2025-08-31-accounts

QUEEN’S COLLEGE, LONDON

COUNCIL’S REPORT AND ACCOUNTS

YEAR ENDED 31 AUGUST 2025

Charity Registration No. 312726

QUEEN’S COLLEGE, LONDON

CONTENTS

Contents	Pages
Legal and administrative information	1
The Council’s report	2 – 9
Statement of the Council’s responsibilities	10
Independent auditor’s report	11 – 12
Statement of financial activities	13
Balance sheet	14
Statement of Cash flows	15
Notes to the accounts	16 - 28

QUEEN’S COLLEGE, LONDON

LEGAL AND ADMINISTRATIVE INFORMATION

YEAR ENDED 31 AUGUST 2025

Patron	Vacant. (under review)
Council (current serving members)	Faizul Ali (appointed Oct 2024)
	Rae Azuma (Co-Chair)
	Kate Clark
	Greg Cohen
	Richard Ford
	Alison Fredericks (appointed Mar 2025)
	Alexandra Gregory (Co-Chair)
	Matthew Hanslip Ward (Vice Chair)
	Sebastian Hepher (appointed Sept 2024)
	Alexandra Horner
	David Imrie (reappointed Oct 2024)
	Henry Leon (appointed Oct 2024)
	Vina Patel (appointed Sept 2024)
	Holly Porter
	Linda Wei
	Patricia Wilks (Vice Chair)
The Principal	Richard Tillett
The Head of the Preparatory School	Katherine Colquhoun (interim)and Nisha Duggal from January 2025
Bursar and Clerk to Council	Rebecca Richards
Registered Charity number	312726
Principal address	43-49 Harley Street
	London
	W1G 8BT
Auditor	HaysMac LLP
	10 Queen Street Place
	London
	EC4R 1AG
Bankers	National Westminster Bank plc
	PO Box No 4NU
	1 Cavendish Square
	London
	W1A 4NU
Solicitors	Stone King LLP
	Boundary House
	91 Charterhouse Street
	Barbican
	London
	EC1M 6HR
Investment Advisors	J M Finn & Co
	4 Coleman Street
	London
	EC2R 5TA

1

QUEEN’S COLLEGE, LONDON

THE COUNCIL’S REPORT

YEAR ENDED 31 AUGUST 2025

THE COUNCIL’S REPORT

The Council of Queen’s College, London (“the Council”) presents its report, together with the audited financial statements, for the academic and financial year ended 31 August 2025, and confirms that the latter comply with the requirements of the Charities Act 2011 and the Statement of Recommended for Charities (SORP) 2015 (Second Edition, effective 1 January 2019).

REFERENCE AND ADMINISTRATIVE INFORMATION

Queen’s College, London was founded by Deed of Constitution dated 1 September 1852 and Royal Charter dated 2 November 1853, supplemented by Charter dated 29 May 1970, and as amended 26 October 1988. It has charitable status under reference number 312726.

THE COUNCIL OF QUEEN’S COLLEGE, LONDON

The members of the Council are also the Charity Trustees. Listed below are the present members of the Council and also any members who served during the year, but have now left:

Faizul Ali (Appointed Oct 2024)

Rae Azuma (Co-Chair)

Kate Clark Greg Cohen Richard Ford Alison Fredericks (appointed March 2025)

Alexandra Gregory (Co-Chair) Matthew Hanslip Ward (Vice Chair) Sebastian Hepher (appointed September 2024) Alexandra Horner David Imrie (reappointed October 2024) Henry Leon (appointed Oct 2024) Vina Patel (appointed October 2024) Holly Porter Linda Wei Patricia Wilks (Vice Chair)

*Please note a name change of Rae Perry to Rae Azuma.

FINANCE COMMITTEE

The members of the Finance Committee were Richard Ford (Chair), Alexandra Gregory, Rae Azuma, Vina Patel and Faizul Ali.

2

QUEEN’S COLLEGE, LONDON

THE COUNCIL’S REPORT

YEAR ENDED 31 AUGUST 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Queen’s College, London is governed by Royal Charter (“the Charter”), the bye-laws of which were last amended on 26 October 1988. Initial application has been made to the Privy Council to amend the Charter and bye-laws to reflect modern practice, particularly in employment law and charitable oversight. Approval for the amendments has now been gained as required from the Bishop of London’s office and we are hopeful of the Privy Council formally approving the amendments during the coming months.

Governing Body

Queen’s College, London (“Queen’s”; “the school”) comprises both Queen’s College (“the College”, situated in Harley Street) and Queen’s College Preparatory School (“QCPS”, situated in Portland Place); the Council is thus the governing body of both constituent schools of Queen’s. Members of the Council serve and are constituted as detailed by the Charter. Members are elected at a full meeting of the Council, taking into consideration their eligibility, personal competence, specialist skills, and local availability. Members serve for a term of three years and are then eligible for re-election; they may serve on the Council for up to four terms (thus a maximum of twelve years).

The Finance Committee, the Education and Pastoral Committee, the Estates Committee incorporating health & safety, and the Governance and Nominations Committee all report to the full Council following each of their meetings. The Development and Fundraising sub-Committee was changed to the Marketing and Development Committee and now reports to the full Council.

Trustee Training

Each new member of the Council is inducted into the workings of the school. Training is recommended, dependent upon the member’s personal skills and experience and included the AGBIS new Governor induction, as well as safeguarding and Prevent training. The Council is a member of the Association of Governing Bodies of Independent Schools (AGBIS), which conducts training courses for members.

Organisational Management

Queen’s College, London is constituted by the Charter in a body politic and corporate.

The Council is the governing body and meets at least four times a year to oversee the policy of the school, and to review the processes by which the school is managed and controlled.

The financial operation of the school is reviewed by the Finance Committee (FC), which is chaired by Richard Ford during the 2024-5 financial year. The FC reports to each of the Council meetings, and it has particular responsibility for reviewing financial objectives, performance, budgets, accounts, risk management and personnel matters. The Education and Pastoral Committee is chaired by Patricia Wilks, and is responsible for child protection and safeguarding, alongside reviewing the educational provision. The Estates Committee was chaired by Matthew Hanslip Ward and is now chaired by Holly Porter, and the Governance and Nominations Committee was chaired by Linda Wei. The new Marketing and Development Committee is chaired by Alexandra Horner, and has specific oversight of marketing, development and fundraising.

In accordance with the Charter, the Principal and Head of QCPS are responsible to the Council for the internal organisation, management and operation of the College and QCPS respectively.

