2023-08-31-accounts

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

Charity Registration No. 1103326

Company Registration No. 05011039 (England and Wales)

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

DIRECTORS’ REPORT AND FINANCIAL STATEMENTS FOR THE

YEAR ENDED 31ST AUGUST 2023

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

	Page
Company information	2 to 3
Directors’ report (incorporating the Strategic Report)	4 to 18
Independent auditor’s report	19 to 22
Consolidated statement of financial activities	23
Company statement of financial activities	24
Consolidated balance sheet	25 to 26
Company balance sheet	27 to 28
Consolidated statement of cash flows	29
Notes to the financial statements	30 to 65

Page 1

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

DIRECTORS AND ADVISORS at the date of signing the accounts

Directors	J C Barnsdale MRICS (Chair and Custos)
	P Owston LLB MBA (resigned 31 August 2023)
	K Muthukumarappan MBBS FRCOG M Med Sci
	C J Peake BA PGCE
	A M Pepper (resigned 14 March 2024)
	M C Phillips BA (Hons) PGCE
	K Truscott MA FCIPD (resigned 30 December 2022)
	M P Stephenson BA (Hons) MSc (resigned 24 May 2024)
	N J Porter BSc MRICS
	R W G Ross BA (Hons) MSc
	N E Riley BA MBA FCA (resigned 24 August 2023)
	S L Maskell MBE CMgr CCMI FCIPD RAF Wg Cdr (Ret'd)
	(appointed 16 August 2023)
	T P H Conroy (appointed 16 August 2023)
Charity No.	1103326
Company No.	05011039
Principal Address and Registered Office	Worksop College
	Worksop
	Nottinghamshire
	S80 3AP
Key Management Personnel
Headmaster	Dr J M Price PhD, BSc Hons
Bursar	A Graham
Auditor	RSM UK Audit LLP
	Central Square
	5th Floor
	29 Wellington Street
	Leeds
	LS1 4DL
Bankers	Santander plc
	250 Stanley Road
	Bootle
	Merseyside
	L20 3PQ
	Allica Bank (From April 2024)
	4th Floor
	164 Bishopsgate
	London
	EC2M 4LX
Solicitors	Veale Wasbrough Vizards LLP
	Narrow Quay House
	Narrow Quay
	Bristol
	BS1 4QA

Page 2

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

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

The directors present their report and financial statements for the year ended 31st August 2023 and confirm they comply with the requirements of the Charities Act 2011, including the Directors’ and Strategic Reports, under the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE INFORMATION

The charity was formed in 2004 and is registered with the Charity Commission as charity number 1103326. The charity is a limited liability company and wholly owned subsidiary of The Woodard Corporation (charity number 1096270). The charitable company is incorporated in the United Kingdom. Directors of the Company are also Fellows (members) of the Woodard Corporation and participate in the election of its board of management and are committed to its charitable objects.

Note 32 provides details of connected charities.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Company is governed by Articles of Association as adopted by Special Resolution dated 20th March 2013, replacing the Memorandum and Articles of Association dated 18th March 2004 amended by Special Resolutions on 25th January 2006 and 23rd June 2009. They permit funds to be managed in such a manner as the directors see fit, provided that such powers are only exercised for the purposes of attaining the objects and in a manner which is legally charitable. The Articles of Association forbid the distribution of any property or funds, which are to be applied solely towards the promotion of the objects of the company.

Governing Body

The governors are the directors and charitable trustees of the company and comprise the governing body of Woodard Schools (Nottinghamshire) Limited and are elected to hold office for five years. The school is governed by the governing body which operates using a number of committees. Membership of each committee is outlined on page 15. The governing body met 3 times during the year.

Recruitment and Training of Governors

All governors are Corporate Fellows of the Woodard Corporation. Corporate Fellows are responsible for electing the Woodard Corporation Board. Governors are recruited on the basis of nominations from school contacts and from selection when a post becomes available. The governing body look to ensure a mix of skills and select new governors on the basis of background, competence, specialist skills and commitment to the Church of England ethos of the school. Governors are provided with induction training by the Head and staff and a wider programme of training events is organised by the Woodard Corporation. The school also encourages governors to attend events run by the Association of Governing Bodies of Independent Schools (AGBIS).

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

A Governor with a legal background.

A Governor with a financial/accounting background.

A Governor with education experience.

A Governor with senior managerial or business experience.

A Governor with experience of equal opportunities or disability needs.

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

Page 4

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

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

Recruitment and Training of Governors (continued)

One Governor may have one or more of these skills.

Volunteers

Governors are volunteers providing their time for free to support the governance of the school. The school also relies on a number of others to undertake volunteer roles including fund raising, assisting with school events and providing other support where required.

The Ranby Parents Group continued to support the activities of the Preparatory School through its programme of fundraising and social activities. A variety of successful social and fundraising events for parents, pupils and staff took place.

Volunteers have continued to run the Preparatory School’s second hand uniform shop and assisted with various activities, including school trips and the weekly forest school.

Organisational Management

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

Education Committee – takes delegated responsibility on behalf of the Board for overseeing the agreed academic, curricular and pastoral provision of the School, including the making of recommendations as appropriate to the Board, so as to provide assurance to the Board on the School’s educational provision and has lead responsibility for Safeguarding.

Finance & General Purposes Committee – takes delegated responsibility on behalf of the Board for overseeing all financial aspects of the School, working alongside the Finance Director so as to provide assurance to the Board on the School’s short and long-term viability.

Estates Sub-Committee – takes delegated responsibility on behalf of the Finance & General Purposes Committee (F&GP) for overseeing the School’s Estate (including buildings, plant and vehicles, grounds, gardens, roadways and security); and compliance with Health and Safety requirements relating to the School’s Estate, so as to provide assurance to F&GP and the Board on all Estates matters.

Governance Audit and Risk Committee – takes delegated responsibility on behalf of the Board for implementing and advising on the external audit; for examining and reviewing all systems and methods of control both financial and otherwise including risk management; and for ensuring the School is complying with all aspects of the law, relevant regulations and good practice.

Human Resources Committee – takes delegated responsibility on behalf of the Board of Governors (the Board) for overseeing all Human Resources (HR) aspects of the School, working alongside the Head of HR, so as to provide assurance to the Board on all HR matters.

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

Page 5

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

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

Organisational Management (continued)

The Headmaster oversees the recruitment of all educational staff whilst, under delegated authority.

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

The appropriateness and relevance of the remuneration policy is reviewed annually by the Headmaster and the Bursar, including reference to comparisons with other independent schools to ensure that the school remains sensitive to the broader issues of pay and employment conditions elsewhere. The Executive Team determines individual salaries other than those of key management personnel within approved budget limits and recommends general salary increases for approval by the HR Committee.

Group Structure and Relationships

The school has a wholly owned non-charitable subsidiary, Woodard Schools (Nottinghamshire) Enterprises Limited, the activities and trading of which are described below. Note 32 provides details of connected charities.

The school has developed links with a wide range of organisations to ensure the widest possible access to our facilities and schooling. Through membership of HMC, IAPS, BSA, ISBA, AGBIS and AEGIS and through networking with peer groups we ensure that we are able to attain the highest standards of quality and performance. We encourage our pupils to develop an awareness of the social context of the all-round education they receive at the school and they are engaged in a number of activities to enhance their understanding.

We have a thriving alumni group, the Old Worksopians, who are generous in supporting the work of the school and whose support we greatly appreciate. We also seek to cooperate with many local charities in our ongoing endeavours to widen public access to the schooling we can provide, to optimise the educational use of our cultural and sporting facilities and to awaken in our pupils, in the public interest, an awareness of the social context of the all-round education they receive.

CHARITABLE OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable Objects

The charity’s objects, as set out in the Articles of Association, are to promote and extend education (including spiritual, moral, social, cultural and physical education) in accordance with the doctrines and principles of the Church. The Church is defined as being the Church of England and churches in full communion with the See of Canterbury.

Intended impact

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

Aims

Woodard Schools (Nottinghamshire) Limited, incorporating Worksop College and Ranby House Preparatory School, are boarding and day schools for pupils from the ages of 2 to 18. The schools aim to support children in reaching their potential in all areas of their activity at the school, and in the wider community. This may be in academic subjects but could just as easily be reflected in success in art, drama, sport or music. We produce ‘well rounded’ individuals who are able to make a positive contribution to society. All Woodard schools aim to provide a rounded education to help the pupils to make their way in adult life.

Page 6

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

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

Primary objectives

The primary objectives of Worksop College and Ranby House Preparatory School to fulfil these aims are:

develop resilient, adaptable, independent learners;
support, challenge and extend the academic and individual endeavour of every member of its community, regardless of ability, background, gender, nationality or creed;
develop strength of character through a diverse extra-curricular programme, leadership and service, and the promotion of sound moral values for each individual;
provide a supportive community, based on the House system; to act in loco parentis and to provide an environment that nurtures, encourages and guides pupils for their time at the school and in preparation for the future;
build upon its charitable aims and grow its sound financial foundation for future generations.

