2022-08-31-accounts

Company No. 00420867 Registered in England Charity No. 312762 ST HELEN'S SCHOOL, NORTHWOOD ANNUAL REPORT AND FINANCIAL STATEMENTS 31 AUGUST 2022

ST HELEN'S SCHOOL, NORTHWOOD ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2022 Contents Page Governors, Officers and Advisers Annual Report of the Governors Director5, Report Strategic Report Independent Audltor'5 Report 18 Consolidated Scatement OF Financial Activities 21 Consolidated Balance Sheet 22 School Balance Sheet 23 Consolidated Cashflow Statement 24 Notes to the Financial Statements 25

ST HELEN'S SCHOOL, NORTHWOOD GOVERNORS. OFFICERS AND ADVISERS YEAR ENDED 31 AUGUST 2022 GOVERNORS, DIRECTORS AND CHARITY TRUSTEES The Governors of SL Helen's School, Northwood I'the School.? are the School'5 charity trustees under charity law and the directors of the charitable company. The member5 of the Governing Body who served in office a5 Governors durlng the year and subsequently are detailed below. {41 .'Mrs A Philipson {Chairl ppointed 9 December 2013 Resigned 22 September 2022 ppointed 22 September 2022 Appointed 8 Decernber 2014 ppointed 8 December 2014 ppointed 10 December 2018 Resigned 10 May 2022 ppointed 10 December 2018 ilesigned 24 August 2022 ppointed 18 November 2022 ppointed 23 September 2022 ppointed 20 Novernber 2020 ppointed 8 December 2016 Resigned 8 October 2022 Appointed 24 October 2022 ointed 5 December 2011 Mr P Young (Chair) Mrs M Bhandari Mr N Boghani {Vice Chairl Prof M Brown ".Ms D Chu Ms S Davis Ms A Espley Ms G Goldrein Dr S Gordon tqs Z lanmohamed is P Mongia Mr V Saprn r R Stroet ppointed 8 December 2014 ppointed 5 October 2020 ppointed 10 December 2018 Resigned 21 March 2022 ppointed 10 December 2018 Resigned 20" February 2023 ppointed 6 Decernber 2010 Resigned 16 Septernber 2022 ppointed 4 April 2019 Resigned 6" january 2023 I C Taylor Mrs L Tong Mrs M Weeraselcera Mrs M Wolff {11 Finance and Estates Committee 111 Education Committee 13} Risli Committee 141 Human Resources Committee Parent of pupil at the School During the year the activities of the Goveming Body were carried out through four committees in addition to termly Full Council meetings. The membership of these committees Is shown above for each Governor. Page I

ST HELEN'S SCHOOL, NORTHWOOD GOVERNORS, OFFICERS AND ADVISERS YEAR ENDED 31 AUGUST 2022 OFFICERS Headmlstress: Mrs. Alice Luca5 Secretary: Mrs. Maria Dimmock Buslness Dlrector and Clerk to the Governors: Mrs. Maria Dimmock Registered company number: Reglstered charlty number: Principal and Registered Office address: 00420867 312762 St Helen's School Eastbury Road Nor¢hwood Middlesex HA6 3AS Banlcer5: Barclay5 Bank plc 54 High S¢ree¢ Ruislip Middlesex HA4 7AT Auditor: Haysrnacintyre LLP 10 Queen Street Place London EC4R 1AG Sollcitor5: Veale Wasbrough Vtzards LLP Narrow Quay House Narrow Quay Bristol BS1 4QA Website *ww.sthelens.london Page 2

ST HELEN'S SCHOOL, NORTHWOOD ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2022 The members of the St Helen's School, Norihwood Governing Council present their Annual Report for the year ended 31" AugLJSt 2022 under the Charitie5 Act 2011 and the Comparnies Act 2006, thus including the Directors. Repori and Strategic Report under the Companies 1006 Act. together with the audited fin2nci315tatements for the year. The consolidated financial statements include the financial statements of St Helen's School, Northwood and its subsidiary company, St Helen's Enterprises Limited. DIRECTORS, REPORT CONSTITUTION AND OBJECTS St Helen's School was founded in 1899 and is registered with the Charity Comrni5sion under charity number 312762. The School's Governors. executive officers, addre55 and professional advisors are as listed on page 1. The School is a company limited by guarantee and is governed by 1¢$ memorandum and articles of association dated 4 October 1946 as amended by speci31 resolutions passed on 26 March 1996, 22 March 2004 and 30 June 2015. Charltable Object5 The charity'5 objects a5 set out in its memorandum of association are to.. advance education in particular by (but not limited tol carrylng on at Northwood in the County of Middlesex and elsewhere as may from time to time by the Ch2rity be thought fit, a day andlor boarding school or college, or schools or colleges. and advance religion through the provision for worship and instructyon in the Christ13n tradition and with respect for all faiths, religions and religious diversity. AIMS, OBJECTIVES AND ACTIVITIES Alms and Intended Impact In line wich its charitable objects. the School aims to.. provide each and every girl vvith the opportunity and means to achieve academic excellence by promoting intellectual curiosity, excitement and ambition provide pupils with the personal sl<ills, emotional resilience and confidence to achieve their full potential through a varied, rich amd challenging co-curricular programme know, value and respect all girls as individuals so as to best support them on their journey through the School ensure that the School, the girls. the staff and parents play a full and actiye part in the local, national and global community Our gr15 will be brave and true. ever intsllectually cUr￿)us. They will believe they can do anything. They will want to expbre how they can best intrract with the world around them ard make a difference for the better in their own way. They will be ready for whatsver the futu￿ bring5. Page 3

ST HELEN'S SCHOOL, NORTHWOOD ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2022 Our wll.. be excited about thelr leamlng, always asklng the question 'whl', be independent. adventurou5 and arnbitiou4 be the problem-solvetg and trailblazer5 for tomorrow,. athys be 8uided by integrity and their own Strong moral princip￿5.. celebrats diversitr. be compassw)nate towards themselves and others. At the same time, the School aims to provsde facilitie5 and opportunities for the benefit of its local community. The trustees confirm that they have had regard to the Charities Commission's guidance on public benefit when reviewing its objectives and actiwties. Objectives for the Year The main objectives for the year were to.. Continue to provide a high level of education and maintaln a high level of achievernent throughout the School through the ongoing enhancement of staff profession21 development and leadership qualitie5. Enhance and broaden the co-curricular provision at all stages of the School, within the continuing constraints of Covid 19. Further develop the exceptional pastoral care provided to girls at the School. Continue to inves¢ in the School's existing facilities through stable fee income and prudent management OF projected surpluses. Update the Estates Strategy to meet the needs of the School for the next 10 year5. Increase the provision of bursaries to offer opportunities for girls who, without some financial assistance, might not be able to tal<e up a place at St. Helen's. Develop linl(s with local State primary schools to encourage them to tal(e advantage of the School's bursary programme. Develop links with local state schools to identify opportunitie5 for joint working and support. within the continuing constraints of Covid 19. GOVERNANCE AND MANAGEMENT Governing Body The charity is run by its trustees. who constitute the School'5 Council of Governors and are the directors for the purposes of company law. Council is 5elf-appointing and may from time to time invite universitles land other further education bodies} or professional bodie5 to notninate a Governor. Council may consisi of between five and twenty Member5. Service on Council is for 2 term of three years and retiring governors can be re-elected maximum of 3 time5 after an initial term of 3 years, to serve up to 12 years in total. Page 4

