Reglstered number: 13730915 Charity nurnber.. 1200527 KING'S COLLEGE SCHOOL. CAMBRIDGE (A Company Limited by Guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
KING'S COLLEGE SCHOOL CAMBRIDGE (A Company Limitèd ty Guarante•) CONTENTS Page Reference and Admlni$¢r4¢lve Detsils of the Crynpanyi Its Trustees and Advlws Trustses. Report 2-11 Independent Audltorn. Report on the FInala1 Statements 12-15 Ct)n8olldated Statemènt of FSnanelal knllvltles 16 Consolldated Balance Sheet 17 Company Balance Sheet 18 Consolldated Statement of Cash Flows 19 Notes to thè Flnanclal Statements 20-42
KING'S COLLEGE SCHOOL. CAMBRIDGE IA C<Mnpany Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024 Trustees Revd Dr S A Chery. Cha DrTKCame Prof E Faraglia Prof J W Fawrett R S Harman Irestgned 31 Janvawy2024) P R Hasdden RDHill Prof H E Huppert (reS)ned 20 November 2023) DSltyJe J C James H S Thackrah Company reglster•d number 13730915 Charity registered number 1200527 Reglstered office Col Schc West Road Cth)ridge CB3 9DN Company secretary J E Purser Independent audltors Peters & mOe Chartered Accwntsnts Salisbury House Slath)n Road ¢rjge CB121A Page 1
KINGS COLLEGE SCHOOL CAMBRIDGE {A Company Llmlted by Guaranle8) TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 The Trustees present their repott ilUdiNj Ir Slrategic Rem and the consdidated fman¢ial statements for the year eThJed 31 July 2024. Based an hthric foundati of musical excellence, .j.$ Cc4W Sthool ts a dynamic and incluswe acadernic enwonmenL We ¥e a caring fIlY-based community which al thildren are respected and valued. We prepare them. as indNiduals. lo be confKlent in a fvture v•th exceptional possibilitS8S. Located near the centre of the beautiful and v>ranl city cl Cbridge. King's College School is a leading independent Prep Schocl. OrwJinally establthed in 1441 to edu¢e ts 16 boy cFM)rislers of Ki)g's College Choir. the S¢h¢)oi now caters for morè than 400 boys girfs aged 4- 13 folluwing the traditional Preparatory model. We have approximately 40 boy and girl boarders. induding our chcKi8ters: we offer fuu boarding. weekly and fleXbding. KirvJ's pupils continue thar education at leadmg independent and stale senior schools, often with stholarships. STRUCTURE. GOVERNANCE AND MANAGEMENT Gov•mSng Body The Schcol is governed by a Board of Trustees called The (>)vemiNJ Bc*. and inctudes Nominated Truslees and 2 Ex-Off10 Trustees. Trustees may 4)point Nominated Trusle8s, wlh appointments ratified by the College, as per the Memorandum ofAssociation. The GovemiThJ Body shcrtjld cfmprise no fewer than 5 members and no more than 15. Govemors hold for 3 years" a retrj govemor who remains qualified may be re-appointe(S, prowded they do not serve more than three cthsecJJtive tem)s of offKe. Recrultment and Tralnlng of Govemors Govemors are recruited through an independenl process kd by the mInat)n Committee, with the objective of creating a Board wlh diversity of knowledge an(i experience lo besl reflect the prh)rilies and provision offered by the school. New members of the Goveming Body are dected on the basis cl nc4ninations from the Govemors 8n(I the executive officers, based on the carKIKlate's PTdessN)nal quaMie5. eYpe1. personal competence and local availabilty to attend in person. New govemors are inducted into the Won95 (rf the SCIKKJI. inckjding Goveming B(Mty poky and procedures, by the Head and Master ov the Choristers along wth the scho Bursar and Director of Operations, who also acts as the Clerk to Ihe Govemors. membe of the Governing may be required to attend trustee training and addilional courses designed to keep them informed arKI updalgj on CUent issues in the Sect and wulalory requirements. Governors are encouraged lo attend semin¥s and webinars 1$ed by the Associal)n of Goveming BleS of Independent Schools IAGBISI. Ofganlsatlonal Management Th8 Goveming Body meets in pSOn three times per year. During the year 2023 - 2024, there w8re three Goveming Ccfflmittees that met lermly. the Legal Committee. the Finance and Eststes Committee and the Educati and Pastrxal Committee. Additionalty. there are iwo C<Mnmittees that meet nuall. the ReThineration Committee atxl the Nominations Comnwtte8. Oth8r groups and panels are fomRd for wific purFrf)ses and meet as rwjuired. pe2
KINGE COLLEGE SCHOOL. CAMBRIDGE IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDEO 31 JULY 2024 The Finance Estates C¢)mmrttee and Legal Conynrttee tcgether te detegated resrxjnsibilty on beh8if of the G¢)verning 8c4Jy lo promde ovenriew WKI scrutiny of the work in aaS of Finan and Heatlh and Safely. This includes acting as a sounding board for new InaLIve$ and Ihe ongoing monitoring and review of Sthool policies and practice in these areas and makiThJ reccfflmendations to the Govemors. The Finance an(J Estat8S Commtttee supervises and finalises financial stslements and Ihe annual report for approval by the Goveming Boty. Financial probty is ensuied by having suilably qualified indivtduaLs on the C(¥nmiitee. A propos81 wa5 consided at the June 2024 meeting of the Govemry Body to combine the Legal and Finan Committees into one. wrth all Governors frcrfn each Committee I01ng the Finan and General PurwJses Ccmmittee. The proposal was Wed with the ne c(¥Mittee beginning to meet from Mth8ehnas 2024. The EdUcatn and Pastoral Committee takes ddegated responsibilty on behalf of the Govemin9 Body lo provide oversight and rutinY of wryk in the areas of Educati (eMIC and cUMClar) and Pastoral. including Safeguarding. The Nominations C¢)mmitlee tskes ddegatejj respoNbW cffl of the G¢)verning Body to recwit new Governors and ensure the Goveming 15 ned of suitabty qUalifd and experienced indwiduals. All committees report direclty to Iho GovemiNJ Bcfy. Included in Ihe pap5 the lermly Governing Body meeting is the Head's Report for the lem). Management Aceourbts and the minutes for all Committee rneelings. The Head and members of the Senw)r Leadership Team atteryl JI Committee meetings and tho temily meeting of the GovernirE 8ody. The day to day running of the sck is dd&Jated to the Head and Master over the Choristers. The Senior Leadership Team is made up ( the Head and Master ow the Choristers. the Scknol Bursar and Director of Operations. the Deputy {Academic} and the Deputy H&1 IPasloraS1. The Senior Manag8m8nt T&am addrtionally inclLkles the Dtrector of Sludent Leaming. Heads of Year. Head of Pre-Prep and Head of Juniors. the Boarding Housemaster and the Directors of Music and Sport. 11 amemates weekly meetings wth Ih¢)se ofthe Senior P8Storal Team. Th8 School is staffed 1th paid empbyees. t4)Ih fulktime and part-time. Parents assist vOntari wlh fvndraising and some tiVitS. Group Structure The School is a c(xnpany limited by guarantee registered in EnglarKI. No. 13730915 and is registered wth th8 Charity CommissK>n under Charity No. 12LXJ527. During the year to July 2024. the gr(wp ¢Vil$ed of IQNJ'S College ScfKd. cnbridge. and one wholly owned subsidiary.. KCS Facilities Ltd. Klng% College Carnbridge On 1 August 2022, thè acliiriti8s of the sch¢ were transferred from King's Col Cambridge into a company limited by guarantee, King s College School, carridge. vthKh is a separately registered charity. King's College 15 the sole member ofthe Company and the SchcKA Govemors are the directors and the charf(y Iwslees. The net assets of the School's activit$ were transferred to the SchcM)l on 1 August 2022 al a value of £1.7m. On the date of transfer the S¢(M)l entered wito 8 50 year lease wth King's Cdlege on the buadings and gr<yJnds" the lease has 10 year break clause5, the fir51 being in 2032. The ha5 a 12 month terniination notice period by the Sch¢)tsl and a 24 mtsnth termination mb.ce by the Cokg Page 3
