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2021-08-31-accounts

Page
Legal and administrative information 1 —2
Report ofthe Governors 3 —31
Report ofthe independent auditor 32-35
Consolidated statement offinancial activities 36 —39
Balance sheets 40-41
Consolidated cash flow statement 42
Notes to the consolidated financial statements 43 - 65

Charity number: Charity number: Charity number: 1088030
Company number: 4238902
Address: King Edward Vl School
Wilton Road
Southampton
Hampshire
SO155UQ
Telephone: 02380704561
Email: bursar kes.hants. sch.uk
Website: http://www. kes.hants. sch.uk
Professional advisors:
Auditors: Fiander Tovell Limited
Chartered
Accountants
Registered
Auditors
Stag Gates House
63/64 The Avenue
Southampton
SO171XS
Bankers: National
Westminster		 Bank pic
68Above Bar Street
Southampton
SO142DS
Investment advisors: Evelyn Partners
4e Floor
Portwail Place
Portwall
Lane
Bristol
BS16NA
Solicitors: Veale Wasbrough Vizards
Narrow Quay House
Narrow Quay
Bristol
BS14QA
Paris Smith
Number
One
London Road
Southampton
SO152AE
Insurance brokers: Marsh Brokers Limited
Capital House
1-5Perrymount		 Road
Haywards
Heath
RH16 3SY
Architects: Morse Webb
The Byre, Lantern Courtyard
The Street
Bramley
Berkshire
RG26 5DE

Structural engineers: RJ Watkinson
and Partners
Limited
12 High Street
Lyndhurst
SO43 7BD
Governors (who are also directors):
Patron The Lord Lieutenant
for the County ofHampshire
N Atkinson
Exofficio Governors The Incumbent
ofthe Church ofSt Mary, Southampton
Reverend J M Finch
Nominative Governors Hampshire
County Council
Councillor
K Mans FRAeS BA (ceased 31 March 2022)
COunCillar
N Penman
(appointed
15March 2023)
Hampshire
Chamber ofCommerce
Vacant
The Old Edwardians
Association
AJ Connell
The Senate ofthe University
ofSouthampton
H V Nicholson
MA (Oxon) MSc
Southampton
City Council
Councillor
A Winning
(appointed 8September 2022)
T Bell (appointed 13April 2022) (ceased 5 May 2022)
Co-optative Governors N Challis CEng, BEng, MIStructE
M Chaloner
M L Chant (ceased 31 August 2022)
DSDhanda
(appointed 8September 2022)
BE Gay BA (ceased 31 August 2022)
D Geddee
(appointed
8 September 2022)
J J Gray BScFCA
A M Holden (ceased 19April 2022)
ASJones
PS Kirk B.Ed, Cert.Ed.
A0 Knibb
SJ ManCey (ceased 31 March 2022)
DrJ E Mitchell
MA (Cantab), MBBS, DRCOG, DCH
AJ Morgan
MA (Oxon), FCA, ATII (Chair)
C G Musker
W A Osorcft BSC(ceased 29January 2023)
I H Rudland
W P Swinn
Dr A LThomas
MA, PhD (Cantab), CBiol, MRSB
J L WadSWOrlh
(ceased 12May 2022)
Officers:
Senior School Headmaster N T Parker MA (Oxon), M Ed
Bursar, Clerk to the Governors and
Company Secretary RV Maher BAEcon (Hone), ACA

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AS AT 31A UG UST 2022
Notes 2022 2021
Fixed assets
Tangible assets 15 30,728,454 29,728,528
Investments 16 10,309,727 9,785,611
41,038,181 39,514,139
Current Assets
Debtors 17 498,101 432,951
Cash at bank and in hand 4,982,880 4,593,909
5,480,981 5,026,860
Creditors: amounts falling due within one year 18 (2,377,560) (1,615,492)
Net current assets 3,103,421 3,411,368
Total assets less current liabilities 44,141,602 42,925,507
Creditors: amounts falling due after more
than one year 19 (215,346) (219,713)
Self-financing activities' net assets 105,363 48,879
Defined benefit pension scheme liability 26 (3,616.000)
Net assets 44,031,619 39,138,673
Funds
Endowed funds 22 3,469,945 3,598,666
Restricted funds 23 4,208,661 4,243,005
Designated
funds		 24 28,873,942 27,750,233
Revenue fund: 25
Revaluation reserve 263,258 263,258
Dtherfunds 7,215,813 3,283,510
7,479,071 3,546,768
44,031,619 39,138,673

