Company registralion niiinber-. 02967199 Charity regislratioii nun)ber: 1041220 Queen Elizabeth's Grammar School Blaclcburn Limited (A cojnpany litnited by guaranlee) Anniial Report and Financial Slalein¢nts for the Year Ended 31 Aiigiisl 2024
Queeii Elizabeth's Grammar School Blaclcburn Limited Contents Reference and Adniinislrative D¢toils Trustees, Report 2104 Stateinent of Trustees, Responsibilities Independent Exaininer's Report Sialeiiient of Fiijancial Activities Bulaiice Sheet 8t09 Notes to the Financial Slaleinenls IOto22
Queen Elizabeth's Grammai. School Blackburn Limited Reference and Administrative Details Ti'ustees Mr G Tuiner Mr DA Peat Mr MJ Gorick Mr IDH Hainiltoi), (resigned 6 Septenjber 2023) Mrs L Crabtree Mr R Omar Mr Buckingliam, (appoiiited 2 Jiily 2024) 1041220 Cl)arity RegistrAtion Nuniber Conipaiiy Registi'alioii Number 02967199 Th¢ charily is incorporated in Eiigland and Wales. Queen Elizabeih's Grammar Scliool West Park Road Blackburn Lancashire BL12 6DF Reglstered Office ljidepeiidejit Exaiiiiiiei. Mark Bradley BA FCA Beever ai)d Slruihers The Beehive Lions Drive Blackburn BBI 5QS AJ Gallagher Insiiran¢¢ Brokers Ltd St George'5 Hoiise Drakehouse Crescenl Sl]eIeld S20 7HT Iiisiii'aiice Brokers Invesln?eiit Advisors: Investec Wealth & Invesiinent (UK) 3 Hardinan Street Springfield's Maiichester M3 3HF Baiiliei's Lloyds Bank plc Commercial Banking PO Box 1000 BXI ILT Page I
Queen Elizabeth's Grammar School Blackburn Limited Trustees, Report Tlie trustees, iyho are directors for tl)e purposes of coinpany laiv, preseni the aniiual report together ivith the financial staleinents of the charilable coinpany for the year ended 31 Aiigust 2024. Ti'us¢ees Mi. G Tiirner MI. DA Peal Mi. MJ Gorick Mi's L Crabtree Mi. R Oinai. Mr IDH Hamilloi), (resigned 6 Septeiiiber 2023) Mr A Buckingyhain (appoiiited 2 July 2024) Objectives aii(l Activilies Objecls diid ffliii.f Tl)e object for ivl)ich the Charity is established is lo advance Ilie ediicalion of the pupils, prospective piipils oi. forniei. pupils at the Academy school, noiv occupying the sile of Ihe foriner school and kiio%vii as QEGS Blackbiii'n Acadetiiy Trust, or any conipany tlial ii)ay assuiiie control of Ihat underlakiiig iii Ilie fiilure, by providing and assistiiig Iljrougli, the provision of goods, services and facililies, or oiher benefits for pupils iiot reqiiired to be provided by the Local Ediicalion Aulliority for education al Ilie school, or aiiy successor scl)ool. Publlc beiieJ71 Tli¢ triislees confirin ihal they have complied iviili Ilie reqiiirements of section 17 of the Charities Act 201110 have dEie regard lo tlie piiblic benefit giiidan¢e piiblished by Ihe Charity Coii)Inission for Eii£l(Iiid and Wales. Aclilevenieiits and performanee Qiieen Elizabeili's Graiiiinar School Blackbiirn Liiniled (Ilie 'Charity" or the "Coiiipany ) continues to provide siipport, boll) financial and otlier, for the Free School, QEGS Blackbuni Academy Trust (tlie 'Free S¢liool ), established iii Sepieiiiber 2014. FiiianclAI I'evleiv Tliese financial slateiiients reflect the Charitys financial aclivilies aiid incoiiie and expenditur¢ for the year elided 31 Augiisl 2024. The coinparalive figures in these financial Slaleinei)ts represeiil the year ended 31 Auglist 2023. Tli¢ net increase in funds for the year aii)ounis ¢0 £198.339 (2023.. Nei decrease £17,947). Ai 31 Aiigust 2024, the Charity's l)et assets stood al £2,553.035 (2023: £2,354,696) iyilh a fuiiding posilion oiiipi'ised of bank balaiice5 of £159,532 (2023: £37.397). In addilton the Charity l)eld an iiivestment portfolio Ivitli a value of £2,222,902 (2023: £2,154,592). Page 2
Queen Elizabeth's Grammatr School Blackburn Limited Trustees, Report Pollcii oil resérves The Cliarity's iiiireslricted fuiids are split b¢tiYeeii those des181ed for specific piirpos¢s aiid Ilios¢ availabl¢ for the day-lo-day requireinents of the cliarity. Designaled funds are Ihe amounts invesled in lai)d aiid buildings. Tlie Charity'5 policy on reserves is to Iiold sutTicient reserves such thal it can. for Jnaiiy years inlo ilie fuliire, conliniie to provide the supporl as outlined in the "Objectives and aims" paragraph above. Tlie Trustees coiisider tlial tlie level of reserves ciirrently held is in line ivith this policy and further consider ihat the Charity's assets are available and adequale to fiiifil ils obligations The Charity held unrestricted r¢serve5 at 31 Augusl 2024 of £1,418,879 (2023: £1,279,386) Ivhich ¢OFiiprised £169,587 (2023.. £163,064) land and biiildings and a surpliis on general r¢serv¢s of £1,249.292 (2023: £1,116,322) r¢pr¢sent¢d by