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2023-08-31-accounts

Page
Legal and administrative information 1 —2
Report ofthe Governors 3 —3f
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 V! School
Nlilton Road
Southampton
Hampshire
SO15 5UQ
Telephone: 023 80704561
Email: bursar k .h nts.sch.uk
Website: http:i/www. kes.hanor.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
68 Above Bar Street
Southampton
SO142DS
Investment advisom: Evelyn Partners
4e Floor
Portwall
Place
Porlwall
Lane
Bristol
BS16NA
Solicitors: Veale Wasbrough Vizards
Narrow Quay House
Narrow Quay
Bristol
BS14QA
Paris Smith
Number
One
London Road
Southampton
SO15 2AE
Insurance brokers: Marsh Brokers Limited
Capital Mouse
1-6 Perrymount		 Road
Haywards
Heath
RH16 3SY
Architects: Morse Webb
The Byre, Lantern Courtyard
The Street
Bramley
Berkshire
RG26 5DE

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Notes Notes 2023 2022
Fixed assets
Tangible assets 14 32,083,759 30.728,454
Investm enle 15 14,222,468 10,309,727
46,306,227 41,038,181
Current Assets
Debtors 16 760,193 498,101
Cash at bank and in hand 901,009 4,982,880
1,6$1,202 5,480,981
Creditors: amounts falling due within one year 17 (2,493,$32) (2,377,560)
Net current assets (832,730) 3,103,421
Total assets less current liabilities 45473,497 44,141,602
Creditors: amounts falling due after more
than one year 18 (202,642) (215,346)
Self-6nsncing activities' net assets 8,845 105,363
Net assets 45,279,700 44,031,619
Funds
Endowed
funds		 21 3,448,226 3,469,945
Restricted funds 22 4,206,297 4,208,661
Designated
funds		 23 30,078,554 28,873,942
Revenue
fund:		 24
Revaluation reserve 263,256 263,258
Other funds 7,283,365 7,215,813
7,546,623 7,479,071
45,279,700 44,031,619
The financial statements were approved by the Governors on . .... (.. '.....,... ....,
()Ii&l&n
J
n
C
ro
ovemors

AS AT 31A UG US T 2023
2023 2022
Fixed assets
Tangible assets 14 23,898,074 22.487.136
Investments 15 16,711,016 12,798,275
40,609,090 35,285,411
Cunsnt Assets
Debtors 16 7,901,008 6,767,808
Cash at bank and in hand 776,888 4,761,322
8,678,276 11,529,128
Creditors: amounts falling due within one year 17 (2,140,241) (1,778,994)
ftet current assets 6,538,035 9,750,134
Total assets less current liabilities 47,147,126 45,035,545
Creditors: amounts falling due after more
than one year 18 (159,242) (189,746)
Self-ttnancing activities' net assets 8,845 105,363
Defined benefit pension scheme liabigty 25
Net assets 46,996,728 44,971,162
Funds
Endowed funds		 21 3~,226 3,459,945
Resbiclsd funds 22 4,206,297 4,208,B61
Designated
funds		 23 30,078,654 28,873,942
Revenue
fund		 24 9,263,651 8,418,514
46,996,728 44,971,1B2
The financial statements were app 7 the Governors ()JIZ/ZOM
on .... ....~..! . .r....

