QUEENSWOOD SCHOOL LIMITED Company Registration No. 40561 Charity Registtation No. 311060 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 *ADV8FTD7• 2910112025 COMPANIES HOUSE A12 Queenswood School lamited Annual Report and Financi21 Statements For the year ended 31si Augusc ?024 Page Report of the Governors 1.14 Audii Report 15-17 Consobd3ted Statement of Financial Activitie5 18 Consolldated B21ance Sheei 19 Baiance .%heet 20 Cnnsobdated Cashflow 21 Nar¢s to the Find1nci31 Srarement8 22-38 QUEENSWOOD SCHOOL LIMITED ANNUAL REPORT OF THE GOVERNORS for the yeat ended 31 August 2024 GOVERNORS AND CHARITY TRUSTEES Queenswood Govemors are the Ch2tity Trustees of Qucen8wood School Limited C'the Charirf,) and they Mr H J dL, .%auymar¢z BA FCIS (Chair) ir T C Garnham Bsc (Vic¢ Chair) & R Baines Bsc. ClhtA, CEng, hflCE (Resigned 20 July 2024) O Belshaw (Nominated by the Old Qucenswoodi2ng Asgociatiun The Revd Dr D M Chapman BSC, MA, NIPHIL. PHD h1% J Fenn MA (Hons), PGCE IAppDinced 10 June 2023) tt R S Garwnod BA (HONI %>, Dip iMR5 Dr O NlcGuinness B%c,M LB B%. FRCP, DCH. DRCOG h(r.S Iltsrris NIA. PGCE, NPQH (R¥sign¢d 15 June 2024) hfrs C Nvrman BSC. CINL4 hlrs N Penny (Norninated by the Queenswood Parvnis A4ssociauon) (Resigned IS June 2024) Mr J Ph¢lan BA (HONS), MA IED). PGCE fr A D Poppleton BEn8. CEngTr FIET, FRSC (Resigned 15 Junc 2024) Lord N .qiamp BA. CA Nlrs P Wrin¢h El¥rt¢d membe15 are appointed by th¢ Board on recommendati()n uf the Chair and Vic¢ Chair and they at suppl¢mLnted by Governi)r.% nurninated by th¢ Buard of Mana8L'm¢nt for IllethoLb'%r Ind¢pend¢nt SchDD14 Twsr, the Me[ho￿"￿t Church, the Qucen%ivood Par¢'n¢s As4ociauon (pareni body) and (he Old Queen%woodJ'ans Absuciation (f()rmer pupil4). ()ther than the nominared GovLrni)r% who huld uffice for as long as thLy remain nominatcd. srrvicr un the Bciard is fi)r an initial period OE ¢hr¢¢ J¢ar$. At thL end of an elected Governor's fLrsc term ()( ()ffJce. hL or xht lihall be ebgryble lor re-¥lecrion by Ihe other GovernL>rs for a furchtio¢%. Ralph has experience in both public and prhvate.sectors acro¥$ a range of indubtties. Nlarried with a .qun and ￿() dau¥htcrs. buth uf wknch are l)Id Que¢nAwuodian5. El¢cted a Gt)v¢rnor OE Queen$ivui)d in 2013. KATE BEL5HAW LLB (Hons), PGDip, LLM, AKC K2tt W14 S 2 pupil at Queen4wood Erom 1999-2006. ¥t%rring a8 a da} boarder before E*)ar(hng in the Sixth Fonn. After hex A Ixvels, Kate read Law ar the Univer%Lry of Exetet and completed the Bar Voc2rioiial Cours¢ and an LLM in PruF¢SSLonal L¢b>al Pracuce at thr Ciry Law %chi)nl. guahfying is a Bxrri¥teE. AIDngliide her stuth'es. Kate becam¢ involved in ¢he Old Queen%wooth'¢2ns AssuciADon, iniually a8 an Elected Member, before becoming fir8t Honorary Secretary and a Trysree of rhe Old Queen%woudianb' As8ociation's Bursw xnd .sChol￿4hlP Trust, and m()st recend)'k Govtmi)r Repr¢%¢nriuvr for thr Assocution. Kate works in Hi&ih¢r Educauon admini¥trauon. r6￿ll[l￿rt and govern3nce, and 15 ￿￿rendY Head of Education and %rudent Expetience at Un&versity College Lundon. Kate is a supportti OF T￿get oV￿12n Cancer Y4nd a Governui at Lordslu"p L2ne Primary School. where She also %Lrv¢li a5 Chair of the Finance & R¢suurc¢% Ci>mmi¢tee. REVEREND DR DAVID M CHAPMAN BSC, MPhiL PHD District Chiit i)f lh¢ BL,dF()rdshire, Essex and Hert((Irdslu"re District ()r the M¥th(Kligt Church. Aftcr grAdu%ring whth a MAthemaucs d¢gre¢, h¢ wurked fur thr GEC-lJlarc()ni Company in bt Albans and MLitL>n Keyn¢s in radar desikm management. He uained for ministry Y4( Wesley Hou4e. Cambridge, and ha5 a doccorate in Theolo￿ frurn the Univezsiry uf Carnbridge. Fl¢ serv¢d in thrt¢ mini%t¥riai ?ppoinun¥nrs in M¢thodisi circLiiL8 Ln L(>ndi)n and Sus%ex befi)re beingp appointed Di.%trici Chair in 2016. D*vLd is a mrmber ()f Ihe Mrthodi%t Faith and Order Committee. He is m%rned wilh thr¢¥ adult chi]dten, Ni)minated as a Guvrmor by the hlethvdi8t Church in Stpiembcr 2016, Judith Fenn read history 0¢ Cambridk>e Univer%iry then taub.ht for IJ veats, larterl) 24 a deputy head at the Gudolphin and Lat)'mer School .bhe hAS been A Governor uf A gtate speciAI school xnd x Chair of Guverno o( an independent day and boarding schonl. Sht over¥aiv %t2rufOry t¢2ch¢r induction in ind¢p¢ndrnt schoiil 2cross En¥land for a numb¢i of years before taKJ'n¥ up post 2.4 CEO of The Merho(b'%t Independent Schoolb TnJ%r Ln F¢bwJry 2023. She is a commitred educaror with 21 derp Iiivc r)f sch(Tr(Tr1.4 and thtir puitnual to ttan.sf¢irm IAve.%. In het .%pare umc, %he travels And has a r>arri¢ular Fascinauiin with pr¢hisfOri¢ 811¢$. MR ROBERT GARWOOD BA (Hon5), Dip MRS Rob ha.4 r¢crndy r¢rir¢d, ha￿tt8 w()rk¢d in th¢ F￿anCIAl Servic¢% indu¥try f()r miire than 33 yeAry, In Iu'8 most recent iole, Rob worked ai .Standard Chariered Bank running their global Inv¢811)rs busines￿ and the Financial Institutions te2rns arross Eurupe. PreviouN banking iole5 included Citibank-. UBb 2nd LIo>'d￿. Fl¢ a]$0 8peni several years in the as$ct managemeni indu%rry. Rob was educatcd in bnth the United K￿gd()rn and in the Fle gaLned a BA (Flon.%) drgire in Bu%ine%li SDJdie% iviih * 4PLciatssi focu.% on Marketinu. Rob wa$ elected a Govemor of Queenswood in Jun< 2022 And now Chairs the FinAnce Cornrruttee. He is also Chair of ma￿t'S Fundrahsing Board - Royal Frec Hospital, HatTJPStead. Rob is married with two childrert and bvc$ in Central London. Hi5 daughter wa4 a 5Ndent at Queenswond, leaving in 2017. DR OONAGH MCGUINNESS Bsc (HONS). MBBS, FRCP. DCH, DRCOG Curiencly workLrtg for Ea81 & N()rih Hertfiird.4hir¢ NH.1 Trusr as an Assi)ciate ,Speciahst in Acute fvleLlicine and AmbulaTOry Care. GrAdu*red wilh * degree in Medicine frorn ImpenAI College, London (St Mar)-' Hospital M¥dicin¢ School) in 1990. Fclluw of the RuyaL Coll¢ge of Phy51cixns. She has held a vatiery OF po%t% in and ari)unJ L()ndon includj.ng internal mLibcin¢. pa¢diatriCS. ()b.%tvtrIc￿, gynaccology, emergpency medicine and g¢ner31 ptacticc which invi)Iv¢d 2 rolL a.s a Pi.>bct SurgLOlI. i)onagh is rn•trAed with tsvo daughrcrs, now buth lorm¢r pupilb" ar QueenswoL)d. El¥cied a Governor of Queenbwood in Spting 2015. QUEENSWOOD SCHOOL LIMITED ANNUAL REPORT OF THE GOVERNORS for the year ended 31 August 2024 MR SIMON MORRIS PGCE, NPQH Headtnaster OF Kmgswood Sch(Trol, Bath from 2008 to 2020, having previoLLsly betn Deputy Headmaster at St John's School, Leatherhead, B02rding Housemaster and Head of hlodern L2nguages at The 52ys School. Cambridge at)d Flead of Gemwi ac Wanvick School. A Cambridge Universiry gnduxte, Simon ha% been a Governor in sch(Mils in both maintained and private sectors,. he is curr¢ndy a member of the Governing Bodics at Dciby Cathedral %chool, Ipsivich School (wher¢ he Ch￿[S the Acad¥mic Commitiee), Luughborough Schuols Foundauon and Wo(Jdhuus¢ Gri)v¢ School. He al.%0 a T￿*ter r)f Ihe Derby Diocesan Board OF Educati()n and undertak¢.5 head 2nd senior leader appraisals on b¥half ¢>F the Methudi&t Independcni 5chool8 TNsr. Simon is married Wlth rhr¢¢ chddIen. Elected A Governot in Spring 2015. he cuttently chairs the Educxuon Committ¢¢ at Qucenswood. CHITRA NORMAN BSC, CIMA With 20 year$. ¥xp¢ri¥nc¢ in th¥ financial 8etvices 4ector. Chitra has worked for Deutsche Bank, the Royal Bank of Scodand, Barclay$ and Lloyds BankinL> Group. Afr¢r &>raduatsng with a degpree in Nlanabyement Science from the Universiry nf N12nch¢sr¢r, sh¢ ¢ni¢red th¢ Royal Bank tsf bcotland Finance Graduate %cheme, where $he qualifi¢d as a chartered LMana¥emLni Accourttant. Her f whom have been pupils ai Queenswuud. El¢ct¢d A Governur UE Queen&wt)ud in 2013. LORD STAMP Corpordte Financi¢r %pecikning in new energ). and clean techrtology. NAck leads che corporate [￿￿nCe bu5ines5 OF Long5pw C2PiC31, a 5peciabst Lik-bas¢d new eneigy invcstmeni advisory and research [￿rn. Prrviously Nick was an investment banker with Lllacguarie. CanaccoEd Genuiry and Numi.%, and hab alsv held senior manaRem¥nt roles in the enerRy secror. Nick be￿rt his career as 3 Chartcred Arcountant with Ernst & Young in 2001. He i.s mar.ried and ha% a two-)'ear-old son. He ha8 been a Queenswood Govcrrtot and memb ACIL IA, CGMA ADDRESS Re8is¢ered Office Queenswood School Limitvd hepherd's Way Brookrn2ns Park Hatfield Hertfordshire AL9 6NS Webiite WWW.9ue¢n8wwd.i)rg ADVISERS Banker8 HSBC Bank plc The Peak 33 J IlaLL¥haU Bridsp¢ R()#d Lond()n.SWIV IEJ Audiior• MOnRE ￿'n￿¥[Ort Snvih LLP 9 Appold.%trret London EC2A 2AP Investment Advi#er# Quilicr Chevivt Onv Kmg%way L(bndon WC2B 6hN In8urance Broker• H¢trJ¢ Andrews & As%ociires Lcd Eleven Brindleyplace 2 BDJnswi¢k Squar¢ Brindleyplace Birmingham BI 2LP QUEENSWOOD SCHOOL LIMITED ANNUAL REPORT OF THE GOVERNORS fot the year ended 31 August 2024 The Gov¢tnors of Quecnswood School present their Annua] Report for the ycai ended 31 August 2024 under the Chatiue% Acr 2011. together wjth the audj'ted Accounrb for the year. and confTh that the lattcr have been prepared in 3ccord3nce ivith Accounting and Reporung by Chariues-. Staternent of R¢comrncndcd PEactice applicable to chariues Preparing (heir account$ in accordance with the Financial Reporiing %randaKa appbc3ble in Ih¢ UK and Repubbc of Ir¢land (FRS 102) (effective l Januw 2015) - (Chariues bORP (FRS 102)). the Financixl Reporung Stand2rd app￿e9b1t in the UK And Reptsbiic of Ix¢land (FRS 102) and the Cornp2nie$ Act 2006. REFERENCE AND ADMINISTRATIVE INFORMATION The Gnvemor8 are kn%ted ¢)n Page One. The ¢x¢cuuv¥ officers, principal addte$8 of the Chariry and particular% of th¢ Charity'¥ professional advi%ers are given on Pag¢ FOUE. STRUCTURE. GOVERNANCE AND MANAGEMENT Chariry S¢ruc¢ure Queen%w()ud Schuul Liniired was incorporAred x privare lirnired cumpany (R¢￿S￿￿U0n No. 40561) on 22 February 1894. The Cornp3ny was regLStered a chariry (Re￿.