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← Kimbolton School

2024-08-31-accounts

Registered number: 04726427 Charity number: 1098586

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the School, its Trustees and Advisers 1 – 2
Trustees' Report 3 – 12
Independent Auditors' Report on the Financial Statements 13 – 15
Consolidated Statement of Financial Activities 16
Consolidated Balance Sheet 17
School Balance Sheet 18
Consolidated Statement of Cash Flows 29
Notes to the Financial Statements 20 – 39

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024

Trustees

Co-optative Governors: Miss S M Brereton[1,2,6] Mr J W Bridge OBE, DL, Vice Chair (resigned 28 March 2024)[1,2,6] Mrs M E Buxton[2,3]

Mr C M Dodd (appointed 30 April 2024) Mr P J Farrar[2,3,7] Mr J A Gray, Chair[1,2,3,4,5,6,7] Mrs T J Reid[3,7] Dr R J Smith (Governor responsible for Health & Safety)[4,5] Mr G R Yeandle[1,2,6,7]

Nominative Governors: Cllr I D Gardener, HDC[1,4,6] Mrs D A Hellett, Kimbolton Parish Council[4,7] Mrs H M A Hopperton, OKA (appointed 1 December 2023)[2,4] Dr P V Loughna, Nottingham University[2,3,7]

Mr S F J Page (Governor Responsible for Safeguarding), OKA (appointed Cooptative Governor and Vice Chair from March 2024 on 1 December 2023)[1,2,3,5,7]

Dr Z Khan, KSPA (appointed 22 September 2023)

Company registered number

04726427

Charity registered number

1098586

Registered office

Kimbolton School, Kimbolton, Huntingdon, PE28 0EA

Headmaster

Mr W Chuter BA Hons, PGCE

Bursar, Clerk to the Governors and Company Secretary

Mrs J F Agnew LLB Hons LLM

1

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024

Independent auditors

HaysMac LLP, 10 Queen Street Place, London, EC4R 1AG

On 19 November 2024 the company’s auditor changed its name from Haysmacintyre LLP to HaysMac LLP

Solicitors

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

Greenwoods Solicitors LLP, Monkstone House, City Road, Peterborough, PE1 1JE

Insurance Brokers

Endsleigh Insurance Services Limited, Quadrangle, Imperial Square, Cheltenham, GL50 1PZ

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 plc, First Floor Block B, Western House, Lynch Wood, Peterborough, PE2 6FZ

2

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

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 2024. The Trustees confirm that the annual report and financial statements of the School comply with current statutory requirements, the requirements of the School's governing document and the provisions of the Statement of Recommended Practice (SORP) 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 2019).

HEADMASTER’S REVIEW OF THE YEAR

Principal Achievements and Performance

a. Overview. The arrival of a new Headmaster saw the development, with consultative input from staff, parents, pupils and Governors, of a new identity and strategic roadmap for the next decade (One School, One Family), launched to all stakeholders in April. Its aim is to deliver ‘an outstanding, modern all-round education that challenges children to become curious, courageous and kind young adults with a strong moral compass, able to make a difference to the world’. This was broken down into development plans owned by senior leaders and monitored by Governor committees from September 2024. The Whole School Senior Leadership structure was adjusted to widen membership, with a focus on inclusivity and input from all areas of the school, and two distinct academic SLTs established (Prep and Senior).

b. Educational Review. In the academic sphere, there were a record set of A-level results, with the highest proportion of A grades (18.8%) yet awarded to Kimboltonians outside the covid period. 47% of grades were at A-A. 85% of UCAS applicants were accepted into their first-choice institution and course, with two bound for Cambridge (Medicine) and one for Oxford (History). In addition, several pupils were successful with degree apprenticeships and entry to the armed forces or employment. GCSE grades were strong: 34% at 9-8, 55% at 9- 7 and 96% at 9-4. This represented a strong bounce back for a group in Year 7 during the first covid lockdown of summer 2020, who have shown great strength of character to overcome that initial challenge successfully. Computer Science was added to the A-level curriculum and the new Sixth Form Super-Curriculum launched.

c. Co-curricular Review. Outside the classroom 82% of the pupil body represented the school in at least one of 947 sporting fixtures in Football (boys & girls), Hockey (boys & girls), Netball, Cricket (boys & girls), Tennis (boys & girls), Rounders (mixed), Sailing (mixed), Equestrianism (mixed) and Swimming (boys & girls). In the Devizes-Westminster Canoe Race, the Purple Paddlers again won first place in the CCF category and were finalists in the Independent Schools of the Year awards’ ‘Sporting Achievement’ category. Several pupils and teams achieved regional or national representation or awards in hockey, swimming, equestrianism, athletics, golf, cross-country and climbing, as well as international representation in Powerchair football and Tug-of-War.

In Music, stronger links were forged between Prep and Senior schools through shared performances (chorally, in an impressive performance of Handel's Messiah and orchestrally elsewhere) and staffing. Ensemble participation remained strong, as did choral singing, with the Chamber Choir leading evensong in Lichfield Cathedral after a successful School Choir tour to Belgium in December. Particularly pleasing was the flourishing of the School Orchestra. On stage in the theatre, productions were very popular, with large casts and backstage crews. An ambitious whole-school production of Phantom of the Opera was followed by the staging of Treasure Island with 80 pupils from First to Third Forms involved. The Sixth Form play Bouncers and Shakers was a complex comedic production that stretched its cast.

These activities were accompanied by an extensive CCF contingent and a growing Outdoor Pursuits department, who oversaw 264 pupils participating in the Duke of Edinburgh’s Award programme (18 Gold, 33 Silver, 41 Bronze, contributing 3211 hours of volunteering in the community).

A wide range of clubs and societies continued to be available and popular. These included the Politics Society (whose pupil Presidents chaired talks by Sir John Major, Amber de Botton and Professor David Reynolds amongst others) and debating (representations in the European Youth Parliament, the international Model United Nations Conference in Utrecht and awardwinning delegations at two Model United Nations Conferences held at other schools).

