| Trustees | N Clark —Chairman |
N Clark —Chairman |
||||
|---|---|---|---|---|---|---|
| H Carslake | ||||||
| DT Howell | ||||||
| L 8ryer | ||||||
| H Edwards | ||||||
| G W Ballard (appointed | 27January 2022) | |||||
| A Reekes (resigned | 4 April 2022) | |||||
| F Hira (resigned | 11May | 2022) | ||||
| D Dale (resigned | 16May | 2022) | ||||
| P Preston (resigned 10August 2022) | ||||||
| J Weston (resigned | 11May 2022) | |||||
| CJury (resigned | 11May | 2022) | ||||
| LSheen (resigned | 24January 2023) | |||||
| Executive | Officers | G Doodes | ||||
| G Mason | ||||||
| H Sparrey | ||||||
| Clerk to Trustees BAccountant | G Mason | |||||
| Charity Number | 527530 | |||||
| Registered | Name | The King's School | Worcester Development | Trust | ||
| Registered | Office | 5 College Green | ||||
| Worcester | ||||||
| WR1 2LL | ||||||
| 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 | ||||||
| StAlbans | ||||||
| Hertfordshire | ||||||
| AL3 6PF |
| Restncted I unds |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| King's School | ||||||||||||
| Parents' | year to 31 | year to 31 | ||||||||||
| Unrestricted | John Pimley | Committee | King's School | July 2022 | July 2021 | |||||||
| Funds | Bursary | Fund | Funds | Other Funds | Total Funds | Total Funds | ||||||
| E | ||||||||||||
| (Note 13) | (Note 13) | |||||||||||
| Income and | endowments | |||||||||||
| from: | ||||||||||||
| Donations | and | legacies | 4,001 | 1,453,549 | 1,457,550 | 360,012 | ||||||
| Other trading | activities | 430 | 17,169 | 17,599 | 8,469 | |||||||
| Investments | 63 | 8 | 1,305 | 18419 | 1,114 | |||||||
| Total | 43 | 17,177 | 1,454,8S4 | 1,476,568 | 369,595 | |||||||
| Expenditure | on: | |||||||||||
| Raising funds | 1,388 | 816 | 12,887 | 22,659 | 27,254 | |||||||
| Charitable | activities | 4,040 | 8,743 | 301,455 | 314,238 | 214,442 | ||||||
| Total | 3. | 5,428 | 816 | 21,630 | 324,114 | 351,988 | 241,696 | |||||
| Gains/ (losses) assets |
on investment | (2,306) | (65,170) | (67,476) | 468,359 | |||||||
| Net income/(expenditure) | (934) | (3,079) | (4,453) | 1,065,570 | 1,057,M4 | 596,258 | ||||||
| Transfers between | funds | |||||||||||
| Net movement | in funds | (934) | (3,079) | (4,453) | 1,065,570 | 1,057,104 | 596,258 | |||||
| Total funds | brought | forward | 36,512 | 127,177 | 38,663 | 3,754,855 | 3,957,207 | 3,360,949 | ||||
| Total funds | carried | forward | 13. | 35,578 | 124,098 | 34,210 | 4,820,425 | 5,014,311 | 3,957,207 |
| Unrestricted | Restricted | 31July2022 | 31July 2021 | |||
|---|---|---|---|---|---|---|
| Note | Funds | Funds | rotof | Total | ||
| E | E | E | E | |||
| Investments | 3,393,960 | 3,393,960 | 3,483,563 | |||
| Current assets | ||||||
| Stock | 10. | 7,562 | 7,562 | 8,183 | ||
| Debtors | 8,817 | 114,163 | 122,980 | 41,688 | ||
| Investments | ||||||
| Cash at bank | 41,622 | 1,574,596 | 1,616,218 | 443,637 | ||
| Total current assets | 58,001 | 1,688,759 | 1,746,760 | 493,508 | ||
| Creditors: amounts within one year |
falling due | 12. | 22,423 | 103,986 | 126,409 | 19,864 |
| Net current assets | 35,578 | 1,584,773 | 1,620,351 | 473,644 | ||
| Total net assets | 35,578 | 4,978,733 | 5,014,311 | 3,957,207 | ||
| Funds ofthe Charity | ||||||
| Restricted Income Funds | 13. | 4978733 | 4g978p733 | 3,920,695 | ||
| Unrestricted | Funds | 35,578 | 35,578 | 36,512 | ||
