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2023-07-31-accounts

Registered Charity Number: 289174

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2023

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL

CONTENTS

Page
Trustee’s annual report 1 - 7
Independent Auditor’s report 8 - 11
Consolidated Statement of Financial Activities including Consolidated Income
and Expenditure Account 12
Charity Statement of Financial Activities including Charity Income
and Expenditure Account 13
Group Balance Sheet 14
Charity Balance Sheet 15
Group and Charity Statement of Cash Flows 16
Accounting Policies 17 - 18
Notes to the Financial Statements 19 - 25

Page 1

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL

TRUSTEE’S REPORT FOR THE YEAR ENDED 31 JULY 2023

The Trustee submits its annual report and financial statements of The Friends of Queen Elizabeth’s School and its subsidiary undertaking for the year ended 31 July 2023.

The accounts have been prepared in accordance with the accounting policies set out on pages 17 and 18 of the attached financial statements and comply with the charity’s Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

1. STRUCTURE, GOVERNANCE AND MANAGEMENT

The Friends of Queen Elizabeth’s School is a registered charity. Its objects, powers and other constitutional matters are set out in its Trust Deed of March 1993. It is governed by a corporate trustee, which is responsible for setting the strategic direction of the organisation and for establishing policy. The financial statements comply with current statutory requirements, the Charity’s governing documents and the Charities SORP (FRS 102).

Trustees

The Friends of Queen Elizabeth’s School Corporate Trustee Limited (registered number 13559681) is appointed as sole trustee. The directors of the corporate trustee, who act as Trustee representatives, are:

E. Aghdiran

A. Binstock

S. Cooke

N. Enright

N. Gaskell

E. Houston

B. Martin

C. Price

2. REFERENCE AND ADMINISTRATIVE DETAILS

Registered address

Queen Elizabeth’s School Queen’s Road Barnet Herts EN5 4DQ

Charity registration number

289174

Registered auditor

Buzzacott LLP 130 Wood Street London EC2V 6DL

Page 2

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL

TRUSTEE’S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Bankers

CAF Bank Limited Kings Hill West Malling Kent ME19 4TA

HSBC Plc 140 High Street Barnet Herts EN5 5XW

Executive committee

B. Martin, Chairman N. Enright, Headmaster D. Mason, Secretary T. Mama-Kahn, School Captain A. Binstock C. Coughlan P. Forrester T. O’Reilly P. Raykar D. Singh A. Somani

Page 3

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL

TRUSTEE’S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

3. OBJECTIVES AND ACTIVITIES

The Charity’s objects, powers and other constitutional matters are set out in its Trust Deed. In setting the Charity’s objectives and planning its activities, the Trustee has given careful consideration to the Charity Commission’s public benefit guidance. The Charity has continued its principal activity of providing for all or any of the following:

Investment Powers and Policy

Investment powers are governed by the Trust Deed. There are no restrictions on the Charity’s absolute power of investment. The charity may accumulate any income not immediately required for the purposes of The Friends by investing the same and resulting income thereof in such manner as the Trustees determine. To date, the Trustee continues to keep the Charity funds in short-term bank deposits.

Structure, Governance and Management

The objects of the Charity are to advance the education of the boys of the School by providing and assisting in the provision of facilities for education at the School, and to engage in activities that support the School and its pupils.

The Corporate Trustee set the policies of the Charity with respect to both the raising of funds and the management of those funds in accordance with its objects, thus retaining strategic control of the Charity’s activities. The Corporate Trustee is governed by a number of Directors appointed under the terms of its Memorandum and Articles of Association.

There is also an Executive Committee, which plans and runs events to raise funds for the Charity and to promote the cohesion of members of the school community through participation in these endeavours. The Executive Committee meets approximately 8 times per year and Sub-Committees meet more frequently to plan particular events. The Trustee administers the funds raised through these initiatives. The Executive Committee are drawn from members of the Charity (parents and guardians of pupils of the School, members of school staff) and honorary members (former members and Old Elizabethans).

In addition to raising funds and providing facilities for education at the School, members regularly assist at many school functions and support the wider life of the school. Ordinary members are kept informed by means of the School’s termly newsletter and by additional mailings from the Executive from time to time. The annual report is presented to the Annual Meeting.

