe decision was made tt> thange the strueturn ofthe school dayand week 81 Works(y College. Non-conwulsory Satur*Yay attendance twk effect for thè fitst hme in the school's 125 year history in Seplember 2020 with academic lessons being brought inlo Ihe school week meaning a 4.30pm finish vAth Lwtional aCti￿tie5 and hofnewofk sessijn offered untu S.30pm. Withwt losing out on teaching bme the timetable was adwsied to all¢yw lor sli9hty shorter lesson times breaks or lunth after every ts¥o pericxls. The extrathcurricular programme was des•3ned arwnd the importance of d8velopiThJ emotional intelligence and bJik1ing CV in older pupils to enhance emrAoyer attraction on leaving the College. A range of activities are offered from Salsa danr3ng to Mandarin. In addition. lifeskills programme. includin9 such things as how to iron. cook on a bvdget and finanelal management was introduced in the Sixth Fom. Thè Hèadmaster had introduced a similar course at his pre￿¢￿$ school vthere it had woved lo be successful. The changes were wdl received by pa￿nts and have led ¢0 significant in￿ease In r¢witm&nl aNI retontion. At Ranby the deusion to extend the age range provbsion dthvn to 2 years dd has also woved huge successfttl as has the lease of a building to htyjse an extemal nursery. The intro(luetiM of Ihe Kindergarten has also has a posfve effect on the'bottom end. of recruitment at Ranby. The quality of our remote learning pwsion during hxkdO4￿ also attracted many new wpils to the schod. During Ihe second knkdown. as ￿th the first. a lull tirnelable of fact to face kssons OV￿ MS teams wa5 provkled throughout the Sch￿1$ and thè fèedback regarding It was oveTh¥helmingty ￿sItiV• from all parènts. Parents recognised Ihe hard work that all the stsff had put in to Maintain a high standard of education 11 WOODARD SCHOOLS (NorriNGHAMSHIRE> LIMITED DIRECTORS. REPORT (incorporating the Strategic Reporfj YEAR ENDED 31ST AUGUST 2021 for their children. as wen as a sens¢ of nrymalty and strudur¢ duriw this time. Ranby stayed open ihe whore tim¢. prowding 5th00ling for tyJr key worker child￿Tr. The College also provlded key worker provisi￿ and also had to host a number of boarders during half tem and Easter hotiday5. who were unable to travd horne due to ￿$tr￿￿on$. This again was well received by pa¥•nts and has resulted in us mainlaining a hvJh level of interest from ovewa5 puw"Is. For the first time year Ihe C￿lege hosted a Finding your Fuiures carew week for all students. This event took place on line 7Mth visibThJ speakers (mainly Old WorksOPi8ns and parents) from a range ol professions and careers speaking to puwls about theiiy)bs and Iheir career path. 35 lecturers took part dufing the weekwhich was fantastic and well ￿ceiVed by pupftsand parents alike. Thi5wiII n¢x become an annual event in Ihe Spring temi. A well-being and mindfvtn¢55 CO-ordinatt¥ Was also apF¥)inted acrnss both schools *iih rniThYfulness well*eing session being embedded in Ihe Currr￿￿1rn for pupils and a150 offered ￿ lunchtlmt and Iwilight $￿s19n for staff. Aw￿￿bern9 aftemcon alx¢ took pLace staff during th8 Autumn Inset. In light of the increased issues $urwwnding m•ntsl hoatth and welkbeiThJ rmjst the ￿nde￿IC the sthod will eonlinue to prioritise thls. Desplte the pwtive delivery of onfine leamrw Covid-19. or￿e Thye. Ihis had a ¢￿S￿l￿rable inpacl on Ihe irKorn8 for schocts durir)9 202&21. AlthoLwJh many t*)arders were able to retum after Christmas some were unable to Cl￿ to travel restrictions arKI revenué was knst. A 5% concesslon was also given to all parents lor the spring term. Although much less Ihan in the first lock down this was generally very well receN*Y by parents who ackn￿￿edged thg excellent pl0￿10fi that had been made during the firsl lockdown, with some happy to pay the fvtl arrKJunt and not take up the Cl￿ceSsiOnary Des￿le the ¢halenge5 that were faced gain durir•J i￿kdO¥M tr* decisKJns that were laken were extremety wdl recwved by pawts and the College rame tC4Jetr*r a5 8 whole ¢omrnunty. supporting current pU￿]s. Ows aThJ the bcal area duriwj this tirre. WldÈr Educatlon We are committed to providin9 QPPOrtunities for siudents at unNersity to gain p￿Ct￿81 leaching experiènce as part ofthgir PGCE tèacher training course. During the year. 3 students were gI￿n SLKh an opportunity. Our Giadltate A5SiStant Programme continLtes to grow. In the last y8ar, 5 Univèrsity Graduatè$ benefited from wotorwJ¢d work expor19￿ at the xtKy)I1th6 norn￿1 PrO￿n￿e length is 9 monihs. The Woodard C(ryJration is invotved in thé development of Acalemies as part of the governmenfs inith"ative. In 5UPPQrt of this proiecl au Woodard schrx)J5 havè provided support, wherè asked. Ihr0L￿h pro￿S1O￿ ol •ducational exper11￿. pathpation in govemancè. direcl curriculum support ela Woiksop Pri￿Y Academy beneffted fr(Th one member of stsff on the &wemin9 Boty. The Tuxford Primary A¢adery ben¢ffted wth mefflber ol stsff on its Goveming Body. The lThJepeThJent SchooLs In5pec¢orate a150 benefits from two members of5taff as in¥wbts and many staff act as examiners lor public examination boards. Community Through devel)went of. prowsion of access lo r￿¥ ￿tse$. the schoc4 remalns at the heart of Ihe communrty. Faaliti'es made OP￿ to the put4(c ￿￿￿de. The school swmming pool. whth is made available to local SWHnmin9 dubs and organised t￿#JIeS such as Sparken Hill Acaderny. Splash and Worksop Dolphins 5￿mming club. Our Musi¢ fa(Jlities vthKh are made available to a wbJe range of k)cal muslc SOde￿S. Our music schod Is the venue for the p￿lIMInary rounds ol the annual Worksop Mus¢c Festival. We are an A8RSM examinatirm centre which enables methrs of the local ¢ommunty to take examinations IDcally withoul travelling to unkrM)wn venues. Chjf D1￿clOr of Music is also th8 Oirector of the North Nottin￿arnshIIe Chcir. a role he takes on a vOlun￿ry basis and the Choir hearses and performs in Ihe s¢hcd fac4ilitis. 12 WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED DIRECTORS, REPORT (Incorporating the Strateglc Report) YEAR ENDED 31ST AUGUST 2021 Our sports ￿tCheS arè r￿niSed as beirYJ of pathAar wality are rewlarty used by Nottinghamshire County Cricket Club, Worksop Harrws Athlelycs Cl(0. nL*nercwJs football groups. oriènieering groups arKI Worksop Navy Cadets. Our wider school 9rourKt5 now hosl the kKal Juniry Park Run: a nalbjnal InA￿tiVe to promote sport and wellbeing to chikfren in the community. We have been awarded a Queèn's Award for Voluntary Seryice. presenled to us by tr* Lord Lieutenantand recLYJnising the work don8 in the comrNnty by ryJrstudenls. This inrjudes after school clubs for commurwty children. *rrkin9 in loca maintainèd sChO￿s. chwity shops and homès for the dderty. Charltable Adlt4lfl•s Eath House undertake5 sperific fundraisiw for woied5. These cau5e5 aro prcynoted tsy students. voted for by their peers and then womoted to Ihe whde schcd conwnur#ty. The schr*Jt community takes part in s wide of sp￿sOred events and other fundrais¥￿ aCti￿lIeS Ir￿uding chapel ¢ollection5. In addit￿n to the provisitin of PPE. much work wa5 done durng lockdown to taisè monles for varicwjs charities ihrou9h a5 Series of events SLKh as virtual around Wo¢JJard Schools in the UK to the fijrthest away wpil in a t(Jarding hcMJse. Dwirg Ihe y¢ar. we managed to raise £781.6110 help Ihese projects and this has been a rtwIl￿1ll9 year for F¢Op￿ gNen the CovkJ-19 situation. Separately £12.422.57 has teen raised the year the Chapel roof appeal and the OW Socltty mainly contributed towards this ap￿￿. Fundraislng Performance ¢knts arx1 donalK)n5 tOtal￿d t687.900 {2020.. £530.0221 of *thich £686.61912020'. £527.472) related to Coronavirus Job Relent￿ Scheme Grant kicome receiveLI restrKted inccrfno donations of tnil 12020.. £ nji l. Investm•nt P•rforniance Against Objecti¥ The company's irwestments are manayd bycazenove Caytsl Manogeff*nt knmited arKI in thè opIn￿n of the advisers the performance has met expecth"ons. The investsnèM perfomiance is measured against tsrgets agreed with the inves1￿nt adwsers and. given cryltinued ecJyK)mic uncertainly fuelled by ¢)ngoing Brexrt negotk3tions and other fadry5, the company ¢5 sats"sfied with the market vafug of its tAJrsary ar￿ prize fvnds. Invesiments are held for the loru4emi ¥nd ￿present amounts yet to be spent on educabon. FINANCIAL REVIEW Rgsufts lor the Year The net resour￿$ lar th¢ ytrar •M￿nted 10 £282.246 ￿ffit po￿lI0n of whtch the operaling proft on Scho￿ activitses was £265.507. ThisfKJure indudes the sak ofa propetyTrMth part dosure ofthe school provlding parents a 5% di$counton day I￿$. Further detsils of these can be found in note5 8 and 2 respe¢tivdy. Our tradiNJ company. wl￿dard SclKols INotbNJhaMsfr￿le) Ente￿rises Limited. continues to operate the schcd shop and to hi￿ oul school faulilies during holiday periots and schod I￿urS, as well as undertaknn9 commercial aclivtyon behawoflhe s¢hool and extemally. Thecompany contributed £4.926 to ihe schO￿,S operating results. a de￿aSe on last yeavs contribution of£25.274 and this was mainly ue ￿ a reducty'on in sales revenue due to Covid-19 arKI the closure of many lettsnA a¢tivities alonA wilh a provIsk￿ for Stod( wfite off. The pa￿NIS ol wr pusyb often make significant 5￿fiCe$ to pay tt* I￿. In doing so they herp to relieve the state ol the finanaal burden of educaltng $48 UK based thlldren. The saving is estimated to have a value in the last year of £3.497.336 The 5¢hool is unaue to reco¥er Ihe VAT on purchases it makès. During the paSt￿ar. Woodard Schools (Nottinghamshwe) knmited has paid an eskn"mated £317.705 in VAT on goc•Js and services. 