Wychwood School Charity Limited _(P_ r _eviously_ r _egiste_ r _e_ d _as Wychwoo_ d _School Limite_ d _)_ Report and Financial Statements For the Year Ended 31 October 2021 R **egiste** r **e** d **Cha** r **ity: 309684 Company Numbe** r **: 0380424** **Wychwoo** d **School Cha** r **ity Limite** d ## **Wychwoo** d **School Cha** r **ity Limite** d **Company Info** r **mation** D **i** r **ecto** r **s:** Mrs D J Pluck Ms A F E Stewart J Atkins r _( eti_ r _e_ d _26 Novembe_ r _2020)_ Mrs S Ballard _(_ r _eti_ r _e_ d _26 Novembe_ r _2020)_ W R rC B iant M Buttery _(_ r _eti_ r _e_ d _26 Novembe_ r _2020)_ J P O Cole Ms M rC C awford Mrs R J Hayes _(_ r _eti_ r _e_ d _26 Novembe_ r _2020)_ Dr A L Sharpley _(_ r _eti_ r _e_ d _26 Novembe_ r _2020)_ Ms H L Jackson _(appointe_ d _26 Novembe_ r _2020 an_ d r _eti_ r _e_ d _on 4 Janua_ r _y 2022)_ Ms R Page _(appointe_ d M _4 a_ r _ch 2021)_ **T** r **ustees** (who a re also the non-benefcial shareholders): Ms A F E Stewart W R rC B iant Mrs D J Pluck Ms M rC C awford **Company sec** r **eta** r **y:** P D rG anville R **egiste** r **e** d **Ofce an** d r **P incipal Ofce:** Wychwood School 74 Banbury Road Oxford OX2 6JR ## **In** d **epen** d **ent examine** r **:** N Westbury FCCA The Old Engine Shed Whetton's Yard Chapel Street Bloxham Oxon OX15 4NB ## **P** r **incipal Banke** r **s:** Barclays Bank PLC **Company numbe** r **(The company is** r **egiste** r **e** d **in Englan** d **an** d **Wales):** 0380424 **Cha** r **ity** r **egist** r **ation numbe** r R **( egiste** r **e** d **with the Cha** r **ity Commission fo** r **Englan** d **an** d **Wales):** 309684 **Wychwoo** d **School Cha** r **ity Limite** d ## R **epo** r **t of the** D **i** r **ecto** r **s fo** r **the yea** r **en** d **e** d **31 Octobe** r **2021** The D ri ectors ra e pleased to rp esent their annual report together with the audited fnancial statements of the charitable company for the year ended 31 October 2021. The fnancial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their fnancial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of I reland (FRS 102) (efective 1 January 2015). ## **ST** R **UCTU** R **E, GOVE** R **NANCE AN** D M **ANAGE** M **ENT** _**Constitution an**_ d d _**a minist**_ r _**ation**_ The company was incorporated on 5 May 1943. The ownership of the shares rests with Trustees governed by a settlement dated 16 November 1957. The company is ra egistered charity and is governed by the A rticles of Association dated 28 June 2004. The D ri ectors, rT ustees, Company secretary and rp ofessional da visers during the year ra e shown on page 1 . ## _**O**_ r _**ganisational management**_ The Board of D ri ectors meet once a term with responsibilities for investment, bursary provision and fundraising. Two D ri ectors ra e nominated to sit on the Board of Wychwood School (Oxford) Limited. D _**i**_ r _**ecto**_ r _**s' in**_ d _**uction an**_ d r _**t aining**_ D ri ectors ra e rb iefed on their obligations under charity and company law, the content of the Memorandum and rA ticles of Association, the committee and decision-making rp ocesses and business plan and recent performance of the charity. D ri ectors ra e encouraged to attend appropriate external rt aining events where these will facilitate the undertaking of their role. ## _**Key**_ M _**anagement Pe**_ r _**sonnel**_ R _**emune**_ r _**ation**_ The D ri ectors a re the key management personnel All D ri ectors of the company (including those acting as d ri ectors of Wychwood School (Oxford) Limited) give their time on a _p_ r _o bono_ basis and no remuneration was paid in the year. Details of D ri ectors' expenses and