2020-08-31-accounts

Charity Registration No. 1098410

Company Registration No. 4806128 (England and Wales)

QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED DIRECTORS’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2020

QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED

CONTENTS

	Page
Company information	1 – 2
Directors’ report	3 – 18
Strategic Report	8 – 17
Statement of Accounting and Reporting Responsibilities	18
Independent auditor’s report	19 – 21
Statutory financial statements of the company	22 – 47

QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED COMPANY INFORMATION YEAR ENDED 31ST AUGUST 2020

DIRECTORS AND ADVISORS

Directors	Mr T E Fielden (Chairman)
	Ms R E Bryant
	Mr A J Fallows
	Ms N Gunson (Appointed 27/11/19)
	Mr J Murray
	Mr N J Pearce
	Mr E D Theakston
	Ms M C Wike
	Rev’d S Jukes (Appointed 25/11/20)
	Dr H E Rawson (Appointed 25/11/20)
	Mr A L F Robson (Appointed 25/11/20)
Secretary	Mr P Normanton (Appointed 03/08/20)
Charity No.	1098410
Company No.	4806128
Principal address and Registered Office	Queen Mary’s School (Baldersby) Limited
	Baldersby Park
	Topcliffe
	Thirsk
	North Yorkshire
	YO7 3BZ
Key Management Personnel
Head	Mrs C A M Cameron
Head of Finance and Estates	Mr P Normanton (appointed Jun 20)
	Mrs R Godsmark (appointed Jan 20, resigned Mar
	20)
Other Management Staff
Deputy Head
	Mrs D Hannam Walpole
Director of Studies	Mrs M Smerdon (resigned August 2020)
Junior School Coordinator	Mrs L Thomson
Head of KS1	Mr A Cowey
Head of Boarding	Mrs D Hannam Walpole
Head of Marketing & Admissions	Mrs J Hirst
Auditor	RSM UK Audit LLP
	Central Square
	5thFloor
	29 Wellington Street
	Leeds
	LS1 4DL

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED COMPANY INFORMATION YEAR ENDED 31ST AUGUST 2020

Bankers

Solicitors

Insurance Brokers

Lloyds Corporate and Commercial 102 Grey Street Newcastle upon Tyne NE1 6AG Barclays Corporate North Yorkshire Team 1st Floor 25 St James Street Harrogate HG1 1QX Wrigleys Solicitors LLP 19 Cookridge Street Leeds LS2 3AG Marsh Ltd Capital House 1-5 Perrymount Road Haywards Heath West Sussex RH16 3SY

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

The directors present their report and financial statements for the year ended 31st August 2020 and confirm they comply with the requirements of the Charities Act 2011, including the Directors’ and Strategic Reports, under the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE INFORMATION

The charity was formed in 2003 and is registered with the Charity Commission as charity number 1098410. The charity is a limited liability company (company number 4806128), registered in England and Wales, and wholly owned subsidiary of The Woodard Corporation (charity number 1096270). The company’s registered office address can be found on the Company Information page. Directors of the Company are also Fellows (members) of the Woodard Corporation and participate in the election of its board of management and are committed to its charitable objects.

Note 32 provides details of connected parties.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Company is governed by Articles of Association as adopted by Special Resolution dated 20 March 2013, replacing those dated 20 June 2003 amended by Special Resolution(s) dated 25 January 2006, 28 April 2009 and 23 June 2009. They permit funds to be managed in such a manner as the directors see fit, provided that such powers are only exercised for the purposes of attaining the objects and in a manner which is legally charitable. The Articles of Association forbid the distribution of any property or funds, which are to be applied solely towards the promotion of the objects of the company.

Governing Body

The governors are the directors and charitable trustees of the company and comprise the governing body of Queen Mary’s School (Baldersby) Limited and are elected to hold office for five years. The school is governed by the governing body which operates using a number of committees. Membership of each committee is outlined on page 17. The governing body met five times during the year.

Recruitment and Training of Governors

All governors are Corporate Fellows of the Woodard Corporation. Corporate Fellows are responsible for electing the Woodard Corporation Board. Governors are recruited on the basis of nominations from school contacts and from selection when a post becomes available. The governing body look to ensure a mix of skills and select new governors on the basis of background, competence, specialist skills and, in the case of Fellows, Christian commitment. Governors are provided with induction training by the Head, Bursar and staff and a wider programme of training events is organised by the Woodard Corporation. The school also encourages governors to attend events run by the Association of Governing Bodies of Independent Schools (AGBIS).

Where possible the governors consider that the skills and experience of the Board should comprise the following:

A Governor with a legal background.

A Governor with a financial/accounting background.

A Governor with education experience.

A Governor with senior managerial or business experience.

A Governor with experience of equal opportunities or disability needs.

At least one female Governor and at least one male Governor.

A Governor with safeguarding experience.

One Governor may have one or more of these skills.

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

Volunteers

Governors are volunteers providing their time for free to support the governance of the school. The school also relies on a number of others to undertake volunteer roles including Early Years Foundation Stage and Key Stage 1 parent volunteers, a library volunteer and the Queen Mary’s Friends parent volunteers.

Organisational Management

The school is governed by the governing body which delegates work to a number of committees. Membership of each committee is outlined on page 17. The directors determine the general policy of the company.

Finance Committee – the Finance Committee has a remit to consider budgets, both revenue and capital, cash flow information and financial reports, including the financial statements. It also considers financial policies and the financial regulations. It makes recommendations to the governing body for approval. The Finance Committee met eight times during the year.

Estates Committee – the Estates Committee is incorporated within the Finance Committee and develops the school’s estates strategy, including capital developments and maintenance of the buildings and it makes recommendations to the governing body. It met four times during the year.

Education Committee – the Education Committee is responsible for oversight of the academic performance of the school and educational policy, making recommendations to the governing body. It met twice during the year.

Strategy Committee – the Strategy Committee makes recommendations to the governing body regarding the strategic direction of the school and is responsible for considering the strategic plan in detail. It is incorporated in one board meeting annually.

Audit Committee – the Audit Committee is responsible for overseeing governance, internal control and risk. It does this through consideration of audit management letters and other reports relating to governance and control of the school and reports to the governing body. It is incorporated in the Finance Committee which met eight times during the year.

The day to day management of the company is delegated to the Head and the Head of Finance and Estates as the Key Management personnel, overseeing educational, pastoral and administrative functions in consultation with the senior staff. The day to day administration is undertaken within the policies and procedures approved by the governors which provide for only significant expenditure decisions and major capital projects to be referred to the governors for prior approval.

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

The remuneration of key management personnel is set by the Board, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the school’s success.

The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools to ensure that the school remains sensitive to the broader issues of pay and employment conditions elsewhere.

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

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

Group Structure and Relationships

The school has a wholly owned non-charitable subsidiary, Woodward Lettings (Yorkshire Schools) Limited, the activities and trading of which are described below. Note 32 provides details of related parties.

The school has developed links with a wide range of organisations to ensure the widest possible access to our facilities and schooling. Through membership of GSA/BSA/ISI/ISBA and through networking with peer groups we ensure that we are able to attain the highest standards of quality and performance. We encourage our pupils to develop an awareness of the social context of the all-round education they receive at the school and they are engaged in a number of activities to enhance their understanding. We also cooperate with many local charities in our ongoing endeavours to widen public access to the schooling we can provide, to optimise the educational use of our cultural and sporting facilities and to awaken in our pupils, in the public interest, an awareness of the social context of the all-round education they receive. The school is well supported by the Queen Mary’s Friends, a parent led committee, who organise events such as the Summer Ball and social activities for pupils together with other fundraising activities.

Employment Policy

We are an equal opportunity organisation and are committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation or disability. We will make reasonable adjustments to meet the needs of staff or pupils who are or become disabled.

Investment Policy and Objectives

Investment activities are managed in line with the requirements of the Trustee Act 2000. Our investment policy is to preserve the capital value of investments and maximise the return and income on all investments.

CHARITABLE OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable Objects

The charity’s objects, as set out in the Articles of Association, are to promote and extend education (including spiritual, moral, social, cultural and physical education) in accordance with the doctrines and principles of the Church. The Church is defined as being the Church of England and churches in full communion with the See of Canterbury.

Intended impact

Woodard schools strive for the best all round education of every aspect of each individual; they ensure high standards of religious education; and they see themselves as communities working together for the benefit of all members, and of the Church and the nation. They have strong Christian foundations which adhere to catholic belief as found in the Church, to Christian worship focused in the Eucharist, and to the care of each individual and the whole school community particularised in the ministry of the Chaplain.

Aims

Queen Mary’s School (Baldersby) Limited (“Queen Mary’s”) is a boarding and day school for pupils from the ages of 4 to 16. It aims to support children in reaching their potential in all areas of their activity at the school, and in the wider community. This may be in academic subjects but could just as easily be reflected in success in art, drama, sport, music or dance. We produce ‘well rounded’ individuals who are able to make a positive contribution to society. All Woodard schools aim to provide a rounded education to help the pupils to make their way in adult life.

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

Primary objectives

The primary objectives of Queen Mary’s to fulfil these aims are:

• to provide a stimulating learning environment in which pupils can develop their academic potential to the full;

• to provide a happy and secure pastoral environment in which pupils can learn to live together and thus foster a sense of community, respect for one other and good citizenship;

• to provide pupils with the opportunity to take advantage of a breadth of co-curricular activities in order to develop positively all aspects of their character;

• to provide pupils with the opportunity to take decisions based on their own judgment and to communicate those decisions appropriately and effectively;

• to provide financial support to enable children whose parents are unable to afford the full fees to benefit from a Queen Mary’s education;

• to provide a clear, simple and effective management structure capable of taking timely decisions and allocating necessary resources appropriately, and

• to provide the necessary administrative and logistic framework to meet the needs of members of staff and pupils alike.

