THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 Charlty No: 1159413 THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST CONTENTS Page Report of the Trust88S IndppendentAuditoi's Report ststemont of FinancÉal Activities 11 Summary Incorne and Experjdiknra Accotsnt 12 Balan¢e Sheet 13 Statement of Cashflows 14 Ntst￿ to the Flnan¢lal Statements 16 THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST REPORT OF THE TRUSTEES 31 Dacèmbor 2020 The Tru5te85 are P￿a$S{l to prosent their report and financial statements forthe ye8r ended 31 Dec9mber 2020. The financial statements have been prepared in accordanTr with the accounl'ng policies set out in notè 1 to the accounts and complywth the ¢h8rity's trustde8d, the Charities Act 2011 ènd Accounting and Reporbng of Charities.. Statements of Re¢ommÉnded Practic* applicable lo charrties preparing their accounts in accordanc8 With the Finanaal Reporting standard applicable in the UK and REpublic of Ireland IFRS 1021 leffe¢tive 1 January 20191. Oblèctlvos Thè sims of the ￿"rng Edward Vl High School for Girls Birmingham Trust are to.. 'Promote the education of pupils al King Edward Vl High Sthool for Girfs Birminghatn I'KEHS'I in such ways as the Trustees think fit, including awarding to pupils at the School stholar5hips. butsari8S 8S5iSted pla￿5, maintenance 8llowances and giants on the basis of financial need to @nable them to attend the school. To advan￿ the education ol pupils at the Sthool by providing and assisting tha promsion of facllltitrs loreducation at the School. Publ1¢ benefft Tre Trustees refer to the Charity Commission's general guidance on public ben8fit wh8n review￿ the charity's objectives and in planning for fvture activities, yiving full consideration to how planned activities will contribute to Ihg Trust's aims and objecti￿8. Assist8d Places zre an important means of Midening access to KEHS for academically able girts whose farnilie5 are Un8ble to afforrl the cost of school fees. By widening acce5S to all giAs with the tolent to flourish al KEHS, Assisted Places facilitate social mobility in the region. They gnable r8cipients to make the tnost of their talents as a result ol a KEHS education, prDwding a public benefi't both to the individuals who re￿1ve funding and the sO￿etY the r8cipienls go Dn to serve, whatever theirchosen PTofessi0￿. Fundraising for Assisled Places is inextricably linked to the School's outrea¢h and markèting, 811 designed lo ensure that aspiration5 to attend KEHS are raised acr05S the ￿gIOn. Outrea¢h activities led by teaching staff target both primary and secondary schools, enabling a g￿ater awareness of what a KEHS education can provid8 and 8nsuring that girls from 8 wide range of backgrounds feel the School is a place for them. KEHS has more than 60 schools in its ouli6ach network. In Autumn 2020, during the pandemic re5tridions, KEHS laun¢h8d Tuneup Tuesday- an online one-day 'arts school,, available free ol charge to any school who wanted to participate. This outreach project was designed to show the benefit of the arts to mental health and youth w811beittg, and the range ol interesting and rewarding careers in th& sector. Mor& than 440 schools r8gi8te18d to take part, iepr888nting over 100,000 studonts 8ged 4-18. Donations in support of Assisted Places ensure that th8 aspirations raised by outreach aCti￿1ty can be made a iealty. This is espe&ally important fof increasing a¢￿$ to KEHS from groups who might not othemse consider the School as a place for th8m, for a variety of social and cultural reasons. Assisted P5￿$ also help lo reverse history. sin￿ the demise of the Direct Grant sy8tém which èxlsted bètween 1944 and 1979. the School's population has swung from 80°h of pupils on Direct Gr8nts. to just 20¥0 of girfs on A8SiSted Place5. In 2020. 648 girl8 registered for the 8ntranc8 exarnination thattook plaTr in October2020 (for September 2021 entry). Of those 56_79% asked for fee r8missioTr Thare w8re 39 applications for Assisted Pla￿ in the top 150 on the Order ol Merit. Twelve weip initially offered funding anL1 later, one girl from the A8sisted Place waitinu list acC8pt￿l an off8r. A total ol nlne Assisted pla￿ offers were a¢￿pted for entry to the Thirds. The Trust sought to address this with Ihg D8Iyv81e fundraising campaign for Assi5t8d Plac8s, which la*Jnch6d in June 2017 8t the House of Lords, to promote this goal and attract new supporter8 to donate. By September 2020 when DgIyw81e concluded. the Ttust created 27 new Assi5tEd PIATrs for entry to the Thirds or to Lower Sixth. The majority of these were sponsored by indivKlual donors, whose commitment to acce55ibility has been key to ensuring all bright girfs can consider a future here. FourAssisted Pl¥£s have since been