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2023-03-31-accounts

Charity Number: 310485

KING EDWARD THE SIXTH GRAMMAR SCHOOL

BURY ST EDMUNDS FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS

For the year ended 31st March 2023

King Edward the Sixth Grammar School Bury St Edmunds Foundation

CONTENTS

Page
Reference and Administrative Details 1
Report of the Governors of the Foundation 2-5
Independent Examiner’s report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the accounts 9-16

King Edward the Sixth Grammar School Bury St Edmunds Foundation

REPORT OF THE GOVERNORS OF THE FOUNDATION For the year ended 31[st] March 2023

Governing Board: Comptroller - Mr A Jary (Co-opted)
Deputy Comptroller – Mr GJ Barrett (Co-opted) (appointed Deputy
Comptroller February 2023)
The Right Reverend M A Seeley Bishop of St Edmundsbury and
Ipswich (Ex-officio)
The Very Reverend J Hawes Dean of St Edmundsbury Cathedral
(Ex-Officio)
Mr J M Walter (Co-opted)
Mrs E Milburn (Co-opted)
Mrs M H Charlesworth (Co-opted)
Mr C Hamel-Cooke (Old Burians)
Mr G Howlett (Co-opted)
Mr D Deeks (Co-opted) (resigned June 2022)
Councillor R Everitt (West Suffolk Council) (resigned May 2023)
Councillor K Soons (Suffolk CC) (resigned August 2022)
Councillor R Hopfensperger (Suffolk CC) (appointed February 2023)
Mr R Burnett (appointed 7 June 2023)
Ms L Beattie (appointed 17 November 2022)
Headteacher: Mr Deri O’Regan (appointed April 2022)
Ms B Tucker – Interim Co-Headteacher (stepped down April 2022)
Mr T Grey – Interim Co-Headteacher (stepped down April 2022)
Charity Registered Number: 310485
Clerk: Ms Y Patel
Charity Address: 1 Beech Park
Great Barton
Suffolk
IP31 2JL
Solicitors:
 Ellisons Solicitors
Suite 1A, Linden Square
46 King's Road
Bury St Edmunds
IP33 3DJ
Investments Managers: J M Finn & Co.
60 Abbeygate Street
Bury St Edmunds
IP33 1LB
Independent Examiner: Whitings LLP
Greenwood House
Greenwood Court
Skyliner Way
Bury St Edmunds
Suffolk
IP32 7GY

1

King Edward the Sixth Grammar School Bury St Edmunds Foundation

REPORT OF THE GOVERNORS OF THE FOUNDATION For the year ended 31[st] March 2023

Introduction

The Governors of the Foundation present their Report on the affairs of King Edward the Sixth Grammar School Bury St Edmunds Foundation (‘the Foundation’), together with the Financial Statements and Independent Examiner’s Report for the year ended 31 March 2023. The financial statements have been prepared in accordance with the accounting policies and comply with the Foundation’s founding scheme, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) FRS 102 as updated October 2019.

Objectives and Activities

a. Main Activities

The Foundation’s aim is to provide financial assistance to beneficiaries in furtherance of their educational, recreational, social and physical objectives and support King Edward VI School in delivering special benefits not normally provided by the Local Education Authority.

Governors confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Foundation’s aims and objectives, in planning future activities and setting the grant making policy for the year. The Governors are confident that the Foundation’s application of income policy means that all pupils and former pupils below the age of 25 are eligible to access the funds. The Governors ensure publicity of the Foundation’s existence to the widest possible audience through the communication channels available at the school including the School’s website, newsletter, notice boards and prize giving events.

2

King Edward the Sixth Grammar School Bury St Edmunds Foundation

REPORT OF THE GOVERNORS OF THE FOUNDATION For the year ended 31[st] March 2023

c. Grant Applications

Applications are submitted in writing to the Governors for consideration at their regular meetings. If they are urgent, or minor, being under £500 (or sum otherwise agreed by the board of Governors), an awards panel is called.

d. Grant Making Policies

The Foundation has established its grant making policy to achieve its objectives for public benefit.