%tratiOn No. 311060) by a Trust Deed daitd 18 Novemb¢r l9)3. Group Strucmre and RelationBhip• Th¢ Chariry whvlly nwns * nun-charitablc tsadirtg .$ub8ith'ary. Queen%wi)od Ente￿)￿1￿¢8 Limic¢d {Comp*ny Re￿￿[ration No.1840914). The %ub%idiat)'s activitses cnmprise thL adminilitrarion of re%idential and non.residenrial lettin¥4 f()r sporting and othvr actyvitie%. thL uperation of the %chuol ihop and ancdlary tradin¥ aCu￿tte￿. The Board OF Qu¢en%wuod Enierpri%e% Limited tornptises". Mr% C Norman (Chair) Mr I Wdknam5 Queen8woud School Limited is cunnected thr¢)ugh comm()n> P2rallel ur r¢l¥Lied objc£c8. and by wtue of CL)mrnon cnntrnl and uniry of Adminiitration, co the Qu¢en4wnod.%ch()ul Chapel Trust (Ch*rit> Ri'w4tration No. 3110601. Thc principal aim OF the QuL'Ln$wi)od %cho()I Ch3p¢I Ttusr is to mana&?e and maintain the fabric ()f the Chapel bui]din so Ihat it will be used a.4 a place of wor%hip by the pupd4 of Qucenswuod School And any othrr8 who may wi%h 10 Attend the xervices held in the Ch3p¢I. Governing Documtnt The ChAriry 15 governed by ir5 Trusr Dted and AtTicles of Associaaon. The Articles oE.4s80ciauun w¢r¢ IAsr amended in 2010. Governing Body Th¢ Gi)v¢rning Body comptise.8 the Governors as Chariry Trusr¢¢s OF the ChaEiry who ar¢ al80 Directot8 of the Company. Governors> Re•ponAibilitieg The Gov¢rni)rs (whu arc A]80 Ditectors uf QueenswuL)d Schoul Lunited for the purpv%es vf company law) are 1¢sponsible Eoi prcpating the Guvernors, Report and the fmancial 8tsrements in accordanc¢ with appiicablc law and Unit¢d Kfftgdorn Accountin¥ Stxndards (United hJ"ngdom Generally Accepted Accountin¥ Pra¢uce). Company law requires G()vernors ro prepare financiai 8tatemenis for each financial year which wv¢ 2 Crut and fa view of the %t21e of rhe affair4 uf the charitabl¢ cumpany and thc ￿VUp And ¢)6 the incominb,/()urgoing r¢4ources and Ipphca(ion of resources, including Ihe income and expendiwre, of the ch8ri(able b*roup that perhod. In prepiting these f￿ancial 4tat¢m¢nts. th¢ Guvcrnors are required ti).. Select suitable accounun¥ policies and thvn apply them consistrnt]y ObNerve the methods and principle4 in th¢ Ch￿Ille$ SORP lakL judgements and e8um8tYs that ￿rL rea%()nable and prudenr Slac¢ whether apphcable UK AccounDng btandards have been follow¢d. sub"i¢cc ro it ny rnxtetial d#partures di8clused and explained in the fmanciai 8taierncnts QUEENSWOOD SCHOOL LIMITED ANNUAL REPORT OF THE GOVERNORS fot the year ended 31 August 2024 Prepare the financial sutements on the goin8 concem basis unle%s it is inappropriace to presume thar the charitable cornpany contsnue in busin¢55 The Governors are respun%ible f()r kchly valued. Stud¢nL4 of the M'ghLsi abibry thriv¢ hrre (For example, in recent yrgxs, QUr¥nswV(￿Ian$ have been offered places at Oxfoid, CambridgF¢ and Ru%sell Gr()up Univ¢rsities, as well as leadin￿ Univ¢tsiues in Ch￿￿ and the Unired Star¢8 of Arn¢rica, reading Enghsh, GeogrAphy. L#w. Lin8WSrits, Mi odem Foreign Language4 and Nxrur41 Scirnc¢x It is not on]y th¢ brixhtr8t who thrive h¢r¢. howevcr, the %chuol #ccrpts pupil% with a rang¢ OF abiliucs. The %chool is vcry prrJud of how much it rne%4urabty r2iS¢'8 the ac*defftic pry)fL]e of au th¢ wlq artd irtRi%L4 that Lach girl's atademic buccess is supporr¢d by a div¥t8e and exciting co-curricular prL>grarnme. rectnt par¢nt pur it %uctinct]y." 'Queenswood provides rhe r¥%ult% Wkthout th¢ rears. The school is famous for its %port. paEtscularly Tenni4, bur tight across the creative Ind pLzfibrmmg arts and Ihrou¥h department-led academic ¢nrichm¢nt, Queentswovd offer8 e.xcitement, choic¢ and excellence. Th¢ t¢achinur and pasti)ral %taf( at Qucen8WO()d hL,Ip girl% tv develijp r¢biii¢nc¥ anil adapfxbi]ity ti) challynbve themselves, They want to instil a sense of per%pecuve in the ￿tI$ wh¥n they triumph and wh¥n thcy find thin85 hard. Qu¢ensivc)od ￿￿1$ l¢av¢ che Schuol ivith ambiuun, d¢r¥rminatyon, (ritnds, quaknficauons and va]u¥s tu lasc a iiEetim¢. Objectives for the Year The k¢y obj¢cllv¢$ 4r th¢ vu¢s¢1 OF 2023/24 r¢main¢(l the same as the pr¢vious y¢ar, namely: Ti) ptt:iudly reinain a ¥ri kiviiig *ll-bii¢l.% .%chu¢*l ivith i)UL Ilrfh(.'Idisr fi)uiiJatii.'Iii cenrral r() (iur eih¢i.$ "L-i> c(prttii)ue Di ufLLlW a NLZe Ivlitre iije cxn fullil demand and still J¥kni'er our be%pi)Le eJLIC2ti(Inkl offeiii)b' T() mLidrrni.se i Trur ieacl)inbp rnvirLTrnmLni% acKc).s.s all a.%p¢ci4 1)f rhr schi>()l. ctr#onkp ajid deii¢liipinh .-pac¥ that will rnaxirt*cu%sed Dibiital Learning. Strate￿ wher¢ ￿ pupil% have a $imilar device nn ivhic to l¢am, brinbFiiihtr ¢xchutlbtr ()PPDrcuniry al¢)nhi with a uiiili)miiry' rhac ivill rnhance the %gfr¢J' Ili)d %r(I￿lty fc)r c)ur T(i furtl)¢r enhance th¢ %ch()i)ls ifvell-b¢iJib Pl'l'llrislfjn in order iij.%upp(irt pupil% and alloiv rhem 10 Mvrow in c(.>nfidrnLL LndiiThdual%. Thri will ILnrn N) %e¢ challen8r% a* oppi)rryLnits¢% and d¢in()n%trnre d¥c¢rininii ric)Ji r ¢hriEe in all a¥p¢ci% uf thrir lives. T¢> Cibnunue [(') devel¢)p and eiihai)c¢ iiur flexible atid full bt.)aLdinhp {)ffer fijr all, and F¢¥cus i.'In rnsLkrin¥ that w¢ row ()ur int¢rnauonal famjly wlio ccin¢ribute muih iu ()ur cultural th'i'er%it4P T(> continuou41}' imptt)i'¢ rii¢ Sixth F()rm (TrFE¢r bi buildinb? upf)n th¢ ¢.xcir¢m¢nr and i)ppurtuniu¢i crv41t¢d bv rli¢ ree#iir rvni)iJaui)n TL> enhance SiaFF Develi kpm¢ni and remunrrau(bn i.Ipp(>ttunifi¥% that Ivill tnsurr crachinby ¢¥c¢llencr acr(.>%% th¥ Lutriculum T(> work WiTh the O(2..1 in %haringTr th¢ lifelon¥ benefit% i)f lQueen%wi)i)J chri)u.4*h cAr¢er a¢Jvice. m¢iiir?ringT 2nd appic)priaie %UPPfirr Strategies to Achieve thi8 Yeat'8 Objectives QUEENSWOOD SCHOOL LIMITED ANNUAL REPORT OF THE GOVERNORS fot (he year ended 31 August 2024 Stsategies to Achieve thxs Yeaes Objectives The School has continued to invest in our admissiorLS and markering departmcttts with a specific focus on growing our sh#r¢ of thc int¢rn%iional market and concurrently ¢n.4uring pupd retcntion f()r .%LXth Fnrm i.s a% 8Lrong a4 ir c3n possibly be. The Schuol invested in completjng the reEurbishmeni of the Audrey Butler Centre. LllVC)Ived the c12ssrooms, lecture theatre, 8t2irwells and lobby. The school ￿￿0 invebted heavjly in rniuLing that the pupils have An appropri2t¢ lock¢r av2d2ble for both sport and academic belon￿A￿s. As part of thLS the n￿Zzan1ne OE the library made acce.%sible and into a Yx I I SLudy space. The combination of means that from Sep 24, no pupil will need 10 enter the buarding hou%es during the school day. AdditionAlly. the gchool rcplAccd both the Astronjrf .surface and the fl¢y)d￿.uht fittin￿ thai ijght (his. Principal Activiiie5 of the Year The Chatiry provides boarding artd day educ2ti(trn for girls from Ihe ages of I I ro 18 in 2 single 120 arr¢ sit¢. At Ihe yegr end, ¢ht School roll w3.4 477 (459) comprising 270 (245) day gtsl& And 2071214) boArders. Volunteet• A numb¥r OF current and p&%t parents continL)ed ro provide rnany hour5 of volunrary se￿iCe during tht yeat. The Board wL)uid like to take tkn's opportuniry to express its appr¢cfftation for th¢ir g¢n¢rous and valuable support. Operational Perfom)ance of the Qu¢en8wood Enterpri#e Limited 2023/24 The Ent acuviu¢s included th¢ school swimrnin&y Dperation ai()n¥ with ext¢rnal lettsngs for football, hock¢y, rennis, swirnffungTr, necbau and E¢ncing. Residenual letTing activiticli happened duting the %ummer, albeit with m4)r¢ subdued numbers th2n hop¢d Eor. STRATEGIC REPORT REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Operational Perfonnance of the School 2023124 All dtpirtmrnts Ind staff arr Actsvely engaged in the School'5 p¢rfurmanre, whether t￿'S is from a purely academic onuibuts(Trn or on¢ that involve% co-curricu]ar actsvitie% ur sport. The impact of ¢h¢s¢ contsibuootts 1% lar￿]Y personal anil in many c35¥S LS hard to m¢asut¢, bur b¢luw wv¢% a fiav¢)ur of sorne of the acuvities that have mad¥ a real impact ovcr this last atadcmic yeat.. 24 Examination Regul Year I l and Y¢2r 13 exam candidaic5 togethcr produced th¢ best sct of headlint pd¢.% since th¢ mid 2010s' rLform of GC%E and A-Level.8pecAfications and e¥amin*uon %ystem. Once A%￿n. the pXogre￿s th21 they made through theit ¢xwn cour.%¥s was ou(stan(ling, m¢Aning that the outci>m¢s for the pupils fai excerded th¢ir expectatinns. Th¢ school's r¢s¢arch-led 2pprt)ach 10 innuvarions in leaching and learning i.s instL￿MentAl in idrnufyinu h()w to suppvrt ¢4ch ¢and"Ldate and rhcsc rc¥ult% con%idctable iUPPUfT to ir. The ￿Ade stgndara has now r¢ruirt¢d fo pre-covid l¢vcl$ but some casemencs remAin in GC%E Math¢mAtic% and Physic.% papers (expanded Forrnu]a sh¢ers) and hlodern Languages (reduced use of unknown vocabu]w). These are now expected ro remain in p]ace unril 2027-28 at thc eatiL¢St. but compari50n5 bettveen this )'ear and exams in the period 2017-2019 are relauvely secure. GCSEIIGCSE Reiults The Year I I cohorr 3ckn.eved 77.40/0 gr2des 9-6, W￿"Ch was a very unpressive perfomiance, and %iwficandy berrer than 2023,5 results (71.50/y). The measure of proyess ("value added") 5hvwcd thesc results to be, on av¥rage. vtrtually one whol¥ grade higher 1+0.95), per entry, than rho%e Forecast by baselfftc testing frvm the.start of the GCSE courses. Thi¥ continued our unbroken of 20+ y¢2r.4 ()f siatiSUC211y 4igrtificant value added at a 99.70/• confLdenc¢ levrl. AmL>ng the %ttongr r¢'%ulL¥ were som¢ out%t2nding individual a¢hievement%'. 