PINEWOOD SCHOOL LIMITED (Limited by guarnntee) REPORT AND FINAf4CIAL STATEMENTS FOR THE YEAR ENDED 31 AUGusf 2021 Regi51eTed Charity No: 309642 RegisteT¢d NuThber: 339394 PINEWOOD SCHOOL LIM ITED GOVERNORS, REPORT INCORPORATING STRATEGIC REPORT FOR THE YEAR ENDED31 AUCUST 2021 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 Fif.ADMASTER N A Bailey BA Hon5 PGCE .41.:CRETARY Mrs N J McAvoy Bsc (Hons) Cmgr MCMI (until 31 May 2021) l H Adamson Esq (from l June 2021 to I l October 2021) Mrs L A Robins (from I l October 2021) AUDITORS Haysmacintyre LLP 10 Queen Strcei Place London EC4R IAG IIANKERS Lloyd5 Ilank pl¢ 84-86 Cricklade Road Gotsc I lill Swindon Wiltshire SN2 6AE SOLICITORS Veal¢ Wasbrough Vizards Orchard Court Orchard Lane Bristol BSI 5WS PINEWOOD SCHOOL LIMITED GOVERNORS, REPORT INCORPORATING STRATEGIC REPORT (contlDued) FOR THE YEAR ENDKD 31 AUGUST2021 The Board of Govemors presents its annual report for ihe year ended 31 August 2021 under the Chariiies Act 2011 together with the audiied financial staiements for the year. and confimi that the latter comply with the requirements of the Act, applicable law. the Memorandum and Articles of Association and the Siatement of Recommended Practice for Charities (SORP 2015) (Second Edition. effective l 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 noi less than eight atld not MO￿ than 16 individuals each of whom will be Member of the Company", this maximum number may be increased ordecreased from time to time and during the year the Board resolved to increase the maximum number to 20. No ieacher of the School or any other pet50n employed by the Company shall be a Govemor. The Governot3 are also the Direciors of the Charitable Company. The Governors who served during the year and up ￿ the datr of this reTK)rt are: R F Badham-Thornhill Esq A P Ballard Esq J C Birch Esq, R T M BrowT) Esq J C Campbell Esq (Vice Chairman) N F Cleverley Esq Mrs E A M N Cripwell S Mrs R Dougall ) D J Fawcu5 Esq ' G P W Fosier Esq, Mrs C France (resigned 10 September 2021) Mrs N Hugge Mr l A C T Inglis (frorn 26 June 2021) P Lough Esq E G Mawle Esq Mrs B Robertson Mrs S A Ross R I White Esq 113.7 (Chairman) 2.3.? {from 26 June 2021) Member of the Firtance and General Purw)ses Committee Member of the Governance Committee Member of the Education Committee Member of the Buildings and Estates Committee Meinber (Trf th¢ Adtni$5iODS, Mprketing and Deyelopmeni Committee Mernber of the Bursary Comrnittce Mernber (Trf th¢ Norninations Committee OfficeT5 of th¢ School- Headmaster.. N A Bailey BA Hons PGCE (from I Septemb¢r 2020) Burw and CI¢Tk to the Governor5: Mr5 N J McAvoy BS¢ (Hons) Cmgr MCMI (until 31 May 2021) Mr l H Adamson {frorn l June 2021 to I l October 2021) Mrs L A Robin5 (from I l October 2021) Governing Documenty The School is governed by its Memorandum and Articles of Association. The M¢mordndum wa5 amended by special resolution on: 16 November 1950 19 December 1951 20 March 2004 26 November 2011 24 November 2018 New Articles of Association were adopted by special resolution on 24 Nov¢mber 2018. PINEWOOD SCHOOL LIMITED GOVERNORS, REPORT INCORPORATINC STRATECIC REPORT {continued) FOR THE YEAR ENDED 31 AUGUST 2021 STRUCTURL GOVERNANCE AND MANAGEMENT {continued) Goveriilng Body -I'he 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 individuals with professional skills and experience including a numtxr of parents who have an inieresi in the progression of th¢ School and who a150 can bring the benefit of iheir cxpert skills 10 (he Sch(N)l. Council. through the Governance Committee, ¢onducts regular review5 of the balance of skills required and available. The Govcrnor5 Serve for periods of four years and may stand for re-election twice. Only a maximum of 25 /0 of the Board can be from the parental body at any one time,. there are euFrently two parent Governors. Trn.siee Appoliiinients aiirf Trnlmlng '[ IIL Govemance Committee annually reviews ihe skills. training and attendance of GovernoT8 on the Board. When VclLcllicies on ihe Board exist. the Nominations Committee consideTS the skills. gaps of the Board and considers suitable iiidividuals for appoiniment. Poieniial Governors will receive an induction briefing and tour of the School from the I IL41dinaster and an interview with the Chairnian of GovemoT5 before being proposed to the Board of Governors for fomial Ipi)ointment. Once appointed ihey receive copies of various School and Tnjsiee documents io assis1 ihein in their new role 1% well as being invited to attend a suiiable fornial briefingand online training organised by one of the indepeNlent schools, i)v¢rse¢r association5. The majority have also iaken the opporninity io visit ihe School in ihe role of a pupil for the day Liid specific training 15 a150 provided to all Governors on a regular ba5is- r¢cent training includes Saf¢guaTding. Equality, l)ivcr5i¢y and In¢lusion. Severdl Governors have also attended other relevant seminars and confereTrces to a5SiSt thein in tli¢ii' role. Oryuiilsuiloiiulmanrtgemeni The GovernoT5 mcct a5 a Board (COM￿onIY referred io as Council) at least three tiines tt year, once in each academic terin, to rcview sirategy. perfortnance. manag¢iTrent awbd financial L(Milrol for which they are legally reS￿nsible. The work or implementing the Council's policies is delegated io seven 5ubordinalc comTnittee5". The Education Committee I'he Finance and General Purposes Committee 'I'he Buildings and E5tate5 Committee 'I'he Admissions, Marketing and Development Committee "I"lie Governance Comtnittee "I'lie Bursary Committee I'lie Noininations Committee Cniiiicil delegate5 responsibility for overseeing the direciion and etTicient rnanagement of the School through the seven L()Illllllltees, each of which has its own iernis of reference aniculaiing rhe aiins. objectives and coinposiiion of ihe coiiiinittee. Each COTnmittee repons back to Council for di￿uS510n and raiifica(ion of decisions on key issues. The Headmaster attends all the cominittee meelings and Ihe BuTsar attends all apart from the Admissions, Markeiing and Development, and Education. The Bursar is the Clerk to the Governors and *tend5 all Council meetings along with the Headmaster and Deputy Head. Each comrnittee meets at least oncc each term. Day io day inanageineni of the Schi)ol is dclegated to the Fleadinaster, the Bursar and the other members of the Senior Leadership Teain as key management personnel within th¢ School. They exercise their responsibiliiy ihrou8h the Senior Management Team. During term time the Headmasier chaits a weekly meeting of SclM)ol's senior managers where policy is discussed and direciion given and every wttk he chairsa further meeting of Ihe School's Leadership Team io ensure ihe School maintains its strdtegic direction se( by the Governors. Additionally. the Headmaster chaits the meeiings of the Health and Safely Managemeni Cominiiiee. Pastoral Committee and IT S(tateLy twice a ierni. He repons on Health and Safety io the Governance Commilltt and on Pasioral and IT to the Education Comrnittee. The Council has carrÈed out a r￿ent Str*egic Review for the S¢h¢)ol and the Strntegic Plan was approved at ihe Council Meeting in March 2019. The Sch￿1 i5 implementing this plan and u5e5 It to guide the School's financial and operaÉional decbsions. The Council plans to carry out furthcr Strategic Review every 5 year5 With interÈrn review5 every 2-3years. The rnost recent interim review wa5 launched in Seplember 2021 (delayed frorn March 2021 be£ause of the COVID-19 pandemic) and will be completed by March 2022. PINEWOOD SCHOOL LIMITED GOVERNORS, REPORT INCORPORATING STRATEGIC REPORT {¢ontittued) FOR THE YEAR ENDED31 AUGUST2021 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) The School r￿QgniseS the value of capable and well-motivated teaching and supw)rt staff in succeeding in its objective of maximising the achievement of all pupils and seeks to ensure that all stsff receive recognition for their coniribution to ihe quality of school life. It recognises that an effecrive remuneration policy allows the School to maintain and iinprove ihe quality of education provided for all pupils by enabling the School io recnJi¢ retain and motivate staff. All pay related decisions are made iaking full account