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← Kingston Grammar School

2024-07-31-accounts

Registered company number: 3883748 Registered charity number: 1078461 Registered VAT number: 423470321

KINGSTON GRAMMAR SCHOOL

(A CHARITABLE COMPANY LIMITED BY GUARANTEE)

REPORT OF THE GOVERNORS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

KINGSTON GRAMMAR SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

CONTENTS

GOVERNORS, DIRECTORS & OFFICERS ................................................................................ 2 ADVISERS, REGISTRATION NUMBERS & WEBSITE ..................................................................... 3 DIRECTORS’ REPORT .................................................................................................... 4 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES ................................................ 8 STRATEGIC REPORT ..................................................................................................... 9 FINANCIAL REVIEW .................................................................................................... 13 INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF KINGSTON GRAMMAR SCHOOL .................... 17 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES ........................................................... 20 CONSOLIDATED BALANCE SHEET ..................................................................................... 21 KGS SCHOOL BALANCE SHEET ........................................................................................ 22 CONSOLIDATED STATEMENT OF CASH FLOWS ...................................................................... 23 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ......................................................... 24

KINGSTON GRAMMAR SCHOOL GOVERNORS, DIRECTORS & OFFICERS FOR THE YEAR ENDED 31 JULY 2024

GOVERNORS, DIRECTORS & OFFICERS

Under the Articles of Association the Governors are the charity trustees and are also the directors and members of the Company. The Governors of Kingston Grammar School who served during the year are:

Name

Committee membership and roles

Robert O’Dowd (Chair) Catherine Chevallier Liz Dux Andrew Evans Jatinder Harchowal Nima Khandan-Nia[1] Julia Mikardo[2] Diana Rose Na’eem Ahmed Ed Bowyer Nicholas Cole Vivek Agarwal[3] Peter Kelk Beatrijs Lelyveld Mark Weatheritt[4] Sophie Cavanagh[5] Oliver Canning[6]

S&R (Chair); I ; F&GP S&R; F&GP; N&G M&A ; E&S; N&G F&GP (Chair); AR&C; I; S&R N&G (Chair); E&S E&S; AR&C E&S E&S (Chair) M&A M&A; S&R E&S; M&A F&GP; AR&C F&GP; I E&S; AR&C E&S E&S

Resignation / Retirement

Basis of, and changes in, appointment

1 Resigned as Governor on 12 December 2023

2 Resigned as Governor on 12 December 2023

3 Resigned as Governor on 14 June 2023

4 Appointed as Governor on 11 October 2023

5 Appointed as Governor on 12 December 2023

6 Appointed as Governor on 20 June 2024

Committees Staffing and Remuneration S&R Education & Safeguarding E&S Finance & General Purposes F&GP Investment I Marketing & Admissions M&A Nominations & Governance N&G Audit, Risk & Compliance AR&C

OFFICERS

Head Master Stephen Lehec Director of Finance & Operations David Leen Deputy Head Development, Outreach & Partnerships Sarah Humphrey Deputy Head Academic William Cooper Clerk to the Governors Dinah Coomes

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KINGSTON GRAMMAR SCHOOL GOVERNORS ADVISERS, REGISTRATION NUMBERS & WEBSITE FOR THE YEAR ENDED 31 JULY 2024

ADVISERS, REGISTRATION NUMBERS & WEBSITE

Auditor:

Auditor: Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Bankers: Barclays Bank plc Level 27, 1 Churchill Place Canary Wharf London E14 5HP Investment Advisers: Close Brothers Asset Management B4 Endeavour Place 11 Coxbridge Business Park Alton Road Farnham GU10 5EH Solicitors: Veale Wasbrough Vizards LLP Narrow Quay House Narrow Quay Bristol BS1 4QA Pension Advisers: Moore Kingston Smith 9 Appold Street London EC24 2AP 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 Registered VAT Number 423470321

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KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

The Governors present their Annual Report for the year ended 31 July 2024. This is prepared in accordance with the Companies Act 2006 and the Charities Act 2011 and includes the Directors’ Report and Strategic Report, together with the audited Financial Statements for the year. The Governors confirm that the latter comply with the requirements of the Companies Act 2006, the Company’s Articles of Association and the Charities SORP 2019.

DIRECTORS’ REPORT

CONSTITUTION AND OBJECTS

The Charity, Kingston Grammar School Foundation, was founded in 1561. On 22 November 1999 Kingston Grammar School was incorporated as a charitable company, limited by guarantee, registered in England No. 3883748, and is registered with the Charity Commission under Charity No. 1078461. The company is the corporate trustee of the Kingston Grammar School Foundation. The governing document is the Articles of Association, last amended on 11 October 2023.

The objects of the Charity are the advancement of education generally and in particular through the provision and conduct of schools including (but not exclusively) in or near the Royal Borough of Kingston upon Thames.

In furtherance of these objects for the public benefit, the Charity has established and administers fee assistance/bursaries, grants, awards, and other benefactions, and acts as the trustee and manager of property, endowments, bequests, and gifts given or established in pursuance of these Objects.

VISION, AIMS AND OBJECTIVES

At Kingston Grammar School, our mission is to live out our motto of ‘Work well & be happy’, balancing achievement with wellbeing, in all that we do, throughout our lives.

We aim to inspire and enable all our young people to have both the will and ability to go out into the world and make it a better place for everyone. We envisage that our students will become a global community of alumni who are empowered with the knowledge, skills and values to lead with compassion, innovate with purpose and collaborate across cultures to build a just and sustainable future for all.

We believe in achieving excellence with integrity, without compromising on individual wellbeing or our values.

Each of these aims is underpinned by our core values of aspiration, integrity, respect, and engagement (AIRE). It is in this way that we can ‘Work well & be happy’, and truly know what that means.

Aspiration

We want to equip our students with the skills and confidence they need to pursue their chosen ambitions and pathways. We understand the importance of having the right ‘currency’ in the form of examination results and other outcomes, whilst also pursuing excellence in a broad range of co-curricular endeavours as goals in themselves. We enable our students to become future-ready, able to master digital technology and to build interpersonal relationships with people from all walks of life. We also recognise that success can be different for every student, and wholeheartedly aim to inspire and support each student in the pursuit of their ambitions.

Integrity

We encourage and develop our student’s commitment to strong moral principles and ethical values; being honest with themselves and others. We aim to ensure that our students are confident in admitting when something has gone wrong, and work to find a more positive outcome, either independently or with the support and collaboration of others. This is an integral part of the educational journey at KGS

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KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

and a quality that is increasingly important in a world where ‘fake news’ and sections of social media have been used to promote personal, or bespoke, agendas, which may threaten the greater good.

Respect

We hold dear the notion that every member of the KGS community should have respect for themselves, for other people and for the world in which we live whilst embracing the concept of kindness, in all its facets. We demonstrate an absolute understanding of equality and diversity, as well as promoting sustainability at every level. Beyond this, we encourage the practice of self-kindness, learning to balance competing priorities and both developing and maintaining a positive self-image.

Engagement

We actively encourage our students to fully embrace all the opportunities available to them, including those they are familiar with and may well excel in, and those that are new and require a determined effort. We encourage collaboration with peers and adults both within and beyond the school, recognising how much more can be achieved when working in partnership. We invite our students to give back to the communities of which they are a part, through their leadership and service.

Our objectives are set to reflect our educational aims and the vision of the School. In setting our objectives and planning our activities Governors have given careful consideration to the Charity Commission’s general guidance on public benefit and to its supplementary public benefit guidance on fee-charging and advancement of education. The focus of our objectives is on the development of our students, their continued high levels of academic, co-curricular achievement and pastoral wellbeing and to further widen access to the education our School provides. Our key objectives for the year, in line with our three-year School Development Plan are to:

INSPECTIONS

In June 2024, a Material Change inspection was conducted by the ISI pursuant to the school’s application to increase its capacity to 1,100 students over a five-year period. The school met all the Standards inspected.

In December 2021, ISI inspectors conducted their routine Regulatory Compliance Inspection. This inspection checks that a school’s policies and practices are compliant with the regulations set by the Department for Education (DfE). The school met all 8 Standards inspected.

The most recent ISI Educational Quality and Focused Compliance inspection of the School was in May 2017. The school met all the requirements of the Education (Independent School Standards) Regulations 2014 and achieved the top category of Excellent for students’ academic and other achievements as well as personal development.

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KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

The 2017 Inspection report made one recommendation for improvement, which was to continue to develop our strategic vision for ICT so that students’ collaborative learning and preparation for higher education can be enhanced further using the excellent framework of tools already in place. The school has acted upon this recommendation with significant advances in this area.

