THE KING'S SCHOOLWORCESTER DEVELOPMENT TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Redd Chartty No.. 52753Q
IHE KING'S SC•tOOLWORCESTER OEVEiOPM£NYTRusr AP4APKIALSTATfAIEf415 FOR THE YEAR ENDED 31 IULV 11124 CI)NTfNTS OFTIIE FINANQALSTATEMENTS Pa8e Charlty InfDrmatlon Trustees, Aewt Audittt's Report 8-10 S1*eml of Flft3rKlal Attivltles li Balance Sheét 12 C85h Flow Notesto thE Fin•ncÈal Statements 14- 19 Page 1
ThE KING'S SCHOOLWORCESTER DEVELOPMEKfTRUST FINANaAL STATEMENTS FOR ThE YEAR END£0 31 JULY 2014 CHARITY INFORMATION Trustses N Clark Chairman l Attwater G W 8all4rd K Beever L Bryef H Corslake T Dupernex H Edwards l Folev D L Green W Hobbs (Appjinted iOOctober 20241 DT Howell txecull¥e Offi¢eYs G DOe$ IRe$4ened 31 August 20241 A Ol¥ver (Appointed i September 20241 G Mason H Sparrty Clwk ioTrvgtees & A¢¢ountsnt G Mason tharltyI4trmber 527530 Re8lstrd N¥m The Kin8's S£hool Worcester Development Trust It1¢d Offl¢t S College Gree Wo¥cester WRI 2LL Auditor Rlchard5 Sandy Audit Services Llrnlted Thorneloe House 25 BarbouiTre Road Worcester WAI IRU Lknyds Bonk PIC 4 The Cf055 WoT£e5ter WRI 3PY In¥estmonf Ad¥lwi NK Finafttlal Manaiement Llmlted Suite 12c STANTA business Cent 3 5oothou5e Sprlni St Albans Hertfordshlre AL3 6PF Page 2
THE IUNG'S SCHOOL WORCESTER DEVELOPMENT TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YfAR ENDED 31 JULY 2024 The Tru5tè of the Kin8'5 school Worcester Devebpment Trust present thefrafinual p}rt for Ihèyear ended 31Juty 2024 under the Chaiiries Att 2011, togetherwith the audiied finarscial st6tements for the ye¥. The linanciil statement5 have been ptepared In a¢iordarTrce t the accoyntlnÈ policies sei out in notesto the accounts and comply 44th thetharits governing dacument. the Charities Att 2011 ènd Accounting and ReportlnÈ byCh)rities.' Statement of Atyornmended Practice ap1¢abIttO char*ties preparing thelr actorjnts in accordance wkh the Finarcial Reporting Standard appltable in UK and Republic of Ireland its5ued in Octo1 2019. REFEREPICE ADMINSTRATIVE INFORMATKJN The charky was founéed In 1968 and is a reEistered rhèrity regulated by the Charity Commls5ioneis lor £rt8land and Wales. The Trustees. Exerutive Officers and princlpal addYesse5 (Jf the Charity are as listed on p?Ee 2. MUCTURE GOVERNANCE AND MANAGEMENT Gov•rnln$ DWrnent The charSty 55 8o¥erned by Its Trust Deed dated 20 5epte¥nbEr 1968 whlch w05135t amended In SÈpttmber 2005. ReC•t andTerrnsol Ollke oifrysteos Trustees are elected at è meetingofthe Board ol Trustee5 on the ba51$ of no1&105 received from existing frustee5, Exerutive Officers or other pers(Ms workln8 Wlth the Trusr, having re8ard to the 8oafd's rpqulrements concernlTr8 eligibllity, personal competence. spec5alist s1, avallability and any relationship Ipast tsr presentl with the KinB'5 School Wor£ESter. Member5 of the Old ViBomian Club ond pèrÈnt5 of current andlor fomer pupils of The Kitt8's Schonl Wwcester are ¥epresented on the Board of Trustees. All Trustees serve foraterm of four yea'.5 at the eryd of which they may be re-sppointedfora furthe¥term of fouryear5. The Trust Oeed glso tncludts provlslott enabling the Ooa¥d to invite indlvlduals toserve IOT more than two term5 and beyorbd the age of 75 in specific circumstances. New Trustees are inducted into the workings of the chaTlty thrDugh invitatlons to V151t the Trust and the prow5ion of 3 iornprehensive britfirbg pack and by personal £oRtact wr<h other Trust. In addltion there are opportvnitie5 for Trustees io ¥ttend relevant tralning sern4nar5 and re¢eiYe briefings provlded by varSou5 organlsatlons. 8anlsaiional Management ThÈch3rityTrustee5 arè legally responsIbfOr theoverall management andcontrol ofthe Trust and rneet os a 8oardat leastthree times è year. The Trust's Invt5tTrefir po51cy is estatslhed by its Investment Comm¥ttee and approved bv ihe Board of Trustees. The implementation of the frust'5 Investment policy Is delegated to the appoinied Investment Manager who reports directly ro the Board of Trustees at least on¢e è year. The Trtssteos nomination5 committee con55der the recruittneryt and rerlrement of Trustee5 conslderingthe speciali$t $klSets required within the Board. The day40.day runnin8 of the fund raisin& and administrative activifieg ol the Trust de1e8atèd to the ExecutivÈ Olfiters, akhough at any time iTrth¥ldttal Trustees May a15u be invL7fved with the plaTrn4n8 and implementatlon of specrfic initiatlves. The ExecutiveOfficer5 pl ihe Charity Compryse the Foundètion Flead, the Director of Firsance and Busine55 DEvelopment and the Head of Altsmni and Business Development. Thi5 Structure Ènsure5 tbat the Trustees have a close working relalionship with rhe School and underst8ryLI fully its needs, enhbllng then to dlrect the charftable funds of the Trust in an appropriate mannw in actordanie with thv charitableobjecttves. Prfe3
