DocuSign Envelope ID: 1906C782-D8AF-4EF4-B322-C36DDAAD9A27
Charity number: 528140
KING EDWARD VI SCHOOL FOUNDATION
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
for the year ended 31 March 2023
DocuSign Envelope ID: 1906C782-D8AF-4EF4-B322-C36DDAAD9A27
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 |
DocuSign Envelope ID: 1906C782-D8AF-4EF4-B322-C36DDAAD9A27
KING EDWARD VI SCHOOL FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS for the year ended 31 March 2023
| Trustees | Prof. Timothy J Nichol, Chair |
|---|---|
| Mrs Rosalind Richardson | |
| Dr John Gowing | |
| Cllr David Bawn | |
| Rev Simon White | |
| Mrs Christine Telford | |
| 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
DocuSign Envelope ID: 1906C782-D8AF-4EF4-B322-C36DDAAD9A27
KING EDWARD VI SCHOOL FOUNDATION
TRUSTEES' REPORT for the year ended 31 March 2023
The Trustees present their annual report together with the financial statements of the Charity for the year to 31 March 2023.
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 £13,206 to beneficiaries including the King Edward VI School as well as 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 previous year this land was sold and the proceeds invested into further permanently endowed investments held with RBC Brewin Dolphin Limited. A further £10,000 was received in land sales in the current year in relation to a small strip of land adjacent to the development site.
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
DocuSign Envelope ID: 1906C782-D8AF-4EF4-B322-C36DDAAD9A27
KING EDWARD VI SCHOOL FOUNDATION
TRUSTEES' REPORT (CONTINUED) for the year ended 31 March 2023
Reserves policy
The Foundation has a permanent endowment consisting primarily of land and buildings and investments. Part of this permanently endowed land, known as The Headmaster's Lawn, was sold during the prior year. The majority of liquid investments funds are invested with Barclays Wealth and RBC Brewin Dolphin Limited and provide 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 £65,670 (2022: £1,435,345) have 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 £10,000. 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 £33,953 (2022: £57,706) has been incurred resulting in a surplus of £31,717 (2022: surplus of £1,377,639) before investment losses of £157,837 (2022: gains of £4,605) resulting in a net output of £126,120 (2022: income of £1,382,244).
Plans for the future
The Trustees continue to consider requests for financial support from individuals and the King Edward VI 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 Cheviot 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
DocuSign Envelope ID: 1906C782-D8AF-4EF4-B322-C36DDAAD9A27
KING EDWARD VI SCHOOL FOUNDATION
TRUSTEES' REPORT (CONTINUED) for the year ended 31 March 2023
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. A recent change to the appointment process has been to transfer the power of appointment formerly held by the Edwardian Society to appoint two trustees to the trustees themselves. Any trustees appointed under these amended arrangements will continue to be former pupils of the King Edward VI School.
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 fund managers 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 year 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 judgements 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:
Prof. Timothy J Nichol (Chair of Trustees) Date: 26 January 2024
Page 4
DocuSign Envelope ID: 1906C782-D8AF-4EF4-B322-C36DDAAD9A27
KING EDWARD VI SCHOOL FOUNDATION
INDEPENDENT EXAMINER'S REPORT for the year ended 31 March 2023
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 2023.
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
-
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: 26 January 2024
Deborah Graham FCA
Ryecroft Glenton 32 Portland Terrace Newcastle upon Tyne NE2 1QP
Page 5
DocuSign Envelope ID: 1906C782-D8AF-4EF4-B322-C36DDAAD9A27
KING EDWARD VI SCHOOL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2023
| 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 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 2023 £ - - 10,000 10,000 - - - 10,000 (157,223) (147,223) 2,027,789 (147,223) 1,880,566 |
Restricted funds 2023 £ - 1,632 - 1,632 - - - 1,632 (614) 1,018 76,260 1,018 77,278 |
Unrestricted funds 2023 £ 76 53,962 - 54,038 12,227 21,726 33,953 20,085 - 20,085 9,032 20,085 29,117 |
Total funds 2023 £ 76 55,594 10,000 65,670 12,227 21,726 33,953 31,717 (157,837) (126,120) 2,113,081 (126,120) 1,986,961 |
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 |
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
DocuSign Envelope ID: 1906C782-D8AF-4EF4-B322-C36DDAAD9A27
KING EDWARD VI SCHOOL FOUNDATION
BALANCE SHEET as at 31 March 2023
| 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 |
9,811 109,375 119,186 (3,120) |
2023 £ 17,683 1,853,212 1,870,895 116,066 1,986,961 1,986,961 1,880,566 77,278 29,117 1,986,961 |
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 |
The financial statements were approved and authorised for issue by the Trustees on 26 January 2024 and signed on their behalf by:
Prof. Timothy J Nichol (Chair of Trustees)
The notes on pages 8 to 19 form part of these financial statements.