| TotalFunds | 35578 | 4 978733 | Sp014p311 | 3,957,207 |
| 31July 2022 | 31July 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| roloi | Total | |||||||
| 6 | E | |||||||
| Net cash flows from operating activities |
1,172,510 | 163,693 | ||||||
| Cash flows from investing activities: |
||||||||
| Dividends, interest and other |
income | from | investments | 71 | 100 | |||
| Proceeds from sale of investments | ||||||||
| Purchase of investments | ||||||||
| Net cash provided by (used in) investing activities |
71 | 100 | ||||||
| Change in cash and cash equivalents |
in the | reporting | period | 1,172,581 | 163,793 | |||
| Cash and cash equivalents at |
the beginning | ofthe reporting | period | 443,637 | 279,844 | |||
| Cash and cash equivalents at |
the end | ofthe reporting | period | 1,616,218 | 443,637 | |||
| RECONCILIATION OF NET INCOME TO |
NET CASH FLOW | FROM OPERATING | ACTIVITIES | |||||
| Net income for the reporting activities) |
period (as per | statement | offinancial | 1,057,104 | 596,258 | |||
| Adjustments for: |
||||||||
| (Gains)/losses on investments |
67,476 | (468,359) | ||||||
| Investment manager charges |
deducted | from investments | 23,475 | 22,131 | ||||
| Dividends, interest and other |
income from investments | (1,419) | (1,114) | |||||
| (Increase)/decrease in stocks |
621 | 3,126 | ||||||
| (Increase)/decrease in debtors |
(81,292) | 10,038 | ||||||
| Increase/(decrease) in creditors |
106,545 | 1,613 | ||||||
| 1,172,510 | 163,693 |
| 3 | Analysis | ofexpenditure | 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| E | |||||||||||
| Raising funds | |||||||||||
| Bank and fundraising | website | charges | 767 | 578 | |||||||
| Fund raising | OV merchandising | costs | 621 | 3,126 | |||||||
| Investment | Manager | fees | 23,475 | 22,131 | |||||||
| King's School Parents' | Committees | fund | raising events' | costs | 12,887 | 1,419 | |||||
| 37,7SO | 27,254 | ||||||||||
| Charitable | activities | ||||||||||
| Grants to The King's | School Worcester | 309,998 | 210,422 | ||||||||
| King's School Parents' | Committees | other | charitable | grants | 200 | ||||||
| Governance | costs | 4,040 | 4,020 | ||||||||
| 314,238 | 214,442 | ||||||||||
| 351,988 | 241,696 |
| 7 | Fees for Audit/Independent | Examination | Examination | ofthe accounts | ofthe accounts | 2022 | 2021 |
|---|---|---|---|---|---|---|---|
| E | |||||||
| Auditors' fee | 3,580 | 3,520 | |||||
| 8 | Grantmaking | Grants: Total | Amounts | ||||
| 2022 | 2021 | ||||||
| Purpose for which grants made: | E | E | |||||
| Bursaries for pupils attending | King's School Worcester | 183,448 | 197,425 | ||||
| Other charitable support for | King's | School | Worcester | 126,550 | 12,997 | ||
| King's School Parents' Committees | other charitable | grants | 200 | ||||
| 310,198 | 210,422 |
| 9 | Fixed Asset Investments | 2021 | |||||
|---|---|---|---|---|---|---|---|
| f | |||||||
| Investments held primarily to provide |
an investment | return for the charity: | |||||
| Carrying value (market value) at beginning |
ofyear | 3,483,563 | 3,036,321 | ||||
| Add: Additions to investments at cost |
|||||||
| Less: Disposals at carrying value | |||||||
| Investment income received |
1,348 | 1,014 | |||||
| Investment Manager charges |
(23,475) | (22,131) | |||||
| Add/deduct: Net gain/(loss) on revaluation |
(67,476) | 46S,359 | |||||
