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2020-08-31-accounts

PINEWOOD SCHOOL LIMITED (Limited by guarantee)

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

Registered Charity No: 309642 Registered Number: 339394

PINEWOOD SCHOOL LIMITED

GOVERNORS’ REPORT INCORPORATING STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2020

REFERENCE AND ADMINISTRATIVE INFORMATION

REGISTERED OFFICE Pinewood
Bourton
Swindon
Wiltshire
SN6 8HZ
CHARITY REGISTRATION NUMBER 309642
COMPANY REGISTRATION NUMBER 339394
PRINCIPAL ADDRESS Pinewood
Bourton
Swindon
Wiltshire
SN6 8HZ
HEADMASTER P J Hoyland BEd (until 31 August 2020)
N A Bailey BA Hons PGCE (from 1 September 2020)
SECRETARY Mrs N J McAvoy BSc (Hons) CMgr MCMI
AUDITORS Haysmacintyre LLP
10 Queen Street Place
London
EC4R 1AG
BANKERS Lloyds Bank plc
84-86 Cricklade Road
Gorse Hill
Swindon
Wiltshire
SN2 6AE
SOLICITORS Veale Wasbrough Vizards
Orchard Court
Orchard Lane
Bristol
BS1 5WS

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PINEWOOD SCHOOL LIMITED

GOVERNORS’ REPORT INCORPORATING STRATEGIC REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2020

The Board of Governors present their annual report for the year ended 31 August 2020 under the Charities Act 2011 together with the audited financial statements for the year, and confirm that the latter comply with the requirements of the Act, applicable law, the Memorandum and Articles of Association and the Statement of Recommended Practice for Charities (SORP 2015) (Second Edition, effective 1 January 2019).

STRUCTURE, GOVERNANCE AND MANAGEMENT

The School was incorporated in 1938 as a company limited by guarantee with charitable status and not having any share capital.

The Board of Governors shall consist of not less than eight and not more than sixteen individuals each of whom will be a Member of the Company. No teacher of the School or any other person employed by the Company shall be a Governor. The Governors are also the Directors of the Charitable Company.

The Governors who served during the year and up to the date of this report are:

R F Badham-Thornhill Esq[3 ] (Chairman) A P Ballard Esq[5 ] J C Birch Esq[3] R T M Brown Esq[1, 4] J C Campbell Esq[1, 6] (Vice Chairman) N F Cleverley Esq[1, 4] Mrs E A M N Cripwell[5] Mrs R Dougall[3] D J Fawcus Esq[1] G P W Foster Esq[4] Mrs C France[2] Mrs N Huggett[2, 3] P Lough Esq[2, 3] E G Mawle Esq[1, 5] B Robertson[2] R I White Esq[1,6 ]

Officers of the School:

Headmaster: P J Hoyland BEd (until 31 August 2020) N A Bailey BA Hons PGCE (from 1 September 2020) Bursar: Mrs N J McAvoy BSc (Hons) CMgr MCMI

Governing Document

The School is governed by its Memorandum and Articles of Association. The Memorandum was amended by special resolution on:

New Articles of Association were adopted by special resolution on 24 November 2018.

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PINEWOOD SCHOOL LIMITED

GOVERNORS’ REPORT INCORPORATING STRATEGIC REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Governing Body

The Governors, who are also required under the Articles to serve as members of the Company, are elected at a full Governors Meeting on the basis of nominations presented by the Governors and the Headmaster. The Council invites professional people including a number of parents who have an interest in the progression of the School and who also can bring the benefit of their expert skills to the School. Council, through the Governance Committee, conducts regular reviews of the balance of skills required and available. The Council shall comprise of no fewer than 8 Governors and no more that sixteen; this maximum number may be increased or decreased from time to time. The Governors serve for periods of 4 years and may stand for re-election twice. Only a maximum of 25% of the Board can be from the parental body at any one time; there are currently 2 parent Governors.

Trustee Appointments and Training

The Governance Committee annually reviews the skills, training and attendance of Governors on the Board. When vacancies on the Board exist, the Governance Committee considers the skills gaps of the Board and considers suitable individuals for appointment. Potential Governors will receive an induction briefing and tour of the School from the Headmaster and an interview with the Chairman of Governors before being proposed to the Board of Governors for formal appointment. Once appointed they receive copies of various School and Trustee documents to assist them in their new role as well as being invited to attend a suitable formal briefing and online training organised by one of the independent schools’ overseer associations. The majority have also taken the opportunity to visit the School in the role of a pupil for the day and specific training is also provided to all Governors on a regular basis; recent training includes Safeguarding, Duties and Responsibilities as a Trustee and Corporate Manslaughter Act. Several Governors have also attended other relevant seminars and conferences to assist them in their role.

Organisational Management

The Governors meet as a Board (commonly referred to as Council) at least 3 times a year, once in each academic term, to review strategy, performance, management and financial control for which they are legally responsible. The work of implementing the Council’s policies is delegated to 6 subordinate committees:

Council delegates responsibility for overseeing the direction and efficient management of the School through the 6 committees, each of which has its own terms of reference articulating the aims, objectives and composition of the committee. Each committee reports back to Council for discussion and ratification of decisions on key issues. The Headmaster attends all the committee meetings and the Bursar attends all apart from the Admissions, Marketing and Development and Education. The Bursar is the Clerk to the Governors and attends all Council meetings along with the Headmaster and Deputy Head.