Page 4

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL

TRUSTEE’S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Connected Organisations including Related Party Relationships

The Friends of Queen Elizabeth’s School provides funding for the provision of facilities for the education of pupils at Queen Elizabeth’s School, Barnet (registered number 07351253).

The Friends of Queen Elizabeth’s School Corporate Trustee Limited (registered number 13559681) is the sole trustee of The Friends of Queen Elizabeth’s School.

The Friends of Queen Elizabeth’s School is the parent company to FQE Enterprises Limited (registered number 06833180), 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, Barnet. All profits from the subsidiary are donated to The Friends of Queen Elizabeth’s School by Gift Aid within nine months of the end of the reporting year.

The Friends of Queen Elizabeth’s School Corporate Trustee Limited operates as sole Trustee since 10[th] September 2021.

Public Benefit

The Governors acknowledge the duty in Section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub-sector guidance on public benefit. They have referred to this guidance when reviewing the aims, strategy and planning future activities. All activities undertaken by the School are for the public benefit.

The Charity is specifically restricted to advance for the public benefit education in the United Kingdom and reports annually on the ways in which it has successfully delivered 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 support given to Queen Elizabeth’s School benefits all of the students at the School. In addition, the support given to The School by the Charity provides public benefit to the wider educational community. For example, the School’s swimming pool was funded through donations from the Charity and is now used by several local primary schools at heavily subsidised rental rates.

Fundraising Practices

The Charity raises funds from only the wider School community of pupils, parents, friends, family and former pupils. It does not use any third parties to fundraise and limits its appeals to simple requests for voluntary donations through the Giving to QE covenant scheme, and appeal pages on JustGiving and CAFDonate. No complaints about fundraising have been received in the year.

4. ACHIEVEMENTS AND PERFORMANCE

i) THE EXTENT TO WHICH OBJECTIVES HAVE BEEN MET

The level of donations received during the year was consistent with prior periods. The continuing level of income has enabled the Charity to grant significant financial assistance to the School to fund capital projects including refurbishment of chemistry laboratories, replacement boilers and other plant room equipment and significant upgrades to the Wi-Fi infrastructure across the School enabling the roll out of managed 1:1 digital devices programme for pupils. The Friends have supported the School to repay Condition Improvement Fund loans relating to recent significant capital investments in the Fern building and the building of The Friends’ Recital Hall and Music Rooms.

Page 5

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL

TRUSTEE’S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

ii) SUMMARY

During the last academic year, the Friends have continued to provide financial support to Queen Elizabeth’s School. Capital projects financed by the FQE continue to impact profoundly upon the working environment and extra-curricular life of the School. The boys would simply not be able to 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 the costs associated with celebrations such as the Junior and Senior Awards’ ceremonies. Enrichment provision enabled by the Friends’ contributes significantly to the School’s mission of producing rounded young people who are confident, able and responsible. There is also a direct correlation between the pupils’ co-curricular 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 take themselves seriously when they know that many have given so much voluntarily to enhance their educational experience.

During the period, work was completed on the refurbishment of two chemistry laboratories at the School. This was funded in part by a grant from the Wolfson Foundation and part by the Charity.

In addition to funding this major capital item, the Charity has donated to the School during the year for purposes, which include the installation of enhance Wi-Fi infrastructure ahead of the rollout of a managed 1:1 student devices programme (the next step in the delivery of the School’s digital strategy) as well as general site improvements. The Charity continued to donate to the School to cover travel costs for pupils to attend events and fixtures. The Charity has pledged funds by donation to the School of £150,000 to enable these works to be carried out. At the year-end, this entire amount was due to be paid to the School.

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 School community together. In so doing we ensure that parents, staff, old boys, trustees of the corporate trustee and governors work together effectively to realise the School’s priorities and achieve our mission. It is this unity of purpose, reflected materially in the many donations to FQE that lies at the heart of our boys’ widespread successes.

The School had another splendid year with excellent results at GCSE and A level. The pupils and staff are immensely grateful for the support the School receives from The Friends of Queen Elizabeth’s School.

Page 6

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL

TRUSTEE’S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

iii) PLANS FOR THE FUTURE

The major objective of the next year is to continue to support the School to fund other capital projects.

