Registered number.. 13730915 Charity number.. 1200527 KING'S COLLEGE SCHOOL, CAMBRIDGE {A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 KING'S COLLEGE SCHOOL. CAMBRIDGE IA Company Llmited by Guarantee) CONTENTS Page Reference and Administrativè Detalls of the Company. its Trustees and Advisers Trustee5' Report 2-15 Independent Auditors, Report on the Financlal Statements 16-20 Consolidated Statement of Financial Actlvltles 21 Consolldated Balance Sheet 22 Company Balance Sheet 23 Consolidated Statement of Cash Flows 24 Notes to the Flnancial Statements 25-45 KING'S COLLEGE SCHOOL. CAMBRIDGE IA Company Llmlted by Guarantee} REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2023 Trustees Revd Dr S A Cherry, Chair DrTKCame Prof E Faraglia Prof J W Fawcell R S Harman Iiesigned 31 January 20241 P R Haselden R D Hill (appointed 14 June 20231 Prof H E Huppert (resigned 20 November 20231 DSHyd¢ J C James H S Thackrah Company registered number 13730915 Charity registered number 1200527 Rogistered office King's College School Wesl Road Cambridge CB3 9DN Company secretary J E Purser Independent audltors Peters Ehmorthy & Moore Chartered A¢countanls Salisbury House Slalion Road Cambridge C812LA Page 1 KING'S COLLEGE SCHOOL, CAMBRIDGE IA Company Limtted by Guaranteel TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2023 The Trustees present their report, including their Strategic Report, and the consolidated financial slalements for the year ended 31 sl July 2023. Based on an historic foundation of musical excellence, King's Colleg8 School is a dynamic and inclusive academic environment. We are a caring family-hased community in which all children are respected and valued. We prepare them, as individuals, to be ¢onfidenl in a future with exceptional possibilities. Located near the centre of the beautiful and vibrant city of Cambridge, King's College School is a leading independent Prep School. Originally established in 1441 to educate the 16 boy choristers of King's College Choir, the School now caters for more than 400 boys and girls 8ged 4 - 13 following the traditional Preparatory model. We have appr0￿MatelY 40 boy and girl boarders, including our choristers., we offer full boarding, weekly and flexi-boarding. King's pupils continue their education at leading independent and slate senior schools, often with scholarships. STRUCTURE, GOVERNANCE AND MANAGEMENT On 1st August 2022, the School, having previously been a division of King's College Cambridge, was consliluled as a Company limited by guarantee registered in England, No. 13730915 and is registered with the Charity Commission under Charity No. 1200527. The group during tho year lo August 2023, comprised King's College School, Cambridge, and one wholly owned subsidiary.. KCS Facilities Ltd The School is governed by a Board of Trustees called The Governing Body. and includes Nominated Trustees and 2 Ex-officio Trustees. Trustees may appoint Nominated Trustees, with appointments r8tified by the College, as per the Memorandum of Association. The Governing Body should comprise no fewer than 5 members and no more than 15. Governors hold office for 3 years,. a retiring governor who remains qualified may be re-appoinled, provi(Sed they do not serve more than three ¢onseculive terms of office. Recrultment and Tralnlng of Governors Govemors are recruited though an independent process by the Nomination Committee, with the objective of creating a Board with diversity of knowledge and experien￿ lo best reflect the priorities and provision offered by the school. New members of the Goveming Body are elected on the basis of nominations from the Governors and the executive officers, based on the candidate's professional quaif(ies, experience, personal competence and local availability to attend in person. New governors are inducted into the workings of the School. including Governing Body policy and procedures. by the Head and Masler over the Choristers, the School Bursar, who also acts as the Clerk lo the Governors, and Director of Operations. Members of the Governing Body may be required lo attend Iruslee training and additional Courses designed lo keep them informed and updated on Current issues in the sector and regulatory requirements. Govemors are encouraged to allend seminars and webinars organised by the Association of Governing Bod￿$ of Independent Schoo15 IAGBISI. The Governing Body meets in person 81 least once per term. Included in the papers for the lermly meeting are the Head's Report for the term, Management A¢¢ounls and the minutes for all Sub Commillee meetings {Educalion and Pastoral. Legal and General Purposes, and Eslales and Finance). Page 2 KING'S COLLEGE SCHOOL, CAMBRIDGE IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 During the year 202212023 the￿ were three Governing Sub Commillees and an additional group leading on the process of the legal separation from the College.. Meeting weekly al some points during the year.. The Legal Separation Advisory group Meeting lermty.. The Education and Pastoral Committee The Legal and General Purposes Committee The Estates and Finance Committee Meeting Annually.. Senior Staff Remuneration Committee Nominations and Governance Committee other commillees. Groups and panels are fomied for specjfic purposes and meet as required.. staff Committee Ire grievance and disciplinary mallersl Appeals Committee Ire giievance and disciplinary matters) Complaints Panel Ire the complaints pro￿ure) The Head and members of the Senior Leadership Team attend Governing Body lermly meetings. During the course of each term. the Iruslees make regular individual visits lo the School. The Chair visits al least once each we¢k. meeting with the Head. with staff and with pupils,. the Governor with responsibility for Safeguarding visits al least once each term to review the Single Central Registrar and lo meet with the Designated Safeguarding Lead. All committees report directly lo the Goveming Body. Organisational Managemènt The day lo day running of the School is delegated lo the Head and Master over the Choristers. The Senior Leadership Team is made up of the Head and Master over the Choristers, the Bursar, the Deputy Head (Academic) and the Deputy Head {Paslorall. The Senior Management Team additionally includes the Director of Sludenl Learning, Heads of Year, Head of Pre-Prep and Head of Juniors, the Boarding Housemaster and the Directors of Music and Sport. It allernales weekly meetings with those of the Senior Pastoral Team. Financial probity is ensured by having a suitable qualified indiwduals on the Estates and Finan￿ Committee. The Head and Bursar allend all Committee meetings. Engagement The School is staffed wlh paid employees, both full-lime and part-limè. There are two persons who serve on a voluntary basis. and there are one or two occasions each year when parents assist voluntsrily with PTA events and wlh Some school trips. Page 3 KING'S COLLEGE SCHOOL, CAMBRIDGE IA Company Limited by Guarante81 TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 Engag&ment wlth suppliers, customers and others in a business relationship with the School The School's supplier and customer engagement, including all policies and contracts are designed to ensure a fair and transparent approach lo all business transactions. The School has in place clear and transparent tariffs for all facilities available for external use and charges are benchrnarked against other comparable facilities lo ensure they represent fair value. Engagament wlth employees The School is committed lo ensuring equal opportunity for all who work here. with key values including kindness and a deep sense of respect for the whole community. In employment and in delivery of the provision, the School is commilled to the principle of equal opportunities that oppose discrimination on the basis of the following protected characleTislics.' sex, sexual orientslion. marital or civil partnership slalus, gender reassignment, race, religion or beliefs. pregnancy and malernily, disability and age. Two staff were appointed as Equality, Diversity and Inclusion leads in 2022. The School encourages staff contribution al all levels. There is a comprehensive Stsff Handbook detailing practice codes and expeclalions, and regular forums for meetings with land between) staff to discuss all aspects of the School's provision. New staff are fully inducted and all lake part in specialised training as part of INSET and ongoing throughout ea¢h academic year. Teaching staff are allo¢ated time each week for online training and for their own further study. The Appraisal System 8ffords a 360 review for teaching staff, not only in terms of evidencing and showcasing their particular conlribulions, bul it also invites staff lo pursue continuing research into fields of personal, educational, interest and to share those interests wlh members of the Senior Leadership Team and with the whole staff body in the form of wrillen papers. CHARITABLE OBJECTIVES The objectives of the Charily are for the benefit of the public, as set out in ils Memorandum of Asso¢ialion'. the advan￿ment of education in particular Ibul not exclusively) by running a day and boarding school known as King's College School, Cambridge in accordan￿ with the principles and doctrine of the Anglican faith bul welcoming to pupils of all faiths or none., the provision of accommodation and education for School-age choristers of the College., such other charitable purposes for the benefit of the community in which the School is situated as the Trustees may decide from lime lo time in particular Ibul nol exclusively) by making the facilities of the School andlor other premises under the control of the Charity available for such charitable purposes when they are not required for the formal education of pupils attending the School. Page 4 KING'S COLLEGE SCHOOL, CAMBRIDGE IA Company Limited by Guarantee TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 PUBLIC BENEFIT The Iruslees Confirm that they have given due regard to the Charity Commission's guidance on public benefit. The objectives of the School are for the 'public benefit, in accordance with the lemi that is used in the Charities Ac12011. The School cooperates with local charities and educational bodies in ils ongoing endeavours lo widen public access to the education il provides and to oplimise the use of ils facilities and resources. Use of our facilities and resources includes.. 