3

(A Company Limited by Guarantee)

KIMBOLTON SCHOOL

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

Development of Resources, Facilities and Resources

a. General Approach to Development. Consolidation continued to be the major theme of financial and estate management, alongside the development of a sustainability plan and providing support to the School’s Development Director and Events and Venue Officer. These two colleagues will be key in increasing revenue from letting the estate and philanthropic giving, thus decreasing the School’s reliance on fee income. The School was debt-free and in a good position to weather the financial storms approaching through the Labour Party’s policy to place VAT on independent school tuition fees.

b. Building and site development. This year saw extensive renovation works take place on the School swimming pool. The tank needed replacing as it had reached its life expectancy. The project took 5 months in total and was delivered on budget and in time for the new academic year. A wellbeing room was created in order to a provide a space for children to go when they need to take some time out. Other works included routine maintenance works including upkeep work of the Castle and other buildings to ensure their structural integrity and continued safe use.

c. Key Staff Changes. There were several changes amongst senior staff, with Prep Headmaster, Senior Deputy Head, Assistant Head (Teaching & Learning), and Head of Sixth Form stepping down or moving to take opportunities beyond Kimbolton. Mrs Claire Petrie (formerly Senior Deputy Head, Wellingborough Prep) was appointed as Prep Head from September 2024. There were other significant appointments in the middle leadership, designed to bring more diverse thinking and greater capacity to key areas such as recruitment and retention of pupils into the Sixth Form.

PLANS FOR THE FUTURE

Following the appointment of Will Chuter as Head in 2023, the School published its new Strategic Plan in 2024. This is a dynamic, live document that sets out the vision for the future whilst also allowing for the changes that are strongly anticipated to affect the Independent School’s sector over the coming years.

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

a. Object. The object 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.

b. Aim. In meeting these objectives the Kimbolton School’s public benefit aim is to provide a first class education, independent of the State system, to 1068 (as at November 2024) 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.

PUBLIC BENEFIT

a. Public benefit ‑ Bursaries and Scholarships. Kimbolton School educates 1,068 pupils between the ages of 4 to 18 independently of the State system with 764 (2023 764) in the Senior School. The School offers means tested Bursaries in the Senior School; parents are made aware that the School offers Bursaries through advertising on 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 by the Headmaster and are based on the individual's merit. The School funds a limited number of places per year group in the Senior School; up to a total of 45 (2023 46) places. Demand for these places always outstrips availability. In addition there is one (2023 – one) looked after child.

The School was able to award £1,021,482 in scholarships and bursaries to a total of 153 pupils in the Senior School (including Sixth Form) (£889,978 to 132 pupils in 2023). Some Bursary holders were also in receipt of a scholarship.

4

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

PUBLIC BENEFIT (continued)

Bursaries have been funded through fee income and the School's Bursary Fund. The Bursary Fund currently stands at £898,592 (2023 £727,615) after including accrued interest of £35,726 (2023 £18,838), donations from Kimbolton School Enterprises Ltd of £0 (2023 £10,239) and other donations and fees in lieu of notice payments totalling £94,594 (2023 £69,147). In addition to the school awards, the Old Kimboltonians’ Association Scholarship Trust Fund contributed £1,400 (2023 £1,200) per term towards two Sixth Form pupils, totalling £8,400 (2023 £7,200). A sibling discount is also offered to parents with more than one child at the School. By educating 1,080 children (during 2023/24) outside the State system the school has saved the public purse over £8.2m 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 £30.6m to the UK’s GDP through purchasing, staffing and direct GDP.

It is of note that during this reporting period, the Senior School has two accompanied pupils from the Ukraine to support them with their education and provide stability as they seek refuge in the UK.

b. Public Benefit Educational activities. Our popular Masterclasses programme has continued to attract pupils from over 70 local primary schools, providing them with unique educational opportunities. Highlights from the recent programme include the Primary School Chemistry Masterclass Lecture, “A Night with the Elements,” and the Physics Masterclass Lecture, “Lights, Camera, Action,” both of which captivate young minds with hands-on learning experiences. These sessions are offered throughout the school year, with additional summer opportunities after the school term ends. Our Saturday morning Science Masterclasses remain highly sought after, along with courses in Mathematics, Spanish, Philosophy, History, and English, collectively drawing over 300 young participants. We also host evening lectures in Chemistry and Physics, bringing scientific exploration into the community.

Beyond the Masterclasses, our partnership and peer mentoring programme with Greenfields Academy in Kettering continues to thrive. Their Year 6 pupils have benefited from engaging sessions at Kimbolton in Biology, Drama, Design Technology, Food and Nutrition, Music, and Physics, promoting learning across diverse subjects.

At our Prep School, we hosted nine Science Workshops attended by over 100 pre-school children, welcoming both visiting children and our own Lower Prep pupils to foster early engagement with STEM education.

Additionally, our Combined Cadet Force (CCF) collaborates with St Peter’s School in Huntingdon, a partnership active since 2010. Through regular weekly training, this initiative instils teamwork, leadership, and resilience, while strengthening ties between our institutions.

These initiatives are part of Kimbolton School’s broader mission to support and enrich our local community, demonstrating the extensive public benefits that independent schools can bring. Alongside our outreach programs, we open our historic facilities, sports grounds, and newly refurbished swimming pool to the public, creating spaces for community sports, heritage learning, and essential water safety courses. Our goal is to continue making positive impacts, not only through education but also by supporting our local economy and promoting inclusivity in all our activities.

c. 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 the Kimbolton History Society (‘the Society’) meetings, as well as providing support for private tours and the Castle Open Days, when the Castle and its grounds, are usually open to the public receiving upwards of over 700 people. In 2023 and 2024, afternoon teas continued to be offered in addition to the Castle Tours, allowing people more time to take in the surrounds and ambience of the Castle. The School 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.

5

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

PUBLIC BENEFIT (continued)

Other organisations have used the School facilities in particular use of the Sporting facilities. Following the success of the previous year, the Cricket Society Trust, through the Fred Trueman League, hosted their State School Cricket Finals this year in July. There were 160 pupils from the region in attendance, an increase from last year. 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

Further, assistance has been given at a subsidised cost for use of tennis courts by the village club, which were utilised in the summer months when the school was not in session. The local community use of swimming pool and the squash courts and the local Badminton Club, Five-a-Side Football team and Cricket East have made use of the sports hall.

Despite being closed for 5 months due to extensive renovation works, the School Swimming Pool has continued to prove an asset, not only to the School but to the local community and neighbouring Schools. By offering alternative dates, local schools were able to hire our facilities, these schools include: Great Staughton Primary Academy, Kimbolton Primary Academy, Spaldwick Primary School, Round House Primary School, and Chelveston Road Primary School, the local Schools are granted a discounted rate on their pool hire. St Neots Swans Swimming Club hire the pool weekly on a Monday and Wednesday evening for 2 hours which is a long-standing hire and, as such, the hire rate is reduced.