The Charity continues to monitor the level of donation income, particularly in light of the cost of living increases, and will work closely with the School in order to provide support as needed for the School’s Priorities for Development to enable the best use of available resources. The Trustee representatives have assessed whether the Charity will continue as a going concern for at least a period of twelve months from the date of approving the financial statements and have concluded 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.

5. FINANCIAL REVIEW

The results are reported within the financial statements and the Charity’s assets are sufficient to meet its obligations.

The principal funding sources are by way of donations to the Charity and income generated from fund-raising activities within Queen Elizabeth’s School, Barnet.

Total income for the year was £1,114,993 (2022: £1,056,791) and total expenditure was £1,146,005 (2022: £980,770). Funds are used to support building projects and educational developments within Queen Elizabeth’s School, Barnet.

Reserves Policy

Note 7 to the financial statements shows the movement in funds by type. The Charity’s policy is to build up reserves by means of annual operating surpluses and judicious management of its investment assets to enable the pursuance of the Charity’s objects. The reserves are then used on a periodic basis to make grants to the School. As at 31 July 2023, free reserves of the Charity are £622,662 and of the Shop are £46,741 and the Trustee considers that sufficient reserves are held to cover the expected donations to the School during the 2023/24 year.

Grant Making Policy

Grants to Queen Elizabeth’s School are made in accordance with the procedures laid down by the corporate trustee and established by the conditions set down by the donor of the funds.

Risk Management

The Board continues to keep the Charity’s activities under review, particularly with regard to any major risks that may arise from time to time including:

Investment in FQE Enterprises Ltd

The Charity holds an investment of £25,000 in FQE Enterprises Ltd, a wholly owned subsidiary of the Charity which runs the School’s shop.

Page 7

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL

TRUSTEE’S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

6. STATEMENT OF TRUSTEE’S RESPONSIBILITIES

The Trustee is responsible for preparing the Trustee’s Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustee to prepare accounts 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 income and expenditure of the group for that period. In preparing these accounts, the Trustee is required to:

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 statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. It is also responsible for safeguarding the assets of the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

7. KEY MANAGEMENT REMUNERATION POLICY

The key management of the Charity are regarded as Trustee representatives. They do not receive any remuneration or benefits in kind.

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16th October 2023
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N Enright Director

Page 8

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL FOR THE YEAR ENDED 31 JULY 2023

Opinion

We have audited the financial statements of The Friends of Queen Elizabeth’s School (the ‘parent charity’) and its subsidiary (the ‘group’) for the year ended 31 July 2023 which comprise the group and parent charity statement of financial activities, balance sheets, statements of cash flows, the principal accounting policies and the notes to the financial statements. 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’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this report.

Other information

The trustees 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 form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 9

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL FOR THE YEAR ENDED 31 JULY 2023 (CONTINUED)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of the trustee

As explained more fully in the trustee’s responsibilities statement, the trustee is responsible for the preparation of the financial statements and for 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 of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustee is responsible for assessing the group’s and the parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and 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 procedures are capable of detecting irregularities, including fraud is detailed below:

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

Page 10

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL FOR THE YEAR ENDED 31 JULY 2023 (CONTINUED)

Auditor’s responsibilities for the audit of the financial statements (continued)

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustee and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Page 11

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL

TO THE TRUSTEE OF THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL FOR THE YEAR ENDED 31 JULY 2023 (CONTINUED)

Use of our report

This report is made solely to the charity’s trustee, 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 undertaken so that we might state to the charity’s trustee those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustee as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 23 October 2023

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Page 12

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2023

`
Notes
Donations and
legacies
1
Charitable
activities
2
Other trading
activities
Investments
Total
EXPENDITURE
ON:
Raising funds
3
Charitable
activities
3
Total
Net (expenditure)/
income for the
year and net
movement in
funds
Reconciliation of
funds
Total funds
brought forward
Total funds
carried forward
7		 2023
Unrestricted
Funds
£
826,089
74,126
206,627
8,151
1,114,993
167,018
978,987
1,146,005
(31,012)
700,417
669,405		 2023
Restricted
Funds
£
-
-
-
-
-
-
-
-
-
35,455
35,455		 2023
Total
£
826,089
74,126
206,627
8,151
1,114,993
167,018
978,987
1,146,005
(31,012)
735,872
704,860		 2022
Unrestricted
Funds
£
800,284
46,336
191,490
201
1,038,311
160,843
798,950
959,793
78,518
621,899
700,417		 2022
Restricted
Funds
£
18,480
-
-
-
18,480
-
20,977
20,977
(2,497)
37,952
35,455		 2022
Total
£
818,764
46,336
191,490
201
1,056,791
160,843
819,927
980,770
76,021
659,851
735,872

The statement of financial activities includes all gains and losses recognised in the year.