THE KING'SSCHOOL WORCESTER DEVELOPMENT TRUST ANNUAL REPORT OF THE TRuE£s FOR THE YEAR ENDED 31 JULY 2024 A15k MageMent TheTrustees art wponsiblefor the mar¢a8ement of the rlsks faced by the Kin8's School Woviester Development7rust. Governance. management, operational, linanrial and environment rlsks have beefj £onsKlered &nd the Trusiees are satisfied that there is no material eMIJ05Lire to rlsk and ihat there are procedure5 in pl¥e io mitigate such risks. The Trustees have agreed lines of dèle8atioTI aythority and both the Trustee5 Exe¢uti¥e Offer5 ere involved in the recognition of rlsk In their attNrties. It is recggnised thai 5V5terns can only provlde reasorbable bvt not ab5DIEtte assurantÈ that major rtsks have been adeouately mana8L¥J. OBJECTS, AIMS AND AcnvmES Charllable Objects Thecharitws Oblects, 45 seiout In ItsTrL¢St Deed, areio provldefTnancSal supportto choritablepurpose$ connected wlth The 8,5 Sch)ol Worcesterorto the purFse& ol otberch3ritable foundations provldedihetru5tees have first CDll5ideredthe requlrements of The n's School Worcester. Publlc eenefftt Alms ond Intended Imptyrt Withln these Objects the Tryst has as spectFlc publk aims as follows. the primaryfunction Is thtgeneratksn of fund5 from vknlch to make signlficant bursary st¥fits to enable pupils to attend Thè King's S£hool Worcester whose 3rnllies would otherwlse be unable to afford forthem to do so. A Secondary alm is the generation of funds to enable ihe School to undertake malor capita4 ojetts which a¥e Intended to enrlch the pupi15' experlence and learnin8 Opportunities. The Trust always consider5 the wishes of our donors in the allocaUon of lynds between these aims. TheTru5tee5 hwe complied with the duty in 5ectior 17 of the Charitie5 Act 2011 tts hwe dye regard to ihe Charity Commlsslon's published genèral and relevant sub-sector gutdantr £on¢erning the operation of the Publlc Beneflt requirement under that Act Bnd have ¢rtakert appropriate activltles in furtherance of the charity's alms for the Plfblic beefft. StTat¢8le5 lorA¢hle¥ement of ObJectlv•5 The underlying 5traie6yfor the gÈneratloo of lund5 from whlch to pr0videon-gDgflnartC1èI support k to cornmuAicate the ttir and objertNes of the Trust to all atÈas of The Kln8'5 school community and to promote 8 £ultu¥e of Idlow5hip %yith and support forthe Schoel. The importaftce gf all se¢tor5 of the xhool comrnunity to the wgrk of the Trust is In par¢ reNe£ted by ihe result$ of the s1C1f5( fundrals1ng artivltiÈ& undertaken by the 5chooYs parentg committees and alumni association. whlch are included within the fmattclal statements a5 restrfcted funds. Grant manI Poli£y The 8rènt makin6 polity In respert of fund5 held by the Trust Is formulaied by the Tru5tee5. Two Èxceptions to thi5 relaie to the funds eld by the TruRees as custodlan trusiee5 for the School and fun(ts held wh1 The Kin¢$ Sthool Parents, Commtttees Fund5. The valueof funds allocated out of restricted fvnds toThe Kin¢9 school Worcester forthe pravlslon of means4e5ted bursarie5 15 reWed and a8reed on an annu31 basis bytheTrustee5, Usually durin8theAuturnn term. The extent lowhh funés are awarded to the School for rhe provision ol bursarles Is deterfflintd by the Trustees having regard rMIt only to the resource5 immedlate a¥ahl3ble but a150 the long term fundin8£ommi¢ment as50Clated wlth an entry level bursary. PaEe 4
ThIÉ KING'S SCHOOL WOCER DEVELOPMENTTRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 Makln8 Pollcy leontxiuedl The allo¢atlon to lTrdivldual puplls ofthe bvr5aryfvnds provided bytheTrust 15 performed by the SEhool. The Jwards to puplls èrè made on the bas15 01 an 45se55mÉnt of mÈ•ng (the proceduTefor wknlch 1$ tornmon to bwsaries lunded Intetftally bythe School Itself Jndlhose supported by the TA[}.. th Indlvidual's educational poteIldI ond, in the t•se of fund5 provided bythe Trust anv particular conditlons that may hJve been imposeo by theori8lnal donor. Donètlons made to the Trust in CnntN wrth the May 21Kll Kin6's School Wr+ester Appe Brochure are held fr&r the SCI01 by the TrL5tees as custodion tfwrees. Actordingly these Funds are reported within the accounts of the S£hool and are disl)urse at the discretion OF thè School's Gi)vernLFr5_The Lknnatlon$ in the ye¥ were£15612023- £156lwith £nil inclyded within (redito in the Trust accounts at 31 ju 1024. Sln£e Aprtl 2tX15 the TrLtst has assumerl accountin8 re5pon51kn1ity lor the fund r518 unéertaken by The King'5 School Worcester ParÈnt5' Cornmiltee and during 21K)8 also o55umed simila¥ responsibility lor the fund ra15ing by The KinB's Trlawford Parents, CommÈltee and during 2022 for thelund raising by The Kinl5 St Alban's Parents Soctal Group. Grants are mÈde frorn these lunds to The Kinls Schth)l. Worcester, usually to purchase 5pecrfic items tsf equipment. )nd also to other charitie5 at the discretvjn ot the rnEmbers of the Parents, Cornmittees. Fundftlilr The Trust ha5 not used profession3lfundra15er5 duringthe year butits fundraisingability is lurthered by theactlvittesof theAlumnl and BlDe$S Development Office of the khool which is fegi5tered with the Fundr8lsiJiE Regulatt)r. The Trst abide5 by the Code of Fundraisin8Pfactice and its own tharitBble pledge. There have been breaches of thls codo irt theyeaf orcomplaint5 received. The Olrettof ol Flnance anil Susiness Development oyer5eesall fundraising actlyitiesand reports on the5eiotMe B03rd of Tru5tets. The Trust hès token all reasonable precatAsons to protect vulnerable PeOe and her members of the publlc from reasonablY intrusive per5iStent fundralslng. ACHIEVEMENTS AND FINANCIAL REVIEW Achlewrnents ptrtorm¥K RestriLted bursèryfund$ totèlling £209.27012025-£221,8761 were paSd toThe Kln8's School Woreester during theyearln Te5pect of the funds allocated to the School by