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2024-03-31-accounts

Charity number: 528259

QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST

CONTENTS

Page
Reference and administrative details of the charity, its trustees and advisers 1 - 2
Trustees' report 3 - 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 20

QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

Trustees

The Chairman of Mansfield District Council (ex officio) T Clay Alderman J Carter, Chairman T Butler (resigned 16 August 2024) N P Henshaw (appointed 23 May 2023)

S Garner S Anderson A Camilleri A Callaghan (appointed 14 September 2024) E Twigger M Lee, Vice Chairman C Clayton

The Chairman of Mansfield District Council, N P Henshaw and T Clay are representives of Mansfield District Council.

Alderman J Carter, T Butler, S Anderson, A Camilleri, A Callaghan and S Garner are representatives of Nottinghamshire County Council.

E Twigger, M Lee and C Clayton are co-opted trustees.

Charity registered number

528259

Principal office

J Francis-Ward Clerk to the Trustees 25 The Banks Bingham Nottinghamshire NG13 8BT

Independent examiner

Jonathan Wilson Chartered Accountant Cromwell House 68 West Gate Mansfield Nottinghamshire NG18 1RR

Bankers

NatWest Bank PLC 9 Church Street Mansfield Nottinghamshire NG18 1HP

Page 1

QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Solicitors

Banner Jones Union Street Mansfield Nottinghamshire NG18 1RP

Investment managers

Evelyn Partners Royal Liver Building Pier Head Liverpool L3 1NY

Chartered Surveyors

WA Barnes LLP Portland Square Sutton in Ashfield Nottinghamshire NG17 1DA

Page 2

QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report together with the financial statements of the charity for the year from 1 April 2023 to 31 March 2024. The trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.

Objectives and activities

a. Policies and objectives

The object of the charity is the provision of items, services and facilities for the school.

If and in so far as the income of the charity cannot be applied towards the object above, it may be applied in promoting the education of persons who are in need of financial assistance in the following order of priority:

The school was a voluntary aided Church of England school until 31 December 2011 and it became an academy on 1 January 2012.

In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Achievements and performance

a. Main achievements of the charity

The Trust continues to support both Homework and Breakfast clubs at the school. It has also provided funding for school trips, and refurbishments to part of the buildings. The working relationship between the Trust and the school staff and the Multi Academy Trust which operates the school and the school Governing Body is excellent. Regular meetings take place between the different bodies to ensure all are working to the same aim and outcomes. The school continues to make excellent progress and is now a school of choice within the Mansfield area. The school has been asked by the LA to increase its numbers due to its popularity. The Trust will fully support the school with its increased numbers. The Terms of the lease of the school buildings to the MAT are nearly finalised and the extent of land required by the school has been agreed. Requests have been made by the Trust to the Charity Commission to amend the current Trust Deed to remove those parts of the land currently held in the permanent endowment which are surplus to requirement for the school operation so that maximum benefit can be obtained from this land for the benefit of the Trust's objectives.

Page 3

QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance (continued)

b. Investment policy and performance

The balance sheet shows that following the sale of the former girls' school in 1996 the cash has been invested on deposit and the trustees are satisfied that the charity will be able to meet its objectives for the foreseeable future. All investments have been acquired in accordance with the powers available to the trustees. The investment portfolio is managed by Tilney and the freehold properties in the trustees' ownership are managed by W A Barnes.

The charity holds investments which are available either as income from dividends, interest, rents, or disposals to meet the needs of the school on an annual basis or to meet expenditure in the provision of facilities for the education and social needs of its pupils.

Financial review

a. Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The trustees confirm that on a fund by fund basis, the assets are available to fulfil the obligations of the charity. The income funds relate to accumulated income which the trustees expect to expend in the foreseeable future in respect of the charity's activities.

Structure, governance and management

a. Constitution

This charity was established by Letters Patent of Queen Elizabeth I dated 8 March 1561 and its land and property was bequeathed by the will of Lady Cecilia Flogan. It now operates under a scheme made on 26 September 2001 as amended on 1 February 2018.

b. Methods of appointment or election of trustees

The management of the charity is the responsibility of the trustees who are elected and co-opted under the terms of the trust deed.

The trustees meet on at least three occasions during the year and have a special committee which can meet as required if urgent decisions are required.

No staff are employed by the trustees.

