Registered Charity Number.. 289174 THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL CONTENTS Page Trustee's annual report 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 Accounts'ng Policies 17-18 Notes to the Financial Statements 19-26
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 1 TRUSTEE'S REPORT FOR THE YEAR ENDED 31 JULY 2024 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 2024. 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.. Slalement 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 IFRS 1021. 1. STRUCTURE GOVERNANCE AND MANAGEMENT The Friends of Queen Elizabeth's School is a registered charity. Its objects, powers and other conslilutional matters are set out in ils Trust Deed of March 1993. 11 is governed by a corporate trustee, which is responsible for setting the strategic direction of the oryanisalion and for establishing policy. The financial statements comply with current slatulory requirements, the Charity's governing documents and the Charities SORP IFRS 1021 Trustees The Friends of Queen Elizabeth's School Corporate Trustee Limited Iregislered number 13559681) is appointed as sole trustee. The directors of the corporate trustee, who act as Trustee representatives. are". E. Aghdiran A. Binslock S. Cooke N. Enrighl N. Gaskell E. Houston B. Martin C. Price T. O'Reilly acts as Company Secretary for the Trustee. 2. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered address Queen Elizabeth's School Queen's Road Barnel Herts EN5 4DQ 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 2024 Bankers CAF Bank Limited Kings Hill Wesl Malling Kent ME19 4TA HSBC PI¢ 140 High Street Barnel Hert5 EN5 5XW Executive ¢ommlttee A. Binslock. Chairman P. Raykar, Vice-chair N. Enrighl, Headmaster C. Seetharam, School Captain C. Coughlan R. Essex P. Forresler T. O'Reilly D. Singh A. Somani
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 3 TRUSTEE'S REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 3. OBJECTIVES AND ACTIVITIES The Charity's objects, powers and other conslilulional mallers are sel out in its Trust Deed. In setting the Charity's objectives and planning ils activrties, 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.. The advancement of educab'on at Queen Elizabeth's School I'the School'l. The provision. maintenance, insurance, reconslruclion or pair of the School buildings, fixtures, fillings and equipment including vehicles and any facility of whatsoever nature present al the School or subsequently lo be erected al the School, including the provision or extension or maintenance of playing fields 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 cosls involved in attending external educational courses or visits. The provision of financial assistsnce lo neSSit0us pupils of the School for the purposes of acquiring clothing. books, tools, instruments and equipmenl. Investment Powers and Poli¢y Investment powers are governed by the Trust Deed. There are no restrictions on the Charity's absolute power of investment. The charity may 8ccumulale 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 deteTmine. To date, the Trustee continues lo keep the Charity funds in short-term bank deposits. Structure, Governance and Management The objects of the Charity are lo advance the education of the boys of the School by providing and assisting in the provision of facilities for education al the School, and lo engage in activities that support the School and its pupils. The Corporate Trustee sel the policies of the Charity with respect to both the raising of funds and the management of those funds in accordance with ils 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 Cornmillee Meets approximately 8 times per year and Sub-committees meet more frequently lo plan particular events. The Trustee administers the funds raised through these initiatives. The Executive Committee a drawn from members of the Charity {parenls and guardians of pupils of the School, members of school staffj and honorary members Ifomier members and Old EIEabethansl. In addition to raising funds and providing facilities for education at the School, members Ul8Y assist at many school functions and support the wider life of the school. Ordinary members are kept informed by means of the School's lermly newsletter and by additional mailings from the Executive from time to lime. The annual report is presented lo the Annual Meeting.