GOVERNANCE AND MANAGEMENT

Governing Body

Membership of the Governing Body and its Committees is set out on page 2. As noted on page 2 since 1 August 2023 three Governors have stood down and three new Governors have been appointed.

Under the Articles of Association, the Governing Body is composed of no fewer than ten and not more than fifteen individuals appointed by resolution of the Board. The normal term of office is four years. A Governor may serve two consecutive terms after which, in the absence of exceptional circumstances, they are not eligible for re-election until after a year has elapsed.

Recruitment and training of Governors

New members of the Governing Body are appointed in accordance with criteria and procedures set out in an agreed Recruitment and Induction Policy, seeking to maintain an appropriate balance in terms of age, gender, ethnicity, and a range of backgrounds, as well as an appropriate mixture of skills and experience. Under the Policy, the Governing Body will seek to ensure that it includes at least one governor who is a parent of a current pupil when the parent is first appointed as governor, at least one who is a former pupil of the school and at least one Governor who is involved in higher education.

New Governors are inducted into the workings of the Charity and the School, including Governing Body Policy and procedures, at meetings with the Head Master, Director of Operations & Finance, other members of the School Executive and the Clerk to the Governors. Safeguarding training is delivered annually to Governors and an internal training workshop on a topic of strategy is organised each year. In addition, Governors are encouraged to attend training courses to enhance their skills in areas relevant to their role at the school such as finance, marketing and good governance organised by external organisations. Circulation of briefing notes and newsletters from relevant organisations keep them informed and updated on current issues in the sector and regulatory requirements.

Organisational management

The Governing Body is legally responsible for the overall management and control of the School, and usually meets four times a year. The Governing Body delegates specific duties to committees and may refer particular matters to them from time to time. The committees of the Governing Body currently operate as follows:

The Audit, Risk & Compliance Committee – consists of no more than four Governors. The Chair should not also be the Chair of the Finance and General Purposes Committee. The Committee usually meets twice a year. Its terms of reference are to receive reports from the School’s auditors, to agree the form of the annual audit, to recommend to the Governing Body the adoption of the Annual Accounts, to monitor the risk management process and allocate risk management responsibilities to other committees or the Executive, to monitor Health & Safety and to oversee and review compliance generally at the School.

The Education and Safeguarding Committee – consists of up to seven Governors and usually meets three times a year. Its terms of reference are to consider all educational matters (including but not limited to academic, pastoral and co-curricular areas) and all safeguarding matters; proposed developments of the educational and safeguarding provision, to receive reports from relevant members of staff on issues of note concerning the educational provision of the School or raised by any member of the Governing Body, and to monitor and oversee compliance with educational, pastoral and safeguarding requirements.

The Finance and General Purposes Committee consists of up to seven Governors and usually meets

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KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

four times a year. Its terms of reference are to recommend revenue and capital budgets and fee levels to ensure a sound commercial operation; to monitor the financial position of the School; to explore opportunities for the development, expansion and refurbishment of the School’s buildings and property; to submit proposals and to monitor the implementation of major projects; to advise on the financial implications of projects and recommendations from other committees; and to approve or recommend changes to the School’s financial policies.

The Investment Committee – meets twice a year and consists of up to four members including the Chair or Vice-Chair of the Governing Body, the Chair of the Finance and General Purposes Committee and a Governor with relevant financial experience. Its terms of reference are to select and appoint advisory and/or discretionary investment managers, to make recommendations on investment policy, to monitor investment performance and appropriateness, to take investment advice as appropriate and approve transactions recommended by appointed financial advisers.

The Marketing and Admissions Committee – consists of up to four Governors and meets twice a year. Its terms of reference are to agree the Admissions policy, to ensure a strategy for marketing and publicity, to review admissions against target and to agree Bursary guidelines.

The Nominations and Governance Committee – consists of up to four Governors including the ViceChair of the Governing Body, and meets at least twice a year. Its terms of reference are to lead on matters of succession planning and composition of the Governing Body; to co-ordinate and follow the required process for recruitment of new Governors; to ensure that new Governors receive a proper induction; to integrate and co-ordinate all aspects of governance and legal and regulatory compliance; to keep under review the Governors’ register of interests and to advise on conflicts of interest where required.

The Staffing and Remuneration Committee – meets at least once a year and consists of the Chair of Governors, the Chair of the Finance & General Purposes Committee and not more than three other Governors. Its terms of reference are to review the pay and conditions of all staff including determining the remuneration of the Head Master, the Deputy Heads, the Director of Finance and Operations and Assistant Heads; and to consider other staff related matters.

During the year, there were 24 meetings held of the Governing Body or one of its committees and attendance by Governors at these meetings averaged 89%.

All Governors are linked to a member of the School Executive and spend time during the year so that they can experience and understand better how the School operates. Certain Governors fulfil functional roles, relating to Safeguarding, Health & Safety, SEND and EDI to oversee compliance.

All Governors give their time freely and no remuneration was paid in the year. Where Governors have children who are students at the school there are no special arrangements in respect of the fees payable. Governor’s children are eligible for means-tested fee assistance or scholarships in accordance with normal school policies and practice. Governors do not participate in decisions regarding awards of fee assistance or scholarships insofar as their own children are involved.

The day-to-day running of the School is delegated to the Officers, known collectively as the School Executive, who attend relevant meetings of the above governors’ committees. The School’s Executive comprises: Stephen Lehec (Head Master), David Leen (Director of Finance & Operations), Sarah Humphrey (Deputy Head – Development, Outreach & Partnerships), Will Cooper (Deputy Head – Academic), Deborah Sherwood (Assistant Head), Andy Beard (Assistant Head), Anoushka Lett (Assistant Head), Nick Hudson (Assistant Head), Alison Williams (Assistant Head), Adam House (Assistant Head) and Nicola Sloan (Director of Human Resources).

The framework for remuneration of the School staff is set by the Governing Body and is reviewed annually, including reference to comparisons with other independent schools to ensure the School remains sensitive to the broader issues of pay and employment conditions in the local area.

The School has developed a HMC Teacher Training programme to offer professional development to support wider education with well trained teachers in all areas. It brings an outlook of modern teaching methods at the School and provides community benefit as teachers exchange with their state school counterparts.

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KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

Delivery of the School’s charitable vision and purpose is primarily dependent on our key staff and their costs are the largest single element of our charitable expenditure.

Employment Policy

The School actively supports the attainment of the highest standards of education through rigorous and continuous evaluation of quality and performance, the application of best practice and a widespread desire to improve standards.

The School is an equal opportunities employer. Full and fair consideration is given to job applications from disabled persons and due consideration is given to their training and employment needs. Consultation with employees, or their representatives, has continued at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests. Employees are made aware of the financial and economic performance of the School.

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

The Governors (who are also directors of Kingston Grammar School for the purposes of company law) are responsible for preparing the Governors’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Governors to prepare Financial Statements for each financial year. Under company law the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and charitable company and of the incoming resources and application of resources, including the income and expenditure, of the group and charitable company for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for ensuring adequate accounting records are kept and are sufficient to show and explain the group and charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the group and charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the group and charity’s constitution. They are also responsible for safeguarding the assets of the group and charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Governors are responsible for the maintenance and integrity of the corporate and financial information included on the Group and school’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Insofar as each of the Directors, as members of the Governing Body, at the date of approval of this report is aware there is no relevant audit information (information needed by the Company’s auditor in connection with preparing the audit report) of which the Company’s auditor is unaware. Each member of the Governing Body has taken all the steps that he or she should have taken as a member of the Governing Body in order to make himself or herself aware of the relevant audit information and to establish that the Company’s auditor is aware of that information.

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KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

STRATEGIC REPORT

MISSION STATEMENT

Kingston Grammar School aims to provide the best and broadest educational opportunities possible, in a caring and supporting environment where all are instilled with the virtues of regard, integrity and aspiration. The School also encourages all staff and students to be engaged in productive partnerships whilst fostering a high degree of independence, both now and in future life.

ACTIONS TO ACHIEVE THE PRIMARY OBJECTIVES

The School had its highest ever student roll averaging 878 students (2023: 873).

Our actions to achieve the year’s objectives included:

To promote high academic standards and broaden access, the School has the following specific policies:

The Governors’ policy is to offer the School’s educational provision to as many children as possible, regardless of means, whilst continuing to promote high academic standards. Our aim is to allow at least 35 students at any one time to be in receipt of free places or a greater number in receipt of lower levels of support. We actively promote the availability of fee assistance and scholarships in our promotional material and at all events and activities designed to recruit and attract prospective students.

