charhy. Regtstratlon'Na IU0641 £•mpary R•*lralion N•. 03134841 (E14￿￿￿"4￿d Wa1•81 'THÉ KING'S SCHOOL, GLOUCESTER GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 *ACIXCXOA* 2W1212023 COMPANIES HOUSE 32 THE. KING'S SCHOOL, GLOUCESTER 'L'EGAL AND At)MINiSTRATIVE iP4F(iRMATION Vlsltor Lord Bth!p of Gh>u￿$t# IGovernors Ihe"- ￿￿1. Njthy {ex-off￿0) MrA.T. Brett Mr P. DarKey ((ts'M￿ of G0veffw)￿j M. ￿￿￿11 Th8 R•4erw*J Ca￿n.1iJA I￿￿ffIc￿?.) I1￿￿red .Mts S. Lthis ~Mr M: Dunkl Mr IA_ Watson Mr S. am￿v. Is D. kne5.TLrriM r P. Gordon MrA. Mtic Rev8r8TrJ Cwn fir. A BBdd¢¢k18X-olfwl (Rtired 81tr Jar#Jary 3)231 Mr Fis. DhalA i$s FL Jackson lapriowtta122 ￿V8mber.2O2 R*TwerbJ'C8non R. Lk*yd I￿￿f$clO￿ lappotnt¢d 30th Crlober ￿22) Th8 R￿erend Cwon A. lex<+fficioJ l¥ppoirit•d ?yd Apnl 20231 THE KING'S SCHOOL. GLOUCESTER. LEGAL AND ADMINISTRATIVE INFORMATION Officws 'The ￿MaSter Mr D.Qk Morton. B.A.. P.G.C.E. Th• Deputy Heads Mr. A. Smith. Ai.Ed.- B.￿. P.G.C.E.. ISeThor Doputy &. Ac&lemtcl Mr5 M. Ptyltsps BA.. P.G.C.E..(Pa5toTall. J. Collirns. BA IFbr&X P.G.C.É. {Staf!) A. B. Prim.Èd. H8ad'of Juroor Sclhjol 'The BU￿ and Compwy *r64ary Mr L Griffrths MEro.. CETrJ.. FNéclE. Charfty n￿Mb•r. "C¢impany n￿bIl Pylndpal aiidress pitt Str8 GIO￿9$fBr Registered office "Pitt Street .Gk)tt¢est "GL1 2BG Aijditor '.Cro*E U.K: IIP Sl Jame5 Fbiise "St Jarnes. Squ Chettvfftm tsW3P.R .Lloyds TSB Bwk Pk .Eastgat8 SI¥￿[ GIDuce5t GLI INU .Solldtors Harrison Rickerby5 Ltd. EllerknoroL￿h trb)￿e .WelliThJton St ch￿t￿ GLgJ .IYD THE KING'S SCH.QOL. GLOUCESTER CONTENTS Annual R•port ¢fthg Dlr•¢tors.' Rep Stratagic Report Inde￿Il.dent Audltorf$ Poptsrt .12* 14 Coiwlldated Stateffl•hl ol FInand￿ ￿ti￿*￿*S 15 Balaiice. Sheets 16 c￿ls011d￿￿tt Cash Aow Stat•meiit 18-34 THE KING'S SCHOOL, GLOUCESTER ANNUAL REP¢IRT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 The fflerrtsers of The Klng's Sct¥>ol. GkIw￿$ler prE5enl thelr Report forthe year enLled 31 July 202 3 uThJef thé Chariknes Act 2011 •Trd Comp*xes Acl %J)6. irKltJJing the Oirecto￿. Report aTrJ StsatgJlc Report the 2006 Act. tog*lwTAith •Aiied fIna￿la stal￿ert$ lor the yw. DIRECTORS, REPORT stath•s and Admlnlstr*lofi The King's School. GJoTxestervras establish￿ by Heryy Wll byststute in 1541 follDwNJ the dissohjh.on oftr rnonast8ri85. The School had ori91r￿ly COr￿liEuted as 8 chawity (r￿. 3117451 ￿￿jer a scherne framed by the Board of Educalion underthe ETrJowed Sclw)ol Acts. 1869. 1873 IB74. The scheme was appl0v￿ by His Me4esty Kirg Geooe V by way ot Order of COUrr￿ dated J￿Y 1928. The School Is a charfty IrKJ. 108W11 aThJ was irtorporkni as a limited corypany byguarantee (no. 038348411 on 26 August 1999. The 855et$ an(1 Uabllltiès of the old ch*"ty Iitre Iransfened lo Ihe charity on 1 Septernbw 2LW. ￿ Resirid¢d F￿ld5 to a Ilnk&J chty. Kmg's SclKJoI Pil22 and SchoQ8rship Fund {charity no. 1080641_11 aryl indudad *7trun the School financi￿ statEffient$ as a r•stJicled luryj. The Govemors. %•kn are also dire¢tots for pttypo$e5 of compary I￿. knt#) serv&J dlrrirg ￿ year We￿.. The RevereThJ Canon Arthy" A. T. B¥ett' M. Hurrdl - K.Wyrnan•'# The ReVe￿d Cwn biJA. Mitchdl- M. Dunkley # S. Lews- . Watsgn- S. MerKlei • ' D. Innes-Tumill P. Gordon ' A. Mitchell - Fi - H. Jackson" The Reverend CartrM R. Lloyd The Reverg)d CaTh)n Dr. A Br&iYock The ReverwHI C￿n A. ' Member of Finance & Gen￿￿ PU￿0585 Comnytlee # Member of the Strttegie IAarketir#J & D￿dopfflent Cornmittee A Member of NDminatr)ns Cornmittee - m￿ts•r of the EdL￿tiOn & Comp1Kr￿¢ Commili¢¢ + Réttrtd by rotation and re-appoithj at Amud Ger*rnl Meeliro Struc￿r& Goveman¢e Managernenl The Sohc*oI1$ 9ovemed by Its merroTaw￿Urn aTrJ ArliGl8s of A8SOGk4tio7. last aM￿Jed on 20 November 21hf. Ihe G0vem0￿. a￿ also taguirgj wwjer Arttle5 to seThe as members of thè Selwl. We e*ted at lull GovemoF5 rnaetiryj on th? b¥15 gf rnminah"on5 THE KING'S SCHOOL, GLOUCESTER ANNUAL REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 The GovemSng Body $haN not be less than 12 ènd nol rn0￿ than 21 ￿ is comprfsod of r￿tMOr•thaft 6 •x- offlao G0veN￿lS.￿ho$hall be the Dean OftheGbLWterCatt￿dra] aThJ ￿lt more than 5 Residenliary Canons or the Cathedrnl. ex-offitso GoverrxY5 s￿1 hold ottti by Virt￿ ol tsw"r R$P￿tive office5. The baianG¢ of the f*vethrvJ 3ody comprfses of G0vem￿. one4trird of *l)ith rt11￿ at thè s¢￿01.$ AnThJal GwEral Meding. A retiring GovttTh)r is eligible to sland for re-electigrL The Govermrs meet as a Boanj at 18ast thee tirnes a yw 10 dat&MI￿ the ger*rnl policy of theschool ar(1 to revlew Its overall rnarogemenl aNI ojntroi. for ltsy a￿ responsible. Th&E t¢ur key 5ub- comrnitteesto the Governing Body, Ih•firsi of fv5e comft*ttees as listed bdow meetat least thrEe tirnes a year, pr￿edIng Ihe 8oad ol GovenTh)rs rneetiws. to rwc*rt to Ihe Go¥erroThJ Body.. The FiTwce & G*itAI Purposès Cornmhtee scruliThses levèl￿. the bLAlget, C￿lta1 expendltLKe aTrJ monitols ts eststés dweknprwwt prOg￿mMe and gen￿￿ rna￿￿ance VK)rks. This Committee also supervises arml finalses the fina￿1¥1 statemarts anrwjal report f¢rapp￿Val by the Sjvemiry Body. The strat•9￿ MaFketiry ￿ Dev*thprrth C•mfflittee the Ove￿ markdirvj r*ads of th• Schoolto In5W? thai StrategE5 *e in plxe lorpLpI r&rUitrne￿ retention. The Committeè also considars propOs￿S for capita developrn￿t monitots capita buadiftg projecis. The Edwation aThJ compl1w￿8 thrnmiltee cons*Jer5 rn*r5 Tel￿n9 to the School's a¢aJemic. curri¢ular Past¢*￿ prD¥ision togell*r *ith a mO￿lO[lryJ and tt)•oidinaiing lola relating b) eompfiance VAth rÈgu18tory staThlard$ *d othw legislalNe requKernerts. The NomÈnations Committee CO￿￿1*S skils TAthwi ts ￿¥eMIlY4 Body and actwe seeks to r¢cnJit nvw Govemots ¢0 the Sch)oL Tho d8y to day njrmirfj of tr• Sth)ol is ddwed lo the supportgj by ￿ Senior MarHggm8nt Tèam. The Headmaster and Bursar atter¥J all meetings. Remurwdt*)n Is set by Board follo￿￿ by FknaKE Cormiittee lo en5￿8 thal an 4)proprfate salary 5c* 15 in p*e. This I￿1{￿Je5 comparison afbd lo any thant b￿ChMa[king d Stlary surveys aw￿lable lorthe sectorlo enswe the S¢￿￿01 rem*ns sensitiveto b￿aderi$s￿e$ of pay and ernploym￿t corn¥￿"0n$ dseA*we. The Kkng's st￿01 al￿￿ lo recNrt h.gh caltbre staff to defN8r a wlde y￿ed CUry￿￿1￿m to ￿1 our pupli > Delivery ot ts Schoofs c￿ltable Objects￿ is depeThJerrt on ow man&Jem&rt positi.ons. Govemoys a￿ appoirLtFd at a rnEElirvJ of ￿l￿be[S on Ehe basis of ￿m￿at￿n5 received from Gov¢mor5 arKI tha Head of ￿ K¥y's School. Gloucastw. foIbMi￿ ag￿ed specificatws con¢emir¥J dvJfoilty. person compeience, spetsa1tstSk￿ls aTrJ local avajiasfjity. The prncess is by the Nomlnattorts Committee. ¥Y t>)¥¢rr¥Jrs *orkipJs Ofitssd￿or. ar#1 I1*Comp￿Y * a rtyister8d charfty. indudrffj Board Poli¢y and Procedu￿ by aTrJ BLWW. 0￿￿LSe rey￿ar strateg￿ a￿1 trLks¢¢e4rairyng wortshops lor am &)¥emors. SIn￿ttl￿ 8rAI Serto Ent￿riSeS ￿mit*d isa Yhjlty rYJnties ￿ the Drgan¥sirg ￿ markebn9 of ewerrts at The KirrfJ's Se￿01. &tsucè5￿. lting's Sctr*)ol Gbu¢•stw Prlze arwj SC￿larS￿￿ FuTrY is a I￿1 of Thè King's SchoDI. Gloucester. *th05e objects are lo further the educat￿￿ of pwils atte￿ing School pJticLdarfy Ibut not ￿clUSive1y) by the pro¥isw)n of prizes arby scholarships. Tr ReStr￿ted F￿1$ ¥e i1￿￿￿•d **ithn se￿01 fi￿[#￿81 state5p￿t¥ * a restricted furnj. THE KING'S SCHOOL, GLOUCESTER ANNUAL REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 The King's S¢ho¢l. &oU￿tsr ts a Head5 Confwerce {FNCI S￿01.. +thIC extsls to serye support ts members, to Fepfe5ent thwr to eX￿P1rfY exG81wKe ir¢ ￿￿at•oft. k