h•Yty r•gistr•lion numb•r $27597 THE KING EDWARD VI COLLEGE, STOURBRIDGE CHARITY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
THE KING EDWARD VI COLLEGE, STOURBRIDGE CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Thistws Mr D J Bumws MrJKHodi Mr R P ML¥rfson Mr8RPrico Mr J B Wilding Mr R Cdlgan Ms V J Srnith Mr8 V J Smith {Appointed 09 N0Verrtr 20221 to the Foundatlon TNst••8 Mr D J V Morgan Charity number 527597 Prfnclpal addr•5S LCr High Stmt Stourbridg West Miélands DY8 1TD CK Audil No 4 C85Ie Court 2 Ca8Uegale Way Dudley West midla15 DY14RH Bank•rs HSBC 8ank Pk- Stourbrfdg 114 High Street Stwrbridge West Midland5 DY8 1DZ Solleltor4 Hlggs LLP 3 Waterfront Bu*nass Park Brferfey Hi West Midlands DY5 1LX
THE KING EDWARD VI COLLEGE, STOURBRIDGE CHARITY CONTENTS Page Tt008. fOPOrt Statement of Irusts¥$' re$ponsibliOes Independent auditorfs report Sl8ternent of fmanrAal actMile5 Balan¢e sheet Not8S to the fln881 statements 9-20
THE KING EDWARD VI COLLEGE, STOURBRIDGE CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The TtU8tees prgsgnt thelr annual report and fin8M818tatements forthe year ended 31 August 2024. The finendal statements have be•n prepared in Acts)rd8nce th thè accountlng pjlicias set out In noto 1 to the flMncY&l stalernents and comply the Charity'8 govetning docurnent, the Ch8rities Ael 2011 and 'Accountlng ar¥J Reportsng by Charilies.. Statement of Recornrnend6d Pract applicable to ch8rilie5 preparing their accoun13 in occord8n¢g with the Flnandal R8porting Standard appli¢4Ne in the UK and Repubfic of Ireland IFRS 1021. leffective 1 Januory 20191. ObJfrthe8 and actlvltlo$ The prwKlpo1 obleds of the Charity are to $upport Ihe Cc41ege which i# a further aThJ higher aducats.on in$bluUon specialisSng in the provlslon of sixth fom educabon l9 young pe¢)F48 from Slourbridge 8nd surrounding areas. The cwrse$ ar8 prowdad on a non fee paylng bas In particutar the Trustees.. - Pro ond SupernOnt th• Coll8 cariwus and Th8 Green Flelds to bè u60d for thg purposes of the Collggo and Govemors - rnainialn and 8nhanc$ the ffinarKhg1 resources of th8 Charlty for the b9nèfft of the College - recelvtr reques1$ from the Goveming Body for fiTrancaal assistsn¢g for the Support and devèbpment 88cts of the College which are not funded by the appropriatg educational funding body - rèmain responslble for the securfty and m8nagem8nt of the Foundatign's hlstorical ar¢hfvè rern8ln responslb18 for the Pth and SeholBr5hlp Funds The Trustees have paid duo rE9ard to guidartee16sd by th8 Charty Comlssbn In dgddlng lthat actfvits8s lh• Charity should und8rtako. Achl8vom•nts and pBrfornianc• The Foundation TTu$lees have conlinued to serve the Charity's obl8Ct8S by preserving, enhanelrwj and prot8cbThJ its funds so that they SUPPOrt Govomors In Iheir control of the management of the Colleg6. The T1? continugd their 5UPPOrt ol th8 College'5 enrichment offer and thg of StsKlgnt Awards for cmunity èrwaegemenL Flnandal r1• Tf movemgnt of lunds for the year was £204.88412023 - neg8tive movemenl of tunds of £92,007) as detalled in IhE Ststem8nt ol Financ481 Activities on page 8 of tho ac¢ounts. The po$itNe rnovement of funds In 2024 included a r8valuatth of investments of £121.10412023- negakn've [vment of £123,OS21.' Th• Trte&S maintaln sufficient seNtS. being th8 baD¢e on unrestrlcted fiJnd5. to promde Suffioent lunds to enable thg Charity to ¢ontinu8 to carry oul its charitable objects. The Trustees review the Charit1¥ needs for reserves on a regular basls in Ilng VAlh tt)6 guldan¢¢ issuod by th8 Charity Commission. the l1¢Y of the Charity Ihat unre5trkted funds which have not teen designated lor 8 5pe(ific use should be maintained 8t a level equivaleni to between thr8• and slx monlh'5 expendtture. The Trustees cOnder that reserves at thi$ level will ensur8 Ihat, in the &vent of a $19nffint drop in funding, they will be atde io conlinue the Chartys current acti¥iUe$ whib cOnderatIon 58 given to ways In which addition81 funds may be raised. Thls level of reseNes has b8en main18ined throughout the y8af. Rhk$ The Trnstegs we awwe ofthg nèad to assess th& risks to vthlch Ih8 Charty expJ5ed and b) $8tlsfy thernselves that systems ar• In place io expose the major rLBks. A necfjwry rl8k asse6smenl has been c*rf8d out ¢jriJ tho yeai.