13 WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED DIRECTORS. REPORT (incorporating the Strategi¢ Report) YEAR ENDED 31ST AUGusf2021 In additional to the very sthstantial benèffits our scFKd bwityjs lo tyjr ￿￿￿7$. the local cle under Government guideltnes. Pupil nttmbers have increased during thts period for both schoots. as parents were unhappy with their CU￿ent on line prowslon. re¢tsjn1t￿ that the staff hard to ens¢Jre children had conth'nuity and high standards of educabon C￿tinUed through¢xJl this diffiojll timè. This pandemic has creaied hallenging limes and forecasbng differerrt scenarios of fuivre income has been necessary. Thi$ environment has crèatad some potentiat risks and UnCerta￿tieS. The key controls used by the scho(4 indude: formal a9èndas and rnirKrtes fy all meelings of thè pvemirg bc#Jy and committees terms of refe￿n￿ for all committees cornprehensive stratègic pLann#￿. financial forecaslirrfj. budgelirrfj and management accounling estsblished and Kl¢ntJfiabte Organisats.￿￿l thKlurès and fepryling fir￿ whith are regularfy rev¢ewed comprehens1￿ forn￿ written pdicies clear aulhorisab.on lunrts veltin9 procedures. as required by I￿. for wotection of tr* ¥￿nerable 15 WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED DIRECTORS, REPORT (incorporating the Strategic Reportl YEAR ENDED 31ST AUGUST2021 The sdKJoI Flans strateg￿anY having regard to risk. The execJJbve pro￿de the goveming ￿lY with reg¢Jlar reports which indude deiaik of the prinopal strategic objectives and the act￿n5 to ach￿¥* those objecbves. The s¢h¢<4 also r8cords siwif￿￿t ath"•vemerts and updates the govemirvJ l)¢¥Jy antl Woodard on short-term plans. The strategy 15 di5¢ussed ￿tween Ihe go¥errurwJ body ar￿ Ihe W(>)dard Board and regulat*Jns have bèèn de￿I0￿d and agreed whth aUU[￿ Ihe relab￿ShiP ￿h¥tert the iwo bc¥Jies. Flnancial rlsk manwm•nt objectlves and policl•s The school use5 fin￿￿al instrm7ents. ¢)Iher than derivali¥es, comprising ltrans. ￿5h and other Ilquld resources and varb?us other items svth as trade debtors, credI￿r5 and ffinance lease arrangements that arise directly from operalions. The main purpose of these financNI1 Enstru￿ntS Is to raise financ for the group's o￿￿4t10rts. The main issues arising from the group's financial inslmments are I*iLtidity risk and currency exthanye rate risk. The school's director5 adopt Oi¢iesfor managirtg each ofthe risks and these are summarised below.. Liquidity rfisk- thè sthool seeks to manage financ￿1 risk by ensuring sufficient ￿qUIdIty is available to meel foreseeable needs by produring long-range fOr￿S15 aTrJ negoiiats.ng adequate knliliès with the schoofs bankers. The facih"b"es currenfy in place are ¢th short term. however the school 1$ ¢urrenlty nggotiaiirwJ kjnger facil￿¢S to rreel fvlure needs. CLrrrèney *x¢hange rale risk- the sch¢)ol welcm5 a number ofintemalional puprfs exh year aThJ manages ojrrency exthange risk by accepb.rg receipts wi pounds slerfing only. The school recognises that in tymes when steding is cofty*atNely Str￿￿. intemaliwal recrUitff￿I may affected. GOING CONCERN After review of eviderKe, the Board of WcKxlard Sthools (Nollir*Jh8rn5hirel ￿￿led has a ￿a$￿ab expectalion thal the gfoup thl be able to continue optrratirKJ for at least the next 12 rrKJnihs frorn the signing ol these accounts and the finan￿￿ ststements have Ihus been p￿Pared on a going concern basis. The Directcrt have a Teasonawe ￿p￿tation thattheswoup havg adequate r¢sthxces tocontinue operating. The main factors the Dire¢lors have Cry*Klered in making Ihis deasion are based on.. A Th1maroun￿ strategy approved by the Board al its Meeting in June 2020 .This focusses on cost sawngs and effictencie5 delNery 15 dosety morriiored by Ihe Finan￿ aTrY General purposes committee Confidence in predictet1 numbers and that key stake￿)lderS i.e. the parents and earers nlinue to 5UPF(rft the Sch)ds Confidtrncs in the educa11c￿81 ¢)fferiry aThJ Ihe COMe98's almlity to *Japt to market conditions by delivering on lire te?GhiThJ The disl￿581 of unused assets and a review of land uli155ation The prorKbsed re-struclure of finanThal b(YTowings vrith a movemènt away from thè cjjrrenl tender lo one a ffv)re specsaltsed Education background wth opportunib.es to support Ihe progress of the sthools tumaround straiegy financiatly. The School$ are vary closè lo restructuriry the financial bcfftjwings wthin the next six rrK)nths which bwtl ensu￿ Il￿g temi finarK4al stalylty ar#J resto￿ the loan fac4lity to a ￿)￿l￿rn basis. The Board is fully aware of managing cash flows and thi% ts monit¢)red on a weekjy basis with th& overslght of the Chair of the Finance and General Purposes Committee IF&GPI. The Finance Dwector reconciles the bank on a weekty ba￿S and Ihis infomiabon is shared with the bank. Headmaster arKI Chair ofthe F&GP Committee. hvJhTrghb'ng any issues orcon¢effls or positNe irnpacts on the cash Ilows compared to the forecast Cash flows ale discussed at the F&GP meetings and sent out together the monlhly Management AcC￿nts for the Executive Team and F&GP Directry5. 16 WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED DIRECTORS, REPORT (incorporating the Strategic Reporti YEAR ENDED 31ST AUGusf 2021 Th8 relationship wlth Santander remains FQSrfivt ￿1th k55 re9ulaf meetings with the bank due lo confidence ol ddivery of the tumaround plan. DiscJJs5kmS arourvj Cash flow5 are reviewed wtlh the bank on a less freq￿nt basis ￿.￿9 into 2021-22 as thèse are managed well ￿ternally. Although the relationship wth th• bank is p0s￿ve. it has been agreed that a ntw ￿nder bè sought with whom the College can develop a long temi relat*￿ShIP. The current outstandin9 loan wth the bank has notbeen repaid in lull. however Ihe outsianding balarKe wll be ladored into anyrw ￿ndIng agreement with repayThents of Ihè ban starting to be repavj again from September 2021. As mentioneil pieviously. the schools a￿ %%Y)rkirwJ a number of firbancial Institutior￿ currendy to seek a new lender who support the tumaround strategy ol the schoJ15 and provide kjng lern rwhancial $tthlty. This ￿s11￿CtUring olffinances w￿1 take place within Ihe next six months. A Strateg￿ tumar0lu￿ plan has been devewd by the Headmaster and members of the Exacutive Team. this was p￿$￿ted to and approved by Ihe Board of Governors on the 17th June 2020 .This iyJtlines a number tsf initialives to reduce c¥)sts. increase pupil numbers and make optimum use of the School's land and as$et$.Gover￿rS are lullyengaged in ensuiing this strategic plan 15 being dèlivered. and looks for assurance and accovntsbility from key Executive Team rrErnbers. Currently to date the tumaround stsategy is bwr#J delivered and dosèty mnitored by Board of Goverrnrs. The pupil numbets for the future acadernic ￿3T on laryet Mih addibonal puiHls i￿nIng the sthool due to parents beir¥J dissatisfied wth the cL¥nmunicabon and online learning wth their present sd)ool during Covi(k19. The feedbxk from our ovm parents have been overwhelming F#Jsilive regarding thg online provision. all lessons indudiTrJ PE and music lessons weré carried out via MKrosoft Teams. The Govemors have fvll oversight of Ihe PUF41 number5 in the F&GP Committèè with the Director of Market(ng present at this meetwig. We have a numl)er of Agents to assist overseas pupil recruitment n and new emergirvJ markets are being sought for the fvture. Covi1>19 has had an impact on the leaching and leamiNJ at both of cw schcth and Ihis has resulted in only a slighl increase in gross re￿ incomè durw¥J 2020-2021 of around £113,000. All pupils during this tim? coukl noi flexi board or when not in sdwf had remote access lo a fun timetable offace to facè lessons across all subj8Cts in the SenKJr School. Housè and Headmasierassemblies took placo weekly, along wlth Chapèl 5eNces aThJ individual tutorial sessKJns. For youryr cfNklren at Raftby House Prep School a number of ditsrent ￿alfOrrns and actNil¢es were used to ensure all lh¢ ¢hiklren from 89e 3- 11 were receivirtg a good educatbonal offering. During 202Ck21 it was important again that Ihe Exec#Aive and Gov8mtys gainéd ac￿SS to th? Govemment's Job Rolation Scheme and placed rmjt wly SUP￿1 staff on but alx> teachers for a period of tsm? on the furlough scheme. The impact ol the cost of TPS durlng the academic year 202￿21 contin￿1 however a revsèw took plar£ and a new pens*Jn provison was implemenled for Septembèr 2021. This project was led by the Chair of the HR Committéè and HR Manager tmth o¥*sight of the Chair of Goverr•ys and F&GP Committee. Due lo the Covid Pandern￿. Enterprt5Ès Ltd has lost income from tetbngs for Ihe Ser￿nd year. 8ookn9S have been moved *whe￿ver possible to futu￿ dales and events have improved from Au9USt 2021 onwards. Forecasb"ng poienflal income for Ente￿nseS for the new academK year 2021-22 is challenging however nèw staff members are cJJrrenUy being rernyted in order lo dwive Enterpri5e5 foThvard Trn the new year, Wo￿n9 With the finance department ￿th new costs.ng models and closely monitor8t1 financk31 reportsng on a n￿lhI¥ basis. 17 WOODARD SCHOOLS (N0￿INGHAMSHlRE) LIMITED DIRECTORS. REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST2021 FUTURE PLANS In June 2020 a Stralegic Turnaround Pkn wa5 presented to lh• Board assisted with the support of a Consuttant appointed by the bank aThJ Woodard Corwatiifl. The tumaround plan consists of carrylng out the foNowwb3'. 