Registered Charlty Number. 289174 THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2022
THE FRIENDS OF QUEEN EUZABETH'S SCHOOL CONTENTS Pag8 Trustee's 8nnual report Independent Audltorf$ rtport 8-11 Consolidated Slalement of Fln8n¢lal A¢tSvilieB includlng Con801id81ed Income and Expenditure Account 12 Charrty Statement of Flnancial Activities indudin9 Chafity Incom and Expenditu A¢¢ount 13 Group Balance Sheet 14 Charky 88lan¢¢ Sheet Group and Ch4nty Slal8menl of Ca6h Flows Accounting Policie8 17.18 Notes lo the Financlal Slal&menls 19-25
ThE FRIENDS OF QUEEN EUZABETH'S SCHOOL Page 1 TRUSTEE'S REPORT FOR THE YEAR ENDED 31 JULY 2022 The Trustee submll$ ils annual report anil financial slalements of The Friends of Queen Elizabeth'8 School and ils subsidiary undertaking for the year ended 31 July 2022. The accounts have boen prepared in accordanc8 With the accounting policies set out on pages 17 and 18 of the attached financial slalements and cemply with the charity's Trust Deed, the Charities Act 2011 8nd Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable to charilles preparing their accounts in accordance wlth the Financial Roporting Sland8rd applicable in the United Kingdom and Republic of Ireland IFRS 1021. CTURE GOVERNANCE AND MANAGEMENT The Friends of Queen Elizabeth's Schocl 18 a regi81ered charlly. 118 objects, power8 and other constrtutional matters are set out in ils Trust Deed of March 1993. 11 is govern&d by a corporate trustee, which is responsible for setting tha 8lral8gic direction of the organisalion and for establishing pollcy. The flnancial statements cornply with current slatulory rèquiremènts. the Charill8 governing documents and the Charities SORP IFRS 1021. Tru•tO08 The Chanly reorganised the governance structure in September 2021. On 10 September 2021 all previously indlvldu81 Iruslees resigned and the corporate Iruslee, Tho Friends ol Queen Elizabeth, School Corporate Trust88 Limited Irggistered number 135596811 w98 8ppolnled ¥5 8ole Iru81ee. The directors of the corporate trustee, act as Tru81ee represenlalives, are.. E Aghdlran A Blnslock D Cook8 N Enrighl N Gaskell E Houston B Martin C Prlce Al the above wgr8 appointed on 1 Olb Sèptember 2021 . The individu81 Trustee8 who served up to 10th Seplemter 2021 were.. E. Aghdlran N. Enrighl N. Gaskell E. Houston B. Martln C. Price EFERENC AN ADMINISTRA IL Reg18torgd addr8 Queen Elizabeth's S¢hcc4 Queen's Road 8arnet Herts EN5 4DQ harlty regSstratlon numbgr 289174 Rogistered audltor Buzzacott LLP 130 Wood Slreet London EC2V 6DL
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 2 TrUSTEE'S REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 Bank•r6 CAF Bank Llmtted Klng$ Hlll West Malling Kent ME19 4TA HSBC PIC 140 Hlgh Street Bamet HertB EN5 5XW Ex•¢utlvo cornmltt•• B. Martln. Chaimian N. Enright, Headm881er D. M060n, Secretary T, Mama-Kahn. School Caplaln A. Bin61ock C. Coughl8n P. Forre8t8r P Raykar W. Rodrlguè8 D. Singh P. R4ykw
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 3 TRUSTEE'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2022 3. OBJECTIVES AND ACTIVITIES The Charills objects, powers and other constitutional matter8 8re sat OLrt in ils Trust Deed. In setting the Charills objectives and planning ils activities, the Trustee h85 given careful consideration lo the Charity Commission's public benefit guidance. The Charlly has continued ils principal acllvity of providing for 811 or any of the following.. The advancement of educab'on at Queen EIiz8beth's School I the School'l. The provision, maintenance. insurance. reconstruction or repair of the School buildings, fixtures, fittings and equipment including vehicles and anyfacilily of whatsoever nature present al the School or subsequently lo be erected al the School, including the provision or exlension or maintenance of playing fields an(18ny othor recreational facility. The general frncour8gement of 811 educ81ional pursuits by the sludonts of the School, including the provision of film5, books, lectures, educational equipment, 8POrting, recreational and musical equlpment and costs involved in attending external aducalional cour8es or visits. The provi8i0n of financial assI81ance lo neces$ilou$ puplls of the School for the purpo80$ 01 8cquirlng ¢lolhlng, books, tools, instruments and equipment. Invèstment Powgrs ond Pollcy Investment powers are governed by the Trust Deed. There are no restrictions on the Charity'5 absolute POW8r of Investment. The charity may accumulate any income nol immediately required for the purposes of The Frionds by investing the same and re8ulling income Ihoreof in such manner as the Trustees determine. To date, the Trustee continu88 to keep the Charity funds In 8hort.term bank deposits. Structur•, Governance and Manwgemfynt The objects of the Charity are lo advance the education of the boy5 of the School by providing and agsislin9 in the provision of facilities for educallon at the School, and lo engagg in actlvltles that support the Sehool and ils pupils. The Corporate Trustee lfrom Séptember 2021) set the policies of th8 Charity wth respect to both the raising of fund8 and the management of those funds in aGcordanee with Ils objects. thus retainlng Strategic control of the Charity's 8clivrties. The CDrporale Tru$t•a iy governed by 8 number of Directors appointed under the lemis of ils Memorandum and Article8 of Association. Ther6 is al80 an Exo¢utlv8 Committee. %thich plan$ and runs evenl8 to raise funds for th8 Charity and to promote the cohesion of members oflhe schogl communilythrough participation in these endeavours. The Executive Committee meets approximately 8 limes per year and Sub-Commillee8 rneet more Irequgnlly lo plan particul8r events. The Trustee odminis18rs the funds raised through Ih85e initiatives. The Executive Commrtlee are drawn from members of the Charity Iparents 8nd guardians of pupils of the School, members of school 5taffj and honorary members (former member3 and Old Elizabelhansl. In addition lo raising fundg and providing fadlrties for eilucation at the Sthool, mamber8 regularly assist 8t many School ftjnctions and 8UPPOrt the wider life of the school. Ordln8ry members are kept informed by rneans of the School's termly newsletter and by additional mailing$ from Ihg Executive from time lo me. The annual report is presented lo the Annual Meeting.