The Charter requires the Principal to present an annual report to the College’s Visitor, the Right Reverend and Right Honourable Lord Bishop of London. This report is available from the Clerk to the Council.

Salaries for key management personnel are set by the Co-Chairs of the Council, in consultation with the Vice Chairs of the Council and the Chair of the FC. They take note of both individual performance and benchmarking comparisons. They are also mindful that, to attract the best key personnel, it might be necessary to factor the cost of accommodation and travel in London into reward packages.

3

QUEEN’S COLLEGE, LONDON

THE COUNCIL’S REPORT

YEAR ENDED 31 AUGUST 2025

Risk Management

• The Council has assessed all identified major risks to which Queen’s is exposed. The principal risks are considered to be:

• a. The introduction of VAT from January 2025 has not seen a significant decline in withdrawals or pupil numbers yet, but there is continued pressure on pupil numbers at QCPS in Reception and whilst the 11+ process continues to see a high number of registrations and applications, the conversion rate has declined over the last two years.

• b. That ever-increasing costs outside the school’s control such as high rents in central London, loss of business rates relief, and the recent employers’ NI increase continue to put pressure on the budget and drive up fee increases, further exacerbated by VAT being introduced on fees. The rent at QCPS is considered the most significant risk to the School in conjunction with admissions and pupil numbers.

• c. That ineffectual leadership might lead to declining academic results, damage to reputation, reducing quality of applicants and/or loss of current pupils, thus threatening financial stability.

• d. That a lack of internal process, risk management and safeguarding could lead to a significant incident, legal action or damage to reputation.

These main strategic risks are mitigated by:

• Sound financial controls and planning, including:

• Ongoing review of staffing structures and costs resulting in some restructuring in the summer term 2025 to reduce staffing costs and ensure the correct structure is in place.

• Ongoing review of process and procedures to ensure maximum efficiency across all areas of expenditure including catering and cleaning. New systems being implemented including iFinance and Access HR to ensure better management of data.

• Whilst the Council is committed to the Bursaries programme, new bursaries are limited and no new bursaries are being granted at QCPS. Bursary renewals are subject to an annual review and a new bursaries sign off process has been implemented.

• Appointing specialists to negotiate property leasehold arrangements and reviewing alternative local properties to assess whether cheaper rents are available.

• Continuing prudent policies with regard to borrowing, cash and reserves.

• The Council is being rigorous in appointing key personnel; and reviewing staffing structures with the Principal, Head and Bursar, and

• The Council approved bringing Marketing and Development into a committee that would report directly to the Council given this is a critical area of focus for the business.

• Trusting educational organisations such as ISC, GSA, IAPS, AGBIS and ISBA to counter political scepticism about the strength of independent education and its contribution to society.

The Council is satisfied that control systems are in place to reduce exposure to identified major risks; where possible, exposure to major risk is mitigated by suitable insurance.

Teachers’ Pension Scheme

New joiners from 1 January 2024 can join a generous defined contribution scheme, whilst existing teachers can remain in the TPS, provided they meet the cost of any rise in employers’ contributions beyond 23.68% from their salary; if they do not wish to meet this cost, they may transfer to the DC scheme.

4

QUEEN’S COLLEGE, LONDON

THE COUNCIL’S REPORT

YEAR ENDED 31 AUGUST 2025

OBJECTIVES, AIMS AND PRINCIPAL ACTIVITIES

Objectives and Principles of Queen’s College, London

The objects for which the school is established and incorporated are “to promote the advancement of education, and in connection therewith to acquire, establish, conduct and carry on residential and non-residential schools for girls and young women, and in particular to continue and conduct the undertaking, business and affairs of the College known as Queen’s College, London, at present carried on at Numbers 43, 45, 47 and 49 Harley Street, and at Numbers 59 and 61 Portland Place”.

The school operates under the following Principles of Education:

• We value academic excellence for its own sake, rather than the sterile pursuit of marks;

• We measure our success by the development of each individual;

• We value personal integrity and the discernment to deal responsibly with the wider world;

• We value teaching:

• i. That inspires pupils and stimulates intellectual curiosity;

• ii. That encourages intellectual rigour and the ability to make informed judgements;

• iii. That helps pupils to know how to think, rather than what to think.

• We value in pupils:

• i. Self-reliance and independence of mind;

• ii. Self-discipline and the determination to outstrip expectations;

• iii. Imagination and the courage to take risks.

Powers of the Council

The Council is empowered by the Royal Charter and Bye-Laws to:

• a. “Establish and maintain or aid in the establishment and maintenance of scholarships, bursaries and grants for the assistance or advancement of pupils at any school carried on by the school or otherwise;

• b. Make grants or allowances or other payments for the education of pupils;

• c. Purchase, take on lease, hire, or otherwise acquire any real or personal property which may be deemed necessary or convenient for the purposes of the school;

• d. Accumulate, sell, improve, manage, develop, exchange, lease, mortgage or otherwise dispose of, or deal with, or turn to account all property or rights of the College; provided that the College shall take or hold any property subject to the jurisdiction of the Charity Commissioners or the Secretary of State for Education. The College shall not mortgage, charge, sell, lease or otherwise dispose of the same without such authority, approval or consent as may be required by law;

• e. Borrow or raise money with or without security for any of the purposes of the College;

• f. Receive or accept donations, endowments and gifts of money, lands, hereditaments, stocks, funds, shares, securities and any other asset whatsoever and whether subject or not subject to any special trusts or conditions;

• g. Invest any moneys of the College not immediately required for any of its objects in such manner as may be authorised;

• h. Enter into such arrangements as may be thought fit for placing the College in connection or relation with any other institution or body established for educational purposes;

• i. Apply for any additional powers which may be deemed expedient for any of the purposes of the College, by means of Supplemental Charter or Act of Parliament;

• j. Grant, continue and pay salaries, pensions, gratuities or other sums in recognition of services;

• k. Do all such acts and things (not being inconsistent with or contravening any provision of the Charter) as may be authorised by the Bye-Laws; and

• l. Do all such other acts and things as are or may be deemed incidental or conducive to the attainment of any of the purposes of the College or the exercise of any of its powers.”

Annual Objective

Queen’s College, London’s annual objective in accordance with its Royal Charter is to “promote the advancement of education and to conduct schools for girls and young women” at a level in keeping with the School’s Principles of Education.

Principal Activity

The principal activity of the School is to provide for the education of approximately 650 pupils between the ages of 3 and 18 years.

