QEH BRISTOL QUEEN ELIZABETH'S HOSPITAL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Registered Charity No. 1104871 Company No. 05164477 *AF12*7) 3010412026 COMPANIÉS H(￿sE A24 f219 UEEN ELIZABETHS HOSPITAL (A company limited by guarantee) Flnanclal Statements for the year ended 31 August 2025 Contents Pages Governors. report 1to22 Statement of Governorg responsibiltties Independent auditors. report 24to28 Statement of financial artivities 29 Balance sheet Cash flow statement 31 Notes to the financial ststements 32to58 QUEEN ELIZABETFfs HOSPITAL {A company limited by guarantee) GOVERNORS. REPORT For the ear ended 31 August 2025 GOVERNORS. DIRECTORS AND CHARITYTRUSTEES The Governors of Queen Elizabeth's Hospital are the School's chartty trustees under charity law and the directors of the charltable company. The members of the Governing Body served in office as Govemors during the year and 5ubsequentty are detailed below. Committee Membership at 31 August 2025 Governor Mr K Riley (Chair of Governors) Mr P Allan (appointed on 30JLtrne 20251 Mrs A Angus (resigned 21 January 2026) Mrs C Bateson Mrs S E Blanks Iresigned 5 December 20241 Mr EJ Corrigan Mr TJ Davis (resigned 21 january 2026) Mrs H England (appointed 25 September 20241 Mr l Filby (appointed on 30 June 20251 Mr l A Hollingdale Mr M Cjones Ms D Mcmillan {appointed on 30June 20251 Mrl E Milne Mrs J Sadler Mr M Wagstaffe (appointed 25 September 2024) Ms T M Yianni CD*F A*BD ABFG E* AC*DG ADG ABF The following committees have been in operation during the year- Flnance. Operaiions and Eststes Committee Governance. Risk and Audit Committee Education Cornmittee Nominations and Remuneration Committee Health and Safety Committee S Investment Committee S Development and Alumni Relations Committee * Denoies Chair of Committee Denotes Sub£ommittee of Finance and Estate5 Commtttee QUEEN ELIZABETH'S HOSPITAL (A company limited by guarantee) GOVERNORS. REPORT Forthe ear ended 31 Au st 2025 Key Management Personnel and Professlonal Advisors Head.. Deputy Head (Academic).. Deputy Head (Pastorall.. Head of Junior School- Mr R D Heathcote Mrj E Martin Mr N J Pursall Mr R A Wofverson Dlrector of Finance and Operations and Clerk to the Governo Mr R P Hutthings Rew5tered Office: Queen EIFzabeth's Hospital Berkeley Place Clifton Bristol BS8 1JX Company Number: 05164477 Regstered Charity Number- 1104871 Bankers: Lloyds Bank PIC George White Street Bristol BSI 38A Investment Managers: Quilter Chewot Ltd 85 Queen Virtoria Street London EC4V 4AB Auditors: Bishop Reming Audit Limited 10 Temple Back Bristol 8S16FL Website- ehbristol.co.uk QUEEN ELIZABETHS HOSPITAL {A company limited byguarantee) GOVERNORS. REPORT For the ear ended 31 August 2025 The Board of Governors presents its annual report and audited accounts for the year ended 31 August 2025 and confirms that it complies with the requirements of the Companie5 Act 2006 and the Charities Act 2011 las amended by the Charities Act 2022). the Companjls Articles of Association and the Charities SORP IFRS 102) 2019. The Governors, Report serves the purpose of both a Strategic Report and a Directors. Report under company law. REFERENCE AND ADMINisfRATIVE INFORMATION The Company Queen Elizabeth's Hospital llhe Compann 15 a company limited by guarantee {number 051644771 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 Hospitsl nhe School" or-QEH? was founded by Royal Charter in 1 $90. All the assets, liabilities and contracts of the School weretransferred to the Company pursuant to a Charity Commission Scheme dated 31 August 2004 nhe S(hemel. and the Company has carried on the business of the Sthool 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'5 Hospital Trust I"QEH Trusn. Under a further Charity Commission Scheme dated 25 August 2005, the Company is also the trustee of another separate charity called Queen Elizabeth's Hospitsl Scholarship. Bursary and Prize Fund I"QEH SBP'I 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 2(105, The Charity Commission made a units.ng Dirertion under section 96(51 of the Charities Act 1993, directing that QEH Trust and QEH SBP nhe linked charitiefj should be treated as forming part of the charty called Queen Elizabeth's Hospital for the purposes of Part11 Iregistrationl 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 A(tMties and the Balance Sheet of che Company. They rernain, however. legally distinct charities. the fund5 of which are to be applied sole in accordance with their respecttve trusts. An analysis of the net assets of the linked charities is shown in Note 14. Details of the Governing Body, together with the Schoofs officers and principal adwsors, are gwen on pages 1 and 2. QUEEN ELIZABETH'S HosprrAL (A company limited by guarantee) GOVERNORS. REPORT Forthe ear ended 31 Au ust 2025 STRUCTURE. GOVERNANCE AND MANAGEMENT Governing DofumentS The Company is governed by its Article5 of A550ciation and, in its capacty as Trustee of the School's permanent endowment assets. by the Charity Commission Scheme5 dated 31 August 2004 and 25 August 2005. The Articles were amended by Special Resolutions on 25 May 2012, 23 February 2016 and 2 Juty 2018 to reflect changes in the Charities Act and Companies Act since incorporation and to allow for the adrnission 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 Govemor5 have control of the School arid its property and funds including as Corporate Trustees. the endowment assets of the School. 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-elertion for consecutrve periods not Th)rmally exceeding 9 years. Nomination5 for new Govemors are considered by the Nominations and Remuneration Committee. Recruitment and Training of Governors New Governors are inducted into the working5 ofthe School. and also of the Company and registered charity. bythe Director of Finance and Operations and the Head durin8 a familiarisation visiL They are issued with a pack of information including the followin& The Schoofs Governance Manual. which includes details of Governors. roles and responsibilifies. the Schoofs Code of Conduct for Govemor5, the School's Conflirt of Interest policy. the khoofs Principles of Delegation policy. and Committee terms of reference,- AGBIS Publication- Guidelines for Govemo Articles of Association of the Company.- A copy of the most recent financial statement5.- A copy of the School prospectus Minutes of Governor< meetings for the previous 12 months: Charity Commission Bo0￿et CC3-The Essential Trustee: Key School policies- The School's Safeguarding Policy and a copyof Part 1 and Annex A of 'Keeping Children safe in Education.. Govemor5 are also encouraged to attend regular trainin8 seminars organised by the Association of Governing Bodies in Independent Schoo15 IAGBISI and other professional or8ani5ations. From time to tlme the Goveming Body will arrange in house training session& Organisational Management The Govemors nonnally 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 legalty responsible. QUEEN ELIZABETH'S HOSPITAL (A company limited by guarantee) GOVERNORS. REPORT For the year ended 31 Au ust 2025 Some of the work of implementing the Board's policie5 15 delegated to Committees. which operate under terms of reference and in accordance with the Governor¥'Principles of Delegation. policy. which are approved and regularly rewewed by the Board of Govemors. Each Committee normally meets on at least a termly basis and all arts and proceedings of Committees are reported to the Governing Body fully and promptly through Cornmittee minute5. The Finance. Operations 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 vehicle5. grounds. garden& roadways and security, and ensuring compliance wrth health and Safety requirements. The Education Committee takes delegated responsibility on behalf of the Governing Body to monitor and review the agreed academiG curricular. co provtsion at Universityof Bristol delivering sessions on behaviourfor learning. Inclusion. Assessment and subject pedagogy to the religious studies teachers at Bristol University. This also involved days when the whole cohort came to QEH and observed teachers and delNered elements of a lesson to the year 6 pupils at the junior school. Swdents participating In the Duke of Edinburgh's award 5cherne (around 200 last yearl continue to perforrn significant amounts of community voluntary service. as well as Year 8 pupils doing their QE award loround 1,200 hours). Further derails are set out in the Outdoor Artivities section below. SeNice 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 enwronmental projects or serve and talk to eldety members of the community in local care homes (such as Abbots Leigh and the Trinity Lunch Clubl. 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 SO hours of their time in supporting a group of 20 young people who are seeking employment. We have also done conservation work with some local schools- St Katherines Senior School. Pill, and St. johns Primary School in Clifton. worktng with Nature-connection UK to establish wildflower meadow5 and habitats with QEH students Y￿rkIng alongside students from the two sthools. Also on the consetvation side, our students have done regular litter-picking and suNey work in and around the Clifton and local area and worked with Bristol City Council's CREATE Centre team to improve and enhance the Eco-Home at the CREATE Centre. The School also loans out equipmenL such as SPO￿ equipmenL to help local communty events. and makes pitches available to local junior football and rugby clLJb teams. Several staff use their coaching ski115 and qualifications to the benefit of local football and rugby clubs, and 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 Bristofs largest homelessness charities, and for Hope's Place, a charity sending facilitators into state sthools to V￿rk with vulnerable 9-14 year-olds on resilience and making positive life choices. 