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THE KING’S SCHOOL WORCESTER

ANNUAL REPORT AND CONSOLIDATED | FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

THE KING’S SCHOOL WORCESTER ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

Contents	Page
Governors, Officers and Advisers	3
Annual Report ofthe Governors	5
Strategic Report	11
Statement ofAccounting and Reporting Responsibilities	20
Independent Auditor’s Report	23
Consolidated Statement of Financial Activities	27
Consolidated Summary Income and Expenditure Account	28
Consolidated and School Balance Sheets	29
Consolidated Cashflow Statement	30
NotestotheFinancialStatements	31

THE KING’S SCHOOL WORCESTER GOVERNORS, OFFICERS AND ADVISERS YEAR ENDED 31 JULY 2024

GOVERNORS, DIRECTORS AND CHARITY TRUSTEES

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The Governors of the King’s School Worcester (“the school”) are the School’s charity trustees under
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During the year the activities of the Governing Body were carried out through the main board and the above committees. The membership of these committees is shown above for each Governor.

(1) Finance and General Purposes Committee
(2) Education Committee
(3) Compliance Committee
(4) Safeguarding Governors
(5) Nominations and Governance Committee
(6) SEND Governor
(7) Digital Governor

(8) Health and Safety Governor

(9) Well-being Governor

*Parent of pupil at the school

THE KING’S SCHOOL WORCESTER GOVERNORS, OFFICERS AND ADVISERS (Continued) YEAR ENDED 31 JULY 2024

OFFICERS

G E Doodes Head — Foundation (Resigned 31 August 2024) AR Oliver Acting Head — Foundation (Appointed 1 September 2024) R A Chapman Head — King’s St Alban’s Prep School (Resigned 31 December 2023) N Hawker Head — King’s St Alban’s Prep School (Appointed 1 January 2024) T Butt Head — King’s Hawford Prep School G M Mason Director of Finance and Business Development A Winter Director of Operations E L Sydenham Clerk to Governors

Principal address and Registered Office

5 College Green, Worcester, WR1 2LL

Auditor

Crowe U.K. LLP, 4° Floor St James House, St James Square, GL50 3PR

Bankers

Lloyds Plc, 4 The Cross, Worcester, WR1 3PY

Solicitors

Wilsons Solicitors LLP, 4 Lincoln’s Inn Fields, London, WC2A 3AA

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

Surveyors

Gwilliam Darby Carr, 7 Severn Street, Worcester, WR1 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 2024

The members of The King’s School Worcester Governing Body present their Annual Report for the year ended 31 July 2024 under the Charities Act 2011 including the Directors’ Report and Strategic Report and the Companies Act 2006, together with the audited financial statements for the year.

REFERENCE AND ADMINISTRATIVE INFORMATION

The King’s School Worcester (“the school”) was founded in 1541. It is constituted as a company limited by guarantee registered in England, No. 04776324, and is registered with the Charity Commission under Charity No.1098236. The Charity Commissioners for England and Wales have issued a uniting direction in respect of the school and the unincorporated precursor charity that went by the same name (having the registered name of Worcester Cathedral Grammar School, charity number 527536) whereby single entity financial statements may be prepared.

The school operates one senior school and two prep schools known as King’s St Alban’s and King’s Hawford.

There is one Governing Body for all three Schools. Details of the members of the Governing Body, together with the school’s officers and principal advisers, are given on pages 3 and 4.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing documents

The school is governed by its Memorandum of Association and Articles of Association incorporated 23 May 2003, as amended on 4 July 2003, 3 July 2009, 30 November 2018 and 19 March 2021, and by the Scheme of the Charity Commissioners dated 18 August 2003.

Governing Body

Under the Charity Commission Scheme the Board of Governors shall not exceed eighteen members comprising one ex-officio, eight nominative and nine co-opted Governors. Of the nominative Governors seven are nominated by the Dean and Chapter of Worcester Cathedral and one by the Bishop of Worcester. Nominative Governors serve for a term of four years. Co-opted Governors are appointed for a term of four years by resolution of the Governors. Retiring Governors may be reappointed.

Recruitment and training of Governors

The school’s elected Governors are appointed at a meeting of the Board of Governors on the basis of nominations received from the three nominating bodies specified within the Charity Commission Scheme. All nominations (including co-optative appointments) are made having regard to the Board's requirements concerning eligibility, personal competence, specialist skills, and availability.

New Governors are inducted into the workings of the school, including governing body policy and procedures, through visits to the school and the provision of a comprehensive briefing pack and by personal contact with other Governors, the Head of Foundation, Prep School Heads, the Director of Finance and Business Development and the Director of Operations. All Governors are offered the opportunity to attend relevant training seminars and receive briefings on current issues in the sector and regulatory requirements.

Organisational management

The Governors, as the charity trustees, are legally responsible for the overall management and control of the school. They meet at least three times a year and on other occasions as required. The work of implementing their policies is facilitated by four sub-committees:

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

e the Finance and General Purposes Committee (F&GP) has specific responsibility for financial matters including the review of budgets and finalising the audited financial statements and annual report for approval by the Board.
e the Education Committee considers strategic academic issues.
e the Nominations and Governance Committee considers the recruitment and retirement of Governors, terms of reference and committee membership.
e the Compliance Committee provides oversight of all elements of compliance and risk.

There are no other standing committees of Governors but there are nominated governors who have specific responsibility for Safeguarding, Health and Safety, SEND, and Digital and Well-being.

The day to day running of the schools is delegated to the Head of Foundation supported by the Director of Finance and Business Development, the Director of Operations, members of the Foundation Leadership Team and the three Senior Leadership Teams. Together this group represent the key management personnel. All meetings of[the][full][Board][of][ Governors,][the][FRGP][and][Compliance] Committees are attended by the Head of Foundation and the Director of Finance and Business Development and the Director of Operations. The pay and remuneration of the key management personnel are determined by Governors. The Head of Foundation, Senior Deputy and Prep School Heads attend all meetings of the full Board of Governors and of the Compliance, Education and F&GP Committees. The Director of Finance and Business Development and the Director of Operations attend all meetings of the full Board of Governors and of the Compliance and F&GP Committees. Group Structure and Relationships The school has two related non-charitable subsidiary companies, King’s School Worcester Activities Limited (Company No: 01472145) and KSW Enterprises Limited (Company No: 07141348). A minimum of one half of the number of serving directors on the Board of each subsidiary are also members of the Board of Governors. King’s School Worcester Activities Limited is a company limited by guarantee and does not have a share capital. As such the liability of each member of the company is limited to an amount not exceeding £1. This company is the enterprise through which commercial activities, including the hire of general school facilities, take place. KSW Enterprises Limited is a company limited by shares and its issued share capital of £1 is wholly owned by the charity. This company administers the community lettings of the Astroturf constructed by the school on the site of Bishop Perowne Church of England College.

Employment Policy

The school is an Equal Opportunities Employer. Full and fair consideration is given to all job applications and due consideration is given to training and employment needs. Consultation with employees, or their representatives, is undertaken at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests. The Governors recognise the importance of good communications with all employees and involve employees within the school’s strategic planning procedures. In addition to communication through normal management and departmental channels employees are kept well informed of the performance, financial position and objectives of the school through personal briefings, regular meetings, e-mail, staff newsletters and presentations throughout the year.

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

Promotion of the success of the organisation to benefit its members The Governors confirm that in accordance with Section 172 (1) of the Companies Act they act in a way they consider most likely to achieve the purposes of the Company. In making this assessment, the Governors consider the relevant actions of the Board as described throughout the report. Taking the areas required for disclosure in turn:

a. The likely consequences of any decision in the long term The long-term sustainability of the school is detailed in the Strategic Report. Specifically, the Governors consider both operating results and financial projections and the key risks that could negatively impact the sustainability of the school. The Finance and General Purposes Committee and the full board review management information, budgets, forecasts, cashflow projections and progress against budget on a regular basis. Risk Management and the level of reserves are also discussed further in the report.
b. The interests of the company’s employees In relation to employee engagement, weekly briefings keep staff informed of school wide matters of interest. The Governors receive regular reports from management on the wellbeing of the employees and speak directly to staff during visits to the school. A Staff and Governor Forum has been set up which provides staff representatives with the opportunity to meet with the Chair and Vice Chair of Governors on a termly basis.
c. The need to foster the company’s business relationships with parents, suppliers, and others. In relation to key stakeholder engagement, the Governors worked closely with management to communicate with parents, staff and pupils. Parents receive weekly news update from the Foundation via email.

In accordance with financial procedures and standard payment terms, supplier payment is due within 30 days after the school receives the invoice from the supplier.

d. The impact of the company’s operations on the community and the environment The Governors continue to review how the activities of the school impact on the local community and the environment. There is a review of Greenhouse gas emissions later in this report in compliance with the Streamlined Energy and Carbon Reporting (SECR) Report. During July 2024 the school submitted its ESOS Phase 3 Report detailing opportunities to reduce energy consumption across the estate. An example of the school’s commitment to reduce its impact is the school transport network which has continued to expand year on year. As at September 2024 we now transport 130 pupils to and from school in minibuses or coaches reducing the need for household cars to enter the city.
e. The desirability of the company maintaining a reputation for high standards of business conduct The school takes a zero-tolerance approach towards fraud, bribery and corruption. It is committed to complying with all applicable laws and regulations relating to fraud, bribery and corruption.
f. The need to act fairly as between members of the company The Governors understand the Charity Commission requirements and acknowledge the need to avoid and manage potential conflicts of interest. The Company is limited by guarantee so does not have share capital with the result that issues relating to Director shareholders or relations between majority and minority shareholders do not apply.

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable Objects

The School’s Objects and principal activities, as set out in the Memorandum of Association, are to advance education and training, including physical training, by the provision and conduct, in or near Worcester, of day and/or boarding schools for boys and girls with the provision of accommodation and educational facilities for the Choristers of the Cathedral Church of Worcester and by ancillary or incidental educational activities and other associated activities for the benefit of the community.

In pursuing its charitable objects, the school’s mission is to help young people reach their potential at school in preparation for leading confident, fulfilled and unselfish lives as adults.

In furtherance of these Objects for the public benefit the school, which operates three schools (one senior and two prep) known collectively as The King’s School Worcester, has established and administers bursaries, grants, awards and other benefactions, and acts as the trustee and manager of property, endowments, bequests and gifts given or established in pursuance of these Objects. The Governing Body is mindful of the long-standing need to provide public benefit and of the requirements of the Charities Act 2011. In connection with this the Board has monitored closely the guidance on public benefit produced by the Charity Commission together with its supplemental guidance on feecharging.

Aims

The school’s aims for the public benefit are:

e to provide a first-class independent education within an ethos of spiritual awareness and tolerance that is widely accessible, irrespective of family financial circumstances; and
e to establish the school as a community in which there are strong and active partnerships between parents and the three schools, and between the local community and the three schools.

Primary objectives

The primary objectives of the school to fulfil these aims are:

© to maintain the aspiration to high standards in academic performance and extra-curricular activities whilst preserving a healthy balance between the two.
e to widen access to the education provided by the school through the provision of financial support for pupils whose parents are unable to afford the full fees and through a range of projects and activities with the local community, including “out of hours” access to the schools’ facilities in order that they are put to good educational use when not otherwise needed.
e to provide a stimulating learning environment in which pupils can develop their academic potential to the full.
e to provide appropriate teaching resources and accommodation throughout all three schools.
e to provide a happy and secure pastoral environment which promotes and develops independent learning, supports pupils in the achievement of their individual potential and fosters a sense of community mutual respect and good citizenship.

