REGISTERED CHARITY NUMBER: 1175360 TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR QUEEN IAARYS SCHOOLS FOUNDATION
QUEEN WIRYS SCHOOLS FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Referencè and Administrntive Dots1 Trust8•s' Roport 2 to 8 Rewi olthe Indéyndent Auditors 9 to 12 Statsment of Flnancial ActlvltieB 13 Statement of Financial Position 14 statsment of Cash Flows 15 N¢)tes to th• FiTranclal Ststements 16 to 28
QUEEN MARYS SCHOOLS FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES Susan Blakemore Wlan Fairbank Rebecca Hèarsey John Nicholas Pch Chartered Surveyor John Vallance (resigned 611112023) Paul Lee Katrina HealepDavis Daniel Hunt Simon Thacker {resigned 271512tY231 John MacDonald Waters lappoinled 21111120231 Nell Christopher Mosley lappoinled 1617r2024} Dr Eoknard Kok Hun Ng (appointed 161T120241 Timothy Nomwlon lappoinled 161712024) PRINCIPAL ADDRESS 20 Bim)ingharn Road Wals811 West Midlands WS12LT REGISTERED CHARITY WIMBER 1175360 INDEPENDENT AUDITORS Fruition Athsory LLP 29 Wood Street Stratlord-upon-Avon CV37 6JG BANKERS Lloyds Bank plc Thè Brtdg$ Vvalsall West Mhllands WS1 1LU CLERK TO THE GOVERNORS David Milne 20 Bimiingham Road Walsall W6St Midlands WS12LT INVESTMENT ADVISERS l M Asset Managèment Ltd Riverside East 2 MillsarHIs Sheffield 38DT
QUEEN MARYS SCHOOLS FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 AIARCH 2024 The Trustees present their report swlh the financial statements of the charity for Ihe year ended 31 March 2024. The Trustee$ have adopt8d the provisions of Accounting and Reporting by Charities.. Statem8nt of Recommended Practice applicable lo charities preparing their accounts in accordance the Financial Reporting Stsndard applicable in Ihe UK and Republic of Ireland IFRS 102) (effective 1 January 20191. The Foundation vras incorporated as a Charilable In¢orwated Organisalion (CIO) on 25 October 2017. The financial statements attached refiect the activities of the CIO from 1 April 2023 10 31 March 2024.
QUEEN MARYS SCHOOLS FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES ANO ACTivrriES On incorporation as a CIO the Tntee3 adopted a govemlno dwumenl setting oul the GhaTrtable objectives lollows. The Foundation fvrthers the educatwt of pupils attending the schoo15 of the foundation and which are. namety, Mayfield Prepar8lrKy School, Queen Marfs Grammar School and Queen MaS High School. Each of the schools are based in Walsall. Wesl Midlands. The Foundatlon assists pupil$ by the fijnding of prizes. scholarships arKI maintenance allowances. The objects ofthe CIO are the advancement of educal)n by.. The confluct an¢J maintenancè of Mayfield Preparory ScFb)ol and such other preparatory school or schools for the education of glrfs and trws as the tharitytrustees may from tiFne to time think fiL' The prowsion of premises. support, seNi¢e5 and facilities for the schc4JEs of the Foundab"on or any former school of the Foundation whi( has become 8n academy thin the meaning of the Academies Act 2010; Th8 award of: Schol¥ships tenable to ony schoo] of the Foundation to pupils seleca8d On grounds of merit, Leaving eXhitrAns. to pupi15 who have attended a school of the Foundation for at least ttvo years, tenable at arw universty or any other institution of higher or lurther linduding professional or .lechnicall edu¢afjon approved by the Charity Trustees or for the purpose of enabling the exhtiilor to pursue a course of study 4)proved by Ehem: Mainten3n¢e allowances for pupils who nèed fin8ncTral assistance to enable them to attend any $¢hooi of the Foundatr"on,' and Prize5 or suitablè rewards or maths of distinction to any pupil Yrthy of reward or di8tin(lfjon.' Otherwis6 promoting Ihe edu(lion of boys and glrfs attending the schoc4s ol the Fourthlion in such ways as the Charity Truslees think f The aims of Ihe Charity a Idiredy) thg PmWSton of excellent siandard5 of education to all pupiL8. and to promote and enhance the education of ksys and giTJs attending the s¢h¢x)Is of the Foundation, and by so doing, to develop lif&long benefits to the whole t)Jmmunty." and (indirectly), IhroLth the Foundation Schools. the promot[c of education at other sd)ool$. In support of these overall aims, the charity looks to enhance the facilities and oppothnities at thè three schools in the Foundatitin. In Ydfoon. thé eharity looks lo contribute in the wide public interest to the welfare and educalton of young peopFe from dNerse backgrounds. The Foundatton rOgnISeS that the pandemic has ièaffirmed and heightened Significant inequalities In our sooièty and, in some cases, betsveen students attending IheFoundation S¢hool& Fdlowing their recent successful applicions lo the Selactive S¢hools Expansion Fund. both the Grammar and the High School are committed to attracb.ng 8 greater number of stsjdents from disadvantaged backgrounds. The Foundation t5 facAlitating a kase over part of its premises to enable extra classroom space at the High Schcd and which will be necessary lo allow it to accommodate the resulting In¢aSe in sludenl numbers. Additi¢)naUy, the Foundation funds the'Outrea¢h Worl¢ whith is completeil by both the Grammar School and the High School in order to attracl gra*r numbers of apklications from disadvanlaged stLKlents.This is ongoing with great success. The following people befit from the work of the Charty.. directty, the boys and girt5 atten(fing the 8th00ls. Indirectly, through community links provtded by the Grammar and High Schools, other schools in the local aieg, where support is provided to primary and secondary schools {for example in Math5, English and Languages) and particulaY those schools foming part of The Meraan TNst, of which tth the Grammar and High Sthools are now members.
QUEEN MARYS SCHOOLS FOUNDATION TRUSTEES. REPORT FOR THE YEAR Et4DED 31 MARCH 2024 The Mayfield Schod makes Its facflities available to other local groups and schools and invftes other schools lo pastoral events. Admission lo th& Hrgh School and Grammar School is upon the basis of academic ability and potenti.Th8 are no fees p8yable for admission lo th6$e tsvo sthools. The Charity reviews the needs of the benefiaaries of its WOTk in the followirvJ way3'. - The Goveming Bodie5 of e1 scho megt fomialty at least 5 times eaeh aca(lemic year. Updates from these meetings are provided to ènsure that Trustees are kept Infomied in relatlon to the academic perfomiance of èach of the Schools as well as finanaal and pastoral matters. In such a way. the needs of pupils ar¢ identified and, %therever possible. assistsnce is prowded. The Trustees similarly receive reglar updes in relan to the overall p¥rfomarKe of tho MerrAan Twst. The Trustees themselve5 meet at least an[ty (and prtrpandemic bpannualty} in ordeT to iew the ed3 of its sCh(lS. The Headteachers of each of the Foundation Sthools have close contscl th other a¢8b"0•1 establishments and fiaise directly with them to see rf support r2n be offered. Again. Ihis is particularty relevant in relalton to the other member 8choo]s of the Mercian Trust, namely, Aldridge School, ShiTa Oak Academy, Walsall Studio School and The Ladder SchDoI, Great Ba Q3 Academy, Langley Q3 Academy, aF fipton Q3 Academy. The k9y elements to the Charty's medium to long temi strategy would b& as ffAIow5:_ To ensure that the Foundab'on has $u7ficient funds to support the schools vthhin the Foundatson. and lo ensur• that funds are invested for the frjlure success of the sehools and the wpils who attend them. To ensure th* the schools are w811 govemed and to support the Heartteachers and staff al each school to onsure that educalional sijccess and pastoral and oJltural development is achieved 8ThJ, where apprq)riate. improved. To ensure Ihal the sthools are a valuable part of the local community. with links to other schocls, to lo(sl tharibes, to businesses and trade organisations. whith will benefit not only the ptspifs also der community. The Charity measure8 the su¢¢es$ of thè $lrategy in the following ways.'- In financral temis - by regular meetings (not less than at ts•olve rnnlh intsrvab) of the Investment Committee of the Foundation. monitors the Foundation's investments and takes profèssional adv[ from independent finanaal advtsers. In tum the Inveslmenl Committee reports to the Truslees. In the success of the schools- by TerEtving reports from the goveming bodies of each school. By encouraging the schoois to underta(e regular surveys of parents, staff and PLyil$ which are analysed to identrfy any unwelcome trends. The Trustees a famrliar with their duty to ensure pUbC ben8fiL and in thts respe¢t, have had regard lo the guidance issued by the Charity Commission. The Trustees ensure that each of Ihe three schools in the Foundation dèmonstrates in reports reeeived by the Trustees that the wider communty is beneffted. Glven that the hvo secondary schools are open to all calldidates based on proven ability, public bpnefrt is constdered satisfied for these schods. In 2016, Mayfield ioin6d with a local n$0¥b"uM of maintained prrmary schools to provide (XOSS•s¢h¢)ol support and to share good practrce. Mayfield has made its fa¢lle5 linduding 1$ playing fjeids) a¥ailable to the other h%ls. Mayfield has also facilltated'mock 11+ exam3. for pupils from the Cons0 schools. The Trustees are therefore sab"sffed that there is a Mder benefft for children in the local community as a re5uIt.
