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2025-03-31-accounts

Charity number: 310485

KING EDWARD THE SIXTH GRAMMAR SCHOOL BURY ST EDMUNDS FOUNDATION

GOVERNORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

KING EDWARD THE SIXTH GRAMMAR SCHOOL BURY ST EDMUNDS FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Governors Mr GJ Barrett, Deputy Comptroller, Co-opted
Ms L Beattie
Mr R Burnett
Mrs MH Charlesworth, Co-opted
Mr J Deal, Co-opted Old Burians
Mr C Hamel-Cooke, Old Burians
The Very Reverend J Hawes, Dean of St
Edmundsbury Cathedral, Ex-officio
Councillor R Hopfensperger, Suffolk CC
Mr G Howlett, Co-opted
Mr A Jary, Comptroller, Co-opted
Mr R Stiff, Co-opted Old Burians
Clerk Ms A Gilmour
Headteacher Mr Deri O'Regan
Charity number (England and 310485
Wales)
Charity address Crown House
School Lane
Great Barton
Bury St Edmunds
Suffolk
IP31 2RQ
Independent examiner Whitings LLP
Greenwood House
Greenwood Court
Skyliner Way
Bury St Edmunds
Suffolk
IP32 7GY
Solicitors Ellisons Solicitors
Suite 1A, Linden Square
46 King's Road
Bury St Edmunds
IP33 3DJ
Investment advisors J M Finn & Co
60 Abbeygate Street
Bury St Edmunds
IP33 1LB

KING EDWARD THE SIXTH GRAMMAR SCHOOL BURY ST EDMUNDS FOUNDATION

CONTENTS

Page
Governors' report 1 - 6
Independent examiner's report 7
Statement of financial activities 8 - 9
Balance sheet 10
Notes to the financial statements 11 - 22

KING EDWARD THE SIXTH GRAMMAR SCHOOL BURY ST EDMUNDS FOUNDATION

GOVERNORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The Governors (who are Trustees of the Charity for the purposes of the Charities Act) present their Report on the affairs of King Edward the Sixth Grammar School Bury St Edmunds Foundation (‘the Foundation’), together with the independently examined Financial Statements for the year ended 31 March 2025. 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) applicable to charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) published in October 2019.

Objectives and activities

a. Main activities

The Foundation has continued to support a beneficiary to enjoy a sports scholarship within secondary education despite the increase in cost arising from the imposition of VAT on fees. Governors were also pleased to be able continuing to support all suitable applications made during the year by individual students for music, travel, or sport. It has contributed towards the cost of a musician in residence, providing a special benefit that enhances the school’s ability to support its music offering beyond the bounds of the curriculum.

Governors provided direct support to the anniversary celebrations for the school by providing suitable display cases to facilitate a secure and environmentally correct environment for the local display of a rotating selection of ancient books from our stock held in the Cambridge University Library. The Foundation is also arranging a gift of the Bury Psalter to St Edmundsbury Cathedral to facilitate display to the public. This item had been given to the School and then transferred to the Foundation as a library book of no value on the balance sheet and is being gifted as such.

Governors have continued to support beneficiaries who travel overseas in support of their education.

The Foundation also sponsors the annual celebration of achievement and endeavour that takes place at the end of the summer term. In addition, it has provided significant support for the peripatetic music programme, bringing music lessons to many students who would otherwise be unable to meet the costs.

b. Application of Income of the Foundation

The Governors shall:

1. Pay any administration expenses.

  1. Apply such yearly sum as they think fit, being not more than one-third of the net income (calculated by reference to the annual operational income less operational expenditure), in providing such special benefits to King Edward VI School of any kind not normally provided by the Local Education Authority. In granting special benefit for the next academic year, the sum applied shall not exceed the yearly sum derived from net income. Application of the yearly sum shall be completed by the end of the academic year (taken to be 31st August annually) with unapplied funds at that time being then treated as net income residue. Conversely, income arising after 1st April each year may not be applied to special benefit until 1st September.