ST HELEN'S SCHOOL, NORTHWOOD ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2022 Council talces its governance responsibilities seriously and, a5 a large charlty, aims ¢0 have a governance frameworl¢ that is lit lor purpose, compliant and efficient. The Council has established a solid foundarion in governance in which all trustees are clear about their roles and legal responsibilities. are committed to supporting St Helen's to deliver it5 objects most effectively for the benefit of its beneficiaries and contribute to the School's continued improvement. Overall, the School's Council of Governors meets a very significan¢ proportion of the recommended and best practice for governance contained within the Charity Governance Code (published july 20171 across the Code's 7 principle5 and are comfortable there are no signilicani area5 of review required. Arrangements will continue to be monitored against the best practice principles contained withiTh the Code. Recruitment and training of Governors Governors are appointed a5 vacancies arise. New members of the Council of Governors are elected based on nominations from the Governors and the executive officer5 and on the Candidates, professional qualiiie5, experience, personal competence and availability. Candidates are Snterviewed and the suitability of candidare5 IS discussed by Council before candidates are invited to join Council a$ appropriate. New Governors are inducted into the worl(ings of the School. includrng Council policy and procedures. at an Induction session specially organised for them by the Clerk to the Governors. The new Governors are also invited to attend specialist external courses on the role and responsibilities of charity trustees and in School training e.g., child protection and safeguarding delivered by Che Designated Safeguarding Lead. As reqUI￿d, Governors attend external trusiee training and information courses designed to l<eep them informed and updated on current issues in the sector and regulatory requirements. Organisational management The School Governors, as trustees of the charity and d¢rector5 of the company, are responsible for the overall management and control of the School. Full Council meets formally once a term. The implernentation of most of Council's decisions and policies is undertaken by committees, which meer tei'mly and report back at each Council meeting. Committees are st3ffed by appropriate governor5, With regard ¢0 experience, expertise and interest. The Governors meet three times per year to review the strategy and performance of the School and co set operating plans and budgets. The worlc of implementing their policies is carried out by four Committees.. The Finance and Estates Committee scrutinises revenue, budget, capital expenditure and progres5 against the Estates Masterplan, building project5 and maintenance. This Committee a150 supervises and linalises the audited financial stiltements and annual report for approval by the Council of Governors. The Committee is chal￿d by Nadeem Boghani and meets once each term. The Education Committee considers educational and pa5tornl pollty, co-curricular opporLunities 2nd the role of IT in education. The Committee is chaired by Robin Street and meets once each term. The Risk Committee monitors all strategic risl(s facing the School. The Committee is chaired by Michelle Weerasel(era and rneet5 once each term. The Human Resources Committee monitor5 all staff turnover. remunerztion tncluding pension benefits. The Committee is chaired by Sara Gordon and meets once each terrn. The Commi¢tees' decisions are ratified by the full Council of Governors. The day to day running of the School is delegated to the Headmi5tre55, Business Director and Senior Leadership Team. The Headmistress and Business Director attend all meetings of Council and its Committee5. Page 5

ST HELEN'S SCHOOL, NORTHWOOD ANNUAL REPORT OF THE GOVERNORS {CONTINUED) YEAR ENDED 31 AUGUST 2022 Key Management Personnel The Council of Governors set the remuneration polity for the key managernent personnel with the objective of recruiting. rewarding and reiaining high quality individuals who are appropriately incentivised to contribute to the success of the School. The Icey management personnel in the School are the Senior Leadership Team which consists of the Headrnistress. Business Directorlclerlc to the Governors. Deputy Head Academic. Deputy Head Pastoral, Deputy Head Co-curricular & Partnerships. Director of Teaching and Learning. Asslstant Head 6, Form and Pupil Progress, Acting Assistant Head Pastoral and Acting Director of Operations. Remuneration is reviewed annually and conslder5 general economic factors and comparisons with peer group independent schools through consultant surveys LO ensure that the School remains competitive. The School aims to reward l¢ey sraff at, or just above, the median point within a band to ensure the highest quality staff are recruited and tnceniivised to help deliver the vision for the School. Group Structure and Relationships The charity has a wholly owned non-chariLable 5ubsidi3ry, St Helen's Enterprises Limited, whose actNities and trading performance are discussed below. The School is a member of the Association of Governing Bodies of Independent Sehoo15 (AGBISI, the Independent Schools, Council IISCI, the Girls, Schoo15 A550ciation (GSAI, the Independent Association of Prep Schools (IAPSI and the Independent Schools, Bursars, Assotiation IISBAI. The School network5 widely with other schools to promote high quality learning and to learn from others, experiences. Environmental and Employee Matters The School is mindful of its environmental responsibilities and strives lor improvement. Pupils and staff are encouraged to use and recycle all types of resource carefully to conserve physical resources and energy. The significant capital investment in the School 51te over the past 5 years has all been planlled with enYironment31 considerations at the heart of any new bulldlngs, including living green roofs. solar arrays. water attenuation systems and energy efficient mechanical and electric31 installation5. The School's commitment to the environment is recognised by the award of the Green Flag by the Eco-schools organisation, the award of the London Borough of Hillingdon's Travel Plan 'STARS' accreditation (Gold level) and by the awèrd ol Fairtrade School status. St Helen'5 ha5 comprehensive health 2nd safety policies and provide5 a safe and healthy environment for its pupils and employees. St Helen'5 15 committed to equal opportunities for all pupi15 and staff. Every effort is made to accommodate pupils or staff with ¢Jisabilities and io ensure that staff participate in all career opportunities available. Full and fair consideration is given to job applications from disabled persons ènd due consideration is given to thelr training and employment needs. Consultaiion with employee5, or their representaiives, has continued at all levels wilh the aim of t￿{Ing the views of employee5 Iflto account when decisions are made that are lilcely to affect their interests. Employees are encouraged to particlpate in the life of the School and are l<ept fully informed of event5. Staff meetings take place weelcly during term and staff are consulted on materihl mattsrs where appropriate. Employees are made aware of the financial and economic performance of the School. Page 6

ST HELEN'S SCHOOL, NORTHWOOD ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2022 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Governor5, as Directors of St Helen's School. Northwood for the purposes of company law, are responsible for preparing the Annual Report and the financiol statements in accordance wlth applicable law and regulation5. Company law requires the Governor5 to prepare financial statements for each financial year which give a true 3nd fair view of the state of affairs ol the charitable company and the group and of the incorning resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparlng 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 Statement of Recommended Practtce ISORPI- malce judgments and estimates that are reasonable and prudent., stale whether applicable accounting standards have been followed, subject to any material departures disc105ed and explained in ¢he financial staternents,. prepare the financial statements on the going concern b35is unless it is inappropriate to presume that the charity will continue to operate. The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions. disclose with reasonable accuracy at any time the financial position of the charltable company and enable them to ensure that the Ilnancial statements comply with the Companies Act 2006 and the provisions of ihe charity's COll5titution. They are also responsible for safeguarding the a55et5 of the charity and the group and hence for tal<ing reasonable steps for the prevention and detection of fraud and other irregularities. The Governors are responsible for the maintenance and incegrity of the corporate and financial Information included on the charitable company's website. So far as each of the Governors at the date of this report is aware. there is no relevant audit information of which the charitable company's audltor is unaware. Each governor has Laken all the steps that helshe ought to have talcen a5 a trustee in ordÈr to mal(e himselflherself aware of any relevant audit information and to establish that the charitable company's auditor 15 aware of that information. Page 7

ST HELEN'S SCHOOL, NORTHWOOD ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT MISSION STATEMENT To prowde each and every gid wth the opportunity and means to aehieve acadernic excdlence,. To provlde our students wSth the personl slolls, emotional resillernce and the confidence to achÈve thelr full potential throuth a varied. rich and challerging co-curricular Pr0￿mme. To l<now. value and respett all as Indivlduals so as to best support them on thelr Soumey through the school., To ensure thatthe girts are ready to playa full and active part in their communitEs and in an Interconnected digital work4. CORONAVIRUS PANDEMIC The following review of the School year references its Strategic plan and where appropriate the imp8Ct of the Coronavirus pandemic and the continued restrictions on large gathering5 and the limitatlQll5 these presented for the normal running of the School. STRATEGIES TO ACHIEVE THE OBJECTIVES FOR THE YEAR The Governors and the School leadership team continue to focus on providing the right environment to allow girls to achieve their very best. The School aims to provide a dynamic environment for excellence in teaching and learning and to inspire girls to think for them5elve5. Girls are encouraged to develop a sense of responsibility and ambition, both for thernselves and others. Throughout the School, teachers are committed to ensuring tha¢ each girl achieve5 her potelltial. Eyerything we do is designed io develop the learning habits and character attributes that will set our pupils up for success and fulfilment in their academic studies. career$ and personal The Head's vision lor St Helen's pupils is that they 'will be brave and true. ever intellectually curious. They will believe they can do anything. They will want to explore how they can best interact with the world around them and mal(e 2 difference for the better in their own way. They will be i-eady for whatever the future bring5." Core to the vision are the two key str8nds of academic and pastoral development. The School Strategy focuses on four further facilitatirng strnnd5 to support these.. Staff,. Leadership & Governance,. Support- and Relationship with the Wider World. The leadership tearn have continued to develop co-curricular opporiunities for the girls and there are now more than 80 different types of activity available for the girls to choose from to broaden their horizons, including participation in the school's outreach programme linl<ed to Ioc21 primary schools. The school has continued to invest in its existing facilities during the course of the year with various minor capital projects, including rhe refurbishment of the staff room in the Science bloc1( and structur31 m3intenance of buildings in the Main School. In addition, major capital projects dui'ing this year have focus5ed on the design of a new building to provide dedicated changing space for the girls in senior school and Y6. together with an office lor the PE department totalling 12 teachers. The Scheme totalling circa. £2.2rn 15 currently with the planning department. awaiting approval before consideration by the School's Finance and Estates Committee and Full Council. This project form5 part of a wider 10-year Estates Strategy which includes a once in a generation opportunity to cons¢ruct an Arts and Cultural Centre providing a much needed large-seale theatre style facility with capacity to accornmodate more than 500 seat5 Wlth the intention that this facility will support the needs of the school and also host local community events. This project 15 currently at the design and pre-planning application phase. Page 8

