2022-03-31-accounts - Queen Mary's Schools Foundation

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	Page
Reference and Administrative Details
Trustees' Report	2 to	8
Report ofthe Independent Auditors	9 to	10
Statement ofFinancial Activities
Balance Sheet	12
Cash Flow Statement	13
Notes tothe Financial Statements	14 to 24

TRUSTEES	June Aubrook	(resigned 26/4/2021)	(resigned 26/4/2021)	(resigned 26/4/2021)
	Susan Blakemore
	Vivian Fairbank
	Rebecca Hearsay
	John Punch
	Philip Sturrock	MBE	(resigned 29/5/2022)
	John Valiance
	Paul Lee
	Katrina Healey-Davis
	Daniel Hunt
	Simon Thacker	(appointed		26/4/2021)
PRINCIPAL ADDRESS	20 Birmingham	Road
	Walsall
	West Midlands
	WS1 2LT
REGISTERED CHARITY	1175360
NUMBER
INDEPENDENT AUDITORS	DJH Mitten Clarke Audit Limited
	3rd Floor International		House
	Hatherton Street
	Walsall
	West Midlands
	WS4 2LA
BANKERS	Lloyds Bank pic
	The Bridge
	Walsall
	West Midlands
	WS1 1LU
CLERKTO THE GOVERNORS	David Milne
	20 Birmingham	Road
	Walsall
	West Midlands
	WS1 2LT
INVESTMENT ADVISERS	I M Asset Management		Ltd
	Riverside East
	2 Millsands
	Shefgeld
	S38DT

						2022	2021
		Unrestricted	Resbicted	Endowment		Tolal	Total
	Notes	fund f:	fund 6	fund 5		funds 6	fundsf
INCOME AND
ENDOWMENTS FROM
Donations and legacies	4	137	440			577	117,036
Charitable activities	6
Charitable activities		1,996,138				1,996,138	1,714,562
Investment income	5	70,089	9,023			79113	72485
Total		2,066,364	9,463		1	2,075,828	1,904,083
EXPENDITURE ON
Charitable activities
Charitable activities Support costs Mayfmld staff costs Mayfield other costs		70,834 89,286 1,441,102 314,609		39,339 68,700		70,834 128,625 1,441,102 383,309	93,449 1,373,076 353,233
Total		1,915,831		108,039		2,023,870	1,883,802
Net gains on inveslments				53,231		53,231	142,629
NET
INCOMEJ(EXPENDITURE) Transfers between funds	150,533 21 ~178858}		9,463 .~45)	(54,807) 178,903		105,189	162,910
Net movement in funds		(28,325)	9,418	124,096		105,189	162,910
RECONCILIATION OF
FUNDS
Total funds brought forward		662,074	70,088	4,212,402		4,944,564	4,781,654
TOTAL FUNDS CARRIED
FORWARD		633,749	79,506	4,336,498		5,049,753	4,944,564

	BALANCE SHEET 31 INARCH 2022
	Notes	2022 6	2021 f
FIXEDASSETS
Tangible assets	12	3,958,452	3,927,711
Investments	13	1,141,091	1,076,806
		5,099,543	5,004,517
CURRENT ASSETS
Debtors	14	13,513	58,691
Cash at bank and in hand		905,760	816,810
		919,273	875,50'I
CREDITORS
Amounts falling due within one year	15	(236,184)	(172,408)
NET CURRENT ASSETS		683,089	703,093
TOTAL ASSETSLESSCURRENT
LIABILITIES		5,782,632	5,707,610
CREDITORS
Amounts falling due aRer more than one year 16		(732,879)	(763,046)
NETASSETS		5,049,753	4,944,564
FUNDS	21
Unrestricted funds		633,749	662,074
Restricted funds		79,506	70,088
Endowment funds		4,336,498	4,212,402
TOTAL FUNDS		5,049,753	4,944,564

