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← Kimbolton School

2020-08-31-accounts

Registered number: 04726427 Charity number: 1098586

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KIMBOLTON SCHOOL (A Company Limited by Guarantee)

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TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

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CONTENTS

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|||||||| |---|---|---|---|---|---|---| |Page| |Reference|and Administrative|Details|of the School,|its Trustees|and Advisers|1-2| |Trustees'|Report|3-11| |Independent Auditors'|Report on|the Financial|Statements|12-14| |Consolidated|Statement|of Financial|Activities|15| |Consolidated|Balance|Sheet|16-17| |School|Balance|Sheet|18-19| |Consolidated|Statement|of Cash|Flows|20| |Notes|to the Financial|Statements|21-48|

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eeee KIMBOLTON SCHOOL (A Company Limited by Guarantee) Ne ——asese84n....EEE ne REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2020 eSia Trustees

Co-optative Governors: Mr P RFD Aylott1,2,7 Miss S M Brereton1,2 Mr J W Bridge OBE, DL, Vice Chairman1,2,3 Lady Duberly DL (Retired 29 November 2019)2,3,8 Mr P J Farrar2,5 Mr J A Gray, Chairman1,2,3,4,5,6,7,8 Mrs K E S Lancaster (Representative to AGBIS)2.3 Mrs B E Madson2,7 Mr GRK Peace1,6 Mrs T J Reid3.5,8 Mr GR Yeandle1,2

Nominative Governors:

Prof F Broughton Pipkin, Nottingham University (Retired 3 April 2020)2,5 Mrs J L Doyle, OKA1,3 Cllr I D Gardener, HDC (appointed 1 July 2020)6 Mrs D A Hellett, Kimbolton Parish Council4,6 Dr T P Hynes, St John's College, Cambridge2,5 Dr P V Loughna, Nottingham University (appointed 1 July 2020)5,8 onsible for Safeguarding), OKA1,4,5,7,8 Mrs J L Rice, KSPA3,4,.6 Mr D J Suckling, KSPA24,7

Company registered number

04726427

Charity registered number

1098586

Registered office

Kimbolton School, Kimbolton, Huntingdon, PE28 0OEA

Headmaster

Mr J Belbin BA

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KIMBOLTON SCHOOL (A Company Limited by Guarantee)

SS REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

Bursar, Clerk to the Governors and Company Secretary

Mr E F P Valletta (due to retire April 2021)

Independent auditors

Streets Audit LLP, Potton House, Wyboston Lakes, Great North Road, Wyboston, Bedford, MK44 3BZ

Solicitors

Roythornes Solicitors, The Incubator, Alconbury Enterprise Campus, Huntingdon, Cambs, PE28 4XA

Farrer & Co, 66 Lincoln's Inn Fields, London, WC2A 3LH

Greenwoods Solicitors LLP, Monkstone House, City Road, Peterborough, PE] 1JE

Insurance Brokers

SFS Group, SFS Group Ltd, Spring Court, Station Road, Dorking, Surrey, RH4 1EB

Marsh ~ Education Practice, Capital House, 1-5 Perrymount Road, Haywards Heath, West Sussex, RH16 3SY

Bankers

Barclays Bank plc, Mortlock House, PO Box 855, Histon, CB24 9DE

Bank of Scotland, The Mound, Edinburgh, EH1 1YZ

Aldermore Bank ple, First Floor Block B, Western House, Lynch Wood, Peterborough, PE2 6FZ

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KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2020 SiOe ee

The Trustees, who are also the School's Governors and Directors of the charity for the purposes of the Companies Act, submit their annual report and the audited financial statements of Kimbolton School (the School and the Group) for the year ended 31 August 2020. The Trustees confirm that the annual report and financial statements of the School and the Group comply with current statutory requirements, the requirements of the School and the Group's governing document and the provisions of the Statement ofRecommended Practice (SORP) "Accounting and Reporting by Charities" issued in 2015.

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. Status and Administration

The School is registered as a charitable company limited by guarantee and was incorporated on 2 April 2003.

The School has one wholly owned subsidiary, Kimbolton School Enterprises Limited (company number 02655855). The subsidiary's principal activity throughout the year continued to be the commercial letting of the Castle, for weddings and other functions, as well as the School's sports centre and other facilities.

The School is also corporate trustee for Kimbolton School Foundation (subsidiary charity number 1098586 1). The Charity Commission have granted permission for this charity to be treated as part of the charity known as Kimbolton School (1098586) for the purposes of Part II (registration) and Part VI (accounting) of the Charities Act 2011.

On 9 October 2008 a Charity Commission Scheme was issued (W1013/0809) to Kimbolton School Foundation allowing the Foundation to transfer land to be managed and accounted for as part of the corporate body of the company and in 2015 revised Articles of Association were published replacing those written in 2003. On 27 February 2017, a Charity Commission Scheme was issued (C 430439), realigning the land ownership between the Foundation and the School.

p. School Governors/Trustees

The management of the School is the responsibility of the Governors whose appointment is governed by the Articles of Association. The terms Director, Trustee or Governor are interchangeable. The Board of Governors consists of eighteen persons:

Ten co-optative Governors

Eight nominative Governors

Co-optative Governors are appointed for a period of five years by a resolution of the Governors at a Full Board meeting. Co optative Governors can be re-appointed.

Nominative Governors are put forward by their appointing body and ratified by the Full Board for a period of three years. Nominative Governors can be re-appointed.

A Governor cannot be appointed after his/her 70th birthday.

c. Recruitment and training of Governors

Jonathan Gray, in June 2020, changed from being a nominative Governor to a co-optative Governor following the retirement of Lady Duberly in December 2019. He was replaced by Cllr Ian Gardener as the HDC nominated Governor. Ian is also on the Cambridgeshire County Council thereby reintroducing a link lost some 10 years ago. Professor Fiona Broughton Pipkin was replaced by Dr Pam Loughna from Nottingham University. No other Governors were appointed, nor any Governor retired during the period December 2019 to December 2020.

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KIMBOLTON SCHOOL {A Company Limited by Guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

When recruiting new Governors, particular note is made of the qualifications and skills of the potential candidates, such as accountancy, legal or estate management, to ensure that a good mix of skills is achieved within the Board as a whole. From time to time a skills audit is undertaken; the last being in September 2020. Potential Governors go through a vetting and interview process, having been recommended to the Policy Committee by another Governor or by the nominating body.

All Governors, on appointment, are invited to meet the Chairman and Vice Chairman of Governors, Headmaster and the Clerk. They receive a pack of information including Financial Statements, Terms of Reference for the Committees, Articles of Association etc. The Clerk carries out induction training on the workings of the School and introduces the Governor to the key personnel, in addition to giving a tour. Each Governor signs a declaration as to their willingness to serve the School and is subject to a DBS check and Section 128 Prohibition from Management check (the Chairman is DBS checked through the Secretary of State); in addition they receive Safeguarding training. During their first year of service, they spend a day at the School to see it in operation and are expected to attend one of the training courses run by external agencies such as AGBIS and the ISBA. New Governors are also invited to attend meetings of the two main Sub Committees to see how they work. Throughout the year, the Clerk forwards briefing papers on educational and governorship matters. For the more experienced Governors external courses are also offered and every few years a visit is made to another similar sized school outside Kimbolton School's catchment area to gain ideas and an insight as to how they work. Governors are expected to attend a training course at least once every three years.

d. Organisational structure and governance

The Governors meet regularly with the Prep School Committee, Policy Committee, Health and Safety Committee, Finance Committee and the Full Board meeting each term. The Estates Committee and Education Committee meet twice during the course of the year, or as needed. The Parental Complaints Sub Committee (to deal with complaints from parents and subsequent appeals), Bursary Sub Committee (which looks at Bursary applications), Salaries Sub Committee and the Risk Management Sub Committee (which reviews the risks faced by the School) meet as necessary. A Governor (currently Mr Simon Page) is the Governor responsible for Safeguarding and has regular meetings with the Designated Safeguarding Lead and the Bursar, who is responsible for the Single Central Register of appointments. A retired Governor, Mr Robin Boyes, sits on the Estates Committee. During the year and following the retirement of Lady Duberly, the Prep Committee was disbanded with the view that matters pertaining to the Prep would be discussed at each constituent meeting.