10 QUEEN ELIZABETH'S HOSPITAL (A company limited by guarantee) GOVERNORS. REPORT For the year ended 31 August 2025 QEH also provides use of the school gymnasium to the Salle Hunt-Roeder Fencing Club and the Bristol Morris Men, both ofwhom offer membership to young people in the local area. The School has again been a h05t for the West Bristol Arts Trail enabling local artists to display their work to members of the pulAic. Charitable Fundralslng Over the pastyear.'the school commun￿Yuun10r and Senior schools) successfijlly raised ari impressive total of £12,937 in support of various local. natr"onal. and intemational charities. The School remains committed to fundrai￿ng for local charities. vthi(h are selerted by both staff and students. Among the chosen charities for this year were Bristol and Weston Hospitsls Charity. Young Bristol, Aid Box Bristol. The Julian Trust and Spear. These organi5ats.ons benefitted from funds raised through a variety of initiatives. This year also saw the School extend its support to several international charities, including The Date Projett (providing aid to victims of war in the Middle Eastl. Embrace and the Bujagali Trust. The continued dedication of the xhool community to charitable causes reflects our ongoing commitment to making a meaningful impact both locally and globally. Llnks with14xal State sch¢)ols 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 veryacttve member of the Bristol Education Partnership I-BEPI which is a group of 12 schools {in the independent and stste-funded sertorsl, the Bristol Universities, Bristol Charities and Bristol City Council. its aim 15 to -broaden young people's experience of education. opening up new opportunities and overcomin8 disadvantage-. Through this the School has hosted or collaborated in a wide range of actiwties. such as a climate conference, student and staff leadership training events, a Teacherfest careers events and academic enrichment events. Members of BEP state schools are now routinely invited to many of the events that the School puts on, and QEH ha5 taken a leading role in many BEP events, such as Teacherfest and Eco even A teacher from our Learning Enhancement team has been working wth the students at Christchurch Clifton Primary school, along wtth a group of six sixth form volunteers. to support literacy. Another teacher has been taking a group of 6 to 10 sixth formers to Oasis Academy New Oak Primary School every Thursday. there they read wth 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. In addition. one of the Junior School teachers has been linked to Oasis Academy New Oak primary school arid has set up joint outdoor activities wth QEH'S Year 5 and 6 pupils. Our Head of Art and another member of her department have delivered art workshops to state primary schools and fvnded and hosted a drawing workshop to which pupils from a local state school were invited and attended. In addr(ioTh the department has also supported a local state school in their QUEEN ELIZABETHS HOSPITAL (A company limited byguarantee) GOVERNORS. REPORT Forthe ear ended 31 Au ust 2025 exam moderation process. Pupilsfrom local state schoolswere invited to attend ouroxbridge evenin& .vthere QEH provided guidance on how to make a srrong application to these unrversities. Each year the School hosts competitions, such as math5 challenges, geography quizzes and debatlng competwtions. to which many Bristol Schools are invited. and several state schools attend. The term Philosophy Society has expanded and includes students from other local state and independent schools. There are also a number of sporting events throughoutthe year. and a variety of state schools take up the invitation to enter teams alongside independent schools. We host three ru8by tournaments at "different age groups and organise five other toumaments. In addition to these partnerships. our teachin8 staff and SLT Staff Serve as govemors at seven Irxal schools (Ashton Park school, St Phillips primary school in Bath, Wraxhall, St MaW5 Portbury, Henleaze primary and Summerhill Academy in St George). Sustainability The School has maintained a Senior School Eco-Group and Junior School Eco Club. It remains very a(tive with representstion from mostyear groupsthat meetweekfy driving initiative5 Within the school communty. The three themes in terms of action plans of the Eco Group are transporL global citizenship and healthy living. In June 2025. the School wds awarded their fourth Eco-school Grenn Flag (with distinction). Economic Impart The School also brings significant economic benefits to the UK and local economy. On the basis of a model developed by Oxford Economics in conjunrtion with the Independent Schools Council, the School estimates that during the year ended 31 August 2025 it contributed over £20.8 million to UK GDP and over £11.3 million to the local economy in Bristol. In addition, it supported over 377 UKjobs. including over 231 locally. and 5UPPOrted over £7.6 million of tax payments to the exchequer. It also saved over £5.2 million to the UK taxpayer as a resuEt of attendance at the School by pupils who would otherwise have been eligible to tske up a free state school place. QUEEN ELIZABETH'S HOSPITAL IA company limited by guarantee) GOVERNORS. REPORT For the ear ended 31 August 2025 PROMOTING HIGH ACADEMIC STANDARDS Scholarship Policy The School offers a number of academi¢ music and sports scholarships each year to recognise high potential or ability. Scholarship5 are awarded on the basis of a pupil's acadernic potential or evidence of exceptional academifj musical or sportÈn8 abilities which wll contribute to the life of the School. Scholarships can be awarded in addition to a rneans-tested bursary for assistance wth fees. The Govemor5 have decided that scholarships awarded from September 2023 w(11 no longer carry an automatic fee di5counL bLrt will instead run alongside the School's means-tested bL*rsary programme. During the year the School awarded scholarship fee discount5 and scholarship grants to 75 pupils 12024.'95 pupils), to the value of £194.366 (2024.. £299,320). The progress of pupils receivin8 scholarships is reviewed regularly to ensure that each pupil is fulfilling the requirements of the scholarship wtth regard to effort and progress. 13 QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) GOVERNORS'REPORT Forthe ear ended 31 Au st 2025 STRATEGIC REPORT Overylew 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 forthe year. which are set out on page 8, were met. The Governors would like to recorcl 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 Numbers and Fees Pupil numbers ai the start of the academic year V￿re 660 in the Senior School and 94 in the Junior School. Termty fees in Autumn 24 were.. Senior School £6.080 Junior School £4,160 Termty fees in Spring and Summer 25: Senior School £5.400 plus VAT Junior School £3.695 plus VAT Flnancial Result Net incoming resources for the year, before transfers and investment gains. were £555.785 12024- £236,2621. The total income for the year was £13.380.40212024: £13.154508) and totsl expenditure for the year were £12.824,617 (2024-12,918.246). Academie Results Students at the school have achieved excellent academic results in their public examinations. At A Level 54% of grades were awarded at A*_A and 78% at A* B. AII EPQ students achieved a 8rade B or above. This meant that QEH had the best UCAS outcomes it has ever had with 98% of students getting into a university of their choice to pursue a course of their choosin8. These figures stand up very well when cornpared localty and nationally. At GCSE a significant number of pupils a(hip￿ed the highest grades. 20% of grades achieved were grade 9 and 43% of grades achieved were grade 8 or grade 9. An irnpressive 16% of pupils secured straight grade 8 or 95 across all their subjects. Overall. 66% of grades were 7-9. Based on the abilty profile of the cohorL this represented an excellent value add score. Mu5tc The past year was marked by a wealth of musical attmty and achievement. The Autumn Term commenced ¥￿th the ever-POPLFlar House Music Solos. feaDJring over 150 student performers, and a series of well-attended Open Mic Nights. The Aulumn Concert introduced new ensembles and choirs. while students also contributed to community events, induding Remembrance Day and Prize Giving. 