5

QUEEN’S COLLEGE, LONDON

THE COUNCIL’S REPORT

YEAR ENDED 31 AUGUST 2025

Investment in Facilities

This year there has been general refurbishment of classrooms as part of an ongoing cycle of redecoration as well as upgrade works to the fire system, intruder alarms, electrical boards and security.

Environmental, Social & Governance (ESG) activities: “Green Queen’s”

Queen’s, like other organisations, is continually reviewing how it can minimise its impact on the environment. The College has appointed a staff member to lead on sustainability issues. On the teaching and learning front, staff are incorporating the outdoor environment into their Schemes of Work, are running an Eco-club, will celebrate 'Earth Day' with a week of sustainable activities and are incorporating Green careers into the careers programme. We are looking to reaccredit our Eco flag this year, are trying to introduce more greenery into school, and have a speaker from the Westminster council coming in to discuss recycling with the pupils. The site team continue to work towards achieving sustainability in the buildings. The Site Condition Survey was completed and actions from this are being reviewed and built into a site development plan.

We have continued to look for ways to reduce the impact of waste removal, both by reducing non-recyclable waste in the first place and by minimising the environmental impact of removing the waste that remains.

ESG activities: Public Benefit

Queen’s College, London has always pioneered girls’ and women’s education. When opened on 1 May 1848, it was the first institution in the UK to provide academic qualifications for women, and the Royal Charter granted to the College in 1854 was the first Charter to be granted by a sovereign for the furtherance of the education of women.

In furtherance of the school’s principal activity, the Council also gives careful consideration to the Charity Commission’s guidance on public benefit. The provision of women’s education continues to be the prime public benefit provided by the school. All educational provision is reviewed at least annually to assess its “added value”, with academic endeavour occurring within a supportive environment which ensures the pupils' wellbeing. Queen’s prepares its pupils to be active and socially responsible citizens.

6

QUEEN’S COLLEGE, LONDON

THE COUNCIL’S REPORT

YEAR ENDED 31 AUGUST 2025

Fee Remissions

Queen’s supported 147 pupils with financial awards through bursaries or scholarships throughout the year. 37 pupils received financial support that covered 90% or more of fees, either via a bursary alone or a combination of bursary and scholarship awards. 2024-25 was the 4[th] year of the College’s relationship with Sarah Bonnell School, a state secondary school in East London which does not provide education beyond GCSEs; a total of two pupils received 100% bursary support in the Senior College (6[th] Form) after joining Queen’s from Sarah Bonnell. A total of £1,320,828 (2024: £1,502,708) was awarded for reason of financial hardship or academic scholarship; of this, £1,154,121 (2024: £1,283,255) was allocated to means-tested bursary provision. Fee remissions equated to 8.6% of fee revenue (2024: 9.9%).

Of those fee remissions via bursaries or scholarships, approximately 12% (2025: 9.5%) were funded by income from investment activity; £515,500 was paid from restricted funds and the remainder (£646,077) was paid for out of operating funds. Bursary donations during the year totalled £222,302 (2024: £193,334), made up of £203,843 (2024: £145,776) from College parents and alumnae, and £18,459 (2024: £47,105) from QCPS parents.

Activities in Support of the Community and Other Schools

A dance academy, open to children of all backgrounds, operated from both schools throughout the year. Pro Corda (an organisation which uses training in chamber music to equip young people with the necessary skills to work together with others, unleashing wider social benefits in terms of participation, access and learning) returned to use the College every weekend during term time.

Members of staff were Governors at Highgate Wood School, Sarah Bonnell School, Our Lady and St Philip Neri RC School, Ark Bollingbrook Academy, and Queenswell Federation.

QCPS continues to support several charities through many activities and events across the school year. In particular they have raised funds for Great Ormond Street Hospital and Coram, a children’s charity. They have also supported local foodbanks as well as toy, book and toiletry donations in the local area.

Pupils at the school remained active charity fundraisers, raising a total of £15,009 (2024: £23,666)

Staff training and development

Staff training and development remains a priority at both schools.

At the College, we provide an extensive CPD programme and part of the appraisal system this year requires staff to review and enhance their professional development. Staff meet weekly for Teaching and Learning Briefings which involve professional development around our Teaching & Learning themes and other focus areas. These sessions also involve EdTech and SEND support tips and useful approaches that staff can immediately use in the classroom. Regular INSET after school is used for whole-College developmental work, the most recent being a focus on managing risk in school, at events and on trips.

Staff also completed a number of EdTech training courses, tailored to their specific needs and personal development, over the summer.

Three members of staff are currently working towards National Professional Qualifications focused on school development, Science and SEND.

At the start of the academic year we welcomed three Early Career Teachers, all in their first year of the ECT Induction Programme (two in Maths and one in Music). In January, we welcomed two more (one more in Maths and one in Modern Languages). Two teachers (Science and Languages) have also progressed to their ECT 2 year.

In January another SCITT (School Centred Initial Teacher Training) trainee joined our Languages Department. The College is also planning to take on one Biology PGCE student from UCL IOE in late February 2026.

Dr Davies continues to teach some Form 5 and 6 Science lessons at QCPS as well as support the new Science Coordinator. This work continues to support QCPS staff in incorporating practical work into their teaching and primary-secondary pupil transition.

ESG activities: Governance

The Council keeps the governance of Queen’s College, London under continual review, including succession planning to find governors with expertise relevant to the needs of the charity, induction and continuation training for governors provided by AGBIS, ISBA and HMC, and periodic external review of governance standards, including benchmarking against the Charity Code of Governance.

7

QUEEN’S COLLEGE, LONDON

THE COUNCIL’S REPORT

YEAR ENDED 31 AUGUST 2025

ACHIEVEMENTS AND PERFORMANCE

Operational Performance

During the year 80 pre-preparatory girls (2024: 99), 134 preparatory girls (2024: 122) and 422 secondary girls (2024: 426) were educated in keeping with the College’s educational policies.

A Levels. There was a 100% pass rate and 86.9% of entries were graded A*, A or B.

GCSEs. At GCSE and IGCSE the proportion of 7-9 or A*-A grades was 81%

11+. The Preparatory School 11+ examination pupils achieved excellent results, allowing girls to attend senior schools of their parents’ choice.

Full details of educational results and activities, and other matters regarding the activities of the College, are contained in the Principal’s Annual Report (as presented to the Visitor – available from the Bursar), or appear on the websites of the College (www.qcl.org.uk) and Preparatory School (www.qcps.org.uk) as applicable.

