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
Refe￿nce 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 I￿1r 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 F￿ndatiOn 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 re￿nI 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 Sch￿1 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 0￿ra11 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 ad￿Ser$. 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 wh￿h 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
accom￿1$hed In the past year-.
Financial Mability has been e5tsblished. to ensure suffKienl funds were available lo:
Provide professional guld8ntÈ and supwrt for the schools Ilhrough specialist legal advi5er5.'
Clerk.. an accountant., and an Indepe￿Ient investment 8dviser}.
Provide fvnds lo cover the costs ofthe entrance examination al both the Grammar and the High
School (to ensure the schools selected candidates based on ability}, for the afore-mentioned
(yjtreach work and contributions to prize-giving lo recognise the success and well-being of (he
sludents.funds lo the students.
To ensure that there were suffiuent reserves available 10 5UPPOrt finanaally any of the three schcols.
To review the Investment portfolio and investrnent polIc￿$ 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 wh￿h 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 lo￿1 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 88C￿On '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 Ma￿le1d 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
seCo￿ary 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. ho￿v8r, that although they can
contlnue to maintain support such as is provided at p￿Sent. il would not be possible to assume the sUp￿rt
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 F￿ndatIon 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 acti￿118$ 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, CO￿ludIng 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 c￿ceM.
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 Ma￿S 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 be￿een Years 7 10 11 and
to boys and girfs in the Sixth Fomi,. the High SCI￿1 prowdes education to girls be￿een 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 conside￿d 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 May￿81￿ employees.
Their decisions are minuled by the Clerk.
The Trustees have examlned the Foundation's activities and considered the risks faced. In thelr oplnion tr*re
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
AC￿pted 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 reasonal￿e 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 QL￿n 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 acCO￿Jance 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 auth￿Ised for
issue.
Our responsibilities and the responsibilit￿S 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 wh￿h 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. I￿luding fraud, are instances of nonwcompliance with laws and regulations. We design
prO￿dureS 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, omisS￿n 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.uklaudltors￿sp0n$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 Ma￿S 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 re￿Ned
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 p￿pared 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 conside￿d 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 Ind￿e￿ 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 not￿ed 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 t￿Y 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 measU￿d 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 rec￿jniSed 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 Ma￿le1d 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 per￿ntage 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
Te￿phone. 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 Peri￿J 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
a￿le1d 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$s￿l8110n 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 Ma￿lE1d 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
Ma￿5 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 Chari￿5 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 Ma￿S 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 be￿een 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
Be￿een 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 pa￿cIPate 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¢ repo￿ng 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. R￿IREMENT 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.