related party rt ansactions ra e disclosed where necessary in the notes to the fnancial statements. The D ri ectors ra e required to disclose all relevant interests and, in accordance with the company’s policy, withdraw rf om decisions where a confict of interest a rises. ## **OBJECTIVES AN** D **ACTIVITIES** ## _**Cha**_ r _**itable objects**_ The charity rp ovides support to the girls of Wychwood School through the rp ovision of grants and bursaries and by p roviding fnancial support for the school’s development. _**Aims an**_ d _**inten**_ d _**e**_ d _**impact**_ The mission of Wychwood School is to enable pupils to realise their academic potential and to develop their individual talents, p reparing them for life in the wider community. _**Secto**_ r Wychwood School is, and will continue to be, an active member of the Girls' School Association and the Boarding Schools' Association. ## **ACHIEVE** M **ENTS AN** D **PE** R **FO** RM **ANCE** ## **Wychwoo** d **School Cha** r **ity Limite** d R **epo** r **t of the** D **i** r **ecto** r **s fo** r **the yea** r **en** d **e** d **31 Octobe** r **2021** The charity will continue to support the girls attending Wychwood School through bursaries and the school was particularly appreciative of this support due to the pandemic. **Wychwoo** d **School Cha** r **ity Limite** d ## R **epo** r **t of the** D **i** r **ecto** r **s fo** r **the yea** r **en** d **e** d **31 Octobe** r **2021 (continue** d **)** ## **Beneft an** d **social** r **esponsibility** The Board of D ri ectors consider that it has complied with Section 17(5) of The Charities Act 2011 to have due regard to the public beneft guidance published by the Charity Commission. ## **FINANCIAL** R **EVIEW** The Statement of Financial Activities is set out on page . 7 This shows net incoming resources of £84,250 (2020: net incoming resources of £77,459). In the rp evious year there was also a net surplus on disposal of assets of £6,037,568 of which £3,509,081 was reinvested in the joint venture. ## R _**ese**_ r _**ves policy**_ The charity has small endowment and donor imposed restricted reserves which will be maintained in accordance with donor wishes. £1,500,000 of its general reserves have been designated to support the development of the school by way of a loan to Wychwood School (Oxford) Limited. The D ri ectors consider the remaining unrestricted reserves to be a dequate. _**Investmentpolicy**_ There ra e no restrictions on the charity’s power to invest. The Board’s policy is to maintain capital value and distribute returns in accordance with its objectives. ## **GOING CONCE** R **N** The D ri ectors consider the charity has da equate resources to continue for the foreseeable future. For this reason, it adopts a going concern basis in preparing these fnancial statements. ## **PLANS FO** R **THE FUTU** R **E** The Board will maintain a close involvement with the school’s operations through its Board nominated d ri ectors of Wychwood School (Oxford) Limited. The Board will support the restructure with expertise in investment, bursary rp ovision and fundraising. It will continue to keep closely involved with the Wychwood Association. The school will continue to focus on its core objective of rp eparing girls for the next stage of their lives, rp oviding them with the pastoral security rf om which they can be confdent in expanding their horizons, both personal and academic. ## **P** R **INCIPAL** R **ISKS AN** D **UNCE** R **TAINTIES** R _**isk management**_ Risk management is an integral part of good governance to which the charity is committed. Covid-19 introduced dda itional uncertainty into the school’s operations. The