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

e to provide an effective management structure and the administrative and logistic framework necessary to meet the needs of staff and pupils alike.

The aims and objectives set for the school’s subsidiaries are to facilitate the achievement of the school’s aims and objectives as above.

Strategies to achieve the primary objectives

A key strategy towards the achievement of the primary objectives is the annual review and update of the School’s Development Plan and its approval by the Governing Body. An important part of the review process is an assessment of performance during the year against the targets set for the period, with the results of that assessment being used to inform proposed targets and action plans for the future.

The Development Plan embodies the operational aims and future plans of the school (summarised on page 18) and, once approved by Governors, becomes a tool for use by the key management personnel to inform operational planning and decision making.

The Governing Body also keeps under review the facilities available to pupils and staff on all three sites and the extent to which additional or improved resources may facilitate the achievement of the development plan targets.

Principal activity

The school’s principal activity, as specified in the Memorandum of Association, is the advancement of education and in this the school has again had a successful year.

The School Roll averaged 1,211 (2023: 1,225) pupils across all year groups from Reception upwards with an additional 87 pupils (2023: 109) in Kindergarten on a full or part time basis. The school continues to maintain the high standards and ethos for which The King’s School Worcester has become known.

Public benefit

The King’s School Worcester remains committed to the aim of providing public benefit. In setting the school’s objectives and planning its activities the Governors, as charity trustees, have given careful consideration to the Charity Commission's general guidance on public benefit requirements (under the Charities Act 2011) and in particular to its supplementary public benefit guidance on advancing education and on fee-charging. Whilst the aims of the school include maintaining and enhancing the academic success of its pupils, the school welcomes pupils from all backgrounds and it is important that access to the education offered is not restricted to those who can afford the fees.

The Governors believe that pupils benefit from learning within a diverse community and established the School’s Bursary Scheme (and related Development Office fundraising function). The Governors' policy is to award grants and bursaries on the basis of educational ability and parental means (subject to any restrictions imposed by any donor of the funds) to enable pupils to join the school, or to ensure continuity of education if this would otherwise be at risk due to unforeseen hardship or temporary difficulty.

The pupils who attend the school and who receive financial support contribute to the whole school community in a variety of ways, conferring benefit upon the whole institution and, in some cases, to the wider community. Financial support is provided not only through bursaries but also through the provision of scholarships, grants, and fee concessions. This year the school provided financial support totalling £2.3m to 510 pupils (2023: £2.1m to 496 pupils). Within this, mean tested awards ranging

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

from 10% to 100% remission totalling £0.7m were made to 69 pupils (2023: £0.6m to 61 pupils), with further grants to assist with the cost of extra-curricular activities, equipment and school trips. Of this total number, 16 pupils benefitted from 100% remission of fees, with a further 21 receiving awards equivalent to at least 75% fee remission. Included in these figures are 5 full bursaries granted to Ukrainian pupils in the summer term of 2022.

The Governors take the view that the provision of bursaries is important but not to the exclusion of the much wider benefit that the school provides to the community. The school engages in many other activities that provide wider public benefit.

During the year the school’s facilities were used to support local schools providing access to swimming and sports hall facilities, they are also made available to local charities and community groups. The school has a number of well-established partnerships with local maintained senior and primary schools. Activities include creative writing and reading activities, maths challenges, workshops in music, sports events engaging local primary schools and drama workshops.

The school provides public access to cultural and educational events, activities and productions during the year.

Pupils within all three schools are encouraged to develop an awareness of the social context of the education they receive at the school and engage in fund raising activities on behalf of a wide range of local, national and international charities. This has been particularly pertinent given the cost-of-living crisis.

The school is a member of the Rivers Teaching Alliance sharing best practices and has taken pupils from Gloucester and Worcester Universities, amongst others, on initial teacher training courses or PGCE.

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

Leadership

In August 2024, after a period of considerable thought and reflection, the Headmaster, Gareth Doodes, decided that after 14 years as a Head he would take a year away from school leadership to focus on his professional development and undertake some consultancy work, before returning to a leadership role elsewhere. The Governors allowed him to do so with immediate effect, having thanked him for his work and most valuable contribution to the King’s Foundation.

Dr Alison Oliver, Senior Deputy, assumed the role of Acting Head on 1 September 2024 whilst the governors commenced their search for a new Head of Foundation. Dr Oliver, supported by a strong and experienced Foundation Leadership Team and our highly professional and dedicated staff body, has ensured that the school has operated as normal throughout the period.

Fundraising performance

The Foundation Development fundraising initiative is a long-term programme, which is the responsibility of the Alumni and Business Development Office (ABDO). The ABDO fundraises for the benefit of the School through The King’s School Worcester Development Trust, with appropriate costs borne by the Trust. This arrangement offers greater assurance to donors about the custody of their gifts and aims to encourage a broader cross-section of the constituent members of the wider school community to engage with fund raising activities.

The school has a long-term bursary fundraising strategy, the aim of which is to fulfil the original objective set by our founder, Henry VIII, of supporting 40 free places at the school.

Investment policy, objectives and performance

The investments currently held by the charity are not material. They are, for the most part, invested through CCLA Management Limited in either COIF charity funds or CBF Church of England Funds, and no formal investment performance review is considered necessary.

FINANCIAL REVIEW

Results for the year

This academic year has seen a return to more normal times, with a broad range of co-curricular events across all three schools within the Foundation. The Governors are pleased with the public exams results where grades were in line with 2019 for GCSE’S and at A-level, results were higher than in 2019 in all areas.

However, the year has not been without its challenges. As costs continue to rise driven by increased wage costs off the back of increases in National Living Wage and changes in the employer contribution rate to Teachers Pensions the focus continues to be on keeping close control of resources. The School has reported a small deficit of £127,000 which was in line with expectations for the year. Considering all these factors, the Governors are pleased with this result in what has been another challenging year.

The net outgoing resources of the group for the year from operations were £152,000 (2023: incoming resources £251,000). The net decrease in funds for the year was £127,000 (2023: increase £250,000).

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

The retained resources are at a level where the school has been able to take action to finance the future development of the school’s facilities and educational programme. During the year, the school continued with its Development Plans for the Sixth Form Centre, as the Sixth Form (Years 12 and 13) continues to be a key target market; the enhanced Sixth Form facilities completed in September 2024 sit alongside a change in the curriculum offered at this age by the school. Another key Development Project for the year was the refurbishment of the swimming pool which also completed in September 2024 and now provides the Foundation with a state of the art swimming facilities.

Reserves Level and Policy

The School’s Reserves Policy is to maintain sufficient 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 realisable general purposes fixed assets as adequate cover for the School’s longer-term financial obligations, including the actuarially calculated but transient funding deficit of £0.62m on the School’s defined benefit staff pension scheme that under FRS102 is accrued asa liability.

The school’s unrestricted reserves are deployed as funds for part of the school’s premises and equipment and at the year end free reserves represented a balance of £1.1m (2023: £3.4m). The Governors consider that free reserves in the order of £4.2m, or approximately three months’ expenditure, would be desirable to cover the risks and uncertainties of operating as an independent educational establishment. However, the Governors have actively agreed to a reduction in the free reserves in order to complete the pool refurbishment and Sixth Form Development projects. The Foundation ended with cash and cash equivalents of £6.7m an increase on 2023 balance of £6.4m.

The long-term policy objective is to build up reserves out of annual operating surpluses, supplemented by Foundation Development fundraising, until that level is reached, subject to the prior demands of further capital expenditure to equip the school with the up-to-date facilities needed to maintain the standard of educational services currently provided.

The school’s tangible fixed assets are all held for use by the school as disclosed in Note 10 to the financial statements. Given the specialist nature of the school’s land and buildings, Governors are unable to comment on the market value of such properties and whether this is materially different from that shown in the financial statements.

Senior School review of achievements and performance for the year

Public Exams continued as usual this year; the only adaptations were formulae sheets in some subjects at GCSE. The aim of Government was to return the distribution of grades to the levels of 2019. At King's this was largely the case for GCSE, although a greater percentage of pupils achieved all 10 GCSES at top grades than in 2019.

At A-level, results were higher than in 2019 in all areas. Post-18 places were secured easily, with the vast majority of pupils achieving their first-choice university. Only 5 pupils out of a cohort of 134 did not gain entry to their first or second choice university.

GCSE:

© 64% of pupils achieved Grade 9-7 and 96% achieved Grades 9 to 4. ¢ 47 pupils (31% of the cohort) were awarded Grades9 to7 in all their subjects, with one pupil achieving Grade 9s in 11 subjects.
e 70 pupils (46% of the cohort) were awarded Grades 9 to 7 in 8 subjects or more.

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

A Level:

© 47% A/A, 76% AB, 90% A-C.
e 8 pupils received 3 A*grades.
¢ 37 pupils (28%) received A* or A grades in all their subjects.

As a whole, performance in this year’s external examinations aligns well with the school’s strategic vision for academic excellence and to provide pupils with an outstanding preparation for life.

Pupils at King’s Worcester have furthermore been able to benefit from the wealth of co-curricular opportunities offered, opportunities which form such an integral part of their education here at King’s. The Governors are grateful for the work of the teaching and support staff in providing what is a rich and impressive co-curricular programme.

With service, determination and enquiry as key tenets of an education here at King’s, our Combined Cadet Force takes an important role in school life. The RAF Section excelled at the National Air Squadron Trophy Competition, coming first in General Service Knowledge and Second in Drill and Turnout in the regional round and thus securing a place at the National Final.

The Sixth Form Charity Committee again delivered a programme of charitable and fundraising events, one highlight being once again the organisation and delivery of a fun day at a local special school. Throughout the year, events have been organised to raise money for charities, one example being the December Boat Club annual mammoth overnight challenge to row one million metres.

In Model United Nations, pupils participated in the online “Good Cop Bad Cop” conference and attended the BISMUN annual conference, the latter of which saw pupils awarded as follows: Best Delegate in the Security Council, Highly Commended and Best Young Delegate in the Human Rights Committee, Commended in Environment, Highly Commended in Science and Technology. In Young Enterprise, the L6 company La Vie Naturelle took part in the local area Showcase Event of the Company of the Year Award and won the Sales and Marketing Award.

King’s Worcester was delighted to this year be named within the top 30 schools for Sport in the country. The list, independently created by School Sport Magazine, is compiled from 20 different sports and over 120 different events. Weighting is given to success in a range of sports rather than a particular sport, and to those sports with more schools competing. To be listed, schools must have reached the later stages of at least two, three or four national competitions. Further to this, though Rowing is not included within the competitions which account for the rating, the school is proud to have been recognised by the Good Schools Guide as one of the top eight schools for Rowing in the UK.

King’s full sporting programme enables pupils to learn skills of teamwork, communication, endurance and commitment, in addition to particular expertise in the sporting discipline. It is a point of import to the school that teams of high calibre are fielded as well as those with developing interest and ability. In the Athletics School Games, Spring Finals, the Year 7 team took Gold and Year 8 Silver and in the Worcester City U15 and U17 Championships, King’s athletes placed first in five of the 12 track events and first in seven of the 12 field events. In addition to participation and success at the many regattas through the year, Year 10 rowers represented the West Midlands in the annual Junior Inter-Regional Regatta and crews across the age groups placed third, fourth and sixth in various divisions at the Junior Sculling Regatta. King’s 1st XI Hockey Team took Bronze in the Independent School Hockey Cup and the 1 XI Football Team were crowned county champions.