Each committee meets at least once each term. Day to day management of the School is delegated to the Headmaster, the Bursar and the other members of the Senior Leadership Team as key management personnel within the School. They exercise their responsibility through the Senior Management Team.

During term time the Headmaster chairs a weekly meeting of the School’s senior managers where policy is discussed and direction given and every two weeks he chairs a further meeting of the School’s Leadership Team to ensure the School maintains its strategic direction set by the Governors. Additionally, the Headmaster chairs the meetings of the Health and Safety Management Committee, Pastoral Committee and IT Strategy twice a term. He reports on Health and Safety to the Governance Committee and on Pastoral and IT to the Education Committee.

The Council has carried out a recent Strategic Review for the School and the Strategic Plan was approved at the Council Meeting in March 2019. The School is implementing this plan and uses it to guide the School’s financial and operational decisions. The Council plans to carry out further Strategic Review every 5 years with interim reviews every 2-3years. As the School has a new Headmaster it has decided to undertake a full Strategic Review earlier than planned and this will take place in 2021.

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PINEWOOD SCHOOL LIMITED

GOVERNORS’ REPORT INCORPORATING STRATEGIC REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

The School recognises the value of capable and well-motivated teaching and support staff in succeeding in its objective of maximising the achievement of all pupils and seeks to ensure that all staff receive recognition for their contribution to the quality of school life. It recognises that an effective remuneration policy allows the School to maintain and improve the quality of education provided for all pupils by enabling the School to recruit, retain and motivate staff.

All pay related decisions are made taking full account of the School’s current financial situation, benchmarking against other similar organisations and in compliance with relevant legislation. Staff remuneration is reviewed and set annually by the Council each Summer Term and any changes normally take effect on 1[st] September at the start of the next academic year. Remuneration for key management personnel is part of this review with the remuneration arrangements for the Headmaster, the Bursar, the Deputy Head and the Headmaster’s Wife specifically reviewed by the Chairman of the Governors and Chairman of Finance and General Purposes Committee (also appointed as Vice Chairman).

Organisational Structure and Relationships

Pinewood School Ltd does not have any owned subsidiary companies.

The School has membership of the IAPS, BSA, AGBIS and ISBA for the promotion and maintenance of standards generally and takes part in peer group studies for the evaluation of quality and performance improvement methods.

The School operates with numerous charities and seeks to widen public access to the education which it provides; to offer the use of sporting and other educational facilities to beneficiaries from the local community outside the school and to raise pupils’ awareness of the wider social context of the education they receive at the School.

Risk Management

Risk management is overseen by the Governance Committee on behalf of the Governors. It has drawn up and reviewed the Risk Management Plan annually and delegates the routine management of risk to the Headmaster and Bursar. All Governors’ sub committees review risk for their respective areas of concern and have it as a standing item on their meeting agendas. As part of the monitoring process the Governance Committee also conducts the annual review of insurance cover immediately prior to the renewal date and agrees levels of cover.

The School has identified its four key risks as:

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PINEWOOD SCHOOL LIMITED

GOVERNORS’ REPORT INCORPORATING STRATEGIC REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Safeguarding

All Governors are responsible for Safeguarding at Pinewood: they endorse the Safeguarding Policy annually, and whenever it is updated, discuss safeguarding matters at Governor’s meetings and undergo safeguarding training every 3 years. The School has a Nominated Safeguarding Governor (NSG) and he is supported by the Designated Safeguarding Lead (DSL) (Deputy Head) and Deputy DSL (Headmaster’s Wife). Pinewood has a further 6 senior safeguarders covering all age groups across the school including E-Safety.

The DSL meets with all the safeguarding team formally on a termly basis as well as regular informal meetings and discussions as required. He also meets twice a term with the Deputy Head of Pre-Prep to discuss Pre-Prep safeguarding concerns and the NSG on a termly basis and on more occasions when required. All staff complete formal safeguarding training every 3 years supplemented by regular staff updates and training sessions.

The NSG carries out an annual review including inspection of the Single Central Register, recruitment files and other safeguarding practices and procedures. The NSG and DSL then report to the Governors in their annual safeguarding report. The DSL completes an annual Oxfordshire schools’ audit and undertakes a full safeguarding audit by the Oxfordshire Local Area Designated Officer (LADO) every 5 years; most recent one took place in September 2016. Safeguarding is also part of the Independent Schools Inspectorate (ISI) Inspections which are due to take place every 3 years; most recent one took place in March 2018.

OBJECTS, AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES

Charitable Object

The Object of the Charity, as set out in the Company’s Memorandum and Articles of Association, is to advance education by the provision of a day and boarding school (in or near Bourton, Oxfordshire) and by ancillary or incidental educational activities and other associated activities for the benefit of the community. The main beneficiaries of the Charity are the pupils who are boys and girls aged 3 – 13; some of whom receive means-tested assistance with the fees. There are also other beneficiaries outside of the school community who are provided with access to the facilities and provision of activities and support.

Strategic Aim and Intended Effect

The School’s strategic aim is to release the potential of our pupils by developing character, curiosity, learning and skills through a variety of opportunities that present themselves within the academic, sporting, musical, dramatic and artistic arenas, as well as through our activity and adventure programmes and approach to boarding. These areas of activity are provided in order to draw out their natural ability and academic potential, stimulate and develop wider interests in life and to motivate them for further successful development at the senior school of their choice. The School’s co-educational philosophy, country location, flexible approach to boarding, size and high levels of pastoral care all combine to create an environment that allows the pupils to enjoy a happy, secure and fulfilled childhood that engenders courteous, kind, cultivated and considerate children who possess a degree of independence and a bedrock of traditional Christian values. Whilst firmly being a Christian school, Pinewood promotes understanding and empathy with all faiths and backgrounds on an inclusive basis.