agreed for 2021 ThToughout Delyvere, student fundraising fnr Regular Direct Debit and single gifts has also been 8 k9y part of our strategy. Our 2018 Tes Fundraising Initiative ol the Ye8r Award recognised the enthusiasm and d8dicalion of t siudent tearn. embedding student gngagemÈnt wthin our campaign for Assisted Pla￿$. Page 1 THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST REPORT OF THE TRUSTEES 31 December 2020 With Dewere now concluded, the Trust ￿11 consider its n8Xt st8P8. The Trusys role in providing educational opportunitie5 for all not just those who can afford lo att8nd KEHS - sends a powerful message to families of all backgrounds. Assislgd Plac8s will remain at the heart ol its work. The Trust's fijndraising helps talented gids to access an outst8nding. truly life-changing education. This is e￿￿en￿d in the School's academic f8Sults', in 2020's GCSE8, 94% grades came in at 9-7 or A"IA equivalent, 46% of the y8ar 8chi8ved at182St eight grade 9$ and 2D girls secured grade 9 all 5ubjectsl A Level Te5uIts were equally impres$ivg, with a remarkable 48Vo grades at A,, the highest perTrntage sinTr the A. grade w&s introduced. and 87% at A'IA. These stati%tlcs illustrate how Asslst6d PI8c6s lay strong foundations for the future. Th8 KEHS curriculum enables girls on Assisted Places to build upon their individual 8tronglhs and ts18nts. The Cuniculum is regularty rewewed and uptsat6d to incorporate national developments and girls are encouraged to take every opportunity tobro8dèn th8ir188ining experience and explore a wid& range of unusual opts"ons. Links to lrte onlinè iesources, such a8 the Harvard and Yale courses, are available via the School's w6bsit8 8nd mver subjects including coding and thg moral foundations of politics. KEHS also eoordinates a PTograrnme of iesearch seminars, where stvdents present ac&d6mic tesearch papers to a panel of in￿led guests including a¢ademi¢s, teachers and fellow students. These ie50uices are particular￿ helpful for git18 on Assisted Places, who May be from backgrounds whieh lack the Cultural caprtal of their peers. Throughout U)e pandemic, the School has offeied a serie8 of onlin818ctures with eminent speakers, culminating in a Political Awarenes5 Week just before facs-lo-lacg schooling resumed in March. Without Assisted Places, talenbd 9irfs ￿ykI miss otrt on thi5 exposure and chance to develop addib.onal skills and Inslghts. The extracurrioJlar offer complements the Curricul￿M by helping girfs to develop the soft skills valued by future employers. KEHS is the only independent girLs' school in the Midlands to provide over 70 high quality club5 and activthes each week, including tOFkdass musi¢-making. dance drarna, 311 run by highly-qualifi8d stsff or outside experts. Othgropts'ons include Debating, Ceramics, Lifesawiftg, Modol United Nations, P8rtorrnance Poetry, Digital Arts, Symphony Orchestrs and G6mi8n Club. Many of thes8 unique offerings provide girls wth the chance to flourish in subjects which rnay oth8nMs8 be off4imits. For instsnce, KEHS offers GCSE Astionomy. The conb"nu8d populanty of this coursg reflects a wder strength In sckno across the school corntnunity, bucking a nats'onal gender imbalance in STEM subjects. KEHS girls ar8 encoursged to lollowtheir interests unfettered by gender st6reotyp6s, going on to populate n8tior181 pip81ines of f8ma18 S¢igntifio talent and serve as role models for subsèquènt getEerations of girfs. A further public benefit of the Assisted Pla￿S Funtt is tha eommunity seMTr undertaken by KEHS girfs. Through this and the Trust, the local community ro¢eives a twofold betEfiL the first being the availability ofAssist8d pl￿￿, and the se¢ond the contribution which all gills. induding Asgsted Place holders, make lo their ¢ommunits"es. Thmugh community seNice, girfs devèlop confidence in a wide range of non-acadÈmic skills. The Cotnmunity Service programme at KEHS is extensive, induding Christmas anct spring p&rbe5 foi th8 81derfy. tsryn trips for ¢hildren from inner ￿tY primary schools, and weekly co116Ctions and charity events to Tai%e funds for chosen Form charities. Sixth Formers also spend on8 tem completing a voluntary placemènt on a Friday afternoon. Grant making poIIcy In the Aututlln Term each year, th8 Trustees decide the number ol Assisted pla￿ lo allocat6 for thè following SeptEtnbei. based on both received income and pledged income. The Trusteeswill grant an Assist8d Place overseven years based on pledgèd règular income, even if the income has nolyel baen re¢eived. However, the Trustees will only grant a pla¢e using received single cash income il th8 ti)t81 cost of the place over the whole seven years is availa￿e. Grants can be mad8 thr88 time8 per year atthe Trustees, meetings in thè