Public sessions are very popular and well attended. Public sessions currently on offer in addition to general swims for all ages and abilities include Floats Fun sessions, Learn to Dive Course, Crash Course Swim Lessons, Water Safety Course, National Pool Lifeguard Course (100% pass rate), Pool Party Hires, and 1:1 Swimming Lessons.

Many community and local groups hired the pool, receiving a discounted rate on their hire fees. Organisations using the pool included Kim, a Children’s Burns Charity used facility for their annual Burns Camps swimming sessions (these sessions were discounted), 1st Great Paxton Brownies, Scouts hire (American Boy Scouts Troop 245), 1st Brampton Scouts and local schoolteachers for swimming teacher training/tips. The School’s swimming lesson scheme had ~300 children from across the local community enrolled, along with the public swim sessions (as set out above), one to one swimming lesson and technique workshops, these schemes provided a valuable contribution to facilitating swimming and water safety for adults and young people alike.

Our pupils continued to fundraise for local and national charities. A number of charities benefit from the pupils’ fundraising endeavours at this Prep School this included, the Poppy Appeal, Children in Need, meals for the local Foodbank as part of Harvest Festival, Comic Relief and Save the Children. As a result of Charities Day at the Prep School and the collection at he Y6 production, the pupils raise a considerable sum of money that was split between the Wildlife Trust (Beds/Northants/Cambs) and the Holy Land Institute for the Deaf in Jordan.

Meanwhile at the Senior School, the pupils raised another considerable sum of money which was donated to charities including, Save the Children, the William Templeton Foundation, the RSPCA, Brain Tumour Research, Crisis, the Spring Common Academy, the Prison Fellowship and the Samaritans. The Community Service Unit (CSU) continued to visit the children at the Spring Common Academy as part of their volunteering.

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

The Estates Masterplan set to accompany the document is to follow from publication of the report and review of the landscape in the coming months.

6

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

FINANCIAL REVIEW

a. Financial results. The Group’s Statement of Financial Activities reports a surplus of £845,836 for the year (2023 deficit of £158,953), after accounting for a cessation receipt of £407,000 on the Pension Benefit Scheme which closed at the end of the prior year. A number of additional factors have contributed to the reported surplus in the year as follows:

Noting that there has been minimal investment in the maintenance and improvement of the site and its facilities in the past year, investment is required in the years ahead in order to ensure the integrity of current structures and development of the facilities.

The trading company made a profit after tax of £455 (2023 £37) after making a donation of £0 (2023 £10,239) to the School.

b. Information on Fundraising Projects. The School's fundraising activities are primarily undertaken by the Kimbolton School Parents' Association (KSPA), a separately constituted subsidiary 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 and raffles. 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. Fundraising activities this year have included the annual fireworks display, which saw an overwhelming attendance, a parent ball, a quiz, the annual Christmas Fair, this time in conjunction with the annual Parish Council Street Fair, and Christmas Tree light switch on and a Christmas wreath making evening.

Of note, the Governors appointed the School’s first Development Director in Summer 2023 to support fundraising opportunities through benevolent donations.

c. Reserves policy. The Governors have assessed the financial position and the School can continue as a going concern with secure financial management and strong internal controls.

The School aims to maintain an operating surplus each year to allow for improvements in buildings, equipment and facilities.

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 £39,785,706 (2023 £38,909,530). The Governors regularly review the level and nature of reserves, and the level of reserves are likely to fluctuate when significant investments in new buildings are undertaken, but ensure that resources and funds are available to provide a safety net should they be required.

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.

7

(A Company Limited by Guarantee)

KIMBOLTON SCHOOL

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

RISK

a. Risk management process. The Governors are responsible for dealing with the risks faced by the School. Following the Governor Away Day in Summer 2023, it was agreed that there should be a review in the way in which risks are identified and managed. A period of review and consultation then followed resulting in a change to the structure of the risk committee and risk register. Each risk line is owned by a member of the SLT, which in turn is owned by a Governor Committee and sits as a standing agenda item for each committee meeting. The Chairs of the Committees all sit on the risk committee, which meets 3 times a term, after committee meetings and before Full Board, to review strategic risks and determine what if any need to be reported to Full Board. It is recognised that this system can only provide reasonable, but not absolute assurance, that the major risks have been adequately managed.

PENSIONS

The School provides pension facilities for all members of staff, both teaching and non-teaching.

During the reporting year, Teaching staff were entitled to join the Teachers' Pension Scheme, administered by the Government. During the year, a consultation was held with the Teachers and the School changed its status with Teachers’ Pensions to Phased Withdrawal with effect from 1st September 2024. This means that there will be no new entrants to the scheme.

The School set up a new defined contribution scheme with APTIS Aviva for all new Teachers and any existing Teachers who choose to leave the Teachers’ Pensions Scheme.

The Support Staff are automatically enrolled in a defined contribution scheme pension, provided by the Pensions Trust. Further details of the pension schemes are given in note 25.

8

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

STREAMLINED ENERGY & CARBON REPORTING (SECR)
Trustees Reporting
2022/23 2023/24
Type of
Emission		 kWh CO2e Tonnes kWh CO2e Tonnes % Change
Scope 1 Natural Gas 119,672 209 108,504 190 -9%
Transport
(owned)		 120,416 25 94,259 20 -20%
Biomass 574,182 6 380,814 4 -33%
Oil 31,879 324 33,414 340 5%
Sub-Total 846,149 564 616,991 554 -2%
Scope 2 Electricity 1,433,805 277 1,325,614 275 -1%
Sub-Total 1,433,805 277 1,325,614 275 -1%
TOTAL Scope 1 & 2 emissions 2,279,954 841 1,942,605 829 -1%
Tonnes CO2e per pupil 0.78 0.77 -2%

*Note: these figures are unaudited

Scope 1 emissions

Scope 1 covers emissions from sources that an organisation owns or controls directly – for example from burning fuel in our fleet of vehicles (if they’re not electrically-powered).

Scope 2 emissions

Scope 2 are emissions that a company causes indirectly and come from where the energy it purchases and uses is produced. For example, the emissions caused when generating the electricity that we use in our buildings would fall into this category.

Emissions = Total energy consumption (fuel, electricity) x Emission Factors (fuel, electricity)

Kimbolton School continues to monitor energy saving measures. Energy consumption is recorded and analysed with careful consideration given by Governors to the tendering and contracting of energy providers and contractors more generally to ensure an alignment beyond the School’s boundaries with sustainable business practices. A change of electricity supplier during the reporting period did assist in managing rising energy costs.

