OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← King Edward's School Bath

2024-08-31-accounts

Registered number: 03394895 Charity number: 1115875

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

GOVERNORS’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

|

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

a

CONTENTS

Page
Reference and administrative details ofthe School, its Governors and advisers 1-2
Governors’ report 3-23
Independent auditor's report on the financial statements 24 -27
Statement of financial activities 28 - 29
Balance sheet 30 - 31
Statement of cash flows 32
Notestothefinancialstatements 33-56

eee

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

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

eee

Governors Mrs W. Thomson, Other - Chair of Governors Mr J. Isherwood Mr |.A, Bleakley Mr T. Boyce (resigned 31 January 2025) Mrs V. Chalmer Mr P.G. Cobb Mrs C.A. Colston Mrs S.H. Coombe Mr J. Graham-Brown Prof S.C. Lillicrap (resigned 31 January 2025) Prof A. Millar Mr M Roper (appointed 29 May 2024) Prof R Canter (appointed 5 September 2024) Dr P Gist (appointed 19 September 2024) Mr K Moradifar (appointed 29 May 2024) Mr P. Roper (resigned 27 June 2024) Mr R.P. Stevens (resigned 23 January 2024) Mr O.A. Von Arx (resigned 19 March 2024) * Parent of pupil(s) at the School Company registered number 03394895 Charity registered number 1115875 Registered office King Edward's School North Road Bath BA2 6HU Headmaster Mr M.J. Boden Bursar & chief operating Mr T.P. Davies officer Clerk to the governors MrsT Vaid Independent auditor Crowe U.K. LLP Fourth Floor St James House St James Square Cheltenham GL50 3PR

eee

Page 1

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

de REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL, ITS GOVERNORS AND ADVISERS (CONTINUED)

(CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
a
Solicitor VealeWasbrough Vizards LLP
Narrow Quay
Bristol
BS1 2HX
Stone King LLP
Upper Borough Court
Bath
BA1 1RG
Investment manager Charles Stanley & Co. Limited
26 Queen Square
Bath
BA12HX

Page 2

ee

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

Se GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2024 eee

The Governors present their annual report for the year ended 31 August 2024 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 School and wider operations, 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.

eee

Page 3

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

EEE GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 aSS

(continued)

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 four 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 2023/24 these Committees consisted of Education & Performance, Finance & General Purposes, Estates & Premises, HR, Bursary 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, the Heads of the Junior and Pre-Prep Schools and the Senior Deputy Head. 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.

Wider Relationships

The School actively supports the promotion of the highest standards in the Independent Schools sector, through its membership of HMC, AGBIS, IAPS 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 34 to these financial statements.

Employment Policy

The School is an equal opportunities employer. Full and fair consideration is given to job applications from disabled persons and due consideration is given to their training and employment needs. Consultation with employees, or their representatives, has continued at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests.

a

Page 4

eee KING EDWARD'S SCHOOL, BATH

|

|

(A company limited by guarantee)

—__———:eee eae

— GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

See

(continued)

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: Educational ° 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 ° 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

Legal and/or regulatory

==> picture [1 x 9] intentionally omitted <==

----- Start of picture text -----
|
----- End of picture text -----

EE

Page 5

Im

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

nn EEE GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

NN

(continued)

The key controls used by the School include: ° Formal forward plans, agendas and minutes for all Committee and Board activity; . Terms of reference for Committees; ° Comprehensive strategic planning, budgeting and management accounting; . Established organisational structure and lines of reporting; . Formal written policies; and . 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.

<< Page 6

eee KING EDWARD'S SCHOOL, BATH

(A company limited by guarantee)

Sa SUIEnnreeeeemeereeeeemeemne ree

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 eee CHARITABLE OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Our Purpose

Through an outstanding all-round education, KES pupils acquire the tools and the confidence to flourish and be happy today and to be ready for whatever the future may hold.

We explore with our pupils, helping them to find their voice, fostering a sense of adventure, curiosity, resilience and ambition, encouraging them to do their best in all things and nurturing kindness, compassion and a sense of responsibility for others and for the world around them.

Our Values

Be the best version of yourself - We believe that everybody at King Edward's is unique, one of a kind. We see, hear and get to know them and value them as individuals. Through a rich tapestry of opportunities, we help our pupils to become self-aware, to unearth and develop their passions, talents and creativity and to fulfil their potential.

Learn together, Grow together - Togetherness is at our core. We all belong and we all contribute in different ways to an inclusive and supportive community. We forge our own pathways, but we are also part of the team. Looking forwards and outwards, we believe that together we are greater than the sum of our parts and can make our world a better place.

Always exploring - Every experience in and out of the classroom has the power to enrich us. We believe that there is always more to explore and joy to be found on that journey. We want all our pupils to have a passion for discovery, to value knowledge, think critically, ask questions and challenge mindsets and to develop a lifelong love of learning and enquiry. Aim high, but stay humble - We have high expectations and take pride in our achievements. Through aspiration, reflection, hard work and determination come progress and success. We know that we can’t always be the best, but we can always do our best. Whilst our ambitions may be lofty, our feet are firmly grounded. Our community should be rich in opportunities and pathways but never in arrogance or entitlement. We aim high for ourselves, but we always remember to look out for and support others. We recognise our responsibility both at school and in the wider community of Bath and beyond and we embrace this with generosity and respect.

Objectives Achieved for the Year

The School successfully achieved the following objectives during the year:

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 1,163 (2023: 1,150). Recruitment for the current and next academic year is continuing well in all sections of the School.

eee

Page 7

NN

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

EEEEEE EEE GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

NN

Grant-making Policy

In 2023/24 the value of bursaries, scholarships, allowances and other awards made to the School's pupils totalled £2,283,434 up from the previous year's level of £2,008,471 thereby reflecting the continuing aims to add to and develop means-tested bursaries where financially possible.

£1,286,099 of on-going means-tested bursaries were awarded — totalling c7% of gross fee income and these awards assisted 153 pupils (2023: 145).

As an educational charity, the School remains committed to providing means-tested bursary support for those children and young people whose families would otherwise not be able to afford for them to attend the Senior School. The School's long-term vision is that our Bursary Programme will ultimately be able to provide the necessary financial support so that any pupil offered a place at the Senior School can attend the School, regardless of their family’s financial circumstances. During the year the School published a new Bursary Policy and this is available from the School's website.

