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QEH ,i.s&.l. BRISTOL QUEEN ELIZABETH S HOSPITAL ANNUAL REPORT AND FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 AUGUST2024 Registered Chority No. 1104871 Company No. 5164477 •AE2R8781* 1710512025 COMPANIES HOUSE A06

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QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) Financial Statements fvr theyear ended 31 August 2024 Contents Poges Governors, report 1to20 Statement of Governors, responsibilities 21 Independent auditors, report 22to26 Statement of financial actlvities 27 Balance sheet 28 Cash flow statement 29 Notes to the financial staternents 30to54

QUEEN ELIZABETH'S HOSPITAL (A company limited byguorantee) GOVERNORS, REPORT For theyear ended 31 August 2024 GOVERNORS. DIREcfoRS AND CHARITY TRUSTEES The Governors of Queen Elizabeth's H05Pltal are the School's charity trustees under charity law and the directors of the charitable company. The members of the Governing Body who served in office as Governors during the year and subsequently are detailed below: Committee Membershlp at 31 August 2024 Governor Mr K Riley (Chair of Governor5) Mrs A Angus Mrs C Bateson Mrs S E 81anks (resigned 5 December 2024) Mrj Buchanan (resigned 6 February 2024) Mr AJ Cherry (resigned 29 September 2023) Mr EJ Corrigan Mr TJ Davis Mrs H England (appointed 25 September 2024) Mrj A Hollingdale Mr M Cjones Mr J E Milne Mrsj Sadler Mr M Wagstaffe (appointed 25 September 2024) Ms T M Yianni CDF CG A8D AF ABFG BE AC*DG ADG The following committees have been in operation during the year: Finance and Estates Committee Governance. Risk and Audit Committee Education Committee Nominations and Remuneration Committee Health and Safety Committee * Investment Committee S Development and Alumni Relations Committee S Denotes Chair of Committee Denotes Sub-committee of Finance and Estates Committee

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) GOVERNORS'REPORT For theyear ended 31 August 2024 Key Monogement Personnel ond Professional Advisors Head: Deputy Head {Academic): Deputy Head (Pastoral): Head ofjunior School: Mr R D Heathcote Mrj E Martin Mr N J Pursall Mr D M Kendall (to 31 August 2024) Mr R A Wolverson (from 1 September 2024) Director of Finance and Operations and Clerk to the Governors: Mr M K Suddaby (to 11 September 2024) Mr R P Hutchings (from 12 September 2024) Registered Office: Queen Elizabeth's H05Pital Berkeley Place Clifton Bristol BS8 1JX Company Number: 5164477 Registered Charity Number: 1104871 Bankers: Lloyds Bank PIC George White Street Bristol BSI 3BA Investment Managers: Quilter Cheviot Ltd 85 Queen Victoria Street London EC4V 4AB Auditors: Bishop Fleming LLP 10 Temple Back Bristol BS16FL Website:

QUEEN ELIZABETH'S HOSPITAL (A company limited byguorantee) GOVERNORS. REPORT For the year ended 31 August 2024 The Board of Governors presents its annual report and audited accounts for the year ended 31 August 2024 and confirms that it complies with the requirements of the Companies Act 2006 and the Charities Art 2011 (as amended by the Charities Act 2022), the CompanVs Articles of Association and the Charities SORP (FRS 102) 2019. The annual report serves the purpose of both a Governors, Report and a Directors, Report under company law. REFERENCEAND ADMINISTRA TIVE INFORMA TION The Company Queen Elizabeth's Hospital ("the Companl,) is a company limited by guarantee {number $164477) with the liability of its members limited to £1 each by guarantee. It is registered as a charity under registration number 1104871. The School The School known as Queen Elizabeth's Hospital {"the School" or"QEH") was founded by Royal Charter in 1590. All the a55ets, liabilities and contracts of the School were transferred to the Company pursuant to a Charity Commission Scheme dated 31 August 2004 ("the Scheme,?, and the Company has carried on the business of the School since that date. Linked Charities Under the Scheme, the permanent endowment assets of the School are held by the Company as the trustee of a separate charity called Queen Elizabeth's Hospital Trust {"QEH Trust"). Under a further Charity Commission Scheme dated 25 August 2005, the Company is also the trustee of another separate charity called Queen Elizabeth's Hospital Scholarship, Bursary and Prize Fund ("QEH SBP"), which has the object to further the education of pupils attending Queen Elizabeth's Hospital by the provision of scholarships, bursaries and prizes. On 25 August 2005, The Charity Commission made a Uniting Direction under section 96{5) of the Charities Act 1993, directing that QEH Trust and QEH SBP ("the linked charities") should be treated as forming part of the charity called Queen Elizabeth's Hospital for the purp05e5 of Part 11 (registration) and Part Vl (accounting) of the Charities Act 1993. The main effect of the Uniting Direction is that the linked charities are aggregated into the Statement of Financial Activities and the Balance Sheet of the Company. They remain, however, legally distinct charities. the funds of which are to be applied solely in accordance with their respective trusts. An analysis of the net assets of the linked charities is shown in Note 15. Details of the Governing Body, together with the School's officers and principal advisors, are given on page5 1 and 2.

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) GOVERNORS'REPOR T For the ear ended 31 August 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Governing Documents The Company is governed by its Articles of Association and, in its capacity as Trustee of the School's permanent endowment assets, by the Charity Commission Schemes dated 31 August 2004 and 25 August 2005. The Articles were amended by Special Resolutions on 25 May 2012. 23 February 2016 and 2 July 2018 to reflect changes in the Charities Act and Companies Act since incorporation and to allow for the admission of girls from September 2017 and to widen the geographic area in which the charity can meet its objects. Governing Body The Governing Body is self-appointing. The Governors have control of the Charity and its property and funds including, as Corporate Trustees, the endowment assets of the Charity. The Governing Body consists of at least 6 but not more than 20 members. One third of the Governors must retire at each AGM but are normally eligible for re-election for consecutive periods not normally exceeding 9 years. Nornination5 for new Governor5 are considered by the Nominations and Remuneration Committee. Recruitment and Training of Governors New Governors are inducted into the workings of the School, and also of the Company and registered charity, by the Director of Finance and Operations and the Head during a familiarisation visit. They are issued with a pack of information including the following: The School's Governance Manual, which includes details of Governors. roles and responsibilities, the School's Code of Conduct for Governors, the School's Conflict of Interest policy, the School's Principles of Delegation policy. and Committee terms of reference,. AGBIS Publication Guidelines for Governors; Articles of Association of the Company; A copy of the most recent financial statements; A copy of the School prospectus; Minutes of Governors, meetings for the previous 12 months; Charity Commission Booklet CC3 - The Essential Trustee; Key School policies; The School's Safeguarding Policy and a copy of Part 1 and Annex A of 'Keeping Children Safe in Education,. Governors are also encouraged to attend regular training seminars organised by the Association of Governing Bodies in Independent Schools IAGBIS) and other professional organisations. From time to time the Governing Body will arrange in house training sessions. Organisational Management The Governors normally meet as a Board three times a year to determine the general policy of the Company and review its overall management and control. for which they are legally responsible.

QUEEN ELIZABETH S HOSPITAL (A compony limited byguarantee) GOVERNORS, REPORT For theyear ended 31 August 2024 Some of the work of implementing the Board's policies is delegated to Committees, which operate under terms of reference and in accordance with the Governors"Principles of Delegation, policy. which are approved and regularly reviewed by the Board of Governors. Each Committee normally meets on at least a termly basis and all acts and proceedings of Committees are reported to the Governing Body fully and promptly through Committee minutes. The Finance and Estates Committee takes delegated responsibility on behalf of the Governing Body for overseeing all financial aspects of the School, working alongside the Director of Finance and Operations so as to ensure the School's short and long-term viability. It also takes delegated responsibility on behalf of the Governing Body for maintaining and developing the School's buildings, plant and vehicles, grounds, gardens, roadways and security.. and ensuring compliance with health and safety requirements. The Education Committee takes delegated responsibility on behalf of the Governing Body to monitor and review the agreed academic, curricular, co-curricular and pastoral provision of the School and make recommendations as appropriate to the Governors. The Governance. Risk and Audit Committee takes delegated responsibility on behalf of the Governing Body for implementing and advising on the external audit.. for examining and reviewing all systems and methods of control both financial and otherwise including risk analysis and risk management; and for ensuring the School Is complying with all aspects of the relevant law, regulations and good practice. It also takes delegated responsibility on behalf of the Governing Body for integrating and co-ordinating all aspects of corporate governance, legal and regulatory compliance and risk management to improve the quality of the School's governance arrangements for the purpose of enhancing overall performance. The Nominations and Remuneration Committee takes delegated responsibility on behalf of the Governing Body for conducting a regular skills audit of the Governing Body, identifying current or potential future gaps, seeking suitable applicants to fill those gaps, and coordinating the appointment process. It also takes responsibility for overseeing the School's remuneration policy for the Head and senior leadership team. The Health and Safety Committee, which is a sub-committee of the Finance and Estates Committee, takes delegated responsibility on behalf of the Governing Body for overseeing the School's arrangements for ensuring the health, safety and welfare of its employees, pupils, contractors, members of the public and any others who may be affected by the activities of the school, and for ensuring compliance with the Health and Safety at Work Act 1974 and other relevant health and safety legislation, and with the relevant provisions of the Education (Independent Schools Standards) Regulations 2014. The Investment Committee, which is 3 sub-committee of the Finance and Estates Committee, takes delegated responsibility on behalf of the Governing Body for overseeing the School's investment portfolio, cash and bank balances, and investment propertie5, including permanent endowment, The

