2021-07-31-accounts

THE KING'S SCHOOL WORCESTER ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31JULY 2021

THE KING'S SCHOOL WORCESTER ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2021 Contents Page Governors, Officers and Advisers Annual Report of the Governors Strategic Report io Statement of Accounting and Reportin8 Responslbilltles 19 Independent Auditor's Report 21 Consolidated Statement of Financial Activities 25 Consolidated Summary Income and Expenditure Account 27 Consolldated and School Balance Sheets 27 Consolidated Cashflow Statement 28 Notes to the Consolidated Cashflow Statement 29 Notes to the Flnanclal Statements 30 Company Registered Number.. 04776324 Registered Charity Number.. 1098236

THE KING'S SCHOOL WORCESTER GOVERNORS. OFFICER5 AND ADVISERS YEAR ENDED 31 JULY 2021 GOVERNORS, DIREcfoRS AND CHARITY TRUSTEES The Governors of the Kin￿5 School Worcester 1.the School") are the School's charity trustees under charity law and the directors of the charitable company. The members of the GoverninB Body who seryed in office as Governors during the year and subsequently are detailed below.. 121 131 141 151 161 181 H B Carslake (Retlred Chairl Res18ned 4 July 2021 Mrs P Preston (Chairl The Very Rerfd P G Atkinson R M Atkins Resigned 7 August 2020 G W Ballard Appointed 4 December2020 Rev'd Canon M Brierlev Mrs K Brunt Resigned 25 June 2021 Appointed 19 March 2021 R S Mcclatchey Resigned 19 Januory 2021 D8Dale D L Green J W fl Goulding Ms C Hoddinott Mrs J H Jarvis Mrs C Pike A Reekes J Riaz Appointed 24 September 2021 Dr L Tether R. Tomlinson Appointed 19 March 2021 A Underwood Prof J Vickerman Retired 25 June 2021 P Walker During the year the activities of the Governing Body were carried out through the main board and the above committees. The membership of these cofflmittee5 15 Shown above for each Governor. 111 Finance and Gelleral Purposes Committee 121 Education Committee 131 Representative on School Health and Safety Commlttee 1415afeguarding Governors 151 Nominations and Governance Committee 161 Representative of EYFS 171 Representative5 of Junior School'5 181 Compliance Committee Parent of pupil at the school

THE KING'S SCHOOL WORCESTER GOVERNORS, OFFICERS AND ADVISERS (Continued)

YEAR ENDED 31 JULY 2021

OFFICERS

GE Doodes Headmaster - Foundation (Appointed 1 September 2020) J R Ricketts Acting Headmaster- Foundation (1 September 2019 -31 August 2020) R A Chapman Head - King's St Albans Junior School J Turner Head - King's Hawford Junior School (Resigned 1 April 2021) J Phillips Head - King's Hawford Junior School (Appointed 1 April 2021) Miss H L Jackson Bursar and Clerk to the Governors (Resigned 31 August 2021) Miss G M Mason Director of Finance and Business Development (Appointed 19 April 2021) S C Holden Director of Operations (Appointed 9 August 2021)

Principal address and Registered Office

5 College Green, Worcester, WRl 2LL

Auditor

Crowe U.K. LLP, St James House, St James Square, GLS0 3PR

Bankers

Lloyds Pie, 4 The Cross, Worcester, WRl 3PY

Solicitors

Harrison Clark Rickerbys Ltd, Wellington Street Cheltenham, GLS0 lYD

Parkinson Wright LLP, St Nicholas Street Worcester, WR1 1UN

Surveyors

Gwilliam Darby Carr, 7 Severn Street, Worcester, WRl 2ND

Charity number

1098236

Company Number

04776324

Website

www.ksw.org.uk

3

THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2021 The members of The King's school Worcester Governing Body present their Annual Report for the year ended 31 July 2021 under the Charities Act 2011 including the Directors, Report and Strategic Report and the Companies Act 2006, together with the audited flnancial statements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION The King's School Worcester I'the School") wa5founded in 1541. It Is constituted as a company limited by guarantee re8lStered in England, No. 04776324, and is registered with the Charlty Commission under Charity No.1098236. The Charity Commissioners for England and Wales have i55ued a unitin8 direction In respect of the School and the unincorporated precur50r charity that went by the same name (having the re81Stered name of Worcester Cathedral Grammar School, charlty number 5275361 whereby single entlty financlal statements may be prepared. The School operates one senior school and two junior schools known as Klng's St Alban's and King's Hawford. There is one Governing Body for all three Schools. Details of the member5 of the Governing Body, together with the School'5 officers and princlpal advisers, are given on pa8es 2 and 3. STRucfuRE, GOVERNANCE AND MANAGEMENT Governlng documents The School is governed by its Memorandum of Association and Articles of Association and by the Scheme of the CharSty Commissioners dated 18 Au8USt 2003, amended on 3 July 2C(J9 and 30 November 2018 and 13 May 2021. Governlng Body Under the Charity Commlssion Scheme the Board of Governors shall not exceed eighteen members comprising one ex-officio. eight nominative and nine co-opte(i Governors. Of the nominative Governors seven are appointed by the Dean and Chapter of Worcester Cathedral and one by the Bishop of Worcester. Nominative Governor5 Serve for a term of four years. Co-opted Governors are appointed for a term of four years by resolutlon of the Governors. Retiring Governors may be re- appointed. Recruitment and tralnlng of Governors The School's elected Governors are appointed at a meeting of the Board of Governors on the ba515 of nominations received from the three nominating bodies specified within the Charity Commission Scheme. All nominations lincludlng co-optative appointment51 ore made havin8 regard to the Board's requirements concerning eligibility, personal competence, specialist skllls, and availability. New Governors are inducted into the workings of the School, including governing body policy and procedures. through visits to the School and the provision of a comprehensive brlefing pack and by personal contact with other Governors, the Headmaster, the Director of Finance and Business Development and the Director of Operations. All Governors are offered the opportunity to attend relevant training seminars and receive briefings on current issues in the sector and regulatory requirement5.

THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2021 Organisatlonal management The Governors, as the charlty trustees, are legally responsible for the over311 mana8ement and control of the School. They meet at least three times a year and on other occasions a5 required. The work of implementing their policie51s facilitated by four sub-committees.. the Finance and General Purposes Committee IF&GPI ha5 specific responsibility for financial matter5 includin8 the review of budEets and flnalisin8 the audited flnancial statements and annual report for approval by the Board. the Education Committee considers strategic academic issues. the Nominations and Governance Commlttee considered the recruitment and retirement of Governors, tem15 of reference and committee membership. the Compliance Committee provldes oversight of all elements of compliance and risk. There are no other standing committees of Governors but the membership of the School's Health and Safety Commlttee is chaired by a Governor and there are nominated governors who have specific responsibility for liaising wlth the junior schools, early years and child protection. In addition, there is Governor representation on various ad hoc school management committees as may be required from time to time. The day to day running of the schools is delegated to the Headmaster supported by the Dlrector of Finance and Business Development, the Dlrector of Operation5, the Senlor Leadership Team and Junlor School Heads. ToBether thls group represent the key mana8ement per50nnel. All meetings of the full 8oard of Governors, the F&GP, Education and Nomination Committees are attended by the Headmaster and the Dlrector of Finance and Business Development and the Director of Operations. The pay and remuneratlon of the key management personnel are determined by Governors. The Senior Deputy attends all meetlngs of the full Board of Governors and of the F&GP and Education Committees and the Junlor School Heads attend all meetings of the full Board of Governors. Group Structure and Relatlonshlps The School ha5 two related non.charitable subsldiary companle5, King's School Worcester Activities Limlted and KSW Enterprises Limited. A minimum of one half of the number of serving directors on the Board of each subsidiary are also members of the Boord of Governors. King's School Worcester Activities Limited is a company limited by guarantee and does not have a share capital. As such the liability of each member of the company is limited to an amount not exceeding £1. Thi5 company Is the enterprise through which commercial activities, Including the hire of general school facllities, take place. KSW Enterpri5e5 Limited Is a company limited by shares and its issued share capital of £1 is wholly owned by the charity. This company administers the community lettings of the Astroturf constructed by the school on the site of Bishop PeTowne Church of England College. As a result of Covid-19 there were no lettinEs from March 2020 until May 2021. Employment Pollcy The School is an Equal Opportunities Employer. Full and fair consideration is given to all job applications and due consideration is given to training and employment needs. Consultation with employees, or their representatives, is undertaken at all levels Wlth the aim of taking the views of employee5 into account when decisions are made that are likely to affect their interests.

THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2021 The Governors recognise the importance of good communications with all employees and involve employees within the School's strategic plannlng procedures. In addition to communication through normal management and departmental channe15 employee5 are kept well informed of the performance, financial posltion and objectives of the School through personal briefings, regular meetings, e-mall and presentations throughout the year. Promotlon of the success of the orBanlsation to beneflt Its members The Governors confirm that in accordance with Sertion 172111 of the Companies Act they act in way they consider most likely to achieve the purposes of the Company. In making thls a55e5sment. the Governor5 consider the relevant actlons of the Board as descrlbed throughout the report. Taklng the areas requlred for disclosure in turn.. a. The likely consequen¢es ot any declslon In the lon8 term The long-term sustainability of the School15 detailed in the Strategic Report. Specifically, the Governors consider both operating result5 and financial projections and the key risks that could negatively impact the 5L15tainablllty of the School. The Flnance and General Purpose5 Commlttee and the full board review management information, budgets, forecasts, cashflow projections and progress ogain5t budget on a regular basis. Risk Mana8ement and the level of reserves are also dlscu55ed further in the report. b. The Interests ofthe ¢ompanVs employees In relation to employee engagement, weekly briefings keep staff informed of school wide matters of interest. The Governors receive regular reports from management on the wellbein8 of the employees and speak dlrectly to staff durln8 vlslts to the school, althou8h during Covid-19 vi51ts have not been possible. c. The need to foster the COM￿nY,$ buslness relatlonshlps wlth parents, suppllers, and others. In relation to key 5tokeholder en8agement, the Governor5 worked closely with mana8ement to communicate with parents, staff and pupils. Durlng the Coronavlrus lockdown, the Governors communicated directly with parents to inform thern of the measures they were taking to ensure the continuation of teachin8 and the provision of Covid-secure environment, as well as the rationale behind the rebate given on Spring term fees. Parents receive weekly news update from the foundation via efflail. In accordance with financial procedures and standard payment terms, Supplier payment is due within 30 days after the School ￿ceiVe5 the invoice from the supplier. d. The impart of ihe company's operations on the community and the environment The Governors have commissioned an independent review of energy use and there Is a review of Greenhouse gas emissions later in this reFlOrt in compliance with the Streamlined Energy and Carbon Reporting ISECRI Report.

THE KING'S SCHOOLWORCESTER ANNUAL REPORT OFTHE GOVERNORS FOR THE YEAR ENDED 31 JULY 2021 The desSrablllty of the company malntalnlng a reputation for hlgh standards of buslness conduct The School takes a zero-tolerance approach towards fraud, bribery and corruption. It15 Committed to complyin8 With all applicable laws and regulations relating to fraud, brlbery and corruptlon. The need to act fairly as between mernbers of the company The Governors understand the Charity Commission requirements and acknowledge the need to avoid and manage potential conflicts of interest. The Company is limited by guarantee so doe5 not have share capital with the result that issues relating to Director 5hareholder5 or relations between malorlty and minority shareholders do not apply. OBJEcfs, AIMS, OBJEcfivES AND AcfiviTIES Charltable Objerts The School's Objects and principal actlvitie5, as Set out in the Memorandum of Association, are to advance education and trainin8, including physical training, by the provision and conduct, in or near Worcester, of day ondlor boarding schools for boys and girls with the provision of accommodation and educational facilities for the Choristers of the Cathedral Church of Worcester and by ancillary or Incidental educatlonal artlvltles and other associated activities for the beneflt of the community. In pursulng Its charltable objects the School's mlsslon 15 to help young people reach thelr potential at school in preparation for leadin8 confident, fulfllled and unselfish lives a5 adults. In furtherance of these Objects for the public benefit the School, which operates three schools lone senior and two junior) known collectively as The King's School Worcester, has established and admlnlsters bursarles, grants, awards and other benefactions, and act5 as the trustee and manager of property, endowments, bequests and 8ifts given or established in pursuance of these Objects. The Governing Body is mindful of the lon8-standin8 need to provlde public benefit and of the requirements of the Charities Act 2011. In connection with this the Board has monitored closely the guldance on public benefit produced by the Charlty Commlsslon together with its supplemental guidance on fee- char8ln8. Alms The School'5 aim5 for the public benefit are: to provide a first cla55 independent education within an ethos of spiritual awareness and tolerance that 15 widely accessible, ir￿SpeCtIve of family financial circumstances,. and to establish the School as a community in which there are strong and active partnerships between parents and the three schools, and between the local community and the three schools. Primary objectlves The primary objectives of the School to fulfil these aims are.. to maintain the aspiration to high standards in academic performance and extra-curricular activities whilst preservin8 a healthy balance between the two.

THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2021 to widen atcess to the education provided by the school through the provision of financial Support for children whose parents are unable to afford the full fees and also through a range of projects and activities with the local community, including "out of hours" access to the schools, facilities in order that they are put to good educational use when not otherwise needed. to provlde a stlmulating learning environment in which pupils can develop their academlc potential to the full. to provide appropriate teachin8 resources and accommodatlon throughout all three schools to provlde a happy and secure pastoral environment which promotes and develops Independent learning, supports pupils in the achlevement of thelr indivldual potential and fosters a sense of community mutual respect and good citizenship. to provide an effective management Structure and the administratlve and logistlc framework necessary to meet the needs of staff and pupils allke. The aims and objective5 set for the School's subsidiaries are to facilitate the achlevement of the School's aims and objectives as above. strategles to achleve the prlmary objectlves A key 5trate8V toward5 the achievement of the primary objectives is the annual review and update of the School's Development Plan and its approval by the Governin8 Body. An important part of the review process is an assessment of performance durlng the year against the targets set for the perlod, with the results of that assessment bein8 used to inform proposed tar8ets and action plans for the future. The Development Plan embodies the operational aims and future plans of the School Isummarised on pa8e 181 and, once approved by Governors, becomes a tool for use by the key management personnel to inform operational planning and dec15ion making. The Governlng 8ody also keeps under review the facilitie5 avallable to pupils and staff on all three sites and the extent to which additional or improved resources may facllitate the achievement of the development plan tar8ets. Prlnclpal actlvlty The School's principal activity, as specified In the Memorandum of Assoclatlon, Is the advancement of education and In this the School has aBain had a successful year. The School roll averaged 1,24412020.. 1,2871 pupils across all year group5 from Reception upwards with an additional 83 pupils 12020= 731 in Kindergarterb on a full or part time basis. The School continues to maintain the high standards and ethos for which The Kinls School Worcester ha5 become known. Public benefit The King's School Worcester remains committed to the aim of providing public benefit. In setting the School's objectives and planning its activities the Governors, as charity trustees, have 8iven careful consideration to the Charity Commission's general guidance on public benefit requirements (under the Charities Act 20111 and in particular to it5 supplementary public benefit guidance on advancing education and on fee-charging. Whilst the aims of the School include maintaining and enhancing the academic success of its pupils, the School welcomes pupils from 311 background5 and it is important that access to the education offered is not restricted to those who can afford the fees.

THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2021 The Governor5 believe that pupils beneflt from learning within a diverse communlty and established the School's Bursary S(heme land ￿lated Oevelopment Office fundraising function). In 2017 the Foundation launched a campaign to raise additional funds for bursaries. The Governors, policy Is to award grants and bursaries on the basis of educational ability and parental means (subject to any restrictlons imposed by any donor of the funds) to enable pupils to join the School, or to ensure continuity of education if this would otherwise be at risk due to unforeseen hord5hip or temporary difficulty. The pupils who attend the School and who receive financlal support contribute to the whole school community in a variety of ways, conferrlng benefit upon the whole Instltution and, in some cases, to the wider community. Financial support is provided not only throu8h bursarles but also throu8h the provision of scholarships, 8rants and fee concession5. Thls year the School provided financial support totaling £2.Om to 486 pup51s12020.' £1.82m to 448 pupi151. Within this, mean tested awards ranBin8 from IO% to 100% remission totaling £0.67m were made to 82 pupils12020.. £0.58m to 78 pupils), with further grants to assist with the cost of extra-curricular activities, equipment and school trlp5. Of this total number, 16 pupi15 benefitted from IC(J% remission of fees, with a further 19 receivin8 awards equivalent to at least 75% fee remi55ion. The Governors take5 the view that the provlslon of bursarie5 15 important but not to the exclusion of the much wider benefit that the School provides to the community. The School engages in many other activltles that provlde wider publlc benefit. In normal tlmes examples range from the provision of facillties for local schools, charities and community groups public acce55 to cultural and educational event5, activities and productions and a number of well-establlshed partnerships wlth local maintalned Senior and primary schools. Activities included inter school quizzes al primary level for local schools, math's challenges, workshops in music, sports and drama. Unfortunately, Covid-19 restrictions meant that many activltles and events did not take place In th55 academic year. Pupils within all three schools are encoura8ed to develop an awareness of the social context of the education they receive at the School and en8a8e in fund raislng activities on behalf of a wide range of local, natlonal and international charltles. Thls has been particularly pertinent given the current pandemic. The School is a member of the Rivers Teachin8 Alliance sharing best practices and has taken students from Gloucester and Worcester Universities, amon8St others, on initial teacher tralning courses or PGCE.

THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2021 STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Senior School review of achievements and performance for the year Fundralslng performance The Foundation Development fund raising initiative is a long-term programme, which is the re5pon5ibility of the Foundation Development Office IFDOI. The FDO fundraises for the benefit of the School through The King's School Worcester Development Trust. with appropriate FDO costs borne by the Trust. This arrangement offers 8reater assurance to donors about the custody of their gifts. and aims to encourage a broader tross section of the constituent members of the wider school community to en8a8e with fund raisin8 activities. The School has a long-term bursary fund raising strategy, the aim of which is to fulfll the orlglnal oblective set by Henry Vlll of supportin8 40 free places at the School. Investment pollcyl obJertlve5 and performance The Inve5tment5 currently held by the charity are not materlal. They are, for the most part, invested through CCLA Management Limited in either COIF charity fund5 or CBF Church of England Funds and no formal Investment performance review is considered necessary. FINANCIAL REVIEW Results for the year The arrival of Coronavirus In February 2020 had a devastating impact on the entire country and, a5 for all 5choo15, Caused significant challenges for the Foundation and its community of pupils, parents and staff. The Autumn 2020 term hat1 the challenge of needing to operate in year group bubble5 and many of the normal school activities had to be cancelled or postponed. Parallel runnlng a remote learnlng provlslon became the new norm. Kin8's puplls showed great commitment and excelled in the new learning environment. The Impact of Covid-19 has continued into 2020121. The Governors held the fees at 2019120 levels and the School has absorbed the cost of implementin8 a Covid-19 secure envlronment to meet government guidance. These costs amounted to £352k for the year whlch was partially offset by Job Retention Scheme Grant of £86,0￿. The Sprin8 term saw a second lockdown, while the School remained open for key workers thls was run in parallel with the remote learning provision. A fee reduction of 5.85%1£289kl was given for the Spring term for all years with the exception of Kindergarten which remained opened durln8 thls time. Numerous sensitivity analysis exercise5 have been done to stress test different scenarios and the School has taken out a Continuing Bu5ines5 Interruption Loan to support cash requirements. We are immensely grateful for the support and encouragement we have received from parents during thi5 period. io

THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2021 The foundation kept tlose control of resources overthe year and as a result has reported a srnall deficit of £27,000. The Governors are pleased with this result In what ha5 been a very challenging year. The net outgoing resources of the group for the year from operations were £71,OC%J12020- £165.0001. The net decrease in funds for the year was £27,00012020- £162,000). The net outgoing resources for the year from operations of £71,01)J 15 better than was expected for the year. The fact that the School hos reported a net outflow of results, while not svrprisin8, is below the optimum level that the school consider5 necessary to be able to continue to finance the future development of the school's faci1Sties and educational programme. The school development plans Include a number of initiatives for 2021122 and 2022123 intended to address the net Income requirements of the school for future investment however, the school Is cautious in terms of acting against these plans whlle the future impact of Covld- 19 remains uncertaln. Reserves Level and Policv The school's Reserve5 Pollcy is to maintain sufficlent unrestricted income reserves to enable It to meet its short-term financial obligations in the event of an unexpected revenue shortfall and to rely upon its reali5able general purposes fixed assets as adequate cover for the School's longer-term financial obliBations, including the actuarially calculated but transient funding deficlt of £0.65m on the School's defined benefit staff pension scheme that under FR5102 is accrued as a Ilability. The School's unrestricted reserves are deployed as fund5 for part of the school's premises and equipment and at the year-end free reserves represented a balance of £4.6m 12020.. E3ml. The Governors consider that free reserves in the order of £4.2m. or approximately three months, expenditure, would be desirable in order to cover the rlsks and uncertainties of operoting a5 an Independent educational establishment. The long-term policy objective is therefore to bulld up reserves out of annual operating surpluses, supplemented by Foundatlon Development fundraising, until that level is reached, subject to the prior demands of further capital expenditure to equip the school with the up-to-date facilities needed to maintain the Standard of educatlonal services currently provided. The school's tangible fixed assets are all held for use by the school as disclosed in note 10 to the financial statements. Given the specialist nature of the school's land and buildings, Governors are unable to comment on the market value of such properties and whether this is materially different from thot Shown in the financial statements. li

THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2021 ACHIEVEMENTS AND PERFORMANCE Review of achievements and perforrnance for the year The Kin8's community were dellghted to welcome Mr Gareth Doodes a5 Headmaster and Foundation CEO. Despite the significant and varying challenges of Covid, the Foundatlon Is proud of how it coped with quickly developin8 regulatory environment and every effort wa5 made to continue the education of pupi15 whilst ensuring the safety and welfare of all in the community was paramount. The than8es to the public examination 5yStem created considerable uncertainty for pupils, parents and staff but meticulous planning of how to implement Teacher Awarded Grades ITAGS) and transparent communlcation helped pupi15 to achieve their very best. The exam results thls year were the product of the Teacher Assessed 8rade5 process. Schools were required to creale a policy which was approved by JCQ. Once results were 5ubmilted to exam boards, Kin8'5 wa5 sampled in 6 subjects where all documentation and pupil work was submitted to the exam boards. Klng's was not requlred to make any changes following these subm1551on5. The whole process created an extraordinary amount of extra work for teaching Staff and Heads of Department over Easter and durin8 the summer tem. The commitment of the whole staff body was incredlble. GCSE.. 76% of our pupils achieved grade 9-7 and 99.4% achieved grades 9 to 4. 66 pupils157% of the cohort) were awarded grades 9 to 7 in all their sublects with five puplls achieving grade 9s in 11 subjects. 79 puplls168% of the cohort) were awarded 9 to 7 in 8 subjects or more. A, Level.. 76% A'1& 90.2% A'B, 98.4% A-C. 14 puplls received A* In all their subject5. 74 students161%1 received A. or A 8rades in all their subjects. In the spring term the entrance exam and the FF and U6 mocks took place on Ilne wlth the invigilation teams working over Mlcrosoft teams and the exam delivered to candidates over a secure exam platform. All parents, evening took place online through a (iedicated platform. Feedback from parents has been very positive with multiple requests to keep this system on an ongoing basis. They very much appreciate the facillty to take part in calm and prNate conver5ation5 from the comfort of their own homes or offices. In the wider school year, all le550ns took place regardless of the amount of teachers and puplls isolating. A team of Old Vlgornlan IOVI graduates was recruited on iero hour5 contracl so that if a staff member was isolating, Iheir le550n could be beamed into the classroom and the pupils had all the resources they needed from one of these flexlble teachlnE supervisors. If pupils were isolating they could take part in lessons alongside their classmates who were in school by the teacher launching a hybrid le550n over Teams. During lockdown, all lessons took place on a full timetable over Teams. The year finished v4ith all year groups at the usual points in the curriculum with all normal academlc processes having taken place with regards to exams. 12

THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2021 This year we were honoured to be invited to remain as a Trinity Arts Award Champion Centre, in recognition of the excellent and highly effective programme which 15 lead by our Head of Drama. To achieve their Arts Award, pupils take on thallenges In an art form, participate in arts activities, experlence arts events, get inspired by artist5 and Share their arts skills with others. They create portfolio to keep a record of their creative journey. Along the way they are sUPPOrted by an Arts Award Adviser, acting as asse55or, fa¢ilitator and mentor. Here at Kin¢s, we are fortunate to have eight Trlnlty College-trained Arts Award Advisers acros5 the Departmenis of Music. Art. Dance and Drama, and once again our cohorts were entered for, and succeeded in securin8, one of the nationally recognised qualifications. The school has also enjoyed notable success over the past year in LAMDA, the London Academy of Music and Dramatlc Art quallflcation5. In a year where teachlng was beset by potentlal disruption from COVID-19 and where ever more innovation was required to deliver lessons safely and enable all to achieve, we are delighted that our 72 entrants attained a 100% pa55 rate with 54% at Distlnction and 43% at Merit. Further, 35 of the qualifications are UCAS point-earning, Grade 6-8 level certlficates. In addition to these opportunities. our Drama and Dance Departments performed in a ran8e of productions whlch were recorded and shared wlth virtual audiences. King's ensured that its muslc provision over the past year was maintained, wlth Open Mic nights broadcast remotely and Young Performers, and Concerts also recorded and shared wlth virtual audlences. The pressures presented by the bubbling of year groups never once deterred our staff and puplls attended rehearsals outside, In small groups and live via Teams. In Sport, Kln8'5 set about handling the absence of fixtures by offering Saturday trainin8 practices which drew on creative ways of enabling pupils to enjoy sport as well as develop their skills. After school practices and varied and exciting ways to get active continLted too with hS8hll8hts such as our Year 7 and 8 Athletlcs Club drawing 100 pupils a week and our Jantastic charity challenge where each day in January pupi15 were 8iven ideas of ways to be active for at least 30 minute5. All of thls outstandlng work and achlevement has only been possible because of the exceptlonal efforts of our teaching and support staff. The Governors are both grateful and full of admiration for the work they have done In the past year, In the most difficult of circumstances and as they continue to do. Klng's Hawford Once again, we are delighted with the determined and positive approach taken by the children of Hawford, particularly given the disruption caused by Cov5d. The children impressed with their calm focus and showed a good deal of determination, working hard and performing to the best of thelr Flfteen Ihalfl of our Year 6 children received scholarships or other awards to King's or other senior Schools. Currlculum development continues to be a key focus, to ensure that it is innovative, excitin8 and relevant to the changing world in which we live. We managed to reinstate educational vi51t5 and all vears, from Reception to Year 6, had at least one trlp or vlslt in the Summer Term,. including a wonderful Leavers Camp Out on the field at Hawford. 13

THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2021 Pvp115 have a voice at Hawford and our busy School Council have pushed through several initiatives such as.. equipment for all years to play with at breaks,. a child friendly Covid update assembly for the School,. Yoga Fridays which led to whole school mindfulness sessions and a buddy system for children In School that was introduced in September. The Hawford Sustainablllty Drive is a key feature of School Development Plan.. We set up Eeo Council and elected members from Reception to Y6- working towards earning an Eco-schools Green Flag. We ran an internal review to identify three key areas to develop at Hawford Biodiver51ty, Global Citizenship and Energy. The Eco-council ran the 'switch it off, competition and built links with Project Gambia who we supported wilh a large donatlon of old-style uniform. SustalnabSllty Is now embedded in curriculum throu8h Humanities and Skills sessions such as Eco-Artists, Gardening, Outdoor Explorers, Sustainability Broadcasters and KH Radio's Bi8 Green Idea. Dance, music and sport are a fundamental part of the curriculum and a fun and energetic part of the School week. The children and staff enjoyed many of our special days, including.. Masked Mayhem, Fancy dre55 Charity Day, Towpath Trek, ABBA Oay and a Green Charity Day, with a very memorable cereal box domino rally and a sustainable Fashion Show. We have also enjoyed a Talent Show, Science Day, World Book Day, Languages Day, Deaf Awareness week, Mental Health Awarene55 week. the Great Hawford Bake Off and Jim Turner Dav. Finally, we have continued to be mindful of and proactive wlth our children's mental health. Worry boxes in areas around school encourage chlldren to share the load In Mental Health Awareness week. and the eth05 of the school 15 that a problem shared is a problem halved. The week was packed full of opportunities for the children to try new things, relax and spend some down time with their friends, and for 50rne quiet contemplation and reflection. Lessons continued remotely durlng lockdown. The tremendous effort put into learning new skills demonstrated the resilience and versatility of the staff and children. The staff worked hard to ensure that the essence of Hawford was not lost, with assemblies, challenges, form times and parental meetings, and the children's mental health and wellbeing has been at the forefront of everyone's efforts. Kln8's St Alban'$ 2020121 saw many challenges and the need for staff and children to be resilient and adaptable. King's St Alban's embraced the many COVID challenges and managed to continue to offer high qualitv teaching and co-curricular provision in varled and difficult circumstances. The bubble system ensued all year and 50 a Second play Space was created and strict rotas were in place. When in lockdown, teacher5 embraced Showbie and Cla55 Dojo and a full curriculum was followed. About 35% of children remained at school as part of key worker care. Assemblies, Chapel services, clubs and form periods all continued throughout the year as actual, digital or hybrid event5. Pastoral care was paramount.. teachers made numerous checks in calls to families and the reopening motto on 8th March was getting children 'happily back into routlnes., Feedback from an independent parent survey in December 2020 wa5 very positive. 14

THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31JULY 2021 IS children receNed a scholarship or other award to King's and all but two Year 6 children made this move. The focus on mlndfulness continued and the school embraced number doy, world kindness day. world mental health day and lan8uaBes day. Sport was offered digitally with 'KSA Kick Start 2021, provin8 very popular. A running, walking, cycling or scootering charity event led to a doubling of the target. 1288 miles being covered and an excellent sum being raised for the Trussel Trust. Clubs were very popular in the summer term. Despite COVID, there was a lot of artivity in the Art5 and the school continues to work towards the Artsmark Award. Two plays, numerous virtual concerts and a number of dance events took place. There were ten Cathedral Chorister5 at school in 20121 and they developed well in trying circumstances. Chorslterships are now available to boys and girls and we now have our rirst girl Chorister. Each cla55 produced a COVID time capsule to be opened when the cohort reaches Year 131 Pupil voice remains strong and a new eco club is proving popular. The Nursery is now well established and has won a national award. The year ended on a high as guidance allowed more flexibility and we held two sports days, a summer show. Pre-Prep a55emblies for parents and a Speech Day. Many new skills and experlences have been embedded into the curriculum. None of this would have been posslble without the hard work and commitment of the staff and children who embraced new teaching and learnlng methods with courage and 5tren8th of purpose. Alumni Relatlonl There is an active Old Vigornian IOVI network which is very much en8a8ed with the School; this engagement is underpinned by the work of the Development and Alumni Relations team. Whilst 2020121 has been a year of fewer OV in-person events, there have been numerous virtual opportunities for Ovs to take part in school careers and other informative and Social events, rangin8 from 'An Evening with International Conductor, Nicholas Cle0bur￿ to a large group of Ovs taklng part In a King's-led physical challenge, 'Around the World.. Social Media has also continued to be a valuable tool for engaging with Ovs and the wSder Kin8'5 family and there has been an increase in social media engagement throughout the year, via the bespoke Old Vigorrbians chonnels of Facebook, twitter and Linkedln. Similarly, there has been an increase In subscriptlons to the weekly OV new51etters, which contain a wide and varled selection of articles on OV and King's School news. The principle fundraising activity for the School and the Kin￿5 School Worcester Development Trust has been- and continues to be- for pupil bursarles and the Trust supported 13.5 bursaries durin8 the year to July 2021. The Trust funds come from external donations from individuals and, despite the impact of covid on the ability to meet indivlduals and hold fundraising event5, the Development Office Still raised In excess of £350,000. The School remain very grateful for the support provided by Ovs, parents and other members of the local community, both in terms of volunteering, advice, time and financial contribution5. 15

THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2021 Streamllned Energy and Carbon Reporting {SECR} Dlsclosure Emlsslons Stsmmary The SECR disclosure presents our carbon footprint emisslons; an appropriate intensity metric; the total energy use of electricity, 835 and transport fuel- and an ener8y efficiency actions Summary. Energy consumption used to calculate emi55ions Ikwhl Emissions from consumption of gas (Scope 11 tC02e Emissions from combustion of fuel for transport purposes (Scope 11 tC02e Emissions from the generation of bioener8y15cope 11 tC02e Emissions from combustion of oll for heating purposes (Scope 11 tC02e Emi551ons from purchased electricity (Scope 2. location basedl tC02e Emissions from business travel in employee owned vehlcles1Scope 31 tC02e Emlssions from consumptlon of bioener8y (Out of Scope) tC02e Total Gross tC02e based on above 4,770,757 517 20 107 213 118 991 Intensity Ratio ItC02eltotal pupllsl 0.7468 SECR Methodo108y notes Reporting period I" Au8USt 2020 to 31" July 2021 Boundary (consolidation approachl Operatlonal approach Alignment wlth flnancial reporting SECR disclosure Is prepared In Ilne with King's School annual accounts made up to 31" July 2021 Emlsslon and converslon factor Source UK Government GHG Conversion Fartors for Company Reporting Calculation method Activity data x Emission Factor- GHG emissions Activity data x Conversion factor= kwh consumption Rounding The results in the table are expressed in tons C02 and may not add up precisely due to rounding Other relevant information Diesel, petrol and EV split not available for business mileage, therefore factor for"Unknown" used from conversion table Reason for intensity metric choice King's School is an independent day school, therefore, the appropriate intensity metric is pupil umber5 16

THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2021 b. Eneryy Efficiency Actlon Summary The School continue5 to achieve direct savings in energy and asSOClated carbon emissions, through operational and technological improvements, including: A phased programme to replate exi5tin8 li8hting with energy efficient LED lighting. Lights have been replaced Ir) one 5POrts hall, swimming pool, the dinin8 hall and part of the science building, part of the office space and a teaching block at King's St Alban's. The programme has continued to King's Hawford with li8ht5 replaced in the dlning room, music room and four of the teachin8 classrooms. New bulldin8s and refurbishments use natural ventllation. The Keyes Building at the senior School uses bio-mass bollers. Building management systems have been extended throughout the Foundatlon to reduce energy costs. Sensor controlled IlghtinB is Installed In new buildings and refurblshments. The Bartholomew Barn sPOrt5 hall at King's Hawford is passivhaus accredited and the Keyes Buildin8 15 built to passlvhaus standard. A programme Is In place to replace all single glazed w5ndows with energy efflcient double- 81a2e(i units. The school continues to look at replacin8 boiler5 Wlth more energy efficient units. 17

