THE KING'S SCHOOL WORtESTER CHARITABLE TrUST FINANaAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Req'd chatY No: 527530
ThE KING'S SCHQOLWORCESTER CHARrrABLE TRUST Ff4ANCIALfATEMENfsFOR THE YEAR ÉIIDED 31 JULY 1025 CONTE OFTrIE FINANCIALSTATEME14TS Page Charfty Inforrnatlon Trustees. Rep)rt Au(Ntor'5 Atport &ii Statement of Fin4ndal Actl¥itles Balance She 13 Cash How 14 Notes to the Nnancialststements 15- 20 Pagg 1
THE KING'S SCHOOLWORCEsfER CIIARITABLETRUST FINANCIAL sfATEMENTS FOR ThE YEAR ENDED 31 JULY 201S CHARITI INFORMATION TrYe¢l N aark - Chalrman J Attwat G eallard IResiBned 25 April 20251 K Beever L 8ryer H Carslake TperneX H Ethvards J Folev D L Green IREs58ned 3 March 20251 W Hobbs D r Howell (Awolnteil 10 October 20241 B charfes (Appolnted 15eptember 2Q25 G MasDtT Sparrey Clerk to Trystee5 & Armuntsnt G Masort CharftyNumber 527530 R•8lrt•r•d f4am• The Klng'sschool Worcester Cthlritable Trust i#ered Ollke . S CoJle8e Green Worcester WRI 2LL Audltur Rlchards Sandy Audlt Seces Umlted ThomelDe House ZS Barbtsurne Aoad WDrcestÈr WRI IRU BkÉlS Llryd5 Bank PIC 4The Cross WorcestEr WRI 3PY In¥*stm•Dt Adv4or NK Fln?nclal Manaeement Umlted Sults 12c STAKfA 8u51nt5$ CeNtre 3 SoothoLbse Sprlna St ban$ Hertford5hire AL3 6PF Page 2
THE KING'S SCHOOL WORCESTER CHARITABi£TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025 Thefrustee5 of the Klng's School Worcester CharttableTrust Ifonnerly The Klrfs5chool Worcester DeveloprrntTrustl Pfe5Ènt their annva report for the year ended 31)uty 2025 under the charlesaCt 2011.together wlth the audlted nnanclal staternents for the year. The financial statements have beett prepèred In accordancewfth the accounting policies Set in notes to thÈ accountsand comply wirh the thariws goveinlrs8 dUMen[ ihe ChoritlesAct 2011 and A(wuntln8 and Reportin8 by Charlties.. Siaternentol Recommended Practice applicableto chailtles preparf thelr acu)unts In accordance wjth the Fina[81 Reporti stdard applicalAe In the UK and Repdjlk trl Ireland155ued In October 2019. REFERENCÈ AND ADMINISYAATIVE INFORMATION The tharlty wès founded in 1968 and Is a re8lstEred regulated by the CharltyCornmlgshJnErs for En8land and Wales. The Trustee5, ExetutlvE Offlters and princlpil addresses of the charity are as listsd on page 2. STRucfuRE GOVERNANCE AND MANAGEMENT Gty¥tM Dor4ment The tharity 15 8overned by tsTrUSt Deed dated 20SepternbÈr 1968 whlth was last amended in September 21x15. andTerm5 of office of Trvstees Trustes are eletted at a mertine olthe Boardol Trustetson thebasis olftominatlofts received from èxistln8Trustees, Executive OFfiters or other persons woTklftB with the Tru51, havini rwrd to thè Board's requlrèments concern5n8 dilibility. personal tompetence.spttiali5tskills, availabllityandany r¢lai¢onship (past orprEserttl w¢th the 1n¢5 Schooj Worcester. P3rentsofcurreMt and/or fom)er pupits of The %lnK's School Worcester af? represented on the Board ol Trustee5. All Trustees serve for a term of lour years at the end ol which they may be re.appointed lor a further term of Itsuryea The Trust Qetd also Indudes prov5sion enabilr tht 8o¥d to invite indlvtdualsto sefft formgrt than twoteims •nd also bÈyoThJ aBe of 75 in spKtfittirtumstart( New Trullees are indutted into the worktrw of the thaiity through in¥itaitons to the Trusr and the provision of comprehensive bneflne pack by pÈrsonal coniact wkh Dther Trustees. In addiflon there afe opportunlties for Trustees to ttend relevant train{ Seminars and recelvt briellnES prowlded byvarlous orqanisatlons. Ory•Trlsthnal Manayrnent ThechgfityTrusttesare legaltyrespDn5ibleforthegveral mana8ernent androntrolol iheTfUStandmÈetasa 8oard at Itast three limes a ye?r. The TrS inve5trnent policy Is establLshed by its Investment Cornrnittee and approved by the Board of Trustees. The impleméntation of the Trust's lrtvéstmert policy is delegared to the appointed Investment Manager who reports directly to eoarnl ol Tru5tee5 at le3sr once a year. The Trustees nomlnations commlttee conslder the Clu1trnent and feilrement of Trustees c(ffisiderlnB ihe speclalist sldll sets requlred Valthln the Bo•fd. The day.to.da¥ running of the Mnd raisln8. admlnistfative activ49 ol the Trust Is delepted to thE Executive Officers, èlthouih at any tiffle in(¥1uaf Trustees may also be invclvtd with the planning and implemèntation ol specific Inlllatives. The Executive Offittr5 Otlhe Charltycomprisethe Foundation Head, the Dlrettw of Flnance and Buslness Developrnent and the Head of ul1 and Busine55 Devetoprneni. Thls structlre ensures that the Trustees have a tlose workin8 relationship wth the and yndw5tJnd lully it5 need5. enablin8 them to threct the charitable lund5 01 Ihe Tiust in an appmprlate manrw in accordance wsth the tharitable D'e£t1¥e5. Pa8e 3