The day to day running of the School is delegated to the Headmaster and Bursar as the key management personnel; the Senior Leadership Team supports them. The remuneration of key management personnel is set by the Board, with the policy objective of ensuring that they are provided with appropriate incentives to encourage their enhanced performance. The Headmaster and the Bursar attend all the meetings of the above Committees. Members of the Leadership Team attend meetings as listed: The Prep Headmaster and the Senior Deputy Head attends the Policy Committee, the Deputy Head (Academic), the Prep School Headmaster, together with the Prep Deputy Head (Academic), attends the Education Committee. The Prep Deputy Head attends the Estates Committee. The Prep Headmaster attends the relevant section of the Full Board. Other members of staff are invited to meetings to present reports as necessary.

e. Internal controls

The School's financial control system is based on a delegated management structure that is reviewed in conjunction with the School's auditors. The Board takes the view that the internal controls that have been in operation throughout the year continue to be appropriate for the size of school.

f. Persons with Significant Control

The Company knows, or has reasonable cause to believe that there is no registrable person or registrable legal entity in relation to the Company with significant control.

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i KIMBOLTON SCHOOL (A Company Limited by Guarantee) el TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 i g. Risk management

The Governors are responsible for dealing with the risks faced by the School. Each year the Sub Committees review the risks appertaining to their area of expertise. This review is followed up by the Risk Management Sub Committee, which meets to review all risks and presents the review to the Full Board. The Committee met in November 2020 to report at the December Full Board. At the meeting of the Sub Committee, the Governors were satisfied that the major risks had been identified and mitigated where possible. It is recognised that this system can only provide reasonable, but not absolute assurance, that the major risks have been adequately managed. The key controls used by the School include: . Formal agendas for all Committee and Board activity. * Detailed terms of reference for all Committees (these were last reviewed in 2017). . Appropriate terms of office for the Chairman of Governors. . Comprehensive strategic planning, budgeting and management accounting. . Established organisational structures and lines of reporting. ° Formal written policies (together with their regular review). ° Clear authorisation and approval levels. . Vetting procedures as required by the law for the protection of the vulnerable. . Adequate and appropriate training for Governors and key staff.

OBJECTIVES AND PUBLIC BENEFIT

a. Objectives

. The objective of Kimbolton School[is to][ advance][the][ education][ of][boys][ and][ girls][ by][ the][ provision][and][conduct][of][a][ school][in] or near the parish of Kimbolton, and by ancillary or incidental educational activities and other associated activities for the benefit of the community.

In meeting these objectives the Kimbolton School’s public benefit aim is to provide a first class education, independent of the State system, to 1,076 (as at November 2020) pupils between the ages of 4 and 18 both through strong academic tuition and the development of wider sporting, artistic and social skills. This is intended to provide an environment where each pupil can develop and fulfil his or her potential, helping them to build self-confidence and inculcating a desire to contribute to the wider community.

In furtherance of these aims, the Kimbolton School Governors, as the charity trustees, have complied with the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub sector guidance concerning the operation of the public benefit requirement under that Act.

b. Public benefit - Bursaries and Scholarships

Kimbolton School educates 1,076 pupils between the ages of 4 to 18 independently of the State system with 764 (2019 731) in the Senior School. The School offers means tested Bursaries in the Senior School up to 110% in value; parents are made aware that the School offers Bursaries through advertising in local newspapers and the School website. The School’s Bursary Policy is also published on the website and a sub-committee sits to review applications using a clear set of criteria. Scholastic awards are made based on the individual's educational ability with a maximum Scholarship of no more than 20% being available. The School funds six places per year group in the Senior School; up to a total of 43 (2019 42) places (although this is set to increase again due to higher numbers at the School). Demand for these places always outstrips availability. In addition there is one (2019 — one) looked after child.

The School was able to award £770,672 in scholarships and bursaries to a total of 127 pupils in the Senior School (including Sixth Form) (£720,287 to 134 pupils in 2019). Seven bursaries were 100% in value (six in 2019); some Bursary holders were also in receipt of a scholarship.

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KIMBOLTON SCHOOL (A Company Limited by Guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

Bursaries have been funded through fee income and the School's Bursary Fund. The Bursary Fund currently stands at £425,613 (2019 £381,205) after including accrued interest of £3,812 (2019 £3,322), donations from Kimbolton School Enterprises Ltd of £nil (2019 £nil) and other donations and fees in lieu of notice payments totalling £48,683 (2019 £38,863).

In addition to the School awards, the Old Kimboltonians’ Association Scholarship Trust Fund contributed £1,000 (2019 £1,000) per term towards two Sixth Form pupils, totalling £6,000 (2019 £6,000).

A sibling discount is also offered to parents with more than one child at the School.

By educating 1,036 children (during 2019/20) outside the State system the School has saved the public purse over £6.8m according to the Independent Schools Council’s research on the Impact of our School on the National and Local Economy. In addition, the School contributed over £22.5m to the UK’s GDP through purchasing, staffing and direct GDP.

c. Public Benefit - Educational activities

The global Coronavirus pandemic dominated the year from March 2020 curtailing many of the Schools activities and open reach initiatives. During the Autumn (2019) and Spring (2020) terms the Masterclass Initiative, which has been running since 2005, continued to be successful and popular. Run on Saturday mornings, access is available to over 1,000 local children in Years 5 and 6. Subjects covered include Maths, Science, English and History and, new for 2020 Spanish and Philosophy. Over 200 (2019, 335) regularly attended the Saturday sessions, from 70 different local schools. At the Prep School, a Mad Science show was hosted for 85 pre-school children.

The links with local schools remain strong despite the pandemic. Greenfields Academy in Kettering and the St Neots Learning Partnership (Ermulf Schoo! and Longsands Academy) have continued with all three organisations meeting during the autumn term; ideas have been exchanged and initiatives, particularly concerning Continuous Professional Development. Pupils from all three schools continued to come together with the last meeting in December 2019. The Headmaster sits on the Parental Complaints Committee of the Schools in St Neots. The CCF from St Peter’s School in Huntingdon trained and remains fully integrated with the School’s CCF since 2010.

In February 2020, and prior to Lockdown, the School hosted its annual talk on preparation for Oxbridge which was well attended by young people from 10 (11 in 2019) local schools in addition to those from Kimbolton. In addition to the outside speakers, School careers staff were on hand to assist with the preparation of statements and to give advice. This was well received by both pupils and parents.

The local Primary School, Kimbolton Primary Academy, has weekly use (at no charge) of the School Sports Centre and two members of the PE staff for coaching.

Details of projects conducted with local schools are outlined in the School’s Together website: https://www.schoolstogether.org/schools/school/66152/

Despite the pandemic the School considers this outreach to be an excellent method of providing educational support to the wider community. In addition to these initiatives, many of the academic teaching staff are examiners for national awarding bodies (and in some cases holding senior positions). Their input serves to maintain the robustness of the UK public examination system.

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ns KIMBOLTON SCHOOL (A Company Limited by Guarantee)

eee eee TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 ee

d. Public benefit - Associated activities for the benefit of the community

In addition, the following assistance would have been given to local charities and to the community at no cost:

The conservation and preservation of a number of listed properties, including two at Grade 1, together with original pictures and grounds for the benefit of the community at large.

Free use of Kimbolton Castle and the grounds for: Kimbolton History Society (monthly meetings), as well as providing support for private tours and the two days a year when the Castle, and its grounds, are usually open to the public receiving upwards of over 700 people. The Schoo! has provided physical and financial assistance to the Society to enable a room to be used in the Castle as a Heritage Centre where the rich history of the building is displayed and used by local schools as an historical resource and as part of the curriculum.

Other organisations, which have used the School facilities, include Kimbolton Poetry Society (poetry recitals in the Castle Saloon), St Andrew’s Church (Car Boot Sale), Save the Children Fund (Inter Village Quiz and other events) and Royal British Legion (Annual reunion and picnic and Remembrance Day Parade and lunch).

Use of the Sporting facilities for: Kimbolton Football Club, Cougars Football Club and Huntingdon Ladies Hockey Club who have used the Duchess AstroTurf for floodlit training and for weekend fixtures. Following the agreement in July 2016, for a peppercorn lease, the local Cricket Club erected two cricket nets on the Prep School Grounds thereby benefitting both organisations.

The following assistance has been given at a subsidised cost.

Use of tennis courts by the village club (this has continued throughout Lockdown), community use of swimming pool, squash courts, and sports hall. Use of the Swimming pool for: Great Staughton Primary Academy, Spaldwick School, Windmill School, Swans Swimming Club, Kimbolton Primary Academy, RAF Alconbury and the US Marine Corps based at RAF Molesworth.

Use of other School facilities for: Country Fayre, Kimbolton Castle Rotary Club and Old Kimboltonians' Masonic Lodge.

Tickets for all School concerts, plays and other events are made available to the local community thereby adding to the “community benefit” of the School within the locality. The free Friday lunchtime concert series (held only in the autumn term), which has attracted a regular band of supporters from the community together with the Kimbolton Choral Society which annually gets together a choir of over 100 to sing in a major concert with the School choirs.

