Chaiity Registration No. 1098410 Company Registration No. 04806128 (England and Wales) QUEEN MARYS SCHOOL (BALDERSBY) LIMITED DIRECTORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2022 QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED CONTENTS Page Company information Directors, report Strategic Report statement of Accounting and Reporting Responsibilrties 3-11 6-11 11 Independent auditorfs report 12-15 Statutory financial statements of the company 16-41 QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED COMPANY INFORMATION YEAR ENDED 31ST AUGUST 2022 DIRECTORS AND ADVISORS DiTecto Mr T E Fielden {Chairman} Mr A J Fallows Mr N J Pearce Mr E D Theakston Rev'd S Jukes MrA L F Robson Ms N Gunson Mr J Murray {Resigned 061091221 Mr J M Gawthorpe (Appointed 22111121) Mr L France IAppoinled 221061221 Mrs C Attey {Appointed 221061221 Dr H E Rawson (Resigned 271061221 Secretary Mr P Nomianton (Resigned 19104122) Mrs K S Thompson (Appointed 19104122) Charity No. 1098410 Company No. 4806128 Principal addres5 and Registered Office Queen Mary's SchLX)l {Baldersby} Limited Baldersby Park Topcliffe Thirsk North Yorkshire Y07 3BZ Key Management Personnel Head BuTsar Head of Finan￿ and Eststes Deputy Head Mrs C A M Cameron Mrs K S Thompson (Appointed 19104r221 Mr P Nomianton (Resigned 191041221 Mrs D Hannam Walpole other Management Staff Head of Prep & Pre4>rep Mrs L Thomson (Resigned 31108Q21 Mr C Nellis (Appointed 01109r221 Mrs S Casey Mr A Smith (Resigned 311081221 Assistant Head Teaching & Learnlng Head of IT & Digital Strategy Auditor RSM UK Audit LLP Central Square 51h Floor 29 Wellin9ton Street Leeds LS14DL QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED COMPANY INFORMATION YEAR ENDED 31ST AUGUST 2022 Bankers Uoyds Corporate and Commercial 102 Grey st￿et Newcastle upon Tyne NE1 6AG Sollcltors Wrigleys Solicitors LLP 19 CookTidge Street Leeds LS2 3AG Insurance Brokers Marsh Ltd Capi(al House 1-5 Perrymount Road Haywards Heath West Sussex RH76 3SY QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2022 The directors p￿sent their report and financial statements for the year ended 31 sl August 2022 and confirm they comply wth the requirements of the Char((ies Act 2011, including the Directors, and strategic Reports. under the Companies Act 2006. REFERENCE AND ADMINISTRA TIVE INFORMA TION The charity was fomied in 2003 and is registered with the Charty Commission as charity number 1098410. The charty is a limited liability company, and wholly owned subsidiary of The Woodard Corporation (charity number 1096270). Directors of the Company are also Fellows Imernbersl of the Woodard Corporation and participate in the election of ib board of management and are committed to ils charitable obje¢ts. STRUCTURE, GOVERNANCE AND MANAGEMENT Goveming Document The Company is governed by Art¢cles of Association as adopted by Special Resolution dated 20 March 2013, replacing those dated 20 June 2003 amended by Special Resolulion{51 dated 25 January 2006, 28 April 2009 and 23 June 2009. They permrt 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 legalty charitable. The Articles of Association forbid the distribution of any propety or fund5. which are lo be applied solety t(hvards the promotion of the objects of the company. Governing Body The Directors of the Company, who are the trustees of the Char¥ty, together comprise the goveming body of Queen Mary's School. Directors delemine the general policy of the Company and are responsible for strategic planning and policy making. They are elected to hold office for five years and are eligible to stand for re-ele¢lion. The Directors who held office during the year are listed on page 1. Nor¢e has any beneficial interest in the Company. Re¢ruitment and Training of Govomors All govemors 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 schtx)I contscls and from selection when a post becomes available. The goveming 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 wi(h induction training by the Head, Bursar and staff and a wider programme of training events is Organis￿ by the Woodard Corporation. Vvhere possible the governors constder that the skills and experience of the Board should comprise a diverse range of people including the following areas of specialism and experience.. legal financiaVac¢ounting education senior manageiial or business equal opportunities safeguarding propety management heatth and safety Volunteers Governors are volunteers providing their lime for free to support the governan¢e of the school. The sehool also relies on the Queen Mary's Friends parent volunteers. QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED DIRECTORS, REPORT (incorporating the Strategic Report> YEAR ENDED 31ST AUGUST2022 Organisatlonal Management The school is governed by the goveming body which delegates work lo a number of eommittees. The directors delemine the general policy of the company. Finance Committ89 - the Finan￿ Committee has a remit to consider budgets, both revènue and capital. cash flow infomiation and financial reports, including the financial slalements.11 also considers financial policies and the financial Tegulations. It makes recommendations to the goveming bcxjy for approval. The Finance Committee met six limes during the year. Development Committee-the Development Committee is supported by the Finance Committee and develops the school's estates strategy. including capital developments and Maintenan￿ of the buildings and (( makes recommendations lo the goveming body. 11 met four limes during the year. Education Committee - the Education Committee is responsible for oversight of the academic and pastoral perfom)ance of the school and educational policy, making recommendations to the goveming body. It met three limes during the year. strategy Commlttee the Strategy Committee makes recommendations to the governing body regarding the strategic direction of the school and is responsible for considertng the strategic plan in detail. 11 is incorporated in one board meeting annually. Marketlng Commtttee - The Marketing Commtttee is responsible for overseeing the marketing and communications strategy, Queen Mary's brand, the alumnae, development and recru(tment of pupils. In addition, they share data and reporting, and discuss new initiatives and ideas. The Marketing Committee met three times during the year. Bursary Committee - The Bursary Committee meets in person in February each year when parental requests for bursarial support are considered forthe next academic year. Independentfinancial analysis on each applicant is prepared in advance by Bursary Administration Limited and a recommendation is made about possible financial support for parents. Decisions are taken annualty by the Bursary Committee wi(h occasional online meetings at other times. The day to day management of the company is delegated to the Head and the Bursar overseeing educational. pastoral and administrative functions in consultation with the Leadership Team. Day to day adminislralion is undertaken wrthin the policies and procedure5 approved by the Leadership Team. Significant expenditure decisions and major capitsl proj¢cts are referred to the Finance Committee before being ralrfied by the full Board of Governors. The Head oversees the recruitment of all educational staff, and the Head and Bursar oversee the recruitment of administrative and support staff. Govemors participate in the recruitment of senior staff. The remuneration policy is reviewed annually, including reference to comparisons with other independent schools to en$￿￿ that the school remains sensitive to the broader issues of pay and employment conditions elsewhefe. Delivery of the school's charitsble vision and purpose is primarily dependent on the Leadership Team and staff costs are the laigest single element of our