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 4 TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Connected Organlsations including Related Party Relationships The Friends of Queen Elizabeth's Sch(iol provides funding for the provision of facilities for the education of pupi15 at Queen Elizabeth's School, Barnel Iregislered number 073512531. The Friends of Queen Elizabeth's School Corporate Trustee Limited (registered number 13559681) is the 501e trustee of The Friends of Queen Elizabeth's School. The Friends of Queen Elizabeth's School Corporate Trustee Limited operate5 as sole Trustee since 10th September 2021. The Friends of Queen Elizabeth's School is the parent company to two wholly owned subsidiaries.. FQE Enterprises Limited (registered number 068331801.. The subsidiary's principal trading activity 1$ to provide school uniform, equipment and other related products and services lo the pupils of Queen Elizabeth's School. Barnel. FQE International Enterprises Limited (registered number 15165141).. incorporated on 26th September 2023, the subsidiary's principal trading activity is leasing of intellectual property and providing educational support services. All profits from both subsidiaries are donated lo The Friends of Queen Elizabeth's School by Gift Aid within nine months of the end of the reporting year. Publi¢ Beneflt The Govemors 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 refefred to this guidan when reviewing the aims. strategy and planning future activities. All activities undertaken by the School are for the public benefit. The Charity is specifically reslricled lo advance for the public benefit edLJcalion in the United Kingdom and report5 annually on the ways in which il has successfulty 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 aueen Eliiabelh's School benefits all of the students at the School. In addition, the support given lo The School by the Charity provides public benefit lo the wider educational community. For example, the School's swimming pool was funded through donations from the Charity and 1$ now used by several Ioc81 primary schools al heavily subsidised rental rates. Fundraising Practices The Charity raises funds from only the wider School community of pupils, paTenls, friends, family and former pupils. 11 does not use any third parties to fundraise and limits ils appeals to simple requests for voluntary donations through the Giving lo QE covenant scheme, and appeal pages on JustGiving and CAFDonate. No complaints about fundraising have been received in the year. 4. ACHIEVEMENT AND PERFORMANCE I) THE EXTENT TO WHICH OBJECTIVES HAVE BEEN MET The level of donations received remained consistent with prior years. This has enabled the Charity to continue to grant significant financial assistance to the School to fund capital projects, including a new studio and lecture theatre, the Robert Dudley Studio, completion of replacement boilers and other plant room equipment, replacement of music equipment and completion of the wifi upgrade across the School site enabling implementation of the 121 device5 progfamme. 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, Recitol Hall and Music Rooms.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 5 TRUSTEE'S REPORT {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 li} 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 lo enjoy the range of sporting and cultural experiences they do wilhoul the Friends, wide-ranging support that also includes basics such as the running costs of the minibuses and the costs associated with celebrations. Enrichment provision enabled by the Friends, contributes significantly lo 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 reiVeS 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 to enhance their educational experien. During the period, a new studio and lecture theatre, the Robert Dudley Studio, opened, which is the late51 major facility delivered in the School with the support of FQE. Drama has enjoyed a resurgen at QE in recent years and the new studio provides greatly improved facilities, enabling the School to strengthen the dramatic arts. It has a capacity of 200, so that an entire year group can be accommodated at the same time. The choice of project was a recognition that through drama, and through other performance-orienled activities such as public-speaking and debating, boys learn otacy and self- presentation skills that will stand them in good stead In their later lives and careers. In addition to funding this major capital rtem, the Charity has donated lo the School during the year for purposes, which include the completion of installation of enhanced Wi-Fi infrastructure enabling 1..1 student devices programme Ithe next slep in the delivery of the School's digital stralegyl as well as general sile improvements. The Charity continued to donate to the School to cover travel costs for pupils lo allend events and fixtures. The Charity has pledged funds by donation to the School of £150,000 10 enable these works to be carried out. At the year*nd, this entire amount was due to be paid to the School. 11 is also of paramount importance that Queen Elizabeth's holds lo a steady course and stands firm on the common core values that bind the School community together. In so doing we ensu that parents, staff, old boys, trustees of the corporate Iruslee and governors work together effectively lo realise the School's priorities and achieve our mission. 