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 be￿een 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 SUC￿sses.
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 SoUr￿S 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
re￿iVed 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 Practi￿1.
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 con￿rn 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 r￿ard.

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 prO￿dureS 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
Un￿strIcted
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 ex￿p1 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
re￿iVed 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 li￿nce 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.
Year*nd 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 year*nd £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