OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-03-31-accounts

REGISTERED CHARITY NUMBER: 528769

Report of the Trustees and Consolidated Financial Statements for the Year Ended 31 March 2022 for

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Contents of the Financial Statements FOR THE YEAR ENDED 31 MARCH 2022

Page
Report of the Trustees 1 to 6
Report of the Independent Auditors 7 to 9
Consolidated Statement of Financial Activities 10
Charity Statement of Financial Activities 11
Consolidated Balance Sheet 12 to 13
Charity Balance Sheet 14 to 15
Cash Flow Statement 16
Notes to the Cash Flow Statement 17
Notes to the Financial Statements 18 to 34
Detailed Statement of Financial Activities 35 to 36

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2022

The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Charity's object and principal activity is the provision of items, services and facilities for the Academy called The Grammar School of King Edward VI at Stratford-Upon-Avon.

The object of the KES Trustees Ltd, a company included within the consolidated financial statements was to preserve and maintain the property known as Shakespeare's Schoolroom and Guildhall, Church Street, Stratford-upon-Avon, Warwickshire which is of particular historical and architectural interest; and establish and maintain a museum in the property. If profits are generated they are donated to the holding entity (a registered charity), subject to the retention of a sufficient level of working capital within the company.

At 31 March 2022, the trading activity and assets of KES Trustees Ltd were transferred to a newly formed Charitable Incorporated Organisation (CIO), Shakespeare's Schoolroom Trust. The CIO is not under control of the charity however it operates closely with the charitable group and has similar objectives of KES Trustees Ltd - to preserve and maintain the Shakespeare’s Schoolroom and Guildhall. In addition, the CIO aims to be proactive and utilise resources available to the entity which was restricted to the trading subsidiary. The donation of assets and trade was made by the charitable group in hope that the CIO meets their objectives and aims which in turn will benefit the charity from a reputational stand point whilst providing the security to the charitable group by eliminating the trading risk once in KES Trustees Limited.

Public benefit

The Trustees have considered the Charity Commission Guidance on Public Benefit in accordance with the Charities Act 2011.

In order to fulfil its charitable purpose the site owned by this Charity must be occupied by a school as defined by the Education Acts.

The Charity carries out this object by:

Providing funding directly to the Academy to support the operational finances of the School. As a small school with few economies of scale this funding:

  1. Sustains the School as a viable 3-form entry organisation.

  2. Enables the School to operate an extended Key Stage 4 provision in which students start GCSEs in Year 9 and are able to receive a broader education in a greater range of subjects than would ordinarily be possible.

  3. Enables the continued provision of a broad curriculum at Key Stage 5.

  4. Allows students to perform music at events in and beyond the School for public benefit.

Commissioning and or contributing to large scale projects some of which sit beyond the scope of public funding, all of which are beneficial to the School and its students, as follows:

  1. Heritage Lottery Funding, augmented by additional funds from the Charity, was secured in 2015 to enable the refurbishment of the historic Shakespeare's Schoolroom and Guildhall. This enabled it to open to the paying public in 2016 as an attraction providing support to sustain the future of the School's historic buildings. The wider public benefit of access to, and learning about, the early life and education of William Shakespeare in the year of the 400th anniversary of his death cannot be underestimated.

Page 1

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2022

OBJECTIVES AND ACTIVITIES

  1. The Dyson Science Building was entirely funded by a 20-year loan negotiated and resourced by the Trustee body in 2008 and provides exemplar science facilities for the 21st century.

  2. In light of the School being unsuccessful in bidding for Academies Capital Maintenance Funds for sixth form expansion, the Charity negotiated and is funding the lease of space in an adjacent District Council building in order to accommodate sixth form teaching and study for which the existing school site has no capacity. This extra space is fundamentally important in advance of a new bid for Condition Improvement Funding.

  3. In recent years the Charity has also underwritten other projects to deliver a new Drama Studio, create a new Food Technology space and to purchase a temporary library all of which have enhanced the School significantly.

Supporting other smaller scale projects or reactive repairs required by the School with wider public benefit.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The Schoolroom and Guildhall were opened to the public in April 2016. This was funded by HLF Grant funding of £1,787,402, together with other grants obtained by the Charity and the Charity's own funds. Feedback on the quality of the restoration and the visitor experience as a whole has been very positive. It is now one of the leading tourist attractions in Stratford-upon-Avon. The project was completed in 2017.

2021/2022 saw the charity and its trading subsidiaries facing continued challenges from the Covid-19 pandemic. The charity continued to support the school in every way throughout this difficult time. The trading subsidiary received grants in all three rounds of the Cultural Recovery Fund, enabling safeguarding of jobs, maintenance of the Guildhall and new research including the discovery of a Last Supper painting by Dr Jonathan Foyle which is of national significance. The Schoolroom re-opened just for the summer months of 2021 and made plans to re-open fully from April 2022.

Fundraising activities

During the course of the year the Trustees were delighted and very grateful to receive a generous grant from the following donor :-

From time to time the Charity receives donations from former pupils of the school but is not actively fundraising to solicit donations.