KING'S COLLEGE SCHOOU CAMBRIDGE (A Cunpany Llmited by Guarantee) TrUSTEES' REPORT ICONTINUED) FOR THE YEAR ENDEO 31 JULY 2024 Trustsa Invoiv8m•nt In School Llfa During the cryjrse of each tetm. Iruslees m8ke fegular irKlr¥KJual vtsits to the S¢11. The Chair wsits at least On each week. meeting wih the HeJ. with staff and wilh puKMls" Ihe Govemor wilh responsibility for Safeguarding visits al least once eh term to review the &"ngle Central Register to meet with the Designated Safeguarding Le•J. ENGAGEMENT Engagement with suppliers. customets and others In a buslness relatlonshlp wlth the School The Sc)01's suppfw and cusl(ymer erwnl irKluding al kK4Kxes and tracts we desNJned to ensure 8 fair and transparent approach to all business I[tic The School has in place clear transparent tsriffs for 1 fl'tIeS available for extemal use and charges are benthmarked ag7insl other corrparatle faufilies to ensure they repsent fair value. The School actNety encourages l¢xal ccmunty and customer engagement in regard lo the use, dèvelcymént and expansion of the facilities and servicEs. Engagam8nt with employees The Sch1 is conNnitt8d to ensuring Ual optnity for al who work here, wf(h key values induding kindness and a deep sense of respect Ihrough(xrt the whole communty. In employment in delivery of the provision. the School is committed to the of equal OPKKJrtunities that oppose discrimination on the basis of the folk)vng protecle(I characteristics: sex. sexual (ienlatin. marital or partnershi) status, gend@r reassignment, race, relJn or beliets. pregnancy and matemty. di58blty and aye. The Sch(M)I's statement on Equalty, Diversity and IlusIon is putdished the website. The School encourages slaff Contribut at all thts. There is a ccynprehensive Staff Handbwk detailing practice codes 8nd expectations. aThJ reguL3r flmS f(w meetings with land between) staff lo discuss all aspects of the Schod's provisiL. New staff are fulty induded and f pwt in specialised trarning as part of INSET and ongcing throughout e8ch ac8demic year. The Sehocl has an 8rpraisal system wi place that proNides a struclure for perfomance reviews all staff. Addrtionally for teathing staff. the 4praisal system Mt On evidences and showcases their particular conlribulions, but it also invites staff to Pursue conkn"nuing research into fields of personal l or educational interest and lo share those interests with mernb of the Sen1 Leadership Team and wth the whole staff body in the fom of written papers. CHARITABLE OBJECTIVES The obiectiV8s crf th8 Charity are for the beneft ofthe put< as set wt n its V£mOrwUrn ofAss<)cialion.' advanc8ment of education in particutar (t not exdusNI by runnirq a day and boarding school known as King's College Sthcol, Cambridge in the prirtplès and (kxtrine of the Anglican faith bul welcoming to pupils of all faiths or none., the provisK)n of aCcmm0dat10n aTrJ xlKMJ-age thorislers of the College.. such other Charitable purFK)ses for the tenefrt of the eommunty in whh the S¢hth)l is situated as the Trustees may deckle from twne io time in particular {t not exdUsiveI by making the falitIeS of the School and/ other Fwises under the conirc4 of the Chaiity avaLJle for such eharithle purposes when they are noi required for the formal education of pupi15 attending the SC. Page 4
KING'S COLLEGE SCHOOL. CAMBRIDGE (A Company Limiied by Guarantee TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 Vision and values King's College Schcd, Cambridge educates boys and girls from age 4- 13 srte. At 13. children move lo senior sch(4 as day pupils or boarders. into Year 9. Oft scholarship awards. Our core values are deep-rc<Jted in Kithss- Cre81wty- SlreThJth- Cofflmunty. The ISI Report foll¢)wing the 2023 Inspection, ates these to be very much in eder in tho management and operational systems vAthin the Sckjol. in the delivery of the AcademK and in the Personal Development profile for every child. Academic and paslcal provisions are inlerknconneded. info13 every aspect of our appwh to supporting pupil learning and personal develrwent Key to the $ufxess of this framewo is the inteThveaving of the processes of tra(¥ig, assessm71. inlwwention and the inlr(Kludion of awropriale challenge for every pupil. The curriculum is thorough eXpanve. and further enhanced by the CSCO Divis, a bespce enrichment programme lch inwles pupils to explcfe 18arning and creative C4Vtunity alongside the core subject profiles. Leaming though stleS and lileralure, and a sIrt9 emphasis on a readir@ cure, including the study of myths and legends, fomis a key part (rf profile. Vaulted Leaming, an approach to acquiring transferable 18arning sknlls across all discipliies, is unique lo King's College Schwl. PUBUC BENEFIT The Iruslees confirm that they have gNen due rewd to the Charity C¢YnmL8s'S guKlance on publ benefit. The objectives of the Sth)ol are for the 'pu benefrt. in accordanc4 wlh the tenn that is used in the Charities Ac12011. Thè Sehctjl eocyerates ThIh l¢xal charitw an(1 gjucatwl brJies in its Lw)ing endeavours lo wdgn publ'c access to the education it prowd8s to cptimise tha use crf its faolibes and resources. Use of our facilities and includes.. 3 member5 of stsff are governo at hxal state prThary schoL4s. Weekly hire of sports astro lurfto locd thiklren's foclball leams. Use of the Assembly Hall at weekends by I(al chldren's choir. Use of Assembty Hall by local adutt orchestra for rehearsaL8. Weekly use of faciltiies and PE stsff by Irxal primary school for their PE lessons. Hire of Sports and Cultural Centr8 and tdOOr sports pitches to a charrta)le organisalion which runs holhY8y elubs for children from the Irxal conynunty. Led by the Schcx)I's Director of mus, the ch¢yal SCW uses the Assen*)ty Hall forweekly rehearsals. The Choir, open lo all, perfomis locaty aThY undertakes a cLxKert lour year. Hir8 of the sports facilities by college students IlUdI tennts courts, astro turf and cricket nets. Page 5
KING'S COLLEGE SCHOOU CAMBRIDGE IA Company Llmtted by Guarantaal TRUSTEES. REPORT {CONTINUED) FOR TrIE YEAR ENDED 31 JULY 2024 Fundraising activilies for 2023r24 inclwled.. Event Home Clothes Day End of Terrn Chapel Service colleCtn Home Clothes Day End ol Term Chapel Servic8 collection Oundle Triathlon Charity WaterAid Cambridge Foodbank (fnjssel Trust) Guide Dogs nston's Wsh Restless Development Ihlnston'$ Wsh CambTTrd9e Cty Focmybank Amount ralsed £730 £563 £710 £195 £8.609 £2,054 £685 £13.546 Home Clothes Oay TOTAL 8ursary Awards The Schwl aims to offer the high standd of educat it provides to a wide selection of pupils from a variely of Socit¢(OMiC backgrounds. To further that aim, the Sthcd t)ffws a small number of means-tesled bursaries from lis own resources which are ftjnded by restricted funds. All bursaries are re-assessed annualy thr(wh a detsiled means48stiry system,. awards may range from 5 100% of fees. The Sch1 is activety seekir¥J lurther SUPF#yI for its bursary Xheme in exder to eontinue to meet bursary demand. STRATEGIC REPORT Achievemont and Perfomianca The Sd)ool provkyes a hh3h qual.ty aducatw io 415 pulS {2022-2023: 408) whh in tum imparts a dir&t financial benefft lo the Stale through reliewng pressure on I7 schods in finding places for these pupils. Using estimates of the average funding per Pupbl in the state system, the S(K)0158ves the Slate approximately £3m each year. The last Independent Schty)Is Insptle {ISI) Ins1 Ik rAace in February 2023. This was a Focused c¢jmplian and Educational Qualrty Inspect", the Schcd met all of tha raquir8d standards on complian, the National Minimum Standards for Boarding SchoL 2022. aThJ the relevant requirements of the stslulory Irameworf( for the Eady Years Foundaticffl Stage. The Schod receNed the highest possible grading of -excellenL' The School's full 1nspecknl rep(yts are aVlable (ty) the Ebsite.' vMw.kcS.cb¥Ch. adfjmk & Co£urTi¢ular Performance In 2023- 2024. 54 (wt of 57 Year 8 pupils aNled io senw schcth in the independent sector. all pupiL8 received an offer from their first or second<hol senK)r s(*KM)l. lh8 vast majorily remn9 an offer from their first- choice school. Offers were reiVed from The Perse. The steph pee. Eton. Abbey, King's Ely, The Leys. Ovndle, ley. and Sl Marfs Cambrth. Many of our Year 8 wpils 8chbeved AcAd8mic. Art. Alusic Spcts Scholarships to these senior schools: 30 Year 8 pupyls achieved a total of 41 sthcAarshi)s to senr schcds., 54% of Year 8 pupils achieved at Page 6
KING'S COLLEGE SCHOOL CAPA8RIDGE (A Company Llmlted by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 sl one scholarship lo a Senior schct4. The School had 9 pupds who were successfiJl in Cc¥nmon Entrance Examinations athi8ving th8 following results.. 79% (58113) af grades were A'£ and 67% {491T3) were A'4. King's pupils continue to score high annual CAT4 assessments. which demonstrate pupiLs' progress. Irrespective of their learnng profile. 980A {561571 of PUlS had a CAT4 mean scrye of over 100. 63% 1361571 scored 120 or higher, and 21% {121571 scored 130 or h*3her. Pupils, devdokmnenl of kne. UrKlerstI arKI skills aeross the different areas of16arniNJ is excellent and is illustrated by the achievements above. The S¢h¢x4's ¢ore values are embedded in its CurrUlar and c(Fcurri¢uL4r provision. Many K¥ig's pupils pursued opportunities to broaden their knvwledge and skAls as ewdenced beh)w. Art Four pupils achieved Art Schc4arships to senKY sch(Kls" frfleen wpils &hieved the Bronze Arts Award. Drama Each year group perfonned in at kast e pr(Kluci duriTrJ the r. Reception Natity Years 1 and 2 Crib service Years 3 and 4 miXedUp FaIaleS and Ancient Greek MOhs Years 5 and 6 Mary Powns Junbor Years 7 and 8 Oklahrxna Engllsh King's entered pupils into 2 writing competitions: ISEB Time lo Write.; one pupil was a runner-up natlly. Rotary Young Wrilers Compeliticm". 3 pupi15 were runners-up. 2 pupils came seccnd plxe and one pupil was the regional winn8r in thew ag8 categw. ath•mati¢s First Maths Challenge (aimed at pupils belcNI Year4) Primary Maths Challenge {aYned al Pupils b8kx¥ Year 61 Junior Maths Chalenge (aimed at wpils bebw Year 8) InterndIate Maths Challenge {aim8d at pupils bekN Year 11) Junior Kangaroo (Years eA) Junior Maths Olympiad (Years 7-81 Inlemiediate Kangar Cayley oly7npil 16 Gc4d. 24 Slver 15 G(Ad. 28 Sfver 40 Gdd 6 Gold, 9 Silver 6 Meril. 17 aualrfKation 4 Meril. 2 Qualification 1 Meril. 4 Qualification 1 DistItion Music 456 musi¢ lessons are taught exh week by 33 Visiting Music Teaclws 312 children tak8 part in music ensembles e&h week In addition to the timetabled ¢uNi¢ulum classr(KJm music lessons, we offered 50 ensemble rehe81$. choir Page 7