the TttAstee& for the provislon of buryary awards for the 2023n4 acadetnii year and also In respectof theaErÉed transfer of fund5 to support pupi15 Wlth the cost ol trips and related schoDI activlries. Durlng the Summer term 2024 the Tru5teeg renewed the level of funding commktment for 2024125 at 14.9 full fee equfjvalent bursaries 5UPPOrted dlrectly bythe Trust and therefore at 31 ju 2024 the additional TrSt funding Eommltment amounted to E282,727.50 In respect of tuition fee bur5arle5 for thÈ 2024125 aEademic year, tO8ether with a further £1,0 for lh provision of 8rant5 f trlp5 and 8Ctivlt4e5. Resuft$lorthe Yur The Trustees report that the net amount Incomlng into the unrestritted fund for the perio*J was £1,40412023- d1¢ £4.5601. Duringtheyearthe frwtsolicited and received doryations eApre551y wven to pro¥ide suppDrtfor a550rted proje5 connected wlth the King'5 school Wof¢ester. The net defieit amount from the appropriater•tricted fund5, excluding any tran5fer5 between funds and in¥es¢ment Kains, in theyeac wag £62,04412023- dellcit £137.8591 as detalled in note 13. These results generated by the on-goln¥ work ol the Alumni and Business Devdopment Offi'ce ind the fund-ralsSn8 activitles of the Parents, Committee5 have enabled the Trustees to Continue to provide 518nilicant support to The Kin15 Sthool Worcestkr. During the year the combtned surplus eenerated by the three Parents, Committee5 amounted to £21.74012023 deflclt £6,745}. Donation5 tDt411in6 £6,82212023- £30,964lwere madetotheschool towaTd5 the cost of variou5 Item5 resulting in net transfer to the Parent5, Committees restricted funds fortheye&r of £21.74012023 deficit É6,74SI. Page 5
THE KING'S SCHOOL WORCESTER DEVELOPMENT TRUST Af4NUAI REPORT OF THE TRUSTEES FOR THE YEAR ENDÉO 31 JULY 2024 Rwhsfor the YeHf IntInue&l The Trtee5 con51der the results for the year to be 5atlsfactor¥ and SUWKnI fvr¥ds are available to permit the Trust to continue in operation in the medium teTtn. Re$ew Poli¢y Total reseTves at the year end were £S.444,90912023.. £5,058,407) of which £32,4221202& E31,0181 were uttrestricted and £5.421,48712023.. £5.027,3891 were restrlcted funds (see note 131. Thefund5 held within The King'5 Schotsl Parents, Commlttees lunds are malntalnÈd * a level strfficientto meetat le8St &9 month5 estimated fund-raising expenses. Funds rnay be held In exce55 of this arnounr when fundoi51118 IS tar8eted towards a specific prolKt or puFth35ewhlch has thrjt been completed ètthoye8r end date. With the Èxteptlon of the restricted funds known as the EnduThnÉ Bursary Fund and Kildare Trust Bursary Fund, rÈseNe5 of £838,192 ctjrrently held within the remalnSng unrestrlLted and Testrirted income funds are sufflclent to meet the on-8olng expen5e5 and non-bur5ary tharttable funding inter¢tions of the Trust fo the next 12 months tO8ethef with a further sum representingthe 8pproximate renewal cost of theTrusl'seKistingbutsaryfundingcomrnitmentsforthe nextthree academk years. Based on current levels of e¥peTrditure the Trustee5 retttgnise that onrestricted reservÈs held by the Trust are in excess of thls policy butfeel that thls Is approprlate atthistlme and wlll rewewthe reserves policy in due course. A lignrficantlydifferent reserwe5 policy 15 applied by the Tru5tee5 toihe Endurin8 Bursarytund. Althou8h, as a restricted fund, the full value o the fund may be expended, the reserves and investment policies èdopteo by the Trustee5 reflett thelr long zemi oblecrlve of TnaintainlnB rese+yes within this fund at a level which pre5Èrve5 the full fee equlvglent value of the donètk)ns made to thls fund In orderto 5U5tain the pFovFsion ol a Wven number of bursary awards for the foreseeable future. In¥èstmetht Pol The TNst Deed authorises the Ttee5 to make and hold investments U51nE the ¥eneral funds of the Charlty. An In¥e5tment Advlsor has been appolnted to assist in the lulfilrnent of thé Trusys Investment policy. The 8eneral Inve5tmeni pollcy a8reed by the Board of Tyustees 15 based upon a totsl Investment return approach,. acceptante of a"mÈdlum- level of risk in the long term 8nd use of the FTSE All Shave Index ladjvsted to take otcount of the FTSE All Share éiv4dend yitldl as a benchmark for è5se551ng Investment petfoMnCe. FUTURÈ PLANS The Trtsstees intend to tontlnue thelr cutrent strategies to allow the Trust to providÉ on-going finarKial 5UPPOrt to The School bvrsary scheme and capital projett5. ACCOUNTING AND REPQRTING RESPONSIBILITIES The TrUee9 are responsible fur pparing the Annual Report and financial ttatements in SCCOTdance wlth applieable law and Unlted Kin6dom Generally Accepted A¢countln8 Practice. The Charltles Act 2011 require5 them 35 charity trustees to prepare financl315taternents foT each flnancial year which 8lve 3 true ènd fair view of the charity's financial actirIeS during the year, and of its financial poshion at the end of the year. In pieparin8 financial statements to 8lve a true and la5r view ihe Trustee5 should follow best practice and.. Select suitable ac£oubtlll8 policies and then appty them con515tently. ObseTve the method5 and PTinciple5 in the CharStie$ 50RP 2019 IFRS ID21. Make judgments and estimate5 that are feasonable ènd pnjdent. Follow applicable ac£ounting stdndard5 and siatements of wornmenda prattlce. dlsclosing and explolnlng any departures in thelinancial statements. Prepare the finan£Éal statements on the 801118 ¢oncern basls unless It Is inèppropriatE ty presume that the Trust 11 continue In operatlon. Pa8e 6
