Registered Charity Number.. 289174 THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2021
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL CONTENTS Page Trustee's annual port Indèpendent Audilorfs report 8-11 Consolidated Statement of Financial Activities including Consolidated Income and Expenditu ApKount 12 Charity Sl8lement of Financlal Activities Including Charity Income and Expenditure Account 13 Group Balance Sheet 14 Charity 8818nce Sheet 15 Group and Chanly Statement of Cash Flows 16 Accounting Policies 17-18 Notes to the Financial Statements 19-25
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 1 TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2021 The Trustee submits ils annual report and financial stslemenls of The Friends of Queen Elizabeth's School and its subsidiary undertaking for the year ended 31 July 2021. The accounts have been prepared in accordance with the accounting policies Set out on pages 15 and 16 of the attached financial slalemenls and comply with the charity's Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities. Statement of Reeommended Practice applicable lo charib'es preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. 1. STRUCTURE GOVERNANCE AND MANAGEMENT The Friends of Queen Elizabeth's School is a registered charity. Ils objects, powers and other constilulional matters are sel out in ils Trust Deed of March 1993. 11 is governed by a Board of Trustees. which is responsible for setting the strategic direction of the organisation and for establishing policy. The financial slalemenls comply with current statutory requiremenls, the Charity's govèrning documents and the Charities SORP IFRS 1021 Trustees The Charity reorganised the governance structure in September 2021. On 10 September 2021 all individual trustees resigned and the corporate trustee, The Friends of Queen Elizabeth's School Corporal& Trustee Limited Iregislered number 135596811 was appointed as sole Iruslee. The directors of the corporate truste8. who art as Trustee representatives, are. E Aghdiran A Binslock N Enrighl N Gaskell E Houston B Martin CPrice All the above were appointed on 10 September 2021. The individual Trustees who seNed during the whole of the financial year and up lo 10 September 2021 were.. E. Aghdiran MBA N. Enrighl MA (Oxonl, MBA, FRSA N. Gaskell ACA E. Houston BA B. Martin FRICS, IRRV C. Price BA. PGDipEdLaw Director of Covenants Headmaster and President Honorary Treasurer Retired Second Master Chairman School Master 2. REFERENCE AND AD TIVE DETAIL Registgr•d addre98 Queen Elizabeth's S¢hool Queen's Road Barnel Herts EN54DQ Charlty registration number 289174 Registered auditor Buzzacott LLP 130 Wood Street London EC2V 6DL
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 2 TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 Bankers CAF Bank Limited Kings Hill Wesl Malling Kent ME19 4TA HSBC PIC 140 High Street Bamet Herts EN5 5XW Executlv• commltt B. Martin, Chairman N. Enrighl, Headmaster D. Mason, Se¢retsry S Kan5al, School Captaln A. BinsIGk R. Essex K. Forrester P. Forrester C. Martin P. Reid W. Rodrigues A West¢ott
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 3 TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 3. OBJECTIVES AND ACTIVITIES The Charity's objects, powers and other cons1itulion81 matters are sel out in ils Trust Deed. In setting the Charity's objectives and planning its activities, the Trustees have given careful consideration lo the Charity Commission's public benefit guidance. The Charity has continued ils principal activity of providing for all or any of the following.. The advancement of education at Queen Elizabeth's School {"Ihe sch1"). The provision. maintenance. insurance, reconstruction or repair of the School buildings, fixtures, fittings and equipment Including vehicles and any fatility of whatsoever nature present at the School or subsequently lo be erected al th8 School, including the provision or extension or maintenance of playing fie5ds and any other recreational facility. The general encouragement of all educational pursuits by the students of the School, including the provision of films, books, lectures. educational equipment, sporting, recreational and musical equipment and costs involved in attending external educational courses or visits. The provision of financial assistance lo necessitous pupils of the School for the purposes of acquiring clothing, books, tools, instruments and equipment. The furthergnce of any general charitable object for the benefit of the School or for its present or future or past m8mbers. The promotion of cohesion between all members of the School's community Ih¥ough their Involvement with the organisation of social events held for the benefit of the School. Investment Power6 and Pollcy Investment powers are governed by the Trust Deed, There are no reslriclions on the Charity's absolute power of inveslmenl. Organ18•tlon •nd Pollcy The objects ol the Charity 8re lo advance the education of the boys of the School by providing and as51sling in th8 provislon of facilities for education al the School and to engage in activities which support the School. All parents and guardians of puplls of the School and members of the common room are voting members of the Charity. Those who were formerly members and old boys of the School may be associate or honorary meTnbers. The Executive Committee deals with the planning and organisalion of events and the Trustees administer the trust funds. The President, Chairm8n and Treasurer of the Charity are ex officio Trustees. The Executive Committee meets approximately 8 times per year and Sub-commillees meet more frequently to plan particular even15 10 5UPPOrt the Trust. The Headmaster and members of the common room attend the meetings of the Executive Committee and keep them informed of the School's plan and aspirations. The Commillee's action programme is tailored lo provide support for the plans. Ordinary members are kept informed by means of the School, termly newsletter and by additional mailings from the Executive from lime to lime. The annual report is presented lo the Annual Meeting. Reports of recent and future activities are made to each meeting of the School's Governing Body. In addition to raising funds and providing facilities for education al the School, members assist at many school functions including briefings for prospects've parents, new parents and work experience.