Page 4

QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management (continued)

c. Organisational structure and decision-making policies

In January 2018 the trustees unanimously voted to make a change in the trust membership. The change to the trust deed now provides for a total of 14 trustees appointed as follows:

The Chairman is Alderman J Carter and the Vice-Chairman is M Lee.

The trustees normally meet in the Panel Room at the school.

d. Policies adopted for the induction and training of trustees

New trustees are provided with a copy of the Charity Commission scheme and the clerk provides further advice as required.

e. Financial risk management

The trustees are responsible for the management of the risks faced by the charity. Detailed considerations of risk are identified, assessed and controls established throughout the year. A formal review of the charity's risk management process is undertaken on an annual basis. Through the risk management process established by the charity, the trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

Approved by order of the members of the board of trustees on 15 January 2025 and signed on their behalf by:

Alderman J Carter

(Chair of Trustees)

Page 5

QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024

Independent Examiner's Report to the Trustees of Queen Elizabeth's Endowed School Trust ('the charity')

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024.

Responsibilities and Basis of Report

As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

Your attention is drawn to the fact that the charity has prepared the accounts in accordance with 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 UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work or for this report.

Signed: Jonathan Wilson FCA CTA Dated: 15 January 2025 Jonathan Wilson FCA CTA Chartered Accountant

Mansfield

Page 6

QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

Note
Income from:
Charitable activities
3
Investments
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Net expenditure before net gains on
investments
Net gains on investments
10
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
-
60,661
60,661
33,421
42,160
75,581
(14,920)
66,970
52,050
1,725,221
52,050
1,777,271		 Restricted
funds
2024
£
-
-
-
-
-
-
-
-
-
11,958
-
11,958		 Total
funds
2024
£
-
60,661
60,661
33,421
42,160
75,581
(14,920)
66,970
52,050
1,737,179
52,050
1,789,229		 Total
funds
2023
£
15,493
65,718
81,211
38,781
76,260
115,041
(33,830)
20,353
(13,477)
1,750,656
(13,477)
1,737,179

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 9 to 20 form part of these financial statements.

Page 7

QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST

BALANCE SHEET AS AT 31 MARCH 2024

Note
Fixed assets
Tangible assets
9
Investments
10
Investment property
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
Net current assets
Total net assets
Charity funds
Restricted funds
15
Unrestricted funds
15
Total funds		 10,531
111,007
121,538
(8,240)		 2024
£
53,502
1,137,428
485,001
1,675,931
113,298
1,789,229
11,958
1,777,271
1,789,229		 8,722
159,912
168,634
(9,607)		 2023
£
53,502
1,039,649
485,001
1,578,152
159,027
1,737,179
11,958
1,725,221
1,737,179

The financial statements were approved and authorised for issue by the trustees on 15 January 2025 and signed on their behalf by:

Alderman J Carter (Chair of Trustees)

M Lee

(Vice Chair of Trustees)

The notes on pages 9 to 20 form part of these financial statements.

Page 8

QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 UK and Republic of Ireland (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Queen Elizabeth's Endowed School Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Going concern

At the date of signing there is a degree of uncertainty about the economic impact of the wider geopolitical environment and the cost of living crisis. The trustees continue to monitor the position closely however they believe that the charity can continue at its current level of activity subject to continued support from the bank and they therefore continue to adopt the going concern basis.

1.3 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Page 9

QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. Accounting policies (continued)

1.4 Expenditure (continued)

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

1.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

1.6 Heritage assets

Heritage assets are not capitalised due to unavailability of cost or valuation information, with such information not being obtainable at a cost commensurate with the benefit to the users of the accounts and to the charity.

The charity holds heritage assets, which are tangible fixed assets of historical, artistic or scientific importance that are held to advance preservation and conservation objectives of the charity. Newly purchased heritage assets are capitalised and included at cost including any incidental expenses of acquisition.

At each reporting date the charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Where heritage assets were acquired in past accounting periods and not capitalised, it can be difficult or costly to attribute a cost or value to them. In such cases, these assets are excluded from the balance sheet if reliable cost information is not available and conventional valuation approaches lack sufficient reliability or significant costs are involved in the reconstruction or analysis of past accounting records or in valuation, which are onerous compared with the additional benefit derived by users of the accounts in assessing the trustees stewardship of the assets.

The very long expected lives of heritage assets, due to their nature, value and need to be protected and preserved means that depreciation is not material and is, therefore, not provided.