Page 13

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL

CHARITY STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING CHARITY INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2023

`
Notes
Donations and
legacies
1
Charitable
activities
2
Investments
Total
EXPENDITURE
ON:
Charitable
activities
3
Total
Net (expenditure)/
income for the
year and net
movement in
funds
Reconciliation of
funds
Total funds
brought forward
Total funds
carried forward
7		 2023
Unrestricted
Funds
£
826,089
74,126
8,085
908,300
964,272
964,272
(55,972)
678,634
622,662		 2023
Restricted
Funds
£
-
-
-
-
-
-
-
35,455
35,455		 2023
Total
£
826,089
74,126
8,085
908,300
964,272
964,272
(55,972)
714,089
658,117		 2022
Unrestricted
Funds
£
820,966
46,336
197
867,499
790,082
790,082
77,417
601,217
678,634		 2022
Restricted
Funds
£
18,480
-
-
18,480
20,977
20,977
(2,497)
37,952
35,455		 2022
Total
£
839,446
46,336
197
885,979
811,059
811,059
74,920
639,169
714,089

The statement of financial activities includes all gains and losses recognised in the year.

Page 14

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL

GROUP BALANCE SHEET AT 31 JULY 2023

Note
Current assets
Stocks
Debtors
5
Cash at bank and in hand
12
Total Current assets
Creditors: Amounts falling due within one year
6
Current assets less current liabilities
Total assets less current liabilities
Comprising:
Funds
Restricted
7, 8
Unrestricted: General funds
7, 8
Total Funds		 2023
£
89,177
118,519
924,844
1,132,540
(427,680)
704,860
704,860
35,455
669,405
704,860		 2022
£
56,815
64,897
862,204
983,916
(248,044)
735,872
735,872
35,455
700,417
735,872

The financial statements were approved by the Trustee on 16[th] October 2023 and signed on its behalf by

N Enright Director

N Gaskell Director

Registered Charity Number: 289174

Page 15

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL

CHARITY BALANCE SHEET AT 31 JULY 2023

Note
Fixed asset investment
Investment in subsidiary company
Current assets
Debtors
5
Cash at bank and in hand
12
Creditors: Amounts falling due within one year
6
Current assets less current liabilities
Total assets less current liabilities
Comprising:
Funds
Restricted
7, 8
Unrestricted: General funds
7, 8
Total Funds		 2023
£
25,000
108,336
801,498
909,834
(276,717)
633,117
658,117
35,455
622,662
658,117		 2022
£
25,000
46,343
786,723
833,066
(143,977)
689,089
714,089
35,455
678,634
714,089

The financial statements were approved by the Trustee on 16[th] October 2023 and signed on its behalf by

N Enright Director

N Gaskell Director

Registered Charity Number: 289174

Page 16

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL

STATEMENT OF CASH FLOWS FOR THE YEAR ENDING 31 JULY 2023

Note
Cash flows from
operating activities:
Net cash provided by
operating activities
11
Cash flows from
investing activities:
Interest
Change in cash and
cash equivalents in
the year
Cash and cash
equivalents brought
forward
Cash and cash
equivalents carried
forward
12		 GROUP
Total funds
2023
£
Total funds
2022
£
54,489
139,074
8,151
201
62,640
139,275
862,204
722,929
924,844
862,204		 CHARITY
Total funds
2023
£
Total funds
2022
£
6,690
130,491
8,085
197
14,775
130,688
786,723
656,035
801,498
786,723

The Friends of Queen Elizabeth’s School does not have any borrowings or lease obligations. Net debt consists therefore of the cash at bank and in hand.

Page 17

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL

ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2023

A Accounting Convention and Basis of Preparation

The financial statements of the Charity are prepared in accordance with The Charities Act 2011, The Charities (Accounts and Reports) Regulations 2008 and the Charities SORP (FRS 102) updated in 2019 (“SORP”), and with applicable accounting standards. These financial statements are drawn up on the historical cost accounting basis except that investment assets are carried at valuation.