11 is this unity of purpose. reflected materially in the many donations lo FQE that lies at the heart of our boys, widespread SucsSes. The School had anotheT splendid year wrth excellent results at A level and record breaking GCSE'S. The pupils and staff are immensely grateful for the support the School receives from The Friends of Queen Elizabeth's School. 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 is continuously seeking to find altemab've sources of income, particularly considering the rise in cost of living and potential impact on donation income. In the year, the Charity incorporated a new wholly owned company, FQE International Enterprises Limited. This is a new venture enteiing into a partnership with an educational business to establish new schools overseas under the Queen Elizabeth's School banner. Income received will be in the form of licen fees for intellectual propety and know-how, and a percentage of revenue. All profil$ will be donated lo the Charity, which will, as with other donations, be solely used to further educational opportunities al Queen Elizabeth's School. Barnet. The Trustee representatives have assessed whether the Charity will continue as a going concern for at least a period of e1ve months from the dale of approving the financial statements and have concluded that there are no material uncertainties about the Charity's ability lo continue and accordingly the financial ststements are prepared on the going concern basis.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 6 TRUSTEE'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 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 Elvzabeth's School, Barnel. Total income for the year was £1,400,74312023". £1,114,993) and total expenditure was £1,661,841 {2023'. £1,146,005). Funds are used to support building projects and education81 developments within Queen Elizabeth's School, Barnel. The Group's nel asset positson al 31 July 2024 was £443,76212023.' É704,8601. ReseNes Policy Note 7 to the financial statements shows the movement in funds by type. The Charity'g policy is lo build up reseNes 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 lo make gmnts to the School. As al 31 July 2024, excluding restricted reserves of £15,999, free reserves of the Group are £427,763 and the Trustee considers that sufficient reserves are held to cover the expected donations lo the School during the 2024125 year. Grant Maklng Pollcy Grants to Queen Elyzabeth's School are made in accordance with the procedures laid down by the corporate trustee and established by the conditions sel down by the donor of the funds. Risk Management The Board continues to keep the Charity's activilses Under review, particularly with gard to any major risks that may arise from time to b'me including.. Strategic risks including macroeconomic. pandemic and technology risks where donor levels are monitored monthly and there are procedures to maintain IT security regularly., Public profile risk5, which is redUd with compliance via health and safety ¢ommittee', Human resources, Employee legislation and Welfare risks are all managed through the School operations". and Organisation risk, which is mitigated with trustee5 undertaking training, decisions-making by whole Iruslee body. Investment in FQE Enterprises Ltd The Charity holds an investment of £25,000 in FQE Enterprises Ltd, a wholly owned subsidiary of Ihe Charity which runs the School's shop. Investment in FQE International Enterprlses Ltd The Charity holds an investment of £25,000 in FQE International Enterprises Ltd, a wholly owned subsidiary of the Charity which leases intellectual property and provides educational support services.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 7 TRUSTEE'S REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 6. STATEMENT OF TRUSTEE'S RESPONSIBILITIES The Trustee is responsible for preParng the Trustee's Annual Report and the financial statements in accordance with applicable law and United Kingdom Aocounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England and Wales requires the Trustee to ppare accounts for each financial year which give a true and fair view of the stale 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.. selecl suitable accounting policies and then apply them consistently; observe the methods and principles in Accounting and Reporting by Charities.. Statement of Recommended Pracliee 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 estimates that are reasonable and prudent- stale whether applicable United Kingdom Accounting Standards have been followed, subje¢t to any material departures disclosed and explained in the accounts.. and prepare the accounts on the going concem basis unless il is inappropriate 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 lo ensure that the financial statements comply with the Charrties Act 2011, the Charity (Accounts and Reportsl Regulation$ 2008 and the provisions of the trust deed. 11 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. KEY PJIANAGEMENT REMUNERATION POLICY The key management of the Charity are regarded as Trustee representatives. They do not receive any Temuneration or benefits in kind. N Enright Director 23 October 2024
