2022-07-31-accounts

THE KING'S SCHOOL WORCESTER ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

THE KING'S SCHOOL WORCESTER ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2022 Contents Page Governors, Offlcers and Advisers Annual Report of the Governors Strategic Report io Statement of Accounting and Reporting Responsibilities 20 Independent Auditorfs Report 22 Consolidated Statement of Financial Artivities 26 Consolidated Summary Income and Expendlture Account 27 Consolidated and School Balance Sheets 28 Consolidated Cashflow Statement 29 Note5 to the Consolidated Cashflow Statement 30 Notes to the Flnancial Statements 31

THE KING'S SCHOOL WORCESTER GOVERNORS. OFFICERS AND ADVISERS YEAR ENDED 31 JULY 2022 GOVERNORS, DIREcfoRS AND CHARITY TRUSTEES The Governors of the Kin¥s School wOr￿ster I'the School") are the School's charity trustees under charity law and the directors of the charitable cornpany. The members of the Governing Body who served in office a5 Governors durin8 the year and subsequently a￿ detailed below.. {21 171 181 191 Nr5 P Preston (Chairl The Very Re¢d P G Atkinson G W Ballard Mrs K Brunt DBDale D LGreen J W R Goulding Miss S E Hinks Ms C Hoddinott Mrs J H Jarvi5 Mr5 C Pike MSA A Plunkett R Pre5tidge A Reekes Appointed I September 2022 Appointed I September 2022 Appointed 24 November 2022 Resigned 23 March 2022 Appointed 5 Ottober 2021 Resigned 25 March 2022 J Riaz Dr L Tether R. Tomlinson A Underwood Pwalker DurinE the year the artivitles of the Governin8 Body were carried out through the main board and the above commlttees. The membership of these committees is shown above for each Governor. 111 Finance and General Purposes Committee 12} Education Committee 13) Representstive on School Health and Safety Committee {41 Safeguarding Governors {51 Nominations and Governance Committee 161 Representative of EYFS 171 Representatives of Prep School's 181 Compllance Committee 191 EID Governor 'Parent of pupil at the School

ThE KING'S SCHOOL WORCESTER GOVERNORS. OFFICERS AND ADVISERS (Continued) YEAR ENDED 31 JULY 2022 OFFICERS G E Doodes Headmaster- Foundation R A Chapman Head- Klng's St Alban's Prep School Head- King's Hawford Prep School IResigned 31 August 20221 Head- King's Hawford Prep School {Appointed l November 20221 Bursar and Clerk to the Governors (Resigned 31 August 20211 Director of Finance and Busine55 Development Director of Operations (Appointed 9 August 20211 Clerk to the Governors (Appointed I September 20211 J Phillips T Butt Miss H L Jack50n Mi55 G M M050n S Holden Prlnclpal address and Reglstered Offlce 5 College Green, Worcester, WRI 2LL Audltor Crowe U.K. LLP, 4th Floor St James House. St James Square, GLSO 3PR Bankers Lloyds Plc. 4 The Cr055, Worcester. WRI 3PY Solicitors Harrison Clark Rickerbys Ltd, Wellington Street Cheltenham, GLSO IYD Parklnson Wrlght LLP, St Nicholas Street Worcester, WRI IUN Surveyors Gwilliam Darby Carr. 7 Severn Street, Worcester, WRI 2ND Charity number 1098236 Company Number 04776324 Website www.ksw.org.uk

THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2022 The members of The King'sschool WorcesterGoverning Body present theirAnnual ReF)Ort fortheyear ended 31 July 2022 under the Charitie5 Act 2011 including the Directors, Report and Strategic Report and the Companles Art 2006. together with the audited flnanclal statements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION The King's School Worcester 1.the School'l was founded Sn 1541. It is constituted as a company limiled by guarantee registered in England, No. 04776324, and is registered with the Charity Commission under Charity No.1098236. The Charity Commissioners for England and Wales have issued a unltlng direction in respect of the Sthool and the unincorporated precursor charity that went by the same name Ihaving the registered name of Worcester Cathedral Grammar School, charity number 5275361 whereby single entity financial statements may be prepared. The School operates one senior school and two prep schools known as KITr￿5 St Alban's and Kin￿$ Hawford. The￿ Is one Governing Body for all three Schools. Details of the members of the Governing Body, together with the School's officers and principal advisers. are given on pages 3 and 4. STRucfuRE. GOVERNANCE AND MANAGEMENT Governlng documents The School is governed by its Memorandum of A5S0Ciation and Articles of Association and by the Scheme of the Charity Commissioners dated 18 August 2(M)3. amended on 3 July 2W9. 30 November 2018 and 13 May 2021. Governlng Body Under the Charity Commission Scheme the Board of Governors shall not ex￿ed eighteen members comprisin8 one ex-officio, eight nominative and nine co-opted Governors. Of the nominative Governors seven are appointed by the Dean and Chapter of Worcester Cathedral and one by the Bishop of Worcester. Nominative Governors serve for a term of four years. Co-opted Governors are appointed for a term of four years by ￿SolUtion of the Governors. Retiring Govemors may be re- appointed. Recrultment and tralnlng of Governors The School's elected Govemors are appointed at a meeting of the Board of Governors on the basis of nomination5 received from the three nominating bodies specified within the Charity Commission Scheme. All nominations (including CO-OPtative appointments) are made having regard to the Boord'5 requirements concerning eligibility. personal competence, specialist skills, and availablllty. New Governors are Inducted into the workings of the School, including governin8 body policy and procedures, through vi51ts to the School and the provision of a comprehensive briefing 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 155ues in the sector and regulatory requirements. Organisational management The Governors, as the charity trustees. are legally responsible for the overall management and control of the School. They meet at least three times a year and on other occasions as required. The work of implementinE their policie5 is facilitated by four 5ub-committees'.

THE KING'S SCHOOLWORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2022 the Finance and General Purposes Committee IF&GPI has specific responsibility for financial matters including the review of budgets and finalising the audlted flnancial statements and annual report for approval by the Board. the Education Committee considers strategic academic issue5. the Nominations and Governance Committee considered the recruitment and retirement of Governors, terms of reference and committee membership. the Compliance Committee provldes oversight of all elements of compliance and risk. There are no other standlng committees of Governors but the membership of the school's Health and Safety Committee is chaired by a Governoi and there are nominated governors who have specific responsibility for liaising wlth the prep 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 Director of Finante and Business Development. the Director of Operations, members of the Foundation Leadership Team and the three Senior Leadership Teams. Together this group represent the key management personnel. All meetings of the full Board of Governors, the F&GP, EducatSon and Nomination Committees are attended by the Headmaster and the Director of Finance. and Biislnpss Development and the Director of Operations. The pay and remuneration of the key management personnel are determined by Governors. The Senior Deputy attends all meetin85 of the full Board of Governors and of the F&GP and Education Committees and the Prep School Heads attend all meetings of the full Board of Governors. Group Structure and Relatlonships The School has two related non-charitable subsidiary companie5, Kin8'5 School Worcester Activitie5 Limited (Company No-. 014721451 and KSW Enterprlses Limited (Company No.. 071413481. A minimum of one half of the number of serving directors on the Board of each subsidiary are also members of the Board of Governors. Kin￿5 School Worcester Activities Limited 15 a company limited by guarantee and does not have a share capital. A5 such the liabillty of each member of the company is limited to an amount not ex￿eding £1. This company 15 the enterprise through which commercial activities. including the hlre of general school facilities, take pla￿. KSW Enterprises Limited is a company limited by shares and Its issued share capital of £1 is wholly owned by the charity. This company administers the tommunlty lettings of the Astroturfconstructed by the school on the site of Bishop Perowne Church of England College. Employment Pollcy The School 15 an Equal Opportunities Employer. Full and fair consideration is given to all job applications and due consideratlon Is given to training ond employment needs. Consultation with employees, or their representatives, is undertaken at all leve15 With the aim of taking the views of employee5 into account when decisions are made that are likely to affect their interests. The Governors recognise the importance of good communications with all employees and invofve employees within the School'5 Strategic planning procedures. In addition to communication through normal management and departmental channels employees are kept well informed of the performance, finantial positlon and objectives of the School throu8h personal briefing5, regular meetings, e-mail and p￿sentatIonS throughout the year.

THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2022 Promotion of the success of the organlsatlon to benefit its members The Governors confirm that in accordance with Section 172111 of the Companies Art they act in a way they consider most likely to achieve the purposes of the Company. In making this asse55ment. the Governors consider the relevant actions of the Board a5 described throughout the report. Taking the areas required for disclosure in turn.. a. The Ilkely consequences of any decision in the long term The long-term sustainability of the School is detailed in the Strategic Report. Specifically, the Governors consider both operating results and financial projection5 and the key risks that could negatively impact the sustainability of the School. The Finance and General Purposes Committee and the full board review rnanagement information. budgets, forecast5, coshflow projertion5 and progress against budget on a regular basis. Risk Manogement and ihe level of reserves are also discussed further in the report. b. The interests of the companvs employees In relation to employee engagement, weekly briefin85 keep staff informed of school wide matters of interest. The Governors receive regular reports from management on the wellbeing of the employees and Speak directly to staff during visits to the school. c. The need to foster the ¢omparfs business relationships with parents, supplier5, and others. In relation to key stakeholder engagement, the Governors worked closely with management to communlcate wlth parents. staff and pupils. Parents receive weekly news update from the foundation via email. In accordance with financial procedures and standard payment terms, supplier payment is due within 30 days after the School receives the invoice from the supplier. d. The Impact of the companvs operatlons on the community and the environment The Governors have commissioned an independent review of ener8y use and there 15 a review of Greenhouse gas emission5 later in thi5 report in compliance with the Streamlined Energy and Carbon Reporting ISECRI Report. The desirability of the company rnalntaining a reputatlon for hl8h standards of buslness conduct The School takes a zero-tolerance approach towards fraud. bribery and corruption. It is committed to complying with all applicable laws and regulations relating to fraud. bribery and corruption. f. The need to art falrly as between member5 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 does not have share capital with the result that issue5 relating to Director shareholders or relations between majority and minority shareholder5 do not applv.

THE KING'S SCHOOL WORCEsfER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2022 OBJECTS. AIMS, OBJEcfivES AND AcfiviTIES Charltable Objects The School's Objects and principal activitles, as set out in the Memorandum of Association, are to advance education and training, including physical trainin& by the provision and conduct, in or near Worcester, of day an(J/or boardin8 schoo15 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 educational activities and other associated activities for the benefit of the community. In pursuing its charitable objects the School's mission is to help young people reach their potential at school In preparation for beading confident, fulfilled and unselflsh Ilves as adults. In furtherance of these Objects for the public benefit the School, which operates three schools lone senior and two prep) known collectively a5 The King's School Worcester. has establlshed and administers bursaries, grants, awards and other benefactions. and acts as the trustee and mana8er of property, endowments, bequests and glfts given or established in pursuance of these Objects. The Governing Body is mindful of the long-stsnding need to provide public benefit and of the requirements of the Charities Act 2011. In connectlon with this the Board has monitored closely the Buidance on public benefit produced by the Charity C.omml.ssinn tn8e.the.r with its supplemental guidance on fee-charging. Alms The School's aims for the public beneflt are.. to provide a first class independent edutatlon within an ethos of spiritual awareness and tolerance that is widely accessible, irrespective 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 prlmary objective5 of the School to fulfil these aims are: to maintain the aspiration to high standards in academic perfomance and extra￿Urriculor activities whilst preseNlng a healthy balance between the two. to widen access 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 Bood educational use when not otherwise needed. to provide a stlmulating learning environment in which pupils can develop their academic potential to the full. to provide appropriate teaching resources and accommodatlon throughout all three schools. to provide a happy and secure pastoral environment which promotes and develops independent learning, supports pupi15 in the achievement of their individual potential and fosters a sense of community mutual respect and good citizenship. to provide an effective management Structure and the administrative and logistic framework ne￿$sary to meet the needs of staff and pupils alike.