KING'S COLLEGE SCHOOU CAMBRIDGE (A Company Llmited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 rehersals. aural dasses and theory classes each week. During 202&2024. pupils thr(hOut the 5cth IcNJk 242 music exmas, 95 were 3war(led a Distindion and 101 were awarded a Merit Aeross a year 61 MUS perfcmrKes have ta(en p. STEM 220 King's pupils from Years 4 to 8 took part in the Bebras C¢Jry)utalional ThinkiThJ Cha118ngè', 34 pupils in Years 64 achi8v•J Gc4d awards sccffing in the lop 1 ofthe ojunty. The Gold awards winners in Year 7 8 re inirited to take port in the muth more Challenging Oxford Computing Challenge. run by Hert College in Oxford. On8 p11 achieved a Distinction {top 25% in the country) and three achiev& a IAerit (top 50% in Ihe country). One of our Ye¥ 7 puy'ls won the natiwl Rolary YourKJ Environments1t Cw)elition,' 8mOther pu VThl the InlernatK)nal Essay C(NTWitK#) bealirwJ entries fr(An 61 c(NJntries. A group of Year 6 p)11$ Competed in the micro.bit R(thlics Challeng8 host8AI by the Centre for Computing History and the Cambrtdge Rotary Club. Sport The 202&2024 sporting ar was agwn SLKcessfvl t4)th in tem of participatic and ecrfnpelition. All thildren in Year 4 10 8 had the opportunty to represent the sdKJd in Rugby, Fk)ckey. Netball or Cricket during the year. The Swrt forAH progrwnme cLtinUed to devek4). offering Rowing, Climbing. Fencing and Pickleball. Rugby season saw the U12s go undefeated: U13 gits. Crhet only lost one fixture. 8oys' U13 and U11 were entered into the IAPS Foolball toumameni foT the first time gaining much experience. Many of our pupils play al Cbjb level in a wety of sports and a S8Cl few go on to perfom al County level in Rugby, Hothey, Cricket and &uash. Pupil Personal Development King's is charactefised as a sclK)ol of s{nd heritage and Iralitson thal embraces the rithness of a diverse and inclusrve community. Our pupils are local and intematth81." 'hc¥ne and abroad. in every sense of those words. King's prides itself on our pupib. awareness of our values of kindness. creativity. slretYJth and community. Our values are liberal yel rocAed in kjng traditKJn' pup5 ar8 enccyjraged to be curiou5. resilient and purposeful. The Sehool's pastal stnKture pl Ihe Fomi Ttr at th8 h8art of 8v8ry chAd's experberKe. Pupils, psonal d8V8Eopment ?d pastoral fc¥m a key part of Ihar 10. Success in Sport. Art, Music. Ekama arKI Dan is valued al¢g$Se aeadern success.. this helps lo create a cutture of OpnIty and pbrfty. Many K*w's pupils advance lo senIC school with ScholahlpS in these areas. COlLAtr)ra1lve worknng is encouraged" pupls. ease aTrJ ability to worf( #) teams is evidenced across the School in choirs and musical ensembles, tii Spjrt, in Drana. in STEM projects arKI as part of a number of teaching and leaming approaches wilhin the classrocth. The Boarding House encrg9eS the best of Community kwng and teathes invaluable skills in eoliaboralion and shared purpose. Page 8
KING'S COLLEGE SCHOOL CAMBRIDGE IA Company Limlted by Guarantee TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 RISK MANAGEMENT The Goveming Body is responsible for the consideration and management of the risks faced by the School. Management of risk is a routine part of all school "VrtleS and appropriate procedures are in pla to Mr(ale Ihose risks as far as is reasonabty possth. The major iisks to whh the Sctrthl is expoJ. as 1dentffjd by the Goveming Body. are monitored through a regular review of the Risk Register which records deL]S of the identffied rFsk, assessment and mitigating aCtIs. These reviews are ¢TInated at regular meetings of the Governing Bc4Jy and its Commrttees. by the School Leadership Team. and the School's Heakh and Safety Commrttee. Minutes of all Committ88 m881ings are repted lo the Goveming Body. The Govemots have delegated to the Head and the Senior Leadership Team all aspects of risk management induding idenlrfThtion. assessment and control of risk. The Head and Senior Leadership Team prowde adequate infomwtion to Govemiry Bc#Jy to enat4e (( to mthe sound risk management decisions. The prineipal risks that the Schcd cvrrentyfaces •e". The impact of the economy on parents. ability to pay fees.. The imposition of VAT on fees and the effect it may have on the Schc4's pupil numbers; A natural disaster (such as arther pandemic)". Retention arKI reenJitment of quality staffr. The impact of an adverse event whKh may affecl the Sche4)I's reputatn. and A loss of fraStrUctUre either to buildings or the Schocls IT provision. The key controls used by Schwl Ilude.. Detailed tern of referen toJether with I1 agendas fw all CmIttee Goveming 8Thly meetings,. Comprehensive strategic Flanning, budgeting and mana9unenl accounting., Fomal wriiten wl'cies induding clear authorisa1 approval leveL4, and Cleai and comyehensive vetting proc8dur8s as r8quir8d by the law for thild protedion aTrJ safeguarding of pupils vulnerable adums. The trustees have given consideration to the Ma1 risks io vA)th the School is exposed and are satisfied with Ihe manement of those risks. While the Schrx)fs systems to mrtMJate risks have been in place for some lime, the trustees conbnue lo review and extend the S¢hcMY's pr(Kedures lo mital& Ihe risks and ensure robust levels of insurance cover are in place. The Sch1 regularty uses extemal consultants to revw ts manwent of Healh and Safety. The School's Heatth 8n¢J Safety Ccnmittee meets tem7 and the Gownors re¥iew its findings and acl as a further check on the management of the School. FINANCIAL REVIEW Results for the year The nel movemenl in funds in the peric#J was £934k including net income frorn charitable xtivrties of £752k and net incom8 of £182k from trading and inv8stm8nt actiw"liès. Total income was £8.1m', £9.2m in 2023 which induded dClIon and transfer of net assets from King's College. Total expenditure was £7.2m (£6.7m in 20231. Staff costs continue to be Ihe lar9esl area of the School's expenditure. Other areas of incJeased expenditu Ituded gaI WKI professi0[ fees relating to changes to the School's pension SGheffs as well as increased utilty costs. Page 9
KING'S COLLEGE SCHOOL CAMBRIDGE (A Crynpany Limiled by Guarantse) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 ov8rall surplus for the year was £0.9m. This figure. vthich 15 inclusive of fundraising. is consistent wlh the School's strategic and develt¥Mnenl rAans. The surplus is requir&J to meet the co$1$ of the Schjol's investment In its buddings idirj the forthcoming redev1 ofthe main bui&Jing and new dining hall. R&r¥08 Policy and Flnanclal Vlablllty The Govemors recognis8 the n81 for [Udent financial Managnent of the Schcol and to build reserves over lime. The School's policy is lo buikj reseNes to a sensible level, considering the need to MataIn the School site and furKI future caprtal exper¥Jiture. Whi retsiniry sufficient unrestrKled income reserves to enable the School to ntinUe lo m&1 its short-tem financi81 oblgations in the evenl of an unexpected revenue shortfall. £0.5m has been left in general reserves lo cover short terrn Obligat$. £0.8m has been transferred lo a Re(levelopment and Relurbishmenl Fund and £0.1m lo the Burs Fund. As at the end of the periyj to JU 2024. the total funds Mve £3.3, thich ccrfnprises Restricted funds of £0.08m and Unreslricled funds of £3.27m. Within unrestricted funds are designatad fvnds anounling to £2.7PAn, induding £2.34m for Redevelcpmenl and Refurbishment d Schcd Facilities and £0.24m rSary funds. The School continues to remwn in a healthy financial po$rt. There is close mcll0nj of the School's cash and working capital positi agansl cash I1 forecasis. Fc4kAMng rwew of these foreSt5. Governors are satisfied there are no material uncertaints thal ¢xxJkl impede the School's ability to continu8 as a going concern. STATEMENT OF THE TRUSTEES RESPONSIBILITIES The trustee5 are responsible f wepwing the Annual Rep and financial stslements in 0rdance wi(h applicable law and the United Kiwthjn AccountitvJ Slandards (Uniled Kingdom GeneraHy Acceptad AcCJntlng Practice). Crxnpany law requires the tnJst8es lo prep¥e fina101 statern eh finala1 yEar lch give a trLte and fair wew of the slate of affairs of the charitable wnpany and the inccrring resources and application of resources of the charitEble cLYnpany for the year. In prepamg Ihese finwKral statemenls, the trustees are required to.. Select suitable aecounting 1leS and 8Oy them consistenttr. Observe the meth&Js aTrJ wncples in the Ch8rits SORP IFRS102): Make judgements and accounting estimates that are resFsib and prudent: Stale whether UK ACCntirJ Stsndards have been fdlowed", Prepare the financial statements on the concem basis unless il is inaw)ropriale to pres10 that the haritsble eompanywill continue in busi5$. The trustees are resp(sible for keeping proper acntirj records that disclose with reasonable accuracy al any time the fancal position of the charilable ¢panY and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding any ass8ls of the charitable company and hee fortakir¥J reasonat4e steps for the prelIOn of fraud and other irwJularits'es. Page 10