Extra-Curricular Activities and Sport

Academic attainment is achieved alongside participation in a host of extra-curricular activities, including drama, dance, music and those associated with a wide variety of clubs. In addition, the College, despite having no sports facilities of its own, has a structured and busy PE timetable for all pupils. Pupils compete against maintained and independent schools in a number of sports, with considerable success, in local leagues. The curriculum is also enriched through educational visits which maximise the benefits of the school’s location in central London, with easy access to transport links. Additionally, there are multiple residential trips in both the UK and internationally including curriculum-based trips, as well as sport, dance and music. Examples include a sports trip to South Africa, multiple ski trips, a music and dance trip to Cyprus, a trip to NASA in the USA, language trips to Spain and Italy and history and geography field trips.

FINANCIAL REVIEW

The school’s net movement in funds, a decrease of £407,934 (2024: increase of £278,070), should be viewed in the context of a year when VAT was introduced as of January 2025 and the School made the decision to reduce fees by 10% in order to help families adapt to VAT on school fees. This equated to approximately £1m reduction in fee income over the Lent and summer terms and the school would have realised a strong surplus had it not taken this supportive measure.

Full details of financial activities are contained in the attached accounts.

Investment Policy

Investment powers are governed by the Royal Charter. The investment portfolio is managed by the School’s investment advisors (J.M. Finn & Co), and their performance is regularly reviewed by the Finance Committee. The investment advisors also present an annual review of performance to the Finance Committee.

The Council adopts a conservative investment strategy, with the aim of optimising the school’s total investment return consistent with mitigating risk, and while preserving the real value of endowed investments.

Investment Performance

During the year £160,251 (2024: £144,200) investment income was received into the business account. Market performance led to a net investment gain of £9,514 (2024: £216,396 gain) in the value of the funds.

Reserves Policy

Total funds of the school at 31 August 2025 were £7,098,661 (2024: £7,506,595), comprising restricted funds of £923,315 (2024: £1,116,383), designated funds of £4,343,575 (2024: £4,778,780), and general funds (or free reserves) of £1,831,771 (2024: £1,611,432).

The school’s primary objective remains to maintain or increase reserve resources built up in recent years. The introduction of VAT, removal of business rates relief, increase in employer NIC and ongoing cost of living increases, means that it remains prudent to preserve and enhance cash reserves, providing the financial headroom to cope with further possible financial shocks.

Our reserves policy is kept under continual review by the Council and Finance Committee to ensure that the policy remains appropriate for the prevailing economic situation; this is especially the case during times of volatility and uncertainty, as at present.

8

QUEEN’S COLLEGE, LONDON

THE COUNCIL’S REPORT

YEAR ENDED 31 AUGUST 2025

PLANS FOR THE FUTURE

Development

The school will continue to consolidate its position in order to concentrate on bringing the remainder of its infrastructure to a standard expected in the independent school sector.

The development plans include a general refurbishment of the College as well as a redesign of the dining room, gym and art department at the College. The courtyard garden at the Prep is also being designed now that we can use it.

The school’s longer-term aim remains to increase capacity for teaching and learning. However, with the independent sector facing looming large increases in costs, any decision whether to invest the Charity’s resources in acquisitions will be dictated as much by the state of the UK economy as by the immediate aspirations of the school.

The Preparatory School

The QCPS pupil roll continues to be stable with 209 pupils. Recruitment into Reception for the Michaelmas term 2025 was lower than expected but we have introduced a Nursery class from September25 which started with 10 pupils. Uptake for occasional places for Michaelmas 2026 continues to see demand, particularly further up the school. Staff and pupil morale is high, and educational attainment remains outstanding at 11+.

The College

The College continues to thrive, with another stable Class 3 [Year 7] in September 2025 and several new pupils joining the Senior College [Years 12 and 13]. Occasional places continue to be buoyant with pupils joining at mid-year points from overseas or other local schools. The Council aims to continue the upward trajectory of academic results whilst continuing to offer a broad and balanced extra-curricular offering and continuing to focus on the provision of unparalleled pastoral care through our THRIVE curriculum.

Disclosure of information to auditors

Each of the members of Council has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditors are unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are aware of such information.

Signed on behalf of the Council.

AGregory

Alexandra Gregory

Co-Chairperson

Date: 18/05/2026

Rae Azuma

Co-Chairperson Date: 18/05/2026

9

QUEEN’S COLLEGE, LONDON

STATEMENT OF THE COUNCIL’S RESPONSIBILITIES

YEAR ENDED 31 AUGUST 2025

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

The law applicable to charities in England and Wales requires the Council to prepare accounts for each financial year which give a true and fair view of the state of affairs of the College, and of the incoming resources and application of resources of the College in that year.

In preparing these accounts, the Council are required to:

• Select suitable accounting policies and then apply them consistently;

• Observe the methods and principles in the Charities SORP;

• Make judgements and estimates that are reasonable and prudent;

• State whether applicable 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 College will continue in operation.

The Council is responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the College, and enable it to ensure that the accounts comply with the Charities Act 2011, the College (Accounts and Reports) Regulations 2008 and the provisions of the Royal Charter. It is also responsible for safeguarding the assets of the College and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Signed on behalf of the Council.

AGregory

Alexandra Gregory

Co-Chairperson Date: 18/05/2026

Rae Azuma

Co-Chairperson Date: 18/05/2026

10

INDEPENDENT AUDITOR’S REPORT TO THE COUNCIL OF QUEEN’S COLLEGE, LONDON

Opinion

We have audited the financial statements of Queen’s College, London for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the school’s affairs as at 31 August 2025 and of the school’s net movement in funds for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the School in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The Council are responsible for the other information. The other information comprises the information included in the Report of the Council. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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 (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• adequate accounting records have not been kept by the School or

• sufficient accounting records have not been kept; or

• the 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 Council for the financial statements

As explained more fully in the Council’s responsibilities statement set out on page 10, the Council is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Council determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

11

INDEPENDENT AUDITOR’S REPORT TO THE COUNCIL OF QUEEN’S COLLEGE, LONDON (CONTINUED)

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

Auditor’s responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the School and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the independent school regulations, safeguarding regulations, health and safety requirements, GDPR, employment law and charity law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and other factors such as payroll tax.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the improper recognition of revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

• Inspecting correspondence with regulators and tax authorities;

• Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

• Evaluating management’s controls designed to prevent and detect irregularities;

• Identifying and testing journals; and

• Challenging assumptions and judgements made by management in their critical accounting estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

This report is made solely to the School’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the School’s trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the School’s trustees as a body for our audit work, for this report, or for the opinions we have formed.