Principal Activities of the Year

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

Senior School Preparatory School Pre-Preparatory School Total Senior School Preparatory School Pre-Preparatory School Total	2022/2023 437 (138 boarders) 139 (1 boarder) 127 703 2022/2023 Boys Girls 238 199 69 70 66 61 373 330	2021/2022 391 (130 boarders) 122 (3 boarder) 101 614 2021/2022 Boys Girls 229 162 57 65 53 48 339 275

Public Benefit

Within the objects, the school aims to create an environment to nurture children, to get the best from them and to allow them to develop and fulfil their potential. We provide them with a first class independent education and a wide range of sporting and artistic opportunities. The aim is that the Preparatory School pupils will be sufficiently self-confident to flourish in the Senior School and that all Senior School pupils will be fully equipped for their chosen future. Our public benefit aim and on an individual basis is that all pupils will be self-confident and desire to contribute to the wider community.

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

Our school welcomes pupils from all backgrounds. To admit a prospective pupil we need to be satisfied that our school will be able to educate and develop a prospective pupil to the best of their potential and in line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken to satisfy ourselves and parents that potential pupils can cope with the pace of learning and benefit from the education we provide. An individual’s economic status, gender, ethnicity, race, religion or disability do not form part of our assessment processes.

Page 7

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

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

Public Benefit (continued)

Our school is a part of a wider community and we are keen that our staff and pupils participate. Our school also offers a resource to support a range of educational activities for the benefit of local children attending state schools and their teachers. Our governors are committed to developing our programme of cooperation and joint working with local maintained sector junior and secondary schools. The activities undertaken and the success of our programme are explained in the ‘review of achievements and performance for the year’ section of this report.

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

It is a key requirement of evidencing public benefit that any private benefit to individuals or elements of the charity will be incidental to the charity's objectives. An example of private benefit may be the reimbursement of travelling expenses for trustees attending training courses: any private benefit to individuals or elements of Woodard are incidental to delivery of the charitable objectives.

Bursaries & Scholarships

Bursaries

The governors view our bursary awards as important in helping to ensure children from families who would otherwise not be able to afford the fees can access the education we offer. Our bursary awards are available to all who meet our general entry requirements and are made solely on the basis of parental means or to relieve hardship where a pupil’s education and future prospects would otherwise be at risk for example in the case of redundancy. In assessing means we use the methodology promulgated by the Independent Schools’ Bursars Association, which takes a number of factors into consideration including family income, investments and savings and family circumstances, for example dependant relatives and the number of siblings. Our school does not have an endowment and in funding our awards we have to be mindful that we must ensure a balance between full fee-paying parents, many of whom make considerable personal sacrifices to fund their child’s education, and those benefiting from the awards.

The bursary awards ranged from 10% to 75% remission of fees. Information about fee assistance through bursaries is provided to all applying to the school. We also advertise the awards. Further details of our bursary policy and how to apply are available on our website (www.wsnl.co.uk).

This year, total remissions were £1,689,847. The value of means tested bursaries totalled £307,836 and represented 2.76% of our gross fees. This assisted 37 of our pupils.

Scholarships

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

Scholarships are awarded with a fixed remission of fees, typically between 5% and 25%. Where further assistance is required, scholarship awards may be supplemented by a means tested bursary. We advertise the availability of scholarship awards each year. Further details of our scholarship policy are available on our website.

Page 8

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

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

Bursaries & Scholarships (continued)

The school awarded scholarships to 158 pupils, based on their educational merit and potential, totalling £867,271 and representing 7.8% of our gross fees. Of this number, 20 also qualified for means-tested bursary support and are included in the figures relating to bursary awards.

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

Review

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

Employment Policy

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

Investment Policy and Objectives

The company’s Articles of Association permit funds to be invested in such manner as the directors see fit, providing that such powers of investment are only exercised for the purpose of attaining the objects and in a manner that is legally charitable.

Investment activities are managed in line with the requirements of the Trustee Act 2000. The governors have appointed Cazenove Capital Management Limited as investment managers. Our investment policy is to preserve the capital value of investments and maximise the return and income on all investments.

The investment managers have discretion about how the investments are managed within the policy parameters set by the governors. The investment targets are to preserve the real value of investments against inflation and to generate an income yield of 3%. The Board are satisfied with both the increase in the overall value of investments held and yield achieved at a time of economic uncertainty.

STRATEGIC REPORT

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

The trustees recognise their legal responsibility under section 172 of the Companies Act 2006 to act in a way they consider, in good faith, would be most likely to promote the success of the school for the benefit of its members as a whole and to have regard to the long-term effect of their decisions on the school.

The Promotion of Education

During the year we educated 703 children between the ages of 2 and 18. The school provides a very high standard of education and this is validated in review of the academic results, our measurements of added value and through external inspection.

Page 9

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

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

The school offers a broad curriculum and educates children with a wide range of ability. The school can demonstrate particular excellence across not only the academic spectrum but also in sport, music and the arts. The aim of the school is to support children in reaching their potential in all areas of their activity at the school. This holistic approach is reflected in success in art, drama, music or on the sports field.

The school produces ‘well rounded’ individuals who are able to make a positive contribution to society. A very large majority move on to higher education and achieve their first or second choice of destination. Our value added data is impressive with a high proportion of pupils achieving more than expected at both GCSE and A level, resulting in many of the latter ‘trading up’ with regarding to university admission. Over half of our vocational course entries were graded at Distinction* or Distinction.

Improving Facilities

During the year, the College chapel has been re-plastered, one of the Houses at the College has been extended and the music department has had a new roof. At Ranby House a new classroom has been created and a new roof put on the Pre Prep building.

Community

Through development of, and provision of access to new facilities, the school remains at the heart of the community. Facilities made open to the public include:

The school swimming pool, which is made available to local swimming clubs and organised bodies such as Sparken Hill Academy, Splash and Worksop Dolphins swimming club.
Our Music facilities which are made available to a wide range of local music societies. Our music school is the venue for the preliminary rounds of the annual Worksop Music Festival. We are an ABRSM examination centre which enables members of the local community to take examinations locally without travelling to unknown venues. Our Director of Music is also the Director of the North Nottinghamshire Choir, a role he takes on a voluntary basis and the Choir rehearses and performs in the school facilities.
Our sports pitches are recognised as being of particular quality and are regularly used by Nottinghamshire County Cricket Club (we hosted the 1st XI twice this year), Worksop Harriers Athletics Club, numerous football groups, orienteering groups and Worksop Cadets.
Our wider school grounds now host the local Junior Park Run; a national initiative to promote sport and wellbeing to children in the community.
We have been awarded a Queen’s Award for Voluntary Service, presented to us by the Lord Lieutenant and recognising the work done in the community by our students. This includes after school clubs for community children, working in local maintained schools, charity shops and homes for the elderly.
The Headmaster has just been appointed as a non-executive board member of the North Notts BID.
Various drama, sport and music courses took place throughout school holiday periods which were open to our pupils and members of the wider community.

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Arts, Music and Drama

The Worksop College Professional Music Concert series was generally well attended by members of the school and wider community. The choir sang at a variety of locations in the UK, including Durham, Selby and Southwell. There were numerous individual music achievements with 3 pupils selected for the national school final and a number in national youth and children’s orchestras.

Page 10

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

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

Sport

Individual national success was achieved by pupils in riding, swimming, table-tennis, kick boxing. ice hockey, hockey, cross country and cricket-with two pupils representing the England Young Lions team. Numerous pupils gained representative honours in a number of sports and the College hosted the National independent Schools Cross Country Championships for the first time with around 2000 visitors enjoying our beautiful grounds on a glorious spring day.

Significant Events

The new well-being centre has been opened and is in use for pupils on a daily basis. An EDI survey has been carried out with the whole community. A new STEER tracking whole school online application to measure, track and improve the self-regulation and mental health of every young person in our care has been introduced to further our already outstanding pastoral provision.

Summary

The school has increased significantly in number over the past 3 years with waiting lists now operating in a number of year groups. The decision to leave Ranby on its current site continues to be well received resulting in the highest number of pupils for many years.

Charitable Activities

Each House undertakes specific fundraising for projects. These causes are promoted by students, voted for by their peers and then promoted to the whole school community. The school community takes part in a wide range of sponsored events and other fundraising activities including chapel collections.

Separately this year £39,576 has been raised for the Chapel roof appeal during the year of which £48,581 has been paid for repairs.

Investment Performance Against Objectives

The company’s investments are managed by Cazenove Capital Management Limited and in the opinion of the advisers the performance has met expectations. The investment performance is measured against targets agreed with the investment advisers and, given continued economic uncertainty fuelled by ongoing Brexit negotiations and other factors, the company is satisfied with the market value of its bursary and prize funds. Investments are held for the long-term and represent amounts yet to be spent on education.

FINANCIAL REVIEW

Results for the Year

The net resources for the year amounted to £543,089 (2022: £278,713) profit position of which the operating profit on school activities was £543,089 (2022: £278,713).

Our trading company, Woodard Schools (Nottinghamshire) Enterprises Limited, continues to operate the school shop and to hire out school facilities during holiday periods and school hours, as well as undertaking commercial activity on behalf of the school and externally. The company contributed £182,663 to the school’s operating results, an increase on last year’s contribution of £103,904.

The parents of our pupils often make significant sacrifices to pay the fees. In doing so they help to relieve the state of the financial burden of educating 703 UK based children. The saving is estimated to have a value in the last year of £4,582,857.

The school is unable to recover the VAT on purchases it makes. During the past year, Woodard Schools (Nottinghamshire) Limited has paid an estimated £396,760 in VAT on goods and services.