18 out OF the 80 can(h'dates achieved at least eight yades 9-7. QUEENSWOOD SCHOOL LIMITED ANNUAL REPORT OF THE GOVERNORS fot the year ended 31 August 2024 A-Level Re8uI 67.10/0 of all grade% were A an impruvtment ()f ovtrr ten percentag¢ pcJinL% un 'the previ()U5 year. In tern% uf UCA.% [￿lEE pojnts, the average outcome was equivalent to AAB grades, with the best result being four A*s. The V21ue added w28 an average 0.25 grade% above those forecast fiom baseline tesiing at the ststr of the,l-Level cours¢s in Year 12 - thar bA%¢bne WOLt]d hav¢ already included GCSE value addcd, 860/0 of our urtiversiry app]icant¥ we suc£c%sFul in securing their Ellsr choice of in%Utuoon anil coutsr, with p12ces gathed at Imperial, ￿"ng'S and UnIve￿ry Colleges, London, many oclier R￿$s¢ll Gcoup Universlues and in the US.4. In addiuon. one Year 13 secured In apprenucL'%kn'p at bi)ci¢r¢ Gen¢zale. Curricujurn We have n()w completed A year of our new K53 curriculum. For this year we ate refining the le&4(Jni to best swt the swden¢5, with i Eocus on inregt2ung tht u.%e OF their chromebooks Ln lessons both in fCEm$ of papet sav￿￿ and in u.sing their ChzomebL￿k¥ for technology b2.%ed c()mpo%ition with Notrth"ght and oundtrap. Changes in Ihe curriculum laqt year havv l¥d to a .siwficantly ￿'gher number L7f musical students choosing ro contxnue with hlu.%ic inio year 9 - there 1% nL>W a clas% OF 18, comp￿ed to t2 previously. ()f whom most wrrr noi sixnificindy muyical fjr cng1￿reII with mu¥ic nursid¢ of th¢ curriculum le8son8, 2024 s2W the fix5[ exarn results for A-level using the new board OE Eduq85. W¢ had une ¥tudent who ompl¢t¢d th¢ cour8c in l year 2nd Wdjned a B, wilh full maxks ￿ her perFormance module. GCSE resuii& were excelient. with a raw valu¢ added o(1.4. This year vrill s¢¢ rh¢ f￿81 srud¢nt5 taking thc Eduqas imusic GCqE. The IL fusic department 1% workin¥ hard to estabh%h consi¥t¢ncy of teaching 2cro$s the depattment. Co-curriculat Adthuon al new Co-curricular club% uf Jaz2 Jam and Songryvriung Club. Orcht%tra has nilw mi)ved ti) aftLrschoi)l on a Thursday ro alli)w more thme Fi)r practicr. Thi% has Ird to higher uptake, but stuJ¢nrs are aibL) of a low¢r glad¢ abdj'ty s¢aning. $0 the group wdl nred to build up (o mi)re compley reperruire Judy Ree$e lefr Queen.%iv()(xl in the Summer after uvrr 25 years ()E xt'rvice tu the $ch()L)l. New ppointmcnt.% tu the teim include Jes%ica WilLy fur vuir¢ (whu a]50 teachLS at St. Hilda'¥ Harp¢na¢n) 2nd Rev. Kat¥, who ig frachinbTr Trombonel Elle i¥ workj'ng ivith the Drama d¢parrrn¢nt a¥￿n, ¢hi4 time to put on Billy Ellic)tt the IL fusical, which will irhclud¢ a live band. Th¥ Chvir is going from suens5th to strength. now with ov¢r 40 m¢rnbu$. Concerts Thi.% la81 year qaw a wealth of excellcnt pcrfLTrnnancrs, culminaung in our Summer Conceffj which wa$ held ()n the Tiew Lawn in th¥ m%rquee. This v¢nu# proved tr) wi)rk well For us. The 8pr5n8 C()nc¢rt WR5 0 lll8hlight. with IL% DJ xet exciting the xudiencc. It proved a 8(>ixI way tu h3ve an intt'tval, WLth()ut leaving th¢ chapel. Q Mu%icLan of Ihe Yeai, and Ihe Lower %chuol 8in&ng competition were held a.s in p1cvio￿8 years. We ci)Ilaborated wich the Her¢fordshir¢ F¢%uv21 of Mu.4LC to Pul L)n a jurtior/prep schuol chura] comprouon. Thi's was an excellent event. which brought a lot of external students and parents to the school, and is an evenr that we would ]ike ro turt awdin this icar. Drarn Hout*e Dance Compeuu¢)n whih Wesr End Adjuth'caior Vhole School Production of We Wlll Rock You Yeat I I GCSE Drama - perEorm Blithe Spitii Daisy Pull$ It Off, Gosforth's F¢1¢ and Tum of the Screw Year 13 A Level Drama . perform Dr Kc)rczak's Ex8mple Q Rewew - Wlhule bchoul Dance Show, Dancing Through the .48¢5 Disneylind Paris - hledia Trip Yeor 12 A L¢v¢l Drama - Devi4¢d Play. Wgga¢hal Yeat 10 GCbE Drama - Devised Docu-Dr%m25 Seniur Drama Scholars - perform Abi￿al,8 P￿ty io QUEENSWOOD SCHOOL LIMITED ANNUAL REPORT OF THE GOVERNORS fot the year ended 31 August 2024 Junior Drama Scholars - perEotrn a Musical Theatre showcase Musical Theatr¢ Danct Workshops Erom we.st End Choreographer Dance GC.%E WoEk%hop - L Nau()nal ch3mpion%. 2 Juniur KVimbl¢d()n players. x l U14 Gr¢ar Britain rept¥4ent2rion, x l U16 Great Britain Represeniauon. I x Ul 4 Re￿OnI1 player (RPDC) UI 9 & UI 5 Nation21 Gkrls Double$ Champions. Eion Independeni Schools Nationd Doubles (TITA) U19 & U16 Champions and U13's Semi-Finaii5¢s, U13 & U15 Cuunry and Rvgjonal Champions. several scholar5 plaiying tnrernauonal TTF and Tenni% Europe Event%, UK No. l ¥chool in the UK as rank¢d by the LTA. Team of 4 scholarli r¢prc%entin¥ England ai the I%F World GymnA.%iade in Blhriin. F¢ncingp cuntinueN to thrive- x4 EnM.land U14 54uad whn proudly r¢pre4cnted the team in competition$ acro8$ Spain, Bulgarix, 2nd soon Poland. AddiuonRlly. one OE th¢ fL'ncer% earned a sput on rh¢ G¢rm2n U17 rcam. further ￿'gh11'¥hriftg the club'.% growinb prominence on the int¢mauona] siage. The ieam ha8 d¢livered impressive pcrformanc¢s ai the Briu.sh Youth Championships, securing top 8 2nd lop 16 Ftsushes. and they h&ve %ucce%bfuil)' di.fc'nded their utle at the Her¢fozdshire b¢hool champions￿"pS again4t srxon riva]8 sueh as Habs,.qt Aiban's, .qt Columba's, anil QE Boy5. AthletsC%- 3 Athlete% competing at the National %chool% Finals. N3rJvnal Schools High Jurnp Numbet 2. U17 Nauonal Indoor Trligh Jump Ch￿P10n. Re￿onal Hammer Champion. Ul 5 County and Re￿onal Harnrner charnpii)n, Natton&l Schools 5th. 4 Counry Ch2rnPLons and l Athiere placed 3rd at the C()unry Ch2mpiDnship?i. U16 ie2m Counry lup% and uvctall Di%trici Champion4, X19 individual Disttict champions. Jnr and Jnt¢r r¢gJonal finalisrts in NauonAI Cup, Inter team National Fin*tssts. Hors¥ riding and Tetrathlon 8 ¥irls represented Queenswood in NSEA events winning the Bury Fram Show JUrnp￿g Ev¢nt. Inth"vidual tiders have had success ai Counry. Re￿OnAl and Natignal cv¢nt5 incluthng Bishop BuriDn InreEfL%tional Youth Charnpion.slu"p 1st plac¢. l T¢uathlon athl¢L¢ achi¢vAng xucte%% at Natii)n*l and Inrcrnatii)nal level. Netball - 3 Counry Playet4, 4 rewonal Playerl and l intem2uonal Play¢r. Ul 3 Ditstrict 3rd plac¥.Count>' Semi-Fm#115rs & Nation21 quarter-IAnals, U19 count￿ quarter-final4 & South Finalists, U14 Distticl Rtjnners-up. U16 Counry Placc njnners-up Football- 2 Academy Pliy¢rs. Ivinners in 2 District toumaments. QUEENSWOOD SCHOOL LIMITED ANNUAL REPORT OF THE GOVERNORS for the yeaf ended 31 August 2024 B2dminion - high level8 OE club p2rricipation competing in rhe HerLS & ￿"dale$eX League {u18 2nd). Diirrict Champions at U14 and U16 were runner4 up In the Nation￿.￿ChOOls competitiun. Mote than 20 playeIs 3150 compered in the Flertfordshire Badmmton age group tourn2rncntb. Cros5 Councry - N(id Herrs Team Di¥rrict champions (Yrl1-6ch). X4 Indt'vidu81 District Charnpion%. X2 Individu￿ Courttii Champions. Inters Counry Ch2mpions and region21 Fm21irs irt ESAA Natsonal Champion$hips. finahst8. Bccchwood b13 Champions. 3 Runners sclecitd fot English Schools. Cricket - U13 Lady THverners District Runners Up. 3 Cuunty players and l MCC player Skning- I SkJ"cr tanked in rop 10 Nauonal]y wmming- 5 swirnmers achieving County .%tandard&. W¥ have had %i)me outstanding p<'rform2nces at club level, ci)unry (17 x gold, 10 x silver 2nd 6 x bronze), Re￿Onal (2x bronze, Ix gdverl and Narional level *wim competiuonx with 2 SDJdenL$ guAiify'ng xi the national champiort8hips acro.$8 5 event4. Jrtr$ placed 4th Counry l¢ague Incers vjon the league. Trips - 32 %cruor H(?ckey play¢rs tsav¢ll¢d t() R(Itt¢rdam fi)r pr¢-s¢#sihn trainin￿> for 5 days. 42 Junii)r Huckey pl2yets participated in a Huckey Tuur to B#rcclona. 42 have Signed up to Ski Trip in ilfarch 2025. 16 Elit¢ Sportswi)m¢n (national level) in th¥ followin¥ sports- Tenni.%. F¢ntins. Hockey. Hissh Jump. Hursc. RJ"ding, Nerball, Swimnwnb., Sprinting, H3mrner. Cro.%s Cuuntry. OQ %ucctss- x2 01)-mpkc Bton£¢ Mi edall. xl Europcln Hockey Bron4e hfedol FUTURE PLANS Objective$ for the Fortbcoming Year In shapinK ()ur objecttvc5 (or tht year and planning our activities, the Governnrs havc con%id¢red the Chariry Commis.sion'8 gusdance tsn public benefit, includmg the 8wdance 'publLC benefit.. wftnin% a chariry. (PB2). The kcy bjecoves fvr 202412025 are Ihe .%am¥ a8 the curient ()bjective%'. Ti) prijudly rrmain a grc?Iipinbr all.￿ryrI$ *chiMII ivich I,lerhi)di%r f()Lti)J)ri(')n central i(? ()ur eth%'.)% Ti) c()nunu¢ r() kF¥(JW Cli # $14e where ive cali fulfil J¢mAiid aii(t btill d¢b'ver ()ur bespi?ke eJucati(Tri)Al iJff¢rit)h' Ti'> m()d¢rnis¥ i')ur tracliinbF ¢iiNiri)nrn¢i)r¥ acri)8N sill a4p¢cr< i')f (he .schLlI)I, creatiliy And dei'eli)pins 1)ace thi¢ will InL%irrrise &Tirl-cen¢r¥d lexi'iiins To dei'elijp qnd irnplemenr 14 fiicu*8¢d Di&?itftl L¢sJrninki .￿￿2[¢￿¥ wheL¢ xll pupil% hai'¢ 2 siJnilRr dL'ViC¢ L)n ivhich ti> li&rn. brinbli1lhF L.yciunli "ppiTrrruniry' aii)iix ivjch # unit(.>rmLnr rhir ivill tnhdnce rhl saft'ryi ai)d 8¥cutiry fi)r i.hur pupil Ti) Ajzrher enhAniv Ihtr %chnf)l% wLII.E)LLJih pfiJvisil>ll Ln (krd¢r Lv 4uppi)rt pupil% and xll()w r.h¢m ci) bFri)Iv lli cunFidrnce a.% uidiiryduAl%. Theli ivill ILw*rn rc.) li¢¢ ch&llenbY¢S as npporruniu¢% and d¢mon%uai¢ d¢r¢rniin8uiin ii) Ihrivi in au a..'PgCl4 (?F their lii'<*. T(} L(>n¢inue Irj J¢i-¢l(.>p and ¢iih%nLe i>ur fl¢xiblv #i?J Full b(.