REGISTERED CHARITY NUMBER: 528769 Report of the Trustee5 and Co]Trsolidoted Financial Ststements for the Year E]ed 31 March 2024 for THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD Vt AT STRATFORD UPON AVON
THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT srRATFORD UPON AVON Contents of the Financial Statements FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trnstee5 Ito6 Report of the Independent Auditors 7t09 Consolidated Statement of Financial Activities io Charity Statement of FinaThcial Activities Con501idaied Balance Sheet 12to13 Charity Balance Shect 14 to 15 Cash Flow state[nt 16 Notes io the Cash Flow Statement 17 Notes to the Financial Statements 18to32 Detailed StateFnent of Financial Activities 33to34
THE TRUSTEES OF THE GRAMMAR SCH(IOL OF KING EDWARD VI AT STRATFORD UPON AVON Report of the TrL5¢ees FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their Ttport with the financial statements of the charity for the year ended 31 March 2024. The (rustees have adOpd the provisions of Accouniing and Reporting by Charities: Staiement of Recommended Practice applicable to charities preparing their accounrs in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of tttland (FRS 1021 (effective l January 2019). OBJECTIVES AND ACTivrriES ObJe¢tlves 4nd aims The Charity's object and principal 2¢tivity is the provision of item& service5 and facilitie5 for the Academy called The Grammar School of King Edward Vl at Strnrford-Upon-Avon. At 31 March 2022. the tsading aetivity and a58ets of KES Trustees Ltd were transferred to a newly fomied Charitable lncotporad Oiganisation Icto). Shakespeore's Schoolroom Tn1. The CIO is not under control of ihe charity however li operaS closely with the ctwitable group and has similar objectives of KES Trustees Lid - co preserve and maintain Ihe ShakeSare's SchwlFOOrn and Guildha]l. In addition, the CIO aims to be proactive and utilise resi)urces available to the enLiry which was restri¢t¢d to the trdding subsidiary. The donaiion of assets and irade was made by the charitable gtoup in hope that the CIO meeis their objectives and aims which in tum will benefit the chariry from a reputsiional stand point whilst providing the 5uritY to the chariiable group by e]irninattng the trading risk On in KES TnJees Limited. Public benefit The Tn]siees have considered the Charity Commission Guidanee on Publi¢ Benefit a¢¢ordan¢e with the Charities A¢t2011_ In order lo fulfil its charitable purpose the sttr owned by this CIMrity must Occllpied by a seiM)ol as defined by the Education Acts. The Charity caThies out this object by: Providing funding directly to the Academy to support the opetational fi[leeS of the School. As a small s¢hool with few economies of scale this funding.. l. Sustain5 the SchoDI as a viable 3-fomi entry organisation. 2. Enable5 the School to operate an extended Key Stage 4 provision in which students start GCSES in Year 9 and a 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 perforn] music at events in and beyond the Sch(1 for public benefit. Cornrnis5ioning and or contsibuting to large scale projects some of which sit beyond t scope of public funding. #ll of which are beneficial to the School and its students, as follow5.. l. Heritage Lottery Funding, augmented by additional funds from the Charity, was secured in 2015 to enable the refurbishmellt of the histori¢ Shakespeare's Schoolroom and Guildhall. This enabled it to open to the paying public in 2016 as an attraction providing supp)rt to susrain the future of the ScFK)ol's historic buildings. The wider public benefit of access to. and learning aboui, the early life and education of William Shakespeate in the of the 400th atiV5ary of his death cannot be underestimated. Page I
THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD Vt AT STRATFORD UPON AVON Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES Af4D ACTIVITIES 2. The Dyson Science Building was entirely funded by a 2(kyear loan negotiated and resourced by the Trustee body in 2008 and provides exemplar science facilities for the 21st century. 3. In lighi of the School being unsuccessful in bidding for Academies Capita] Maintenance Funds for sixth for expansion. the Charity negotiated and is funding the lease ol space in an adjacent District Council building in order to accommodate 51Xth fomi teachIng and study for which the existing school site has no CaltY. This extra space is fundamentally imp)rtant in advance of a new bid for Condition Improvernent FllndÉng. 4. In recent years the Chlty has also underwriiien oiher projects to deliver a new Drama Studio. cteate a new F(x)d Technology spxe and to purchase a iemporary library all of which have enhanced the School significantly. Supptsrting other STnaller scale projects or reactive repairs required by the Sch(K)I with wider public benefit. ACHIEVEMENf AND PERFORMANCE Charltable aetlvities The Schoolroom arKI Guildhall were opened io the public in April 2016. Thi5 was funded by HLF Grant fundttlg of £1.787.402. iogether wilh other grdnts obtained by the Charity and the Charity'5 own funds. Feedback on the quality of the restor10 and the visitor experience as a whole has been very positive. It is now one of Ihe leading iourist attractions in Stratford-upon-Avon. The projeci was compleied in 2017. Throughoui (he 2023-24 financial year the ar1(Y continued to support the sch)1. giving additional supp)rt for building maintenance, capitul projects 8nd salary Inc ases and exploring Opiions to provide additional Spa for school aciivities. The Trustee5 intend to support the fundraising for the Ronnie Mulryne Ampkn"theaire. in memory of Professor Mulryne who, as a TS[ee, devoied so much of his time to supporting the Sch(1. The Ttustees were also delighted to suppori a celebrdtion for KES staff in tecognition of being the Sunday Times State khool of the Decade and also achieving Outstanding in All ATeas in a recent Ofsted inspection. Fundraising actiiitles During Ihe course of the Ye the Trustees were delighted and very wteful io receive a generous grant from the following donor:. * William Tyler Charity From time to lime the Charity re¢eives donations from forrner pupils of the school bui is not aaively fundrdising to solicit donations. FINANCIAL REVIEW Financial position Following refurbishment of17a Church Street the property has been lei to teaching staff at the School via the offices of the Headmaster. A5 th¢ properties are now conSided essential for the adl]stration of ihe School ihe Trustees have consid¢red the value of the properties and deemed them to b¢ held at fair value as per the chlty SORP. The weviously used informal valuation of £956.00012023 - £956.(KIOI has therefore been retained in these accounts. Cash reserves of £752.27712023 - £766.045) have been deposited with si(Kkbrokers for investhnI pending their use on capiial projects. Incom¢ received from these fund5 is as follows.. UK investmenis £32,135 {2023 - £32,898), interest on cash held £24 {2023 - £4). A summary of the investments can Ee found on note 19 to the Accounrs. Page 2
THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD iIPON AVON Report ofthe Trustees FOR THE TrIAR ENDED 31 MARCH 2024 FINANCtAL REVIEW The Trnstees report a surplus for the charity for the year of £101,680 (2023 - deficit of £158,962) and a consolidated surplus of £97,260 (2023 deficit of £157,703). Incon)e receivable from the Guild Estate for 2024 was £762.141 {2023- 94,409). Investment pollcy 2nd obJectives Funds have en placed with an investment manager under a disCtionarY agreement with an investment strategy for capitsl growth and m(MJeratr risk. Reserves policy The Trustees objective is io maintsin cash and readily realisable investments of £lm in order to finance the Dy51)n building loan repayments. Free reserves are measllred as general reserves after excluding fixed assets relating to the building and relaied loans. At the year end there w¢r¢ fre¢ reserves of £1,019,270 (2023 - £925.3511. It is appreciated by the Trnstees that this fIgure may significantly redu¢c whilst ihe projects are preeding. The Trustees receive quarterly accounting reports to enable them to monitor this. The stocks and shaJEs held are considerd to be short terwn investments being Ikld while finanee is obtained for capital projec(& The TrUseS aim to ensure that sufficient fijnds are retained from income arising ro meet Ihe annual administration expenses of the Ttust including the financing of ihe loan repaymenis. Ihereafter ensuring all income is urilised in furtherdnce of the Tn]st objective. The Charity's tota] con501idated reserves were £10,077.394 as at 31 March 2024 (2023 _ £9,980.134). Of these reserves £1,221,262 are restricted to support ihe restora(ion ol Guildhall and Shakespeare's Schoolroom {2023 - £1.261,893). In addition, £4,785,270 of the ioral reserves are held in an Endowmeni fund relating to land and propeny held in Stratford-Upon-Avon (2023 - £4,785,270). FLrruRE PLANS The Charity continues to work ¢losely with th¢ school tts iJnprove the S¢hool Estate and fac]Iilies and is exploring the P95sibiiity of sellsng land in order to fund improved 5Wrts facilitie& ew cience Block With rnonthly donations of only £5 now being received no further large repayment5 are excted to be ]nad¢ other than from the Ttusiees own resouree5. vel ment e School's Facilitie5 At the 31 March 2024. the Trustees consider that their financial resources are svffi¢ieDt io enabl¢ them to Eneet the cOMltents they have nde to VelOP the facilities of the school. STRucfuRE, GOVERNANCE AND MANAGEMENT Governing doLument The charity is controlled by its governing dUment. a (ked of trust. and constitutes an Unincotpordd chariLy. Page 4
THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON A VON Report of the TrteeS FOR THE YEAR ENDED 31 MARCH 2024 srRucfuRE, GOVERNANCE AND MANAGEMENT Charity constitution The Charity was eonstituted on the 20th November 1998 in accordance with the Charity Commissioners, Scheme. The Charity is io be administered in accordance with the schcmc, which Teplaces the fOrnr irusis of the Charity. Reeruitment and appointment of new trustees Appointmeni and removal of Tru%tee% is governed by the Scheme of the Chariiy ded 20th November 1998. Orga]Jtsational structure The Trustees, body administers the charity. The Trustees usually meet quarterly. The principal matters of the Charity continue tts outsourced to outside providers. The providers rewTrrt directly to the Chaimian and appropriate Tru5¢ees. Decision mkking With one trustee also serving as a Governor of the Schtx)I there is a close working relaiionship with the Governors ensuring that their ideas and requireTnents are tsken into accollnt, subjeci to any financial resrrainis, when considuing how the fi]nds available should P spent for the benefit of the S¢hool and its pupils. Induetion and training of new trustees Trllstee5 are encouraged to consider the relevant Charity Commission publications where these will facilitate the undertaking of their role. Related partles The chatity has two wholly owned subsidiartes. Ttustees Ltd which was established to operate Shakespeare's Schoolroom a% a tourisi attraction and KES (Shakespeare's School) tnternational LiTnited which was forrned to promote Shakespeare's School, internationally. Prtsfits frotn these sub5idsaTie% will be donated to the charsty. Following the transfer of KES Trustee Ltd's trading activity to ShakeSart's Schoolro(Trm Trusl th¢ company was dissolved in December 2024. None of the Trnstees receive iemuneiation 01 other benefit frorn their work with the Charity. Any connection between a trusiee or senior manager of the chatity with a supplier or visitors of the Charity must be disclosed to the full board of trnstees in the same way as any other contrxtuai rtlationship with a related party. In the ¢urrent no such related party rransacuons were reported. Risk management The Twstees have assessed the major risks to which the Chariiy is exposed. in particular those related to the operations and finances of the Chariiy and are satisfied thai systems are in place io mitigate their exposure to the rn2jor rtsks. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Charity number 528769 Principal address King Edward Vl Gratnrnar School Church SÉreet Straiford-Upon-Avon Warwickshire CV37 6HB Page 4
THE TRUSTEES OF THE GRAMFdAR SCHOOL OF KINC EDWARD VI AT STRATFORD UPON AVON Report of the Trustees FOR THI YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Trlee5 D F Au5tin- Appointed 5 February 2024 VGFMaEts The Marquess of Hertford DL ARAgS Cllr T G Sinclair R Drain- Aptx)inted 29 April 2024 J R Downes- App(>inted 15 July 2024 A P M Bird OBE- Resigned 5 February 2024 M EdwaTds- Resigned 6 February 2024 D Ingle- Resign¢d 22 November 2024 High Sieward of stratford-un-Avort Appointee of Warwickshire County Council Auditor5 TC Group Celixir House, Stratford Business & Technology Park. Innovation Way. Banbury Road, Stratford-upon-Avon. CV37 7GZ Sollcltors Lodders Solicitors 10 Elm Court Arden Street Stratford-UtK)n-Avon CV37 6PA Investment Managers EFG Harris Allday Church Mews Ombersley Worcesiershire WR9 OEW Page 5
THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT srRATFORD UPON AVON Rert of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES RESPONSIBILrriEs The Iru5tees are resFonsible for preparing the Report of the Tn]stees and the financial siaiements in accordance wilh applicable law and UnLled Kingdoffl Accounting Standards (United Kingdom Generally Accewed Accouniing Praciice), including Fsnancial ReportÈll8 Standard 102 "The Financial Reporting Srandard app]icable in ihe UK and Republic of treland" The law applicable to charities in England and Wales, che Chariiies Act 20RI. Charity (Accounts and Reports) Regulations 2008 and the provisions of Ihe trust deed requires the trustees io prepare financial staiements for each financial year which give a true and fair view of the state of affairs of the ¢harity and of the incoming resources and application of resources, including the illCOEne and expenditure, of the charity for that ttriod. In prewdring those financIal statetn£nts, the ttustee5 ate required to select suitable accounting policie5 and then apply them con515teThtly- observe the meihods and principles in the Charity SORP; ake jlldgements and estiateS that are reasonable and prudent; state whether applicable accounting Standards have ken followed, subject to any material departures disclosed and explained in the fancial 5tatement5: prepare the financial 5tatetnellts on the going c0Crn basis unles5 it is inappropriatr (o presume that the charity will ¢(tinUe in business. The trustees are responsible for keeping proper accounting tecoids which disclose with reasonable accllracy at any time the financial position of ihe charity and (o enable thetn to en5uie that the financial 5tateTnents comply with the Charities Act 2011. the Charity {Ac¢ounis and Reports} Regulations 2(K>8 and the provssions of the th]st deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonabl¢ steps for th¢ prevention and deiection of fraud and other irregularities. Approved by order of the board of ttusiees on 31 January 2025 and signed on its Ethalf by- D Au5tin- Trnsiee Page 6
Report of the Independent AudTtor5 to the Trustees of THE TRUSTEEI S OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON Opinion We have adid the financial staiements of The Ttustees of The Grammat School of King Edward Vl at Straifotd Upon Avon {ihe 'parent ¢harity'l and its subsidiaries Iihe 'group') for the year ended 31 March 2024 which comptise the Statement of Financial Acuvities. the Balance Sheet. the Cash Flow Staiemeni and notes to the financial siaternents. including a summary of sisnifLcani accounting policies. The financial repc>rting framework thai has been applied in their prepatation is applicable law and United Kingdom Aecounting Stsnd4Lrds (United Kingdom Generally Accepted Accounting Piacucel. including Financial Reporting StAnd2rd 102 The Fitvdneiai RetK)rting Siandard applicable in the UK and Republtc of Iteland.. In our opinion the fm3181 statements.. give a true and fair view of the state of the group's and parent charity's affairs as at 31 March 2024. and of the group's incon)ing resources and application of iesources for the year then ended: have been properly prepdred in accordan with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 Ihe Financial Reporting Standard applicable in the UK and the Republic of Ireland and have been prepared in accordance with ihe requirements of the CTharities Act 2011. Basis for opinion We conducted our audit in accordance with Internatronal Standards on Auditing (UK) {ISAs (UK)) and appltcable law. Our resEx>nsibilities under those siandatds are further described in Éhe Auditor's responsibihties for the audit of the financial staMentS sectton of oui report. We are independent of the 0UP and parent cimity in accordance with the eihi¢al requirements that are relevant to our audit of the financial statement5 in ihe UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We bclieve that the audit eYi(knce 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 reS¢t of the following matters in relation to which the ISAS {UK) require u5 to report to yoll where: the trllstees, use of the going concern basis of accounting in the preparation of the fanCial statements is not appropriate. or the trustees have not disc105ed in the financial staternents any identified material uncertainties that rnay cast significant doubt about the group's or parent charity's ability to continue to adopt the going concern basi& of accounting for a periixi of at least twelve months ftorn the date when the financial stateEnenlS are authorised for issue Other inforniation The tiusiees are responsible for the other infoiThation. The other infomiaiion comprises the infomiation included in the annual rewTrrt. oihei than the financial statetnents and our Report of the Indendert( Auditors thereon. Our opinion on the financial statrnents does not cover other inforni*ion and we do not express any fomi of assurance conclusion theieon. In connection with our audit of the financial statements, our responsibility is to read the other inforniation and. in doing so. consider whether the other inforfftation is materially inconsistnt with the financial Starnents or our knowledge obtained in the audit or otherwise appears io be materially misststed. If. based on the Work we have Frfornled. we conclude ihar there is a material MisstaMent of t"S other infomuiion, we are required to report that fact. We have nothing to rep)rt in this regard. Matters on which we are required to report by exception We have notllg io report in respect of the following matters where the tharities Act 2011 requires us to retort to you if, in our opinion.. the infomiation given in ihe Report of the Trustees is inconsisteni in any material respttt with the financial statements . or suffIcient accounting records have not been ke. or the parent eharity's financial statements are not In agFeement with the accounting records; or we have not received all the infom)ation and explanations we require for our audit. 