REGISTERED CHARITY NUMBER.. 1175360 TRUSTEES. REPORT AND FJNANCIAL STATEMENTS FOR THE PERIOD 1 APRIL 2024 TO 31 AUGUST 2025 FOR QUEEN MARYS SCHOOLS FOUNDATION
QUEEN MARYS SCHOOLS FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS for the Period 1 APRIL 2024 TO 31 AUGUST 2025 Page Refence and Administrative Detall$ Trustees. Report Report of the Independent AudStors 10 to 13 statement of Financial A¢tiviti•s 14 to 15 Statement of Financial Position 16 Statement of Cash Flows 17 Notes to tha Flnan¢lal Statem•nts 18 10 32
QUEEN MARYS SCHOOLS FOUNDATION REFERENCE AND ADMINISTKATNE DETAILS tor the Period 1 APRIL 2024 TO 31 AUGUST 2025 TRUSTEES Susan Blakemore {resigned 28tT120251 Vivian Fairbank Rebecca H¢arsey John Nicholas Punch Paul Lee Katrina Healey-Davis Daniel Hunt John MacDonald Waters Neil Chrislopher Moseley18ppointed 1617120241 Dr Edward Kok Hun Ng lappoinled 16t1120241 Timothy Nomianlon (appointed 16r1120241 PRINCIPAL ADDRESS 20 Birmir@ham Road Walsall Wesl Midlands W812LT REGISTERED CHARITY NUMBER 1175360 INDEPENDENT AUDITORS Thapers Lirniled 14 Holyhead Road Bimingham Wesl Midlanits B21 OLT BANKERS Lloyds Bank plc The Bridge Walsall West Midlands WS1 ILU CLERK TO THE GOVERNORS David Milne 20 Bimiingham Road Walsall Wesl Midlands WS12LT INVESTMENT ADVISERS l M Asset Management Lld 38 Carver Street Sheffield S14FS
QUEEN MARY'S SCHOOLS FOUNDATION TRUSTEES. REPORT for the Perlod 1 APRIL 2024 TO 31 AUGUST 2025 The Trustees present their report with the financial statements of the charity fLY the period ended 31 August 2025. The Foundatlon's accounting year end w88 changed to the 3181 August, lo brlng the accountlng period Into line with the academic year end. The Trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applic£ble to charities preparing I1r accounts in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effective 1 January 20191- The Foundation was incorporated as a Charitable Incorporated Organisation ICIOI on 25 Oclobgr 2017. Thg financlal stslemenls attached reflect the activities of the CIO from 1 April 2024 10 31 August 2025.
QUEEN MARY'S SCHOOLS FOUNDATION TRUSTEES. REPORT for the Peri¢d 1 APRIL 2024 TO 31 AUGUST 2025 OBJECTIVES AND ACTIVITIES On incorporation as a CIO the Trustees adopted a goveming document setting out the charltable objectlves as follows. The Foundation furthers the education of pupils attending the schools of the foundation and which are, namely, Mayfield Preparatory School, Queen Grammai School and Queen Ma$ High School. Each of the sthools are based in Walsall, West Midlands. The Foundation assists pupils by the funding of prizes, scholarships and maintenance allowances. The objects of the CIO are the advancement of education by.. The conduct and maintenance of Mayfield Preparatory School and such other prepgralory school or schools for the education of girls and boys as tha Charity trustees may from lime to time think fit,. The provision of premises. support. services and faalities lor the schools of the Foundation or any former school of the Foundation which has become an academy wlhln the meaning of the Academies Act 2010., The award of.. S¢holarshSps tenable lo any school of the Foundalbon to PLspils selected on grounds of mertr, Leaving exhibitions, lo pupils who have attended 8 h0o1 of the Foundation for al least two years. tenable at any university or any other insliluts'on of higher or further lincluding professional or technical} education approved by the Charity Tnjstees or for the purpose of enabling the exhibitor to pursue a course of study approved by them., Maintenance allowances for pupils who need financial assistance lo enable them to attend any school of the Foundation: and Prizes or suitable rewards or marks of distinction to any pupil worlhy of rgward or distinction.. Otherwise promoting the education of boys and girfs altending the schools of the Foundation in such ways as tho Charity Trustee5 think fit. The aims ol the Charity are Idiredyl the provision of excellent standards of education to all pupils, and lo promote and enhance the education of boys and gids attending the schools of the Foundation, and by so doing, lo develop life-long benefi15 to the whole community., and Ilndirectlyl. through the FndatiOn Sthools. the promotion of education at other schools. In support of these overall aims, the charity looks to enhance the facilities and opportunities al the three Schools in the Foundallon. In addition. the charty looks lo contribute in the wide public interest to the welfare and education of young people from diverse backgrounds. The Foundation recognises that the pandemic has rgaffimed and heightened significant inequalities in our society and. in some cases, between students attending the Foundation Schools. Following their renI successful applicaknns to the Selective Schools Expansion Fund, both the Grammar and the High School are committed lo attracting a greater number of students from disadvantaged backgrounds. The Foundalion is facilitsting a lease over part of 115 prernises lo enable extra classroom space at the High School and which will be ne$sary to allow il lo accommodate the resultsng increase in sludenl numbers. Additionalty, th8 Foundation funds the 'Outreach Work. which 15 completed by both the Grammar School and the High School in order to attract ater nLsmbers of applications from disadvantaged 8ludenls.This is ongoing with great success. The following people benefit from the work of the Charity.. directly, the boys and girls attending the schools. Indiredy. through community Ilnks provided by the Grammar and High Schools, other schools in the local area. where support is provided lo primary and secondary schools (for exampl8 in Maths. English and Languages) and partKulady those schools forming part of The Mercian Trust, of which both the Grammar and High Schools are now members.
QUEEN MARY'S SCHOOLS FOUNDATION TRUSTEES. REPORT for the Perlod 1 APRIL 2024 TO 31 AUGUST 2025 The Mayfield Sch1 makes its facilTlies available lo olher10¢81 groups and schools and invites other schools lo pastoral events. Adrnission lo the High School and Grammar School is upon the basis of a¢adern ability aThJ potential. There are no fggs payable for admission to these tsyo schools. The Charity reviews the needs of the beneficiaries of its work in the followng ways-. - The Goveming Bodies of each School meet formally at ast 5 limes each academic year. Updates from these meetings are provided lo ensure that Trustee5 are kept infoTmed in relation lo the academic perfomance of eath of the Schools as well as financial and pastoral matters. In such a way. the needs of puplls are identified and. wherever possible, assistance is provided. The Trustees similarty receive regular updates in relation to the 0ra11 perfomwnce of the Mercian Trust. The TTU5tees themselves meet al least annually {and prtyandemic bi-annually) in order to review the needs of its Schools. Th& He8dleachers of each of the Foundation Schools have close contact with other educational 8Stablishmenls and liaise directly with them Its see rf support can be offered. Again, this is particularfy relevant in relation to the other member schools of the Merrjan Trust, namely. Ajdridge Schod. Shire Oak Academy, Wa5sall Studio School and The Ladder School, Great Barr Q3 Academy, Langley Q3 Academy. and Tipton Q3 Academy. The key elements lo the Charity's medvjm to loNJ temi strategy would be as follows.'- To ensure that the Foundation has sufficient funds to support the schools within the Foundatson. and lo ensure that funds are invested for the future suctsss of the tr)01$ and the pupiL8 who attend them. To ensure that the schools are well governed and lo support the Headleachers and staff al each school lo ensuTe that educational success and pastoral and cultural development is hIeVed and, wherg approprfate, Improved. To ensure that the schools are a valuable part of the local community, with links lo other schools, tr) local charities. lo businesses and tr8de organi5ations, which will benefft not only the pupils bul also the wider community. Tha Charity maasures the su¢¢gss of the strategy in the following ways:. In financial temis by regular meetings Inol less than at twelve month inlervalsl of the Investment Committee of the Foundation, which moni(cvs the Foundation's investments and takes professional advice from independent financial adSer$. In lum the Investment Committee reports lo the Tnjstees. In the success of the 8chools- by receiving reports from the goveming bodies ofeach school. By encouraglng the schools lo undertake regular sunreys of parents, staff and wplls whh are analysed lo identify any unwelcome trends. The Trustees are familrar wth their duty to ensure public benefit. and in this respect, have had regard lo the guidance Issued by the Charity Commission. The Trustees ensure that each of the three s¢hools in the Foundation demonstrates in reports received by the Trustees that the wider community is benefited. Given that the two secondary schools are open lo all candidates based on proven ability, the publ1¢ btsnefil is considered satisfied for these schools. In 2016, Maffield joined with a local consortium of maintained primary schools to provide uoss-school support and lo share good practice. Mayfield has made its faalities lincluding its playing fields} available lo the other schools. Mayfield has also facilitated 'mock 11+ exams. for pupils from the consortium schwls. The Trustees are therefore satisfied that there is a wider benefrt for children in the ioGal community as a result.