THE KING'S SCHOOL WORCESTER CHARITABLE TRUST ANNUAL REPORT OF ThE TRUSTEES FOR THE YEAR Efr4DED 31 JULY 2025 Rlsk ManoBement The Trustees are responslble forthe management ol the rlslsfated bythe Kln¢sSth00l Worcester DevelopmèntTrusL Governanct, maftagement, operional, flnandal and enrnnMem rfsks hove ien considered and theTru5tees are sat15fJedthat there15 no material exposure to rSskand that there are procedures in place to mitigate suth rlsk5. The Tru5tses have agreed lines of delegatlon and authority and both the Trustees and ExKuti¥e Officers are itwolved In the reco8nition of risk intheir fvitles. 15 recognlsed that systems can provlde reaSonae but not assurance that major rfsk5 have been adequelv managed. OBJEcfs AMS AND AcnviTIES Objects The charitW$ obie£ty a55etoutln ttsTrust Deed, are to provideflnanclalsupporttocharltab purwsesconnected wtth The Kln8'S school worSter0rt0the purpostsof othercharitablefoundatlons prothded thetru5teeshaveflrrtcon5idered the requlrement5 vf The Kinl5 School Wor¢estEr. Publlceénefft Alrn and lrtended Imprt W7thln these Objects th¢Trust has as speclfit publ1¢ alms as fallow5, the prlrnary funrtlDn Is the 8eneratlon of funds fr¢Yn whlch to make sl8nificant bursary grants to enable puplls to attend The ng'S School Worcester whose families would otherwlse be unabl& to afford for them to do so. A secondary alm 15 the generatlon of fvnd5 to enable the School to undertake major capital prolerts whith are Intended to enrith ihe puplls. experien and learnIngoprtUnltle$. The Trust glway5consldetsthe wishes of oui donor5 sn the allocatlon of funds between these alms. TheTrustEes havè complTed wlth the duty In Section 17 tsf the Charitie5Act 2011 tD have due regard to the Charrty Commlsslm's pvbllshed general and relevaTrt Sutksector Buldance conctrniro the operation of the jbIle Benefr"t requlrement under that Art and vndertaken approprlate activf£ies in fvrtherance of the charlvs aims forthe puE41c benefft. StAts8sf0rA(hlewnert 0foble¢¥e5 The undertyIn8Stratefof thegeneravon of fvnds from 1¢h to prwde On*Ing finanEial support is to communicatèthe aims and objertives of the Trust to all areas Df The King's School CDmmunrtyand to promote a ¢vlture of fellowship with and support lortheschool. The importance of all 5ertor50f the sthool communityto the %rkOf the Trust Is In part refierted bythe results of the specific fundraing active5 undertaken by the sthool's paren tommittees and alumnl association, whlch are Sncluded vAthin thE flnantlal statements 35 reritted funds. Gr•nt M?kkn8 PDlkv The erant maklng pollcy In respett of funds held by the Trust15 forrnul•ed by the Yrustees. Two exceptlons to th15 relate to the funds hèll by the TDJSte as custlan trustee5 for the School and tur$ held wtthln The Klnls Schijol Parents. Commlttees Fund5. Thevalue olfunds allocated out of restrlttedfundstoThe Kln¢sSchool Worcesterforthe provfjsipn of mean5-teSted bursariES is revlewed and weed on an annual basls bytheTwAees, u5uallydurlngtheAutumn term. The extentto whlch fvnd5 are awarded to the Sch1 lor the prov&lDn of buT5aiies 15 determlned by the Trustees ha¥fjn£ re8aTd not On ro the resources immediately 3vailzble but also the lonK term fundlng commitment assLxkted with an entry level bursary. Page4
THE KING'S SCHOOLWORCESTER CHARITA8LETRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 202S Grantmaklni Pollcy Iwntlnyed) The alloca0 to Indlvldual puplk ofthe bursary funds prowded bytheTrust Is rforrned bythe School. The awards to pupils are made on the b2slsof an assessment of means (the wrKedure for which Is comFnon to bursaries funded intemally bythe School Itself and those supp)rted by the Trustl., the individual's educational potential and. in the£a5e olfvnd5 providéd bytheTrusL any partlculèr tondltionsthat may have ben Imposed by the oriynal donor. Donations made to the Trust In connettion th the May 2LJ)l King'5School Worcester Appeal Brochure are held IOT the School bythe Trustee5 as custodlan trustees. Accordln8lythese funds are reportd wlthin the accounts of the School and we dsbursed atthe discretion of th¢&hl.$ Guvernor5. The donatlons In the year We E15612024- £1561 with £68 Included wlthln credlrors in the Trust atcounts at 31July 2025. Slnce April 200S the Trust has assumed ac(ovntlng respons(brfity lor the fund raisin8 undertaken by The n8'S School Worcester Porents, Commlttee and durtng 2008 also assumed slmilar responslbillty for the fund raising by The Kln8's Hawfold ParEnts' Comm5ttee and during2022 forthe fund ra151 byThe Kln8'sStAlban's Parents Social Group. Grants are made from these funds to The Klnls Schwl. Wor(ester. usually to purch35e speclfic Items of equipment, and also to other charkle5 at the d15cretlon ol the members ofthe Parents, CtynnNttees. Fundra11 TheTrusi has not used professlonal fundraiser5duringtheyearbutfjtsfundr3i51ne aknlityisfvrthered bytheactlvttlesoftheAlumni and Business Development Office of the School which Is reBi5tered wlth the Fundraislne Re8ulator. The Trust abidE5 by the Cod8 of Fundraising PractKe altd it5 Dwn charitable pledBe.There have been no brehÈS ofthls code intheyearorcomplaints recelved. The DirertorDf Finan¢E and BusinE&S DevElapmentovÈrseEsall fundrajslngartmties andreports on thesetothe Board of Truste. The Trust has taken all reasonable precauMon5to protect vulnerable people and other member5 of the publi¢ from unreasonably Intrusive or perslstentfundralsln& Ar1£1mE1[SAND FINANCIAL REVIEW A(h5Ments and Perfomincè Restrirted bursaryfund5 totalllng£266,49112024-£2L15,8111 werepald toThe Kln8'5 School Worcester durirtB theyear In respect of the funds allocated to the School by theTrustees for the provislon of bursary awaTd5 for tho 2024n5 academlc year and also in respett of the agreed transfer of funds to supp(t pupi15 wl¢h the ¢ost pf trips ané related s¢hoDI artmties. Duringthesummer temi 2024 the Trustees renewed the level of