FINANCIAL REVIEW

Financial position

Following refurbishment of 17a Church Street the property has been let to teaching staff at the School via the offices of the Headmaster.

As the properties are now considered essential for the administration of the School the Trustees have considered the value of the properties and deemed them to be held at fair value as per the Charity SORP. The previously used informal valuation of £930,000 (2021 - £845,000) has therefore been retained in these accounts.

Cash reserves of £905,350 (2021 - £940,136) have been deposited with stockbrokers for investment pending their use on capital projects. Income received from these funds is as follows: UK investments £28,194 (2021 - £25,438), interest on cash held £nil (2021 - £6).

A summary of the investments can be found on note 19 to the Accounts.

Page 2

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2022

FINANCIAL REVIEW

The Trustees were pleased to report a surplus for the charity for the year of £197,863 (2021 – deficit of £330,992) and a consolidated surplus of £247,429 (2021 deficit of £22,850).

Income receivable from the Guild Estate for 2022 was £601,565 (2021 - £275,735).

The trade and assets of KES Trustees Ltd were transferred to a newly formed CIO, Shakespeare’s Schoolroom Trust on 31 March 2022. This included fixed assets (£2,153), stock (£13,511) and grant income (£68,954).

Investment policy and objectives

Funds have been placed with an investment manager under a discretionary agreement with an investment strategy for capital growth and moderate risk.

Reserves policy

The Trustees objective is to maintain cash and readily realisable investments of £1m in order to finance the Dyson building loan repayments. Free reserves are measured as general reserves after excluding fixed assets relating to the building and related loans. At the year end there were free reserves of £1,114,818 (2021 - £961,608).

It is appreciated by the Trustees that this figure may significantly reduce whilst the projects are proceeding. The Trustees receive quarterly accounting reports to enable them to monitor this.

The stocks and shares held are considered to be short term investments being held while finance is obtained for capital projects.

The Trustees aim to ensure that sufficient funds are retained from income arising to meet the annual administration expenses of the Trust including the financing of the loan repayments, thereafter ensuring all income is utilised in furtherance of the Trust objective.

The Charity's total consolidated reserves were £10,137,837 as at 31 March 2022 (2021 - £9,890,408). Of these reserves £1,302,523 are restricted to support the restoration of Guildhall and Shakespeare's Schoolroom (2021 - £1,343,153). In addition, £4,759,270 of the total reserves are held in an Endowment fund relating to land and property held in Stratford-Upon-Avon (2021 - £4,674,270).

FUTURE PLANS

The Charity continues to work closely with the school to improve the School Estate and facilities and is exploring the possibility of selling land in order to fund improved sports facilities.

New Science Block

With monthly donations of only £5 now being received no further large repayments are expected to be made other than from the Trustees own resources.

Further Development of the School's Facilities

At the 31 March 2022, the Trustees consider that their financial resources are sufficient to enable them to meet the commitments they have made to develop the facilities of the school.

In July 2014, the Trustees entered into a 7 year lease with Stratford on Avon District Council to rent offices from the council to provide additional teaching accommodation for the pupils of the School. The lease was terminated in July 2019.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.

Page 3

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT Charity constitution

The Charity was constituted on the 20th November 1998 in accordance with the Charity Commissioners' Scheme. The Charity is to be administered in accordance with the scheme, which replaces the former trusts of the Charity.

Recruitment and appointment of new trustees

Appointment and removal of Trustees is governed by the Scheme of the Charity dated 20th November 1998.

Organisational structure

The Trustees' body administers the charity. The Trustees usually meet quarterly. The principal matters of the Charity continue to be outsourced to outside providers. The providers report directly to the Chairman and appropriate Trustees.

Decision making

With one trustee also serving as a Governor of the School there is a close working relationship with the Governors ensuring that their ideas and requirements are taken into account, subject to any financial restraints, when considering how the funds available should be spent for the benefit of the School and its pupils.

Induction and training of new trustees

Trustees are encouraged to consider the relevant Charity Commission publications where these will facilitate the undertaking of their role.

Related parties

The charity has two wholly owned subsidiaries. KES Trustees Ltd which was established to operate Shakespeare's Schoolroom as a tourist attraction and KES (Shakespeare's School) International Limited which was formed to promote 'Shakespeare's School' internationally. Profits from these subsidiaries will be donated to the charity.

None of the Trustees receive remuneration or other benefit from their work with the Charity. Any connection between a trustee or senior manager of the charity with a supplier or visitors of the Charity must be disclosed to the full board of trustees in the same way as any other contractual relationship with a related party. In the current year no such related party transactions were reported.