QUEEN MARYS SCHOOLS FOUNDATION TRUSTEES. REPORT for the Pgrlod 1 APRIL 2024 TO 31 AUGUST 2025 ACHIEVEMENTS AND PERFORMANCE The main objectives set previously included.. To offer financial support to the three h0O1$ of the Foundalicx), to ensure they conb'nue to offer high standards of education. To address the medium lo long-tem future of the schools. To ensure the implications of public benefit were addressed. In respect of these objecb'ves, il is consklered that the folbwng main achievements have been accom1$hed In the past year-. Financial Mability has been e5tsblished. to ensure suffKienl funds were available lo: Provide professional guld8ntÈ and supwrt for the schools Ilhrough specialist legal advi5er5.' Clerk.. an accountant., and an IndepeIent investment 8dviser}. Provide fvnds lo cover the costs ofthe entrance examination al both the Grammar and the High School (to ensure the schools selected candidates based on ability}, for the afore-mentioned (yjtreach work and contributions to prize-giving lo recognise the success and well-being of (he sludents.funds lo the students. To ensure that there were suffiuent reserves available 10 5UPPOrt finanaally any of the three schcols. To review the Investment portfolio and investrnent polIc$ to ensure financial viability. During the year, the Foundation has made £10.000 available lo both the High Sthool and the Grammar Schcol lo enable disadvanlttged students. participation in Covcurricular activitiès including Overseas trips whh these students could not olheNse afford. The Foundation has contributed £100,000 towards the refurt)ishment of some of ils premises and lo thereafter grant a lease in respe¢l of the same lo the High School. This will afford the High School much needed additional classroom space.The Foundation has pieviously pledged £100,000.00 towards the cost of a sports development projed at the Grammar School which will include, inter alia, the construction of a new all-weather sports surface. The Foundation has further resolved to underwrite any shortfall in respect of th8 proje¢t's overall costs should they arise. This lacility will made available lo not only each of the Foundation Schools bul to other lo1 sporting clubs and thereby benefitting the wKler community. Following the appointment of l M Assel Management Ltd Inow known as Shaeklelonl as Investment Advisors il was resolved that the Foundation would pursue a finanaal investment strategy on 8 low to medium risk, lo oplimise an income rètum without diminution of the investment capital. Further information is given in the 88COn 'Financial Revlew. below. The benefits provided lo Ihe pupils al the three Schools by the work of the Foundation are reflected in the above, and in particular: Whllsl the imposition of VAT on sehDoI fees has adversely impacted pupil nutllbers. prudent fiscal management has ensured that Male1d has remained a going concern..Furthermore the high academic standards at Mayfield have been maintained. The Sch¢)ol achieved record-breaking results in respect of the 11+ examinations with 24 out of 25 pupils being awarded places al selective seCoary schools lo begin in September 2025.
QUEEN MARYS SCHOOLS FOUNDATION TRUSTEES. REPORT forthe Period 1 APRIL 2024 TO 31 AUGUST 2025 Ensuring the high standards of entry at Year 7 and to the Sixth Fom)s of the secondary schools were maintained. The summer of 2025 performances at both GCSE and A-Level remained strong al both schools.The High School was ranked 11th nationally in the Telegraph's table of State Schools with the highest GCSE grades.11 was the highest ranked school in the West Midlands. The A-Level headlines were similarfy impresswe. 64Yo of studénts wère awarded places at their first Choi university. The High School received an excellent OFSTED report following a vL8iI In March 2026. 11 achieved 5'strong stsndard" ratings and 2"ex¢eptional" ratings. GCSE results al the Grammar School compared very favourably lo Ihose achieved in the previous year 68°/o of all grades awarded were scored between grades 7-9. The school achieved ils b8St sel of A-Level resuts sin¢e 2018. 700h of all grades awarded were scored befvleen grades A'_B.Pupil Premium Idisadvanlagedl students performed well al both GCSE and A-Level al tK>th Schools. The provision of prizes has benefitted th& students in a wider pastoral context. The Investment and fundraising by the Foundation has always been modest, th the Trustees preferring to maintain a low to medium investment risk lo inveslmenls, as described above. and wt to incur expense in speculative fundraising if that was not required. The Trustees Consider their approach has been appropriate over the long tem. Investment income has been maintaingd. The Trustees consider that their financial strategy wlll not change in the foreseeable future and will continue to promde sufficient financial support lo the three schools. The Trustees are consaous. however. of the potential financial pressure on the Grarnmar and High Schools, which are maintained by public funds. The increasing pressure from lack of central funding is regarded as a potential hami to those schools. The Trustees recognise. hov8r, that although they can contlnue to maintain support such as is provided at pSent. il would not be possible to assume the sUprt currendy provided by central fvjnds.
