2023-08-31-accounts

COMPANY NUMBER: 03394895 CHARITY NUMBER: 1115875

KING EDWARD’S SCHOOL, BATH (A COMPANY LIMITED BY GUARANTEE)

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

KING EDWARD’S SCHOOL, BATH CONTENTS

FOR THE YEAR ENDED 31 AUGUST 2023

	Page
Legal and Administrative Information	1
Governors’ Report	2-15
Independent Auditor’s Report	16-19
Statement of Financial Activities	20 - 21
Balance Sheet	22
Cashflow Statement	23
NotestotheFinancialStatements	24—48

KING EDWARD’S SCHOOL, BATH LEGAL AND ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 31 AUGUST 2023

COMPANY NUMBER 03394895 CHARITY NUMBER 1115875 REGISTERED OFFICE King Edward’s School North Road Bath BA2 6HU GOVERNORS Mrs W. Thomson Mr |.A. Bleakley Mr T. Boyce Mrs V. Chalmers Mr P.G. Cobb Mrs C.A. Colston Mr S. Coombe Prof X.L Curdt-Christiansen — Resigned 27" January 2023 Mr J. Graham-Brown Mr J. Isherwood Prof S.C. Lillicrap Prof A. Millar Mr P. Roper Mr R.P. Stevens — Resigned 23% January 2024 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 T Vaid AUDITOR Crowe U.K. LLP 4'> Floor St James’ House St James’ Square Cheltenham GL50 3PR SOLICITOR Stone King LLP Upper Borough Court 3 Upper Borough Walls Bath BA1 1RG INVESTMENT MANAGER Charles Stanley & Co. Limited 26 Queen Square Bath BA1 2HX

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KING EDWARD’S SCHOOL, BATH GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

The Governors present their annual report for the year ended 31 August 2023 under the Charities Act 2011, together with the Strategic Report and the audited financial statements for the year, and confirm that the latter comply with the requirements of the Act, the Trust Deed and the Charities SORP 2005 and the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE INFORMATION

The School was founded by Royal Charter in 1552, and following its restructuring at 31 August 2006 as a charitable company, as described below, is registered with the Charity Commission under charity number 1115875 with which its permanent and expendable endowments of school lands belonging to King Edward's School Bath Trust, number 1115875, are linked for accounting purposes by a Uniting Direction from the Commission at the time. The Governors, executive officers and principal addresses of the Charity are as listed on page 1. Particulars of the Charity’s professional advisers are given on page 1.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Charities Governance Code

As the School is a not for profit organisation which aims to follow charity sector best practice, the Board members have familiarised themselves with the updated version of the Charity Governance Code (the “Code”).

Governing Document

The Charitable Company (Limited by Guarantee registered number 03394895) is governed by its Memorandum and Articles of Association. The Company was appointed as sole trustee of King Edward’s School Bath Trust under the above-mentioned Scheme by the Charity Commission upon transfer of the assets and undertaking of the old School to the Company at 31 August 2006.

Governing Body

The Board of Governors (who are also the Charity Trustees) are as listed on page 1.

Trustee Recruitment and Training

The Charity’s Governors are appointed on the basis of nominations received from existing Governors as the Board seeks to recruit suitable personnel with regard to their personal competence, specialist skills and local availability. New Governors are inducted into the workings of the Charity and its schools, including Board policy and procedures, by the Chair and Clerk to the Governors, and are encouraged to attend trustee training seminars organised by AGBIS or similar national bodies.

Organisational Management

The Governors, as the Directors of the Company, are legally responsible for the overall management and control of the Senior, Junior and Pre- Prep schools of King Edward’s School, Bath, and meet at least three times a year. The work of developing and implementing most of their policies is carried out by the executive through a series of delegated Governors’ Committees.

During 2022/23 these Committees consisted of Education & Performance, Finance & General Purposes, Estates & Premises, HR, Bursaries and Health & Safety committees. The Chair of Governors and the Chairs of the Committees work with the Clerk of Governors to co-ordinate the delegated work of the Committees and to produce forward plans for each Committee.

The day to day running of the schools is delegated to the Headmaster supported by the Bursar & Chief Operating Officer, Heads of the Junior and Pre-Prep Schools and the Senior Management Team. The Headmaster and the Bursar and other invited staff attend meetings of the above Committees.

Remuneration is set by the Governors, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding fairly and responsibly individual contributions to the School's success. The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere.

A formal Scheme of Governance, Management & Delegation prescribes the respective roles and responsibilities of Governors and executive management.

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KING EDWARD’S SCHOOL, BATH GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Wider Relationships

The School actively supports the promotion of the highest standards in the Independent Schools sector, through its membership of HMC, AGBIS and ISBA, and through networking with other major schools.

We also co-operate with many local community organisations and charities in our on-going endeavours to widen public access to the schooling we can provide, to optimise the use of our cultural and sporting facilities and to foster in our pupils an awareness of the social context of the all-round education they receive at the School.

The School also benefits from the generosity of a thriving network of past and current parents’ fund- raising committees along with the Old Edwardians’ Association whose close support we greatly appreciate and gladly acknowledge.

Related party transactions are disclosed in note 33 to these financial statements.

Employment policy

The School is an equal opportunities employer. Full and fair consideration is given to all job applications. 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 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:

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|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Educational:| |e|Academic|standards|declining|as|reflected|by|external|examination|results;|mitigated|by:| |>|Recruitment and|retention|of|good|quality teaching|staff;| |>|Systematic performance|review|and|development|of|teaching|staff.| |Pastoral:| |e|Adverse|pastoral|matter|arising;|mitigated|by:| |>»|Robust|structures|and systems|in|place|to|identify|and|manage|behaviour|issues|and|possible| |underlying|causes;| |>|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| |of|the|community;| |>|Staff|training|on|specific|issues|(eg.|self-harm,|suicide|or|bereavement).| |Health|and|Safety:| |e|Failure|to|ensure|safe,|secure and|suitable|premises|and|accommodation;|mitigated|by:| |>|Organisational|structures|and|resources|to|sustain|regular|repairs|&|maintenance;| |>|Refurbishment|and|renewals|to|improve|and|meet|new|standards|of|safety,|education,| |environment,|technology and|legislation,|as|required.| |Legal|and/or|regulatory:| |e|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:| |e|Significant and|sustained|decline|in|pupil|numbers;|mitigated|by:| |>|High|quality|academic,|pastoral|and|co-curricular|provision|in|all|three|sections|of|the| |School;| |>|The|Pre-Prep|and|Junior|Schools|as major feeders|for|Junior and|Senior|Schools;|

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KING EDWARD’S SCHOOL, BATH GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2023

• Effective marketing and recruitment processes;

• Competitive fees; > Substantial Bursary and Scholarship programme to support families in difficulty as well as broadening the range of pupils;

• Ongoing development and renewal of premises, facilities and resources.

• e Inadequate financial resources to support educational demands and developments brought about by external factors (e.g. Teachers’ Pension Contributions, scrapping of business rates relief and/or VAT exemption) ; mitigated by:

• Strategic and annual detailed financial planning and budgeting to provide adequate annual budgets for expenditure, and target levels of cash surplus to sustain capital developments and expenditure.

The key controls used by the School include:

• e Formal forward plans, agendas and minutes for all Committee and Board activity; e Terms of reference for Committees; e Comprehensive strategic planning, budgeting and management accounting; e Established organisational structure and lines of reporting; e Formal written policies; and e Clear authorisation and approval levels.

Through the risk management processes established for the School, the Governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can provide only reasonable, but not absolute, assurance that major risks have been adequately managed.

Public Benefit

In the furtherance of these aims the Trustees of King Edward’s School, Bath have complied with their duty in section 17 of 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.

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable Objects

The Objects for which the Charity is established are to advance the education of boys and girls by the provision of a day and/or boarding school in or near Bath and by ancillary or incidental educational activities for the benefit of the community.