AS AT 31A U G UST 2022
Notes 2022 2021
Fixed assets
Tangible assets 15 22,487,136 21,564,865
Investments 16 12,798,275 12,274,159
35,285,411 33,839,024
Current Assets
Debtors 17 6,767,806 6,480,786
Cash at bank and in hand 4,761,322 4,545,382
11,529,128 11,026,168
Creditors: amounts falling due within one year 18 (1,778,994) (1,275,270)
Net current assets 9,750,134 9,750,898
Total assets less current liabilities 45,035,545 43,589,922
Creditors: amounts falling due after more
than one year 19 (169,746) (163,152)
Self-financing activities' net assets 105,363 48,879
Defined benefit pension scheme liability 26 (3,616,000)
Net assets 44,971,162 39,859,649
Funds
Endowed
funds		 22 3,469,945 3,598,666
Restricted funds 23 4,208,661 4,243,006
Designated
funds		 24 28,873„942 27,750,233
Revenue
fund		 25 8,418,614 4,267,744
44,971,162 39,859,649

2022
f		 2022
f		 2021
6
Cash generated
by operating
activities		 3,715,265 2,557,181
Cash flows from investing
activities
Investment
income		 319,746 276,030
Payments
to acquire fixed asset investments		 (1,274,872) (1,071,514)
Proceeds from sale offixed asset investments 161,693 906,669
Payments
to acquire tangible fixed assets		 (2,539,792) (1,508,239)
Receipts from sale oftangible fixed assets 6,931 7,286
Cash generated
by/(used
in) investing		 activities (3,326,294) (1,389,768)
Cash used in financing
activities
(Decrease) / Increase
in cash in the year		 388,971 1,167,413
Cash and cash equivalents
at the beginning		 ofthe reporting period 4,593,909 3,426,496
Cash and cash equivalents
at the end		 ofthe reporting period 4,982,880 4,593,909
Reconciliation
of net income/(expenditure)		 to net cash flow from operating activities:
Net income/(expenditure)
for the reporting		 period 4,892,946 3,785,036
Adjustments
for:
Depreciation
charges		 1,532„935 1,485,146
Profit/loss
on disposal offixed assets		 6,556 1,285
Unrealised
(gains)/losses
on investment		 assets 541,505 (1,340,454)
Realised (gains)/losses
on investment
assets		 41,002 (196,837)
Investment
income		 (319,746) (276,030)
(Increase)/decrease
in debtors		 (65,150) 389,399
Increase/(decrease)
in creditors		 757,701 (446,985)
Net (gains)/losses
on pension schemes		 (3,476,000) (720,000)
Employer
contributions
to funded
defined		 benefit pension schemes (140,000) (147,000)
Decrease/(increase)
in self financing
activities' net assets		 (56,484) 23,621
Net cash generated
by operating
activities		 3,715,265 2,557,181