THE KING'S SCHOOL WORCESTER DEVELOPMENT TftUST ANNUAL REPORT OF THE TRUSTEES FOR ThE YEAR ENDED 31 JULY 2024 ACCOVPIFING ANO REPORT114G RESPONsIBILifiES I¢oAtlnuedl The Trustees are re5ponslble for keepln8 accounting lerdS which dls¢lr)5E Wlth re&onable accvra£ythenrEancial p05ftbn of the charity, andwhich eTraetherntO ascertain the financ1 positioo of the charityandto en5urethattheNn•ncia15tatementstomplv wFth appllcable law and re8ulation5. They a also responsible for safeÈuardin8the assets of thecharftyalld enSrI their propel applKation lo accorthnce with charfty law. and hence fortaking r*asonatAe $teps for the preventlon afid detection of fTawJ and other Srre8ularltles. Approved by the . rd of Trustee5 of the Kin8'5 khool Development Trtssi on 13th February2025 and si6ned on its behaw by.. N Uark thairman of the Board of TrustÈe5 Page 7
THE KING'S SCHOOL WORCESTER DEWELOPMENTTRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 20Z4 INDEPENT)fNT AucrffoR'S AEPORTTO ThE TRUSTEES OFTHE KING'S SCHOOLVIO8CEmR DEVELOPMEIITTRUST Oplnlo We have audited the h'nar¢cial statements of The Kifig's School Worcester t)evelopment TrLtst Ithe'charltl for the year Ènded 31 July 2024 which comprlse Staternent of Financial Activities, B31an¢e Sheet, State.ent of Cash Flows and notes to thefinBncsal siatements, includin8 a summary of si8nificant aciounting policies. The fIantial reporting frarnework thot has been applied in their preparatlOTr 15 applicabte lèw and Unlted Kinid¢m Attountln8 Standards, including Financial Reportind standard 102 The Frnonciol Reporting Srundurd opplicoble in the UK ond Republk of Jrelund Iunlted knngd(Im Generally Accepted Accounting Prattlcel. In OUT Dpinion thefinènclal staternents.. glve a true and fair view of the state of the charitvs ?ffair5 as at 31 Juty 2024. and of it5 incoffling resouFces and application ol fe5¢)urces, for ihe ye3r then ended,. have been proptrly prepared in accordance with United Kin8dtsm Generally Accepted Accounting Proaice,. and have been prepared in accorESance w4th the requlrement5 01 the Charities Act 2011. 8a$h for oplAIo We conducted ou( audlf in accordance with Intemational Standards on Audf£ing IUKI IISAS IUKII and oppll¢able law. Our respon5ibili(ie5 under those siandard5 are furthtr descrybed irs the audrtor resronsibilltles for the audit of the financlal st8tementS 5ectlon of our report. We sre inLepÉndent of the £h)rlty In 3ccordan£e with the ethkal requirements that a relevant to OL4r audit of the financial 5tatement5 in the VK, includln¥ the FRC'S Ethlcal Standard, and we ha¥e fulfllled our other ethical re5wnslbilitle5 in accofdance with these reglIet5. We belleve that the audit evi¢Jence we have obtained is sufflclent and approprlate tj) provlde a basls forvur oplnlon. CondusloH$ rnlailn8 to soin6 ¢on¢em In ¥uditin8 the financial 5tstements, we have concluded that the trustee5' use of the iolng Concern ba51$ tsf actouTrlin¥ In the preparation of thè finBncial staiement5 isapwopriate. 8èsed on the work we have performed, we have not Identified any ITefal uncertwirtle5 relatin8 tg events or ¢onditlons that, 1ndividu•l+y or £dlettively, m¥y cast significant doubt on the charltv's abilfjty to continue as a goln8 concern for 8 period of at le35t tWEfve months from whtn the flnanc181 stateffients 3re authorised for i%sue. Our re$kxTrnslbllltles and the fe5pLwsibllitles of the trustees wlth respect to 8oirF8 concErn are described in the rdevant sections of thSs report. Othw Infomiatlo The othw inform3tson comprlses the Informatlon Included in the trustées anfiual Port. othè¥ than thÈflnanchil stotements and our aLTrditorfs report thereon. The trustees aTE responsible for the other inlormgtion contained withln the athnual report. Our opinion on the flnaThclal statements does not (Dver the other information and, extept to the extent OtheSe explkltly stated i our report, we (lo not expre55 any form ol assurance tonclu5ion thefeon. Our fe5porsibility is to read the other informatson and, in ijoing so, cot)sider whether the other inforniatioo m&teri& inconsistent vlith the financlal statements OT our knowledge obtained In the rouise of the audit or otherwise appear$ to be m8teri811y mis5taied. If we identlfy such material incons>stencle5 or apparent material rni5$1atements, we are required to determlrle whether thi5 Blves rlse to a matellal misstatement in the financi#l stattments themselves. If. based on the work we have perfomied, we cortclde that there is a material mlsstotement of this other informati£, we aTe required to POrt that fact. WÈ have nothing to rep¢)rt thi5 re8ard. Page 8