for	the Year Ended	31 MARCH 2022
		2022	2021
	Notes	6
Cash flows from operating activities
Cash generated from operations Interest paid	24	270,084 ~28,90)	30,941 ~33.733
Net cash provided by/(used in) operating	activities	241,103	~279,2)
Cash flows from investing activities
Purchase ofiangible fixed assets Purchase ofinvestments Sale offixed asset investments Interest received Dividends received Rental income		(30,741) (1,020,611) 957,193 98 18,872 60,143	(756,835) 715,501 105 20,103 52,277
Net cash (used in)/provided by investing	acbvities	~)5.046)	31,151
Cash flows from financing activities
New loans in year Loan repayments in year Income attributable to endowment		(29,069) 1	104,000 19,321
Expenditure atbibutable to endowment		~)08.030)	~46,)44)
Net cash (used in)/provided by financing	activities	~)37)67).	77,177
Change in cash and cash equivalents
in Ihe reporting period Cash and cash equivalents atthe		88,950	105,536
beginning ofthe reporting period		816,810	711,274
Cash and cash equivalents atthe end ofthe reporting period		985,760	816,810

INVESTMENT INCOME
					2022	2021
	Unrestricted		Resbtcted	Endowment	Total	Total
	funds f		funds	funds 5	funds f	funds f
Rental income Income from listed	60,143				60,143	52,277
investments Interest receivable	9,851 95		9,021 2		18,872 98	20,103 105
	70,089		9,023		79,113	72,485
INCOME FROM CHARITABLE ACTIVITIES
					2022	2021
	Acbvity
Fees receivable	Charitable	activities			1,996,138	1,714,562
CHARITABLE ACTIVITIES	COSTS
						Direct
						Costs (see
						note 8}
						6
Charitable activities Support costs Maylield stalf costs Maylield other costs						70,834 128,625 1,441,102 383,309
						2.023.8TD
DIRECT COSTSOF CHARITABLE ACTIVITIES
					2022	2021
						6
Statf costs Rates, insurance and utilities Maintenance ofpremises and equipment Telephone, postage and stationery Audit fees Professional fees Entrance examinations Clerk to the governors					1,441,102 72.409 159,643 17,459 4,200 17,825 70,834 60,483	1,373,076 77,349 91,737 17,425 4,350 50,652 62,936 58,013
Learning resources Computer costs Administrabon and accountancy Subscriptions and courses Other costs Other grants Interest payable and similar charges					12,902 25,904 50,880 15,617 45,631 28,981	6,547 20,321 61,538 13,157 11,968 1,000 33,733
					2,023,870	1,883,802

31 March 2021.		p p	yea	ene	arc	nor o	r te year ende
STAFF COSTS
						2022 F	2021 f
Wages and salaries Social security costs Other pension costs						1,140,254 105,470 195,378	1,088,007 98,805 186,264
						1,441,102	1,373,076
The average monthly	number ofemployees		during the	year was	as follows:
						2022	2021
Teaching and support						47	47
The number of employees E60,000was:		whose employee	benefits	(excluding	employer	pension	costs) exceeded
						2022	2021
E60,001 - f70,000						1	1

2022	2021
1	1

COMPARATIVES FOR THE STATEMENT	COMPARATIVES FOR THE STATEMENT	COMPARATIVES FOR THE STATEMENT	OF FINANCIAL	ACTIVITIES
			Unrestricted	Restricted	Endowment	Total
			fund	fund F	fund	fundsf
INCOME	AND ENDOlyMENTS	FROM
Donations	and legacies		116,331	705		117,036
Charitable	activities
Charitable	activities		1,714,562			1,714,562
Investment	income		60,407	12,078		72,485
Total			1,891,300	12,783		1,904,083
EXPENDITURE ON
Charitable	ac5vities
Charitable	acthrities		63,044	1,000		64,044
Support costs Mayfield staff costs Maylield other costs			80,079 1,373,076 320,459		13,370 32,774	93,449 1,373,076 353,233
Total			1,836,658	1,000	46,144	1,883,802

