Charity number: 1197289 KING EDWARD VI SHELDON HEATH ENDOWMENT FUND UNAUDITED TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
KING EDWARD VI SHELDON HEATH ENDOWMENT FUND CONTENTS Page Reference and Administrative Details of the Fund, its Trustees and Advisers Tru$t¢e's R•port Independent Examinerfs Report Stat•mont of Flnan¢lal A¢tlvltles Balance Shoet Notes to th• Flnancial Stat•m8nt8 10-15
KING EDWARD VI SHELDON HEATH ENDOWMENT FUND REFERENCE AND ADMINISTRATIVE DETAILS OF THE FUND. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022 Trustee King Edward Vl Sheldon Heath Charrtable Fund Ilhe Companyl lappointed 30 September 20201 Charlty reglstered numb•r 1197289 Princlpal operating office (not yet reglsteredl Clo King Edward Vl Sheldon Heath Charitable Fund King Edward Vl Sheldon Heath Academy Sheldon Heath Road Sheldon. Birmingham 826 2RZ A¢¢ountsnt$ Crowe U.K. LLP Chartered Accountants 81ack Country House Rounds Green Road Oldbury Wesl Midlands 869 2DG Inv•$tm8nt Advl$ors EFG Harris Allday 5th Floor. 103 Colmore Row Birmingham 83 3JN Soll¢ltors Slone King LLP 16 St John's Lane London EC1M4BS Page 1
KING EDWARD VI SHELDON HEATH ENDOWMENT FUND TRUSTEE'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustee present their annual report together with the financial statements of the Endowment Fund Ilhe Fund) for the year 1 September 2023 to 31 August 2024. The Trustee confirms that the Annual Report and financial s18lements of the fund comply with the current ststulory requirements. the requirements of the Fund's goveming do¢ument and the provisions of the Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Repoth'n9 Standard applicable in the UK and Republic of lieland IFRS1021 {effective 1 January 2019). Obl•¢tl¥•s and actlvltl•s a. Objects and airns The Fund's objects are as outlined in the Deed of Gift. The primary purposes of the Fund are.. 111 lo provide grants, scholarships, bursaries or any other assistance, as the Trustee5 of the Company thlnk fil lo King Edward Vl Sheldon Heath Academy (the Academy) pupils in financial need; 121 lo support the provision ol services and facilities al the Academy," 131 lo support the educational achievement ol Academy pulS through providin9 awards, prizes and other rewards; 141 lo foster doser ties tseen the Academy and the community, induding promoting educat and social welfare in the communily served by the Academy The Trustee musl agree to all withdrawals from the Fund al a Board meeting, after taking into account the views and recommendations ol the Academy's senior managemenl leam. The Trustee confirms that it has referred to the guidance contained in ihe Charity Commission's general guidance on public benefit when reviewing the Fund's aims and objectives and in planning future activities and setting the grant making policy lor Ihe year. The FLbnd wovides granis io assisl eligible people to achieve the Fund's objeets. A¢hievtments and porfomian a. Maln achlevement8 of the Fund The investmont portfolio has a disappointing perfomiance and was down some 25% over thg year. There were some large fluctuations in the finanaal markets during the year, pa'CUl2Y due to the war in Ukraine, and the fixed inlerest stocks in our portfolio were especially affecled. Truslees recognise Ihe importance of maintaining regular lines of communication with the inveslment advisers and will conlinue lo monitor their performance. Thè final inst8lmènt from the sponsors of £100,(KK) was recgivèd in 2021. Histori¢ally amounts rècèived und8r the Deed of Gift have been recognise(l on a re¢eipts basis. a policy that the company continues to adopt. At the end of the curreni finanaal yEar Ihe funds stand al £2,217.1]0012023= £2,151.0001. Expenditure in respect of grants paid lo irKlividual. or groups of. Students of the Academy are in line wth the obje¢ts ol the fund. Page 2
KING EDWARD VI SHELDON HEATH ENDOWMENT FUND TRUSTEE'S REPORT {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2024 Achievements and perfomiance {continued b. Help for Indlvlduals In pursuit of its charitable objectives, the company was able to award grants to individuals. Grant payments have been made, as far as possible, direct to the individual, or group. to whom the amount is due. This included 8ssistsnce lo the Academy's Music Club in the form of luilion fees and musical instruments. During the year the company was able lo provide grants and further assistsnce totslling £50.01912023.. £26,923). The total of these grants has been agreed by the Board during the Current year. The grants are