  2. 1 -

KING EDWARD THE SIXTH GRAMMAR SCHOOL BURY ST EDMUNDS FOUNDATION

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

  1. The residue of net income of the Foundation shall be applied in any of the following ways:

  2. In awarding to beneficiaries Scholarships, Bursaries or Maintenance Allowances tenable at any School, University or other place of learning, approved by the Governors.

  3. In providing financial assistance, outfits, clothing, tools, instruments or books to enable beneficiaries to prepare for or to assist their entry into advancement in a profession, trade or calling.

  4. In awarding Scholarships or Maintenance Allowances to enable beneficiaries to travel in the United Kingdom or abroad to pursue their education.

  5. In providing or assisting the provision of facilities of any kind not normally provided by the Local Education Authority for recreation and social and physical training, including the provision of coaching in athletics, sports and games for beneficiaries who are receiving primary, secondary or further education.

  6. The provision of financial assistance to enable beneficiaries to study music or other arts.

c. Grant Applications

Applications are submitted in writing to the Governors for consideration by an Awards Panel who have delegated authority to reject applications that are ineligible or deemed unworthy or approve grants up to £500. Grants for larger sums may be commended by the Panel to the Board for consideration at their regular meetings. If they are urgent, the Board may consider an award of the whole, or part sum in writing out-of-committee.

In accordance with rule 2 on page 1 above, the special benefit allocation is for projects initiated in the 2024/25 academic year and for application before 31 August 2025 on receipt of a school proof of project liability. Should this application fail within the timeframe in the rule, the unapplied allocation of will revert to Foundation residue and will be reflected in the report for the following year.

Following the Scheme, Governors allocated £43,859 for the year as follows:

Special Benefit Allocation £14,497 Individual Grant and Year Awards £6,910 Foundation Fund £9,552 Foundation Scholarships £12,900

The Foundation also received and processed a grant from the Old Burians Charitable Trust for £250 to be added to the Foundation Scholarship awards. The total grant allocation was £44,109.

The Emma Holloway Fund made no allocations.

Grants to Institutions (Special Benefit) £14,497 Grants to Institutions (Other) £13,052 Grants to Individual Beneficiaries £16,560 including OBCT grant

Achievements and performance

a. Main achievements of the Charity

The Foundation has enabled a beneficiary to take up a sports scholarship within secondary education whilst being able to support all suitable applications made during the year by individual students for music/travel/sport. It has continued to contribute towards the cost of a musician in residence as a special benefit. This has enhanced the ability of the school to support its music offering beyond the bounds of the curriculum. It sponsors the annual celebration of achievement and endeavour that takes place at the end of the summer term. The Foundation supported, significantly the peripatetic music programme bringing music lessons to many otherwise unable to meet the costs.

KING EDWARD THE SIXTH GRAMMAR SCHOOL BURY ST EDMUNDS FOUNDATION

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

b. Plans for the future

The Governors of the Foundation remain in active discussion with the Trustees of The Old Burian Charitable Trust (1062429) with a view to a merger. The charitable objects are well aligned, except that the special benefit provision and the upper age restriction on beneficiaries apply only to the Foundation. The Governors still intend to move the combined resources into a Charitable Incorporated Organisation (CIO) structure as soon as possible but there is considerable preparatory work to be completed.

The Foundation continues to reach as many potential beneficiaries as possible. Graduation awards have been made to beneficiaries at Abbeygate Sixth Form College, now that the school is only for 11–16-year-olds. The headteacher is actively involved in developing the grant programme and wishes to extend support to more beneficiaries requiring in-school alternative provision as may be allowed within the governing document.

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, largely due to the level of investments. 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 endowment funds, are fully invested. It is the policy of the Governors of the Foundation to maintain these reserves, and hence the underlying investment portfolio so as to best 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 into 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 decreased by £49,660 (2024 - increased by £109,168).