14 QUEEN ELIZABETH'S HOSPtTAL (A company limited by guarantee) GOVERNORS. REPORT For the year ended 31 August 2025 The term concluded with a full programme of festive performances, includin8JingleJarn. the Cathedral Carol Service, and the 12 Day5 of Christmas Mdeo series. The Spring Term maintsined this momentum, with the Musician of the Year Final showcasing exceptional Skill and artistry. The Spring Concertat St George's, featuring both Senlor and Junior School musicians, was a particular highlight. and the choir represented the department with distinction at Charter Day. In the Summer Term. the Senior Showcase provided a fitting farewell to an accomplished Year 13 cohorL while the Junior Showcase demonstrated the breadth of emerging talent. The introduction of Yard5tock. a new outdoor music festNal, proved a resounding success. In a time of national underfunding for music education. QEH remains committed to nurturing musical talent. We provided every student with the opportunity to pursue their rnusical ambitions. ensuring music remains integral to our community. Drama In November last yearwe staged the mustcal High Fidelity which is based on the 199)s novel and film on the same name. We had a brilliant casl crew and band and the Show was 501d out. The production had students from year 9 and above on stage. At Easter we staged a produrtion of Great Expectations. It was for all year groups and resulted in large casL It was eXtrerne￿ well received by audiences, and the cast was particularly Strong. We have more students getting involved in the technical side of produrtions as well as Stsge crew and stage management. We continue to run a wide range of theatre trips both locally and further afield including a trip for A level students each year where we see two plays in one day. Sport Sports Day is one of the event that unites our entire community of QEH. The tumout was exceptional and was full of energy from start to finish. Pupils from every year group demonstrated real spiriL teamwork and deterrnination. Their effort captured everything we value in QEH sport. Bird House claimed the overall title. though every House contributed to a day packed wth commitment and excitement. This year has once again underlined QEH'S position as one of the leading sporting schools in the South WesL combiningelite performancewitha deepcommitmenttoourethosofsportforAI. Across rugby. netball, hockey, football. cricket. tennis, golf. and an ever-growing range of activities for Birls and boys 15 QUEEN ELIZABETH'S HOSPITAL (A company limited by guarantee) GOVERNORS. REPORT For the ear ended 31 Au ust 2025 alike, participation levels remain extraordinarily high and team and indmdual successes have been exceptional. Rugby continues to thrNe at QEH. ¥￿th 3S7 S￿dents representing the school across 28 teams from the Junior School through to the Senior I st XV. The standard of rugby remains exceptionally high. Thi5 year. QEH has continued to benefit from expert input frorn leading professional coaches and Bristol Bear players, who have all. supported training and player development. Students were involved with Bristol Bears Academy Pathway and 35 students and 4 staff toured South Africa on rugby tour in the summer break. QEH continues to make a strong contribution to the local sporting communty hosting the U12 and U13 Bristol Schools 7s toumaments and pl3￿n8 a leading role in developing rugby across Bristol through partnerships with Bristol Sch¢)ols XV. Oasis Federation and Bristol Free School. Hockey programme continues to provide excellent opportunities for all. The 1 st and 2nd Xl played a full fixture list. The season started with a prtrseason tour to Nottingham University. The tour was an excellent opportunty to build team cohesion and strengthen the bonds that underpins our hockey culture. Netball remains one of the most popular sports among our &'rls, with four teams competing regularly in Week￿fIxtureS and over 25 students attending indoor trainingeach week atAshton Park.The netball 1st Vll finished 4 in their pool at the Avon County TournamenL Football has reached unprecedented heights at QEH this year. The headline achievement was the 1st Xl winning the ISFA National U18 Cup. The U14A team also finished the season ranked number one nationalty in their age group. Tennis continues to thrive with competitNe teams at all levels. performing strongly in the AEGON County Leagues. Cricket at QEH continues to flourish and the 2024 summer term has been one of our strongest yeL With over 60 fixtures played. the programme remains one of the most 5ucce55ful in the region. The U18A UI 5A and U13A teams all qualified for the National Cup competits.ons following County Cup ttories last year. Golf at QEH continues to grow rapid￿. This year. students represented the school at the Avon Schools, Golf Championships, with notable success and excellent representation across age group5. QEH continues to excel in endurance sporL Three runners qualified from the Bristol Schools. Cross Country Championships to represent Bristol at the Regional Finals, producing outstanding performances in competitive fields. In the pooL QEH continues to perform well at the Bristol Schools, Gala, having won of the three major cups last year. 16 QUEEN ELIZABETH'S HOSPITAL {A company limited by guarantee) GOVERNORS. REPORT Forthe ear ended 31 Au ust 2025 Outdoor Artivities The Outdoor Pursuits departrnent experienced continued growth this year, with pupil participation reachin8 record levels. The QE award is now fulty established forthe whole of Years 7 and 8. The award encompasses extra- curricular clubs, bushcraf( first aid, and volunteerin& offerin8 Students the chance to develop their skills across each area. In addition. Year 8 students are encouraged to tske" part in their own volunteering attivity, enabling them to contribute positivety (o the communty. The Duke of Edinburgh'5 Award has continued to thrive this year. The Bronze Award is now fulty embedded into the Year 9 curriculum. Multiple opportunities through the Thursday Enrichment programme ensure that all participants receive the training necessary to succeed. Alongside this, students have worked diligently on their other sections, wth 48 pupils having now completed the full award. Momentum has carried through into the higher levels with 44 Year 10 students enrollingfor Silver and 39 Year 12 students embarking on the GoldAward. Volunteering remain5 a central and rewardin8 part of the programrne. with students supportinga wide range of or8anisations. These include helping elderly neighbours in the community. caring for animals in a Sanctuary. working with St John Ambulance, and undertaking local environmentsl clean-up projects. The Ten Tors event has become a notable strength of the school. Mth QEH once. again fielding six teams. The students have established a strong reputaD"on as one of the leading schools in the challenge. This yearfs teams comprised ￿0 35-mile groups, three 45-fftile groups. and one 55-mile group. QEH students had the opportunity tr) attend a number dornestic and international trips. Development and Fundraisins The School maintains close links with its alumni and with the Friends of QEH. who support the khool and contribute financially to various prize fvnds and projects. The Elizabethan Society continued to arrange a number of events. publications and communications to enable alumni to keep in contsrt with the School. The Friends of QEH arranged a number of succe55ftJl events includin8 the Famity Fireworks nighL the annual Jingle lam evening at Christmas, a Curry and Quiz NighL and the Lizzies Film Awards. This year has been a landmark for Development at QEH. marked by significant progress in both fundraising and impact. 17 QUEEN ELIZABETtrfs HOSPITAL (A company limited by guarantee) GOVERNORS. REPORT For the ear ended 31 Au ust 2025 The number of pupils benefiting from means tested financial assistance has grown to 7811296 of the Senior School). with 25 pupils now 5UPPOrted on transformational awards covering 75% or more of their fees. New transformational bursary pupils joined across Year 7, Year 9 and Sixth Form this year. further embedding our commttment to accessibility. Fundraising performance has been exceptionalty strong. Income this year reached £621,OC(). a threefold.increase on the previous year. including a generous unrestricted £250,OQKI legacy donation. A key milestone was the launch of the 1590 Bursary Fund, vthich unites all strands ofgmng-monthly supporters, mid-level donors, and transformational gifts-under one shared ambition: to unlock opportunty for tslented children regardless of background. The Fund has already secured strong engagemenL with: The estsblishment of the 1590 Society, a network of transfomiational donors committing gifts of £159,000 and above. FoLFr members have alreadyjoined. with multi-year pledge5 in place. The launch of the £1590 Club, which has quickly attracted new regular donors and is building a sustainable base of support. The creation of an Opportunty Fund to support wider opportunities for pupils to benefrt from transformational bursarie5, With earty contributions already received. Our alumni community continues to be at the heart of this progress. From high attendance at anniversary reunions and dinners. to increasing numbers of OEs mentoring current pupils through the QEH Futures programrne. engagement remain5 Strong and purposeful. Looking ahead, our strateg￿( aim is clear. to increase the proportion of our means-te5ted financial assistance pupils to 15% by 2026. ensuring that a QEH education remains accessible to talented pupils irrespectsve of means. With momentum buiFdin& and the sUPPOrt of our generous community. Development Is playing a transformational role in shaping the future of the school. Investment Performance Investment incomefortheyearwas £702,50512024- £737,607). See Note 3 tothe Financial Ststements. PRINCIPAL RISKS AND UNCERTAINTIES The School maintains a Risk Management Register which És reviewed annual￿ by the Goveming Body and the Senior Leadership Team. As part of the regular review Govemors have identified seven key strategic risks: Long-temi financial viabilKty To secure its long-term financial wabilty, the School must balance the investment it rnake5 in Its staff and buildings with its funding ihe key source of which is fee income. To ensure all its 18 QUEEN ELIZABETH'S HOSPITAL (A company limited by guarantee) GOVERNORS. REPORT For the ear ended 31 Au U5t 2025 commitments are met. the School has robust