Individual grants are made to students to help in their personal development in such areas as music, the arts or ongoing study, whilst other monies are granted to the Headteacher to assist in group development of students in the arts and school related activities, and special needs, to complement government funding for the school.

In accordance with the Scheme, Governors made the following allocation for the year:

Special Benefit Allocation £ 11,894
Individual Grant and Year Awards £ 2,742
Foundation Scholarships £ 1,000
Foundation Fund £ 31,800
allowing cash payments as follows:
Special Benefit Allocation £ 8,000*
Individual Grant and Year Awards £ 8,180
Foundation Scholarships £ 1,000
Foundation Fund £31,800

Achievements

a. Main Achievements of the Charity

The Foundation has provided a £30,000 towards the cost of a light minibus. It has again been able to support all suitable applications made during the year by individual students for music/travel/sport as well as contributing towards the cost of a musician is residence as a special benefit. The annual prize giving evening will take place at the end of the summer term 2023. The Foundation supported, significantly the peripatetic music programme.

b. Plans for the Future

The Foundation continues to reach as many potential beneficiaries as possible. Scholarships have been awarded to beneficiaries in Abbeygate Sixth Form college now that the school is only for 11-16 year-olds. The headteacher is actively involved with grant programme development and wishes to reach more beneficiaries with special needs.

Financial Review

a. Going Concern

After making appropriate enquiries, the Governors have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves Policy

In the past years, Governors have accumulated, primarily through the growth of investment values, unrestricted reserves which, together with the permanent endowment funds, are fully invested. It is the policy of the Governors of the Foundation to maintain these reserves, and hence the underlying

3

King Edward the Sixth Grammar School Bury St Edmunds Foundation

REPORT OF THE GOVERNORS OF THE FOUNDATION For the year ended 31[st] March 2023

investment portfolio so as best to ensure a consistent level of charitable expenditure can be maintained.

The Governors reviewed and reconfirmed the current reserves policy in July 2020, no change to the existing policy is required for the time being.

The Governors reviewed that proportion of the reserve attributed to the unspent grant allocation and its compliance with the Scheme and confirmed that unapplied special benefit allowance was not being accrued beyond the academic year for which the allowance had been authorised (the application year). All foundation grant promises for the financial year has had funds applied.

c. Investment

Under the Scheme Rules, the Foundation has the power to invest surplus cash as the Governors see fit. Investment activity is overseen by an investment sub-committee which meets regularly and reports to the main Board of Governors.

The Governors of the Foundation are advised by Independent Investment Managers in relation to the investment portfolio and have adopted a risk strategy with a view to enhancing in the longer term both the overall value of investments and income therefrom. During the year the value of the portfolio has declined by £69,978. Governors are aware of this but recognise that the intent of the Foundation is to sustain income for charitable application. In in times of rising bank rates, capital values will fall.

Cash held in the bank is used for the day to day needs of the Foundation in providing support to beneficiaries, whilst deposit amounts and investments are held for continuation of the charitable aims of the Foundation in the longer term.

d. Financial Performance

Almost all of the Foundation’s income is derived from investment activities. During the financial year, the Foundation received £45,681 from investment holdings. This is 7% up on last year.

The Governors of the Foundation will continue carefully to manage the investment portfolio to ensure that a necessary level of investment income is achieved in the year for distribution to beneficiaries.

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

The main form of financial risk faced by the Foundation is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. Governors accept a medium risk level in its policy.

At the year-end £11,575 (2022 - £11,548) was included within restricted funds, £533,882 (2022 – £557,013) in endowment and £746,251 (2022- £795,592) in unrestricted funds for the future use by the Foundation.

Structure, Governance and Management

a. Constitution

The Foundation is a registered charity, number 310485 and is governed by a Scheme.