1. A reduction ol the overdll cost base 2. The implementallon ofcost efficienues 3. Thè opffimtrAt￿Th of land utlisat￿ and 4. The identifKal*)n of assets for disposal lor cash generabc 5. Break-even by 2022 Within this Tumar0￿￿ Plan Ihe Go¥emors ￿[see monitor 5tsge ofthe Flan in the regular meetings. Upjates are afso given to the Board fTcrfn the iTrJritdual GOVer￿rS sub cwwnittaes. 10 WOODARD SCHOOLS (NOThINGHAMSHIRE) LIMITED DIRECTORS, REPORT (incorporating the Sts3tegic Reporfj YEAR ENDED 31ST AUGUST2021 DIRECTORS WHO ARE ALSO TRUSTEES The directors who sèrved (hjring th• ytar. and the cOn￿lttees of ￿lch they wwe members, are: Finance a￿1 General Purposes Commitlee Estates Sub-comiltee Educafion Committee Human Re$rAI￿ Committee P Owslon (Chairl S D Amistr¢)ng ResKJned 8 Sepiember FmarKe aTrJ General PU￿SeS Conwnittee 2020 J C Bamsdafe Ivice Chair) FThnce Ge￿ Pufjjoses Commitlee Estates sU￿)MMIttee S CurKIy Finance and Gerwal Purposes Commitiee Goveman¢8 Au¢Yit and Risk Ccffimittee K Mutlyjkumarappan EdLKatior7 Committee Go¥emanc¢ Audrt ￿"Sk CommKEee C J Peake Lead Go¥emw for Puts1￿ Benefit Govemanct Audii and Risk Commthe 8JPe Appointyd 28 2021 A M Pepper Finance and General Purposes Commiilee Eslatss Su&Committee M C Phllips App)inted 12 Oct 2tr20 EducatN)n Committee Human Resource5 Commitiee N J Porter FinarKe and General Purposes Cer 20211. None of the directors has any benefiaal inlerest ￿ the company. W¢>)dard sd￿OIs (Nottinghamshi￿> Limited buys trustees and officers irtsurance (n behalf of the directOW5. Number of meetirys hèkl during the year to 31st AUW 2021: Board Finance and General Purposes C￿miltee Education Committee Govemance Audit and ￿sk C￿Mmee Eststès s￿￿cOM￿tte￿ AUDITOR RSM UK AUDIT LLP, hawng exyessed Ihw wl&ngness to conunue In office, will b? deerned reappointed for the next financial year in accordance wth Sect￿ 487121 of Ihè Companies 2ts)6 unless the company TeceNes nOt￿e urKler seGlion 48811) of Ihe Con4Mnies A(1 2006. WOODARD SCHOOLS {NOThINGHAMSHIRE) LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST2021 DIRECTORS RESPONSIBILrriES STATEMENT The dlrectors are responsible fr)r weparin9 the direct¥s' repcyl arhd Ihe firw¢i81 statemenis in accordancè wth •pF4iCal￿e Jaw and regulab"ons. Company law requires the directors lo p(epare financial stslements for ea¢h fifiarrial year. Under that law the direclor5 have elected to prepare the financral siaiemenls in accordance wth United lfjngdom Generally Accepted Accounting Pwtice (United Kingdorn Atctrjnling Standards and applicablè law) induding FRS 102. the Financial R*po￿n9 Standard applicable in the UK and Republ￿ of Ireland. Under Cofnpany the directors rr￿t not approve the fi￿ar￿la1 ststemenls unless they are sat15fied that they give a true aThJ fair view of the state of affairs of the charitable cr 15 aware. the￿ 15 no rdevant ajdit informatK)n of tpA)Kti the charitab o)mpany s auditor is unaware- and the directors have taken all the steps that they ought to have taken as dire¢lors in tyder to make thèmsèlvès aware of any relevant audit inf(￿at1¢￿ and to establish that the charitable company's auditor is aware of that thmiatb)n. Qualify￿9 third paty indemnity provisions The charitable company has made quali￿"n9 third party indemnty prowsws for the benefrt of ts Oirectors during the year. These Provisions rema￿ in force * th¥ reportw date wilh an indemnity litrmt of £2.000.0￿.o0. The directors are resp(￿sIble for ihe maintenance aTrJ integrity of Ihe o)rporatè and finantial Inloima￿0n Induded on the ¢haritable company'swebsite. Legislali)n in the United Kln9dom goveming the preparation and dissemination of financial statements may drfter from legi51alion in other jurisdictions. 13 Deeember 2021 Approved by the Board of Dtyectors ol Wty)dard Schools {Nottinghamshirel Limited on .................., induding, in their capaaty as company director5. approviThJ the Direclors. and Strategic Reports ¢ontained therein, and signed on its beham by= Mrs P Owston Chawman 21 WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF WOODARD SCHOOLS (N0￿1NGHAm5HIRE) LIMITED (CONTINUED) YEAR ENDED 31ST AUGUST 2021 Oplnlon We have audited the fInanC¥￿ statements ol Wocxlard S(*ools {Nottinghamshirel Lirnited Ilhe'parent charitable company'l an(1 its subspjiaries (the '9rtyJp'l for the year ended 31 August 2021 which comprise the Consolidated and Charsly Statementsof Finarrfial hLtiwties, ihe Consolidaled and Charity BalarKe Sheets. Consofidated Cash Fknw Statements and tha r•)tes to the financial slalemenls. including a sumrnary ol significanl accounling wdicies. The financial ￿porting framework that has been applied in their preparation is applicable law and United KirKJdomAccounkn"ng Stsndards. induding FRS 102 Yh8 Fbnancial Reporting Stsnd¥d aPpI￿able in UK and RepubfK ol Ireland. (United lthngdom Generalty Accepted Accounting Practice). In our opintrjn the fin¥nci81 stat8Nwts: give a true and fair wew of the state of the group s and the parent (*aritable companys affairs as at 31 AEwst 2021 and of the group's irKoming resources and aFplication of resources. incI￿j1rtg its income and expendiiure, lof the yearthen ended.. have been properly pr¢par8d in acc(¥itance wth Unltsd Kli9J￿) General￿AccePted Accounting Praetsce.. and have been prepar￿ in accord¥￿ ￿lIh thg reqU1￿ments ofth¢ Ccryanies Act 2006. Basis lor opinion We Gonducted ow audit in accordan￿ 1ntemati￿aI Slandards on ALwJiting IUKI IISAs IUKII and applicable law. Our responsibilities under those standards are further rjescribed in the Auditor's rèsponsibifilies for the audil of th* financial strtements section of our fewt. We are independent of Ihe group and parenl charitable compary in accordance with the elhThl requirements that are relevant lo our audit of the finanual slat•mÈnts in Ihe UK. induding the FRC'S Ethical Standard and we have luffiiied our other ethical respOn￿￿7￿leS in accordarte wih Ihese requirernents. We believè thal the audit evNlence we have oblaine(1 is SLrffiryent and appropriate to a basis for our op*)1￿. Matsrial uncertainty related to going concern We draw attention to note 1lbl in the finanoal stslern￿ts. which indicate5 Ihat the parent thwitsble rA)mp8ny and group currendy does rnt have banking faC1￿"11&S secured beyoThJ O¢Xober 2022. This. along with other mattefs set out in note Ilbl. indicates that a material uncertainty exists which may cast slgnificant doubl on Ihe CLxnpany and group'$ ability to conlinue as a going C￿ncern. Our wnion is not modified in respect of this matter. In auddng the finan¢ial statements. we have ¢ThKluded that the threctors. use ol the goirrfJ o)ncem basis 15 appropriate. Our re5ponsibifities and the responsibiltbes oflhe trustee5 vrilh respe¢a to going d￿Crib*￿ In the relevant sect￿￿5 of Ihis report. Oth•r Infomiatlon The olher inforrnation cc*nprise3 the information indLthd in the Diredof5' Rep￿t other than thg finandal statemènts and our auditorf5 report thereon. Thè trustees are responsible f￿ Ihe other information contained within the Directors. Report. Our ¢wnp)n on thè financial statements does not cover Ihe other Informal￿n and. except to Ihe exlent othemse exwy stated in our rèport, we do not e¥prgss any forni of assurance condu5Kffl thereon. Our reSp￿s1)llity is to read the other ￿￿O￿nation and, ￿ dciro so. C￿$thr whether the olher informalion is materially InC￿s)$tent with the finarwl slalements or our kn¢)wled9e obtained in the course of the audit or otherwise appears to be materialty rnL￿tated. If we identfy such material inconsistencies or apparent rnater1￿ misstatements. we are required to determine whether this gives rise to a material mi5Statement in the finanThal statements thernselves. If, based on the work we have performe(l. we condude that there is a material misslateff*nt olthis other inforMatk￿. we are requwed to report that fact. We have nothing lo ￿POrt in this regard. WOODARD SCHOOLS (NorriNGHAMSHIRE) LIMITED INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF WOODARD SCHOOLS (NOTTINGHAMSHIRE) UMITED (CONTINUED) YEAR ENDED 31ST AUGUST 2021 Opinions On other matters prescribed by the Compani•s Art 2006 In our opinion. based on the b￿rk uTrJertaken in tho of Ihe autht.. the information given in the Directors. Report and the in0N￿rated Stralegic Rèport wepared for the pvrpose of company law lor the finarKaal year for the financial statements a￿ prepared is consistent wilh the financial statéments.. and the Directors. Report and Ihe inccwpornted Strategic ResKyt have bgen prepared in accord￿? with applicable kgal requirements. Matters on whleh w• are rèquired to report by ex¢eptiort In Ihe light of the knowledge a￿* undetstanding of the group and the parent charitable r￿rnpanY and their environment obtained in Ihe cOu￿e of the audit, we have rwt ¥Jentif*d material m¢sstatemants in the Directors, Repr￿1 and the Inc￿rated strateg￿ R8porL We have nothlng to fewt in resped of Ihe folkMrwJ matters ¥It￿e the Companies Ala 2006 requires us to re￿￿ to you rf, in ojr opini￿. adequate attounting records have not been kept by Ihe parent eh*itablè Company. or relums adequate for our audil have not been reCeI￿d frc•m bra￿ not Visited by u5.. or the parenl charitable company finanaal stalemerts we noi in agreemenl ￿th the a￿j￿nI1ng records and rètums.. or certain disclosures of c11￿CtO￿, remunerat￿ spec4fied by law are not made", or we have not T￿e￿ed