managemeni processes. These include forecasting pupil numbers, detailed budgeting and cash flow projections, which are prepared bythe Senior Leadership Team and subjert to detailed scrutiny by Govemors. Progress ogainst this plan is monitored regular￿ bythe Senior Leadership Team and termty by Govemors. Afftirdability The School operates in a very competitive market with fees increasing faster than earnings. The School is conscious that the cost of private education is increasingly beyond the financial means of many farnilie5. In addition, affordability of fees. and therefore pupil numbers. could be affected by rnacro-economic factors. including the recent inflationary pressure. the introduction of VAT on tuition fees and impact of geo-political uncertainty- 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 diversification of non-fee income to increase the funding it has available for means-tested bursaries. and strentshen the financial strength of the School in order to provide financial support 10 even more families than it currently doe5. Safety and security of puplls. staff and premlses The School aims to prowde a safe and secure envtronment 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 antj procedures in the area5 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, wellbeingand critical incident management. These policies are regularly reviewed by Governors and against change5 to key legislation. Staff and pupils are provided wth detailed trainin& 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 Q'ointty with one other independent schools in Bristol) a full.time Health and Safety Officer who. in conjunrtion with the Head of Eststes and Maintenance Supervisor, carries out regular inspertions of the School buildings and maintains various departmental risk assessments. Government policy There is a risk that further changes to government policy would have a significant impact on the School's ability to operate. and links Close￿ 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 remewing its reserves policy, by preparing long-ter forecasts, which include scenario planning in the event of changes in policy. Recruitment and retention of key staff The School relies on its ability to recruir and retain high quality staff to carry out its charitsble activities and achieve its objectives. The general shortage of labour in the current economic environment increases the risk of not achieving this objective. To achieve this the School provides a comprehensive range of financial and non-financial benefits to stsff. including 19 QUEEN ELIZA8ETTrfS HOSPITAL (A company limited by guarantee) GOVERNORS, REPORT Forthe earended 31 Au ust 2025 competitwe salaries. fee reMI￿On and training and development opportunities. and the promtion and support of staff wellbeing. Effectiveness of Governance The Governors recognise that strong govemance 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 safe￿. There are a number of risks associated with this use of technology, including the risk of cyber-attack on the School's IT system5 and data. safeguarding pupils and staff from the risk of online harm, ensuring the safety and security of personal data, and the risks alongside the opportunities posed by artificial intelligence. These risks are mitigated by the implementstion of infom)ation security. dats protection, and acceptable use of IT policies which are activety monitored by Governors by a range of technical controls. and wrth the use of external consultantsto rewewthe Schoofs management IT and data protection. The generic controls used by the School to minimi5e 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 Commtttees comprehensive budgeting and management accounting estobli5hed organisational structures and lines of reporting forrnal written policie5 includin8 clear authorisation levels safeguarding procedures as required by law. for the protection of children. The Governors regulady review the effectiveness of current plans and strategies for managing all identified major risk5 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 2026 indude.. To recruit Sufficient pupiFs able to benefit from the education offered by the School To maintain the Schoofs high level of academic perfomiance To continue to provide assisted places for families with limited financial means 20 QUEEN ELIZABETH'S HOSPITAL (A company limited by guarantee GOVERNORS. REPORT For the year ended 31 August 2025 To continue to develop the facilities at the school To continue to opèrate the School effectively and safely and to 5afe8uard and promote the welfare of pupils at the S(hool To ensure that the finanoal position of the School remains sound To continue to work toward5 the goals and tsrgets Set bythe Schoofs operational plan. under the four theme5.' InnovatNe and challenging education- both in and out of the classroom Supportive and caring community Development. partnership and accessibility Create an inspirin8 learning enwronment FINANCES The School's main source of income is from fees. fundraising actiwties and investments, the latter bein8 mainly derived from permanent endowment. The Governors, policy is to Set the fees at a level which wll be sufficient to generate net income and resources to fund development work and to provide free reserves equNalent to a term's expend(ture when fijnds permit. All availoble endowment income will be used for the Schoofs 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 statu5 permits a tax exemption on educational attiwties and on investment income and gains. provided these are applied for charitable aims. In addition to the very substantial benefits (he School brings to its pupils. the local community and .societythrough the education offered, it provides education which would otheThvise have to befunded by the Exchequer. Developments During the year refurbishment and capital projects were carried ou¢ including the replacement of several roofs at the School- ongoin8 work to prepare for the major Theatre Refurbishment5 and investment at the Failand Sports Ground. Reserve$ and Financial Health In common with most other independent schools. the School operates wtth a limited amount of free reserves lunrestrirted funds less tangible fixed assets). but uses its operating surplvses to finance capitsl expenditure for improving buildings and facilities. to continue to provide a first class education for pupils. 27. QUEEN ELIZABETWS HOSPITAL (A company limited by guarantee) GOVERNORS. REPORT For the year ended 31 Au ust 2025 The School's unrestricted funds stood at £14.177.708 at the year end, of which £10.408.793 represented funds deployed as part of the Schoofs fixed assets, leaving £3,708.91512024.. £3,497,420) as free re5eNes. The School also held £13.102.001 in Endowment Funds and £1.514.428 in Restricted Funds. It is anticipated that approximately £784.000 of the Restricted Funds will be applied in fvture years to support pupils currently atthe 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 approxirnately one term's expenditure. The Governors consider the current level of resetves to be in line with that objeciive. This obJettNe 15 reviewed on a regular ba515 and adjusted if appropriate. AUDITORS A resolution to re-appoint Bishop Aeming Audlt Limited as auditors for next year ￿11 be proposed at the annual general meeting in accordance with sects.on 485 of the Companies Art 2006. K Riley Chair of Governors This repor¢ inclurjing the Strategic Report was approved by order of the Board of Trustees on 26 january 2026 22 QUEEN ELIZABETH'S HOSPITAL (A company Ilmlted by guarantee) srATÉMENT OF GOVERNORS. RESPONSIBILITIES for the ear ended 31 Au st 2025 The Governors (who are also directors of Queen Elizabeth's Hospital for the purpose of company lawl are responsible for preparing the Governors, ReporL including the Strategic Report, and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel. Cornpany 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 School and of the incoming resources and application of resources, including the income and eypenditure, of the School for the year. In preparing these financial statements the Governors are required to.. select Sultable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP,- make judgements and estimates that are reasonable and pr(Jdent.