QUEEN MARYS SCHOOLS FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 PIARCH 2024 ACHIEVEMENT AND PERFORMANCE Thp fflain objectives set previously indud8d'. To offer finarrial support lo the thr89 SCIlS ofthe Foundation. to ensure thèy continue to offer high standards of education. To address the medium to lontemi fubjre of the schaols. To ensure implications of public benefit were addressed. In respact of these oblecves, it is considered that foNovAng main achiavements have been accomplished in the past year.. Financial wability has been establtsFRd, to ensu suffiuent fvnd8 were avaUable lo". Provide professional guidance and Support for tho schools (through spectalist logal advisers.. a Clerk: an &countant. and an independent investrnent athiserl. Prowde fijnds to Ver the rxjsts ofthe entrance examlnation at both the Grammar and the High School (to ensure the schoo13 selecteit candidates based on ability). for the afore-mentioned outreach work and contributions to ptize-givang to recognise the success and wèll-being of th& students.fiJnds to the students. To ertSLre that there were sufficient reserves available to $UPFJt financialty #ny of the thrèe school& To revi th8 investrnent portfclio and investment policies to ensurè financAal viabilty. Duriro the year. the Foundation ha5 rnade £10,000 available lo both the HJh Sthool and the Grammar School to enable disadvanlaged students, parti¢ipation in coourricular activitses Iruding verseas trips whi¢h these stijdents could not othermse afford. The Foundalion has pladgod £I00.000 towards the lrbishment of some of its premises and to thereafter grant a lease in respect of the samg to the High School. This wll afftjrd the Hi9h School much needed additional dassrwm space. Followng the appointment of l M Asset Management Ltd as Invèstment Adwsors Itwds resolved that the Foundation would puisue a financial investment strategy on a low lo medium risk, lo optimise an income retum wlhout diminution of thè investment capital. FurthsT information is gfven in the section"Financial Revieyl. bel¢)w. The benefils prwded to the pupib at th.e Ihreg $th0$ by work of the Foundation are relle¢ted in abo, and in parb"cular'. Ensuring that Mayfield was a going concern and had a fttture strategy for facilities, improvement and building expgnsion. The high stsndards of Mayfield were maintsined. 20 pupils out of 24 were awarded place5 at selectwe secondary schools lo begin in September 2024. 6 pupils were awarded scholarships. Ensuring the high stsndards of enty at Year7 and lo the Sixth Forms of the secxjndary scfr•xblswere mwntsined. The summer of 2023 perfomiances at bu)th GCSE and A-Level mained strong al both schools.The High School perfomiancès at both GCSE aTrJ A-Levol bettered the rasults achieved in 20191the last year (n which the PrpandemiC grading arrangements had applied) and whith ran contrary to Ihe n3bonal narrabve. 42 slwlentS Qut of 89 were awarded plaees at theirfirst thoi University. 69% of siudonts passed all their GCSES within the gr* range 7-9. The Grammar School perforniances at both GCSE and LeVel were consistent wrth the strong results achieved in 2019. 64% of all A-Levels awanléd were al grades A'IAB. Therè w85 8 99% pass r3te at A-Level. 4 students had been awarded places at Oxbridge. Over 68% of Students passed all their GCSES vthin the grade range 7-9.
QUEEN MARYS SCHOOLS FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The prowsion of prizes has benefitted the Students in a wider pastordl contexL The investment and fundraising by the Foundation has always been modèst, with the Trustees preferring to maintain a low to medium investrnenl risk to investments, as described above, and not to incur expense in speculative fundraisin9 rf that was not required. The Tnjslees consider their approach has been appmprie over the long tem7. Imieslment income has been maintained. The Trustees ttM5ider that thelr finanoal strate9y will not change in the foreseeable fvture and will conllnue lo provide sufficient finanoal support to the thrée schools. Thè Tnjslees are (xinscious, however. of the potential financial pressure on thé Grammar and High Schools. which are maintained by public funds. The inueasing pressure from lack of central funthing is regarded as a potential harm to those schools. Thè TfU3tees recognise, however. that although thèy can conlinue to maintain support such as 1$ provided at present, it would not ba possibte trj assume the support currently provided by central funds. FINANCIAL REVIEW The Trustees have reviewed the financial perfomiance of the Foundation for the past ar and assessed the finanrAal situation of Ihe charity. There have begn no signifieant events that have adversely affected the financial out(x)me. The vdatility of thè financial markets has had little adverse èffect over thè long term on thè investment portfcAio, which the Trustees nSider ts through a pnxlent investment policy and gd adv. The income raised from charrtable acltvitie5 during the year increase(I 10 £ 2,238,32312023'. £ 2,134,306). whil31 expenditure on charitable activities reduced slightly to £ 2,200,199 {2023: £ 2,207,025). Investment income received during the year irweased to £90,211 (2023.. £ 85,7301 and nel gains on investrnents tre £ 72.158 {2023'. net loss of £ 95,952). Overdll the charity made a surplu5 of £ 200,723 12023.. deficit of £ 392.941). Followtng a detailed presentation about funding stratee$, and drawing upon the recommendation from various sources. the Tru51ees resolved.. To continue with an investment pollcy that would maFntain capital values blrt lif possible) genarate greater incorne, while pre5ervThi9 3 policy of lowto medium risk management. To revièw ethical investment. concluding thatf an educ8ttonal charity it would be improperto invest in certain categ)ries Income from Mayfield Preparatory School remained undgr miew. The schoofs goveming body. aclin9 ur]der the authority of thè Trustees, undertook its annual review of fees and likety expenditLtre, xnd reported to the Trustees accordingly. The Trustees noted that suth a rewew had ¢(51dered the impact of any fees, rnrTrase, the wesont financial climate. and had resolvad that the school remained competitive against other local schools. The school continues to have waiting lists for all dasses, and kè8p8 a very tight and active control over rouection of lees from parents. Whilst Trustees and Govemors alike will carefully monitor th& firture impact of the decision to impose VAT upon privatè school fees, It Is considered that the current financial Position for Mayfield vras ¥atisfaotory and was welke3tabltshed to meet the needs of the SC)01. The Trustees therefore concluded that the chariis principal sources of ftmdir¥J, income from investments and from MaYd had been WelMartaged through0 the yw. The Trustèes constd8red that no isstjes had betn identified to suggest that operationally the ch8rltywas not a going concem. The Twstees rewewed whether they required a formal policy on reserves. They Conduded th it was not necessary to hold reserves at a particular lev81. The charitys Cuent assets were SLfficAent to accommodatè kn¢)wTr eventualities. Reserves would be maintained to cover potential èventualities at Mayfield (for exafflpie. ¢osts to promde o)ver for any lon9-lemi teacher absence). bLrt suth reserves were maintained on a prudent basis rather than through a fomial policy. PLANS FOR FUTURE PERIODS There are no plans for any changes to the aims and objectives of the charity, which be to offer financial and general support to the three schools of the Foundion. and to )ntinUe to monitor public benefft. It being recognistrd that addilional assistan for disadvantaged students at both the Grammar and High Schools is likety because of the increase in numbers of such students at both Schools.