Spring. Summer and Autumn Terms. Grants The Tru8té8s are pleased to reportthatthey mado grants totalling £197,02612019. £152.9651 duriE¥J thg year, fvnding Assist8d Plac8s for 22 girfs. In Nov&mb6r2020, th8TTUSte8s agr88d lo mak8 furtherfunds available for puipose of prothdlng up to four n￿ASsISt$d Places for girls 8tsrting in September2021. Page 2 THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST REPORT OF THE TRUSTEES 31 Dècember 2020 A¢hievements and perfomianco Trustees are very pleased wth the achievements and perfoffl)an￿ of *h8 Trust dunng its sixth year of operation and they are very gryatefvl to 811 their supporters. £341,31612019.. £440,015) was ra￿1Vad in donations in 2020, trom 310 donor5, meaning we have raised £3.1 million in gifts and pledges to date. Almost all of this income was donated forthe prowsion olAssisted pla￿ and will be so applied. Fundraising for Ass15ted Places in 2020 was impacted by the pandemic. Whilst donor numbers increased12020'. 310., 2019." 2631, th8 8v8rag8 gift amount dedined. This demonstrates that the support from our community f8mains strong and growing, despite the pandemic's impact on disposable incoTNe for many households. Anecdotally. one donor ¢onta¢ted by our Student team in SuTnmer 2020 m8nlion8d that they had b88n signilicanuy affected, but had chosen to cancei an onlina streaming subscriptloll 80 that they ¢ould continue to donate to the Assisted Pla￿$ Fund. This touching gesturewas one of the highlights of the appeal, and Is 1ndicats.ve ofthe strength of supportwe have within the comrnunity. Thè Assist6d Pla￿5 Fund continu83 to grow, providing a stmng foundats'on from which to increase further. Finan¢lal Revlew The Trusvs financi81 statements arg Set out on pages 1110 24. The total value of the incoming resources re￿Ived by the Trust w85 £361.832, of which £26,864 was reclaimed Gift d and £49,197 an 'in-kind' doll8tion from The Schools of ￿'ng Edward the Sixth ol Birmingham for Devalopm6nt Offic8 Staffing u>8ts The Trust received donations fvom 310 different donors during the year. Investment PDllcy and performanc All the investments of th8 Trust are managed by Ruffer LLP who were appointed a5 the Trust's investment rn8nag8r because ol their ¢harVLy experience, their record of consistent rèturn5 over v8rying rnarkgt ¢y¢les and a long-held goal ol protecting capital ovar rolling 12 month pèriods. All Trust inv8slmenl8 ar8 inv8slgd in a¢¢Ordan￿ wth thelr investment policy. At the ye8r end. the value of th6 POrtFolio w8s £967,31512019." £826,330). Th8 Trust's portfolio has seen a 14.5% total return in 2020, and a 5.6% 8nnualised retum over the past three years. The portfolio delivered across a variety of matket environn7ents in 2020. Th8 fitsl quart8r was all aly)ut the unconvents.onal protections CU5hioning the portfolio from the st8ep falls in glob81 equity marf(ets. The second and third quartgrs saw the convention31 protective assets (gold and inflation-linkèd bonds) perfotm strongly as governnTrents and central banks unleashed the fiscal and monptary a15enal. The fourth quartei was powered by the portfolio's valu8- oriented Equities. This is the essence of an all-w88th8r pcirtfolio. with different contributOTS lor different market conditions producing an tsv8r811 robu* portfolio outcome with limited losses and low volatility. Over the same period, prlces have rlsen by 1.2¥o por annum as measured by the Consurner8' Price Index and by 0.65Yo per annum as mÈ85ured by th8 Retsil Prices Indèx The Trustees rec8ive wular reports from the inve5trnent manag81 and cairy oui regular Market testing 6xer¢ises. Su¢h remews might lead to a changp ol mana￿r of to the addition of a further manager shoul£t this be reqUI￿d to access a particular Inv8stm8nt 8XPertise. Tru5t888 r8m8in p18a88d with th8 portfrilio's performan¢8 Sin￿ year end, despite the on-going impact ol the CoronaMriJs pand8rnio From 1 January 2021 to 31 March 2021, the wrtfolio had a total retum o16.80k. Rlsk Manag•mont Tho Trustee5 ¢(￿tinUe to rewew the major operational and strategic risks to whid) the Trust is 6xposÈd and are satisfied thatsystems and cont￿15 Ate In Pla￿ to minimise exposure to risk. As part of this r6view procedure, the Trustees have considered the continued effect of the Coronavirus on the going COn￿M position ol the Trust. As a result of the significant cash balan￿ atkd strong net cuiient asset position at th year-end, the Trustees are satisfied that the TIu5t wll eonlinue to op8rats on a going con￿r￿ ba81S. Pag8 3 THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST REPORT OF THE TRUSTEES 31 December 2020 The Twstees have prcD8. Our audit work has been undertaken so that we might state to the d)arity's trustees those matters we a￿ ￿quIr&￿ to state