During the academic year 2019/20, pupils from Kimbolton School raised over £9,000 in aid of a wide variety of local, national and international charitable causes. The Charities Committee is made up of pupils from all year groups; each term the members of the Committee organise imaginative and fun events. Of that total, the Prep School raised over £4,400 in aid of Dan’s Hope, a charity within Muscular Dystrophy UK. Fund raising is also carried out within the Houses, while other groups within the School such as the CCF organise their own endurance sponsorship events to collect donations for injured and retired ex service men and women.

In addition to the work of the Charities Committee, each week members of the Community Service Unit would usually help as volunteers in pet rescue centres, nurseries, day centres and charity shops; they work with disabled children at Spring Common School (who also made a number of day visits to the School) and sailing for the disabled. The main aim of the Community Services Unit is to give something back to the Local community.

The Board consider that through the Bursaries Scheme, assistance to local schools and through the assistance given to the community, it is exceeding its public benefit commitments.

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KIMBOLTON SCHOOL (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

GROUP STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

a. Review of the School's progress

This was a year of two halves: Pre-Covid, during the first half of the year (September 2019 — March 2020), the School moved forward in constructing the key planks for the next School Development Plan, initially pencilled-in for January 2021, now postponed until we have a clearer understanding of the lay of the land the other side.

September 2019 saw the School return with its highest ever pupil population. Whilst there were some vacancies in the Prep School, the Senior School was full (the smallest year group being the Upper 6th in their final year). As the school year progressed, numbers slowly increased at the Prep end too.

With strong external validation via publications such as The Good Schools’ Guide, Kimbolton’s reputation remained strong both in the local community and, increasingly, further afield. Boarding numbers stayed buoyant.

At the Prep School, the long-awaited new Entrance Hall and Library, physically connecting the Upper and Lower Prep, was completed in February 2020. It provides a superb, and professional-looking, entry point to the School and emphasises a cohesion which had previously been occasionally lacking in disparate buildings, where previous developments had tended to take place on an ‘ad hoc’, when-required, basis.

And then came Covid.

The Senior School already had a robust digital platform in place (iTunesU) thus facilitating the introduction of remote learning. Pupils and staff soon settled into a routine of work, via iPads in the Senior School, through the Summer Term. At the Prep School, SeeSaw was introduced as the learning platform and met the needs of pupils from Reception to Year 6. Whilst remote learning is never going to compete with the live, physical version, pupils were able to make good progress. Indeed, in the crucial 4th Form and L6 years (Years 10 & 12), teachers reported that pupils were ahead of where they would usually expect to be in the syllabus by July. The start of the Autumn Term would reveal to what extent the work had been successfully assimilated. Throughout the lockdown period (including during the Easter vacation), the School remained open to the children of keyworkers. Post May half term, Reception, Year 1 & Year 6 returned to school (or at least c. 85% of the year group). The 4th Form and L6 also had two days ‘in situ’ at the Senior end.

The decision was taken at the outset by the Governors to reduce fees by 25% across the board (except for the U6 and Reception, where it was 50%) in recognition of the physical closure of the school. Boarding fees were also cancelled. In addition, the Governors announced a freeze on fees for the entire 2020-21 school year — which subsequently resulted in a similar hold on staff salaries, other than incremental moves up the scale.

The year ended on an optimistic note. Very few pupils left the School as a result of the pandemic. Interest increased amongst those looking to join the School. Indeed, pupil numbers for September 2020 were over 50 higher than that 2019 record. Plans for a larger Senior School remain very much to the forefront of the minds of Governors and SLT. All independent schools have been in the same storm, but it seems that the Kimbolton boat has remained as watertight as any.

b. Building and development

The link building between the Prep School and the Lower Prep to provide a proper reception space and library was completed just prior to Lockdown in February 2020. As part of the project, the classrooms in the Lower Prep were refurbished with new doors and windows fitted and a small new specialist teaching room created from the old office of the Headmaster.

Refurbishment of the Castle and other buildings was undertaken to keep them in appropriate condition.

The Iron Gates, which were damaged in 2018 were returned following refurbishment.

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KIMBOLTON SCHOOL {A Company Limited by Guarantee)

— SS ih SA TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

FINANCIAL REVIEW

a. Reserves policy

The financial statements show the assets and liabilities attributable to the various funds by type and summarise the year's movements on each fund. At the Balance Sheet date the Group had unrestricted funds amounting to £35,530,204 (2019 £34,615,589) which includes the revaluation reserve of £21,113,969 (2019 £21,604,119).

The Governors anticipate that the School will continue to accumulate sufficient reserves by means of annual operating surpluses to generate resources for the continued development of the School. This policy also accepts the reality of increased pension contributions in future years, as highlighted by the review of the charity's pension arrangements for staff, which is required under Financial Reporting Standard 102.

b. Investment policy

The Charity no longer holds any investment funds. Any surplus cash is held on deposit with other reserves.

ce. Financial results

The Group’s Statement of Financial Activities reports a surplus of £866,943 for the year (2019 surplus of £15,938), after accounting for actuarial gains of £790,000 (2019 actuarial losses of £313,000) on the School's defined benefit pension scheme. The Schoo! needs to generate an annual operating surplus to fund the loan taken out for the new building projects, refurbishments and continual improvement of facilities.

The vast majority of the School's income is derived from School fees. The financial statements illustrate how these funds— have been applied in providing educational facilities for the pupils.

The trading company made a loss after tax of £4,734 (2019 loss of £478) after making a donation of £nil (2019 £nil) to the School.

d. Fixed assets

The School revalued its property on 1 September 2014, on adoption of SORP 2015, and has purchased additional fixed assets as detailed in note 12. The assets have been capitalised and depreciated in accordance with the accounting policy in note 1.

PLANS FOR THE FUTURE

The Board’s third Five Year School Development Plan covering 2015 to 2019 outlined a period of consolidation following recent major investments. It was anticipated that a new Plan would be published in late 2020 however, the pandemic will inevitably lead this to be delayed until 2021.

a. Bursaries

Recent years have seen the more systematic earmarking of resources for Bursaries. The School’s provision at September 2020 stands at 43 places (2019 42 places) being available from fee income. This will increase by one student a year over seven years until the total number of Bursaries available is 49 places.

b. Building

With the completion over the last five years of the Prep, Outdoor Pursuits, Queen Katharine Building and the Orangery and Donaldson refurbishment the School is looking at the next project. Work is on going with this and will be announced in the next Development Pian.

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KIMBOLTON SCHOOL (A Company Limited by Guarantee)

EEE ee EE rrr SE TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

INFORMATION ON FUNDRAISING PRACTICES

The School's fundraising activities are primarily undertaken by the Kimbolton School Parents’ Association (KSPA), a separately constituted organisation which aims:

The funds raised by the KSPA are consolidated within these financial statements. The Association raises funds through fundraising activities such as the annual Fireworks Display, balls, quiz nights, Christmas Fair, raffles, and, in 2018/19, a music concert in conjunction with a third-party promoter. Sadly, this venture was loss making with some of the losses being forward into the current accounting period. Fundraising is carried out primarily within the parent body although the larger events (such as fireworks and concert) are open to the public. The KSPA does not raise money through direct donations or buckets. No complaints were received because of fundraising activities.

PENSIONS

The School provides pension facilities for all members of staff, both teaching and non teaching. Teaching staff are entitled to join the Teachers’ Pension Scheme, administered by the Government. The Governors agreed that the Local Government Scheme, administered by Cambridgeshire County Council which had been available to all support staff, would be closed to new members from April 2010 and a defined contribution scheme was set up with the TPT Retirement Solutions (formerly The Pensions Trust). Auto enrolment for the School started in February 2014. The costs of providing a pension scheme continue to grow. Further details of the pension schemes are given in note 25.

TRUSTEES' RESPONSIBILITIES

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

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees 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 of the incoming resources and application of resources, including the income and expenditure, of the charitable Group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the charitable Group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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KEMBOLTON SCHOOL

(A Company Limited by Guarantee)

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

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DISCLOSURE OF INFORMATION TO AUDITORS

So far as each of the Trustees is aware at the time the report is approved:

AUDITORS

The auditors have indicated their willingness to continue in office and a resolution that Streets Audit LLP be re appointed as auditors to the School and its subsidiary undertaking will be proposed at the Governors’ Meeting.

This report was approved by the Trustees, on 4 December 2020 and signed on their behalf by:

Mr J A Gray Chair of Governors

Mr G R Weandle\FCA Chair of Finance Sommittee

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rs KIMBOLTON SCHOOL (A Company Limited by Guarantee)

agg gg OE rt INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KIMBOLTON SCHOOL i pS

Opinion

We have audited the financial statements of Kimbolton School (the ‘parent charitable company’) and its subsidiaries (the ‘group') for the year ended 31 August 2020 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the School Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, 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:

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 Auditors’ 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 United Kingdom, including the Financial Reporting Council'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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

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KIMBOLTON SCHOOL (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KIMBOLTON SCHOOL (CONTINUED)

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' 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.