QUEEN MARY'S SCHOOLS FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Thè Charity. Queen Marfs Schools Foundation, was foLmd8d oroginty by Roya Letters Patent in 1554. SitKe'2017 it IHS OFerated as a Charitable Incorporated Organisation (Registered Charity Number 1175360) There are three schools supported by the Foundation: Queen Matys Grammar School and Que•n MaFIs High Sthool oinverted on 1 June 2011 to Academy status under the Academies Act 2010. Both of these schoo15 retain thèir status as norpfeepawng Selective grammar schools. vthere enty is based on atilty tested by entrance examination. The Grammar School pn)vides education to boys betsveen Years 7 to 11 and to boys and gids the Sixth Form; the High School prowdes education to girf5 behveen Yèars 7 10 11 and lo girls<nd t)Oy3 in the Sixth Form.The third school is MaffjeldPrep8ratory School, an independent day seJ)ool and nurseryfor chik1 aged 3 to 11. The Tte¢S vtho Seed during the yearwere.. Susan Bfakemore Vivian Fairbank Rebecca Hearsey Jt)hn Pund) John Vallance Paul Lee Katrina Healey"Davi3 Daniel Hunt Simon Thacker John MacDonald Waters Vaczncies on the board of TTUStees are filled by invrtation or advertisement. Tho High Schcd. Grammar School and Mayfield Sthool are represented by former OT current Governors. In thi5 way, Il is considered any potential confflicts of interest can tre managed. The positions of the Trustees who are not either existing or fo¥mer Governors would be advertised or nominated by other Trustees should vacancies occur, and an appropriate appointment made after due consideration by the existing Trustees as to the skÈlb any proposed Trustee VId bring to theTrust. Al new and existing TTUStees and Governors receive training from the Clert as to their responsibdilies and duties. Additionalty. Governors at l)oth the Grammar 7d thÈ High School r8eeive training from the Mercian Trust SC)0[ Improvement Team. Tho Trustees, Investment Cc71mittee reviews the Clerk's remUneran annuaily. The Mayfield Head'g perforrnance and salary is reviewed by a Mayfidd Govemor sitting a Foundation Twsteè. The Mayfield Govemors appoint a SutcoMMittee to review the Ferfomiance and salaries of al other M8yfield employ. Their decisi(3 are minuted by the Clerk. The Trustees have examined the Foundation'$ actiwttes ar¥1 considered the risks faced. In thelropinion there are established resources, contrels and rwew systems which in nornial conditions should allow such risks to be mitigated to an aceèptable level. Mayfield School and the Ixjard of Foundation Trustees are separately Inured with repLrtable insurance companies to rA)ver lialIty.Tre accourrtants who assist the Found3b"on and the extemal auditors are regulated by professional bodies. The Investmènt C¢xnmiitee ensures there is a spread of investrnenl lo prevtrnl over exposure in any one asset dass are8. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trusle$ are responsible for preparing the Trustees. Report and the finanaal statements in accordance th applicable law and United Kingdom Accounting Standards (United Klngdom &nerally Accepted Accounting Pradice) indudÉng Financpj Reporting Standard 102 The Finanaal Reporting Standard applicable in the UK arvj Republic of Ireland"
QLIEEN MARY'S SCHOOLS FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES - contlnuod The law 3ppli(%ble to tharibes tn England and Vvales, the Charities Act 2011. Charity (Aeeourts and Reports) Regdalions 20D8 and the prothsions of the trust deed requires the trustees to prepa finanrAal statements for each financial year which give a true and fair view of the state of aff8ir5 of the charfy and of the incoming resour and awAication of resources, induding Ihe income 8nd èxpendibjre. of the charityfrjr that Patod. In preparing those financAal statements, the trustees are required to select suitable accountmig wlicaes and then apply them consistenuy.. observe the methods and prtnuples in the Charity SORP,. make judg&ments and estim*es that are reasonable arld prudent: state whether applicable accounting standards have bn followed, SLOiect to any material depariures disdosed and explained in the financial statemènts., prepare the financial statements on the going cJ)ncem bas1$ unless it Is inappropriate to pre¥ume that the tharity wll continue kn business. The trustees are responsible for keeping propèr accountirvJ records which disdoso Wth reasonable accuracy at any lime ihe finanLYal posthon of the charity and to enable them to ensure that the finanaal stat¢ments compty wilh the Charibès Act 2011, tha Chatty (Accounts and Reports) Regulatr'ons 2008 and the pmwsions of the trust deed. They are also responsible for safeguar¢Jing the assets of the chartty and hence for taking reasonab16 Steps for the prevention and detection of fraud 8nd other irregularities. 31.1.2f )proved ty orderof the board oftrustses on............................................ and s¢gned on its behalf ty. Joh cholas Punth- TTUStee
RE.PORT OF THE INDEPENDENT AUDITORq TO THE TRUSTE_Eq OF QUEEN MARYS SCHOOLS FOUNDATION Oplnion Wè have ?udile(J finar1?1 slatamènts of Que8n. ma.rys Schooi$ Foundatsn Ilhe 'tharity) for the year ended 31 March 2024 lch ¢omprise the Statement of Finan¢i4 Activitres, the Ststgment of Financial Position, the Statement of Cash Flows and note5 to the fiftanual statements, including a sumrnary of siynificant occounling po!irAeS. The financial reporting framÈwark th has been applied in Iheir prepatsbon Is applicable law and United lfjngthm Accounting Standards {United Kingdom Generally ACpted kno)unb"ng practi), induding Financial Repona Standard 102'The Financd Reporting Standard applicable in the UK and Repub.¢ of Ireland.. In our opinion the financial statements= give a true and frdir view of thè state of the charivs affars as at 31 March 2024 and of hs incoming resources arvj appli¢2knon of rUrceS. for the year then ended,. have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice. indLrding Financial Reporting Slarjdard 102 'The Financial RepDrling Standard applir2ble in the UK and Republic of Ireland.; and have been prepared in accordan th the requiremerts of the Charftles kt 2011. Basis loroplnlon We conducted OUT audti in accordanca wth Inlemalional Stsndards on Auditing (UK) (ISAS IUK)) and applicable law. Our responsibilities Lmder those standards are further described in the Auditors. rewnsibilities for tt)e audit of the firlancial statements section of our port. We are independent of the charity in accordance wth the ethi1 requirements that are Televanl lo our audit of the financlal ststemenls in the UK, induding the FRC'S Ethiral Standard, and we have fuhfilled our other ethieal Tesponsily'lities In accordan wilh thes8 requirements. We belteve that Ihe audit ewdence ¥ have obtained is and approprlale to provide a basis for our opinion. ConehBions relallny to golng ¢oncern In audibng the financial statements, we have condudÈd that the trustaèg use of the gotrng concem basis of accounting in the preparalion of the ncLaI statements is apprq)riale. Based on the %wrk we have performed, we have not identified any material uncertainties relating to events or conditions that, indiwdually or collectively. may cast signffi¢ant doubt on the chariws ability to ntinue as going concem for a period of al least ts¥dve month$ from when the ffinanual statements are 8Uthorised for issue. Our responsibilittes and the respDn5ibilities of the Irustees r8speLI to going c4Jncem ar8 described in the relevant Se505 of this reporL Other Infomiation The trustees are responsible for the other infomiation. The other infomab.on comprises the infomialion ir)duded in the Annual Report. olheT than the financial 3tatements and our Report of the Independent Auditors thpreon. Our opinion on the financial statem8nts does covw the other infom)abon and. except to the extent othewse explicitty slated in our Trport. do not express anyform of assurarte condusion thereo In conne¢t40n with our audit of the financial statements, our 8nSIbIlity is lo read the other infomiation and, in doing so, consider whether the other infomiation is m3teriaHy inconsistent th8 financial statemènts or our 4[noledge obtaiaed in the audit or othermse appears to be materially misstated. If wa identify such material in(x)nsistencies or apparent material misstalemenls. we are qUired to detemiine vthether this gives rise to 8 material misstatement in the financial slalements themss. If, based on the work havè perforrned. we condude that there is a material misstment of this other inforrnatron. we are required to report that fact. We have nothing to report in this regard. Mrs on whl¢h wg ave rgqulred to report ty oxception e have nothing to reFx)rt in respect of the following matters bthere the Chaiitres (Accnts arJ Reports) Regulations 2008 requires us to reKX)rt to you rf. in ow opinion: the infomiab.on gwen in the trustees Re[( is consIster in any material respeca with Ihe financial statements,. or sulficiènt acljtItvj records have not been kept,. or Jhe financial statements are not in agreement wth the accounting records and relums: or we have not received all the infomiation and explanation5 W8 foqL4re for our audit.