school made eforts to mitigate the risks by following government guidelines with regards to the virus. The D ri ectors of the charity have assured the school, of continued support and further investment to enable it to move forward. _Health an_ d _Safety_ R _isk_ A Health and Safety committee has met internally on a termly basis to monitor and improve the school's health and safety performance. **Wychwoo** d **School Cha** r **ity Limite** d ## R **epo** r **t of the** D **i** r **ecto** r **s fo** r **the yea** r **en** d **e** d **31 Octobe** r **2021 (continue** d **)** _**Thi**_ rd _**pa**_ r _**ty in**_ d _**emnity**_ r _**p ovisions**_ The school has in place d ri ectors' and ofcers' liability insurance for the purpose of indemnifying the D ri ectors against liability in respect of rp oceedings rb ought by third parties, subject to the conditions set out in section 234 of the Companies Act 2006. This insurance was in force during the period, and is in force as at the date of approving this report. ## **STATE** M **ENT OF** D **I** R **ECTO** R **S’** R **ESPONSIBILITIES** The D ri ectors ra e responsible for rp eparing the report and fnancial statement in accordance with applicable law and regulations. Company law requires the D ri ectors to p repare their annual report and fnancial statements for each fnancial year. Under that law the D ri ectors have elected to prepare the fnancial statements in accordance with United Kingdom Generally Accepted Accounting rP actice (United Kingdom Accounting Standards and applicable law). Under company law the D ri ector must not approve the fnancial statements unless they ra e satisfed that they give ra t ue and fair view of the state of afairs of the charitable company and of the rp oft r o loss of the charitable company for that period. In rp eparing these fnancial statements, the D ri ectors ra e required to: - select suitable accounting policies and then apply them consistently - make judgements and estimates that a re reasonable and rp udent - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the fnancial statements - prepare the fnancial statements on the going concern basis unless it is inappropriate to p resume that the charitable company will continue in business. The D ri ectors ra e responsible for keeping da equate accounting records that disclose with reasonable accuracy at any time the fnancial position of the charitable company and enable them to ensure that the fnancial statements comply with the Companies Act 2006. They ra e also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the p revention and detection of f raud and other rri egularities. This report was approved by the Board on 17/03/2022 Mrs D J Pluck, Chairman of the Board **Wychwoo** d **School Cha** r **ity Limite** d ## R **epo** r **t of the in** d **epen** d **ent examine** r **to the** r **t ustees of Wychwoo** d **School Cha** r **ity Limite** d I report to the rt ustees on my examination of the accounts of the Company for the year ended 31 October 2021. ## R **esponsibilities an** d **basis of** r **epo** r **t** As the charity’s rt ustees of the Company (and also its d ri ectors for the purposes of company law) you ra e responsible for the rp eparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfed myself that the accounts of the Company ra e not required to be audited under Part 16 of the 2006 Act and ra e eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the D ri ections given by the Charity Commission under section 145(5) (b) of the 2011 Act. ## **In** d **epen** d **ent examine** r **’s statement** I have completed my examination. I confrm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; o