An ongoing programme of works has been undertaken to reduce carbon emissions and reduce energy consumption. Over the last year, continued programmes of work to convert light fittings to light emitting diode (LED), water heaters to water cylinders and the installation of thermostatic radiation valves (TRVS) have impacted upon both cost, consumption and emissions. The Estates Committee approved the conversion of the flood lights on the Duchess Astro pitch to LED during the reporting period.

9

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

STREAMLINED ENERGY & CARBON REPORTING (SECR) (continued)

In keeping with the School’s sustainability strategy, the School will continue to make improvements in sustainability. Plans for the next reporting year include, continuing to roll out LEDs in classrooms and administrative areas across the rest of the site and progress plans for Photo-Voltaic (PV) solar panels to reduce electricity costs.

Communication and wider stakeholder engagement is key to success. The newly formed ‘Green Board’ comprising of both Governors and interested parties with expertise in the field of sustainability and environmental education will not only add value in developing options for greener initiatives but also support the implementation of the teaching and learning objectives of the Sustainability Strategy.

Over the course of the Spring and Summer Terms and into the summer break, the School’s swimming pool underwent an extensive programme of renovation works. As part of the programme of works, certain energy saving initiatives were introduced. The lights in the pool hall and building were fitted with LEDs, the heating system was upgraded and connected to the Biomass boiler and the showers were replaced with aerated showers to reduced water consumption.

The emissions intensity metric ratio has been based on the (GHG) emission produced by the School measured in metric tonnes of carbon dioxide equivalent (tCO2e) against the number of pupils during the academic year. This approach is in line with similar educational establishments.

The School has not reported on Scope 3 this year as a way to effectively measure this such that meaningful results are reported is as yet not available.

The School have followed the 2019 HM Government Environmental Reporting Guidelines, the GHG Reporting Protocol – Corporate Standard and have used the 2023 UK Government’s Conversion Factors for Company Reporting.

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 has 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 2021 revised Articles of Association were published replacing those written in 2015. On 27 February 2017, a Charity Commission Scheme was issued (C 430439), realigning the land ownership between the Foundation and the School.

b. 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. Following a review of the Articles of Association in 2021, the Board of Governors now allows for sixteen persons: Eleven co‑optative Governors and Five 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 four years. Nominative Governors can be re‑appointed. There are currently only 14 appointed Governors, nine co-optative and five nominative.

c. Recruitment and training of Governors. John Bridge resigned in December 2023 and Simon Page transitioned from the Old Kimboltonian Association nominated Governor to a Co-optative Governor and then voted in as Vice Chair. Christopher Dodd was appointed in April 2024 as a Co-optative Governor and Helen Hopperton was nominated as Old Kimboltonian Association Governor, taking up her appointment in December 2023.

10

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

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 Full Board one being in December 2022; of note new Governors completed a skills audit on appointment, a requirement for all new Governors. 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. New Governors are issued a Governors’ induction pack 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 Policy Committee, Health and Safety Committee, Education Committee, Finance Committee and the Full Board meeting each term. The Remuneration Committee meets once in the Spring Term. The Parental Complaints Sub Committee (to deal with complaints from parents and subsequent appeals), Bursary Sub Committee (which looks at Bursary applications) and Salaries Sub Committee meet as necessary. The decision was made by the Full Board that as of September 2023, the Health and Safety Committee would become a Senior Leadership Committee with Governor oversight through a Governor representative and reports made to Full Board. Governors, currently Mr Simon Page and Mrs Tracey Reid, are responsible for Safeguarding and have regular meetings with the Designated Safeguarding Lead and the Bursar, who is responsible for the Single Central Register of appointments.

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 following recommendations made at the Remuneration Committee, 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 Senior Deputy Head attends the Estates Committee. The Prep Headmaster attends the relevant section of the Full Board. The Deputy Bursar attends the Finance Committee. 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.

11

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

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 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.

DISCLOSURE OF INFORMATION TO AUDITORS

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

This report was approved by the Trustees on 29 November 2024 and signed on their behalf by:

pwr Mr J A Gray Chair of Governors

Mr G R Yeandle Chair of Finance

12

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KIMBOLTON SCHOOL

Opinion

We have audited the consolidated financial statements of Kimbolton Schoool for the year ended 31 August 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charitable Company Statement of Financial Positions, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report. 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.

13

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KIMBOLTON SCHOOL

Opinion on other matters prescribed by the Companies Act 2006

In 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 group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report (which incorporates the Strategic Report and the Directors’ Report).

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

Responsibilities of trustees for the financial statements

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.

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.

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

14

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KIMBOLTON SCHOOL

Auditors' responsibilities for the audit of the financial statements (conitnued)

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, was as follows:

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of noncompliance with laws an regulations related to the independent school regulations, safeguarding regulations, health and safety requirements, GDPR, employment law and charity law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and Companies Act 2006 and consider other factors such as payroll tax.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the improper recognition of revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transaction reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error as fraud involves intentional concealments, forgery, collusion, omission or misrepresentation.

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 auditor’s report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an 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.

oan

Lee Stokes (Senior Statutory Auditor) for and on behalf of HaysMac LLP, Statutory Auditor 10 Queen Street Place London EC4R 1AG

Date: 3 December 2024

15

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024

Note
Income and
endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
7
Other Income
Total income and
endowments
Expenditure on:
Raising funds
6
Charitable activities
8
Total expenditure
Net income /
(expenditure)
Transfers between funds
19
Net movement in funds
before other recognised
gains / (losses)
Other recognised gains:
Pension liability
derecognised
25
Net movement in funds
Reconciliation of funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Endowment
funds
2024
Restricted
funds
2024
Unrestricted
funds
2024
Total
funds
2024
Total
funds
2023
£
£
£
£
£
-
251,385
150,960
402,345
308,787
-
116,564
19,009,534
19,126,098
18,057,714
-
-
119,621
119,621
114,583
-
3,117
349,027
352,144
128,488
-
-
407,000
407,000
-
-
371,066
20,036,142
20,407,208
18,609,572
-
-
78,861
78,861
86,398
57,729
300,857
19,123,925
19,482,511
18,682,127
57,729
300,857
19,202,786
19,561,372
18,768,525
(57,729)
70,209
833,356
845,836
(158,953)
-
(42,820)
42,820
-
-
(57,729)
27,389
876,176
845,836
(158,953)
-
-
-
-
1,054,000
(57,729)
27,389
876,176
845,836
895,047
3,461,297
362,175
38,909,530
42,733,002
41,837,955
(57,729)
27,389
876,176
845,836
895,047
3,403,568
389,564
39,785,706
43,578,838
42,733,002

