Charity number: 528140
KING EDWARD VI SCHOOL FOUNDATION
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
for the year ended 31 March 2022
KING EDWARD VI SCHOOL FOUNDATION
| CONTENTS | |
|---|---|
| Page | |
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 19 |
KING EDWARD VI SCHOOL FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS for the year ended 31 March 2022
| Trustees | Dr Timothy J Nichol, Chair |
|---|---|
| Mrs Rosalind Richardson | |
| Dr John Gowing | |
| Cllr David Bawn | |
| Rev Simon White | |
| Mrs Christine Telford (appointed 12 March 2020) | |
| Charity registered number 528140 Principal office Cottingwood Lane Morpeth Northumberland NE61 1DN Accountants Ryecroft Glenton Chartered Accountants 32 Portland Terrace Newcastle upon Tyne NE2 1QP Bankers TSB 3-5 Newgate Street Morpeth Northumberland NE61 1AN Investment advisors Barclays Wealth 5 St Ann's Street Newcastle upon Tyne NE1 3DX Investment advisors RBC Brewin Dolphin Limited Time Central Gallowgate Newcastle upon Tyne NE1 4SR |
Page 1
KING EDWARD VI SCHOOL FOUNDATION
TRUSTEES' REPORT for the year ended 31 March 2022
The Trustees present their annual report together with the financial statements of the Charity for the year to 31 March 2022.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity's governing document, the Charities Act 2011 and the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Objectives and activities
Policies and objectives
The charitable object of the Foundation is to promote the education of boys and girls at King Edward VI School in Morpeth, Northumberland.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
Grants
During the year under review the Trustees have made grants of £41,803 to the Learning Trust that encompasses the school as well as other individual beneficiaries. The Trustees will always seek to support sport, music and other activities that promote the general education of pupils and will accumulate reserves to enable them to make significant grants to support particular projects.
Investment policy and performance
The Trustees recognise that keeping monies on deposit is unlikely to provide the best return in the long term and accordingly have sought the advice of RBC Brewin Dolphin Limited and Barclays Wealth, part of Barclays Bank plc, who have suggested a portfolio of equities and fixed interest securities as part of the Foundation's portfolio of investments. Part of the land held by the Trustees, known as The Headmaster's Lawn, was declared to be non-specie land and was held as part of permanent endowment. During the year this land was sold and the proceeds invested into further permanently endowed investments held with RBC Brewin Dolphin Limited.
Financial review
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Page 2
KING EDWARD VI SCHOOL FOUNDATION
TRUSTEES' REPORT (CONTINUED) for the year ended 31 March 2022
Reserves policy
The Foundation has a permanent endowment consisting primarily of land and buildings that has been gifted to it at nil value over a number of years. Part of this permanently endowed land, known as The Headmaster's Lawn, was sold during the year. It also has funds invested with Barclays Wealth and RBC Brewin Dolphin Limited which provides the income allowing the Trustees to provide education grants in furtherance of its charitable objective.
The Trustees do not presently have a formal policy on general reserves but have adopted a strategy of continuously reviewing the impact of any disposable funds generated as income against applications for grants.
Financial review
Funds of £1,435,345 (2021: £21,696) has been received in the year. This includes the sale of endowed land with a value of £nil in the financial statements with net sales proceeds of £1,406,954. This receipt is part of the permanent endowment and is a result of converting permanently endowed land into permanently endowed cash and this capital cannot be spent. Expenditure of £57,706 (2021: £17,854) has been incurred resulting in a surplus of £1,377,639 (2021: surplus of £3,842) before investment gains of £4,605 (2021:£86,612) resulting in a net income of £1,382,244 (2021:£90,454).
Plans for the future
The Trustees continue to consider requests for financial support from individuals and the school and seek to balance the needs of both groups of beneficiaries.
Structure, governance and management
Constitution
The Foundation is regulated by a Trust Deed dated 29 May 1981 as varied on 11 October 1994, 16 June 1995 and 29 November 2011. In the variation of 16 June 1995 the Charity Commissioners certified the incorporation of the Trustees as a body corporate. In the variation of 29 November 2011 The Secretary of State for Education made an order modifying the scheme to include an Academy as the objects of the Charity.