3 members of staff are governors 81 local slate primary schools. Weekly hire of sports astro turf to local children's football teams. Use of the Assembly Hall al weekends by local children's choir. Use of Assembly Hall by Ioc21 adult orchestra for rehearsals. Weekly use of facilities and PE staff by local primary school for their PE lessons. Hire of Sports and Cultural Centre and ould¢x)r sports pitches lo a charitable organisalion which runs holiday clubs for children from the local communily. Led by the School's Director of Music, the choral society uses the Assembly Hall for weekly rehearsals. The Choir, open lo all, performs locally and undertakes a conc8rt tour each year. Hire of the sports facilities by college students including tennis courts, astro turf and cricket nets. Fundraising activities for 2022123 included: Event Charlty Amount ralsed Home Cl(thes Day RSPCA £670 End olTeim ChBpel serV￿￿COllecti C8mbrldge Cily Foodbank £400 Home Clothes Day Skk Children'5Trust £825 End ol Terrn Chape1 Servirec¢lle¢t Great Ormond Slreet H05pwlal £231 Oundle Triaihlon Resuess Dev6loK￿￿ni £10.848 Home clotF￿6 Day Home start ¢8tt&rfdgeshlre £675 TOTAL £13.448 Page 5 KING'S COLLEGE SCHOOL, CAMBRIDGE IA Company Llmited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 FUTURE PLANS The long-lerm aim of the Governing Body is to provide reserves for the charitable company. To support financially assisted places al the School, and invest in capital projects lo expand and improve facilities, continues to be the core aim. The School's current Strategic Plan was agreed by the Governing Body in June 2023 and is subject lo an annual review as part of the budget process. The following areas have been identified as future objectives.. Bursaries.. Governors are committed lo improving a¢eessibility through increased funds lo support financral bursaries. This is lo be achieved by use of operating surpluses and fundraising.. Partnership and Outreach.. The School wishes lo build on the current partnerships and lo expand programmes wlh the local community., Facilities.. Governors continue with planned maintenance and improvement of facilities lo support the delivery of a high standard of education. 11 has recognised the need lo improve areas of the Main Building, including dining room, boarding accommodation and re￿ptIOn13dMln1sIraIi0n areas. It also has approved the refurbishment of the School Library and increased space for the Learning Hub department. Investment in IT software is planned for both the academic and adminislralion fun¢tions,' Environmental sustainability.. The School is Commilled lo being as environmentally sustainable as possible, a planned strategy is lo be developed to meet this aim., Equality, Diversity and Inclusion.. The School is commilled lo continuing lo promote diversity, inclusion and equalily., Fee income.. The School is fo¢used on supporting ￿cruItMent and the admissions process. Marketing inilialwes including Open Afternoons for prospective parents are planned., Staff." Governors are commilled lo allracling and retaining highly skilled staff in all areas of the School, by ensuring Competitive benefits packages along with training and development q)portunities. Vision and values King's College School. Cambridge educates boys and girls from age 4- 13 on one site. Al 13. children move to publi¢ school as day pupils or boardeis, into Year g, often with scholarship awards. Our core values are deep-rooted in Kindness- Cr&ativily- St￿ngIh- Community. The ISI Report foliowing the 2023 Inspection, cites these to be very much in evidence in the management and operational systems within the S¢hool, in the delivery of the Academic programme and in the Personal Development profile for every child. Academic and pastoral provisions are inter-connected, informing every aspect of our approach lo supporting PLJpiI learning and personal development. Key to the success of this frarnework is the interweaving of the pro¢ess&s of tracking, assessment, intervention and the introduction of appropriate challenge for every pupil as part of the profile of the Learning Hub, where staff remain fully engaged in their own research and learning development that will further enhance pupil experience. The curriculum is thorough and expansive, and further enhanced by the Cresco Division, a bespoke enrichment programme wh￿￿ invites pupils lo explore learning and creative opportunity alongside the CO￿ subject profiles. Learning though stories and lilerature, and a strong emphasis on 8 reading culture, including the study of myths and legends, fomis a key part of this profile. Vaulted Learning, an approach to acquiring transferable leaming skills across all disciplines, is unique to King's College School. Page 6 KING'S COLLEGE SCHOOL, CAMBRIDGE IA Company Llmlt&d by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 SCHOOL DEVELOPMENT: OPERATIONS AND PROVISION Pupil Roll for 2022r2023.. Day Pupils Boarding Choristers 385 23 January 2023 marked a full Independent Schools Inspeclorale inspection of King's College School, including a Regulatory Compliance Inspection with reference to National Minimum Standards in Boarding, and an Education Quality Inspection. There had been no requirement to address specific issues relating lo Quality of Education (curriculum) as a resu51 of the previous inspection. However, the following adaptations and developments had been implemented since June 2018 as part of the fi've-year Development Plan to 2023. Mechanisms for Learning Provlslon and satting standards All Schemes of Work and Subject Handbooks have been reworked, mindful of INSET on Growth Mindset, Cogmed, and contextual wellbeing (March 20211,. all Departments are now operating a parallel Curriculum eonlenl and skills routemaploverview from Reception to Year 8., Curriculum Committee overview and development of bespoke King's approach to Teaching and Leaming.. 'Fan Vaulted Learning, with focussed learning ribs., Preparation of a bespoke learning approach for Year 7 and Year 8. to sil alongside Common Entrance and Key Stage 3 Curriculum Iseplember 20211., The Learning Hub.. introduction of a 360-degree tracking and rrK)nitorlng department within the School, lo ￿- ordinate all individual learning inlervenlions, including SEN, EAL, Gifted and Talented IG and Tl. ScholaTship, study skills and cognitive developmenUGrowth Mindset,. whole school revw of G and T lunderslanding, relevan￿ and Provision) underway 2022., Appointment of Director of Sludenl Learning Inew rolo 20211., Leaming Hub.. through-school slandardised assessment programme., assessment co-ordination and data capture, lo beller facili18le pupil tracking, monitoring progress both for individuals and for year group cohorts., Whole school 'reading for pleasure, initiative.. launched September 2021.. including f￿uS awareness of Equality, Diversity and Inclusion., Equality, Diversity and Inclusion.. lead staff appointed Sep 2022,. whole staff programme introduced 2021 including subject audits-, 'Girls on Board, social relationships training programme for Years 5- 8.. Sep 2022., comparable programme for boys is under development., Heads of Department presentations on Subject specialism through school to all leachin9 staff ILentlEasler 20211., skills development and subject content awareness cross-Gurricular', Appointment of Head of PSHE (Sep 2019)., full provision audit and implementation. Course to include careers, s￿181 development. sex education Iparental approval) and relationships education. Head of PSHE provides lermly INSET training lo staff., Parents inmled to offer'work Options, lulorials for pupils, age appropriate lo Year 8 ILockdown inilialivel.. Appointment of Head of Sports Development I'sport for All, ini(ialivel Isep 20211,. STEM coordinalorls appointed for Sep 2020., Pre-Prep bespoke phonics programme devised and launched 2019.. Introduction of the King's Cresco Division (enrichment carouselsl.. Sep 2020 Courses include studies in architectu￿, STEM. coding, Music Technology, Spanish, English Lileralure, Arts Award., Choral programrne running in parallel for boys and girls during the school day, including inslrumenlal, theory and ensemble programmes.. Chapel choristers and Schola Cantorum., Full audit of subject allocations and adaplalion of the limelable.. Sep 2019 and again Sep 2020. Maths. scien￿ and English carry additional weighting. Page 7 KING'S COLLEGE SCHOOL, CAMBRIDGE IA Company Limited by Guarantee) TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 Staff Development The following adaplalions, inilialives and interventions for the enhancement of staff professional development and profiling. were introduced following the previous Inspection- June 2018. Staff Appraisal schedule and content.. Teaching staff are required lo cornplete one formal academic, pedagogi¢al or subject specialist research project in each appraisal Cycle. Shorter research projects with ongoing CPD programme as part of the Learning Hub.. Staff INSET and CPD.. including Growth Mind sel., Br8inCanDo', Cognilive Thinking., Heads of Department deliver subject specialist INSET lo all staff lo encourage alklhrough awareness of our holisti¢ approach to a broad.based ¢urri¢ulum. and lo share best practice,, Subject specialist meetings- vertical.. pedagogy, pupil development and tracking Isubjecl specific) and EDI locus., Assessment and pupil tracking.. approached both pastorally and academicalty as part of the work of the Senior Pastoral Team, Deputy Head Academic and the Director of Student Learning. Islandards and conlinuily benchmarksl.. Slandardised Lesson Observation evaluation with Advanced Skills Teacher team, effective across the school from Pre Prep lo Year 8., New role.. Assessment data capture co-ordinator IDireclor of Student Learning, Sep 20211. Enhanced provision for pupi15 Cresco Division,. staff and pupil subject development, allows carousels and choices for all pupils, imrnalerial of where they may be 'sel' within the standard curriculum. including STEM, archileclure, literature, music technology etc. Iln¢lusivityl', Apple classroomliPad technology.. introduced January 2023., Sport.. inlr(Kluclion of further options for Girls including full cricket programme.. mixed games programme for younger children.. 