The Aims of King Edward’s School, Bath

• e To provide a distinctive and stimulating environment for talented children from a variety of backgrounds, in which each individual is encouraged to strive for excellence and to acquire a lifelong passion for learning, discovery and adventure;

• e To enable each pupil to fulfil his or her own personal academic, sporting, creative and cultural potential; e To cultivate in each pupil alongside intellectual development a strong sense of the moral and spiritual, the difference between right and wrong, and an awareness of their rights and responsibilities;

• e To promote and develop in each pupil the qualities of honesty, integrity, duty, loyalty, courtesy, tolerance and compassion;

• e To offer a strong, caring and supportive pastoral framework, working closely with parents to ensure that pupils are safe and happy and that all members of the School community feel respected and valued;

• ¢ To create an environment in which all members of the School community enjoy equality of opportunity;

• e To provide opportunities both for leadership and teamwork, thereby nurturing pupils as confident, articulate, self-disciplined and socially responsible citizens and independent thinkers who respect the dignity of others;

• e Toprepare pupils fully for the challenges and opportunities of a rapidly changing world in the 21%' Century and to lay the foundations for King Edward’s School, Bath, pupils to lead honourable, worthwhile and fulfilled lives in the wider community; and

• e To foster a sense of community across the Pre-Prep, Junior and Senior sections of the School.

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KING EDWARD’S SCHOOL, BATH GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2023

Objectives Achieved for the Year

The School successfully achieved the following objectives during the year:

• e Delivering a broad academic and co-curricular programme to all pupils. e Ensuring that the School’s pastoral support met the needs of the School community as the year progressed.

• e Continuing the record of academic achievement as reflected in external examination results and the successful transition of the majority of pupils between the Pre-Prep, Junior and Senior Schools (including from Year 11 into the Sixth Form).

• e Maintaining pupil numbers in all three sectors of the School in the face of continuing general economic and political uncertainties.

Principal Activities of the Year

The Charity provides education in Bath for boys and girls from the ages of 3-18 in its three schools, the Senior, Junior and Pre-Prep Schools. This year, the overall pupil numbers (excluding Nursery) were 1,150 (2022: 1,093). Recruitment for the current and next academic year is continuing extremely well in all sections of the School.

Grant-making Policy

In 2022/23 the value of bursaries, scholarships, allowances and other awards made to the School's pupils totalled £2,008,474 up from the previous year’s level of £1,864,643 thereby reflecting the continuing aims to add to and develop means-tested bursaries where financially possible.

£1,147,946 of on-going means-tested bursaries were awarded -— totalling c7% of gross fee income and these awards assisted 145 pupils (2022: 158).

The School continues to aim at developing higher levels of means-tested bursary awards in line with the Governors’ policy to relieve hardship cases where the pupil’s education and future prospects would otherwise be at risk, and to ensure as wide access as possible to individuals of high educational potential who would be prevented from benefiting from a King Edward’s education for reasons of financial or economic circumstance.

The means-tested bursary awards process is based on HMC and ISC approved models, whereby all applicants have to submit fully-documented information relating to income, family commitments, expenditure, assets, and existing major liabilities to provide a full and accurate picture of the family’s overall financial circumstances. This includes an element of self-assessment of the extent of need for support, and award decisions are then made based on this information as well as the academic selection criteria.

Other KES Community Links and Activities

King Edward’s School has been proud to play a central part in the life of the city of Bath for nearly 475 years. The School is keen to contribute to the local community and to continue to look at ways in which it can expand its contribution. Within the realm of education (beyond providing schooling for over 1,100 children and being a major local employer, with over 290 staff) and at no cost to the pupils/schools involved, the School: e Makes the playing fields available for the use of two local maintained primary schools, and for Bath Cricket Club to run their community coaching courses.

• e Accommodates around up to 40 pupils from a local academy secondary school within the Combined Cadet Force, and the former school Headteacher is training to become an Officer.

• e Offers mock Oxbridge interview practice for pupils at local secondary schools. e Makes the School facilities available for School school staff to run a wide range of workshops in a week in June for over 200 local primary school pupils, and the School was featured in the Independent Schools Council annual report of cross-sector partnership between independent and state schools.

• e Has established an exciting partnership with Bath Cricket Club where facilities, coaching expertise are shared and developed for King Edward’s pupils and pupils within the community

• e Provides a valuable Community Service programme helping a range of local people and organisations — schools, care homes, charities, centres for supporting underprivileged children.

• e Provides regular specialist Maths and English teaching in 4 local primary schools

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KING EDWARD’S SCHOOL, BATH GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2023

• e Has partnered with the Holburne Museum to widen access to the visual arts among state primary school pupils

• e Has run Drama and Music workshops in local state primary schools.

• e Establishes an art collaboration with a local Community Special School. e Provides support and coaching resources to local community rugby club

• King Edward's also plays a significant wider role in the life of the city of Bath and the local community and we offer our facilities and resources for free or at a heavily subsidised cost to: e Bath Abbey Parish Council e Mid-Somerset Festival e Bath Cricket Club and Bathampton Cricket Club e Bath Rugby e Old Edwardians’ Rugby Club (despite its title, this is an open club) e Bath Philharmonia e Bath Opera e Banes Carers Centre e Bath Area Play Project e NHS Blood & Transplant Services

Volunteers

The KES Parent's Group, Old Edwardians Association and other parents and individuals have helped throughout the year with School fundraising and cultural activities and the Board would like to take this opportunity to say how much it appreciates their continuing and valuable support for our work.

In addition, many individual parents and friends of the School support other educational activities such as the biannual Careers Convention, careers talks, trips and events throughout the year and their voluntary contributions are very much appreciated.

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Operational Performance of the Schools

Overall the School achieved an excellent academic performance in the first year of a return to pre-Covid grade boundary levels

Senior School Report

Senior School academic achievement as reflected in external examination results The academic results this year were excellent and were above 2019 results (the last year before Covid-19) in all but one of the measures below:

• e A level results remained excellent with 28.2% of all entries achieving an A grade (this was the only measure below 2019 levels); 66.3% were A or A; 87% were A* to B grades. All grades were a pass.

• e At GCSE 39.9% of results were a grade 9; 66.1% of results were 9-8 grades; 84.1% were grades 9-7. All grades were a pass (4 or higher)

Higher education

The School has very effective Higher Education advisory and Careers guidance programmes in support of pupils seeking their ideal choices for higher education and future careers.134 applications (including past alumni following GAP years etc) resulted in 119 secured places. Of those who secured a place, 83% achieved their main choice of university or college, including 72% at Russell Group universities, 5 Oxbridge places, 15 on to medical or veterinary courses and 14 on to engineering or computer science courses. Art foundation, drama and classics also remain popular.

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KING EDWARD’S SCHOOL, BATH GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2023

Senior School extra-curricular and curriculum-linked activities and main highlights of 2022-23

Clubs and Societies

The year saw many of our existing clubs and societies enjoy continued popularity and success, as well as several new endeavours joining the fold. Model United Nations delegates returned from the Bath International Conference with an impressive clutch of individual awards. To these well-established programmes were added a new series of parliamentary style forums and debating opportunities, with KES pupils entering both the Oxford and Cambridge Schools’ debating competitions and also the International Competition for Young Debaters held at the Oxford Union.

A new Music Tech Club not only explored the power of music production software such as Logic Pro but also set about creating music using a headset that reads brainwaves. The tech theme continued with our growing E- Sports offering, which saw us host a Minecraft Education session for pupils from a local primary school alongside competitive action in the form of our Rocket League team, whose undefeated season saw them promoted from the second to the first division of the ‘Student Champs’.

KES Pride, were delighted to be deservedly recognised in our ISI Inspection Report for their contributions to the rich environment at King Edward’s, with pupils being praised for their “mature understanding of the diverse needs of peers in their school community” and for their creative approach to “celebrating and promoting difference.”

The Creative Writing Society welcomed bestselling author, Joe Abercrombie, and award winning script writer, John Hodge. Young KES writers swept the board in three different categories at the Mid Somerset Festival, whilst two KES Sixth Formers were named amongst the top 100 young poets from amongst nearly 14,000 entries in the prestigious Foyle Young Poetry Award. Meanwhile, our own journalism, poetry and short story competitions once again showcased the incredible range of literary talent amongst our pupils, with the last two of these leading to our tenth — and quite possibly best yet — Anthology, beautifully illustrated as ever with our pupils’ own drawings and paintings.

Duke of Edinburgh (DofE) award & Outdoor persuits

KES returned to the challenging environment of the Ten Tors event on Dartmoor in the summer entering a successful team of Y10 into the 35 mile challenge and Y12s into the 45 Mile challenge. With 90 pupils undertaking the DofE bronze award last year and 60 participating in silver and gold, KES remains one of the largest centres for the Duke of Edinburgh’s Award Scheme in the South-West. The bronze expedition walking on the Marlborough Downs whilst our silver DofEers canoed for 75 km through the beautiful Herefordshire countryside along the River Wye. The gold expedition experienced hiking in Snowdonia. Amidst all the physical and skill-based challenges that DofE demands, our pupils once again stepped up to the expectations of the voluntary and residential elements of the award, including several who took part in the National Citizen Service programme.