iiiv¢sliiieiits and iyorking capilal. liiveslilieiiipolley rfiiiil objecllipes The Cliarity liolds inveslinenls incliided ivilhin unrestricted and resli'icled fui)ds. The Twstees liave delegated the niaiiageinent of the ii)vestnient portfolio lo an invesin)enl Jnaiiager. Inveslec Wealih & Invcslinenl (UK), Ivilli disLrelioiiary poivers in relation 10 the Inanagemenl of the Charity's investinenls. The Ti'iislees, aitn is to ii)axiinise Ihe overall rale of return ivhilst adopiing a mediiiin risk profile. Perforiilance is regiilarly monilored and the Triislees have also set a number of bencliinark perfonjiance indice5 in order to monitor lh¢ perforiiianre of the ii)vestmenl portfolio. Tlie recent perforiiiance is siiiiiinarised as folloivs: 2024 2023 2022 Iiivesli)ients 2222,902 2,154,592 2,148,586 45,677 46,495 66,918 213.137 (15,695) (212,556) Investmeiit income Realised and iiiirealised gain l (loss) Plaiis foi. futui'e peylods Alnis ftiid kej) objecliijesforfiiliireperiods Tlie Triislees iyill contiijue to adininisler both the VDre51ricled and reslri¢t¢d funds, in siippoit of tlie Free Scliool. Page 3
Queen Elizabeth's Grammar School Blackburn Liinited Tru5tees' Report Sti'uetiire} govei'nAnce and manugenienl Nnliire olgoveriiliig rflocuiiieiil Blackbiin) Grainmar School ivas originally a Chantry Scliool founded in 1509 by Thonias Hoivard, the Second Earl of Derb)i aiid associated ivilh the Pari511 Chiirch of Blackbiim. It ivas dis-endoived in the reign of Edvard Vl and re-e5tablislied and constituted a Corporation by Royal Clianer in 1567 by Queen Elizabeth l. The CoTnpany iyas incorporaled on 13 Septeniber 1994. On 31 JB17iiary 1995 the Charity Coininissioners approved and establisl)ed a scheii)e linder ivhich Queen Elizabeih's Grainrnar Scliool Blackbiirn and its propci'ly are admiiiistered and Inaiiaged by Queen Elizabelh's Graniiiiar Scliool Blackburn Liiniled ivhich is its Trustee. Tlie School's land aiid buildings are vested in the coiiipaiiy. Iii Septetiiber 2014, 11)e operalions of the school, Ivitli tli¢ excepiioi) of 11)e i)Iirsery provisioii ivas Iraiisferred to QEGS BlackbiirIi Acadeiny Trust. Since I September 2015 the charity has managed the reinaining fiinds of the charity and relained Ihe revei'sionary rights Éo Ilie property ivhicl) are provided to the Acadeiny Trust linder a 125 year lease. Froiii I Septeiiibei. 2015 Ilie charity also continiied lo manage the operation of the iiursery iinlil ils Irai)sfer to the Acadeiiiy on 31 Deceiiibei. 2021. Arriiiixeiiieiilsfor.seiiliig keij iiiftiiiigenieiiipersoiiiiel r*iiiiiiiérftlloii The Triislees coiisider the board of Trustees as comprising ihe key tnanagemenl personnel of tlie cljarity, as Iliey are iii chai'ge of dii'ecling and ¢oiitrolling the charity. All Iruslees give their time freely and no Iriistee reiiiunei'atioii ivas paid iii the year. 711nJor rlsks aiicl nifiiiiigeiiieiil oflliuse rlsks The Trustees coiilinue lo exainine the principal areas of tlie charity's operations and consid¢r the inajoi. i'isk faced iii each of the ai'eas. It is Ilie opinioii of Ilic Ti'uslL'es that 11)e charty has esiablislied resoiirce5 and a revieiv syslein iyliich, uiidei. norinal conditions, sliould alloiv Ih¢s¢ risks lo be iiiiligaled io an acceptable level in 115 day to day op¢ialioiJ, Sniall eoiiipllnies pi'ovlslon statement This report l)as been prepared in accordance iviih the small coii)pai)ies regiiiie iindei. tlie Companie5 Act 2006. The annual report iyas approved by ihe tnistees of the charity on 25 March 2025 and signed on its behalf by,, Mrs L Crabtree Triislee Page 4
Queen Elizabeth's Grammar School Blackburn Limited Statement of Trustees, Responsibilities The trustees (who are also the directors of Queen Eli2abelh's Grammar School Blackburn Liinited for the purposes of coinpany laiv) are responsible for preparing the trustees, report and the financial slatei)ients in accordance ivith applicable laiv and United Kingdom Accouiiting Standards (Uniled Kingdoii) Geiierally Accepted Accolintiiig Practice), including FRS 102 "The Financial Reportii)g Standard applicable in tlle UK and Republic of Irelaiid" The report and accoiints have beeii prepared in accordance ivilh Ilie provisions in tli¢ Companies Acl 2006 relating to ginall conipanies. Company laiv requires the Iruslees to prepare financtal stateinenls for each financial year. Under coinpaiiy laiv the Ii'ustees Inust not approve tl)e financial stateinenls unless they are satisfied Iliat they give a Iriie and fail. vieiv of Il)e slate of affairs of Ihe charitable coi))pany and of the iiicoiiiing resoiirces and application of resources, including