2021-07-31-accounts

The Lord Bishop ofGloucester
The Reverend Canon N.M. Arthy (ex-officio)
Residentiary Canon ofGloucester Cathedral
Mr A.T.Brett, B.Sc.(Hone), psc, Mlnst	RE
Educational Consultant, Aspirance Leadership			Services
Mrs G.Brook, CBE
(resigned 23 March 2021)
Mr P. Dancey (Chairman ofGovernors)
Company Director
Mr M. Hurrell
Retired Project Manager
The Very Reverend Stephen D. Lake (ex-officio)
The Dean ofGloucester
Mr P.Markey, BA(Hone),F.C.A.
Managing Director, Markey Group
(resigned 17November 2020)
Mrs A.E.Sullivan, B.Ed.
Proprietor of Airthdie School
Canon C.Thomson, M.A. (ex-officio)
Residentiary Canon ofGloucester Cathedral
Mr R.A. Ingram, M.A. P.G.C.E.
Retired Teacher
The Reverend Canon R.J.A. Mitchell (ex-officio)
Canon Precentor ofGloucester Cathedral
'*Mr K.Wyman B.Sc.(Hone), MRICS
Managing Director, Kurt Wyman Services
Mrs S.Lewis, AC(8, ADMI
Relationship Director, Yorkshire Building Society
**MrM. Dunkley
Managing Director, SLG Beauty
Mr M.Watson, M.A., B.Ed. (Hone)
Retired Headmaster
MrS.Mendel, CSME)ISEB
Director, Global Enterprise Transformation		Services Ltd
Mrs V Isaac, B.A. (Hone), P.G.C.E., MCIM
Director, Alter Via Ltd
(appointed 17November 2020)
Mrs D. Innes-Tumill, M.Sc., B.A. (Hone), B.Sc.
University Lecturer and Safeguarding	Consultant
(appointed 17 November 2020)

	Page
Annual Report ofthe Governors
Directors' Report	4-7
Strategic Report	8-12
Independent Auditor's Report	13-15
Consolidated Statement ofFinancial Activities	16
Balance Sheets	17
Consolidated Cash Flow Statement	18
Notes to the Financial statements	19-34

				Unrestricted	Restricted	Total	Total
				Funds	Funds	2021	2020
			Note			6	RESTATED f
Income and endowments	from:
Charitable activities
School fees				8,328,266		8,328,266	7,676,410
Ancillary trading				525,331		525,331	511,087
Other trading activities
Other incoming resources				488,193		488,193	490,040
Trading turnover- Serio Enterprises				17,525		17,525	31,802
Investments
Investment income				2,998		2,998	T,492
Voluntary sources Voluntary income				~4184	~13862	~18046	~55622
Total incoming resources				9~366497	~13862	9~380359	8772453
Expenditure on:
Raising funds
Serio Enterprises trading	costs			12,456		12,456	15,037
Fundraising costs —other				8,921		8,921	11,618
Finance costs				~111474		~111474	96364
Total deductible costs				132,851		132,851	123,019
Charitable activities
Education and grant making costs				9113229	5512	9118741	8730201
Total expenditure			8	9246 080	5512	9251 592	8853220
Net incoming/(outgoing)	funds	from operations
before transfers and investment		gains		120,417	8,350	128,767	(60,767)
Transfers				17,000	(17,000)
Gains on investments			12		~13295	~13295	214
Net movement in funds for the		year		137,417	4,645	142,062	(80,553)
Fund balances asat 1August 2020				4839975	228327	5068 302	~14 85
Fund balances as at 31July 2021			17				~50683

		Note	Group 2021 2020 6 f	Group 2021 2020 6 f	School 2021 2020 6	School 2021 2020 6
Fixed assets Tangible assets Investments		11 12	8,680,441 94.587	6,880,518 81,292	8,680,441 94,590	6,880,518 81,295
			8,775,028	6,961,810	8,775,031	6,961,813
Current assets
Stocks			29,507	33,466	29,507	33,466
Debtors		13	638,960	799,847	650,675	830,821
Cash at bank and in	hand		1,585,868	2,778,792	1,569,908	2,745,906
			2,254,335	3,612,105	2,250,090	3,610,193
Creditors: amounts within one year	falling	due 14	~2113179	~46 643	~1189716	~4645t3
Net current assets			61,156	2,146,462	60,374	2,145,680
Total assets less current		liabilities	8,836,184	9,108,272	8,835,405	9,107,493
Creditors: amounts falling after more than one year		due 15	JSS625,820	~4.030.9 D	~3625,825	+44039.9 tl
Net assets			521236	5058302	52D9 585	5067523
Income funds
Restricted funds		18a	232,972	228,327	232,972	228,327
General funds		18b	4,977,392	4,839,975	4,976.613	4,839,196
		17	5,210,364	5,068,302	5,209,585	5,067,523