of the School's current financial situation. benchmarking against oiher similar organisations and in compliance wilh relevant legislation. Staff remunerdtion is reviewed and set annually by the Council each Summer Tenn and any changes nornially take effeci on 1° September at the start of the next academic year. Remuneraiion for key management personnel is pan of this review with the remuneration arrangements for the Headmaster, the Bursar. the Deputy Head and the Headmaster's Wife specifically reviewed by the Chaiman of the Governors and Chaimian of Finance and General Purposes Committee (also appointed as Vice Chairnian). OrgoiilsoilonolSirAeNre ondReloiloMshlps Pinew(KKI School Ltd does not have any owned subsidiary companies. The School has metnbership of the Independent A550ciation of Prep Schools, th¢ Bo8rding School Association, the Association of Governing Bodies of Independent Scljools and the Independent Schools, Bur5ar5 Accusation for th¢ promotion and mairttenanee Of siandards and pursuit of be51 prnctic¢ g¢n¢rally and takes part in pe¢T group 5tudi¢5 for th¢ ¢valua¢ion of quality and p¢rf(wman¢¢ improvement wneth¢xl5. The School operates with numerous ¢hariti¢5 and seeks to widen public acces5 to the education which it provides" io offer the use of sporting and other educational facililies to beneficiaries from the local community outside the school and to ra15e pupils. awaren¢ss of the wider Social context of th¢ education they receive ￿ the School. Rlsk M¢7nogemenl Risk rnanagement is overseen by the Govemance Committee on behalf of the Governors. It has drdwn up the Risk Management Plan and reviews it annually. Routine management olrisk is delegated to the Headmaster and Bursar. All Governors. sub committees review risk for their respective areas of concern and have it as a standing iiem on their meeting agenda5. As part of the monitoring process the Governance Committee also conducts the annual review of insurance cover immediately prior to the renewal date and agree5 levels of coyer. The School has ideniified its four key risks as-. Failure io Remain Affordable io Parenis. The School is aware that affordability of independent schooling is an issue across the sector and considers the impacts on Pinew¢x)d and cutTent and pupil numbers. The key controls to mitigaie this risk comprise of= Raising fee levels by the minimum amount necessary io mainiain siandatds ai the School whilst generating a modest SUtplu% to allow for the provÉsion of good educational facilities to meet curreni and bjiure needs. Providing bursaries to certain families who cannot afford the fees so that their Children ben¢fit from the School. This h&4 been especially important during ￿riod of parental financial pressure resulting froin covitkl9. En5urin8 effective financral controls and cost savings me05ure$ are in place. Loss of Repwralion due fo Poor Ed#ca¢ional Siondords. The School needs io ensure high educational standards 8rE rnaintained to ensure t1￿1 the reputation of the Sch(x)I continue5 to be excellent. Th¢ key controls to mitigat¢ this risk o]npris¢ of.. R¢cruilin& lrnining and retaining ¢xc¢llent t￿￿]ng staff. Rigorous Staff apprdisal and monstoring progrdmrne. Seeking ext¢rnal professional advice when n¢ce5sary. Established sch¢)ol managemenl structur¢ and open lines of slaff reporting. Developing and mainlaining r¢mote learning provision for pupils, absence during lockdown5 and isolation duelo COVID-19. PINEWOOD SCHOOL LIMITED GOVERNORS, REPORT INCORPORATING sfRATEGIC REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 21121 STRUCTURE, GOVERNANCE AND MANAGEMENT (contin￿ed) Fai171pe to Comply ifiih Sialiilory Regulalion5. The School is required to comply with a variety of StatutOTy Regulaiions in order io provide an appropriate level of education and a safe environ1￿en1 for pupils. Staff. other users of the site and vi51tors. The key contro15 to mitigate thi5 risk COTnpri5e of.. Policies and pn)cedures to ensure that Statuti)ry regulations are met. Striet v¢tting and safeguarding Procedur￿ with resp¢t to employmeni of staff. Regular internal checks and external inspections io confirn) compliancc whih legal requiremcnis. ￿gUla[Ory guidelines and esiablished good practice. Failure io Coinply wilh G(wep'nmeni Guidonce on COVID-19. The Sch(M)l is required to comply with a variety of Government Guidance in order io provide a safe environment for pupils, staff, other u5er5 of the 5Lte and vi51tors. The key controls to mitigare this risk cornprise of= Policies, procedures and risk assessments are in place and implernented effectively. Staff and pupi15 are provided with safe fa¢Élities and equiprneTtt a5 identified in the risk assessments. Cotnmunications with kcy stakeholdeTS is Jnainlained. Suffioi¢nt insuraD¢¢ IS in plar¢. Sftfeguordlrtg All Governors ar¢ responsible for Safeguarding at Pinewood: they endotse the Safeguardin8 Policy when ever ir is updated and at least annually. ieview Safeguarding ai each Council meeting and consider specific issues Inore frequently as required. Governors receive safeguarding training ai leasi every ihree years. The S¢h¢)ol has a Nominated Safeguarding Governor (NSGI and he is sUPPOrted by ihe Designaied Safeguarding Lead (DSL) (Depuiy Head) and Deputy DSL (Headinaster'5 Wife). Pinewwd has a further six senior safeguarder5 covering all #ge groups a¢ross the School ineluding F-safeiy. "I lic l)SL me¢ts with all of th¢ safeguarding team forjiially on a terinly baSL5 and holds regular informal meetings and di.scussions with ihetn as required. He also mttts the NSG on a tennly basis and on more occassons when required. All 51drreoinplde formal safeguarding training every three year5 supplemented by regular Maff updates and training sessions. 'I'lie NSG carries out an annual review including inspeciion of the Single Central Register, re¢witm¢nt files and other .S(tfe¥piiarding practices and procedures. The NSG and DSL then report io the Governors in their annual safeguardtng report. 'I'lIL I)SL compleies an annual Oxfordshire s¢hools' audii and is subject to a full safcguarding audit by the Oxfordshire I.IlLdl Area Designated Offjcer (LADO) every S years- the most recent one took place in October 2021. Safegiiarding is Iil.%(I part of the Independent Schools Inspectorate (ISI) Inspections which are due to takc place every three years. Ihe most I'LLLiiI one took place in March 2018 but the next ha5 been delayed due to inspections being suspended whilst schools were LIITrsLd due to the COVID-19 pandemTC. (IILIECTS, AIMS. OWEcfivES AND PRINCIPAL AcfiviTIES Cliarilrtble Objecrf 'I'lie Object of the Chariry. as sei ou¢ in the Coinpany's Memorandum and Articles of Association, is lo advance ¢ducation by the provision of a day and boarding school (in or near Bourron, Oxfordshire) and by ancillary or incidental educational aciivities and oiher as50ciaied aciiviiies for rhe benefit of ihe community. The Tnain benefi¢iarie5 of the Charity are the pupils who are boys and girls aged 3 - 13- some of whom rffeiye Theans-tested as%istante with the fees. There are also other beneficiaries ouiside of the s¢hool community who are providcd with access to the facililies and proyisiort of activilies and sUPPOrt. Strntegic Aiiii 41nd liifended Effecl The Sehool's strategic aim is to release the potential of our pupils by developing character. curiosity. learning and skills through a varieiy of opportuniibes tha( preseni themselves wiihin the academic. sporting. musical, dramatic and art15ti arenas. as well as ihrough our activity and adventure prO￿arnmeS and approach to boarding. These areas of activity are provided in order io draw oui their natural ability and academic potential, Stimulate and develop wider interests in life and to moiivaie ihem for further successful developmeni at the senior school of their choice. The School's co-educatitsnal philosophy. country location. flexible approach to boarding. size and high levels of pastoral Care all combine to create an environment that allow5 the pupi15 to ¢njoy a happy, Secure and fuifjlled childhood that engenders courteous. kind. ultivated and eonsiderate children who possess a degree of independence. all builr on rhe bedrock of iraditional Christian Yalues. Whilst ftrrnly I￿l￿g a Christian