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← The King Edward's School Birmingham Trust

2024-12-31-accounts

THE KING EDWARD S SCHOOL BIRMINGHAM TRUST

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

Charity No: 1129776

CONTENTS Page
Report of the Trustees 1
Independent Auditor
s Report		 9
Statement of Financial Activities 12
Summary Income and Expenditure Account 13
Balance Sheet 14
Statement of Cash Flows 15
Notes to the financial statements 16

THE KING EDWARD S SCHOOL BIRMINGHAM TRUST

REPORT OF THE TRUSTEES 31 December 2024

The Trustees are pleased to present their report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and 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 2019).

Objectives

The bjectives reflect the historic purpose of King School, Birmingham: to provide an outstanding education for boys across Birmingham, whatever their family income. From 1944 until 1997, the Direct Grant and Assisted Places schemes provided means-tested support for bright pupils who lacked the means to fund a King Edward s education. Following the abolition of this funding, the need for alternative funding routes became evident.

In the absence of government funding, the King undation has contributed around £1 million towards Assisted Places each year. However, despite this, the School continues to struggle to meet a continued demand for financial support. With over 40% of all admissions applicants requesting Assisted Places, more funding is required to meet this urgent need.

Trust was established to address this need, by generating philanthropic funding streams from alumni, trusts, and corporates. The Declaration of Trust has as its objects: The advancement of education by supporting the provision of education at King Edward s School, Birmingham the School ) in such ways as the Trustees see fit in particular (but without prejudice to the generality of the foregoing) by providing funds to support the provision of bursaries to boys on the basis of financial need to enable them to attend the School

To fulfil these objectives and secure Assisted Places funding, the Development & Old Edwardian Office coordinates a range of fundraising activities ehalf. Fundraising for Assisted Places includes face-to-face, direct mail, and telephone solicitations. The funding these activities generate offers boys from a wide range of backgrounds a first-class education at a leading UK independent school. This education plays a valuable role in facilitating the social mobility of bright boys across Birmingham, helping to maintain the social and ethnic diversity of the School.

Public Benefit

The Trustees have referred to, and continue to reference, the Charity general guidance on public benefit when reviewing the objectives and in planning for future activities. In particular, the Trustees continue to consider how planned activities contribute to the aims and objectives set.

Assisted Places are an important means of widening access to the School, ensuring that talented boys can not only take up their place here, but take full advantage of the activities and trips offered by the School.

raising aspirations across primary schools in the local community. Each academic year, the School engages 7,000-10,000 primary school children from more than 150 schools. Outreach generates a diverse pool of applicants to the School which is seen as a place for all with the talent to attend, not just those whose parents can afford the fees. As a result of this awareness, 2024 saw another strong year for admissions applications: 592 applications were received, with 42% of applicants requesting Assisted Places funding.

accessibility. The School and is one ucation are able to do so. Assisted Places unlock this access; they also ensure that all boys at school, irrespective of how they are funded, enjoy learning in a diverse, supportive environment, preparing them for the challenges they will face in the wider world.

Page 1

THE KING EDWARD S SCHOOL BIRMINGHAM TRUST

REPORT OF THE TRUSTEES (CONTINUED) 31 December 2024

challenged and stimulated, and are always available to provide encouragement and support. During their first three years at the School, boys study a broad curriculum alongside the core academic subjects and a great deal of time is set aside for the creative subjects: art, music, design, drama, and for sport and PE. Latin is compulsory for three years and in Year 9 boys can take up Spanish, German or Ancient Greek. Boys take 10 subjects at GCSE: English Language, English Literature, Maths, one language and at least two sciences are compulsory, and boys can choose three or four subjects from Art, Ancient Greek, Design and Technology, Drama, Geography, German, History, Latin, Music, Religious Studies and Spanish. In the Sixth Form all pupils study the International Baccalaureate (IB) Diploma, an internationally recognised course designed to provide intellectual challenge and preparation for a global future. It also requires a breadth of study, covering English, Maths, Science, a language and a humanities subject. In addition, all boys write an Extended Essay and study a course on Theory of Knowledge.

Exam results continue to be excellent. In 2024 , out of a year group of 132, 33 boys achieved at least ten 9/8s and a further 32 achieved nine 9/8s. The overall percentage of 9/8 grades attained was 69% and 86% were 9-7.

Boys also achieved significant success in the International Baccalaureate. The average score was 36.7, six points above the global average. Two boys achieved the highest score of 45, sixteen boys scored either 44 or 43 points and 31% of the cohort of 125 attained scores of 40 points or above. Over half of the year group achieved grades of 7 or 6 in all three of their Higher Level subjects, the equivalent to three A*/A at A-level. A key factor in the academic performance has been the growth in the number of boys with Assisted Places, ensuring the School is able to attract the very best students.

