Registered Charity Number.. 289174 THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025
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 Slalement of Financial Activities including Charity Income and Expenditure Account 13 Group Balance Sheet 14 Charity Balance Sheet 15 Group and Charity Statement of Cash Flows 16 Accounting Policies 17-18 Notes to the Financial Statements 19-27
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 1 TRUSTEE'S REPORT FOR THE YEAR ENDED 31 JULY 2025 The Trustee submits ils annual report and financial statements of The Friends of Queen Elizabeth's School and its subsidiary undertakings for the year ended 31 July 2025. The accounts have been prepared in accordance with the accounting policies set out on pages 17 and 18 of the allached financial statements and comply with the charity's Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. 1. STRUCTURE GOVERNANCE AND MANAGEMENT The Friends of Queen Elizabeth's School is a registered charity. Ils objects, powers and other conslitulional mallers are sel out in its Trust Deed of March 1993. It is governed by a corporate trustee, which is responsible for setting the strategic direction of the organisation and for establishing policy. The financial statements comply with current statutory requirements, the Charity's governing documents and the Charities SORP IFRS 1021. Trustees The Friends of Queen Elyzabeth's School Corporate Trustee Limited Iregislered number 135596811 is appointed as sole trustee. The directors of the corporate trustee, who act as Trustee representatives, are". E. Aghdiran A. Binslock S. Cooke N. Enright N. Gaskell E. Houston B. Martin C. Pri T. O'Reilly acts as Company Secretary for the Trustee. REFERENCE AND ADMINISTRATIVE DETAILS Registered address Queen Elizabeth's School Queen's Road Barnel Herts EN5 4DQ Charity registration number 289174 Registered auditor Buzzacott Audit 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 2025 Bankers CAF Bank Limited Kings Hill Wesl Malling Kent ME19 4TA HSBC PIC 140 High Street Barnet Herts EN5 5XW Executive committee A. Binstock, Chairman P. Raykar, VI-Chair N. Enright, Headmaster S. Sahola, 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 2025 3. OBJECTIVES AND ACTIVITIES The Charity's objects, powers and other conslitulional matters are sel out in ils Trust Deed. In setting the Charity's objectives and planning ils activities, the Trustee has given careful consideration lo the Charity Commission's public benefit guidan. The Charity has continued its principal activity of providing for all or any of the following.. The advancement of education al Queen Elizabeth's School I'the School.). The provision, maintenance, insuran, reconslruclion or repair of the School buildings, fixtures, fittings 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 costs involved in attending external educational courses or visits. The provision of financial assistance to necessitous pupils of the School for the purposes of acquiring clothing, books, tools, instruments and equipment. Investment Powers and Policy Investment powers are governed by the Trust Deed. There are no reslriclions on the Charity's absolute power of investment. The charity may accumulate any income not immediately required for the purposes of The Friends by investing the same and resulting income thereof in such manner as the Trustees determine. To date, the Trustee continues to keep the Charity funds in easy a¢$S short-term bank deposits and regular current accounts. Structure. Governance and Management The objects of the Charity are to advance the education of the boys of the School by providing and assisting in the provision of facilities for education at the School, and lo engage in activities that support the School and its pupils. The Corporate Trustee set the policies of the Charity with respect to both the raising of funds and the management of those funds in accordance with ils objects, thus retaining strategic control of the Charity's aclivilies. The Corporate Trustee is governed by a number of Directors appointed under the terms of ils Memorandum and Articles of Association. Directors of the corporate trustee are recruited through a process that identifies candidates with relevant skills and experience. They are trained through onboarding that includes understsnding the Charity's objectives, strategic plans, and legal obligations. There is also an Executive Committee, which plans and runs events to raise funds for the Charity and to promote the cohesion of members ofthe school community through participation in these endeavours. The Executive Committee meets approximately 8 times per year and Sub-committees meet more frequently to plan particular events. The Trustee administers the funds raised through these inilialives. The Executive Committee are drawn from members of the Charity (parents and guardians of pupils of the School, members of school slaffl and honorary members {former members and Old Elizabelhansl. In addition to raising funds and providing facilities for education al the School, members regularly assist al many school functions and support the wider life of the school. Ordinary members are kept informed by means of the School's termly newsleller and by additional mailings from the Executive from lime to time. The annual report is presented to the Annual Meeting.