school. Pinew(M)d promotes understanding and emparhy with all faiths and backgrounds on an inclusive basis. PINEWOOD SCHOOL LIMITED GOVERNORS, REPORT INCORPORATING STRATEGIC REPORT (Continued} FOR THE YEAR ENDED 31 AUGUST 2021 OBJECTS, AIMS, ORJECTIVES AND PRINCIPAL ACTIVITIES (cont5nued) Objecllvesfor Ihe Year In selling rhe objectives and planning activities of the School. the Governors have cornplied with the duty in section 17 of the Charities Act 2011 to have due regard for ihe Charity Commission'5 generdl guidance publi¢ ben¢fitand in particular its supplementary public guidance on advancing educatiort and fee charging. The main objective for the year was to continue the achievements of previous years by ensuring all pupils, from all backgrounds. are educated io a common high siandard in ord¢r that they will b¢ ideally pla¢¢d to gain maximum benefit from the education and development offered by their chosen senior schoo15. Pinewood aiJns to fe¢d children to a variety of leading senior s¢hools. both lo¢al and national. whilst acknowledging its broad intsk¢ and the importance of parental ¢hoi¢¢. The S¢hool has continued to maintaift an appropriate statTto pupil rntio 50 that all children are able to benefit from close tuition and mentoring. Tea¢hing wo5 provided to the L¢avers tailored to the schools of their choice and the pupils, abilities to ¢nsure th¢ir applications were Success￿1. Our cU￿1culUrn objectives.. To provide a broad and balanced cU￿1cUluM ihat gives ourpupils the necessary skills and knowledge to gain entry into their chosen senior sch(xil ai eiiher I l or 13. To enrich the learning experience for our pupils beyond the usual eXp￿tationS of the National Cu￿1¢U1um. To produce well-balan¢ed and rounded children who appreciate other cul(ures as well as their own. To develop thinking skill& and enable our pupils to take resp)nsibility for their own leamin8 both now and in the ture. To promote citizenship skill4 and an understanding of the Tmporlan¢¢ of sl¢wardship of th¢ global environment. To develop in our pupi15 an intellectual enthusiasm and curiosity. PrinelpalAerfvlty The School'5 principal activity continues to ￿ the provision of education ftir children of both sexes in the age range 3 to 13. Pinewood welcom¢s ¢hililren of all abilitie5 and from all backgrounds. li is well established as one of the leading preparntory ￿h0O15 in ihe South of England, attracting pupi15 from a wide area. The combination of academic rigour in the classroom with opportuniiies to explore a wide range of sporting and other activities ensure5 we provide preparation for life ai the leading independent senior schools of rhe UK. Volunleers The Friend5 of Pinewood is a volunteer group of parents who work tirelessly to organise and rnn a rdnge of evenis for the School. thereby raising funds which are pui to the benefii of the School and other charities. In 2020-21 they distributed total of £7.500 to the following charities. Swindon Night Shelier. Pennyhooks Farn) Trusi. Threshold. Oxford Aniinal Sanciuary and Oak and Furrows Wildlife. each receiving £1.500. During the year two members of the wider Pinewood Community volunteered to assisi 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 Spo￿ coaching ond specifically cross countty. The School is very gTateful for th¢ir ¢fforts. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Opérniloii&lPÉrformotsct of ihésehool Following a rigorous Selection and appointtnent proc￿, Mr Neal Bailey took up FN)St as Headmaster at the start of the ocademic year in September 2020. The ongoing COVID-19 pandemic continued to have a significant impact on the School's operdti0ll5 throughout the year including maintaining a safe COVID environment for pupils, staff and visitor5, conducting COVID te5tin& eslablishing relationships with new and exis(ing parents online and a second round of online ¢¢aching. The School was not abl¢ to open other than io children of key worker5 and vulnerable children for the majority of th¢ Spring Tertn 2021. During this period the School swce5sfully coniinued its educational provision through its online Pin¢wood Virtual Learning Programme. All pupi15 sitting Common Entrance passed their exams for their senior school of iheir choice. The overall average pass wnark in¢r¢a5¢d by 20/0 to 60¥0 compared to the previou5 year. In addition to this, 20 scholarships or oiher awards to senior schoo15 w¢r¢ achi¢ved 8cross the speclrnrn of a￿deMIc. music, swTrrts and th?ma including the top academic scholarship lo Magdalen College school. on¢ of the most xademica]Iy Selective senior schools in the country. PINEWOOD SCHOOL LIMITED GOVERNORS. REPORT INCORPORATING STRATEGIC REPORT (continued) FOR THE YEAR ENDED JI AUGUST 21121 REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR (Continued) The School continued through ils assemblie& regular acts of worship. Life Skills lessons and drama sessions to develop the children's social conscience. spiritual awarene￿ cultural aniennae and a reg8rd for their own safety and well-being with provision switching to delivery through the Pinewood Virtual LeaTning Programtne when thc School was closed to the majority of pupils due to COVID-19. The Head5 of Schools (Uppcr. Middle, Lower and Pre-Prcp), fonn Tutor and I lousc systein offered a high level of pa51Otal carc enablirjg children io confidently grasp opponuniiics prescnicd io Ilicm and forge loyalties that transcend both age and gendLr. A I le41d of Wellbehng and Einoiional Suppori provides further pasioral support to ihc pupils. Music, DratRa and Art have continued io flourish and all year groups havc been presented wilh opportunities io perforrn or exhibit work io their peers albeii some look a differeni forni ¢omp8r¢d to previous y¢ar5 bccause of the consirainis imposed by COVID-19. Of particular noie was the switch of the Year 7 play, which 15 the pinnacle of the School drdma productions. to film. with the children performing Romeo and Juliet. l>iii¥wood continued to offer children a fvll range of major and minor 5p)rts when the S¢hool was open in the Autumn and .%iiiiiiiTr¢r terms but the usual calendar of compeiiiive sports against other schoo15 wa5 s¢ver¢ly limited due to COVID-19. NI'vL'i1hele5s, all children had the opportuniry io participate in sFM)rt rnising their levels of fitness and enjoyment while iIiiPLtriiIig skill and a feeling of t¢aTn spiriL Our adv¢ntur¢ adivities, trips and lecture programmes continued to challenge and inspire a myriad of children, switchirtg to on line delivery where required for COVIt>l 9 reason5. and through the Iipportunities presented the ehildr¢n have develoT*d character, independence. learning and skills. A highlight of the year was ihe otTicial opening in May of The Hoyland. Pinewood's new teaching aiid learning centre, by HRH The Prince of Wales and the Duchess of Cornwall. This marked a splendid and joyful Liid 10 J Lliallei)ging year due to the COVID-19 pandemic. During 2020-21 there were on averoge 404 children in the School. of which 302 attended ihe l)rLP School and 102 were in tlie Nursery and Pre-Pr¢p School. Detnand for place5 Loiiiiriue5 to be buoyaiil iesuliiii¥) iii IliL Scliool beli)8 full iii tlie ajority of year group5. Enquiries have increased thrcc-fold during the year which thc GovcTnors consider is extremely encouraging for future particularly as this i5 al J LiinL %vIILii my1￿C fa]￿ilieS are utKlcr financial pressure and the School Continiies to operdtc under (he conslrdints orc()vii> i i). Niiinbcrs of children boarding ai the School coniinuc io bc sirong and iiujnbers are expectcd to increase further when the c'()Vll)-19 pandemic ends. Boardin8 leaches children another level of independence while reali5ing they have I'L%PI)iisibilities to a close-knit comjnunity and that their behaviour must reflect shared standards and principles and a L(*i?Iinon core of values. liill-niimbers remain steady.. the average figure for 2020-21 was 117 (116 in 2019-20) across all disciplines, which equates li) 1)5 liill lime equivalents. I k'%i)ilC the challenges and diversion of rhe COVID-19 pandemic. planning and development of the School's facilities L(Trllliiiiied in line with Ihe 2019 Sirategic Review. Phase 2 of ihe Pre-Prep olTice exiension wa5 coinpleted