2021-08-31-accounts - Queenswood School Limited

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QUEENSWOOD SCHOOL LIMITED

Company Registration No. 40561 Charity Registration No. 311060

ANNUAL REPORT

AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST AUGUST 2021

Queenswood School Limited Annual Report of the Governors For the year ended 31st August 2021

	Page
Report of the Governors	1-13
Audit Report	14-17
Consolidated Statement of Financial Activities	18
Consolidated Balance Sheet	19
Balance Sheet	20
Consolidated Cashflow	21
Notes to the Financial Statements	22-39

QUEENSWOOD SCHOOL LIMITED ANNUAL REPORT OF THE GOVERNORS for the year ended 31 August 2021

GOVERNORS AND CHARITY TRUSTEES

Queenswood Governors are the charity trustees of Queenswood School Limited (“the Charity”) and they are:

Mr H J de Sausmarez BA FCIS (Chair) Mr T C Garnham BSc (Vice Chair) Mr R Baines BSc, CIMA, CEng, MICE Mrs K O Belshaw (Nominated by the Old Queenswoodians Association) The Revd Dr D M Chapman BSc, MA, MPHIL, PHD Dr O McGuinness BSc, MB BS, FRCP, DCH, DRCOG Mr S Morris MA, PGCE, NPQH Mrs C Norman BSc, CIMA Mrs N Penny (Nominated by the Queenswood Parents Association) Mr J Phelan BA (HONS), MA (ED), PGCE (Appointed 7[th] October 2019) Mr A D Poppleton BEng, CEng, FIET, FBSC The Honourable N Stamp MA The Revd T Swindell FCA Mrs P M Wrinch

Elected members are appointed by the Board on recommendation of the Chair and Vice Chair and they are supplemented by Governors nominated by the Board of Management for Methodist Independent Schools Trust, the Methodist Church, the Queenswood Parents Association (parent body) and the Old Queenswoodians Association (former pupils). Other than the nominated Governors who hold office for as long as they remain nominated, service on the Board is for an initial period of three years. At the end of an elected Governor’s first term of office, he or she shall be eligible for re-election by the other Governors for a further term of three years. The same shall apply at the end of the elected Governor’s second and third terms of office. The Chair, who is subject to annual re-election by the Board, may remain a Governor for longer than twelve years.

Abbreviated biographies for the current members of the Governing Body are:

H JAMES DE SAUSMAREZ BA, FCIS

Director and Head of Investment Trusts at Janus Henderson Investors. He is a graduate of Leeds University and originally trained as a Chartered Secretary. He is a Common Councilman on the City of London Corporation, a member of the St Paul’s Cathedral Council, where he sits as an independent member on their Finance, Audit and Risk Committee, and a member of the London Diocese NonProperty Investment Advisory Group. James is a Past Master of the Worshipful Company of Joiners and Ceilers, Junior Warden of the Worshipful Company of Chartered Secretaries and Administrators and a former Governor of Bishop Stopford School, Enfield. His daughter is an Old Queenswoodian and he has been a Chapel Trustee since 2007 and is now Chair of that Trust. Elected a Governor of Queenswood in 2011, he chaired the Finance Committee from 2012-2019 and was elected Chair of Governors in 2019.

TIM C GARNHAM BSc

With over 30 years’ experience in the property industry, Tim is Development Director of Trust Real Estate Limited, responsible for the company's development programme. Having been with the company for 17 years, Tim stepped down as joint Chief Executive of Minerva Limited which specialised in London offices, mixed use and high end residential. He was formerly Deputy Managing Director of the Trafalgar House Property Group where he was responsible for the UK development programme, including a number of major London developments. Earlier this year, he completed the maximum term of office under Public Appointments as the Senior Independent Non-Executive Director and Chair of the Remuneration and Nomination Committees of London and Continental Railways. He is a Trustee of The Garrard Family Foundation, a Liveryman of The Worshipful Company of Farriers and a Member of Guards Polo Club. Married with three children, two of whom are Old Queenswoodians. Elected a Governor of Queenswood in June 2012, he is Vice Chair of Governors and Chair of the Facilities Committee.

QUEENSWOOD SCHOOL LIMITED ANNUAL REPORT OF THE GOVERNORS for the year ended 31 August 2021

RALPH BAINES BSc, CIMA, CEng, MICE

A consultancy career covering 20 years with Deloitte Consulting and PricewaterhouseCoopers and now runs his own business consultancy company specialising in supporting clients to deliver change and improvement priorities. Ralph has experience in both public and private sectors across a range of industries. Married with a son and two daughters, both of which are Old Queenswoodians. Elected a Governor of Queenswood in 2013.

KATE BELSHAW LLB (Hons), PGDip, LLM, AKC

Kate was a pupil at Queenswood from 1999-2006, starting as a day boarder before boarding in the Sixth Form. After her A Levels, Kate read Law at the University of Exeter and completed the Bar Vocational Course and an LLM in Professional Legal Practice at the City Law School, qualifying as a Barrister. Alongside her studies, Kate became involved in the Old Queenswoodians’ Association, initially as an Elected Member, before becoming first Honorary Secretary and a Trustee of the Old Queenswoodians’ Association’s Bursary and Scholarship Trust, and most recently, Governor Representative for the Association. Kate works in Higher Education administration, regulation and governance, and is currently Head of Education and Student Experience at University College London. Kate is a supporter of Target Ovarian Cancer and a Governor at Lordship Lane Primary School, where she also serves as Chair of the Finance & Resources Committee.

REVEREND DR DAVID M CHAPMAN BSc, MA, MPhil, PHD

District Chair of the Bedfordshire, Essex and Hertfordshire District of the Methodist Church. After graduating with a Mathematics degree, he worked for the GEC-Marconi Company in St Albans and Milton Keynes in radar design management. He trained for ministry at Wesley House, Cambridge, and has a doctorate in Theology from the University of Cambridge. He served in three ministerial appointments in Methodist circuits in London and Sussex before being appointed District Chair in 2016. David is a member of the Methodist Faith and Order Committee and co-chairs the joint international commission for theological dialogue between the World Methodist Council and the Roman Catholic Church. David is married with three adult children. Nominated as a Governor by the Methodist Church in September 2016.

DR OONAGH MCGUINNESS BSc (HONS), MBBS, FRCP, DCH, DRCOG

Currently working for East & North Hertfordshire NHS Trust as an Associate Specialist in Acute Medicine and Ambulatory Care. Graduated with a degree in Medicine from Imperial College, London (St Mary’s Hospital Medicine School) in 1990. Fellow of the Royal College of Physicians. She has held a variety of posts in and around London including internal medicine, paediatrics, obstetrics, gynaecology, emergency medicine and general practice which involved a role as a Police Surgeon. Oonagh is married with two daughters, now both former pupils at Queenswood. Elected a Governor of Queenswood in Spring 2015.

MR SIMON MORRIS MA, PGCE, NPQH

Headmaster of Kingswood School, Bath from 2008 to 2020, having previously been Deputy Headmaster at St John’s

School, Leatherhead, Boarding Housemaster and Head of Modern Languages at The Leys School, Cambridge and Head of German at Warwick School. A Cambridge University graduate, Simon has been a Governor in schools in both maintained and private sectors; he is currently a member of the Governing Body at Woodhouse Grove School. Simon is married with three children. Elected a Governor in Spring 2015, he currently chairs the Education Committee at Queenswood.

CHITRA NORMAN BSc, CIMA

With 20 years’ experience in the financial services sector, Chitra has worked for Deutsche Bank, the Royal Bank of Scotland, Barclays and Lloyds Banking Group. After graduating with a degree in Management Science from the University of Manchester, she entered the Royal Bank of Scotland Finance Graduate Scheme, where she qualified as a chartered Management Accountant. Her experience and expertise spans treasury, financial reporting, strategy, investor relations and strategic IT programmes and she has a proven track record of excellence in design, delivery and implementation of complex financial reporting, modelling and analytical solutions. Currently, Chitra acts as a consultant to FinTech start-ups implementing financial reporting, planning and analysis systems. She is the mother of two, who both attend a boys’ school near to Queenswood. Elected a Governor of Queenswood in 2019.

QUEENSWOOD SCHOOL LIMITED ANNUAL REPORT OF THE GOVERNORS for the year ended 31 August 2021

NATALIE PENNY

Former Interior Designer. A married mother of two daughters, whom are currently pupils at Queenswood. The creator of Natalie Naturally LLP, a plant-based food blog, vegan recipe writer and food photographer. Chair of the Queenswood Parents Association and a member of the Board of Governors at Queenswood.

MR JEREMY PHELAN BA (Hons), MA (Ed), PGCE

Headmaster of Duncombe School, Hertford since 2013, having previously been Deputy Headmaster Pastoral at Felsted Preparatory School, Essex overseeing Boarding. A Cardiff University graduate having read History and Philosophy, Jeremy has been a Governor in schools in both maintained and private sectors. Jeremy is an ISI Team Inspector and member of IAPS. He is married with two children, both at Queenswood. Elected a Governor in Autumn 2019.