16

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2024

2024 2023 2023
Note £ £
Fixed assets
Tangible assets 12 **43,642,751 ** 42,841,729
Current assets
Stocks 15 14,550 24,050
Debtors 16 856,061 680,964
Cash at bank and in hand 10,800,424 3,585,086
11,671,035 4,290,100
Creditors: amounts falling due
within one year 17 (5,819,686) (3,355,046)
Net current assets 5,851,349 935,054
Total assets less current
liabilities 49,494,100 43,776,783
Creditors: amounts falling due
after more than one year 18 (5,915,262) (1,043,781)
Net assets excluding pension
liability 43,578,838 42,733,002
Defined benefit pension scheme
liability 25 - -
Total net assets 43,578,838 42,733,002
Charity funds
Endowment funds 19 3,403,568 3,461,297
Restricted funds 19 389,564 362,175
Unrestricted funds
Unrestricted funds excluding
pension liability 19 39,785,706 38,909,530
Pension reserve 19 - -
Total unrestricted funds 19 39,785,706 38,909,530
Total funds 43,578,838 42,733,002

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: Dw Mr J A Gray Mr G R Yeandle Aspen Chair of Governors Chair of Finance Date: 29 November 2024 The notes on pages 20 to 39 form part of these financial statements.

17

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

SCHOOL STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2024

2024 2023 2023
Note £ £
Fixed assets
Tangible assets 12 43,642,371 42,841,218
Investments 13 4 4
43,642,375 42,841,222
Current assets
Stocks 15 14,550 23,985
Debtors 16 851,451 711,688
Cash at bank and in hand 10,756,113 3,522,720
11,622,114 4,258,393
Creditors: amounts falling due
within one year 17 (5,792,909) (3,344,898)
Net current assets 5,829,205 913,495
Total assets less current
liabilities 49,471,580 43,754,717
Creditors: amounts falling due
after more than one year 18 (5,909,187) (1,037,706)
Net assets excluding pension
liability 43,562,393 42,717,011
Defined benefit pension scheme
liability 25 - -
Total net assets 43,562,393 42,717,011
Charity funds
Endowment funds 19 3,403,568 3,461,297
Restricted funds 19 389,564 362,175
Unrestricted funds
Unrestricted funds excluding
pension liability 19 39,769,261 38,893,539
Pension reserve 19 - -
Total unrestricted funds 19 **39,769,261 ** 38,893,539
Total funds 43,562,393 42,717,011

The School's net movement in funds for the year was £845,381 (2023 - £895,010).

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: DA yeni Mr J A Gray Mr G R Yeandle Chair of Governors Chair of Finance

Date: 29 November 2024

The notes on pages 20 to 39 form part of these financial statements.

18

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024

Cash flows from operating activities
Net cash generated from operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2024
2023
£
£
8,472,368
1,279,601
352,119
128,488
5,750
2,000
(1,612,199)
(125,651)
(1,254,330)
4,837
(2,700)
(505,200)
(2,700)
(505,200)
7,215,338
779,238
3,585,086
2,805,848
10,800,424
3,585,086

The notes on pages 20 to 39 form part of these financial statements.

19

(A Company Limited by Guarantee)

KIMBOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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 2019), 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 on a line by line basis.

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.

2.2. Going concern

The governors assess whether the use of the going concern basis is appropriate, looking at 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.

The Governors have concluded that there is adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

2.3. Company status

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.

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.

20

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

2. Accounting policies (continued)

2.4. Fund accounting (continued)

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.

2.5. Income

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.

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.

21

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

2. Accounting policies (continued)

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 12). 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:

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

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 slowmoving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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.

22

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

2. Accounting policies (continued)

2.14. Liabilities and provisions

Liabilities 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 participated 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 participated in a defined contribution pension scheme during the year.

2.18. Critical accounting estimates and areas of judgement

In the application of the accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects on that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical accounting estimates and assumptions;

23

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

3. Income from donations and legacies

Donations
Fees in lieu of notice and donations received
Income from associated organisations
Scholarship income
Donations received
Government grants
Similar incoming resources
Total 2024
Total 2023		 Restricted
funds
2024
£
Unrestricted
funds
2024
£
Total
funds
2024
£
2,000
96,594
98,594
240,985
-
240,985
8,400
-
8,400
251,385
96,594
347,979
-
-
-
-
54,366
54,366
251,385
150,960
402,345
188,707
120,080
308,787

4. Income from charitable activities

School tuition fees
Bursaries and scholarships
Allowances on fees
Other related income
Swimming pool
Covid-19 discounts
Total 2024
Total 2023		 Restricted
funds
2024
£
Unrestricted
funds
2024
£
-
20,150,268
(20,052)
(1,001,430)
-
(1,057,453)
136,616
846,309
-
71,840
-
-		 Total
funds
2024
£
Total
funds
2023
£
20,150,268
18,112,544
(1,021,482)
(889,878)
(1,057,453)
(886,578)
982,925
1,594,648
71,840
127,078
-
(100)
116,564
19,009,534		 19,126,098
18,057,714
112,481
17,945,233		 18,057,714

5. Income from other trading activities

Income from fundraising events
School shop income
Kimbolton School Enterprises Limited
Total 2024
Total 2023		 Unrestricted
funds
2024
£
Total
funds
2024
£
Total
funds
2023
£
72,778
72,778
68,101
46,843
46,843
46,482
119,621
119,621
114,583
114,583
114,583

24

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

6. Expenditure on raising funds

Cost of raising voluntary income
School shop expenditure
Kimbolton School Enterprises Limited
Total 2024
Total 2023		 Unrestricted
funds
2024
£
Total
funds
2024
£
Total
funds
2023
£
48,871
48,871
54,495
29,990
29,990
31,903
78,861
78,861
86,398
86,398
_86,398 _

7. Investment income

Interest receivables on cash at bank and
equivalent deposits
Interest on fees and charges
Total 2024
Total 2023		 Restricted
funds
2024
£
Unrestricted
funds
2024
£
3,117
348,188
-
839		 Total
funds
2024
£
Total
funds
2023
£
351,305
127,871
839
617
3,117
349,027		 352,144
128,488
1,912
126,576		 128,488