and the Lower cli()ol ¢lassrooins were refurbished wilh an additional WOTk space beingcreated at mezzanine level. As part Of the School's coininiimeni io Safeguording, iinprovemenis were made 10 Security and safeEy including the insiallaiion of electric gales ai Ihe access point where the school building5 aTe adjacent to the road and upgrdding of CCTV. Positive and encouraging progress was also Inade as pan of the lengthy proces5 of diverting the public footpath crossing the school site with pre- application di%ussioDs iaking place wilh the relevant slaiutory partics. Illanning for thc iTr5tallation ofa sccond All Wcather Pitch, which will extend and enhance the sporting opportunities for ihe children. continued. Invesiineni was also made in IT and other teaching resourees as well 8S the design of a new website. Pmblle Beiiefli The School has a Public Benefit Strategy and a considerable arnount of time was spent by Governors reviewing and updating it during ihe year. The aim of this Siraiegy is to ensure ihai the School provides Public Benefil now and in the longer term to ihe public a5 a whole. including rhose in poverty, in addition to the current beneficiaries within the School. Th¢ School normally I￿kS to provide Publi¢ Benefit Io 8SSiSt those in the Ioc31 area because they can take full advantage of thc School's activities and faciliiies. Ilowever, the khool also suptM)rtS the public, including those in poverty. further afield through ils bur5pry programme and ils SUPPOrt io chariiies worldwide. PJNEWOOD SCHOOL LIMITED GOVERNORS, REPORT INCORPORATING STRATEGIC REPORT {fon(inued) FOR THE YEAR ENDED 31 AUGUST 2021 REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR (eontlttlled) Bursftrles Olher FlnthnclulAllt)w&nees The School is particularly sensitive to ihe costs associated with delivering first class education, and seeks to extend its provision and facilities as far as possible to those who might not otherwise be able to afford them. The School's Bursary Policy is incorporated in the Public Benefit Strategy. li is published on the website and is reviewed artnually by the Governors. All bursaries are considered by a sub-committee of the Governors ond ar¢ aw¥rd¢d to allow a¢¢ess to the S¢hool for those f2Tnilies whose financial circumstan¢¢s would not p¢rmit their Children to b¢nefit frorn a Pinewood education. All means tested bursaries are reviewed on an annual basis. Subjeci to the budgetary constraints, the School also provides means- tested assistance with fees in cases of sudden, unforesctn need experienced by families of ¢xisting pupils- these are known as Hardship Bursaries. When pupi15 attend Pinewood on bursaries we liaise with senior schools to help seek continued bursary provision for them so supporting ih¢5e pupi15 OTrto th¢ir s¢nior ￿h0o1 ¢duution. Allowances including bursaries and staff discounts tothlled £414.801 for ihe year. £186.603 were mean5 teS￿d bursaries which equated to 3.1 /0 of gr0&5 fee income. This Wds under the 4.3 /• of gross fee income allocated at ihe start of the year for means tested buTsaries and (he underspend will be allocated to increase the amount available in the coming years. 22 children received means tested bursaries which w&% ihree more than last year, seven of whom received fijll ￿ndIng and a further ihree received 754)A or more of the fees. The level of funds allocated from the general fijnd for bursaries in 2021-22 h&$ been set at 4.30/0 of forecast gross fee income. Further ￿ndS will be made available for the designated Public Beneftt and Community Fund should it be ealled upon during the year,. this Fund currently stsnds ai £89248. Publlc BeneJ7iAecus i￿ Oihers In addition to the provision of buTsaries as detailed above, th¢ School ¢ontinues its involvem¢nt in the local ¢ommunity with th¢ aiTll of widening access of sts facilities resour¢e5 to other ben¢fi¢iaries outside of the School's Community. COVID-19 prevented many of thE physical Outreach opportunitie5 that norrnally take place throughout the yegr. Public Benefir Aclivifies thoi ¢Jlign with the School'5 Ckniiable Objeci. The School has a H¢ad of Outrea¢h who develops our outre￿￿ programme and rel￿10n5hIps with our local primary 5¢hool5. Pinewood pupi15 shared a virtual 'Cauldron Chemi5ty' session with pupils from Ashbury and Bi5hopston¢ primary 5¢hool5. Year 5 pupils froTn I I local Primary Sch¢MTrls nomially attend our annual Math5 Challenge moming although it was Cancelled this year due to COVID-19. This in an annual event and is detailed on the SchLY)Is Together website. Five local Primary Schools nornially attended a Science Experience afternoon tsking part in lighting Bunsen Burners and flame iests. an electricity workshop and using microscope workshop. This is an annual eveni and is detailed on the Schools Togeiher website but was noi able to 80 ahead Ehis year because of COVID-19. Pupils from Bishopsione Primary Schcx)l usually attend talks. aciiviiies and perfornnnces of plays ai Pinewood throughoui the year but this year. it was noi possible due io COVID-19. Transport is provided to the local primary schools 10 allow these outreach events to take place. Pinewood continues io be used by a sports Organisation during the E&ster and Summer Holidays to provide 4 week5, Worth of daily holiday Camps for local children aged 13 or und¢r. The School forged a link with Athbury Primary School and hO￿S to develop an (trutreach prngramme over the next year. COVID-19 rKrmittin Our parent fundraising body, Friends of PinewotxL donated money to Bishop5tone Pri]nary School to complete their on802ng appeal for a coyer over their playground. The Year 8 Scholars were going to Bishop5tone Primary School to 'SUPFth a teacher, on a rota over 3 day5 and plann¢d to h05t pupils at Pinewood for a morning of 5POrts. Both events were ¢an¢elled due to COVID-19. PINEWOOD SCHOOL LIMITED COVERNORS, REPORT INCORPORATING STRATEGIC REPORT (continyed) FOR THE YEAR ENDED 31 AUGUST2021 RKVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR (eontinued) Oihtr Piiblic Benefii Aciivilies. Pupils from ihe School norn7ally lake pan in Freshbrook Community Outreach where sol￿e Yepr 8 pupils rhal and play board game5 wilh the older members of the ChU￿h ¢ommunity. This did Dot take place this year due to COVID-19. The School ¢nwurages the re5id¢nts orth¢ villag¢ of Bourton to use its sporting ald other aineniiies for local omjnunity events free of charge Bourton Villagers and their families are invited to attend the School's annual Bonfjre Night free of charge. Pupils 2nd siaff from Bishopstone Primary School were also provided free en￿ to ihis eveni. The School provides power io the Village's Christsnas lighis and on occasions lends equipinent. The Schwl supports the local church by attending services and providing financial a5SiStanc¢, an initiative which has prevented it from closure. The School donates a tree io the Church annually. The Headmasier is Chairnian of the Bourton Alms Houses. The School regularly provides work experience for posl-GCSE sludents and trainee teachers. Churiloble Doiialions Pinewood continued to support severdl external charities through fundraising events during Ihe year. Children and staff rdised £6,743.45 by running a 24-hour Jnarathon for the Shonda Project (Reg No.. 1075035). which is a small independenl harity that has helped provide Kenyan children with affordable pritnary education. The children raised £1.229.1 I for Pinewood and Bourton church and £1,165 wa5 raised for men's health. These chariiable activities give the pupils the understanding of their social and environmcnial rcsponsibililies which is one of the cornerstones of their education at Pinewood. Fuiiilrnlsiiig Performance The School has an established a Development Offic¢. li is pl8nn¢d that this will d¢v¢lop rnto fvndrdi5ing for new faeilities and provision of bursaries in the mediuin to lon8 tertn. r)iiring the year the School raised £28,982 in voluniary donaiions (including Gift Aid) fiDm 152 sets of parellis to assist in dcliverillg new and iTnproYed facilities within the School. I.'INANCIAL REVIEW Af4D RESULTS FOR THE YEAR Nil iiicojne for the year achieved a surplus from the unrcstricted fund of£614,61812020.. £309,079). Surpliises are required li) liind our