Bursary awards are made based on an assessment of a family’s financial circumstances, including their income, outgoings, savings, property value and the value of any other realisable assets and also takes into consideration the size of their family, any other dependents and other relevant factors. As every individual family is different, we do not publish specific criteria for the basis on which any means-tested bursary awards are made. For example, families who may be classified as ‘low income’ but have substantial assets may not be eligible to receive a bursary. The initial assessment for all means-tested bursary applications is now performed by a third party organisation, Bursary Assessment Associates.

a Page 8

| | | |

ee KING EDWARD'S SCHOOL, BATH (A company limited by guarantee) TEE GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 eeee Other 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 1,160 children and being a major local employer, with over 300 staff) and at no cost to the pupils/schools involved, the School:

The School has published its first Impact Report which provides further information on the School's charitable and community work and this is available on our website.

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 careers events, talks, trips and events throughout the year and their voluntary contributions are very much appreciated.

ee

Page 9

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

SSS GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Operational Performance of the Schools

King Edward’s has continued to excel in the local area and beyond. King Edward’s has been recognised as the top performing co-educational independent school in the South West for the third year running in the new Sunday Times Parent Power Guide. Additionally, King Edward’s is the only South West co-educational school in the top 100 independent schools nationally.

Senior School Report

Senior School academic achievement as reflected in external examination results

The summer's impressive A Level results saw 30% of grades awarded A’, well over three times the national average, and 43% of KES pupils gaining only A*/A grades. GCSE results were the best in the School's history, with nearly 40% of entries at the top 9 grade, and over two thirds (67%) at grade 9-8. 84% of grades were 9-7.

While the School's headline statistics are outstanding, what is perhaps more pertinent is how the teaching and learning at KES routinely has such a positive impact on the outcomes of all its pupils. This idea is perhaps best illustrated by the so-called GCSE ‘value-added’ data, produced by Cambridge CEM each year, which reveals that in the most recent external GCSE exams KES pupils performed on average at over a grade higher than would be expected for their ability (based on national standardised tests from Year 7) in each subject. Therefore, if a pupil gained a string of grade 9s at KES, they might have achieved only grade 8s elsewhere.

Higher Education

Our recent leavers and gap year students headed to some of the UK’s leading universities, with over 90% securing places at their first choice Higher Education institution.

Over 50% of students took up places at the Uk’s top 20 universities (according to the Complete University Guide 2025) with 70% heading to Russell Group universities. Six individuals secured their places at Oxford and Cambridge, and two students went off to attend Brown and Tufts Universities in the US. Significantly, 15 former pupils gained places to study Medicine after all KES applicants were successful in gaining places at their firstchoice institutions on these highly sought-after courses.

This year also sees the widest range of different institutions accepting KES pupils. Among the most popular university destinations were Exeter, Manchester, Leeds, UCL, Bristol, Edinburgh and King’s College London. Other notable university destinations included Imperial College London, St Andrews, LSE, Durham, Southampton, Warwick, Birmingham, York and Wiltshire College (for those taking up Art Foundation places).

Matching the broad range of destinations were the aspirations of our former students, who are set to study a diverse range of subjects including: Engineering, Film Studies, History, French, Computer Science, Geography, Art & Design, Environmental Sciences, Criminology, Physics & Astrophysics, English, Music, Esports, Natural Sciences and Economics.

Page 10

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

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR (continued)

Senior School co-curricular and curriculum-linked activities and main highlights of 2023-24

Clubs and Societies

Now in publication for over a decade, the 11th KES Anthology, launched October 23, showcased the close collaboration of the English and Art departments and therefore the closest alignment yet of image and text. The topics for this year’s poetry and short story competitions were ‘The Environment’ and ‘Buried’, and for the first time the Anthology also included the winning entries from our journalism competition, which invited contributors to write on a topic of their choice. In another creative partnership, this time with 11 other secondary schools in Bath, our own Head of Art and Photography, Ed Hume-Smith, helped to co-ordinate an exhibition of pupils’ GCSE and A Level artwork, with 80 pieces displayed in an inaugural Young Bath Artists’ show at Burdall’s Yard.

Discussion, debate, presenting, arguing and defending a point have long been important tools in the academic kitbag, as well as highly useful skills for life. The years MUNKES made history by taking home the best delegation awards at all three of the Model United Nations conferences that they attended — in Taunton, Bristol and Bath - whilst a breakthrough year for our new Debating Club saw several impressive team and individual successes in competitions held at both the Oxford and Cambridge Unions, including top three placings out of 80 delegates for two of our pupils in the former and two top four placings out of more than 100 delegates in the latter.

We entered and were successful in many challenges and competitions, including national poetry awards, Oxford University Classics essays, the national Cipher Challenge, the CREST Biology Awards, the F1 in Schools Competition, the UK Rocketry Challenge, the National Reading Champions Quiz and the Royal Society Young Analysts’ Competition. We also made it to Google HQ in London for the Raspberry Pi UK Competition, with KES teams making up three of the 16 finalists out of the nearly 200 schools that had entered.

DofE award & Outdoor Pursuits

Snowdonia formed the backdrop for our 40 strong team of Duke of Edinburgh’s Gold award candidates. 60 Silver DofE candidates completed their 3 day 70 kilometres long canoeing adventure along the River Wye, whilst nearly 100 Year 9 pupils navigated their way across the Marlborough Downs for their Bronze qualifying expedition. The Dartmoor wilds were tamed as our two teams of Year 10 and 12 pupils successfully took on their respective 35 mile and 45 mile Ten Tors challenges.

Drama

The creative spirit was once again vibrantly alive and well in our three major plays, starting in the Autumn with a swashbuckling senior production of Treasure Island. Spring’s Lower School Fright Size tableau of 12 ghostly dramatic pieces was spooktacularly good. Summer's Year 8 and 9 production of Oliver Jr wrapped up the year's trio of superb shows. In addition to the three main productions, KES pupils shone in both the Mid-Somerset Festival and the Bath Young Actor of the Year Award, whilst over 95% of our LAMDA entries were deservedly rewarded by the examiners with the top grade of distinction.

CCF

The highest number of cadets in the 124 year history of the KES CCF enjoyed fieldcraft and night time navigation challenges during Exercise First Chance at Merryfield Airfield and a weekend of abseiling, laser tag and model making at Scraesdon Fort during Exercise Next Step. The corps’ brand new and ultra smart Contingent banner was proudly carried at the annual Remembrance Day parade, eliciting many admiring comments from members of the public, whilst our cadets’ growing and impressive musical profile was again reflected and rewarded at the National Music Camp held at Otterburn in Northumberland.