Charitab￿ expenditure. Group Structure and Relationships The school has a wholly owned non4haritable subsidiary. Woodward Lettings (Yorkshire Schools) Limi(ed, the aclNf(ies and trading of which are described below. The school has developed links with a range of organisations to ensure the widest possible a¢¢ess to our facilities and schooling. Through membership of GSAJBSMSIIISBA we ensure that we are able to attain the highest standards of quality and perfomance. We encourage our pupils to develop an awareness of the soc￿1 context of the all-round education and théy are engaged in a numbér of activit￿S to enhance their understanding. The school is well supported by the Queen Mary's Friends, a parent led commitiee, who organise events such as the Summer Ball and social actNities for pupils and parents together with other fundraising activities. QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31sfAUGUST2022 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 of England. Aims Queen Mary's School (Baldersbyl Limited {'Queen Mary's'l is a boarding and day school for pupils from the ages of 3 10 16. It aims lo support children in ￿achIng their potential in all areas of their education. and in the wider Community. This may be in academic suÉ)jecls bul could just 8s easily be reffected in success in art, drama, sport, music or dance. We produce 'well rounded, individuals who will make a positive contribution to society. 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 lo the full., lo provide a safe, happy and secure pastoral environment in which pupils can leam to Itve together and thus foster a sense of community. respect for one other and good citizenship., to provide pupils with the opportuntty to take advantage of a breadth of co LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST2022 Through development of. and provision of access to new f8cililies, the school remains al the heart of the communty. Community activty lakes many fom7$ and includes use of sports facilities such as the swImm￿ng pool. use of the Great Hall and sports pitch and pavilion are recognised as being of particular quality and are regularly used in the evenings by local sports groups. We run school holiday sports camps and art clubs for local children, as well as invite local schools to take part in events such as the Horse Show. Music. drama and charty perforniances are open to the public, and l¢xal ￿hOOlS are actively supported with minibus provision and educational collaboration. Wider Education The Woodard Corporation is involved in the development of academies as part of the govemmenvs initiative. In support of this project all Woodard schools have provided support, where asked, through provision of educational expertise. participation in governance, direct currtculum support. Charity The Charity Commfttee is actively involved in identifying the School Charity of the Year which is voted upon by the whole school On￿ a shortlisl has been compiled. Charity events take place throughout the school year, including the Santa Run, the Charty House Show and Wolf Run obstacle course. In 2021-2022. The main School Charity was Build Africa for which approxim*ety £4,000 was raised. Communtty The school continues to invite local sch¢XJls to join workshops and attend school prodyctions. The proceeds from the Harvest Festival, Christmas Appeal and the SLFrplus Easter Eggsfrom the annual Easter Egg Hunt are taken to the local foc)d bank. In addition the Community Service team work at Dementia Day Care in Thirsk as well as undertaking good works in school. The Duke of Edinburgh's Award programme in the Senior S¢hcx)l and the Archbishop of York Young Leaders Award in Year 6 allows pupils to engage in wmmunty based projects supportin9 charities unrelated to the school. FINANCIAL REVIEW Results for the Year The full financial statements and the Auditors, Report can be found in the accompanying Annual Accounts for the year. Queen Mary's School is funded mainty through fees tuition and boarding, investment income and income from our commercial activities. This financial year was the frrst full period since the Coronavirus COVID-19 pandern￿ and the School benefitted from the uplrft in demand for pupil places and the ability to provide three full lems of education without remote leaming. Income from School fees increase(I 10 £3.591m, an increase of 110/0 against the previous school year12021 school fee ineome.. £3.233ml. The financial year also saw a 780/0 increase in ancillary trading income {£505k against £284k in 20211, a 124Yo in¢rease in investment income1£91.5k against £40.8k in 20211 and a further 165% in¢￿ase in income from other trading activ(£ies, benefitting from the ability lo allow external groups to use the school's facilities for a fvii trading perithj. Total expenditure was £4.440m 12021.. £3.771ml an increase of 180/0 on the previous year, pr5marily driven by a running full educational programme ofactivities across the year. The Board remains focused on controlling the levels of expenditure. The School's trading Performan￿ generated a deficit of£299,510 {2021-, surplus £263,685), which was adversely affected by the £176k loss on investment assets in the year12021.' gain £360,53n. QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST2022 Re$ep4e$ Level and Policy. and Financlal Viability 11 has been the school's policy to ulilise funds to ensu￿ that high quality up-to4ate facilities are provided ft)r the benefrt of pupils. The aim is to budget so as to provide sufficient working capital to ￿eet the present needs and fuiure development requirements of the school without the requirement to have recourse lo sales of tangible fLxed assets or use of the school's readily realisable investments supporting unrestricted funds. Qtjeen Mary's plans to have a tsrget for free unrestricted reserves of 12 weeks, expenditure. Unrestricted free reserves currentty lolal around 8 weeks, expenditure however, we have over £3.4m of investments which, although classed as medium to long-term investments. can bo ac¢essed quickty should the need arise. Queen Mary's plans lo fund longertemi Capital expenditure and meet long lemi Itabililies through careful management of resources and investments and through building reseNes through operations and trading. The school aims lo make an overall surplus of not les5 than 50/0 of budgeted income after costs of d8v8lopmenl, refurbishment and other improvements. The govemors have invested substantial sums into new school buildings in recent years and have a continuing programme of refurbishment, development and investment to maintain excellent facilf(ies for our pupils. The school's total reserves of £6,911m at the year-end included £31,322 of endowed funds. Key perfomianca indicatOf5 2022 223 500,221 2.581,718 2021 207 466,896 2,444,186 Average pupil numbers. Total remission5 Total staff costs *Pupil Numbers on roll at the end of SummarTem) 2022 were 230 PRINCIPAL RISKS AND UNCERTAINTIES The govemors consider the economic turbulence of recent years, the pandemic, together With the affordability offees by parents across the independent sector lo be the principal risk faced by the school. Whilst the governing body decided to hold fees for the year 2020-2021 due to Un￿rtaintY caused by the pandemic it increased fees for 2021-2022 by 2.50A. For the 2022-2023 year the increases rose by 5Qh in line with the independent sector. Health and Safety is always a signrficant area for Tisk management. The risks range from fire and infrastructure lo personal risks {most notably when away from the school on trips and expedltionsl. The level and breadth of activity at the school is impressive and the risks associated wth all activities are minimised by thoTough planning and risk assessmenL The governing body is responsible for the