>grdink ()EF¢r f¢)r oll. and fijcul ¢in ¢n%urinh* rha¢ we gr()Iv i)ur inrern1tiund11 farnili iiplifh c()niribLlt< 4(p much ti) (Jvr ciiltUf¢l1 dii'rrqiry Tcs ciinunui)us1! imprrivr rhe %ixih F(Itm ()ffrr bi, buildinbl UP()n the ¢%cittmenr and opporcuruue¥ creaied by the r¥cetit ren(Ji?au()n T(} ¥nliailLf %taFf Dev¢ltJpm¢iit and r¢muiieiaii¢)11 l TrPP(')rtuniu¢% that ivill eiisure tL*aching eYcellenc< acnJ4b the curriculum Til wnrk wi(h Iht (lQ.4 in %liizinNp the iif¢lung benefiili lif Quern￿1¥1>0d rhri.iubh reeL ndwcL, menti)rinhi gLnd ppri)priai¥ supp(irc FINANCIAL REVIEW AND RESULTS FOR THE YEAR TutAI incoming r¥%ource5 Amouni¥d tu £15,6011 wlth ioial rest)urces ¢xpcnded 2rnounting to £13,673k. ThL n¢¢ OP¢f3ung result OE the Group Eor the year was a surplus of £1.976k linclu¢Jing n¥t gain8/10sse5 on inveEtments> (2023 £216k suTrluN). Total fund.% have increa¥¢d in value bi, £216k. It should be noted that £849k OF the inc()m¢ wa$ from a smgle donation to the Handov Gift, 2 restticc¢d fund held by the sch(x)l. The total reserve% at 31 Auyst ?024 wer¢ £21.280k. £l,Oiik reiate$ ts) the revaluation r¢serve, £1,350k are restricted re5erv¢s 3¥Jd £23 EepresenL% shai¢ capital. The remiinder, £18,876k, are general reserves r¢pre¥enied b> fL¥ed 18set5. madr up of and bud(lfftxs. 12 QUEENSWOOD SCHOOL LIMITED ANNUAL REPORT OF THE GOVERNORS for the year ended 31 August 2024 Staff Pension Scheme$ The School reco8w.%es £8k of pension provision on its Balance Sh¢¢c in relxtion to the closed pension scheme. This is fully actributable to The Groivth Plan P¢nsion. The School will revi¢w this IL2bility on an annual basis. Resttves Policy Free reserves are dcfmed a% reserves W￿"Ch are freely avai]able and exclude restticted Eunds. designated Funds and any fjxed a%seLS. In common with other indcpcndent schoolts. the Govcmors have invested sub%tarttial sums into the ¢huol sit¢ Lrt recent ytar% and hav¥ * cofttinuing piogrAmrnc of rcFutbishmrnt, dev¢lopment and inve4tment to develop and rnaintxin eYcell¢nt Facih"ue% for our pupds. Althou¥h tht, free resetV¢S are at A ne￿ative balanc¢. this Illustrates the extent OF invcstrnent in the School. which is common practice by indepettdenc schoo]s which have to fth2nce their own capital inve8fment plans. The Govetnors consider tha4 given the v21u¢ of fjxed asserg owntd by the Schovl (includm￿l %rJmc 3%set% not beinbr utth'sed f()r corc School n¢¢ds), the available bankj'ng fIC￿'ty, and thL incr¥as¢ in current and prujecred stud¢nc r¢)Il%, there is no urgent need to budd up a fiee reserve. The Guvcrrtors recogrLLse Ihat Ihe level of rtserves flucDJ2tes duritig penods OF investm¥nt irt the School and arrangemenLS wkth our bank are in placc to provide an 2dL4u2ie '52fery nc(. when 2nd if required. The Reserveb Pokncy is reviewed on an annual b2415 Wlth due con%ider2uon of risks. Donations and Restticted Fund8 The School has b¢L'n exttemely forttmate to receive beque8ts. donations and over many )ears. The School received restticted donauons of £870k over the COW￿ of the year. Rijk Management The Bi)ard of Governois 1% r¥spon.4ible for the manaK¥ment of th¢ faced by the Chariry. A ￿'.￿k RekFi$t¢r and Fr8rnework, det#th"rtgp %igmificant rilik% relaDng ro the succ¢%sful conunuity ()f the Chariry'$ obi¢ct%. is maintainrd. Con%iderntton of Inth'vldu￿ risk8 14 dele￿¢¢￿ to the appropriate Cotrrnitre¢. w￿.(h reviews these on a cyclical basi%. The Board then reviews t￿.8 centrally on a termly bgsi4. Thr kry controls u%¢d by thr Chariry incluLI¢'. Governur ovrr8ight Ri4k Frdmeivork Abyendas gnd minut¢s for all Bi)ard and Cummirrte m¢etings T¢rrns of reference for all Committe¢s Str21egJc plannin¥, budxcunx and man￿ement accounting proceduxes E$tabkn4hed org2ni421ional structur¢, cle•r i￿¢4 of reporung 2nd appr()priate con$ulrati()n Foimal wtitten polieie CI¢u ¥Luthonsauon and approval levels Venxng prnccdure% a5 zcquir¢d by law for the proi¢ction of thr vulnerabl¢ Throu8h th¢ e%t3bh5hed risk rn3na¥cment proceduze$. the Governors arr sati$fitd that the major tisks identified have been 3dequ2tcly mitt￿ted as far as 14 practic2bly po55ible. Ir is recogni%ed Ihai systems can onli. provide reasonabl¢, but not absolut¢, a.4suraA¢c that majoi rn%k.s hav¢ b¢¢n adequai¢ly mana¥¢d. Key ti5k5 Lnclude.. Any situauon which would ￿ve rise to a significant decI￿C in pupil rou ind School revcr]ues' this includes th¢ direcr and indtrect irnpacr OE a iecession. e¥ce55ive inflation. hi¥her intcrcst rate% anij kn.gher enew costs The removal of ch¥tritable siatu$ for ind¥pendent icho()Is Change% in the UK tconomy or xn ovtE%ea$ economy From whl'ch the School reC￿liS Legislauv¢ oi flsral change.s. either WIth￿ the Educ%Lllon sector generall) OE the independent schools sector mor¢ pecific￿Y Competition from oth¢1 piovid¢t$ vf independrnt $chi)i)l educau()n A SibTniFicant cyber-aitack whAth involves the li)ss of persi)nai data and s¥nificandy impacts the opex2uon arld repur2uon of the school 13 QUEENSWOOD SCHOOL LIMITED ANNUAL REPORT OF THE GOVERNORS fot the year ended 31 August 2024 Statemeni of Di8clo$ure to Auditors So as the Governors are aware, there is rto relevant auth'i inE()rmatiun OF which the Company'8 auditors are unawarr" and The Govemi)r.% have tak¢n all tht steps that they oughc ro hAVe caken as Directors in order to makc themselves awarc of any relevant aud&( mformation and to establish that the Cumpany'% auditors ar¥ aware of that information AuditOfB (Dore kiftgsron Srnith LLP have indicated their willingness to continue in DEfLce and. An accotd2ttCe Wlth thr provi¥ions OF the Cornpanie% Act. it is proposed that they be re-appointed audiiurs For the ensuing year. The btrategic Report, which formli parr of the Annual Report, approved by the Governurs in their capaciry as Ditectors in company law of Queenswoud School. By Order of the Board Ian Williams Clerk to ihe Governo DAte: Jan 9, 2025 H Jde 5wimirear thtn thdtd. hav¢. bL'Ln properly PTLparcd in accurdxncL wilh UniiLd kn'n8iJ¢Jm GL¥)¢rnlly ilccLyt¢d Acc()untin¥ PractscL' *nd havc PrqMt￿ in accurdwcL' with IhL tcquitL'm¢nts of thL, Comwdntcs Act 2(K)6 3nd thc ChatiDLS ilcr 2011. Ba$iJ (ot opinio WL conductLd ￿￿r audit in *¢¢otdancc IntL'rn*ttonai Sr*ndard% iludiiinA (UK) (l%rl¥lUK)) applicable law. Our rtspoJn4ibditiL% undLr thosr arL knher dL$cribcd ￿ rhL iludirL)r's RL¥pon%ibi]iriL4 fvr IhL' audit OF finajiaa) qtJtLYnLrts Section of our rcpori. WL &Te IiidcpL￿dl￿It uf the Par¢ni ChthiJblL. C-.0m[￿lY in accordatjcc wrh thL cihical rLquIrcmL￿r4 that Jrc. IILwan( to our audit (>f LhL, financi21 staicmLYLrs In the UK. Includinu thL fRC'* I'..thical S(*ndJrd, and WL h2vL Fulfilled our othL?r Lihical rLNpun¥ibiliDi¥ in accordJncL ￿[h th4%¢ rLyuifLYnLI)t*. WL. bJiL'vL that thL' audit cvidcncL wc hav¢ obrainLd 1% *ufficiL*t ond ppropthAIL ru ptuvidc a basis for uur opiniun. Gioclusion5 relating to gosng conccm In Ilu<￿ting thc financi￿ starcmeniq, w¢ h#vt concluded thir the [tu￿teel, usc uf Lhc g()ing conccrn b%$1$ uf rtcrouttring in the Pf¢p&f2ti0n of thL, finanad Jt2IemL￿rl i* appr()pri*¢c. R&¥LxI i)n IhÉ' work wc havL' PL*fumL,d, WL. h2vL nor idLYnfi¢d any matLnal uncLrtainiiL5 rclaiin¥ ti> L'vtni% vr condition5 that, individually ur collLcrivLly, m2}. ca%1 %ignificanr doubt on thc Nroup's and parLYlt ¢harir#blt cornp2ny'A atx"lir> to c()ntinuL as ¥ ISULA cvnc¢m for a uf ¥¢t IL)si Trv¢lvL IntsnLh4 frum WhL￿ rhL *ratLflLYtY WL authc)ri¥Ld fi)r i.4$UC. aur rL¥pon%ibiliiics thL ￿1XHI￿1bl1iill4 i>f th¢. rfurtiL*s wirh rLsTXCt rv goin¥ CL)ncL'm arL dc*ctribL,d Ln thL fLlcv4nt s¢ctiOn.4 of this rLpurr. Other itsfomiitiop lknc othc¢ inFotm21ion compti$v.¥ th¢ infomiauon included in thL' annual rLyor4 other than thL fin*rtaal $u(¢Yii¢rtL8 and our auditor's r¢w)rt thL'rLon. 'Ihe tNsice% JrL tL%pmhiblL for ihc othcr LfJform)Lion ¢r&ftr#ined wiihin thL' annu2] rLVtstt. Our L)pnion on thL' financi1& l %1gterncnis d(?c% not cnvcr rhL' l>thLr infurni2ti011 *n(L L￿Cept rl) thc ¢xtcnt ()Lhcrnvisc cxplioily surcd iii nuf rtporr, wc d(> nof LXPfL'%A Iini. foim of 2sAurJncc CL)nclu%ioD thcrLun. Oui rc4punsibi]ity is tv rthd tht. oihL'r infurmition and. in doing so. con%idLr wl)eihcr tht vrlicr infutm&tii)n is matLYiolly iiicon4istenr with thc finanoal 4tsrLYnLYirs or knowlLd8c obrwiicd in thr coursc of thc audit i)r othLnwsc appcar5 10 bc rn?rerially mis$r2tLYI. IF WL IdL￿rify guth m*tL'Tial inc(?nst$icncic4 or appArL*t mtttcri￿ Mih$t2tLmL￿l$. we arL rcyuLrcd ro dLtctminc whL'th4r thctL i¥ 2 maieiial mihytotL'mcnt in thL finAnci21 %¢atL1n¢nt% thtm%clvL>. If. ￿5Ld un thL wvrk wc hllvc. PL'tfvmitd, we c()ncludL that therc i* a M)reri￿ mi$8tsrttncni vf thii othcr informorion. w¢ w¢ t¢4uircd to tepurt thai foct. Wr havc nothin¥ to report in this rLwdrd. Ow'nion• on othtr rnatte￿ prescribcd by tht Compattitl Act 2006 In upiniun. b25cd un thL work Undcrt￿L￿ in thL cowfc of thL udit.. thc inform&iii)n Wvcn in tht qtraicwc rcport gnd Ihe Ctovri Wc hai'¢ nothiMR ro r£yi)rt iii rc%pccr Df th¢ f4)Ilowii% m%ticF* whcrc ihc C.nmp%fiic% Act 2006 afid thc Chantics Aci 2011 wuir¢ u% to rLPtsYI tu J'uu if. In our opiniun.. the Pareni CharirablL C.omp2ny lias kLTJi %dLNUAtc $uffiomt ACCI)unting t¢curds, or rctllrns dLqUatt lor OUT au(b"t hii'e i)t b<£Yb rccLYi'L'd fr(>m brrLnchL$ nut 1l5ltL'd by u%. i)r the Parent Ch￿1t￿￿]L. Comparty'b fin>J)ciAI g(AicmL*rs arc not In aVLKYllLYlt i¥irh thL Accounting tLcords And ILtrJrng Ot Clf￿n di&clusurL'S of CDI-L'mor¥' tLnnuiiL'rAtiUll *PL'cif*d bylaw I￿ nui madL' ur we hni-e not tLYLXI'Ld 8Jl rhL ￿E0￿ll(lon li nd tw14￿￿1￿0￿4 ivL' fi)t our Audyl. R¢$poD•ibiliiies of Governors ..1% c'xplxintd fflorL. fU￿Y in tlic Goi'L'mvrs' rL'%P(msibditlL'5 SLl¢iYncYbi sci PAIL 6. Ilic GrJi-crnnr4 Iwlio ¥e Ihc dirLtLurs of thL' I)atcnE C.hwrii blL Ctsmpini, fur thL' purpu%Ls uf company laivl ar£ rLsPOn51blL (or ilit prLp1i raty(m i)f tjit fLnllnL1￿ sratL'mtnis And for bwjg sitisfied tha( EhLy S￿-C ii t¥lJL fail i*ew, 2nd fnr $uch thiemxl cofitrol ll$ LhL. Goi'LY#ors dvtcrmine 15 lltces5ary ro AblL. thL' PtLTr4tatyim