THE KING'S SCHOOL WORCESTER ANNUAL REPORT OFTHE GOVERNORS FOR THE YEAR ENDED 31 JULY 2021 FUTURE PLANS The School's Development Plan is subject to annual review alongside the approval each year of the medium-term Strategic Plan for the charity. However, the impact of the last elghteen months has meant that a hold has been put on some projects until the new Headmaster, Gareth Doode5, has the OPF)Ortunity to review them and Covid-19 no longer places constraints on the normal life of the School. During the current restrictions the main aim is to provide a high quality of education includlng a virtual school when needed, and to ensure the staff and pupil's well-bein8 durin8 these difficult times. The key aims and objectives which underpin planning are: To mointoin and enhance, by meon5 of careful monitoring of the progress of each pupil; settin8 appropriate tar8ets and by providin8 effectlve feedback, the current high standards of academic achievement as rnea5ured by external examlnatlons and Independent value-added criteria. To continue to focus on the (ievelopment in pupils of self-esteem, reslllence and independent learnin8 skills. To continue to review staff development and related matters In order to be an outstandlng school at which to be a member of staff. To maintain and develop further existing local partnerships, and to ensure that the School both plays a significant part in the life of and shares facilities with the local communltv. To promote widely the availability of ICiJ% fee remission places to ocademically able pupils and to at least malntain the existing level of funding for means tested bursaries. To promote recruitment into the Foundation and to generate additional income sources to support the educatlonal offer. To promote the wider communlty use of the sports. dance and drama facllltles available wlthln the Foundation. To fundraise for a bursary fund capable of supportin8 the equlvalent of 40 free places In perpetuity. RISK MANAGEMENT The Board of Governors Is responsible for the management of the ri5k5 faced by the charity. Risks are identified, assessed and tontrolled throughout the year. The School employs a Health and Safety adviser and engages professional advisers as required. A formal review of the charity's Risk Register is undertaken by the Senior Leadership Team and the Board on a termly basis. The key tontrols used by the School to minimise and manage risk include.. Formal agenda5 for all Commitlee and Board meetings. Advance circulation of detailed briefin8 papers prior to Committee and Board meetings. Comprehensive strategic planning, budgeting and cash flow forecasting. Established organisational structure and lines of reporting. Formal written policies and procedures. Vetting procedures as required by law for the protection of the vulnerable. Circulation of all minutes of the standing Health and Safety Commitlee to all Governors. 18

THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2021 The Governors have reviewed and endorsed the Rlsk Register as a summary of the principal areas of the schools, operations and the major risks faced in each of these areas, examples of which include: Parents, ability to pay fees durin8 times of economic uncertainty. The effect of legislative changes relating to compliance. staff costs including the employer5. pension provision, and charitable status. The Impact of demographic changes and the development and expansion of local schools upon pupil numbers. The Impact of Covld-19 has had a si8nificant impact on the School. The lockdown continued into the Summer Term 2020 and returned again in the Spring Term 2021, In between times the School ha5 adapted successfully to government guidelines. The School is managing the risk to its cash flow by reviewing its cost base and asset aspirations. The School has taken advantage of the Coronavirus lob Retention Scheme ICJRSI and furloughed a large number of staff. The Governors have considered a number of scenarlos and successfully applied for a Continuing Business Interruption Loan to facilitate the short term cash flow and they have reviewed the School's cash flow for the next eighteen months. The Governors consider that the School has the funds to manage the cash position, subject to anv unforeseen circumstances related to Covld-19. In the opinion of the Governors, and desplte the pressures brought about by Covld-19 and lockdown, that the resources and management processes withln the schools should, under normal condltlons, allow these risk5 to be mltl8ated to an acceptable level in their day to day operation5. Indeed, given the lessons learned durin8 this pandemic the School 15 in a much stronger position to adapt to future challenges. The Governors are mindful of the forever changing landscape and continue to monitor the pandemic and its impact on the School. It is recognised that systems can only provide reasonable but not absolute assurance that ma5or rlsks have been adequately manage(l. STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Governor5 Iwho are also the directors of The King's School Worcesterforthe purposes of company lawl are respon51ble for preparing the Governors, Annual Report and the financial statements in accordance with applicable law and United KinBdorn Generally Accepted AccountSng Practice (United Kingdom Accounting Siandard51. Under company law the Governors are required to prepare financial statements for each financial year. The Governors must not approve the financial statements unless they are satlsfled that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure of the charitable 8roup for that period. In preparing these financial statements, the Governor5 are required to.. select suitable accounting policies and then apply them consiStently,' observe the methods and principles in the Charities SORP,. make judgments and accounting estimates that are reasonable and prudent- Ig

THE KING'S SCHOOLWORCESTER ANNUAL REPORT OFTHE GOVERNORS FOR THE YEAR ENDED 31 JULY 2021 state whether appllcable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements- and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company wlll contlnue In business. The Governors are responsible for keeping adequate accountlng records that are sufficient to show and explain the charitable tompany's and the group's transactions, and disc105e with reasonable accuracy at any time the financial posltion of the charitable company and the group, enabling them to ensure that the financial 5talements comply with the Companie5 Act 2006 and the piovisions of the charity's tonstitution. They ore also responsible for safeguarding the assets of the charltable company and the group and for taklng reasonable steps for the prevention and detection of fraud and other Irre8ularities. DISCLOSURE OF INFORMATION TO AUDITOR In so far as each of the Directors of the charitable company, as member5 of the Governing Body, at the date of approval of this report Is aware, there is no relevant audlt Information linformalion needed by the School's auditor in connection with preparlng the audit report) of which the School's and group audltor is unaware. Each member of the Governlng Body ha5 taken all the steps that ought to be taken a5 a Governor in order to make themselves aware of any relevant audit information and to establlsh that the School's audltor Is aware of that information. AUDITOR The Board of Governors has decided to recommend Crowe UK LLP for re-appointment as statutory auditor to the company. Crowe UK LLP have expressed their willingne55 to continue to act and a resolution proposing their re-appointment will be submitted to the forthcomin8 Annual General Meetln8. This Governors, Annual Report, prepared under the Charities Act 2011 and Companies Act 2006, was approved by the Board of Governor5 of The King's School Worcester on the 10 December 2021 including In their capacity a5 company directors approving the Strateglc Report contained therein, and is signed as authorised on its behalf by.. Mrs P Preston Chairman of Governors 20

THE KING'S SCHOOL WORCESTER INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KING'S SCHOOL WORCESTER Opinlon We have audited the financial statement5 of The Kin8's School Worcester for the year ended 31 July 2021 whlch comprise the consolidated statement of financial activities, the consolidated and charity balance sheets, the consolidated cash flow statement and notes to the financial statements, including a summary of Significant accounting pollcles. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable In the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our oplnion the financlal statements.. glve a true and fair view of the state of the group's and the charitable company's affalrs a5 at 31 July 2021 and of the 8roup's incoming resource5 and application of resources, includin8 its income and expendlture for the year then ended,. have been properly prepared in accordance wlth Unlted Klngdom Generally Accepted Accountlng Practlce; and have been prepared In accordance with the requlrements of the Companie5 Act 2C*)6. BJ515 tor oplnlon We conducted our audlt In accordance wlth International Standards on Auditin8 IUKI IISAS IUKII and applicable law. Our ￿ 5ponsibllitles under those standards are further described in the Audltorfs responsibilities for the audit of the financial statements section of our report. We are Independent of the 8roup in accordance with the ethical requirement5 that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfllled our other ethical responslbilities in accordance wlth these requirements. We believe that the audit evidence we have obtalned Is sufficient and approprlate to provide a ba515 for our opinion. Concluslons r¢latln8 to 8olnz concern In audltlng the flnancial statements, we have concluded that the governor's use of the 8oln8 concern basi5 of accountlng In the preparation of the financial 5tatement5 15 appropriate. Ba5e(l on the work we have performed. we have not identified any material uncertaintles relatln8 to events or conditions that, individually or tollectlvely, may cast significant doubt on the charitable company'5 ability to continue as a going concern for a period of at least twelve months from when the financial 5tatement5 are authorlsed for issue. Our responsibilities and the responsibilities of the governors with respect to golng concern are described in the relevant sections of this report. Other Infom)atlon The Eovernors are responsible forthe other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statement5 and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 21

THE KING'S SCHOOL WORCESTER INDEPENDENT AUDITOR'5 REPORT TO THE MEMBERS OF KING'S SCHOOL WORCESTER Our responsibility is to read the other information and, In doing so, consider whether the other information 15 materially inconsistent with the financial statements or our knowledge obtalned In the audit or otherwise appears to be materlally misstated. If we identify such material intonsistencies or apparent material mis5tatement5, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other Informotion, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion based on the work undertaken In the course of our audlt the informètion given in the Governors, report, which includes the dlrertors, report and the strategic report prepared for the purposes of company law, for the financlal year for which the flnancial statements are prepared is conslstent with the financial statements,. and the strategic report and the directors, report included within the Governors, report have been prepared in accordance with applicable legal requlrement5. Matters on whlch we are requlred to report by emceplion In light of the knowled8e and understandlng of the group and the charitable company and thelr environment obtained In the course of the audit, we have not identified material misstotements In the Strategic report or the directors, report included wlthin the Governors, report. In light of the knowledge and understanding of the charltable company and theSr environment obtalned in the course of the audit, we have not Sdentified material mlsstatements in the strategic report or the directors, report included withln the Governors, report. We have nothing to report In respect of the lollowlng matters in relation to which the Companies Art 2006 requires us to report to you If, In our oplnion.. the parent company has not kept adequate accounting records,. or the parent company financial statements are not in agreement with the accountin8 records and returns,. or certain disclosures of governors, remuneration specified by law are not made; or we have not received all the information and explanations we require for our au(lit. Responsibilitles of governors A5 explained more fully in the Governors. responsibilities statement on page 19 the governors (who are also the director5 of the charitable company for the purposes of company lawl are responsible for the preparatlon of the financial statements and for belng satisfied that they give a true and fair view, and for such internal control a5 the governors determine is necessary to enable the preparation of financlal statements that are free from material mi55tatement, whether due to fraud or error. 22

THE KING'S SCHOOL WORCESTER INDEPENDENT AUDITOR'5 REPORT TOTHE MEMBERS OF KINGS SCHOOL WORCESTER In preparing the financial statements, the governors are responsible for assessing the charltable company's ability to continue as a going concern, disclosing, as applicable. matter5 related to 80in8 concern and using the going concern basis of accountin8 unless the governors either intend to liquidate the charitable company or to cease operation5, or have no reallstlc alternative but to do so, Auditoes respon51bSlltles for the audlt of the flnanclal statement5 Our objectives are to obtain reasonable assurance about whether the financial statements os a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of a55urance, but is not a guarantee that an audit conducted in accordance with ISA5 IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the a88regate, they could reasonably be expected to influence the etonomic decisions of users taken on the ba515 of these flnanclal statements. Extent to whlGh th• audlt was conlldered capable of detectlng Irr•9ularltl•i, Includlng fraud IrregularStles, Including fraud, are instances of non-compliance wlth laws and regulations. We desi8n procedures In line wlth our responsibilitie5, Outlined above. to detect mater5al misstatements in respect of IrregLJlaritle5, Including fraud. The extent to which our procedures are capable of detecting Irre8ularlties, Including fraud is detailed below- We obtained an understanding of the legal and regulatory frameworks wlthln whSch the charlty and group operates, focusing on those laws and regulations that have a dlrect effect on the determination of material amounts and disclosures in the financial statement5. The laws and regulatlons we considered in thls context were the Charltles Act 2011, together wlth the Charltle5 SORP IFRS 1021. We assessed the required compliance wlth these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and re8ulatlons that do not have a direct effect on the financial Statements but compliance with which might be fundamental to the charlty's and the group's abillty to operate or to avoid a material penalty. We also considered the opportunitie5 and incentives that may exlst within the charitable company and the group for fraud. The laws and regulations we considered in thls context for the UK operations were The Education Ilndependent School Standards) Regulations 2014. Auditing standards limit the required audit procedures to idenlify non-compliance with these laws and regulations to enquiry of governors and other management and inspection of regulatory and le8al correspondence. If any. We Identified the greatest risk of material Impact on the linancial statements from irregularities, including fraud, to be with the completeness and accuracy of non-fee income, and the override of controls by management. Our audit procedures to respond to these risks included enquirie5 of management, the bursar and the Finance & General Purp05e5 Committee about their own i¢Jentification and assessment of the risks of irregularitles. sample testing on the p05ting of journals, reviewing accounting estimates for biases, designing audit procedures over non-fee income, reviewin8 regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance. Owing to the inherent Ilmitations of an audit, there is an unavoldable risk that we may not have detected some material misstatements in the financial statements, even thouBh we have properlv planned and performed our audit in accordance with auditing standards. 23