2023 2023 2022
8 6
Cash generated
by operating
acfivitles		 2,578,210 3,715,265
Cash iowa from investing
activities
Investment
income		 388,788 319,746
Payments
to acquire fixed asset investments		 (4,106,880) (1,274,872)
Proceeds from sale offixed asset investments 143,541 161,693
Payments
to acquire tangible
fixed assets		 (3,085,530) (2,539,'/92)
Receipts from safe oftangible fixed assets 6,931
Cash generated
by/(used
in) investing		 activities (e,eeo,os1) (3,320,294)
Cash used in financing
activities
(Decrease) / Increase
In cash in the year
Cash and cash equivalents
atthe beginning		 ofthe reporting period (4,081,871)
4,982,880		 388,971
4,593,909
Cash and cash equivalents
atthe end		 ofthe reporgng period 901,009 4,982,860
Reconciliation
of net income/(expenditure)		 to net cash flow from operating activities:
Net income/(expenditure)
for the reporting		 period 1,248,081 4,892,946
Adjustments
for:
Depreciation
charges		 1,728,000 1,532,935
Profit/loss
on disposal offixed assets		 2,226 6,556
Unreaiised
(gains)/losses
on investment		 assets 122723 541,505
Realised (gains)/losses
on investment
assets		 (72,125) 41,002
Investment
income		 (388,788) (319,746)
(Increase)/decrease
in debtors		 (262,092) (65,150)
Increase/(decrease)
in creditors		 103,667 757,701
Net (gains)/losses
on pension schemes		 145,000 (3,476,000)
Employer contributions
to funded
defined		 benefit pension schemes (145,000) (140,000)
Decrease/(increase)
in self financing
activities'		 net assets 96,518 (56,484)
Net cash generated
by operating
activities		 2,578,2'IO 3,715,265

each ass et over it s expected life as foll ows:
Freehold buildings Over 50years
General plant and equipment Over 3to 10years
Furniture, fixtures and fittings Over 3to 10years
Motor vehicles Over 4to 5years
Computer and audio-visual equipment Over 3to 4years
Sailing boats and equipment Over 4years
Portable computer equipment including laptops Over 3years

group financial s tatements
as deta		 iled below
f
Stroud KBL
Turnover 4,343,974 51,340
Rent receivable 2,255
Interest receivable 2.896
Other operating income 37,059
Operating
expenses		 (5,050,285) (33,925)
Interest payable (96,957)
Net profltl(loss) before taxabon (761,058) 17,415
Taxation credit
Net profitf(loss) after taxation (761,058) 17,415
Conation to parent charity (33,293)
Retained loss forthe year (761,058) (15,878)
At 31 August 2023,the aggregate amount of net assets and reserves was as follows:
Fixed assets 7,653,394
Current assets 213,391 59,280
Current
liabilities		 (7,606,571) (36,865)
Liabilities due in more than one year (43,400)
216,814 22,415
Represented
by:
Share capital 5,945 5,000
Revaluation
reserve		 263,258
Other reserves (52,389) 17,415
218,814 22,415

Fees
2023 2022
(e) Fees consists of:
Gross fees 23,179,20'I 2'i,969,746
Less: total bursaries, grants and allowances (2,199,587) (1,839,651)
20,979,614 20,130,095
Add back: scholarships, grants etc. paid from unrestncted,
restricted
and designated		 funds 1,218,881 984,360
22,1$8AIIS 21,114,455
(b) The total grants, awards and prizes paid for by Trust Funds consist of:
(b) The total gran ts, awards and prizes paid for by Trust Funds consi st of:
2023 2022
Scholarships, grants etc. paid from restricted and designated funds 1,212,581 968,919
Prizes and leaving awards 6,300 15,441
1,218,881 984,360

5 Other income 2023 2022
8 8
insurance
commission		 2,162 1,412
Entrance and registration fees 21,275 22,975
Other school income 168,168 216,676
189,625 241,063
8 Donations
and legacies		 2023 2022
Unrestdctsd:
Other 50,500
RestHcted:
EPA Cephalosporin Fund 100,000 100,000
KES Foundation 32,070 11,888
Other 255 305
Endowed:
Other 750 54,250
133,075 216,943
7 Expenditure 2023 2022
E 8
Total expenditure includes:
Auditors'
remuneration:
-Fees payable for the audit of the parent and consolidated accounts 18,216 16,560
Fees payable to the charitable company's auditor for other services'
- Audfi ofthe charitable company's subsidiaries 10,218 9,282
-Taxation compliance 2,484 2,131
-Advisory and other services 8,664 5,435
Operating ieass rentals
- Plant and machinery 11,830 6,270
- Land and buildings
8 Employees
2022
6
Total staff costs:
Wages snd salaries 11,365,773 10,984,066
Social security costs 1,167,314 'i,148,667
Pension contributions —defined contribution and multiwmployer defined
benefit schemes 1,993,853 1,848,219
Operating
costs ofdelined		 benefit pension schemes 162,000 331,000
14,688,740 14,311,952
Private medical insurance 65,750 32,300
14,754,490 14,344,252