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 4 TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Connected Oryanisations including Related Party Relationships The Friends of Queen Elizabeth's School provides funding for the provision of facilities for the education of pupils at Queen Elizabeth's School, Barnet (registered number 073512531. The Friends of Queen Elyzabeth's School Corporate Trustee Limited Iregislered number 135596811 is the sole trustee of The Friends of Queen Elizabeth's School. The Friends of Queen Elizabeth's School Corporate Trustee Limited operates as sole Trustee since 10th September 2021. The Friends of Queen Elizabeth's School is the parent company lo two wholly owned subsidiaries.. FQE Enterprises Limited (registered number 068331801. The subsidiary's principal trading activity is lo provide school uniform, equipment and other related products and services lo the pupils of Queen Elizabeth's School, Barnet. FQE International Enterprises Limited (registered number 151651411." incorpooted on 26th September 2023, the subsidiary's principal trading activity is leasing of intellectual propety 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. Public Benefit The Governors acknowledge the duly in Section 4 of the Charities Act 2011 to have due regard lo the Charity Commission's published general and relevant sub-sector guidance on publi¢ benefit. They have referred to this guidance when reviewing the aims, strategy and planning future activities. All activities undertaken by the School are for the public benefit. The Charity is specifically restricted to advance for the public benefit education in the United Kingdom and reports annually on the ways in which it has successfully delivered in this regard. The Charity's overriding objective of advancing education al Queen Elizabeth's School meets the Charity Commission's public benefit guidance since the support given lo Queen Elizabeth's School benefits all of the students at the School. In addition, the support given to The School by the Charity provides public benefit lo the wider educational community. For example, the School's swimming pool was funded through donations from the Charity and is now used by several local primary schools at heavily subsidised rental rates. Fundraising Practices The Charity raises funds trom only the wider School community of pupils, parents, friends, family and former pupils. It does not use any third parties to fundraise and limits its appeals lo 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. ACHIEVEMENTS AND PERFORMANCE il 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 lo 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 silè enabling implementation of the 121 devices programme. The Friends have supported the School lo repay Condition Improvement Fund loans relating lo recent significant capital investments in the Fern building and the building of The Friends, Recital Hall and Music Rooms.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 5 TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 li} SUMMARY During the last academic year, the Friends have continued to provide financial support lo Queen Elizabeth's School. Capital projects financed by the FQE continue lo impact profoundly upon the working environment and extra-curricular life of the School. The boys would simply not be able lo enjoy the range of sporting and cultural experiences they do without the Friends, wide-ranging support that also includes basics such as the running costs of the minibuses and the costs associated with celebrations. Enrichment provision enabled by the Friends, contributes significantly to the School's mission of producing rounded young people who are confident, able and responsible. There is also a direct correlation beeen the pupils, co<urricular enrichment and their extraordinary academic achievements. Staff derive confidence from the support that the School receives from the FQE as they know that the work they do here is highly valued. Pupils take themselves seriously when they know that many have given so much voluntarily lo enhance their educational experience. Last year, a new studio and lecture theatre, the Robert Dudley Studio, opened, which is now fully operational. Within this financial year, the Studio was enhanced by new audio, lighting systems and staging curtains funded by FQE. The Charity has enabled the School lo reach pre-planning application stage for a new Sports Hall. The School has worked closely with architects and subconlraclors and has submilled the application, which covers various surveys and planning issues including community use and ecological impacL In addition, the Charity has donated to the School during the year for general sile improvements. The Charity has pledged funds by donation lo the School of £150,000 lo enable these works lo be carried out. At the year*nd, this entire amount was due to be paid lo the School. The Charity continued to donate lo the School to cover travel costs for pupils to attend events and fixtures. 