all the Info￿alk)n wvj o¥planat¥Jns we require for our audll. R¢sponsibilili•s of trustees As explained rnore fvlly in the Statement of Directots. res[￿Sib￿l￿eS set oul on page 21. th* trustees who are also the directors of the charitable compary for the purposes ofcompany lawl are reSpor￿Ible for the preparation gf the financiJ statemen15 and for being satisfied thal they g¥ve a true and lair view. and for5uch inleinal conliolas the tluslees delemine is necessaryto enaL4e U)e preparati￿ olfinanaal statements that a￿ free from maieiial misstatemenL whether due lo fraud or error. In preparing Ihe financial statements.the Difectorsare reSp￿S￿l e fcv assessing the group's and paient charitablè companys abnity to continue as a going conc￿. dssck)sing, as applicable. mattèrs related to going concèm and usin9 the wng concem basis of accounting unfess the truslees eilher intend to liquidate the group orparent cJ in whrch the sery£ce is provided. Fees ￿Ce￿able are stst&Y after dedudin9 allfmfartts. scholarships and other remissitsns by the schocA. but indude contrthts.ons f￿1Ved from reslricted funds for scholarships. bursaries and othergrants. Fees inAd¥ance S¢theme Contracts are those fe&s received in advance of education to be prowded in fvture years under a specfft tontracL The fees are held wilhin the unrestricled reseNes ol the school and are deemed to be repayable on demand, subjecl lo usual notirR provisions. Any surplus of assets over liablrtES 15 wthin Ihe fund as a buffer. Bad debts are prowded for on a case-by-case bast5 based on the entitys kntsvAedge of Ihe customer. Bills are raised in advance ol the commencement of the tenn and the fees should be paH1 on the first day oftgrm. Oiscltrsure updating. •) Ancillary and Non-Ancillary Trading Income Ancillary tradirvJ incoffle reKwesenls amrylnts trom 8thiti8s to generale fvnds within the charitable objects. lor examplg SChts￿ shop sales, coaches to and from schLM)l arKI school trips. Non-èntillary Iradirtg income represents amounts from adivities rLIt direcuy rdated to the tharitsble objects, for example lettings of school lacilrties out oltem? bme and rental from spare school buildings. Income from thes8 activities is reccgnised in the Ststement of Fi￿￿al Acbvifie5 when the good5 are Sok or services provided. Voluntary sources. Grants and Donations Vcdunlary incomrng rw6ources are accounted for a5 arml entiuemenl arise5. the amounl can reliabty be quantif￿￿ and ￿ economic benefil is con5id•red prdJabl•. Voluntary income for general purwses ts accounted for as unreslricted and is credited to Ihe General Reserve. Where the donor or an appeal has irnp05ed trust law ￿Strictl0ns. voluniary income is credited to the retevant r•stricted fund an(1 incom￿9 endowmgnts are accounte(I for as pemanent trust eapital or eXpenda￿e Irust capital. accordiTrJ lo whèthÈr Ihe donor int¥nds rèt•#ts"on to be permanent or not. Gifts ui kind gre valued at esth"mated open market value at Ihe date of gift, in the case of assets for ￿ten[lon or cor6umption. or at Ihe value to Ihe school case of donated services or l¥ilftits. Gtsvemmert grants are ￿¢09￿1$ed at the fair value of Ihe asset received ￿ ￿ce1Vable when there Is asona￿e a55urnnce that Ihe grant c0nditK￿s wdl b¢ mel aTrJ the 9raThts wll b8 received. A grant that speoffies perfcKmance ryjnditions is recogn¢sed in incLYTre when the performance ¢oThJitions are rnet. Where a grant does not speofy perf0m￿nCe conditions it is rea)gnised in ineome when the prtreeds are recèNed or receivthe. A 9rant received before the recognition uitèria are satisffied 15 rte¢>Jnised as a liability. gl Expenditure Expenditufe is accwed as scrf)n as the￿ is a contraciual otdigation or a liabillty is ccfflshlere¢l probablè, discounted to p*esent value lorloThJer tem Ikqbilities. Expenditure 15 allocated to expense headings either m a direct C05l basts or apportioned according to b.me spent. The iffecoverable element of VAT is indude¢J vnth Ihe item of expense to 4vhich it relates. Bad debts are provided lor in aeJTh5e(l as wrrent liabilities. WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 2. CHARITABLE ACTMTIES- SCHOOL FEES RECEIVABLE 2021 2020 Th• school lees income comprEes Gross fees Less.. Total sctsjlarships. bur$a￿s. etc Less: Ois¢cvnts given 9.236.623 {1,544.3S61 (320,0251 9,123.695 11,633.2261 (1.045,8971 7.372,242 6.444,572 Furtherdetails of $d￿￿arShIpS and mean5-tested twJrnaries are MK4uded in Ihe Directors. Re￿t. Discounts given ielate to disCr￿nts 9r¥en due to Cowd.19. 3. CHARITABLE ACTivmES- ANCILLARY TRADING INCOME 2021 2020 Extras Entrance fees and registration fees Fees in liev of r￿lIce Pupil transrKXt C￿mIsSI)n$ and retated income Sundry other income 189.537 23,107 21,667 66,634 13S 47.786 171.546 19.290 29,001 53,835 3.488 348,B66 277,160 4. OTHER TRADING ACTMTIES 2021 2020 Nonvancillary trading I￿orne Woodard Schods INottirrtJhamshire) Enterprffjes Lirrrile(1 Rents receivable 156.887 39.415 147.668 39.559 196.302 187,227 S. INVESTMENTS - INVEsTMEfr￿ INCOME Unrestricied Funds RestrÉcted EThJowed Fund5 Funds Tolal 2021 Total 2020 5￿UntIes investment inwme Fixed ￿terest 15.610 15,610 WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 6. INVESThIENTS- BANK AND OTHER INTEREST RECEIVABLE Group un￿￿trICted ReStr￿ted Endowed Fwds Funds Fund5 Tgtsl 2021 Total 2020 Bank interest er interest 20 173 24 182 Ct>mpary Unreslricted Restricted Enduwed Fwds Funds Fur¥Js Total 2021 Total 2020 Bank interest Other interest 97 24 106 7. VOLUNTARY SOURCES- GRANTS AND D(WATIONS Group un￿$￿￿ted RestrKled Endowed Funds Funds Funds Tolal 2021 Totsl 2020 Worksop College Foundation General donations Coronavirus Job Retention Schemè grant 401 401 1,670 686.619 686.619 527.472 687.9CKJ 687.900 530.022 Doftati<)n income wilhln the (x)mpany also indLths a drslriLwlI￿ of wofits from Ihe whdly sub5rdiary coftyany. Furlher detsils are induded in note 29. WOODARD SCHOOLS (NorriNGHAMSHIRE) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 7. VOLUNTARY SOURCES - GRANTS ANO DONATIONS (continued) Company Unrèstricted Funds Restricted Fund5 End¢)w8d Funds Total 2021 Total 2020 Worksop Cdle9e Fwndalion General donations Coronavirus Job Retent￿n SCheff￿ 9rant Gift aid donal￿ from tradin9 subsidiary 880 401 401 1.670 673.695 673.695 514.205 4.926 4.929 679.902 679.902 546.( 8. OTHER INCOhlE un￿kn¢ted FurK15 Restrided Funds Endowed Total 2021 Totsl 2020 Profit ￿ sale of propety 540.030 540.030 540.Q30 9. ANALYSIS OF EXPENDITURE Group al Tolal qxpend*ure IrK* 111 2021 2020 Cgsts of ralslng lunds Nryi anullary l￿di FinandThJ CO￿ (note io) IDvEslrnent Mar￿geMent Fundra48ing and 154 119,476 101.980 503 1a465 261.607 2.184 101.9KI Total wstolgenoRtln9 fvnds 39.856 181.949 154 221,959 387AS0 T•achw4 V4eMare Prem*es 4.476.423 9)2.126 497.917 634297 211.676 273.628 1.091.603 50.653 11.383 231.710 73a,75Z 787,137 1￿11.130 1.267.533 4.￿1.234 780.989 1.839.487 1.058.293 6.110.76J 2210.143 3.746 .614.652 B.579.993 43246 4J,246 45.412 fj.110.763 2.253.389 293.746 8.557,1gB J.625.4Q5 Total Elpend￿￿0 6.19J.619 1435.338 IA79.157 9.013.255 WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGusf 2021 9. ANALYSIS OF EXpEND￿URe Icontinved) ¢pmp•ny al T¥tsl•xpen¢liluFe 2021 Costs of valsln9 I￿￿15 Frrdrring c051 (note 10) Invwstment Tr*nayeft*rt 1rp).497 11Jllh97 SOJ 260.283 2.184 594 T•tsl ¢ostof yn•r*img fvrtds 101.IDJ IIJI.IJDD 263.061 Charttable *wrtdltL T•achiry W*f¥ro Prwni50$ 4,476.423 502.126 497.9?7 634.297 21?.678 273.628 1.QCe2S2 633236 47J•.752 787,137 1.737,889 1.267.533 4.￿1.?24 780,989 1.793.011 1.058.293 11.383 231.710 1.11Q783 2.126.102 293.746 4531.311 8,533.517 GovBvn*n¢e 43.246 4S.412 Ethjativn and grant 110.783 1770.048 293.746 •W4.5S7 8,$74.929 T•wi Expendibj 6.110.753 IZ71.04 293.r46 I.￿5.557 841.990 ¢knup b) Total resoureès •xp•nded includ•: Woodard Scho￿3 (Nottinghamshirel Limited feinburses trustees for cyjt of pockel expenses induding travd subsistence aThJ accommodation. wherè a daim is made. 1 trustee wa5 reimbutsed thjring the ￿ar. £509.96 (2020". 3 trustees reimbursed £1.801.63). 2021 2020 Fees payabje lo RSM UK Audit LLP and its a5scoates in resrrtl of both audit and non-aLKJit serwces we a5 foljows.. - Audit - Other servic Depreciaiion of tangible fixed assets: - owned by Grnup - held under finaFKe leases and hir¢ PE*thos¢ cfjntracis {LossyProfit ￿ diswsal of rtxed a$sets Operating lease ￿n￿[s. - other asseis Relmbur5ement of porsonal expenses to goverrKxs 22.050 6.750 21.OOD 6.500 255.693 38.206 268.396 66.001 114) 125.999 510 71,992 1.802 WOODARD SCHOOLS (NorriNGHAMSHIRE) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 10. FINANCING COSTS Group 2021 2020 Bank interest payable Bank loan interest payable Lease ftnance costs Bank charges Provision for bad and doubttul debts Movement in pens¢on fecovery plan 4054 84.237 332 16.102 13.936 134,6811 27,260 95,414 1,136 37,756 130,129 {30,0881 101.980 261,607 Company 2021 2020 Bank interest payable Bank loan intgrest Paf4b Lease finance costs Bank char9es Prowsion for bad and thubtful d6bts M¢)vement in pension recovery t4an 22.054 84.237 332 14.619 13.936 134.6811 27,260 95,414 1,136 36.432 130,129 {30.088} 100.497 260,283 11. STAFF COSTS Group 2021 2020 The aggregate pa￿1 costs for Ihe yearwere: Wages and salaries Social security costs Other pension costs Privat8 merfical insurance 4,923.053 449.070 762.