'Sport for All.: appointment of Head of Sports Development {including G&T elile programme for boys and girfs, Oulw8rd bound and 'Sport for All, (new sports)., Choral programme.. G&T auditioned choral programme Iwilh instrumental and theory provision) offered for boys and girls during the school day, Gids, Boarding option introduced, delayed due to Covid but now fully operational., School Assemblies are fundamental lo promolillg broad topic outlook, inclusivity and diversity, curiosity, tolerance and critical thinking. Form lime extended and more structured lo support learning goals and objectives, including VR and NVR, and debate., Strategic programme determined for raising awareness of Equalily. Diversity and Inclusion STAGE 1 Easter and Michaelmas 2021. STAGE 2 - Lent 2022. Appointment of EDI leads.. Easter 2022- staff training 8nd subject audit- Sep 2022., Whole school observation of Britssh culture and festivals, induding Remembrance, Jubilee et¢, bul equally whole school awareness of other cultural Celebrations e.g. Lunar New Year, Yom Kippur. Dwali, US Thanksgiving.. The school is rooted in a strong Christian Iradilion. A key element of that tradition encourages a respect for Ihe failhs that others may choose to follow. Prayer and reflection forms part of our moming worship. A number of pupils opt lo pursue Confirmation., A culture of tolerance and rnulual respect is very much fostered in the King's Community., 'Kindness, Communily, Strength, créalivll￿ underpin the mission statement for the school. Good conduct and kindness are charnpioned and celebrated.. The school encourages equality, diversity and inclusion by seeking a better understanding and engagement with an ever-¢hanging society. The school staff is very much aware of the protected characlerislics sel out in Page 8 KING'S COLLEGE SCHOOL, CAMBRIDGE IA Company Limited by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 seclion 2010 of the Equality Act. All Departments are working proactively lo relled our commitment lo EDI.. There is a comprehensive programme for Whole School Assemblies land section assemblies) lo address t)alional and global issues, lo engender a sense of resped and tolerance of other cultures and beliefs and to encourage empathy and understanding of other points of view., Critical Thinking and reflection is very much encouraged as part of the school's culture,. British Values and the Rule of Law are celebrated., we actively raise awareness and respect for British heritage and culture., Topical issues, including aspects of politics Inon partisan). economics and global issues are acttvely debated, often in Form Time, where many classes keep a close eye on the news. Respect and tolerance are key to all debate.. Equally, we seek lo raise awareness of other cultures and lo be mindful of the days in which th8 celebrations and feast days of other faiths are observed. School diary is checked against this calendar. Charity work plays a signili¢anl part in the school's priorities., Links with schools in Sli Lanka and Peru, and a further partnership programme here in Cambridge. Safeguardlng and Securlty Policies for Safeguarding, inclLJding Ihe Prevent Duly. Behsviour. Inlernel Safely, Anti Bullying and a comprehensive Health and Safely Policy and Manual are required reading for all staff. There is also a wrillen First Aid Poli¢y". There is additional guidance within the comprehensive Staff Handbook which supports the conduct of staff in all aspects of their work at the school, thus ensuring the best possible outcomes in terms of pupil welfare and wellbeing for every pupil., There is a comprehensive staff rola for duties, ensuring that pupils are supervised throughout the day.. Sile security has been updated, much reslri¢ling access at any lime other than during drop off and pick up, when children are always supervised and gale entran￿S obseNed. There is CCTV security across the sile. Gale and door codes are regularly updated and users have specified access limes when those codes will work., The Admissions Register is fully maintained., Under Schedule 10 of the Equality Act, we ensure that all pupils have similar equitable opportunities for learning and personal development throughout the school day in all aspects of the curriculum and co~ curri¢ulum. Boarding is available lo boys and girls. Bursaries are available., The school entirely rejects the use of corporal punishment. Efficlencies in Communication and Informatlon sharing with parents The new school website was launched in early 2021. All necessary contacts are included with a full listing of members of the Governing Body. School policies, as per ISI guidan￿, are listed on the website in the public domain. Additionally, we have introduced My School Portal (supported by School Post email application) as our parent an¢Y staff communication network. Academic reporting and Comments on personal development are completed on the School's management information system, ISAMS and made available lo parents as part of specific progress reporting windows. There are additional face-lo-face meetings throughout the school year. All school emails to P8renls as well as the weekly King's Messenger and diary updates, are sent via School Post and are stored in My School Portal. The King's Messenger is a weekly communication vehicle to parents, including links lo the School Portal. News items on the website are flagged on a weekly basis. Page 9 KING'S COLLEGE SCHOOL, CAMBRIDGE IA Company Llmlted by Guarant8è1 TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 EDUCATION QUALITY Characteristics and aims Kindness, strength, community and crealivily., Broad-based curriculum and holistic approach., Contextual wellbeing al the heart of the delivery of all aspects of the provision, and outstanding pro-active pastoral care within the Form Tutor teams.. An 'ex￿llence, mindsel is en¢ouraged', Curiosity- fostered in pupils as well as in staff (ongoing research facility); Awareness of the needs of others and gratitude for what we have., tolerance, diversity and inclusivity. Further developments Teachlng.. Fan VaU￿e(l Learning approach- unique study for King's College S¢hool., iPadlApple classroom - introduced for Year 7 and Year 8 in January 2023,. followed by Year 6 in September 2023., The Leaming Hub.. co-ordinated tracking at)d monitoring of learning profiles for every pupil.. interventions for SEN, EAL and Gifted and Talented.. Choial Training programme.. Schola Canlorum choral programme for girls, including bursaries,. Development of Briggs LawnlPlatinum Jubilee Garden (planned as a quiet, reflective space for pupils completed September 20221, refurbished playground for Pre-Prep department including soft surfaces and equipment- completed July 2023., Continued development of Staff Appraisal programme.. indudes staff research focus. PUPIL ACHIEVEMENT AND PERFORMANCE.. ACADEMIC AND OTHER School performance Since the School's inspection in the Easter Term of 2018. pupil outcomes in examinations and exteinally standardised lesls have remained extremely high. During this time, all Year 8 pupils have received offers from their first or second-choice senior school, with the vast majority receiving offers frorll their firsl-choice school. Destination senior schools including many of the lop perfomiing. most prestigious schools in the ¢ounlry. In 202212023, 1 OOOA1491491 of Year 8 pupils received an offer from their first-choice senior school, including offers from Elon, King's Ely, The Leys. Oundle, The Perse. Rugby, Stephen Perse, Sl Mary's Cambridge and Winch&sler. Most of our Year 8 pupils achieved academ￿, Art, Music and sports scholarships to these senior schools-. In 202212023. 27 Year 8 pupils achieved a lolal of 44 scholarships to senior s¢hools.' 550A of Year 8 pupils achieved al least one sCho￿rship lo a senior school. Year 8 Common Entrance results support this view.. In 202212023, 6 pupi15 were suc￿Ssful in Common Entrance Examinations. 94,￿(Sol53) of grades were A'_C and 810/0 {431531 were A'_B. Pupils continu& lo score highly in annual CAT4 assessments. which demonslrale pupils, progress, irrespective of their leaming profile.. 202212023,. 940A 1461491 of Year 8 pupils achieved a slandardised score above 100 and 690/0 {341491 scored 120 or higher. 310A1151491 of Year 8 pupils scored 130 or higher. Pupils, development of kn￿edge, understanding and skills across the different areas of learning is excellent and is illuslraled by the achievements above. Page 10 KING'S COLLEGE SCHOOL. CAMBRIDGE IA Company Llmited by Guaranteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 Art The number of pupils achieving the Bronze Arts Award has steadily increased.. from 3 pupils in 2019 to 15 pupils in 202212023. ICT 225 King's pupils from years 4 10 8 took part in the Bebras Compulalional Thinking Challenge.. 103 Distinction {lop 25Qh in the country) 54 Merit Ilop 500A In the country) The highest scoring of the Year 7 and 8s were invited lo lake part in the much more challenging Oxford Computing Challenge, run by Hertford College in Oxford. We had one pupil achieving a Distinction (lop 250/0 in the country) and three gelling a Merit (top 500A in Ihe ¢ounlryl. Drama Each year group performed in at least one production during the year.. Reception Nativity Years 1 and 2 Crib Service YeaTS 3 and 4 Three Lillle Pigs Years 5 and 6 The l￿zard of Oz Years 7 and 8 Oliverl Engllsh Two pupils entered the Rotary Young Writers and came 1 st and highly commended. Mathematics First Maths Challenge (aimed at pupils below Year 4) Primary Maths Challenge (aimed al pupils below Year 61 Junior Maths Challenge (aimed al pupils below Year 81 Inlermediale Maths Challenge (aimed al pupils below Year 111 14 Gold, 21 Silver 12 Gold, 22 Silver 33 Gold 4 Gold, 12 Silver Muslc 456 music lessons are taLJghl each week by 36 Visiting Music Teachers. 273 children lake part in music ensembles each week. In addition lo the limelabled curriculum classroom music lessons, we offered an additional 46 ensemble rehearsals, choir rehearsals, auial classes and theory classes each week. During 2022123 pupils throughout the s¢hool look 214 music exams, achieving 87 Distinction and 83 MeTII. Across the year 41 music performances have taken pla￿. Page11 KING'S COLLEGE SCHOOL, CAMBRIDGE {A Company Limited by Guaranteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 SciencelSTEM One of our pupils was the Cambridge and Regional individual winner in the Rolary Youllg Environmenlalisl 2022 Competition about Climate Change,. the local team competition was won by a group of King's Year 6 pupils. Three pupils were in the top len in the Trust for Sustainable Living Essay competition in 2023. A King's pupil was awarded the Rotary Young Environmentalist of the Year (Juniorl., 2 further pupils won 3rd place in the Inlermediale category. Sport The 2022r23 sporting year was once again successful both in terms of participation and competition. All children in Year 4 to 8 had the opportunity lo represent the school in Rugby. Hockey, Netball or Cricket during the year. The Sport for All programme continued lo develop with Rowing. Clip & Climb and Fencing being offered. The IAPS Rugby was a huge success with the U13 team coming fourth and the Under 11 loam placing second al the Oundle lournamenl. Our teams achieved notable success in Hockey.. Under 13 Boys Under 13 Girls National competition. Under 11 Boys Won the East Regional competition, allended National Competition. Runners up al the East Regional compelilion. Winners of the shield at the Winners of the East Regional lournamenl Many of our pupils play al Club level in a variety of sports and a select few go on lo perform at County level in Rugby, Hockey and Cricket. THE QUALITY OF THE PUPIL'S PERSONAL DEVELOPMENT Rèsilience and perspective By Year 8, pupils present as articulate and relative lo their age, self-assured bul without arrogance. Qualities of self-understanding. self-esleem, confidence, discipline and resilience are equally evident in the manner of their deportment around the school, both in and out of the classroom. This is a schoDI where staff talk lo children all the lime and, in those inleradions. there is a natural ease and a ready ad(nowledgement of the value and talents of each individual. Collaborative working is encouraged and is one of the highlighl8d Learning Ribs tvaulled Learningl. Ease and ability lo work in teams is eVIden￿d across the provision.. in choirs and musical ensembles. in sport, in drama {en¢ouraged in all age groups) in STEM prqecls and as part of a number of leaching and learning approa¢hes within the classroom. The Boarding House encourages the best of community liwng and leaches invaluable skills in collaboration and shared purpose. Children present as happy and well-adjusled. 