QUEEN MARYS SCHOOLS FOUNDATION TRUSTEES. REPORT for th• Perlod 1 APRIL 2024 TO 31 AUGUST 2025 FINANCIAL REVIEW The Trustees have reviewed the finanrAal p*bmiance of the FndatIon for the past year and assessed the financial situation of the charity. There have been no signffi¢ant events that havo adversely affected the financial outcome. The volatility of the financial markets hos had litue adverse effect over the long term on the investment portlolio, which the Trustees consider is through a prudent investment poliw and good a(fvi¢e. The income raised from charitable acti118$ during the 17 month period increased to £ 3,127.015 12024.. £2,238,323), whilst expenditure on charitable aclivi1Ses Increased lo £ 3,232.692 12024.. £ 2,200,199). Investment incrxng received during the period increased to £122,952 12024.. £ 90,2111 and nel gains on investments were £ 52,752 12024.. £ 72,1581. Overall the charity made a surplus of £ 86,745 12024- 200.7231. Following a datailed presentslion 8tx)ut funding strategies. and drawing U[ the recommendalh)n from various sources, the Trustees resolved.. To continue with an investment policy that would maintsin capital values bul lif possible) generate greater income. while preserving a policy of low lo medium risk managernent. To review ethical investment, COludIng that for an educational charity il would be improp8r to invest In certaln categories Income from Maffield Preparatory School remaingd under review. The school's goveming body. acting under the authority of the Trustees, undertook ils annual review of fees and likely expenditure. and reported to the Trustees accordingly. The Trustees noted that such a review had considered tho impad of any fee5. increase, the present financial climate, and had resolved that the schDDI remained competitive against other local schools. The school keeps a very tight and active control over collection of fees from parents. Whilst Trustees and Governors alik& will ¢onlinue to monitor any residual impact of the decision lo Impose VAT upon private school fees. it is ¢onsidered that the current financia position for Mayfield was satisfactory and was well-eslablished lo meet the needs of the school. The Trustees therefore concludgij that the charity's prin(ypal sources (rf fvndiThJ. namely income from investments and from Marfield had been well-manag8d throughout the year. The Twslees considered that no issues had been identffied lo suggest that operationally the charity was not going cceM. The Trustees reviewed whether they reqLJired a formal policy on reserves. They concludeil that il was not ne$sary to hold reserves al a particular level. The ¢hariVs current assets were sufficiént lo accommodate known evenlualltles. Reserves would be maintained lo cover potentsal eventualities at Mayfield (for examp, costs lo provide cover for any long-lerm teacher absence), bLrt such reserves were maintained on a prudent basis rather than through a formal policy. PLANS FOR FUTURE PERIODS There are no plans for any changes lo the aims and objectives of the charity, which will be lo offer financial and general support to the three schools of the Foundation, and lo continue to monitor public benefit. It being recognised that additional assistance for disadvantaged students at both the Grammar and High Schools is likely because of the incwse in numbers of such students at both S¢hools.
QUEEN MARYS SCHOOLS FOUNDATION TRUSTEES. REPORT for thè Pèriod 1 APRIL 2024 TO 31 AUGUST 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity, Queen Mary's Schods Foundation, was founded originally by Royal Letters Patent in 1554. Since 2017 il has operated as a Charitable Incotporalgd Organisalion {Rggistered Charity Number 11753601 There are three schools supported by the Foundation.. Queen MaS Grammar School and Queen Mary's High School converted on 1 June 2011 to Academy status under the Acadernies Act 2010. Both of these schools relain their st8lus as non-fee-paying selective grammar schools. where entry is based on ability tested by enlrance examination. The Grammar School provides education lo boys beeen Years 7 10 11 and to boys and girfs in the Sixth Fomi,. the High SCI1 prowdes education to girls beeen Years 7 to 11 and lo girls and boys in Ihe Sixth Form. The third school is Mayfield Preparatory Scho. an independent day school and nursery for children aged 3 10 11. The Trustees who served during the year were.. Susan Blakernore Vivian Fairbank Rebecca Hearsey John Punch Paul Lee Katrina Healey-Daws Daniel Hunt John MacDonald Waters Neil Moseley Dr Edward Kok Hun Ng Timothy Normanlon Vacancies on the boaid of Trustees are filled by inwl'on or advertisement. The High Schod. Grammar School and Mayfield Schod are represented by fomer or current Govemors. In this way, il is consided 8ny potential Conflicts of interest can be managed. The positions ol the Trustees who are not githar exsting or former 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 skills any proposed Trustee would bring lo the Trust. Al new and existing Trustees and Govemors receive training from the Clerk as to their responsibilities and duties. Additionally, Governors at both the Grammar arKa the High School receive training from the M8r¢ian Trust School Imwovemenl Team. The Trustees, Investment Committee reviews the Clerk's remuneialion annually. The Mayfield Head's perforniance and salary is reviewed by a Mayfield Govemor sitting wlh a Foundation Trustee. The Mayfield Governors appoint a sul>committee lo remew the performance and salaries of all other May81 employees. Their decisions are minuled by the Clerk. The Trustees have examlned the Foundation's activities and considered the risks faced. In thelr oplnion trre are established rssourctrs. controls and review systems which in normal conditions should allow such risks to be miligaled to an a¢¢eplable level. Mayfietd Schod and the board of Foundation Ttuslees are separately insured with reputable insurance companies to cover liability. The accountants who assist the Foundation and Ihe exiemal audilors S regulated by professional bodies. The Investment Committee ensures there is a spread of investment lo prevent over exposure in any one asset class area. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees are responsible for preparing the Tru51ees' Report and the financial slat8m8nls in accordance wrth applicable law and United lQ'ngdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice} including Financial Rep(wting Standard 102 'The Finanaal Reporting Standard applicable in the UK and Repyblic of IrelanLr.
QUEEN MARYS SCHOOLS FOUNDATION TRUSTEES. REPORT for the Perlod 1 APRIL 2024 TO 31 AUGUST 2025 STATEMENT OF TRUSTEES. RESPONSIBILITIES- contlnued Charity law requires the Iruslees lo prepare financial slalgments for each financial year. Under that law. the Iruslees have elected lo prepare the financial statements in accordance with United Kingdorn Generally ACpted Accounting Practice Iuniled 'ngdoM Accounting Stsndards and applicable lawl. UrKler charity law the Irusleès Must not approve the finan¢iaS statements unless they a satisfied that they give a true and fair vigw of the state of affairs of the charity and of the incoming resources and application of resources. including the in¢omg and expenditure. of the charity for that pgriixl. In preparTrvJ Ih05e financial ststements. Inislees are reqiwred to select suitable accounting 1¢198 and then apply them corvsistenlty.. observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent.. slate whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financia5 stslemenls- prepare the financial slaternenls on the going concem basis unless il is inappropriate to presume that the thority wll Continue in bu5inv3S. The Irustses are responsible for keeping proper accounting re¢ords wht¢h disclose wlh reasonable accuracy at any lime the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011 and The Charity Ik¢ounts and Reports} Regulations 2008. They are also responsible for safeguarding the asse15 of the charity and hence for laknng reasonale steps for the prevention and detection of fraud and other Irregularilles. Approved by order of the board of Irusla8s on ...... suned on ils behalf by. John Nic as Punch- Trustee