ANDREW D POPPLETON BEng, CEng, AKC, FIET, FBSC

Retired Senior Managing Director at Accenture, a global management consultancy. In his 31 years at Accenture, he worked across multiple industries delivering technology enabled business transformation projects for clients. He also served on the Accenture UK & Ireland Board for six years and was a Trustee of the UK Accenture Pension Scheme. Studied at Kings College London and graduated in 1989 with an Engineering degree. Married with one son and two daughters, both of whom have been pupils at Queenswood. Elected a Governor of Queenswood in 2013.

THE HONOURABLE NICHOLAS STAMP

Corporate Financier specialising in new energy and clean technology. Nick leads the corporate finance business of Longspur Capital, a specialist UK-based new energy investment, advisory and research firm. Previously Nick was an investment banker with Macquarie, Canaccord Genuity and Numis, and has also held senior management roles in the energy sector. Nick began his career as a Chartered Accountant with Ernst & Young in 2001.

THE REVEREND TIMOTHY A SWINDELL FCA

Currently the Lead Connexional Treasurer for The Methodist Church in Great Britain, Executive Chair of Commercial Operations of Methodist Central Hall Westminster and a Methodist Minister with pastoral responsibilities in the Enfield Circuit in North London. Previously Senior Executive Officer for the Methodist Independent Schools Trust, with experience of being a Governor of several independent and state maintained schools. Ordained as a presbyter in 2010 following a career in the insurance industry, he is a Chartered Accountant with degrees in Business Administration and Contextual Theology. He was nominated as a Governor by the Methodist Independent Schools Trust in December 2012 and became an elected Governor in December 2014.

MRS PATRICIA M WRINCH

Old Queenswoodian (1972-1980). Retired Head of HR Operations for Reed Business Information. Associate of the Chartered Institute of Personnel Development. Current Chair of the Old Queenswoodians’ Association. Elected a Governor of Queenswood in 2007.

QUEENSWOOD SCHOOL LIMITED ANNUAL REPORT OF THE GOVERNORS for the year ended 31 August 2021

OFFICERS

Principal Mrs J Cameron BSc Hons Bursar & Clerk to the Governors Ian Williams BEng, ACMA, CGMA

ADDRESS Registered Office Queenswood School Limited Shepherd’s Way Brookmans Park Hatfield Hertfordshire AL9 6NS Website www.queenswood.org ADVISERS Bankers HSBC Bank plc The Peak 333 Vauxhall Bridge Road London SW1V 1EJ Auditors MOORE Kingston Smith LLP Devonshire House 60 Goswell Road London EC1M 7AD Investment Advisers Quilter Cheviot One Kingsway London WC2B 6AN Insurance Brokers Hettle Andrews & Associates Ltd Eleven Brindleyplace 2 Brunswick Square Brindleyplace Birmingham B1 2LP

QUEENSWOOD SCHOOL LIMITED ANNUAL REPORT OF THE GOVERNORS for the year ended 31 August 2021

The Governors of Queenswood School present their Annual Report for the year ended 31 August 2021 under the Charities Act 2011, together with the audited accounts for the year, and confirm that the latter have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE INFORMATION

The Governors are listed on Page One. The executive officers, principal address of the Charity and particulars of the Charity’s professional advisers are given on Page Four.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Charity Structure

Queenswood School Limited was incorporated as a private limited company (Registration No. 40561) on 22 February 1894. The Company was registered as a charity (Registration No. 311060) by a Trust Deed dated 18 November 1953.

Group Structure and Relationships

The Charity wholly owns a non-charitable trading subsidiary, Queenswood Enterprises Limited (Company Registration No.1840914). The subsidiary’s activities comprise the administration of residential and non-residential lettings for sporting and other activities, the operation of the School shop and ancillary trading activities. The Board of Queenswood Enterprises Limited comprises:

Mrs C Norman (Chair) Mr I Williams

Queenswood School Limited is connected through common, parallel or related objects, and by virtue of common control and unity of administration, to the Queenswood School Chapel Trust (Charity Registration No. 311060). The principal aim of the Queenswood School Chapel Trust is to manage and maintain the fabric of the Chapel building so that it will be used as a place of worship by the pupils of Queenswood School and any others who may wish to attend the services held in the Chapel.

Governing Document

The Charity is governed by its Trust Deed and Articles of Association. The Articles of Association were last amended in 2010.

Governing Body

The Governing Body comprises the Governors as charity trustees of the Charity who are also Directors of the Company.

Governors’ Responsibilities

The Governors (who are also Directors of Queenswood School Limited for the purposes of company law) are responsible for preparing the Governors’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires Governors to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company and the group and of the incoming/outgoing resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Governors are required to:

Select suitable accounting policies and then apply them consistently
Observe the methods and principles in the Charities SORP
Make judgements and estimates that are reasonable and prudent
State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements

QUEENSWOOD SCHOOL LIMITED ANNUAL REPORT OF THE GOVERNORS for the year ended 31 August 2021

Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy, at any time, the financial position of the charitable 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Recruitment, Induction and Training of Governors

The Charity’s elected Governors are appointed at a meeting of the Governors’ Board on the basis of nominations received from the Chair and Vice Chair, whose recommendations for eligibility are based on relevant attributes including personal competence, specialist skills and availability. All prospective Governors visit the School to meet representatives of the Board and senior management prior to nomination. An induction programme is arranged at the School for new Governors and they are provided with access to the Governors’ Portal containing the Articles of Association, Governors’ and key School policies, a copy of the Risk Register and other documentation relevant to their responsibilities as Trustees. Specific training and induction is given with regard to safeguarding responsibilities. In addition, they are furnished with the Charity’s most recent set of financial accounts. All Governors are encouraged to attend, from time to time, seminars arranged by AGBIS and other professional bodies as well as familiarisation days provided at the School. A record of training is maintained by the Clerk to the Governors.

Organisational Management

The Governors determine the general policy and are legally responsible for the overall management and control of the School through the Principal and School Executive Team. The full Board meets at least three times a year. Supporting and reporting to the Board, there are three Committees who also meet once per term. As at 31 August 2021, the membership of these Committees was:

Finance Committee Facilities Committee The Revd T Swindell (Chair) Mr T C Garnham (Chair) Mr H J de Sausmarez Mrs K O Belshaw Mrs C Norman Mrs N Penny The Honourable N Stamp Mr A D Poppleton Education Committee Mr S Morris (Chair) Mr R Baines The Revd Dr D M Chapman Dr O McGuinness Mr H J de Sausmarez Mrs P M Wrinch Mr J Phelan

Meetings of the above Committees are and will be attended by the Principal, Bursar and other senior members of staff as appropriate.

The following Governors have been designated by the Governing Body to have responsibility for specific areas:

Mr T C Garnham – Health and Safety

Dr O McGuinness – Pastoral Welfare and Safeguarding Children

Mr H J de Sausmarez, The Revd T Swindell, Mrs K O Belshaw, The Revd Dr D M Chapman and Mr J Phelan also serve as Chapel Trustees.

Remuneration of Key Personnel

Remuneration of key personnel is established at appointment stage by the Principal and/or the Board of Governors. It is thereafter reviewed on an annual basis by the Chair and Vice Chair of Governors.

QUEENSWOOD SCHOOL LIMITED ANNUAL REPORT OF THE GOVERNORS for the year ended 31 August 2021

OBJECTS AND ACTIVITIES

Charitable Objects

The objects of the Charity are:

To continue to operate the girls’ boarding and day school known as “Queenswood”, subject to the Trust Deed and the Company’s Articles of Association, guided by Christian principles whilst recognising the value of different cultures and faiths
To maintain the present standards and tradition of the School and to continue to seek to improve and advance education for girls by all appropriate means including the establishment of funds for scholarships, bursaries and prizes

Public Benefit Aims and Intended Impact

Within these objects, the School’s public benefit aim is to provide an outstanding academic education for all pupils irrespective of their parents’ financial means. In addition, the School offers a wide range of other activities designed to produce well-equipped and caring citizens of the future, the leaders of tomorrow, who will serve their communities well and with a clear sense of responsibility. This aim is supported by an active programme of pastoral care within a spiritual framework, as well as by comprehensive facilities and a range of activities to promote physical and recreational interest.

Delivery of Public Benefit

In accordance with the Charitable Objects of the Charity, and having due regard to the Charity Commission’s guidance on Public Benefit, the School continues to widen public access to the excellent education that girls aged 11 to 18 receive at Queenswood.

In order to support this objective and to ensure that no one is excluded from the opportunity to benefit from this education, the Governors make available fully means-tested bursary awards of up to 100% fee remission in appropriate circumstances. A scholarship can be, and frequently is, complemented by a bursary.

Queenswood continues to strengthen its links with a number of local primary schools for whom it makes available, at no charge, its facilities such as the swimming pool and the theatre, as well as outdoor and indoor sports areas. Although it should be noted that usage has been restricted due to the pandemic.

The Character of Queenswood

Within a caring and supportive framework, girls enjoy a dynamic academic curriculum and intellectual achievement is highly valued. Students of the highest ability thrive here (for example, in recent years, Queenswoodians have been offered places at Oxford, Cambridge and Russell Group Universities, as well as leading Universities in China and the United States of America, reading English, Geography, Law, Linguistics, Modern Foreign Languages and Natural Sciences). It is not only the brightest who thrive here, however, as the School accepts pupils with a range of abilities.