its incoiiie aiid expenditure, of the cliaritable coinpaiiy for that period. In preparii)g these financial stateinents, Ilie trustees are required to: select suitable accounting policies and apply them consistently. observe the melhods alid principles in tlie Cliarities SORP. niake judgeinenls and estiinates that are reasonable aiid pnidenl; slate ivli¢lher applicable accoiinling standards, coinprising FRS 102 have beei) folloived, subjecl lo any ii)alerial departures disclosed and explained in the financial 51alemenls' and prepare the financial slateinents on the going concern basis unless il is inappropriate to presiiine ihal the charitable coinpany ivill continue in biisine5S. Tlie IrLlStees ale responsible for keeping proper accoiinting records tlial can disclose ivilh reasonable a¢¢tira¢y al any time tl)e fitiaiicial position of the charitable company and enable Iliem lo ensiire that the finaiicial slateinenls coi)Iply iyitli Ilie Coiiipanies Act 2006. They are also responsible for safeguarding 11)e assets of ihe Charitable coiiipany ai)d hence tor taking reasoiiable steps for Ilie preventioii and detection of fraiid and other irregularitie5. The Iriislees are responsible for tlie ii)ainlenance and inlegrity of th¢ corporate and finaiicial inforinalioIi incllided on the charitable coinpany's ivebsile. Legislalioii governing Ihe preparation and disseiniiialioii of financial slatei?ienls Inay differ from legislalioji in oiher jurisdictions. Approved by the trLislees of the charity on 25 March 2025 and sigiied on its behalf by: Mrs L Ci'abtree TrLisle¢ Page 5
Queen Elizabeth's Grammar Scliool Blackbiirn Limited Independeiit Examiner's Report to the triistees of Queen Elizabeth's Grammar Scliool Blackburn Limited ('the Coinpany,) I report lo the charity trustee5 on Jiiy exainination of ihe accounts of the Cornpany for the year ended 31 Augiist 2024. Responsibililies knd basis of report As the cl)arity's trustees of the Company {aiid also ils directors for the purposes of eotiipaiiy laiv) you are respoiisible for the preparalion of tl)¢ accounls iii accordance ivilh the reqiiireinents of the Coinpanies Act 2006 ('the 2006 Act,). Having satisfied inyself that the accounts of ilie Coiiipany are not reqiiired to be audited undcr Part 16 of the 2006 Act and are eligibl¢ for indepeiidenl exaiiiinalion, I report in respect of iiiy exainiiiation of your charity's accounts as carried oiit under seclion 145 of ilie Charities Act 2011 ('Ihe 2011 Acl,). Ill CAI'ryiI)g out Iny exaiiiinalion I have folloived tl)e Directions giveii by Ilie Cllarity Coinmission iind¢r seclion 145(5)(b) of the 201 l Act. Indepejident eyamlnei s stmteiiienl have coinpleled ii?y exainiiiation. I confirni that no matters liave coine lo Iny allentioii in coniieclion ivilh tlie exainination giving n)e cause lo believe.. l. accoiinting records ivere not kept in respecl of Qiieen Elizabeth's Graintnar School Blackbiiri) Liiniled as requii'ed by seclion 386 of the 2006 A¢t; or 2. tlie accounts do not accord iviih Iliose records. or 3. 111¢ 4¢coiints do iiot comply ivilh the accoiiniing requireineiils of section 396 of the 2006 Act other thali any reqiiireiiient ihat the accounls give a 'irue and fair vieiv, iyhich is not a Inaller considered As part of an iiid¢pendenl exainination. or 4. Ilie accoLiiils have not been prcpared in accordance ivitli the Inethods and pi'iiiciples of Ilie Sialeinenl of Recoiiiiiiended Praciice for accouiiling and r¢portii)g by charities [applicable to charilies preparing their accoiinls in accordance i¥ilh Ihe Finailcial Repoffling Standard applicable iIi the UK and Repiiblic of Ireland (FRS 102)]. I have no coiicems and liave coine across no oiher Imatlers iii connection iyilh the exaiiiinalioii to iyliicli atteiition slioiild be di'aivn iii tliis report in order to enable a proper iinderslanding of ilie accounls to be reaclied. Mark Bradley BA FCA Beevei- and Slnilhers Tlie Beeliive Lioi)s Drive BIAckbiirii BBI 5QS 25 March 2025 Page 6