QUEEN ELIZABETH'S HOSPITAL (A company Ilmited byguarantee) GOVERNORS. REPORT For theyear ended 31 August 2024 Committee advises the Governing Body on the performance of the School's investments portfolio and the overall rate of return, and on discharging its duties in line with the School's investment policy. The Development and Alumni Relations Committee. which is a sub-committee of the Finance and Estates Committee, takes delegated responsibility on behalf of the Governing Body for overseeing the School's development, alumni relations and fundraising activities. The day to day running of the School is delegated to the Head and the Director of Finance and Operations (who is also Clerk to the Governors and Company Secretary), who in turn allocate responsibilities to the Senior Leadership Team. The Head and Director of Finance and Operations attend all the meetings of the Governing Body. The remuneration of key management personnel is set by the Board, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the School's succe55. The appropriateness and relevance of the remuneration policy is reviewed periodically, includin& where information is publicly available, by reference to comparisons with other similar organisations to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere. Delivery of the School's charitable vision and purpose is primarily dependent on its key management personnel and staff costs are the largest single element of the School's charitable expenditure. The Head of Queen Elizabeth's Hospital is a member of the Headmasters, and Headmistresses, Conference (HMC),. the Head of the Junior School is a member of the Independent Association of Preparatory Schools (IAPS),. and the School is a member of the Independent Schools Council (ISC) and the Independent Schools Bursars Associatlon {ISBA). all of which provide the School with regular information and advice about relevant changes in regulations and advice to ensure compliance and best practice. Employment Pollcy The School is an equal opportunity employer and is committed to a working environment that is free from any form of discrimination on the basis of age, sex. marriage and civil partnership, gender reassignment, race, disability. sexual orientation. religion or belief. pregnancy and maternity and part- time or fixed-term employment. The School will make reasonable adjustments to meet the needs of staff or pupils who are or become disabled. Investment Policy and performance Investment activities are managed in line with the requirements of the Trustee Act 2000. The Governors have appointed Quilter Cheviot Ltd as investment managers to manage the portfolio of the Company, QEH Trust and QEH SBP on a discretionary basis with a mandate to ensure that the investment policy objectives set by the Governors are met.

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarontee) GOVERNORS'REPORr For theyear ended 31 August2024 The purpose of the Governors, investment policy is to provide income for current charitable activity and provision of bursaries to provide assistance with school fees to pupi15 at the school whose parents otherwise would not be able to afford the fees,. and for the capital to remain invested to provide growing future income for future beneficiaries. The investment objectives are to invest the endowment funds to produce the best financial return within an acceptable level of risk; to balance the income and capital returns,. and to at least maintain the real capital value of the endowment whilst generating a sustainable level of investment income which rises at above inflation. OBJECTS. AIMS, OBJECTIVES AND ACTIVITIES The objects of the charity are the advancement of education of boys and girls by the provision and maintenance of a school or schools in or near the City of Bristol and elsewhere in the world and by ancillary or incidental educational activities and other associated activities for the benefit of the community. AIMS AND VALUES The School's overarching aim is: "to educote and inspire our pupi15 to take on the chollenges of the modern world and to live by their school motto 'whi1st we have time - let us do good." In order to realise our aim, the School is committed to inspiring our pupils to achieve more than they imagined possible- both in and out of the classroorn. We prioritise individually focussed pastoral care which provides the foundation for an outstanding academic education. We are deeply committed to ensuring a QEH educatlon is accessible to more young people in Bristol. We aspire to be a diverse and inclusive community which seeks to think beyond the conventional and create an inspirational environment where pupils and staff are happy, valued and challenged. Three core characteristics are at the heart of the QEH community and guide all aspects of school life. We want to provide pupils Wlth the skills and confidence to meet the challenges of the modern world and nurture them to be: Curious: Develop a love of learning that is creative, thoughrful and ambitious,. willing to take risks. show resilience and be adaptable. Kind.. Show empathy, understanding and vulnerability,. value the contributions of others and are open, honest and trustworthy. Posltive: Keen to fulfil their potential as optimistic well-rounded individuals; committed to making a difference in their community and thewider world.

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) GOVERNORS, REPORT For theyear ended 31 August 2024 OBJECTIVES The School's objectives are set to reflect the educational aims and the ethos of QEH. The key objectives for the year included: To recruit sufficient pupils able to benefit from the education offered by the School. To maintain the School's high level of academic performance. To continue to provide assisted places for families with limited financial means. To continue to develop the facilities at the School. including remedial works in the School theatre following confirmation that the roof contains reinforced autoclaved aerated concrete. To continue to operate the School effectively and safely and to safeguard and promote the welfare of pupils at the School. To ensure that the financial position of the School remains sound. To continue to work towards the goals and targets set by the School's operational plan, under the four themes: Innovative and challenging education - both in and out of the classroom Supportive and caring community Development, partnership and accessibility Create an inspiring learning environment These objectives were satisfactorily achieved. STRATEGY AND POLICIES The Governors are responsible for agreeing a strategy to achieve the objectives they have set. The focus of the strategy is the development of the School's pupils to ensure continued high level of academic achievement and to furtherwiden access to the education that the School provides. In taking forward the School's strategy the Governors: monitor the effectiveness of the School's curriculum and teaching: review the School's academic standards at all levels; ensure that the range of co-curricular activities available is stlmulating and challenging; monitor the effectiveness of pastoral and safeguarding arrangements and actively promote the wellbeing of pupils; invest in new facilities and the infrastructure of the School,. continue to review the provision of bursaries and scholarships to ensure wider access to pupils from all backgrounds. The Governors set the fees at a level which aims to ensure the financial viability of the School and is consistent with their objective of providing a first-class education.

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) GOVERNORS, REPORT For theyeur ended 31 August2024 The School is academically selective and welcomes pupils from a wide range of ethnic and social backgrounds. The School aims to admit children of sufficient ability to sustain and enhance the academic standards of the School and of sufficient number to sustain and enhance the financial viability of the School. Admission to the School depends upon the availability of places and the ability of the candidate to gain optimum benefit from educational opportunities provided at the School. Detailed arrangements are set out in the School's Admissions Policy. QEH is committed to safeguarding and promoting the welfare of its pupils and expects all staff and volunteers to share this commitment. In the last Independent Schools, Inspectorate report, the contribution of the School's arrangements for pastoral care was assessed as excellent. Parents are given clear information about their child's progress at parents, evenings in addition to regular written reports. Contact is maintained with parents throughout the year informally and through newsletters and the website, In addition, parental surveys are carried out periodically. The School operates a very successful peer support system to promote the welfare of pupils in years 7, 8 and 9. PUBLIC BEIVEFIT The Governors have given due regard to the Charity Commission guidance on public benefit under the Charities Act 2011. The School is involved in a range of activities which are of benefit to its pupils. the wider local community and indeed the international community. The main activities can be summarised under the following headings. Grantsfvrfee assistance QEH awards a number of grants for assistance with fees each year,. the amount available for such assistance is determined annually by the Governing Body and is dependent upon the availability of funds, including endowment income. These grants ensure that children from families who would otherwise not be able to afford the fees can access the education offered by the School. The School uses a means-tested scale to determine the level of any grants. In making decisions about the allocation of grants a number of factors are taken into consideration Including the child's performance in the entrance examination, the family's income and assets and any other relevant personal circumstances. Grants for assistance with fees range from full grants (i.e. free places) for families whose parental income is very low, to small grants for those whose incomes are higher. Information about fee assistance is provided to all applying for a place in the School. During the year a total of 74 pupi15 (2023: 65 pupils) were awarded means-tested assistance with fees. The cost of thi5 assistance amounted to £699,345 (2023: £616,169), of which £204,084 (2023: £198,505) was funded from restricted funds and donations. 40 pupils received assistance of 50% or more {2023: 37) and 26 pupils received assistance of 75% or more (2023: 28). This assistance is reassessed every year on a means-tested basis.

QUEEN ELIZ4BETHS HOSPITAL (A company limlted byguarontee) GOVERNORS'REPORT For theyear ended 31 August 2024 Benefit to the local community and use o1schoolfucilitie5 The School remains very active in supporting teacher training and once again trained four PGCE students in partnership with Bristol University. The School again offered an annual conducting workshop for Bristol University PGCE students, putting the expertise of a music teacher, and the school orchestra, at their disposal. Two teachers helped Bristol University to interview their potential PGCE trainee teachers, and one has also been involved in giving seminars to the trainees and this year QEH hosted the RE PGCE cohort for a morning of lesson observations for their first school experience. Students participating in the Duke of Edinburgh's award scheme (around 200 last year) continue to perform significant amounts of community voluntary service, as well as Year 8 pupils doing their QE award {6 hours each). Further details are set out in the Outdoor Activities section below. Service to the community is a key part of the weekly Enrichment programme in the Senior School. This involves groups of pupils going every Thursday afternoon to help with local environmental projects or Serve and talk to elderly members of the community in local care homes (such as Abbots Leigh and the Trinity Lunch Club). In total this is estimated at around 1,200 hours of student time. Students also volunteer to support the charity Spear and have given around 50 hours of their time in supporting a group of 20 young people who are seeking employment. The School also loans out equipment, such as sports equipment. to help local community events, and makes pitches available to local junior football and rugby club teams. Several staff use their coaching skills and qualifications to the benefit of local football and rugby clubs, and also to run clubs in local primary schools. The School sponsors four local sports tournaments each year for children from clubs across the city. One member of staff is Company Secretary for inHope, one of Bristol's largest homelessness charities, and for Hope's Place, a charity sending facilitators into state schools to work with vulnerable 9-14 year-olds on resilience and making positive life choices. QEH also provides use of the school gymnasium to the Salle Hunt-Roeder Fencing Club and the Bristol Morris Men, both of whom offer rnembership to young people in the local area. The School has again been a host for the West Bristol Arts Trail enabling local artists to display their work to members of the public. Charitable Fundraising The School community once again engaged in a wide variety of fundraising activities and raised a total of £12,718 for a number of local, national and international charities The School remain5 committed to fundraising for local charities, which are selected by both staff and students. Among the chosen charities for the year were The Trinity Lunch Club (Year 11), Penny 8rohn (staffl, PROPS (Year 13) and Spear {Year 12). These organisations benefited from funds raised through 10