We welcome students from all backgrounds and seek to ensure access to the education we offer is not restricted to those who can afford our fees as we believe our students benefit from learning within a diverse community. To be admitted to the School, we need to be satisfied that we will be able to educate and develop a prospective student to the best of their potential and in line with the general standards achieved by their peers. In addition to the sitting of entrance examinations, we interview all those prospective students where, on the evidence of their written papers, there is a possibility that we might make an offer of a place, to satisfy ourselves and parents that potential students can cope with the pace of learning and benefit from the education we provide. An individual’s economic status, gender, ethnicity, race, religion, or disability do not form part of our assessment.

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KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

Our fees are set at a level to ensure the financial viability of the School, at a level that is consistent with our aims of providing a first-class education to boys and girls, and at a level that balances the aim of providing wide access with the needs of full fee-paying parents.

ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Principal activities of the year

This year has again been a successful year, the School’s student population averaged 878 students (2023: 873). The ratio of boys to girls was 50%:50% (2023 51%:49%).

The level of interest in joining the School remains high, as witnessed by attendance at open events.

Governors’ scholarships and fee assistance

Since the School has limited specific fee assistance or scholarship funds the provision of such grants is made in part from the School’s general funds. In funding our awards, we are mindful to ensure a balance between fee-paying parents, many of whom make considerable personal sacrifices to fund their child or children’s education, and those benefiting from the awards. During the year, grants totalled £2,223k (2023: £2,144k) representing 10.7% of our gross fees (2023: 11.0%). This amount comprised:

Academic achievements

Academic success is the main priority at KGS. Throughout the School we strive to provide flexibility and a personalised learning programme for each student. Aspiring to, and achieving, excellence is at the heart of everything we do, and this year’s examination results deservedly reflect the hard work of the students and teachers.

At GCSE in 2024, students produced another excellent set of results, although not quite matching the record results from the previous year. Overall, 85% were at grade 9-7 (2023: 90%), including 66% at grades 9-8 (2023: 74%). 10 students gained grade 9 in all their subjects, and over 94% of students achieved at least one 9/8 grade. Impressive results were achieved by individuals, one student with; five students with 11 x 9’s, and five students with 10 x 9’s.

At A Level 31.8% (2023: 30.8%) of all grades were As and 43% (2023: 37.7%) of all grades were As, giving a combined 74.8% (2023: 68.5%) A-A. Of the students achieving at least an A grade in three or more subjects, 18 achieved 3 A*s or higher (2023: 21). This was the strongest set of results in KGS history, given the reversion to 2019 grading standards and reduction of top grades awarded nationally.

This year an impressive 87% (2023: 84%) of the students gained a place at their first-choice university of which 84% (2023: 79%) were Russell Group universities. The most popular destinations were Bristol (14) Leeds (14) Exeter (10) Imperial (7) Edinburgh (7) Birmingham (7) Nottingham (6) Bath (6) Durham (4) Manchester (4) Cambridge (4) UCL (3) KCL (3) Oxford (3)

In total 7 students won places at Oxford and Cambridge colleges with 4 going off to study overseas, including 1 on a sports scholarship in the US.

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KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

Outreach & Partnership Programme

KGS has maintained strong relationships with local primary and secondary state schools over the last year.

The School worked extensively with its closest state primary school, St Joseph’s, maintaining a number of long-running projects, such as supervised reading with younger year groups by Sixth Form students, as well as drama, gardening and chess clubs which are supervised by KGS staff. Taster classes delivered by Third Year Language Leaders were a particular highlight, resulting in around 525 pupils at St Joseph’s, St John’s and King Athlestan having lessons in French, German, Spanish, Italian, Mandarin and Dutch in the Summer Term.

Art, DT and public speaking workshops were also provided for our partner primary schools, as well as CPD for local primary science leads after an exciting half-day Science workshop delivered by the Royal Institution. A day of design and engineering was provided to teams of students from six local schools by the Faraday Challenge in June.

We continued to foster our links with local secondary schools, mainly Kingston Academy (TKA) but also others such as Tiffin Boys and Tiffin Girls. The Director of Careers and Universities at KGS visited TKA fortnightly to conduct one-to-one meetings with their Upper Sixth students, supporting them as they made decisions about higher education or their journey into the workplace. Multiple Mini Interview Practice supported TKA students applying to university, and other workshops, such as Thinking Skills and mock interviews, were aimed at TKA’s Oxbridge applicants. Another staff member provided guidance about applications to US Universities.

For the second year, the Maths Department ran a revision workshop for local state schools during the Easter Holidays, focusing on students on the 6/7 border and developing their mathematical thinking.

The PE department continued to offer significant support for Sport in the Borough and to individual primary schools. At Ditton Field, KGS hosted the Borough’s Primary School Cross Country, Cricket and Netball competitions. Coaching was provided in a number of schools, such as St Paul’s, St Joseph’s and St Matthew’s, and we provided Sports Day support for St John’s and St Joseph’s Primary Schools.

We continued to support our wider community by organising Food and Hygiene Bank collections, hosting Tea Parties for residents of local care homes, supporting the Christmas fundraising activities of the Salvation Army and sending Christmas cards to children staying in hospital over the festive period. Some of our Sixth Formers volunteered at St Stephen’s, cooking healthy and nutritious meals for vulnerable people in the local community.

Co-curricular achievements 2023-24

In Music and Drama

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KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

Rowing

Boys’ Hockey

Girls’ Hockey

Other sports

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KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

Other achievements

FINANCIAL REVIEW

Results for the year

The School endeavours to ensure financial stability and continuing solvency year on year so that it can pursue its educational aims and objectives. To be noted, the income and expenditure in relation to academic and co-curricular trips has previously been netted off within the financial accounts as they are effectively recharged at cost to parents with no net profit. These must now be shown as gross items and trip income and expense have been included in Notes 3 and 5 for year ended 2024 only, however the narrative below has excluded these in order to form relevant comparisons to the year ended July 2023.

The Consolidated income for the year excluding trips was £21,495k (2023: £19,219k). Fee rates increased by 5.75%. 2024 income benefitted from a £0.6M donation to the new TW11 fund restricted for bursaries alongside other donations income. The income from KGS International was £367k (2023: £340k).

Group expenditure excluding trips was £19,220k (2023: £17,915k) an increase of 7.3%. Staff costs increased by £0.6m, up 4.8% comprising additional appointments and cost–of-living and pay-spine increases and amounts to 66.4% (2023: 68.0%) of total expenditure.

The net operating surplus before investment gains was £2,275k including donations of £784k (2023: surplus: £1,304k, donations: £107k). The results for the year include an unrealised investment gain of £664k (2023: £15k loss).

The Group net operating surplus for the year totals £2,939k (2023: £1,289k) and, as a result, total funds have increased from £23,755k to £26,694k. Details of the Charity’s funds are given in notes 15 to 17 in these Financial Statements.

During the year, capital expenditure was £1,431k (2023: £345k). At the balance sheet date, the Group’s borrowings with Barclays Bank totalled £4,726k (2023: £5,718k). Details of the Charity’s borrowings are given in note 12.

Through effective financial planning and sensible cost control measures, we have been able to end the year with a strong surplus, all of which will be reinvested in the School. Student numbers remained strong.

KGS International Limited

In autumn 2021 the School, operating through its 100%-owned trading company KGS International Limited, signed a long-term agreement with the Mountain Education Group in China. This is working in an advisory capacity, supporting educational delivery with a new school based in Suzhou which opened in September 2022. These activities are overseen by the International Steering Group which reports into the Governing Body. The financial activities of KGS International Limited are consolidated into these financial

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KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

statements, including note 8 to the accounts. The surpluses from this activity will support fees assistance at KGS.

Fundraising performance

The development office has continued to make progress thanks to the many generous donations from the Old Kingstonians, parents, staff, governors, and friends of the School.

Overall, in our financial year to 31 July 2024, fundraising income of £784k was received, including £567k to the new TW11 fund (designed to fund student bursaries), an initial £92k to the new Fairfield Science Block Project (for the renovation of the existing Science Block), £45k for the KGS Bursary Foundation, £22k of royalty income for the RC Sherriff Fund, £25k for the College Bursary Fund, £2k for Prizes and Other Restricted Donations, and £30k towards a new electric minibus.

The Governors would like to thank all donors for their generosity which is hugely appreciated and which will make a real difference in shaping the future of the School. In addition, Governors would like to thank the KGS Foundation Board, the ambassadors and KGS Friends representatives for their considerable efforts and commitment.

No professional fundraisers conducted any fundraising activities on behalf of the School during the year. The School is formally registered with the Fundraising Regulator demonstrating our commitment to 'good fundraising practices' and adheres to the Code of Fundraising Practice. There are no instances to report of the School failing to comply with fundraising standards or schemes for fundraising regulation. No complaints were received in the year ended 31 July 2024.