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.

KING EDWARD THE SIXTH GRAMMAR SCHOOL BURY ST EDMUNDS FOUNDATION

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

d. Financial review

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.

Almost all of the Foundation's income is derived from investment activities. During the financial year, income received from investments was £51,836 (2024 - £48,737). At the year-end £8,639 (2024 - £8,322) was included within restricted funds, £554,733 (2024 - £576,377) in endowment and £774,027 (2024 - £762,196) 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.

The Governors who served during the year and up to the date of signature of the financial statements were: Mr GJ Barrett, Deputy Comptroller, Co-opted

Ms L Beattie Mr R Burnett Mrs MH Charlesworth, Co-opted Mr J Deal, Co-opted Old Burians Mr C Hamel-Cooke, Old Burians The Very Reverend J Hawes, Dean of St Edmundsbury Cathedral, Ex-officio Councillor R Hopfensperger, Suffolk CC Mr G Howlett, Co-opted Mr A Jary, Comptroller, Co-opted Mr R Stiff, Co-opted Old Burians The Right Reverend M A Seeley Bishop of St (Retired 28 February 2025) Edmundsbury and Ipswich, Ex-officio Mrs E Milburn, Co-opted (Resigned 28 February 2025)

KING EDWARD THE SIXTH GRAMMAR SCHOOL BURY ST EDMUNDS FOUNDATION

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

b. Methods of appointment or election of Governors

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

c. Organisational structure and decision-making policies

On 1 April 2024 the Foundation Board of Governors was constituted as shown on the legal and administrative information page at the start 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 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 9 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.

Statement of Governors' responsibilities

The Governors (who are also the trustees of the charity for the purposes of charity law) 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 financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year.

In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity 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 trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

KING EDWARD THE SIXTH GRAMMAR SCHOOL BURY ST EDMUNDS FOUNDATION

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Approved by order of the members of the board of Governors and signed on their behalf by:

.............................. Mr A Jary Comptroller Date: .............................................

KING EDWARD THE SIXTH GRAMMAR SCHOOL BURY ST EDMUNDS FOUNDATION

INDEPENDENT EXAMINER'S REPORT

TO THE GOVERNORS OF KING EDWARD THE SIXTH GRAMMAR SCHOOL BURY ST EDMUNDS FOUNDATION

I report to the Governors on my examination of the financial statements of King Edward the Sixth Grammar School Bury St Edmunds Foundation (the Charity) for the year ended 31 March 2025.

This 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.

Responsibilities and basis of report

As the Governors of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

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:

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 financial statements to be reached.

Jaimie King ACA DChA Whitings LLP

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

KING EDWARD THE SIXTH GRAMMAR SCHOOL BURY ST EDMUNDS FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2025

Current financial year
Unrestricted
Restricted
Endowment
funds
funds
funds
2025
2025
2025
Notes
£
£
£
Income and endowments from:
Donations and legacies
2
251
175
-
Investments
3
51,694
142
-
Other income
4
2,003
-
-
Total income
53,948
317
-
Expenditure on:
Raising funds
5
3,284
-
-
Charitable activities
Grant funding of activities
7
44,109
-
-
Support Costs
8
5,344
-
-
Total expenditure
52,737
-
-
Net gains/(losses) on
investments
10,620
-
(21,644)
Net income/(expenditure) and
movement in funds
11,831
317
(21,644)
Reconciliation of funds:
Fund balances at 1 April 2024
762,196
8,322
576,377
Fund balances at 31 March 2025
774,027
8,639
554,733		 Total
2025
£
426
51,836
2,003
54,265
3,284
44,109
5,344
52,737
(11,024)
(9,496)
1,346,895
1,337,399		 Total
2024
£
1,590
48,737
2,003
52,330
3,563
39,674
5,851
49,088
51,945
55,187
1,291,708
1,346,895

The statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 11 to 22 form part of these financial statements.