Page 11

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR (continued)

Music

Our musical offering in the year balanced remarkable levels of engagement with outstanding quality of performance, perhaps most gloriously in the form of the Gala Concert alongside Bath Philharmonia. Taking the theme of ‘Our Diverse World’ for inspiration, over 200 pupils, staff, parents and players from Bath Phil took to the stage in The Forum to delight an audience of nearly 1,000 with pieces by Hans Zimmer, Florence Price, Lady Gaga and our very own Composer in Residence, Mark Boden, amongst others. Through the unique partnership with Bath Phil, our pupils also benefited from masterclasses with renowned specialists in brass, woodwind, strings and percussion, as well as a private audience with legendary violinist, Nicola Benedetti, ahead of her own Forum appearance. Throughout the year, KES musicians were able to take part in over 20 ensembles and over 50 performance opportunities, ranging from Autumn and Spring Colours concerts to lunchtime recitals by our Baroque players in St Mary's Church, from our Saxophone ensemble entertaining visitors to the RUH to our young singers performing to a packed Bath Abbey as part of the School Voices Project. Along the way there were musical theatre showcases, several individual and ensemble successes at the Mid-Somerset Festival, a best ever Holburne Soloists’ Concert and brilliant showings from KES Soul at the Unite Charity Concert and in the Guildhall as part of the Party in the City celebrations, to name just some. Each week, over 450 individual music lessons took place at school, with pupils honing their skills from grade 1 beginner through to distinction in Music Performance diploma. We also had not one but two KES soloists in the Bath Young Musician of the Year event held in the Pump Room, including the eventual winner, the third occasion out of the last 7 finals on which a KES pupil has walked off with this prestigious trophy.

Page 12

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

SSS SS GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 ee REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR (continued)

Sport

A year of very successful sporting engagement was undoubtedly enhanced by the arrival in January 2024 of our newly refurbished gym, alongside new teaching, office and catering spaces and the splendid viewing gallery. In tandem with our superb and growing Strength and Conditioning programme, the new multi-space gym that covers most of the top floor of this hall has been embraced as a fantastic new facility by staff and pupils of all ages and of different sporting talents and interests.

On either side of this New Year enhancement, we had an Autumn, Spring and Summer full of sporting endeavour and success and impressive levels of participation. This was reflected in the 14 different KES teams that regularly took to the rugby field, with the impressive 2nd XV winning all but one of their fixtures, sometimes against other schools’ first teams! This good form continued into the Sevens season in the Spring term, with the 1sts winning the Wycliffe tournament and the Collegiate Shield and performing superbly at the Sedbergh 10s, whilst the U13s were victorious at the Port Regis Sevens.

The spring term also saw the return of competitive girls’ rugby to KES, with an U16 team acquitting themselves very well at the Millfield Sevens and National 7s tournaments. Ahead of their hockey term in the Spring, the senior boys made a strong statement by becoming county indoor champions before then taking on some of the strongest club teams in Europe on their pre-season tour to Barcelona. Inspired by an October half term tour of Dubai, our senior netballers finished as runners-up in the county tournament and thus became the 25th KES team in the last 20 years to reach the regional finals. During the Summer term, Bathampton was a glorious picture, thanks in large part to the sterling work of our new grounds team. The remarkable strides made in girls’ cricket in recent years were reflected in the fact that the 1st XI played over ten matches, whilst a highlight for the senior boys was once again cricket week.

Impressive levels of commitment were also evident in our tennis programme, in cross country, and in the senior football programme. Throughout the year, there were also many individual sporting accolades to celebrate, including more than 25 pupils — boys and girls — developing their rugby skills as part of the Bath Academy or county pathway. 9 netballers were involved in the county or Team Bath Futures pathways, with similar numbers of county representatives amongst boys and girls in both hockey and cricket. Several KES pupils also trialled or performed at national level in hockey, netball, triathlon, archery, indoor skiing and para-alpine skiing, to name just some, with others quite likely destined for professional pathways in golf, football and cricket.

Page 13

KING EDWARD'S SCHOOL, BATH (A company limited by guarantee) eeeee GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR (continued)

Trips and Activities week

In all subject areas and beyond, life at KES remains one of constant enrichment, with opportunities for extracurricular engagement abounding on many fronts. Just a handful of the highlights from the year were: Olympiads for Maths, the Sciences and even Linguistics, poetry workshops, theatre and art gallery visits, a European Day of Languages, fieldwork in Dorset and Wales, Theology and Philosophy lectures in Oxford, DT pupils to the Design Museum, Politics students to Westminster, Historians to Chepstow Castle and to the Chalke History Festival, Physicists to GKN’s aerospace centre in Bristol, Economists to the University of Bath and even Chemists to Cleveland Pools to look at the different materials and engineering aspects of the lido.

Keeping with the theme of enrichment: in any typical year at KES, our pupils take part in a wide range of trips both home and abroad, including the always popular Activities Week at the end of the summer term. These trips help to nurture adventurous minds, broaden horizons and to reinforce the values that are so strongly espoused by our co-curricular and pastoral programmes. The year’s offerings seemed to cover a wider set of destinations and in addition to the many UK based visits, overseas trips in the year included Art and Photography to Barcelona, Classics to Greece, our German exchange pupils to Braunschweig, our A Level History and Politics students to Washington DC, a ski trip to France, sports tours to Dubai, Canada and Barcelona, alongside cultural visits to Cologne, Venice, Malaga, Marbella, Nice and Iceland, amongst other destinations.

Charities

Charitable endeavour at KES during the year was once again highly impressive. £18,600 was raised for our School charities but more than that, the number of people participating in our charitable endeavours increased enormously through stronger pupil engagement. The range of activities were varied and plentiful ranging from a sponsored paddleboard, a parachute jump, a fire walk, a glow swim, the ever-popular cake & doughnut sales, non-uniform days, a book launch, sponsored walks, craft stalls, a charity netball match, fundraising talks, entrepreneurial business ideas, a plant sale and music concerts.

We held four Foodbank collections, a reverse advent collection for Julian House, and a Salvation Army collection at Christmas. We also collected beautiful dresses & suits to donate to a charity called ‘Dress it Forward’ who donate pre-loved clothing for prom-goers in South Africa with no access to formal wear. Members of the charities committee also visited charity partners to help increase understanding of their work in the community. Meanwhile, our flourishing Sixth Form Community Service programme continued to support local organisations, with over 30 pupils every Thursday afternoon helping out in classrooms in local primary schools, visiting homes for the elderly and serving refreshments on wards at the RUH.

Page 14

JOO“, KING EDWARD'S SCHOOL, BATH (A company limited by guarantee) TE GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 ne

Junior School Report

King Edward’s Junior School continues to set itself the aim of providing the highest quality provision for all children in each of the areas of their education. The year has saw a whole school project that has established a stated purpose and set of values that reflect this. There has been a focus and determination at the Junior School to live by these values in all that we do.

