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← Woodard Schools (Nottinghamshire) Limited

2024-08-31-accounts

Charity Registration No. 1103326

Company Registration No. 05011039 (England and Wales)

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED DIRECTORS’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

CONTENTS

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Page Company information 1-2 Directors’ report (incorporating the Strategic report) 3-14 Independent auditor's report 15-19 Financial statements of the company 20 - 64

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

COMPANY INFORMATION

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DIRECTORS AND ADVISORS

Directors J CBarnsdaleMRICS(Chairand Custos)
T P H Conroy
KMuthukumarappan MBBS FRCOG M Med Sc
M C Phillips BA (Hons) PGCE
NJ Porter BSc MRICS
RW G Ross BA (Hons) MSc
S L Maskell MBE CMgr CCMI FCIPD RAFWg Car (Ret'd)
Charity No. 1103326
CompanyNo. 05011039
Principal Addressand Registered Office Woodard Schools (Nottinghamshire) Limited
trades asWorksop College and Ranby House School
Worksop
Nottinghamshire
S80 3AP
KeyManagement Personnel
Head DrJM Price PhD, BSc Hons
Bursar A Graham
Auditor Moore Kingston Smith LLP
6" Floor
Appold Street
London
EC2A 2AP
Bankers Altica Bank
Ath Floor
164 Bishopsgate
London
EC2M 41X
VealeWasbrough Vizards LLP
Solicitors Narrow QuayHouse
Narrow Quay
Bristol B8140A
Investment Advisers Cazenove Capital Management Limited
1 London Wall Place
London
EC2Y5AU
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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

COMPANY INFORMATION

insurance Brokers

Marsh Insurance Brokers Limited 4 Milton Road Haywards Heath West Sussex RH16 1AH

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2024

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The directors present their report and financial statements for the year ended 31 August 2024 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.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The company is governed by Articles of Association as adopted by Special Resolution dated 20 March 2013, replacing those dated 18° March 2004 amended by Special Resolutions dated 25'* January 2006 and 23 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 13. The governing body met 4 times during the year.

Recruitment and Training of Governors

All governors are Fellows of the Woodard Corporation. 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, in the case of Fellows, Christian commitment. Governors are provided with induction training by the Head, Bursar and staff and a wider programme of training events is organised by the Woodard Corporation.

Where possible the governors consider that the skills and experience of the governing body 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.

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.

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2024 ————nny

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 13. The directors determine the general policy of the company. Finance & General Purposes Committee — takes delegated responsibility on behalf of the Board of Governors (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. It met 3 times during the year.

Estates Sub-Committee — takes delegated responsibility on behalfof 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, to provide assurance to F&GP and the Board on all Estates matters. It met 3 times during the year.

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. It met 3 times during the year.

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. It met 3 times during the year.

Human Resources Committee — takes delegated responsibility on behalf of 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. It met 3 times during the year.

The day to day management of the company is delegated to the Head and the Bursar as the Key Management personnel, 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.

The Head oversees the recruitment of all educational staff, whilst under delegated authority the bursar oversees the recruitment of administrative and non-teaching support staff. The Head and Bursar are invited to attend governors’ meetings.

The remuneration of key management personnel is set by the governing body, 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, 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.

We aim to recruit, subject to experience, at the {ower to medium point within a band, providing scope for rewarding excellence. Delivery of the school’s charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of our charitable expenditure.

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2024 ———— EEE

Group Structure and Relationships

The company has a wholly owned non-charitable subsidiary, Woodard Schools (Nottinghamshire) Enterprises Limited, the activities and trading of which are described below. Note 34 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 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. It aims 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, music or dance. 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.

Primary objectives

The primary objectives of Woodard Schools (Nottinghamshire) Limited to fulfil these aims are:

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

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DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2024

*
to providea clear, simple and effective management structure capable oftaking		 *
to providea clear, simple and effective management structure capable oftaking		 *
to providea clear, simple and effective management structure capable oftaking		 timely decisions and
allocating necessary resources appropriately, and
¢
to provide the necessary		 administrativeand logisticframework to meetthe needs ofmembers of staff
and pupils alike.
Principal Activities oftheYear
The principal activity ofthe school is the delivery ofeducation to pupils rangingfrom 2 to 18 years of age. We
also run a number of summer school activities and the school is open at other times for use by the local
community. Pupil numbers atthe school during the yearwere as follows:
2023/2024 2022/2023
SeniorSchool 492
(91 boarders)		 437 (138 boarders)
Preparatory School 203
(4 boarders}		 139 (3 boarders)
Pre-PreparatorySchool 56 127
Total 751 703
2023/2024 2022/2023
Boys
Girls		 Boys Girls
Senior School 269
223		 238 199
Preparatory School 103
100		 69 70
Pre-Preparatory School 31
25		 66 61
Total 4033.
—s«=i3848		 373
—sis«=		 3330

The principal activity of the school is the delivery of education to pupils ranging from 2 to 18 years of age. We also run 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:

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 Woodard Schools (Nottinghamshire) Limited 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. 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

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT)

YEAR ENDED 31 AUGUST 2024

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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’ below.

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.

Concessions Including Bursaries & Scholarships

Our school does not have an endowment and in funding our concessions we have to be mindful that we must ensure a balance between fee-paying parents, many of whom make considerable personal sacrifices to fund their child’s education, and those benefiting from the awards. Further details of our concessions policies and how to apply are available on our website at www.wsnl.co.uk.

All criteria and policies relating to concessions are kept under review and are updated when necessary.

Bursaries

Bursary awards are 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 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.

This year the value of means tested bursaries totalled £253k and represented 2 % of our gross fees. They provided assistance to 30 pupils. A hardship fund is also available to help pupils in receipt of bursaries meet the costs of school trips, examination entrance fees and similar expenses.

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.

The school awarded scholarships to 194 pupils, based on their educational merit and potential, totalling £1.6m and representing 10 % of[our][ gross][ fees.][Of][this][number,][25][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.

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.

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2024 Ne ——————EE—E—————

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 ina 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 751 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.

The school offers a broad curriculum and educates children with a wide range of ability. The school can demonstrate 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. Although a proudly non-academically selective school, this year we recorded our best GCSE results ever and our best A level results for many years. Our value added data is most impressive with a high proportion of pupils achieving much 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 works have continued on the College chapel with the altar steps being refurbished. At Ranby House a new pavilion was constructed and the sick bay was moved. Wifi and internet has been improved across both sites and at the College the archive was moved and expanded.

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:

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2024

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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, Lichfield and Southwell. The school continued to host the Worksop Music and Drama Festival. 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. Two pupils gained national representation in dance.

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.

Summary

The school has increased significantly in number over the past 4 years with waiting lists now operating in most year groups. Indeed, the school currently has the highest number of pupils on roll in its his history.

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. Around £20k was raised for local charities during the year.

Investment Policy and Objectives

The company’s memorandum and 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 !egally 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 manager. Our investment policy is to preserve the capital value of investments and maximise the return and income on all investments.

