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|||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|
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|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|||||
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|||||||(|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|
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|||||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|
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||||||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)|
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|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|
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|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|
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|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|||
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||||||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|