THE KING'S SCHOOL WORCESTER INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KINGS SCHOOL WORCESTER

For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Guy Biggin Senior Statutory Auditor

For and on behalf of Crowe U.K. LLP Statutory Auditor 4th Floor, St James House St James Square Cheltenham GLS03PR

Date: 20 December 2021

24

THE KING'S SCHOOL WORCESTER CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2021 Unrestrfcted Restrirted Endowed Funds Funds Funds 2021 2020 Total Total Note £'coo £'ooo £'ooo Income and endowments from: Charitable activities School fee5 receivable Anclllary trading income 15,717 397 15,717 397 15,280 743 Other tradlni artSvltles Non-ancillary trading income Other activities 82 71 115 32 71 Investments Interest and investment income 26 Voluntsry sources Grants and donations 86 229 315 572 Total Incomlng re$ources 16,358 232 16.591 16,768 Expendlture on: Ralslng funds Non-ancillary trading Financing costs Fundraisln8 and development Total 62 161 134 51 130 51 130 271 271 357 Charltable actlvltles Educatlon and grant making Penslon scheme re-measurement of the estimate of past servlce costs Total expendlture 16,175 222 16,397 16,562 22 161 14 16,440 222 16,662 16,933 Net loutgoingl fund5 from operations before transfers & Investment gains 1821 24 158) io 1711 (165) Gains on investments Net Ideflcltl Transfers between funds Net movement In funds for the year Fund balances brought forward at l August 2020 Fund balances carried forward at 31 July 2021 li 15 25 171 18 1271 (162) 21 (271 (162J 23,210 343 52 23.605 23,767 21 23,159 361 58 23,578 23,605 The notes on page5 30 to 54 torm part of these financlal statements. 25

THE KING'S SCHOOLWORCESTER CONSOLIDATED SUMMARY INCOME AND EXPENDITURE AccOu￿r FOR THE YEAR ENDED 31 JULY 2021 2021 2020 Unrestrfrted and Restricted Funds Unrestrirted and Restricted Fund5 Total Totol £'fy)o £'ooo INCOME FROM: Charltable actlYltl¢s School fees 15,717 397 15,280 743 Ancillary tradlng other tradin8 actl¥ltles Fundraising trading Other income 115 71 32 Investments Dividends, bank and other interest Voluntary source5 Grants and donatlons 26 -unrestricted 420 -Restrlcted 229 152 Total Income 16,591 16,768 Expendlture on: RaSslng funds Tradlng costs FinancinB Costs Development costs Charltable actlvltles 90 62 51 161 130 134 Education and grant-making Penslon scheme re-measurement 16.397 16.562 14 Total expendlture 16.662 16,933 Net Ideficitl before investment gains and Inter-fund transfers (71) 44 (165J Net investment gain5 for the year Net (deficitll income for the year (27) (162) The above Summary Income and Expenditure Account represents the total unrestrlcted and restricted income and expenditure as shown in the consolidated Statement of Financial Activities on page 25 and its presentation is required under the Companies Act 2006. The notes on pages 30 to 54 form part of these financial Statements. 26

THE KING'S SCHOOL WORCESTER CONSOLIDATED AND SCHOOL BALANCE SHEETS AS AT 31 JULY 2021 Company 04776324 Reglstered No: Con501idated School 2021 2020 2021 2020 Notes eooo FIXED ASSETS Tanglble assets Securities investments io li 22.390 23.289 264 23,553 22￿90 23,289 264 22.698 22,698 23,553 CURRENT ASSErs Stock Debtors Cash and deposit5 17 563 6,961 7,541 12 590 6,896 7,487 5,490 6,174 5.414 6,103 CURRENT LIABILITIES Creditors payable wlthin one year 13 2,646 2,236 2,602 2.230 NET CURRENT ASSETS 4.895 3,938 4,885 3,873 TOTAL ASSET5 LESS CURRENT UABIUTIES 27.593 27,491 27,583 27.426 LONG TERM LIABILITIES Creditors payable after one year Pen5i0n Scherne funding deficit 14 3,367 3,171 715 3,367 3,171 715 NET ASSETS 23,578 23.605 23,568 23,540 REPRESENTEO BY: ENDOWED FUNDS 21 52 52 RESTRICTED FUNDS 21 361 343 361 343 uNRESTRl￿ED FUNDS General reserve 21 23,159 23.210 23,149 23,145 23,578 23,605 23.568 23,540 These flnanclal statements were approved by the Governing Body on the 10 December 2021 d were signed on its behalf by P Preston Chairman of Governors DBDale Chairman of the Finance and General Purposes Committee The notes on pages 30 to 54 fomi part of these financial statements. 27

THE KING'S SCHOOLWORCESTER CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2021 2021 Note £'(KJO £'II)O £'ooo 2020 Net cash inflow from operatlons Net cash provided by operatin8 actlvltles 1.148 519 Cash flows from Investln& actlvltles: Payments for tangible fixed a5setS Proceeds on sale of fixed assets Inve5trnent Income and bank Interest received Net cash (used In) Investlng actlvltles (161 f49J 26 115) Cash flows fmm flnanclni artlvltles: Loan advances (net of repayment51 Loan repayments Pension deficlt payments Finance costs paid 1,000 1552) (67) 157) (533) (65J 1152J Net cash provlded by flnan¢ln8 artSvltles Change In cash and cash equlvalents In the reportlni perlod 324 fl,216) 1,471 (246) Cash and cash equlvalents at l Auzust 2020 5,490 5, 736 Cash and ¢ash equlvalents at 31 July 2021 6,961 5,490 The notes on pages 30 to 54 form part of these financlal ststements. 28

THE KING'S SCHOOL WORCESTER NOTES TOTHE CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31JULY 2021 Reconciliation of net income to net cash flow from operatlng activities 2021 2020 £'rm £'ooo £'ooo Net incorne resources (27 (162) Elimination of non-operating cash flows.. Gains on investments (3J Investment Income (26J Finance costs 57 152 Deflned beneflt penslon scheme finance cost Deflned beneflt penslon scheme re-measurement 14 Depreciatlon charge 915 1,041 Profit on sale of fixed assets f8) Ilncreasel/Decrease In Stock (16) Decrease in debtors Izi 41 (Decrease) I Increase in credltors (excluding fees in advance scheme and deposit51 285 {454J (Decrease) In fee5 in advance scheme credltors (146) 185) Increase / (Decrease) in parents, dep051ts 13) 1,175 Net cash Inflow 1,148 519 Analysls of cash and cash equlvalents 2021 £'ooo 2020 Cash Bank 6,959 5,498 6,961 5,490 The notes on page5 30 to 54 form part of these financial statements. 29

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 I. ACCOUNTING POUCIES The School is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee. It was incorporated on 23 May 2CK)3 (company number.. 047763241 and registered as a charity Iwith charity number.. 10982361, the registered oiTice address being S College Green. Worcester, WRI 2LL. The financial statements have been prepared in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS1021, the Companles Act 2006 and the Statement of Recommended Practice applicable to charities preparing their financlal statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The functlonal currency of the School Is considered to be GBP because that is the currency of the primary economic environment in which the School operates. The financial statements are drawn up on the historical cost basis of accountlng, as modified by the revaluation of investments. Havln8 revlewed the funding faciIStles avallable to the School together with the expected on8oln8 demand for places and the School's future projected cash flow5, the Governors have a reasonable expectation that the School has adequate resources to continue its actlvlties for the foreseeable future, particularly In reference to the Statement under Rlsk Management and Covld-19 as Set out in the Governors, report. The Governors consider that there were no material uncertainties over the School's financlal vlabllSty. Accordlngly, they also contlnue to adopt the going concern basls In preparing the financlal 5tatement5 as Outlined In the Statement of Accounting and Reporting Responsibilities on pa8e 19. Ba515 of consolldatlon The charlty has taken advanta8e of the exemption available to a qualifyin8 entity in FRS 102 from the requirement to present a charity only Cash Flow Statement with the con501idated financial Statements. The financial statements present the consolidated statement of financial activities ISOFAI, the consolldated cash flow statement and the consolidated and Charity balance sheets comprising the consolidation of the School and its wholly owned subsidiaries King's School Worcester Activities Limited and KSW Enterprises Limited. A separate SOFA has been presented for the CharSty alone withln note 26 to the financial statements. The net movement in funds for the year of the group wa5 a deficit of £71,1)JO for the year ended 31 July 202112020.. deficit £165,000). Crltlcal accountln8 ludgements and key sources of estlmatlon uncertalnty In the application of the accounting policies, Trustees are required to make judgement5, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historicèl experience and other factors that are considered to be relevant. Actual resvlts may differ from these estimates. The estimate5 and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods. 30

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 JULY 2021 I. ACCOUNTING POLICIES Icontinuedl In the view of the trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carryin8 amounts in the next financial year. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the School's financial statement5. 1.1 Fees and similar earned Income Fees receivable and charge5 for servlces and use of the premises, less any allowance5, 5cholarshlps, bur50rie5 8ranted by the School against those fees, but including contributions received from restricted fund5, are accounted for in the period In which the seNice is provlded. 1.2 Investment Income Investment income from divldends, bank balances and flxed interest securities Is accounted for on an accruals basls. Income from Investment properties 15 accounted for in the period to which the rental income relates. 1.3 Non-anclllary tradln8 Incomo Income comprlses the value of sale5 (excluding VAT and similar taxes and trade dlscountsl of goods and services made by the School's tradin8 subsidiaries In the normal course of busine5S. 1.4 Donatlon$,108a¢l•s, 8rants and other voluntary Incomlnz resource5 Voluntary Incoming resources are accounted for 05 and when entltlement arises, the amount can be rellably quantified and the economic benefit to the School is considered probable. Voluntary income for the School's general purposes 15 accounted for as unrestrlcted and is credlted to the General Reserve. Where the donor or an appeal has imposed trust law ￿strictl0n5, voluntary Income is credited to the relevant restricted fund and Incoming endowment5 are accounted for as permanent trust capital or expendable trust capltal, according to whether the donor Intends retention to be permanent or not. GSfts in kind are valued at estlmated open market value at the date of gift, in the case of asset5 for retention or consumption, or at the value to the School in the case of donated services or facilities. 1.5 Expendlture Expenditure 15 accrued as soon as a liabilltv 15 considered probable, d15counted to present value for longer-term liabilities. Expenditure attributable to more than one cost category in the SOFA is apportioned to them on the basis of the estimated amount attributable to each activity Sn the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relate5. Grants awarded are expensed as soon 05 they become legal or operational commitments. Governance costs comprise the costs of complying with constitutional and statutory requirements. Intra-group sales and charges between the School and it5 subsidiaries are excluded from consolidated trading income and expenditure. 31

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 JULY 2021 1.6 Tanglble Ilxed assets Buildlngs erected before 1947 are not included in these financial statement5. There 15 no expenditure incurred in the improvement of these properties capitalised in the financial statements as all amounts of expenditure were of a ￿venue nature. Fixtures, fittings, equipment purchased for direct use with pupils (academic and extra- curricular) and ICTequipment costs are written off 35 an expenses as acquired. Expenditure on the acqvi51tion of land, construction of new buildings, motor vehicles and other non ICT assets intended to be used for more than two years are capitalised on acquisltlon and depreciated over their estimated useful life. Other expenditure on equipment incurred In the normal day-to-day runnin8 of the School and its subsidiaries Ss charged to the Statement of Financlal Activities as incurred. 1.7 Depreclatlon Depreciation is provided on all tangible fixed a55et5 on a straiBht line basis at rates calculated to write off the cost of the assets over its estimated useful life as follows.. Freehold and long leasehold buildings Flxtures. fittin85 and equipment Motor vehicles Assets in the course of construction over 40 years lor the lease term If shorter) over 3 to 10 year5 over 5 years nol depreclated 1.8 Investments Investment assets are carried at thelr market value as at the balance sheet date. Unreali5ed gains and losses arislng on the revaluation of investments are credited or charged to the Statement of Financial Activities and are allocated to the appropriate Fund accordin8 to the 'owner5hip' of the underlying as5et5. 1.9 Stock Stock is carried at the lower of cost and net realisable value. 1.10 Fund accounting The charltable trust funds of the School and Its subsidiaries are accounted for a5 unrestricted or restricted income, or as endowment capital, in accordance with the terms of trust Smposed by the donors or any appeal to which they may have responded. Unrestricted income belongs to the School's corporate reserves, spendable at the discretion of the Governor5 either to further the School's Objects or to benefit the School itself. Where the Governors decide to set aside any part of these funds to be used in future for some speclfic purpose, this is accounted for by transfer to the appropriate designated fund. The endowed funds comprlse a number of indivldual trust funds establisheii by specific donor5, the capital of which may not be expended. Restricted income compri5e5 gifts. legacies and grants where there is no capital retentlon obllgation or power but only a trust law restriction to soffle specific purpose intended by the donor. 32