lundlng commltment for 2025126 at 16,2 full fee equivalent bursaries supported dlrertly bythe Trust ènd therefore at 31jU 2025 the add5tional Trust funding comrnitmert amDunted tts £286.7CQ Sn respett of tulllDn fee bursarles for the 2025126 academic year, to8èther wh a further £l,OW for the provt51Dn of grants for trfps and Results for theyear The Trustaes report that the net aniunt incomlng In the Vnrestrted fund for the perlod was £6,10112024-£1.4041. Durlng the year the Trust $011clted and recelved donatlons expressly 8lven to provlde support for assorted projects connKted with the Klng's School Wortester. The nei Su1¥$ amount from the ¥proprlate resiricted thnd4 excludlng any tnnsfErs between fvnds and Investmeni 8alns, In the year was £127,76412024- dEfi¢it £62.0441 as dElailed in rnte 13. These resutts 8eTherated by the on-going work of the Alumnl and Buslness Development Offlce and the fund-ra151ng a(tIeS of the ParenW Commltree5 have enabled theTrustees to contlnue to prow7de 5i8nlficant supportto The KIr'S Schod WorcESter. During the year the combined surplus genw*ed by the three Parents, CoTnmTttttS amounted to £16,48712024 £21,740). Oonatignstotallin8 £3,24412024. £6,822) were made tothe Schcol towards the 5t of various r(ems. Po8e 5
THE KINVS SCHOOL WORCÉSTER CHARITABLE nlUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025 Results forthe Year Iconllnutdl The TN#ees conslder the results for the yèar to be satisfactory and suffidentfunds are avallableto permlt theTru5r to contlnue in operation Sn the medlurn term. Reserye5 Pollcv Total reserves at the year end wÉrÈ £5.927,0(1024: £S,444.90910l whlch £38,S23 12024: E32,4221 were unreStrIc and £5,888547 12024- £5,421,4871 were re5trfcted fund515ee note 131. Theft5 held withlnThè KIn$SChool Parents. Committeesfundsare malntsined at a I1 5ufftientto meet * leastf months estimated fund-ra15ing expenses. funds may be hdd In excess of this amount when fund-raIng Is tsrgeted tow¥rd5 a specific proiert or pur(ha5e which has not been completed atthe year end date. Wlth the exteptton of the re5tricred funds known a5 the Endurlng Bursary Fund and Kildare Trust Bursary Fund, rèserves of £1,Tr)5,850 c¢Jrrently held wthin ihe remalnlng unrestrfitEd and restrl(ted iTrcome funds are sufflclent to meet the on-8oin8 expen5e5 and ntsn-bur5ary chartsble fundln8 Intentions of the Trust for the next 12 months to4eth@r wlth a further sum representlngthe approximaterenewal costotheTrust'52xi5tln8bur5ary funding¢ommitmentstorthe nextthreeac¥dpmic years. Basd r>n current leve15 of expenditure the Tr4JStees retDgnlse that unrestrlrted re5eThes held by the Trust are In eMces5 of this policybut feel that thls Is approprlat? at th15 tlme and wlll reylwthe re5er¥es poll£y in due cour5& Aslgnificantly different reserves policy15 applied bytheTrustee5 tothe Endurin8 Bursary fund. Althou8h, a5 a restricted fund, the full value of the fund may be eypended, the reserves Jnd investment policie5 adopteé by the Trvstees ect their long term ebjettlve ol TnaTntsininK reseNes within thi5 fund at a level which pre5Eryes thefull fee e9uivalent value of the donations made toth15 fund In orderto sustaln th? pfth15ion of aghEn number of bursary awards forth@ fore5eeablefuwre. Investment Pollty The Trust Deed authori5es the Tru5tee5 to make hold iThVEStrnents u51n8 the geneFal fLmds of the Char. An Investmrt Athlsor has been appointed to a55iSt in the fuifilment of therrust's inve5trnent poll£y. The general Inyestrnent polry aereed by the goard of Tru5tees15 based upon a totsl Investment return approxh: acceptance of a °mediurn" level of r15k in the longterm revlewed a8ainst ihe performaKe of a relevant ldUStry approved benchmark such asthe ARC Charlty Balanced bEnthmark or one that the Investment Committee feel is appTOPriate. Thtr fund shId a150 dellvw a8alnst a growth target of CPI +3% a5 rninirnurr to exceed the ARC Charities 8alanced+ 2 FUTURE •iANS The Trustees intend to contlnue their currerrt stratsgle5 to allow thè Trust tts prode on-goln8 financial support to The School bursary scheme and caplt31 projects. ACCOUNfiNG AND AEPORIING IIESPONSIBILrnES The Truste are responsible for prEparlng the Annual Report and flnanclal smements In attordance wlth appllcable law and United Kingdom Generall¥ kcepted Accountin8 PiartiCE. The Charltie5 Act 2011 requlreg them as tharity trustees tg prepare financial statements for ea¢h finaniial year which 8lve a true and falrvlew of the chariW5finantial activities durln8the year, and of it5 financial p051tion at the end ol the year. In prepirlng financlal statementsto glve a true and f*r VIÈW the Trustees should foHow best practice and.. Select 5ukabl2 attounttng pollde5 and then applythem consIstent. Observe the methods and principles In the CharftlesSORP 2019 IFRS 1021. Makejud8ments and estimates that are reasonable and prudent. Follow applicable a¢countrnR standards and statetnents Df recommended prattice. disclosing and e%plaining any departUTes In the financlal staternert5. Prepare the financlal statements on the golng concern basis unles5 It is inappropriate to presume that thè Trltst will continue In operation. Page 6