Queen Elizabeth's Grammar Sehool Blaekburn Limited Statement of Finaiicial Activities foi. the Year Ended 31 Aiigllst 2024 (Including Income and Ei xpenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted Restricted funds funds Eiidowment runds Tolal 2024 TotAI 2023 Note Iiieonie Alid EiidoH'iiieiils froni: Donatioiis and legacies Inveslin¢nt incoiiie oihei. income 3,155 22,397 3,821 3,155 45,677 3,821 3,373 46,495 765 23,280 Total incoiiie 29,373 23,280 52,653 50,633 Expeijdllui'e on: Raising funds Charitable activities (7,453) 16,137 (7,635) 36,227 (15,088) {52,364) (9,496) (43,389) Total expenditure Gainsllosses on inveslineiil assets (23,590) (43,862) (67,452) (52,885) 133,710 66,651 12,777 213,138 15,695 Net incoine/(¢xpendilur¢) Net ii)oveiiieiit in fuiids 139,493 46,069 12,777 198,339 (17,947) 139,493 46,069 12,777 198,339 (17,947) RecoiiclliAtioii of funds Total funds brought fonvard 1,279,386 912,647 162,663 2,354,696 2,372,643 Total fuiids cai'ried foi'iyard 18 1,418,879 958,716 175,440 2,553,035 2.354,696 All of the chai'ity's a¢tiviti¢s derive from continuing operalions during the above hyo periods. Th¢ funds breakdoivn for 2023 is shoiyn in note 18. Tlie notes on pages 10 to 22 forni an integral part of these fii)ancial slalenients, Page 7
Queen Elizabeth's Grammar School Blackburn Limited (Registration number: 02967199) Balance Sheel as at 31 August 2024 2024 2023 Nole Fixed Rs$ets Tangible assets Iiivestinenls 13 169.587 2.222.902 163,064 2,154,592 14 2,392,489 2,317,656 Curreiit 115sets Debtors Cash at bank and in hand 15 16 9,064 159,532 5,613 37.397 168,596 43.010 Ci'edilors: Aiiioiiiits fHlliiig due M'ltliln oiie year 17 ,050) (5,970) Net cui't'eiit Assets 160,546 37,040 Net nssets 2.553,035 2.354,696 Fiiiids of the eliArily: Eiidoii'meilt fun(Is 175,440 162,663 Restricted liicoiiie fuiiils Reslricled fiinds 18 958.716 912,647 Unre511'icled liicome fuiids Uiirestricled fiinds 1,418,879 ,279.386 Total funds 18 2,553,035 2,354,696 For ihe financial year ending 31 Aiigiist 2024 Ilie charity ivas entiiled to exeinplion froin aiidil uiider seclioii 477 of the Coiiipanies Act 2006 relating to sinall coinpai)ies. Dire¢lors' responsibilities.. The ii)eii)bers huve iiol required the charity to obtain an audit of ils accounls for Ilie year ii) qiieslion iii accordai)ce ivith section 476: and Th¢ directors acki)oiYledge their responsibilities for coiiiplyiiig iviih the requireinents of the Act ivilh respect to accoiinling records aiid the preparatioIi of accounts. These flnancial statements have been prepared in accordance iyilh ihe special provisions relaling to companies siibject to th¢ siiiall companies regiJi)e iviihin Part 15 of the Compaiiies Act 2006. The notes on pages l O to 22 fonn an integral part of these financial slalemenls. Page 8
Queen Elizabeth's Grammar School Blackburn Limited (Registration nuRnber: 02967199) Balance Sheet as at 31 August 2024 The finaiicial stateinents on pages 7 to 22 ivere approved by the trustees, and auihorised for issue on 25 Mai'ch 2025 aiid signed on their behalf by". Mrs L Crabiree Ti'uslee The notes on pages 10 10 22 fori)i an integral part of Ihe5e fiiiancial slaleinents. Page 9
Queen Elizabetli's Grammar School Blackburn Limited Iyotes to the Finaneial Statements for tbe Year Ended 31 August 2024 I Clillrtty status The charity is liiiiited by giiaraiilee. incorporal¢d in Englai)d and Wales, and consequently does not have share Capital. Each of tlie trustees is liable lo coiitribiit¢ ali aii)ounl i)ol exceeding £ I toivards the asseis of the chai'ity in the event of liqiiidation. The address of its registered office is: Qiieen Elizabeth's Gratnmar School West Park Road Blackbiirn Lanca511ire BB2 6DF 2 Aecountlilg polieles Suiniiiary of sigfiific4nt accouiitliix policies aiid key aeeountiiig estlniAles The prtncipal accounting policies applied in the preparation of these fiiiancial staleiiients ar¢ sel oiii beloiv. These policies have been ¢oiisi51ently applied to all ihe years preseiiled, ui)less ollierivi5e stated. Staleiiieiit of coiiipliaiice Tlie finailcial slaleinei)Is have been prepared in accordance iviih Accoiintit)g aiid Reportii)g by Charities: Stateinenl of Recoiniiiended Practice applicable to charities preparing Iheir nccoiints in accordaiice ivith the Finaiicial Reporling Standard appli¢able in the UK and Repiiblic of Ireland (FRS 102) (effective l January 2019)I - (Cl)arities SORP (FRS 102)), the Fiiiancial Reporting Staiidard applicable iIi Ihe UK and Repiiblic of Ireland (FRS 102). They also comply ivith tl)e Coinpanies Act 2006 ai)d Cliarilies Aci 2011. Bnsis of pi'epnrAtIoii Qiie¢ii Llizabelh's Qiraniinar School Blackbiirn Liinited meets the definition of a piiblic benefit entity linder FRS 102. Assels and liabililies are initially recognised at hislorical cost or traiisaclioi) valiie iinless oihei'ivise siaied iii th¢ relevanl accounting policy notes. Goiiig concei'ii The li'iislees coiisider that there are no iiialerial iincertainlies about the charity's ability to continue as u going concei'n nor any sigiiificaiii areas of iinc¢rlainly that affect the caiiyijig value of assets held by Ilie cliai'ily, Incoiiie eiidownient5 All incoine is recogiiised once the charity has enliileinenl lo