2022-08-31-accounts

		Page
Legal and Administrative	Information
Governors' Report		2 —13
Independent Auditor's	Report	14 —17
Statement of Financial	Activities	18-19
Balance Sheet		20
Cashf low Statement		21
Notes to the Financial Statements		22-45

COMPANY NUMBER	03394895
CHARITY NUMBER	1115875
REGISTERED OFFICE	King Edward's	School
	North Road
	Bath
	BA2 6HU
GOVERNORS	Mrs W. Thomson
	Mr I.A. Bleakley
	Mr T. Boyce
	Mrs V. Chalmers
	Mr P.G. Cobb
	Mrs C.A. Colston
	Mr S.Coombe
	Mr J.Graham-Brown
	MrJ.Isherwood
	Prof S.C. Lillicrap
	Prof A. Millar
	Mr P. Roper
	Mr R.P.Stevens
	Mr O.A. Von Arx*
	*Parent of pupil(s) at the School
HEADMASTER	Mr M.J.Boden*
BURSAR &CHIEF OPERATING	Mr T.P. Davies
OFFICER
CLERK TO THE GOVERNORS	Mrs TVaid
AUDITOR	Crowe U.K. LLP
	4'" Floor
	StJames' House
	StJames' Square
	Cheltenham
	GL50 3PR
SOLICITOR	Stone King LLP
	Upper Borough	Court
	3 Upper Borough		Walls
	Bath
	BA1 1RG
INVESTMENT IIANAGER	Charles Stanley		&Co. Limited
	26 Queen Square
	Bath
	BA1 2HX

raising committees along with the Old Edwardians' Association whose clo appreciate and gladly acknowledge. Related party transactions are disclosed in note 33 to these financial statements.	raising committees along with the Old Edwardians' Association whose clo appreciate and gladly acknowledge. Related party transactions are disclosed in note 33 to these financial statements.	raising committees along with the Old Edwardians' Association whose clo appreciate and gladly acknowledge. Related party transactions are disclosed in note 33 to these financial statements.	raising committees along with the Old Edwardians' Association whose clo appreciate and gladly acknowledge. Related party transactions are disclosed in note 33 to these financial statements.	raising committees along with the Old Edwardians' Association whose clo appreciate and gladly acknowledge. Related party transactions are disclosed in note 33 to these financial statements.	se supp	or	t	w	e	gr	e	atly
Employment policy
The	School		is an equal opportunities employer. Full and fair consideration is given		tojob applications						from
disabled		persons and due consideration is given to their training and employment			needs. Consultation						with
employees,			or their representatives, has continued at all levels with the aim		of taking		the		views			of
employees			into account when decisions are made that are likely to affect their interests.
STRATEGIC REPORT
Risk	Management
The	Board of Governors is responsible for the management of the risks faced				by the School.					Detailed
considerations of risk are delegated to the Chair and the Chairs of the Governors' Committees,										assisted
by the Headmaster				and Bursar. Risks are identified, assessed, and controls established			as	part of				the
work	of	the	individual Committees. A formal review of the charity's risk management				processes					is
undertaken			each year and the main or key operational risks identified and these are documented						here:
Educational:
	~	Academic		standards declining as reflected by external examination results; mitigated				by:
				Recruitment and retention ofgood quality teaching staff;
				Systematic performance review and development ofteaching	staff.
Pastoral:
	~	Adverse pastoral matter arising; mitigated by:
			&	Robust structures and systems in place to identify and manage behaviour				issues			and
				possible underlying causes;
			k	Robust structures in place to manage and support well-being,	including		an	awareness
				of and close supervision of those identified as, or who	identify	themselves						as,
				vulnerable members ofthe community;
			&	Staff training on specific issues (eg. self-harm, suicide or bereavement).
Health and Safety:
	~	Failure to		ensure safe, secure and suitable premises and accommodation;	mitigated		by:
				Organisational structures and resources to sustain regular repairs 8 maintenance;
				Refurbishment and renewals to improve and meet new standards				of		safety,
				education, environment, technology and legislation, as required.
Legal and/or			regulatory:
	~	Failure to		comply with statutory, legal or educational requirements; mitigated by:
				Systematic production and review of policies and procedures	carried	out		at	all levels
				by management and staff trained and supported as required;
				Organisation and management structures to ensure monitoring and		implementation
				of policies and procedures.
Financial:
	~	Significant		and sustained decline in pupil numbers; mitigated by:
				High quality academic, pastoral and co-curricular provision in	all three	sections of						the
				School;