THE KING'S SCHOOLWORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2022 The aims and objettives set for the School's subsidiaries are to facilitate the achievement of the School's aim5 and objectives as above. Strategles to achieve the prlmary objectives A key strategy towards the achievement of the primary objective5 15 the annual review and update of the School's Development Plan and its approval by the Governing Body. An important part of the review process is an assessment of performance during the year against the targets set for the period, with the results of that a55e55ment being used to inforrn proposed targets and action plans for the future. The Development Plan embodies the operational aims and future plans of the School (summarised on page 181 and, once approved by Governors, becomes a tool for use by the key mana8ement personnel to inform operational planning and decision making. The Governing Body also keeps under ￿VIeW the facilities available to pupi15 and staff on all three sites and the extent to which additional or improved resources may facilitate the achievement of the development plan targets. Prinapal artivity The School's principal activlty, as speclfled In the Memorandum of Assoclation, is the advancement of education and in this the School has again had a successful year. The School roll averaged 1,23812021: 1,2241 puplls across all year groups from Reception upwards with an additional 122 pupi1s12021: 831 in Kindergarten on a full or part time basis. The School continues to maintain the high standard5 and ethos for which The King's School Worcester has become known. Public benefit The Kin<5 School Worcester remain5 committed to the aim of providing public benefit. In setting the School's objertives and planning its activitie5 the Governor5, a5 charity trustees, have given careful consideration to the Charity Commission's general guidance on public benefit requirements lunder the Charitles Act 20111 and in particular to its supplementary public benefit guidance on advancing education and on fee-charging. Whilst the aims of the School Include maintaining and enhancing the academic 5ucce5s of its pupils, the School welcomes pupils from all backgrounds and it is important that access to the education offered is not restricted to those who can afford the fees. The Governor5 believe that pupils benefit from learning within a diverse community and established the School's 8ursary Scheme land related Development 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 pa￿ntaI means Isubject to any restrictions imposed by any donor of the funds) to enable pupils to join the School. or to ensure continuity of education rf this would otherwise be at risk due to unforeseen hardship or temporary difficulty. The pupils who attend the School and who receNe financial sUPPOrt contribute to the whole school community in a variety of ways, conferrin8 benefit upon the whole institution and, in some cases, to the wider community. Financial support is provided not only through bursaries but also through the provision of scholarships, grants and fee conce55ions. This year the School provided financial support totalling £2.Im to 523 pupils12021: £2.Om to 486 pupi1s1- Within this, mean tested awards ranging trom IO% to 100% remission totalling £0.63m were made to 82 pupils12021: £0.67m to 82 pupi151,

THE KING'S SCHOOLWORCESTER ANNUAL REPORT OFTHE GOVERNORS FOR THE YEAR ENDED 31 JULY 2022 with further grants to assist with the cost of extra-currlcular actNities. equipment and school trips. Of this totsl number, 12 pupi15 benefitted from 100% remission of fees. with a further 24 receiving awards equwalent to at least 75% fee remission. Included In these figures are 5 full bursaries granted to Ukrainian pupils in the summer term of 22. The Governors takes the view that the provision of bursaries is important but not to the exclusion of the much wider benefit that the School provides to the community. The School enga8e5 in manv other activities that pr(wide wider public benefit. Examples range from the provision of facilities for local schools. charitie5 and community groups public access to cultural and educational events, activities and productions and a number of well-established partnerships wlth local maintained senior and primary schools. Activities included inter school quizzes at primary level for local schools, math's challenges. workshops in music. sports and drama. Pupils within all three schools are encouraged to develop an awarene55 of the social context of the education they receive at the School and engage in fund raisin8 activities on behalf of a wide range of local. national and internatlonal charities. Thi5 has been particularly pertinent given the current pandemic. The School is a member of the Rivers Teaching Alliance sharing best practice5 and ha5 taken students (roin Gloucester and Worcester UnNersities, amongst others. on Initi81 teacher training courses or PGCE. io

THE KING'5 SCHOOLWORCESTER ANNUAL REPORT OFTHE GOVERNORS FOR THE YEAR ENDED 31 JULY 2022 STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Senlor School revlew of achlevements and performance for the year Fundralslng perforniance The Foundation Development fund raising initiative 15 a lon8-term programme. which is the responsibility of the Alumni and Business Development Office IABDOI. The ABDO fundraises for the benefit of the School throu8h The King's School Worcester Development Trust, with appropriate costs borne by the Trust. Thi5 arrangement offers greater assurance to donors about the custody of their gifts. and aims to encourage a broader cross section of the constituent members of the wider school community to engage with fund raising activitles. The School has a long-term bursary fund raising strategy, the aim of which is to fulfil the orieinal objective set by Henry Vlll of supporting 40 free places at the School. Investment policy. objertives and perfomiance The investments Cur￿ntlY held by the charity are not material. They are. for the m05t part. invested through CCLA Management Limited in either COIF charity funds or CBF Church of England Funds and no formal investment performance review is considered necessary. FINANCIAL REVIEW Results for the year The Autumn 2021 term began under the continuing threat of disruption as a result of Comftavirus, with the remote learning provision continuing to be an option for pupils and staff when the virus hit. However. overall. 2021122 has seen a return to more normal times. wlth many more of our co- curricular events able to run throughout the year and a return to public exams in their conventional form. Fees were increased for the 21122 year following a year of fee freeze5 during the pandemic. and, despite rising costs from increasing interest rates and food and fuel costs, the Foundation kept close control of resources over the year and, as a result, h35 reported a surplus of £173.000. The Governors are pleased with this result in what has been another challenging year. The net incoming resource5 of the group for the year from operations were £177,OC#)12021'. outgoing resources £71,000). The net increase in funds for the year was £173,ocKI12021: decrease £27,0001. The net incoming resources for the year from operations of £177,000 a￿ better than was expected for the year. and this reflects the cautlous nature that the Foundation has taken to controlling costs during the year. The incorning resource5, while pleasing, are still slightly below the optimum level that the School considers necessary to be able to continue to finance the futu￿ development of the School's facilities and educational programme. The School Development Plan5 include a number of initiatives for 2022123 and 2023124 intended to address the net income requirement5 of the School for future Investment; however, the School is cautious in terms of acting against these plans while the future impact of the cost of living crisis remains uncertain. li

THE KING'S SCHOOL WORCESTER ANNUAL REPORT OFTHE GOVERNORS FOR THE YEAR ENDED 31 JULY 2022 ACHIEVEMENTS AND PERFORMANCE Reserves Level and Pollcy The school's Reserves Policy is to maintain sufflcient unrestricted income reserves to enable it to meet Its short-term financial obligations in the event of an unexpected revenue shortfall and to relv upon its realisable general purposes fixed assets as adequate cover for the School's longer-term financial obligations, including the actuarially calculated but transient funding deficit of £0.74m on the School's defined benefit staff pension scheme that under FRS102 is accrued as a liobility. The School's unrestricted reseryes are deployed as funds for part of the school's premises and equipment and at the year*nd free reserves represented a balan￿ of £4.7m12021.' £4.6ml. The Governors consider that free reseNes In the order of £4.2m, or approximately three months, expenditure, would be desirable irt order to cover the risks and uncertainties of operating as an independent educational establishment. The long-term policy objective is therefore to build up reserves out of annual operating surpluses, supplemented by Foundation Development fundraising. until that level is reached, subject to the prior demand5 of further capital expenditure to equlp the school with the up-to-date facilities needed to maintain the standard of educational servlces currently provided. The 5chool'5 tanEible fixed assets are all held tor 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 materlally different from that shown in the financial statements. Revlew of achlevements and performance for the year The Kinls community has once again Shown how resilient and adaptable they are when facing the ongoing challenges that COVID continued to present durlng the Autumn term and embracing the return to a new normal during the Summer term. Public Exams resumed this year. There were minor adaptations in the form of Advanced Information on topics upon which questions would be set by the examination boards but, in many cases, these were illusory, and all tOPiC5 needed to Covered if a candidate was to access the higher grades. There was some controversy In the press when tOPiC5 had been excluded from Advanced Information and then appeared on exam papers. Teaching staff and pupils at King's were made aware that this could happen and were relatwely unaffected when it did so. An additional support for candidates was the lowering of grade boundaries. This occurred in most subjects for at least some of the grades and typically saw the boundaries of the lowest grades drop to ensure sufficient passes at A Level and GCSE. The government position was to aim for the distribution of higher grades to fall halfvjay between those in 2022 (Teacher Assessed Grades) and those in 2019 when public exams last took place. The grades at Kin8'5 were higher than the national haTr￿aY point, reflecting the continuity of education delivered through hybrid learning and the careful COVID mitigations which reduced transmission and led to many fewer pupil absences than reported nationally. 12

THE KING'S SCHOOLWORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2022 GCSE: 1. 76% of our pupils achieved grade 9-7 and 99.1% achieved grades 9 to 4. 2. 54 pupils139% of the cohort) were awarded grade5 9 to 7 in all their subjects, with six pupils achieving grade 95 in 11 subjerts. 3. 79 pupils158% of the cohort) were awarded 9 to 7 in 8 subjects or more. A. Level: 1. 54.7% A/A, 80.3% AB, 98.4% A_C. 2. 16 pupils received A* grades in all their subjects. 3. 54 students139%1 ￿(eIved A or A grade5 in all their subjects. All parents, evenings took place online through a dedicated platform, as feedback from parents had been very positive, with multiple requests to keep this Svstem on an on80ing basis. The hybrid teaching arrangement continued until summer half term,. this enabled pupils who were absent to join le55ons from home. A full year of normal study took plate. This year saw the introduction of our Psychology A Level, which started with high numbers of approximately 40 students, showlng that this was a gap that needed filling In our academic offering. Our pupils continue to maximise the opportunities outside the cla55room which form a key part of their education here at King's. After a year of a hybrid offering of clubs and activitie5, we were delighted to be able to return to our fuller and more regular co-curricular programme. As well a5 offering firm favourites in our to-curricular programme such as Eco-club, Model United Nations, Robotlcs and Engineerlng, and World Scholars, thls year has seen the introduction of a very popular Archaeology Club. In sport. we have continued to provide before-school, lunchtime and after-school clubs and tralning sessions dally. We are also proud of the opportunities our pupi15 have had to engage in competitive team and individual sports. The achievements In three of our sport5 are highlighted below, with their accomplishments complimented by those from across the range of sport on offer. We were delighted to be named. once again. a5 one of the top 100 schools for Cricket (The Cricketer Schools Guide, 20221. Our 1st Xl enjoyed success in the National T20, progressing to the regional semi-finals, and our U17s progressed through to the semi-final of the National Plate competition. Our U14 team was crowned County Champions and their success qualifies them for the National Competition as U15s next year. The U15 girls made it through to the last 16 of the National Cup and to the regional finals of the Lady Taverners Indoor Competition. In Athletics, 44 athletes qualified to compete for Worcester City in the County Championships, wilh many competing in two events; this meant that King's made up well over half of the Dlstrict team. The medal haul of 8 Golds, 11 Silvers and 6 Bronzes places us as one of the most successful schools in the county- 14 pupils went on to compete for Hereford and Worcestershire in the prestigious Mason Trophy inter-counties competitlon. Thls is an opportunity to test themselves against some of the best athlete5 in the country. Again, the win of 6 Gold. 6 Silver and s Bronze meda15 is an apt reflection of the skills and detennination of 411 involved. This year. Rowing has On￿ again enjoyed record interest from pupi15 in the School and contlnues to offer an outstanding programme. Two of our U6 rower5 have represented Great Britain in highly prestigious events, one winning Gold in the Munich International Regatta and Silver in the World 13

THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2022 Championships in Italy, and one securing fifth place in the Coupe de la Jeunesse International Regatta. In addition. one of our L6 rowers has been Selected for the Welsh Junior Women'5 Rowing Team. Three other national representations are worthy of note. One of our L6 pupils was chosen for the Wales U21 SqLbad to compete in the Women's Euro Hockey Junior Championship in Ghent, Belgium. Another was invited to the England Rugby U18 Training Camps this summer. One of our U6 pupils was selected to represent the Great British U19 Water Polo team and play throughout Europe. Our CCF ha5 continued to parade weekly and engage In tralning on a range of skills and leadership theories and qualities. Our cadets competed in the Brigade Military Skills Competition, performing extremely well as they completed tough challenge5 across the weekend with sub-zero temperatures on both nights, receiving the Brigade Military Skills trophy for their outstsnding achievement. With two outstanding musical produrtions, one drama production, terrnly dance showcases and termly formal, informal and chamber music concert5. our pupils have at one and the same time been able to build confidence and stage presence as well as learn and understand the range of skills and aptitudes required for performance. Pupils have enjoyed success in their LAMDA examinations and we are delighted to have been named once again as a Trinity Arts Award Champion Centre. As in previous years, our cohorts were entered for, and sutteeded In securing, one of the nationally recognised qualifications. In addition. many pupils have this year secured success in their ARRSM and Trinity Music examinations. Our Sixth Form Charity Committee has again delivered an outstanding programme of charitable and fundraising events, one highlight being the organisation and delivery of a fun day at a local special school. As war broke out in the Ukraine, the King's Foundation of Schools responded immediately. To date it has raised a staEgering £6,500 tQ 5UPPOrt their chosen charity, Save the Children via the Dlsasters Emergency Committee {DECI. The charity days organised by the pupils saw pupils and staff across the Foundation wear yellow and blue, run popular cake sales, make flags and raise money via concerts and events. Some Sixth Fomiers also donated their salaries from their part-time job5 to support the fundraisin8 efforts. Our chamber thoir learned and recorded the Ukraine song 5hchedryk, written in 1916 by Ukrainian composer Mykola Leontovych. More recogni5able to a UK audience as the tune to the Carol of the Bells. it ha5 been released as a charity single. All of this outstanding work and achievement has only been possible because of the exceptional efforts of our teachin8 and support Staff. The Governors are both grateful to them all and full of admiration for the work they have done in the past yeor. Kin¢s Hawford Once again, the Kin¢s Hawford children made us proud over the course of the past academic year. Although we were ￿a£hIng the tail-end of COVID, during our occasional outbreaks staff ond children showed great resilience with the switch between live, virtual and hybrid lessons. With the restrictions easin& we were again allowed to bring groups of children together who had previously been bubbled apart from one another, and it was lovely to see children of variou5 oge5 cominE together to work. play and support each other. Our Year 6 cohort performed well in their entrance tests. Wlth 20 child￿n gaining scholarships and awards to King'5. Learning outside the classroom is such an integral part of how we work at Kin¢s 14

THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2022 Hawford: we were therefore delighted, once again. to be awarded the Learning Outside the Classroom Gold Award ft)Ilowing the recent ￿-0(CreditatIon process. It Wa5 pleasing to reinstate a full programme of educational visits and residentlals thls year. All year groups from Year 2 upwards had an overnight experience,. Year 6 finished off the year with an amazing water 5POrts and camping experience at Carsington. Sport, music. dance. art and drama all continued to be an integral part of the curriculum and our extra-curricular offering. We gained tremendous success throughout the year. with our boys Ull Football team winning their IAPS regional competition. This year over 65 children took music exams and three muslc scholarships were awarded. Pupils have a voice ot Kin8'5 Hawford and take an artive role in much of the declslon-making regarding development in many areas. This year we had two moin ch4ritie5- Project Gambia and UNICEF: we raised £5.7(X) through many varied events for these charities. We a150 donated E700 to the Emergency Ukraine Crisis Appeal. The Hawford Sustainabillty Drive has been fully underway this year and we were delighted to be awarded with our award of the Eco-schools Green Flag with Distinctlon as well as the Project Gambia Global Citizenship Award at the end of the year. Finally, we have continued to focus on being mindful of and proactive wlth our children'5 mental health. We want children to know that struggle is Bood and normal. that we learn from our mistakes and that if we don't know somethin& itjust means that we don't know it YET. We hope that offering the children these life skills will help them throughout their education and beyond. Kln¢s St Alban's 2021122 saw a return to near normality after two year5 dominated by COVID. Theyear started with some hybrid learning and it was not until January that whole school a55emblies and large 8atherlngs took place. There was significant pupil and staff absence due to COVID, so lessons were delivered normally in class and to isolating children through Showbie. Digital provision has remained in 50me areas post-COVID and this has enhanted the learning provision. The school's Nursery continued to grow and thrive in its third year and picked up its second national award. It Is now an integral and established part of the school. An outdoor classroom ha5 been added to augment the already well-resourced site. 18 Year 6 children received a scholarship or other award to Kin<5 Senior School and 43 children made this move. The focus on mindfulness and Growth Mindset continued apace and we made Sl8nificant pro8ress with pupil voice and pupil leadership. Significant development of our already strong art provision led to the award of Artsmark Gold- this 15 a m05t pleasing achievement. We were also awarded our Green Flag for continued good work by our Eco Club. We trained 30 Pupil MindfulAamba55ador5. who led classes in regular meditations. The return of live concerts with audiences was greatly appreciated. Sport continues to be popular and succe$5ful and our Under 11 Girls. Medley Relay Swimming Team were national champions at both IAPS and ESSA. Clubs continue to be very popular, with a wide range of actlvlties 15

THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2022 on offer at Ly)th key stages. Links with Worcester Cathedral remain stron8 through boy and girl choristers and in other ways. The School continues to enjoy an envlable reputstlon for both Its academic and pastoral provlslon. Alumnl Relatlons There is an artive Old Vigornian IOVI network, which is very much en8a8ed with the School; this engagement is underpinned by the work of the Alumni and Business Development Team. During the vear we welcomed many Ovs back on school vissts, as well as receiving their support in various careers and mentoring activitie5. In May we hosted our London Drink5 Event and it Wa5 lovely to see many Ovs in person after so many COVID-cancelled events. As we head Into the new academic year we will rebuild on our strong calendar ofevents which are so important to the Kin<5 Community. Social Media continue5 to be a valuable tool for engaging with Ovs and the wider Kin￿5 family and there has been an increase in social media enEagement throughout the year, via the bespoke Old Vigornians channels of Facebook, Twitter and Linkedln. Similarly, there has been an increase in subscriptions to the OV newsletters, which contain a wide and varied selection of articles on OV and Kin￿5 School new5. The princlpal fundfaising activity for the School and the Kin￿5 School Worcester Development Trust has been and continues to be for pupll bursarles, and the Trust supported 12 bursaries durlng the year to July 2022. The Trust funds come from external donations from individuals and are so Important to ourongoing bursary programme. The Development Office launched The King's Ukrainian Fund. which aims to raise funds to support the five pupils who have been offered places within the khool. The Trust is also very grateful to the Kildare Trust for their generous donations, which will support two fully funded places from September 2022. The School remains very grateful for the support provided by OVS. parents and other members of the local community, both in tem5 of volunteerin& advice. time and financial contributions. 16

THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2022 Streamlined Energy and Carbon Reportlng {SECR) Dlsclosure a. Emissions Summary The SECR disclosure presents our carbon footprlnt emissions,. an appropriate intensity metrlc.. the total energy use of elertricity. gas and transport fuel,. and an energy efficiency adions summary. Energy consumption used to calculate emissions Ikwhl Emissions from consumption of gas Iscope 11 tC02e Emisslons from combustion of fuel for transport purposes (Scope 11 tC02e Emissions from the Beneration of bioenergy (Scope 11 tC02e Emissions from combustion of oil for heating purposes (Scope 11 tC02e Emlssions from purchased electricity (Scope 2. location based) tC02e Emissions from business travel in employee owned vehicles (Scope 31 tC02e Emissions from consumption of bioenergy lout of Scope) tC02e Totsl Gr055 tC02e based on above 4,536.332 532 37 46 208 103 934 Intensity Ratio ItC02e/total pupils) 0.6868 SEai meth(￿oI08V note5 Reporting period I" August 2021 to 31. July 2022 Boundary (consolidation approach) Operational approach Alignment with financial ￿pOrting SECR dlsclosure is prepared in line wlth Kin¢5 School annual accounts made up to 315t July 2022 Emlsslon and conversion factor Sour￿ UK Government GHG Converslon Fattor5 for Company Reporting Calculation method Activity data x Emlssion 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 bu5ine55 mileage, therefore factor for"Unknown° used from conversion table Reason for intenslty metrlc cholce Kin¢s School 15 an independent day school. therefore, the appropriate intensity metric is pupil numbers 17