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 4 TRUSTEE'S REPORT ICONnNUED) FOR THE YEAR ENDED 31 JULY 2022 Connoctod Oryanlsatlons Includlng Rglated Party Relatlonshlp$ The Friends of Queen Elizabeth's School provides funding for the provision of facilities for the educallon of pupils al Queen Elizabeth's School, Barnel Iregislered numbgr 073512531. The Friends of Queen Elizabeth's School Corporate Trustee Limited Iregislered number 13559681) is the sole Iruslee of The Friends of Queen Elizabeth's School. The Friends of Queen Elizabath'5 School18 the parent company to FQE Ente¥83 Limf(ed Iregislered number 068331801. the wholly owned subsidiary. The 8ubsidiary's principal trading activity is to provlde School uniform, equipment and other related products 8nd service5 to the pupils of Queen Elizabeth, School, Barn81. All profits from the subsidiary are don81ed lo The Friends of Queen Ellzabeth's School by Gift Aid thIn nlne months of the end of the reporting year. The Friends of Queen Eliz8belh's bchool Lorporale Trustee Limited 0rat6$ %nlfi TniAtrFtA Ainftp. 1nlh Seplémbgr 2021. Publlc Benoflt Tl)e Guvernors aCknoedge the duty In Secllon 4 of the Charltbes Act 2011 to have due regard lo the Charity Commission'g published general and relevant sub-sector puidance on public benefit. They h8ve rolerred lo this guldance when r8viewing the alms, 8lr81egy and planning future activitie8. All aelivilie8 undertaken by the Scfiool aro for the public nefIt. The Charity is spgcrfically re8lricl¢d to advance for the public benefll educatlon In the Unlted Kingdom and reports annually on the ways in which il has 8uccesslully delivered in this regard. The Charlly's ovorrlding objective of advancing education al Queen Elizabeth's School meets the Charlly Commi8slon'8 publlc benefll guldance since the support given lo Queen EIIz8belh's School benefits all of the students al the School. In aédilion, the support given lo Thé School by th8 Chgrity provides piiblic benefit to the wider educational communlty. For example, the School's gwimming pool was funded through donations from the Charity and 18 now used by several local primary schools al heavily subsidlsed rèntal rales. Fundrnl¥lng Practlc•s The Charity raises funds from only the wider School eommunily of pupils, parents, friends, family 8nd former pupils. 11 does not use any third p8rties lo fundraise and limrts 118 appeals to simple requests for voluntary don81ion$ through the Glvlng lo QE covenant scheme. 8nd appe81 pages on Ju¥lGiving and CAFDonate. No complaints about fundraislng havg been recelveil in the year. 4. AC IEVEMENTS AND P FORMANCE 11 THE EXTENT TO WHICH OBJECTIVES HAVE BEEN MET Followng re81riGtions last year with COVID-19 pandemic, iperSon actlvitl08 of the Charity were re- in8ts1ed. The level of donations received durfng the year wa$ Gonsislent wth prior perlods. The continuing level of income has enabled the Charity lo grant significant ringncial assSslance lo the School to fund the construction of the Mayes Music building, which opened in February 2022.
THE FRIENDS OF QUEEN ELIZABETh'S SCHOOL Page 5 TRUSTEE'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2022 111 SUMMARY During the last grtademic year, the Friends have continued lo provide financial support lo Queen Elizabeth's School. Capital projects financed by the FQE continue lo impact profoundly upon the working environment and extra-curricular life of tho School. The boys would simply not be able lo enjoy the range of sporting and cultural experlences they do wilhoul the Friends, wd&ranging sUPPOrt that also includes basics such as th8 running costs of the minibusgs and costs of celebrations such as tho Junior and Senior Awards ceremonies. Thesè extra-curricular enrichments contribute significandy lo the school's mission of producing rounded young pe¢Jple who are confident, able and responsible. There is also direct correlation between the pupi18' extra-curricular enrichment and their extraordinary academie 8chievem8n18. Staff derive confidence from the support th81 the School receives from the FQE as they know that the work they do here is highly valued. Pupils lake Ihern8elves seriously when they know that many have given so mu¢h voluntarily to enhance their educational experience. During th• rAid. work was ccfflpleted on the eon81rucllon of the May88 Mu8ic block at the School, This very exciting building was lunded in part by grants from the Condition Improvement Fund I'CIF") of the Education gnd Skllls Funding Agency. but a vory significant portion wa8 funded by the Ch8rlly. The construction phase started in Augu812020 8fter only short delays ori$ing from tho Covid-19 disruption, Durfng the year th9 Charity granted £399,00012021.' £1,150,000) lo the School for construction COBt8. The School opened the new building for u8e in the academic year. In addrtion to fijndlng this malor capital ilgm, th8 Chanty h88 donaled lo the School durlng the year lor purposes, which Include the purchase of IT equipment and general sile improvgmenls. The ChBrily onlinued lo donate to the School lo cover travel costs lof pupils lo attend events and fixtures. The Charity hos plédged funds by donation lo the School of £120.000 10 6n8ble these work8 to be carried out. At the year-•nd. Ihls enllre amount was due to be paid to the School. A don8tion was received for the sp¢cillc purpose towards the School'8 library. In addition, the annual Founder8 Fete and School Walkathon ral8ed funds for the Specif purpose of 8 new project. Robert Dudley Studio, expected 10 8t8rt works in Summer of 2023. In the current year, £20,978 was allocated to spe¢iflc projects. It IS also of paramount Importance that Queen Elizab8th's holds lo a steady course and stands fimi on the common core values that bind the School Cofnmunlty together. In so doing we en8ure th81 parents, staff, old boys, trustees of the corporate tru¥leg and govemors work together effectively lo realise the School'8 priorities and achieve our mlsslon. It is this unity of purpose, reflected m8leri811y in the many donations lo FQE that lies at the heart ol our boys, widespread SUCGo5s95. Th8 School had another splendid year wth excellent results al GCSE and A levd. The pupils and staff are immensely grateful for the 5UPPDrt the School receive8 from The Friends of Queen Elizabeth's School.