Group Financial Statements

These financial statements consolidate the results of the Charity and its wholly-owned subsidiary, FQE Enterprises Limited on a line by line basis.

B Donations

Donations representing Deeds of Covenant and Gift Aid are accounted for in the period in which the charity is entitled to receive.

C Income Tax Reclaimed

Income tax reclaimed on income from Deeds of Covenant and Gift Aid is accounted for on an accruals basis.

D Activities Income

Activities income represents the gross income arising on fundraising activities during the year.

E Investment & Investment Income

Investment in the subsidiary has been stated at cost less any provision for permanent diminution in value. Investment income is accounted for in the period in which the Charity is entitled to receive.

F Expenditure

Expenditure is included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered. It is recognised when there is a legal or constructive obligation to pay, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Certain expenditure is directly attributable to specific activities and has been included in those cost categories. Certain other costs, which are attributable to more than one activity, are apportioned across cost categories on the basis of resources used on those activities.

G Grants Payable

Grants payable are charged to the income and expenditure account in the period in which the projects which are supported at the School incur expenditure.

H

Fund Accounting

The Funds held by the Charity are divided into unrestricted general funds, which can be used in accordance with the charitable objects at the discretion of the Trustee, and restricted funds, which must be used for the objects specified by the donors of those funds.

Page 18

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL

ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2023

I Going concern

The Trustee assesses 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 doubt on the ability of the Charity to continue as a going concern.

The Trustee makes this assessment in respect of period of one year from the date of approval of the financial statements. The Trustee concludes 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.

J Financial instruments

The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

The Charity only holds basic financial 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 instruments and are debt instruments which are measured at amortised cost. Prepayments are not financial instruments. Amounts due from the Charity’s related undertakings are held at amortised cost.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument. Amounts due to related undertakings are held at amortised cost.

K Stocks

Stocks are valued at the lower of cost and net realisable value and after making due allowance for obsolete and slow moving stocks.

L Critical judgements and estimates

There are no significant areas of judgement, estimates or key assumptions that effect items in the financial statements with respect to the next reporting period for the year ended 31 July 2024.

As set out in these accounting policies under “going concern”, the Trustee has considered the impact of the pandemic on the charity and have concluded that although there may be some negative consequences, it is appropriate for the charity to continue to prepare its accounts on the going concern basis.

Page 19

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

1 Donations and legacies

Group
Unrestricted
funds
£
Donations
Income tax recoverable
670,021
156,068
826,089
Charity
Unrestricted
funds
£
Donations
Income tax recoverable
670,021
156,068
826,089
Comparatives for year ended 31 July 2022
Group
Unrestricted
funds
£
Donations
Income tax recoverable
653,007
147,277
800,284
Charity
Unrestricted
funds
£
Donations
Income tax recoverable
673,689
147,277
820,966
2
Charitable activities income (Group and Charity)
Founder’s Day Fete
Quiz
450thanniversary fundraising
South Korean film project		 Unrestricted
funds
£
670,021
156,068		 Restricted
funds
£
-
-
-
Restricted
funds
£
-
-
-
Restricted
funds
£
18,480
-
18,480
Restricted
funds
£
18,480
-
18,480
2023
£
30,885
1,930
31,311
10,000		 Total
2023
£
670,021
156,068
826,089 826,089
Unrestricted
funds
£
670,021
156,068		 Total
2023
£
670,021
156,068
826,089 826,089
2022
Unrestricted
funds
£
653,007
147,277		 Total
2022
£
671,487
147,277
800,284 818,764
Unrestricted
funds
£
673,689
147,277		 Total
2022
£
692,169
147,277
820,966 839,446
2022
£
24,715
403
21,218
-
74,126 46,336

All income from charitable activities is unrestricted in both the current and prior years.