Objectives for the Year

In setting the objectives and planning activities of the School, the Governors have complied with the duty in section 17 of the Charities Act 2011 to have due regard for the Charity Commission’s general guidance on public benefit and in particular its supplementary public guidance on advancing education and fee charging.

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PINEWOOD SCHOOL LIMITED

GOVERNORS’ REPORT INCORPORATING STRATEGIC REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2020

OBJECTS, AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES (continued)

The main objective for the year was to continue the achievements of previous years by ensuring all pupils, from all backgrounds, are educated to a common high standard in order that they will be ideally placed to gain maximum benefit from the education and development offered by their chosen senior schools. Pinewood aims to feed children to a variety of leading senior schools, both local and national, whilst acknowledging its broad intake and the importance of parental choice.

The School has continued to maintain an appropriate staff to pupil ratio so that all children are able to benefit from close tuition and mentoring. Teaching was provided to the Leavers tailored to the schools of their choice and the pupils’ abilities to ensure their applications were successful.

Our curriculum objectives:

Principal Activity

The School’s principal activity continues to be the provision of education for children of both sexes in the age range 3 to 13. The School welcomes children of all abilities and from all backgrounds. During 2019-20 there were on average 415 children in the School, of which 297 attended the Prep School and 118 were in the Nursery and Pre-Prep School. Demand for places continues to be buoyant, resulting in the School being full in the majority of year groups.

Volunteers

The Friends of Pinewood is a volunteer group of parents who work tirelessly to organise and run a range of events for the School, thereby raising funds which are put to the benefit of the School and other charities. In 2019-20 they funded numerous projects and purchased various items of equipment for use in the School.

During the year two members of the wider Pinewood Community volunteered to assist in the School on a weekly basis. One in Lower School hearing children read and assisting on external trips and the other in the Middle School taking part in sports coaching and specifically cross country. The School is very grateful for their efforts.

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Operational Performance of the School

Pinewood children in their final year at the School did very well in their Common Entrance exams. Due to the COVID-19 restrictions these exams took place at home and were marked internally. In addition to this, 21 scholarships or other awards to senior schools were achieved across the spectrum of academic, music, sports and drama.

Pinewood is well established as one of the leading preparatory schools in the South of England attracting pupils from a wide area. The combination of academic rigour in the classroom with opportunities to explore a wide range of sporting and other activities ensures we provide preparation for life at the leading independent senior schools of the UK.

The School continued through its daily assemblies, regular acts of worship, Life Skills lessons and drama sessions to develop the children’s social conscience, spiritual awareness, cultural antennae and a regard for their own safety and wellbeing. The Heads of Schools (Upper, Middle, Lower and Pre-Prep), Form Tutor and House system offered a high level of pastoral care enabling children to confidently grasp opportunities presented to them and forge loyalties that transcend both age and gender. A Head of Wellbeing and Emotional Support provides further pastoral support to the pupils. Music, Drama and Art have continued to flourish and all year groups have been presented with opportunities to perform or exhibit work to their peers.

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PINEWOOD SCHOOL LIMITED

GOVERNORS’ REPORT INCORPORATING STRATEGIC REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2020

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR (continued)

Pinewood continued to participate in a full competitive calendar of major and minor sports, raising the children’s levels of fitness and enjoyment while imparting skill and a feeling of team spirit. Our adventure activities, trips and lecture programmes continued to challenge and inspire a myriad of children during the Autumn and Spring Terms and through the opportunities presented they have developed character, independence, learning and skills.

During the Summer Term, COVID-19 restrictions did heavily impact the operations of the School. However, the School successfully continued its educational provision through its newly created online Pinewood Virtual Learning Platform and welcomed all pupils back into School by the end of the Term in accordance with Government guidance. Numbers of children boarding at the School continues to be strong. This provision teaches children another level of independence while realising they have responsibilities to a close-knit community and that their behaviour must reflect shared standards and principles and a common core of values.

Staff numbers remains steady: the average figure for 2019-20 was 116 across all disciplines which equates to 95 full time equivalents.

Public Benefit

The School has a Public Benefit Strategy which is reviewed on a regular basis; last reviewed in March 2020. The aim of this Strategy is to ensure that the School provides Public Benefit now and in the longer term to the public as a whole, including those in poverty, in addition to the current beneficiaries within the School. The School normally looks to provide Public Benefit to assist those in the local area because they can take full advantage of the School’s activities and facilities. However, the School also supports the public, including those in poverty, further afield through its support to charities worldwide.

Bursaries and Other Financial Allowances

The School is particularly sensitive about the costs associated with delivering first class education, and seeks to extend its facilities as far as possible to those who might not otherwise be able to afford them. Allowances including bursaries and staff discounts totalled £362,766 for the full year. Bursaries allocation for the year was set at 4% of forecast gross fee income and provided £183,625. In the past year, the School has provided means tested bursaries to 19 children; 3 of whom received full funding and a further 7 at more than 75% of the fees.