QUEEN ELIZABETHS HOSPITAL (A company limited byguarantee) GOVERNORS. REPORT For theyear ended 31 August 2024 initiatives such as non-uniform days and cake sales. Additionally. the Year 9 Charity Challenge focused on supporting Cancer Research, generating a total of £1.674. This year also saw the School extend its support to several international charities, including UNICEF, the Turkey-syria Earthquake Appeal. The Date Project (providing aid to victims of war in the Middle East) and the Mike Proctor Foundation. A highlight of the fundraising calendar was the Children in Need charity day, organised by the Sixth Form. Activities such as a cake sale, 'Sponge the Teacher,, and a staff-led Would l Lie to You, event raised an impressive £2,295. The continued dedication of the school community to charitable causes reflects our ongoing commitment to making a meaningful impact both locally and globally. Links with local stote schools The School seeks mutually beneficial partnerships with other schools and has in a variety of ways enhanced the provision in local state-funded schools. The School is a very active member of the Bristol Education Partnership I'BEP"), which is a group of 12 schools {in the independent and state-funded sectors), the two Bristol Universities and Bristol City Council. Its aim is to "broaden young people's experience of education. opening up new opportunities and overcoming disadvantage" Through this the School has hosted or collaborated in a wide range of activities, such as a climate conference, student and staff leadership training events, a Teacherfest, careers events, an oracy project, an academic enrichment event and a joint musical concert. Members of BEP state schools are now routinely invited to many of the events that the School puts on, and QEH has taken a leading role in many BEP events, such as Teacherfest and Eco events. In the summer term the School provided a minibus and staff drivers to enable a local state school to attend a BEP event. Two teachers from our Learning Enhancement team have been working with the students at Barton Hill Primary School one afternoon every week, along with a group of sixth form volunteers, to support literacy. For the academic year 2024-25, this partnership work has moved to Christchurch Clifton Primary School. Another teacher has been taking a group of 6 to 10 sixth formers to Oasis Academy New Oak Primary School every Thursday, where they read with individuals and run a fortnightly enrichment session. The impact of this has been to stretch the most able and give confidence to the less able. Our eco coordinator has also visited the school to help set up a student-led eco committee and to establish priorities and action points for them. The School has also provided transport to bring students from both of these schools to watch drama performances at QEH. In addition. one of the Junior School teachers has been linked to Oasis Academy New Oak primary school and has set up joint outdoor activities with QEH'S Year S and 6 pupils. Our Head of Art and another member of her department have delivered art workshops to two state primary schools and funded and hosted a life drawing workshop to which pupils from a local state school were invited and attended. In addition the department has also supported a local state school in their exam moderation process.

QUEEN ELIZABETH'S HOSPITAL (A company limited byguaranteej GOVERNORS. REPORT For theyear ended 31 August 2024 Local state schools were invited and sent pupils to attend our Oxbridge evening. where QEH provided guidance on how to make a strong application to these universities. Each year the School hosts a number of competitions, such as maths challenges, geography quizzes and debating competitions, to which many Bristol schools are invited and a number of state schools attend. The termly Philosophy Society has expanded and includes students from a number of local state and independent schools. Pupils from a local state school also attended the School's Psychology Futures Event. There are also a number of sporting event5 throughout the year. and a variety of state schools take up the invitation to enter teams. We host three rugby tournaments at different age 8roups and organise five other tournaments. In addition to these partnerships. our teaching staff and SLT staff serve as governors at seven local schools (Ashton Park school, St Phillips primary school in Bath. Wraxhall, St MaWs Portbury, Henleaze primary, Summerhill Academy in St George and the Downs School). Economic Impact The School also brings significant economic benefits to the UK and local economy. On the basis of a model developed by Oxford Economics in conjunction with the Independent Schools Council. the School estimates that during the year ended 31 August 2024 it contributed over £19.5 million to UK GDP and over £11.1 million to the local economy in Bristol. In addition, it supported over 365 UKjobs, including over 215 locally, and supported over £5.8 million of tax payments to the exchequer. It also saved over £5.3 million to the UK taxpayer as a result of attendance at the School by pupils who would otherwise have been eligible to take up a free state school place. PROMOTING HIGHACADEMIC STANDARDS Scholarship Pollcy The School offers a number of academic, music and sports scholarships each year to recognise high potential or ability. Scholarships are awarded on the basis of a pupil's academic potential or evidence of exceptional academic. musical or sporting abilities which will contribute to the life of the School. Scholarships can be awarded in addition to a means-tested bursary for assistance with fees. The Governors have decided that scholarships awarded from September 2023 will no longer carry an automatic fee discount, but will instead run alongside the School's means-tested bursary programme. During the year the School awarded scholarship fee discounts and scholarship grants to 95 pupils (2023: 125 pupils), to the value of £299,320 (2023: £363.281). The progress of pupils receiving scholarships is reviewed regularly to ensure that each pupil is fulfilling the requirements of the scholarship with regard to effort and progress. 12

QUEEN ELIZABETH'S HOSPITAL (A company limited byguorontee) GOVERNORS, REPORT For the year ended 31 August 2024 Family Discounts Pollcy To underline the value the School places on continuity for families, sibling discounts are offered where parents who are not in receipt of any other discount have more than one child at the School. STRATEGIC REPORT Overview The School continued to offer a broad and diverse curricular and co-curricular programme and some highlights are set out in the sections below. All of the key objectives for the year, which are set out on page 8, were met. The Governors would like to record their thanks to all staff and pupils for their hard work and contribution to the success of QEH and to all parents for their continued support of the School. Pupll Number5 and Fees Pupil numbers at the start of the academic year were 657 in the Senior School and 115 in thejunior School. Termly fees were: Senior School Junior School £5,695 £3,89S Finonciol Result Net incoming resources for the year, before transfers and investment gains, were £236,262 {2023: £321,231). Acodemlc Results Students at the School again achieved excellent results in public examinations. At A Level 51 % of grades were awarded at A.A and 77% at A B. AII EPQ students achieved a grade B or above. This placed the School in the top 100 nationally for A Level results and meant that QEH had the best UCAS outcomes it has ever had with 95% of students getting into a university of their choice. At GCSE a significant number of pupils achieved the highest grades. 20% of grades achieved were grade 9 and 41 % of grades achieved were grade 8 or grade 9. An impressive 12% of pupils secured straight 85 or 95 across all their subjects. Overall. 61 % of grades were 7-9. Based on the ability profile of the cohort thi5 represented an excellent value added score. Mu51C The past year has been exceptional for music, showcasing our students, talent and dedication through numerous varied and exciting events and performances. 13

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) GOVERNORS'REPORT For theyear ended 31 August 2024 Our major Spring and Autumn concerts. along with Summer Showcases, have highlighted our classical ensembles and choirs, while the House Music Solos competition allowed individual talents to shine. with top performers advancing to the prestigious Musician of the Year final at Bristol Music Club. Our regular Open Mic events and the cornpetitive Battle of the Bands also provided platforms for contemporary music enthusiasts, with bands being formed across every year group. Music played a significant role in key school events. including the School Choir's performance at Prize Giving and the Jazz Band's accompaniment at Christmas dinners. Our top musicians also performed at the Art Department Exhibition and School Open Days. Scholarship students represented QEH off- site, performing for the elderly atTrinity Lunch Club and meeting professional musicians at St George's. The musical tour to Amsterdam, with 27 students from Years 9 to 13, was a standout highlight. Junior School highlights included the annual Carol Concert and the 'QEH's Got Talent, Show. In a time of national underfunding for music education, QEH remains committed to nurturing musical talent. We provide every student with the opportunity to pursue their musical ambitions, ensuring music remains integral to our community. Drama Despite the challenges presented by the unexpected closure of the theatre for five months at the start of the acadernic year, lessons, exams and productions continued in alternative spaces. One Mon, Two Guvnors was performed at St Nick's Church In the city centre in November and the cast and crew coped with the logistics of moving sets, props and costumes down to the church. The result was an extremely funny and well-attended show. In the summer term the school staged a brand new play, Too Much WorldAt Once. A bold play exploring climate change, Sexuality and family. It was challenging to direct and perform and all involved felt a real sense of achievement. The drama department continued to provide a varied programme of theatre trips for different year groups and drama club was well attended each week. Sport Students at QEH enjoyed a wide variety of sporting activities during the year, with high levels of participation and success. The past year really has underlined QEH as a sporting powerhouse. whilst keeping our fundamental principle of 'Sport for All, at its heart. In rugby, over 300 students represented the school across 14 teams The U158 and U13C teams remained undefeated, but the U13A team enjoyed a highly successful season winning all their matches. The U13A were ranked the number 1 U13A team in the country. A number of student5 were involved with Bristol Bears U18 group and 35 students and 4 staff toured South Africa on rugby tour in the summer break. 14

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) GOVERNORS. REPORT For theyear ended 31 August 2024 Football possibly saw its most successful and busy season with over 300 students and 19 teams playing regularly across all year groups. The 1 st Xl had their most successful season ever, winning all 14 fixture5, scoring 73 goals and concedingjust 7. A number of students represented academies including Bristol City, Bristol Rovers, Exeter City and Cardiff City..115 students and 10 staff went on football tour to Real Madrid. It has been another very successful year of tennis at QEH with 5 teams competing at various levels across the school. Almost 200 cricketers represented the school across 15 teams and enjoyed one of the most successful cricket seasons in the school's history. The 2nd Xl, U14& U13A. U13B and U13C all remained undefeated throughout the entire season and QEH reached the County Cup Finals in all age groups, winning at U12, U13 and U14. Numerou5 Students represented Gloucestershire and Somerset County Cricket at all age groups. Girls, cricket matches also continued after a successful first year. The 1 st Xl won the Emeriti Cup held at Ampleforth in Yorkshire. The expansion of provision for girls, sport has been rapid and successful. The girls. hockey program continued to go from strength to strength, and the 1 st Xl played approximately 17 fixtures and the newly established 2nd Xl played 8 fixtures. The netball program continued with four teams. and the 1 st Vll played over 20 fixtures. QEH won the national Sister n Sport plate competition and finished third in the Avon County tournament. The school has also expanded its golf provision, entering teams into the Avon Schools Golf Championships, and establishing golf fixtures against local independent schools. Climbing events run throughout the school year, with teams entered from all age groups. The year culminated In success for the Senior A Team winning The South West Bouldering League. Outdoor Activities The Outdoor Pursuits department continued to grow durlng the year with pupil participation at an all- time high. The QE award has now completed a full cycle and has been a great experience for the whole of Years 7 and 8. The award includes extra-curricular clubs, bushcraft, first aid and volunteering and students have the opportunity to develop themselves in each area. In addition, Year 8 student5 are encouraged to engage in their own volunteering activity in order to give something back to the community. The Duke of Edinburgh's award continued to go from strength to strength. The second year of an entire year group enrolment meant that 89 Year 9 students completed the Bronze award expedition and students have all been working hard to complete their other sections, with 61 students having fully completed the requirements of the award. 55 Year 10 students signed up for the Silver award (a 15