$42 15.954 5.035,991 444.373 832,932 14,680 6.150.619 6,327.976 Induded in staff costs are redundancy w tern)ination payrrents totalling £86.00412020.. £nill. The arn¢)unt outstandin9 al the year-end was £nil {2020.' £nil). The Heads. Sen￿1 Deputy Head, Bursar Finance Dwector are cla55rfEd by Wtsjdard SchorAs INottir¥Jhamsh*el Limiled as beirrfj the Key Managerr￿1 Personnel. None of the governors reeefved remuneratN)n or oiher benefrts from Woodard Sclwl¥ INoth"nyhamshirel Lirr¥ted or Irom any connecled th)dy. WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED NOTES TO THE FINANCIAL STATEMEKrs YEAR ENDED 31ST AUGUST 2021 11. STAFF COSTS (Continued} Company 2021 2020 The aggregate paymll costs for the yearwere: Wages and 5alari6s Swal security costs Other pension costs Privaie medical insurnnce 4,887.630 445.700 761.479 15.954 4,972,026 440.998 831.113 14,680 6.110.763 6.258,817 2021 2020 A99wal¢ employee benefits of key management pe'rsonr £415.671 £391.884 The number of higher patd enwkjyeès vAM)se anrMAI emojuments were £60.oixI or morè was: 2021 No 2020 No £60.001- t70.000 £70,001 - £80.000 £100.001 - £110.1)00 £110.001 . £115.000 The number with ￿lIfern￿t be￿fits ac4yuing'. - in Defined Contribubon stheme5 was Of wlM¢h the ¢ontributiorG amcwnted to - in Defined Benefit schemes 7Kas Ofwhich the contribu￿)nS amounted io £41.440 £41.440 For 2021 there was 18mployee {2020: 01 eaMI￿ over £60.CX)O per year that ha5 chosen not to parffjcspate in a pension scheme. Th& average nLwnberof empbyee5 during the year calculated on a head count basis. was 202 12020.. 2241 2021 Mo 2020 No Teaching Oiher aGliwties 88 136 122 208 224 WOODARD SCHOOLS {NorriNGHAMSHIRE) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 12. DIRECTORS None ofthe diredors lryany per￿S G￿n￿ded wilh them) receNed anyiernuneration thJiin9 the year. Gross fees totalling t39.8S912020.. £43.2181 were tharged in ￿SpeCt of thildren of direG¢or5 attending the school. Scholarships totalling £3.372 (2020= £3.4461 We￿ awarded lo thildren of directors in accordarta Ihe sdKK)I's scmarship process. 13. TAXATION The company is a regi5ter¢d CW th*refcTr no liabifity lo taxabon arises rffi its Charitable ael￿tIes. 41 WOODARD SCHOOLS INOTTINGHAMSHIRE) LIMrrED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31sfAUGUST2021 14. TAI4GIOLE FIXÉtrASSEYS Gro Cost At 1 SeptÈth2U20 13.391.814 17.950 1.W.693 16.122 18.2n.097 117.4YJ ri$p06a At31 Au9U$t2O21 13.409.764 2.055.B15 163W327 At 1 SgPt•mber2 Charg8in IW.973 51X rJ8.L*T 41.010 4.956.175 293.B 2D1.AI At 31 AugwAt2tr21 N4tbook v•lu• #t 31 Awavst t11.T44 11.1402$4 11 105.JVI 121.7 11.316.722 as581yare used ¥wJse*. FIna￿A leotses•TrdN￿ purc*aM contrxts £70.9311 respecvyely. d£Z.741 (zo&fJD.S36l*vJ £35.46SI202tr.t35.46$1 rwtr+*yw4S(thts the￿01. WOODARD SCHOOLS {NOTfiNGHAMSHIREI UMtTED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 14. TANGIBLE FSXEDA8SErs At I"SBptwnb8r2020 A￿th￿s IS￿91,814 17.9YI 1*.701 a6.122 BlO.5￿j 13 162eo.800 117.430 At 31 Augu612021 13.￿￿.764 18.378 230 •clitlon At I. Sepieffthi 2￿0 Inth¢ yfjw Dtspty*s 2286.420 201.79) IW1973 51.098 72&758 4.914.446 293.744 At31 Auyiilt20ZS 767 1.894071 ￿14 Il¥t bwMvalu¢ •t31 Atyust 2D 11.139140 tbyJkvthrtat31 125.728 11.315954 £70,931) rry5pecbvEty. DEWEuaknt11É2.74f120¥J". £*536)¥￿£3s.4ISrJK0. £3s.465lrE¥Fa*4Ttywasdw* WOODARD SCHOOLS (NO￿1NGHAMSHlRE) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31sfAUGUST 2021 15. SECURMES INVESTMENT5 Securitl•s Investm•nts 2021 2020 Company investments At 1 September Amounts extracled Invèstment management fees Investment ￿lte off Realised gains on investments Unrealisgd11(>ssesl on imiestrnents 155.957 15.7861 15031 475.285 {320.4211 12.1841 12.0361 17.9￿) 12.6n 5.801 18.153 Group irwesfments at 31 Augusl Inv•slTnent in subsidtaries 173.622 155.957 11)0 100 ompany inyestrnents at 31 Avg•Jst 173.722 156,057 Investments comprfse: Llsted Investments Fixed rnter85t Equities Mumi-asset 3.497 10390 151.050 3,591 5,546 137.546 Cash Group investménts at 31 August Investmenl in subgdiaries 173.622 100 155,957 100 Comparty investments at 31 August 173.722 156.057 Woodard Sthools {Nottinghamshirel Limited owns all of the share caprtal of WoDaard Sthools {Noilsr¥Jhafflshire) Enterprises Limited. a company incorporated in Englandmales. Furtherdetails ar$ prov*Yed ￿ note 29. The main Securilies Investments are managed lor WrAlard Scfv)ots (Notbngharnshirel Limited by Cazenove Capital Management. Al ￿VestMents are marwged and held i) the UK. HoldirwJs at the ye8r4nd cunprising more than 5% of the total are: Charity Mufti Asset Furttl Cazenove 151,050 WOODARD SCHOOLS (NOThINGHAMSHIRE) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 16. DEBTORS Group 2021 Company 2021 2020 2020 School fees receivable Trade debtots Other debtors Prepayments and accrued income Amounts due from subsidiary u)mpany 1.374.030 54.696 71.631 320.117 1246,455 21.775 1.374.030 29.232 71,631 320.118 51.529 1.246.455 16.070 383.135 344.427 BS,536 1.820.474 1,651.365 IN6.540 1.692.488 scho￿ fees receivablè a￿ nei of£154.62S12020.' £131.1791 provKlgd for doublfvl debts. £S.S05 {2020.' £9.1181 is ollocated against EnterW￿eS Ltd. 17. CREDITORS: amounts fallln9 due wlthin one ytar Group 2021 Company 2021 2020 2020 Bank loans and overdrafts Net obligatK)ns under finance leases Deposits from p8r¢nts Trade cfeditL¥S Taxation and 5¢¢i* se¢urity Other cre(litors Fee5 ￿ Advance Stheme Aeeruals Delerred income AmtyJnts due to parent tsjmpany 4.094.203 28227 4,174.439 37.332 4.094,203 28.227 4,174.439 37.332 630.723 157.731 85.426 235,858 356,319 450.013 1861032 725.805 395.8 591.138 178.203 227,1￿6 302.887 2.540.293 61.948 630.723 143,657 77.122 235.857 356,319 409.305 2￿62.032 725.805 382,096 580,639 178.203 227.086 237,094 2.540.293 61.948 8.900.532 9.234.931 6￿37.445 9.144.935 Woodard Sthcds INotbnghan¥strurel Limited has a bank loan from Santander Plc. The loan is se¢ured by c*arges on the company's assets at a rate of inierest of 1.75% over LIBOR and is repayable on demand. Summary of movements In deferred Ineome Balance al 1 September 2020 Additional arTrJunts Amounts transferred to SOFA 2,540.293 2.862.032 12,540.2931 Balance at 31 August 2021 2,862.032 De￿rred income arises thJe to sthx*l fee invotce5 for the tÈmi being issued and applied to ihe fees ledger prior to the year end. The inwne that refate5 to the following lerm is deferred until the tem to whith lh¢ in¢ornp rdates. WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 18. CREDITORS: arnounts lalllng due after one year Group 2021 Company 2021 2020 2020 Net obllgations un¢Jerfinance leases 81.948 27.999 81,948 27.999 81.948 27.999 81.948 27,999 19. BANK LOAN 2021 2020 The bank loan is repaydt4e ￿ instalrnents thje within 1 year 3.091.750 3.091.750 In the prior year the bank ban ¢las5rf*d as ￿[refit after a breach in covenants and this remains the position in the ujrrenl year as thè bank knan tèm has been negollated with the bank and is rp)w due for repayment wthin one year. The loan secured by fixed charges over the land and building5 and floating charges over prop&ty and the undwtskin9 ofthe cx)mpany. 20. FEES IN ADVANCE SCHEME Paients and 0￿er$ may enter into a ￿)ntract to pay fixed (x)nlribution5 tu*ards pupil tuition fees for a n¢Jmber of years in advance. The morw may be relumed wbje¢t lo $peofK condikn.ons on thè feceipl of not￿. Parents can requesl future paY￿nts t)ad( at any b"me. A55uming pupds remain in the school. lee5 in advance will be applied ¥$ follows: 2021 Within 2 to 5 years Within 1 to 2 years 115.165 110.147 10.791 63.429 Due after than ore year Within 1 year 225.312 131.007 74,220 152,866 356.319 227.086 Summary of movem•nts In liability Balance at 1 September 2020 New contra¢ts Amounts used to pay fees 227.086 303.242 (174,0091 Balance at 31 Au9U5t 2021 356.319 WOODARD SCHOOLS (NOThINGHAMSHIRE) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 21. FINANCE LEASE OBUGATIONS 2021 2020 AJnounts falkng due.. Within 2 to 5 years Wilhwj 1 10 2 years 81.948 27.999 Due aftef ry￿re Ihan one year Within 1 year 81.948 28.227 27.999 37.332 110.175 65.331 No seixlrity is hekj over these assets. 22. COMMITMENTS UKIER OPERATING LEASES The future ￿￿nimUM commitments undef non-carrxllable weratry leases are: othèr 2021 2020 Wtthln 1 year wrthin 1 to 5 ￿¥r$ After 5 years 138.722 490.801 136,579 339,256 113,429 631.083 589.264 23. SHARE CAPITAL 2021 2020 Ay¢horlsed 100 Ordinary Shares 01 £1 èadb 100 Allotted, called up •nd fvlly pald 100 Ordinary Shares of£1 eath 100 100 All sha￿S are regisle￿￿ Mi the name ofthe Wocxlwd CorpLYat*)n. W(Mx1ard Sd￿ls INottinghamsh1rel Limited has no powèr IO k8sue. allot or dk8p05e of any olher shares and the Shares already issued are not transferable. Upon winding up or dissolution. and after atisfaclion ofall liablrties. any ￿mainIng propety shall be paNI to th¢ W¢xrtJard Corporalon. 