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2021-07-31-accounts

Contents Pag
Governors,
Officers and		 Advisers
Annual
Report of the Governors
Directors'
Report
Strategic Report
Independent
Auditor's		 Report 17
Statement
of Financial		 Activities 20
Balance Sheet 21
Statement
of Cash Flows		 22
Notes to Financial Statements 23

ADVISERS AND REGISTRATION AND REGISTRATION AND REGISTRATION NUMBERS
Auditor: Crowe U.K. LLP
55 Ludgate
Hill
London
EC4M 7JW
Bankers: Barclays Bank pic
Level 27, 1 Churchill Place
Canary Wharf
London E14 5HP
Investment Advisers: CCLA Investment Management Ltd
80 Cheapside
London
EC2V 6DZ
PMN Financial
Management		 LLP
10Crown Place
London
EC2A 4FT
Solicitors: Farrer h Co
66 Lincoln's
Inn Fields
London WC2A 3LH
Veale Wasbrough Vizards LLP
Narrow
Quay House
Narrow
Quay
Bristol BS1 4QA
Pension Advisers: JLT Benefit Solutions
DC Consulting
South
36 Ridgmont
Road
St Albans
Hertfordshire
AL1		 3AB
Insurance Brokers: S Ellis Consulting Ltd
28 Park Road
North
Leigh
Witney
Oxfordshire
OX29		 6RX on behalf of AON UK Limited
Principal Address & Registered Office: 70 London
Road
Kingston
upon Thames
Surrey KT2 6PY
Website: www. kgs.org.uk
Registered Charity Number 1078461
Registered Company Number 3883748

Risk M~aiti ation
Operational, financial and economic risks of Governing
Body		 Action
Group
overseeing
the
the COVID-19 pandemic emerging
and
ongoing
issues
and School's		 response:
dedicated
Guidance		 Task Group
monitoring		 financial
KPI's including
cashflow, pupil numbers
and		 debtors
Effectiveness
of
the
including
responsibilities		 safeguarding
policy
of the "Prevent"		 Appointment
of
Designated
Safeguarding
regular
training
of
staff
and
governors;		 Lead;
regular
duty. reporting
to School		 Executive and Governors.
Cyber-attack or hacking of data. Robust
Acceptable		 Use
Policy;
regular		 backups;
external
testing;
insurance
backed disaster		 recovery
plans
Change of VAT status on fees. Ongoing
monitoring;		 impact assessment
undertaken.
Revision to the requirements of the Public Ongoing
monitoring		 and
recording
of public		 benefits
Benefit test. provided.

Unrestricted Restricted Endowed Total
Funds Funds Funds .Funds 2020
Notes: E'000 E'000 E'000 E'000 E'000
Income and endowments from:
Charitable
activities
- School fees receivable 15,418 15,418 14,830
- Other charitable income 3a 499 499 840
Activities for raising funds:
- Donations 3(3 83 125 208 217
- Ancillary
trading		 3c 102 102 187
- Investment
income		 3d 6 58 64 119
Other activities
- Other income h
Grants 3e 249 249 499
Total income 16,274 83 183 16,540 16,692
Expenditure
on:
Raising funds
- Ancillary
trading		 41
- Financing 600 600 649
- Fundraising
Et Development		 144 18 162 210
18 762 900
Charitable
activities
- Education
and grant
making		 5, 15, 16 13 882 42 102 14025 14 179
Total expenditure (14,626) (42) (120) (14,787) (15,079)
Net income before transfers and
investment
gains
/		 (losses) 1,648 41 63 1,753 1,613
Net gains/(losses)
on investments		 729 729 (347)
Transfers
between		 funds 15, 18 12 (12).
Net income 1,660 41 780 2,482 1,266
Fund balances
brought
forward
at 1 August 2020 13 140 333 3 908 17 379 16,113
FUND BALANCES CARRIED
FORWARD AT 31 JULY 2021 14,800 374 4,688 19,862 17,379