QUEEN ELIZA8EfHS HospifAL (A company limited byguarantee) GOVERNORS. REPORT For theyear ended 31 August 2024 clear impact of the legacy from the whole year group enrolment the previous year) and 43 Year 12s for the Gold award. The volunteering that the students participate in continues to help a variety of organisations, ranging from working with elderly neighbours in the local area, caring for alpacas in an animal sanctuary and volunteering with St John Ambulance. The Ten Tors event has become a key strength of the school and QEH once again had 6 teams taking part in the challenge. It is clear that QEH students have earned a name for themselves as one of the strongest establishments involved. The 6 teams consisted of 2 x 35 mile, 3 x 45 mile and 1 x 55 mile. QEH students had the opportunityto join in a number of trips including a ski trip to Wargrain in Austria and a group of Year 9 and 10 pupils travelled to the North East of Scotland for an adventure camp. Here they learnt survival skills and enjoyed activities in the mountains. Ellzabethon Soclety and Friends of QEH The School maintains close links with its alumni and with the Friends of QEH, who support the School and contribute financially to various prize funds and projects. The Elizabethan Society continued to arrange a number of events, publications and communications to enable alumni to keep in contact with the School. The Friends of QEH arranged a number of successful events including the Family Fireworks night, the annual Jingle Jam evening at Christmas, a Curry and Quiz Night, and the Lizzies Film Awards. Fundraising Perfonnonce During the year the School raised £202,016 (2023: £285,498) through gifts and donations. Investment Performance Investment incomefor the year was £737,607 (2023: £542.949). See Note 3 to the Financial Statements. PRINCIPAL RISKS AND UNCERTAINTIES The School maintains a Risk Management Register which is reviewed annually by the Governing Body and the Senior Leadership Team. As part of the resular review Governors have identified seven key strategic risks". Long-termlinoncial viability To secure its long-term financial viability, the School has to balance the investment it makes in its staff and buildings with its fundin& the key source of which is fee income. To ensure all its commitments are met, the School has robust management processe5. These include forecasting pupil numbers, detailed budgeting and cash flow projections, which are prepared by the Senior Leadership Team and subject to detailed scrutiny by Governors. Progress against 16

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) GOVERNORS. REPORT For theyear ended 31 August2024 this plan is monitored continually by the Senior Leadership Team and termly by Governors. Affordability The School operates in a very competitive market with fee5 increasing faster than earnings, and is conscious that the cost of independent education is increasingly beyond the financial means of many families. In addition. affordability of fees, and therefore pupil numbers, could be affected by macro-economic factors, including the recent increases in energy, food and other Costs. Recognising this, QEH looks to ensure it achieves value for money in every area of its operations, while maintaining the excellent all-round education for which it is renowned. In addition, the School continues to seek donations to increase the funding it has available for means-tested bursaries, in order to provide financial support to even more families than it currently does. Safety (ynd security olpupils. staff and premises The School aims to provide a safe and secure environment, in order to safeguard and promote the wellbeing of pupils, staff and visitors, and to prevent reputational risk, To do this it has in place detailed policies and procedures including in the areas of safeguarding children {including from the risk of abuse of children by adults or from child on child abuse), anti- bullying. health and safety, physical security, cyber-security, wellbeing and critical incident management. These policies are regularly reviewed by Governors. Staff and pupils are provided with detailed training. as appropriate, to ensure these policies are adhered to across the School. In particular, staff and Governors undertake regular comprehensive safeguarding training. The School employs ts'ointly with two other independent schools in Bristol) a full-time Health and Safety Officer who, in conjunction with the Director of Finance and Operations, the Head of Estates and Facilities and the Maintenance Supervisor, carries Out regular inspections of the School buildings and maintains various departmental risk assessments. Government pollcy There is a risk that changes to government policy {such as amendments to VAT legislation on educational supplies, business rates relief, levy charges, and Teachers Pension contribution levels) will have a significant impact on the School's ability to operate, and links closely with another key strategic risk of affordability. This in turn could have a large impact on the demand for places, and therefore on fee income. QEH mitigates this risk by regularly reviewing its reserves policy, by preparing long-term forecasts, which include contingency planning in the event of changes in policy, and by taking an active role in supporting the Independent Schools Council in promoting public affairs and parliamentary engagement on behalf of the sector. Recrultment ond retention of key stolf The School relies on its ability to recruit and retain high quality Staff to carry out its charitable activities and achieve its objectives. The general shortage of labour in the current economic environment increases the risk of not achieving this objective. In order to achieve this the School provides a comprehensive range of financial and non-financial benefits to staff, 17

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) GOVERNORS'REPOR T For theyear ended 31 August 2024 including competitive salaries and training and development opportunities. and the promotion and support of staff wellbeing. Effectiveness of Governance The Governors recognise that strong governance is essential to the School's success. In order to ensure that governance is effective Governors are appointed based upon a skills matrix. Comprehensive induction and refresher training is provided to governors. Committee Structures are in place, supported by clear terms of reference. Governors actively monitor the implementation of policies and compliance within the School. Technology The School uses digital technology extensively and aims to educate its pupils to use digital technology effectively and safely. There are a number of risks associated with this use of technology, including the risk of cyber-attack on the School's IT systems and data, safeguarding pupils and staff from the risk of online harm, ensuring the safety and security of personal data, and the risks posed by artificial intelligence. These risks are mitigated by the implementation of information security. data protection, and acceptable use of IT policies which are actively monitored by Governors, by a range of technical controls, and by the use of external consultants to review the School's management IT and data protection. The generic controls used by the School to minimise risk include: detailed terms of reference together with formal agendas for Committees and Board activity strategic development planning reviewed by the Governing Body and its Committees comprehensive budgeting and management accounting established organisational structures and lines of reporting formal written policies including clear authorisation levels safeguarding procedures, as required by law, for the protection of children. The Governors regularly review the effectiveness of current plans and strategies for managing all identified major risks for the School, FUTURE PLANS The School intends to continue to achieve its aims and values, and to further develop its public benefit activities including the provision of bursaries and partnerships with maintained schools. Further work is planned to develop and enhance the facilities of the school. The key objectives for the year ending 31 August 2025 include: To recruit sufficient pupils able to benefit from the education offered by the School To maintain the Schoofs high level of academic performance To continue to provide assisted places for families with limited financial means 18

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) GOVERNORS. REPORT For theyear ended 31 August 2024 To continue to develop the facilities at the School To continue to operate the School effectively and safely and to safeguard and promote the welfare of pupils at the School To ensure that the financial position of the School remains sound To adapt to the proposed introduction of VAT on independent school fees from January 2025 To continue to work towards the goals and targets set by the School's operational plan, under the four themes: Innovative and challenging education- both in and out of the classroom Supportive and caring community Development, partnership and accessibility Create an inspiring learning environment FINANCES The School's main source of income is from fees and investments, the latter being mainly derived from permanent endowment. The Governors, policy is to set the fees at a level which will be sufficient to generate net Income and resources of 10% of net fees over the long term, to fund development work and to provide free reserves equivalent to a term's expenditure when funds permit. All available endowment income will be used for the School's charitable purposes. The parents of pupils have the assurance that the income of the School, as a charity. must be applied for educational purposes. The charitable status permits a tax exemption on educational activities and on investment income and gains, provided these are applied for charitable aims. As a charity, the School has been entitled to an 80% reduction on business rates on the propety occupied for charitable purposes. This will cease from April 2025. The financial benefits received from this tax exemption are all applied for educational purposes and indirectly help to maintain the School's bursary provision. However, a5 an educational charity, the School has been unable to reclaim VAT input tax on costs as it is exempt for VAT purposes. Following the October 2024 budget with effect from 1 January 2025 the School will be able to recover VAT linked to it5 educational activities. The School also pays taxes as an employer through national insurance contribution5. In addition to the very substantial benefits the School brings to its pupils, the local community and society through the education offered, it provides education which would otherwise have to be funded by the Exchequer. Development5 During the year a number of refurbishment and capital projects were carried out, including the replacement of several roofs at the School,. and the refurbishment of a number of classrooms in the Senior and Junior schools. 19

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) GOVERNORS, REPORT For theyear ended 31 August2024 Reserves ond Financial Health In common with most other independent schools, the School operates with a limited amount of free reserves (unrestricted funds less tangible fixed assets), but uses its operating surpluses to finance capital expenditure for improving buildings and facilities, to continue to provide a first class education for pupils. The Schoofs unrestricted funds stood at £13,636.962 at the year end, of which £10,139,542 represented funds deployed as part of the School's fixed assets. leaving £3.497.420 (2023; £3.457.215) as free reserves. The School also held £12,843,067 in Endowment Funds and £1,339,997 in Restricted Funds. It is anticipated that approximately £839.000 of the Restricted Funds will be applied in future years to support pupils currently at the School. The School aims to retain sufficient reserves to ensure continuity in the event of unforeseen circumstances. The current objective is to retain a level of free reserves equivalent to approximately one term's expenditure. The Governors consider the current level of reserves to be in line with that objective. This objective is reviewed on a regular basis and adjusted if appropriate. AUDITORS A resolution to re-appoint Bishop Fleming LLP as auditors for next year will be proposed at the annual general meeting in accordance with section 485 of the Companies Act 2006. K Riley Chair of Governors This report, including the Strategic Report, was approved by order of the Board of Trustees on 5 December 2024. 20

QUEEN ELIZABETH'S HOSPITAL (A company limited byguaranteej STA TEMENT OF GOVERNORS. RESPONSIBILITIES for theyear ended 31 August 2024 The Governors {who are also direttors of Queen Elizabeth's Hospital for the purpose of company law) are responsible for preparing the Governors, Report, including the Strategic Report, and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Governors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incomin8 resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the Governors are required to: select suitable accounting policies and then apply them consistently; obseNe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statement5,' prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the preventlon and detection of fraud and other irregularities. In so far as the Governors are aware: there is no relevant audit information of which the charitable CoMpanS auditor is unaware; and the Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. K Riley Chair of Governors 21