47 WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 24. FUNDS Woodard Schools (Notlinghamshire) Limited's funds affe analysed under thg fdlJwng h¢ading5: al ENDOWED FUNDS The endowed frjnds of the company include a r￿rnber of indriidual trust and Prize funds Set up by dJnors as pemanent capilal. The income generated is restrith to funding scholarships. bursaries. grants and prrges. The lurmls We￿ donated to the company by Woodard SchLK)Is (Midland Division) Limited who had previously administered Ihe funds on behalf of Ihe Colteg•. The revaluatson rèseJv& rs fequired by the Cornpantes Ad 2C#J6 a￿1 represents Ihe anmyjnt by wh￿h investments exceed their historic Gost. b) RESTRICTED FUNDS The income lunds of the compary indude restf(cted fiJnds comprisirrfj the f￿l￿ng unexpended balance5 oftknation5 and grants held on trust for 5peufic t)urposes. Benefit an¢J other minorfunds provide rK conln.bute towards Ihe w0visi￿ of edvcakn. schdar5hw. burwie5 an11 prizès lor thè pupils al Iho College or in such a manner as the Coifege Goveming BLhJy 5halJ wnsider lo be for the bgngfil of Ihe Cdlege. The Revaluation Reswv¢ is required by the Companie5 Act 20C6 and represents the amtyjnt by investments excee(l their hisiortc Cost Realtsed gain5 and los5gS have been disclosed separatety as irKoming resfyjrces or resouw expended. cl UNRESTRt¢TED FUNDS Unrestricted frjnds represent acoJmu]èted income from the sth￿r$ actNibes and other sour¢es Ihat ar• availab￿ for the gener￿ purposes of Ihe st1￿. Deswjrutèd funds contsibut& towards b¢Jrsaries and sthdarships. 25. GROUP ANALYSIS OF NET ASSETS BETWEEN FUNDS Unresthded FuThJs Reslricted Funds Endowed Funds Total 2021 Tang'blt fixed assets S•curities investrnents Nel ojrrent {liabilities118ssets Long term liabilities 11.140.254 2.178 (6.960.1B21 238.439 11,140,2S4 173,622 (6.927.1061 238.439 18.327 29,769 153.117 3.307 3.943.811 48.096 156,424 4,148.331 Prwyearcomparolive figures." Unreslrithd Funds Restricted Funds Er#Jowed Funds Total 2020 Tangible fixed assets Securities invesiments Net cwrent Iliabilitiesyassets Long temi I￿)11￿￿e$ 11.316.722 5.454 (T.429.2551 11.316.722 155,957 17.387.323) 1219,171l 3.866.185 12,957 26.160 137.546 15.672 3.673,750 39.117 153.218 WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 26. GROUP SUIAMARY OF MOVEMENTS ON WOR FUNDS A131 Awst Al 1 Sept Resources Gain Endtswed Funds RevaluètAn Res¢Ne Special Endowment l.B61 151.&57 1.861 154.563 1433) 111J111 14.99J 433 14.950 156 Restrlcted Ftsnds Revaluation Reser¥e 29.769 771 2.308 2,664 11564 Benefit Fund Sheila Flelcher Flmd Mounl9arret Fund Sinyson Srnith Fund 1t.S24 {11.912) 1760) 10.496 1251 1181 11Q.7281 14238 3.424 1.789 39.117 7233 Uhr¢strirted Funds General R•5eFve Pefjsw Reserve Rewdluabffi Reser ErYJoWM￿t Fund Worksop FryJthtion 3.701.W2 8.940,181 18.709.735) {191.172) 34.661 1.297 3.933.045 1156.4911 50.946 2.193 114.118 1281 2,781 113.234 3 673.75D 8 975.146￿ 709.763 078 Total Funds 3M66.085 8.975.748 {8.710239) 16.739 4.148.331 A tr4nsfèr has beerh made in the year from Endowed Reslwicted funds to Unrestticted funds to contribkrtè t¢Nafds the bjtsaiies tyanted in Ihe year. WOODARD SCHOOLS (NOThINGHAMSHIRE) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 26. SUMMARY OF MOVEMENTS ON MAJOR FUNDS {Continued) PriorYearc￿paral￿e ￿ums." A131 AL¥JUSt 2020 2019 Tran5fer5 (kn55e51 Endowed Funds Rev8luath"c￿ Rese 1.379 1737) 1.861 151,357 141,646 17282} 8.797 1411 642 282 8.797 153.218 RestrFCted Funds Revaltsat￿ RÈsoNe B¢n¢fil Fur Sheila Fletcher Fund IAcuntyarret FuThJ Simp￿) Smilh Fund 21.722 134.977 29.011 1.211 13,072 8.047 15171 1123.9911 13651 151.5721 29.769 11.524 111.9121 (7601 10,496 2,542 704 11.4871 10.310 12.0361 11.8051 587 11.3581 17 921 4.982 Unrtstrieied Furyls GEn¢ral Reserve Pension Reserve Revaluation Reser Endowff*nl Fund Wcrfksop Foundati 5.048,697 7,408.186 19.020.496) 1221.2601 13.2661 146.956 112.350 264.915 3.701.302 1191,172) 50.946 {5601 113.234 54.212 169.0221 1784 15661 180.7121 S.D83 477 7 441.942 021.062 184 203￿￿ 3 673 759 Total Funds S,425,$98 7AS4.7n 19.0133551 11,0311 3.B66,OBS WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 27. PENSION SCHEMES Teachers. Ptnslon Sche The Sthool partKapales in the Teachers. Penston Scheme fth8 TPS") forits teaching stall. The pension charge lor the year indudes conlribubons paYa￿e to Ihe TPS of £662.63212020-. £702.4501 and at the year*nd tnil {2020.. £72,494) wa5 accnKd in resped ofoJntribulKx)s to t1￿$ Sckne￿. The TPS is an Unl￿￿d mulli-emphjyer defined benefits pension scheme govemed by The Tea¢her5' Pellsions Regulations 2010 las arnendedl and The Teathèrs. Pension Scheme Regulations 2014 {a5 arrendedl. Members ￿ntrIbute on a.pay as you go. basis with con1r1￿jbon5 from members and the employer being credited lo the Exchequer. Retirement and other pension benefits afe paid by $wbI￿ hjnds provided ty Partiam￿l The employer conlrtjution Rte is Set by the Secsetsry of Slate foUtiwThJ scheme valuation5 undertaken by Ihe GoverrMNnt Aclvary's DepartmenL The most recent actuarial valuation or the TPS was prepared a$ at 31 March 2016 and the Valuat*)n Reprf which was pUblis￿d in March 2019. c¥mfim)ed that Ihe 8rnpk)yer contribulion rate for the TPS w0￿d increase from 16.4% to 23.6% from 1 Septembèr 2019. Employer5 are also requtred to pay a schemè administration 18V of 0.08% giving a total employer contrtyutw)n rnte of 23.68%. Th8 31 March 2016 Valuation Report was prepared in accordan￿ with Ihe bènefits set out in Ihe scheme regulatoons and under Ihe approach specified in the Direclions. as they apFlied at 5 March 2019. However. the assumpt*)ns We￿ considereLI and set by the Department fof Edueatson prior lo the ruling in the 'McCtoud&rgeant case,. This has reqUI￿d the courts to constder ￿Se$ regardsng the Implemèntat•￿ ￿ the 2015 r&lomB tr) Pubk Ser￿ce Penslons I￿(11•ng the Teache￿. Pen&ons. On 27 June 2019 the Supreme Court denied the go¥emment pemii55K)fb to app@al the Court of Appeal'sjudgment that transib.onal prowsions introduced to the ￿[￿rned pension sthmes in 2015 gave rise lo unlawful age diwminatson. Thè wvemment is respecting Ihe C￿ry$ dedsion and has said it will engage fvlly wth Ihe Ernpbyment Tnbunaj as well as emptOy8r and member representatives to agree how the discriminab.ons ￿11 be Tamed￿. A consultath)n was launched by the govemfn¢nt on 16 Juty 2020. and dosed to ort 11 OLttober 2020. The TPS is sut¥eci lo a cost cap mechanism was put In place to proteci taxpayer5 against vnfr*eseen changes in sCheff￿ o)sts. The Chef S8creiary to the Treasury. ha￿n9 in 2018 announced that Ihete WOU￿ be a review of trxs cost cap mechanism. In January 2019 announced a pause to the cosl rap me¢haTh5m folknwing the Court of￿8a1.$ wling in Ihè Mccloudtsaryjeant case and un111 there 15 cerlainty about the value of pensions to employees Ircffi April 2015 on%*drds. The pause was lifteé in July 2020 and the govomment is weparirw to Complete the cost ci)ntrcA demen¢ of Ihe 2016 valuations. which 15 expec￿ to be completed in 2021. In VEW of the above rulirvJs and t1ecisK)ns the assumplions used in Ihe 31 Marth 2016 Acluarial ValuatKJn may become inapprqjriale. In this scenario. a valuatKn prepared in a¢c(*dance with revise£J benefits and suitably revised assLmPtic￿s would y￿Id different results than those ¢i)ntain8d In Ihtr A¢tuarial Valuation. Until Ihe ¢￿su1tal1?n and Ihe cost cap r￿eCha￿ Teview we cwleted it not Kx)ssible to concbjde on athy finanaal impact cf fijture changes io the contribulion rates of the TPS. Accordingly no pri)M$K)n forany athJith?nal past pens￿ eosis rs induded in these finanual staiemehts. 51 WOODARD SCHOOLS {NorriNGHAMSHIRE) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 27. PENSION SCHEr4tES Iconlinued) Pensions Trust Growth Plan The Company parkn￿Pate5 in The PenS￿)n5 Trusl's Grtr•th Plan (1￿ Plan). The Plan is fvjnded and is nol crf)ntracte&c*Jtofthe State scheme. The Plan is a multiémployer pension plan. Contributions patd into the Plan up to and induding Septembtr 2001 were eonverted to defined amounts of pension payable from Nomial RetireM￿t Date. From Octtsiw 2001 coniributs'ons were invested in personal fijnds which have a cafftl guarantee and which are converted tr) pwtsion retsrement, either within the Plan or by Ihe ￿rd￿e of an aftnuity. The rule5 of the Plan ￿k)W ts Ihe ded8ralion of Ix)nu5es arfor invèstment uedits rf this is wfjthin the finanoal capauly of Ihe Plan assessed on a prudent basis. Bonus￿lD¥eSlrnent rJedits a￿ not guaranteed aThJ arg declared al the discre1￿ olthe Plan's TnJ5tse. Thè Tr￿*t88 commissiorffj an actuarial valuation of the Plart overy three years. The purpose ofthe actuarial valuation is to detefmine the funding positKJn oflhe Plan by comparing the ass8ts with ihe past seThice liabilities as at the valuation date. Asset values are cakulated by reference io markèt levels. Accruèd past serwce liabrlitres are valued by discounting expected future benefit payments using a discount rate calcvlated by referen￿ to the expected futwe inveslment retum¥. The rules ofthe Plan give the Trusteethe ptrwwto requiie employers to payadditional contributions in order to ensure that the statutory fijnding otyective ￿r￿er the Pensions Acl 2tM)4 15 rnet. The statutory fundiThJ objective ss that a pensb)n scheme shcMJÉd have svffkient assets to m8et its past service liabilities. known as Technical Provtsions. If ffte a¢tuarral valuabon reveafs a de￿IL Ihe Tru5te¢ will agfft a rtcovery plaft to ellminate the deficit over a specffitd Per￿ of time trilhw by way of additional contributi¢￿$ trom èmployers. investrnent rètums th a combination of Ihese. The rulès ofthe Plan state Ihat thè prowti¢)n ofeblwryeonlritrwjtions to be bome bythe membei and Ihe memberfs employer shall be dete￿nIne￿ by agfeement bets¥een them. Such a9reement shall require the eryloyerto pay part of$uch contribjtions aThJ may provide thatthe ¢mpby¢rshall pay the ofthem. Woodard Sch¢JJls {NottiNJhamshirel Limited conb1but￿Tr$ at the rale of 6% or 8% for certain staff members durirKJ Ihe a￿￿l￿ting peric*J. Members paid conbibutths at the rate 015% during Ihe accountirvJ per￿. As at the ￿anCe sheet date theie were 96 active members of Ihe Plan ern￿OYed by Woodard Schools INoth"ngham5hirel Limited. W(￿ard (Nottinghamshirg) Limtted continues to offer mernbefship of Ihe Plan to its empbyees. is not possibfe in thè n(ymal ¢wrse of events to rtlentify a reasonable and consistent basis the share of underly'ng assets and liabilii*s belonging to individual parbcipabng ern￿OYerS. The Plan is a multi-empknyer5cheme. where the assets are c(HniThJled forinvesknenl purposes, andbenefits are paid out of the Plan's total a55ets. Accordir¥Jty. dve to the natu￿ of the Plan. the accounlin9 charge for the peric¥J under FRS102 represents the employer contrilyjtyon payable. A full actuarial valuatitin for the scheme VAS carried out an effectNe date of 30 Septenber 2016. The vahjation of Ihe Plan wa5 perfom)ed by ¥ profe$5KMwlJy qualified Actuary usrng the Projected Unit Mèthtsd. The markèt value of the Plan's assets at the valuation date was £794.9 mlllion and the Plan's Technic￿ ProvisKJns (i.e. past Servi￿ li8￿.