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 performance has been satisfactory compared with the benchmark indices and markets.

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2024

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Key Performance Indicators

The Key Performance Indicators (KPIs) used by the school are:

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Funds held as custodian trustee on behalf of others

Woodard Schools (Nottinghamshire) Limited does not hold funds or act as custodian trustee on behalf of others. FINANCIAL REVIEW

Results for the Year

The total incoming resources for the year amounted to £12m, in year the schools operating deficit was £909k. The result was a significant loss compared to the previous year. This was mainly due to an unforeseen increase in energy and utilities costs of £497k due to the Russia / Ukraine war, £174k lower than budgeted boarding fee income, the sale of a barn for £123k which did not complete and an exceptional increase in legal and professional fees of £247k (including £200k of re-finance costs).

Our trading company continues to hire out Woodard Schools (Nottinghamshire) Limited facilities during vacations and school hours, as well as undertaking commercial activity on behalf of the school and externally. The campany contributed £62K to the schoal’s operating results.

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 742 UK based children. The saving is estimated to have a value in the last year of £5.7m.

The school is also unable to recover the VAT on purchases it makes. During the past year, Woodard Schools (Nottinghamshire) Limited has paid an estimated £390K in VAT on goods and services.

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. Asa 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 £4.8k and the recognised liability under the plan reduced by £4.5K, with this value being recognised in the Statement of Financial Activities. Further details can be found in note 29.

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 schoo! without the requirement to have recourse to sales of tangible fixed assets. Unrestricted funds decreased by £1.09m to total £3.69m, as shown in note 22.

The balance sheet contains a number of non-cash and longer-term liabilities, including those related to pensions. These items are excluded fram consideration of the available reserves. Woodard Schools (Nottinghamshire) Limited plans to fund longer term capital expenditure and meet long term liabilities through careful management of resources and investments and through building reserves through operations and trading. The

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT)

YEAR ENDED 31 AUGUST 2024

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

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 the 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 tota! reserves of £4.06m at the year-end included £152K of endowed funds, £218k of restricted funds and £3.69m unrestricted funds. Woodard Schools (Nottinghamshire) Limited also reserves for £37.9k of pension-funding deficit. Fixed assets held for charity use totalled £10.4m, leaving negative free reserves of (£6.70m) (2023: (£6.08m)) at the year-end. The schoo! does not have, and cannot rely on, permanent endowments.

PRINCIPAL RISKS AND UNCERTAINTIES

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 school has been consistently growing in pupil numbers in recent years and is currently full in several year groups, but there is no room for complacency. The governing body, therefore, decided last year to increase the fees in September 2023 which ranged between 7%-10% dependant on fee type, 5%. For September 2024 the governing body has again increased fees by 5% increase. The independent sector as a whole is currently subject to increased political risk as the Labour Party policy is to remove tax concessions for charitable independent schools, adding VAT and removing business rates relief. There is a significant risk to the independent sector as adding VAT to school fees will make the fees unaffordable for a proportion of parents, materially affecting school income. The full effect will not be known until all details of the policy are announced and schools and parents are able to assess the impact on affordability.

Health and Safety is always a significant area for risk management. The risks range from fire and damage to 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:

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2024 en eeee—eEEEee————EEE—E——EEEE————————————Ee

The key controls used by the school include:

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 interest rate risk. The school’s directors adopt policies for managing each of the risks and these are summarised below:

GOING CONCERN

Having considered all factors and after reviewing the available evidence, the directors have a reasonable expectation that the group will be able to continue to meet its obligations and will operate for at least the 12 months from when these accounts have been signed. Further details related to the adoption of the going concern basis can be found in the accounting policies on page 28 and highlight the Group’s continued dependency upon the bank loan facility and the financial support fram the Woodard Corporation and as a result the financial statements have been prepared on a going concern basis.

FUTURE PLANS

  1. The governing body’s current five-year strategic plan was approved on 31 March 2024 and is reviewed on an annual basis. The key objectives of the current plan are:

  2. To establish new markets for the school by undertaking specific research, so that pupil numbers can be increased to be consistently above 600 year on year.

  3. To achieve a total of £1,500,000 in appeal funds before the end of the next academic year to August 2025 by commencing a formal fundraising programme with appropriate resources

  4. To establish links with a further 10 community organisations by the end of the academic year to August 2025 through networks established by the Head and governors.

  5. Toachieve a 45:55 split of girls to boys over the next two years and to maintain our level of boarding above 30% of the total pupils at all times by better management of the registry.

  6. To widen access to the schools still further through the provision of means-tested bursaries equivalent to full-fee-paying places by establishing a larger budget and improving management of awards.

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2024 Neeeeeeee

DIRECTORS

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

J C Barnsdale (Chairman) Finance & General Purposes Committee,
Estates Sub-Committee,
Enterprise Sub-
Committee
TPH Conroy Finance & General Purposes Committee,
Enterprise
Sub-Committee,
Human
Resources Committee
K Muthukumarappan Education Committee, Governance Audit
& Risk Committee
MC Phillips Safeguarding
Governor,
Education
Committee, Human Resources Committee
N J Porter Estates Sub Committee
RW G Ross Finance& General Purposes Committee
SL Maskell Human Resources Committee, Education
Committee

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.

Exemptions from disclosure

Woodard Schools (Nottinghamshire) Limited has not taken advantage of any exemption from disclosure in relation to trustee details.

AUDITORS

Following a competitive tender process, Moore Kingston Smith LLP were appointed as the company’s external auditors at the Annual General Meeting held on 23" May 2024, for the year to 31 August 2024 onwards. As a consequence, RSM UK Audit LLP did not offer themselves for reappointment under section 487 (2) of the Companies Act 2006. The Board would like to express its appreciation to RSM for their services over the past seven years.

DIRECTORS’ RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Directors’ Report, the Strategic Report included within the Directors’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare group and company 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).

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 group and the company and of the profit or loss of the group and the company for that period.

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e Page 13

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

YEAR ENDED 31 AUGUST 2024

DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT)

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In preparing each of the group and company financial statements, the directors are required to:

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

The directors confirm that:

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Board of Directors of Woodard Schools (Nottinghamshire) — Limited including, in their capacity as company directors, approving the Directors’ and Strategic Reports contained therein, and signed on its behalf by: t 7 ‘ ) \ \ JC Barnsdale MRICS Chairman

a_Page 14

(A company limited by shares)

ES

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

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

ee

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 2024 which comprise the Consolidated Statements of Financial Activities (including an Income and Expenditure Account), Company Statements of Financial Activities (including an Income and Expenditure Account), the Consolidated and Company Balance Sheets, the Consolidated Cash Flow Statement 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:

Basis for opinion

We have been appointed auditors under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

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 Directors” 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.

a

Page 15

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

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

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Other information

The other information comprises the information included in the Annual Report other than the financial statements and our auditor's report thereon. The Directors are responsible for the other information contained within the Annual 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:

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:

Responsibilities of trustees

As explained more fully in the Statement of Directors’ 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 directors determine is necessary to enable the preparation of financial statements that are free from material misstatement,

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a

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

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

a

whether due to fraud or error,

In preparing the financial statements, the directors 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 directors 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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

a

Page 17

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

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

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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks 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 to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

——————

Page 18

a

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

eT

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

ne Moor Lnoslou Guth LLP

Shivani Kothari (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP Chartered Accountants Statutory Auditor 6th Floor 9 Appold Street London EC2A 2AP

Date: DV rucyust 2025

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Page 19

——————

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

UE

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

FOR THE YEAR ENDED 31 AUGUST 2024

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Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
2024 2024 2024 2024 2023
Note £ £ £ £ £
Income and
endowments from:
Donations and legacies 4 3,000 165,738 - 168,738 -
Charitable activities 5 11,238,444 - - 11,238,444 9,857,391
Othertrading activities 6 351,292 - - 351,292 552,704
Investments 7 8,529 718 6,614 15,861 1,448
Otherincome 8 234,421 - - 234,421 497,380
Total income and ——_- -——————————-——————
endowments 11,835,686 166,456 6,614 12,008,756 10,908,923
Expenditure on:
Raising funds 9 784,787 - 436 785,223 574,012
Charitable activities 10 12,138,722 - - 12,138,722 9,786,036
Total expenditure 12,923,509 - 436 12,923,945 10,360,048
Net
(expenditure)/income
before net
(losses)/gains on
investments (1,087,823) 166,456 6,178 (915,189) 548,875
Net (losses)/gains on
investments 15 - (1,882) 7,957 6,075 (5,786)
Net $$ j— SS —“sSEEeEeeesesesSsSsSseseF
(expenditure)/income (1,087,823) 164,574 14,135 (909,114) 543,089
Transfers between funds 22 (958) 7,136 (6,178) - -
Net movement infunds (1,088,781) 171,710 7,957 (909,114) 543,089
Reconciliation offunds:
Total funds brought
forward 4,779,777 46,009 144,447 4,970,233 4,427,144
Netmovement in funds (1,088,781) 171,710 7,957 (909,114) 543,089
Total funds carried ee Oe
forward 3,690,996 217,719 152,404 4,061,119 4,970,233

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Page 20

Se

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

el

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

FOR THE YEAR ENDED 31 AUGUST 2024 Denneneeeeee

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All amounts relate to continuing activities. All recognised gains and losses in the current and prior year are included in the statement of financial activities.

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Page 21

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

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

FOR THE YEAR ENDED 31 AUGUST 2024

rs

Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
2024 2024 2024 2024 2023
Note £ £ £ £ £
Income and
endowmentsfrom:
Donations and legacies 4 64,969 165,738 - 230,707 182,663
Charitable activities s 11,238,444 - - 11,238,444 9,857,391
Investments 7 8,529 718 6,614 15,861 1,448
Other income 8 234,421 - - 234,421 497,380
Totalincomeand
endowments		 ee
11,456,363		 —ee
166,456		 6,614 11,719,433 10,538,882
Expenditure on:
Raisingfunds 9 495,464 - 436 495,900 203,971
Charitable activities 10 12,138,722 - - 12,138,722 9,786,036
Totalexpenditure 12,634,186 - 436 12,634,622 9,990,007
Net (expenditure)/income before
Net losseson investments (1,087,823) 166,456 6,178 (915,189) 548,875
Net losses on
investments 15 - (1,882) 7,957 6,075 (5,786)
Net (expenditure)/ income (1,087,823) 164,574 14,135 (909,114) 543,089
Transfers between funds 22 (958) 7,136 (6,178) - -
Netmovement infunds (1,088,781) 171,710 7,957 (909,114) 543,089
Reconciliation offunds
Total funds brought
forward 4,779,777 46,009 144,447 4,970,233 4,427,144
Netmovement in funds (1,088,781) 171,710 7,957 (909,114) 543,089
Total funds carried ee
forward 3,690,996 217,719 152,404 4,061,119 4,970,233

All amounts relate to continuing activities. All recognised gains and losses in the current and prior year are included in the statement of financial activities.

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Page 22

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(A company limited by shares) REGISTERED NUMBER: 05011039

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

iREE EEE EEE

CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2024

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2024 2023
Note £ £
Fixed assets
Tangible assets 14 10,428,362 10,909,009
Investments 15 166,647 161,018
10,595,009 11,070,027
Current assets
Stocks 16 86,735 77,717
Debtors 17 887,516 2,446,710
Cash at bank and in hand 1,477,976 326,212
2,452,227 2,850,639
Creditors: amounts falling due within one year 18 (7,743,635) (8,904,596)
Net current liabilities (5,291,408) (6,053,957)
Total assets less current liabilities 5,303,601 5,016,070
Creditors: amounts falling due after more than
one year 19 (1,204,556) (3,358)
Netassets excludingpension liability 4,099,045 5,012,712
Defined benefit pension scheme liability 29 (37,926) (42,479)
Total net assets 4,061,119 4,970,233
Charity funds
Endowment funds 22 152,404 144,447
Restricted funds 22 217,719 46,009
Unrestricted funds - including share capital £100
(2023: £100) and pension reserve (£37,926)
(2023: (£42,479)) 22 3,690,996 4,779,777
Totalfunds 4,061,119 4,970,233

NN

Page 23

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares) REGISTERED NUMBER: 05011039

ns

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2024

See

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:

==> picture [94 x 24] intentionally omitted <==

----- Start of picture text -----
WL ) : °
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----- End of picture text -----

JC Barnsdale MRICS Chairman

Date: 98 08.2025

The notes on pages 28 to 64 form part of these financial statements.

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Page 24

Deneseeeeee

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares) REGISTERED NUMBER: 05011039

EEE

COMPANY BALANCE SHEET AS AT 31 AUGUST 2024

a

2024 2023
Note £ £
Fixed assets
Tangible assets 14 10,428,049 10,908,616
Investments 15 166,747 161,118
10,594,796 11,069,734
Current assets
Stocks 16 70,374 76,951
Debtors 17 924,703 2,675,110
Cash at bank and in hand 1,435,022 54,100
2,430,099 2,806,161
Creditors: amounts falling due within one year 18 (7,721,294) (8,859,825)
Netcurrent liabilities (5,291,195) (6,053,664)
Total assets less current liabilities 5,303,601 5,016,070
Creditors: amounts falling due after more than
oneyear 19 (1,204,556) (3,358)
Net assets excludingpension liability 4,099,045 5,012,712
Defined benefit pension scheme liability 29 (37,926) (42,479)
Total net assets 4,061,119 4,970,233
Charityfunds
Endowment funds 22 152,404 144,447
Restricted funds 22 217,719 46,009
Unrestricted funds - including share capital £100
(2023: £100) and pension reserve (£37,926)
(2023: (£42,479)) 22 3,690,996 4,779,777
Totalfunds 4,061,119 4,970,233

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

SNeee

Page 25

CeEE ————————————=E

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares) REGISTERED NUMBER: 05011039

ns

COMPANY BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2024

TeEee

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

==> picture [74 x 28] intentionally omitted <==

----- Start of picture text -----
‘ \ \
\ * )
\
----- End of picture text -----

JC Barnsdale MRICS Chairman Date:28.08.2025

The notes on pages 28 to 64 form part of these financial statements.