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 4 TRUSTEE'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Connected Organi8ation$ including Rglatgd Party Relationship8 The Friends of Queen Elizabeth's School provides funding for the provision of facilities for the educatlon of pupils al Queen Elizabeth's School, Bamel. The Friends of Queen Elizabeth's School is the parent company lo FOE Enterprises Limited (the wholly owned subsidiary). The subsidiary's principal trading activity is to provide school uniform, equipment and other related products and services to the pupils of Queen Elizabeth's School, Barnel. All profits from the subsidiary are donated to The Friends of Queen Elizabeth's School by Gift Aid within nine months of Ihe end of the reporting year. Publlc 88neflt The Governors acknowledge the duly in Section 4 of the Charities Act 2011 to have due regard lo the Charity Commission's published geneml and relevant sub-sector guidance on public benefit They have referred lo this guidance when reviewing the aim5, 51ralegy and planning future activities. All activities undertaken by the School are for the public benefit. The Charity is specifically reslricled lo advance for Ihe public benefit education in the United Kingdom and reports annually on the ways in whieh il has successfully deliverèd in this regard. The Charity's overriding objective of advancing education at Queen Elizabeth's School meets the Charity Commission's public benefit guidance since the 5UPPOrt given lo Queen Elizabeth's School benefits all of the students al the School. In addition, the support given lo The School by the Charity provides public benefit to the wider educational community. For example, the School's swimming pool was funded through donalions from the Charity and is now used by several local primary schools at heavily subsidised rental rates. Fundralslng Practlces The Charity raises funds from only the wider School ¢ommunily of pupils, parents, friends, family and former PLipils. 11 does not Lise any third parties lo fundraise and limits ils appeals to simple requests for voluntary donations through the Giving lo QE covenant scheme, and appeal pages on JuslGiving and CAFDonale. No complaints about fun(Jraising have been received In the year. 4. ACHIEVEMENTS AND PERFORMANCE 11 THE EXTENT TO WHICH OBJECTIVES HAVE BEEN MET For the second year, the COVIO.1g pandemie has constrained the in-person activities of the Charity. All fund raiaing events h8ve h8d lo happen virtually. The Ir8dltion81 Founder's D8y Fete In June was once again held virtually, using JuslGiving lo collect donations. A virtual Quiz Evening was organised and ran Successfully. The level of donations received during the year was Consistent with prior periods. The ¢ontinuing level of Income has enabled the Charity to grant significant financial assistance to the School to fund the construction of the Mayes Music building.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 5 TRUSTEE'S REPORT (CONTINUED FOR THE YEAR ENDED 31 JULY 2021 11) SUMMARY During the last academic year, the Friends h8ve continued to provide financlal support to Queen Elabeth,5 School Capital projects financed by the FQE continue lo impact profoundly upon the working environment and extra-curricular life of the School. The boys would simply not be able lo enjoy the range of sporting and cultural experiences they do without the Friends, wide-ranging support that also includes basics such as the running costs of the minibuses and costs of celebrations such as the Junior and Senior Awards ceremonies. These extra-curricular enrichments contribute signifi'cantly lo the School's mission of producing rounded young people who are confident, able and responsible. There is also direct correlation between the pupils. exlra-CLtrricular enrichment and their extraordinary academic achievements. Staff derive confidence from the support that the School receives from the FQE as they know that the work they do here is highly valued. Pupils lake themselves seriously when they know that many have given so much voluntarily lo enhance their educational experience. During the period work has Continued on the construction of the Mayes Music block at the School. This very exciting building is to be funded in part by grants from the Gondition Improvement Fund I'CIF") of the Education and Skills Funding Agen¢y, bul a very significant portion will be funded by the Charity. The construction phase started in August 2020 after only short delays arising from the Covid-19 disruption. During the year the Charity granlod £1, 150,000 lo the School for ¢on5truclion costs, The School expects the new buildn9 to be opened for usè in the 2021122 academic year. In addition to funding this major capital rtem the Charity has mad8 donations lo the School during the year lor purposes which include the purchase of IT equipment and general sile improvements. The Charity ¢onlinued to make donations to the Sch¢Jol lo cover travel costs for pupils lo attend events and