KING'S COLLEGE SCHOOL CAMBRIDGE (A Company Lirnited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 Statement as to Dlsclosure on Infonnatlon to Audito The tn)ste8s also confimi that, so far as eath oflh8 trustees is wware. * the time th8 report is approved.. There is no relevant audrt informatk)n of the dr[t*Ae COMpanS auditor is nol aware., and The Iruslees have taken all steps that Ihey oughl to have taken lo make themselves aware of any relevant audrt infom)ation and lo establish that the audit(Ys are aware of that information. Approved by order of the nMberS ofthe board ofTrustees arKI syned on their beha by. R8¥d Or S A Charry (Chair of Trustees} Date: P4e 11
KING'S COLLEGE SCHOOU CAMBRIDGE (A Ciynpany Limited by Guarantsa) INDEPENDEfrtr AUDITORS. REPORT TO THE MEMBERS OF KING'S COLLEGE SCHOOL CAMBRIDGE OPINION We have audited the financial ststem8nts crf King's Cokge Scknl, Cambridge {the'parent charitable companv) and its subsidiaries (the 'group) for the star ended 31 Juty 2024 which comprise the Consolidated Statement of Financial ActNib"es. the Con501idaied Balar the Company Balance Shegl. Ihe Consolidated Statement of Cash Fk)ws and the related notes. indudiNJ a summary of SignrfnI accounting policies. The financial reporting framewoth that has been applied in their preparation is appI1e law arbd United Kingdom Accounting Standards, indudwig Financk81 Rep(]ng Standard 102 The Financk41 Reporting Standard applicable in the UK and Repth1 of Ireland. {Unil&J Kin0Jll Gerwally Accepted Accounting Practice). In ow opinion the finantjal sLements". give a true and fair wew of the stale of the Group's aThJ of the parent charrtable compan$ affairs as at 31 July 2024 and of the Grwp's inc(mirwJ resour% and icatM)n of rescyJTces. induding ils income and expenditure for the year then endetl" have been proper prepared in acClanCe with Uniiad Kil G8neraty Accepted Accounting Practice: and have been prepared in acuKdarKe with the requirerrents ofthe Charrts Act 2011. BASIS FOR OPINION We ndUcted our audit in &cord8rte Vilh Inlem*ton81 Stsndards on Auditing (UK) {ISAs {UK)l and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities forthe audit of the financial statements section of Our report. We are independent of the Group in accordancE with the ethical requi ments Ihat are levant lo (xjr audit of Ihe finan¢ial statements in the United Kingdom, including the Finanaal Reporting Councifs EthKal Stsrnjard. and we have fulfilled other ethical responsibilsties in acLordance wlh these requirements. We believe that the audil evmjence we have obtsined is sufficient and appropriae lo provide a basis for cmjr c¢in1. CONCLUSIONS RELATING TO GOING CONCERN In audits'ng the finanuol stai8ment4 have conduded that the Trustee5' use of the going concem basis of accLnting in the preparauon of the financk41 statEn1$ is approwtate. ed on the th we have wlomled. ha nol identified any material uncertanti8s relaliThJ to events or conditions that. individualty or collectivety. may cast significant doubl (m the Group's or the parent charitable CoMpanS abty to continue as a going corrft for a peritsj of at least twelve mth$ from en the fin¢la7 statements are authorised issu Our respon5ibiltie5 and the resp1%1111es of the TNslees with respect to going contyn are déscribed in the relevant sections of this rep)rt. Page 12
KING'S COLLEGE SCHOOL, CAMBRIDGE (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF KIMG'S COLLEGE SCHOOL. CAMBRIDGE {CONTINUEDI OTHER INFORMATION The other 1ftl0mlIaft comprises the irrfomBlion included in the Annual Repcwt other than the financAal statements and our Auditors. Report thern. The TrLlees are responsible for the other information eontained within the Annual Report. Our opinion on the financial statements does not cover the other infomalion and, except lo the extent OtheSe explicrtly staled in reim we do not express any fomi of assurance ¢CcluSIon thereon. Our Tesponsibiffity is lo read the ther Infat aNJ. in doing so. consider whether the other inforniation is materialty inconsistent vAth the financial statements or Our knOledge obtained in the r$e of the audil. or olhewse appears to be mateftally Mstated. If we identify such material incorksistencies or apparent material misstatements, we are required to delerniine whether thK8 gives rise lo a material misslalement in the finanual slalemenls themsefve5. If. bowl on the work have perfome(J. we condude that there is a material misstatement of this other Infomlian, we are required to report that fa¢ We have nothing lo report in thrs regard. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have hing to report in respect of the folkNAng maliers V&le the Chanlies {Accounts and Reports) Regulations 2008 requires us to rewrt to rf. in our q)inion". the informatKn giwi in the Trustees. Repvt 15 inconsislenl in any mat1a1 respect with the financial statements; c the parent eharitsble company has not kept sufficient C4)unting records: or the parent charilable ccinpany fInarlI sements we in reement with the accounting records and returns", or we have not all the infOrMatn and expwions r4Uire for our aud RESPONSIBILITIES OF TRUSTEES As 8xplain8d more fulty in the Trustees, ResrM)nsibilities Staternent. the Trustees (0 are also the directors of the charitable company for the purposes of ccryany kw) are responsiblè for thè preparation of the financial stalements for being satisfied that they give a tnje aThJ fair view. and such inlemal control as the Trustees detemiine is necessary lo enable the preparation of financi statements that are free from mat8rial misslalem8nL whether due to ftavd or error. In pparing the fmanaal sL*ements. the Trustees are resprsle assessing the Group's and the parent haritable companls abilty to continue as a going wKem. disclosing, as apph"cable. matters related lo going concern and usiThJ the going ccMKem basis of aCcInts.ng nS the Trustees either intend to Iwuidate the Group or the parent charitsble c(ynpany or lo Cea Lyeraknns. or have no realistic altemative bul lo do so. Page 13
KIMG'S COLLEGE SCHOOU CAMBRIDGE IA Company Limited by Guarant} INDEPENDENT AufA TORS. REPORT TO THE MEMBERS OF KING'S COLLEGE SCH¢XIL. CAMBRIDGE (CONTINUED) AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been apwinted as aOr under section 151 of the Ch8riis Act 2011 and report in accordance wf(h the Act and relevant reguL8tions mae having effed therajndw. Our objectives are lo obtain reable assura thrt whthr the finart¢al statements as a whole are free fr(4n material misslatemenl, whether due to fraud or err(, and to issue an Auditors, Report that includes our opinion. Reason)le assuran is a high levd of assurance. bul is not a guarantee that an audit conducted in accor(lance with ISA$ {UK) will akvay3 detect a rnate mt5Statemenl th it exists. Misslatemenls ean arise from fraud or error an¢J are c(s1dered material if. individually or in the aggrwJale, they coukj r8asonably be expeded to influence the econom thisions of users taken on the baS of these financial ststemenls. Irregularities, including fraud, We instanc8s of n(CP11ance with laws and regulations. We design procedures in line wlh our reSpOnbIlItIeS. outlin&J above. to detect material MsLementS in respect of irregul8rilies, including fraud. The extent lo which cmjr prureS are pable of Ikteoling irregularities, induding fraud is detai[ beluw.. Our approach to identrfwng and assessing the risks of material mIssLement in respect of irregularities, induding fraud and non-comF4k4no laws and regutIC, was as frIkY•.. the engagement partner en$ that the engagement team collectNely had the appropriate compelenc8, capabilities and skills lo identify recognise noww.ance with aF¢Jlicable laws and regulions,' Njentrfied the and regulicms applica)te to the Group through discussiLMs yth Twslees and other management, and fr(Nn our knoedge and experience