The scheme ordered by the Minister of Education on 22 January 1959 under the Charitable Trusts Act 1853 to 1925 comprises:

The Sutton Educational Foundation and the EF Wise Memorial Scholarship Fund are spent out.

b. Methods of appointment or election of Governors

The management of the Charity is the responsibility of the Governors of the Foundation who are elected and co-opted under the terms of the Scheme.

4

King Edward the Sixth Grammar School Bury St Edmunds Foundation

REPORT OF THE GOVERNORS OF THE FOUNDATION For the year ended 31[st] March 2023

c. Organisational structure and decision-making policies

On 1 April 2023 the Foundation Board of Governors was constituted as shown on the administrative detail on page 1 of this report. Changes to the constitution confirmed after 1 April 2020 by the Charity Commission affecting the constitution of the governing body have been implemented. When vacancies arise, they are filled after interview for suitability in personal aspiration and Foundation objectives, and with personal recommendation of existing Governors. Governors are seeking to increase diversity in Board membership.

d. Pay and expenses policy for key management personnel

The Governors consider the Governing Board as comprising the key management personnel of the Foundation in charge of directing and controlling the Foundation and running and operating the Foundation on a day-to-day basis. All Governors give their time freely and no Governor remuneration was paid in the year. Details of Governor’s expenses reimbursed in accordance with Foundation Expenses Policy (updated December 2022) are disclosed in note 12 to the accounts.

e. Financial risk management

The Governors have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity. They are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

f. Statement of Governors' responsibilities

The Governors are responsible for preparing the Governors' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Governors to prepare financial statements for each year which give a true and fair view of the state of affairs of the Foundation and of the incoming and application of resources of the Foundation for that period. In preparing financial statements, the Governors are required to:

The Governors of the Foundation are responsible for keeping adequate accounting records that are sufficient to show and explain the Foundation’s transactions and disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, and the provisions of the founding Scheme. They are also responsible for safeguarding Foundation assets and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

This Report was approved by the board of Governors and signed on their behalf by:

…………………………………………………. Alan Jary Comptroller Date: 28th November 2023

5

King Edward the Sixth Grammar School Bury St Edmunds Foundation

INDEPENDENT EXAMINERS REPORT For the year ended 31[st] March 2023

Independent examiner's report to the Governors of King Edward the Sixth Grammar School Bury St Edmunds Foundation ('the Charity')

I report to the charity Governors on my examination of the accounts of the Charity for the year ended 31 March 2023.

Responsibilities and basis of report

As the Governors of the Charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

The report is made solely to the Charity's Governors, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Governors those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Governors as a body, for my work or for this report.

Signed:

Dated:

Jaimie King ACA

Whitings LLP

Greenwood House Greenwood Court Skyliner Way Bury St Edmunds Suffolk IP32 7GY

6

King Edward the Sixth Grammar School Bury St Edmunds Foundation

STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31[st] March 2023

Note
Income and endowments from:
Donations and legacies
2a
Investments
2b
Other
2c
Total Income
Expenditure on:
Raising funds
3a
Charitable activities
3b
Support Costs
3c
Total Expenditure
Net operating income /
(expenditure)
Net gains / (losses) on investments
7
Net Income / (Expenditure)
Other recognised gains / (losses)
Impairment of Fixed Assets
6
Net movement in funds
Reconciliation of funds:
Total Funds Brought Forward
Net movement in funds
Total Funds Carried Forward
9		 Unrestricted
Restricted Endowment
Total
Total
Funds
Funds
Funds
Funds
Funds
2023
2023
2023
2023
2022
£
£
£
£
£
-
-
-
-
40
45,654
27
-
45,681
42,768
1,233
-
-
1,233
1,253
46,887
27
-
46,914
44,061
3,097
3,097
3,147
47,436
-
47,436
35,850
4,468
4,468
5,761
55,001
-
-
55,001
44,758
(8,114)
27
-
(8,087)
(697)
(41,227)
-
(23,131)
(64,358)
93,066
(49,341)
27
(23,131)
(72,445)
92,369
-
-
-
(14,197)
(49,341)
27
(23,131)
(72,445)
78,172
795,592
11,548
557,013
1,364,153
1,285,981
(49,341)
27
(23,131)
(72,445)
78,172
746,251
11,575
533,882
1,291,708
1,364,153

The statement of financial activities includes all gains and losses recognised in this year. The notes on pages 9-16 form part of these financial statements.