to them in an auditorfs report and for no other purpose. To thè fullest extent pefmitted by law, we dts not accept or assume responsibility lo anyone other than the charity and th& charity's tmst888 as a body, for our audit work, for this Teport, or for the opinions we have fonned. Cooper Parry Group Llmlt8d Statutory Auditor Park View Ona Cèfttral Boulèvard Blythe Valley Business Park Wèst Midlands B908BG Dale.. 21 October 2021 Cooper Parry GTOUP Limited is eligiblg to act a8 an auditor in terms of section 1212 01 the Companies Act 2006. Page 10 THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2020 R¢strlc*ed lunds End1￿mOnt 2020 2019 fvnd$ funds Totsi Total lund8 Note In¢ome and endowments from.. Oonations and legacES Fundraising acts'wties Investsllents 49,197 242,119 289 6,152 so.000 341.316 269 20.247 440,015 1,352 7.094 14,095 Total Income and elldowments 49,197 248,540 64,095 381,832 448,481 EXpendItu￿ on: Raising funds Charitable activiii8S 19,7181 19,7181 1246,L31 19,0711 1222,0821 149,1971 1197.0261 Totsl expenditure 149,1971 1197.0261 19,718) 1255,9411 1231,153 Realised Ilossllgain in market valuè of invèsttnents 12,792} 12,7921 45,248 Unr8ali56d gain in market Value of inv28trTrents 131,W7 131,907 21,311 Net movement in funds 51,514 183,492 235.D06 283,867 Reconclllatlon of funds: Total fund8 brovght forward 948,732 1.182,878 2,131,810 1,847.743 Total funds carrted forward 1,000,248 1.366,370 2.366.816 2,131.610 There were no recognised gains and 108ses in tho pariod other than those Included in the Statement of Financial ActiwtE5. All incDm& and oxpenditure relatès tD cnntsnuing operations. The notes on pages 15 10 24 fonn part ofth98e finenrial statèmènts. Page11 THE KING EDWARD Vt HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST SUMMARY INCOME AND EXPENDITURE ACCOUNT for the yoar ended 31 December 2020 2020 2019 Nots Income Interest and invethent Income Gross Income 291,585 6,152 297,737 423,145 430,239 Expenditure 1246,2231 1222.0821 N8t Income 51,514 208,157 The nDtes OJ) pages 15 to 24 forrn part olthes& financial statemen P8gg 12 THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST BALANCE SHEET as at 31 Dècember 2020 2020 2019 Note Flxed assets Inve5ttnents 967,315 826,330 g67,315 826,330 Curront assets Debtors C8sh at bank and in hand 359,973 1,054.568 1.414,541 322.357 993,887 1,316.244 Credltors: amounts falllng Ilue wlthln one year 115,2401 110,9641 Net current a558t8 1,399,301 1.305.280 Not a8sots 2,368,616 2.131.610 Charity Funds Exp8ndab18 endobwll8nt funds Restrict8d furK15 1,366.370 1,000.246 1.182,878 948,732 Total charity funds 2.366.616 2.131,610 The finan￿￿1 statements on pages 11 to 24 We￿ approved by the Trustees on 7 October 2021 and signed on its behalf by. JA Dyka Chalrman of Tw$tee8 The nottss on pages 15 to 24 form part ol these finanoal statements. Page 13 THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST STATEMENT OF CASH FLOWS for the year endad 31 December 2020 2020 2019 Note Cash flow from operatlng actlvitle¥ 12 62,022 255.5e3 Cash flowfrom inve8tlng actlvlt188 Paytnent8 to acquire inve5trnBnts Receipts frorn s81e8 of investrnents Income from investment portfolio Investrnent manager costs 1387,3231 375, 453 20.247 19,7181 1645,6891 688.148 7.094 19.0711 Ngt cash flow from investing actlvitlo8 11,3411 40,482 Net increase in cash and cash equivalents 80,881 296,045 Ca¥h and cash equtvalents at 1 January 2020 993,887 697,842 Ca8h and cash equlvalents at 31 December 2020 1,054,568 993,887 Cash and eash aqutvalents eonsÈ$ts of- Cash at bank 1,024,650 29.918 944,817 49,070 Investment manager account Ca$h and ¢ash ¢qu4valents at 31 DeceTnbpr 2020 1,054.568 993,887 Analy515 ot chang8s In ngt debt Al 1Jan-20 Cashflows At 31.Doc-20 Cash at bank and in hand 993,887 80,681 1,054,568 The notes on pages 15 to 24 form part ofthese financlal 8tatements. Page 14 THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST NOTES TO THE ACCOUNTS forth8 year gnded 31 D8cember 2020 Sumrnary of sigrliflcant accountlrEg pollc18S la} General Inforniation and basls of preparatlon The Klng Edward Vl High School for Girls Birmingh8m Trust was formed on 3 OetobgT 2014 and bec8rn9 a registered unincorporated charity in the Unitèd kn'ngdom on 1 De(￿mber 2014. The address of the regisler8d Offi￿ is given in th8 charity information on page 5 01 these finanual statements. The Tha￿re of the d)arity's operations and principal acts"vi*'es are to advarn￿ education by supporting the provision ol education al The ￿ng Edward Vl High School for Girls Birtningham Trust (Yhe school") in such ways that th8 TTUSt8es se8 fit in particularby providing funds to support the provision ol bursaries to girls on the basis olfinancial nged to enable them to attend