ST HELEN'S SCHOOL, NORTHWOOD ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2022 The School continues to develop its partner5hip5 Wlth other schools to allow others to benefit from St Helen's resources and facilities, and a150 ¢Ontinue to provide f¢nancial Support to a increasing number of girls through its bursary fund. ACHIEVEMENTS AND PERFORMANCE Review of achievement5 and performance for the year The School measures its success by referring to.. The demand for places at the school School Inspection report5 Academic results and university entrances Pupil, parental and staff questionnaires Regular audiL5 of public benefit. Operational performance Tho charity provides educatiofi in Northwood to girls From the age of 3 to 18. This is provided through St Helen's Preparatory School {ages 3 to 1112nd St Helen's Senior School (ages 11 to 181. In total, St. Helen's averaged 1,162 pupils across the year. Demand for places at St Helen's remained high, wlth the School oversubscribed at all the major points of eatry. The School continued in it5 policy of selecting pupils it judged to have the highest academic potential. Academic potential and ability are recognised and nurtured throughout the school., the pupils make excellent progress which is reflected in consistently outstanding results at GCSE and A Level. In summer 2022, GCSE and A Level qualifications were awarded by examination and Non-Examinatlon Asse$5ment for the first time since 2019. Adaptations were made to most qualifications to i-ecognise the differential lost learning caused by the COVID-19 pandemic in the UK, and grade boundaries were set so that the proportion of students achieving top grades 3t GCSE and A Level was approximately midway between the totals for 2019 and 2021 (when qualifications were awarded via Teacher Assessed Grade51- Qualifications in Ar¢ were assessed through student portfolio only. Ir Year 13. 33% of A Levels were awarded at grade A 80% at grade A or A, and 94% at grddes A* B. Value added data for A Level outcomes puts St He1en'5 in the top 10% of all schools nationally in 2022 in terms of pupil progress at Key Stage 5. This repre5ent5 a highly significant improvement in outcomes and progress for St Helen's students in cornparison with the previous fully exarnined series in 2019. Year 11 siudent5 achieved similarly impre5siYe results.. 43% of all qualific3ti0ns were awarded grade 9, and 90°A achieved grades 9-7. Results at GCSE and A Level in 2022 were very Similar to those awarded via Teacher Assessed Grades in 2021 and are testament to the hard worlc of the pupils and their resilience under exceptionally challenging circumstances over the previous two years, and ¢0 the professionalism and dedication of our staff who have provlded them with outstallding academic and pastoral support. St Helen's academic success is recognised by its place in the premier league of UK schools. St Helen's Is also recogni5ed as providing 3 first class, all round educational experience LO supplement 1¢$ drive lor acadernic excellence. The School believe5 that co-curricular octivities are a YitaS cornponent of a balanced and stirnulating education. In the academic year 2021-2022 we re-introduced a full r3nge of oppoi'Lunitie5 to participa¢e in MUSIC, Sport, drama, the Cornbined Cadet Force, the Duke OF Edinburgh's Award and a huge variety of clubs and societies. as well as involvement with a range of charities. We also reinstated the majority of our In- person performance opportunities in music and drarna, including the annual House Art5 competition where pupi15 write. design. direct and perform original drama. dance and songs. Page 9

ST HELEN'S SCHOOL, NORTHWOOD ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2022 Educaiional visits were reinstated following the relaxation of Covid 19 restrictions. culminating in the summer holidays. with a Music Tour for approximately 100 students to Pari5, and Phab Weelc in which Sixth Form pupils from St Helen's and Merchant Taylors. Schools provided care and activities for a nurnber of young people with disabilities, providing their families with much-needed respite care. There were a variety of other trips and vlslts across the UK including the those for the Combined Cadet Form ICCFI and a Duke of Edinburgh Bronte award expedition and series of trips across other Year Groups. A whole school parent survey was conducted Tn January 2022. The results were analysed and an action plan of initiatives communicated to Prep and Senior School parents which included the introduction of an Actlng Director of Cornmunications to manage communicatlOn5 and engagement with parents to improve consistency and continuity ol our messaging. A review of the curriculum, including academic reporting tool( place in Prep and Senior Schools and Prep parents were invited to participate in a comprehensive review and round table discussion about school lunches. A whole school parent survey wlll be conducted again in 2023 to draw a meaningful compari50ll Wtth the 2022 responses. The school's Deputy Head Pastoral conducts staff well-being surveys each term, with feedbac1< to the Executive team to agree actions which have included widening access to the School's gym and swimming pool during the early morning and lunchtime. yoga relaxation session5. St Helen's is a popular school and the Governors believe that the School will continue to attract high numbers of application5 into the foreseeable future. The Governor5 are neverthele55 aware that the current economic environment may affect leve15 of applications or the ability to pay fees in the shorter term and will take this Into account when reviewing the level of any fee increases for the 2023124 academic year. In addition, the Governor5 will determine whether capital programmes and the associated funds may Theed to be paused in the event of any major change. PUBLIC BENEFIT Grant-malclng Policy This year, St. Helen's pupils benefited from £1.49M12020.. 11.39ml awarded in scholarships and bursaries. Each year, the School mal(es available a number of scholarshsps to defray a proportion of tui¢ion fees. Awards are made based on academic abiliiy and are not related to financial circumstances. The School a150 rn3ke5 available a small number of awards for music, art. sport and drama. Approximately two thirds of the School's grants are awarded as bursaries. By granting bursaries. the School also seel<s to ensure continuity of educacion for all its pupils and to provide opportunitie5 for girls who, without some financial assistance. might not be able to talce up a place at St Helen'5. A bursary is a discretionary means-tested financial award which. in some cases. covers 100% of fees and associated extras. Bursaries are not linked to scholarships and a girl could receive both. The School does not have a large endowment but funds bursaries from income, p2rticularty that generated from it5 irading subsid¢ary. St Helen's Enterprises Limited. As a result, the amount available for bursaries might fluctuate from year ¢0 year but Is generally increasing over time. The School is mindful that it must ensure a balance between fee-paying parent$, many of whom malle considerable personal 5acriPice5 10 fund their child's education, and those benefiting Frorn the awards. In 2021-22 the School provided bur5arial help to 68 children at a cost of £1,006,287 which eguate5 to 8% of senior school fees. An additional ¢hree pupils were awarded hardship bursaries totalling £55,705. The fee5 of 26 children were fully covered by bursaries and a further two by a combina¢lon of bursaries and scholarships. Vvhere appropriate for those on full bursarie5, the School 8150 considers funding ancillary costs. in particular lunches, coach travel and trips which are considered a part of the curriculurn. Page 10

ST HELEN'S SCHOOL, NORTHWOOD ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2022 8ur5ary funding has grown to its current level from £236,000 in 2007-2008 and a fund of £1.3m has been budgeted for 2022-23. The Governors of the School intend to further increase bursaries a5 School finances allow over time. Written Information about bursaries and how ¢0 apply for them 15 available from the Admissions Department or the Accounts Department of the School 3nd from the Bursary and Hardship Policy published on the School's website. Information 15 also available at School Open Days and discussed in the School pr05pettus. The School'5 Business Director and Head of Finance ore available during the school day to di5CUSS Potential bursary or hardship applications. The availability of bursaries is actively promoted at marl<eting Visits to local feeder schools and the School Outreach Programme seel(s to identify and liaise with state junior schools to encourage applicants who might never have considered St Helen's to apply for a bursary and a place at the School. The School aims to give burs3ries to those it judges to requlre fee assistance in accordance with the fund5 the School has available. The School a55e5se5 a wide range of factors. including income. outgoings, asset5 and liabilitie5 a5 well as the specific family circumstances in every case. Because circumstances can differ widely in deserving case5, the School does not publish detailed bursary criteria. Schools Together St Helen's Worl￿ in partneiship with other local schools in a variety of ways arid is always lool(ing to develop and extend its partnership and outreèch work. A5 2 school, we look carefully at what provision our Partnership schools need and loo1< to support them in a rnultitude of ways. Our Yr 12 Outreach and Volunteering Programme is a bespolce programme designed in collaboration with our Partnership Schools, thus ensurlng that we are maximising our support exactly where it is needed. As an independent school. St Helen's 15 committed to fulfilling its responsibility to share resources and facilities with children and young people in the local area co support, develop and enhance the educattonal provision tal<ing place in other local school settings. Current partnership prolects Our Yr 12 Ouireach and Volunteering programme sees 100 Yr 12 St Helen'5 students enter into schools in the local Community, where they tal(e part in li) Reading and Phonic5 literacy support. lill lead Music lessons. Craft club, livl Science club. (vl Drama club, Ivil Computer science club and {vii) PE club. Our students a150 go to Special Educational Needs Schoo15 and facilities to assist the learning of children with complex medicdl needs. Saturday Masterclass sessions run in collaboration with a variety of Royal societies, such as Stem and Maths classes. enabling student5 from ihe local cornmunity to learn content above and beyond their standard curriculum in their schools. Stand-alone day events such as CSI STHN, Animhl Behaviour, Microscope$ and bug life, Sports Science. and Sports Master class sessions bring students from the local community into our school to take part in high end above the curriculum learning. Future Projects A partnership relationship continues to be developed with five local Prirnary Schools.. Eastbury Farm Primary, Frithwood School, Greenfields School. Holy Trinity C of E School. and St joseph's Catholic Primary School. as well as developing links with Grangewood School and Sunshine House. Page I I

