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 W￿lan Fairbank Rebecca Hèarsey John Nicholas P￿ch 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 Tn￿tee3 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 Ma￿S 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 Prepar*ory 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 eXhitrA￿ns. 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 $¢hooi of the Foundatr"on,' and Prize5 or suitablè rewards or maths of distinction to any pupil Y￿rthy of reward or di8tin(lfjon.' Otherwis6 promoting Ihe edu(*lion of boys and glrfs attending the schoc4s ol the Fourthlion in such ways as the Charity Truslees think f The aims of Ihe Charity a￿ Idiredy) thg PmWSton of excellent siandard5 of education to all pupiL8. and to promote and enhance the education of ksys and giTJs attending the s¢h¢x)Is of the Foundation, and by so doing, to develop lif&long benefits to the whole t)Jmmunty." and (indirectly), IhroLth the Foundation Schools. the promot[c￿ of education at other sd)ool$. 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 r￿OgnISeS 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 applic*ions 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 be￿fit 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 particula￿Y those schools foming part of The Meraan TNst, of which t￿th 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￿.Th￿8 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 e*1 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 regl￿ar upd*es in rela￿n 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 pUb￿C 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$0¥b"uM of maintained prrmary schools to provide (XOSS•s¢h¢)ol support and to share good practrce. Mayfield has made its fa¢ll￿e5 linduding 1$ 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 SCI￿lS ofthe Foundation. to ensure thèy continue to offer high standards of education. To address the medium to lon*temi fubjre of the schaols. To ensure implications of public benefit were addressed. In respact of these oblec*ves, 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 $UPF*Jt 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 H*Jh Sthool and the Grammar School to enable disadvanlaged students, parti¢ipation in coourricular activitses Ir￿uding verseas trips whi¢h these stijdents could not othermse afford. The Foundalion has pladgod £I00.000 towards the ￿l￿rbishment 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 Pr￿pandemiC 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 appmpri*e 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 g￿d 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 strate￿e$, 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 charii*s principal sources of ftmdir¥J, income from investments and from MaY￿￿d had been Wel￿Martaged 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 Cu￿ent 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 Found*ion. 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 orogin￿ty 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 norpfee*pawng 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 girlss 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 othern￿Se stated. The Mercian Trust, fomiedy al￿en 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 a￿nts ofThe me￿￿an 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$alion for issuè of the financial statements. The financial statements have been prepare(l on a ￿Ing ￿nCern basis as the Trustees believe that np matartal uncertaintie5 e¥ist. The Trusteès have considered the level of funds hebj and tt)e expected level of incom6 and expenthture.for 12 wr￿nthS from aulhorising these financi￿ statement$. The bud'gÈied In￿Me 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 ir￿Tre 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 r￿￿OgnIsed 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 fu￿11¢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￿$, entillemenl is the earlier of the ¢harity being notified of an impending distribuiion or the legacy being received. At this point incomè is recognÉs8d. On occasion legacies be notified to thè charity however it is not possible to measure the amount expe¢Aed to ￿ distribthpjj. On these occasions. the legacy is treated as a contingent asset ar￿ disclosed. No amtyjnl i8 induded in the financial statements for volunleertime in line the"SDRP (FR5 1D2). In(J!me from thxTit4ble ansès from fags dprged to parenty of children attendiThJ may[￿.d Prep*ory Schoc4. Investment income is eamed t￿￿Ough holdiTVJ assets for investment purposes such as share5 and prLyety- 11 indudes dividends, interesl and rent and 1$ induded vthen the amount can be measured rellabty. Interest inC￿Me is rec￿gnISeks, other shorL"tepn liqyid