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 Irustees As explained rnore fully in the Statement of Trustees Resp(>nsibilities, the trnstees are resrxTrnsible for the preparation of the financial statements whieh give a true and fair view, and for such internal control as the trustees deiernvne is necessary to enable rhe ptepatation of finawial statements that a free frorn rnaierial MisStaMent, whether due to fraud or error. In preparing the financiaI staternents, the twstee5 aTe responsible for assessing ihe group's and parent chariLy'S ability 10 continue as a going coneem, disclosing, as applicable, Tnatters relad to going concern and using the going concern basis of accounting unles5 the trustees either intend to liquidaie the group or the parent chariry or io cease operations, or haye no realistic altemative but to do so. Our respottsibilities for the audAt of the financial statements Our objectives are to obiain ieasonable assurdnce about whether the financial sratements as a whole are free from maietial mis5taternenr, whether due to fraud or eor. and to issue a Report of the Independent Audiwrs Ihat includes our opinion. Reasonable aSSLtrance is a high level of assurance, but is not a gUarane that an audii conducred in aceoEdance with ISAS IUKI will 2lway5 detect a material Fnisstatement when ir exists. missraMen1S can arise frorn fraud or error and are considered material if. individually or in the aggrega, they could reasonably be expectrd to influence the economic decisions of users taken on the basi5 of these financial staMents. Irregularities, including fraud. ate instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, oUt]i[d above, lo detect material tnisstatements in respecr of irregulariiies. including fraud. The extent to which our pmceduies are capable of detecting iegularles. 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 fsnancial reporting pioce5S', o Challetlging a55UrnPtions and judgtnentS tnade by rnanagetnent in its Significant a¢counting estimates and judgment5, o Identifying and testing journal entries. in particulat journal entries P05ted with unusual a¢count combinations; and o Assessing the extent of compliance with the relevant laws and regulation5. Because of the inherent limitaiions of an audit. there 15 a Iisk that we will not detect a]1 irregularities in¢luding those leading to a material missiaiement in the I1[KIal staternents or non-cornpliance with regulation. Thi's risk increases the more that cotnpliance with a law or regulation is ternoved fro the event5 and trattsactions reflected in the financial statemcnrs, as we will be less likely to become aware of instances of non-ctstnpliance. The tisk is a]50 greatei regarding irregulasities occurring due to fraud raiher ihan error. as fraud involves intentional Concealent, forgery, collu5iOll. omission or misrepresentation. A further description of our responsibilities for the audit of the financia] slatellnts is I[ated on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibihties. This description forms part of our Report of the Independent Auditors. Page 8
Report of the Independent Auditors to the Trvslees of THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON Use ofour report This report is made solely to the clmrity's trustees. as a body. in ac¢ordan¢e with Section 144 of the Charities Aet 2011 and regulations made llnder S¢¢tion 154 of that A¢1. Our audit WOTk has bcen undcrtaken so that we might state io t charity's trust¢es thos¢ matteTS we are required to state to them in an auditors, Teport and for no other purpose. To ihe fullest extent perfflittcd by law, we do not accept or assume tesponsibility to anyone other than the ch8Tity atKI the charity'5 trustecs as a body. for our audit work for thi5 retL)rt, 01 for the opinions we have forJn¢d. Mark Bullock (Senior Statutory Audiror) For and on halfofTc Group Statuiory Auditors Celixir House. Stratford Business & Technology ParK Innovation Way. Banbury Road. stratford-Un-AvO CV37 7GZ Date.. 31 Jalluary 2025 Page 9
THE TRUSTEES OF THE GRANNAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON CoD501idatsd Statement of Financial Activities FOR THE YEAR Ef4DED 31 MARCH 2024 2024 Total funds 2023 Total fllnds Unrestricted fund Restricted Endowment fund fund Notes INCOME AND ENDOWMETrUS FROM Donations and legacies 706,109 766,109 610,420 Trading Subsidiary Investment in¢ome Oiher income 31159 60 31159 60 32.902 Total 798J28 798,328 643,382 EXPEf4DITURE ON Raising funds Charlthble activities Grattts to the Governors Guild Hall Project School development Trading aetlvities Trdding subsidiaTies expenses 5A 108,658 108,658 101,756 407,698 407,698 40,631 177,993 429,079 40,630 155,407 40,631 177,993 4,420 4,420 2,305 Total 69&769 40,631 739,41)0 729,177 Net gainsl(losses} on investtnents 332 71,9081 NET INCOMFI(EXPENDITUREI 137,891 140,631) 97,260 {157.7031 RECONCILIATION OF FUNDS Total funds brought forward 3,932,971 1,261,893 4,785,270 9,980,134 10,137,837 TOTAL FUNDS CARRIED FORWARD 4.070,862 1,221,262 4.785,270 94 9.980.134 The nt*es form part of these finan¢ial 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 2024 2024 Total funds 2023 Total funds UnEestEicled fund Restricted fund Endowment fund Notes INCOME ATr4D ENDOWMENfs FROM Donation5 and legacies 766,109 766,109 610,420 Inve5tfftent income Other income 32,159 60 32,159 32,902 60 Total 643.382 EXPENDITURE ON Raising funds 5B 10&658 11)8,658 105,320 Charitable activitie5 Grants io the Governors Guild Hall Project School development 407,698 407,698 40,631 429,079 40.630 155.407 40,631 177,993 Total 694.349 730.436 Net gainslllossesl on investmenis 71.908 NET INCOMFJ{EXPENDITURE) 142,311 (40,631) 101,680 1158,962) RECONCILtATION OF FUNDS Totsl funds brought forward 3,941,486 ,26193 4,785270 9,98&649 10,147,611 TOTAL FUNDS CARRIED FORWARD 4 083 797 1221262 4.785.270 10 090 329 9.988.649 The neS forni part of these financial statements Pagell
THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON Consolidjted Balance Sheet AT 31 MARCH 2024 2024 Endowtnent Totsl furkds fwid 2023 Totsl fund5 Unrestricted Restrieted rund fund No$ FIXED ASSETS Iniangible assets Tangible assets Investments Residential ptDperty 14A 15 6,901 3,940,746 6,901 8,949,483 8,608 9,095,891 1,179,467 3,829,270 17 956,0(Kl 3947,647 1,179,467 4,785,270 9,911384 10,060,49) CURRENT ASSETS Debtors Investments Cash at bank 18A 19 269,148 752277 269,148 752,277 128,733 706,045 1,037,754 41,795 I,07949 956,329 CREDrroRS Amounts falling due within one 20A (207,944) 1207,944) 1169,833) NET CURRENT ASSETS 829 9 41,795 871605 786,496 TOTAL Assyfs LESS CURRENT LIABILITIES 4,777,457 1,221,262 4,785,270 10,78J989 10,846,995 CREDITORS Amounis falling due after more than one year 21 1706,595) {706A95) {866.861) NET ASSETS 2 1221262 4 78S 270 10 077 394 9980 134 23 Unrestricted funds Restricted funds Endowment funds 4,070,862 1,221,262 3,932,971 1.261.893 4.785.270 TOTAL FUNDS 10 077 394 9.980 134 The notes forni part of these financi#l statements Page 12 continued...
THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD Vt AT STRATFORD UPON AVON Consolidated Balance Sheet- Continued AT 31 MARCH 2024 The consolÉdated flnancial statrments were approved by the Board of Trustees on 31 January 2025 and were signed on its behalf by.. D F Austin- Trustee The notes form part of these financial $taternents Page 13 continued...
THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON Charily Balance Sheet AT 31 MARCH 2024 2024 Total funds 2023 Total funds Unresuictrd fund Restricted fund Endowment fund Notes FIXED ASSETS Tangible assets Investments Investments InVernet property IS 3,940,746 1,179,467 329370 8,949,483 9,095.89l 16 17 95 956,(KMI 3940,750 1,179,467 4,785270 9,90S,4&1 10.051,895 CURRENT ASSETS Debtors Lnvestsnents Cash at bank 18B 19 288,680 752,277 16.329 288,680 752,277 145,552 766,045 61.551 1,057,286 41,795 1,1199,081 973.148 CREDITORS Atnounts falling due within one year 20B 1207,644) (207,644) 1169,533) NET CURRENT ASSETS 849 642 891437 803.615 TOTAL ASSETS LESS CURRENT LIABILITIES 4,7911,392 I,22l,262 4,785,270 10,796,92A 10,855,510 CREDITORS AmouDI.% falling due after more than one year 21 1706,5951 (706,595) {866,861) NET ASSETS 4.083.7YI 1.221,262 4 785 270 10 090.329 9.988,649 FUNDS Unrestricted funds Res[ricd fundg Endowment funds 4,083,797 1,221,262 4 785 270 3,941,486 1.261,893 4.785,270 TOTAL FtINDS 10 090 329 9.988,049 The notes forni part of these financial s¢aiemenis Page 14 ontinued...
THE TRUSTEES OF THE GRAMMAR SCHOOL OF KINC EDWARD VI AT STRATFORD UPON AVON Charity Balance Sheet- continued AT 31 MARCH 2024 The financial statements were approved by the Board of Trustees on 31 January 2025 and were signed on its behalf by: D F Ausun- Trnstee The notes forni part of these fjnancial statements Page 15
THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON CoThsolidated Cash Flow Statement FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities: Cash generated from operations Enterest paid 128,599 164 378) 159,237) 42.1881 Net cash provided by {used in) operating actiTruties 101,4251 Cash nows from investlng actlvltles: Sale of cUent assei InveStentS PllTchase of current aet investments Dividends received Interest received 138.431 187.3301 32,135 64,940 123,5431 32,898 Net cash provlded by (used 5nl Investing actliltles 84 74.299 Cash flows from financing activities: Loan repayments in year JSI 908) 158.425) Net cash provided by (used in) financing aCtitieS 151908) 158,425) Change in c&sh and cash equivalents in the rewrting period Cash and cash equivalents at the beginning of the reporting period 13,427) (185,551) 61 247 102 Cash and cash equlvalents at the end of the repjrting period 58.124 61,551 Page 16
THE TRUSTEES OF THE G114MMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON Notes to the Consolid#ted Cash Flow Statelnent FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET INCOME TO NET CASH FtA)W FROM oPERATc AcrIvrrIFS 2024 2023 Net ineome for the reportlng perl(Ml (as per the statement of financial activities) Adjustments for: Depreciation and amortisation charges (Gainylosses on investrneTrts Interest paid Enterest reiVed Dividends ceiVed (Increase)Idecrease in stock Uncrease)Idecrease in debtors Increaselldecasej in creditors 97,260 (157.703) 14&115 (38,332) 64,378 (24) (32,13S) 148.113 71,908 42.188 14) (32.898) {140,415) (53.856) (76.985) Net cash provided by {used in) operating aetlvities 59.237) ANALYSIS OF CASH AND CASH EQUtVALENrs At 1.4.23 Cash flow At 31.3.24 Net eash Cash at bank 13 427) 58.124 LRquid resources cuertt asset investhients (13 768) 752.277 766 045 Debt Debts falling due within l year Debts falling due after l y&ir 1156.980) (8,3581 {165J38) (J 023 841) 151,9 (871933) Total 134 713 1615321 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 2024 ACCOUNTING POLICIES Basis of prerIng the financial statements The financial statemenis of ihe charity. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accollnting and Reporting by Chariii&s.' Statement of Recommended Praciice applicable chariries preparing their accounts in accordance with the Financial Reponing Standard applicable in the UK and Republic of Ireland IFRS 102) (effective l January 2019),, Financial Reponing Standard 102 The Financial Reporting Standard applicable in ihe UK and Republic of Ireland, and the Charities Aci 2011. The financial statrments have been prepared under the historical cost convention with the exception of investments which are included at market value. The financial staternents are prepared in s(erling which is the functional curr¢wy of th¢ charity and are rounded to the nearest£. Going cOrer The TrUseS eonsider that there are no material uncertainties abt the charity'5 ability to continue as a going ¢oncern. Income Recognition of Incotne All income is recognised in the Statetnent of Financial Acliviiies once the chariry has eniitlement to the funds. it is probable thai the in¢ome will E¢ received and rhe amount can be measured ttliably. otTsetting There ha5 been no offsetting of assets and expenses, unless required or pemiittd by the FRS 102 SORP. Grants donations Grants and donations only in¢luded in the SOFA when the genera] income recognition criteria atE met (5.10 - 5.12 FRS 102 SORP). Income from interest and dlvldends This Ès included in ihe accounts when receipt is probable and the amount receivable can be measured reliably. Investment gaiDS and lo&ses This includes any realised 01 untealised gain5 or losse5 on rhe sale of investments and any gain or loss resulting from revaluing investments io market value at the end of the year. Expenditure Liability Recognltion Liabilitie5 are reeognised where it is more likely Ihan not Ihat there is a legal or constnjctive obligation committing the charity to pay out resources and the arnount of the oblig&tion can be measured with Teasonable certainty. GovernaDee and support costs Supwrt costs have been alloCad between goverDan¢e ¢ost5 and other support. Governance costs comprise all costs involving Pub.¢ accountability of the chatity and it5 Cotnpliance with regulation and go(xl praaice. Supwrt costs include central functions and hav¢ been allocated to activity cost categories on a basis consistent with the use of restsurces. Page 18