Strategies to achieve the primary objectives

This year our focus has been on extending the range of academic opportunities for all pupils and extending access to school facilities for the local community further widening of access to the education provided by the school, continuing the extensive programme of external lets, which also puts the school’s facilities to good educational use when not otherwise needed. Building of the astroturf pitch and new sports pavilion further enhanced opportunities available to the local community

Following curriculum analysis undertaken last year, and in line with current thinking, the updated curriculum was introduced at the start of the academic year 2019 enhancing the development of links with local junior schools in both the state and independent sectors and also facilitating wider community access to our schools’ facilities.

Work was completed on the construction of the England Hockey specification astroturf pitch. The sports pavilion which included car parking facilities and drainage improvement for the site and the Riding Centre, opened in September 2020. The significant impact of these facilities enhanced the opportunities for Physical Education which saw an immediate improvement in sports performance. We are looking forward to sharing the benefit of these facilities to local sports clubs with bookings in place (subject to Covid-19 restrictions) throughout 2020/21.

Principal Activities of the Year

The principal activity of the school is the delivery of education to pupils ranging from 4 to 16 years of age. We also run a number of summer school activities and the school is open at other times for use by the local community. Pupil numbers at the school during the year were as follows:

Senior School Preparatory School Pre-Preparatory School Nursery (EYFS) Total Senior School Preparatory School Pre-Preparatory School Nursery Total	2019/2020 119 68 19 2 208 2019/2020 Boys Girls 0 119 0 68 0 19 0 2 0 208		2018/2019 73 108 22 16 219 2018/2019 Boys Girls 0 73 0 108 0 22 6 10 6 213	2018/2019 73 108 22 16 219 2018/2019 Boys Girls 0 73 0 108 0 22 6 10 6 213
				213

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

Public Benefit

Within the objects, the school aims to create an environment to nurture children, to get the best from them and to allow them to develop and fulfil their potential. We provide them with a first class independent education and a wide range of sporting and artistic opportunities. Our public benefit aim is that all pupils will be self-confident and desire to contribute to the wider community and to lead successful Christian lives.

In the furtherance of these aims the Queen Mary’s governors, as the charity trustees, have complied with the duty in s.17 of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub-sector guidance concerning the operation of the public benefit requirement under that Act.

Our school welcomes pupils from all backgrounds. To admit a prospective pupil we need to be satisfied that our school will be able to educate and develop a prospective pupil to the best of their potential and in line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken to satisfy ourselves and parents that potential pupils can cope with the pace of learning and benefit from the education we provide. An individual’s economic status, ethnicity, race, religion or disability do not form part of our assessment processes.

Our school is a part of a wider community and we are keen that our staff and pupils participate. Our school also offers a resource to support a range of educational activities for the benefit of local children attending state schools and their teachers. Our governors are committed to developing our programme of cooperation and joint working with local maintained sector junior and secondary schools

Woodard and its schools provide a significant benefit to the public. The school strives to ensure that measures of public benefit are appropriate, and that significant sections of the public are not excluded from the opportunity to benefit from the education and facilities offered due to the need to pay a fee. In addition to significant provision of bursaries and other forms of financial support, the school provides a wide range of opportunities for community benefit and facilities and events are often open to all. Further detail of the public benefit offered is included in the section entitled ‘Review of Achievements and Performance for the Year’ below.

Any private benefit to individuals or elements of the charity will be incidental to the charity’s objectives e.g. reimbursement of travelling expenses for trustees attending training courses.

Bursaries & Scholarships

Bursaries

The governors view our bursary awards as important in helping to ensure children from families who would otherwise not be able to afford the fees can access the education we offer. Our bursary awards are available to all who meet our general entry requirements and are made solely on the basis of parental means or to relieve hardship where a pupil’s education and future prospects would otherwise be at risk, for example in the case of a parent’s redundancy. In assessing means we use the methodology promulgated by the Independent Schools’ Bursars Association, which takes a number of factors into consideration including family income, investments and savings and family circumstances for example dependant relatives and the number of siblings. Initial assessment is undertaken by Bursaries Administration Limited which helps ensure that Governors are able to consider awards on the basis of independent information. In funding our awards we have to be mindful that we must ensure a balance between fee-paying parents, many of whom make considerable personal sacrifices to fund their child’s education, and those benefiting from the awards.

The bursary awards range from 5% to 100% remission of fees. Information about fee assistance through bursaries is provided to all applying to the school. Further details of our bursary policy and how to apply are available on our website.

This year the value of means tested bursaries totalled £141,218, representing 4.2% of our gross fees and providing assistance to 24 of our pupils. The school also awarded additional fee remissions totalling £195,627 to HM Forces, Staff and Siblings represented by a further 5.8% of gross fee income.

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

Scholarships

The purpose of our scholarship awards is to recognise high academic potential or the ability to excel in our co-curricular activities. Our scholarships are awarded on the basis of the individual’s academic potential or evidence of exceptional abilities which will contribute to our co-curricular activities. In addition, awards may be subject to conditions imposed by the original donor. Further assistance may be supplemented by a means tested bursary. Further details of our scholarship policy are available on our website.

The school awarded scholarships to 21 pupils, based on their educational merit and potential, totalling £61,816 and representing 1.8 % of our gross fees. Of this number, 1 also qualified for means-tested bursary support and are included in the figures relating to bursary awards.

The progress of pupils receiving scholarships is reviewed at least annually to ensure their progress is in line with their abilities. No scholarships were withdrawn in the year as a result of reviews. The availability of all such awards for fee-assistance, together with the terms and conditions for each kind of award, is advertised on our website at http://www.queenmarys.org/.

The total value of our scholarships and bursaries was £399k representing 11.8% of gross fee income.

Review

The school includes details of the various concessions in the prospectuses and on the website. All parents making enquiries about possible entry are provided with a description of the criteria for bursaries and scholarships. In most cases the budget for bursaries is allocated using a “needs blind” approach as far as possible, whilst giving priority to the continuity of education of those pupils already at the school. All criteria and policies relating to concessions are kept under review and are updated when necessary.

STRATEGIC REPORT

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

The Promotion of Education

During the year we educated an average of 208 children between the ages of 4 and 16. Pupil numbers given on page 6 illustrate that there has been an increase in the number of pupils in the Senior School and reduction in Preparatory pupils. The School’s marketing department is actively targeting admissions at the lower end of the school to rebalance this. The school offers a broad curriculum and educates children with a comprehensive range of ability. The educational performance of the school was excellent, as demonstrated by the public examination results. In 2020 the school achieved a 98% pass rate at grades 4 and above for GCSE, of which 49% of exams were graded 8 or 9. As two pupils achieved 11 Grade 9s, this was an exceptionally strong set of results. These results are well above the national average for all schools and in line with the average performance of independent schools. All move on to sixth form places in a wide range of independent and state schools and achieve their first choice destination. Queen Mary’s successfully prepares pupils for entry to sixth form admission to senior independent schools with two gaining awards at scholarship level to major independent schools.

In January 2020, Queen Mary’s underwent an ISI compliance inspection, in which the School was found to have met the standards in the schedule to the Education (Independent School Standards) Regulations 2014, the National Minimum Standards for Boarding Schools 2015, and relevant requirements of the statutory framework for the Early Years Foundation Stage, and associated requirements, and no further action is required as a result of this inspection

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

The School’s ancestral home, Baldersby Park, celebrated its 300th Anniversary in 2020, with the full programme of tercentenary events put on hold due to the Coronavirus Pandemic. We have a particular strength in music and the performing arts and the school prides itself on the quality of our choirs and related choral work. The prestigious Chapel Choir performed in the BBC’s Morning Services during the Autumn Term 2019, and gave their annual Candlelit Concert performing Britten’s Ceremony of Carols for the 39 consecutive year. As Queen Mary’s does much to support good causes including Macmillan Cancer Support, the Chapel Choir and Senior Orchestra once again performed in Ripon Cathedral at the Christmas Carol Concert which raised in the region of £40,000. For a small school we stage ambitious musical and theatre productions, and were ready to perform ‘Sister Act’ in late March 2020, which we are hoping may still be possible in 2021. New Era Speech and Drama examination results are outstanding, with most pupils achieving distinction across the full range of grades. Other productions during the year for younger pupils included The Mystery at Magpie Manor. The wide range of sports offered at Queen Mary’s reflects the importance given to sporting activity and physical education, despite the need for a virtual Sports Day in 2020. A number of senior pupils are outstanding in their field and have represented North Yorkshire and the North of England in netball and hockey.

In support of education, we provided opportunities for a History graduate to gain practical teaching experience as part of her Schools Direct PGCE teacher training course in the Spring Term. The Woodard Corporation is involved in the development of state academies nationwide, and we have provided direct support as the Head is currently Chair of the Woodard Heads’ Association, arranging the annual Heads’ Conference and attending Woodard Education Committee Meetings.

The Charity Committee is actively involved in identifying the School Charity of the Year which is voted upon by the whole school once a shortlist has been compiled. Charity events take place throughout the school year, including the Santa Run, House Fashion Show and Wolf Run obstacle course. In 20192020, the School Charity was Yorkshire Air Ambulance, for which approximately £3,500 was raised thanks to the disappointing effects of lockdown which severely limited fund raising activities. A few individual pupils did a fine job during lockdown in creating opportunities to raise money for struggling charities, one pupil raising over £10,000 for Alabare, to support vulnerable individuals during lockdown.

Parents of pupils at the school often make significant sacrifices to pay the fees. In educating around 204 UK based pupils, parents help to relieve the state of the financial burden of paying for their children’s education. The saving to the public purse is estimated to have had a value in the last year of £1.330m.

Unlike schools in the maintained sector, the school is unable to recover the VAT on most of the purchases that we make. During the past year, we paid an estimated £199,810 in VAT on goods and services.

Queen Mary’s School has clear academic objectives.