of the edL9'on sector we L)tained an understsnding of the kgal regulatory framework applrable to the Group and h¢xi the Group is cOM.ng with thai fram8w0. we obtsined an underslanding of the Group's poliues 8nd procedures on comFAiance with laws and regulations. including dumanIat10n of any instances d n(NK(ryl'ance,' we identified which laws and Teguk7twyB were spnificant in the conlexi of the Grotjp. The and regulations we considered in this context were the Companies Act 20(, the charit$ Ad 2011 and taxation leyislalh)n. We assessed the rg]uired ccffipliance wilh these I$ and regulations as part of our audit procedures on the reL4led financial sL7tèment in addit. we considered proS1onS of other laws ar re9allonS that do not have a direct effect on the finanrAal statements bLrt compliance with might be fundamental to Ihe Group's abih'ty lo operate or lo avoid material penalty,. aNI identified laws and regulations were cL¥miun1ed %wthin Ihe audit team regulwty and the team remained alert lo instances of non-complkonce throughcyJl the audit. We assessed the SusceptlI1Y of the Gr(Ky's financi stat•n8nts to material misstatement. including oblaining an understanding of how fraud Mh1 oecur. ty. making enquiri8s of man&J as lo vdlve they conshJere(I there was suseeptibility to fraLKI, th8ir knowledge of adual, su¥)ecteA arKI leged fr. arnl considering the internal eontrds in to mthgaie risks of fraud and non-wnplianee with laws and regul*ions. Pag8 14
KING'S COLLEGE SCHOOU CAMBRIDGE {A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF KING'S COLLEGE SCHOOL. CAMBRIDGE {copmNUEDI To address Ihe risk offraud Ihrough managent lias and override of CtrOl$. ". tested j(wmal entries lo identify unusltal transactiOll5". assessed whether judgements and assumptions made in detemiining the acetyjnting estimates sel out in Ihe accounting policy were indicztive of wtential bS." arKI investvJaled the rationale behind LY unusual tranSactn$. In response to the risk of irregularities and ncn<ompliaJKe laws and regulations. we designed procedures included. but were not Iwniled to.. agreeing financial ststemenl disdosures lo undetying supporting de¢Umentaln. revtewng minutes of meetings of those charged wth govemance" enquiring of management as to actual and potentwl litJat)n and dawns: arml reviewng eorrespondenee with relevant regulators and the Schcd's Wl adwsors. Bec2usè of th8 inherent l#nitatrons of an audit, there is a risk that wll not delect all irregularities, Thiduding those leading lo a materi81 misststlenI in the financial slalemenls or non-complian wlh regulation. This risk increases the more that Complian Vith a I or regulatior) is removed fr¢m the events and transactions reflected in the financial stalernenls. as we Vin be kss likety lo bLYome aware of instanees of non-complian. Th8 risk is also greater regarding i@glaritieS curring due lo fraijd rather than error, as fraud involves inlents'onal concealmenl. forgery, cc41usion. wissK)n Misreprtat. A further description of wr responsthlities for the aLKlit of the financial stalemenls is located on Ihe Financial Rep(Nting Council's website atr. yA•M.frc.or .uklauditor5res "ts'litie5. This d&sctrsti¢M fomis part of OUT Auditors, Rewt. USE OF OUR REPORT This repcrt is made solely lo the charitsble c(ws members, as a bcNty, in accordance th Part 4 of the Charities {AcLounts and Rewrts) Regulations 2(K18. Our audrt work has been undertaken so that we migm stste to the tharitae ¢ompanls members those matters are required to stale lo them in an Auditors, Report and for no other purpose. To the fullest extent pemiilted by law, we do not a(wt or assume responsibility to anyone other than the charrtabte company and its members. as a trxjdy, for our alIt woth, for Ihis report, or for the opinK)ns we have fned. Pèters Elworthy & Moore Chartered Accounlants ststulory Auditors Salisbury House Station Ro& Cambridge CB12LA Dale.. l BpriL loas Petets ErthY & Mo(ye a digi)le to &t as aUdItS in tems ofsection 1212 (rf the Companies Act 2006. Page 15
KING'S COLLEGE SCHOOL CAMBRIDGE {A Company Llmlted by Guarantee) CONSOLIDATEO STATEMENT OF FINANCIAL ACTMnES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2024 unrestrict Restricted funds funds 2024 2024 Totsl fund$ 2024 Total funds 2023 Note INCOME FROM: DatIOnS and legacies Charitsble actwities Olhertrading acbIrits IntMentS 1.708.651 7.317.444 35.5L 94.023 7.925,100 24.090 156A30 39.T12 7.964.872 24,090 157.491 1,061 TOTAL INCOME 8.105.620 40,833 8.146,463 9.155,618 EXPENDITURE ON: Raising funds Charitable tivitIS 4,069 7.207.991 3,352 6.738.9 7.181,218 26.773 TOTAL EXPENDITURE 7.185.287 26,773 7,212.060 6.742.321 NET hlOVEMENT IN FUNDS 920.333 14,lJ60 934.393 2,413,297 RECONCIUATION OF FUNDS: Total funds brought foward Net movement in funds 1350,857 920,333 62,428 14,060 2,413,28S 934,393 1121 2.413.297 TOTAL FUNDS CARRIED FORWARD 3271.190 76,488 3,347,678 2,413.285 The ConsolidateJJ state[rn1 of Financial Adl¥it indth all gains and losses reco3nised in the year. Tha notes on pag&s 20 to 42 fonn part of Ihese ffinaaa1 statw*nts. Page 16
KING'S COLLEGE SCHOOL CAM8RIDGE (A Company Limited by Guarantee) REGISTERED NUMBER: 1373091 S CONSOUDATED BALANCE SHEET AS AT 31 JULY 2024 2024 2023 Note FIXED ASSETS Tangible assets 11 6,642.735 6.261.748 6,642.735 6,261.748 CURRENT ASSETS Stocks Debtors Cash al bank and in hand 13 14 13,063 2.470,656 960.410 235.973 4,107N79 4,354,985 3.444.129 Cr8ditors.' UnIS falling within fme 15 (1.369.764) 1787.181) NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 1985,221 2,656.948 9.627.956 8,918.696 Creditors.. amounts fath'ng due after more than one year 16 16,280.278) (6,505,411) TOTAL NET ASSETS 3.347.678 2,413.285 CHARITY FUNDS Reslrided funds Unrestricted funds 17 17 76.488 3,271,190 62.428 2,350,857 TOTAL FUNDS 3.347.678 2,413.285 The Trustees th(wledge tsir resp(ThdMlitie5 for CLYnpkn'ng wth the requirements of the Act with respect lo Counti recths and prepwalion of finartial sLemen The finala1 sLements were approved aNI aultrK)rise(l ts issue by Ihe Trustees and signed on their behalf by.. Revd Dr S Achery (Chair of Trustees) Dale.. Tha not8s on pages 20 to 42 fomi part of financial Stat1$. Page 17
KING'S COLLEGE SCHO(L CAMBRIDGE (A Company Limited by Guaranteé) REGISTERED NUMBER: 13730915 COMPANY BALANCE SHEET AS AT 31 JULY 2024 2024 2024 2023 2023 Note FIXED ASSETS Tangible asset$ Investments 11 12 6,642,73S 100 6,261.748 100 6,642,835 6.261,848 CURRENT ASSETS stocks 13 14 11.533 253.730 4,086,019 13,1%3 2,498,084 929,476 Debtors Cash 8t bank and in hand 4.351.282 3,440,623 credit.. amcAJnts falling due vmthin one 15 (1.366.161) (783,775) NET CURRENT ASSETS 2,985,121 2.656.848 creditC$.. amwnls faming due after mcye than one y8aT 16 {6.280.2781 16,505.411) TOTAL NET ASSETS 3.347.678 2,413,285 CHARrrY FUNDS Restrted funds Unrestricaed fvrKIs 17 76,488 3.271.1 62.428 2,350,857 17 TOTAL FUNDS 3.347.678 2,413.285 Thè Can1$ net movement in funds tho WaS £934.393 (2023- £2.413.2971. The Trustees knOwledge their respslI1eS for c(Ynp'n9 wilh Ihe requirements of the Ad with respect lo accounting records and preparation cl finarrtJ81 sLements. The finanual statements were approved and aurised for issue by the Trustees and signed on their behalf by.. £t4L Revd Dr Stephen Chery Chair Date.. 11 I o £ The ncles on pages 20 to 42 fCM part of these finanual statements. Page 18
KING'S COLLEGE SCHOOL CAMBRIDGE IA Company Limited by Guarantee) CONSOUDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Note CASH FLOWS FROM OPERATING ACTMTIES Net cash from operatirg actiMtie5 19 3,994,417 348.984 CASH FLOWS FROM INVESTING ACTMTIES Diwdends. interests and rents from inVeSts PUhaSe of tangible fixed assets 156.430 (633,410) 94,023 I1,216) NET CASH USED IN INVESTING ACTMTIES 1476.980) 1102,1931 CASH FLOWS FROM FINANCING ACTivmES Repayments of fina0 leases Cash acquired on Separa( from Kiry's QAlege. Cambr 1370.368) (370.368) 1.078.999 NET CASH (USED INVPROVIDED BY FENANCING ACTMTIES 1370.368) 708.631 CHANGE IN CASH ANO CASH EQUIVALENTS IN THE YEAR 3.147.069 955,422 Cash and cash equwalenls al the beginniThJ of the Jear 960A10 4.988 CASH AND CASH EQUNALENTS AT THE END OF THE YEAR 20 4,107,479 960,410 Th8 not8s on pages 20 to 42 fom part of tlw ffinawl st¥ennts Page 19