r 2. the accounts do not accord with those records; o r 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give ra ‘t ue and fair view which is not a matter considered as part of an independent examination; o r 4. the accounts have not been rp epared in accordance with the methods and principles of the Statement of Recommended rP actice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of I reland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in rdo er to enable a proper understanding of the accounts to be reached. N Westbury FCCA The Old Engine Shed Whetton's Yard **Wychwoo** d **School Cha** r **ity Limite** d …………… 2022. Chapel Street Bloxham Oxon OX15 4NB ## **Wychwoo** d **School Cha** r **ity Limite** d **Statement of Financial Activities fo** r **the yea** r **en** d **e** d **31 Octobe** r **2021 (Inclu** d **ing the income an** d **expen** d **itu** r **e account)** |d
d
d
r
**(Inclu ing the income an**
**expen itu e ac**|d
d
d
r
**(Inclu ing the income an**
**expen itu e ac**|**count)**|||| |---|---|---|---|---|---| |r
r
d
**Un est icte**||R
r
d
**est icte**|d
**En owme**
**nt**|**Total**|**Total**
**14 months**
**to 31**
r
**Octobe**| |**Note**
**s**
d
**Fun s**||d
**Fun s**|d
**Fun**|**2021**|**2020**| |**£**||**£**|**£**|**£**|**£**| |M
D
D
M
R
M
**INCO**
**E AN**
**EN OW**
**ENTS F O**
**:**|||||| |D
d
**onations an**
**legacies**
1,383||-|-|1,383|19,447| |r
**Cha itable activities** d
d
r
_( iscontinue_
_ope ations)_**:**|||||| |School fees
**2**|8,990|-|-|8,990|2,272,94
6| |**Investments**
**3**|51,226|234|-|51,460|8,570| |r
**Othe**
d
d
r
_( iscontinue_
_ope ations)_:|||||| |d
dr
Lettings an
sun
y
income|-|-|-|-|11,363| |r
r
Co onavi us Job
R
etention scheme|-|-|-|-|67,707| |**Total income**|61,599|234|-|61,833|2,380,03
3| |D
R
**EXPEN ITU E:**|||||| |r
**Cha itable activities:**|||||| |d
r
Expen itu e
**4**|35,915|-|-|35,915|2,302,57
4| |d
r
**Total expen itu e**|35,915|-|-|35,915|2,302,57
4| |d
**Net income an**
**net**
d
**movement in fun s**|25,684|234|-|25,918|77,459| |r
r
r
**Su plus f om the evaluation**
**of investments**|58,332|-|-|58,332|-| |r
r
d
**P oft f om the**
**isposal of**
r
**assets to joint ventu e**|-|-|-|-|6,037,56
8| |r
r
r
r
d
**Income fo the epo ting pe io**|84,016|234|-|84,250|6,115,0
27| ||||||| |d
r
**Total fun s at 1 Novembe 2020**|7,006,342|63,499|10,424|7,080,265|965,238| |d
r
**Total fun s at 31 Octobe**
**2021**|7,090,358|63,733|10,424|7,164,515|7,080,2
65| The statement of fnancial activities included all gains and losses recognised in the period. ## **Wychwoo** d **School Cha** r **ity Limite** d ## **Company numbe** r **: 0380424** ## **Balance Sheet as at 31 Octobe** r **2021** |**Notes**||**2021**||**2020**| |---|---|---|---|---| |||**£**||**£**| |d
**Fixe**
**assets**||||| |Investments at cost
6||3,509,081||3,509,081| |rr
**Cu ent assets**||||| |D
r
ebto s
7|1,174,46
0||658,679|| |Investments
8|2,083,33
2||-|| |d
d
Cash at bank an
in han|399,342||3,170,37
6|| ||3,657,13
4||3,829,05
5|| |**Liabilities**||||| |r d
r
C e ito s: amounts falling
d
r
ue within one yea
9|(1,200)||(257,371)|| |||||| |rr
**Net cu ent assets**||3,655,934||3,571,684| |**Net assets**||7,165,015||7,080,765| |||||| |d
r
**The fun s of the cha ity**||||| |d
r
Calle
up sha e capital
10||500||500| |d
d
En owment fun
11||10,424||10,424| |R
r
d
d
est icte
income fun s
11||63,733||63,499| |r
r
d
d
Un est icte
income fun s:
11||||| |r
d
Gene al fun s||5,590,358||5,506,342| |D
d
d
esignate
fun s||1,500,000||1,500,000| |r
d