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

The school is committed also to the support of individual expertise and excellence in Sport. In year 11 alone, there are the following examples: a water polo player who has been selected for the GB U18 squad; a footballer who plays centre-back for U18 West Bromwich Albion, and has this academic year represented New Zealand in in the Men’s U17 squad; a swimmer who has been crowned English National Champion in Butterfly stroke.

This coming year a Swimming Academy launches, a venture which will complement well the newly refurbished swimming pool. Swimmers at King’s perform at the highest levels throughout the year and some highlights include awards achieved at the National Finals.

The F1 In Schools team secured a place in the F1 in Schools National Final following a win in the ‘Central Regional Final Professional Class Award’ at Aston University. With 30 professional class teams from around the UK taking part, the level of excellence across the judging areas was very high. The three podium slots could have been filled by at least six of the teams and, just like in the real world of motor racing, it came down in the end to very fine margins.

The arts are a fundamental part of the academic and co-curricular life of The King’s School, and each year many of the keenest pupils extend their experience and develop their understanding by undertaking individual projects for the Bronze, Silver, or Gold Arts Award. This year 27 pupils successfully completed their Award. In addition, 65 pupils entered LAMDA examinations, with 90% achieving Distinction.

With two outstanding drama productions, an exceptional musical production, termly dance showcases and termly formal, informal and chamber music concerts, Open Mic Nights and more, pupils at King’s have been able to develop confidence and skill alike in Drama and Dance and Music. in the Spring term alone 27 pupils achieved outstanding success in Associated Board (ABRSM) and London College of Music (LCM) exams. Nine pupils took London College of Music (LCM) Musical Theatre exams ranging from Grades 4 to 6, with all of them achieving Distinctions and eight pupils took the Pop Vocals exam and all of them achieved Merits or Distinctions. Two pupils achieved Diplomas, meaning they can now put “Dip LCM” after their name.

A range of tours and trips takes place throughout the year to complement the co-curricular programme. Examples include a Classics trip to Italy, Geography trips to Iceland and field work trips to Devon and the French Alps, Sports Tours to South Africa, Languages trips to Germany, Spain and France, Ski Trips to Italy, Cricket, Rugby and Football development UK tours and a London Theatre tour.

In the academic year 2023 / 2024, Pupil Voice initiative at King's has seen significant developments with the aim of seeing pupils' views informing both the operational and strategic development of school life.

For example, the School Council has been reformed to become a project-based group that maintains a particular focus across 12 months. For this first year, the School Council had 'creating an upstander community at King's’ as their project, and their work included assemblies and workshops to their peers on techniques for upstanding, presenting to the school's Governing Body and reviewing the Foundation's Anti-Bullying Policy.

There are a range of avenues for pupil voice to inform decision making and quality assurance in the school. These include pupil panels as part of the recruitment of all new staff with pupil-facing roles,

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

and governors holding pupil voice focus groups. For example, the safeguarding governors met witha group of pupils in March 2024 to explore how safe pupils feel in school and pupil behaviour.

To capture wider pupil insight, pupil voice surveys were undertaken in January 2024 and again in June 2024. The results have been analysed and offer much reassurance as to how positively pupils feel about their school life. Importantly, there were also emerging themes for future developments, for example the resulting theme for the next year's School Council project being 'promoting an inclusive community at King's’.

King’s Hawford

The year at King’s Hawford has been marked by ambition, seeking to reach new heights in all endeavours. This ambition is evident in academic achievements, where 19 out of 38 pupils transitioning to the senior school have earned scholarships or awards. Such accomplishments reflect a commitment to fostering an environment where every pupil is encouraged to strive for excellence, continually pushing the boundaries of what they can achieve.

Notable achievements include girls winning Malvern College’s Aquathlon, U11 boys winning RGS’ 6- a-side cricket tournament and girls winning the county cricket tournament, again at RGS. By far the highlight of the sporting year has been the U11 girls travelling to Bristol Grammar School and beating all comers to become IAPS cricket champions.

Pupil voice has once again been a continued area of focus this year with the democratically-elected Pupil Parliament affording the opportunity to over 50 children from across the school an active involvement in one of the three committees that sit within the Parliament — Co-curricular, Eco and Wellbeing. The children also have an integral role in selecting, again by democratic vote, the charities they wish to support as a school community throughout the year.

Resilience has been at the core of the community's spirit, especially in the face of challenges. This year, pupils have demonstrated tenacity, whether participating in academic programmes or engaging in physically demanding activities like the open-water aquathlon. An holistic approach ensures that resilience isn't just a buzzword but a lived experience, preparing pupils to face future challenges with confidence and determination.

Creativity has flourished at King’s Hawford, with pupils showcasing their talents in various artistic and intellectual pursuits. From the productions of Robin Hood and Scheherazade to the performances of our Senior Choir — recognised for the second year running in Cheltenham — creativity informs the curriculum. This creative spirit is nurtured by dedicated staff, who constantly inspire pupils to explore and express their unique perspectives. In particular, over 45 pupils took part in the inaugural Leonardo competition with the focus of “Our Planet”.

Kindness is the glue that holds the community together, fostering a supportive and inclusive environment. This is most evident in the everyday interactions among pupils, staff, and families, where mutual respect and encouragement are the norms. A commitment to kindness extends beyond the immediate community, with significant fundraising efforts totalling £10100 for the charities Project Gambia, Cool Earth, and the Midlands Air Ambulance, reflecting an ethos of caring for others.

Humility is a cornerstone of values in the school, and pupils exemplify this through their willingness to help others, as seen in activities like the Year 6 cohort assisting in the Kindergarten. 48 pupils regularly gave up their time as King’s Hawford Pupil Parliamentarians, a main vehicle for pupil voice.

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

Overall, the approach continues to encourage all pupils at King’s Hawford to embrace every opportunity and give everything a go.

King’s St Alban’s

The school bid farewell to Richard Chapman, Head of KSA for seven years in January 2024 and welcomed Nick Hawker and his family as the new Head for the start of the Spring Term 2024.

Following the assessments for KSW in January, 22 Year 6 pupils received a scholarship or other award to King’s Senior School and 53 pupils in Year 6 made this move into the senior school. A great deal of work has taken place on transition from the School to King’s Senior and this is seen as the natural move for nearly all pupils.

All pupils in the school from Nursery to Year 6 have benefitted from an extensive programme of educational visits and trips, with residential and overnight trips for all Year groups from Year 2. Among the many highlights were Year 2’s overnight stay at Boundless Outdoors in the Malvern Hills, Year 3’s residential at Oaker Wood near Leominster, Year 4 staying at the Pinoeer Centre in Shropshire, Year 5 enjoying a two-night stay at the PLG Centre at Boreatton Park and Year 6 undertaking a week-long trip to Normandy and a two-night camp at the Old Chapel in the Brecon Beacons.

King’s St Alban’s continued to build on its ‘Wellbeing Award for Schools’ this year to underline the commitment to pupil and staff well-being and emotional development. Provision has developed in this area in many ways: weekly “Well-being Wednesdays” have been in place all year; Well-being Champions (Year 2 to 6) have been introduced, clubs’ provision developed, lockable worry boxes in classrooms begun, “Who can | talk to?” posters and the A-Z Well-being Display established, more playtime equipment purchased, a buddy-bench launched , increased provision for “draw and talk” started and good use of our new outdoor classroom made.

The school’s prefect roles for pupils in Year 6 see pupils take on responsibilities across many areas of school life: academic, sport, the arts, community and heads of School. Indeed, Pupil Voice is an evergrowing and important part of the development of KSA, with pupils’ views sought on many aspects of school life, including the school’s academic and pastoral provision. The prefects meet with the school's leadership team on a weekly basis to discuss their roles and responsibilities as well as to give insight into life at KSA from the pupils' perspective. The prefect team plays an important role in canvassing the views of pupils across the school and sharing these with the school's SLT. The School Council (made up of representatives from all forms across the schools) meets at least three times each half term to discuss various aspects of school life. These can include the school's charity work, organisation of house events, leading assemblies or chapel and discussions about recent/proposed changes in school.

In addition to the School Council, the School's Charity Committee’s work remains active; along with food donations at Harvest and Christmas to local foodbanks, and book donations to Project Gambia, the school has raised over £3000 for many charities: Acorns, The Children’s Society, NSPCC, Comic Relief and Birmingham Children’s Hospital are just some of the charities supported this year

Sport continues to be very inclusive, with all pupils regularly representing the school. Attendance at clubs is at an all-time high and pupils have competed well at many national competitions; swimming and cricket are particularly strong areas. The school continues its strong and successful commitment to the arts through music, dance, drama, and art. The annual Creative Connexions performances, a celebration of dance, poetry and art, took the theme of My Generation this year and were a highlight in a busy arts calendar. 11 of our pupils are Cathedral Choristers.

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

Alumni Relations

The past year has once again demonstrated the incredible involvement and enthusiasm of our Old Vigornian (OV) community. The Alumni Team has warmly welcomed numerous OVs back to the school, and their support has been invaluable in various career and mentoring activities. The second annual Careers Extravaganza welcomed over 500 pupils and their families from across the county over two days, with many OVs supporting the events, sharing their experience, advice, and insights. It has also been a pleasure to see so many OVs attending events such as the New OV BBQ, the 120th Annual OV Reunion Weekend, and gatherings for different year groups.

The Development Trust is immensely grateful for the support we receive from OVs, parents, and other members of the Vigornian community. Their volunteering, advice, time, and financial contributions makea significant difference. The primary focusof fundraising for the King's School Development Trust has always been and continues to be providing bursaries for pupils. In our ever evolving and diverse world, it is crucial to open the doors of King's to support talented and capable young individuals.

Thanks to the generous donations of individuals, our “Open the Door” Bursary Campaign has raised over £2.85m since its launch in May 2018. We were able to support twelve bursaries during the year leading up to July 2024, including two pupils whose places were funded by the generous donation from the Kildare Trust. Each Kildare Bursary provides seven years of fully funded education, offering a remarkable opportunity for these pupils to benefit from everything King's has to offer.

We are delighted that, due to the generosity of OV Michael Pimley (H 61-71), a new bursary has been created. The Trapé Bursary, given by Michael Pimley, will provide a pupil with seven years of fully funded education at King’s from September 2024. The idea behind this grant is that it will provide the opportunity of an education at King’s to a pupil attending a local primary school, who would not otherwise be in a position to consider such an education, giving them the opportunity to benefit from everything on offer at one of the top ten independent schools in the West Midlands.

Our thanks also go to OV, the late Ray Franklin (Cl 43-49) for kindly remembering the King’s School Worcester Development Trust in his will. His generous legacy will have a great impact on the King’s bursary programme, for which we are very grateful.

A range of OV branded merchandise was launched in November 2023 as OVs, staff, parents, and former parents from across the Foundation added some Vigornian festive spirit to their Christmas tree with a King’s Bauble.

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

Streamlined Energy and Carbon Reporting (SECR) Disclosure

a. Emissions Summary

The SECR disclosure presents our carbon footprint emissions; an appropriate intensity metric; the total energy use of electricity, gas and transport fuel; and an energy efficiency actions summary.