8. Analysis of expenditure on charitable activities

Summary by fund type

Teaching
Support costs
Other expenditure
Total 2024
Total 2023		 Endowment
funds
2024
£
Restricted
funds
2024
£
Unrestricted
funds
2024
£
-
846
11,172,907
57,729
300,011
7,929,244
-
-
21,774		 Total
funds
2024
£
Total
funds
2023
£
11,173,753
10,677,673
8,286,984
7,982,731
21,774
21,723
57,729
300,857
19,123,925		 19,482,511
18,682,127
57,729
236,721
18,387,677		 18,682,127

25

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

8. Analysis of expenditure on charitable activities (continued)

Summary by expenditure type

Teaching
Support costs
Other expenditure
Total 2024
Total 2023		 Staff costs
2024
£
Depreciation
2024
£
Other costs
2024
£
10,151,421
-
1,022,332
3,163,480
811,177
4,312,327
-
-
21,774		 Total
2024
£
Total
2023
£
11,173,753
10,677,673
8,286,984
7,982,731
21,774
21,723
13,314,901
811,177
5,356,433		 19,482,511
18,682,127
12,147,104
795,787
5,739,236		 18,682,127

9. Auditors’ remuneration

The auditors' remuneration amounts to an auditor fee £42,120 ( 2023 - £36,000

10. Staff costs – group and company

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Total
2024
£
Total
2023
£
10,303,205
9,529,098
1,076,506
989,418
1,935,190
1,628,588
13,314,901
12,147,104

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

Teaching staff
Teaching support staff
Non-teaching staff		 Total
2024
£
Total
2023
£
151
147
49
46
137
146
337
339

The average headcount expressed as full-time equivalents was:

Teaching staff
Teaching support staff
Non-teaching staff		 Total
2024
No.
Total
2023
No.
123
120
35
32
81
79
239
231

26

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

10. Staff costs (continued)

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

Group Group
2024 2023
No. No.
In the band £60,001 - £70,000 12 7
In the band £70,001 - £80,000 3 2
In the band £80,001 - £90,000 2 2
In the band £90,001 - £100,000 - 1
In the band £100,001 - £110,000 - 1
In the band £120,001 - £130,000 2 -
In the band £170,001 - £180,000 1 -
In the band £240,001 - £250,000 - 1

The key management personnel of the charity comprise the trustees, the Headmaster, and the Bursar. The total amount of employee benefits (including employer national insurance and pension contributions) received by key management personnel for their services to the charity was £392,939 (2023 £409,010).

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 £NIL). Expenses totaling £5,204 were reimbursed to two trustees during the year ended 31 August 2024 (£101 in the year ended 31 August 2023). Reimbursed expenses are typically for travel costs incurred in respect of board meetings and training events.

12. Tangible Fixed Assets

Group

Cost
At 1 September 2023
Additions
Disposals
At 31 August 2024
Depreciation
At 1 September 2023
Charge for the year
On disposals
At 31 August 2024
Net book value
At 31 August 2024
At 31 August 2023		 Freehold
property
-KSF
£
Freehold
property
-KS
£
3,977,134
44,776,120
-
1,352,934
-
-		 Plant and
machinery
£
Fixtures
and fittings
£
Total
£
121,854
3,165,785
52,040,893
-
259,265
1,612,199
-
(12,114)
(12,114)
3,977,134
**46,129,054 **		 121,854
3,412,936
53,640,978
515,837
5,670,270
57,729
641,182
-
-		 121,343
2,891,714
9,199,164
131
112,135
811,177
-
(12,114)
(12,114)
573,566
**6,311,452 **		 121,474
2,991,735
9,998,227
3,403,568
39,817,602		 380
421,201
43,642,751
3,461,297
39,105,850		 511
274,071
42,841,729

27

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

12. Tangible Fixed Assets (continued)

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 1 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 estimated useful economic life.

The historic cost of the School's freehold property is £25,304,875 (2023 £25,304,875). At the balance sheet date, the revaluation reserve for freehold property amounted to £20,631,701 (2023 £19,723,318) 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.

Company

Cost
At 1 September 2023
Additions
Disposals
At 31 August 2024
Depreciation
At 1 September 2023
Charge for the year
On disposals
At 31 August 2024
Net book value
At 31 August 2024
At 31 August 2023		 Freehold
property
-KSF
£
Freehold
property
-KS
£
Fixtures
and fittings
£
Total
£
3,977,134
44,776,120
3,165,785
51,919,039
-
1,352,934
259,265
1,612,199
-
-
(12,114)
(12,114)
3,977,134
46,129,054
3,412,936
53,519,124
515,837
5,670,270
2,891,714
9,077,821
57,729
641,182
112,135
811,046
-
-
(12,114)
(12,114)
573,566
6,311,452
2,991,735
9,876,753
3,403,568
39,817,602
421,201
43,642,371
3,461,297
39,105,850
274,071
42,841,218

13. Fixed asset investments

School
Cost or valuation
At 1 September 2023
At 1 September 2024		 Investment in
subsidiary
companies
£
4
4

28

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

14. Subsidiary undertaking

The following was a subsidiary undertaking of the School:

Name Company Registered office or
Principal
Class of
Principal
Class of		 Holding Included in
number principal place of activity
shares		 consolidation
business
Kimbolton School 2655855 Kimbolton School, Management
Ordinary		 100% Yes
Enterprises Limited Kimbolton, Cambs of commercial
share capital
PE28 0EA lettings
The financial results of the subsidiary for the year were:
Profit/(Loss)
Surplus/(Deficit)
Income Expenditure
for the year		 Net assets
Name £ £ £ £
Kimbolton School Enterprises
Limited 78,120 (77,666) 454 16,445
5. Stocks
Group Group Company Company
2024 2023 2024 2023
No.
No.		 No. No.
Goods for resale 14,550 24,050 14,550 23,985
6. Debtors
Group Group Company Company
2024 2023 2024 2023
Due within one year No.
No.		 No. No.
Trade debtors 37,435 13,065 33,425 12,765
Parent debtors (fees) 206,412 81,912 206,412 81,912
Amounts owned by grou-p undertakings - - - 32,224
Other debtors 76,885 29,674 76,885 29,674
Parent debtors (disbursements) 159,790 107,437 159,790 107,437
Prepayments and accrued income 375,539 448,876 374,939 447,676
856,061 680,964 851,451 711,688

15. Stocks

16. Debtors

29

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

17. Creditors: Amounts falling due within one year

Bank loans
Trade creditors
Other taxation and social security
Fees in advance scheme
Other creditors
Accruals and deferred income		 Group
2024
No.
Group
2023
No.
Company
2024
No.
Company
2023
No.
-
2,700
-
-
401,480
462,099
380,787
460,568
188,690
240,540
190,983
240,248
2,636,192
853,791
2,636,192
853,791
914,537
1,383,080
914,537
1,383,080
1,678,787
412,836
1,670,410
407,211
5,819,686
3,355,046
5,792,909
3,344,898

18. Creditors: Amounts falling due after more than one year

Bank loans
Other creditors		 Group
2024
No.
Group
2023
No.
Company
2024
No.
Company
2023
No.
6,075
6,075
-
-
5,909,187
1,037,706
5,909,187
1,037,706
5,915,262
1,043,781
5,909,187
1,037,706

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 £1,021,415 (2023 - £93,077) 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.