Page 11

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

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

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

Woodard Schools (Nottinghamshire) Limited provides a pension to some staff under the terms of the Pensions Trust Growth Plan. As a result of this pension scheme being under funded, Woodard Schools (Nottinghamshire) Limited is committed to contributing to a recovery plan. During the course of the year Woodard Schools (Nottinghamshire) Limited made contributions to the recovery plan of £3,305 and the recognised liability under the plan reduced by £3,090, with this value being recognised in the Statement of Financial Activities. Further details can be found in note 27.

The balance sheet for 2022-23 shows an increase in Debtors from the previous year and this is mainly due to an increase in pupils numbers during the year along with fee increases for the new academic year 202324. Repayments to the outstanding loan during the year have reduced this balance along with sales of property improving cash flows and reducing our overdraft. Investments have reduced their valuation during the year due to the economic climate and stock levels increased due to the long delivery dates of supplies particularly for the maintenance team.

Reserves Level and Policy, and Financial Viability

It has been the school’s policy to utilise funds to ensure that high quality up-to-date facilities are provided for the benefit of pupils. The aim is to budget so to provide sufficient working capital to meet the present needs and future development requirements of the school without the requirement to have recourse to sales of tangible fixed assets. Unrestricted funds increased by £553,176 to total £4,779,777, as shown in note 21.

In previous years there has been little invested into the old school buildings although there is a continuing programme set out for refurbishment, development and investment to maintain excellent teaching facilities for our pupils. In common with most independent schools, and due to having to fund their own capital investment plans, free reserves are at a negative balance illustrating the extent of the investment in our school. The school’s total reserves of £4,970,233 at the year-end included £144,447 of endowed funds, £46,009 of restricted funds and £4,779,777 unrestricted funds. Within unrestricted funds, Woodard Schools (Nottinghamshire) Limited has reserves of £42,479 for the pension-funding deficit. Fixed assets held for charity use totalled £10,909,009 leaving negative free reserves of £6,086,753 (2022: £6,677,144) at the year-end.

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

There is currently no reserves policy in place, but this is under review.

Key performance indicators are monitored and reported to the Executive Team and Governors on a monthly basis. These indicators cover Income, Expenditure, Operating expenditure per pupil, and target profit or loss for the year.

----- Start of picture text -----
KPI's Actual Budget Variance
Financial Profit/(Loss) £543,089 £558,292 (£15,203)
Remissions 14.85% 14.80% (0.05%)
Pupil numbers 703 654 49
----- End of picture text -----

Page 12

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

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

PRINCIPAL RISKS AND UNCERTAINTIES

The consideration of risks in the paragraphs below reflects the current more stable environment, post the Coronavirus Pandemic, offering a wider view of common events plus a specific risk looking at those events that could impact the continuity of education.

The governors consider the economic turbulence of recent years and the affordability of fees by parents across the independent sector to be the principal risk faced by the school. The governing body decided last year to increase fees for September 2022 by 2% only, with the governing body limiting fee changes to 7% increase for September 2023. The independent sector as a whole is currently subject to potentially increased political risk as the stated policy of the Labour Party is to remove tax concessions for charitable independent schools. With the election of the Labour Party in July 2024, if this policy is enacted as planned in January 2025 there is a significant risk to the independent sector as VAT would have to be added to school fees. This would potentially make the fees unaffordable for a proportion of parents, materially affecting the income.

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

The governing body is responsible for the identification and management of risks. The major risks to which the charity is exposed, as identified by the directors, have been reviewed and systems or procedures have been established to manage those risks. Detailed examination of the risks and establishment of controls to mitigate them is delegated to the Executive Officers and the process is overseen by the governing body. A formal review of the risk management processes is undertaken annually by the relevant committees of the board.

The school plans strategically having regard to risk. The executive provide the governing body with regular reports which include details of the principal strategic objectives and the actions to achieve those objectives. The school also records significant achievements and updates the governing body and Woodard on short-term plans.

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

the market in which the school operates is highly competitive and we monitor developments in education to ensure that pupils always receive a first class, holistic and varied educational experience in our school
we strive to ensure that all staff are able to work in a safe and supportive environment and policies, procedures and training in Human Resource management and Health and Safety help to ensure that the school meets expectations
the school operates in a highly regulated sector, including in matters of child protection, and we appoint appropriate professional advisers to ensure that we can keep up to date with all requirements; school or individual membership of bodies being the constituent associations of the Independent Schools Council also ensure that we have access to up to date information and support
the school operates in an increasingly litigious environment and we appoint appropriate professional advisers and purchase insurance using specialist brokers and advisers to ensure that we can keep up to date with all requirements and meet all challenges
all organisations face difficult economic conditions, particularly in relation to the impact of inflation and directors and senior managers in the school keep abreast of economic conditions locally, nationally and internationally to identify trends and develop plans to address issues
availability and continuation of adequate banking or other finance facilities

Page 13

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

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

PRINCIPAL RISKS AND UNCERTAINTIES (continued)

The key controls used by the school include:

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

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

Financial risk management objectives and policies

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

The main issues arising from the group’s financial instruments are liquidity risk and currency exchange rate risk. The school’s directors adopt policies for managing each of the risks and these are summarised below:

Liquidity risk – the school seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs by producing long-range forecasts and negotiating adequate facilities with the school’s bankers.
Currency exchange rate risk – the school welcomes a number of international pupils each year and manages currency exchange risk by accepting receipts in pounds sterling only. The school recognises that in times when sterling is comparatively strong, international recruitment may be affected.

EVENT AFTER THE REPORTING PERIOD

On 25 April 2024 the school refinanced with Allica Bank providing long term lending through a 25-year commercial mortgage and an overdraft facility.

The Farmhouse and outbuildings were sold for £660,000 in July 2024.

FUTURE PLANS

From the previous June 2020 Strategic Turnaround Plan all 5 points were achieved during 2023 including our profit target and sale of assets to improve cash flows. In 2023 we were successful in a pre-app application on a specific piece of land and this is being submitted for full approval which is to be exchanged within the next 12 months.

Page 14

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

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

GOING CONCERN

The Woodard Schools (Nottinghamshire) Limited Board reviews the financial information for the company and the group and considers whether the group and company are a going concern for a period of at least 12 months from the date of approval of the accounts.

The main factors the Trustees have considered in making this assessment include:

The successful re-financing with Allica Bank in April 2024, resulting in long term lending, providing greater stability for the group moving forwards.
The parent company’s progress to date with the strategic turnaround plan.
Confidence in predicted pupil numbers and that key stakeholders continue to support the school.
The disposal of unused assets and review of land utilisation. The Farmhouse and outbuildings were sold for £660,000 in July 2024. Sale of land is also under offer subject to planning permission which is anticipated to be completed during Autumn 2024.
The stress testing performed on the forecasts to factor in the Government’s intention to charge VAT on school fees, and any potential delays in planning permission on sale of land.

After review of evidence, the Board of Woodard Schools (Nottinghamshire) Limited has a reasonable expectation that the group will be able to continue operating for at least the next 12 months from the signing of these accounts and the financial statements have thus been prepared on a going concern basis.

Page 15

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

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

DIRECTORS WHO ARE ALSO TRUSTEES

The directors who served during the year, and the committees of which they were members, are:

J C Barnsdale (Chair)	Finance and General Purposes Committee
	Estates Sub-Committee
	Enterprise Committee
P Owston (resigned 31stAugust 2023)	Safeguarding Governor
	Finance and General Purposes Committee
	Estates Sub-Committee
	Enterprise Committee
	Education Committee
	Human Resources Committee
K Muthukumarappan	Education Committee
	Governance Audit and Risk Committee
C J Peake
	Lead Governor for Public Benefit
	Governance Audit and Risk Committee
A M Pepper (resigned 14thMarch 2024)
	Finance and General Purposes Committee
	Estates Sub-Committee
M C Phillips
	Education Committee
	Human Resources Committee
N J Porter
	Finance and General Purposes Committee
	Estates Sub-Committee
N E Riley (resigned 24thAugust 2023)
	Finance and General Purposes Committee
	Enterprise Committee
R W G Ross
	Finance and General Purposes Committee
M P Stephenson (resigned 24thMay 2024)	Finance and General Purposes Committee
S Maskell (appointed 16thAugust 2023)	Human Resources Committee
	Education Committee
T P H Conroy (appointed 16thAugust 2023)	Finance and General Purposes Committee
	Enterprise Sub-Committee
	Human Resources Committee
K Truscott (resigned 30 December 2022)	Safeguarding Governor
	Human Resources Committee
	Education Committee

Page 16

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

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

None of the directors has any beneficial interest in the company. Woodard Schools (Nottinghamshire) Limited buys trustees and officers insurance on behalf of the directors.

Number of meetings held during the year to 31st August 2023:

Board	3
Finance and General Purposes Committee	3
Education Committee	3
Governance Audit and Risk Committee	3
Estates Sub-Committee	3
Enterprise Sub-Committee	3
Human Resources	3

AUDITOR

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

Page 17

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

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

DIRECTORS RESPONSIBILITIES’ STATEMENT

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and group for that period. In preparing these financial statements, the directors are required to:

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

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

The directors confirm that:

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

Qualifying third party indemnity provisions

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

01/08/24

Approved by the Board of Directors of Woodard Schools (Nottinghamshire) Limited on ………………, including, in their capacity as company directors, approving the Directors’ and Strategic Reports contained therein, and signed on its behalf by:

J C Barnsdale Chairman

Page 18

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

Opinion

We have audited the financial statements of Woodard Schools (Nottinghamshire) Limited (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 August 2023 which comprise the Consolidated statement of financial activities, the Company statement of financial activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 August 2023 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Page 19

(A company limited by shares)

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED (CONTINUED)

Other information

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

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

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

Matters on which we are required to report by exception

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

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

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 18, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement,

Page 20

(A company limited by shares)

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED (CONTINUED)

whether due to fraud or error.