FOR THE YEAR ENDED 31AUGUST 2022
1 Accounting
Policies (continued)
1.9 Depreciation
(continued)
i he gain or loss arising on the disposal
of an asset is determined
as the difference between the sale
proceeds and the carrying value ofthe asset, and is credited or charged to the Statement ofFinancial
Activities.
1.10 Leasing
Rentals payable
under operating
leases are charged against income on a straight
line basis over the lease
term.
1.11 Debtors
Trade and other debtors are recognised at the settlement
amount due afler any trade discount offered.
Prepayments
are valued at the amount
prepaid
net ofany trade discounts
due.
1.12 Cash and cash equivalents
Cash and cash equivalents
include cash
in hand, deposits
held at call with banks,
other short term
investments
with original maturities
ofthree months
or less, and bank overdrafts.		 liquid
1.13 Creditors and provisions
Creditors
and provisions
are recognised
where the Charity has a present obligation
resulting
from a
event that is likely to result
in the transfer offunds to a third party, and the amount
due to settle the		 past
obligation
can be measured
or estimated
reliably. Creditors and provisions
are normally
recognised
settlement
amount after allowing for any trade discounts
due.		 at their
1.14 Financial instruments
The Charity only has financial assets and financial
liabilities ofa kind that qualify as basic financial
instruments.
Basic financial
instruments
are initially recognised at transaction
value and subsequently
measured
at their settlement
value.
1.15 Self-financing
activities
Receipts collected
and payments
made
by King Edward's
and Stroud
in connection
with
self-financing
activities
are accounted
for in the Statement
of Financial
Activities as the schools
ultimately
retain
any
surplus
or deficit arising.
These balances are a reflection of the large number of activities
and tdips which
the pupils undertake.
1.16 Employee
benefits
The costs of short-term
employee
benefits are recognised
as a liability and an expense. The cost of
unused
holiday entitlement
is recognised
in the period
in which the employee's
services are received.		 any
1.17 Taxation
The subsidiary
companies
are subject to corporation
tax but liability to tax can be relieved
by way of
Aid distribution
to the parent charity.		 a Gift

group financial statements
as det		 ailed
below:
8
Stroud KBL
Turnover
Rent receivable
Interest receivable		 4,704,777
2,189
194		 66,753
Other operating income 50,720
Operating
expenses
Interest payable		 (4,909,078)
(90,364)		 (33,460)
Net profit/(loss) before taxation (241,562) 33,293
Taxation credit
Net profit/(loss) after taxation (241,562) 33,293
Donation to parent charity (10,470)
Retained loss for the year (241,562) 22,823
At 31August 2022, the aggregate amount ofnet assets and reserves was as follows:
Fixed assets 7,709,030
Current assets
Current
liabilities
Liabilities due in		 more than one year 250,580
(6,936,138)
(45,600)		 98,159
(59,866)
977,872 38,293
Represented
by:
Share capital
Revaluation
reserve		 5,945
263,258		 5,000
Other reserves 708,669 33,293
977,872 38,293

4 Fees
2022 2021
(a) Fees consists of:
Gross fees 21,969,746 20,490,339
Less: total bursaries, grants and allowances (1,839,651) (1,951,938)
20,130,095 18,538,401
Add back: scholarships, grants etc. paid from unrestdcted,
restricted
and		 designated funds 984,360 979,584
21,114,455 19,517,985
(b) The total grants, awards and prizes paid for by Trust Funds consist of:
2022 2021
Scholarships, grants etc. paid from restricted and designated funds 968,919 979,584
Prizes and leaving awards 15,441 7,500
984,360 987,084

5 Other income 2022 2021
8 6
Insurance
commission		 1,412 15,892
Entrance and registration fees 22,975 24,394
Other school income 216,676 140,646
241,063 180,932
6 Donations
and legacies		 2022 2021
Unrestricted: 6 6
Other 50,500 60,000
Restricted:
EPA Cephalosporin
KES Foundation		 Fund 100,000
11,888		 100,000
6,638
Other 305 305
Endowed:
Other 54,250
216,943 166,943
7 Expenditure 2022 2021
6 6
Total expenditure includes:
Auditors'
remuneration:
-Fees payable for the audit ofthe parent
Fees payable to the charitable
company's		 and consolidated
auditor for other		 accounts
services:		 16,560 14,400
-Audit ofthe charitable company's subsidiaries 9,280 8,070
-Taxation compliance 1,650 1,440
-Advisory and other services 1,780 1,500
Operating
lease rentals
- Plant and machinery 6,270 19,200
-Land and buildings 10,400
8 Employees
2022 2021
6 6
Total staff costs:
Wages and salaries 10,984,066 10,010,844
Social security costs
Pension
contributions		 - defined contribution and multi-employer defined 1,148,667 1,005,421
benefit schemes 1,848,219 1,753,568
Operating
costs ofdefined		 benefit pension schemes 331,000 327,000
14,311,952 13,096,833
Pi'ivate medical insurance 32,300 31,707
14,344,252 13,128,540

