THE KING'S SCHOOL DEVELOPMENT TRUST Report and Accounts for the year ended 31 July 2022 THE KING'S SCHOOL DEVELOPMENT TRUST Trustees Report for the year ended 31 July 2022 Legal and administrative details Status The King's School Development Trust is a registe￿d Charity (Registered No. $041311. A formal Declaration of Trust was adopted at a meeting held on 11 March 1975. On 31￿ March 2011, the Trustees entered into a Transfei Deed between the Charity and the Royal Charter Corporation known as Foundation ol Sir John Percyvale in Macclesfield of 1502, re-founded by King Edward Vl in 1552 that Is ¢omrnonly known as The King's School in Macclesfield (Charrty number." 11372041 Ihat has similar Obje¢l$ to the Trust. The TrLtstees considered that this was In the best Interests of the Charity. Following the retifemenl of the Twstees, the Corporation is the sole Iruslee of the Trust. The training, induclion and recruilmenl of trustees is dealt with in the financial statements of The King's School in Macclesfield. Corporate Trustee The Royal Coiporalion known as the Foundation of Sir John Percyvale in Mac¢le$fiekl of 1502, re-founded by King Edward Vl in 1552 (Charity number 11372041. Trust Admln18trator J M Spencer P¢kup Bsc (Honsl ACA Man•gomont of the Charlty Following the execution of the transfer deed dated 31 March 2011 the trust has been accounted fof in the Corpjration's audited accounts as part of rts ￿tr￿tea fvnds. The tranSact￿nS that remain in the accounts of The King's School Development Trust related lo fvndraising activities undertaken on behaff of the CorForation. The fvnds ratsed have been donated to the Corporation. Principal and registered office The King's School Devekjpmenl Trust Alderley Road Ma¢clesfield SK10 4SP Independent examiner Crowe U.K. LLP The Lexicon Mount Street Manchester M2 5NT Key management personnel remuneration policy The Trust does not have any employees so no is required THE KING'S SCHOOL DEVELOPMENT TRUST Truste83 Report- continued for the year ended 31 July 2022 Oblectlvgs and alms Under the lems of the Tfansfer Deed dated 31 March 2011. the Corporation acquired 011 the propety. assets and rights held, used or controlled by the unincorporated trust. on that dale subject lo the following lems.. 1.1 Those assets comprising the"8ursary and &holarships Fund" shall be held by the Corporation as a restrieted fund for the purpose of awarding bursaries andlor scholarships to Ihe pupls of the School in such a manner as the Governing Bcéy of the Corporation may think fft. 1.2 Those assels comprising the 'Quincenlenary Bursary Fund" shall be held by the Corporation as a reslricled fund for the purpose ol awarding burnanes lo the pupils of the school in such a mannw as the Goveming Body ol the Corpoiation may think fil Achl•vements and perfomiance During the year the Trust received legacies and donations wthich %wre donated lo The King's School Macelesfield. RS8k Man#gem•nt AS part of the wider risk asse$ynenl undertaken by the Goveming 8ody of the Corporalion, Ihe Corporation has examined the major risks Ihatthe Charity faces. and confimied that systems have been established lo enablg regular reports lo bè produced so that the necessary sleps can b& taken lo lessen these nsks. The win¢ip81 risk and uncertainty faang the charty 18 a reduCt￿n in voluntsry irtome received. FSnancl•l Roport Ouring the yeaf the Trust received legacies and donations of £48,04512021.' £30,443> Other incorne induding that from tax repaymenls increased the lotsl by a frjrther £22,229 {2021'. £25,890). The Trust donated the nel income made for the year ended 31 July 2022 of £66,524 {2021." £52,140) lo The King's Macclesfield, Resery•8 pollcy The Governing Body ol the Corporalion have de¢id8d Ihal holding reseryes is unnecessary as the purpose of the Trust Is lo donate all lunds raised lo the Corpofation. Relatlon8hlp wlth ConnKted Charttl•s The Kings School Development Trust 1$ connected ¥￿th Kings Sch&J, ￿￿e$field in the way Outlinèd in the legal and adminislr81ive detsils. Public benefit The Goveming Body of the C¢)rporation confirm that they have had due regard lo the Charity Commission guidan¢e on public benefit. THE KING'S SCHOOL DEVELOPMENT TRUST Trustees Report - continued for the year ended 31 July 2022 Future plans The Trust eontinues lo raise volLthry irb>)me vthich can be dc￿￿ lo thè Corporatw. ststement of Trustees The Twslees are required to K¥epa￿ accounts for each financial year vthich give a true and fair view of the slate of affairs oflhe Trust and oflhe surplusor(Jefiuew ofthe Tnjstforthal Per￿ In preparirvJ those accounts. the Trustees are required lo.. • Select suitable 8cccAJnb"ry Oic*s arKI Ihen appty lthi cLwwstentty.' • Make judgements and estimates that are rea$(￿a￿le and prudent", • Slate whelherappltsble accountsng slandards have been fc41Lhved, suts'ect lo any material departures dis¢losed and eX￿ained in the acccthjnts,. • Prepare the financlal statemerts on thg gciry corKem b9sis urless rt is in8pwopn.ate to presume that the ehanty wll contsnue. The Trustees are responsible for keepiThJ prcyr accounting recofds vA)ich disd05e with reasonable accuracy al any lime the financial position of the Trust. They are also respOnsi￿e fr* safeguarding the assets ofthe Tru51 and hence for taking reasonable steps for the pmenlion and detection of fraud and ots