THE KING EDWARD VI COLLEGE, STOURBRIDGE CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 strudur•. gov•rnan¢• and mana9emont The hIStY of the Foundation has its w¥JinB In IAay 1430 %then fyvo k)cal banèf8Ctor8. Rlchar<l arKI Joan Hayloy. donated Lgnd and the chapel on the te to Iwenty-hvo trustee$ to provid& a so called chapel of •asa' tDr thg parf8h church of Oldswlnford antl a grammar school for the ieachlng of grammar Ila Launl to ol pr mgn of the parlth. The dlssolutlon of Ihe monaster9 li IhE 5iXt8gnth cenlury to th8 next phase in the life of the $ch)J. On th8 17th June 1552 lang Edward Vl grantsd a charter to th& school to e8tablL%h a Y8. gr8mmgr sthod. The ImportarKe of the charter w88 that it ume with cèrtain 6nd0ents of lands bèing former Monas propwty atthough most of thi5 endowTn8nt was exp6nded on developi the sc)01 In thè Nlneteenth and Twentleth Cgnturle6. In 1989, In respDn80 to Ih& Govomors, raqu88t. the Charlty Cc*nmlsslonèrs made a now Sch8m under whlch the Found8tK)n Trustees of ihe Charrty b8carne a body SOP¥Tato frorn th8 College Governots wrth th8 sde aim of 5upporbng the ancient foundatton of the Free Grammar S¢hooJ whkh had by th8n b8come KirrfJ Eard Vl Colkge. Follomrfng aments to th8 sthemg In 2022, there are now seven Trustees comprlslng.. One ex-officio Trustee. belng Ihe Chair ofthe Local Govemlng Body oltha Collegg One nominated Trustee, baing a per8on nonlnaled bythe Local Govemiry Body olth• Coll8gg Up to fvg Co-optsd Truste88 The Trustses who sorv8d during thg year and up to tho dato of sign3¢ure of the ffinaneAal staternonts were: Mr D J Burrows MrJKHodt Mr R P Mortson Mr B R Prlce Mr J B Wlldkng MS V J Srnilh Mr R Colligan The trLtstee5' report wa$ apprd by lh8 Board ofTrust88É. D? Mr O J Buwrow Chair of Trustee6 Dated.. 12 March 2025
THE KING EDWARD VI COLLEGE, STOURBRIDGE CHARITY STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024 The Twstse8 are re5PCI15ibk f preparing the Trustses. Report and the acccwnts in aeccon¢Q with 8PF4icablg law and Unlted King¢Jorn Ac(Unti Standaré$ IUnlt8d Kvigdorn Gon•rallyAccepted Accounkn'rvJ Pradicel. The applica148 to charitiv$ In England and W818s requires the Trustees to yep8re a¢unts for each flnancial year which givg a true and fhlr vlew ol the state of affair5 of Charfty aThl of lh8 incc¥nlw resources and applkab.on of r880urces of the Chaty for Ihatygar. In preparlng the89 a¢0)t5. the Twustees are reqrj lo.. - soloci sUltse awwting pol19S and then aptAy them CLgiSt0n. - ob5erye the methods and prindples In the Charltles SORP 2015 IFRS 1021; - mkeludgements and 93timat•s that ar8 reasonaNe wd8nt: - stsla whar applkabig xcountiNJ gndardS have b8en folkn¥, Subj• to ary material dopartures ds¢losed and explained In the accounts.. and - prtpare the accwnls on thg gofjng n¢8M bas16 unless lils knapwopriate to pre8um8 that Ihe cttarity VAII o)ntinue in operation. The Trustees are resw)n8tb18 for keeplng sufflcbnl a¢ttJuning r8corQs that dlsdosg with r8asonablg a[raCY at any tirn8 thg ffinan¢lal po8rfk)n of Ihe Charity and enable thern to ensure that the accounts comply wbth the char*9 Act 2011, the Charity IAc¢ounis and Reports) Regulations 2008 and lh8 provisSDns of the trst d88d. They are also r8sponsibl8 for satsJuardiDg the assets of the Charity and hènce for taking r8asonable $tsp¥ for tho preventson and dgtsction oltraud and other irreguLqniS.
THE KING EDWARD VI COLLEGE, STOURBRIDGE CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE KING EDWARD VI COLLEGE, STOURBRIDGE CHARITY Oplnlon W6 have audbd the fin8neial stBtem8nt6 oIThe King Edward Vl Cole, SbJrbrid9e Chaiity Ithe'chadty'l lor tho year ended 31 August 2024 comprLse th• staternent of fffiancl activits8s. the balance sheet and the fiotes to the financial stat8ment$, Indudlng a summary of 95gnCanI actounting pjlldès. The financk?I reportiry fram•work thAt has been appllod In thelr pr8P8ratKn is app1kab law and Unrt8d Kingdorn A¢UntIng Standard$, Induding FlnancL41 Rèporting S¢8ndard 102 Th8 Finanoal RepOrtg Standard aWic01 In th& UK &nd R9pubh"o Irel&nd Iuntted KiNJdom GgnerallyA¢cEpt8dAwountlng Prac). In ouroplnlon, Iho fin8nd81 slatom8nts: glva 8 tnJ8 and falr wew of th8 State of the charity5 affalrs as at 31 August 2024 and of 6ts InconNw re8wrcès and app11c8uc of resources, for tho year thon eThled., have been prowrly prepared In acxorrfArKt wlth Unked Klngdom GfyTr8ralty A¢(%pted A¢nn0 Praclic8,' and have baan pr9pargd In accorilart• th lh8 requlrements ofthe Charitie$Act 2011. BB•k8 for opln We condusted our audit in a(tordarKe with lntgmab.onal Standards on AdIj (UK} {ISAs IUKII and app1Kae law. Our r8sponsitx11ti under those standarfs are fvrther described in the A¢03 respons11•5 lor thg 8udft of the IInancl slatements section ol our reFQrt. We a independent of Ihe Charity in accordance with lh8 8thiool r8quirement$ that te relevant to our Budit of thg finandal Statents In the UK. including the FRC s Ethical standard. and we hav8 fulled our other ethrcal respobIlrtfjes in accordance wlth th•50 requlrerrtnts. We bg1i•ve thèt the audit evideno we have obtained Is suffici8nt and appropriatg 19 providg a basls fgr our opiThon. Con¢luBlons relatlng to golng concern In auditing the fmanL?al statemgnts. we have that Iha tru¥lee8' use of the going cc4)e•m ba$1$ of aettjunting in the preparation of the financial 5tat8ments L8 appropriate. Basèd on the Ik we have rfOrd, we hav• not id8ntMed any ma18ri nrtaintI8 r8Lgllng io onts or condilitins that, indmdualty or collethely, tnay cast 8vJnificant L*)ubt on th8 Charitys abillly to continue as 8 going rA)n¢om