ThE KING'S SCHOOL WORCESTER DEVELOPMENT TRUST FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 JULY 2024 INOEPENDepiT.AUOITOR'S RÉPOATYOTHETrusfEES OF7HE KING'SSCNOOLWORCEsfER DEVELOPME14TTrUST Iconlinuedl Matterson T4hl¢h wè ate requlred to report byeM¢emlon W• hève nothlng to report in respett of the fdlowlng matters in relation to whi¢fv th2 Cha¥itie5 IA£coL4nts avd Reports Regulatlons 2(WJ8 require us to report to you rf, in oUroplnn.- the inf0mlI0 given in the finanoal statements is inconsistent any materlal respect wlth ihetrusiees. report; or sufflcleTht accounting reiurd5 have not been kepl., or the finanoal stètements are not in agrtemenl vjith iheauountlng records,. or we have not tecelved all the Informatlon and explan8tions we requlre forour au4J¢t. Re$ponslblltt5 oltrustees As explained more lully in the irusiee$' re5ponsibilitles stalemeat set on p4e 6. the trustee5 are rwonslble for the PTeP3railon of financlal statement5 whith give è tr and fair wew, and for such Snternal control as the ttustee5 determiTre is netessary to enèble the preparation of financlal statements rhat ave free from material mi55tatemenL whethor due to fraud or error. In preparing the financial stat¢meThts, the trustees are resnsIble for a55e5sin8 the charlty's ability to contlnue as a ooi Eoncern. d1109ng, as applicable, mBtters reled to 8oin8 concern and u51Ts8 the 8oin8 conierry bèsis ol a£cDUntinR wile55 the trustees elihe¥ inteDdto liquidate the charity or to cease operatk)ns. or have no reallsEK alternative but todo so. Awlltoes MsponsJblSti4sforthe audlt of the finala1 51¥lements We have been 3ppointed as 8uditor undtr séttlon 144of the Charitles kt 2011 and report in accordance wtth regulatlons rnade under secrion 154 of that Att. Our are to obtaln rea50n3ble assurance al)ovt whether the financial statements a5 a wholè are free from material mlsstatement. whether due to Iral or enor, to Issue afi auditoWs report that Indudes our orynion. Aea5(bnable assurance is a hiah level of issuranc£ but is not a Euarantee that an audlt conducted In accordance with ISA5 IUKI will always detert a rnaterial miMtateFnent when it exist5. Misslatemenis a¥i5e from fraud or error anit are consldered material if, indSvidually or in the aggre8ate, thy could reasottabty bt expected to inlluen£e the eiongrnic declslons of u5¥5 taken on the basi5 of these flnanc+al statelnents. IrreglOritIeS, includln8 fraud, are instances of non<ornpliance with laws ané regulations. We de5i8n procedures in line with our responsibilities, OirtlinEd above, to deteet material misstaremeotg Sn respect of Srregulafltles, including ffaud. However, 11 ls the primary fespon5i141ity ot mana8ernent, wth the over518ht of those charged with 8overnznce, to ensure that the entlty's operstins are conducted ID accordante with the prov15ions of law5 and re8ulotlons and for the Pfwention and dptectlon of f¥4ud. In identifylng atid 855e55in8 risksof materièl rnisstaiemeni In respert of irregularft¢s. In¢ludin8 frdud. we h8ve'. obtained an understanéin8 of the nature of the industry and sector, IncludlnB the leKal and re8ulatory framework that the company operates in and how the company Is towplyin8 Wlth the lesal ènd regulatory framework,. ènd Inqulred of mana8emenL and those charged with 8overn3nce. aiKJUt their own identification ané è$5essment of the rlsks of rrp4ularitle5. includingany known actual. suspected oralleged instances of Iraud. Page 9
THE KING'S SCHOOL WORCESTER DEVELOPMENT TRUST FINANCIAI STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 INDEpeNDEPll AUDITOR'S REPOftTTO TrIE T¥¢U571ES OFTHE WI4G'5 SCHOOL WORCESTER I)EVELOPMENfTRUST (Cont1ned) A11101,$ respo•$lbllttlèsfoi tht audlt olthe finonckl st¥en Icoftiinyedl As a re5uk of these procedures we conslder the rnost siEDifi¢ant laws and regulation5 that have ¥ diwt impact M the finan£ial StatentS arethe Charitles SORP (FR5 1021'A(countin8 and ReptsrtiThg by Charitie5.. Statement of Recommended Practice applicable to charities preparing their ac£ount5 accordance th the Finan£lal Reportlng Standard applicable rn the UK and Repub15c of Irelènd IFRS 1021 lelfectwe l January 20195. Flnancial lieportin8 StandaTd 102 'The Frnancial ReporrSng Staadard ap1(able In the IJX and Republic of Irand, and the Charltie5 Act 2011 land Felated legislatFonl. We perforTned audit procedures to detect nonoompliances which may havÈ a material impact or the financial siatements. which Inclded reviewin8 thef1nan(al statement éistlDSUTes. The charity makes glft aid claims on the donations It ye1Ve5. We have reviewed 8 sample of dOfiatIs recel¥ed in the year and checked that gift aid is i¥nly being rl3lmed on donations wherE the ori8inal donor has given permission for such (lalms io be mode. We have reviewed a sample of donatlons recelved In the yeaf and revlewed relating corr¥pondence betweEI) the £haTll¥ and thé donDr to confirm that these donations have been allocated to an appropriate Idldal restrKted fund. We have also reviewed the restrlcted fund allocation ol a sample of pèyrnents made by the chaTity In ihe year. Because of the inherent Imitatltsns of an audiL there 15 a risk that we wll,, not detert 811 Irregularities includin8 those leadln8 to ) materlal misstatement the finaE)ti81 statements or non-iompliance with Te8ulation. Thls risk increases the more that compliance with a law regulation 15 removed from the events and tfansartlons relle¢ted In the tlnancial staternents, as we will be less likdy to become 8ware of instaEKÈS of nffi-cornpliance. The ri&k is also 6reater re8?rdin8 irregularV(ie5 Occurri due to fraud rather than error, as fraud Invol¥es tntentional concealment forEery, tollusion, o¥nission or mjsrepresentation. A further des£rtption of our responsibilitie5 15 èv8il8ble on thè FRC'S Wee at.. ww This de5crfptKIN foTms part Df our audito<s report. Use of