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 8 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL FOR THE YEAR ENDED 31 JULY 2024 Opinion We have audited the financial statements of The Friends of Queen Elizabeth's School Ilhe 'parenl harily'l and its subsidiaries Ithe'group'l for the year ended 31 July 2024 which comprise the group and parent charity statement of financial aclivilies, balance sheets, statements of cash flows, the principal accounting policies and the notes lo the financial statements. The financial reporting framework that has been applied in their preparab'on 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 Accounling Practieel. In our opinion, the financial slatemenls.. give a true and fair view of the stale of the group's and of the parent charity'5 affairs as al 31 July 2024 and of their income and 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 opinion We conducted our audit in accordance with International Standards on Auditing IUKI (ISAS IUKII and applicable law. Our sponsIbl1111eS under those standards are further described in the auditor's responsibilities ft)r the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical reqU1MentS that are relevant to our audit of the financial ststemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical Iesponsibililies in accordance with these requirements. We believe that the audit eviden we have obtained is sufFicienl and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial stalemenls, 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 signifie8nl doubt on the group and parent charity's ability to continue as a going concern for a period of al le8St twelve months from when the financial slatemenls are authorised for issue. Our responsibilities and the responsibilities of the Iruslee with respect to going concern are described in the relevant sections of this report. other information The trustees are ffsponsible for the other infoM)al0n. The other information comprtses 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 wrth our audit of the financial slatemenls, 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 lo be materially misstated If we identify such material inconsistencies or apparent material misststements, we are required to determine whether there is a material misslalemenl in the financial slalements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misslatemenl of this other information, we are required to 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 20241CONTINUED) Matters on which we are required to report by exception We have nothing lo report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinKJn'. the information given In the trustee's annual report is inconsistent in any material respect with the hnancial statements., or sufficient accounting records have not been kept by the parent charity", or the parent charity financial slalemenls are not in agreement with the accounting records and returns,. or we have not reiVed all the information and explanations we require for our audit. 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 ststemenls that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, the trustee is responsible for assessing the group's and the parent charity's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basi5 of accounting unless the trustees either intend lo liquidate the group or the parent charity or to cease operations, or have no realislie 81ternalive but lo do so. Audltor's responsibilities for the audit of the flnancial Statements Our objectives are to obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misstalemenl, 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 IUKI will always delecl a material misstalemenl 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 Influen the economic decisions of users taken on the basis of these linancial statements. Irregularities, including fraud, are instances of non-complian with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect material misstatements in respect of irregularities, inclLJding 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 tr&ud Our approach lo identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively 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 discussion5 Wlth the trustee and other management, and from our commere121 knowledge and experience of the sector; we focused on specific laws and regulations which we considered may have a diretl material effect on the financial statements or the operations of the group, including the Charities Act 2011, data protection legislation, and health and safety legislation.,