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 are in place to mitigate their exposure to the major risks.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number

528769

Principal address

The Hunting Lodge Billesley Road Upper Billesley Stratford-Upon-Avon Warwickshire CV37 9RA

Page 4

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2022

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees

A P M Bird OBE V G F Matts M Edwards D Ingle The Marquess of Hertford DL ARAgS High Steward of Stratford-Upon-Avon Cllr M Brain Appointee of - resigned 1.8.22 Warwickshire County Council Cllr K Taylor Town Mayor of - resigned 19.5.22 Stratford-Upon-Avon 2021 Cllr T G Sinclair Appointee of - appointed 1.8.22 Warwickshire County Council

Auditors

Murphy Salisbury Limited Chartered Accountants and Statutory Auditors 15 Warwick Road Stratford Upon Avon Warwickshire CV37 6YW

Solicitors

Lodders Solicitors 10 Elm Court Arden Street Stratford-Upon-Avon CV37 6PA

Investment Managers

EFG Harris Allday Church Mews Ombersley Worcestershire WR9 0EW

Page 5

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2022

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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 the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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 board of trustees on 31 January 2023 and signed on its behalf by:

............................................. A P M Bird OBE - Trustee

Page 6

Report of the Independent Auditors to the Trustees of The Trustees of The Grammar School of King Edward VI at Stratford Upon Avon

Opinion

We have audited the financial statements of The Trustees of The Grammar School of King Edward VI at Stratford Upon Avon (the ‘parent charity’) and its subsidiaries (the ‘group’) for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Page 7

Report of the Independent Auditors to the Trustees of THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Responsibilities of trustees

As explained more fully in the Statement of Trustees Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

o Identifying and assessing the controls management has in place to prevent and detect fraud; o Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

o Challenging assumptions and judgments made by management in its significant accounting estimates and judgments, o Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and o Assessing the extent of compliance with the relevant laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 8

Report of the Independent Auditors to the Trustees of THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Section 144 of the Charities Act 2011 and regulations made under Section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Murphy Salisbury Limited

Chartered Accountants and Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 15 Warwick Road Stratford Upon Avon Warwickshire CV37 6YW

31 January 2023

Page 9

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Consolidated Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
fund
Notes
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
687,992
Trading Subsidiary
3
311,695
Investment income
4
29,394
Other income
60
Total
1,029,141
EXPENDITURE ON
Raising funds
5
46,278
Charitable activities
6
Grants to the Governors
301,533
Guild Hall Project
-
School development
115,063
Shakespeare’s Schoolroom
Trust
68,954
Trading activities
7
Trading subsidiaries expenses
257,324
Total
789,152
Net gains/(losses) on
investments
(36,930)
NET
INCOME/(EXPENDITURE)
203,059
RECONCILIATION OF
FUNDS
Total funds brought forward
3,872,985
TOTAL FUNDS CARRIED
FORWARD
4,076,044		 Restricted
fund
£
-
-
-
-
-
-
40,630
-
-
-
40,630
-
(40,630)
1,343,153
1,302,523		 Endowment
fund
£
-
-
-
-
-
-
-
-
-
-
-
85,000
85,000
4,674,270
4,759,270		 2022
Total funds
£
687,992
311,695
29,394
60
1,029,141
46,278
301,533
40,630
115,063
68,954
257,324
829,782
48,070
247,429
9,890,408
**10,137,837 **		 2021
Total funds
£
346,223
147,474
26,644
60
520,401
66,648
329,894
43,335
134,385
167,571
741,833
198,582
(22,850)
9,913,258
9,890,408

The notes form part of these financial statements

Page 10

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Charity Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
fund
Notes
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2A
687,992
Investment income
4
29,394
Other income
60
Total
717,446
EXPENDITURE ON
Raising funds
5
41,473
Charitable activities
6
Grants to the Governors
301,533
Guild Hall Project
-
School development
115,063
Shakespeare’s Schoolroom Trust
68,954
Other
-
Total
527,023
Net gains/(losses) on
investments
(36,930)
NET
INCOME/(EXPENDITURE)
153,493
RECONCILIATION OF
FUNDS
Total funds brought forward
3,932,325
TOTAL FUNDS CARRIED
FORWARD
4,085,818
Restricted
fund
£
-
-
-
-
-
-
40,630
-
-
-
40,630
-
(40,630)
1,343,153
1,302,523
Endowment
fund
£
-
-
-
-
-
-
-
-
-
-
-
85,000
85,000
4,674,270
4,759,270		 2022

Total
funds
£
687,992
29,394
60
717,446
41,473
301,533
40,630
115,063
68,954
-
567,653
48,070
197,863
9,949,748
10,147,611		 2021
Total
funds
£
392,309
26,644
60
419,013
394,887
329,894
43,335
134,385
46,086
948,587
198,582
(330,992)
10,280,740
9,949,748

The notes form part of these financial statements

Page 11

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Consolidated Balance Sheet AT 31 MARCH 2022

Notes
FIXED ASSETS
Intangible assets
14A
Tangible assets
15A
Investments
Residential property
17
CURRENT ASSETS
Stocks
Debtors
18A
Investments
19
Cash at bank
CREDITORS
Amounts falling due within one
year
20A
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
CREDITORS
Amounts falling due after more
than one year
21
NET ASSETS
FUNDS
23
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS		 Unrestricted
fund