on-going capital expenditure which is needed to upgrade and enhance the School's facilities in order to keep l)IlLL Wlth what is expected of us as a firsi-class educational es(ablishmeni. In ?019-20 the School complctcd ihe Libii%liuction of a £3.2m Teaching and Leaming Centre as ideniified in Pinewood's Siraiegic Review. This new building liir Middle School has allowed for completion of the reorganisaiion of office space. classrooms and expansion of the b(KITiling pastoral areas in the main school buildin& .1 hc %chool has a bank loan facility of £542.723 (as ai 31 Aug 21) io fund cons¢ruciion of ihe new Teaching and l.earning Lcnlic: the total bank loan facility is £896.227 ai 31 Aug 21). The School has dcposii¢d available ￿ndS on short tcrin deposiis throughout the year providing an incorne of £7.607. As an educational charity, the parenis of our pupils have ihe reassurance that all ihe income of the School is applied for educational pu)P05es. The School is exempt from tax on Éls educational a¢tivities and surpluses, although the School does pay PA YE Income Tax and Nl Conlributions on all staff salaries and the VAT that li pays for iiems purchased and services received 15 irrecoverable. Reseffts Pollcy The School has a capital projects programme over the ihree-year perioj to 31 Augusi 2023. at least £1.7m is required to achieve this plan. As ai 31 August 2021 rhe School held free reserves under rhis p)licy of approxim*¢ly £1.35m {2020.. £0.522m) which represents approxiinately 70Vr* (2020.. 30Vo) of one t¢Dn's expenditure. PINEWOOD SCHOOL LIMITED GOVERNORS, REPORT INCORPORATJNG sfRATEGIC REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2021 FINANCIAL REVJEW Af4D RLSULTS FOR THE YEAR (continued) Once the Cu￿ent programme of work5 is completed the financial plan will include replenishing free resetryes in line with the Council's policy. The primary use of additional ur￿eStricted funds generdied over the period of the progrnmrne will therefore be to provide funds for these new capital project5. These fvnd5 will not increase the level of free reserves as they will be represented by fixed assets. In addition, it is expected ihat the timing of the funds generdted over this period will match the timing of the capital expenditure thus leaving minimal free reserves at any stage over thi5 period. Over the Inedium tenn. the Council has identified a need to rebuild its free reserves equivalent io one terni's expenditure for the following puryoses= To achieve a margin of w0￿1ng capital to enable all aspects of the School's work to conducted in an orderly and e￿l¢lent manner. To achieve a liquid reserve to provide cover for unexpected variations in its income stream or unavoidable expenditure Ihai cannot be funded from current income. FUTURE PLANS Key I￿getS for the following year in¢lud¢- To continu¢ to impTOV¢ th¢ provision of education with the targ¢t of a¢hi¢ving num¢rous s¢holar5hip5 and aw8rds. To continue with the plan for ihe provision of futur¢ faciliti¢s to en5urethe School providesthe educational and ppstoral need5 of curr¢nt and futilTe pupil numbers in line with its Strategic Review dated March 2019. This will in¢lud¢ cornpletion of the additional All Weather Pitch and security enhancements including continuing w progre55 the diversion of the public footpath. To carry oul a Strdtegic Review in Autymn 2021 and implemenl any Short term improvements achievable within ih¢ year. To further implement its Public Benefit Strategy and 5pecificallyio continue with the provision of subsiantial bursaries to low income families to enable access to the School and continue to develop our links and benefits to A5hbury and Bishopsione Primary Schools as well as our other local primary schools. STATEMENT OF GOVERNORS RESPOIYSIBILITIES The Govemors (who are also directors of Pinewood School forthe purposes of Company Law) are responsible for preparin8 the Govemors, Rew)rt and the financial statements in accordance with applicable law ar]d United Kingdom Accountin8 Standards {Uniied Kingdom Generally Accepied Accounting Praaice). Company Law requires the Governors to prepare financial statements for each financial year which give a true and fair view of the State of affatr5 ofthe charitable company and of the incorning resources and application of resources, sncludin8 the income and expenditure, of the charitable cornpany for that period. In preparing the5¢ financial 5tatetnents, the Governor5 are required to.. Select Suitable accounting policie5 and then apply them con5islentlyi Observe the mdhods and principles in the Chariiies SORP,. Make judgements and estimate5 that are reasonable and p￿dent. State whether applicable UK Accounting standards have ￿en followed. subject to any material departures disclosed and explained in the financial Statements. Prepare the financial siaiements on the goingconcern basis unless it is inappropriate to presume thal the charitable company will continue in business. 10 PINEWOOD SCHOOL LIMITED GOVERNORS, REPORT INCORPORATING STRATEGIC REPORT (continued) FOR THE YEAR ENDED JI AUGUST 2021 STATEMENT OF GOVERNORS RESPONSIBILITIES (continved) The Governor5 are r¢spoll5Lble for keeping proper accounting rec(Trrds that dtsclose with reasonable accurncy at any time of ihe financial posltion of the charitable company and enable theTn to ensure that the financial siateinenis comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for iaking reasonable steps for the prevention and detection of fraud and other iTregularities. So far &8 each of the Governors is aware a( the lime the report is approved.. There is no relev￿11 audit infonnation of which ihe company's audhtors are unaware. and 'rhe Governors have taken all steps thai they ought to httve tsken to make themselves aware of any relevant audit infonnation and io establish that the auditors ate awue of that informatio AUI)ITORS In accordance wilh Secrion 485 of rhe Companies Act 2006. Ihe appoiniment of auditOTS to the Company was discussed ai the Aiinual General Meeiing on 27 November 2021. It was agreed io appoint Haysmacintyre as audito￿ for the financial year 2021-22. Approved by the Bo8rd of GovernoT5 and Signed on its behalf by.. 11 l. Iladham-Thomhill REPORT OF THE INDEPENDENT AUDITORSTO THE MEMBERS OF PINEWOOD SCHOOL LIMITED FOR THE YEAR ENDED 31 AUGUST 2021 Opinion We have audited the financial siatemenis of Pinewo(¥J Sch￿1 Limited foT the year ended 31 August 2021 which ¢ompTise the Statement of Financial Activities. the Balance Sheet. the Cash Flow Siatemertt and notes to the financial staternents, including a summary of significant accounting policies. The financial reporting framewoTk thai has been applied in their preparation is applicable law and United Kingdom Accounting Standards. irtcluding Financial Reporting Standard 102 Th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland (Uniied Kingdom G¢nerdlly A¢¢epted Accounting Praaice). In OUT opinion, the financial statements.. give a true and fair view of the slate of the charitable COM￿nY,$ affairs 8$ #t 31 August 2021 and of the charitable company'5 n¢t movement fvnds, in¢luding the income Jnd expenditure. for the year then ended. have been properly PTepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance wilh the requiTements of the Companies Act 2006. Basffts for opinion We conducted our audit in accordance wsth International stand￿ on Auditin8 (UK) (ISA5 (UK)) and applicable lY4w. Our responsibilities underthose standards are furtherdescribEd in the Auditor'5 responsibilities forthe audit of the financial statements section of our rewjrt. We are Èndependent of the group in accordance wsth the ethical requirements that are relevani to our audit of the financial siatements in the UL including the FRC'5 Ethical Standard. and we have fulfilled our other ethical reswnsibilities iTt accordance with these requirements. W¢ believ¢ that th¢ audit evidence we have obtained is sufficient and appropriate to provide a b&sis for our opinion. Conclu$ions TelY4ting to going con¢¢rn In allditing th¢ finan¢ial stal¢m¢nts, we have concluded thai the governof use of the going concern basis of accounting in th¢ pr¢paration of the fin8n¢ial 5tatemenls is appropriate. Based on the work we have perfornied. we have not identified