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 ensure that parents, staff, old boys, trustees of the corporate trustee and governors work together effectively to realise the School's priorities and achieve our mission. It is this unity of purpose, reflected materially in the many donations to FQE that lies at the heart of our boys, widespread SUCsses. The School had another splendid year with excellent results at A level and 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 lo support the School to fund other capital projects. The Charity is continuously seeking lo find alternative SoUrS of income, particularly considering the rise in cost of living and potential impact on donation income. The QE Global Schools initiative has made substantial progress in the year. Ongoing guidan is provided lo senior Global Education executives through the wholly owned company, FQE International Enterprises Limited. Two sites have now been secured, one in India and the other in Dubai. Income reiVed will be in the form of licence fees for intellectual property and know-how, and a percentage of revenue. All profits will be donated to the Charity, which will, as with other donations, be solely used to further educational opportunities at Queen Elizabeth's School, Barnet. The Trustee representatives have assessed whether the Charity will continue as a going concern for al least a period of e1ve months from the date of approving the financial stslements and have concluded that there are no material uncertainties about the Charity's ability lo continue and accordingty the financial statements are prepared on the going concern basis.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 6 TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 5. FINANCIAL REVIEW The results are reported within the financial statements and the Charity's assets are sufficient to meet ils obligations. The principal funding sources are by way of donations to the Charity and income generated from fund-raising activities within Queen Elyzabeth's School, Bamet. In the year ended 31 July 2025, income from other trading activities increased due to the QE Global Schools Initiative. Total income for the year was £2,211,565 12024.. £1,400,743) and total expenditure was £1,316,449 12024". £1,661.8411. Funds are used to support building projects and educational developments within Queen Elizabeth's School, Barnel. The Group's nel asset position at 31 July 2025 was £1,338,87812024. £443,762). Reserves Policy Note 7 to the financial statements shows the movement in funds by type. The Charity's policy is to build up reserves by means of annual opefftting surpluses and judicious management of its investment assets to enable the pursuance of the Charity's objects. The reserves are then used on a periodic basis to make grants lo the School. As al 31 July 2025, excluding restricted reserves of £25,000, free reserves of the Group are £1,313,878 and the Trustee considers that sufficient reserves are held lo cover the expected donations to the School during the 2025126 year. Grant Making Policy Grants to Queen Elizabeth's School are made in accordance with the procedures laid down by the corporate Iruslee and established by the conditions sel down by the donor of the funds. Risk Management The Board continues lo keep the Charity's activities under review, particularly with regard to any major risks that may arise from lime to lime including.. Strategic risks including macro-economic, pandemic and technology risks where donor levels are monitored monthly and there are procedures lo maintain IT security regularly., Public profile risks, which is reduced with compliance via the School's health and safety committee., Human resources, employee legislation and welfare risks are all managed through the School operations., and Organisation risk, which is mitigated with trustees undertaking training, decisions-making by whole trustee body. Investment in FQE Enterprises Ltd The Charity holds an investment of £25.000 in FQE Enterprises Ltd, a wholly owned subsidiary of the Charity which runs the School's shop. Investment in FQE Intemational Enterprises 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 2025 6. STATEMENT OF TRUSTEE'S RESPONSIBILITIES The Trustee is responsible for preparing the Trustee's Annual Report and the financial slalements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting PracliTrl. The law applicable lo Charities in England and Wales requires the Trustee lo prepare 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.. select suitable accounting policies and then apply them consistently., observe the methods and principles in Accounting and Reporting by Charities.. Statement of Recommended Practi 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, subject to any material departures disclosed and explained in the accounts., and prepare the accounts on the going concern basis unless it 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 al any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. It is also responsible for safeguarding the assets of the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. KEY MANAGEMENT REMUNERATION POLICY The key management of the Charity are regarded as Trustee representatives. They do not receive any remuneotion or benefits in kind. Approved by the Trustee on 22nd October 2025 and signed on its behalf by N Enright Director