schod. The charity constilutss a public benefit enlily as defined by FRS 102. The financial 5ts18ments have been pr8pared in accord8nce with Accounting and Reporting by Ch8rityes'. Statement ol Recommended Practice applicable tts charities p￿pa￿rn9 ttteir a¢¢ounts in accordanTr with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 effects.ve 1 January 2019, the Financial RepDtting Standard applicable in the United Kingdom and Republic of I￿land IFRS 1021. the Charitie5 Act 2011 and UK Generally Acceptèd Pr8ctic8 The linanual statemants arè prep8r6d on 8 going cont*rn basis und&r th6 historical cost convention, modifièd to include certain it8rns at fair valu8. The financial st8tem8nts ar8 pr8parèd in st8rting whith is the functional r￿rrencY ol the charity. Coronaviru5 and going concem At the I'me olsigning these accounts, the Trustees have conSide￿d the continuing effect of the Coronawrus on the gDing Con￿[￿ positioll. Ttustees CDnb"nue to mDnitoi the situation. The invpstments continue to perform well, with a total retum of 6.80/0 in tha first quarter of 2021. At the balan￿ sheet date, the Trust had a significant cash balan￿ and Strong net a5SEt PDSltion, this indicates thatthe Trust will eontlnu6 to operato for a p61iod of 81 least 12 months from thè da16 of signing Ih6s8 a￿a￿￿ts. The financial for8C55ts pr8par8d by th8 Trust8es also SUPWrt th8 going concem pThnCJp￿. On that ba31S, the Truste&s have pr8pared thes8 finan¢ial slaternents on a going concern basi$. Th8 significant accounting polici88 appl￿d in th8 preparation of thes8 finanrial stat8rnents are set out b810w. These policies have bgen ¢onsi$tenUy applied to 811 years presented unless otherwise stated. Ibl Funds Unrestricted funds are availBble for usè at the discretion of the Trustees in furtherance ofthè gener&1 objectives of th& chaiity and which h8v8 not been designated for other purposes. Restri¢ted fu¥Kk a￿ funds which arè to be used in accordance wth speufic restrictions imposed by dono[5 or which have been raised by the charity loi particular putposes. The cost ol iaising and administering such funds are charged against the sperific fund. The aim and use of each restricted fvnd is set out in the notes to the financial sta18m&nts. Pemanent endowed funds r6pr&sant donab.ons madè to the Trust that are hèld as p$ifflanént 8ndowment8 at the requ9$1 of the donor. The inlere5t and investment income generated is then spenton the purpose for which the giftwas made. The Trustees will seekto maintain the capital and, through prudent investment management, increase it with the aim of kè8pirvJ pace wth inflation or, in th8 cas8 of AsSlSt8d PlaTrs, the inflation in school fee8. The capital and capital growth both protected and canllot be spent on the purpose for which the gift as made. Expendable e￿doWed ￿ndS represEnl donations made to the Trust that ate held 85 endowments, either al th8 fequesl of the donor or the decision of the Trustees. The intsrest and investsnent income ggnerat8d 1$ then spent on the purposè for which the gift w2s madÈ The Trustees will, In general, seek to maintain Ihe ¢apital and, through prudent inve5trnent management, iTrcrease it with the aitn ol keeping pace with Inflatio￿ 01, in the case of Assi518d Plac8S, th8 inflatK)n in s¢hoDI fe8s. However, the capital and any Capital grDWth will be reviewed annually by the Trustees and, at their discretion, somè of the capital and / or c2pital gr0￿h can be spenl on the purpose for whith the gift was made. Page 15 THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST NOTES TO THE Accoumrs for tho year gnded 31 December 2020 Summary of slgnlflcanl accountlng pollcles Icontlnuedl Icl Incom8 recognition All incoming resour￿$ are included in the Statement ol Financial Activities ISOFAI when the charity is legally entiued to the income aft8r any pertormance condition8 have b88n tnet, th8 &mount can bè measured ￿liablY and it is prob8b16 th81 the inc0rn8 W￿11 b8 received. For donation5 to be recognEseiS the charity wlll ha￿ beèn notified ol the amounts and th& settlement date in writing. If there arecondibons attached to the donats.on and this requires a level ol perfDr[nan￿ bEfore entitlement can be obtained, then income is deferred until those conditions are fully met or the lulfilment of those conditlons is within the ¢ontrol of the charity and il is probablè that they will be fulfillèd_ No amount is induded in the finanri81 slatgments for voluntsei b.me in lina with the SORP IFRS 1021. For legacies. entit￿rnent is the eadier of the charity being notified of an imperKling dislribub'on or legacy being received. At this point &ncorne is r8cognised. On occasion lègaciès will bè notified to the charity however r£ is not POS5ib18 to rn8asur8 th8 arnount expected