Page 20

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

3
Expenditure
Group
Expenditure on raising funds:
Cost of sales
Shop management fee
Total expenditure on raising funds
Expenditure on charitable
activities:
Grants payable in furtherance of
the Charity’s objects:
Contribution to School Projects
Pupil travel
Support costs: Bank and credit
card charges
Governance costs: Auditor’s
remuneration:
Audit fees
Other
Other expenditure (corporation tax
payable)
Total expenditure on charitable
activities
Total expenditure
Charity
Expenditure on charitable
activities:
Grants payable in furtherance of
the Charity’s objects:
Contribution to School Projects
Pupil travel
Support costs: Bank and credit
card charges
Governance costs: Auditor’s
remuneration:
Audit fees
Total expenditure on charitable
activities
Total expenditure		 Unrestricted
funds
£
113,018
54,000
167,018
940,000
20,000
6,743
6,150
1,775
4,319
978,987
1,146,005
Unrestricted
funds
£
940,000
20,000
1,532
2,740
964,272
964,272		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
Restricted
funds
£
-
-
-
-
-
-		 Total 2023
£
113,018
54,000
167,018
940,000
20,000
6,743
6,150
1,775
4,319
978,987
1,146,005
Total 2023
£
940,000
20,000
1,532
2,740
964,272
964,272

Page 21

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

3 Expenditure (continued)

Comparatives for year ended 31 July 2022

Group
Expenditure on raising funds:
Cost of sales
Shop management fee
Total expenditure on raising funds
Expenditure on charitable activities:
Grants payable in furtherance of the
Charity’s objects:
Contribution to School Projects
Pupil travel
Support costs: Bank and credit card
charges
Governance costs: Auditor’s
remuneration:
Audit fees
Other
Total expenditure on charitable
activities
Total expenditure
.
Charity
Expenditure on charitable activities:
Grants payable in furtherance of the
Charity’s objects:
Contribution to School Projects
Pupil travel
Support costs: Bank and credit card
charges
Governance costs: Auditor’s
remuneration:
Audit fees
Total expenditure on charitable
activities
Total expenditure		 Unrestricted
funds
£
108,843
52,000
160,843
765,456
20,000
6,269
-
5,500
1,725
798,950
959,793
Unrestricted
funds
£
765,456
20,000
1,626
3,000
790,082
790,082		 Restricted
funds
£
-
-
-
20,977
-
-
-
-
-
20,977
20,977
Restricted
funds
£
20,977
-
-
-
-
20,977

20,977		 Total
2022
£
108,843
52,000
160,843
786,433
20,000
6,269
-
5,500
1,725
819,927
980,770
Total
2022
£
786,433
20,000
1,626
3,000
811,059
811,059

Page 22

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

4 Trustee

The key management of the Charity are regarded as the trustees of the corporate trustee. They received no remuneration or expenses in either of the two financial years.

5 Debtors

Due in one year:
Income tax recoverable
Prepayments and accrued income		 Group
2023
£
2022
£
83,553
35,016
34,966
29,881
118,519
64,897		 Charity
2023
£
2022
£
83,552
35,016
24,784
11,327
108,336
46,343		 Charity
2023
£
2022
£
83,552
35,016
24,784
11,327
108,336
46,343
46,343

6 Creditors: Amounts falling due within one year

Grants payable to Queen Elizabeth’s
School
Other creditors		 Group
2023
£
2022
£

250,000
140,976
177,680
107,068
427,680
248,044		 Charity
2023
£
2022
£
250,000
140,977
26,717
3,000
276,717
143,977		 Charity
2023
£
2022
£
250,000
140,977
26,717
3,000
276,717
143,977
143,977

7 Funds

Group
Funds
Unrestricted
Restricted
Total Funds
Charity
Funds
Unrestricted
Restricted
Total Funds		 At 1 August 2022
Income
Expenditure
At 31 July 2023
£
£
£
£
700,417
1,114,993
(1,146,005)
669,405
35,455
-
-
35,455
735,872
1,114,993
(1,146,006)
704,860
At 1 August 2022
Income
Expenditure
At 31 July 2023
£
£
£
£
678,634
908,300
(964,272)
622,662
35,455
-
-
35,455
714,089
908,300
(964,272)
658,117

During the year ended 31 July 2023, no restricted donations have been received for specific purposes. Restricted funds brought forward are for the specific purpose towards the School library.