-ranging and high-quality extra-curricular programme. The boys have the chance to play over 20 sports and to perform in musical groups as part of an annual programme of around 40 concerts and recitals. Their musical experience is further enriched by visiting speakers, masterclasses with internationally renowned musicians, and performances each year, ranging in size and scale. There are also 50 regular clubs and societies to choose from, as well as a broad range of trips and expeditions in which they can participate, both nationally and internationally. On Friday afternoons, there are no academic lessons. Having an afternoon per week dedicated to co-curricular activities provides an opportunity for boys to develop their social skills ready for life at university and beyond. Options taken through the Friday afternoons activities programme can also fulfil parts of the Creativity, Activity, Service (CAS) element of the IB Diploma, which all boys will be working towards in the Sixth Form.

The Trust also enables all boys, including those on Assisted Places, to benefit from the School s exceptional facilities: for instance, the Sir Paul and Lady Ruddock Performing Arts Centre, the Andrew Brode Wing (a state-of-the-art modern languages and science building), the Andrew Brode Sports Centre, and the Southall Hockey Pavilion. These philanthropicallyfunded resources are also available to the local community outside of school hours and play a part in the Outreach work. Without the attention generated by the launch of the Trust and fundraising activity in School, it is arguable that some of these facilities may not have been established.

Further reinforcement of the transformational experience boys receive was provided by the findings of the most recent (2017) Independent Schools Inspectorate (ISI) Educational Quality inspection. The School was awarded the highest possible rating of

Grant making policy

The Trustees decide the number of Assisted Places to allocate for the following September in the Autumn Term every year, based on both received and pledged income. The Trustees will grant an Assisted Place over seven years based on pledged regular income, even if the income has not yet been received. However, the Trustees will only grant a place using received single cash income if the total cost of the place over the whole seven years is available. Grants are made three times per year at the meetings in each term.

Page 2

THE KING EDWARD S SCHOOL BIRMINGHAM TRUST

REPORT OF THE TRUSTEES (CONTINUED) 31 December 2024

Grants

The Trustees are pleased to report that they made grants for Assisted Places totaling £455,956 (2023: £441,122). In November 2024, the Trustees agreed to make further funds available for the purpose of funding at least five Assisted Places for boys starting in September 2025.

By the end of 2024, the Trust will have provided funding for 140 Assisted Places - equivalent to more than an entire year group of pupils. This is a significant milestone in continuing to make a tangible difference to the lives of bright boys acro ss our city.

Achievements and performance

The Trustees are pleased with the achievements and fundraising performance of the Trust during its fourteenth year of operation and remain very grateful to all the donors who have continued to support the charity. During 2024, £657,431 (2023: £547,342 ) was received in donations from 753 donors (2023: 736).

The fundraising undertaken in 2024 built on the remarkable achievements of the Trust so far. As of March 2025, the Campaign has raised over £15.2 million for Assisted Places.

Financial review

The financial statements are set out on pages 12 to 27.

The total incoming resources received by the Trust were £895,664 (2023: £745,121) of which £51,579 (2023: £57,728) was reclaimed Gift Aid.

Investment policy and performance

All the investments of the Trust are managed by Ruffer LLP. Ruffer was chosen because of their charity experience, their record of consistent returns over varying market cycles and a long-held goal of protecting capital over rolling 12-month periods. All Trust investments are invested in accordance with their investment policy and the Trustees take professional advice from the brokers regarding the market outlook, potential risks, investment trends and yield and the prospect for future capital growth.

Ruffer constructs portfolios that aim to preserve capital and deliver a return ahead of the risk-free alternative. The portfolio always contains protective assets as well as growth assets. From our perspective as a charity client, this conservative approach to fund management seems an appropriate stance and this has been extremely beneficial in protecting the assets of the Trust during the significant downturn during the course of the pandemic and subsequent global economic turbulence. The Trustees will, however, continue to review closely the performance of our investments as the situation unfolds.

At the year end the value of the portfolio was £7,291,568 (2023: £7,662,102). Over the same period, prices have risen by driven by a number of factors, including the war in Ukraine, supply chain disruptions, and rising energy prices.

From 1 January 2025 to 31 March 2025, the portfolio had a total return of 1.4%.

Page 3

THE KING EDWARD S SCHOOL BIRMINGHAM TRUST

REPORT OF THE TRUSTEES (CONTINUED) 31 December 2024

Risk management

The Trustees continue to keep under review the major operational and strategic risks to which the Trust is exposed and are satisfied that systems and controls are in place to minimise exposure to such risks as may exist.

As part of this review procedure, the Trustees continue to consider the effect of inflation and difficult market conditions on the going concern position of the Trust. As a result of the significant cash balance and strong net current asset position at the yearend, the Trustees are satisfied that the Trust will continue to operate on a going concern basis.