to b8 distributed. On th88e o￿lOnS. th8 18gacy is tr8a as a contingent asset and disclosed. Investment income is eained through holding 8sset8 for inve5ttnent purp0565 such as sharès. It includes dividends and interest. Wh8re it is not practicable lo identify inve8tmgnt manag8m8nt costs incurred bmthin a scheme wth reasonab￿ 8ccuraw the InvÈsknent income is reported net ol these costs. It is included when the atnountcan be tneasured ieliably. Interest incotne Is iecognised usiTrg the effective interest method and dividend incom8 1$ recognised 8s th8 ¢harity'$ right lo r8ceiv8 p8yment is èstablished. Idl Expondlturè recognltlon All expenditure is accountèd foT on an 8ccruals basis and has been classified und8r heading8 that 8g9￿￿at0 all ￿sts related to the category. Expenditure is re¢o9nised Whe￿ there is a ￿gaI or ¢onstrudive obligation to make payrn&nts to third parties, it 15 probabltrthsl the sattlament will be ￿qUIred and theamount ofthe obligation can b8 measur8d 181iably. It 18 cat8g0ri88d und8rth8 following hèadings." Costs of raising funds Expenditure on charitable activities Irrecoverable VAT is charged as an &xpense against the activity for I￿1¢h expenditure arose, Grants payable to third parti8S 8re within the ¢haritab18 obi@ctives. Where Uncondi￿onal grants are Offe￿d, this is accrued as soon as the recipient is notified of the grant, as this gives Thse to a r83sonable 8xpectation th8t th6 reuplent will ￿￿1ve the grants. whe￿ grants are conditional relating to performance th9n the grant i& only acctU8d wh8n sny unfvlfilled (x)ndrfll"ons ar8 Outsidè of th8 control of thè eharty. (el Support costs allocation SupportC05ts ar8 thos8 that a85*8t th8 Wotk of the ch8rity but do not directly TePT888nt Charitab￿ activities an include office costs. goveTnan¢e costs, administrative payroll costs. They are inCu￿d diredy in support of expenditure on the objects of thE ehanty. Vvhere support costs cannot be directly attributgd to particular h88ding8 they hav8 been 811ocated to cost of raising funds and expendibj on charylable activities on a basis consistent with use of the resources. Fund-raislng costs ar6 thosa Incurtyd in seèking voluntary eontribubons and do not Indude the costs of disserninating information in support of the tharEtable activib Th6 8n8lysi% of thèsè costs is inclLKlèd in note 3. Page 18 THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST NOTES TO THE A¢¢OUNTS for the year ended 31 Decpmber 2020 Summary of slgntitcant accountÉng polltltrs l¢ontInU￿ If) Fixèd Asset Invèstmènts Investments are a form ol basi¢ financial instrument and are initially recognised at their tran8action value and subsequently measurèd at their fail value as at the balance sheèt date using the dosing quoted market pr￿e. Th8 statement of financial actiMti85 indudes th8 net gains and 10sS@s ari5iry on r8valustion and disposals Ihruughout the y@8T. The Trust doe5 not acquiie put options. derivative5 or other complex finaTh￿al in5tiumenls. The rnain form ol fin8ncial risk faced by the charity is that of volatility in equity markets and inveslrnent market due to widei econotnic conditions, the attitude of investors to investrnent r15k, and change5 In $6ntitnent conceining equ￿"e5 and wthin particular socttsrs or sub sectors. Reallsad galns and loss&s All gain8 8tKI10$88s taken to the St8tem8nt of FIT￿n￿81 Activitiè5 as thèy aris6. Realised gains and losses on invo$lmènls arg calculated as the diff8r@n￿ betW8en sa￿S prO￿edS and their opening carying value or their purchase value if ao]uired subsequent to the first day ol the financial year. Unrealised gains and losses are calculated as the difference beiween the fair value at the year end atKI their carrying value. Realised and unrealised investment gains and losses ar8 combined in the Ststern8ntof Financial Activities. Igl Debtors and ¢reditors re¢eivable I payable within one year Debtors and crtdilors Mth no stated iHterest rate and receivable or payable within one year are ￿¢￿Ided at transaction pricè. Any losses srising from impaiimenl arè r6eognised in expènditure. Ihl Tax The ch8￿ty me8ts th8 d8finition of challty within the m8aning of sch8dule 3 of th8 Charities Act 2011 snd is considered to pass the tests sel out in Paragraph 1 Schedule 6 Finan￿ Act 2010 and therefore it meets the definition ol a Charitable company for UK corporation tax purposes. Incomlng R•sourcos 2020 2019 Unrestrlcted Donation5 kind (Note 31 49,197 69,117 Re8trlcted Donations and lega¢Es Fundraising actiwties Incorne from investments 242,119 289 6.152 352,676 1.352 7.094 248,540 361,122 Endowmeot Donations and legacles Income from investments 50,000 14,095 18,222 Legacy 64,095 18,222 Total Incomè 361,832 448,461 Page 17 THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST NOTES TO THE ACCOUNTS forth• yoar ended 31 December 2020 R•sourc•s 0x￿nded CharÉtable A¢tivitig$ Governance 2020 Total 2019 Total Grants award8d Assisted Places Support Costs 197,026 197,028 49,197 246,223 152,965 69,117 222,062 5.490 5.490 240.733 Of the above costs. £49,197 12019.. £69,117) were attributable to unrestricted funds and £197,026 12019.. £152.9651 were attributable to restirictgd funds. The As5iSted Places Fund has benèfftod a totsl 0122 girls12019.' 