The School continues to achieve highly in line with the rich academic history and reputation of King Edward’s. Last year saw 9 pupils gain academic awards to the Senior School. Across the school, data tells us that 97% of pupils achieve their age-related expectation or above in English and 60% are working at a greater depth, whilst 95% and 67% are working in the equivalent bands in maths. The mean standardised score for pupils across all ages in these areas is 113 in English and 115 in maths in comparison to an age standardised expectation of 100.

This is the result of a broad curriculum delivered through high quality teaching in all subjects. The specialisation of core subject teachers at the older age groups and the use of specialist teachers and facilities in the wider curriculum throughout the school contribute to an excellent provision for pupils, both in regard to developing progress and attainment as well as providing rich experiences for personal development.

Other achievements this year include: representation in the National Science Quiz finals at Oxford University; finalists in the national Raspberry Pi competition held at Google HQ; BEBRAs awards in coding for finishing in the top 10% nationally.

For those who face barriers to learning, we have restructured our Learning Support processes to ensure that all children who require interventions at any level are accessing the relevant and appropriate support from specialised Learning Support teachers, teaching staff or Teaching Assistants who have received training in these areas to facilitate this. We are midway through a similar restructure of our emotional support provision with the addition of further ELSA and Thrive trained staff as well as the ongoing recruitment of a play therapy trainee. Alongside our curriculum, we continue to offer an extensive enrichment programme. This year, we have appointed an Enrichment Coordinator to further develop this area. Pupils attend trips to such places as Stonehenge, the Roman Baths, We the Curious and various places of worship including Sikh and Buddhist centres as well as residential trips both in the UK and abroad. The wide range of lunch time and after school clubs (38 clubs on offer per week in total) includes Kit Car Club which, thanks to the generous support of the KES Parents, has been able to double in size, Agora Club, Multimedia Club, Doodle club and various other music, sport and creative activities. Alongside this, we welcome in a diverse range of speakers throughout the year including How To Train Your Dragon author Cressida Cowell, Craft-D (rapping author), Wiltshire Air Ambulance, Julian House and Taiko Drumming Workshops.

| | | | | |

Music continues to be an integral part of life at KES Junior School. This year, the annual Proms included 130 student musicians and over 60 pupils joined with the Senior School and Bath Philharmonic Orchestra for a successful concert at The Forum. Music Week proved to be a great success with performers of all ages enjoying a variety of opportunities to perform themselves and pupils having multiple opportunities to watch and listen to their peers, Senior School bands, orchestras and choirs and even staff performers. Staff and pupils also enjoyed Taiko drumming workshops.

A large proportion of pupils have individual music lessons in a wide variety of instruments and there are multiple bands, orchestras, choirs and groups that pupils attend. Curriculum music continues to offer all children an opportunity to develop passion and skills in the area with children learning a different instrument each year, including strings in Year 3, brass and woodwind in Year 4 and the ever-popular steel drums in Year 6. Four pupils also achieved special talent awards on entry to the Senior School.

jw

==> picture [1 x 2] intentionally omitted <==

----- Start of picture text -----
|
----- End of picture text -----

Page 15

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

pe GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Junior School Report (continued)

Sport plays a large part in Junior School life and this year has been no exception. Enjoyment and participation continue to be the key drivers of our philosophy and pupils enjoy our core sports of rugby, hockey, netball and cricket as well as opportunities in athletics, cross country, swimming, table tennis, triathlon, football, skiing, tennis and others. This year has seen success at national IAPS level with an unbeaten rugby tournament and gold medals in Judo. Eight pupils also achieved special talent awards on entry to the Senior School. The School continues to foster and build relationships with the local community. We have welcomed local primary schools for a number of events such as Book Week talks throughout the year and we hosted a successful table tennis competition for local schools. We work closely with our local churches, regularly hosting Reverends Roger and Simon from St Michael's Without and attending the church for events such as our Easter Service. As part of their Year 6 award programme, pupils volunteer in their local community and this year they completed a wide range of activities such as sports coaching, litter picking and supporting the elderly. We have given a renewed focus this year to our Pupil Voice. As such, we have created a new leadership role to coordinate this area of our provision. This has already led to the creation of a Pupil Parliament with committees in areas such as environment, charity, food and behaviour either already set up or planned to start soon. This has also led to a review and restructure of the House system which is currently underway with the help of pupils. This focus is designed to understand the KES Junior School experience of our pupils through their eyes and will delve in more detail into certain focus areas in coming months.

The site has seen progression in a number of areas. We installed a new playground project of a fort and raised trail which have been greatly welcomed by pupils. The staff room has had a much-needed refurbishment and improvements have been made to the school hall. We welcomed a great number of families onto the site for our eco day in the Spring which helped to complete tasks across the school including building hides, barriers to protect badger sets and a willow tunnel.

Underpinning all of this has been a focus on the attitude and behaviour of pupils. We have focused greatly on the pillars of manners, kindness and respect in all that we have done. We introduced a new behaviour process intended to be simple and clear and to promote development of self-control and improvement. The Ready to Learn approach encompasses the attitudes and actions we expect from children. If children are having difficulty with this, the next stage is Reset where children are given time, space and support to break any cycle of poor decisions and to regain control of being Ready to Learn. If this is unsuccessful, this is followed by a period of Reflection where pupils will work with a member of senior management to reflect on their choices and actions and will then share and discuss this with the relevant teacher to improve future decisions and to identify strategies or triggers that may support this.

Page 16

||

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Pre-Prep School Report

Highlights from the year at the Pre-Prep include:

Page 17

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

pe GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Future Development

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 cocurricular 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 For the School

The School received £192,349 in income from donations and legacies during the year.

Fundraising activities are carried out by the School's Development and Alumni Relations Office with assistance from parents and pupils running specific fundraising activities. The aim of the Development and Alumni Relations Office is to engage a global community of Old Edwardians, parents and other supporters to facilitate connections, offer careers opportunities to our pupils and recent leavers and raise funds to help realise the School's strategic priorities.

Donations and legacies have been received from Old Edwardians, parents, charitable trusts and foundations and other supporters of the School. These donations have supported the Wroughton Bursary Fund, awarding transformational bursaries to young people who would not be able to attend the School without this support, and enhancing our educational environment. The Headmaster, Governors and the School community express their heartfelt thanks to all our donors and KES Parents for their support.

The School does not use external professional fundraisers and we ensure that our fundraising follows or exceeds best practice. 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. The School is registered with the Fundraising Regulator and has a Donor Charter and Gift Acceptance Policy in place.