THE TRUSTEKS OF THE GRANfj4lAR SCH(M)L OF KG EDWARD VI AT STRATFORD UPON AVON Notes to the Finanaal Statements- continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- coDdnued Grants payoble wlthout perforJnon¢e conditions Where there OTC no condition5 attaching to the grant that enables donor ¢h8rity to realistically avoid the ¢ommitrnenl. a liability for the full funding obligation 1$ recognised. Creditors The Charity has creditors which are measured at settlement atnounts less any trade dIOunt$. Grants offered subject to Conditions which have not been met at the year end dak an noted as a commitment but not ACCLued as expenditure. Tangible fixed assets charity Fr¢ehold land is not deptr¢ja¢. FixiuRs & Fittings art depre¢iated on a strnight line basis over a 10 year riod. Offi¢e Equipment is depre¢led on a straighi line basis over a 3 year LOd. School Buildin Due to the historic origins of many of the buildings they have to be matntained in good working order. Because of this they are considered to have indefimte useful lives and as such they have not been depreciated. but annual impaim)ent reviews are undertaken to ensure their service potential Temains undiminithed. To provide for the eventual replacemeni of other school buildings the Tw5tees have decided io introduce a policy of writing off rhe construction costs of the buildings over the period of their expected u&rful lives. The charge in the Statement of Financial Activities is calculated on a strdight line basis as follows. To be written off over 60 yws following the end of the ftnanciai year in whieh constructton was completed Completed in the yearended 3 1st March 1987 1995 1998 21K18 Fitzmaurice Building New Arts Block Levi Fox Hall Denis Dyson Science Building Investtnents Residential properties 17A, 17B and 18 Church Street. Stratford-upon-Avon. The above properties are now being used to provide accommodation foi ieactll"n8 Staff in addition to the on-site school caretaker. The original acquisition dales and costs of the properties are not known. Due to the iesidential nature and location of the pioperties it is considered the proFCrties have indefinite uscflll lives and a5 such they have not bEen depreciated ftom the last valuation figu obtained for them. The valuation figure of £956.(KX) is considered not to excttd the market value of the properties. Annuat impa[rent reYiew5 are undertaken to ensure the properttes remain fit for purpose. Page 19
THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD Vt AT srRATFORD UPON AVON Notes to the Financial Statements- continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUKIING POLICIES- continued Intangible fixed a&sets charity li is the policy of ihe Charity to capitalise expendslllre on establishing a market posiiion for providing a seTvi¢e which is OFen to the general public. These are Yalued at cost and will be WriLien off over three years. Intanglble fixed a&8ets subsidiaries Intangible assets initially measured ai cost. After iniiial recognition. intangible assers ore measured & cost less any ac¢umulated amortisation and any accumulated impairnient lOt$. Patents and licentts ale being amortised evenly over their estLm2ted usefvl life of ten years. Investments Fixed asset investmeni in the subsidiaries are valued ai Cost. Financial instruments A finan¢ial asset or a finala1 liability is recognised only when the charity becomes paIty to t1 contractua] provi.4ions oEth¢ insiruTnent. Basic financial instruments are iniually recognised the amouni rtteivable or payable including any related transacuon cosis. Debt instruments are 5ubsequendy measured at arnortised cost. Where investsnents in shares are publicly Iraded or their fair value can othenvise be meAsured reliably. the invesimeni Is subsequently measured at faiT value wilh changes in fair value Ltcognised in income and extenditure. All other such investments are 5ubsequendy [Sured at cost less impaimient. Other financial instrutnenis, including derivauves, initially recognised at fair value, unless payw£ni for an asset 15 deferred ityond nornial business tetEDS or financed at a rdie of interesr that is not a marker rate, in w.Ch case the assei is measured at the Psent vallle of future paymenis discounted at a markei raie of inEeresi for a 5irnilar debt instrument. Any reversals of irnpaimi¢nt 8Te reeognised immediately, to the extent thai ihe reversal does no( result in a carying amount of the finan¢ial asset that exceeds what the carrying amount would have been had the impaimient tlol PT¢viously been rxogni5ed. Cash at bank and in hand Cash at bank and cash in hand includes cash and shon ienn highly liquid investments with a thort maturity of three months or less from the date of acquisition or opening of the detmbsit or similar account. Debtors Debtors are measured on initial recogniti atKI eu[ed at the cash or other considerdtion expected ro be received. Current asset Investments The Chariiy has investments which it hold5 for reIe or pending (heir sale arÈd cash and cash equivalents with a maturity dale of le55 than one year. These include cash on deposii and cash equivalents with a maturity da of less than one year held for investtn¢nt purposes rather than to meet short trrni cash commiLmenis as (hey fall due. They are valued at fair va]ue as provided by the siiKkbroker. Page 20
THE TRUSTE OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFOBD UPON AVON Notes to tbe Financial Statements- wntinued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- eontinued Taxation The charity is exempt from lax on lis charitable activities. Fund aecountlng UnresiricEd funds rhose funds whi¢h the Trustees are free to use for any Purpose in furtheranee of ihe charitable objects. Restrictrd funds are funds that are to be used in accordance with specific restticiions imtM)sed by donors. Under the scheme sei up in November 1998 the land longIng to the Chariiy and S¢ifIed as io School Site and Buildings in Church Street S(ratford-upon-Avon" must be tAined by the Trnsiees for the use as a school within the meaning of the Educaiion Acts. This is held in the pemianeni etowmellC fund. Iorne atisitig thereon is released for gera1 purposes within the Trust. Incoming resources The contribution from the Trustees of the Guild Estate is a rCentage of the am)ual income of that Charity. During the year the Trnstees receive an account of their entitlement. with a balancing payment FKing made once Ihe annual Aecounts of the Guild Estate have been prepated. The financial strments are prepared on an accrual basis 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 Wdym¢ntS OD account due for the peri(Ki from 1st January to 31st MaTch 2024. Contributions from the Trustee5 of the William Tyler Charity are for that Charity's year ending on 31st Decetnber prior to the preparation of these financial statements. AS the figures for this contrkbution are not currently available, the value has been estirnated in line with previou5 years. Voluntary incorne and donations are accounted for a5 reiVed by the Chlty. tncome from investtnents and from rental incorne is Rncluded in the Statement of Financial Aciivities (SOFA) in the year in which it is receivable. DONATIONS AND LEGACIES CONSOLIDATED & CHARITY 2024 2023 Dot]ations Grants 309 160 610.21rt1 765 766.109 610.420 Grants received, included in the abov< are a5 follows.. 2024 2023 Guild Estate William Tyler Charity 761141 3,659 594.41V) 15.851 610.260 Page21