any maierial uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company's,ability to continue as a going ¢on¢ern for a period of at least twelve monihs from when the financial ststements are authorised for issue. Our responsibilities and the responsibilities of the governovs with respea to going concem a￿ descril*d in the relevant Sections of this report. Other information The governors are responsible for the other inforniation. The other inforniation comprÉses the infornvdtion included in the Report of the Govemors. other than the financial siatements and our audiiorfs rep)rt thereon. Our opinion on the financial statements does not cover the oiher inforniation Ond, exeept to th¢ ext¢nt otherwise explicitly stated in our report. we do not express any forni of assurance conclusion thereon. In connection with our audit of the financial siarements, our responsibility i$ to r¢ad the oih¢r infoTmation and, in doing $0. consider whether the other infomiaiion is materially inconsistent with the financial ststem¢nts or our knowledge obiained in the audit oroiherwise appears to be materially misstated. If we identify 5u¢h material in¢onsistencies or apparent material misstatements, we are required io deiemiine whether there is a material misstatement in the finpncial statements or a material missiaiemeni of the other infomatiort. If. b&sed ort the work w¢ hav¢ perfornled, we conclude that there 15 a material misstatemeni ofihis other inforM￿lOn, we are requI￿d to reportthat fact. We have nothing to report in thi5 regard. Oplnlons on oth¢r rn8tt¢rs pr¢s¢rib¢d by the Comp*Die5 A¢t 2006 In our opinion, based on the work undertaken ID th¢ course of the audiL the information given in the Governors, Report (which includes the strategic report and the directors. report prepared for the purpose5 of company law) for the fjnancial year for which the financial statements are prepared LS consistent with the fJnan¢ial slatements. and the Governors. Report (which incorporaies the strate8ic report and the directors. report) has been prepared in accordance with applicable legal requirements. 12 REPORT OFTHE INDEPENDENT AUDITORS TO THE MEMBERSOF PINEWOOD SCHOOL LIMITED (tontinucdl FOR THE YEAR ENDED 31 Aucugf2021 Matters whieh we are required to report by exception In the light of the knowledge and undersianding of the charitable ¢omp3ny and its environment obiained in the course of the audit, we have not identified maierial mi551ateinents in th¢ Gov¢rnoT5' R¢port (which incorporates the strategic report and the dire¢tors' report). We have noihing to report in respect of ihe following Matte￿ in relation to which ihe Companies Act 2006 requires us to report to yoit if, in our opinion-. adequate accounting records have noi been keFX by the ¢I￿rItable coinpany. or the ¢haritsble company financial 5tat¢ments are not in agreeTll¢nt with the accountin¥ records and reiurns. or certain di5¢1osures of tru5tees' remuneration specified by law are not iMade' or we have noi received all ihe infcmiion and explanaiions we require for our audit Ile.4pnnsibilities of Irustees for the financial statements As Lxplaincd more fitlly in the irustees. responsibilFties stateinent set out on page 9, the trustees (who are also the directors of il)c charilable company for the purposes of wmpany law) are reS￿nSIble for the preparntion of ihe financial 5tareineJ)ts And for being sptisfied thatthey give a true and fair view, and for such internal control as the trustees deierniine is necessary to cnable the prepardtion of financial ststements th￿ are free from material mi8stalemenL whether due io fraud or error. In preparing thc financial statements, the trustees are re5pon5ible for assessing the charirable company's ability to continue as a going concern, disclosin& as applicable, matters relaied io going concem and using the going concern basis of accounting unless the trustees eiihei intend io liquid￿e the charitable coinpany or to cease operation5, or have no realistic alternative bul to do so. Auditor's responsibilitie5 lor the #udit of the financial staternenls Our objeciives are io obtain reasonablL assurdnce atKTrut whether rhe financial 5thtemen15 as a wl)ole are free from inaterial missiaieinent, whether due to fraiid or errn)r, and io issue an auditor's report that include5 ouropiiiion. Reasonable assurance i.¥ a Iii&Trh level ofa5suranc¢, bui i5 noi a guarlliltce thai an audit conducted in accordance with ISA5 IUKI will always deieci I iiiaierial misstsiein¢nt when it exists. Misslateinent5 can arise from fraud 01 etror and aic considered material if, iii(lividiially or in the aw¢gat¢, they could redsoiiably k expecled to influence the economic dcri.¥ion5 of users taken on IIIL l)asis of these fiiiancial statements. In-LbTulariiies, iiicliiding fraud. are instance5 of noii-coiiipliatlLL' IVLtli law5 and rcgulali0115. We Ilc%i¥Jii procedure5 in line with our responsibilitie5, Outlined above, to detect maLerial riiissidicinen15 iii ￿SpCct of iTrLgTulariii1s. iiicluding fraud. The extent to which our procedures are capable of deieciing irregulariiie& incliiding frdiid is detailed b¢.11)￿.. Based on our undersianding of the Charithble company and industry, we identified that the principal risks of non- compliance with laws and regulaiions, ¢ompany law and charity law applicable irt England and Wales. and we considered Ihe extent to which non-compliance might have a material effect on the financial siarements. We also considered those laws And IEgulation5 that have a dire¢1 impact on the prepaTaiion of the financial staiements such as the Coinpanies Act 2006 iiIid Charities Act 2011. WL Lvalualed Inanagement's incentives and opportunities for frdudulent rnanipulation of ihe financial stateinenis {iiiLliiding the risk of override of tontrols) and daennined thai the principal risks were relared io management bias in iILL(Hll)ting estimates. Audit procedures perfomied by Ihe engageineni ieam included.. Inspection of corre5polldence with re8ulaior5 and lax auihorilies- Discussion5 With manageimenl including consideration of known or susperfed instances of noncompliance with law5 and regulatioll fyaud: Evaluating monag¢ment's controls designed io preveni and detect irregularities. Identifying and testing journals. and Challenging assuinptions and judgements made by management in their critical accounting estimates. A further description of our responsibilities for th¢ audit of th¢ financial 5tat¢rn¢nt5 is located on the Financial Reporting Council's website at.. www.frc.oro uklauditorsre sibiliiies. This (ks¢ription forn)s part of our auditor's report. 13 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OFPINEWOOD SCHOOL LIMITED (Continued) FOR THE YEAR ENDED 31 AUGUST 2021 Use of our report Thi5 report 15 rnade solely to the charilable ¢oMpan￿S tTtembeTS, as tt I￿y. in accordance with Chapter 3 of Part 16 of the Companie5 A¢1 2006. Our audit WOTk has been und¢rt8k¢n so that w¢ mighi state t(Tr the charitable COTnpany'5 memb¢r5 those matters we aTe required to stste to them in an Auditorfs report and for no otheT purpose. To the fullest extent p¢rmitt¢d by law, we do not accept or assume responsibility lo anyone other than the charithble company and the charitable company's members as a b￿y, for our audit worK for this report, or for the opinion5 we have fomied. Vikram S#ndhu (Senior Staiutory Auditor) for and on behalf of Haysmacintyre LLP, Statutory Auditor 10 Queen Street Place don EC4R IAG Date= 6 December 2021 haysmacinryre is eligible to act as an auditor in tern￿ of Section 1212 of the Companies Act 21K)6. 14 PINEW(M)D SCHOOL LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021 Unrestricted D¢sign%ted Restricted FuThd5 Funds Funds 2021 Total 2020 Total Notes INCOME FROM: Charltable 2etivlthes'. School fee5 Other income Other trading activities= Lelling income Investrncnt ineome Voluntary source5: Donations and fvnd raising Govemmeni grants 6,076,268 265.381 6.076,268 265.381 5,354,125 290,809 7.607 7.607 13.792 28,983 84217 28,983 84,217 34,281 204,266 "roTAL INCOME 6.462,456 6.462,456 5,897.273 EXPENDITURE ON: Charitable Activities: Education 5.847,838 8,131 5,855,969 5.600,029 TOTAL EXPENDITURE 5.847,838 5.855.969 5.600.029 NF.T INCOMEI(EXPENDITURE) 614.618 (8,131) 606,487 297,244 Tr&nsfer betwee￿ fllnds NET MOVEMEiYT IN FUNDS Tr-UR THE YF.AR 614.618 (8.131) 606,487 297,244 13alartces brO￿ght forward 9,948,675 89.248 59.336 10.097,259 9,800,015 Balances ca￿led forward 10.563293 89.248 51,205 10,703,746 10,097,259 The accompanying notes forni part of these financial siatements. All ihe charity's aciiyiiies during the alx)ve iwo financial years were derived froin coniinuiiig acliviiies. 