paid via a donation ol funds lo the Charitable Fund. who in turn pay oul ihe granis lo individuals from their bank account. c. Fundral$lng The Endowment Fund had no fundraising activities requiring disdosure under S162A of the Charities Act 2011. d. In¥•stm¢nt pollcy The Trustee has a9reed to adopt a rnedium risk strategy of its inveslment p0110, and this will be reviewed with the Investment Advisers on a regular basis. Proposed incomè yièlds arè of tha order of 3%. Fln•n¢lJl r•vl•w a. Golng ¢¢n¢*m After making appropriate enquiries. the Truslee has a reasonable expeciation that the Fund has adequate resources lo continue in operational existence for the foreseeable future and that there are no material uncertainties. For this reason, they continue lo adopt the goin9 concem basis in preparing the financial Statements. Further details regarfjing Ihe adoption of the goirwJ concem basis can be lound in the aceounling policies. b. Reserves pollcy The resetve levels of the Endowment Fund run in line Ihe investment portfolio valuation at the end of each year. The Trustees assess the valualh)n each quarier lo ensure thal investments are porforming at an appropriate level. c. Flnanclal revlew he Trustee considers that the ay&els are suffient and adequate lo fulfil the obligations of the charity, in the foreseeable future. d. Principal risks and uncertainties Thè Trusteè h8s considerèd th8 risks lo which the charity is èxposed and has tak8n stèps to mitigatè thosé risks. The primary risk is the proper management of the quoted investments held by the charitls investment advisers, EFG Harris Allday, on behalf of the charity. The Tnjslee seeks lo mib'gale this risk by receiving regular reports detailing Ihe investment porttolio. In additson. the Trustee communicates with a representative of the Advisers on a regular basis. Page 3
KING EDWARD VI SHELDON HEATH ENDOWMENT FUND TRUSTEE'S REPORT {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2024 Structure, governance and management a. Constltutlon King Edward Vl Sheldon Heath Endowment Fund was registered as a charity with the Charities Commission on 23 December 2021 and is consliluled un¢Jer 8 Deed of Grfi dated 30 September 2020. King Edward Vl Sheldon Heath Charitable Fund acls as custodian for the Endowment Fund and the day to day operation of the Fund is administered by Ihe Governors of King Edward Vl Sheldon Heath Academy. The overall responsibility for the management of the Fund lies with the Trustee. The structure of the Fund comprises the Trustee and the Trustee's directors. The Trustee directors meet al least twi¢& per year and is supported by a Finance Committee. Details of the Trustee who served during the year is induded in the Reference and Administrative details on page 1. The Trustee directors of the Charitable Fund who served during the year were.. Ms L Roan, Chair Mr N Reed, Vice Chalr Ms R Elcocks, Princip81 Mr G Dowling Mr D Hallord Ms A Clart( IResigned 09109120241 Mr D R Katwa Mr Y Mahmood (Resigned 31108120241 Ms L Mcwhinnie IResigne(J 17101120251 Ms P N Mealia Ms H Townsgnd Ms L Johnson (Resigned 3110812024) Ms K Farrell (Resigned 31108120241 b. Doed of Glft On 25 May 2010, a Deed of Grft and Declaration of Trust was established involving the following parties.. Tho Secretary of Slate lor Childn Sch(%As and Families,. the Company and three Sponsors Bimingham City Council, The National Exhibition Cents Ltd and Capits 8imingham Limited. The Sponsors agreed lo gift a iotal of £2,000.OCKI lo the Academy as an Endowment Fund, and this has now been fully paid. In September 2020, 8 Deed of Variation lo the Deed of Gift and Declaration of Trust I'Revised Deed") was 8grged and duly signed by all parties on 30 September 2020. Page 4
KING EDWARD VI SHELDON HEATH ENDOWMENT FUND TRUSTEE'S REPORT {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2024 Structure, governance and management {continued} c. Mèthods of appolntment or el•¢tlon of Trust•• The Trustee was appointed in accordance the Deed of Grfl and Declaration of Trust I"Revised Deed"). Before anyone considers seeking appointrnent as 8 Trustee or Trustee director, and as part of the induction process, they are expected lo familiarise themselves with the responsibilities of trustees, read the Charity Commission literature on this subje¢l and carefully read the Deed of Gift and Dedaration ol Trust and the latest financial statements. Opportunities for training are readily available and Truslee directors are erouraged to familiarise themselves wrth the day lo day operations. d. C¢nng¢ted party rgl*lon$hlps King Edward Vl Sheldon Heath Charitsble Fund, Tnjslee of this fund, is custodian lo the Endowment Fund. •. Trust•e Ind•mnSty The Trustee has 8rranged Truslee Indemnity insurance with Zurich Insurance. Plans for future perlods The Trustees will continue to monitor ant1 review investment perfomiance wth their investment advisers to ensure that the retum remains at any appropriate level. Page 5