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Page 26

Dennenee

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

EEUU

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2024

Se

==> picture [470 x 381] intentionally omitted <==

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |2024|2023| |Note|£|£| |Cash|flows from|operating|activities| |Net|cash|from|operating|activities|25|168,445|717,750| |Cash|flows from|investing|activities| |Dividends,|interests|and|rents|from|investments|16,552|1,448| |Proceeds from the|sale|of tangible|fixed|assets|660,000|453,854| |Purchase|of tangible|fixed|assets|(97,337)|(85,124)| |Investment|management|fees|and|write|off|446|4,301| |Net cash|provided|by|investing|activities|579,661|374,479| |Cash|flows from|financing|activities| |Cash|inflows|from|new|borrowing|4,044,406|-| |Repayments|of borrowing|(3,204,171)|(430,011)| |Repayments|of finance|leases|(37,049)|(58,130)| |Other financing|costs|(141,237)|(45,294)| |Net cash|provided|by/(used|in) financing|activities|661,949|(533,435)| |Change|in|cash|and|cash|equivalents|in|the year|1,410,055|558,794| |Cash|and|cash|equivalents|at the|beginning|of the|year|67,921|(490,873)| |Cash|and|cash|equivalents|at the|end|of the year|26|1,477,976|67,921|

----- End of picture text -----

es

Page 27

ES WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

es NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

Eee 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 offinancial 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 financial statements consolidate the financial statements of the company, and all its subsidiary companies, charitable trusts and funds with ail inter-company balances being eliminated. Entities are consolidated where the company exercises overall control either through ownership of shares, or through having common trustees with a common objective. Accounting policies are consistently applied between group companies.

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 2024 of £5.3m (2023 - £6m) which included bank loan and overdrafts of £4.04m (2023- £3.2m) and parent deposits and school fees invoiced in advance of £4.3m (2023 - £5.1m). The Group’s banking facility was repaid within the year anda new facility of £4.06m comprising a 25 year commercial mortgage was negotiated providing greater stability for the group. Whilst the loan covenants have been breached post year end, the bank has confirmed that it will continue to support the school with an on going loan facility until at least August 2026.

The school has been impacted by economic and political factors outside its control in the form of VAT on school fees, the changes to the National Insurance rates as well as the retraction of the rates rebates. All of these changes have had a significant financial impact on the group. However the Group has benefitted from the influx of pupils as a result of the closure of a key school in the area which has boosted pupil numbers and its cashflow position going forwards.

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Page 28

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

ENEEE EEE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

ee

2. Accounting policies (continued)

2.2. Going concern (continued)

The Trustees and the senior management team closely monitor the financial position of the Group. Whilst the Group continues to attract new pupils in all year groups, Trustees are mindful of the unpredictable nature of its cost base. As a result the Governors are pleased that they have the support of the Woodard Corporation who have signed a letter of support for the 12 months from the date these accounts have been signed, to help the school financially for working capital purposes if required. The cashflow forecasts indicate the Group may need to draw upon this support by December 2025.

Following the agreement of the new banking facilities, trustees have prepared profit and cash flow forecasts covering the period to 31 August 2026 which demonstrate that the company and group have sufficient working capital to enable the group to meet its liabilities as they fall due only with the continued support from the Bank and the Woodard Corporation.

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 pravided in future years under a specific contract. The fees are either held as investments in interest bearing assets until taken to income to match liabilities in the term when used, or refunded, or they are held within the unrestricted reserves of the school. Any surplus of assets over liabilities is held within the fund as a buffer. Debts are provided for if not recovered within one term. Estimating amounts to provide against recovery of debts is a matter of judgement.

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.

a

Page 29

eee

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

en NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

ee

2. Accounting policies (continued)

2.3 Income (continued)

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.

2.4 Expenditure

Expenditure is accrued as soon as there is a contractual obligation or a liability is considered probable, discounted to present value for longer term liabilities. Expenditure is allocated to expense headings either on a direct cost basis or apportioned according to time spent. The irrecoverable element of VAT is included with the item of expense to which it relates. Bad debts are provided for in accordance with the group bad debt policy. The cost of refurbishing and converting existing buildings is written-off in the year in which it is incurred except where the useful life has been extended.

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 Finance and Other Costs

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

eee

Page 30

(A company limited by shares)

NS

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

EEUUEEEEEEEESEEEEEE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

a

2. Accounting policies (continued)

2.6 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 29.

2.7 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.

Where tangible fixed assets have been acquired with the aid of specific grants they are included in the balance sheet at cost and depreciated over their expected useful economic life. The related grants are credited to a restricted fixed asset fund (in the statement of financial activities and carried forward in the balance sheet). The depreciation on such assets is charged in the statement of financial activities over the expected useful economic life of the related asset on a basis consistent with the depreciation policy.

<<

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

————— NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

EEE

  1. Accounting policies (continued)

2.7 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 tothe building and written off
overthe expected useful life (see below)
Plant and machinery - 10% to 25% on cost
Motor vehicles - 25% on cost
Fixtures and fittings - 25% on cost
Computerequipment -20%to25%oncost

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.

No depreciation is provided for in respect of investment properties in accordance with Section 16 of FRS102. Such properties are held for their investment potential and not for consumption within the business. Investment properties are stated at their fair value at the balance sheet date.

Woodard School (Nottinghamshire) exercises judgement in selection of appropriate rates for depreciation of fixed assets, and for matters of impairment.

2.8 Investments and Fees in Advance

investments and Fees in Advance investments are carried at fair value, which is deemed to be market value as at the balance sheet date.

Realised and unrealised investment gains and losses are recognised as ‘net gains/(losses) on investment assets’ in the Statement of Financial Activities and are allocated to the appropriate fund according to the ‘ownership’ of the underlying assets.

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

neeEEEEEEEEEE EEE! NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

ee

2. Accounting policies (continued)

2.9 Stocks

Stocks comprise raw materials, consumable stores and goods held for resale: they are valued at the lower of cost and net realisable value.

2.10 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.

2.11 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.

2.12 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.

2.13 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.

2.14 Leasing commitments

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 ona straight-line basis.

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eee WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

SSeeUU UU EERIE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

eee 2. Accounting policies (continued)

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.

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.

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

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

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

2.16 Taxation

The company is a registered charity and as such are exempt from income tax and corporation tax under the provisions of Section 478 of the Corporation Tax Act 2010. There is no similar exemption for VAT, which is included in expenditure or in the cost of assets as appropriate.

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

Refundable fee deposits are currently classified between long term and short term in the financial statements. These deposits are refundable in the event that the pupils leave a school on one term's notice and as such the deposit would be refunded to the parents at that point. However, the financial statements are prepared on a going concern basis and it is assumed that the majority of children will remain in school for their full years of education and therefore the deposit will be refunded to them when they leave school.