irregulanbes. Signed C￿ tehall of thè Corptyate Twste8 4j- Mr A T Higginson Aulhorised signatory Dale.. 1st lune 2023 The Kings School Development Trust Independent Examiners Report for the year ended 31 July 2022 I report lo the trustees on my examination of the accc¥Jnts of The King's School Devel¢ynenl Trust Ilhe Trusll fof the year ended 31 July 2022. which a￿ set out on pages 5 10 7. This report is made solely to the charity's trustees. as a ty)dy. in a￿OI￿anCe wth section 154 of the Charities Act 2011. My indepèndent examinerfs work has been undertaken so that I might state lo the charity's trustees those matters l am required lo stale to them in an independent examinerfs report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility lo anyone other than the charity, the charity's members as a body and the charity's InJ5tee5 a5 a bc*ty for my indep8r)denl examinerfs work. for this report, or for the opinions I have fomied. Rèsponslbllltles and basls of rnport AS the charity trustees of the Trust you are r6sr*)nsible for the weparation of the 4¢counl$ in accordance with the requirements of the Charrties Act 2011 Ilhe Act'i. I report in respect of my examination of the Trust's accounts carried wt under sects'on 145 of the 2011 Act and in carying out my examination I have followed all the appIl￿ble Direcb'ons given by the Charity Commission under section 14515llbl of the Acl Inde￿ndent examln•r'$ statem•nt I have cornplele(I my examination I confirm that no malenal matter5 have come lo my attention in connection with the examination giving me cause to believe that in any material respe¢l.' a¢cour*bng records were not kept in respect of the Trust as required by se¢ti¢Jn 130 of the Act,. or 2. the acmunls do not accord wlh those recofds". or 3. the accounts do nol CoM￿Y with the applicable requ1￿mentS conceming the form and conlenl of accounts sel out in the Charilie$ {A￿Ount$ and Reports) Regulab'ons 2008 other than any requirement that the 8ecounls give a 'true and fair view which is nol a matter con&dered as part of an independent examination. I havg no COn￿M$ and have come across no other matters in Connection wtrt thè examination lo which attention Should be drawn in this report in order lo enable a proper understandin9 of the accounts lo be reached Vi¢ky Szulist ACA Crowe U.K. LLP The Lexicon Mount Street Manchester M2 5NT 1st June 2023 THE KINGS SCHOOL DEVELOPMENT TRUST Statement of Financial Activities (incorporating an Income and Expenditure Account) for the year ended 31 July 2022 Restrict￿ Restrlctld 2022 2021 Bursary and Qulncentenary ScholaT¥hip Bursary Fund S¢hgmo Fund Total Total Incoming Resourc08 Donations and legacies Tax repayment Investment income Other income 30.750 17,295 1,114 1.875 48.045 1,114 11,269 9,846 30,443 11,370 9,970 4.5SO 9.394 9.846 Total In¢omlng rn¥ources 49.990 20,284 70,274 56,333 R•6ourco8 Expended Ch•rltsbl• A¢tlvltles Amount Iranslefred to The King. School Macclesfield Other expenses Sundry expenses Total re8ource8 expended 46,240 20,284 66,524 52.140 3,657 93 3.657 93 4,100 93 49.990 20,284 70,274 56,333 Net Incomlng resource8 Net Movement In Funds Fund balances It 1 August 2021 Fund balance8 4131 July 2022 THE KINGS SCHOOL DEVELOPMENT TRUST Balance Sheet as at 31 July 2022 31 July 2022 31 July 2021 As8ets Investment assets Tot•1 Funds Restricted Funds Approved and aulhorised for ￿ue on behaw of the Cwrale Trustee on.. 1st lune 2023 Mr A T Higginson Authorised signatory THE KINGS SCHOOL DEVELOPMENT TRUST Notes on the accounts for year ended 31 July 2022 Accounting pollcles la) Ba81s of preparation The finan¢ial stslements of the Charity have been prepared in accordance with the Financial Reporting Standard applicable in the UK and RepublK of Ireland IFRS1021, the Charities A¢1 2011 and the Slalement of Recommended Practice applicable lo charitses preparing their a¢¢ounls in a¢cordance with the Financial Reporting Standard ApPI￿able in the UK and Republ￿ of Ireland IFRS1021120191. The charity is a public benefit enb'ty registered in England and Wales. Il's charity number is 504131. The functional CYr￿neY is Considered lo be GBP because that is the currency of the primary economic environment in which the charity operalfrs. The trustees have reV￿wed the forecasts and budgels for the forthcoming period and are confident that the charity is a going concem. Ibl Incomlng resources All incoming resources are included in the SOFA when the charity is legally entitled to the income and the aTh)unl can be Quantif￿ with reasonable accuracy. {cl Resources exp•ndod All expenditure is accounted for on an axwals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed lo particular headings they have been allocated lo activilies on a basis consistent with use of the resources. (dl Investments Investments are staled at cost at the balance sheet date. The SOFA includes the net gains and losses arising on disposals during the year. The Development Trust ts a charity and Ihereft)re no provision is necessary for in¢orne tsx. Trustee8' remuneratlon and •xpense8 The Iruslees neither received nof waived any emoluments during the year12021.' Nill. No trustees were re- imbursed expenses dunng this year or the previous year. St•ff ¢osts No remuneration or pension payments were made to any employee12021." Nil} as the charity does not have any employees.