The School is very proud of how much it measurably raises the academic profile of all the girls and insists that each girl’s academic success is supported by a diverse and exciting co-curricular programme. A recent parent put it succinctly: ‘Queenswood provides the results without the tears’. The School is famous for its sport, particularly Tennis, but right across the creative and performing arts and through department-led academic enrichment, Queenswood offers excitement, choice and excellence.

The teaching and pastoral staff at Queenswood help girls to develop resilience and adaptability and to challenge themselves. They want to instil a sense of perspective in the girls when they triumph and when they find things hard. Queenswood girls leave the School with ambition, determination, friends, qualifications and values to last a lifetime.

Objectives for the Year

The key objectives for 2020/2021 were the same as the previous year:

To offer an excellent education through a broad and balanced curriculum, and continually seek to improve academic standards
To promote the happiness and self-esteem of the girls by valuing them as individuals, whatever their particular interests
To foster a love of learning, enquiry and debate
To promote international, cultural and political understanding

QUEENSWOOD SCHOOL LIMITED ANNUAL REPORT OF THE GOVERNORS for the year ended 31 August 2021

To promote spiritual and moral values, and increase girls’ awareness of, and their responsibilities to, the wider world
To provide opportunities for girls to challenge themselves in a wide range of co-curricular activities including the humanities, the arts, the sciences and sport
To prepare Queenswood girls, not just for University and higher education, but for life
To encourage parents to support all aspects of the life of the School, and to involve parents fully in the education of their daughters through the use of timely, informative and effective communications

Strategies to Achieve this Year’s Objectives

The School set about reviewing its strategies in January 2020, holding focussed discussions on how the School could manage the growth of pupils that it was experiencing and also how we were going to make our Sixth Form even more appealing in terms of both facilities and offering. Like many businesses, the impact of Coronavirus has led to us becoming more focussed on the safety and wellbeing of our pupils and staff, the continued provision of excellent education and managing the financial implications of the pandemic. That said, we have not abandoned our strategic objectives and we held an extremely successful fundraising campaign to facilitate wholesale improvements to the Sixth Form Centre.

Principal Activities of the Year

The Charity provides boarding and day education for girls from the ages of 11 to 18 in a single 120 acre site. This year the School introduced new flexible boarding packages. At the year end, the School roll was 422 (447) comprising 284 (217) day girls and 138 (230) boarders.

Volunteers

A number of current and past parents continued to provide many hours of voluntary service during the year. The Board would like to take this opportunity to express its appreciation for their generous and valuable support.

STRATEGIC REPORT

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Operational Performance of the School 2020/21

The School year started with much excitement as pupils were allowed back into schools physically. This was facilitated by a raft of additional control measures which included ventilation, facemasks, bubbles, additional cleansing, no use of lockers or changing rooms as well as additional sanitation measures, including the installation of additional sinks, wiping down of desks and chairs between classes and electrostatic spraying of the whole site every evening. The School hired additional marquees to give each year group their own space (bubble) and also split the timetable and catered for pupils from three separate facilities. These measures did cause additional strain on School staff, but they helped to reduce the impact of the virus on the education of our pupils.

The control measures for our boarding community were also enhanced and we took a decision to keep year groups and boarder types separate in order to reduce the risk of cross-contamination. Full boarders were housed in Main School with wings allocated to different year groups. Flexible boarders were accommodated in Trew House with each year group being allocated different times for showers and snacks, the associated rooms were electrostatically cleansed between each use.

The School managed well over the Autumn Term, dealing with outbreaks amongst staff and pupils in accordance with Government Guidelines and advising parents, staff and pupils to isolate as required. In January, the Government advised that schools should remain physically closed and teach remotely. Full boarders either remained in their own countries or stayed with guardians depending on their own plans for the December break.

The School reopened to all from 8 March for face to face lessons and we welcomed our boarding community back. Staff ran an asymptomatic testing programme as per Government direction, with pupils and staff now expected to complete asymptomatic testing on a twice weekly basis. The Summer Term followed a broadly similar approach, although we were able to review our risk assessments and allow more activities to take place.

The examination system for the year was also significantly changed with the previous Centre Assessed Grades being replaced by Teacher Assessed Grades. This was more than a subtle difference; it was much more evidence based

QUEENSWOOD SCHOOL LIMITED ANNUAL REPORT OF THE GOVERNORS for the year ended 31 August 2021

and necessitated more work on evaluating and documenting the process and details. Many staff worked tirelessly over the Easter break in order to ensure that our pupils were correctly and fairly assessed.

One key area of focus for the School was that of mental health and ensuring that support was in place for both pupils and staff. The School continued its membership of the Employee Assistance Programme for staff and also provided proactive pastoral support and counselling for pupils where this was appropriate.

All departments and staff are actively engaged in the School’s performance, whether this is from a purely academic contribution or one that involves co-curricular activities or sport. The impact of these contributions is largely personal and in many cases is hard to measure, but below gives a flavour of some of the activities that have made a real impact over this last academic year:

2020/21 Examination Results

Pupils, parents and staff celebrated another impressive set of exam results at Queenswood this year. All grades were determined by assessing a portfolio of evidence against qualitative grade descriptors published by JCQ, which also approved our approach. Over the two years of the exam courses, there were two remote learning periods totalling 20 teaching weeks. Our pupils benefited from an immediate switch to a full online timetable and completed the specification content of each subject. This allowed a full range of evidence to be considered for the teacher-assessed grades.

A-Level/Pre-U results

82% of all grades were A-B, the outcome reflecting the pupils’ dedication to their studies throughout the pandemic and the teachers’ commitment to gathering a comprehensive range of evidence upon which to base their grading. Over half of the year group achieved at least three A or A grades, and the average UCAS points achieved across the whole group was A*AA. This sent over 90% of the leavers to their first choice institution this year.

GCSE/IGCSE results

Once again, the ability to draw on a very wide range of evidence allowed pupils to demonstrate their standard clearly. The Year 11 cohort achieved 67.2% grades 9-7, and 99.2% grades 9-4, which was another superb performance. Among the strong results were some outstanding individual achievements: eight pupils achieved at least 10 grades 9 or 8 and 27 out of the 67 candidates achieved at least eight grades 9-7, which equate to A*/A in the previous grading system.

Music Department

After eighteen months of near silence, music at Q is slowly recovering from the body blow of Coronavirus and all the related restrictions that were put in place to keep us all safe. As schools begin to survey the new musical landscape post-pandemic, we are gradually getting back to some degree of normality at Q. Orchestra, wind ensembles, choirs, singing in Chapel and face to face music lessons on all instruments have now restarted - although it will take some time to get back to where we were in March 2020. Throughout the worst of the pandemic we maintained some degree of music making with online concerts and competitions and at the end of last year, a masterclass with Tasmin Little and a socially distanced audience showed us the green shoots of recovery. There is no doubt that Coronavirus has had a significant impact on music throughout education, but the positivity of our students at being able to make music together has been both heart-warming and energising as we look at new ways to engage them further, and provide a music outlet for their creativity and self-expression.

Drama and Dance

Highlights of the Year include:

House Performing Arts: videoed Drama, Music and Dance entries in year group bubbles
Christmas Advent Countdown: a selection of videoed Drama and Dance performances in year group bubbles
Welwyn Garden City Youth Drama Festival: Queenswood won 'The Production that Ticked Every Box' for their video of A Christmas Carol and Freia Trinder was awarded 'Best Actress' for her role as Ebenezer Scrooge
The Trial - another videoed potted 'classic' from lockdown Drama clubs
Japanese Ghost Stories - videoed in year group bubbles by the Drama Scholars and Award Holders
The 39 Steps - videoed highlights from Year 11 GCSE Drama students

QUEENSWOOD SCHOOL LIMITED ANNUAL REPORT OF THE GOVERNORS for the year ended 31 August 2021

A Fishy Tale - a devised piece by Year 12 Drama students, performed live (hurrah!) to a small, Covid safe audience
Dance Workshops - Leanne Vincent from The London School of Contemporary Dance and Mathew Lucas from Translucent Dance Company worked with Year 9, 11 and 12
Drama Workshops - Splendid Theatre and Trestle Theatre Company Drama workshops for Year 8 and 9 during Enrichment Week
Visiting Theatre Company - The Globe Players, performed Romeo and Juliet to Year 9
Bridging Courses - Drama and Media A-Level classes for Year 11s
Culture Club - Timetabled Year 13 sessions looking at classic and diverse film/literature choices for the summer holidays
Co-Curricular Clubs - Drama, Dance, Media and Theatre Design
New Scenic Designer Appointed - Joining in September

Sport

Covid did not stop Queenswood girls participating and enjoying a wide range of sporting activities. Sport went virtual when we were remote teaching. Girls joined virtual clubs and live streamed clubs. Both staff and pupils were able to work out together and practise their Netball and Hockey skills to name but a few! The whole community embarked on the Olympic challenges set, especially the Race to Tokyo which saw a week of parents, staff and pupils running, walking and biking; submitting videos and photos for all to share and inspire an active community when progress was shared on Instagram. Followers of Queenswood Instagram increased to over 1,100. Scholars accessed live Strength and Conditioning sessions during remote learning and continued their programmes in the fitness suite when in School. Most competition was suspended but many performance athletes were able to still follow their programmes whether working at club or international level. Sports scholars were mentored throughout and met their mentors remotely when School was closed.