£
10,314
4,152,297
-
4,162,611
-
74,877
905,350
205,308
1,185,535
(254,615)
930,920
5,093,531
(1,017,487)
4,076,044		 Restricted
fund
£
-
1,260,729
-
1,260,729
-
-
-
41,794
41,794
-
41,794
1,302,523
-
1,302,523		 Endowment
fund
£
-
3,829,270
930,000
4,759,270
-
-
-
-
-
-
-
4,759,270
-
4,759,270		 2022
Total funds
£
10,314
9,242,296
930,000
10,182,610
-
74,877
905,350
247,102
1,227,329
(254,615)
972,714
11,155,324
(1,017,487)
10,137,837
4,076,044
1,302,523
4,759,270
**10,137,837 **		 2021
Total funds
£
12,022
9,388,975
845,000
10,245,997
14,945
25,935
940,136
102,123
1,083,139
(255,244)
827,896
11,073,893
(1,183,485)
9,890,408
3,872,985
1,343,153
4,674,270
9,890,408

The notes form part of these financial statements

continued...

Page 12

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Consolidated Balance Sheet - continued AT 31 MARCH 2022

The consolidated financial statements were approved by the Board of Trustees on 31 January 2023 and were signed on its behalf by:

............................................. A P M Bird OBE -Trustee

The notes form part of these financial statements

continued...

Page 13

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Charity Balance Sheet AT 31 MARCH 2022

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
15B
4,152,297
Investments
Investments
16
4
Investment property
17
-
4,152,301
CURRENT ASSETS
Debtors
18B
74,558
Investments
19
905,350
Cash at bank
143,977
1,123,885
CREDITORS
Amounts falling due within one
year
20B
(172,881)
NET CURRENT ASSETS
951,004
TOTAL ASSETS LESS
CURRENT LIABILITIES
5,103,305
CREDITORS
Amounts falling due after more
than one year
21
(1,017,487)
NET ASSETS
4,085,818
FUNDS
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS
Restricted
fund
£
1,260,729
-
-
1,260,729
-
-
41,794
41,794
-
41,794
1,302,523
-
1,302,523
Endowment
fund
£
3,829,270
-
930,000
4,759,270
-
-
-
-
-
-
4,759,270
-
4,759,270		 2022

Total
funds
£
9,242,296
4
930,000
10,172,300
74,558
905,350
185,771
1,165,679
(172,881)
992,798
11,165,098
(1,017,487)
10,147,611
4,085,818
1,302,523
4,759,270
10,147,611		 2021
Total
funds
£
9,388,703
4
845,000
10,233,707
58,640
940,136
93,258
1,092,034
(192,508)
899,526
11,133,233
(1,183,485)
9,949,748
3,932,325
1,343,153
4,674,270
9,949,748

The notes form part of these financial statements

continued...

Page 14

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Charity Balance Sheet - continued AT 31 MARCH 2022

The financial statements were approved by the Board of Trustees on 31 January 2023 and were signed on its behalf by:

............................................. A P M Bird OBE -Trustee

The notes form part of these financial statements

Page 15

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Consolidated Cash Flow Statement FOR THE YEAR ENDED 31 MARCH 2022

Notes
Cash flows from operating activities:
Cash generated from operations
1
Interest paid
Net cash provided by (used in) operating
activities
Cash flows from investing activities:
Purchase of tangible fixed assets
Sale of tangible fixed assets
Sale of current asset investments
Purchase of current asset investments
Dividends received
Interest received
Net cash provided by (used in) investing
activities
Cash flows from financing activities:
New loans in year
Loan repayments in year
Net cash provided by (used in) financing
activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of
the reporting period
2
Cash and cash equivalents at the end of the
reporting period
2		 2022
£
295,399
(23,165)
(272,234)
(2,094)
2,153
114,282
(116,425)
28,194
-
26,110
-
(153,365)
(153,365)
144,979
102,123
**247,102 **		 2021
£
14,164
(21,199)
(7,035)
-
-
59,084
(375,433)
25,438
6
(290,905)
200,000
(60,952)
139,048
(158,892)
261,015
102,123

Page 16

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Notes to the Consolidated Cash Flow Statement FOR THE YEAR ENDED 31 MARCH 2022

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES OPERATING ACTIVITIES
2022 2021
£ £
Net income for the reporting period (as per the statement of financial
activities) 247,429 (22,850)
Adjustments for:
Depreciation and amortisation charges 148,328 150,163
(Gain)/losses on investments (48,070) (198,542)
Interest paid 23,165 21,119
Interest received - (6)
Dividends received (28,194) (25,438)
(Increase)/decrease in stock 14,945 (255)
(Increase)/decrease in debtors (48,942) 8,370
Increase/(decrease) in creditors (13,262) 81,563
Net cash provided by (used in) operating activities 295,399 14,164
2. ANALYSIS OF CASH AND CASH EQUIVALENTS
At 1.4.21 Cash flow At 31.3.22
£ £ £
Net cash
Cash at bank 102,123 144,979 **247,102 **
102,123 144,979 **247,102 **
Liquid resources
Current asset investments 940,136 (34,786) 905,350
940,136 (34,786) 905,350
Debt
Debts falling due within 1 year (152,146) (12,633) (164,779)
Debts falling due after 1 year (1,183,485) 165,998 (1,017,487)
(1,335,631) 153,365 **(1,182,266) **
Total (293,372) 263,558 (29,814)

Page 17

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.