ol fLnfinC1￿ IrALLYnL￿[ll Ihni VL ItLL f¢(>m m*t¢tiai mii*tytL*nL•i, wliL(IILf duL ro fraud LYffJr. lil prqJani)g ¢h¢ fuiancial stArLffttrt($, lh¢ Ci()i'¢mor5 ar¢ fe5pon%iblc fgr z*s£siing ihc CYr¢￿p apd Parcnt Chan¢ablL CompAn)'$ abiliry iu ci&niinii¢ a ¥vin¥ cT)fic¢ni, dixcli)%iiikn iippliciblL. mat¢LrN rilac¢d ri) 8VlnJs cr)nccm and uying rhL ¥ibinA c¢ificLm b￿1 of accountsng wilL's¥ thc Gui'LTnofs Llthcr I￿tend 10 liquiditL thc Group OT ParLYiI ChAntablc Comp3ny or to CeaSL operdti()ns. or havL' rL'ali%tic •l¥LYnatii'¢ bur tu d() Audiioeo rcspon6ibilitic6 for the audit of the financial $tatcmentJ Our ubjccti%'LS AtL i)btoin fixsuniblL A15u¢AncL Abi)ui %vhLLhct tlie fmi1llciAI 6rar£inL*fs ￿ A wholc. ¥wL. frLi ft¢)m mliLYa] m18s￿lL￿Lmr, ￿.hc.th£.r duL' (o ftAud ()¢ L'rtot, And iu IipuL' In Audiivr'% tLr(>tE rh%r thcludL* uur OPLniun. IIL'*$¢mablL *$511tancL IS A high IiTr-L.I vf assurancL. but i& nui A guityiiiLX thir ￿ 11utht c()nduciL.d in acrordxncL ivith l&.Is (UK? i%'ill Afwy5 dLiccr a mat¢iial mis8titLmthir iihL%i Ir c%i%rA. N11￿￿t￿t¢mthil1 cai) fiNIL ffm) (rAud n¥ L'rror ind *rL c¢¥nhidLfLd mAi¢n%l if. ifidii'idually Of In awLlPtL. thL'y could re41StsnRbly ￿ ¢YpL'ctLyI r<) Iiiflutthcc tht Ltunornic dL'cisltMl% C)f USLYkS (okLtyI Ull thL' ba41% ()( dic¥c finjncial itarLyiieni$. .1> p*ri vf an audit iii icc¢JrdAncL w¢h ISA% lu￿ WL LxLrcik prvfLMNlI?nfil ￿lj pru(L'*iiimxl icL?tioim Ehr(lu￿￿￿t Iht audii. WL. Illu.. IdLfftiify And il¥SLSS ¢hL ti8ks uf mfjiLrial niii%iit£mLYII uf thL. fLrtxficifil 6UILThLllfS, %vhL'fhLr dui. ru (tAud L)f Lrri)r. dLiiPI and p¢*foTrm) otsdic pri)CLdurL'K rcspoiixiit i(> Il)i)%c nik%, and obtllLn Audir c¥'idLYICL' that 1$ %uffitiL'nr Rpprupria(c 14) pr()i'idc A bx%i% f(bf Ouf opinii)M 'n)c n%k of noi dcILCtin￿ a m&rtrii11 mi*srArL4mLill r£SulLtn￿ fr()m frnud i& hi¥hLr rhan fi)r r£sulrin¥ fn)m Lrn)r, al fraud rnay bnl'oli'L ci¥llu%i(>n. fi)fML'ry, IntL'lltiUn￿ i)mi%iii)nx. miNrLTrfL'ALYI(afi(>ns, or thL' I)%'LrridL lbf sniLmal ¢ortITOI. Obtain 47n undL'rsiAndiTh¥ i)f InrLrnAI tvntrul TL.IL'I'%llt ri) lh4 xudi¢ in iJrdL'r t(Tr dL.4iBn Thudit prt)¢idur¢i *h81 ¥rc appr()pnAtL' In rhL' rcuffl¥tAncLy, but nut fi)r ihL' PUtPl)SL'q i&f in opinic)ii un thL LflL%IIVLnL$i of thL CifOUP and Parmt Chan¢•blL CompAn}'& incLrn21 cothtftTrl. '¥*Iu¥LtL' th¢ AppfiJpn8¢c'nLii ijf A¢¢i)urb(ing puli•¢i usLxl And rh( ¢L*#i)fi*bl¢*iii of nccJwilln8 L&iim4ilLS r¢.IAi¢d di$rl¢)sw(i mAdc by thl truyt£LS. C.oncludL thÈ apptoptiaTLIIU5 of ihL. GovL%nDts' usL' of thc cDncLYn b￿15 of acetruth￿￿ And, bA5LxI on thL audit c￿l.1dl￿cc iJbtXifiL.d, whL'rhL'r i uncLrEAinry L'%iSts rL.1ItL'd to L%'Lnr* vr thAt rnxy cait li￿lf1¢%￿r dvubi un thL' Group And P/rcnt Challrable Company'% abilii}' to cootitiuc as * golmg conccni. l(Ivc conrludc thar a matCN￿ unccytwiiry o¥ist5. wt ¥t fCgIJITcd drnw atLOItIOll ln our audiror's rLTrI)rt to thc fclaicd di$cloyurtg iii (hc fiiiinciRI 4tat¢mct)rs or, if such d18clusurL'5 arL' InadcgU2r¢, tu modJ'f¥' our upinion. Our conclus10rt5 Rrc 6&¥L.d (In thL LildL￿£¢ obtaincd up thL. datc of Ouf audiiof'S fq>oTI. Plowo-er. IuNrt cvcnts or condiDons tTray C￿5¢ thc GTOUP or Pucnl Chantablc Company to Ctra5c LO ri)luatc th¢ oi'Lta]I pr£stntation. %rnL¢n￿c and contcni of thc finRnc¢al $tatLmtots. includit)g rhc th'sclosute5, and ivhcthcr thc fthxncial s￿￿LyrIL￿I.￿ rLyfL'xL￿[ rhL' undL-rli'ing tTall8aCti(JnJ And Li'(￿(* sn x TnxnnL'r thgt gchLLTh'L'% [￿￿ prL'%rnrAUUn, 16 Independent Auditors, Report to the Members of Queenswood School Limited Obtsin suffiooir 2PPmP￿￿1C audii ￿idence rcgardmg thc fmanti￿ ¢n(o¢m2Lion of thc tntityes or bJsJness activities iwthirt Ihc GfOUP io cxpres% opuii()n on iht consolidaicd fth3ncia] statcmcnt%. WL arc responsiblc foi thc dircctiun, $uptnysion and perfoMAncc ol thc audiL We remairt solely resP011%1blc for our audit rL?ort. We cth*muii1ca￿ Mrriih ihu%e charycd with goi-Lrnaiitt r¢gardifig? Rrnung othLr rnaEEL'T%. thc planiiL.d 8cope timin￿ of th¢ auili¢ and Si￿16rAnt fLn(bnkr%, Iiicluth'ng any gigfilficant dLficicncics in IntLm*l contti)I Ihat idcntify dunng our Audii. Expl￿1¢10n as io wha( exieni rhe Audit was considered Cl￿ble of detecting iTregularitics including fraud Ifr¢8ul*rLtiL*. incllkdinb fnud, ArL inAtancL'i of n(m-c()rnplixncL' Wth l%w8 And rL￿lIati¢>llS. WL dL'YlW PrtKidurcx in IinL' MLh i>ur rL'yon%ibihtlL'5, OUtlinLd xbui'L'. t¢J del£￿[ Materi￿ mi¥$tar¢yncMts ifi r¢spLci of irribwlanLiCS, Inrludin¥ fraud. IhL' L'.NtLYlt 10 which procedu¢es arc capablL of deiccLin8 wIAnues, fficllld￿g fraud is dL'EaQcd below. Thc objcctii-cy of our audit in rc%pLei of frnud, ¥¢. rts ¢dL*itsfi' and ￿se*l thc nsks of mitcnal misstatcmLYIt of thc finalloal IllfLintnri tu frAud., to i)btl1 in sufficiL￿r apprc)pnaiL Audii cTh'iJLncL ry¥Lr4ling thL' allC%*L.d riAk% L>f mAtCri11 Miy8tatLYfbL￿¢ dui ro fnud, thri)ugh dL'*i￿1￿X iinplLThLiiiing ipproprixiL rc5pI)llbL% 1¢) tho¥L asiLSffiLd n$ks" 2nd tn rL'ipi)nd approprialL,l> r4) InstilrtcL'y f or SU%PLCILd idLnufiLd ¢Junng thL audL¢ FI(￿v￿￿¢T, thc pnmRri' rL'spunsibiliry fLpr th¢, prti'L*itic>n And dLtt'ciion of ffaud fe¥ts buth manig&YnLttt tho%e chargtd wilh wipemii ncL ()f thc charitabli compan)., Ottr ippruach wxi Ai (t)Il¢Trw%'. WL ubtRinL'II undersrAndin¥ ()f the Icxal and rlylatury rLyuirLmLYIL4 ?pplicablc tc) thL' chAritablc tumpany (olis￿LrLd th*t thL m()si si￿￿1[¢Can1 ArL thi C()rnpaniL$ ..Ici 2006. lh¢ ChanLiLS A¢1 2011. the Charity bORP. and UK fi￿anCIal rlyurtith s¢#nd4rd.$ ai ix.%urJ by ihc l-,ininLixl RLPI)ttin¥ CIiw)Lil. We ubtAiIILd undcfqtli nthnbp of h()Iv thi. chantxblL' ¢umpan)' tornplici iht£L rcguifL*)ICnts by discuA%M)fis wth m%rt%rL'm41)r ¥Lnd (hiisL' Chftr.￿J wiih gui'c'rnancc. WL. A%SL'YSL.d (hL' risk tsf matL'tiX) mis$rxiLYn£xt of thL f￿anCIal ltsiL1Thl￿ts, Lncludin8 thc nsk u( m¢iii%[LIIIL￿1 duL rij frnud and ho%v it mi8hi uccur, b}, liuldins discusYon¥ WLrh rnAnyYThLYI( and thu%L' chw with 801'emancL. WL. ifi4Uited ()r m*nARL*IILYlI And thu8¢ chAf8LYJ wlih 8ui'LrnxncL ro any known ￿lIAn(C8 i)f nnn-compliAncL' L)r AuspLrteJ n-cumpliRncL with Ilivs %nLI it8ulAoiinx. BuLd i)n ihi8 unJLr%tAndiTh& w¢ dL'xIA￿cd *p¢¢ific ApptopfiaiL' Audit procL,dutL'% to IdLIILify insrxncLS t)f non.Cf)mplixntL' wiih Ixws ¥Lnd rL'xulxtwfi*. 'I'li¢% includLMI mAking Ln4UifiLS uf manwinLllt And thusL' rhvgLd Ivith goi-CmAncL' Ilnd obiilinlng %ddiriiM)fil ci)ttTrknY*ti%'L' Li'1dL￿cL As rLqui¢Ld. 'IhLYe *fL' inhL'tLY)t limitAti()ni in thc Audit pr(>cLdufCX dL'%rnbL.d Aboi'c. WL. AfL. ILIS likLly to becimit vf in*tRncL5 of nim. (>fflphJnr¢ %4pi(li liivs iliat AfL' ni)t cluicly rL.114 IL,d li) LI'¢￿1¥ tNn%icii¢mi rLflLci¢J in ilii fLnmtia] &tthlLynLlIt¥, .Ilstr, Ihc of n(?[ dLtcciing a m1$5¢ry1thn¢ni duL' t¢) frnud is1118hL'r thAn thc. nlk of no( dL'ILtrin8 OllL' tLsulting frorn ¢rror &$ (rnud MAY ini-oli'c dLlibLra(L CL)ncthw( by* fvr Lyunpli, lo>r8¢ry or it)[L￿rI￿nI1 m¢stLytLSLlltxiion5, ur (hfr)u8h coUusJ(m. Ult of our report 'lThis report 1% ma(Ic wkly tl) thc ¢h¥nubl¢ cump￿Y'S members, as x bLKi}'i in aCcord￿Ce with ChaP￿r 3 vf Pari 16 of thL' C.omp3nics A¢t 2000. Our audyr thPork has beth) undcriakcTb sts thai mjghr %raic to thc Ch￿IllbIr COMp￿Y'S mcrnbcrs thust Mat[c￿ whicli wc irc fC9Wrtd if) Staic 10 thiin in an auLb¢of'% fcport 2nd fnr Othcr purpo¥c. To ihc fullc5r ¢¥rLmt pcnniriid by laur w¢ do not accLTi i*$umL rLliponsibility ri) Rns. prlrry IbthL'f LIIL. charii*blL cthmp￿l' And charitRbl¢ cf)mpAni y rnLThbcr% bud)., fi)r our aytlit wurk, for (hi¥ rLPI)tt. or l()f (hL' opinion8 WL hni'L fofmLd, LL Moore Kin8Ston Srnith P (Jan 15. 2025 10..16 GMT) DaiL.. Jan 15. 2025 9 Appold gtsLLt IA)nd( .IOnaih￿ ilikms {.*YLior Sutuivry Audiiurl fvr and on bL.h￿r uf hl(M)rL Kingst¢)n Smith l.Ll) StaLUtory Audttot l.:..C2kl 2AP 17 Queenswood School Ljmited Consob'dAted Statement of Financi￿ Activities (incluth'ng income and expenditure accounc) For the yeat ended 31st Augusi 2024 Unrestricted FundA Restricted Funds Total 2024 Total 2023 Note INCOME FROM: DundtJun8 and le&>ac*$ Charitable activities %chool Fee 20,447 849￿59 870,306 78.624 14,173,6G9 14.173,669 12.341.216 Tradinbi turnover., Qu¢¢nswood Enterpris¢s Ltd Inv¥btment5 lrtvesrment incornc Other inLome 269,182 269,182 262.156 2).521 250,284 12,373 37,894 250 84 21.747 241.9>7 Toial Income 14739 103 862 232 15 601.335 12.945.700 EXPENDITURE ON: Generating Fund$: Tta(]Jng expendj'wre - Queenliwood Enterpri%¢s Ltd Inv¥%tmeni Jllanagemeni Cosis FUrLar￿41ng Cost% 116.175 116.175 3.160 7,914 127,249 110.989 2.593 3,160 124,089 3.160 113.582 Charii*ble Activitie• %chiiol acuviries Mi)vement un PLn&ion prowsiun 13,542,844 (18.OHI 20.500 13,563.3H 118.044) 12,599,770 Total Expenditure 13 648,889 13672 549 12713352 Net Income/(Expenditure) before gainB 1,090,214 838572 1.928.786 232J48 Net gains/(10$8es> on investment6 47.274 47,274 (16.718) Nei Income/{Expenditure) 1.090,214 885,846 1,976,060 215.630 Transfers between funds 19/20 30.750 (30,750) Ne¢ movement in funds for the yeat 1,120,964 855,096 1,976,060 Zl 5.630 Fund baiances at I Septrmbct 2023 18,809,726 494.677 19 304.403 19 088 773 FifND BAiANCES at 31 August 2024 19120 19,930,690 .349.773 21.280,463 I9 304.403 All activities dcrive fiom continuin¥ operation5. Ai] ￿ttS and 105se8 recDgN%ed in the year are included in the %txi¢ment of Financiil Activitie8. Nn ¢()nsaiid21ed or individual company profit 3nd Ic)48 8ccounts have been Prepared as rhe items r¢quired ru be disclo%ed wi¢hin those F￿ancial statemenrs are incorporaied inro thc btatemenr of Financial Acuviries. Further d¥t3Jl$ of restncted funds ond untvstricted funds ar¥ ￿Ven in note$ 19 and 20. The accomp8nyAng notes fL)im part OE these financial sutements. ThtrL is no rnateri21 diffrr¥ncr beLw¥¢n the profir vr luss on Ordin%￿ *cuvirie8 befr)re wxauon and the retained profiE or10s5 For the y¢2r srated above and their historical cost equivalenL 18 Queenswood School Limited Consolid2(ed B21ance Sheet It 31st August 2024 Note 2024 2024 2023 202J FIXED ASSETS Tanwble assers Investmenrs io 24,241,893 1248,084 23.183.721 355 196 25,489,977 23.538.917 CURRENT ASSETS Stockb Debtor% Cash at bank and in hand 12 14 47,168 459,705 1,665,806 48.089 663,071 647.540 2.172.679 1.358.700 LIABILITIES CrLdii()rs.. .4rnuunt$ Callinx due within one year 4,049,98 3 504 856 NET CURRENT ASSETS/(LIABILITIES) 1877 308 2146 156 TOTAL ASSETS LESS CURRENT LiABILITIES 23,612,669 21.392.761 CREDITORS: falling due #fter mort than one year 15c) {?.324,354) (2.062.462) Provi$ions 16 852 TOTAL NET ASSETS 21 280 463 19304403 FUNDS OF THE SCHOOL Cilled up sh￿¢ capital Restricted funds Unrebtricied: RewAIu2tion r¢serve General 19 20 19 23 1,349.773 23 494,677 1,054,856 18875811 1,054,856 17 754847 TOTAL FUNDS 21,280,463 19.304.403 Approved by the Governors 2nd aurhoii%¢d for issu¢ on . and signcd on their behalf b>.. Jan 9, 2025 H. J. de Sausrnarez . R Ga[wO(￿ .