Page 23

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

7 Funds (continued)

Comparatives for year ended 31 July 2022

Group
Funds
Unrestricted
Restricted
Total Funds
Charity
Funds
Unrestricted
Restricted
Total Funds		 At 1 August 2021
Income
Expenditure
At 31 July 2022
£
£
£
£
621,899
1,038,311
(959,793)
700,417
37,952
18,480
(20,977)
35,455
659,851
1,056,791
(980,770)
735,872
At 1 August 2021
Income
Expenditure
At 31 July 2022
£
£
£
£
601,217
867,499
(790,082)
678,634
37,952
18,480
(20,977)
35,455
639,169
885,979
(811,059)
714,089

During the year ended 31 July 2022, restricted donations were received for specific purposes mainly towards the school library.

8 Analysis of net assets between funds

Group
Funds
Current assets
Current liabilities
Balance at 31 July 2023
Charity
Funds
Investments
Current assets
Current liabilities
Balance at 31 July 2023		 Restricted
funds
Unrestricted
funds
Total
Funds
£
£
£
35,455
1,097,085
1,132,540
-
(427,680)
(427,680)
35,455
669,405
704,860
Restricted
funds
Unrestricted
funds
Total
Funds
£
£
£
-
25,000
25,000
35,455
874,379
909,834
-
(276,717)
(276,716)
35,455
622,662
658,117

Page 24

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

8 Analysis of net assets between funds (continued)

Comparatives for year ended 31 July 2022

Group
Funds
Current assets
Current liabilities
Balance at 31 July 2022
Charity
Funds
Investments
Current assets
Current liabilities
Balance at 31 July 2022		 Restricted
funds
Unrestricted
funds
Total
Funds
£
£
£
56,432
927,484
983,916
(20,977)
(227,067)
(248,044)
35,455
700,417
735,872
Restricted
funds
Unrestricted
funds
Total
Funds
£
£
£
-
25,000
25,000
56,432
776,634
833,066
(20,977)
(123,000)
(143,977)
35,455
678,634
714,089

9 Investment in Subsidiary Company

The Friends of Queen Elizabeth’s School has invested £25,000 in its wholly owned subsidiary, FQE Enterprises Limited, a company registered in England. The company’s principal trading activity is to provide school uniform, equipment, other related products and services to the pupils of the School.

The subsidiary typically donates its annual taxable profit to The Friends of Queen Elizabeth’s School by Gift Aid. This is treated as a distribution in the subsidiary financial statements and accounted when paid over. The audited results for the year ended 31 July 2023 were:

Turnover
Cost of sales
Gross profit
Less:
Administrative expenses (including £4,319 corporation tax
payable)
Plus:
Bank interest
Retained in the subsidiary
Aggregate capital and reserves		 2022
£
206,627
113,018
93,609
68,716
66
24,959
71,741		 2022
£
191,490
108,843
82,647
60,869
4
21,782
46,782

Page 25

THE FRIENDS OF QUEEN ELIZABETH’S SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

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 to £38,995 (2022: £12,201) which relates to the activities of Queen Elizabeth’s School Barnet. At the year-end, £38,995 (2022: £4,052) was owed to the School.

Year-end creditors include £54,000 (2022: £52,000) owed to 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 £940,000 (2022: £765,456) to Queen Elizabeth’s School, Barnet, in respect of capital and operational projects, £20,000 (2022: £20,000) in relation to minibuses for pupil travel and £Nil (2022: £20,977) as support for restricted projects. Of these sums £270,976 (2022: £140,976) is included within creditors and was paid to 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 of the Charity. At the year-end £24,784 (2022: £11,327) was owed from the School to the charity.

11 Cash flows from operating activities

Net (deficit)/surplus for
the reporting period
Adjustment for interest
(Increase) in debtors
(Increase) in stock
Increase in creditors
Net cash provided by
operating activities		 GROUP
2023
£
2022
£
(31,012)
76,021
(8,151)
(201)
(53,622)
(25,877)
(32,362)
15,577
179,636
73,554
54,489
139,074		 CHARITY
2023
£
2022
£
(55,972)
74,920
(8,085)
(197)
(61,993)
(12,041)
-
-
132,740
67,809
6,690
130,491

12 Cash and cash equivalents

Cash at bank and in hand Group
2023
£
2022
£
924,844
862,204
924,844
862,204		 Charity
2023
£
2022
£
801,498
786,723
801,498
786,723		 Charity
2023
£
2022
£
801,498
786,723
801,498
786,723
786,723