ts 4so a rnernber of the Cholr Sctr¥Jols Assoaationwtsth is agr0￿ of schoo&attact*dto catwrals. ct4Jrches coilegechapels ar0￿1 th8 Colmtry enablry ch)iisl*s to IAve ljnfth￿j access to a fwst-class sc￿011ng M￿lca training. giv* thorn ￿ oxcg11ont start in life. Thg SC￿*0[ is Iso a mwr*er of the kndepeThYent Associationol Prep S¢hocl IIAPSI, a body %vhi¢h exists to r4)rns￿t leattiw prnp SCI￿01$ in thÈ LK arAI ovetseas and supports t￿rn in achtevirKJ excdlence in e￿￿¢[￿n and care. Objectlve4 and ktlyities ble Ob ect The School's Objects. as set OLrt in tts tsf Associ￿10￿. arethe a8v¥￿eMent of edu¢ation of PLknlic. ￿thIn thg rI￿arIng 01 EThJlL%h la44. *e based on Cthurth of Er¥Jland principles. to provide such pupils V+ith spiritual. rnoral. mertsl 8r*l physcal training. wttl￿n Ihese th]￿ts. the School also has to create and adrniThster sclK)larships. exh"bitions bU￿arles. BenÈfit Ai Intended In meetSng these obpcis. the SC￿oI.s PLblic ben8fit avn is to provijè a first class iTrJepeThYert educatiar boih Itffough strong **em¢c tLutN)n. aTrJ Ihrough dwttopiro vjider sporting. arttstic and social skius in all its pupils. Ths is intend88 to provide enVtronm￿I ¥I￿re each pupil can develop and fulfil hs orhw pol4ntk thus help to b¢Jild sell-¢oirf¥Jefice aTrJ inr4JGatE desi￿ to contribute to tt* wder commLmlly. In FUrt1￿[arKe of these ain5 the GoVer￿r$. as ¢kwity govemors.havè Complied vAth duty in s.17. of Ihe ritkes Act 2011 lo havg due rwJard lo the Clwrity Commiss￿￿.$ prtjlisw gereral arA relevart sub 4ector guidance con¢emiTrJ the upwation of Pth1￿ Benefit wuirem&* u￿erthe Aet. Thts year. the value ol s¢holar5h"ps arKI cthw a￿5 to Ihe SGh)ol's pup￿$ OLrtol tsnrestricie&J funds tolallgJ £1.554,442 (2Q22.. £1.420,388). The GoverThJ￿. policy. in line knilh that of olher Indep￿derrt Scl*Jols. is b make I￿se &Yards on the basi5 of the ind￿Idual,$ ￿Uc8t￿)nJ potentk￿. As a CtrniTSchool a furthw £205.3J2 f2022' £188,725) was awafttÈd in Se￿)1a¥s>￿pS by ￿ &)¥e￿[S to support Ihe education of Ihe Choristw¥ of Gloucester CathedRI. Further awards of £622.717 12022. £517.925) in bwsaies rnèse from wwes1rl￿ed ILryls, whre the aim is to rEheve h*$lip or provKle fFnWcI￿ support forthe pw)H's e￿￿11￿￿ 8rKI futu￿ pffjspe¢ts. The availablllty of ai such awards fOrfe￿sSi51arce. togettrw ¥￿th the toms aKI coTrlition5 of exh kiTrd of award. is adverbsed on our website at VAW4.tt*iTrJssthool.¢o.uk. ST ATEMENT OF GOVERNORS, RESPONSIBIL ￿lEs The Govemor5 (￿￿1 ore abo direclors of The KiryJ's Sch)ol. GlowEsterforthe purposas of CLynp*y lawl ar8 rEsponsible for preparing the Gov¢ynor%' AfinL￿ Report arKI the si*ements rn accort5ance wilh appli¢able law ar*1 Uniled KiThJdom Gener4ty Accepted Accowthrg Procti¢e (United Kingdom Accowtirq Stsndards). Company law B]uires ihe Govemots to prepare I￿arrI* st8lernerts forexh financial y¥r. lthdgr compary law Govemor5 must r￿t approvethe fina￿¥31 st*emÈnts they arv satisf￿d that they gwe a tnJ8 and fa4rvi￿OI thèstaie of affaits ofthe chantabkcompany ar¢J fv gr0￿P ar4J of the incomiro resources artl appI￿atbofi of resour¢8s. incl￿￿￿￿J tr* income and expenditwe. of ttE ¢harit*le gFOUP for that p￿100. In preparing th•s• financial Statements, the Govwnor5 are rqtwpd to: select suitable 8ccountir¥3 poI￿leS appfy thèm CO￿ls1e￿. obseNe methods #nd prin¢ipl•s in Its• Chariiies SOI*: make judgements aThd estimates that a￿ reasorthlE pruden( stale lthether applKable LA< &co￿tir0 star¥Jart15 kwe been folltswtd, sthjectto arby malerial departures di5cID5ed and explained In tho finartial staternerts: THE.KING'S SCHOOL, GLOUCESTER ANNUAL REPORT (xe THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 prep*è thelinanciat stalen￿S on tsgolry corrnn ba515 il is irHppsPPtioie to presthme th* Ihe charitable ¢ompwty VAII Gorknr¥Je iri bUsi￿S. The Govemors are ￿SpOr￿86b1ef0fke8Plr¥j￿￿u￿e xcowrtlThJ ￿￿O￿$that 5￿ficI8nttostrthy￿￿ explain .thé charitable company's twsactior6. dS¢lose￿Ith rewnablg accur&y at ary tirne thè financAI posbliinof the charitabje company arwj e￿Ole them to e￿￿1* thal finaKi* stateM￿ts ¢ornply CL*mpanles Act 2006 the pwov1s1o￿ tsl ¢￿￿$ eonstitutN)n. Ttw a￿ 81$0 responsib￿f¢r$afegUerdlng the assds .of chathty the gro￿ aThJ fortakirg reaSo￿lIe SW$ lorthe pre¥￿tion aKI d*ctK)n ol frauj and othw ￿le9￿1th'eS. .So' faras tr* G)verrots are"aYare. th•p $ no r81￿￿11 inform#b)n of th• Cjwily's *tyiitors are unaviare. The Gov*Trors havè each faktn all ol thèsteps thalme ougm to have taken as Go¥emtsrs in orrler to make owsdves aware of any ￿levant audit i￿o￿nation and to tstajlish thaL charttablè eompanys ,a￿litorS we awarg of that infonnaliorL In accordance Section 385 of ￿ Companies.AGt 2tTh.-.a resol(iitin pfoposing re4ppo&rtment of Cmwe U.K. LLP as aLhlitor to scknol to g•wal m981ing. THE KING'S SCHOOL, GLOUCESTER ANNUAL REPQRT OF THE GOVERNORS ICONTWUED) FOR THE YEAR ENDED 31 JULY2023 STRATEGIC REPORT The School *•9 oftgirdty est8bli3l*d a5 a bowdÈrvJ aThJ day sch)olforboys. Prior to September 198& the School admiited iunior gids up to Ihe age of 11. •￿th eff￿1 from Sopt•mber 1985. the Gove￿￿ votfd to admit 9lds thTDugh)th ts entire raThJe of 3to 18 year5 oneducationa. soG6818rd fIn￿￿1 grounds. Bo•¢iro ha5 row bw phased out: as s￿h the SclK•iiI is [￿W a co41￿8119￿1 day SCI￿01 for puplls a9￿ 3 to 18. Tho focus thi5 year, like tho pwous year. ha5 been tha ¢￿￿ti￿￿j delNery on the $trate9i¢ plon as laid out by the Hèadmastw. Thè School, Ilke mary in sector. coth"rn*d to fxe P￿ssUre from inflation•ry pric• increases. Despite t￿$, ￿ have manag&Y lo marrtain OLf of at>Yemic Lxcdlertè. OLtstandirg pastoral care arwj a variety ol ¢Orycurricthr opportLri￿e￿. The $￿p1 has to invest in it5 fxiliti during the yw. eornpleting worfKs to genert¢ a rw scie￿￿ dassroom. with an extwtsion belng added to t existing sciance buikjlng. Further commentsd to refU￿lSh the basem￿1 of the main Senior Schoc4 bu1￿[ng and Improve the environmertal pn)perfies of Ih8 Juniof School b￿dIThj by aYdirvJ instyla1￿n * part of a repla¢¢m￿r se St Thè stthool'¥ ¥trate9y is rlivtded irrto Sthf￿ maw) a￿a$. Pastord: To n7aintwn the scI￿orS feputstionformen (W￿udiNj a strorKJ gro￿ at (Jo￿ester RugbyAcadomyl sLq)wb artists 2nd mwy more. At King's. acadern￿ excelFence 9oe5 hawxy V*ith s￿h as kiThYnass and compassi)n lor o¢Jr cornrnwity. Even in Ihe m¢dst of a cost of kving ¢risis.thi5 yeargroup raised £6,116 to b? sha￿d betwn thi5 yearfs ¢hc¢seri House charibes ￿ L&Jkaeinia and trrteri$ive Cherr￿lt1p￿Y Fynd: Gloucest¢r Feed the F￿ngry.. Gk)ueestw Dèaf Assoeiationl trbjusè a¢tivib"* S￿￿.3$ non-uniiotTh days. aso raised £9,000 for our Part￿ S￿01 ￿ Doiriakal. kndra thrO￿h Ell￿tY days."a conceit and an ir¥J ivklua! eampir#J chaienge. We also SLPPQrt*J other bjcal ctrArities vAth sponsorship in the GIoLxester 11X and thè Run Runw3y Clbgllenge. A large rwmbw.of pupils have la￿￿ p¥t in ts G￿u￿ler W P￿lect ovw th? StThmer ￿d we had excellent p￿t and support al a Clffislmas event held at school fordisadvanta•J pupll5 V4ithin the bcal ¢ornmui*ty. .Our pvpils perfoTh&Y in thescliool prodtKtiorts of'S¢M)d of Rock. and The Brothers Grimm SpeetacLiat￿￿'. took part n a Sport Tour to PortLKJal arxl ￿aged With adtura tours io York. Qjsta Rka, Pair5 ar¥J the A20re5. We had many PLyi1s or9arusing their own vol￿teerry placemerrts ￿ Ihe Junior School, local gchoo aThJ Read Me prograft￿t. bur we also h#d bts of pupibwb)Svol￿IÈertd with thè Gktrucester CAty bliday Ath"vity aTrJ Food IHAFI Programrriè. The JurHor Schjol. along *ith the EYFS at