- Company Re￿strati()n No. 00040561 Tht 2ccornpanyLn¥ nr)tes fDtm patt OE chcse finxnci21 st2temenis. 19 Queenswood School Limited Balance Sheet at 31st August 2024 2024 2024 2023 2023 FIXED ASSETS Tan￿ble assets Investments io 24,241,893 1448.084 23.183,721 555 196 25.689,977 23.738,917 CURRENT ASSETS rL)ck Debtors Cash a¢ blnk and in hand 12 14 47,168 414,823 1,198,970 48,089 594,205 204.269 1.660.961 846.563 LIABILJTIES Crc&"tots". Amounts (auing duc within one ycxr 15A) 3 976 242 3431266 NET CURRENT (LIABILITIES) 2,315,281 2 584.703 TOTAL ASSETS LESS CURRENT LIABILITIES 23.374.696 21,154.214 CREDITORS.. AmounN f*Uing due fier more ¢han one yeor ISC) (2,524,354) (2,062.462) PTovi#ion# 16 852 TOTAL NET ASSETS 21042,490 19.065,856 FUNDS OF THE SCHOOL Called up share capiial Restricted fund Urtre#tricted: RevAluation reserve Gen¢tal 17 20 l9 23 1,349,773 23 494,677 1,054,856 18637838 1.054,856 17516300 Toial Futtds 21,042,490 19,06i.856 As permiryed b) s408 Companies Acr 2006, thc companj has not PE¢senicd i¢s own incornc siatemcnr and telated note%. The company's suq)lus fur the yexr was £1,976,63312023.. £219,51D Jan 9, 2025 Approved by th¥ Governurs and authoribed frjr issue ¢)n . and sw)ed un their behalf by". H. J- de kSau$marez R Garwwd .- Company R¢￿.$¢t>￿￿n No. 00040561 The accompar])in¥ notes form part of thc8e financial 4taiem¢nts. 20 Queenswood School Limited Consolidated Cash Flow Statement For the ye2r ended 31sr August 2024 Note 2024 2024 2023 202J Net cash generated from operating aetivities 21 3,790,245 597.308 Cash flows from investing aciivities FixLd A5sec Aildiuon Purchas¢ of invesunents Prucrrds from %aie of fjxed asscts Proceed% from sale of inve.%tments Muvernent in inve%tment cash Invclitmcnt incom# Nei c*8h generated fToml(u6ed in) invelting activities 10 li (1.729,394) (494.89¥ (573,560) (26.0231 31.240 28.139 477 21.747 32.208 (382,930) (2.537.114) (517,980) Cash flows from financing acuvitie6 RLPgym¢nt of borrowings Net incrta8e/{dectea•e) in caih and CAJh equivalen 234,865 34,144 (234,865) (234,IH) Net increa$e/(decrease) in cash and ea8h equAvalent6 1.018.266 (154,816) Cash and ca8h equivalents At the start of ihe yeat 647,540 802.J56 Cg48h and ¢a$h equivalents at the end of ¢he year 1665 806 647.540 Cash and c••h equiv•lents con¥i•ts of: 2024 2023 C2sh in hand. and at bank Over(baft facility 1.665.806 647.540 1.665 806 647.540 2l Queenswood School Limited Notes to the Financial Statements For the ye2r ended 31st August 2024 Accounting policies A Company inforniation The Qu¢en%wucbd bchoul Limited ("the chatiry'l 1$ luTh"ttd by ¥hare¥ and incc)tporared in Englxnd and Wales. The teb*iiteted office is Queenswood, FIatfield. FlertfordSh￿e.,*L9 6Nb. Basig of ptepatation These financial siaiemenrs have been prepared in accordance with FIL% 102 "The Financial Reporting %tand2rd applic2bl¢ in the UK and Repubhc of Ireland" (FRS 102) and the re9u&remenrs OF the Companie4 Act 2006. The Ch￿1t/ble Company and its &ubsidiary are a pubbc bentfii uyr¢)up a% definttd by FILS 102 and thetefi)rc the Chariry al%L) prepat¢d IL% Financial 8tacernenr8 in accurdance with the Statemvni of Rec(bmmended Piactice appb"cable 10 charitses preparing their accnunts in accordancc wirh the Financial RepOrtin￿r %r2ndard appknc2ble in the UK and Repubij'c of Ireland (The FRb 102 Chariues SURP), thL, Companiets Act 2006 the ChariuLs Act 2011 and Charities Accounts (%cutland) R¢8ulauonb 2006 2s amended by The ch3tktie% AccowiLS {Scod2nd) Amendment (No. 2) Regu12ti0ns 2014. The financial ¥taternent% are pttpared in $terhng. which i* the Amctional currency of the company. Monerary amounts in these financial Sfatem¢nts are rounded to th¢ nearest pound. These financial 4tat¢mL'nt4 Are pr¥par¥d un th¥ 81)ing concern bg%i%, L￿arr thL hiitoric9J co%t conv¢nui)n a¥ mi)th'Fied by the revaluation inv¢4trnenis and in accordance with the Compani¢5 Act 2006 and apphcable accauntin¥ srandardli in the Unirtd Kthgdom. The principl¢ accounung pokncies. which have b¢¢n applied consisr¢nrJy throughout rhe year, are se¢ Out below. Going Concern Thc financial %t2tement$ are prepared on a g()ing concrrn baxi%. Ivhich assumes the c¢)mp*ny wiu continue in <>per*uonal txi%tence (or the foreseeablc fuDJre. The Gnvcrnor% h2ve wheiher rhe u4e o( the going concern basis is appropriace and have consid¢red po%sible ¥venrs or rondirion8 tha( mighr cast 5igrufic2rht doubt on rhe 2bdiry of lh¢ Company 10 conunue a going concern. The &￿vernor.4 have made du'% as8es%meni fur a period of ai le2%( onc year from the dare of Approval of the FLnanciai *¢atem¢nts. In parucular th¢ hFuvernor% have Lon￿ldered and chaU¢ngrd the ch8ritabl¢ youp'% for¢ca%t8 anJ projeruon5. Lncludinx cosh flow$, pupd projecuon.s and the ￿kelY imp4ci of pressure4 ()n fee incum¢. Th¢ ¢conumic out]ook remains uncertgin and conunucl co bc impacred by inflaur>n, en¢rxy COSL4 and than￿¢$ to Kuvetnmcni taxauon polLCy. %pecifJcally the implrmentatyon <>f VAT and removal of mAndatoti' charitablr tay relief on bu4ine.s% rate%. The tsiovernor¥ are onfidenr thar the measure% that the %chool has raken in relaLir)n 10 fees and %pendinb' prioritie.4 will miti8ate the risk of rhe pupd rijll dropping. Thi4 im fLtrthLr 4upp¢)rtLd thruugh the numb¢r rcw%uarions char we hnvL %een. After mAkthg tnquiriLS the det9iled review undertaken by the governor% and the ongoing m¢asures, they have pui in place have led them to conclud thar therL is a r¢a*onabl¢ expectation that the charitable youp ha% ad¥guate resources to continue in operatsona] exiit¥nc¥ and m¢et its c)nw)ing babdL'U¢'.4 for the For¢%eYabl¢ fvwre. The charit•bl¢ gri)up ¢h¢r¢futL' cc)ntinu¢8 ¢1) adopt thL goin8 conc¢'rn basi8 in prepatinky ji% fthaft¢l￿ $c/r¢rncnr8. B*si8 of con8olAdation Tht can5nhd2r¢d financial sra(¢m¢nt¥ incorpor2r¢ rh¢ resulr8, 9%8¢t¥ and liAbdL'ues of Qu¢¢nswaod School timit¢d and all of its subsidiaries Eur the year. A sepaiate 4tatemcnr uf ffft%ncia] activities for the chaiiry itself is noi prescnted because thc charity has taken advantabFe of the exemption afforded by paragraph 304 OF the SORP and Section 408 01 the Cump&nies Act. Income and Expenditure .lll income and expen(liture is accounted for on thr acctuals basis, cxcept whete otherwis¥ stated. Legacies recognised in rhe SQFA. where th¥ chariry beinx notifled of an impending disttibutyon and the amount thtte is rva%onabl¢ Icttainty of thr legacy being received. Finantial li2bth.ries are recogmiscd when the chariry incw% a legal ur constDJCUVe oblLg2ri()n to dthver cash ur an()rhet financial asser to anLTrther party. D School fees F¢es ar¢ recvgnis¢d in the perivd foi wkn.ch thc serrice is provided. Fec Income is stat¥d afier deducting allowances. schloatship¥ and othvr r¥missiuns granied by the Schi)oL but include contributions rec¥iv¥d from Re8tticied Funds for hloar5kn"ps. Burs¥i¢s gnJ other bYgnt%. 22 Queenswood School ￿miled Notes to the Finanaal Statements For the year ended 31 st August 2024 (continued) Donations Donatinns are included in th¢ ycar in W￿"Ch they are received and are included as "urtr¢$tsicttd funds" unless othetwise stipulared. Donauons restticced by the Specific wishe5 OE th¢ donors art iaken to"re8cricted funds.. Expendi¢ure Expendi¢xLre i% accounted For on an accruais ba8is. It is recoryed when there is a constrncuv¢ or Icgal obligation to pay for ¢xpendiDJte. Certain expenditure is apportioned to cost categories based on the estimated amount attribut2ble to that activiry in the year. These estim1￿$ are b35¢d on srxff timr or on fli)or area as oppropriate. Th¢ irt¢covciablc clement of VAT i included with Ihc item OE expen$e ro whj'ch it relace.4. G Taxation Under Sectton 505 OF the Income and Co4yoEation Taxes Act 1988 the Company is exempt From cerr2in taxes. Full account is taken of tax credit$ attachm8 ￿ donation wlder ￿E¢ Aid and dividertd%. The Company's subsidiary is subject to corporatiort No provision is m2d¢ for deferred t&Yation undet FILS19 &$ the trading subsidiary ((2ueenswood Enterprises Ltd) covenanLS irs anrtU￿ I￿/ble surplus to the Company. H Tangible flxed assetg All ranwbl¢ fLx¢a a.5s¢r$ held by the chariry art for charitablc putposr.i and arr shown in the Bal•ni¢ Sheet at ¢i)At les accumulated depreciaTion and accumuiatL.d impairml'nt l()%ses. AU assets COsDnx mor¢ ¢han £l.000 capitaiis¥d, those C05ting less are writien off in Ihe l'ear of acquisition unle44 they form part of a 12rgcr prnjeci. Depreciation 14 provided on all ngrible fLx¢d a%sets on 2 srraighi bnc ba%is. In thc yL'ar of acgUi5itson a full year of depreciatiun 14 appbed. with no charge in the y¢ai of dispo>al. D¢tAils are as fuuows.. Plant and rnoir)r vehitlcs Computer Equipment Fixtures and fitun&trs Ovcr 5 years B¢tw¢¢n 2 and i year$ Between 2 and 5 years Freehold land and bUi]dInb￿ are funcuonAI a%seis and are thetefnte .shown at cost. Their value is rnaint2ined by a full pri)8rammL of repair and renovatson and thL b()ok value ig sUbSranti￿1y less than the pr¢s¢nt V411u¢ for in8urAnc¢ puzposes of appr()xim2w.ly £'IOOm. Thertfurc. no pt(Iv?sion for deprL'ciatiun un the freehold land and budding4 is made. TFie freLhi)Id buddjngs xrt reviewed annually for any potcnoal impairm¢nt. All 2S8ets OF the chatiry are held for ch￿l¢able u%e with th¢ exc¢puon uf thosc h¢ld by Quugh profit and los%, are a.