KING EDWARD THE SIXTH GRAMMAR SCHOOL BURY ST EDMUNDS FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Prior financial year
Unrestricted
Restricted
Endowment
funds
funds
funds
2024
2024
2024
Notes
£
£
£
Income and endowments from:
Donations and legacies
2
50
1,540
-
Investments
3
48,530
207
-
Other income
4
2,003
-
-
Total income
50,583
1,747
-
Expenditure on:
Raising funds
5
3,563
-
-
Charitable activities
Grant funding of activities
7
34,674
5,000
-
Support Costs
8
5,851
-
-
Total expenditure
44,088
5,000
-
Net gains/(losses) on investments
9,450
-
42,495
Net income/(expenditure) and movement in funds
15,945
(3,253)
42,495
Reconciliation of funds:
Fund balances at 1 April 2023
746,251
11,575
533,882
Fund balances at 31 March 2024
762,196
8,322
576,377		 Total
2024
£
1,590
48,737
2,003
52,330
3,563
39,674
5,851
49,088
51,945
55,187
1,291,708
1,346,895

KING EDWARD THE SIXTH GRAMMAR SCHOOL BURY ST EDMUNDS FOUNDATION

BALANCE SHEET

AS AT 31 MARCH 2025

Notes
Fixed assets
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total net assets
The funds of the Charity
Endowment funds
17
Restricted income funds
18
Unrestricted funds
19		 2025
£
£
1,258,826
4,711
77,377
82,088
(3,515)
78,573
1,337,399
554,733
8,639
774,027
1,337,399		 2024
£
£
1,308,486
4,610
40,099
44,709
(6,300)
38,409
1,346,895
576,377
8,322
762,196
1,346,895		 2024
£
£
1,308,486
4,610
40,099
44,709
(6,300)
38,409
1,346,895
576,377
8,322
762,196
1,346,895
1,346,895
576,377
8,322
762,196
1,346,895

The notes on pages 11 to 22 form part of these financial statements.

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

..............................

Mr A Jary Comptroller

.............................. Mr G J Barrett Deputy Comptroller

KING EDWARD THE SIXTH GRAMMAR SCHOOL BURY ST EDMUNDS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

General information

King Edward the Sixth Grammar School Bury St Edmunds Foundation is an unincorporated charity, registered in England. The registered address is Crown House, School Lane, Great Barton, Bury St Edmunds, Suffolk IP31 2RQ. The charity registration number is 310485.

1.1 Basis of preparation

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, which is the functional currency of the Foundation and rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policy.

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

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

1.2 Going concern

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

1.3 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Governors in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Governors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

KING EDWARD THE SIXTH GRAMMAR SCHOOL BURY ST EDMUNDS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

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 recognised through unrestricted funds.

Investment income, gains and losses are allocated to the appropriate fund.

1.4 Income

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.

1.5 Expenditure

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.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings. Governance costs are those incurred in connection with administration of the Foundation and compliance with constitutional and statutory requirements.

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 payable 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 expenditure is inclusive of irrecoverable VAT.

1.6 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost.

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 capitalised. 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.

KING EDWARD THE SIXTH GRAMMAR SCHOOL BURY ST EDMUNDS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date using the closing quoted midmarket 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.

1.8 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.

1.9 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.

1.10 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).

1.11 Liabilities and provisions

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

1.12 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.

KING EDWARD THE SIXTH GRAMMAR SCHOOL BURY ST EDMUNDS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

2 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Donations
251
175
Income from investments
Unrestricted
Restricted
funds
funds
2025
2025
£
£
Dividends and interest
50,771
-
Bank deposit interest
923
142
51,694
142		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
426
50
1,540
Total Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
50,771
47,347
-
1,065
1,183
207
51,836
48,530
207		 Total
2024
£
1,590
Total
2024
£
47,347
1,390
48,737

