## 

## 

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





## 

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## 



## 

## 

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





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## 

|||||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|---|
|||||Funds|Funds|2021|2020|
||||Note|||6|RESTATED<br>f|
|Income and endowments|from:|||||||
|Charitable<br>activities||||||||
|School fees||||8,328,266||8,328,266|7,676,410|
|Ancillary<br>trading||||525,331||525,331|511,087|
|Other trading<br>activities||||||||
|Other incoming resources||||488,193||488,193|490,040|
|Trading turnover-<br>Serio Enterprises||||17,525||17,525|31,802|
|Investments||||||||
|Investment<br>income||||2,998||2,998|T,492|
|Voluntary<br>sources<br>Voluntary<br>income||||~4184|~13862|~18046|~55622|
|Total incoming resources||||9~366497|~13862|9~380359|8772453|
|Expenditure<br>on:||||||||
|Raising funds||||||||
|Serio Enterprises<br>trading|costs|||12,456||12,456|15,037|
|Fundraising<br>costs —other||||8,921||8,921|11,618|
|Finance costs||||~111474||~111474|96364|
|Total deductible costs||||132,851||132,851|123,019|
|Charitable<br>activities||||||||
|Education<br>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<br>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<br>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<br>2021<br>2020<br>6<br>f|Group<br>2021<br>2020<br>6<br>f|School<br>2021<br>2020<br>6|School<br>2021<br>2020<br>6|
|---|---|---|---|---|---|---|
|Fixed assets<br>Tangible assets<br>Investments||11<br>12|8,680,441<br>94.587|6,880,518<br>81,292|8,680,441<br>94,590|6,880,518<br>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<br>within one year|falling|due<br>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<br>falling <br>after more than one year||due<br>15|JSS625,820|~4.030.9<br>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|





## 




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## 



## 

## 






## 

## 

## 

|2.|Voluntary<br>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<br>f|RESTATED<br>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<br>Operating||expenses||17,525<br>~22,450|31,502<br>~20.032|
||Net profit||from trading||5069|16,200|
||Please see|Note 12for||further details.|||





## 

## 

|5.|Investment<br>Income|||||
|---|---|---|---|---|---|
|||||2021f|2020f|
||Interest receivable||from investments|2,998|7,492|
|6.|Other Income|||||
||||||2020|
|||||2021f|RESTATEOf|
||Other ancillary activities|||||
||Insurance<br>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<br>grants|||444,376|466,767|
||Miscellaneous<br>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<br>OR THE YEAR ENDED|OTES TO THE FINANC<br>OR THE YEAR ENDED|IAL STAT<br> 31JULY|EMENTS (C<br>2021|ONTINUED|I||
|---|---|---|---|---|---|---|
|Analysis ofexpenditure|||||||
|||||||Total|
|||Staff<br>Costs<br>6|Deprecia-<br>tion<br>5|Other<br>Costs<br>6|Total<br>2021<br>6|2020<br>RESTATED<br>E|
|Chaditable<br>expenditure:|||||||
|Schooloperating<br>costs:<br>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<br>costs||||101144|101144|48,890|
|||6,393,013|377,355|2.348,373|9.118,741|8,730,201|
|Costs ofgenerating<br>funds:<br>Fundraising<br>costs<br>School financing costs||||8,921<br>111,474|8,921<br>111,474|11,618<br>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<br>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<br>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<br>Hall||||||||335553|306315||
|||||||||5119951|3955399||
|Long leasehold<br>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<br>Hall<br>Gouda Way||||||||683,714<br>72,242||602,460<br>0|
|||||||||2,817,694|1,842,120||
|Short leasehold<br>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<br>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<br>at market value|||1|August 2020|||||81,292||82,788|
|Unrealised<br>gains<br>Disposal of investments|||||||||13,295|214<br>~t.ttD||
|Quoted investments<br>at market value|||31 July 2021||||||04007||81,292|
|Cost|||||||||70.40||0400|
|School||||||||||||
|Quoted investments<br>at market value|||1|August 2020|||||81,292||82,788|
|Unrealised<br>gains<br>Disposal ofinvestments|||||||||13,295|214<br>~7,710||
|Quoted investments<br>at market value|||31July 2021||||||04507||81,292|
|Shares in subsidiary<br>trading|company,|||at cost|||||3||3|
||||||||||94 59D||Dt 295|
|Cost|||||||||10403||10,403|
|he School owns<br>all of the ordinary|||shares||in its|subsidiary||Serio Enterprises<br>Limited,||company||
|mber 02938904 incorporated|in|England,|||which|is a trading||company|selling services|and goods||
|lating<br>to the School. Its principal||place of|||business||is The|King's School Gloucester,||Pitt Street,||
|loucester,<br>GL1 2BG. Itcovenants||its|taxable||profits to the School. Its trading results, extracted||||||from|
|audited<br>financial statements|were:|||||||||||
||||||||||2021<br>f||2020<br>f|
|Turnover|||||||||17,525||31,802|
|Cost ofsales||||||||||||
|Gross Profit<br>Administration<br>expenses|||||||||1'7,525<br>~12.456|31,802<br>~f5,037||
|Operating<br>profit|||||||||5,069||16,765|
|Gross covenant to The King's School,||||Gloucester|||||(5,069)|(16,765)||
|Retained<br>profit forthe year||||||||||||