7

King Edward the Sixth Grammar School Bury St Edmunds Foundation

BALANCE SHEET For the year ended 31[st] March 2023

Note
Fixed Assets
Tangible assets
6
Investments
7
Current Assets
Debtors:
Prepayments
Investment income
Total Debtors
Cash at bank and in hand
Liabilities
Creditors falling due within one year
8
Net Current Assets
Total Net Assets
The Funds of the Foundation
Unrestricted Funds
9
Permanent Endowment Funds
9
Restricted Funds
9
Total Foundation Funds
10		 Total
2023
£
-
1,199,318
1,199,318
320
4,358		 Total
2022
£
-
1,269,296
1,269,296
275
4,785
4,678
93,406
98,084
(5,694)
(5,694)
92,390
1,291,708
746,251
533,882
11,575
1,291,708		 5,060
96,735
101,795
(6,938)
(6,938)
94,857
1,364,153
795,592
557,013
11,548
1,364,153

The financial statements were approved and authorised for issue by the Board of Governors and signed on their behalf by:

……………………………. Alan Jary Comptroller Date: 28th November 2023

……………………………..

G Jeremy Barrett Deputy Comptroller

The notes in pages 9 -16 form part of these financial statements.

8

King Edward the Sixth Grammar School Bury St Edmunds Foundation

NOTES TO THE ACCOUNTS For the year ended 31[st] March 2023

General information

King Edward the Sixth Grammar School Bury St Edmunds Foundation is an unincorporated charity, registered in England. The registered address is 1 Beech Park, Great Barton, Suffolk, IP31 2JL. The charity registration number is 310485.

Accounting policies

a. Basis of preparation

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Charities SORP (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared in £ sterling, the functional currency of the Foundation.

There were no significant estimates or judgements made by the Governors in preparing these financial statements.

Monetary amounts in these financial statements are rounded to the nearest £.

The Foundation constitutes a public benefit entity as defined by FRS 102.

b. Going concern

Since Governors have reported a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future, they continue to adopt the going concern basis in preparing the financial statements.

c. Fund structures

Unrestricted Funds comprise accumulated income on the General Fund which is available for use at the Governors discretion in furtherance of the Foundation's objectives.

Restricted Funds represent income received, the use of which is restricted by the donor for a specific purpose (see note 9).

Permanent Endowment Funds are Capital Funds where there is no power to convert the capital into income, and which must be held indefinitely. The income from these Funds is available for general purposes and, as such, is recognised through unrestricted funds.

d. Income recognition

Income is recognised once the Foundation has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donations are recognised when the Foundation has been notified of the amount and settlement date.

Dividends and interest on quoted securities are accounted for when earnt. Other interest and income is accounted for on an accruals basis.

e. Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Foundation to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

9

King Edward the Sixth Grammar School Bury St Edmunds Foundation

NOTES TO THE ACCOUNTS For the year ended 31[st] March 2023

All expenditure is accounted for on an accrual basis.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Grants applied are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure.

All expenses are allocated or apportioned to the applicable expenditure headings as included within the notes to the accounts.

f. Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

g. Tangible assets

Tangible assets are recorded at historical cost when the addition occurs.

Depreciation is not normally included within the financial statements as the Governors expect this charge to be minimal within the financial statements given the life expectancy of the items purchased. Governors assess the carrying value of assets to determine whether any impairment has occurred. Where an asset may be impaired, Governors follow the requirements of FRS 102 in assessing the carrying amount of the asset. This process includes comparing its recoverable amount with its carrying value.

h. 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 mid-market price. The statement of financial activities includes net gains and losses arising on the revaluation and disposals throughout the year.