| Carrying value (market value) at end ofyear |
3,393,960 | 3,483,563 | |||||
| At the year end f3,067,801(2021:f3,134,133)ofthis total value was invested and unit trusts and f326 159(2021:f349430)was held as a cash deposit. |
in UK open ended investment | companies | |||||
| 10 | Stock | 2022 | 2021 | ||||
| f | f | ||||||
| Branded goods held for resale/trading | activities | 8,183 | |||||
| 11 | Debtors | 2022 | 2021 | ||||
| f | f | ||||||
| Tax reclaimable on Gift Aid donations |
46,354 | 22,309 | |||||
| Owed to Parents committees | 800 | 334 | |||||
| Due from King's School Worcester | 7,372 | ||||||
| Due from King's School Worcester Activities | Ltd | 8,105 | 0 | ||||
| Prepayments and Accrued Income |
64,663 | 4,000 | |||||
| Other debtors | 2 | 56 | |||||
| 119924 | 34071 | ||||||
| 12 | Creditors: amounts falling due within |
one | year | 2022 | 2021 | ||
| f | |||||||
| Due to King's School Worcester | 120,819 | 21,526 | |||||
| Management expenses and professional |
fees | 5,080 | 4,520 | ||||
| Deferred Income |
500 | ||||||
| Other creditors | 510 | 690 | |||||
| 126 9 |
27 236 |
| 13 | Movements on funds |
Transfers | Investment | Investment | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at | Net income/ | Between | Gains and | Balance at | |||||||||||
| 1 Aug 2021 f |
income | Expenditure f |
(expenditure) | Funds f |
Losses | 31July 2022 f |
|||||||||
| General Funds | 36,512 | (5,428 l | (934) | ||||||||||||
| Restricted income Funds: | |||||||||||||||
| Parents' Committees Funds |
|||||||||||||||
| —King's Senior | 11,702 | 822 | 822 | 12,524 | |||||||||||
| —King's StAlba ns | 6,099 | (3,044) | 3,055 | 3,055 | |||||||||||
| - King's I-lawford | 26,961 | 10,256 | (18,586) | (8,330) | 18,631 | ||||||||||
| 38,663 | 17,177 | (21,630) | (4,453) | 34,210 | |||||||||||
| John Pimiey Bursary Fund | 127,177 | 43 | (816) | (T/3) | (2,306) | 124,098 | |||||||||
| King 's School Other Resrncted | Funds: | ||||||||||||||
| l&ing's School Enduring Bursary |
Fund | 3,250,980 | 46,664 | (139,809) | (93,145) | (59,006) | 3,098,829 | ||||||||
| Kmg's School Fellowship Bursary |
Funds | 450,225 | 132,019 | (65,227) | 66,792 | (5,930) | 511,087 | ||||||||
| Kildare Bursary Fund |
1,100,000 | 1,100,000 | 1,100,000 | ||||||||||||
| King's School M Stevens Bursary | Fund | 7,422 | 164 | (1,070) | (906) | (234) | 6,282 | ||||||||
| King's School Annual Fund |
8,486 | 463 | (689) | (226) | 8,260 | ||||||||||
| King's School Boat Club Fund | 6,765 | 116,882 | (116,019l | 863 | 7,628 | ||||||||||
| King's School SPACE Fund | 80 | 50 | 50 | 130 | |||||||||||
| King's School German Studies |
Award | 250 | 250 | ||||||||||||
| The Robert Harley Award | 1,300 | (1,300) | (1,300) | ||||||||||||
| Peter Idden Bursary Fund | 19,347 | 3,239 | 3,239 | 22,586 | |||||||||||
| Bancks Blundeg Bursary Fund |
10,000 | 15,000 | 15,000 | 25,000 | |||||||||||
| Kings Ukrainian Funds |
9,123 | 9,123 | 9,123 | ||||||||||||
| Kings Chess Fund | 31,250 | 31,250 | 31,250 | ||||||||||||
| Total restricted income funds | 3,920,695 | 1,472,074 | (346,560) | 1,125,514 | (67,476) | 4,978,733 | |||||||||
| Total funds | 3,957,207 | 1,476,568 | (351,988) | 1,124,580 | (67,476) | 5,014,311 | |||||||||
| Movements on funds —prior year |
Transfers | ||||||||||||||
| Balance at | Incoming | Resources | Net Income/ | Between | Gains and | Balance at | |||||||||
| 1Aug 2020 f |
resources f |