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

Auditor's responsibilities for the audit of the financial statements

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

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

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

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

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

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

obtained an understanding of the nature of the sector, including the legal and regulatory framework that the group and parent charitable company operates in and how the group and parent charitable company are complying with the legal and regulatory framework;
inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, the parent charitable company’s governing document, tax legislation and Charities (Protection and Social Investment) Act 2016. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which

Page 21

(A company limited by shares)

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED (CONTINUED)

included reviewing the financial statements including the Trustees’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents.

The most significant laws and regulations that have an indirect impact on the financial statements are The Education (Independent School Standards) Regulations 2014, Keeping Children Safe in Education under section 175 of the Education Act 2002, and the UK General Data Protection Regulation (UK GDPR). We performed audit procedures to inquire of management and those charged with governance whether the charitable company is compliant with these law and regulations and inspected correspondence with regulatory authorities.

The group audit engagement team identified the risk of management override of controls and cut off and completeness of income recognition in respect of donations, other income/trading income as the areas where the financial statements were most susceptible to material misstatement due to fraud.

Audit procedures performed in relation to management override of controls included but were not limited to testing journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, and challenging judgements and estimates.

Audit procedures performed in relation to income recognition (cut-off and completeness) included but were not limited to reviewing the income recognition policy and confirming income is recognised in accordance with SORP criteria, reviewing a sample of sales transactions close to and around the year end date to determine transactions were accounted for in the correct period based on the date goods or services were delivered, and performing a review of minutes to identify any unusual one off sources of income to ensure these were reflected in the financial statements.

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

Use of our report

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

Sarah Mallinson

Sarah Mallinson FCA (Senior Statutory Auditor)

for and on behalf of RSM UK Audit LLP, Statutory Auditor Chartered Accountants Central Square 5th Floor 29 Wellington Street Leeds LS1 4DL

Date: 01/08/24

Page 22

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 AUGUST 2023

Note Income and endowments from: Donations and legacies 4 Charitable activities 5 Other trading activities 6 Investments 7 Other income 8 Total income and endowments Expenditure on: Raising funds 9 Charitable activities 10 Total expenditure Net income before net losses on investments Net losses on investments Net income/(expenditure) Transfers between funds 21 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2023 £ - 9,857,391 552,704 623 497,380 10,908,098 573,647 9,786,036 10,359,683 548,415 - 548,415 4,761 553,176 4,226,601 553,176 4,779,777	Restricted funds 2023 £ - - - - - - - - - - (408) (408) - (408) 46,417 (408) 46,009	Endowment funds 2023 £ - - - 825 - 825 365 - 365 460 (5,378) (4,918) (4,761) (9,679) 154,126 (9,679) 144,447	Total funds 2023 £ - 9,857,391 552,704 1,448 497,380 10,908,923 574,012 9,786,036 10,360,048 548,875 (5,786) 543,089 - 543,089 4,427,144 543,089 4,970,233	Total funds 2022 £ 7,121 8,869,722 298,248 3,069 58,870 9,237,030 240,746 8,715,498 8,956,244 280,786 (2,073) 278,713 - 278,713 4,148,431 278,713 4,427,144

The statement of financial activities complies with the requirements for an income and expenditure account under the Companies Act 2006 and includes all gains and losses recognised in the year.

Page 23

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

COMPANY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 AUGUST 2023

Note Income and endowments from: Donations and legacies 4 Charitable activities 5 Other trading activities 6 Investments 7 Other income 8 Total income and endowments Expenditure on: Raising funds 9 Charitable activities 10 Total expenditure Net income before net losses on investments Net losses on investments 15 Net income/(expenditure) Transfers between funds 21 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2023 £ 9,857,391 - 623 497,380 10,538,057 203,606 9,786,036 9,989,642 548,415 - 548,415 4,761 553,176 4,226,601 553,176 4,779,777 182,663	Restricted funds 2023 £ - - - - - - - - - - (408) (408) - (408) 46,417 (408) 46,009	Endowment funds 2023 £ - - - 825 - 825 365 - 365 460 (5,378) (4,918) (4,761) (9,679) 154,126 (9,679) 144,447	Total funds 2023 £ 182,663 9,857,391 - 1,448 497,380 10,538,882 203,971 9,786,036 9,990,007 548,875 (5,786) 543,089 - 543,089 4,427,144 543,089 4,970,233	Total funds 2022 £ 111,025 8,869,722 2,490 3,069 58,870 9,045,176 108,685 8,655,705 8,764,390 280,786 (2,073) 278,713 - 278,713 4,148,431 278,713 4,427,144

The statement of financial activities complies with the requirements for an income and expenditure account under the Companies Act 2006 and includes all gains and losses recognised in the year.

Page 24

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

REGISTERED NUMBER: 05011039

CONSOLIDATED BALANCE SHEET

AS AT 31 AUGUST 2023

Note Fixed assets Tangible assets 14 Investments Current assets Stocks 16 Debtors 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current liabilities Total assets less current liabilities Creditors: amounts falling due after more than one year 19 Net assets excluding pension liability Defined benefit pension scheme liability 28 Total net assets Charity funds Endowment funds 21 Restricted funds 21 Unrestricted funds - including share capital £100 (2022: £100) and pension reserve (£42,479) (2022: (£50,897)) 21 Total funds	77,717 2,446,710 326,212 2,850,639 (8,904,596)	2023 £ 10,909,009 161,018 11,070,027 (6,053,957) 5,016,070 (3,358) 5,012,712 (42,479) 4,970,233 144,447 46,009 4,779,777 4,970,233	43,237 1,822,776 222,066 2,088,079 (8,843,350)	2022 £ 11,104,188 171,105 11,275,293 (6,755,271) 4,520,022 (41,981) 4,478,041 (50,897) 4,427,144 154,126 46,417 4,226,601 4,427,144

Page 25

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

REGISTERED NUMBER: 05011039

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2023

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

J C Barnsdale MRICS

Chairman Date: 01/08/24

The notes on pages 30 to 65 form part of these financial statements.

Page 26

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

REGISTERED NUMBER: 05011039

COMPANY BALANCE SHEET

AS AT 31 AUGUST 2023

Note Fixed assets Tangible assets 14 Investments Current assets Stocks 16 Debtors 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current liabilities Total assets less current liabilities Creditors: amounts falling due after more than one year 19 Net assets excluding pension liability Defined benefit pension scheme liability 28 Total net assets Charity funds Endowment funds 21 Restricted funds 21 Unrestricted funds - including share capital £100 (2022: £100) and pension reserve (£42,479) (2022: (£50,897)) 21 Total funds	76,951 2,675,110 54,100 2,806,161 (8,859,825)	2023 £ 10,908,616 161,118 11,069,734 (6,053,664) 5,016,070 (3,358) 5,012,712 (42,479) 4,970,233 144,447 46,009 4,779,777 4,970,233	42,471 1,994,725 39,922 2,077,118 (8,831,998)	2022 £ 11,103,697 171,205 11,274,902 (6,754,880) 4,520,022 (41,981) 4,478,041 (50,897) 4,427,144 154,126 46,417 4,226,601 4,427,144

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

Page 27

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

REGISTERED NUMBER: 05011039

COMPANY BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2023

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

J C Barnsdale MRICS

Chairman Date: 01/08/24

The notes on pages 30 to 65 form part of these financial statements.

Page 28

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2023

Note Cash flows from operating activities Net cash from operating activities 24 Cash flows from investing activities Dividends, interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Investment management fees and write off Net cash provided by/(used in) investing activities Cash flows from financing activities Repayments of borrowing Repayments of finance leases Other financing costs Net cash used in financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 25	2023 £ 717,750 1,448 453,854 (85,124) 4,301 374,479 (430,011) (58,130) (45,294) (533,435) 558,794 (490,873) 67,921	2022 £ 786,145 3,069 5,000 (275,961) 444 (267,448) - - (93,175) (93,175) 425,522 (916,395) (490,873)

Page 29

(A company limited by shares)

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

1. General information

Woodard Schools (Nottinghamshire) Limited is a private company, limited by shares and incorporated in England and Wales. The address of the Registered Office is Worksop College, Worksop, Nottinghamshire, S80 3AP. The principal activity of the company is the provision of independent education for children aged 2 to 18.

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

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements are presented in sterling and the functional currency is sterling, and they are rounded to the nearest £1.

Woodard Schools (Nottinghamshire) Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The consolidated statement of financial activities (SOFA) and consolidated balance sheet consolidate the financial statements of the company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

2.2 Going concern

The activities of the Group, together with the factors likely to affect its future development and performance are set out in the Strategic Review. The financial position of the school, its cash flow, liquidity and borrowings are described in the financial statements and accompanying notes.