The average
monthly
number of		 employees
in the year was:
Total Full time equivalents
2023 2022 2023 2022
Number Number Number Number
Teaching 230 225 181 180
Non-teaching 132 125 83 79
362 350 284 259
2023 2022
Number Number
Full time 197 190
Part time 165 160
362 350
The number ofemployees
who had total employee
b
E60,000were:		 enefits excluding
employer
pension
contributi		 ons
above
2023 2022
Number Number
E60,001 - E70,000 25 15
E70,001 - E80,000 6 6
EeO,OO1 —E9O,OOO 1 1
E90,001 - E100,000 2 2
E100,001 - E110,000
E110,001 - E120,000
E120,001 - E130,000
E130,001 - E140,000

11 Taxstlon 2023 2022
8 6
Domestic current year tax
U.K.corporation tax
Total current tax
Factors affecting
Loss ofsubsidiary		 the tax (credit)/charge
undertakings
on ordinary		 forthe year
activities before taxation		 »4&,»I&»2»»,269&
Loss on ordinary activities before taxation mulaplied by standard rate of
UK corporation
tax		 of2L5%(2022 - 19%) (159,883) (39,571)
Effects of:
Change
in unrecognised		 deferred tax 173,782 20,457
Permanent
disallowable		 expenditure 814
Adjustments
to previous		 periods
Depreciation
an assets nct qualifying		 for tax allowances 18,978 25,439
Superdeducgon (5,891)
Change
in tax rate		 (24,254)
Losses
Gift Aid transfer to parent (3,'744) (6,325)
159,883 39,571

Analysts oftotal res ources expended
Staffcosts Depreciation Other Total
2023 2023 2023 2023
6 8 6 6
Charitable activigss:
Bus costs 1,035,869 1.035,8e9
Teaching costs 12/71,921 245,116 1,237,532 13,954,569
Welfare costs 134,827 36,231 1,389,148 1,560,206
School premises 565,153 1,424,696 1,134,469 3,124,318
Other premises 150,D40 189.352 339,392
Support costs 1,432,863 473,793 1,9os,ess
Bursaries, grants, awards and prizes 1,218,881 1,218,881
14,754,804 1,706,043 6,679,044 23,139,891
Governance costs 64,683 64,683
Casts ofgenerating funds:
Marketing
and publicity		 216,892 216,892
Self-financing
activities		 1,479,973 1,479,973
1,696,865 1,696,865
Other resources expended:
Taxation ofsubsidiary
Total resources expended 14,754,8D4 1,708,043 8,440,592 24,901,439
Staffcasts trepreciation Other Total
2022 2022 2022 2022
8 6 6 6
Chantable
actlvlges:
Buscosts 907,916 907,918
Teaching costs 12,013,950 295,591 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 138,003 168,233 304,236
Support costs 1,479,136 588,827 2,067,963
Bursaries, grants, awards and prizes 984,360 984,350
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
837,541 637,541
Other resources expended:
Taxation ofsubsidiary
Total resources expended 14,340,824 1,530,462 6,805,419 22,676,705