se gas	emissions and	emissions and	energy	energy	use for the periods:
Energy	consumption		used		2021-22	2020-21
to calculate emisslons
kwh
Energy	consumption	used		to	2,162,076	2,440,054
calculate emissions		(kWh);		all
mandatory energy		sources
are included
Scope	1 emissions	in	metric
tonnes	CO2e
~	Natural Gas				228	297
~	Owned transport				20
	minibuses 8	vans
Scope	2emissions	in	metric
tonnes	CO2e
~	Purchased electricit				157	183
Scope	3emissions	in	metric
tonnes	CO2e
~	Business		travel
	in employee
	owned vehicles
Total	gross emissions			in	406	490
metric	tonnes CO2e
Intensity ratio Tonnes			CO2e		0.37(1,092 pupils)	0.46 (1,072 pupils)
er u	II

			Unrestricted	Restricted	Endowment	Total	Total
			funds	funds	funds	funds	funds
		Note	2022	2022f	2022f	2022	2021
Income from:
Donations				97,068		97,068	157,112
Charitable activities:
School fees			14,304,552			14,304,552	13,189,514
Other educational
income			546,866			546,866	485,250
Other ancillary trading
income			749,629			749,629	555,558
Non- ancillary trading
activities			65,120			65,120	195,850
Investments			33,850			33,850	40,485
Total income and
endowments			15,700,017	97,068		15,797,085	14,623,769
Expenditure on:
Raising funds:		10,11
Fundraising costs			47,512			47,512	47,941
Financing costs			15,855			15,855	16,958
Charitable activities:		12
Education and
grantmaking			15,021,342	73,292		15,094,634	14,168,197
Total expenditure			15,084,709	73,292		15,158,001	14,233,096
Net income before
net (losses)/gains	on
investments			615,308	23,776		639,084	390,673
Net (losses)/gains	on
investments			(142,935)			(142,935)	3'/9, 672
Net income			472,373	23,776		496,149	710,345
Transfers between
funds		24	25,357	(25,357)
Net movement in
funds			497,730	(1,581)		496,149	710,345

			Unrestricted	Restricted	Endowment	Total	Total
			funds	funds	funds	funds	funds
		Note	2022	2022	2022f	2022	2021
Reconciliation	of
funds:
Total funds brought
forward		24	16,349,924	212,581	2,054,307	18,616,812	17,906,467
Net movement	in funds		497,730	(1,581)		496,149	710,345
Total funds carried
forward		24	16,847,654	211,000	2,054,307	19,112,961	'/8, 616,812

			Note	2022f	2022 E	2021	2021
Fixed assets
Tangible assets			16		20,896,588		20,469,139
investments			17		1,517,467		1,629,308
					22,414,055		22,098,447
Current assets
Stocks			18	3,610		2,190
Debtors			19	596,417		577,010
Cash at bank and	in hand			610,595		2,250
				1,210,622		581,450
Creditors: amounts	falling	due within one
year			20	(3,173,504)		(2,518,343)
Net current liabilities					(1,962,882)		(1,936,893)
Total assets less	current	liabilities			20,451,173		20,161,554
Creditors: amounts	falling	due after more
than one year			21		(1,298,212)		(1,544,742)
Provisions for liabilities			23		(40,000)
Total net assets					19,112,961		18,616,812
Charity funds
Endowment funds			24		2,054,307		2,054,307
Restricted funds			24		211,000		212,581
Unrestricted funds			24		16,847,654		16,349,924
Total funds					19,112,961		18,616,812