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

i. Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

j. Debtors

Debtors include amounts the Foundation has paid in advance for the goods and services it will receive, and also for amounts accruing from income it is entitled to at the year-end date.

Debtors are measured at their recoverable amounts (the amount the Foundation anticipates it will receive from amounts paid in advance for goods and services, or for amounts receivable).

k. Liabilities

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Foundation anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

l. 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.

10

King Edward the Sixth Grammar School Bury St Edmunds Foundation

NOTES TO THE ACCOUNTS For the year ended 31[st] March 2023

m. Financial instruments

The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their market value.

2.
a)
b)
c)		 Income and endowments from:
Donations and legacies
Donations to the Emma Holloway Fund
Investment income
Dividends (note 7)
Bank deposit interest
Bank deposit interest - Emma Holloway Fund
Other Incoming Resources
Other income
Total 2022
Total 2022
Total 2022		 Restricted
Total
Total
Funds
Funds
Funds
2023
2023
2022
£
£
£
-
-
40
40
40
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2023
2023
2023
2022
£
£
£
£
45,192
-
45,192
41,971
462
-
462
783
-
27
27
14		 Restricted
Total
Total
Funds
Funds
Funds
2023
2023
2022
£
£
£
-
-
40
40
40
45,654
27
45,681
42,768
42,754
14
42,768
1,233
-
1,233
1,253
1,253
-
1,253

11

King Edward the Sixth Grammar School Bury St Edmunds Foundation

NOTES TO THE ACCOUNTS For the year ended 31[st] March 2023

3.
a)
b)
c)		 Expenditure on:
Raising funds
JM Finn discretionary management fees
Total 2022
Charitable activities
Grants Payable (note 4)
Special Benefit Allocation
Individual Grant and Year Awards
Foundation Scholarships
Foundation Fund
RG Evans Grants and Awards
LMKS No2 Trust Awards
Total 2022
Support Costs
Bank Fees
Clerk's honorarium and expenses (note 5)
Independent examiner's fee (governance)
Legal and other expenses
Insurance
Total 2022
Total Expenditure
Total 2022		 Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2023
2023
2023
2022
£
£
£
£
3,097
-
3,097
3,147
3,147 -
3,147
11,894
-
11,894
10,676
2,742
-
2,742
546
1,000
-
1,000
551
31,800
-
31,800
23,380
-
-
-
245
-
-
-
452
47,436
-
47,436
35,850
35,153 697
35,850
69
-
69
-
1,500
-
1,500
2,119
2,460
-
2,460
1,602
100
-
100
1,710
339
-
339
330
4,468
-
4,468
5,761
5,761 -
5,761
55,001
-
55,001
44,758
44,061 697
44,758
4.
~~5~~.		 Grants
Grants unpaid at 1 April 2022:
Special Benefit Allocation
Individual Grant and Year Awards
Foundation Fund
Grants distributed in the year:
Special Benefit Allocation
Individual Grant and Year Awards
Foundation Fund
Foundation Scholarships
RG Evans Grants and Awards
LMKS No2 Trust Awards
Grants unpaid at 31 March 2023:
Special Benefit Allocation (for application before 1 Sep 23)
Individual Grant and Year Awards
Foundation Fund
Grants Payable		 -
-
(4,949)
-
-
(2,336)
(5,438)
(5,438)
(22,589)
(5,438)
(5,438)
(29,874)
8,000
8,000
15,625
8,180
8,180
2,882
31,800
31,800
40,531
1,000
1,000
551
-
-
245
-
-
452
48,980
48,980
60,286
3,894
3,894
-
-
-
-
-
-
5,438
3,894
3,894
5,438
47,436
47,436 35,850
Staff costs and remuneration of key management personnel
Honorarium		 1,500
1,500
2,119

The average number of employees during the year was 0 (2022 - 0)