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 6 TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 1111 PLANS FOR THE FUTURE The malor oble¢tSve of the next year is to continue to 8UPPOrt the School lo fund other capital projects, which include th8 Robert Dudley Studio, and part fund maln school boller and roofing works. The Charity continues lo mtsnllor the level of donation ineome, particularly in light of the recent cost of living increases, and will work closely with the School in order to provide support 8s needed for the School's Priorities for Developmènt to enable the be81 use of av8ilable resources The Trustee reprp58nlalive5 have 88se¥sed wh81her the Charfly wlll continue as a going concern for at least a period of e1ve months from the dale of approving the financial slal8menls and have concluded that Iherg are no material uncertainties about th8 Charity's ability lo Continue and accordingly the financial statements are prepared on the going concern bBs15. 6. FINANCIAL REVIEW Tho r08ulls are r•portod thIn th• flnanclal elat8ment$ pnd the Charlty's as$et5 are ufficient lo meet ItB obllgations. The principal funding sources are by way of dtsnaiions to the Charity and income generated from fun(J-raising activities within Qu8an Elizabeth'5 School, Bernel. Total Incomo for the year waB £1,056,791 12021.. £973,964> and lolal expendtture w88 £980,77012021'. £1,380,564). Funds are used lo support building projects and educatlonal development8 wllhin Qu8gn Elizabeth's SchDoI. B8rnet. Reserves Pollcy Nolo 7 to the flnancial statements shows ltte movem@nl in funds by typo. Tho Ch8rily'5 polScy is lo build up reserves by means of annual operating surplu$gs and ludiclous management of ils investment 88Sèt8 lo enable the pursuance of the Ch8rity'5 objects. The reserves are then used on a periodie basis lo rnake grants lo the School. A$ al 31 July 2022, fro9 reserves ol the Ch8rily 9 £678,834 ar the Trustee considers that 8ufflcienl re8eNe8 8re held lo cover the expected donations to the School durlng the 2022123 year. Grant Maklng PolScy Grants to Queen Elizabeth's School are m8de In accordance with the pr?dureS laid down by the corpor818 trustee and e8t8blished by the condltion8 8et down by the donor of the frJnd8. Rlsk Mwnagoment The Board continues lo keep tl)e Cl)8rlly's a¢liviti¥s uii(l¥r rovi¥w, p¥ili¥ulaily willi i¥y¥id lu yiiy Inajor rlsks that may arise from lime lo lime includlnq.. Strategic risks including macro-economic. pandemic and technology risks where donor leve18 are monitored monthly ond there are procedure5 to maintain IT $UtY regularly., Public Pfollle rlsks, which is reduced with cornpliance via heallh and safely commtnee., Humon resource8, Employee legislation 8nd Vvelfare risks are all managed IhrDugh the School operations,. and Organisalion risk, which is mrtigated with INslees undertaking training. deci5ions-making by wl)ole trustee body. Investsnent In FQE Enterprlses Ltd The Charity holds an investmgnt of £25.000 In FQE Enterprises Ltd, a wholly owned subsidiBry of the Charity which runs the School's shop. Nl of the Shop's prolils are donated to the Charity each year.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 7 TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 STATEMENT OF TRUSTEE'S RESPONSIBILITIES The Trustee is responsible for preparing thè Trustee's Annual Report and the flnanci81 statements In accordgnce wlh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Acceptgd AcGountlng Practice). The law applicable lo charities in England and Wales require8 the Trustee to prepare accounts for each financial year which give a true and fair view of the slate of affairs of the Charity and the group and of the Income and expgndilure of the group for that perlod. In preparing these accoun15, the Trustee is required to.. 691gct suitab16 accounting policies and then apply them consl8lenlly,' observe the molhod8 Sné prfnoples in Accounting and Reporting by Charib"e8'. Slalemenl of R6comm8nded Practice applicable lo charities preparing their accoun18 in accordance ¥th the Financial Reporting Standard appllcable in the UK and Republlc of Ireland (FRS 1021,. makg judgemen18 and 86ts'male$ th81 are reasonable and prudont., slate whether applicable United Kingdom Accounting Standards have been followed. Subject to ny material departures disclosed and explained in the accounts., and pffjpare the accounts on the going concern basi8 unle8$ 11 1$ inappropriate to presume that the Charity wlll continue In operg110n. The Tru81ee is responsible for keeping proper accounting records th81 disclose bmlh reasonable accuracy al any time the financial position of Ihg Charty and enable them to ensure that the fin8noal slalemenls comply with the Ch8rilie8 Act 2011, the Chadly (Accounls and Reports) Regulation8 2008 and the provisions of the trust dèed. It18 8180 responsible for safeguarding the assets of the group and hencg for taking re88onable steps for the prevention 8nd deledion of fraud and other irregularili•s. KEY MENT REMUN LICY The key m8nagemenl of the Charf(y are regarded 86 Truste¢ represenlalive8. They do not recelve any remuner8tr.on or beneflts in kind. N Enrlght Dlrector 1 Oih October 2022
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Pagc 8 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL FOR THE YEAR ENDED 31 JULY 2022 Oplnlon We havo audited the financial slalemenls of The Friends of Queen EIiz8belh'8 School (the 'p8rent charity'l and ils subsidiary (the 'group'l for the year ended 31 July 2022 which comprisé the group and parent charity $lalemenl ol linanaal activities, balance sheets, slalemenl of cash flows, the principal accounting policies and the nol88 lo the financial slalements. Tho financial reporting Iramework that has been applied in their preparation is applicable law and Unitèd Kingdom Accountin9 Slandaids, including Financial Reporting Standard 102 'The Financial Repotlng Standard opplicable in the UK and Republi of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our oplnlon. the Ilnancial statements- give 8 true and f8lr view of the slate of the group'y and of the p8renl charrty's affairs as al 31 JLily 2022 and of their income and oxpondllurè for Ihft y8ar than 8nded', have been prop&rly prepared In 8ccordance with Unrted Kbngdom Generally Accepted Accounting PractlC8.' 