fixture5. The Charity has pledged funds by donation lo the School of £56,000 lo enable these works lo be carried out. At the year end all of this amount W8s due lo be paid to the School. Last year a donation wa5 received for the specific purpose of supporting th& erealion of 8 digital archive al the school. Thi5 generous gift has been alloc8t&d to 8 restricted purpose fund which will only be used fcr expenditure on the archive. In thè current year, £17,1k13 has been spent by the School and this amount w8s passed over to the School after the y&ar end. With the construction of the Mayes Music building well under way, the Charity established a specific appeal for tunds to purchase pianos for all th6 music rooms, The School pupils look part in "Pianoalhon" getting sponsored for performing music across a whole day. This, along with a sponsored walk, has raised £14,867 which will be paid over lo the school when the pianos are purchased. It is also of paramount importance that Queen Elizabeth's holds to a steady course and stands firm on the common core values that bind the Sohool comrnunily together. In 50 doing we ensure Ihot parents, staff, old boys, trustees and governors work together effectively to alise the School's priorities and achieve our mission, It Is this unity of purpose, reflected materially in the many donations lo FQE that lies at the heart of our boys, widespread 5uccesse5. The School had another splendid year with excellent results at GCSE and A level. The pupils and staff are immensely grateful for the support which the School receives from The Friends of Queen Elizabeth's School.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 6 TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 1111 PLANS FOR THE FUTURE The major objective of the next year is lo continue to support the School to fund the construction of the Mayes Music block. The School has also carried out a projeGI to improve fire safety in the Fern teaching block, which has been partly funded by the CIF. The work was completed by September 2021 and will require some funding from the Charity to enable completson. The Charity conlinue51o monitor carefully the level of donation Income in the light of the general changes arising form Covid-19 and will work closely with the School in order lo provid8 support as needed for the School's Priorities for Development lo enable the best use of available resources. The Trustee represenlalives have assessed whether the Chafily will continue as a going concern for al leasl a period of tW8lve months from the dale ol approving the financial slalements and have concluded that there are no material uncertainties about the Charity's ability lo continue and accordingly the financial stal&m8nls are prepared on the going concern basis. INANCIAL REVIEW The results are reported within the financial slalements and the Charity's a55ets ar8 sufficient lo meet ils obligations. The principal funding sources afe by way of donations lo the Charity and income generated from fund-raising activities within Queen Elizabeth's School, Barnet. Total income for the year was £973,96412020 £973,274) and total expenditur8 was £1,380,56412020.' £825.5371. Funds are being used to support building projects and education81 developments within Queen Elizabeth's School, Barnel. Reserves Pollcy Note 7 to the financial statements shows the movement in funds by type. The Charity's policy is lo build up reserves by means of annual operating surpluses ancj judicious management of its investment assets to enable the pursuance of the Charity s obi8cls. Thè resèrvés arè thèn usèd on a periodic basis lo make grants lo Ilie School. A$ al 31 July 2021, free r8serv&s of the Charity are £621.899 and the Trustees Gon5ider that 5ullicienl reserves are held to cover the expected donations lo the School during the 2021122 year, which will Include further significant support for buildin9 the Mayes Music block and the Fern lire Safety project. Grant Maklng Policy Grants lo Queen Elizabeth's School are m8de in accordance with the procedures laid down by the Board of Trustees and established by the conditions sel down by the donor of the funds. Rlsk Management The Board continues lo keep the Charity's activities under review, particularly wtth regard to any major risks that may arise from time lo lime and lo monitor the effectiveness of the system of internal controls. Investmgnt in FQE Enterprises Ltd The Charity holds an investment of £25.000 in FQE Enterprises Ltd, a wholly owned 5ub5idiary of the Charity which runs the School's shop. All of the Shop's profits are donated to the Charity eaGh yeaT.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 7 TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 6. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustee is responsible for preparing the Trustee's Annual Report and the financial statements in accordance with applicable law and United Kingdom Accountsng Stsndard$ (United Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in England and Wales requires the Trustee lo prepare acccunls for each financial year which give a true and fair view of the state of affairs of the Charity and the group and of the in¢ome and expendrture of the group for that period. In preparing these accounts, the trustee is required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles in Accounling and Reporting by Charities. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021.. make judgements and eslimal&s that are reasonabl6 and prudent,. slate whether applicable United Kingdom Accounting Stsndards have been followed, subject to any material departures disclosed and explained in the accounts., and prepare the accounts on the going concern basis unless il is inappropri818 to presume that the Charity will continue in operation. The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial slalemenls comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 11 is also responsible for $8feguarding the assets of the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregu18ritses. KEY MANAGEMENT REMUNER The key management of the Charity are regarded as Trustee representatives. They do not receive any Temuneralion or benefit5 in kind. N Enright Pre¥id•nt