The average
monthly
number of		 employees
in the year was:
Total Full time equivalents
2022 2021 2022 2021
Number Number Number Number
Teaching 225 220 180 175
Non-teaching 125 116 79 75
350 336 259 250
2022 2021
Number Number
Full time 190 183
Part time 160 153
350 336
The number ofemployees who had total employee benefits excluding employer pension contributions above
660,000were:
2022 2021
Number Number
660,001 - 670,000 15 13
670,001 - F60,000 6 3
680,001 - 690,000 1 2
690,001 - 6100,000 2
6100,001 - 6110,000 1
6110,001 - F120,000
6120,001 - 6130,000
6130,001 - 6140,000

Key mana gement remuneration
2022 2021
f 6
The remuneration of key management
personnel is as follows: 858,019 756,059

11 Taxation 2022
6		 2021f
Domestic current year tax
U.K.corporation
tax
Total current tax
Factors affecting the tax (credit)/charge forthe year
Loss ofsubsidiary
undertakings		 on ordinary activities before taxation (208,269) (347,388)
Loss on ordinary
activities before		 taxation multiplied by standard rate of
UK corporation
tax of 19%(2021 - 19%)		 (39,571) (66,004)
Effects of:
Change
in unrecognised		 deferred tax 20,457 47,580
Permanent
disallowable		 expenditure
Adjustments
to previous		 periods
Depreciation
on assets not qualifying		 for tax allowances 25,439 20,413
Losses
Gift Aid transferto
parent		 (6,325) (1,989)
39,571 66,004

FO R THE YEAR ENDED 31AUG ENDED 31AUG ENDED 31AUG UST 2022
12 Analysis oftotal resources expended
Staff costs Depreciation Other Total
2022 2022 2022 2022
6 6
Charitable
activities:
Bus costs 907,916 90?,916
Teaching costs 12,013,950 296,591 1,159,508 13,470,049
Welfare costs 129,280 87,339 1,222,599 1,439,218
School premises 580,455 1,146,532 1,087,802 2,814,789
Other premises 138,003 166,233 304,236
Supportcosts 1,479,136 588,827 2,067,963
Bursaries, grants, awards and prizes 984,360 984,360
14,340,824 1,530,462 6,117,245 21,988,531
Governance costs 50,633 50,633
Costs ofgenerating funds:
Marketing
and publicity		 185,752 185,752
Self-financing
activities		 451,789 451,789
637,541 637,541
Other resources expended:
Taxation ofsubsidiary
Total resources expended 14,340,824 1,530,462 6,805,419 22,676,705
Staff costs Depreciation Other Total
2021
6		 2021f 2021
6		 2021
6
Charitable
activities:
Bus costs 640,532 640,532
Teaching costs 11,018,401 261,086 985,694 12,265,181
Welfare costs 96,931 66,664 1,008,753 1,172,348
School premises 534,338 1,157,397 1,073,799 2,765,534
Other premises 132,931 130,170 263,101
Support costs 1,471,663 485,959 1,957,622
Bursaries, grants, awards and prizes 987,084 987,084
13,254,264 1,485,147 5,311,991 20,051,402
Governance costs 44,517 44,517
Costs ofgenerating funds:
Marketing
and publicity		 104,819 104,819
Self-financing
activities		 329,127 329,127
433,946 433,946
Otherresources expended:
Taxation ofsubsidiary
Total resources expended 13,254,264 1,485,147 5,790,454 20,529,865

FO R THE YEA R ENDE D 31AUGUST 2 022
13 Transfers 2022 2021
6 6
From Revenue fund to:
Capital reserve
Bursary grants		 and allowances 1,225,867
800,339		 975,868
Net transfers
from Revenue		 fund 2,026,206 975,866
From Endowed to Designated funds:
School contribution
to bursaries		 paid from endowed funds