30

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

19. Statement of funds

Statement of funds – current year

Unrestricted funds
Designated funds
Grants fund
Bursary fund
Bursary allocation
Adrian Hey
General funds
General fund
Fixed asset reserve (RR)
Fixed asset reserve (HC)
Kimbolton School
Enterprises Ltd
Total unrestricted
funds
Endowment funds
Kimbolton School
Foundation
Restricted funds
KSPA
Alma Baker
Other activities
Music Fund
DTE Fund
Greta Tomlins
OKA
Michael Nutkins
R Piggins Prize
379th Bomb Group
Stone Prize
Covid-19 hardship fund
OKA Scholarship
Scholarship allocation
Blue Mercury DTE
Bursary
Total of funds		 Balance at
1 September
2023
£
Income
£
Expenditure
£
Transfers
in/(out)
£
Gains/
(losses)
£
Balance
at 31August
2024
£
109,547
-
(35,245)
42,041
-
116,343
727,615
132,320
(809,143)
847,800
-
898,592
-
(809,143)
809,143
-
-
-
-
-
-
96,137
-
**96,137 **
837,162
(676,823)
(35,245)
985,978
-
1,111,072
(1,323,544)
20,666,122
(18,377,704)
(2,545,488)
-
(1,580,614)
19,723,318
-
908,383
-
-
20,631,701
19,656,603
(1,661,700)
1,612,199
19,607,102
15,991
46,843
(36,520)
(9,869)
-
16,445
38,072,368
20,712,965
(19,167,541)
(943,158)
-
**38,674,634 **
38,909,530
20,036,142
(19,202,786)
42,820
-
39,785,706
3,461,297
-
(57,729)
-
-
3,403,568
79,999
231,378
(166,441)
(42,041)
-
102,895
18,655
916
(1,513)
-
-
18,058
113,448
136,616
(105,942)
(543)
-
143,579
10,968
539
-
(11,507)
-
-
10,812
-
(375)
-
-
10,437
16,981
834
-
-
-
17,815
64,555
9,607
(27,603)
11,271
-
57,830
12,084
593
-
-
-
12,677
639
31
(400)
-
-
270
4,164
204
(71)
-
-
4,297
200
-
(25)
-
-
175
16,746
-
(9,899)
-
-
6,847
12,924
8,400
(8,640)
-
-
12,684
-
(20,052)
20,052
-
-
-
-
2,000
-
-
-
2,000
362,175
371,066
(300,857)
(42,820)
-
**389,564 **
42,733,002
20,407,208
(19,561,372)
-
-
43,578,838

31

(A Company Limited by Guarantee)

KIMBOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

19. Statement of funds (continued)

Statement of funds – prior year

Unrestricted funds
Designated funds
Grants fund
Bursary fund
Bursary allocation
General funds
General fund
Fixed asset reserve (RR)
Fixed asset reserve (HC)
Kimbolton School
Enterprises Ltd
Pension reserve
Total unrestricted funds
Endowment funds
Kimbolton School
Foundation
Restricted funds
KSPA
Alma Baker
Other activities
Music Fund
DTE Fund
Greta Tomlins
OKA
Michael Nutkins
R Piggins Prize
Covid-19 hardship fund
379th Bomb Group
Stone Prize
OKA Scholarship
Scholarship allocation
Total of funds		 Balance at
1 September
2022
£
Income
£
Expenditure
£
Transfers
in/(out)
£
Gains/
(losses)
£
Balance
at 31August
2023
£
115,373
-
(24,328)
18,502
-
109,547
564,011
87,985
(726,050)
801,669
-
727,615
-
(726,050)
726,050
-
-
-
679,384
(638,065)
(24,328)
820,171
-
_837,162 _
(1,647,441)
18,898,055
(17,674,787)
(899,371)
-
(1,323,544)
20,207,868
-
(484,550)
-
-
19,723,318
19,784,283
-
(253,331)
125,651
-
19,656,603
15,954
46,482
(37,079)
(9,366)
-
15,991
(1,054,000)
-
-
-
1,054,000
-
37,306,664
18,944,537
(18,449,747)
(783,086)
1,054,000
38,072,368
37,986,048
18,306,472
(18,474,075)
37,085
1,054,000
38,909,530
3,519,026
-
(57,729)
-
-
3,461,297
67,565
147,623
(97,658)
(37,531)
-
79,999
18,052
603
-
-
-
18,655
99,736
127,846
(114,134)
-
-
113,448
5,775
5,193
-
-
-
10,968
-
20,000
-
(9,188)
-
10,812
16,432
549
-
-
-
16,981
70,516
8,634
(24,229)
9,634
-
64,555
11,960
399
(275)
-
-
12,084
957
32
(350)
-
-
639
4,078
136
(50)
-
-
4,164
250
-
(50)
-
-
200
22,476
-
(5,730)
-
-
16,746
15,084
7,450
(9,610)
-
-
12,924
-
(15,365)
15,365
-
-
-
332,881
303,100
(236,721)
(37,085)
-
362,175
41,837,955
18,609,572
(18,768,525)
-
1,054,000
42,733,002

32

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

19. Statement of funds (continued)

Designated Funds:

Grants Fund- The grants committee allocates funds transferred to the School by Kimbolton School 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.

General Funds:

General Fund- The deficit on the School's general fund increased by £257,070 (reduced in 2023 by £323,897) during the year, after net transfers out totalling £2,545,488 (2023 £899,371). 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.

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 School and its subsidiary.

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.

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.

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. In 2023/24, a further £500 donation was made to the music fund enabling another piano to be purchased since the year end.

33

(A Company Limited by Guarantee)

KIMBOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

19. Statement of funds (continued)

Restricted Funds: (continued)

DTE Fund- In 2023/24, no donation was made to the school. Assets costing £375 were purchased during the year.

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.

