## **THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST**
**REPORT AND FINANCIAL STATEMENTS**
**YEAR ENDED 31 DECEMBER 2022**
**Charity No: 1159413**
**THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|**Report of the Trustees**|**1**|
|**Independent Auditor’s Report**|**8**|
|**Statement of Financial Activities**|**11**|
|**Summary Income and Expenditure Account**|**12**|
|**Balance Sheet**|**13**|
|**Statement of Cashflows**|**14**|
|**Notes to the Financial Statements**|**15**|
**THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST**
## **REPORT OF THE TRUSTEES 31 December 2022**
The Trustees are pleased to present their report and financial statements for the year ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting of Charities: Statements of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **Objectives**
The aims of the King Edward VI High School for Girls Birmingham Trust are to:
“Promote the education of pupils at King Edward VI High School for Girls Birmingham (“KEHS”) in such ways as the Trustees think fit, including awarding to pupils at the School scholarships, bursaries, assisted places, maintenance allowances and grants on the basis of financial need to enable them to attend the school.
To advance the education of pupils at the School by providing and assisting the provision of facilities for education at the School”
## **Public benefit**
The Trustees refer to the Charity Commission’s general guidance on public benefit when reviewing the charity’s objectives and in planning for future activities, giving full consideration to how planned activities will contribute to the Trust’s aims and objectives.
Assisted Places are an important means of widening access to KEHS for academically able girls whose families are unable to afford the cost of school fees. By widening access to all girls with the talent to flourish at KEHS, Assisted Places facilitate social mobility in the region. They enable recipients to make the most of their talents as a result of a KEHS education, providing a public benefit both to the individuals who receive funding and the society the recipients go on to serve, whatever their chosen profession.
Fundraising for Assisted Places is inextricably linked to the School’s outreach and marketing, all designed to ensure that aspirations to attend KEHS are raised across the region. Outreach activities led by teaching staff target both primary and secondary schools, enabling a greater awareness of what a KEHS education can provide and ensuring that girls from a wide range of backgrounds feel the School is a place for them. Following the Covid pandemic, we have been keen to reinstate our Outreach programme, making opportunities available to as many local primary schools as possible. Over 150 schools were invited to take part in our Outreach programme. 17 schools took part in activities ranging from languages, Maths, English, PE, ceramics and science. Three schools have free use of the KEHS pool and we provide two teachers for swimming lessons for the academic year, providing opportunities for hundreds of children to learn to swim and build confidence. We have also held a sports day for local prep schools, as well as inviting them to attend swimming galas, chess and maths competitions.
Donations in support of Assisted Places ensure that the aspirations raised by outreach activity can be made a reality. This is especially important for increasing access to KEHS from groups who might not otherwise consider the School as a place for them, for a variety of social and cultural reasons.
Assisted Places also help to reverse history. Since the demise of the Direct Grant system which existed between 1944 and 1979, the School’s population has swung from 80% of pupils on Direct Grants, to just 20% of girls on Assisted Places. In 2022, 614 pupils registered to take the entrance exam for entry in 2023, which took place on 7th October, with 48% of families requesting fee assistance. There were 40 applications for Assisted Places in the top 150 girls on the Order of Merit. 13 AP offers were made and 12 were accepted.
The Trust's principal mission is to provide new Assisted Places, to help bridge the gap between demand and supply. The Trust sought to address this with the Delyvere fundraising campaign for Assisted Places, which was launched in June 2017 at the House of Lords, to promote this goal and attract new supporters to donate.
By September 2020 when Delyvere concluded, the Trust created 27 new Assisted Places for entry to the Thirds or to the Lower Sixth. The majority of these were sponsored by individual donors, whose commitment to accessibility has been key to ensuring all bright girls can consider a future here. A further 6 places have been awarded since then.
Throughout Delyvere, student fundraising for Regular Direct Debit and single gifts has also been a key part of our strategy. Our 2018 Tes Fundraising Initiative of the Year Award recognised the enthusiasm and dedication of the student team, embedding student engagement within our campaign for Assisted Places.
Page 1
**THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST**
## **REPORT OF THE TRUSTEES (CONTINUED) 31 December 2022**
The Trust’s role continues in providing educational opportunities for all – not just those who can afford to attend KEHS – sends a powerful message to families of all backgrounds. Assisted Places will remain at the heart of its work.