**Total cha ity fun s**||7,165,015||7,080,765| The d ri ectors ra e satisfed that the company is entitled to exemption rf om the requirement to obtain an audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit in accordance with section 476 of the Act. The d ri ectors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the rp eparation of fnancial statements. The fnancial statements have been rp epared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. Ms A F E Stewart D ri ector Approved by the Board on 17/03/2022 ## **Wychwoo** d **School Cha** r **ity Limite** d ## **Cash Flow Statement fo** r **the yea** r **en** d **e** d **31 Octobe** r **2021** |**Note**
**s**|**2021**|**14**
**months**
d d
**en e**
**31**
r
**Octobe**
**2020**| |---|---|---| ||**£**|**£**| |d d
r
**Cash expen e**
**by ope ating activities**
13|(779,494)|(870,1
01)| |r
**Cash fows f om investing activities**||| |Investment income|51,460|8,570| |||| |r
d r
r
P ocee s f om the sale of assets to joint ventu e|-|7,592,24
7| |||| |r
Pu chase of investments|(2,025,00
0)|-| |||| |r
r
r
Pu chase of sha es injoint ventu e company|-|(3,509,80
1)| |d d
r
d d
**Cash (expen e )/p ovi e**
**by investing**
**activities**|(1,973,5
40)|4,091
,736| |D
r
r
d
**( ec ease)/inc ease in cash an**
**cash**
r
r
d
**equivalents in the yea /pe io**
12|(2,771,03
4)|3,221,6
35| |d
r
**Cash an**
**cash equivalents at the sta t of**
r
r
d
**the yea /pe io**|3,170,37
6|(51,259)| |d
d
**Cash an**
**cash equivalents at the en**
**of**
r
r
d
**the yea /pe io**|399,342|3,170,37
6| **Wychwoo** d **School Cha** r **ity Limite** d ## **Notes to the Financial Statements fo** r **the yea** r **en** d **e** d **31 Octobe** r **2021** ## **1 Accounting policies** ## _**Basis of**_ r _**p epa**_ r _**ation**_ The fnancial statements have been rp epared in accordance with the Accounting and Reporting by Charities: Statement of Recommended rP actice applicable to charities preparing their fnancial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of I reland (FRS 102) (efective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of I reland (FRS 102) and the Companies Act 2006. Wychwood School Charity Limited meets the defnition of a public beneft entity under RF S 102. Assets and liabilities ra e initially recognised at historical cost ro transaction value. The p resentation currency is £ sterling. R _**econciliation with**_ r _**p evious Gene**_ r _**ally Accepte**_ d _**Accounting**_ r _**P actice**_ In rp eparing the fnancial statements, the D ri ectors have considered whether in applying the accounting policies required by RF S 102 and the Charities SORP RF S 102 the restatement of comparative items was required. No such da justments were considered necessary. ## _**Going conce**_ r _**n**_ As set out in the Report of the D ri ectors, the d ri ectors believe that the company has adequate resources to continue in operational existence for the foreseeable future and they believe it is appropriate to apply the going concern basis of accounting in preparing the fnancial statements. ## _**F**_ r _**equency of**_ r _**epo**_ r _**ting**_ In accordance with the rp ovisions of the Companies Act 2006 the d ri ectors extended the rp evious period by two months this was to ensure that the rt ansfer of the school could be included in the accounts for that period. As results the comparative amounts, may not be entirely comparable. ## _**Income**_ Income is recognised when the charitable company has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably. Investment income is included when receivable and the amount can be measured reliably by the charitable company. ## _**Fun**_ d _**accounting**_ Unrestricted funds ra e available to spend on activities that further any of the purposes of the charitable company. Designated funds ra e unrestricted funds of the