In connection with our audit of the financial statements, 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matters prescribed by the Companies Act 2006

Tn our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report including the Strategic Report.

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

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement, the Trustees (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 Trustees 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 Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 13

pe

KIMBOLTON SCHOOL {A Company Limited by Guarantee)

gSSich INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KEMBOLTON SCHOOL (CONTINUED)

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors’ 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 Auditors’ 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

LircieyCad

Linda J Lord BSc BFP FCA TEP (Senior Statutory Auditor) for and on behalf of

Streets Audit LLP Chartered Accountants Registered Auditors Potton House

Wyboston Lakes

Great North Road Wyboston Bedford MK44 3BZ

Date:Bee -DS Jamar 2a 2\:

a

Page 14

ini ins

KIMBOLTON SCHOOL {A Company Limited by Guarantee)

ES SS SSS SSS SSS SSS SSS SS CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2020

eee

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Endowment|Restricted|Unrestricted|Total|Total| |funds|funds|funds|funds|funds| |2020|2020|2020|2020|2019| |Note|£|£|£|£|£| |Income|and| |endowments|from:| |Donations and legacies|3|-|128,185|718,846|847,031|470,968| |Charitable|activities|4|-|53,539|13,852,462|13,906,001|15,415,692| |Other trading activities|5|-|-|54,734|54,734|100,573| |Investments|7|-|569|20,809|21,378|30,900| |Total income|“|182,293|14,646,851|14,829,144|16,018,133| |Expenditure|on:| |Raising funds|6|-|-|31,044|31,044|66,914| |Charitable|activities|8|57,729|143,602|14,520,276|14,721,607|15,622,281| |Total expenditure|57,729|143,602|14,551,320|14,752,651|15,689,|195| |ee| |Net|C—O|ea|a| |(expenditure)/income|(57,729)|38,691|95,531|76,493|328,938| |Transfers|between funds|19|-|(29,084)|29,084|-|-| |Net|movement|in|funds| |before|other|recognised|nee|ee|eS| |gains/(losses)|(57,729)|9,607|124,615|76,493|328,938| |Other|recognised| |gains/(losses):| |Actuarial|gains/(losses)| |on|defined|benefit| |pension|schemes|25|-|-|790,000|790,000|(313,000)| |Net surement si funds|(57,729)|9,607|914,615|866,493|15,938| |Reconciliation|of funds:| |Total|funds|brought| |forward|3,692,213|236,543|34,615,589|38,544,345|38,528,407| |ln Calriedl|3,634,484|246,150|35,530,204|39,410,838|38,544,345|

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The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 21 to 48 form part of these financial statements.

iste

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KIMBOLTON SCHOOL (A Company Limited by Guarantee) REGISTERED NUMBER: 04726427

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2020

2020 2019
Note £ £
Fixed assets
Tangible assets 12 44,821,914 44,402,759
Current assets
Stocks 15 19,505 13,307
Debtors 16 569,933 385,955
Cash atbankand inhand 1,425,233 1,268,329
2,014,671 1,667,591
Creditors: amounts falling duewithin oneyear 17 (3,689,141) (4,106,889)
Netcurrent liabilities (1,674,470) (2,439,298)
Totalassets less current liabilities 43,147,444 41,963,461
Creditors: amounts falling due aftermorethan
oneyear 18 (2,156,606) (1,121,116)
Net assets excluding pension liability 40,990,838 40,842,345
Defined benefit pension scheme liability 25 (1,580,000) (2,298,000)
Totalnetassets 39,410,838 38,544,345

Page 16

KIMBOLTON SCHOOL {A Company Limited by Guarantee) REGISTERED NUMBER: 04726427

a

SSS SSS SSS SSS SSS SSS Saas

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 AUGUST 2020

2020 2019
Note £ £
Charity funds
Endowment funds 19 3,634,484 3,692,213
Restrictedfunds 19 246,150 236,543
Unrestricted funds
Unrestricted funds excludingpension asset 19 37,110,204 36,913,589
Pensionreserve 19 (1,580,000) (2,298,000)
Total unrestricted funds 19 35,530,204 34,615,589
Totalfunds 39,410,838 38,544,345

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

4 < * MrChair J A of G rayovernors ChairMir ofRGeat Finatre e .Committee\ Date: 4 December 2020

The notes on pages 21 to 48 form part of these financial statements.

Page 17

KIMBOLTON SCHOOL {A Company Limited by Guarantee) REGISTERED NUMBER: 04726427

Oenna

SCHOOL STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2020

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2020|2019| |Note|na|£| |Fixed|assets| |Tangible|assets|12|44,820,673|44,401,087| |Investments|13|4|4| |44,820,677|44,401,091| |Current|assets| |Stocks|15|19,505|13,307| |Debtors|16|567,759|399,|583| |Cash|at bank|and|in hand|1,413,602|1,217,111| |2,000,866|1,630,001| |Creditors:|amounts|falling|due|within one year|17|(3,682,126)|(4,080,392)| |Net current|liabilities|(4,681,260)|(2,450,391)| |Total|assets|less|current|liabilities|43,139,417|41,950,700| |Creditors:|amounts|falling due|after more than|‘| |one year|18|(2,156,606)|(1,121,116)| |Net assets|excluding pension|liability|40,982,811|40,829,584| |Defined benefit pension scheme|liability|25|(1,580,000)|(2,298,000)| |Total net|assets|39,402,811|38,531,584|

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

Page 18

Fe

KIMBOLTON SCHOOL {A Company Limited by Guarantee) REGISTERED NUMBER: 04726427

aaa

eee

SCHOOL BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2020

ea

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2020|2019| |Note|£|£| |Charity funds| |Endowment|funds|19|3,634,484|3,692,213| |Restricted|funds|19|246,150|236,543| |Unrestricted|funds| |Unrestricted|funds|excluding pension|liability|19|37,102,177|36,900,828| |Pension|reserve|19|(1,580,000)|(2,298,000)| |Total|unrestricted funds|19|35,522,177|34,602,828| |Total funds|39,402,811|38,531,584|

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

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mr J A Gray Chair of Governors Date: 4 December 2020

Mr GR ¥e Chait of Finahee Yommittee

The notes on pages 21 to 48 form part of these financial statements.

SSS eee

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en
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Page 19

KIMBOLTON SCHOOL (A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2020|2019| |€|f| |Cash|flows|from operating|activities| |Net cash generated|from operating|activities|413,216|2,127,992| |Cash|flows from|investing|activities| |Dividends,|interests|and|rents|from|investments|21,378|30,900| |Proceeds|from|the|sale of|tangible|fixed|assets|-|5,000| |Purchase|of tangible|fixed|assets|(1,337,218)|(1,045,379)| |Net cash|used|in|investing|activities|(1,315,840)|(1,009,479)| |Cash|flows|from|financing|activities| |Cash|inflows|from new borrowing|2,010,000|-| |Repayments of|borrowing|(950,472)|(926,468)| |Net|cash|provided|by/(used|in)|financing|activities|1,059,528|(926,468)| |Change im cash and|cash|equivalents|in|the year|156,904|192,045| |Cash and cash|equivalents|at the beginning of|the year|1,268,329|1,076,284| |Cash and|cash equivalents|at the end|of the year|1,425,233|1,268,329| |The|notes on pages|21|to 48 form part of|these financial|statements|

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Page 20

KIMBOLTON SCHOOL (A Company Limited by Guarantee) SSSSS SSS 9 S| NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

1. General information

As set out in the trustees’ report, Kimbolton School is an incorporated charity registered in England and Wales, The registered office is Kimbolton School, Kimbolton, Huntingdon, Cambs, PE28 0EA.

The financial statements are prepared in sterling, which is the functional currency of the entity.

The charity's objects are stated in the trustees’ report.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Kimbolton School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated ona line by line basis. 7 —_

The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

The governors assess whether the use of the going concern basis is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The governors make this assessment in respect of a period of one year from the date of approval of the financial statements.

As noted in the trustees’ report, the UK has experienced a pandemic of the coronavirus during the year. The School has been able to adapt its teaching and learning methods since March 2020 but a number of additional trips and activities have been postponed or termporarily curtailed. The governors offered a discount on fees for the summer term 2020, resulting in a reduction in income for the year, and they continue to keep the current situation under review. Whilst the School is continuing to develop new ways of working in a covid-secure environment, the long-term effects of the pandemic on the charity, and its future prospects, cannot be fully quantified. The trustees remain committed to the protection of the School's activities and believe that they will be able to continue to operate for the foreseeable future. Accordingly the financial statements have been prepared on a going concern basis.

The School is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the School being wound up, the liability in respect of the guarantee is limited to £1 per Member.

Page 21

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

OR

EE a a A Mg ig NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

2: Accounting policies (continued)

2.4 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds represent the property given to the charity, for the purpose of providing a school in the village of Kimbolton.