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 8 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL FOR THE YEAR ENDED 31 JULY 2021 Opinion We have audited the financial statements of The Friends of Queen Elizabeth's School (the 'parenl charily'l and its subsidiary Ilhe 'group'l for the year ended 31 July 2021 which comprise the group ond parent charity slalemenl ol financial aclivilies, balance sheets, statement Df cash flows, the prinGipal accounting polici8s and the notes to the financial stslemenls. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iuniled Kingdom Generally Aecepled Accounting Praclicel. In our opinion, the financial stalement5'. give a true and fair view of the slate of the group's and of the parent charity's affairs as al 31 July 2021 and of their income 3nd expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilitie5 under those standard5 are further described in the auditor's responsibilities lor the audit of the financial slalemenls section ol our report. We are ind8pendenl of Ihe group in accordance with the ethical requirem8nls that are relevant lo our audit of the financial statements in the UK. including the FRC'S Elhical Standard, and we have fulfilled Dur other ethical i¥¥puTi¥ibililigb ili dLGL)fLldnc8 with these iequiremen15. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Con¢lu61on8 rolatlng to golng concern In auditing the financial slalemenls, we have concluded that the trustees, use of the going concern bas1S of accounting in the preparation of the financial slatements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that. individually or ¢olleclively, may cast signili¢ant doubl on the group and parent charity's ability to continue as a going concern for a pèriod of al least twelve months from when Ihe financial stalemenls are authorised for issue, Our responsibilities and the spOnsIbIlItIeS of the trustees with respect to going concern are described in the relevant sections of this report. Other Infomiatlon The Iruslees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and we do not express any Ivi111 ul d¥¥Ul¢111L¥ Ut)IlLlu¥iuii Ili¥i¥uii. In connection with our audit of the financial slalemenls, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statement5 or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material incon5islencies or apparent material misslalements, we are required lo delerffline whether there is a nialerial rnisslalemenl in the financial statements or a material mi55talemenl of the other information. If, based on the work we have performed, we conclude that there 15 a material misstslemenl of this other information, we are required to report that fact. We have nothing to report in this regard.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 9 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL FOR THE YEAR ENDED 31 JULY 2021 ICONTINUEDI Matter¥ on whlch we are requlred to report by exception We have nothing lo report in respect of the following matters in relation lo which the Charities Act 2011 requires us lo report lo you if, in our opinion". the information given in the trustees, annual report is inconsistent in any material respect with the financi81 statements.. or sufficient accounting record$ have not been kept by the parent charity", or the parent charity financial $tal8menls are not in agreement with the accounting records and returns, or W8 have not received all the information and explanations we require for our audit. R8sponslbSlltles of trustees As explained more fully in the trustees. responsibilities slatèmenl, the trustees are responsible for the preparation of the financial statements and lor being satisfied that they give a true and fair view, and for such Internal control as the trustees determine is necessary to enable the preparation ol financial $lalemenls that are free from material misslalement, whether due lo fraud or error. In preparing the linancial slalemenl$, the Iruslees are responsible for assessing the group's and the parent charity'5 ability lo continue a5 a going concem, disclosing, as applicable, matters related lo going concern and using the going concern basi5 of accounting unless the trustees either intend lo liquidate the group or the parent charity or lo cease operations, or have no realistic allemalive but lo do so. Audltor's responslbllltles for the audlt of the flnanclal Statements Our objectives are lo obtain reasonable assurance about whether the financial stslements as a whole are free from material misslalement, whether due to fraud or error. and 10 155ue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in aGcord8nce with ISAS IUKI will always detect a material misslatemenl when il exists. Misstatements can arise from fraud or error and are considered material Il, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with la an¢J regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedure5 are capable of detecling irregularities, including fraud is detailed below., How th6 audit Was considered capable of det8cling irregul8rities including fraud Our approach lo idenlilying and assessing the risks of material misslatemenl in respect of irre9ularilies, including fraud and non-compliance with laws and regulations, was as follow5.. the engagement partner ensured that the angagemenl team ¢ollectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable to the group through discussions with trustees and other management, and from our oommer¢ial knowledge and experience of the lor.. we focused on specific laws and regulations which we considered may have a direct material effect on the financial stslemenls or the operations of the group, including the Charities Act 2011, data protection legislation, anli-bribery, employment, health and safely legi51alion,'