17 gidsl gids during ttp year. No Trustee has re￿iVed any remuneration or has been rgirnbur58d for any expénses. The Trust has no employees,. a15 adMInEStra￿.0n is Carried out by employees of The Schools of King Edward th6 Sixth in Biimingham. Thèse amounts are shown as support costs and are made up as follows.. 2020 2019 Salati8S Communications 8nd mailing5 Trav61 Database m31ntsnan¢& Event 8xpen58S Subscriptions and memberships Audit and tEX fees Legal fe88 Bank and general fees 27,940 6.425 475 4,257 1,872 288 5.49C> 1,716 734 49,197 39,459 9,870 6,463 5,562 2,409 4,620 734 89.117 Flxo<1 Ass•t Invèstments 2020 2019 Movement in fixed asset investments Market value 85 811 Janu8ry 2019 Add.. Addits"ons to illvestsnents at cost N&t g8in on revaluatlon Less. Disposals at carrying value 826,330 802,230 387,323 131,W7 645,689 21,311 378.245 642 900 Market value as at 31 December 2L120 987,315 826,330 2020 2019 Inv&$lments at market valu& comprlsad: UK equits'ès Ovorsèas equitsas and funds UK fixed interest $8curth8S Overseas fixed interest se￿ritieS Prècious mèt8ls Credit and capital fvnd5 163.677 248,402 128,450 240,350 60.813 125fj23 144.184 242,894 113,096 197,391 61,035 967.315 826,330 The value of fL%ed interest securities held at the yearénd exdudes interest awuwj lo the date ol th8 Valuation. Page 18 THE KING EDWARD VI HIGH SCHOOL FOR GIRLS 81RMINGHAM TRUST NOTES TO THE ACCOUNTS for the year ended 31 December 2020 Flxed A55et Investment5 Icontinuedl Material investments wth a market value of over 5% of the total m3rk81 valu8 of invastments are as follows.. 2020 2019 0.125% Tr88sury Ind8x-Link8d 22102168 Ruffer Multi Strategies Fund LF Ruff8r Gold Fund Ruffer SICAV Fix8d Incimne Z F￿nd 55,322 105,536 60,813 222,014 44,821 50.101 59,434 197,392 All investments are carned at their fair value. Investment in equities and fixed interest seCUr￿e8 are all traded in quoted rnatkets, primarily thg London Stock Exchange. Holdings in common investment funds, unit trusts and opèn*nded invesbnent companies are at the bid price. The basis ol fair value fDI quoted investments 15 eouivalent to the marf(et value, using the bid price. Ass8t sales and pU￿hase$ are rewnised at the dats of IrAde at CQs1 Ithat is thoirtransaet￿n value). Wofid stock marf(ets continue to be affected by the impact ol the Coronavirus pandemi¢. Howaver, as al 31 March 2021, the portfolio was valued at £1,061,492.35, with a 3 month total relum o16.8Yo, as such, no adjustm8nts are r8quir8d in resp8Ct ofthe on-going pandemic. Ruffer LLP manages ffte Trust's Investments and advises the Trustees on the market oulook. potential risks, investtnents ttends and yield and the prospect for future cBpital growth. Ruffer follows the same approach across all ofthe account, constructing portfolios to preserve capital and deliver a retutn ahead of the risk-ftee altemative. On this basis RufFer considers all of th61r Clients to be medium risk. Cash at bank 2020 20q9 R8venue account Investment manager's account 1,024,650 29,918 944,817 49,070 1,054,568 993,887 DebtorB 2020 2019 Other debtors 359.973 322 357 Oth8r debtors fr(xn 2015 to 2020, include a legacy of £285.912 which is 8XP8Ct8d to b8 r8csiv8d during 2021. Creditors.. amounts f&lling due within one year 2020 2019 Accruals Other creditois 4,740 10,500 4,620 6.344 15,240 10,964 19 (N Yp ￿ ro p- W) Ln u) UJ o) (o (O IN u) ￿ Lr) ¢ i O Tr- (o (N o > w (Q oj 00 THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST NOTES TO THE ACCOUNTS for the year ended 31 December 2020 Funds Icontinuedl A8SiSted Places Fund This Fund is used to support either fvll-fee or part-fee Assisted Place8 for girls who 8re 8cad8mKally ablè tts attend The SchDoI but whose paTents are unable to afford the school fees. In 2020, this included fvnds trorn a Hardship Appeal for additional sUPPOrt through the pandetnic. The money re¢eived into this fund is normally used as expendable Inc￿ne, A5SiSted Placès Support Fund This fund is used lo pro*id8 puplls ori Assl$ted Plaeas with addltional support for their education, for example by funding music lessons or 8¢hool trips. The fflongy rer*ivgd into this fvnd ks nomally used as expendable income. End¢)wment Fund¥ Mls$ Davis Fund The58 funds r&presenl an endowrnent girt mad8 to the TTUStas