identif￿allOn and management of risks. The major risks to which the charity 1$ exposed, as identrfied by the directors, have been reviewe¢l and systems or procedures have been established to manage those risks. A formal review of the risk management prwesses is undertaken annualty in the governors. Ri$k Review. The principal risks to which the school is exposed include those affecting protection of pupils and securty and preservation of charitable assets both now and in the future. Significant risk areas- the market in which the school operates is highly compelitwe we strive to ensure that all pupils and staff are 8ble to work in a safe and supportive environment and policies, procedures and training in Safeguarding, Human Resource management and Health and Safely help lo ensure that the school meets expectations the school operates in a highly iegulated sector. including in matters of child protection, and we appoint external advisers to ensLtre that we can keep up to date with all requirements. We also have membership of the constituent associations of the Independent Schools Council lo ensure that we have access to up to date information and support professional advisers and insurance using specialist brokers and advisers lo ensure that we can keep up to date with all requirements and meet all challenges. Ongoing rtsk posed by the pandemic reLgted to COVID-19 and national restriction$. QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED DIRECTORS, REPORT {incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2022 The key controls used by the school include.. fomial agendas and minutes for all meetings of the goveming body and committees terms of reference for all committees strategic planning, financial forecasting, budgeting and management accounting established and identtfiable organisalional structures and reporting lines which are regulady reviewed fomal written pol￿18$ and procedures clear aulhoris8tion limits vetting prOc￿￿reS. as required by law, for protection of the school ¢ommunty The school plans Strateg￿allY having r￿ard foT risk. The executive provides the governing body with regular reports which include details of the strategic objectives and the activity to achieve those objectives. The school also records significant achievements and updates the governing body and Woodard CoTporalion on short4emi plans. The strategy is discussed btheen the governing body and the Wogdard Board and protocols have been developed and agreed which outline the relationship between the tsyo bodies. Financial risk management objectives and policies The Directors, as Charitable Trustees, with particular assistan￿ from the School's Finance Committee, have examined the principal areas of the SchoL)I's operations and have considered the major areas of strategic, operational and business risk which the School faces. The Directors aclNely review the major risks that may arise on a regular basis, as well as the systems and prO￿UTeS established to manage them, ensuring that those risks already identified can be mrtigaled. All of the identified risks are contained within the School Risk Management Register. FUTURE PLANS The govemors intend to continue their current strategies of maintaining and slrenglhening the School'$ position in a competitive marf(et by investing to provide high quality edLscalion for our pupils. Achieving a high standard of academic results is a constant aim whilst maintaining the breadth and depth of the education provided. The Board's Current priorities are.. To nurture hoh standards in all areas of school lrfe, building on the successful 2020 ISI inspection. To build on the recent growth in pupil numbers with a strong marketing strategy that sustains heafthy pupil's numbers. To continue lo look al providing bursaries lo allow maximum availabilty of places for all children who would benefit from a Queen Mary's education. To implement a long-term funding sliucture that will safeguard the Harrogate land endowment and to continue to secure the long term viability of the school. To continue to build and encourage community ac￿SS foreducational purposes to the school's facilities in areas that are not necessarity as well provisioned in sm811er state funded schooEs. AUDITORS RSM UKAudit LLP. having expressed theirwillingness to continue in office, will be deemed reappointed for the next financial year in accordance wi(h section 48712} of the Companies Act 2006 unless the company re¢eives notice under section 48811) of the Companies Act 2006. 10 QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED DIRECTORS, REPORT (incorporating the Strategic Report> YEAR ENDED 31ST AUGUST2022 DIRECTORS. RESPONSIBILITIES STATEMENT The directors are Tesponsible for preparing the direclorfs report and the financial statements in accordance with applicable law and regulations. Company law requires the directors lo prepare financial statements for each financial year. Underthat law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United 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 stslements unless they are satisfied th* they give a true and fair view of the slate of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitsble company and group for that period. In preparing these financial slalements, the directors are required lo: 3ele¢t suit8ble accounting policies and then appty them consistently; observe the methods and principles in the Charf(ies SORP IFRS 1021.. makejudgments and accounting estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial statements-, prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the ¢haritable company and group will continue in business. The directors a￿ responsible for keeping adequate accounting records that are sufficient to show and explain the ¢harit8ble Company's tsansaclions and disclose with reasonable accuracy at any lime the financial posrtion of the company and enable them to ensure that the financial ststements comply with the Companies Act 2006. They a￿ also responsible for safeguarding the assets of the charitable company and henTr for taking reasonable steps for the prevention and detection of fraud and other irregularf(ies. The directors confimi that: so far as each trustee is aware. there is no relevant audit information of which the charitable Company's auditor is unaware,. and the directors have taken all the steps that they ought to have tsken as directors in order to make themselves 8ware of any relevant audf( information and to estsblish that the charitable company's auditor is aware of that Intom￿tIOn. The directors are responsible for the Maintenance and integrity of the corporate and financial information included on the charitable company'swebsile. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may drffer from le9151ation in other jurisdictions. Approved by the Board of Directors of Queen Mary's Sch(x)l (Baldersbyl Limited on ....2fl- MoTrJi%oz3 including, in their capacity as company directors. approving the Directors, and Strategic Reports contained therein. and signed on its behalf by.. MR TE FIELDEN CHAIRMAN QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED YEAR ENDED 31ST AUGUST2022 Oplnlon We have audited the financial $lalements of Queen Mary's School (Baldersbyl Limi(ed Ilhe 'parenl charitable company'l and its subsidiary Ilhe'group'l forthe year ended 31 August 2022 which compriso the Consolidated and Charity Slalement of Financial Aclivilies, Consolidated and Charity Balance Sheets, Consolidated and Charty Slalement of Cashflows and notes to the financial statements. including sionificanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Vniled Kingdom Accounting Standards, including FRS 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally AC￿pted Accounting Practice}. In our opinion the financial statements- give a true and fair view of the slate of the group's and the parent charitable company's affairs as at 31 August 2022 and of the group's incoming resources and application of resources. including ils income and expendi(ure. for the year then ended.. have been properly prepared in accordance with United Kingdom Generalty Accepted Acwunling Practice,. and have been prepared in accordan¢e with the requirements of the Companies Act 2006. Basis for opinion We conducted our audf( in accordan￿ with International Standards on Audi(ing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilf(ies 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 lo our audit of the financial slalements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other elhi¢al ￿SponsIbl11t1eS in accordance wrth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In audi(ing the financial statements, we have con¢lLtded that the truslee5' use of the going con￿rn basis of accounting in the preparation of the financial Statements is appropriate. Based on the work we have performed. we have not idgnlrfied any material uncertainties relating to events or conditions that, individually or collectively. may cast Significant doubt on the group's or parent charitable company's abilty to continue as a going concern for a period of at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsbi iif(ies of the trustees with respect lo going concern are described in the relevant sections of this report. Other information The other infomation Comprises the information included in the Directors, Report other than the financial statements and our aucsilorfs report the¥eon. The trustees are responsible for the other information contained within the Directors, Report. Our opinion on the financial ststements does not cover the other infom)alton and, except to the exient otheN4ise expli¢f(ty staled in our report, we ¢Jo not express any form of a5suran¢e ¢on¢lusion thereon. 12 QUEEN MARY'S SCHOOL {BALDERSBY) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUEEN MARY'S SCHOOL {BALDERSBY) LIMITED YEAR ENDED 31ST AUGUST2022 Our responsibility is to read the other infomiation and, in doing so. consider whether the other information is materially inconsistent w((h the financial slalemenls or our knowledge obtained in the course of the audit or otherwise appears to be materially misslaled. If we identify such material inconsislencps or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial slalements themselves. If. based on the work we have performed, we conclude that there is 8 material misstatement of this other information, we are required to report that fact. We have nothing lo report in this regard. Opinions on other matters prescrlbed by tha 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 Direclor5' Report and the Strategic Report prepared for the purposes of company law, for the financial year for which the financial ststements 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 whlch we are required to report by exceptlon In the light of the knowledge and understanding of the group and the paronl charitable company and their environment obtained in the course of the audit. we have not ident￿led material misstatements in the Directors, Report or the Strategic Report included within the Diiectors, Report. We have nothing to report in respect of the following matters where the Companies Act 21Y)6 require us to report to you if, in our opinion.. adequate accounting rewrds have not been kept by the parent charitable company. or re￿rn$ adequate for our audit have not been received from branches not visited by us., or the parent charitab16 company financial statements are not in agreement with the accounting record5 and returns., or certain disclosures of trustees, remuneration specified by law are not made,. or we have not received all the infomalion and explanation5 we r￿uIre for our audtt. Responsibilities of trustees As explained more fulty in the Statement of Trustees. rosponsibilities set OLrt on page 11, the trustees (who a￿ also the directors of the charitable company for the purposes of company18wl are responsible for the preparation of the financial statements and for being satisfied that they give a twe and fair view. and for such internal control as the Iruslees determine is necessary lo enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the tTUStees are responsible for assessing the group's and parent charitable company's ability to continue as a going Con￿M, disclosing, as applicable, matters related lo going concern and using the going ¢on¢ern basis of accounting unless the tnjstees either intend to liquidate the group or parent ehar(iable company orto ￿ase operations. or have no realisti¢ alternative but to do so. 13 QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED YEAR ENDED 31ST AUGUST 2022 Auditor's responslbllltles for the audit of the financial statements Our objectives are to obtsin reasonable assurance abovl whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an audttorfs report that includes our opinion. Reasonable assuran￿ is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will a￿ayS detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered maler*al rf, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial s18lements. The extent to vthich the audit was Considered capable of detecting irregularitles. Including fraud Irregularities are instances of non-compliance wlh laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the detemiinalk)n of material arnounls and disclosures in the financial statements. to perforffl audit procedures to help identify instances of non<0mplian￿ with other laws and regulations that may have a material effect on the financial slatemenls, and lo respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. In relation lofraud, the objectives ofour audit are to identfy and assess the risk ofmaterial misslalement of the financial slalements due lo fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate response$ and to respond approprialety to fraud or suspected fraud identified during the audit. However, r( is the primary responsibilty of management, with the oversight of those charged wth governants, lo ensure that the entity's operations are conducted in accordan￿ with the provisions of taws and regulations and for the prevention and delectton of fiaud. In identifying and assessing risks of material misstatement in respect of irre9ylarities. including fraud. the group audit engagement team.. obtained an under5tsnding of the nature of the sector, including the legal and re9ulalory framework that the group and parent charitable company operates in and how the group and parent charitsble company are comptying wf(h the legal and regulatory framework.. inquired of management, and those charged with 9ovemance, about their own identffication and assessment of the risks of iThegularities, including any known actual, suspected or alleged instances of fraud., discussed matters about non-compliance with laws and regulations and how fraud might occur induding assessment of how and where the financial statements may be susceptible to fraud As a result of these pr¢￿edUreS we consKlerthe most signrficanl laws and regul*ions that have a direct impact on the financial slalements are FRS 102, Charities SORP {FRS 1021, Companies A¢1 2006, Charities Act 2011, the parent charitable company's governing document, lax legislation and Charities (Protection and Social Investment) Act 2016. We performed audit procedures to detect non- compliances which may have a material impact on the financial statements which included reviewing the financial ststemenls including the Directors, Report, remaining alert to new or unusual transadions which may not be in accordance with the governing documents, inspecting correspondence wth l¢xal tax authoTilies and evaluating advice received from extemal advisors. The most signffi¢ant laws and regulations that have an indir￿1 impact on the financial statements are The Education Ilndependent School Standards) Re9ulations 2014, Keeping Children Safe in Education un(Ser section 175 of the Education Act 2002, and the UK General Data Protection Regulation IUK GDPRI. We performecl audit procedures lo inquire of management and those charged wf(h goverriance whether the charitable company 15 in compliance with these law and regulations and inspected Corresponden￿ wi(h regulatory athhorities. 