THE KING'S SCHOOLWORCE5TER CHARITABLE TrUST ANNUAL REPORT OF THE TRUSTEES FOA THE YEAR ÉNDED JI JULY 2025 ACCOUPlnN6AND REPORTING RESPON51WUTIES Icondnutdl The Tru5tee5 are respD¢)slblE for keepIng3CCOtIng record5 which dixlose wlth rèasonablt Kcuracy the fi£{31 posltion of the charity. andwhlch enablethem to axertalnthefinancial poslik)n ofthecharityand toensurethatthefiTranctal statementscomply wlth appliiable law and reEulatlons. TrEyare also responsible lorsafe8uardlngthe assets of the Char and ensuringtheir proper applicatlon In accordance wh chèrtty law, and hence fortaking reasonable steps fDr the preventlDn and dertIon of frwd and other Irreg310t1e$. Approved bythe Board ofTntstees ofthe Kin5 SchDoI De¥tlownent Tr*t on 26th January 2026 ané Sfjed on behalfby. CL N Clark thairrnan pf the Board ofTrustees Page 7
THE IUNG'S SCHOOL WORCESTER CHATABLE TrUST FINANCEAL STATEMENTS FOR THE YEAR ENDED JI JULY2025 INDEPENDENT AUDITORS REPORT TO THE TrUSTEES OFTHE KINGS SOIOOL WOIiCEmR CHARITABLETAUST oplOn We have audited the flnanclal statemewtts ol The King's S£hool Worcester Charltalyle Trust lthe.charl} for the yeir ended 31 July 2025 whlth comprlse 5t*emert of Finallcl AttlvitiE5, 8alante Sheet, Statement of Cash Flows and notes to the flnancial
aternents. Including 3 Summary of signifkint accountiTr8 policie5. The financial repDrttn8 frarnewark that has been applied in
thwr preparation Is applicable law ind Unlted Kingdom A¢countin8 Standards. including Finantlal ReportlnB Standard 102 The Fint7nclul Reportfng Stctndord opplécoble in the UK ond Republic OA Irelond Iunlted Kingdom Generally Accepted Accounlin8 Pratticel. In DktropiniDn the flnancial ststements.. gwe a true and fair ¥lew of the State of the chartys affairs a5 at 31 July 2025, and of Its Incomin8 resources and appllcauon of resources, for the yearthen ended- hzve been properly prepared in a¢coréaDce wlth Unltett Kingdom Generally Accepted Accountirvd Prattjte,. and have been prepared in accord2ncewlth the requlrements ofthe Charities Act 2011. Boslsloroplrtio Wè tonducted Dur audif In attordance wlth InternFonal Standards on AudltlnR IUKI IISAS IVKII and applicable law. Our respon51bllltle5 under th05E 5tandaTds are further described In the auditor responsibilities for the audtt of the financial siatements sertlon of our repDrt. We are independent of the chartty In accordance wtth the ethital requifements that are relevant tv our audSt of the financial statements In the UK Includlng the FAC5 Ethlcal standard, and we have fulfllled our other thlcal responsibdities In accordance with these requirements. We believe thar the audit evldence we have obtained 15 sufficient and approwlateto prole a baslslorc4Jroplnlon. In authting the fiftancial statements. we have concluded that the trustee< v5e uf the going coThrn ba515 of accountlng in the preparotion of the fftnancial sktements Is opproprLate. Based on the work we have performed, we have not identilled any rnaterfal un£ertalnlle5 TElating to events or Cond10n5 that, Individually or collectlvelyj may cast 5i8nrfi¢3rt doubt on the charity's ability to continue as a goin8 concem fttr a periDd of at least tWee month5 from when the financial statements ore atrthorlsed for issue. C%Jr ie5pors1bllIes and the reSpolbIlItIeS of the trustees wlth respett to golnE cceM are de5crlbed In the rdpvant 5ertbn5 of thls report. Otherlnfomi•tlon The other Infomiatlun tomprfsesthe Inf¢xmlon included in the trustee5 arniual reporL otherth4n the Itnancla statements and our audltor's report thereon. The trustees are re5poTrsible for the other information conlained wfthSn the annual reFQrt. Our opinlon on the flnanclal wtements does not cover the other informatlon and, except to the extent otherwise explrcitfy stèted In our report, we do not express ?ryform of assurante concluslon theretsn. Ir respors1.1ty is to read the other Informatlon and, In dng so. conslder whether the ofher Inforrn0n materially Inton515tent wlth the ftnandal statements or our knowledge obtalned In the course ol the audlt or otherwise appear5 to be rnattrially mls5tated. If idertrfy such material InconststenciÈs or apparent material mlsstatemerts, we are requlred to detefrnine whether thi5 8ive5 rise to a materlal mlsststernent in the financial stateme1 themselvES. W. based on ihe work we have perfomied. we conclude that there 15 3 matérlal rni55taternent of thi5 Other iThfom)ation. we are requlred to report th fart. We have nothln4 to retK>rt In th15 regard. Page 8
THE KINtrS SCHOOL WORCESTER CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR f14DED 31JULY 2025 INDEPENDENT AUDITOR'S REPORT TOTHETAUSTEES OF ThE KING'SSCHOOLWORCESTER CHARIThALETRulCo1nu¢dj Ma¢t•rs on whkh •r•r•qulr•dtO Teport byexw We have nothin8 to report in Tespert of the followiryx rn3tters in relation to which the Chorftle5 (Attounts and Report51 Regulations 2008 require us to report to you if, In our opjrslon.. the Infom)atlon glven in the finat)clal statements Is (rOn$[Stent In any materlal respect with the trustee¢ report,. or sufflclent atcounting rec¢Yds have hrtbeen kept- or Ihefinancial statements are not in agreementwith the %countini records,. or WE have not received all the information and eXplanati$We requlre lor cur audit. R•spun11Q% of truste As explained rnore fully In the tiustees, re5ponsibllltles statement set out on pa8È 6, the trustees are responslble ts the preparatiDn of financial statement5 which 8i¥e a true And lair view, and for such intern31 ccntrol a5 the trusree5 