Drama

Three major drama productions this year. We Will Rock You demonstrated technical virtuosity and amazing set design. The acting was inspirational, the singing did justice to the great songs and the house band fantastic. The Year 9 production of Rob Drummond’s thought-provoking short play, Flesh, was variously described as “’Lost’ meets ‘The Hunger Games” and “Lord of the Flies’ meets ‘Love Island”, whilst the Year 7 and 8 production of The Voyage of the Dawn Treader featured no fewer than 75 pupils and beautifully recreated C S Lewis’s magical land of Narnia.

Combined Cadet Force (CCF)

An action-packed year for our CCF included amongst several highlights a special invitation visit to Portsmouth for an unforgettable tour on board the flagship of the Royal Navy and largest ever British warship, the aircraft carrier, HMS Queen Elizabeth — captained by an Old Edwardian! Other highlights in the CCF’s year included the Otterburn music camp in Northumberland, which showcased the growing size and proficiency of our corps of drums, amongst other areas, and a very significant moment in our CCF’s long history as we took receipt of a splendidly colourful and beautifully decorated new contingent banner, believed to be the first of its kind to bear the Tudor crown featured in the new cypher of His Majesty, King Charles III.

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KING EDWARD’S SCHOOL, BATH GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Music

By the end of the summer term, the KES music department had been involved in over 50 performances. A return to Bath Abbey, after a four-year hiatus, for a festive Service of Nine Readings and Carols. A range of ensemble and masterclass opportunities linked to our partnership with Bath Philharmonia, including an inspirational upper strings workshop with legendary violinist, Rafael Todes. Celebrating its tenth year last year, this unique partnership again produced an astonishing and uplifting orchestral Gala Concert in the Guildhall and also a community outreach project alongside Bath Philharmonia’s Creative Learning Team. This saw 80 pupils from St Martin’s Garden Primary School visit North Road during Activities Week to work with KES pupils and staff to create, perform and record an inspiring audio work.

Sport

Last year’s sporting calendar was one of the fullest on record and reflected not only in the amount of fixtures and competitions on offer, but in the sheer numbers of pupils who took part in the major sports. The sporting programme was enhanced through the introduction of a girls’ rugby club, a first full programme of 1°! XI girls’ cricket fixtures and a KES climbing team competing in the South-West bouldering league. High numbers of KES pupils achieved selection and representation in Elite Development squad, County squads and Talent & Development pathways for all sports. Several pupils also enjoyed outstanding individual regional and national success in swimming, long jump, archery and golf, amongst others.

Trips and Activities week

Trips continue to provide a vibrant and colourful element of KES pupils’ experience last year. Art and photography to Oxford and Amsterdam, a day at the Bristol Festival of Economics, a week in the Classical wonderland that is Herculaneum and Pompeii. There were trips to the London Design Museum and the Bristol Old Vic, Geography and Biology fieldwork in Dorset, Year 7 Historians to Chepstow Castle, Year 8 Germanists to Cologne and Year 12 Politics students to Westminster, where they chatted both to Bath’s own MP, Wera Hobhouse, and to Old Edwardian, John Glen. There was even a virtual particle Physics masterclass at the Rutherford Appleton laboratory and a 6'" Form Psychology trip to Shepton Mallet prison.

KES’ spirit of adventure was amply reflected in the 40" anniversary Activities Week programme, with the return of overseas trip destinations proving incredibly popular after several years of absence, including Barcelona, Berlin, Paris, Venice and Kenya, the last of these as part of our ongoing partnership with Moving Mountains.

Charities

The KES community’s focus on charitable endeavour last year was impressive, not just in the form of the £21,500 raised for good causes, but in the range of activities undertaken and causes supported. These included the ever-popular cake sales and non-uniform days, alongside a concert in Bath Abbey to raise funds to send generators to Ukraine and the always brilliant KES Unite concert to raise awareness and funds for our long term partner, the Moving Mountains Trust. We had staff and pupils abseiling down Bath Abbey on behalf of the Genesis Trust, an incredible 10-hour drumathon which raised nearly £7,000 for UK Scoliosis charities. KES pupils also continued to do great work with the Bath Foodbank, making regular donations - including nearly 600 books — and also visiting the centre earlier in the year to see the charity’s vital work first hand. Meanwhile, our thriving Sixth Form Community Service programme continued to support a number of local organisations, with over 30 pupils every Thursday afternoon entertaining or talking to residents in homes for the elderly or serving refreshments on wards at the RUH or helping out in classrooms in local primary schools.

Junior Schoo! Report

KES Junior School remains the leading ‘academic’ junior school in Bath. This is due to its ongoing emphasis on effective teaching and learning. Everything we do is based on a determination for all children to master the curriculum, to make better progress than ever before, and to teach in an inclusive way that draws upon the individual strengths of teachers and children.

Our curriculum is challenging and encourages children to question their assumptions, beliefs and understanding. Through regular use of higher order thinking skills in every lesson, children practise evaluating, reflecting, judging and creating their own new learning. Questions lie at the heart of each lesson; it is not only teachers who ask the questions, but the children, who are actively encouraged to debate and enquire about each topic and subject.

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KING EDWARD’S SCHOOL, BATH GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

This is possible due to the specialist teaching, which allows each subject to be taught at a higher level and with higher expectations than would normally be true in Key Stage 2. This teaching is particularly effective in adapting each topic, year on year, so that teaching responds to the needs of that particular cohort of children.

Teacher planning throughout the curriculum balances acquisition of knowledge with development of skills, positive attitudes, and emotional literacy. SEND and EAL learners are carefully planned for by teachers so that they have equitable access to all learning. Where needed, they can be given appropriate specialist support from our Learning Support Team, led by our whole school SENDCO.

Learning will only happen if children are safe, happy and feel valued. Our pastoral systems support learning by allowing form teachers to get to know individual children very well. Staff are approachable and responsive to the needs of children, working together as an effective team to ensure that any problems, worries or issues are approached and dealt with sensitively.

Our CARERS values lie at the heart of everything we do. Linking into the Jigsaw scheme for PSHEE, children understand and learn to live by the qualities of Charity, Appreciation, Responsibility, Ethics, Resilience and SelfAwareness. A comprehensive system of positive reinforcement encourages children to become good citizens, to look out for each other, and to develop a robust and positive sense of self.

Throughout the year, the Junior School’s curriculum work is always enhanced by special projects, events, and activities in the co-curricular and extracurricular strands. Key improvements to teaching and learning this year have included:

• e Increasing our focus on the 3-way partnership with regard to home learning. Parent workshops and focus on pupil strengths and qualities have helped to make parental support at home more effective and link tasks better to the child’s next steps in the classroom.

• e Upgrades to our online learning platform (VLE) have reduced the burden on parents and children of administering home learning tasks, with teachers now posting tasks directly on the child’s subject pages. This has improved communication and reduced time wasted at home.

• e An emphasis on resilience and learning from failure has had many benefits across the curriculum. Children are actively encouraged to learn from failure, and this is reinforced through character values education in PSHEE and assemblies.

• e Medium term planning has been upgraded, using shared criteria for excellence; teachers in different subjects use diverse planning methods, but all of these share the same focus on key vocabulary, specific outcomes and the learning to be achieved by all children.

• e ICT has continued to develop rapidly into the areas of control technology and coding; children are deeply interested in the ways that software can improve daily life for people, and our Raspberry Pi teams are currently oversubscribed.

• e DT has developed over the past year - by introducing robotics and bringing it more up-to-date and topical project using recyclable and sustainable materials. The curriculum is also developing good and useful life skills like cookery and needle craft. Our Kit-Car Club won the award for ‘Best Design’ in last year’s national competition.

• e Our new Head of Maths has continued the emphasis on the mastery approach, embedding the White Rose materials, encouraging deep learning and application through concrete learning, discussion and problemsolving. Year 4, 5 and 6 took part in maths challenges, while Year 6 enjoyed termly days with a focus on mathematical enquiry and problem-solving skills.