The Trust’s fundraising helps talented girls to access an outstanding, truly life-changing education. This is evidenced in the School’s academic results. GCSE grades remained consistent in 2022: 65% of grades were grade 9 (threeyear average: 63%), 84% were grades 9/8 (three-year average: 85%), and 95% were grades 9-7 (three-year average: 94%). A Level results were equally impressive: 63% of grades were A* (three-year average: 45%), 97% were A*/A (three-year average: 82%), and 100% were A* - B (three-year average: 97%). Thirteen girls went on to study at Oxford or Cambridge. These statistics illustrate how Assisted Places lay strong foundations for the future. What’s more, in 2021 _The Sunday Times’ ‘_ Parent Power’ supplement named KEHS the first independent school for academic results in the West Midlands.
The KEHS curriculum enables girls on Assisted Places to build upon their individual strengths and talents. The curriculum is regularly reviewed and updated to incorporate national developments and girls are encouraged to take every opportunity to broaden their learning experience and explore a wide range of unusual options. Links to free online resources, such as the Harvard and Yale courses, are available via the School’s website and cover subjects including coding and the moral foundations of politics. KEHS also coordinates a programme of research seminars, where students present academic research papers to a panel of invited guests including academics, teachers and fellow students. These resources are particularly helpful for girls on Assisted Places, who may be from backgrounds which offer less access to cultural capital than their peers. The School has continued its series of online lectures with eminent speakers, as well as launching new initiatives like the Foundation-wide Enterprise Education Day for year 8 students across all KE schools in Birmingham. Without Assisted Places, talented girls would miss out on this exposure and chance to develop additional skills and insights.
The extracurricular offer complements the curriculum by helping girls to develop the soft skills valued by future employers. KEHS leads the way in co- and extra-curricular education, with over 70 high quality clubs and activities each week, including top-class music-making, dance and drama, all run by highly-qualified staff or outside experts. Other options include Debating, Ceramics, Lifesaving, Model United Nations, Performance Poetry, Digital Arts, Symphony Orchestra and Sign Language Club.
Many of these unique offerings provide girls with the chance to flourish in subjects which may otherwise be off-limits. For instance, KEHS offers GCSE Astronomy. The continued popularity of this course reflects a wider strength in science across the school community, bucking a national gender imbalance in STEM subjects. KEHS girls are encouraged to follow their interests unfettered by gender stereotypes, going on to populate national pipelines of female scientific talent and serve as role models for subsequent generations of girls. Out of a year group of 97, four girls in the Class of 2021 went on to study Computer Science at university.
A further public benefit of the Assisted Places Fund is the community service undertaken by KEHS girls. Through this and the Trust, the local community receives a twofold benefit: the first being the availability of Assisted Places, and the second the contribution which all girls, including Assisted Place holders, make to their communities. Through community service, girls develop confidence in a wide range of non-academic skills. The Community Service programme at KEHS is extensive, including parties for the elderly, activities for children from inner city primary schools, and weekly collections and charity events to raise funds for chosen Form charities. Sixth Formers also spend one term completing a voluntary placement on a Friday afternoon.
## **Grant making policy**
In the Autumn Term each year, the Trustees decide the number of Assisted Places to allocate for the following September, based on both received income 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 can be made three times per year at the Trustees’ meetings in the Spring, Summer and Autumn Terms.
## **Grants**
The Trustees are pleased to report that they made grants totalling £300,026 (2021: £277,239) during the year, funding Assisted Places for 27 girls.
In Autumn 2022, the Trustees agreed to make further funds available for purpose of providing three new Assisted Places for girls starting in September 2023.
Page 2
**THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST**
## **REPORT OF THE TRUSTEES (CONTINUED) 31 December 2022**
## **Achievements and performance**
The Trustees are very pleased with the achievements and performance of the Trust during its eigth year of operation and they are very grateful to all their supporters. £382,071 (2021: £506,866) was received in donations in 2022, from 367 donors (2021: 331 donors) meaning we have raised £3.8 million in gifts and pledges to date. Almost all of this income was donated for the provision of Assisted Places and will be so applied.
Fundraising for Assisted Places in 2022 continued to be impacted by the pandemic. Whilst donor numbers continued to increase (2022: 367, 2021: 331, 2020: 310), the average gift amount declined. This demonstrates that the support from our community remains strong and growing, despite the pandemic’s impact on disposable income for many households.
## **Financial Review**
The Trust’s financial statements are set out on pages 11 to 24.