determ1ne Is necessary to ¢nae the Pfeparation ol financlal statements that are free from material mis5taternen( whether due to tsaud or error. In preparfng the flnanclal statements, the trustees are responsible aSsK the charlVs abjllty to contlnue a5 a going CDncern, di5closln& as applicable, matters related to g¢ing concern and usin8 the 8oln8 concern ba515 of ac(ounJn8 unless the trustee5 eitherlntsnd to liquidate the charity or to cease operation5, or have no rèallstlt alternative to éo so. Audltorfj rtsponsiltts forthe Judltofth•flnpnrlal ststements We have been appolnted as audltor under sectlon 144 of the Charlties t 2011 and report In 4ccordarKe wlth re8ulatk)ns made under sectlon 154 otthai . Our objectlves are io obtaln reasonable aswrance about whether the financial statements as a whole are free frorn moteilal misStatemehL whether due to fraud or error, and to issue an èudotorfs report that Intlude5 our oplnlon. Reasonable assurance 55 a hlBh level of assurance, but Is not a guarantee th an audli condurted In atcordance wlth IS IUKI wlll always detect a rnaterfal rn155tatement when It eSts. Mi55tatements can arise Irom fraud or error and are considered Material if, indlvldualty or in the aggregate, they could rezsonably be expected to inffluence the economic decisions of user5 taken on the basls ol these financial ststernents. Irregularltle5, Includlng fraud. a In5tance5 of nowmpllance wf£h laws and re4ularions. We deslqn procedure5 In Ilne with cur iesponslbilltles, outllned above, to detect mattrlal ffusstatements in respect of STre8alIeS, in£ludin8 fraud. However. it is the prirnèry re5pon5ibility of mana8emenL with the over5vAht of those charged with governance, to ensure that the entity's operations arE conducted in accordance wsth the prDvlsions of law5 and regulation5 and for the preventlon detetsn of fraud. In Identlfvll8and a$5esslng rSsks ol material mis5tatennt in re5pettof irreEularitie5, Induding fraud, we have.. obtained an understandirvé of the nature Df the IndD5try and sedor, includwy the legal and Tegulatory frarnewor that the company oper*as in and how the company Iscomplyins wrth the legal ané rEgulatory framework.. and inquired of m?nagement, and those charged with governznce, abDUtthelr own identification and assessment of the rL5ks of irregularltle5, Includlng any known actual. suspected OT alleged in5tèTrces offraud. Pa8e 9
THE KING'S SCHOOL WORCESTER CHARITA8LE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 INIXPENDENT AUOITOR'S REPOATTO TrIETRLISTEES OFTHE KfNG% S(>IOOiWORCESTER CHARI¥ABLETRU Icwllnuedl Audltarfj ¢esponslbMltles fiwtht •udlt otthe thin¢tsl teMen1$ Icortlnued) A5 a re5uts of these proEedure5 we consider the most slgnlficant law5 and regulat10fi5 that havè a difert Èrnm On the financial statements are the CharltlesSORP IFRS 1021'Accountin8 and Reporrin8 by Charitle5.' Statement of Recommended PractKe appllcable to tharities preparing thelr accounts In accordance with the Financial Rew& Standard èpplable in the UK Republicof Ireland IFRS 1021 (effective l January 20191, Flnanclal AÈportlr48 Standard 102 'The Flnancial Reporting Stand¥d applicable In the UK and flepublic of Ireland. and the Charities Act 2011 lalld related legislation). We perfomed audit pr¢xedures to detect nonrfompliarfes whkh rnay hwe a material Imp?ct on the fin(la1 5t3tements. which Included rewEwin8thefinartcsal 5t3tement disc105ures. The chartty makes8tft ald cblm5 on the doTrat$ It re[e5. We have rewiewed 3 5amplÈ of donatl¢)ns recelved In the year and checked th3t 8ift ald is only being claimed on donatlons where the 0rf8lnal donor has 8lven pemiisslon for such clatms to be rnade. We lave reeWed a sample of donatlons reCeId In the year and revlewed rdating corTe5pondente betweEn the tharty and the thnor to conflrm that these donation5 have been allocated to an approprfate Indiwdual re5tricteé fvnd. We have also revlewed the restricted fund allation of a sample of payments made by the charlty in the year. BecausÈ of the Inherent Ilmltètionsof an audit, there15 a riskthat we 11 not detect all irrégularlties. includin8those leèdinKiO a materihl mlsstatement in the flnancF815tatements or non-compliance wllh re8ulation. Thi5 r15k increases the rnore that CDmpliènce th a law or regulation is removed frorn the eVets and transactions rdected In the financial statements. as we will be less likety to becorne wareof instantesof noTr-compliance. The rlsk15 also gter regardlng Irre¥ularltles occurrin8due to fraud rather than error, as froud Involve5 lrtenllonal cDnce?lrnenL forgery. collus10 om1551on or M15repentatlon. Beeause Df the inherent limitatlons of an audtt, the Is a rlsk tha¢ we wlll not dett all irregularlties, includingth05e lead¥t0 a material m1$5tatement tn the financial statements or non<ompliance with re8ulat40n. Thisrisk increa5esthe more that tornpliance with a low or re8ulatlon is ferved frorn theevents ar transactTon5 reflected In the financlal statements. a5 we WNI be1tt5 likely to be£ornE aware of In5tzhtes of non-cornpliance. risk is also8reater re8ardlng IrreEularitles occurrln8 dueto fraud rather than error, as fraud irTrvolves intèntlonal concealmenL forgeryi £oJluslon, omi55ion or misrepresentatlon. A further descrlptSon of our respjnslbilltles Is available on the FRC'5 webslte at.. This description forms part of our auditorf5 rep)rt. Use ofow report Thls report Is made solety to the charY(V5 tru5tee5, as a dy. In Kcordance wlth Part4 of the Chailtl IAccourts and Reports) Re8ulatlons 2CQ8. Our audlt work has been undertaken so that we might stste to the charW5 trustees those matter5 we arE iequired to state to them in aft audIt05 report and for no other purpose. To the fullest extent permitted by law, we do not ¢ept or assume responsibilty tg anyone other than the chariiy and ihe ch4rits tN5tees as a tody for our audit worl forthis report. or for the oplnlws we have formed. Page 10