part of a18gacy benefaction from Miss Margaret Davis. This is a restricted fund to be applied by the Trustees lor the provi8ion of a scholarship for th8 bensfft of musician. The iTrt8r8st and invèstm8nt incom8 gènèrated is then spent on the purpose for which the gift was made. Thg TN$te&s will, in goneral. seek lo maintain the capital and, through prudent investrnent managemènt, increase il wth the aim of keeping Pa￿ with inflation or, in the case of Assisted Pla￿8, th& inflation in sch￿1 fè6s. The Blrnilngham Glrfs, Old Edwardian Club These lutTrds represent inve5trnents tran5fettpd to The King Edward Vl High School lor Girls Birmingharn Trust from the Birmingham Girls. Qld Edwardian Club. Th6 Truste6s have treated these funds as Pe￿aTrent Endownents. The deÈd of tr8nsfer makes referencè to the possibility of expending the88 fund8 if n8C8888ry". this deusion Is atthe discretion of the Ttustees. Net Current assets Nèt assets of the funds Invesbnents Total The charity's n81 assets b8long lo th8 vaIious funds as follows: 31 Dfrcomber 2020 R8Strict8d fLind5 1,(KIO,246 399 055 1,000.246 1,366,370 Endowment fvnds 967,315 7,315 1 399 301 2,366,616 31 Doc8rnber 2019 Restricted funds 948,732 948,732 1 182 878 Endowmènt funds 826 330 1305 208 2,131610 Page 22 THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST NOTES TO THE ACCOUNTS for the year ended 31 December 2020 10 Related pardes Thè admin15tr8tion duties of the Trust are carried out by ernployees of The Schoo18 of King Edward th8 Sixth in Bimiingham. The Schools 01 ￿'n9 Edward the Sixth in Birmingham also reimburse the Trust for administffttion costs. During the period, administration costs 01£49,19712019". £69,117) were paid for by The Schools ol King E(knard thè Sixth in Birrningham on b8half of the Trustand are reflected as a donatkjn in kind in thes8 accounts. Mr T Clarte, 8 Trustee of the charity, is also Chair of the Independent Schocsls Goveming Body of the Schoo15 ol King Edward the Sixth in Birmingham. Transactions bètW66n the ehanties arè detailed above. Mrs J Hundl6, 8 Trustee of the chaTity, is a fottner Govemoi of the aforernentioned goveming body. Mrs A Dufy and Mrs G Stanley, both Trustees ol the Chanty, are Chairman and Committee Member ol the Bittningharn Girfs, Old Edwardian Club. Mrs A Clark, a Trustee of the ch8rity, was PrIn￿PaI ol the School and President of th8 Birrningham Girfs, Old Edwardian Club until 1 Septomber 2020, when her sU￿$sOr. Mrs K von Malaisé, adq)ted both roles. Mts JA Dyke is al￿ 8 trustee ofThe ￿moge$ Charitable Trust IRCN., 10161781, which donated £2,50D in 2020. Donations to the trust from Trustees during the yearwere as follows.. Mrs A Cl8rk Mrs K von Malaisé Mrs G Stsnley M15 J A Dyke Mr T Clarke Mrs H Evenett Mis A Duffy Mrs C Soderman Mrs J Hundle 600 100 23,343 200 Commltmonts At 31 Decembei2020, th8 Truslwas commillad tofunding 20 girfs on Assisted Pla￿s{2019.. 171. Theesbmated total oosl of fundiry these puyls frorn Spring Tern 2021 to the end of their education at the school is £1,198,281. Two 8ddthonal pupils, families no longei rneetttE crEteTra fora5S1St8n￿ underthe ru￿8 ofthe means testing 8chern8. IK>wever th2 Ttust iemains committed lo piomdng finan￿81 support in the futu[8 should the improv6monl in IkEir financial cir¢umstsnces reverse. In ￿ditE0￿, the Trustees have committed to funding 4 full fee eqU￿a￿nt pla starting in September 2021 ond offers hav6 been maclè to prospethv6 pupils with & total futurè eommilnent v#lue of £440,000. Of this comrnitment, £530,000 wll be met by the donations rnade under Deeds ol Gift 8ntered into by individuals who are sponsoring specific Assistecl Pla￿. As at 31 De¢6mber 2020, the Trust holds assets to the value ol £1,000,246 on the Restricted Fund foi the purpjse of meeting the c05tof PlDiqding Assisted Place5. In 8ddibon, on an annu21 basis. the Ttust expects to receive regular income from three sourc*s (based on 20181.. income from regular giving of £36,0￿, incomp from its investments of at lezst £7,000, and gift aid of at least £4,500. Thè Tru518$sum88 that Ihislgvel of iegular income be relied on for 31 least 3 years. Wh8re there is a surplus ol income, this will be used to fund furtherAssisted Places for future yeais. P8g& 23 THE KING EDWARD VI HIGH SCHOOL FORGIRLS BIRMINGHAM TRUST NOTES TO THE ACCOUNTS fortho yèar •nd8d 31 D•c8mber 2020 12 Roeoneiliation of net incDrne to net cash flowfrom operating actlvttigs 2020 2019 Net movement in funds 235,(K)8 283,867 Income trom invesknenl portfolio (Gains) Dn investments Ilnueaselldecrease in debtors Add back inveslrnent manager costs Inuease in creditors 120,2471 1129,115} 137,6161 9,718 4,276 17,0941 166,5591 33,691 9,071 2,587 Net Cash flow from Dp8iatitw acbvities 82,022 255,563 Page 24