charitable company which the D ri ectors have decided at their discretion to set aside to use for a specifc purpose. Restricted funds ra e donations which the donor has specifed ra e to be solely used for particular ra eas of the charitable company’s work or for specifc p rojects being undertaken by the charitable company. ## **Wychwoo** d **School Cha** r **ity Limite** d ## **Notes to the Financial Statements fo** r **the yea** r **en** d **e** d **31 Octobe** r **2021** ## _**Expen**_ d _**itu**_ r _**e an**_ d rr _**i ecove**_ r _**able VAT**_ Expenditure is recognised once there is a legal r o constructive obligation to make a payment to a third party, it is rp obable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure on charitable activities includes the costs undertaken to further the purposes of the charity and their associated support costs. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. ## _**Investments**_ Interests in joint ventures ra e accounted for using the equity method. They ra e initially recognised at cost. The carrying amount is then da justed for the postacquisition change in the company’s share of the net assets in the joint venture. The carrying amount of the investment is subsequently da justed through the Statement of Financial Activities to refect the company’s share of the results. Other investments ra e a form of fnancial instrument and ra e initially recognised at their rt ansaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised r o unrealised, are combined and rp esented as 'Gains/(Losses) on investments' in the Statement of Financial Activities, ## _**Taxation**_ Wychwood School Charity Limited is a registered charity and as such is exempt f rom income tax and corporation tax under rp ovisions of Section 478 of the Corporation Tax Act 2010. There is no similar exemption for VAT, which is included in expenditure or in the cost of assets as appropriate. |**2**
r
r
**Income f om cha itable activities - School fees**|**2021**|**14**
**months**
d d
**en e**
**31**
r
**Octobe**
**2020**| |---|---|---| ||**£**|**£**| |School fees|8,990|2,431,11
1| |r
r
d
Less: bu sa ies an
rd
awa
s|(-)|(158,16
5)| ||8,990|2,272,94
6| |||| |||| **Wychwoo** d **School Cha** r **ity Limite** d ## **Notes to the Financial Statements fo** r **the yea** r **en** d **e** d **31 Octobe** r **2021** |**3**
**Investment income**|**2021**|**14**
**months**
d d
**en e**
**31**
r
**Octobe**
**2020**| |---|---|---| ||**£**|**£**| |||| |r
r
Bank inte est eceivable|-|9| |r
Inte est on investments|18,710|-| |r
d
rd
d
Inte est on loan to Wychwoo
School (Oxfo
) Limite|32,750|-| |r
rd
Inte est on ove
ue fees|-|8,561| ||51,460|8,570| |||| |||| |**4**
d
r
r
**Analysis of expen itu e on cha itable activities - School**
d
r
**expen itu e**||| |||| ||**2021**|**14**
**months**
d d
**en e**
**31**
r
**Octobe**
**2020**| ||**£**|**£**| |||| |Teaching|-|1,371,49
3| |r
Welfa e|-|308,826| |r
P emises|-|278,472| |r
Suppo t
costs|(1,915)|343,783| |r
r
d
d
rd
d
Bu sa ies pai
to Wychwoo
School (Oxfo
) Limite|37,830|-| |||| ||35,915|2,302,57
4| |||| |**5**
r
**Analysis of suppo t costs**|**2021**|**14**
**months**
d d
**en e**
**31**
r
**Octobe**
**2020**| ||**£**|**£**| |||| **Wychwoo** d **School Cha** r **ity Limite** d |d
r
A minist ative staf
costs|-|222,968| |---|---|---| |d
r
d
A ve tising an
r
r
ec uitment|-|32,356| |d
Telephone an
fax|-|9,098| |r
d
r
P inting, postage an
statione y|-|19,729| |M
iscellaneous costs|(3,115)|43,518| |d
Annual au it of the fnancial statements|-|4,100| |d
d
In epen ent examination|1,200|-| |Bank
r
cha ges|-|2,555| |Bank
r
inte est|-|54
2| |d d
Ba