The object of the Foundation is to promote the education (including social and physical training) of boys and girls and in particular to provide a voluntary controlled secondary school or an Academy for boys and girls in or near Morpeth.
The Trust Deed of 29 May 1981 requires the income of the Foundation to be applied in the following manner:
-
a) to first defray all administration and management expenses;
-
b) to provide education and training scholarships to individuals under the age of 25 who have attended the Academy for not less than 2 years and who are in need of financial assistance, and
-
c) to provide the Academy with special benefits of a kind not normally provided by the local education authority or other funder.
The Foundation meets at least once during the school term although additional meetings are called as necessary. It is the policy of the Foundation to invite the CEO of the Three Rivers Learning Trust to attend Foundation meetings to ensure effective liaison takes place between the School and the Foundation. The Trustees appoint a Chairman and a Treasurer from their number. The Clerk to the Foundation is retained by the Foundation on a self-employed consultancy basis. All Trustees give their time freely and no Trustee remuneration is paid. Trustees are required to disclose all relevant issues and notify the Chairman and in accordance with the Trust's policy withdraw from decisions should a conflict of interest arise.
Page 3
KING EDWARD VI SCHOOL FOUNDATION
TRUSTEES' REPORT (CONTINUED) for the year ended 31 March 2022
Structure, governance and management (continued)
Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Investment risk is mitigated through the employment of a fund manager with full discretionary investment powers.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Dr Timothy J Nichol (Chair of Trustees) Date: 27 January 2023
Page 4
KING EDWARD VI SCHOOL FOUNDATION
INDEPENDENT EXAMINER'S REPORT for the year ended 31 March 2022
Independent examiner's report to the Trustees of King Edward VI School Foundation ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2022.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed:
Dated: 27 January 2023
Deborah Graham FCA
Ryecroft Glenton 32 Portland Terrace Newcastle upon Tyne NE2 1QP
Page 5
KING EDWARD VI SCHOOL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2022
| Note Income and endowments from: Donations and legacies 3 Investments 4 Sale of land 5 Total income and endowments Expenditure on: Raising funds 6 Charitable activities 7 Total expenditure Net income/(expenditure) before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Endowment funds 2022 £ - - 1,406,954 1,406,954 - - - 1,406,954 (886) 1,406,068 621,721 1,406,068 2,027,789 |
Restricted funds 2022 £ - 5,024 - 5,024 - - - 5,024 5,491 10,515 65,745 10,515 76,260 |
Unrestricted funds 2022 £ 76 23,291 - 23,367 7,191 50,515 57,706 (34,339) - (34,339) 43,371 (34,339) 9,032 |
Total funds 2022 £ 76 28,315 1,406,954 1,435,345 7,191 50,515 57,706 1,377,639 4,605 1,382,244 730,837 1,382,244 2,113,081 |
Total funds 2021 £ 76 21,620 - |
|---|---|---|---|---|---|
| 21,696 | |||||
| 3,275 14,579 |
|||||
| 17,854 | |||||
| 3,842 86,612 |
|||||
| 90,454 | |||||
| 640,383 90,454 |
|||||
| 730,837 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 8 to 19 form part of these financial statements.
Page 6
KING EDWARD VI SCHOOL FOUNDATION
BALANCE SHEET as at 31 March 2022
| Note Fixed assets Tangible assets 13 Investments 14 Current assets Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Total net assets Charity funds Endowment funds 17 Restricted funds 17 Unrestricted funds 17 Total funds |
257 70,964 71,221 (2,330) |
2022 £ 17,683 2,026,507 2,044,190 68,891 2,113,081 2,113,081 2,027,789 76,260 9,032 2,113,081 |
- 94,435 94,435 (3,420) |
2021 £ 17,683 622,139 |
|---|---|---|---|---|
| 639,822 91,015 |
||||
| 730,837 | ||||
| 730,837 | ||||
| 621,721 65,745 43,371 |
||||
| 730,837 |
The financial statements were approved and authorised for issue by the Trustees on 27 January 2023 and signed on their behalf by:
Dr Timothy J Nichol
(Chair of Trustees)
The notes on pages 8 to 19 form part of these financial statements.