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 10 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL FOR THE YEAR ENDED 31 JULY 2024 ICONTINUEDI Auditor's responglbllltles for the audit of the flnancial slatgmènts l¢ontlnuedl 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 regulations were communicated within the audit team regularly and the team remained alert lo instances of non-compliance throughout the audit. We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as lo where they considered there was susceptibility to fraud. their knowledge of actual, suspected and alleged fraud,. and considering the internal controls in pla lo mitigate risks of fraud and non-complian with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships.. tested the implementation of financial controls,. and assessed whether judgements and assumptions made in determining the ac¢ounling estimates were indicative of potential bias. In response lo the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, bul were not limited lo.. agreeing financial statement disclosures to underlying supporting documentation., reading the minutes of meetings of those charged with governance., enquiring of management as to actual and potential litigation and ¢laims', and reviewing any available correspondence with HMRC and the charity's legal advisors. 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 non- compliance. Audrting stsndards also limit the audit procedures required lo identify non-compliance with laws and regulations lo enquiry of the trustee and other management and the inspection of regulatory and legal Gorrespondence, if any. Material mis51atements that arise due lo fraud can be harder lo detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial ststemenls Is located on the Financial Reporting Council's website al www.frc.org.uklauditorsresponsibililies. This description forms part of our auditor's report.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page11 TO THE TRUSTEE OF THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL FOR THE YEAR ENDED 31 JULY 2024 (CONTINUED) Use of our report This report is made solely lo 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 mallers we are required lo slate 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. fjuz2o• LLF Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL Dale.. 25 October 2024 Buzzacott LLP is eligible lo act as an aLtditor in terms of section 1212 of the Companies Act 2006
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 12 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2024 2024 Un¥e¥tri¢ted Fund$ 2024 Restrlcted Funds 2024 Total 2023 Unr05trlcted Fund$ 2023 Resthcted Ainds 2023 Total Not88 Donations a1 legaues 856,567 856.567 826,089 826.089 Charitable activrte$ 39,616 39,618 74.126 74.126 Other trading activitYè5 4.136 485,136 206.627 206,627 Inv88tm8nt5 19,424 19.424 8,151 8,151 Totsl 1AOO.743 1.400,743 1,114.993 1.114.9B3 EXPENDITURE ON.. Raising Yunds 383.436 383,438 167.018 167,018 Charitsble adivilie$ 1.258.949 19,458 1.278,405 978.987 978,987 Total 1,642,386 19,456 1,661,841 1,146.005 1.146,005 Net lexpend6turo1 for Ihè yearand nei movement In fund$ 1241.6421 119,4661 1261.OY81 131,0121 131,0121 Re¢oncillatlon of funds Total funds brought forward 669,405 35.455 704,860 700.417 35,455 735.872 Totsl funds arried fotrward 427.763 16,999 443.762 669,405 35.455 704,860 The statement of financial activities includes all gains and losses recognised in the year.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 13 CHARITY STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING CHARITY INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 JULY 2024 2024 Unrestricted Funds 2024 2024 Total 2023 Unre$1Cted Futrjds 2023 Restricted Funds 2023 Total Re5triGted Fund$ Notes Donation$ antl legaoe$ 885,845 885.845 826.089 826.089 Charitable a¢tnlits 39,616 39,616 74,126 74,126 Investrnents 19,290 19.290 8,085 8.085 Total 944,761 944,751 908,300 908,300 EXPENDITURE ON.. Charrtable activities 1.248.667 19,458 1.26B,123 964,272 964.272 Totsl 1,248.667 19,456 1.268,123 964.272 964.272 Nrf lexpendltstrg) for the yeor and net movement in fund5 1303.9161 119,4561 1323,3721 165,9721 155,9721 R•ton¢lllatlon of funds Total fund5 brought forward 622.662 35,455 658,117 678.634 35,455 714,089 Total fund5 carrled forward 318,746 1&999 334,745 622,662 35.455 858,117 The statement of financial a¢tivilies includes all gains and losses recognised in the year.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 14 GROUP BALANCE SHEET AT 31 JULY 2024 Noto 2024 2023 Current assets Stocks 86,246 54,844 89,177 Debtors 118,519 Short term deposits Cash al bank and in hand 301,991 520,279 12 924,844 Total Current assels 963,360 1,132,540 Credltors.. Amounts falling due within one year 1519,5981 1427,680} Net current assets 443,762 704,860 Total net assgts 443,762 704.860 Comprising.. Funds Reslricled 15.999 427,763 35,455 669,405 Unrestricted." General fund5 Total Funds 443,762 704,860 The financial statements were approved by the Trustee on 23rd October 2024 and signed on its behalf by N Enright Director N Ga$kell Dlrector Charity Number 289174