To provide a broad, stimulating and balance education for every pupil regardless of ability covering the following areas: Linguistic, mathematical, scientific, technological, human and social, physical and aesthetic and creative education.

• To educate children of all abilities to the best of their ability

• To achieve excellent value added scores across the curriculum

• To encourage intellectual curiosity, critical analysis and independent thinking

• To make the best use of academic data to give an individual approach to learning

• To ensure that all pupils are best prepared for national assessments

• To prepare each pupil for life beyond Queen Mary’s

• To be fully committed to the recruitment and retention of high calibre staff

• To ensure the training and development of staff.

At Queen Mary’s we have striven to allow each child to flourish encouraging pupils to develop a love of learning and to be able to think and work independently. Excellent class sizes, motivated pupils, supportive parents, a first class environment and dedicated, talented staff facilitated a superb foundation for effective learning to take place. Pupils have been encouraged to reflect on their educational experiences, learn from them and have been supported in trying to fulfil their potential.

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

The School has aimed to provide pupils with the opportunities to experience and develop a breadth of skills, knowledge and understanding across a range of curriculum areas. We have tried to foster curiosity, engagement, challenge, support, positive relationships and effective communication. Pupils have been expected to take an active role in their own learning, developing knowledge, questioning, thinking, understanding, evaluating and to have worked hard. We are developing independent thinkers and workers who have the skill set to facilitate a sense of well-being, resilience and success in the modern world. Pupils at Queen Mary’s have had the opportunity to learn in a supportive environment, through a number of disciplines, experience a variety of teaching styles and participate in a rich curriculum and co-curricular programme.

The culture at Queen Mary’s reinforces the philosophy that all individuals should strive to be the best they can be and teachers have been encouraged to adopt a bespoke approach to the needs of every child. Children with Special Educational Needs receive additional support from the Support for Learning Department to help them meet their particular needs. The school has adopted a bespoke approach to curriculum planning, allowing more able pupils to be challenged and others to undertake a reduced timetable depending on their individual circumstances.

Queen Mary’s became a member of the Yorkshire Teaching School Alliance in January 2018 giving access to first class staff training and professional development activities.

Improving Facilities

We continue to improve facilities through constant investment in the fabric of the buildings and assets, and ambitious programmes to provide the best facilities to support teaching and learning. Queen Mary’s continued with its boarding refurbishment programme during the Summer Term lockdown, taking advantage of having an empty building to upgrade dormitories and bathrooms. as well as redecorating empty classrooms.

Through development of, and provision of access to new facilities, the school remains at the heart of the community. Community activity takes many forms and includes use of sports facilities such as the swimming pool, use of the Great Hall and sports pitch and pavilion are recognised as being of particular quality and are regularly used by Thirsk Falcons, We run school holiday sports camps for local children, we invite local schools to take part in events, such as the annual Animation Day for local junior schools, the Horse Show, and in support of our neighbours, we host the annual Deershed Festival, which was much reduced in scale in 2020 for obvious reasons. Music, drama and charity performances are open to the public, and pre-pandemic we helped out in the local community by hosting services for the Benefice and offering Sunday brunch after the services.

Arts, Music & Drama

Queen Mary’s musicians again had another successful year. In the Autumn term our Chapel Choir participated in the Woodard Choral Festival at Worksop College and provided soloists for the instrumental showcase evening. Many of our musicians participated in the Ripon Young Musician of the Year competition and won 4 of the classes, including the competitive senior dual skill class, which was we won in Clarinet and Singing. The Carol Service and Candlelit Concert at Baldersby St James Church were very well attended and showcased the school’s outstanding choral singing.

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

We had two very successful ABRSM exam sessions in the Autumn and Spring terms with 100% pass rate and 4 girls achieving Grade 8. Our Autumn and Spring term music recitals provided a platform for many solo instrumental and vocal performances and were very well attended by parents. The Spring term was interrupted by covid 19 and so our planned performance of Sister Act could not take place. However, the children in the Junior School gave an excellent performance of ‘Mystery at Magpie Manor’ in February.

The Drama department stages a wide range of different productions each year, aiming to offer opportunities for pupils of all ages with high professional standards.

In the autumn of 2019, the year 11 GCSE Drama group produced an extremely powerful piece of devised theatre for an invited audience of family and friends.

In the spring term of 2020, they completed their course before the AQA external examiner with some exceptionally funny multi-roling scenes from “The 39 Steps” by Patrick Barlow, again with an invited audience.

In the Summer Term, year 9 should have acted and designed a number of scenes from “Confusions” by Alan Ayckbourn for an invited audience of parents, but sadly lockdown intervened.

In February 2020, KS2 mounted an extremely popular full-scale production: “Mystery at Magpie Manor” staged by Years 3-5, and year 6 should also have staged a production in June but again lockdown intervened. In addition, at Christmas, KS1 staged their annual Christmas production, as always written by Mr. Cowey.

The Speech and Drama pupils, together with the new Theatre Club, the whole of year 9 and the year 11 GCSE Drama group, launched Advent with a wonderful Christmas Recital at the start of December 2019. In June, the Speech and Drama pupils also created a summer Recital – online via google meet.

The Speech and Drama pupils took external examinations in November 2019, March 2020, and, before a virtual examiner, in June 2020. There were 73 separate examinations with once again a 100% pass rate, with 100% Distinctions in both March and June, when the department broke new ground with our first virtual online examination session. 9 candidates gained Grade 8 during the year, 8 of them with Distinction, and a further 5 candidates gained Grade 7 all with Distinctions.

Two pupils were delighted to be awarded Certificates of Excellence by the examination board. These represent the highest mark gained at Grade 8 in that calendar year internationally.

Physical Education and Sport

The enormous range of sports offered at Queen Mary’s School reflects the importance given to sporting activity and physical education.

The Sports Scholars were taken to the English Institute of Sport to attend ‘Girls Go Gold’, which was an inspiring event provided by the Girls School Association and Youth Sport Trust. The more able are nominated for Area, County, Regional and National representation with many of our pupils being successful. Teams are entered into Hambleton and Richmond Area tournaments, providing opportunities to qualify to higher stages.

This year’s success include:

• Area Champions: U13 Hockey, U16 Hockey, U15 Netball team, U16 Netball team, Over 13 Gymnastics, U13 Gymnastics

• In2Hockey U13 1st place

• Area Representatives, 3 Netball, 7 Cross Country

• County Representatives: 2 Netball, 4 hockey

• 1 U6 girl representing the North of England for hockey

• 1 U9 gymnast finishing 2nd place nationally at the Independent Schools Gymnastics Association

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

For our KS1 & KS2 girls, we have entered the Thirsk School Games for the third year running entering sixteen competitions/tournaments across the year in a range of activities, from Netball to Tag Rugby, to Swimming. The Year 5&6 swimming team finished as Hambleton and Richmond champion, as well as two Year 6 girls qualifying for the Cross Country County finals at Dalby Forest.

As a school we are affiliated to the Yorkshire School’s Gymnastics Association (YSGA), the Independent Schools Gymnastics Association (ISGA) and the English Schools Gymnastics Association (ESGA). At the Milano Trio competition, our U11 team finished in 4th place regionally and at the ISGA competition, one pupil finished as 2nd placed individual nationally in the U9 category.

We have competed in the YSGA Trampolining Competition with U11 and U13 teams and individuals finishing in the top 5 regionally.

We continue to have great individual success in Trampolining, as in the Kingston League we are U9, U11 and U16 Champions in the Foundation category.

We entered the Yorkshire Dance Competition for the first time this year.

Sports camps have continued to grow and allow for external coaches to deliver specialist sessions and has attracted external pupils in to our school.

38 Students from Year 8- 11 had a successful Ski Trip to Les Deux Alps.

Wider Education

The Woodard Corporation is involved in the development of academies as part of the government’s initiative. In support of this project all Woodard schools have provided support, where asked, through provision of educational expertise, participation in governance, direct curriculum support etc.

Community

The school continues to invite local schools to join workshops and attend school productions.

The proceeds from the Harvest Festival and the surplus Easter Eggs from the annual Easter Egg Hunt are taken to the local food bank.

Outreach

The Duke of Edinburgh’s Award programme in the senior school and the Archbishop of York Award in the Junior school allow pupils to engage in community based projects supporting charities unrelated to the school. In addition some girls undertake community service as part of an organised after school activity.

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

FINANCIAL REVIEW

Results for the Year

Group fee income of £2.984m (2020) includes a reduction in fees of around £250K given for the Summer Term. Excluding the effect of this reduction, group fee income is consistent with 2019 (£3.228m).

Our trading company was significantly affected by the pandemic, with many weddings and events postponed. As a consequence non ancillary trading income was down by circa £80K. There was an in year loss of £17K compared to a previous year surplus of 22.6K.

The Coronavirus Job Retention Scheme contributed £98K to grant income, from the furloughing of predominately support staff.

Including revaluations reserves dropped by £331K to £6.956m reflecting the impact of the pandemic and the increased investment in the Estate.

Group cash flow remained strong with cash at bank of £2.75m (2020) against £1.56m (2019) primarily due to the receipt of funds from the Harrogate land sale.

In line with the School’s policy to utilise funds to ensure that high quality up to date facilities are provided for the benefit of pupils, the School took advantage of the unique circumstances of the lockdown, with an almost empty School, to bring forward its refurbishment programme with £175K investment in bathrooms, toilets, and classroom environments.

A further £400k was invested in the hockey pitch and sports pavilion during the year.

In addition a further £100k was invested in IT through fibre connectivity, whiteboards, hardware upgrades, and IPADS for use by the junior School during lockdown.

In addition to the very substantial benefits our school brings to our pupils, the local community and society through the education we offer, our bursary programme creates a social asset without cost to the Exchequer.