%%e4%ed for indicato)rs of irnpairmtnc at each rep()itinbr ¢nd date, Financi21 a.s%ets are impaired where thert 14 Dbjecuve evidence that, as a r¢4ulf of une or m(>re event% that occurred after the initial reco&miuon of thc financ￿1 a8xet, thr e%umat¢d futurr cash flm¥.% hav¢ b¢en aflected. Th¢ impairmcrtt los% is recognisrd in proFIt ()r loss, Detecognition of financial a58ets Financial a%setS gre derecokmised only when the contr2CtU2t rights tv the cash flows from lh¢ asset expirr. or when ic uansfer the Financial Isset and &ub%tanu3lly xll the risks Artd r¢watds of ()wnetship t() Anuther enory. M Fin4n¢i41 li•bilitie• Basic fiftanciai ￿abth.tse5 92¢ inioally measured at tr4nb3cuon price, un]e55 the Rrrang¢rnenr con5UiUtC5 a fthancing ttAnsAcuon. whert the debt 1rt8trLthient is mrasured at the pre%¢n¢ value of the fvture ¥¢ceipts dj'scoufhted at a market tate of interest. other financiai knabihDes cla45ified a$ fair valu¢ thiouxh profit or l(i%% are mLasured at lair vaitse. Other financial liabilities Other fhnanciai liabih'ties, are hniti2lly rneasured fAhr vAlue, net uf rrArtsatuoft tosts. They Afg 5ub$equentJy measured at amorwsed cost Using the efEeruv£ int¢Eest method. with inicrest expense recogNb¥d on An effective yield basis. The efFecuve iniere¥i method 15 a meLhod of calculating rhc amortised co4t of a flnancial knabi]J"ty and of alloc2ung inieresf exp¢ns¢ ovu th¢ E¢l¢vant period. The efEectiv¢ inierest rate Is the rate that exactly discounts ¢siimared futtue cash pa>rnents through the expected ￿[e of thc flnanciai babdj'ty to Ihe nct carrying Amount on initi81 recvbmiuon. Derecognition of financial liabilities Financial babiiiue% are derecognised when. and ()nly when, rhe c()mPan￿5 obhwaUI)ns &tc di4charyFd, canccll¢d. or th¢y expir¢. 24 Queenswood School Lirnited Noies to the Financlal Statements For the year ended 31st August 2024 (continued) Employee benefits The cost8 of shorE-rerrn ¢mployec b¢nefic% are rccogniscd as a lixbjliry 2nd an expense. The cost OF any unused hobday cntidement is recogrtised in the period in wlu.ch the employee's servic¢& are received. Tetmination benefits ￿e recognised imm¢diat¢ly as in Lxpensc when the cornpany 1.8 demonstrably comn¥tted to terminalt Ihe employment of an emplni'ee or to provide tcrminxuon benefits. Retirement benefiia The Group conuibures to Aviva and anuther schernt run by The Pensions Tnjst, buth of these are d¢Fincd contriburion sch£rne5. The funds for these schemes ate held indrpendently of rhe Gtoup's funds. In 2ccord2ncc wilh FRS I02 28.40A the group accountg for these schernes as defined contsibution schemes. See note 24 for full derads. C*8h ai bank and in hand Cash ar bank and in hand includ¢s calh and shUrt.￿rM Fu'ghly bquid invesrrnenis with a short maturiry OF three munth4 or le%% from the date of ac9uisiuon or opening uf th¢ J¢pusit or similar account. Critical Accounting eitim4iei *nd judgemen In the Appbc2uDn of the company's accounring p()iicie.%. the council required to make judgement$. ¥%tim*te$ And A.54umpoon. abuut the carry￿g amuunr OF a.%%¢ts and ]iabilitie% that 3r¢ nor readlly 2ppar¢nt fr()m uther soutce%. The e%timates and a8snciat¢d absumpuons are bas¢d on E]isti)ric•l experience and orher fa¢tor> that ar¢ con%idered to be televant. Actual results may differ Friim the.4e ¢s(im2te&. The e%tim2tes and underlyAng a%4umpttons are revimved on an on-going b2si%. Revi%ions to accounting e%tim2ce8 are recognised in the periud in which thc estimat¥ is ievised, if the r¥vision affects unly that period, or in th¢ periud of the revision fLnd hJNre peri￿1% if the revision %ff¥ct8 both current And future period4. The e8(imAte$ and a%sumpti(>ns which have a $iwificanr risk of causing a material 3djusrm¢ni to tht carfj4ng amount of i%srtS and iJ#bJkn"ucq are uuthned brluw. Critical judgemenii Useful economic lives Thr annual deprtheE %ervices 671221 486.932 25,284 22,758 5.400 4.925 3,702 26 Queenswood School LAmited Notes to the Financial Statements For the year ended 31st August 2024 (continued) 8 Employees a) Average monthty number of employees (full-time equivalent) The average number of persons employed by the group during the Ye￿ was: Costs of¥encEaung fund5 . Full time - Part um¢ (FfE) Administration. technicians, estate and m2in(en2nce st2fE - Full tKm¢ . Patt tim¢ (FfE) 2024 2023 51 24 47 25 45 69 47 60 189 179 The iiverage nurnber OF staEf employed during the year was 257 (2023.. 241) b) Analysis of total ernployee costs 2024 2023 SraEf ¢ost8 d￿Ing the yeat.. al3rie4 RrdundAncy and terminr¢uon costs { two 4taff 2024, 4ix &raff 2023) ocial %¥cutity costs Pension CO%L% 7,463.377 31.028 701,729 816,657 6,979,649 32,927 648,144 773.160 9.012,791 8,433,880 A8¢ncy staff, training> he31th & 8afety. recruirrnent Movern¢fLr in pension pr()Nry%ion 222,870 (18,044) 122.068 (17,769) TotAI 8fAffing coiti 9217617 8 $38 179 c) Employee colts The numb¢r ￿f higher paid ¢rnploy¢¢% wa*.. 2024 2023 £60,001 - £70.000 £70,001 - £80,000 £80,001 -.£90.000 £90.001. £100.000 £ioo,ooi £1 10.000 £110.001 £120.000 £120,001 - £130.000 £150,001 £160,000 £160,001 £170.(KIO 18 Pension contribution5 Amounting ro £2i6,2i9 (2023.. £127.766) were made for twenty thr¥e (2023.. twel￿) higher p￿d employee8. Governors. Remuneration N'o Guv¢rnuTh received. any cmulumLnt% in the year ended 31 Aug7u.st 2024 (2023,. nd) and GuvLrnors arc not included in the number OE p¢rSOn￿ ¢mploy¢d given abovc. One Governor wab r¢imburged eypenses in 2024 £2.411 (2023.. Ll.637 one Governor). Key Managemenf Personnel Key m2nakFL'ment pet81inn24.442 144,442 1.575,438 102,370 560,231 691,375 1.490.050 418,996 467,835 27,975 6,366.730 1.773,845 2,685.713 563.438 2,043,273 130.345 671.221 Pension provision h(ov¢ment in provision (18,0441 (18.044) 9217617 3 783,711 671221 13 672 549 Analys15 of To¢al Expenditure 2023 (compgrative) Staff Cosis (incl Training) Other DepreciAtion Total 2023 Co$t8 of g¢ner31ing fund Tradin8 ¥xp¢ndiNr¢ - Qu¥en$woud Enr¢tpri$¢¥ Lrd Inv¢s¢ment li lanagem¢nt C0%¢5 110,989 2.593 10,989 2,593 Charitable Activities Educaiion and b0￿ding, Welfart Premises Technolobry Administrauon cost5 Governance costs 5,362,031 799,258 536,162 139,648 .617,314 101.535 54i.294 608.372 1.567,919 330,873 488,537 33,664 5,907.325 1,407.630 2,591,013 470,521 2,105,851 135,199 486,932 Ptn5ion PrO￿510n Nlov¢m¢nr in provision 17,769 17.769 8 538.179 3.688 241 486 932 12713,352 28 Queenswood School Limited Nores to the Financial Statemenrs For the year ended 315t August 2024 (continued) io Ta￿lbIt Fixed A85et$ Freehold Land and Buildings FiX￿reS Assets and under Moior Fittings Construcuon Vehicles Gtoup Plant and Equipment Toial Costs of generaiing fvnd$ Ai 31st Augusi 2023 Ad&'tsons Di%pvsals 22,201,934 18,311 3,74iJ27 835.603 467,245 2.092,671 SH,677 580,130 28,620.062 217,630 1.729,394 469.241 113,173 At 31st August 2024 22.220,245 4,113,685 2 637 348 113.173 795,764 29,880 215 Depteciation At 31 It Au8U%t 2023 ChargÉ, For Ihe )¢¥r Dispvsa]. 3.496,866 259,078 467.245 1,465,237 326,391 474,238 85,753 5.436,341 671,222 469.241 At 31st Augusi 2024 3,288.699 1791628 557.995 5 638 322 Nei Book Value At 31st August 2024 22.220.245 824,986 845 720 113,173 237 769 24 241893 At 31st August 2023 22 201934 248 461 627 434 105,892 23 183 721 There is a fLxed chaEge with the bank ov¢r the land and buildinx8 included above. Freehold Lsnd and Buildings Fixtures And Fittings A88ei• under Construction Company Plant and Equiprneni Motor Vehicles Total Cost or Valuation At 31st AugTrust 2023 Addiuonb TransEer% DispL)$2] 22.201.934 18.311 3,745,327 835,603 2,092,671 544,677 580.130 28,020.062 217,630 1.729,394 113,173 467,245 469,241 At 31st Au¥usc 20?4 22 220 245 4113685 2 637 348 113,173 795 764 29.880 215 Depreciaiion At 31NC Augusr 2023 Ch2zg¢ fur the year Dispusals 3,496,866 2i9,078 467,245 1.465237 326,391 474,238 8>,753 1,996 5,436,341 671,222 469,241 At 31st Au8usr 2024 3 288 699 1,791,628 557 995 5 638,322 Net Book Value t 31st August 2024 22220,245 824,986 845,720 113.173 237,769 24.241893 At 31$¢ August 2023 22.201,934 248,461 627 434 105,892 23.183,721 Queenswood School Limited Notes to the FinanciAI Statements For the ye2t ended 31st August 2024(continued) Tangible Fixed knsets (eontinued) Fteehold land xnd buthlings 2r cosr or va]u*uon includes £2.395,421 ac 31$¢ h(atch 1979 revxiued on the basis of re-instatement cosc l¢ss allow2nc¢ Eor 2g¢ 2Etec taking account OE subsequent (h'sposals. In accordance with FRS I02 thi.% valuaaon ha% been trcared as 2 ￿.￿rOrI¢ cost the d￿￿ te of cnnv¢r%ion to the FRb 102 SORP. Th¢ builth'nh￿￿ have b¢en in.surcd on a declaied valuc of £100,161.344 (2023. £92,819.998). Folluwing an impairment rcview by the GovernoT% consideringt the value of th¢ building5 and their %tate of rcpair. no impairm¥nr has been idÈntified. 