Independent schools charity the Woodard Corporation’s expenditure increased by more than £17.2m last year as its members have faced higher energy bills and inflationary pressures, according to recently filed documents.
The Woodard Corporation’s total income increased by more than 10% to £217.2m in the year ending August 2022, according to documents on Companies House, compared with £195.8m the year prior.
Its accounts state energy costs were a particular factor in its increased expenditure, which rose by £17.2m compared to the year prior to £214m.
The charity was founded on the vision of Canon Nathaniel Woodard, providing education in an actively Christian school environment.
It provided means-tested bursaries to 959 children, the total value of which was more than £8.4m. The value of scholarships in the year was £8.6m, compared to £7.1m the year prior.
The accounts state Woodard schools introduced hardship bursaries in response to the pandemic, allowing concessions on fees where parents’ finances were significantly impacted.
“This demand has eased but the current increases in living costs may well see a return,” the accounts read.
Recovery from pandemic
Woodard’s independent fee-paying schools raised their fees in September 2021.
It received £18.1m in school fees in 2021-22 compared to the year prior.
The accounts state: “The pandemic had a direct impact on school financial health across two financial years, but there was significant recovery in 2021-22.
“The overall financial performance of Woodard is good, and recovery from the pandemic has been impressive.”
There is no formal policy concerning reserves at the charity, but its unrestricted reserves rose from £135m to £142m.
Grants and donations were £4.5m, which is down from £7.4m in 2021.
Staff costs increased from £130m to £138m, though staff numbers reduced slightly. The highest paid staff member was renumbered between £300,000 - £310,000.
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