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]e￿Ield
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 des1￿￿81ed 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¢cili￿Li]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 f￿ancial 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 gro1￿11) 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 end01￿11entt 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 al￿olint11tg 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