• e The NTS assessments introduced last year now permit us to track progress by individual children and respond immediately if this falters. Additional wave 1 teacher support groups are helping to overcome difficulties with individual topics and allow children to keep up with the core objectives for maths each term.

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KING EDWARD’S SCHOOL, BATH GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2023

• e — English continues to thrive, with the celebration of Book Week, Year 4 enacting a Shakespeare play in 20 minutes and Year 6 writing and illustrating picture books to read to infant children in local primary schools. Authors are invited to join us on a regular basis. This year, we have been lucky enough to share author visits with other primary schools in our area, both at the Bath Children’s Literature Festival and here on our site.

• e Workin Humanities emphasises critical and higher order thinking, building thinking skills while giving children a broad knowledge of the World and its history. Topics are planned to make the most of links between the three different areas of humanities, with history and RS dovetailing beautifully in our Year 6 exploration of Islamic Baghdad.

• e Religious Studies continues to explore different religions and beliefs through reflection, empathy, and imagination. Our Year 5 children experience a Diwali day to appreciate the customs and beliefs of Hindus, while Year 6 learn about the philosophy of Sikhism with their workshops. Year 4 go to the Buddhist centre and learn about a completely different way of living ones life. In all cases, children are taught the value of respect, toleration and understanding.

• e In history, pupils have many opportunities to examine historical artefacts and primary sources to answer historical questions. The new, Year 5 topic on Explorers and Exploration opened a new focus on the Americas and Africa, with children actively researching historical questions and debating the rights and wrongs of colonialism and imperialism. Similar topics in all year groups teach children how to think as historians, setting aside their own, moral judgements to consider why people in the Past acted in such different and apparently strange ways.

• e Our new Head of Geography has refocused our curriculum on balancing skills and knowledge. Although children will still continue to acquire a deep and wide knowledge of the World, they will also experience fieldwork in greater depth, taking part in a specific week of practical skills each term. This links to work on topics, which include a new, Year 6 topic about South America.

• e Science is similarly a practical ‘hands-on’ subject with learning based around exploration through numerous and varied experiments, and practical-based learning. This is now one of the most popular subjects, with our national Science Quiz Teams getting through to the regional finals, and the teams constantly oversubscribed. Our ‘Fun Science’ club is an engaging way of getting younger children involved in practical science.

• e In Music, children in all year groups get to play and compose together: Year 3 play stringed instruments; Year 4 play either wind and/ or brass instruments in their class bands; Year 5 play ukulele, samba drums and gamelan; Year 6 perfect their skills on the steel pans. All year groups are given the opportunity to perform for the whole school and parents, through various concerts and events. The three school choirs sing both internally in concerts and services, and externally in the community.

• e Sport provides the children with many opportunities to develop both their physical skills but also skills for life. A leadership module has been introduced into the Year 5 PE programme, and swimming is incorporated in blocks of two weeks’ intensive training. Gender neutral sport is being phased in at Year 3 and 4, where possible, giving all the children equal access to a wide variety of sports.

• e The bespoke Junior School created Y6 Award Scheme provides a wide range of stimulating cross-curricular activities which challenge pupils, provide more varied learning opportunities, and develop teamwork and problem solving skills.

• e There has been a growth in opportunities for student voice including within the staff appointment process and school council have been increasingly active in the nomination process for selecting the Junior School annual charities, organising fundraising events to support them and through community outreach.

• e Vertical pastoral opportunities have developed further within the Junior School and cross-school (with PrePrep and Senior School pupils) through buddies, houses, and the expansion of mentoring programmes which have resulted in more than a quarter of the Junior School children being mentored by Senior Schoo! pupils.

10

KING EDWARD’S SCHOOL, BATH GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2023

Pre-Prep School Report

The main academic focus for 2022-23 was on English. We monitored and reviewed the effectiveness of our new phonic and spelling scheme-Little Wandie. We wanted to ensure that the phonic and reading ability of the children was improving and that the new scheme was making a positive difference to the standard of reading for all children, especially the lower attaining 20%. We also looked closely at the ‘catch-up sessions’ for children in danger of falling behind. We needed to ensure they were manageable and could be staffed adequately and delivered on a regular basis. A thorough review took place and where necessary changes were made.

A core set of high-quality picture books for each year group were identified and purchased and a core set of poems/rhymes for each year group.

We Introduced a new half termly phonic assessment and used the results to plan the extra support that may be required in each class. A new reading assessment for fluent readers in KS1 NTS Rising Stars was introduced in line with the Junior School.

Learning Support continued to be developed. Through INSET training delivered by the Pre-Prep SENDCo quality first teaching strategies were reinforced at the start of the academic year with all class teachers. Pegs to Paper was introduced as an intervention strategy in KS1 and a regular group session for all children in Reception. A dedicated speech and language therapist joined us for weekly wave 3 interventions with children from nursery through to year 2.

Future Developments

We continue a process of a full strategic review for the School and this includes finalising an estates masterplan to further improve the School's facilities and we look forward to updating the wider School community on this over the coming few months. In addition, we continue to review our range of academic, pastoral and co-curricular offerings to ensure that these provide the very best support and opportunities for our pupils and we will continue to report on these developments in our future annual reports.

Fundraising Standards Information

The School received £64,512 in income from donations, gifts and legacies during the year.

All fundraising activities for the School are carried out by highly professional School staff with assistance from the parents and pupils with the running of specific fundraising events. The School does not use external professional fundraisers or have any commercial participators. A Development Director was recruited in April 2023, whose focus is to grow philanthropic income at the School.

The School's fundraising activities are focused primarily on individuals closely connected with the School (i.e. parents, alumni, other supporters) and charitable trusts whose objectives are closely aligned to those of the School.

No complaints relating to fundraising activities have been received by the School during the financial period. However, the School has in place procedures that would be followed in the event of a complaint being received. The School’s complaints policy and procedure is on the website.

The School's standards of operation and management of fundraising activities are based on those of the Institute of Fundraising and of IDPE (independent Development Professionals in Education) of which the School is a member and follows IDPE’s best practice, recommendations and guidance on fundraising in education. The School is registered with the Fundraising Regulator, adheres to the codes of fundraising in practice. The School has a Donor Charter and Gift Acceptance Policy in place.

In particular, the School considers that its processes and controls should ensure that vulnerable people and other members of the public are protected from any unreasonable intrusion on a person's privacy and that no fundraising activities would be unreasonably persistent or place undue pressure on a person to give money or property.

11

KING EDWARD’S SCHOOL, BATH GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2023

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The School's Total Incoming Resources for the year were £17,638,524 (2022 - £15,797,085) and the surplus for the year before investment gains was £626,735 (2022 - £639,084). Net Debt at 31 August 2023 was £320,327 (2022 - £465,073). Full details are set out in the audited financial statements on pages 20 to 46.

Reserves Policy and the School’s status as a Going Concern

The School's policy is to continue to invest in premises and equipment to support the business and educational requirements of the School, while ensuring adequate financing of the School’s day to day operational needs and the maintenance of adequate reserves to meet any contingencies as they arise. Therefore, retained surpluses are not held as free reserves, but are normally utilised for improvements to the School's facilities. This policy is supported by external financing as and when necessary, allocated to specific capital projects.

Free reserves, as defined by the Charity Commission, are the undesignated general funds of the Charity excluding the funds invested in tangible fixed assets. if this adjustment was made to the School's unrestricted reserves, the free reserves would be a negative figure of £1,655,743 (2022 - £2,129,173) which is typical of many independent schools. This is due to the need for continuing capital expenditure out of retained reserves. The borrowings to finance the building programmes are at a level which the Governors are confident can be serviced, based on conservative projections of income and expenditure and the related cash flows. Total reserves at the year end were £19,691,250 (2022 - £19,112,961).

The Governors have reviewed the funding facilities available to the School together with the expected ongoing demand for places and the School's future projected cash flows. The Governors have a reasonable expectation that the School's financial resources and contingency planning is sufficient to ensure the ability of the School to continue as a going concern for the foreseeable future, being at least twelve months from the date of approval of these financial statements.

Investment Policy and Objectives

The Board's investment objectives are to balance current and future needs by:

• maintaining (at least) the value of the investments in real terms;

• producing a consistent and sustainable amount to support expenditure; and

• delivering these objectives within acceptable levels of risk.

To meet these objectives the School’s investments as a whole are managed on a portfolio basis, maintaining diversification across a range of asset classes in order to produce an appropriate balance between risk and return. The Board considers that in the year to 31 August 2023 the investment objectives were met.