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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2015 which has since been withdrawn.

The financial statements are prepared in sterling which is the functional currency of the charity and are rounded to the nearest £.

Going Concern

The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income

Recognition of Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Offsetting

There has been no offsetting of assets and expenses, unless required or permitted by the FRS 102 SORP.

Grants and donations

Grants and donations are only included in the SOFA when the general income recognition criteria are met (5.10 - 5.12 FRS 102 SORP).

Page 18

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES - continued

Turnover

Ticket and retail sales are recognised on a cash received basis.

Income from interest and dividends

This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.

Investment gains and losses

This includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

Expenditure

Liability Recognition

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

Governance and support costs

Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.

Grants payable without performance conditions

Where there are no conditions attaching to the grant that enables the donor charity to realistically avoid the commitment, a liability for the full funding obligation is recognised.

Deferred income

The Charity recognises grant income at fair value when the Charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met, then these amounts are deferred.

KES Trustees Ltd, a subsidiary of the charity, recognises income for future group bookings on the date of the visit.

Creditors

The Charity has creditors which are measured at settlement amounts less any trade discounts.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Pension costs and other post-recruitment benefits

KES Trustees Ltd, a subsidiary of the charity, operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Page 19

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES - continued

Tangible fixed assets charity

Freehold land is not depreciated.

Fixtures & Fittings are depreciated on a straight line basis over a 10 year period.

Office Equipment is depreciated on a straight line basis over a 3 year period.

School Buildings

Due to the historic origins of many of the buildings they have to be maintained in good working order. Because of this they are considered to have indefinite useful lives and as such they have not been depreciated, but annual impairment reviews are undertaken to ensure their service potential remains undiminished.

To provide for the eventual replacement of other school buildings the Trustees have decided to introduce a policy of writing off the construction costs of the buildings over the period of their expected useful lives. The charge in the Statement of Financial Activities is calculated on a straight line basis as follows;

To be written off over 60 years following the end of the financial year in which construction was completed

Completed in the year ended 31st March
Fitzmaurice Building 1987
New Arts Block 1995
Levi Fox Hall 1998
Denis Dyson Science Building 2008

Investments

Residential properties 17A, 17B and 18 Church Street, Stratford-upon-Avon.

The above properties are now being used to provide accommodation for teaching staff in addition to the on-site school caretaker.

The original acquisition dates and costs of the properties are not known.

Due to the residential nature and location of the properties it is considered the properties have indefinite useful lives and as such they have not been depreciated from the last valuation figure obtained for them. The valuation figure of £930,000 is considered not to exceed the market value of the properties.

Annual impairment reviews are undertaken to ensure the properties remain fit for purpose.

Tangible fixed assets subsidiaries

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

life.
Website development - 33% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost

Intangible fixed assets charity

It is the policy of the Charity to capitalise expenditure on establishing a market position for providing a service which is open to the general public.

These are valued at cost and will be written off over three years.

Page 20

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES - continued

Intangible fixed assets subsidiaries

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Investments

Fixed asset investment in the subsidiaries are valued at cost.

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Debtors

Debtors are measured on initial recognition and measured at the cash or other consideration expected to be received.

Current asset investments

The Charity has investments which it holds for resale or pending their sale and cash and cash equivalents with a maturity date of less than one year. These include cash on deposit and cash equivalents with a maturity date of less than one year held for investment purposes rather than to meet short term cash commitments as they fall due. They are valued at fair value as provided by the stockbroker.

Page 21

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES - continued

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds are those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects.

Restricted funds are funds that are to be used in accordance with specific restrictions imposed by donors.

Under the scheme set up in November 1998 the land belonging to the Charity and specified as to "School Site and Buildings in Church Street Stratford-upon-Avon" must be retained by the Trustees for the use as a school within the meaning of the Education Acts. This is held in the permanent endowment fund. Income arising thereon is released for general purposes within the Trust.

Incoming resources

The contribution from the Trustees of the Guild Estate is a percentage of the annual income of that Charity. During the year the Trustees receive an account of their entitlement, with a balancing payment being made once the annual Accounts of the Guild Estate have been prepared. The financial statements are prepared on the basis of funds actually received from the Guild Estate with provision for any outstanding amounts due from the Charity at its year end.

No provision is made for any additional income over and above the payments on account due for the period from 1st January to 31st March 2022.

Contributions from the Trustees of the William Tyler Charity are for that Charity's year ending on 31st December prior to the preparation of these financial statements. As the figures for this contribution are not currently available, the value has been estimated in line with previous years.