Short term deposits reflect those pupils that will be leaving a school within one year, and the longer-term element reflects those pupils that will be leaving a school after 12 months from the balance sheet date.

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(A company limited by shares)

es

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

UUUEEUU!

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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3. Critical accounting estimates and areas of judgment

In preparing the financial statements, the directors are required to make estimates and judgements. The matters detailed below are considered to be the most important in understanding the judgements that are involved in preparing the financial statements and the uncertainties that could impact the amounts reported in the results of operations, financial position and cashflows. Accounting policies are shown at note 2 to the financial statements.

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 Debts are provided for if not recovered within one term. Estimating amounts to provide against recovery of debts is a matter of judgement.

Depreciation, impairment and residual values of fixed assets

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

Pension scheme deficit reduction payments

As explained at note 29, 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.

Pension scheme contingent liability

As explained at note 28, 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

Unrestricted Restricted Total Total
funds funds funds funds
2024 2024 2024 2023
£ £ £ £
General donations 3,000 165,738 168,738 -

The company only figure for income from donations and legacies is £230,707 (2023: £182,663) which includes £61,969 (2023: £182,663) of gift aid received from the trading subsidiary which has been eliminated on consolidation.

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED (A company limited by shares)

ee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ————

5. Income from charitable activities

Unrestricted Total Total
funds funds funds
2024 2024 2023
£ £ £
School fees receivable (see below) 10,681,742 10,681,742 9,446,607
Ancillary trading income (see below) 556,702 556,702 410,784
11,238,444 11,238,444 9,857,391
Total 2023 9,857,391 9,857,391
2024 2023
£ £
Schoolfees receivable
Grossfees 12,588,035 11,136,454
Less: total scholarships, bursaries, etc (1,736,748) (1,579,196)
Less: discounts given (169,545) (110,651)
10,681,742 9,446,607
2024 2023
£ £
Charitable activities -ancillarytrading income
Extras 263,816 225,880
Entrance fees and registration fees 19,981 18,661
Pupil transport 258,832 163,971
Commissions and related income 14,073 2,272
556,702 410,784

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

Scholarships, bursaries and other awards were paid to 224 pupils (2023: 195 pupils). Within this, means-tested bursaries totalling £253,600 were paid to 30 pupils (2023: £307,836 to 37 pupils)

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

eeUE EEEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

es

6. Income from other trading activities

Non-ancillary trading income

Unrestricted Total Total
funds funds funds
2024 2024 2023
£ £ £
Woodard Schools (Nottinghamshire) Enterprises Limited 351,292 351,292 552,704
Total2023 552,704 552,704

The company only figure for income from trading activities is Enil (2023: £nil).

7. Investment income

Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
2024 2024 2024 2024 2023
£ £ £ £ £
Income from fixed investments - 718 6,614 7,332 1,448
Interest receivable 8,529 - - 8,529 -
8,529 718 6,614 15,861 1,448
Total2023 623 - 825 1,448

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

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EEE

(A company limited by shares)

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

es

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

eee

8. Other income

Unrestricted Total Total
funds funds funds
2024 2024 2023
£ £ £
Profit on sale offixed assets 233,452 233,452 453,854
Deposits not reclaimed - - 18,845
Miscellaneous income 969 969 24,681
234,421 234,421 497,380
Total2023 497,380 497,380

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

  1. Expenditure on raising funds

investment management

Endowment Total Total
funds funds funds
2024 2024 2023
£ £ £
Investment management fees 436 436 365
Total2023 365 365

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

SEUU EEE EEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

a

9. Expenditure on raising funds (continued)

Financing costs

Unrestricted Total Total
funds funds funds
2024 2024 2023
£ £ £
Bank interest payable 2 2 7,475
Bank loan interest payable 307,369 307,369 220,011
Lease finance costs 3,985 3,985 3,985
Bank charges 137,451 137,451 23,741
Provision for bad and doubtful debts 40,661 40,661 (65,684)
Otherfinance costs 369 369 78
Movement in pension recovery plan 2,212 2,212 -
Other interest payable 3,415 3,415 14,000
495,464 495,464 203,606
Total2023 203,606 203,606

Total 2023

Non-ancillary trading

Unrestricted Total Total
funds funds funds
2024 2024 2023
£ £ £
Support costs 241,660 241,660 238,293
Staff costs 47,584 47,584 131,650
Depreciation 79 79 98
289,323 289,323 370,041
Total2023 370,041 370,041

The parent company only figure for raising funds is £495,900 (2023: £203,971), being the investment management costs and financing costs only.

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

ne

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

eee

10. Charitable activities expenditure

Summary by fund type

Unrestricted
funds Total Total
2024 2024 2023
£ £ f
Teaching 5,861,297 5,861,297 5,253,884
Welfare 1,301,487 1,301,487 1,016,594
Premises 3,100,048 3,100,048 2,077,580
School administration 1,827,617 1,827,617 1,381,402
Governance costs 48,273 48,273 56,576
12,138,722 12,138,722 9,786,036
Total 2023 9,786,036 9,786,036
Summary by expenditure type
Staffcosts Depreciation Other costs Total Total
2024 2024 2024 2024 2023
£ £ £ £ £
Teaching 5,488,319 60,403 312,575 5,861,297 5,253,884
Welfare 194,409 37,275 1,069,803 1,301,487 1,016,594
Premises 742,665 190,895 2,166,488 3,100,048 2,077,580
School administration 1,014,672 - 812,945 1,827,617 1,381,402
Governance - - 48,273 48,273 56,576
7,440,065 288,573 4,410,084 12,138,722 9,786,036
Total2023 6,996,962 280,205 2,508,869 9,786,036

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

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

LY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

es

11. Net income/(expenditure)

2024 2023
£ £
Netincome/(expenditure) forthe year includes:
Fees payable to the auditor in respect of auditservices 26,940 28,000
Depreciation oftangible fixed assetsowned bythegroup 260,916 270,228
Depreciation oftangible fixed assets held underfinance leases and hire purchase
contracts 27,737 10,075
Operating lease rentals 254,873 238,641
Reimbursement of personal expenses to governors 648 1,067
571,114 548,011

12. Staff costs

Group Group Company Company
2024 2023 2024 2023
£ £ £ £
Wages and salaries 6,273,459 5,852,642 6,225,875 5,730,474
Social security costs 413,606 507,119 413,606 500,896
Pension costs 773,319 753,843 773,319 750,584
Private medical insurance 27,265 15,008 27,265 15,008
7,487,649 7,128,612 7,440,065 6,996,962

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

Group Group
2024 2023
No. No.
Teaching 94 90
Other activities 131 148
225 238

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

STEEE UUUUU

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

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12. Staff costs (continued)

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

Group Group
2024 2023
No. No.
In the band £60,001 - £70,000 3 4
In the band £70,001 - £80,000 - 1
In the band £80,001 - £90,000 1 -
In the band £140,001 - £150,000 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 £340,505 (2023: £296,610) including defined benefit pension scheme contributions of £38,036 (2023: £33,229).