The Trustees have produced the following policy documents: an ethical policy, a systems and controls document, a gift acceptance policy, and a data protection policy. Details of these are outlined below and are subject to regular scrutiny. The Trustees continue to take all necessary steps to ensure compliance with EU GDPR.

The Trust is a member of the Fundraising Regulator and adheres to its guidance and standards of best practice across all its activities.

Ethical policy

As part of the ethical controls on fundraising, the Trustees ensure they approve/agree to the fundraising strategy undertaken by the Development Office on the Trust s behalf. The ethical policy also outlines the professional code of ethics which volunteers and employees who solicit or receive funds on behalf of the Trust must adhere to.

-kes-trust/trust-information-policies/

The Development Office is a member of the Council for Advancement and Support of Education and the Institute of Development Professionals in Education, and so keeps regularly appraised of best practice and developments in the sector. The Trust is registered with The Fundraising Regulator.

The financial affairs are conducted in a responsible manner, consistent with the ethical obligations of stewardship and the legal requirements of national regulators. Annual financial reports are factual and accurate in all material respects, and are prepared in accordance with generally accepted accounting principles and standards.

Systems and controls document

This document covers the storage of and access to confidential data and financial information in accordance with data protection legislation and financial regulations. It also covers the communications sent out by the Development Office on behalf of the Trust, our fundraising and financial/donations processes, and the management of our investments.

Gift acceptance policy

The gift acceptance policy is reviewed annually, to include any new types of gifts that the Trust will accept and to ensure it complies with new legislation. The most up-to-date version is available at: https://www.trust.kes.org.uk/giftacceptance-policy.html.

Data policy

In order to advance the mission and legitimate interest (providing bursaries to able boys on the basis of financial need, to enable them to attend King School), a database is held by the School. This holds information on donors and potential donors, and the Trust uses all reasonable care to keep this data up to date and secure.

The Trust and the School ensure they comply with all relevant data protection legislation, including the UK GDPR, in respect of any Data which it processes as the data controller. All data is treated confidentially and held securely by the School and Trust in accordance with the relevant legislation and having obtained the consent of all individuals whose data is processed.

The Privacy Notice covers the collection, usage, sharing, accuracy and retention of data, as well as the rights of those whose data is held by the School. The Privacy Notice was updated in spring 2023 to ensure it remains in keeping with current legislation and best practice, including how it profiles and wealth screens potential donors. A full Privacy Notice i s available at: https://oldeds.kes.org.uk/wp-content/uploads/2023/11/Privacy-Notice-reviewed-2023.pdf. It is reviewed regularly.

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THE KING EDWARD S SCHOOL BIRMINGHAM TRUST

REPORT OF THE TRUSTEES (CONTINUED) 31 December 2024

External changes and recommendations

Changes to fundraising self-regulation have been noted in the above references to the Fundraising Regulator and the UK GDPR. The Trustees continue to stay abreast of the on-going situation after Brexit and any further potential impact on our data processing. As well as advice from our professional bodies, we receive regular updates from our software provider, Blackbaud, who are internationally renowned as leaders in their field.

Reputational risk management and fundraising

The relationship between the academic results and th fundraising mitigates against the risk of either a reduction in donations or a decline in the academic success. The two are inextricably linked. makes a strong case for continued support, as the Trust continues its fundraising efforts.

The diversity of the pupil population closely mirrors s broader ethnic demography, further reinforcing the sense that the Trust is providing a public benefit to the community. This provides current and potential donors with the reassurance that they are making an impact on the lives of the most deserving and talented boys from across the region.

Reserves policy

It is the policy of the Trustees to distribute the majority, although not necessarily the total amount of income received and projected Trust income. As a result, the Trustees may carry some undistributed income forward to the following financial year. At 31 December 2024, the undistributed reserves on the unrestricted fund totalled £5,742 (2023: £5,142). The operational costs of the charity are borne by The Schools of King Edward the Sixth in Birmingham.

Plans for the future

The Trustees continue to be delighted by the achievements of the Trust. Looking ahead, Trustees will consider the long-term aims of The KES Trust in supporting the school, principally their hope to generate an endowment to preserve the Assisted Places Fund in perpetuity, as well as supporting the forthcoming KE2052 plan which will explore the future of the Edgbaston campus and how the education provided there may develop over the next 30 years. The Trustees recognise that the next phase of fundraising will be more challenging, owing to changes in the donor demographic and the political climate regarding independent education.

Assisted Places will remain at the heart of new campaigns, , the diversity of our population and the campus from which we work.

Page 5

THE KING EDWARD S SCHOOL BIRMINGHAM TRUST

REPORT OF THE TRUSTEES (CONTINUED) 31 December 2024

Structure, governance and management

The King School Birmingham Trust is a registered charity (number: 1129776) and is established as an independent charitable endowment under a Declaration of Trust dated 7 May 2009.