Investment Policy, Performance & Total Return Accounting

Details of the School’s investment policy are given in note 1 to these Financial Statements. In preparing these Financial Statements, the Governors, having duly considered the benefits to the School of so doing, have resolved to adopt a Total Returns Accounting approach to all funds that are put into investments (both restricted and endowed). The School retains investment securities and recorded an unrealised market value gain of £664k (2023 loss: £15k). These investments continue to be closely monitored by the Investment Committee to ensure they are able to meet their funding requirements.

Reserves policy

The Governors regularly review the level and nature of the School’s reserve funds.

The School continues to invest substantial sums into new and upgraded buildings and for the provision of educational equipment. There are no free reserves and the majority of funds are invested in the tangible fixed asset properties. The Governors continue to be satisfied that cash holdings and the opportunity to obtain external financial facilities provide an additional and adequate safety net, if it should be required.

Funds total for the Group is £26,694k at 31 July 2024 (2023: £23,755k) made up of £6,009k endowment capital, £1,237k restricted funds and £19,448k unrestricted funds which are largely designated to the fixed asset fund.

Future Plans

The Governing Body continues to pursue the Charity’s general objectives as set out earlier. Whilst the impact of the pandemic is largely behind us and although we now face economic uncertainties, not least the imposition of VAT on school fees from January 2025 and parent affordability, the school can nevertheless face the future with some confidence supported by record number of students on roll as at December 2024. Governors intend to continue their current strategies of maintaining the School’s position in a competitive market by investing to provide high quality education for our students.

The School Strategic Plan 2022-25 has the following strategic objectives:

Curriculum & Learning

Plan and deliver exceptional teaching and learning within a curriculum and assessment framework which

Page 14

KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

gives all students the skills and learning disposition to make continuous progress and achieve the currency they need to follow their chosen path beyond KGS.

Wellbeing & Care Education

Deliver an unrivalled level of pastoral care, alongside a wellbeing and education programme that will enable all KGS students to take responsibility for their personal development and, make well-informed life choices that help to promote a positive and respectful culture for all members of the school and wider community.

Opportunities & Activities

Develop the character of all students through the provision of a range of enriching and engaging opportunities in co-curricular and beyond.

Sixth Form

To prepare students to enter the world beyond school with the credentials to succeed, the confidence to adapt to a fast-changing world, and the leadership skills to create positive change.

Marketing & Admissions

Attract, admit, and retain the students who have the greatest potential to benefit from an education at KGS.

Staff Recruitment, Development & Retention

Recruit and retain the best teaching and support staff who are committed to the School vision and live by the core School values.

Finance & Estate Management

To maintain and grow income to provide optimum investment in the long-term future of the School and to ensure high quality facilities to deliver education to the highest standards.

The Strategic Plan is currently being reviewed and due for publication in 2025, subject to governor approval.

The Governing Body and School’s management recognise the importance of strong cost control, seeking to contain cost increases as much as possible while ensuring that the School continues to deliver first class education and pastoral care and the requirement to meet student needs and parent requirements through major facility developments. In setting our future plans, which are financed primarily from fee income and from our reserves, Governors have tried to maintain an equitable balance ensuring our current students benefit whilst, at the same time, ensuring a sound infrastructure and financial base are preserved for the next generation of students in the same way as our current students benefit today from the investment made in the past.

GOING CONCERN

The Governors have assessed the School’s ability to continue as a going concern. The Governors have considered several factors when forming their conclusion as to whether the use of the going concern basis is appropriate when preparing these financial statements including the budget for 2024-25 and the projection for 2025-26 and beyond and a consideration of key risks.

The trustees therefore have a reasonable expectation that the school has adequate resources to continue in operational existence for the foreseeable future being at least twelve months from the date of approval of these financial statements and are not aware of any other material uncertainties which may adversely affect the organisation. Accordingly, the financial statements continue to be prepared on the going concern basis.

RISK MANAGEMENT

The Governors annually consider the principal areas of the School’s operations and consider the major risks faced in each of these areas. Utilising a Risk Management matrix, the School Executive and appropriate Committees identify new risks and monitor control over existing risks throughout the year. A formal review of the risk management process is undertaken by the School Executive and the Audit & Risk Management Committee on an annual basis.

Page 15

KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

The Governors are satisfied that the major risks identified have been adequately mitigated where necessary, recognising that systems can only provide reasonable, but not absolute assurance that risks have been adequately managed.

The principal risks identified are:

Risk Mitigation Effectiveness of the safeguarding policy Appointment of Designated Safeguarding Lead; regular training of staff and governors; regular 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 Imposition of VAT on school fees Financial modelling, updated financial strategy and parent communications Meeting the requirements of the Public Ongoing monitoring and recording of public benefits Benefit test provided Parents experiencing financial difficulty Availability of some hardship funding. Intention to grow and unable to afford the fees bursary funds

OUR COMMUNITY

The School and Governing Body greatly appreciate the important and valuable support given to the School in so many ways by the whole KGS Community, including all students, current and former parents, Old Kingstonians, and many other friends of the School. Above all, the Governing Body remains deeply grateful to the entire staff, both teaching and support, whose unstinting hard work and loyalty have enabled the School to achieve its major objectives reflected in the ISI report. We are grateful to all for their commitment, generous and continuing support, and their efforts.

This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Governing Body of Kingston Grammar School on 9[th] December 2024 including in their capacity as company directors approving the Strategic Report contained therein, and is signed as authorised on its behalf by:

Robert O’Dowd Chair

Jatinder Harchowal Vice-Chair

Page 16

KINGSTON GRAMMAR SCHOOL INDEPENDENT AUDITOR’S REPORT FOR THE YEAR ENDED 31 JULY 2024

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF KINGSTON GRAMMAR SCHOOL

Opinion

We have audited the financial statements of Kingston Grammar School (‘the charitable company’) and its subsidiary (‘the group’) for the year ended 31 July 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the KGS School Balance Sheet, Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 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

In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company or the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit:

Page 17

KINGSTON GRAMMAR SCHOOL INDEPENDENT AUDITOR’S REPORT FOR THE YEAR ENDED 31 JULY 2024

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 8, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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 an auditor’s report 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 identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, General Data

Page 18

KINGSTON GRAMMAR SCHOOL INDEPENDENT AUDITOR’S REPORT FOR THE YEAR ENDED 31 JULY 2024

Protection Regulation (GDPR) and Employment legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Audit & Risk Management Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

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 auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Vincent Marke Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor – London Date: 17.12.2024

Page 19

KINGSTON GRAMMAR SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

Notes:
Income and
endowments from:
Charitable activities
- School fees receivable
2
- Other charitable
income
3a
Activities for raising
funds:
- Donations
3b
- Ancillary trading
3c
- Investment income
3d
Other activities - Other
income & Grants
3e
Total income
Expenditure on:
Raising funds
- Ancillary trading
5
- Financing
5
- Fundraising &
Development
5
Charitable activities
- Education and grant
making
5, 15,
16
Total expenditure
Net income before
transfers and
investment gains
Net gains/(losses)on
investments
8
Transfers between funds
15, 18
Net income
Fund balances brought
forward at 1 August
2023
FUND BALANCES
CARRIED FORWARD AT
31 JULY 2024		 Unrestricted
Funds
£'000
18,717
1,378
30
549
609
34
21,317
-
(402)
(99)
(501)
(19,058)
(19,559)
1,758
-
13
1,771
17,677
19,448		 Restricted
Funds
£'000
-
-
754
-
-
-
754
-
-
(1)
(1)
(76)
(77)
677
8
-
685
552
1,237		 Endowed
Funds
£'000
-
-
-
-
-
-
-
-
-
(35)
(35)
(125)
(160)
(160)
656
(13)
483
5,526
6,009		 2024
£'000
18,717
1,378
784
549
609
34
22,071
-
(402)
(135)
(537)
(19,259)
(19,796)
2,275
664
-
2,939
23,755
26,694		 2023
£'000
17,489
698
107
512
391
22
19,219
-
(470)
(93)
(563)
(17,352)
(17,915)
1,304
(15)
-
1,289
22,466
23,755

All the Group operations represent continuing activities. There were no recognised gains or losses other than those shown above. A copy of the Statement of Financial Activities for the year ended 31 July 2023 is provided in note 26.