At the year end the Group and school had net current liabilities as at 31 August 2023 of £6m (2022 - £6.8m) which included bank loan and overdrafts of £3.15m (2022- £3.8m) and parent deposits and school fees invoiced in advance of £5m (2022 - £4.4m). The Group’s banking facility was repaid subsequent to the year end and a new facility of £4.06m comprising a 25 year commercial mortgage has been negotiated providing greater stability for the group.

Following the agreement of the new banking facilities trustees have prepared profit and cash flow forecasts covering the period to 31 August 2025 which demonstrate that the company and group have sufficient working capital to enable the group to meet its liabilities as they fall due.

These forecasts have factored in known uncertainties, in particular the new government’s intention to charge VAT on school fees, potentially as soon as January 2025. The potential impact of this on pupil numbers, has been modelled by the Board, and a reduction in pupil numbers has been considered as part of its stress testing. The Board is continuing to review land utilisation and considering the potential disposal of unused assets. A Farmhouse and outbuildings were sold in July 2024, and a sale of land is also under offer subject to

Page 30

(A company limited by shares)

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

2. Accounting policies (continued)

2.2 Going concern (continued)

planning permission which is anticipated to be completed within the next 12 months. Given there could be delays in planning approval, the Board has modelled its forecasts excluding this income as part of its stress testing. Cash flows are monitored on a weekly basis with the oversight of the Chair of the Finance and General Purposes Committee (F&GP).

Given the progress to date with the strategic turnaround plan, the re-financing, and the group’s forecasts, the directors have a reasonable expectation that the company and group will be able to continue in operational existence for the foreseeable future and therefore the trustees conclude that it is appropriate to continue to adopt the going concern basis in preparing the accounts of the group and company.

2.3 Income

School Fees Receivable and Similar Income

Fees receivable and other educational income are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions by the school, but include contributions received from restricted funds for scholarships, bursaries and other grants. Fees in Advance Scheme Contracts are those fees received in advance of education to be provided in future years under a specific contract. The fees are held within the unrestricted reserves of the school and are deemed to be repayable on demand, subject to usual notice provisions. Any surplus of assets over liabilities is held within the fund as a buffer. Bad debts are provided for on a case-by-case basis based on the entity's knowledge of the customer. Bills are raised in advance of the commencement of the term and the fees should be paid on the first day of term.

Ancillary and Non-Ancillary Trading Income

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

Voluntary sources, Grants and Donations

Voluntary incoming resources are accounted for as and when entitlement arises, the amount can reliably be quantified and the economic benefit is considered probable. Voluntary income for general purposes is accounted for as unrestricted and is credited to the General Reserve. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for as permanent trust capital or expendable trust capital, according to whether the donor intends retention to be permanent or not. Gifts in kind are valued at estimated open market value at the date of gift, in the case of assets for retention or consumption, or at the value to the school in case of donated services or facilities. Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Page 31

(A company limited by shares)

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £10,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Page 32

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

2. Accounting policies (continued)

2.6 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Freehold land	- Not depreciated
Freehold buildings	- Variable according to the building and written off
	over the expected useful life (see below)
Plant and machinery	- 10% to 25% on cost
Motor vehicles	- 25% on cost
Fixtures and fittings	- 25% on cost
Computer equipment	- 20% to 25% on cost

Where the company has assets under construction, the initial cost stays in the balance sheet until it has fully completed and then it is moved into the fixed asset section where depreciation then commences.

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

When the company undertakes a significant refurbishment project that will have an economic benefit, the cost of the refurbishment is capitalised, recorded separately under "Freehold Improvements', its useful life is estimated and it is depreciated over that useful life. Woodard Schools (Nottinghamshire) Limited exercises judgement in selection of appropriate rates for depreciation of fixed assets, and for matters of impairment.

2.7 Investments

Investments are carried at fair value, which is deemed to be market value as at the balance sheet date.

Unrealised gains and losses arising on the revaluation of investments are credited or charged to the Statement of Financial Activities and are allocated to the appropriate fund according to the 'ownership' of the underlying assets. Realised gains and losses are the difference between sales proceeds and cost. The revaluation reserve reflects the accumulated total of unrealised gains and losses. Uninvested cash is the balance of liquid cash, held as an investment, which has not been invested in securities.

Page 33

(A company limited by shares)

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

2. Accounting policies (continued)

2.8 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 Liabilities

Liabilities and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the consolidated statement of financial activities as a finance cost.

2.12 Financial instruments

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

2.13 Finance leases and hire purchase

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

Page 34

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

2. Accounting policies (continued)

2.14 Pensions

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

The company offers membership of the Pensions Trust Growth Plan and the Independent Schools' Pensions Scheme to employees other than the full-time academic staff. The Pensions Trust Growth Plan and the Independent Schools' Pensions Scheme are multi-employer pension schemes where the scheme assets are pooled for investment purposes and cannot be attributed to individual employers. Benefits are paid from the total scheme assets. It is in most respects a money purchase arrangement, but has some guarantees. As a result it is not possible or appropriate to identify the assets and liabilities of the scheme which are attributable to the company, though, due to the guarantees inherent in the scheme, the companies remain potentially liable for a debt on withdrawal from the scheme. In accordance with Financial Reporting Standard (FRS) 102 (section 28) therefore, the scheme is accounted for in a fashion which is similar to a defined contribution scheme.

The company must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises. More detail is given in note 28.

2.15 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. Endowment funds are further sub-divided into permanent and expendable, where required by the terms of the trust.

Investment income, gains and losses are allocated to the appropriate fund.

Page 35

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

2. Accounting policies (continued)

2.16 Taxation

The company is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

The school has a subsidiary company that is subject to taxes including corporation tax and VAT in the same way as any commercial organisation. The tax charged to the profit and loss account is based on the subsidiary company's profit for the year and takes into account tax arising because of timing differences between the treatment of certain items for tax and accounting purposes. The subsidiary company distributes the majority of its profits to Woodard Schools (Nottinghamshire) Limited under Gift Aid and tax liabilities are kept to a minimum.

2.17 Deposits from parents

Amounts received in respect of pupil deposits or fees for future terms are considered to be repayable on demand and consequently recognised as current liabilities.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Provision for bad debts

Bad debts are provided for on a case-by-case basis based on the entity's knowledge of the customer. Debts are chased and where required the legal team gets involved to recover the debt.

Depreciation, impairment and residual values of fixed assets

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

Pension scheme deficit reduction payments

As explained at note 28, there is a deficit reduction plan in place in respect of Woodard Schools (Nottinghamshire) Limited's membership of the Pension Trust's Growth Plan. FRS 102 requires a liability to be recognised in respect of the present value of future contributions payable under the terms of the deficit recovery plan. The incorporation of this liability in the financial statements involves the exercise of judgement in a number of areas, including the selection of an appropriate discount rate.

Page 36

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

3. Critical accounting estimates and areas of judgment (continued)

Pension scheme contingent liability

As explained at note 27, there is a contingent liability in the event that Woodard Schools (Nottinghamshire) Limited were to withdraw its membership of the Pension Trust's Growth Plan. The independent qualified actuaries advising the Pensions Trust in respect of the contingent withdrawal liability exercise significant judgement in determining the amount of that liability. Judgement is exercised in a number of areas, including future changes in salaries and inflation, mortality rates and the selection of appropriate discount rates.

4. Income from donations and legacies

General donations Total 2022	Unrestricted funds 2023 £ - 7,121	Total funds 2023 £ - 7,121	Total funds 2022 £ 7,121

The company only figure for income from donations and legacies is £182,663 (2022: £111,025) which includes £182,663 (2022: £103,904) of gift aid received from the trading subsidiary which has been eliminated on consolidation.

Page 37

(A company limited by shares)

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

5. Income from charitable activities

School fees receivable (see below) Ancillary trading income (see below) Total 2022 *School fees receivable* Gross fees Less: total scholarships, bursaries, etc Less: discounts given *Charitable activities - ancillary trading income* Extras Entrance fees and registration fees Pupil transport Commissions and related income	Unrestricted funds 2023 £ 9,446,607 410,784 9,857,391 8,869,722	Total funds 2023 £ 9,446,607 410,784 9,857,391 8,869,722 2023 £ 11,136,454 (1,579,196) (110,651) 9,446,607 2023 £ 225,880 18,661 163,971 2,272 410,784	Total funds 2022 £ 8,528,442 341,280 8,869,722 2022 £ 10,140,724 (1,536,283) (75,999) 8,528,442 2022 £ 206,551 24,493 113,772 (3,536) 341,280

All of the charitable activities income is in relation to the parent company only, in both years.

Page 38

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

6. Income from other trading activities

Non-ancillary trading income

Woodard Schools (Nottinghamshire) Enterprises Limited Sundry recharges Total 2022	Unrestricted funds 2023 £ 552,704 - 552,704 298,248	Total funds 2023 £ 552,704 - 552,704 298,248	Total funds 2022 £ 295,758 2,490
			298,248

The company only figure for income from trading activities is £nil (2022: £2,490).

7. Investment income

Income from fixed investments Bank and other interest Total 2022	Unrestricted funds 2023 £ 623 - 623 1,265	Restricted funds 2023 £ - - - 35	Endowment funds 2023 £ 825 - 825 1,769	Total funds 2023 £ 1,448 - 1,448 3,069	Total funds 2022 £ 1,817 1,252
					3,069

All of the investment income is in relation to the parent company only, in both years.