expended f |
(expenditure) f |
Funds | Losses | 31July 2021 f |
|||||||||
| General Funds |
34,807 | 9,429 | (7,724) | 1,705 | 36,512 | ||||||||||
| Restricted Income Funds | 3,326,142 | 360,166 | (233,972) | 126,194 | 468,359 | 3,920,695 | |||||||||
| 3,360,949 | 369,595 | (241,696) | 127,899 | 468,359 | 3,957,207 | ||||||||||
| Restricted Income Funds: | |||||||||||||||
| Fund Name | Purpose | Restrictions | |||||||||||||
| King's School Enduring Bursary |
Fund | Bursaries for pupils attending | the School | None beyond | purpose ofgift | ||||||||||
| King's School Fellowship Bursary |
Fund | Bursaries for pupils attending | the School | None beyond | purpose of gift | ||||||||||
| King's School M Stevens Bursary | Fund | Bursaries for pupils attending | the School | Grants towards cost oftrips | |||||||||||
| Kildare Bursary Fund |
Bursaries for pupils attending | the School | None beyond | purpose ofgift | |||||||||||
| King's School Annual Fund |
Equipment purchases |
None beyond | purpose afgift | ||||||||||||
| King's School SPACE Fund | Development | ofthe Sports and Performing | Arts Centre | None beyond | purpose ofgift | ||||||||||
| The Robert Harley Award | Enable pupils | to continue with an activity |
None beyond | purpose ofgift | |||||||||||
| Peter Iddon Bursary Fund | Bursaries for pupils attending | the School | Pupil with clear cncketmg abihties | ||||||||||||
| Bancks Blundell Bursary Fund |
Bursaries for pupils attending | the School | None beyond | purpose ofgift | |||||||||||
| John Pimley Bursary Fund | Bursaries for pupils attending | the School | Named award; | pupil progress | |||||||||||
| Parents' Committee Funds |
Equipment purchases |
Parents' | Committee approval |
||||||||||||
| Kings Ukrainian Funds |
Bursaries for pupils attending | the School | Pupils from | Ukraine | |||||||||||
| Kings Chess Fund | To support the playing of chess at the School | None beyond | purpose ofgift | ||||||||||||
| Sufficien resources are held in | an | appropriate | form to enable each fund to be applied | in | accordance with |
any restrictions. |
| Restricted | Restricted | Funds | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| King's School | ||||||||||
| Parents' | Year to 31 | |||||||||
| Unrestricted | John Pimley | Committee | King's School | July 2021 | ||||||
| Funds | Bursary Fund | Funds | Other Funds | Total Funds | ||||||
| Incoming and | endowments | from: | ||||||||
| Donations | and | legacies | 6,097 | 353,915 | ||||||
| Charitable | activities | |||||||||
| Other trading | activities | 3,234 | 5,235 | 8,469 | ||||||
| Investments | 98 | 33 | 2 | 981 | 1,114 | |||||
| Total | 9,429 | 33 | 5,237 | 354,896 | 369,595 | |||||
| Expenditure | on: | |||||||||
| Raising funds | 3,704 | 766 | 1,419 | 21,365 | 27,254 | |||||
| Charitable | activities | 4,020 | 4,579 | 205,843 | 214,442 | |||||
| Total | 7,724 | 766 | 5,998 | 227,208 | 241,696 | |||||
| Gains/(losses) | on investment | assets | 17,167 | 451,192 | 468,359 | |||||
| Net income/(expenditure) | 1,705 | 16,434 | (761) | 578,880 | 596,258 | |||||
| Transfers between | funds | |||||||||
| Net movement | in funds | 1,705 | 16,434 | (761) | 578,880 | S96,258 | ||||
| Total funds | brought | forward | 34,807 | 110,743 | 39,424 | 3,175,975 | 3,360,949 | |||
| Total funds | carried | forward | 36,512 | 127,177 | 38,663 | 3,754,855 | 3,957,207 |