The Trust was established to receive donations for Assisted Places and for educational advancement on behalf of King Edward's School. The purpose of Assisted Places is to ensure that the School continues to open its doors to bright boys who deserve a place, but cannot afford to come without some form of financial assistance.

Reference and administration information

Charity Name Charity Registration Number 1129776 Registered Office Edgbaston Park Road Birmingham B15 2UA

Trustees

The Trustees who served during the period and up to the date of this report are set out below.

Mr O Choudhry Mr A Kendall Mr J P N Martin Mr I R Metcalfe OBE (Chairman) Mr K Phillips Mr W Rehman Dr C L Ricks

Mr A Street Mrs Kirsty von Malaisé

Appointed 19 May 2021; term of office expired 19 May 2024. Reappointed 22 March 2023; term of office expired 29 November 2024. Reappointed Chairman on 5 May 2023; term of office expires 5 May 2026. Appointed 13 May 2024; term of office expires 13 May 2027. Reappointed 5 December 2022; term of office expires 5 December 2025. Appointed 24 March 2021; term of office expired 24 March 2024. Appointed by virtue of being Chief Master on 1 September 2019; term of office expired 25 July 2024. Appointed 27[th] January 2025; term of office expires 27[th] January 2028 Appointed by virtue of being Chief Master & Principal on 25 July 2024.

Auditors

Cooper Parry Group Limited Statutory Auditor Cubo Birmingham 4[th] Floor Two Chamberlain Square Birmingham B3 3AX

Bankers

Lloyds 134 New Street Birmingham B2 4QZ

Investment Managers

Ruffer LLP 80 Victoria Street London SW1E 5JL

Page 6

THE KING EDWARD S SCHOOL BIRMINGHAM TRUST

REPORT OF THE TRUSTEES (CONTINUED) 31 December 2024

Trustee recruitment and training

The Declaration of Trust provides for a minimum of 3 Trustees to a maximum of 15 Trustees. The Chief Master of the School is an ex officio Trustee and both the Governors of the Schools of King Edward the Sixth in Birmingham and the Directors of the Old Edwardians Association have the right to appoint two Trustees each. New Trustees are appointed by the existing Trustees and serve for three years, after which they may nominate themselves for re-appointment. When recruiting new Trustees, individuals are sought who have the skills, knowledge and experience needed for the effective management of the Trust.

New Trustees are made aware of their responsibilities and are helped to familiarise themselves with the practical and financial operations. To assist them they are provided with a copy of the Declaration of Trust, minutes of recent Trustees meetings, the latest Trust report and statement of accounts and any appropriate Charity Commission publications. All Trustees give of their time freely and no Trustee remuneration was paid in the year.

The Trust receives donations through the British Schools and Universities Foundation (BSUF) which allows donors in the representative in the US. From June 2024, this will flow through the Foundation umbrella.

Organisational structure

All matters of policy and management are determined by the Trustees, who meet at least three times per year and at such other times as circumstances require. The Development Office is managed by the Development Director, who reports to and consults with the Trustees on all fundraising activity. The Development & OEA Office conducts the operational fundraising and communications, and the wider fundraising strategy is decided in concert with the Trustees.

The Chief Master and the Development Director have three-weekly meetings, at which they plan, monitor and evaluate the fundraising undertaken by the Development Office on the behalf. Trustees are welcome to attend these meetings.

Responsibilities of the Trustees

The Trustees are responsible for preparing the Report of the Trustees and the financial statements 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 Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Page 7

THE KING EDWARD'S SCHOOL BIRMINGHAM TRUST REPORT OF THE TRUSTEES {CONTINUED 31 December 2024 Auditors Cooper Parry Group Limited has expressed ils willingness lo continue in office and will be proposed for re-appointment at the next truslee meeling. Approved by the Trustees on Q81071zoZ5 and signed on their behalf by.. IGL, Gl vigLLJ l R Metcalfe 08E Chalrman of Trustees Page 8

THE KING EDWARD S SCHOOL BIRMINGHAM TRUST

Opinion

he c

ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cashflows 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. financial statements section of our report. We are independent of the charity in accordance with the ethical 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 T 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 ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the Trustees Annual Report, other than the financial statements and our rustees are responsible for the other information contained within the annual report. 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.

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Page 9

THE KING EDWARD S SCHOOL BIRMINGHAM TRUST

(CONTINUED)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the T

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:

Responsibilities of Trustees

As explained more fully in the T ties statement set out on page 7, the Trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the T going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below:

Our assessment focused on key laws and regulations the charity has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Charities Act 2011, Trustee Act 2000, Charities (Protection and Social Investment) Act 2016, taxation legislation, data protection and employment legislation.

We are not responsible for preventing irregularities. Our approach to detecting irregularities included, but was not limited to, the following:

Page 10

THE KING EDWARD S SCHOOL BIRMINGHAM TRUST

(CONTINUED)

Whilst considering how our audit work addressed the detection of irregularities, we also considered the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.