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 2025 Opinion We have audited the financial statements of The Friends of Queen Elizabeth's School Ilhe 'parenl charity'l and its subsidiaries Ilhe 'group'l for the year ended 31 July 2025 which comprise the group and parent charity statement of financial activities, balance sheets, statements of cash flows, the principal accounting policies and the notes lo the financial slalements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iuniled Kingdom Generally Accepted Accounting Practi1. In our opinion, the financial statements.. give a true and fair view of the slate of the group's and of the parent charity's affairs as al 31 July 2025 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 accordan with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are Independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate lo 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 conrn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the group and parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements a authorised for issue. Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sects'ons of this report. Other infomiation The Iruslees are responsible for the other information. The other infomialion comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assuran conclusion Ihereon. In connection with our audit of the financial stalemenls, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misslatemenl In the financial statements or a material misstatement of the other Information. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomialion, we are required lo report that fact. We have nothing to report in this rard.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page g INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL FOR THE YEAR ENDED 31 JULY 2025 (CONTINUED) Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us lo report to you if, in our opinion.. the information given in the Iruslee's annual report is inconsistent in any material respect with the financial slalements., or sufficient accounting records have not been kept by the parent charity., or the parent charity financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibilities of the trustee As explained more fully in the trLJStee's responsibilities statement, the Iruslee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for SLJch internal control as the trLJStees determine is necessary to enable the preparation of financial statements 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 to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the group or the parent charity or lo cease operations, or have no realistic alternative but to do so. Audltor's responslbllltles for the audlt of the flnanclal statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or ermr, and lo issue an auditorfs 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 delect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial stalemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misslalements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. How the audit was considered capable of detecting irregularities including fraud Our approach to identifying and assessing the risks of material misslalement 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 lo identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable lo the group through discussions with the trustee and other management, and from our commercial knowledge and experience of the sector., we focused on specific laws and regulations which we wnsidered may have a direct material effect on the financial statements or the operations of the group, including the Charities Act
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 2025 (CONTINUED) Auditorfs responsibilities for the audit of the financial statements {continued} we assessed the extent of compliance with the laws and regulations identified above through making enquiries of Iruslees and inspecting legal correspondence., and identified laws and regulations were communicated within the audit team regularly and the team remained alert to 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 Iruslees as lo where they considered there was susceptibility lo fraud, their knowledge of actual, suspected and alleged fraud,. and considering the internal controls in place to miligale risks of fraud and non-compliance 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 accounting 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, but were not limited to.. agreeing financial slalemenl disclosures to underlying supporting documentation., reading the minutes of meetings of those charged with governance., enquiring of management as lo actual and potential liligalion and claims,. and reviewing any available correspondence with HMRC and the charity's legal advisors. There are inherent limitations In