3 Income from investments

4 Other income

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Other income 2,003 2,003
Expenditure on raising funds
Unrestricted Unrestricted
funds funds
2025 2024
£ £
JM Finn discretionary management fees 3,284 3,020
JM Finn gilt accrued interest charge - 543
3,284 3,563

5 Expenditure on raising funds

KING EDWARD THE SIXTH GRAMMAR SCHOOL BURY ST EDMUNDS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

6 Expenditure on charitable activities

Direct costs - Grants Payable
Emma Holloway Fund
(see note 7)
Grant funding of activities
(see note 7)
Share of support and governance costs (see note 8)
Support
Analysis by fund
Unrestricted funds
Restricted funds
Grants payable
Grants to institutions
Abbeygate sixth form college
KEVI
Grants to individuals		 2025
£
-
44,109
5,344
49,453
49,453
-
49,453
2025
£
760
26,789
27,549
16,560
44,109		 2024
£
5,000
34,674
5,851
45,525
40,525
5,000
45,525
2024
£
-
25,298
25,298
14,376
39,674

7 Grants payable

Grants to institutions above includes £nil (2024 - £5,000) restricted expenditure.

The split of these grants can be found in the Governors report at page 2.

KING EDWARD THE SIXTH GRAMMAR SCHOOL BURY ST EDMUNDS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

8 Support costs allocated to activities

Support costs allocated to activities
Clerk's honorarium and expenses
Independent examiner's fees (governance)
Legal and other expenses
Insurance
Bank fees		 2025
£
1,500
2,400
583
801
60
5,344		 2024
£
1,500
2,400
1,589
302
60
5,851

9 Governors

The Governors all give freely their time and expertise without any form of remuneration or benefit in cash or kind (2024 - £NIL).

During the year, Governor expenses of £20 have been incurred to one Governor (2024 - £55 to two Governors) for the reimbursement of retirement gifts and secure shredding of documents.

10 Staff costs and remuneration of key management personnel

There were no employees during the year (2024 - NIL).

The Governors consider key management personnel comprise the Governors of the Foundation. No employment benefits or salary payments were made to key management personnel.

11 Taxation

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

KING EDWARD THE SIXTH GRAMMAR SCHOOL BURY ST EDMUNDS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

12 Tangible fixed assets
Freehold
property
£
Cost
At 1 April 2024 14,197
At 31 March 2025 14,197
Depreciation and impairment
Impairment losses 14,197
At 31 March 2025 14,197
Carrying amount
At 31 March 2025 -
At 31 March 2024 -

KING EDWARD THE SIXTH GRAMMAR SCHOOL BURY ST EDMUNDS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

12 Tangible fixed assets

(Continued)

Freehold property

The Foundation owns the freehold of the following properties:

No value is attributable to any of these assets in the Financial Statements, as:

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 West Suffolk Council

The Dyes from which were made the Scholar's 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, logged with the Cambridge University Library in 1970).

In the Cambridge University Library

Library of books formerly at the Grammar School.

KING EDWARD THE SIXTH GRAMMAR SCHOOL BURY ST EDMUNDS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

13 Fixed asset investments

13 Fixed asset investments
Listed
investments
£
Cost or Valuation
At 1 April 2024 1,308,486
Additions 8,097
Disposals (46,732)
Revaluation (11,025)
At 31 March 2025 1,258,826
Net book value
At 31 March 2025 1,258,826
At 31 March 2024 1,308,486
Value Value Income Income
2025 2024 2025 2024
Unrestricted
J M Finn investment portfolio - £409,411 £448,313 £15,817 £14,668
COIF investment portfolio - £13,222 £13,869 £379 £371
M & G investment portfolio - £281,460 £269,927 £16,777 £14,824
Endowment
COIF investment portfolio - £493,910 £518,047 £14,173 £13,866
M & G investment portfolio - £60,823 £58,330 £3,625 £3,618
Total
J M Finn investment portfolio - £409,411 £448,313 £15,817 £14,668
COIF investments portfolio - £507,132 £531,916 £14,552 £14,237
M & G investment portfolio - £342,283 £328,257 £20,402 £18,442
14 Debtors
2025 2024
Amounts falling due within one year: £ £
Prepayments and accrued income 4,711 4,610