THE KING'S SCHOOL WORCESTER ANNUAL REPORT OFTHE GOVERNORS FOR THE YEAR ENDED 31 JULY 2022 b. Energy Efflclency Actlon Summary The School continues to achieve direct savings in energy and associated carbon emi55ion5, by pacing sustalnability at the heart of it5 Strategy, and delivering through business as usual tasks and new projects. A phased programme to replace existing lighting with energy efficient LED lighting continues. New buildings and refurbishments use natural ventilation, and where possible, Part L BC standards are applied to old building5 to increase thermal efficiency. The Keyes Building at the senior school uses bio-mass boilers. Altemate renewable sources are being looked at across the Foundation. Building management systems have beell extended throughout the Foundation to reduce energy costs. Sensor controlled lighting is installed in new buildings and refurbishments. A pro8ramrne is in place to replace all single glazed windows with energy efficient double- glazed unit5. An elevation of the main house at Kin¥s Hawford was completed in surnmer 2022 and remaining elevation5 planned for Easter 2023. The school continue5 to look at replacing boiler5 Wlth more energy efficient unlts. FUTURE PLANS The School's Development Plan 15 Subject to annual review alongside the approval each year of the medium-term Strategic Plan for the charity- However, this year has seen the completion of the long- term Foundation Strategic Plan, Shoped By King's, which aims to celebrate who we are and what makes us great but also acknowledges the need to ensure the Foundation evofves to 5Ult the need5 of the 21 century over the next fifteen year5 ond as we look further fonwards towards our 5 anniversary year in 2041. The vision of the Foundation has been identified in three imperatives for all staff and pupils: be curlou5, be carin& be confident. These will enable u5 to achieve the mission of our Foundation, which is to seek excellence in all we do and provide an outstanding preparation for Ilfe. Underpinning this are the five key values which are at the heart of everything we do: ambition, resilience, humility, creatNity and kindness. Shaped By King's Is founded on the broadest consultations P055ible. Pupils, govemors. staff, parents, and alumni were all involved. We have aspired to reinforce and enhance our reputation as one of the West Midland's. leading independent schools. The Strateglc Plan will inform the FoundatlQll'5 Development and Implementation Plans. led by the Foundation Leadership Team and the Senior Leadership Teams of the Foundation's three schools. Within the plan. four strategic pillars encapsulate what we will focus upon to achieve excellence in all areas. With pupil success at the centre of everything we do. Foundatlon is the heart of our school. It celebrates the importance of being confident but not arrogant in who we are as we build for the future. Futures outlines how we will Strengthen each aspect of our pupils. educational experience. so they are fully prepared and ready for the world beyond Kin￿5. Su5tainablllty captures how we will Invest sustainably in our future from both an environmental and financial perspective. Community and Outreach underscores the role each of us plays in celebrating equality. inclusion, and diversity. supportin8 our pupils and our school through to 2036 and beyond in addition to our work with the wider Worcester community. 18

THE KING'S SCHOOLWORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2022 The key aim5 and objective5 which continue to un(Jerpin planning are: To maintain and enhance the current high standards of academic achievement and excellence, by means of careful monitoring of the progress of each pupil. setting appropriate targets and by providing effertive feedback: these can be measured by external examinations and independent value-added criteri4. To continue to focu5 on the development in pupi15 of self-esteem. resillence and independent learning skill5. To continue to review staff development and related matters In order to be an outstanding school at which to be on employee, 5tren8thening staff recruitment and retentlon as result. 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 community. To promote widely the availability of 100% fee remission place5 to academically able pupils and at least maintain the existing level of funding for means tested bursaries. To promote recruitment of pupils into the Foundation and to generate additional income sources to 5UPPOrt the educational offer. To promote wider community use of the sports, dance and drama facilities available within the Foundation. To fundraise for o bursary fund capable of supporting the equivalent of 40 free places in perpetuity. To continue to estsblish build relationships with our alumni. cementin8 their Pla￿ in our Foundation community. RISK MANAGEMENT The Board of Governors is responsible for the management of the risks faced by the charity. Risks are identified, assessed and controlled throu8hout the year. The School employs a Health and Safetv adviser and engages professional advisers as required. A formal revlew of the charity's Risk Reglster is undertaken by the Senior Leadership Team and the Board on a termly ba515. The key controls used by the School to mlnlmise and manage risk include: Formal agendas for all Commlttee and Board meetings. Advance tirtulatlon of detailed brleflng papers prior to Committee and Board meetings. Comprehensive strateglc plannin& budgeting and cash flow forecastin8. Establlshed organisational structure and lines of reporting. Formal written policles and proCedU￿s. Vetting procedures as requlred by law for the protection of the vulnerable. CirculatlOD of all minutes of the standing Health and Safety Committee to all Governors. The Governors have revlewed and endorsed the Rlsk Reglster as a Summary of the principal areas of the schools. operations and the malor risks faced in each of these areas. examples of which include: Pa￿nts. ability to pay fees during times of economic uncertainty. 19

THE KING'S SCHOOLWORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2022 The effect of legislative changes relating to compliance, staff costs including the employers, pension provlslon, and charitable status. The impact of demo8raphic changes and the development and expansion of local schools upon pupS1 numbers. The impact of Covld-19 has had a significant impact on the School. The School took out a Continuing Business Interruption Loan to safeguard against short term ca5hflow impacts, however the School has maintained strong cash reserves during the time. With the war in Ukraine and the ongoing economic uncertainty which has come with the current Cost of livin8 crisis, the Governors have reviewed the School's cash flow for the next eighteen months and have considered a number of scenarios and consider that the School has sufficient fvnds to manage the cash posltion durinE this period. In the opinion of the Governors. the resources and management proce55es within the Schools should, under normal conditions, allow these risks to be mitlgated to an acceptable level in their day to day operations. Indeed. given the lessons learned during this pandemic the School is 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 the cost of INing crisis and its impact on the School. It is recognised that system5 can only provide reasonable but not ob501utc aknurance that major risks havè been adequately managed. STATEMEMf OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Governors Iwho are also the directors of The King's School Worcester for the purposes of company lawl are responsible for preparing the Governor5, Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Prattice (United Kingdom Accounting Standards). Under company law the Governors are required to prepare financlal statements for each financial vear. The Governors must not approve the financial statements unless they are satisfled 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 resource5, including the income and expenditure of the charitable group for that period. In preparing these financial statements, the GOverr￿f$ are required to= select suitable accounting policles and then apply them consistently obSe￿e the methods and principles in the Charities SORP make judgments and accounting estimates that are reasonable and prudent state whether applicable UK Accountin8 Standards have been followed, sublert to anv material departures disclosed and explained in the financial statements: and prepare the financial statement5 on the goln8 concern basis unless It is inappropriate to presume that the charitable company will continue In business. The Governors are responslble for keeping adequate accounting records that are sufficient to show and explain the charitable company's and the group's transortions, and disclose with reasonable accurary at any time the financial posltlon of the charitable company and the group, enabling them 20

THE KING'S SCHOOLWORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2022 to ensure that the Ilnancial statements comply with the Companies Act 2006 and the provisions of the charltys constltutlon. They are also responslble for safeguardlng the a55ets of the charitable company and the group and for taking reasonable steps for the prevention and detection of fraud and other ir￿guIaritie$. DISCLOSURE OF INFORMATION TO AUDrroR In so far as each of the Dlrectors of the charltable company. as members of the Governing Body. at the date of approval of this report is aware. there is no relevant audit information (information needed by the School's auditor in connection with preparin8 the audit report) of which the School's and group auditor is unaware. Each member of the Governing Body has taken all the steps that Ought to be taken as a Governor in order to make theMse￿eS aware of any relevant audit information and to estsblish that the School's auditor is aware of that information. AUDITOR The Board of Govemors has decided to recommend Crowe UK LLP for re~appointment as statutory auditor to the company. Crowe UK LLP have expressed their willingness to continue to act and resolution proposing their re-appointment will be submitted to the forthcoming Annual General Meeting. This Governors, Annual Report, prepared under the Charities Act 2011 and Companies Act 2CKJ6, was approved by the Board of Governors ofThe Kin<s School Worcester on the 2 December 2022 including in their capacity as company director5 approving the Slrategic Report contained therein, and is signed as authorised on its behalf by: Mrs P Preston Chair of Governor5 21

THE KING'S SCHOOLWORCESTER INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF KING'S SCHOOL WORCESTER Oplnlon We have audited the financial statements of The King's School Worcester for the year ended 31 Julv 2022 which comprise the consolidated statement of financial activities, the consolidated and tharity balance sheets, the consolidated cash flow Statement and notes to the financial statements. including a summary of significant accounting policies. 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 (United Kingdom Generally Accepted Accounting Practicel- In our opinion the financial 5toternents- give a true and fair view of the State of the Eroup's and the charitable companws affairs as at 31 July 2022 and of the group'5 incoming resources and application of resources, including its income and expenditure for the year then ended have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2(K)6. Basis for oplnlon We conducted our audit In accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responslbilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements thot are relevant to our audit of the financial statements In the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical re5pon5ibilitie5 in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to 8oln8 concern In auditing the financial statements. we have concluded that the governor's use of the goin8 concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or condition5 that, individually or collectively, may cast 5ignrficant doubt on the charitable company's ability to continue as a EoinE concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responslbllitles of the governors Wlth re5pert to Boill8 concern are described in the relevant sections of this ￿pOrt. other information The governors are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditorf5 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 e¥pre55 any fomi of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so. consider whether the other informatlon is materially inconsistent with the financial Statements or our knowledge obtained in the audit or otherwlse appears to be materially mi55tated. If we identify Such material inconsistencies or apparent material misstatements. we are required to determine whether this 22

THE KING'S SCHOOLWORCESTER INDEPENDENT AUDITOR'S REPORT TOTHE MEMBERS OF KING'S SCHOOLWORCESTER gives rise to a material misstatement in the financial statements themselves. If. based on the work we have perfomied, we conclude that there is a material mlsstatement of thi5 Other information, we are requlred to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Art ZIX16 In our opinion based on the work undertaken In the course of our audit the Infonnatlon glven In the Governors, report, which include5 the directors, report and the strategic report prepared for the purposes of company law. for the financial year for which the financial ststements are prepared is consistent with the financial Statements: and the strategic report and the director5, report included within the Govemor5' report have been prepared in accordance with applicable le8al requirements. Matters on whlch we are requlred to report by exceptlon In light of the knowledge and understanding of the group and the charitable company and their environment obtained in the course of the audit, we have not identifled material misstatements in the strategic report or the directors, report included within the Governors, ￿port. In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, V￿ have not identified material misstatements in the strategic report or the directors, report included within the Governors. report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2￿6 requires us to report to you if, in our opinion-. the parent company has not kept adequate accountlng records; or the parent company financial statements a￿ not in agreement with the accountlng ￿(OrdS and return5; or certain disc105ures of governors, remuneration specified by law are not made- or we have not received all the infomiation and explanation5 we require for our audlt. Responsibilities of 8overnors As explalned more fully in the Governors, responslbillties statement on page 20 the governors Iwho are also the director5 of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satlsfied that they give a true and fair view, and for such internal control as the governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the governors are responsible for assessing the charitable company's ability to continue as a going concern. di5c105ing, as applicable. matters related to going concern and using the going concern basis of accounting unless the governors either intend to liquidate the charitable company or to cease operations, or have no realistic altemative but to do so. Audltorfs responslbllltles for the audlt of the flnanclal statement5 Our objectives are to obtain reasonable a55urance about whether the financial statements as whole are free from material rnis5tatement. whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a hlgh level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS {UKI will always detect a material 23