Page 20

KINGSTON GRAMMAR SCHOOL CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31 JULY 2024

CONSOLIDATED BALANCE SHEET

2024 2024 2023
Notes: £'000 £'000 £'000
FIXED ASSETS
- Tangible fixed assets 7 18,817 18,526
- Investments 8 6,665 4,506
25,482 23,032
CURRENT ASSETS
- Debtors 9 1,219 984
- Cash and short-term deposits 24,708 9,991
25,927 10,975
CREDITORS: due within one year 10 (14,919) (5,148)
NET CURRENT ASSETS 11,008 5,827
TOTAL ASSETS LESS CURRENT LIABILITIES 36,490 28,859
CREDITORS: due after one year 11 (9,796) (5,104)
TOTAL NET ASSETS 26,694 23,755
THE FUNDS OF THE CHARITY
ENDOWED FUNDS 15 6,009 5,526
RESTRICTED FUNDS 16 1,237 552
UNRESTRICTED FUNDS 17
- Fixed assets fund 19,222 17,399
- Other designated funds 120 120
- KGSI 106 158
TOTAL UNRESTRICTED FUNDS 19,448 17,677
TOTAL CHARITY FUNDS 26,694 23,755

Approved and authorised for issue by the Governors on 9[th] December 2024 and signed on their behalf by:

Robert O’Dowd Chair

Jatinder Harchowal Vice-Chair

Page 21

KINGSTON GRAMMAR SCHOOL BALANCE SHEET FOR THE YEAR ENDED 31 JULY 2024

KGS SCHOOL BALANCE SHEET

2024 2024 2023
Notes: £'000 £'000 £'000
FIXED ASSETS
- Tangible fixed assets 7 18,817 18,526
- Investments 8 6,665 4,506
25,482 23,032
CURRENT ASSETS
- Debtors 9 1,248 1,092
- Cash and short-term deposits 24,543 9,718
25,791 10,810
CREDITORS: due within one year 10 (14,889) (5,141)
NET CURRENT ASSETS 10,902 5,669
TOTAL ASSETS LESS CURRENT LIABILITIES 36,384 28,701
CREDITORS: due after one year 11 (9,796) (5,104)
TOTAL NET ASSETS 26,588 23,597
THE FUNDS OF THE CHARITY
ENDOWED FUNDS 15 6,009 5,526
RESTRICTED FUNDS 16 1,237 552
UNRESTRICTED FUNDS 17
- Fixed assets fund 19,222 17,399
- Other designated funds 120 120
TOTAL UNRESTRICTED FUNDS 19,342 17,519
TOTAL CHARITY FUNDS 26,588 23,597

Exemption has been taken from presenting the unconsolidated profit and loss account under section 408 of Companies Act 2006. For the year ended 31 July 2024, the unconsolidated profit was £2,991k.

Approved and authorised for issue by the Governors on 9[th] December 2024 and signed on their behalf by:

Robert O’Dowd Chair

Jatinder Harchowal Vice-Chair

Page 22

KINGSTON GRAMMAR SCHOOL CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024

CONSOLIDATED STATEMENT OF CASH FLOWS

Cash flows from operating activities:
Net income for the reporting period
Elimination of non-operating cash flows:
- Loss on sale of tangible fixed assets
- Interest charged on loans and overdraft
- Investment income and bank interest received
- Amounts accrued to fees in advance
Unrealised (gains)/losses on investments added back
Depreciation charges added back
(Increase) in Debtors
Increase/(Decrease) in Creditors
Increase in Parent Deposits held
Increase/(Decrease) in Fees in Advance Scheme
Net cash provided by operating activities
Cash flows from investing activities
- Payments for tangible fixed assets
- Disposal of tangible fixed assets
- (Profit) on sale of tangible fixed assets
- Fixed Asset Adjustment
- Investment income and bank interest received
- Purchase of investments and investment costs
- Disposal of investments
Net cash (used) in investing activities
Cash flows from financing activities:
- Interest paid on loans
- Repayment of borrowings
Net Cash (used) in financing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents as at 1 August 2023
Cash and cash equivalents as at 31 July 2024
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash and cash equivalents
Long-term deposits
Total cash and cash equivalents		 2024
£'000
2,939
148
402
(609)
-
(664)
964
(235)
513
107
14,834
18,399		 2023
£'000
1,289
79
470
(391)
-
15
1,211
(5)
(630)
378
(337)
2,079
(1,431) (345)
177
(148)
-
609
(1,495)
-
(2,288)
(402)
(992)
(1,394)
14,717
9,991
24,708
24,708
-
24,708		 77
(79)
(6)
391
(122)
-
(84)
(470)
(923)
(1,393)
602
9,389
9,991
9,991
-
9,991

Page 23

KINGSTON GRAMMAR SCHOOL NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1 ACCOUNTING POLICIES

The Financial Statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their account in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – effective 1 January 2019.

The functional currency of the school is GBP because that is the currency of the primary economic environment in which the school operates.

The Financial Statements are drawn up on the historical cost accounting basis except investment assets that are carried at market value.

Kingston Grammar School Foundation was founded in 1561 and was registered by the Charity Commission for England and Wales under a scheme dated 14 September 1978 (Charity number 1078461). Under the Charity Commission Scheme made on 30 December 1999 the running of the School, together with all the Foundation’s unendowed assets and all its liabilities were transferred to the Kingston Grammar School as corporate and trust funds, while the permanently endowed School premises remained with the Foundation.

The school is a public benefit entity registered as a charity in England and Wales and a company limited by guarantee. It was incorporated on 31 December 1999 (Company number 3883748).

The activities of the school’s wholly owned subsidiary company, KGS International Limited, are immaterial to those of the school and consolidated accounts have, therefore, not been prepared.

1.1 Going Concern Having reviewed the funding facilities available to the School together with the expected ongoing demand for places and the Schools future projected cash flows, the Governors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future. The Governors have reviewed the position carefully with a view to ensuring the ongoing provision of schooling for the pupils as well as employment of staff. The Governors believe the School’s financial resources are sufficient to ensure the School will continue as a going concern for the foreseeable future, being at least 12 months from the date the sign-off of these accounts.

1.2 Critical accounting judgements and key sources of estimation uncertainty In the application of the accounting policies, Trustees are required to make judgment, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affected current and future periods. In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

1.3 Fees and similar earned income

Fees receivable and charges for services and use of the premises, less any allowances, scholarships, fee assistance granted by the school against those fees, but including contributions from restricted funds are accounted for in the period in which the service is provided.

1.4 Investment Income Investment income from dividends, bank balances and fixed interest securities is accounted for on an accrual basis.

1.5 Donations, legacies, grants, and other voluntary income Voluntary income is accounted for as and when entitlement arises, the amount can be reliably quantified

Page 24

KINGSTON GRAMMAR SCHOOL NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

and the economic benefit to the school is considered probable. Voluntary income for the school’s general purposes is accounted for as unrestricted and is credited to the General reserves. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for as permanent trust capital or expendable trust capital, according to whether the donor intends retention is to be permanent or not. Gifts in kind are valued at estimated open market value at the date of the gift, in the case of assets for retention or consumption, or at value to the school in the case of donated services or facilities.

1.6 Expenditure

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities. Expenditure attributable to more than one cost category in the SoFA is apportioned to them on the basis of the estimated amount attributable to each activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the items of expenditure to which it relates.

Governance costs comprise of the costs of complying with constitutional and statutory requirements.

Termination payments are recognised on communication of intention to pay and are accounted for as staff costs.

1.7 Tangible Fixed Assets

Expenditure on the acquisition, construction or enhancement of land and buildings costing more than £10k together with any purchases of vehicles, IT equipment, boats and boat club equipment, office, admin or teaching equipment costing over £2k, with a life expectancy of over two years, are capitalised and carried in the balance sheet at historical cost.

Depreciation is provided to write off the cost of all relevant tangible fixed assets less estimated residual value based on current market prices, in equal instalments over their expected useful economic lives typically as follows: -

Freehold buildings 2%
Artificial Pitch 10%
Boats and Boat Club equipment 15%
Motor vehicles 20%
Field equipment and tractors 20%
Computers, teaching, kitchen, cleaning, office equipment 20% - 33%
Plant, Fittings & Refurbishment 3% - 20%
Note: Each asset is assessed on acquisition for appropriate useful life

1.8 Investments

Listed investments are valued at market value as at the balance sheet date. Unrealised gains and losses arising on the revaluation of the investments are credited or charged to the Statement of Financial Activities and are allocated to the appropriate Fund accordingly to the ownership of the underlying assets.

1.9 Fund Accounting

The charitable trust funds of the school are accounted for as unrestricted and restricted income, or as endowment capital, in accordance with the terms of trust imposed by the donors or appeal to which they may have responded. Endowment funds are further sub-divided into permanent and expendable.

Unrestricted income belongs to the school’s reserves, spendable at the discretion of the governors either to further the school’s objectives or to benefit the school itself. Where the Governors decide to set aside any part of these funds to be used in the future for a specific purpose, this is accounted for by transfer to the appropriate designated fund.