KING EDWARD THE SIXTH GRAMMAR SCHOOL BURY ST EDMUNDS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

15 Creditors: amounts falling due within one year

Grants unpaid
Accruals and deferred income		 2025
£
115
3,400
3,515		 2024
£
4,200
2,100
6,300

Included within grants unpaid is £115 payable to Foundation Fund (2024 - £1,487), £nil payable to Foundation Scholarships (2024 - £2,333) and £nil payable to Special Benefit Allocation (2024 - £380).

16 Financial instruments

2025 2024
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 1,258,826 1,308,486

Financial assets measured at fair value through income and expenditure comprise of fixed asset investments.

17 Endowment funds

M & G Charifund Income units
Charities Official Investments fund
Previous year:
M & G Charifund Income units
Charities Official Investments fund		 At 1 April
2024
£
58,331
518,046
576,377
At 1 April
2023
£
59,416
474,466
533,882		 Gains and
losses
At 31 March
2025
£
£
2,493
60,824
(24,137)
493,909
(21,644)
554,733
Gains and
losses
At 31 March
2024
£
£
(1,085)
58,331
43,580
518,046
42,495
576,377		 Gains and
losses
At 31 March
2025
£
£
2,493
60,824
(24,137)
493,909
(21,644)
554,733
Gains and
losses
At 31 March
2024
£
£
(1,085)
58,331
43,580
518,046
42,495
576,377
576,377

KING EDWARD THE SIXTH GRAMMAR SCHOOL BURY ST EDMUNDS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

17 Endowment funds

(Continued)

Endowment Funds are the funds derived precisely from the 1959 Founding Scheme Schedule of Property Table 1 in their modern investment wrappers.

18 Restricted funds

At 1 April Incoming Resources At 31 March
2024 resources expended 2025
£ £ £ £
Emma Holloway fund 8,322 317 - 8,639
Previous year: At 1 April Incoming Resources At 31 March
2023 resources expended 2024
£ £ £ £
Emma Holloway fund 11,575 1,747 (5,000) 8,322

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.

19 Unrestricted funds

At 1 April Incoming Resources Gains and At 31 March
2024 resources expended losses 2025
£ £ £ £ £
OBCT Designated Fund 50 - - - 50
General funds 762,146 53,948 (52,737) 10,620 773,977
762,196 53,948 (52,737) 10,620 774,027
Previous year: At 1 April Incoming Resources Gains and At 31 March
2023 resources expended losses 2024
£ £ £ £ £
OBCT Designated Fund - 50 - - 50
General funds 746,251 50,533 (44,088) 9,450 762,146
746,251 50,583 (44,088) 9,450 762,196

Old Burians Charity Trust (OBCT) (Charity number 1062429) will merge its assets in the future as unrestricted funds. OBCT derived funds will be maintained as designated so that grants involving the OB derived element of the Foundation funds can be identified and reported. Its income will not contribute to the Special Benefit Allocation.

KING EDWARD THE SIXTH GRAMMAR SCHOOL BURY ST EDMUNDS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

20 Analysis of net assets between funds

Unrestricted
Restricted
Endowment
funds
funds
funds
2025
2025
2025
£
£
£
At 31 March 2025:
Fixed asset investments
704,093
-
554,733
Current assets/(liabilities)
69,934
8,639
-
774,027
8,639
554,733
Unrestricted
Restricted
Endowment
funds
funds
funds
2024
2024
2024
£
£
£
At 31 March 2024:
Fixed asset investments
732,109
-
576,377
Current assets/(liabilities)
30,087
8,322
-
762,196
8,322
576,377		 Total
2025
£
1,258,826
78,573
1,337,399
Total
2024
£
1,308,486
38,409
1,346,895