inV￿lmepts 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$e5 Rentsls payablo and .r￿e1¥ab1e undpr op8r*ing le¥sos ?rp (*?rged to the SOFA QD a straight lin¢ basis over the peri￿1 of the lease. -1 ¢(wtinL￿d... QUEEN MARY'S SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- contirtued FOR THE YEAR ENDED 31 PIARCH 2024 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application OT the TTUSts accounting po]Kies. the Trustees aro required lo make judgements, estimates and assumptions about the cèrrying amount of assets and liabifiiies that are nol readity apparent from other sources. Thg estimates and associated assumpts'orks are based on histori experignce and other factors th* are Cor}￿dered lo be relevat)t. Athal resylts may drfyer from these e5timales. The estim*es and underlyiTrJ assumptM>ns are revi8￿￿ on an ongoing basi%. Remsions to accounting eslimales are recognised in the pèriod in which the e¥lirnale 1$ 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 R*es, insyrance util￿e$ Maintenance of premis¢s and equipment Telephone, postsge and stationery Auditfees Profes3ional fees Entran￿ examinations c￿Tk 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 reSour￿s CompLrter Costs Admini*atton ?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 rem￿eratIon. 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 So￿81 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 f￿d 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 ra￿Ing Val￿ of £2,623.45? as at ?1 M￿ch 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 Ma￿eld 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$15. The repgrt 4¢vJ valualton were prepared in acwrdance V￿th the RICS Valuation- Profession81 Standards Global and UK I'The Red Book.) 2014 prePa￿d by the Royal Institution of Chartered Suryeyors and also the RICS Global Valyth'on Pracbce Guidance- Application VPGA1- Valuatitin for indusion wthin finanaal slat8ments. The waluation was undertaken by a Chartered Eloveyor who is both a Registered Vabjer and WFKJ conforms to the reqysrements of the 8bove"Pracbcè Ststements" and who is also an Extem81 Valuer. The new School Hall constructed during the 2020 year has been induded at its cost of £1,424,107. The additio￿ educational faulities in Wales are induded at the 2016 as the Trustees consider s to be appropriats. 1& FLYED Ass￿ IP4VESTME•ITS Cash and settlements pending "Sted Totsls MARKET VALUE At 1 April 2023 Addition$ 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 Va￿allon 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 Y￿S £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 wu1￿ments 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 re￿nt 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 P￿paYments and accrued Income 16,956 31,782 17.909 17.715 48,738 35.624 17. CRECITORS.. Amou1￿5 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 betr￿n one and years.. BarfiE ioan&- 1-2 yéat4 33,794 32.285 Amounts falling due betr￿n two and five years.. loanS-2-o yeafs 109,022 105,t23 Amounts faI￿ng 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-ca￿lIable orwdling leases fal due as follows.. 2￿4 2023 Wrthin or* year Be￿n 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 b￿k 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$5ets Investments Current assets Current liabiliti Long temi liabititi.es 2.623,452 2,169,841 2,623,452 2.172 ?21 997,542 1267.406) (66y,2841 2,623,452 2,087,8SA 931.555 1280.483} 1701.5701 3.390 ¥20,758 (235,121) 76.784 132.2851 (e69.2841 889.027 76,784 4.091.724 4,857,535 4.6Su.512 -2& continued... QUEEN MARYS SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMEIITS- ¢ofttinue FOR THE YEAR ENDED 31 WIRCH 2024 23. MOVEMENT IN FUNDS MovgmeTrt In fimd Opening Incoming Balancg Resoure•s Resources Expènded Revaluation gainl loss Closing Balancg Trnnsfer Unrestricted fund 601.708 2.316,466 2,164.216 (66.931) 689.027 601,708 2,318.466 2.164.216 (66,931 689.027 Endowmentfund Op&ning Balance It￿mIng Resource Rovaluation Resourcos Exponded Transfer galnl loss CIo8lng Balance Foundation endowment Prrie lunds Scholarshlp fimds 3,53? 7Q1 32,095 66,931 44,1?.1 1.181 3.611.964 38,967 787 404,842 9.295 440.793 3.974A32 10,298 32,095 66,931 72.158 4091.724 Restrf¢ted fund Opgning Incoming Balan¢e Resources Rosourc8s Expgndad Revaluation Closlng Transfor gainl loss Balance Prize funds Scholarship fvnds Gr8mmar School gacy 7,886 312 7.574 54.312 3.486 50,826 10.424 8,050 10.334 8.050 80.672 3.888 76,784 -2 cty)linued... QUEEN MARYS SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEWSEMTS- ¢ontinuod FOR THE YEAR ENDED 31 MARCH 2024 2￿ RELATED PARTY TRANSACTIONS The Foundation owns the freehobj land on which Queen Ws Grammar Sctrwjol and Queen Maty$ 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