- state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern ba515 unless It is inappropriaie to presume that the School 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 School and enable them to ensure that t*e financial statements comply with the Companies Art 2006. They are also responsible for safeguardin8 the a55ets of the School and hence for taking reasonable steps for the prevention and detettion of fraud and other irregularities. In so far as the Governors are aware.. there is no relevant audit information of which the Schoovs 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. KRiley Chair of L?ovemors QUEEN ELIZABETH'S HOSPITAL (A £ompany limlted by guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF QUEEN ELIZABETHS HOSPITAL for the ear ended 31 August 2025 OPINION We have audited the financial statements of Queen Elizabeth's Hospital lthe School) forthe year ended 31 Au8USL 2025 which comprise the Staternent of Financial Actimties. the Balance SheeL the Statemenr of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reportin8 frarnework that has been applied in their preparation is applicable law and United Kj'ngdom Accounting Standards, including Financial Reporting Stsndard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom GenerallyAccepted Accounting Practice). In our opinion the finanaal statemen give a true and fair view of the state of the School's affairs as at 31 August 2025 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 viith United ￿ngdarn Generally Accepted Accounting Prattice.. and have been prepared in accordance Vlryth the requirements of the Companies Att 21JO6. BASIS FOR OPINION We conducted our audit in accordance viith Intemational Standard5 on Auditing (UKJ IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Audr(ors' responsibilities for the audit of the financial ststemenis section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom. including the Finanaal 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 RELATING TO GOING CONCERN In auditing the financial statements. we have concluded that the Govemors, use of the 80ing concern basls 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 indivtdually or collertNely, may cast significant doubt on the charitable cOmpan￿S ability to continue as a going concern for a period of at least twelve months from when the financial statements are aLrthorised for issue. Our responsibilities and the responsibilities of (he Governors with respect to goin8 concern are described in the relevant sections of this reporL QUEEN ELIZABETH'S HOSPITAL (A company limited by guarantee} INDEPENDENT AUDITORS REPORTTO THE MEMBERS OF QUEEN ELIZABETH'S HOSPITAL for the ear ended 31 Au st2025 OTHER INFORMATION The other Informatlon comprises the information included in the governorfs report, other than the financial statements and our auditorfs report thereon. The Governors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our reporL we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so. consider whether the other information is Material￿ inconsistent with the financial statements or our knowledge obtained in the course of the audit or othewse appears to be materially misststed. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 MArrERS PRESCRIBED BYTHE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audir. the information given in the Governors, report ¥vhich includes the strategic report and the directorf report prepared forthe purposes of company law. for the financial yearfor which the financial statements are prepared is conslstent with the financial statements: and the strategic report and the directors. report included within the govemor's report has been prepared in accordance with applicable legal requirements. mA￿ERs ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowAedge and understanding of the School and its environment obtained in the course of the audit. we have not identified material misstatements in the strategic report or the directors, report included within the govemors, report. e have nothing to report in respect of the following matters in relation to which the Companies Att 2006 requires us to report to you if. in our opinion- adequate accounting records have not been kepL or returns adequate for our audit have noi been received.. or the financial statement5 are not in agreement with the accounting re(ords.' or certain disclosures of govemorg remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. QUEEN ELIZABETH'S HOSPtTAL (A company limited by guarantee} INDEPENDENT AUDITORS REPORTTO THE MEMBERS OF QUEEN ELIZABETH'S HOSPITAL for the year ended 31 August 2025 RESPONSIBILITIES OF GOVERNORS As explained more fvlly in the Governorg responsibilities statement set out on page 23, the Governors (who are also the directors of the School for the purposes of company lawl 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 thegovemors determine is necessary to enable the preparation of financial statements that are free from material misstatemeni whether due to fraud or error. In preparing the financial Statements, the Governors are responsible for assessing the Schoovs ability to continue as a going concem. disclosin& as applicable, matters related to going concem and using the going concern basis of accounting unless the Govemors either intend to liquidate the School or to cease operations, or have no realistic altemative but to do so. AUDITORS. RESPONSIBILITIES FOR THE AUD￿ OF THE FINANCIAL STATEMENTS Our objertives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstaternenL whether due to fraud or error, and to issue an Auditor5. Report that include5 our opinion. Reasonable a55urance is a high level of assurance but is not a guarantee that an audit conducted in accordance with IS4s (UK) will always detert a material misstatement when it exists. Misststements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonab￿ be expected to influence the economic decisions of users tsken on the basis of these financial statements. Irregularities. including fraud, are instsnces of non-compliance with laihs and regulations. We design procedures in line our responsibilities. outlined above. to detect material misstatements in respert of irregularlties. including fraud. Identifying and a55e55in8 Potential risks related to irregularities The extent to which our procedures are capable of detecting irregularities, including fraud is detsiled below. We have considered the nature of the sertor, 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 S(hoo15 finance and control, in relation to their own identification and assessment of the risk of irregularities wtthin the entity.. We have considered ary matters we identified hawng obtained and reviewed the 5choofs documentation of their policies and procedures relating to Klentifying evaluating and complying ￿th laws and regulations and whether they were aware of any instances of non- compliance.. deterting and responding to the risks of fraud and vthether they have knowledge of any actual. suspetted or alleged fraud- the internal controls established to mitigate risks or fraud or non Net assets 28,734 27.820 Endoyied Funds Restrlcted Funds Unrestricted Funds 12 73 13.102 1,514 14.118 12.843 1,340 13,637 28,734 27.820 Included wr(hin total funds is an investment revaluation reseNe of £5,470,762 12024.. £S,166.415). £1,065,207 was borrowed from the Endowmeni Fund in 21)06107 and is repaid from unrestricted funds in equal instalments over a 20-year period. The amount stilldue atthe year-end was £53.26712023.' £106,527). These financial statementswere approved by the Governors on 26 January 2026 and signed on their behalf K Riley Chair of Governors The notes on pages 32-58 form part of these financial statements QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) CASH FLOW STATEMENT for the year ended 31 Au st 2025 Notes 2025 2024 ro( Cash flows from operating artivitie>. Net cash provided by operating activities 1SaJ {1,494} 3,546 Cash Iloyts from investlng actmtl Dividends. interest and rents from investments Short Term Money Market Investment Purchase of property, plant and equipment Purchase of investments 422 1.416 {1,1291 {2.9371 394 17591 1531 Net cash provided byl(used in) investin8 aCUVities 112281 14781 Change In cash and cash equivalents tn the reporting perlod 13.7221 3,128 Cash and cash equlvalents brought fotward 10.902 7.774 Cash and cash equlvalents carrled forward 7.180 10.902 The notes on pages 32-$8 form part of these financial statements 31 QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au U5t 2025 ACCOUNTING POLICIES Basis of accounting The financial statements have been prepared in accordance with the Financial Reporting Stsndard Applicable in the UK and Republic of Ireland IFRS 1021, the Accounting 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 IFRS 102) (Charities SORP 2019 IFRS 702}}. the Charities Act 2011 and the Companies Act 2006. These financial statements are drawn up on the historical cost accounting basis as modified by the revaluation of investment properties and orher investments. The accounts of the Company have been prepared in accordance ￿￿th a Uniting Direction issued by the Charity Commission dated 25 Augusi 21x15. The Commission has directed that the charities called Queen Elizabeth's Hospitsl Trust (charity number 1104871-11 and Queen Elizabeth's Hospital Scholarship. Bursary and Prize Fund (charity number 1104871-2} shall be treated as fonning part of the charity called Queen Elizabeth's Hospltal Icharty number 11048711 for the purposes of Part Vl of the Charities Act 1993. The three charities are aggregated in the Statement of Financial ArtNities and on the face of the Balance Sheec with Note 15 detailing indimdual fund balances and analysing the assets and liabilitie5 between each type of fund and each charity. Queen Elizabeth'5 Hospital constitute5 a pvblic benefit entity as defined by FRSIO2. 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 ID 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 number5 and controls over operating expenditure. have enabled the Govemors 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 concem, and therefore the Governors continue to adopt the going concern basis in preparing the financial statements. General information The School is a prNate company limtted byguarantee and is incorporated in En8land and Wales. The registered office is.. Queen Elizabeth's Hospitsl, Berkeley Place, Clifton. Bristol, B58 1JX. Charitable Activities Fees receivable and charges for services and use of premises are accounted for in the year in which the service is prowded. Fees receivable are stated after dedurtins VAT (from Spring and Summer Term 251. allowances. scho5arships and other remissions granted by the School. but include contributions from Restricted Funds for Scholarships. Bursaries and other grant5. 