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 £113,190 (2023: £99,666) were charged in respect of children of directors attending the school. Scholarships totalling £12,243 (2023: £8,445) were awarded to children of directors in accordance with the school's scholarship process. At the year-end, directors owed fnil in respect of these fees (2023: Enil). 2 directors were reimbursed £648 during the year in relation to expenses (2023: 4 directors reimbursed £1,067).

———S——eee,

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aD

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

eT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

——EEEE=====_L===[====——=SEBaB=anB9H@]@B_=aanaeeS°e_»vo}SS 14. ‘Tangible fixed assets

Group

Freehold Plantand Computer Assets under
property machinery equipment construction Total
£ £ £ £ £
Cost or valuation
At 1 September 2023 12,660,063 404,852 434,320 20,644 13,519,879
Additions 29,656 113,324 9,200 82,374 234,554
Disposals (445,299) - - - (445,299)
At 31 August 2024 12,244,420 518,176 443,520 103,018 13,309,134
Depreciation
At 1 September 2023 2,072,088 272,446 266,336 : 2,610,870
Charge forthe year 168,724 59,446 60,483 - 288,653
On disposals (18,751) - - - (18,751)
At 31 August 2024 2,222,061 331,892 326,819 - 2,880,772
Netbook value
At 31 August 2024 10,022,359 186,284 116,701 103,018 10,428,362
At31August2023 10,587,975 132,406 167,984 20,644 10,909,009

All assets are used for charitable purposes.

Included in plant and equipment are assets held under finance leases which have net book values of £87,784 (2023: £22,393). Depreciation of £27,737 (2023: £10,075) respectively was charged during the year.

7a-a-=_—_ee

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(A company limited by shares)

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

a

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

SE

14. ‘Tangible fixed assets (continued)

Company

Freehold Plantand Computer Assetsunder
property machinery equipment construction Total
£ £ £ £ £
Cost or valuation
At 1 September 2023 12,660,063 404,852 422,235 20,644 13,507,794
Additions 29,656 113,324 9,200 82,374 234,554
Disposals (445,299) - - - (445,299)
At 31 August 2024 12,244,420 518,176 431,435 103,018 13,297,049
Depreciation
At 1September 2023 2,072,088 272,446 254,644 - 2,599,178
Charge fortheyear 168,724 59,446 60,403 - 288,573
On disposals (18,751) - - - (18,751)
At 31 August 2024 2,222,061 331,892 315,047 - 2,869,000
Netbook value
At31 August 2024 10,022,359 186,284 116,388 103,018 10,428,049
At31August2023 10,587,975 132,406 167,591 20,644 10,908,616

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SS

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

EUEEE EEENEIEEEEE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

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15. ‘Fixed asset investments

Group

Group
Listed Total Total
investments 2024 2023
£ £ £
Cost or valuation
At 1September 158,832 158,832 164,618
Revaluations 6,075 6,075 (5,786)
At 31 August 164,907 164,907 158,832
Investment cash 1,740 1,740 2,186
166,647 166,647 161,018
At 31 August SS eee
Company
Investment Listed Total Total
in subsidiary investments 2024 2023
£ £ £ £
Cost or valuation
At 1September 100 158,832 158,932 164,718
Revaluations . 6,075 6,075 (5,786)
At31 August 100 164,907 165,007 158,932
Investment cash = 1,740 1,740 2,186
100 166,647 166,747 161,118
At31August a a

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

eee NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

EEE

15. _‘ Fixed asset investments (continued)

Principal subsidiaries

The following was a subsidiary undertaking of the company:

Name Principal activity Principal activity Class of Holding Included in Included in
shares consolidation
Woodard Schools (Nottinghamshire) Commercial letting and = Ordinary 100% Yes
Enterprises Limited salesfrom the school
tuckshop
The financial results ofthe subsidiary forthe yearwere:
Name Income Expenditure Profit forthe Net assets
£ £ year £
£
Woodard Schools (Nottinghamshire) 351,292 (289,323) 61,969 100
Enterprises Limited
16. Stocks
Group Group Company Company
2024 2023 2024 2023
£ £ £ £
Finishedgoodsandgoodsforresale 86,735 77,717 70,374 76,951

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

eeEEEEEEEEEEEEEEEEEEEEEEEEEE! NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

a

17. Debtors

Group Group Company Company
2024 2023 2024 2023
£ £ £ £
School fees receivable 255,106 1,742,072 255,106 1,742,072
Trade debtors 57,937 278,553 39,451 127,979
Amounts owed bygroup undertakings - - 138,935 423,900
Other debtors 143,838 115,286 136,113 115,286
Prepayments and accrued income 430,635 310,799 355,098 265,873
887,516 2,446,710 924,703 2,675,110

School fees receivable are net of £40,661 (2023: £38,408) provided for doubtful debts. £5,505 (2023: £5,505) is allocated against Enterprises Ltd.

18. Creditors: Amounts falling due within one year

Group Group Company Company
2024 2023 2024 2023
£ £ £ £
Bank overdrafts - 258,291 - 258,291
Bank loans 4,044,406 2,896,802 4,044,406 2,896,802
Deposits from parents (note 19) 187,938 529,164 187,938 529,164
Trade creditors 172,486 127,974 166,028 113,417
Fees in advance scheme (note 20} 719,207 891,568 719,207 891,568
Other taxation and social security 124,994 149,582 124,994 123,001
Obligations underfinance leases (note 31) 34,972 1,867 34,972 1,867
Other creditors 162,509 218,915 162,509 218,915
Accruals and deferred income 2,297,123 3,830,433 2,281,240 3,826,800
7,743,635 8,904,596 7,721,294 8,859,825

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 subsidary.

The terms of the loan are 25 years with an interest rate of 2.65% over base rate. The balance at year end is held in current liabilities due to a covenant breach, this has been waived post year end. Further details on this can be found in note 2.2.

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

a NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

NOTES TO THETO THETHE FINANCIAL STATEMENTSSTATEMENTS
FOR THE YEAR ENDED 31ENDED 3131 AUGUST 2024		 NOTES TO THETO THETHE FINANCIAL STATEMENTSSTATEMENTS
FOR THE YEAR ENDED 31ENDED 3131 AUGUST 2024		 NOTES TO THETO THETHE FINANCIAL STATEMENTSSTATEMENTS
FOR THE YEAR ENDED 31ENDED 3131 AUGUST 2024
eee
Group Group
2024 2023
£ £
Deferred income at 1 September 3,631,144 3,294,603
Resources deferred duringthe year 2,130,973 3,631,144
Amounts released from previous periods (3,631,144) (3,294,603)
2,130,973 3,631,144

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.