the income, it is probable that tlie incoine ivill be received aiid the ainoLinl of the incoine receivable can be measured reliably. Doiilllloiis ajiil legllcles Doiialioiis are recogni.sed ivhen the cllarity has been notified in ivriling of both the anioiint and settleineiii dat¢. lii the event tlial a donation is siibject lo conditions that reqiiire a level of perforinance by tlie charity before Ilie charity is entitled to the fuiids, the income is deferred and not recogtiised iintil either those conditions are fiilly Inet, or tlie fiilfiliiient of Iliose coiiditions is ivholly ivithin the control of the charity and it is probable tliat these conditioiis Ivill be fulfilled iii the reporting perii)d. Page 10
Queen Elizabeth's Gramnjar School Blaekburn Limited Notes to the Financial Stateinents for the Year Ended 31 August 2024 Expeiidltiire All expenditure is recogni5ed once ihere is a legal or constructive obligaiion to that expeiiditure, it is probable settlement is reqiiired and ihe ainount can be measiired reliably. All costs are allocated to the applicable expeiiditiire headtng Ihat aggregate siinilar costs to thal category. Where costs caT)not be directly attribiiled lo parlicular headings 11)ey l)ave been allocated on a basis consist¢iil ivilli the lis¢ of resoiirces, with ceiilral staff costs allocated oIi Ilie basis of time spent, and depreci81ioii charges allocated on Ihe portioii of the asset's Use. Olhei. support cost5 are allocated based on th¢ spread of staff costs. R¢ilAliigfiiiids Tl)ese are costs incurred in attracliiig volunlary income, the management of investtnenls aiid tliose inciirred li) trading activities Il)al raise funds. Clinrlknble ftelli*llles Charitable expcndiliire ¢oinpri5es Ilios¢ costs incurred by the charity in ilie delivery of its aclivilies Hiid services for ils ben¢ficiarie5, It includes boili costs that cali be allocaled direcily io sucli activilies and tllose costs of an indirecl iialiire iiecessary to siipport Iliein. Griiiiiprovlsloiis Provisions for graii15 are Inadc ivhen the inleiiiion to i)iake a grant has been coiiimiinicated lo Ilie recipient but there is iiiicertainty aboiil cilli¢r th¢ timing of ih¢ grant or Ihe an)oiinl of grai)t payabl¢. Govei'iiiiice Costs The5¢ includ¢ Ilie costs allribiitable lo Ihe charity's compliance il'iih conslitufioi)al and stfitutory I'equir¢in¢nls, incliiding aiidil, sti'alegic InaDagei?ieiit and Iriislee5 meetiiigs aiid reiii)bursed expense5. TA¥Atioii Tlle charity is coI)sidered to pa55 the lests set oiit in Paragraph I Schedule 6 of the Finance Act 2010 aiid therefore it iiieets tlie defiI)ilion of a charitable conipaiiy for UK corporalTon tax purpose5. Accordingly, the harity is potentially ¢xeiiipl from taxatioii in r¢5P¢Ct of incoiiie or capital gains received ivilliiii calegoi'ies covered by Cl)apter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the Takalioii of Cllargeable Gains Act 1992, to the extent that siich iiicome or gains are applied exclusively to charilable purposes. Taiigible fixed Assets Individual fixed assets coslii)g £500 or iiiore are iiiilially recorded at cost, less any subseoiient A¢ciliLi]at¢d depreciatioii aiid siibsequeiit accuinulated iinpaimient losses. Page 11
Queen Elizabeth's Grammar School Blackburn Limited Notes to the Financial Statemenls for the Year En(led 31 Aiigust 2024 Depreclmtloii Hmoi'tis41ion Depreciation is provided on tangible fixed assets so as to iyrile off the cost or valuatioi). less any estiinated I'esidual value, over their expected iiseful econoinic life as folloivs: Depreciation of other facilities iiicluded in lai)d and buildings is charged on a straight line basis. at 50/0 to l OD/0 per aniiuin. Major E¥pendlture on Fixlyres, Flttlngs & Equipment and Molor Vehleles teiiis of major capital exp¢ndihiie are deprecialed over Ilieir eslin)ated usefiil lives, Th¢ rates used on the straight line inell)od are as folloivs: Fixtiires. filliiigs aiid equipinent - I IP/o - 33.30/0 per aniiuni Mln(Ji' CApilal Expenditure Minor capital expenditure is ivritt¢n off in the year in iyhicli it is incurred. Flxod asset investmeiits Fixed asset invesii)ienis, other tlian prograniine related investineiils, are incliided at ii)arket valiie al tlie balance slieet dale. Realised gaiiis and105ses on investiiienls (ire calciilaied as 11)e difference behveen sales proceeds and Ilieir ii)arket valiie ai tlie starl of the year, or their siibseqiieiii cost, and are charged or credited io the Slaleiiieiil of Financial Aclivilies iii tlie period of disposal. Unrealised gains and losses represeni the movenient in market valiies diiriiig tlie >iear aiid are credited oi, charged to the Slateinenl of Finaii¢ial Aclivilies based on the n)arkel valiie at th¢ year eiid. TYAde debtors Ti'ade debtors are aiiioiints diie from ¢iiston)ers for merchandise sold or services perforined in 11)e ordinary coiirse of biisiness. Trade debtors are recognised iniiially al the Iransaclion price. They are subsequently Ineasiired hi ainortised cost Iisin8 Ilie effective interest inelliod, less provision for iinpaimienl. A provision for the iinpairiiienl of trade debiors is established ivhen Ihere is objective evidence that the charity ivill not be able to collecl all ainouiits due accordtng to the original lerins of the receivables. Cash and cash equlvaleiits Cash and casli eqiiivalenls comprise cash on hand and call deposits, and other short-tenii highly liquid investinents thnl are readily coftvertible to a knoivn amoiint of cash and are subject to an iiisignificanl risk or cliange in valiie. Fiiiid sli'iieture Uiirestricted iiicoiiie fiinds are general funds that are available for use al the trustees discretion in furtherance of the objective5 of the cliarity. Resti'icted incoine fiinds are those doiiated for use in a particiilar area or for specific purposes, the use of ivhicli is I'esti'icled to that area or piirpose. Page 12
Queen Elizabeth's Grammar School Blaekbiirn Limited Notes to the Financial Statements for the Year Ended 31 August 2024 Fliianelal Instriiineiils Cliisslficiilloii Fii)ancial assets and financial liabilities are recognised ivhen the charity becomes a party to the coiitractual provisioiis of the instrijment. Fiiianoial liabilities and equity inslruments are classified according to the substance of the coi)tractual arrangeinenls entered into. An eqiiily inslNii)enl is any coJ)Iract that evidences a residual interest in Ihe assets of the charity after deducting all of ils liabilities. 3 11?¢ome fi'oni donations and legacies Uiirestricled fuiids Geiieral Tolal 2024 Tolal 2023 Doiialtons and lega¢i¢s' Unrestricted donatioiis 3,155 3,155 3,155 3,155 3,373 4 Eiiveslmeiit iiicome Unre5trlcted fiinds Geiieral Restricled riinds Total 2024 Tolfil 2023 Income froiii listed investiiients 22,397 23,280 45,677 46,495 5 Otlier iiicoiiie Unrestricled Tolal 2024 TolAI 2023 GeiierAI Rental iiicoine Write back 01) debtors 1,009 2,812 1,009 2,812 3,821 765 3,821 765 Page 13
Queen Elizabeth's Grammar School Blackburn Limited Notes to the Financial Statements for the Year Ended 31 August 2024 6 xpenditiire on raising funds ) liivestnienl niAnngemeiil eosts Unreslrieted funds Geiieral Restricted funds Tolal 2024 Total 2023 Nole other invesljnent Inaiiagei)ienl costs,, other portfolio InanagemeTtt costs 7,453 7,635 15,088 9.496 7.453 7,635 15,088 9,496 7 Expeiidilure on eliNritAble fictivltles Uni'eslricted funds GeiierHI Restricted fujids Tolnl 2024 Tolal 2023 Note Deprecialioii of fixed assets, inipairnieiil charge ivrilteii back Doiiaiions Govei'iian¢e costs (6,523) 4,873 17,787 (6,523) 41,100 17,787 (6,272) 31,555 18.106 36,227 16,137 36,227 52,364 43,389 Page 14
Queen Elizabeth's Grammar School Blackburll Limited Notes to the FinRneial Statements for the Year Ended 31 August 2024 8 Analysis of governRiice and supporl costs Govei'jiaiice costs Unreslrieted runds Gejieral Total 2024 Totlll 2023 Independent examiner fees Exaiiiiiiation of ihe fancial slatei)ients Legal fees Other govei'nance cosls 2,700 2,370 12,717 17,787 2,700 2,370 12,717 3,150 1,185 13,771 17,787 18,106 9 Net ijicoiiilJig/outgoing resourtes Nel oiiigoing resoiirces for the year include: 2024 2023 Depi'eciation of fixed as5els (6.523 6,272 l O Tru$lees remiijierRtlon Aiid expeiises No Iriistees, nor any persons Connected iyith thein, have received aiiy remuneration froin tli¢ Charity diiring the year. No triislees liave r¢¢eived any reimbursed expejises or aiiy other benefi15 from the charity during Ilie year. I I liidependent e¥aiiiiner's reinuiieratioii 2024 2023 Exainiiiation of the financial slatemcnls 2,700 3,150 12 TAXAtioJi The cliarity is exempt fiom tax on iiicoine and gains falling iviihin Section 505 of the Taxes Act 1988 or Section 252 oftlie Taxalioii of Chargeable Gains Act 1992 to the extent tliat these are applied to its cliarilable objecls. Page 15