ST HELEN'S SCHOOL, NORTHWOOD ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2022 Headteachers from all schools are invited to visit St Helen's to gain an appreclation of the facilitie5 and resources that could be provided and to discu55 and plan potential partnership projects going forwards. Our Director of Outreach and Partnership, under the leadership ol the School's Deputy Head of Operdtions, visits these schools regularly to gain a deeper understanding of each setting and the are35 in which St Helen's ￿sOUrceS tmight be of particular value. The agreed focus of offerlngs is to ellable pupi15 to experience specialist teachers and equipment. to develop 'cultural capital, and provide a broader perspective on the opportunities available to them beyond prlmary School. Community Involvement S¢ Helen's invofves Itself In Its tommunity in a wide variety of ways. Of particular importance is it5 contribution through the provision of bur53ries.' the school is particularly keen to encourage applicants frorn the local community. A significant number of School staff are Involved IA the governance of local schools and Multi Academy Trusts. The School'5 facilities continue to be open to the community including the gym and swimming elubs based at the sports centre, sports clubs which use the all-weather pitch and Airdome, and the use of the School's grounds for community-focused summer camps, although were restricted durillg the Covid pandemic. The School also supports the Mllitary Covenant and UK and NATO staff based at the Permanent joint Headquarters in Northwood are able to use the swlmming pool every weekday morning throughout the year. The School has links with a local special need5 school and local residential homes and the local community is invited to attend School events. The School raises £10.798 for charities throughout the year throvgh various initiatives such as non-uniform days, cal<e sales and book reading and has been able to support a number of international, national and local charities including.. PHAB £3562, HIll￿ngdOn Food Bank £814. M2cmillan 1606 Volunteers Due to the continuing Covid restriction5 at the stari ol the year the usual events sponsored and supported by the School's ParentlTeachers' Association were restricted. The School's Head of Prep is reviewing the comp051tion of the parentlteacher relationship and the new arrangements are expected LO be In place frorn the 2022123 academlc year. FINANCIAL REVIEW Results for the year Despite the continuing financial ehallenges of the Covid pandemic, pupil numbers remained stable and the School had a successful year financially with incoming resources totalling £21.2m12021.. £19.6rn1 with the majority 194%) generated by school lees and other educational income. St Helen's Enterprises operates under licence from the School and Its activities include renting the School grounds and buildings a5 well a5 activities based in the Sports Complex. Income from the Enterprises wa5 expected to be slow to recover following thÈ lifting of Covid restrictions. However, with an increased focus on strategic direction, rnarketing and rebrdnding to reflect the launch of an Events offering in addition to the Sports Centre and venue hire. the School received a contribution from En￿rpriseS of £3531< for the year. The year ended with Enterprises gernerating £992,00012021 £512.0001 revenue and £397.107 (2021.. £80,000) operating surplus in the year, enabling it to donate £397,107 w the School under gilt aid. The company held £556,000 12021.. £237,000) cash at the year end. Page 12

ST HELEN'S SCHOOL, NORTHWOOD ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2022 The Governors carefully considered the economic circumstances resulting from the Coronavirus pandernic when considering fee increases for the 2021-22 academic year and balanced this against its strategic plans to continue to improve the standard of educ31ion offered and the facilities and staff resources necessary and its commitment to bursary and scholarship funding. The Governors agreed that fees should increase from the Spring term 2022 with Senior School fees lrncreaslng by 10.5% to £21,468 per annum and Prep School fee5 increasing by 10.5% to £18,090 per annum from September 2022. In summary. day-to-day expenditure remained well controlled and the School generated net incoming resources of £1.4m12021.. £8811c}. Net Current liabilities stand at £3.6m 12021.. £5.5ml reflecting accrued liabilitie5 from capital programmes. At the year end. the School held no free reserve5. Cash generated is Invested in the provision of education. p3rticularly in increased bursary funding. Fixed A55ets The director5 are satlsfied that there are no indica¢or5 of impairment to the marlcet value of the School's freehold properties which is substantially in excess of the bool< value and hence a professional valuation quantlfying the difference is nor required. Fundralslng Fundraising at St Helen's is an important part of the operation of the School but remains embryonic. comprising ust over 1% of the operating budget. Fundraising 15 Usually undertalcen by the School's Development Office and affiliated organi5ations of, primarily* volunteer groups of parents and alumni. There are no professional fundrai5iNg organisations used and so no monitoring processes required. The School Subscribes to the Fundraising Regu13tor and adheres to the Code of Fundraising Practice when undertaking fundraising èctivity. There were no complaints received by ihe School in relatlon to fundraising activity in the past year. The School talce5 It5 responsibility to anyone who might be vulnerable very seriously and this will continue to be Considered in the School's approach to fundraising activity. Reserves Pollcy The GoYernor5 are cornmitted to a policy of continuing to improve the School through bulldlng and refurbishment as well as investing in teaching resources. A substantial part of funding for this will be met from the annual surpluses of income over expeTrditure. As a consoquence of the Governors, invesLment plans for the School's buildings, the Sehool does not currently hold any free reserves. The Governors are awère of a free reserves defic¥t and do not consider that this presents a financi31 ris1( to ¢he School in the short to medium term whilst net incoming resources remain strong. The policy on re5erve5 15 reviewed anfjually by the Finance and Risk Committees. The School currently plan5 to invest its annual operating surpluses in buildings and facilities in the coming years, in line with the School's strategic development plan and Estates Ma5terplan and will continue to keep its development plans and future requirement for reserves under review. The Governors are satisfied that operating c85h flows remain strong and will be sufficient to 211ow the School to meet its liabilities as they fall due. However, the Governors also recognise that the levels of reserves will fluctuate in response ¢0 economic conditions and during periods of strategic investment in the School estate. In july 2018. a small finance facility was arranged with the School's ban1< to accommodate short term cash flow requirements during the capita5 programme and this arrangement continue5. Regular dialogue is maintained with the Sch¢xJl's bank to ensure that the appropriate financial facilities are available to call on should the need arise. Accordingly, the Governors conslder that the going-concern b35is remains appropriate for the preparation of the school's accounts. Page 13