LitJJe Kw¥J's, e¥pwi￿ed a ywflMed*lth grothand d8velopm8nt Ident in our excdient ISI i￿pectiOn report. Key focd poirts durirKJ thi5 year waE celebrab.ny diversity. a(1d￿ssIng erNironmental concems. and wioiilisrng th8 of both p￿11$ and staff. Th pupils WEre motW8led to erfjage iritheir studlèsthro￿h critical thinkitrwi. sélF4lire¢ted leamire. an enlhu5iastic attitiKle lowards avery facthol thowoducational jtsLuney. TniB miThJs8tv￿s promlnent ev￿ ￿Or& ouryoungest pupils. We wer• deeply proud of theirsin9LrfaraAd joint ￿COmplISh1nenls P8￿c￿ladY in tern￿ of supptyrtlng ourloca, region81 and intwnaltonal CDmiriunities...wtrieh er￿MpaSs￿ efforts likettre GI0￿e$l¥ Food Bank City Mission. Gloucestersh5￿ BuThJles, th'ldrnn in Neetl and our pwtnercornffl￿Ity in Domakat . India..'In additio warded Eco Schools Gr￿ Fl4 *ilh dlstlncbon. Finandal Rw%ow and R•wrtts fry th• Y Stkvjol ¢onimuos to ben8fit from an e¥w4n¢r￿In9 PLpII roll. Mgth hicreas• of 46 pupils Year￿n- y8ar. This has hdped to compensweforcost ar*s vthh have advétsdy inpacted by irrfL81ion. such cat8rirg. D•$pite these chzllwq96. th• sc￿01 has 9*wra￿j a surpts of£221.087 I2￿22." surplLL% £144.2323. The Sch)ol also conb'nues to rei*"n 5trvryJ cash g￿er&s0￿. view to $i￿rgI￿ its liquidity positir orderto meet ext￿8[ flnartwwJ m*uiity d*e5. Thè outlook for thè r￿t 12 morihs for the S¢hool cont1rA￿s to be positNe, w¥aeh 15 8viderr¢d by fLKther grvvth In ow pupil roll.iThe iecert r&UrbiShnier￿ of ihe 0￿¥￿t0￿ Sth Forirt cerrt￿.'rerna1n5 a strong seilirwd polni. The steady wJ9rad& of existirvJ f￿a￿lIes. bothto improve thè overall putJil'erNlronrrient ar#1 to i￿rease THE KING'S SCHOOL, GLOUCESTER ANNUAL REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 apacty. 15 a clear sign tfAt scr￿0[ is planrNwJ for Ihe f￿￿e ¥￿th conlideJKe, despite Ihe le53 certain politscaloutlook. The Schoolis also lindir•J tt* re¢ruthent thtion of ligh44ualtystslf In certan t8achir¥J Op￿tt.0n￿ areas to ￿ fjrtre8siNJly ehaleryiro. The School does vlgdart of trefinncial iisks that VB may b? $￿ceptrO￿to over 12 months. specmieaily Inflation*y pressLwes suffothdry ￿￿J. lightiry and catering. We aso recognise ￿ potenlial Impactthat a ehange of goverrment may have and the associated iisk of the applicabonof VATtoschoolfeeg. The School of ￿ c￿lIe￿8 to pw**al affO￿abilItytI￿$ creat& arKI as such It is looking drive further efficiencies to M￿lm15e the im￿1 on sGkJol fees luture ye•5. In¥ The School has absolLrte pov4W to itwest any moiutts of the Sctr*)ol r#)t immedotdy wuffed forlts puoose or upon 5UGh investments. 5ecwilks or prDp¢rly of *th*oever nat￿e a5 may be I￿￿￿h1 fitaTrJ to vary tl* investm8nl thereof in such manw as may, fom tirne to time. be delerrniwf. rnvesimenls ** ¢urr¥rtty a COIF CharftEs trNesthTrerrt Fur￿1 wtsre it p￿v￿)uS￿ i>)ked to supportt prtTr aThY Scttolarshlp FWMJ. wth a lo xhiwwvJ an above•ernge di¥kJ•d, rdatiV8 to UK 8quit185. to enable th8 prDvision of piizes and scnoLwsh"ps. The investmerts rnwkel value at the year end dato %Yas £91,703 (2022" £93,551). Inve mtn¢ Perfomiè The investment perfOn￿anCe for1￿ yw yidded a tow reithm 011%. h¥estTnents are made lo maximise the total rètum and generate investrnemt forthe gwliry of prizes arkl scl¥Jlarslip$. The inv*stnwt p•rforman¢• for the year lJas generated aft ￿nUal divtdÈnd Y￿k1 of 2.8%. The School's poltcy is lo irNest in its factltltes to SLVPOrt the ed￿ational l￿d b￿lnesS needs of the SehooL Thrs inestment is SLA)je¢t to •4alability of f￿￿5 to 5￿pOrt the day to ¢Jay Opernli¢J￿I needs and b maintain adeqL01e ￿$OuT¢￿S to me8t any c0ntirvJ￿C18s. Ary Tnaior investrnert in bLuldiThas be finaneed by thase fLnds and necess3ry by borTO*gng5 or fU￿￿r￿sI￿￿. The level of borrohirgs wdl not exceed a levd svFych GoVerW￿ are corfklent can be S￿iCed by the prudeth projeciitin of futtsTè tncorne and expendilurt and assuciated cash fbows." The School's iotJ reswves of £5.58rn" r2tr22.' ￿.35rn) atthe year eThJ comprisiThJ £17k f2022 £17kJ rÈstriGted funds and £5.56m (2022." £5.34mJ unrestricted resery¢s. £8.73m (2022.. £a 73m) rrfjresenied the net book valL* of fixed 35sets. The G0VeTrJ￿ corsiderthal 9iven the 5trW￿th of the School balance sheet, the stable h Ilowfrorn the stLKJenl roll and ￿ ongoiwJ pop￿aF]1Y oftheSth)ol. that Ss no need to bulla up È frea resawe. All fundraisirvj a¢ti¥itles forthe Scfvjol we carned by hioNy professior41 Sth)ol staff hith assistaneèfrt t1￿ parent$ and pupils. The s￿￿01 do85 ￿1 Use ext￿nal p￿fesSiOnal fundraiser5 or have any cornmerc participants. All fuThJI￿tsj scbvities 8re m8no9ed by It￿ Healmastw, wthh oversobt by the member5 of the Govaming 8ody. ND cOrnpla￿t5 rBlating to IwhJraslrnJ actNSttes h&Tg receiv￿ by ihg SthK*I durir¥J thg linanrAal p￿10￿. Fh)wei, the SthJolha% in pls¢iibe to any specttlt fuThJTri5ry sky￿ardS or schariies for fund￿1[￿j regulation but considers Ihat it has set apP￿prI8le standards for the operatV2ns and mawement of fuThlraising xtNities. In particular. the Scl¥)ol consider5 that its pffjcesses and ¢ontmls ¢nsurE Ihal vulnerable people otw memb*5 of the public are pvotected f￿rn any unwsonable intwsion on petson's privacy and that no fuTrJrising xliviti¢s kntJUd be unreasonably pwsi5t8nt or place Und￿ pr8ssure n a person to donate rn0￿ or prop•. 10 THE KING'S SCHOOL. GLOUCESTER ANNUAL REPORT OF THE GOVERNCXIS {CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 Princi ert*nt The Governts le9￿￿Y revtew the effecliv•xss ofcumtplar6 sttsteg1￿ foridentifwrfjaThJ m3r4giro all rnaJDr risk5. GoverThJr5 have previol￿lY a55e5sgJ the rnaioriisks to the School L8 exposed, arKI are $ab'sf¥wJ ttwt systems in plx¢ to tr￿￿98 exposure io the rn2Jor rtsk$. Oetsiled eonsideratp)n of risk i5 delegaled to th8 Finance aThJ G￿Tal Purposès Comm*tee. reports fO￿n8[(¥ to Go¥emTh¥J 8ody. generic corrfrnls by the Sth)ol tL) mtnimise risk IrKI￿le". Detajed terns of refe1￿ce fom)al Wa￿a5 for Coftknittee * Bowd meetings.. Strategk d￿et0pMert a￿llY by Ihe Govwring Body: Compreher£ivÈ budgeth￿ abj rnarlager1￿t ¥cOts)t¢￿. Esiablisl*d orgarusatknnal stnKtuBs and I'nes of reporttr*J" Forn81 ￿ttert Poli￿eS T￿￿dir￿J dear aut￿nSatIon ar¥J appffjval Iwefs,. Veitirs ¢*mc•Jures as requir¢d by knvto tha vukw*le. The Governo￿ have carTied O¢A an a$￿sme￿ of ihe ktyffisks aNt llnr￿ait￿ fxirKJ tr*School those identified prirnarily rdate to ￿lde¥ ￿0￿*mY, Ihek*ro letrn mwknt dwn•J forpthes atthèS¢hool and the impad ol ext*rnal lactr1￿ on Schotsl's devdoprnont plars. Wiihin the localtty thwe aFe granwnar scFDols s￿er￿ irKlep￿Iertt schjols. ThroLub ovtstandlNJ pasirol care. prudert sinKtuAro of th? wi¢￿um. thèprovi5ionof knspiring teachir*J, a Mde rdryJ¢ of coTh aThY development of the se￿01 ith"n its current boundaries. This is mitigated by the en¥iTrrment arKJ history associated wilh th? Scnool location. FUts￿e Plans The ￿dM￿ter twd prod[￿Éa the ￿1&2023 Sli¥t•3K Devdopmont Plan {SDPI. thbs ha¥ been fLdflll8J arad a r*w Str*4lc 0￿￿0pment Plan has be￿ pIDI￿rt forthe perfod thrrjugh to 2028. Ihi5 Annual report was appTrved by the 8owJ of GoveffbJf5 of The KI￿,$ S￿01. gowksler on 21JL Nbvember 20ZJ irthing. in their capacty as cornpany dweetorn. appmvin9 Diwt¢y5' Strat4ic Reports eontanÈd thwein. $igngJ on 115 bthaf by: Mr P Danwl ljavrnan ot Go¥￿￿ THE KING'S SCHOOL. GLOUCESTER INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF THE KING'S SCHOOL, GLCLICESTER Oplnlon Wé have audited the finanoal Stat￿entS of The lfjwJ'$ Sch)ol Gloucestw I'the th￿table comparfl and its subsldlary fthe group'l for the yw ended 31 JLrfy 2￿3 cornprise Coftsolidated Staernent of Financial A¢twities.Balance Sheets, Consoli¢Ja￿ Cash F]owStalement ar¥J ￿teSt0 I1￿cial stalernertt?. i￿lUdir￿j signrfi¢ant accountir¥J policie5. The fIr*￿￿la wortWb3 framewrjrk that h35 been 3pplied in thar preparotion 15 aPpI￿able law and lthill￿ KiTrJdom Accountirg Sta-dafds. induding Flnanciai Reportw StaTh#ard 102 ￿ Financi￿ ReporttTrJ Sla¥Jard appWle UK Rep(t•lK of IrdoTrJ Iurmtod KingdLxn Gefter￿ly Accepted Acco￿1[￿j P￿tIce1 our opirmon th• firAnckql 5ts1ernents: 91ve a tnje and fairview of the state of the 9roLp's and Ihe chontsble Comp￿￿.