2.	Voluntary In	c	ome
					2021	2020
					8	f
	Donations		-Restricted		13,862	53,903
	Donations	—Unrestricted			4,184	1,719
					18,046	55,522
3.	School Fees
						2020
					2021 f	RESTATED f
	Fees receivable consist of:
	Gross fees				10,636.318	10,131,609
	Less; Total		bursaries,	grants and allowances	Jll308.D52	~2.455.100
					8,328,266	7,676,410
4.	Trading Income
					2021f	2020f
	Turnover Operating		expenses		17,525 ~22,450	31,502 ~20.032
	Net profit		from trading		5069	16,200
	Please see	Note 12for		further details.

5.	Investment Income
				2021f	2020f
	Interest receivable		from investments	2,998	7,492
6.	Other Income
					2020
				2021f	RESTATEOf
	Other ancillary activities
	Insurance commissions			3,202	3,485
	ARer school holiday		and breakfast clubs	22,661	54,590
	Music income			88,605	90,847
	Tuition income			47,954	37,041
	Trip income			56,304	33,202
	Bus and transport	income		176,394	153,827
	Fse extras income			130,211	138,095
				525,331	511,087
	Other incoming	resources
	Rental income			13,200	12,400
	Government grants			444,376	466,767
	Miscellaneous receipts			30,617	10,873
				488.193	490,040
7.	Finance and other	costs
				2021f	2020
	Loan interest			108,200	93,381
	Bank charges			3,274	2,983
				~111474	96,384

OTES TO THE FINANC OR THE YEAR ENDED	OTES TO THE FINANC OR THE YEAR ENDED	IAL STAT 31JULY	EMENTS (C 2021	ONTINUED	I
Analysis ofexpenditure
						Total
		Staff Costs 6	Deprecia- tion 5	Other Costs 6	Total 2021 6	2020 RESTATED E
Chaditable expenditure:
Schooloperating costs: Teaching costs		5,102,144		742,553	5,844,697	5,542,989
Welfare costs		89,954			89,954	78,003
Supportcosts		760,772		367,757	1,128,529	1,202,744
Catering				498,055	498,055	404,180
Premises		440,143	377,355	633,041	1,450,539	1,402,038
Grants, awards and	prizes			5,823	5,823	50,451
Governance costs				101144	101144	48,890
		6,393,013	377,355	2.348,373	9.118,741	8,730,201
Costs ofgenerating funds: Fundraising costs School financing costs				8,921 111,474	8,921 111,474	11,618 90,364
School		6,393,013	377,355	2,468,768	9,239,136	8,838,183
Trading costs		5,763		6,693	12,456	15,037
Group		6,398,776	377355	2,475,461	9,251,592	8,853,220

aff Costs
		2020
	2021	RESTATED
	6	E
Wages and salaries	5,059,234	4,854,866
Social security costs	465,452	440,329
Pension contributions	874,090	821,719
	6,398,776	5,122914

Group and School
		Assets	Fixtures,
	Land and	Under	fittings &	INotor
	buildings	Construction	equipment	vehicles	Total
	E	E		E	E
Cost
At 1August 2020	8,689,917	345,759	'l,482,126	12,825	10,530,627
Additions	178,649	1,878,681	124,240		2,181,570
Transfers	1,848,619	(2,224,440)	375,821
Disposals	(53,992)				(53,992)
At 31July 2021	10,663,193		1,982,187	12,825	12,658,205
Depreciation
At 1August 2020	2,471,978		1,165306	12,825	3,650,109
Charge for the year	223,846		153,509		377,355
Disposals	(49,700)				(49,700)
At 31July 2021	2,646,124		1,318,815	12,825	3,977,764
Net book value
At 31July 2021	S,O17,O69		663,372		8,680,441
Al31 July2020	6217,939	345,759	316,820		6,880,518