Investment Performance

The Charity’s investments are held by Charles Stanley and unrealised losses on investments totalled £48,446 (2022 — unrealised loss of £142,935). The value of the total investment portfolio decreased to £1,502,730 at the year-end (2022 - 1,517,467). Dividend income was £36,791 (2022 - £33,412).

ENERGY AND CARBON EMISSIONS

Under ‘The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 we are now required to report on the energy the School uses and the associated levels of greenhouse gases that we omit.

In producing the information presented below, we have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol — Corporate Standard and have used the 2020 UK Government's Conversion Factors for Company Reporting.

12

KING EDWARD’S SCHOOL, BATH GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

UK Greenhouse gas emissions and energy use for the periods:

----- Start of picture text -----
emissions (kWh
Energy consumption used to calculate | 2022-2023 2021-2022
Energy consumption used to calculate emissions 2,041,637 2,162,076
kWh); all mandatory energy sources are included
Re
Scope 1 emissions in metric tonnes CO2e a ee
e Owned transport — minibuses & vans
ee
Scope 2 emissions in metric tonnes CO2e ee
e Purchased electricit
a
Scope 3 emissions in metric tonnes CO2e a ee
e Business travel in employee
owned vehicles
es
Total gross emissions in metric tonnes CO2e
RS
Intensity ratio Tonnes CO2e per pupil 0.35 (1,149 0.37 (1,092
pupils pupils
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per pupil, the
recommended ratio for the sector.
----- End of picture text -----

Measures taken to improve energy efficiency The School is committed to reducing the amount of energy it consumes and the carbon footprint of its operations. We are continually reviewing opportunities for improvement in this area and activites to note in this regard include:

• e The School procures 100% Renewable Generation Guarantee of Origin (REGO) Certified Electricity, resulting in Zero Carbon Emissions attributable to Scope 2 electricity generation. However, the requirements of the Streamlined Energy and Carbon Reporting (SECR) Scheme, require that Grid Electricity or Local Grid Electricity (Market Based) Emission Factors are used to report on Scope 2 Emissions included in the table above.

• e Carbon Emissions from the use of Scope 1 fuels, Natural Gas, petrol, diesel and burning oil account for 56.5 % of total school emissions. The most significant of these being from Natural gas at 207.7 tCO2e.

• e The School is currently undertaking a metering study to ascertain which gas and electric meters supply which buildings/plant/boiler rooms. The aim of the study being to better identify and action areas of significant energy use.

• e The School continues to invest in light emitting diode (LED) lighting with all fittings replaced on an as failure basis with the latest specifications.

• ® Projects completed within the accounting period include: o New glazing and walling system installed at Q-Block. o Continued rollout installing lighting with LED replacements. LED lighting uses on average 50% less energy than traditional fittings.

• Two Internal Combustion Engine (ICE) vans have been sold with the introduction of purchased Battery Electric Vehicle (BEV) Vans.

• Solar PV has installed mid reporting year and will be functioning from October 2023. Benefits from this will be evidenced in the next reporting year.

STATEMENT OF GOVERNORS’ RESPONSIBILITIES

13

KING EDWARD’S SCHOOL, BATH GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2023

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

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

• e select suitable accounting policies and then apply them consistently; e observe the methods and principles in the Charities SORP; e make judgments and estimates that are reasonable and prudent;

• e state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

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

So far as the Governors are aware, there is no relevant audit information of which the School’s auditors are unaware. The Governors have taken all the steps that we ought to have taken as Governors in order to make ourselves aware of any relevant audit information and to establish that the School's auditors are aware of that information. SECTION 172(1) STATEMENT The Governors have acted in accordance with their duties codified in law, which include their duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the School for the benefit of its members as a whole, having regard to the stakeholders and matters set out in section 172(1) of the Companies Act 2006.

In discharging their duties above, the Governors carefully consider, amongst other matters, the impact on and interest of other stakeholders in the School and factor these into their decision-making process.

As a Charity, the School believes that its key stakeholders include its pupils, their parents, its employees and the wider community.

For our pupils, the Governors note that in this Annual Report they have detailed a range of examples as to how the School’s pupils benefit from its academic, co-curricular and pastoral provision. For the parents of the pupils, the School encourages regular engagement and involvement with the School throughout the year. The School seeks to maintain a programme of regular parents evenings which are supplemented by regular communication with parents and active encouragement of them to attend events at the School and to participate in the life of the School, including through the KES Parents’ group referred to previously in this report.

The School recognises that the qualities, skills and commitment of its employees plays a major role in the School's success. Regular briefings keep staff informed of School-wide developments, and wide-ranging employee benefits enhance their quality of life. Staff wellbeing has been a key focus this year and will be a continued area of attention, along with equality, diversity and inclusion.

The School is proud of its place in the local community and as highlighted in this report, the School engages with and contributes to the local community in a wide number of areas including its partnerships with other local

14

KING EDWARD’S SCHOOL, BATH GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2023

schools, its community service activities and its wider charitable activities. We also engage, where required, with our local authority and residents association.

AUDITOR

In accordance with Section 485 of the Companies Act 2006, a resolution proposing the re-appointment of Crowe U.K. LLP as auditor to the School will be put to the annual general meeting.

The Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Governing Body of King Edward’s School, Bath, on 22 March 2024 including in their capacity as company directors approving the Strategic Report contained therein, and is signed as authorised on its behalf by:

Mrs W Thomson

15

KING EDWARD'S SCHOOL, BATH

(A company limited by guarantee)

a= 8.2 SS a es Ss 2 a ee ee ee

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KING EDWARD'S SCHOOL, BATH

Opinion

We have audited the financial statements of King Edward's School, Bath (the 'school’) for the year ended 31 August 2023 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• ° give a true and fair view of the state of the charitable company's affairs as at 31 August 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;

• ° have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• ° have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 Trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Page 16

KING EDWARD'S SCHOOL, BATH (A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KING EDWARD'S SCHOOL, BATH (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustee are responsible for the other information contained within the Annual 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

• ° the information given in the Trustee's Report including the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

• ° the Trustee's Report and the Strategic Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

• e adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• ° the financial statements are not in agreement with the accounting records and returns; or ° certain disclosures of Trustee's remuneration specified by law are not made; or ° we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustee's 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 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 charitable company or to cease

Page 17

KING EDWARD'S SCHOOL, BATH (A company limited by guarantee)

—e sll SS ee SE EE a ee ee el INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KING EDWARD'S SCHOOL, BATH (CONTINUED)

operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

We obtained an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

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

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within fee scholarships, bursaries and discounts and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing fee scholarships, bursaries and discounts, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and the Independent Schools Inspectorate, and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Page 18

KING EDWARD'S SCHOOL, BATH (A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KING EDWARD'S SCHOOL, BATH (CONTINUED)

Use of our report

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

Guy Biggin (Senior statutory auditor)

for and on behalf of Crowe U.K. LLP Statutory Auditor Fourth Floor St James House St James Square Cheltenham GLS0 3PR

Date: 03 May 2024

Page 19

KING EDWARD'S SCHOOL, BATH

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023

		Unrestricted	Restricted	Endowment	Total	Total
		funds	funds	funds	funds	funds
		2023	2023	2023	2023	2022
	Note	£	£	£	£	£
Income from:
Donations	4	-	64,512	-	64,512	97,068
Charitable activities:
School fees		15,548,225	40,275	-	15,588,500	14,304,552
Other educational
income		1,015,282	-	-	1,015,282	546,866
Other ancillary trading
income		835,036	-	-	835,036	749,629
Non- ancillary trading
activities		71,515	-	-	71,515	65,120
Investments	9	63,679	-	-	63,679	33,850
Total income and		a				_
endowments		17,533,737	104,787	-	17,638,524	15,797,085
Expenditure on:
Raising funds:	10,11
Fundraising costs		80,994	-	-	80,994	47,512
Financing costs		38,971	-	-	38,971	15,855
Charitable activities:	12
Education and
grantmaking		16,790,239	101,585	-	16,891,824	15,094,634
Total expenditure		16,910,204	101,585	-	17,011,789	15,158,001
Net income before
net losses on
investments		623,533	3,202	-	626,735	639,084
Net losses on
investments		(48,446)	-	-	(48,446)	(142,935)
Net income		575,087	3,202	-	578,289	496,149
Transfers between
funds	24	11,274	(11,274)	-	-	-
Net movement in		eee
funds		586,361	(8,072)	-	578,289	496,149

Page 20

KING EDWARD'S SCHOOL, BATH

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

		Unrestricted	Restricted	Endowment	Total	Total
		funds	funds	funds	funds	funds
		2023	2023	2023	2023	2022
	Note	£	£	£	£	£
Reconciliation of
funds:
Total funds brought
forward		16,847,654	211,000	2,054,307	19,112,961	18,616,812
Net movement in funds		586,361	(8,072)	-	578,289	496,149
Total funds carried		a		eee
forward		17,434,015	202,928	2,054,307	19,691,250	19,112,961

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

The notes on pages 24 to 48 form part of these financial statements.