					Note	2022f	2021
Cash flows from operating		activities
Net cash	used in operating	activities			27	2,232,375	1,068,890
Cash flows from investing		activities
Dividends,	interests and rents from investments					33,412	40,485
Purchase	oftangible fixed assets					(1,262,294)	(304,537)
Purchase	of investments					(31,094)	(30,508)
Net cash	used in investing	activities				(1,259,976)	(294,560)
Cash flows from financing		activities
Repayments of borrowing						(177,215)	(177,215)
Bank loan	interest paid and	finance costs				(15,855)	(16,958)
Net cash	used in financing	activities				(193,070)	(194,173)
Change in cash and cash		equivalents	in	the year		779,329	580,157
Cash and	cash equivalents	at the beginning		ofthe year		(168,734)	(748,891)
Cash and	cash equivalents	at the end	of	the year	28	610,595	(168,734)

				2022f	2021
Gross school	fees			16,124,485	14,954,527
Less: Total bursaries,		grants and allowances		(1,864,643)	(1,765,013)
				14,259,842	13,189,514
Add: Bursaries	paid	for using restricted	funds	44,710
				14,304,552	13,189,514

Other educational income
		2022	2021
After school clubs and school trips		207,569	169,706
Music, Lamda and learning	support lessons	339,297	315,544
		546,866	485,250

Other ancillary	trading income
		2022f	2021
Lunch charges		635,358	475,504
Food and cafe	sales	16,923	7,105
Fee protection	scheme	20,276	18,513
Bus and coach	service income	77,072	54,436
		749,629	555,558

			2022	2021
Rent received			20,826	4,179
Government	grants			138,780
Other incoming		resources	44,294	52,891
			65,120	195,850

		Unrestricted	Total
		funds	funds
		2022f	2022
Dividends	received	33,412	33,412
Interest received		438	438
		33,850	33,850
		Unrestricted	Totai
		funds	funds
		2021	2021
Dividends	received	33,430	33,430
Interest received		7,055	7,055
		40,485	40,485

		Unrestricted	Total
		funds	funds
		2022	2022f
Other	costs	12,336	12,336
Staff	costs	35,176	35,176
		47,512	47,512

		Unrestricted	Total
		funds	funds
		2021	2021
Other	costs	14,729	14,729
Staff	costs	33,212	33,212
		47, 94'l	47,941

							Unrestricted	Total
							funds	funds
							2022	2022
Bank	loan	interest	and	other	finance	costs	15,855	15,855
							Unrestricted	Total
							funds	funds
							2021	2021
Bank	loan	interest	and	other	finance	costs	16,958	16,958

			Unrestricted	Restricted
			funds	funds	Total
			2022	2022	2022
			f		F
Teaching			9,562,327	44,710	9,607,037
Welfare			1,105,253		1,105,253
Premises			2,228,448		2,228,448
Support	and	governance	2,125,314	28,582	2,153,896
			15,021,342	73,292	15,094,634

			Unrestricted	Restricted
			funds	funds	Total
			2021	2021	2021
Teaching			9,218,851		9,218,851
Welfare			985,127		985,127
Premises			1,892,872		1,892,872
Support	and	governance	1,853,123	218,224	2,071,347
			13,949,973	218,224	14,168,197

			Staff costs	Depreciation	Other costs	Total
			2022	2022	2022	2022
				K
Teaching			8,946,172		660,865	9,607,037
Welfare			702,392		402,861	1,105,253
Premises			268,408	834,845	1,125,195	2,228,448
Support	and	governance	1,037,827		1,116,069	2,153,896
			10,954,799	834,845	3,304,990	15,094,634

			Staffcosts	Depreciation	Other costs	Total
			2021	2021	2021	2021
Teaching			8,839,954		378,897	9,218,851
Welfare			702,667		282,460	985,127
Premises			259,942	840,775	792,155	1,892,872
Support	and	governance	1,173,304		898,043	2,071,347
			10,975,867	840,775	2,351,555	14,168,197

			2022f	2021
Fees payable to	the School's auditor and its associates	for the audit ofthe
School's annual	accounts		17,000	15,000
Fees payable to	the School's auditor and its associates	in respect of:
Other services			2,100	1,900

	2022f	2021
Wages and salaries	8,555,022	8,577,173
Social security costs	883,847	859,114
Contributions to pension schemes	1,551,106	1,572,792
	10,989,975	11,009,079

The average	number	number	of	persons	employed	by the School during	the year	was as follows:
								2022	2021
								No.	Mo.
Teaching staff		(including		academic support)				207	207
Administration		and support						35	30
Premises								11	12
Welfare								42	42
								295	291

2022	2021
No.	No.