COMPARATIVES	FOR THE STATEMENT	OF FINANCIAL	ACTIVITIES	-continued
		Unrestricted	Resbicted	Endowment	Total
		fund f	fund f	fund f	fundsf
Net gains on investments				142,629	142,629
NET INCOME Transfers between	funds	54,642 36,722	11,783 1,000	96,485 ~37.722	162,910
Net movement in funds		91,364	12,783	58,763	162,910
RECONCIUATION	OF FUNDS
Total funds brought	forward	570,710	57,305	4,153,639	4,781,654
TOTAL FUNDS CARRIED FORWARD		662,074	70,088	4,212,402	4,944,564
TANGIBLE FIXED	ASSETS
					Freehold
					property f
COST
At 1 Apnl 2021 Addibons					3,927,711 30,741
At 31 March 2022					3,958,452
NET BOOK VALUE
At 31 March 2022					3,958,452
At 31 March 2021					3,927,711

FIXEDASSET INVESTMENTS
	Listed
	investments
	f
MARKET VALUE
At 1 April 2021	1,076,806
Additions	'I,020,611
Disposals	(957,193)
Revaluations	867
At 31 March 2022	1,141,091
NET BOOK VALUE
At 31 March 2022	1,141,091
At 31 March 2021	1,076,806

			Listed
			investments f
Valuation	in	2022	867
Valuation	in	2021	111,421
Valuation	in	2020	(82,700)
Valuation	in	2019	59,486
Valuation	in	2018	18,569
Valuation	in	2017	172,321
Cost			861,127
			1,141,091

DEBTORS:A	MOUNTS FALUNG DUE WITHIN ONE Y	EAR
		2022	2021 f
Trade debtors		7,029	51,053
Prepayments	and accrued income	6,484	7,638
		13,513	58,691

					2022	2021
						f
	Bank loans and overdralts	(see note 17)			30,167	29,069
	Taxation and social security				29,474	27,420
	Other creditors				176,543	115,919
					236,184	172,408
16.	CREDITORS: AMOUNTS	FALUNG DUE AFTER MORE			THAN ONE YEAR
					2022	2021
					6	F
	Bank loans (see note 17)				732,879	763,046
17.	LOANS
	An analysis ofthe maturity	of	loans is given below:
					2022 f	2021 6
	Amounts falling due within	one year on demand:
	Bank loans				30,167	29,069
	Amounts falling between one		and two years:
	Bank loans - 1-2years				31,309	30,167
	Amounts falling due between		two and five years:
	Bank loans - 2-5years				101,083	97,389
	Amounts falling due in more than five years:
	Repayable by instalments:
	Bank loans more 5yr by instal				600,487	635,490
18.	LEASING AGREEMENTS
	Minimum lease payments	under non-cancellable		operating	leases fall due as follows:
					2022	2021
					6	5
	Within one year				2,378	3,077
	Between one and five years				2,520	4898
					4,898	7,975

				2022 8	2021 f
Bankloans				763,046	792,115
The bank loan is secured	by a charge on the property.
ANALYSIS OF lsETASSETSBETWEEN FUNDS
				2022	2021
	Unrestricted	Restricted	Endowment	Total	Total
	fund E	fund f	fund f	funds F	funds 8
Fixed assets			3,958,452	3,958,452	3,927,711
Investments			1,141,091	1,141,091	1,076,806
Current assets	839,767	79,506		919,273	875,501
Current liabilities Long term liabilities	(206,018)		(30,166) ~732879)	(236,184) ~7,32,879)	(172,408) ~63.886
	633,749	79,506	4,336,498	5,049,753	4,944,564

Endowment	funds	funds
					2022 5	2021 f
Foundation	endowment				3,693,176	3,750,308
Prize funds					61,837	41,826
Scholarship	funds				581,485	420,268
					4,336,498	4,212,402
					2022	2021
						6
Income arising		on prize	funds		7,467	6,945
Income arising		on scholarship		funds	49,020	40,709
Queen Mary's		Grammar	School development
campaign and		parental	funding		14,969	14,384
Mrs Richardson		legacy	for the	benefit ofQueen
Mary's High	School				8,050	8,050
					79,506	70,088

		At 1/4/21 f	Cash 8ow f	At 31/3/22 F
Net cash
Cash at bank and in hand		816,810	88,950	905,760
		816,810	88,950	905,760
Debt
Debts falling due within	1 year	(29,069)	(1,098)	(30,167)
Debts falling due after 1 year		~763,046	30,167	~732,879
		~92,115	29,069	~63,046
Total		24,695	118,019	142,714