￿l￿e5) were £926.4 milhon. The valualion therel¢ye revealed a shorlfall of assets cryryred the value of liabilities of £131.5 mIl￿On, equlvalent to a fundrng level of 86%. In d¢temining the investment retum asSump￿r￿S Ihe Tnstee cO￿dered advice from the Scherne Actuary relating to Ihe probability of ach*ving partirwlar W ol investment retym. The Trustee has incorporaled ￿ element of prudence into the pre 2nd FQSt retirem2nt inve51ment retum a>suryJlions', such that there is 8 60% e¥peclation that the rturn be in eAr£ss ofthai #Ssumed aTrJ a 40% charte thal the retswn ￿11 be lower than Ihat assumed over the next 10 years. WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 27. PENSION SCHEMES {Conknu¢d) The finarKiaJ assum the valuation as at 30 Se lember 2017 were as follows.. % p.a. Annuafised yield ￿ the FTSE Acluaries. Government se￿rities thr 15 Year Fix8d Intèrest Yield Index Markèt implied Inftati￿ as calculated by the dIff￿en￿ between Ihe annualised yield on Jong-dated lov¥ 15 years) frx&J inte￿1 Gli ts and the annualised real yeld l¢>ver 5 years) on ir#lex4inked (assuming an avarag• of 2.5% p.a. inflat￿} Pre reti￿Ment discount rale Post ret1￿ment discount rate Inflation IRPII When an employèr ￿th￿rnw5 from a multwnployer d•fined ben•fft pension scheme wh￿h is deficit. thé èmptoyer 15 required by law to pay its share ol Ihe defiai, calrAJialed on a statutory basis (known as the buy- out basi81. Due to a change in the deffinition of ffM)ney purtha5e contained in the Pensions Act 2011 the calculation basis that appliès to the Growtt) Plan wll be amended to indude Seriès 3 liabilities in the calculat￿ of an ernployerfs debt on ￿thdrawal. The GrovAh Plan is a.kst man stantlirtg. mulii4mployer stheme. This rneans that rfa withdrawng empbygr 1$ unable to pay its debt M wthdrawat the liability 15 shared amongst the remaining ernployers. The par1l￿patirbg ernKAoyers are therefore. i￿nIty and severally b.ab￿ for the defiril in the Gr￿V1h Plan. See rnte 28 tr further details. If an actuarial valuats.on reveats a shortrall gf assets ¢￿￿pared to liabilities. the Trustee must prepare a rec¢very pknn seiting ¢yrt the steps to be tsken to make up the shortfal. Soe note 29 for further details. 28. PENSION SCHEPIJE DEFicrr RECOVERY PLANS Penslons Trust Growth Plan Deficli Contributions The company partiripates in Ihe Pensions Trusi Grty￿ Ptan. whKh 15 a rnulb-employer scheme providibwJ benefits to ovw 1.300 I￿￿-asS0Ciated partiopats"rKJ emptoyers. The scheme is a defined be￿fit 5th¢mes in the Ulc It ts not possible for the sthoot to obtsin sufficient informat*Jn to enable il to accotsnt for the sche￿￿ a5 defined be￿ffit schemes. Thèrèfore. it accounts for it as a d$fined ontribution scheme. schemes are subiecl lo the fun¢JirKJ legislaiitin OU￿1ned in the penS￿S Act 2004 whrh came into force on 30 December 2￿5. Thts. together with ¢Jocuments issued by the Pengons Reg￿ator and TechnicalAcluarial Stan¢Jards issued by ihe Finanoal ReFortirvJ cour￿1. 5etoutthe framework for fvnding defined benefit occupat.onal pension Sch￿￿e$ in ihe UK. The schemes are dasslfied as last-man standiThJ arran9èments'. Therefrxe, Woodard schods arè sN)tentially liable forother parbcipatsng employers. ot4walions rfthose emptoyers are unable lo meet their share ol scheme deficrts fdlowing vmthdrawal from the s¢heme. Participating empl¢Jyers are Eegally required lo meet their share ol the scheme dthris on an annuty purchase basis on wilhdrawal from the scheme. WOODARD SCHOOLS (NorriNGHAMSHIRE) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 28. PENSION SCHEME DEFICIT RECOVERY PLA•1 Icffitinuedl A full actuarial valuation for th? s¢hemg carri•d tyJI at 30 Seplember 2017. This 8th￿al valuation showed assets of £794.9m. liabilities of £926.4rn and a defial 01 £131.5m. To eliminate this furnling shortfall. thè trvsltes and the p3￿cIpatirWJ wwloyers have agwed thal add1¢￿TraI contributions wll be paid to the scherne as follows: Frorn 1 April 2019 10 31 January 2025: £11.243m per anThJm (payable nN)nth nd increasiro by 3% each on 1st April1 To eliminate this fvndrg shortfal. Ihe Truslee asked the partKipating empl￿¢T$ to pay additional eontribulTrons to the as fr￿1￿￿$.. From 1 April 2016 to 30 Seplery4)er 2025: £12.945m per annum Ipayabk monlhty a asing by 3% Èach on 1st Aprfl) £54.560 per annuffl (payable monlhty and reasing by 3% eath on 1s1 April} From 1 AprA 2016 to 30 September2028: The recovery plan ccmtrtsutions we abxated to each parti0pati￿ employer in line ihelr estimated share ol thè Seriès 1 and Sen"8$ 2 scheme liabilil*s. Where the scheme is in deficit and where the employer has ag￿ed to a deficit funding afrnngement Ihe company recowi%es a liabilty for thps obligatic￿. The amount recognrsed t5 the net present value of the deficit reduction c¢￿tribU￿.0ns payabte under the agreement that relales to Ihe deficiL The presenlvalue is calculaled the discount rate detailed in Iheserf15doswes. Thg unv*inding of the discounl rate 15 rec￿n[Sed as a finance cosL Pr•s•nt Values gt Provi$lon 2021 2020 Present va￿8 ol &¥ovisi 109.496 139,299 R•con¢iliation ot openlng and closing provisions 2021 2020 Prwsion at 1 Septernber Unwinding ol the discount fador Deficit conlribution PaKJ Remeasurements- impact ofany change in assumptions Olher 139.299 677 {30.343) {147) 165.701 1.456 129,4591 1.273 328 Provl$lon at 31 August 109,486 139,299 Income and expendlture Im￿￿ 2021 2020 Unwinding d ¢he discol￿t factor Remeasurem¥nts- impact of any dEar￿ in assurr*)th)ns 677 (1471 1.456 1,273 Costs recognised in income aThJ expeThliture accwnt 530 2,729 WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 28. PENSION SCHEME DEFICIT RECOVERY PLAN ICL￿tinUe¢ll Assumptions 2021 %p•r annum 2020 %p8r annum Rate of discount 0.63% 0.55% The t1is¢ount rates shown al>we are the equivalent single discount rates vthth. wheTr used to discovnl Ihe fv1tu￿ recovery pL8n contrbbuiions dve, would gNe the same results as usin9 a full AA corporate bond yiebj curve ttj ¢he￿nI the same recovery plan contribution5. Deficit Contributions Schedule The lollowing schedule show5the deficit conir1but￿S agreed belween the ccryanyand the 5dhe at each year end per*)d.. 2021 Year 1 Yèar 2 Year 3 Year 4 Year 5 31.254 32.191 33.157 14.054 30.343 31.254 32.191 33.157 14.054 110,V 140.999 The c￿npanY must recognise a lia￿lty mgosured as the pr¢sent Val￿ of ihe contribulions payable thal ?rise Irom the recovery a9reement and Ihe resultsrKJ expense in th8 income and expenditure a¢￿￿￿t i.e. the un*inding ofthe discount rate as a ￿ance cost in the p*riod in vthich it arises. It is these contr￿U0"l%)S that ha￿ beeft used to derive the bafan¢tr sheet kabilty. Pen$lons Trust Independént Schools. Pension Scheme Defieit Contribtst14)ns The company par￿pate$ in the $then￿. a mun￿eMk￿r scheme wh*h provKles benerts to somp 66 non-assoiated employets. The s¢heme 1$ 8 defined benefit scheme in Ihe UK. h 15 not possible lor the company to cètsin Suff￿len1 infcfflwiion lo enable tt to ac¢(wnt lor the SCheff￿ as a dethed benefit scheme. Therefor8. It accounts for the Sche￿ as a defined tontribution stheme. The scheme is subj.ect to the funding begislaltyJn ¢>JUined in the PenS￿nS Act 2004 whth came irtto force on 30 December 2CQS. This. together vthh dcN)Jmenls issued by the PenSI￿S Regulattsr and Ted)nicaJ Actuarial StaNJariJs tssued by the Finarwl Rwbng Counc4. sèt out ￿ framework for funding defined benefit occupatb)nal pension schemes in Ihe UK. Tha is cla5Stfied a5 a last-man standing arrangemenf. Therefore, the ¢ompany is poientially liabk lor other parbupaling eM￿0YerS. obligatw)ns if those emtAoyers are unable to meet their share ol the stheme tleficilfollovmrs wi¢hdrawal frorn Ihg sch8me. Parlicipating employers ar• legally required lo meet their share ol the schemè defiol on an annuity purchase basis on withdrawal from the scheme. A full actuariaj ￿al￿allOn for the sthwne 7fvfdS Lmrt at 30 September 2017. This actuarial vatuatKJn showed assets of £149.4m. liabilitie5 of £187.6rn and a defL¢it of£38.2m. WOODARD SCHOOLS (NorriNGHAMSHIRE) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 28. PENSION SCHEME DEFICIT RECOVERY PLAN (Continued) To elimlnatt this furKJirvJ shorfall. Ihe Trustee asked the partiapatirvJ emFltsyers to P8y athditffial contritxjtions io the s￿￿rne as Ic4h)ws". From 1 Seplember 2019 to 30 Awl 2030: £2.387m per annum (payable nK)rnlhly and Ir￿aSing