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF QUEEN MARYS SCHOOLS FOUNDATION Oplnlon We have audited the financAal ststernents of QLn Marls Schools Foundation {the 'charity'l for the period ended 31 August 2025 which comprise the Statement of Financial Actpvities, the Statement of Financial Position, the Statement of Cash Flows and notes lo the financial slalements. including a surnmary of signrficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), includlng Financial Reportlng Standard 102 The Flnanclal Reporting Standard applkable In the UK and Republic of Ireland.. In our opinion the financial statements.. gNe a true and fair view of the stsle of the charity's aff8trs as at 31 August 2025 and of its incoming resources and application of resources, for the period then ended,. have been properly prepared in accordance with United Kingdom Generally A(tepled Accounting Practlce. including Financi81 Reporting Standard 102 The Financial Reportlng Standard applicable in the UK and Republic of Ireland,; and have been prepared in acCOJance with the requirements of the Charitie5 Act 2011. Basls for oplnlon We conducted our audit in accordance with Inlemalional Standards on Au(Jiling (UK) IISAS IUK)} and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and we have fvlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obiained is sufficient and appropriate lo provide a basis for our opinion. Conclusions rèlating to going ¢oncem In auditing the financial stslemenls, we have concluded that the trustees. use of the going concem basss ol accounting in Ihe preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may rasl significant doubt on the charity's ability to ¢Th)tinue as a going concern for a period of al least e1ve months from when the financial slalements are authIsed for issue. Our responsibilities and the responsibilitS of the trustees with respect to going concern are descrribed in tha relevant secllons of Ihls report. othgr Infomiatlon The trustges are responsible for the other infomation. The other infom)ation comprlses the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our oplnion on the finanaal slalements does not cover the other information and, except to Ihe extent otherwse explicitly stated in our report, we do not express any form of assurance condusion Ihereon. In connection with our audit of the financial statements. our responsibility is lo read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial stslements or our knowledge obtsined in the audit or otherwise appears lo be materially misstsled. If we idenlty such material inconsistencies or apparent material misstatements. we are required to determine whether Ihls gives risè to a material misstatement in the financial statements themselvès. If, based on the work we have perfomed, we conclude that there is a material misststemenl of this other information, we are required to report that fact. We have nothing lo report in this regard. Matters on whlch we are requlred to report by exceptlon We have nothing to report in respect of the following matters where the Charthes (Accounts and Reports) Regulations 2008 requires us to report lo you rf. in our opinion.. the infom)alion given in the trustees Report 15 inconsi5tenl in any material respect with the financial statements-, or sufficient accounllng records have not been kept., or the1Snancial statements are not in agreement wllh the accounting records and returns., c we have not received 811 the infomalion and explanations we require for our audit. -1
REPORT OF THE INDEPENDENT AUDrroRS TO THE TRUSTEES OF QUEEN MARYS SCHOOLS FOUNDATION Responsibilities of tru$tees As explained K$ fully in the Slaternent of Trustees. Responsibilities, the trustees are responsible for the preparation of the financial statements whh give a true and fair view. and for such intemal control as the trustees detemiine is necessary lo enable the preparation of finanaal stslemenls that are free from material misstatement. whether due lo fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the d)aritYs ability to continue as a going concern. disdosing, as applicable, matters related lo going concern and using the golng concem basis of accounting unless the trustees either intend to liquidate the charity or lo cease operations. or have no realist allemaliva but to do so. -11-
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF QUEEN MARYS SCHOOLS FOUNDATION Our responsibiliti¥s forthe audit of the finan¢ial statements We hava been appointed as auditors under Section 144 of the Chariliey Act 2011 and rewt in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whde are free from material misstatement. whetheT due to fraud or error, and lo issue a Report ol tha Independent Auditors that includes our opinlon. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conduded in accordance wlh ISAY IUKI wll always delect a material misstaternenl when il exists. Misslatements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to influence the economic deosions of users taken on the basis of these financial statements. The extent to whlch our procedur8s are ¢pable of detecting irregularities. including fraud Is detslled below: Irregularities. Iluding fraud, are instances of nonwcompliance with laws and regulations. We design prOdureS in line with our responsibilities, outlined above. lo detect material misstatements in respect ol irregularities. including fraud. The objectives of our audlt are lo obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on Ihe deleminalion of material amounts and disclosures in the financial stalemenls, lo perform aLKJil procedures to help identify Instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected Th)n-complian¢e with law5 and regulations identified during the audiL In relation to fraud, thè objective5 of our audit are lo identify and assess th8 rSsk of material misslalement of the financAal statements due to fraud, lo obtain sufficient appropriale audit evidence règarding the assessed risks of material misstalemenl due lo fraud through designlng and implementing appropriate responses and lo respond appropriately lo fraud or suspected fraud identified durin9 the audit. However, It Is the primary responsibility of trustees. with the oversight of those charged wth govemance. lo ensure that the entity's operations are conducted in accordance with the pTovi5ions of laws and regulations and for the FKevenlion and delectSon of fraud. Based on our understanding of the charity. we iiJentifi8d that the prinrApal risks of non-compliance with laws and regulations related lo the Charities Act 2011. and we considered the exienl to which noncompliance might have a material effect on the financial stslemenls. We evaluated management's incentives and opportunltles for fraudulent manipulation of the financlal statements Ilncluding the risk of override of ¢ontrolsl, and dglermined that the principal risks were related lo the posting of inappropriate joumal enlrfe8 and management bia5 in key accounting judgements and estimates. In identifying and assessing risks of material misstslement in respect of irregularits'es, induding fraud, the audit engagement team.. obtsined an understanding of the legal and regulatory framework thal the charity operaleg In and how the charity is complying with the legal and reguL4tory framework., Inqulred managernent and trustees. about their own idenlificatKJn and assessment of the risks of irreoularilies, induding any known actual, suspected or alleged instances of fraud., discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible lo frau(J- reviewed minutes of meetings of the Board of Trustees to identify signfficant or unusual transactions and known or suspected instance8 of fraud or non-complrdnce with Jaws and regulations reviewed accounting eslimales for bias and evalualir@ whether circumstances producing any bias. represent a risk of material misstatement due to fraud,- and Because of the inherent Ilmitalions of an audit. there is a risk that we will not delecl all irregularities, including those leading to a material misslatemenl in the financial statements or non-compliance wlh gUlatIOn. This risk increases the more that Complian with a law or regulation is removed from the events and transactions relected in the financial statements. as we will be less likely lo become aware of instances of non-compliance. The risk is also greater reg8rding irregularities occurrin9 due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omisSn or misrepresentslion. -12-