The total value of the incoming resources received by the Trust was £390,415, of which £59,168 was reclaimed Gift Aid and £72,717 an ‘in-kind’ donation from The Schools of King Edward the Sixth of Birmingham for Development Office staffing costs. The Trust received donations from 367 different donors during the year.
## **Investment policy and performance**
All the investments of the Trust are managed by Ruffer LLP who were appointed as the Trust’s investment manager 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.
At the year end, the value of the portfolio was £1,577,639 (2021: £1,051,140). The Trust’s portfolio has seen a 6.9% total return in 2022, and a 11.2% annualised return over the past three years.
Overall, the portfolio had a mixed performance in 2022. The market started the year on a strong note, but it was then hit by a number of challenges in the second quarter, which was the weakest of the year. The portfolio managed to rebound during the third and fourth quarters which was encouraging compared to market averages.
Over the same period, prices have risen by 9.2% as measured by the Consumers’ Price Index and by 13.4% per annum as measured by the Retail Prices Index. This was driven by a number of factors, including the war in Ukraine, supply chain disruptions, and rising energy prices. The Trustees receive regular reports from the investment manager and carry out regular market testing exercises. Such reviews might lead to a change of manager or to the addition of a further manager should this be required to access a particular investment expertise.
From 1 January 2023 to 31 March 2023, the portfolio had a total return of -1.8%.
## **Risk Management**
The Trustees continue to 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 risk.
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 UK GDPR.
The Trust is a member of the Fundraising Regulator and adheres to its guidance and standards of best practice across all of its activities.
Page 3
**THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST**
## **REPORT OF THE TRUSTEES (CONTINUED) 31 December 2022**
## **Ethical Policy**
As part of the ethical controls on fundraising, the Trustees approve the fundraising strategy which is 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.
The Trust’s full ethical policy is available here: https://oldeds.kehs.org.uk/about/the-kehs-trust/ethical-policy.
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’s 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 Trust’s gift acceptance policy is reviewed regularly to ensure it complies with new legislation. The most up to date version is available at: https://oldeds.kehs.org.uk/about/the-kehs-trust/gift-acceptance-policy.
## **Data policy**
In order to advance the Trust’s legitimate interest (fundraising for needs-based bursaries which enable talented girls to attend King Edward VI High School for Girls), a database is held by the School. This holds information on donors and potential donors, and all reasonable care is used 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 inkeeping with current legislation and best practice, including how it profiles and wealth screens potential donors.. A full Privacy Statement is available at: https://oldeds.kehs.org.uk/contact/privacy. The Privacy Notice is reviewed regularly.
## **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 situation regarding the on-going impact of Brexit and any 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.
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**THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST**
## **REPORT OF THE TRUSTEES (CONTINUED) 31 December 2022**
## **Reputational risk management and fundraising**
The relationship between the School’s academic results and the Trust’s fundraising militates against the risk of either a reduction in donations or a decline in the School’s academic success. The two are inextricably linked.
The introduction of Trust-funded Assisted Places can be directly linked to a marked increase in academic performance, as outlined in the Public Benefit section of our report. This success makes a strong case for continued support, as the Trust continues its fundraising efforts.
The diversity of the pupil population reflects Birmingham’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 girls from across the region.
## **Reserves policy**
It is the policy of the Trustees to distribute the majority, although not necessarily the total amount, of received and projected Trust income. As a result, the Trustees may carry some undistributed income forward to the following financial year. The operational costs are borne by The Schools of King Edward the Sixth in Birmingham.
## **Plans for the future**
The Trustees recognise that the Trust has been very successful, with £3.8 million raised to date including pledges, and an additional £650,000 in legacy pledges.
The long-term aim of the Trust is to secure an income (from endowment and expendable gifts) that will ensure needs-blind access for the School.
## **Structure, governance and management**
The King Edward VI High School for Girls Birmingham Trust is a registered charity (Number: 1159413) and is established as an independent scheme under a Declaration of Trust dated 3 October 2014.
## **Reference and administration information**
Charity Name
THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST
Charity Registration Number 1159413 Registered Office King Edward VI High School for Girls Edgbaston Park Road Birmingham B15 2UB
Page 5
**THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST**
## **REPORT OF THE TRUSTEES (CONTINUED) 31 December 2022**
## **Trustees**
The Trustees who served during the period and up to the date of this report are set out below.