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) INDEPENDENTAUDITOR'S REPOR T ro THE MEMBERS OF QUEEN ELIZABETH'S HOSPITAL for the year ended 31 August 2024 OPINION We have audited the financial Statements of Queen Elizabeth's Hospital (the School) for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the School's affairs as at 31 August 2024 and of its incoming resources and application of resources. including its income and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing {UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the School in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELA TING TO GOING CONCERN In auditing the financial statements, we have concluded that the Governors, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions thaL individually or collectively, may cast significant doubt on the School's ability to continue as a going concern for a period of at least IMelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report. 22

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) INDEPENDENTAUDITOR'S REPORT TO THE MEMBERS OF QUEEN ELIZABETH'S HOSPITAL for theyear ended31 August 2024 OTHER INFORMA TION The Governors are responsible for the other information. The other information comprises the informatlon included in the Governors, Report, other than the financial statements and our Auditors, Report thereon. 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 is to read the other information and. in doing so, consider whether the other information Is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we Identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material mi55tatement of the other information. If. based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIESACT2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Governors, Report including the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Governors, Report and the Strategic Report have been prepared In accordance with applicable legal requirements. MA TTERS ON WHICH WEARE REQUIRED TO REPORTBYEXCEPTION In the light of our knowledge and understanding of the School and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors. Report. We have nothing to report in respect of the following matters in relation to which we to report to you if, in our opinion.. the School has not kept adequate and sufficient accounting record5, or return5 adequate for our audit have not been received from branches not visited by us,. or the School's financial statements are not in agreement with the accounting records and returns.. or certain disclosures of Governors, remuneration specified by law are not made", or we have not received all the information and explanations we require for our audit. 23

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF QUEEN ELIZABETH S HOSPITAL for theyear ended 31 August 2024 RESPONSIBILITIES OF GOVERNORS As explained more fully in the Governors, Responsibilities statement, the Governors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Governors are responsible for assessing the School'5 ability to continue as a going concern. disclosing. as applicable. matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the School or to cease operations, or have no realistic alternative but to do so. AUDITORS, RESPONSIBILITIES FOR THEAUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit corbducted in accordance with ISAS {UKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wlth our responsibillties, outlined above, to detect material misstatements In respect of irregularities, including fraud. Identifylng and a55e551ng potentlal risks related to Irregularlties The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We have considered the nature of the sector, control environment and financial performance of the School; We have considered the results of enquiries with management and Governors, including the committees charged with governance over the School's finance and control. in relation to their own identification and assessment of the risk of irregularities within the entity: We have considered any matters we identified having obtained and reviewed the School's documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non- compliance,. detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks or fraud or noncompliance with laws and regulations; 24

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarontee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUEEN ELIZABETH'S HOSPITAL lor the yeor ended 31 August 2024 We have considered the matters discussed among the audit engagement team and involving relevant internal independent schools specialists regarding how and where fraud might occur in the financial statements and any potential indications for fraud,. We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation. As a result of these procedures. we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut off. In common with all audits under ISAS (UK) we are also required to perform specific procedures to respond to the risk of management override. We have also obtained understanding of the legal and regulatory frameworks that the School operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disc105ures in the financial statements. The key laws and regulations we considered in this context included the Charities Act 2011, Charity SORP 2019 and FRS 102. In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the School's ability to operate or avoid a material penalty. These included data protection regulations, health and safety regulations and employment legislation. Our procedures to respond to risks identified included the following: Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance wlth provisions of relevant laws and regulations described as having a direct effect on the financial statements; Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; Reviewing committee meeting minutes; Enquiring of Governors and management in relation to actual and potential claims or litigations: Performing detailed transactional testing in relation to the recognition of revenue with a particular focus around year-end cut off; and In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in accounting estimates are indicative of potential bias,. and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business. We also communicated identified laws and regulations and potential fraud risks to all Governors of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit. 25

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUEEN ELIZABETHS HOSPITAL for the yeor ended 31 August 2024 As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in financial statements or non-compliance with regulation, will be detected by us, The risk increases the further removed compliance with a law and regulation is from the events and transactions reflected in the financial statements. given we will be less likely to be aware of it. or should the irregularity occur as a result of fraud rather than a one off error. as this may involve intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uklauditorsresponsibilities. This description forms part of our Auditors, Report. USE OF OUR REPORT This report is made solely to the School's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the members those matters we are required to state to them in an Auditors, Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the members, as a body, for our audit work, for this report, or for the opinion5 we have formed. Joseph Scaife FCA DChA (Senior Statutory Auditor) for and on behalf of Blshop Fleming LLP Chartered Accountants Statutory Auditors 10 Temple Back Bristol BS16FL Date: I LF/I/i 26

QUEEN ELIZABETH S HOSPITAL (A company limited byguarantee) STA TEMENT OF FINANCIAL ACTIVITIES (Including income ond expenditure account) or theyearended31 August2024 Unrestricted Funds Restrlcted Endowment Fund5 Funds Total 2024 Total 2023 Notes Income and endowments from.. Voluntory sources Grants and donations Choritable octivities School fees receivable Ancillary trading income Other troding octivitie5 Sundry letting Investments Investment income Bank and other interest Other Other income Profit on sale of fixed assets 8.235 193,781 202.016 285,498 12.093,216 2,908 12,093.216 11,352,202 2,908 298 118,761 118.761 81,858 370,269 343,398 23,940 394,209 343,398 397,125 145,824 120,000 Total Income and endowments 12,936,787 217,721 13,154,508 12,382,805 Expenditure on.. ROlSingfunds Financing costs Investment management Fundraising costs 7,341 100,556 90,424 125,374 98,541 1,868 49,404 176,646 98,541 Total deductlble costs 223,915 1,868 49,404 27S.187 198,321 Charltable octlvltles Education and grant making 12.433,475 209,584 12,643,059 11.863,253 Total expendlture 12.657,390 211,452 49,404 12,918.246 12.061.574 Net Income before transfers und investment ¥oin5 279,397 6,269 {49,404) 236.262 321,231 Gainsl(losses) on investments (L05ses) l Gains on investment properties Transfers between funds 73 (53,260) 35,675 938.285 (55,000) 53.260 973.960 (55,000) 1203,695) 40,000 Net movement In funds 226.137 41,944 887,141 1,155.222 157.536 Fund balances brought forward 13.410.825 1,298,053 11,955.926 26,664.804 26.507.268 Fund balances carriedlorward 13,636,962 1,339,997 12,843.067 27.820.026 26.664.804 The note5 on pages 30-54form part of the5ellnanclal statements 27

QUEEN ELIZIIBETH'S HOSPITAL (A company limited byguarantee) Company No. 5164477 BALANCE SHEET as at 31 August 2024 Notes 2024 2023 Fixed assets Tangible assets Securities investments Propety investments 10,139,542 9,558.021 3,632,527 9,953,610 8,582,073 3,687,527 23.330.090 22,223,210 Current Q$5ets Debtors Cash and deposlts 160,618 10,902,211 113,769 7,774.595 11,062,829 7,888,364 Current Liobilitie5 Creditors., amounts falling due within one year 70 (4,285,014) (3,259.340) Net Current A55ets 6,777,815 4,629,024 Totol assets less current Ilobllltles 30,107,905 26,852,234 Long term Ilabillties Creditors: amounts falling due after one year 71 (2,287,879) (187,430) Net a55ets 27,820,026 26,664,804 Endowed Funds Restrlcted Funds Unrestrlcted Funds 73 74 12,843,067 1,339,997 13,636,962 11,955,926 1,298,053 13,410.825 27,820,026 26,664,804 Included within total funds is an investment revaluation reser4e of £5,166.415 12023: £4,298,727). £1,065,207 was borrowed from the Endowment Fund in 2006107 and is repaid from unrestrlcted funds In equal instalments over a 20-year period. The amount still due at the year-end was £106,527 (2023: £159.7871. These financial statements were approved by the Governors on S December 2024 and signed on their behalf by.. K Riley Chair of Governors The notes on pages 30-54 form part ol theselinanciol statements 28

QUEEN ELIZABETH'S HospifAL (A company limited byguarantee) CASH FLOWSTA TEMENT or the year ended 31 August 2024 Notes 2024 2023 Cash Alowsfrom operoting activltles.. Net cash provided by operating activities 160) 3,546,107 1.188,039 Cash Ilowsfrom Investinx activitles.. Dividends, interest and rents from investments Purchase of propety, plant and equipment Purchase of Investments 394,209 1759,440) (53.260) 397,125 (1,513,391) (226,520) Net cash provided byl(used inl investing activities 1418,491) (1,342,786) Cashflowsfrom flnanclng octivities.. Cash inflows from new borrowing Cash repaid on borrowings Interest paid on borrowings (619,787) {7,341) Net cash provided by financlng activities (627,128) Change In cash and cosh equlvolents In the reportlng perlod 3,127,616 (781,875) Cash and cash equlvulents broughtforword 7,774,595 8.556.470 Cash and cash equlvolents corrledforward 16b) 10,902.211 7.774,595 The notes on pages 30-54form part ol thesefinancial statements 29

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) NOTES TO THE FINANCIAL STA TEMENTS or theyear ended 31 August 2024 ACCOUNTING POLICIES Basis of accounting The financial statements have been prepared in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Accountlng and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (Charities SORP (FRS 102)}, the Charities Act 2011 and the Companies Act 2006. These financial statements are drawn up on the historical c05t accounting basis as modified by the revaluation of investment properties and other investments. The accounts of the Company have been prepared in accordance with a Uniting Direction issued by the Charity Commission dated 25 August 2005. The Commission has directed that the charities called Queen Ellzabeth's Hospital Trust (charity number 1104871-1) and Queen Elizabeth's Hospital Scholarship, Bursary and Prize Fund (charity number 1104871-2) shall be treated as forming part of the charity called Queen Elizabeth's Hospital (charity number 1104871) for the purposes of Part Vl of the Charities Act 1993. The three charities are aggregated in the Statement of Financlal Activities and on the face of the Balance Sheet, with Note 15 detailing individual fund balances and analysing the assets and liabilities between each type of fund and each charity. Queen Elizabeth's Hospital constitutes a public benefit entity as defined by FRS102. Going concern The Governors assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the School to continue as a going concern. The Governors make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements. The current levels of cash and unrestricted reserves, combined with strong pupil numbers and controls over operating expenditure, have enabled the Governors to conclude that the School has adequate resources to continue in operational existence for the foreseeable future. There are no material uncertainties about the School's ability to continue as a going concern, and therefore the Governors continue to adopt the going concern basis in preparing the financial statements. General Informotlon The School is a private company limited by guarantee and is incorporated in England and Wales. The registered office is: Queen Elizabeth's Hospital, Berkeley Place, Clifton, Bristol, BS8 1JX. Charltable Actlvitles Fees receivable and charges for services and use of premises are accounted for in the year in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the School, but include contributions from Restricted Funds for Scholarships, Bursaries and other grants. 30