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF QUEEN MARYS SCHOOLS FOUNDATION A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Counal's website al www.frc.0rg.uklaudltorssp0n$ibll1I185. This description forms part of our Rgport of the Independent Auditors. Use of our report This report is made solely to the charivs Iruslees. as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale to the charity's Iruslees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's trustees as a bcxly, for our audit work. for this report. or for the opinions we have rmed. ers Limited 14 Holyhead Road Birmingharn West Midlan(ts B21 OLT Dale.. -13-
QUEEN MARY'S SCHOOLS FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES lor the Period 1 APRIL 2024 TO 31 AUGUST 2025 Period 114124 to 3118125 Total fijnds Year ended 3113124 Total lunds as reslaled Unrestricted fvnds Reslri¢ted fund Endowment ftJnd8 Notes INCOME AND ENDOWMENTS FROM Donations and legaaes 6.718 6,718 230 Charitable a¢tivities Charitable activities 3.127.015 3,127.015 2.238.323 Irweslment income Other income 128,676 10,000 128,676 10,000 93,944 Total 3,272,409 3,272.409 2,332,497 EXPENDITURE ON Charitable activltles Charitable activities Support costs Mayfield staff costs MarfieSd other costs 91,346 90,429 2.345,385 665,973 91,346 126,407 2,345,385 665,973 58.186 124,402 1,579,835 437.776 35,978 Other 3,581 3,581 3,196.714 35,978 3.232.692 2,2(K),199 Net gains on investments 63.193 63,193 81,784 NET INCOME Other recognised gainsl(lossesl Galns on revaluation of fixed assets 75,695 27,215 102,910 214.082 110,043 110,043 Not mov•mont in funds 75,695 137.258 212.953 214,082 RECONCILIATION OF FUNDS Total funds brought forward As previously pOrted Prior year adjustment 689.027 215.612 76.784 4,091.724 120,234 4.857,535 335,846 4,979,299 13 As restated 904.639 76,784 4,211,958 5.193.381 4.979,299 TOTAL FUNDS CARRIED FORWARD 980,334 76,784 4.349,216 5,406,334 5.193.381 The notes form part of these financial statements -1
QUEEN MARYS SCHOOLS FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES for tho Perlod 1 APRIL 2024 TO 31 AUGUST 2025 CONTINUING OPERATIONS Al Income and expenditure has arisen from continuing activities. The notes form part of these fin8ncial stslements -15-
QUEEN MARYS SCHOOLS FOUNDATION STATEMENT OF FINANCIAL POSITION 31 AUGUST 2025 2025 2024 as reslaled Notes FIXED ASSETS Tangible assets Investments Investments Investment property 15 2.645.152 2.623,452 16 17 1,370.894 1,300,000 1.285,335 1,189,957 5,316,046 5,098,744 CURRENT ASSETS Debtors Cash at bank and In hand 18 84,295 934.693 59,266 972,061 1.018,988 1,031.327 CREDITORS Amounts falling due within one year 19 1307.7071 1267.406) NET CURRENT ASSETS 711,281 763,921 TOTAL ASSETS LESS CURRENT LIABIUTIES 6.027.327 5,862.665 CREDITORS Arnounls falling due after more than one year 20 {620,993) 1669,2841 NET ASSETS 5.406,334 5.193,381 FUNDS Unre$lri¢ted funds Restricted funds Endowment funds.. Endowment fund5 Revaluation reserve 25 980.334 76.784 904,639 76,784 4.336.446 12,770 4.315,593 1103,6351 4.349,216 4,211,958 TOTAL FUNDS 5.406.334 5.193,381 The financial statements were approved by the Board of Trustees and aulhorised for issue on and were signed on ils behalf by.. Jo Icholas Purbch- Trustee The notes fom part of these financial statements
QUEEN MARYS SCHOOLS FOUNDATION STATEMENT OF CASH FLOWS for thg Period 1 APRIL 2024 TO 31 AUGUST 2025 Period 114124 lo 3118125 YeaT ended 3113124 as reslaled Notes Cash flows from oporating activities Cash generated from operations Interest paid Queen MaS Old Boys prior year Adj 27 110,1731 135,9861 49,196 126,7401 30,052 Net cash (used inyprowded by operating activities 146,1591 52.508 Cash flows from Investing actlvitles Purchas8 of tsngible fixed assets Purchase of invgstments Sale of tangible fixed assets Sale of fixed asset investrnents Interest received Diwdends reNed Rentsl income {25,281 } 13,304,224) 10,000 3.281,858 1.754 36.552 90,370 {2.779.2811 2.762,064 1.340 28,666 63,938 Nel cash provided by investsng activitles 91,029 76.727 Cash flows fiom financing activitses Loan repayments in year Income attributable lo endowment Expenditure attributable lo endowrnent {46.2601 131,3081 10,298 132,0951 {35.9781 Nel cash used in financiry aclivibe5 182.2381 153,105} Change In cash and cash equlvalents in the reporting perlod Cash and ¢a5h equivalent5 at tha beglnnlng of th¥ reportin9 period (37.3681 76.130 972,061 895.931 Cash and Cash equlvalents at the end of the reporting perlad 934,693 972.061 The notes form part of these financial statements -17-
QUEEN MARYS SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS for the Period 1 APRIL 2024 TO 31 AUGUST 2025 CHARtTY INFORMATION Th¢ Charity, Queen Mary's Schools Foundation, was founded originally by Royal Letters Patent in 1554. 11 is a Charitable Incorporated Organisalion. registeied number 1175360. ACCOUNTING POLICIES Accounting conventlon The financial statements of the charity, which is a public benefit entity unijer FRS 102. have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicab in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191.. FirHncial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Charities Act 2011. The financlal statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required lo provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Staternent of Recommended Practice which is referred to in the ReguFations but which has sin¢e been withdrawn. The finanrjal statements are prepared in sterling. which is the functional currency of the Trust. Monetary amounts in these finanual statements are rounded to the nearest £. The accounts have been ppared under the hislori¢al cost convention, nvjdrfied lo include certain items al fair value. The princlpal accounlSng policies adopted are sel out below. These policies have been ¢(SistenI1Y applied to all years presented unless otherwise slated. The Mercian Trust, formedy Queen Marfs Grammar School (Walsalll, became a Mulli-Academy Trust on 1 January 2018. New articles of association provided for five members, including the Queen Mary's Schools. Foundation itself and fv40 persons nominated by the Foundatlon. No benefit a¢crues to the Foundation from this structure and there is no power to govem the finanaal and opgrating wlicies in order to obtsin any benefit from the activities of The Mercian Trust. Accordingly Foundabon has not consolidated any accounts of The Mercian Trust for the peric¥J to 31 March 2024. Go5ng concern The Truslees are required lo assess whether the use of going concein is appropriate. 1.8. whether there ara any material uncertainties related to events or conditions thal may cast significant doubt on the ability of the charity to continue as a going concern. The Trustees make this ass8ssmenl in respect of a perk)d of at least one year from the date of authorisats'on for issue of the financial statements. The financial statements have been prepared on a goiro concem basis as the Trustees believe that no material uncertainties exist. The Trustees have consided the level of fund5 held and the expected level of income and expenditure for 12 monlhs from authorising these financial statements. The budgeted incorne and @xpenditure is sufficient with the level of reserves for the charity lo be able trj Continue as a going concem. Incomlng resources All incoming resources are Inde in the Statement of FinancLql Actlvilles (SOFA) when the charity is legally enliued to the income after any performance conditsons have been met. the amount can be measured reliabty 8nd il is probable that the income will be received. For donations lo be recognised the charity will have been notified of the amounts and the sethemenl dale in writing. If there are conditions attached to the donation and this requires a level of performance before enlillemenl can be obtained then income is deferred until those conditions are fully met or the fulfilmenl of those conditions Is within the control of the charity and it is probable that th&y wll be fulfilled. -18- continued...