Page 39

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

8. Other income

Profit on sale of fixed assets Deposits not reclaimed Miscellaneous income Total 2022	Unrestricted funds 2023 £ 453,854 18,845 24,681 497,380 58,870	Total funds 2023 £ 453,854 18,845 24,681 497,380 58,870	Total funds 2022 £ 2,300 45,956 10,614
			58,870

All of the other income is in relation to the parent company only, in both years.

9. Expenditure on raising funds

Investment management

Investment management fees Total 2022	Endowment funds 2023 £ 365 458	Total funds 2023 £ 365 458	Total funds 2022 £ 458

Page 40

(A company limited by shares)

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

9. Expenditure on raising funds (continued)

Financing costs

Bank interest payable Bank loan interest payable Lease finance costs Bank charges Provision for bad and doubtful debts Other finance costs Movement in pension recovery plan Other interest payable Total 2022 *Non-ancillary trading* Support costs Staff costs Depreciation Total 2022	Unrestricted funds 2023 £ 7,475 220,011 3,985 23,741 (65,684) 78 - 14,000 203,606 108,227 Unrestricted funds 2023 £ 238,293 131,650 98 370,041 132,061	Total funds 2023 £ 7,475 220,011 3,985 23,741 (65,684) 78 - 14,000 203,606 108,227 Total funds 2023 £ 238,293 131,650 98 370,041 132,061	Total funds 2022 £ 2,825 79,898 3,985 17,869 (21,786) 1,052 24,384 - 108,227 Total funds 2022 £ 108,866 23,072 123 132,061

The parent company only figure for raising funds is £203,971 (2022: £108,685), being the investment management costs and financing costs only.

Page 41

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

10. Charitable activities expenditure

Summary by fund type

Teaching Welfare Premises School administration Governance costs Total 2022	Unrestricted funds 2023 £ 5,253,884 1,016,594 2,077,580 1,381,402 56,576 9,786,036 8,715,498	Total 2023 £ 5,253,884 1,016,594 2,077,580 1,381,402 56,576 9,786,036 8,715,498	Total 2022 £ 4,732,221 914,240 1,998,873 1,039,877 30,287
			8,715,498

Summary by expenditure type

Teaching Welfare Premises School administration Governance Total 2022	Staff costs 2023 £ 4,968,765 545,712 663,765 818,720 - 6,996,962 6,167,435	Depreciation 2023 £ 55,124 33,907 191,174 - - 280,205 309,204	Other costs 2023 £ 229,995 436,975 1,222,641 562,682 56,576 2,508,869 2,238,859	Total 2023 £ 5,253,884 1,016,594 2,077,580 1,381,402 56,576 9,786,036 8,715,498	Total 2022 £ 4,732,221 914,240 1,998,873 1,039,877 30,287
					8,715,498

All of the charitable activities expenditure is in relation to the parent company only, in both years.

Page 42

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

11. Net income/(expenditure)

*Net income/(expenditure) for the year includes:* Fees payable to RSM UK Audit LLP and its associates in respect of audit services Fees payable to RSM UK Audit LLP and its associates in respect of other services Depreciation of tangible fixed assets owned by the group Depreciation of tangible fixed assets held under finance leases and hire purchase contracts Operating lease rentals Reimbursement of personal expenses to governors	2023 £ 28,000 - 270,228 10,075 238,641 1,067 548,011	2022 £ 24,000 7,350 254,998 54,329 131,213 500
		472,390

12. Staff costs

Wages and salaries Social security costs Pension costs Private medical insurance	Group 2023 £ 5,852,642 507,119 753,843 15,008 7,128,612	Group 2022 £ 5,036,643 467,651 678,097 8,116 6,190,507	Company 2023 £ 5,730,474 500,896 750,584 15,008 6,996,962	Company 2022 £ 5,014,355 467,061 677,903 8,116
				6,167,435

The average number of persons employed by the company during the year was as follows:

Teaching Other activities	Group 2023 No. 90 148 238	Group 2022 No. 85 129

		214

Page 43

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

12. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

	Group	Group
	2023	2022
	No.	No.
In the band £60,001 - £70,000	4	2
In the band £70,001 - £80,000	1	2
In the band £120,001 - £130,000	-	1
In the band £150,001 - £160,000	1	-

There are no redundancy or termination payments included within staff costs in either year.

The Headmaster and Bursar are classified by Woodard Schools (Nottinghamshire) Limited as being the key management personnel. The aggregate employee benefits of key management personnel were £296,610 (2022: £491,065 where this also included Senior Deputy Head and Finance Director) including defined benefit pension scheme contributions of £33,229 (2022: £61,095).

13. Trustees' remuneration and expenses

None of the governors received remuneration or other benefits from Woodards Schools (Nottinghamshire) Limited or from any connected body.

None of the directors (or any persons connected with them) received any remuneration during the year. Gross fees totalling £99,666 (2022: £67,226) were charged in respect of children of directors attending the school. Scholarships totalling £8,445 (2022: £1,499) were awarded to children of directors in accordance with the school's scholarship process. At the year-end, directors owed £nil in respect of these fees (2022: £14,758). 4 directors were reimbursed £1,067 during the year in relation to expenses (2022: 1 director reimbursed £500).

Page 44

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

14. Tangible fixed assets

Group

*Cost or valuation* At 1 September 2022 Additions At 31 August 2023 *Depreciation* At 1 September 2022 Charge for the year At 31 August 2023 *Net book value* At 31 August 2023 At 31 August 2022	Freehold property £ 12,636,063 24,000 12,660,063 1,909,368 162,720 2,072,088 10,587,975 10,726,695	Plant and machinery £ 366,506 38,346 404,852 210,086 62,360 272,446 132,406 156,420	Computer equipment £ 432,186 2,134 434,320 211,113 55,223 266,336 167,984 221,073	Assets under construction £ - 20,644 20,644 - - - 20,644 -	Total £ 13,434,755 85,124
					13,519,879
					2,330,567 280,303
					2,610,870
					10,909,009
					11,104,188

All assets are used for charitable purposes.

Included in plant and equipment and computer equipment are assets held under finance leases which have net book values of £22,393 (2022: £57,370) and £nil (2022: £nil) respectively. Depreciation of £10,075 (2022: £18,864) and £nil (2022: £35,465) respectively was charged during the year.

Three properties have been sold which do not appear within tangible fixed assets and the cost cannot be determined from historical records. Given the age of the properties the cost and associated depreciation would be immaterial to the financial statements.

Page 45

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

14. Tangible fixed assets (continued)

Company

*Cost or valuation* At 1 September 2022 Additions At 31 August 2023 *Depreciation* At 1 September 2022 Charge for the year At 31 August 2023 *Net book value* At 31 August 2023 At 31 August 2022 Fixed asset investments Group	Computer equipment £ 420,101 2,134 422,235 199,519 55,125 254,644 167,591 220,582 Listed investments	Assets under construction £ - 20,644 20,644 - - - 20,644 - Total 2023	Total £ 13,422,670 85,124 13,507,794 2,318,973 280,205 2,599,178 10,908,616 11,103,697 Total 2022






Cost or valuation	£	£	£
At 1 September	164,618	164,618	166,691
Revaluations	(5,786)	(5,786)	(2,073)
At 31 August	158,832	158,832	164,618

Investment cash	2,186	2,186	6,487
At 31 August	161,018	161,018	171,105

Page 46

(A company limited by shares)

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

15. Fixed asset investments (continued)

Company

	Investment in subsidiary	Listed investments	Total 2023	Total 2022
	£	£	£	£
*Cost or valuation*
At 1 September	100	164,618	164,718	166,791
Revaluations	-	(5,786)	(5,786)	(2,073)
At 31 August	100	158,832	158,932	164,718

Investment cash	-	2,186	2,186	6,487
At 31 August	100	161,018	161,118	171,205

Principal subsidiaries The following was a subsidiary undertaking of the company: Name Principal activity Class of shares Holding Included in consolidation Woodard Schools (Nottinghamshire) Enterprises Limited Commercial letting and sales from the school tuck shop Ordinary 100% Yes The financial results of the subsidiary for the year were: Name Income £ Expenditure £ Profit for the year £ Net assets £ Woodard Schools (Nottinghamshire) Enterprises Limited 552,704 (370,041) 182,663 100

Page 47

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

16. Stocks

Finished goods and goods for resale Debtors School fees receivable Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income	Group 2023 £ 77,717 Group 2023 £ 1,742,072 278,553 - 115,286 310,799 2,446,710	Group 2022 £ 43,237 Group 2022 £ 1,443,961 64,440 - 95,251 219,124 1,822,776	Company 2023 £ 76,951 Company 2023 £ 1,742,072 127,979 423,900 115,286 265,873 2,675,110	Company 2022 £ 42,471
				Company 2022 £ 1,443,961 - 157,302 95,251 298,211

				1,994,725

17. Debtors

School fees receivable are net of £38,408 (2022: £132,839) provided for doubtful debts. £5,505 (2022: £5,505) is allocated against Enterprises Ltd.