When back in School, the challenge of bubbles was overcome with year group clubs on offer over both lunchbreaks and after School and participation and demand was high throughout. The sports staff, pupils and wider community showed great resilience, a desire to participate and maintain health and wellbeing in very challenging times. September 2021 has begun with equal amounts of enthusiasm and the welcome return to fixtures.

Summary of achievements despite cancellation of most competitive sport:

More than two thirds of the pupil population joined clubs and activities despite lockdowns and restrictions
Tennis - x 2 teams in Aberdare Cup National Finals (the only competition to take place last year), U13 & U15 National finals were cancelled in December. However, in the Summer term, they both qualified for the County and have now progressed to the regional finals. 16 Tennis scholars – 6 x U14 Regional Players, several playing ITF and Tennis Europe events. 1 x played Tarbes (equivalent of Junior Grand Slam). UK No. 1 School for Girls’ Tennis based on rankings
Individual Hockey honours were outstanding: 25 county players, 4 regional players and 4 international players
Fencing continues to thrive – we have 5 regional players and 1 international
Athletics - National Schools High Jump Number 1. 2 Athletes placed in top 5 at County Championships. District champions.
Horse riding – girls represented Queenswood in NSEA events. Individual riders have had success at county, regional and national events
Netball – County Player, 3 Regional Players, 1 England Netballer who also captained the national team
Football – 1 Academy Player at Tottenham
Swimming – 6 swimmers achieving County Standards. We have had some outstanding performances at club level, county and national level swim competitions with one student performing best in the country for 50 fly U13
Football – U15 ISFA Girls Cup National Semi-Finalists, all teams in top 3 at District tournaments
1[st] XI attended pre-season in Leeds for 3 days. 75 have signed up to participate in a Hockey Tour to Barcelona. Tennis players will tour in Marbella
Elite Sportswomen (national level) in the following sports – Tennis, Fencing, Hockey, High Jump, Horse Riding, Netball and Shooting

QUEENSWOOD SCHOOL LIMITED ANNUAL REPORT OF THE GOVERNORS for the year ended 31 August 2021

FUTURE PLANS

Objectives for the Forthcoming Year

In shaping our objectives for the year and planning our activities, the Governors have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity’ (PB2).

The key objectives for 2021/2022 remain the same as the previous year. These are:

To offer an excellent education through a broad and balanced curriculum, and continually seek to improve academic standards
To promote the happiness and self-esteem of the girls by valuing them as individuals, whatever their particular interests
To foster a love of learning, enquiry and debate
To promote international, cultural and political understanding
To promote spiritual and moral values, and increase girls’ awareness of, and their responsibilities to, the wider world
To provide opportunities for girls to challenge themselves in a wide range of co-curricular activities including the humanities, the arts, the sciences and sport
To prepare Queenswood girls, not just for University and higher education, but for life
To encourage parents to support all aspects of the life of the School, and to involve parents fully in the education of their daughters through the use of timely, informative and effective communications

Strategies to Achieve the Forthcoming Year’s Objectives

The School has prioritised a strategic review and will formalise this over the course of the forthcoming year. This will have education at its heart and set out how we will achieve our objectives in light of the new environment in which we find ourselves. Until this juncture, we continue to focus our energy keeping our community safe as well as growing and developing our pupil roll, which is now back to pre-pandemic levels.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

Total incoming resources amounted to £10,809k (including £312k received as furlough income) with total resources expended amounting to £10,316k. The School was physically closed during the first eight weeks of the Spring Term and, as such, the Governors felt it was appropriate to charge all families day fees over this period of closure. The net operating result of the Group for the year was a deficit of £583k (including net gains/losses on investments and fundraising for the Sixth Form project) (2020 £395k deficit). Total funds have increased in value by £538k.

The total reserves at 31 August 2021 were £18,622k. £1,055k relates to the revaluation reserve, £760k are restricted reserves and £23 represents share capital. The remainder, £16,808k, are general reserves represented by fixed assets, substantially made up of land and buildings.

Financial Impact of Coronavirus

The financial impact of the virus continued to impact on Queenswood over this financial year. Our full boarding roll reduced from 115 to 64 pupils which was primarily due to international boarders, quite understandably, choosing to remain closer to their families over the pandemic. Our flexible boarding roll reduced from 115 to 74 pupils. This was a result of families prioritising safety and also a restriction in capacity imposed by the additional safety protocols that were introduced. Our day roll increased from 217 to 284 pupils and this was due to a continued strong demand for Year 7 places and also flexible boarders transitioning to become day pupils.

The School was physically closed for the first eight weeks of the Spring Term. The Governors deemed that we would not charge for boarding over this period, but would continue to charge for day fees in full. This was a different approach to that taken the year previously, but the School did not feel able to pass on any further discount, particularly as the loss of boarding revenue alone was having a significant impact.

The School controlled expenditure over this period by ensuring all non-essential projects were placed on hold and money was only spent when absolutely necessary for the education of our pupils and the safety of our community.

QUEENSWOOD SCHOOL LIMITED ANNUAL REPORT OF THE GOVERNORS for the year ended 31 August 2021

The discount resulted in the School invoicing £240k less in the Spring Term than it would have expected to. This was exacerbated by our trading entity being unable to conduct its summer lettings programme, further reducing group revenues. Other income from areas such as Transport, Music, EAL and LAMDA were negatively impacted for a variety of reasons, but we should recognise that this would have been a great deal worse without support from the job retention scheme (furlough). The School claimed a total of £312k furlough support in year.

Throughout this period, we have been well supported by our bankers (HSBC) who agreed to extend our overdraft facility and temporarily paused loan repayments and banking covenants for our single bank loan. Whilst the impact of the Coronavirus continues to reverberate across the wider sector, our exceptional team of educationalists continue to provide a high standard of learning for the girls which has proved valuable in attracting an increasing number of parents to our remote open days.

Whilst it is unusual to report on the forthcoming year with detail, it feels sensible to confirm that our pupil roll has increased to pre-pandemic levels and we anticipate our basic fee income exceeding that of 2019/20 (pre-pandemic). This, on top of a year of surplus, means that the Governors are satisfied that they can continue to adopt the going concern basis as per the accounting policy at Note 1, Para B.

Teacher Pension Scheme

Over the course of this year, the School consulted with staff to exit the TPS. All staff agreed on this outcome by the end of Easter 2021 and the new pension scheme will be in place from 1 September 2021. This was a difficult decision, but it was made with the future of the School at its heart and made less difficult by the provision of a generous and flexible defined contribution scheme.

Support Staff Pension Schemes

The School recognises £201k of pension provision on its Balance Sheet in relation to the closed pension scheme. This is fully attributable to The Growth Plan Pension. The School will review this liability on an annual basis.

Reserves Policy

Free reserves are defined as reserves which are freely available and exclude restricted funds, designated funds and any fixed assets.

In common with other independent schools, the Governors have invested substantial sums into the School site in recent years and have a continuing programme of refurbishment, development and investment to develop and maintain excellent facilities for our pupils. Although the free reserves are at a negative balance, this illustrates the extent of investment in the School, which is common practice by independent schools which have to finance their own capital investment plans. The Governors consider that, given the value of fixed assets owned by the School (including some assets not being utilised for core School needs), the available banking facility, and the increase in current and projected student rolls, there is no urgent need to build up a free reserve. The Governors recognise that the level of reserves fluctuates during periods of investment in the School and arrangements with our bank are in place to provide an adequate ‘safety net’ when and if required. The Reserves Policy is reviewed on an annual basis with due consideration of risks.

Donations and Restricted Funds

The School has been extremely fortunate to receive bequests, donations and gifts over many years. A successful fundraising programme for our Sixth Form saw the School receive in excess of 180k in donations.

Risk Management

The Board of Governors is responsible for the management of the risks faced by the Charity. A Risk Register and Framework, detailing significant risks relating to the successful continuity of the Charity’s objects, is maintained.

Consideration of individual risks is delegated to the appropriate Committee, which reviews these on a cyclical basis. The Board then reviews this centrally on a termly basis.

The key controls used by the Charity include:

Governor oversight
Risk Framework

QUEENSWOOD SCHOOL LIMITED ANNUAL REPORT OF THE GOVERNORS for the year ended 31 August 2021

Agendas and minutes for all Board and Committee meetings
Terms of reference for all Committees
Strategic planning, budgeting and management accounting procedures
Established organisational structure, clear lines of reporting and appropriate consultation
Formal written policies
Clear authorisation and approval levels
Vetting procedures as required by law for the protection of the vulnerable

Through the established risk management procedures, the Governors are satisfied that the major risks identified have been adequately mitigated as far as is practicably possible. It is recognised that systems can only provide reasonable, but not absolute, assurance that major risks have been adequately managed.