THE TRUSTEES OF THE G114MMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON Notes to the Financial Statements- continued FOR THE YEAR ENDED 31 MARCH 2024 TRADING SUBSIDIARIKS INCOME 2024 2023 Sales INVESTMENT INCOME 2024 2023 In¢ome from listed investments Deposit account interest 32,135 24 32,898 32,902 SL RAISING FUNDS CONSOLIDATED Raising donatloos and legacies 2024 2023 Maintenance of school property Costs of obtaining grants 108,434 224 101,513 243 108 658 101.756 SB. RAISING FUNDS CHARITY Raising donations and legacies 2024 2023 Maintenance of school property Costs of obllng grants 108,434 224 101.513 243 io 101.756 Bad debts 3.564 Aggregate amounts 105,320 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 2024 CHARITABLE AcfMTIFS COSTS Grant funding of Direct tosts activities Support costs (See note 8) (See note 9) Isee note 101 Totals Guild Hall Project School d¢velopment Grants to the Governors 40,631 177,993 40,631 177,993 293 114 293,114 626,322 TRADING ACTIVTfY COSTS 2024 2023 C05t of sales AdrninistAtive costs 2.305 2.305 DlliECT COSTS OF CHAIUTABLE ACTIVITIF 2024 2023 School development eosts Depreciation Intetest payable and Simil Charges 7,839 146,407 7.443 146.406 42,188 196.037 GRANTS PAYABLE 2024 2023 Grants to the GoverM> 293 114 393,443 10. SUPPORT COSTS Governance costs Management Totals Grants to the Governors Support COS included in the aiK)ve. are as follows: Page 23
THE TRUSTEES OF THE G114MMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON Notes to the Financial Statements- continued FOR THE YEAR Ef4DED 31 MARCH 2024 io. SUPPORT COSTS- contlnued Management 2024 Grants to the Governors 2023 Total ctivities Insurance Legal & PTofessional fees 7611 885 6.426 7.311 Governance eosts 2024 Grants to 2023 Total Activi(ies Governors Auditors, remunerdiion Executive officer Trustees meeungs and expenses 5,520 10,200 5,520 10,200 12.605 28,325 ii. TRUSTELS, REMUNERATION AND BENEFrrs There were no tnjsiees, retnuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. TnLStees' expenses During the current and prior year no expenses were paid to the trustees. 12. STAFF cosrs 2024 2023 Wages and salaries Social security costs Other pension cOS The average monthly number of ¢fftployees during the year was as follows.. 2024 2023 KES Trustees Ltd No employees received emolumenis in excess of £60.(X)O. 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 2024 13. COMPARATIVES FOR THE STATEMENT OF FINANCtAL ACTtvrriES Unrestricted fund Restricted Endowment fund fund Total funds INCOME AND ENDOMNNETrrfs FROM Donations 4LTrd l¢ga¢i¢s 610.420 610.420 Trading subsidiary Investhient in¢ome 32.902 32.902 Other 1me 60 Total 643.382 643.382 EXPENDITURE ON Raising funds Charitable activities Grants io the Governors Guild Hall Project School development Trading actiiryties Trading subsidiary expenses 101,756 101,756 429,079 429.079 40.630 155.407 40,630 155,407 2,305 2.305 Total 688,547 40.630 729,177 Net gaIn{lOS5£SI on investments 97,9XYdl 26.000 1,908) NKf INCOME {143,073) {40.6301 26,000 (157,703) RECONCILIATION OF FUNDS Totsl funds brought forward 4,076,044 1,301523 4,6759,270 10,137,837 TOTAL FUNDS CARRIED FORWARD 3.932.971 1.261,893 4,785,270 9,980,134 Page 25
THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON Notes to the Financial Siatements- continued FOR THE YEAR ENDED 31 MARCH 2024 14A. INTANGJBLE FIXED ASSETS CONSOLIDATED Patent and branding COST At l April 2023 And 31 Mareh 2024 AMORTISATION At l April 2023 Charge for ye IIS,949 At 31 March 2024 NET BOOK VALUE AÉ 31 March 2024 6,901 Ai 31 March 2023 8.608 14B. IFrfANGIBLE FIXED ASSETS CHARITY Branding costs COST At l Aprtl 2023 and 31 March 2024 AMORTISATION Ai l April 2023 and 31 March 2024 NET BOOK VALUE Ai 31 Match 2024 Ai 31 March 2023 Page 26
THE TRUSTEFS OF THE GRAMMAR SCH(M)L OF KING EDWARD VI AT STRATFORD UPON AVON Note5 to the Financial Statements- continued FOR THE YEAR ENDED 31 MARCH 2024 15. TANGIBLE FTXED ASSETS CONSOLIDATED & CHARITY Fixtures and rittings Land & buildings Ol¢e equipment Totals COST At l April 2023 and 31 March 2024 11482 625 11090 492 DEPRECIATION At l April 2023 Charge for yeat 2,444,711 142,511 7,379 1594,601 146,407 At 31 March 2024 2 571069 16 561 NET BOOK VALUE Ai 31 March 2024 8 911 S56 8 949 483 At 31 March 2023 9.037.914 57.977 9.095.891 16. FIXED ASSET INVESTMENfs cHARy Shares in gTOUP undeTtakings COST At l April 2023 and 31 Match 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 There weff no inVeStnnt asseis outside t UK. The charity owns the entire share Capital of KES Trllstee5 Limited & KES IShokespeaTe's School) Internaiional Litnited. A 5ununary of the trading result5 IS shown lOW for both wholly owned trading subsidiaries. Page 27