QUEEN MARY'S SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued for the Period 1 APRIL 2024 TO 31 AUGUST 2025 ACCOUNTING POLICIES - Continued In¢omlng resources For legacies. enlillement is the eadier of the charty belng noted of an impending distribution or the legacy being received. At this polnt incK)me is recognlsed. On occasion legacies will be notified lo the charity however il is not posslble lo measure the amount expected to be dlslribuled. On these occasions, the legacy is treated as a conlingenl assel and disclosed. No amount Is Included in the financial statements for volunteer lime in line with the SORP IFRS 1021. Income from charitable adivitles arfses from fe95 charged to parents of children attendbng Mayfield Preparatory School. Investment incorne is eamed through holding assets for investment purposes such as shares and propety. 11 includes dividends, interest and rent and is included when the amount Can be measLJred reliably. Interest income is recognised using the effective interest method and dividend and rent intL)me is recognised as the charity's right to receive payment is established. Resources expended Al expenditure is acc¢yJnled for on an accruals basis and has been classified under headings that aggregate all costs lated to the category. Expenditure is recognised where the is a legal or constructive obligation lo make payments lo third parties. il is probable that the settlement will be required and the amount of the obligation can be measured relithy. GTants offered subject to conditrons which have not been met at the year end d*e are noted as a comrnilment bul not accrued as expenditure. Tanglble fixed assets Tangible fixed assets are initially measured at cost and subsequendy measured at cost or valuatKJn, net of any impaifmenl losses. Prowrties are staled at cost, which reNe¢ts the value at which tY were transferred lo the CIO upon its formation. The charity's pollGy is not to depreciate these propertles. as they are maintalned in a condition that preserves their useful life. Expenditure incurred on rnainlenance and repairs is recognSsed as an expense in the Statement of Financial Activities as incurred. Fixed assat Investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequenuy measured at fair value al each reporting dale. Changes in fair value are recognised in net Incomellexpendilurel for the year. Transaction costs are expensed as incurred. Impaimient Assets not measUd al fair value are reviewed for any indication that the asset may be impaired at each balance she@t dale. If such indi¢alK)n exists. tho recoverable amount of the asset, or the asset's cash gener81ing unil, Is estimated and compared lo the carrying amount. Where the carying amount exceeds ils recoverable amount, an impairment loss is recognised in the ststemenl of financial activities unless the asset is carried al a revalued amount where the impaimient loss is a revaluation Ilecrease. Investment propèty Investment property is shown at mt)sl recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. Revaluation gains and losses are recognised Sn other recjniSed gains and losses and accumulated in equity, except lo the frxtenl that a revaluation gain reverses a revaluab'on loss premously recognised in nel incomellexpendilurel a revaluati'on loss exceeds the accumulated revaluation gains recognised in equity., such gains arKI losses are recognised in nel incomellexpendilurel for the year. -1 continued...
QUEEN MARYS SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued for the Period 1 APRIL 2024 TO 31 AUGUST 2025 ACCOUNTING POLICIES - contlnued Taxation The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedulg 6 Finance Act 2010 an¢J therefore it meets the definilion of a charitable company for UK corporation tax purposes. The charity became VAT registered on 26th November 2024, since then VAT on expenditure has been recoverable using the partial exemption method. any VAT recovered using the capitsl goods scheme less any irrecoverable pool VAT is shown as a separate line of expenditure.. Charbtable funds Unrestricted funds are available for use al the discretion of the Trustees in fvrtherance of IheSr charitable objectivgs unless the funds have been designated for other purposes. Restrided funds are subject lo specific conditions by donors as lo how they may be used. The purposes and uses of the restricted funds are sel out in the notes to the financAal slalements. Endowment funds are subject to specific condlllons by donors that the capitsl must be mainlalned by the Trust. Penslon Costs and other postwretirement benefits Retirement benefits for t&achers at Male1d Preparatory School are kyovided by the Teachers Penslon Scheme I'TPS.) which is a defined benefit scheme. Retirement benefits for other members of staff are prowded by a group defined contribution scheme with an insurance company and employer conlrlbutions to this scheme are charged as an expense as they are paid. The TPS is an unlunded scheme and conlrfbulions are calculated so as to spread the cost of pensions over employees, working Ilves in such a way that the penspon cost is a subslanlially level perntage of current and fLJture pensionable payroll. The contributions are determined by the Govemmenl Actuary on the basis of quadrennial valuations using a prospective unit credit method. As staled in note 21. the TPS is a mulli-employer scheme and there is insLrfficienl infomiation available to use defined benefit accounting. The TPS is therefore treated as 8 defined contribution scheme for accounting purposes and the ¢onlributions are recognised In the p8riod to whKh Ihey relate. Employee benefits When employees have rendered service lo the charity, short-leTm employee beneffts to which the 8mployeos are entiued are recognised al the undiscounled amount expected to be paid In exchange for that service. Termination benefits are COgnIsed immediately as an expense when the Trust is demonstrably committed lo terminate the employment of an employee or to provide lemiinalion benefits. Cash and cash equivalents Cash and cash equivalents are basic financi81 assets and include cash in hand, deposits held al call with banks, other short-temi IiquKI investments with original malurilies of three months or less. and bank balancEs. Debtors and ¢Teditors re¢eivabl8lpayable withln one year Debtors and creditors with no stated interest ral8 and receivable or payable within one year are recorded al transaction prfce. Any losses arising from impairment are recognised in expenditure. Leases Rentals payable and receivable under operafy'ng leases are charged to the SOFA on a slraighl line basis over the period of the lease. -20- continued...
QUEEN MARY'S SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued for the Perlod 1 APRIL 2024 TO 31 AUGUST 2025 CRrricAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the Trust's accounting policies, the Trustees are required to make judgements, eslimales and assurnptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The estimates and 8$50cialed assumptions are based on historical experience and other fadors that are consideied lo be relevant. Actual results may differ fr these estimatès. The esttmales and undedying assumptions are rewewed on an ongoing basis. Revisions to accounting estirnates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the rewsion and future periods where the revision affects both ¢urrenl and future periods. DONATIONS AND LEGACIES Period 114124 lo 3118r25 Year ended 3113124 as reslaled Total funds Unrestricted Restricted funds funds EnLlowmenl funds Total fijnds Donations and gifts 6.718 6.718 230 INVESTMENT INCOME Period 114124 lo 3118125 Year ended 3113124 as restated Total funds Unieslricled fiJnds Restricted funds ENJowment funds Total funds Rental income Income from listed investments Interest receivable 90.370 90,370 63,938 36.552 1.754 36,552 1,754 28,666 1.340 128,676 128,676 93,944 -21- continued...
QUEEN MARYS SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued for thè Period 1 APRIL 2024 TO 31 AUGUST 2025 INCOME FROM CHARITABLE AcnwTIES Pedod 114124 lo 3118125 Year eThJed 3113124 as restated Activity Charitable activlties Fees receivable 3,127,015 2,238,323 CHARrrABLE ACTIVITIES COSTS Grant funding of activities Isee note Direct Costs Isee note 8} 91 Totals Charitable activities Support costs Mayfield staff costs Mayfiekl other costs 56,636 126.407 2.345,385 665.973 34,710 91,346 126,407 2.345.385 665,973 3,194,401 34,710 3.229,111 DIRECT COSTS OF CHARITABLE ACTIVITIES Perfod 114124 Year Ènded 3113124 as restated 3118125 Staff c051s Rates, insurance and utilibes Maintenance of premises and equipment Tephone. p95tsge and stationery Audit fees Professional fees Entrance examinations Clerk to the governors Learning resources Computer costs Administration and accountancy Subscriptions and courses Other costs Bad debts Non recoverable VAT Interest payable and similar charges 2,345.386 144,536 171,356 6,887 7,760 24.215 56,636 95,437 32.641 97,517 93.538 31.467 42.738 21,061 112.7601 35.986 1.579.626 102,116 109,953 5,455 11,580 29,866 52,186 64.978 29.896 59.849 57,180 27.513 37.261 2fj.740 3.194.401 2.194,199 -22- conllnued...
QUEEN MARYS SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued for the Period 1 APRIL 2024 TO 31 AUGUST 2025 DIRECT COSTS OF CHARITABLE ACTIVITIES- contlnued Audltovs Remuneratlon 2025 2024 Audit fees Ioveiyunder provislon f¢x prioT PeriJ audit fees 8.000 12401 9.600 1.980 7,760 11,580 GRANTS PAYABLE Period 114124 lo 3118125 Year ended 3113124 as r8staled charitable octivilies 34.710 6.000 The total grants paid to institutions during th8 period was as follows." Period 114124 lo 3118125 Year ended 3113124 as restated Pupil support grant 34.710 10. TRUSTEES. REMUNERATION AND BENEFITS None of the Trustees IOT any petsons connected with them) received any remuneration, benefts or expenses from the Trust during the year. The total cost of employment for the key management personnel in the 17 months to 31 August 2025 was £263.01612024 12 months.. £175.4091. Trustse$' oxpens•$ The were no tru5tees' expenses paid for the period ended 31 August 2025 nor for the year ended 31 March 2024. -23- continued...