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 31 JULY 2021 1.11 Pension costs Retirement benefits to employee5 of the School are provided through two pension Schemes, one defined benefit and one defined contribution. The pension costs tharged in the Ststement of Financiol Activities are determined as follow5.. lal The Teachers, Pension Scheme - This scheme 15 an unfunded multi-employer defined benefit pension scheme. It 15 not possible to identify the School's share of the underlying asset5 and Ilabilities of theTeachers' Pension Scheme on a consistent and reasonable basis and therefore, as required by FRS102, accounts for the scheme as if it were a defined contribution scheme. The School's contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable. Ibl The Kin8's School Worcester Personal Penslon Plan Thi5 is a defined contrlbutlon group personal pension plan with The Pensions Trust. Employerfs pensions cost5 are charged in the period In whlch the salarles to which they relate are payable. Icl The Support Staff Penslon Scheme admlnlstered by The PensionsTrust. This is an occupational defined benefit scheme. The Independent Schools, Pension Scheme IISPENI is a multl- employer Scheme. As such it is not possible In the normal course of events to identify the share of the underlying a55ets belonging to the individual participatin8 employers, and accordingly, In accordance with section 28 of FRS 102 It is accounted for as a deflned contribution5 scheme wlth contributions bein8 recorded a5 they become payable. A liability15 recognised on the balance sheet however equal to the present value of contributlons payable under the 08reement to fund a deficit. The present value Is calculated using the discount rate of 1.04%12020.' 0.84%). The unwinding of the dlscount rate Is recognised as a finance cost. 1.12 Operatlng leases Renla15 under operatlng leases are charged on a stralght-llne basls over the lease term, even if the payments are not made on Such a basis. Benefits received and receivable as an incentlve to Sign an operatln8 lease are simllarly spread on a straight-line basis over the lease term. 1.13 Financial Instruments Baslc financial instruments are inltially recognised at transaction value and subsequently measured at amortlsed cost with the exception of investments whlch are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtor5 ond accrued income. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant acce55 bank accounts and used a5 workin8 capital. Financial liabilities held at amort15ed cost comprise all creditors except fee5 in advance, social security and other taxes and provisions. Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year end exchange rate. 33

THE KING'S SCHOOLWORCESTER NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 JULY 2021 2. CHARITABLE ACTIVITIES- FEES RECEIVEABLE 2021 2020 Fees receivable consist of: School fees Le55: total bursaries, grant5. scholarships and allowances 17,523 12,2281 15,295 229 193 16,970 12.064) 14,906 132 242 Add back-. Bursaries and other awards pald for by restricied funds Add back.. Fee remlssion under salary 5acrlfice scheme 15,717 15,280 Scholarships, bursaries and other remlsslon awards were paid to 486 pupi1s12020'. 4481. Wlthin thls means tested bursaries totallin8 £670.176 were paid to 82 pupi1s12020: £580,240 to 78 pupilsl. 3. CHARITABLE ACTIVITIES- OTHER INCOME 2021 £'ooo 2020 Pupils extras charges Reglstratlon fees Break Service HolSday clubs Training income Commisslon, events and other income Lettlng of property Profit on sale of fixed assets iQ6 13 522 26 135 150 21 18 13 397 743 4. OTHER TRADING ACTIVITIES zozi £'ooo 2020 £'ooo Trading Income Klng's School Worcester Activities Ltd KSW Enterpri5e5 Ltd 82 96 19 82 115 2021 £'ooo 2020 Other activities Late payment administration charges Renewable ener8y and other income 71 31 71 32 34

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 31 JULY 2021 S. BANK INTEREST AND INVESTMENT INCOME Unrestricted Restricted Endowed £'ooo £'ooo 2021 2020 £'ooo Investment Income: Equities Bank Interest 20 6. GRANTS AND DONATIONS RECEIVABLE Unrestrlcted Restricted Endowed £'wo 2021 £'ooo 2020 Received from King's School Worcester Development Trust for.. Bursarles The Keyes Building capital project Parents, Committee donations Other donations Government 8rants CJRS Scheme 197 197 132 16 32 32 86 86 420 572 229 315 7. ANALYSIS OF EXPENDITURE al Ejtpendlture Staff ¢osts Deprec'n {note 9) Inote 101 £'LX)O Other Total 2021 Total 2020 £'ooo Costs of ieneratlnl funds Tradin8 COSt5 Cost of other activitie5 Flnancing costs Inote 81 Foundation Development costs 90 90 62 51 34 51 130 161 134 96 Total costs ot 8eneratln8 funds 96 175 271 357 Charltable expenditure Educotion und grant making Teaching Welfare Premises support Costs and governance Grant5, awards and prizes Inote 7bl 9,020 455 595 1,274 31 1,273 413 1,776 447 229 10,324 873 3.250 1,721 2Z9 10.906 861 2.990 1.672 133 879 Total charltable expendlture 11,344 915 4,138 16,397 16,562 Total expended 11,440 915 4.313 16,668 16.919 35

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 JULY 2021 7. ANALYSIS OF EXPENDITURE continued b) Grants awards and prlzes 2021 £'ooo 2020 E'OOO From Restricted Funds: Bursaries 222 132 Other grants and awards 229 133 cl Governance included In support costs: 2021 £'o 2020 Remuneration paid to audltor for audlt servlces Reimbursement of personal expenses to Governors C05tS 19 28 travel 19 29 Travel expenses were clalmed by nil members12020'. 31 of the Governin8 body. No Governor recelved any remuneration during the year ended 31 july 202112020- llill and no retirement benefit5 are accruing. In addition to the above audit remuneration the financial statements include amounts payable to the auditor in respect of taxation and Teachers, Pension compliance seThices and advice totalling £8,052 12020: £3,591). FINANCE AND OTHER COSTS 2021 2020 Fee5 in advance financing cost Loan financin8 cost Impairment1055es charged to financial a55et5 Pension Scheme financlng cost 63 {201 79 71 51 161 36

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 31 JULY 2021 9. STAFF COSTS The aggregate payroll costs for the year were as follows: 2021 £'o 2020 Wages and salaries Social Security costs Pension cost 8,440 805 1,498 8.439 812 1.540 10,743 10.791 Staff non-salary benefits Contract caterlng and agency staff costs Apprenticeship levy Fee Remission under Salary Sacrifice scheme and benefits 56 410 28 193 48 360 28 242 11040 11.470 A8greBate employee benefits of key management personnel.. 623 615 2021 2020 Number of higher paid employees in bands of.. £60,LKIO to £70,CM)O £70,Wl to £80,000 £80,C4Jl to £90,C4JO £90,001 to £lCQ,000 £iio,ooi to £120,000 £130,￿1 to £140,000 2021 2020 The number of staff with retirement beneflts accruin8'. in Defined Contribution schemes was of which the contributions amounted to 124 £172,023 120 £94.174 in Defined Benefit schemes was 148 195 The average number of staff employed during the year was 33312020.. 3391. The average number of full-time equivalent staff during the year was: 2021 2020 Teaching Domestic Premises Administration Fundraising 187.9 182.1 26.4 32.8 24.0 29.5 253.7 243.1 37

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 JULY 2021 9. STAFF COSTS continued Durin8 the year redundancy and termination payments lor otherwise relating to compromise agreement51 were due of £33,(K)012020: £18.1491. The amounts OUtStanding at the year end were £28,00012020'. £18,149). 10. TANGIBLE HXED ASSErs Long leasehold property £'cK)o Fixture5, fittings & equip't £'ooo Group and School Freehold Property Motor Vehicles £'ooo Total Cost At I Au8USt 2020 Addltlons Disposals 33,501 3,811 1.269 232 16 1331 38,813 16 133) At 31 July 2021 33,501 3,811 1,269 215 38,796 Depreclatlon At l August 2020 Charge for year Disposals 10,612 790 3,611 64 1.127 36 174 25 1331 15,524 915 {331 At 31 July 2021 11,402 3,675 1,163 166 16,406 Net bookvalue At 31 July 2021 22,099 136 106 49 23,390 At 31 July 2020 22,889 2CQ 142 58 23,289 The School has a number of long-held historic assets, which are used in the course of the School'5 educational activities in accordance with the Charity Commissioners Approved Scheme (under whlch transfer of a major interest in such property by the khool would require the consent of the charity Commission). These comprise listed buildings on the school site toBether with manuscripts and other artefacts within the school archive. Given the age, nature and restricted use of the buildings and the unique nature of other archive items, reliable historical cost information is not available for these a55ets and could not be obtained except at disproportionate expense. However, in the opinion of the Governor5 the depreciated historical cost of these assets would now be immaterial. Capitsl Commitments Group and School 2021 £'ooo 29 2020 Future capital expenditure Authorised and contracted for but not yet completed 38

THE KING'S SCHOOL WORCESTER NOTE5 TO THE FINANCIAL STATEMENT5 Icontlnued) FOR THE YEAR ENDED 31 JULY 2021 10. TANGIBLE FIXED A55ETS l¢ontinued) Capital Commitments The School has been granted an optlon to purchase the freehold Interest of one of Its leasehold properties, exercisable at a future date and has security of tenure until that date. In respect of the same propertyi the School has granted the le550r, land successors in title), an option to require the School to PLJrcha5e the freehold interest on the death of the le550r or if the lease Is forfeited. In the event that either option is e¥ercised the purchase price of the freehold interest will be based upon valuation of the property on the date of the exercise of the optlon. Tan8lble fixed assets include two propertSes wlth a net book value of £5.6m12020: £5.9ml whlch are charged as security for a proportion of the School's bank loans. 11. INVESTMENTS Group and School Unrestricted Restrlcted £'wo Endowed £'oD) Totsl £'ooo Equlty Investments At l August 2020 Unreali5ed gain5 in year At 31 July 2021 140 24 92 15 32 264 44 164 107 37 All Investments are Ilsted on the UK stock exchange and are held by the School. Indlvldual investments constituting 5% or greater of total market value at 31 july 2021 comprise:. Investment COIF income shares COIF Income shares Holdlng Fund 4,786.8 Unrestricted general 1,168.0 Restricted Canon Catley scholarship fund 313.0 Unrestricted designated building fund 1,656.0 Endowment Dean Forrest fund 2,568.0 Re5tricted-. Canon Catley scholarship fund re Amy Lea COIF accumulation share5 C8F C of E Investment income shares C8F C of E investment income shares Subsldlary undertakln8S By virtue of common control King'5 School Worcester Activities Limited, a company limited by 8uarantee and registered in England and Wale5, is recognised as a wholly owned subsidiary undertaking of the School. KSW Enterprises Limited is a company registered ill England with an issue share capital of £1, which is wholly owned by the School. The result5 of these subsidiaries are ieported in note 23 to the financial statements. 39