Page 7
KING EDWARD VI SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022
1. General information
King Edward VI School Foundation is an unincorporated trust, regulated by a Trust Deed dated 29 May 1981 as varied on 11 October 1994, 16 June 1995 and 29 November 2011. The trust is a registered charity, number 528140.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
King Edward VI School Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
2.3 Income
Investment income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Page 8
KING EDWARD VI SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022
2. Accounting policies (continued)
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Tangible fixed assets and depreciation
Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation. Land and property that has been gifted to the Foundation at various times was recorded at nil cost.
Tangible fixed assets (school and one related residential property) have not been revalued.
Depreciation is not charged as the property is substantially freehold land, and is treated as permanent endowment and therefore investment asset.
2.7 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.9 Liabilities
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Page 9
KING EDWARD VI SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022
2. Accounting policies (continued)
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Permanent Endowment funds consist of land and property gifted at nil value at various times and subsequent investments in securities. In previous years this was shown as Foundation Capital Account as part of Unrestricted funds, but the Trustees considered that this was better treated as Endowment fund which took effect in the year ended 31 March 2021.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income from endowed funds is generated to provide for the provision of educational grants; investment income derived from restricted fund assets is allocated to the restricted funds. Investment gains and losses are allocated to the appropriate fund. A total return policy has not been adopted by the Trustees.
3. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2022 | 2022 | 2021 | |
| £ | £ | £ | |
| Donations | 76 | 76 | 76 |
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KING EDWARD VI SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022
4. Investment income
| House rents and wayleaves Income from investments Bank interest Total 2021 |
Restricted funds 2022 Unrestricted funds 2022 £ £ - - 5,024 22,678 - 613 5,024 23,291 1,568 20,052 |
Total funds 2022 £ - 27,702 613 28,315 21,620 |
Total funds 2021 £ 2,143 18,964 513 |
|---|---|---|---|
| 21,620 | |||
5. Other incoming resources
| Sale of land Investment management costs Investment portfolio management fees |
Endowment funds 2022 £ 1,406,954 Unrestricted funds 2022 £ 7,191 |
Total funds 2022 £ 1,406,954 Total funds 2022 £ 7,191 |
Total funds 2021 £ - |
|---|---|---|---|
| Total funds 2021 £ 3,275 |
6. Investment management costs
Page 11
KING EDWARD VI SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022
7. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2022 £ School costs and grants 41,803 Establishment 142 Administration 3,000 Legal and professional 3,240 Independent examiner's fee 2,330 50,515 |
Total 2022 £ 41,803 142 3,000 3,240 2,330 50,515 |
Total 2021 £ 5,000 3,159 3,000 3,420 - |
|---|---|---|
| 14,579 |
8. School costs and grants
| Grants to school The Three Rivers Learning Trust - Covid The Three Rivers Learning Trust - Chaplaincy Commemoration Day service fee Commemoration Day lunch Archive projects |
2022 £ - 20,000 19,000 500 303 2,000 41,803 |
2021 £ 5,000 - - - - - |
|---|---|---|
| 5,000 |
9. Establishment expenses
| Repairs Insurance Lodge expenses Sundry expenses |
2022 £ - - 620 (478) 142 |
2021 £ 498 657 2,044 (40) |
|---|---|---|
| 3,159 |
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KING EDWARD VI SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022
10. Administrative expenses
| Clerk's fees | 2022 £ 3,000 3,000 |
2021 £ 3,000 |
|---|---|---|
| 3,000 |
11. Independent examiner's remuneration
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's independent examiner for the independent | ||
| examination and preparation of the Charity's annual accounts | 2,330 | - |
| Fees payable to the Charity's independent examiner in respect of: | ||
| Preparation of Charity's annual accounts | - | 2,220 |
| All other services not included above | - | 1,200 |
12. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year, no Trustee expenses have been incurred (2021 - £NIL) .
Page 13
KING EDWARD VI SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022
13. Tangible fixed assets
| Cost or valuation At 1 April 2021 At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021 |
Freehold land and property £ 17,683 |
|---|---|
| 17,683 | |
| 17,683 | |
| 17,683 |
Tangible fixed assets are recorded at cost and consist of school facilities and one related residential property. In addition, there is a significant amount of land and property that has been gifted at various times at nil cost which has not been recorded or valued. Land has been disposed of in the year with net sales proceeds of £1,406,954 which was included in the financial statements at £nil value.