REPORT OF THE. INDEPENDENT AUDITOR¢ TO THE. TRU8TEF.S OF QUEEN MARYS SGHOOLS FOUNDATION R•sponsibS1itl8$ of trn5tees As exolainad more fully in the Statement of TTL15tees' Responsibilrfies, the Irustees are responsible for tha pr¢parafjon of the financial Statements which give a true and Tair wew, and for suth intemal controj as the trustses delemiine is necessary to enabte the preparation s)f fiv)arrial qt*emonts that are free from mthal misslatemenc whether due to fraud or err(x. In preparing the finanual ststements. the trustees are responsiblè for assessing the charitys abilty to continue as a going con¢eTn, disclosing. as applic8ble, matters related to going ¢oncem and usEng the going concem basis of ac£ounling unless the trusteas erther intend to liquidate the orto cease opeTatsons. or have no realislic altemative to do so. -1C
REPORT OF THE. INDEPENDENT ALJDITORQ TO THE TRLISTEEq OF QUEEN IURYS SCHOOLS FOUNDATION Our rgsponslbiliti95 forthe audit of the financlal ¥tatemonts We have been appointed as ouditors Ltnder Sertion 144 of the Gbarities Ad. 2011 and report in acccdanca Imththe Act and relevarrt reguLgtion5 mad8 or having elfect thereunder. Our obiectives are to obtain reasonablg 88suranc6 aboLrt vthetherthe financial statements as a whole are fr9e from material misstatement. whether due to fraud or error. and to issue a Report of the Independent AuditoF3 that indudÈs our opinion. Reasonable assurance is a high level of assuran. bul is not a gLwanlee that an audit conducted in amydance with ISAS IUKI will olwdys dete(# a material misstatement when rt exists. Misstatements can arise from fraud or error and am ¢onsidered material rf, individually or in the aggregate, they cculd Tea$orb]Y be excted to influence the enn0mle decisions of Use taken on the basis of these fiarla1 stements. The extent to which our procedures are cape of delectlng irregul•ib"es. indL#liru fraud is detsiled below. Irregularities, induding fraud, are instances of non<ompiiance wth laws and regulations. We dewgn procedures in line with our responsibilities. oullined above, lo detecl material misstatements in resFect of irreoulariNes, includtyig fraud. The otijecbves of our audit a to obtain suffiuent appropriate audit evidence r•ing oJmplian¢x laws and regulations th have a dÉrect effect on the detemiinalion of material amounts and disdosures in the financi81 stalemenls. to perfom) audit proc8dures to help identify instances of noThtsimpliance witb other laws and regÈJlations that may have a material effecl on thè finaD¢4al statements and to respormt appropriatety to idefied or 8uspect¢d r-COMp1rJn¢e with laws and regulallon3 identifi&i during the audit. In TeFob"on to fra[. the objectives of our wdit are to identify arKI assess the risk of matsrial missfat8ment of the financkal statements due to fraud. to obtsin $uffiaent appropriate audit evidence Trgarding the assessed risks of material misststement duÈ to fraud throLtgh des_igning and implementin9 appropriate responses and to respond approprialety to fraud or suspected fraud idenbfied during the audit However, rt is the prTmay responsibility of trustees, wlh the oversight of those chargad with govemance, to ensure that the entity's cperations are condsJct9d in accord8nce the proirysions oflaws and regulations and for tha PTe¥en+ion and detectson of fraud. Based on our understanding of the charity, wa idenlified thal the principal rtsk5 of r<0MpfranCe vthh laws and regulations related to thp Chariknes Act 2011, and conside¥ed the extent to whith noneomplian might have a materi31 effect on the financial statements. We ewalualed management's in(%ntive5 and Opportun'e9 for fraudulent manipuiation of the financial statements linduding the risk of override of controls), 8nd d•tèmiined that the principal risks were related to the posting of inappropriate journ31 entries and management bias in key accounting judgements 8nd estimates. In identifying and assessing risks of material misslètement in respect of Irregularitses. induding fraLJ. thè audit engagement team.. - obtned an understsnding of the legal and regulatory framework that the chanty operates in and how tho charity is complying the legal and 9[blatary framebKJrk.' tTh]uired management and trust$. about their own ident1CatiOn and assessment of the risks of itregularibes, indL¥thng any known actual. ¥uspected or alleged instsnces of fraud,. - discussed malters 711 non&compJiance laws and regulations and how fraLtd rnight 0ur MKIlIng asse35ment of how aNI where the financial statemenls may be susceptible to fraud.. - reVievd minutes of meeting5 of tho Board of Trustees to'identify significant or unUSL1 trartiOnS and knovm suspe¢Aed instsnces of fraud or non-¢ompliance vKth laws and rLrOnS reviewed accounting estimates for bias and evaluating whether ctrraJmslartes produLing any bJ'a5, represent a fisk of material misstatement due to fraud., and Berause of the Inhent limitations of an audit, there is a risk that we will not detect all iffegularities, induding those leading to a material misstatement in the finantial statements or norCoMplI#nce wilh regulation. This risk inrÈases the more that compliance wilh a law or rÈgulation is removed from the events and transacb.ons reflected in the financial statements. as wll be less likety to become avrdre of instances of nOn-MplIance. The risk rs also greater warding iryulanties OC£Ltrri.ng due to fraud r4ther ttHn error. as fraud involves intentional concealmenL forgery. o)Ilusion, omission or misrepresentats"on. -11-
REPORT OF THE INDEPENDENT AUDITORS TO THE TRuEEs OF QUEEN MARYS SCHOOLS FOUNDATION A furthor d8scriplor) of our responsSblltknes forth& aud(t of the financlal statements is Iwed on the Financral R8portlng Council's webstie ot www.fraorg.uklauditor5responsibilFties. This description fomi$ part cl our Rewrt of the IndependentAuditors. Use of our report Thi8 repDrt iy made solety to thg charftys InJste8s, as a bcJy, in accordance wlth Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our 8udrt work ha5 been undertaken so that might state to th8 tharty's Iruslees Ihose m8tters we aro required to stal8 to them In an audilors, pOrt and for no other purpose. To tha fullest exient parmitted by law. we do not aettept or assume SpOnsIbl1 to anyone other than th8 ch*ty and the chanlvs tsustsgs as a body. for our audit work. for this report or for the epinlon$ we havefoTmed. Fruition Athi$ory LLP 29 Wood Street stratford-upon-Avon CV37 6JG Dats.. -12-