The Governors consider key management personnel comprise the Governors of the Foundation. No employment benefits nor salary payments were made to key management personnel

12

King Edward the Sixth Grammar School Bury St Edmunds Foundation

NOTES TO THE ACCOUNTS

For the year ended 31[st] March 2023

6. Fixed assets

(i) Freehold property

The Foundation owns the freehold of the following properties:-

-The land upon which the King Edward VI School is situated at Grove Park, Bury St Edmunds;

No value is attributable to either of these assets in the Financial Statements for the time being as;-In relation to the former, although the freehold title resides with the Foundation, the buildings thereon

are the subject of a long leasehold interest under a lease dated 11 June 1992 in favour of Suffolk County Council for a notional rent for use as a school and as such the Foundation has no access to these premises nor is it able to derive any commercial income from the property; -In relation to the latter, the planning use is currently restricted (playing fields).

Total 2023 Total 2022

Capitalisation in relation to additions to the freehold property being the boundary fence to the playing field. This was impaired fully last year, due to the scrap value being minimal, and the cost of removal and making good, considerable.

Valuation 14,197 14,197 Impairment (14,197) (14,197) Net Book Value - -

(ii) Chattels

The Foundation owns Chattels which have not been included within the financial statements as the cost and written down value of the assets would be immaterial. These are held as follows:-

At the School

Bust of King Edward in Stone Bust of Benjamin Heather Malkin, with Pedestal Two Painted Wooden Shields Four Portraits in Oils of Past Headmaster (Leeds) A Steel Cross Trustees' Chest Two Solid Wood Armchairs Four Panes of Stained Glass

One Engraved Bronze Plaque, mounted on Wood (located at the Cathedral) Four Bibles Three Large and Three Small Wood Honours Boards Trophies

In possession of St Edmundsbury Borough Council

The Dyes from which were made the Scholars' Buttons One Old Refectory Table

In the County Record Office

Psalter and Books and Schools archives as listed in a catalogue prepared by the Bury St Edmunds Branch of the Suffolk Record Office in January 1989 (including a catalogue of the former School Library lodged with the Cambridge University Library in 1970).

In the University Library Cambridge

Library of Books formerly at the Grammar School.

13

King Edward the Sixth Grammar School Bury St Edmunds Foundation

NOTES TO THE ACCOUNTS For the year ended 31[st] March 2023

7. Investments

General Unrestricted Fund Investments
JM Finn Invested
Charities Official Investment Fund
M&G Charifund Income Units
Total Unrestricted Investment
Permanent Endowment Fund Investments
Charities Official Investment Fund
M&G Charifund Income Units
Total Permanent Endowment Fund Investments
Total Investments
By platform
JM Finn
Charities Official Investment Fund
M&G Charifund Income Units
Total Investments		 Market Value Acquisitions / Market Value
Gain/Loss
Income
Income
01/04/2022
Disposals
31/03/2023
31/03/2023
31/03/2022
£
£
£
£
£
£
439,803
(5,620)
409,316
(24,867)
13,960
12,667
13,218
-
12,702
(516)
370
365
259,262
-
243,418
(15,844)
13,704
12,309
712,283
(5,620)
665,436
(41,227)
28,034
25,341
493,730
-
474,466
(19,264)
13,813
13,625
63,283
59,416
(3,867)
3,345
3,005
-
557,013
-
533,882
(23,131)
17,158
16,630
1,269,296
(5,620)
1,199,318
(64,358)
45,192
41,971
439,803
(5,620)
409,316
(24,867)
-
13,960
12,667
506,948
-
487,168
(19,780)
-
14,183
13,990
322,545
-
302,834
(19,711)
-
17,049
15,314
1,269,296
(5,620)
1,199,318
(64,358)
-
45,192
41,971

14

King Edward the Sixth Grammar School Bury St Edmunds Foundation

NOTES TO THE ACCOUNTS For the year ended 31[st] March 2023

8.
Creditors: amounts falling due within one year
Grants Unpaid (note 4)
Accruals		 2023
2022
£
£
3,894
5,438
1,800
1,500
5,694
6,938