our rep(l This report 1$ made 501ely to Ihe £haritrf5 trustee5, as a bodyi in ac<ordanre with Part 4 of the Chariti (Accounts and Report51 Re8Utathns 2008. Our aud5t work has beeTr untlertaken so that we might state to the charftY'S trustees those rnatterg we are rewired to state to them in a• auditof s report and for no gther purpose. To the fullest extent perrnltted by law, we do t)¢)t accept or assume re5pon51bllky to anyone other than the charlty and the charit*s trustees as a body, for our oudit work. for thls rewrt. Dr for the opin5ons we have formed. RKh6rds Sandy Auilll Thornloe House 25 8arbounÈ R03d Worcester Worcestershire WRI IRU rvir.es Limited (Statutory Audi£orl' Rkhords SundyAudit Servi£es Limited ts eliglble tooctts5 on oudltor in term5 ofse(tson 1212 ofthe Componie5 Aci 2t6. Date....QA..a&.:.ZS...,. Page 10
THE KING'S SCHOOL WORCEsfER DEVELOPMENT TRUST FINANCIAL STATEMEfus FOR ThEYEAR ENDED 31 JULY 2024 STATEMENf OF FINAJ4CIALAcfNITIES Re5trkted Funds > Kln8's khoDI Parant5' Yewtf31 Unrestrlcted Committee Kin8'5 khool July1014 Fvnds Funds OtheT Funds fDtsl Fund5 Ye8rio 31 Juty 2023 Total Funds (Note 131 INotÈ 131 InGome and endowmer from.. Oonatlons and legacles Othertfadir attlwtles 6,655 107.918 U4.573 2,230 7&854 73,478 Bank Interest 46Y ITJ 16.957 iY,599 580 InVMentS a4,348 Totsl 9,354 79.027 159.2 247.6114 205.396 Empendllureon: R•151 funds 2,79YI 9),465 30.578 84833 80,845 Charltable aCtItr¢S S.160 6,822 212.429 214,411 266.970 Total 7,950 5?.287 2431XJ7 3M244 347,815 Gainsl Ilts%se5lon inve5trnent assets 447,142 Net in¢omel1eMpendllr*1 2L7 363,35 386,502 44.096 rnovemenl In IrtI 21,740 363,358 Total fvnds brou6ht IoFward 31.018 27,465 4.999,924 5W58A07 5.014.3Jl Total l¥Mds uyyled I081d 32,422 49205 5.363,2V SA44,909 5.058.407 The notes on pages 14to 19 form pan otthese ftnahcial steMents. Page 11
THE KING'S SCHOOL WORCESTER DEVELOPMENT TRUST FINANQAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 BALANCE SHeEr Unre5trKted Fund5 Restricted Fund5 31 Juty Zoid rotsl 31 july 2023 Ngle 4,483,587 4,483J87 4,49#,747 Current asS•t5 Stock ith 4,369 4J69 4.653 gebtgrs 470 18.386 18*56 9,163 Cash at bank 31.783 914,482 9162£5 55Z773 Totsl mrrtrit a55et5 36,622 932.868 969.490 564589 Credltor5: fainni due wh&fi one ye 12. 4,2LVJ &929 Net current0554ts 3l412 929.1(10 96L522 559.660 Total net assets 31422 5AIIN87 5.444,909 SDSB.407 Funds olthe Charfty Rèstricted Income Funds 5A12.487 5A12A87 5,027.389 Unre5trlaed Ftsnds 32.422 31.018 Total Funds 32,422 5,412,487 5044.909 5,058,407 Approved by the Trustees 13th February 2025 and s[ed ontheir beh?If Clark Chairm3n of Board of Tnjstees The note5 On Pa8e5 14 to 19 form part of these finJtsci¥l statement5 12
THE KING'S SCHOOL WOIICESTER DEVELOPMENT TRUST RNANCIAL STATeMENTS Foft THEYEAR ENOED 31 JULY 2024 5TATEMENTOFU5M FLOWS 31 Jufy1024 Totol 31 Jufy2023 Totul let Ilowsfrom operthi 3¢ty41UES 172.7781 1138.4MS1 CaBh flowsfrom Irr¥estlng a¢lè•ltles: PIDceeds trom sale of In¥25tments 578270 1112.orioi Pwchose of investments I925,01> Net cash provlded trylu5ed In) Invertihg actl¥lll•$ 466.270 19ts,iirAJi Clr4ny hJ¢ash and cèsh equ•110•5 In the reptytkn8 PErkMI J93O92 I&.1451 Cash and cash equlvalEnts at thebeglnnln8 i¥fthe rerrttrrtsnK perlod 552.773 1,616,218 (ash and fash equl¥enls at the eTMI of the roporting perfod 946,266 SV,773 RECONCIUA7IIYI OF NETINCIIME TONÉf(ASH FLOW FR<M41 OPERATING AcllviTIES Net Inwneforthe repwtlng period la5 per stitement of finarKlal aCt[tIes} lustmenlsfor: IGalnsllossÈs on investments liNtrnent rnanaierchar8e$ deducled trom tnvestryteDts 386,502 44.LP36 1447,1421 1186.5151 30.579 28.546 Dividends, Intt and other incomefrom ih¥estment5 134.347) 121,È181 I19$elIde£reoSt In st(x*s Ilncrea5el/decrease In eOr5 214 2.909 19.6931 113,817 Increaselldecrea5el In creditws 1.039 1119,4Pd)I 171,7781 Note-. IVeStent m?nager charges a1 non cash Item deducied from listed Investment ph)rtfoliD of £30,S79 12023.. £28.5461 Page 13
THE KING'S SCHOOL WORCESTER DEVELOPMENY TRUST FINANCIAL STATEMENTS FOR THE YEAA ENDEO 31 JULY 2024 MOTES TOThE FINANCWL STATEPIIENT5 Acrountthz polldes 1.1 Oaslsof OC¢tyJnilns The KlnR'5 5thool Worcester DevebpmentTrust Is a reglstwed unkncorP)ratedtharityre1edbYtheChar Commi55Toners for England arKJ Wales. Th address of re815tt office is 8iveA in the charrt¥ Infoimatlw pa8e 2 of these flnanclal 5taternent£. The TratU o(the charltV5 aperatlOll5 wlncts)al acthtiiies are set out In the TTllStees' Report. The charity£onstlttytes a public benefft enlWa5 defined fyFftS 102. The flnancial ststernents have been prepared In acCordancewthAccntirn8 and AepDiting byCharffje5'. St4teMÉht of Recomrnended Prattice typllc4Wetocharities prewring thelr 4cccunts In atcord8nos•tth the Flnandal Aeportln8 Stay4rd I?[cable Inthe UKand Republic ol Ir818Th1 IFRS 1021 issued In October 2019, th@ Flnanclal REportsniStand3rd applica& In thp Unlted d0M aDd Republicof Irdattd IFRS 1021. the Charltle5A¢t 2011 and UK fjener4llyAc£epted AetouminE PractSce. The flnanoal 5trternents have bÈen prepared tOge è'true fAIrf View and have departed trom theCh•rities IAccountS and Reportsl RÈ8ulation$ 2008 onlyto the eitent requwed to pro¥lde•'truè aNI falrview,. Thisdeparture has invol¥ed follLwln%the A¢COnnE RepoittnB bych¥fIeS.