Queeii lizabeth's Grammar School Blackburn Limited Notes to the Financial Statements for the Year Elided 31 August 2024 13 Tangible fixed assets Laiid Hnd buildiiigs Tolal C051 At I September 2023 10,342,930 10.342.930 At 31 Aiigust 2024 10,342,910 10,342,930 Deprecialioii At I Septeniber 2023 Iijpairnieiil Charge ivritten back 10,179,866 10,179,866 (6,523) (6,523) At 31 Augiist 2024 10.173,343 10,173,343 Net book value At 31 Augiist 2024 169,587 169,587 At 31 Augiisl 2023 163.064 163,064 Freehold land and biiildings ivere valiied on an open Inarkei existing use basis at tlie liiiie tliey vested in Qiieen Elixabetll's Graininar School Blackbiirn Liiniled on 31 Jaiiiiary 1995 and this amount ivas treated as cost for tl)e pui-poses of the Financial Slaleinenls. All fixed assets are used for direci chariiable purposes. Diiring the year ended 31 Aiig11512015 an iinpainiienl provision ivas re¢ognised above to reflect the granting of 125 year peppercoi'n leases to QEGS Blackbiiin Acadeiny TNst in respect of all land aiid biiildings and eqiiii)Inent, except Ih05e relatiiig lo the niirsery. Tlie value of ihe Charity's inlerest in Ihe property subject to ihe leases represents Ilie discouTlted value (Iising a discoiinled rate of 40/0 and as5UI)iii)g 110 groivth) of the I'evei'sioiiary rig>hts iii 117 years. The reniaiiiiiig propei'ty lield iii respecl of the niirsery ivas revalued as ai I Sepleinber 2015 by DVS, oil a deprecialed replacement cost basis, resiilting in a revaliied cost at Ihat dale of £416,348 inclusive of land eleinenl of £50,000 ivliich ivas Tlot depreciated. Diiring the year ended 31 Au8U512022 ali iinpaii'ineiit provision Ivas Ircogiiised above to reflect the graniiiig of a 116 year peppercorn lease lo QEGS Blackburn Acadeiny Ti'usl, The value of tlie Cliariiys iiiierest iii the property siibjecl to the leases represeiits Ili¢ discoiiiiled value (iisiiig a discounted rale of 4 % and assuiniiig iio gro111) of ihe revefsionary rights in 117 years. Page 16
Queen Elizabeth's Grammar School Blackburn Limited Notes to the Finaiieial Statements for the Year Ended 31 August 2024 14 Fixed asset liivestmenls 2024 2023 Other investiiienfs 2,222,902 2,154,592 Otliei. Iiivestiiienls LSsted Inve5tnient$ Unlisled investnienls Tolal Cost or VRlulltloii At I Sepieinber 2023 Revaliialion 2,094.623 68,310 59,969 2,154,592 68,310 At 31 Aiigusl 2024 2,162,933 59,969 2,222,902 Net book value At 31 Aiigust 2024 2,162,933 59,969 2,222,902 At 31 Augiist 2023 2,094,623 59,969 2,154,592 The folloiviiig investinenls, ii,hich are included above, are considered Inalerial in Ihe context of Ihe inveslti)eiit portfolio and represent 50/ts or Inore of the tolal inveslinenl valiie al 31 August 2024: COIF Aciiniiilalton Shares 399,094 261,499 18.0 COIF Incoin¢ Shares 15 Debtors 2024 2023 PrepayIi)enls Other debtors 821 8,243 9,064 999 4,614 5,613 16 Casli and casli eqiilvalents 2024 2023 Cash at bank 159,532 37,397 17 Credltors; llmounts (alling due witliin one year 2024 2023 Accruals 8,050 5,970 Page 17
Queen Elizabeth's Grammar School Blackburn Limited Notes to the Financial Statements for the Year En(led 31 August 2024 18 Funds Balgnce at I Septeniber 2023 Olhei. recogi)ised gAiiisl(losse5) BAlaiice gt 31 August 2024 Incoming resourees Resources expended Unresli'icted funds General Fl'ee General Reserves ,116,322 29,373 (30,113) 133,710 1,249,292 Deslgiinlecl School Land aiid Buildings 163,064 6.523 169,587 Total uni'eslrlcted fiiiids 1,279.386 29,373 (23.590} 133,710 1,418,879 Reslricled funds Jiinior Scliool Hall Fund Siaiiied Glass Windoiv Fiind Clai'e Radcliffe Acciiiiiiilated Incoiiie Enricliineiit Flind Pi'ize and Scholarship Fiind John Laiv S¢l)olarsliip Blakley Sixth Forni LAngiiages Scholarship 2,362 1,155 2,362 4,754 89,994 118,410 590,025 4,754 69.367 116,483 655,649 (20.627) (15.600) (6,339) 7,024 13,777 6,649 58,186 105,947 2,479 (1,296) 1,816 108,946 Totul i'estricl¢d fuiids 912,647 23,280 (43,862 66,651 958,716 Eiidownieiit funds Periiiiiiieiil Mrs Clara Radcliffe Tnist Fiiiid,. Capital - Perinaneiit Endoivmeiil Fiind I,J68 1,368 E.i"peiiiluble Prize aiid Scholarship Fiinds 161,295 12,777 174,072 161,295 12,777 174,072 Total eiidowmenf funds 162,663 12,777 175,440 Total funds 2,354,696 52,653 (67.452 213,138 2,553,035 Page 18
Queen Elizabeth's Grammar School Blackburn Limited Notes to the Fillancial Statements for the Year Ended 31 August 2024 Balaiice at I September 2022 Otlier recogiiised gaiiisl(losses) Balaiice ot 31 August 2023 Incomlng resourees Resources expended Uiireslricted funds Geiieral Free General Res¢rves 1,121,245 28,109 (26,012) (7,020) ,116,322 Deslgiiale(I School Laiid and Biiildiiigs 156,792 6,272 163,064 TotAI uni'estrleted funds 1,278,037 28,109 1,279,386 19,740 7,020 Resti'icled Junior Scliool Hall Flind Stained Glass Windoiy Fiind Clar¢ Radoliffe Acciiniulaled Incoiiie Zeebi'ugge Flind Eiirichi)ient Fiind Prize aiid Scholarsllip Fund Joliii Laiy Scholarsliip Blakley Sixth Forni Langiiages Scholarship 2.362 2,362 1,155 1,155 4,754 837 102,016 4.754 (837) (12,022) 89,994 128,681 584,077 6,970 13,080 (15,600) (3,975) {1,641) (3,157) 118,410 590,025 104,907 711 723 105,947 TotAI resti'lcted funds 928,789 22,524 {33,145) (5,521) 912,647 Eiidoiymeiit fiiiids Periiiiiiieiil Mi's Clara Radcliffe Triisl Fiind.. Capital - Perinancnt Endoiviiient Fiind 1,368 1,368 Eipeiiilnble Prize and Scliolarsliip Fiinds 164,449 3,154 (3,154) 161,295 161,295 164,449 Total eiidoivmeiii funds 165,817 3,154 162,663 Total funds 2,372,643 50,633 2,354,696 52,885 (15,695 Page 19
