THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 Charity No: 1159413
THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST CONTENTS Page Report of the Trustees Independent Auditor's Report 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 2024 The Trustees are pleased to present their report and finanaal slatements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting poliaes set out in note 110 the accounts and comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting of Charitie5'. Statements of Recommended Practice applicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). Objectives The aims of the King Edward Vl High School for Girls Bimiingham Trust are to.. "Promote the education of pupils at King E(Iward Vl High School for Girts Bimiingham (-KEHS°) in such ways as the Trustees think fit, including awarding to pupils at the School scholarships, bursaries, assisted plas, maintenance allowances and grants on the basis of financial need to enable them to attend Ihe school. To advan the education of pupils at the School by providing and assisting Ihe provision of facililies for educalion at the School. Public benefit The Trustees refer to the Charity Commission's general guidan on public benefit when reviewing the charity's objectives and in planning for future activities. gwing full consideration to how planned activities will contribute to the Trust's aims and objectives. Assisted PlaS 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 Pla5 facilitate social mobilty in Ihe region. They enable recipients to make the most of their talents as a result of KEHS education, providing a public benefit both to the individuals who receive funding and the society the recipienls go on to serve. whatever their chosen profession. Fundraising for Assisted Places is inextricabty linked to the School's outreach and marketing, all designed to ensure thal aspirations lo attend KEHS are raised across the region. Outreach activilies led by leaching staff target bolh primary and secondary schools. enabling a greater awareness of what a KEHS education can provide and ensuring thai gids from a wide range of backgrounds feel the School is a place for Ihem. The Schools of King Edward Vl extensive Partnerships programme provides opportunities to promote the availabilty of Assisted Places, whilsl raising aspirations across primary schools in the local community. Each academic year, the Schools engage just under 10,000 primary school children from more than 150 schools. Just over 100 KES and KEHS sludenls were involved with leading, supporting and organising events for primary aged children. embodying the hugely powerful and mutually beneficial impact such work can achieve. Donations in support of Assisted PlaS 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 PlaS also help to reverse history. sin 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 Granls, lo just 160/0 of girfs on Assisted plaS. Vthilst that remains lce the national average. we seek to do more. Of the 604 gids registered to sit the entrance exam for entry in September 2024, 48/0 requested fee assistance through the Assisled Places programme. 46 girls in the top 200 requested assistance. 16 were offered Assisted Places, 3 of which were joint APIScholarships and 15 were a¢pted. Six girls were offered Assisted Pla$ for entry to the Sixth Fom, all of which were accepled. The Trust's principal mission is to provide new Assisted Places, to help bridge the gap beeen demand and supply. The Trust sought to address this wtth the Delyvere fundraising campaign for Assisted Places,. this launched in June 2017 and by June 2020 the Trust had created 27 new pla$. The majority of these were sponsored by individual donors, whose commitment to accessibility has been key to ensuring all bright gids can consider a fijture here. A furlher 9 places have been awarded Sin Ihen. sin our inptiOn. student fundraising for Regular Direct Debit and single gifts has also been a key parl of our strategy. Our 2018 Tes Fundraising Initiative of the Year Award recognised the enthusiasm and dedication of the student team, embedding student engagement within our campaign for Assisted Plas. This is continuing in 2024. Page 1
THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST REPORT OF THE TRUSTEES (CONTINUED) 31 December 2024 The Trust's role continues in providing educational opportuntlies for all at the School not just those who can afford to attend KEHS - sends a powerful message to families of all backgrounds. Assisted Pla$ will remain at the heart of its work. The Trust's fundraising helps talented girls to access an outstanding. truly lrfe-changing education. This is evidenced in the School's academic results. GCSE grades remained consistenl in 2024.. 62,/0 of grades were grade 9 (three- year average.. 62%), 84% were grades 918 Ithree-year average= 850/0), and 95% were grades 9-7 (three-year average.. 94°/0}. A Level resulls were equally impSsIVe.. 42 % of grades were A" {Ihree-year average.. 45 /0), 81 /0 were A"IA (Ihree-year average.. 