Page 21

KING EDWARD'S SCHOOL, BATH (A company limited by guarantee) REGISTERED NUMBER: 03394895

BALANCE SHEET AS AT 31 AUGUST 2023

		2023	2023	2022	2022
	Note	£	£	£	£
Fixed assets
Tangible assets	16		21,144,065		20,896,588
Investments	17		1,502,730		1,517,467
			22,646,795		22,414,055
Current assets
Stocks	18	3,788		3,610
Debtors	19	702,360		596,417
Cash at bank and in hand		578,126		610,595
		1,284,274		1,210,622
Creditors: amounts falling due within one
year	20	(3,205,729)		(3,173,504)
Net current liabilities			(1,921,455)		(1,962,882)
Total assets less current liabilities			20,725,340		20,451,173
Creditors: amounts falling due after more
than one year	21		(994,090)		(1,298,212)
Provisions for liabilities	23		(40,000)		(40,000)
Total net assets			19,691,250		19,112,961
Charity funds
Endowment funds	24		2,054,307		2,054,307
Restricted funds	24		202,928		271,000
Unrestricted funds	24		17,434,015		16,847,654
Totalfunds			19,691,250		19,112,961

The Trustee 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 Trustee and signed on their behalf by: Mrs W Thomson Chair of Governors Date: QQ. O03. AY

The notes on pages 24 to 48 form part of these financial statements.

Page 22

KING EDWARD'S SCHOOL, BATH

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023

		2023	2022
	Note	£	£
Cash flows from operating activities
Net cash used in operating activities	27	1,364,713	2,232,375
Cash flows from investing activities
Dividends, interests and rents from investments		36,791	33,412
Purchase of tangible fixed assets		(1,184,078)	(1,262,294)
Purchase of investments		(33,709)	(31,094)
Net cash used in investing activities		(1,180,996)	(1,259,976)
Cash flows from financing activities
Repayments of borrowing		(177,215)	(177,215)
Bank loan interest paid and finance costs		(38,971)	(15,855)
Netcash used in financing activities		(216,186)	(193,070)
Change in cash and cash equivalents in the year		(32,469)	779,329
Cash and cash equivalents at the beginning of the year		610,595	(168,734)
Cash and cash equivalents at theend of the year	28	578,126	610,595
Thenotesonpages24to48formpartofthesefinancialstatements

Page 23

KING EDWARD'S SCHOOL, BATH (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. General information

King Edward's School, Bath is a charitable company limited by guarantee incorporated in England and Wales (charity number 1115875, company number 03394895) and is a Public Benefit Entity operating from its registered office North Road, Bath, BA2 6HU. The liability of members in the event of winding up is limited to an amount not exceeding £1 per member.

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.

King Edward's School, Bath 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.

2.2 Going concern

The Governors have reviewed the funding facilities available to the School together with the expected ongoing demand for places and the School’s future projected cash flows. The Governors have a reasonable expectation that the School’s financial resources and contingency planning is sufficient to ensure the ability of the School to continue as a going concern for the foreseeable future, being at least twelve months from the date of approval of these financial statements.

2.3 School fees and similar income

Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the school, but include contributions received from restricted funds for scholarships, bursaries and other grants. Amounts received in advance for education not yet utilised to settle school fees are recorded as deferred income and allocated against current liabilities where the education will be provided within 12 months from the reporting date and as long-term liabilities where the education will be provided in subsequent years.

All other income is included in the Statement of Financial Activities when the school is legally entitled to the income and the amount can be quantified with reasonable accuracy.

2.4 Donations

All monetary donations and gifts are included in full in the Statement of Financial Activities when entitlement arises, the amount can be reliably quantified and economic benefit to the School is considered probable. When donors specify that donations, including donations towards the purchase of fixed assets, are for particular restricted purposes, the income is included in incoming resources of restricted funds.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 24

KING EDWARD'S SCHOOL, BATH (A company limited by guarantee)

----- Start of picture text -----
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
----- End of picture text -----

Accounting policies (continued)

2.5 Investment income

Dividend income is accounted for at the date on which the School has entitlement to the dividends. Interest on bank balances is accounted for in the period in which the interest is earnt.

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 School 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 School's objectives, as well as any associated support costs.

Expenditure on governance costs includes those costs associated with constitutional and statutory requirements such as audit fees, legal costs and Governors’ expenses.

All expenditure is inclusive of irrecoverable VAT.

2.7 Government grants

Government grant income is credited to the Statement of financial activities as the related expenditure is incurred.

2.8 Termination payments

Termination payments occur when absolutely necessary and are accounted for on an accruals basis when the commitment to terminate a post has been made.

2.9 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.

Page 25

KING EDWARD'S SCHOOL, BATH (A company limited by guarantee)

• nn rE = = Ss a TE ee eee ee lee ee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

• Accounting policies (continued)

2.10 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Freehold property	- Straight line over 15-50 years
Motor vehicles	- Straight line over 5 years
Fixtures and fittings	- Straight line over 10 years
Schoolequipment	-Straightlineover3-5years

2.11 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

2.12 Stocks

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

2.13 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.

2.14 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.

Page 26

KING EDWARD'S SCHOOL, BATH (A company limited by guarantee)

aeSa es oo a hs

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. Accounting policies (continued)

2. 2.15 Liabilities

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

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

2.16 Financial instruments

The School 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.

2.17 Operating leases

Rentals paid under operating leases are charged to the Statement of financial activities on a straightline basis over the lease term.

2.18 Pensions

The School contributes to the Teachers’ Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multi employer pension scheme and it is not possible for the School to identify the assets and liabilities of the scheme which are attributable to the School. In accordance with FRS 102 S28.11, the Scheme is therefore accounted for as a defined contribution scheme.

The School also contributes to personal pension schemes for teaching and non-teaching staff.

The School's contributions to the schemes are charged in the financial statements as they accrue.

2.19 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Governors in furtherance of the general objectives of the School and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Governors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the School 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.

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

Page 27

KING EDWARD'S SCHOOL, BATH (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

3. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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

4. Income from donations

	Restricted	Total
	funds	funds
	2023	2023
	£	£
Donations	64,512	64,512
	Restrictea	Total
	funds	funds
	2022	2022
	£	£
Donations	97,068	97,068

5. Fees receivable

Income represents gross School fees invoiced, less discounts and allowances:

	2023	2022
	£	£
Gross School fees	17,550,956	16,124,485
Less: Total bursaries, grants and allowances	(2,008,475)	(1,864,643)
	15,542,481	14,259,842
Add: Bursaries paid for using restrictedfunds	46,019	44,710
	15,588,500	14,304,552

In 2023 and 2022, of the total income from School fees receivable all were unrestricted.

Page 28

KING EDWARD'S SCHOOL, BATH (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

6. Other educational income

	2023	2022
	£	£
After school clubs and school trips	628,639	207,569
Music, Lamda and learning support lessons	369,043	339,297
Other income	17,600	-
	1,015,282	546,866

In 2023 and 2022, of the total income from Other educational income all were unrestricted.

7. Other ancillary trading income

	2023	2022
	£	£
Lunch charges	698,868	635,358
Food and cafe sales	14,950	16,923
Fee protection scheme	23,364	20,276
Bus and coach service income	97,854	77,072
	835,036	749,629

In 2023 and 2022, of the total income from Other ancillary trading income all were unrestricted.

8. Non-ancillary trading income

	2023	2022
	£	£
Rent received	26,925	20,826
Other incoming resources	44,590	44,294
	71,515	65,120

In 2023 and 2022, of the total income from Non-ancillary trading income all were unrestricted.

