2023-08-30-accounts

QUEEN MARY'S ASSOCIATION

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023 Registered Charity No. 1175172

QUEEN MARY’S ASSOCIATION

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

CONTENTS

	Page
Legal and Administrative information	1
Report of the Trustees	2 - 5
Independent Examiner’s Report	6
Statement of financial activities
(Incorporating an income and expenditure account)	7
Balance sheet	8
Notes to the financial statements	9 - 12

QUEEN MARY’S ASSOCIATION

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

REFERENCE AND ADMINISTRATIVE INFORMATION

Charity Number: 1175172

Trustees:

The trustees for the period to date of signing this report are:

Seema Sikka Richard James Langton – Headmaster Michael Eric Lax – Deputy Head Adrian Roche Balbir Seimar

Administration Office

C/o Queen Mary’s Grammar School Sutton Road Walsall WS1 2PG

Bankers

Lloyds Bank plc The Bridge Walsall WS1 1LG

REPORT OF THE TRUSTEES

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QUEEN MARY’S ASSOCIATION

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

The Trustees of the Queen Mary’s Association (“QMA” or “the charitable body”) are its Trustees for the purpose of charity law and throughout this report are collectively referred to as its Trustees. The financial statements comply with Charities Act 2011, and 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 (FRS102) (effective 1 January 2015).

The QMA is an unincorporated association governed by a constitution adopted on 21 June 2017. It commenced its charitable activity on 1 September 2017. The Charity was formally registered with the Charity Commission on 16 October 2017.

The Trustees have pleasure in presenting the charitable body’s report and financial statements for the year ended 31 August 2023.

STRATEGIC AIM AND OBJECTIVES

The object of the QMA is to advance the education of pupils in Queen Mary’s Grammar School (“QMGS”) in particular by:

• Developing effective relationships between the staff, parents and others associated with QMGS; and

• Engaging in activities or providing facilities or equipment which support QMGS and advance the education of the pupils.

The Trustees as noted within its governing constitution have the following powers, which may be exercised only in promoting the charity’s purpose:

• To provide advice;

• To publish or distribute information;

• To co-operate with other bodies;

• To raise funds (but not by means of permanent trading);

• To acquire or hire property of any kind;

• To make grants or loans of money and to give guarantees;

• To set aside funds for special purposes or as reserves against future expenditure;

• To deposit or invest funds in any lawful manner;

• To take out public liability and personal accident, to insure the Association’s property against any foreseeable risk and take out other insurance policies to protect the association where required;

• To employ paid or unpaid agents, staff or advisers, only with the prior agreement of the Headmaster;

• To enter into contracts to provide services to or on behalf of other bodies

• To pay the costs of forming the association;

• To obtain and pay for goods and services as are necessary for carrying out the work of the charity;

• To consult parents on their views;

• To open and operate a single bank and any other accounts for the whole Charity as the Committee Members/Trustees consider necessary; and

• To do anything else within the law that promotes the objects.

ACHIEVMENTS AND PERFORMANCE

Our fundraising initiatives have regained traction. Events and parent participation have picked up again for the first time since being significantly affected by the pandemic. The regular events, Taste of The World

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QUEEN MARY’S ASSOCIATION

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

and Burns Night, both went ahead and had a fantastic turnout. However, after reviewing the lack of interest in the Summer Ball last year, the Queen Mary’s Association introduced a new event to replace it – the Summer Arts Festival, which also went extremely well for its first run.

We also updated the way we run the student raffle. We trialled it as a digital version – this eliminated the cost of printing paper tickets, gave us more data which helped track student participation and is more ecofriendly. Further funds were raised by parents using the ‘Easy Fundraising’ website, from which the QMA received an increase in quarterly donations.

FUTURE PLANS

In 2023-2024, we will continue with a similar model to the previous year. We will hold three main annual events and continue to encourage parents to utilise ‘Easy Fundraising’ to raise funds. After reviewing the success of the Summer Arts Festival, it was concluded that this event will now be the new annual summer event and that all QMA raffles will now be done digitally. We also plan to refresh the parent volunteers and recruit parents from a more recent cohort. We will continue to monitor and review activities and make amendments to the QMA as required for further development.

HOW OUR ACTIVITES DELIVER PUBLIC BENEFIT

The trustees have had regard to the Charity Commission’s guidance on Public Benefit.