Investment income, gains and losses are allocated to the appropriate fund.

All income is recognised once the School has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued,

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

2.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

Page 22

i

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

| T_T

ee ennn,,,n ee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

  1. Accounting policies (continued)

  2. 2.7 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.8 Taxation

The School is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the School is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.9 Tangible fixed assets and depreciation

All individual assets costing more than £2,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Whole projects, where the combined cost is greater than £10,000, are also capitalised.

The School's freehold property was revalued in accordance with the transitional! rules of SORP 2015 (as disclosed in note 11). Depreciation is charged to the fixed asset reserves, split between the historical cost _and revaluation reserves.—

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value.

Depreciation is provided on the following bases:

----- Start of picture text -----
Historic property - Nil
Other property ~ over the estimated useful economic life of the
buildings
Plant and machinery - 25% per annum reducing balance or 7% per annum
straight line
Furniture, Fittings and Equipment - 15% or 33% per annum straight line
----- End of picture text -----

Historic property is not depreciated as the estimated residual value of the property is so high that any depreciation charge would be immaterial to the accounts.

2.10 Investments

Investments in subsidiaries are valued at cost less provision for impairment.

2.11 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes al! direct costs and an appropriate proportion of fixed and variable overheads.

EEE

Page 23

KIMBOLTON SCHOOL {A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

2. Accounting policies (continued)

2.12 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.13 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.14 Liabilities

Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the School anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.15 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.16 Operating leases

Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight line basis over the lease term.

2.17 Pensions

The School participates in the Teachers Pension Scheme, the national defined benefits scheme for all teaching staff. This is a multi-employer scheme where it is not possible, in the normal course of events, to identify on a consistent and reasonable basis, the share of underlying assets and liabilities belonging to individual participating employers. Therefore, as required by FRS 102, the School accounts for this scheme as if it was a defined contribution scheme. The amount charged to the Statement of Financial Activities represents contributions payable to the scheme in respect of the accounting period.

For the support staff, the School participates in both a defined benefits pension scheme (closed to new entrants) and a defined contribution pension scheme which was opened on | April 2010. The defined benefits scheme is part of the Local Government Pension Scheme where the assets and liabilities attributable to the School can be identified and the scheme is accounted for under the requirements of FRS 102 based on a full actuarial valuation dated 31 March 2019 (see note 25). Pension costs for the defined contribution scheme represent contributions payable to the scheme in respect of the accounting period.

Page 24

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

SRa

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

3. Income from donations and legacies

Restricted Unrestricted Total Total
funds funds funds funds
2020 2020 2020 2019
£ £ £ £
Donations
Fees in lieuofnotice and donations received 31,823 34,871 66,694 38,683
Incomefrom associated organisations 90,362 - 90,362 250,313
Scholarship income 6,000 - 6,000 8,500
Bequestreceived - 10,000 10,000 96,317
Donations received 128,185 44,871 173,056 393,813
Governmentgrants - 634,849 634,849 -
Similarincomingresources - 39,126 39,126 77,155
128,185 718,846 847,031 470,968

4. Income from charitable activities

Restricted Unrestricted Total Total
funds funds funds funds
2020 2020 2020 2019
£ £ £ £
School tuition fees - 15,867,665 15,867,665 15,211,277
Bursaries and scholarships (9,075) (761,597) (770,672) (720,287)
Allowanceson fees - (715,269) (715,269) (737,251)
Other related income 62,614 871,213 933,827 1,556,618
Swimming pool - 37,636 37,636 105,335
Covid-19 discounts - (1,447,186) (1,447,186) -
53,539 13,852,462 13,906,001 15,415,692
Total2019 114,207 15,301,485 15,415,692

Page 25

(A Company Limited by Guarantee)

KIMBOLTON SCHOOL

a

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

5. Income from other trading activities

Income from fundraising events

Unrestricted Total Total
funds funds funds
2020 2020 2019
£ £ £
School Shopincome 31,090 31,090 45,143
Kimbolton SchoolEnterprisesLimited 23,644 23,644 55,430
54,734 54,734 100,573

6. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted Total Total
funds funds funds
2020 2020 2019
£ £ £
School Shop expenditure 26,703 26,703 37,425:
Kimbolton SchoolEnterprisesLimited 4,341 4,341 29,189
31,044 31,044 66,914

Page 26

ee

KIMBOLTON SCHOOL {A Company Limited by Guarantee)

iia nn

Vee

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

ee

7. Investment income

Restricted Unrestricted Total Total
funds funds funds funds
2020 2020 2020 2019
£ £ £ £
Interest receivable on cash atbankandequivalent
deposits 569 19,111 19,680 26,326
Intereston fees and charges - 1,698 1,698 4,574
569 20,809 21,378 30,900
Total2019 569 30,331 30,900

8. Analysis of expenditure on charitable activities

Summarybyfundtype .
‘Endowment Restricted Unrestricted Total Total
funds funds funds funds funds
2020 2020 2020 2020 2019
£ £ £ £ £
Teaching - 400 8,782,780 8,783,180 8,806,660
Welfare - 59,669 1,671,432 1,731,101 2,219,834
Premises 57,729 - 2,642,705 2,700,434 2,946,389
Support costs - 83,533 1,379,648 1,463,181 1,611,935
Otherresources expended - - 43,711 43,711 37,463
57,729 143,602 14,520,276 14,721,607 15,622,281
Total2019 57,729 363,625 15,200,927 15,622,281
  1. Anditors’ remuneration

The auditors’ remuneration amounts to an auditor fee of £27,000 (2019 - £28,000).

er

————— ————————— Page 27

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

10. Staff costs

Group Group Company Company
2020 2019 2020 2019
£ £ £ £
Wages and salaries 8,028,167 7,901,803 8,028,167 7,901,803
Social security costs 782,051 761,381 782,051 761,381
Contribution to defined contributionpension
schemes 1,200,626 885,301 1,200,626 885,301
Operating costsofdefined benefitpension schemes 326,000 265,000 326,000 265,000
10,336,844 9,813,485 10,336,844 9,813,485

During the year, the School made termination payments totalling £29,183 in respect of two members of staff.

The average number of persons employed by the School during the year was as follows:

Group Group Company Company
2020 2019 2020 2019
No. No. No. No.
Teaching staff 144 138 144 138
Teaching support staff 38 44 38 44
Non-teaching staff 113 127 113 127
295 309 295 309

The average headcount expressed as full-time equivalents was:

Group Group Company Company
2020 2019 2020 2019
No. No. No. No.
Teaching staff 117 112 117 112
Teachingsupport staft 23 25 23 25
Non-teaching staff 78 8! 78 81
218 218 218 218

Page 28

ee

KIMBOLTON SCHOOL (A Company Limited by Guarantee)

TTS— eee

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

10. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2020 2019
No. No.
Inthe band£60,001 - £70,000 2 3
Inthe band£70,001 -£80,000 2 1
Inthe band£100,001 - £110,000 - I
Intheband band£110,000 - £120,000 1 -
Intheband band£200,000 - £210,000 - 1
Intheband band£220,000 - £230,000
‘

The key management personnel of the charity comprise the trustees, the Headmaster and the Bursar. The total amount of employee benefits (including employer pension contributions) received by key management personnel for their services to the charity was £361,885 (2019 £342,793).

11. ‘Trustees’ remuneration and expenses

—During the year, no Trustees received _any remuneration or other benefits (2019-£NIL}.

During the year ended 31 August 2020, expenses totalling £133 were reimbursed or paid directly to 2 Trustees (2019 - £1,286 to 2 Trustees). Reimursed expenses were for travel costs incurred in respect of board meetings and training events.

Page 29

a

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

a

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

a

12. Tangible fixed assets

Group

Long-term
Freehold leasehold Plantand Fixtures and
property
=		 property
£		 machinery
£		 fittings
£		 Total
£
Cost orvaluation
At 1 September2019 3,977,134 43,181,994 121,855 2,976,698 50,257,681
Additions - 1,264,017 - 73,201 1,337,218
At31 August2020 3,977,134 44,446,011 121,855 3,049,899 51,594,899
Depreciation
At 1 September2019 284,921 3,116,869 120,183 2,332,949 5,854,922
Charge fortheyear 57,729 651,862 431 208,041 918,063
At31 August2020 342,650 3,768,731 120,614 2,540,990 6,772,985
Net bookvalue
At31 August2020 3,634,484 40,677,280 1,241 508,909 44,821,914
At 31August2019 3,692,213 40,065,125 1,672 643,749 44,402,759

The Governors of Kimbolton School commissioned a professional valuation of the charity's freehold land and buildings from Barford + Co Limited, Chartered Surveyors. A value of £39,084,797 was placed on these assets at | September 2014, based on their depreciated replacement cost. In accordance with the transitional rules of SORP 2015 this valuation has been adopted as the deemed cost of the property and all subsequent additions have been included at cost.