HaysMac LLP Statutory Auditors Date: 19/05/2026

10 Queen Street Place London EC4R 1AG

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

12

QUEEN’S COLLEGE, LONDON

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 AUGUST 2025

		Unrestricted	Restricted	Total	Total
		Funds	Funds	2025	2024
	Notes	£	£	£	£
INCOME FROM:
Donations and grants receivable	2	-	227,302	227,302	351,035
Investments	3	66,389	93,862	160,251	144,200
		----------------	----------------	----------------	----------------
		66,389	321,164	387,553	495,235
Charitable activity
Education	4	15,197,570	-	15,197,570	14,342,321
		----------------	----------------	----------------	----------------
Total income		15,263,959	321,164	15,585,123	14,837,556
		----------------	----------------	----------------	----------------
EXPENDITURE ON:
Raising funds		70,431	-	70,431	106,036
Charitable activity
Education		15,932,140	-	15,932,140	14,669,846
		----------------	----------------	----------------	----------------
Total expenditure	5	16,002,571	-	16,002,571	14,775,882
		----------------	----------------	----------------	----------------
Net income/(expenditure) before gains
on investments		(738,612)	321,164	(417,448)	61,674
Gains on investments		9,246	268	9,514	216,396
		---------------	----------------	----------------	----------------
Net income/(expenditure)		(729,366)	321,432	(407,934)	278,070
Transfers between funds	13/14	514,500	(514,500)	-	-
		----------------	----------------	----------------	----------------
Net movement in funds		(214,866)	(193,068)	(407,934)	278,070
Fund balances at 1 September 2024		6,390,212	1,116,383	7,506,595	7,228,525
		----------------	----------------	----------------	----------------
Fund balances at 31 August 2025		6,175,346	923,315	7,098,661	7,506,595
		==========	==========	==========	==========

All income and gains for the period are recognised above. All of the College’s activities are classified as continuing.

Details of comparative figures by fund are shown in note 20.

13

QUEEN’S COLLEGE, LONDON

BALANCE SHEET

AS AT 31 AUGUST 2025

		2025			2024
	Notes	£	£	£		£
FIXED ASSETS
Tangible assets	8		4,343,575			4,578,780
Investments	9		3,366,156			3,372,045
			--------------			-------------
			7,709,731			7,950,825
CURRENT ASSETS
Debtors	10	6,024,216		4,427,290
Cash at bank and in hand		1,922,277		3,038,376
		--------------------		--------------------
		7,946,493		7,465,666
Creditors: amounts falling due within
one year	11	(8,381,167)		(7,546,619)
		----------------------		---------------------
Net current liabilities			(434,674)			(80,953)
			-------------------			------------------
Total assets less current liabilities			7,275,057			7,869,872
			=========			=========
Creditors: amounts falling due after one	11		(176,396)			(363,277)
year
			------------------			------------------
			7,098,661			7,506,595
			=========			=========
Income funds
Restricted funds	13		923,315			1,116,383
Unrestricted funds:
Designated funds	14		4,343,575			4,778,780
General funds			1,831,771			1,611,432
			--------------			--------------
			6,175,346			6,390,212
			-------------			--------------
			7,098,661			7,506,595
			========			========

The accounts were approved by the Council on:

AGregory

Alexandra Gregory

Co-Chairperson Date: 18/05/2026

Rae Azuma

Co-Chairperson Date: 18/05/2026

14

QUEEN’S COLLEGE, LONDON

STATEMENT OF CASH FLOWS

YEAR ENDED 31 AUGUST 2025

		2025	2024
		£	£
Cash flows from operating activities:
Net cash provided by operating activities	16	(619,316)	444,259
Cash flows from investing activities:
Investment income		160,251	144,200
Payments to acquire tangible fixed assets		(91,606)	(529,676)
Payments to acquire investments		(408,791)	(474,576)
Proceeds from disposal of investments		419,732	410,654
Other receipts and movements from investment portfolio		4,462	78,797
		-------------------	-------------------
Net cash used in investing activities		84,048	(370,601)
Cash flows from financing activities
Composition fees
New composition fees		73,320	1,008,870
Amounts utilised		(654,151)	(30,520)
		-------------------	-------------------
		(580,831)	978,350
Change in cash and cash equivalents in the reporting period		(1,116,099)	1,052,008
Cash and cash equivalents at the beginning of the reporting period		3,038,376	1,986,368
		-------------------	-------------------
Cash and cash equivalents at the end of the reporting period		1,922,277	3,038,376
		==========	==========
Net Debt analysis of cash and cash equivalents	2024	Cash flows	2025
	£	£	£
Cash in hand	3,038,376	(1,116,099)	1,922,277
Composition fees	(1,003,295)	580,831	(422,464)
	-------------------	------------------	------------------
Total net debt	2,035,081	(535,268)	1,499,813
	=========	=========	=========

15

QUEEN’S COLLEGE, LONDON

NOTES TO THE ACCOUNTS

YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – second edition effective 1 January 2019.

The functional currency of the College is considered to be GBP because that is the currency of the primary economic environment in which the College operates.

The College is governed by Royal Charter and is a Public Benefit Entity registered as a charity in England and Wales (Charity Registration No. 312726).

1.1 Going Concern:

Having reviewed the funding facilities available to the College together with the expected ongoing demand for places and the College’s future projected cash flows, Members of the Council have an expectation that the College has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the College’s financial viability. Accordingly, they also continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Accounting and Reporting Responsibilities on page 10.

1.2 Critical accounting judgements and key sources of estimation uncertainty:

In the application of the accounting policies, Members of the Council are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.

Judgements made by Members of the Council, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are deemed to be in relation to the depreciation rates of tangible fixed assets and are discussed below.

In the view of the Members of the Council, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

1.3 Fees and similar income:

Fees receivable for education are accounted for in the period in which the service is provided. Fees received for education to be provided in future years are carried forward as deferred income.

Donations are accounted for when they are receivable. Donations for purposes restricted by the wishes of the donor are taken to “restricted reserves” where these wishes are legally binding on the Council.

Grant income is derived from the amounts receivable under the Coronavirus Job Retention Scheme.

Investment income is accounted for when it is received.

16

QUEEN’S COLLEGE, LONDON

NOTES TO THE ACCOUNTS (continued)

YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

1.4 Expenditure:

Expenditure is accounted for on an accruals basis, with the irrecoverable element of VAT included with the item of expense to which it relates.

Expenditure is summarised under functional headings on a direct cost basis.

Governance costs are those incurred in connection with the administration of the College and compliance with constitutional and statutory requirements.

The cost of furniture and equipment is written off in the year of acquisition.