Voluntary income and donations are accounted for as received by the Charity.

Income from investments and from rental income is included in the Statement of Financial Activities (SOFA) in the year in which it is receivable.

2. DONATIONS AND LEGACIES CONSOLIDATED

Donations
Grants
Grants received, included in the above, are as follows:
Guild Estate
William Tyler Charity
National Heritage Lottery		 2022
£
62
687,930
687,992
2022
£
601,565
17,411
68,954
687,930		 2021
£
161
346,062
346,223
2021
£
275,735
18,013
52,314
346,062

Page 22

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022

2A. DONATIONS AND LEGACIES CHARITY

Donations
Grants
Grants received, included in the above, are as follows:
Guild Estate
William Tyler Charity
National Heritage Lottery
3.
TRADING SUBSIDIARIES INCOME
Sales
4.
INVESTMENT INCOME
Rents receivable
Income from listed investments
Deposit account interest
5.
RAISING FUNDS
Raising donations and legacies
Maintenance of school property
Costs of obtaining grants
Bad debts
Aggregate amounts

Page 23

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022

6. CHARITABLE ACTIVITIES COSTS

Direct costs
Grant
funding of
activities
Support costs
(See note 8)
(See note 9)
(See note 10)
£
£
£
Guild Hall Project
40,630
-
-
School development
115,063
-
-
Grants to the Governors
23,101
254,658
23,774
Shakespeare’s Schoolroom Trust
-
68,954
-
178,794
323,612
23,774
7.
TRADING ACTIVITY COSTS
2022
£
Cost of sales
19,196
Administrative costs
238,128
257,324
8.
DIRECT COSTS OF CHARITABLE ACTIVITIES
2022
£
Advertising
-
School development costs
9,223
Depreciation
146,406
Interest payable and similar charges
23,165
178,794
9.
GRANTS PAYABLE
2022

£
Grants to the Governors
254,658
Shakespeare’s Schoolroom Trust
68,954
10.
SUPPORT COSTS
Governance
Management
costs
£
£
Grants to the Governors
2,500
21,274

Support costs, included in the above, are as follows:

Page 24

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022

10. SUPPORT COSTS - continued

Management

Management
2022 2021
Grants to
the Total
Governors activities
£ £
Insurance 760 760
Legal & professional fees 1,740 16,076
2,500 16,836
Governance costs
2022 2021
Grants to
the Total
Governors activities
£ £
Auditors' remuneration 5,100 5,160
Executive officer 10,000 7,800
Trustees meetings 6,174 6,629
Trustees expenses - 189
21,274 19,778

Governance costs

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.

Trustees' expenses

During the year expenses of £nil were paid to the trustees (2021 - £189 paid to one trustee for hospitality).

12. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2022
£
97,448
1,419
1,252
100,119		 2021
£
97,190
1,063
1,203
99,456

The average monthly number of employees during the year was as follows:

KES Trustees Ltd 2022
9
9		 2021
11
11

No employees received emoluments in excess of £60,000.

Page 25

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund
£
INCOME AND
ENDOWMNENTS FROM
Donations and legacies
293,909
Trading subsidiary
147,474
Investment income
26,644
Other income
60
Total
468,087
EXPENDITURE ON
Raising funds
40,171
Charitable activities
Grants to the Governors
329,894
Guild Hall Project
-
School development
134,385
Trading activities
Trading subsidiary expenses
167,571
Other
-
Total
672,021
Net gains/(losses) on investments
198,582
NET INCOME
(5,352)
RECONCILIATION OF
FUNDS
Total funds brought forward
3,878,337
TOTAL FUNDS CARRIED FORWARD
3,872,985		 Restricted
fund
Endowment
fund
Total funds
£
£
£
98,400
-
392,309
-
-
147,474
-
-
26,644
-
-
60
98,400
-
566,487
26,477
-
66,648
-
-
329,894
43,335
-
43,335
-
-
134,385
-
-
167,571
46,086
-
46,086
115,898
-
787,919
-
-
198,582
(17,498)
-
(22,850)
1,360,651
4,674,270
9,918,123
1,343,153
4,674,270
9,913,258

Page 26

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022

14A. INTANGIBLE FIXED ASSETS CONSOLIDATED

Patent and
branding
costs
£
COST
At 1 April 2021
And 31 March 2022 124,557
AMORTISATION
At 1 April 2021 112,535
Charge for year 1,708
At 31 March 2022 114,243
NET BOOK VALUE
At 31 March 2022 10,314
At 31 March 2021 12,022
14B. INTANGIBLE FIXED ASSETS CHARITY
Branding
costs
£
COST
At 1 April 2021 and 31 March 2022 107,483
AMORTISATION
At 1 April 2021 and 31 March 2022 107,483
NET BOOK VALUE
At 31 March 2022 -
At 31 March 2021 -