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 15 CHARITY BALANCE SHEET AT 31 JULY 2024 Note 2024 2023 Fixed asset investment Investment in subsidiary Companies 50,000 25,000 Current assets Debtors 24.000 301,991 379.497 108,336 Investments Cash al bank and in hand 12 801,498 705,488 909,834 Credito¥s.' Amounts falling due within one year 1420,7431 1276,7171 Net current assets 284,745 633,117 Total net assets 334,745 658.117 Comprising". Funds Restricted 15,999 318,746 35,455 622,682 Unrestricted.. General funds Total Funds 334.745 658,117 The financial statements were approved by the Trustee on 23rd October 2024 and signed on rts behaw by N Enrlght Director N Gaskell Director Charity Number 289174
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 16 STATEMENT OF CASH FLOWS FOR THE YEAR ENDING 31 JULY 2024 GROUP CHARITY Total funds 2024 Total funds 2023 Total funds 2024 Total funds 2023 Note Cash flows from operating a¢tivltles: Net cash (used in) provided by operating activities 11 1121,9981 54,489 1114,3001 6,690 Cash flows from Investing activitles: Interest Investment in subsidiary Investment in short term deposits 19,424 8,151 19,290 8,085 125,0001 1301,9911 {301,991) Change in cash and cash equivalents In the year Cash and cash equivalents brought forward Cash and eash equivalents carried fonvard 1404,5651 62,640 1422,0011 14,775 924.844 862.204 801,498 786,723 12 520.279 924.844 379,497 801.498 The Friend5 of Queen Elizabeth's School does not have any borrowings or lease obligab'ons. Net ¢Jebt consists therefore of the cash al bank and in hand.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 17 ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2024 Accountlng Convention and 8asls of Preparation The finan¢i81 statements of the Charity are prepared in accordance with The Charities Act 2011, The Charities (Accounts and Reports) Regulations 2008 and the Charities SORP IFRS 1021 updated in 2019, and with applicable accounting standards. These financial statements are drawn up on the historical cosl accounting basis except that investment assets are Carried at valuation. Group Flnancial Statements These financial slalemenls consolidate the results of the Charity and its wholly owned subsidiaries, FQE Enterprises Limrted and FQE Intemalional Enterprises Limited on a line-by-line ba51S. Donations Donations representing Deeds of Covenant and Gift Aid aro accounted for in the period in which the charity is entitled to receive. Income Tax Reclalmed Income lax reclaimed on income from Deeds of Covenant and Gift Aid is accounted for on an accruals basi5. Activities Income Activities income represents the gr05s income arising on fundraising activities during the year. Investment & Investment Income Investment in the Subsidiary has been stated at cost less any provision ft)r permanent diminution in value. Investment income is accounleé for in the period in which the Charity is entitled to receive. 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, il Is probable that settlement will be required and the amount of the obligation can be measured reliably. Certain expenditure is directly allribulable to specific activities and has been included in those cost categories. Certain other costs, which are 311ribulable to more than one activity, are apportioned across cost categories on the basis of resources used on those activities. Grants Payable Grants payable are charged lo the income and expendrture account in the period in which the projects which are supported at the School incur expenditure. Fund Accounting The Funds held by the Charity are divided into unrestricted general funds, which can be used in accordance with the charitable objects al the discretion of the Trustee, and restricted funds, which must be used for the objects specified by the donors of those funds.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 18 ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2024 Going ¢oncern 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 lo 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 lo continue as there are adequate resources for the fo seeable future and accordingly the financial statements are prepared on the going concern basis. Flnancial 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 inslTuments, and are measured al amortised cost Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed lo be a financial liability, as the cash 5elllemenl has already taken place and there is an obligation to deliver services rather than cash or another linancial instrument. Amounts due to related undertakings are held al amortised cost. Stocks Sto¢ks are valued at the lower of cost and nel realisable value and after making due allowance for obsolete and slow moving stocks. Crltlcal Judgements and estimates There are no significant areas of judgement, estimates or key assumptions that effect items in the financial slalemenls with respect to the next reporting period for the year ended 31 July 2025. As sel out in these accounting policies under'going concern" the Trustee has considered the imp8¢t of the pandemic on the charity and have concluded that although there may be some negative conseqUens, Il is appropriate for the charity to continue to prepare ils accounts on the going concern basis.