1.5 Tangible fixed assets and depreciation:

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Leasehold Property Over 25 years, other than Somerville Hall which has been fully depreciated and improvements to the dining hall and boiler room which are being depreciated over 10 years. Plant & Machinery Straight line over 10 years Furniture & Fittings Straight line over 4 years IT Straight line over 3 years

Items costing less than £1,000 are written off on acquisition.

1.6 Leasing and hire purchase commitments:

Rentals payable under operating leases are charged against income on a straight line basis over the period of the lease.

1.7 Investment:

Fixed asset investments are stated at market value.

Realised and unrealised gains and losses are dealt with in the Statement of Financial Activities.

1.8 Pensions:

The Teachers’ Pension Scheme - This scheme is a multi-employer pension scheme. It is not possible to identify the College’s share of the underlying assets and liabilities of the Teachers’ Pension Scheme on a consistent and reasonable basis and therefore, as required by FRS102, accounts for the scheme as if it were a defined contribution scheme. The College’s contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable.

The College also contributes to personal pension schemes for non-teaching staff.

1.9 Accumulated funds:

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in note 13 to the accounts.

Designated funds comprise funds which have been set aside at the discretion of the Council for specific purposes. The purposes and uses of the designated funds are set out in note 14 to the accounts.

Unrestricted funds are funds which can be used in the accordance with the charitable objects at the discretion of the Council.

1.10 Taxation:

No provision for taxation is included in the accounts as the College is entitled to the exemption for tax afforded by Part 10 of the Income Tax Act 2007 and Section 256 of the Chargeable Gains Act 1992.

17

QUEEN’S COLLEGE, LONDON

NOTES TO THE ACCOUNTS (continued)

YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

1.11 Financial instruments:

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.

1.12 Debtors:

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.13 Cash at bank and in hand:

Cash at bank and cash in hand includes cash and short term highly liquid investments.

1.14 Creditors and provisions:

Creditors and provisions are recognised where the College has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2. Donations and grants receivable

	Unrestricted	Restricted	Total	Total
	Funds	Funds	2025	2024
	£	£	£	£
Donations	-	227,302	227,302	351,035
	========	========	========	========
	Unrestricted	Restricted	Total	Total
	Funds	Funds	2024	2023
	£	£	£	£
Donations	-	351,035	351,035	194,091
	========	========	========	========

18

QUEEN’S COLLEGE, LONDON

NOTES TO THE ACCOUNTS (continued)

YEAR ENDED 31 AUGUST 2025

3. Investment income

	Unrestricted	Restricted	Total	Total
	Funds	Funds	2025	2024
	£	£	£	£
Income from listed investments	12,776	93,862	106,638	106,228
Interest receivable	53,613	-	53,613	37,972
	---------------	---------------	---------------	---------------
	66,389	93,862	160,251	144,200
	========	========	========	========
	Unrestricted	Restricted	Total	Total
	Funds	Funds	2024	2023
	£	£	£	£
Income from listed investments	27,310	78,918	106,228	152,748
Interest receivable	37,972	-	37,972	17,480
	---------------	---------------	---------------	---------------
	65,282	78,918	144,200	170,228
	========	========	========	========

4. Income from Charitable Activities – Education

	2025	2024
	£	£
Gross fees receivable	15,380,620	15,152,671
Less bursaries, scholarships and
awards	(1,363,627)	(1,502,708)
	----------------	----------------
Net fees receivable	14,016,993	13,649,963
Other educational income	1,180,577	692,358
	----------------	----------------
Total education income	15,197,570	14,342,321
	=========	=========

19

QUEEN’S COLLEGE, LONDON

NOTES TO THE ACCOUNTS (continued)

YEAR ENDED 31 AUGUST 2025

5.	Total expenditure - 2025	Staff		Other	Total	Total
		Costs	Depreciation	Costs	2025	2024
		£	£	£	£	£
	Costs of raising funds
	Investment management
	costs	-	-	17,967	17,967	14,799
	Fundraising	-	-	52,464	52,464	91,237
		------------	---------------	----------------	----------------	-------------
	Total costs of raising funds	-	-	70,431	70,431	106,036
		=======	=========	======	========	========
	Charitable activities
	Teaching	9,506,855	-	648,964	10,155,819	7,238,055
	Housekeeping, cleaning and catering	-	-	1,285,251	1,285,251	1,300,052
	Premises costs	-	327,011	2,189,607	2,516,618	2,552,143
	Support costs	92,954	-	1,881,498	1,974,452	3,579,596
		----------------	---------------	----------------	----------------	----------------
	Total charitable activities	9,599,809	327,011	6,005,320	15,932,140	14,669,846
		=======	========	=======	========	========
	Total expenditure	9,599,809	327,011	6,075,751	16,002,571	14,775,882
		=======	========	=======	========	========

Included within support costs above are governance costs of £18,275 (2024: £17,000) in respect of payments made to the auditors for audit services. In addition there are fees paid in respect of other services amounting to £4,800 (2024: £2,575).

Included within premises costs is £1,134,170 (2024: £1,170,514) and £294,036 (2024: £300,178) included in support costs in relation to operating lease payments.

Total expenditure - 2024	Staff		Other	Total	Total
	Costs	Depreciation	Costs	2024	2023
	£	£	£	£	£
Costs of raising funds
Investment management
costs	-	-	14,799	14,799	14,970
Fundraising	-	-	91,237	91,237	47,297
	------------	---------------	-----------	-------------	-------------
Total costs of raising funds	-	-	106,036	106,036	62,267
	=======	=========	======	========	========
Charitable activities
Teaching	6,865,347	-	372,708	7,238,055	6,638,028
Housekeeping, cleaning and catering	-	-	1,300,052	1,300,052	1,322,575
Premises costs	218,214	408,220	1,925,709	2,552,143	2,364,952
Support costs	1,933,995	-	1,645,601	3,579,596	3,359,701
	----------------	---------------	----------------	----------------	----------------
Total charitable activities	9,017,556	408,220	5,244,070	14,669,846	13,685,256
	=======	========	=======	========	========
Total expenditure	9,017,556	408,220	5,350,106	14,775,882	13,747,523
	=======	========	=======	========	========

20

QUEEN’S COLLEGE, LONDON

NOTES TO THE ACCOUNTS (continued)

YEAR ENDED 31 AUGUST 2025

5. Expenditure (continued)

Other Support costs can be analysed as follows:

Other Support costs can be analysed as follows:
	2025	2024
	£	£
Insurance	177,168	164,150
Printing, Postage and Stationery	97,071	98,897
Telephone and IT	475,412	490,570
Advertising	95,790	47,059
Catering, hospitality	50,876	37,343
Open days, certs, presentations, church services, Founders Day, flowers	25,698	26,156
PE court hire, transport	174,098	186,355
Recruitment, retention, training, welfare	98,801	146,564
Legal Costs	96,407	104,916
Agency costs	352,355	79,624
Other	237,822	263,967
	-----------------	-----------------
	1,881,498	1,645,601
	==========	==========

6. Council

None of the Council (or any persons connected with them) received any remuneration or benefits from the College during the year (2024: none). Council members were reimbursed travel expenses totalling £951 (2024: £3,506).