Energy consumption used to calculate emissions (kWh)	4,076,424
Emissions from consumption ofgas (Scope 1) tCO2e	468
Emissions from combustion of fuel fortransport purposes (Scope 1) tCO2e	44
Emissions from the generation ofbioenergy (Scope 1) tCO2e	2
Emissions from combustion of oil for heating purposes (Scope 1) tCO2e	57
Emissions from purchased electricity (Scope 2, location based) tCO2e	215
Emissions from business travel in employee owned vehicles (Scope 3) tCO2e	1
Emissions from consumption of bioenergy (Out ofScope) tCO2e	64
Total Gross tCO2e based on above	851
IntensityRatio(tCO2e/totalpupils)	0.6526

SECR Methodology notes Reporting period 1* August 2023 to 31% July 2024

Boundary (consolidation approach)

Operational approach

Alignment with financial reporting SECR disclosure is prepared in line with King’s School annual accounts made up to 31° July 2024

Emission and conversion factor source UK Government GHG Conversion Factors for Company Reporting

Calculation method

Activity data x Emission Factor = GHG emissions

Activity data x Conversion factor = kWh consumption

Rounding

The results in the table are expressed in tons CO2 and may not add up precisely due to rounding

Other relevant information

Diesel, petrol and EV split not available for business mileage, therefore factor for “Unknown” used from conversion table

Reason for intensity metric choice

King’s School is an independent day school, therefore, the appropriate intensity metric is pupil numbers

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

b. Energy Efficiency Action Summary

The school continues to achieve direct savings in energy and associated carbon emissions, by placing sustainability at the heart of its strategy, and delivering through business as usual tasks and new projects.

e Aphased programme to replace existing lighting with energy efficient LED lighting continues. e New buildings and refurbishments use natural ventilation, and where possible, Part L BC standards are applied to old buildings to increase thermal efficiency.
e The Keyes Building and Boathouse at the senior school use bio-mass boilers. Alternate renewable sources are being looked at across the Foundation.
e The school has registered an interest in the council’s scheme to assess the feasibility of a river source heat pump based city-wide heat network
e Oilis being phased out at Hawford with high efficiency gas boilers (nydrogen-ready) adopted as the replacements.
e Building management systems have been extended throughout the Foundation to reduce energy costs.
e Sensor controlled lighting is installed in new buildings and refurbishments.
e A programme is in place to replace all single glazed windows with energy efficient doubleglazed units. Two elevations of Kings Hawford Main house were replaced during 2022/2023 and parts of Kings St Albans during the summer break 2024. Phase one of the new sixth form centre project at the senior school included replacement of the majority of windows in School House with triple glazed units.
e The school continues to look at replacing boilers with more energy efficient units.
e Waterless urinals were introduced in 2023 for the sixth form centre and if successful will be rolled out across the Foundation as a water-saving measure.
e The school transport network has continued to increase by 50% year on year. As at September 2024, we now transport 130 pupils to and from school in minibuses or coaches reducing the need for household cars to enter the city.

FUTURE PLANS

The school’s Development Plan, informed by an overarching Strategic Vision, evolves to suit the needs of the 21% century as the school looks further forwards towards our 500" anniversary year in 2041.

The vision of the Foundation is defined in three imperatives for all staff and pupils: be curious, be caring, be confident. These will enable us to achieve the mission of our Foundation, which is to seek excellence in all we do and provide an outstanding preparation for life. Underpinning this are the five key values: ambition, resilience, humility, creativity and kindness.

Within the plan, four strategic pillars encapsulate what we focus upon to achieve excellence in all areas, with pupil success at the centre of everything we do. Foundation is the heart of the school. It celebrates the importance of being confident in who we are as we build for the future. Futures outlines how we strengthen each aspect of our pupils’ educational experience, so they are fully prepared and ready for the world beyond King’s. Sustainability captures how we invest sustainably in our future from both an environmental and financial perspective. Community and Outreach underscores the role each of us plays in celebrating equality, inclusion, and diversity, supporting our pupils and our school through in addition to our work with the wider Worcester community.

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

The key aims which continue to underpin planning are:

® To maintain and enhance the current high standards of academic achievement and excellence, by means of careful monitoring of the progress of each pupil, setting appropriate targets and by providing effective feedback;
e To continue to focus on the development in pupils of self-esteem, resilience and independent learning skills;
e To continue 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;
e Tomaintain and develop further existing local partnerships, and to ensure that the school both plays a significant part in the life of and shares facilities with the local community;
e To promote widely the availability of 100% fee remission places to academically able pupils and at least maintain the existing level of funding for means tested bursaries;
¢ To promote recruitment of pupils into the Foundation and to generate additional income sources to support the educational offer;
® To promote wider community use of the sports, dance and drama facilities available within the Foundation;
e To fundraise for a bursary fund capable of supporting the equivalent of 40 free places in perpetuity;
e To continue to establish build relationships with our alumni, cementing their place in our Foundation community.

In September 2024 after years of planning and searching, we have successfully acquired a prime plot of land in Battenhall, Worcester, to greatly enhance our sports facilities and expand our available playing fields.

The new acquisition is especially notable, ensuring that pupils, including those at our Prep Schools, King’s Hawford and King’s St Alban’s can, subject to planning permission, benefit from superb new sports facilities. This move is a direct response to the long-standing aspirations of many within the current and former King’s community, who have eagerly awaited the opportunity.

RISK MANAGEMENT

The Board of Governors is responsible for the management ofthe risks faced by the charity. Risks are identified, assessed, and controlled throughout the year. The school employs a Health and Safety adviser and engages professional advisers as required.

A formal review of the charity’s Risk Register is undertaken by the Foundation Leadership Team and the Board ona termly basis.

The key controls used by the school to minimise and manage risk include:

e Formal agendas for all Committee and Board meetings.
e Advance circulation of detailed briefing papers prior to Committee and Board meetings.
e Comprehensive strategic planning, budgeting, and cash flow forecasting.
e Established organisational structure and lines of reporting.
® Formal written policies and procedures.

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

e Vetting procedures as required by law for the protection of the vulnerable.

The Governors have reviewed and endorsed the Risk Register as a summary of the principal areas of the schools’ operations and the major risks faced in each of these areas, examples of which include:

e Parents’ ability to pay fees during times of economic uncertainty, and with the added impact of VAT on school fees.
e The effect of legislative changes relating to compliance, staff costs including the employers’ pension provision, and charitable status.
e The impact of demographic changes and the development and expansion of local schools upon pupil numbers.
e Income source dependency from over reliance on fee income.

Considering the ongoing economic uncertainty which has come with the current cost of living crisis we well as a changing legislative environment with the election of a new Government, the Governors have reviewed the school’s cash flow for the next eighteen months and have considered a number of scenarios and consider that the school has sufficient funds to manage the cash position during this period. In the opinion of the Governors, the resources and management processes within the schools should, under normal conditions, allow these risks to be mitigated to an acceptable level in their day-to-day operations. The Governors are mindful of the forever changing landscape and continue to monitor the cost-of-living crisis and the changing political environment and its impact on the school. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

The Governors (who are also the directors of The King’s School Worcester for the purposes of company law) are responsible for preparing the Governors’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Under company law the Governors are required to prepare financial statements for each financial year. The Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and ofthe incoming resources and application of resources, including the income and expenditure of the charitable group for that period. In preparing these financial statements, the Governors are required to:

e select suitable accounting policies and then apply them consistently,
e observe the methods and principles in the Charities SORP,
e make judgments and accounting estimates that are reasonable and prudent,
e state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
® prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s and the group’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and the group, enabling them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charitable company and the group and for taking reasonable steps for the prevention and detection of fraud.

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][information][(information][needed] by the school’s auditor in connection with preparing the audit report) of which the school’s and group auditor is unaware. Each member of the Governing Body has taken all the steps that ought to be taken as a Governor in order to make themselves aware of any relevant audit information and to establish that the school’s auditor is aware of that information.

AUDITOR

The Board of Governors has decided to recommend Crowe UK LLP for re-appointment as statutory auditor to the company. Crowe UK LLP have expressed their willingness to continue to act and a resolution proposing their re-appointment will be submitted to the forthcoming Annual General Meeting.

This Governors’ Annual Report, prepared under the Charities Act 2011 and Companies Act 2006, was approved by the Board of Governors of The King’s School Worcester on 6 December 2024 including in their capacity as company directors approving the Strategic Report contained therein, and is signed as authorised on its behalf by:

Mrs P Preston Chair of Governors

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

Opinion

We have audited the financial statements of The King’s School Worcester for the year ended 31 July 2024 which comprise the consolidated statement of financial activities, the consolidated and charity balance sheets, the consolidated cash flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

e give a true and fair view of the state of the group’s and the charitable company’s affairs as at 31 July 2024 and of the group’s incoming resources and application of resources, including its income and expenditure for the year then ended
e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, and
e have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the governor's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the governors with respect to going concern are described in the relevant sections of this report.

Other information

The governors are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material

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

misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

e the information given in the Governors’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial yearfor which the financial statements are prepared is consistent with the financial statements; and
e the strategic report and the directors’ report included within the Governors’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the Governors’ report.

In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the Governors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

e the parent company has not kept adequate accounting records; or
e the parent company financial statements are not in agreement with the accounting records and returns; or
e certain disclosures of governors’ remuneration specified by law are not made; or © we have not received all the information and explanations we require for our audit.

Responsibilities of governors

As explained more fully in the Governors’ responsibilities statement on page 20 the governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the governors are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis ofaccounting unless the governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in

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

the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, General Data Protection Regulation (GDPR), Health and Safety legislation, and Employment legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of governors and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be with the completeness and accuracy of non-fee income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, the Director of Finance and Business Development and the Finance & General Purposes Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting ofjournals, reviewing accounting estimates for biases, designing audit procedures over non-fee income, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards.

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

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.org. uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Guy Biggin Senior Statutory Auditor

For and on behalf of

Crowe U.K. LLP 4th Floor, St James House St James Square Cheltenham Gloucestershire GL50 3PR

Date: 12 December 2024

THE KING’S SCHOOL WORCESTER CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024

		Unrestricted	Unrestricted	Restricted	Restricted	Endowed	Endowed	2024	2023
			Funds	Funds		Funds		Total	Total
	Note		£7000	£’000		£’000		£’000	£’000
Income and endowments from:
Charitable activities
School fees receivable	2		19,011		-		.	19,011	17,658
Ancillary trading income	3		1,069		-		-	1,069	1,668
Othertrading activities
Non-ancillary trading income	4		270		-		-	270	239
Other activities	4		30		-		-	30	21
Investments
Interest and investment income	5		184		3		1	188	146
Voluntary sources
Grants and donations	6		17	214			-	231	316
Total incoming resources			20,581	217			1	20,799	20,048
		ee
Expenditure on:
Raising funds
Non-ancillary trading	7		167		-		-	167	227
Financing costs	8		200		-		-	200	152
Fundraising and development	7		149		.		-	149	134
Total			516		-		-	516	513
Charitable activities
Education and grant making	7		20,199	214			-	20,413	19,351
Pension scheme re-measurement of the
estimate of past service costs	23		23		-		-	23	(67)
Total expenditure			20,738	214			-	20,952.	19,797
Net incoming funds from operations
before transfers & investment gains			(157)		3		1	(153)	251
Gains/(Losses) on investments	11		15		8		3	26	(1)
Net (deficit)/surplus		—	(142)—~“C“<‘“‘«C		‘CSW!		A!~”:C7)
Transfers between funds	22		-		-		-	-	-
Net movement in funds forthe year			(142)	11			4	(127)	250
Fund balances brought forward at
1 August 2023			23,582	360		59		24,001	23,751
Fund balances carried forward at
31July2024	22		23,440	371		62		23,874	24,001

The notes on pages 31 to 56 form part of these financial statements.