$ affaws as at31 July 2023 and ol lh8 9roup'6 incorng and oxpenditure. fort￿ year Ilw thjed., have beEnproperlyprepwe¢ In Unit8J KirsdomG¥*rally Accepted Accourting Practic have prepared in accord¥te with of ttke Companies Acf 20L%. Bas1$ for oplnion We conducted our audtt in kntematK)nal StarKl•ds on Auditing {UKI IISAS IUKII and appli¢ablelaw. Our resPo￿lb1h.Ies under tkn$¢ $taThJwdsare fIrt￿Id+S¢￿bed in thgAL¥Jilorfsr8sponsibillb" (orthe audit of the fina￿la1 stat￿eTrts seclion ol our worL We a￿ independent of the group in accofdanc8 h the ethi¢al r4uirements that rdevw to our aryjrt of Sta1￿￿ts in ttr￿ UK. Ind￿￿1Thg the FRC'5 Ethic* Star￿ard. ￿ we have fthfillwj our other ethra respO￿lb￿l￿es in accordarKè wlh thes• wèquirtments. We bdieve that the 8￿j11 ewderv v* have obtsred is SL*lici•it*m8 appropriate to pwvide a basis for our opirllon. Conclusions rnlatiry to going concern audltiMJ thè flnancial statements, ¥￿ have ¢Onc1￿￿e£r that the Iwsl*'s use of goir¥J concem basis of accounting in the prepaati)n of the fInar￿￿￿ si*wnts Is appmpri*¢. Based on the wowk ￿ have perfonned. ￿ have rw)l I￿￿￿d any mthial unG*wrties to evenls or conditions that. 1ndNid￿lY or ¢ollectivdy, rnay Gast SgnJfi¢art doubt on the chao"tthle Gompany's or the group's ability to contiftLte as a going fL)ra period of at least twelvè morths from when the tinancial stataments are 8￿hOtse￿ for Issue. Our responslbililies the ￿pOrts￿n￿leS of ￿l￿￿te&s ￿SpeCt to goin9 con¢wn are de5c¥lbed in thè levant sect5Lins ol thls report. Othèr 1n￿nnatIOft The Irustees a￿ resportsibleforthe other inl(>rrnationConi￿￿s￿ wiilyn anftual report.Th? other lrforrnatth eomprises the inf0ml￿on Included in the anr¥A Feport. other bkn fiYWci￿ slatem•nts and our auditorfs report Ihereon. opinion on IITe fironc1￿ Statem&¢￿ does r￿t covertl* otl*r Information a￿1. except to tlÈ extenl Dther¥%ise expliciuy statay in our report. do mt express aiy lomi of assLYance cDr*lusion ther*on. Our responsibility is to Rad the other irrfomiat￿n aKI. in éoir¥J so. consider *4Jether Its other irf0rn8t¢on Is matefrally S￿OnsIstanI wlh the fir￿18[ stat&nents or our k￿￿ledge obl•￿￿ in the au(Sit or othwwse appears to be maten.elly rThsst8ted. *Jentify s￿h Mat￿la} lrtonsiste￿les or ￿pa￿￿t mateNal missiaternents, vm are to detemiine wthether thi5 gives ii5e to amataial misstalement in tha rFnancial slatements tlwnselves. ff. based on thè havè perform•J. ￿ CO￿1￿18 that th•re i% a material missiatem•nt of ttis other lnf0rrnat￿ry ￿ we ￿UlTrd to w•ort Ihat facL We havè to rèport in Ihis R9wd. Oplnlon$ on othw matt•rs Pr￿￿1b*d by the CompanIes kt 20( hi our opinion based on thè underta(en in ts cOu￿e of OLY audtt the infomiation givsx in tnJstee5' repor4 *thi¢h i￿1￿￿e$ (he directors. WSOrt arKI the slrat&Ji¢ report preparèd lor purposes of company ￿. for th? finX￿ year for the financial statements a propared Is CO￿lStant vAlh the fin*￿4 stat￿e￿. 12 THE KING'S SCHOOL, GLOUCESTER INDEPENDENT AUDttOR'S REPORT TO THE MEMBERS OF THE KING'S SCHOOL GLIXICESTER the stTrleglc wort aN1 thg directors, report Aitrin the IpJstees' wiort have been prepared in accordance with applitAble legd rg]wments. Mattars on twhi¢h we are rtqulred to report by u¢epti¢n IlgN of th8 kmwled9e aThl under5kndry of the 9r0￿ chwilable company and tr*"r envin)nment obt8ir*d in the of theaudit. hw• rot id￿￿1•¢j mtsia miss14t•m￿S fft thB strate9icxeport or th9 directot5' r•port in¢ludèJ vJltrMn the trustees, r We hav¢ mtling to r£port in r#p8¢t ol the follo*iro nwllws in rdaiort to vthth the comp￿18$ Act 2rJ)6 requirns ¢Js to report to yots rf. in our opiraon". adequate ￿lj proper ac¢oLntiTrJ re￿￿$ rnt been kept . or finattial Stat￿entS Th)t in agreement ￿1th the 8CCOLw*sry recO￿S returns: or certain disGIoSWE5 of tA￿tee5, rernurwtion spe¢ilied by l&v are r￿1 madv. or have Trjt rxavod all th& Inlormalion explana¢hJrk* ￿ rtquirè for ow audlt R8sponsibilttle5 01 trusts As explained ￿re I￿Y in Ihe tnjstees. resport%iti14tk8s ststerwl set oth on pwje 6. the trustees Ivtho ar8 ￿50 the d¥ectots of the chaAtable ¢ownpany fort1* PUT*o$es of corrpany l*vl are responsible forlJ)e pwaration of finanoal statements and for beir8 satssfied that giva a tnjè far vI8w. aTra for such iniemal coniml as the tNstees detemiir* is necess￿ to erAb￿ thè prepa*"on of ftrArtial statwnerts that fret fffjm material ￿￿$StateMent. knfielher due to frdvd or eryor. tn preparing the f￿￿1?1 statenwls. I￿tee5 ao ffesponsts* for assessw the cha￿table comparrys ability to c<*ntirnk a5 a gOir#J COr￿ern. disdo￿ng. as 4)plicable. mattus rel*ed to going con¢em artd vsiwJ the going ¢onc*n basis ol accoLmbrvJ untes$ ts In￿le8$ fftloKI to liouidate the Ghatitable company or to ceas8 operttions, or have ro wfistic ￿ts￿l1¥e ttui to do so. AuditDf s rèsponsibilities for tr* audlt otthÈ financia sfatements Ow obiec*Nes are to obtain w$Onab￿ assurdrKe abo￿ ￿ther the fIn￿la1 st*ernents as a wb)le a¥8 Iree frorn material misstÈtemen( bthether to frdud or erTor. aNJ to Issue ￿ *AYitorf5 IEPOrt that includès our opirion. Reasonable aSsur3r￿e is a I￿gh kvel of assLfdnce. byt is rrfjt a guar•rtee that an audit conducted in CDrfan¢ewth ISAS IUKI VAII alwzys dete¢t a matwial misslaèment iiwsts. Misstaternents can artse from fraud tsr ewor arnl ar8 cons#lered rnatenal rf. iftdivh1ua1￿ or ￿ the aggregate. Ihey cO￿d rnasonably be expected to Influen￿ the economt¢ decisKJr* of us*$ tak•n on Ihe ba515 of thes¢ linarKial StateM￿ts. Oet*ls of the extent to th¢ ￿dI1 consIde￿d capable of dètÉxtirrfJ ITr3￿¥11￿"e$. ￿￿￿dir¥j fraud arn1 noTrcompliance wth la￿4 and regthaiK)r￿ set oul bejow. A fLother dsscrfpiknn of ourresponsibllkies forthe aLhdit of Ihe linw•)al Stat￿￿ents i3 located on the AnwKial R4)ortiryJ Couwfs webElte at.. .LWaudit . Thrs d￿riptiOn lonr* part of o auditors report. Extsnt to wttlch the audlt was consldwed cwble of detecllng Irregul*itie* inLluthng fraud Irregulaiities. includmg frydud. are ￿81¥￿e$ of ThJn-CompS￿e lakns aThJ rtrJutab"ons. We kjenllfieil assessed Ihe riskstsf n)ateria mis$tst8mentof the1tr￿￿k￿ ststemw15 f￿rn irTwJl&iiiès. V•t*ther due to frwd or ￿Tjr. *)d d￿￿SSad thBse bemeen ow team members. We tlw de5hJned and pejforrned audit Proc￿urES ￿sPor$1¥etO tl¥Js8risks. i￿1￿￿1￿ obtairllrg •>Sit widertè sufficiertand apprnpiiatèto provKle a basis for OLW opinKJn. W$ Obtai￿ an ￿￿erStand1r9 of the ltyal frame*orks *ltNn Ihe charfIab￿ compary and group operates. focusing on those and regulattons that havo a dirnci off￿t on the determinilion of malwa ￿ouNts anj disdosityÈs wi the finwcial stateffent>. The regL4atsorts consbjered in IWIS context w8r• th¢ comp￿9$ Act 2CK16. ts¥atKJn legislalitin. together*ith ts I￿￿)11e5 so￿ (FRS 102). We assessgj the r8quod ¢omplK*e wth Itw I￿ le9￿allonS as pwt of our audit procedurns on the rolatsd fin￿cl￿ ¥tatwmont itwns. In addlion. cortsKIw8d provisiorts of otlw ar*1 regulaiions that do rt•t