					Assets
	Freehold	School	Fixtures	Motor	under
	properties f	equipment E	and fittings E	vehicles F	construction E	Total K
Cost or valuation
At 1 September 2021	24,435,619	1,111,630	1,599,977	331,611		27,478,837
Additions	53,976	289,249	78,790		840,279	1,262,294
Disposais		(78,491)	(77,191)			(155,682)
At 31 August 2022	24,489,595	1,322,388	1,601,576	331,611	840,279	28,585,449
Depreciation
At 1 September 2021	5,193,709	783,413	769,070	263,506		7,009,698
Charge for the year	483,785	176,136	139,454	35,470		834,845
On disposais		(78,491)	(77,191)			(155,682)
At 31 Aug ust 2022	5,677,494	881,058	831,333	298,976		7,688,861
Net book value
At 31 August 2022	18,812,101	441,330	770,243	32,635	840,279	20,896,588
At31August 2021	19,241,910	328,217	830,907	68,105		20,469,139

	Listed
	investments
Cost or valuation
At 1 September 2021	1,629,308
Reinvested income	33,412
Investment manager fees	(2,318)
Decrease in value of investments	(142,935)
At 31 August 2022	1,517,467

					2022	2021
Kitchen	stores,	clothes	and	prospectuses	3,610	2,190

		2022	2021
		E
Due within one year
Fee debtors		312,2&9	234,824
Other debtors		11,308	51,871
Prepayments	and accrued income	272,820	290,315
		596,417	577,010

			2022f	2021
Bank overdrafts				170,984
Bank loans			177,215	177,215
Trade creditors			712,402	354,459
Other taxation	and social security		381,567	377,541
Fees received	in advance		837,751	654,340
Refundable deposits			456,675	413,194
Other creditors			231,139	148,313
Accruals and deferred		income	376,755	222,297
			3,173,504	2,518,343

							2022	2021
							E
Analysis	ofmovement		in	deferred		income
Deferred	income at 1 September				2021		500
Resources deferred		during		the year			2,345	500
Amounts	released	from	previous		periods		(500)
							2,345	500

			2022f	2021
Bank loans			898,453	1,075,669
Fees received	in advance		399,759	469,073
			1,298,212	1,544,742
Included within	the above are amounts	falling due as follows:
			2022	2021
Between one	and two years
Bank loans			177,215	177,215
Between two	and five years
Bank loans			531,645	531,645
Over five years
Bank loans			189,593	366,809

						2022	2021
	Payable	or repayable	by instalments			189,593	366,809
22.	Financial	instruments
						2022	2021
	Financial	assets
	Financial	assets measured		at fair value through	income and expenditure	1,517,467	1,629,308

Statement offunds	Statement offunds
Statement offunds		-current year
		Balance at 1					Balance at
		September			Transfers	Gains/	31August
		2021	Income	Expendituref	in/outf	(Losses) f	2022
Unrestricted	funds
Designated	funds
Designated	Bursary
Fund		134,546					134,546
General funds
General		16,215,378	15,700,017	(15,084,709)	25,357	(142,935)	16,713,108
Total Unrestricted
funds		16,349,924	15,700,017	(15,084,709)	25,357	(142,935)	16,847,654
Endowment	funds
Endowment	Fund—
Permanent		1,845,977					1,845,977
Endowment	Fund-
Expendable		208,330					208,330
		2,054,307					2,054,307
Restricted funds
Prize fund		133,083	600	(3,701)			129,982
Bursary fund			44,710	(44,710)
The Parents'
Committee		20,343	43,673	(20,467)	(17,000)		26,549
Hockey Festival		15,022	2,885	(1,432)			16,475
Other funds		44,133	5„200	(2,982)	(8,357)		37,994
		212,581	97,068	(73,292)	(25,357)		211,000
Total offunds		18,616,812	15,797,085	(15,158,001)		(142,935)	19,112,961