11 FiJted A88ei Investrnents Group Listed Inve$trnents Company u￿1$tea Listed Investments Inves¢men Total Investments AS at I September 202J Addiuuns Disposal% pr(Keed8 Gain8 Oos%Ls1 on investm¢nt% 329.612 494,892 (32,2081 47.274 200,￿)0 329,612 494,892 (32.208) 47 274 529.612 494.892 (32,208) A% ar 31 Augusi 2024 839.570 200.(K)O 839,570 1,039.570 Ca8h held as investmertts 408,514 408.514 408 514 1248.084 ,248,084 l.H8 084 Fixed Asset Investmen¢8 Group Listed Investsnents Company Unb'sted Listed Inve8tsnents Investments Total Investments A8 at I Sepiemb¢r 2022 Addicii)ns DI￿P()￿al￿ proceed& Gain5 00.44¢%) on LAVe8tm¢nt8 348,446 26,023 128.139) 116.718) 200,000 348,446 26,023 (28,139) 16,718 548,446 26,023 (28,139) 16,718 As at 31 August 2023 329.612 200,000 329,612 529.612 Cash held as inve%rmenLS 25,584 25,584 355,196 200,000 355,196 555,196 Hi$r¢)rical Co%t of btsrcd invc%rrncnts 759 396 292,271 The following investrnents comprise in excess o(51/1 o of the Wdlue of the portfo￿0. la]ue @ 31st.4ug 2024 31st Aug 2023 Quoted Invesrmgnts Royal London Bond Funds ICBC Royal Lond<)n Gov¢rnm¢ni Bonds 462,902 30 Queenswood School Limited Notes to the Finanaal Statements For the year ended 31 st August 2024 (continued) li Fixed Asset Investments (continued) The company owns lo￿/0 of the equity OF the lollowing subsith"ary, W￿"ch was incozporated in Engknd and Wales. Co$¢$ of 8tneraiing fund• Queenswood Enterpris¢s Lirnit¥d Holding Orthnary sh#res Natyre of business Managemeni of the letttng of Queen8wuod School Ltd's faciknties to external clien(¥. The aggregate amount of capital and r¢serv¢s and th¢ results OF th5"8 un¢Jertakmg Eor the la$t relewAnt fthancial year wcre as follows.. Capiial *nd reser•e8 Profit for the year 2024 2023 2024 2023 Queenswood Enterptiqes Lrnited 237,973 238,546 59.427 63.113 Dwingi Ihe financiai year Queen.swood %cho()l T.imitvd made managemertr recharges of £96,082 (2023.. £89,918) to Que¢nswood Eni¢TJri.4es kn'mit¢J in r¢.4ptct of facib'u¢s and staff co4cs. Als() during th¢ y¢at Queenswood Fntrrpri%¢s made a ￿Et aid (b'stributiun of £60,00012023.. £67,000) 10 Queenswood %chool Limiicd. At the balance 4heet date Queensivood Sch()ul Limited was mved by QuLenwood Ente4)tises Limired £5,945 (2023.. Que¢nswood bchool Limited (>wed Queenswood Ent¢rprises Limited £2.859). Stocks Group Company 2024 2023 2024 2023 Guods for resale 47.168 48,089 Fin4D¢ial In8¢rumen¢8 Group Company 2024 2011 2024 2023 Carrying amount of financial x$$etA Debt Instsimients m¢2surra at ami)rused cost 253 160 274 J39 210555 207 592 Carrying amouni of financial liabilitie Nleasurvd at amurtised cu$t 3 865,678 3 322,i58 3 813881 3,273 084 14 Debtors GTOUP Comp¥ny 2024 2025 2024 2023 Due within one yeaE'. School f¢¢5 Provigion for doubc(ul debt Trade d¥bcor.% Prepayments and accrued income AmDunL% due Erom group under¢akin%s 344.977 (257,846) 166,029 206,545 481.>44 (320,3781 113,173 388.732 3M,977 (257,846) 117.479 204,268 481,544 (320,378) 46.426 .386,613 459 705 663,071 414,823 594 205 31 Queenswood School Limired Notes to the Fthancial Statements For the yeat ended 31 st August 2024 (conunued) Creditots a) Amounts falling due within one year: Group Company 2024 2023 2024 2023 Current instaiments due on depn.lits (note 15d) Trad¢ cr¢dicors Schoul fees in advance Hire purchase 2nd fmance Leases B2nk1o2n Bank Overdiaft Oth¢r iaxation and soctsl sectsriry co%ts Othei cr¢(h'rors Accrual8 and dtfrrred incum¢ Ami￿n[S due tu ¥ruup undertakJn¥s I.IT payable 250.557 211,450 2,670,736 405,015 63,SB8 1.965,083 250,557 211,450 2.670,736 405.015 63.588 1,965.083 234,932 234,IM 234,932 234,144 162,361 150,315 347,688 158,182 170,884 483.8H 162 J61 1 $0.315 295,891 158,182 170,884 431,511 2.859 21.948 24,116 4,049.987 J.504,856 3.976242 3,431.266 b) Movemenl on deferred income Group Company 2024 2023 2024 2023 Deferred incom¢ brou&ht fotward Reltta%ed in year New ptovision added 2,033.015 .966,105 (1.965,083) 11,874,893) 3,108,797 1.941805 2,03J,O1 S 1,966,103 (1.96i.083) (1,874,893) 3 108 797 1,941,805 Deferred income carried forward 3,176 729 2,033015 3 176729 2 033,015 The d¢,fL'rr¢d incum¢ balanc¢ i¢lat¢s ro r¢mirtanc¢s r¢c¢ived in re%P¢Ci OF 8chool f¢¢,4 foi Eurure y¢ots. Group Cornpany c) Amounts falling due after more than one yeav. 2024 2023 . 2024 2023 %chool fee% dep¢)?iit% lchuul fees in advance Bank Luan Finance L£a¥e 1,387,509 3,176,729 916J41 1.482,482 2.033,015 1.151,207 1,387.i09 3.176.729 916,341 1.482.482 2.033.01 S 1,151.207 5,480.579 4,666.704 5.480,i79 4,666,704 Less.. Amounts due within one year %rhuol feex depo%irs chool fee% in advance Elank Loan Fitiancc L¢a%¢ (250,557) (405,015) (2,670,736) 11,965,083) (234,932) (234.144) {250,i57) (405,015) (2,670.736) (1,965.0831 (234,932) (234.1441 {J,156,225) {2,604.242) (3,156,225) (2,fj04.242) 2,324.354 2.062,462 2,324,354 2,062,462 Thc school ha% 2 10 ycar flexible102n F2ci]iry startin¥ in July 2018 i¢pay2ble in equal monthly instalrnents with an inter¢8t iate of 1.950/0 p¢r annum ov¢r the base rate. d) Maturity of finADcial liabilitie• Group Company 2024 2023 2024 2023 Thc fee dep05it5 and fec5 in advdnce marure Eollows... Viihin c?rte >eat B¢N¢en Thvo and fivt y¢ars AFter five >e%rs The bank l()an is rcpayablc a$ Fi)Ilows'. Within one }e2r Betwctn two and five years After flve }'cars 250,557 870,923 266 029 405,015 788,990 288,477 250,557 870,923 266,029 405.015 788.990 288 477 234,932 681.409 234,144 917.063 234,932 681,409 234,IH 917.063 32 Queenswood School LimAted Notes to the Financial St2tements For the year ended 31st August 2024 (continued) 16 a) Provisions for liabiliue8 and charge8 Group Company 2024 2011 2024 2023 Pension provision At I Sepiember 2023 (Decrea.se)/ Increase At 31 Auw%t 2024 25,896 43.665 25,896 18,044 43,66) 7.8)2 25.896 7,852 25,896 The schTr)I recognis¢s £7,852 (9023= £25,896) of pension provision on its Balance Sheec in rehtion to the closed pension 5chernc. The provision is aruibut2ble to Th¢ Gtoivth Plan Pension, the school will review this knabiknty on an annual basis. b) Pool Bal•nce Sheet Event Th¥ school intend8 to exir The Growth Plan Pension sch¢me in October 2024. tkn's chen til￿tr a Scheme valuati()n rh?r allow the cost of exit to b¢ cos¢ed. Once rhis has b¢¢n r¢r¢ived th¢ 5chuol have the opuon tu rejuin the scheme or pay th¢ exit fee. 17 Share Capiial 2024 2023 AllotteLI, called up ind fully p3id.. 23 Governors, shAre% of £1 each 23 23 33 Queenswood School Limited Notes to the Financi21 Starements For the year ended 31st August 2024 (conrinued) 18 Alloc*uon of the Group Net As•et6 2024 Net Curren( A88ets Long Tem) Li*bilitie8 Fixed A88ets Knveg¢men Provi•ion$ Total The net assets are held for the virious fund4 as fr.)Ilnw%'. Restticted Fund% Unre%ttiCted funds.. Grneral reserves 1.248,084 101.689 1,349,773 24 241893 197899 324 354 19 930 690 24,241.893 1.248.084 .877,308 2,324,354 7,852 21280 463 AllocaiioD of the Group Nei Assets 2023 {compatative) Net Current A8$ei$ Lon8 Terni ii#bib'ties Fixed A8set• Inve$tment8 Provisions Total The net asscrs arc hcld for Ihe vatiuu% fund% 25 fDiIow>'. Re%triCted funds Unrestricied fund%'. General te8erves 355,196 139,481 494.677 23 183,721 285,63 2,062,462 25,896 18,809,726 2 146 156 2 062 462 19 304403 19 Unrestricted Funds Movements At Jl$t Augujf 2023 At 318¢ Au8ilS¢ 2024 Inveitment Group Inconie Expenditure Ttansfers Unrcstrictcd.. c￿led up sh#r¢ capitai Generai Revalu*uon re¥etve 23 17,754.847 1,054,856 23 18,875.811 l.Oi4,856 14.739,103 {13.648,889> 30.750 18809 726 14 739 103 13,648 889 19 930690 At 31$1 Auguit 2023 Ai Jl$t Augu8t Company Incoming Resources Resource• Expended Investmtni Gains Transfers Uftrestncted.. Called up share capital Genera] Reva]uation reserve 23 17,516,300 1,054,856 23 18,637,838 1.054.856 14.623.502 (13,532,714) 30.750 18,571.179 14,623,502 13,532,714 30,7iO 19,692,717 34 Queenswood School Limited Notes to the Financial Statements For the year ended 31 st August 2024 (conunued) 20 Restricted Funds Movements R¢suicted fimds compri.se th¢ following unexpendrd balance of donauons and gr3nts h¢ld on rrust to be appbcd for burs￿1¢$ to fLhnd wls, education in Queenswood Ichuol Limi't¢d. and sums Set a¥ide fvr futurt developmeni. Ai 1st September 2023 Investment Gains At 31st Transfers AuguBt 2024 Costs of gen¢r%Liing fund Income Expenditure Prizes. Scholarships. Bur%arif The Handoo Gift OtheT 122.575 369,255 2,847 494 677 1.084 861,147 (30.750) 92,909 1.254,017 2.847 1.349.773 123,660) 47,275 862.231 47.275 30.750 The Handoo Gift relates co a speciFic don3uon whi¢h has been treaied as re8tncted fijnd as per the rerms and conditjons of the Flandoo Trust Deed. The FIandoo GiFt funds a Bursary which 1$ inrend¢d ro expartd the global vision of the school and ¢xpo$ur¢ of .students to diversiry and d&fferLnce. Th¢ Prize.5, Schoiazships, Bursarie% & Grants telaiex to historical ￿ft8 intrnded for a8nciat¢d rea%ort%. The &um of £30.750 r¢ceivcd by this Fund relates tn a transfer from the Hxnduu Gift from pr¢vioLts ye%Th that had noi been correctly expensed. The Other Eund relates to a 5rnall number of historical yfis with .%ptcific and th"E(erent purpose.4. but whose v31u¢ was not ertough to justify their own fund. 21 Reconciliation of changes in regourcel to Ne¢ Caih (outfiow8)/Inflows from Operating Activitie• 2024 2023 Ner incominx r¢sDurces For che y¢ar fo date 1,976,060 215.630 Adjustment% fi)r'. Ini¥r 4hortfall, Ihc Tru.4t¢¢ has asked the participatin ¢mployer8 to pai addiuonal contnbuu()nb 10 Ihe sch