Page 29

KING EDWARD'S SCHOOL, BATH (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

9. investment income

	Unrestricted	Total
	funds	funds
	2023	2023
	£	£
Dividends received	36,791	36,791
Interest received	26,888	26,888
	63,679	63,679
	Unrestrictea	Total
	funds	funds
	2022	2022
	£	£
Dividends received	33,412	33,412
Interest received	438	438
	33,850	33,850

10. Expenditure on raising funds

Fundraising trading expenses

	Unrestricted	Total
	funds	funds
	2023	2023
	£	£
Other costs	23,278	23,278
Staff costs	57,716	57,716
	80,994	80,994

Page 30

KING EDWARD'S SCHOOL, BATH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

10. Expenditure on raising funds (continued)

Fundraising trading expenses (continued)

	Unrestrictea	Total
	funds	funds
	2022	2022
	£	£
Other costs	12,336	12,336
Staff costs	35,176	35,176
	47,512	47,512

11. Financing costs

							Unrestricted	Total
							funds	funds
							2023	2023
							£	£
Bank	loan	interest	and	other	finance	costs	38,971	38,971
							Unrestricted	Totai
							funds	funds
							2022	2022
							£	£
Bank	loan	interest	and	other	finance	costs	15,855	15,855

Page 31

KING EDWARD'S SCHOOL, BATH (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

12. Analysis of expenditure on charitable activities

Summary by fund type

	Unrestricted	Restricted
	funds	funds	Total
	2023	2023	2023
	£	£	£
Teaching	10,308,816	46,019	10,354,835
Welfare	1,248,328	-	1,248,328
Premises	2,349,961	-	2,349,961
Support and governance	2,883,134	55,566	2,938,700
	16,790,239	101,585	16,891,824
	Unrestrictea	Restrictea
	funds	funds	Total
	2022	2022	2022
	£	£	£
Teaching	9,562,327	44,710	9,607,037
Welfare	1,105,253	-	1,105,253
Premises	2,228,448	-	2,228,448
Supportand governance	2,125,314	28,582	2,153,896
	15,021,342	73,292	15,094,634

Page 32

KING EDWARD'S SCHOOL, BATH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

12. Analysis of expenditure on charitable activities (continued)

Summary by fund type (continued)

Summary by expenditure type

	Staff costs	Depreciation	Other costs	Total
	2023	2023	2023	2023
	£	£	£	£
Teaching	9,539,014	-	815,821	10,354,835
Welfare	770,364	-	477,964	1,248,328
Premises	267,217	936,602	1,146,142	2,349,961
Support and governance	1,243,667	-	1,695,033	2,938,700
	11,820,262	936,602	4,134,960	16,891,824
	Staffcosts	Depreciation	Othercosts	Total
	2022	2022	2022	2022
	£	£	£	£
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

13. Auditor's remuneration

	2023	2022
	£	£
Fees payable to the School's auditor and its associates for the audit of the
School's annual accounts	19,500	17,000
Fees payable to the School's auditor and its associates in respect of:
Otherservices	2,250	2,100

Page 33

KING EDWARD'S SCHOOL, BATH (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

14. Staff costs

	2023	2022
	£	£
Wages and salaries	9,185,401	8,555,022
Social security costs	970,816	883,847
Contributions to pension schemes	1,721,761	1,551,106
	11,877,978	10,989,975

During the year there was termination payments of £42,110 (2022 - £41,217). No amount was outstanding at year end (2022 - £Nil).

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

	2023	2022
	No.	No.
Teaching staff (including academic support)	205	207
Administration and support	39	35
Premises	11	11
Welfare	44	42
	299	295

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

				2023	2022
				No.	No.
in	the	band	£60,001 - £70,000	5	4
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	1
In	the	band	£100,001 - £110,000	1	-
In	the	band	£150,001 - £160,000	-	1
In	the	band	£160,001-£170,000	1	-

Aggregate remuneration and benefits of the 6 (2022 - 5) key management personnel totalled £824,216 (2022 - £643,097). This relates to the Headmaster, Head of Junior, Head of Pre-Prep School, Bursar, Second Master and Senior Deputy Head.

Page 34

KING EDWARD'S SCHOOL, BATH (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

15. Governor remuneration and expenses

During the year, no Governors received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 August 2023, expenses totalling £205 were reimbursed or paid directly to 1 Governors (2022 - £220 to 3 Governors). Expense were reimbursed relating to a gift and training.

16. Tangible fixed assets

					Assets
	Freehold	School	Fixtures	Motor	under
	properties	equipment	and fittings	vehicles	construction	Total
	£	£	£	£	£	£
Cost or valuation
At 1 September 2022	24,489,595	1,322,387	1,601,576	331,610	840,279	28,585,447
Additions	20,073	413,248	34,139	-	716,618	1,184,078
Disposals	-	(228,489)	(97,275)	(39,137)	-	(364,901)
Transfers between
classes	892,487	-	-	-	(892,487)	-
At 31 August 2023	25,402,155	1,507,146	1,538,440	292,473	664,410	29,404,624
Depreciation
At 1 September 2022	5,677,495	881,057	831,333	298,974	-	7,688,859
Charge for the year	525,822	247,078	142,031	21,670	-	936,601
On disposals	-	(228,489)	(97,275)	(39,137)	-	(364,901)
At 31 August 2023	6,203,317	899,646	876,089	281,507	-	8,260,559
Net book value
At 31 August 2023	19,198,838	607,500	662,351	10,966	664,410	21,144,065
At 31August2022	18,812,100	441,330	770,243	32,636	840,279	20,896,588

Page 35

KING EDWARD'S SCHOOL, BATH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

17. Fixed asset investments

	Listed
	investments
	£
Cost or valuation
At1September 2022	1,517,467
Reinvested income	36,791
Investment manager fees	(3,082)
Decrease in value of investments	(48,446)
At 31August2023	1,502,730

The investments are managed by professional investment managers and represent monies invested directly on a recognised UK stock exchange. At the end of the year £190,235 (2022 - £156,526) was held as uninvested cash.

Investment in subsidiaries

The School had a dormant subsidiary company, Tolcram Limited, which was dissolved on 13 September 2022. No cost of investment is recognised in these financial statements.

18. Stocks

					2023	2022
					£	£
Kitchen	stores,	clothes	and	prospectuses	3,788	3,610

19. Debtors

	2023	2022
	£	£
Due within one year
Fee debtors	244,662	312,289
Other debtors	5,831	11,308
Prepayments and accrued income	451,867	272,820
	702,360	596,417

Fee debtors is stated net of provisions amounting to £103,999 (2022: £204,625).

Page 36

KING EDWARD'S SCHOOL, BATH (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

20. Creditors: Amounts falling due within one year

	2023	2022
	£	£
Bank loans	177,215	177,215
Trade creditors	982,068	712,402
Other taxation and social security	227,978	381,567
Fees received in advance	855,287	837,751
Refundable deposits	483,679	456,675
Other creditors	336,445	231,139
Accruals and deferred income	143,057	376,755
	3,205,729	3,173,504

Refundable deposits are received when pupils are first entered for admission, and are held until the pupil has completed their education at which point the fees are refunded. All pupils could leave within the next twelve months and therefore deposits are considered as falling due within one year.

The bank loan is secured by a legal charge over the freehold property known as King Edward's School. The loan is repayable in instalments by December 2028 and bears a variable interest rate of 1% above the Bank of England base rate.

The ratio of the bank loans to the book value of the property was 6% (2022 - 6%).

	2023	2022
	£	£
Analysis of movement in deferred income
Deferred income at 1 September 2022	2,345	500
Resources deferred during the year	1,295	2,345
Amounts released from previous periods	(2,345)	(500)
	1,295	2,345

Page 37

KING EDWARD'S SCHOOL, BATH (A company limited by guarantee)

ee

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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

		2023	2022
		£	£
	Bank loans	721,238	898,453
	Fees received in advance	272,852	399,759
		994,090	1,298,212
	Included within the above are amounts falling due as follows:
		2023	2022
		£	£
	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	12,378	189,593
22.	Financial instruments
		2023	2022
		£	£
	Financial assets
	Financialassetsmeasuredatfairvaluethroughincomeandexpenditure	1,502,730	1,517,467

Financial assets measured at fair value through income and expenditure comprise assets held as investments.

Page 38

KING EDWARD'S SCHOOL, BATH (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. Provisions

			Provisions
			£
At1September	September	2022	40,000
			40,000

Provisions have arisen during the year following a review of the School's operations.