Key risks include:

Any situation which would give rise to a significant decline in pupil roll and School revenues including, but not limited to, the Coronavirus
The removal of charitable status for independent schools
Changes in the UK economy or an overseas economy from which the School recruits
Legislative or fiscal changes, either within the Education sector generally or the independent schools sector more specifically
Competition from other providers of independent school education

Statement of Disclosure to Auditors

So far as the Governors are aware, there is no relevant audit information of which the Company’s auditors are unaware; and
The Governors have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the Company’s auditors are aware of that information

Auditors

Moore Kingston Smith LLP have indicated their willingness to continue in office and, in accordance with the provisions of the Companies Act, it is proposed that they be re-appointed auditors for the ensuing year.

The Strategic Report, which forms part of the Annual Report, is approved by the Governors in their capacity as Directors in company law of Queenswood School.

By Order of the Board

Ian Williams Clerk to the Governors

Date: 26 April 2022

QUEENSWOOD SCHOOL LIMITED INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF QUEENSWOOD SCHOOL LIMITED

Opinion

We have audited the financial statements of Queenswood School Limited (the ‘parent charitable company’) and its subsidiaries (the ’group’) for the year ended 31 August 2021 which comprise the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 2021 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 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

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s and parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained in the annual report. 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.

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 course of 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 themselves. 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.

QUEENSWOOD SCHOOL LIMITED INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF QUEENSWOOD SCHOOL LIMITED

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 strategic report and the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the trustees’ annual 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 parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
the parent charitable company’s 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 trustees’ responsibilities statement, 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 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group and parent charitable company’s internal control.

QUEENSWOOD SCHOOL LIMITED INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF QUEENSWOOD SCHOOL LIMITED

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or parent charitable company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit report.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council
We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of noncompliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

QUEENSWOOD SCHOOL LIMITED INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF QUEENSWOOD SCHOOL LIMITED

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 which 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 any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Moore Kingston Smith LLP

Moore Kingston Smith LLP (May 3, 2022 21:32 GMT+1)

Shivani Kothari (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

Date May 3, 2022

Devonshire House 60 Goswell Road London EC1M 7AD

Consolidated Statement of Financial Activities (including income and expenditure account) For the year ended 31st August 2021

Queenswood School Limited

Note INCOME FROM: Donations and legacies 4 Charitable activities School Fees 3 Trading turnover: Queenswood Enterprises Ltd Investments Investment income 6 Other income 5 Total Income EXPENDITURE ON: Generating Funds: Trading expenditure - Queenswood Enterprises Ltd Investment Management Costs Charitable Activities School activities Movement on pension provision Total Resources Expended 9 Net Income/(Expenditure) before gains Net gains/(losses) on investments 11 Net Income/(Expenditure) Transfers between funds 20/21 Net movement in funds for the year Fund balances at 1 September 2020 FUND BALANCES at 31 August 2021 20/21	Unrestricted Funds £ 336,642 10,048,485 38,890 91 195,475 10,619,583 46,382 46,382 10,322,055 (54,847) 10,313,590 305,993 - 305,993 (10,266) 295,727 17,567,105 17,862,832	Restricted Funds £ 180,440 - - 9,133 - 189,573 - 2,769 2,769 - - 2,769 186,804 89,893 276,697 10,266 286,963 472,409 759,372	Total 2021 £ 517,082 10,048,485 38,890 9,224 195,475 10,809,156 46,382 2,769 49,151 10,322,055 (54,847) 10,316,359 492,797 89,893 582,690 - 582,690 18,039,514 18,622,204	Total 2020 £ 550,847 10,080,345 151,831 15,348 176,833 10,975,204 75,443 75,443 11,325,247 (48,741) 11,351,949 (376,745) (18,631) (395,376) - (395,376) 18,434,890 18,039,514

All activities derive from continuing operations.

All gains and losses recognised in the year are included in the Statement of Financial Activities.

No consolidated or individual company profit and loss accounts have been prepared as the items required to be disclosed within those financial statements are incorporated into the Statement of Financial Activities.

Further details of restricted funds and unrestricted funds are given in notes 20 and 21.

The accompanying notes form part of these financial statements.

There is no material difference between the profit or loss on ordinary activities before taxation and the retained profit or loss for the year stated above and their historical cost equivalents.

Queenswood School Limited Consolidated Balance Sheet at 31st August 2021

Note FIXED ASSETS Tangible assets 10 Investments 11 CURRENT ASSETS Stocks 12 Debtors 14 Cash at bank and in hand LIABILITIES Creditors: Amounts falling due within one year 15a) NET CURRENT ASSETS/(LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: falling due after more than one year 15c) Provisions 16 TOTAL NET ASSETS FUNDS OF THE SCHOOL Called up share capital 18 Restricted funds 21 Unrestricted: 20 Revaluation reserve General TOTAL FUNDS	2021 £ 34,058 351,634 777,369 1,163,061 (3,092,320)	2021 £ 22,870,511 441,435 23,311,946 (1,929,259) 21,382,687 (2,559,071) (201,412) 18,622,204 23 759,372 1,054,856 16,807,953 18,622,204	2020 £ 36,373 340,892 519,407 896,672 (3,360,478)	2020 £ 23,180,206 354,311 23,534,517 (2,463,806) 21,070,711 (2,774,938) (256,259) 18,039,514 23 472,409 1,054,856 16,512,226 18,039,514

20 November 2021

Approved by the Governors and authorised for issue on …………………………. and signed on their behalf by:

- H J de Sausmarez H J de Sausmarez (Apr 28, 2022 16:00 GMT+1) - H. J. de Sausmarez ……….……………………………………..

T Swindell ………………………………………Timothy Swindell (Apr 28, 2022 15:46 GMT+1)

Company Registration No. 00040561

The accompanying notes form part of these financial statements.

Queenswood School Limited Balance Sheet at 31st August 2021

Note FIXED ASSETS Tangible assets 10 Investments 11 CURRENT ASSETS Stock 12 Debtors 14 Cash at bank and in hand LIABILITIES Creditors: Amounts falling due within one year 15a) NET CURRENT (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: Amounts falling due after more than one year 15c) Provisions 16 TOTAL NET ASSETS FUNDS OF THE SCHOOL Called up share capital 18 Restricted funds 21 Unrestricted: 20 Revaluation reserve General Total Funds	2021 £ 34,058 333,048 309,152 676,258 (3,049,046)	2021 £ 22,870,511 641,435 23,511,946 (2,372,788) 21,139,158 (2,559,071) (201,412) 18,378,675 23 759,372 1,054,856 16,564,424 18,378,675	2020 £ 36,373 310,880 52,653 399,906 (3,350,060)	2020 £ 23,180,206 554,311 23,734,517 (2,950,154) 20,784,363 (2,774,938) (256,259) 17,753,166 23 472,409 1,054,856 16,225,878 17,753,166

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company's surplus for the year was £625,509 (2020: Loss £(395,168)

20 November 2021 - -

Approved by the Governors and authorised for issue on …………………………. and signed on their behalf by:

H J de Sausmarez

H. J. de Sausmarez ………………………………………H J de Sausmarez (Apr 28, 2022 16:00 GMT+1) T Swindell ………………………………………Timothy Swindell (Apr 28, 2022 15:46 GMT+1)

Company Registration No. 00040561

The accompanying notes form part of these financial statements.

Queenswood School Limited Consolidated Cash Flow Statement

For the year ended 31st August 2021

Note Net cash generated from operating activities 22 Cash flows from investing activities Fixed Asset Additions Purchase of investments Proceeds from sale of fixed assets Proceeds from sale of investments Movement in investment cash Investment income Net cash generated from/(used in) investing activities Cash flows from financing activities Repayment of borrowings Net increase/(decrease) in cash and cash equivalents Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the start of the year Cash and cash equivalents at the end of the year Cash and cash equivalents consists of: Cash in hand, and at bank Overdraft facility	2021 £ (137,638) (12,860) 9,853 5,776 9,224 (214,632)	2021 £ 692,579 (125,645) (214,632) 352,302 425,067 777,369	2020 £ (287,366) (22,640) 12,250 34,634 (9,371) 14,069 (133,001) 2021 £ 777,369 - 777,369	2020 £ (310,182) (258,424) (133,001) (701,607) 1,126,674 425,067 2020 £ 519,407 (94,340) 425,067

Queenswood School Limited Notes to the Financial Statements For the year ended 31st August 2021

1 Accounting policies

A Company information

The Queenswood School Limited ("the charity") is limited by shares and incorporated in England and Wales. The registered office is Queenswood, Hatfield, Hertfordshire, AL9 6NS.

B Basis of preparation

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS 102) and the requirements of the Companies Act 2006.

The Charitable Company and its subsidiary are a public benefit group as defined by FRS 102 and therefore the Charity also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP), the Companies Act 2006 , the Charities Act 2011 and Charities Accounts (Scotland) Regulations 2006 as amended by The Charities Accounts (Scotland) Amendment (No. 2) Regulations 2014.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

These financial statements are prepared on the going concern basis, under the historical cost convention as modified by the revaluation of investments and in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. The principle accounting policies, which have been applied consistently throughout the year, are set out below.