32 QUEEN ELIZABETH'S HOSPITAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025 ACCOUNTING POLICIES Icontinuedl Voluntary sources Income from voluntsry sources for the general purposes of the School 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 Restritted funds. Voluntary income required to be retained as capitsl in accordance wirh the donorfs wishe5 are accounted for a5 Endowments permanent or expendable according to the nature of the restriction. Voluntary income is accounted for as and IHhen entitlemer)t arises the amount can be reliabty quantified and the economic benefit to the School is considered probable. Expenditure Expenditure is accounted for on an accruals basis as soon as a liability is considered probable. Expenditure is allocated to fvjnctional headings, which aggregate all costs relatingto 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 fund5. bank balances and fixed interest securities is accounted for on an accruals basis. Income from investment properties is accounted for in the period to wthich the rental income relates. Tangible fixed assets All fixed assets are Initial￿ recorded at COSL It isthe policyof the School to review all expendtture 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 prices at the end of its Useful economic lrfe. Depreciation is prov¢ded at the following rate Freehold buildings Freehold improvements Fixtures, fittings and equipment Motor vehicles over 50 years over 15 to 50 years over 3 to Syears over 5 years Investment a55ets Investment properties are shown at professional ettimates of open market value made byjones Lang Lasalle. Chartered Surveyors, as at 31 August 2025. Any deficit or surplus 15 included in endowment Listed investments other than property are included at their bid price at the balance sheet date. 33 QUEEN ELIZABETH'S HOSPITAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS forthe ear ended 31 Au U5t 2025 ACCOUNTING POLICIES (continued) Any surplus or deficit on the Sale of investment assets included in the Ststement of Financial Actiwties is calculated by reference to the marketvalue at the opening balance sheet date of the property sold. Unrealised gains and I0￿e5 arising on the revaluation of investments are credited or charged to the Statement of Financial Artiwties and are allocated to the appropriate Fund according to the ownership of the Under￿ing assets. Impairment A review for impairment of fixed asset is carried out rf events or changes In circumstances indicate thatthe carwngvalue of anyfixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Ststement of Financial ArtNities. Fund accountlng The charitable trust funds of the School are accounted for as unre5tritted or restrirted income, or as 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 objertives 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 &fts. legacies and grants where there is no capitsl retention obligation or power but only a trust law restriction to some specific purpose intended by the donor. Permanent endowrnent arises where a donor intends the gift to be retsined permanentlyfor use by the School le.g. freehold land) or for its financial benefit (i.e. by investment). Expendable endovanent funds are accounted for similaty, except that all capitsl can be converted to income for spending either at the Governor> owm discretion or else upon the happening of some event contemplated by ihe 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 a55etl. Penslon schemes The School contributes to the defined benefit scheme for teaching staff vthich is run by Teachers, Pensions. The Teachers. Pension Scheme ￿p5) 15 an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employeeg working lives with the School in such è way that the pension cost is a subsrantially level percentage of current and future QUEEN ELIZABETH'S HOSPITAL IA company limited byguarantee) NOTES TO THE FINANCIAL STATEMENT5 for the ear ended 31 August 2025 pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a prospective unit credit method. As stated in Note 6. the TPS is 3 multi-employer scheme and there is insLJfficient information available to use defined benefit ccounting. The TPS is therefore treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate. ACCOUNTING POLICIES Icontinuedl The School participates in Series 1. 2 and 3 of the TPT Retirement Solutions Growth Plan (the Plan). This is a mLtlti-employer pension plan, which is fiJnded and is not contracted out of the State's scheme. The Wan's assets are co-mingled for investment purpose5. and benefits are paid out of the total assets. Itis not possible in the normal course of events to identfy on a reasonable and consistent basis the share of underlying assets and liabilities belonging to indwidual 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 15 Set out in Note 18. Thi5 pension scheme is in deficit and the School is committed to making contribution5 toward5 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 Series of the TPT Retirement Solutions Growth Plan. The School contributes to Series 4 of the TPT Retirement Solutions Growth Plan. a defined contribution scherne for 5UPPOrt 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 Actiwties 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 YRS a non-contributory retirement pension scheme and was available to full tirtbe support staff who joined the Scheme by 1984 and who continued in service at the School until the nomial retirement age. No contributions were made by the employee or the School durin8 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 expecied to be received. Prepayments are v31ued atthe amount paid. Cash at Bank and in Hand 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 acqLtisition or opening of the deposit or similar account and cash on deposit that has a notice peri(Ml of less than 3 months. 35 QUEEN ELIZABETHS HOSPITAL (A company limited byguarantee) NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 August 2025 ACCOUNTING POLICIES (continued) Liabilities and Provisions Liabilities and prowsions are recognised when there is an obligation ot" the Balance Sheet date as a result of a past evenL it is probable that a transfer of economic benefit will be required in settlement and" the amount of the settlement can be eSEimated reliably. ￿abIlItIeS are recognised at the amount that the School anticipates it will pay to settle the debt or the amount it has received as advanced PayTnents for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Financial Instruments Financial instruments are classified and accgunted for. according to the Substance of the contractual arran8emenC as either financial assets, financial liabilities or equity instruments. An equity instrument is any contratt 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 (comprising dI￿dendS and interest due from investments). trade creditor5 and accrued expenditu￿. Critical Accounting Estimates and Area5 of Judgement E5timate5 and jud8ernents are continualty evaluated and are based on historical experience and other factors. including expectations of future e¥ents that are believed to be reasonable under the circumstances. The School makes estimates and assumptions concerning the fucure. The resulting accotsnting 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 carryin8 amounts of assets and liabilities within the next financial year are the revaluations of investment properties. 36 QUEEN ELIZABETH'S HOSPITAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 Au ust 2025 CHARITABLE ACTIVITIES- SCHOOL FEES.RECEIVABLE 2025 £'ooo 2024 £'ooo The Schoovs fee income comprised: Gross fees Less.. Totsl scholarships. bursaries and allowances 12,975 (1,2511 13.254 11,3651 11.724 214 11.889 204 Add back.. Bursaries etc paid for by restrirted funds 11,938 12,093 The above value5 ore shown as net of VAT vthere it is required to be tharged. INVESTMENT INCOME 2025 2025 2025 2025 2024 Unrestricted Re$trirted Endowment Funds Funds Funds Total Total £'ooo 141 Property income Interest receivable ncome from investments 141 280 281 97 343 297 258 23 679 23 702 737 Of the total unrestrirted investment income £701505 {2024.' £370.2691 arose from permanently endowed assets. There are no restrictions placed on the income generated from any of the permanently endowed assets. QUEEN ELIZABETHS HOSPITAL {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 Au ust 2025 ANALYSIS OF TOTAL EXPENDITIJRE Staff C05ts Depredatlon 2025 2025 £'ooo Other 2025 Total 2025 Total 2024 £'ooo Raising funds: Other Income Generating Artivitiès Investment management: Securitie5 inve5tment5 Property investments Fundraising costs 21 21 53 69 36 53 69 122 125 51 99 86 Total costs of raising fund5 86 179 265 275 Charitsble expenditure: Teaching Welfare Premises Support and governance Grants. awards and prizes 6.862 118 518 727 98 798 679 1.329 7,758 797 1375 1,410 219 7,592 918 528 1.339 210 219 8,225 626 3.708 12,559 11643 Totsl Expended 8.311 626 3,887 11824 11919 Grants. awards and prizes 2025 £￿00 2024 From Restricted Funds: Bursaries and other grants and awards Prizes and leaving awards Other costs 214 204 219 210 38 QUEEN ELIZABETH'S HOSPITAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENT5 for the ear ended 31 Au ust 2025 ANALYSIS OF TOTAL EXPENDITURE (continued) Staff costs comprise.. 