Appointed by virtue of being Principal 1 September 2020 Re-elected 23 March 2023; term expires 23 March 2026 Re-elected 2 October 2023; term expires 2 October 2026 Term of office expired 2 October 2023 Re-elected 16 March 2021, expiring 16 March 2024 Re-elected 2 October 2023; term expires 2 October 2026 Term of office expired 2 October 2023
Mrs Kirsty von Malaisé Mrs G Stanley Re-elected 23 Mrs J A Dyke (Chairman) Mr T Clarke Term of office expired 2 October 2023 Mrs H Evenett Mrs A Duffy Mrs C Soderman Term of office expired 2 October 2023 Mrs C Hosty Term of office expires 6 December 2025
## **Auditors**
Cooper Parry Group Limited Statutory Auditors Cubo Birmingham Office 401, 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
## **Trustee recruitment and training**
The Declaration of Trust provides for a minimum of 3 Trustees to a maximum of 15 Trustees. The Principal of the School is normally a Trustee, and both the Governors of the Schools of King Edward the Sixth in Birmingham and the Directors of the Birmingham Girls’ Old Edwardian Club 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 reappointment. 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.
## **Organisational structure**
All matters of policy and management are determined by the Trustees, who meet three times per year and at such other times as circumstances require. The Principal and School Governors present on the trust board help inform fundraising practice as it relates to the ongoing needs of the School; the School’s major requirement continues to be the provision of Assisted Places.
Page 6
THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST
REPORT OF THE TRUSTEES ICONTINUEDI
3q December 2022
Responsibllltles of the Trustees
The Trustees are Sponsible for preparing the Report of the Tmslees and the finanei81 statements in accordance
with applicable law and Uniled Kingdom Accounting Standards Iunited Kingdom Geneially Apted
Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare
financial st8tements 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 res(xJrces of the charity for that pariod. In preparing these
financial statements. the Trustees are required to..
select suitable accounting policies and then apply them consi¥lenlly',
observe the methods and principles in the Charities Statement of Recommended Practice 2019 IFRS102}-
make judgements and estimates that are reasonable and prudent.,
slate whether applicable accounting standards have been followed. subject to any m8tèri81 departures
disdosed and explained in the financial 8tatements, and
prepare the financial statements on a going concern basis unless it is inappropriate to presume that the
Charity will continue in operation.
The Tiustees are responsib18 for keeping propél accounting recoids that di8close with reasonable accuracy at any
time the finanaal position of the charity and enable Ihem to ensure that the financial statements cornply with th&
Charities Act 2011, the Charrty (Accounts and Reports) Re9ulations 2008 and the provisions of the trust deed.
They are also iesponsible for safeguarding the assets of the Chaiity and hence for taking reasonable steps for
the prevention and detection of fiaud and other irregularities.
The Trustees are responsible foT the maintenance and integrity of the charity and finanaal infomiation incjuded on
the charity's website. Legislation in the United Kingdom governing the preparation and dis5etnination of
financial stslements may diflerfrom legislation in olherjuiisdictions.
Auditors
Cooper Parry Group Limited has expressed 118 willingness to continue in office and will be proposed for re-
appointment at the Annual General Meeting.
Approved by the Trustees on
03 10 . 2oz3
and signed on their bghalf by..
JA Dyke
Chairman of Trustees
Page 7
**THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST**
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST**
## **Opinion**
We have audited the financial statements of The King Edward VI High School for Girls Birmingham Trust (‘the charity’) for the year ended 31 December 2022 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:
- give a true and fair view of the state of the charity’s affairs as at 31 December 2022, and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s 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 auditor’s report thereon. The trustees 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.