QUEEN MARY'S SCHOOLS FOUNDATION STATEMENT OF FIPI.4NCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 Total nds 2ty23 Totsl funds Unrestricted Rèslrlcted Endowment fund funds INCOME AND ENDQWMENTS FROM Donations and legacies 230 230 haritable activitips Cjjaritable activib8s 2238.323 2,238.323 2.134,306 Investment Income 79.913 10,298 90211 85.730 Total 2.318.466 10.298 2.328.764 2.220,036 EXPENDITURE ON Charitsble activities Charitable activities Support costs Mayfield staff sts Mayfield other costs 58.186 88.419 1.579.835 437.TT6 58,186 124,402 1.579.835 437.776 72.981 129.368 1.538.639 4e6,037 3,888 32.095 "Totsl .1164,216 i.088 31095 2.200.199 .2.207,025 Net gain11033es} on investments T2.158 72.158 {95,952) NET INCOMEIIEXPENDrruREI Tr4Rsfers botwèan funds 154,250 {65,931} (3,888) 50,361 66,931 21KI,723 182.9411 23 gglnslll(1888sI Gainslllosses) on revaluation of ed assets 1310,0001 Ngtmovomfjnt in Tunds 87.3f9 {3.888) 117.W2 2t)0,723 PW2.9411 RECONCILIATION OF FUNt)s Totsl funds tjroughl fowanl 601.708 80.672 3,974.432 4.656,812 5.049.753 TOTAL FUNDS CARRIED FORWARD 689.027 4.097.724 4.857,535 4.656.812 CON.TINUING OPERATIONS AJI income arJ expendIre has Wis from ¢onlinuing 3ctiMtses. The notes fum part of Ilse financial Statem15
QUEEN PIARYS SCHOOLS FOUNDATION sTATET OF FINANCIAL posmoN 31 MARCH 2024 2024 2023 Notes FI¥ED AsSs Tangible assets Inv0StrD.Ant Investments Investment property 2.623.452 2,823,452 14 15 1.148.231 1.025,000 1,056.858 1,025.000 4.796.683 4.707.310 CURRENT ASSETS Debtors Cash at bank and in hand 16 48.738 948.804 35,624 895,931 997.542 931.555 CI3EDITORS Amounts falknNJ due within one y83r 17 (267.406) {280.483) CURRENT ASSETS 730,136 651,072 TQTAL $ss LESS CURRENT UABIUTIES 5.526.819 5.358,382 CREDITORS Amour*ts fallsng thje after more than one year 18 (669.284) 1701,5701 NET ASSETS 4,857,535 4.656,812 FUNDS Unrestiicted funds Restii¢ted fupd3 Enthwment bjnds.. Endovmient fttnds Revalualion reserye 23 689.027 76,78d 607.708 80.672 4,375,593 {223,869} 4.290.667 1316,235) 4.091,724 3,974.432 TOTAL FUNDS 4a57,535 4.656.812 Tha financial state.ments warè aFvroyed by thè 803rd of Tn¥te. ?.D(l. authori.$ for issue on ..aA:.i..i.K................... and were stgned its trehatf by: John choles Punch- Trustee The notes fomi part of these financFal slatements -1
QUEEN MARYS HoOLs FOUNDATION STATEMENT OF CASH FLOYIS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash ftows from operating actlvities Cash generated from operatior Inl¢re8t paid 25 59,724 (26,740) 294,610 127,883) N'et cash provided by operating acti¥itses 32.984 .266.727 Cash Ilows from investlng activitigs Purchase of investments Sale of fixed asset investments Interest received Dividends received Rental income {2.779,281) 2,762, 1,265 25.008 63.938 (1 fjQfj 479) 1.206,622 23.861 6t,)63 Net cash prowded byl{used in) investlng athvibes 72,994 {213.22n Cash flows from financing aetfvitie5 Loan payrner in vaar Irwne attributable to endowment Expen(thre atiributable to endowment {31,308) 10.298 132,095) (30,16n {33.1621 Net $h u8e(l in financ[j actimties (53,1051 (63,329) Change in cash and osh equlvalents in the rpporting lIod Caph and cash 1valents atth¥ b8ginning of the repon9 period 52.873 {9,8291 895.931 905,760 Cash artd cash equivalents atthè ond Oltréprtlfig pthod ii9#,931 The Mte5 form part ofthese financaal statements -1
QUEEN MARYS SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMETrtrs FOR THE YEAR ENDED 31 MARCH 2024 CHARiff INFORMATION The'charity. Queen Marls Schools Foundatw)n. %Yas founded originally by Royal Letters Palent In 1554. It is a Chaiitable In¢x)rporated Organisation, registered number 1175360. ACCOUtinNG POUCIES Accounting convention The financial Slatements of Ihe cha.rity. WF.1 18 a public benefft enlty under FRS 102, have been prFpared in acan with the Charities SORP (FRS T021 'Accounling and Reporb"ng by Charities: ststement of Re¢ommended Practi applicable lo tharities weparing their a¢¢ounts in accordance vthh the Fin8nc401 Reporling Slandard applicable in the UK and Republie of Irdand IFRS 102) (effectivè 1 January 2019),. Financial Reporbng Standa¥tt 102 'Th& Financial Repo9 Standard appIlble in the UK and Republic ol Irejand and the Ch8ri1ies Act 2011. Thp financwl statements. have departed from thè Chariiies IAc¢ourrts and RèFM)rtsl"Regulations "2008 only to the extent required lo provide a true and lair vie. This departure ha5 involved folloswng the Statement of Recomrnended practi for char"eS appl9 FRS 102 ralher than th8 version of the Statement of Rgcommended Practice whlch 15 referred lo in the Re9ul#tior>s bLrt whith ha5 sincg been wrttrKlrawn. The finaryual statements are prwred in stèdlng, which is the fijnctional currency of the TrLBt. MoDetsry amounts in these fmancia statements are rounded to the nearest £. The aceounts have been prepared urKler the historical cost convention, mo(thfied to includè certain Items at fair Wdlue. The prinrypal 8eLounb'ng po[leS adopted are Set OLrt belrm. These politaes h9¥¢ been conwstenlty aM)lied to all years presented unless othernSe stated. The Mercian Trust, fomiedy alen Mary's Grammar School IWalsall}, became a Multi-Academy Trust on 1 J?nuary 2018: New arttdes of as80riation provided for five members, including the Queen Mary's Schools, Foundation itself and Iwo persons ngminaled by the Foundation. No benefft accrues lo the Foundation from this structur& 8nd there is no pNer to govem the finan¢ial and operating poliaes In orderto obtain ?ny benefjt from the actNitt8s of The Mèrrian Trust. Aeeo. rdingly Ihe Foundation has [t conso&dated any ants ofThe mean Tr¥Jstknthe period to 31 March 2024. Going concern Thè Trustees are required to assess whethgr tha use of golng nCern is akyopriate, i.e. vthether IheTe are any materiaj yncertaintiès related to events or condibons that may cast significant doubt on the obilty oflhe chanty to cxjntinue as a going rxjncem. Thè Trustee$ makè this gssessmènt in resped. of a per¥Jd of at least one yearfrom the dale of authori$alion for issuè of the financial statements. The financial statements have been prepare(l on a Ing nCern basis as the Trustees believe that np matartal uncertaintie5 e¥ist. The Trusteès have considered the level of funds hebj and tt)e expected level of incom6 and expenthture.for 12 wrnthS from aulhorising these financi statement$. The bud'gÈied InMe and expeNltbJre is suFfiryent with Ihe leyel of reserves for the chsrity lo be able to continue as a going concem. Incomlng resources All incoming resour(%¥ are induded in the Slate. ment of Financral Actwitiès {SoFAI the charity Is le9alty entAlèd lo the irTre after any peTforniance conditiorts have been met, the amounl i*n be measured reliably and it 1$ probable that the income be received. For donalions to be rOgnIsed the charty Voill have been notified of the amounts an¢J the semèment date in writin9. If there are wndilions attached lo the donation and this requires a level of peTlormance before entidement can be obtained then income ts deferred until Ihose condltions are fully met or the fvlfi!rneg)t of tr.ose conditions is wrthin the control of the cherifv and it is PTcbahle Ihal they will be fu11¢1. continued...