our audit prOdureS described above. The more removed that laws and regulations are from financial Iransaclions, the less likely il is that we would become aware of non- compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustee and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilrties for the audit of the financial statements is located on the Financial Reporting Council's website at 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 2025 (CONTINUED) Use of our report This report is made solely to the charity's Iruslee, 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 slate lo the charity's trustee those mallers we are required to slate to them in an auditorfs report and for no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustee as a body, for our audit work, for this report, or for the opinions we have formed. Buzzacott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL Date.. 24 October 2025 Buzzacott Audit LLP is eligible to act as an auditor 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 2025 2025 2025 Restricted Funds 2026 Totsl 2024 2024 2024 Total Unrestricted Funi15 UnstrIcted Re51ricted Funds Ntstes Donations and legacies 930,525 20.000 950,525 856.567 856,567 Charitable activities 37,198 37,198 39,616 39,616 Other trading activities 1,181,683 1,161,683 485,136 485,136 Investments 82,159 62.159 19,424 19,424 Total 2.191,565 2,211,565 1.400.743 1,400,743 EXPENDITVRE ON.. Raising fund8 317,355 317.355 383,436 383,436 Charitable activities 988,095 10,999 999.094 1,258,949 19,456 1.278.405 Total 1.305,450 10.999 1,316,449 1.642.385 19A56 1,661,841 Net income lexpenditurel for the year and net rnovement in fvnd5 886,11S 9,001 895,116 1241,6421 119,4561 1261,0961 ReGonGiliation of funds Total funds brought forward 427,763 15,999 443.762 669,405 35.455 704.860 Totsl funds carried forvrard 1,313,878 26,000 1,338,878 427,763 16,999 443,762 The statement of financial activities includes all gains and losses reeognised 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 2025 2026 2025 2026 Total 2024 2024 2024 Vnrestrided Funds Restricted Fund5 Unrestricted Funds Restricled Fund5 Note5 Donation5 and legacies 1.039.539 20.000 1,059.539 885.845 885.845 Charitable activities 37.198 37,198 39.816 39,616 Investments 15,321 15,321 19,290 19,290 Total 1,092,058 20,000 1,112.058 944,751 944.751 EXPENDITVRE ON.. Charitable activities 973.262 10,999 984,261 1,248,667 19,456 1,268,123 Total 973,262 10,999 984,261 1,248,667 19,466 1,268,123 Net income lexpendlturel for the year and net movement in funds 118,796 9,001 127.797 1303,9161 119,4561 1323,3721 Reconclllatlon of funds Total funds brought forward 318.746 15,999 334,745 622,662 35,455 658,117 Total funds carrled forward 437,542 25,000 482.542 318,746 15,999 334.745 The statement of financial activities includes all gains and losses recognised in the year.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 14 GROUP BALANCE SHEET AT 31 JULY 2025 Note 2025 2024 Current assets Slo¢ks 99,581 76,599 86,246 54,844 Debtors Short term deposits Cash at bank and in hand 1,499,394 301,991 12 876,974 520,279 Total Current assets 2,552,548 963,360 Credltors". Amounts falling due within one year 1933,6701 {519,5981 Net current assets 1,618,878 443,762 Creditors: Amounts falling due after one year 1280,0001 Total net assets 1,338,878 443,762 Comprising.. Funds Restricted 25,000 1,313,878 15,999 427,763 Unrestricted." General funds Total Funds 1.338,878 443.762 The financial statements were approved by the Trustee on 22nd October 2025 and signed on its behalf by N Enright Director N Gaskell Director
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 15 CHARITY BALANCE SHEET AT 31 JULY 2025 Note 2025 2024 Fixed asset investment Investment in subsidiary companies 50,000 50,000 Curront assgts Debtors 46,842 259,152 565,964 24,000 301,991 379,497 Short term deposits Cash al bank and in hand 12 871,958 706,488 Creditors". Amounts falling due within one year 1459,4161 1420,7431 Net current assets 412,542 284,745 Total net assets 462.542 334.745 Comprising.. Funds Restricted 25,000 437,542 15,999 318,746 Unrestricted.. General funds Total Funds 462.542 334.745 The financial statements were approved by the Trustee on 22n¢ October 2025 and signed on its behalf by N Enright Director N Gaskell Director Registered Charity Number.. 289174
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 16 STATEMENT OF CASH FLOWS FOR THE YEAR ENDING 31 JULY 2025 GROUP CHARITY Total funds 2024 Total funds 2025 Note Total funds 2025 Total funds 2024 Cash flows from operating activities: Nel cash provided by lused inl operating activities 11 1,491,939 1121,9981 128,307 1114,3001 Cash flows from investing activities: Interest Investment in subsidiary Investment in short term deposits 62,159 19,424 15,321 19,290 125,0001 11,197,403) 1301,9911 42,839 1301,9911 Change in cash and cash equivalents in the year Cash and cash equivalents brought forward Cash and cash equivalents carried forward 356,695 1404,565) 186,467 1422,0011 520,279 924,844 379,497 801,498 12 876,974 520,279 565,964 379,497 The Friends of Queen Elyzabeth's School does not have any borrowings or lease obligations. Net debt consists therefore of the cash at bank and in hand.