830/0), and % were A" B {three-year average= 97 % ). These statistics illustrate how Assisted Places lay strong foundations for the future. What's more, in Dember 2023 The Sunday Times, Parent Powerf supplement named KEHS Ihe 'West Midlands Independent School of the Year for Academic Performance, for the fifth time in seven years. The KEHS curriculum enables gids on Assisted Places to build upon their individual strengths and talents. The curriculum is regularly reviewed and updaled to incorporate national developments and gids are encouraged to take every opportunity to broaden their leaming 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 induding academics, teachers and fellow students. These resources are particularfy helpful for gids on Assisted Places, who may be from backgrounds which offer less access to cultural capital than their peers. The School has continued tts series of online lectures with eminent speakers, as well as initiatives shared wilh all 14 of our Foundation schools. like Enlerprise Educalion Day for year 8 students across all KE schools in Birmingham. Wthout Assisted plaS, talented girls would miss out on this exposure and chance to develop addilional 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 dubs and activities each week, including top-class music-making. dan and drama, all run by highly-qualified staff or outside experts. Other options include Debating, Ceramics, Lifesaving, Model United Nations, Perfomiance Poetry, Digital Arts, Symphony Orchestra and Sign Language Club. The strength in sciences across the school community bucks a national gender Imbalan in STEM subjects. KEHS girls are encouraged to follow Iheir interesls unfetted by gender stereotypes, going on lo populate nalional pipelines of female scientific talenl and serve as role models for subsequent generations of girls. The school also has an outstanding record of pupils taking UK Olympiads and winning national prizes. including the prestigious Arkwright Engineering Awards. A further public benefit oflhe Assisled PlaS Fund is Ihe ¢x)mmunity service underlaken by KEHS girls. Through this and the Trust, the local community reiVeS a twofold benefit.. the first being the availability of Assisted Places, and the second the contribulion which all girls, induding Assisted Place holders. make to their communities. Through community service, gids develop Confiden in a wide range of non-academic skills. The Community Service programme at KEHS is extensive, induding parties for the elderly. activities for children from inner city primary schools, and weekly collections and charity events to raise funds for chosen Fomi charities. Sixth Fomiers also spend one teTh completing a voluntary plament on a Friday aftemoon. 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 Truslees 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 pla using received single cash income rf 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 £320,790 (2023.. £297,990) during the year, funding Assisted Places for 22 girls. In Autumn 2024, the Trustees agreed to make further fijnds available for purpose of providing three new Assisted Places for girts starting in Seplember 2025. Page 2
THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST REPORT OF THE TRUSTEES (CONTINUED) 31 December 2024 Achievements and perforniance The Trustees are very pleased wrth the achievements and perfOan of the Trust during its eighth year of operation and they are very grateful to all their supporters. £292,953 (2023= £497,407) was received in donations in 2024, from 294 donors {2023.' 357 donors) meaning we have raised £4.6 million in gifts and pledges lo date. Almosl all of this income was donated for the provision of Assisted PlaS and will be so applied. Financial Review The Trust's financial statements are set out on pages 11 to 24. The lolal value of the incoming resour$ received by the Trust was £338.355, of which £16,833 was reclaimed Gift Aid and £96,992 an 'in-kind' donation from The Schools of King Edward the Sixth of Birmingham for Development Office staffing costs. Investrnent policy and perfonnance 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 retums over varying market cycles and a long-held goal of protecting capital over rolling 12-month periods. All Trust investments are invested in accordan with their investment policy. At Ihe year end. the value of the portfolio was £1.451.209 (2023: £1,524,959). The Trust's portfolio has seen a -1.9 /0 total retum in 2024, and a -0.90/0 annualised return over the past three years. Overall, the portfolio perf0mlan in 2024 was mixed. Ruffer achieved their first aim of capital preservation over a 12 month period. The biggest detractors were our protective positions. though there was growth in equities and short- dated fixed-interest positions. Over the same period, priS have risen by 4.2 /D as measured by the Consumers, Price Index and by 10°/o per annum as measured by the Retail Prices Index. This was driven by a number of factors, including supply chain disruplions, and rising energy prices. The Trustees re1ve regular reports from the inveslmenl 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 asS a particular investment expertise. From 1 January 2025 to 31 March 2025. the portfolio had a total return of 4.3/. 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 aCpta policy, and a data protection policy. Details of these are outlined below and are subject to regular scrutiny. The Trustees conlinue to take all necessary steps to ensure Complian wilh UK GDPR. The Trust is a member of the Fundraising Regulator and adheres to its guidan 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 2024 Ethical Policy As part of the ethical controls on fundraising, the Trustees approve the fundraising strategy which is undertaken by the Development offi on the Trust's behalf. The ethical policy also outlines the professional code of ethics which volunteers and employees who solicit or re1ve funds on behalf of the Trusl must adhere lo. The Trusl's full ethical policy is available here= oldeds.kehs.org.uklthe-kehs-trusvtrusl-infomation-policiesl. The Development Office is a member of the Council for AdVanment and Support of Education, and the Institute of Development Professionals in Education and so keeps regularfy 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 quirementS of nalional