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 regulation. 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 noncompliance. 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

Use of our report

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. Our audit work has been undertaken so that w e might state to the charity’s T rustees 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 charity and the charity’s T rustees as a body, for our audit work, for this report, or for the opinions we have formed.

Cooper Parry Group Limited

Statutory Auditors

Cubo Birmingham 4[th] Floor Two Chamberlain Square Birmingham B3 3AX

Date: 8 July 2025

Cooper Parry Group Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Page 11

THE KING EDWARD S SCHOOL BIRMINGHAM TRUST

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2024

Note
Income and endowments:
Donations and legacies
2
Investment and other income
2
Total
Expenditure:
Cost of raising funds
3
Expenditure on charitable
activities
4
Total
Net Incoming resources/
(resources expended)
before investment
gains/(losses)
Realised gain/(loss) in market
value of investments
Unrealised loss in market
value of investments
6
Net movement in funds
Reconciliation of funds:
Total funds brought forward
10
Total funds carried forward
10		 Unrestricted
funds
Restricted
funds
Endowment
funds
2024
Total funds
2023
Total funds
£
£
£
£
£
106,709
463,411
87,311
657,431
547,342
-
238,233
-
238,233
197,779
106,709
701,644
87,311
895,664
745,121
-
-
-
-
(21,763)
(106,109)
(643,956)
-
(750,065)
(580,994)
(106,109)
(643,956)
-
(750,065)
(602,757)
600
57,688
87,311
145,599
142,364
-
-
-
-
(588,947)
-
(16,794)
(353,739)
(370,533)
(171,090)
600 5
40,894
(266,428)
(224,934)
(617,673)
5,142
2,494,833
7,314,818
9,814,793
10,432,466
5,742
2,535,727
7,048,390
9,589,859
9,814,793

There were no recognised gains and losses in the year other than those included in the Statement of Financial Activities. All income and expenditure relates to continuing operations.

The notes on pages 16 to 27 form part of these financial statements.

Page 12

THE KING EDWARD S SCHOOL BIRMINGHAM TRUST

SUMMARY INCOME AND EXPENDITURE ACCOUNT

for the year ended 31 December 2024

Note
Income
Interest and investment income
2
Gross income
Expenditure
Net income for the financial year		 2024
£
657,431
238,233
895,664
(750,065)
145,599		 2023
£
547,342
197,779
744,367
(580,299)
164,068

The notes on pages 16 to 27 form part of these financial statements.

Page 13

THE KING EDWARD'S SCHOOL BIRMINGHAM TRUST BALANCE SHEET as at 31 December 2024 2024 2023 Note Fixed assets Investments 7,291,568 7,662,102 Total fixed assets 7,291,568 7,662,102 Current assets Debtors Cash and cash equivalents 40,121 2.267,890 2,308,011 43,1Q9 2,275,937 2,319.046 Credltor8: amounts falllng due wlthln one year 19.7201 1166.355) Net current assets 2,298.291 2,152,689 Net a85èts 9,589,859 9.814,793 Charlty Funds Endowment funds Permanent endowmenl Restricted funds Expendable 8ndowment Unrestricted funds 10 10 1,726.545 2,535.727 5,321,845 5,742 1,814,283 2,494,832 5,500,536 5,142 10 10 Total charlty funds 9 589,859 9,814 793 The financial statements on pages 12 10 27 were approved by the Trustees on Q8A)?h02g and signed on its behalf by.. l R Metcalfe OBffi- Chaimian of Trustees The notes on pages 16 to 27 form part of these financial statements. Page 14

THE KING EDWARD S SCHOOL BIRMINGHAM TRUST

STATEMENT OF CASH FLOWS as at 31 December 2024

Note
Cash flow from operating activities
14
Cash flow from investing activities
Payments to acquire investments
Receipts from sales of investments
Income from investment portfolio
Interest received
Investment manager costs
Net cash used by investing activities
Change in cash and cash equivalents
in the year
Cash and cash equivalents at 1
January 2024
Cash and cash equivalents at 31
December 2024
Cash and cash equivalents consists
of:
Cash at bank
Investment manager account
Cash and cash equivalents at 31
December 2024
Analysis of changes in net debt
Cash at bank and in hand		 2024
£
(246,280)
-
-
227,514
10,719
-
238,233
(8,047)
2,275,937
2,267,890
2,267,890
-
2,267,890
At 1-Jan-24
Cashflows
£
£
2,275,937
(8,047)		 2023
£
(21,136)
(7,042,207)
6,466,342
187,730
10,049
(21,763)
(399,849)
(420,985)
2,696,922
2,275,937
2,275,937
-
2,275,937

At 31-Dec-24
£
2,267,890

The notes on pages 16 to 27 form part of these financial statements.