2023 2022
6
1,150,867 1,225,867
2,161,664 800,339
3,312,531 2,026,206
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15 Invesbnents Invesbnents
Group:
Managed Other listed Shares
in		 Total Total
funds investments group 2023 2022
f f undertakings f
Market value
At 1 September 2022 10,309,727 10,309,727 9,785,611
Disposal (71,416) (71,416) (202,695)
Additions 4,108,880 4,106,880 1,268,316
Change in market value (122,723) (122,723) (541,505)
At 31 August 2023 14,222,488 14,222,468 10,309,727
Histodcal cost 13,408,585 13,406,585 9,371,121
Parent:
Managed Other listed Shares in Total Total
funds investments group 2023 2022
undertakings f
Market value
At 1 September 2022 10,309,727 2,488,548 12,798,275 12,274,159
Disposal (71,416) P1,416) (202,695)
Additions 4,106,880 4,106,880 1,268,316
Change in market value (122,723) (122,723) (541,505)
At 31 August 2023 14,222,468 2,488,548 16,711,018 12,798,275
Historical cost 13,406,585 2,488,548 15,895,133 11,859,669
Company Country ofregistration Principal Class Shares held
OI' hICOrpOIatlon activity
Subsdiary
undertakings
Stroud School Limited England &Wales School Ordinary 100
KES Bookings Limited England &Wales Facility hire Ordinary 100

Debtors
Group Parent
2023 2022 2023 2022
6 6 6 6
Fees 64,914 73,220 22,044 17,SS7
Other debtors 139,857 181,835 134,309 190,428
Amounts owed by group undertakings 7,289,744 6,405,819
Prepayments 555,422 243,046 465,511 153,672
Accrued interest receivable
760,193 498,101 7,901,608 6,767,806
Creditor s: amounts
falling due within		 one year
Group Parent
2023 2022 2023 2022
6 6 6
Amounts owing to suppliers 908.921 605,274 801,245 495,117
Fees in advance 568,573 515,796 568,573 515,796
Taxation and social security 17,802 627,787 17,902 296,826
Other creditors and accruals 1,000,536 628,703 752,521 471,255
2,493,932 2,377,560 2,140,241 1,778,994

Gmup Parent
2023 2022 2023 2022
E E E E
Other creditors 202,642 215,346 16$,242 169,746
202,642 215,346 18$,242 169,746
Group Group Parent Parent
2023 2022 2023 2022
E E E E
Returnable deposits 62,1$8 51,066 38,198 37,466
19 Financial instruments
Group Pamnt
2023 2022 2023 2022
E E E E
Canylng amount ofgnancfal assels
Equity instruments measured al fair value 14,222,466 10,309,727 14,222888 10,309,727
Equity instruments measured atcost less
impairment 2888,548 2,468,546

Other
Fixed net assetsl
assets Invesbnents (liabilities) Total
2023 2023 2023 2023
f f f f
Endowed funds 3,448,226 3,448,226
Restricted funds 3,280,418 915,879 4,208,297
Unrestricted funds 32,083,759 7,483,824 (1,842,406) 37,625,177
32,083,759 14,222,468 (1,026,527) 45,279,700
Other
Fixed net asselsl
assets Investments (liabilities) Total
2022
f		 2022 2022f 2022
f
Endowed funds 3,469,945 3,469,945
Restricted funds 3,290,418 918,243 4,208,661
Unrestricted funds 30,726,454 3,549,364 2,075,195 36,353,013
30,728,454 10,309,727 2,993,438 44,031,619
Parent: Other
Fixed net assetsl
assets Investmenls (Iiabllldes) Total
2023f 2023f 2023f 2023f
Endowed funds 3,448,226 3,448,226
Restricted funds 3,290,418 915,879 4,206,297
Unrestricted funds 23,898,074 9,972,372 5,471,759 39,342,205
23,898,074 16,711,016 6,387,838 46,996,728
Other
Fixed net assetsl
assets Invesbnenis (liabilities) Total
2022
f		 2022f 2022f 2022
f
Endowed funds 3,469,945 3,469,945
Restricted funds 3,290,416 918,243 4,208,661
Unrestricted funds 22,487.136 6,037,912 6,767,508 37,292,556
22,467,136 12,798,275 9,685,751 44,971,162