## **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 trustees’ report.
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:
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**THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST**
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST (CONTINUED)**
- the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities 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 trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
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 material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below:
Our assessment focussed 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:
- obtaining an understanding of the legal and regulatory framework applicable to the charity and how the charity is complying with that framework, including agreement of financial statement disclosures to underlying documentation and other evidence;
- obtaining an understanding of the charity’s control environment and how the charity has applied relevant control procedures, through discussions with Trustees and other management and by performing walkthrough testing over key areas;
- obtaining an understanding of the charity’s risk assessment process, including the risk of fraud;
- reviewing meeting minutes of those charged with governance throughout the year; and
- performing audit testing to address the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
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**THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST**
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE KING EDWARD VI HIGH SCHOOL FOR GIRLS 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 Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the 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 we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
**Cooper Parry Group Limited** Statutory Auditor
Cubo Birmingham Office 401, 4[th] Floor Two Chamberlain Square Birmingham B3 3AX
Date: 18 October 2023
Cooper Parry Group Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
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**THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2022**
|**Note**
**Income and endowments from:**
Donations and legacies
Fundraising activities
Investments
**Total income and endowments**
2
**Expenditure on:**
Raising funds
Charitable activities
3
**Total expenditure**
**Net incoming resources before**
**investment gains**
Realised (loss)/gain in market
value of investments
Unrealised gain in market value
of investments
4
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
8
**Total funds carried forward**
8|**Unrestricted**
**funds**
**Restricted**
**funds**
**Endowment**
**funds**
**2022**
**Total**
**Funds**
**£**
**£**
**£**
**£**
72,717
277,318
32,036
382,071
-
45
-
45
-
12,300
(4,001)
8,299
72,717
289,663
28,035
390,415
-
-
(13,427)
(13,427)
(72,717)
(300,026)
-
(372,743)
(72,717)
(300,026)
(13,427)
(386,170)
-
(10,363)
14,608
4,245
-
-
(30,768)
(30,768)
-
-
128,082
128,082
-
(10,363)
111,922
101,599
-
1,034,286
1,609,871
2,644,157
-
1,023,923
1,721,793
2,745,716|**2021**
**Total**
**funds**
**£**
506,866
60
24,027|
|---|---|---|
|||530,953|
|||(11,787)
(330,896)|
|||(342,683)|
|||188,270
34,492
54,779|
|||277,541
2,366,616|
|||2,644,157|
There were no recognised gains and losses in the period other than those included in the Statement of Financial Activities. All income and expenditure relates to continuing operations.
The notes on pages 15 to 24 form part of these financial statements.
Page 11
**THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST**
## **SUMMARY INCOME AND EXPENDITURE ACCOUNT for the year ended 31 December 2022**
|**Note**
Income
Interest and investment income
2
**Gross income**
Expenditure
**Net income**|**2022**
**£**
350,080
12,300
362,380
(372,743)
(10,363)|**2021**
**£**
352,776
12,160|
|---|---|---|
|||364,936
(330,896)|
|||34,040|
The notes on pages 15 to 24 form part of these financial statements.
Page 12
THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST
BALANCE SHEET
as at 31 December 2022
2022
2021
Nots
Fixed assets
Investments
1.577,e39
1,051,140
Total fixed assets
1,577,639
1,051,140
Current assets
Debtors
Cash at bank and in hand
324,130
951,650
360,100
1,348,736
1,275,780
1,708,836
Credltors: amounts falllng due within one year
(107,703}
1115,8191
Net currènt a55ets
1,168.077
1.593.017
Net assets
2,745.718
2,844,157
Charity Funds
Expendable endowment fLJnds
Restricted funds
1,721,793
1.023.923
1,609,871
1,034,288
Total charity funds
2,745.716
2,644,157
The financial staternents on pages 1110 24 were approved by the Trustees on 03.10- 2013 and signed on its
behalf by".
JA Dyke
Chairman of Trustees
The notes on pages 15 to 24 form part of these financial statements.
Page 13
**THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST**
## **STATEMENT OF CASH FLOWS for the year ended 31 December 2022**
|**Note**
**Cash flow from operating activities**
12
**Cash flow from investing activities**
Payments to acquire investments
Receipts from sales of investments
Income from investment portfolio
Investment manager costs
**Net cash flow from investing activities**
**Net (decrease)/increase in cash and cash equivalents**
**Cash and cash equivalents at 1 January 2022**
**Cash and cash equivalents at 31 December 2022**
**Cash and cash equivalents consists of:**
Cash at bank
Investment manager account
**Cash and cash equivalents at 31 December 2022**
**Analysis of changes in net debt**
**At 1-Jan-22**
**£**
Cash at bank and in hand
1,348,736|**2022**
**£**
37,228
(1,351,514)
922,328
8,299
(13,427)
(434,314)
(397,086)
1,348,736
951,650
865,162
86,488
951,650
**Cashflows**
**£**
(397,086)|**2021**
**£**
276,482
(520,882)
526,328
24,027
(11,787)|
|---|---|---|
|||17,686|
|||294,168
1,054,568|
|||1,348,736|
|||1,323,131
25,605|
|||1,348,736|
|||**At 31-Dec-22**
**£**
951,650|
The notes on pages 15 to 24 form part of these financial statements.