for a pgric4 of atloast iw81ve months from when the fir$8ndal statements a ?uth0ri5ed for Issue. Our re5ponsibilifi8s PJKI th• respMslbllltlg$ of th9 Trustegs th rospect to gtslng nCeM described In the rglevant s6ctkJns of thls rep) Other InfOrnlson The other infoim8kn compris85 the Informatbn Included in the anTrual rgport othw than Ihe finÈnrial statemerrts and tyjr auditofs report ther•on. The Trust888 are responslble for the other inf0rrnatn ntaIned within tho annual report. Our ¢)PinrC on th8 finandal stat8m8nts does not cover the olher inforrnation and we do not express any forrn of assuranc8 conclu¥ion Iherwn. Our respoTrslbllKy k to r88d the oth0r information and. in dolng 80, eA)n$klor ho¢her the other irth)rmatlon 15 rnaterially incon81$1ent with the fin8ncial slat•m8nts or our kTh)wledge oblahed In the courne ol Ihe audit, or otheThM$e appears to be mateiialty rnisstated. If wè Idgntrfy such matèrlal inconsislencies or appar$nt rnalerial m18Statgm&nts. w¥ arg required to detsrtnino whether thls glves rise to 8 matedal mk85tatemont In the financial statements themselves. If, ba88d on the work w8 have perloTm8d, wg wndude that Ih8re is a material mis8tatem•nt ofthis 0th8r InfomHtion. arg requlred to r•p)rt that fact W8 have Th)th9 to report In thi8 rty8rd. Mattorn on whlth w• requlred to r•port by exception V¥• have nothlng to r•port in respect ol thè following Matte In relation to which the Charftles IAecounts and Reports) Regulalions 2008 require us to ftport to you rf. in our opinion.. thè infom)ation given in the statements L8 Ineonsistenl in any material respoc¢ vrith th8 trustees, repor¢ or sufficlent 8ccountino C0 have not been kept,. or the fina4a1 Statemènts arg not In Agreement with the accounting reojrds; or wo hav• not rec8iV8d 811 th6 Snlormatsn and eXon81ftsn$ require forour audit.
THE KING EDWARD VI COLLEGE. STOUR8RIDGE CHARITY INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE KING EDWARD VI COLLEGE, STOURBRIDGE CHARrrY Rpon$1b1mtl•s of Trysto•s As explained rnore fully In th8 statement of twsteeB' responsibilit8. the Tru5teas are rosponsIb for the prepar81ion of the finandal staternants and for belng satisfied Ilot they give a tru8 and f8ir ¥iew, ané for such nternal conlrol a$ the Trvste&s determlne Is necessary to enab the prepaT8tton of financial st8temont$ that are free from rnatsrial mlsstatern¢nt, wh8thar due to fraud or 8Fror. In prgp8riThJ the flMnci81 slat8ments. tho Twstee8 a r98ponsible for 8sse6sing th8 Charlty's abillty to ntinu6 as 0 ncern, di10$1ng, as aFplirANo. maltsrs related to going concem and using Ihe going ¢orKem basis ol acxountrg Ufl885 th8 Trustses g1tt intond lo cease operation8. or hav8 no reallstlc altèmauw but to do 89. Audltofl rnsponslb1Htl for the audlt af the finan¢i•l ¥talem•nts Wo have been appointed a$ audltor under 5edon 145 of th8 Charilles Act 2011 and report In xrA7rdaneé tho Act and rd8vant r8gulatbns mado or hawng &ffè¢l thereund8r. Our rt1jKVes arè to obtaln reasonablè assurance ab)ut wh•thor the fin8nckql statements as a who18 ara fre8 from malerial misststement. whether due to fraud or error, and to issue an audito¢s r8POrt thal indude5 our opinion. R6a60n8ble assurance Is a hlgh level ol assuraTh but is [1 a guarantee that an audlt conduc18d In aceordance wllh ISAS IUKI 11 always detect 8 material misstat8m8nt when tt 815. Misstatements arise from fraud or effor and are consldretJ rnaterial if, IndIduallY or In th8 gggreg&ts. thgy oould rè8sonoNy be expectsd to Influen¢ the rnIc deslon5 of Use taken on the basls of Ihes8 finandal statsments. The extent to whlch Lmjr procedur85 8re capable of dEtectlng Irrogurfdej. IndudlThJ fraud, 1$ detallgd below. Exlant to whl¢h th• auditwas con$ld•r•d Capable of d¢t•¢llng Irregularitivs, includlng fraud We entIfIed and as5e550d the risks of materfal ml$$tal8m8nt of tho finan¢ial stat8rn•nts. In respect of mgularit$ whether due to Iraud or error. or non compliance with laws and reguLilions and then designed and p8rfofmed audit prcedur88 respon81ve to thw ri6k8. incding obtaln4)g audrt oviden¢e that 1$ suffirAent and appropriaie tD piovide a basls for our opinion. In ideThtWng and asse$¥ing risk5 of maierial mi5Statement In resped of irregul8rrties, Ind119 fraud and non- ¢omrAiance thlaw8 8nd regulBtions, our pr9¢8dures indudgd the followng." We obtained an understanding ol the leg81 and regulatory fTarn8works that are Bpplie&ble to the Charity by di5CU5s1on end enquiry Mth the Tw$te85 aTrJ the Cleth ond our general knOWge 8nd experietKe of Ihe Charity. Wo fDCUS8d on spgdfic laws and r8gulaknDn5 whl¢h we congbjered May hJv8 a dlr•ct m8t8ri81 eff8Ct on th• flnandal Slaternts or thè operations ol the company, Indudlng lh8 Charitss Act 2011, data proiection, ompbymenL and heatth and safety i%latlon: Wg asse the 8Xtent of compllance wlth Ihe laws and re98th0n5 identified abo¥e through making gnquiries. r8Vi8wing correspond8nc8 wlh ¥elevanl regulaiors. Audlt re•pon¥? to rijka Idenli•d We 88ses$ed the Susceptibilty of tha Charity's fNancial stalemenis Io rn8terial misststement, indudlng fraud mlght OCCUT. Audrt pfftedvres perfomed Induded but wew not Ilmlted to.. DiU8810n8 with tsuste8$ as to where Ihoy consid8red Ihere was susceptibility to fraud. thwr knowledge of a¢tua, 8usperted and alged fraud,. Perfonnlng aal'¢al pro¢&dure5 to identify any ur1 or unexp8Ctd rgla0oThshlp8'. chleDg1Thg a55umptlons snd ludg8mants made by Trust•es In accounting for investm8nt propèrty., R&vwng unusual or unexpecteil trons8thons'. and A9r8elng th8 flnanclal statement di10$UreS to underfying 5UPPOrtkng doCnnIA0n.