Page 7
DocuSign Envelope ID: 1906C782-D8AF-4EF4-B322-C36DDAAD9A27
KING EDWARD VI SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2023
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.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
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.
Page 8
DocuSign Envelope ID: 1906C782-D8AF-4EF4-B322-C36DDAAD9A27
KING EDWARD VI SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2023
2. Accounting policies (continued)
2.4 Expenditure (continued)
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
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
DocuSign Envelope ID: 1906C782-D8AF-4EF4-B322-C36DDAAD9A27
KING EDWARD VI SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2023
2. Accounting policies (continued)
2.10 Fund accounting
Unrestricted income funds are 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. The trustees have no policies to dispose of unrestricted capital which makes up the Permanent Endowment funds.
Permanent Endowment funds consist of land and property and investments in cash and 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 | |
| 2023 | 2023 | 2022 | |
| £ | £ | £ | |
| Donations | 76 | 76 | 76 |
Page 10
DocuSign Envelope ID: 1906C782-D8AF-4EF4-B322-C36DDAAD9A27
KING EDWARD VI SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2023
4. Investment income
| Income from investments Bank interest Total 2022 |
Restricted funds 2023 Unrestricted funds 2023 £ £ 1,632 53,509 - 453 1,632 53,962 5,024 23,291 |
Total funds 2023 £ 55,141 453 55,594 28,315 |
Total funds 2022 £ 27,702 613 |
|---|---|---|---|
| 28,315 | |||
5. Other incoming resources
| Sale of land Investment management costs Investment portfolio management fees |
Endowment funds 2023 £ 10,000 Unrestricted funds 2023 £ 12,227 |
Total funds 2023 £ 10,000 Total funds 2023 £ 12,227 |
Total funds 2022 £ 1,406,954 |
|---|---|---|---|
| Total funds 2022 £ 7,191 |
6. Investment management costs
Page 11
DocuSign Envelope ID: 1906C782-D8AF-4EF4-B322-C36DDAAD9A27
KING EDWARD VI SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2023
7. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2023 £ School costs and grants 13,206 Establishment - Administration 3,500 Legal and professional 1,900 Independent examiner's fee 3,120 21,726 8. School costs and grants Grants to school King Edward VI School - Covid King Edward VI School - Chaplaincy Commemoration Day service fee Commemoration Day lunch Archive projects King Edward VI School - Laser cutter King Edward VI School - Head's discretionary fund |
Total 2023 £ 13,206 - 3,500 1,900 3,120 21,726 2023 £ 1,500 - - 1,000 356 - 5,350 5,000 13,206 |
Total 2022 £ 41,803 142 3,000 3,240 2,330 |
|---|---|---|
| 50,515 | ||
| 2022 £ - 20,000 19,000 500 303 2,000 - - |
||
| 41,803 |
Page 12
DocuSign Envelope ID: 1906C782-D8AF-4EF4-B322-C36DDAAD9A27
KING EDWARD VI SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2023
9. Establishment expenses
| Repairs Insurance Lodge expenses Sundry expenses |
2023 £ - - - - - |
2022 £ - - 620 (478) |
|---|---|---|
| 142 |
10. Administrative expenses
| Clerk's fees Independent examiner's remuneration Fees payable to the Charity's independent examiner for the independent examination and preparation of the Charity's annual accounts |
2023 £ 3,000 3,000 2023 £ 3,120 |
2022 £ 3,000 |
|---|---|---|
| 3,000 | ||
| 2022 £ 2,330 |
11. Independent examiner's remuneration
12. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .
During the year, no Trustee expenses have been incurred (2022 - £NIL) .