The QMA strives to improve relationships between home and school with the benefit of:

• providing funding for additional resources for QMGS and links built with the local community. This is demonstrated through having an active Parents’ Association that works in partnership with QMGS and engages parental support; and

• increased educational progress and attainment of pupils in QMGS and links built with the local community. This is demonstrated through pupils having access to resources, events, activities and links with the local community which are not available through direct school funding.

Charity trustees are also parents of students, or former students, and hence gain benefit in the same way as all other beneficiaries. This benefit is incidental and necessary to ensure the benefit is provided to all beneficiaries.

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QUEEN MARY’S ASSOCIATION

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FINANCIAL REVIEW

Financial performance

The Charity’s income for the year ended 31 August 2023 was £29,047. There was a surplus on activities of £13,211. Allowing for donations made of £20,000 there was a deficit for the year of £6,789.

The income was raised from donations received and the activities carried out by the Charity during the year.

The charity moves into 2023/24 with unrestricted funds of £8,666.

Reserves Policy and Funds (Unrestricted)

The reserves policy has been formulated by the Trustees in line with recommendation of the Charity Commission of England and Wales. The basic aim is to maintain free reserves in unrestricted funds at a level which allows it to provide working capital to hold the planned events, while allowing a contingency for unforeseen circumstances. In the opinion of the Trustees this is currently approximately £5,000.

The unrestricted free reserves as at 31 August 2023 are £8,666 and exceed our reserves policy. The Trustees regularly review the appropriateness of the reserves policy with regard to the current environment in which the Charity operates.

Risk Management – principal risks and uncertainties

The trustees are responsible for the identification, mitigation and/or management of risk. They have a risk management strategy which comprises:

• A review of principal risks and uncertainties that the charity faces at each board meeting.

• The establishment of policies, systems and procedures to mitigate those risks identified in the review process.

• The implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise.

The trustees have reviewed and updated the risk management strategy and policy in 2022/2023.

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QUEEN MARY’S ASSOCIATION

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The QMA is a charity, an unincorporated association, governed by its Constitution which was approved by its trustees on 21 June 2017. This is lodged with the Charity Commission.

Governance Structure

The charity operates with a Management Committee which comprises a Chairman, a Vice Chairman, a Secretary and a Treasurer, plus one representative from each of the working committees (Burns Night, Tastes of the World Event , Summer Event, Bar and Catering) and any number of co-opted members as agreed by the Committee.

From these, there will be a minimum number of 5 trustees as follows:

• 3 being Chair, and two other parent members

• 2 permanent members/trustees being Headmaster and an Assistant Head.

Approved by the Trustees on 18th June 2024 and signed on its behalf by:

Seema Sikka Richard Langton Chairman and Trustee Headmaster and Trustee

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QUEEN MARY’S ASSOCIATION

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

Independent Examiner’s Report

I report to the charity trustees on my examination of the accounts of the charity for the period ended 31 August 2023 which are set out on pages 7 to 12.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Terence Luckin Chartered Accountant

Whitehouse Ridsdale, 20 Birmingham Road Walsall WS1 2LT

June 2024

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QUEEN MARY’S ASSOCIATION

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

		STATEMENT OF FINANCIAL
		ACTIVITIES	Total	Total
			funds	funds
			2023	2022
	Not
	e
INCOME FROM:
Donations	2	-		69
			1,213	5
Other Trading	3		27,834	12,19
Activities				7
			──────	──────
TOTAL INCOME			29,047	12,89
				2
			──────	──────
EXPENDITURE
Raising Funds	4		15,836	3,967
Charitable activities	5		20,000	9,000
			──────	──────
TOTAL			35,83	12,967
EXPENDITURE			6
			──────	──────
Net expenditure			(6,789)	(75)
			──────	──────
			─
NET MOVEMENT			(6,789)	(75)
IN FUNDS
RECONCILIATI
ON OF FUNDS
Total funds on 31			15,455	15,530
August 2022
			──────	──────
			─
Total funds on 31			8,666	15,455
August 2023
			══════	══════
			═	═

All activities derive from continuing operations.

The Statement of Financial Activities includes all gains and losses recognised in the year.