gulatOrS. Annual finanaal reports are factual and accurate in all material respects. and are prepared in aCcrdan with generally accepted accounting principles and standards. Systems and controls document This document covers the storage of and ac$$ to confidenlial data and financial infomiation 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 financialldonalions prO5$e$, and the managemenl of our investments. Gift acceptance policy The Trust's gift aCptan policy is reviewed regularly to ensure it complies with new legislation. The most up to date version is available at.. oldeds.kehs.org.uthhe-kehs-trusvtrust-1nfomatiopo1lCieSl. Data policy In order to advance the Trust's legilimate interest (fijndraising for needs-based bursaries which enable talented girls to attend King Edward Vl High School for Girls). a dalabase is held by the School. This holds infomation 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 each comply with all relevant data protection legislation, including the UK GDPR, in respect of any data which it prosseS as the data controller. All dala is treated confidentially and held securely by the School and Trust in accordance with the relevant legislation and having oblained the consent of all individuals whose data is prOSSed. The Privacy Noti 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 Noti was updated in spring 2023 to ensure it remains in- keeping with current legislation and best practice, induding how it profiles and wealth screens potential donors. A full Privacy Statement is available at.. oldeds.kehs.org.untenVUploadsf2024/02lPivaCy-Notlce-reVleWed-2o23.pdf. The Privacy Nob'ce is reviewed regularly. External changes and recommendations Changes to fundraising sew-regulation have been noted in the above referenS to the Fundraising Regulator and the UK GDPR. The trustees continue to stay abreast of the siluation regarding the on-going impact of Brexit and any potential impact on our data processing. As well as advice from our professional bodies, we re1ve regular updates from our software provider, Blackbaud, who are internationally renowned as leaders in their field. Page 4
THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST REPORT OF THE TRUSTEES (CONTINUED) 31 December 2024 Reputstional risk management and fundraising The relationship beeen the School's academic results and the Trust's fundraising militates against the risk of either reduction in donations or a dedine in the School's academic success. The are inextricably linked. The introdudion of Trust-funded Assisted PlaS can be directly linked to a marked increase in academic perfomance. as outlined in the Public Benefil 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 Bimiingham's broader ethnic demography, fvrther reinforcing the sense that the Trust is providing a public benefit to the communtty- This provides current and potential donors with the reassuran that they are making an impact on the lives of the mosl deserving and lalented gids trom across Ihe region. Reserves policy 11 is the policy of the Trustees to distribute the majonty, although not ne$sarIlY the total amount, of received and projected Trust income. As a result. the Trustees may cary some undistributed income forward to the following financial year. The operational costs are bome by The Schools of King Edward the Sixth in Birmingham. Plans for the future The Trustees recognise that the Trust has been very susSfUl. with £4.1 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 gifis) that will ensure needs-blind aCsS for the School. Structure. governance and management The King Edward Vl High School for Girls Bimiingham 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 inforniation Charity Name THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST Charity Registration Number 1159413 Registered Office King Edward Vl High School for Girfs Edgbaslon Park Road Bimiingham B152UB Page 5
THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST REPORT OF THE TRUSTEES (CONTINUED) 31 December 2024 Trustees The Trustees who served during the period and up to the date of this report are set out below. Mrs Kirsty von Malaisé Mrs G Stanley Mrs J A Dyke Mrs H Evenett Mrs A Duffy Mrs C Hosty Appointed by virtue of being Principal 1 September 2020 Re-elected 23 March 2023. tenn expires 23 March 2026 Re-elected 2 October 2023., temi expires 2 October 2026 Re-elected 12 March 2024, lem expires 12 March 2027 Re-elected 2 October 2023., temi expires 2 October 2026 Te of Offi expires 6 Dember 2025 (Chaimian) Auditors Cooper Parry Group Limited Slalutory Audilor Cubo Birmingham 4th Floor Two Chamberlain Square Birmingham B3 3AX Bankers Lloyds 134 New Streel Birmingham B2 4QZ Investment Managers Ruffer LLP 80 Victoria Street London SW1E 5JL Trustee recruitment and training The Dedaration of Trust provides for a minimum of 3 Trustees and a maximum of 15 Trustees. The Principal of the School is nOnallY a Trustee, and both the Govemors ofthe Schools of King Edward the Sixth in Birmingham and the Directors of the Binningham Girls. Old Edwardian Club have the right to appoint two Truslees each. New Truslees are appointed by the existing Trustees and serve for three years. after which they may nominate themselves for re- appointment. When recruiting new Truslees. individuals are sought who have Ihe 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 wtth a copy of the Dedaration of Trust, minutes of recent Trustees, meelings, the latest Trust report and statement of accounts and any appropriate Charity Commission publications. Al Trustees give of their time freely and no Trustee remuneration was paid in the year. Organisational structure All matters of policy and management are detemined by the Trustees, who meet three limes per year and at such other times as circumstances require. The Prinapal and School Govemors present on the trust board and help infomi fundraising practi as it relates to the ongoing needs of the School- the School's major requirement continues to be the provision of Assisted Plas. Page 6
THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST REPORT OF THE TRUSTEES (CONTINUED) 31 December 2024 ResponsSbllltles of the Trustees The Trustees are responsible for preparing the Report of the Trustees and the financial stslernents in accordance wllh applicable law and United Kingdom Accountlng Standards (United Kingdom Generally ApIed Accounting Practice). The law applicable lo charities in England and Wales requires the Trustees lo prepare financial statements for each financial year vthich giv8 a true and fair view of the state of affairs of the charity and of the incoming resources and applicalion of resources of the charity for that per*Jd. In preparing Ihese financial statements, the Trustees are r4uired lo: select suitable accounting policies and then apply them consistently, observe the methods and principles in the Charities Statement of Rectsmmended Practice 2019 (FRS102): mak8 judgements and estimates Ihat are reasonable and prudent: stale whether applicable accountg standards have been folhjvd. subject to any material departures dlsclosed and explained in the financial ststements- and pr8pare the financial statements on a going concém basis unless il is inappropriats to presum6 that the Charlty wlll continue in op8ratK>n. The Trustees are responsible for keeping proper accounting records that dis¢b$e vAth reasonable accuracy al any tlme the financial position of the charity and enable them lo ensure that the financial slalemenls comply with the Charities Act 2011, the Charily (Accounts and Reports} Regulations 2CQ8 and the provisions of the trust deed, They are also r8sponsible for safeguarding the assets of the charity arKI hence for taking reasonable steps for the prevention and dele¢tion of fraud and olher irregularities. Th• Trustees are responsible for the mainl8nance and integrity of the charity and financial information included on the charivs webslle. Legislation in the United Kingdom governing Ihe preparatlon and dissemination of financial statemen19 may differ from leglslation in olherjurisdiclions, Audltors Cooper Parry Group Limiled has expressed its willingness lo continue in office and VAII bè proposed for r8- appointment al the Annual General Meeting. Approved by the Twstees on 7 J. L< sp3ned on their behalf by. JA Dyk8 Chairman of Trustees JudyDyke MBE. TEP BirrnW•i B1786Y 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 audiled Ihe financial statemenls of The King Edward Vl High School for Gids Bimingham Trusl ('Ihe charity,) for the year ended 31 December 2024 which comprise the Statement of Finanaal Activities, the Balance Sheet, the Slatement of Cashflows and notes lo the financial statements. induding 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 Finanaal 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 finanaal statements= give a true and fair view of the state of the charity's affairs as at 31 Dember 2024, and of its incoming resources and application of resources. for the year then ended- have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordan with Ihe requirements of the Chartlies Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibililies under Ihose standards are further described in the Auditorfs 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 audtt of the finanual statements in the UK, induding the FRC'S Ethical Standard, and we have fulfilled our olher ethical responsibilities in accordan wilh 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 ihe finanaal slatements, we have conduded that Ihe trustees. use of the going concern basis of accounting in the preparation of the finanaal statements is appropriate. Based on the work we have performed, we have nol idenlified 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 conrn for a period of at leasl 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees wilh respect to going conrn are described in the relevant sections of this report. Other information The other information comprises the infomiation induded in the Trustees Annual Report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on Ihe financial stalements does not cover Ihe other infomiation and, except lo Ihe extent otherwise expliatly stated in our report, we do not express any fonn of assurance condusion thereon. Our responsibility is to read the other infomiation and. in doing so, consider whether the other infomiation is materially inconsistent with the finanaal statements or our knowledge obtained in the course of the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a rnaterial misslatement in the financial statements themselves. If, based on the work we have perfomed, we condude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nolhing to retX)rt in this regard. Matters on which we are required to report by exception In the light of Ihe knowledge and understanding of the tharity and tts environment obtained in the course of the audit. we have nol ideniified material misslatemenls 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.. Page 8