Old Kimboltonians Association Scholarship Trust Fund- The School receives an annual donation from the Scholarship Trust Fund to support two sixth form students.

Covid-19 Hardship Fund- In 2020, the School set up a fund to support students and their families suffering from financial hardship as a result of the coronavirus pandemic. The fund is administered alongside the bursary fund.

Stone Prize- In 2022 the School received £250 for an annual award of £25 to be made to an upper sixth form student who has studied A level Philosophy, Religion and Ethics.

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

34

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

20. Summary of funds

Summary of funds – current year

Designated funds
General funds
Endowment funds
Restricted funds		 Balance at
1 September
2023
£
Income
£
Expenditure
£
Transfers
in/(out)
£
Gains/
(losses)
£
Balance
at 31August
2024
£
837,162
(676,823)
(35,245)
985,978
-
1,111,072
38,072,368
20,712,965
(19,167,541)
(943,158)
-
38,674,634
3,461,297
-
(57,729)
-
-
3,403,568
362,175
371,066
(300,857)
(42,820)
-
**389,564 **
42,733,002
20,407,208
(19,561,372)
-
-
43,578,838

Summary of funds – prior year

Designated funds
General funds
Endowment funds
Restricted funds		 Balance at
1 September
2022
£
Income
£
Expenditure
£
Transfers
in/(out)
£
Gains/
(losses)
£
Balance
at 31August
2023
£
679,384
(638,065)
(24,328)
820,171
-
837,162
37,306,664
18,944,537
(18,449,747)
(783,086)
1,054,000
38,072,368
3,519,026
-
(57,729)
-
-
3,461,297
332,881
303,100
(236,721)
(37,085)
-
362,175
41,837,955
18,609,572
(18,768,525)
-
1,054,000
42,733,002

21. Analysis of net assets between funds

Analysis of net assets between funds – current year

Endowment Restricted Unrestricted Total
funds funds funds funds
2024 2024 2024 2024
£ £ £ £
Tangible fixed assets 3,403,568 - 40,239,183 43,642,751
Current assets - 389,564 11,281,471 11,671,035
Creditors due within one year - - (5,819,686) (5,819,686)
Creditors due in more than one year - - (5,915,262) (5,915,262)
Total 3,403,568 389,564 39,785,706 43,578,838
Analysis of net assets between funds – prior year
Endowment Restricted Unrestricted Total
funds funds funds funds
2023 2023 2023 2023
£ £ £ £
Tangible fixed assets 3,461,297 - 39,380,432 42,841,729
Current assets - 362,175 3,927,925 4,290,100
Creditors due within one year - - (3,355,046) (3,355,046)
Creditors due in more than one year - - (1,043,781) (1,043,781)
Total 3,461,297 362,175 38,909,530 42,733,002

35

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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

Net income / (expenditure) for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Profit on the sale of fixed assets
Decrease in stocks
Increase in debtors
Increase in creditors
Net cash provided by operating activities		 Group
2024
£
Group
2023
£
845,836
(158,953)
811,177
795,785
(352,119)
(128,488)
(5,750)
(2,000)
9,500
(4,390)
(175,097)
(105,572)
7,338,821
883,219
8,472,368
1,279,601

23. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
2024
£
Group
2023
£
10,800,424
3,585,086
10,800,424
3,585,086

24. Analysis of changes in net debt

Cash at bank and in hand
Due within 1 year
Due after 1 year		 At 1
September
2023
£
Cash flows
£
At 31
August
2024
£
3,585,086
7,215,338
10,800,424
(2,700)
2,700
-
(6,075)
-
(6,075)
3,576,311
7,218,038
10,794,349

25. Pension commitments

The School participates in one multi-employer defined benefit pension schemes (Teachers Pensions for some teachers).

Teaching Staff

Introduction

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. 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.

36

(A Company Limited by Guarantee)

KIMBOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

25. Pension commitments (continued)

Teaching staff (continued)

Valuation of the Teachers' Pension Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £2,248,859 (2023 £1,880,285) and at the year-end £204,020 (2023 £160,703) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

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

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

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

The TPS for Kimbolton School is now closed to new teachers.

Defined Contribution Scheme for Teachers

New teachers and those wishing to exit the TPS have the option to join a new defined contribution scheme set up with APTIS Aviva.

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

On 31 August 2023, Kimbolton School officially exited the Local Government Pension Scheme. Kimbolton School participated in the Fund as a Community Admission Body providing private education within Cambridgeshire. Kimbolton School’s participation in the Fund has ended following a consultation to close the Scheme to future benefit accrual with affected. In this Final Cessation Valuation report dated 17 November 2023, the Fund Actuary determined there was an excess of assets in the Fund over the liabilities in respect of Kimbolton School’s current and former employees; a credit payable of £407,000 to Kimbolton School was received in the year.

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(A Company Limited by Guarantee)

KIMBOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

26. Operating lease commitments

At 31 August 2024 the Group and the School had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 Group
2024
£
Group
2023
£
Company
2024
£
Company
2023
£
225,556
165,184
225,556
165,184
544,560
583,525
544,560
583,525
6,769
64,903
6,769
64,903
776,885
813,612
776,885
813,612

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.

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.

Mr S Page was a Director of Titanium Fireworks Limited until 6 October 2023, one of two companies with sufficient safety experience allowed to operate fireworks displays on the School site. During the year, Titanium Fireworks Limited was paid £18,492 (2023 £18,682) for the Kimbolton Fireworks display organised by the KSPA.

Ms S Brereton is a Director of Limewash Media & Design Ltd. During the year, Limewash Media & Design Ltd provided support with the ongoing production of the Strategic Development Plan, but no amounts had been invoiced at the reporting date (2023 £NIL).

The School has no other contracts or trades in which any Governor, or person connected to the Governor, benefits. Messrs J Bridge, J Gray, W Chuter were all Directors of Kimbolton School Enterprises Ltd during the year.

Governors with children at the school

During the year the following Governors had children at the school: Mr Dodd, Dr Khan and Dr Smith. Governors do not receive an extra discount or other benefit on their fees over and above normal terms.

38

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

28. Related party transactions (continued)

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 2024 Kimbolton School Enterprises Limited paid £22,041 (2023 £10,404) for goods and services provided by the School, £20,000 (2023 £20,000) for the use of the sports centre and £NIL (2023 £10,239) by way of a charitable donation. Kimbolton School paid Kimbolton School Enterprises Limited £31,277 (2023 £31,277) 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 reporting date Kimbolton School Enterprises Limited owed the School £22,041 (2023 £32,224).

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