8n¢J h8vg been prepared in accordance wllh the fequiremenls ol the Ch8rilie$ Act 2011. Ba818 for oplnlon Wg conducted our audit In accordance with Inlernallon81 Standard8 on Auditing (UK} IISAS IUKII and applicable law. Our responsibillliep under those stsndards ar8 further de8crlbed in the auditor's r8sponsibililies for the audit of Ihe financial slalemenls se¢lion of our report. We are Independent of the group In 8c¢ordance wilh the ethical requirements that are relevant lo our audit of the financial 8lal&menls In the UK, including the FRC'S Ethical Standard, and we have ftilfilled our olh8r ethical responsibililles in accordance wllh these raquirgmenls. We belleve that the audit evidence we have obtained is sufficient and appropriatè 10 provide a basis for our opinion. Concluslons rglatlng to golng ¢on¢¢rn In auditing the flnanci818lalem8nls, we have concluded that the trustee'8 use of the going concern basis of accounting in the preparation of the financlal $181emenls Is appropriate. Based on the work we have perfomied, we have not hdenlifi8d any malerlal uncertalnli88 relating lo evenl8 or conditions that, individually or collectlvely. moy cast significant doubl on the group and parent charlly's ability lo continue as a going concern for a period of al least twelve months from Iknen Ihe financi81 slalemenls are authorised for is$ue. Our re8pon$ibililie8 and the responsibilities of the trustee %wth respect to going wncem are described in tt* relevant seciions of this report. Othgr Infomiatlon The Iruslees are responsible for the other Information. The other inform811on comprlses the Infomalion induded in the annual report, other than the financial slalemenls and our 8udf(or's report Ihereon. Our opinion on the financial statements does not cover the other information and we do not expr95$ any form of assurance conclusion thereon. In connection with our audit of the financial slalemenls, our respon8lbillly Is lo ad the other informallon and, In doing so. consider whether the other informalH)n is materially inconsistent with the financial statements or our knoedge obtained in the audit or otherwse appears lo be materially misstated. If we identify such material inconsistencAes or apparent material misslatemenls, we are required tc determine vthelhgr there is 8 material misstatement in the financial statements or a material misslatemenl ol the other infotmation. If, based on the WO we have performed, we conclud& that there 18 a material misstslemenl of IhS8 other information, we are required lo report that fact. We have nothing lo report in this regard.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 9 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL FOR THE YEAR ENDED 31 JULY 2022 ICONTINUED) Matter8 on whlch we arg r•qulred to report by exception W8 have nothing to report in respect of the following matters In relation to %thich the Ch8rfftles Act 2011 requires us lo report to you if, in our opinion.. tha information given in the Iru$lee'8 annual report 18 inconsistent in any malerlal respect wlth the finan¢ial 8lalements', or 8ufficient accounting r8cords have not been kept by the parent charity,, or the parent charity financi818lal8ment8 are not in agreement with th8 accounting records and reluTn$'. or we have not r6calved 811 the information and explanations we require for our audit. Reopon8lbllStl•s of tho tru¥ts• As explained more fully in the trustee's r8sponsibililies 8lalem¢nl, the Irii8lee 18 responsible for the preparation of the fbnancial $18temenls and for being satisfied that they give a true and f8ir view, and for Such internal control as the trusl88s d818rmlne is necessary lo gnable the preparation of financial $lal8m8nts Ihot are free from material mi8ststem•nl, whether due lo fraud or arror. In preparin9 the financial slatemenls, the trustee is responsible for 8sses81ng the group'y and the parent charity's ablllly to conlinue as 8 going conceTn, dlsclosing, è8 applicable, maller5 related lo going concern and using the going concern basis ol accounting unless the Iruslees either intend lo liquidate the group or the par6nl charity or to ¢•ase operations, or hove no realistic allernalive bul lo do so. Audltorfs rosponslbllltleg for the Judlt of the flnancl81 $tat•monts Our objectives are to obt8in reason8b18 a8sur8nce about whether the fin8n¢ial 61alement8 a8 8 are free from malerlal misslalemenl, whether duè lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable 8S8urance is a high level of a88urance, bul 18 not a guarantee that an audit ¢onducled in accordance with ISAS IUKI will always delect 8 material mi8slalemenl when il exists. Misstalemenls can arise from fraud or error and are considered m81eri81 if, indivldu8lly or in the aggreg816, they could re8sonably be expected lo Influen¢¢ the economic decislons of users taken on the b8¥ls of these fln8ncial 8latem6nls. Irregul8rSlles, including fraud. are inslan¢o8 of non-complianco with laws and regulallons. We design procedures in line with our responsibilili8s, outlined 8bove. lo delect materi81 misslalements in re5pècI of irregu18ri1ies, including fraud. The ext¢nt lo which our procedures are capable of detgcling Irregularllles, including fraud 18 delalled below.. How the 8udil was cvnsKlefftd capable of deteGting IrTpgul8rilffjs including Iraud Our approach lo idenllfying and as$e$sing the ri8ks of materS8l m5ssi8temenl In respect of irregul8rftles, including fraL*J and non-complian¢e with laws and regulations, was as follows.. the engag8ment partner ensured that th¢ engagement team collgclively had the appropriate competence, capabllhies and skills lo identlly or recognise non-compliance applicable laws and regulations., we idenlrfied the laws and regulations applicabl8 to the group through discussion8 With the Iruslee and other managem¢nt, and from aur commercial knOedge and exp8rience of the sector., we focused on 8pecffj lew5 and regulations which we considered may have a direct material effect on the financial statements or the oper8tions of the group, including the Charities Act 2011, data protection legislats'on. and health and safety legislation.,