ST HELEN'S SCHOOL, NORTHWOOD ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2022 RISK MANAGEMENT The Council of Governors is responsible for the management of ri$115 faced by the School. DetaSled consideratlon of risk 15 delegated to the Risk Committee. which meet5 terrnly and reports to Fvll Council. The Committee reviews and agrees the School's forni31 rislc register and conslders risks in the following areas.. Governance or management risks Business plan implementation risks Operational rislis Financial risks External and regulatory risks. The Governor5 consider the principal risl(s facing the School to be: Failures in Safeguarding. The Governors rnitigaLe against this risk through the appointment of a nominated Governor for Safeguarding who reports to the full Council termly. The Safeguarding Governor leads annual revlews of Safeguarding withirn the School to ensure that all relevant policies and procedures are implemented and understood. The Governor5 also ensure that the School octs in accordance wlth the instruction givern by the Independent Inquiry into Child Sexual Abuse regarding the retention of personal data. Affordability. The Governors are mindful of the pressures on parents regarding fees, particularly in the current economic climate with the cost-of-living crisis. and salaries not keeping pace with the high rates of inflation. Fee rises were earefully considered in the context of it having been more than two years Since the last increase and the provision of a Hardship Fund to help those in need. Failures in Health and Safety. The Governors designate a Governor to monitor the School's Health and Safety arrangements. The de5igriared Governor attends the School's regular Health and Safety Committee meetings and plays an active role in the monitoring of relevant high-risl< areas. The School is supported by external consultants who conduct independent annual Health and Safety reviews which are scrutitllsed by the Governors. The Governors are satisfied that all rnajor risks identified ère adequately understood, assessed and managed across the School and that appropriate mitigation measures and controls are Smplemented as and when necessary. FUTURE PLANS The School launched its 3-year Strategic plarn in July 2020 following the appointment of the current Headmistres5, which includes the following Strands: To ensure that all pupils achieve their potential and malce exceptional progress. They develop the St Helen'5 learner habits and develop lifelong intellectual curi051ty and tenacity. All pupi15 develop the St Helen's character attribute5, Icnow how to loo1< after their own and others well-being and become confident, resilient young women ready for whatever the future brings. To recrui¢, develop and retain the outstanding staff that deliver the very best Trachlng and learning, support and guidance in order to facilitate academic and personal development for all. To ensure that leaders èt all levels systsmatically evaluate the impact of strurtures and strategies and drlve forward effective and sustainable improvement to academi¢ and personal development lor all. Page 14

ST HELEN'S SCHOOL, NORTHWOOD ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2022 To prowde the hlghest quality environmenL facilities and support structures to facilitate outSt3nding academic and personal development for all with secure and Stable financial planning. To establish the School's reputation in the community as one where ambitious girls thrive academically and personally. As part OF the support sirand to the Strategyi the School ha$ developed a new 10-year Estates masterplan following on from the completion of its previous plan which Saw the development of the junior School Building, Macl¢enzie 6 Form Centre. School of Music and m05t recently the STEM building. The new plan focuses on the development of an Art5 and Cultural Centre providing a multi-purp05e venue to showcase large School event5 and productions as well as community and commercial activities. There is also a plan to address the lac1< of dining room capacity and to improve catering facilities in the Gables building, together with dedicated changing facilicies and a PE office which are poorly provided for across the School. The Governors are comrnitted to further developing links with the state sector and local community in line with the Schools Together programme. The School will be extending it5 connections with local state schools both in terms of shared educational objectives and through the furtherance of our bursary progrdmme into schools who have not previously considered the optioll of their girls attending St Helen's. Thi5 Annual Reportb prepared under the Charities Act 2011 and the Companies Act 2006. Wds approved by the Council of Governors of St Helen's School, Northwood on 8 February 2023 including in their capacity as company directors approving the Directors, and Strategic Reports contained therein, and 15 Signed as authorised on its behalf by. Philip Young Chalr of Councll of Governors Page 15

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST HELEN'S SCHOOL, NORTHWOOD Oplnlon We have audited the financial statements of St Helen's School. Northwood for the year ended 31 August 2022 which eompri5e the Con501idated Statement of Financial Activitie5, the Consolidated and School Balance Sheets. the Consolidated Statement of Cash Flows and notes ¢0 the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Unlted Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Atcounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the group's and of the parent charitable company's affairs as at 31 August 2012 and of the group's and parent charitable company's net movement in funds, including the income and expenditure, for the year then ended., have been properly prepared in accordance wich United Klngdom Generally Accepted Accounting Practice,. and have been prepared in accordance wlth the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISA5 IUKII and appltC2ble law. Our responsibilities under those standards are further described in the Auditor's responsibilities For ¢he audit of the financSal statements section of our report. We are independent of the group in aceordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethlcal Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained Ss sufficient and appropriate to provide 8 basis for our opinion. Conclusions relating to golng concern In auditing the financial statements, we have concluded that the tru5tee5' use of the going concern basis of accounting in the preparation of the flnaneial statement5 is appropriate. Based on the work we have performed, we have not ideniified any material uncer¢aintie5 relating to event5 or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months From when the financial Statements are authorised for Sssue. Our responsibilitie5 and the responsibilities of the trustees with respect to going concern are described in the relevant section5 of this report. Other informatlon The trustees are responsible for the other information. The other information comprises the information included in the Trustees, 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. In connection with our audit of the financial statements. our responsibility 15 to read the other information and, in doing 50, consider whether the other information Is macerially inconststent with the financlal statements or our knowledge obtained in ihe audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material rnisstatements, we are required to determine whether there 15 a material misstatement in the linantial statement5 or a material misstatement of the other information. If, based on the worl< we have perforrned. we conclude that there Is a material misstatement of thi5 Other information. we are required to report that fact. We have nothing to report thls regard. Page 16

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST HELEN'S SCHOOL, NORTHWOOD Opinions on other matters prescribed by the Companles Act 2006 In our opinion. based on the work undertal<en in the course of the audit.. the information given in the Tru5tees' Report (which includes the stra￿gi£ report and the dlrectors, report prepared for the purposes of cornpany lawl for the financial year for which the financial statements are prepared is consistent with the financial statements., and the strategic report and the directors. report included within the Tru5tee5' 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 l<nowledge and understanding of the group and the parent charitable company and it5 environment obtained in the course of the audit, we have not identified materlal misstatements in the Trusiees. Report (which incorporates the strategic report and the directors. report). We have nothing to report in respect of the following matters In relation to whlch the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been Icept by the parent charltable company: or the parent charitable company flnancial 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 explanation5 we require for our audit. Respon51billties of trustees for the flnanclal statements A5 explained more fully in the trustees. responsibilities statement Set out on page 6, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being sètisfied that they give a true and fair view, and for such internal control as the trustee5 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 staternents, the trustees are responsible for as5e5sing the group's and the parent Charitable company's ability ¢0 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 the parent charitable cornpany or to cease operations, or have no realistic alternative but to do $0. Auditor s responsibilities for the audit of the financial 5tatement5 Our objectives are to obtain reasonable assurance about whether the financial staternents a5 a whole are free from material misstaternent, whether due to fraud or error, and to issue an auditor's report tha¢ includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee thac an audit conducted in accordance with ISAS (UK} will always deteci a material misstatement when it exist5. Mi55tatement5 carn arise from fraud or error and are considered material if, indivifjually or in the aggregate, they could reasonably be expected to influence the economlc declslons of users taken on the basis of these financial statèments. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including frdud is detailed below.. Based on our understanding of the charity and the environment in which it operates, we iden¢ified that the principal risks of non-compliance with law$ and regulations related to the independent school regulations. safeguarding regulations, health and safety requirement5. GDPR. ernployment law and charity law and we considered the extent to which non-compllance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and Companie$ Acc 2006 and conslder other factors such a$ payroll tax. Page 17

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST HELEN'S SCHOOL. NORTHWOOD e evaluated rnanagement's incentives and opportunities for fraudulent manipulation of the financial statements {including the risk of override of controls), and determined that the principal risks were relaTrd to the improper recognition of revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: Inspecting correspondence with regulators and tax authorities., Di5CU55iOll5 Wlth management Including consideration of known or suspected instances of non-compliance with laws and regulation and fraud., Evaluating management's controls designed to prevent and detect irregularitles., Identifying and Tr5ting journa15, in particular journal entries posted at the year end., and Challenging assumptions and judgements made by management in their critical accounting estim2te5. Because of the inherent limitations ol an audit, there is a risk that we will not detect all irregularitie5, including those leading to a material mi5StaTrment In the flnancial statements or non-compliance with regulation. This risk increases the more that compliance with 2 law or regulation is removed from the events and transactions reflected in the financi31 statements, as we will be le55 likely to become aware of instances of non-compllance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment. forgery. collusion, omission or misrepresentation. A further description of our responsibilities for the èudit of the financial statements is located on the Financial Reporting Council's web51te at: www.frc.org.uklauditorsresponslbllltles. This description forms part of our auditor'5 report. Use of our report Thi5 report is made 501ely to the charitable company's members, as 2 body, in accordance with Chapter 3 of Part 16 01 the Companies Act 2006. Our audit work has been undertaken so that we rnight state to the charitable company'5 members those matters we are requlred to state to them in an Auditor's report 2nd for no other purpose. To the fullest extent permitted by law, we do not accept or assume resp0rn5ibility to anyone other than the charitable cornpany and the charitable company'5 member5, as a body, for our audit worlc, for thi5 report, or for the opinions we have formed. Kathryn Burton Senior Statutory Auditor For and on behalf of Hay5macintyre LLP Statutory Auditor 10 Queen Street Place London EC4R 1AG Date.. 30th May 2023 Page 18