14 QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED YEAR ENDED 31ST AUGUST 2022 The group audit engagement team identified the risk of management override of controls as the area where the f5n8ncial slatem&nts were most susceptible lo material misstatement due to fraud. Audit procedures perfo￿ne￿ included bul were not limi(ed lo tests'ng manual journal entries and other adjustments, evaluating the business rationale in relation lo signific8nt. unusual transactions and transactions entered into outside the nomial course of business and challenging judgments and estimates. A fL¢rther description of our responsibilities for the audf( of the financial slalements is provided on the Financial Reporting Couneil's website at htt './lwww.frc.or .ukJaud(torsres onsibililies. This description foms part of our auditorfs report. Use of our report This report is made solely to the charrtable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audi( work has been undertaken so that we might stste to the charitable cornpany's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent pemiitted by law. we do not a￿ept or assume responsibility to anyone other than the charitable company and the charitable company's members as body. for our audit work, for this rèport. or for the opinions we have fomied. DALE THORPE (Senior Slalulory Auditor) For and on behalf of RSM UK AUDIT LLP. SL*utory Auditor Chartered Accountants Central Squar Sa) Floor 29 Wellington Street Leeds LS14DL Date 31103123 QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31ST AUGUST 2022 Notés Unresthcted Funds Endowed 2022 2021 Income and endowments from: Charitsble Activities School fees re￿1vable Anallary trading In￿Me Other trading activitie$ Non-anrillary trading income Inv8Stm8rEts Investsnent income Bank and other interest other- Grants and donations Grants and donation5 3,591.245 505.374 3.691.245 50S,374 3,233.445 284.224 127.597 127,597 31,279 91.574 91,574 65 40.821 65,869 3,655.645 TOTAL INCOMING RESOURCES 4,315,909 4.315,909 ExpendÉturt on: Raising funds Non-8ncillary trading other income generating ac*wties Financing costs 41,242 41,242 17,726 10 876 876 14.390 TOTAL DEDUCTIBLE COSTS 40,366 32,116 Charitable Actlvlties Educats"on and grant making 4.399.342 4.399,342 3.742,626 TOTAL EXPENDITURE 4,439.708 4A39.708 1123,799) 3,774,742 expenditure beloye transfer8 Unrealisth Ilossesygains on investment assets Net expendlture Transfers belween funds Other recognised gainslllossesl P&n510n Scheme acbjarial losses 1123.7991 1119.0971 15 1174,1071 11,8041 11,8041 1175,711) 360.537 1297,9061 1299,510) 241.440 23 27 Net Movement in funds for th8 year Fund balanc85 at 1st S•ptember 2021 1297,906} 7,164,943 11.6041 32.928 1299.5101 7,197,869 241,440 8,956.429 FUND BALANCES AS AT 31ST AUGUST 2022 6.867,037 31,322 6,898.359 7,197.869 16 QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED CHARITY STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31ST AUGUST2022 Notes UnreStr￿t*y Funds Endowed 2022 2021 Ineome and endowments from= ¢harltable Activit￿5 Sehool fees receN3ble Ancillary trading incom8 Othertrading activities Non-ancillary trading incorne Inv05tsn•nts Investment income Bank and other interest other- Grants and donations Grants and donations 3.591.245 505,374 3,691,245 605,374 3.233,445 298.478 94,909 94.909 35,800 91,574 91,574 40.821 65.869 3,674.418 TOTAL INCOMING RESOURCES Expenditure on: Raising funds Nor￿anC41lary trading Other in￿rne gener2tiry acbMtVdS FinancirvJ eosts 4,283,156 4,283.156 10 876 {8761 14,390 TOTAL DEDUCTIBLE COSTS 18761 {8761 14.390 Charitable Aetivttles Educab"on and grant making 4,434.730 4434,730 3,756,880 TOTAL EXPENDITURE 4,433.854 4.433.854 3,T71,270 Net rncome and Èxpenditure before transfers Unr8alis8d Ilossesygains on inveskngnt assets Net {expenditure)finetsme Transfers be￿n fijnds Other re¢ogn188d gainsllloss•s} Pension sthéma actuarial losses Not Movement In funds for the y8ar Fund balan￿$ at 1st Septarnber 2021 FUND BALANCES AS AT 31ST AUGUST 2022 {150.6981 1150,69BI 196,852} 15 1174,1071 11.6041 1175,7111 360.537 1324.8051 11,6041 1326,4091 263,685 23 27 1324.8051 7,204,452 11,6041 32.926 1326,4091 7.237,378 263.685 6.973.693 6,879,647 31.322 6,910,969 7.237.378 17 QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED CONSOLIDATED AND CHARITY BALANCE SHEETS ASAT31ST AUGUST2022 Note Group 2022 Charity 2022 2021 2021 FIXED ASSETS Tangible assets Securities Investments 14 15 3.606.175 3.370 519 3,529,181 3,046.230 3,606.176 3,370 521 3,529,181 3.046,232 6.976.694 6,575,411 6,976,696 6,575,413 CURRENT ASSETS Stock Debtors Cash a bank and in hand 22,590 1.389,568 486,455 1,898.613 33,746 1,465,696 1.069,529 2.568,971 22,590 1.478,720 403.208 1,904,518 33,748 1,523,564 1043.824 2.601.134 16 CURRENT LIABILITIES Creditors payable wthin one year 17 {1,863.5831 {1.790,3121 {1,856,880) 11.782,%8} CURRENT ASSETS 35.030 778,659 47.638 818,166 TOTAL ASSETS LESS CURRENT LIABILrriES LONG TERM LIABILITIES Creditors payable after one year 7.011.724 7,354.070 T.024.334 7,393,579 18 1113,265) {156,101) 1113,2651 {156,1011 TOTAL NEf ASSETS EXCLUDING PENSION LIABILITY 6.898A59 7,197.969 6.911.069 7.237.478 NET As$￿s 6.898,459 7.197,969 6.911,069 7.237,478 REPRESENTED BY: CALLED UP SHARE CAPITAL 20 100 100 100 100 ENDOWED FUNDS UNRESTRICTED FUNDS General reserve 23 31,322 32,926 31.322 32.926 23 6.867.037 7.164,943 6.879.647 7.204.452 6,898.459 7,197,969 6.911.069 7,237,478 The financial slalements were approved and aulhorised for is$ue by the Board on ..Lfl mv.F￿...￿.L5 and signed on alf by T E Fielden- CHAIRMAN Company r￿[StratiOn number 48C6128 The notes on pages 21 to 41 form part of these financial statements 18 QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED CONSOLIDATED STATEMENT OF CASHFLOWS ASAT31ST AUGUST2022 Noto 2022 2021 Cash flows from operating activities Net cash provided by operating actNilies 24 236.092 {37,1231 Cash flows from Investing activities Interest receivab Interest payable Purchase of property, plant and equipment PU￿h£Se of investments 65 (5.509) 1273,064} {500.000) {5,682} 199,138} (1.500,000} Net cash used in investing activities {778.5081 11.604,813} Cash flows from finan¢lng a¢tivlties Repayment of boriowings 140.658} 143,327} Net cash used in financing activities 140.658} 143,3271 Change In cash and cash equivalents In the year (583,0741 {1,685,2631 Cash and cash equNalents brought forward 1.069.529 2,754,792 Cash and ca$h equivalents carried fonvard 25 486.455 1.069.529 The notes on pages 21 to 41 foTm part of these financial slatements 19 QUEEN MARY'S SCHOOL (BALDERSBYI LIMITED CHARITY STATEMENT OF CASHFLOWS AS AT31STAUGUST2022 Notg 2022 2021 Cash flov￿ from operating activitles Net cash provided by operating activities 24 178,615 151.698} Cash flows from Investing activities Interest receivable Interest payable Purchase of property. plant and equipment Purchase of investments 15.5091 (273,0641 1500,0001 15.6821 199,138} {1.500,000} Net cash used in Investing activitie5 (778,5731 (1.604,8151 Cash flows from financlng acllvltles Repayment of borrowings {40.6581 143,3271 Net cash used In financing activities {40.6581 143,3271 Change in cash and cash gquivalents in the year 1640.6161 {1,699,8401 Cash