No depreciation is provided on any properties that are not freehold land as they are classified as investment assets.
14. Fixed asset investments
| Cost or valuation At 1 April 2021 Additions Disposals Revaluations At 31 March 2022 |
Listed investments £ 614,996 1,409,642 (45,775) 4,605 1,983,468 |
Cash held for re- investment £ 7,143 1,452,729 (1,416,833) - 43,039 |
Total £ 622,139 2,862,371 (1,462,608 4,605 |
|---|---|---|---|
| 2,026,507 |
All fixed asset investments are held in the UK.
Page 14
KING EDWARD VI SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022
15. Debtors
| Due within one year Other debtors Creditors: Amounts falling due within one year Accrued expenses |
2022 £ 257 257 2022 £ 2,330 |
2021 £ - |
|---|---|---|
| - | ||
| 2021 £ 3,420 |
16. Creditors: Amounts falling due within one year
Page 15
KING EDWARD VI SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022
17. Statement of funds
Statement of funds - current year
| Unrestricted funds Foundation Income account Endowment funds Foundation Capital account Restricted funds Prize Fund Total of funds |
Balance at 1 April 2021 £ 43,371 621,721 65,745 730,837 |
Income £ 23,367 1,406,954 5,024 1,435,345 |
Expenditure £ (57,706) - - (57,706) |
Gains/ (Losses) £ - (886) 5,491 4,605 |
Balance at 31 March 2022 £ 9,032 |
|---|---|---|---|---|---|
| 2,027,789 | |||||
| 76,260 | |||||
| 2,113,081 |
Invested restricted funds are held to provide prizes from the income generated.
Page 16
KING EDWARD VI SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022
17. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Foundation Income account Endowment funds Foundation Capital account Restricted funds Prize Fund Total of funds |
Balance at 1 April 2020 £ 41,097 544,514 54,772 640,383 |
Income £ 20,128 - 1,568 21,696 |
Expenditure £ (17,854) - - (17,854) |
Gains/ (Losses) £ - 77,207 9,405 86,612 |
Balance at 31 March 2021 £ 43,371 |
|---|---|---|---|---|---|
| 621,721 | |||||
| 65,745 | |||||
| 730,837 |
Page 17
KING EDWARD VI SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022
18. Summary of funds
Summary of funds - current year
| General funds Endowment funds Restricted funds |
Balance at 1 April 2021 £ 43,371 621,721 65,745 730,837 Balance at 1 April 2020 £ 41,097 544,514 54,772 640,383 |
Income £ 23,367 1,406,954 5,024 1,435,345 Income £ 20,128 - 1,568 21,696 |
Expenditure £ (57,706) - - (57,706) Expenditure £ (17,854) - - (17,854) |
Gains/ (Losses) £ - (886) 5,491 4,605 Gains/ (Losses) £ - 77,207 9,405 86,612 |
Balance at 31 March 2022 £ 9,032 2,027,789 76,260 |
|---|---|---|---|---|---|
| 2,113,081 | |||||
| Balance at 31 March 2021 £ 43,371 621,721 65,745 |
|||||
| Summary of funds - prior year | |||||
| General funds Endowment funds Restricted funds |
|||||
| 730,837 |
Page 18
KING EDWARD VI SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022
19. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2022 £ 17,683 1,972,187 37,919 - 2,027,789 year Endowment funds 2021 £ 17,683 573,310 30,728 - 621,721 |
Restricted funds 2022 Unrestricted funds 2022 £ £ - - 54,320 - 21,940 11,362 - (2,330) 76,260 9,032 Restricted funds 2021 Unrestricted funds 2021 £ £ - - 48,829 - 16,916 46,791 - (3,420) 65,745 43,371 |
Total funds 2022 £ 17,683 2,026,507 71,221 (2,330) 2,113,081 Total funds 2021 £ 17,683 622,139 94,435 (3,420) 730,837 |
|---|---|---|---|
| Analysis of net assets between funds - prior | |||
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
20. Related party transactions
The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 March 2022.
Page 19