eehold and leasehold p	rop	erty
								Group and	School
								Accumulated	Net Book
								Costs		Value
								2021		2021
								E		E
Freehold
Old Bishop's Palace								507,369		125,712
Archdeacon Meadow								1,434,303	1,132488
Sports Hall								2,597,334	2,	129,559
Design and Technology	Building							59,998		26,579
Science Lab								255,314	234,737
Mission Hall								335553	306315
								5119951	3955399
Long leasehold improvements			to	land	and	buildings	leased
from the Chapter ofGloucester			Cathedral:
Junior School Buildings	on	Paddock		Land				2,061,738	1,239,660
Ivor Gurney Hall Gouda Way								683,714 72,242		602,460 0
								2,817,694	1,842,120
Short leasehold improvements			to	land	and	buildings	leased
from the Chapter ofGloucester			Cathedral		and	other parties:
Finches Hall								29,160		25,661
King's School House								80,388		71,153
Little Cloister House								17,037		5,031
Wardle House								74,014		36,341
Paddock House —5 Pitt	Street							408,054		69,109
Coach House								29,682		21,765
Dulverton House (excluding		furniture		and	fittings)			1,84S,619	2,174,837
Paddock Car Park Development								116,76?		111,470
Music Room —38 4 Pitt Street								61,79?		58,090
								2,665,518	2,573,457
								10,663,193	8,370,067

Group
									2021		2020f
Quoted investments at market value			1	August 2020					81,292		82,788
Unrealised gains Disposal of investments									13,295	214 ~t.ttD
Quoted investments at market value			31 July 2021						04007		81,292
Cost									70.40		0400
School
Quoted investments at market value			1	August 2020					81,292		82,788
Unrealised gains Disposal ofinvestments									13,295	214 ~7,710
Quoted investments at market value			31July 2021						04507		81,292
Shares in subsidiary trading	company,			at cost					3		3
									94 59D		Dt 295
Cost									10403		10,403
he School owns all of the ordinary			shares		in its	subsidiary		Serio Enterprises Limited,		company
mber 02938904 incorporated	in	England,			which	is a trading		company	selling services	and goods
lating to the School. Its principal		place of			business		is The	King's School Gloucester,		Pitt Street,
loucester, GL1 2BG. Itcovenants		its	taxable		profits to the School. Its trading results, extracted						from
audited financial statements	were:
									2021 f		2020 f
Turnover									17,525		31,802
Cost ofsales
Gross Profit Administration expenses									1'7,525 ~12.456	31,802 ~f5,037
Operating profit									5,069		16,765
Gross covenant to The King's School,				Gloucester					(5,069)	(16,765)
Retained profit forthe year

FOR 13.	THE YEAR Debtors	EN	DE	D 31 JULY	2021
					Group		School
					2021 f	2020 f	2021f	2020f
	Trade debtors				267,477	177,809	280,757	177,809
	Other debtors				53,213	388,830	53,213	386,830
	Prepayments and accrued income				298,270	235,208	298,270	235,209
	Amounts owed	by group companies					18,435	30,073
					636,960	799,847	650,675	830,821
14.	Creditors: amounts		falling due within		one year
					Group		School
					2021f	2020f	2021f	2020
	Bank loan				698,367	99,704	698,367	99,704
	Trade creditors				199,260	154,529	199,260	154,529
	Taxes and social secudity costs				125,930	114,885	125,930	114,885
	Pension costs				97,971	92,108	97,971	92,108
	Refundable fse deposits				236,316	232,803	236,316	232,803
	Advance fee payments				136,027	110,199	136,027	110,199
	Fees received	in advance			396,199	481,858	396,199	481,858
	Other creditors				55,945	14,472	55,945	14,472
	Accruals and deferred			income	4 164	165,085	249 721	183,955
					2193.79	.46,643	2129716	.464673

Creditors: amounts falling due after more than	one year
	Group and	School
	2021f	2020
Bank loan	1,495,491	1,945,337
Bond	1,519,300	1,519,300
Other loans	77,500	77,500
Advance fee payments	533,529	497,833
	3,625,820	4,039,970

ther loans are due to a School Trustee. Interest is une 2023.	charged at 3% and the loan is repayable on	charged at 3% and the loan is repayable on
Maturity of loans	Group and School
	2021f	2020f
Due within one year	698,367	99,704
Bank loans
Due within one totwo years	231,421	672,593
Bank	77,500
Other loan
Due within two to five years	574,526	524,654
Bank loan		77,500
Other loan
Due in more than five years	689,544	747,990
Bank loan Bond	1,519,300	1,519,300
	3,790,658	3,1141.041

e mone uming	y may be returned suject o p pupils will remain in the school, advance	fees will be applied as follows:
		2021 6	2020f
Greater Within	than 5years 2to 5years	62,637 338,173 132719	225,287 190,837 81,709
Within	1to 2 years	533,529 136,027	497,633 110199
Within	1 year
		669556	600032

e balance	represents the accrued liability under t	he contracts. The movem	ents during the year were:
			f
Balance	at 1 August 2020		506,032 179,595
New payments Amounts accrued to contracts as debt-financing		costs	14,150 801,777
Amounts Amounts	refunded utilised in payment offees		(5,934) ~726.287
			609,556
Balance	at 31July 2021