ebts|-|8,917| ||(1,915)|343,783| **Wychwoo** d **School Cha** r **ity Limite** d **Notes to the Financial Statements fo** r **the yea** r **en** d **e** d **31 Octobe** r **2021 6 Fixe** d **Asset Investments 2021 2020 £ £ Sha** r **e of net assets in joint ventu** r **e – value** d **on equity metho** d Investment in Wychwood School (Oxford) Limited – 49% 3,509, 3,509,08 of net assets 081 1 **Investment in Wychwoo** d **School (Oxfo** rd **) Limite** d On 1 September 2020 a joint venture company, Wychwood School (Oxford) Limited (company number 12763747) assumed the responsibility for operating the school. The joint venture is wholly owned by Wychwood School Charity Limited and Aspire UK Holdings Limited. Aspire UK Holdings Limited have the right to appoint three d ri ectors to the board, and Wychwood School Charity Limited have the right to appoint two d ri ectors to the board. Aspire UK Holdings Limited own 51% of the investment in the joint venture, and Wychwood School Limited 49%. The investment is recorded at cost at 7 October 2020 and the d ri ectors consider this represents a fair valuation at 31 October 2021. |**7**
D
r
**ebto s**|**2021**|**2020**| |---|---|---| ||**£**|**£**| |r d
T a e
d
r
ebto s|-|8,679| |r
Othe
d
r
ebto s|24,460|-| |r
Loan to joint ventu e company|1,150,00
0|650,000| ||1,174,46
0|658,679| |||| **Loan to Wychwoo** d **School (Oxfo** rd **) Limite** d Wychwood School (Oxford) Limited has been advanced £1,150,000 to fnance school development. The loan has been made available for fve years and will attract interest at ra ate of 3% above the Bank of England base rate, r o 3% in the event that the Bank of England base rate falls below 0%. **Investments hel** d **as cu** rr **ent 8 assets 2021 2020 £ £** Purchase of 103,866 93 Income. 2,025,00 Units in the COIF Investment Fund 0 - Revaluation surplus 58,332 - Investments at open market 2,083,33 valuation 2 - **Wychwoo** d **School Cha** r **ity Limite** d ## **Notes to the Financial Statements fo** r **the yea** r **en** d **e** d **31 Octobe** r **2021** |**Oc**|r
**tobe 2021**|r
**tobe 2021**||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |**9**|r d
r
**C e ito s: amounts **||d
**falling**|||**ue **|**within one yea**||||r|||||**2021**||||**2020**| |||||||||||||||||**£**||||**£**| ||r
d d
rr d
Acc uals an
efe e||
income|||||||||||||1,200||||12,775| ||D
r
ue to joint ventu e company|||||||||||||||-||||244,596| |||||||||||||||||1,200||||257,371| |**10**|r
**Sha e capital**|||||||**2021**||||**2020**||||**2021**||||**2020**| ||||||||||**No**||||**No**|||**£**||||**£**| ||d
d
Allotte , calle
up|d
an
fully pai|||d
:|||||||||||||||| ||rd
r
r
O
ina y sha es of £1||each|||||500||||500||||500||||500| |**11**|d
**Analysis of fun**|
**balances **||**between the **||||||**net assets**||||||||||| ||||||||||||||||d
**En **|**owmen**||||**Tot**| |||||||r
**Un **||r
**est **|d
**icte**|R||r
**est **|d
**icte**|||**t**||||**al**| |**11**
**Anal**|**ysis o**|**f **|**f**|d
**un**
**balanc**|**es b**|**e**|**tw**|**een the **|**n**|**et as**|**sets**||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||||||||||||||||||| ||||||||||||||**En **|d
|**owmen**||**Tot**| ||||||||**Un **|r
r
d
**est icte**||R|r
d
**est icte**||||**t**||**al**| |||||||||d
**Fun s**|||d
**Fun s**||||d
**Fun**||**2021**| |||||||||**£**|||**£**||||**£**||**£**| |At 1 Novembe||||r
2020|||7,006,342|||63,499|||10,424||||7,080,265| |Net movement in the yea|||||r|||82,867|||1,383||||-||84,250| |At 31|r
Octobe|||
2021|||7,089,209|||64,882|||10,424||||7,164,515| |R
r
ep esente||d|
by:||||||||||||||| ||||||||3,509,08||||||||||| |d
Fixe|
assets|||||||1|||-||||-||3,509,081| |rr