QUEEN MARYS SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continu for the Period 1 APRIL 2024 TO 31 AUGUST 2025 11. STAFF COSTS Period 114124 Year ended 3113124 as restated 3118125 Wages and salaries Social security cos15 Other pension costs 1,796.815 181,086 367,485 1,244.061 121.958 213,607 2,345,386 1,579.626 The average monthly number of employees during the period was as follows-. Period 114r24 lo 3118125 Year ended 31rJ124 as restated 43 Teaching and support 46 The number of employees whose employee boneffts lexduding employer pgnslon costs) exceeded £60.000 was: Period 114124 Year ended 3113124 as reststed 3118125 £60,001- £70.000 £80.001- £gD,000 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslri¢ted Restricted funds fund Endowment funds Total funds as restated INCOME AND ENDOWMENTS FROM Donations and legacAes 230 230 Charltable actlvitles Charitable activities 2,238,323 2.238,323 Investment income 83,646 10,298 93,944 Total 2,322.199 10.298 2,332,497 EXPENDITURE ON Charitable activities Charitable activities 58,186 58,186 -24- continued...
QUEEN MARYS SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS. continued f¢r the Period 1 APRIL 2024 TO 31 AUGUST 2025 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - Contlnued Unrestricted Restricted Endowment nds fund funds Total funds as reslaled Support costs ale1d staff costs Mayfield other costs 88.419 1,579.835 437.776 3,888 32.095 124,402 1,579,835 437.776 Totsl 2,164,216 3,888 32,095 2.200,199 Net gains on investments 81,784 81.784 NET INCOMEI{EXPENDrruRE} Transfers between funds 157.983 166,9311 {3,888 59,987 66,931 214,082 Net movemant In funds 91,052 {3,8881 126,918 214.082 RECONCILIATION OF FUNDS Total funds brought forward 813,587 80,672 4,085,040 4,979,299 TOTAL FUNDS CARRIED FORWARD 904,639 76.784 4.211.958 5.193,381 13. PRIOR YEAR ADJUSTMENT Following a review it was identffied the Queen Mary's Old Boys Assoryation, one of the linked charitie5 of Queen Mary's Schools Foundation was active and had assets. This has resulted in a wior year adjustment to irKlude the incc4ne and assets of this charity into thè results of Queen Mary's Schools Foundation. The Incx)me and expenditure and Balan sheet for th8 Qu88n MarWs Old Boys A$sl8110n are shown in Note 14 and 29. 14. LINKED CHARITY INCOME & EXPENDITURE Included wlhSn thè unreslricled income is income that relates lo the Linked Charity Queen Marfs Old Boys Association. 2025 Unrestricted funds 2024 Unreslri¢ted funds INCOME AND ENDOWMENTS FROM Investment income Income from listed investments Interest receivable 5,626 98 3,658 75 5.724 3,733 There was no expenditure in either year. -25- continued...
QUEEN MARY'S SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued for the Period 1 APRIL 2024 TO 31 AUGUST 2025 15. TANGIBLE FIXED ASSETS Improvements lo propety Freehold propety Totals COST Al 1 April 2024 Additsons 2.623,452 2.623,452 25,281 25,281 At 31 August 2025 2.623,452 25,281 2.648,733 DEPRECIATION Chargg for year 3.581 3,581 NET BOOK VALUE AI 31 Au9usI 2025 2.623,452 21.700 2,645,152 Al 31 March 2024 2.623,452 2.623,452 Freehold land and buildiThJs with a carying value of £2,623,452 as al 31 August 2025 is included on the following bases. Land which is subied to long l$asgs in favoLtr of the kadgmy Schools is included at nil value. The MalE1d Prep8ratory S¢hocA was v81ued in 2018 to fleet the cost al which il was transferred to the CIO upon ils formallon. The school was independently valued at 31 March 2018 by PBG Chartered Surveyors at fair value on the existing use basis. The report and valuallon were prepared in accordance with the RICS Valuation - Professional Standards Global and UK I'The Red Book") 2014 prepared by the Royal Institution of Chartered Surveyors and also the RICS Global Valuation Practice Guidan - Application VPGA1 Valuation for inclusion within financial s18lemenls. The valuation was undertaken by a Chartered SuNeyor who is both 8 Registered Valuer and who conforms to the requirements of the above "Practice Slalements" and who is also an Exlemal Valuer. The new School Hall constructed during the 2020 year has been included at its cost of £1,424,107. The additional educational laalib'es in Wales are included at the 2016 cost as the Trustees consider this to be appropriate. 16. FIXED ASSET INVESTMENTS Cash and settlements pending Listed investments Totsls MARKEf VALUE Al 1 April 2024 Additions Disposals Revaluations 1.238,148 47,187 1.285,335 1.614,263 1.689,961 3,304,224 11.602,322) 11.622,7051 13,225,027) 6,362 6.362 At 31 August 2025 1,256,451 114,443 1.370.894 NET BOOK VALUE At 31 August 2025 1.256,451 114.443 1,370,894 At 31 March 2024 1.238,148 47.187 1,285,335 There were no investment asgets outside the UK. -26- continued...
QUEEN MARY'S SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued for the Period 1 APRIL 2024 TO 31 AUGUST 2025 16. FIXED ASSET INVESTMENTS- contlnued Cost or valuation al 31 August 2025 is represented by= Cash and settlements pending Llsted investments Totsls Valuation in 2019 Valuation in 2020 Valuation in 2021 Valuation in 2022 Valuation in 2023 Valuation in 2024 Valuabon in 2025 Cost 345.368 (82.7001 111.421 867 1381,1901 212,590 6,362 1,043,733 345,368 182,700} 111,421 867 1381,19L)} 212,590 6,362 1,158,176 114,443 1,256,451 114,443 1,370,894 The listed investments ar8 shown at market value. The historic cost of investments relating lo Que8n Ma5 Schods Foundation at 31 August 2025 was £1.141,30512024: £1.062.110}. Included wlhln the listed investments are investments held by Queen Mary's Old Boys Assouation, hlstoric cost £16.87012024..- £16.8701 Market Value £147.54512024:. £137.104) 17. INVESTMENT PROPERTY FAIR VALUE Al 1 April 2024 Revaluation 1,189,957 110,043 Al 31 August 2025 1,300,000 NET BOOK VALUE Al 31 August 2025 1,300,000 At 31 March 2024 1,189,957 Fair value at 31 August 2025 is represented by.. Valuation in 2025 Valuation in 2023 Cost 110,043 1310,0001 1.499,957 1.300,000 The Chari5 freehold investment properhes weTe valued as al 31 March 2023 by PBG Chartered SuNeyors. The valuations were in accordance with the requirernents of the RICS Valuation Global Standards 2022 and UK national supplement. Charities SORP and Financial Reporting Stsndard 102.The properties were valued on the basis of fair value subject to any existing leases. The valuer's opinion of fair value was primarily derived using comparable recent market transactions on arm's length lerrn5. Included within Investment Propety is property owned by the Linked charity Queen MaS Ohj Boys Association Cost £164,95712023.'- £164,957) Market Value £275,000 {2024=. £164.957). -27- continued...