-stat¢rnertt of Recornrnended Pratvce applxable to£haritiE5 preparlng tbeir accotsnts In accttrdaneè withthe Fin¢1 Reportin8 Standard aypllcèble in the U&and Republicof Ireland IFRS 102- ellective 113nuary 20191. Yatherthan the At£tyJThtr8Dd Reporttni byCharitie5." Starèmentof R¢cDrrtmEndÈd Pracdce eftethe from l Aprll 2005 has 51nte be wAtlOrawn. The fEnancial staternents are prepared on è8dns corKern baJis under+he historical c05t carwtntion, modlfted to Irlde certain Items atfalrvalue. ThethnanLiI st8tÈments are pfesented In deAlnKwhleh Is ihe ItIonal currEnt¥¢)f the charlty and Tcundediothe RearÈst £1. ThÈs48nlficant accountini pollcie5 applled in the preparation ofthe5efinJncl315tatements xe SettXrtbe. Tse policies have been con51stenlly applied to all years presented unlessotherwlse statod. la Inromir¥ ResurS These ar irtclthled Snthe Statetnent of Fift3ncal Activities ISOFAI ¥¥hen'. the tharlty become5 pn¥tled to the r¢s¢yrces the Trustees ar2vlrtuaNycertwThtheywill re¢ey4e the reSrS the rnonetsryvalue can be moasured suffldÈnt rellabllity Grants donation% only included in the SoFAwhen thethark¥hasMrKorditional enteMr to the resourEe5. Lt8a(les are IndudÉd whefithe T¢u5t is athsed bythe personal represèntative of an est•te thalpayntWdI be ftsade or property tran51erred anfl the amount iwolwed can be quantifiÈd wlth sOnable certalnty- lthcomÈ from tr3ding4ctivltles i¢)cluJes kncome e•med trom fvndra151n8eveftt&and me¥cN4ndlse salÈs tQ 14T5elund&for the char. Tradin8 incorne frcth lundr3islng eventatte1ance 15 recO8n15edwn such ewents have tJcLurfÈd.TfadlrYa Income frorn the sale of 8ood5 Is rec08ll15ed the Eoods hbve been deli¥erd tDthè buyer. WI In¢omTng resOUe5 ha¥e reSatÈd Éxpendrtu las %%ith fiJndrni%1I Ihe anrom1 resotrces and rekted Expendlture art reported Bross In Y)e 5oF 1.3 TIN Re¢l4ms th DonatltyisJrtd Glfts Incomlngresourcesfrom tax reclalm5 Bre Induded Inthe SUFA at the same as tkne Srftto ¥•hhthey relatÈ. IA Investiiient Incmie Thl$1s included In the KCOUtttswhen recefvable. 1.5 U8bHlty 1wrAOn UabUSfle$ 4r¢ reco8nised as soanas thereisa legal wttsnstructettl1èt]n tommltty"n8the¢harrty to paY(reSOurte$. 1.6 Governance ro5ts 6overnarke tosts Incltsdethe r05t5 of the external avdlt ofthèstètthory acrourts, tht costsofTru5tees meetknas •ndthe tosts of any legal advlceto TFU5tee5 orl 8ovemance or tonsfjtirtional matters. 1.7 tsmtswlth performan¢wNditlth Where lht tharkty wve5 a Erintth c¢nditStins lor its pawment bElng a 5pecffic knl of %er¥lre LOUtput be pldEd. such yarlts ale only reco8ni5ed In the SoFAcnce th&Tecipieniofzhe grant has piovided 5ervke4)routpJL 1.1 fjrafttspayab1•tUI putmOn corylliborts These are only ¥eco8nlsed In the aiiuuntswhen a ¢ommitment 45 been made artdthefe are rn Condit51 bÈmet relln8to the irantwknich remain In thecontrol otthtchthty. Pay 14
THE KING'SSCHOOLWORCESTERDEVELOPMÈNTTrusr FINA14CIAI STATEMENTS FOR THE YEAR ENDEO 31 IULY 2024 NOTES foTHE F114ANUALSTATEMEfiTS l A<tryAnP¢ll¢l IcThrtinuedl IS ValutAddEd Tax y41ve Added T8¥1s not retoveFoe bythe charlty. Ind •$5uch15 Indu&ed Ih the relewnt Costsln thestatemertol Flnartlal ActitR5. i.W Iw4¢51rnent ets Ihve5trnent 155ets IITKludlnÉ current asset Itive51mÈntsl bré Included lftthe accounts at market vèlue. All chahges In ¥altye. wlttteror not E0lls, arè rEPDrted in the°In5 and ID55e5 on inve5tmert e55ets settion of the 5taternent of Fln8nclal Activit5. The flmed Osset nVeswrt portfollo ha5 beÉh atcounted for 85 a slngle In¥e5tynent Iratherth4n accountfor eath ifidNldual Invesbnent wlthin the portfL%lb) as a sep6f2te inve5vnenil. i.li StoEk Slock5 arestated at the lower of tOSt and tyated sellingprlce lesstoststg compkn antl sejl. C05t Includes all Eosts ol purtha5e, ¢0515 olconverslon ènd other c05ts1nctsrd In briryin8 Sto£kto Its présent IDcaion and tondition. C05t Is Calcted using the ftrst-ln. nrst-ourformula. Provislon Is madÉ for damaEed, obsolett ahd 5W.Motyl stack where 47pproprlate. la2 Golly Cuntem Th? flnafitlal ststements have been PTeptt a got b051$ 0$ the trustees beliEve that no material uncertaintie5 exigt. The trustee5 have con5eRd the level offund5 htby Bnd the exptcled level of incvrne and tXptnttra fijr 12 rnonths Irom authori5ill&th95e finèncial statements. The bud8etffl income and exwnditure Is sCtWh the levEI of reSee5f01 the charity to be able tc continuE a$ 6 solngconcern. L13 FlnHncl•l Instruments asicfiThancl instrumentscorwrist debtors and cred4tors whlth are held at setdernentv?Ive, b8nk dtposits whlch w Id at Cash value and investntsw[Ch are hekf4t fairvzlye. L14 Fun&Ar¢¢urfkng Unrestricted lunds c4r, be used kna¢¢troante WItht charItabbrlestt1the d&$Cn ofthe Trustees. Restrftted fitnds oDly be used rtItu1#rre5trltted purwseswltliin the oblectes of ihe tharity. Restrlttitsns a¥Sse when specthed bythe donoror when funds are raised lor parttular restrScted purposes. FurthEr expl&n411oTrof the nawre afid purpose of each fund Is 1cded in the teStthefInlal stateTh¥ts. 1.15 Oon•ted Gwds Donated recelved forthÈ purpose of LElng Sold at aurt5on are not retO8nised ott ¥eceipt. Instead. when th¢ IODd5 re sold thè f4Jll value rECEThted Is recognised 35 trodSn8 Income. Ye•rto 31 JuhT2024 Yearto 31 Jyly2923 •kn•tysts ofin¢ome •nd Donatlons ènd le8at1È5 Donatiorss and le84de5from indl%Ydtsa¥s Donation Ircm Swop Shop iii, 2.945 114,573 105.227 Other tradinc 8£t#S ne's School pats, Commltteesfund rai5ingevents' proceeds FU-raIsItt8 merrh•ndl$e salE5 78,854 2.230 81,1184 72,370 208 72,478 Investments Income from Investment a$5ets Bonk interest Tecelvable Other Snterest retEive4blt 21,818 4,653 379 17,599 51.947 26.850 247,6ts1 20S.396 Pa£e 15