Reserves Level and Policy, and Financial Viability

It has been the school’s policy to utilise funds to ensure that high quality up-to-date facilities are provided for the benefit of pupils. The aim is to budget so as to provide sufficient working capital to meet the present needs and future development requirements of the school without the requirement to have recourse to sales of tangible fixed assets, or use of the school’s readily realisable investments supporting unrestricted funds. Queen Mary’s plans to have a target for free unrestricted reserves of 12 weeks’ expenditure. Unrestricted free reserves currently total around 30 weeks’ expenditure.

Queen Mary’s plans to fund longer term capital expenditure and meet long term liabilities through careful management of resources and investments and through building reserves through operations and trading. The school aims to make an overall surplus of not less than 5% of budgeted income after costs of development, refurbishment and other improvements.

The governors have invested substantial sums into new school buildings in recent years and have a continuing programme of refurbishment, development and investment to maintain excellent teaching facilities for our pupils. In common with most independent schools, and due to the having to fund their own capital investment plans, free reserves have reduced illustrating the extent of the investment in our school. The school’s total reserves of £7.0M at the year-end included £25,777 of endowed funds. Fixed assets held for charity use totalled £4.8M, leaving free reserves of £2.1M (2020: £3.1M) at the yearend. The school placed £1m into an investment fund in the prior year (see note 15) with unrealised gains in the year of 68K

13

QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

Key performance indicators

	2020	2019
Pupil numbers	208	219
Total remissions	398,668	409,642
Total staff costs	2,354,830	2,282,808

PRINCIPAL RISKS AND UNCERTAINTIES

The governors consider the economic turbulence of recent years, the pandemic, together with the affordability of fees by parents across the independent sector to be the principal risk faced by the school. The governing body decided to hold fees for the year 2020-2021 due to uncertainty caused by the pandemic.

Health and Safety is always a significant area for risk management. The risks range from fire and infrastructure to personal risks (most notably when away from the school on trips and expeditions). The level and breadth of activity at the school is impressive and the risks associated with all activities are minimised by thorough planning and risk assessment.

The governing body is responsible for the identification and management of risks. The major risks to which the charity is exposed, as identified by the directors, have been reviewed and systems or procedures have been established to manage those risks. Detailed examination of the risks and establishment of controls to mitigate them is delegated to the Executive Officers and the process is overseen by the Audit Committee on behalf of the governing body. A formal review of the risk management processes is undertaken annually.

The principal risks to which the school is exposed include those affecting protection of pupils and security and preservation of charitable assets both now and in the future. Significant risk areas:

• the market in which the school operates is highly competitive

• we strive to ensure that all staff are able to work in a safe and supportive environment and policies, procedures and training in Human Resource management and Health and Safety help to ensure that the school meets expectations

• the school operates in a highly regulated sector, including in matters of child protection, and we appoint appropriate professional advisers to ensure that we can keep up to date with all requirements; school or individual membership of bodies being the constituent associations of the Independent Schools Council also ensure that we have access to up to date information and support

• the school operates in an increasingly litigious environment and we appoint appropriate professional advisers and purchase insurance using specialist brokers and advisers to ensure that we can keep up to date with all requirements and meet all challenges.

The key controls used by the school include:

• formal agendas and minutes for all meetings of the governing body and committees

• terms of reference for all committees

• comprehensive strategic planning, financial forecasting, budgeting and management accounting

• established and identifiable organisational structures and reporting lines which are regularly reviewed

• comprehensive formal written policies

• clear authorisation limits

• vetting procedures, as required by law, for protection of the vulnerable

The school plans strategically having regard for risk. The executive provide the governing body with regular reports which include details of the principal strategic objectives and the activity to achieve those objectives. The school also records significant achievements and updates the governing body and Woodard on short-term plans.

The strategy is discussed between the governing body and the Woodard Board and protocols have been developed and agreed which outline the relationship between the two bodies.

14

QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

Financial risk management objectives and policies

The school uses financial instruments, other than derivatives, comprising loans, cash and other liquid resources and various other items such as trade debtors and creditors that arise directly from operations. The main purpose of these financial instruments is to raise finance for the group’s operations.

The main issues arising from the group’s financial instruments are liquidity risk and interest rate risk. The school’s directors adopt policies for managing each of the risks and these are summarised below:

• Liquidity risk – the school seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs by negotiating adequate facilities from banks.

• Interest rate risk – the school finances operations through a mixture of retained surpluses and bank and other borrowings. Any exposure to interest rate fluctuations is managed by the use of both fixed and floating facilities.

GOING CONCERN

Schools were ordered to close to all except the children of ‘Key Workers’ in March 2020 and all of the education was moved online. The impact has been to raise the level of uncertainty and risk for the whole education sector. However thanks to a concerted staff training exercise during the Easter holidays and strong communication with pupils and parents, Queen Mary’s School adapted extremely well to the new situation. Having previously supplied Google Chromebooks to pupils in Years 3 to 9, and BYODs in Years 10 and 11, mini-iPads were hastily purchased for the children in the Pre-Prep School, so that they too, could access online learning. The timetable was rewritten to enable full live learning to continue remotely, with opportunities for pastoral care and extracurricular activities built in to the school day. The Governors’ Finance Committee decided to reduce day school fees for the Summer Term 2020 by 20% in the Prep and Senior School and by 30% in the Pre-School. Boarding fees were not charged. Parents who chose to continue to pay full fees contributed to a hardship fund for families in need. The impact on the financial results for the year to 31st August 2020 has been significant but this has been mitigated as much as possible through full use of the Coronavirus Job Retention Scheme, mothballing much of the site, and cancellation of all Summer Term events, except in virtual form.

The majority of pupils returned in September 2020, including boarding and one international pupil, and the School made major adaptations to make social distancing possible including the wearing of masks for all but the Prep and Pre-Prep pupils. A one-way system was created for each year group bubble with separate entrances. Staff were protected with 2 metre separation from pupils and classroom rearrangement to support those colleagues who are more vulnerable. It remains to be seen how much this will impact financial results for forthcoming years.

Under government guidelines we re-opened to all pupils in September and taking all necessary steps to ensure that the school environment is Covid-19 secure in line with government advice.

As a result of the national lockdown from 5 January 2021 pupils are being taught remotely. The School’s remote learning programme has been well received by pupils and parents. The School furloughed predominantly support staff and suspended the catering contract from early January 2021. Once the full impact of the lockdown is known it is intended that this will be reflected in a remission to parents against Summer 2021 fees.

After review of evidence, Queen Mary’s Board has a reasonable expectation that the company will be able to continue operating for the foreseeable future and the financial statements have been prepared on a going concern basis. This review has had regard to the current operational deficit of the school and to the receipt of the Harrogate Land proceeds. The Board retains discretion over the allocation of the proceeds for the benefit of the school. Further details related to the adoption of the going concern basis can be found in the accounting policies on page 27.

15

QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

FUTURE PLANS

The Board’s current priorities are to:

1. To continue to improve academic standards, building on the successful 2020 ISI inspection.

2. To grow pupil numbers through a targeted marketing campaign and increased marketing resource

3. To continue to look at providing bursaries and assisted scholarships to allow maximum availability of places for all children who would benefit from a Queen Mary’s education.

4. To continue to review the investment of the Harrogate land sale income in projects which will support the long term viability of the school.

5. To continue to build and encourage community access for educational purposes to the school’s facilities in areas that are not necessarily as well provisioned in smaller state funded schools.

16

QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2020

DIRECTORS

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

Mr T E Fielden	Chairman	Strategy,	Remuneration,	Remuneration,	Finance,
		Audit, Estates, Trading subsidiary
Ms R E Bryant		Strategy,	Finance
Mrs M Crouch	(Resigned 06/07/2020)	Finance,	Strategy
Mr A J Fallows		Strategy,	Finance, Estates, Audit,
		Trading subsidiary
Mrs N Gunson	(Appointed 29/11/19)	Strategy,	Education
Mr T J Hartley	Vice-Chairman	Strategy
	(Resigned 06/07/2020)
Mr N A Morgan	(Resigned 13/12/2019)	Strategy,	Remuneration,		Finance,
		Audit,	Estates,	Nominations,
		Scholarships & Bursaries
Mr J O Murray		Finance,	Strategy
Mr N J Pearce		Finance,	Strategy, Bursaries
Mrs S Roberts	(Resigned 02/12/2019)	Strategy
Mrs C A L Strickland	(Resigned 06/07/2020)	Strategy
Ms E D Theakston		Strategy,	Marketing
Ms M C Wike		Strategy,	Education

Since the year end Rev S Jukes, Dr H E Rawson and Mr A L F Robson were appointed as directors on 25 November 2020.

None of the directors has any beneficial interest in the company. Queen Mary’s buys trustees and officers insurance on behalf of the directors.

AUDITORS

RSM UK Audit LLP, having expressed their willingness to continue in office, will be deemed reappointed for the next financial year in accordance with section 487 (2) of the Companies Act 2006 unless the company receives notice under section 488(1) of the Companies Act 2006.