2022 2021
8 6
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FO R THE YEAR ENDED 31AUGUS T 2022
16 Investments
Group:
Managed Other listed Shares in Total Total
funds investments group 2022 2021
undertakings
6 6
Market value
At 1 September 2021 9,785,611 9,785,611 8,084,760
Disposal (202,695) (202,695) (709,832)
Additions 1,268,316 1,268,316 1,070,229
Change
in market value		 (541,505) (541,505) 1,340,454
At 31 August 2022 10,309,727 10,309,727 9,785,611
Historical cost 9,371,121 9,371,121 8,305,500
Parent:
Managed Other listed Shares in Total Total
funds investments gl'oup 2022 2021
undertakings
6
Market value
At 1 September 2021 9,785,611 2,488,548 12,274,159 10,573,308
Disposal (202,695) (202,695) (709,832)
Additions 1,268,316 1,268,316 1,070,229
Change
in market value		 (541,505) (541,505) 1,340,454
At 31August 2022 10,309,727 2,488,548 12,798,275 12,274,159
Historical cost 9,371,121 2,488,548 11,859,669 10,794,048
The charitable
company
hold		 s more than 20%ofthe share capital ofthe follow ing
companies		 :
Company Country of registration Principal Class Shares held
or incorporation activity
Subsdiary
undertakings
Stroud School Limited England &Wales School Ordinary 100
KES Bookings Limited England &Wales Facility hire Ordinary 100

Debtors
Group Parent
2022 2021 2022 2021
6 6 6
Fees
Other debtors		 73,220
181,835		 45,219
180,505		 'I7,887
190,428		 20,689
175,267
Amounts owed by group undertakings 6,405,819 6,144,352
Prepayments
Accrued interest receivable		 243,046 206,948
279		 153,672 140,199
279
498,101 432,951 6,767,806 6,480,786

Credito rs: amounts
falling due within		 one year
Group Parent
2022 2021 2022 2021
6 6 6
Amounts
owing to suppliers
Fees in advance
Taxation and social security
Other creditors and accruals		 605,274
515,796
627,787
628,703		 206,844
705,071
24,444
679,133		 495,117
515,796
296,826
471,255		 179,645
513,520
23,505
558,599
2,377,560 1,615,492 1,778,994 1,275,270

Group Parent
2022
6		 2021f 2022 2021
6
Other creditors 215,346 219,713 169,746 163,152
215,346 219,713 169,746 163,152
five years:
Group Parent
2022 2021 2022 aoa1
f 6 6 5
Returnable deposits 51,088 63,084 37,488 38,940
Financial instruments
Group Parent
zozz aozt 2022 Z0Z1
6 8 6
Canylng amount offinancial assets
Equity instruments measured at fair value 10,309,727 9,785,611 10,309,727 9,785,611
Equity instruments measured at cost less
impairment 2,488,548 2,488,548

Allocatio n ofnet assets
Group: Other
Fixed net assetsl
assets Investments (liabilities) Total
2022 2022 2022 2022
6 6 6 6
Endowed
funds
Restricted funds
Unrestricted
funds		 30,728,454 3,469,945
3,290,418
3,549,364		 918,243
2,075,195		 3,469,945
4,208,661
36,353,013
30,728,454 10,309,727 2,993,438 44,031,619
Other
Fixed net assetsl
assets Investments (liabilities) Total
2021 2021 2021 2021
E 6 6 6
Endowed
Restricted		 funds
funds		 3,598,666
3,290,418		 952,588 3,598,666
4,243,006
Unrestricted funds 29,728,528 2,896,527 (1,328,054) 31,297,001
29,728,528 9,785,611 (375,466) 39,138,673
Parent: Other
Fixed net assetsl
assets Investments (liabilities) Total
2022
6		 2022
6		 2022
6		 2022f
Endowed
funds
Restricted funds
Unrestricted
funds		 22,487,136 3,469,945
3,290,418
6,037,912		 918,243
8,767,508		 3,469,945
4,208,661
37,292,556
22,487,136 12,798,275 9,685,751 44,971,162
Other
Fixed net assetsl
assets Investments (liabilities) Total
2021
6		 2021
6		 2021f 2021
6
Endowed funds 3,598,666 3,598,666
Restricted funds 3,290,418 952,588 4,243,006
Unrestricted funds 21,564,865 5,385,075 5,068,037 32,017,977
21,564,865 12,274,159 6,020,625 39,859,649