KING EDWARD VI SHELDON HEATH ENDOWMENT FUND TRUSTEE'S REPORT {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2024 Statement of Trustee's responsibilities The Trustee are responsible for preparing the Tnjstee's RerK>rt and the financial statements in accordance with applicable law and United Kingdom Accounling Slandards (United Kingdom Generally Accepled Accounting Practice). The law applicablg lo Charibes in England & Wales requires the Trustee to pr&parg financial slatgmgnts for each financial which give a true and lair view of the slate of affairs of the Charity and of its incoming resources and application of resources, including ils income and expenditure, for that period. In preparing these financial statements, the Trustee are required to.. S818cl suitable accounling poliaes and then apply them consistently,. observe the methods and principles of the Charities SORP IFRS 1021.. make judgments and accounting estimates that are reasonable and prudent.. state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financi81 st8lements'. pr9pare the financial stalements on the goirKJ concem basis unless il is inappropriate io presume that the Charity will continue in business. The Trust89 are responsible lor keepin9 8dequale accounting records that a sufficient lo show and explain the Charity's transa¢lions and disclose with reasonable accuracy al any time the financial posilion of the Charity and enable them to ensure that the financial statements Comply wth the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions ol the Trust deed. They are also responsible lor safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the Board and signed on irs behaw by. L Eoa4 lJ.'I '4..44 GMT) Ms L Roan For and on behalf of King Edward Vl Sheldon Heath Charitable Fund Dale.. 1011212025 Page 6
KING EDWARD VI SHELDON HEATH ENDOWMENT FUND INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Independent Examinerfs Report to the Trustee of King Edward Vl Sheldon Heath Endowment Fund {'the Fund'l I report to the charity Trustee on my examination of the accounts of the Charity for the year ended 31 August 2024. R•sponslbllltl•$ and Ba$ls of R•port As the Trustee of the Charity you are responsible for the preparation of the accounts in ac£ordance with the requirements of the Charits"es Act 2011 1.the 2011 Act'}. I report in respect of my examinalion ol the Charitys accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have fdlowed the applicable Directions given by lh8 Charity Commission under section 14515llbl of the 2011 Act. Indopondont Examlnorfs Stat•m•nt I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records We not kept in respecl of the Charity as required by secbon 130 of the 2011 Act,. or the accounts do not accord with those records; or the accounts do not comply with the applicable requirements conceming the form and conlenl of accounts sel out in the Charities (Accovnls and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue antl fairf view which is nol a mattgr considergd as part of an independent examination. I have no concems and have come across no other matters in connection with th8 examination lo which attention should be drawn in this report in order to enab19 a proper understanding ol the accounts to be reached. This report is made solely lo the Chariws Trustee. as a body, in 8ccord8rice with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might slaltr to Ihtr Charity's Trust88 thos8 m8tt8rs l am r8quir8d to state to them in an Indèpèndent Examingrfs Report and lor no other purpose. To the fullest extent pemiitted by law. I do not accept or assume responsibility to anyone other than the Charity and the Charilws Truslee as a bc*Jy. for my work or for this report. Signed.. Daied.. 10 December 2025 Matt D0e-Hea1eY FCCA Crowe U.K. LLP Chartered Accountants Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Page 7