17

QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2020 DIRECTORS RESPONSIBILITIES STATEMENT The directors are responsible for preparing the director's report and the financial slalemenls in accordance with applicable law and regulations. Company law requires the directors lo prepare financial statements for each financial year. Under that law the dire¢lors have elected lo prepare the financial stslements in accordance with United Kingdom Generally Accepted Accounting Practice Iuniled Kingdom Accounting Standards and applicable lawl including FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the directors musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the Charitable company and the group and of the inwming resources and application of resources, including the income and expenditure, of the charitable cornpany and group for that period. In preparing these financial slalemenls, the directors are required to.. select suitable accounting policies and then apply them consistently., obseNe the methods and principles in the Charities SORP IFRS 1021., m8ke judgments and accounting eslimales that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial slatemenls., prepare the financial slalemenl8 on the going concern basis unless il is inappropriate to presume th81 the charitable company and group will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions 2nd disclose with reasonable accuracy al any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors confirm Ihal.. so far as each trustee is aware, there is no relevant audit infomalion of which the ¢hari(able company's auditor is unaware., and the directors have taken all the steps that they ought to have taken as directors in order lo make themselves aware of any relevant audrt information and lo establish that the charitable company's auditor is aware of that information. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legis181ion in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the Board of Directors of Queen Mary's School (Baldersbyl Limited on 26 Februa.ry. 2021 including, in their capacity as company directors, appromng the Directors. and Strategic Reports contained therein, and signed on ils behalf by- MR T E FIELDEN CHAIRMAN 18

QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED YEAR ENDED 31ST AUGUST 2020

Opinion

We have audited the financial statements of Queen Mary’s School (Baldersby) Limited (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 Augsut 2020 which comprise the Consolidated Statement of Financial Activities, the Charity Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated and Charity Cash Flow Statements and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 August 2020 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

• the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group’s or parent charitable company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Directors’ Report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

19

QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED YEAR ENDED 31ST AUGUST 2020

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Directors’ Report, which includes the Directors’ Report and the Strategic Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Directors’ Report and the Strategic Report included within the Directors’ Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report or the Strategic Report included within the Directors’ Report.

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

• adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent charitable company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 18, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

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

20

QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED YEAR ENDED 31ST AUGUST 2020

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

DALE THORPE (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants Central Square 5[th] Floor 29 Wellington Street Leeds LS1 4DL

Date: 26 February 2021

21

QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31ST AUGUST 2020

	Notes	Unrestricted	Restricted	Endowed	2020	2019
		Funds	Funds
		£	£	£	£	£
Income and endowments from:
Charitable Activities
School fees receivable	3	2,984,236	-	-	2,984,236	3,228,378
Ancillary trading income	4	251,179	-	-	251,179	261,403
Other trading activities
Non-ancillary trading income	5	(1,699)	-	-	(1,699)	80,055
Investments
Investment income	6	1,698	-	-	1,698	1,107
Bank and other interest	7	3,902	-	-	3,902	3,135
Other- Grants and donations
Grants and donations	8	102,803	-	-	102,803	3,513
TOTAL INCOMING RESOURCES		3,342,119	-	-	3,342,119	3,577,591
Expenditure on:
Raising funds
Non-ancillary trading	9	15,615	-	-	15,615	55,216
Other income generating activities		-	-	-	-	-
Financing costs	10	25,713	-	-	25,713	11,547
TOTAL DEDUCTIBLE COSTS		41,328	-	-	41,328	66,763
Charitable Activities
Education and grant making	9	3,699,689	-	-	3,699,689	3,646,506
TOTAL EXPENDITURE		3,741,017	-	-	3,741,017	3,713,269
Net expenditure before transfers		(398,898)	-	-	(398,898)	(135,678)
Unrealised gains/(losses) on investment assets	15	75,562	-	(7,725)	67,837	83,566
Net expenditure		(323,336)	-	(7,725)	(331,061)	(52,112)
Transfers between funds	23	-	-	-	-	-
Other recognised gains/(losses)
Pension scheme actuarial losses	27	-	-	-	-	-
Net Movement in funds for the year		(323,336)		(7,725)	(331,061)	(52,112)
Fund balances at 1st September 2019		7,253,988	-	33,502	7,287,490	7,339,602
FUND BALANCES AS AT 31ST AUGUST 2020		6,930,652	-	25,777	6,956,429	7,287,490

All amounts relate to continuing activities. All recognised gains and losses in the current and prior year are included in the statement of financial activities. The notes on pages 27 to 47 form part of these financial statements.

22

QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED CHARITY STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31ST AUGUST 2020

Notes Income and endowments from: Charitable Activities School fees receivable 3 Ancillary trading income 4 Other trading activities Non-ancillary trading income 5 Investments Investment income 6 Bank and other interest 7 Other- Grants and donations Grants and donations 8 Other incoming resources TOTAL INCOMING RESOURCES Expenditure on: Raising funds Non-ancillary trading 9 Other income generating activities Financing costs 10 TOTAL DEDUCTIBLE COSTS Charitable Activities Education and grant making 9 TOTAL EXPENDITURE Net income and expenditure before transfers Unrealised gains/(losses) on investment assets 15 Net (expenditure)/income Transfers between funds 23 Other recognised gains/(losses) Pension scheme actuarial losses 27 Net Movement in funds for the year Fund balances at 1st September 2019 FUND BALANCES AS AT 31ST AUGUST 2020	Unrestricted Funds £ 2,984,236 262,187 - 1,698 3,852 102,803 3,354,776 25,713 25,713 3,710,697 3,736,410 (381,634) 75,562 (306,072) - - (306,072) 7,253,988 6,947,916	Restricted Funds £ - - - - - - - - - - - - - - - - - - - - -	Endowed £ - - - - - - - - - - - - - - - (7,725) (7,725) - - (7,725) 33,502 25,777	2020 £ 2,984,236 262,187 - 1,698 3,852 102,803 3,354,776 - - 25,713 25,713 3,710,697 3,736,410 (381,634) 67,837 (313,797) - - (313,797) 7,287,490 6,973,693	2019 £ 3,228,378 261,403 2,232 1,107 3,080 26,175 -
					3,552,375
					- - 11,547
					11,547 3,646,506
					3,658,053
					(135,678) 83,566
					(52,112) - -
					(52,112) 7,339,602
					7,287,490

All amounts relate to continuing activities. All recognised gains and losses in the current and prior year are included in the statement of financial activities. The notes on pages 27 to 47 form part of these financial statements.

23

QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT31STAUGUST2020 Nots Group 2020 Charfty 2020 2019 2019 FIXED ASSETS Tangible assets Securities Investments 14 15 3.615,063 1.185,693 3.110,823 1,117,856 3,615,063 1 185695 3,110,823 1,117.858 4.800.756 4,228,679 4,800,758 4,228.681 CURRENT ASSETS Stock Debtors Cash al bank and in hand 35.991 1,109,071 2 754 792 3.899.854 14,991 3,142,919 1,$67,880 4,725,790 35.991 1,130,759 2,743,664 3,910,414 14,991 3,296,157 1,414,642 4,725,790 16 CURRENT UABILITIES Creditors payable within one year 17 11,546.7311 11.429,1701 11,540.0291 11,429,172> NET CURRENT ASSETS 2.353,123 3,296,620 2,370,385 3,296,618 TOTAL ASSETS LESS CURRENT LIABILITIES LONG TERM LIABILITIES Creditors payable after one year 7,153,879 7.525.299 7.171,143 7,525,299 18 1197,3501 1237,7091 1197,3501 1237,7091 TOTAL NET ASSETS EXCLUDING PENSION LIABILITY 6,956.529 7,287,590 6,973.793 7,287,590 Nel pension liability 27 NET ASSETS 6.956.529 7,287,590 6,973,793 7,287,590 REPRESENTED BY: CALLED UP SHARE CAPITAL 20 100 100 100 100 ENDOWED FUNDS RESTRICTED FUNDS UNRESTRICTED FUNDS General reserve 23 23 25.777 33,502 25,777 33,502 23 6,930,652 7,253,988 6.947,916 7,253,988 6,956,529 7.287,590 6,973.793 7,287,590 The financial stslemenls were approved and aulhorised for issue by the Board on 26 February.2021 and signed on il ehalf by T E Fielden - CHAIRhAAN Company registration number 48(￿128 The notes on pages 27 to 47 form part of these financial statements 24

QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED CONSOLIDATED STATEMENT OF CASHFLOWS AS AT 31ST AUGUST 2020

Note Cash flows from operating activities Net cash provided by operating activities 24 Cash flows from investing activities Interest receivable Interest payable Purchase of property, plant and equipment Purchase of investments Net cash used in investing activities Cash flows from financing activities Repayment of borrowings Net cash used in financing activities Change in cash and cash equivalents in the year Cash and cash equivalents brought forward Cash and cash equivalents carried forward 25	2020 £ 1,905,112 3,902 (6,858) (676,134) - (679,090) (39,110) (39,110) 1,186,912 1,567,880 2,754,792	2019 £ 2,339,835
		3,135 (11,547) (1,360,749) (1,000,000)
		(2,369,161)
		(33,053)
		(33,053)
		(62,379) 1,630,259
		1,567,880

The notes on pages 27 to 47 form part of these financial statements

25

QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED CHARITY STATEMENT OF CASHFLOWS AS AT 31ST AUGUST 2020

Note Cash flows from operating activities Net cash provided by operating activities 24 Cash flows from investing activities Interest receivable Interest payable Purchase of property, plant and equipment Purchase of investments Net cash used in investing activities Cash flows from financing activities Repayment of borrowings Net cash used in financing activities Change in cash and cash equivalents in the year Cash and cash equivalents brought forward Cash and cash equivalents carried forward 25	2020 £ 2,047,272 3,852 (6,858) (676,134) - (679,140) (39,110) (39,110) 1,329,022 1,414,642 2,743,664	2019 £ 2,244,250
		3,080 (11,547) (1,360,749) (1,000,000)
		(2,369,216)
		(33,053)
		(33,053)
		(158,019) 1,572,661
		1,414,642

The notes on pages 27 to 47 form part of these financial statements

26

QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

1. STATUTORY INFORMATION

Queen Mary’s School (Baldersby) Limited is a charity, the charity is a limited liability company (company number 4806128), registered in England and Wales, and wholly owned subsidiary of The Woodard Corporation (charity number 1096270). The company’s registered office address can be found on the Company Information page.

The principal activity of the School is the delivery of education to pupils ranging from 2 - 16 years of age. A number of summer school activities are held and the school is open at other times for use by the local community.

2. ACCOUNTING POLICIES

The principal accounting policies, all of which have been applied consistently throughout the year and in the preceding year are:

a) Basis of Accounting

The accounts of the group have been prepared under the Companies Act 2006 and in accordance with the Statement of Recommended Practice for Charities (‘SORP (FRS102)’) and with applicable UK Accounting Standards. They are drawn up on the historical cost accounting basis except that share investments held as fixed assets are carried at fair value.

