THE KING'S SCHOOL WORCESTER ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31JULY 2023
THE KING'S SCHOOL WORCESTER ANNUAL REPORT AND FINANCIAL STATEMEKrs YEAR ENDED 31 JULY 2023 Contents Page Governors, Officers and Advisers Annual Report of the Governors Strateglc Report li Statement of Accountin8 ènd Reporting Responsibilities 21 Independent Auditorf5 Report 23 Consolldated Statement of Flnanclal Actlvltles 27 Consolidated Summary Income and Expenditure Account 28 Consolldated and school Balance Sheets 29 Consolldated Cashflow Statement 30 Notes to the Flnancial Statements 31
THE KING'S SCHOOL WORCESTER GOVERNORS, OFFICERS AND ADVISERS YEAR ENDED 31 JULY 2023 GOVERNORS, DIREcfoRS AND CHARITY TRUSTEES The Governors of the KIn5 School Woicester I'the Schoofi are the khool's charity trustees under charity law and the dlrectors of the charitable company. The member5 of the Governing Body who served in offKe as Governors durlng the year and subsequently are detailed below- 141 151 171 181 191 P Preston Ichairl The Very Rev'd P G Atkinson G W Ballard T Brock Retired 25 August 2023 Appointed 3 November 2023 Resigned 30 lune 2023 Retired 24 March 2023 Retlred 30 June 2023 K Brunt DBDale D L Green J W R Gouldln8 S E Hlncks C Hoddlnott Resigned 30 June 2023 Appointed I September 2022 Resigned 30 June 2023 Retlred 30 June 2023 Appolnted 3 November 2023 Appolnted I September 2023 J H Jarvis A Mathur W Milne-Bennett C Plke A A Plunkett Appolnled I September 2022 Appolnted 24 November 2022 Re51gned l October 2023 Appolnted 3 November 2023 Appointed 17 November 2023 Appolnted 17 October 2023 R Prestldge J Rlaz E Robson Dr. J Salkeld Prof. M Stringer R Tomlinson A Underwood P Walker S Williams Appolnted 6 October 2023 During the year the actlvltles of the Governlng Body were carrled out throu8h the maln board and the above commbttees. The membershlp of these ¢ommlttee515 Shown above for each Governor. 111 Finance and General Purposes Committee 121 Educatlon Commottee 131 Representative on School Health and Safety Committee 141 Safeguarding Governors 151 Nomlnatlons and Governance Commlttee 161 EYFS Governor 171 Prep School Governors 181 Compliance Committee 191 EID Governor Parent of pupil at the School
THE KING'S SCHOOL WORCESTER GOVERNORS, OFFICERS AND ADVISER5 (Continued) YEAR ENDED 31 JULY 2023 OFFICERS G E Doodes Headmaster- Foundatlon R Achapman J Phillips TButt Head- Klng'5 St Alban's Prep School Head- Kin8's Hawford Prep School IResigned 31 Au8USt 20221 Head- Kln8'5 Hawford Prep School IAppointed l November 20221 Dlrector of Finance and Business Development Acting Clerk to Governors116 January- 18 April 20231 Dlrector of OpeTatlon5 IResl8ned IS January 20231 Clerk to the Governor5 (Resigned IS January 20231 Dlrector of Operatlons IAppolnted l April 20231 Clerk to Governors (Appolnted 19 Aprll 20231 G M Mason S Holden A Wlnter E Lsydenham Princlpal addre$$ and Reglstered Olfice 5 College Green. Worcester, WRI 2LL Audltor Crowe U.K. LLP, 4th Floor St James House, St Jame5 Square, GL50 3PR nkgrs Lloyds Plc, 4 The Cross, Worcester, WRI 3PY Sollcltors Harrlson Clark Rlckerbys Ltd. Welllngton Street Cheltenharn, GLSO IYD Parkinson WrS8ht LLP, St Nicholès Street Worcester, WRI IUN Surveyors Gwllllam 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 2023 The members of The Klng's School Worcester Governing Body present their Annual Report for the year ended 31 July 2023 under the Charities Art 2011 including the Directors, Report and Strateglc Report and the Companies Act 2006, together with the audited financial Statements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION The Kln¢s School Worcester 1.the Schoofl wasfounded In 1541.11 Is con5tbtuted as a company limited by guarantee Te8iStered in England. No. 04776324, and is re8istered with the Charity Commission under Charity No.1098236. The Charlty Commlssloners for England and Wales have Issued a unlting direction in respect of the School and the unincorporated precursor charf(v that went by the same name (having the registered name of Worcester Cathedral Grammar School, charlty number 5275361 whereby 5Sngle entlty flnanclal statements may be prepared. The School operates one senior school and two prep schools known as Kin8's St Alban's and Kin(s Hawford. Therels one Governln8 Body for all three Schools. Deta115 of the members of the Governing Body* together with the School's officers and prlncipal advlsers, are gbven on paBe$ 3 and 4. sTrucfuRE, GOVERNANCE AND MANAGEMENT Governln8 docufflent$ The School 15 governed by bts Memorandum of Assoclatlon and Artlcles of Ass¢xlatbon and by the Scheme of the Charity Commlssloners dated 22 May 2003, as amended on 4 Juty 2003, 3 July 2009, 30 November 2018 and 19 March 2021. Governln8 Bodv Under the Charlty Comrnls51on Scheme the Board of Governors shall not exceed elghteen members comprlslng one ex-offlclo, elght nomlnatfve and nlne co-opted Governors. Of the nomlnatlve Governors seven are nomlnated by the Dean and Chapter of Worcester Cathedral and one by the Blshop of Worcester. Nomlnatlve Governors serve for a term of four years. Co-opted Governors are appolnted for a term of four years by resolutlon of the Governors. Retlrlng Governors may be re. appointed. Recrultment and tralnln8 ol Governors The School's eletted Governor5 are appolnted at 3 meetlng of the Board of Governors on the basls of nomlnatlons recelved from the three nomlnatlng bodles specffled wlthln the Charlty Cornrn1551on Scheme. All nominations (including co-optatSve appointments) are made having regard to the Board's requirements concernlng ell8ibl1• personal competence, speclallst skllls, and avablabllltv. New Governors are Inducted Into the workln8s of the School. Including governing body policy and procedures, throu8h vlslts to the School and the provlslon of a comprehensove briefing pack and bv personal contact with other Governors, the Headmaster, the Dlrector of Finance and Business Development and the Director of Operation5. All Governors are offered the opportunlty to attend relevant tralnlng semlnars and receive briefings on current Issues in the sector and su1at0ry requlrements. Or8anlsatlonal manaiemenl 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 occasion5 a5 requlred. The work of ImplementinE their policies is facilitated by four sub-committees=
THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 the Flnance and General Purposes Commlttee IF&GPI has specific re5ponslbllOty for financial matters including the review of budgets and finalising the audited financial statements and annual report for approval by the Board. the Education Commrttee considers strateglc academlc issues. the Nominations and Govemance Committee con51ders the recrultment and retlrement of Governors, terms of reference and committee member5hlp. the Compllance Committee provldes oversight of all elements of compliance and rlsk. Thefe a no other standing committees of Governors but the membership of the School's Heblth and Safety Committee 15 chaired by a Governor and there are nomlnateil governors who have specific responslbllrty for Ilalslng wlth the prep schoobs. eafW years and chlld protection. In addition, there Ss Governor representatlon on various ad hoc school management committees as may be required from tlme to time. The day to day runnln8 of the schoolsls delegated to the Headmaster supported by the Dlrector of Flnance and Buslness Development, the Director of Operatlons, member5 of the Foundatlon Leadershlp Team and the three Senior Leadershlp Teams. Together th15 group represent the key mana8ement personnel. All meetlngs of the full Board of Governors, the F&GP and Compllan Commlltees are attended by the Headmaster and the Dlrector of Flnance and 8uslness Development and the Director of Operatlons. The pay and remuneration of the key management personnel are determlned by Governor5. The Senlor Oeputy attends all meetlngs of the full Board of Governors and of the F&GP and Educatlon Committees. The Prep School Head5 attend all meetlngs of the full Board of Governors and of the Compliance, Education and F&GP Commlttees. Group Strurture and Relationshlps The School has two relaled non-charitable subsldlary companles, Kln8's School Worcester Actfvltles Llmlted (Company No.. 014721451 and KSW Enterprlse5 LlmSted (Company No., 071413481. A mlnlmum of one half of the number of 5ervlng dlrectors on the Board of each subsldlary are also members of the Board of Governors. Klng's School Worcester Actlvllles Llmited Is a company Ilm6ted by guarantee and does not have a share capltal. As such the Ilablllty of each member of the company Is limlted to an amount not exceedlng £1. Thls company Is the enterprlse through whlch commerclal activltles. Includlng the hlre of general school facllltles, take place. KSW Enterprlses Llmited15 a company Ilmlted by shares and its issued share capbtal of £1 is Whol owned by the charlty. Thls cornpany admlnisters the comrnunity lettings of the Astroturf constructed by the school on the slte of Bishop Perowne Church of England College. Employment Poll¢y The School Is an Equal Opportunltles Employer. Full and falr conslderation is given to all job applicatlons and due conslderatSon is given to trainin8 and employment need5. COnsuation wlth employee5, OT their representative5, is undertaken at all leve15 wlth the aim of taking the vlews of employee5 into account when declslons are made that are Ilkely to affect their interests. The Governors reco8nlse the lrnportance of good communication5 Wlth all employees and involve employees wfthln the School'5 Strategic planning procedures. In addition to communlcation through normal management and departmental channels employees are kept well informed of the performance, financial position and objectives of the school through personal brieflngS1 regular meetings. e-mail and presentation5 throughout the year.
THE KING'5 SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 Promotlon of the su¢¢ess of the organisation to benefrt its members The Governor5 confirm that in accordance with Section 172111 of the Companies Act they act in 3 way they ConSer mosl likely to achleve the purposes of the Company. In making thls assessment. the Governors conslder the relevant attions of the Board as described throughout the report. Takin8 the areas required for disclosure in turn.. The Ilkely con5equence5 of any declslon In the loni term The long-term sustainablllty of the School 15 detailed in ihe Strateglc Report. Specffically, the Governors conslder both operatlng results and financlal prolectlons and the key rlsks that could negatively Impact the sustalnablllty of the School. The Finance and General Purposes Commlttee and the full board revlew mana8ement Informatlon, budgets, forecasts, cashflow PfoJeLtlons and progress agalnst budget on a regular basls. Rlsk Management and the level of reserves are also distU55ed further In the report. b. The Interests ofthe comp•nVs employee5 In relatlon to employee engagement, weekly br5efln8s keep staff Informed of school wlde matters of Interest. The Governors receNe re8ular reports from management on the wellbeing of the employees and speak dIrett to staff durlng visits to the school. During the year a Stiff and Governor Forum has been set up whlch provldes staff representatlve5 wlth the opportunlty to meet wbth the Chalr and Vlce Chalr of Governors. c. The need to fost•r the Comp¥n$ buslness relatlonshlps wllh yrents, suppllers, Ind others. In relation to key stakeholder engagement. the Governors worked closely wlth management to communicate wlth parents, staff and pupi15. Parents receive weekly news update from the Foundatlon vla emall. In accordance wlth flnanclal procedures and standard payment terms, suppller payment is due wlthln 30 days after the School recefves the Involce from the suppller. d. The Impart of the compan$ operatlons on the communlty and the en¥lronm•nt The Governors continue to review how the activities of the School Impact on the local communlty and the envlronment. There Is a revlew of Greenhouse gas em1551ons later In thls report In compllance wlth the Streamllned Energy and Carbon Reportlng ISECRI Report. An example of thls is the School transport network whlch has contlnued to expand year on vear. As at September 2023 we now tTan5POrt 150 pupi15 to and from sch¢)ol In mlnlbuses or coaches reduclng the need for household cars to enter the clty The d•51rablllty olthe company malnt4lnln8 a reputatlon for hlih stanthrd5 of buslness conduct The School takes a zertO1erance approach towards fraud, bribery and corruption. It Is ¢ommTtted to complyin8 With all appllcable laws and regulation5 relating to fraud, brlbery and corruption. The need to act f•lrly as between members of the company The Governois understand the Charity Commi55ion 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 issues relating to DSrector shareholders or relations between majorlty and minority shareholder5 do not apply.
THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 OBJECTS. AIMS. OBJECTIVES AND AcfiviTIES Charltable Objects The School's Objects and prlnclpal actlvltles, as set out in the Memrandum of Association, are to advance education and trainin& including physical trainin& by the provision and conduct, in or near Worcester, of day andlor boarding schools for boys and glrls with the provlsion of accommodatlon and educational facilities for the Choristers of the Cathedral Church of Worcester and by anclllary or Incidental educatlonal aCtltIeS and other a55oclated activities for the benefit of the community. In pursulng Its charhable objects, the School's mSssSon Ss to help young people reach thelr potentlal at school in preparation for leadlng eonfldent, fulfllled and unselfish Ilves as adults. In furtherante of these Objects for the publlc beneflt the School, whlch operates three schools lone senlor and two prep) known collectlvely as The King's School Worcester, has established and admlnlslers bursariesi grants, awards and other benefactions, and acts a5 the trustee and manager of property, endowments, bequests and glfts 8lven or estab115hed in pursuance of these Objects. The Governln8 Body Is mlndful of the lon8.Standlng need to provide publlc benefft and of the requirements of the Charltles Act 2011. In connectlon with this the Board has monitored closely the guidance on public benefit produced by the Charlty Commisslon together wlth Its supplemental guidance on fee-charglnR. Alms The school's alms for the publlc benefbt are: to provlde a flr5t-class Independent educatlon wlthln an ethos of splrltual awareness and tolerance that Is wldely accesslble. irrespectlve of family financlal clrcumstances,. and to establlsh the khool as a communlty In whlch there are stron8 and actlve partner5hlps between parents and the three schools, and between the local communlty and the three schools. Prlmary objectlves The primary oblectlves of the School to fulftl these alms are.. to malntaln the a5plratlon to hlgh standard5 In academlc performance and extra-currlcular ctlvitles whllst preservlng a healthy balante between the two. to wlden acces5 to the educatlon provlded by the school thTOU8h the provlslon of flnanclal 5UPPOrt for children whose parents are unable to afford the full fees and through a range of projects and activities with the local communlty, Includlng "out of hours" access to the schools, faclllties In order that they are put to good educational use when not otherwSse needed. to provide a stimulatin8 learning environment In whlch puplls can develop thelr academlc potential to the full. to provlde appropriate teachln8 resources and accommodatlon throughout 311 three school5. to provi(Je a happy and secure pastoral envlronment which promotes and develops independent learning* SUPPOrt5 pupi15 in the achievement of their individual potential and fosters a sense of communlty mutual respect and good cltlzenshlp. to provide an effective management structure and the admlnlstratlve and10815tic framework necessary to meet the needs of staff and pupils alike.
THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 The alms and objectives set for the School's sub5idiarie5 are to facilitate the achievement of the School's alms and oblectlves a5 above. Strategies to achleve the prlmary objectlves A key strategy towards the achievement of the prlmary oblectlvesls the annual revlew and update of the School'5 Development Plan and its approval by the Governing Body. An important part of the revlew process Is an assessment of performance durin8 the year against the tarBets set for the perlod, wlth the results of thai assessment belng used to Inform prop05ed targets and artk>n plans for the future. The Development Plan embodies the operatlonal alms and fLrture plans of the School Isummarlsed on page 191 and, once approved by Governors, becomes a tool for use by the key management personnel to Inform operatlonal plannlnB and decislon maklng. The Governin8 Body also keeps under revlew the faclllties avallable to puplls and staff on all three 51te5 and the extent to which additional or improved resources may facllltate the achlevement of the development plan tar8ets. Prlnclpal artlvlty The School's prlnclpal actfvity, a5 Specified In the Memorandum of Assoclatlon, 15 the advancement of educatlon and In this the School has again had a successful year. The School Roll averaged 1,22512022., 1,2381 puplls acros5 all year group5 from Receptlon upwards wlth an addbtlonal 109 puplls12022.' 1221 In Klndergarten on a full or part tlme basls. The khool continues to malntaln the hl8h standards and ethos for whlch The Kln8'5 School Worcester has become known. Publlc beneflt The Kln8'5 School Worcester remalns committed to the alm of provldlng publlc benefit. In 5ettlng the School'5 oblectlves and plannlng Its actlvltles the Governors, as charlty trustees, have glven careful consideratlon to the Charlty Comm1551on's general guidance on publlc beneflt requlrements (under the Charriie5 Act 20111 and In partlcular to it5 supplementary publlc benefit guidance on advancing educatlon and on fee-charging. Whilst the alms of the School Include malntalnlng and enhanclng the academlc success of Its puplls, the khool welcome5 puplls from all bickBrounds and Itls imwrtant that access to the educatlon offered Is not restrlcted to those who can afford the fees. The Governors belleve that puplls beneflt from learning within a diverse community and estab115hed the School's Bursary Scheme land related Developrnent Office fundraisln8 functionl. In 2017 the Foundation launched 3 carnpal8n to raise addltSonal funds for bursarles. The Governors, pollcy is to award 8rants and bursaries on the basis of educatlonal ablllty and parental means Isubject to any restrictions imposed by any donor of the funds) to enable puplls to loln the School. or to ensure contlnurty of education Of this would othepwlse be at risk due to unforeseen hardship or temJx)rary difflcultv. The pupils who attend the School and who recelve financial support contribute to the whole school community In a variety of ways, conferring benefrt upon the whole instit10 and, in some cases, to the wider community. Flnancial sUPPOrt Is provlded not onty through bursarles but also through the provision of scholar5hlps, grants, and fee concessions. Thls year the School provided financial support totallin8 £2.Im to 496 pupi1512022.. £2.Im to 523 pupils). Within this, mean tested awards ranging from IO% to 100% remlsslon totalllng £0.6m were made to 61 pupils12022: £0.63m to 77
THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 pup1151, wlth fvrther Bronts to a5SiSt with the 5t of extra.currlcular actNlties, equipment and school trips. Of this total nurnber, 16 pupils benefitted from lo remission of fees, with a further 18 receiving awards equivalent to at least 75% fee Temi55ion. Included In these fEures are 5 full bursaries granted to Ukralnlan puplls In the summer term of 22. The Governors take the vlew that the provision of bursarlesls important but not to the exclusion of the much wlder benefit that the School provides to the communlty. The School engages in many other activltles that provide wider public beneflt. Durlng the year the School's facllltles were used to support local schools provldin8 access to 5wlmmlng and sports hall facilities, they are also made available to local charities and community groups. The School has a number of well-e5t3bli5hed partnershlps wlth local maintained senlor and primary schools. Activities Include Inter school qulzies al pflmary level for local schools, maths challenges. workshops In muslc, sports events engagln8 local prlmary schools and drama workshops. The School provldes public access to tultural and educational events, activitbes and productlons durin8 the year this has included a 5erles of mental health workshops. Puplls wlthln all three schools are encouraged to develop an awareness of the soclal context of the educatlon they recelve at the School and en8a8e In lund ralslng actSvltles on behalf of a wlde range of local, natlonal and International charlties. Thls has been partlcularly pertlnent glven the cost-of- livlng cr1515. The khool Is a member of the Rlvers Teachlng Alllance 5harlng best practlces and has taken Students from Gloucester and Worcester Unlversities, amongst others, on Inltlal teacher trainlng courses or PGCE. io
THE KING'5 SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Senior School review of achievements and performance for the year Fundraisin8 performance The Foundation Development fundraising initiative is a long-term proBramme, which is the responsibiif(y of the Alumnl and Buslness Development Office IABDOI. The ABDO fundralses for the benefit of the School through The King's School Worcester Development Trust. wlth approprlate costs borne by the Trust. Th15 arrangement offers greater assurance to donors about the custody of their 81fts and aims to encourage a broader cross-section of the constituent members of the wider school communlty to engage wlth fund ra151ng actbvltle5. The School has a long.term bursary fundralsln8 strate8Y, the alm of which Is to fulfll the orl8lnal objectivè set by our founder, Henry Vlll, of supportlng 40 free places at the School. Invertment poll¢y, objectlves and performance The inve5tment5 Current held by the charity are not materlal. They are, for the most part, Invested through CCLA ManaBement Llmbted In elther COIF charlty funds or CBF Church of England Fund5. and no formal Investment performance revlew Is consldered necessary. FINANCIAL REVIEW Results for the year This academic year has seen a return to more normal tlmes, wbth almost all of our co-eurricul8r events able to run throughout the year and a second year of publlc exams In thelr conventlonal form. However, the year has not been wlthout Its challenges. Wlth the current cost of Ilvlng crlsls, our parents have seen increasing pressure on the affordabllbty of fees,. facln8 dsln8 costs from Increaslng Interest rate5 and food and fuel cost5, the Foundation kept close control of resources over the year and, as a result, has reported a surplus of £250,0. Considerlng all these factor5, the Governors are pleased wlth ihls result In what has been another challenglng year. The net incoming resources of the group for the year from operatlons were £251,00012022'. Incomlng resources £177,000). The net Increase In funds forthe year was £250,00012022: Increase £173,OCQI. The net Incomln8 resources forthe year from operations of £250,000 are better than wa5 expected for the year, and thls reflects the cautious nature that the Foundation ha5 taken to controllin8 Costs dLbrln8 the year. The taIned resources are at a level where the School has been able to take action lo fInan the future development of the School's facllities and educational programme. During the year, the School announced its Development Plans for the Sixth Form Centre, as the Sixth Form IYear5 12 and 131 continues to be a key target market- the enhanced Sixth Form facilitles stt alongside a chanBe In the curriculum offered at this age by the School. The Governors made the decision during the year to repay some loans earfy, as well as enterlng Into a base-rate cap on some other loans. The School is cautious In temis of acting against these plan5 while the future impact of the cost of Ilvlng crlsls remains uncertaln. li
THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 ACHIEVEMENTSAND PERFORMANCE Reserves Level and Pollcy The School's Reservès Policy Is to malntaln sufflclent unrestricted Income reserves to enable it to meet its short-term financial obligations In the event of an unexpected revenue shortfall and to rely upon Its reglisable general purposes fixed assets as adequate cover for the School's longer-term flnancial obligations, IncludinB the aciuarlalty calculated but transient funding deficit of £0.62m on the School'5 deflned beneflt staff pension scheme that under FRS102 Is accrued as a Ilabilitv. The School'5 unrestrlcted reseNes a deployed as funds for part of the School's prem15e5 and equlpment and at the year end free selVeS represented a balance of £3.4m 12022.. £4.7ml. The Governors consider that free reserves In the order of £4.2m, or approximately three Inonths, expendlture, would be desirable to cover the risk5 ond uncertalniles of operatlng as an Independent educatlonal establlshment. However, the Governors have actlvely agreed to a reduction In the free reserves In order to repay borrowings which cash balances allow In order to reduce the interest burden on the Sthool. The long-temi pollcy objective 15 therefare to bulld up reseryes out of annual operatlng surplu5e5, supplemented by Foundatlon Development fundralslng, untll that level Is reached, subjed to the prlor demands of further capltal expenditure to equlp the School with the up-to4ate facilltles needed to malntaln the standard of educatlonal service5 currently provlded. The School's tan8lble flxed asset5 are all held for use by the School as dlsclosed In Note 10 to the flnanclal statements. Glven the speciallst nature of the School's land and buildlngs, Governors are unable to comment on the market value of such propertles and whether thls Is materlally dbfferent from that shown in the flnanclal statements. Revlew of achlevements and performanc• for the year Publlc Exams contlnued as usual thls year. The On adaptatlons were formulae sheets In some sublects at GCSE. The alm of Government was to return the dlstrlbullon of Brades to the levels of 2019. At Klng's thls was largely the case for GCSE, althou8h a greater percentage of pupils achleved all 10 GCSES at top grades than In 2019. At A-level, results were higher than in 2019, with a very 5tron8 pass rate at A.C. Post-18 places were secured easily, wtth the vast malorhy of students achievin8 thelr first.cholce univelsity and fewer than 10 achievin8 nelther thelr first or Second choice. GCSE.. 63% of our pupils achieved Grade 9-7 and 94% achieved Grades 9 to 4. 34 puplls130% of the cohortl were awardeil Grades 9 to 7 in all their subjects, wfth two pupils achieving Grade 95 in 115ubject5. 49 pupSls144% of the cohort) were awarded Grades 9 to 7 in 8 subjects or more. A Level: 46% AIA, 77% A'B, 93% A-C. 9 studenis received 3 A'grades. 34 students128%1 received A. or A grades in all their subjects. 12
THE KING'5 SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 Parents, Evenings continue to take place online through a dedicated platform. A survey conducted at the end of the year confirmed that 75% of parent5 would prefer to keep onllne parents, evenlngs. All teachlng took place in person, although those pupils with long-term health issues preventing them from attending school were able to access lessons through Microsoft Teams. Our puplls have once agaln been able to beneflt from the wealth of co<urrlcular opportunltles offered, opportunities which form such an integral part of their education here at Kin8's. The Governors are gratefvl for the work of the teachln8 and support Staff In provldlng what is a rich and Impressive co-curricular pro8ramme. Our Senior Debating Team quilifled for the Natlonal Finals of the Engllsh-speaklng Unlon Mace Debating Competition, after wlnnin8 the Wales and West of En8land Re8lonal Finals. They made thelr way through to ihe flnal stage of the Flnal, narrowly loslng out on the tStle Itself. In Model Unlted Natlons, ffve Lower Sixth Iyear 121 and two Year 10 puplls partSclpated Sn an onllne Internatlonal conference entltled Good COP23. Thi5 climate-based conference Involved puplls from four continent5 and Kin8's led the dlscussSon of Resolutlon Flve, on the toplc of food waste. Two examples of excellence within OLbr Comblned Cadet Force are worth hlghlightln8'. one Lower Slxth student wa5 selected for the hlghly competltfve RAF Alr Cadet Leadershlp Course and, followlnB weekend of asse55ment at the HQ West Midlands 8rigade Mllitary Skllls Competitlon in First Ald, Fleldcraft and Tactlcs. Navl8atlon, Leadership, $18nals and Shooting* our Army Sertbon were placed flrst, wlth an excellent score of ioi polnts out of a p0$51ble total of 130. Our Fl In Schools team eamÈ second In the Regk)nal Flnal at Aston Unlverslty, also wlnnlnB the Professional Class Fastest Car and Best Englneered Car. Followlng thls success. they competed In the Natlonal Flnal In ear Juty. with two outstanding drama productions, an exceptM)nal muslcal productlon, termfy dance showcases and temily formal, Informal and chamber muslc concerts, Open MIC Nl8hts and more, our pupils have been able to develop confldence and sklll allke In Drama and Dance. We also applaud our puplls, 5ucce55 In thelr LAMDA examlnatlons, and we are delighted to have been named once agaln as a Trlnrty Arts Award Champlon Centre. A5 In prevbou5 year5, our cohorts were entered for, and succeeded in securin& one of the natlonally reco8nlsed quallflcatlons. In addlllon, many puplls have thls year secured success In their ARR5M and Trinity Musk examinatlons. In addltlon to our regular schedule of termly music event5, one of our upper Slxih Iyear 131 Muslc Scholars was offered an Organ Scholarshlp at Someryllle Colle8e, Oxford. Our Slxth Form Charlty Committee agaln delivered a programme of charltable and fundralslng events, one hi8hli8ht being once agaln the or8anisation and delivery of a fun day at a lot31 special school. Throughout the year, events have been organSsed to raise money for charities, one example belng our December Boat Club annual mammoth overnight challenge to row one mllllon metres, ralslng over £4,000 for Mental Health UK in the process. Sport remains central to school lrfe. It Is Imposslble to capture every success, but some highlights will follow, the flrst beln8 that all three of our age group teams IU14. U16 and U191 competed at the West MSdlands Netball Reglonal Finals and all three made It through to the semkfinals. The U145 then went even fvrther, Teaching the finals and, despite a subsequent defeat In the Cup Final, they were placed an outstanding slxth in the country. 13
THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 Our Interrnediate-a8e girls ran fantastically well at the 5ch¢)ol Athletlcs Cross Country Cup, where they qualified for the National Finals as the Regional Winners. We also achieved success In the U15 Di5tritt Championship with Years 8 and 9 pupils competing well above their age-group, achieving 15 out of the 23 medals on offer, wlth many of our athletes gaining places at the Hereford and Worcester Country Championshlp5. Furthermo, In the Track and Field Cup competition, our teams finished second in all four age groups, all progresslng to the Mldlands Finals as a result. In Cricket, In ouf very own Mini-Ashes, we welcomed St Peter's College from Adelaide for a very enjoyable 1st Xl game. Our boys Put on an excellent performance as they chased down a score of 154 wlth seven wickets to spare. Both of our U13 and U15 Gir15' Crieket teams enjoyed 8re3t success at the Lady TaverneT5 Indoor Cricket competltlons, makin8 It through to the reglonal flnals stage of the competltlon after beln8 crowned County Charnplons. Our swlmmers contlnue to excel, with one example belng remarkable success at West Mldlands Swlmmln8 Champlonshlps. Including Gold in the 200m Backstroke, 400m Freestyle and 200m Butterfly. One of our Year 10 puplls was awarded the tltle of Top Junlor Male at the West Mldland Summer Champlonshlps 2023. Twefve swlmmers competed in the En8llsh Schools Swlmmlng ssociation National Flnal, after the re8lonal qualifyir round5 In which three Kln8'S teams were ranked In the top 30 In the country. The 1st Xl Hockey team progressed to the seml-finals of the England Hockey tompetltlon. Equalty Impresslve Is the achlevement of the Ul8 Football team, who advanced to the last 16 of the Independent Schools, FA U18 Shleld. Ouf U15 Rugby team travelled down to the Stonex Stadium In London, for the England Rugby Schools Plate Flnal, comln8 away wlth a convlncln8 wln. Prowess In Rowln8 contlnuÈs. At the Natlonal Schools, Regatta, our Year 10 pup115 raced In coxed quad sculls and all boats progressed Into the finals. Our Champlonshlp Boys, Quad Scull claimed top spot in the D-Flnal, beln8 then rewarded wrih a most commendable gecond place. The Glrls, Elght were In the 8-Final, also clalmln8 an excellent second place. At the annual Marlow Re8atta, our oys, Eight came fffth in the D-Final, whlle the Year 11 Boy5, Quad Scull rowed up as J185 and placed fourth In the F-Final, and the Senior Boy5 Quad raced In the E-Flnal. At Henley Women's Regatta. our Year 11 Glrls, Coxed Four raced well, lust mlsslnB out on quallfyln8' the Senior Glrls, Elght raced superbly well and took one of the 16 coveted qualrficatlon places. Individual excellence in Sport is important too. One of our L¢)wer Sixth students was selected for the 2022-2023 North Mldlands U18 Glrls, Rugby Team and a Year 10 pupll has been selected for the England U16 Hockey Squad. An Upper Slxth student continued to represent Wales in Hockey and is one of ten players chosen to represent Wales at the EuroHockey55 Champion5hip5. A Year 10 pupll has been called up to Worcestershire Cricket's 2nd Xl, one of the youngest players ever to have been selected to play In the Men's 2nd Xl. A range of tours and trips take place throughout the year to complement our co<urricular programme, thls academic year seeing a full suite of opportunitie5 restored for the first time since the pandemic. Examples include the Berlin German and Art Trlp, a Madrid Football Tour, south Africa Rugby, Netball and Hockey Tours, a senior Cricket Tour to Intlia, a Parls Music Tour, Disneyland Paris Dance Tour, and a Physlcs CERN visit. 14
THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 All of thi5 Outstanding work and achievement has only been posslble because of the exceptlonal efforts of our teachln8 and support staff. KInS Hawford The strength of the whole King's Hawford community has shone through this year as we have pul the spectre of Covid-19 f1rrn behind u5 and moved forward wlth a full calendar of academlc. pastoral and co<urricular opportunlties for every child. Staff, who care deepty about the School, have once agaln been able to Imbue the unlque School splrlt Into the chlldren, and the parental support throughout the year ha5 been Integral In achievlng thls. Our Year 6 cohort performed extremety well in their entrance tests, with 19 children gaining stholarshlps and awards to Kln8's Senlor School. Learnlng outside the classroom15 such an integrol part of how we work at King's Hawford,. we were therefore delSghted, once agaln, to be awarded the Learnlng Outside the Classroom Gold Award followlng the re-accreditatlon process. Every year group from Kindergarten to Year 6 has benefltted from in extensive progrimme of educatlonal trlp5 and v151ts. wlth resldentlal and overnht trlps for all year groups from Year 2 upwards. Amon8 the many hl8hli8hts were Year 2,5 "fantastlc finlsh" at Wanvlck Castle and thelr Barn sleepover, Year 3 on the Mafvern Hllls, Year 4,5 billllant beach experlence In 8road Haven, Year 5 enloylng the Peak Dlstrlct and outdoor adventure at Dukes 8arn and Year 6 capplng off a superb year campin8 at the Old Chapel in the 8recon Beacon5, wlth water 5POrts at Dolygaer. Sport, music, dance, art, and drama all contlnued to be an Integral part of the currSculum and our co- currlcular offerlng. Hl8hli8hts on the sports fleld Included the Ull ru8by boys competlng hard at Rosslyn Park, Warwlck and Mlllfleld, the Ull hockey girls maklng It through to the reglonal IAPS flnals and one Year 6 8irl winnin8 a national bronze in the 21J)m, after a150 reaching a national final In the IAPS 5wlmmlng earller In the year. Mu51c has been an Integral part of school Ilfe, wr¢h over 150 chlldren takln8 regular peripatetlc mu51c lessons, two cholrs, an orchestra and flve ensembles, Including the newty formed Hawford Harps. The Senlor Cholr led the way wlth vlctory at the Cheltenham Festlval of Performlng Arts. Dance and Drama 80 from strength to strength and a full programme of productlons from Kindergarten and Early Years NatNltie5 to the year endlng crescendo of The Tempest ensured every child had the opportunhy to showcase their performance talent. A5 at Kln8'5 St Alban's and In the Senlor School, puplls have a volce at Kin¥5 Hawford and take an active role in much of the deci5ion-making regarding development in many areas. Thls year we had three main charities: Project Gambia, The Grace Kelly Chlldhood Cancer Trust and Get Kids Golng; we raised a staggerin8 £8544 throu8h many varied events for these charltles. Included In thls total, we also donated 518nificant amounts to the Poppy Appeal and the DEC appeal after the Turkeylsyria earthquake. The Hawford Sustainabilr(v Drive ha5 gathered pace this year as we have planted over 100 native trees, put up owl and bat boxes, constructed a hedgehog haven, dug a nature pond to mark King Charles111's Coronation. taken delivery of our soon-to-be-populated beehive and set aside large areas of the school slte as no-mow areas. We have had a range of environmentally minded speakers 15
THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 vlslt us this year to share their knowledge, includin8 experts on apicuhure, water conservation and waste management. Finally, we have continued to focus on Growth Mindset with ihe chlldren throughout the year, both In class and assemblles. This has allowed us to encoura8e all chlldren at Kln<s Hav4ford not to fear the unknown or make mistakes, but to embrace every opportunity and give everythlng a 80. We are extremely proud of ihelr efforts throughout the year. Kln¢s St Alban's 2022123 saw a return to complete normallty after three years affected by COVID. Dlgltal provision has remained in some areas post£OVID and this has enhanced the learning provlslon. Staff and pupll absence levels have returned to pre.COVID levels and the Year 6 trlp to Normandy took place for the first tlme In four years. The School's Nursery contlnued to grow and thrlve In its fourth year and plcked up Its another natlonal award. It is now an Integral and establbshed part of the School. An outdoor cla55room has been added to #U8ment the already well-resourced slte. 15 Year 6 chlldren recelved a 5cholar5hlp or other award to Kln¢s Senlor School and 33 chlldren made th15 move. A great deal of work has taken place on transltlon from the School to Klng's Senlor and th15 is seen as the natural move for Dearly all chlldren. Kln8'5 St Alban's was awarded the Wellbein8 Award for Schoo15' thls year to underllne our COMMMent to pupil and staff well-beln8 and emotbonal development. We have developed our provlslon In thls area in many ways.. weekly'Well-beinB Wednesdays" have been in place all year,. we have also Introduced Well-beln8 Champlons Iyear 2 to 61, developed our clubs. provlslon, added lockable worry boxes In classrooms, pfoduced.who can I talk to?" posters and the A.Z Well.beln8 Dlsplayi bought more playtime equipment, added a buddy-bench, Increased provision for.draw and talk" and made good use of our new outdoor classroom. Sport contlnues to be very Inclusive, with all children regularly representlng the school. Attendance at club5 Is at èn all-time hl8h and we have competed well at many natlonal competltlons,. swimmlng and crlcket are particularly stron8 areas, The School continues its 5tron8 and 5ucce55ful commltment to the arts through muslc, dance, drama. and art. Our annual Creatlve Connexlon5 performances. celebratlon of dance* poetry and art. took the theme of Our PreCS Plonet thls year and were a highlight in a busy art5 calendar. 12 of our children are Cathedral Chorlsters. The School contlnue5 to enjoy an enviable reputatlon for both it5 academic and pastoral provision. Alumnl Relatlons The past year ha5 shown how active and engaged the Old Vigornian IOVI communlty Is, wlih the Alumnl Team welcomin8 many Ovs back on school vi51t5, as well a5 receiving their support in variDus careers and mentorlng activities. After many COVID-cancelled events, it was lovely to have so many Ovs In attendance at the New OV BBQ the 119, Annual OV Reunion Weekend, and other year group gatherlngs. A5 we head into the 16
THE KING'5 SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 new academic year, we will continue to rebuild our stron8 calendar of events. which is so important to the King's Community. The School remains very 8rateful for the support provided by OVS. parents and other members of the local communlty In terms of volunteeringi advlce, Ilme and flnanclal contrlbutlons. The principal fundraising activity for the King's School Development Trust has long been and continues to be for pupil bursaries. In our diverse, dynamic, and developin8 world. being able to open the door to King's and offer a lffe<hangln8 education to young people has never been more Important. Our'open the Doorf, Bursary Campalgn has raised over £2.7m slnce S launch In May 2018 and In 2022123 the Trust supported thlrteen full bursarles alongslde the Klng's Ukrainlan Fund, whlch contlnues to support the five puplls who have been offered places at the School. In additlon, we were very grateful to the Klldare Trust for thelr generous donation5, which will support two fully funded places from September 2023. Each Kildare Bursary wlll provlde a chlld with seven years of funded education and these bursarle5 present a unlque opportunity to beneflt from everything on offer at Kinls. To ensure the Klldare Trust bur5arle5 were awarded according to the Trust's asplrattons. a substantr'al outreach programme was implemented to find chlldren and their famllles or guardlans who might nol have been aware of such potenfjal support. All prlmary schools wf(hin a certaln geography were contacted with information about the bursaries. In addirion, local sportlng and communrty or8anlsat6ons were also contacted. Followlng the posIVe response we had from the local communlty, we were dell8hted to offer places to two youn8 people from Worcestershlre. Both young people are academICal very competent and wlll be able to develop thebr passlons for drawlnB, danclng and muslc throu8h the School's extenslve co-curricular pro8ramme.' they will Undoubted embody the School's vlslon for everyone to be curlous, to be carlng and to be confident. streBmllned Enerly and Carbon R•portln8 ISECRI Dlsclosure a. Emlsslons Summary The SECR disclosure presents our carbon footprint emlssions. an approprlate Intensity metric: the total energy use of electrictyi gas and transport fuel; and an energy efficiency actlons summary. Energy consumptlon used to calculate emisslons Ikwhl Ernlsslon5 from consumption of gas (Scope 11 tC02e EmSsslons from eombustlon of fvel for transport purposes Istope 11 tC02e Emlssions from the generation of bioenergy Iscope 11 tC02e Emlsslons from combustlon of oll for heating purposes Iscope 11 tC02e Erni55ions from purchased electricity Ikope 2. location ba5edl tC02e Emlssions from business travel In employee owned vehic1esl5pe 31 tC02e Emissions from consumption of bioener8y (Out of Scope) tC02e Total Gross tC02e based on above 4,318.596 507 57 214 79 902 Intensity Ratlo ItC02eltotsl pupils) 0.6736 17
THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 SECR methodolo notes Reporting perlod I" Au8USt 2022 to 31"July 2023 Boundary Iconsolldation approachl Operatlonal approach AIIKnment wlth flnanclal reportlng SECR disclosure is prepared in line with King's School annual accounts made up to 31" Juty 2023 Emlsslon and converslon factor source UK Government GHG Converslon Factors for Company Reportlng Calculatlon method Artlvlty data x Emi551on Factor- GHG em1551ons Activty data x Conversion factor- kwh consumptSon Roundlng The resu115 In the table are expressed In tons C02 and may noi add up preclsety due to roundlng Other relevant Informatlon Dle5eli petrol and EV spllt not avallable for buslness mileage, therefore factor for'unknown" used from converslon table Rea50n for Intenslty metric choice Kln8's School Is an Independent day school, therefore, the appropriate intensity metric is pupll numbers b. Energy Effldency Artlon Summ•rv The School contlnue5 to achieve direct savin8s in enerbry and assoclated carbon em155lon5, by placing SU51alnablllty at the heart of Rs strategy. and dellverlng through buslness as usual ta5k5 and new prolects. A phased programme to place ex1511ng Ilghting with ener8y efflclent LED Ilghtlng contlnues. New buildlngs and refurbishments Use nitur31 ventilation, and where possible, Part L BC standards are applied to old bulldings to increase thermal efficlency. The Keyes Buildlng and Boathouse at the senlor school use blo-mass bollers. Alternate renewable sources are being looked at across the Foundatlon. 011 is bein8 phased out at Hawford with hi8h effklency gas bollers Ihydrogen-readyl adopted as the replacement5. Building manaBement systems have been extended throughout the Foundation to reduce ener8y Costs. Sensor controlled118hting is installed in new buildlngs and refurblshments. 18
THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY Z023 A pro8ramme is in place to replace all single glazed windows with energy efficient double- lazed unit5. Two elevations of Klngs Hawford Main house were replaced during 202212023. Phase one of the new slxth form centre project at the senlor school Sncluded replacement of the majority of windows in School House with triple glazed units. The school continues to look at replacing boilers with more energy efficlent units. Waterless urinals were introduced in 2023 for the sixth form centre ond If 5ucce55ful wlll be rolled out acr055 the Foundation as a water-5avlnB measure. The School transport network ha5 continued to Increase by 50% year on year. As at September 2023, we now transport 150 puplls to and from school In mlnibuses or coaches reducln8 the need for household cars to enter the clty. FUTURE PLANS The School's Development Plan Is subject to annual revlew alonBslde the approval each year of the medium-term strategic Plan for the charity. However, thi5 year has seen the completlon of the lon8- term Foundatlon Strateglc Plan, Shaped By Klng's, whlch alms to celebrate who we are and whal makes U5 great but also acknowled8es the need to ensure the Foundatbon evolves to sult the need5 of the 21" century over the next flfteen years and as we look further forward5 towards our 500 anniversary year In 2041. The vision of the Foundation has been identified in three imperatives for all staff and puplls: be curlous, be carln& b• confldent. These wlll enable us to achleve the mls51on of our Foundatlon, which Is 10 seek excellence In all we do and provide an outstandln8 preparatlon for Ibfe. Underplnnin8 this are the five key values whlch are at the heart of everythln8 we do: #mbltion, reslllence, humllltyi creatlvbty and klndne$5. Shoped By Klng's Is founded on the broadest consultatlons p)sslble. Puplls, governors, staff. parents, and alumnl were all Involved. We have asplred to relnforce and enhance our reputatlon as one of the West Midland's, leading independent schools. The Strategic Plan will inform the Foundation's Development and Implementation Plans, led by the Foundatlon Leadershlp Team and the Senlor Leadershlp Teams of the Foundatlon's three schools. Wbthln the plan, four strateglc plllars encapsulate what we w511 focu5 upon to 3chleve excellence In all areas, with pupil succe55 at the centre of everythin8 we do. Found•tlon is the heart of our school. It celebrates the Importance of bein8 confldent but not arro8ant In who we are as we bulld for the future. Futures outllnes how we wlll strengthen each aspect of our puplls, educatlonal experSence, so they are fully prepared and ready for the world beyond Klng's. Sustaln•blllty captures how we will Invest sustalnably in our future from boih an envlronmental and flnanclal perspeciive. Communlty and Outre4¢h underscores the role each of us play5 in celebrating equality, inclusion. and diverslty, supportlng our pup115 and our school through to 2036 and beyond In addltlon to our work with the wider Worcester communlty. The key alms and obJeCte$ whlch continue to underpin plannlng are: To maintaln and enhan the current hlgh standards of academlc achlevement and excellence, by means of careful monttoring of the progress of each pupll, settlng appropriate targets and by providinE effettive feedbatk: these can be measured by extemal examination5 and independent value-added Crlteria. 19
THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 To continue to focus on the development in pupils of self*steem. reslllence and Independent leirning skills. To contlnue to review staff development and related matters In order to be an outstanding school at which to be an employee, strengthening staff recruitment and retention as a result. To maintaln and develop further existin8 local partnerships, and to ensure that the School both plays a slgniflcant part in the lrfe of and shares facilities wfth the local communlty. To promote wldely the avallablllty of 100% fee remi55bon places to academlcally able pup115 and at least malntaln the exlstlng level of fttrnding for means tested bursaries. To promote recruitment of pupils Into the Foundation and to generate additlonal Income Sources to support the educatlonal offer. To promote wlder communlty Use of the sports. dance and drama facllltles avallable wlthln the Foundatlon. To fundraise for a bursary fund capable of supportln8 the equlvalent of 40 free place5 In perpetulty. To contlnue to establlsh bulld relatlon5hlps wilh our alumnl, cementlng thelr place In our Foundation communlty, RISK MANAGEMENT The Board of Governors Is re5ponslble for the management of the rlsks faced by the charity. Rlsks are identified, assessed, and controlled throughout the year. The School employs a Health and Safety advlser and engages professlonal advlsers as requlred. A formal revlew of the charl15 R15k Regb5ter15 undertaken by the Foundatlon Leadershlp Team and the Board on a termty basis. The key controls used by the School to mlnlmlse and mana8e rlsk Include.. Formal a8enda5 for all Commlttee and Board meetlngs. Advance clrculatlon of detalled briefSng papers prlor to Committee and Board meetln85. Comprehenshe strate8lc plannln& budgetlngl and cash flow forecastln8. Established organisatlonal structure and Ilnes of reporting. Formal wrltten poll¢les and procedures. Vettln8 prrrtedures as requlred by law for the protectlon of the vulnerable. Circulation of all minutes of the 5tandin8 Health and Safety Commlttee to all Governors. The Governor5 have revlewed and endorsed the Risk Register as a summary of the principal areas of the schools, operatlons and the major risks faod In each of these areas, examples of whlch Include.. Parents, ablIV to pay fees during times of economlc uncertalnty. The effect of legi5Iatlve changes relating to compllance, staff cost5 Including the employer5. pension provision, and charitsble status. The Impact of demographic chanEes and the development and expan51on of lotal schools upon pupil numbers. 20
THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 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 scenari05 and consider that the School has sufficient fund5 to manage the cash posltlon durlng thls perlod. In the opinlon of the Governors, the resources and mana8ement processes wlthin the schools Should, under normal conditions, allow these risks to be mitl8ated to an acceptable level in their day-to4ay operations. Indeed. given the lesson5 learned during this pandemic the School is in much stronger position to adapt to fLbture challenges, The Governors are mindful of the forever changing landscape and continue to monrtor the cost-of-livin8 crisi5 and the changin8 political envlronment and it5 Impact on the khool. It b5 recogn15ed that systems can only provlde reasonable but not absolute assurance thai major rlsks have been adequately mana8ed. STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Governors (who are also the directors of The KInS School Worcester for the purposes of company lawl are respon51ble for preparlng the Governors. Annual Report and the flnanclal statements In accordance wlth applicable law and Unlted Klngdom General Accepted Accountln8 Practlce Iunited Klngdom Accountlng Standards). Under company law the Governors are requlred to prepare financlal statements for each flnanclal year. The Governors must not approve the flnanclal statements unless they are satlsfled that they give a true and falr view of the state of affalrs of the charitable company and the group and of the incomln8 resources and applkatlon of resources, Including the Incorne and expendlture of the charbtable group forthat perood. In preparlng these financlal statements, the Governors are requlred to: select sullable accountlng pollcles and then apply them conslstentty, obserye the methods and prlnclples In the Charltles SORP, make lud8ments and a¢countin8 estlmates that are reasonable and prudent, state whether appllcable UK Accountlng Standard5 have been followed, subled to any materlal departures disclosed and explabned In the financlal statements,. and prepare the financial statements on the goin8 concern basis unless It Is Inapproprlate to presume that the charltable company wlll contlnue In buslness. The Governors are responslble for keeplng adequate accountln8 records that are sufflclent to show and explaln the charttable companvs and the group's transactions and disclose wlth reasonable accuracy at any Ilme the flnanclal posltlon of the charitable company and the Broup, enabling them to ensure that the financial statement5 comply wlth the Companle5 Act 2006 and the provlslons of the charlty'5 constitutlon. They are also re5pon5ible for 5afeguardin8 the assets of the charf(able company and the eroup and for takln8 reasonable steps for the preVentn and detectlon of fraud and other irregularities. DISCLOSURE OF INFORMATION TO AUDITOR In so far as each of the Directors of the charitable company, as members of the Governing Body, at the date of approval of this report is aware, there is no relevant audit Informatlon Ilnformatlon 21
THE KING'S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 needed by the School's audltor in connection with preparlng the audit report) of which the School's and gtoup audltor is unaware. Each member of the Governing Body ha5 taken all the steps that ought to be taken as a Governor In order to make theMSeeS aware of any relevant audit Information and to establish that the School'5 auditor Is aware of that information. AUDITOR The Board of Governors has declded to recommend Crowe UK LLP for re-appolntment as statutory auditor to the company. Crowe UK LLP have expressed theor willingness to continue to act and a re501ution proposin8 their re-appointment will be submltted to the forthcoming Annual General Meetlng. Thts Govemors, Annual Report, prepared under the Charitie5 Act 2011 and Companies Act 2006, was approved by the Board of Governors of The Klng's School Woreesler on 8 December 2023 Includin8 In thelr capaclty a5 company directors approving the Strateglc Report contalned therein, and Is sIBne a5 authorlsed on It behalf by.. Mrs P Preston Chalr of Governors 22
THE KING'S SCHOOL WORCESTER INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KING'5 SCHOOL WORCESTER Oplnlon We hove oudited thefinclncialstotements OA The Klng s SchDoI Worcesterfor the year ended 31 July 2023 which comprlse the consolidatedstatement offinonciol octivities. the consolidoted ond chority balt7nce sheets, the consolidoted coshflowstotement and rtotes to theAinonciul stotements, including a summory of significt7nt accounting policie5. TheAinanciol reportingfromework thot hos been upplied in theirprepamtion is appIKoble low ond United Kingdom Accounting Stond¢7rds, Including Financlol Reporting Stondord 102 The Finonciol Reporting 5tondard appllcoble in the UK ond Republic of Irelond Iunited Kingdom GeneroltyAtteptedAccounting Pn7CticeJ. In our opinion thefinonci015tatements.' qlve a true ondfalr vW of the stats of t1 qroup'5 and the chorltoble company'5 affalrs as at 31 July 2023 und of the group's Incoming resources and oppllcutlon olresource5, including Its Income and expendlturefor the yeor then ended hove been property prepored In occordonce wlth Unlted Klngdom Genen711y Accepted Accountlng Proctke, ond hove been prepored in accordance wlth the requlrements ol the Componles Act 2006. Baslsfor oplnlon We conducted our oudlt In occordonce wlth Internatlonalsrundards on Audltlng (UKJ (ISAS IUK)J and oppllcoble low. Our re5ponslbAlltle5 under those standards oreAurtherdescribed In the Audltor's responsibilities for the audit of thefinanclal statements sectlon olour report. We are Independent of the group In occordonce with the ethical requirements thot are relev¢7nt to our oudlt olthefinonclul stotements In the UK Includlnq the FRC'S Ethlcol Stondord, ond we hovefulfilled our other ethlcal responslbllltle5 In occordance wlth these requlrements. We belleve thot the audltevidence we hove obtalned Is sufflclent andopproprlote to provlde o bosis for our opinlon. Conclusions reloting to lolnq Concern In oudltlng thefinonciolstotements. we hove concluded thot the governor's use of the qolng concern bosls of t7ccountlng in the preporotlon of thefinonciol stotements is t7ppropriote. Ou5ed on the work we hove perfvrmed. we hove not Identlfled ony material uncertulntles relutlnq to events or conditlons thot, indlviduolly or collecrively, may costsignificont doubt on the chariroble company s ability to continue u5 0 going concernfor o perlod of ot least twelve month5Arom when thefin¢7nclal stutements are outhori5edAor issue. Our responsibllitles and the responslbilltles of the governor5 wlth respect to qoing concern ure descrlbed In the relevant 5ectlon5 of this report. Other Infvrn?atlon The governors ore responsiblefor the other Informotlon contolned withln the annuol report. The other informotn comprises the informatlon included in the onnual report. other than thefinonciol statements ond ourouditorfs report thereon. Ouroplnion on thefinonciol stotements does not cover the other informotion ond, except to the extent otherwise explicltly 5tsted In our report. we do not express onyform of Ossuronce conclusion thereon. Our responsibility is to read the other informotion ond, in doing so, con5Nder whether the other information is materiolly inconsistent with thefinonciol stotements orour knowledge obtuined tn the audlt orothenvise oppeors to be moteriolly misstated. Ifwe identifysuch materAal InconststencAes or ¢7pporent mater1171 mlsstotements. we ore requlred to determine whether thi5 gives rise to u mt7terlql 23
THE KING'S SCHOOL WORCESTER INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KING'S SCHOOL WORCESTER mlsstutement in thefinonciulstutement5 themselves. IA, bosed on the work we ht7ve performed. we conclude thot there Is o materiol misstotement of this other informotion. we are requlred to report thatfvct. We have nothlng to report In thts aord. Oplnlons on other matters pre5crlbed by the Componles Art 2006 In ouroplnlon b95ed on the work undertt7ken in the course of our uudit the Information given in the Governors, report, whlch include5 the dlrertors. report and the stmteglc report preporedfor the purp05e5 of compary law, Aor thefinontiol yeorAor whlch theftnoncla15totement5 are prepared Is conslstent wlth thefinanciol stotements.. ond the strateglc report ¢7nd the directors, report included wlthin the Governors, report hove been prepored in accord0n with opplkable legal requirements. Matters on whlch we are requlred to report by exceptlon In IAght olthe knowledge and understanding of the group ond the charltoble company and their envimnment obtained in the course ojthe audit, we hLive not identified moterlol mlsstatements In the stroteglc reportor the dlrertors'report Included wlthln the Governors, report. In Ilqht of the knowledge and under5tandlng oAthe chorltoble compony and thelr environment obtolned in the course of the oudlt, we hove not Adentijled moterlol mi5Stotements In the stroteglc report or the directors. report included within the Governor5. report. We huve nothlng to report In respect oAtheftsllowlng motters In relatlon to whlch the Componle5 Act 2006 requlres u5 to report to you if, In our opinlon.. the parent compony hos not keptodequote occountlng records.. or the porent componyllnonclol statements Dre not In ogreement wlth the accountlnq record5 ond retUrn5,' or certuln disc105ures of 90vernors' remuneratlon speclfled by law ure not mode,. or we ht7ve not received oll the infvrmatlon and explonations we requirefor ouroudlt. Responslbllltles olgovernors As exploined moreAully In the Governors, re5ponslbilities stotement on paqe 20 the governor5 (who ore olso the dlrectors olthe choritable companyfor the purposes of compony lawj are responsiblelor the preporotlon of thefinanciol statements ondfor being sotisfied thot they give o true ondfvir view. ondfor such Internol control as the governors determlne Is nece550ry to enable the prepumtion oj finonci015tatements that arefreefrom moteriol misstatement, whether due tofraud or error. In preparing theAlnonclalstatements. the oovernors ore responsibleforassesslng rhe chorltoble company s ablllty to contlnue os 0 4olnq concern. disclosing, Q5 Qppllcable, motters lated to going concern und using the going concern bo5is of uccounting unle55 the governors either intend to liquidote the charitable company or to cease operotions, or have no realistic alternotive but to do so. Auditorf5 re5ponsibilitiesfvr the audlt OA thefinanclol statements Our objectives ore to obtoin reasonoble ossuronce obout whether thefinonciol stotements os o whole orefreefrom moterlalmlsstatement, whether due tofroud or ermr. and to Issue an oudltorfs report thot includes our opinlon. Reosonoble assurance 15 a high level of ossumnce. but15 not o gutsrontee thot on oudit conducted in accordance with ISA5 (UKJ will always detect o moterial mi55t(rtement when it exists. Misstatements con urisefvmfroud or error ond ore considered 24
THE KING'S SCHOOL WORCESTER
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KING'S SCHOOL WORCESTER
rnoterial if, individuolty or in the aggregate, they could retisonably be expected to influence the
economic dec15ions Ofuse tt7ken on the bt75is of thesefinancialstotements.