## 

## 

|FOR<br>13.|THE YEAR <br>Debtors|EN|DE|D 31 JULY|2021||||
|---|---|---|---|---|---|---|---|---|
||||||Group||School||
||||||2021<br>f|2020<br>f|2021f|2020f|
||Trade debtors||||267,477|177,809|280,757|177,809|
||Other debtors||||53,213|388,830|53,213|386,830|
||Prepayments<br>and accrued income||||298,270|235,208|298,270|235,209|
||Amounts<br>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<br>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<br>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 <br>une 2023.|charged at 3% and the loan is repayable<br>on|charged at 3% and the loan is repayable<br>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<br>Bond|1,519,300|1,519,300|
||3,790,658|3,1141.041|



## 

## 

## 

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



|e balance|represents<br>the accrued liability under t|he contracts. The movem|ents<br>during the year were:|
|---|---|---|---|
||||f|
|Balance|at 1 August 2020||506,032<br>179,595|
|New payments<br>Amounts<br>accrued to contracts as debt-financing||costs|14,150<br>801,777|
|Amounts<br>Amounts|refunded<br>utilised<br>in payment offees||(5,934)<br>~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)<br>Long term liabilities|(77,229)<br>~3625020|138,385|61,156<br>~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<br>6|funds<br>6|Totalf|
|Group|||||
|Tangible fixed assets||s,eeo,518||6,880,518|
|Investments<br>Net current <br>Long term|assets<br> liabilities|1,999,427<br>~4.030.070|81,292<br>147,035|81,292<br>2,146,462<br>~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<br>in th|e Prior year|||||
|---|---|---|---|---|---|---|
||Balance as|||||Balance as|
||at 1August<br>2019|Income<br>E|Expenditure|E|Gains on<br>investmentsf|at 31July<br>2020<br>E|
|Prize 8 Scholarship<br>fund<br>Bursary fund<br>Sports fund|145,274<br>10,657<br>5,855|759<br>863|(201)||214|146,046<br>11,520<br>5,855|
|Computer|||||||
|Science|||||||
|Equipment<br>Annual<br>fund|3,898|485<br>278|(444)|||41<br>4,176|
|Wardla House|||||||
|fund|27,243|2,419||||29,662|
|Art Scholars|||||||
|Fund<br>Music fund|10,315|12500<br>599|(1,167)||(8,421)|11,333<br>2,494|
|Art fund<br>Dulverton<br>fund|200<br>13,000|36,000|||~32.000|200<br>17,000|
|School and Group<br>restricted funds|216,443|53,903|~7.972||40,207|228,327|



||Balance as||||Balance|
|---|---|---|---|---|---|
||at 1August<br>2020|Income<br>E|Expended<br>6|Transfers<br>E|as at 31<br>July 2021<br>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<br>trading funds|779|17.525|~17.525||779|
|0<br>0 1<br>0|43311,975|3351 130|@88730719|17000|4,977,392|



|||Balance as|||||Balance|
|---|---|---|---|---|---|---|---|
|||at 1August<br>2019|Income<br>E|Expended<br>6|Gains on<br>investments<br>E||as at 31<br>July 2020<br>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.<br>Comparative<br>SOFA|(RESTATE|D)||||
|---|---|---|---|---|---|
||||Unrestricted|Restricted|Total|
||||Funds|Funds|2020|
||||6|6|6|
|Income and endowments|from:|||||
|Chadtable<br>activities||||||
|School fees|||7,676,410||7,676,410|
|Ancillary<br>trading|||511,087||511,087|
|Other trading<br>activities||||||
|Other incoming<br>resources|||490,040||490,040|
|Trading turnover —Serio Enterprises|||31,802||31,802|
|Investments||||||
|Investment<br>income|||7,492||7,492|
|Voluntary sources<br>Voluntary<br>income|||~1719|~53903|~55622|
|Total incoming resources|||~8718550|~53903|~8772453|
|Expenditure<br>on:||||||
|Raising funds||||||
|Serio Enterprises<br>trading|costs||15,037||15,037|
|Fundraising<br>costs —other|||11,618||11,618|
|Finance costs|||~96364||~96364|
|Total deductible costs|||123,019||123,019|
|Charitable<br>activities||||||
|Education<br>and grant making costs|||~8728 389|~1812|~8730201|
|Total expenditure|||~8851408|~1812|~8853220|
|Net incoming<br>funds from|operations|before||||
|transfers<br>and investment|gains||(132,858)|52,091|(80,767)|
|Transfers|||40,421|(40,421)||
|Gains on investments||||214|214|
|Net movement<br>in funds for the year|||92437|~11884|~80553|