have a di￿1 ￿l*¢tOn finncial statements bul cornpliarfe ￿1th tA4ich migFt be fuThlamenta5 to the chwtabl• eompary's and th• group's ability to operate or to wold a Mat￿la1 pwdty. ￿ 4$0 cor&id•rtd the opport￿rt￿ incentiv¢s 13 THE KING'S S.CHOOL, GLOUCESTER INDEPENDENT AUDrroR'S REPOIiT TO THE MEMBERS OF THE KING'S SCHOOL. GLOUCESTER that may exhI￿￿1n C￿rit￿lIe cornpany * th¢ gro￿ forlraud. The and regulation5 ￿ consideTtsY In thls context lor UK opw*w)ns *re fv EdueaK>n Ihdep*)J£nt S¢1￿￿1 Starnlardsl RegLdatsons 2014. Auditing staThJards the Nuired aL#Iit proc*Juw lo *Jwttily Mnnc?me. ￿vieW1￿J le9￿atory COr￿Spond￿ vAth the Charity Comrni$sion. fndepeThJent S¢Ph)ols hspetlornl•, ￿$ted and rnadirg M￿utes of meetings of those charged V•ilh governance. ch￿n9 to the i￿￿eTht limitations of an athliL there is ￿ Lx*void*ler¢k that m3y rw)t hwe detected so rnaterial mtS51atements in the fin￿1￿ statements. evem though * have properfy pjartned and perfonn8d our audit in aCCOfdancewth auditir#J siandards. For 8xafflp￿, ihe fwlher r￿n0Ved non-compl￿nCe 7hqlh laws and regulations lirroJul*itses} is froffi the ev￿￿$ trdnsactKJns reflected in the financial statements, t*a less likety the inherenuy limit￿ procedwes reqLirtd by StarrtlaTds would identify it. In èdditson, asvwlh any audit. there rernaned 3 hMJ￿r risk of non4Jetection ol irrÈgularitEs. as these may irsvofv? collusioa. forgery, intenlional omissions. mislep￿tatI¢+fft$. or the override of Intw*l cortrDls. Wo are not re5pon5ible fr prov•nb"ng non-compli￿¢* and Garrnl be expected lo detect ￿n-￿mPli￿Ge au laws al￿ regulakn"ons. Use pf our rnpwt This report is mwje soldy to ch3n"table cornpaww's member5. as a body. in ￿Coldance ￿ Chapttr 3 of Part 16 of th8 Compafues ACÈ 20C6. Chjr a￿lIt ha5 been ￿j£rt￿eD so tha¢ we st*e to I charitable compwy's M￿be¥S ihosg mattws are r8qLpred to $￿e tu tr%m in w a￿lItD￿S report aThJ for no other pthpose. To the fullesl exienl p￿mitted by law. 7Ae do nol a¢ceptorasS￿lle responsibilty to anyone olher than th¢ charilable company WKJ C￿￿[table Comp￿,5 members as a body. for our#udit woth, for tlws roport. ot for the opirmons fonne(l. Guy Blggln Sen￿r Statutory Auditor For an(1 on behaw ol Crowe U.K LLP statutory Auditor Fourth Roor St Jam8$ fr*)us6 St James Squar¥ Cheltenham GLSO 3PR Date: 17 December 2023 14 THE KING'S SCHOOL GLOUCESTER CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 JULY 2023 Totsl Tot 2022 Funds Funds Income and endgwmerts from: Charitable adivities Sthtstsl lees AnC￿lary Iradirg Other IAdlng *ivities 10.938.777 1.254.923 10,938,7TT 1.254.923 9,835, 752 689.410 Olhw incomi￿a resources Trading l￿ver- Sa10 Enlwpdses Invesknents Invsslrngnt income Voluntary sources Voluntary Sncome 21.040 96.65 52.391 ¥OS7 24i)$7 8,867 7.314 14,077 25312 Total Incoming rnsourc•s 12.342.218 7.314 1 1349.532 10.656. 128 Expendlture on: .Raislng fjJnd$ S¢rfo Entery)rises cost5 .Fundrais4ng costs- othEr F￿art¢e costs Total deductlble c95ts 48.442 12,035 110.28S 170,762 21261 9.061 107.162 138,484 11035 110.285 170.762 Charftabla acllvltl•s Education gr8rrt maktNJ costs Total ￿PendItu1• Net incom1n￿10Utgoin8j fund5 from 0￿101 before transfers and inveslmert gains 2a790 145 222.935 145.268 Trartsfè (Lossesygains on invastments 1,036 ni4)vement In funds br the y 220,942 145 144.￿2 Fund lkne8 as at l August 2T22 5.210,364 Fund balances as al 31 July 2023 17 5.354.%6 The noles on pages 18 to 34 fomi pwl of tl*se statern￿. 15 THE KING'S SCHOOL, GLOUCESTER COMPANY REGISTRATION NUMBER 03834841 BALANCE SHEETS AS AT 31 JULY 2023 oup School 2023 2023 .2022 Flxed assets Tangible assets Investment& 4731,638 91.703 823.341 ardT.770 93.551 &821,321 a 731,638 91. 70S &823.344 8,727.no 93.SS4 &821.324 12 Current ass#ts Stocks Debto Cash at bank and in ho￿1 1&612 .14.145 705,414 1.448.708 11￿265 1&611 14,145 7A5.379 13 1.415,985 2.226.641 1.343.422 Z21a039 2.164. 793 Crèditors: amourts tslling diie wAthin one ye8r 040.759 204.462 N8t currpnt ass8ts i IllaNiltigs) 17Q062 &88n 177.280 ,669J Totsl assets less curr￿1 assets i Iliab111ti*81 9.1￿￿.403 8.781434 9.LXXJ.624 &781. ,Credits)rs: *wiounts falling due 424720 427. 425.T20 ,437.838 Net'assets 5.575.683 5.354,596. &574.904 5.353.817 In¢ome funds R85tsicled fuThJs iQ763 14908 16, T63 Ggneral 4551775 A337,￿3 &557.996 5.337,054 17 The foftle ye¥ deat wfh h? the Statements of the par•tt clwity was a surpl of £221.OB7 12022." stwplus 044.232). Th¢ linan¢bi statenients ¥proved arnl sUtt￿lIsed for by Board on and sVJ￿d on Ils by: illr P Dan¢8y Chair of Gov•mtsrs The notès on pages 18 to 34 fonh part ol thes• fir*k81 statvn*ts. 16 THE KING'S.SCHOOU GLOUCESTER CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2023 2023 2022 Net usll inflow from operations Nèt cash prrivk4éd by opwabrMJ 424571 ".T70,64fj Cash flov4s used in investirvj acliviti• Investmenl incomè and bank interest reGeN*Jle Paymert for tangible fixed assets (493.706) r28287 Net casb used In Invesfjng xttvllies 74. Cash flows froin fiR￿CIng ¥tiwlts"ès: Rèc"élpis from new èJvaf¢ce fee ￿ntr￿ts Amowls utllised Fir¢nce costs paid Bank If)￿ repaid Bank lo￿￿ 771,573 f340.048) (110.285) 77.823) 356.064 (187.355) (109.942J {694,567J Il•t e•sh used Ilnvfrom fifiancin9 acliTalles 13.417 Change in Casii and.cash equ4valenis In Ihe r•portin9 p•rl•d 721) .(139,162) Cash WKI cash equivalents at lh8 begirr#vJ of the"period 1.44Q706 1.585.868 Cash and ¢ash equiv#l•nts at th• •nd 0*tho rop￿￿n5.￿l9d ￿986 NOTES TO THE CONSOLIDATED CASH FLOW STATÈMENT R•condliztion.pf ntt in¢om• ts net cash"li¢iw from 0￿ralIn9 athtiè5 2022 Net irtonmng iesourres for thg yè Elimin*ion ol Th)rFopwats'r#J cash fb)wts." trwestrnent ifvme baw* intetst FironciTrJ costs .Lo¥¥ on di%poseJ of fixed assds '.Deprecialion of targible fixed assets. ..(ktraaseV¢J￿lea5e In stocks .Ilrcrea8eVdecrease in debiors I[￿re&Sel(dec[￿asel..In cre(iitcirs .222,935 144268 4.057) 110.285 37,027 ,452810 12.405) (88,S30) P82.394) f4867J 419.g61 14362 (1￿.7281 192.488 Ikt Gash Infiow from ¢peratlon$ 425 511 .Anatysls ot Ch￿t$ In net t I AtPJUSt 2022 At 31 Jtsly 2023 Ca6h ai bar 1.446.706 (30.ni) 1.41S.985 The Th)tes on pages 18 ￿ 34 forn pwt of fiwwl staem￿lS. THE KING'S SCHOOL. GLOUCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 A¢￿UnI5Dg polldes The. flnancl* statements have be8n prepa￿d In acCOrdarKes￿th the FirwKi* Repo￿￿ Slwdard 3pplicab In tbg UK 8rMI Republic of Irdand (FRS1021. CompaTMes Act 20C6 Statement of RecommeThgwJ Prdctice applicable to charitres preparir*J ther fIrW￿l￿ statements acco￿an¢t wth tl* Finanrid Reporting St8ndarrJ appliGabte m the im< aNJ Repl￿1￿ of (FRS 102)- effective l Jwry ￿19. The fLnGti¢na cuw¢r¢y of th8 S¢lK>olts ¢0rt8JdertyJ to be GBP beca￿ that is the euff•rcy of primay eCor￿mI¢ •nwYrJrmert In S¢knol opwat89. The finarKial stateft￿ts are drdT•f up on the listorfca c0stba5isofxc0￿tl￿j.8SModrfied by the r•v&lJalion of irwestment propertie5 and otl*r nvestmwts. The Charttsble Qjmpwy has ￿ken advantage of t￿exeMPl10n avail*)18to a quaiffylng ￿lIty ￿der FRS 102 fromthe r•qUI￿￿t lo p￿Sert acharity orty Cash FIowSlatement *ith It￿ Consolldat￿fit￿￿Ial stalwnents. Hwirg fe¥ieknEd fL¥￿irS fwlit• av•labl8 to fv se￿01 togellv*ith t￿* txpect•g oNJoin9 d•xand fol pkce5 aThJ the School's futwe pnJ1￿1￿j cash flovLs. the (knerTrJrs have a rtasonablo expectatDn that tho Sehotsl has ￿80￿ceS to conlinue its activtW foiV* lortseeable luttwe and cortsider that thep 3re no malerial uncertainties ovuthe Scmol'sfifyg￿4￿ viabrfity. A¢¢onlrrMJty, ty ￿$0 ¢ontinuB lo adoptthe goiry Concem basis in P￿pariN￿ the linancia statwnents as Othlir*d in Stat&M¢ of Governo￿. Re5pDn5ibilf( on pwJ8 6. The I￿ancIal stal#￿ants present Ihe corsolAlated Statem￿ of activities ISOFAI. the consolidabj cash flow ststenwt and the ¢ortsol*Jatecl and (Jority slwBlS cofFyrisiro thg CO￿01￿￿19n of Schoolwth its whc*By ovmed 5ubsidwy Serfo Elllerprses Lknited. No separate SOFA ha5 been present8d for School alone. as pem)itted by S•¢tion 408 01 thg Comp￿1¢$ Acii(*. The Schog1'5 swplus 9enerdtion tor the year l*d5 £221.087 f2022.' £144.232). Tha School is a Publi¢ Benefit Entity ffgJtstertd as a ¢knty in ErnJlaThJ ayj Waks a)d a eompaty limited by guarantee. tt was in¢orpoRte¢ on 26 Awust {¢ompany n￿ber. 038348411 arAI registetsd as * cknty on 9 May 20￿ (charity nurnb￿. 