| Page | ||
|---|---|---|
| Charity Information |
||
| Trustees' | Report | 3-7 |
| Auditor's | Report | 8-10 |
| Statement | of Financial Activities | |
| Balance Sheet | 12 | |
| Statement | of Cash Flows | 13 |
| Notes to | the Financial Statements | 14-19 |
| Trustees | A Reekes - Chairman | A Reekes - Chairman | A Reekes - Chairman | |||
|---|---|---|---|---|---|---|
| H Carslake | L Con nell | |||||
| F Hire | JWeston | |||||
| DT Howell | D Dale | |||||
| P Preston | K Beever | |||||
| LSheen | CJury | |||||
| J Foley | H Edwards | |||||
| N Clark | ||||||
| L Bryer (appointed | 5th October 2021) | |||||
| Executive | Officers | G Doodes | ||||
| G Mason | ||||||
| E Elliott | ||||||
| Clerk toTrustees &Accountant | 5 Hewitt | |||||
| Charity Number | 527530 | |||||
| Registered | Name | The King's School Worcester Development | Trust | |||
| Registered | Office | 5 College Green | ||||
| Worcester | ||||||
| WR1 ZLL | ||||||
| Auditor | Richards Sandy Audit Services Limited | |||||
| Thorneloe House |
||||||
| 25 Barbourne | Road | |||||
| Worcester | ||||||
| WR1 1RU | ||||||
| Bankers | Lloyds Bank | Pic | ||||
| 4The Cross | ||||||
| Worcester | ||||||
| WR1 3PY | ||||||
| Investment | Advisor | NK Financial | Management | Limited | ||
| Suite 12cSTANTA Business | Centre | |||||
| 3Soothouse | Spring | |||||
| St Albans | ||||||
| Hertfordshire | ||||||
| AL3 6PF |
| ( | Restncted Funds |
Restncted Funds |
Restncted Funds |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| King's School | |||||||||||
| John Pimley | Parents' | Year to31 | Year to 31 | ||||||||
| Unrestricted | Bursary | Commitee | King's School | July 2021 | July 2020 | ||||||
| Funds | Fund | Funds | Other Funds | Total Funds | Total Funds | ||||||
| Note | E | f | f | E | |||||||
| (Note 14) | (Note 14) | ||||||||||
| Income and endowments | |||||||||||
| from: | |||||||||||
| Donations and | legacies | 6,097 | 353,915 | 360,012 | 194,914 | ||||||
| Charitable | activities | ||||||||||
| Other trading | activities | 3,234 | 5,235 | 8,469 | 13,469 | ||||||
| Investments | 98 | 33 | 2 | 981 | 1114 | 1,848 | |||||
| Total | 2. | 9,429 | 33 | 5~237 | 354896 | 369p595 | 210231 | ||||
| Expenditure | on: | ||||||||||
| Raising funds | 3,704 | 766 | 1,419 | 21,365 | 27,254 | 27,938 | |||||
| Charitable | actwities | 4,UEU | 4,579 | eoo ovo | e1444e | eJD pot | |||||
| Total | 3. | 7,724 | 766 | 5,998 | 227,208 | 241,696 | 186,429 | ||||
| Gains/ (losses) assets |
on investment | 17,167 | 451,192 | 468,359 | (118,463) | ||||||
| Net income/(expenditure) | 1,705 | 16,434 | (761) | 578,880 | 596,258 | (94,661) | |||||
| Transfers between | funds | 13, | |||||||||
| Net movement | in funds | 1,705 | 16,434 | (761) | 578,880 | 596,258 | (94,661) | ||||
| Total funds | brought | forward | 34,807 | 110,743 | 39,424 | 3,175,975 | 3,360,949 | 3,455,610 | |||
| Total funds | carried | forward | 13. | 36,512 | 127,177 | 38,663 | 3,754,855 | 3,957,207 | 3,360,949 |
| Unrestricted | Restricted | 31July 2021 | 31July 2020 | ||||
|---|---|---|---|---|---|---|---|
| Note | Funds | Funds | Total | Total | |||
| f | f | f | f | ||||
| Investments | 3,483,563 | 3,483,563 | 3,036,321 | ||||
| Current assets | |||||||
| Stock | 10. | 8,183 | 8,183 | 11,309 | |||
| Debtors | 7,617 | 34,071 | 41,688 | 51,726 | |||
| Investments | |||||||
| Cash at bank | 40076 | 403 561 | 443g637 | 279,844 | |||
| Total current assets | 55,876 | 437,632 | 493,508 | 342,879 | |||
| Creditors: amounts within one year |
falling due | 12. | 19,364 | 500 | 19,864 | 18,251 | |
| Net current assets | 36,512 | 437,132 | 473,644 | 324,628 | |||
| Total net assets | 36,512 | 3,920,695 | 3,957,207 | 3,360,949 | |||
| Funds ofthe Charity | |||||||
| Restricted | Income Funds | 3,920,695 | 3,920,695 | 3,326,142 | |||
| Unrestricted | Funds | 36,512 | 36,512 | 34,807 | |||
| Total Funds | 36,512 | 3,920,695 | 3,957,207 | 3,360,949 |