THE KING EDWARD VI COLLEGE, STOURBRIDGE CHARITY INDEPENDENT AUDITOR'S REPORT (CONTINUED} TO THE TRUSTEES OF THE KING EDWARD VI COLLEGE, STOURBRIDGE CHARITY Sn9 to the intsrent Ilmilations of an 8udbt, there 18 an ur)avoklable risk Ih8t we may not have detected 8ome material mtsstatsments in the financial statsmonts, even though we have property planned and porfoed our audit in 8c¢iYdaneL wilh auditing stsndards. The moro removed that laws and 9VI21)n8 are from financial transactM)n$ the less likely it is that we woukj become aware of non-compliance. Audibn9 Standards a150 limit tha audit pn)cedures required to Idanlmy non-cornpliÉnce wilh law8 and regylatw)n5 to enquiry of the tnJs188s and other management and th8 in9cl10n of gtOry and18gal CQTTe6pond8n¢e, If 8ny. tgrial misstatements thal aTlse du8 lo frwd can be harder to detect than Its)$8 that arfsg from effor as th8y may Involve delirat9 conc8almen( or ¢xilkr8ion. A fltrther doscwiption of our respon61bMll188 Is 8vallable on the Fin8ndal Reportlng CiyJndl$ wetsle at httysjl wi.fr¢.org.ukJaudllorsresponsibiliti•s. This description fornis part of our audltoP8 report of our r•port This Is madè sdely to the charitys tru$tee8. a$ a body. In aeL*nCe knlth PArt 4 of the CharlU•s IActtJunts arKI Reports) Regulat)n% 2008. Our aud51 worf( has bgen urKlertaken so that we might 8tate to the trusteog those matters we a r8qulred to state lo them h an autlitors. report and for rKJ 0th8r purpose. To the fulle extent peed by taw, we do not 0pt or assurne res$1b11ItY to anyone otr than the charity 8nd the tharily's Itee$ 09 a body, for our audlt work. fr( thLs report. or forthè opiThlcffis w8 have lorm8d. CK Audll 12 March 225 Ch•rt•r8d Accountants Statulory Auditor No 4 Casue Court 2 Castlegat• Way Dudey West midnIy$ DY14RH CKAudlt Is oligiblo for apw)intrnent ag auditu of the Chartty by virtue of Ms aliglbillty for gppointment as auditor of a ¢ompany uTrYer St¢n 1212 ofthe CornpanlesAct 2CK]6.
THE KING EDWARD VI COLLEGE, STOURBRIDGE CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Unr¢•tricted Raatrlcted Fndowm•nt lund# nd• funds 2024 2024 2024 Total Total 2024 2023 Not•$ Incom8 from ch&it8e acbvit Investrnents 181,922 51,2SB 161.922 66,C(Kl 178.826 49,788 14.742 Total Income 213,180 14,742 227,922 226.614 Raising funds 4,421 4,421 4.141 Charitsble 8ctivitie$ 139.921 139.921 191.428 Total mour6 •xpend•d 139,921 4,421 144.342 195.569 Nel gainsloossesl Dn investm8nts 12 2.072 119,032 121.104 1123.0521 N•t In funds 75.331 14,742 114.611 204.684 192.007) Fund balan$ at 1 Seiember 2023 825,768 9).984 3,538,364 4,455,096 4,547.103 Fund balanc•6 at 31 August 2024 901,099 105.706 3,652,975 4,659,780 4.455.096 The Statement of ffnandal act18$ indudos all galn5 and los885 rerngni38d In lh8 year. The stat8mont of ffinaniaal 81kntles includes 81198ins and 10$588 reoognlsed in the year. All Inccmg and 8xp8nditur• dgrlv8 from ntinuIng acvIt8.