Restricted income comprises gifts, legacies, and grants where there is no capital retention obligation or power but only a trust law restriction to some specific purpose intended by the donor. Where restricted funds have been put into investments, the School has adopted a total return accounting policy which results in all returns on the underlying investments whether dividends or gains being allocated to the fund and being

Page 25

KINGSTON GRAMMAR SCHOOL NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

available for application by the Governors. These restricted funds differ from endowments in that the initial investment is not a trust for investment and in theory could be utilised if necessary.

Permanently endowed funds represent amounts donated to the School where the donor has specified that the capital is to be retained and only the income arising thereon may be spent. The School has adopted total return accounting for all permanently endowed funds which results in all returns on the underlying investments whether dividends or gains being allocated to the fund and being available for application by the Governors. The Governors will decide each year on the level of application of any unapplied total return which is recorded in the Statement of Financial Activities.

Expendable endowed funds represent capital expenditure on the School buildings on the permanently endowed land up to the date of the 1978 Scheme, subject to annual depreciation.

1.10 Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with the trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant bank accounts and used as working capital. Financial liabilities held at amortised cost comprise of all creditors except social security and other taxes and provisions. Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year end exchange rate.

Page 26

KINGSTON GRAMMAR SCHOOL NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

2. SCHOOL FEES
The School's fee income comprised:
Gross fees
Less : Total fee assistance, grants and scholarships
Add back Bursaries paid for by RD Finlay Fund
Add back Bursaries paid for by KGS Bursaries Fund
Add back Fee Assistance paid for by KGS Fundraising
Add back Fee Assistance paid for by College Bursary
3. OTHER INCOME
a) Charitable activities
- Registration
- School meals (students)
- School trips income ()
b) Resources from raising funds (donations)
- Appeal fund donations for general purposes
- Donations/royalties received for endowment
- Donations/royalties received for specific purposes
c) Activities for raising funds (ancillary trading)
- Lettings
- Rent from properties occupied by School staff
- KGS International Income
- Other trading income
d) Investment income
- Income from investment portfolio
- Bank interest
- Bank interest (Restricted Funds)
- Endowed income
e) Other Activities
- Sundry Income
4. NET INCOME IS STATED AFTER RECOGNISING*
Auditor's remuneration - Audit
Auditor's remuneration - Tax Advice
Loss on disposal of fixed assets
Depreciation - Owned assets		 2024
£'000
20,740
(2,223)
18,517
100
25
50
25
18,717
203
599
576
1,378
30
-
754
784
14
90
367
78
549
-
609
-
-
609
34
34
38
6
148
964		 2023
£'000
19,470
(2,144)
17,326
70
24
44
25
17,489
210
488
-
698
8
-
99
107
40
69
340
63
512
5
267
15
104
391
22
22
36
4
79
1,211

Page 27

KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

5. ANALYSIS OF TOTAL RESOURCES EXPENDED

2024
Charitable Activities
- Teaching Costs
- Education Support
- Premises
- Admin Support
School Operating Costs
- Loss on disposal of FA
- Grant Awards Prizes
Raising Funds
- Ancillary Trading
- Financing
- Fund-Raising
Total
2023
Charitable Activities
- Teaching Costs
- Education Support
- Premises
- Admin Support
School Operating Costs
- Loss on disposal of FA
- Grant Awards Prizes
Raising Funds
- Ancillary Trading
- Financing
- Fund-Raising
Total		 Staff Costs
£'000
9,864
711
674
1,513
12,762
-
-
12,762
-
-
-
12,762
Staff Costs
£'000
9,404
715
606
1,366
12,091
-
-
12,091
-
-
43
12,134		 Other
£'000
1,106
1,626
1,344
1,294
5,370
148
15
5,533
-
402
135
6,070
Other
£'000
982
967
765
1,247
3,961
79
10
4,050
-
470
50
4,570		 Depreciation
£'000
166
19
778
1
964
-
-
964
-
-
-
964
Depreciation
£'000
150
12
1,045
4
1,211
-
-
1,211
-
-
-
1,211		 Total
£'000
11,136
2,356
2,796
2,808
19,096
148
15
19,259
-
402
135
19,796
Total
£'000
10,536
1,694
2,416
2,617
17,263
79
10
17,352
-
470
93
17,915

Page 28

KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

6. STAFF COSTS
Total staff costs comprise:
- Wages and Salaries
- Social Security costs
- Pension contributions
- Other Pay Related Costs
The average number of employees (full time & part time) during the year
- Teaching staff (Teachers, Sports Coaches, Technicians)
- Educational Support staff (Nurse, Library, Admin)
- Premises staff (Facilities Manager, Maintenance, Cleaning)
- Admin Support staff (other secretarial & Support staff)
Key Management Personnel
Those holding a position within the school's Executive
Aggregate employee-benefits of key management personnel
Headcount of higher salary bandings
£60,000 - £70,000
£70,000 - £80,000
£80,000 - £90,000
£90,000 - £100,000
£100,000 - £110,000
£110,000 - £120,000
£120,000 - £130,000
£280,000 - £290,000
£290,000 - £300,000		 2024
£'000
9,761
1,066
1,842
85
12,754
140
24
31
28
223
2024
£'000
1,739
19
23
3
4
0
1
2
1
-
53		 2023
£'000
9,424
1,041
1,632
77
12,174
140
25
29
26
220
2023
£'000
1,621
25
11
5
1
1
2
-
-
1
46

47 of the above employees are in a defined benefit scheme. 6 of the above employees are in a defined contribution pension scheme.

During the year there was 1 redundancy payments and no termination payments totalling £23.0k (2023: 35.7k). No amounts were outstanding as at 31 July 2024.

Governors
Governor Expenses for courses attended including travel		 2024
£'000
2		 2023
£'000
2

No Governor received any remuneration during either the current or previous year.

Page 29

KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

7. TANGIBLE FIXED ASSETS (GROUP AND COMPANY)

Cost
At 1 August 2023
Additions
Disposals
At 31 July 2024
Depreciation
At 1 August 2023
Charge for the Year
Disposals
Adjustment
At 31 July 2024
Net book value
At 31 July 2024
At 1 August 2023		 Freehold
Land and
Buildings
£'000
23,876
723
-
24,599
8,023
380
-
8,403
16,196
15,853		 Boat Club
Equipment
£'000
780
71
(89)
762
706
33
(83)
656
106
74		 Equipment
and Motor
Vehicles
£'000
7,345
637
(847)
7,135
4,746
550
(676)
4,620
2,515
2,599		 Total
£'000
32,001
1,431
(936)
32,496
13,475
963
(759)
-
13,679
18,817
18,526

The School's tangible assets are all held for use by the School. The Governors are confident the market values of those assets currently in use are in excess of the value reflected in these Financial Statements.

Finance costs that are directly attributable to the construction of tangible fixed assets are capitalised as part of those assets.

*Due to the change in depreciation policy in 2024, individual item assets under the £2k have been written off. This comprised largely of IT equipment. These items were disclosed within the equipment and motor vehicles category and accounts for £817k of disposals in cost and £664k of disposals in accumulated depreciation.

Page 30

KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

8. INVESTMENTS
Stocks and Shares
At 1 August 2023
Additions at cost
Disposals
Management Fees ()
Unrealised gains/(losses)
Market value at 31 July 2024*		 2024
£'000
4,506
1,531
-
(36)
664
6,665		 2023
£'000
4,399
122
-
-
(15)
4,506

The Governors' investment powers are governed by the Company's Memorandum and Articles of Association.

Additional Disclosure ()**

Cash Holdings (Relating to Investments)
At 1 August (bf)
Management Fees
Distributed Interest/Dividends
Moved to Investments
At 31 July (cf)
Investments comprise:
Equities
Fixed Interest
Alternative
Commodity
Property
Other
Cash and Near Cash
Market value at 31 July 2024		 2024
£'000
-
-
-
-
-
2024
£'000
4,454
1,168
331
195
174
63
280
6,665		 2023
£'000
68
(20)
25
(73)
-
2023
£'000
3,426
475
-
-
106
404
95
4,506

** Additional Disclosure included to show management fees for prior year although these were not charged directly to the portfolio and therefore affected cash movements rather than investment value.

All investments above are held by the charity KGS Limited.

The investments above include the School’s £100 investment in the share capital of each of Kingston Grammar School International Limited and KGS International Limited (note 21).

Page 31

KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

9. DEBTORS
9. DEBTORS
Tuition fees from parents & trade debtors
Prepayments and sundry debtors
Recoverable income tax
HM Loan (note 21)
KGS International		 Group
2024
2023
£'000
£'000
217
159
483
313
19
12
500
500
-
-
1,219
984		 Company
2024
2023
£'000
£'000
214
159
422
273
19
12
500
500
93
148
1,248
1,092
1,092

All debtors are due within one year, except for £500k for HM Loan, which is due after more than one year.