All freehold property is used for the School's operational activities and no assets are considered to meet the definition of heritage assets. The School continues to be responsible for keeping all the buildings in a fit and usable condition and repair and maintenance costs are charged to the Statement of Financial Activities as incurred. Assets are depreciated over their estimtated useful economic life.

The historic cost of the School's freehold property is £24,974,766 (2019 £23,710,749). At the balance sheet date, the revaluation reserve for freehold property amounted to £21,113,969 (2019 £21,604,119) and is included as part of the general fixed asset reserve fund. The cost of fixed assets includes buildings which were let under operating lease agreements to the charity's trading subsidiary during the year. Additions to freehold property totalling £nil (2019 £882,087) relate to assets under the course of construction at the reporting date.

es

Page 30

ii

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

i

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

Seee

12. Tangible fixed assets (continued)

Company

Long-term
Freehold leasehold Fixturesand
property property fittings Total
£ £ £ £
Cost or valuation
At September2019 3,977,134 43,181,994 2,976,698
Additions - 1,264,017 73,201 1,337,218
At31 August2020 3,977,134 44,446,011 3,049,899 51,473,044
Depreciation
At 1 September2019 284,921 3,116,869 2,332,949 5,734,739
Charge fortheyear 57,729 651,862 208,041 917,632
At31 August2020 342,650 3,768,731 2,540,990 6,652,371
Net book value
At31 August2020 3,634,484 40,677,280 508,909 44,820,673
At31August2019 3,692,213 40,065,125 643,749 44,401,087
13. ‘Fixed assetinvestments
Investments
in subsidiary
School companies
£
Cost orvaluation
At 1 September2019 4
At31 August2020
4

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—ei

KIMBOLTON SCHOOL (A Company Limited by Guarantee)

eee

i

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

i

15. Stocks
Group Group Company Company
2020 2019 2020 2019
£ £ £ £
Goods for resale 19,505 13,307 19,505 13,307
16. Debtors
Group Group Company Company
2020 2019 2020 2019
£ £ £ £
Duewithin oneyear
Trade debtors 5,666 3,418 4,679 2,448
Parentdebtors - fees 27,369 5,138 27,369 5,138
Amounts owed bygroup undertakings - - - 16,029
Otherdebtors 18,838 23,385 18,838 23,385
Parentdebtors - disbursements 860 69,747 860 69,747
Prepayments and accruedincome 517,200 283,403 516,013 282,836
Deferredtax— = SOF = a
569,933 385,955 567,759 399,583
17. Creditors:Amounts falling duewithin oneyear
Group Group Company Company
2020 2019 2020 2019
£ £ if £
Bank loans 753,750 950,472 753,750 950,472
Trade creditors 297,403 786,823 293,303 777,581
Amountsowedto group undertakings - - 4,083 -
Othertaxationand social security 187,901 187,387 187,486 182,396
Fees inadvance Scheme 917,526 1,023,973 917,526 1,023,973
Othercreditors 1,214,753 938,879 1,214,753 938,879
Accruals anddeferred income 317,808 219,355 311,225 207,091
3,689,141 4,106,889 3,682,126 4,080,392

The bank loan is secured on part of the freehold property owned by Kimbolton School and Kimbolton School Foundation.

rn

Page 33

a S

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

Lee

aE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

i

18. Creditors: Amounts falling due aftermore than oneyear Creditors: Amounts falling due aftermore than oneyear
Group Group Company Company
2020 2019 2020 2019
£ £ £ £
Bankloans 1,256,250 - 1,256,250 -
Othercreditors 900,356 1,121,116 900,356 L12L,116
2,156,606 1,121,116 2,156,606 1,121,116

Deposits made under the School's fees in advance scheme which fall due for payment after 5 years, but not repayable by instalments, amounted to £31,765 (2019 - £82,705) and are included in creditors due after one year. Tuition fees paid through the School's fees in advance scheme are deducted from the balance sheet liability at the start of each term, as those fees fall due for payment. Discounts given on the fees in advance scheme are based on the rates agreed by the Governors at the time the deposit is made and are credited to the balance sheet liability each term.

The bank loan is secured on part of the freehold property owned by Kimbolton School and Kimbolton School Foundation.

EE——eeeee Page 34

eee

KIMBOLTON SCHOOL (A Company Limited by Guarantee)

NN Eee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

eee 19. Statement of funds Statement of funds - current year

Balance at 1
September
2019
£		 Income
£		 Expenditure
£		 Transfers
in/out
£		 Gains/
(Losses)
£		 Balanceat31
August2020
£
Unrestricted
funds
Designated funds
GrantsFund 96,775 - (13,681) 20,935 - 104,029
BursaryFund 381,205 48,683 (685,395) 681,120 - 425,613
Bursaryallocation - (685,395) 685,395 - - -
477,980 (636,712) (13,681) 702,055 - §29,642
General funds
GeneralFund (4,286,026) 15,259,919 (13,573,819) —(2,013,728) - (4,613,654)
Fixed Asset
Reserve (HC)— 19,104,755. — -369,753)__4,337,218- =~ 26,0725220-
Fixed Asset
Reserve(RR) 21,604,119 - (490,150) - - 21,113,969
Kimbolton School
EnterprisesLtd 12,761 23,644 (31,917) 3,539 - 8,027
Pensionreserve (2,298,000) - (72,000) - 790,000 (1,580,000)
34,137,609 15,283,563 (14,537,639) (672,971) 790,000 35,000,562
Total CE
Unrestricted
funds 34,615,589 14,646,851 = (14,551,320) 29,084 790,000 35,530,204
Endowment
funds
Kimbolton School
Foundation 3,692,213 - (57,729) - - 3,634,484

ee

Page 35

i

KIMBOLTON SCHOOL {A Company Limited by Guarantee)

el

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 se i a

19. Statement of funds (continued)

Statement of funds - current year (continued)

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Balance|at|1| |September|Transfers|Gains/|Balance at 31| |2019|Income|Expenditure|in/out|(Losses)|August 2020| |£|£|£|£|pe|£| |Restricted|funds| |KSPA|43,756|88,105|(66,082)|(20,935)|-|44,844| |Alma Baker|17,521|175|-|-|-|17,696| |Other|Activities|65,600|62,614|(59,669)|(20,000)|-|48,545| |Music Fund|5,606|56|-|-|-|5,662| |Greta Tomlins|15,950|159|-|-|-|16,109| |OKA|60,333|2,257|(17,451)|11,851|-|56,990| |Michael Nutkins|11,832|118|(225)|-|-|11,725| |R|Piggins Prize|2,053|21|(400)|~|.|1,674| |379th Bomb| |Group|3,958|40|-|-|=|3,998| |Covid-19|hardship| |fund|-|31,823|-|-|~|31,823| |OKA|Scholarship|9,934|6,000|(8,850)|-|-|7,084| |Scholarship| |allocation|-|(9,075)|9,075|-|-|-| |236,543|182,293|(143,602)|(29,084)|-|246,150| |Total|of funds|38,544,345|14,829,144|(14,752,651)|-|790,000|39,410,838|

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

—eeee

Page 36

eee

KIMBOLTON SCHOOL {A Company Limited by Guarantee)

a a NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

eee

  1. Statement of funds (continued)

Statement of funds - prior year

Balanceat Balanceat Balance at
ISeptember
2018
£		 Income
£		 Expenditure
x		 Transfers
in/out
£		 Gains/
(Losses)
£		 31August
2019
£
Unrestricted
funds
Designatedfunds
GrantsFund 94,079 - (31,646) 34,342 ~ 96,775
BursaryFund 332,194 42,185 (628,214) 635,040 - 381,205
Bursary allocation - (628,214) 628,214 - - -
426,273 (586,029) (31,646) 669,382 - 477,980
General funds
GeneralFund (4,501,754) 16,175,143 (14,272,253) (1,687,162) - (4,286,026)
FixedAsset
Fixed Asset
Reserve (RR) 22,128,470 - (524,351) - - 21,604,119
Kimbolton Schoo!
EnterprisesLtd 13,239 55,430 (51,126) (4,782) ~ 12,761
Pension reserve (1,979,000) - (6,000) - (313,000) (2,298,000)
34,102,796 16,230,573 (15,236,195) (646,565) (313,000) 34,137,609
Total
Unrestricted		 = SS SS SSSee ee
funds 34,529,069 15,644,544 = (15,267,841) 22,817 (313,000) 34,615,589
Endowment
funds
Kimbolton School
Foundation 3,749,942 - (57,729) - - 3,692,213

iiss

Page 37

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

emmAa II NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

  1. Statement of funds (continued)

Statement of funds - prior year (continued)