THE KINfj'5 SCHOOL WORCESTER DEVELOPMENT TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
NQTES TO THE FINANCIAL STATEMENTS
Anafysis of ewnditure
2014
2023
Ra45ing funds
Bank and fundraising websr(e ch3f8e5
Fund rilsing OV merchandtSln8 COSIS
Investrnent Man8gerfees
Klng's School Parents, ComTriittee event cost5
IA65
1.325
3Q,5X
5Q465
1,139
2,909
28,546
48,251
80.845
Charitable actiwtie5
Grants to The n6's Schod Wortesrer
King's School Parents, Cornmittee5 Other tharitable 8rènts
Governance costs
214419
6.811
5,160
224,411
308,244
231.552
30,964
4,454
266,9?0
347,815
rEEt fundraising £05ts rel8ting tr) me¥chandi5ing ané Parent Committee actlvitles are 5niuired by the Trust bur
the costs of the Four¥dation DevelopmenT Office, whl£h h3vethe ptstentlal to beThefitfundr8isitr)g activi
THEKING'S SCHOOL WORCESTER IXVELOPMENTTRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY IOZ4 t40TESTOThE F114A140ALSTAIEMENTS g Flxed A$5t lveJtmerfi 2024 2023 In¥estments held primèrily to provldE aft In¥trnet return for the tharity. Carrylng value Imar*et valuel at beEinnini of year dd- AéditlL¥)sto knvestments at cost Les5'. Uspos115 at c&rryiniwalue Investment Income reCeId In¥estment M8n4Éerchar8eS A41dldeduct.' Net 8ainlllos51 on revaluatlo Carrying va5ue Imafket valuel at end of year 4WJ8,747 1123100 1578.2701 3,393.560 925,LNKS 21018 128.5461 186,515 4,498.747 130.S80 447.142 4,483387 At the year end £4,449.51912023.. £3,959.9371 Df this tor•1 value was in¥ested in UK opeTr ended Investment cDrnpanles and unit trusts and £33,86812023.' £538,8101 was held #s ) tssh dep)slt. 10 stock 20 2023 Oranded ioods held lor resaleltradlng actltyftles 4,369 Dufln8 theyear 5tpck Imptirment provisions tolalling NIL12023.. £2,302) werecharged tothe Statement of FinanciBI Actlvltle5 4,653 11 Debtors 2024 2023 Ta% reclaimableon Gift Aid donatlons Owed to Parents (ommkttees Oue from Klng's School Worcoster Activ+tth Ltd PrepaentS ané tyued in£ome othEritEbtors 291 1.082 173 15A90 2.698 1&856 7,453 22 9,163 12 Credltots: athounts frdllifv8 duewlthln oneyear 2024 2023 Management expenst5 ènd professlonal fee5 ue to n8'S Sthool Worcestw AttivY(ie5 Lid Duèto King's 5thool WortE5ter Other uediiors 4.2 3,201 567 Pège 17
THÈKIMs'sscbDcrtWOPCfSYEN DENttOPIAENftRusr FIMAIIC14LSTATEKMTSF&IIMEVEAthOED31WIYIQ14 t4DffSTOThEFItr4AFIOS[ATmEmlS 13 TrèDsf•is 1142015 ally1011 ,9501 22 NesirfLled Irth•hndS= 135J4 3,251 116g7 I765 J4.X5F 7.101 S?,?66 71027 4350 J454n 157,AY7) 740 127,541 3.124,1 71 iJux) IU1751 134 307A56 13Jg674 a7A58 15,W J4105 91,411 27.174 (85.5911 1107,S61 14Y951 lJ57.714 V>7.NJ 7J•l 154 ,776 1?2 lalSL) I,iS4 Ftt 2B,163 95924 159.123 1243.WJ 447.141 IrahKf•rJ Itrnt nEt•t IA¥2O21 Inr• EKdI1 l¢yrthK•l Fur 31Jtttykn3 Furtds 4912 12.$2¢ 1055 11.514 ij -bhrrf'iStPJbv 497 4YD 458 17,020 8iQS9 124. 9,(r45 SI¥L47 i.Lty).L 6.281 8.160 ?. 4. 49711 I6X•> 149511 7.n7 01.E89 IX9851 K11iS(hMSl¢¥èR%buIiwF ioz I$(hE0ChFUnd li's5tkndSPACE sStWfjlN05td1AlVrO 01 SDI /190 8w41t¢BILlII BuMItyF¥ntt Fuh 2&86P 9.113 3llS0 S9> 114W31 h15 IkaiJL41 15 J.914
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THEXtN¢SSCHO¢X(EsTEA DEVELOPMENTTRUST FItIANaALSTATEME14TS YIIÉ YEAR ÉNIIEO JIJVIV 21)24 NOIE5TOINE FINANQAL STATEME($ A•A1¢t JntrM FLwds: Fund Neme Puvp04 Kiry's Sthod LlbrarytwEXCdn¢ FLd i¢lry's School Endurtn8Btsr5ary FUNI Klry'ssthool Fd1)w$h Bursary Fund
Ir,5 Schoolm Steveffts 8ur$4ry fund
%lldare Bursw¥ Ftsnd n¥'s SchooFAnfiu Ftynd ¥ing'skhool SPACE Fund Peterlddon ttursaryFd arKs Blund•ll Bw5ary Fund john Plmtey8ur$8ry fund Parent5, Corntnittee Funds Llkr3lnianFund Kin85 Che55 Fund Kité's SthDrA knItClub Fund Generil Fvftd Germon StuthesAward FktinKtststoftew libroryfadVtJv5 ou1sarsf pupil$ attendinithe 5th1 uvsarksfcrpupi15 atteningthE Sthoul BursarfÈ5fwpupi15 èttEndinithe Scho uYsari knpupi15 atten1n&the SEho Equipmentour¢h•ses OèvtlDpwJertofthe spDrtsd perftymln1ts Byrsirie5fw pupils attet)dlnE the Sthool BuT51rle51or pupils attendlng the School 8ursariesfor pup51s attendgthe Sthoul £Iuipmerkt wrch3ses UIWiÈslorpuplls attÈNJin¥theSchool Tosupportthe plwng of chess at the School E4VIPrnEntpurchas Unre5trictedpurthas¥s TD SUPPUrt Ihe stu of German at Schoc4 5vffidentresourtes are held 4TranapproprLpttfomitoenableeathfund to be appled In accordance wlth ny resty 14 Comp•iatl¥e Statement of HkWd?1A¢tt[-rtfj al1¥1018 ¢ Restri¢tedFund5 > KIN8'$5rhool Vewto 31 UnTestrfcted Cornmittee Kln8'sSchool JvE¥ 2023 Funds Fund5 Other Funds Tolal F¥nd• IrK¢)miw4Nltndrywment5 frnm: DoftatiQn5 and leEacle5 Other tradlng attMts Ifbve5trnents Totsl 3,354 208 lQ2,714 72.270 nA78 I650 lQ5.196 26.27Q 128.984 3,942 72AYO Exp•nththte on: Ralsing funds Cbartsble attfvlt*s IB,2SI 28,546 4,4S4 8,502 30,964 79.115 .231.552 260,098 Z56,970 147AIS alnsl Ilossesl on INestmenta55etS 186,515 186.515 NrtlhK(wellexpenditurel Trnn5fers lunds N•t mo¥emwt ithfvthdy Totalfund5 bToyht forward Totalfvnds G•Yrfed furywrd 14,5601 16,7451 55.401 44m6 14,5601 35.578 31,018 6.7451 34,210 27,465 55,401 4,944,523 4.999,924 5,014,311 5.OS8A07 È19