Page 48

(A company limited by shares)

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

18. Creditors: Amounts falling due within one year

Bank overdrafts Bank loans Deposits from parents Trade creditors Fees in advance scheme (note 20) Other taxation and social security Obligations under finance leases (note 30) Other creditors Accruals and deferred income	Group 2023 £ 258,291 2,896,802 529,164 127,974 891,568 149,582 1,867 218,915 3,830,433 8,904,596	Group 2022 £ 712,939 3,106,802 465,690 35,413 605,980 120,753 17,389 238,449 3,539,935 8,843,350	Company 2023 £ 258,291 2,896,802 529,164 113,417 891,568 123,001 1,867 218,915 3,826,800 8,859,825	Company 2022 £ 712,939 3,106,802 465,690 34,536 605,980 110,294 17,389 238,449 3,539,919

				8,831,998

Woodard Schools (Nottinghamshire) Limited has a bank loan from Santander Bank Plc. The loan is secured by charges on the company's assets at a rate of interest of £4% plus the base rate and is repayable on demand.

At the balance sheet date the bank loan was due for repayment within one year. The loan is secured by fixed charges over the land and buildings and floating charges over property and the undertaking of the company and its subsidiary.

As at the year end the group had secured the bank facilities including the loan until 31 December 2023, this was subsequently extended to 31 March 2024 in October 2023 and the loan was fully repaid on 25 April 2024 upon completion of the refinancing with Allica bank (see note 2.2).

Deferred income at 1 September Resources deferred during the year Amounts released from previous periods	Group 2023 £ 3,294,603 3,631,144 (3,294,603) 3,631,144	Group 2022 £ 2,862,032 3,294,603 (2,862,032)

		3,294,603

Deferred income arises due to school fee invoices for the autumn term being issued and applied to the fees ledger prior to the year end. The income that relates to the following term is deferred until the term to which the income relates.

Page 49

(A company limited by shares)

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

19. Creditors: Amounts falling due after more than one year

		Group	Group	Company	Company
		2023	2022	2023	2022
		£	£	£	£
Net obligations under finance leases (note	30)	3,358	41,981	3,358	41,981

20. Fees in advance scheme

Parents and others may enter into a contract to pay for fixed contributions towards pupil tuition fees for a number of years in advance. The money may be returned subject to specific conditions on the receipt of notice. Parents can request future payments back at any time. Assuming pupils remain in the school, fees in advance will be applied as follows:

After 5 years Within 2 to 5 years Within 1 to 2 years *Due after more than one year* Within 1 year *Summary of movements in liability* Balance at 1 September New contracts Amounts used to pay fees Balance at 31 August	2023 £ 140,802 218,661 234,923 594,386 297,182 891,568 2023 £ 629,124 555,253 (292,809) 891,568	2022 £ 139,409 188,078 112,869
		440,356 188,768
		629,124
		2022 £ 356,319 593,290 (320,485)
		629,124

Page 50

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

21. Statement of funds

Statement of funds - current year

*Unrestricted funds* General reserve Pension reserve Revaluation reserve Endowment fund Worksop Foundation Share capital *Endowment funds* Revaluation Reserve Special Endowment *Restricted funds* Revaluation reserve Benefit Fund Sheila Fletcher Fund Mountgarret Fund Simpson Smith Fund *Total of funds*	Balance at 1 September 2022 £ 4,110,141 (50,897) 50,946 2,193 114,118 100 4,226,601 1,861 152,265 154,126 29,769 771 2,308 2,187 11,382 46,417 4,427,144	Income £ 10,908,098 - - - - - 10,908,098 - 825 825 - - - - - - 10,908,923	Expenditure £ (10,368,101) 8,418 - - - - (10,359,683) - (365) (365) - - - - - - (10,360,048)	Transfers in/out £ 4,761 - - - - - 4,761 - (4,761) (4,761) - - - - - - -	Gains/ (Losses) £ - - - - - - - - (5,378) (5,378) - - - 285 (693) (408) (5,786)	Balance at 31 August 2023 £ 4,654,899 (42,479) 50,946 2,193 114,118 100 4,779,777 1,861 142,586 144,447 29,769 771 2,308 2,472 10,689 46,009 4,970,233

Page 51

(A company limited by shares)

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

21. Statement of funds (continued)

a) ENDOWMENT FUNDS

The endowed funds of the company include a number of individual trust and prize funds set up by donors as permanent capital. The income generated is restricted to funding scholarships, bursaries, grants and prizes. The funds were donated to the company by Woodard Schools (Midland Division) Limited who had previously administered the funds on behalf of the College. The revaluation reserve is required by the Companies Act 2006 and represents the amount by which investments exceed their historic cost.

b) RESTRICTED FUNDS

The income funds of the company include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes. The Benefit and other minor funds provide or contribute towards the provision of education, scholarships, bursaries and prizes for the pupils at the College or in such a manner as the College Governing Body shall consider to be for the benefit of the College. The Revaluation Reserve is required by the Companies Act 2006 and represents the amount by which investments exceed their historic cost. Realised gains and losses have been disclosed separately as incoming resources or resources expended.

c) UNRESTRICTED FUNDS

Unrestricted funds represent accumulated income from the school's activities and other sources that are available for the general purposes of the school. Designated funds contribute towards bursaries and scholarships.

A transfer has been made in the year from Endowed and Restricted funds to Unrestricted funds to contribute towards the bursaries granted in the year.

Page 52

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

21. Statement of funds (continued)

Statement of funds - prior year

*Unrestricted funds* General reserve Pension reserve Revaluation reserve Endowment fund Worksop Foundation Share capital *Endowment funds* Revaluation Reserve Special Endowment *Restricted funds* Revaluation reserve Benefit Fund Sheila Fletcher Fund Mountgarret Fund Simpson Smith Fund *Total of funds*	Balance at 1 September 2021 £ 3,933,045 (156,491) 50,946 2,193 114,118 100 3,943,911 1,861 154,563 156,424 29,769 771 2,308 2,664 12,584 48,096 4,148,431	Income £ 9,235,226 - - - - - 9,235,226 - 1,769 1,769 - 35 - - - 35 9,237,030	Expenditure £ (9,061,380) 105,594 - - - - (8,955,786) - (458) (458) - - - - - - (8,956,244)	Transfers in/out £ 3,250 - - - - - 3,250 - (3,215) (3,215) - (35) - - - (35) -	Gains/ (Losses) £ - - - - - - - - (394) (394) - - - (477) (1,202) (1,679) (2,073)	Balance at 31 August 2022 £ 4,110,141 (50,897) 50,946 2,193 114,118 100 4,226,601 1,861 152,265 154,126 29,769 771 2,308 2,187 11,382 46,417 4,427,144

Page 53

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

22. Summary of funds

Summary of funds - current year

General funds Endowment funds Restricted funds	Balance at 1 September 2022 £ 4,226,601 154,126 46,417 4,427,144 - prior year Balance at 1 September 2021 £ 3,943,911 156,424 48,096 4,148,431	Income £ 10,908,098 825 - 10,908,923 Income £ 9,235,226 1,769 35 9,237,030	Expenditure £ (10,359,683) (365) - (10,360,048) Expenditure £ (8,955,786) (458) - (8,956,244)	Transfers in/out £ 4,761 (4,761) - - Transfers in/out £ 3,250 (3,215) (35) -	Gains/ (Losses) £ - (5,378) (408) (5,786) Gains/ (Losses) £ - (394) (1,679) (2,073)	Balance at 31 August 2023 £ 4,779,777 144,447 46,009
						4,970,233
						Balance at 31 August 2022 £ 4,226,601 154,126 46,417
Summary of funds
General funds Endowment funds Restricted funds
						4,427,144

Page 54

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

23. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges *Total* Analysis of net assets between funds - prior year Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges *Total*	Unrestricted funds 2023 £ 10,909,009 5,271 2,815,930 (8,904,596) (3,358) (42,479) 4,779,777 Unrestricted funds 2022 £ 11,104,188 2,192 2,056,449 (8,843,350) (41,981) (50,897) 4,226,601	Restricted funds 2023 £ - 13,161 32,848 - - - 46,009 Restricted funds 2022 £ - 16,648 29,769 - - - 46,417	Endowment funds 2023 £ - 142,586 1,861 - - - 144,447 Endowment funds 2022 £ - 152,265 1,861 - - - 154,126	Total funds 2023 £ 10,909,009 161,018 2,850,639 (8,904,596) (3,358) (42,479) 4,970,233 Total funds 2022 £ 11,104,188 171,105 2,088,079 (8,843,350) (41,981) (50,897) 4,427,144

Page 55

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

24. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities) *Adjustments for:* Depreciation charges Financing costs Gains on investments Dividends, interests and rents from investments Profit on the sale of fixed assets (Increase)/decrease in stocks Increase in debtors Increase in creditors *Net cash provided by operating activities*	Group 2023 £ 543,089 280,303 269,290 5,786 (1,448) (453,854) (34,480) (623,934) 732,998 717,750	Group 2022 £ 278,713 309,327 108,227 2,073 (3,069) (2,300) 23,757 (2,302) 71,719 786,145

25. Analysis of cash and cash equivalents

Cash in hand Overdraft facility repayable on demand *Total cash and cash equivalents*	Group 2023 £ 326,212 (258,291) 67,921	Group 2022 £ 222,066 (712,939) (490,873)

Page 56

(A company limited by shares)

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

26. Analysis of changes in net debt

Cash at bank and in hand Bank overdrafts repayable on demand Debt due within 1 year Finance leases	At 1 September 2022 £ 222,066 (712,939) (3,712,782) (59,370) (4,263,025)	Cash flows £ 104,146 454,648 (75,588) 54,145 537,351	At 31 August 2023 £ 326,212 (258,291) (3,788,370) (5,225) (3,725,674)

27. Contingent liabilities

The company has been notified by The Pensions Trust of the estimated employer debts on withdrawal from the Plan based on the financial position of the Plan as at 30 September 2022. As of this date the estimated employer debt for the Company for withdrawal from The Pensions Trust was £214,770 (30 September 2022: £382,525), including Series 3 liabilities.