Queen Mary’s School (Baldersby) Limited meets the definition of a public benefit entity under Financial Reporting Standard (FRS) 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Further details are provided in the accounting policies for depreciation of fixed assets, for pensions and for bad debts. The financial statements are presented in Sterling (£) and the functional currency is also Sterling (£).

b) Going Concern

The accounts have been prepared on a going concern basis. The Queen Mary’s Board reviews the financial information for the company and the group, and consider whether the group and company are a going concern for a period of at least 12 months from the date of approval of the accounts. The governing body has reviewed the impact of the global pandemic on school operations and finances. In summer term of 2019-20 the financial impact was mitigated through use of the various elements of support provided by the Government including the furlough scheme. The governing body recognise that the financial implications in 2019-20 brought about as a result of the pandemic will continue into 2020-21, and possibly beyond, and continues to rework plans for the coming year, to ensure the financial impact on the school continues to be mitigated in the most appropriate way. Despite the operating deficit for the year which was largely due to the discounts given to parents in the Summer term, the school had net current assets of £2.4m and cash at bank of £2.8m and realisable investments of £1.2m at 31 August 2020. Having considered all the factors and reviewing the available evidence, , including a 3 year income and expenditure budget up to and including FY 22-23 and a detailed cashflow forecast through to March 2022, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Accounts.

c) Group Accounts

The financial statements consolidate the financial statements of the company and its subsidiary company with all inter-company balances being eliminated. Entities are consolidated where Queen Mary’s exercises overall control either through ownership of shares, or through having common trustees with a common objective. Accounting policies are consistently applied between group companies.

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

d) School Fees Receivable and Similar Income

Fees receivable and other educational income are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions by the school, but include contributions received from restricted funds for scholarships, bursaries and other grants. Fees in Advance Scheme Contracts are those fees received in advance of education to be provided in future years under a specific contract. The fees are held as investments in interest bearing assets until either taken to income to match liabilities in the term when used, or refunded, or they are held within the unrestricted reserves of the school. Any surplus of assets over liabilities is held within the fund as a buffer. Debts are provided for if not recovered within one term. Estimating amounts to provide against recovery of debts is a matter of judgement.

e) Ancillary and Non-Ancillary Trading Income

Ancillary trading income represents amounts from activities to generate funds within the charitable objects for example, school shop sales, coaches to and from school and school trips. Non-ancillary trading income represents amounts from activities not directly related to the charitable objects, for example lettings of school facilities out of term time and rental from spare school buildings. Income from these activities is recognised in the SOFA when the goods are sold or services provided.

f) Voluntary sources, Grants and Donations

Voluntary incoming resources (including government grants) are accounted for as and when entitlement arises, the amount can reliably be quantified and the economic benefit is considered probable.

Voluntary income for general purposes is accounted for as unrestricted and is credited to the General Reserve. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for as permanent trust capital or expendable trust capital, according to whether the donor intends retention to be permanent or not. Gifts in kind are valued at estimated open market value at the date of gift, in the case of assets for retention or consumption, or at the value to the school in case of donated services or facilities.

Coronavirus Job Retention Scheme (CJRS) income

The CJRS grant is receivable as compensation for staff costs incurred and for the purpose of giving immediate financial support to the school with no future related costs. It is recognised in income in the period in which it becomes receivable.

g) Expenditure

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

h) Finance and Other Costs

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

i) Pension Costs

The school company participates in the Teachers' Pensions scheme, which is an unfunded government scheme, which provides benefits based on final pensionable pay. The funds of the schemes are separate from the company, although the company’s share of the schemes cannot be identified as the schemes are multi-employer schemes, and so the pension costs are accounted for as defined contribution schemes. The company also contributes to other defined contribution pension schemes for teaching and non-teaching staff.

j) Tangible Fixed Assets and Depreciation

In accordance with Section 35.10 (d) of FRS102, Queen Mary’s has elected to use the carrying

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

value of any of the freehold land and buildings previously carried at a valuation, as their deemed cost at the date of transition to FRS102, 1 September 2014.

Tangible fixed assets are stated at cost less depreciation. Individual capital items, or projects, with a value greater than £10,000 are capitalised. Assets in the course of construction are stated at cost less any provision for impairment. They are transferred to completed assets when substantially all of the activities necessary to get the asset ready for use are complete. Where appropriate cost includes our own labour costs in relation to construction, and directly attributable overheads.

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

Depreciation is provided at rates calculated to write off the cost, less estimated residual value of each asset based on current market prices, over its expected useful life, as follows:

Freehold land is not depreciated
Freehold Buildings:	- Variable according to the building and written off over
	the expected useful life (see note below)
Freehold improvements	- Over the useful economic life of the improvement
Assets under construction	- Not depreciated (see note below)
Computer equipment	- 25% on cost
Plant and equipment	- 25% on cost
Telephone system	- 10% on cost
Furniture and fittings	- 25% on cost
Motor vehicles	- 25% on cost

The company has reviewed its tangible assets, which comprise land, buildings and initial fixtures and fittings. The company undertakes an annual review of all buildings assessing their useful economic life. In some cases the useful economic life of a building is anticipated to be of considerable length, often in excess of 100 years. The buildings are capitalised in the financial statements at historic cost. Where the calculated depreciation charge is a material figure, it is charged in these accounts but, where the carrying value is not more than the estimated recoverable amount and the depreciation on the building is not material to these financial statements, it has been assessed, but not charged. The directors will continue to carry out annual assessments of the recoverable amount and the estimated useful life of all buildings and where the depreciation is a material value, it will be charged. The review is based on the directors’ assessments of the market value and the future economic benefit derived from an asset versus its carrying value in the accounts.

When the company undertakes a significant refurbishment project that will have an economic benefit, the cost of the refurbishment is capitalised, recorded separately under ‘Freehold Improvements’, its useful life estimated and it is depreciated over that useful life.

Assets under construction are not depreciated until they are brought into use, at which point, they are transferred to the relevant class of asset and depreciated in line with the relevant policy.

Queen Mary’s exercises judgement in selection of appropriate rates for depreciation of fixed assets, and for matters of impairment.

k) Financial Instruments

Queen Mary’s only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

l) Investments

Investments are carried at fair value, which is deemed to be market value as at the balance sheet date.

Unrealised gains and losses arising on the revaluation of investments are credited or charged to the Statement of Financial Activities and are allocated to the appropriate fund according to the ‘ownership’ of the underlying assets. Realised gains and losses are the difference between sales proceeds and opening market value where the investment was held at the beginning of the year, or sales proceeds less cost of purchase where the investment was acquired in the year. The revaluation reserve reflects the accumulated total of unrealised gains. Uninvested cash is the balance of liquid cash, held as an investment, which has not been invested in securities.

m) Stocks

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

n) Leasing Commitments

Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and are depreciated over their useful lives or the period of the lease whichever is the shorter. The interest element of the obligations is charged to the Statement of Financial Activities over the period of the lease. Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the Statement of Financial Activities on a straight line basis over the lease term. Lease incentives are accounted for over the lease term on a straight-line basis.

o) Fund Accounts

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. Endowment funds are further sub-divided into permanent and expendable, where required by the terms of the trust.

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

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

p) Taxation

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

The school has a subsidiary company that is subject to taxes including corporation tax and VAT in the same way as any commercial organisation. The tax charged to the statement of financial activities is based on the subsidiary company’s profit for the year and takes into account tax arising because of timing differences between the treatment of certain items for tax and accounting purposes. The subsidiary company distributes the majority of its profits to Queen Mary’s under Gift Aid and tax liabilities are kept to a minimum.

q) Significant judgements and estimates

The preparation of the financial statements requires management to make judgement, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of the future events that are believed to be reasonable in the circumstances.

There are considered to be no significant judgements or estimates made in the preparation of these financial statements which would have a material impact on the amounts recognised.

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

3. CHARITABLE ACTIVITIES - SCHOOL FEES RECEIVABLE

Group and company The school fees income comprises Gross fees Less: Total scholarships, bursaries, etc	2020 £ 3,382,904 (398,668) 2,984,236	2019 £ 3,638,020 (409,642)
		3,228,378

Scholarships, bursaries and other awards were paid to 124 pupils (2019: 120 pupils). Within this, means-tested bursaries totalling £141,219 were paid to 24 pupils (2019: £105,757 to 19 pupils)

4. CHARITABLE ACTIVITIES – ANCILLARY TRADING INCOME

Group Extras Entrance fees and registration fees Riding for pupils Fees in lieu of notice Pupil bussing Sundry income Company Extras Entrance fees and registration fees Riding for pupils Fees in lieu of notice Pupil bussing Sundry income	2020 £ 130,371 3,375 46,415 - 15,649 55,369 251,179 2020 £ 130,371 3,375 46,415 - 15,649 66,377 262,187	2019 £ 66,999 2,909 58,786 26,428 24,012 84,269
		261,403
		2019 £ 66,999 2,909 58,786 26,428 24,012 84,269
		261,403

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

5. OTHER TRADING ACTIVITIES

Non-ancillary trading income (Group) Woodard Lettings rental income Other Non-ancillary trading income (Charity) Other	2020 £ (1,699) - (1,699) - -	2019 £ 77,823 2,232
		80,055
		2,232
		2,232

6.INVESTMENTS - INVESTMENT INCOME Unrestricted Restricted Endowed Group and company Securities investment income Equities 1,698 - - 7.INVESTMENTS - BANK AND OTHER INTEREST RECEIVABLE Unrestricted Restricted Endowed Group Bank interest 3,902 - - 3,902 - - Charity Bank interest 3,852 - - 3,852 - -	Total 2020 £ 1,698 Total 2020 £ 3,902 3,902 3,852 3,852	Total 2019 £ 1,107
		Total 2019 £ 3,135
		3,135
		3,080
		3,080