Extent to whlch the oudlt was consldered capable oAdetertlng Irregulorltles. Indudlnq
fvud
Irregularitles, includingfroud, ore Instonces of non.complionce wlth law5 ond regulatlon5. We desiqn
procedures in line with our responsibilities. Outlined obove. to detert moterlal mlsstotements in
respect of irreguloritie5, includingfraud. The extent to which ourprocedures are copoble oldeterting
Irregulurltles, includlngfruud Is detolled below..
We obtained an understonding oAthe legal and regulatoryframework5 wlthin which the charlty ond
group operotes, focu51nq on those Iow5 ond reoulotlon5 Char have a dlrect effect on the
determinotion olmoteriol Èimounts ond disclosures In theAinonciol statements. The laws ond
regulatnS we considered in thls context were the Chorities Act 2011. together with the Chorities
SORP (FRS 102). We t>ssessed the required complitsnce wlth these lows ond regulatn5 as part of our
oudit procedure5 on the reloredfinanclol statement Items.
In oddltlon. we con51deredprov151ons of other laws ond requlatlons that do not have a dlrect effert
on theAinoncit715tatement5 buf compllance with which mlght beAundumental to the chority'5 ond the
roup's oblllty to operote or to ovold o moterlol penalty. We olso consldered the opportunlties ond
Incentlves thot moy exlst wlthAn the chorltoble compony ond the group forlrnud. The law5 and
regulotions we consldered in thls contextfvr the UKoperations were The Educotion flndependent
sch11 Stondordsj Regulotions 2014. Generol Dota Protection Regulotion (GDPRJ, Heolth and Sofety
leqlslotlon. ond Employment leolslurion.
Audltlng stondords limlt the requlred oudlt procedures to Identify non
THE KING'S SCHOOL WORCESTER INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KING'S SCHOOL WORCESTER
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council's website at: www.fc.orq.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 GL502QJ
Date: 13 December 2023
26
THE KING'S SCHOOL WORCESTER CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023 Unrestrlcted Restricted Endowed Funds Funds Funds £'ooo £'O(M) £'wo 2023 Totsl £'ooo zozz Total Note Income and endovmients frorn: Charltable actfvltles School fees receivable Ancillary tradlng Income 17,658 1.668 17.658 16,828 Other tradln8 actl¥ltles Non-anclllary tradlng Income Other actlvltles 239 21 239 21 192 42 In¥estment5 Interest and investment income 143 146 16 Volunt•ry sources Grants and donatbons Total Incomlng resourc Expendlture on., 71 245 316 3CQ 18,186 19,800 247 20,IY18 Ralslni fufids Non-ancillary tradlng Flnanclng Costs Fundralslng and development 227 152 134 227 152 134 183 62 129 Total Charltable artlvltles Education and grant mikln8 Pension scheme re-measurement of the estimate of past service costs Tot•1 expendltur• Net incomlng funds from operatlons before transfers & Investment Balns IL0s5esl on investments Net $urplu$ Transfers between funds Net movement In fund5 for the year Fund balances brought forward at l August 2022 Fund bilances rrI fonmard at 31 July 2023 513 513 374 19,105 246 19.3SI 17,478 23 1671 19,551 167) 19,797 157 18,009 246 249 251 177 li 14) 173 250 (i) 250 22 250 250 173 23,332 361 23,751 23.578 22 23.582 360 59 24ml 23,751 The notes on pa8es 31 to 56 form part of these flnanclal statements. 27
THE KING'S SCHOOL WORCESTER CONSOLIDATED SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2023 2023 2022 Unrestrirted and Restrlrted Funds Unrestricted ond Restrlcted Funds Totsl Total E'L0 INCOME FROM: Charltable artlvltles School fees 17.658 1,668 16,828 Anclllary trading Other Ir•dlng actl¥ltleJ Fundralslng tradlng Other income 239 192 21 42 Investments Dlvldends, bank Jnd other interest Voluntary sources Grants and donatlon5 146 16 -Unrestrlcted 71 -Restrlcted 245 TotBI Income 20,048 18.186 Expendlture on: R•lsln8 funds Tradlng costs Flnancln8 C0515 Development costs Ch•rltbl¢ ¢t1*% Educatlon and grant-maklng Pension scheme re-measurement 183 152 62 134 129 19,351 1671 17,478 157 Totsl ejtpendlture 19,797 18,009 Net funds before Investment gains and inter- fund transfers Net Investment Ilossesl for the year 251 177 f4J Net Income forthe year 250 173 The above Summary Income and Expenditu Account preSentS the total unrestrlcted and restrlcted Income and expenditure as shown in the wnsolidated Statement of Financlal Activlties on pa8e 26 and Its presentatlon Is requlred under the Companies Act 2006. The notes on pages 31 to 56 form part ol these flnanclal statement& 28
THE KING'S SCHOOL WORCESTER CONSOLIDATED AND SCHOOL BALANCE SHEETS AS AT 31 JULY 2023 Company Re8lstered 04776324 No: Consolldated Scho 2023 £'ooo 2022 2023 £'ooo 2022 Not•s FIXEDASSETS Tangible assets Securities Investments io li 22,270 303 21,740 304 22,270 303 21,740 304 22,573 22,044 22,573 22.044 CURRENT ASSErs Stock Debtors Cash and depos$ 12 608 6.408 7,017 606 7,175 7,782 618 6,374 6,993 775 6.959 7.735 CURRENT UA8ILITIES Creditors payable wlthln one year 13 {363> (2,5511 13,0441 12.523) NET CURRENT ASSETS 3,954 5,231 3,949 5,212 TOTAL ASSETS LESS CURRENT LIABILITIES LONG TERM UABILITIES Creditor5 payable after one year Penslon Scheme fundlng deficlt 26,527 27,275 26,522 27,256 14 23 11,9041 16221 f2, 782) 1742) 11.9041 16221 f2, 7821 (742) ASSErs 24,001 23,751 23,996 23,732 REPRESENTED BY: ENOOWED FUNDS 22 59 58 59 58 RESTRICTED FUNDS 22 361 361 UNRESTRICTED FUNDS General reseNe 22 23,582 23.332 23,577 23,313 24ml 23.751 23,996 23,732 The net movement In funds for the School In the year Is a surplus of £264,fMXI12022: £165,OCK)I. These financlal statements were approved by the Governlng Bo the Oecember 2023 were slgned o Its behalf bv P Presti Chalr of Governors GWBal Chalr of the Hn•n¢e and G¢ner¥l Purpose5 Commlttee The notes on pages 31 to 56 forni part of these flnanclal statements. 29
THE KING'S SCHOOL WORCESTER CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2023 2023 2022 Note r(MX) £'ooo f¢Th £'C4 Net cash Infiow from operatlons Net cash provlded by operatlng actlvltle5 25 L707 1,335 Cash from Inve5tlns Ktlvltles.. Payments for tanglble flxed assets Proceeds on sale of fixed assets Investment income and bank interest recebved Net cash lus•d Inl Inv•stln8 actlvltl•i 11,4891 (283) 146 16 11,343) (2671 Cash Ilryws from flnanclng actlvliles: Loan advances Inet of repayments) Loan repayments Penslon deflclt payments Flnance costs pald 171 {10971 1761 11291 (729) {69J (56J Net cash lujedl by flnancln8 •Ctl¥ltl•s Change In cash Jnd cash equlv•lents In the iepNtlni perkxl 11,131) 18541 17671 214 Cth and cash qulv*l•nts at l Au8USt 20ZZ 7.175 6.961 Cath and cash equlv•lents at 31 July 2023 25 7.175 The notes on pages 31 to 56 form part of these nn•nclal statements. 30
THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 I. ACCOUNTING POLICIES Charlty information The School 55 a Publlc Benefit Entity registered as a charity in England and Wales and a company limlted by guarantee. It Was Incorporated on 23 May 2C(13 Icompany number.. 047763241 and reglstered as a charity (with charity number: 10982361, the registered office address bein8 5 College Gen, Worcester, WRI 2LL. 8asls of accountln8 The financial statements have been prepared In accordance wlth the Flnanclal Reportlng Standard applicable in the UK and Republi¢ of Ireland IFRS1021, the Companies Act 2006 and the Statement of Recommended Practlce applicable to charltles preparin8their flnanclal statements in accordance with the FSnanci81 Reportlng Standard appllcable In the UK and Republlc of Ireland IFRS 1021. The functlonal currency of the school 15 consldered to be GBP because that is the currency of the Pfimary economlc environmenl in which the School operate5. The fininclal 5tatement5 are drawn up on the hlstorlcal cost basls of accountlng, as modlfled by the revaluation of investments. The financial statements present the consolidated statement of financial actlvltbes ISOFAI, the consolidated cash flow statement and the con501idated and Charrty balance sheets comprlslng the ¢on5011datlon of the School and Its wholly owned subsldlaries Kln8's School Worcester Artlvltle5 Llmlted and KSW Enterprlses Llmited. The net movement In funds for the year of the group wa5 a surplus of £250,0(X) for the year ended 31 July 202312022.. surplus E173,IXIOI, No separate Statement of Flnanclal Actlvltles ha5 been presented for the School alone, as permltted by Sectlon 408 of the Companles Act 2C6. The net results of the School are dlsclosed wlthln the 8alance Sheet. The School has taken advantage of the exemptlon avallable to a quallfylng entlty In FRS 102 from the fequlremeni to present a School only Cash Flow Statement wlth the consolldated flnanclal statements. Goln8 concern Havlrtg revlewed the fundln8 facllltle5 avallable to the School together wlth the expected ongolng demand for places and the School's future projected cash flows, the Governors have a reasonable expectatlon that the School has adequate resources to contlnue fts activltle5 for the foreseeable futurei partlcularly In reference to the statement under Rlsk Management a5 Set out In the Governors, report. The Governors consider that there were no materlal uncertalntles over the School's financlal viability. Accordingly, they also wntlnue to adopt the 8oin8 concern basls in preparing the flnancial statements as outllned In the Statement of Accountlng and Reportlng Responslbllltles on page 21. Crltlcal accovntlng lud8ements and key sources of estlmatlon uncertalnty In the application of the accountlng pollcles, Trustees are requlred to make judgements, estlm3tes, and a55urnption5 about the carrying value of assets and Ilabillties that are not readity apparent from other sources. The esllmates and underlyln8 assumptions are based on hlstorical experience and other fèttors that are considered to be relevant. Actual results may differ from these estimate5. The estimate5 and underlying assumptions a reviewed on an ongolng basls. Revislons to accounting estlmates are 31
THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 recognised in the period in which the estimate is revised rf the Tev15ion affect5 only that period, or In the perlod of the revislon and future periods If the revlsion affected current and future periods. In the vlew of the trustees, no assumptions concerning the future or estimation uncertainty affectlng assets or liabilities at the balance sheet date are likely to result in a materlal adjustment to their carrylng amounts In the next tlnanclal year. The folbwln8 accountlng pollcles have been applled Consistent In deallng wlth items which are considered material in relation to the SchooY5 financial 5tatement5. 1.1 Fee5 and slmllar earned Income Fees rece6vable and charges for servlces and use of the premlses. less any allowance5, scholirshlps, bursarles granted by the School aBainst those fee5, but includinB contributions recewed from restricted funds, are accounted for in the period in whlch the servlce Is provbded. 1.2 Investment Income Investment Income from dlvldends, bank balances and flxed Interest securltles Is accounted for on an accruals basis. Income from investment properties 1$ accounted for In the perlod to whlch the ntaI income relates. 1.3 Non-anclllary tradln8 Income Income comprlses the value of sales lexcludlng VAT and slmllar taxes and trade dlscountsl of 8oods and servlces made by the School's trading subsldlarles in the normal course of bu51ne55. 1.4 Don•tlons, Iqacles• Brants And other Voluntary Incomln8 resources Voluntary Incomln8 resources are accounted for as and when entltlement arlses, the amount can be reliably quantifled and the economlc benefrt to the School is considered probable. Voluntary Income forthe School'5 8eneial purposes bs accounted for as unrestrlcted and Is credlted to Ihe General Reserve. Where the donor or an appeal has Imposed trust law restrlcllons, voluntary Income Is credlted to the relevant restrlcted fund and Incomlng endowments are accounted for as permanent trust capltal or expendable trust capital, accordln8 to whether the donor intends retentlon to be permanent or not. Glfts In klnd are valued at estlmated open market value at the date of gfft. In the case of assets for retentlon or consumption, or at the value to the School In the case of donated 5ervlces or facilltles. 1.5 Expendltur• Expendfture b5 accrued as soon as a Ilabllity Is consldered probable, dlscounted to present value for lon8er-ierm liabilitles. Expendlture attrlbutable to more than one cost category in the SOFA 15 apportioned to them on the basS5 of the estimated amount attributable to each activity in the year. elther by refence to staff tlme or the use made of the underlylng assets. as approprlate. Irrecoverable VAT Is Included wlth the Item of expendlture to whlch It relates. Grants awarded are expensed as soon as they become legal or operatlonal commltment5. Governance costs comprise the c05t5 of complyin8 Wlth constitutional and statutory requirements. Intra-group sales and charEes between the School and Its subsldlarles are excluded from consolidated trading income and expendlture. Redundancy and termination costs only occur where ab501utely nece55ary and a accounted for on an accruals basis when the commitment to terminate a post on the grounds of redundancy or termlnate an employee's contract has been made. 32
THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 1023 1.6 Tan8lble flxed assets Bubldlngs erected before 1947 are not included in these financial statement5. Therels no expendlture incurred in the Improvement of these prOpertS capitalised in the financial statements as all amounts of expendhure were of a revenue nature. Fixtures, fittings, equlpment purchased for dlrect use wtth puplls lacademlc and extra- curricular) and ICT equipment costs are written off as an expense as acquired. Expenditure on the acquisltion of land, construction of new buildings, motor vehicles and other non ICT assets intended to be used for more than two years are capitalised on acqulsition and depreclated over thelr estlmated usefvl Ilfe. I equipment U5Èd to support the School's sy51ems infrastructure Is capitallsed on acquisitions and depreclated overthelr estimated useful Ilfe. Other expendlture on equipment Incurred In the normal day-to-day runnlng of the School and tts SLtbsidiarles Is charged to the Statement of Financial Actlvities as Incurred. 1.7 Depreclatlon Depreciation is provided on all tanglble flxed a55et5 on a 51ral8ht-Ilne ba515 at rates calculated to wrlte off the c05t of the assets over it5 estimated useful life a5 follow5., Freehold and long leasehold buildings over 40 years lor the lease term If shorter) Freehold and leasehold buildlngs repalrs and refurblshment- over 5 to 10 years FSxlures, flttln85 and equlpment over 3 to 10 years Motor vehlcles - over 5 years ICT Equlpment over 5 to 10 years lor lease term15 shorter) Assets In the course of constructlon - not depreclated 1.8 Investments Investment a55et5 are carried ot thelr market value as at the balance Sheet date. Unreallsed Balns and 10s5es arlslng on the revaluatlon of Snvestment5 are credlted or charged to the Statement of Flnanclal Activltles and are alkncated to the appropflate Fund accordln8 to the "owner5hlp" of the underlylnB assets. 1.9 Stock Stock Is carrled at the lower of cost and nel reallsable value, 1.10 Fund *¢countlni The charrfiable trust fund5 of the School and it5 subsldlarles are accounted for as unrestrlcted or restrlcted Income, or as endowment tapltal, In accordance wRh the terms of trust Imposed by the donors Of any appeal to which they may have responded. Unrestrlcted Income belong5 to the School'5 Corporate re5erve5, spendable at the discretion of the Governors ebther to further the School's Objects or to beneflt the School itself. Where the Governors declde to set a51de any part of these funds to be used In future for some specific purpose, thls Is accounted for by transfer to the appropriate designated fund. The endowed funds comprf5e a number of Individual trust funds establlshed by speclfk donors, the capltal of whlch may not be expended. Reslrlrted income comprise5 gffts, legacies, and grants where there is no capital retention obligation or power but only a trust law restrictlon to some spe¢ifi¢ purpose intended by the donor. 33
THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 1.11 Penslon costs Retirement beneffts to employees of the School are provided through two pensbon schemes, one deflned beneflt and one defined contribution. The pension costs charged In the Statement of Financlal Activltles are determined as follows- lal The Teachers, Pension Scheme- Thls scheme is an unfunded multi-employer defined beneflt penslon %heme. It Is not possible to identify the School's share of the underlying assets and Ilabllities of the Teichers, Pension Scheme on a conslstent and reasonable basis and therefore, as required by FR5102, accounts for the scheme as if it were a defined contribution scheme. The School's contrlbution5, whlch a in accordance with the recommendatlons of the Government Actuary, are charged In the perlod In whkh the salarles to whlch they relate are payable. Ibl The Kin8's School Worcester Personal Penslon Plan Thls Is a deflned contrlbution group personal penslon plan wlth The Pensions Trust. Employer's pensions costs are charged In the perlod In whlch the salarles to whlch they relate are payable. Icl The Support Staff Penslon Scheme adminlstered by The Penslons Trust. Thlsls an occupatlonal deflned benefft scheme. The Independent Schools, Penslon Scheme IISPENI Is a multl- employer scheme. As such It Is not posslble In the normal course of events to Identify the share of the underlyln8 assets belonging to the indlvldual partlclpatlng employers, and attordlngly, In accordance wlth sectlon 28 of FRS 102 It Is accounted for as a deflned contrlbutlons scheme wh contrlbutlons belng recorded as they become payable. A Ilabllity15 recognlsed on the balance sheet however equal to the PSent value of contributions payable under the agreement to fund a deficit. The present value is calculated usin8 the discount rate of 5.70%12022.. 3.24%). The unwlndlng of the dlscount rate Is recognlsed as a flnance cost, 1.12 Oper•tln8 le•se> Renlals under operating lease5 are charged on a stral8ht-Ilne basls over the lease term, even if the payment5 are not made on such a basls. Benefits received and recelvable as an Incentlve to slgn an operatlng lease are 51mSlarfy spread on a stral8ht-Ilne basls over the lease term. 1.13 Flnance leases Leases are classlfied a5 finance leases when the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the Company. Assets held underfinance leases are recognlsed Inltlally at the falrvalue of the leased asset or. If lower. the present value of the minlmum lease payment5 at the inception of the lease. The corre5pondln liability is Included In the balance sheet a5 obligations under finance lease5 Within creditors. Lease payments are apportloned between finance char8es and reductlon of the lease Ilabllity using the effectlve Interest method to achieve a constant rate of Interest on the remalnln8 balance of the Ilablllty. 1.13 Ananclal Instnlments Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost wlth the exceptlon of investments which are held at falr value. Flnanclal assets held ai amortised cost comprise cash at bank and in hand, tO8ether wlth trade and other debtors and accrued Income. A speclfic provision is made for debts for which recoverability is in doubt. Cash at bank and in hand 15 defined as all cash held in instant access bank accounts and used a5 workin8 Capital. Financial liabilitie5 held at amortiseil cost comprlse all creditors except fees in advance, 34
THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 social security and other taxes and provisions. Assets and liabilities held in forei8n currency are translated to G8P at the balance sheet date at an appropriate year end exchange rate. 1.14 DerlvatNe flnanclal In5trurnents Derivative financial instruments are initially recognised at fair value on the date the derivatlve contract15 entered into and are Subsequent remeasured at their fair value. The School has a base rate cap contract In place to cap the exposure to Interest rate movements. The movement in the falr value of the derivatNe instrument is recorded wlth financlng costs. Hedge ac¢ountin8 has not been applied. 2. CHARITABLE AcllviTIE5- FEES RECEIVEABLE 2023 2022 Fees recelvable conslst of: School fees Less.. total butsariesi 8rants, scholarships and allowances 19,616 (2,225) 17,391 222 45 18,788 {2,200J 16,588 183 57 Add back: 8ur5arle5 and other awards pald for by restrlcted funds Add back; Fee remlsslon under salary sacrlfice scheme 17.658 16,828 Scholarshlps, bur5arle5 and other remlsslon awards were pald to 496 puplls12022'. 5181. Wlthin thls means tested bursarles totalllng £629,758 were pabd 10 61 pupi1512022: £625,306 to 77 pup1151. 3. CHARITABLE AcfiviTIES-ANCILLARY TRADING INCOME 2023 2022 Puplls, extras charges Aeglstratlon fees Break servlce Holiday clubs Trainlng Income Commission, events, and other Income Letting of property Profit on sale of fixed assets 1,441 15 16 13 28 182 145 li 21 1.668 808 35
THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 4. OTHER TRADING ACTIVITIES 2023 2022 £'ooo Non4n¢lllarylradlnB IrKom• King'5 School Worcester Activltles Ltd KSW Enterprb5es Ltd 230 179 13 239 192 2023 £'ooo 2022 Oth•r Ktl¥ltl¢s Late payment admln15tratlon charges Renewable energy and other Income 20 41 zi 42 5. BANK INTEREST AND INVESTMENT INCOME Unrestrl¢ted Rertrlrted Endowed £'ooo 2023 2022 Investment Incaffl•: Egultles Bank Interest 140 140 io 6. GRANTS AND DONATIONS RECEIVABLE Unrestrlrted Restrlcted Endowed £'ooo £'ooo 2023 2022 Recelved from KIn5 School Worcester Development Trust for.. Bursarles Other donatlons Homes lor Ukralne 222 23 222 183 117 21 50 71 245 316 300 36
THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 7. ANALYSIS OF EXPENDITURE •) Expendlture Staff costs Depreen Inote 91 (note 101 Other Totsl 2023 Total 2022 Costs o18eneratln8 lunds Trading Costs Cost of other actlvltles Flnanclng costs (note 81 Foundation Developfflent COStS 227 227 183 152 43 152 134 62 129 91 Tot•1 Msts of 8ener•tln8 fund5 91 422 513 374 Charltable expendlture Educotloft ond gmnt moklnl Teaching Weware Premlses Support costs and governance Grants, awards and prlzes Inote 7bl 9,876 576 634 1,364 38 2,833 463 1,859 541 246 12,747 11,208 916 3,409 1,905 246 3,181 1.821 300 Tot•1 ¢h•rlt•ble expendlture 12,450 959 5,942 19,351 17,478 Total expended 12,541 959 6,364 19,864 17,852 bl Grants •w•rds •nd prlz•s 2023 2022 From A*tItted Fufidi: Bursarles 222 183 Other grants and awards 24 117 240 300 cl Governance Included In support costs.. 2023 2022 rooo 18 Remuneration paid to auditor for audit services Reimbursement of personal expenses to Governors costs 20 travel 21 18 37
THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 JULY 2023 Travel expense5 were claimed by I member12022- 11 of the Goveming body. No Governor Tecerved any remuneratlon during the year ended 31 July 2023 12022: nil) and no retirement benefit5 are accrulng. In addition to the above audlt remuneratlon the financlal statements include amourits payable to the auditor in respect of taxation and Teacher5, Penslon compliance seThlces and athl¢e totalllng £1,140 12022= £1.1101. FINANCE AND OTHER COSTS 2023 £'ooo 2022 Fees in advance financin8 C05t Loan flnanclnB Cost Impalrment losse5 charged to flnancial a5set5 Derivative flnancial instruments 8alns/losses Penslon Scheme financlng cost li 105 31 {181 23 72 (19J 152 62 38
THE KING'S SCHOOL WORCESTER NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 9. STAFF cosrs The aB8regate payroll costs for the year were as follow5.. Restoted 2022 2023 Wages and salaries social Security costs Pension cost 9.369 8,954 887 1,583 1,643 11,916 11,424 Staff non-salary beneflts Contract caterlng and aBency staff costs Apprenticeshlp levv Fee Remission under Salary Sacrifice Scheme and benefits 75 473 J2 45 43 431 30 57 12,541 11,985 ABgregate employee benefits of key mina8ement per50nnel.. 922 865 2023 2022 Number of hlgher pald employee5 In bands of.. £60,CQO to £70,000 £70,(X)I to £80,O £80,(Kll to £90,000 £130,001 to £140.OJO 2023 2022 The number of staff wlth retlrement benefits accruin8'. In Oefined Contrlbutlon schemes was of which the contributions amounted to 138 £208.140 130 £176,448 In Defined Benefit 5cheme5 Was 146 150 The average number of staff employed during the year was 35212022.. 3481. The avera8e number of full-time equivalent Staff during the year wa5.. 2023 2022 Teachlng Domestlc Premises Administratlon FundraisinB 195.3 191.5 24.8 36.4 25.1 34.9 262.9 257.5 During the year redundanry and teTmination payments lor otherwise relating to compromise agreements) were due of £nil12022- £20.8941. The amounts outstanding at the year end were £nil 12022.. £4,(NJ)i. 39
THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 10. TANGIBLE FIXED ASSETS Long Assets in Fixtures, leasehold course of fittings & Motor property construttion equlp't Vehlcles £'ooo £'ooo Group and School Freehold Propertv £'ooo Total £'ooo Cost Al l August 2022 Addltlons Disposals Transfers 33,691 77 3,811 25 1,179 1.070 199 13781 274 245 34 38.842 1,489 13781 12741 At 31 Juby 2023 33,768 3,811 930 1,165 279 39.953 Depreclatlon At I Au8USt 2022 Charge for year Dlsposals 12,215 865 3,734 1,000 50 13781 153 35 17,102 959 13781 At 31 July 2023 13,080 3.743 672 188 17,683 book vlu At l August 2022 21.476 77 25 70 92 21.740 At 31 Juty 2023 20,688 68 930 493 91 22,270 The School has 8 number of long-held hlstorlc assets, whkh are used In the Course of the School's educational activities in accordance wlth the Charlty Commlssloners Approved Scheme lunder which transfer of a malor Interest In such property by the School would requSre the consent of the charlty Commission). These comprise listed bubldlngs on the school slte tO8ether wlth manuscrlpts and other artefacts wlthln the school archive. Glven the age, nature and restrlcted use of the buildln85 and the unlque nature of other archbve Items, rellable hlstorlcal cost Informatlon Is not avallable for these assets and could not be obtained except at disproportlonate expense. However, in the opinion of the Governor5 Ihe depreciated hlstorkal cost of these assets would now be Immaterial. Capftal Commltments Group and School 2023 2022 Future capltsl expendlture Authorised and contracted for but not yet completed 274 265 Capltal Commltments The School has been 8fanted an optlon to purchase the freehold Interest of one of Its leasehold properties, exercisable at a future date and has securlty of tenure until that date. In respect of the same propertyi the school has Eranted the lessor, land successors In tltlel, an optbon to require the School to purchase the freehold interest on the death of the lessor or rf the lease is forfeited. In the event that either option is exercised the purchase price of the freehold Interest will be based upon a valuation of the property on the date of the exercise of the optlon.
THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Tangible fixed assets include two propertles wlth a net book value of £5.4m12022: E5.5ml whlch are charged as 5ecurf¢V for a proportion of the School's bank loans. Tangible fixed assets include assets with a net book value of £171k which are secured under finance leases. 11. INVESTMENTS Group and School Unrestrlcted Restricted É'ooo Endowed £'ooo Total £'ooo Equlty Snvestment5 At l August 2022 Unreallsed losses In year At 31 July 2023 164 104 36 304 165 102 36 303 All Investments are Ilsted on the UK stock exchaTb8e and are held by the School. Subsldlary undertakln y virtue of common control Klng'5 School Worcester Activlties Limlted (Company No.. 014721451, company Ilmlted by 8uarantee and re8lstered in England and Wales, 15 recognised as a wholly owned subsldlary undertaklng ofthe School. KSW Enterprlses Llmlted Icompany No.. 071413481 Ss a company registered In England with an Issue share capital of £1, which Is wholty owned by the School. The results of ihe5e 5ubsldlarles are reported In note 24 to the flnanclal statements, 12. DEBTORS Group Sthool 2023 £'ooo 2022 2023 2022 Fees and extras recelvable Trade debtor5 Due from subsidlary companles Derivatlve flnanclal Instruments Sundry debtors Prepayment5 and accrued Income 109 22 159 109 159 3Z 172 34 17 426 17 426 80 364 fA16 618 775 All debtors are due within one year. 41
THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 JULY 2023 13. CREtIlTORS: •mounts falllng due ¥*ithin one year Group School 2022 £'ooo 2023 £.0 2022 2023 Bank loan Inote 151 Flnance lease creditor Inote 161 Trade creditors Reglstratlon deposltS Taxation and soclal security Due to subsidiary companie5 Other credltor5 Fees In advance scheme (note 171 Accruals and deferred income 498 39 667 230 235 498 39 663 230 235 568 492 221 223 475 221 223 321 2Z6 295 173 579 318 226 835 293 173 570 3,057 2,551 2.523 14. CREDITORS.. amounts l•lllna due after mor• th•n pne y¢4r Group School 202J £'ooo 2022 2023 2022 Bank loan (note 151 Flnance lease credltor (note 161 Fees In advance 5cherne (note 171 1,701 132 71 2,728 1,701 132 71 2.728 54 2.782 2,782 15. BANK LOANS Group and School 2023 2022 £'ooo The bank loans I repayable by Instalment5,' Due after more than 5 years Due within 2- 5 year5 Due after more than one year Due within l year 210 1.491 1,701 498 628 2.100 2,728 568 2,199 3,296 The bank loans are secured by way of a fixed charge dated 4 September 2¢J)9 over two of the company's freehold propertie5 Ithe site known as King's Hawford and the new pre-preparatory sch¢)ol located at Mlll Street Worcesterl. The loans. which are repayable over a period of up to 20 years from 42
THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Juty 2009, 13 years from June 2014 and IS years from january 2016, are Main variable rate borrowings at interest rates ran8ing from 1.20% to 1.31% above Bank of England base rate. The CBIL loan Is a flxed rate loan at 1.96% repayable over 5 years from August 2021. In November 2022 one loan has been repaid early in agreement wf(h the bank, this has had a positive irnpact on the future interest rate costs of the School with no impact on the assoclated covenants. In addition. a base rale cap has been put In place coverlng £806,727 of the bank loans capplng Interest at 3.7.%, see note 18. 10. FINANCE LEA5E5 The future mlnlmum lease payments are as follows: Group and School 2023 2022 £'ooo Not later than one year Later than one year and not later than flve years 49 147 196 1251 Future flnance charges Net obll8atlons under flnance leases 171 The flnance leases are for IT equlpment whlch Is beln8 acqulred under a flnance lease over a perlod of 4 years. The a55ets are conIsed as tanglble flxed assets. 17. FEES IN ADVANCE SCHEME Parents may enter Into a contract to pay to the School tultlon fee5 In advance. The money may be turned subject to speclflc condbtlon5 on the recelpt of one term's notlce. Assumlng puplls wlll remaln In the School advance fees wlll be applled as follows.. Group •nd khool 2023 2022 rooo £'ooo Wlthln 2 - 5 years Within 1-2 year5 After more than one year 54 71 54 Wlthln l year 226 173 297 227 43
THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Summary of movements in liability 8alance at l August 2022 New contracts Amounts accrued to contracts as debt flnanclng cost Amounts used to pay fees 227 691 li 16321 Balance at 31 July 2023 18. FINANCIAL INSTRUMENTS Group •nd School 2023 2022 FSnanclal assets measured at falr value a03 304 Flnanclal assets held at falr value Include assets held as Investments, Impalrrnent losse5 charged to flnanclal assets measured at amort15ed cost in the year amounted to £31,0(K)12022.' £nlll. The School has entered Into a base rate cap contract to mbtbgate the rlsk of rlsln8 exchan8e rates. At the 31 2023 the School had the followln8 Outstandlng contracts.. Group and khool 2023 2022 £'oJo Wlthln I year 34
THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 19. OPERATING LEASES Commltments The total remaining operating lease commitment in respect of the unexpired period of current operatlnB leases Is as follows: 2023 2022 Group and khool Land and bulldings Lond ond bulldlngs Other Total £'ooo Other Total On leases Within I year Between 1-2 years Between 2-5 years After 5 year5 16 124 104 310 1,041 115 li 126 114 319 1,146 103 310 1,042 310 1,146 1,563 17 1,679 26 1.705 Charye for the ye*r The amounts payable under operatlng leases and charged as expendlture durlng the year are as follow5.. Group •nd Stht>oI 2023 £'ooo 2022 1•15e$ In respect of: Land and bulldln8S Plant and equlpment 114 29 109 143 117 20. FUNDS OF THE SCHOOL The School's funds are analysed under the followln8 headlngs. •> Endow•d Fund5 The endowed fund comprlse5 an Indlvldual trust Sel up by an individual donor to support Specif 5cholarshlps. A dlstlngulshlng feature of the speclal trust Is the donorfs express requlrement or impllclt Intention that the funds shall not be spent Immedlatew but should be retalned. The trust is not pooled for Investment and Is credtred wh the relevant Investment Income and bears Its own expenses. The Dean Forre5t Fund to support a scholarship, wrth preference for former chorlslers Intentling to take HO Orders or who are sons of clerBY. 45
THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 b) Restrlcted Funds Over a number of year5, the School has received donation5 where the donors have placed restrictions on the uses to whlch the gifts may be put. The Fund5 thus restricted under charity law, and whlch are partly invested in separate investment securities and partly in the School's pooled deposlts, are: The Canon Catley Scholarshlp to provlde buT5arles to puplls. and Bursary Fund The Specific Small School Prolects Fund to provide resources for specific named projects and puplls. The Annual Fund donatlons wllclted from parents of puplls each year to be expended In the short term upon a range of addltlonal pupll resources. The Reeves Math5 Prlze Fund to award priies for excellence in mathematlcs. The Astroturf Fund to provide re50urce5 for the future resurfaclng of the pltch. The M Steven5 Fund to provlde bursarles In respect of the cost of trlps and extracurrlcular activlties. The Foundatk)n Development Fund5 represent donations recelved from external donors throuBh the charlly The Kln8'5 School Worcester Development Trust charlty where the sums received are for specSflc purposes but where there15 no requlrement to preserve capltal. Expendlture direct flnanced by such donation515 shown under restricted funds. The Foundatlon Development Bursary Fund to provlde bursary support to puplls The Keyes Bulldlng to provlde a contrlbutlon to the total caphal cost Iclrca £9ml of the new bulldlng The Foundatlon Development Sundry Special funds represent funds received to support a number of small projects the balances on each Indlvidual fund beln8 below £lO.CQO Foundatlon Development Sundry Speclal funds At 31 July 2023 these were.. School Flag Fund Cricket Pavllion Fund Annuil Fund Reeves Maihs Prize Fund M Stevens Fund 320 1,369 7,057 1.000 6,794 16,540 Donations received through the Foundatlon Oevelopment Offlce lor the general beneflt of the 5ch¢)ol without any restriction are accumulated within unreslricted funds. Althou8h expenses may be apportioned acros5 all the individual funds arising as a resutt of the fund- raising activltSes of the Foundation Development Office this policy has not been adopted In order that 46
THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 the financial statements give a clear indicatlon of the total value of donations made to specific prolects. ¢1 Unrestrlcted Funds Unrestrlctetl funds represent accumulated Income from the School's actfvltles and other sour$ and are avallable for the general purposes of the School. 21. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2023 Unrestrlcted £'(K)o 22,270 165 3,675 12,5261 Restrirted Endowed £, 000 Total Tanglble fixed assets Investments- securltles Net current a55ets Long term liabllltles 22,270 303 3,954 2,S26 102 256 36 23 23,784 358 59 24,001 Unrestrlcted £'ooo 21,740 164 4,952 13,5241 Restrlcted £'ryJo 2022 Endowed £, coo Total £,0 21,740 Tan8lble fixed assets Investments- securltles Net current assets Lon8 term Ilabllitles 104 257 36 22 5,231 {3,524) 23,332 361 58 23,751 47
THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 22. GROUP SUMMARY OF MOVEMENT ON FUNOS al Year to 31 July 2023 Atl August Incomin8 2022 resources £'ooo £'ooo Transfers Unrealised betwee 8ains funds Illo$sesl £'ooo £'ooo At31 July 2023 Resources expended Unrestrlctsd funds General reserve Trading sub5idlary reserve5 23,313 19,561 119,3241 26 23J77 19 239 2271 1261 23,332 19,800 119,5511 23.582 Restrlrted funds Canon Catley fund Astroturf fund Specific Small School Prolects fund Foundatlon Development re5trlrt•d lund5 Bursary fund sundry Speclfic funds 168 99 99 23 1241 222 12221 io io 361 247 12461 Pemi•nent Endowed lunds Dean Forre5t 58 59 59 Totsl Funds 23,751 20,048 119,7971 Z4.001 48
THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 22. GROUP SUMMARY OF MOVEMENT ON MAIOR FUNDS bl Year to 31 July 2022 Atl Au8USt Incomin8 2021 resources £'ooo £'ooo Transfer5 Unrealised between 8alns funds Illossesl £'ooo £'ooo At31 July 2022 £'ooo Resouices expended £,0 Unrestrlcted funds General reserve Trading subsidiary reseNes 23.149 17,690 117,5261 23,313 io 192 11831 19 23,159 17,882 117,7091 23332 Restrlcted lunds Canon Catley fund Astroturf fund Specsfic Small School Projects fund Foundtstlon Developnent trlrtedlunds Bursary fund Sundry Speclflc funds 131 168 99 99 117 11171 80 io 183 11831 io 361 303 13001 131 361 Perm*n•nt Endow•d lunds Dean Forre5t 58 58 58 58 Totsl Funds 23,578 18,186 18,0091 141 23,751 23. PENSION SCHEMES Retlrement benefits to employees of the School are provlded throu8h two defined benefit schemes and one deflned contrlbutlon 5cherne, whlch a funded by the Schoof5 and employee5, contrlbutions. DEFINED BENEFIT SCHEMES Teacher< Penslon Scheme The Sch¢)ol participate5 in the Teachers, Pension Scherne 1.the TPS") for its teaching staff. The pension char8e for the year includes contributions payable to the TPS of £1,427,25012022.' £1.935,6771 and at the year end £nll12022 £nlll was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employer deflned benefit5 penslon scherne governed by The Teachers, Pensions Regulations 2010 las amendedl and The Teachers, Penslon Scheme Regulatlons 2014 las 49
THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 amended). Members contribute on a.pay a5 you go" basis with contributlons from member5 and the employer beSn8 credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parlbarnent. The employer contributlon rate Is set by the se¢tary of State following scheme valuations undertaken by the Government Actuarf5 Department. The most recent actuarial valuatlon of the TPS was prepared a5 at 31 March 2020 and the Valuatlon Report. which wa5 published in ottober 2023. Followlng the Mccloud jud8ement, the remedy proposed that when benefits become payable, ellglble members can select to receive them frorn eitherthe reformed or le8acy schemes for the period l April 2015 to 31 March 2022. The actuaries have assumed that members are Ilkely to choose the option that provides them with the 8reater benefits, and In preparlng the 2020 valuatlon have valued the 'grealer value. beneflts for groups of relevant members. The valuation Confirmed ihat the empl¢)yer contributlon rate for the TPS would increase from 23.6% to 28.6% from l Aprll 2024. Employers are also requlred to pay a scheme admlnlstratlon levy of 0.08% glvlng a total employer contribution rate of 28.68%. Independent School's Penslw khem• Deflned 8enellt Untll Aprll 2020 the School operated a deflned benefft scheme for support staff, through 115 participatlon In the Independent School's Penslon Scheme admlnlstered bythe Pen51ons Trust IISPENI. ISPEN. The scheme. a multi-employer scheme whlch provldes benefits to some 61 non-a550clated employers. The scheme Is a deflned beneflt scheme In the UK. It is not posslble for the School to obtaln sufficient informatlon to enable to account for the scheme as a defined benefft scheme. Therefore, It accounts for the scheme as a deflned contrSbutlon scheme. The scheme was closed to new members of staff wlth effect from 31 March 2017 and was closed to future benefit accrual for all members wlth effect from Aprll 2020. The s¢heme15 sublectto the fundlng le8lslatlon outllned In the Penslon let 2004 whlch came Into force on 30 December 25. This together with documents 15sued by the Pensions Regulator and Technlcal Actuarlal Standard5 155ued by the Flnanclal Reportlng Councll, set out the framework for fundlng defined benefit occupatlonal pension schemes In the Unlted Klngdom. The Scheme Is classlfled as a "last man standlng" arran8ement. Therefore, the School Is potential liable for other partlcSpatln8 employers, obligations if those employers are unable to meet their share of the scheme deftcrt followlng wlthdfawal from the scheme. Participatin8 employers are legally required to meet thEIT share of the scheme deficlt on an annulty purchase basls on wlthdrawal from the scheme. With effect from l April 2015 the School operated onty one benefr( structure a career average revaluated earnlng5 ICAREI structure with a 1180, accrual rate. Contrlbutions have been made to the scheme in accordance wlth the recommendatlons of the scheme's Actuary. The pension charge for the year includes contrlbutlons payableto the ISPEN of £nll12022.' £nlll. At the balance Sheet date there were no12022'. nill active members of the Scheme employed by the School. In addition, the School paid contributions totalllng £76,32012022: £66,923) in respect of the past service deficit. A full actuarlal valuation for the scheme wa5 carried out with an effectNe date of 30 September 2020. This actuarlal valuation was certified on 22 December 20213nd showed assets of £201.Im, liabilities 50
THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 of £256.3m and a deficlt of £55.2m. To eliminate this funding shortfall, the trustees and the participating employers have agreed that additional contribution5 will be paid, in combination from all employers, to the scheme as follows.. Deficit contributions From I September 2022 to 30 June 2032 £2,687,00 per annum Ipayable monthly and Increaslng by 3% on each I September) Note that the scheme'5 previou5 valuation was carried out with an effectlve date of 30 September 2017. Thls valu3tlon showed assets of £149.4m, liabilities of £187.6m and a deflclt of £38.2m. To ellminate thi5 funding shortfall. the Trustee h35 asked the participatlng employers to pay additional contributlons to the scheme as follows.. Deficit contributions From I September 2019 to 31 August 2030 £2,387,357 per annum (payable monthly and IncreaslnB by 3% on each I September) The recovery plan contrlbutlons are allocated to each partlclpatlng employer In Ilne wfth thev estlmated share of the scheme Ilabllltles. Where the scheme Is In deftclt and where the employer hès agreed to a deflclt fundln8 arrangement the employer recogn15es a Ilabillty for thi5 obligation. The amount recognised is the net present value of the deflcit contrlbutions payable under the agreement that relate5 to the deficlt. The presenl value Is calculated usln8 the dlscount rate detalled In thls note. The unwlndlng of the dlscount rate Is reco8nised as a finance cost, 51
THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Present Value of Provlsion for School's deficit funding obligatlons.. 31 July 2023 31 July 2022 31 July 2021 Present value of provbsion 622 742 Reconclliation of opening and c105ing provisions Group and khool 2023 £'(X)D 742 23 1761 1671 2022 Provision at start of period Unwinding of dSscount factor Ilnlerest expense) DeflcSt contrlbutlon pald Remeasurements. Impact of any chan8e in assumption5 ReMeaSu ments- amendments to the ntrIbUtIOn schedule 169) (84) 241 Provlslon at end of perlod 622 742 Income and expendlture Impact 2023 2022 Interest expense Remeasurements- Impacl of any change In assumptlons Remeasurements- amendments to the contrlbutlon schedule 23 1671 184) 241 163 Assumptlons Y•r to 31 July 2023 Yeor to 31 July 2022 Year to 31 July 2021 Rate of d15count % per annum 3,24 1.04 The dlscount rates shown above arethe equlvalent sln8le dlscount rates whlch. when used to dlscount the future recovery plan contributions due, would 8lve the same suItS a5 UsSn8 a full A4 corporate bond yleld curve to dlscount the same recovery plan contrlbutlons. Defined contrSbutSon KhemÈ The School operates a defined contrlbution penslon scheme in connectlon wlth its autonrolmefit obligations. The assets of the scheme are held separatety from those of the School In a fund Independentty admlnlstered by The Penslon5 Trust. The pension cost charge Includes contrlbutions payable by the khool to the fund amounting to £208,14012022'. £176,448). As at the balance sheet date theie were £nll12022.. £nlll contrlbutlons outStandln8 payable to the pen51on fund. 24. SUBSIDIARIES AND BASIS OF CONSOUDATION The School has two connected tradin8 companies, King's School Worcester ActlvbtSes LIMed reglstered number 01472145 la company limited by guarantee) and KSW Enterprlses Limited reglstered nurnber 07141348 la company limlted by shares. of which all of the Issued share caprial is owne(I by the School). The results of both are consolidated with those of the school and in the case of 52
THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 King's School WOrSter Activities Limited are included within the unrestritted funds shown in the flnancial statements and in restricted fund5 in the case of K5W Enterprlses Llmlted. King's School Worcester Activities Limited IKSWA Ltd), a company limited by guarantee, carries out various trading activitles on behalf of the School and accounts for includin8 vending machlne sales, the lettings to third parties of School facilrties other than the school AstroTurf pltch and sundry other non.charltable trading items. The letting of the AstroTurf pitch is administered and accounted for by KSW Entefprlses Llmlted IKSW Ent Ltd). For over ten years the school has had a long-term fundralslng Inltlatlve to create a Foundatlon Development fund. Donatlons to thls fund are made to The Klng's School Worcester Development Trust. (formerly The Kln8's School Development Trust) which then makes grants to the khool. This Trust Ss a Separate reg15tered charlty whlch Is not controlled by the School and Its sUltS are not Included within the consolidated financS3l statements but It Is re¢ognlsed as a related party (see note 261. Tradlng re5uIt5 extracted from the financlal statements of the trading subsldlarles are shown below: KSWA Ltd £'ooo KSW Ent Ltd £,0 Total 2023 KSWA Ltd KSW Ent Ltd Totol 2022 £'coo 192 1155) 129) Turnover Cost of sales 230 12111 191 239 {2111 1161 12 179 (155) 151 19 13 Adminlstratlve c05tS Operatlns proflt Gfft ald donatlon 171 f24J (iij 1261 Retalned proflt 1161 1141 19 (iii Net assets 19 1141 35 (16 19 Balance owed by the School at 31 July 191 1241 1331 1150) (22) {1721 The tradlng companles make gift ald donatlons of all taxable profits to the School wbth the result that both tradlng subsldlary companies have a nll annual corporation tax liability. The Kin¢s School Worcester, as a reglstered charty, has no Ilabillty to UK corporatSon tax In respect of Its Income and 8ains properly applled for fts charltable purposes. 53
THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 25. RECONCILIATION OF NEf INCOME TO CASH FLOW FROM OPERATING AcnviTIE5 2013 2022 £'ooo £'ooo Net Income resources 150 173 Ellminatlon of non-opeTatln8 cash flows: Losses on Investments Investment income 1146) 129 (16) Flnance cost5 56 Deflned beneflt penslon scheme finance cost 23 Deflned benefit penslon scheme re.measurement 1671 157 Depreclatlon charge 959 933 Prof on sale of flxed assets Decrease In stock 16 Ilncreasel in debtors iii) Increa5ellDecre3sel In credltors lexcludln8 fees In advance scheme and deposltsl Ilncreaselloecrease In fee5 In advance scheme credltors 638 (13) 1701 41 (Decrease) In parents. deposits (li) 1,457 1.162 Net ¢ash Inllow 1,335 Analys15 of cash and cash equlvalents 2023 2022 Cash Bank 7.173 7,175 54
THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 26. RELATED PARTY TRANSACTIONS As 5t3ted in note I to the financlal statements, the School has two connected trading companies, Kin8's School Worcester Activities Limited and KSW Enterprises Llmited. A set off agreement exists between The KSng's School Worcester and Klng's School Worcester Activltles Llmfted wlth Lloyds Bank plc for Interest purposes only. The gift aid transaction5 between the School and these companles together with details of the year end balances are reported in note 24 to the financial statements. In the course of fts Ordlnary actlvltles the school conducted buslnes5 wlth the Dean and Chapter of Worcestercathedral includingthelr related Enterprise company in respect of rent, events and stafflng, all negotiated at arm's length on normal commercial terms, totalllng £112,64312022'. £217,479) and totalllng £98,72612022: £92,735) In respect of choral scholarship5. The School Governors include a partner In Flsher German LLP, who administer Worcester Cathedral's property lets to the School. The value of rental services provlded to the School during the year, all of whlch were negotlated at arm's length and 5upplled on normal commerclal ierm5, amounted to £107,71212022.. £153.3171. The balance due to Flsher German LLP at the year end was £nil12022.' The Dean Is an ex offlclo member of the school'5 Governing body, and six of the school's nomlnatlve Governors are appolnled by the Dean ind Chapter of Worcester Cathedral. The balance due from the Oean and Chapter of Worcester Cathedral and it5 tradlng entlties at the year end was £nil12022'. £nlll. The Dean Is also a Dlrector of the Wofce5ter Llteracy Festlval Llmited the School spent £nll on advertlslng wlth them In the yeor12022.' £1501. The balance due to Worcester L¢teracy Festlval Llmlted at the year end was £nll12022'. £nlll. The khool Governors include a dlrectoi of the Worcestershire Crickel Board Llmited who have supported the School wlth their cricket academy during the year the School spent £2,51012022: £1,740). The balance due to Worcestershire Cricket Board Limited at the year end was £nll12022'. The School Governors Include a Trustee of The Rlvers CofE Multl Academy Trust. Durin8 the year the School engaged thelr servlces and spent £nll12022-. £851- The balance due to The Rlvers CofE Multl Academy Trust at the year end was £nil12022.. Énlll. A number of school Governors are trustee5 of The Klng'5 School Worcesier Development Trust, a separate re8iStered charity lsee note 241. In the course of it5 ordinary activitie5 the 5chopl conducted buslness wlth the Klng's School Worcester Development Trust in respect of events and fundTaisln8 activitle5. The school recefved from the Trust £20912022.. £1,326) in respect of events income and expenses due to the School on nomial commercial terms and grant fundln81 totallinB £221,87412022: £183.È1481 for the year was due to the School at the year end. Durlng the year the school received net donations of £4,08312022.. £4,972) on behalf of the Trust and the net balance due to the School by the Trust at the year end was £nll12022: £59,235). In addition at the yeaf end the School held cash balances as agent for The Development Trust amounting to £512022- £51. The School Governors Includes a parent of the School. in addition three members of key management personnel are also parents during the year they were charged School fees on commercial terms and no balances were outstandlng at the year end. 55
THE KING'S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 27. CONSOLIDATEDSTATEMENTOF FINANaALACTIVITIES-COMPARATIVE FIGURES BY FUNDTYPE Year to 31 luly 2022 Unrestrlcted Restrlcled Endowed Funds Funds Funds 2022 Total 2021 Total Notes £'OOO £'o £'OOO E'OOO Income and endowmenlsfrom: Ch•rltable art[11¢5 School fees receivable Anclllary tradln8 Income 16.828 808 I628 15.717 397 Other tradlng actlvllles Non-anclllary trading income Other activities 192 42 192 82 71 In¥?stments Interest and Investment Income 12 16 Volunt*ry Urt•S Grants and donations Total Incomlni resource¥ Expendliure on: 300 303 300 18,186 315 16,591 I782 Ralslni funds Non-anclllary tradlng Financln8 Costs Fundralslng and development Total 183 62 129 183 62 129 51 130 374 374 271 Ch•rltsble Ktl¥ltles Educatlon and 8rant maklng Pension scheme re-measurement of the estlmate of pa51 servlee costs Tot•1 expendlture Net lout8oln8lllncomlng funds from operatlons before transfers and investment 6alns Galn5 on Investrnents Net Income Transfer5 between fund5 14et rnovement In funds for ihe year Fund balances brought forward at I August 2021 Fund balances urrlod forw•rd * 31 July 2022 17.178 3Crt) 17.478 16,397 23 157 17,709 157 f6J 18,009 16, 662 300 173 177 {71) li 31 173 173 f27J 22 173 173 127) 23,159 361 58 23.578 23,605 22 23J32 361 23.751 23,578 56