Page 15

THE KING EDWARD S SCHOOL BIRMINGHAM TRUST

NOTES TO THE ACCOUNTS for the year ended 31 December 2024

1 Summary of significant accounting policies

(a) General information and basis of preparation

The King Edward s School Birmingham Trust is a registered unincorporated charity in the United Kingdom. The address of the registered office is given in the charity information on page 6 of these financial statements. The nature of the charity s operations and principal activities are to advance education by supporting the provision of education at King Edward s School Birmingham he School in such ways that the Trustees see fit in particular by providing funds to support the provision of bursaries to boys on the basis of financial need to enable them to attend school.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared 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 United Kingdom and Republic of Ireland (FRS 102) effective October 2019.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.

Cost of living crisis, new government and going concern

At the balance sheet date, the Trust had a significant cash balance and strong net current asset position. At the time of signing these accounts, the Trustees continue to consider the effect of the cost of living crisis and the new government on the going concern position, and consider that this does indicate that the Trust will continue to trade for a period of at least 12 months from the date of signing these accounts due to the cash and investment balance available to it and the relative flexibility of its funds.

The financial forecasts prepared by the Trustees show that the Trust will be able to operate and continue to make grant awards within the funds available to it.

On that basis, the Trustees have prepared these financial statements on a going concern basis.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Funds

Unrestricted funds 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 cost 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.

Permanent endowed funds represent donations made to the Trust that are held as permanent endowments at the request of the donor. The interest and investment income generated is then spent on the purpose for which the gift was made. The Trustees will seek to maintain the capital and, through prudent investment management, increase it with the aim of keeping pace with inflation or, in the case of Assisted Places, the inflation in school fees, where possible. The capital and capital growth are both protected and cannot be spent on the purpose for which the gift was made.

Expendable endowed funds represent donations made to the Trust that are held as endowments, either at the request of the donor or the decision of the Trustees. The interest and investment income generated is then spent on the purpose for which the gift was made. The Trustees will, in general, seek to maintain the capital and, through prudent investment management, increase it with the aim of keeping pace with inflation or, in the case of Assisted Places, the inflation in school fees, where possible. However, the capital and any capital growth will be reviewed annually by the Trustees and, at their discretion, some of the capital and / or capital growth can be spent on the purpose for which the gift was made.

Page 16

THE KING EDWARD S SCHOOL BIRMINGHAM TRUST

NOTES TO THE ACCOUNTS

for the year ended 31 December 2024

1 Summary of significant accounting policies (continued)

(c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing, and in most cases will have received the funds. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charity s right to receive payment is established.

(d) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Costs of raising funds Expenditure on charitable activities

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

(e) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, and administrative and payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

The analysis of these costs is included in note 4.

Page 17

THE KING EDWARD S SCHOOL BIRMINGHAM TRUST

NOTES TO THE ACCOUNTS

for the year ended 31 December 2024

1 Summary of significant accounting policies (continued)

(f) Fixed Asset Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Trust does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Realised and unrealised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year.

Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.

The statement of financial activities includes the net gains and losses arising on the revaluation and disposals throughout the year.

(g) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(h) Cash at bank

Cash at bank 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.

(i) Tax

The charity meets the definition of a charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

Page 18

THE KING EDWARD S SCHOOL BIRMINGHAM TRUST

NOTES TO THE ACCOUNTS for the year ended 31 December 2024

2 Income and endowments from:

Unrestricted
Donations and legacies
Donations in kind (Note 4)
Donations
Total unrestricted fund income
Restricted
Donations and legacies
Donations
Gift Aid reclaimed
Investments
Income from investment portfolio
Bank interest receivable
Total restricted fund income
Endowed
Donations and legacies
Donations
Gift Aid reclaimed
Total endowed fund income
Total income		 2024
£
106,109
600
106,709
413,979
49,432
463,411
227,514
10,719
238,233
701,644
85,164
2,147
87,311
895,664		 2023
£
110,921
600
111,521
355,995
54,828
410,823
190,385
7,394
197,779
608,602
22,098
2,900
24,998
745,121

Page 19

THE KING EDWARD S SCHOOL BIRMINGHAM TRUST

NOTES TO THE ACCOUNTS for the year ended 31 December 2024

3 Cost of raising funds

Investment Management Costs Restricted
£
-
-		 Endowed
£
-
-		 2024
£
-
-		 2023
£
21,763
21,763

Of the £21,763 total cost during 2023, £22,458 were attributable to the endowed fund and (£695) were attributable to the restricted fund.

4 Resources expended

Grants awarded
-
Assisted Places
-
Assisted Places Support
-
Masterplan Fund
-
Other
Support costs		 Charitable
Activities
£
455,956
500
162,500
25,000
96,389
740,345		 Governance
£
-
-
-
-
9,720
9,720		 2024
Total
£
455,956
500
162,500
25,000
106,109
750,065		 2023
Total
£
441,122
655
-
28,296
110,921
580,994

Of the above costs, £106,109 (2023: £110,921) were attributable to unrestricted funds, £643,956 (2023: £470,072) were attributable to restricted funds and £Nil (2023: £Nil) were attributable to endowment.