Page 14
**THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST**
## **NOTES TO THE ACCOUNTS for the year ended 31 December 2022**
## **1 Summary of significant accounting policies**
## **(a) General information and basis of preparation**
The King Edward VI High School for Girls Birmingham Trust was formed on 3 October 2014 and became a registered unincorporated charity in the United Kingdom on 1 December 2014. The address of the registered office is given in the charity information on page 5 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 The King Edward VI High School for Girls Birmingham Trust (“the school”) in such ways that the Trustees see fit in particular by providing funds to support the provision of bursaries to girls 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 UK and Republic of Ireland (FRS 102) effective 1 January 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice.
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, the war in Ukraine and going concern**
At the time of signing these accounts, the Trustees have considered the continuing effect of the cost of living crisis and war in Ukraine on the going concern position. Trustees continue to monitor the situation.
At the balance sheet date, the Trust had a significant cash balance and strong net asset position, this indicates that the Trust will continue to operate for a period of at least 12 months from the date of signing these accounts. The financial forecasts prepared by the Trustees also support the going concern principle. 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. 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. 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 15
**THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST**
## **NOTES TO THE ACCOUNTS for the year ended 31 December 2022**
## **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. 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.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).
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. 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, administrative 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 3.
Page 16
**THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST**
## **NOTES TO THE ACCOUNTS for the year ended 31 December 2022**
## **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 market 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 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. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
## **(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) Tax**
The charity meets the definition of 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.
## **2 Incoming Resources**
|**Unrestricted**
Donations in kind (Note 3)
**Restricted**
Donations and legacies
Fundraising activities
Income from investments
**Endowment**
Donations and legacies
Income from investments
**Total income**|**2022**
**£**
72,717
72,717
277,318
45
12,300
289,663
32,036
(4,001)
28,035
390,415|**2021**
**£**
53,657|
|---|---|---|
|||53,657|
|||299,059
60
12,160|
|||311,279|
|||154,150
11,867|
|||166,017|
|||530,953|
Page 17
**THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST**
## **NOTES TO THE ACCOUNTS for the year ended 31 December 2022**
## **3 Resources expended**
|Grants awarded
- Assisted Places
Support Costs|**Charitable**
**Activities**
**£**
300,026
65,548
365,574|**Governance**
**£**
-
7,169
7,169|**2022**
**Total**
**£**
300,026
72,717
372,743|**2021**
**Total**
**£**
277,239
53,657
330,896|
|---|---|---|---|---|
Of the above costs, £72,717 (2021: £53,657) were attributable to unrestricted funds and £300,026 (2021: £277,239) were attributable to restricted funds.
The Assisted Places Fund has benefited a total of 27 girls (2021: 25 girls) girls 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:
|Salaries
Communications and mailings
Database maintenance
Event expenses
Office supplies
Subscriptions and memberships
Audit and tax fees
Legal fees
Bank and general fees
**Fixed Asset Investments**
**Movement in fixed asset investments**
Market value as at 1 January 2022
Add:
Additions to investments at cost
Net gain on revaluation
Less:
Disposals at carrying value
Market value as at 31 December 2022
**Investments at market value comprised:**
UK equities
Overseas equities and funds
UK fixed interest securities
Overseas fixed interest securities
Precious metals
Global Funds
Credit and capital funds|**2022**
**£**
44,495
7,265
5,123
1,586
574
766
7,169
3,714
2,025
72,717
**2022**
**£**
1,051,140
1,351,514
128,082
(953,097)
1,577,639
**2022**
**£**
40,952
100,083
282,864
389,190
62,075
411,176
291,299
1,577,639|**2021**
**£**
32,696
4,696
5,684
300
192
242
6,533
1,039
2,275|
|---|---|---|
|||53,657|
|||**2021**
**£**
967,315
520,882
54,779
(491,836)|
|||1,051,140|
|||**2021**
**£**
216,199
231,727
247,253
161,785
88,125
-
106,051|
|||1,051,140|
## **4 Fixed Asset Investments**
The value of fixed interest securities held at the year-end excludes interest accrued to the date of the valuation.