7.

Employees	2025	2024
	Number	Number
Number of employees
The average monthly number of employees during the year was:
Teaching staff	90	96
Non-teaching staff	59	52
	-----------------	-----------------
	149	148
	========	========
Employment costs	2025	2024
	£	£
Wages and salaries	7,104,776	6,833,337
Social security costs	843,470	773,063
Pension contributions	1,554,079	1,343,156
Termination payments	97,484	68,000
	-----------------	-----------------
	9,599,809	9,017,556
	==========	========
	2025	2024
	Number	Number
The number of employees whose remuneration was £60,000 or more were:
£60,000 - £70,000	26	18
£70,000 - £80,000	2	7
£80,000 - £90,000	6	4
£90,000 - £100,000	2	1
£100,000 - £110,000	1	1
£110,000 - £120,000	-	1
£180,000 - £190,000	1	1
	=======	=======

The total remuneration of key management personnel in the year was £1,272,620 (2024: £1,251,120).

21

QUEEN’S COLLEGE, LONDON

NOTES TO THE ACCOUNTS (continued)

YEAR ENDED 31 AUGUST 2025

8.	Tangible fixed assets				Leasehold
				Improvements
					£
	Cost
	At 1 September 2024				9,985,580
	Additions				91,806
					------------------
	At 31 August 2025				10,077,186
					------------------
	Depreciation
	At 1 September 2024				5,406,800
	Charge for the year				327,011
					------------------
	At 31 August 2025				5,733,811
					------------------
	Net book value
	At 31 August 2025				4,343,575
					==========
	At 31 August 2024				4,578,780
					==========
9.	Fixed asset investments	General	Restricted	Total	Total
		Funds	Funds	2025	2024
		£	£	£	£
	Market value at 1 September 2024	1,179,235	2,192,810	3,372,045	3,170,524
	Acquisitions at cost	213,815	194,976	408,791	474,576
	Disposals at opening book value	(206,654)	(213,078)	(419,732)	(410,654)
	Change in value in the year	4,784	268	5,052	137,599
	(including investment cash
	movements)
		------------------	-------------------	-----------------	-----------------
	Market value at 31 August 2025	1,191,180	2,174,976	3,366,156	3,372,045
		=========	=========	========	========
10.	Debtors			Total	Total
				2025	2024
				£	£
	Fee debtors			5,213,656	4,004,804
	Other debtors			19,763	23,117
	Prepayments and accrued income			790,797	399,369
				--------------	--------------
				6,024,216	4,427,290
				========	========

22

QUEEN’S COLLEGE, LONDON

NOTES TO THE ACCOUNTS (continued)

YEAR ENDED 31 AUGUST 2025

11a.	Creditors: amounts falling due within one year	Total	Total
		2025	2024
		£	£
	Trade creditors	563,732	390,601
	Taxes and social security costs	1,150,062	176,591
	Pupil deposits	1,189,977	1,348,152
	Composition fees	246,068	672,636
	Fees in advance	4,954,692	4,612,422
	Other creditors	263,201	242,812
	Accruals	13,435	103,405
		-----------------	------------------
		8,381,167	7,546,619
		=========	=========
	Due after one year
	Composition fees	176,396	330,659
	Fees in advance	-	32,618
		-----------------	------------------
		176,396	363,277
		=========	=========

No amounts are due after 5 years (2024: £nil).

11b. Composition fees

Composition fees
	2025
The movements during the year on the accrued liability under the contracts	£
were:
Balance at 1 September 2024	1,003,295
New contracts	73,320
	------------------------
	1,076,615
Amounts utilised in payment of fees:	(654,151)
	---------------------
	£422,464
	=============

Fees in advance represents fees invoiced due for the Michaelmas term.

Composite fees scheme was introduced by Queen's College London to provide parents with the option to make a single advance composition payment to the school to settle future school fees in exchange for a fair and reasonable discount in accordance with tax and charity law.

Deposits are due on the pupil leaving the College after giving one term’s notice.

23

NOTES TO THE ACCOUNTS (continued)

QUEEN’S COLLEGE, LONDON

YEAR ENDED 31 AUGUST 2025

12. Pension Costs

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,371,742 (2024: £1,118,298) and at the year-end £114,784 (2024: £127,636) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation has valued the ‘greater value’ benefits for groups of relevant members.

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

13. Restricted Funds

The income funds of the College include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

		Movement in Funds	Movement in Funds
				Net
	Balance at			investment	Balance at
	1 September			gains and	31 August
	2024	Income	Expenditure	transfers	2025
	£	£	£	£	£
Development Fund	-	5,000	-	-	5,000
Old Queens Bursary Trust Fund	58,307	93,862	-	268	152,437
Bursary donations	1,058,076	222,302	-	(514,500)	765,878
	-----------------	----------------	------------------	----------------	----------------
	1,116,383	321,164	-	(514,232)	923,315
	==========	========	=========	=========	==========

The transfer of £514,500 represents bursaries awarded during the year that have been paid initially from unrestricted funds.

		Movement in Funds	Movement in Funds
				Net
	Balance at			investment	Balance at
	1 September			gains and	31 August
	2023	Income	Expenditure	transfers	2024
	£	£	£	£	£
Thrive Centre Redevelopment	-	157,701	-	(157,701)	-
Old Queens Bursary Trust Fund	1,066,068	78,918	-	(1,086,679)	58,307
Bursary donations	864,742	193,334	-	-	1,058,076
	-----------------	----------------	-------------------	---------------------	----------------
	1,930,810	429,953	-	(1,244,380)	1,116,383
	==========	========	=========	==========	==========

24

NOTES TO THE ACCOUNTS (continued)

QUEEN’S COLLEGE, LONDON

YEAR ENDED 31 AUGUST 2025

The transfer and gains of £1,086,679 includes a transfer of £1,143,165 representing bursaries awarded during the year that have been paid initially from unrestricted funds.