Page 27

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022

15A. TANGIBLE FIXED ASSETS CONSOLIDATED

Land &
buildings
Plant &
machinery
£
£
COST
At 1 April 202111,482,625
8,428
Additions
- -
Disposals
-
(8,428)
At 31 March 202211,482,625
-
DEPRECIATION
At 1 April 20212,191,994
8,428
Charge for year
126,359-
Disposals
-
(8,428)
At 31 March 2022
2,318,353
-
NET BOOK VALUE
At 31 March 20229,164,272
______ -
At 31 March 20219,290,631
______ -
15B.
TANGIBLE FIXED ASSETS CHARITY		 Fixtures &
fittings
Website
development
£
£
202,866
14,022
-
-
(2,378)
(14,022)
200,488
-
104,567
14,022
20,158
-
(2,261)
(14,022)
122,464
-
___78,024
___-
____98,299
___-
 Office
equipment
£
8,453
2,094
(3,168)
7,379
8,409
102
(1,132)
7,379
___-
__44		 Totals
£
11,716,394
2,094
(27,996)		 Totals
£
11,716,394
2,094
(27,996)
11,690,492
2,327,420
146,619
(25,843)
2,448,196
9,242,296
9,388,975
COST
At 1 April 2021
and 31 March 2022
DEPRECIATION
At 1 April 2021
Charge for year
At 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021		 Land &
buildings
£
11,482,625
2,191,994
126,359
2,318,353
9,164,272
9,290,631		 Fixtures

and

fittings
£
200,488
102,416
20,048
122,464
78,024
98,072		 Office
equipment
£
7,379
7,379
-
7,379
-
-
Totals
£
11,690,492
2,301,789
146,407
2,448,196
9,242,296
9,388,703

Page 28

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022

16. FIXED ASSET INVESTMENTS CHARITY

Shares in
group
undertakings
£
COST
At 1 April 2021 and 31 March 2022 4
NET BOOK VALUE
At 31 March 2022 4
At 31 March 2021 4

There were no investment assets outside the UK.

The charity owns the entire share capital of KES Trustees Limited & KES (Shakespeare's School) International Limited. A summary of the trading results is shown below for both wholly owned trading subsidiaries.

KES Trustees Limited (Company Number: 08667322)

KES Trustees Limited (Company Number: 08667322)
2022 2021
£ £
Turnover 85,083 1,270
Cost of sales (19,196) (1,113)
Gross Profit 65,887 157
Administrative expenses (223,107) (163,416)
Other operating income 615,046 146,204
Net profit/(loss) 475,826 (17,055)
The aggregate of the assets, liabilities and funds was:
Assets 67,269 28,684
Liabilities (71,434) (490,675)
Net assets (4,165) (461,991)
Share capital 3 3
Retained earnings (4,168) (461,994)
(4,165) (461,991)

Page 29

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022

16. FIXED ASSET INVESTMENTS CHARITY - continued

KES (Shakespeare's School) International Limited (Company Number: 10861284)

Turnover
Administrative expenses
Net profit/(loss)
The aggregate of the assets, liabilities and funds was:
Assets
Liabilities
Net assets
Share capital
Retained earnings
17.
RESIDENTIAL PROPERTY
FAIR VALUE
At 1 April 2021
Revaluation
At 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021		 2022
£
35,000
(15,021)
19,979
10,314
(15,919)
(5,605)
1
(5,606)
(5,605)		 2021
£
-
(3,042)
(3,042)
12,022
(37,606)
(25,584)
1
(25,585)
(25,584)
£
845,000
85,000
930,000
930,000
845,000

As at 31 March 2022, residential properties were revalued to £930,000 by the Trustees to reflect the market value of these properties.

18A. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR CONSOLIDATED

Other debtors
Trade debtors
Prepayments
VAT		 2022
£
65,567
619
3,372
5,319
74,877		 2021
£
17,712
-
5,663
2,560
25,935

Page 30

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022

18B.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR CHARITY
2022
£
Amounts falling due within one year:
Other debtors
65,567
Prepayments
3,372
68,939
Amounts falling due after more than one year:
Amounts owed by group undertakings
5,619
Aggregate amounts
74,558
19.
CURRENT ASSET INVESTMENTS CONSOLIDATED & CHARITY
2022
£
Listed investments
905,350
20A. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR CONSOLIDATED
2022
£
Bank loans and overdrafts (see note 22)
164,779
Trade creditors
4,305
Other creditors
66,515
Social security and other taxes
1,771
Accruals and deferred income
17,245
254,615
20B.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR CHARITY
2022
£
Bank loans and overdrafts (see note 22)
164,779
Trade creditors
2,212
Other creditors
-
Accrued expenses
5,890
**172,881 **		 2021
£
17,712
3,622
21,334
37,306
58,640
2021
£
940,136
2021
£
152,146
2,764
33,735
1,764
64,835
255,244
2021
£
152,146
996
33,735
5,631
192,508