KINs COLLEGE SCHOOL CAMBRIDGE (A Company Limited by Guarnntse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 AccouimNG POLICIES 1.1 BASIS OF PREPARATION OF FINANCIAL STATEMEKrs The finanaal sLgtements ha prepared in acc(xdance with th8 Charili8s SORP {FRS 102) - ACcoUntg and ReportiThJ by charit5. Statement of Reccmnmended Prae applicable to thari(ies preparir4J their anIS in accordanee with the Financial Reporting Stsndard aw>licAb in th8 UK antl Republic of Irdand {FRS 102) {effeclNe 1 January 2019), the Financial Reporting Standard appliCe in the UK and Rewjbltc of Ireland {FRS 1021 and the Ccrfnpanies Act 26. King's Ccdlege SchLx4. Cambridge meets the definition of a public benefit enlily under FRS 102. Assets and liabilities are inrtially reLned at historical cost or transaclion value unless otheise stsled in the relevant accounting Fdicy. The Consotidated Ststement of Fin¢1 (SOFA) and Consolidated Balance Sheet consolidate the financial ststernenls of the C(mpany and its subsidiary uThJertaking. The results of subskliary are eonsolidatèj on a line by Iw)e basis. The Company has taken advantage of the exernptn a)wed under section 408 of the C(mpanies Act 2006 8NJ h8S IK)t presant8d its Statement of Financial AdNrties in these finanaal statements. As at 1 Augusl 2022 the trading assets and liabilits as well as the empkJye8s were transferred from King's Col, Cambridge wRre refieLted in the financial statements as a donalion. see 3. 1.2 GOING CONCERN The Trustees have prepar&J forecasts and LKKJgets cA)vering the perirA of at least ttvefve months from the dale of approval of the financial statements aThJ considered the k)ng lemi adivty of the Group. In pr8paring the forecasls. they have consJered any poterrtial imph'calions of the current economic dimale and the effert incorw Based on their rewew. the Trustee5 believe the Gr(wp will have sufficient rewr¢eS lo meet its liabilities as they fall due for thè foreseeable future and therefore eontinue to the going concem basis in pr8parirvJ the finanual statements. 1.3 INCOME All inccffie i8 reeogniseAI crt)ce the Group has enti1knt to the income, rt is probable that the inccrfne will be received and the arnou of inccyne r1Vable can be n*asured reliabty. Donations ar8 r)gniSed vthen the Group has been notified in bwiting of both the amount setdement date. In the event that a donat is subject to conditions that require 8 level of perforrnance before Ihe Group is entitw to the funds, the inrne is deferred and not recognised until either those conditions are fully met. or the fvlfilment of those conditions is OllY within the control of tha Group and rt is prthab that ttM)se CL¥Klitions Vlill be fulfilled Wi the repth'ng perbod. Fee income and charg8s ts services use of premise5 are accounl&J for in the period in lch the service is provwjed. other In¢c is reeognised wi the peritsy in which it is rtteiwatAe to the 8Xtenl the goods have been provided or on completkjn of the servi. Page 20
KING'S COLLEGE SCHOOL CAM8RIDGE (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEME15 FOR THE YEAR ENOED 31 JULY 2024 ACCOUNTING POUCIES (CONTINUED) 1.4 EXPENDITURE Expenditure is regnised tse is a kgal or ConStve oblatiOn lo transfer economic benefft to a third paty. it is probable that a transfer of econ1¢ beneffts wll be required in selllemenl and the amount of the obligalHJn can be measured reliab. Expenditure is classtfied by activity. The costs of each aeljwty are made up of the Icrtal of dred Costs and shared $1$, in¢llJing support costs invofved in undertaking exh xlity. Direct costs altsibijtsble to a single aciiwty are alkr8ted directly tr) that aclmty. Shared costs whKh conlnlyjle to than one activty and support costs which are not attributable to a Sing are bthveen those activikn'es on a ba$L8 consistent with the use of resources. ExpeNliture C Charftable actiwlies i% Incur cn direcily undertaking the actiwties tsthich further the Group's d)jectives, as wel as any assouated support costs. l expenditure is indusNe d irrecov VAT. 1.5 INTEREST RECEIVABLE Interest on furKls held on deposrt i% IndUd when receivable and the amount can be measured reliabty by the Group.. this is no UF#)n rat1 of the interest paid or payable by the institution ith whcffi the funds are dewJsrte(l. 1.6 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets are nrtialy recrJnised at $1 apart from the long leasehold propety Ihat is inf(ially recognised al fair value. b8ing the present value of the minimum paentS detemNned al lh8 inceplKyi of the lease. After recognition. under the eost taThJbble fixed assets are measured at $1 less a¢¢umulated depreLiation and any accumulated imwm78nl k)ss8s. All costs incurred to bring a tangible fixed assd into its intended Iwthing cotKliIi shoukl be induded in the measurement of cost. Depreciati i8 charged so as lo alh)cate the cost of tawble fixed assets less their residual value over their estimated useful lives. Depr8cTrat1 is pThhJed on the folkwAng bases.. Long4em leasehobj proty Fixtures and fillings Computer equipment over the perirxl of the lease 10% straight-line 20% or 33% $trah141ne 1.7 INVESTMENTS InVeStnnIS in subsidiaries are valued al cost less provision for impalmnI. 1.8 STOCKS Stocks are valued at the kwm of cLtst and net reaisaNe value after making due allowdnce foi obsolete and slOvHThng st(tks. Cost includes all dir1 t$t8 arKI an appropriate prc¢Jortion of fixed Page 21
KINGE COLLEGE SCHOOL CAM8RIDGE {A Company Limlled by Guarantsel NOTES TO THE HNANCIAL STATEMEMTS FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTING POUCIES (CONTINUED) 1.9 DEBTORS Tre arnl debtors are recognised at ts settlenEnt amount after any trade discount offered. Prepayments are value¢J 81 the wmxjnt prepaMI net of any trade discnunls due. 1.10 CASH AT BANK AND IN HAND Cash at bank and in indLKles cash and th)rt48mi highty h.quhl investrnenls wtth a short maturity of three months or less frcm Ihe dale of wuisitw w wening cl the dewsit c similar account. 1.11 UABILMES AND PROVISIONS Liebililies are r8Cts3nised there is * the Balan Sheet date 8$ a result of 8 past event. it is probable that a transfer of e¢1C benefrt wi]1 be required in settlement. and the amount of the 5eltlement can be estimabj relabty. Liabdilies are recognised at the rU1 that the C(¥npany antiupates il wll pay to settle the debt or Ihe amount rt has receiv&J as avanced pats for the g¢)ods or Se il must prowde. Prowsions are measured at thè b8St estimate of the amounts required to settle the obligation. Where Ihe effect of the lime valuo of money is merial. the pro10n is based on the present value of those amounts, discounted at the pre4ax dixounl rnte Ihal refiects the risks S[jriC lo th8 liability. The unwinding of the discount is recLyni5ed rn the Consolidated Statement of Financial Actmties as a finance cost. 1.12 FINANCIAL INSTRUMEPUS The Gr¢JJP only has finla1 assets arKI financial of a kind that qualify as basi financial instrumer5ts. Basic financial instruments are inttially recognised at transaction value and subsequently measured at their settlement Value Trmih the exception of bank knans vthich a subsequent measured al anM)rtised ¢osl u$iThJ the effectNe interest method. 1.13 FINANCE LEASES AND HIRE PURCHASE Assets obtaned under hire purchase contracts 8Th1 ffinance leases are capitalised as tsngible fixed assets. Assets acquired by finance lease are depreeiated over the shorter of the lease term and their useful lives. Assets acquired by hire purthase are depreciated over their useful lives. Finance leases are those where substsntialty aH of the benefrts and risks of 0MerShIp are assumed by the Grp. Obligations urKler such agreements 8re induded in CreditS. nel of the finance chafge allocated to future pericds. The finarte element of the rental payment is charged to the cc$(1datad Sla18menl of Financial Actimties so as to woduce a constsnt pej1¢ rale of charge on the net obligation (xrtstanding in each perb)d. 1.14 OPERATING LEASES Rentals paKI undèr knes we Charg to Cc*Ilda1ed Staiwn8nt of Financial Actmlies on a straight4ine basis over Ihe lease teThn. Page 22