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 10 INDEPENOENT AUDITOR'S REPORT TO THE TRUSTEE OF THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL FOR THE YEAR ENDED 31 JULY 2022 (CONTINUED) Audltor's responsibiliti•$ for the audlt of tho flnanclal Ststements (contlnuedl we assessèd the extent of compliance wlh the law5 and rfjgulations identified above through maklng enquiries of m8nagemenl 8nd inspectin9 legal correspondence." and identified laws and regulations were communic8ted wlhin thè audit team regularty and the team remained alert lo instances ol non-compliance throughout the audit. We assessed the suscepllbilily of the charlty's fin8naal 81atemenls lo matèrial misstatement. including obtaining an understanding of how fraud might occur, by.. making 8nquirie6 of management as to Whe Ihcy consdofed there was sugeeplibilily lo fraud. their knOadge of actual, suspected and alleged fraud., and considering the internal controls in place to miligale risks nf fraijd 8nd non-cornplianee wllh laws and regulallons. To 8ddres8 thé risk of froud through management bias and override of control8, we.. perfomied analytical proc•dure81o identify any unusual or un8xpect¢d relgtSonship8', t&$led the implemenlallon of fin8nci81 controls.. 8nd asse88ed whether judgements ané 888umptions made in determining tha acr.oiinling eslimales were indicallve ol polenllal bias. In responsé lo the risk ol irregularitiès and non-compliance wlh laws and regulat'ons. we designed pro¢gdureB which included, but were not limilad to.. agreeing financS815ts1emenl disc108Ufe8 to underlying 8upporling documenlallon., reading the minutes of meetings of th059 charged with govemance., enquiring of management as lo actual and poltrnli81 litlg8llon and clalm8.' and reviewng any available correspondence with HMRC Bnd the ch8rrty's18gal advlsors (although n()ne w88 noted as bgino recolved by thè groupi. There are Inherent limitations in our audit pr¢xedures described above. Thé more removed that law8 and regulallons ore from lin8nci81 Iransaclions. the less likely rt is that we would become aware of non- compliance. Auditing sland8rds 81so limit the audit procedures required lo identify non-compliance with laws and regulations to enquiry of the trustee and other management and the inspection of regulatory and legal correspondence, rf any. Matorial misslalemenls that arise due to fraud can be harder lo delect than those that arise from error a5 they may involve deliberate concealment or collusion. A further description of our responsibilities for the audrt of the financial statements is located on the Financial Reporting Counul's website at ww.frc.Drg.ukl8uditorsresponsibilities. This description forms part of our audltor's report.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page11 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL FOR THE YEAR ENDEO 31 JULY 2022 (CONTINUED) U8• of our report This report 1$ made 501ely lo the charilvs trustee, as a body, in 8ccord8nce wlh 8ectSon 144 of the Charities Act 2011 and with regulation8 made under section 154 Of that Act. Our audi( worl( h88 been un(Jert8ken so that we might state to the charity's Iruslee Ih05e matters we are requlredlg sLgte lo thern In en auditor's report and for no other purpose. To the fullest extent permillod by law. we do not 8ecepl or assume responsibility to anyone other than the charf(y and the charrt*8 trustee a5 a body, for our 8udll work, for this report, or for the oplnlons we hav8 formed. buz2o41 LLf Buzzacott LLP Statutory AudStor 130 Wood Street London EC2V 6DL Dale.. 13 October 2022 Buzzacott LLP 18 eligible to act 88 an audblor in t•m18 of Section 1212 of the Companie8 Act 2006
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 12 CONSOLIDATED STATEMENT OF FINANCIAL ACnVITIES (INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2022 2022 Unrn•trfct8d Fun 2022 R•Btrlet•d Fundi 2022 Total 2021 Uftrn4trkt¢d zo R•strkfvd Fund¥ Tolal Donau aTrY 1698de& 18,480 818,764 766,725 14.867 781.592 4e.338 46.336 19,3KI 19.390 Other tradli)u Bcthnlle8 191.400 191.461) 'IT2,8T'I 172.871 IrNeslmerrf8 201 201 Tot•1 1,D3B,311 1,006,791 14•6T 973,964 ExpeNDiniRE ON.. RalalrvJ ndS 160.843 180,843 14&289 145.289 Crb Kllvlllei 798,99] 20,977 819.927 1,218,212 17,063 1,235,275 Totsl 909,793 20,977 900,770 1,363,501 17,063 1.380,561 Nlt 1•xn1mI Ir th• y•ir •nd n•t mo¥•nwi In fund4 12.4071 78,021 (1198J (4C46001 Rqconclllatlon of fvnda Total luTrJ8 txoughtforw8rd 621,899 37,952 669.861 I,026,3 40.148 1.066,451 Toi•l fund• rrfod for 700,417 735,872 621,899 37.902 159.851 The ¥talemgnl of financial acb'vrties indude8 all gains and10sses 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 2022 2022 Unrnstrict•d Fynd 2022 Rotri¢t¢d Fund• 2022 Toial 20 R•5Lrtct•d Funds Unr•Btrtct8d Fund8 Donalion$ arhl leg8cS 18,480 839,446 773,426 f4,86T 788,293 Charttable 46,338 40,338 79.390 19.390 197 197 iio Tot•1 867N99 18.480 &979 T92.926 8Q7.TP3 EXPENDITURE ON.. R&Ing fund• 320 320 Chad16 4cti¥itle• 790.082 20.977 811,03 1,210,997 IT,Q63 7.228,0 Totsl 710,062 20.977 811,069 1,211.311 17.083 1,224374 N•t Incomg l•xp•ndltur•l for ihg y•Nrand n•t Mov•Mw I fund• 77,417 11497> 74,920 f41l38J) IMJ 1420,UiJ Roconcllhtlon of fynd• Total brDughl foTknYrd 601.217 37.952 839,169 7,019,602 40,148 t,OJ9.7 Tot•1 funJ• rrf•d 678,634 714,089 6Ql,217 J7,9S2 139,169 The 8tatemenl of financial aclivilKg8 Includes all gains 8nd1088e8 recognised in the year.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 14 GROUP BALANCE SHEEr AT 31 JULY 2022 Noto 2022 2021 Current a890ts Stock8 56,815 84,897 862,204 72,392 39,019 722,929 Debtors Cash al bank and In hand 12 Total Current •si•t• 983,916 834,340 Credltorn.. Amoun18 falling due whhln one ye8r 1248,0441 1174,4891 urr•nt as8•ts108• current Il•bllltlov5 73 Jf.872 659,851 Total a•tsts lfr•• ¢urrnnt Ilabllltl•s 730,872 659.861 Compri$ing'. Fund• Re8lricled 35,455 700,417 37,952 fj21,899 Unrestricted.. General fund8 Total Funds 736,872 869.851 Th8 flnanclal 81atemenls were 8pproved by the Tru8lee on 10* October 2022 an¢J 8ign8d on ils khalf by N Enrlght Dlrector N Gaskell Dlroctor