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 infomiation given in the tnjstees, 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 nol received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fulty in the trustees. responsibilities statement set out on page 7. the trustees are responsible for the preparation of finanaal statements which give a true and fair view, and for such internal control as the trustees determine is necessary io enable the preparation of finanaal statements that are free from malerial misstalement, 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 conrn. disclosing. as applicable. matters related to going conrn and using the going concem basis of accounting unless the truslees either intend to liquidate the charity or to ase 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 accordan 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 malerial misstatement, whelher due lo fraud or error. and to issue an audttorfs report that indudes our opinion. Reasonable assuran is a high level of assuran but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstalements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to influence the economic deasions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design prOdureS in line with our responsibililies, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific prOdureS for this engagement and the extent to which these are capable of detecting irregularilies, including fraud are detailed below.. Our assessmenl focussed on key laws and regulations the charity has to comply wtlh and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations induded but were not limited to Complian with the Charities Act 2011. Trustee Act 2000, Charities (Protection and Social Investment) Act 2016, taxalion legislation, dats protection and employment legislalion. We are nol responsible for preventing irregularities. Our approach to detecting irregulartlies induded, bul was nol 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, induding agreement of financial statement disclosures to underlying documentation and other eviden.. obtaining an understanding of the chariws control environment and how the charity has applied relevant control procedures, through discussions wtth Trustees and other management and by perfomiing walklhrough testing over key areas- obtaining an understsnding of the charitys risk assessment pro$$, including the risk of fraud., reviewing meeting minutes of those charged with governan throughout the year.. and perfomiing audit testing to address the risk of management override of controls, induding testing joumal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the nomal course of business and reviewing accounting estimates for bias. Page 9
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 limilations of an audil, there is a risk that we will not detect all irregularilies, including those leading to a material misstatement in the financial statements or non-complian with regulation. This risk increases the more thal compliance wilh a law or regulation is removed from the evenls and transactions reflected in Ihe financial statements, as we will be less likely to become aware of instsnces 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 furlher descriplion of our responsibilities for the audit of the financial statements is localed on the Financial Reporting Counal's website at.. www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's reporl. Use of our report This report is made 501ely to the charity's trustees. as a body. in accordance wth 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 auditorfs rert and for no other purpose. To the fullest extent pemiitted by law, we do not ap1 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 stalutory Auditor Cubo Bimingham 4lh Floor Two Chamberlain Square Birmingham B3 3AX Date= 8 July 2025 Cooper Parry Group Limited is eligible to act as an auditor in temis of section 1212 ofthe Companies Ad 2006. Page 10
THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2024 UnTestricted funds Restricted funds Endovfflient funds 2024 Total 2023 Total funds Funds Note Income and endowments from: Donations and legacies Fundraising activrties Investments 132,747 155,104 121 45,281 5,102 292,953 121 45,281 497,407 93 58,487 Total income and endowments 132,747 200,506 5,102 338,355 555,987 Expenditure on: Raising funds Charitable aclivities (3,503} (385,549) {96.992) (320.790) (417,782) Totsl expenditure {96,992) (320,790) (417,782) {389,052) Net incoming resourcesl{resources expended) before investment gainslllosses) 35,755 (120.284) 5,102 (79,427) 166,935 Realised gainlooss) in market value of investments {115,699) Unrealised loss in market value of investments (73,750) (73,750) (29,403) Net movement in funds 35.755 (120.284) (68.648) (153,17n 21,833 Reconciliation of funds: Total funds brought forward 1.113,415 1,654,134 2,767,549 2,745,716 Total funds carried forward 35,755 993,131 1,585,486 2,614,372 2,767,549 There were no recognised gains and losses in the period olher than those induded in the Statement of Financial Activities. All InMe and expenditure relates to continuing operations. The notes on pages 15 to 24 fomi 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 2024 2024 2023 Note Donations, legaaes and fundraising activites Interest and investment income 293,074 45,281 442,285 32,756 Gross income 338.355 475.041 Expenditure 1417,782) (385,549) Net income (79.427) 89.492 The notes on pages 15 to 24 fomi part of these finanaal ststements. Page 12
THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST BALANCE SHE as at 31 December 2024 2024 2023 Note Flxed assels Investments 1,451,209 1,524,959 Total fixed assets 1.451,209 1,524.959 Current assets Debtors Cash al bank and in hand 11.402 1,162,455 347.023 1,011,943 1,173,857 1,358,966 CredltoryJ'. amounts falllng du• wlthln ona year (10,693) 1116,376) Net current assets 1,163,164 1,242,590 Net as88ts 2,614,372 2,767,549 Charlty Funds Expendable endowment funds Restricted funds Unrestricted funds 1,585,486 993,131 35,755 1,654,134 1,113,415 Total charlty funds 2.614,372 2.767,549 The financial statements on pw 11 to 24 Vre approved by the Trustees on 7 J_L tsLSnd signed on Ils behalf by-. JA Dyke Chalrman of Trustees The notes on pages 15 to 24 form part of these financial slatements. Judy Dyke M8E.IEP Tynd81md$ 29 Woodbwme Ro B11r*jharn B17 8BY Page 13
THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST STATEMENT OF CASH FLOWS for the year ended 31 December 2024 2024 2023 Note Cash flow from operating activities 12 105.231 97,731 Cash flow from investing aclivities Payments to acquire investments Receipts from sales of investments Income from investment portfolio Investment manager costs {1.190,7531 1,098,331 58,487 (3,5031 45,281 Net cash flow from investing activities 45.281 (37,438) Net increase in cash and cash equivalents 150,512 60,293 Cash and cash equivalents at 1 January 2024 1.011.943 951,650 Cash and cash equivalents at 31 December 2024 1,162,455 1,011,943 Cash and cash equivalents consists of: Cash at bank 1.162.455 1,011,943 Investment manager acLount Cash and cash equivalents at 31 December 2024 1,162,455 1,011,943 Analysis of changes in net debt At 1-Jan-24 Cashflows At 31-Dec-24 Cash at bank and in hand 1,011.943 150,512 1,162,455 The notes on pages 15 to 24 fomi part of these finanaal ststements. Page 14
THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST NOTES TO THE ACCOUNTS for the year ended 31 December 2024 Summary of significant accounting policies (al General infonnation and basis of preparation The King Edward Vl High School for Girls Bimiingham Trust was fomied on 3 Oclober 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 infomation on page 5 of these financial statements. The nature of the charity s operations and principal activities are to advan education by supporting the provision of education at The King Edward Vl High School for Gids Birmingham Trust (Yhe school") in such ways that the Trustees see fit in particular by providing fvnds to support the provision of bursaries to girls on the basis of finanaal need to enable them to attend school. The charity constitLrtes a public benefft entty as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Stalemenl 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 Practi. The financial statements are prepared on a going cOnM basis under the historical cost convention, modified lo include certain items at fair value. The financial statements are prepared in sterling which is Ihe functional currency of the charity- Cost of living crisis, new government and going concern At the time of signing these accounts, Ihe Trustees have considered the continuing effect of the cost of living crisis and new govemment on the going concem position. Trustees continue to rnonitor the situation. At the balan sheet date, the Trust had a significant cash balan and strong net asset position, this indicates thal the Trusl will continue to operate for a period of al least 12 monlhs trom the date of signing these accounts. The financial forecasts prepared by the Trustees also support the going concern principle. On Ihat basis, the Trustees have prepared these finanaal statements on a going concern basis. The significant accounting policies applied in the preparalion of these financial statements are set out below. These policies have been consistently applied to all years presented unless othetwise ststed. (bl 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 accordan 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 is charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statemenls. Permanent endowed funds represent donations made to the Trusl that are held as pemianent endowmenls at the request of the donor. The interest and investment income generaled is then spent on the purpose for which the gift was made. The Trustees will seek to maintain the capilal and. through prudent investment management, increase it with the aim of keeping pa with inllation 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 represenl donations made lo the Trust that are held as endowments, eilher al the request of the donor or the decision of the Trustees. The interest and investment income generated is then spent on Ihe purpose for whith the gift was made. The Truslees will. in general, seek to maintain the capilal and, through prudent investment management, increase it with the aim of keeping pace with inflation or, in Ihe 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 capilal and l 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 2024 Summary of significant accounting policies Icontinued) (cl Income recognition All incoming resources are induded in the Statement of Financial Activities {SoFA) when the charity is legally entitled to the income after any perfomiance conditions have been met, the amount can be measured reliably and it is probable Ihat the income will be reIved. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing, and in most cases will have reiVed the funds. If there are conditions attached to the donation and this requires a level of performan before entitlement can be obtained, then income is deferred until those condilions are fully mel or the fulfilment of those condtlions is within the control of the charity and it is probable that they will be fulfilled. No amount is induded in the finanaal statements for volunteer time in line with the SORP (FRS 102). For legacies, entiuement is the eadier of the charity being notified of an impending distribution or the legacy being reived. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible lo measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disdosed. Investment income is earned through holding assets for investment purposes such as shares. It indudes dividends and interest. whe it is nol practicable to identify inveslment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is induded when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the chanty's right lo re1ve payment is established. (dl Expenditure recognition All expendilure 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 Ihird parlies. il is probable that the settlement will be required and Ihe amount of the obligation can be measured reliably. It is tegOrised 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 lo third parties are within the charitable objectives. whe unconditional grants are offered, this is accrued as soon as the reupient is notified of the grant, as this gives rise lo 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 unfvlfilled condrtions are outside of the control of the charity. (el Support costs allocation Supporl costs are those thal assist the work of the charity but do nol directly represent charitable activities and indude office costs. governance costs, administrative and payroll costs. They are incurred directly in support of expenditure on the objeds 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 charitsble activities on a basis consistent with use of the resour$. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating infomiation in support of the charitable activities. The analysis of these costs is induded 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 2024 Summary of significant accounting policies (continued) (fj Fixed Asset Investments Investments are a fomi 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 stalement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Trust does not acquire put options, derivats'ves or other complex financial inslruments. The main form of financial risk faced by the charity is that of volatilty in equity markets and investment markets due to wider economic conditions. the attitude of investors to investment risk. and changes in sentimenl concerning equities and within particular setxors or sub seclors. Realised gains and losses All gains and losses are taken to the Statement of Finanaal Activities as they arise. Realised gains and losses on investments are calculated as the difference betsveen 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 differen betsveen the fair value at the year end and their carrying value. (gl Debtors and creditors receivable I payable within one year Debtors and creditors with no stated interest rate and re1vable or payable within one year are recorded at transaction price. Any losses arising from impaimienl are recognised in expenditure. (h) Cash at bank Cash al bank in hand includes cash and short-tem highly liquid investments with a short malurity of three months or less from the date of acquisitj'on or opening of the deposit or similar aunt. Tax The charity meets the definits'on of a charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finan Act 2010 and therefore it meets the definilion of a charttable company for UK corporation tax purposes. Incoming Resources 2024 2023 Unrestricted Donations and legacies Donations in kind (Note 3) 35,755 96,992 87.559 132,747 87,559 Restricted Donations and legacies Fundraising activities Income from investments 155.104 121 45.281 354.633 93 32.756 200,506 387,482 Endowment Donations and legacies Income from investments 5.102 55,215 25,731 5,102 80,946 Totsl income 338,355 555,987 Page 17
THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST NOTES TO THE ACCOUNTS for the year ended 31 December 2024 Resources expended Charitable Activities Governance 2024 Totsl 2023 Totsl Grants awarded Assisted PlaS Support Cosls 320.790 88.292 409,082 320,790 96,992 417,782 297,990 87.559 385,549 8,700 8,529 Of the above costs, £96,992 {2023". £87,559) were attributable to unrestricted funds and £320,790 (2023.. £297,990) were attributable to restricted funds. The Assisted Places Fund has beneffted a total of 22 girls {2023'. 23 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.. 2024 2023 Salaries Communications and mailings Database maintenan Event expenses offi supplies Subscriptions and memberships Audit and tax fees Legal fees Bank and general fees 61,927 6,021 10,372 5,160 111 1,047 8,700 3,500 154 96,992 54,168 9,159 8,102 5,994 220 170 8,529 1,226 87,559 Fixed Asset Investments 2024 2023 Movement in fixed asset investments Markel value as at 1 January 2024 Add.. Additions to investments at o)st Net loss on revaluation Less= Disposals at carrying value 1.524.959 1,577,639 1,190,753 (29,403) (73,750) 1,214,030 Markel value as at 31 December 2024 1.451.209 1,524,959 2024 2023 Inveslments at market value comprised: Global Funds 1,451,209 1,524,959 1,451,209 1,524,959 Page 18
THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST NOTES TO THE ACCOUNTS for the year ended 31 December 2024 Fixed Asset Investments (continued) Material investments with a market value of over 5 % of the total market value of investments are as follows= 2024 2023 Charity Assets Trust C Acc 1.451.209 1,524,959 All investments are carried at Iheir fair value. Investment in equities and fixed interest securities are all traded in quoted markets, primarily the London Stod( Exchange.Holdings in common investment funds. unit trusts and open*nded investment companies are at the bid price. The basis of fair value for quoted investmenls is equivalent to the market value, using the bid pri. Asset sales and purchases are recognised at the date of trade at cost (that is their transaclion value). World stock markets continue to be affected by a combination of domestic and global factors. This is exemplified by the portfolio valuation as at 31 March 2025 having a 3 month total return of 4.30/0. Ruffer LLP manages the Twsl'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 accounts. constnjcting portfolios to preserve capital and deliver a retum ahead of the risk-free altemative. On this basis Ruffer considers all of Iheir clienls to be medium risk. Cash at bank 2024 2023 Revenue account 1,162,455 1,011,943 1,162,455 1,011.943 Debtors 2024 2023 other debtors 11.402 347.023 other debtors from 2015 to 2023, include a legacy of £333.604 which was received during 2024. Creditors: amounts falling due within one year 2024 2023 Accruals Other creditors 8,700 1.993 8,160 108.216 10,693 116.376 Page 19