2025 £000 6.383 423 793 712 2024 £000 6,122 93 1.093 638 Wages and salaries Defined contribution pension scheme employerfs contributions Defined benefit pension scheme operating costs Social Security 8,311 No Governors received any remuneration or other benefits frorn the School or from any connetted body during the year. 2025 £'ooo 2024 £'ooo 686 Aggregate employee benefts of key management personnel Employee benefits include wages and salaries. social security and employerf5 pension contributions. and other benefits in kind. The average total number of staff employed during the year was 16712024.. 167). The average number of full time equivalent stsff employed during the year was 13212024: 131): 2025 82 2024 84 Teaching Welfare Premises Support 12 35 13 32 132 131 QUEEN ELIZABETHS HOSPITAL (Acompany limlted byguarantee) NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2025 ANALYSIS OF TOTAL EXPENDiniRE Icontsnued) 2025 2024 Number of higher paid employees in bands of. £160,001 to £170,000 £150,001 to £160,OCKJ £110.001 to £120,1)CKJ £100.001 to £110.0 £80,CX)1 to £90,000 £70,C(J1 to £80,000 £60,001 to £70.000 The total amount relating to tem)ination payments during the year was £26,317 {2024.. £44.8581. These amounts relate to agreements made Nvith employee5 to end employrnent contracrs. No emoluments were paid to the Governors in respect of their serMce5 durin8 theyear. nor have they received any other fonn of disclosable trustee benefit12024.- £Nill. The Company provided indemnity insurance for Govemors, the cost of which wa5 included as part of the overall insurance premium for the year. During the year Governors received £834 for reimbursement of training and travel expen5e512024= £1.6821. Administration costs include: 2025 £'ooo 626 2024 £'ooo 574 Depreciation . owned assets Loss on disposal of fixed assets Auditorg remuneration Auditorg non-audit remuneration 12 15 PEN510N COSTS There are several pension schemes open to certain employees of the School which include the Teachers, Pension Scheme for teaching staff artd other schemes as detailed in Note 1. The School participates in the Teachers. Pension Scheme rthe TPS? for its teaching Staff. The pension charge for the year includes contributions payable to the TPS of £792.829 12024- £1,093,145} and attheyearend £64.07812024= £131.5201 wa5 accrued in respect of contributions to this scheme. The TPS is an unfijnded multi-employer defined benefts pension scheme governed by The Teacher5. Pensions Regulations 2010 las amended) and The Teacherg Pension Scheme Regulations 2014 las 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 Parliamen QUEEN ELIZABETH'S HOSPITAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the ar ended 31 Au Ust 2025 PENSION COSTS (continuedl The employer contribuuon rate is set by the Secretary of State foll¢)win8 scheme valuations undertaken by the Government Actuarfs 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. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn. 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 contribution scheme (TPT Retlrement Solutlons Growth Plan) The School also contributes to a defined contribution s(heme for support staff. as detailed in Note 1. Totsl employer contributions to the scheme for the year amounted to £99,399 12024- £93,129). In 2012. following a ruling by the Supreme Couri the TPT Retirement Solutions Grovrth Plan Series 3 was re(lassrfied as a defined benefFt scheme alongside Serie$ 1 and 2.. Series 4 remains defined contribution scheme. The School participates in the scheme. a multiomployer scheme which provides benefits to some 521 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company 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 fundin8 legislation oudined in the Pensions Art 2004 which came into force on 30 December 2005. This. together with documents issued by the Pensions Regulator and Technical Artuarial Standards issued by the Financial Reporting Council. set out the framework for funding defined benefit occupational pension schemes in the UK. The scheme is classified as a 'last-man Stsnding arrangemenv. Therefore the company is potentially liable for other participating employer5. obligations rf those employers are unable to meet their share of the scheme deficit following withdrawal from the 5(heme. 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 artuarial valuation for the scheme was carried out at 30 September 2023. This valuation showed assets of £514.9m. liabilities of £531.Om and a deficit of £16.Im. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay further additional contributions totalling £2.1 m per annum for all p3rticipating employees in monthty paymenrs from l April 2025 to 31 March 2028 (unless a concession has been agreed with the Trusteel. 41 QUEEN ELIZABETHS HOSPITAL (A company Ilmlted byguarantee) NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 A ust 2025 PENSION COSTS (continued) The schemés prewous valuation was carried out with an effertive date of 30 September 2020. This valuation showed assets of £800.3m. liabilities of £831.9m and a deficit of £31.6m. To liminate this funding Shortfall. the"Trustee asked the participating employers to pay additional ontributions to the scheme totalling £3.3m per annum from 1 April 2012 to 31 January 2025 Ipayable monthtyl. The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilitie& Where the scheme is in deficit and vthere the company has agreed to a deficit funding arrangementthe company recognises a liabiltyfor this obligation. The amount recognised is the net presentvalue of the deficit reduaion contribution5 payable under the agreementthat relates to the deficit. The presentvalue is calculated usingthe discount rate detsiled in these disclosures. The unwinding of the dixount rate 15 recognised as a finance cost. 42 QUEEN ELIZABETH'S HOSPITAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Au ust 2025 PENSION COSTS (continued) Pres 2025 2024 Present value of provision 7.527 1,663 nofo enin and closin romsi 2025 2024 Provision at 5tsrt of year Unwinding of the discount factor (interest expense) Deficit contribution paid Re-measurernents- impact of change in assurnptions Remeasurements- amendments to the contribution schedule 1,663 10 12.9571 67 8,744 5,483 202 (4.0241 Provision at end of year 7,527 1.663 Inco dex 2025 2024 Unwinding of the discount factor {interest expense) Re-measurements- impart of change in assumptions Remeasurements- amendments to the contribution schedule 10 67 8.744 202 Costs reco8nised in income and expenditure account 8.821 204 Assum ns.. 2025 2024 Rate of discount (% per annum) 4.37 5.13 The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would 8Ne the same results as U5in8 a ftjll A4 corporate bond yield curve to discount the Same recovery plan contributions. 43 QUEEN ELIZABETH'S HosprrAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025 PENSION COSTS Icontinuedl rpT Retirement Solutions Scottish Voluntary Sector Penslon Stheme The School no longer participates in the TPT Retirement SolLrtions Scottish Voluntary Sertor Per)sion Scheme. but continues to make contributions ro the scheme as part of a recovery plan. Deficit contributions totalling £1.178 were paid during the year12024: £4,691). The amount due at 31 August 2025 is £718 12024: £1.8961. This liability has been reco8nised in the financial statements. Queen E11Zab￿S Ho$￿tal Governorf Nontar refie(ts the *YitÈ of the nei Fxiok ¥￿￿e of •) asset to the e#imated Open marker TrM1ue a5 de￿rMinert by prDfessional Va￿er5. QUEEN EL12ABEfHS HOSPITAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 August 2025 CAPITAL COMMITMENTS As at the year-end the School had capital commitrnents totslling £116.17512024.' £128,5(M)). FIXEO ASSET INVEsfMEKrs Property inv•stments Joo Securities investments Yotsl £'ooo Market value at 1 September 2024 Additions Costs of maintsining investments Change in market value 3.633 9.558 1.522 (541 263 13.191 1,522 IS4) 358 95 Market value at 31 Au8USt 2025 3,728 11.289 15.017 Historical c05t 1.098 7,652 8.750 Securities investments comprise- Value £'c￿0 Quitter Cheviot Portfolio 11.289 11,289 Investment in subsidiaries is £3 in the year ended 31 August 2025. The school holds 100% of the issued share capital1£21 of QEH International Schools Limtted (Company Number.. 106657871. The school also holds I lJ)% of the issued share capitsl1£1) of QEH Enterprises Llmited {Company Number. I S098687). Neither of these subsidiary companies traded during the year ended 31 August 2025 and the year ended 31 August 2024. DEBTORS 2025 £'ooo 2024 Fees receivable Other debtors Prepayments and accrued income 62 38 174 16 27 118 274 161 QUEEN ELIZABETH'S HOSPITAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2025 CREDITORS: Amounts falllng due within one year 2025 £'O(MJ 2024 £'oc Fee5 in advance Sundry creditors and occrua15 Taxation & Social Security 694 1,102 2,682 1.451 152 2,602 4,285 10. CREDITORS: Amounts falling due after more than one year 2025 £'ocx) 2024 Svndry creditors and accruals {7-2 years) Svndry creditors and accruals (2-5 years) Sundry creditors and accruals (over S years) Deferred income11-2 years) Deferred income12-5 years) Deferred income lover 5 years) 13 13 616 726 172 13 16 821 1,193 240 2,288 DEFERRED INCOME Deferred income at 7 September 2024 Resources deferred durin8 the year Amounts released from previous years 4,695 1147 {4.558) Deferred income at 31 August 2025 2,284 Deferred income includes fees received in advance. monies receNed for trips taking place after the year end and income recerved in advance in respert of a property. 