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 15 CHARiff BALANCE SHEET AT 31 JULY 2022 Note 2022 2021 Flxed as••t Inv8¥tm•nt Investmt in Subsidiary cornpany 25.000 26,000 Current a88•ts D$btor8 46,343 786,723 34,302 656.035 Cash at bank and in hand 12 833,088 690,337 Crodltors.. Amounts falling du• YAlhln one year 1143.9771 {76,1681 Currnnt a•¥ets le•¥ ¢urrnnt Il•bllltl•s 889,089 614,169 Total •38•t8 l•M current Ilabllltl•8 714.089 639,169 Compr58Snq'. Fund• Reslrfcted 35,45S 678,634 37,952 601,217 Unre8trfct8d'. General fund8 Total Fund• 714,089 639,169 The flnonagl st8lements were approved by the Trustee on 1 Olh O¢lob•r 2022 and signed on It8 beh811 by N Enrfght Director N Gaskell DSrector
ThE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 16 STATEMENT OF CASH FLOWS FOR THE YEAR ENDING 31 JULY 2022 GROUP CHARITY Total funds 2022 Totsl fund8 2021 Total funds 2022 Total funds 2021 Note CA8h flow8 from op&ratliig acUvlll¥s: Ngt cash provided by (used inl operoling aclivitias 11 139.074 11.005,9281 130.491 11.026,7301 Cosh flows from Investlng aGtlvltlo•'. Intere51 201 111 197 110 Change In cash ind cash equlvalont8 In the yoar Cash and cash equiv81ents brougm forwaid Cash and cash equlvalent8 carrled forward 139,27S 11,000,817> 130,688 11,026,620> 722,929 1,728,748 658,035 1,682,655 12 862.204 722,929 786.723 6S6,036 The Frlends of Queen Elizabeth's School doeB not have any borrovlngs or lea8e oblig8tions. Net debt on8181s Ih8refor• of the ca8h at b8nk and In hand.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 17 ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2022 AccountSng Conventlon and Basls of Prep•r•tlon The financial slalgmen16 of the Charity are prepared in accordance with The Charibes Act 2011, The Charities (Accounts and Reports) Regulations 2008 and the Charities SORP IFRS 1021 upd81ed in 20191 SORP I, and with applicable accounting standards. These financial statements are dr8wn up on the hl8loric81 cost accounting baBi$ gxeepl th81 investment assets are carri8d at valu811on. Group Flnanclal Statements Thase financial statement8 consolidate the re$ull8 of the Charrty and its wholly-owned subsidiary, FQE Enterpri8es Llmiled on a line by line basis. Donatlon8 Donations representing Degd8 of Cov¢nanl and Gift Aid are accounted for in the poriod in whlch the harily Is 8nlilled lo receiv•. In¢ome Tax ReclaIml Income lax reclaimed on income from Deeds of Cov•n8nt and Gfft Aid Is accounted for on an accruals bg5i8. Actlvltle3 Incom• Actlvllle8 income repro8onlB the gro88 income arising Dn fundrai8Sng actlvilieB durlng the year. Inv6•tment & Inv••tmgnt In¢om• Inveslmonl In the 8ubsidlary ha8 b88n Bt&led al co¥t I8 any provlsbon for permanent diminullon in value. Inv&$tmenl Income is accounted for in the period in which the Charity is entitled to receivg. Exp•ndlturo Expenditure Is Included in the Slalemenl of Flnancial Actlvltle8 on an accruals b8$is, incluslve ol any VAT whlch cannot be reGovered. 11 is recognised when there 18 a legal or conslruclive Dbligalion lo pay.1118 Ffobablg that settlement will required and the amount of the obligation ¢8n be measured reliably. Certain •xpendlture18 dlrectly attrlbulable lo speclflc actlvhles and ha8 been included In those ¢081 categories. Certain other costs, which are attributable lo more than one acllvlty, are 8PWrtioned across cost ¢a18gorle8 on the basis of resDurces used on thos& 8Ctivllies. Grants P•y•bl• Grants payable ar8 charged to the Income an(1 expenditure 8c¢ount in th8 pèriod in I[ch the projects which are supported al the School Sncur expenditure. Fund Accountlng The Funds held by the Charty are divid¢d inte unreslricled general fund8, which can b8 used in accordance with the charitable objeds al the discretion of the Tru8tee, and restricted funds, which mu81 be us8d for the objects Specified by the donors of those funds.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Pagp. 18 ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2022 Golng concgrn The Trusteè a88esses whether the use of going concem for preparing the financial slalemenls Is appropriate. i.e. whether there are any material uncertainties related lo events or conditions that may c88t signrflcant doubt on the ability of the Charity lo continue as a going concem. The Tw5tee make8 this as8essment in re8pect of perlod of one year from the date of approval of the flnancial slalements. The Trustee concludes that there are no malerlal uncertainties about the Charity's ability lo conlinue and accordingly the financial stalgmenls are prepareLI on the golng concem ba818. Flnanclal In•trum•nts I he Ghanty only enters Into ba81c fvnancial In8trumen18 Ir8n8acllons th81 result In th6 recognition of rii)an¢io1 as8et8 and liabilities like Ir8d& 81Id olliei d¥blui¥ ¥ri¢J ui¥¢Jilvr¥. The Chanty only holds baslc financial instruments 88 deflned In FRS 102. The financial a88el8 8nd financi81 liabilitie8 of the Charity and Ihelr mèa8ur$m•nl b8515 are as follows.. F5n8ncial as$el8 Irado and other debtors are basic financi81 instruments 8nd are debt inslrumenl8 which 8re measured al amortlsed ¢081. Prepayments are not financial inslrumenls. Amount$ du• from the Charity's rèlated undertakings are held al amort188d cost. C8¥h at bank- is classifled a8 a ba8ic finandal In8trum8nl and 18 meaBured 81 face valuo. Flnonclal liabilllies - trade credllor8. accruals and other cradllors 8ffj flnanelal inslrumenls, and are measured al amortised co81. Taxation and $oGial security arg not included in the financial Instruments disclosure definition. Deferred income 15 not deemed lo b8 a financial Iiabilrty, as the cash settlement h89 already taken place and there Is an obllg8tion lo ddiver services rather than c88h or anolhgr financial instrument. Amounts due lo rèl8léd undart8kings ara held al 8morti8ed cost. stocks Stocks 8re v81ued 81 tho lower of cost and nel reali8able value and after maklng due allowance for ob801ete and slow moving sloeks. Crltlcal Judgemfrnts and •8tlmatO• There are no slgnrficanl arga5 Qf judgement, eslimaleB or key assumptions that effect items in Ihg nanclal stslernenls with respect lo the nexl reporting period for the year ended 31 July 2022. As set out In these accounting policles under'going concem". the Trustee has considered the Impact of the pandemic on the charity and have concluded that although there may be some negative consequences, il is appropriate for the charity to continu¢ lo prepare 11$ ?oUnt$ on the going concern basis.