THE KING EDWARD VI COLLEGE, STOURBRIDGE CHARITY BALANCE SHEET ASAT31 AUGUST2024 2024 2023 Flxed as$•t¥ Tangibl8 0888ts Investment propety InYe9tmants 14 15 18 140,000 2,280.001 1,241.163 140,000 2,260,001 1,144.463 3.661.164 3,544.464 Curr•nt as8•ts D8btors Invegtrnents Cash at bank aThJ in hand 15,397 38.210 19 1.077.951 921.825 1.093.348 958.038 Cr•dltors'. amounts lalllng duo wllhln on• y•ar 194,7321 147,404) N•t ¢urr¢nt as6 998.616 910.632 Total Iqy cuTr•nt li•bllltJ•s 4,659,780 4,455.0 Th• lund8 ofth• Charfty End(x¥ment ftJnd9 Re¢1d Incom8 fund$ Unrestried fvnds 3.652,975 105,706 901,099 3,538.364 21 825.768 4.659.780 4,455,096 Tha ffvnci 8tat¢rrthls re approvèd by Ihg Trustees on 12 MarGh 2025 Mr D J Burrows Chalr of Tru8t•ès Mr B R Pri¢9 Tr•asurer
THE KING EDWARD VI COLLEGE. STOURBRIDGE CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accoun1inB poll¢l•$ Charity infomiallon The Charity called KlTha E<kvard the Sixth Gr8mmar Se11, stOur&3e regulated by a Scheme made by the Board of Edurtion on 16 November 1909 IBS affected by Articles ol Govemment mada by the MSnister of Educauon on 26 Octobar 1950} wa5 superseded by 8 new sche of21 Juty 1989. Consequently th& Charity whth had prevlDU8ly teen represented by the Governors, Aecounts Is Th)w known as The Klng Edward Vl College. Stourbrklge, Charity being adrninislered by th8 Trustees of that Ch8rfty. No altempt was mad8 to separate the funds at 21 July 1989. T$0 8¢UnIS al¥0 In¢lud• th& Prlzo and S¢hd8rsNp accounts. 1.1 A¢¢oyntlng convontlon The finanGial 3tstement8 have b88n prepared In ac¢ord8nc& wrfh the CharfVB govemirrfj docurn8nt, the chr•S Act 2011, FRS 102 rh8 Finandal Rgportlng Standard applicablg kn the UK and Republic of ITeland' I"FRS 102.1 and the Charit18s SORP "Attountiro and R8POrting by Chatle$- Stst¢mgnt of Rgcomrntndod Pradica appll¢abl& to charfties preparing thdr a¢¢ounts in 8ccordan¢e vllh the Finaniial RepOrIg StAnd&rd applicable In th8 UK and R8publlc of Irèland IFRS 1021. {Qff1ve 1 JaJ)uary 20191. The Charfty is a Publ1¢ 88n•fft Entlty as defined ty FRS 102. The Charity has lakgn 8dv8ntAgè of th• prov1s1$ in the SORP for chariues not io wgpaTg a Stat8m8nt of ¢8sh Flows. The financial ststemenls are pPared in stertino, whith is the functional rrencY of the Charity. Monotary Amounts In these finand81 statem8nts are rounded ta the nearasl £. The financlal staternents have been prepared under the historical cost conv8ntlork. modlw to includ8 inYestm$nt propgrties and c8rt8in financial Instrument5 at fair valug. The prlndpal acrA)unting adoptgd a set out below. 1.2 Golng cOnM At the time of approvlng the finar181 stslements, the Trvstees h8v8 a reasonabk expectation thal Charity has 8dequate rosourc8S to continu8 Sn op8rational exi$ten¢e for the loreseeable future. Thu$ the Trustees continue lo adDPt the going c0Thrn basis of aecowiling in preparing the financial statsm8nts. 1.3 Charltabl¢ fund# Unrestdoted fvnd6 are 8vallabl• u68 at the dlsC¥gtion of Iho Trustees In fvrthgrarr8 of Ihar tharilabl• obi8Ctivés the lunds have been design8ted for other purp)ses. Restricted lunds are sut4"8Ct to Specific eondltSons by donors as to how thèy may b6 usod. Thg pu? and Bes of thg rgsirfct•d funds 881 rArt in th• not•s to the ffinancial staternents. Endowmeni ndS ar8 Sutyect to $pe(ifi¢ condibons by donots th81 the tspiial must be rnalntalned by tre Charfty. 1.4 Incomo In¢ome is recognised when th8 Charlty 15 k8gally eThted to rt after any performance corKllth)ns havg been m81, the arnounts can be measufed rellabty, it is probab that Incon* wll be rec8Ned.
THE KING EDWARD VI COLLEGE, STOURBRIDGE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CorINuED) FOR THE YEAR ENDED 31 AUGUST 2024 Aemuniing poll¢h$ (Contlnugdl 1.5 Expondltur• Expfrnéltur• is recognL88d once therfr Is a or con8twc¥e 01alj0 to tran5f&r g¢onomlc benerrt third party. it Is prob8b18 th8t & transfer of 8conornic ten8fits 11 be requSred in s•tI8m8nt, and the amount gf the obligation can be measured fellay. Exp8ndltu Is ¢ssified by actiwty. Th& ia)st$ of •aeh activity are rnade up of thè total of direcl eosts and shared c0619. including support wsl8 involved in undertaklng each actmty. Dtrect ts)sts tttrknutalje to a singlg aciwty are allocated directly to Ih8t 8¢tivty. Shared costs bthich contribute to more than one actlvlty and support Costs which aro not attribut8 to a slngle actfvity ar6 8pporllcffll betr488n t18 activit188 on a baslg $i$tenl the us8 of r850urc8s. Central 81aff costs a allocat•J rm the basls of time spent, and depreci8tion charges albtst8d on th8 pthon ofthe ass8ts use. All exp8ndllure Is aec4untsd for on an 8¢c¥uaL8 basls and has bèèn classifd under headings that aggregato èll costs related to tho Galogory. 1.6 Tonqlble fixed •¥¥ots 78nglble flxed 8ssets are initsalty measured at ¢ost and subsequently measured at Cost or valuation, n8t of ary Impa1rnt Ios58S. The kgnd 8nd bJildings comprise cole 1$0$. The trustees belleve there is no bnger any value kn the Colle9e buiklirvJ5 and th8 rev8luailon re6erye has been ro18858d In a pr8¥Aous yeor and the balance moved frcffl endowrnerht fuThJs. 