The Assisted Places Fund has benefited a total of 32 (2023: 36) boys during the year.

No Trustee has received any remuneration or has been reimbursed for any expenses. The Trust has no employees; all administration is carried out by employees of The Schools of King Edward the Sixth in Birmingham. These amounts are shown as support costs and are made up as follows:

5

Salaries
Communications and mailings
Database maintenance
Event expenses
Office supplies
Subscriptions and memberships
Audit and accountancy fees
Bank and general fees
Legal fees
Cricket bowling machine
Auditor
s remuneration
accounts		 2024
£
62,336
4,997
12,846
11,452
54
1,050
9,720
3,500
154
-
106,109
2024
£
9,720		 2023
£
57,604
8,292
10,079
8,840
745
1,648
9,601
(160)
141
14,130
110,921
2023
£
9,120

Page 20

THE KING EDWARD S SCHOOL BIRMINGHAM TRUST

NOTES TO THE ACCOUNTS for the year ended 31 December 2024

6 Fixed Asset Investments

Movement in fixed asset investments
Market value as at 1 January 2024
Add:
Additions to investments at cost
Less:
Net loss on revaluation
Disposals at carrying value
Market value as at 31 December 2024
Investments at market value comprised:
Global Funds		 2024
£
7,662,102
-
(370,533)
-
7,291,568
7,291,568
7,291,568		 2023
£
7,846,274
7,042,207
(171,090)
(7,055,289)
7,662,102
7,662,102
7,662,102

Material investments with a market value of over 5% of the total market value of investments are as follows:

2024 2023
£ £
Charity Assets Trust C Inc 7,291,568 7,662,102

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

World stock markets continue to be affected by a combination of domestic and global factors. This is exemplified by the portfolio valuation as at 31 March 2025 having a 3 month total return of 1.4%.

Ruffer LLP manages the Trust s investments and advises the Trustees on the market outlook, potential risks, investment trends and yield and the prospect for future capital growth.

Ruffer follows the same approach across all of its accounts, constructing portfolios to preserve capital and deliver a return ahead of the risk-free alternative. On this basis Ruffer considers all of their clients to be medium risk.

Page 21

THE KING EDWARD S SCHOOL BIRMINGHAM TRUST

NOTES TO THE ACCOUNTS for the year ended 31 December 2023

7 Cash and cash equivalents

Cash at bank
8
Debtors
Gift aid receivable
Other debtors
9
Creditors: amounts falling due within one year
Other creditors
Accruals		 2024
£
2,267,890
2,267,890
2024
£
11,386
28,735
40,121
2024
£
-
9,720
9,720		 2023
£
2,275,937
2,275,937
2023
£
12,518
30,591
43,109
2023
£
157,235
9,120
166,355

Page 22

Page 23

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THE KING EDWARD S SCHOOL BIRMINGHAM TRUST

NOTES TO THE ACCOUNTS

for the year ended 31 December 2024

10 Funds (continued)

Assisted Places Fund

This Fund is used to support either full-fee or part-fee Assisted Places for boys who are academically able to attend the School but whose parents are unable to afford the school fees. The money received into this fund is normally used as expendable income.

Assisted Places Support Fund

This Fund is used to support extra-curricular activities at the School for boys who are on Assisted Places. This support may include funding for music lessons, sports trips or other school trips.

John Osborn Post-Doctoral Mentor Fund

This Fund supports the provision of a new teaching post: the Osborn Fellow. This post will IB ethos of enquiry and intellectual ambition, through Classics extension work and inter-departmental collaborations. The fund is expendable.

Masterplan Fund

This Fund is being used to commission architects to take a long-term holistic view of how the site could develop in the coming years, identifying potential areas to repurpose or refurbish and any new facilities which would be beneficial.

Scholarship Fund

This Fund is used to support Scholarships for academically able boys attending the School. The money received into this fund is normally used as expendable income.

Tolkien Trust Matched Fund

This Fund is used to provide matched funding for either full-fee or part-fee Assisted Places for boys who are academically able to attend the School but whose parents are unable to afford the school fees. The money received into this fund is used as expendable income.

Permanent Endowed Funds

These funds represent donations made to the Trust which are held as permanent endowments at the request of the donor. The interest and investment income generated is then spent on the purpose for which the gift was made. The Trustees will seek to maintain the capital and, through prudent investment management, increase it with the aim of keeping pace with inflation or, in the case of Assisted Places, the inflation in school fees. The capital and capital growth are both protected and cannot be spent on the purpose for which the gift was made.