and cash equivalents brought forward 1.043.824 2.743.664 Cash and cash equivalents carried forward 25 403.208 1.043.824 The notes on pages 21 to 41 form part of these financial statements 20 QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2022 1. STATUTORY INFORMATION Queen Ma￿$ School IBaldersbyl Limited is a charty. the charty is a limited liabilty company (company number4806128}, registered in England and Wales, and wholly ¢)wned subsidiary of The W¢)odard Corporation (charity number 10962701. The company's registered office address can be found on the Company Information page. The principal activity of the School 1$ the delivery of education to pupils ranging from 2 - 16 years of age. A number of summer school aclivÈties are held and the school is open at othertimes for use by the local communty- 2. ACCOUNTING POLICIES The principal accounting policies. all of which have been applie(I consistently throughout the year and in the precèjing year are.. a) Basis of Accounting The accounts of the group have been prePa￿d under the Companies Act 2006 and in accordance with the Slalement of Recommended Practice for Charities I'SORP IFRS102}'1 and wf(h applicable UK Accounting Standards. They are drawn up on the historical cost accounting basis except that share investments held as fixed assets are carried al fair value. Queen Mary's School {Baldersbyl Limited meets the definition of a publi¢ benefit entity under Financial Reporting Standard IFRSI 102. Assets and liabiltb.es are initially recognised at historical cost or Iransa¢tion value unless otherwise ststed in the relevant accolinling policy notes. The preparation of financial statements in confomity wf(h 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 lo be reasonable under the circumstances, the results of which fomi 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 a¢￿￿ntIng policies for depreciation of fixed assets, for pensions and for bad debts. The financial statements are presented in Sterling {£) and the fvndional currency is also Sterling {£1. bl Going Concern The accounts have been prepared on a going concern basis. The Queen Mary's Board reviews the finan¢ial information for the company and the group, and consider whether the group and company are a going concem for a period of at least 12 months from the dale of approval of the accounts. The goveming body has reviewed the impact of the global pandemic on school operations and finances. The accounts support the resilience of the school in an extremely adverse environment and careful management ofthe school's finanees remains a priority in the uncertain polilul and macro-economic period. Having considered all the factors and reviewing the available eviden￿, the directors have a reasonable expectation that the group has adequate resources to continue in opèrational existence for the foreseeable future. Accordingly, they continue to adopt *he going concern basis in p￿paring the Annual Report and Accounts. cl Group Accounts The financial ststements consolidate the financial statements of the company and its subsidiary company with all inler LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2022 9. ANALYSIS OF EXPENDITURE a) Group Total expenditure staff costs {nole111 Depreciation (note 141 Support Costs Total 2022 Total 2021 Costs of ralslng funds Non ancillary trading (trading costs of subsidiary) Other income generating activities Financing cost {nole 16,929 24.313 41.242 17,726 {8761 {8761 14,390 101 Total cost of generating funds 16.929 23,437 40.366 32,116 Charftable expendlturo Edu¢atKJn and grant making Teaching Welfare Premises School administration Donations Grants awards and prvzes {nole 9b) 1,837,30S 237.731 94.827 394.926 43,367 280,556 417,795 470,243 406,178 2.161.228 6SS,S26 717,773 801,104 1,959,990 573,949 510,070 638.546 152.703 795 795 996 G0￿ManCe costs 62,916 62.916 59,075 Total charitable expenditure Total Expended {Group) 2.564,789 196,070 1,638,483 4,399.342 3.742,626 2.581.718 196.070 1.661.920 4.439.708 3.774.742 28 QUEEN MARY'S SCHOOL {BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2022 9. ANALYSIS OF EXPENDITURE a) Charity Total expenditure staff costs (note 111 Depreciation (note 141 Support Costs Total 2022 Total 2021 Costs of raising funds Non ancillary trading Ilrading costs of subsidiary} other income generating aclivrties Financing cost {note ioi 18761 {8761 14,390 Total cost of generating funds (8761 18761 14.390 Charftable expenditure Education and grant making Teaching Welfare Premises School adminislratKJn Donations Grants awards and prizes {nole 9bl 1,837,305 237,731 94,827 411,855 43,367 280,556 436.160 470,243 406.272 2,161.228 673,891 717.773 818.127 1,959,990 573,949 510,070 652,800 152.703 795 795 996 Govemance costs 62,918 62.916 59,075 Total charitable expenditure Total Expended {Charityl 2.581.718 196.070 1.656,942 434.730 3.756.880 2,581.718 196,070 1,656,066 4,433.854 3.771,270 QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2022 bl Grants. awards and prizes Queen Mary's makes awards to individual families lo support schooling. Group and Company 2022 2021 From Vnrestri￿ed Funds: Prize5 and leaving awards 795 996 795 996 cl Total re$our¢es expended include: Group 2022 2021 Depreciation of tarkgible fixed assets 196 070 18S,020 R￿UneratIOn paid to auditor for audit semces 16.000 16,800 Operating lease costs 33.914 38,852 Charlty Depreciation of tangible fued assets 196.070 185.020 Remuneration paid to auditor for audit seM¢es 16.000 15.3tK) Operaling1gas¢ costs 38.852 10. FINANCING COSTS 2022 2021 Group and company Bank interest payable Other costs 5,509 16.385) 5.682 8,708 1876} 14.390 11. STAFF COSTS 2022 2021 The aggregate payroll ¢o$ts for the year were: Wages and salaries Social security costs Other pension costs 2.100,237 194,276 287.205 1,973,827 177.628 292,731 2,581.718 2,444.186 Included in staff costs are redundancy or termination payments totalling £24,751 12021: £nill. The amount outstanding al the year*nd was £24,75112021.. £nill. QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2022 11. STAFF COSTS (Continued) None of the govemors received remuneration or other benefits fr(xn Queen Mary's or from any connected body. 2022 2021 A99regate employee benefits of key management personnel 240.997 241,966 The number of higher paid employees whose annual emoluments were £60.000 or morewa5'. 2022 No 2021 £60,001- £70,000 £70,001- £80,000 £80,001- £90,(Y)O £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 Benerrt schemes was Of which the contributions amounted to £20.004 £19.516 The average nL¢mber of employees during the year calculated on a full time equivalent basis was 63 {2021.- 631 2022 No 2021 No Teaching other 45 45 35 79 80 12. DIRECTORS No diredors, expenses have been reimbursed during the year12021.. £nif) N J Pearce, atthough not directly involved in theirwork on behalfof the school. was. until 31 March 2022. a member of UHY Calvert Smf(h LLP, the School's a¢¢ountants. During the year UHY Calvert Smith LLP charged the group £8,000 including VAT12021.. £4,920}, ofwhich £8,000 {2021.' £4.9201 is ir*cluded as an accrual in these accounts. No other directors lor any persons connected w¢th them} received any remuneration during the year. Directors with children attending the school paid fees (including extra5) of £68,85812021.. £61,027). Scholarships and bursaries totalling £nil We￿ awarded to children of directors attending the schwl (2021= £nill. No directors made donations to the school during the year12021 nil). 13. TAXATION The company 1$ a registered charity and therefore no liabilty to taxation arises on its charitable *ivities. 