1c￿11. Crltical a¢countlng Judg•ments and kty sotJr¢es of esllmation uncerf31nty In the applKation of the accoLrtfrng pofkne5. Go¥wTh)ts • ￿Vired lo mak• jLKlgern•rt$. estknat•5. ar¥J assumptions aboth the ¢wrying vaue of a55ets liab￿ltieS that not readily 8ppargnt fffjm Othersou￿es. The estlmates and undertyirg ￿s￿￿¥th)n$ are based on listoiical &xperfence otFEr factoB Ihat cortsider•J to be rei8Y8nt. Act￿1 may drffer fwom these estNn*es. The 8$1im8tes and underlywNJ assLKnpiiorts are rEv*Aed on ￿ oryoirg basis. Revislons lo a¢countirwJ •stim•tes art recognised ￿ the period h 7*hKh ille e5tirnale is Wi5ed if the wision affects ontythat pèriod, oi the perfod of the rèvision ￿ future p*iods il tP* ￿1$￿?￿ affecied cunent arKI fLrtwe pwiods. h the of the &Jv8nbJrs. rK) assumption5 corrnwir¥J the fkn or esImat￿n u￿ertarty affeciiNJ ass or liab115Ua$ at the baSarre sheel dale Ikdyto w85￿1 in o *JJ￿tr￿rt to thtw caThying ￿UnIS In the next financd year. The follohiNJ acco￿try policies been ¥pThed corotStertJyin deatwwJ ¥Alh Itwns WE Cor￿lI1er￿l m*erfa in fylaiion to Scltsofs financia staemenls. 18 THE KING'S SCHOOL, GLOUCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023, Ar¢o￿lI1n9 polici•s leon11n￿dI In¢¢ming re8our¢ Donatti)ns. legacies other lonns of voluntary incorne •E aC¢OLK*ed foras arnl %*En entillemenl S￿. ￿ amowrt can be ￿￿eblY quèrtifled ￿ the ecoM)rn￿ benelit to ts School Is ConsTrd￿ej P￿babl￿. Fees r￿l¥able and Ghar9es forseNKes are ￿oUnted forin the year invthieh the ser¥tce is provides. Fees rec￿￿ foredLKation to be provlded h futwè callbed lo￿￿4 as del¥￿￿ I[￿Me in b￿alte sheet. F¢es ￿¢t1¥able staed orterdeductiF¥J alts7hww, sdKslwstrJip$ and oll*r [thss￿n$ granted the Sctrool. ithe cort11b￿loTr$ from mstiicLwJ fwxls for srh)latships. blasa￿s ar 9raTrts. *v•rffmtnt granls we recogThsed basèd ontr£ accDA rrodd we measLtr•I at Iho f01rv4￿ asset or rec¢ivabk. 12 Resour￿$ expended ExpeTrJiturg ts ￿c￿ed as sooThes a ￿8bUIty is CO￿lder￿j probabl6. dsscotnted to Prn58nt Val￿ for Jer4emb liabilities. ExpenditL¥e 15 XCOLmied foron an accnjals basi$ arKI is summ•i5ed under 1￿ctiOnal he*liThJs on e direcl Cost basis or, forov•theads. apportio￿0 a¢cording to man89wnent eslirnat88. irrecoveT*)le eiwfi￿t Ejf VATIS Y¢1￿Jed *iih the It￿ of expeTrJiture. Gtsvem*xe ¢o$ts ￿Mprise¢0sts tsl the Sc￿01. advtè and ai eostsof complyrg fjth eonstitutnnal arKJ stst￿ory requm)erts. costs inclL*J? costs associated *th tlp pknrry arxl oryanigtion o[fur￿l?15I￿ ￿15 and the costs of the tr￿1￿ sub5kJiary. Tanglbl• fixed ass¢ts and depredation Tan9ible fixed as$et$ other thon frEehDld l￿d a￿ $tsted at eOSt less depre¢lation. Depreciation 15 provid&d at rntes caculated to vmte off t￿c0st ￿$S estrnat￿ r*S￿￿¥aUe based on eLrnt maket prf¢e$ of e&h asset over its Usel￿ econorni¢ fife. &s folkn*s'. Fw8ehold land is TrJt depreciated Freemld w¥J loryJ leasehofd buftdiftgs Fixtu￿.. ftiliThJs ar¥J eqLllprn￿t Volor vd)Kles CoMputer￿￿pm& TA stratgtsr 10% straigN lire strai91rt li 33°A straight lin8 Assets under constry￿1￿ are r￿t d•preciat&J ￿*15 aval￿ble for ￿¢. Le85elKJkl impmvemerts lo b￿rdI1¥s ￿ on sl¥)rt le￿ b•as•s ar• d•prn¢iatod remaiTrng of slx)rt lerm lease I[￿UrI￿d. coEting Ivss £5￿ gre off as an exp￿& fththen ocqurEd. Clwatlng lease commllments Rentst5 ￿t$ ae ctrwyed on a stMght4ine b￿￿3 the lea8e tern. even if the paymgnls are notmade on s￿h a basFS. Benefts r8c•Yed aNJ as an w)centN8 to sign an op¢ratirK4 lease art 5inularfy spmd on a strarJht4ine basi5 over Ihe lease term. Investm•nts FIx8d as$et invoslmerts *• stated atrn•ket Value atthe balance streettjate. Change5 inthgvaluation ol Investmenls tJLrriro thÈyear are as wweaiswj gwrts or k)sses in the Con591idatèd Staternent ol FirN¥K*l Actbvilies. knve8tmerts in sth5hIi￿1eS ¢ost le55 p￿¥$5￿￿ forimpaimiert. 19 THE KING'S SCHOOL. GLOUCESTER NOTES TO THE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 31 JULY 2023 countin9 polides (coThOnu￿) Stock Stock 15 vauwj * the low of cost arKI nel r¢418￿19 v*ue. Taxalion School ¢5 8 wistwoJ ch¥fty aryj as s￿h is to lax ff%emptio￿ onall ts I￿orne aryf gains propetty 8pplied for its chaitable pu¢pos8s. Pensions The School pwticipated in Ihe Tea¢hw5' Pen$H)n Defined Benefits S¢twne wtil 31 August 2021. f¢x its teacFlng st*t. * ratès set by the Scl*me ActLW alvised to the Selbjol by the Scheme Administrator. The Schwn8 15 a Multi-￿knYeF perLsion Sc￿me and t 1$ rK*l possible to idertTrfy 8S8etS 8nd liabilitie8 of tre Scheme that are attribthble to the School. AceordlThJly. ￿rter FRS 102 S28.11. the Schwme i$acc¢wrted foras ifit *tre a deli￿1 contribuil0nsschw*￿d the contsibufior ¥0 aceoLvrtod for advised as due by ￿ Schwno AdnwThstr&tor. The scr￿01 also contn"bute5 to a defined c0rtrlbLrt￿n pensron sGhem8 f0rr0n4￿hin9 Slam. From 1 Septernber 2021 all teaclyry 513ff also rn0¥￿ 10 the schaffla. Employer$ pension ¢ostd we charged in ths p•K)d in *tiiEh the salarie5 lo wlich ty rdate a￿ payabfe. iknrestrlcled funds The Gernral ¢orwiis¢ tr* acCurnIat￿ swpk*. As s￿h Governo￿ Cor￿Ide1th¢S¢ funds to b8 uroEstn"ct•J tLnds Thithin the defifyt￿rs eoJtair*d inthè Charilies Act in ttst tW ¥8 fLsnds ov ich they have complete dK8cr8iKsn as to tsir [￿e. Restricieil fi•nd$ Restrict￿ funds We subject to specific condilions by dontsTS as to h(Trw be ￿8d. Tho PLNP058$ and uses ol th8 r&stricted f￿lS set otst in fv NJte5 to stateme￿. 1.11 R•cts9nllon of liabllitie5 Liabilities a￿ ￿tOgnIsed once tl*e Is a legal oreon51nKtive oblwationthal commts the C**￿b CDmpany lo th8 oblNJation. 1.q2 Financial Instruments Basic finar¢ial instnJm&)ts a￿ iiwti* reeogntsed att￿$￿tiOnVa￿ subje0￿Trtty measured ai amortised cost. exc8p¢ion ol Irwestments￿"Cha￿ hetd at fa6rvauÈ. ￿nanCIal assets held at 4mortts8d cost comprisecash at bank aThJ in kn￿d. togeflw t￿e aid olher debtOf5. AspecNk provision is made for debts for %%txch recovwability is i) doubt. Finanei¥ 14abli ities l￿bj at anortised cost comprisa al credttorJ excopl 50ual security ot￿r tax•5 a￿1 fees in •Jvart•. 1.13 Redundancy paym•nts Redtjntlwcy payments absOl￿elY necéssary ￿ a￿ xcowled foronsn b85iS en th8 commktmffrt to iumirwle a post on the grvLTrJs of red￿JanCY has be￿ mado. 20 THE KING'S SCHOOL. GLOUCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 .vol￿1*Y Incom• ..2023 2022 Donabons. - Restricted Donatitins . UrbT8Strictg 7.314 fj.763 12.094 13.218 2022 Fees rÈceiTAble coKsisi tttr. GfOSS fee5 Lèsi. Total bwsari8s, g￿ts allowarvs 13,321.238 P.382,461) 11.794.840 fz 127.038) 10,938,777 9.6S7.802. Add back.. Bursaries arnl ottwawwds pad Tor by by reSt￿ted furnls 157.950 70.938.777 9.835.752 Trading Incorne 2023 2022 Tumo Operating expths85 96,658 S2391 2261 •l•t profit frorn tr•Jing pl￿¥? $8e Notti 12 for further 21 THE KING'S SCHOOL. GLOUCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 Inv8sknént Incomg 2023 W22 knteresl weivzb¥p frw)rn rNestment oilw Inwri¢ 2022 Oth•r aftcillary actl¥itie5 t3r¢e ¢lwms Afler. school ho￿dty and brè*fasl dLrt>s MUS￿ rfxome Tuilion ir¢orne Trip incorne tr￿port irtome Fee exlras irwme Summer ball 29.310 20.051 74136> 23.4B9 473.266 325.296 .223 34.919 5.438 21,190 101,112 26.416 169.000 156.200 16&374 39.680 1.254.923 689.410 Oth•r ir¥eoming resources 13,266 Govemment gror5ts sceU8rwus receApts 5.887 15, 1&3 29,915 Flnaneo and othgr ￿$tr 2022 Loan inle￿1 Bank chay8S fL16. 