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Balance|at|Balance|at| |I|September|Transfers|Gains/|31 August| |2018|Income|Expenditure|in/out|(Losses)|2019| |£,|£|cf.|£|£|£| |Restricted|funds| |KSPA|64,828|227,008|(213,738)|(34,342)|-|43,756| |Alma Baker|17,348|173|-|-|-|17,521| |Other Activities|68,880|117,487|(120,767)|-|-|65,600| |Music Fund|5,551|mre)|-|-|-|5,606| |Greta Tomlins|15,911|159|(120)|-|-|15,950| |OKA|54,273|23,305|(28,770)|11,525|-|60,333| |Michael Nutkins|11,873|119|(160)|-|-|11,832| |R Piggins Prize|2,379|24|(350)|-|-|2,053| |379th Bomb| |Group|3,919|39|-|-|-|3,958| |OKA|Scholarship|4,434|8,500|(3,000)|-|-|9,934| |Scholarship| |allocation|-|(3,280)|3,280|-|-|-| |249,396|373,589|(363,625)|(22,817)|-|236,543| |Total|of funds|38,528,407|16,018,133|(15,689,195)|-|(313,000)|38,544,345|

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

Page 38

eee

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

a

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

eee

19. Statement of funds (continued)

Designated Funds:

Grants Fund - The grants committee allocates funds transferred to the School by Kimbolton Schoo! Parents’ Association and other grant making bodies. The balance represents funds received by the School which have not been allocated yet, or where the expenditure has not been undertaken.

Bursary Fund - The bursary fund was created to provide and generate additional funds for bursaries, to be awarded at the discretion of the School. Total income to the fund from interest, fees in lieu of notice and donations totalled £48,683 (2019 £42,185). Transfers into the bursary fund from the allocation of fee income amounted to £681,120 (2019 £635,295). The net increase in the bursary fund amounted to £44,408 (2019 £49,011) and has been carried forward to fund future places at the School.

General Funds:

General Fund - The deficit on the School's genera! fund was increased by £327,628 (2019 reduced by £215,728) during the year, after net transfers out totalling £2,013,728 (2019 £1,687,162). Transfers out include the purchase of fixed assets and the bursary fund allocation. Transfers in represent net income received from Kimbolton School Enterprises Limited. The Governors anticipate that the School will continue to generate annual operating surpluses to generate free reserves in the future.

Fixed Asset Reserve (HC) and Fixed Asset Reserve (RR) - The fixed asset reserve funds represent expenditure on all fixed assets on a historic cost (HC) basis and the associated revaluation reserve (RR), with the exception of those assets which are included in separate endowed funds. Expenditure represents the depreciation charge for the year and the transfer in represents assets purchased.

Kimbolton School Enterprises Ltd - The reserves, income and expenditure attributable to the School's subsidiary undertaking have been consolidated in the group accounts but included as a separate fund. The transfer represents the movement of funds between the Schoo! and its subsidiary.

LGPS Pension Reserve - As stated in note 25 the School is a participating employer in two defined benefit pension schemes. The liabilities relating to Kimbolton School can only be determined for one of these schemes. A separate reserve has been included to show the impact of the changes in the valuation of this pension scheme.

Endowment Funds:

Kimbolton School Foundation Endowment Fund - Part of the freehold property owned by Kimbolton School Foundation was given to the charity for the purpose of providing a School in Kimbolton. The balance on the endowed fund represents the cost of the original buildings and subsequent improvements.

Restricted Funds:

Kimbolton School Parents' Association (KSPA) - The KSPA is a separate but related organisation, which holds fundraising events for the School. For administration purposes the Association has used the School's charity number. The transfer represents the movement of funds between the School and the Association.

Alma Baker - The Alma Baker Scholarship was to provide a scholarship for a sixth form agricultural student but has now been extended (as agreed with the Alma Baker Trust) to other related activities, such as the annual Science week.

———ee

Page 39

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

19, Statement of funds (continued)

Other Activities - Pupils are given the opportunity to join in a variety of activities including music tuition, outdoor pursuits, the Combined Cadet Forces (CCF) of the armed forces and Sixth Form Club. These groups charge subscriptions for membership, which are used to fund their activities. £20,000 was spent on additional fixed assets during the year and unspent funds are carried forward to continue the activities in the future.

Music Fund - The school has a balance of funds available to spend on music activities, being the balance of a donation given for the purchase of a new piano (purchased in 2018) and other equipment.

Mrs Greta Tomlins Scholarship - A donation was received from the estate of Mr Cyril Lewis on condition that the capital was maintained and the interest used to provide a music scholarship in memory of his wife, Mrs Greta Tomlins.

Old Kimboltonians Association (OKA) - The OKA is a separate but related organisation from the School which organises events for former pupils. For administration purposes the Association has used the School's charity number. The transfer represents the movement of funds between the School and the Association.

Michael Nutkins - The Michael Nutkins Fund represents donations received in memory of a former student, to provide scholarships towards extra curricular activities for sixth form students.

R Piggins Prize - The school has a balance of funds available to award annual scholarship essay prizes.

379th Bomb Group World War II Association Memorial Fund - The School received funds transferred from a separate registered charity, the 379th Bomb Group World War II Association Memorial fund, when that charity ceased. The funds are to be used to maintain the memorials in Kimbolton.

Old Kimbolitonians Association Scholarship Trust_Fund - The School receives an annual donation from the Scholarship Trust Fund to support two sixth form students, and also received a donation of £2,500 in 2018/19 from a parent to provide an OKA Scholarship.

Covid-19 Hardship Fund - During the year the School received donations totalling £31,823 to establish a fund which can be used to support students and their families suffering from hardship as a result of the coronavirus pandemic. The School will administer this fund alongside the bursary fund.

All funds are held as part of the School's bank deposit accounts and interest has been allocated to each of the restricted funds.

Page 40

en

KIMBOLTON SCHOOL (A Company Limited by Guarantee)

£2

sae eee nse ey NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

20. Summary of funds

Summary of funds - current year

Balance at 1
September Transfers Gains/ Balanceat31
2019 Income Expenditure in/out (Losses) August2020
£ £ £ £ £ £
Designated funds 477,980 (636,712) (13,681) 702,055 - 529,642
General funds 34,137,609 15,283,563 (14,537,639) (672,971) 790,000 35,000,562
Endowment funds 3,692,213 - (57,729) - - 3,634,484
Restrictedfunds 236,543 182,293 (143,602) (29,084) - 246,150
38,544,345 14,829,144 (14,752,651) - 790,000 39,410,838
Summary offunds -prioryear
Balance at Balance at
1September Transfers Gains/ 31August
2018 Income Expenditure in/out (Losses) 2019
£ £ es t £ £
General funds 34,102,796 16,230,573 (15,236,195) (646, 565) (313,000) 34,137,609
Endowment funds 3,749,942 - (97,729) - - 3,692,213
Restrictedfunds 249,396 373,589 (363,625) (22,817) - 236,543
38,528,407 16,018,133 (15,689,195) - (313,000) 38,544,345

21. Analysis of net assets between funds

Analysis of net assets between funds - current period

Endowment Restricted Unrestricted Total
funds funds funds funds
2020 2020 2020 2020
£ £ = £
Tangiblefixed assets 3,634,484 - 41,187,430 44,821,914
Current assets - 246,150 1,768,521 2,014,671
Creditors duewithinoneyear - - (3,689,141) (3,689,141)
Creditors due inmorethanoneyear - - (2,156,606) (2,156,606)
Provisions for liabilities andcharges - - (1,580,000) (1,580,000)
Total 3,634,484 246,150 35,530,204 39,410,838

TE LSA

Page 41

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

21. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Endowment|Restricted|Unrestricted|Total| |funds|funds|funds|funds| |2019|2019|2019|2019| |£|£|£|£| |Tangible|fixed|assets|3,692,213|-|40,710,546|44,402,759| |Current|assets|-|236,543|1,431,048|1,667,591| |Creditors|due within one year|-|-|(4,106,889)|(4,106,889)| |Creditors|due|in more than one year|=|-|(1,121,116)|(1,121,116)| |Provisions|for|liabilities|and|charges|-|-|(2,298,000)|(2,298,000)| |Total|3,692,213|236,543|34,615,589|38,544,345| |Reconciliation|of net movement in movement in in|funds|to|net cash flow from cash flow from flow from from|operating|activities| |Group|Group| |2020|2019| |£|£| |Net income|for the period|(as|per Statement of Financial|Activities)|76,493|328,938| |Adjustments|for:| |Depreciation|charges|918,063|965,127| |Dividends,|interests and rents from|investments|(21,378)|(30,900)| |Loss/(profit) on the|sale of|fixed|assets|-|(5,000)| |Increase|in stocks|(6,198)|(6,757)| |Decrease/(increase)|in debtors|(188,061)|59,533| |Increase/(decrease)|in|creditors|(437,703)|811,051| |Decrease in provisions|72,000|6,000| |Net cash provided by operating activities|413,216|2,127,992|

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

22. Reconciliation of net movement in movement in in funds to net cash flow from cash flow from flow from from operating activities

Page 42

Oe ———————————EEEEE—E——E

KIMBOLTON SCHOOL {A Company Limited by Guarantee)

aa

EEE ————— SS I Ge GS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

23. Analysis of cash and cash equivalents

Group Group
2020 2019
£ £
Cashinhand 1,425,233 1,268,329
Totalcash and cash equivalents 1,425,233 1,268,329
Analysis ofchanges innet debt
Atl
September At31 August
2019 Cash flows 2020
£ £ £
Cash atbankand inhand 1,268,329 156,904 1,425,233
Debtduewithin 1 year (950,472) 196,722 (753,750)
Debtdue after 1 year - (1,256,250) (1,256,250)
317,857 (902,624) (584,767)

24, Analysis of changes in net debt

25. Pension commitments

The School particpates in two multi-employer defined pension schemes and a single defined contribution scheme for members of the non-teaching staff.