ST HELEN'S SCHOOL, NORTHWOOD CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES AS AT 31 AUGUST 2022 Un- restrlcted 2022 £'ooo Restrlcted 2021 £'ooo Total 2022 £'ooo Total 2021 £'ooo Notes Income from Charitable activities Fee$ Receivable Ancillary & Other Income 19,865 253 19.865 253 18,599 219 Other trading actlvltles Non-Ancillary Trading Income 992 992 512 Investments Banlc and other inve5tmeTrts Voluntary Sources Donation5 Government Grants Total Incomlng resources Expenditure on: Raislng funds Non-antillary trading 130 130 25 206 19,561 130 21,117 21,247 324 324 324 324 243 243 Charitable a¢tlvltles Education 19,509 19,509 18,437 Total expenditure 19.833 19.833 18,680 Net intome 130 1,284 1.414 881 Gain on unfunded pension 13 Nec movement in funds for the year 130 1,297 1.427 881 Transfer of fund5 Total funds brought forward 168 25,065 25.233 24,351 Total funds carrled forward 17 298 26,362 26,660 25.233 All income and expendlture relates to continuing activltles. The notes on pages 21 to 32 form part of these financlal statements. Page 19

ST HELEN'S SCHOOL, NORTHWOOD CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2022 Notes 2022 £'ooo 2021 £'ooo £pooo £'ooo Fixed assets Tangible 85sets 30.451 30,842 Current assets Debtors Cash at bank atbd in hand 10 617 1.200 1.817 (5,4681 390 239 629 16,0851 Creditors: amounts falllng due within one year 12 Net current liabilities 13.6511 5,456 Total assets le55 current Liabilities 26.800 25,386 Creditors: amounts falllng due after more than one year Deferred Income Provisions for Ilabllltles Unfunded pensions Net assets 1421 1421 14 17 {981 26,660 25.233 Funds Restricted Unrestricted Total funds 15 298 26,362 26,660 168 25.065 25,233 17 The consolidated income and expenditure account includes a surplus of £1,631,00012021.. £881,000) which is dealt with in the financial statements of the parent company. Approved and signed for issue by the Board of Directors on 8 February 2023 and signed on its behalf.. Philip Young (Director) Nadeem Boghani {Directorl The notes on pages 21 to 32 form part of these flnanclal Statements Page 20

ST HELEN'S SCHOOL, NORTHWOOD SCHOOL BALANCE SHEET AS AT 31 AUGUST 2022 Notes 2022 2021 £yooo £'ooo £'ooo £yooo Fixed a55ets Tangible assets Current a55ets Debiors Cash at bank and in hand 30,448 30,841 10 368 647 1.541 (5.1961 370 (5.9141 Credltors: amounts falling due within one year Net current liabilities 12 (3,655) 26.793 {5.5441 25.198 Total assets less current liabilities Creditors: amount5 falling due after more than ono year Deferred Income Provlslons for Ilabllities Unfunded pensions Net assets Funds Restricted Unrestricted Total funds 1421 {421 14 17 198) 26,653 25.145 15 298 26,355 26.653 168 24,977 25,145 17 Approved and signed for issue by the Board of Directors on 20 March 2023 and signed on its behalf.. Philip Young {Director) Nadeem Boghani (Director) The notes on pages 21 to 32 form part of these financlal statements Page21

ST HELEN'S SCHOOL, NORTHWOOD STATEMENT OF CASH FLOWS AS AT 31 AUGUST 2022 Notes 2022 £yooo 2021 £'ooo £'ooo £'ooo Net cash outflow from opÈrations: Net cash provided by operating activities 2,579 2,922 Cash flow from investlng activitlès: Purchase of tangible fixed assets Investment Income Net cash used in investing activities 17071 13.1141 1700) 13,114) Change in cash and cash equivalents in the reporting period 1,879 11921 Cash and cash equivalent5 at beginning of period 16791 14871 Cash and cash equivalents a¢ the end of the reporting period 1.200 16791 (i) Reconclllatlon of net income to net cash flow from operating actlvltles 2022 2021 £'ooo £yooo £'ooo 1,427 £*ooo 881 Net incoming resources Elimination of non-operatlng cash flow5.. Investment Income Depreclation charge (Incre35elldecrease in debtor5 IDecrease)lincrea5e in creditors {excluding fees in advance scheme and deposit) Pension Scheme revaluation Increase in fees in advance scheme creditors Increase in parents, deposits 17) 1.098 1227) 1,079 303 171) 113) 146 226 294 181 293 80 1,152 2.041 Net cash Inflow from opèratlons 2,579 2.922 (li) Analysis of cash & tash equivalents 2022 £'ooo 1,200 2021 £'ooo 239 19181 16791 Cash at bank Overdraft 1,200 Page 22

ST HELEN'S SCHOOL, NORTHWOOD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2022 The compony is o Privote limited compony incorporoted in the UK (registered no. 004208671 ond operotes from irs registered office in Eostbury Rood. Northwood, Middlesex. HA6 3AS 1 ACCOUNTING POLICIES (a) Accountlng convention The financial 5tsTrrnent5 have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021, the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland {FRS 1021 Second Edition. The functional currency of the School is considered to be GBP because that is the currency of the primary economic environment in which the School operates. The accounts are drawn up on the historical cost basis of accounting. as modified by the revaluation of investment properties and other inYe5tments. The School has talcen advantage of che exemption available to a qualifying entity in FRS 102 from the requirement to pre5eni a charity only Cash Flow Statement with the consolidated financial Statements. The School 15 è Public Benefit Entity registered as a charity in England Hnd Wales and a company Ilmited by guarantee. It was incorporated on 04 October 1946 (company number.. 004208671 and registered as a charity on 21 March 1963 {charity number.. 312762). The School has taken advantage of the exemption under section 408 of the Companies Act 2006 not to publish its own income and expenditure accovnt. Critical accounting judgements and Icey sources of estlmatlon uncertainty In the application of the accounting policies, Trustee5 are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic31 experience and other factors that are Considered to be relevant. Actual results may differ from these estimates. The estlmates and underlying assumptions Bre reviewed on an ongoing basis. Revisions to accounting estimates al-e recognised in the period in which the estimate 15 revised if the revision affects only that period. or in the period of the revision 3nd future periods if the revision affected current and future periods. In the view of the trustees, no a55umptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are Ill<ely to result in a material adjvstment to their carrying amounts in the nexi financial year. (b) Going Concem Having reviewed the Funding facilities available to the School together with the expected ongoing dernand for places and the School's future projected cash flows, the Governors have a reasonable expectation that the School has adequate resources to continue it5 activities for the foreseeable future and consider that there were no material uncertainties over the School's financial viability. Accordingly, they continue to adopt the going concern basi5 in preparing the financlal statements. (c) Consolidation The consolidated financial statements consolidate the financial statements of the school. its wholly owned subsidiary, St. Helen's Enterprises Limited, company number 02834608. No separate SOFA has been presented for the Charity alone. as permitted by Section 408 of the Companies Act 2006. Page 23

ST HELEN'S SCHOOL, NORTHWOOD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2022 (d) Fees recelvable and slmllar Income Fee5 receivable and charges for the use of premises are accounted for in the period in which the serwce Ss provided. Fees receivable are stated after deducting allowance5, bur5arie5, scholarships and other remissions granted by the school from its unrestricted funds. Donations are accounted for when the School knows with probability that the funds will be received. Donations received For the general purpose of the School are credited to unrestricted funds. Donations subject to specific wlshe5 of the donor are credited to the relevant restricted fund or, where the donation is required to be held as permanent capital. ¢0 endowed funds. Where donations are received otherwlse than In ca$h, they are valued at the marlcet value of the underlying assets received at the date OF receipt. Government grant income represents the total amount claimed from HMRC under the CIRS. The incorne 15 accounted for in the period in which the associated salary payments are made to furloughed Staff. (e) Expenditure All expenditure is accounted for on an accruals basis and has been classified under heading5 that aggregate all costs allocated to that category. All expenditure is stated gross of irrecoverable VAT. Charitable expenditure comprises those costs incurred by the charity in the delivery of 115 activities and services for its beneficiaries. It Include5 both costs that can be allocèted directly to such activities and those costs of an indirect nature nece55ary to support them. Support costs eompri5e general rnariagemenc governance, accounting and financing. Governance costs are the costs associated with the Eenerat running of the charitable company as opp05ed to those costs associated with fundraising or charitable activity. Included within this category are costs associated with the strategic as opposed to day-to-d2y managemen¢ of the charltable company's activitie5. The remainder of the support costs are shown a5 support costs of schooling. {fj Bursaries Bursaries funds are provided lor and included in expenditure for the period to 31 August 1021 as they are subject to review at the end of chat period. (g) Operating leases Rentals under operating lea5e5 are charged on a straight-line basi5 over the lease term, even if the payments are not made on Such a basis. Benefits received and receivable as an incentive to sign an operatlng lease are slmilarly spread on a 5traighi-line basis over the lease term. (h) Flxed assets and depreciation Deprecsation is provided on fixed assets in use except freehold land, at rates designed to write off their cost less anticipated residual value over the period of their estimated useful lives. The rates used are.. Freehold buildings - 2% of cost Temporary buildings- 20% of cost Fixtures. fittings and equlpmenc- 10% of cost Computer and pool equipment- 33 113% of cost Motor vehicles - 25% of cost Gyrn Equipment- 20% of cost Acquisition of equlpment for educational purposes is written off to education costs in the year of purchase. Assets in construction are c2Pitalised but no¢ depreciated until broughr into use. Significant building improvements, fixtures, fitting5 arid equipment are capitalised and carried in the balance sheet at historical cost. Items costing less than £2.000 are written off in the year of purchase unless Under￿1(en as a project then the whole arnount is capitalised. Page 24