138 4. 147 103.554 110.285 107 162 21 THE KING'S SCHOOL. GLOUCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THEYEAR ENDED 31 JULY2023 Analysls c1expendl￿r• Totsl 2023 Total 2Q22 Costs Charflabl• ex￿dItUTè. School operaiing ¢osts-. Tea¢hMy ¢osl¥ W￿1•￿ ¢ost$ Supwt costs Cèt8iing Ptwnises 4799,483 18& 1.79&627 7.595.110 186. 1.504.675 833.087 1,736,224 7.206 92,873 11.955.&15 6.425.457 125.746 1,308.340 694.278 1.5fj2,566 180,533 7S.456 10,3T2.376 831087 754615 44810 Goveman¢e costs 91 4.097.216 7.405.￿9 451￿0 Costs olgenerafing funds.. Furtdralsing Costs S¢hcol flnanciro tost$ School TTrdry costs 12,035 110.285 12,078,1S5 48.442 9.061 107.162 10.488,599 22,261 11Q285 4.219.536 15,111 7.404809 31331 451810 Grnup 12 126 597 10 510 860 G)vemarKe cosls irants. awzvds and wizes 2023 2022 From Rostsict￿ Funds: ies & S¢lY*l¥ships 167.9SO 7,169 10.357 7.169 178,307 From Un¥•strlthd Fund¥: 01￿91￿1$ avths 2.226 7,206 18Q.533 23 THE KING'S SCHOOL, GLOUCESTER NOTES TO THÉ FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31.JULY.2023 'Slaff Costs 2022 Wagès salarfes Socia secunty costs COntsib￿OnS 6.488. 759 581.429 ,5.841.869 531.359 36&952 3T8,597 7,439. 140 6.T51,825 Aggregat$ innuneraion arkd bwfits of ts 8 f2022 9) key pwsonnd tot*"d £753.f￿9 (aVZ' 97,731}. This to the Headmaster, DeFiuty Pkad IAc•Jwnic). Oeputy Hoad (P86toTrll. Bursar. He ol Junitir Sckjol. Deputy HeaJ (Stafl). Assistsni Deputy Pkad CO-Qrri¢U￿ and the Assistant He￿1 of Sixth Form. Temiination.payinerts of tB.(I)) (2022.. E12.462) VrnE rnèd• duriroj the year. The aver8ye rnonthty rnmybtr ol I￿1 Dm• •Juvalènt *npknye& dwing the yewvAs'. 2023 2022 and 5UPPOrt stay 165 The avernJe n[¥￿er ol employ￿ year c*ulat8d on avwag• I￿1 count was 213 fa122" 205J. Ihe numbw of e(rployees wt#)se Isalay other layabie benefits) £60.OJO Of 23 2022 £60.￿1 -£70,fP)Q rro.007 - £80.000 £80,001 _£￿.000 £90,001 - £1W.O(Y) £100,001 - £110.IX £110.001 - £120.C( £120.th)1 - £130.IxKI Durlng th8 yw confribuliors arnourti￿ to (2022. L7.153) m*Je fort￿ trughEr pad Empbyees the Teacheffs .p￿SKIn Sckne. 10. Governots The GoVem0￿ r￿eNe{l reffiunerat#)n orother ben*fitsdurfr¥J the year. aid £nil expewLxes wtre reimbuts& to Govemots (2022. £nN of8xpw>ses RJrnbtttE8d lo Govenw). THE KING'S SCHOOL, GLOUCESTER. NOTES TO THE,FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ÈNDED.31 JULY 2023 11& T*blg Flxed Assets (¥oup and School FJxlur85. ffitllngs & equlpmem Uiid•r olor vehicles buildings Total At f Awt Additions TraAsfèrs Oisposals .lQ765.t95 212.818 J71,525 1131,376) 171.525 103, 1171.5251 1,487.128 150,594 IZ&25 26.394 12,436,673 493.706 1131,3761 At 31 July 2022 11.018.162 104900 1.637.n2 ..L)eprecialion- Z893,742 802.337 190.248 11825 .5.Zlg 3,708,904 452.810 194.3491 Charge for ttie.yw Dispos￿5 (94.349) At 31 July 2023 1056.676 991515 18.104 4067.365 .Nel book valug .At 31 July 20 7,961.486 103.900 645,137 21.115 8.731,638 At 31 Jity 2tr22. 25 THE KING'S SCHOOL. GLOUCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 11b. Freehold and I￿Sehold property Group and School A¢cumul*ed Valuv 2023 Froehold 014 Bishop'$ Palace Arcloyeacon VAadow Sports Wl Design and T￿h￿lOgY B￿ld¥¥j Sci￿￿ Lab ission Ha 550.802 1.440,474 16110.856 59,998 SW099 341,73S t49.482 1.034. 109 2030.227 23.613 509,643 308.517 4.05&582 Long leasettold fjxprovemert5 to larKJ and bLrildirwJ$ lea58d from ihe C￿ter ol &ouw%ler G4h&Jrd.. Jurwor School B￿ld￿S on P*ldo¢k L Ivor Gumey Hall Gouda Way 1011.494 681714 71242 1767,450 1,184. 103 574,907 1, 759.010 sI￿rt leas¢hold imPfD¥emerts to Iwj aTrJ bulhji￿S leased f￿rn the Clwpter of ￿ouC8st￿ C4tl*dra other parti85.' Finches H￿1 Kry's School Ho￿e Litye Qoister House War¢le Paddock Tr￿￿e-S Pltt Stre Coach HoL￿e Dufverton House {e¥dLKJirg fLrnitue *KI littiros) Paddo¢k Cor pa￿ Dev*)p￿t Music Roorn- 3 & 4 pitt Street 7 College Green 29.160 97.747 17.037 145.72Q 13.988 29.682 1.85QS 141,271 61,797 19.647 1811648 11.121062 24,*95 80.567 4.489 qOi.889 81.039 20,3T3 1,733.822 728,853 5&620 19,647 2,25Q.794 8.065.386 The tota cost of tha Dthverton Fbjuse f¢de¥e￿Prn￿E ￿¢￿dIfig fixturgs ar￿ fitknrrfJ$. wa6 ,226.005. The lea5ehokJ p￿pety Is I￿sEd from Chapter of Glow*siwCatl*dra rtnw&Jlg 20 year leases. Ihe lease cOrnM￿cl￿) on 1 January 2014. terns pmvldefor ILkl repa￿r9 liability and at MIS Endep￿&4￿ revi8*JJ at 5 yearty intervals. The rental vdutr of tt*s rene￿0 lease is setat £1￿,775. Foyrrnemb•s of the board of Governorsv￿￿ on behalf of Ch•lw of GI0￿ester Cat￿ra. ri The Sctrool occwjses Paddock LaTrJ is owwj by Chapter of Gloucest Cathedid. Thè Selwl Iw ￿ted bihkjings themn the lattrf$ consent. The Chapter of GIoLfeStw Cat￿￿ Iws grdwled 8 125 ye¥ kase. •xpiriw¥J on 31 December 2134. lavour of the school_ Tho r•rt payable LUKler Ihe le88e was £19.￿ pera¥Mrn for tF* pwnd (l JarnJ8ry 2014) to 31 C*8mo*r 2018. increasiry to £21.414 per anrun farthe perfod to 31 December 2023. The $¢hool aL50 oC￿P￿e$ Yart a 13 year lease frvm the Chapler of Gloucestw 26 THE KING'S SCHOOL. GLOUCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 CatMdral. Tr* wlèr thi5 18as• is £8.764 pw arYK 12 Fixéd Ass•t In¥estrnents 2023 2022 Quoted irr4eslments at mJket 1 AL¥JusI Z)22 Unr8alised Uossygain 93,551 94.587 Quot￿ i￿eStm¥￿S at m*ket ￿ue 31 Juty 2023 91.7Q3 93,557 Cost 10.4fyJ 10,400 Jctea irNostm8rts at m*•t vatuè l AUg￿t >)22 Unfealised Oossygwn 93.S51 94,587 in¥•stm*its at ¥4tL* 31 July 3)23 91.703 93.551 Slwes ￿ subsidiary tradirq corhV•ry. at ¢o$t Co Th6 Sehool of the ordinary $lwes kn tts S￿1$1dl￿Y S￿0 Enterpii5ts LÈmited. company JmbeT I)29389)4 Tncotporaled in Er*JlaThl. t*knich is a tr>Jing ¢ornpary sdlir¥J $8rvic85 and go*>Js lating io the SclKJol. 15 pthtipal place of bu$[r￿S 15 The lfjr¥J's School GIoL￿es1¥, Piti Strpet. Gloucester, GL1 28G. It covenants its tax*le P￿fitS1O th? Schjol. Is trddin9 res￿, extracted its a￿lit￿l firAncial statemerts *ere.' 2023 2022 Tumover Cost of sales Gross profit Admink8tratson exp￿eS 96.658 4,134 92.524 144,3081 52,391 48.701 (18.571) Oper*"ryJ prDfll 48.216 Grrjss tttveront to Kk4'$ Sehjol. Gtouc•stw 4V161 (30. 130) RefaM*d p￿fit for ihe y 27 THE KING'S SCHOOL, GLOUCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 D•btors Group Sel￿01 2022 2023 2022 Trnde debtors Other debtors Prepaym8rrts ancl (rtome ArnoLKts owed try grnup comparmes 364.592 41995 .296.827 374,837 54.361 336.038 92. no 352.261 43.995 296.827 S4.361 14. CredltDrs: amoub)ts falling due Tmthin t)ne Group Scho 2023 Z022 2rJ22 Bank loan Other loans TBJ& Credito Taxes and so¢ial sKurity ro$ts Pension costs RefuTrJable fee deposits Adv￿Ce fee payriients Fees r￿e1Ved in adva er creditor5 Accruals deferred [r￿orne 23S442 231.421 23&442 237.421 160.989 157.188 80.383 Zl8.836 231.754 14a943 71 274.118 197.597 478.&59 722&5 16Q989 f57. 188 80.383 27&836 396.896 33&922 29.331 362 172 231. 754 148,943 274. 