9. Analysis of Foundation Funds

Current year-
Unrestricted Funds
Permanent Endowment Funds
Restricted Funds -
Emma Holloway
Total Funds
Previous year-
Unrestricted Funds
Designated Fund No 2
Permanent Endowment Funds
Restricted Funds -
Emma Holloway
Lewis Maulkin Kings Settlement Number 2
The R G Evans Dec'd Legacy
Total Funds		 Balance as
at 1 Apr 22
Income
Expenditure
Transfers
Gains and
losses
Balance as at
31 Mar 23
£
£
£
£
£
£
795,592
46,887
(55,001)
-
(41,227)
746,251
557,013
-
-
-
(23,131)
533,882
11,548
27
-
-
-
11,575
1,364,153
46,914
(55,001)
-
(64,358)
1,291,708
Balance as
at 1 Apr 21
Income
Expenditure Transfers Gains and
losses
Balance as at
31 Mar 22
£
£
£
£
£
£
746,090
44,007
(44,061)
-
49,556
795,592
14,197
-
(14,197)
-
-
-
760,287
44,007
(58,258)
-
49,556
795,592
513,503
-
-
-
43,510
557,013
11,494
54
-
-
-
11,548
452
-
(452)
-
-
-
245
-
(245)
-
-
-
12,191
54
(697)
-
-
11,548
1,285,981
44,061
(58,955)
-
93,066
1,364,153

The Emma Holloway Fund may be used to provide or assist in the provision of facilities, of any kind not normally provided by the Local Educational Authority, for recreation and social and physical training for beneficiaries who are receiving primary, secondary or further education. The Governors have agreed to administer funds raised by the instigators, bank the funds, and make disbursement of the funds, within the normal administrative procedures operated by the Foundation.

Designated fund No 2 (unrestricted funds) relates to monies set aside in 2017/18 for lcapital improvements to St James' playing field. This was released in 2022, as it was considered to be revenue expenditure as opposed to capital expenditure.

The R G Evans Deceased Legacy may be used by the Headmaster at his discretion, but within the limited terms of the bequest and the Trustees have been advised that the Headmaster is not limited to use of the income, but may resort to capital.

The Lewis Maulkin King's Settlement Number 2 was a separately constituted Trust whose Trustees decided to bring it to an end by transferring the remaining funds to the Foundation. Without a Sixth form in King Edwards School, to honour the original purpose of his Trust, a grant has been made to Abbeygate Sixth Form College for further and higher education of Old Burians.

15

King Edward the Sixth Grammar School Bury St Edmunds Foundation

NOTES TO THE ACCOUNTS

For the year ended 31[st] March 2023

10.
Analysis of net assets by Fund
Current year -
Fixed assets
Current assets -
Debtors and Prepayments
Cash at bank and in hand
Liabilities falling due within one year
Total
Previous year -
Fixed assets
Current assets -
Debtors
Cash at bank and in hand
Liabilities falling due within one year
Total		 Permanent
Unrestricted
Endowment
Restricted
Funds
Funds
Funds
Total
£
£
£
£
665,436
533,882
-
1,199,318
4,678
-
-
4,678
81,831
-
11,575
93,406
(5,694)
-
-
(5,694)
746,251
533,882
11,575
1,291,708
Permanent
Unrestricted
Endowment
Restricted
Funds
Funds
Funds
Total
£
£
£
£
712,283
557,013
-
1,269,296
5,060
-
-
5,060
85,187
-
11,548
96,735
(6,938)
-
-
(6,938)
795,592
557,013
11,548
1,364,153

11. Taxation

The Foundation as a Registered Charity, is not considered liable for assessment to tax on its results.

12. Related party transactions and trustees' expenses and remuneration

The Governors all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2022: £Nil). £100 was paid in expenses to Governors or connected persons in the current and none in the previous financial year.

16