KING'S COLLEGE SCHOOU CAMBRIDGE IA Ccrfnpany Limited by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTING POUCIES (CONTINUED) 1.15 PENSIONS Th8 Grwp Vate$ in Teachers. P&)sion Scheme (TPS) 1¢h is a defined banefit heMe. The TPS is an unfunded scheme aThJ e4Mtributions are calculated so as lo spread the cost of pensions over the employees, w)rkirvJ INes vh the Schwl in such a way that the pension cost is substantialy level pernts3e d Current arnl fvlure pensionable pa11. The Contributn$ are delemined by the Govemient Acluary the basis of quadrennid valuations using a prospective unil credrt method. Th& TPS is a muhi emphw scheme and there is insufficient infcffmalion available lo use defined benefit account¥. The TPS ts thèrèfore treated as a defined witribulion scheme for accounting purposes and the contributions we recCvJnSd in the pertod to which they relate. The Group pathipates in the UnNersities Superannualron S¢hemÈ (the scheme). The assets of the scheme are hekl a separate truste1mInisted fund. Because of the mutual nature of the sche, the assets are not attributed to indNKJual institutions and a scheme4wde contribution rate is sel. The Group is therefore exposed to actuaiial risks associated wlh other iistitutions. empkJya8S and is unable to klentfy its share of the undertying assats and liabilities of the scheme on a consistent and reasonable basis. As required by Se(thn 28 of FRS 102 "Employee benerrts". the Group therefor8 accounts for the $chne as if rt were a defined contribution scheme. As a resuK. the amount tharged lo the income and exp8nditure 8ccount represents the contributi¢J)s payable lo the scheme. Since the Group has entered into an agreement {the ReCory Plan) that deteimines how each employer wthin Ihe schem8 VAII fund the overall deficit, the Group recognises a abIlitY for the contributions payable thal arise from the agreement {to the extent that they relate lo the deficit) with related expenses being recognised thrcAJgh the income and èxpenditure accounl. However on transfer of the Schoofs emF4oyees fr(yn KiNd's Col*e. Cambridge the College retained that liability therefo no promsion for t$¢ erit recovery pwents are included in these financrdl ststements. The Group olso parbupates in a defned contr1but1 penS)n schemes and the pOnsn ch8rge represents the am(JJnts pay by the Group lo the fijnds in respect of the year. 1.16 FUND ACCOUNTING General fijnds 8re unrestitled fuTrJs are awa1[e for use at the discretn of the Trustees in rtherance of the general objecaives of the Grtyjp and lch have not been designated for other purposes. Designated fvnds comprise Unrest fvnds that have been set aside by the Trustees for particular purposes. The aim and use of each dmnaled fund is set in Ihe notes to the finanaal statements. Restricled funds are funds are lo us&1 in accordanee with restrictions imposed by donors or %thich have been raise(I by the Group for particular purposès. The costs of fasing and administering such funds we charged wJain5t the Specif fund. The aim and use of eath restricted fund is sel out in th8 notes to the financial statwts. Page 23
KING'S COLLEGE SCHCXX CAMBRIDGE (A Company Limiied by Guarantee> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 CRITICAL ACCOUNTING ESnMATES ANO AREAS OF JUDGEMENT Estimates and judgements are continuaty evahjated and ara based on historical experience and other factors, includy exp&tstlS of future events that are FAiev&J to be reasonable under the Ircumstancs. C1Cl accounting estimates and aswptions: The Group makes estrteS assumptKs conceming Ihe ftsture. The resulting xcDunting estimates arKI assumplions WAI, by defin"rtion. seith)m equal the related xtual resufts. The estimates and assumptions that have a gnificant (isk of causirMJ a material 8djustsnenl to the ¢arrwn9 amounts of assets and liabili withii the next financial Y a di$Sed bel¢)W. Long term lease- The present Val of the kng tem lease in relatKJn to the Sch1 buildings is cakulated based on the Group's InCrental rroWg rate. rate is an estimate that management have made at the ineeplion of the lease after &jtsinW Inf(ation from the Sch(M)I's banker. The use of a different interest rale WLNJld impact the carwng value of the lease liabilty and assctiated asset. Retirement benefit oblvJaltor6 - The st of thfined benefft pension pnS and other post-enyl¢)wnent benefits are delemiined US1r &tuarial valuations. The xtuarial valuatvjn invofve5 making assumptions about discount rates. future salary inueases, mOrtalY rates and fvture pens increases. Due to the cpIety of the ¥Vab"on. the underlwNJ asswnptions and the long temi nature of Ihe5e plans, such estimates we subject to signrfunt un¢thainty. Further detaiL8 are gwen in note 22. Management are satisfied thal Universities SUperannuan Scheme m&ts the definrtion of a mull employer scheme and V•rMJld have therefore recL>JniwJ Ihe discounted fair value of the contractual conlribLrtions under the fiJrKting plan e$ter at the dale of appwng the &counts. Hcvwever on transfer of the Sch(x)I's empkyees King's College. Cnbridge the College retained that liablity therefce no for Ihese defKit recovery payments are included in these financial statements. As the Group wass contractu• tld to make er[t recovery payments to USS, this woutd be recognised as a liabilty on the balance sheet. The provision was based on the USS deficrt recovery plan agreed 8fter the 2018 actuarial valuatK)n. which deffirs the defiLiI payment required as a percentage of fLrture salaries until 2028. These contribu1$ re reassessed as a resuK of the 2023 triennial valuation of the scherne which sh(y•d a surplus in the scheme th8refore no further deficit recovery payments were required from 1 January 2024. The provi5)n was based on managemenvs estimat8 of expected future salary inflation, change5 in staff numbers and the prevailing rat8 of discount. Further details are set out in note 22. However on transfer of the Sch)ofs employees from King's College. Cambridge the College retained Ihal lialxlty theref¢ye no prOvisM these defial recovery payments are included in Ih&s8 rinancial statements. The Trustees do not ecfisider there are any further cl¢81 judgements or sources of estimation uncertainty requiring ¢JisckJsure bej the aCC(nting and that sel 1 ove. Page 24
KING'S COLLEGE SCHOO CAPABRIDGE IA Company Limltod by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 INCOME FROM I)ONATIONS AND LEGACIES Unrestrfcted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donation of net assets on sepaw*ion frcrfn King's College, Cambridge 1,708.651 TOTAL 2023 1.632.898 75,753 1,708,651 INCOME FROM CHARITA8LE ACTMTIES Total funds 2024 Total fijnds 2023 funds 2024 funds 2024 Day fees Boarding fees Pre-Prep fees Chorister Fees Other income 5.7(6.69) 66.620 1.353.940 672.750 125,10) 5.706.690 66,620 1,353.940 672.750 164.872 5.198.843 63,615 1.267,747 617.740 169.499 39.772 7,925.1 Chj 39.T12 7.964,872 7.317,444 TOTAL 2023 7,284.440 33,004 7,317,444 INCOME FROM OTHER TRADING ACTIVITIES IncMie from nOn<harItab trajing actmiies Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Hire of rwms and SP"9 fxililies 24,0 24,090 35.500 Page 25
KING'S COLLEGE SCHOOL CAMBRIDGE (A Company Llmited by aranOI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 INVESTMENT INCOME Unrestricted Restrfcted nds funds Tolal funds 2024 Total funds 2023 Interest recewod 156,430 1,061 1 S7,491 94.023 TOTAL 2023 93.482 541 94,023 EXPENEMTURE ON RAISING FUNDS OTHER TRADING EXPENSES Unrestricted funds 2024 Total funds 2024 Total funds 2023 Administration expenses 4.(E9 4,069 3.352 TOTAL 2023 3,352 3.352 Page 26
KING'S COLLEGE SCHOOL, CAMBRIDGE (A Company Limite(f by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 ANALYSIS OF EXPENDITURE BY ACTivmES undertaken dirKtIy 2024 Support costs 2024 Totsl funds 2024 Totsl funds 2023 Education and W@ffare Establishment and Pwises 5,154.627 822.647 1.061.334 169,383 6.215.961 992,030 5.787.923 951.Od6 5.977.274 1,230.717 7.207.991 6,738.969 TOTAL 2023 5.471.516 1,267.453 6,738,969 ExpentJiture charilable actiwties cc¥Ty[s cl restrKted expendrture of £16.096 (2023 - £26,870) a1 unreslricted e4)endiiure of £7.201.895 {2023- £6.712.099). ANALYSIS OF DIRECT COSTS Education Establishment and Welfare and premises 2024 2024 Total funds 2024 Total funds 2023 staff cosls Educational wsts Cateriro costs PTA 4.601,588 310,935 4.601.588 310,935 226.008 16.096 468.049 354,598 4.164.432 292,716 211,IX4 31.189 438.216 333,959 16.096 Premises costs Administration costs 468,049 354,598 5.154.627 822,647 5.977.274 5,471.516 TOTAL 2023 4,699.341 772.175 5.471.516 Page 27
KING'S COLLEGE SCHOOU CAPA8RIDGE (A Company Limited by Guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 ANALYSIS OF EXPENDITURE 8Y ACTMTIES ICONTINUEDI ANALYSIS OF SUPPORT COSTS Educatlon Establishment and Welfare and Premlsas 2024 2024 Total funds 2024 Total funds 2023 staff costs Professional fees Depreciation Loan interest Lèase interest 429,6 69,169 217.681 22.327 322,467 68,576 11.039 34.741 3.563 51.464 498,266 80,208 252,422 25,890 373.931 560.513 76.443 245,821 32,040 352,636 1.(1,334 169.383 1,230,717 1,267,453 TOTAL 2023 1.088,582 178,871 1,267,453 AUDITORS. REMUNERATION 2024 2023 Fees payable to the C>an$ audilorfor the audk { the Compans annual accounts 20,600 19.750 Fees payable to the Ccrfnpanls auditor in resp&X ot. Al non-audil swvices n(l ind1&y aboNE 3.970 Page 28
KING'S COLLEGE SCHOOU CAM8RIDGE IA Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 10. STAFF COSTS Group 2024 Group 2023 Company 2024 C<Jmpany 2023 Wages and salaries sla1 secury costs Conlribution lo pen&on schemes 3.936.432 395.149 768.273 3.629.256 386,611 709,078 3.936.432 395.149 768.273 3.629.256 386.611 709,078 5.099.854 4.724.945 5.099.854 4,724.945 The average number of persons employed by the Cryry durwig the yearwas as folb)ws: Group 2024 No. Group 2023 No. Company 2024 Company 2023 No. Etlucation welfare Establishm1 and cat&ing Administration 76 78 76 19 19 19 19 12 12 12 12 107 109 107 The number of empknyees wtth)se employee benefits (exdudiThJ employer pension costs) exceeded £60.000 was.. Group 2024 No. Group 2023 No. In the band £60,001- £70,C In the band £70,001- £80,OC In the band £80,001- £90.0 In the band £90,001- £1LK).L In the band £1(.1)01 - £110,000 The key management personnel of the Group comprise the Headteacher, Bursar, Deputy Head - Academ. and Deputy Head - past81. Total key managemenl personnel remuneration in the year. induding employerts nional insurance ¢tribulKIn$, oUnted to £378,275 {2023- £352.148). No trustees received any renNjneratic LY benefits in kind fTCffi the Group12023- £NIL). Page 29