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

8. OTHER - GRANTS AND DONATIONS

Group Government grants - CJRS Other bequests and donations Charity Government grants - CJRS Gift aid donation from trading subsidiary Other bequests and donations	Unrestricted 97,606 5,197 102,803 97,606 - 5,197 102,803	Restricted - - - - - - -	Endowed - - - - - - -	Total Total 2020 2019 £ £ 97,606 - 5,197 3,513 102,803 3,513 97,606 - - 22,662 5,197 3,513 102,803 26,175

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

9. ANALYSIS OF EXPENDITURE

a)Total
expenditure
	Staff costs	Depreciation	Support	Total	Total
	(note 11)	(note 14)	Costs	2020	2019
	£	£	£	£	£
Costs of raising
funds
Non ancillary trading	11,008	-	4,607	15,615	55,216
(trading costs of
subsidiary)
Other income	-	-	-	-	-
generating activities
Financing cost (note	-	-	25,713	25,713	11,547
10)
Total cost of generating funds	11,008	-	30,320	41,328	66,763
Charitable
expenditure
Education and grant
making
Teaching	1,667,314	59,354	145,844	1,872,512	1,867,589
Welfare	203,754	9,135	292,284	505,173	569,411
Premises	93,538	103,405	359,826	556,769	554,169
School administration	379,216	-	301,548	680,764	583,194
Donations
Grants awards and	-	-	2,891	2,891	1,143
prizes (note 9b)
Governance costs	-	-	81,580	81,580	71,000
Total charitable expenditure	2,343,822	171,894	1,183,973	3,699,689	3,646,506
Total Expended (Group)	2,354,830	171,894	1,214,293	3,741,017	3,713,269
Total Expended (Charity)	2,354,830	171,894	1,209,686	3,736,410	3,658,053

Staff costs in the subsidiary were paid for by the Charity and recharged to the subsidiary. The difference between total Charity expenditure and total group expenditure is therefore support costs incurred in the subsidiary of £4,607.

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

b) Grants’ awards and prizes

Queen Mary’s makes awards to individual families to support schooling.

Group and company From Unrestricted Funds: Prizes and leaving awards c)Total resources expended include: Group Depreciation of tangible fixed assets Remuneration paid to auditor for audit services Additional remuneration paid to auditor for prior year Operating lease costs Charity Depreciation of tangible fixed assets Remuneration paid to auditor for audit services Additional remuneration paid to auditor for prior year Operating lease costs 10.FINANCING COSTS Group and company Bank interest payable Other costs 11.STAFF COSTS The aggregate payroll costs for the year were: Wages and salaries Social security costs Other pension costs Private medical insurance	2020 £ 2,891 2,891 2020 £ 171,894 19,200 5,023 38,852 171,894 19,200 5,023 38,852 2020 £ 6,858 18,855 25,713 2020 £ 1,913,478 161,766 277,164 2,422 2,354,830	2019 £ 1,143 1,143 2019 £ 110,957 14,444 - 39,055 110,957 13,244 - 39,055 2019 £ 10,480 1,067 11,547 2019 £ 1,927,394 169,079 186,335 -
		2,282,808

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

11. STAFF COSTS (Continued)

None of the governors received remuneration or other benefits from Queen Mary’s or from any connected body.

Aggregate employee benefits of key management personnel The number of higher paid employees whose annual emoluments were £60,000 or more was: £60,001 - £70,000 £70,001 - £80,000 £80,001 - £90,000 £90,001 - £100,000 £100,001 - £110,000 The number with retirement benefits accruing: - in Defined Contribution schemes was Of which the contributions amounted to - in Defined Benefit schemes was Of which the contributions amounted to

2020 2019 £ £ £146,096 £154,206 2020 2019 No No - - - - 1 1 - - - - - - £- £- 1 1 £19,516 £13,582

The average number of employees during the year calculated on a full time equivalent basis was 60 (2019: 62)

Teaching Other	2020 No 45 38 83	2019 No 45 34
		79

12. DIRECTORS

No directors’ expenses have been reimbursed during the year (2019: £nil)

N J Pearce, although not directly involved in their work on behalf of the school, is a member of UHY Calvert Smith LLP, the School’s accountants. During the year UHY Calvert Smith LLP charged the group £15,504 including VAT (2019: £24,840), of which £6,534 (2019: £12,000) is included as an accrual in these accounts. No other directors (or any persons connected with them) received any remuneration during the year.

Directors with children attending the school paid fees (including extras) of £105,319 (2019: £66,240). Scholarships and bursaries totalling £8,340 were awarded to children of directors attending the school (2019: £6,581).

One director made a donation to the school of £2,000 (2019: £nil) during the year.

13. TAXATION

The company is a registered charity and therefore no liability to taxation arises on its charitable activities.

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

14. TANGIBLE FIXED ASSETS

Group and company Cost At 1stSeptember 2019 Additions Transfers At 31st August 2020 Depreciation At 1stSeptember 2019 Provided in the year At 31st August 2020 Net book value at 31st August 2020 Net book value at 31stAugust 2019 Group and company Cost At 1stSeptember 2019 Additions Transfers At 31st August 2020 Depreciation At 1stSeptember 2019 Provided in the year At 31st August 2020 Net book value at 31st August 2020 Net book value at 31stAugust 2019	Plant & Equipment £ 187,234 - - 187,234 179,049 8,185 187,234 - 8,185		Freehold Land & Buildings £ 2,551,948 212,007 1,040,398 3,804,353 840,819 103,405 944,224 2,860,129 1,711,129 Furniture & Fittings £ 194,447 - - 194,447 193,497 950 194,447 - 950	Assets under construction £ 1,342,386 399,209 (1,040,398) 701,197 - - - 701,197 1,342,386 Motor Vehicles £ 15,500 - - 15,500 15,500 - 15,500 - -		Computer Equipment £ 336,909 64,918 -
						401,827
						288,736 59,354
						348,090
						53,737
						48,173
						Total £ 4,628,424 676,134 -
						5,304,558
						1,517,601 171,894
						1,689,495
						3,615,063
						3,110,823

All assets are used for charitable purposes.

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

15. SECURITIES INVESTMENTS

Group investments At 1 September 2019 Additions Unrealised gains on investments Group investments at 31 August 2020 Investment in subsidiaries (Unrestricted fund) Charity investments at 31 August 2020 Investments comprise: Listed investments Equities Group investments at 31 August 2020 Investment in subsidiaries Company investments at 31 August 2020	Securities Investments 2020 £ 1,117,856 - 67,837 1,185,693 2 1,185,695 1,185,693 1,185,693 2 1,185,695	2019 £ 34,290 1,000,000 83,566
		1,117,856 2
		1,117,858
		1,117,856
		1,117,856 2
		1,117,858

Queen Mary’s School (Baldersby) Limited owns all of the share capital of Woodard Lettings (Yorkshire Schools) Limited, a company incorporated in England/Wales. Further details are provided in note 28.

The Securities Investments are managed for Queen Mary’s by M&G Investments and CCLA. All investments are managed and held in the UK.

16. DEBTORS

School fees receivable Trade debtors Other debtors Prepayments and accrued income Amounts due from subsidiary company Debtors due in more than one year Prepayments	Group 2020 £ 963,925 510 18,306 126,330 - 1,109,071 -	2019 £ 872,077 6,107 2,180,135 84,600 - 3,142,919 9,561	Company 2020 £ 963,925 - 18,306 126,330 22,198 1,130,759 **- **	2019 £ 872,077 - 2,180,135 84,600 159,345
				3,296,157
				9,561

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

17. CREDITORS: amounts falling due within one year

Bank loan Deposits from parents Fees received from parents in advance of term Trade creditors Taxation and social security Other creditors Accruals Amounts due to subsidiary company	Group 2020 £ 43,239 97,870 1,022,395 75,910 40,507 48,521 218,289 - 1,546,731	2019 £ 41,990 87,693 1,064,094 147,300 - 5,315 82,778 - 1,429,170	Company 2020 £ 43,239 97,870 1,022,395 75,910 39,231 48,360 213,022 2 1,540,029	2019 £ 41,990 87,693 1,064,094 147,300 - 5,315 82,778 2
				1,429,172

Bank loans and overdrafts are secured by an unlimited all moneys guarantee as part of an overdraft facility under a pooled banking arrangement organised by the Woodard Corporation.

The bank loan has an annual interest rate of 3% (2.5% above base rate) and the date of the final repayment is 31 March 2026.

18. CREDITORS: amounts falling due after one year

18.CREDITORS: amounts falling due after one year
Group 2020 £ Bank loan 197,350 197,350 19.BANK LOAN Group and company The bank loan is repayable in instalments Due after 5 years Due within 2 to 5 years Due within 1 to 2 years Due after more than one year Due within 1 year	2019 £ 237,709 237,709	Company 2020 2019 £ £ 197,350 237,709 197,350 237,709 2020 2019 £ £ 26,485 71,951 129,852 126,362 41,013 39,396 197,350 237,709 43,239 41,990 240,589 279,699
			237,709 41,990
			279,699

20. SHARE CAPITAL

Authorised 100 Ordinary Shares of £1 each Allotted, called up and fully paid 100 Ordinary Shares of £1 each	2020 2019 £ £ 100 100 100 100

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

20. SHARE CAPITAL (Continued)

All shares are registered in the name of the Woodard Corporation, Queen Mary’s School (Baldersby) Limited has no power to issue, allot or dispose of any other shares and the shares are already issued are not transferrable. Upon winding up or dissolution, and after satisfaction of all liabilities, any remaining property shall be paid to the Woodard Corporation.