15 PINEWOOD SCHOOL LIMITED BALANCE SHEET AS AT 31 AUGUST2021 Company Nurnber: 339394 2021 2020 Notes FIXED ASSETS Tangible ass¢ts 9,354.175 9.564,842 CURRENT ASSETS Sto¢k D¢btors Cash at bank and in hand 12,544 117,656 3.448,275 13.718 2,583,251 3,578,475 2,753.080 CREDITORS: amounts falling due Within one year 10 (1.478.964) (1,394.454) r4ET CURRENT ASSETS 2,099,511 1,358,626 TOTAL ASSETS LESS CURRENT LIABILITIES 11,453.686 10,923,468 CREDITORS: amounts falling duc After more than one year (749,940) 1826,209) NET ASSETS 10,703,746 10,097,259 FUNDS AND CAPITAL Restricted fvnds Unrestricted fund5 13114 51,205 10.652.541 59,336 10,037,923 TOTAL FUNDS 10.703.746 10,097,259 The financial statements weTe approved and authorised for issue by the Council on 27th November 2021 and were signed below on its behalf by.. R F Badham-Thornhill (Ch an) The accompanying notes forni part of these financial statements. 16 PIIYEWOOD SCHOOL LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Notes Jyet Cash inflow from operations {1) 1.040,274 780,615 Cash flows from investing activi(ies: Jnvcsrmeni income receipis Finance costs paid 7,607 (30,723) 13.792 (35.106) Net cash gf neratedl(u5ed) in investing Aetivltles (23.116) (21,314} C85h llows from investing Jclivities: Pa￿￿entS for ta￿lb]e fixed assets (152.134) (1,547,020} Net ¢4sh used in fiD*D¢ing activlties (152,134) (1.547,020) Change In eash and ¢Ash equivalents i the reporting period 865.024 (787,720} Cash and eash equfvalents at the beginniRg of the period 2.583,251 3.370,970 Cash and eash equivalents at the end of the reporting period 3.448.275 2,583,250 NOTES TO THE CASH FLOW STATEMENT 2021 2020 £'ooo £'ooD £'oou Recortciliatlon of ea5hnow from operation5 Nel INcomi￿g resources Elii)Jinaihon of non-oper*ing cash flow5: Investment incoffle Financing costs Depreciation charge Loss on disw)sal ofasseis (Increase) decrease in siock (Incrcasc) decrcasc in dcbtOTS Increas&'(de¢rease) in creditors 606,487 297,244 (7,607) 30,723 362.802 113,7921 35,106 298.920 1.175 38,455 8.239 1.412 75.554 186.171) 433.787 483.371 Net cash inflow from operations 1,040,274 780,615 Reconciliation of net debt At I Septtmber 202 £'ooo At 31 August 2021 £'ooo Cash Flows £'ooo Cash at bank Loans 2.583251 (1.014,591) 865,024 118,364 3.448.275 (896227) 1.568.660 983.388 2.552,048 17 PINEWOOD SCHOOL LIMITED NOTES TO THE FINANCIAL sTATEmE￿rs FOR THE YEAR ENDED 31 AUGUST 2021 ACCOUNTING POLICIES Basts of Preparatlon The accounts have been prepared undcr the Charities A¢t 201 l on histori¢al Cost wnvention and in accordance with applicable accounting S￿ndardS and the Stsiement of Recommended Practice on Accounling and Reporting by Chariiies.. the Charities SORP (FRS 102). Golng eoneern Having reviewed the filnding facilities available to the School together wth the expected ongoing demand for places and the School's future projected cash flows. the Govemor5 have a reasonable expKtatioD that the School has adequate resources to continue its activities for the foreseeable fviure. Accordingly, they continue to adopt the gosng concern basis in preparing the fitJan¢ial siatements. The following accounting policie5 have been applied consistently in dealing with items which are considered maltrial in relation ￿ th¢ School's financial statements. School fee5 F¢¢5 and rharg¢5 for 5¢rvi¢es and use of premi5e5 are accounted for in the period in which the service is provided. F¢e5 are stated after dedu¢ling allowances, scholarships and other remission5 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. DonAtion5, legacies grants and other voluntary ineoming resourees Voluntary incoming resources are accounied for as and when eniitlemeni arise4 the amount ¢an be reliably quantified and the economic benefiL to the School is considered probable. Govemmeni grant income relates 10 the Coronavirusjob Retention Sch¢m¢(CJRS} and is recognised a5 receivable in line with the period that the expense ha5 been incurr Voluntary income for the School's generdl purposes 15 accounttd for a5 u[￿tricted and i5 cr¢dited to the G¢n¢ral Fund. Where the donor or an appeal ha5 itnp05ed trust law re5triction5. voluntary incorn¢ is cr¢dited to the relevant restricted fund. Expenditure Expenditure is accnjed for as swn &% a liability 1$ ¢onsid¢red probable, dis¢ouDted to present value for long term Raising fund5 ¢OmPris¢ wsts ass0¢i*ed with lettings. Expenditure is allooted to ¢xpen5¢ headings either on a direct cost basis. or apponioned on a consistent basis. The irrecoverabl¢ el¢Jnent of V AT is in¢luded with the item of expense to which IT relates. Charitable Activities OTnpri5¢s all expenditUTe directly related io the objects of the school. Governance costs are those incurred in con￿￿tion wilh the governance of the charity and its asseES and are primarily associ￿ed with constitutional and stawtory requirements. Pension Costs The School cOntribu￿S to the Teachers. Superannuaiion Scheme ai rates set by the scheme actuary and advised io the Governors by the Scheme Administmor. For the purposes of complying with the relevant aecouniing standards. the Teachers. Superannuation Scheme is accounted for &8 a defined contribution schem¢ a5 the school is not responsible for or entitled io receive benefii for any surplus or deficit on the scheme. Th¢ amOU￿ts inolud¢d within the Statement of Financial Activities and Balance Shed are in accordance with FRS 102. Certain non-teaching members of staff are offered membeiship of a Group Personal Pension s¢h¢rne. Th¢ assets of this scheme are held separately from those of the School, being invested with an insurance company. The pension costs for tha( scheme represent the contributions payable by the Schotsl in the year. Leases and hire purehase Contracts Rentals paid under operating leases are charged ￿ the Statement of Financial Aetiviti¢$ evenly over the period of the lease. 18 PINEWOOD SCHOOL LIMITED ]YOTES TO THE FINANCIAL STATEMEf4TS FOR THE YEAR ENDED 31 AUGUST2021 ACCOUNTif4G POLICIES {eontinued) Fixed a55et5 Tangible fixed assets are included in the financial stalements al their original cost less d¢pr¢¢iation provided to date. Depreeigtion Depreciation 15 providtd oll all tangible fixed as5e15 at rdtcs calculaied to wriie otTthe costs le%$ estimated residiial value of each asset, by equal annual inslalments. over iheir expected useful lives which are consid¢red to be'.- Freehold buildings and improvements 50 years rixtur¢s and equipment 10 years Fa¢ilities 20 years Vehicles 5 years Coinput¢rs 3 yeaT5 Land and assets under the course of eonstruciion are not depreCI￿ed. Stoek All stock is siaied at the lower of cost and net realisable value. Debtors Trdde and other deknors are recognised at the settlement amount due aftei any discounts offered. Prepayments are valued at the ainouni prepaid nei ofany discounts due. C35h and bank Cash at bank and cash in hand incliides cash and short term highly liquid investments with a short moturity of three months or less from the date ol"acqLrisilion or opening of the de￿511 or similar account. Creditors and Provisions Creditors and provisiOtLS are recognised whcrc ihc %chnol has a p[C￿￿t obligation resulting from a pasi event that will probably resuli in the irdn5fer of funds ro a rhird pany and ihe amount due to settle the obligation can measured or esiiinaied reliably. Creditor5 and provisions are normally rccognised at their settlement amount after allowing for any di￿Ounts due. Fund5 l-he (ieneral l.und represents funds available for use ai the discrdÈon ofrhe Gowemors in fiii11ierancc of the objects of the charity and which have not been designated for other PU[￿se$. The Resiricied Fund represcnis donaiions where ihe donors state the particular purp)se for which the funds must be applied. Judgements in applying accounting policies and key source5 ofutirnation uNcertxinty Esiiinaies and judgements are continually evaluated and are based on hisiori¢al experience and other factors, including expeciarions of fuiur¢ events thai are believed io be reasonable under the eircumsianees. Although these estiinates are based on Inanageineni's best knowledge of the amount, evenls or actii)ns, actual Te5uIt5 may ulrimately differ fron) those estiinaies. The direciors consider ihe following iteins to be arcas subjerl to ¢stiinalion and judgcineni. Depreciaiion.. The useful economic lives of tsngibl¢ fixed a55et5 ￿ based on Tnanagetn¢nl'S judgejnent and experience. When managetn¢nt identifies that actual useful economic lives differ materially from Ihe estiinates used io calculate depreciation, that charge i% adjusted retroyciively. As tangible fixed assets ale noi significant variances beiween actual and estimated thseful economic lives will noi have a maierial impaci on the operating result5. Historically no changes have been required. Bod debi.. The School maintain5 a bad debt provision which is reassessed annually bascd on fte5 OUtStaT￿]ing from the summer terni. 