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 17 ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2025 Accounting Convention and Basis of Preparation The financial slalemenls of the Charity are prepared in accordance with The Charities Act 2011, the Charities SORP IFRS 1021 updated in 2019, and with applicable accounting standards. These financial slalements are drawn up on the historical cost accounting basis exp1 that investment assets are carried al valuation. Group Financial Statements These financial statements consolidate the resutts of the Charity and its wholly owned subsidiaries, FQE Enterprises Limited and FQE International Enterprises Limited on a line-by-line basis. Donations Donations representing Deeds of Covenant and Gift Aid are accounted for in the period in which the charity is enlilled to receive. Incomo Tax Reclaimgd Income tax reclaimed on income from Deeds of Covenant and Gift Aid is accounted for on an accruals basis. Activities Incomo Activities income represents the gross income arising on fundraising activities during the year. Licensing income Turnover from licensing fees is recognised in the period lo which the license relate, whilst recharged income is recognised as the service is provided. Income lo be used lo establish future operations is initially deferred within creditors on the balance sheet, and released lo turnover in line with the associated costs incurred. Investment & Investment Ineome Investment in the subsidiary has been ststed at cost less any provision for permanent diminution in value. Investment income is accounted for in the period in which the Charity is enlilled 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 lo pay, il is probable that settlement will be required and the amount of the obligation can be measured reliably. Certain expenditure is directly attributable to specific activities and has been included in those cost categories. Certain other costs, which are allribulable lo more than one activity, are apportioned across cost categories on the basis of resources used on those activities. Grants Payable Grants payable are charyed lo the income and expenditure account in the period in which the projects which are supported al 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 2025 Going concern The Trustee assesses whether the use of going concern for preparing the financial statements is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity lo 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 stalemenls. The Trustee concludes that there are no material uncertainties about the Charity's ability to continue as there are adequate resour$ for the foreseeable future and accordingly the financial statements are prepared on the going concem basis. Financial instruments The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like tmde 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 al 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 al face value. Short term deposits is classified as a basic financial instrument and is measured at face value. These are cash balances that are held from inception for more than three months bul less than one year. Financial liabilities trade creditors, accruals and other creditors are financial instruments, and are measured al amortised cost. Taxation and social security are not Included in the financial Instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken plaTr and there Is an obligation lo deliver servi$ rather than cash or another financial Instrument. Amounts due lo related undertakings are held at amortised cost. Stock5 Stocks are valued al the lower of cost and nel realisable value and after making due allowance for obsolete and slow moving sloeks. Critical judgements and estimates The preparation of the financial statements requires management lo make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as al the balance sheet dale and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The item in the financial statements where a judgement has been made is in respect of using expenditure incurred from licensing fees as a reliable basis for recognising the entitlement to recognise revenue for work performed.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 19 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Donations and legacies Group Unrestrictsd fund8 Restricted funds Total 2025 Donations 757,009 20,000 777,009 Income tsx recoverable 173,516 930,525 173,516 950,525 20,000 Charity Unrestricted funds Restricted funds Total 2025 Donations 866,023 20,000 886,023 Income tax recoverable 173,516 173,516 1,039.539 20.000 1.059.539 Comparatives for year ended 31 July 2024 Group Unrestricted funds Restricted funds Total 2024 Donations 702,753 702,753 Income tsx recoverable 153,814 856,567 153,814 856,567 Charity Unrestricted funds Restricted funds Totsl 2024 Donations 729,031 729,031 Income tax recoverable 156,814 156,814 885.845 885.845 Charitable activities income (Group and Charity} 2025 2024 Founder's Day Fete Quiz 450th anniversary fundraising Other 25,297 2,036 19,968 2,029 11,026 37,198 39,616 All 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 2025 Expenditure Group Unrestricted funds Restricted funds Total 2025 Expenditure on raising funds.. Cost of sales Shop management fee Total expenditure on raising funds 255,355 62,000 317,355 255,355 62,000 317,355 Expenditure on charitable aclivilies.. Grants payable in furtherance of the Charity's objects.. Contribution to School Projects Pupil travel Support costs.. Bank and credit card charges Governance costs.. Auditor's remuneration.. 