21. FUNDS

Queen Mary’s School (Baldersby) Limited’s funds are analysed under the following headings:

a) ENDOWED FUNDS

Special Endowment

The endowed funds of the company include a number of prize funds set up by donors as permanent capital. The income generated is restricted to funding scholarships, bursaries, grants and prizes. The funds were donated to the school by Woodard Schools (Northern Division) Ltd who previously administered the funds on behalf of the school. Unexpended income is transferred to restricted funds.

b) RESTRICTED FUNDS

Early years outdoor room project

During the year ended 31 August 2010 the school received a grant of £10,000 towards the purchase of an early years outdoor room. The grant is being written off over 10 years in line with the depreciation of the relevant asset.

c) UNRESTRICTED FUNDS

Unrestricted funds represent accumulated income from the school’s activities and other sources that are available for the general purposes of the school.

22. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets Securities investments Net current assets Long term liabilities omparative of Net assets Tangible fixed assets Securities investments Net current (liabilities) Long term liabilities	Unrestricted £ 3,615,063 1,159,916 2,353,023 (197,350) 6,930,652 between funds Unrestricted £ 3,110,823 1,084,354 3,296,520 (237,709) 7,253,988	Restricted £ - - - - - Restricted £ - - - - -	Endowed £ - 25,777 - - 25,777 Endowed £ - 33,502 - - 33,502	Total 2020 £ 3,615,063 1,185,693 2,353,023 (197,350) 6,956,429 Total 2019 £ 3,110,823 1,117,856 3,296,520 (237,709) 7,287,490	Total 2019 £ 3,110,823 1,117,856 3,296,520 (237,709)
					7,287,490
					Total 2018 £ 1,861,031 34,290 5,719,380 (275,099)
					7,339,602

Comparative of Net assets between funds

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

23. SUMMARY OF MOVEMENTS ON MAJOR FUNDS

Endowed – Permanent General reserve Revaluation Total Endowment Restricted Funds Early years outdoor room project Unrestricted Funds General Reserve Designated funds: Development fund Total Funds	At 1 Sep 2019 £ 21,976 11,526 33,502 - 7,253,988 - 7,253,988 7,287,490	Incoming resources £ - - - - - 3,342,119 - 3,342,119 3,342,119	Resources expended £ - - - - - (3,741,017) - (3,741,017) (3,741,017)	Transfers £ - - - - - - - -	Gains/ (losses) £ - (7,725) (7,725) - - 75,562 - 75,562 67,837	At 31 Aug 2020 £ 21,976 3,801
						25,777
						-
						-
						6,930,652 -
						6,930,652
						6,956,429

Unrestricted Funds:

The General Reserve, in conjunction with the bank loan secured on school premises, are retained to provide working capital.

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

Comparatives of movements in major funds

Endowed – Permanent General reserve Revaluation Total Endowment Restricted Funds Early years outdoor room project Unrestricted Funds General Reserve Designated funds: Development fund Total Funds	At 1 Sep 2018 £ 21,976 12,314 34,290 1,000 1,000 7,254,312 50,000 7,304,312 7,339,602	Incoming resources £ - - - - - 3,577,591 - 3,577,591 3,577,591	Resources expended £ - - - - - (3,713,269) - (3,713,269) (3,713,269)	Transfers £ - - - (1,000) (1,000) 51,000 (50,000) 1,000 -	Gains/ (losses) £ - (788) (788) - - 84,354 - - 83,566	At 31 Aug 2019 £ 21,976 11,526
						33,502
						-
						-
						7,253,988 -
						7,253,988
						7,287,490

24. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net expenditure for the year Adjustments for: Depreciation Gains on investments Interest payable Interest receivable (Increase)/decrease in stocks Decrease in debtors Increase in creditors Net cash provided by operating activities	Group 2020 £ (331,061) 171,894 (67,837) 6,858 (3,902) (21,000) 2,033,848 116,312 1,905,112	2019 £ (52,112) 110,957 (83,566) 11,547 (3,135) 341 2,198,505 157,298 2,339,835	Company 2020 £ (313,797) 171,894 (67,837) 6,858 (3,852) (21,000) 2,165,398 109,608 2,047,272	2019 £ (52,112) 110,957 (83,566) 11,547 (3,080) 341 2,101,045 159,118
				2,244,250

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

25. CASH AND CASH EQUIVALENTS

25.CASH AND CASH EQUIVALENTS
Group 2020 2019 £ £ Cash at bank and in hand 2,754,792 1,567,880 2,754,792 1,567,880 26.CAPITAL COMMITMENTS At 31 August 2020, the group had capital commitments as follows: Expenditure contracted for but not provided in the accounts	Company 2020 £ 2,743,644 2,743,644 2020 £ 25,940	2019 £ 1,414,642
		1,414,642
		2019 £ 300,834

43

QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

27. PENSION SCHEMES

Teachers’ Pension Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £257,372 (2019: £175,393) and at the year-end £21,149 (2019 - £nil) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

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

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

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

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

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

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

28. SUBSIDIARY

The Company owns all of the share capital of Woodard Lettings (Yorkshire Schools) Limited, a company incorporated in England & Wales (Company number 01746376). This company carries out trading activity on behalf of the school, that of commercial lettings.

Woodard Lettings (Yorkshire Schools) Limited had a turnover of (£1,699) (2019: £77,823), gross loss of £13,145 (2019: profit £24,977), and a loss before tax and gift aid of £15,988 in the year ended 31 August 2020 (2019: profit of £22,662). At 31 August 2020 the company had shareholder’s funds of (£17,264) (2019: £2).

At the year end, Woodard Lettings (Yorkshire Schools) Limited, owed the company £22,198 (2019: £159,345).

29. COMMITMENTS UNDER OPERATING LEASES

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within 1 year Within 1 and 2 years Within 2 and 5 years	Other 2020 2019 £ £ 33,914 38,852 20,813 33,914 1,688 22,500 56,415 95,266	Other 2020 2019 £ £ 33,914 38,852 20,813 33,914 1,688 22,500 56,415 95,266
		95,266

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

30.Consolidated Statement of	Financial Activities	– Comparative	figures by fund	type
Year Ended 31 August	Unrestricted	Restricted	Endowed	Total
2019
	£	£	£	£
Income and endowments
from Charitable activities
School fees receivable	3,228,378	-	-	3,228,378
Ancillary trading income	261,403	-	-	261,403
Other trading activities
Non-ancillary trading income	80,055	-	-	80,055
Investments
Investment income	1,107	-	-	1,107
Bank and other interest	3,135	-	-	3,135
Donations
Grants and donations
Other incoming resources	3,513	-	-	3,513
Total Incoming Resources	3,577,591	-	-	3,577,591
Expenditure on:
Raising funds
Non ancillary trading	55,216	-	-	55,216
Financing costs	11,547	-	-	11,547
Total Deductible Costs	66,763	-	-	66,763
Charitable activities
Education and grant making	3,646,506	-	-	3,646,506
Total resources expended	3,713,269	-	-	3,713,269
Net income and
expenditure before	(135,678)	-	-	(135,678)
transfers
Unrealised (losses)/gains on	84,354	-	(788)	83,566
investment assets
Net incoming/(outgoing) resources	(51,324)	-	(788)	(52,112)
Transfers between funds	1,000	(1,000)	-	-
Net income and capital (outflow)	(50,324)	(1,000)	(788)	(52,112)
Pension scheme actuarial	-	-	-	-
gains/(losses)
Net movement in funds for the year	(50,234)	(1,000)	(788)	(52,112)
Fund balances brought	7,304,312	1,000	34,290	7,339,602
forward
Fund Balances Carried Forward	7,253,988	-	33,502	7,287,490

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QUEEN MARY’S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2020

31. ULTIMATE CONTROLLING PARTY

The Woodard Corporation Limited is the ultimate controlling party, a registered charity number 1096270, which is incorporated in England and Wales. Copies of the financial statements of the Woodard Corporation can be obtained from High Street, Abbots Bromley, Rugeley, Staffordshire, WS15 3BW. The accounts of Queen Mary’s School (Baldersby) Limited are included within the consolidated financial statements of the Woodard Corporation Limited.

32. RELATED PARTIES

The Company is a wholly owned subsidiary of The Woodard Corporation, a registered charity number 1096270, which is incorporated in England and Wales. An amount of £15,617 (2019: £24,242) was paid during the year to the Corporation by way of a levy to meet Corporation running costs.

The company also controls a subsidiary trading company. Woodard Lettings (Yorkshire Schools) Limited, the results of which are detailed in note 28. Expenses totalling £11,868 (2019: £55,186) were paid by Queen Mary’s School (Baldersby) Limited, on behalf of Woodard Lettings (Yorkshire Schools) Limited and recharged to the company.

Further information in respect of all transactions with related parties is given in note 12 to the financial statements.

On 17[th] October 2017, the Woodard Corporation (parent charitable company) was granted full planning permission for development of houses on land in Harrogate, which was the site for a former Woodard school. The land was subject to an option agreement between Woodard and Hallam Land Management, which was first signed in 2003. Under a separate agreement, all proceeds of sale are to be split equally between Woodard and Queen Mary’s School . On 5[th] December 2017 Woodard signed an agreement with Persimmon Homes Limited under which Persimmon agreed to make a net payment of £12.9 million, after costs and deduction of Hallam Land’s share of the proceeds. The net proceeds will be received in three instalments from January 2018 and will be split equally between Woodard and Queen Mary’s School after legal costs and agency fees have been deducted. During the year ended 31 August 2018 the School received £1,957,259 of this income which was recognised as a donation in that year. The remaining balance due to the School of £4,284,333 was recognised as a donation in the year ended 31 August 2018 and included in other debtors. The School received £2,142,216 of the balance during the year ended 31 August 2019 leaving a balance of £2,142,117 in other debtors at 31 August 2019. This balance was received in full during the year ended 31 August 2020.

At the year end school fees outstanding from governors totalled £23,645.57 (2019: £25,539) of these £1,784.86 were due. These fees were settled in full after the year end.

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