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 19 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Donations andlggacieg Group Unrestricted funds Restricted funds Total 2024 Donations 702,753 702,753 Income tax recoverable 153814 153814 856,567 856,567 Charity Unrestricted funds Restrlcted funds Tolal 2024 Donations 729.031 729,031 Income lax recoverable 156,814 156,814 885,845 885,845 Comparatives loryr ended 31 July 2023 Group Unrestrlcted funds Re$trlcted funds Total 2023 Donations 670,021 670,021 Income tax recoverable 156,C68 826,089 156,068 826,089 Charity Unrestricted funds Restrlcted funds Tolal 2023 Donations 670,021 670.021 Income tax recoverable 156,068 826,089 156.068 826,089 Charitsble actlvltle8 Income (Group and Charity) 2024 2023 Founder's Day Fete Quiz 450th anniversary fvndraising Other 19.968 2,029 11,026 6,593 39,616 30,88S 1,930 31,311 10,000 74,126 l income from charitable activities is unreslricled in both the current and prior years.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 20 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Expenditure Group Unrestricted funds Restricted funds Total 2024 Expenditure on raising funds.- Cost of sales Shop m8nagemenl fee Tot81 expendituTr on raising funds 323,436 60,000 383,436 323,436 383,436 Expenditure on chaiitable activities.. Grants payable in furtherance of the Charity's objects.. Contribution lo School Projects Pupil travel Support costs.. Bank and Credit ard charges Governance costs.. Auditor'$ remuneration.. 1.220,716 20,000 19.456 1,240,172 20.000 6,545 6,545 Audit fees Other Other expenditure (corporation tsx payable) Total expenditure on charrfable 8Ctivities 9,750 1,938 9,750 1,938 1,258,949 19,456 1,278,405 Total expgnditure 1,642,385 19,456 1.661.841 Charlty Unrestricted funds Restrictgd funds Total 2024 ExpendituTr on charitable activities.. Grants payable in furtherance of the Charity's objects.. Contribution lo School Projects Pupil travel Support costs.. Bank and credit card charges Governan costs.. Auditor's remuneration.. 1,220,716 20,000 19,456 1,240,172 20,000 3,173 3.173 Audit fees 4,778 4.778 Total expenditu on charitable activities 1,248,667 19,456 1,268.123 Total expenditure 1,248,667 19,456 1,268,123
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 21 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Expenditure Icontinuedl Comparatives foryear ended 31 July 2023 Group Unrestrictgd nds Restricted funds Total 2023 ExpendiluTr on raising funds.. Cost of sales Shop management fee 113,018 54,000 113,018 54,000 Total expenditure on lSing funds 167,018 167,018 Expenditure on charitable 8Ctivities.' Grants payable in furtheran of the Charity's objects.. Contribution to School Projects Pupil travel Support costs.. Bank and credit card charges Governance costs.. Auditor's remuneration.. 940.000 20.000 6.743 940,000 20,000 6,743 Audit fees Other Other expenditure Icorporabon tax payablel Total expenditure on ch8rit8bl8 8Ctivit18S 6,150 1,775 4,319 6.150 1.775 4,319 978,987 978,987 Total expenditure 1,146.005 1.146.005 Charty Unrestricted funds Reslricted funds Total 2023 Expenditure on Gharitable 8Ctivities.' Grants payable in furtherance of the Charity's objects.. Contribution to School Projects Pupil trave Support costs.. Bank and credit card charges Governance costs.. Auditor's remuneration.. 940,000 20,000 1,532 940,000 20,000 1,532 Audit fees 2,740 2,740 Total expenditure on charitable 8ctt'vilies 4,272 964,272 Total expenditure 964.272 964,272
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 22 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Trusteè The key management of the Charity are regarded as the trustees of the corporate trustee. They received no remuneration or expenses as their role5 as trustees in either of the two financial years. Debtors Group 2024 Charity 2023 2024 2023 Due in one year.. Income tax recoverable Prepayments and accrued income Other debtors 24,000 13,321 83,553 27,644 7,322 118,519 24,000 83,552 24,784 54,844 24,000 108,336 Creditors: Amounts falling due within one year Group 2024 Charlty 2023 2024 2023 Grants payable to Queen Elizabeth's School Other creditors 387,000 132,598 519,598 250,000 177,680 427,680 387,000 33,743 420.743 250,000 26,717 276,717 Funds Group At 1 August 2023 Income Expenditure At 31 July 2024 Funds Unreslricled Reslricled 669,405 35,455 1,400,743 {1,642,3851 119,4561 1661841 427,763 15,999 Total Funds 1,400,743 Charity At 1 Augusl 2023 Income Expenditure At 31 July 2024 Funds Unrestricted Reslricled 622,662 35,455 658117 944,751 {1,248,6671 119.4561 1.268 123 318,746 15,999 Total Funds 334.745 During the year ended 31 July 2024, no Stricted donations have been reiVed for specific purposes. Restricted funds brought torward are for the specific purpose triwards the School library.