Going Concern

The financial statements are prepared on a going concern basis, which assumes the company will continue in operational existence for the foreseeable future. The Governors have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Company to continue as a going concern. The governors have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable group to continue as a going concern. The governors have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the governors have considered and challenged the charitable group’s forecasts and projections, including cash flows, pupil projections and the likely impact of pressures on fee income. The economic outlook remains uncertain and is being impacted by covid, inflation, transport difficulties and fuel costs. These could have wider financial implications and impact on future pupil numbers and the ability of the trading company to generate the income at levels comparable to previous years. However, we should also recognise that there has been an increase in pupil roll to prepandemic levels and we are seeing unparalleled interest shown for our 2022 intake. After making enquiries the detailed review undertaken by the governors and the on going measures they have put in place have led them to conclude that there is a reasonable expectation that the charitable group has adequate resources to continue in operational existence and meet its ongoing liabilities for the foreseeable future. The charitable group therefore continues to adopt the going concern basis in preparing its financial statements.

Basis of consolidation

The consolidated financial statements incorporate the results, assets and liabilities of Queenswood School Limited and all of its subsidiaries for the year. A separate statement of financial activities for the charity itself is not presented because the charity has taken advantage of the exemption afforded by paragraph 304 of the SORP and section 408 of the Companies Act.

C Income and Expenditure

All incoming and outgoing resources are accounted for on the accruals basis, except where otherwise stated. Legacies are recognised in the SOFA, where the charity being notified of an impending distribution and the amount there is reasonable certainty of the legacy being received. Financial liabilities are recognised when the charity incurs a legal or constructive obligation to deliver cash or another financial asset to another party.

D School fees

Fees are recognised in the period for which the service is provided. Fee income is stated after deducting allowances, schloarships and other remissions granted by the School, but include contributions received from Restricted Funds for Schloarships, Bursaries and other grants.

Queenswood School Limited Notes to the Financial Statements For the year ended 31st August 2021 (continued)

E Donations

Donations are included in the year in which they are received and are included as “unrestricted funds” unless otherwise stipulated. Donations restricted by the specific wishes of the donors are taken to “restricted funds.”

F Resources expended

Resources expended are accounted for on an accruals basis. They are recognised when there is a constructive or legal obligation to pay for expenditure. Certain expenditure is apportioned to cost categories based on the estimated amount attributable to that activity in the year. These estimates are based on staff time or on floor area as appropriate. The irrecoverable element of VAT is included with the item of expense to which it relates.

G Taxation

Under Section 505 of the Income and Corporation Taxes Act 1988 the Company is exempt from certain taxes. Full account is taken of tax credits attaching to donation under gift Aid and dividends. The Company’s subsidiary is subject to corporation tax.

No provision is made for deferred taxation under FRS19 as the trading subsidiary (Queenswood Enterprises Ltd) covenants its annual taxable surplus to the Company.

H Tangible fixed assets

All tangible fixed assets held by the charity are for charitable purposes and are shown in the Balance Sheet at cost less accumulated depreciation and accumulated impairment losses. All assets costing more than £1,000 are capitalised, those costing less are written off in the year of acquisition unless they form part of a larger project. Depreciation is provided on all tangible fixed assets on a straight line basis calculated to write off the cost over their expected useful lives as follows:

Plant and motor vehicles - over 5 years - Computer Equipment Between 2 and 5 years

Freehold land and buildings are functional assets and are therefore shown at cost. Their value is maintained by a full programme of repair and renovation and the book value is substantially less than the present value for insurance purposes of approximately £81m. Therefore, no provision for depreciation on the freehold land and buildings is made. The freehold buildings are reviewed annually for any potential impairment.

All assets of the charity are held for charitable use with the exception of those held by Queenswood Enterprises.

I Fixed assets investments

Listed investments are stated at market value at year end. The SOFA includes realised and unrealised gains and losses arising from the revaluation of the investments in the year.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumlated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediatly in the SOFA.

J Stocks

Stocks are valued at the lower of cost and net realisable value.

K Leases

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the group, and hire purchase contracts are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the asset’s useful lives. A corresponding liability is recognised for the lower of the fair value of the leased asset and the present value of the minimum lease payments in the balance sheet. Lease payments are apportioned between the reduction of the lease liability and finance charges in the income statement so as to achieve a constant rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentive received, are charged to the SOFA on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Queenswood School Limited Notes to the Financial Statements

For the year ended 31st August 2021 (continued)

L Financial Assets

The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Other financial assets classified as fair value through profit or loss are measured at fair value.

Loans and receivables

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

M Financial liabilities

Basic financial liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Other financial liabilities classified as fair value through profit or loss are measured at fair value.

Other financial liabilities

Other financial liabilities, are initially measured at fair value, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability to the net carrying amount on initial recognition.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

Queenswood School Limited Notes to the Financial Statements For the year ended 31st August 2021

(continued)

N Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

O Retirement benefits

The Group contributes to the Teachers Pension Scheme for teaching staff, this is a defined benefit pension. For nonteaching staff the Group contributes to Friends Life and another scheme run by The Pensions Trust, both of these are defined contribution schemes. The funds for these schemes are held independently of the Group’s funds. In accordance with FRS 102 28.40A the group accounts for these schemes as defined contribution schemes. See note 24 for full details. During the year the Group made a Section 75 payment to exit the Independent School Pension Scheme and clear itself of future related liabilities. See SOFA ‘Exit from Independent School Pension Scheme’.

Critical accounting estimates and judgements

In the application of the company’s accounting policies, the council required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

2 Critical judgements

Useful economic lives

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Provisions

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the aging profile of debtors and historical experience. See note 14 for the net carrying amount of the debtors.

Queenswood School Limited Notes to the Financial Statements For the year ended 31st August 2021

(continued)

3 Income from charitable activities School Fees Unrestricted Funds Gross fees Costs of generating funds Covid 19 Discount Total bursaries, scholarships and grants Other discounts 4 Donations and legacies Unresticted funds received Restricted funds received Furlough Income 5 Other Income Unrestricted Funds Other Incoming Resources Rent receivable Other 6 Investment Income Unrestricted Funds Interest on cash deposits Other interest Restricted Funds On listed investments Total Investment Income 7 Expenditure Unrestricted funds Group direct charitable expenditure includes: Depreciation Profit/ (Loss) on disposal of tangible fixed assets Auditors' remuneration (net of VAT): For audit - School - Enterprises For other services	(241,188) (1,067,702) (163,000)	2021 £ 11,520,375 (1,471,890) 10,048,485	(1,130,856) (1,150,371) (279,390) 2021 £ 24,187 180,440 312,455 517,082 2021 £ 67,697 127,778 195,475 2021 £ - 91 9,133 9,224 2021 £ 447,334 - 16,750 4,125 2,500	2020 £ 12,640,962 (2,560,617) 10,080,345 2020 £ 20,820 27,314 502,713 550,847 2020 £ 72,872 103,961 176,833 2020 £ 2,779 1,877 10,692 15,348 2020 £ 605,992 6,311 16,020 4,125 6,128

Queenswood School Limited Notes to the Financial Statements For the year ended 31st August 2021 (continued)

8 Employees a) Average monthly number of employees (full-time equivalent) The average number of persons employed by the group during the year was: Costs of generating funds - Full time - Part time (FTE) Administration, technicians, estate and maintenance staff - Full time - Part time (FTE) The average number of staff employed during the year was 229 (2020: 245) b) Analysis of total employee costs Staff costs during the year: Salaries Redundancy costs ( two Staff 2021, two Staff 2020) Social security costs Pension costs Training, health & safety, recruitment Movement in pension provision Total staffing costs c) Employee costs The number of higher paid employees was: £60,001 - £70,000 £70,001 - £80,000 £80,001- £90,000 £110,001 - £120,000	2021 50 17 44 59 170 2021 £ 6,020,597 4,141 563,934 1,005,108 7,593,780 90,986 (54,847) 7,629,919 2021 1 2 2 1	2020 50 22 50 58 180 2020 £ 6,303,069 20,518 596,557 1,040,971 7,961,115 64,120 (48,741) 7,976,494 2020 1 2 1 1

Pension contributions amounting to £96,689 (2020: £89,320) were made for six (2020: five) higher paid employees.

Governors’ Remuneration

No Governors received any emoluments in the year ended 31 August 2021 (2020: nil) and Governors are not included in the number of persons employed given above. No Governors were reimbursed expenses in 2021 (2020: £0).

Key Management Personnel

Key management personnel include the Govenors and the senior executives which are made up of the Principal, the Bursar and the Deputy Heads. The total pay and benefits received by key management personnel were £562,128 (2020: £565,308). Four members of the key management personnel are also provided with free accommodation in order to enable them to undertake specific duties for the school (2020: four).