Group and parent Scholarships Prizes and
6bursaries other funds Total
5 f 8
At 1 September 2022 3,434,137 35,806 3,469,945
Incoming resources 750 750
Investment
gains/(losses)		 (21,969) (21.969)
Resources expended (500) (500)
Transfers
At 31 August 2023 3,412,418 35,808 3,448,226

Group and parent
KES Scholarships Prizes and
Foundation 8 bursaries other funds Total
8 8 8 6
At 1 September 2022 1,033,751 2,534,738 540,172 4,208,661
Incoming resources 54,417 263,890 27,446 345,753
Resources expended (7,980) (286,501) (22,141) (296,623)
Investment
gains/(losses)		 (24,178) (24,178)
Transfers (27,315) (27,316)
At 31August 2023 1,080,188 2,580,833 545,477 4,206,297

FO R THE Y R THE Y EAR ENDED 31 AUGUST 2023
23 Designated funds
Group and parent: Foundation Self-
schotarships Capital ftnancing
8bursaries reserve activities Total
E E E E
At 1 September 2022 1,004,224 27,764,355 105,363 28,873,942
Incoming resources 9,220 1,413,094 1,422,314
Resources expended (922,258) (1,479,973) (2,462,231)
Transfers in 1,067,752 1,150,867 (29,639) 2,188,980
investment gains and losses (4,451) (4,451)
At 31 August 2023 1,154,487 28,915,222 8,845 30,078,554

Revenue fund Group Parent
E E
At 1 September 2022 7,479,071 8,418,614
hlet incoming resources 2,225,216 3,002,701
Net transfers (2,161,684) (2,161,664)
Actuarial gains/(losses) on defined benefit pension schemes 4,000 4,000
Investment
gains/ (losses)
At 31August 2023 7,546,623 9,263,651

The return
on plan assets is:		 The return
on plan assets is:		 2023 2022
Interest income on assets 388,000 175,000
Gain/(loss)
on assets		 (422,000) (937,000)
(34,000) (762,000)
The reconciliation
offunded		 status to the balance sheet is: 2023 2022
Fair value ofassets 9,378,000 9,519,000
Present value offunded defined benefit obligation (8,668,000) (9,187,000)
Less asset cap (710,000) (332,000)
Ths movement
in fair value		 ofassets is snalysed as: 2023 2022
Opening
fair value ofassets		 9,519,000 10,349,000
Interest income on assets 388,000 175,000
Remeasurement
gains/(losses)		 on assets (422,000) (937,000)
Contributions
by the employer		 145,000 140,000
Contributions
by participants		 50.000 48,000
Net benefits paid out (302,000) (256,000)
9,378,000 9,519,DDD
The movement
in present value offunded		 defined benefit obligations is analysed as:
2023 2022
Opening
defined
benefit obligation		 9,187,000 13,965,0DO
Current service cost 162,000 331,000
Interest expense on defined benefit obligation 375,000 236,000
Contributions
by participants		 50,000 48,0OO
Actuarial
(gains)/losses
on liabilities		 (804,000) (5,137,000)
Net benefits
paid out		 (302,000) (256,000)
Past service cost
8,668,000 9,187,000
Amounts
recognised
in the		 Statement of Financial Activities are as follows:
2023 2022
Employer service cost 162,000 331,000
Financing cost ('I3,000) 61,000
Amounts
included
in charitable		 activities expenditure 149,000 392,000
(Gains)/losses
arising on scheme assets		 422,000 937,000
Liability (gains)/losses (804,00D) (5,137,000)
Less:asset cap 378,000 332,000
Total unreslised
(gain)/loss		 per SOFA (4,000) (3,868,000)
Total (gsins)/losses 145,000 (3,476,000)