Expendable Endowed Funds

These funds represent donations made to the Trust which are held as endowments, either at the request of the donor or the decision of the Trustees. The interest and investment income generated is then spent on the purpose for which the gift was made. The Trustees will, in general, seek to maintain the capital and, through prudent investment management, increase it with the aim of keeping pace with inflation or, in the case of Assisted Places, the inflation in school fees. However, the capital and any capital growth will be reviewed annually by the Trustees and, at their discretion, some of the capital and / or capital growth can be spent on the purpose for which the gift was made.

Page 25

THE KING EDWARD S SCHOOL BIRMINGHAM TRUST

NOTES TO THE ACCOUNT for the year ended 31 December 2024

11 Net assets of the funds
The charity's net assets belong to the various funds as
follows:
31 December 2024
Unrestricted funds
Restricted funds
Permanent endowed funds
Expendable endowed funds
31 December 2023
Unrestricted funds
Restricted funds
Permanent endowed funds
Expendable endowed funds		 Investments
Net current
assets
Total
£
£
£
-
5,742
5,742
243,178
2,292,549
2,535,727
1,726,545
-
1,726,545
5,321,845
-
5,321,845
7,291,568
2,152,691
9,589,859
-
5,142
5,142
1,235,716
1,259,116
2,494,832
1,814,283
-
1,814,283
4,612,103
888,433
5,500,536
7,662,102
2,152,691
9,814,793

12 Related parties

The administration duties of the Trust are carried out by employees of The Schools of King Edward the Sixth in Birmingham. The Schools of King Edward the Sixth in Birmingham also reimburse the Trust for administration costs. During the year, administration costs of £106,109 (2023: £110,921) were paid for by The Schools of King Edward the Sixth in Birmingham on behalf of the Trust and are reflected as a donation in kind in these accounts.

Mr O Choudhry was one of the Governors of the Independent Schools Governing Body of the Schools of King Edward the Sixth in Birmingham until 19 May 2024. Mr I Metcalfe (Chairman) is a Governor of the Independent Schools Governing Body of the Schools of King Edward the Sixth in Birmingham, and has previously also been a Foundation Governor (from 1[st] May 2013 to 31[st] March 2024). Transactions between the entities are detailed above.

Mr J P N Martin, a Trustee of this charity, was the Chairman of the Old Edwardia Association. He is on the committee of the Old Edwardian Association, as is Mr A Kendall. Mr K Phillips, a Trustee of this charity, is employed by the school as Masterplanning Co-ordinator. Dr C L Ricks was Chief Master of the School and President of the Old Edwardians Association until July 2024. Mrs K von Malaisé, a Trustee of the charity, is now Chief Master & Principal of the School and President of the Old Edwardians Association with effect from July 2024.

Donations to the Trust from Trustees during the year were as follows:

----- Start of picture text -----
£
Mr A Street 11,850
Mr J P N Martin 600
Mr K Phillips 360
Total 12,810
----- End of picture text -----

Page 26

THE KING EDWARD S SCHOOL BIRMINGHAM TRUST

NOTES TO THE ACCOUNTS for the year ended 31 December 2024

13 Commitments

At 31 December 2024, the Trust was committed to funding 26 boys on Assisted Places (2023: 31). The estimated total cost of funding these pupils from Spring Term 2025 to the end of their education at the school is £1,548,979. In addition, the Trustees have committed to funding 5 full fee equivalent places starting in September 2025 and offers have been made to prospective pupils with a total future commitment value of £149,194 per pupil. These figures include an increased allowance from fee inflation, now 5% per annum.

An additional 7 income now exceeds the upper threshold of the means testing scheme meaning they are now receiving no financial support from the Trust. However, the Trust remains committed to providing financial support in the future should any improvement in financial circumstances reverse.

Of this commitment, £270,000 will be met by the donations made under Deeds of Gift entered into by individuals who are sponsoring specific Assisted Places. As at 31 December 2024, the Trust holds assets to the value of £1,398,933 on the Restricted Fund for the purpose of meeting the cost of providing Assisted Places.

In addition, on an annual basis, the Trust expects to receive regular income from three sources (based on recent averages): income from regular giving of £144,000, income from its investments of at least £78,000, and Gift Aid of at least £27,000. The Trust assumes that this level of regular income can be relied on for at least 3 years.

Where there is a surplus of income, this will be used to fund further Assisted Places for future years.

14 Reconciliation of net income to net cash flow from operating activities

Net income for the year
Income from investment portfolio
Interest receivable
Gains on investments
Investment manager costs
Decrease in debtors
Increase/(decrease) in creditors
Net cash flow from operating activities		 2024
£
(224,934)
(227,514)
(10,719)
370,533
-
2,988
(156,634)
(246,280)		 2023
£
(617,673)
(187,730)
(10,049)
760,037
21,763
19,775
(7,257)
(21,136)

Page 27