The Queen’s community continues to provide generous support following on from the 175[th ] Anniversary Bursary Appeal that was launched in 2019. Bursary donations during the 24-25 fiscal year totalled £222,302 (23-24: £193,334), made up of £203,843 (23-24: £145,776) from College parents and alumnae, and £18,459 (2024: £47,105) from QCPS donors.

The Old Queen’s Bursary Trust Fund represents funds set up by Alumnae of the College which allows Pupils to apply for Bursaries to assist them to further their Education.

The Bursary donations fund represents money donated by parents to contribute to bursaries.

14. Designated funds

The income funds of the College include the following designated funds which have been set aside out of unrestricted funds by the Council of Queen’s College for specific purposes:

	Balance at				Net	Balance at
	1 September				investment	31 August
	2024	Income		Expenditure	gains and	2025
					transfers
	£	£		£	£	£
Repairs and Maintenance
Fund	200,000		-	-	(200,000)	-
Fixed Asset Fund	4,578,780		-	(327,011)	91,806	4,343,575
	--------------------	-------------------		-------------------	------------------	---------------------
	4,778,780		-	(327,011)	(108,194)	4,343,575
	==========	=========		=========	=========	==========
	Balance at				Net	Balance at
	1 September				investment	31 August
	2023	Income		Expenditure	gains and	2024
					transfers
	£	£		£	£	£
Repairs and Maintenance	200,000		-	(96,821)	96,821	200,000
Fund
Fixed Asset Fund	4,457,324		-	(408,220)	529,676	4,578,780
	--------------------	-------------------		-------------------	------------------	---------------------
	4,657,324		-	(505,041)	626,497	4,778,780
	==========	=========		=========	=========	==========

25

QUEEN’S COLLEGE, LONDON

NOTES TO THE ACCOUNTS (continued)

YEAR ENDED 31 AUGUST 2025

The General Scholarship Fund represents income received from investments and is to provide scholarships to pupils on a discretionary basis.

The Repairs and Maintenance Fund represents monies set aside for the future upkeep and maintenance of the College site.

The Fixed Asset Fund represents the net book value of tangible fixed assets which are held for the long term operation of the School and are therefore separate from the School’s free reserves.

15. Analysis of net assets between funds

	Unrestricted	Designated	Restricted
	Funds	Funds	Funds	Total
	£	£	£	£
Fund balances at 31 August 2025 are
Represented by:
Tangible fixed assets	-	4,343,575	-	4,343,575
Investments	1,193,136	-	2,173,020	3,366,156
Current assets	7,946,493	-		7,946,493
Creditors: amounts falling due	(7,131,462)	-	(1,249,705)	(8,381,167)
within one year
Creditors: amounts falling due	(176,396)	-	-	(176,396)
after one year
	-------------------	-------------------	--------------------	--------------------
	1,831,771	4,343,575	923,315	7,098,661
	=========	=========	==========	==========
	Unrestricted	Designated	Restricted
	Funds	Funds	Funds	Total
	£	£	£	£
Fund balances at 31 August 2024 are
Represented by:
Tangible fixed assets	-	4,578,780	-	4,578,780
Investments	1,179,235	-	2,192,810	3,372,045
Current assets	7,265,666	200,000	-	7,465,666
Creditors: amounts falling due	(6,470,192)	-	(1,076,427)	(7,546,619)
within one year
Creditors: amounts falling due	(363,277)	-	-	(363,277)
after one year
	-------------------	-------------------	--------------------	--------------------
	1,611,432	4,778,780	1,116,383	7,506,595
	=========	=========	==========	==========

16. Reconciliation of net income to net cash flow from operating activities

	2025	2024
	£	£
Net income/(expenditure) for the reporting period
(as per the statement of financial activities)	(407,934)	278,070
Adjustments for:
Net (gain)/loss on investments	(9,514)	(216,396)
Depreciation charges	327,011	408,220
Investment income	(160,251)	(144,200)
Increase in debtors	(1,597,126)	(33,729)
Increase in creditors	1,228,498	152,294
	-----------------	-----------------
Net cash provided by operating activities	(619,316)	444,259
	=========	=========

26

QUEEN’S COLLEGE, LONDON

NOTES TO THE ACCOUNTS (continued)

YEAR ENDED 31 AUGUST 2025

17.	Commitments under operating leases	Land and	buildings
		2025	2024
		£	£
	Amounts due in:
	Less than one year	1,134,114	1,134,114
	Between two and five years	4,536,456	4,536,456
	More than five years	47,607,026	49,450,254
		----------------------	---------------------
		53,277,596	55,120,824
		===========	==========
		Other	assets
		2025	2024
			£
		£
	Amounts due in:
	Less than one year	231,547	206,299
	Between two and five years	45,581	277,399
	More than five years	-	-
		-----------------------	---------------------
		277,128	483,698
		===========	==========

The lease for the two prep school properties runs for approximately another 20 years, and the lease on the Main School property expires in 2125.

18. Related parties

There were no related party transactions to note in the current or prior year.

19. Control

The College is controlled by the Council of Queen’s College, London.

27

QUEEN’S COLLEGE, LONDON

NOTES TO THE ACCOUNTS (continued)

YEAR ENDED 31 AUGUST 2025

20. Comparative Statement of Financial Activities

		Unrestricted	Restricted	Total
		Funds	Funds	2024
	Notes	£	£	£
INCOME FROM:
Donations and grants receivable	2	-	351,035	351,035
Investments	3	65,282	78,918	144,200
		----------------	----------------	----------------
		65,282	429,953	495,235
Charitable activity
Education	4	14,342,321	-	14,342,321
		----------------	----------------	----------------
Total income		14,407,603	429,953	14,837,556
		----------------	----------------	----------------
EXPENDITURE ON:
Raising funds		106,036	-	106,036
Charitable activity
Education		14,669,846	-	14,669,846
		----------------	----------------	----------------
Total expenditure	5	14,775,882	-	14,775,882
		----------------	----------------	----------------
Net income/(expenditure) before net
losses on investments		(368,279)	429,953	61,674
Net losses on investments		159,910	56,486	216,396
		---------------	----------------	----------------
Net income/(expenditure)		(208,369)	486,439	278,070
Transfers between funds	13/14	1,300,866	(1,300,866)	-
		----------------	----------------	----------------
Net movement in funds		1,092,497	(814,427)	278,070
Fund balances at 1 September 2023		5,297,715	1,930,810	7,228,525
		----------------	----------------	----------------
Fund balances at 31 August 2024		6,390,212	1,116,383	7,506,595
		==========	==========	==========

28