Page 13
DocuSign Envelope ID: 1906C782-D8AF-4EF4-B322-C36DDAAD9A27
KING EDWARD VI SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2023
13. Tangible fixed assets
| Cost or valuation At 1 April 2022 At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 |
Freehold land and property £ 17,683 |
|---|---|
| 17,683 | |
| 17,683 | |
| 17,683 |
Tangible fixed assets are recorded at cost and consist of land and school facilities. 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 £10,000 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 2022 Additions Disposals Revaluations At 31 March 2023 |
Listed investments £ 1,983,468 77,737 (109,088) (157,837) 1,794,280 |
Cash held for re- investment £ 43,039 109,087 (93,194) - 58,932 |
Total £ 2,026,507 186,824 (202,282 (157,837 |
|---|---|---|---|
| 1,853,212 |
All fixed asset investments are held in the UK.
Page 14
DocuSign Envelope ID: 1906C782-D8AF-4EF4-B322-C36DDAAD9A27
KING EDWARD VI SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2023
15. Debtors
| Due within one year Other debtors |
2023 £ 9,811 9,811 |
2022 £ 257 |
|---|---|---|
| 257 |
16. Creditors: Amounts falling due within one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Accrued expenses | 3,120 | 2,330 |
Page 15
DocuSign Envelope ID: 1906C782-D8AF-4EF4-B322-C36DDAAD9A27
KING EDWARD VI SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2023
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 2022 £ 9,032 2,027,789 76,260 2,113,081 |
Income £ 54,038 10,000 1,632 65,670 |
Expenditure £ (33,953) - - (33,953) |
Gains/ (Losses) £ - (157,223) (614) (157,837) |
Balance at 31 March 2023 £ 29,117 |
|---|---|---|---|---|---|
| 1,880,566 | |||||
| 77,278 | |||||
| 1,986,961 |
Invested restricted funds are held to provide prizes from the income generated.
Page 16
DocuSign Envelope ID: 1906C782-D8AF-4EF4-B322-C36DDAAD9A27
KING EDWARD VI SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2023
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 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 |
Page 17
DocuSign Envelope ID: 1906C782-D8AF-4EF4-B322-C36DDAAD9A27
KING EDWARD VI SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2023
18. Summary of funds
Summary of funds - current year
| General funds Endowment funds Restricted funds |
Balance at 1 April 2022 £ 9,032 2,027,789 76,260 2,113,081 Balance at 1 April 2021 £ 43,371 621,721 65,745 730,837 |
Income £ 54,038 10,000 1,632 65,670 Income £ 23,367 1,406,954 5,024 1,435,345 |
Expenditure £ (33,953) - - (33,953) Expenditure £ (57,706) - - (57,706) |
Gains/ (Losses) £ - (157,223) (614) (157,837) Gains/ (Losses) £ - (886) 5,491 4,605 |
Balance at 31 March 2023 £ 29,117 1,880,566 77,278 |
|---|---|---|---|---|---|
| 1,986,961 | |||||
| Balance at 31 March 2022 £ 9,032 2,027,789 76,260 |
|||||
| Summary of funds - prior year | |||||
| General funds Endowment funds Restricted funds |
|||||
| 2,113,081 |
Page 18
DocuSign Envelope ID: 1906C782-D8AF-4EF4-B322-C36DDAAD9A27
KING EDWARD VI SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2023
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 2023 £ 17,683 1,799,506 63,377 - 1,880,566 year Endowment funds 2022 £ 17,683 1,972,187 37,919 - 2,027,789 |
Restricted funds 2023 Unrestricted funds 2023 £ £ - - 53,706 - 23,572 32,237 - (3,120) 77,278 29,117 Restricted funds 2022 Unrestricted funds 2022 £ £ - - 54,320 - 21,940 11,362 - (2,330) 76,260 9,032 |
Total funds 2023 £ 17,683 1,853,212 119,186 (3,120) 1,986,961 Total funds 2022 £ 17,683 2,026,507 71,221 (2,330) 2,113,081 |
|---|---|---|---|
| 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
During the year the Charity made a donation to Morpeth Parochial Church Council of £1,000 (2022: £500). This was a contribution for the use of St James the Great Church for the school's commemoration service to help cover the costs of hosting the service. Morpeth Parochial Church Council is a related party through a common trustee.