Page 18
**THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST**
## **NOTES TO THE ACCOUNTS for the year ended 31 December 2022**
## **4 Fixed Asset Investments (continued)**
Material investments with a market value of over 5% of the total market value of investments are as follows:
||**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|Charity Assets Trust C Acc|318,319|-|
|2.5% Treasury Index-Linked 17/07/2024|112,298|-|
|0.125% Treasury Index-Linked 22/03/68|-|54,289|
|Ruffer Multi Strategies Fund|114,655|67,080|
|LF Ruffer Gold Fund|-|62,362|
|Ruffer Protection Strategies International Z GBP|159,553|-|
|Ruffer SICAV Fixed Income Z Fund|389,190|161,785|
All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted 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 the impact of the Coronavirus pandemic and the war in Ukraine. This is exemplified by the portfolio valuation as at 31 March 2023 being £1,580,070, with a 3 month total return of -1.8%.
Ruffer LLP manages the Trust’s investments and advises the Trustees on the market outlook, potential risks, investments trends and yield and the prospect for future capital growth.
Ruffer follows the same approach across all of the account, 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.
## **5 Cash at bank**
|Revenue account
Investment manager’s account
**Debtors**
Other debtors|**2022**
**£**
865,162
86,488
951,650
**2022**
**£**
324,130|**2021**
**£**
1,323,131
25,605|
|---|---|---|
|||1,348,736|
|||**2021**
**£**
360,100|
## **6 Debtors**
Other debtors from 2015 to 2023, include a legacy of £307,873 which is expected to be received during 2023.
- **7 Creditors:** amounts falling due within one year
|Accruals
Other creditors|**2022**
**£**
7,800
99,903
107,703|**2021**
**£**
6,420
109,399|
|---|---|---|
|||115,819|
Page 19
**THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST**
## **NOTES TO THE ACCOUNTS for the year ended 31 December 2022**
|**8**
**Funds**
**Restricted Funds**
Assisted Places Fund
Assisted Places Support Fund
Design Centre Fund
**Endowment Funds**
Miss Davis Fund
The Birmingham Girls’ Old Edwardian Club
- Old Edwardian Bursary Fund
- Margaret Wall Memorial Fund
- Wright Memorial Scholarship
- HSG 125 Anniversary Appeal
- HSG Corporate Business
- Sylvia Gordon Memorial Fund
- Legacy Fund
**Unrestricted Fund**|**Balance at**
**1 January**
**2022**
**£**
1,029,926
4,360
-
1,034,286
311,874
690,884
99,565
11,542
250,281
10,717
6,433
228,575
1,609,871
-
2,644,157|**Incoming**
**resources**
**£**
275,163
750
13,750
289,663
(4,001)
-
-
-
-
-
-
32,036
28,035
72,717
390,415|**Outgoing**
**resources**
**£**
(300,026)
-
(300,026)
-
(7,147)
(1,030)
(119)
(2,589)
(112)
(66)
(2,364)
(13,427)
(72,717)
(386,170)|**Other**
**recognised**
**gains and**
**losses**
**£**
-
-
-
-
51,797
7,465
865
18,764
804
482
17,137
97,314
-
97,314|**Balance at**
**31 December**
**2022**
**£**
1,005,063
5,110
13,750|
|---|---|---|---|---|---|
||||||1,023,923|
||||||307,873
735,534
106,000
12,288
266,456
11,409
6,849
275,384|
||||||1,721,793|
||||||-|
||||||2,745,716|
Page 20
**THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST**
## **NOTES TO THE ACCOUNTS for the year ended 31 December 2022**
|**8**
**Funds 2021**
**Restricted Funds**
Assisted Places Fund
Assisted Places Support Fund
**Endowment Funds**
Miss Davis Fund
The Birmingham Girls’ Old Edwardian Club
- Old Edwardian Bursary Fund
- Margaret Wall Memorial Fund
- Wright Memorial Scholarship
- HSG 125 Anniversary Appeal
- HSG Corporate Business
- Sylvia Gordon Memorial Fund
- Legacy Fund
**Unrestricted Fund**|**Balance at**
**1 January**
**2021**
**£**
996,486
3,760
1,000,246
300,007
641,945
92,512
10,724
232,552
9,958
5,977
72,695
1,366,370
-
2,366,616|**Incoming**
**resources**
**£**
310,679
600
311,279
11,867
-
-
-
-
-
-
154,150
166,017
53,657
530,953|**Outgoing**
**resources**
**£**
(277,239)
-
(277,239)
-
(7,445)
(1,073)
(124)
(2,697)
(116)
(69)
(263)
(11,787)
(53,657)
(342,683)|**Other**
**recognised**
**gains and**
**losses**
**£**
-
-
-
-
56,384
8,126
942
20,426
875
525
1,993
89,271
-
89,271|**Balance at**
**31 December**
**2021**
**£**
1,029,926
4,360|
|---|---|---|---|---|---|
||||||1,034,286|
||||||311,874
690,884
99,565
11,542
250,281
10,717
6,433
228,575|
||||||1,609,871|
||||||-|
||||||2,644,157|
Page 21
**THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST**
## **NOTES TO THE ACCOUNTS for the year ended 31 December 2022**
## **8 Funds (continued)**
## **Assisted Places Fund**
This Fund is used to support either full-fee or part-fee Assisted Places for girls 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 provide pupils on Assisted Places with additional support for their education, for example by funding music lessons or school trips. The money received into this fund is normally used as expendable income.