THE FRIENDS OF QUEEN EUZABETH'S SCHOOL Page 19 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Donations and legacl•• Group Unrestrlctod funds R•strictsd funds Total 2022 Donations 853,007 18,480 671,487 Income lax recoverable 147 277 147,277 818.704 800,284 18.480 Chartty Unrnstrlcted fund• Re8trlct•d funds Totsl 2022 Donations 673.689 18,480 692,169 Income lax recoverable 147.277 147 277 820.966 18.480 839,446 Comparntlv•J fory•ar ended 31 July 2021 Unrnslrlctod funds Group R•8trlcted fund• Total 2021 Donation8 e24,930 14,867 839,797 Incom•1ox recoverable 141,795 766,720 141.795 781,692 14.867 Charlty Unrg8trlct•d funds Re8tflcted funds Totsl 2021 Donation8 631,831 14.887 64e,498 Income lax recoverable 141 795 141 795 773,426 14,867 788,293 Charlt•blè actlvltles Income {Group and Charlty) 2022 2021 FDunderfB Day Fete Quiz 450th anniversary fundralslng 24,715 403 21.218 46.336 14.471 1.250 19,390 AJI income from charitable 8clivilies 18 unrestricted in both the eurrent an(1 prior years.
THE FRIENDS OF QUEEN EUZABETH'S SCHOOL Page 20 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Expendlturg Group Unrestri¢t•d funds R•strfctsd funds Total 2022 E¥p8ndrfure on raing funds.. Cost of sales Shop management fee Total 8xpenditurn on rèv&ing lunds 108,843 52.000 160,843 108,843 160,843 Expandlluro on charttable a¢tivities.' Gronl8 P8yabl8 in furtherjnce of the Charity'8 objects.. Contribution lo School Projects Pupll travel Support costs.. Bank and credit card charges Govèmance costs.. Audrtor, remuneration., 765,458 20.000 20,977 788,433 20,000 6,269 6,289 Audit fees Other To181 &xpgndlture on charitable 8¢frrfitS 5.500 5,500 798,950 20,977 819,927 Total oxpendllur• ?69,793 20,977 980,770 Gharlty Unr•Btrlctgd funds R••trfcted lund8 Tot•1 2022 Exp8ndrfurn on charil8ble activi15.. Grants payable in furtherance of the ChaTIty'S Dblact•'. Contribution to School Projects Pupil travel Support co$l$.' 8gnk and credlt card charges Gov8monce co818.' Audltols remuneration.. 765,458 20,000 20.977 786,433 20,000 1.626 1.626 Audm fe88 Other 3,000 3,000 To181 expenditu on chantable aCtivitS 790,082 20,977 811,059 Total •xpondlturo 790,082 20,9TI 811,069
THE FRIEND8 OF QUEEN ELIZABETH'8 SCHOOL Page 21 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Expendlturn {contlnuedl Comparallves lorye•r éndèd 31 July 2021 Group Unrostrlctgd funds R•$trlcted funds Totsl 2021 Expendituro on ra&19 funds.. Aelivilies expenditure Co81 of $8les Shop m8nagernent fee To181 eXpendure on raising funds 320 94,969 50.000 145.289 320 94,989 145,289 Expendilur8 on ch8rllabl& aclivilies.. Grants payable in furtherance of the Ch8rity8 oblecls.. Contrlbulion to School Projècts Pupll travel Support m$ls." Bank and credit ¢•rd charges Governance coJl•'. Auditor'8 remuneration.. 1,202,790 3,485 17.063 1,219.853 3.465 4,032 4,032 Audlt fees Other 5,175 2,750 5.175 2,750 Tol81 expenditur& on chanteblfj activrfi8s 1,218,212 17,063 1.235,275 Total gxpondltur• 1,383,601 17,063 1,380.564 Charlty Unmtrl¢ted funds ReBtrlcted funds Total 2021 ExpgndltuTr on TrIng funds.. Aclivi1188 expenditure To1818xpendlture on Trtslng funds 320 320 320 320 Expendlture on ch8ri18ble aclNrti8s.' Grants payable in furth&rance of the Chadty'8 objgcl$'. Contribution to School Projects Pupil travel Support C£Js18.' Bank and credll card charges Governance co8t•.' Auditor, remuneration.. 1,202,790 3,465 17,063 1,219,853 3,465 386 386 Audit fees Other 2.850 2,850 Total expendrfure on ¢h8nt8bl8 aGtwrfies 1,210,991 17,063 1.228,054 Total expenditure 1,211.311 17,063 1,228.374
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 22 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Trusts• The key management of the Charity are regarded as thg trustees of the corporate trust88. They received no remuneration or expen$e8 In either of the two financial years. D•btor8 Group 2022 Ch•rlty 2021 2022 2021 Due In one ye8r'. Inrnme. lax recover8ble Prep8yments gnd accruad in¢ome 35,016 29,881 64,897 33,339 6.660 39,019 35,016 33,330 963 34.302 46,343 CrodltQf5: Amounts falllng duo wlthln one year roup Charlty 2022 2021 2022 2021 Grants payable lo Queen Ellzabeth's School Other creditor8 140.976 107,069 248.045 73,318 101 171 140,978 73,318 2.850 76,188 174,489 143.978 Fund• Group At 1 Augu•t 2021 Incom• Expendltur• At 31 July 2022 Funds Unrestricted Reslncled 621,899 37,952 659 851 1,038,311 18,480 1066 791 1959,7931 {20,9771 980 770 700.417 35.455 Total Funds 736 872 harfty Al 1 August 2021 Income Exp•ndltur• At 31 July 2022 Funds Unrestricted Restrtcted 601.217 37,952 639,169 867,499 18,480 885,979 1790.082) 120,9771 811059 678,634 35,455 Total Funds 714,089 Durfng the year ended 31 July 2022, restricted donation8 have been receiv84 for specillc purposes mainly towards the school library.