THE KING'S SCHOOLWORCESTER NOTES TO THE FINANCIAL STATEMENTS {Continued) FOR THE YEAR ENDED 31 JULY 2021 IZ. DEBTORS Group School 2021 £'ooo 2020 2021 £'ooo 2020 Fees and extras receivable Trade debtors Due from subsidiary companies Sundry debtors Prepayments and accrued income 204 410 205 410 29 17 339 17 339 li 258 li 266 563 590 All debtor5 are due within one year. 13. CREDITORS: amounts falllnz due wlthln one year Group School 2021 2020 2021 2020 Bank loan (note 151 Trade creditors Re8lStration deposlts Taxatlon and Social security Due to subsldlary companles Other creditors Fees in advance scheme (note 161 Accruals and deferred Income 715 433 211 533 378 193 199 715 399 211 533 366 193 199 15 321 203 400 325 203 405 266 128 675 118 683 2,236 2,602 2,230 14. CREDITORS: amounts fallln8 due after more than one year Group School 2021 2020 £'ooo 2021 2020 Bank loan (note 151 Fees in advance scheme (note 161 3,042 129 3,042 129 58 3,367 3,171 3,367 3,171 40

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 31 JULY 2021 15. BANK LOANS Group and School 20ZI 2020 £'ooo The bank loans are repayable by instalments.. Due after more than 5 years Due withln 2- 5 year5 Due after more than one year Due within I year 1,065 1.417 1.625 3,042 533 3,309 715 4,024 3.575 The bank loans are secured by way of a fixed charge dated 4 September 2009 over two of the company's freehold properties (the 51te known as King's Hawford and the new pre-preparatory school located at Mill Street Worcesterl. The loans, which are repayable over a perlod of up to 20 years from July 2¢)09, 13 years from June 2014 and 15 year5 from January 2016, are malnly variable rate borrowings at interest rate5 rangln8 from 1.31% to 2.6% above Bank of En8land base rate. The C81L loan taken out in the year is a fixed rate loan at 1.96% repayable over S years from August 2021. 16. FEES IN ADVANCE SCHEME Parents may enter into a contract to pay to the School tuition fees in advance. The money may be returned subject to specSfic conditions on the receipt of one term'5 notice. A5sumln8 pupi15 will remain in the School advance fee5 will be applied as follows: Group and School 2021 2020 £'ooo £'ooo Within 2-5year5 Within 1-2 years After more than one year 51 78 129 58 58 Within l year 128 203 186 332 Summary of movements In liability £'ooo 332 364 Balance at l August 2020 New contracts Amounts accrued to contracts as debt financing cost Amounts used to pay fees 151Z) Balance at 31 July 2021 186 41

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS {Continued) FOR THE YEAR ENDED 31 JULY 2021 17. FINANCIAL INSTRUMEPITS Group 2021 2020 £'ooo Financial assets measured at falr value 261 Financial assets held at fair value include assets held as investments. Impairment losses charged to financial assets measured at amortlsed cost in the year amounted to £nil12020: £70,621). 18. OPERATING LEASES Commltments The total remainlng operatlng lease commitment In respect of the unexpired period of current operating leases is as follows.. 2021 2020 Group and School Land and buildings £'ooo Lond ond buildings Other £'ooo Total other Total £'ooo £'o( On leases Withln I year Between 1.2 years Between 2-5 years After 5 years 136 88 265 1,012 16 li li 152 99 276 1,012 106 105 255 1,086 18 15 16 124 120 271 1,086 1,502 38 1,539 1,552 49 1,601 Charge for the yeir The amounts payable under operatlng leases and charged as expendlture durlng the year are as follows: Group and School 2021 E'QOO 2020 £'o(Jo Leases In respect of: Land and building5 Plant and equipment 132 28 105 29 160 134 42

THE KING'S SCHOOLWORCESTER NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 31 JULY 2021 19. FUNDS OF THE SCHOOL The School's funds a￿ onalysed under the following headings. al Endowed Funds The endowed fund comprises an individual trust set up by an indivldual donor to support speclfic scholarships. A distinguishing feature of the special trust is the donor's express requirement or implicit Intention that the funds shall not be spent immediately but should be retalned. The trust is not pooled for investment and is credited wlth the relevant investment income and bears its own expenses. The Dean Forrest Fund to support a scholarship, wlth preference for former chorlsters intending to take Holy Orders or who are sons of clergy. bl Restrlrted Funds Over a number of years the School has received donatlons where the donor5 have placed restrlctlons on the uses to which the gifts may be put. The Funds thus restrlcted under charity law, and whlch are partly invested in separate investment securities and partly in the School's pooled deposlts, are: The Canon Catley Scholarshlp to provide bursaries to puplls. and Bursary Fund The Parents, Committee Fund to support assorted indlvldual project5, as speclfied by the Pa￿ntS, Commlttee that are of benefit to pupils. The Speclflc Small School Prolects Fund to provlde resources for specific named projects and pupils. The Annual Fund donatlons solicited from parents of puplls each year to be expended in the short term upon a range of additional pupil resources. The Reeve5 Maths Prize Fund to award prizes for excellence in mathematics. The AstrotUTf Fund to provlde resources for the future resurfaclng of the pitch. The M Stevens Fund to provide bursaries In respect of the cost of trips and extracurricular activities. The Foundation Development Funds represent donations received from external donors through the charity The King's School Worcester Development Trust charity where the sums received are for speclfic purposes but where there is no requirement to preserve capital. Expenditure directly financed by such donations is shown under restricted funds. The Foundatlon Development Bursary Fund to provide bursary support to pupils The Keye5 Building The Foundation Development Sundry Special funds to provide a contribution to the total capital cost Iclrca £9ml of the new building represent funds received to 5UPPOrt a riumber of small projects the balantes on each individual fund being below £5,000 43

THE KING'S SCHOOLWORCESTER NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 JULY 2021 19. FUNDS OF THE SCHOOL Icontinuedl bl Restrlcted Funds Icontinuedl Foundation Development Sundry Special fund5 At 31 July 2021 these were: School Flag Fund Cricket Pavilion Fund Annual Fund Reeve5 Math5 Prize Fund M Stevens Fund 320 1,369 1,485 10,174 Donations received through the Foundation Development Office for the general benefit of the School without any restriction are accumulated within unrestricted funds. Although e¥pen5e5 may be apportioned across all the individual funds arlsin8 as a result of the fund- ralsin8 activities of the Foundation Development Offlce th55 pollcy has not beers adopted in order that the financlal Statements give a clear indication of the total value of donations made to speciflc projects. c) Unre5trlcted Fund$ Unrestricted funds rep￿sent accumulated income from the School's activltles and other sources and are avallable for the general purposes of the School. 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2021 Unrestricted £'QKJO 22,390 165 4,620 14,0151 Restricted Endowed £, oco Total £'ooo 22,390 Tangible fixed assets Inve5tment5- securities Net current assets Long term liabilities 106 254 37 21 4,895 {4,0151 23,160 360 58 23,578 2020 Unrestricted £'ooo 23.289 140 3.667 (3,886) Restrlrted £'CMJO Endowed £, 000 Total £'ooo 23289 264 3,938 13,886) Tangible fixed assets Investments- securities Net current assets Long term liabilities 92 251 32 20 23.210 343 52 23.605 44

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 31 JULY 2021 21. GROUP SUMMARY OF MOVEMENT ON FUNDS al Year to 31 July 2021 Atl August Incoming 2020 resources £'coo £'ooo Transfers betwèen lund5 Unrealised galns 1110ssesl At31 Julv 2021 Resources expended £'ooo Unrestrlcted funds General reserve Trading subsidiary reserves 23,192 16,276 116,3501 24 23,149 18 82 1901 io 23,210 16,358 116,4401 24 23,159 Restrfrted fvnds Canon Catley fund Parents, Committee Astroturf fund Specific Small School Projects fund Foundatlon Development restrlrted funds Bursary fund Sundry Specific funds 150 15 168 99 99 32 1251 171 197 11971 io io 343 232 12221 171 15 361 Permanent Endowed funds Dean Forrest 52 58 52 58 Total Funds 23,605 16,591 116,6621 44 23,578 The transfers between funds shown above represent the following: Transfer to unrestricted school funds of the donations of £25,￿0 recelved In respect of Covid 19 bursaries and £6,792 received in respect of equipment for the boat club. 45

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 JULY 2021 21. GROUP SUMMARY OF MOVEMENT ON MAJOR FUNDS bl Year to 31 July 2020 Atl August Incoming 2019 resources £'ooo £'coo Transfer5 between funds Unrealised galns Illossesl £'ooo At31 Julv 2020 £'ooo Resource5 expended £'ooo Unrestrlcted fund$ General reserve Trading subsldiary reserves 23,364 16,498 116.7381 66 23,192 19 115 1621 1541 23.383 16,613 116,8LK)I 12 23,110 Restrlcted funds Canon Catley fund Parents, Committee Astroturf fund Specific Small School Projects fund Foundotlon Development restrlrtedfvnds 8ursary fund Sundry Specific funds 147 150 16 1161 91 99 80 io 132 11321 80 io 141 333 155 11331 1121 343 Permanent Endowed funds Dean Forrest 51 51 52 52 Total Fund$ 23, 767 16,768 116,9331 23,605 The transfers between funds shown above represent the following: Transfer of net profit generated by trading subsidiaries to unrestricted school funds1£46,454 from Kinls School Worcester Activities Ltd) and to the Astroturf Re5tri¢ted fund1£7,864 from KSW Enterprlses Ltd) Transfer to unrestricted school funds of the donations of £15,778 received In respect of the Tipi and play equipment purchased in the year and of £3,217 In respect of the completed Keyes Building project. 46

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 JULY 2021 22. PENSION SCHEMES Retirement benefit5 to employees of the School are provided through two defined benefli schemes and one defined contribution Scheme, which are funded by the School's and employee5, contributions. Deflned benefit scheme5 Teachers. Pension Scheme The School participates in the Teachers. Pension Scheme (England and Walesl 1.the TPS") for Its teaching Staff. The pension charge for the year includes contrlbutions payable to the TPS of £1,859,881 12020.. £1,339,5781 and at the year-end £NII12020 . £Nill wa5 accrued In respect of contributions to thi5 scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers, Pensions Regulatlons 2010 las amended) and The Teacher5, Pension Scheme Regulations 2014 las amendedl. Member5 contribute on a "pay as you go" basls wlth contrlbutions from members and the employer beinB credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parllament. The employer contribution Tate is sel by the SecretaTY of State followin8 scheme valuatlon5 undertaken by the Government Attuary's Department. The most recent actuarlal valuatlon of the TPS was prepared a5 at 31 March 2016 and the Valuatlon Report, whlch was publlshed in March 2019, conflrmed that the employer contribution rate for the TPS would Increase from 16.4% to 23.6% from I September 2019. Employers are also required to pay a scheme admlnistration levy of 0.08% 8lvln8 a total employer contribution rate of 23.68%. The 31 March 2016 Valuation Report was prepared In accordance wlth the benefits Set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptlons were considered and set by the Departrnent for Education prlor to the ruling in the 'McCloud/Sargeant case,. Thi5 case has required the court5 to consider cases regarding the implementation of the 2015 reforms to Public SeNice Pensions including the Teachers, Pensions. On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal's judgment that transitional provi5ion5 introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimlnation. The government Is respecting the Court's decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminatioris will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which member5 will be able to choose either legacy or reformed Scheme benefits in respect of their Service during the period between l April 2015 and 31 March 2022 at the point they become payable. The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen ¢hange5 in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal's ruling in the McCloudlSarEeant case and until there is certainty about the value of pen5ion5 to employees from April 2015 onwards. 47