All bursaries are considered by a sub-committee of the Governors and were awarded to allow access to the School for those whose families show financial need and are reviewed on an annual basis. Subject to the budgetary constraints for the bursary scheme, the School also provides means-tested assistance with fees for cases of sudden, unforeseen need experienced by families of existing pupils; these are known as Hardship Bursaries.

When pupils attend Pinewood on bursaries we liaise with senior schools to help seek continued bursary provision for them so supporting these pupils onto their senior school education.

The School Bursary Policy is incorporated in the Public Benefit Strategy and reviewed annually by the Governors. The level of funds allocated from the general fund for bursaries in 2020-21 has been set at 4% of forecast gross fee income. Further funds will be made available for the designated Public Benefit and Community Fund should it be called upon during the year; this Fund currently stands at £89,248

Public Benefit Access to Others

In addition to the provision of bursaries as detailed above, the School continues its involvement in the local community with the aim to widen access of its facilities and resources to other beneficiaries outside of the School’s Community. COVID-19 prevented some of the physical Outreach opportunities that normally take place annually in the Summer Term.

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PINEWOOD SCHOOL LIMITED

GOVERNORS’ REPORT INCORPORATING STRATEGIC REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2020

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR (continued)

Charitable Donations

Pinewood continued to support several external charities through fundraising events during the year; it raised £1,620 for the Shonda Project (Reg No: 1075035) which is a small independent charity which has helped provide Kenyan children with affordable primary education. Much of this money has been received from collections after the children’s plays, concerts and the Christmas Carol Service. In addition to this food brought in for the Harvest Festival celebrations was donated to the aged in the Village of Bourton and Swindon Food Bank. These charitable activities give the pupils the understanding of their social and environmental responsibilities which is one of the cornerstones of their education at Pinewood.

Fundraising Performance

The School has an established Development Office. It is planned that this will develop into fundraising for new facilities and provision of bursaries in the medium to long term.

During the year the School has received £2,695 donations to the Bursary Fund and £5,250 donations to the Teaching and Learning Centre. The School also raised £34,281 in voluntary donations (including Gift Aid) from 139 sets of parents to assist in delivering new and improved facilities within the School. In 2019–20 these donations were used to fund 30 new IT devices and the auditorium audio visual system for the new Teaching and Learning Centre.

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PINEWOOD SCHOOL LIMITED

GOVERNORS’ REPORT INCORPORATING STRATEGIC REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2020

STRATEGIC REPORT

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

Net income for the year achieved a surplus from the unrestricted fund of £309,079 (2019: £789,677). Surpluses are required to fund our on-going capital expenditure which is needed to upgrade and enhance the School’s facilities in order to keep pace with what is expected of us as a first-class educational establishment. In 2019-20 the School completed the construction of a £3.2m Teaching and Learning Centre as identified in Pinewood’s Strategic Review. This new building for Middle School has allowed for completion of the reorganisation of office space, classrooms and expansion of the boarding pastoral areas in the main school building.

The School has a bank loan facility of £440,906 (as at 31 Aug 20) to fund construction of the new Teaching and Learning Centre; the total bank loan facility is £1,014,591 (as at 31 Aug 20). The School has deposited available funds on short term deposits throughout the year providing an income of £13,791.

As an educational charity, the parents of our pupils have the reassurance that all the income of the School is applied for educational purposes. The School is exempt from tax on its educational activities and surpluses, although the School does pay PAYE Income Tax and NI Contributions on all staff salaries and the VAT that it pays for items purchased and services received is irrecoverable.

Reserves Policy

The School has a capital projects programme over the three-year period to 31 August 2023; at least £1.7m is required to achieve this plan. As at 31 August 2019, a significant proportion of the School’s unrestricted funds were represented by the School’s operational fixed assets, and this increased in the year with the construction of the Teaching and Learning Centre. The School therefore does not have the full resources required to fulfil this programme but expects to generate the surpluses required in future accounting periods. The Governors’ policy is to hold free reserves equivalent to one term’s expenditure which currently equates to approximately £1.80m as at 31 August 2020, but anticipated to be in excess of £2m for the 2020/2021 financial year.

The primary use of additional unrestricted funds generated over the period of the programme will therefore be to provide funds for these new capital projects. These funds will not increase the level of free reserves as they will be represented by fixed assets. In addition, it is expected that the timing of the funds generated over this period will match the timing of the capital expenditure thus leaving minimal free reserves at any stage over this period.

Over the medium term, the Council has identified a need to rebuild its free reserves equivalent to one term’s expenditure for the following purposes:

As at 31 August 2020 the School held free reserves under this policy of almost £0.5m although this takes account of the loans of £1.0m that are linked to the capital programme. As these loans are expected to be repayable from future operating income and cashflows and are secured on the school premises it is often considered appropriate to exclude them from the calculation of free reserves. Excluding these loans leaves free reserves of £1.5m which, given the circumstances faced by the country as a whole, and the needs of the School, is considered reasonable.

Once the current programme of works is completed the financial plan will include replenishing free reserves in line with the Council’s policy.

FUTURE PLANS

Key targets for the following year include:

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PINEWOOD SCHOOL LIMITED

GOVERNORS’ REPORT INCORPORATING STRATEGIC REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2020

FINANCIAL REVIEW AND RESULTS FOR THE YEAR (continued)

STATEMENT OF GOVERNORS RESPONSIBILITIES

The Governors (who are also directors of Pinewood School for the purposes of Company Law) are responsible for preparing the Governors' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time of the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each of the Governors is aware at the time the report is approved:

AUDITORS

In accordance with Section 485 of the Companies Act 2006, the appointment of auditors to the Company was discussed at the Annual General Meeting on 27[th] November 2020. It was agreed to retender auditors for the financial year 2020-21.