1.7 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

At each reporting date the charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 10

QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. Accounting policies (continued)

1.7 Tangible fixed assets and depreciation (continued)

In 2012 the school land and the caretaker's house were leased to the new academy. The actual lease was never signed but heads of terms were signed which said a lease of 125 years. The current position is that, as the school has a new sponsor in Multi Academy Trust, the lease is being renegotiated. The lease is shown in the financial statements at £1. Previously the school's playing field land was stated at cost.

The land that is occupied by Mansfield Bowling Club is subject to a 99 year lease and this is also shown in the financial statements at £1.

The school buildings are excluded from the balance sheet because in the opinion of the trustees the school is an inalienable asset.

The trophies are included in the financial statements at valuations carried out in February 1989 and March 1996 respectively by professional valuers. Some of these trophies have been sold and therefore the valuation has been reduced by 100%.

Oil paintings and ceiling tiles from the library at the girls' school are included in the financial statements at valuations carried out by professional valuers in 2020 for insurance purposes, on a retail replacement basis.

No reliable valuation can be placed on the remaining works of art due to their inestimable value.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of financial activities.

1.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the statement of financial activities.

1.9 Debtors

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

1.10 Investment property

Investment properties are measured initially at cost and subsequently at fair value at the reporting date.

Depreciation is not provided on investment property.

1.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 11

QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. Accounting policies (continued)

1.12 Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.

1.13 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2. General information

Queen Elizabeth's Endowed School Trust is an unincorporated charity registered in England, registration number 528259.

Page 12

QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

3. Income from charitable activities

Unrestricted
funds
2024
£
Donations
-
Total 2023
15,493		 Total
funds
2024
£
-
15,493		 Total
funds
2023
£
15,493

4. Investment income

Unrestricted
funds
2024
£
Investment income - local investment properties
38,944
Income from local listed investments
19,864
Investment income - local cash
1,853
60,661
Total 2023
65,718		 Total
funds
2024
£
38,944
19,864
1,853
60,661
65,718		 Total
funds
2023
£
46,895
18,139
684
65,718

Page 13

QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

5. Investment management costs

Unrestricted
funds
2024
£
Investment management costs
13,015
Repairs and maintenence
5,821
Insurance
3,232
Professional charges
8,603
Managing agent's fees
2,125
Utility fees
731
Provision for bad debts
(106)
33,421
Total 2023
38,781		 Total
funds
2024
£
13,015
5,821
3,232
8,603
2,125
731
(106)
33,421
38,781		 Total
funds
2023
£
12,932
7,021
3,459
3,818
2,256
-
9,295
38,781

6. Analysis of expenditure on charitable activities Summary by expense type

Unrestricted
funds
2024
£
Repairs and renewals
8,703
Professional fees
4,508
Contribution to school expenses
3,882
Sundry expenses
1,395
Accountancy fees and independent examination
5,100
Governance professional fees
17,532
Trustees' travel reimbursed and other expenses
1,040
42,160
Total 2023
76,260		 Total
2024
£
8,703
4,508
3,882
1,395
5,100
17,532
1,040
42,160
76,260		 Total
2023
£
31,876
720
19,072
1,041
5,100
17,161
1,290
76,260

Page 14

QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

7. Independent examiner's remuneration

2024 2023
£ £
Fees payable to the charity's independent examiner for the independent
examination of the charity's annual accounts 5,100 5,100

8. Trustees' remuneration and expenses

During the year, no trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 March 2024, travelling expenses totalling £450 and other expenses totalling £590 were reimbursed or paid directly to 9 trustees (2023 - £450 to 9 trustees for travelling expenses and £840 for other expenses).

9. Tangible fixed assets

Cost or valuation
At 1 April 2023
At 31 March 2024
Depreciation
At 1 April 2023
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Long-term
leasehold
property
£
2
2
-
-
2
2		 Other fixed
assets
£
77,053
77,053
23,553
23,553
53,500
53,500		 Total
£
77,055
77,055
23,553
23,553
53,502
53,502

Page 15

QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9. Tangible fixed assets (continued)

Long-term leasehold property:

In 2012 the school land and the caretaker's house were leased to the new academy. The actual lease was never signed but heads of terms were signed which said a lease of 125 years. The current position is that, as the school has a new sponsor in Multi Academy Trust, the lease is being renegotiated. The lease is shown in the financial statements at £1. Previously the school's playing field land was stated at cost.

The land that is occupied by Mansfield Bowling Club is subject to a 99 year lease and this is also shown in the financial statements at £1.