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.

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.

Page 18

| |

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

|

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The School's Total Incoming Resources for the year were £18,805,283 (2023 - £17,638,524) and the surplus for the year before investment gains was £765,929 (2023 - £626,735). Full details are set out in the audited financial statements on pages 28 to 56.

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 £1,939,887 (2023 - £1,655,743) 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 £20,602,633 (2023 - £19,691,250).

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 Charity’s investments are held by Charles Stanley and unrealised gains/losses on investments totalled £145,454 (2023 — unrealised loss of £48,446). The value of the total investment portfolio increased to £1,696,645 at the year-end (2023 - 1,502,730). Dividend income was £50,709 (2023 - £36,791).

Streamlined Energy and Carbon Reporting (SECR)

UK energy use and associated greenhouse gas emissions

Current UK based annual energy usage and associated annual greenhouse gas (“GHG”) emissions are reported pursuant to the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 (“the 2018 Regulations”) that came into force 1st April 2019.

Organisational boundary

In accordance with the 2018 Regulations, the energy use and associated GHG emissions are for those assets owned or controlled within the UK only as defined by the operational control boundary. This includes multiple sites across the estate along with company vehicles and personal vehicles used for business mileage (“grey fleet’).

Reporting period

The annual reporting period is 1st September to 31st August each year and the energy and carbon emissions are aligned to this period.

Quantification and reporting methodology

The 2019 UK Government Environmental Reporting Guidelines and the GHG Protocol Corporate Accounting and Reporting Standard (revised edition) were followed. The 2024 UK Government GHG Conversion Factors for

Page 19

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

==> picture [186 x 19] intentionally omitted <==

----- Start of picture text -----
GOVERNORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
----- End of picture text -----

Company Reporting were used in emission calculations as these relate to the majority of the reporting period. The report has been reviewed independently by Zenergi Limited (trading as Briar Consulting Engineers Limited).

Electricity and gas consumption were based on data produced by the School, and mileage and fuel card records were used to calculate energy and emissions from fleet vehicles and grey fleet. Where invoices did not cover the full reporting year, the pro-rata estimation technique was applied. On site renewable solar photovoltaic generated electricity is quantified using meter readings, falls under Scope 1, and does not exclude exported energy. Gross calorific values were used except for mileage energy calculations as per Government GHG Conversion Factors.

The emissions are divided into mandatory and voluntary emissions according to the 2018 Regulations, then further divided into the direct combustion of fuels and the operation of facilities (scope 1), indirect emissions from purchased electricity (scope 2) and further indirect emissions that occur as a consequence of company activities but occur from sources not owned or controlled by the organisation (scope 3).

Breakdown ofenergy consumption used to calculate emissions (kWh):
Energy type
tt
2022/23)
Mandatory:		 Breakdown ofenergy consumption used to calculate emissions (kWh):
Energy type
tt
2022/23)
Mandatory:		 Breakdown ofenergy consumption used to calculate emissions (kWh):
Energy type
tt
2022/23)
Mandatory:		 2023/24
Purchased electricity 695,818" 665,581
Total energy (mandatory) 1,913,472" 1,882,116
Voluntary:
Gas Oil 4,239 N/A
Consumed electricity
from		 on-site renewable sources N/A 136,518
Total energy (voluntary) 4,239 135,515
Totalenergy(mandatory &voluntary) 1,917,711* 2,017,631

*Revised figures due to updated data

Breakdown of emissions associated with the reported energy use (tCO2e): Breakdown of emissions associated with the reported energy use (tCO2e):
2023/24
Mandatory:
Scope
1
Scope 2
Scope 3
Total gross emissions (mandatory) BUT 364.7
Voluntary:
Scope 1
Oll 1.4 N/A
Scope 2
*Revisedfiguresduetoupdateddata

Page 20

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

Seen ncc cn

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

==> picture [370 x 61] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Mandatory|emissions|only:| |Tonnes|of|CQze|per|pupil|0.32|0.31| |Mandatory|&|voluntary|emissions:| |Market-based:|Tonnes|of CO2e|per|pupil|0.20"|0.19|

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

Intensity ratio

The intensity ratio is total gross emissions in metric tonnes CO2e (mandatory emissions) per pupil. The turnover per pupil aligns with the energy and emission reporting boundary. This metric is considered the most relevant to the School’s energy consuming activities and provides a good comparison of performance over time and across different organisations and sectors.

Energy efficiency action during the financial year

In the period 1st September 2023 to 31st August 2024, the School has undertaken the following actions to improve energy efficiency:

These combined efforts contribute to the School's ongoing commitment to sustainability and energy conservation.

==> picture [1 x 12] intentionally omitted <==

----- Start of picture text -----
|
----- End of picture text -----

Page 21

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

a GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Statement of Governors’ Responsibilities

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:

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

The 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.

Page 22

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

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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. Whilst the nature of the engagement was inevitably impacted by the pandemic, 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 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 April 2025 including in their capacity as company directors approving the Strategic Report contained therein, and is signed as authorised on its behalf by:

Approved by order of the members of the board of Governors and signed on their behalf by:

s ot Mr l

Page 23

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

NN

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

a

Opinion

We have audited the financial statements of King Edward's School, Bath (the 'School') for the year ended 31 August 2024 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:

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 Governors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

nn: SS Page 24

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 Governors 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:

|

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 strategic report or in the director's report included within the trustees’ report..

| | |

| |

Page 25

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

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

Responsibilities of trustees

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

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

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the 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 Company 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 Companies Act 2006 and 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 Company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Company for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014.

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

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be 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, fee scholarships, bursaries and discounts, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regularity correspondence with Companies House, the Charity Commission and the Independent Schools inspectorate, and reading minutes of those charged with governance.