Endowed funds
Group and parent Scholarships Prizes and
&bursaries otherfunds Total
6 6
At 1 September 2021 3,582,858 35,808 3,598,666
Incoming
resources		 54,250 54,250
Investment
gains/(losses)		 (182,971) (182,971)
Resources expended
Transfers
At 31August 2022 3,434,137 35,808 3,469,945

Group and parent
KES Scholarships Prizes and
Foundation &bursaries otherfunds Total
6 6 6
At 1 September 2021 997,800 2,728,500 516,706 4,243,006
Incoming resources 35,951 268,773 25,576 330,300
Resources expended (183,875) (2, 110) (185,985)
Investment
gains/(losses)		 (178,660) (178,660)
Transfers
At 31August 2022 1,033,751 2,634,738 540,172 4,208,661

Group and parent: Foundation Self-
scholarships
8bursaries		 Capital
reserve		 financing
activities		 Total
6 6 6 6
At 1 September 2021 1,162,866 26,538,488 48,879 27,750,233
Incoming resources
Resources expended
Transfers
in
Investment
gains and losses		 60,270
(798,375)
800,339
(220,876)		 1,225,867 508,273
(451,789)		 568,543
(1,250,164)
2,026,206
(220,876)
At 31August 2022 1,004,224 27,764,355 105,363 28,873,942
Transfers
into the Capital Reserve represent F225,867(2021 -6225,866) in
replacements
and 61,000,000(2021 - F750,000) in respect ofthe continuing		 respect offixed asset
development
programme.
This
programme
is reviewed		 on a regular basis to ensure ongoing total Capital Reserves are consistent with our
updated
ten-year strategic plan for		 the Schools
Revenue fund Group Parent
F 6
At 1 September 2021 3,546,768 4,267,744
Net incoming
resources		 2,090,509 2,309,076
Net transfers (2,026,206) (2,026,206)
Actuarial gains/(losses) on defined benefit pension schemes 3,868,000 3,868,000
Investment
gains/ (losses)
At 31August 2022 7,479,071 8,418,614

The return
on plan assets is:		 The return
on plan assets is:		 2022 2021
Interest income on assets 175,000 141,000
Gain/(loss)
on assets		 (937,000) 1,480,000
(762,000) 1,621,000
The reconciliation
offunded		 status to the balance sheet is: 2022 2021
Fair value ofassets 9,519,000 10,349,000
Present value offunded
defined		 benefit obligation (9,187,000) (13,965,000)
332,000 (3,616,000)
The movement
in fair value		 of assets is analysed as: 2022 2021
Opening
fair value ofassets		 10,349,000 8,853,000
Interest income on assets 175,000 141,000
Remeasurement
gains/(losses)		 on assets (937,000) 1,480,000
Contributions
by the employer		 140,000 147,000
Contributions
by participants		 48,000 50,000
Net benefits paid out (256,000) (322,000)
9,519,000 10,349,000
The movement
in present value		 offunded defined benefit obligations is analysed as:
2022 2021
Opening
defined benefit obligation		 13,965,000 13,336,000
Current service cost 331,000 327,000
Interest expense on detined benefit obligation 236,000 211,000
Contributions
by participants		 48,000 50,000
Actuarial
(gains)/losses
on		 liabilities (5,137,000) 363,000
Net benefits
paid out
Past service cost		 (256,000) (322,000)
9,187,000 13,965,000
Amounts
recognised
in the		 Statement of Financial Activities are as follows:
2022 2021
Employer service cost 331,000 327.000
Financing
cost		 61,000 70,000
Amounts
included
in charitable		 activities expenditure 392,000 397,000
(Gains)/losses
arising on scheme		 assets 937,000 (1,480,000)
Liability (gains)/losses (5,137,000) 363,000
Less: asset cap 332,000
Total unrealised
(gain)/loss		 per SOFA (3,868,000) (1,117,000)
Total (gains)/losses (3,476,000) (720,000)

2022 2021
6
Within one year 8,094 18,473
Between two and five years 7,294 6,270
In over five years
15,388 24,743