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THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST NOTES TO THE ACCOUNTS for the year ended 31 December 2024 Funds (continued) Assisted Places Fund This fund is used to support either full-fee or part-fee Assisted Places for girls who are academicalty able lo attend The School but whose parents are unable to afford the school fees. The money reiVed into this fund is normally used as expendable income. Assisted Places Support Fund This fund is used to provide pupils on Assisted PlaS with additional support for their education, for example by funding music lessons or school trips. The money reiVed into this fund is nom)ally used as expendable income. Design Centre Fund This fund is used lo support the upgrading of Ihis building which was refurblished and extended and opened in 2023. These upgrades ensure the best leaming enviroment is created. The money recieved into this fund is 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 capilal and, Ihrough prudent inveslment management, increase it with the aim of keeping Pa with inflation or, in the case of Assisted Places, the inllation in school fees. The Binningham Girls. Old Edwardian Club These funds represent investments transferred to The King Edward Vl High School for Girls Bimiingham Trust from the Bimingham Girls. Old Edwardian Club. The Trustees have tated Ihese funds as Permanent Endowments. The deed of transfer makes referen to the possibility of expending these funds if necessary., this decision is at the discretion of the Trustees. Page 22
THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST NOTES TO THE ACCOUNTS for the year ended 31 December 2024 Net current assets Net assets of the funds Investments Total The charity's net assets belong to Ihe various funds as follows.. 31 December 2024 Unreslricled funds 35.755 993,131 134,277 35,755 993,131 1,585,486 Restricted funds Endowment funds 1.451,209 1,451,209 1,162,163 2,614,372 31 December 2023 Restricted funds 1,113.415 129 175 1,113,415 1654 134 Endowment fijnds 1524 959 1.524,959 1,242,590 2,767,549 10 Related parties The administration duties of the Trust are carried out by employees of The Schools of King Edward the Sixth in Bimingham. The Schools of King Edward the Sixth in Bimiingham also reimburse the Trust for administration costs. During the period. adminislralion costs of £96.992 (2023.. £87,559) were incurred by The Schools of King Edward the Sixth in Bimingham on behalf ofthe Trust and are reflected as a donation in kind in these a¢xounts. Mrs C Hosty is a Governor of the Independent Schools Governing Body of the Schools of King Edward the Sixth. Mrs A Duffy and Mrs G Stanley. both Trustees of Ihe charity. are Chairman and Committee Member of the Birmingham Gids, 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. An amount of £57 is due from the Club at year end {2023.' £57). Mrs JA Dyke is also a trustee of The Limoges Charitable Trust {RCN.' 1016178), which donated £2,500 in 2024. Donations to the trust from Trustees during the year Vre as follows: Mrs G Stanley 100 Page 23
THE KING EDWARD VI HIGH SCHOOL FOR GIRLS BIRMINGHAM TRUST NOTES TO THE ACCOUNTS for the year ended 31 December 2024 11 Commitments At 31 December 2024, the Trust committed to funding 19 girls on Assisted Places (2023.. 21)- The estimated total st of funding these pupils from Spring Tem 2025 to the end of their education at the school is £1,117,119. Previously, one further pupil's family no longer mel the ¢Jtteria for assistan under Ihe rules of the means testing scheme, however the Trust remains commttied to providing finanaal support in the fijture should any improvement in finanaal ¢irCumslanS reverse. In addibon. the Trustees have cx)mmitted lo funding 3 full fee equivalent plas, starting in September 2025 and offers have been made to prOS1ve pupils wth a total future commitment value of £145,433 pupil. Of this commitment. £180,000 will be met by the donations made under Deeds of Gift entered into by individuals who are sponsoring specific Assisted Places. As at 31 December 2024, the Trust holds assets to the value of £1,252,260 on the Restricted Fund for the purpose of meeting the cost of providing Assisted Pla$. In addition, on an annual basis. the Trust expects to receive regular income from Ihree sources (based on recent averages).. income from regular giving of £36,000. income from its investments of at least £11,000, and gift aid of al least £7,(0. The Trust assumes that this level of regular income can be relied on for at leasl 3 years. Where there is a surplus of income, this will be used to fund fvrther Assisted Places for fulure years. 12 Reconciliation of net income to net cash flow from operating activities 2024 2023 Net movement in funds (153.177) 21.833 Income from investment portfolio Gains on inveslments (45,281) 73,750 335,621 (58,487) 145,102 (22.893) 3,503 8,673 Decreasel(Increase) in debtors Add back investment manager costs {Decrease)Ilncrease in credilors {105,682) Net cash flow from operating activities 105,231 97,731 Page 24