QUEEN ELIZABETH S HOSPITAL (A compony limited by guaTrantee) NOTES TO THE FINANCIAL STA TEMENTS for theyear ended 31 August 2024 ACCOUNTING POLICIES (continued) Voluntary sources Income from voluntary sources for the general purposes of the Charity are included as unrestricted funds. Voluntary incoming resources for activities restricted by the wishes of the donor or the terms of the appeal are taken to Restrlcted funds, Voluntary income required to be retained as capital in accordance with the donorfs wishes are accounted for as Endowments permanent or expendable according to the nature of the restriction. Voluntary income is accounted for as and when entitlement arises, the amoLJnt can be reliably quantified and the economic benefit to the School is considered probable. Expendlture Expenditure is accounted for on an accruals basis as soon as a liability is considered probable. Expenditure is allocated to functional headings. which aggregate all costs relating to the category on a direct cost basis. The irrecoverable element of VAT is included with the item of expense to which it relates. Investment Income Investment income from dividends, property funds, bank balances and fixed interest securities is accounted for on an accruals basis. Income from investment properties 15 accounted for in the period to which the rental income relates. Tangiblelixed asset5 All fixed assets are initially recorded at cost. It is the policy of the School to review all expenditure over £5,000 and capitalise where necessary and appropriate. Depreciation is provided on all assets except freehold land based on the historical cost less the estimated residual value of the asset based on current market price5 at the end of its useful economic life. Depreciation is provided at the following rates: Freehold buildings Freehold improvements Fixtures, fittings and equipment Motor vehicles over 50 years over 15 to 50 years over 3 to 5 years over 5 years Investment U5setS Investment properties are shown at professional estimates of open market value made byjories Lang Lasalle, Chartered Surveyors, as at 31 August 2024. Any deficit or surplus is included in endowments. Listed investments other than property are included at their bid price at the balance sheet date. 31

QUEEN ELIZABETH S HOSPITAL (A company limited byguarantee) NOTES ro THE FINANCIAL STA TEMENTS or theyeor ended 31 August 2024 ACCOUNTING POLICIES (continued) Any surplus or deficit on the sale of investment assets included in the Statement of Financial Activities is calculated by reference to the market value at the opening balance sheet date of the property sold. Unrealised gains and losses arising on the revaluation of investments are credited or charged to the Statement of Financial Activities and are allocated to the appropriate Fund according to the ownership of the underlying assets. Fund accounting The charitable trust funds of the School are accounted for as unrestricted or restricted income, or a5 endowment capital, in accordance with the terms of trust imposed by the donors or any appeal to which they have responded. Unrestricted income belongs to the School's corporate reserves, spendable at the discretion of the Governors either to further the School's objectives or to benefit the School itself. Where the Governors decide to set aside any part of these funds to be used for some specific purpose, this is accounted for by transfer to the appropriate designated fund. Restricted income comprises glfts. legacies and grants where there is no capital retention obligation or power but only a trust law restriction to some specific purpose intended by the donor. Permanent endowment arises where a donor intends the gift to be retained permanently for use by the School (e.g. freehold land) or for its financial benefit li.e. by investment). Expendable endowment funds are accounted for similarly, except that all capital can be converted to income for spending either at the Governors. own discretion or else upon the happening of some event contemplated by the donor le.g. annual depreciation charges on a building or other wasting asset retained for use by the School on a continuing basis - i.e. as a fixed asset). Pension schemes The School contributes to the deflned benefit scheme for teaching staff which is run by Teachers, Pensions. The Teachers, Pension Scheme ffPS) is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees, working lives with the School in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a prospettive unit credit method. As stated in Note 6, the TPS is a multi-employer scheme and there is insufficient information available to use defined benefit accounting. The TPS is therefore treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate. 32

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarontee) NOTES TO THE FINANCIAL STA TEMENTS lor the year ended 31 August 2024 ACCOUNTING POLICIES (continued) The School participates in Series 1, 2 and 3 of the TPT Retirement Solutions Growth Plan (the Plan). This is a multi-employer pension plan, which is funded and is not contracted out of the State's scheme. The Plan's assets are co-mingled for investment purposes, and benefits are paid out of the total assets. It is not possible in the normal course of events to identify on a reasonable and consistent basis the share of underlying assets and liabilities belonging to individual participating employers. Accordingly. due to the nature of the Plan. the accounting charge for the period under FRS 102 represents the employer contribution payable. Further details of the scheme are set out in Note 6 and details of a contingent liability in respect of these contributions is set out in Note 18. This pension scheme is in deficit and the School is committed to making contributions towards this deficit. In accordance with FRS 102 the total of the deficit payments are included as a liability within the financial statements. Other than the deficit contribution no ongoing employer contributions are being made to these Serie5 Of the TPT Retirement Solutions Growth Plan. The School contributes to Series 4 of the TPT Retirement Solutions Growth Plan, a defined contribution scheme for support staff. The assets of the scheme are held separately from those of the School, The annual contributions payable are charged to the Statement of Financial Activities as they become payable. The School is also liable for payments to employees who joined a defined benefit scheme in operation between 1979 and 1984. This was a non-contributory retirement pension scheme and was available to full time support staff who joined the Scheme by 1984 and who continued in service at the School until the normal retirement age. No contributions were made by the employee or the School during the period of service. but the School is liable for pension payments to eligible former employees who meet the retirement criteria. Debtors Trade and other debtors with no stated interest rate and due within one year are recorded at the amount of the cash or other consideration expected to be received. Prepayments are valued at the amount paid. Cash ot Bank and In Hond Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account and cash on deposit that has a notice period of less than 3 months. 33

QUEEN ELIZABETH'S HOSPITAL (A company limited by guarantee) NOTES TO THE FINANCIAL STA TEMENTS for the year ended 31 August 2024 ACCOUNTING POLICIES (continued) Liabilities and Provision5 Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the School anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provlsions are measured at the best estimate of the amounts required to settle the obligation. Flnonclol Instruments Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets. financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the School after deducting all of its liabilities. Financial instruments includes cash at bank, trade debtors, accrued income from financial instruments {comprisin8 dividends and interest due from investments), trade creditors and accrued expenditure. Crltlcal Accountlng Estlmates and Areas ofjudgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The School makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are the revaluations of investment properties. 34

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) NOTES TO THE FINANCIAL STA TEMENTS for the year ended31 Augu5t2024 CHARITABLE ACTIVITIES - SCHOOL FEES RECEIVABLE 2024 2023 The School's fee income comprised.. Gross fees Less". Total scholarships, bursaries and allowances 13,254,412 (1,365,280) 12,505,336 (1,351,639) 11,889,132 204,084 11,153.697 198,505 Add back: Bursaries etc paid for by restricted funds 12,093,216 11,352,202 INVESTMENT INCOME 2024 2024 2024 2024 2023 Unrestrlcted Re5trlcted Endowment Funds Funds Funds Totol Total Property income Interest receivable Income from investments 96,993 343,398 273,276 96,993 343,398 297,216 115,918 145,824 281,207 23,940 713,667 23,940 737,607 542,949 Of the total unrestricted investment income £370,269 (2023: £374,348) arose from permanently endowed assets. There are no restrictions placed on the income generated from any of the permanently endowed assets. OTHER INCOME 2024 2023 Receipt from option extension on permanently endowed land 120,000 120,000 35

QUEEN ELIZABETHS HOSPITAL (A company limited byguorantee) NOTES TO THE FINANCIAL STA TEMENTS or theyear ended 31 August 2024 ANAL YSIS OF TOTAL EXPENDITURE Stoff Costs Depreciation 2024 2024 Other 2024 Totol 2024 rotol 2023 Raisingfunds.. Financing costs Investment management: Securities investments Propety investments Fundraising costs 7,341 125,374 51,272 18,095 125,374 51,272 98,541 51,705 48,851 90,424 80,446 Total costs of raising funds 80,446 194,741 275,187 198,321 Chorltoble expendlture.. Teaching Welfare Premises Support and governance Grants, awards and prizes 6.706,383 106,857 468,164 583,998 108,659 777,799 7,592,841 6,965,341 810,870 917,727 857,181 464,849 1,650,885 2,583,898 2,609,614 755,011 1,339,009 1,226,970 209,584 209,584 204,147 7,865,402 573,508 4,204,149 12,643,059 11,863,253 Total Expended 7,945,848 573,508 4,398,890 12.918,246 12,061,574 Grants. awords and prlzes 2024 2023 From Restrlrted Funds.. Bursaries and other grants and awards Prizes and leaving awards Other costs 204,084 5,500 198,505 5,642 209,584 204,147 36

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) NOTES TO THE FINANCIAL STA TEMENTS for theyear ended31 August 2024 ANAL YSIS OF TOTAL EXPENDITURE (continued) Staff costs comprise." 2024 2023 Wages and salaries Defined contribution pension scheme employerfs contributions Defined benefit pension scheme operating costs Social Security 6,121,998 5.633,144 93,129 81.323 1,093.145 962,903 637.576 594,835 7.945.848 7,272,205 No Governors received any remuneration or other benefits from the School or from any connected body during the year. 2024 2023 Aggregate employee benefits of key management personnel 685,986 631,030 Employee benefits include wages and salarie5, Social security and employerfs pension contributions, and other benefits in kind. The average total number of staff employed during the year was 167 (2023., 161). The average number of full time equivalent staff employed during the year was 131 (2023: 128): 2024 84 2023 84 Teaching Welfare Premises Support 13 32 13 29 131 128 2024 2023 Number of higher paid employees in bands of", £150,001 to £160,000 £140.001 to £150,000 £110,001 to £120,000 £100,001 to £110,000 £70,001 to £80,000 £60,001 to £70,000 37