31 QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2022 14. TANGIBLE FIXED ASSETS Group and Company Freehold Land & Buildings Computer Equipment Plant & Equipment Cost At 1st Septembgr 2021 Additions Disposals 4,568.823 220.015 437.692 53.049 187,234 At 31# August 2022 4.788,838 490,741 187.234 Depre¢iatlon At 1st September 2021 Prowded in the year 1,089,046 152,703 388,288 43.367 187,234 At 31* August 2022 1.241,749 431.655 187.234 N•t book value at 31* Au9U$t 2022 3,$47,089 59.086 Net book value at 31st August 2021 3.479.777 49,404 Group and company Fumiture & Frtbngs Motor Vehides Total Cost At 1si Septernber 2021 Additions Disposals 194,447 15.500 5,403.696 273.064 {15,500} 115.5001 At 315t August 2022 194A47 5.861,260 D8preeiation At September 2021 Promded in the ygor Eliminated on di5PK)sal At 31st August 2022 194,447 15,500 1,874,515 196,070 {15,5001 115.5001 194,447 2.055.085 Net book value at 31tst Augu$t 2022 3,606,175 Net b¢Jok value 8131st August 2021 3,529.181 Ml assels are used for charitable purposes. QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2022 15. SECURITIES INVESTMENTS Securitios Investments 2022 2021 Group investments At 1 September 2021 Additions Unrealised gains on investments Group investments at 31 August 2022 Investment in subsidiaries {Unrestricted fund) 3,046.230 500.000 175,711 1,185.693 1,500.000 360,537 3,370.519 3.046,230 Charlty Invesbnents at 31 August 2022 3.370.521 3,046,232 Investments comprlse: Listed investments Equities 3.370,519 3,046,230 Group investments at 31 August 2022 Investment in subsidiaries 3,370,519 3.046,230 Company investments at 31 August 2022 3.370.521 3,046,232 Queen Ma￿S School (Baldersbyl Limtted owns all of the share capital of Woodard Lettings Iyorkshire Schools) Limi(ed, a company incorporated in Englandlwales. Further details are provided in note 28. The Securities Investments are managed for Queen Marfs by M&G Investsments and CCLA. AII investments a￿ managed and held in the UK. On 7th October 2021 the Board resolved th81 £3,000,000 of the Securities Investments should be transferred to the Queen Mary's Foundation, a Charitable Incorporated Organi5alion wsth a separate board of Trustees, whose objects are to promote and support the development of Queen Mary's School. The Trustees of the Queen Mary's Foundation are appointed by the School and the Foundation's income, expenditure, assets, liabilities and charitable funds will be consolidated into the S¢hool's group financial stslements in future financial years. The Foundation had no income. expenditure or funds as at 31 August 2022. 16. DEBTORS Group 2022 Company 2022 2021 2021 School fees recewable Trade debtors Other debtors Tax p￿paYMents and a¢¢rued income Amounts due from subsidiary company 1.221.715 36.144 49.203 1.329.015 2.670 23,146 3,030 107,835 1.221.715 1,329,015 49,203 23,146 82.506 82,506 125,296 107.835 63.568 1.389.S68 1,46S.696 1.478.720 1,523,564 QUEEN MARY'S SCHOOL {BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2022 17. CREDITORS: amounts falling due within one year Group 2022 Company 2022 2021 2021 Bank loan 43,339 Deposits from parents 120,505 Fees received and le￿1vable from 1.327.871 parents in advance ol temi Trade creditors Taxation and social security other creditors Accruals Amounts due to subsidiary company 41,161 115,648 1,153,609 43,339 120.505 1,327,871 41,161 112,383 1,153,609 195.201 10.283 18.149 148,235 290,058 43.674 44,685 101,477 195.201 10,283 18,149 141,530 288.707 43,674 44,685 98,747 1.863.583 1.790.312 1.856.880 1,782,968 Bank loans and overdrafts are secured by an unlimited all monies guarantee as part of an overdraft facilty under a pooled banking arrangement organis&J by the Woodard Corporation. The bank loan has an annual interest rate of 2.5Yo above base rate and the date of the final repayment is 31 March 2026. 18. CREDITORS: amounts falling due after ono year Group 2022 Company 2022 2021 2021 Bank loan 113.265 156,101 113,265 156,101 113.265 156.101 113.265 156,101 19. BANK LOAN 2022 2021 Group and company The bank loan is repayable in instalments Due after 5 years Due wf(hin 2 10 5 years Due within 1 to 2 years Due after more than one year Due within 1 year 68.793 113,857 42,244 156,101 41,161 113.265 43.339 156.604 197,262 20. SHARE CAPITAL 2022 2021 Authorised 100 Ordinary Shares of £1 eaoh 100 100 Allotted. called up and fully paid 100 Ordinary Shares of £1 each 100 100 QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2022 20.SHARE CAPITAL (Continued} All shares are registered in the name of the Woodard Corporation. Queen Mary's School (Baldersbyl 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 propety shall be paid to the Woodard Corporation. 21. FUNDS Queen Mary's School (Baldersbyl Limited's ftjnds are analysed underthe following headings: a) ENDOWED FUNDS Special Endowment The endowed funds of the company include a number of prvze funds set up ty donors as perrnanenl capitsl. The inc¢)me generated is restricted to fut)ding s¢holarships, bursaries, grants and prizes. The funds were donated lo the school by Woodard Schools (Northern DiMsion} Ltd who previously administered the funds on behalf of the school. Unexpended income is transferred lo restricted funds. b} UNRESTRICTED FUNDS Unrestricted funds fepresenl accumulated income from the ￿hoOl'S activities and other sources that are available for the general purposes of the school. 22. ANALYSIS OF NET ASSETS BEfwEEN FUNDS Total 2022 Total 2021 Unrestricted Endowed Tangible fixed assets Securities investments Net cur￿n1 assets Long term liabilities 3,606.175 3,339.197 35,030 {113,265} 3,606.175 3.370.519 35.030 1113,2651 3,529,181 3,046,230 778,659 {156.1011 31,322 6,867.137 31,322 6.898.459 7,197,￿9 Comparative of Net assets between funds Total 2021 Total 2020 Unreslricled Endtyved Tangible fixed assets Securities investments Net current assets Long temi liabilities 3,529,181 3.013.304 778,659 (156.1011 3.529,181 3.046,230 778,659 {156.101) 3.615,063 1.185,693 2.353,123 1197,350) 32.926 7.165,043 32,926 7.197,969 6.956,529 QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2022 23. SUMMARY OF MOVEMENTS ON MAJOR FUNDS At31 Aug 2022 At1Sep 2021 Incoming rèsourcès Resourtss expended Gain Oossesl Tiansfèrs Endowgd- Pemianent General reserve Revaluation 21,976 10,950 21,976 9,346 11,6041 Total Endovmient 31926 11,6041 3q.322 Unrestricted Funds General Reserve Designated fund5". Devel¢)pmenl fLSnd 7,164,943 4.315.909 14,439,708} 1174.1071 6,867,037 7.164,943 4,315,909 14,439.7081 1174,1071 6.867,037 Total Funds 7.197,889 4,315,909 14,439,708) 1175.7111 6,898,3S9 Unrestrlctsd Fund$: The General Reserve, in ¢onjun(aion with the bank loan secured on school premi$es, are retained to provide working capital. Comparatives of movements In major funds At31 Aug 2021 At1S8P 2020 Incoming resources Resources expended Gainsl {ltsssesl Transfe Endowed- Permanent General reserve Revaluation 21.976 3,801 21.976 10,950 7.149 Totsl Endowment 25,777 7,149 32.926 Unr•stiictsd Funds General Rèsè Designated 6,930,652 3.655,645 13,774.7421 353,388 7.164,943 Development nd 6,930.652 3,655.645 {3.774,7421 353.388 7.164.943 Totsl Funds 6,956,429 3,655.64$ {3.7747421 360.537 7.197.869 QUEEN MARY'S SCHOOL {BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2022 24. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTMTIES Group 2022 Company 2022 2021 2021 Net in¢omellexpenditurel for the year Adjustments for.. Depreciation {Gains}Aosses on investments Interest payable Interest receivable Decrease in stocks Ilncrease)Idecrease in deblors Increase in creditors {299.5101 241,440 {326A091 263,685 196.070 175,711 5,509 {65) 11,156 76.128 71.093 185.020 {360,5371 5.682 {71 2.245 {356,6251 245.659 196,070 175,711 5,509 185.020 1360,537} 5.682 {51 2.245 {392.8051 245,017 11,156 71.734 Nat cash provided by operating a¢tivities 236,092 137.1231 178.615 {51.6981 25. CASH AND CASH EQUIVALENTS Group 2022 Company 2022 2021 2021 Cash at bank and in hand 486.455 1,(E9,529 403,208 1,043,824 486,455 1,C69.529 403.208 1.043,824 26. CAPITAL COMMITMENTS At 31 August 2022, the group had capitsl coMM￿MentS as follows.. 