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. BinsIG￿k 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 sch￿1"). 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 El￿abeth,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 build￿n9 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