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 23 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Funds Icontinuedl Comparatlve8 for ygar •nd6d 31 July 2021 Group At 1 August 2020 Income Expendlture At 31 July 2021 Funds Unrestricted Rèslricled 1,026,303 40,148 1,066,451 959.097 14,867 973,964 {1,363.5011 117,083} 1380.664 621.899 37.9S2 Total Fund• 859,851 Charlty At 1 August 2020 Incom• Expendlture At 31 July 2021 Funds Unreslrlcted Restricted 1,019.602 40,148 1,069.760 792,928 14,867 807.793 {1,211,311} 117,083) 1228 374 601.217 37,952 639,169 Totsl Funds Ourlng the year end&d 31 July 2021, reslricled donations were r8eelv8d for the specific purp08e of equipping the new Mayes Music building 81 tho School with pi8nos. Analys1$ of n•t ••#•ts betwo•n fund• Group Re8trfct•d funds Unrnstrlcted funds Totsl Fund Funds Investments Current 88set8 Current Ilabililies 56,432 120,9771 927,485 1227.0081 700.417 983,917 1248,0451 736.872 Balance at 31 July 2022 Charlty Restrlcted fundg Unrutrlct•d funds Tot41 Fund8 Funds Investments Current assets Current liabilities 25,000 778,e34 1123.0001 25,000 833,066 {143,9771 714 089 56.432 120,9771 35.4SS Balance at 31 July 2022
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Pag8 24 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Analys18 of net 888ets between funds IGOntlnued} Comparnlivos foryear ended 31 July 2021 Group Restrlcted funds Unrestrlcted funds Total Fund8 Funds Investmen18 Current assets Current Ilabllllles 55,015 117,0631 779,325 1157,4261 821899 834,340 1174.4891 6S9.851 Balance at 31 July 2021 Charlty Re•trl¢ted fund8 Unre$trl¢t¢d fund• Total Funds Fund8 Invaglm13 Current assets Current liabiliti88 25,000 635,322 159,1051 801 217 25.000 690,337 176,1681 639 169 55,015 117,0631 Balance at 31 July 2021 Invo8tmont In Sub•ldlary Company The Friend8 of Quèèn Eliz*b8lh's School has inv881ed £25,000 in ils wholly owned Subsidiary, FQE Enterprises Limbled, a company registered in England. The company's principal trading aetivily Is to provide s¢h¢Jol unlform, oquipment, other related products and 8ervlces lo the pupils of the School. The 8ubsiéiary donates ils annual laxable prafit lo The Friends of Queen Elizabeth's School by Grfi Aid. This 1$ Irealed as a disln'bution in the 8ubsidiary financial s18temenls and aonted when paid over. The audited re8ulls for the year ended 31 July 2022 were.. 2022 2021 Turnover Cost of sales Gross profil 191,490 108 843 82.647 172,871 94 969 77,902 Less.. Administrative expenses 60.869 57,221 Plus.. Bank interest Relain8d in the sub8idiary 21,782 20,682 Aggregate capital 8nd resarves 46,782 45,682
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 25 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 10 Related party tr•nsactlons Th8 Subsidiary has b88n granted a Ilcence to run the School shop from Queen Elizabeth'8 School, Barnel, at a peppercorn rent. During the year, the subsidiary collected monie8 In the School Shop amounung to £12.201 12021.. £5,444) which relates lo the activities of Queen Ellzabeth's School Barnel. Al the year-8nd, £4.052 12021.. £2,175) wa8 owed lo the School. Year-end creditors includè £52,000 12021. £50,000) owed to Queen Elizabeth'8 Sthool, Bamel in respect of the management charge for the School Shop. Durtng the yg8r The Friends of Queen Elizabeth's School donalgd £765,458 12021.. £1,202,790110 Queen Elizabeth's School, Bam81, in respect tsf capital and operational proJed¥, £20,000 12021.. £3,485) in relation lo minibuses for pupil travel and £20.97712021'. £17,063) as support lor reslrlcted projec18 Of these Surns £140.978 12021.. £73.318} 18 Included wlhin creditors and wa$ pald lo the School after the yeor-end. Thè School collected monles and pald monios relating 10 the Foundor's Day Fete and other activltl8B on b¢half of the Charity. At the year.end £11,327 12021.. £9631 w8¥ owed Irom the School to the charity. 11 Ca•h flows from oporatlng actSvltl•• GROUP 2022 CHARITY 2022 2021 2021 Net 8urpluslldefl¢lll for thè reportlng period 76.021 1406,6001 74.920 1420,5811 Adlustmenl for intérest Increaselld8crea8el in debtors 12011 11971 25,8771 1,951 112,0411 {1.5651 Increaselldecreas81 In $lock 1 S,577 3,998 Incre8sel{decreaBO1 in redilors Net cash provlded by Ius8d Inl operating actlvltlgs 73,554 1605.1861 67,809 1604,4741 139.074 {1,005,9281 130,491 11.026.730) 12 Cash and c•8h equlval•nts Group 2022 Chorlty 2022 2021 2021 Cash al bank and in hand 862 204 722 929 656.035 856,036 862.204 722,929 786.723