Approved by the Board of Governors and signed on its behalf by:

Date: …27[th] November 2020……

…………………………………….

R F Badham-Thornhill Chairman

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PINEWOOD SCHOOL LIMITED

Opinion

We have audited the financial statements of Pinewood School Limited for the year ended 31 August 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 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 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.

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 9, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

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

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Governors’ 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.

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PINEWOOD SCHOOL LIMITED (continued)

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions 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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors’ Report (which incorporates the strategic report and the directors’ report).

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

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.

Adam Halsey (Senior Statutory Auditor) for and on behalf of Haysmacintyre LLP, Statutory Auditor

10 Queen Street Place London EC4R 1AG

27[th] November 2020

haysmacintyre is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006.

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PINEWOOD SCHOOL LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 AUGUST 2020

Unrestricted Designated Restricted 2020 2019
Funds Funds Funds Total Total
Notes £ £ £ £ £
INCOME FROM:
Charitable activities:
School fees 2 5,354,125 - - 5,354,125 5,795,556
Other income 3 290,809 - - 290,809 449,897
Other trading activities:
Letting income - - 19,101
Investment income 13,792 - - 13,792 26,190
Voluntary sources:
Donations and fund raising 34,281 - - 34,281 35,073
Other income:
Government grants 204,266 204,266 -
-------------------- -------------------- -------------------- --------------------- ---------------------
TOTAL INCOME 5,897,273 - - 5,897,273 6,325,817
-------------------- -------------------- -------------------- --------------------- ---------------------
EXPENDITURE ON:
Charitable activities:
Education 5,588,194 - 11,835 5,600,029 5,506,519
-------------------- -------------------- -------------------- --------------------- ---------------------
TOTAL EXPENDITURE 5 5,588,194 - 11,835 5,600,029 5,506,519
-------------------- -------------------- -------------------- --------------------- ---------------------
NET 309,079 - (11,835) 297,244 819,298
INCOME/(EXPENDITURE)
Transfer between funds - - - - -
NET MOVEMENT IN FUNDS 309,079 - (11,835) 297,244 819,298
FOR THE
YEAR
Balances brought forward 9,639,596 89,248 71,171 9,800,015 8,980,717
-------------------- -------------------- -------------------- --------------------- ---------------------
Balances carried forward 9,948,675 89,248 59,336 10,097,259 9,800,015
========= ========= ========= ========== ==========

The accompanying notes form part of these financial statements.

All the charity’s activities during the above two financial years were derived from continuing activities.

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PINEWOOD SCHOOL LIMITED

Company Number: 339394

BALANCE SHEET

AS AT 31 AUGUST 2020

2020 2019 2019
Notes £ £ £ £
FIXED ASSETS
Tangible assets 8 9,564,842 8,317,377
CURRENT ASSETS
Stock 13,718 15,131
Debtors 9 156,111 231,665
Cash at bank and in hand 2,583,251 3,370,970
------------------- -------------------
2,753,080 3,617,766
CREDITORS:amounts falling due
Within one year 10 (1,394,454) (1,642,343)
-------------------- --------------------
NET CURRENT ASSETS 1,358,626 1,975,423
------------------- -------------------
TOTAL ASSETS LESS CURRENT
LIABILITIES 10,923,468 10,292,800
CREDITORS:amounts falling due
After more than one year 11 (826,209) (492,785)
---------------------- ----------------------
NET ASSETS 10,097,259 9,800,015
=========== ===========
FUNDS AND CAPITAL 13/14
Restricted funds 59,336 71,171
Unrestricted funds 10,037,923 9,728,844
-------------------- --------------------
TOTAL FUNDS 10,097,259 9,800,015
========== ==========

The financial statements were approved and authorised for issue by the Council on 27[th] November 2020 and were signed below on its behalf by:

…………………………………….

Date: …27[th] November 2020……

R F Badham-Thornhill Chairman

The accompanying notes form part of these financial statements.

14

PINEWOOD SCHOOL LIMITED

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2020

2020 2020 2019
Notes £ £ £ £
Net cash inflow from operations (i) 344,807 1,158,789
Cash flows from investing activities:
Investment income receipts 13,792 26,190
Finance costs paid (35,106) (17,104)
----------------- -----------------
Net cash generated/(used) in investing (21,314) 9,087
activities
Cash flows from financing activities:
Payments for tangible fixed assets (1,547,020) (1,863,175)
-------------------- --------------------
Net cash used in financing activities (1,547,020) (1,863,175)
Change in cash and cash equivalents in
the reporting period (1,223,526) (695,299)
------------------- -------------------
Cash and cash equivalents at the
beginning of the period 2,792,186 3,487,486
--------------------- ---------------------
Cash and cash equivalents at the end of
the reporting period (ii) 1,568,660 2,792,186
========== ==========
NOTES TO THE CASH FLOW STATEMENT
2020 2019
£’000
£’000		 £’000 £’000
(i) Reconciliation of net incoming resources to net
cash flow from operations
Net incoming resources 297,244 819,298
Elimination of non-operating cash flows:
- Investment income (13,792) (26,190)
- Financing costs 35,106 17,104
Depreciation charge 298,920 250,685
Loss on disposal of assets - 64,815
(Increase)/decrease in stock 1,412 (9,566)
(Increase)/decrease in debtors 75,554 (84,438)
Increase/(decrease) in creditors (349,637) 127,079
----------------- -----------------
47,563 339,490
------------------- -------------------
Net cash inflow from operations 344,807 1,158,789
========= =========
(ii) Analysis of changes in net funds
At At
1 September
Cash		 31 August
2019 Flows 2020
£’000 £’000 £’000
Cash at bank 3,370,970
(787,719)
2,583,251
Loans (578,784)
(435,807)
(1,014,591)
--------------------
-----------------
--------------------
2,792,186
(1,223,526)
1,568,660
==========
========
==========