THE KING'S SCHOOL WORCESTER INDEPENDENT AUDITOR'S REPORT TOTHE MEMBERS OF KING'S SCHOOL WORCESTER mlsstatement when it exists. Misstatements can arise from fraud or error and are consldered material if, Indivldually or in the aggregate. they could reasonably be experted to influence the economic decisions of users taken on the basis of ihese financial statements. Extent to which the audit was tonsldered capable of detecting Irre8ularltles, including fraud Irregularities. including fraud, are instance5 of non-compliance with laws and regulations. We design procedures In Ilne with our responsibilities. outlined above, to detect material misstatements In re5pert of irregularitles, including fraud. The extent to which our procedures are capable of detecting irregularities. Includlng fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks within which the charity and 8roup operates, ft)cusing on those laws and regulations that have a direct effert on the determination of material amounts and disclosures in the financlal statements. The laws and regulations we considered in this context were the Charities Act 2011, together with the Charities SORP IFRS 1021. We assessed the required compliance with these laws and regulations as part of our audit procedure5 on the related financial 5tstement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial ststements but compliance with which mi8ht be fundamental to the charitvs and the group'5 ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education Ilndependent School Standards) Regulations 2014, General Data Protection Regulation IGDPRI, Health and Safety legislation, ond Employment legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulatlons to enquiry of governors and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud. to be with the completene55 and accuracy of non-fee income, and the override of controls by management. Our audit procedures to resFJond to these risks included enquiries of management, the Director of Finance and Business Development and the Finan￿ & General Purposes Committee about their own identification and assessment of the ri5k5 of irregularities. sample testing on the posting of journals. reviewing accounting estlmates for biases. designing audit procedures over non-fee income, reviewing regulatory correspondence with the Charity Commlssion, Independent Schoo15 Inspectorate, Otsted and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that V￿ may not have deterted some material misstatement5 in the flnanclal statements. even though we hove properly planned and perfomied our audit in accordance wlth audlting standards. For example, the further removed non-compliance with laws and regulations lirregularitie51 Is from the events and tran5artions reflected in the financial statements, the less likely the inherently limited procedures required by auditin8 Standards would idèntify it. In addition. as with any audit. there remained a higher risk of non-detection of irregularities. as these may involve collusion. forgery. intentional omission5. misrepresentations, or the override of internal controls. We are not 24

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

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 Carrick House Lypiatt Road Cheltenham GLS0 2QJ

Date: 07 December 2022

25

THE KING'S SCHOOLWORCESTER CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 JULY 2022 Unre5trlcted Restrfcted Endowed Funds Funds Funds £'ooo £'o(KJ 2022 Total £'ooo 2021 Total Note Income and endowments from: Charitable arti¥ities School fees receivable Ancillary tradlng Income 16,828 808 16A28 15,717 397 Other tradlng actlvitie5 Non-ancillary trading income Other artivities 192 42 192 42 82 71 Investments Interest and investment income 12 16 Voluntary sources Grants and donations Total Incoming re50urce5 Expenditure on: Raisin8 fvnds Non-ancillary trading Financing costs Fundrai51118 and development 31)) 300 315 17.882 303 18.186 16,591 183 62 129 IB3 51 130 129 Total Charitable activitles Education and grant making Pension scheme re-measurement ofthe estimate of past seryice cost5 Total expenditure Net incomingllout8oingl funds from operations before transfers & investment gains ILossesl/goins on investments Net surpluslldeflcftl Transfers between funds Net movement in fvnds for the year Fund balance5 brought forward at l August 2021 Fund balances carrled forward at 31 July2022 374 374 271 17,178 3LXI 17.478 16.397 22 157 157 f6J 16, 662 17.709 3(KJ 18.009 173 177 171) li iii 173 173 127) 21 173 173 (27) 23,159 361 58 23,578 23.605 21 23,332 361 23.751 23.578 The notes on pages 30 to 55 form part of these Ilnancial statements. 26

THE KING'S SCHOOL WORCESTER CONSOLIDATED SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2022 2022 2021 Unrestrlcted and Unrestrirted and Restricted Fund5 Restrlcted Funds Total Totol INCOME FROM: tharltsble actlvltle5 School fees 16,828 15,717 397 Ancillary trading Other tradlng actlvltles Fundraising trading Other income 192 82 42 71 Investments Drvidends. bank and other interest Voluntary sources Grants and donations 16 -Unre5tricted 86 -Restricted 3(Ml 229 Totsl income 18,186 16,591 Expendtture on: Raising funds Tradin8 Costs Financin8 Costs Development costs Charitsble artivities 183 90 62 51 129 130 Education and grant-making Pension scheme re-measurement 17,478 157 I6￿97 16) Totsl expendlture 18.(K19 16.662 Net fundslldeficitl before investment gains and inter-fund transfers 177 (71J Net investment Ilossesllgains for the year Net In¢ome/(defKit) for the year 173 (27) The above Summary Income and Expenditure Account represents the total unrestricted and restricted income and expendlture as shown in the consolldated Statement of Financial Activities on pa8e 26 and it5 presentation is required under the Companies Act 2006. The note5 on pages 30 to 55 form part of these financlal 5tatement& 27

THE KING'S SCHOOLWORCE5TER CONSOLIDATED AND SCHOOL BALANCE SHEETS AS AT 31 JULY 2022 Cornp3nv 04776324 ReBlstered No: Consolldated Sch¢)ol 2022 2021 2022 2021 Notes £'ooo £'ooo FIXED ASSETS Tangible a55etS Securitie5 investments io li 21,740 22,390 21,740 304 22,390 22,044 22,698 22,044 22.698 CURRENT ASSETS Stock Debtors Cash and deposits 17 563 6,961 7,541 12 606 7.175 775 6,960 7,736 590 6,896 7.487 7.782 CURRENT UABILITIES Creditor5 payable within one year 13 {2￿51) (2,646) 12,523) {2.602) NET CURRENT ASSETS 5.231 4.895 5,213 4,885 TOTAL ASSETS LESS CURRENT LIABIUTIES 27,275 27,593 27,257 27583 LONG TERM UA81L￿1Es Creditors payable after one year Pension Scheme funding deficit 14 22 12,7821 (7421 f3,367J 1648J (2,782) (7421 (3,367J (648) NET ASSETS 23,751 23.578 23.733 23.568 REPRESENTED BY: ENDOWED FUND5 21 58 58 58 RESTRicfED FUNDS 21 361 361 361 361 UNRESTRicfED FUNDS General reserve 21 23,332 23,159 23.314 23,149 23,751 23,578 23,733 23,568 The net movement in funds for the School In the year is a surplus of £165,OIX)12021: £28,LM]01. These financial statements were opproved by the Governing Body on the 2 December 2022 were SiBned eha fbv P Preston Chair of Governors DBDale Chairman of the Finance and General Purp05e5 Commlttee The notes on pages 30 to 55 form part of these financlal statemen 28

THE KING'S SCHOOL WORCESTER CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2022 2022 2021 Note £'l¥X> £'(NXI VOOO £'C Net cash Inflow from operatlons Net cash provided by operating activities 24 1,335 1,148 Cash flows from Invertlng artlvltles: Payments for tan8ible fixed assets Proceeds on sale of fixed assets Investment income and bank interest received Net cash lused In) Investlng activities 1283) (16) 16 (267) (i) Cash flow5 from financlng activltles: Loan advan￿5 Inet of repayments) Loan repayments PenSlOD deficit payments Finance costs paid 1729) (552) (67) (57J 156) Net osh (used)/generated by financing activities Change In cash and cash equlvalents In the reportl perlod 324 214 1.471 Cash and cash equlvalents at l August zo 6.961 5.490 Cash and cash equivalents at 31 July 2022 24 7.175 6.961 The notes on pages 30 to 55 forni part of these financlal ststements. 29

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 I. ACCOUNTING POLICIES Charlty Informatlon The School is a Public Benefit Entity ￿gIStered as a charity in England and Wales and a company limited by guarantee. It was incorp)rated on 23 May 2003 Icompany number: 047763241 and registered as charity (with charity number: 10982361. the ￿giStered office addre55 being 5 College Green, Wor¢ester, WRI 2LL. Basis of accountlng The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021, the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing theirfinancial statements in accordance with the Financial Reporting standard applicable In the UK and Republic of Ireland IFRS 1021. The functional currency of the School is considered to be G8P 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 accounting, as modified by the revaluation of investments. The financial statements present the con501idated statement of financial activities ISOFAI, the consolidated 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. The net movement in funds for the year of the group was a surplus of £177,OLKI for the year ended 31 July 202212021: deficit £71,OCKII. No separate Statement of Flnancial Activities has been presented for the School alone, as permitted by Section 408 of the Companies Act 2006. The net results of the School are dlsclosed within the Balance Sheet. The School has taken advantage of the exemption available tts a qualifylng entity in FRS 102 from the requirement to present a School onlycash Flow Statement with the consolidated financial statements. Golng concern Having reviewed the funding facilitie5 available to the School together with the expected ongolng demand for places and the School's future projected cash flows, the Governors have a reasonable expectation that the School has adequate resour￿5 to continue tts activitles for the foreseeable future, particularly in reference to the statement under Risk Management and Covld-19 as set out in the Governorg report. The Governors consider that there were no material uncertainties over the School'5 finantial viability- Accordingly. they also continue to adopt the going concern basis in preparing the financial ststements as outlined in the Statement of Accounting and Reporting Responsibilities on page 20. Crltlcal accounting judgements and key sources of estimation uncertainty In the application of the accounting policies, Trustees are required to make judgements, estimates, and assumptions about the carryin8 value of asset5 and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing ba515. Revisions to accounting estimates are 30

THE KING'S SCHOOLWORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 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. In the view of the trustees, no assumptlons concerning the future or estimation uncertainty affetting assets or liabilities at the balance sheet date are Ilkely to result in a material adjustment to thelr carrying amounts in the next financial year. The followin8 accounting policies have been applied consistently in dealing with items whlch are considered material in relation to the School's financial Statements. 1.1 Fees and slmllar earned Income Fees receivable and charges for services and use of the premises. less any allowances, xholar5hip5, bursaries grnnted by the Sthool against those fee5, but including contributions recewed from restricted funds, are accounted for in the period in which the service is provided. 1.2 Investment income Investment income from dividends, bank balances and fixed interest Securities is accounted for on an accruals basis. Income from investment properties is accounted for in the period to which the rental income relates. 1.3 Non-ancillary trdding income Income comprises the value of sales (excluding VAT and similar taxes and trade discounts) of goods and service5 made by the School's trading Subsidiaries in the normal course of business. 1.4 Donations. legaciesi 8rants and other voluntary incoming resources Voluntary incoming resource5 are accounted for a5 and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School Is considered probable. Voluntary income for the School's general purposes 15 accounted for as unrestricted and 15 credited to the General Rese￿e. Where the donor or an appeal has imposed trust law restriction5. voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for as permanent trust capital or expendable trust capital, according to whether the donor intends retention to be pemianent or not. Gifts in kind are valued at estimated open market valuè at the date of gift, in the case of assets for retention or consumption, or at the value to the School in the case of donated services or facilltles. 1.5 Expendlture Expenditure is accrued as soon as a liabllity is consldered probable. discounted 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 in the year, either by reference to stsff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates. Grants awarded are expensed as soon as they become legal or operational commitments. Govemance costs comprise the costs of complying with constitutional and statutory requirements. Intra-group sales and charges between the School and its subsidiaries are excluded from consolidated trading income and expenditure. Redundancy and termlnation costs only occur where absolutely necessary and are accounted for on an accruals basis when the commitment to terminate a post on the grounds of redundancy or terminate an employee's contract has been made. 31