918,195 20,000 10,999 929,194 20,000 6,347 6,347 Audit fees Other 12,500 4,500 26,553 12,500 4,500 26,553 Other expenditure Total expenditure on charitable activities 988,095 10,999 999,094 Total expenditure 1,305.450 10.999 1.316,449 Charity Unrestricted funds Restricted funds Total 2025 Expenditure on charitable aGlivilies.' Grants payable in furtherance of the Charity's objects.. Contribution to School Projects Pupil travel Support Costs. Bank and credit card charges Governance costs.. Auditor's remuneration.. 918,195 20,000 10,999 929,194 20,000 3,514 3,514 Audit fees 5,000 5,000 Other expenditure Total expenditure on charitable activities 26 553 973,262 10,999 984,261 Total expenditure 973.262 10.999 984,261
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 21 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Expenditure (continued) Comparatives for year ended 31 July 2024 Group Unrestricted funds Restricted funds Total 2024 Expenditure on raising funds.. Cost of sales Shop management fee 323,436 60,000 323,436 60,000 Total expenditure on raising funds 383,436 383,436 Expenditure on ch8rit8ble activities." Grants payable in furtherance of the Charity's objects". Contribution to School Projects Pupil travel Support costs.. Bank and credit card charges Governance costs.. Auditor's remuneration.. 1,220,716 20,000 19,456 1,240,172 20,000 6,545 6,545 Audit fees Other 9,750 1,938 9,750 1,938 other expenditure Total expenditure on charitable aGlivilies 1,258,949 19,456 1,278,405 Total expenditure 1.642.385 19,456 1.661.841 Charlty Unrestrlcted funds Restrlcted funds Total 2024 Expenditure on charitable activities.. Grants payable in furtherance of the Charity's objects.. Contribution to School Projects Pupil travel Support costs.. Bank and credit card charges Governance costs.. Auditor's remuneration.. 1,220,716 20,000 19,456 1,240,172 20,000 3,173 3,173 Audit fees 4,778 4,778 Total expenditure 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 22 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Trustee The key management of the Charity are regarded as the trustees of the corporate Iruslee. They reiVed no remuneration or expenses as their roles as Iruslees in either of the two financial years. Debtors Group 2025 Charity 2024 2025 2024 Due in one year.. Income tsx recoverable Prepayments and accrued income Other debtors 26,667 24,000 13,321 17,523 54,844 26,667 24,000 49,932 76,599 26,667 24,000 Creditors: Amounts falling due within one year Group 2025 Charity 2024 2025 2024 Grants payable to Queen Elizabeth's School Accruals and deferred income Other creditors 409, 120 227,000 297,550 933.670 387,000 12,250 120,348 519.598 409, 120 5,000 45,296 459.416 387,000 4,750 28,993 420.743 Creditors.. Amounts falling due after one year Group 2025 Charity 2024 2025 2024 Aecruals and deferred income 280,000 280.000 Fee income received In the period in FQE International Enterprises has been deferred, which will be released to turnover in line with associated costs incurred. Income is expected to be released as follows.. Group 2025 Charity 2024 2025 2024 Release within one year or less Release in more than one year but not more than two years Release in more than two years but not more than five years 210,000 140,000 140,000 490,000
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 23 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Funds Group At 1 August 2024 Income Expenditure At 31 July 2025 Funds Unrestricted Reslri¢led 427,763 15,999 443,762 2,191,565 20,000 2,211,565 11,305,450) 110,9991 1,316,449 1,313,878 25,000 1,338,878 Total Funds Charity At 1 August 2024 Income Expenditure At 31 July 2025 Funds Unrestricted Reslricled 318,746 15,999 1,092,058 20,000 1973,2621 110,9991 984,261 437,542 25,000 Total Funds 334.745 1.112.058 462.542 During the year ended 31 July 2025, £20,000 has been received from Old Elizabethans lo contribute towards the School's longer term financial suslainabilily plans12024'. £Nill. Restricted funds brought forward are for the specific purpose towards the School library. Comparatives for year ended 31 Juty 2024 Group At 1 August 2023 Income Expenditure At 31 July 2024 Funds Unrestricted Reslricled 669,405 35,455 1,400,743 {1,642,3851 119,4561 1.661,841 427,763 15,999 Total Funds 704.860 1.400.743 443.762 Charity At 1 August 2023 Income Expenditure At 31 July 2024 Funds Unrestricted Reslricled 622,662 35,455 944,751 11,248,667) 119,4561 1.268,123 318,746 15,999 Total Funds 658.117 944.751 334.745 During the year ended 31 July 2024, no restricted donations have been received for specific purposes. Restricted funds brought forward are for the specific purpose towards the School library.