Queenswood School Limited Notes to the Financial Statements

For the year ended 31st August 2021 (continued)

9 Analysis of Total Resources Expended 2021 Costs of generating funds Investment Management Costs Charitable Activities Education and boarding Welfare Premises Technology Administration costs Governance costs Pension provison Movement in provision Analysis of Total Resources Expended 2020 (comparative) Costs of generating funds Fundraising for voluntary resources Charitable Activities Education and boarding Welfare Premises Technology Administration costs Governance costs Pension provison Movement in provision Exit from Independent School Pension Scheme Trading expenditure - Queenswood Enterprises Ltd Trading expenditure - Queenswood Enterprises Ltd	Staff Costs (incl Training) £ - 4,941,179 612,994 505,150 210,780 1,358,843 55,820 (54,847) 7,629,919 Staff Costs (incl Training) £ - 5,196,618 639,765 510,693 208,916 1,415,049 54,194 (48,741) 7,976,494	Other £ 46,382 2,769 340,158 348,809 901,313 250,924 324,321 24,430 - 2,239,106 Other £ 75,443 - 463,866 339,109 1,007,486 335,532 513,405 34,622 - 2,769,463	Depreciation £ - - - 447,334 - - - - 447,334 Depreciation £ - - - - 605,992 - - - - 605,992	Total 2021 £ 46,382 2,769 5,281,337 961,803 1,853,797 461,704 1,683,164 80,250 (54,847) 10,316,359 Total 2020 £ 75,443 - 5,660,484 978,874 2,124,171 544,448 1,928,454 88,816 (48,741) - 11,351,949

Queenswood School Limited Notes to the Financial Statements For the year ended 31st August 2021 (continued)

10 Tangible Fixed Assets

Group Costs of generating funds At 31st August 2020 Additions Transfers Disposals At 31st August 2021 Depreciation At 31st August 2020 Charge for the year Disposals At 31st August 2021 Net Book Value At 31st August 2021 At 31st August 2020	Freehold Land and Buildings £ 22,172,112 - - - 22,172,112 - - - - 22,172,112 22,172,112	Plant and Equipment £ 3,436,962 40,726 - - 3,477,688 3,091,100 178,178 - 3,269,278 208,410 345,862	Fixtures and Fittings £ 1,181,723 59,314 - - 1,241,037 671,500 199,615 - 871,115 369,922 510,223	Motor Vehicles £ 445,816 37,598 - - 483,414 293,807 69,540 - 363,347 120,067 152,009	Total £ 27,236,613 137,638 - - 27,374,251 - 4,056,407 447,333 - 4,503,740 22,870,511 23,180,206

Assets under construction relate to building, planning, architectural design and other professional costs for Queenswood Hall. There is a fixed charge with the bank over the land and buildings included above. Included within the net book value of Plant and Equipment of £208,410 is £58,573 relating to assets held under Finance Leases.

Company Cost or Valuation At 31st August 2020 Additions Transfers Disposals At 31st August 2021 Depreciation At 31st August 2020 Charge for the year Disposals At 31st August 2021 Net Book Value At 31st August 2021 At 31st August 2020	Freehold Land and Buildings £ 22,172,112 - - - 22,172,112 - - - - 22,172,112 22,172,112	Plant and Equipment £ 3,436,962 40,726 - - 3,477,688 3,091,100 178,178 - 3,269,278 208,410 345,862	Fixtures and Fittings £ 1,181,723 59,314 - - 1,241,037 669,727 199,615 - 869,342 371,695 511,996	Motor Vehicles £ 445,816 37,598 - - 483,414 295,580 69,540 - 365,120 118,294 150,236	Total £ 27,236,613 137,638 - - 27,374,251 4,056,407 447,333 - 4,503,740 22,870,511 23,180,206

Queenswood School Limited Notes to the Financial Statements For the year ended 31st August 2021 (continued)

Tangible Fixed Assets (continued)

Freehold land and buildings at cost or valuation includes £2,395,421 at 31st March 1979 revalued on the basis of re-instatement cost less allowance for age after taking account of subsequent disposals. In accordance with FRS 102 - this valuation has been treated as an historic cost as at the date of conversion. The buildings have been insured on a declared value of £84,310,895 (2020: £81,387,337)

Following an impairment review by the Govenors considering the value of the buildings and their state of repair, no impairment has been identified.

Assets under construction mainly relate to building, planning, architectural design and other professional costs for Queenswood

11 Fixed Asset Investments As at 1 September 2020 Additions Disposals proceeds Gains (losses) on investments As at 31 August 2021 Cash held as investments Fixed Asset Investments As at 1 September 2019 Additions Disposals at opening market value Unrealised gains on investments As at 31 August 2020 Cash held as investments Historical Cost of listed investments	Group Listed Investments £ 342,695 12,860 (9,853) 89,893 435,595 5,840 441,435 Group Listed Investments £ 373,320 22,640 (34,634) (18,631) 342,695 11,616 354,311	Unlisted Investments £ 200,000 - - - 200,000 - 200,000 Unlisted Investments £ 200,000 - - - 200,000 - 200,000	Listed Investments £ 342,695 12,860 (9,853) 89,893 435,595 5,840 441,435 Listed Investments £ 373,320 22,640 (34,634) (18,631) 342,695 11,616 354,311 £ 312,115 Company Company	Total Investments £ 542,695 12,860 (9,853) 89,893 635,595 5,840 641,435 Total Investments £ 573,320 22,640 (34,634) (18,631) 542,695 11,616 554,311 £ 308,381

The following investments comprise in excess of 5% of the value of the portfolio:

Quoted Investments	Value @ 31st Aug 2021	Value @ 31st Aug 2021
	£	£
Baille Gifford US Growth Trust Plc	23,220
Findlay Park Funds Plc	27,702
Sands Capital Funds	40,136

Queenswood School Limited Notes to the Financial Statements For the year ended 31st August 2021 (continued)

Fixed Asset Investments (continued)

The company owns 100% of the equity of the following subsidiary, which was incorporated in England and Wales.

Costs of generating funds	Holding	Nature of business
Queenswood Enterprises Limited	Ordinary shares	Management of the letting of Queenswood
		School Ltd's facilities to external clients.

The aggregate amount of capital and reserves and the results of this undertaking for the last relevant financial year were as follows:

Queenswood Enterprises Limited	2021 2020 £ £ 243,528 286,348 Capital and reserves	2021 2020 £ £ (42,820) (208) Profit for the year

During the financial year Queenswood School Limited made mangement recharges of £82,828 (2020: £106,023) to Queenswood Enterprises Limited in respect of facilities and staff costs. Also during the year Queenswood Enterprises made a gift aid distribution of £0 (2020: £0) to Queenswood School Limited. At the balance sheet date Queenswood School Limited owed Queenwood Enterprises Limited £1,046 (2020: £2,291).

Stocks

12 Stocks Goods for resale 13 Financial Instruments Carrying amount of financial assets Debt instruments measured at amortised cost Carrying amount of financial liabilities Measured at amortised cost 14 Debtors Due within one year: School fees Provision for doubtful debts Trade debtors Prepayments and accrued income	Group 2021 2020 £ £ 34,058 36,373 Group 2021 2020 154,854 207,224 2,943,676 3,217,910 2021 2020 £ £ 477,854 522,690 (353,843) (368,553) 30,843 53,087 196,780 133,668 351,634 340,892 Group	Company 2021 2020 £ £ 34,058 36,373 Company 2021 2020 137,872 178,740 2,910,692 3,212,830 2021 2020 £ £ 477,854 522,690 (353,843) (368,553) 13,861 24,603 195,176 132,140 333,048 310,880 Company

Queenswood School Limited Notes to the Financial Statements

For the year ended 31st August 2021

(continued)

15 Creditors a) Amounts falling due within one year: Current instalments due on deposits (note 15d) Trade creditors School fees in advance Hire purchase and finance Leases Bank loan Bank Overdraft Other taxation and social security costs Other creditors Accruals and deferred income Amounts due to group undertakings VAT payable b) Movement on deferred income Deferred income brought forward Released in year New provision added Deferred income carried forward	2021 2020 £ £ 347,416 527,819 168,195 130,721 1,874,286 1,934,486 62,592 74,886 234,144 214,539 0 94,340 138,354 137,230 97,872 139,452 159,171 101,667 0 0 10,290 5,338 3,092,320 3,360,478 - - 2021 2020 £ £ 2,070,226 2,048,681 (1,934,486) (2,048,681) 1,853,499 2,070,226 1,989,239 2,070,226 Group Group	2021 2020 £ £ 347,416 527,819 168,195 129,764 1,874,286 1,934,486 62,592 74,886 234,144 214,539 - 94,340 138,354 137,230 97,872 133,038 125,141 101,667 1,046 2,291 - - 3,049,046 3,350,060 - - 2021 2020 £ £ 2,070,226 2,048,681 (1,934,486) (2,048,681) 1,853,499 2,070,226 1,989,239 2,070,226 Company Company

The deferred income balance relates to remittances received in respect of school fees for future years.

c) Amounts falling due after more than one year: School fees deposits School fees in advance Bank Loan Finance Lease Less: Amounts due within one year School fees deposits School fees in advance Bank Loan Finance Lease	2021 2020 £ £ 1,406,183 1,493,328 1,989,239 2,070,226 1,619,495 1,834,127 62,592 128,987 5,077,509 5,526,668 (347,416) (527,819) (1,874,286) (1,934,486) (234,144) (214,539) (62,592) (74,886) (2,518,438) (2,751,730) 2,559,071 2,774,938 Group	2021 2020 £ £ 1,406,183 1,493,328 1,989,239 2,070,226 1,619,495 1,834,127 62,592 128,987 5,077,509 5,526,668 (347,416) (527,819) (1,874,286) (1,934,486) (234,144) (214,539) (62,592) (74,886) (2,518,438) (2,751,730) 2,559,071 2,774,938 Company

The school has a 10 year flexible loan facility starting in July 2018 repayble in equal monthly instalments with an interest rate of 1.95% per annum over the base rate.

d) Maturity of financial liabilities

The fee deposits and fees in advance mature as follows: Within one year Between two and five years After five years The bank loan is repayable as follows: Within one year Between two and five years After five years	347,416 814,035 244,732 234,144 936,576 448,775	527,819 743,521 221,988 214,539 936,170 683,418	347,416 814,035 244,732 234,144 936,576 448,775	527,819 743,521 221,988 214,539 936,170 683,418

Queenswood School Limited Notes to the Financial Statements For the year ended 31st August 2021 (continued)

16 Provisions for liabilities and charges Pension provision At 1 September 2020 (Decrease)/ Increase At 31 August 2021	2021 2020 £ £ 256,259 305,000 (54,847) (48,741) 201,412 256,259 Group	2021 2020 £ £ 256,259 305,000 (54,847) (48,741) 201,412 256,259 Company

The school recognises £201,412 (2020: £256,259) of pension provision on its Balance Sheet in relation to the closed pension scheme. The provision is attributable to The Growth Plan Pension, the school will review this liability on an annual basis.