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) NOTES TO THE FINANCIAL STA TEMENTS for theyear ended 31 August 2024 ANAL YSIS OF TOTAL EXPENDITURE (continued) The total amount relating to termination payments during the year was £44,858 (2023: £26,435). These amounts relate to agreements made with employees to end employment contracts. No emoluments were paid to the Governors in respect of their services during the year, nor have they received any other form of disclosable trustee benefit (2023: £Nil). The Company provided indemnity insurance for Governors, the cost of which was included as part of the overall insurance premium for the year. During the year Governors received £1682 for reimbursement of trainlng and travel expenses (2023: £763). Administration costs include: 2024 2023 Depreciation - owned assets Loss on disposal of fixed assets Auditors, remuneration Auditors, non-audit remuneration 573,508 586,618 12,360 6,348 12,000 1,194 PENSION COSTS There are several pension schemes open to certain employees of the School which include the Teachers, Pension Scheme for teaching staff and other schemes as detailed in Note 1. The School participates in the Teachers, Pension Scheme {"the TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,093,145 (2023: £962,903) and at the year-end £131,520 (2023: £110,316) was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 (as amended) and The Teachers, Pension Scheme Regulations 2014 (as amended). 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. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuaws Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. Following the Mccloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits. and in preparing the 2020 valuation have valued the 'greater value. benefits for groups of relevant members. 38

QUEEN ELIZABETH'S HOSPITAL (A company limited byguorantee) NOTES TO THE FINANCIAL STA TEMENrs for theyear ended 31 Au ust 2024 The employer contribution rate for the TPS is 28.6% and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%. Defined contrlbutlon scheme (TPT Retlrement Solutions Growth Plan) The School also contributes to a defined contribution scheme for support staff, as detailed in Note 1. Total employer contributions to the scheme for the year amounted to £93,129 (2023: £81,323). In 2012. following a ruling by the Supreme Court, the TPT Retirement Solutions Growth Plan Series 3 was reclassified as a defined benefit scheme alongside Series 1 and 2,. Series 4 remains a defined contribution scheme. The School participates in the scheme, a multi-employer scheme which provides benefits to some 638 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the School to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, sets out the framework for funding defined benefit occupational pension schemes in the UK. The scheme is classified as a 'last-man standing, arrangement. Therefore the School is potentially liable for other participating employers, obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme, Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay further additional contributions totalling £3,312,000 per annum for all participating employees in monthly payments from 1 April 2022 to 31 January 2025 (unless a concession has been agreed with the Trustee). The scheme's previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.Sm. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme totalling £11,243,000 per annum from 1 April 2019 to 30 September 2025 (payable monthly and increasing by 3% each on 1 April each year). 39

QUEEN ELIZABETH'S HOSPITAL (A company limited by guarantee) NOTES TO THE FINANCIAL STA TEMENTS or theyear ended31 August 2024 PENSION COSTS (continued) The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities. Where the scheme is in deficit and where the School has agreed to a deficit funding arrangement the School recognises a liability for this obligation. The amount recognised Is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost. The recovery plan currently requires that from 1 September 2022. additional annual contributions of £4,024 are made over the term of the recovery plan. This liability has been recognised in the financial statements. 40

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) NOTES TO THE FINANCIAL STA TEMENTS Aor theyeor ended31Au ust 2024 PENSION COSTS (continued) Present value of ro 2024 2023 Present value of provision 1,663 5,483 nin 2024 2023 Provision at start of year Unwinding of the discount factor (interest expense) Deficit contribution paid Re-measurements - impact of change in assumptions Remeasurements - amendments to the contribution schedule 5,483 202 (4,024) 9,245 316 (4,024) (54) Provision at end of year 1,663 S,483 ncome and ex enditure im act: 2024 2023 Unwinding of the discount factor {interest expense) Re-measurements - impact of change in assumptions Remeasurements - amendments to the contribution schedule 202 316 {54) Costs recognised in income and expenditure account 204 262 2024 2023 Rate of discount (% per annum) 5.13 6.04 The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield cunie to discount the same recovery plan contributions. 41

QUEEN ELIZABETH S HOSPITAL (A company limited by guarantee) NOTES TO THE FINANCIAL STA TEMENTS or the year ended 31 August 2024 PENSION COSTS (continued) TPT Retirement Solutions Scottish Voluntary Sector Pension Scheme The School no longer participates in the TPT Retirement Solutions Scottish Voluntary Sector Pension Scheme. but continues to make contributions to the scheme as part of a recovery plan. Deficit contributions totalling £4,691 were paid during the year (2023.. £5,820). The amount due at 31 August 2024 is £1.896 (2023: £19,067). This liability has been recognised in the financial statements. Queen Elizabeth's Hospital Governors. Non-contributory Pension Scheme The School is liable for payments to employees who joined the Queen Elizabeth's Hospital Governors, Non-contributory Pension Scheme, a defined benefit scheme in operation between 1979 and 1984. This was a non-contributory retirement pension scheme and was available to full time support Staff whojoined the scheme by 1984 and who continued in service at the School until the normal retirement age. No contributions were made by the employee or the School during the period of service, but the School is liable for pension payments to eligible former employees who meet the retirement criteria. Pension payments in respect of this Scheme totalling £4,077 were made during the year (2023: £3,883}. The liability for estimated future payments under this Scheme has been recognised in the financial statements. The amount due at 31 August 2024 is £37,061 (2023: £38,193). 42

QUEEN ELIZABETH'S HOSPITAL (A compony Ilmited byxuarantee) NOTES TO THE FINANCIAL STA TEMENTS or the ear ended 31 Ilu ust 2024 TANGIBIE FIXED ASSETS FIAtvres. Ilttlny Equlpmett¢ Freehold Lond Freehold 8ulldln8 Freehom Improv•m¢nt Motor Vehltles rotol Cost As at I September 2023 Additions Disposals 180,020 8,186.003 5.138,880 759,440 1.968.585 28.767 15,502,255 759,440 As at 31 August 2024 Depreclatlon A5 at I Septèmber 2023 Charge for year Disposals 180,020 8,186,003 5.898,320 1,968.585 28,767 16,261,695 2,159.207 163,720 1.774,615 301,129 1,586,056 108,659 28,767 S,548,645 573.508 As a¢ 31 August 2024 2,322,927 2,075.744 1,694,715 28,767 6,122,153 Net Book Value At 31 August 2024 180,020 5.863,076 3,822,576 273,870 10,139.542 At 31 Augusi 2023 180,020 6.026,796 3,364,265 382,529 9,953,610 CAPITAL COMMITAIENTS As at the year-end the School had capital commilrnents totalling £128.50012023.' £84.0671. 43

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) NOTES TO THE FINANCIAL STA TEMENTS lor theyear ended31 August 2024 FIXED ASSET INVESTMENTS Property Investments Securities Investment5 Total Market value at 1 September 2023 Additions Costs of maintaining investments Change in market value 3,687,527 8.582.073 53,260 (51,272) 973,960 12,269,600 53,260 (51.272) 918,960 (55,000) Market value at 31 August 2024 3,632,527 9.558,021 13,190,548 H istorical cost 1,098,127 7,840,522 8,938,649 Securities investments comprise: Value Quilter Cheviot Portfolio Investment in subsidiaries 9,558,018 9,558,021 The school holds 100% of the issued share capital (£2) of QEH International Schools Limited (Company Number: 10665787). The school also holds l 00% of the issued share capital (£1) of QEH Enterprises Limited (Company Number: 15098687). Neither of these subsidiary companies traded durlng the year ended 31 August 2024. DEBTORS 2024 2023 Fees receivable Other debtors Prepayments and accrued income 16.442 27,355 116,821 4,596 10,963 98,210 160,618 113,769

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) NOTES TO THE FINANCIAL STA TEMENTS for theyear ended 31 August 2024 10. CREDITORS.. Amountslalling due within one year 2024 2023 Fees in advance Sundry creditors and accruals Taxation & Soclal Security 2,682,034 1,450,581 152,399 1,637,477 1.480,581 141,282 4,285,014 3,259,340 11. CREDITORS." Amountslalling due after more than oneyear 2024 2023 Sundry creditors and accruals (1-2 years) Sundry creditors and accruals (2-5 years) Sundry creditors and accruals (over S years) Deferred income (1-2 years) Deferred income {2-5 years) Deferred income {over 5 years) 5,194 12,582 16.091 820.988 1,193,113 239.911 11,627 18,881 18,223 1,272 3.817 133,610 2,287,879 187,430 DEFERRED INCOME Deferred income at 1 September 2023 Resources deferred during the year Amounts released from previous years 1,846,936 4.556,605 (1,708,237) Deferred income at 31 August 2024 4,695,304 Deferred income includes fees received in advance, monies received for trips taking place after the year end and income received in advance in respect of a property. 45

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) NOTES TO THE FINANCIAL STA TEMENrs or the year ended31 August 2024 12. FINANCIAL INSTRUMENTS 2024 2023 Financlol ossets measured otfolr volue through Income and expenditure Securities investments 9.558,021 8.582,073 Flnonclal ossets measured ot omortlsed cost Fees receivable Other debtors Cash and deposits 16,442 27,355 10,902,211 4.596 10,963 7,774,595 10.946.008 7,790,1 $4 Flnonclal Ilabllltles measured at omort15ed cost Sundry creditors and accruals 1,282,595 1,306,075 1,282,595 1,306,075 The fair values of the assets and liabilities held at fair value through income and expenditure at the balance sheet date are determined using quoted prices. 13. EhlDOWMENrs Balance at 1 September 2023 Change in market value Transfer from unrestricted fund Costs of maintaining the endowed funds 11,955,926 883,285 53,260 (49.404) Balance at 31 August 2024 12.843,067 Pre-incorporation the Permanent Endowment Fund assets were invested in the name of the Trustees of Bristol Charities and managed by them on behalf of the School. The Trustees were bound to pay the net income generated by the assets to the Governors of the School to be used in accordance with the stated objectives. Following the incorporation of the School, the permanent endowment was transferred to QEH Trust. As the. assets form a permanent 46