THE TRUSTEES OF THE GRA(MAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON Notes to the Financial Statements- continued FOR THE YEAR ENDED 31 MARCH 2024 KES Tntee$ Limited (Company Number: 08667322) 2024 2023 Tumover Cosi of sales Gross Profit Admirrisriative expenses Other operating incotne 3,564 Nei profi00$$) 4,165 The aggregate of the assets, liabilities and funds was.. Asseis Liabilities Nei assets Share capitaI RetaiDed earnings KES (Shakespeare's School) Internation41 Limited (Company Number. 108612841 2024 2023 Turnover Administrative expenses (4,420) 12,906) Net profitlaoss) (4,420) 12,906) The aggregate of the assets, liabiiities and ful was.. Assets Liabilities Net liabilities 6,901 8.608 (12,931) (8.511) Share capital Retained eamings 512 (8.511) (12,931) Pagt 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 2024 17. RESIDENTIAL PROPERTY FAIR VALUE At l April 2023 At 31 March 224 NET BOOK VALUE At 31 March 2024 956,0(Kl At 31 March 2023 956.0(X) As at 31 Ma 2024, residential properties were valued by the Tntstee5 to reflect the market value of these properties. 18A. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR CONSOLIDATED 2024 2023 Other debtors Prepayrnents 261276 125,611 3,122 128,733 18B. DEBTORS: AMOUNTS FALLING DUE wmiiN ONE YEAR CHARITY 2024 2023 Arnounts falling due within one year-. Other debtor5 Prepayments 266J76 125,611 3.122 128.733 Amollnts falling due after rnore than one year.. Amounts owed by group undertakj'ngs 19 16,819 Aggregate amotsnts 145.552 19. CURRENT ASSET INVESTMENTS CONSOLIDATED & CHARrrY 2024 2023 Listed investhients Page 29
THE TRUSTEES OF THE G114MMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON Notes to the Financial Statements . continued FOR THE YEAR ENDED 31 MARCH 2024 20A. CREDITORS: AMOiJNTS FALLINC DUE WITHIN ONE YEAR CONSOLtDATED 2024 2023 Bank loans and overdrafts (see note 221 Trade creditors Accruals and deferred incorne 165,338 11,976 156,980 6,723 6.130 169.833 20B. CREDITORS: AMouf+rrs FALLING DUE WITHIN ONE YEAR CHARITY 2024 2023 Bank loans and overdrafts {see note 22) Trade crediiors Accrued expenses 165a38 11,976 156,980 6,423 6,130 169.533 21. CREDITORS: AMOUNTS FALLING DUE AYfER MORE THAN ONE YEAR 2024 2023 Bank loans Igee ThoLe 22) 706,S95 866,86l 22. LOANS An analysis of the maturity of loans is given below= 2024 2023 Amounts falling due within one year on dernand- Bank loans 156,980 Arnounis fal]ing between one 2nd two years: Bank loans- 1-2 ye&rs 170,174 Amounts falling due between two and five years.. Bank loans- 2-5 years 430,577 466.753 Amounts falling due in more thall fLve years- Repayable by instalments.. Bank loans more 5 yr by ins1 103,058 229,934 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 2024 MOVEMENT IN FUNDS CONSOLIDATED Net movement in funds At 1.4.23 At 31.3.24 Unrestricted funds Generdl fund 3,932,971 137,891 4,070,862 Restricted fun(L5 Resttic*d Funds 1,261,893 140,631) 1,221,262 Endowment funds Endowment Fund 788270 4,785370 TOTAL Fuf+lDS 10 077 394 Net movement in funds. included in the above are a5 follow5.. Incoming resources Resources expended Gains and Movement in funds Unrestricted funds General fund 798,328 (698,769) 38,332 137091 Restrictsd funds Restricted Funds 140,6311 (40,631) Endowrnent fwjds Endowment Fund TOTAL FUNDS 798 38 28 1739 400) 32 Comparatives for consolidated movement in funds Net movement In funds At 1.422 At 31.3.13 Unrestricted funds Generdl fund 4,076.044 1143.073) 3,923,971 Restricted funds Restrteted Funds 1.302,523 {40,630) 1.261.893 Endowment funds Endowment Fund 4.759.270 26,IXK) 4.785.270 TOTAL FUNDS 10,137,837 157 7031 9,980,134 Page31
THE TRUSTEES OF THE GRAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON Notes to the Financial State]nents- continued FOR THE YEAR ENDED 31 MARCH 2024 21 MOVEMENT IN FUNDS CONSOLIDATED- continued Coparative nei movement in funds. included in the above are as follows.. Incoming resources Resources expended Gains and Movetnent in losses funds Unrestricted funds General fllnd 643.382 (688547) (97,9081 (143,(J731 Restricted funds Restricted Funds (40,630) (40.6301 Endowment funds Endowrnent Fund 26,(K)O 26.1)(Xl TOTAL FUNDS 643.382 (729,177) 71,908} 1157,703) Unrestricted Funds The General Fund represents the free funds of the Chan'ty that are not de5ignat¢d for particular pUose$. Restricted Funds The Restricted funds represenis various funds mainly tElating to restoration of the Guildhall and Shakespeare'5 Schoolroom. The properry and other fixed assets held totalled £1,179.467 as at 31 Match 2024 {2023 £I,220,099). Of the Testricted cash held, £41,795 12023 £41.7941 rela$ to various funds associated with restoring the Guildha]l and Shakespeare's Schwlroom. EndoWent Funds The Endowment fund relates to propeny held in Church Street Stiatford-Upon-Avon along with land at the rear of King Edward Vl Grammar SchcK)I S(rdiford-Upon-Avon. which was revalued in 1989. 24. RELATED PARTY DISCLOSURES The Charity was owed the following by its wholly owned subsidiles..- KES Trustees Ltd is a trading subsidiary. At 31 March 2024 KES Trustees Ltd owed £nil12023 - £nil) io the Charity. KES (shakeSare,s School) tnternational Limi(ed owed £19.532 12023 £16.819) at 31 March 2024 10 the Chariiy. Page 32
THE TRUSTEES OF THE GIiAMMAR SCHOOL OF KING EDWARD VI AT STRATFORD UPON AVON Detailed Ststement of Fitvdncial Aetivitie5 FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 INCOME AND ENtK)WMENTS Donations and legaeies Donations Grants 309 610.2(K> 766,108 610,420 Investment Income Income from listed investtnents Deposit account Anrest 32,135 24 32.898 31159 32.902 Other Ineome Sultdry ineom¢ 60 Tradlng Ineome PLtent income Government grants Total incoming resourees 798?28 643,382 EXPENDITURE Raising donations and legacies mainlnce of school pioperty Cosrs of obtaining granis 108,434 224 101,513 243 108,658 101,756 Charilable activities School development costs Depn of land & buildings Depn of f2Xtures and fittings Bank chaiges and loan interest Grant payments and lad cost 7,839 126,J59 20,048 64a78 293 114 7,443 126.358 20,048 42,188 393.443 511,738 589,480 This page doe5 not fomi part of the statutory financial statements Page 33
THE TRUSTEES OF THE GIL4MMAR SCHOOL OF KING EDWARD VI AT STK4TFORD UPON AVON Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Trading activities Administration expenses Depreciation and amorti5aUon Flnance costs 2,713 1,707 2(K) 1,706 399 4,420 2.305 Supptsrt costs Management In5uranee Legal & Professional lees 760 885 6.426 86J23 7.311 Governance costs Auditors, JEmuneration Execuiive officer Trusiees meeting.% and expenses 5A20 10,200 12 5.520 10.2(Kl 12.605 28,325 Total resources expended 739,4(M) 729,177 Net income rore gains and Oo&ses) 58,928 (85,795) Realised reeogni5ed gains and lo&ses Realised gain l (Ios5esl on current asset investmenis Realised gain l (losses) on invesLment property 38J32 (97,908) 26,0(Kl Net income l (expenditure) 157.703) Thi5 page doe5 not fomi part of the statutory fiftla1 statements Page 34