Page 57

(A company limited by shares)

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

28. Pension commitments

The School participates in the APTIS Pension Scheme ("APTIS") for its teaching staff. The pension charge for the year includes contributions payable of £443,610 (2022: £356,885) and at the year-end £36,151 (2022: £30,371) was accrued in respect of contributions to this scheme. All new teachers are automatically enrolled into the APTIS scheme.

Teachers' Pension Scheme

The School also participates in the Teachers' Pension Scheme ("the TPS") for its teaching staff who opted to remain in the scheme after the School came out of the scheme in September 2021. The pension charge for the year includes contributions payable to the TPS of £492,745 (2022: £678,097) and at the year-end £38,946 (2022: £nil) was accrued in respect of contributions to this scheme as the School has now left the scheme.

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

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2023 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020 in accordance with The Public Service Pensions (Valuations and Employer Cost Cap) Directions 2023 and the Employer Contribution Rate was assessed using agreed assumptions in line with the Directions and was accepted at the original assessed rate as there was no cost control mechanism breach.

The valuation report was published by the Department for Education on 26 October 2023. The key elements of the valuation are:

Total scheme liabilities for service (the capital sum needed at 31 March 2020 to meet the stream of future cash flows in respect of benefits earned) of £262 billion
Value of notional assets (estimated future contributions together with the proceeds from the notional investments held at the valuation date) of £222 billion
Notional past service deficit of £39.8 billion (2016 £22 billion)
Discount rate is 1.7% in excess of CPI (2016 2.4% in excess of CPI) (this change has had the greatest financial significance)

As a result of the valuation, new employer contribution rates have been set at 28.6% of pensionable pay from 1 April 2024 until 31 March 2027 (compared to 23.68% under the previous valuation including a 0.08% administration levy).

Pensions Trust Growth Plan

The company participates in the scheme, a multi-employer scheme which provides benefits to some 638 nonassociated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

Page 58

(A company limited by shares)

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

28. Pension commitments (continued)

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies.

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows:

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

Page 59

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

28. Pension commitments (continued)

RECONCILIATION OF OPENING AND CLOSING PROVISIONS

	2023	2022
	£	£
Provision at start of period	7,594	38,050
Unwinding of the discount factor (interest expense)	260	216
Deficit contribution paid	(3,305)	(7,635)
Remeasurements - impact of any change in assumptions	(45)	(335)
Remeasurements - amendments to the contribution schedule	-	(22,702)
Provision at end of period	4,504	7,594
INCOME AND EXPENDITURE IMPACT
	2023	2022
	£	£
Interest expense	260	216
Remeasurements – impact of any change in assumptions	(45)	(335)
Remeasurements – amendments to the contribution schedule	-	(22,702)
	215	(22,821)
ASSUMPTIONS

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

Page 60

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

28. Pension commitments (continued)

The following schedule details the deficit contributions agreed between the company and the scheme at each year end period:

It is these contributions that have been used to derive the company's balance sheet liability.

Pensions Trust Independent Schools' Pension Scheme

The company participates in the scheme, a multi-employer scheme which provides benefits to some 61 nonassociated employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

A full actuarial valuation for the scheme was carried out with an effective date of 30 September 2020. This actuarial valuation was certified on 22 December 2021 and showed assets of £201.1m, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall, the trustees and the participating employers have agreed that additional contributions will be paid, in combination from all employers, to the scheme as follows:

Page 61

(A company limited by shares)

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

28. Pension commitments (continued)

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £149.4m, liabilities of £187.6m and a deficit of £38.2m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the scheme liabilities.

RECONCILIATION OF OPENING AND CLOSING PROVISIONS

RECONCILIATION OF OPENING AND CLOSING PROVISIONS
	2023	2022
	£	£
Provision at start of period	43,303	47,005
Unwinding of the discount factor (interest expense)	1,756	485
Deficit contribution paid	(4,743)	(5,066)
Remeasurements - impact of any change in assumptions	(2,341)	(7,188)
Remeasurements - amendments to the contribution schedule	-	8,067
Provision at end of period	37,975	43,303
INCOME AND EXPENDITURE IMPACT
	2023	2022
	£	£
Interest expense	1,756	485
Remeasurements – impact of any change in assumptions	(2,341)	(7,188)
Remeasurements – amendments to the contribution schedule	-	8,067
	(585)	1,364

Page 62

(A company limited by shares)

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

28. Pension commitments (continued)

ASSUMPTIONS

The following schedule details the deficit contributions agreed between the company and the scheme at each year end period:

It is these contributions that have been used to derive the company's balance sheet liability.

Page 63

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

29. Operating lease commitments

At 31 August 2023 the group and the company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years Finance lease obligations Within 1 year Within 1 to 2 years Within 2 to 5 years Due within one year Due after more than one year	Group 2023 £ 230,260 228,988 318,431 777,679 2023 £ 1,867 1,867 1,491 5,225 2023 £ 1,867 3,358 5,225	Group 2022 £ 191,762 259,322 364,244

		815,328
		2022 £ 17,389 17,389 24,592
		59,370
		2022 £ 17,389 41,981
		59,370

30. Finance lease obligations

No security is held over these assets.

Page 64

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

31. Share capital

*Authorised, allotted, called up and fully paid* 100 Ordinary shares of £1 each	2023 £ 100 100	2022 £ 100
		100

All shares are registered in the name of the Woodard Corporation. Woodard Schools (Nottinghamshire) Limited has no power to issue, allot or dispose of any other shares and the shares already issued are not transferable. Upon winding up or dissolution, and after satisfaction of all liabilities, any remaining property shall be paid to the Woodard Corporation.

32. Related party transactions

As stated in note 33, Woodard Schools (Nottinghamshire) Limited is a wholly owned subsidiary of The Woodard Corporation. An amount of £61,042 (2022: £56,903) was paid during the year to Woodard Corporation by way of a levy to meet running costs. There is £nil outstanding to the Woodard Corporation as at 31 August 2023 (2022 - £nil).

The company also controls a subsidiary trading company, Woodard Schools (Nottinghamshire) Enterprises Limited (registered number 05181900), the results of which are included in these financial statements.

During the year, Woodard Schools (Nottinghamshire) Limited recharged costs to the subsidiary company amounting to £145,487 (2022: £119,684). The subsidiary company recharged costs to Woodard Schools (Nottinghamshire) Limited amounting to £74,279 (2022: £31,962) and paid donations under Gift Aid to Woodard Schools (Nottinghamshire) Limited of £182,663 (2022: £103,904). An amount of £423,900, was owed by Woodard Schools (Nottinghamshire) Enterprises Limited at 31 August 2023 (2022: £157,302).

Further information in respect of transactions with directors is given in note 13 to the financial statements.

There are no further third party related transactions to report.

33. Controlling party

The Woodard Corporation Limited is the ultimate controlling party, a registered charity number 1096270, Company number 04659710, which is incorporated in England and Wales. Copies of the financial statements of the Woodard Corporation can be obtained from High Street, Abbots Bromley, Rugeley, Staffordshire, WS15 3BW. The accounts of Woodard Schools (Nottinghamshire) Limited are included within the consolidated financial statements of the Woodard Corporation Limited.

Page 65

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

CONTENTS

COMPANY INFORMATION

DIRECTORS AND ADVISORS at the date of signing the accounts

COMPANY INFORMATION

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

REFERENCE AND ADMINISTRATIVE INFORMATION

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Governing Body

Recruitment and Training of Governors

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

Recruitment and Training of Governors (continued)

Volunteers

Organisational Management

Organisational Management (continued)

Group Structure and Relationships

CHARITABLE OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable Objects

Intended impact

Aims

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

Primary objectives

Principal Activities of the Year

Public Benefit

Public Benefit (continued)

Bursaries & Scholarships

Bursaries

Scholarships

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

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

Bursaries & Scholarships (continued)

Review

Employment Policy

Investment Policy and Objectives

STRATEGIC REPORT

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

The Promotion of Education

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

Improving Facilities

Community

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Arts, Music and Drama

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

Sport

Significant Events

Summary

Charitable Activities

Investment Performance Against Objectives

FINANCIAL REVIEW

Results for the Year

Reserves Level and Policy, and Financial Viability

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

PRINCIPAL RISKS AND UNCERTAINTIES

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

PRINCIPAL RISKS AND UNCERTAINTIES (continued)

Financial risk management objectives and policies

EVENT AFTER THE REPORTING PERIOD

FUTURE PLANS

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

GOING CONCERN

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

DIRECTORS WHO ARE ALSO TRUSTEES

AUDITOR

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

DIRECTORS RESPONSIBILITIES’ STATEMENT

Qualifying third party indemnity provisions

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

Opinion

Basis for opinion

Conclusions relating to going concern

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

Other information

Opinion on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

Responsibilities of trustees

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

Auditor's responsibilities for the audit of the financial statements