THE KING'S SCHOOL DEVELOPMENT TRUST Report and Accounts for the year ended 31 July 2024 THE KING'S SCHOOL DEVELOPMENT TRUST Trustees Report for the year ended 31 July 2024 Legal and administrative details Status The King's School Development Trust is a registered charity (Registered No. 5041311. A formal Declaration of Trust was adopted at a meeting held on 11 March 1975. On 3151 March 2011, the Trustees enlered into a Transfer Deed between the Charity and the Royal Charter Corporation known as Foundation of Sir John Percyvale in Macclesfield of 1502, re-founded by King Edward Vl in 1552 that is commonly known as The King's School in Macclesfield (Charity number.. 1137204} that has similar Objects to the Trust. The Trustees considered that this was in the best interests of the Charity. Following the retirement of the Trustees, the Corporation is the sole trustee of the Trust. The training, induction and recruitment of trustees is dealt with in the financial statements of The King's School in Macclesfield. Corporate Trustee The Royal Corporation known as the Foundation of Sir John Percyvale in Macclesfield of 1502, re-founded by King Edward Vl in 1552 (Charity number 1137204). Trust Admlnlstrator A Cohen Management of th• Charity Following the execution of the transfer deed dated 31 March 2011 the trust has been accounted for in the Corporation's audited accounts as part of its restricted funds. The transactions that remain in the accounts of The King's School Development Trust related to fundraising activities undertaken on behalf of the Corporation. The funds raised have been donated to the Corporation. Prlncipal and registered office The King's School Development Trust Alderley Road Macclesfield SK10 4SP Independent examiner Crowe U.K. LLP 3rd Floor, St George's House Peter Street Manchester M2 3NQ Key management personnel remuneration policy The Trust does not have any employees so no policy is required THE KING'S SCHOOL DEVELOPMENT TRUST Trustees Report- continued for the year ended 31 July 2024 Objectives and aims Under the terms of the Transfer Deed dated 31 March 2011, the Corporation acquired all the property, assels and rights held, used or controlled by the unincorporated twst, on that date subject to the following terms.. 1.1 Those assets comprising the "Bursary and Scholarships Fund. shall be held by the Corporation as a restricted fund for the purpose of awarding bursaries andlor scholarships to the pupils of the School in such a manner as the Governing Body of the Corporation may think fil. 1.2 Those assets comprising the 'Quincentenary Bursary Fund" shall be held by the Corporation as a restricted fund for the purpose of awarding bursaries to the pupils of the school in such a manner as the Governing Body of the Corporation may think fit. Achlevemonls and performance During the year the Trust received legacies and donations which were donated lo The King's School Macclesfield. Rlsk Management As part of the wider risk assessment undertaken by the Governing Body of the Corporation, Ihe Corporation has examined the major risks that Ihe Charity faces, and confirmed that systems have been established to enable regular reports to be produced so that the necessary sleps can be taken to lessen these risks. The principal risk and uncertainty facing the charity Is a reduction in voluntary income received. Flnanclal Report During the year the Trust received legacies and donations of £36,21712023: £52.318). Other income including that from tax repayments increased the total by a further £37,131 {2023: £31,007). The Trust donated the nel income made for the year ended 31 July 2024 of £66,4783 (2023.. £77,405) lo The King's School Macclesfield. Reserves policy The Governing Body of the Corporation have decided that holding reseThes is unnecessary as the purpose of the Trust is to donate all funds raised to the Corporation. Relation8hlp with Connected Charltles The Kings School Development Trust is connected with Kings School, Macclesfield in the way outlined in the legal and administrative details. Publ1¢ benofil The Governing Body of the Corporalion confirm that they have had due regard lo the Charity Commission guidance on public benefit. THE KING'S SCHOOL DEVELOPMENT TRUST Trustees Report- continued for the year ended 31 July 2024 Future plans The Trust continues to raise voluntary income which can be donated lo the Corporation. Statement of Tru8tee6 The Trustees are required to prepare accounts for each financial year which give a true and fair view of the slate of affairs of the Trust and of the surplus or deficiency of the Trusl for that period. In preparing those accounts, the Trustees are required to: Selecl suitable accounting policies and then apply Ihem consislently., Make judgements and estimates that are reasonable and prudent., • Slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts.. Prepare the financial statements on the going concem basis unless il is inappropriate to presume that the charity will continue. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any lime the financial position of the Trust. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregulanties. Signed on behalf of the Corporate Trustee Mr A T Higginson Authorised signatory Dale: 21 March 2025 The Kings School Development Trust Independent Examiners Report for the year ended 31 July 2024 I report to the trustees on my examination of the accounts of The King's School Development Trust (the Trust) for the year ended 31 July 2024, which are set out on pages 5 to 7. This report is made solely to the charity's trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner's work has been undertaken so that I might stale to the charity's trustees those matters l am required to stale 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, the charity's members as a body and the chanty's trustees as a body for my independent examiner's work, for this report, or for the opinions I have formed. Rasponslbililies and basis of report As Ihe charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charilies Act 2011 {'the Act,). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515}Ib) of the Act. Independent examlner's statement I have completed my examination. l confirm that no material mallers have Come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the Trust as requlred by section 130 of the Act., or the accounts do not accord wilh those records., or the accounts do not comply wilh the applicable requirements concerning the form and content of accounts sel out in the Charllies (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue 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 lo which attention should be drawn in this report in order lo enable a proper understsnding of the accounts to be reached Vicky Szullst ACA Crowe U.K. LLP 3rd Floor, Sl George's House Peter Slreet Manchester M2 3NQ 2nd April 2025 THE KINGS SCHOOL DEVELOPMENT TRUST Statement of Financial Activities (incorporating an Income and Expenditure Account) for the year ended 31 July 2024 Restrlcted Restricted 2024 2023 Bursary and Quincentenary Scholarship Bursary Fund Scheme Fund Totsl Total Incoming Resources Donations and legacies Investment income Other income 36,218 15,498 36,218 26,051 11,080 52,318 16,305 14,702 10,553 11,080 Total Incomlng resources 21,633 51,716 73,349 83,325 Resources Expended Charltable Actlvltles Amount Iransferred to The King's School Macclesfield Other expenses Sundry expenses Total resources expended 15,067 51,716 66,783 77,405 6,489 77 6,489 77 5,831 89 21,633 51,716 73,349 83,325 Net Incomlng resources Net Movement In Funds Fund balances at 1 August 2023 Fund balances at 31 July 2024 THE KINGS SCHOOL DEVELOPMENT TRUST Balance Sheet as at 31 July 2024 31 July 2024 31 July 2023 Assets Investment assels Net Assets Total Funds Restricted Funds Approved and authorised for issue on behalf of the Corporate Trustee on 21 March 2025. Mr A T Higginson Authorised signatory THE KINGS SCHOOL DEVELOPMENT TRUST Notes on the accounts for year ended 31 July 2024 Accounting policles (al Basis of preparation The financial stalements of the Charity have been prepared in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), Ihe Charities Act 2011 and the 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 (FRS102) (2019>. The charity is a public benefit enlity registered in England and Wales. Its charity number is 504131. The funclional currency is considered to be GBP because that is the currency of the primary economic environment in which the charily operates. The trustees have reviewed the forecasts and budgets for the forthcoming period and are confident that the charity is a going concern. (b) Incomlng resourcos All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. (c) Resources expended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly altributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. (d) Investments Investments are stated at cost at the balance sheet date. The SOFA includes the net gains and losses arising on disposals during the year. The Developmenl Trust is a charity and therefore no provision is necessary for income tax. Trusteos. remuneratlon and expenses The trustees neither received nor waived any emoluments during the year {2023.. Nil). No trustees were re- imbursed expenses during this year or the previous year. Staff costs No remuneration or pension payments were made to any employee (2023: Nil) as the charity does not have any employees.