QUEEN MARYS SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR EMDED 31 PIARCH 2024 ACCOUNTING POLICIES- contlnued Incoming resources For legac$, entillemenl is the earlier of the ¢harity being notified of an impending distribuiion or the legacy being received. At this point incomè is recognÉs8d. On occasion legacies be notified to thè charity however it is not possible to measure the amount expe¢Aed to distribthpjj. On these occasions. the legacy is treated as a contingent asset ar disclosed. No amtyjnl i8 induded in the financial statements for volunleertime in line the"SDRP (FR5 1D2). In(J!me from thxTit4ble ansès from fags dprged to parenty of children attendiThJ may[.d Prepory Schoc4. Investment income is eamed tOugh holdiTVJ assets for investment purposes such as share5 and prLyety- 11 indudes dividends, interesl and rent and 1$ induded vthen the amount can be measured rellabty. Interest inCMe is recgnISe<l using the effective intet method and lden and reyrt irKome 1$ recc4nised as the charitys right to receive Panent is established. Resources expend All expenditure 1$ accounted for on an accruals basis and has been dassified under headings that aggregate all eosts rdated to Ihe e8t¢gory. Fxpèndlre is recognised where there is a legal or Dstructiv& obb'galion lo make payments to third parties, it 1$ probable that the setttemant will be required and the amount ofthe obligation can be measured reliably. Gr8nts offered subject to condilions which have not been met at the year end de are noted as • commitment but not accnd as expenditure. Tan9itile I1x1 assets T¥ngible fixed assets are initialty measured at gnd SLtssequendy m&agured at cost or y41tr.. net of any impaim)ent losses. Properiies are stated at ¢])sl, which fellects the value at which they We transferred to the CIO upon its fom7otron. The ¢h?ri$ poltw is not to rtepr¢tye these properties, .¥$ they are matntoined in a CondOn that preserve5 their useftsl lrfe. EXr)endIre incurred on maintenance and PaI15 is recognised as an exse in the Stslement of Financial Adivities as incurred. Fixed as inveslmÈnts Fixed asset inveslments are inibally measured al transaction price exdudiny transaction costs, and are subsequenlly measured at fair vale at each reportin9 date. Changes in fair vafue arè recognised in net4ncomel(expendthJre) for the year. Transxtion ¢o5ts are expènsed as incurred. Impairn18nt Assets n()t measured at fair valL¢e are review for any indtion that the asset may be Nnpaired at each balance sheet date. If suth indication Èxists, the recoverable amount of the asset. or the asseys cash generatin9 unil, is estimated and compare(f to the caTrwng amount. Vvhere the carrytng amount ex¢eeds its recoverable amount. an impairment lo$$ is recognised in the statement of ftnancial tjiJilies unless the asset is Cated al a re¥21ued amount %•there the impairment Ios5 is a revaluation decrease. Inv&stment prortY Investment propety 1$ shown * t rerEnt valualion. Any aggregatè. surplys or deficit ansing from changes In fair value is rwnised in the Statsment of Finanoal Activittes. Revaluation gains and losses are recognised in other recognised gains and losses and aUmulated in equty, except to the extent that a rev4uatron gatn reverse5 a revaluatlon loss prewously recogniseil in r incomèl{expenditurel or a revaluation loss exceeds the accumulated revaluation gain5 re¢¢)gnised in equty., suth gains and losses are r(wan1$¢d in net in(y)mel(expendilure) forthe year. -17- rA)nlinued...
QUEEN MARYS SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEPAENTS- corrtim FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- contrnued Taxation Th¢ tharity is an exempt charity bmthin the meaning of schedule 3 of the Charibes Act 2011 and is congered to pass thè tests set out in Paragraph 1 Schedule 6 Finan Act 2010 and therefore it rIetS the definition of a charitable company for UK corporation tax puOSes. VAT on expeThJiture is irrecoverable and the cost is induded wthin the item of expendibjre to whi¢h (( relate5. clrItabl& funds Unrestrioted fvnds are avlable for use at the discretion of the Trustees in fijrtherance of their ¢harilable objectives unless the funds have been designated for olher purposes. Restricted funds are subj'ecl to spec¢fic coThthlion5 by donors as to hi)w they may be us8d. The purptss•s and uses of the 81cted funds are sel out in the notes to the financAal statements. Endowmenl fvnds a subject lo speafic conditions by don that the capital must be maintained by the Trust. Pension costs and other post-retirement ben•ffts Retir¢ment ben¢ffts for teachers at Mayfield Preparalory School a prOd.ell by the Tea¢hers Pension Scheme {'TPS') wFMch is a defined Lefft scheme. Retirement benefits for I) members of staff are provided by a group defined eontrtbution scheme vth an insurance company employ8r contribulions to thi5 scheme are ¢harged as an expense as they are paid. The TPS is an unfijnded scheme and Contributions are calculated $0 as to spread the cost of pensions over employe•s' working lives in such a way that the pension co is a substantialty lÈvd percenlag¢ pf current and future pensionab payrG41. The contribubons are detemiined by the Govemment Aciuary on the basis of quadrennial valuations LLsing a prospective unit credit method. As staled in note 21, the TPS is 8 multi-emptyer Scheme and thèrè is insuffic4ent jnformaiion av?ilable to use defined benefft accounting. The TPS Is therefore Iated as a defined contribution scheme for acewnting purposes and the contribLrt•)ns are recognised in the period to whtch they relate. Employe• b•ntrfits When employees have rendered seNce to the charty. short-temi employee benefits lo whith the pmployeès are entrued are re(x)gnisad at thè undiscounted amount exppcted to be paid in Èxchange for that service. Temiination benefits are recognised imdrateIY as an expon$o when the Trust is demonstrably committed lo temiinate the employment of en employee or to proiqde temLination Cash and cash equlval•nts Cash and cash equsvalÈnts are basic financial assets and indudè (ash in hand, deposits held at call with bar>ks, other shorL"tepn liqyid inVlmepts w.th original .luntIeS of thrag months or less. arKt bank balances. Debtors and ¢reditorn receivablelpayable withln one year Debtors ¢7editors with no slated intere8t rate and receivablè or payd.ble wthin one year are reix)r(led attransa¢Aion price. Any losses arising from impairmert are recognised in èxpendtture. L•a$e5 Rentsls payablo and .re1¥ab1e undpr op8ring le¥sos ?rp (*?rged to the SOFA QD a straight lin¢ basis over the peri1 of the lease. -1 ¢(wtinLd...