1.7 Investsn¢nt proporty Inve51m8nt propere6 are Indudgd in lanc shget at the Truste•s' b•st e8timate of open markgt v4ue ha¥ring t8k•n pwfgs5nal a(Jvicè. 1A Flx•d 8#•et Inv•stm•nts Fixed assel weslent9 are initially measured at nSa¢an pre exdudiw transt4gn tssis, 8fKI are 8ub$gquW Ia¥Jred èt 18lr value at each pOr¥j dat8. Chang88 in falr valug ar8 recoanlsed In ngt incorr1(eXpendItur0} for th8 year. Transaclon costs are 8xpens*d aE hcuThed. 1.9 Impalmient offixed ass•ts At eath repordng end d8te, the Ch8rfty revlèws th8 carrwng amounts ol ts tanglbl$ 8$6ets to d8t8rmin8 vA)ether there 18 any indication that those a$5ets have suffgr¢d an imp&rm8llt k>58. If any su(4) Indication 6$ts. the reverabl9 armunt of the asset is estlrnated in order lo detemiine lh• •xtenl of the INpairm8nt loss (rfany). 1.10 ¢Jsh and chsh •qulval•Trts Cash and cash 8quival8nts Indje cash in hBnd, deposNs held at call wilh banks. otsr $hort-tenn Ilquld Investments with orfglnal M8rftlos Of1hr ff#Jnths or kpss. at)d bank ov8rdfafts. Bank ovenlrAts are sfv)wn within ljorrowings In rrent liabl1¢$. 1.11 Flnonclol In$trum•nts The Charty has elected to appty th8 provisions of Sectton 11 '8aslc Financ1 In¥truments' and Section 12 'Othor Finawal Inslrumgnts Issues, of FRS 102 to all of rt¥ financial Irtstruments. natr)rJal Instrurnents ar& renISed in lh8 Charftys b81oncg shoet when the Charfty bg¢ornes paity to the ntra¢tud prO810n5 of Ihe instnJmenL Flnan¢kg1 assets and liabilities we offsot. wth tho n•t amounts pr8s8nted In th8 ffn&nck41 siatements. there Is 8 legally enforceatAe right to $8t off the recognL8ed omounts and there 1$ an Intenth)n to settle on a n•t basis or to r8alTse the awl and settle the liabilrty sirnuManeDusIy. 10-
THE KING EDWARD VI COLLEGE, STOURBRIDGE CHARITY NOTES TO THE FINANCIAL sTATEMEr5 (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pdlcl•¥ (Contlnu•dl B•i¢ Iln•ncl•l assets B86ic finanrial 8558ts, whleh blde ¢ebtorn and ca¥h and bank balances. ar8 nallY rnea5ur8d al transa¢tK)n price inclthing transacti1 costs and arg $ub¥¢quÈntly carrfjed at amorbsed ¢08t UBlrva the gffeetlve Intsrest rnglhod unl95S thg artangemont constitutes a financing transaction, where the transaction is measured at th9 pSent value of the future r8(eipts diswunlgd At a market rate of intsrgst. Financial ass8ts dassffjed a8 r8ceivabl8 Within Dntr y•ar are not amlsed. B•sk fin8nci•lli4ts7ilies Basic financial liabilities. indLxling credttor6 ond bk bans are inllSty rocognlsed al transaction prfcg un18SS Ihe arangement ¢on8titute5 a finanung transaction, where the debt instrument is measured 8t the present YUe ol the future re¢eipts di8eount8d at a market rate of inlergst. Financial liabl1e$ ¢la$$lfi8d as payab wmthin one yeaf are not amortised. Trnde ¢redhor8 are obl198tnS to P8y lor goods or semces that hav8 baèn acquired In th& ordlnary cours8 of opgratlons ffom suppliers. AmwntS P8y8ble a class"ffjed 83 current I1#11tieS payment is due wlthln one year or less. 11 noL they arg pregenl8d as nOnlnI IlabSllties. Trad8 creditors are recognisèd inibally at transactitsn price and subsequenly rneasured at amortised cost using the effectNe interest method. D•r8eognltlon of flnancl•l Ilablllll•s Flnanclal liabile5 arè derecognised whgn Ihe Charity5 contr&tual obligations 8xpre or a dlscharged or cancelled. Crf¢kJl owiunllng •$tlmatg• and judMents In th? application of thg Charity's xcountirvj pdKies. Ihe Trustees af• requSred to make jthJgern8nts. estimat85 and ossurnptims about the carying amount of assets and liabilthes that are nol readily appar8nl from other sources. The esbm8te8 and associated assumpliorns are based on historlcal experbnce and other fgdors that are ¢on$klered to be relevant. Aclual results may differ from these eslwmtes. Th8 estimates and undedying 8SyJmptn¥ reVId on an orooing basls. Revlon6 lo accounting 8Stirn4tÈs recognised in thg Feriod in wlm'ch the e$tlmate 18 revi58d where tho r•vish)n affects only that period. or in the perM)d ol Ihe r8vi#ion and fubjre perfc4Js where the remsion affeds bolh current futur8 penod5. K•y •ouM$ of e4tlmalion uncertainty Investment proporty Investm&nl properti95 arè included In the balan¢e sheet at the Trustees, best estirnate ol open mark•t value haviThJ tsken yofe85ional advlce. Professional valuailons are carrd out at bast every fi¥e yo8rs subjoct only io obtsining a1ce as lo any material movemenls behveen IndiduAl valuab"on$. 11
THE KING EDWARD VI COLLEGE, STOURBRIDGE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Incon* fron7 ¢harltsbk •¢tMtI Uw•¥trlct•d Unfg8trl¢t•d funds 2024 2023 Charltable aetl¥lll•8 Rontsl Inme Service chargps 161,922 176.514 312 161,922 176,82fj Income from Invè8tment8 Unrestrl¢t8d R•8trlct•d funds funds 2024 2024 Tolal Unr•strl¢t•d R•stsl¢ted fvnd• lunds 2023 2023 Total 2024 1cl9 from li5t8d lftvestrnents Income from unlisted investments Interest rèceNabl8 16 13,475 13,491 12,301 12,312 20.889 30.353 20,889 31,820 19,669 16.546 1.267 19,689 17,787 1.241 51.258 14,742 36.246 13,542 49,788 Expendltur• on rathlng fvnds funds 2024 funds 2023 1ntrn8nl managernent 4,421 4,141 12.