118 197,597 478,559 77,605 338,922 370.591 1& CrEditois: anounts falllng due after rnore Ihan one year Group and School 2023 2022 8ank loan Bond Olhw iogns Advance fee payments 1.fj31526 1,519.300 1.267.870 1.519.300 142 .1427.838 The bank SeG￿￿ by IT￿ of a lirsi bjal cwe dat*f 26 October2001 over the f￿hobI laTrd énd b￿{dIr95 atthe S¢hJol playir@ fidds, Ar¢l¥Jeacon MeadDw. Sl Oswal¢Js Road. GIDucesler. 15 aL80 a legJ CA￿¢ dat￿ 26 October 2W1 over the fRe￿Id land ￿ b￿ld￿￿JS at ord 8ishops's Paac8. Pill Street, &owMter. The bank dso have a tN"rtl loJal ¢harg& dat￿ 30 April 2019 over frethDld prop•ty kno￿ as Mission Part( Strt Gloucester. 28 THE KING'S SCHOOL, GLOUCESTER NOTES TO THE FINANCIAL STATEMENTS,(CONTINUED) .FOR THE YEAR ENDÈD 31 JULY 2023 .Th9re Is a fourth Jegal clwg• dalel 26 Jarwary 2021. Is.a flo¥ing clba.rge ovw all property Or￿￿OrtakI￿ of.th8 COrriP¥ry. 1& Credttors: aniou￿ ￿llIng (kn al*r.rnoTe than one year Iconttnuedl Th• ScIts￿l Is5￿1 thffj￿h tre intwrr*"Jw ofAllk8So¢ia trnp*t knvèstments" Li￿￿ted. a b"orKI totslliro £1.519.300 payirrfj a yldd of M%. Thp bond is rnpayab]e on 27 Febnury 2027. (Jhèr to￿ are'due to a SclKJol TNste& k*wt'is clmrgéd at 3%..The kj￿ 4va5 rek)*l In the ye*. Mabjrity of loans Group School ¥Jlthln one year Bank low C*her loan 24442 231,421 èank • wlthin tt¥o to fr*• > Bank lo Bon¢Y Du¢ in mort tr4n ffiv¢ >*ars Bank Jo 220.328 235,442 300.210 1.519.300" 338,718 512.988 693.710 1,519.3 In8.26B ,3.G96,091 1& "Ath7anc• Fqe Pawnents .'PaFErts may enter uilo a ¢ontTXtto pay th? eqLllvaent of at least yews, ttitson fges n adv￿ The rnoroy may be rEtUfned SL**j&rl to spe¢rfic conditions oft the .r¢c•pt of orw t•rni's Assunlw pupi15 ￿?11 rernan In the school. adv￿Ce fees WUI be applied as follow5.. 2023 2022 Gr•ater' 5 yea Witth 2 to 5 y03 Willxn I to 2 years 129.241 3S9.046 152. 381 640, 668 197.597 345.166 871894 .396.896 Wilhln 1 year 1.261790 Tl* bakn¢erepreserAs accn¥d liablityw•Jtt the contrxts.Tr* movemerts durry tt*yè* ￿e. BalaKè at 1 Awus12tr22 4 payrnEnts Arnowrts accru￿ to cortr* a5 debt4*￿ing co$ts 838.265 1,sn 30,343 1.640.181 16,078) 364,313 Amotrts rdur#Jed AmoLrtS Lrtilis•d in paymèrt of lees Balane• at 31 July 2023 29 THE KING'S SCHOOL. GLOUCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 17. Anal￿1$ ol N¢t Assets Brfw¢en Fund%- CyTht y Unresthcw fvnds fvnds Total Group Tangible fixed assets tnvestffjent5 In1.638 91.743 161.154 4TJ1.638 91.703 178.062 720 16,908 LorvJ t8rrn llability.es Unrestrlct¢d R•strIc￿d fvnds lunds Totsl School Twvjible lixed asstts In¥estmerrt5 CUtrT#nl 355ets LorvJ tern liabilities 731.638 91.700 160.372 r442S7201 8.n1,638 91,706 1TI,280 13.425,7201 16,908 Analysis of Net Ass•ts PAt*#•n Funds - Prityry UnrBstric*d ReS￿¢t¢d fvnds fvnds Total oup Tangible fixed assfjts Inveslmerts Nol CWTert assèts Lory term liabilities 4577,629 93.551 94.491 rJ.427.838) 8,577.629 93,S51 111.254 (1427,838) 16.763 nds tund$ Tofal S¢hool Tangibl$ fixed a55ets vestrn•)ts - restated Net currenL assèts Long term liabilities a577.629 8.577.629 93.554 110.472 (1427.8381 11763 f4427.838) 5.337,054 16. 763 5,353.817 30 THE KING'S SCHOOL, GLOUCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 Rostrleted Fund&. in thè Y•ar G¥ins o Investrnentsll ransfers Balanc• BS at 31 July 2023 ar l Augitst 2022 Incomo E¥peThlith Pdze & S¢￿$1￿￿hlp fLTh1 Bursary fund Sports fund Computer Science Equipmont Annual Fund Art Scholar5 Furyl Alum￿ E*tronlG ArcNve Art fund E-Reade Classroom Accessories Wardle Fbu5e Gaff S¢hool and restrActed frJnds 325 3.363 278 1.080 41 41 335 256 335 T.478 V,3221 121TJ 1.025 1200 270 226 51 270 187 176 4271 14.2321 Grow 7.314 908 The Prfft S¢holw51Np is forthe prov￿10￿ of prize5 s¢￿)18r$I￿.p9 forpwik5 at Sch¢)ol. GI￿￿￿ v•ittrrin this tl* Srt£ed charity. ltirg's School Proe and SC￿larShIp FLth)J. Dtyin9 the year tha sclb)l*ship dwnent of tr*f￿d had be￿ fully 8Kper6ed, ard thereforo going fo￿ this fur*J will be amed Tr PrEe FuTrJ". The Bsnay Fund is lorthe provisY)nof financsal assi5￿e foithose psjpls at School, or due to start Ihe SC￿01.￿￿￿)$efamI1Ies fafienon drff1cu1tbmesor*v￿d0Ikn1?se tse unable toxfford theeducatir the SGh)ol. The Sports fuTrl is from dondor6 to improve Sports fxilibes ar0￿1 the Sclwjol. The Computw SciwL Equipmthtt fuThJ Is l¥om dI)nat￿n5 IovRTds ￿MPUter Scler￿ wulpmw The Amual Fur4 1$ ￿ aymjal fthdrni5irrfJ aetivity ior specrfic pwses. Thg Art Scholars fund is to ￿1p fatilitat8 eost of Art resou￿ to albwstthlonls to be as creative as th8y desir*. vhu15t also funding visits fTOrn irn5piring art￿ts at the School. The Aumni El￿tIDI￿¢ Arcli¥efuThl 1510 be used forthe el8Ctrordearhfvfjr& ol previti￿ Sthool yewboovs, The Art l￿d 15 frDm donolioTrs trj be io Fir* Art dasses. In marory ol John Mastets. The E-Read￿5 fwxl isfromdonatiorswlth Ihepurposesof prowdiro 8l•ctrorllc rBading aidsforclassroowo. The ClassroDm Acce550ri0s fund is from donations to abj in tts purchase of mat￿lat$ to er4wn¢e the leaming Èxptiie￿￿ ai Klng's. The Wardlg Hou50 Gwden Is fmm tJor&**)rs with puposè of existir¥J plants V4itlun the Wdrdle gfDundJ. THE KING'S SCHOOL, GLOUCESTER NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) FOR THE.YEAR ENDED 31 JULY 2023 18a Rethct•d Funtts: lJlo¥emÈnts in thè Year {eOntin￿oI . Restrlcted Fund& Iltsvements in thg Prior y￿. 8alan¢* gs at 1Aowt 2021 Gains on Bal•n¢e as 4t 31 July 2022 transfvrs Prfz8 & Scho1*5hp furKI Burnary fufyj Sports fund Computer Sc*nce Equiprnert Annual fuTr Wardlè House fittid Art Scholars F￿d .UuJic fund Art fund E4eaders Qassroom Accessoiies Ouldoor Lewning Wardle House G*den School and Group r•siridÈd lu"nd$ 159.921 11.605 4410 1.051 {156,525) 111.67T) 11.8921 11.036) .4411 {4410 41 4.193 41 5fj5 .{4.212} (39.3381 .7.478": $621 &2 5.2QO 270 1.787 1.134. 417 {1,600) {1,1341 (2411 176 23 18b. Unre¥ldctsd Funds: IAo¥*ments in the Y 8alwKe as 8tIAwt 20Zd as•t31 J￿lY 20Z3 Exp￿dI1Ure TraTrsfÈrs G•n•ral fvnds School fvnds Non charttabl¢ l￿din9 lund$ 4337.OS4. 4337.054 11245, 1124SSfy) 11024 618 (11024.618) 5.55r.996 455r,996 196.6581. 12 121 276 Unrestrlcted Funds: •Aovem•nts in th• Prlar Year Balance a8 at l Aug4kSt X121 Balanc• as at31 Transfers thjly 2022 Incom• General funds School lunds Non charitablè trading funds 4.976.613 4.976.613 1{1.￿1.643 10,$91.643 110.280,162 ' {10,2811.1621 ￿9fjo 5.337,054 5,337.0 $1391 $13911 Group io 32 THE KING'S SCHOOL. GLOUCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) .FOR THE YEAR ENDED 31 JULY 2023 Penslon S¢hwn• Ckn 31 Ats3USt 2021 the School opted to ¥AtXjr￿ Imm Ihe Teachw5' Pwffjion sther￿ fthe TrS"I and $0 going lO￿ard, corknibthions wll ro lor¥Jer be payab￿ to t￿ TPS. The pwtsion chargè lor the year inckjdes ￿n￿'bu￿or￿ Payab￿ to the IPS of £M'I ￿￿22." £￿370). From Seplunber 2021 the sc￿01 mcsved to an AVIVA scheme, for boih r¥)Trteachiro staff and tsachw5. Employ contribulions to tlxs scheme the year tolaled £367.557. At the of the year £80.383 wa5 accrued In respect of JLty'5 payrul. 20. Oporatlng Lease Comrnifments At 31 Juty2023. the Schoolw futL¥B ￿nImItin￿tsWth)￿ Mfvcanceliable operatbN kases as follokns.. 2022 Other Exp￿ng wthin one year Expilng between one afvj fNe years Tot 94833 297.433 393.266 97,897 209.828 307. f25 21. In 2022, ScTrK>oI charged É33.331 r21722 £1 1.731) lo Serfo Errterpiises Limitad fortlE provisi)nof staf and &lministi3tNe savices. The lo￿ School at 31 JLdy 2023 wa5 £92.7TO (20Z2: £52283). The spouse of a govemr ￿ved a sa¥y of £1&117 rn722' £21,87W for I￿r employment ts t98ch8r by the sthool. fin￿￿21 Sdxjol w¥J