2022 2021 Expenditu￿ contracted for bul not provKled in the accounts 17,244 37 QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31STAUGUST2022 27. PENSION SCHEMES Teachers. Pension Scheme The School participates in the Teachers, Pension Schemellhe TPS"} for ils leaching staff. The pension charge for the year includes contributions payable to the TPS of £256,762 12021.. £265.0101 and at the year*nd £nil {2021- £21,563) was accrued in respect of contribLrtions to this heme. The TPS is an unfunded mulli*mployer defined benefts pension scheme governed by The Te8ehers' Pensions Regulations 2010 {as amended) and The Te8chers' Pension Scheme Regulations 2014 las 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 Slate following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was p￿pared as at 31 March 2016 and the Valuation Report, which was published in March 2019. confimed that the employer contribution rate for the TPS would increase from 16.4Q/o to 23.60A from I September 2019. Employers are also required lo pay a scheme administration kvy of 0.080A giving a lolal employer contribution rate of 23.68'A. The 31 March 2016 Valuation Report was prepared in accordan￿ with the benefits set out in the scheme regulations and under the approach specffied in the Directions, as they applied al S March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the 'McCloudlSargeant ￿se,. This case has required the courts to consider cases regarding the implemenlalion 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 transi(ional 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 il will engage ftjlly wf(h the Employment Tribunal as well as employer and member represenl81ives to agree how th8 discriminations will be remedied. The govemment announced on 4 February 2021 that it intends lo pro￿ed with a deferred choice underpin under whi¢h members will be able to choose either legacy or reformed 5¢heme beneff(s in respect of their service during the period be￿een 1 April 2015 and 31 March 2022 at the point they become payable. 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 lo the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, irt January 2019 announced pause to Ihe c05t cap mechanism following the Court of Appeal's ruling in the Mccloudlsargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lrfted in July 2020, and a consultation was launched on 24 June on proposed changes lo the cost control mechanism following a review by the Government Actuary. Following a public consultation, the Government have accepted three key proposals recommended by the Govemmenl Actuary, and are aiming to implement these changes in lime for the 2020 valuations. The 2018 cost control valuations have Sin￿ been completed in January 2022, and the results Ind￿sted th81 there would be no changes to benefrts or member Contributions required. The results of the cost cap valuation are not used lo set the employer wntribuliDn rate, and HM Treasury has onfirmed that any changes to the employer contribution rate resujiing from the 2020 valuations will take effect in April 2024. Until the 2020 valuation is completed it is not possible to conclude on any financial impact or future changes lo the contribution rates of the TPS. Accordingly, no provision for any additional past benefit pension costs is included in these financk81 statements. QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2022 28. SUBSIDIARY The Company owns all of the share capital of Woodard Lettings Iyorkshire Schcx)Isl Limited, a eompany incorporated in England & Wales (Company number 017463761. This company carlles out trading aclwity on behalf of the school, that of commercial lettings. Woodard Lettings (Yorkshire Schools) Limited had a tumover of £88,076 (2021=1£15,479}I, gross profil of £27.558 12021." loss £19,418), and a profil before tax of £26,899 in the year ended 31 August 202212021.. Ioss of £22.245). At 31 August 2022 the Company had shareholderfs funds of 1£12,608112021.' {£39,507}1. Atthe year end. Woodard Lettings Iyorkshire SchcKJlsl Limtted, owed the company £125,296 (2021.. £63,568). 29. COMMIThIENTS UNDER OPERATING LEASES Minimum lease payments under non-cancellable operating leases fall due as follows-. Other 2022 2021 Within 1 year Within 1 and 2 years Within 2 and 5 years 20.813 33,914 20,813 20,813 54.727 QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2022 30. Consolidated Statement of Financial Activities- Comparative figures by fund type Year Ended 31 August UnrestrÈcted Endowed 2021 Total Income and endowments from Charitable activities School fees re¢eNable Ancillary trading income Other trading activities Non-ancillary trading income Investments Investment income Bank and other interest Donations Grants and dOnati￿S Other incoming resources Total Incoming Resources Expenditure on: Raising fund$ Non anci118ry trading Financing costs Total Deductlble Costs Charttable activltigs Ed￿atIOn and grant making Totsl resources ex￿nded Net income and expenditure before transfers Unrealised Ilossesllgains on investment assets Net incominglloutgoingl resources Transfers between funds Net income and capital loufflowl Pension scheme actuarial gainsl{losses) Net movement in funds for the year Fund balances brought forward Fund Balances Carried FovNard 3,233.445 284,224 3.233.445 284.224 31.279 31,279 40.821 40.821 65,869 3,655,645 65,869 3.65S,645 17,726 14,390 32,116 17,726 32,116 3.742,626 3,774,742 3.742,626 3,774,742 1119.097) (119,0971 353.388 7.149 360.537 234.291 7.149 241.440 234,291 6,930,652 7,149 241.440 6.956A29 25,777 7.164,943 32,926 7,197,869 40 QUEEN MARY'S SCHOOL (BALDERSBY) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2022 31. ULTIMATE CONTROLUNG PARTY The Woodard Corporation Limited is the ultimate controlling party, a reglstered charity number 1096270, which is incorporated in England and Wales. Copie5 of the financial statements of the Woodard Corporation can be obtained frorn High Street, Abbots Bromley. Rugeley, Staffordshire, WS15 3BW. The accounts of Queen Mary's School IBaldersby} 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 £18,124 {2021= £15.1401 was paid during the yearto the Corporation by way of a levy lo meet Corporation running costs. The company also controls a subsidiary trading company. Wt)odard Lettings (Yorkshire S¢hools} Limtted, the result5 of which are detailed in note 28. Expenses tolalling £61,72712021.. £21,370) were paid by Queen Mary's School18aldersbyl Limited, on behatf of Woodard Lettings (Yorkshire Schools) Limited and recharged to the company. Further information in respect of all transa¢tions with related parties is given in note 12 to the financial stslemenls. At the year end school fees due from governors of £12.320 {2021= £16,839} were OLrtstanding. These fees were settled in full after the year end. 33. ACCOUNTING ESTIMATES AND JUDGEMENTS In preparing the financial slatemenls, the directors are required to make estimates andjudgemenls. The matters detailed below are considered to be the most importaftl in understanding the judgements that are involved in preparing the financial statements and the uncertainties that could impact the amounts reported in the results of operations. financial position and cashllows. Accounting policies are shown at note 1 to the financial slalements. Provision forbad debts Debts are provided foT if not recovered within one terni. Estimating amounts lo provide against recovery of debts is a matter of judgemenL Dep￿ciatiOn, impairtnent and residual values of fixed assets Judgement is exercised in estimating the residual values of fixed assets, the selection of appropriate rates for depreciation. and for matters of impaimient. 41