by 3% each (x) 1st September) The recovery plan eontributw)n5 are 81k)e8led to each parlJ"(•kn"rs employer M) I￿e v*th the eslimated share of the Series 1 and Series 2 stheme h"ab￿lties. Where the sch¢mo is in d¢fictt and where the employer ha$ agreed to a d¢ficitfunding arrangemEnl the company recognises a Ikability for Ihis otligatiw). The amtyJnt rècognised is the nel present valug of the defi¢it reductK)n contributions payable under the agreemenl th* relates lo lh8 deficit. The presenlvahje is calcuPdted u5irwJ Ihè dist(NJnl rate I￿￿￿e￿ in d1scbosu￿$. The unwiThJing of the discgunt rate is ieccgnised as a finance cost Present Values ol Provislon 2021 2020 . Present vaktè of prowsicf* 47.1305 51.873 Reconcljialion of openlng and closing PTo¥lstons 21121 2020 Provision al 1 September Unwinding of the discount fa¢thr Defjcit contribulion paN Rem?asLwefflents- impact of any d￿nge in assumptwMs 51.873 442 149181 (3921 55.559 14.7751 505 Provision at 31 Au9USt 47.OD5 51.873 Income and exp•nditure Impact 2021 2020 Interest expense Unwnding ofthe discount tsclor Remeasurem&nt$- impa¢t of any charye in assumplK)n5 442 139 505 Costs r¢¢ognTrsed in incrfft and expen¢*lwe acc(￿t 1.089 WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 28. PENSION SCHEME DEHCIT RECOVERY PLAN (Coniinued} Assumptions 2021 %per annum 2020 %per annum Rate of di5COUlIt 1.09% 0.90% The dis¢ounl rates shown atKsve are the equNalent sI￿J1e disc¢uni rates whth. when usèd to discoLtnt the lulure recovery Flan contribulions due. would gNe the same results as using a ful AA corporate bgnd yield ￿r¥e to discount the ￿rne recA)very Flan conln"tsutK>rs. Oefi¢it Contributions Schedul¢ The f￿[OwIng schedule'shows the deficilcontribubortsagreed bel%%Een the companyand the 5¢heme at each year end period.. 2021 2020 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year10 5.066 5.218 5.374 5.535 5.702 5.873 6.049 6,230 4.278 4.918 5.066 5.218 5.374 5.535 5.702 5.873 6.049 6.230 4.278 49.325 54.243 The company must recogn￿ a liaL41ity meaSL￿￿d as the p￿sent vahJe of the contritxjtions payable thal arise frcm the def￿$"t recovery ag￿ement an¢J the ￿Ul￿n9 eypense in the income and eXpendi¢V￿ account i.e. the unwTnding of the dkscount rate as a f￿ance cost in Ihe period in which it arise5. It is these contrbutions Ihat have been used to d*ive ts compony's balance sheet liability. 29. SUBSIDIARIES The C(wny owns all of the share capitsl of Woc•Jard Sthools INottingharnshire} Enterwises Limited, a eompany ineorporated in England and Wale5 Icompany number.. 051819001 whose registered office is Worksop Cdiege. Wwksop, Noth"nghamshire, S60 W. This company caffies out Irading activity on beh￿f0f the sch￿￿ incluiting corr*f￿1 letting and sa￿5 from the school's tuck sw. Woodard Schoo15 INottiNJharnshirel Enterwises ￿mited had a turnover of £278,142 12020.. £257.7471. 9ross profit of £10.07012020= £26.369). and a profit bef¢ye tax and gift atil of £4.926 12020: £25.274). At 31 August 2021 Ihe company h&J sha{el￿erf$ ftjnds of £1C4J12020.. £1(KI). S7 WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 30. Consolidatèd Statement of Flnan¢lal A¢tfvttl¢s- Comparatlve figures by fvnd typ¢ Year Ended 31 August Unreslricted Reslrid¢d 2020 Total Inc4)me and endowments from Charitable activities School fees recè¥vable Arxillary trading income Other trading activities Non-ancillary trading in¢ome Investments Investment inwme Bank and othef Interest Voluntary sources Granis and ¢tsiab"ons Other incorring resour¢es Total Incoming Resources Expendlture on: Ral$ln9 funds Non ancillary tradiNJ costs Financing costs Investment managèment Fundraising and dèvglopmènt Total Deductible Costs Charitable activities Education and grant making Totsi resources expended Net1105ses￿ainS on investment a5set5 Net in¢omellexpendl￿r*I Transfers be￿een funds Net movement in funds for the year Fund balances at 1° September 2018 Fund Balances at ¥t 31 August 2019 6.444.572 277.160 6.444,572 277,160 187.227 187,227 2.784 177 8,933 15.610 182 530,022 7.441.942 3.898 8.933 7,454.773 123.464 261.607 566 594 123.464 261.607 2,1BS S94 737 386.231 737 387.850 8.047 17.1651 1.379 (6421 8.625.405 9.013.255 9.021.062 14.810 {1.593,9301 184.203 4.982 16.045 176,921 8.797 18.372 7,282 1,031 11.559.513) {1.409.727) 5.083,477 {160,876) 199.993 11.090 142.128 11.559,5131 5,42S.598 3.673,750 39.117 153.218 3,866,085 WOODARD SCHOOLS (NOThINGHAMSHIRE) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 31. CONTINGENT LIABILMES The Company has been TrOb"￿ by The Pensions Trust of the ests"mated employer debts withdrawal from the Plan based on the finanryal positim of the Ptan as at 30 September 2020. As of this date the estimated employer debt for the Company for wthrlrawal from The Pensions Trust was £382.52512020". £688.482.10}. Ind￿Jing Serie5 3 ￿abilit*S. 32. ULTIMATE CONTROLLING PARTY The Woodard Corporatkm Limited is the ulltmate contrdfiry party, a iegistered charity number 1096270, Company numbw 04659710. which is incorporaled in EngfaThY and Wales. Coptes of th financial statements of thè Vvoodard Corporaiion can be obtained from HKJh Street. Abbots Bromley, Rugeley. Siaffordshire. WS15 38W. The acc¢yJnts of Wocxlard Schools Noitingham5hirel Limited are rndudedTfvithin the consclhJate(l financral statements ofthe Woodard Corporalron Limi¢ed. 33. RELATED PARTIES As stated in note 29. Woodard SchoD15 INoitirig)aN*h*e) Limifed is a wholy u•med subsidiary of Thè Woodard Corporation. An amount of £83,341 {2020'. £46.6831 wa5 paid duriry the year to Woodard Cry￿rat￿)n by way ol 8 levy to meet runnlng COS￿ There is Th) mon￿5 OUt5tsrYling to the Woodard Corpwabon as at 31 A￿v5t 202112020- £n4). The company also t￿trOl5 a subsNJiary tradiThJ ccrfnpany. WTrJd*d Sch&JJs (Nottinghamshlre} Enterprise5 Lirnited (registered nurnber 051819CKJ}. the ￿sUltS of wh￿h are in thesg finandal sialemEnts. During the year. W(K)dard Sclthts INottir#Jha))shire) knn*ted recharged fxxts to Ihe subsidrdry mpany arnounb'ng to £83.341 12020 - £46.447}. The subsK1iary company recharged costs to Woodard Schools INottin9harnshirel Limiled amounting to £68.916 {2020 - £S7.2531 and paid donalicffis Under Gift to Wwdard Schools INotlinghafflshirel Linited of £4,296 12020 £25,274). An ?rnounl of £30.559 was owed by Wcrfjdafd S(*cds INottirtrJham5hir8} Enl•rpris•s Limited at 31 August 202112020- £56231). Further infc¥malion In respect 0ftransacl*￿ wth dwectors 15 gNen in 11 to the fInar￿Val statements. There are rn further third party related transathns to fep¢)rt. 34. ACCOUNTING ESTIMATES ANO JUDGEMENTS In preparing the financrdl staten*nts. the direclc¥s are required to make estimates andjudgemenis. The matters detailed below are cortsidered lo be the most important in undersianding the judgements Ihat are involved in preparing the finan¢r41 $tatèments and the uncertainties that coulJ impad the amounts re￿rted in results of operatw)ns. financial p05ibon and ca5hftows. Accounting pdi¢i¢s a￿ Sl￿Wn at not* 1 to the financ¢al statements. Provision tor bad debts Debts should be provsded for rf not recovered wthin one term. Nomally 10Yo provlsKJn will be allocated against bad debts during the year aThJ ihis is ￿￿eWed on a monthly basts. Depyeclatlon, impaim*nt and resldual values of fixed assets Judgemenl is exercised in estimating Ihe residual value5 of the fixed assets. the selection of appropriato ratès for depre¢iabon and for mattefs of impawmenL Pension scheme deficltieduction payments A5 explained al note 28, Ihere 15 a defK4t redudi¢)n plan in F4a¢t in respect of W{￿ard Sch¢x4s INoth'nghamshKel Limiied's membership of the Pension Tnjst's Growth P¢an. FRS 102 requires 8 liakn.tity to be rècognised in respttct of the prèseffl value ol fijture contributsons payat4È undèr thè lerms of the deficit rec(r4èry plan. The incorporation of kn liability in thè financial statemenis involves the exercsse ofiudgernent in a number of areas. ￿U￿1￿j the selection of an apwopriate discount rate. WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 Pension scheme contlngent Ilablllty A5 explained at note 31. there is a contir¥Jenl liablty in Ihe Èvent Ihat Woc¥1ard Schods {Noth"nghamshirel Limite(I were to withdraw tts mèmbership of the PenSIc￿ Tmst's Grobth Ptan. The independent qualffied acbja1￿S advising the Pensh)ns Tnjst In respect of the ¢ontingenl withdrawal liability exeirise s*Jnfficant judgement in determinin9 ths aNK)unt of that liability. Judgetnent is exerosed in a number of areas. including fulvre changes in salaries and infiation. mortality rale$ and the selection of appropriate discount rates. 35. RECONCILIATION OF NET INCOMING RESOiIRCES TO'N￿ CASH FLOW FROM OPERATING ACTIVITES 2021 2020 Net FnuJmellexpendiiur•) for the reFW)rt*YJ period (as pef tr￿ siafement of financral aCti￿11e5} 282,246 11,559.5131 Adjustments for. Depreciation thar9es IGairLsy losses on investments Dividends. interest and rents from irwe5trnents Flnanung costs Lossl{profitl on the sale of fix•d assèts decrease in stocks 11nueaseyde￿ase In debtors (Decreaseyincrease in ueditors Net cash prowded by (used inl ¢)perating activfoes 293.899 123.954) {24) 101.980 (540,030) 50.479 {169.1091 234 894 239 407 334,397 15.3131 {15.792) 261.607 14 15.632 511,657 530.729 73,418 36. ANALYSIS OF CHANGES IN NET FUNDSI(DEBT) 2021 2020 Cash at bank and in h￿d 86,0 78.770 (hferdraft faclity repayatAe on demaThJ 11.002.453) (1.082,￿) Tctsl cash and cash eq[H￿rents 1916.3951 11.003.920)