2021 2021 2020
Notes: E'000 E'000 E'000
FIXED ASSETS
- Tangible fixed assets 19,920 20,676
- Investments 4,423 3,487
24,343 24,163
CURRENT ASSETS
- Debtors 8&4 925
- Cash and short term deposits 6,618 4,157
7,502 5,082
CREDITORS: amounts falling
due within
one year		 10 (4,902) (3,974)
NET CURRENT ASSETS 2,600 1,108
TOTAL ASSETS LESS CURRENT LIABILITIES 26,943 25,271
CREDITORS: due after one year (7,081) (7,892)
TOTAL NET ASSETS 19,862 17,379
THE FUNDS OF THE CHARITY
ENDOWED FUNDS 4,688 3,907
RESTRICTED FUNDS 16 374 333
UNRESTRICTED FUNDS 17
- Fixed assets fund 14,680 13,017
- Other designated
funds		 120 122
TOTAL UNRESTRICTED FUNDS 14,800 13,139
TOTAL CHARITY FUNDS 19,862 17,379

STATEMENT OF CASH FLOWS
2021 2020
Cash flows from operating
activities:		 E'000 E'000
Net income for the reporting
period		 1,689 1,657
Elimination
of non-operating
cash flows:
- Loss/(Profit)
on sale of tangible
fixed		 assets 49 (8)
- Interest charged
on loans and overdraft		 600 649
- Interest received (6) (45)
- Amounts
accrued to Fees in Advance		 14 15
Depreciation
charges added back		 1,207 1,247
Decrease/(Increase)
in Debtors		 41 (89)
Increase/(Decrease)
in Creditors		 554 (336)
Increase
in Parent Deposits
held		 282 132
(Increase)/Decrease
in Fees in Advance		 54 (35)
Net cash provided
by operating
activities		 4,483 3,789
Cash flows from investing
activities
- Payments
for tangible. fixed assets		 (517) (515)
- Proceeds from sales of tangible
fixed		 assets 67 26
- Amounts
accrued to Fees in Advance		 (14) (15)
Investment
income and bank interest		 received 6 45
Purchase of investments
and investment		 costs (176) (73)
Net cash (used) in investing
activities		 (634) (532)
Cash flows from financing
activities:
- Interest
paid on loans		 (600) (649)
- Repayment
of borrowings		 (789) (746)
Net Cash (used)/generated
in financing		 activities (1,389) (1,395)
Change
in cash and cash equivalents
in the reporting		 period 2,460 1,262
Cash and cash equivalents
as at
1 August		 2020 4,157 2,896
Cash and cash equivalents
as at 31 July		 2021 6,618 4,157
ANALYSIS OF CASH AND CASH EQUIVALENTS
2021 2020
E'000 E'000
Cash at bank 6,618 4,157
Deposits
Total cash and cash equivalents 6,618 4,157