15

PINEWOOD SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

1 ACCOUNTING POLICIES

Basis of Preparation

The accounts have been prepared under the Charities Act 2011 on historical cost convention and in accordance with applicable accounting standards and the Statement of Recommended Practice on Accounting and Reporting by Charities: the Charities SORP (FRS 102).

Having reviewed the funding facilities available to the School together with the expected ongoing demand for places and the School’s future projected cash flows, the Governors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the School’s financial statements.

School fees

Fees and charges for services and use of premises are accounted for in the period in which the service is provided. Fees are stated after deducting allowances, scholarships and other remissions granted by the School.

Other income

These sources of income are included in the accounts when they become receivable and their value can be measured with reasonable certainty.

Donations, legacies, grants and other voluntary incoming resources

Voluntary incoming resources are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable .

Government grant income relates to the Coronavirus Job Retention Scheme (CJRS) and is recognised as receivable in line with the period that the expense has been incurred.

Voluntary income for the School’s general purposes is accounted for as unrestricted and is credited to the General Fund. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund.

Expenditure

Expenditure is accrued for as soon as a liability is considered probable, discounted to present value for long term liabilities.

Raising funds comprise costs associated with lettings.

Expenditure is allocated to expense headings either on a direct cost basis, or apportioned on a consistent basis. The irrecoverable element of VAT is included with the item of expense to which it relates. Charitable Activities comprises all expenditure directly related to the objects of the school. Governance costs are those incurred in connection with the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Pension Costs

The School contributes to the Teachers’ Superannuation Scheme at rates set by the scheme actuary and advised to the Governors by the Scheme Administrator. For the purposes of complying with the relevant accounting standards, the Teachers’ Superannuation Scheme is accounted for as a defined contribution scheme as the school is not responsible for or entitled to receive benefit for any surplus or deficit on the scheme. The amounts included within the Statement of Financial Activities and Balance Sheet are in accordance with FRS 102.

Certain non-teaching members of staff are offered membership of a Group Personal Pension scheme. The assets of this scheme are held separately from those of the School, being invested with an insurance company. The pension costs for that scheme represent the contributions payable by the School in the year.

Leases and hire purchase contracts

Rentals paid under operating leases are charged to the Statement of Financial Activities evenly over the period of the lease.

16

PINEWOOD SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

1 ACCOUNTING POLICIES (continued)

Fixed assets

Tangible fixed assets are included in the financial statements at their original cost less depreciation provided to date.

Depreciation

Depreciation is provided on all tangible fixed assets at rates calculated to write off the costs less estimated residual value of each asset, by equal annual instalments, over their expected useful lives which are considered to be:-

Freehold buildings and improvements - 50 years
Fixtures and equipment - 10 years
Facilities - 20 years
Vehicles - 5 years
Computers - 3 years

Land and assets under the course of construction are not depreciated.

Stock

All stock is stated at the lower of cost and net realisable value.

Debtors

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

Cash and bank

Cash at bank and cash 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.

Creditors and Provisions

Creditors and provisions are recognised where the School has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.

Funds

The General Fund represents funds available for use at the discretion of the Governors in furtherance of the objects of the charity and which have not been designated for other purposes. The Restricted Fund represents donations where the donors state the particular purpose for which the funds must be applied.

Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management’s best knowledge of the amount, events or actions, actual results may ultimately differ from those estimates. The directors consider the following items to be areas subject to estimation and judgement.

Depreciation:

The useful economic lives of tangible fixed assets are based on management’s judgement and experience. When management identifies that actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted retrospectively. As tangible fixed assets are not significant variances between actual and estimated useful economic lives will not have a material impact on the operating results. Historically no changes have been required.

Bad debt:

The School maintains a bad debt provision which is reassessed annually based on fees outstanding from the summer term.

17

PINEWOOD SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2020

2. SCHOOL FEES 2020 2019
£ £
Fees receivable 5,716,891 6,205,614
Bursaries and allowances (362,766) (410,058)
----------------- -----------------
5,354,125 5,795,556
======== ========
3. OTHER INCOME 2020 2019
£ £
Extras* 205,875 342,085
Learning Support Income 22,231 33,491
Minibus 15,907 21,904
Registration fees 5,173 3,520
Other 41,623 48,897
--------------- ---------------
290,809 449,897
======= =======

4. TAXATION

The charity has currently been granted exemption from corporation tax under s478(1) of CTA 2010, on the income arising from its charitable activities provided that it is applied for charitable purposes.