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

Group Group Company Company
2024 2023 2024 2023
£ £ £ £
Deposits from parents (see below) 337,485 - 337,485 -
Net obligations under finance leases (note 31) 74,406 3,358 74,406 3,358
Fees in advance (note 20) 792,665 - 792,665 -
1,204,556 3,358 1,204,556 3,358

Deposits from parents:

The split of the deposits from parents is as follows:

Group Group
2024 2023
£ £
Within 2 to 5 years 82,250 -
Within 1 to 2 years 255,235 -
Within one year 187,938 529,164
525,423 529,164

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

ee

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:

2024 2023
£ £
After5 years 108,949 140,802
Within 2 to 5 years 291,496 218,661
Within 1to 2 years 392,220 234,923
Due aftermore thanoneyear 792,665 594,386
Within 1 year 719,207 297,182
1,511,872 891,568
2024 2023
£ £
Summaryofmovements in liability
Balance at 1 September 891,568 629,124
New contracts 1,158,354 555,253
Amounts used to payfees (538,050) (292,809)
Balance at 31 August 1,511,872 891,568
21. ‘Financial instruments
Group Group Company Company
2024 2023 2024 2023
£ £ £ £
Financial assets
Financial assets measured at fair value through
incomeandexpenditure-Bankaccounts 1,477,976 326,212 1,435,022 54,100

—— EE ——EEEEEEE EE SS SS ss

Page 49

Ne

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(A company limited by shares)

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

SEE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

eS

22. Statement of funds

Statement of funds - current year

Balance at 1
September
2023		 Income Expenditure Transfers
in/out		 Gains/ _Balance at31
(Losses)
August2024
£ £ £ £ £ £
Unrestrictedfunds
General reserve 4,654,899 11,835,686 (12,928,062) 6,897 - 3,569,420
Pension reserve (42,479) - 4,553 - - (37,926)
Revaluation reserve 50,946 - - - - 50,946
Endowmentfund 2,193 - - - - 2,193
Worksop
Foundation 114,118 5 - (7,855) - 106,263
Share capital 100 . - - - 100
4,779,777 11,835,686 (12,923,509) (958) - 3,690,996
Endowmentfunds
Revaluation
Reserve 1,861 - - - - 1,861
Special Endowment 142,586 6,614 (436) (6,178) 7,957 150,543
144,447 6,614 (436) (6,178) 7,957 152,404

eee

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(A company limited by shares)

ns

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

EU EEE EEEEEEEEEEEEEEEEEEEEEEEEEED

ee

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

a

22. Statement of funds (continued)

==> picture [439 x 260] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Balance|at|1| |September|Transfers|Gains/|Balance|at 31| |2023|Income|Expenditure|in/out|(Losses)|August 2024| |£|£|£|£|£|£| |Restricted|funds| |Revaluation|reserve|29,769|.|-|-|-|29,769| |Benefit|Fund|771|98|-|(91)|(778)|-| |Sheila|Fletcher| |Fund|2,308|28|.|(26)|(2,310)|-| |Mountgarret|Fund|2,472|72|-|(72)|234|2,706| |Simpson|Smith| |Fund|10,689|520|-|7,325|972|19,506| |Restricted| |donations|-|165,738|-|-|-|165,738| |46,009|166,456|-|7,136|(1,882)|217,719| |Total of funds|4,970,233|12,008,756|(12,923,945)|-|6,075|4,061,119|

----- End of picture text -----

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 sucha 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.

nS

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(A company limited by shares)

a

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

nn NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

eee"

22. Statement of funds (continued)

Statement of funds - prior year

==> picture [442 x 517] intentionally omitted <==

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

----- End of picture text -----

a

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

a

23. Summary of funds

Summary of funds - current year

Balance at 1
September
2023		 Income Expenditure Transfers
in/out		 Gains/
(Losses)		 Balance at31
August2024
£ £ £ £ £ £
General funds 4,779,777 11,835,686 (12,923,509) (958) - 3,690,996
Endowment funds 144,447 6,614 (436) (6,178) 7,957 152,404
Restricted funds 46,009 166,456 - 7,136 (1,882) 217,719
4,970,233 12,008,756 (12,923,945) - 6,075 4,061,119
Summary offunds - prioryear
Balance at Balance at
1September Transfers Gains/ 31 August
2022 Income — Expenditure in/out (Losses) 2023
£ £ £ £ £ £
General funds 4,226,601 10,908,098 (10,359,683) 4,761 - 4,779,777
Endowment funds 154,126 825 (365) (4,761) (5,378) 144,447
Restricted funds 46,417 - - - (408) 46,009
4,427,144 10,908,923 (10,360,048) - (5,786) 4,970,233

a

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————_———

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

SS UUUU

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

a

24. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted Restricted Endowment Total
funds funds funds funds
2024 2024 2024 2024
£ £ £ £
Tangible fixed assets 10,428,362 - - 10,428,362
Fixed asset investments (6,108) 22,212 150,543 166,647
Current assets 4,209,810 195,507 1,861 4,407,178
Creditorsdue within oneyear (5,719,606} . - (5,719,606)
Creditorsdue in morethan one year (5,183,536) - - (5,183,536)
Provisions for liabilities and charges (37,926) - - (37,926)
Total 3,690,996 217,719 152,404 4,061,119

Analysis of net assets between funds - prior period

Unrestricted Restricted Endowment Total
funds funds funds funds
2023 2023 2023 2023
£ £ £ £
Tangible fixed assets 10,909,009 - - 10,909,009
Fixed asset investments 5,271 13,161 142,586 161,018
Current assets 2,815,930 32,848 1,861 2,850,639
Creditors due within one year (8,904,596) - - (8,904,596)
Creditors due in morethan one year (3,358) - - (3,358)
Provisions for liabilities and charges (42,479) - - (42,479)
Total 4,779,777 46,009 144,447 4,970,233

—————ie

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es

(A company limited by shares)

EEUUUEEEEEEEEE EE

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

Denneneee

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

==> picture [469 x 401] intentionally omitted <==

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Group|Group| |2024|2023| |£|£| |Net|income/expenditure|for the|period|(as|per Statement|of|Financial|Activities)|(909,114)|543,089| |Adjustments for:| |Depreciation|charges|288,653|280,303| |Financing costs|452,591|269,290| |Gains/(losses)|on|investments|(6,075)|5,786| |Dividends,|interests|and|rents from|investments|(16,552)|(1,448)| |Profit|on|the|sale|of fixed|assets|(233,452)|(453,854)| |Increase|in|stocks|(9,018)|(34,480)| |Decrease/(increase)|in|debtors|1,559,194|(623,934)| |Increase/(decrease)|in|creditors|(957,782)|732,998| |Net cash provided by operating|activities|168,445|717,750| |26.|‘Analysis|of cash|and|cash|equivalents| |Group|Group| |2024|2023| |£|£| |Cash|in|hand|1,477,976|326,212| |Overdraft|facility|repayable|on|demand|-|(258,291)| |Total cash and cash|equivalents|1,477,976|67,921|

----- End of picture text -----

Seeeee eee

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—_———eee

(A company limited by shares)