Teaching Staff

Introduction

The Teachers’ Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pension Scheme Regulations 2014. Membership is automatic for full-time teachers in academies. All teachers have the option to opt-out of the TPS following enrolment.

The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Valuation of the Teachers’ Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2016. The valuation report was published by the Department for Education on 5 March 2019.

Page 43

i

KIMBOLTON SCHOOL {A Company Limited by Guarantee)

On tenemnl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

25. Pension commitments (continued)

The key elements of the valuation and subsequent consultation are:

The next valuation result is due to be implemented from 1 April 2023.

The employer's pension costs paid to TPS in the year amounted to £1,126,435 (2019 £771,652).

A copy of the valuation report and supporting documentation is on the Teachers’ Pensions website (https://www.teacherspensions.co.uk/news/employers/2019/04/teachers-pensions-valuation-report.aspx).

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The Academy Trust has accounted for its contributions to the scheme as if it were a defined contribution scheme. The Academy Trust has set out above the information available on the scheme.

Non-teaching staff

Defined Contribution Scheme

New members of non-teaching staff are eligible to join the School's defined contribution pension scheme which is administered by TPT Retirement Solutions (formerly The Pension Trust). Contributions payable under the new scheme are charged to the Statement of Financial Activities in the period to which they relate.

Defined Benefit Scheme

The Group operates a defined benefit pension scheme.

A full actuarial valuation of the Cambridgeshire County Council Pension Fund was conducted at 31 March 2016. In addition to the formal valuations, an actuarial review is carried out annually, at 31 March each year. The annual review provides sufficient information for the scheme's participating employers to comply with the requirements of FRS 102 and directly quantifies the potential deficiency relating to each employer.

The value of the pension scheme assets and liabilities attributable to Kimbolton School has been revalued at 31 March 2020, updating the different financial assumptions, as required by FRS 102. Adjustments have also been made in respect of changes in the payroll of active members, investment returns and the effects of contributions paid into, and estimated benefits paid from, the fund maintained for Kimbolton School and its employees.

The projected unit method of valuation has been used to calculate the service cost and a set of demographic assumptions, consistent with those used for the formal funding valuation as at 31 March 2020, have been adopted.

Deeeee

Page 44

ee

KIMBOLTON SCHOOL (A Company Limited by Guarantee)

ry a a NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

eee

25. Pension commitments (continued)

Principal actuarial assumptions at the Balance Sheet date (expressed as weighted averages):

----- Start of picture text -----
|||||| |---|---|---|---|---| |At31|August|Af|3] August| |2020|2019| |%|%| |Discount rate|2.3|27| |Future|salary|increases|2.4|2.7| |Future|pension|increases|1.9|2.4|

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

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|||||||| |---|---|---|---|---|---|---| |At 31|August|Af 3/ August| |2020|2019| |Years|Years| |Mortality|rates|(in|years)| |-|for|a male aged|65|now|22.0|22.4| |~-|at 65|for a male aged 45|now|22.7|24.0| |-|for a female|aged 65|now|24.0|24.4| |-|at 65|for a female|aged 45|now|25.5|26.3|

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The Group's share of the assets in the scheme was:

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||||||| |---|---|---|---|---|---| |At31|August|At|3/ August| |2020|2019| |£|£| |Equities|5,316,000|6,023,000| |Corporate bonds|1,001,000|951,000| |Property|1,310,000|872,000| |Cash|and other|liquid|assets|77,000|79,000| |Total|fair value of assets|7,704,000|7,925,000|

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The actual return on scheme assets was £421,000 (20/9 - £-121,000).

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KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

i ggg gg gp” Ss =m NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

a

25. Pension commitments (continued)

The amounts recognised in the Consolidated Statement of Financial Activities are as follows:

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2020|2019| |£|£| |Current|service|cost|(296,000)|(265,000)| |Past|service|cost|(30,000)|-| |Interest|income|191,000|195,000| |Interest cost|(247,000)|(248,000)| |Employer contributions|316,000|312,000| |Total amount|recognised|in|the Consolidated|Statement|of Financial|Activities|(72,000)|(6,000)| |Movements|in the present value|of the defined|benefit|obligation were|as|follows:| |2020| |£| |Opening defined|benefit obligation|10,223,000| |Current|service|cost|296,000| |Interest cost|247,000| |Contributions by scheme|participants|50,000| |Actuarial|(gains)/losses|(1,277,000)| |Benefits paid|(285,000)| |Past|service|costs|30,000| |Closing defined benefit obligation|9,284,000| |Movements|in the|fair value|of|the|Group's|share|of scheme|assets|were|as|follows:| |2020| |£| |Opening|fair value of scheme|assets|7,925,000| |Expected|return on assets|191,000| |Actuarial|(losses)/gains|(487,000)| |Contributions|by employer|310,000| |Contributions|by scheme|participants|50,000| |Benefits paid|(285,000)| |Closing|fair value|of scheme assets|7,704,006|

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i

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cn

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

ree

I SSS SSS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

eee

26. Operating lease commitments

At 31 August 2020 the Group and the School had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Group Group Company Company
2020 2019 2020 2019
£ £ £ £
Not laterthan year 120,090 94,573 120,096
Later than 1 yearandnot laterthan5years 96,372 207,512 96,372 207,512
216,462 302,085 216,462 302,085

27. Members' liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.

eee

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KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

eene e e

ncn ccc nnn ncn ccc na.EEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

28. Related party transactions

Trade and contacts

Mrs D Hellett sits on the Kimbolton Parish Council and is not allowed to debate or vote on issues, which involve the School. Her husband, who has a contract to cut the Council roadside hedges, cuts the roadside hedges for the School. Mrs § Aylott, Mrs G Gray and Mr S Doyle are all spouses of Governors and have small, part time, roles such as working as an exam invigilator or as sports coaches.

MrS Page is a Director of Titanium Fireworks, one of two companies with sufficient safety experience allowed to operate fireworks displays on the School site. During the year the company did not fire any displays.

Mrs K Lancaster is a Partner with Farrer & Co who advise the School on legal matters. Mrs Lancaster was not involved with the School’s advice during the year.

The School has no other contracts or trades in which any Governor, or person connected to the Governor, benefits.

Messrs J Bridge, J Gray, J Belbin are Directors of Kimbolton School Enterprises Ltd. Mr E Valletta is Company Secretary. Mr Valletta is also a Trustee of the C Alma Baker Trust. Mr N Small, School Carpenter until 1 June 2020, operated a private carpentry business outside of his working hours. No work was undertaken by him for the School during the year.

Governors with children at the school During the year the following Governors had children at the School: Mrs Rice and Messrs Gray, Aylott and Suckling.

Governors do not receive an extra discount or other benefit on their fees over and above normal terms.

Trading company

The School owns 100% of the issued share capital of Kimbolton School Enterprises Limited (company number 2655855) as disclosed in note 13. Kimbolton School Enterprises Limited operates lettings of the sports centre, Castle and grounds.

In the year ended 31 August 2020 Kimbolton School Enterprises Limited paid £6,911 (2019 £6,059) for goods and services provided by the School, £20,000 (2019 £20,000) for the use of the sports centre and £nil (2019 £nil) by way of a charitable donation. Kimbolton School paid Kimbolton School Enterprises Limited £36,540 (2019 £25,532) for the use of the sports centre. All amounts are charged at the normal commercial rate. Payments made by Kimbolton School Enterprises Limited exclude VAT which is recoverable by the subsidiary undertaking, but payments made by the School include irrecoverable VAT. At the Balance Sheet date Kimbolton School owed Kimbolton School Enterprises Limited £4,083 (2019 Kimbolton School Enterprises Limited owed the School £16,029).

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