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 1.6 Tan8ible Ilxed assets Buildings erected before 1947 are not included in these financial statements. There is no expenditure incurred in the improvement of these propertie5 capitalised in the financial statements a5 011 amounts of expenditure were of a revenue nature. Fixtures, fittings, equipment purchased for direct use with pupils (academic and extra- ¢urricularl and I￿ equipment costs are written off a5 an expense as acquired. Expenditure on the acquisltion of land, construttion of new buildings, motor vehicle5 and other non ICT assets intended to be used for more than two years are capitallsed on acquisition and depreciated over thelr estlmated useful life. Other expenditure on equipment incurred in the normal day-to-day running of the School and its subsidiaries is Charged to the Statement of Financial Actlvltles as incurred. 1.7 Depreciatlon Depreciation is provided on all tangible fixed assets on a stralght-line basis at rates calculated to write off the cost of the a55et5 over its estimated useful life as follows.. Freehold and long leasehold buildings over 40 years lor the lease term if shorter) Freehold and leasehold buildin85 repair5 and refurbishment- over 5 to 10 years Fixtures, fittings and equipment - over 3 to 10 years Motor vehicles - over 5 years A55ets in the course of construction not depreciated 1.8 Investments Investment assets are carried at their market value a5 at the balance sheet date. Unrealised gain5 and Ios5e5 arising on the revaluation of investments are credited or charged to the Ststement of Financial Activities and a￿ allocated to the appropriate Fund according to the "ownership" of the underlying assets. 1.9 Stock Stock is carried at the lower of cost and net realisable value. 1.10 Fund accountlng The charitable trust funds of the School and its subsidiaries are actounted for as unrestricted or restricted income, or as endowment capital. in actordance with the terms of trust imp05ed by the dgnors or any appeal to which they may have responded. Unrestricted income belonES to the School's corporate reserves, spendable at the discretion of the Governors either to further the School's Object5 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 specific purpose. this 15 accounted for by transfer to the appropriate de5i8nated fund. The endowed funds comprise o number of Individual trust funds established by specific donors. Ihe capital of which may not be expended. Restricted income comprises gifts. legacies and 8rants where there is no capital retention obligation or power but only a trust law restriction to some specific purpose intended by the donor. 1.11 Penslon costs Retirement benefits to employees of the school are provided through two pension schemes, one defined benefit and one defined contribution. The pension costs charged in the Statement of Financial Activities are determined as follows.. 32

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 lal The Teachers, Pension Scheme - This scheme is an unfunded multi*mployer defined beneflt pension scheme. It is not possible to identify the School's share of the underlying assets and liabilitles of the Teachers, Pension Scheme on a conslstent and reasonable basls and therefore, as required by FRS102, accounts for the scheme as if it were a defined contribution scheme. The School'5 contributions, which are in accordance with the recommendation5 of the Government Actuary. are charged in the period in which the Salaries to which they relate are payable. Ib} The Kin¢$ School Worcester Personal Pension Plan This is a defined contribution group personal pension plan with The Pensions Trust. Employerfs pensions costs are chorged in the period in which the salaries to which they relate are payable. Icl The Support Staff Pension Scheme administered by The PensionsTrust. This is an occupational defined benefit scheme. The Independent Schools. Pension Scheme IISPENI is a multi- employer scheme. As such it is not P055ible in the normal course of events to identify the share of the underlying asset5 belonging to the individual participating employer5, and accordingly. in accordance with 5ertion 28 of FRS 102 it is accounted for as a defined contributions scheme with contributions being recorded as they become payable. A liability is recognised on the balance sheet however equal to the present value of contrlbutlons payable under the agreement to fund a deflcit. The present value Is calculated using the discount rate of 3.24% {2021.' 1.04%). The unwinding of the discount rate is ￿Cognised a5 a finan￿ cost. 1.12 Operatlng leases Rentals under operating leases are charged on a straight-line basis over the lease term. even if the payments are not made on such a basis. Benefits received and receivable a5 an incentive to sign an operating lease are similarly spread on a strai8ht-line basis over the lease term. 1.13 Flnanclal Instruments Basic financlal instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exceptlon of investments which are held at falr value. Financial asset5 held at amortised cost comprise cash at bank and in hand, together with trade and oiher debtors and 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 access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except fees 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 SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Z. CHARITABLE AcfiviTIES- FEES RECEIVEABLE 2022 2021 Fee5 recelvable conslst ot: School fee5 Less- total bursaries, Brants, scholarships and allowances 18,788 (2,2001 16,588 183 17.523 (2,228J 15,295 229 Add back.. Bursaries and other awards paid for by restricted funds Add back.. Fee remission under salary sacrifice scheme 57 193 16,828 15,717 Scholarships, bursaries and other remission awards were pald to 518 pupils12021: 4861. Within this means tested bursaries totslling £625,306 were paid to 77 pupi1s12021- £645,176 to 82 pupilsl. 3. CHARITABLE AcnviTIES- ANCILLARYTRADING INCOME 2022 2021 £'ooo Pupils extras charges Re8lStration fees 8reak service Holiday clubs Training incorne Commission, events and other income Letting of property Profit on Sale of fixed assets 598 206 13 13 28 145 150 21 13 808 397 34

THE KING'5 SCHOOL WORCESTER NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 JULY 2022 4. OTHER TRADING ACTIVITIES 2022 2021 Non-anclllary tradlng Income King's School Worcester Activities Ltd KSW Enterprises Ltd 179 82 13 192 82 2022 2021 Other activities Late payment administration charges Renewable ener8y and other income 41 71 42 71 5. BANK IKfEREsf AND 1P4VESTmE￿ INCOME Unrestrlrted Restricted Endowed 2022 £'ooo 2021 Investment Income: Equities Bank interest io io 6. GRANTS AND DONATIONS RECEIVABLE Unrestricted Restrictsd Endowed £'ooo 2022 £,￿0 2021 Received from Kinls School Worcester Development Trust for.. Bursaries Other donations Government grants CJRS Scheme 183 117 183 117 197 32 86 315 3(Kl 35

THE KING'S SCHOOLWORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 7. ANALYSIS OF EXPENDITURE a) Expendltufe stsff costs Deprec'n Inote 9) (note 101 Other Total 2022 Total 2021 Costs of generatlng funds Trading costs Cost of other activities Financing Costs Inote 81 Foundation Development costs 183 183 62 31 62 129 51 130 98 Total costs of generating fvnds 98 276 374 271 Charitable expenditure Educatlon ond grant maklnq Teaching Welfare Premises Support costs and governance Grants, awards and prizes (note 7bl 9,451 520 618 1,298 36 1,721 443 1,671 523 300 11,208 10.401 873 3,250 892 3.181 1,821 300 229 Total charitable expenditure 11,887 933 4,658 17,478 16.397 Totsl expended 11,985 933 4,934 17,852 16,668 b) Grants awards and prizes 2022 2021 From Restricted Funds: Bursaries 183 222 Other grants and awards 117 300 229 c} Governance included in support costs: 2022 2021 Remuneration paid to auditor for audit servlces Reimbursement of personal expenses to Governor5 - travel Costs 18 19 18 19 36

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Travel expense5 were claimed by I member12021- 0} of the Governing body. No Governor received any remuneration durin8 the year ended 31 July 2022 12021.. nil) and no retirement beneffts are accruin8. In addition to the above audit remuneration the financial statements include amounts payable to the auditor in respect of taxation and Teachers, Pension Complian￿ services and advice totallin8 £1.110 12021.. £8,052). 8. FINANCE AND OTHER COSTS 2022 2021 Fees in advance flnantlnE Cost Loan financing cost Impairment10$5es charged to financial assets Pension Scheme financing cost 72 119) 63 (20J 62 51 37

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 9. STAFF COSTS The aggregate payroll costs for the year were as follows: Restoted 2021 2022 Wage5 and Salaries Social Security costs PensTron cost 8,954 887 1,583 805 1.498 11.414 10,743 Staff non-salary beneftts Contrart catering and agency staff costs Apprenticeship levy Fee Remission under Salary Sacrifice scheme and benefits 43 431 56 420 28 193 57 11.985 11,440 Aggregate employee benefits of key management personnel: 865 2022 2021 Number of higher paid employees in band5 of- £60,0(X) to £70,￿X) £70,001 to £80.(MXJ £80,ODI to £90,C £90,001 to £lOO.O(X) £IIO,LKII to £120,IXKJ £130,001 to £140,IXKJ 2012 2021 The number of staff with retirement benefits accruing.. in Defined Contribution schemes was of which the contribution5 amounted to 130 £176.448 124 £172.023 in Defined Benefit schemes was 150 The average number ofstaff employed durin8the year was 348 {2021: 333). The average number of full-time equivalent staff during the year was.. 2022 2021 Teaching Domestic Premise5 Administration Fundraising 191.5 187.9 25.1 34.9 26.4 32.8 257.5 253.7 38

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 During the year redundanry and terniination payments lor otherwise relatin8 to compromise agreements) were due of £20,89412021: £33,(KKJI. The amounts outstandin8 at the year end were £4,00012021: £28,(￿1. 10. TANGIBLE FIXED ASSETS Long Assets in Fixtures, leasehold course of fittings & Motor property construction equip't Vehicles £'CKJO Group and School Freehold Property £,￿0 Total Cost At l August 2021 Additions Disposals 33,501 190 3.811 1,269 215 68 1381 38, 796 Z83 1237) 25 11991 At 31 July 2022 33.691 3.811 25 1,070 245 38,842 Depreciation At l August 2021 Charge for year Disposals 11,402 813 3,675 59 1,163 36 11991 166 25 138) 16,406 933 1237) At 31July 2022 12.215 3,734 153 17.102 Net book value At 31 July 2022 21.476 77 25 70 92 21,740 At 31 July 2021 22.099 136 106 49 23,390 The School ha5 a number of long-held historic 055et5, which are used in the course of the School's educational activities in accordance with the Charity Commissioners Approved Scheme lunder which transfer of a major interest in such property by the School would require the consent of the charity Commission). These comprise listed buildings on the school site together 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 assets and could not be obtained except at disproportionate expense. However, in the opinion of the Governors the depreciated historical cost of these assets would now be immaterial. Capital Commitments Gr(wp and School 2022 £'ooo 265 2021 Future capltal expendlture Authorised and contracted for but not yet completed 29 Capltal CommitmÈAts The School has been granted an option 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 property. the School has granted the lessor, land successors in title), an option to require the School to purchase the freehold interest on the death of the le550r or if the lease is forfeited. In the 39

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 event that either option is exercised the purchase prlce of the freehold interest will be based upon valuation of the property on the date of the exertise of the option. Tangible fixed assets include two properties with a net book value of £5.5m12021- £5.6ml which are charged as security for a proportion of the School's bank loans. 11. INVESTMENTS Group and kh(K>l Unrestricted Restricted Endowed E'CKJO Totsl £'ooo Equlty Investments At l August 2021 Unreali5ed1055e5 in year At31July2022 164 107 131 37 164 104 36 304 All investments are listed on the UK stock exchange and are held by the School. Subsidiary undertakines By virtue of common control Klng's School Worcester Activitie5 Limited (Company No: 014721451, company limited by guarantee and registered In England and Wales. is recognised a5 a wholly owned subsidiary undertaking of the School. KSW Enterprises Limited Icompany No.. 07141348} is a company registered in England with an issue Share capital of £1. which is wholly owned by the School. The results of these subsidiaries are reported in note 23 to the financial statements. 40