5. ANALYSIS OF TOTAL EXPENDITURE

Total Total
Staff costs Other costs Depreciation 2020 2019
a) Total Expenditure £ £ £ £ £
Charitable expenditure
Teaching costs 3,293,857 481,880 132,291 3,908,028 3,741,490
Welfare 143,532 509,579 - 653,111 732,950
Premises 241,161 453,909 167,264 862,334 901,243
Support costs and governance 56,836 84,614 - 141,450 100,731
Finance costs - 35,106 - 35,106 17,105
Grants and donations - - - - 13,000
--------------------- --------------------- --------------------- --------------------- ---------------------
3,735,386 1,565,088 299,555 5,600,029 5,506,519
========== ========== ========== ========== ==========
b) Governance included in support costs
Remuneration paid to auditor for audit services 10,380 9,984
======== ========
5a. COMPARATIVE ANALYSIS OF EXPENDITURE
Total Total
Staff costs Other costs Depreciation 2019 2018
a) Total Expenditure £ £ £ £ £
Charitable expenditure
Teaching costs 3,065,378 575,228 100,884 3,741,490 3,763,197
Welfare 404,058 328,892 - 732,950 688,429
Premises 245,029 506,413 149,801 901,243 813,279
Support costs and governance 51,411 49,320 - 100,731 77,633
Finance costs - 17,105 - 17,105 16,200
Grants and donations - 13,000 - 13,000 -
--------------------- --------------------- --------------------- --------------------- ---------------------
3,765,876 1,489,958 250,685 5,506,519 5,358,738
========== ========== ========== ========== ==========

18

PINEWOOD SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2020

6. STAFF COSTS 2020 2019
£ £
Wages and salaries 2,921,203 3,108,563
Social security costs 288,710 295,878
Other pension costs 525,473 361,435
-------------------- --------------------
3,735,386 3,765,876
========== ==========
Aggregate employee benefits of key management personnel 764,697 690,842
========== ==========

The average number of employees during the year were 116 (2019: 116)

The average number of full time equivalent employees (excluding peripatetic staff) during the year was:

Number Number
Teaching staff 51 56
Other employees 44 38
-------- -------
95 94
==== ====

2 Governors (2019: 2) received reimbursement of expenses during the year of £537 (2019: £801).

The School provides indemnity insurance to trustees, the cost of which is included in the School’s combined insurance policy.

Termination payments during the year amounted to £nil (2019: £nil).

The number of employees whose emoluments exceeded £60,000 excluding pension contributions was:

2020 2019
No No
£60,001 - £70,000 - -
£70,001 - £80,000 1 1
£80,001 - £90,000 2 2
£90,001 - £100,000 - -
£100,001 - £110,000 - -
£110,001 - £120,000 - -
£120,001 - £130,000 - 1
£130,001 - £140,000 1 -
====== ======
The number with retirements benefits accruing
- in Defined Contribution schemes was 4 4
of which the contributions amounted to £56,069 £53,001

7. PENSION SCHEME

There are two pension schemes available to certain employees of the School, the Teachers’ Pension Scheme and a Group Personal Pension Scheme operated by Legal & General.

19

PINEWOOD SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2020

7 PENSION SCHEME (continued)

Teachers’ Pension Scheme (TPS)

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £492,399 (2019: £315,458) and at the year-end £Nil (2019 - £Nil) was accrued in respect of contributions to this 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 employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. A consultation was launched by the government on 16 July 2020, and closed to responses on 11 October 2020.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020 and the government is preparing to complete the cost control element of the 2016 valuations, which is expected to be completed in 2021.

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

Until the consultation and the cost cap mechanism review are completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.

20

PINEWOOD SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2020

8. TANGIBLE FIXED ASSETS Under Fixtures,
Land and Course of Fittings and
Buildings Construction Equipment Computers Total
£ £ £ £ £
Cost or valuation
At 1 September 2019 7,403,912 1,748,103 1,072,977 247,268 10,472,262
Additions - 1,419,710 43,700 83,609 1,547,019
Disposals - - (53,870) (48,893) (102,763)
Transfers 3,027,618 (3,121,817) 56,495 37,703 -
------------------- ------------------- ----------------- ------------------- ----------------------
At 31 August 2020 10,431,530 45,996 1,119,302 317,759 11,916,518
-------------------- -------------------- ----------------- ------------------ ----------------------
Depreciation
At 1 September 2019 1,607,262 - 402,506 145,115 2,154,883
Charge for the year 167,262 - 72,696 58,962 298,920
Depreciation on disposals (53,237) (48,893) (102,130)
------------------- ------------------- ----------------- ----------------- ---------------------
At 31 August 2020 1,774,524 - 421,965 153,256 2,351,673
------------------- ------------------- ---------------- ---------------- --------------------
Net Book Value
At 31 August 2020 8,657,006 45,996 697,337 164,503 9,564,842
========== ========== ======== ======== ==========
At 31 August 2019 5,796,650 1,748,103 670,471 102,153 8,317,377
========== ========== ======== ======== ==========

Freehold land, valued at £50,000, is included in the cost of land and buildings. The freehold land is not depreciated.

9. DEBTORS 2020 2019
£ £
Amounts falling due within one year
Fee debtors 2,097 73,064
Other debtors 154,014 158,601
---------------- ----------------
156,111 231,665
======== ========
10. CREDITORS 2020 2019
£ £
Amounts falling due within one year
Bank loans and overdrafts (see note 11) 188,382 85,999
Trade creditors 122,607 130,163
Other taxation & social security 139,127 73,208
Fees received in advance 623,152 773,923
Other creditors and accruals 47,786 305,900
Deposits held 273,400 273,150
------------------ ------------------
1,394,454 1,642,343
======== ========

21

PINEWOOD SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2020

11. AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2020 2019
£ £
Bank loans 826,209 492,785
========== ==========
Long term loan obligations are repayable as follows:
Within one year (see note 10) 188,382 85,999
Between one and two years 194,086 91,366
Between two and five years 576,362 309,759
Over five years 55,761 91,660
------------------- -------------------
1,014,591 578,784
========== ==========

The bank has a debenture over the School’s assets, together with a charge over the premises owned by the School. The loan facility bears interest rate at 0.85% above the Lloyds Bank base rate. The loan is being repaid in 60 quarterly instalments which commenced from June 2010.