KING EDWARD VI SHELDON HEATH ENDOWMENT FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Restricted Endowment funds funds 2024 2024 £000 £000 Total fund$ 2024 £000 Total funds 2023 £000 Not• Income from: Investmen15 83 83 93 Total Income 83 83 93 Expendltur• on: Charitable activities 83 83 93 Total oxpendlture 83 83 93 Nét Income bofor• not galnslllo¥$•$l on Invèstmont$ Nel gainslllossesl on inveslmenis 66 66 f488) Net movornent In lundi 66 66 (488) R•conclllatlon ot funds: Total funds brought forward Nel movement In lunds 2,151 66 2,151 66 2,639 f488) Total funds carrled forward 2,217 2,217 2,151 The Statement of Financial Activib'es indudes all 9ains and losses recognised in the year. The notes on pages 10 to 15 form part of these financial statements. Page 8
KING EDWARD VI SHELDON HEATH ENDOWMENT FUND BALANCE SHEET AS AT 31 AUGUST 2024 2024 £000 2023 £000 Flx•d as$•ts Investments 2,217 2.151 Total not a55ets 2,217 2,151 Charlty funds Endowment funds 2,217 2,151 Reslricled funds Unreslricled funds Total fund8 2,217 2,151 The financial statements were approved and authorised for issue by the Trustee and signed on their behalf by.. L Eoa I kyÉlri IL>Ec IU, £u2> 19-.44-.MGMT) Ms L Roan For and on behalf of King Edward Vl Sheldon Heath Charitable Fund Dale.. 1011212025 The notes on pages 10 to 15 form part of these financial slalemenls. Page 9
KING EDWARD VI SHELDON HEATH ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Ganaral inforniatlon King Edward Vl Sheldon Heath Endowment Fund was registered as a charity with the Charits'es Commission on 23 Decernber 2021. Its princlpal operats.ng office is Sheldon Heath Road, Bimiingham, 826 2RZ. The Trustee of the lund 15 ¢Jetsile(J on page 1. Accounting policies 2.1 Bas1$ of preparatlon of finan¢lal statsm•nts Th8 finanaal statemenls have been prepar8d in accordance the Charities SORP IFRS 1021- Accounting and Rep)rting by Charitses.. Stalement of Recommended Practi applicable to charities preparing their accounts in acr£Jrdance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffecbve 1 January 20191. the Financi81 Reporting Standard applicable in Ihe UK and Republic ol Irelan(J IFRS 10218nd tho Charits"es Act 2011. Th9 financial siatements have been prepared io give a 'true and lairf view and have dèparted from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'tru8 and fair. view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the AcLounting ar Reporting by Charilies.. Statement ol Recommended Practice effeetsve from 1 April 2005 whh has since been withdrawn. King Edwaf¢J Vl Sheldon Heath Endowmenl Fu1 meets the definition of a public bengfil enlily under FRS 102. Assets and liabilities arè initially recoJnised at historical cost or transaction value unless otherwise $tated in the relevant aUntIng poliw. 2.2 Income All income is recognised once the charity has entitlement lo the income, 11 Is probable that the income will be received and the amount of income can bg measurod reliably. Investment income, gains and losses are allocaled to the appropriate fijnd. 2.3 Expendlturn Grants payable a charged in the year when the offer is made lo the institution in a¢¢ord8n¢& wth thè companls Grant-making Policy. Grants arè only payablè lo King Edward Vl Sheldon H88th Academy for the benefit of the individual students of King Edward Vl Sheldon Heath Academy. Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit lo a third party, il 15 probable that a Iransfer of economic benefits wll be required in setuement and the 8mounl of the obligation can be measured reliably. Expenditure on charitable activilies are costs incurred on the lund's operations, induding donations to King Edward Vl Sheldon Heath Charitable Fund in order to award the grants to individuals. Expenditure on charitable activities Is incurred on directly undertaking the aclivf(ies which further the Chariws objectives, as well a5 any asso¢i8le(I support ¢05ts. l expenditure is inclusive of irrecoverable VAT. Page 10
KING EDWARD VI SHELDON HEATH ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies Icontinuedl 2.4 Inv•$tm•nts Quoted fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at lair value at the Balan Sheet dale. Investment gains and losses, whether realised or unrealised. are combined and shown in the heading 'Gainslllossesl on inveslmenls, in the Slalement of Financial A¢tivilies. Unquoted investments are accounted at transaclion price. 2.5 Investment income Investment income Is included when receivabl8 and includes dividends and inlèr8s1 from Investments. 2.6 Flnanelal Instrumènts The fund only holds basic financial instruments as defined in FRS 102. The financial assets and rinancial liabilities of the company and their measurement basis are as follows.. Financial assets- Investments a held al fair value as delemined by the Investment Manager al the year end. Financial liabiliti&s- amounts owng to group company ara financAal inslruments. and are m8asur8d at amortised cost. 2.7 Fund a¢¢ountlng Endowment funds reprgsents reslrided donalions from Bimiingham City Council, Capita Birmingham and The National Exhibition Centre Limiled. The interest received on the assets Can be spent on the furtherance of the fund's chariiable objecis. at the discretion of the Trustee. Investment income, gains and losses are allocated lo the appropriate fund. Investment In¢ome Restricted fund5 2024 Total fund5 2024 £000 Income from listed investments 83 83 Page 11