Analysis of Net Assets Between F	unds —Current year
	Unrestricted	Restricted
	funds	funds	Total
	6	6	6
Group
Tangible fixed assets	8,680,441		8,680,441
Investments		94,587	94,587
Net current assets/(liabilities) Long term liabilities	(77,229) ~3625020	138,385	61,156 ~3.625,020
	4,977,392	232,972	5,210,364
	Unrestricted	Restricted
	funds	funds	Total
	6	6	6
School
Tangible fixed assets	6,660,441		8,680,441
Investments	3	94,587	94,590
Net current assets/(liabilities)	(78,011)	138,385	60,374
Long term liabilities	(3,625,820)		(3,625,820)
	4,976,613	232,972	5,209,585

		Unrestricted	Restricted
		funds 6	funds 6	Totalf
Group
Tangible fixed assets		s,eeo,518		6,880,518
Investments Net current Long term	assets liabilities	1,999,427 ~4.030.070	81,292 147,035	81,292 2,146,462 ~4,035076
		4,839,975	228,327	5,068,302
		Unrestricted	Restricted
		funds	funds	Total
		6	6	6
School
Tangible fixed assets		6,880,518		6,880,518
Investments	-restated	3	81,292	81,295
Net current	assets	1,998,645	147,035	2,145,680
Long term	liabilities	(4,039,970)		(4,039,970)
		4839196	228 327	5067523

Restricted Funds:	Movements in th	e Prior year
	Balance as					Balance as
	at 1August 2019	Income E	Expenditure	E	Gains on investmentsf	at 31July 2020 E
Prize 8 Scholarship fund Bursary fund Sports fund	145,274 10,657 5,855	759 863	(201)		214	146,046 11,520 5,855
Computer
Science
Equipment Annual fund	3,898	485 278	(444)			41 4,176
Wardla House
fund	27,243	2,419				29,662
Art Scholars
Fund Music fund	10,315	12500 599	(1,167)		(8,421)	11,333 2,494
Art fund Dulverton fund	200 13,000	36,000			~32.000	200 17,000
School and Group restricted funds	216,443	53,903	~7.972		40,207	228,327

	Balance as				Balance
	at 1August 2020	Income E	Expended 6	Transfers E	as at 31 July 2021 E
General funds	4839.196	0833011	JS$713194	17,000	4,976,613
Schoolfunds	4,839,196	8,833,611	(8,713,194)	17,000	4.976,613
Non charitable trading funds	779	17.525	~17.525		779
0 0 1 0	43311,975	3351 130	@88730719	17000	4,977,392

		Balance as					Balance
		at 1August 2019	Income E	Expended 6	Gains on investments E		as at 31 July 2020 E
General funds		4,231,027	3224745	~8,357,597,	,	40,421	4,839,196
School	funds	4,931,527	8,224,745	(8,357,597)		40,421	4,839,196
Non charitable
trading	funds	785	31,302	31 300			779
Group	funds	4,932,412	3.256,547	~6396405		40,421	4,839,975

3. Comparative SOFA	(RESTATE	D)
			Unrestricted	Restricted	Total
			Funds	Funds	2020
			6	6	6
Income and endowments	from:
Chadtable activities
School fees			7,676,410		7,676,410
Ancillary trading			511,087		511,087
Other trading activities
Other incoming resources			490,040		490,040
Trading turnover —Serio Enterprises			31,802		31,802
Investments
Investment income			7,492		7,492
Voluntary sources Voluntary income			~1719	~53903	~55622
Total incoming resources			~8718550	~53903	~8772453
Expenditure on:
Raising funds
Serio Enterprises trading	costs		15,037		15,037
Fundraising costs —other			11,618		11,618
Finance costs			~96364		~96364
Total deductible costs			123,019		123,019
Charitable activities
Education and grant making costs			~8728 389	~1812	~8730201
Total expenditure			~8851408	~1812	~8853220
Net incoming funds from	operations	before
transfers and investment	gains		(132,858)	52,091	(80,767)
Transfers			40,421	(40,421)
Gains on investments				214	214
Net movement in funds for the year			92437	~11884	~80553