Inalienable asset:

The school buildings are excluded from the balance sheet because in the opinion of the trustees the school is an inalienable asset.

Trophies and works of art:

The trophies are included in the financial statements at valuations carried out in February 1989 and March 1996 respectively by professional valuers. Some of these trophies have been sold and therefore the valuation has been reduced by 100%.

Oil paintings and ceiling tiles from the library at the girls' school are included in the financial statements at valuations carried out by professional valuers in 2020 for insurance purposes, on a retail replacement basis.

No reliable valuation can be placed on the remaining works of art due to their inestimable value.

Page 16

QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

10. Fixed asset investments

Cost or valuation
At 1 April 2023
Additions
Disposals
Revaluations
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Listed
investments
£
1,039,649
234,853
(205,314)
68,240
1,137,428
1,137,428
1,039,649

The historical cost of the fixed asset investments at 31 March 2024 was £912,685 (2023 - £847,070).

All the fixed assets investments are held in the UK.

11. Investment property

Valuation
At 1 April 2023
At 31 March 2024		 Freehold
investment
property
£
485,001
485,001

The 2024 valuations were made by W A Barnes, on an open market value for existing use basis.

Freehold land:

The charity owns the freehold land behind The Bowl-In-Hand public house on Leeming Street, Mansfield which was previously occupied by Mansfield Bowling Club and this is shown at a valuation of £1 in the financial statements.

Page 17

QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12. Debtors

Due within one year
Other debtors
Prepayments and accrued income		 2024
£
9,541
990
10,531		 2023
£
8,617
105
8,722

13. Creditors: Amounts falling due within one year

Other creditors
Accruals and deferred income		 2024
£
2,840
5,400
8,240		 2023
£
4,207
5,400
9,607

14. Financial instruments

Financial assets
Financial assets measured at fair value through income and expenditure
Financial liabilities
Other financial liabilities measured at fair value through income and
expenditure		 2024
£
120,548
2024
£
8,240		 2023
£
168,529
2023
£
9,607

Financial assets measured at fair value through income and expenditure comprise bank balances and trade debtors.

Other financial liabilities measured at fair value through income and expenditure comprise other creditors and accruals.

Page 18

QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. Statement of funds

Statement of funds - current year

Balance at
Balance at 1 Gains/ 31 March
April 2023 Income Expenditure (Losses) 2024
£ £ £ £ £
Unrestricted funds
General funds 1,725,221 60,661 (75,581) 66,970 1,777,271
Restricted funds
Restricted Fund 2 11,958 - - - 11,958
Total of funds 1,737,179 60,661 (75,581) 66,970 1,789,229
Statement of funds - prior year
Balance at
Balance at Gains/ 31 March
1 April 2022 Income Expenditure (Losses) 2023
£ £ £ £ £
Unrestricted funds
General funds 1,738,698 81,211 (115,041) 20,353 1,725,221
Restricted funds
Restricted Fund 2 11,958 - - - 11,958
Total of funds 1,750,656 81,211 (115,041) 20,353 1,737,179

Purpose of unrestricted funds:

The unrestricted fund is available for the purpose of furthering the charity's objectives.

Purpose of restricted funds:

The prize funds restricted funds represent various prize funds and are available for furthering their individual objectives in accordance with each fund's restrictions.

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QUEEN ELIZABETH'S ENDOWED SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

16. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
41,544
Fixed asset investments
1,137,428
Investment property
485,001
Current assets
121,538
Creditors due within one year
(8,240)
Total
1,777,271		 Restricted
funds
2024
£
11,958
-
-
-
-
11,958		 Total
funds
2024
£
53,502
1,137,428
485,001
121,538
(8,240)
1,789,229

Analysis of net assets between funds - prior period

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2023
£
53,502
1,039,649
485,001
156,676
(9,607)
1,725,221		 Restricted
funds
2023
£
-
-
-
11,958
-
11,958		 Total
funds
2023
£
53,502
1,039,649
485,001
168,634
(9,607)
1,737,179

17. Related party transactions

During the year the charity has entered into related party transactions with a business run by the son of J Carter, the chairman of the charity. These are for site work on the school and the total for the year was £4,050 (2023 - £nil ). There was £nil owing by the charity at 31 March 2024 (2023 - £nil).

There are no additional related party transactions to disclose.

18. Indemnity insurance

The charity paid £412 (2023 - £557) for the insurance premiums to indemnify trustees from any loss arising from neglect or defaults of trustees and any consequent loss.

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