Page 26

25 April 2025

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

pen iii i iii ca STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024

Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
2024 2024 2024 2024 2023
Note £ £ £ £ £
Income from:
Donations and
Legacies 4 - 192,349 - 192,349 64,512
Charitable activities:
School fees 5 16,604,580 - - 16,604,580 15,588,500
Other educational
income 6 871,217 - - 871,217 1,015,282
Other ancillary trading
income 7 926,027 - - 926,027 835,036
Non- ancillary trading
activities 8 75,095 - - 75,095 71,515
Investments 9 136,015 - - 136,015 63,679
Total income and eee
endowments 18,612,934 192,349 - 18,805,283 17,638,524
Expenditure on: OO OO
Raising funds: 10,11
Fundraising costs 131,521 - - 131,521 80,994
Financing costs 55,168 - - 55,168 38,971
Charitable activities: 12
Education and
grantmaking 17,742,044 110,621 - 17,852,665 16,891,824
Total expenditure 17,928,733 110,621 - 18,039,354 17,011,789
Net income before
net gains/(losses) on
investments 684,201 81,728 - 765,929 626,735
Net gains/(losses) on
investments 17 145,454 - - 145,454 (48,446)
Net income 829,655 81,728 - 911,383 578,289
Transfers between
funds 25 15,000 (15,000) - - -
Net movement in po
funds 844,655 66,728 - 911,383 578,289

Page 28

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 2024

Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
2024 2024 2024 2024 2023
Note E £ £ £ £
Reconciliation of
funds:
Total funds brought
forward 17,434,015 202,928 2,054,307 19,691,250 19,112,961
Net movement in funds 844,655 66,728 - 911,383 578,289
Total funds carried i
forward 25 18,278,670 269,656 2,054,307 20,602,633 19,691,250

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

The notes on pages 33 to 56 form part of these financial statements.

Page 29

KING EDWARD'S SCHOOL, BATH

(A company limited by guarantee) REGISTERED NUMBER: 03394895

BALANCE SHEET AS AT 31 AUGUST 2024

2024 2023
Note £ £
Fixed assets
Tangible assets 16 22,272,864 21,144,065
Investments 17 1,696,645 1,502,730
23,969,509 22,646,795
Current assets
Stocks 18 3,424 3,788
Debtors 19 552,911 702,360
Cash at bank and in hand 7,276,994 578,126
7,833,329 1,284,274
Creditors: amounts falling due within one
year 20 (6,049,034) (3,205,729)
Net current assets/ liabilites 1,784,295 (1,921,455)
Total assets less current liabilities 25,753,804 20,725,340
Creditors: amounts falling due after more
than one year 21 (5,111,171) (994,090)
Provisions for liabilities 24 (40,000) (40,000)
Total net assets 20,602,633 19,691,250
Charity funds
Endowment funds 25 2,054,307 2,054,307
Restricted funds 25 269,656 202,928
Unrestricted funds 25 18,278,670 17,434,015
Totalfunds 20,602,633 19,691,250

Page 30

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

BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2024

The Governors 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 Governors and signed on their behalf by:

i,__,.v{,'V'-

Mrs W Thomson

Chair of Governors Date: 22 April 2025

The notes on pages 33 to 56 form part of these financial statements.

Page 31

KING EDWARD'S SCHOOL, BATH

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024

==> picture [471 x 336] intentionally omitted <==

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2024|2023| |Note|£|£| |Cash|flows|from|operating|activities| |Net|cash|used|in|operating|activities|28|9,028,924|1,364,713| |Cash|flows|from|investing|activities| |Dividends,|interests|and|rents|from|investments|50,709|36,791| |Purchase|of tangible|fixed|assets|(2,149,921)|(1,184,078)| |Purchase|of|investments|(48,461)|(33,709)| |Net|cash|used|in|investing|activities|(2,147,673)|(1,180,996)| |Cash|flows|from|financing|activities| |Repayments|of|borrowing|(177,215)|(177,215)| |Bank|loan|interest|paid|and|finance|costs|(55,168)|(38,971)| |Loan|withdrawn|50,000|-| |Net|cash|used|in|financing|activities|(182,383)|(216,186)| |Change|in|cash|and|cash|equivalents|in|the|year|6,698,868|(32,469)| |Cash|and|cash|equivalents|at|the|beginning|of the|year|578,126|610,595| |Cash|and|cash|equivalents|at|the|end|of the|year|29|7,276,994|578,126|

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

The notes on pages 33 to 56 form part of these financial statements

Page 32

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

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

  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.

  1. Accounting policies

  2. 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.

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 33

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

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

2. Accounting policies (continued)

2.5 Legacies

Legacies are recognised at the earlier of the point that estate accounts have been received, or the cash has been received. Under this accounting policy, in the absence of payment, legacies are only accrued on receipt of finalised estate accounts or where it is judged that there is sufficient other evidence that the legacy can be reliably estimated. Reversionary interests involving a life tenant and discretionary trusts are not recognised.

2.6 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.

2.7 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.

2.8 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 34

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

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

2. 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 35

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

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

2. Accounting policies (continued)

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.

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 36

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

TE

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

  1. 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 adjustments to their carrying amounts in the next financial year.

4. Income from donations and legacies

Restricted Total
funds funds
2024 2024
£ £
Donations and Legacies 192,349 192,349
Future legacy income of£141k is expected from legacies that have been notified to the charity.
Restricted Total
funds funds
2023 2023
£ £
DonationsandLegacies 64,512 64,512
  1. Fees receivable

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

2024 2023
£ E
Gross School fees 18,837,764 17,550,956
Less: Total bursaries, grants and allowances (2,283,434) (2,008,475)
16,554,330 15,542,481
Add: Bursaries paid for using restricted funds 50,250 46,019
16,604,580 15,588,500

In 2024 and 2023, of the total income from School fees receivable all were unrestricted.

Page 37

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

qe

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

6. Other educational income

2024 2023
£ £
After school clubs and school trips 432,412 628,639
Music, Lamda and learning support lessons 420,230 369,043
Other income 18,575 17,600
871,217 1,015,282

In 2024 and 2023, of the total income from Other educational income all were unrestricted.

7. Other ancillary trading income

2024 2023
£ a
Lunch charges 778,706 698,868
Food and cafe sales 17,325 14,950
Fee protection scheme 24,431 23,364
Bus and coach service income 105,565 97,854
926,027 835,036

In 2024 and 2023, of the total income from Other ancillary trading income all were unrestricted.

8. Non-ancillary trading income

2024 2023
£ £
Rent received 40,066 26,925
Other incoming resources 35,029 44,590
75,095 71,515

In 2024 and 2023, of the total income from Non-ancillary trading income all were unrestricted.