| 31July 2021 | 31July 2020 | |||||
|---|---|---|---|---|---|---|
| Total | Total | |||||
| Net cash flows from operating activities |
163,693 | (106,894) | ||||
| Cash flows from investing activities: |
||||||
| Dividends, interest and rents from investments |
100 | |||||
| Proceeds from sale ofinvestments | ||||||
| Purchase ofinvestments | ||||||
| Net cash provided by (used in) investing |
activities | 100 | 58 | |||
| Change in cash and cash equivalents in the |
reporting | period | 163,793 | (106,836) | ||
| Cash and cash equivalents at the beginning |
ofthe reporting | period | 279,844 | 386,680 | ||
| Cash and cash equivalents at the end ofthe reporting |
period | 443,637 | 279,844 | |||
| RECONCILIATION OF NET INCOME TO NET |
CASH FLOW FROM OPERATING ACTIVITIES | |||||
| Net income for the reporting period (as per activities) |
statement | offinancial | 596,258 | (94,661) | ||
| Adjustments for: |
||||||
| (Gains)/losses on investments |
(446,228) | 139,682 | ||||
| Dividends, interest and rents from investments |
(1,114) | (1,848) | ||||
| (Increase)/decrease in stocks |
3,126 | 449 | ||||
| (Increase)/decrease in debtors |
10,038 | 740 | ||||
| Increase/(decrease) in creditors |
1,613 | (151,256) | ||||
| 163,693 | (106,894) |
| 3 | Analysis | ofexpenditure | 2021 | 2020 | |||||
|---|---|---|---|---|---|---|---|---|---|
| E | E | ||||||||
| Raising funds | |||||||||
| Bank and fundraising | website | charges | 578 | 586 | |||||
| Fund raising | OV merchandising | costs | 3,126 | 450 | |||||
| Investment | Manager | fees | 22,131 | 21,220 | |||||
| King's School Parents' | Committees | fund raising events' costs | 1,419 | 5,682 | |||||
| 27,254 | 27,938 | ||||||||
| Charitable | activities | ||||||||
| Grants to The King's School Worcester | 210,422 | 154,571 | |||||||
| King's School Parents' | Committees | other charitable | grants | ||||||
| Governance | costs | 4,020 | 3,920 | ||||||
| 214,442 | 158,491 | ||||||||
| 241,695 | 186,429 |
| 7 | Fees for Audit/Independent | Fees for Audit/Independent | Examination | ofthe accounts | 2021 | 2020 |
|---|---|---|---|---|---|---|
| E | E | |||||
| Auditors' fee | 3,520 | 3,420 | ||||
| 8 | Grantmaking | Grants: Total | Amounts | |||
| 2021 | 2020 | |||||
| Purpose for | which grants made: | E | E | |||
| Bursaries for pupils attending | King's School Worcester | 197,425 | 132,183 | |||
| Other charitable support for |
King's School | Worcester | 12,997 | 22,388 | ||
| 210,422 | 154,571 |
| 9 | Fixed Asset Investments | 2021 | 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| f | E | ||||||||
| Investments held primarily to provide |
an | investment | return for the charity: | ||||||
| Carrying value (market value) at beginning | ofyear | 3,036,321 | 3,174,213 | ||||||
| Add: Additions to investments at rust |
|||||||||
| Less: Disposals at carrying value |
|||||||||
| Investment income received |
1,014 | 1,790 | |||||||
| Investment Manager charges |
(22,131) | (21,220) | |||||||
| Add/deduct: Net gain/(loss) on revaluation |
468,359 | (118,462) | |||||||
| Carrying value (market value) at end ofyear | 3,483,563 | 3,036,321 | |||||||
| At the year end E3,134,133(2020:f2,676,079 )of | this total value was invested | in UK | open ended investment | ||||||
| companies and unit trusts and f349,430(2020:f360,242) was held as a cash deposit. |
|||||||||
| 10 | Stock | 2021 | 2020 | ||||||
| F. | E | ||||||||
| Branded goods held for resale/trading | activities | 8,183 | 11,309 | ||||||
| 11 | Debtors | 2021 | 2020 | ||||||
| f | E | ||||||||
| Tnv rnrlzimahln nn r'ift Airt rtnnatinns |
23.143 | 29.198 | |||||||
| Due from King's School Worcester re | parent | committee | 334 | 1,208 | |||||
| Due from King's School Worcester | 7,372 | 8,472 | |||||||
| Due from King's School Worcester Activities | Ltd | 6,783 | 3,973 | ||||||
| Prepayments and Accrued Income |
4,000 | 8,850 | |||||||
| Other debtors | 56 | 25 | |||||||