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 10 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL FOR THE YEAR ENDED 31 JULY 2021 (CONTINUED) Audltor's respon8lbllltle8 for the audlt of the financial 8talements Icontlnuedl we assessed the extent of compliance with the laws and regulations Identified above through making enquiries of management and inspecting legal correspondence," and identified laws and regulatlDns were communicated within the audit team regularly and the team remained alert to Instances of non<omplianc8 throughout the audit. We ass8ssed the susceptib11IY of the charity's financial statements lo material mlsslalemenl, including obtaining an understanding ol how fraud might occur, by.. making enquiries of management as lo where they considered there was susceplibilily lo fraud. their knowledge of actual, suspected and allegecj fraud", and considering the intemal controls in place to mitigate risks ol fraud and non-compllance with laws and regulations. To address the risk of fraud through management bias and overrid8 of controls. we.. performed analytical procedures to idenlily any unusual or unexpected relationships., tested the implementation of financial Gontrols., and assessed whether iudgemenls and assumptions made in determining the accounting eslimales were Indicative ot potential bias. In response lo the risk of irregularities and non-compliance with laws and wgulalions, we designed procedures which included, but wère not limited lo.. agreeing financial statement disclosures to underlying supporting do¢umenlation', reading the minutes of meetings of those charged with governance., enquiring of management as lo actual and potenlial1rt19ation and claims., and reviewing any available correspondence with HMRC and the charity's legal advisors (although none was noted as being received by the group). There are inherent Ilmitalions in our audit procedures described above. The more rernoved that laws and regulations are from financial transactions, the less likely it is that we would become aware of non- compliance. Audiling standards a150 Iimil the audit procedures required to Identity non-compliance with laws and regulations lo enquiry of the trustees and other management and the inspection of regulatory and leg81 correspondence, if any. Material misstalemenls thai arise due lo fraud can be harder lo detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our respon5ibililie5 for the audit of the financial statements is located on the Financial Reporting Council's website al www.frc.org.uklauditorsresponsibililies. This description forms part of our auditor's report.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page11 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL FOR THE YEAR ENDED 31 JULY 2021 (CONTINUED) Use of our report This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertakon so that we might stale to the charity's trustees those matters we are required to state lo thern in an auditor's report and for no other purpose. To the fullest exlenl pemiitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body. for our audit work, for this report, or for the opinions we have formed. fjw.u) •, /] Hugh Swainson Buzzacott LLP Slalutory Auditor 130 Wood Street London EC2V 6DL Dale.. 25. I 1.202 I Buzza¢ott LLP is eligible to act as an auditor in terms of section 1212 cf the Compani88 Act 2006
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 12 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2021 2021 Unr•strl¢t¢d Fund8 2021 R•sirlctod Funds 2021 Total 2020 2020 Re5trlcted Funds 2020 Tolal Unrestricted Fund Donallons and 7ee.725 14,867 781,592 746,628 50.000 796,628 Charit8ble 19.390 19,390 26,244 26.244 other iiadlng actwrties 172,871 172.871 149. 709 749,709 Investments 693 693 Towi 969,097 14,887 973,914 923.274 Jo,000 9T3.274 EXPENDITURE ON.. R•i$lng funds 145.289 145,289 136,983 t36,983 Charllabl6 1,218,212 17,063 1.235,275 678, 702 9,852 668,554 Total 1,363,601 17.083 1,380.661 81S.688 9,8J2 825,537 Id•fi¢ltVlncome for the yoir and n•1 movomoni In lund• 1404,4041 12,1901 1406,6001 107,J89 40.14V 147.737 Ro¢oncill•tlon ol fund¥ Tol81 lund8 brought forw8rd 1,02e.303 40,148 1.Cfj6,451 918.714 978,714 Total fundB c•rrlwl lOard 621,899 37,952 669,851 1,028.303 40.148 1.066,4Jl The statement of financial aclNlties includes all gains and losses recognised in the year.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 13 CHARITY STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING CHARITY INCOME AND EXPENDITURE ACCOUNT} FOR THE YEAR ENDED 31 JULY 2021 2021 Unwtrfcted Fund 2071 Ro$¢rl¢ted Funds 2021 Totsl 2020 Unre&trt¢ted Fund5 2020 Restrrcted Fund# 2020 rot•l Notes DonattJn8 and I8¢1¢9 773,426 14,887 788,293 767,031 50.000 81T,037 Charrtabl8 19,390 19,3 26,244 26,244 Investments 110 110 667 667 Tot•1 792.931 14.B87 807.793 793,942 S0.C 84J,942 EXPENDITURE ON.. Rliiing fu 320 320 1,385 1,385 Ch•rlt•ble 1,210,991 17,C63 1,228,054 671,266 9,852 681, It8 Tot•1 1.211,311 17,063 1,22B,374 672,0S1 9,852 812.503 Not IdollclWncom• for th• year and not movement In lund• 1418,3861 12,196 1420,S811 121.291 40,148 161,43• R•¢on¢lll•tlon of fund• Tot81 funds brgughl lo9 1,019.002 40,148 1.059,750 898.317 898,311 Total lund• ¢•rrl•d forw•ryl 001.217 37,962 639,169 1.019,602 40.148 1.059.750 The statement ol financial activities includes all gains and105ses recogni5ed in the year.