Page 38

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

<_<SSS

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

9. Investment income

Unrestricted Total
funds funds
2024 2024
£ £
Dividends received 50,709 50,709
Interest received 85,306 85,306
136,015 136,015
Unrestricted Total
funds funds
2023 2023
£ £
Dividends received 36,791 36,791
Interest received 26,888 26,888
63,679 63,679
10. Expenditure on raising funds
Fundraising trading expenses
Unrestricted Total
funds funds
2024 2024
£ £
Other costs 35,728 35,728
Staff costs 95,793 95,793
131,521 131,521

Page 39

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

SS

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

10. Expenditure on raising funds (continued)

Fundraising trading expenses (continued)

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

11. Financing costs

Unrestricted Total
funds funds
2024 2024
£ £
Bank loan interest and other finance costs 55,168 55,168
Unrestricted Total
funds funds
2023 2023
£ £
Bank loan interest and other finance costs 38,971 38,971

Page 40

KING EDWARD'S SCHOOL, BATH

(A company limited by guarantee)

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

12. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds		 Restricted
funds		 Total
2024 2024 2024
£ £ £
Teaching 10,898,038 - 10,898,038
Welfare 1,417,026 - 1,417,026
Premises 2,409,843 - 2,409,843
Support and governance 3,017,137 110,621 3,127,758
17,742,044 110,621 17,852,665
Unrestricted Restricted
funds funds Total
2023 2023 2023
£ E £
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

|

Page 41

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

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

12. Analysis of expenditure on charitable activities (continued)

Summary by fund type (continued)

Summary by expenditure type

Staff costs Depreciation Other costs Total
2024 2024 2024 2024
£ £ £ £
Teaching 10,101,228 - 796,810 10,898,038
Welfare 864,772 - 552,254 1,417,026
Premises 260,291 1,021,122 1,128,430 2,409,843
Support and governance 1,499,324 - 1,628,434 3,127,758
12,725,615 1,021,122 4,105,928 17,852,665
Staffcosts Depreciation Othercosts 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

13. Auditor's remuneration

2024 2023
£ £
Fees payable to the School's auditor and its associates forthe audit ofthe
School's annual accounts 20,000 19,500
Fees payable to the School's auditor and its associates in respect of:
Otherservices 2,300 2,250

Page 42

|

|

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

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

14. Staff costs

==> picture [444 x 101] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2024|2023| |£|£| |Wages and|salaries|9,836,274|9, 185,407| |Social|security|costs|1,021,762|970,816| |Contributions|to|pension|schemes|1,963,372|1,721,761| |12,821,408|11,877,978|

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

During the year there was termination payments of £122,047 (2023 - £42,110). No amount was outstanding at year end (2023 - ENil).

|

| | | | | | | |

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

==> picture [445 x 110] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2024|2023| |No.|No.| |Teaching|staff (including|academic|support)|213|205| |Administration|and|support|40|39| |Premises|11|11| |Welfare|43|44| |307|299|

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

| | | |

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

==> picture [444 x 139] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2024|2023| |No.|No.| |In|the|band|£60,001|-|£70,000|9|5| |In|the|band|£70,001|-|£80,000|4|3| |In|the|band|£80,001|-|£90,000|1|2| |In|the|band|£90,001|-|£100,000|-|1| |In|the|band|£100,001|-|£110,000|2|1| |In|the|band|-|£130,001|-|£140,000|1|-| |In|the|band|£160,001|- £170,000|-|1| |In|the|band|£170,001|- £180,000|1|-|

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

Aggregate remuneration and benefits of the 6 (2023 - 6) key management personnel totalled £876,090 (2023 - £824,216) . This relates to the Headmaster, Head of Pre-Prep School, Bursar, Second Master and Senior Deputy Head (2023 - Headmaster, Head of Junior, Head of Pre-Prep School, Bursar, Second Master and Senior Deputy Head) .

Page 43

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

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

15. Governor remuneration and expenses

During the year, no Governors received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 August 2024, expenses totalling £1,631 were reimbursed or paid directly to 1 Governor (2023 - £205 to 1 Governor). Expenses 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 2023		 25,402,155 1,507,146 1,538,440 292,473 664,410 29,404,624
Additions 7,979 165,215 56,315 67,834 1,852,578 2,149,921
Disposals - (286,345) (72,642) (79,583) - (438,570)
Transfers between
classes 1,142,369 - 222,680 - (1,365,049) -
At 31 August 2024 26,552,503 1,386,016 1,744,793 280,724 1,151,939 31,115,975
Depreciation
At
1 September 2023		 6,203,317 899,646 876,089 281,507 - 8,260,559
Charge for the year 562,856 274,297 169,096 14,873 - 1,021,122
On disposals - (286,345) (72,642) (79,583) - (438,570)
At 31 August 2024 6,766,173 887,598 972,543 216,797 - 8,843,111
Net book value
At 31 August 2024 19,786,330 498,418 772,250 63,927 1,151,939 22,272,864
At31August2023 19,
198,838		 607,500 662,351 10,966 664,410 21,144,065

Page 44

|

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

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

17. Fixed asset investments

==> picture [446 x 157] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Listed| |investments| |*| |Cost|or valuation| |At|1|September 2023|1,502,730| |Reinvested|income|50,709| |Investment|manager fees and|charges|(2,248)| |Increase|in|value|of|investments|145,454| |At31A|t|2024|as| |aii|1,696,645|

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

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 £88,696 (2023 - £190,235) was held as uninvested cash.

18. Stocks

==> picture [444 x 37] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2024|2023| |£|£| |Kitchen|stores,|clothes and|prospectuses|3,424|3,788|

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

| | | | | | | | | | | | | | | | | | | | | |

  1. Debtors

==> picture [444 x 108] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2024|2023| |E|E| |Due|within|one|year| |Fee|debtors|406,794|244,662| |Other|debtors|22,785|5,831| |Prepayments|and|accrued|income|123,332|451,867| |552,911|702,360|

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

| | |

Fee debtors is stated net of provisions amounting to £103,999 (2023: £103,999).

Page 45

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

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

20. Creditors: Amounts falling due within one year

2024 2023
£ £
Bank loans 177,215 177,215
Trade creditors 198,612 982,068
Other taxation and social security 231,021 227,978
Fees received in advance 4,283,419 855, 287
Refundable deposits 518,310 483,679
Other creditors 389,763 336,445
Accruals and deferred income 250,694 143,057
6,049,034 3,205,729

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% (2023 - 6%).