| 41,688 | 51,726 | ||||||||
| 12 | Creditors: amounts falling due within one |
year | 2021 | 2020 | |||||
| E | E | ||||||||
| Due to King's School Worcester | 14,154 | 13,471 | |||||||
| Management expenses and professional |
fees | 4,520 | 3,920 | ||||||
| Deferred Income | 500 | 500 | |||||||
| Other creditors | 690 | 360 | |||||||
| 19864 | 18251 |
| 13 | Movements on funds |
Transfers | Investment | |||||
|---|---|---|---|---|---|---|---|---|
| Balance at | Net Income/ | Between | Gains and | Balance at | ||||
| 1Aug 2020 | Income | Expenditure | (expenditure) | Funds | Losses | 31July 2021 | ||
| f | f | E | f. | f | f | |||
| General Funds | 34,807 | 9,429 | (7,724) | 1,705 | 36,512 | |||
| Restricted Income Funds: | ||||||||
| Parents' Committees Funds |
||||||||
| - King's Senior/ StAlbans | 11,702 | 11,7D2 | ||||||
| - King's Hawford | 27,722 | 5,237 | (5,998) | (761) | 26,961 | |||
| 39,424 | 5,237 | (5,998) | (761) | 38,663 | ||||
| John Pimley Bursary Fund | 110,743 | 33 | (766) | (733) | 17,167 | 127,177 | ||
| King 's School Other Restricted Funds: | ||||||||
| King's School Enduring Bursary Fund' |
2,815,213 | 108,439 | (85,054) | 23,385 | 412,382 | 3,250,980 | ||
| King's School Fellowship Bursary Funds |
319,947 | 225,521 | (132,670) | 92,851 | 37,427 | 450,225 | ||
| King's School M Stevens Bursary Fund | 6,942 | 163 | (1,066) | (903) | 1,383 | 7,422 | ||
| King's School Annual Fund |
8,361 | 349 | (224) | 125 | 8,486 | |||
| King's School Boat Club Fund | 7,675 | 6,284 | (7,194) | (910) | 6,765 | |||
| King's School SPACE Fund | 50 | 30 | 30 | 80 | ||||
| Kmg's School German Studies Award | 250 | 250 | ||||||
| The Robert Harley Award | 2,300 | (1,000) | (1,00D) | 1,300 | ||||
| Peter Iddon Bursary Fund | 15,237 | 4,110 | 4,110 | 19,347 | ||||
| Bancks Blundell Bursary Fund |
10,000 | 10,000 | 10,000 | |||||
| Total restricted income funds |
3,326,142 | 360,166 | (233,972) | 126,194 | 468,359 | 3,920,695 | ||
| Total funds | 3,360,949 | 369,595 | (241,696 | 127,899 | 468,359 | 3,957,207 | ||
| Movements on funds - prior year |
Transfers | |||||||
| Balance at | Incoming | Resources | Net Income/ | Between | Gains and | Balance at | ||
| 1Aug 2019 | resources | expended | (expenditure) | Funds | Losses | 31July 2020 | ||
| f | f | f | E | f | f | f | ||
| General Funds | 35,105 | 4,658 | (4,956) | (298) | 34,807 | |||
| Restricted Income Funds | 3,420,505 | 205,573 | (181,473) | 24,100 | (118,463) | 3,326,142 | ||
| 3,455,610 | 210,231 | (186,429) | 23,802 | (118,463) | 3,360,949 | |||
| Restricted Income Funds: | ||||||||
| Fund Name | Purpose | Restrictions |
| Restricted Funds |
Restricted Funds |
||||||||
|---|---|---|---|---|---|---|---|---|---|
| King's School | |||||||||
| Parents' | Yearto31 | ||||||||
| Unrestricted | John Pimley | Commitee | King's School | July 2020 | |||||
| Funds | Bursary | Fund | Funds | Other Funds | Total Funds | ||||
| Incoming and endowments |
from: | ||||||||
| Donations and legacies |
4,198 | 6,061 | 184,655 | 194,914 | |||||
| Charitable activities |
|||||||||
| Other trading activities | 433 | 13,036 | 13,469 | ||||||
| Investments | 27 | 67 | 31 | 1,723 | 1,848 | ||||
| Total | 4,658 | 6~128 | 13067 | 186p378 | 210,231 | ||||
| Expenditure on: |
|||||||||
| Raising funds | 1,036 | 731 | 5,682 | 20,489 | 27,938 | ||||
| Charitable activities |
3,920 | 18,471 | 136,100 | 158,491 | |||||
| Total | 4,956 | 731 | 24,153 | 156,589 | 186,429 | ||||
| Gains/ (losses) on investment | assets | (4,423) | (114,040) | (118,463) | |||||
| Net income/(expenditure) | (298) | 974 | (11,086) | — | 84,251 | (94,661) | |||
| Transfers between | funds | ||||||||
| Net movement in funds |
(298) | 974 | (11,086) | (84,251) | (94,661) | ||||
| Total funds brought | forward | 35,105 | 109,769 | 50,510 | 3,260,226 | 3,455,610 | |||
| Total funds carried | forward | 34,807 | 110,743 | 39,424 | 3,175,975 | 3,360,949 |