THE KING'S SCHQOLWORCESTER CHARITlE TrUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2QZS RKhards SanolAudit Se Thorneloè House 25 Barboune Iload Worceste¥ Worcestershlre WRI IRU ces Umlted (Statutory Audltorl RkhordsSrndyAudltSer¥ice5 Llmltedtsellglble tovttosun oudftwthtwms oJsettit>n 1212 CoinpanlesArt2tI Pale 11
THE KING'S SCHOOL WORCESTEA CHAHtfABLE TRusr FINANQAL STATEMENTS FOA THE YEAR ENDED JI JULY 2025 STATEMENTOF FINANCIAL Acrmnts R•strfded Funds > ro's SthtKI Parents, Committee Funds Ywtto 31 July 2025 Tolal Funds Yearto 31 July 2024 Totsl Funds Unre5trlrted Funds Kin8'$ School other Fund5 Note INote 131 (Note 131 Inronx and endowments Donotlons and le8ocles 10,482 373,663 X4,145 114,573 Other tradlns actwrtles 5,711 63.271 81,LW4 Bank Interest 377 461 39,798 636 51.947 Total 16.570 63,732 493.763 247.604 Expendlture gll: Ralsln8fund5 44,001 31. 80.117 83,833 £hartsble acii¥lttes 5.760 3,244 270.777 179.781 224,411 Total IIIA69 47245 aozJ84 159, 3?44 Ga5nsl Ilossesl on investment assets 348,296 348396 447.142 Net Inc•me/lexp•ndkurel 6,101 16,487 45971 482.161 386.502 P4et mo¥ement fvMIs 6,101 16,487 459,573 482,161 386,502 Totallund5 broughtforward 32A22 49,X 5,363.282 5A14,909 Total fuTrds carried lorwArd 38J23 65.692 s1055 5,927070 5.444, The note5 on pages 15 to 20 f(ffrn part of these fTnantlal 5t8tements. Page 12
THE KING'S SCHIiOL WORCESTER CHARITABLE TRUST FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 JULY 2025 BAIAMCESHET Unre5tritted Funds Restricted Funds 31Jtsly2025 Totol 31Jvly 2024 Total NDte Re5tated• ITh¥esits 4,603J09 4MIJ,30g 4449,S19 Cwronta55ets Stock io. 4369 Debtors ii. 3,614 67,041 70.655 18856 C8sh at btnk 36.482 1,226.98S 1263A67 980,J33 Totsl Current *$sets 49,128 1.294,026 IW3,154 I,¥.358 CredIto. amourrt5 fallinrf du• wwiln one year 10,605 8,788 19,393 7.968 Netcuwrert •ssots 38J23 1285238 L323,761 995,390 Tot&1 net#5Stts SW8.547 S927.070 5,444,S Fundj oftheCh¥lty Aestricted Income Funds 5.888,547 5,884547 5,413,487 UnStrICted Funds 38.523 32,422 Total Funds 38,S23 5,888 547 5.927.070 -cash of £33.858 held as Investment5 as atjuly 2024 restated as cash at bank Approved bytheTrustee5 26thJanu•ry 2026 and 518neLI on thesr beha aark Chalrnian of Board of Trustees Thenote5 on pages IS to 2Clform part of these flnanclal ststerner%ts. Pa8e 13
ThE KING'S SCHOOL WORCESTER DEVELOPMEHTTRUST FINANCIAL STATÉMErirs FOR THE YEAR Ef4DEO 31 JULY 2025 ATEMENf OF CASH FLOWS 31J¥fy2025 Total 31Jv21W Total Re5ted• Net cash llows Irom operatln8 ortl¥Ftles {69WiOI Cashfiows from Inwnini aalvhl•s: Proceed5 from sale of Investmer I5815 126&3691 642,71B Purchase of Investrnpnts 1677,6251 N•t cash provkled bylusod In) Imesty a<tlvllieJ 194.506 134.9071 cashand tath equlvalents Inthe reportlry perlod iioa,9171 Cash #nd cash eqU[vats at the beginnlng of the reportlng perlod 1,084,049 Cash and ¢aJh equlvalents attheend Dfthe reportln¢pErfod 1,263,457 RECONCIUATION OF INCOMETO NEf CASH FLOWFROM OPEILITING AUtvmES Net incorne fvrthe )rt1Th8 perfod las per statement of financlal fvitiesl Adlu5tmentsfor. 482.161 386502 IGalnslllo$ses on Investments (348.2951 1447,IA21 Iincyèaselldetreast Sn stocks Ilnease1/decrease In debtors 14h63) 151,7991 19,6931 IrKre?selldecreasel in tre(Itors IiM25 L039 88.B2B • Investment manwrcharges were shLVWTh a5 a cash eM deductedfrom Ilsted Investment wrtfolh) of £30.579 In 2024. These have been remo¥erl and restated for CompaS0 wlth 2025 as these are now In¢luded In ne¢ cash flows from operatlni actNitle5. The op2nlnK and tlosing tash and cash EqulvalenES have been incre35ed ty the cash held wlthin the investment portfolio 2024 £33.686 12023- £538.8101. Page 14
THE KING'S SCHOOL WORCESTER CHARITABLE TRUST
FIt4ANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
NOTESTO ThF FINAP4aAL STATEMENTS
l Ac¢ourtln8 pollde%
1.1 Bas of¥rcuunttn8
The King's School Worcester CharltableTrust Is a reelstered unlrKorpor&ed Chttrfty regulated bythe Charity Commlssloners
lor England and W?IES. The address of the relistered uffice Is gl¥en In the ch3rky Information on paxe 2 of these financlal
5taternents. The nature of the ¢harh¢s operations and princlpal attlvltie5 ore5et ¢xrt In the Tru5tees' Report
The charY w0st5te5 a publlc benefft entltyas defined by FRS 102.Thefln3nclal statements have bBen prepareLI In
accordance wlth Accountifig and Reportin8 by Charltlt5'. Staternent of Recommended Practke appllc3ble to charltie5
preparlng thefjr accounts in accordance wlth ihe Flnancfjal Reportln8 Standard applicable In the UK and Republlt of Irdand
IFRS 1021 issued in October 2019, the Financial Reptyting Standard zpplicèble in the United ngdoM and Reput41¢ of
Irelond IFRS 1021, the Charities Art 2011 and UK Generally Accepted AccountinB Prartice.