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 31 JULY 2020 22. PENSION SCHEMES Icontlnuedl The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes to the cost conirol mechanism followlng a review by the Government Actuary. The consultation closed to response on 19 Au8USt 2021 and the Government is currently 3nalysin8 the responses. In view of the above rullngs and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revlsed a5sumptlons would yleld different results than those contained in the Actuarial Valuation. Untll the cost cap mechanism ￿vIeW is completed Itls not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordin8ly, no provision for any addltional past benefit pension costs is included In these financial statements. Independent School's PensSon Scheme Deflned Benefit Until April 2020 the School operated a defined beneflt scheme for support staff, through Its particlpation in the Independent School'5 Pension Scheme administered by the Pensions Trust IISPENI. ISPEN 15 a multi-employer scheme which provides benefits to approximately 66 non-a5sociated employers. It 55 not possible for the School to obtain sufflclent Informatlon to enable it to account for the scheme as a defined benefit scheme. Therefore, it accounts for the scheme as it would a defined contribution scheme and has charged to the Statement of Financial Activities the employers, contrlbutions payable for the year. The scheme wa5 closed to new members of staff with effect from 31 March 2017 and was closed to future beneflt accrual for all members wlth effect from Apr112020. The scheme is subject to the funding legislation outlined in the Penslon act 2004 whlch came into force on 30 December 2005. This tO8ether with document5 issued by the Pension5 Regulator and Technical Actuarlal Standards issued by the Financial Reporting Councll, set out the framework for fundin8 defined benefit occupatlonal pension schemes in the United Kingdom. The scheme is classified as a "last man standing" arrangement. Therefore, the School 55 potentlallv liable for other participating employers, obli8ations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legallv required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. With effect from l April 2015 the School operated only one benefit structure a career average revaluated earnings ICAREI structure with a 11801fv accrual rate. Contribution5 have been made to the scheme in accordance with the recommendations of the scheme's Actuary. The pension charEe for the year includes contributions payable to the ISPEN of £nil12020: £100,146. At the balance Sheet date there were no12020: nill active members of the Scheme employed by the School. In addition, the School paid contributions totalling £66,92312020.. £64,930> in respect of the past service deflclt. 48

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 31 JULY 2021 22. PENSION SCHEMES (contlnued) A full actuarial valuation for the Scheme was carried out at 30 September 2017. This actuarial valuatlon was certified on 27 December 2018 and showed assets of £149.4m, liabilities of £187.6m and a deficit of £38.2m. To ellminate this funding shortfall the Trustee asked the participatin8 employers to pay additional contributions to the scheme as follows: Deficit contributions From I September 2019 to 30 April 2030 £2,387,357 per annum (payable monthly and incre05ing by 3% on each I September) Note that the Scheme'5 prevlou5 valuation was carried out with an effective date of 30 September 2014. This valuation showed assets of £IIO.Om, liabilities of £147.4m and a deficit of £37.4m. To eliminate thls funding shortfall the Trustee asked the partlclpating employers to pay additional contributlons to the scheme a5 follows.. Oeflclt contributions From I September 2016 to 31 Au8USt 2029 £2,341,000 per annum Ipayable monthly and Increasln8 by 3% on each I September) The recovery plan contributlons are allocated to each partlcipatlng employer In Ilne with they estimated share of the scheme Ilabilltles. Where the schemels in deficlt and where the employer ha5 agreed to a deficit fundln8 arrangement the employer reco8ni5es a liabllity for thls obllgatlon. The amount recognlsed Is the net present value of the deficit contributions payable under the agreement that relates to the deficit. The present value Is calculated using the discount rate detailed in this note. The unwindin8 of the discount rate is recognlsed as a flnance cost. Present Value of Provision for School's deficit fundin8 obligations.. 31 Julv 2021 £'o 31 July 2020 31 July 2019 Present value of provlslon 715 757 Reconclliation of opening and c1051ng provislons Group and School 2021 E'ooo 715 2020 £'ooo 757 Provision at start of period Unwinding of discount factor linterest expense) Deficit contribution paid Remea5urements- impact of any change in assumptions Remeasurements- amendment5 to the contribution schedule 167) 165J 14 54 Provision at end of period 715 49

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS {Continued) FOR THE YEAR ENDED 31 JULY 2021 22. PENSION SCHEMES (continued) Income and expendlture impact 2021 £'ooo 2020 Interest expense Remeasurements- impact of any change in assumptlons 14 23 Assumptions Year to 31 July 2021 Yet7r to 31 July 2020 Year to 31 July 2019 Rate of discount % per annum 1.04 0.84 1.24 The discount rates shown above are the equivalent single discount rates whlch, when used to discount the future recovery plan contrlbutlon5 due, would give the same results as usin8 a full AA corporate bond yield curve to discount the same recovery plan contributions. DefSned contrlbutlon scheme The School operates a defined contributlon penslon scheme In connection with its auto.enrolment obligations. The assets of the scheme are held separately from those of the School in a fund independently administered by The Penslons Trust. The pension cost char8e includes contributlOll5 payable by the School to the fund amountin8 to £172,02312020'. £94,174). As at the balance sheet date there were £nil12020: £nill contributions outstandin8 payable to the pension fund. 23. SUBSIDIARIES AND BASIS OF CONSOLIDATION The School has two connected trading companle5, Klng's School Worcester Activities Limited registered number 01472145 la company Ilmlted by guarantee) and KSW Enterprise5 Limited registered number 07141348 (all of the issued share capital of which is owned by the School). The results of both are ¢on501idated with those of the school and in the case of King's School wOr￿ster Activities Limited are included wlthin the unrestricted funds shown in the financial statements and In restricted funds in the case of KSW Enterprises Limlted. King's School Worcester Activities Llmited IKSWA Ltd), a company limited by guarantee, carrles out various trading activities on behalf of the School and accounts for including vendlng machine sales, the lettSn8S to third parties of school facilities other than the school AstroTurf pitch and sundry other non-charitable trading items. The letting of the AstroTurf pitch is administered and accounted for by KSW Enterprises Limlted IKSW Ent Ltd). For over ten years the school has had a lon8 term fundraisin8 initiative to create a Foundation Development fund. Donations to this fund are made to The King's School Worcester Development Trust. Iformerly The King's School Development Trust) which then makes grants to the School. This Trust is a separate registered charity which is not controlled by the school hence its results are not included within the consolidated financial statements but it is recognised a5 a related party Isee note 241. 50

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 JULY 2021 23. SUBSIDIARIES AND BASIS OF CONSOLIDAnoN (contlnuedl Tradin8 results extracted from the financial statements of the trading subsidiaries are shown below.. KSWA Ltd £'(K)O KSW Ent Ltd £'(KJO Total 2021 £'ooo K5W Ent Ltd Total 2020 KSWA Ltd Turnover Interest receivable and sundry income Cost of sales 82 96 19 115 1841 1481 131 46 1461 Admlnlstratlve costs Operating proflt Gift aid donation {io} 1121 {15) 53 153) 131 171 Retained proflt 131 151 18) Net assets 15 f5J io 19 19 Balance owed tollbyl the School at 31 July 29 29 1151 113) The tradin8 companie5 make gift aid dorsations of oll taxable profits to the School with the result that both trading subsidlary companies have a ni1 annual corporation tax liability. The Klng's School Worcester, as a re8iStered charity, has no liability to UK corporation tax in respect of Its income and gains properly applSed for Its charitable purposes. 24. RELATED PARTY TRANSAcfioNS As stated in note I to the financlal statements. the School has two connected trading companles, King'5 School Worcester Activities Limited and KSW Enterprises Limited. A set off agreement e¥ists between The King's School Worcester and King's School Worcester Activities Limited wlth Lloyds Bank plc for interest purposes only. The gift aid transactions between the School and these companies together wlth details of the year end balance5 are reported in note 23 to the financial statement5. The School Governors Include a partner In Parkinson Wright LLP, one of the firms of soli¢itors engaged by the School. The value of legal se￿iCe5 provided to the School durln8 the year, all of which were negotiated at arm's length and supplied on normal commercial terms, amounted to £1.35812020: £nlll. The balance due to Parkin50n Wright LLP at the year end was £nil12020: £nill. The School Governors include a governor of the University of Worcester. The University provided sports facilities and training course5 to the School during the year, the charge5 for which were negotiated at arm's length and supplied on normal commercial terms. The total value of Services provided amounted to £97512020: £4.9021. The balance due to the University at the year end was £2,08512020.. £nill- 51

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 JULY 2021 24. RELATED PARTY TRANSAUIONS Icontinuedl In the course of its ordinary activities the school conducted busines5 Wlth the Dean and Chapter of Worcester Cathedral in respect of rent. events and staffing, all negotiated at arm's length on normal commerclal terms, totalling £103,175 12020: £105,940) and totallin8 £77,470 12020: £78,057) in respect of choral scholarships. The Dean Is an ex officio member of the school's Governing body, and six of the school's nominatlve Governors are appointed by the Dean and Chapter of Worcester Cathedral. The balance due from the Dean and Chapter of Worcester Cathedral and its trading entities at the year end was £18012020.. A number of school Governors are trustees of The King's School Worcester Development Trust, separate registered chority (see note 231. In the course of its ordSnary activltles the school conducted business with the King's School Worcester Development Trust in respect of events and fundraising actlvltles. The school received from the Trust Enll12020'. £2,502) in respect of events income and expenses due to the School on normal commerclal terms and Brant fundin8, totallin8 £204,61912020- £132,183) for the year was due to the School ot the year end. During the year the school received net donations of £6,IC(112020: £2,533) on behalf of the Trust and the net balance due to the School by the Trust at the year end was £8,53012020- £6,033). In addition at the year end the school held cash balances as agent for The Development Trust amounting to E512020: £51. 52

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 31 JULY 2021 25. CONSOUDATED STATEMENT OF FINANCIAL A￿1VITIES-COMPARATlVE FIGURES BY FUND TYPE Year to 31 July 2020 Unre5trlthed Restrlrt¢d Endowed 1020 2019 Funds Funds Funds Total Totsl Notes £'ooo £'ooo £'ooo £'ooo £'ooo Income and endowments from: Charitable actlvltles School fees recelvable Ancillary tradin8 income Other tradln8 actlvltles Non-ancillary trading Income Other activltie5 15,280 743 15.280 743 16,401 1,029 115 32 115 32 174 36 Investments Interest and investment income 23 26 37 Voluntary Sou￿e$ Grants and donatlons 420 152 572 178 Total Incomlni resources 16.613 155 16.768 17,855 Expendlture on: Ralslni funds Non-ancillary tradlng Flnanclng costs Fundraising and development Total 62 161 134 62 161 134 92 181 162 357 357 435 Charltable actlvltle$ Educatlon and grant maklng Pension scheme re-measurement of the estlmate of past service costs 16,429 133 16,562 17.085 22 14 14 85 Total expendlture Net loutgoingllirbcoming funds from operations before transfers and investment gains 16,8CKI 133 16,933 17,605 11871 22 (1651 250 Gains on investments Net Income Transfers between funds Net mo¥em¢nt In funds for the year li 17 I,oii 1185) 12 (1731 22 1121 io 1162) 21 1162) 275 Fund balances brought fO￿ard at l August 2019 23,383 333 51 23,767 23.492 Fund balance5 carried forward at 31 July 2020 23,210 343 52 23,605 23,767 53

THE KING'S SCHOOLWORCESTER NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 JULY 2021 26. SCHOOL STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted Endowed Fund5 Funds Funds 2021 2020 Totsl Totol £'ooo £'o £'o £'ooo £'ooo Income and endowments from: Charltable actlvltles School fees receivable Ancillary trading income Other trading activities Other activitie5 Investments 15.717 397 15,717 397 15.280 743 71 71 32 Interest and investment Income 26 Voluntary sources Grants and donations 132 229 361 654 Total Sncomln8 resource5 16,322 232 16,555 16,735 Expendlture on: Ralslng funds Financing costs FundralslnR and development Total deductlble costs 51 130 181 51 130 181 161 134 295 Charltable a¢tlvltles Education and 8rant maklng Pensions scheme re-measurement 16,174 222 16,396 16,562 161 16,349 14 Total expendlture Net loutgolngl/ incoming funds from operations before transfers and investment 8ain5 Gains on investments 222 16,571 16.871 1271 io 1161 272 24 15 Net Income 131 25 28 (133) Transfers between funds 171 Net movement in funds for the year 28 1133) Fund balances brought forward at I August 2020 Fund balances carrled forward at 31 July 2021 23,145 343 52 23,540 23,673 23,149 361 58 23,568 23,540 54

THE KING'S SCHOOLWORCESTER 55