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 ne￿SSit0us 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 ￿Ul8￿Y 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 re￿iVeS 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 Suc￿sSes.
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 redU￿d 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 prePar￿ng 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 p￿pare 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 reqU1￿MentS 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)al￿0n. 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 re￿iVed 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 a￿1
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$1￿Cted
Futrjds
2023
Restricted
Funds
2023
Total
Re5triGted
Fund$
Notes
Donation$ antl
legaoe$
885,845
885.845
826.089
826.089
Charitable
a¢tnlit￿s
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
conseqUen￿s, 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 lory￿r 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 re￿iVed 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 r￿1Ved for specific purposes.
Restricted funds brought fO￿ard 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