12. SHARE CAPITAL

The company is limited by guarantee and does not have a share capital. In the event of the company being wound up and unable to pay its debts each member is liable to contribute a sum not exceeding £10.

13a. MOVEMENT IN FUNDS Balance at Balance at
1 September Incoming Outgoing 31 August
2019 Resources Resources Transfers 2020
£ £ £ £ £
Unrestricted
- General fund 9,639,596 5,897,273 (5,588,194) - 9,948,675
- Public benefit and community fund 89,248 - - - 89,248
Restricted
- Restricted fund 71,171 - (11,835) - 59,336
--------------------- --------------------- ---------------------- ----------------- ---------------------
TOTAL FUNDS 9,800,015 5,897,273 (5,600,029) - 10,097,259
========= ========= ========= ======= =========

Unrestricted Funds

The Unrestricted General Fund represents the unrestricted funds which the Governors are free to use in accordance with the charitable objects.

Designated Funds:

A designated fund was set up in 2019 and is intended to be used for public benefit and community support. This fund is available should it be required for hardship bursaries due to financial impact on families including COVID19.

Restricted Funds

The restricted funds are for the development of the school either through benefactor donations in year or for depreciation costs of benefactor purchases in previous years.

22

PINEWOOD SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2020

13b. COMPARATIVE MOVEMENT IN FUNDS

Balance at Balance at
1 September Incoming Outgoing 31 August
2018 Resources Resources Transfers 2019
£ £ £ £ £
Unrestricted
- General fund 8,849,919 6,325,817 (5,480,892) (55,248) 9,639,596
-Public benefit and community fund 47,000 - (13,000) 55,248 89,248
Restricted
- Restricted fund 83,798 - (12,627) - 71,171
--------------------- --------------------- ---------------------- ----------------- ---------------------
TOTAL FUNDS 8,980,717 6.325,817 (5,506,519) - 9,800,015
========= ========= ========= ======= =========

14a. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Total Total
Unrestricted Restricted 2020 2019
£ £ £ £
Tangible assets 9,547,596 17,246 9,564,842 8,317,370
Current assets 2,710,990 42,090 2,753,080 3,617,765
Current liabilities (1,394,454) - (1,394,454) (1,642,343)
Long term liabilities (826,209) - (826,209) (492,785)
-------------------- ---------------- -------------------- --------------------
10,037,923 59,336 10,097,259 9,800,015
========== ======== ========== ==========

The Restricted Fund is to be used for the future development of the school.

14b. COMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS

Total Total
Unrestricted Restricted 2019 2018
£ £ £ £
Tangible assets 8,288,298 29,080 8,317,370 6,769,701
Current assets 3,575,674 42,091 3,617,765 4,134,648
Current liabilities (1,642,343) - (1,642,343) (1,356,061)
Long term liabilities (492,785) - (492,785) (567,571)
-------------------- ---------------- -------------------- --------------------
9,728,844 71,171 9,800,015 8,980,717
========== ======== ========== ==========

The Restricted Fund is to be used for the future development of the school.

15. OTHER FINANCIAL COMMITMENTS

At 31 August 2019, the School had future minimum lease payments under non-cancellable operating leases as follows:-

Plant and machinery
2020 2019
£ £
Expiring within one year 20,201 25,806
Expiring between two and five years inclusive 18,915 40,648
Expiring over five years - -
----------------- -----------------
39,116 66,454
======== ========

23

PINEWOOD SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2020

16. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVE FIGURES

Unrestricted Designated Restricted 2019
Funds Funds Funds Total
Notes £ £ £ £
INCOME FROM:
Charitable activities:
School fees 2 5,795,556 - - 5,795,556
Other income 3 449,897 - - 449,897
Other trading activities: - -
Letting income 19,101 - - 19,101
Investment income 26,190 - - 26,190
Voluntary sources: - -
Donations and fund raising 35,073 - - 35,073
-------------------- -------------------- -------------------- ---------------------
TOTAL INCOME 6,325,817 - - 6,325,817
-------------------- -------------------- -------------------- ---------------------
EXPENDITURE ON:
Charitable activities:
Education 5,480,892 13,000 12,627 5,506,519
-------------------- -------------------- -------------------- ---------------------
TOTAL EXPENDITURE 5 5,480,892 13,000 12,627 5,506,519
-------------------- -------------------- -------------------- ---------------------
NET 844,925 (13,000) (12,627) 819,298
INCOME/(EXPENDITURE)
Transfer between funds (55,248) 55,248 - -
NET MOVEMENT IN FUNDS 789,677 42,248 (12,627) 819,298
FOR THE
YEAR
Balances brought forward 8,849,919 47,000 83,798 8,980,717
-------------------- -------------------- -------------------- ---------------------
Balances carried forward 9,639,596 89,248 71,171 9,800,015
========= ========= ========= ==========

24