360 degree learning Many pupils pursue any number of extra-curricular interests and lo a very high level, and although supported in terms of their lime management, il is surely the high level of their engagement which speaks volumes in terms of their commitment and appreciation of the correlation belw$en hard work and achievement. Page 12 KING'S COLLEGE SCHOOL, CAMBRIDGE {A Company Limlted by Guarante&l TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 Academic success is ¢elebraled and many children move lo their senior schools with scholarships. Bul this is not 211 that is celebrated. Suc¢ess in sport, art, music, drama and dance are just as valued. Children can see this and il creates a culture of opportunty and possibility. School Assemblies are fundamental lo the ethos al this school. Subject content is ullerly varied bul always seeks lo be challenging. Children are expected, and do, continue lo debate the issues raised throughout the week. The school kitchens provide a full range of healthy and nulrilious options for pupils. PE, Games and more general opportunities lo run and play and part of every school day. Many children choose lo lake part in afterschool clubs loo. The boarders are encouraged lo run and play after they have finished their evening prep. Tradition King's is characlerised as a school of sound heritage and tradition, with a lively sense of relevance and openness in embracing the richness of a diverse and inclusive community. Our pupils are local and inlernalional.. 'home and abroad, in every sense of those words. The school follows a Christian faith., bul that includes a respect for those of all faiths and no faith. Choristers allend Chapel where they participate fully in the setvices. as a choi￿. Confirmation classes are offered by the school and a number of children. usually in Year 7 and Year 8 will opt lo be part of Ihis process. So too, we are a￿ayS happy to allow children lime away from school lo observe the important events relating to other faiths and culluies. Coro valu&s From the first moment in the school, the importance of distinguishing right from wrong is reinforced. We are firmly commilled lo kindness and a strong sense of community. The school community is a happy and slaljle one., il is rooted in the premise of mutual rèspect, in tolerance and inclusivity. King's prides itself of the children's awareness of the value of kindness. community, strength and crealivily. These are values and approaches lo all aspect of their lives which are much ehampioned. A holistic approach to pupll development The Pastoral structure has undergone a signrficant Iransformalion in recent years. The Form Tutor role is al the heart of every child's experien￿ and the Foim Tutor would usually be the first point of contact for parents. Additionally, the Academic profile for every child is read in conjunction with their personal development and Pastoral profile. Further work in the co-curricular programme allows for personal expression.. specifically in Art. Music and Drama, bul also in sport. Children are encouraged lo 'have their own voice,; this is not only within the context of the PSHE programme, bul also in House Meetings, in the School Council, in the classroom, as part of the one-lo-one meetings with the Head and SLT, and as part of local and local causes. Mosl important is the approach of leaching all children how lo navigate discussions and to always be ahead of the game in understanding that others may not always share the same point of view. Page13 KING'S COLLEGE SCHOOL, CAMBRIDGE {A Company Llmlted by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 Equality. Div&rslty and Inclusion The SLT and Governing Body are fully commilled lo equality, diversity and inclusion. Whilst this has long boen the case al King's, there is a full-focus programme undetway lo exploTe further opportunities lo best ulilise the wonderful demographic that we have lo best effect in lemis of the enrichment of pupils land staff). Pupils are Irealed as individuals.. ours is a liberalism. rooted in long tradition. th81 encourages pupils to be curious, lo be resilient and purposeful. RISK MANAGEMENT The Goveming Body is responsible for the management of the risks faced by the School. The management of risk is a routine part of all school activities and appropriate procedures are in pla￿ to mitigate those risks as far as is reasonably possible. The major risks lo which the School is exposed. as identified by the Governing Body, are monitored throLJgh a regular review of the Risk Register which records details of the idenlrfied risk, assessment and mitigating actions. These are coordinated al regular meetings of the Governing Body and its Committees, by the School Leadership Team, and the School's Health and Safely Committee, al which the Governing Body, all parts of the School and principal departments are represented. The Governors have delegated lo the Head and the Senior Leadership Team all aspe¢ls of risk management, including the day-lo-day operation of the approved Risk Management Protocol, the idenlificalion, assessment and control of risk., the provision of adequate information lo the Governing Body lo enable il lo make sound risk decis￿￿8. The key risks identified include Safeguarding.. child protection and Slaff-Pupil vulnerability.. Financial.. management and controls.. Repulalion., Health and Safety.. Controls and Management,. Security.. sile security and access controls,. Pupil Roll. The key controls used by the School include." formal agendas for all Commillee and Board activity., detailed terms of reference for all Commillees." comprehensive strategic planning, budgeting and management accounting., formal wrillen policies., Clear aulhorisalion and approval levels. and velling procedures as required by the law for the protection of the vulnerable. All staff are given training in health and safety and safeguarding.11 is recognised that systems can only provide reasonable bul not absolute assurance that major risks have been adequately managed. Compliance in all areas of child protection, education, business, health and safely. employment and ¢harily law ¢onlinue lo be a high priority. FINANCIAL REVIEW Rèsults for the year The net movement in funds in the period was £2.4m, including the transfer of nel assets from the College of £1.7m. nel income from charitable activities of £0.6m and net income of £0.1 m from trading and investment aclivilies. The School does not have comparative figures from previous year as this is ils first ITading year as a separate legal entity from King's College. On the dale of transfer from the College the School entered into a 50- year lease on the buildings and grounds. A bank loan of £1.Om was also transferred to the school., the loan is repayable over 5 years. Reserves policy and flnanclal vlablltty The Govornors recognise the need for prudent financial management of the School's borrowings and lo build reserves over lime. The School's policy is lo build reseNes to a prudent level. considering the need lo maintain the School sile and fund future capital expendilLJr&, all the while retaining sufficient unrestri¢led income reserves lo enable the School to continue to meet its short-lerm linancral obligations in the event of an unexpected revenue shortfall. £0.5m has been left in general reserves to cover any short term obligations and £1.4m Page 14 KING'S COLLEGE SCHOOL, CAMBRIDGE {A Company Limited by Guaranteè) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 transferred lo a Redevelopment and Refurbishment Fund. As al the end of the period lo July 2023, the lolal funds were £2.41 m, which comprises Reslricled funds of £0.06m and Unreslricled funds of £2.35m. Within unreslri¢led funds are designated funds amounting lo £1.82m, including £1.5m for Redevelopment and Refurbishment of School Facilities and £0.1 m bursary funds. STATEMENT OF THE TRUSTEES RESPONSIBILITIES The trustees are responsible for preparing the Annual R8POrt and the financial statements in a¢wrdan¢e with applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the Iruslees lo prepa￿ financial slalemenls for each financial year which give a true and fair view of the stale of affairs of the charitable company and the incoming resources and application of reSoUr￿S of the charitable company for the year. In preparing these linanrAal slalements, the trustees are required lo.. Select suitable accounting policies and apply them consislenily., ObseNe the methods and principles in the Charities SORP IFRS1021', Make judgements and accounting estimates that are responsible and prudent., Slate whether UK Accounting Standards have been followed.. Prepare the financial slalements on the going ¢onc8m basis unless il is inappropr¢ale lo presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any lime the financial position of the charitable company and enable them lo ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding any assets of the charitable company and hence for taking reasonable steps for the prevention of fraud and other irregularities. Statement as to Disclosure on Informatlon to Audltors The Iruslees also confirm that, so far as each of the trustees is aware, al the lime the report is approved.. There is no relevant audit information of which the charitable company s auditor is not aware.. and The trustees have taken all steps that they ought to have taken lo make themselves aware of any relevant audit information and lo establish that the auditors are aware of that information. Approved by order of the members of the board of Trustees and signed on their behalf by.. Revd Dr Stephen Cherry Chair Dale. 29 April 2024 Page15 KING'S COLLEGE SCHOOL. CAMBRIDGE IA Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF KING'S COLLEGE SCHOOL, CAMBRIDGE OPINION We have audited the financial slalemenls of King's College School, Cambridge (the'parenl charitable company.) and ils subsidiaries Ilhe 'group'l for the year ended 31 July 2023 which comprise the Consolidated Slalemenl of Financial Activities, the Consolidated Balan￿ Sheet, the Company Balance Sheet, the Consolidated Slalemenl of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting frarnework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Finan¢ial Reporting Standard 102 'The Financial Reporting Sland8rd applicable in the UK and Republic of Ireland, (Uniled Kingdom Generally A￿pted Accounting Practice). In our opinion the financial slatemenls.. give a true and fair Mew of the Slate of the Group's and of the parent charitable companls affairs as at 31 July 2023 and of the Group's incoming resources and appli¢8lion of reSou￿s, including ils income and expenditure for the year then ended., have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Pra¢tice." and have been prepared in accordance with the requirements of the Charities Act 2011. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our reswnsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom. including the Financial Reporting Council's Ethical Standard. and we have fu51illed our other ethical responsibilities in accordance wlh these requirements. We believe that the audit eviden¢e we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial slalements, we have concluded that the Trustees. use of the going concern basis of a¢¢ounling in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not idenlrfied any material Un￿rtaIntieS relating lo events OT conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability lo continue as a going concern for a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this report. Page 16 KING'S COLLEGE SCHOOL. CAMBRIDGE {A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF KING'S COLLEGE SCHOOL, CAMBRIDGE (CONTINUED OTHER INFORMATION The other information comprises the information included in the Annual RetM)rt other than the financial statements and our Auditors, Report Ihereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial slalemenls does not cover the other information and, except lo the extent otherwise explicitly staled in our report. we do not oxpress any form of assuran￿ conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial slalemenls or our knowledge obtained in the course of the audit, or olhetwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misslalements, we are required lo determine whether this gives rise to a rnalerial misstatement in the finanual slalemenls themselves. If, based on the work we have performed, we conclude that there is a material misslalernenl of this other information, we are required to report that fact. We have nothing lo report in this regard. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing lo report in rosped of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us lo report to you if, in our opinion.. the information given in the Trustees, Report is inconsistent in any material respect with the financial slalemenls., or the parent charitsble company has not kept sufficient accounting records., or the parent charitable company financial slalements are not in agreement wlh the accounting records and returns., or we have not received all the infomation and explanations we require for our audit. RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustees, Responsibilities Statement, the Trustees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees delemiine is necessary to enable the preparation of financial slalemenls that are free from material misstalemenl, whether due lo fraud or error. In prep8ring the financial slatemenls, the Trustees are ￿sponsible for assessing the Group's and the parent charitable companvs ability to continue as a going concern, disclosing, as applicable. matters related lo going Ctsn￿rn and using the going concern basis of accoLJnling unless the Trustees either intend lo liquidate the Group or the parent charitable company or lo ￿ase operations, or have no realistic allernalive bul lo do so. Page17 KING'S COLLEGE SCHOOL. CAMBRIDGE (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF KING'S COLLEGE SCHOOL. CAMBRIDGE {CONTINUEDI AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been appointed as auditor under section 152 of the charit￿S Ad 2011 and report in accordan￿ with the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial slalements as a whole are free from material misslalemenl, whether due to fraud or error. and lo issue an Auditors, Report that includes our opinion. Reasonabl& assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered Material if, individually or in the aggregate, they could reasonabty be expected lo 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 regulaliot)s. We design procedures in line with our re5ponsibililies, outlined above, lo delecl material misslalemenls in respect of irregularities, including fraud. The extent lo which our procedures are capable of delecling irregularities, including fraud is detailed below.. Irregularities. including fraud, are inslan¢es of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. lo delecl material misslalemenls in respect of irregularities, including fraud. The exienl to which our procedures are capable of delecling irregularities, including fraud is detailed below.. Our approach lo identifying and assessing the risks of rnalerial misslatemenl in respect of irregularities, including fraud and non-complian￿ with laws and regulations, was as follows= the engagement partner ensured that the engagement team collectively had the appropriate competence. capabilities and skills lo identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable lo the Group through discussions wilh TrLJStees and other management, and from our knowledge and experience of the education sector.. we obtained an understanding of the legal and regulatory frameworf( applicable to the Group and how the Group is complying with that framework., we obtained an understanding of the Group's policies and procedijres on compliance with laws and regulations, inclLJding documenlalion of any instances of non-¢omplian¢e; we identified which laws and regulations were significant in the context of the Group. The Laws and regulations we considered in this contex1 were the Companies A¢1 2006, Ihe Charities Act 2011 and laxalion legislation. We assessed the required compliance with these laws and regulations as part of our audit pro￿ureS on the related financial slalemenl items.. in addition, we ¢onsidered provisions of olher18W5 8nd iegulalions that do not have a direct effect on the financial slalemenls but Compliance wilh which might be fundamental lo tha Group's ability lo operate or lo avoid material penalty., and identified laws and regulations were ¢ommuni¢ated wlhin the audil team regularly and the team remained alert to instances of non-compliance throughout the audrt. We assessed the susceptibility of the Group's financial slalemenls lo material misstatement. including obtaining an understanding ol how fraud might occur, by.. making enquiries of management as lo where they considered there was susceptibility lo fraud. their knowledge of actual. suspected and alleged fraud,. and considering the internal controls in place lo mf(igate risks of fraud and non-compli8t)¢e with laws and regulations. Page 18 KING'S COLLEGE SCHOOL, CAMBRIDGE IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF KING'S COLLEGE SCHOOL, CAMBRIDGE ICONTINUEDI To address the risk of fraud through management bias and override ol conlTols. we., tested journal entries lo identify unusual Iransaclions.. assessed whelherjijdgemenls and assumptions made in determining the accounting estimates sel out in the accounting policy were indicative of potential bias., and investigated the rationale behind significant or unusual IransaclKJns. In response lo the risk of irregularities and non¢omplian¢e with laws and ￿gUlatiOns. we designed procedures which included, bul were not limited lo.. agreeing financial sl8lement disclosures to undertying supporting documentation., reviewing minutes of meelings of those charged with governance., enquiring of management as lo actual and potential liligalion and claims., and reviewing correspondence wi(h relevant regulators and the School's legal advisors. Because of the inherent limiialions of an audit, there is a risk that we will not delecl all irregularities. Including those leading lo a material missialement in the financial slalemenls or non-complian￿ with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial stalemenls, as we will be less likely lo become aware of instances of non-complian￿. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment. forgery, collusion, omission or misrepresenlalion. A further description of our responsibilities for the audit of the financial 8lalements is located on the Financial Reporting Council's website al.. W￿￿.frC.org.UkIauditOrSIeSponSlb1lIle￿. This deScript￿n forms part of our auditors, report. Because of the inherent limitations of an audit. there is 8 risk that we will not dele¢t all irregularities, including those leading lo a material misslalemenl in the financial slalemenls or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slalemenls, as we will be less likely lo become aware of instances of non-complian￿. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional conc$almenl, forgery, collusion, omission 01 misrepresenlalion. A further description of our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Council's website al". wM.frc.or -uklauditorsres onsibililies. This description forms part of our Auditors, Report. Page 19 KING'S COLLEGE SCHOOL. CAMBRIDGE IA Company Llmlted by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF KING'S COLLEGE SCHOOL, CAMBRIDGE CONTINUED) USE OF OUR REPORT This report is made solely lo the charitable company's members. as a body, in accordan￿ with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our 8udil work ha5 been undertaken so that we might slate lo the charitable company's members those matters we are required lo slate lo them in an Auditors, Report and for no other purpose. To the fullest extent permilled by law, we do not ac¢epl or assume responsibility lo anyone other than the charitable company and ils members, as a body, for our audit work. for this report, or for the opinions we have formed. Peters Elworthy & Moore Chartered Accountants Slatulory Auditors Salisbury House Slalion Road Cambridge CB1 2LA Dale.. 29 April 2024 Peters Elworthy & Moore are eligible to act as auditors in tems of section 1212 ofthe Companies Act 2006. Page 20 KING'S COLLEGE SCHOOL, CAMBRIDGE (A Company Limited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 JULY 2023 Unyestrlcted funds 2023 Restricted funds 2023 Total funds 2023 Total funds 2022 Note INCOME FROM.. Donations and legacies Charitable activities Other trading activities Investments 1,632,898 7,284,440 35,500 93,482 75.753 33.004 1,708,651 7.317,444 35,500 94,023 541 TOTAL INCOME 9.046,320 109,298 9.155.618 EXPENDITURE ON.. Raising funds Charitable activities 3,352 6.712,099 3.352 6,738,969 26,870 12 TOTAL EXPENDITURE 6,715,451 26.870 6.742.321 12 NET INCOMEIIEXPENDITUREI Transfers betr￿een funds 2,330,869 20,000 82.428 120,0001 2.413.297 1121 17 NET MOVEMENT IN FUNDS 2,350,869 62,428 2.413,297 1121 RECONCILIATION OF FUNDS: Total funds brought forward Nel movement in funds 1121 2.350,869 1121 2,413,297 62,428 1121 TOTAL FUNDS CARRIED FORWARD 2,350,857 62,428 2,413.285 {121 The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 25 to 45 fomi part of these financial slalemenls. Page 21 KING'S COLLEGE SCHOOL, CAMBRIDGE IA Company Limited by Guaranteel REGISTERED NUMBER: 13730915 CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2023 2023 2022 Note FIXED ASSETS Tangible assets 11 6,261.748 6,261,748 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 13 14 13,063 2,470,656 960.410 4,988 3.444,129 4,988 Creditors.. amounts falling due within one yeaT 15 {787,1811 15,000) NET CURRENT ASSETS I LIABILITES 2,656,948 {121 Creditors.. amounts falling due after more than one year 16 16,505,411) TOTAL NET ASSETS 2,413,285 1121 CHARITY FUNDS Reslricled funds Unrestricted funds 17 17 62.428 2,350,857 112) TOTAL FUNDS 2,413,285 1121 The Trustees acknowledge their responsibilities for ¢omplwng with the requirements of the Act with respect to accounting records and preparation of financial slalements. The financial slalements were approved arKI aulhorised for issue by the Trustees and signed on their behalf by.. Revd Dr Stephen Cherry Chair Dale.. 29 April 2024 The notes on pages 25 10 45 form part of these financial sl8lemenls. Page 22 KING'S COLLEGE SCHOOL, CAMBRIDGE IA Company Limited by Guarantee) REGISTERED NUMBER.. 