2. SCHOOL FEES 2021 2020
E'000 E'000
The School's fee income comprised:
Gross fees 17,365 17,048
Less: Total fee assistance, grants and scholarships (2,086) (2,358)
15,279 14,690
Add back Bursaries paid for by RD Finlay Fund 60 60
Add back Bursaries paid for by KGS Bursaries Fund 40 39
Add back Fee Assistance paid for by KGS Fundraising 39 41
15,418 14,830
3. OTHER INCOME
a) Charitable
activities
- Registration 207 139
- School meals (students) 292 303
- Extras 398
499 840
b) Resources from raising funds
Donations
- Appeal fund donations for general purposes 84
- Donations/royalties received for endowment 125
- Donations/royalties received for specific purposes 83 133
208 217
c) Activities for raising funds
Ancillary
trading
- Lettings 15 58
- Rent from properties occupied by School staff 74 84
- Other trading
income		 13 45
102 187
d) Investment
income
- Income from investment portfolio 22
- Bank interest 23
- Endowed
income		 58 74
64 119
e) Other Activities
- Deposits and OKHC 106 66
- CJRS 143 433
249 499
4. NET INCOME IS STATED AFTER RECOGNISING
Auditor's
remuneration		 - Audit 22 24
Auditor's
remuneration		 - Tax Advice 3 3
Loss on disposal of fixed assets 49 (8)
Depreciation
- Owned		 assets 1,207 1,247
5.
ANALYSIS OF TOTAL RESOURCES EXPENDED		 5.
ANALYSIS OF TOTAL RESOURCES EXPENDED
2021 Staff Costs Other Depreciation Total
E'000 E'000 E'000 E'000
Charitable
Activities
- Teaching
Costs		 7,771 542 220 8,533
- Education
Support		 523 688 45 1,256
- Premises 587 618 935 2,140
- Admin
Support		 1,091 948 7 2,046
School Operating Costs 9,972 2,796 1,207 13,975
Profit/Loss
on		 disposal of FA 49 49
Grant Awards Prizes
9,972 2,845 1,207 14,024
Raising Funds
- Ancillary
Trading
- Financing 600 600
- Fund-Raising 125 37 162
10,097 3,482 1,207 14,786
2020 Staff Costs Other Depreciation Total
E'000 E'000 E'000 E'000
Charitable
Activities
- Teaching Costs 7,827 1,060 260 9,147
- Education
Support		 534 592 44 1,170
- Premises 566 517 933 2,016
- Admin
Support		 1 035 804 10 1,849
School Operating Costs 9,962 2,973 1,247 14,182
- Profit/Loss
on		 disposal of FA (8) (8)
- Grant Awards Prizes 5 5
9,962 2,970 1,247 14,179
Raisi ng Funds
- Ancillary
Trading		 41 41
- Financing 649 649
- Fund-Raising 161 49 210
10,123 3,709 1,247 15,079
6. STAFF COSTS 2021 2020
E'000 E'000
Total staff costs comprise:
- Wages and Salaries 7,908 7,922
- Social Security costs 847 845
- Pension contributions 1,342 1,356
10,097 10,123
The average
number
of employees		 (full time Et part time) during the year
- Teaching staff (Teachers, Sports Coaches, Technicians) 127 132
- Educational
Support		 staff (Nurse, Library, Admin) 19 19
- Premises staff (Facilities Manager, Maintenance, Cleaning) 31 29
- Admin Support staff (other secretarial 6 Support staff) 24 28
201 208
No Governor received any remuneration during either the current or previous year
Governors
Expenses for Courses attended		 including travel E2 420 451
Aggregate
employee-benefits		 of key management personnel E1 181I& E9712
(Those holding a position within the school's Executive)
E60,000 - E70,000 27 23
E70,000 - E80,000 5
E80,000 - E90,000
E90,000 - E100,000
E100,000 - E110,000
E190,000 - E200,000
E220,000 - E230,000
35 32

7. FIXED ASSETS
Freehold Equipment
Land and Boat Club and Motor
Buildings Equipment Vehicles Total
E'000 E'000 E'000 E'000
Cost
At 1 August 2020 23,737 779 6,967 31,483
Additions 137 380 517
Disposals (90) (45) (480) (615)
At 31 July 2021 23,784 734 6,867 31,385
Depreciation
At 1 August 2020 6,794 641 3,371 10,806
Charge for the Year 499 47 661 1,207
Disposals (38) (47) (463) (548)
At 31 July 2021 7,255 641 3,569 11,465
Net book value
At 31 July 2021 16,529 93 3,298 19,920
At 1 August 2020 16,942 138 3,596 20,676
NOTES TO FINANCIAL
STAT
YEAR ENDED 31		 EMENTS (CONTINUED)
JULY 2021
8. INVESTMENTS 2021 2020
E'000 E'000
Stocks and Shares
At 1 August 2020 3,487 3,780
Additions
at cost		 311 54
Disposals (104)
Net investment
gains/(losses)		 728 (347)
Market value at 31 July 2021 4,423 3,487
The Governor
Association.		 s'
investment
powers are governed
by the C		 ompany's
Memorandum
and Articles o		 f
Investments comprise: 2021 2020
E'000 E'000
Equities 4,130 2,979
Fixed Interest 242 353
Property 50 154
Market value at 31 July 2021 4,423 3,487
9. DEBTORS 2021 2020
E'000 E'000
Tuition fees from parents 66 9
Prepayments
and sundry		 debtors 308 407
Recoverable
income		 tax 10 9
HM Loan (note 21) 500 500
884 925
All debtors are due within one year, except for E500k for HM Loan, which is due after more than one
year.
10. CREDITORS: Due within one year: 2021 2020
E'000 E'000
Bank Loans (see Note 12) 856 803
Fees paid in advance 558 528
Parental
deposits		 1,686 1,404
Trade creditors 764 172
PAYE/other
taxation		 and social security 236
Pensions creditor 168 27
Sundry creditors
and		 accruals 164 579
Fees in advance scheme 470 461
4,902 3,974