QUEEN MARY'S SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- contirtued FOR THE YEAR ENDED 31 PIARCH 2024 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application OT the TTUSts accounting po]Kies. the Trustees aro required lo make judgements, estimates and assumptions about the cèrrying amount of assets and liabifiiies that are nol readity apparent from other sources. Thg estimates and associated assumpts'orks are based on histori experignce and other factors th are Cor}dered lo be relevat)t. Athal resylts may drfyer from these e5timales. The estimes and underlyiTrJ assumptM>ns are revi8 on an ongoing basi%. Remsions to accounting eslimales are recognised in the pèriod in which the e¥lirnale 1$ rewsed where thè rè¥?sion affects onty thal period. or in the period of the revision Tulwe pericth vthere the revis affects both wrrenl and future periods. DONATIONS AND LEGACIES 2024 Totsl funds 2023 Total fund5 Unrestricted Restricted Endtywment funds funds Oonations and gifts 230 230 INVESTMENT INCOME 2024 Total nds 2023 Total Jnds lthrestricted Resthcted Endowment funds funds fLmd$ Rental income Income from listod investments Interest receivable 63.938 63.938 01.563 14.710 1.265 10.298 25,008 1,285 23,861 306 79.913 10298 90.211 85.730 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Fe&s re¢*ivable Ch8Titable adivities 2.238.323 2.134,306 CHARITABLE ACTMTIES COSTS Grant fvrsiling cf activbbes (see noto Direct Costs (see note 81 9) Totsl$ Charitable acliiritie5 Support costs Mayfield staff cosis Mayfield other cost$ 52.186 124.402 1.579,835 437,776 6.000 58.186 1.579,835 437,776 2.194.199 6JJOO. 2200.199 -1 ntuiued...
QUEEN MARYS SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 DIRECT COSTS OF CHARITABLE ACTivrfiES 202d 2023 Staff costs Res, insyrance utile$ Maintenance of premis¢s and equipment Telephone, postsge and stationery Auditfees Profes3ional fees Entran examinations cTk to the govemors 1.579,626 102,116 109,953 5.455 11,580 29.866 52,186 1,538.639 80.Q35 167.077 10.825 7.615 21,988 66,7TT E IJ Leaming reSours CompLrter Costs Adminiatton ?nd xoxjn1¢Y Sutscriptions and courses Other costs Donations and educational enrithment Interest payable atKI similar Charges 55,959 37.096 77.546 29.896 59.849 57,180 27,513 37.261 25,817 26.740 27.883 2,194,199 2,207,025 Auditotrs Remungrntion 2024 2023 Audit fees IOver)lunder provision for pmr periLxI audit fee$ 9.600 1.980 7.200 415 11.580 7.615 GRANTS PAYABLE 2024 2023 Char6tabie.actiylftes 6.000 10. TRUSTEES. REMUIIERATION AND BENEFITS None of the TnL%tees any persons ¢onne(Xed them) received any remeratIon. benefib or expènse5 from the Trust during the year. The total )St of employrnentfor the key management personnel wa$E175.4D9 (2023: £1BB.281). Trust88s' expens•s Thero were no trustee¥ expenses paid for the year ended 31 March 2024 nor for the yw ended 31 March 2023. -21 Jntinued...
QUEEN MARYS SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS * Contlnued FOR THE YEAR ENDED 31 ReH 2024 11. STAFF COSTS 2023 Wages and salaries So81 secJJrity costs Other pension Costs 1,244,061 121,958 213.607 1.202,109 125.541 210.989 1,579,626 1.538.639 The average monthly number of employees during the year was as folltsw3: 2024 43 2023 45 Teachlng at)d.support The numbèr of empkny8es bthise employee beneffts (exduding ernployer pension cos151 exceeded £60.000 was.. 2024 2023 £60.001- £70.orJ) 12. COMPARATIVES FOR THE STATEMEvf OF FINANCIAL ACTMTIES Unrestricted Restricted Endowment ft¥nd fund fvnds Total funds INCOME AND ENDOWMENTS FROM Gharitabla activitieB Ctrwitable 8th"vitses 2,134,306 2.134,306 Investsnent inc4)me 75,966 9.764 85.730 Total 2,210,272 2,220,036 EXPENDrfuRE ON haritsble activiti05 Ch4ritsble activities Support costs Mayfield staff costs Mayfield other costs 68.378 92,211 1.538,639 486.037 4.603 3,995 72.981 129,368 1.538.639 466.037 33.162 2.165.265 85>8 33,162 2,201,025 Net gainslllosses) on investsnents (95,952) 195,952) NET INCOMEIIEXPENDITURE) Transfors b8lweon funds OtheTrecognised gainsl{losses) Gainsl{losse¥l on revaluation of ett assets 45,007 (77,048) 1.166 {129.1141 77.048 182.9411 (310.QOO) (310,iklO) Ilot movement in funds (32.0411 1.188 1382.0661 1392.9411 RECONCILIATION OF FUNDS Total funds broughtfonKard 633.749 79,506 4.336.498 5,049.7S3 -21-
QUEEN MARYS SCHOOLS FOUNDATION NOTES TO THE FIIIAMCIAL STATEMENTS • continued FOR THE YEAR ENDED 31 AIARCH 2024 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued Unrestricted Restricted Endowment fijnd fd fvnds Total funds TOTAL FUNDS CARRIED FORWARD 601.708 80.672 3.974,432 4.656.812 11 TANGIBLE FIXED ASSETS Freehold property COST At 1 April 2023 and 31 March 2024 1623,452 NET BOOK VALUE At 31 March 2024 2,623.452 At 31 Mar&)21J23 2,623.452 Freehold land and Iwiklings. Wth a raIng Val of £2,623.45? as at ?1 Mch 2024 Is iiiW¢Jed on the folkjwing base8. Land which is subject to kjng leases in favour of the Academy Schools 1$ induded a nil value. Thp Maeld Preparatory'school was valu8J in 2018 to relle(* the deem cost al vknich it was transferred to the CIO upon its lomialion. The school was independenlty valued at 31 March 2018 by PBG Ch?rtered Surveyor$ at fatr valye on the existing use b0$15. The repgrt 4¢vJ valualton were prepared in acwrdance Vth the RICS Valuation- Profession81 Standards Global and UK I'The Red Book.) 2014 prePad by the Royal Institution of Chartered Suryeyors and also the RICS Global Valyth'on Pracbce Guidance- Application VPGA1- Valuatitin for indusion wthin finanaal slat8ments. The waluation was undertaken by a Chartered Eloveyor who is both a Registered Vabjer and WFKJ conforms to the reqysrements of the 8bove"Pracbcè Ststements" and who is also an Extem81 Valuer. The new School Hall constructed during the 2020 year has been induded at its cost of £1,424,107. The additio educational faulities in Wales are induded at the 2016 as the Trustees consider s to be appropriats. 1& FLYED Ass IP4VESTME•ITS Cash and settlements pending "Sted Totsls MARKET VALUE At 1 April 2023 Addition$ DisposaLs RevalUati(S 955,684 103,194 1.058.858 1.417.614 1.361,667 2,779..281 (1,364.590) (1.417,674) R782.2641 92,356 92,356 At 31 March 2024 1.101.044 47,187 1.148.231 NET BOOK VALUE Al a1 hfi¥i6w) 2024 1.101.044 47.1B7 1.146231 At 31 Mar¢h 2023 955.664 103.194 1,058,858 There were no investment assets wtside thè UK. continued...
QUEEN MARfs SCHOOLS FOUNDATION NOTES TO THE FINAHC-IAL STATEMENTS • contlnuèd FOR THE YEAR ENDED 31 MARCH 2024 1& FIXED ASSET INVESTMENTS- continued Cost or Vaallon at 31 Marth 2U24 is represented ty. Cash and settlements pending sted investrmenls Totsl$ Valuation in 2019 Valuation in 2020 J21Liation in 2021 Valuation in 2022 Valuation in 2023 Valuation in 2024 Cost 345.368 182,700) 111.421 867 1381,1901 92,356 1.014.922 345.368 182,700) 111.421 867 {381,1901 92.356 1.101,u44 1,148,231 The listed investments are shovln at mafftet value. The histOFiC Cost at 31 March 2024 YS £1.C62,110 (2023.. £1,066,208). 15. INVESTMENT PROPERTY FAIR VALUE Al 1 April 2023 and 31 March 2024 1.025,000 NET BOOK VALUE At 31 March 2024 1.025,000 At 31 ilareti 2023 1,025.000 Fairvalue at 31 Marth 2024 is represented by.. Valualion in 2023 Cost (310,000) 1.335,000 1,025.000 The charivs freehoid inveslment properties werg valued as * 31 March 2023 by PBG Charterad Survèyors. The valualions were in aecordancti the wu1ments of the RICS Valualion - Global Stsndards 2022 and UK nation81 supplement. Charibes SORP and Financial Reportsng Stsndard 102.The properties were valued on the basis of lair value Subject to any existiTrJ leases. The valuerfs opinion of fair valuè was primarity derived usiry comparable rent mathet transactions on arm's lewh lemis. -2> continued...