Thefinancièl statement5 are prepaTeé on a 8oln8 concern basis underthe historical £t conventim. modifled to Include
¢¢rtaln Items atfalr value. 7he fsnan
ThE KING'S SQIOOLWORCESTER CHARITABLETRUST ANANCIAL STATEMEKfs FOR ThE YEAR ENDED 31 JULY 1025 NOTESTOTHE FINlfKIAL STATEMEPITS 1.10 InveStMefit4ets IrThr5tment a55ets lirKhJdlft8 oJrrenl a55et Imie5tmtrfsI ale Included Intheaccounts at marketvalue. All chang5 value. whether or not re?115ed,are reported ITh the'gains and1055es on Investrnertt assets. settyan oftr Strtement of Fln?n¢laSAttlvltle5. Tho tlxed a5SÈt Investment portfolio has been accountedforas a sin8le knvestrnent Intherthan accountforesch Indmduol IrNe5tment wtthlrt the portfplr045o sèyrjte ItNestmentl. 1.11 5to¢k stocks ore 5tatrd at the lfftrolc05tand ÈstlmatEd lInE prlo less toststD ¢omplEtearnl sell. Costlndudesall cost5 of purchase, cOstsof£onrSfjDn and othercosts InCUrd in brlThElngstockto Rs present Ic<10n and condition. Cost Is £èlculated uslng the first4 flysttfOrm11. p$1¢r 15 m•de fordamaied. ob501eteand SEmonISt0dtwher• pproprlate. IJ2 GclTh8 Concern Thefinandal statements have been prepared on • 8oln8 concern basls &5 thetriistee5 btll2vtih4t fio materlal unrtaIntleSeX1$t. Thetwstees have consldered the le¥el of fu$ held and the experted level of Inwme ind eXPEndlture fDr12 monthsfrom •uthorl$lnB thes¢flnancitl statements. Tht budgeted Intome and expendf(ure Is sufficlentwlth le¥d of reservesforthe charrtyto beable to continue 0$ a 8olr¥ concÈrn. Ll> Hm•n¢lal Ihmwn 8astc financlal Instruments comytse debtors ind credrtor5 whlrhlre held t¥ettrnEfftt IoluÈ, bak depos5 whjch are hew attajh value and In¥estrTr2nts whlch 8rE held atfalrvalue. Cash Equlvalents Inchjdefiyed term depos5 Subject to up to nlne month5 nouce. which are hEld at cash valtse. Cè%h equl¥8lentslrom In¥estments comprfsec8sh held In the acjt and reflects payment dedurtlon transadlons on the accountsh aswthdrawats. hnanci•l ad¥lserfeESW char8es. L14 F¥nd Acmuntlni Unrestricted funds can be ustd Irj •CCtrTdantt wththerharLtable oblE£tlves atthe dlscretlm oftheTrustees. Restrlrted funds can onty be used lor partkular resirScted purposes wlthln the ollettfv•5 of the charlty. Re5triLtlty#s a115Ewhep 5peclfled bythe donoT orwhen 15 are ral$ed for partkularrestrktsd purpuse& Furtherexpl3nrtiofi of the nature ond purwse of ea¢h fijnd Is Included In the note5 tothe flnanclal 5tstemen LIS Donated Goods Donated gcods recelved farthe purpw af tselng501d are not re¢owisÉd on recelpt. In#e8d, when the goods are sokl the fullvalue retsi¥Ed ts reco8nlsed as tradin81ncomts Vearto 31July2015 Yeart 31 July 2024 Anatyls of Inrom• and endo¥mi•ttts Donations and le8acles Donatlons and legaciEsfTom IndIdUal5 Don8tlonfrom 5rhDoI Shop 376,178 IIL628 3B4.145 114,573 othor tdIfi8 Jrtlvlties Kin6'5 Schod Parents. Commttieeslund rn651ngevents' pred5 Fund-ra15ing merchandise sales 63.271 7B.854 S,711 130 58,982 81,004 Inyestments Bank Interest recefvabfe InvesMent Itrterest reCetable X369 35,393 16.554 51,947 40.636 493.76J 247,604 Pagè 16
THE KINfj'S SCHOOL WORCESTER CHARITABLE TRUST FINANCIAL sfATEMENTS FOR THE YEAR ENtD 31 JULY 21125 NOTESTOTHE FINANaAL STATEMENTS Anitys15 of emmndltsre 2025 2024 Rèlsin8fvnds Bankand othtrfvnrtralsln8 charles Fund ralsing OV rnerchandlnI costs Imiestment ManagerfeE5 Klng'sschool P2rentJ' Committee event costs 1,643 497S 30A95 44JJOi 80.117 1.465 1,325 30,578 50,465 83,833 Charthble artl(leS Gront5toThe Kin8'5 SchoDI Worcester King's Schoc+l Parents, Commltteesothtr charftable yants Go¥emcE £05ts 2NTn 212,429 6022 279.781 224.411 308.244 DITert fundralslnE Costs relatkn8to m¢rcharndlsln8 and Parent Commi¢ree actl¥ltle5 3Te Incurr¢d bythe Trus but the ccsts of the Foundatlon Development offke, whlch have the poterttlal to tenefftfundra15Ini aaMt5, hav beEn borne byThe Kln¥'s School Worcester. Remun•Miott pfkey manitement personnel The Trust tan$ld¢rs its key man•£ernent penTre1 comprtse Tru5t¢e$andthE Directorof Tho KinB'5 School Worcester Foundatlon Develcpment Ottke who do not reco ony remnera¥ or benefits from the Trust. There were no staff empbyyd by thtTrust In theyearl2024: NIII No payments were made toTfUStee5 durin8 thE periad norto third pardes for e¥penses Incurred byTrusteE5. Reknted rty Donatron5 lOtalllnK £27,43812024.