THE KING EDWARD VI COLLEGE, STOURBRIDGE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Exp•ndltur¥ on drIt•ble aGtlvitl•$ Proporty Prlze Fund Rentsl ActNItI•s 2024 2024 Totsl Property Prlz• Fund Rental AG11¥5 2023 2023 Total 2024 2023 Dlrocl costs In8uranca Prizes Coun(41 t8X Repairs loth8rl Surveyor and proFerty consultant [S Rent and18as8 leo Electriclty anil gas Prof8s51onal fees Bank ¢haryes Sundry Lottin9 8gpnt fees Olher charitable Oxpgnditure 4,174 4,174 48.624 3,919 5.011 10.058 10,058 48.624 3,919 5.011 1,536 1.274 1.274 2,160 7.662 19.215 2,160 7,662 19,216 13,020 2.946 12,9(Y) 750 215 235 5,460 13.020 2.946 12,900 750 215 235 5.460 447 447 5.217 5.217 1,885 1.885 49.691 48.624 98,315 48.394 5,000 53,394 Grantfundlng ol advlues l$e8 notg 71 120.ofjo 20,940 20.940 120,000 Shar• of support and gov•manr• {$ao nol• 81 Govemance 20,666 20,666 18,034 18.034 91.297 48,624 139.921 186,428 5.000 191.428 Analysis by lund Unrestrictsd funds 91,297 48.624 139.921 186,428 5.OfKI 191,428 Grants payab During the year a grnnts of £20.000 {2023- £120,0001 were pald to Hoart of Mercia PAulti Acad8my Trust. In addhtion, a grant of £940 was p8id lo Klng Eihvard Vl Collog8 Prize Fund. Support ¢osts •lloG•t•d to a¢tlvttl•$ 2024 2023 20,666 18,034 Analysgd between: Pwperty Rental 20,666 18.034 13-
THE KING EDWARD VI COLLEGE, STOURBRIDGE CHARITY NOTES TO THE FINANCIAL STATEMEKfs (CONnNUED) FOR THE YEAR ENDED 31 AUGUST 2024 support cost5 allo¢at8d to 4cdvltl•s IcontlNu•dl Governance costs ¢ompth.' 2024 2023 Audtt feè8 Actounlancy Legal and profe8slonal 4,975 3.965 11,726 5.154 7,990 20,666 18.034 Net nK¥v•m•nt In fund• 2024 2023 The net Mment In fiw¥Js Is stated after charylwlledrtIThgl.' Fees payable for th8 audtt ofthe ¢harity5 fmand81 statomgnts 4.975 4,890 10 TnMt•os Nc¢)8 of th8 Trusto88 lor 4ny p8rtcw connect•d vrith them) r8Colvod any rnmun8rallon. 11 Employ••ts There were no ¢mptyg98 during the year. 12 Gains •nd108$9$ on Ibw•$lmont• Unmtrfel•d Endowmont funds fund¥ 2024 2024 Tcrtal Unr•sIrf•d Endt>wm•nt lund$ fund$ 2023 2023 Total GaInO0$S6SI arisiry on.. 2024 2023 RevAludLM of investments ReValUaon ol Invèstmant properties 2,072 99.032 101.104 14971 (22.555) (23.0521 20.000 20.000 1100,OIK)) 1100,0001 2.072 119.032 121.704 14971 1122.5551 1123.0521 13 Taxatton Thg Charity 1$ exempl from laxation on ils aCttI•$ be¢8u$• al Its incomè is aPd for thArrtable purpose8. 14-
THE KING EDWARD VI COLLEGE, STOURBRIDGE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 14 Tanglbh fld ¥8ots Lathd aThJ 011 P•Rlng buUdlrtg5 Totsl Cost At 1 S•ptembor 2023 21,209.D59 140,¢)00 21.349,059 At 31 August 2024 21209,059 140,¢J)0 21,349,059 D•preclatlon and Impalrnwnt At I Septèmber 2023 21209.059 21,209.059 At 31 August 2024 21.209,059 21,209.059 Cnylng amount Al 31 August 2024 140,000 140.0 Al 31 August 2023 140.OIXJ 140,000 King Edward Vl oil on wood painting. cArca 1547 attribut8d to William Scfots IreYalu8d in June 2022 by Fielding$ Auclongws Ltd). The trustees are of th8 oplnlon Ihmt th8r8 1$ no materitl eharrfJa In Ihg nol bk value at year end. IS Investmant propérty 2024 Fair valu• At 1 Septernber 2023 Ntrt gains or losse8 throu9h f&ir valu• adjustrnents 2260.001 20.000 At 31 August 2024 2,280,001 Th8 investmont property was la8t professlonally valued in lh8 year ended 31 Augus12023. For th8 year ended 31 August 2024, tho velues have been r8vlewed by Andrew T*plin and Lèè Shaw Prop8rties and sub58qU8ntty updated to refiect ¢urrent market CDnditions. During the year ended 3181 August 2021 the Iru5tees weffj givèn peMission from the Charity CommissK)n to grant a 125 year lease with & pepper(om rent to the Heart of Merc4a MAT. The valu8 of the Cdlgge buildlngs was Ihefefore impaired to £1 and transferred to Investment property. The trustees believe Ihere is no longer ny v81ue in the Co118ge building5 and th8 revaluatfjon r958rve c¥001ed in 2018 was rele888d. wllh tho balan being Tomod frc#n general èndownent funds. 15-
THE KING EDWARD VI COLLEGE, STOURBRIDGE CHARrrY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 16 Flx•d InvMlm•nls Expendable Perman•ht EndoThnt Endowm•nt Gtnoral L16t8d C•¥h and Funds InvKtrn•nts 8avSng6 Bank Total Co•t or valuatlon Al 1 S6pt8mber 2023 Addldons Valuatlon changes Charges an¢J Ihtgrest M0Ment in ¢a5h balanc8$ Disposa15 502,969 185,340 25.350 424,321 35,669 1.144.463 35.669 41,127 15,155 2,072 42.752 101,108 14,421} (4,4211 578 578 136.232) (36,232) At 31 August 2024 200,495 27,422 466.510 2.640 1,241.163 Carryln9 •Mount At 31 August 2024 544,096 200.495 27.422 466,510 1,241.163 At 31 August 2023 502,969 185,340 25,350 424.321 1,144,463 17 Financial Initrum•nls 2024 1023 Canyjng amount of Ilnan¢lal aa••ts InStrUnts m9asuj at falr val¢Jo through profft or loss 1.241.163 1,144,464 11 D•btorg AmountB falling du• wSthln on• year. 2024 2023 Rent & 5nsurance r8¢*arg•# Other debtors 2,397 13,000 20,210 16.0 15,397 36,210 1• Curnnt ass•t In¥trstm•nts 2024 2023 Unli8led knvestrnonts 16-