THE KING’S SCHOOL WORCESTER CONSOLIDATED SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2024

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|||||||| |---|---|---|---|---|---|---| |2024|2023| |Unrestricted|and|Unrestricted and| |Restricted|Funds|Restricted|Funds| |Total|Total| |£000|£'000| |INCOME|FROM:| |Charitable|activities| |School|fees|19,011|17,658| |Ancillary|trading|1,069|1,668| |Other|trading|activities| |Fundraising|trading|270|239| |Other|income|30|21| |Investments| |Dividends,|bank|and|other|interest|188|146| |Voluntary|sources| |Grants|and|donations|-Unrestricted|17|71| |-Restricted|214|245| |Total|income|20,799|20,048| |Expenditure on:|-_| |Raising|funds| |Trading|costs|167|227| |Financing|costs|200|152| |Development|costs|149|134| |Charitable|activities| |Education|and|grant-making|20,413|19,351| |Pension|scheme|re-measurement|23|(67)| |Total|expenditure|20,952|19,797| |Net|funds|before|investment|gains|and|inter-| |fund|transfers|(153)|251| |Net|investment|gains/(losses)|for the|year|26|(1)| |Net|(deficit)/surplus|for the|year|(127)|250|

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The above Summary Income and Expenditure Account represents the tota! unrestricted and restricted income and expenditure as shown in the consolidated Statement of Financial Activities on page 27 and its presentation is required under the Companies Act 2006.

The notes on pages 31 to 56 form part of these financial statements.

THE KING’S SCHOOL WORCESTER CONSOLIDATED AND SCHOOL BALANCE SHEETS AS AT 31 JULY 2024

		AS AT 3131	AT 3131 JULY 2024
Company Registered	No:
04776324			Consolidated		School
			2024	2023	2024	2023
		Notes	£’000	£’000	£’000	£’000
FIXED ASSETS
Tangible assets		10	23,917	22,270	23,917	22,270
Securities investments		11	329	303	329	303
			24,246	22,573	24,246	22,573
CURRENT ASSETS
Stock			1	1	1	1
Debtors		12	615	608	701	618
Cash and deposits			6,659	6,408	6,544	6,374
			7,275	7,017	7,246	6,993
CURRENT LIABILITIES
Creditors payable within one
year		13	(3,825)	(3,063)	(3,807)	(3,044)
NETCURRENTASSETS			3,450	3,954	3,439	3,949
TOTAL ASSETS LESS CURRENT
LIABILITIES			27,696	26,527	27,685	26,522
LONG TERM LIABILITIES
Creditors payable after one year		14	(3,223)	(1,904)	(3,223)	(1,904)
Pension Scheme funding deficit		23	(599)	(622)	(599)	(622)
NET ASSETS			23,874	24,001	23,863	23,996
REPRESENTED BY:
ENDOWED FUNDS		22	63	59	63	59
RESTRICTED FUNDS		22	371	360	371	360
UNRESTRICTED FUNDS
General reserve		22	23,440	23,582	23,429	23,577
			23,874	24,001	23,863	23,996

The net movement in funds for the school in the year is a deficit of £134,000 (2023: surplus £264,000).

These financial statements were approved by the Governing Body on the 6 Degember 2024 and were signedP Prestonon itshubehalf by wlth. G W Ballard } Chair of Governors Chair of the the Finance arid eral Purposes

G W Ballard } Chair of the the Finance arid eral Purposes Committee

The notes on pages 31 to 56 form part of these financial statements.

THE KING’S SCHOOL WORCESTER CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2024

		2024	2024	2023	2023
	Note	£’000	£’000	=£’000	£’000
Net cash inflowfrom operations
Net cash provided by operating activities	25		3,638		1,707
Cash flows from investing activities:
Payments for tangible fixed assets		(2,730)		(1,489)
Proceeds on sale offixed assets		-		-
Investment income and bank interest received		188		146
Net cash (used in) investing activities			(2,542)		(1,343)
Cash flows from financing activities:
Loan advances (net ofrepayments)		-		171
Loan repayments		(599)		(1,097)
Pension deficit payments		(79)		(76)
Finance costs paid		(167)		(129)
Net cash (used) byfinancing activities			(845)		(1,131)
Change in cash and cash equivalents in the reporting
period			251		(767)
Cash and cash equivalents at 1 August 2023			6,408		7,175
Cashandcashequivalentsat31July2024	25		6,659		6,408

The notes on pages 31 to 56 form part of these financial statements.

THE KING’S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

1. ACCOUNTING POLICIES

Charity information

The school is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee. It was incorporated on 23 May 2003 (company number: 04776324) and registered as a charity (with charity number: 1098236), the registered office address being 5 College Green, Worcester, WR1 2LL.

Basis of accounting

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of treland (FRS102), the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The functional currency of the school is considered to be GBP because that is the currency of the primary economic environment in which the school operates.

The financial statements are drawn up on the historical cost basis of accounting, as modified by the revaluation of investments.

The financial statements present the consolidated statement of financial activities (SOFA), the consolidated cash flow statement and the consolidated and Charity balance sheets comprising the consolidation of the school and its wholly owned subsidiaries King’s School Worcester Activities Limited and KSW Enterprises Limited. The net movement in funds for the year of the group was a deficit of £127,000 for the year ended 31 July 2024 (2023: surplus £250,000).

No separate Statement of Financial Activities has been presented for the school alone, as permitted by Section 408 of the Companies Act 2006. The net results of the school are disclosed within the Balance Sheet.

The school has taken advantage of the exemption available to a qualifying entity in FRS 102 from the requirement to present a School only Cash Flow Statement with the consolidated financial statements.

Going concern

Having reviewed the funding facilities available to the school together with the expected ongoing demand for places and the school’s future projected cash flows, the Governors have a reasonable expectation that the school has adequate resources to continue its activities for the foreseeable future, particularly in reference to the statement under Risk Management as set out in the Governors’ report. The Governors consider that there were no material uncertainties over the school’s financial viability. Accordingly, they also continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Accounting and Reporting Responsibilities on page 20.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, Trustees are required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources.

The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are

THE KING’S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.

In the view of the trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the school’s financial statements.

1.1 Fees and similar earned income

Fees receivable and charges for services and use of the premises, less any allowances, scholarships, bursaries granted by the school against those fees, but including contributions received from restricted funds, are accounted for in the period in which the service is provided.

1.2 Investment income

Investment income from dividends, bank balances and fixed interest securities is accounted for on an accruals basis. Income from investment properties is accounted for in the period to which the rental income relates.

1.3 Non-ancillary trading income

Income comprises the value of sales (excluding VAT and similar taxes and trade discounts) of goods and services made by the school’s trading subsidiaries in the normal course of business.

1.4 Donations, legacies, grants and other voluntary incoming resources

Voluntary incoming resources are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the school is considered probable.

Voluntary income for the school’s general purposes is accounted for as unrestricted and is credited to the General Reserve. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for as permanent trust capital or expendable trust capital, according to whether the donor intends retention to be permanent or not. Gifts in kind are valued at estimated open market value at the date of gift, in the case of assets for retention or consumption, or at the value to the school in the case of donated services or facilities.

1.5 Expenditure

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer-term liabilities. Expenditure attributable to more than one cost category in the SoFA is apportioned to them on the basis of the estimated amount attributable to each activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates.

Grants awarded are expensed as soon as they become legal or operational commitments.

Governance costs comprise the costs of complying with constitutional and statutory requirements.

Intra-group sales and charges between the school and its subsidiaries are excluded from consolidated trading income and expenditure.

Redundancy and termination costs only occur where absolutely necessary and are accounted for on an accruals basis when the commitment to terminate a post on the grounds of redundancy or terminate an employee’s contract has been made.

THE KING’S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

1.6 Tangible fixed assets

Buildings erected before 1947 are not included in these financial statements. There is no expenditure incurred in the improvement ofthese[properties][capitalised][in][the][financial] statements[as][all] amounts of expenditure were of a revenue nature.

Fixtures, fittings, equipment purchased for direct use with pupils (academic and extra- curricular) and ICT equipment costs are written off as an expense as acquired. Expenditure on the acquisition 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 acquisition and depreciated over their estimated useful life. ICT equipment used to support the school’s systems infrastructure is capitalised on acquisitions and depreciated over their estimated useful life.

Other expenditure on equipment incurred in the normal day-to-day running of the school and its subsidiaries is charged to the Statement of Financial Activities as incurred.

1.7 Depreciation

Depreciation is provided on all tangible fixed assets on a Straight-line basis at rates calculated to write off the cost of the assets over its estimated useful life as follows:

Freehold and long leasehold buildings - over 40 years (or the lease term if shorter) Freehold and leasehold buildings repairs and refurbishment — over 5 to 10 years Fixtures, fittings and equipment - over 3 to 10 years Motor vehicles - over 5 years ICT Equipment - over 5 to 10 years (or lease term is shorter) Assets in the course of construction - not depreciated

1.8 Investments

Investment assets are carried at their market value as at the balance sheet date. Unrealised gains and losses arising on the revaluation of investments are credited or charged to the Statement of Financial Activities and are allocated to the appropriate Fund according to the “ownership” of the underlying assets.

1.9 Stock

Stock is carried at the lower of cost and net realisable value.

1.10 Fund accounting

The charitable trust funds of the school and its subsidiaries are accounted for as unrestricted or restricted income, or as endowment capital, in accordance with the terms of trust imposed by the donors or any appeal to which they may have responded.

Unrestricted income belongs to the school’s corporate reserves, spendable at the discretion of the Governors either to further the School’s Objects or to benefit the school itself. Where the Governors decide to set aside any part of these funds to be used in future for some specific purpose, this is accounted for by transfer to the appropriate designated fund.

The endowed funds comprise a number of individual trust funds established by specific donors, the capital of which may not be expended.

Restricted income comprises gifts, legacies, and grants where there is no capital retention obligation or power but only a trust law restriction to some specific purpose intended by the donor.

THE KING’S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

1.11 Pension costs

Retirement benefits to employees of the school are provided through two pension schemes, one defined benefit and one defined contribution. The pension costs charged in the Statement of Financial Activities are determined as follows:

(a) The Teachers’ Pension Scheme - This scheme is an unfunded multi-employer defined benefit pension scheme. It is not possible to identify the school’s share of the underlying assets and liabilities of the Teachers’ Pension Scheme ona consistent and reasonable basis and therefore, as required by FRS102, accounts for the scheme as if it were a defined contribution scheme. The school’s contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable.
(b) The King’s School Worcester Personal Pension Plan - This is a defined contribution group personal pension plan with The Pensions Trust. Employer’s pensions costs are charged in the period in which the salaries to which they relate are payable.
(c) The Support Staff Pension Scheme administered by The Pensions Trust. This is an occupational defined benefit scheme. The independent Schools’ Pension Scheme (ISPEN) is a multiemployer scheme. As such it is not possible in the normal course of events to identify the share of the underlying assets belonging to the individual participating employers, and accordingly, in accordance with section 28 of FRS 102 it is accounted for as a defined contributions scheme with contributions being recorded as they become payable. A liability is recognised on the balance sheet however equal to the present value of contributions payable under the agreement to fund a deficit. The present value is calculated using the discount rate of 4.60% (2023: 5.70%). The unwinding of the discount rate is recognised as a finance cost.

1.12 Operating leases

Rentals under operating leases are charged on a Straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

1.13 Finance leases

Leases are classified as finance teases when the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the Company.