2024 2023
£ £
Analysis ofmovement in deferred income
Deferred income at 1 September 2023 1,295 2,345
Resources deferred during the year 6,060 1,295
Amounts released from previous periods (1,295) (2,345)
6,060 1,295

Page 46

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

eee

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

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

2024 2023
£ £
Bank loans 594,023 721,238
Fees received in advance 4,517,148 272,852
5,111,171 994,090

Included within the above are amounts falling due as follows:

2024 2023
£ £
Between one and two years
Bank loans 177,215 177,215
Between two and five years
Bank loans 416,808 531,645
Over five years
Bankloans - 12,378

22. Fees in advance

Parents may, subject to contractual terms and conditions, pay to the School tuition fees in advance. The money may be returned, subject to specific conditions but, assuming the relevant pupils remain in the School, advance fees will be applied as follows:

2024 2023
£ E
Payments received on account 4,283,419 855,287
Within 2-5 years 4,517,148 272,852
8,800,567 1,128,139

|

Page 47

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

Sec cnc
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
23. Financial instruments
2024 2023
£ £
Financial assets
Financialassetsmeasured atfairvaluethroughincomeandexpenditure 1,696,645 1,502,730

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

24. Provisions

Provisions
£
At1September 2023 40,000
Additions 40,000
Amounts used (40,000)
40,000

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

Page 48

a

| | |

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

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

25. Statement of funds

|

Statement of funds - current year

==> picture [444 x 448] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Balance|at|1|Balance|at| |September|Transfers|Gains/|31|August| |2023|Income|Expenditure|in/out|(Losses)|2024| |£|£|£|£|£|£| |Unrestricted| |funds| |General|17,434,015|18,612,934|(17,928,733)|15,000|145,454|18,278,670| |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|124,005|69|(4,388)|-|-|119,686| |Bursary|fund|16,275|124,311|(50,250)|(27)|-|90,309| |The|Parents'| |Committee|19,816|33,585|(36,878)|(3,729)|-|12,794| |Hockey|Festival|16,802|3,685|(2,469)|(11,271)|-|6,747| |Other|funds|26,030|30,699|(16,636)|27|-|40,120| |202,928|192,349|(110,621)|(15,000)|-|269,656| |Total|of funds|19,691,250|18,805,283|(18,039,354)|-|145,454|20,602,633|

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

|

Page 49

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

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

25. Statement of funds (continued)

Statement of funds - prior year

Balance at Balance at
1 September Transfers Gains/ 31 August
2022
£		 Income
£		 Expenditure
£		 in/out
ra		 (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

Page 50

KING EDWARD'S SCHOOL, BATH

(A company limited by guarantee)

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

25. Statement of funds (continued)

==> picture [442 x 190] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |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| |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|

----- 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 2024 these included the purchase of furniture which has been capitalised.

| |

Page 51

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

Reeee

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

  1. Summary of funds

Summary of funds - current year

Balance at 1 Balance at
September Transfers Gains/ 31 August
2023 Income Expenditure in/out (Losses) 2024
£ £ £ £ £ £
General funds 17,434,015 18,612,934 (17,928,733) 15,000 145,454 18,278,670
Endowment
funds 2,054,307 - - - - 2,054,307
Restricted funds 202,928 192,349 (110,621) (15,000) - 269,656
19,691,250 18,805,283 (18,039,354) - 145,454 20,602,633
Summary offunds - prior year
Balance at Balance at
1 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

Page 52

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

ue

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

27. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted Restricted Endowment Total
funds funds funds funds
2024 2024 2024 2024
£ £ £ £
Tangible fixed assets 20,218,557 - 2,054,307 22,272,864
Fixed asset investments 1,696,645 - - 1,696,645
Current assets 7,563,673 269,656 - 7,833,329
Creditors due within one year (6,049,034) - - (6,049,034)
Creditors due in more than one year (5,111,171) - - (5,111,171)
Provisions for liabilities and charges (40,000) - - (40,000)
Total 18,278,670 269,656 2,054,307 20,602,633
Analysis of net assets between funds - prior period
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

Page 53

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

ee

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

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

==> picture [443 x 201] intentionally omitted <==

----- Start of picture text -----
|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |2024|2023| |£|£| |Net|income|for|the|period|(as|per|Statement|of|Financial|Activities)|911,383|578,289| |Adjustments|for:| |Depreciation|charges|1,021,122|936,601| |(Gain)/Losses|on|investments|(145,454)|48,446| |Dividends,|interests|and|rents|from|investments|(50,709)|(36,791)| |Decrease/(increase)|in|stocks|364|(178)| |Decrease/(increase)|in|debtors|149,449|(105,943)| |Increase/(decrease)|in|creditors|7,087,601|(94,682)| |Finance|costs|55,168|38,971| |Net|cash|provided|by|operating|activities|9,028,924|1,364,713|

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

  1. Analysis of cash and cash equivalents

==> picture [469 x 103] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2024|2023| |£|£| |Cash|in|hand|7,276,994|578,|126| |Total|cash|and|cash|equivalents|7,276,994|578,126| |30.|Analysis|of changes|in|net|debt|

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

==> picture [443 x 118] intentionally omitted <==

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |At|1|Other|non-| |September|cash|At|31| |2023|Cash|flows|changes|August|2024| |¢|£|£|£| |Cash|at|bank|and|in|hand|578,126|6,698,868|-|7,276,994| |Debt|due|within|1|year|(177,215)|177,215|(177,215)|(177,215)| |Debt due|after|1|year|(721,238)|(50,000)|177,215|(594,023)| |(320,327)|6,826,083|-|6,505,756|

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

Page 54

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

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

31. Capital commitments

At 31 August 2024 the School had capital commitments totalling £3.6m (2023 - ENil).

32. 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 £2,176,866 (2023: £2,076,698) and at the year end ENil (2023: £172,900) 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. The latest valuation showed total scheme liabilities of £262,000 million and notional assets of £222,200 million, giving a notional past service deficit of £39,800 million.

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

| | | | | |

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

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The School is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the School has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined contribution scheme.

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 fundwere o futstanding £385,370 contributions(2023 - £270,299)at the yearrepr e sentsnd of £33,626contributions(2023payable- £26,805).by the School to the fund. There

|| | || |

Page 55

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

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

33. Operating lease commitments

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

2024 2023
£ £
Not later than 1 year 45,701 45,701
Later than 1 year and not later than 5 years 49,823 95,523
95,524 141,224

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

2024 2023
£ £
Operating lease rentals - 43,597

34. Related party transactions

Two Governors have 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 year the School sponsored the Mid-Somerset festival, a charity in which Mrs W Thomson is also a trustee. The School paid out £2,000 toward the festival in 2024 (2023: £500).

In the year, the Bursar's wife served as the Treasurer for Cleveland Pools Trading Limited. The School paid this Charity £5,700. There was no balance owed at year end.

35. Post balance sheet events

Post year end the School has registered a new charitable foundation, The King Edward's School, Bath 1552 Foundation. The Foundation is a subsidiary charity of the School and, going forward, its results will be consolidated within the Financial Statements of the School.

As at 31 August 2024, the School had a bank loan outstanding totalling £721,238 which was being repaid in instalments, and to be fully paid by December 2028. As of October 2024, the School has fully settled this loan.

The School has commenced a phased withdrawal from Teachers’ Pension scheme from October 2024.

Page 56