QUEEM PIARYS SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEPIIENTS - ci>ntlnuad FOR THE YEAR ENDED 31 MARCH 2024 16. DEBTORS: APIOUNTS FALUIIG DUE WITHIN ONE YEAR 2024 2023 Trade debtors PpaYments and accrued Income 16,956 31,782 17.909 17.715 48,738 35.624 17. CRECITORS.. Amou15 FALUNC DUE THIN ONE YEAR 2024 2023 Bank foang and overdrafts18e.e nole 191 Trade credttors Taxation and social security Other creditors 31,309 4,430 29,962 214.782 29,657 205,464 267.406 280,483 18. CREDITORS: APqOUNTS FALLING DUE ER MORE THAN ONE YEAR 2024 2023 Bank loans notè 191 .701,570 19. LOANS analysis ofthe maturity of loan$ 1$ gwen bel¢)w'. 2024 2023 Amounts falling due ¥thin one yearon demand.. Bpnkloans 32,285 31,309 Amounts lalling betrn one and years.. BarfiE ioan&- 1-2 yéat4 33,794 32.285 Amounts falling due betrn two and five years.. loanS-2-o yeafs 109,022 105,t23 Amounts faIng due in more than five yeats.. Repayable by instdments: Bank4Dans more 5 yr by insta"1 564,162 -24-
QUEEFI MARYS SCHOOLS FOUNDATION OTES TO THE FINAIICIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AIARCH 2024 LEASING AGREEMENTS •Ainimum lease paymonts der nOn-calIable orwdling leases fal due as follows.. 24 2023 Wrthin or* year Ben one and five yea 12,957 45.349 8.816 8,544 58,306 15,360 21. SECUREO DEBTS The folknwng secured debts are inthdad bsiihin creditor&" 2024 2023 Bank loan8 701.569 732,879 The bk loan 1$ 8e¢ured by a d)aige on the propety. 22. P.NPI YS!S OF NEf p.SS_FTS BEfwEEM FUNDS 2024 Total funds 2023 Total nds Unrestricted Restficted EndovmRnt nd fuftd funds Fixed a$5ets Investments Current assets Current liabiliti Long temi liabititi.es 2.623,452 2,169,841 2,623,452 2.172 ?21 997,542 1267.406) (66y,2841 2,623,452 2,087,8SA 931.555 1280.483} 1701.5701 3.390 ¥20,758 (235,121) 76.784 132.2851 (e69.2841 889.027 76,784 4.091.724 4,857,535 4.6Su.512 -2& continued...
QUEEN MARYS SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMEIITS- ¢ofttinue FOR THE YEAR ENDED 31 WIRCH 2024 23. MOVEMENT IN FUNDS MovgmeTrt In fimd Opening Incoming Balancg Resoure•s Resources Expènded Revaluation gainl loss Closing Balancg Trnnsfer Unrestricted fund 601.708 2.316,466 2,164.216 (66.931) 689.027 601,708 2,318.466 2.164.216 (66,931 689.027 Endowmentfund Op&ning Balance ItmIng Resource Rovaluation Resourcos Exponded Transfer galnl loss CIo8lng Balance Foundation endowment Prrie lunds Scholarshlp fimds 3,53? 7Q1 32,095 66,931 44,1?.1 1.181 3.611.964 38,967 787 404,842 9.295 440.793 3.974A32 10,298 32,095 66,931 72.158 4091.724 Restrf¢ted fund Opgning Incoming Balan¢e Resources Rosourc8s Expgndad Revaluation Closlng Transfor gainl loss Balance Prize funds Scholarship fvnds Gr8mmar School gacy 7,886 312 7.574 54.312 3.486 50,826 10.424 8,050 10.334 8.050 80.672 3.888 76,784 -2 cty)linued...
QUEEN MARYS SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEWSEMTS- ¢ontinuod FOR THE YEAR ENDED 31 MARCH 2024 2 RELATED PARTY TRANSACTIONS The Foundation owns the freehobj land on which Queen Ws Grammar Sctrwjol and Queen Maty$ High School siles are based. These sites are leased lo the Academy Schools on peppercom rentals undèr 125-year lèases. the terms of which have been approved by tha Dèparthient for Education. Areas for pFaying field5 are let under a $8parate lease. During the year Mr Thacker Served as Trustee of the Foundation and as Governor al Mayftekd SchofA until 2715123. Both Ms Hearsey and Mr Lee served as FoL>ry_lation end Metaiarl Trtjstees. MT5 Fairt)ank and Mr Punch served as both Foundation Trustees and Mefcian Trust Members. Mr Vallance served as both FourKJation Trustee and as the Foundation's Corpctrate Member of the Meroan Trust unll 61t1r23. On 1617124 Dr ELtsaid Kok Hun N9. Mr Neti Christopher Moseiey and Mr TLmothy Normanton were appoinle<J as Foundation Trustees. Dr Ng serves as a Govemor at Mayfield SCI1, Mr Mos8l•y serves as a Govemor at Queen Lfjaiys Grammar School and Mr Ntirmanton solvès as a Govemor at Oueen Marfs High School. During the year the Foundation made donations from unrestricted fund$ of £26.508 to Queen Maty$ HvJh School and £40.269 to QlIrt MarYs Grammar School to support the eosts of the year 7 entran examinations. Additionally the Foundab"on made donab"on5 to enable disadvantaged students at the Grammar School and at the High School to p*llcipate in a wde range of cts Lwrriculum actsvibes induding overseas trips. RECONCILIATION OF NEf INCOMEIIEXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTivrriES 2024 2023 Net IncomWlexpendIrel for tho reporting pori¢xl las p8rtho Statomant of Finanelal Activlll•s) Adjustrn•nts for. {GainlAosses on investments Interest received Interest paid Divtdends receivèd Income attributable to endovAnent Expenditure attributable to endowment Rerrtal ineowne received Increase in debtors IDecrease)Iincrease in uedrtots 200,723 (82,9411 (12,158) {1,265) 26.740 125,0081 (10,298) 32.095 163,938) (13.114) (14.053) 381,190 1306) 27.883 (23.8611 33,162 161,563) {22.111) 43.157 Not cash provlded by oporalfons 59,724 294,610 ANALYSIS OF CHANGES IN NEf FUNDS At 114r23 Cash fi At 3113r24 Net cash Cash at bank and in hand 895.931 52.873 ¥48.804 895.931 52.873 948.804 Debts falling due within 1 year Debts falling due after l year {31.3091 (701.570) 1976} 32,286 {32,2851 (669,£64) {732.879) 31,310 1101.569) -27- conlsnued...
QUEEN MARY'S SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- wrtlnued FOR THE YEAR ENDED 31 hlARCH 2024 26. ANALYSIS OF CHANGES IN NET FUNDS- contlnued Totsl 163.052 84.183 247.235 RETIREMENT BENEFIT SCHEMES Maffjeld Preparatory Schcd ¢orbtribLrto$ to one mulli employw defme(I benefit sd7•me and one group defined contribution scheme. The cost of these coth"bulions in spect of the year ended 31 hAarch 2024 was £174,955.97 (2023". £187.218) aThJ £43,869.5912023'. £43.3251 rèsFJectiv8ly. Nothing was payable {2023.' £20,263} as of the year ended 31 March 2024. -2