11. CREDITORS: Due after more than one year: 2021 2020
E'000 E'000
From one to two years:
- Bank loans (see Note 12) 925 856
- Fees in advance scheme 204 235
1,129 1,091
From two to five years:
Bank loans (see Note 12) 3,202 2, 972
Fees in advance scheme 235 158
3,437 3,130
More than five years
- Bank loans (see Note 12) 2,515 3,671
2,515 3,671
Total 7,081 7,892

2021 2021 2020
E'000 E'000 E'000
At 1 August 2020 853 889
Funds received
during		 the year 2020/21 687 764
Amounts
accrued		 to contracts as debt-financing costs 14 15
Amounts
utilised		 in payment offees:
- Prior year funds 461 541
- Current
year funds		 187 274
(648) (815)
At 31 July 2021 906 853
YEAR ENDED 31 JULY 2021
12. LOANS 2021 2020
E'000 E'000
Due within five years by instalments:
- within one year 856 803
- from one to two years 925 856
- from two to five years 3,202 2, 972
- more than five years 2,515 3,670
7,498 8,301

The net a sset s are held for th e various funds as follows:
Net Current
Fixed Assets / Long Term
2021 Assets Investments (Liabilities) Liabilities Total
E'000 E'000 E'000 E'000 E'000
Endowed Funds
- Permanent endowment 4,423 101 4,524
- Expendable endowment 165 165
Restricted Funds 374 374
Unrestricted Funds 19,755 1,979 (6,934) 14,800
19,920 4,423 2,454 (6,934) 19,863
Net Current
Fixed Assets
/		 Long Term Total
2020 Assets Investments (Liabilities) Liabilities
E'000 E'000 E'000 E'000 E'000
Endowed Funds
- Permanent endowment 3,487 243 3,730
- Expendable endowment 177 177
Restricted Funds 333 333
Unrestricted Funds 20,499 532 (7,892) 13,140
20,676 3,487 1,108 (7,892) 17,380

YEAR ENDED
31 JULY 2021
The movements on the Endowed Funds not accounted for under a total return policy during the year
are as follows: Permanent
Permanent Expendable Bursary
2021 endowment endowment Endowment Total
E'000 E'000 E'000 E'000
Balance as at 1 August 2020 598 177 514 1,289
Investment gains 107 85 192
Transfers (12) (12)
At 31 July 2021 705 165 599 1,469
RD Finlay Bursary Fund KGS Bursary Fund
Trust for Trust for Trust for Trust for
2021 Investment Application Investment Application Total
E'000 E'000 E'000 E'000 E'000
Gift component
of		 the permanent
endowment
as at 1		 August 2020 2,093 730 2,823
Unapplied
total
return as at 1 August 2020 (122) (83) (205)
Total balance as at 1 August 2020 2,093 (122) 730 (83) 2,618
Movements
in year:
- Gifts of endowment funds 125 125
- Dividends
and interest		 44 14 58
Investment
gains		 / losses 411 125 536
Investment
costs		 (14) (4) (18)
Allocation
of unapplied		 total return
to income
Payment
of bursaries		 & fee assistance (60} (40) (100)
At 31 July 2021 2,218 259 730 12 3,21&
Total all Endowed Funds E'000
At 31 July 2021 4,688
are as follo ws:
Permanent
Permanent Expendable Bursary
2020 endowment endowment Endowment Total
f'000 f'000 f'000 f'000
Balance as at
1 August 2019		 592 190 512 1,294
Investment gains 1 7
Transfers (12) (12)
At 31 July 2020 598 178 513 1,289
The comparative amounts for the movements on the Endowed Funds accounted for under a total return policy are
as follows:
RD Finlay Bursary Fund KGS Bursary Fund
Trust for Trust for Trust for Trust for
2020 Investment Application Investment Application Total
f'000 f'000 f'000 f'000 f'000
Gift component of the permanent
endowment as at 1 August 2019 2,093 730 2,823
Unapplied total
return as at 1 August 2019 167 26 193
Total balance as at 1 August 2019 2,093 167 730 26 3,016
Alovements in year:
- Gifts of endowment funds
- Dividends and intere:t 57 17 74
- Investment
gains		 (272) (83) (355)
- Investment
costs		 (14) (4) (18)
Payment ofbursaries &fee assistance (60) (39) (99)
I
At 31July 2020 2,093 (122) 730 (83) 2,618
f'000
At 31 July 2020 3,907