Page 39

KING EDWARD'S SCHOOL, BATH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |24.|Statement|of|funds| |Statement|of funds|-|current|year| |Balance|at|1|Balance|at| |September|Transfers|Gains/|31|August| |2022|income|Expenditure|in/out|(Losses)|2023| |£|£|£|£|£|£| |Unrestricted| |funds| |Designated| |funds| |Designated| |Funds|-|all|funds|134,546|-|-|(134,546)|-|-| |General|funds| |General|16,713,108|17,533,737|(16,910,204)|145,820|(48,446)|17,434,015| |Total| |Unrestricted| |funds|16,847,654|17,533,737|(16,910,204)|11,274|(48,446)|17,434,015| |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|129,982|-|(5,977)|-|-|124,005| |The|Parents’| |Committee|26,549|36,693|(32,152)|(11,274)|-|19,816| |Hockey|Festival|16,475|3,550|(3,223)|-|-|16,802| |Bursary|Fund|-|62,294|(46,019)|-|-|16,275| |Other funds|37,994|2,250|(14,214)|-|-|26,030|

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

Page 40

KING EDWARD'S SCHOOL, BATH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

24. Statement of funds (continued)

Statement of funds - current year (continued)

			Balance at 1					Balance at
			September			Transfers	Gains/	31 August
			2022	Income	Expenditure	in/out	(Losses)	2023
			£	£	£	£	£	£
			211,000	104,787	(101,585)	(11,274)	-	202,928
Total	of	funds	19,112,961	17,638,524	(17,011,789)	-	(48,446)	19,691,250

Page 41

lll ee ee

KING EDWARD'S SCHOOL, BATH

(A company limited by guarantee)

NA

Ll NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

24. Statement of funds (continued)

Statement of funds - prior year

		Balance at					Balance ai
	1	September			Transfers	Gains;	31 August
		2021	Income	Expenditure	in/out	(Losses)	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

Page 42

KING EDWARD'S SCHOOL, BATH (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

24. Statement of funds (continued)

----- Start of picture text -----
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 of funds 18,616,812 15,797,085 (15,158,001) - (142,935) 19,112,961
----- End of picture text -----

Movements in restricted funds during the year were:

Prize fund

This fund is the accumulation of bequests made over the years for specific designated prize awards each year. Funds are invested by King Edward's School Bath and the interest received is used to pay for the prizes annually.

Bursary fund

This fund provides financial assistance to parents who are selected for means tested bursaries or have experienced a major and unforeseen change in their financial circumstances.

The Parents’ Committee

This is made up of several small donations from the Parents' Committee. Monies are received and then spent on the specific restriction.

Hockey Festival

The hockey festival is an annual event, donations are received from entrants to the festival; these are spent on the running of the event. If a surplus is made, it will then be spent on the specific restriction.

Other funds

This is made up of several small restricted funds, such as the Gym Equipment Fund. Monies are received and then spent on the specific restriction.

Transfers between funds

This relates to contributions towards school expenditure for specific items. In the year to 31 August 2023 these included the purchase of furniture which has been capitalised.

Page 43

KING EDWARD'S SCHOOL, BATH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

25. Summary of funds

Summary offunds - current year	Summary offunds - current year	Summary offunds - current year
	Balance at 1					Balance at
	September 2022	Income	Expenditure	Transfers in/out	Gains/ (Losses)	31 August 2023
	£	£	£	£	£	£
Designated
funds	134,546	-	-	(134,546)	-	-
General funds	16,713,108	17,533,737	(16,910,204)	145,820	(48,446)	17,434,015
Endowment
funds	2,054,307	-	:	-	:	2,054,307
Restricted funds	211,000	104,787	(101,585)	(11,274)	:	202,928
	19,112,961	17,638,524	(17,011,789)	-	(48,446)	19,691,250
Summary offunds- prioryear
	Balance al					Balance ai
	1 September			Transfers	Gains;	37 August
	2021	Income	Expenditure	in/out	(Losses)	2022
	£	£	£	£	£	£
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

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KING EDWARD'S SCHOOL, BATH (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

26. Analysis of net assets between funds

Analysis of net assets between funds - current year

	Unrestricted	Restricted	Endowment	Total
	funds	funds	funds	funds
	2023	2023	2023	2023
	£	£	£	£
Tangible fixed assets	19,089,758	-	2,054,307	21,144,065
Fixed asset investments	1,502,730	-	-	1,502,730
Current assets	1,081,346	202,928	-	1,284,274
Creditors due within one year	(3,205,729)	-	-	(3,205,729)
Creditors due in more than one year	(994,090)	-	-	(994,090)
Provisions for liabilities and charges	(40,000)	-	-	(40,000)
Total	17,434,015	202,928	2,054,307	19,691,250
Analysis of net assets between funds- prior year
	Unrestrictea	Restrictea	Endowment	Total
	funds	funds	funds	funds
	2022	2022	2022	2022
	£	£	£	£
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

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KING EDWARD'S SCHOOL, BATH (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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

----- Start of picture text -----
|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |2023|2022| |£|£| |Net|income|for|the|year|(as|per|Statement|of|Financial|Activities)|578,289|496,149| |Adjustments|for:| |Depreciation|charges|936,601|834,845| |Losses|on|investments|48,446|142,935| |Dividends,|interests|and|rents|from|investments|(36,791)|(33,412)| |Increase|in|stocks|(178)|(1,420)| |Increase|in|debtors|(105,943)|(16,536)| |{ncrease/(decrease)|in|creditors|(94,682)|753,959| |Finance|costs|38,971|15,855| |Provisions|for|liabilities|-|40,000| |Net cash|provided|by|operating|activities|1,364,713|2,232,375|

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

28. Analysis of cash and cash equivalents

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2023|2022| |£|£| |Cash|in|hand|578,126|610,595| |Total|cash|and|cash|equivalents|578,126|610,595|

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

29. Analysis of changes in net debt

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |At1|Other|non-| |September|cash|At|31| |2022|Cash|flows|changes|August|2023| |¢|£|£|£| |Cash|at|bank|and|in|hand|610,595|(32,469)|-|578,126| |Debt due|within|1|year|(177,215)|177,215|(177,215)|(177,215)| |Debt due|after|1|year|(898,453)|-|177,215|(721,238)| |(465,073)|144,746|:|(320,327)|

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

Page 46

ws hOU lum le

KING EDWARD'S SCHOOL, BATH (A company limited by guarantee)

SS SS a a ee a Ee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. Capital commitments

At 31 August 2023 the School had capital commitments totalling £Nil (2022 - ENil).

1. Pension commitments

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 £2,076,698 (2022: £1,966,283) and at the year end £172,900 (2022: £164,642) 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 have valued the ‘greater value’ benefits for groups of relevant members.

The valuation confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

Scheme for non-teaching staff

A defined contribution pension scheme is operated for non-teaching staff, the assets are held separately from those of the School in an independently administered fund. The pension cost charge in respect of the fund of £270,299 (2022 - £244,725) represents contributions payable by the School to the fund. There were outstanding contributions at the year end of £26,805 (2022 - £17,241).

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KING EDWARD'S SCHOOL, BATH (A company limited by guarantee)

Se Se ea ee aS i EE a Ee le NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

32. Operating lease commitments

At 31 August 2023 the School had commitments to make future minimum lease payments under noncancellable operating leases as follows:

	2023	2022
	£	£
Not later than 1 year	45,701	25,818
Later than 1 year and not later than 5 years	95,523	11,517
	141,224	37,335

The following lease payments have been recognised as an expense in the Statement of financial activities:

Operating lease rentals

2023	2022
£	£
43,597	49,752

33. Related party transactions

One Governor has children at the School but these are all on normal terms and they are unable to use their position as Governors to their advantage.

During the prior year a loan to M J Boden, the Headmaster, was fully repaid. Interest on the loan was charged at 2% above the Bank of England base rate and the School received interest £438 in 2022.

During the year the Schoo! sponsored the Mid-Somerset festival, a charity in which Mrs W Thomson is also a trustee. The School paid out £500 toward the festival in 2023 (2022: £175).

34. Post balance sheet events

Since the year end and before the financial statements were approved, the Governors have approved acceptance of a loan facility up to £5m which will be used to carry out capital projects at the School. This has no impact on the results contained within these financial statements and is considered a nonadjusting event.

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