Assets held under finance leases are recognised initially at the fair value of the leased asset or, if lower, the present value of the minimum lease payments at the inception of the lease. The corresponding liability is included in the balance sheet as obligations under finance leases within creditors. Lease payments are apportioned between finance charges and reduction of the lease liability using the effective interest method to achieve a constant rate of interest on the remaining balance of the liability.

1.13 Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors and accrued income. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except fees in advance, social security and other

THE KING’S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

taxes and provisions. Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year end exchange rate.

1.14 Derivative financial instruments

Derivative financial instruments are initially recognised at fair value on the date the derivative contract is entered into and are subsequently 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 fair value of the derivative instrument is recorded with financing costs. Hedge accounting has not been applied.

2. CHARITABLE ACTIVITIES — FEES RECEIVEABLE

CHARITABLE ACTIVITIES — FEES RECEIVEABLE
	2024	2023
	£'000	£'000
Fees receivable consist of:
School fees	21,119	19,616
Less: total bursaries, grants, scholarships and allowances	(2,346)	(2,225)
	18,773	17,391
Add back: Bursaries and other awards paid for by restricted funds	209	222
Add back: Fee remission under salary sacrifice scheme	29	45
	19,011	17,658

Scholarships, bursaries and other remission awards were paid to 510 pupils (2023: 496). Within this means tested bursaries totalling £695,938 were paid to 69 pupils (2023: £629,758 to 61 pupils).

3. CHARITABLE ACTIVITIES — ANCILLARY TRADING INCOME

	2024	2023
	£’000	£'000
Pupils’ extras charges	875	1,441
Registration fees	15	15
Break service	22	16
Holiday clubs	141	182
Training income	1	3
Letting of property	15	11
	1,069	1,668

THE KING’S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

4. OTHER TRADING ACTIVITIES

4.	OTHER TRADING ACTIVITIES
				2024		2023
				£’000		£000
	Non-ancillary trading income
	King’s School Worcester Activities	Ltd		258		230
	KSW Enterprises Ltd			12		9
				270		239
				2024		2023
				£’000		£’000
	Other activities
	Late payment administration charges			1		1
	Renewable energy and other income			29		20
				30		21
5.	BANK INTERESTAND INVESTMENT INCOME
		Unrestricted	Restricted	Endowed	2024	2023
		£’000	£’000	£7000	£’000	£’000
	Investment Income:
	Equities	2	3	1	6	6
	Bank interest	182	-	-	182	140
6.	GRANTSAND DONATIONS RECEIVABLE
		Unrestricted	Restricted	Endowed	2024	2023
		£7000	£’000	£’000	£’000	£’000
	Received from King’s School
	Worcester Development Trust for:
	Bursaries	-	209	-	209	222
	Other donations	17	5	-	22	44
	Homes for Ukraine	-	-	-	-	50
		17	214	-	231	316

THE KING’S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

7. ANALYSIS OF EXPENDITURE

a) Expenditure

Expenditure
	Staffcosts	Deprec’n	Other	Total	Total
	(note9)	(note 10)		2024	2023
	£’000	£7000	£’000	£’000	£’000
Costs ofgenerating funds
Trading costs	-	-	167	167	227
Cost ofother activities	.	-	.	-	-
Financing costs (note 8)	-	-	200	200	152
Foundation Development costs	107	-	42	149	134,
Total costs ofgenerating funds	107	-	409	516	513
Charitable expenditure
Education andgrantmaking
Teaching	10,582	84	2,507	13,173	12,747
Welfare	632	4	555	1,191	1,044
Premises	660	994	1,931	3,585	3,409
Support costs and governance	1,601	:	649	2,250	1,905
Grants, awards and prizes (note 7b)		-	214	214	246
Total charitable expenditure	13,475	1,082	5,856	20,413	19,351
Totalexpended	13,582	1,082	6,265	20,929	19,864

b) Grants awards and prizes

b)	Grants awards and prizes
		2024	2023
		£000	£’000
	From Restricted Funds:
	Bursaries	209	222
	Othergrantsand awards	5	24
		214	246
c)	Governance included in support costs:
		2024	2023
		£’000	£’000
	Remuneration paid to auditor for audit services	27	20
	Reimbursement of personal expenses to Governors — travel
	costs	c	1
		27	21

THE KING’S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

Travel expenses were claimed by 1 member (2023: 1) of the Governing body. No Governor received any remuneration during the year ended 31 July 2024 (2023: nil) and no retirement benefits are accruing.

In addition to the above audit remuneration the financial statements include amounts payable to the auditor in respect of taxation and Teachers’ Pension compliance services and advice totalling £1,254 (2023: £1,140).

8. FINANCE AND OTHER COSTS

	2024	2023
	£’000	£’000
Fees in advance financing cost	23	11
Loan financing cost	92	105
Finance lease interest	10	-
Impairment losses charged to financial assets	18	31
Derivative financial instruments gains/(losses)	24	(18)
Pension Scheme financing cost	33	23
	200	152

THE KING’S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

9. STAFF COSTS

The aggregate payroll costs for the year were as follows:

The aggregate payroll costs for the year werewere as follows:
		Restated
	2024	2023
	£’000	£’000
Wages and salaries	10,120	9,369
Social Security costs	971	904
Pension cost	1,837	1,643
	12,928	11,916
Staff non-salary benefits	71	75
Contract catering and agency staffcosts	519	473
Apprenticeship levy	35	32
Fee Remission under Salary Sacrifice scheme and benefits	29	45
	13,582	12,541
Aggregate employee benefits of key management personnel:	1,009	922
	2024	2023
Number of higher paid employees in bands of:
£60,000 to £70,000	3	2
£70,001 to £80,000	3	2
£80,001 to £90,000	3	3
£130,0001 to £140,000	-	1
£140,001 to £150,000	1	-
	2024	2023
The number ofstaff with retirement benefits accruing:
in Defined Contribution schemes was	146	138
ofwhich the contributions amounted to	£251,298	£208,140
inDefinedBenefitschemeswas	146	146

The average number of staff employed during the year was 371 (2023: 352),

The average number of full-time equivalent staff during the year was:

	2024	2023
Teaching	194.0	195.3
Domestic	3.8	4.1
Premises	23.4	24.8
Administration	38.8	36.4
Fundraising	3.0	2.3
	263.0	262.9

THE KING’S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

During the year redundancy and termination payments (or otherwise relating to compromise agreements) were due of £22,469 (2023: £nil). The amounts outstanding at the year end were fnil (2023: £ nil).

TANGIBLE FIXED ASSETS

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||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Long|Assets|in|Fixtures,| |Group|and|School|Freehold|leasehold|course|of __|fittings &|Motor| |Property|property|construction|equip’t|Vehicles|IT|Total| |£’000|£’000|£’000|£’000|£’000|£000|£’000| |Cost| |At|1|August|2023|33,768|3,811|930|1,165|279|-|39,953| |Additions|-|-|2,663|19|47|-|2,729| |Disposals|-|-|-|-|-|-|-| |Transfers|1,436|63|(1,989)|230|-|260|-| |At|31|July|2024|35,204|3,874|1,604|1,414|326|260|42,682| |Depreciation| |At|1|August|2023|13,080|3,743|-|672|188|-|17,683| |Charge|for year|903|10|-|85|36|48|1,082| |Disposals|-|-|-|-|-|-|-| |At|31|July|2024|13,983|3,753|-|757|224|48|18,765| |Net|book|value| |At|1|August|2023|20,688|68|930|493|91|-|22,270| |At|31|July|2024|21,221|121|1,604|657|102|212|23,917| |The|school|has|a|number|of|long-held|historic|assets,|which|are|used|in|the|course|of|the|school’s| |educational|activities|in|accordance|with|the|Charity|Commissioners|Approved|Scheme|(under|which| |transfer|of|a|major|interest|in|such|property|by|the|school|would|require|the|consent|of|the|charity| |Commission).|These|comprise|listed|buildings|on|the|school|site|together|with|manuscripts|and|other| |artefacts|within|the|school|archive.|Given|the|age,|nature|and|restricted|use|of the|buildings|and|the| |unique|nature|of|other|archive|items,|reliable|historical|cost|information|is|not|available|for|these| |assets|and|could|not|be|obtained|except|at|disproportionate|expense.|However,|in|the|opinion|of the| |Governors|the|depreciated|historical|cost|of these|assets|would|now|be|immaterial.| |Capital|Commitments|Group|and|School| |2024|2023| |Future|capital|expenditure|£’000|£’000| |Authorised|and|contracted|for|but|not|yet completed|662|2,274|

----- End of picture text -----

Capital Commitments

The school has been granted an option to purchase the freehold interest of one of its leasehold properties, exercisable at a future date and has security of tenure until that date. In respect of the same property, the school has granted the lessor, (and successors in title), an option to require the

THE KING’S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

school to purchase the freehold interest on the death of the lessor or if 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 option.

Tangible fixed assets include two properties with a net book value of £5.1m (2023: £5.4m) which are charged as security for a proportion of the school’s bank loans. Tangible fixed assets include assets with a net book value of £140k which are secured under finance leases.

11. INVESTMENTS

Group and School P	Unrestricted £’000	Restricted £’000	Endowed £’000	Total £’000
Equity investments
At 1 August 2023	165	102	36	303
Unrealised gains in year	15	8	3	26
At31July2024	180	110	39	329

All investments are listed on the UK stock exchange and are held by the school.

Subsidiary undertakings

By virtue of common control King's School Worcester Activities Limited (Company No: 01472145), a company limited by guarantee and registered in England and Wales, is recognised as a wholly owned subsidiary undertaking of the school. KSW Enterprises Limited (Company No: 07141348) is a company registered in England with an issue share capital of £1, which is wholly owned bythe school. The results of these subsidiaries are reported in note 24 to the financial statements.

12. DEBTORS

		Group		School
	2024	2023	2024	2023
	£’000	£’000	£’000	£’000
Fees and extras receivable	103	109	103	109
Trade debtors	32	22	-	-
Due from subsidiary companies	-	-	119	32
Derivative financial instruments	10	34	10	34
Sundry debtors	35	17	34	17
Prepayments and accrued income	435	426	435	426
	615	608	701	618

All debtors are due within one year. Fees and extras receivable are stated after a provision for impairment losses of £162,707 (2023:£149,681)

THE KING’S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

13. CREDITORS: amounts falling due within one year

		Group		School
	2024	2023	2024	2023
	£7000	£’000	£’000	£’000
Bank loan (note 15)	494	498	494	498
Finance lease creditor (note 16)	41	39	41	39
Trade creditors	289	667	287	663
Registration deposits	229	230	229	230
Taxation and social security	232	235	232	235
Due to subsidiary companies	-	-	-	-
Other creditors	429	321	429	318
Fees in advance scheme (note 17)	1,385	226	1,385	226
Accruals and deferred income	726	847	710	835
	3,825	3,063	3,807	3,044

14. CREDITORS: amounts falling due after more than one year

		Group		School
	2024	2023	2024	2023
	£’000	£’000	£’000	£’000
Bank loan (note 15)	1,238	1,701	1,238	1,701
Finance lease creditor (note 16)	91	132	91	132
Fees in advance scheme (note 17)	1,894	71	—_-:1,894	71
	3,223	1,904	3,223	1,904

15. BANK LOANS

		Group and	School
The	bank loans are repayable by instalments:	2024	2023
		£’000	£’000
Due	after more than 5 years	-	210
Due	within 2—5 years	1,238	1,491
Due	after more than one year	1,238	1,701
Due	within 1 year	494	498
		1,732	2,199

The bank loans are repayable by instalments:

THE KING’S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

The bank loans are secured by way of a fixed charge dated 4 September 2009 over two of the company's freehold properties (the site known as King's Hawford and the new pre-preparatory school located at Mill Street Worcester). The loans, which are repayable over a period of up to 20 years from July 2009, 13 years from June 2014 and 15 years from January 2016, are mainly variable rate borrowings at interest rates ranging from 1.20% to 1.31% above Bank of England base rate. The CBIL loan is a fixed rate loan at 1.96% repayable over 5 years from August 2021.