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 14 GROUP BALANCE SHEET AT 31 JULY 2021 Note 2021 2020 Current a8S•ts Stocks 72,392 39.019 722.929 76,390 40.970 1,728,746 Debtors Cash al bank and in hand Total Current Assets 834,340 1.846.106 Credltor8'. Amounts falling due within one year 1174,489) 1779,6551 Current a88ets 1888 curront Ilabllltles 659,851 1,066,451 Totsl 48••t• le•$ curront Ilabllltlo8 659,851 1,066,451 Comprising.. Fund• Re51riGled 37,952 621,899 40,148 1,026,303 Unrestricted.. General funds Total Funds 659,851 1,066,451 The financial statements were approved by the Trustee on 20n October 2021 and signed on ils beh81f by N Enrlght Director N Gaskell Director
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 15 CHARITY BALANCE SHEET AT 31 JULY 2021 Note 2021 2020 Flxed asset Investmènt Investment in 5ubsidi8ry company 25,000 25,000 Current 8S8&ts Debtors 34,302 656,035 32,737 1.682,655 Cash at bank 2nd in hand 690,337 1,715,392 CrodSlor•.' Amount8 falling due within on8 year 176,168) {680,642) Current •888t• le88 current Ilabllltle• 614,169 1,034,750 Total a8set8 le•8 current Ilabllltle• 639,169 1.069,760 Compnsing.. Funds Restricted 37,952 601,217 40,148 1.019,602 Unrestricted.. General funds Total Fund8 639,169 1,059,750 Thg financial statements were approved by the Trustee on 201n October 2021 and signed on its behalf by N Enright Director N Gaskell Director
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 16 STATEMENT OF CASH FLOWS FOR THE YEAR ENDING 31 JULY 2021 GROUP CHARITY Total fund8 2021 Total fund8 2020 Total funds 2021 Totsl fund8 2020 Note Cash flows from opgratlng actlvStle8: Nel cash Iconsumedll provided by operating 8Ctivities 11 11.005.928) 528,674 11,026,730} 546,591 Ca8h flow• from Inve8tlng actlvltle8: Interest 111 893 110 667 Change In cash and ca8h equlvalenls In the year Cash and cash equivalents brought forward Cash and ¢a•h equlv41ont# carrled forward {1,005,817) 529,367 11.026,620) 647,258 1,728,746 1,199,379 1,682,655 1,135,397 12 722,929 1,728,746 1656,035) 1,682,655
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 17 ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2021 Accounting Convention and Basis of Preparallon The financial statements of the Charity are prepared in accordance with The Charities Act 2011, The Charities IAc¢ounls and Reports) Regulation$ 2008 and the Charities SORP IFRS 1021 updated in 20191 SORP I, and with applicable acGounling standards. These financial statements are down up on the historical Cost awounting basis except that inveslm8nl assets are carried al valuation. Group Flnancial Statgments These financial 51alemenls consolidate the results of the Charity and ils wholly-owned Subsidiary, FaE Enterprises Limited on a line by line basis. Donatlon• Donations representing Deeds of Covenant and Gift Aid aro accounted for in the period in which the charity 15 enlilled lo receive. Incom& Tax Reclalmed Income lax reclairned on income from Deeds of Covenant and Gift Aid is accounted for on an accruals basis. Actlvltlgs Income Activities income represents Ihe gross income arising on fundraising activities during the year. Investment & Investment Income Investment in the subsidiary has been slated al cost less any provision for permanent diminution in value. Investment income Is accounted for in the period in which the Charity is enlilled to receive. Expgndlturo Expenditure is included in the Slalement of Financial Acllvities on an accmals basis, inclusive of any VAT which cannot be recovered. It 1$ recognised when there is a legal or conslruclive obligation lo pay, il is probable that selllemenl will be required and the amoLtnl of th8 obligation can be measured reliably. Certain expenditure is directly attributsble lo specific activities and has be&n included in those cost cale9ories. Certain other costs, which are allribulable lo more than one aclivily, are apportioned across cost categories on the basis of r&sources used on those activities, Grant8 Payable Grants payable are charged lo the income and exppndilure account in the period in which the Projects which are 5UPPOrted al the School incur expenditure. Fund Accountlng The Funds held by the Charity are divided into unreslricled general funds, which can be used in accordance with the charitable objects al the discretion of the Trustees, and reslricled funds which must be used for the objects specified by the donors of those fund5 During the year an appeal gave rise to donations for the specific purpose of buying pian05 for the new Mayes Music building al the School.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 18 ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2021 Golng concern The Trustees assess whether the use of going concern for preparing the financial statements is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubl on the ability of the Charity to continue as a going concern. The Trustees acknowledge and recogni5e the potential impact of the COVID-19 pandemic on the future operations of the charity and the impact it may have on donations. The charity is closely monitoring donations each month, and donations in the period after the year end have remained con515lenl with the prior year. The Trustees make this assessmenl in respect of period ol one year from the dale of approval of the financial slalements. The Trustees conclude that there are no material uncertainties about the Charity's ability to continue and accordingly the financial statements are