ST HELEN'S SCHOOL, NORTHWOOD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2022 (i) Pension schemes The School contributes to the Teachers, Superannuation Scheme at rates set by the scheme actuary and advised to the board of directors by the scheme administrator. The school also contribute5 to a defined contribution scheme for non-teaching staff. The contributions charged to the income and expenditure account in respect of both schemes are those payable in accordance with the rules of the schemes. The School has unfunded pension commitments to former emp1oyee5. Provisions for the capital c05t of the commitmeThts have been made based on the life expectancy ol the fomier employees. based on calculations performed by a qualified actuary. It was assumed tha¢ the annual payments would increase at the rate of increase in the retall prlces index each year. A discount factor equivalent to the yield on long dated AA rated corporate bonds used to calculate the cost of capital. li) Financial Instruments Basic financial instruments are initially recognised at transactlon value and subsequently measured at amortised C05t with the exception of investments which are held at fair value. Financial as5et5 held at amorrised cost Comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant acce55 banlc ccounts and used a5 working capital. Financial liabilities held at amort15ed c05t cornprise all credltors except social security 3nd other taxes and provisions. {[<) Funds Fund5 held by the charlty are.. Unrestricted funds are funds which can be used in accordance with the School's objects. at the discretion of the board. Restricted funds are funds that can be used for particular ￿$trIcted purposes. within the object5 of the School. Restrictions arise when specified by the donor. STATUS AND MEMBERS The company is limited by guarantee, and therefore does not have a share capital. Each member has agreed tha( in the event of the Cornwdny being wound up. he or she wÈll contribute to the assets a sum not exceeding one pound. Control of the company Is vested in the Council of Govemors. Page 25

ST HELEN'S SCHOOL, NORTHWOOD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2022 Tradlng Activlties The School own5 100% of the issued share cèpitsl of St Helen's School Enterprlses Limited. The principal activity of the company is to generate income for the use of the School in support of the School'5 educational objecti¥e5. Durlng the year the inter-company transactions be¢ween the School and Enterprises amounted to £271,476 12021.. £271,563) excluding the gift aid. During the year, Enterprises paid the School £211,47612021.. £211,563) in relation to a service charge and £60,000 12021.. £60,000> in relation to 8 license fee. In addition, a grf¢ aid paymen¢ of £397,10712021.. £79,951} wa5 made in relation to the 2021 taxable surplus. The company donates its taxable profits to the School each year under the Gift Aid Scheme. Its trading results extracted from its audited accounts were.. 2022 £yooo 992 14731 519 11231 396 2021 £'ooo 512 {496 16 1191 {3) 83 Turnover Cost of sales Gros5 profit Adrninistraiive expenses Net profit Sundry income including Grant Interest Donation under gift aid Retained profit 13971 80 Fixed A5setS Current A55ets CREDITORS.. amounts falling due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 674 16691 263 1255) CAPITAL AND RESERVES Called up share capital Retained earnings SHAREHOLDER'S FUNDS Page 26

ST HELEN'S SCHOOL. NORTHWOOD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2022 Fees Recelvable Consolidated 2022 £'ooo 2021 £'ooo Tuition Breal(fastlAfcer school clubs 21.351 20,058 21,351 20,058 Less: Scholarships Bursaries (3761 13771 11,0821 18,599 19.865 The total number of pupi15 in receipt of.. Number 133 84 Number 119 83 Scholarships and forces discount Bursaries Ancllllary & Other Income Consolidated 2022 £'ooo 2021 £'ooo Other educatlonal Income School trip and other recoverable item5 Registration feeslfees in lieu of notice 151 151 166 166 Other anclllary Income Rent receivable Insurance Other £'ooo 35 £'ooo 24 23 66 101 53 Charitable Activsty Expendlture Depre- tiatlon £'ooo Total 2022 £'ooo 11,084 1,673 3,159 3,917 19,833 Total 2021 £'ooo 10,684 1,489 3,111 3,396 18,680 Staff £'ooo 10.535 293 477 2,384 13,689 Other £'ooo 549 1.380 1.584 1.533 5,046 Teaching Costs Welfare Costs Premises Costs Supports Costs 1,098 1,098 Included in Support Costs Audit fees- current ye 22 24 During the year, £6S8 was reimbursed to governor$12021 Nill. During the year, expenses amountsng co £620 12021 £3001 were paid on behalf of the governors including £SOO gift voucher for retiring Chair of Governors. There were no other relaTrd party transactions. Page 27

ST HELEN'S SCHOOL, NORTHWOOD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2022 Staff Informatlon 2022 £'ooo 10,350 1,067 1,863 13.280 409 13.689 2021 £'ooo 10,097 1,042 1,835 12,974 127 13,101 Wages and salaries Social security cost5 Other pension cost5 Agency staff The number of persons employed during the year was: Number Number 166 165 331 Teaching staff Non-teaching staff 169 165 334 No emolument5 were paid to the dlrectors of the school. The number of employees whose emoluments exceeded £60,000 was.. Number 14 Number 14 £60,001 £70,000 £70,001- £80,000 £80.001 £90,000 £90.001 £100,000 £100.001 £110.000 £110.001 £120.000 £130.001 £140.000 £150,001 £160.000 £160,001 £170,000 Contributions of £422,925 were made to the Teachers, Superannuation Scheme for 2412021- £367,734 for 211 higher paid employees and contributions amountirng to 135,060 were made to a defined contribution scheme for five {2021 £16,274 lor two) higher paid employees. £'ooo 1.273 12 £'ooo 1.431 14 Aggregate employee remunerntion of key management personnel Number of employees Redundancy and termination paymen15 of £140,766 were paid during the year12021 £30,720). There were no amount5 OUtStanding to be paid at the year end. No separate non contractual payment5 were made 12021 £Nil}. Page 28

ST HELEN'S SCHOOL. NORTHWOOD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2022 Tangible Fixed A5set5 Sub- sidiary furnitur Sthool furnltur e and Asset in Freehold Motor equip-constru¢ School equlp- Group Land building5 vehicles ment tlon Total ment Total £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo Cost At 1 Septernber 2021 Additions Transfers Disposals At 31 August 2022 51 35,372 155 24 4.287 113 643 40,508 567 704 146 40,654 707 51 35.372 179 4,400 1,210 41,212 149 41.361 Depreciation At 1 September 2021 Charge for the year Disposals At 31 August 2022 6.547 704 155 2.964 390 9,666 1,098 146 9,812 1,098 7.251 159 3.354 10,764 146 10.910 Net bool< value At 31 August 2022 At 1 September 2021 51 28.121 51 28.825 20 1.046 1,323 1,210 30,448 643 30.842 30.451 30.842 The cost of freehold land and buildings inc5udes £51.047 relating to land12021.. £51,047) which is not depreciated (see note I Ig)). Subsidiary undertal<lngs The school ha5 a subsidiary company. St Helen's Enterprise5 Limited, which is wholly owned and incorporated in Great Britain. company number 02834608. The principal activlty of St Helen's Enterprises Limited is to generate trading income for the school. The gift aid payable is £397.10712021 £79,951). 10 Debtors due within one year Consolidated 2022 £'ooo 183 School 2022 £'ooo 66 396 432 894 2021 £'ooo 100 2021 'ooo 75 Trade debtor5 Amounts owed by subsidiary undertaking Prepaymerits & acerued income 434 617 290 390 289 368 11 Cash at bank and in hand Consolidated Total 2022 £'ooo 1,199 School Total 2022 £'ooo 646 Total 2021 £'ooo 237 Total 2021 £'ooo Current accounts Cash in hand 1.200 239 647 Page 29