A base rate cap has been put in place covering £653,980 of the bank loans capping interest at 3.7.%, see note 18.

Post year end the Foundation has secured an additional loan of £1.5m drawn in September 2024, repayable over 15 years with an initial 4 year fixed period at 6.09%

16. FINANCE LEASES

The future minimum lease payments are as follows:

==> picture [431 x 133] intentionally omitted <==

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Group|and|School| |2024|2023| |£’000|£’000| |Not|later|than|one|year|49|49| |Later|than|one|year|and|not|later than|five|years|;|98|147| |147|196| |Future|finance|charges|(15)|(25)| |Net obligations under finance|leases|132|171|

----- End of picture text -----

The finance leases are for IT equipment which is being acquired under a finance lease over a period of 4 years. The assets are recognised as tangible fixed assets.

17. FEES IN ADVANCE SCHEME

Parents may enter into a contract to pay to the school tuition fees in advance. The money may be returned subject to specific conditions on the receipt of one term's notice. Assuming pupils will remain in the school advance fees will be applied as follows:

==> picture [433 x 118] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Group|and|School| |2024|2023| |£’000|£’000| |Within|2|-|5|years|1,010|-| |Within|1-2|years|884|a| |After|more|than|one|year|1,894|71| |Within|1|year|1,385|226|

----- End of picture text -----

THE KING’S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

3,279

297

Summary of movements in liability

==> picture [378 x 86] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |£’000| |Balance|at|1|August|2023|297| |New|contracts|3,536| |Amounts|accrued|to|contracts|as|debt|financing|cost|23| |Amounts|used|to|pay|fees|(577)|| |Balance|at|31|July|2024|3,279|

----- End of picture text -----

18. FINANCIAL INSTRUMENTS

==> picture [414 x 63] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Group|and|School| |2024|2023| |£’000|£’000| |Financial|assets|measured|at|fair|value|329|303|

----- End of picture text -----

Financial assets held at fair value include assets held as investments.

Impairment losses charged to financial assets measured at amortised cost in the year amounted to £18,000 (2023: £31,000).

The school has entered into a base rate cap contract to mitigate the risk of rising exchange rates.

At the 31 July 2024 the school had the following outstanding contracts:

==> picture [428 x 103] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |Group|and|School| |2024|2023| |£’000|£'000| |Within|1|year|10|34| |10|34|

----- End of picture text -----

THE KING’S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

19. OPERATING LEASES

Commitments

The total remaining operating lease commitment in respect of the unexpired period of current operating leases is as follows:

		2024			2023
Group and School	Land and			Landand
	buildings	Other	Total	buildings	Other	Total
	£’000	£’000	£’000	£’000	£’000	£’000
On leases
Within 1 year	114	51	165	108	16	124
Between 1-2 years	114	30	144	103	1	104
Between 2-5 years	333	71	404	310	-	310
After 5 years	944	-	944	1,042	-	1,042
	1,505	152	1,657	1,563	17	1,580

Charge for the year

The amounts payable under operating leases and charged as expenditure during the year are as follows:

follows:
Group and School	2024	2023
	£’000	£’000
Leases in respect of:
Land and buildings	113	114
Plant and equipment	60	29°
	173	143

20. FUNDS OF THE SCHOOL

The school’s funds are analysed under the following headings.

a) Endowed Funds

The endowed fund comprises an individual trust set up by an individual donor to support specific scholarships. A distinguishing feature of the special trust is the donor’s express requirement or implicit intention that the funds shall not be spent immediately but should be retained. The trust is not pooled for investment and is credited with the relevant investment income and bears its own expenses.

The Dean Forrest Fund

to support a scholarship, with preference for former choristers intending to take Holy Orders or who are sons of clergy.

THE KING’S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

b) Restricted Funds

Over a number of years, the school has received donations where the donors have placed restrictions on the uses to which the gifts may be put. The Funds thus restricted under charity law, and which are partly invested in separate investment securities and partly in the school’s pooled deposits, are:

The Canon Catley Scholarship to provide bursaries to pupils. and Bursary Fund

The Specific Small School to provide resources for specific named projects and pupils. Projects Fund

The Annual Fund donations solicited from parents of pupils each year to be expended in the short term upon a range of additional pupil resources.

The Reeves Maths Prize Fund to award prizes for excellence in mathematics. The Astroturf Fund to provide resources for the future resurfacing of the pitch. The M Stevens Fund to provide bursaries in respect of the cost of trips and extracurricular activities.

The Foundation Development Funds represent donations received from external donors through the charity The King’s School Worcester Development Trust charity where the sums received are for specific purposes but where there is no requirement to preserve capital. Expenditure directly financed by such donations is shown under restricted funds.

The Foundation to provide bursary support to pupils Development Bursary Fund The Keyes Buildingys to provideae a contribution to the total capital cost (circa £9m) of the new building The Foundation Development Sundry represent funds received to support a number of small projects the Special funds balances on each individual fund being below £10,000

Foundation Development Sundry Special funds
At 31 July 2024 these were:	£
School Flag Fund	320
Cricket Pavilion Fund	1,369
Annual Fund	7,057
Reeves Maths Prize Fund	1,000
M Stevens Fund	6,794
	16,540

Donations received through the Foundation Development Office for the general benefit of the school without any restriction are accumulated within unrestricted funds.

Although expenses may be apportioned across all the individual funds arising as a result of the fundraising activities of the Foundation Development Office this policy has not been adopted in order that

THE KING’S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

the financial statements give a clear indication of the total value of donations made to specific projects.

c) Unrestricted Funds

Unrestricted funds represent accumulated income from the school’s activities and other sources and are available for the general purposes of the school.

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS

2024	Unrestricted £’000	Restricted £’000	Endowed £’ 000	Total £000
Tangible fixed assets	23,917	-	-	23,917
Investments- securities	179	112	38	329
Net current assets	3,166	259	25	3,450
Long term liabilities	(3,822)	-	-	(3,822)
		=
	23,440	371	63	23,874
2023	Unrestricted £’000	Restricted £’000	Endowed £’ 000	Total £'000
Tangible fixed assets	22,270	-	-	22,270
Investments- securities	165	102	36	303
Net current assets	3,675	256	23	3,954
Longterm liabilities	(2,526)	-	-	(2,526)
	23,584	358	59	24,001

THE KING’S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

22. GROUP SUMMARY OF MOVEMENT ON FUNDS

a) Year to 31 July 2024

a) Year toto 31 July 20242024
	At 1			Transfers	Unrealised	At31
	August	Incoming	Resources	between	gains	July
	2023	resources	expended	funds	/(losses)	2024
	£’000	£’000	£’000	£’000	£’000	£'000
Unrestricted funds
General reserve	23,577	20,311	(20,571)	97	15	23,429
Trading subsidiary
reserves	5	270	(167)	(97)		11
					_
	23,582	20,581	(20,738)	-	15	23,440
Restricted funds
Canon Catley fund	168	3	-	-	8	179
Astroturffund	99	-	-	-	-	99
Specific Small School
Projects fund	3	5	(5)	.	:	3
Foundation Development
restricted funds
Bursary fund	80	209	(209)	.	-	80
Sundry Specific funds	10	-	-	.	=	10
	360	217	(214)	-	8	371
Permanent Endowed
funds
Dean Forrest	59	1	-	=	3	63
	59	1	-	-	3	63
TotalFunds	24,001	20,939	(21,092)	-	26	23,874

THE KING’S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

22. GROUP SUMMARY OF MOVEMENT ON MAJOR FUNDS

b) Year to 31 July 2023

b) Year toto 31 July 2023
	Atl			Transfers	Unrealised	At31
	August	=Incoming	Resources	between	gains	July
	2022	resources	expended	funds	/(losses)	2023
	£’000	£’000	£’000	£’000	£’000	£000
Unrestricted funds
General reserve	23,313	19,561	(19,324)	26	1	23,577
Trading subsidiary
reserves	19	239	(227)	(26)	-	5
	23,332	19,800	(19,551)	-	1	23,582
Restricted funds
Canon Catley fund	168	2	-	-	(2)	168
Astroturf fund	99	-	-	-	-	99
Specific Small School
Projects fund	4	23	(24)	-	-	3
Foundation Development
restrictedfunds
Bursary fund	80	222	(222)	.	-	80
Sundry Specific funds	10	-	-	-	-	10
	361	247	(246)	-	(2)	360
Permanent Endowed
funds
Dean Forrest	58	1	-	-	<	59
	58	1	-	>	:	59
TotalFunds	23,751	20,048	(19,797)	=	(1)	24,001

23. PENSION SCHEMES

Retirement benefits to employees of the school are provided through two defined benefit schemes and one defined contribution scheme, which are funded by the school’s and employees’ contributions.

DEFINED BENEFIT SCHEMES

Teachers’ Pension Scheme

The school participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,577,656 (2023: £1,427,250) and at the year end fnil (2023 - £nil) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the

THE KING’S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation has valued the ‘greater value’ benefits for groups of relevant members.

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

Independent School’s Pension Scheme

Defined Benefit

Until April 2020 the School operated a defined benefit scheme for support staff, through its participation in the Independent School’s Pension Scheme administered by the Pensions Trust (ISPEN). ISPEN. The scheme, a multi-employer scheme which provides benefits to some 61 non-associated employers. The scheme is a defined benefit scheme in the UK. It is not possible for the school to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore, it accounts for the scheme as a defined contribution scheme. The scheme was closed to new members of staff with effect from 31 March 2017 and was closed to future benefit accrual for all members with effect from April 2020.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a '‘last-man standing arrangement’. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

With effect from 1 April 2015 the school operated only one benefit structure — a career average revaluated earnings (CARE) structure with a 1/80" accrual rate. Contributions have been made to the scheme in accordance with the recommendations of the scheme’s Actuary.

The pension charge for the year includes contributions payable to the ISPEN of £nil (2023: £nil). At the balance sheet date there were no (2023: nil) active members of the Scheme employed by the school. In addition, the school paid contributions totalling £79,093 (2023: £76,320) in respect of the past service deficit.

A full actuarial valuation for the scheme was carried out with an effective date of 30 September 2020. This actuarial valuation was certified on 22 December 2021 and showed assets of £201.1m, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall, the trustees and the

THE KING’S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

participating employers have agreed that additional contributions will be paid, in combination from all employers to the scheme as follows:

Deficit contributions

From 1 September 2022 to 30 June 2032 £2,687,000 per annum (payable monthly and increasing by 3% on each 1 September)

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £149.4m, liabilities of £187.6m and a deficit of £38.2m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From 1 September 2019 to 31 August 2030 £2,387,357 per annum (payable monthly and increasing by 3% on each 1 September)

The recovery plan contributions are allocated to each participating employer in line with they estimated share of the scheme liabilities.