## **Endowment Funds**
## **Miss Davis Fund**
These funds represent an endowment gift made to the Trust as part of a legacy benefaction from Miss Margaret Davis. This is a restricted fund to be applied by the Trustees for the provision of a scholarship for the benefit of a musician. 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.
## **The Birmingham Girls’ Old Edwardian Club**
These funds represent investments transferred to The King Edward VI High School for Girls Birmingham Trust from the Birmingham Girls’ Old Edwardian Club. The Trustees have treated these funds as Permanent Endowments. The deed of transfer makes reference to the possibility of expending these funds if necessary; this decision is at the discretion of the Trustees.
## **9**
|**Net assets of the funds**
The charity's net assets belong to the various funds as follows:
**31 December 2022**
Restricted funds
Endowment funds
**31 December 2021**
Restricted funds
Endowment funds|**Investments**
**Net current**
**assets**
**Total**
£
£
£
-
1,023,923
1,023,923
1,577,639
144,154
1,721,793|
|---|---|
||1,577,639
1,168,077
2,745,716|
||-
1,034,286
1,034,286
1,051,140
558,731
1,609,871|
||1,051,140
1,593,017
2,644,157|
Page 22
**THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST**
## **NOTES TO THE ACCOUNTS for the year ended 31 December 2022**
## **10 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 period, administration costs of £72,717 (2021: £53,657) 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 T Clarke, a Trustee of the charity, was also Chair of the Independent Schools Governing Body of the Schools of King Edward the Sixth in Birmingham until 17[th] Decemeber 2021. Transactions between the charities are detailed above. Mrs J Hundle, a Trustee of the charity, is a former Governor of the aforementioned governing body.
Mrs A Duffy and Mrs G Stanley, both Trustees of the charity, are Chairman and Committee Member of the Birmingham Girls’ Old Edwardian Club. Mrs K von Malaisé, a Trustee of the charity, is Principal of the School and President of the Birmingham Girls’ Old Edwardian Club.
Mrs JA Dyke is also a trustee of The Limoges Charitable Trust (RCN: 1016178), which donated £2,500 in 2022.
Donations to the trust from Trustees during the year were as follows:
||**£**|
|---|---|
|Mrs G Stanley|100|
|Mr T Clarke|23,343|
|J Dyke|100|
## **11 Commitments**
At 31 December 2022, the Trust was committed to funding 23 girls on Assisted Places (2021: 23). The estimated total cost of funding these pupils from Spring Term 2023 to the end of their education at the school is £1,308,585. One further pupil’s family no longer meets the criteria for assistance under the rules of the means testing scheme, however the Trust remains committed to providing financial support in the future should the improvement in their financial circumstances reverse. In addition, the Trustees have committed to funding 3 full fee equivalent places, 1 Year 7 and 2 Sixth Form, starting in September 2023 and offers have been made to prospective pupils with a total future commitment value of £185,208.
Of this commitment, £344,051 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 2022, the Trust holds assets to the value of £1,055,063 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 £36,000, income from its investments of at least £7,000, and gift aid of at least £9,000. 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.
Page 23
**THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST**
## **NOTES TO THE ACCOUNTS for the year ended 31 December 2022**
## **12 Reconciliation of net income to net cash flow from operating activities**
|Net movement in funds
Income from investment portfolio
Gains on investments
Decrease/(Increase) in debtors
Add back investment manager costs
Increase/(Decrease) in creditors
Net cash flow from operating activities|**2022**
**£**
101,559
(8,299)
(97,314)
35,970
13,427
(8,115)
37,228|**2021**
**£**
277,541
(24,027)
(89,271)
(127)
11,787
100,579|
|---|---|---|
|||276,482|
.
Page 24