Page 19
Certificate Of Completion
Envelope Id: 1906C782D8AF4EF4B322C36DDAAD9A27 Subject: Complete with DocuSign: K523 2023 accounts for approval for signature.pdf Source Envelope: Document Pages: 21 Signatures: 3 Certificate Pages: 5 Initials: 0 AutoNav: Enabled EnvelopeId Stamping: Enabled Time Zone: (UTC) Dublin, Edinburgh, Lisbon, London
Status: Completed
Envelope Originator: Joanne Scott 32 Portland Terrace Newcastle Upon Tyne, Tyne and Wear NE2 1QP joannescott@ryecroftglenton.com IP Address: 94.11.162.2
Record Tracking
Status: Original Holder: Joanne Scott Location: DocuSign 26 January 2024 | 18:18 joannescott@ryecroftglenton.com
Signer Events Signature Timestamp Timothy J Nichol Sent: 26 January 2024 | 18:25 t.j.nichol@ljmu.ac.uk Viewed: 29 January 2024 | 08:26 Chair Foundation Governors Signed: 29 January 2024 | 08:27 Security Level: Email, Account Authentication (None) Signature Adoption: Pre-selected Style Using IP Address: 150.204.19.205 Electronic Record and Signature Disclosure: Accepted: 29 January 2024 | 08:26 ID: f3f07f21-9cf9-4580-b934-a99586cb31a2 Deborah Graham Sent: 29 January 2024 | 08:27 Deborahgraham@ryecroftglenton.com Viewed: 29 January 2024 | 13:04 Partner Signed: 29 January 2024 | 13:04 RYECROFT GLENTON Signature Adoption: Pre-selected Style Security Level: Email, Account Authentication (None) Using IP Address: 128.65.101.106 Electronic Record and Signature Disclosure: Not Offered via DocuSign
| In Person Signer Events | Signature | Timestamp |
|---|---|---|
| Editor Delivery Events | Status | Timestamp |
| Agent Delivery Events | Status | Timestamp |
| Intermediary Delivery Events | Status | Timestamp |
| Certified Delivery Events | Status | Timestamp |
| Carbon Copy Events | Status | Timestamp |
| David Towns | Sent: 29 January 2024 | |
| David.towns@muckle-llp.com | Viewed: 29 January 2024 | |
| Partner | ||
| Muckle LLP | ||
| Security Level: Email, Account Authentication | ||
| (None) |
Electronic Record and Signature Disclosure:
Not Offered via DocuSign
| Witness Events | Signature | Timestamp |
|---|---|---|
| Notary Events | Signature | Timestamp |
| Envelope Summary Events | Status | Timestamps |
| Envelope Sent | Hashed/Encrypted | 26 January 2024 |
| Certified Delivered | Security Checked | 29 January 2024 |
| Signing Complete | Security Checked | 29 January 2024 |
| Completed | Security Checked | 29 January 2024 |
| Payment Events | Status | Timestamps |
| Electronic Record and Signature | Disclosure |
Electronic Record and Signature Disclosure created on: 09 December 2019 | 12:26 Parties agreed to: Timothy J Nichol
ELECTRONIC RECORD AND SIGNATURE DISCLOSURE
From time to time, RYECROFT GLENTON (we, us or Company) may be required by law to provide to you certain written notices or disclosures. Described below are the terms and conditions for providing to you such notices and disclosures electronically through the DocuSign system. Please read the information below carefully and thoroughly, and if you can access this information electronically to your satisfaction and agree to this Electronic Record and Signature Disclosure (ERSD), please confirm your agreement by selecting the check-box next to ‘I agree to use electronic records and signatures’ before clicking ‘CONTINUE’ within the DocuSign system.
Getting paper copies
At any time, you may request from us a paper copy of any record provided or made available electronically to you by us. You will have the ability to download and print documents we send to you through the DocuSign system during and immediately after the signing session and, if you elect to create a DocuSign account, you may access the documents for a limited period of time (usually 30 days) after such documents are first sent to you. After such time, if you wish for us to send you paper copies of any such documents from our office to you, you will be charged a $0.00 per-page fee. You may request delivery of such paper copies from us by following the procedure described below.