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 24 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Analysis of net assets between funds Group Restricted funds Unrestricted funds Total Funds Funds Current assets Current liabilities Non<urrent liabilities 35,999 110,9991 2,516,549 1922,6711 1280,0001 1,313,878 2,552,548 1933,6701 1280,0001 1,338,878 Balance at 31 July 2025 25,000 Charity Restricted funds Unrestricted funds Total Funds Funds Investments Current assets Current liabilities 50,000 835,959 1448,4171 437.542 50,000 871,958 1459,4161 35,999 110,9991 25,000 Balance at 31 July 2025 Comparatives for year ended 31 July 2024 Group Restricted funds Unrestricted funds Total Funds Funds Current assets Current liabilities 35,455 119,4561 15,999 927,905 1500, 1421 427,763 963,360 1519,5981 Balance at 31 July 2024 Charity Restricted funds Unrestricted funds Total Funds Funds Investments Current assets Current liabilities 50,000 670,033 1401,2871 318.746 50,000 705,488 1420,7431 35,455 119,4561 15,999 Balance at 31 July 2024
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 25 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 10 Investment in Subsidiary Company The Friends of Queen Elizabeth's School has invested £25,000 in its wholly owned subsidiary, FQE Enterprises Limited, a company registered in England. The company's principal trading activity is to provide school uniform, equipment, other related products and services to the pupils of the School. The subsidiary typically donates ils annual taxable profil lo The Friends of Queen Elizabeth's School by Gift Aid. This is Ire8ted as a distribution in the subsidiary financial statements and accounted when paid over. The audited results for the year ended 31 July 2025 were.. 2025 2024 Tumover Cost of sales Gross profi't 189,689 98,078 91,611 205,507 112,606 92,901 Less.. Administrative expenses 70,535 68,638 Plus.. Bank interest 120 134 Retained in the subsidiary 21,196 24,397 Aggregate capital and reserves 46,196 66,860 The Friends of Queen Elizabeth's School has invested £25,000 in ils wholly owned subsidiary, FQE International Enterprises Limited, a company registered in England. The company's principal trading activity is to lease intellectual property and provide educational support setwices. The subsidiary typically donates ils annual taxable profil 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 lo 31 July 2025 were.. 2025 2024 Tumover Cost of sales Gross profit 971,993 157,277 814,718 279,629 210,830 68,799 Less". Administrative expenses 6,297 1,645 Plus.. Bank interest 46,718 Retained in the subsidiary 855,137 67,154 Aggregate capital and reserves 880,137 92,154
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 26 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 11 Related party transactions The subsidiary, FQE Enterprises Limited, has been granted a lince to run the School shop from Queen Elizabeth's School, Barnet, at a peppercorn rent. During the year, the subsidiary collected monies in the School Shop amounting to £15,262 12024.. £31,056) which relates lo the activities of Queen Elizabeth's School Bamel and £20,17612024. £Nill relating lo The Friends of Queen Elizabeth's School. At the year-end, £15,262 12024. £31,0561 was owed to the School and £20, 17612024.. £Nill was owed lo the Parent. Yearnd creditors include £62,00012024". £Nill owed to Queen Elizabeth's School, Barnet in respect of the management charge for the School Shop. The subsidiary, FQE International Enterprises Limited, has been granted a licence to have the right lo grant lo third parties the right lo use the IntellectLJal Property from Queen Elizabeth's School, Barnet, al a nominal fee, to open and operate international schools. The company donates its annual taxable profit to The Friends of Queen Elizabeth's School by Gift Aid. The amount paid to the parent charity in the financial period was £87,15412024." £Nill. During the period, amounts tolalling £90,64412024." £90,333) was included in expenditure, which relates to the recharges for school resources and payment for rights to use school branding, knowhow, trademark fees and premises licence fees to Queen Elizabeth's School, Barnet. Al the balance sheet dale, £103,14912024'. £nill was owed lo the School. During the year The Friends of Queen Elizabeth's School donated £918,195 12024.. £1,220,716110 Queen Elizabeth's School, Barnel, in respect of capital and operational projects, £20,000 12024.. £20,000) in relation to minibuses for pupil travel and £10,99912024.' £19,456) as support for restricted projects. Of these sums £409,12012024'. £387,000) is included within creditors and was paid lo the School after the year-end. The School collected monies and paid monies relating lo the Founder's Day Fete and other activities on behalf of the Charity. Al the yearnd £45,29612024'. £7,024) was owed lo the School from the charity. 12 Cash flows from operating activities GROUP 2025 CHARITY 2025 2024 2024 Nel surplus Ideficitl for the reporting period 895,116 1261,0981 127,797 1323,372) Adjustment for interest 162, 1591 119,4241 115,3211 119,2901 Ilncreasel decrease in debtors 121,7551 63,675 122,8421 84,336 Ilncrease) decrease in stock 113,3351 2,931 Increase in creditors 694,072 91,918 38,673 144,026 Net cash provided by (used inl operating activities 1.491,939 1121,998) 128,307 1114.3001
THE FRIENDS OF QUEEN ELIZABETH'S SCHOOL Page 27 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 13 Cash and cash equivalents Group Charity 2025 2024 2025 2024 Cash at bank and in hand 876.974 876.974 520,279 520.279 565,964 565.964 379,497 379.497