17 Obligations under finance leases and hire purchase contracts

The School occasionally uses finance leases and hire purchase contracts to acquire plant and machinary. Future minimum lease payments due under finance leases and Hire Purchase contracts:

Amounts payable: Within one year In two to five years Less Finance charges allocated to future periods Share Capital Allotted, called up and fully paid: 23 Governors' shares of £1 each	2021 £ 66,883 66,883 4,291 62,592 2021 £ 23	2020 £ 74,886 66,883 141,769 12,782 128,987 2020 £ 23

18 Share Capital

Queenswood School Limited Notes to the Financial Statements For the year ended 31st August 2021 (continued)

19 Allocation of the Charity Net Assets

Fixed Assets £ The net assets are held for the various funds as follows: Restricted funds Unrestricted funds: General reserves 22,870,511 22,870,511 20 Unrestricted Funds Movements At 31st August Group 2020 £ Unrestricted: Called up share capital 23 General 16,512,226 Revaluation reserve 1,054,856 17,567,105 As restated At 31st Company August 2020 As restated £ Unrestricted: Called up share capital 23 General 16,225,878 Revaluation reserve 1,054,856 17,280,757	Investments £ 441,435 - 441,435 Incoming Resources £ - 10,619,583 - 10,619,583 - Incoming Resources £ - 10,616,020 - 10,616,020	Net Current Assets £ 317,937 (2,247,196) (1,929,259) Resources Expended £ - (10,313,590) - (10,313,590) - Resources Expended £ - (10,267,208) - (10,267,208)	Long Term Liabilities £ - (2,559,071) (2,559,071) Investment Gains £ - - - - - Investment Gains £ - - - -	Provisions £ - (201,412) (201,412) Transfers £ - (10,266) - (10,266) Transfers £ - (10,266) - (10,266)	Total £ 759,372 17,862,832 18,622,204 At 31st August 2021 £ 23 16,807,953 1,054,856 17,862,832 At 31st August 2021 £ 23 16,564,424 1,054,856 17,619,303

Queenswood School Limited Notes to the Financial Statements

For the year ended 31st August 2021

(continued)

21 Restricted Funds Movements

Restricted funds comprise the following unexpended balance of donations and grants held on trust to be applied for bursaries to fund girls' education in Queenswood School Limited, and sums set aside for future development.

Costs of generating funds Prizes, Scholarships and Bursaries The Handoo Gift Other	At 1st September 2020 110,880 358,682 2,847 472,409	Incoming resources 180,440 9,133 189,573	Resources expended - (2,769) - (2,769)	Investment Gains - 89,893 - 89,893	Transfers 10,250 16 - 10,266	At 31st August 2021 301,570 454,955 2,847 759,372

The Handoo Gift relates to a specific donation which has been treated as restricted fund as per the terms and conditions of the Handoo Trust Deed. The Handoo Gift funds a Bursary which is intended to expand the global vision of the school and exposure of students to diversity and difference. Other restricted donations of £180,690 (2020 £27,314) were received in the year for Bursaries and towards 6th Form Centre project.

22 Reconciliation of changes in resources to Net Cash (outflows)/Inflows from Operating Activities Net incoming resources for the year to date Adjustments for: Interest received Gains on investment Loss/(profit) on disposal of fixed assets Depreciation and impairment of tangible fixed assets Increase/(decrease) in provisions Decrease/(Increase) in debtors Increase/(decrease) in creditors (Increase)/decrease in stock	2021 £ 582,690 (9,224) (89,893) - 447,333 (54,847) (10,742) (175,053) 2,315 692,579	2020 £ (395,376) (14,069) 18,631 (6,311) 605,992 (48,741) 338,999 (798,816) (10,491) (310,182)

23 Financial Commitments

At 31st August 2021 the group has annual commitments under non cancellable operating leases as follows:

Less than one year Between two and five years	2021 Equipment £ 43,257 13,889 57,146	2020 Equipment £ 52,341 57,147 171,777

Queenswood School Limited Notes to the Financial Statements For the year ended 31st August 2021 (continued)

24 Pension Costs

Teaching staff

The School participated in the Teachers' Pension Scheme ("the TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £739,387 (2020: £763,762) and at the year-end £nil (2020 - £nil) was accrued in respect of contributions to this scheme. The school will exit this scheme on 31 August 2021, with participating staff moving to a flexible defined contribution scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers' Pension Scheme Regulations 2010 and TheTeachers' Pension Scheme Regulations 2014. 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

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

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. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either a legacy or reformed scheme benefits in respect of their service during the period 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 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 a consulation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. The consultation closed to response on 19 August 2021 and the Government is currently analysing the responses.

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

The Pension Trust - The Growth Plan

The company participates in the scheme, a multi-employer scheme which provides benefits to some 950 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

Queenswood School Limited Notes to the Financial Statements For the year ended 31st August 2021 (continued)

24 Pension Costs (cont)

A full actuarial valuation for the scheme was carried out at 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From 1 April 2019 to 31 January 2025: £11,243,000 per annum (payable monthly and increasing by 3% each on 1st April)

Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies.

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2014. This valuation showed assets of £793.4m, liabilities of £969.9m and a deficit of £176.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions From 1 April 2016 to 30 September 2025: £12,945,440 per annum (payable monthly and increasing by 3% each on 1st April) From 1 April 2016 to 30 September 2028: £54,560 per annum (payable monthly and increasing by 3% each on 1st April)

Unless a concession has been agreed with the Trustee the term to 30 September 2025 applies.

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

Present Values of Provision 31 August 2021 £ Present Values of Provision 201,412 Reconciliation of opening and closing provisions Provision at start of the year Unwinding of the discount factor (interest expenses) Deficit contribution paid Remeasurements - impact of any change in assumptions Remeasurements - ammendments to the contribution schedule Provision at the end of the period	31 August 2020 £ 256,259 Year ended 31 August 2020 £ 256,259 1,244 (55,820) (271) 201,412	31 August 2019 £ 305,000 Year ended 31 August 2019 £ 305,000 2,680 (54,194) 2,342 431 256,259

Queenswood School Limited Notes to the Financial Statements For the year ended 31st August 2021 (continued)

24 Pension Costs (cont)

Income and expenditure impact	Year ended 31	Year ended 31
	August 2021	August 2020
	£	£
Interest expense	1,244	2,682
Remeasurements - impact of any change in assumptions	(271)	2,342
Remeasurements - ammendments to the contribution schedule	-	431
Contributions paid in respect of future service*	*	*
Costs recognised in income and expenditure account	*	*

*includes defined contribution schemes and future service contributions (i.e. excluding any deficit reduction payments) to defined benefit schemes which are treated as defined contribution schemes. To be completed by the company.

Assumptions	31 August 2021	31 August 2020	31 August 2019
	% per annum	% per annum	% per annum
Rate of discount	0.63	0.55	0.97

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

The following schedule details the deficit contributions agreed between the company and the scheme at each year end period:

Year ending

Year	ending
		31	August 2021	31 August 2020	31 August 2019
			£	£	£
Year	1		57,495	55,820	54,194
Year	2		59,219	57,495	55,820
Year	3		60,996	59,219	57,495
Year	4		25,854	60,996	59,219
Year	5		-	25,854	60,996
Year	6		-	-	25,854

The company must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises.

It is these contributions that have been used to derive the company's balance sheet liability.

Defined contribution scheme

The school additionally operates a defined contribution scheme. Contributions on behalf of staff within the scheme are made to Aviva. Total contributions made to Aviva during the year were £195,554 (2020: £209,980). The total pension contributions which were still outstanding as at the year end were £30,950 (2020: £27,778).

Queenswood School Limited

Notes to the Financial Statements

for the Year Ended 31st August 2021

25 Capital commitments

Amounts contracted for but not provided in the financial statements amounted to £1,897 for the group and company (2020:£0)

26 Related Party Transactions

During the year four Trustees donated a total of £39,000. (2020:£nil) In Addition three Key Management Staff donated a total of £1,150. (2020 nil)