47 QUEEN ELIZABETH'S HOSPITAL (A company limited byguarantee) NOTES TO THE FINANCIAL STATEMENTS for the ar ended 31 Au ust 2025 11. FINANCIAL INSTRUMENTS 2025 2024 £'ooo Financial assets measured at fair value through income and expenditure Securities investments 11.342 9,558 Financial a55ets measured at amorti5ed cost Fees receivable Other debtors Cash and deposits 62 16 27 10,902 7,180 7.248 10,945 Flnancial liabilities measured at amortised cost Sundry creditors and accruals 972 1.283 972 1,283 The fair values of the"assets and liabilities held at fair value through income and expenditure at the balance sheet date are deterrnln￿ using quoted prices. 12. ENDOWMENTS £000 11843 2S8 53 1521 Balance at 1 September 2024 Change in market value Transfer from unrestrirted fund Costs of maintaining the endowed funds Balance at 31 Au8U5t 2025 13,102 Pre-incorporation the Permanent Endovrnent Fund assets were invested in the name of the Trustees of Bristol Charities and managed bythem on behalf ofthe School. The Trustees were bound to paythe net income generated bythe assets (o the Governors of the School to be used in accordance with the stated objertives. Following the incorporation of the Schotsl, the permanent endowment was transferred to QEH Trust. As the assets forni a permanent QUEEN ELIZABETH'S HOSPITAL (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au st 2025 ENDOWMENTS (continued) endowment the Governors have no access to the capital of the fund without permission from the Charty Commission. In the financial year 200&21XJ7, the Charity Commission agreed that QEH Trust trustee5 could spend £1,065.207 of the permanent endowment fund converting the charitys property to provide enhanced accommodation. The Charity MUSE 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 v*re as follows: £'ocrf) Balance at 1 September 2024 Amount repaid in the year 106 (53) Balance remaining at 31 August 2025 53 49 QUEEN ELIZABETHS HOSPITAL (A company limlted byguarantee) NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2025 13. REsfRICTED FUNDS Asat 1 September Incoming Resource5 2024 resources expended £'ooo Gains. A5at losses and 31 August transfers 2025 £'O¢XJ John James Prize Fund Johnjames Gift 1590 Society FurKI Bursary Fund QEH Old Boys, Benevolent Fund Scholarship, Bursary & Prize Fund {2) 1381 11491 212 903 112 10 {101 352 52 13 (191 12181 1.514 Gains. losses and transfers comprise-. Bursary Fund Facilities Fund Scholarship. Bursary & Prize Fund £wo Total £'ooo Transfer between funds Transfer to unrestricted funds following use of restricted funds to purchasefixed assets Change in market value of Investments QUEEN ELIZABETH'S HOSPITAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au Ust 2025 13. RESTRICTED FUNDS (continued) Asat 1 September Incoming Resources 2023 resources expended £'ooo £000 £'oc Gains. Asat losses and 31 August transfers 2024 £'o(J) £'ooo John James Prize Fund Johnjames Gift Bursary Fund QEH Old Boyg Benevolent Fund Scholarship. Bursary & Prize Fund 131 1301 11461 926 161 314 (11) 13 (201 51 1.298 218 12101 1,340 Thejohnjames Prize Fund isto be used forawards to pupik or projects atthe Heads discretion. Thejohnjames Gift represents specific funds recewed forthe awarding of bursarles during the year. The 1 $90 Society Fund represents fvnds received from specific donors who have sUPPOrted the school with a transfomational gift of £159.000 and above. The funds are used predominantly to provide transformational bursary support to pupi15 at the school. The funds may also be used. at the donors wishes. to support other strategic aims of the sihool. The Bursary Fund represents fund5 received from fundraising actNities restricted to proMdin8 bursaries. £784,000 is anticipated to be utilised in respert of pupils currently at the school in receipt of support from the Bursary Fund vp until they complete year 13. The QEH Old Boyg Benevolent Fund is to be used for. {a} The relief of poverty through the prowsion of: lil Grants to former scholars of QEH and their dependents in cases of need: lil) Bursaries and othergrants to individual pupils at QEH or on leaving QEH. when need arises.. (bl The advancement of education in particular through the PrO￿$10n of: lil Bursaries. prizes and other grants to indwidual pupils aL or after leaving QEH; lill Funds for specific projects of a charitable nature. 51 QUEEN ELIZABETH'S HospfTAL (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2025 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. Where restricted funds have been used to purchase fixed a$5ets a transfer has been made from restricted to unrestricted as the restrirtion placed on the funds by the donor have been 5at15fied. 14. ANALYSIS OF NEf ASSETS BETWEEN FUNDS Unrestricted Funds Restricted Endowment Funds Funds Total £'ooo Fund balances èt 31 August 2025 are represented by: Tangible fixed assets Securities investments Property investrnents Current assets Liabilitie5 10.409 1.617 10,409 11,289 3,728 7.454 14,146} 352 9.320 3,728 6.238 (4.1461 1,162 Total net assets 14.118 l.S14 13.102 28,734 .Linked Charitles QEH SBP QEH Trust QEH £'o¢J) Totsl Fund balances at 31 August 2025 analysed between the linked charities Tangible fixed assets Securities investments Property investments Current assets Liabilities 10.409 1.968 10,409 11.289 3.728 7,454 14,146) 427 8.894 3,728 7.355 14.1461 45 Total net assets 15.586 472 11676 28,734 52 QUEEN ELIZABETH'S HOSPITAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025 14. ANALYSIS OF NET ASSETS BETWEEN FUNDS Icontinued) Unrestrirted Funds Restrirted Endowment Funds Funds £[)00 £'orJ) Total £'ooo Fund balances at 31 August 2024 are represented by: Tangible fixed assets Securities investments Property investments Current assets Liabilities 10.140 10.140 9.559 3.633 11.063 16.5731 349 9210 3,633 10.070 16,5731 992 Total net a55ets 13,637 1.341 12.844 27.822 Linked Charities QEH SBP QEH Trust QEH Totsl £'ooo Fund balances at 31 August 2024 analysed between the linked charities Tangible fixed assets Securities investments Propety investments Current 055ets Liabilitses 10.140 10.140 9.559 3.633 11,063 16.5731 422 8.789 3,633 11.010 {6,573) 52 Total net a55ets 14,925 474 11423 27.822 53 QUEEN ELIZABETHS HOSPITAL (A company limited byguarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025 15. NOTES TO CASH FLOW ￿ATEMENT Reconciliation of net incomlng resourcès to net cash flowfrom operating activities 2025 £'ooo 2024 £'ooo Net incomelexpenditure for the reporting period {as per the statement of financial artNitie51 Depreciation charges Disposal of Fixed Assets Impairment of Tangible Fixed Assets Dividend5. interesi and rents from investments Ilncreasevdecrease in debtors Increaselldecreasel in creditors Endowment costs Interest on loans IGainslllosses on investments 914 626 1,155 574 (4221 (1141 12.4271 1394) (47) 3.126 51 {358) 1919) Net cash (outhowvinflow from operating artiviti¢s 11.4941 3,546 b) Analysis of net funds At I September 2024 Cash At 31 August flow 2025 £'ooo Cash at bank 10.902 15,1381 5,764 2025 £'O(N) 2024 £cyJo Analysis of ush and cash equivalents Cash in hand Notice deposits Iless than 3 months) ShortTerm Money Market Quilterchlfvert 3.529 2,235 1,416 8.667 1235 Total cash and cash equivalents 7,180 10.902 QUEEN ELIZABETH'S HOSPITAL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Au U5t 2025 16. OPERATING LEASE COMMITMENTS At 31 August 2025 the aggregate of the Schoofs future minimum fease payments under non- cancellable operating leases was: 2025 £'(KJO 2024 £'ooo Amounts payable: Within 1 year Between 1 and 5 years 31 63 31 94 Total 94 125 17. CONTINGENT LIABILITY The School has a contingent liability which has not been provided for in these accounts in relation to the TPT Retirement Solutions Growrth Plan described in Note S. This liability would rystallise only rf the School viithdrew from the Groth Ptan or rf the Plan wa5 to be wound up with no participants. The School continues to offer membership of the Plan to its employees and as at the balance sheet date there were 6412024.. 591 actwe members ofthe Plan employed bythe School. There is no current intention io leave the Plan and trigger the contingent liability. TPT Rerirement Solutions has estimated thaL rfthe School ceased to participate in the Plan as at 30 September 2024. the School would have to pay £S4.353 including Series 3 liabilitie5 (September 2023.. £50,1121 based on the financial position of the plan and the employers thaL as at that date, were relevant employers. 55 QUEEN ELIZABETHS HOSPITAL (Acompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS forthe ear ended 31 August 2025 18. STATEMENT OF FINANCIAL AcrivmES FOR YEAR ENDED 31 AUGUST 2024 Unr￿trIcted Restricted Endowment Total Funds Funds Funds 2024 coc Eooo £￿00 Total 2023 £'ooo Notes Income and en"do7rtments from: Voluntary Sources Grants and donations Charitable activities School fees receivable Ancillary trading income Other tradlng artl¥ities Sundry letting Investments Investment income Bank and other interest Other Other income Profit on sale of fixed assets 194 202 286 11093 11093 11,352 119 82 370 343 25 395 343 397 146 120 Total Income and endovmients 12.936 219 13,155 12.383 Expenditure on: Raising funds Financing cost5 Investment management Fundraising costs 126 49 177 99 101 90 Total deduct5ble t05ts 22S 49 276 198 Charitable artlvities Education and grant making 12.433 210 12,643 11.863 Total expendlture 12.658 212 49 12.919 11062 Net income before transfers and Investment Salns 278 1491 236 321 Gainslllos5esl on investments Gains on investment properties Transfers be￿een funds 13 938 1551 53 974 1551 1204) 1531 Net movement In funds 225 1,155 1157) Fund balance5 broughi forward 13.411 1.298 11.956 26.665 26,507 Fund balances carried forward 13.636 1.341 12,843 27.820 26.665