Where the scheme is in deficit and where the employer has agreed to a deficit funding arrangement the employer recognisesa liability for this obligation. The amount recognised is the net present value of the deficit contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in this note. The unwinding of the discount rate is recognised as a finance cost.

THE KING’S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

Present Value of Provision for School’s deficit funding obligations:

==> picture [443 x 421] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |31|July|31|July|31|July| |2024|2023|2022| |£’000|£’000|£'000| |Present|value|of|provision|599|622|742| |Reconciliation|of opening|and|closing|provisions| |Group|and|School| |2024|2023| |£’000|£°000| |Provision|at|start|of|period|622|742| |Unwinding|of discount|factor|(interest|expense)|33|23| |Deficit|contribution|paid|(79)|(76)| |Remeasurements-|impact|of any change|in|assumptions|23|(67)| |Remeasurements-|amendments|to|the|contribution|schedule|-|-| |Provision|at|end|of|period|599|622| |Income|and|expenditure|impact| |2023|2022| |£’000|£’000| |Interest|expense|33|23| |Remeasurements-|impact|of any|change|in|assumptions|23|(67)| |Remeasurements-|amendments|to|the|contribution|schedule||:|.__°| |56|44| |Assumptions|Year to 31|Year to 31|Year to 31| |P|July 2024|July 2023|July 2022| |Rate|of discount %|per annum|4.6|5.7|3.24|

----- End of picture text -----

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

Defined contribution scheme

The school operates a defined contribution pension scheme in connection with its auto-enrolment obligations. The assets of the scheme are held separately from those of the school in a fund independently administered by The Pensions Trust. The pension cost charge includes contributions payable by the school to the fund amounting to £251,298 (2023: £208,140). As at the balance sheet date there were £nil (2023: £nil) contributions outstanding payable to the pension fund.

24. SUBSIDIARIES AND BASIS OF CONSOLIDATION

The school has two connected trading companies, King's School Worcester Activities Limited registered number 01472145 (a company limited by guarantee) and KSW Enterprises Limited registered number 07141348 (a company limited by shares, of which all of the issued share capital is owned by the school). The results of both are consolidated with those of the school and in the case of

THE KING’S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

King's School Worcester Activities Limited are included within the unrestricted funds shown in the financial statements and in restricted funds in the case of KSW Enterprises Limited.

==> picture [452 x 398] intentionally omitted <==

----- Start of picture text -----
||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |King's|School|Worcester|Activities|Limited|(KSWA|Ltd),|a|company|limited|by|guarantee,|carries|out| |various|trading|activities|on|behalf|of|the|school|and|accounts|for|including|vending|machine|sales,| |the|lettings|to|third|parties|of school|facilities|other than|the|school|AstroTurf|pitch|and|sundry other| |non-charitable|trading|items.|The|letting|of the|AstroTurf|pitch|is|administered|and|accounted|for|by| |KSW|Enterprises|Limited|(KSW|Ent|Ltd).| |For|over|ten|years|the|school|has|had|a|long-term|fundraising|initiative|to|create|a|Foundation| |Development|fund.|Donations|to|this|fund|are|made|to|The|King's|School|Worcester|Development| |Trust,|(formerly|The|King's|School|Development|Trust)|which|then|makes|grants|to|the|school.|This| |Trust|is|a|separate|registered|charity|which|is|not|controlled|by|the|school|and|its|results|are|not| |included|within|the|consolidated|financial|statements|but|it|is|recognised|as|a|related|party|(see|note| |26).| |Trading|results|extracted|from|the|financial|statements|of the the|trading|subsidiaries|are|shown|below:| |aas00|Ent£’000KSW Ltd|£’000Total2024|a5-|Ent£’000KSW Ltd|£’0002023Total| |Turnover|258|12|270|230|9|239| |Cost|of sales|(153)|:|(153)|(211)|-|(211)| |Administrative|costs|(8)|(6)|(14)|(9)|(7)|(16)| |Operating|profit|97|6|103|10|2|12| |Gift|aid|donation|(97)|-|(97)|(26)|-|(26)| |Retained|profit|-|6|6|(16)|2|(14)| |Net|assets|19|(8)|11|19|(14)|5| |Balance|owed|by| |the school|at 31 July|(94)|(25)|(118)|(9)|(24)|(33)|

----- End of picture text -----

For over ten years the school has had a long-term fundraising initiative to create a Foundation Development fund. Donations to this fund are made to The King's School Worcester Development Trust, (formerly The King's School Development Trust) which then makes grants to the school. This Trust is a separate registered charity which is not controlled by the school and its results are not included within the consolidated financial statements but it is recognised as a related party (see note 26).

Trading results extracted from the financial statements of the the trading subsidiaries are shown below:

The trading companies make gift aid donations of all taxable profits to the school with the result that both trading subsidiary companies have a nil annual corporation tax liability. The King’s School Worcester, as a registered charity, has no liability to UK corporation tax in respect of its income and gains properly applied for its charitable purposes.

THE KING’S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

25. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

	2024		2023
	£’000	£’000	£’000	£'000
Net income resources		(127)		250
Elimination of non-operating cash flows:
(Gains)/Losses on investments	(26)		1
Investment income	(188)		(146)
Finance costs	167		129
Defined benefit pension scheme finance cost	33		23
Defined benefit pension scheme re-measurement	23		(67)
Depreciation charge	1,082		959
Profit on sale of fixed assets	-		-
Decrease in stock	-		-
(Increase) in debtors	(4)		(2)
(Decrease)/Increase in creditors (excluding fees in advance scheme and deposits)	(303)		638
Decrease/(Increase) in fees inadvancescheme creditors	2,981		(70)
(Decrease) in parents’ deposits	-		(8)
		3,765		1,457
Net cash inflow		3,638		1,707
Analysis ofcash and cash equivalents
		2024		2023
Cash		4		4
Bank		6,655		6,404
		6,659		6,408

THE KING’S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

26. RELATED PARTY TRANSACTIONS

As stated in note 1 to the financial statements, the school has two connected trading companies, King's School Worcester Activities Limited and KSW Enterprises Limited. A set off agreement exists between The King's School Worcester and King's School Worcester Activities Limited with Lloyds Bank plc for interest purposes only. The gift aid transactions between the school and these companies together with details of the year end balances are reported in note 24 to the financial statements.

In the course of its ordinary activities the school conducted business with the Dean and Chapter of Worcester Cathedral including their related Enterprise company in respect of events and staffing, all negotiated at arm’s length on normal commercial terms, totalling £3,736 (2023: £4,930) and totalling £99,872 (2023: £98,726) in respect of choral scholarships.

The School Governors include a partner in Fisher German LLP, who administer Worcester Cathedral’s property lets to the school. The value of rental services provided to the school during the year, all of which were negotiated at arm’s length and supplied on normal commercial terms, amounted to £114,899 (2023: £107,712). The balance due to Fisher German LLP at the year end was fnil (2023: Enil).

The Dean is an ex officio member of the school's Governing body, and six of the school's nominative Governors are nominated by the Dean and Chapter of Worcester Cathedral. The balance due from the Dean and Chapter of Worcester Cathedral and its trading entities at the year end was £nil (2023: Enil). The Dean is also a Director of the Worcester Literacy Festival Limited the School spent £nil on advertising with them in the year (2023: £ nil). The balance due to Worcester Literacy Festival Limited at the year end was fnil (2023: £nil).

A school Governor is a trustee of The King’s School Worcester Development Trust, a separate registered charity (see note 24). In the course of its ordinary activities the school conducted business with the King’s School Worcester Development Trust in respect of events and fundraising activities. The school received from the Trust £4,105 (2023: £209) in respect of events income and expenses due to the school on normal commercial terms and grant funding, totalling £209,248 (2023: £221,874) for the year was due to the school at the year end. During the year the school received net donations of £6,623 (2023: £4,083) on behalf of the Trust and the net balance due to the School by the Trust at the year end was fnil (2023: Enil). In addition at the year end the School held cash balances as agent for The Development Trust amounting to £5,061 (2023: £5).

The School Governors includes two parents of the school, in addition six members of key management personnel are also parents. During the year they were charged School fees on commercial terms and no balances were outstanding at the year end.

THE KING’S SCHOOL WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

27. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVE FIGURES BY FUND TYPE

Year to 31 July 2023		Unrestricted	Restricted	Endowed	2023	2022
		Funds	Funds	Funds	Total	Total
	Notes	£’000	£’000	£’000	£’000	£’000
Income and endowments from:
Charitable activities
School fees receivable	2	17,658	-	-	17,658	16,828
Ancillary trading income	3	1,668	-	-	1,668	808
Other trading activities
Non-ancillary trading income	4	239	-	-	239	192
Other activities	4	21	-	-	21	42
Investments
Interest and investment income	5	143	2	1	146	16
Voluntary sources
Grants and donations	6	71	245	-	316	300
Total incoming resources		19,800	247	1	20,048	18,186
Expenditure on:
Raisingfunds
Non-ancillary trading	7	227	-	-	227	183
Financing costs	8	152	:	:	152	62
Fundraising and development	7	134	-	-	134	129
Total		513	-	-	513	374
Charitable activities
Education and grant making	7	19,105	246	-	19,351	17,478
Pension scheme re-measurement ofthe estimate ofpast service costs	33	(67)	-	-	(67)	157
Total expenditure		19,551	246	-	19,797	18,009
Net (outgoing)/incoming funds from operations
before transfers and investment gains		249	1	1	251	177
Gains on investments	11	1	(2)	0	(1)	(4)
Net income		250	(1)	1	250	173
Transfers between funds	22	-	-	-	-	-
Net movement in funds for the year		250	(1)	1	250	173
Fund balances brought forward at 1
August 2022		23,332	361	58	23,751	23,578
Fund balances carried forward at 31	22
July2023		23,582	360	59	24,001	23,751

2024-07-31-accounts

THE KING’S SCHOOL WORCESTER

ANNUAL REPORT AND CONSOLIDATED | FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

THE KING’S SCHOOL WORCESTER GOVERNORS, OFFICERS AND ADVISERS YEAR ENDED 31 JULY 2024

GOVERNORS, DIRECTORS AND CHARITY TRUSTEES

OFFICERS

Principal address and Registered Office

Auditor

Bankers

Solicitors

Surveyors

Charity number

Company Number

Website

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

REFERENCE AND ADMINISTRATIVE INFORMATION

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing documents

Governing Body

Recruitment and training of Governors

Organisational management

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

Employment Policy

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable Objects

Aims

Primary objectives

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

Strategies to achieve the primary objectives

Principal activity

Public benefit

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

Leadership

Fundraising performance

Investment policy, objectives and performance

FINANCIAL REVIEW

Results for the year

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

Reserves Level and Policy

Senior School review of achievements and performance for the year

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

A Level:

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

King’s Hawford

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

King’s St Alban’s

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

Alumni Relations

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

Streamlined Energy and Carbon Reporting (SECR) Disclosure

a. Emissions Summary

SECR Methodology notes Reporting period 1* August 2023 to 31% July 2024

Boundary (consolidation approach)

Operational approach

Calculation method

Rounding

Other relevant information

Reason for intensity metric choice

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

b. Energy Efficiency Action Summary

FUTURE PLANS

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

RISK MANAGEMENT

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

THE KING’S SCHOOL WORCESTER ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

DISCLOSURE OF INFORMATION TO AUDITOR

AUDITOR

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

Opinion

Basis for opinion

Conclusions relating to going concern

Other information

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

Opinions on other matters prescribed by the Companies Act 2006