ST HELEN'S SCHOOL, NORTHWOOD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2022 12 Creditors due within 1 year Consolidated 2022 £'ooo School 2022 £'ooo 2021 £'ooo 918 541 1.485 1.465 274 632 770 6,085 2021 £'ooo 918 540 1.358 1,465 259 631 743 5,914 Bank overdraft Trade creditors Fees in advance Fee deposit5 Taxation & Social 5eeurity costs Other credltors Accruals 501 1,631 1,691 312 730 603 5,468 479 1,460 1.691 29S 730 541 5,196 13 Advance fee payment Consolldated 2022 £'ooo 1,485 {1,485) 1,631 1,631 School 2022 £'ooo 1,485 (1,4851 1.631 1.631 2021 £'ooo 1,192 11.1921 1.485 1,485 2021 £'ooo 1,192 {1,1921 1,485 1.485 At 1 September Released in year Cash received in advance At 31 August 14 Penslon Schemes Consolidated 2022 2021 £'ooo £'ooo 111 119 23 23 (231 1231 (131 18) 98 School 2022 £'ooo 2021 £'ooo 119 23 1231 18) At 1 September Paid during the year Decrease in provision Re-valuation At 31 August 23 1231 1131 98 15 Restricted Funds 1 Sept 2021 Incoming Outgoing Transfer 31 Aug 2022 £'ooo 50 Movement In year £'ooo 33 £'ooo 17 £'ooo £'ooo Bursaries Fund Student Enrichment Fund Capltal Fund Priie Fund Donations 98 101 29 110 139 298 168 130 Prize fund5 represert donatyons received over a significant period where the donor specified that the income was to fund a prize. Page 30

ST HELEN'S SCHOOL, NORTHWOOD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2022 16 Designated Funds 1 Sept 2021 Incoming Outgolng Transfer £'ooo £'ooo £'ooo £'ooo 38 31 Aug 2022 £'ooo 38 Development Fund Development fund is to make provlsion for the development ol the school esiates. 17 Analysis of net assets between funds Un- Restricted restricted Funds Funds £'ooo £'ooo Total Funds £'ooo Consolidated funds at 31 August 2022 are represented by: Tangible Fixed Assets Net current as5etsllliabilitiesl Creditor5 due after more than one year Provision for liabilities 30.451 13,9491 1421 (981 26,362 30,451 13,6511 1421 198 26,660 298 298 School fund5 at 31 August 2022 are represented by: Tang'ble Fixed Assets Net current assetsllli3bilitiesl Creditors due after more than one year Provision for liabilities 30,448 13.9531 1411 1981 26,355 30.448 13.6551 (421 (981 26,653 298 198 18 Capltal commitments The school has £80,0(X) (plus VATI of capital commitments for the year 2021-202212021-22 - £335.4171. 19 Taxatlon No liability to United Kingdom taxation arises by virtue of the charitable status of the School. Profits arising in St. Helen's Enterprises Limited are gifted to the School. 20 Penslon Schemes The School operates two pension schemes which cover the majority of its employees the assets of the schemes are held separately from those OF the school, being invested wich either Che state or insurance companies, and re independently administered. (al The School partiCiP3tes in the Teachers. Pension Scheme r'the TPS'I for its teaching staff. The pen510ll charge for the year includes contributions payable to the TPS of £1,515.425 (2021.. £1.554,2911 and at the year- end £199,795 {2021 £nill was accrued in respect OF contributions to thi5 Scheme. The TPS is an unfunded mults-employer defined benefits pension scheme governed by The Teachers. Penslons RegulatlOn5 2010 la5 amended) and The Teachers. Pension Scheme Regulations 2014 {as amendedl. Members contribute on a'pay as you go" basis with contributions from Members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. Page31

ST HELEN'S SCHOOL. NORTHWOOD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2022 20 Penslon Schemes (continued) The employer contribution rate 15 Set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarlal valuatlon of the TP5 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 Septernber 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 Valuatlon 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 S March 2019. However, the assumptions were considered and Set by the Department for Education prior to the ruling in the 'McCloudlSargeant case.. This case has required the court5 to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers, Pensions. On 27 lune 2019 the Supreme Court denled the government permission to appeal the Court of Appeal's judgment that transitional provisions introduced to the reformed pension scheme$ in 2015 gave rise to unlawful age discrimination. The government is respecting the Court'5 decision and ha5 Said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the di5crirninations 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 ch005e either legacy or reformed scheme benefits in respect of thelr service during the period between 1 April 2015 and 31 March 2022 at the polnt they become payable. The TPS is subject to a cost cap mechanlsm whieh wa5 Put in place to protect taxpayers against unforeseen changes in Scheme cost5. 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 Mccloudlsargeant case and until there is certainty about the value of pen5ion5 to employees from April 2015 onward5. The pause was lifted in july 2020. 2nd a consultation was launched on 24 lune on proposed changes to the cost control mechanism following a review by the Government Actuary. Following a public consultaiion, the Government have accepted three Iiey proposals recommended by the Goyemment Actuary, and are aiming to Implement these change5 in time for the 2020 Valuations. The 2016 ¢05t control valuations have since been completed inJanuary 2022, and the results indlcated that there wou5d be no changes to benefits or member contributions required. The result5 of the cost cap valuation are not used to set the employer contribution rate. and HM Treasury has confirmed that any change5 to the employer contribution rate resultirng from the 2020 valuations will take effect in April 2024. Until the 2020 valuation is completed it 1$ not possible to conclude on any financial irnpact or future changes to the contribution rate5 of the TPS. Accordingly. no provssion for any addition31 p2St benefit pension costs is included in these financial statements. Ibl For nor-¢eaching staff, the school operates a defined contribution scheme. The pension cost charge in respect of that scheme amounted to £337,200 {2021.. £276,286}. Included in creditors are contributions payable to the scheme amounting to £34,95512021.. £33,744). The school paid £22.509 (2021.. £12,509} to pensioners who are members of che undefined pension. Page 32

ST HELEN'S SCHOOL, NORTHWOOD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2022 21 Comparative note5 to the financial statements 21.1 Statement of FlnÈnclal Actlvltles Restricted restricted 2021 2011 £'ooo £'ooo Total 2021 £'ooo Income from Charitable activitie5 Fees Receivable Ancillary & Other Income Other trading activities Non-Ancillary Trading Income Investments Bank and other investments Voluntary Sources Donations Government grant5 18,599 219 18.599 219 512 512 25 25 206 206 Total incoming resources 25 19,536 19.561 Expendlture on: Raising funds Non-ancillary trading 243 243 243 243 Charitable activities Education 18.437 18.437 Total expenditure 18.680 18.680 Net Income Gain on unfunded pension 25 856 881 Net movement in funds for the year 25 856 881 Transfer of funds Total funds brought forward 143 24,209 24,352 Total funds carrled forward 168 25,065 25,233 Page 33

ST HELEN'S SCHOOL, NORTHWOOD NOTES TO THE FINANCIAL STATEMENTS AS AT 31 AUGUST 2022 21.2 Restricted Funds 1 Sept 1020 31 August 1021 £'ooo 33 Incomlng £'ooo Outgolng £'ooo Transf¢r £'ooo £'ooo Bursaries Fund Studen¢ Enrichrnent Fund Capital Fund Prize Fund 12 22 95 98 Donations 29 29 143 25 166 Prize funds represent donations received over a significant period where the donor specified that the income was to fund a prlze. 21.3 Designated Funds 1 Sept 2020 Incoming Outgoing Transfer £'ooo £'ooo £'ooo £'ooo 38 31 Aug 2021 £'ooo 38 Development Fund Development fund is to make provision for the development of the school estate$. 21.4 Analy51$ of net a55ets between funds Restricte d Funds restrlcted Funds £'ooo Total Funds £'ooo £'ooo Con501idated funds at 31 August 2021 are represented by Tangible Fixed Assets Net current a5setsllliabilitiesl Credltors due after more than one year Provision for liabilities 30.842 15.6241 {421 30.842 15,4561 168 168 25,065 25.233 School funds at 31 August 2021 are represented by Tangible Fixed A55ets Net current a5setsllliabilitie51 Creditors due after rnore tharn one year Provision for liabilitie5 30.842 15.7121 {421 30,842 15,5441 168 168 24,977 25.145 Page 34