Withdrawing your consent
If you decide to receive notices and disclosures from us electronically, you may at any time change your mind and tell us that thereafter you want to receive required notices and disclosures only in paper format. How you must inform us of your decision to receive future notices and disclosure in paper format and withdraw your consent to receive notices and disclosures electronically is described below.
Consequences of changing your mind
If you elect to receive required notices and disclosures only in paper format, it will slow the speed at which we can complete certain steps in transactions with you and delivering services to you because we will need first to send the required notices or disclosures to you in paper format, and then wait until we receive back from you your acknowledgment of your receipt of such paper notices or disclosures. Further, you will no longer be able to use the DocuSign system to receive required notices and consents electronically from us or to sign electronically documents from us.
All notices and disclosures will be sent to you electronically
Unless you tell us otherwise in accordance with the procedures described herein, we will provide electronically to you through the DocuSign system all required notices, disclosures, authorizations, acknowledgements, and other documents that are required to be provided or made available to you during the course of our relationship with you. To reduce the chance of you inadvertently not receiving any notice or disclosure, we prefer to provide all of the required notices and disclosures to you by the same method and to the same address that you have given us. Thus, you can receive all the disclosures and notices electronically or in paper format through the paper mail delivery system. If you do not agree with this process, please let us know as described below. Please also see the paragraph immediately above that describes the consequences of your electing not to receive delivery of the notices and disclosures electronically from us.
How to contact RYECROFT GLENTON:
You may contact us to let us know of your changes as to how we may contact you electronically, to request paper copies of certain information from us, and to withdraw your prior consent to receive notices and disclosures electronically as follows:
To contact us by email send messages to: darrenknott@ryecroftglenton.com
To advise RYECROFT GLENTON of your new email address
To let us know of a change in your email address where we should send notices and disclosures electronically to you, you must send an email message to us at darrenknott@ryecroftglenton.com and in the body of such request you must state: your previous email address, your new email address. We do not require any other information from you to change your email address.
If you created a DocuSign account, you may update it with your new email address through your account preferences.
To request paper copies from RYECROFT GLENTON
To request delivery from us of paper copies of the notices and disclosures previously provided by us to you electronically, you must send us an email to darrenknott@ryecroftglenton.com and in the body of such request you must state your email address, full name, mailing address, and telephone number. We will bill you for any fees at that time, if any.
To withdraw your consent with RYECROFT GLENTON
To inform us that you no longer wish to receive future notices and disclosures in electronic format you may:
i. decline to sign a document from within your signing session, and on the subsequent page, select the check-box indicating you wish to withdraw your consent, or you may;
ii. send us an email to darrenknott@ryecroftglenton.com and in the body of such request you must state your email, full name, mailing address, and telephone number. We do not need any other information from you to withdraw consent.. The consequences of your withdrawing consent for online documents will be that transactions may take a longer time to process..
Required hardware and software
The minimum system requirements for using the DocuSign system may change over time. The - - current system requirements are found here: https://support.docusign.com/guides/signer guide signing-system-requirements.
Acknowledging your access and consent to receive and sign documents electronically
To confirm to us that you can access this information electronically, which will be similar to other electronic notices and disclosures that we will provide to you, please confirm that you have read this ERSD, and (i) that you are able to print on paper or electronically save this ERSD for your future reference and access; or (ii) that you are able to email this ERSD to an email address where you will be able to print on paper or save it for your future reference and access. Further, if you consent to receiving notices and disclosures exclusively in electronic format as described herein, then select the check-box next to ‘I agree to use electronic records and signatures’ before clicking ‘CONTINUE’ within the DocuSign system.
By selecting the check-box next to ‘I agree to use electronic records and signatures’, you confirm that:
-
You can access and read this Electronic Record and Signature Disclosure; and
-
You can print on paper this Electronic Record and Signature Disclosure, or save or send this Electronic Record and Disclosure to a location where you can print it, for future reference and access; and
-
Until or unless you notify RYECROFT GLENTON as described above, you consent to receive exclusively through electronic means all notices, disclosures, authorizations, acknowledgements, and other documents that are required to be provided or made available to you by RYECROFT GLENTON during the course of your relationship with RYECROFT GLENTON.