QUEEN ELIZABETH'S HOSPITAL (A compony limited byguarontee) NOTES TO THE FINANCIAL STA TEMENTS or theyear ended 31 August 2024 endowment the Governors have no access to the capital of the fund without permi55ion from the Charity Commission. In the financial year 2006-2007, the Charity Commission agreed that QEH Trust trustees could spend £1,065,207 of the permanent endowment fund converting the charitys propety to provide enhanced accommodation. The Charity must replace the sum by setting aside £53,260 each year until 31 August 2026 to be invested as part of the charitys permanent endowment fund. Movements in the year were as follows: Balance at 1 September 2023 Amount repaid in the year 159,787 (53,260) Balance remaining at 31 August 2024 106,527 47

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) NOTES TO THE FINANCIAL STA TEMENTS Aor theyear ended 31 August 2024 14. RESTRICTED FUNDS Asot 1 September Incomlng Resources 2023 resources expended Goins. A5at losses and 31 August transfer5 2024 John James Prize Fund Johnjames Gift Bursary Fund QEH Old Boys, Benevolent Fund Scholarship, Bursary & Prize Fund 3,000 30,000 160,516 (3,000) (30.000) (146,170) 925,763 940,109 314.443 10.829 (10.829) 33,807 348,250 57.847 13,376 (19,585) 51,638 1,298,053 217,721 (209,584) 33,807 1,339.997 Gains, losses and transfers comprise: Bursary Fund Facilities Fund Scholarship. Bursory & Prize Fund Total Transfer between funds Transfer to unrestricted funds following use of restricted funds to purchase fixed assets Change in market value of Investments 33,807 33,807 33,807 33,807 48

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) NOTES ro THE FINANCIAL STA TEMENTS lor theyear ended 31 August 2024 Asat 1 September Incoming Resources 2022 resources expended Gains. A5at losses ond 31 August tronsfers 2023 John James Prize Fund Johnjames Gift Bursary Fund Facilities Fund QEH Old Boys, Benevolent Fund Scholarship, Bursary & Prize Fund 3.000 30.000 125,972 120,000 (3,000) (30,000) {142,167) 1,076,958 (135,000) (120,000) 925,763 323,858 10,303 {10.303) (9,415) 314,443 63,785 12,739 (18,677) 57,847 1,464,601 302,014 (204,147) (264,415) 1,298,053 Thejohnjames Prize Fund is to be used for awards to pupils or projects at the Head's discretion. Thejohn James Gift represents specific funds received for the awarding of bursaries during the year. The Bursary Fund represents funds received from fundraising activities restricted to providing bursaries. £762k is anticipated to be utilised in respect of pupils currently at the school in receipt of support from the Bursary Fund up until they complete year 13. The Facilities Fund is used to provide facilities or equipment which support the school and advance the education of the pupils. The QEH Old Boys, Benevolent Fund is to be used for: (al The relief of poverty through the provision of: (i) Grants to former scholars of QEH and their dependents in cases of need; (li) Bursaries and other grants to individual pupils at QEH or on leaving QEH, when need arises: (b) The advancement of education in particular through the provision of,. (i) Bursaries, prizes and other grants to individual pupils at, or after leavin& QEH; {ii) Funds for specific projects of a charitable nature. The Scholarship, Bursary and Prize Fund is to be used to further the education of pupils attending Queen Elizabeth's Hospital by the provision of scholarships, bursaries and prizes. 49

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) NOTES ro THE FINANCIAL STA TEMENTS for theyear ended 31 August 2024 14. RESTRICTED FUNDS (continued) Where restricted funds have been used to purchase fixed assets a transfer has been made from restricted to unrestricted as the restriction placed on the funds by the donor have been satisfied. 15. ANAL YSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds Restrlcted Funds Endowment Funds Total Fund balances at 31 August 2024 are represented by: Tangible fixed assets Securities investments Property investments Current assets Liabilities 10,139,542 10,139,542 9,558,021 3,632,527 11,062,829 {6,572,893) 348,251 9,209,767 3,632,527 773 10,070,310 (6,572,893) 991,746 Total net assets 13,636,962 1,339,997 12,843,067 27,820,026 Llnked Charltles QEH SBP QEH QEH Trust Total Fund balances at 31 August 2024 analysed beMeen the linked charities Tangible fixed assets Securities investments Property investments Current assets Liabilities 10,139,542 348,254 10,139,542 8,788,150 9,558,021 3,632,527 3.632,527 773 11,062,829 (6,572,893) 421,617 11,010,419 (6,572,893) 51.637 Total net assets 14,925,322 473,254 12,421,450 27,820,026 50

QUEEN ELIZABETH'S HospifAL (A company limited byguarantee) NOTES TO THE FINANCIAL STA TEMENTS for the ear ended 31 August 2024 15. ANAL YSIS OF NET ASSETS BETWEEN FUNDS (continued) Unrestricted Funds Restricted Funds Endowment Funds Total Fund balances at 31 August 2023 are represented by: Tangible fixed assets Securities investments Property investments Current assets Liabilities 9.953,610 9,953.610 8,582,073 3,687,527 7,888,364 (3,446,770) 314,444 8.267,626 3,687,527 773 6.903,982 (3,446,770) 983,609 Total net assets 13,410,825 1,298,053 11,955,926 26,664.804 Llnked Choritles QEH SBP QEH QEH Trust Total Fund balances at 31 August 2023 analysed between the linked charities Tangible fixed assets Securities investments Property investments Current assets Liabilities 9,953,610 314,447 9,953,610 8,582.073 3,687,527 7,888,364 {3,446,770) 380,688 7.886,938 3,687,527 773 7,829,744 (3,446,770) 57,847 Total net assets 14,651,031 438,535 11,575,238 26.664,804 51

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarontee) NOTES TO THE FINANCIAL STA TEMENTS for theyear ended31 August 2024 16. NOTES TO CASH FLOWSTATEMENr Reconciliotion ol net Incoming resources to net cosh flowfrom operating activities 2024 2023 Net incomelexpenditure for the reporting period (as per the statement of financial activities) Depreciation charges Disposal of Flxed Assets Dividends, interest and rents from investments (Increase)Idecrease in debtors Increasel(decrease) in creditors Endowment costs Interest on loans (Gains)/losses on investments 1,155,222 573,508 117,536 586,618 {394.209) (46,849) 3,126.123 51,272 (397.125) (52,355) 673,479 48,851 7,341 203,695 {918,960) Net cash inflowfrom operotlng octlvities 3,546,107 1,188,040 b) Analys15 Of netfunds At 1 September 2023 Cash At 31 August Ilow 2024 Cash at bank 7,774,595 3.127.616 10,902,211 2024 2023 Anaty5is of cash ond cash equivalents Cash in hand Notice deposits (less than 3 months) 8,667,090 2,235,121 3,142,255 4,632,340 Total cosh and cash equlvalents 10,902,211 7,774,595 52

QUEEN ELIZABETH S HOSPITAL (A company limited byguarantee) NOTES TO THE FINANCIAL STA TEMENTS or theyear ended 31 August2024 17. OPERA TING LEASE COMMITMENTS At 31 August 2024 the aggregate of the School's future minimum lease payments under non- cancellable operating leases was: 2024 2023 Amounts poyoble.. Within 1 year Between 1 and S years 31.200 94.124 27.961 55,113 Total 125,324 83,074 18. COIVTINGENT LIABILirY The School has a contingent liability which has not been provided for in these accounts in relation to the TPT Retirement Solutions Growth Plan described in Note 6. This liability would crystallise only if the School withdrew from the Growth Plan or if the Plan was to be wound up with no participants. The School continues to offer membership of the Plan to its employee5 and as at the balance sheet date there were 59 (2023: 58) active members of the Plan employed by the School. There is no current intention to leave the Plan and trigger the contingent liability. TPT Retirement Solutions has estimated that, if the School ceased to participate in the Plan as at 30 September 2023, the School would have to pay £50.112 including Series 3 liabilities {September 2022,. £66,566) based on the financial position of the plan and the employers that, as at that date. were relevant employers. 53

QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) NOTES TO THE FINANCIAL STATEMENTS for theyear ended 31 August 2024 19. STATEMENT OF FINANCIAL ACTIVITIES FG.! YEAR ENDED 31 AUGUST2023 Unrestricted Restricted Endowment Funds Funds Funds rotol 2023 Totol 2022 Notes Income and endolvments from.. Voluntary sources Grants and donations Charituble octivities School fees receivable Ancillary trading income Other tradin8 activities Sundry letting Investments Investment income Bank and other interest Other Other income Profit on sale of fixed assets 6,261 279.237 285,498 261,962 11.352,202 298 11,352,202 10,917,281 298 81,858 81,858 25,473 374,348 145,824 22.777 397,125 145,824 397,611 7,955 120,000 120,000 20,000 Total income ond endowment5 11,960,791 302,014 120,000 12,382,805 11,630,282 Expenditure on.. Roislnglunds Financing costs Investment management Fundraising costs 7,341 51,705 90,424 7,341 100,556 90,424 31,060 344,963 59,776 1,790 47,061 Total deductlble costs 149,470 1,790 47,061 198,321 435,789 Charitoble activltles Educatlon and grant maklng 11.659.106 204.147 11,863,253 10,747,320 Total expendlture 11.808,576 205.937 47,061 12,061,S74 11,183,109 Net income before transfer5 and Investment galns 152,215 96.077 72,939 321,231 447.173 Gains/(10sses) on investments Gains on investment properties Transfers between funds 73 {7.625) 1196.070) 40,000 53,260 1203,695) {773,3251 40,000 40,000 201,740 {255,000} Net movement In funds 353,955 {166.548) (29.871) 157.536 (286.1521 Fund balances brought forward 13.056,870 1,464.601 11.985.797 26,507.268 26.793,420 Fund balances corrledforward 13,410,825 1,298.053 11,9SS.926 26.664,804 26.507.268 54

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