Statement	offunds	(continued)
Statement	offunds	- prior year
		Balance at					Balance at
		1 September			Transfers	Gains'	31August
		2020	Income	Expenditure	in/out	(Losses)	2021
Unrestricted	funds
Designated	funds
Designated	Bursary
Fund		134,546					134,546
General funds
General		15,317,765	14,466,657	(14,014,872)	126,156	319,672	16,215,378
Total Unrestricted
funds		15,452, 31'/	14,466,657	(14,014,872)	126,156	3'/9, 672	16,349,924
Endowment	funds
Endowment	Fund-
Permanent		1,845,977					1,845,977
Endowment	Fund-
Expendable		208,330					208,330
		2,054,307					2,054,307
Restricted funds
Prize fund		133,740	1,000	(1,657)			133,083
Bursary fund		161,322	37,700	(199,022)
The Parents'
Committee		39,702	16,854	(16,213)	(20,000)		20,343
Hockey Festival		15,432		(410)			15,022
Mailer fund		6,156			(6, '/56)
Other funds		43,497	10/,558	(922)	(100,000)		44,133
		399,849	'/57, 112	(218,224)	(126,156)		212,581
Total offunds		17,906,467	14,623,769	(14,233,096)		319,672	18,616,812

Summary offun	ds - current ye	ar
	Balance at 1					Balance at
	September			Transfers	Gains/	31August
	2021	Income f	Expenditure K	in/out f	(Losses)	2022 f
Designated
funds	134,546					134,546
General funds	16,215,378	15,700,017	(15,084,709)	25,357	(142,935)	16,713,108
Endowment
funds	2,054,307					2,054,307
Restricted funds	212,581	97,068	(73,292)	(25,357)		211,000
	18,616,812	15,797,085	(15,158,001)		(142,935)	19,112,961

				Balance at					Balance at
			1	September			Transfers	Gains'	31August
				2020	Income	Expenditure	in/out	(Losses)	2021
Designated
funds				134,546					134,546
General	funds			15,317,765	14,466,657	(14,014,872)	126,156	319,672	16,215,378
Endowment
funds				2,054,307					2,054,307
Restricted		funds		399,849	157,112	(218,224)	(126,156)		212,581
				17,906,467	14,623,769	(14,233,096)		319,672	18,616,812

Analysis	ofn	et assets	between funds -	current year
				Unrestricted	Restricted	Endowment	Total
				funds	funds	funds	funds
				2022	2022	2022	2022f
Tangible	fixed	assets		18,842,281		2,054,307	20,896,588
Fixed asset investments				1,517,467			1,517,467
Current assets				999,622	211,000		1,210,622
Creditors	due	within one year		(3,173,504)			(3,173,504)
Creditors	due	in more than one year		(1,298,212)			(1„298,212)
Provisions	for	liabilities	and charges	(40,000)			(40,000)
Total				16,847,654	211,000	2,054,307	19,112,961

Analysis	of n	et assets between funds -	prior year
			Unrestricted	Restricted	Endowment	Total
			funds	funds	funds	funds
			2021	2021	2021	2021
Tangible	fixed	assets	18,414,832		2,054,307	20,469,139
Fixed asset investments			1,629,308			1,629,308
Current	assets		368,869	212,581		581,450
Creditors	due	within one year	(2,518,343)			(2,518,343)
Creditors	due	in more than one year	(1,544,742)			(1,544,742)
Total			16,349,924	212,581	2,054,307	18,616,812

					2022	2021
Net income for the	year (as per Statement		of Financial	Activities)	496,149	710,345
Adjjstments for:
Depreciation charges					834,845	840,775
Gains/(losses) on investments					142,935	(319,672)
Dividends, interests	and rents from	investments			(33,412)	(40,485)
Decrease/(increase)	in stocks				(1,420)	517
Decrease/(increase)	in debtors				(16,536)	44,407
Increase/(decrease)	in creditors				753,959	(183,955)
Finance costs					15,855	16,958
Provisions for liabilities					40,000
Net cash provided	by operating	activities			2,232,375	1,068,890