THE KING'SSCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 12. DEBTORS Group School 2022 £'ooo 2021 2022 £.￿0 2021 Fees and extr05 receivable Trade debtor5 Due from subsidiarycompanies Sundry debtors Prepayments and accrued income 159 159 205 17Z 29 17 339 80 364 17 339 364 606 563 775 590 All debtors are due wlthin one year. 13. CREDITORS: amounts fall1￿ due wlthln one year Group khool 2022 2021 Z02Z 2021 Bank loan (note 151 Trade creditors Registratlon deposlts Taxation and social security Due to subsidiary companies Other creditors Fees in advance scheme Inote 161 Accruals and deferred income 715 433 211 715 399 211 492 221 223 475 221 223 295 173 579 293 173 570 266 128 675 128 2,551 2,646 2,523 2.602 14. CREDITOR5: amounts fall1￿ due after more than one year Group School 2022 2021 2022 £'ooo 2021 Bank loon (note 151 Fees in advance scheme Inote 161 2.728 54 3.309 58 2,728 54 3,309 58 2.782 3.367 2,782 3.367 41

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 15. BANK LOANS Group and School 2022 2021 The bank loans are repayable by in5tolments: Due after more than 5 years Due within 2- 5 years Due after more than one year Due wlthln l year 628 2,100 2,728 1,065 2,244 3,309 715 4.024 The bank loans are secured by way of a fixed charge dated 4 September 2009 over two of the company's freehold propertie5 (the site known as King's Hawford and the new pre-preparatory school located at Mlll Street Worcesterl. The loan5. which are repayable over a period of up to 20 year5 from July 2CQ9, 13 year5 from June 2014 and 15 year5 from January 2016, are mainly variable rate borrowings at interest rate5 ranging from 1.31% to 2.6% above Bank of England base rate. The CBIL loan taken out in the year Is a fixed rate loan at 1.96% repayable over S years from August 2021. In November 2022 one loan has been repaid early in agreement with the bank, thi5 will have a posltlve impact on the future intere51 rate costs of the School with no impart on the associated covenants. 16. FEES It4 ADVANCE SCHEME Parents may enter into a contract to pay to the School tuition fee5 in advance. The money may be returned subject to specific conditions on the receipt of one term's notice. Assuming pupils will remain in the School advance fees will be applied as follows- Group and School 2022 2021 Within 2 - 5 years Within 1-2 years After more than one year 54 58 58 Within l year 173 128 227 186 Summary of movernent5 in liability Balance at l August 2021 New contracts Amounts accrued to contracts as debt financing cost Amounts used to pay fees 186 670 1632) Balance at 31 July 2022 227 42

THE KING'S SCHOOLWORCESTER NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 17. HNANCIAL INSTRUMENTS Group 2022 2021 Financial assets measured at fair value 304 Financial assets held at fair value include a55ets held as investments. Impairment105ses charged to financial assets measured at amortised cost in the year amounted to £nil12021: £nill. 18. OPERATING LEASES Commitrnent5 The total remaining operating lease commitment in respert of the unexpired period of current operatin8 leases is as follows: 2022 2021 Group and School Land and buildings £'OCN) Land ond buildings Other Total £'OOO £'OOO £,( Other £'ooo Total On leases Within l year Between 1-2 years Between 2-5 year5 After S years 115 108 310 1,146 li 126 114 319 1,146 136 88 265 1.012 16 li li 152 99 276 1.0 1.679 26 1.502 l.S39 Charge forthe year The amounts payable under operating leases and charged as expenditu￿ during the year are as follows: Group and School 2022 2021 Leases in respect ofr. Land and building5 Plant and equipment 132 28 117 160 43

THE KING'S SCHOOLWORCESTER NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 19. FUNDS OF THE SCHOOL The School's funds are analysed under the following headings. a) End¢)wed Funds The endowed fund comprises an individual trust set up by an individual donor to support specific scholarship5. A distingulshlng feature of the special trust is the donorf5 express requirement or implicit intention that the funds shall not be Spent immediately but should be retained. The trust is not pooled for investment and is credited with the relevant investment income and bears its own expenses. The Dean Forrest Fund to support a stholarship, with preference for former thorlsters Intending to take Holy Order5 or who are sons of cler8y. bl Restricted Funds Over a number of years the School has received donations where the donors have placed restrictions on the uses to which the gifts may be put. The Fund5 thus restritted under charity law. and which are partly invested in separate investment securitie5 and partly In the School's pooled deposits, are.. The Canon Catley Scholarship to provide bur5arie5 to pupils. and Bursary Fund The Speciflc Small School Projects Fund to provide resource5 for Specific named projects and pupil5. The Annual Fund donation5 solicited from parents of pupils each year to be expended in the short term upon a range of additionol pupil resources. The Reeves Maths Prize Fund to award prize5 for excellence in mathematics. The Astroturf Fund to provide resources for the future resurfacing 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 recelved from external donors through the charity The King's School Worcester Development Trust charity where the sums received are for Specific purposes but where there is no ￿quIrernent to preserve capital. Expenditure d1￿ctlY flnanced by such donations Is shown under restricted fund5. The Foundation Development Bursary Fund to provide bursary support to pupils The Keyes Bullding to provide a contribution to the totsl capital cost Icirca £9ml of the new building The Foundation Developmentsundry Special funds represent funds received to support a number of small project5 the balances on each individual fund being below £10,000 44

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Foundation Development Sundry Special fund5 At 31 july 2022 these we￿. School Flag Fund Cricket Pavilion Fund Annual Fund Reeves Maths Prize Fund M Stevens Fund 320 1,369 7.746 6.584 17.019 Donations ￿¢erved through the Foundation Development Office for the general benefit of the School without any restriction are accumulated within unrestrirted fund5. Although expenses may be apportioned across all the indlvldual funds arising as a result of the fund- raising activities of the Foundation Development Office this policy has not been adopted in order that the financial statements glve a clear Indlcation of the total value of donations made to specific projects. c) Unrestricted Funds Unrestrlcted funds represent accumulated incorne from the School's activities and other sources and are ovailable for the general purposes of the School. 20. ANALYSIS OF NET ASSETS BEfwEEN FUNDS 2022 Unrestricted £'ooo 21,740 164 4,952 13.5241 Restricted £'ooo Endowed Total £'ooo 21,740 304 5,231 (3.524) Tan8ible fixed assets Inve5tmentS- 5ecurlties Net current assets Lon8 tem) liabilities 104 257 36 22 23,332 361 58 23,751 2021 Unrestricted É'ooo 22,390 165 4.619 14,015) Restricted £'ooo Endowed Total £'oc Tangible fixed 055ets Investments- securities Net current assets Long term liabilitie5 106 255 37 21 (4,015J 23.159 361 58 45

THE KING'S SCHOOLWORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 21. GROUP SUMMARYOF MOVEMENT ON FUNDS a) Year to 31 July 2022 Atl AuEUSt Incoming 2021 resources £'(KJo Transfers between funds Unrealised Balns Illossesl £'o At31 July 2022 Resources expended Unrestrirted fund5 General reserve Trading subsidiary reserve5 23.149 17.690 117.5261 23.313 io 192 11831 19 23,159 17.882 117.7091 23,332 Restrlrted funds Canon Catley fund Astroturffund Specific Small Sche)ol Projects fund Foundatlan Development restrirted funds Bursary fund Sundry Specific funds 168 99 13) 99 117 11171 183 11831 80 io io 361 303 13001 131 361 Pemianent Endowed fund5 Dean Forrest 58 iii iii 58 58 Totsl Funds 23,578 18.186 {18.0091 {41 23,751 46

THE KING'S SCHOOLWORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ZI. GROUP SUMMARY OF MOVEMENT ON MAJOR FUND5 b) Year to 31 July 2021 Ati Au8USt Incoming 2020 resources Transfers between funds Unreallsed ains Illossesl At31 July 2021 £'(wJD Resource5 expended £'ooo Unrestrkted funds General reserve Trading subsidiary reseNes 23.192 16.276 116.3501 24 23.149 18 82 1901 io 23,210 16,358 116.4401 24 23,159 Restrfcted funds Canon Catley fund Astroturf fund Speciflc Small School Projects fund Foundation Develownent restrfctedfvnds Bursary fund Sundry Specific funds 150 99 15 99 32 {251 17) 197 {1971 80 io io 343 232 {2221 17) 15 361 Permanent Endowed funds Dean Forrest 52 52 58 58 Totsl Funds 23,605 16,591 116,662) 23,578 The transfers between funds shown above represent the following.. Transfer to unrestricted School funds of the donation5 of £25,CKIO received In respect of Covid 19 bursaries and £6,792 receNed in respert of equipment for the boat club. 47

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 JULY 2022 22. PENSION SCHEMES Retirement benefits to employees of the School are provided throu8h two defined benefit sthemes and one defined contribution Scheme, which are funded by the School's and employee contributions. DEFINED BENEFIT SCHEMES Teacher< Pension Scheme The School participates in the Teachers, Pension Scheme (England and Walesl 1.the TPS"} for its teachin8 Staff. The pension charge for the year includes contributions payable to the Tpsof £1,935,677 12021.. £1,859.8811 and at the year-end £Nil12021 £Nill VRS accrued in respect of contributions to thls scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulatlons 2014 las amended). Member5 contribute on a 'pay as you go" basis Wlth Contributions from members and the employer being credited to the Exchequer. Retirement and other pension benelits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuarfs Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019. confirmed 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 administration levy of 0.08% giving a total employer contribution rate of 23.68%. The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Direction5, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the 'McCloudlSarBeant case,. This case has required the courts to consider case5 regarding the implementation of the 2015 refom)s to Public Seryice 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 provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Courvs decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 20ZI that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in re5pert of their service during the period between l April 2015 and 31 March 2022 at the polnt they become payable. The TPS is subject to a cost cap mechanism which was put in place to protect tsxpayer5 against unforeseen changes 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 announted a pause to the cost cap mechanism following the Court of Appeal's ruling in the Mccloudlsargeant case and until there is certainty about the value of pensions to employee5 from April 2015 onward5. The pause was lifted in July 2020. and a consultation was launched on 24 June on proposed changes to the cost control mechanlsm followin8 a review by the Government Actuary. Following a public consultation,