Queen Elizabeth's Graminar School Blackburn Limited Notes to the Financial Statements for the Year Ended 31 Augusf 2024 Eiiilowinenl Fiiiids Tlie endoived prize and scholarship funds comprise of 15 funds ainalgainated linder a 1961 Mii)ister of Ediicaiioii order togeilier ivith a legacy received in 1998 fioin the e51ate of Thoinas Duerdeii aiid a donation received in 2008 in Ineinory of Jiine Ballantyne. Re,slrleleél Fiiiiils Junior School Hall Fund - douation towards the costs of developing a school hall iii the junior s¢liool building. Stained Glass Windoiv Fiind donation to be expended on crealing aftd fitting a stained glass iyindoiv to celebrate the school's qiiincentenary yeai. in 2009. Clara Radcliffe Acciimiilaied In¢oine Fund expendable oil the school's Radcliffe rooin. income raising on the pemiai)ent end0111entt fiind t)nd IS Enricliment FLind - provide a raiige of aclivilies lo siipporl and suppleineiii scliool life for pupils of all ages to create a fiiller, Inore Ineaiiingfiil and reivarding learning and developinenl experieiice at scliool I'egardless of fainily fiiiances. The fiind covers grants loivards trips and activities, sniall projects and Ilie delivery of specific eiirichiileiit COLirses e.g, firsl aid training and leadeyship developii)enl skills. Pi'ize and ScholArsliip Fiinds eslablished over Inany years from varioiis donatioiis and bequests. The incoine aiid expeiiditiire iiicliides aiiioiinls arisiiig bolli oil accumiilaled reslricled funds and Ilie relaled endoivinei)I fiinds. Tlie Jolii) Laiv Scholarsliip and Blakey Sixth Fonn Langiiage5 Scliolarship Fiinds - fiinds origTnally established Ivilhiii the Qiieen Elizabeth's Graiiiiiiar Scliool Blackbiirii Developinenl Triisl Fiind, The Iriislees al'e disc(Issing Ilie piii'po8es of these fund5 folloiving ihe transfer of Ilie school to an Acadeiny. Page 20
Queen Elizabeth's Grammar School Blaclcburn Limited Notes to the Financial Statements for the Year Ended 31 August 2024 19 Aiialysis of ne¢ Assets between funds Total fuiids at31 Augiist 2024 Endownieiit fuiids EipendAble Unrestrleted fuiids GenerAI Desigiiated Restricled funds Tangible fixed assels Fixed asset investincnts Currenl assets Current liabilities 169,587 169,587 2,222,902 168,596 (8,050) 1.202,392 54,950 (8.050) 845,070 113,646 175,440 Total iiet assets 1.249,292 169,587 958,716 175,440 2,553,035 Total funds at31 Augusl 2023 Endom'nieiit Uiireslrieted funds GenerAI DesigiiAted Reslrlcted rujids Expei)dHble Taiigible fixed assets Fixed asset investinents Ciirreiil assets Current liabilities 163.064 163,064 2,154,592 43,010 (5,970) 2,354,696 1,214,319 (92,027) (5,970 777,610 135,037 162,663 Total net assets 1,116,322 163,064 912,647 162,663 20 RelAted PArty Ir#iis#clioiis Diirii)g Ilie year the charity made the folloiving I'elated party tr81)saciions: Cei'laiii TrLlStees of Ilie charity, diiring Ihe year, ii'ere also Tnistees of the QEGS Blackbiirii Acadeiny Tiust. Diiring the year the charity iiiade donalioiis lo QEGS Blackbiim Acaden)), Trust alolint11tg lo £41,100 (2023: £31,555). At 31 Aiigiisl 2024 11)e charity ivas oiyed £Nil (2023..£3,000) by QEGS Blackbiirn A¢ad¢iny Ti'iist.. Page 21
Queen Elizabeth's Grammar School Blackburn Limxted Notes to tlie FAnancial Statements for the Year Ended 31 August 2024 21 Prior yeai. Slatemejit of Fiijnncial Activities Unresfricted ruli(15 Restricted funds EndowllieDI fuiids TotHI 2023 Note liieonie aiid Eiidoivments from.. Donations and legaci¢s Iiiveslinent income Other income 3,373 23,971 765 3,373 46,495 765 22,524 Tolal incoine 28.109 22,524 50.633 Expeii(Jitui'e on: Raising fiinds Charitable activities (4.810) (14.930) (4,686) (28,459) (9,496) (43,389) Tolal eypendiliire Gains/losses on ii)vestinent assets (19,740) (33,145) (52,885) 7,020) 5,521 3,154) (15,695 Nel incoine/(expendiliire) ,349 (16,142 3,154 17,947 Net ii)oveiiieiil in fvnds 1,349 (16,142) (3,154) (17,947) Recoiiclllalloii of funds Total funds brought forivard Total fiinds carried for%vard 1,278.037 928.789 165,817 2.372,643 18 1,279,386 912,647 162,663 2,354,696 Page 22