Page 31

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022

21. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Bank loans (see note 22)
22.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
Amounts falling between one and two years:
Bank loans - 1-2 years
Amounts falling due between two and five years:
Bank loans - 2-5 years
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal		 2022
£
1,017,487
2022
£
164,779
167,448
488,940
361,100		 2021
£
1,183,485
2021
£
152,146
164,756
510,508
508,221

Page 32

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022

23. MOVEMENT IN FUNDS CONSOLIDATED

Unrestricted funds
General fund
Restricted funds
Restricted Funds
Endowment funds
Endowment Fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
1,029,141
Restricted funds
Restricted Funds
-
Endowment funds
Endowment Fund
-
TOTAL FUNDS
1,029,141
Comparatives for consolidated movement in funds
Unrestricted funds
General fund
Restricted funds
Restricted Funds
Endowment funds
Endowment Fund
TOTAL FUNDS		 At 1.4.21
Net
movement in
funds
£
£
3,872,985
203,059
1,343,153
(40,630)
4,674,270
85,000
9,890,408
247,429
Resources
Gains and
expended
losses
£
£
(789,152)
(36,930)
(40,630)
-
-
85,000
(829,782)
48,070
At 1.4.20
Net
movement in
funds
£
£
3,878,337
(5,352)
1,360,651
(17,498)
4,674,270
-
9,913,258
(22,850)		 At 31.3.22
£
4,076,044
1,302,523
4,759,270		 At 31.3.22
£
4,076,044
1,302,523
4,759,270
10,137,837
Movement
in funds
£
203,059
(40,630)
85,000
247,429
At 31.3.21
£
3,872,985
1,343,153
4,674,270
9,890,408

Page 33

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022

23. MOVEMENT IN FUNDS CONSOLIDATED - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Restricted Funds
Endowment funds
Endowment Fund
TOTAL FUNDS		 Incoming
resources
Resources
expended
Gains and
losses
Movement in
funds
£
£
£
£
468,087
(672,021)
198,582
(5,352)
98,400
(115,898)
-
(17,498)
-
-
-
-
566,487
(787,919)
198,582
(22,850)

Unrestricted Funds

The General Fund represents the free funds of the Charity that are not designated for particular purposes.

Restricted Funds

The Restricted funds represents various funds mainly relating to the restoration of the Guildhall and Shakespeare's Schoolroom. The property and other fixed assets held totalled £1,260,729 as at 31 March 2022. Of the restricted cash held, £41,793 relates to various funds associated with restoring the Guildhall and Shakespeare's Schoolroom.

Endowment Funds

The Endowment fund relates to property held in Church Street Stratford-Upon-Avon along with land at the rear of King Edward VI Grammar School Stratford-Upon-Avon, which was revalued in 1989.

24. RELATED PARTY DISCLOSURES

The Charity was owed the following by its wholly owned subsidiaries:-

KES Trustees Ltd is a trading subsidiary. At 31 March 2022 KES Trustees Ltd owed £nil (2021 - £nil) to the charity.

KES (Shakespeare's School) International Limited owed £5,619 (2021 - £37,306) at 31 March 2022 to the charity.

During the year invoices of £nil (2021 - £4,964) were received from Lodders Solicitors, a practice that Victor Matts is a partner of. These transactions were carried out on an arms-length basis.

Page 34

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2022

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Grants
Investment income
Rents receivable
Income from listed investments
Deposit account interest
Other income
Sundry income
Trading income
Retail & guidebook sales
Patent income
Government grants
Total incoming resources
EXPENDITURE
Raising donations and legacies
Maintenance of school property
Costs of obtaining grants
Charitable activities
Advertising
School development costs
Depn of land & buildings
Depn of fixtures and fittings
Bank charges and loan interest
Grant payments and related costs		 2022
£
62
687,930
687,992
1,200
28,194
-
29,394
60
85,083
35,000
191,612
311,695
1,029,141
30,511
15,767
46,278
-
9,223
126,358
20,048
23,165
323,612
502,406		 2021
£
161
346,062
346,223
1,200
25,438
6
26,644
60
1,270
-
146,204
147,474
520,401
66,477
170
66,647
280
8,471
127,532
20,050
21,199
293,469
471,001

This page does not form part of the statutory financial statements

Page 35

THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON

Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2022

Trading activities
Cost of sales
Administration expenses
Depreciation and amortisation
Finance costs
Support costs
Management
Insurance
Legal & professional fees
Governance costs
Auditors' remuneration
Executive officer
Trustees meetings
Trustees expenses
Total resources expended
Net income before gains and
(losses)
Realised recognised gains and losses
Realised gain / (losses) on current asset investments
Realised gain / (losses) on investment property
Net income / (expenditure)		 2022
£
19,196
234,843
1,921
1,364
257,324
760
1,740
2,500
5,100
10,000
6,174
-
21,274
829,782
199,359
(36,930)
85,000
247,429		 2021
£
1,113
163,081
2,582
795
167,571
760
16,076
16,836
5,160
7,800
6,629
189
19,778
741,833
(221,432)
198,582
-
(22,850)

This page does not form part of the statutory financial statements

Page 36