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

SUE NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

eeEEE 27. Analysis of changes in net debt

At1 At
September 31August
2023 Cash flows 2024
£ £ £
Cash at bank and in hand 326,212 1,151,764 1,477,976
Bank overdrafts repayable on demand (258,291) 258,291 -
Debtduewithin 1 year (3,788,370) (975,243) (4,763,613)
Debtdue after 1 year . (792,665) (792,665)
Finance leases (5,225) (104,153) (109,378)
(3,725,674) (462,006) (4,187,680)

28. 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 £179,632 (30 September 2023: £214,770), including Series 3 liabilities.

a

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a

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

eeLU UU EEE EEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

a

  1. 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 £417,100 (2023: £443,610) and at the year-end £56,310 (2023: £36,151) 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 £339,915 (2023: £492,745) and at the year-end £38,123 (2023: £38,946) 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:

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.

a

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Eee

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

et NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 eeeeee

29. 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:

Deficit contributions ——EEE From 1 April 2022 to 31 January 2025; £3,312,000 per annum (payable monthly) Seee EEE

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:

Deficit contributions S S SS= From 1 April 2019 to 30 September 2025: £11,243,000 per annum (payable monthly and increasing by 3% each on 1st April)

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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.

eee

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NN

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

EEUU

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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29. Pension commitments (continued)

RECONCILIATION OF OPENING AND CLOSING PROVISIONS

2024 2023
£ £
Provision at start ofperiod 4,504 7,594
Unwinding ofthe discount factor (interest expense) 165 260
Deficit contribution paid (3,305) (3,305)
Remeasurements - impact ofanychange in assumptions 2 (45)
Remeasurements - amendments to the contribution schedule - -
Provision at end of period 1,366 4,504
INCOMEANDEXPENDITUREIMPACT
2024
2023
£
£
Interest expense 165
260
Remeasurements—impact ofanychange in assumptions 2
(45)
Remeasurements —amendments to the contribution schedule -
-
167
215
ASSUMPTIONS
31 August 2024 31 August 2023 31 August 2022
% perannum % perannum % perannum
ee
Rate ofdiscount
5.13		 6.04 4.46
i
The discount rates shown above arethe equivalent single discount rates which, when used to discountthe future
recovery plan contributions due, would givethesame results as using a full AA corporate bond yield curveto
discountthesamerecoveryplancontributions.

a

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

ne NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Seeee 29. Pension commitments (continued)

==> picture [444 x 180] intentionally omitted <==

----- Start of picture text -----
The following schedule details the deficit contributions agreed between the company and the scheme at each year
end period:
DEFICIT CONTRIBUTIONS SCHEDULE
Nees
Year ; 31 August 2024 31 August 2023 31 August 2022
ending (Es) (Es) (Es)
SS eee
eeYear 1 sss1,377 se 3,305eee3,305
Year 2 - 1,377 3 305
eS,503
Year 3 = - 1,377
Year 4 - -
eeeCE.
Year 5 = -
-
----- End of picture text -----

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.

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.

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 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:

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

EEEEEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

DeeT 00

29. Pension commitments (continued)

Deficit contributions - a : FromtO 1 Septemberm 2022 to 30J 2032 5 Se ele ane (payable monthly and increasing by 3% on each 1* September} 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:

Deficit contributions

From 1 September 2019 to 31 AprilF 2030: ; ; £2,387,357 per annum Nenennnnn (payable monthly a n d increasing—————E—E—E——EEEEEEE by 3% on each 1+ September)EE, The recovery plan contributions are allocated to each participating employer in line with their estimated share of the 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.

RECONCILIATION OF OPENING AND CLOSING PROVISIONS

RECONCILIATION OF OPENING AND CLOSING PROVISIONS
2024 2023
£ f£
Provision at start of period 37,975 43,303
Unwinding ofthe discount factor (interest expense) 2,047 1,756
Deficit contribution paid (4,885) (4,743)
Remeasurements - impact ofanychange in assumptions 1,423 (2,341)
Remeasurements - amendments to the contribution schedule - -
Provision at end of period 36,560 37,975
INCOME AND EXPENDITURE IMPACT
2024 2023
£ £
Interest expense 2,047 1,756
Remeasurements—impact ofany change in assumptions 1,423 (2,341)
Remeasurements —amendments to the contribution schedule . -
3,470 (585)

Seeaagagaga Ge Page 61

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

i NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

eee 29. Pension commitments (continued)

ASSUMPTIONS

eee
31 August 2024
31 August 2023
31 August 2022
% perannum
% perannum
% per annum
a
Rate of discount
4.68
5.79
4.31
See

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.

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

eee
;
31 August 2024
31August 2023
31August 2022
Year
ending
(Es)
(Es)
(Es)
SSS SSS
esses
SS
a
aaa
=
eee
BB
Year 3
5,338
5,183
5,032
assess
aaa
eee
3 2
Year4
5,499
5,338
5 183
SSS
eee ooo
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e004
Year8
5,157
6,008
5,833
Year9
:
3,157
6,008
sn
seen
Year 10
7
-
5,157
te
eee,
Year 11
-
-
Year 12
-
-
.
eeea

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.

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

a

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SS

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(A company limited by shares)

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

a UEEEEEEEEEEEEEEEEEEEEEEEEEED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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30. Operating lease commitments

At 31 August 2024 the Group and the company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Group Group
2024 2023
£ £
Not laterthan 1 year 254,873 230,260
Laterthan 1year and not laterthan 5 years 435,614 228,988
Laterthan 5 years 5,840 318,431
696,327 777,679

31. Finance lease obligations

2024 2023
£ f£
Within 1 year 34,972 1,867
Within 1to 2 years 30,687 1,867
Within 2 to5 years 38,233 1,491
Over 5 years 5,486 -
109,378 5,225
2024 2023
£ £
Due within oneyear 34,972 1,867
Due after morethan one year 74,406 3,358
109,378 5,225

No security is held over these assets.

a

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eee

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

es NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ENDED 3131 AUGUST 2024		 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ENDED 3131 AUGUST 2024		 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ENDED 3131 AUGUST 2024		 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ENDED 3131 AUGUST 2024
—————
ee
Oe
32. Share capital
2024 2023
£ £
Authorised, allotted, calledupandfullypaid
100 Ordinary shares of£1 each 100 100
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.

33. Related party transactions

As stated in note 34, Woodard Schools (Nottinghamshire) Limited is a wholly owned subsidiary of The Woodard Corporation. An amount of £67,017 (2023: £61,042) 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 2024 (2023 - Enil).

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 £79,593 (2023: £145,487). The subsidiary company recharged costs to Woodard Schools (Nottinghamshire) Limited amounting to £41,598 (2023: £74,279) and paid donations under Gift Aid to Woodard Schools (Nottinghamshire) Limited of £61,969 (2023: £166,840). An amount of £138,935, was owed by Woodard Schools (Nottinghamshire) Enterprises Limited at 31 August 2024 (2023: £423,900).

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.

34. ~—‘ 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 ofthe 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.

eee

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