THE KING EDWARD VI COLLEGE, STOURBRIDGE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 20 Cr•dltor8: omount8 falllng due wSthln year 20 2023 Othw (yeditors 94,732 47.404 21 R•strlct•d fvnds The incfjme ffijnds of Ihe Charity Include restricted lunds comprf$ing th8 fdl0wg Lmexponded balanc85 of donatlons and grants hehy on trusttr spedfk purp058S'. Incomlng At 31 Augu$l r••gur¢•s 2024 Septernb•r 2023 956 10.831 93,919 Platl Library Fund Scott Educathgnal FoundAkn"on Dr Roy 18 1,251 13.475 9.580 80,444 90,964 14,742 105.706 Previous ar. In¢omlng At 31 August Sertefflr r•$ourco¥ 2023 2022 Platt Library Fund Scolt Educaoonal Foundalion Dr Floy 940 8.339 68.143 1,241 12,301 Tl.422 13.542 90,964 17-
THE KING EDWARD VI COLLEGE, STOURBRIDGE CHARrrY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) R)R THE YEAR ENDED 31 AUGUST 2024 Endpwmgrt lunrf¥ Endowment futx15 represèrrt assets whith be hEld permanenty by thg Ch8rity. Incomè rin9 on th• endowment fvnds can be used in o¢cordance with the thI¢cts of Ihe Charity indtyjed 88 unrostrictsd Income. Any ¢aplt81 gains or rosses arfslng on the 888ets form part of Ihe nd. At 1 R•#our¢es S•ptsmbèr •XPgnd•d 2023 Gains and At 31 AugVSt 10880$ 2024 P•mi•nent •ndowments Land and buildtng$ Invlstmgnts Demt a¢ccount Stt Educabonal Foundation Dr Roy BeqUt Invegtrnent woperty 140,1)00 142.767 12.468 50,867 429.492 2.260,001 140,000 154,491 12.468 54.178 467.741 2,280.001 11,724 3.511 42,670 20.000 14.4211 Exp8ndablo ondowments Inv¢skn8nts 502.969 41,127 3,538.364 14,421) 119.032 3.652.975 P¥gvlou$ y••r Rèsourus •xpond•d S8pt•mber 2022 Galns and At 31 August losvs 2023 P•rman•nt •ndomenls Land and buildln95 tnvesthTrents Dgposlt acccount stt Educatlonal F¢)und8tir Dr Roy Boque#t Investrnent propety 140.000 145,440 12.468 51.512 442,804 2,360.001 140.000 742.767 12.468 50.667 429,492 2,260.IJ01 12,673} 18451 19,1711 {100.0} (4.1411 EXpdabl0 end¢wrrr•nts Inv8strnÈnts 512.835 19,8661 )2.969 3,665,060 14.1411 1122,5551 3.538,364 18-
THE KING EDWARD VI COLLEGE, STOURBRIDGE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 23 Unr•styic*•d lun The unrestrKted fund5 ofthe chartty cornprK8e the unexpended balancas ol don81ions and grants which afe not sut4ect to speafic conditions by donors and grantors as to how they fflay be used. These indude dèslgnat8d fu9 whid) h8ve been set out of unr•slricted lunds by the tru8teès for 8P8cffic Purp$. At1 In¢oming Galns and At 31 August S•pfvml>gr r•sourc lo$ 2024 2023 R•80urc •xpend Gen8r81 funds 825.768 213,180 1139,9211 2,072 901,099 Pr•vlous y•ar: At1 S•ptsmb•r 2022 Incomlng resourtès Re8ourc•s oxp•ndod G&ln3 and At 31 AugU8t IoJkS•1 2023 Gener flmds 804,621 213,072 1191,428} 14971 825.768 24 Analysls of n•t as¥¢ts funds Unrn4trict•d funda 2024 R•strf¢tsd Endo¥nn•nt funds fvnds 2024 2024 Totsl 2024 At 31 August 2024.. Tanglble assets Investment prDperfe8 Investment$ Current assetsluiabilibesl 140,000 2,280.001 1,212,784 20,190 140,OtK> 2,280,001 1,241,163 998.616 27,423 873.876 104,750 1.099 105,7C6 3,652.975 4.659.780 Unre8trlcts lund 2023 Rostrlct•d EndobThent fvnd$ 2023 T+)tsl 2023 2023 At 31 Auyusl 2023- Tangible assets Investrnenl propertles Investments Current a88pts1lllablllbI 140,000 2.260,CKJ1 1,118,173 20.190 140,000 2.280.001 1.144.463 910.632 26.350 800.418 90,024 825,768 3,538.364 4,455,096
THE KING EDWARD VI COLLEGE, STOURBRIDGE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 25 Fln•n¢lal romrnllments¥ gu8r•ntee• and ¢ontlng•nt lbIlli18 A 9rant of £221.6S7 was made by th¢ Football Foundatron to the &Jvèmors of the College n 2014 toward8 lh8 Cogts of 8 new sports pavilion on land owned by the Charity at The Green Fièlds. Oldsmnford, SXbrid9e. Th8 grant was made subject to condrbons binding on both the Govemors and ihe Tmstees. Dwing the periLxI 0121 years frorn the 3rd oober 2014 8ny br8ach of the grant ndItIonS covld trigger the Ywymont ofthè grant. 26 R*lated partytransacth)n8 TherB were no disc408ae eIed paty transatllon8 during th8 year12023- fK)ne) other than Ihe grant to tho Heart of Mercia for£20.000.