10. CREDITORS: Due within one year:
10. CREDITORS: Due within one year:
Bank Loans (see Note 12)
Fees paid in advance
Parental deposits
Trade creditors
PAYE/other taxation and social security
Pensions creditor
Sundry creditors and accruals
Fees in advance scheme		 Group
2024
2023
£'000
£'000
1,066
992
503
586
2,023
1,916
875
491
265
266
248
209
448
274
9,491
414
14,919
5,148		 Company
2024
2023
£'000
£'000
1,066
992
503
586
2,023
1,916
860
487
265
266
248
209
433
271
9,491
414
14,889
5,141
5,141

Page 32

KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

11. CREDITORS: Due after more than one year (Group and Company)
From one to two years:
- Bank loans (see Note 12)
- Fees in advance scheme
From two to five years:
- Bank loans (see Note 12)
- Fees in advance scheme
Total		 2024
£'000
1,145
5,763
6,908
2,515
373
2,888
9,796		 2023
£'000
1,066
378
1,444
3,660
-
3,660
5,104

Fees in Advance scheme

Parents may enter into a contract to pay the school up to seven years' tuition fees in advance. Once paid, the fees are non-refundable subject to the T&Cs outlined in the Fees in Advance contract. The balance represents the accrued liability under the contracts. Amounts received under the Fees in Advance scheme not yet utilised are recorded as deferred income and allocated as current liabilities where the education will be provided within 12 months from the reporting date and as long-term liabilities where the education will be provided in subsequent years.

The movements during the year were:

At 1 August 2023
Funds received during the year 2023/24
Amounts utilised in payment of fees:
- Prior year funds
- Current year funds
At 31 July 2024		 2024
£'000
414
141		 2024
£'000
792
15,389
(555)
15,626		 2023
£'000
1,129
456
585
208
(793)
792

Page 33

KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

12. LOANS (Group and Company)
Due within five years by instalments:
- within one year
- from one to two years
- from two to five years		 2024
£'000
1,066
1,145
2,515
4,726		 2023
£'000
992
1,066
3,660
5,718

In 2004 the Charity entered into long term arrangements to finance the development of the Queen Elizabeth II building. These arrangements provided a fixed loan totalling £12.4 million commencing in May 2010 and lasting 18 years. The loan covered £10.4 million of costs with the capitalisation of £2 million of interest arising between May 2004 and May 2010. Loan repayments commenced in November 2010. Interest is payable at a rate of 7.3%.

During the year ended 31 July 2024 the loan schedule provided for total payments of £1,253k against this loan (2023: £1,253k). At 31 July 2024 the balance on this loan was £4,279k (2023: £5,168k).

In June 2006 the Charity entered into an agreement to replace an existing variable loan facility, which was expiring in October 2010, with a fixed loan totalling £2.4 million, at a fixed interest rate of 6.61% and repayment over 18 years starting in November 2010. In October 2010 the Charity drew £1.4 million of this fixed loan, terminating £1.0 million of the facility at a break cost of £174k. For the year ended 31 July 2024 the loan schedule provided for total payments of £136k (2023: £136k). At 31 July 2024 the balance on this loan was £447k (2023: £549k).

All the loans are secured on certain freehold land and buildings of the School.

13. TAXATION

No taxation liability arises on the results for the year due to the charitable status of the School.

Page 34

KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

14. ALLOCATION OF NET ASSETS BETWEEN FUNDS

The net assets are held for the various funds as follows:

2024
Endowed Funds
- Permanent endowment
- Expendable endowment
Restricted Funds
Unrestricted Funds
2023
Endowed Funds
- Permanent endowment
- Expendable endowment
Restricted Funds
Unrestricted Funds		 Fixed
Assets
£'000
-
128
-
18,689
18,817
Fixed
Assets
£'000
-
141
-
18,385
18,526		 Investments
£'000
6,091
-
574
-
6,665
Investments
£'000
4,506
-
-
-
4,506		 Net
Current
Assets /
(Liabilities)
£'000
(210)
-
663
10,555
11,008
Net
Current
Assets /
(Liabilities)
£'000
879
-
552
4,396
5,827		 Long Term
Liabilities
£'000
-
-
-
(9,796)
(9,796)
Long Term
Liabilities
£'000
-
-
-
(5,104)
(5,104)		 Total
£'000
5,881
128
1,237
19,448
26,694
Total
£'000
5,385
141
552
17,677
23,755

Page 35

KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

15. ENDOWED FUNDS

The School has five classes of Endowed Funds: the Permanent Endowment, the Expendable Endowment, the Permanent Bursary Endowment, the RD Finlay Bursary Fund and the KGS Bursary Fund.

The Permanent Endowment was created under a Charity Commission Scheme of 14 September 1978, when the School became independent, and which has subsequently been amended by a Charity Commission Scheme of 30 December 1999 when the School was incorporated as a charitable company Limited by guarantee. The endowment comprises the endowed School land at £nil value and the invested proceeds of subsequent land disposals.

The Expendable Endowment represents capital expenditure on the School buildings on the permanently endowed land up to the date of the 1978 Scheme, subject to annual depreciation.

The Permanent Bursary Endowment is comprised of three permanent Bursary endowed funds. Of these funds, the Governors have resolved to apply a total return accounting policy to two of the funds: the RD Finlay Bursary Fund and the KGS Bursary Fund.

The RD Finlay Bursary Fund was established as at 29 June 2017 when Mr RD Finlay gave the School £2,000k in cash; the initial value of the funds trust for investments. At that date the value of the Fund’s unapplied total return was £nil. Since inception, further donations of £1,218k have been received and added to the total trust for investments.

The KGS Bursary Fund was established as at 1 November 2017 when the School received a donation in cash of £532k; the initial value of the funds trust for investments. At that date the value of the Fund’s unapplied total return was £nil. Since inception, further donations of £198k have been received and added to the total trust for investments.

It is the object of both the RD Finlay and KGS Bursary Fund to fund the provision of bursaries and fee assistance for students of the School who satisfy the Fund’s Bursary Policy and the Governors consider that this object is best served by maximising the capacity of the Fund to finance these bursaries and fee assistance. Consequently, it is currently the Governors policy to make annual transfers of the unapplied total return arising on the Funds trust for investment to the Funds trust for application. The resulting cash and investments held within the trust for application are subject to the same investment as apply to the trust investment.

Page 36

KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

15. ENDOWED FUNDS

The movements on the Endowed Funds not accounted for under a total return policy during the year are as follows:

2024
Balance as at 1 August
2023
Investment gains
Management Fees
Transfers
At 31 July 2024		 Permanent
endowment
£'000
724
87
(2)
-
809		 Expendable
endowment
£'000
141
-
-
(13)
128		 Permanent
Bursary
Endowment
£'000
580
68
(2)
-
646		 Total
£'000
1,445
155
(4)
(13)
1,583

The movements on the Endowed Funds accounted for under a total return policy during the year are as follows:

2024
Gift component of the
permanent endowment
as at 1 August 2023
Unapplied total return as
at 1 August 2023
Total balance as at 1
August 2023
Movements in year:
- Gifts of endowment
funds
- Dividends and interest
- Investment gains
- Investment costs
Payment of bursaries &
fee assistance
At 31 July 2024		 RD Finlay
Bursary
Fund Trust
for
Investment
£'000
3,218
-
3,218
-
-
-
-
-
3,218		 Trust for
Application
£'000
-
157
157
-
-
403
(25)
(100)
435		 KGS
Bursary
Fund Trust
for
Investment
£'000
730
-
730
-
-
-
-
-
730		 Trust for
Application
£'000
-
(24)
(24)
-
-
98
(6)
(25)
43		 Total
£'000
3,948
133
4,081
-
-
501
(31)
(125)
4,426

Total of all Endowed Funds At 31 July 2024 6,009

Page 37

KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

The comparative amounts for the movements on the Endowed Funds not accounted for under a total return policy are as follows:

2023
Balance as at 1 August
2022
Investment gains
Transfers
At 31 July 2023		 Permanent
endowment
£'000
720
4
-
724		 Expendable
endowment
£'000
153
-
(12)
141		 Permanent
Bursary
Endowment
£'000
592
(12)
-
580		 Total
£'000
1,465
(8)
(12)
1,445

The comparative amounts for the movements on the Endowed Funds accounted for under a total return policy are as follows:

2023
RD Finlay
Bursary
Fund Trust
for
Investment
£'000
Gift component of the
permanent endowment
as at 1 August 2022
3,218
Unapplied total return
as at 1 August 2022
-
Total balance as at 1
August 2022
3,218
Movements in year:
- Gifts of endowment
funds
-
- Dividends and interest
-
- Investment gains
-
- Investment costs
-
Payment of bursaries &
fee assistance
-
At 31 July 2023
3,218
Total of all Endowed Funds
At 31 July 2023		 Trust for
Application
£'000
-
162
162
-
86
(6)
(15)
(70)
157		 KGS
Bursary
Fund Trust
for
Investment
£'000
730
-
730
-
-
-
-
-
730		 Trust for
Application
£'000
-
(12)
(12)
-
18
(1)
(5)
(24)
(24)		 Total
£'000
3,948
150
4,098
-
104
(7)
(20)
(94)
4,081
5,526

Page 38

KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

16. RESTRICTED FUNDS

The School maintains a number of Restricted Funds of which the principal funds are:

The movements on the Restricted Funds during the year are as follows:

2024 Fairfield
Science
Block
Fund		 Sherriff
Bequest
Fund		 Appeal
Fund		 College
Fund		 Prize &
Other
Fund		 Total
£'000 £'000 £'000 £'000 £'000 £'000
Balance as at 1 August 2023 - 178 372 2 - 552
Income arising in year 92 23 46 25 1 187
Expenditure - - (50) (25) (1) (76)
At 31 July 2024 92 201 368 2 - 663

The movements on the TW11 Fund are accounted for under a total return policy during the year are as follows:

2024
Gift component of the restricted as at 1 August 2023
Unapplied total return as at 1 August 2023
Total balance as at 1 August 2023
Movements in year:
- Gifts of restricted funds
- Dividends and interest
- Investment gains / (losses)
- Investment costs
At 31 July 2024
Total of all Restricted Funds
At 31 July 2024		 TW11
Fund Trust
for
Investment
Trust for
Application
£'000
£'000
-
-
-
-
Total

£'000

-

-
-
-
567
-
-
-
-
8
-
(1)		 -

567

-

8
(1)
567
7		 574
1,237

Page 39

KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

The comparative amounts for the movements on the Restricted Funds are as follows:

2023 Fairfield
Science
Block
Fund		 Sherriff
Bequest
Fund		 Appeal
Fund		 PSA/
School
Fund		 Prize
&
Other
Fund		 Total
£'000 £'000 £'000 £'000 £'000 £'000
Balance as at 1 August 2022 - 150 354 4 - 508
Income arising in year - 28 62 23 1 114
Expenditure - - (44) (25) (1) (70)
At 31 July 2023 - 178 372 2 - 552
Total of all Restricted Funds
At 31 July 2023		 552

Page 40

KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

17. UNRESTRICTED FUNDS

The School maintains three Unrestricted Funds being:

The movements on the Unrestricted Funds during the year are as follows:

2024
Balance as at 1 August 2023
Income arising in year
Expenditure
Transfers
At 31 July 2024		 Fixed
Assets
Fund
Appeal 450
Fund
KGSI
Fund
General
Fund
Total
£'000
£'000
£'000
£'000
£'000
17,399
120
158
-
17,677
-
-
367
20,950
21,317
-
-
(419)
(19,140)
(19,559)
1,823
-
-
(1,810)
13
19,222
120
106
-
19,448

The movements on the Unrestricted Funds during the year are as follows:

2023
Balance as at 1 August 2022
Income arising in year
Expenditure
Transfers
At 31 July 2023		 Fixed
Assets
Fund
Appeal 450
Fund
KGSI
Fund
General
Fund
Total
£'000
£'000
£'000
£'000
£'000
15,828
120
447
-
16,395
-
-
340
18,661
19,001
-
-
(629)
(17,102)
(17,731)
1,571
-
-
(1,559)
12
17,399
120
158
-
17,677

18. TRANSFERS

Transfers represent:

• A transfer of £1,810k from the general fund to the fixed assets fund represents the purchase of additional fixed assets plus annual surplus.

• A transfer of £13k representing the conversion of expendable endowment funds to unrestricted funds relating to the depreciation on the buildings held in the expendable endowment.

Page 41

KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

19. FUTURE CAPITAL EXPENDITURE

Capital expenditure contracted for in 2024 included the fit out of a new leased building for additional sixth form provision.

Future capital expenditure 2024
£'000
1,607		 2023
£'000
364

Funding is planned from existing funds and donations.

20. PENSION SCHEMES

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,584k (2023: £1,385k) and at the yearend £nil (2023 - £nil) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2023, confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

For staff not in the TPS, the School makes contributions to various defined contribution pension schemes of £258k (2023: £247k) and at the year-end £nil (2023: £nil) was accrued in respect of contributions to these schemes. In June 2024, the School introduced an option for staff in these schemes to contribute to their pensions through salary sacrifice. The savings the School makes on Employer National Insurance contributions as a result of this arrangement are passed on to employees in the form of increased employer pension contributions. This initiative is reviewed and agreed upon annually in March.

Page 42

KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

22. INVESTMENT IN SUBSIDIARY

22. INVESTMENT IN SUBSIDIARY
KGS International Limited
Kingston Grammar School International Limited
Net book value at 31st July 2024		 2024
£
100
100
200		 2023
£
100
100
200

The cost of the above investment totalled £200. The School's interest is as follows:

Company Country of incorporation Shares held Class %
Kingston Grammar School International Limited England and Wales Ordinary 100
KGS International Limited England and Wales Ordinary 100

The registered office of Kingston Grammar School International Limited (Company Number 11949288) is at the same address as the School. The company was dormant during the year.

The registered office of KGS International Limited (Company Number 12093612) is at the same address as the School. The principal activity of the subsidiary is to develop the Kingston Grammar School brand in overseas locations. The operating profit for 2024 was £106k (2023: £158k). The profit is gifted to the school post year end.

KGS INTERNATIONAL LIMITED

KGS INTERNATIONAL LIMITED
Income
Expenditure
Net Loss
Assets
Liabilities
Net Assets		 2024
£'000
367
(419)
(52)
228
(122)
106		 2023
£'000
340
(629)
(289)
313
(155)
158

Page 43

KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

23. RELATED PARTY TRANSACTIONS

In October 2015 the School entered into a loan agreement with the Head Master for an amount of £500k for the purchase a principal residence within a reasonable distance of the School in order to assist him in the efficient discharge of his duties. The amount is repayable within twelve months of cessation of employment with the School.

The School owns the full £100 share capital of Kingston Grammar School International Limited which is registered in England and Wales under company number 11949288. The company was registered on 16 April 2019 and is dormant during the year.

The School owns the full £100 share capital of KGS International Limited, also registered in England and Wales, with a company number of 12093612. The company was registered on 9 July 2019. The registered address for both companies is Kingston Grammar School, London Road, Kingston upon Thames, KT2 6PY.

24. OPERATING LEASE COMMITMENTS

As at 31 July 2024 the School had the following commitments due under
operating leases payable:
- within one year
- from one to two years
- from two to five years
- more than five years		 2024
£000s
492
500
1,500
83
2,575		 2023
£000s
-
-
-
-
-

25. POST BALANCE SHEET EVENTS

As part of the School’s strategic estates plan, the School acquired two nearby freehold plots in October 2024 for future development funded by cash reserves, at a cost of£5.5m.

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KINGSTON GRAMMAR SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

26. PRIOR YEAR CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

Notes:
Income and
endowments from:
Charitable activities
- School fees
receivable
2
- Other charitable
income
3a
Activities for raising
funds:
- Donations
3b
- Ancillary trading
3c
- Investment income
3d
Other activities - Other
income and Grants
3e
Total income
Expenditure on:
Raising funds
- Ancillary trading
5
- Financing
5
- Fundraising &
Development
5
Charitable activities
- Education and grant
making
5, 15,
16
Total expenditure
Net income before
transfers and
investment gains /
Net (losses) on
investments
8
Transfers between
funds
15, 18
Net income
Fund balances brought
forward at 1 August
2022
FUND BALANCES
CARRIED FORWARD AT
31 JULY 2023		 Unrestricted
Funds
£'000
17,489
698
8
512
272
22
19,001
-
(470)
(73)
(543)
(17,188)
(17,731)
1,270
-
12
1,282
16,395
17,677		 Restricted
Funds
£'000
-
-
99
-
15
-
114
-
-
-
-
(70)
(70)
44
-
-
44
508
552		 Endowed
Funds
£'000
-
-
-
-
104
-
104
-
-
(20)
(20)
(94)
(114)
(10)
(15)
(12)
(37)
5,563
5,526		 2023
£'000
17,489
698
107
512
391
22
19,219
-
(470)
(93)
(563)
(17,352)
(17,915)
1,304
(15)
-
1,289
22,466
23,755		 2022
£'000
16,665
635
-
1,210
804
84
6
19,404
-
(623)
(99)
(722)
(16,088)
(16,810)
2,594
(68)
-
2,526
19,944
22,470

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