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 23 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Funds Icontinuod) Comparatlves for year ended 31 July 2023 Group At 1 August 2022 Income Expenditure At 31 July 2023 Funds Unre51ricted Reslricled 700,417 35,455 735,872 1,114,993 {1,146,0051 669,405 35,455 Total Funds 1,114,993 1,146,005 704,860 Charlty At 1 August 2022 Income Expenditure At 31 July 2023 Funds Unreslricled Restricted 678,634 35,455 714 089 908,300 1964,2721 622,662 35,455 Total Funds 908.300 964 272 658 117 During the year ended 31 July 2023, no restricted donations have been r1Ved for specific purposes. Restricted funds brought fOard are for the specific purpose towards the School library. Anatysis of net assets between funds Group Restricted funds Unrestrlcted funds Total Funds Funds Current assets Current liabilities 35,455 119,4561 15,999 927,905 1500,1421 427.763 963.360 1519,598) 443,762 Balance at 31 July 2024 Charlty Restricted funds Unrgstricted funds Total Funds Funds Investments Current assets Current liabilities 50,000 670,033 1401,2871 318 746 50,000 705,488 1420,7431 334.745 35,455 119,4561 15.999 Balance at 31 July 2024
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 24 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Analysis of net assets between funds {continued) Comparativ•s for year ended 31 Juty 2023 Group Restrlcted funds Unrestrlcted funds Total Fund$ Funds Current assets Current liabilities 35,455 1,097,085 1427,6801 669 405 1,132,540 1427,6801 704,860 Balance at 31 July 2023 Charity Restrlcted funds Unrestricted funds Total Funds Funds Investments Current assets Current liabilities 25,000 874,379 1276,7171 622 662 25,000 909,834 1276,7171 658 117 35,455 Balan¢e at 31 July 2023 35.465 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 lo provide school uniform, equipment, other related products and services to the pupils of the School. The subsidiary typicalty donates ils annual taxable profil to The Friends of Queen Elizabeth's School by Gift Aid. Thi5 15 Irealed as a distribution in the subsidiary financial statements and accounted when paid over. The audited results for the year ended 31 July 2024 were." 2024 2023 Turnover Cost of sales Gross profrt 205,507 112606 92,901 206,627 113,018 93,609 Less.. Administrative expenses (including £4,319 corporation lax payable) 68,638 68,716 Plus.. Bank interest 134 Retained in the subsidiary 24,397 24,959 Aggregate capital and reserves 66,860 71,741
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 25 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Investment in Subsidiary Company (continued) The Friends of Queen Elizabeth's School has invested £25,000 in its wholly owned subsidiary, FaE International Enterprises Limited, a company registered in England. The company's principal trading activity is lo lease intellectual property and provide educational support services. The subsidiary typically donates its annual taxable profit lo 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 period since incorporation on 26 September 2023 10 31 July 2024 were.. 2024 Turnover Cost of sales Gross profit 279,629 210,830 68,799 Less.. Administrative expenses 1,645 Plus.. Bank interest Retained in the subsidiary 67,154 Aggregate capital and reserves 92,154 10 Related party transa¢tions The subsidiary has been gr8nled a licence lo run the School shop from Queen Elizabeth's School, Bamet. at a peppercorn rent. During the year, the subsidiary collected monies in the School Shop amounting to £31,056 12023.. £38,995) which relates lo the acb'vities of Queen Elizabeth's School Barnel. Al the year-end. £31.056 12023.. £38,995) wa5 owed lo the School. Year-end creditors include £Nil12023'. £54,000) owed to Queen Elizabeth's School, Barnet in respect of the management charge for the School Shop. During the year The Friends of Queen Elyzabeth's School donated £1,220,71612023.' £940,000110 Queen Elizabeth's School, Barnet. in respect of capital and operational projects, £20,000 12023.. £20,000) in relation lo minibuses for pupil travel and £19,456 12023.. £Nill as support for restricted projects. Of these sums £387,000 12023.. £250,000) Is included within creditors and was paid lo the School after the year-end. The School collected monies and paid monies relating to the Founderfs Day Fete and other activities on behalf of the Charity. At the year-end £7,02612023'. £24,784} was owed from the School to th8 charity.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 26 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 11 Cash flows from op¢rating actlvities GROUP 2024 CHARITY 2024 2023 2023 Net {deficill for the reporting period 1261,0981 131,012} 1323,3721 155,972} Adjuslmenl for interest Decrease lincreasel in debtors 119,4241 18,151} {19.2901 18,0851 63,675 153,6221 84,336 161,9931 Decrease {increasel in stock 2,931 132,3621 Increase in crediloTS 91,918 179,636 144.026 132,740 Net cash (used in) provided by operatlng activities {121,998) 54,489 1114.3001 6,690 12 Cash and cash equivalents Group Charlty 2024 2023 2024 2023 Cash al bank and in hand 520,279 520.279 924,844 924,844 379,497 379.497 801,498 801.498