KING EDWARD VI SHELDON HEATH ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Inv8stm•nt Incomè Icontlnu•d} Restricted funds 2023 Total funds 2023 £000 Income from listed investments 93 93 Analysls of •xp•ndltur• on charltabl• actlvttl•s Summary by fund typo Restricted fund6 2024 Total 2024 £000 Investment incKJme donat8d to KESH Charitable Fund 83 83 Restricted fvnds 2023 To181 2023 £000 Investrnenl income donated to KESH Charitable Fund 93 93 Analysis of expenditure by *¢tivities Actlvltles undertaken directly 2024 £000 Total funds 2024 £000 Investment income donated to KESH Charitable Fund 83 83 Page 12
KING EDWARD VI SHELDON HEATH ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysls of •xnltUre by actlvStS•s Icontlnu•d} Activities undertaken directly 2023 Total funds 2023 £000 Investment income donated to KESH Charitable Fund 93 93 Indepondont oxaminerfs remunerntion The independent examinerfs remuneration amounts to an independent examiner fee of £440 (2023 £375). and preparation of the financial slatemenls of £34012023- £275). Trust¢è'$ rtmun•ratlon and èxponso8 During the year, no Truslees received any remuneration or other benefits f2023- £NIL). During the year ended 31 August 2024. Trustea expenses have been incurred (2023- £NIL). Flx•d a$$ot Inv•$tm•nts Investment portfollo £000 Cash awaiting relnvestment £000 Total £000 Cost or valuatlon Al 1 September 2023 Additions Management charge Disposals Unrealised gainl{lossl on revaluations 2,138 13 18851 1131 900 2,151 13 19001 66 66 At 31 August 2024 2.202 15 2,217 All investments are held in liste(l invesbnenls. Page 13
KING EDWARD VI SHELDON HEATH ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ststemant of funds Statement offunds - cuThent year Balance at I Septembor 2023 £000 Gainsl Balan¢e at ILo$$e$l 31 August rfs 2024 £000 £000 Ineom• ExndItre £000 £000 Enoent funds Endowment Funds- all funds 2.151 66 2,217 R•StrIct funds Restricted Funds- all funds 1831 Total of funds 2.151 83 1831 66 2,217 The $p8cific purposes for whith th8 funds are lo applied are as follows.. Restricted funds represent those resources which may be used towards meeting any of the charltsble obje¢¢s of Ihg company al the dis¢relion of Ihe Truslges. The Endowment fund represents reslricied donations from Bimiingham City Council, Capita Birmingharn Limited and The National Exhibition Centre Limited. The interest received on the assets can be spent on the furtherance of the Endowment fund's charitable objects. Statement of funds - prlor year Balance at 1 September 2022 Belance at 31 August 2023 Gains/ Income Expenditure {LossesJ/frfs £000 End0ent funds Endowment Funds- all funds 2,639 (488) 2.151 Restr1¢t fund$ Restricted Funds- all funds 93 (93) Total of funds 2,639 93 (93) (488? 2,151 Page 14
KING EDWARD VI SHELDON HEATH ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Analysls of nèt assots balwn funds Analysis of net assets betsveen funds- current period Endowment funds 2024 £000 Total fund$ 2024 £000 Fixed asset investments 2,217 2,217 Total 2.217 2,217 Analy85s of net assots bgtwwn fund$- prfor pgrlod Endowment funds 2023 Total funds 2023 Fixed asset investments 2. 151 2,151 Total 2, 151 2,151 11. Related party tran$a¢tlons The Endowmenl Fund donated inveslment income of £83,000 {2023.. £93,000) to King Edward Vl Sheldon Heath Charitable Fund, (he Trustee of ihe Endowment Fund, during the year. The Endowment Fund has not enlere(l inlo 8ny lated p8ty transaction during the year, nor are ther8 any oulstsnding balances owng bgtween related parties and the Endowmenl Fund at 31 August 2024. 12. Controlling party King Edward Vl Sheldon Heath Chantable Fund is the Trustee of this Endowment Fund. Ils registered address is King Edward Vl Sheldon Heath Academy. Sheldon Heath Road. Shtrldon. Birmingham. B26 2RZ. The prin¢ipal purposes a the same as this Endowment Fund. Financial ststements can be found at Companies House. Page 15