19 PP4EWOOD SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2021 SCHOOL FEES 2021 20211 Fees receivable Bursaries and allowances 6.491.069 (414.801) 5,716,891 (362,766) 6.076.268 5,354,125 OTHER INCOME 2021 2020 Extras. Leaming Support Income Minibu5 R¢gistration f¢¢s 205,875 22,231 15,907 5,173 41.623 23,739 21,002 7,239 31.590 265,381 290,809 * Related expenditure included wiihin leaching artd sUp￿)rt costs. TAXATJON Th¢ charity ha5 currently beeTh granted exemption from corporation tsx under s478(1) of CTA 2010. on the income arising from its charitable a¢tivities provided that it is applied for charitable purposes. ANALYSIS OF TOTAL EXPENDITURE Total 2021 Total 2020 Staff costs Other Costs Depreeiatio Total Expenditure Charitable expenditure Teaching costs Welfare Premises Support costs and governance Finance costs Grants and donations 3.301.671 541.563 268.804 56.007 454.961 240,2TI 534,947 64,212 30.723 154.782 3,911,414 781,840 1.011,773 120,219 30,723 3,908,028 653,111 862,334 141,450 35,106 208.022 4.168.045 ,325,120 362.804 5.855,969 5.600,029 b) Govern8net ineluded in supp)rl eosts Remuneraiion paid to auditor for audit serrices 11,400 10,380 COMPARATIVE ANALYSIS OF EXPENDITURE Total 2020 Total 2019 S¢¥ff costs Other costs Depreciation Total Expenditure Charitable expenditur¢ Teaching etssts Welfare Pretni5es Support ¢05ts and governance Finance costs Grant5 and donations 3.293,857 143,532 241,161 56.836 481.880 509.579 453.909 84.614 35.106 132,291 3.908.028 653.111 862.334 141,450 35.106 3.741,490 732,950 901243 100,731 17,105 13,000 167.264 3.735J86 1.565.088 299.555 5.6(M).029 5,506,519 20 PINEWOOD SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (eontinued) FOR THE YEAR ENDED31 AUGUST 2021 STAFF COSTS 2021 202 Wages and salaries Social security costs Other pension costs 3.446,105 325,709 396,231 2,921203 288,710 525,473 4,168.045 3.735,386 Aggregate employtt benefits of key management personnel 696.820 764,697 The avelage number of employees during the year were 117 (2020.. 116) The average number of full lime equivalent employtts (excluding peripaletic staff) during the year was: Number Number Teaching staff Oth¢T ¢mployee5 44 44 95 95 l Govemor (2020-. 2) received reimbursemeni oreX￿￿8es during ihc year of £1 10 (2020= £537). The Sch￿1 provide5 indemniry insurance to iru￿¢c%. Ilic co41 of which 15 incliid¢d in the Sthool's Cornbined insurance policy. Terminaiion payments during the year amounied to £71.934 (2020.. £nil). The number of einployees whose emoluments exceeded £60,IM)O excluding pension contributions w8s= 2021 No 2020 No £70,001- £80,0 £80.001- £90,000 £90.001- £100,000 £130,001- £140,000 The nurnber wiLh retiremenLs benefils accruing in Defined Contribution 5cheines was of which the contribuiion5 amounted to £52.040 £56,069 21 PINEWOOD SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMEf4TS {eontinued) FOR THE YEAR ENDED JI AUGUST 2021 PENSIOTrI SCHEME The Teachers, Pension Scheme and Group Per50tfdl Pension Sch¢me operdted by Legal & General were closed during the year and the School sd up a new Group Personal Pension Plpn with Royal London. Teachers, Pension Seheme (TPS) The School has participated in the Teachers, Pension Scheme fthe TPS") foT its lea¢hing staff. but left Ihe scheme on 31 August 2020. The pension char8c for the year Includ￿ contributions payable to the TPS of £Nil (2020.. £492.399} and at the year¢nd £Nil (2020- £Nil) was &￿rUed in resp￿¢ of contributions to this scheme. The TPS is an unfunded multLital. In the event of the cornpany being wound up and unable to pay its debts each TnemTrw 15 liabl¢ lo contribute a SUTn not exceeding £10. 134. MOVEMENT IN FUNDS B¥lance at I Septernber 2020 Balance at 31 August 2021 Incoming Ruources Outgoing Resources Trnnsfers Unrestrleted - General fund - Public benefitand Community fund 9,948.675 89.248 6.462.456 {5,847.838) 10,563293 89248 Restritted ReStri￿¢d fund 59J36 (8.131) 51205 TOTAL FUNDS 10.097.259 6.462.456 (5.855.969) 10.703.746 Unresiricied Fttnds The Unrestricted General Fund wresents the unrestricted ￿ndS which ihe Governors are free to use in aeeordance with the chariiable objects. DesignaledFunds.' A designated fund was set up in 2020 and is int¢nded to be us¢d for public benefit and community support. This nd is available should it b¢ r¢quir¢d for haTd5hip bur5arie5 due to financial impact on families including COVID- 19. ResIrEc1edF￿nds The restricted fvnd5 ar¢ for the development of the school either through benefactor donations in year or for d¢pre¢iation ¢05ts of benefa¢tor purchases in previous years. 24 PINEWOOD SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS {eontinued) FOR THE YEAR Ef4DED 31 AUGUST 2021 13b. COMPARATIVE MOVEMENT IN Fuf4DS Balance al September 2019 Balancc at 31 August 2020 Incoming Re50urees Outgolng Rcsourees Transfers Unrestrieted General fvnd - Public benefii and community fund 9.639.596 89.248 5.897.273 {5.588,194) 9,948.675 89.248 Re51ricied - R¢stri¢t¢d fvnd 71,171 (11.835) (59,336) TOTAL FUNDS 9,800.015 5,897.273 (5.600.029) 10,097,259 14M. ANALYSIS OF f4ET ASSETS BETWEEN FUNDS Total 2021 Total 2020 Umrestricted Restricted Tangible assels Current assets Current liabilities Long tenn liabilitie5 9.345.060 3.536.385 (1,478,964) (749.940) 9.115 42,090 9,354,175 9.564.842 3,578,475 2.753,080 (1.478.964) (1,394,454) (749.940) (826209) 111.652.541 51.205 10,703,746 10,097.259 The Restricted Fund is io be iised for ihe fviure devel(wincni of the school. 14b. COMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS Total 2020 Total 2019 Unreslricted Restricted Tangible assets Curreni assffls Curreni liabiliiies .ong term liabiliihe 9.547.596 2,710,990 (1,394,454) {826,209) 17,246 42,090 9,564,842 8,317,370 2,753,080 3,617,765 (1,394.454) (1.642,343) (826.209) (492.785) 10.037.923 59,336 10.097.259 9,800,015 'rhe Restricted Fund 15 to be used for the future deYelopTnent of the school. 15. OTHER FINANCIALCOMMITMENTS At 31 August 2021, the School had future minimum lease paymcnis under non-cancellablc operating leases as follows'.- Plant and maehitlery 2021 21120 Expiring within one year Expiring between two and five yvdrs inclusive Expiring over five years 20,201 18.915 20.201 18.915 39,116 39.116 25 PINEWOOD SCHOOL LIMITKD NOTES TO THE FINAP4CIAL STATEMEKfs (eontinued} FOR THE YEAR ENDED 31 AUGUST 2021 16. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES- COMPARATIVE FIGURES Unre5trirt¢d Designated Restricted Fund5 Funds Funds 2020 Totsl Notes INCOME FROM: Ch8rilgbl¢ activities.. School fees Other income Other trading activi¢ies- Letting income Investment irtcome Voluntary sources: Donations and ￿nd raising Other Income: Gov¢Tnm¢Dt grants 5.354.125 290,809 5.354,125 290,809 13.792 13,792 34281 34,281 204,266 204,266 TOTAL INCOME 5.897273 5,897.273 EXPENDITURE ON: Charitable activities: Education 5.588.194 11.835 5.600,029 TOTAL EXPEIYDITURE 5.588.194 11,835 5,600,029 r4ET INCOMFJ(EXPENDITURE) 309.079 (11.835) 297,244 Transfer betwttn funds NET MOVEMENT IN FUNDS FOR THE YEAR 309.079 (11.835) 297,244 Balan¢e5 brought forward 9.639,596 89248 71.171 9,800,015 Balances carried fonyard 9.948.675 89248 59,336 10.097,259 26