QUEEN MARYS SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued for the Period 1 APRIL 2024 TO 31 AUGUST 2025 18. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 as restated Trade debtors VAT Prepayments and accrued income 26,872 8,421 49.002 16,956 42.310 84.295 59,266 19. CREDrroRS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 as restated Bank loan5 and overdrafts15ee note 211 Taxation and social security Other creditors 34,316 32,483 240,908 32,285 29,657 205,464 307,707 267,406 20. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2025 2024 as rasiated Bank loans (see note 211 620,993 669,284 21. LOANS An analysi8 of the malurrty of loans is given below.. 2025 2024 as restsled Amounts falling due wilhln one year deman(J'. Bank loans 34,316 32.285 Amounts falling beiween one and years.. Bank108ns- 1-2 yea 35,366 33,794 Amounts falling due beeen fft and five y8ars-. Bank loans- 24 years 114,973 109,022 Amounts falling due in more than five years- Repayable by Instalmenls= Bank loans more 5 yr by instsl 470,654 526,468 -28- c0ntinL...
QUEEN MARYS SCHOOLS FOUNDATIIYI NOTES TO THE FINANCIAL STATEMENTS - continued for the Period 1 APRIL 2024 TO 31 AUGUST 2025 LEASING AGREEMENTS Minimum lease payments under non-¢an¢ellable opgrating19ases fall due as follows.. 2025 2024 as reslaled Within one year Beeen one and five years 12,957 25.914 12.957 45.349 38.871 58,306 23. SECURED DEBTS The following 8e(#Jred debts are Included wlhln creditors.. 2025 2024 as reslaled Bank klans 655.309 701,569 The bank loan is secured by a charge on the property. 24. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2025 2024 8$ restated Total funds Unrestricted Reslrictsd funds fund Endowm8nl funds Total funds Fixed assets Investments Current assets Current liabilities Long term liabilities 21,700 289.821 942.204 1273,391 } 2.623,452 2.381.073 2,645,1 $2 2,670,894 1,018,988 1307,7071 1620,9931 2,623,452 2.475,292 1,031,327 1267,4061 1669,2841 76,784 134,3161 {620,9931 980,334 76,784 4.349,216 5,406,334 5,193.381 -29- continued...
QUEEN MARYS SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - ¢¢ntinu*d for the Period 1 APRIL 2024 TO 31 AUGUST 2025 25. MOVEMENT IN FUNDS Movement In fund Openlng In¢omlng Balance Resources Resources Expèndèd Revaluatlon gainl loss Closlng Balance Transfer Unrestricted fund 601,708 2,318,466 2.164.216 166,9311 689,027 601,708 2.318.466 2,164216 {66.9311 689,027 Endowment fund Opening Balance Incoming R•sour¢es Resources Expended Rovaluation gainl loss Closing Balanc• Transfer Foundation endowment Prize funds Scholarship fvnds 3.532.791 36.999 216 787 32,095 66,931 44,121 1,181 3.611.964 38.967 404.642 9.295 26,856 440.793 3,974,432 10.298 32.095 66,931 72,158 4,091.724 Restrl¢ted fund Opening Incoming Balance Resources R8soure8s Expended Revaluation gainl l¢ss Closlng Balance Transfer Prize funds Scholarship funds Grammar School gacy 7,886 312 7,574 54,312 3.486 50,826 10,424 8,050 90 10,334 8,050 80,672 3,888 76,784 -30- continued...
QUEEN MARYS SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued for the Perlod 1 APRIL 2024 TO 31 AUGUST 2025 26. RELATED PARTY TRANSACTIONS The Foundation owns the freehold land on which Queen Ma$ Grammar S¢hool and Queen Mary's High School siles are based. These sites are leased to the Academy Schools on peppercorn rentals under 125-year leases. the terms ol which have been approved by the Department for Education. Areas for playing fields are let under a separate lease. Both Ms Hearsey and Mr Lee served as Foundaliori Trustees and Mercian Trustee8. Mrs Fairbank an Mr Punch served as both Foundation Trustees and Mercian Trust Members.. On 16ff124 Dr Edward Kok Hun Ng. Mr Neil Christopher Moseley and Mr Timothy Nomianton were appDinled as F¢)undalion Trustee5. Dr Ng serves as a Govemor al Maffield School, Mr M05eley serves as a Governor al Queen Mary's Grammar School and Mr Nomianlon serves as a Governor al Queen Mary's High School. During the period the Foundation made donations from unrestricted funds of £37.447 to Queen Mary's High School and £71,375 to Quegn Mary's Grammar School to support the costs of the year 7 entrance examinations due to the change in year end this covers years of examinations. Additionally the Foundation made donations lo enable disadvantaged students at the Grammar School 8nd at Ihe HSgh Schooi lo pacIPate in a wide range of C curriculum acliwties including overseas trips. 27. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVtriES Period 114124 Year ended 3113124 as restated 3118125 N•t Incom¥ for th¢ repong p•rl¢d las p¢r the Statemgnt of Financial Activities) Adjustments for. Depreciation charges Gain on investments Profil on disposal of fixed assets Interest received Interest paid Dividends received Income attributable to endowment Expenditure attributsble lo endowment Ronl81 income received Increase in debtors Increaselldecreasel in creditors 102.910 214.082 3.581 163.1931 110.0001 11,7S41 35.986 136.5521 181,7841 11,3401 26.740 128,6661 110,2981 32,095 163,9381 123,6421 114,0531 35,978 190,3701 125.0291 38,270 Net cash {used Inllprovided by operatlons (10.1731 49.196 28. ANALYSIS OF CHANGES IN NET FUNDS Al 114124 Cash fflow At 3118125 Net cash Cash al bank and in hand 972,061 137,3681 934,693 972,061 137,3681 934,693 Dgbt Debts falllng due within 1 year 132,2851 12,031) {34,3161 41- continue(l...
QUEEN MARYS SCHOOLS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - ¢ontinued for the Period 1 APRIL 2024 TO 31 AUGUST 2025 28. ANALYSIS OF CHANGES IN NET FUNDS- contlnued Debts falling dug after 1 year 1669.2841 48,291 1620,9931 1701.5691 46,260 1655,3091 Total 270,492 8.892 279,384 29. LINKED CHARITY BALANCE SHEET 2025 2024 FIXED ASSETS Investments Investment property 147,545 275,000 137.104 164,957 422,545 302.061 CURRENT ASSETS Accrued income Cash al bank and in hand 16,154 23,355 10.528 23,257 NET CURRENT ASSETS 39,509 33,785 NET ASSETS 462.054 335,846 FUNDS Unrestricted Revaluation Reserve 221,336 240,718 215.612 120,234 462,054 335.846 30. RIREMENT BENEFIT SCHEMES Mayfield Preparatory School conlribules tr) one mulli emtdoyer defined benefit scheme and one group defined contribution heMe. The cost of these contributions In respect of the period ended 31 August 2025 was £31L),898 12024= £174,955) and £64,399 12024.. £43.869) respective5y. Nothing was payable as of the year ended 31 August 2025.