prepared on the going concern basis. Fln8n¢lo1 In•trument8 The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like Ir8de and other debtors and creditorg. The Charity only holds basic flnanclal instruments as defined in FRS 102. The financial assets and financial liabilities of the Charity and their measurement basis are as follows., Financial assets- trade and other debtors are basic financial instrument5 and are debt inslwmenls which are measured al amortised cost. Prepayments are not financial instruments. Amounts du& from th8 Charity's related undertakings are held at amortised cost. Cash at bank- is classified 8$ 8 basic financial instrument and is measured al face value. Financial Iiabililies - trade creditors. accruals and other creditors are financial instruments. and are measured al amorlised cost. Taxgtion and social security aTe not included in the financial instruments disclosure definition Deferred income is not deemed lo b8 a financial118bilily, as the cash Settlement has already taken place and there 1$ an obligation lo deliver services Tather than cash or another financial instrument. Amounts due to laled undertakings are held at amortised cost. Stocks Stocks are valued at the lower of cost and net 011$able value and after making due allowance for obsolete and slow moving stocks. Crltl¢al judgement8 and e8tlmates There 3r9 no significant aroas of judgement, estimates or key assumpts'ons that effect items in the financial slalernents with respect to the next reporting period for the year ended 31 July 2022. As sel out in these accounting policies under "going concern., the Trustees have considered the impact ofthe pandemic on the charity and have concluded that although there may be some negative consequences, il is appropri8te for the charity lo continue to prepare its accounts on the going concern basis.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 19 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Donations and legacies Group Unrestricted fund8 Re8tricted fund8 Totsl 2021 Donations 624,930 14,867 639,797 Income tax recoverable 141 795 141 795 768,725 14,867 781,592 Charlty Unre8trlcted fund8 Re8trfcted fund8 Total 2021 Donations 631,631 14,867 648,498 Income tax recoverable 141.795 141,795 773,426 14,867 788,293 Comparatlves for year ended 31 July 2020 Group Unrestrlcted fund• Re•trlctod funds Total 2020 Donations 610,997 40,000 650,997 Income lax recoverable 135631 145831 746,628 60,000 796.628 Charlty Unrestrlctgd funds Re•trlcted funds Total 2020 Donations 631,400 40,000 671,400 Income lax recoverable 135,631 10.000 145.631 767,031 SO,DOO 817,031 Charltablo attlvities Income (Group and Charltyl 2021 2020 Founder's Day Virtual Fete VirtU81 Supper Quiz Parents, Evening5 and Receptions Christma5 Fayre 450th anniversary fundrai51ng 14,471 1,250 22,743 1,791 150 1.560 3,669 19,390 26,244 All income from charitable activities is unre51ricted in both the current and prior years.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 20 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Expenditure Group Unr•striGt•d funds Restricted funds Total 2021 Expenditur6 on raising funds.. Activities expenditure Cost of sales Shop management fee Ttsl81 expandilure on r8ising funds 320 94.969 50,000 145,289 320 ,969 50,000 145,289 Expenditure on charitable aclivilies.. Grants payable in furtherance of the Charity's objects.. Contribution lo School Projects Pupil travel Support costs.. Bank and credit card charges Governance costs.. Auditor, remuneration.. 1,202,790 3,465 17,063 1,219,853 3,465 4,032 4,032 Audit fèès Other Total expgnditure on chantabl& 8clivilies 5,175 2.750 5,175 2,750 1,218,212 17,063 1.235,275 Total •xp•ndlturn 1,363,501 17,063 1,380,S64 Ch•rlty Unrestrlcted fund8 Restrlcted lund8 Total 2021 Expenditure on raising funds.. Activities expenditure Total expenditure on lSing funds 320 320 320 320 Expenditure on ch8ritable activitios., Grants payable in furtherance of the Charity's objects.. Contribution lo School Projects Pupil travel Support costs.. Bank and credit card charges Governance costs.. Auditor, remuneration.. 1,202,790 3,466 17.063 1,219,853 3,466 386 Audit fees Other 2.850 1.500 2,850 1,500 rotal expenditure on charitable activilios 1,210,991 17,063 1.228,054 Total expendlturo 1,211,311 17,063 1,228,374
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 21 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Expendlturo {¢ontinued) Comparatlves for yoar endod 31 July 2020 Group UnroStrlctod funds Ro$tri¢tod funds Total 2020 Expenditur8 on r8ising funds.. Activities expendilu Cost of sale5 Shop management lee Tot818xpendilure on raising funds 1,385 83,598 52,000 136,983 1,385 83,598 52 000 136,983 Expenditur6 on ch8ri18ble aGtivitie3.' Grants payable in furtherance of the Charity's objects.. Contribution to School Proj8cIs Pupil travel Support costs.. Bank and credit card charges Governance costs., Auditor's remuneration". 648,987 19,013 9,852 658,839 19,013 3,987 3,987 Audit fees Other To1818xpendilure on charitable activiti6s 5,115 5,115 678.702 9.852 688.554 Total ftxpendlture 815,886 9,852 826,537 Charlty Unrestrlcted fund• Re8trlct8d funds Total 2020 Expenditure on raising funds,. ActIvil$ expenditure Total expenditure on raising funds 1.385 1,385 1,385 ExpendituTr on chanlable ¢tivities.' Grants payable in furtherance of the Charity'5 objects". Contribution to School Projects Pupil travel Support cos15". Bank and credit card charge5 Governance costs.. Audrtor's remuneration.. Total expenditure on charitablg Èivities 648,987 19,013 9,852 658,839 19,013 476 476 2,790 671,266 9,852 681,118 Total expenditure 672,651 9,852 682,503