- £27A381 were made to the Trustby 2 TNstees12Q24..21. These donatlons are to material restri¢ied funds that Irxlude donotlon5 from rnulllplR dvferenl IndiVdua and the tru51ee' contributlon5 represent a miftorhyof the total restrfJÈd fundlnK recelved. Dota115 oltransattions wlth The Kln£'s School Worcester a sit oul In the notes.ThÈre are no tstr rolted party transattlons12024.. NIII. F•ttfor Audll 2024 AUdIts'fee 4.160 Grarrt rnakSn8 6Trnts.' Totsl Amourts 2015 2024 Purpose forwhlch 8ratrt5 made.. Bursarles for puplb attendlng Kln8'5 School w0SEer other charltable support for Klng's khool Worwter Parents. Commtttee5 SUPPOrt for Kln8' School worcester 2W91 4385 205.811 6,618 274 Mo grants rnade by theTrust were pald dlrerttyto lTrdfvldua15 during the year12024- nlll inste7d were paidto int¢rfflediarycharltable inslltLrtlon5. In the case Df the bursafles awarded to pvp115 attenn ThÈ Kin¢$ khool Worcester, a number of full fee equlvalent bursaries were paid tothe School, whlch allocatsd thefvnds te Indhfhluèl pup115 on the basls ol eduCath)l ability and parental means154Jbleu to èny restrfctlons Imposed bythe donorl. PaEe 17
THE KING'S SCHI)OL WORCESTER CHARITABLE TRusr FIM4NCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 140TESTO THE FINANCIALSTATEPJJENTS Flxed Auet INvestmer 202$ 2024 InvestmÈnts held prlmarily io provlde an Investment retwn fcthe charlty.. Carrylngvalue Imarket value) at beginning of year Id., Addltlons to inve5tmerbt5 at ¢05t Less.. Disposals at carrylngvalue Addldeéuct.. Net Balnlllossl on revaluation Canwnfj value Im4rket value) at end of year ** Restrted 3,967.470 677,625 1642,7181 447.142 4.449,519 4A49.519 261364 1458,8751 4603,J09 Investment porrfdlo walue carrylng vafue reduced by £3368 cash whlch wa5 included In the investment portFolkn a5 atJufy 2024 but has now been rernLSved and restated as cash at bank. lo St•ck 2025 2024 8randed 8oods held for resaleltradlng actl¥ltl&s 4,369 2025 2024 Tax reclalmable Dn fjlft Ald dOnOn$ Owed to Parents committet5 Due from Klns's Sch¢x)I Wor¢esterActlvitlES Ltd Preptywrnts and actrued Intome Other debtors 291 4439 631 173 15.090 2,698 12 Qedhoys: arnilurtslanl du•wlthln 2024 Managernent expenses and profeSslIfet5 Lmje to Kin¢s Schooj Worcester Other crediiof5 4550 11.876 4.21XJ 3.201 S67 Pale 18
ThEKW46%5CHOOLWOACESTrAty•JIFTAOiETRusr FiNANU4LsfAIEMKwfsFOR ThEYEMENDÉD>IAILYIOZS iJ4 iU24 Inc(¥M IDZS Funth JO.489 9>39 1427 A270 1S.3fA)I 511 9W 34516 49.105 IA487 JuhNmkn6Lf51ry Fund
lr4's k0 Enthiln18wuryThl
1'5Uo0lftlh¥Y5hWj5Iryj KILtsieBut5aryFuf¥J iu 3.379.674 45247 21579 2B.779 10,•RI ?97 1227.Q13 144.a83) (39.Mg1 4175 Klrq'sS¢W Pthtldth 4ur5•tyFw SBthdellJisavTr1 Fund 15D 2g,152 Ji 11035 13 J851 174*65 110741 4791 2•1,W 413,161 ?Y6 JJ5165 GIland IAW2013 Expendtur• 17S50 J2,$14 14.157 7.104 117332) Iswi 34 157J87) 1>1751 12W9 24740 27A65 IwBurwyFund &y EndUrIVANFund ii?.yi 754 IB211 33.705 tASS911 y1.421 I195) IY,174 216 1671
J7.456 13JSts74 37A58 494.sfjs 1,157.724 &707 U3.1?51 dreJtyFud thÈ'$5choulAhThyFynd '$ khoeiBO•taubFthd r5dthBwwyFund 24.776 ur 453 172 xi A114 15thtSsFur (3.16LI pjz 417.141 Ta¥iY 247 Pa8e 19
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