2021 Sherriff PSA/
Prize Bequest Appeal School
Fund Fund Fund Fund Total
E'000 E'000 E'000 E'000 E'000
Balance as at 1 August 2020 102 230 333
Income arising in year 4 16 65 84
Expenditure (4) (39) (43)
Transfers
At 31 July 2021 118 256 374
2020 Sherriff PSA/
Prize Bequest Appeal School
Fund Fund Fund Fund Total
E'000 E'000 E'000 E'000 E'000
Balance as at 1 August 2019 2 95 163 261
Income arising in year 3 7 108 15 133
Expendi ture (5) (41) (15) (61)
Transfers
At 31July 2020 102 230 333

2021 Fixed
Assets Appeal 450 General
Fund Fund Fund Total
E'000 E'000 E'000 E'000
Balance as at 1 August 2020 13,020 120 13,140
Income arising in year 16,274 16,274
Expenditure (14,626) (14,626)
Transfers 1,660 (1,648) 12
At 31 July 2021 14,680 120 14,800
2020 Fixed
Assets Appeal 450 General
Fund Fund Fund Total
E'000 E'000 OOOO E'000
Balance as at 1 August 2019 11,506 36 11,542
Income arising in year 84 16,401 16,485
Expendi ture (14,900) (14,900)
Transfers 1,513 (1,501) 12
At 31July 2020 13,019 120 13,139

020 were deferred. Thes e projec ts wer e subsequently
comple		 ted
in Summer 2021.
2021 2020
E'000 E'000
Funding
donations		 is planned from existing funds and 287
Company Country of incorporation Shares held Class
KGS International Limited England and Wales Ordinary 100
Kingston Grammar School International Limited England and Wales Ordinary 100

24. PRIOR YEAR C ONSOLI DA TED
STATEM		 ENT OF FINANCIAL AC TIVITIES
Unrestricted Restricted Endowed Total
Funds Funds Funds Funds 2019
Notes: E'000 E'000 E'000 E'000 E'000
Income and endowments from:
Charitable
activities
- School fees receivable 2 14,830 14,830 14,848
- Other charitable income 3a 840 840 1,022
Activities for raising funds:
- Donations 3b 84 133 217 286
- Ancillary
trading		 3c 187 187 197
- Investment
income		 3d 45 74 119 109
Other activities
- Other income and
Grants 3e 499 499 14
Total income 16,485 133 74 16,692 16,476
Expenditure
on:
Raising funds
- Ancillary
trading		 41 41 89
- Financing 649 649 702
- Fundraising
Et Development		 191 19 210 199
881 19 900 990
Charitable
activities
5, 15,
- Education
and grant making		 16 14 019 61 99 14,179 14,557
Total expenditure (14,900) (61) (118) (15,079) (15,547)
Net income before transfers and
investment
gains
/		 (losses) 1,585 72 (44) 1,613 929
Net gains/(losses)
on investments		 (347) (347) 145
Transfers
between		 funds 15, 18 12 (12)
Net income
/ (expenditure)		 1,598 72 (403) 1,266 1,074
Fund balances
brought
forward at 1 August		 2019 11 542 260 4 311 16 113 15,039
FUND BALANCES CARRIED FORWARD AT
31 JULY 2020 13,140 332 3 908 17,379 16,113