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in time for the 2020 valuations. The 2016 cost control valuatlons have since been completed in January 2022, and the results indicated that there would be no changes to benefrts or member contributions required. The results of the cost cap valuation are not used to set the employer contribution rate. and HM Treasury has confimied that any changes to the ernployer contribution rate resulting from the 2020 valuatlons will take effect in April 2024. Until the 2020 valuation is completed it is not P055ible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs 15 included in these financial 5taternents. Independent S¢hool's Pension Scheme Deflned Benefit Until April 2020 the School operated a defined benefit 5cherne for support Staff. through Its participation in the Independent School's Pension Scheme administered by the PensionsTrust IISPENI. ISPEN is a multiomployer scheme which provides benefits to approximately 66 non-associated employers. It is not F)05sible for the School to obtain sufficient information 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 h05 charged to the Statement of Financial Activities the employers, contributions payable for the year. The scheme wos closed to new members ofstaff with effect from 31 March 2017 and was closed to future benefit accrual for all members with effect from April 2020. The scheme is subject to the funding legislation outlined in the Pension act 2(￿ which came into force on 30 December 2005. This together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit r)ccupational pension schemes in the United Kingdom. The scheme is classified a5 o "last man standing. arrangement. Therefore, the School Is potentiallv liable for other participating employers, obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally 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 StrUttU￿ - a career average revaluated earnings ICAREI structure wtth a 1180, accrual rate. Contributions have been made to the scheme in accordance with the recommendations of the scheme's Actuary. The pension charge forthe year includes contributions payable to the ISPEN of £nil12021: £nill. At the balance Sheet date there were no12021= nil) active members of the Scheme employed by the School. In addition, the School paid contributions totallin8 £66,923 12021: £66.9231 in ￿SpeCt of the past service deficit. A full actuarial valuation for the scheme wa5 carried out with an effectlve date of 30 September 2020. This actuarial valuation was certified on 22 December 2021 and showed assets of £201.Im, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall, the trustees and the participating employers have agreed that additional contributions wlll be paid. in combination from all employers, to the scheme as follows.. 49

THE KING'5 5CHOOLWORCESTER NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Deficit contributlons From I September 2022 to 30April 2032 £2,687,W per annum (payable monthly and Increasing by 3% on each I September) Note that the scheme's previous valuation wa5 carried out with an effective date of 30 September 2017. This valuation showed assets of £149.4m, liabilities of £187.6m and a deficit of £38.2m. To eliminate this fundin8 shortfall, the Trustee has asked the participating employer5 to pay additional contributions to the scheme as follow5: Deficit contributions From I September 2019 to 31 August 2020 £2,387,357 per annum (payable monthly and increaslng by 3% on each I September) The recovery plan contribution5 are allocated to each participating employer in line with they estimated share of the scheme liabilities. Where the scheme is in deficit and where the employer has agreed to a deficit funding arrangement the employer ￿togniseS a Ilabllity for this obligation. The amount recognised is the net present value of the deficit contribution5 payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in this note. The unwinding of the discount rate is recogni5ed as a finante tosl. Present Value of Provision for School's deficit funding obligations- 31 July 2022 31 July 2021 vooo 648 31 July 2020 Present value of provision 742 715 Reconciliation of opening and closing provisions Group and School 2022 £'wo 2021 Provision at start of period Unwinding of discount factor Ilnterest expense) Deficit contribution paid Remeasurements- import of any change in assumption5 Remeasurements- amendments to the contrlbution schedule 715 169) 184) 241 f67) 16) Provision at end of period 742 Income and expenditure impact 2021 £.￿0 2020 Inte￿$t expense Remeasurements- impact of any change in assumptions RemeasurementS- amendments to the contribution schedule {84) 241 16J 163 50

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Assumptlons Yearto 31 July 2022 Yeor to 31 July 2021 Yeor to 31 July 2020 Rate of dlscount % per annum The discount rate5 shown above are the equlvalent sin8le dlscount rates whlch, when used to discount the future recovery plan contributions due. would give the same result5 as using a full AA corporate bond yield curve to discount the same recovery plan contributions. Defined contributi(Jn scheme The School operate5 a defined contribution pension scheme in connection with its auto*nrolment obligations. The assets of the scheme are held separately from those of the School in a fund independently administered by The Pensions Trust. The pension cost charge includes contribution5 payable by the School to the fund amounting to £176,44812021: £172.0231. A5 at the balance sheet date there were £nll12021: £nill contributions outstanding payable to the penslon fund. 23. SUBSIDIARIES AND BASIS OF CONSOUDATION The School has two connected trading companies, King's School Worcester ActNities Limited registered number 01472145 la company limited by guarantee) and KSW Enterprises Limited registered number 07141348 la company limited by shares, of which all of the issued share capital is owned by the School). The results of both are consolidated with those of the school and in the case of King's School wOr￿ster Activities Limited are included within the unrestricted funds shown in the financial statement5 and in restricted funds in the case of KSW Enterprises Limtted. King's School wor￿ster Activities Limited IKSWA Ltd). a company limited by guarantee, carries out various tradin8 activities on behalf of the School and account5 for including vendin8 machine sales, the lettings to third partie5 Qf xhool 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 Enterpri5e5 Limited {KSW Ent Ltd). For over ten years the school has had a long term fundraising initlatlve to create a Foundation Development fund. Donations to thi5 fund are made to The King'5 School Worcester Development Trust, (formerly The King's School Development Trust) which then makes grants to the khool. Thi5 Trust is a separate registered charity which Is not controlled by the school and its results are not included within the consolidated financial statements but it Is recognised as a related party (see note 251. 51

THE KING'S SCHOOLWORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Tradlng results extracted from the financial statements of the trading subsidiaries are shown below: KSWA Ltd £'CM)O KSW Ent Ltd £'o Totsl 2022 KSWA Ltd KSW Ent Ltd Totol 2021 Turnover Interest recelvable and sundry income Cost of sales 179 13 192 82 82 11551 (155) (291 (84J (SJ (3J (84J (ioj {8J AdministratNe costs Operating profit Gift aid donation 1241 Iiii f5) f5J 19 Retained profit 19 Iiii 13) f5) (8J Net assets 35 {161 19 15 15) io Balance owed to/lbyl the School at 31 July 1150} 1221 (172) 29 29 The trading companies make gift aid donations of all taxable profits to the School with the result that both trading subsidiary companies have a nil annual corporation tax liability. The King's School Worcester, a5 0 registered charity, has no liability to UK corporation tax in re5pert of it5 income and gains properly applied for its charitable purposes. 52

THE KING'S SCHOOL WORCESTER NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 24. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2022 2021 £,￿0 £'o Net Income resources 173 (27J Elimination of non-operatlng cash flows: Lossesllgain51 on investments f44J Investment income {16) (91 Finance costs 56 57 Deflned beneflt penslon xheme finance cost (6J Deflned beneflt penslon scheme re-measurement 157 Depreciation charge 933 915 Profit on sale of fixed assets (6J Decrease/lincrease} in stock 16 (16) Ilncreaselldecrease in debtors iii) 121 IDecreasel/increa5e in creditors lex¢ludinE fees in dvance scheme and deposits) Ilncreaselldecrease in fees in advance Scheme creditors 285 41 (146) 1ncrea5elldec￿Osel in parents, deposits 18 1.16Z 1,175 Net cash inflow 1.335 1.148 Analysls of cash and cash equlvalents 2022 2021 Cash Bank 7,173 6.959 7,175 6,961 53

THE KING'S SCHOOLWORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 25. RELATED PARTY TRANSAcfioNS As stated in note I to the financial statements. the School has two connected trading companies, King's School Worcester Activities Limited and KSW Enterprises Limited. A set off agreement exists between The King's school Worcester and KinE's School Worcester Activitie5 Limited with Lloyds Bank plc for interest purposes only- The gift aid transactlons between the School and these companies together with details of the year end balances are reported in note 23 to the financial statements. In the course of Its ordinary activities the school conducted business with the Dean and Chapter of Worcester Cathedral including thelr related Enterprise company in respect of rent, events and staffing. oll negotiated at arm's length on normal commercial terms, totalling £217.47912021: £103.1751 and totalling £92,73512021.. £77,4701 in respect of choral scholarships. The School Governors include a partner in Fisher German LLP. who administer wOr￿ster Cathedral's property lets to the School. The value of rental services provided to the School during the year. all of which were negotiated at arm's length and supplied on normal commercial tems, amounted to £153,31712021.' £104,079). The balance due to Fisher German LLP at the year end was £nil12021: £nil). The Dean is an ex officio member of the school's Governin8 body, and six of the School's nominatlve Governors are appolnted 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 ènd was £nil12021: £1801. The Dean is also a Director of the Worcester Literacy Festival Limited the School spent £ISO on advertising with them in the year12021: nill. The balance due to Worcester Literacy Festival Limited at the year end was £nil12021: £nill. The School Governor5 include a director of the Worcestershire Cricket Board Limited who have SUPPOrted the School with their cricket academy during the year the School spent £1,74012021: nill. The balance due to Worcestershire Cricket Board Limited at the year end was £nil12021'. £nill. The School Govemors include a Trustee of The Rivers CofE Multi Academy Trust. During the year the School engaged their services and spent £8512021:nlll. The balance due to The River5 CofE Multi Academy Trust at the year end was £nil12021'. £nil}- A number of school Govemors are trustees of The Kinls School Worcester Development Trust. a separate registered charity (see note 231. In the course of its ordinary activities the School conducted business With the Kin¥s School Worcester Development Trust in respect of event5 and fundraising activities. The school received from the Trust £1,32612021: £nill in respect of events income and expenses due to the School on normal commercial term5 and grant funding, totalling £183,448 {2021: £204,619) for the year was due to the School at the year end. During the year the School received net donations of £4,97212021: £6,ILKII on behalf of the Trust and the net balance due to the School by the Trust at the year end was £59.23512021: £8,530). In addition at the year end the School held cash balances as agent for The Development Trust amounting to £512021: £51. The School Govemors include5 a parent of the School, in addition three members of key management personnel are also parents durlng the year they V￿re chorged School fee5 on commercial terms and no balances were outstanding at the year end. 54

THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 26. CONSOLIDATED STATEMENT OF FINANCIALAcnviTIES-COMPARATIVE FIGURES BY FUND TYPE Year to 31 July 2021 Unrestrirted Restrfcted Endowed Funds Funds Funds 2021 Totsl 2020 Total Notes £'ooo £'ooo Income and endowments from: Charltable actlvltles School fees receivable Ancillary tradlng Income 15,717 397 15,717 397 15,280 743 Other tradlnz actlvltles Non-ancillary trading incorne Other activities 82 71 8Z 71 115 32 Imiestments Interest and investment income 26 Voluntsry 50urce5 Grants and donations Total incomlng resources Expenditure on: 86 16,358 229 232 315 16,591 572 16,768 Raislng funds Non-ancillary trading Financing cost5 Fundraising and development Total 90 51 130 90 51 130 62 161 134 271 271 357 tharitable arti¥itie5 Education and grant making Pension scheme re-measurement of the estimate of past Service costs Total expenditure Net loutEoingl/incoming funds from operations before transfer5 and investment gains Gains on investments Net Income Transfers between funds Net movement In funds for the year Fund balances brought forward at I August 2020 Fund balance5 Co￿le11 forward at 31 July 2021 16,175 222 16,397 16,562 22 {61 16,440 14 16,933 222 16.662 1821 24 io 15 25 171) 44 {27) (165) li 1162) 21 151) 127) (162) 23,210 343 52 23,605 23,767 21 23,159 361 58 23.578 23.605 55