13730915 COMPANY BALANCE SHEET AS AT 31 JULY 2023 2023 2022 Note FIXED ASSETS Tangible assets Investments 6,261.748 100 12 6,261,848 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 13 13,063 2,498.084 929.476 14 4,988 3,440.623 4.988 Creditors.. amounts falling due within one year fj5 1783.7751 15,000) NET CURRENT ASSETS I LIABILITES 2,656,848 112) Creditors.. amounts falling due after more than one year 16 16,505,411) TOTAL NET ASSETS 2,413,285 1121 CHARITY FUNDS Restricted funds Unreslricled funds 17 436,750 1,976,535 17 112) TOTAL FUNDS 2,413,285 1121 The Companls nel movement in funds for the year was £2.413.297 {2022 - £112)). The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of financial slalements. The financial slalemenls were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Revd Dr Stephen Cherry Chair Dale.. 29 April 2024 The notes on pages 25 to 45 fom part of these financial slalemenls. Page 23 KING'S COLLEGE SCHOOL. CAMBRIDGE {A Company Limited by Guarante81 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2023 2023 2022 Note CASH FLOWS FROM OPERATING ACTIVITIES Nel cash from operating activities 19 348,984 4,988 CASH FLOWS FROM INVESTING ACTIVITIES Dividends, interests and rents from inveslmenls Purchase of tangible fixed assets 94,023 1196.2161 NET CASH USED IN INVESTING ACTIVITIES 1102,1931 CASH FLOWS FROM FINANCING ACTIVITIES Repayments of finance leases Cash acquired on separation from King's College, Cambridge (370,3681 1,078,999 NET CASH PROVIDED BY FINANCING ACTIVITIES 708,831 CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR 955.422 4.988 Cash and cash equivalents at the beginning of the year 4.988 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 20 960,410 4,988 The notes on pages 25 10 45 form part of these financial slalemenls Page 24 KING'S COLLEGE SCHOOL, CAMBRIDGE {A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 ACCOUNTING POLICIES 1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 A¢¢ounling and Reporting by Charities". S181emenl of Recommended Practice applicable lo charities prep8ring their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 20191. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companiès Act 20(￿. King's College School. Cambridge meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy. The Consolidated Statement of Financial Activities {SOFAI and Consolidated Balance Sheet consolidate the financial statements of the Company and ils subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Slalemenl of Financial Activities in these financial statements. As al 1 August 2022 the trading assets and liabilities as well as the employees were transferred from King's College. Cambridge which has been reflected in the financial statements as a donation, see note 3. 1.2 GOING CONCERN The Trustees have prepared forecasts and budgets covering the periryj of al least twelvo months from the date of approval of the financial statements and considered the long term activity of the Group. In preparing the forecasts, they have considered any potential implications of the current economic climate and the effect on income. Based on their review, the Trustees believe the Group will have sufficient resour￿$ lo meet ils liabilities as they fall due for the foreseeable future and therefore Continue lo adopt the going concern basis in preparing the financial stalemenls. 1.3 INCOME All income is re¢ognised once the Group has enlillement to the income, il is probable that the income will be received and the amount of income receivable ¢an be measured reliably. Donations are recognised when the Group has been nolilied in writing of both the amount and selllement date. In the event that a donation is subject lo conditions that require a level of performance before the Group is enlilled lo the funds, the income is deferred and not recognised until either those conditions are fully mel, or the fu51ilment of those conditions is wholly within the control of the Group and il is probable that those conditions will be fulfilled in the reporting period. Fee in¢ome and charges for services and use of premises are accounted for in the period in which the service is provided. Other income is recognised in the period in which il is receivable and lo the extent the goods have been provided or on completion of the service. Page 25 KING'S COLLEGE SCHOOL, CAMBRIDGE {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 ACCOUNTING POLICIES ICONTINUEDI 1.4 EXPENDITURE Expenditure is recognised once there is a legal or conslrudive obligation to transfer economic benefit to a third party. il is probable that a Iiansfer of economic benefits will be required in selllement and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each a¢livily are made up of the total of direct costs and shared costs, including 5UPPOrt costs involved in undertaking each aclivily. Direct costs allribulable lo a single activity are allocated directly lo that activity. Shared costs which ¢onlribule lo more than one activity and support costs which are not allribulable to a single aclivily are apportioned between those activilies on a basis consistent with the use of reSoUr￿s. Expenditure on charitable activities is incurred on direclly undertaking the activities which further the Group's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 1.5 INTEREST RECEIVABLE Interest on funds held on deposit is included when receivable and the amount Can be measured reliably by the Group., this is normally upon nolificalion of the interest paid or payable by the inslilulion with whom the funds are deposited. 1.6 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets are initially recognised al cost apart from the long leasehold property that is initially recognised al fair value, being the present value of the minimum lease payrnenls determined al the inception of the lease. After re¢ognilion, under the cost model, tangible fixed assets are measured al Cost less accumulated depreciation and any ac¢umulaled impairment losse5. All costs incurred lo bring a tangible fixed asset into ils 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 iesidual value over their estimated useful lives. Depreciation is provided on the following bases.. Long-lem leasehold property Fixtures and liltings Computer equipment over the period of the lease 100A slrai9ht-line 200A or 33°h straight-line 1.7 INVESTMENTS Investments in subsidiaries aro valued al cost less provision for impairment. 1.8 STOCKS Stocks are valued al the lower of cost and nel 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. Page 26 KING'S COLLEGE SCHOOL, CAMBRIDGE (A Company Limltèd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 ACCOUNTING POLICIES ICONTINUEDI 1.9 DEBTORS Trade and other debtors are recognised al the selllement amount after any trade discount offered. Prepayments are valued al the arnounl prepaid nel of any trade discounts due. 1.10 CASH AT BANK AND IN HAND Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 1.11 LIABIUTIES AND PROVISIONS Liabilities are recognised when there is an obligation at the Balance Sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in selllement. and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the Company anlicipales il will pay lo sellle the debt or the amount it has received as advanced payments for the goods or services il musl provide. Provisions are measured at the best estimate of the amounts required lo sellle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rale that reflects the risks specific lo the liability. The unwinding of the dis¢ounl is recognised in the Consolidated Statement of Financial Activities as a finance cost. 1.12 FINANCIAL INSTRUMENTS The Group only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al Iransa¢lion value and subsequent measured at their selllemenl value wilh the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 1.13 FINANCE LEASES AND HIRE PURCHASE Assets obtained under hire purchase contracts and finan￿ leases are capilalised as tangible fixed assets. Assets acquired by finance lease are depreci81ed over the shorter of the lease term and their Useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where subslanlially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in ¢redilors, nel of the finance charge allocated lo future periods. The finance element of the rental payment is charged lo the Consolidated Slalemenl ol Financial Activities so as lo produce a constant pericKli¢ rate of charge on the nel obligation outstanding in each period. 