Net cu ent||assets|||||3,580,128|||64,882|||10,424||||3,655,434| ||||||||7,089,20||||||||||| |||||||||9||64,882|||10,424||||7,164,515| ||||||||||||||||||| The d ri ectors have designated £1,500,000 of unrestricted funds to be used as a loan to help support development of the school in the joint venture company. Restricted income funds comprise: **Wychwoo** d **School Cha** r **ity Limite** d ||r
r
**Bu sa y**|r
**Schulle**
M
r
**emo ial**|**Total**| |---|---|---|---| ||d
**Fun**|d
**Fun**|**2021**| ||**£**|**£**|**£**| ||||| |r
At 1 Novembe 2020|40,088|23,411|63,499| |r
Net movement in the yea|-|234|234| |r
At 31 Octobe 2021|40,088|23,645|63,733| ||||| ||||| ||||| ## **Notes to the Financial Statements fo** r **the yea** r **en** d **e** d **31 Octobe** r **2021** The Bursary Fund represents money given to rp ovide bursaries to cover all r o part of the fees for pupils who would not otherwise be able to attend the school. The Schuller Memorial Fund is used for rF ench related activities. The Endowment Fund is ra p ize fund. The income rf om the fund may be used to fund an annual rp ize in respect of poetry and/or prose-poetry competition and to buy books for the Charlotte Kell collection of poetry and art. The amount of the endowment represented by accumulated income at 31 October 2021 is £191 (31 October 2020: £139). No p rize was awarded in the period due to Covid. |**12**
d
**Analysis of changes in cash an**
**cash equivalents**|**12**
d
**Analysis of changes in cash an**
**cash equivalents**|**12**
d
**Analysis of changes in cash an**
**cash equivalents**||| |---|---|---|---|---| |||||| ||**At 1**
**Novembe**
r**2020**|**Cash fows**|**Non-**
**cash**
**changes**|**At 31**
r
**Octobe**
**2021**| ||**£**|**£**|**£**|**£**| |||||| |d
Cash at bank an
in
d
han|3,170,
376|(2,771,034)|-|399,342| |||||| |Total|3,170,376|(2,771,034)|-|399,342| |**13**
R
d
**econciliation of net movement in fun s to net cash **
**activities**|||r
r
**fow f om ope ating**|| ||||**2021**
**2020**|| ||||£
£|| |d
Net movement in fun s|||84,250
6,115,027|| |D
r
isposal of assets to joint ventu e company|||-
(6,037,56
8)|| |r
r
Su plus on the evaluation of investments|||(58,332)
-|| **Wychwoo** d **School Cha** r **ity Limite** d |D
r
r
ep eciation cha ges|-|40,866| |---|---|---| |Investment income|(51,460)|(8,570)| |D
r
ec ease in stocks|-|5,492| |r
d
r
Inc ease in
ebto s|(515,781)|(614,271)| |D
r
r d
r
ec ease in c e ito s|(256,171)|(371,077)| |d d
r
**Net cash expen e**
**on ope ating activities**|(779,494)|(870,101)| **Wychwoo** d **School Cha** r **ity Limite** d ## **Notes to the Financial Statements fo** r **the yea** r **en** d **e** d **31 Octobe** r **2021** ## **14** R **elate** d **pa** r **ty** r **t ansactions** D ri ectors are charged school fees at the normal rate, and ra e not entitled to discounts by virtue of being a governor. In the rp evious period the company rt ansferred its rf eehold rp operty, debtors and liabilities to its joint venture company, Wychwood School (Oxford) Limited at an open market value of £7,059,580. In consideration the company received 9,608 B ordinary shares in Wychwood School (Oxford) Limited, which represents 49% of the shares, and £3,600,357 in cash. During the period Wychwood School (Oxford) Limited has been da vanced £500,000 (2020: £650,000) for school development. The loan has been made available for fve years and will attract interest at ra ate of 3% above the Bank of England base rate, r o 3% in the event that the Bank of England base rate falls below 0%. The interest received in the year was £32,750 (2020: £nil) Two of the d ri ectors of the company, Mrs D J Pluck and Ms A F E Stewart ra e also d ri ectors of Wychwood School (Oxford) Limited for which they receive no remuneration.