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QUEEN MARY’S ASSOCIATION

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

BALANCE SHEET

	Note	2023			2022
		£	£	£	£
CURRENT ASSETS
Debtors		1,482		-
Cash at bank		8,077		15,725
Cash in hand		-		200
		───────
				__
		9,559		15,925
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR	6	(893)
				(470)
NET CURRENT ASSETS			8,666		15,455
			───────
					___
TOTAL ASSETS LESS CURRENT			8,666		15,455
LIABILITIES
			───────		---------------
NET ASSETS			8,666		15,455
			═══════		═══════
FUNDS
Unrestricted – general funds	7		8,666		15,455
			───────		───────
TOTAL CHARITY FUNDS			8,666		15,455
			═══════		═══════

The accompanying accounting policies and notes form part of these financial statements.

Approved by the Trustees on 18th June 2024 and signed on their behalf by:

Seema Sikka Chairman and Trustee

Richard Langton Headmaster and Trustee

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QUEEN MARY’S ASSOCIATION

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

1 Principal accounting policies

Basis of accounting

The financial statements have been prepared in accordance with 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 (FRS102) (effective 1 January 2015) - (Charities SORP (FRS102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

In preparing these financial statements Update Bulletin 1 to the Charities SORP (FRS102) has been adopted and consequently a Statement of Cash flows has not been prepared. The QMA meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historic cost or transaction value unless otherwise stated in the relevant accounting policy note

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going Concern statement

The financial statements have been prepared on a going concern basis which assumes that the charity will continue to operate. The validity of this assumption is dependent upon the ability to hold events and the continuance of support from the charity’s key donors. The trustees consider that the charity will be able to operate in the foreseeable future. Based on this understanding the trustees believe that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments, which would result from the basis of preparation being inappropriate.

Funds

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Income

All income is recognised in the Statement of Financial Activities when the charitable body is legally entitled, ultimate receipt is probable, and the amount can be quantified with reasonable accuracy.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charitable body to the expenditure. All expenditure is accounted for on an accruals basis.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

As a registered charity no provision is considered necessary for taxation.

Taxation

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QUEEN MARY’S ASSOCIATION

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand and short-term deposits repayable on or within a three-month notice period.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Creditors

Creditors are recognised where the charitable body has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

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QUEEN MARY’S ASSOCIATION

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

2 Donations

					2023	2019	2022 2019
					Total		Total
					£		£
Easy fundraising donations					1,213		695
				───────		───────
					1,213		695
				═══════		═══════
Other Trading Activities
	2023		2023		2023		2022
	Raffles	Ticket Sales			Total	Total
			and Other
			Income
	£		£		£		£
Burns’ Night Dinner	1,829		13,557		15,386		2,500
Summer Ball	-		-		-		1,371
Tastes of the World	1,682		5,452		7,134		8,231
Summer Arts Festival	543		3,715		4,258		-
Other	-		1,056		1,056		95
	───────	───────		───────		___
	4,054		23,780		27,834		12,197
	═══════	═══════		═══════		═══════

3 Other Trading Activities

4 Raising Funds

		Total	Total
		2023	2022
		£	£
	Burns’ Night Dinner	11,364	342
	Summer Ball	-	1,079
	Tastes of the World	2,658	2,151
	Summer Arts Festival	726	-
	Other	618	95
	General costs	130	-
	Independent Examination fee	340	300
		_	______
		15,836	3,967
		_	______
5	Charitable Activities
		2023	2022
Donation to Queen Mary’s Grammar School		20,000	9,000
6	Creditors:amounts falling due within one year

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QUEEN MARY’S ASSOCIATION

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

2023 2022 £ £ Accruals and deferred income 893 470 ─────── ─────── 893 470 ═══════ ═══════

7 Funds

----- Start of picture text -----
Balance Balance
at 31August at 31August
2022 Income Expenditure 2023
£ £ £ £
General Fund 15,455 29,047 35,836 8,666
────── ─────── ─────── ──────
Total funds 15,455 29,047 35,836 8,666
═══════ ═══════ ═══════ ═══════
----- End of picture text -----

8. Trustees

None of the trustees (or any persons connected with them) received any remuneration, expenses, or benefits from the charity during the year (2022: none).

9. Related Parties

There were no disclosable related party transactions during the year (2022: none).

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