1.140PERATING LEASES Rentals paKI under operating leases are charged to the Consolidated Statement of Finanaal Activities on a straight-line basis over the lease term. Page 27 KING'S COLLEGE SCHOOL. CAMBRIDGE IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 ACCOUNTING POLICIES ICONTINUEDI 1.15 PENSIONS The Group participates in the Teachers, Pension Scheme ITPSI which is a defined benefit scheme. The TPS is an unfunded scheme and contributions are calculaled so as to spread the cost of pensions over the employees. working lives with the School in such a way that the pension cost is a subslanlially level per¢enlage of current and futu￿ pensionable payroll. The contributions are determined by the Govermenl Actuary on the basis of quadrennial valuations using a prospective unil credit method. The TPS is a mulli employer scheme and there is insufficient information available lo use defined benefit accounting. The TPS is therefore treated as a defined contribution scheme for accounting purposes and the contributions are recognsied in the peiiod to which they relate. The Group partl¢iP8les in the Universities Superannuation Scheme (the s¢hemel. The assets of the scheme are held in a separate Iruslee-adminislered fund. Because of the mutual nature of the scheme, the assets are not allribuled lo individual inslilulions and a scheme-wide contribution rale is sel. The Group is therefore exposed lo actuarial risks associated with other inslilulions, employees and is unable to identify ils share of the undedying assets and liabilities of the scheme on a consistent and reasonable ljasis. As required by Sedion 28 of FRS 102 "Employee benefits., the Group therefore accounts for the scheme as if it were a defined ¢onlribulion scheme. As a result. the amount charged lo the income and expenditure account represents the conlribLJtions payable lo the scheme. Since the Group has entered into an agreement Ilhe Recovery Plan) that determines how each ernployer within Ihe scheme will fund the over811 deficit. the Group recognises a liability for the contributions payable that arise from the agreement Ilo the exlenl that they relate lo the deficill with related expenses being recognised through the income and expenditure account. However on transfer of the School's employees from King's College, Cambridge the College retained that liability therefore no provision for these deficit recovery payments are included in these financral statements. The Group also participates in a defined contribution pension s¢hemes and the pension ¢harge represents the amounts payable by the Group to the funds in respect of the year. 1.16 FUND ACCOUNTING General funds are unreslricled funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been sel aside by the Trustees for particular purposes. The aim and use of each designated fund is sel out in the notes lo the financial slalemenls. Restricted funds are funds which are to be used in accordance with specific reslriclions imposed by donors or which have been raised by the Group for particular purposes. The ¢osls of raising and administering such funds are Charged against the specific fund. The aim and use of each reslricled fund is sel out in the notes lo the financial slalemenls. Page 28 KING'S COLLEGE SCHOOL CAMBRIDGE A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT Estimates and judgements are ¢onlinually evaluated and are based on historical experience and other factors. including expectations of future events that are believed lo be reasonable under the circumstances. Critical accounting eslimales and assumptions.. The Group makes eslimales and assumptions con¢erning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The eslim8tes and assumptions that have a significant risk of causing a material adjuslmenl lo the carrying amounts of assets and liabilities within the next fi'nancial year are discussed below. Long term lease- The present value of the long term lease in relation to the School buildings is calculated based on Ihe Group's incremental borrowing rate. This rate is an estimate that management have made al the inception of the lease after obtaining information from the School's banker. The use of a different interest rale would impact the carrying value of the lease liability and associated asset. Retirement benefit obligations The cost of defined benefit pension plans and other post-employment benefits are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increases. mortality rates and future pension in¢reases. Due lo the complexity of the valuation. the underlying assumptions and the long term nature of these plans, such eslimales are subject lo significant uncertainty. Further detai18 are given in note 22. Managernenl are satisfied that Universities Superannuation Scheme meets the deh'nilion of a mulli- employer scheme and would have therefore recognised the discounted fair value of the wnlraclual contributions under the funding plan in existence at the dale of approving the accounts. However on transfer of the School's employees from King's College, Cambridge the College retained that liability therefore no provision for these deficit recovery payments are included in these financial stalemenls. As the Group is contractually bound to make deficit recovery payments to USS, this would be recognised as a liability on the balance sheet. The provision is currently based on the USS deficit recovery plan agreed after the 2018 actuarial valuation, which defines the deficit payment iequired as a percentage of future salaries until 2028. These contributions will be reassessed within each triennial valuation of the scheme. The provision is based on Tnanagemenl's estimate of expected future salary inflation. changes in stsff numbers and the prevailing rate of dis¢ounl. Further details are sel oul in note 22. However on transfer of the School's employees from King's College, Cambridge the College retained that liability therefore no pmvision for these deficit recovery payments are included in these financial slalemenls. The Trustees do not consider there are any further critical judgements or sources of eslimalion uncertainty requiring disclosure beyond the a¢¢ounling policie5 and Ihal sel out above. Page 29 KING'S COLLEGE SCHOOL. CAMBRIDGE IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 INCOME FROM DONATIONS AND LEGACIES Unrestrl¢ted Restricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Donation of nel assets on separation from King's College, Cambridge 1.632.898 75.753 1,708.651 INCOME FROM CHARITABLE ACTIVITIES Unrestricted Restrlcted funds funds 2023 2023 Total funds 2023 Total fund5 2022 Day fees Boarding fees Pre-Prep fees Chorister Fees Other income 5.198,843 63,615 1,267,747 617,740 136,495 5,198,843 63,615 1,267,747 617.740 169.499 33.004 7,284,440 33,004 7,317,444 INCOME FROM OTHER TRADING ACTIVITIES Income from non-charitable trading actlvlties Unrestricted funds 2023 Total fullds 2023 Total funds 2022 Hire of roorns and sporting facilities 35,500 35.500 Page 30 KING'S COLLEGE SCHOOL. CAMBRIDGE (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 INVESTMENT INCOME Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Total funds 2022 Interest received 93,482 541 94.023 EXPENDITURE ON RAISING FUNDS OTHER TRADING EXPENSES Unrestricted funds 2023 Total funds 2023 Total funds 2022 Adminislralion expenses 3,352 3,352 ANALYSIS OF EXPENDITURE BY ACTIVITIES Actlvltles undertaken directly 2023 Support costs Total funds 2023 Total funds 2022 2023 Education and Welfare Establishment and Premises 4,699,341 772,175 1,088,582 178.871 5.787.923 951.046 12 5.471,516 1,267,453 6.738,969 12 TOTAL 2022 12 12 Expenditure on charitable aclivilies is comprised of reslricled expenditure of £31,189 and unrestricted expenditure of £6.707.780. Page 31 KING'S COLLEGE SCHOOL, CAMBRIDGE IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 ANALYSIS OF EXPENDITURE BY ACTIVITIES ICONTINUED) ANALYSIS OF DIRECT COSTS Establishme nt and premlses 2023 Education and Welfare 2023 Total funds 2023 Total funds 2022 staff costs Educational costs Catering costs PTA Premises costs 4,164,432 292.716 211,004 31,189 4.164,432 292,716 211,004 31,189 438,216 333,959 438,216 333.959 Administration costs 12 4,699,341 772,175 5,471,516 12 TOTAL 2022 12 12 ANALYSIS OF SUPPORT COSTS Establishme nt and Premises 2023 Educallon and Welfare 2023 Total funds 2023 Total funds 2022 Staff Costs Professional fees 481,410 65,655 211,129 27,518 302,870 79.103 10,788 34,692 4.522 49.786 560,513 76,443 245,821 32,040 352,636 Depreciation Loan interest Lease interest 1,088,582 178,871 1,267,453 Page 32 KING'S COLLEGE SCHOOL, CAMBRIDGE {A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 AUDITORS. REMUNERATION 2023 2022 Fees payable lo the Companls auditor for the audit of the Company's annual a¢¢ounls 19.750 Fees payable lo the Companys auditor in respect of.. All nonwaudil services not included above 3.300 10. STAFF COSTS Group 2023 Group 2022 Company 2023 Company 2022 Wages and salaries Social security costs Contribution lo pension schemes 3.629,256 386,611 709,078 3,629.256 386,611 709.078 4,724,945 4,724,945 The average number of persons employed by the Company during the year was as follows.. Group 2023 No. Group 2022 No. Company 2023 No. Company 2022 No. EducalK)n and welfare Establishment and Catering Administration 76 76 19 19 12 12 107 107 Page 33 KING'S COLLEGE SCHOOL, CAMBRIDGE {A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 10. STAFF COSTS ICONTINUEDI The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. Group 2023 Group 2022 No. In the band £60,001 - £70,000 In the band £70,001- £80,000 In the band £80.001- £90,000 In the band £90,001- £100.000 In the band £100,001- £110.000 The key management personnel of the Group comprise the Bursar. Headlea¢her. Deputy Head, and Head of Preprep. Total key management personnel remuneration in the year, including employerfs national InSLJran￿ ¢onlribulions, amounted lo £352.14812022- £NIL). No trustees received any remuneration or benefits in kind from the Group {2022- £NILI. Page 34 KING'S COLLEGE SCHOOL. CAMBRIDGE IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 11. TANGIBLE FIXED ASSETS GROUP AND COMPANY Long-term leasehold Fixture5 and property fittings Computer equipment Total COST Additions Transfers on separation 5,805,241 11,670 138,712 433,173 24,054 94,719 5,968,007 539,562 Al 31 July 2023 5,816.911 571,885 118,773 6,507.569 DEPRECIATION Charge for the year 115.436 93,135 37.250 245.821 At 31 July 2023 115,436 93,135 37,250 245,821 NET BOOK VALUE Al 31 July 2023 5,701,475 478,750 81,523 6,261,748 Al 31 July 2022 Page 35 KING'S COLLEGE SCHOOL, CAMBRIDGE IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 12. FIXED ASSET INVESTMENTS Investments In subsidlary companies COMPANY COST AddilFons 100 AT 31 JULY 2023 100 NET BOOK VALUE AT 31 JULY 2023 100 PRINCIPAL SUBSIDIARIES The following was a subsidiary undertaking of the Company.. Name Company number R&gistered office or principal Class of place of business shares Holding KCS Facilities Ltd 11941723 King's College School, Wesl Road, Cambridge, England. CB3 9DN Ordinary iooo The financial results of the subsidiary for the year were.. Name Income Expenditure ProfiV{Lossl I Surplusl {Defi¢itl for the year Net assets KCS Facilities Ltd 35,500 13,3521 32,148 100 The results of the subsidiary are included in these consolidated financial slalements. Page 36 KING'S COLLEGE SCHOOL, CAMBRIDGE A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 13. STOCKS Group 2023 Group 2022 Company 2023 Company 2022 Textbooks, ealering. and other stock 13,063 13.063 14. DEBTORS Group 2023 Group 2022 Company 2023 Company 2022 DUE WITHIN ONE YEAR Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 154,194 154.194 32.048 2,209,300 102.S42 2,209.300 107.162 2,470.656 2,498.084 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2023 Group 2022 Company 2023 Company 2022 Trade creditors Other laxalion and social security Obligations under finance lease contracts Other creditors Accruals and deferred income 42,954 177,489 17,880 398,140 150,718 42.954 177,383 17,880 398.140 147.418 5,000 5,000 787,181 5,000 783,775 5,000 Page 37 KING'S COLLEGE SCHOOL. CAMBRIDGE (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group 2023 Group 2022 Company 2023 Company 2022 Nel obligations under finance lease contracts Other creditors 5,736,180 769.231 5,736,180 769.231 6,505,411 6,505,411 The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting dale is.. Group 2023 Group 2022 Company 2023 Company 2022 Payable or repayable by inslalmenls 5.649.140 5,649,140 5.649,140 5.649,140 Page 38 KING'S COLLEGE SCHOOL, CAMBRIDGE {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 17. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 1 August 2022 Transfers Balance at inlout 31 July 2023 Income Expenditure UNRESTRICTED FUNDS DESIGNATED FUNDS Music Instrument Fund Bursary Fund Mini Bus Replacement Fund Schola Scholarship Fund Redevelopment and Refurbishment Fund 34,265 101,312 59,947 106.440 116.1281 18,137 101,312 59,947 95,992 110,4481 112,440 1.430.000 1,542,440 414.404 126,5761 1,430.000 1.817.828 GENERAL FUNDS General Funds KCS Facilities Ltd {121 8.596.416 16,685,523) 11.410.000) 35,500 13,3521 500.881 32.148 1121 8.631.916 16,688,875> 11.410.000) 533.029 TOTAL UNRESTRICTED FUNDS 1121 9.046,320 6,715,451) 20,000 2,350,857 RESTRICTED FUNDS Chorister Bursary Fund PTA Fund 31,066 78,232 16.1291 120,7411 24,937 37,491 120,000) 109,298 126.8701 120,0001 62.428 TOTAL OF FUNDS 1121 9,155,618 16,742,321) 2,413,285 Page 39 KING'S COLLEGE SCHOOL. CAMBRIDGE {A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 17. STATEMENT OF FUNDS ICONTINUEDI Designated Funds ThAusic Instrument Fund - Income from hire of School owned instruments supports purchase of additional and replacement r(ems. Bursary Fund- General means lesled bursary fund for day pupils. Mini Bus Replacement Fund- To fund the future purchase of a replacement mini bus. Schola Scholarship Fund- Supports music lessons and support for members of girls, choir. Redevelopment and Refurbishment Fund To fLtnd future redevelopment and refurfoishmenl of school Restricted Funds Chorister Bursary Fund- Fund lo support means lesled assistance with parental element of boy chorister fees. Transfers The transfer from the reslricled PTA Fund lo general funds represents a contribution to the Pre-Prep playground and Jubilee Gardens. STATEMENT OF FUNDS- PRIOR YEAR Balance at Expenditure 31 Juty 2022 UNRESTRICTED FUNDS General Funds all funds (121 (12) Page 40 KING'S COLLEGE SCHOOL, CAMBRIDGE IA Company Llmited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 6.261,748 3,381,701 1787,181) 16.505,411) 6.261,748 3,444,129 1787,1811 16,505,411) 62,428 TOTAL 2,350,857 62,428 2,413,285 ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR Unrestricted funds 2022 Total funds 2022 Current assets Creditors due wlhin one year 4,988 15,000} 4,988 15,0001 TOTAL 112) 1121 Page 41 KING'S COLLEGE SCHOOL, CAMBRIDGE (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 19. Group 2023 Group 2022 Nel incomellexpendilurel for the year las per Slalement of Financ¢al Aclivitiesl ADJUSTMENTS FOR: Depreciation charges Finance charges Donation from King's College, Cambridge on separation Interest receivable Decrease in stocks Increase in debtors (Decreasellincrease in creditors 2.413,297 1121 245,821 352,636 11,695.1451 194.0231 474 1547,7841 {326,2921 5,000 NET CASH PROVIDED BY OPERATING ACTIVITIES 348.984 4,988 20. ANALYSIS OF CASH AND CASH EQUIVALENTS Group 2023 Group 2022 Cash in hand 960,410 4,988 TOTAL CASH AND CASH EQUIVALENTS 960,410 4.988 21. ANALYSIS OF CHANGES IN NET DEBT Other non- cash changes At 1 August 2022 Cash flows New finance leases At 31 July 2023 Cash al bank and in hand Finance leases 4.988 955,422 370,368 960,410 15,771.792) {352,6361 15,754,060) 4.988 1,325,790 15.771,7921 1352.6361 {4,793,6501 Page 42 KING'S COLLEGE SCHOOL, CAMBRIDGE IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 22. PENSION COMMITMENTS The School participates in two defined benefit sthemes, the Teachers, Penston Scheme and the Universities Superannuation Scheme (USS). Teache￿. Penslon Scheme The pension charge for the year includes contributions payable lo the Teachers. Pension Scheme amounting lo £514.12412022 - £NILI. The Teachers, Pension Scheme ITPSI is a slalulory, ¢ontribulory, defined benefit scheme. govemed by the Teachers. Pension Scheme Regulations 2014. Membership is available lo all teachers who have the option to opl-oul of the TPS following enrolmenl. The TPS is an unfunded scheme lo which both the member and employer makes conlribulions, as a percentage of salary - these contributions are credited lo the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. Valuation of the Teachers, Pension Scheme The Government Actuary, using normal actuarial PTinciples, conducts a formal actuarial review of the TPS in accordance with the Publi¢ SeNice Pensions (Valuations and Employer Cost Capl Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future conlibutions, Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The lalesl actuarial valuation of the TPS was carried out as at 31 March 2Q16. The valuation report was published by the Department for Education on 5 March 2019. The key elements of the valuation and subsequent ¢onsulatton are.. employer contribution rates sel at 23.680A of pensionable pay {including a O.Q8Qh administration levyl. total scheme liabilities (pensions ¢urrenlty in pawment and the eslimaled cost of future benefits) for service to the effective dale of £218,100 million and notional assets lestimaled future contributions together with the notional investments held al the valuation dale) of £196,100 million. giving a notional past seNice deficit of £22,000 million. the SCAPE rate, set by HMT, is used to determine the notional investment return. The current SCAPE rale is 2.4Okn above the rale of CPI, assumed real rale of return is 2.40A in excess of prices and 2QA in excess of earnings. The rale of real earnings growth is assumed to be 2.2¥.. The assumed nominal rate of return including earnings growth is 4.450/0. The next valuation result is due lo ￿ implamenled fmm 1 April 2024. A copy of the valuation report and supporting documentation is on the Teachers, Pensions website IhttpS'.Il￿m.teacherSpenslOns.¢o.UkInewsAempIOyersI2O19Io4IteaQhers-penSiOnS-VaIual10n-repOrt.8spx}. Under the definitions sel out in FRS 102, the TPS is an unfunded mulli-employer pension scheme. The Group has accounted for ils contributions lo the scheme as if il were a defined conlribulion scheme. The Group has sel out above the information available on the s¢heme. Page 43 KING'S COLLEGE SCHOOU CAMBRIDGE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 22. PENSION COMMITMENTS ICONTINUEDI University Superannuation Scheme The pension charge for the year includes conlribulions payable lo USS amounting lo £124,527 {2022 £NILI. Al 31 July 2023, the lalesl available complete actuarial valuation of the Retirement Income Builder was al 31 March 2020 Ilhe valuation dale). which was carried out using the projected unil method. Since the Group cannot identify ils share of the USS Retirement Income Builder (defin￿ benefit) asset8 and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole. However on transfer of the School's employees from King's College, Cambridge the College maintained the deficit recovery liability therefore no provision for these deficit recovery payments are included in these financial slalemenls. The 2020 valuation was the sixth valuation for scheme under the schemo-specili¢ funding regime introduced by the Pensions Act 2004, which requires schemes lo have sufficient and appropriate assets lo cover their technical provisions. Al the valuation date, the value of the assets of the scheme was £66.5 billion and the value of the scheme's le¢hnical provisions was £80.6 billion indicating a shortfall of £14.1 billion and a funding ralion of 83%. The key linan¢ial assumptions used in the 2020 valuation are described below. More detail is sel out in the Slalement of Funding Prinaples luss.co.uklabDUt-uslvalualion-and-fundin9lsialemenl-of-funding- principles). CPI assumption Term dependent raleg in line with the difference between the Fixed Interest and Index Links weld curve less.. 1.10A p.a. to 2030, reducing linearly by 0.10k p.a. to a long-term difference of 0.1Vo p.a. from 2040. Pension increases Isubjecl lo CPI assumption plus 0.05Q/o a floor of O /ol Discount rale (forward ralesl Fixed interest gill weld curve plus. Pre-relirement.. 2.75°h p.a. Posl-reliremenl.. 1.000/0 p.a. The main demographic assumption used relates lo the mortality assumptions. These assumptions are based on analysis of the S¢heme's experien￿ carried out as part of the 2020 actuarial valuation. The mortality assumptions used in these figures are as follows.. 2020 valuatlon 101Q/o of S2PMA 'lighf for males and 950h of S3PFA for females Mortality base table Future improvements lo mortality CMI 2019 with a smoothing parameter of 7.5, an initial addition of 0.50/0 p.a. and a long-temi improvement rale of 1.8.￿ p.a. for males and 1.6° p.a. for females. Page 44 KING'S COLLEGE SCHOOL, CAMBRIDGE IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 22. PENSION COMMITMENTS ICONTINUEDI The cuirenl life expectancies on retirement at age 65 are: 2023 2022 Valuation Valuation 24.0 23.9 25.6 25.5 28.0 25.9 27.4 27.3 Males curienlly aged 65 (years) Females current aged 65 lyearsl ales Currently aged 45 lyearsl Females currently aged 45 lyearsl A new deficit recovery plan was put in place as part of the 2020 valuation, which requires payment of 6.2% of salaries over the period fj April 2022 until 31 March 2024, at which point the rale will increase lo 6.30A. The 2023 delicil recovery liability relle¢ls this plan. The liability figures have been produced using the following assumptions.. 2023 5.520 2.000 2022 3.310 2.000 Discount rale Pensionable salary growth Deflned Contribution Pension Schemos The School operates a defined contribution work place pension scheme, Now.. Pensions. in respect of certain employees. The scheme and ils assets are held by independent manageTS. The pension costs Charged in the financial 51alemenls relating lo the scheme in the year was £70,42712022 £Nil). Al the year end a balan￿ of £18.262 {2022 £NILI was payable. This balance is disclos￿ within other creditors. 23. OPERATING LEASE COMMITMENTS Al 31 July 2023 the Group and the Company had commitments lo make future minimum lease payments under non-cancellable operating leases as follows.. Group 2023 Group 2022 Company 2023 Company 2022 Not later than l year Later than 1 year and not later than 5 years 34,582 47,300 34,582 47,300 81,882 8q,882 24. RELATED PARTY TRANSACTIONS The Group has nol entered into any related party transactions during the year12022-. None). Page 45