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 22 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Tru6tees The key management of the Charity are regard8d as ils trustees. The Trustees rec8ived no remuneration or expenses in either of the financial years. Debtors Group 2021 Charlty 2020 2021 2020 Due in one year.. Income lax recoverable Prepayrnenls and accrued income 33,339 5,680 39.019 30,944 10,026 40,970 33,339 963 34,302 30,944 1,793 32,737 Credltors: Amounts falllng due wlthln ono year GfOUP 2021 Charlty 2020 2021 2020 Grants payable lo Queen Elizabeth, School Other creditors 73,318 101.171 174.489 677,852 101 ,803 779,655 73,318 2,850 76,168 677,852 2.790 680,642 Funds Group At 1 August 2020 Income Expendlture At 31 July 2021 Fund¥ Unrestricted Restricted 1,026,303 40.148 1066 451 959,097 14,867 973 964 {1,363,5011 117,0631 1,380 564 621,899 37,952 659 851 Total Funds Charlty At 1 August 2020 Income Expendlture At 31 July 2021 Fund8 Unreslrlcled Restricted 1.019,602 40,148 1,059,750 792,926 14,867 807,793 601,217 37,952 117,0631 1228 374 Total Fund8 639 169 During the year ended 31 July 2021, restricted donations were reiVed lor the specific purpose of equipping the new Mayes Music building 8t the School with pianos.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 23 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Fund8 (continued) Comparatives for year ended 31 July 2020 Group At 1 August 2019 Income Expendlturo At 31 July 2020 Funds Unrestricted Restricted 918,714 923,274 50,000 973.274 1815,6851 19,8521 {825,537 1.026.303 40,148 Total Fund• 918,714 1.068,451 Charlty At 1 August 2019 Income Expondlture At 31 July 2020 Funds Unrestricted Restricted 898,311 793,942 50,000 1672,6511 19,8521 1682,503 1,019,602 40.148 Total Fund• 898,311 843,942 1,059,750 During the year ended 31 July 2020, a specific re$lri¢led donation to 5UPPOrt a digital archiving project 81 the School was received. Analy818 of not a880ts twO•n fund6 Group Re8trlctgd funds Unre8trl¢ted funds Total Funds Fund8 Investments Current assets Current Iiabililies 55.015 {17,0631 779,325 1157,4261 821,899 834,340 1174,4891 659,851 B•lan¢e at 31 July 2021 Charlty Re$trlct•d funds Unrestricted fund• Total Fund• Fund8 Investments Current assets Current liabilities 25,000 635,322 159,1051 601,217 25,000 690,337 176,1681 639,169 55,015 117,0631 37,952 Balance at 31 July 2021
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 24 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Analysis of net a88ets betweon funds Icontinutdl Comparatlves forygar ended 31 July 2020 Group Restrlcted funds Unrgstrlcted funds Total Funds Funds Investments Current assets Current liabilities 50.000 19,8521 40,148 1,796,106 1769,8031 1,026,303 1.846,1a6 1779,655} 1066,451 Balance at 31 July 2020 Charlty Re8trlcted funds Unre8trl¢ted fund8 Total Fund• Funds Investments Current assets Current liabilities 25,000 1,665,392 1670,790 1,019,602 25,000 1,715,392 1680,6421 1,059.750 50,000 19.8521 40,148 Bilancè at 31 July 2020 Investmont In Suhldlary Company The Friends of Queen Elizabeth's School has invested £25,000 in its wholly owned subsidiary, FQE Enterprises Lirniled, a company registered in England. The company's principal trading activity Is to provide school uniform, equipment, other related products ané services lo the pupils of the School. The subsidiary donates ils annual taxable profit to The Friends of Queen Elizabeth's School by Gift Aid. This is Irealed as a distribution in the subsidiary financial slalemenls and accounted when paid over. The audited results for th& year ended 31 July 2021 weTe.' 2021 2020 Turnover Cost of Sales Gross profil 172,871 94,969 77,902 149,709 66,274 Less.. Adrninislralive expenses 57,221 59,599 Plus.. Bank interest 26 Retained in the subsidiary 20,682 6,701 Aggregate Gapital and reserves 45,682 31,701
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 25 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 10 Related party transactions The subsidiary has been granted a licence to run the School shop from Queen Elizabeth's School. Barnet, at a peppercorn rent. During the year, the subsidiary collected monies in the School Shop amounting lo £5.444 12020.. £16,442) which relates to the activitie5 of Queen Elizabeth's School Barnel. At the year-end. £2,175 12020. £3261 was oweoj to the School. Year-end creditors include £50.000 12020.. £52,000) owed lo Queen Elizabeth's School, Barnet in respect of the management charge for the School Shop. During the year The Friends of Queen Elizabeth's School donated £1,202,790 12020". £648,987) to Queen Elizabeth's School, Barnet. in respect of capital and operational projects, 3,46512020., £19,0131 in relation lo minibuses for PLJpiI travel and £17.063 12020. £9,852) as support for a digital archiving project. Of these sums £73,318 12020.. £677.8521 is included within creditors and was paid lo the School after the year end. The School collected monies and paid monies relating to the Founder's Day Fete and other activities on behalf ofthe Charity. At the year-end £96312020.. £1,793) was owed from the School to the charity. 11 Cash flows from operatlng actlvltles GROUP CHARITY Totsl lund• 2021 Prlor year 2020 Total fund• 2021 Prlor yoar 2020 Net Ideficilllincorne for the reporting period 1406,6001 147,737 1420,5811 161,439 Adju8lmenl for interest Decreasellincreasel in debtors 1693) 11101 ie671 1,951 28,416 11,5651 27,911 Decreasellincreasel in stock 3.998 17,5761 IDecreasellincrea$e in creditors Net cash Iconsumedll provlded by operatlng activltles 1605,1661 360,790 1604,4741 357,908 11.005.928) 528,6T4 {1,026,7301 546,591 12 Cash and cash equlvalents Group 2021 Charlty 2020 2021 2020 Cash at bank and in hand 722.929 722,929 1,728,746 1,728.746 656,035 656,035 1.682.655 1,682,655