KING'S COLLEGE SCHOOL CAMBRIDGE IA C(#npany Umlteql by Guarantee) NOTES TO THE FINANCIAL STATEMErs FOR THE YEAR ENDED 31 JLILY 2024 11. TANGIBLE FIXED ASSETS GROUP AND COMPANY leasehold FSxlures and property flttlngs Computer equlpment Total COST At 1 August 2023 Additions 5.816.911 506m2 571.885 100.411 118,773 26,117 6,607,569 633N10 At 31 Juty2024 6.323,793 671296 144,890 7.140.979 DEPRECIAnoN Al l August 2023 Charge the year 115,436 115.436 93.135 96,092 37.250 40,895 246,821 252,423 At 31 Juty 2024 230.872 189,227 78.145 NET BOOK VALUE Al 31 Jvty 2024 6,092,921 483.069 66,745 6.642.735 At 31 Juty2023 5.701.475 478,750 81.523 6.261.748 P@ 30
KING'S COLLEGE SCHOOU CAMBRIDGE {A Company Limited ty Guardntaèl NOTES TO THE FINANCIAL STATEklENTS FOR THE YEAR ENDED 31 JULY 2024 12. FIXED ASSET INVESTMENTS Investrnents in subsldlary companies COMPANY COST OR VALUATIOM Addil•)ns 100 AT 31 JULY 2024 100 NET BOOK VALUE AT 31 JULY 2024 100 PRINCIPAL SU8SIDIARIES The fdlowing w a subsmjiary undertakn.ng ofttr Company. Name Company number Registered office or principal Clas5 of Holding place of business sharès KCS Facilities Ltd 11941723 King's College School. Wesl Road. Cambridge. EnglarKI, C83 9DN Ordinary 101Y The financial resutts of the sthsmliary fc ttle yearwere: Name 1Thrne Expenditure ProfiUILoss) I Surplusl (Deficit) for the year Net assets KCS Facililies Ltd 24.090 119.325) 4.766 100 The resums ofthe subsidr4ry are incAed in t conKdidated finane481 slalen*nt& Page 31
KING'S COLLEGE SCHOOL CAMBRIDGE IA Company Lwnited by Guardntee) NOTES TO THE NNANCIAL STATEMEt4TS FOR THE YEAR ENDED 31 JULY 2024 13. STOCKS Group 2024 Group Company 2023 2024 Crjnpany 2023 Te>lb¢>)ks. caterirvJ, and clher stc(k 11.533 13,3 11.533 13,063 1& DEBTORS Group 2024 Group 2023 Company 2024 Company 2023 DUE WITHIM ONE YEAR Trade debtors Amounts owed by group un(lertakings Other debtors Prepayments and aCCrL incow 137.389 154.194 137,389 20,067 9.818 154,194 32,048 2,209,300 102,542 9M18 88.766 2.209.300 107.162 235.973 2.470. 253.730 2.498.084 15. CREDITORS: AIIOUNTS FAWNG DUE WITHIN ONE YEAR Group 2024 Group Company 2023 2024 Company 2023 Trade credbtors Other taxation and srfial security Obligations under finance lease contrads other creditors Accruals and deferred incc 121.106 169.430 20.152 428,013 631.063 42.954 177.489 17.880 398,140 150.718 121.106 169.302 20.152 424,538 631.063 42.954 177.383 17.880 398,140 147,418 1.369.764 787,181 1.366.161 783.775 Page 32
KING'S COLLEGE SCHOOL, CAMBRIDGE IA Company Limitsd by Guarantea) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 16. CREDITORS: AMOUNTS FALUNG DiIE AFTER MORE THAN ONE YEAR Group 2024 Group 2023 Company 2024 ¢(panY 2023 Nel obligatwJns under fiwce lease contracls Other credilors 5.716,175 564.103 5.736,180 769,231 5.716.175 564,103 5.736,180 769,231 6,280,278 6.505,411 6.280.278 6.505,411 The aggregate amount of liabilitw pay*)le or whclty in part more than fNe years after the reporti date is: Group 2024 Group 2023 Company 2024 C(4npany 2023 Paya)le or repayable by inslaknents &623A81 5,649,140 5,623,581 5,649,140 5.623,581 5.649,140 5.623.581 5.649,140 Page 33
KING'S COLLEGE SCHOOL CAMBRIDGE (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 17. STATEMENT OF FUNDS STATEAIENT OF FUNDS- CURRENT YEAR Balance at I Augu 2023 Transfers Balance at inlout 31 July 2024 Income Expenditure UNRESTRICTED FUNDS DESIGNATED FUNDS Music Instmment Fund Bursary Fund Mini Bus Replacement FuThJ Schola Scholarshp Furnl Redevelopment and Refurfoislwnent Fund 18,137 11M,312 59.947 .992 14,205 37,019 {16951 23,647 238,331 69.947 87.S44 f (M),OQO 10.000 1&4481 1.542A40 8(KI.000 2.342.440 1.817A28 51224 117.143) 910.000 2,761.909 GENERAL FUNDS General Funds KCS Facilibes Ltd 500.881 148 8.030.306 (7,148.8191 119.3251 1873.087 136.9131 509.281 533,029 8,054,396 ri,168,1441 {0,000) 509,281 TOTAL UNRESTRICTEO FUNDS 2.350.857 8.105.620 (7.185.287) 3271.190 RESTrICTED FUNDS Chorister Bursary Fund PTA Fund 24.937 37.491 9,755 31,078 {10,6041 116,1691 24.088 52.400 40,833 (26,7731 76.488 TOTALOF FUNDS 2.413.285 8.146.453 (7.212.060) 3.347,678 Page 34
KING'S COLLEGE SCHOOL CAMBRIDGE IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 17. STATEMENT OF FUNDS (CONTINUED) Designated Funds MU¢ Instrument Fund- Income from hire of SchryA (yn&J instruments sUpts purchase of additional and repla¢ement items. Bursary Fund- General means lesled bursary fiJThJ for day Mini Bus Replacement Fund- To furKI frjiure purth85e of a rePlement mini bus. Schola Scholarship Fund- Supports music lessons and supwrt for members of girls, choir. Redevelopment RefU1$hment Fvnd - To fvnd fuiure redevelopment aNI refurbishment of school ilities. Restricted Funds Chorister Bursary Fund- Fund to sUppcL mas tested assistance fjth parental *m8nl of W chorister Transfers The transfer in 2023 from the restrthd PTA Fund to general fxIS represents a contribution lo the Pre- Prep plaroUnd and Jubilee G8rdens. Page 35
KING'S COLLEGE SCHOOL CAMBRIDGE (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEIIENTS FOR THE YEAR ENDED 31 JULY 2024 17. STATEMENT OF FUNDS {COMTINUED STATEMENT OF FUNDS- PRIOR YEAR 1 AUg[t 2022 Transfers Balance al inloul 31 July 2023 Inc(#ne Expenditure UNRESTRICTED FUNDS DESIGNATED FUNDS Music Instrument Fund Bursary Fund Mini Bus Replacernent FuThJ Schola Scholarship Fund Redeveh)pment and Refurt)ishment FurKI 34.265 101.312 59.947 li.440 {16.128) 18.137 101.312 59.947 95.992 {10,448) 112.440 1.430.IKIO 1.542,440 414.404 {26.576) 1.430,0 1,817.828 GENERAL FUNDS General Funds KCS Facilities Ltd (121 8,596,416 {6,685,523} I1,410,CQl 13,352) 500.881 32,148 (121 8,631.916 {6,688.875) (1.410,(K)01 533.029 TOTAL UNRESTRICTEO FUNDS (121 9.046.320 {6.715.451) 20,(N)O 2.350.857 RESTRICTED FUNDS Chorister Burswy Fund PTA Fund 31,( 78.232 <6.1291 {20.7411 24.937 37.491 {20,0001 109.298 {26.8701 120,0001 62,428 TOTAL OF FUNDS (121 9.155.618 (6,742.3211 2,413,285 P8ge 36
KING'S COLLEGE SCHOOL CAMBRIDGE (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- GURRE1 PERtOD Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year CredilLKs due in rre than one 6.642.735 4,278.497 (1.369.764) (6.280.278) 6.642,735 4,354,985 {1.369,7641 {6.280,2781 76.488 TOTAL 3.271,190 76,488 3.347,678 ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR PERIOD Unrestricted funds 2023 Restrthd funds 2023 Total funds 2023 Tangible fix assets Currenl assets Cred(tOTS due vAthin one year Creditors due in more one 6.261,748 3.381.701 1787.1811 {6,505,4111 6.261,748 3.444.129 1787,1811 {6,505,4111 62.428 TOTAL 2.350.857 62.428 2.413.285 Page 37
KING'S COLLEGE SCFK)OL CAMBRIDGE IA Ccmnpany Llmlted by Guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING AcnvmES 19. Group 2024 Group 2023 incomellexpenditure) fN the sw {as per Slatement of Financial Aelivitiesl ADJUSTMENTS FOR: Depreciation charges Finance charges Donation from King's Couege. Cambri(Ige separatM)n Interest receivable Decrease in stocks Oecreasel{Increase> #i deblo IncreasellDecrease} in CredrtlS 934,393 2,413.297 252A23 352.640 245,821 352,636 {1.695.1451 (94,023) 474 {547,784) {326,292) {156,4301 1.$30 2.234,683 375.178 NET CASH PROVIDED BY OPERATING ACTIMTIES 3.994.417 348,984 20. ANALYSIS OF CASH AND CASH EQLIVALENTS Group 2024 Group 2023 Cash in hand 4,107,479 0.410 TOTAL CASH ANO CASH EQUIVALEprrs 4,107.479 0,410 21. ANALYSIS OF CHANGES IN NET DEBT Other non- ash At 31 July hang9S 2024 At l August 2023 Cash flows Cash * bank and in hand Fin8n¢e leases 960,410 15,754,060) 3.147,069 370,368 4.107A79 1351635) (5,736,327) 14.793.650) 3.517,437 1352.63SI 11.628.848) Pag6 38
KING'S COLLEGE SCHOOL CAMBRIDGE (A Company Limlt•d by Guarantsel MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 22. CAPITAL COMMITMENTS Group 2024 Group 2023 Company 2024 Company 2023 CONTrACTED FOR BUT NOT PROVIDED IN THESE FINANCIAL STATEMENTS Devdopment of tangible fixed assets 4.490.0(K) 4490.000 23. PENSION COMMITMENTS The School participates in defined benefit schemts, the Teachers. Penskjn Scheme and the Universities Superannuation Scheme (USSI. Teachèrs. Penslon Scheme The pension charge for the year inckths contributions payable to the Teachers, Pension Scheme amounting to £578,427 (2023 - £514,124). The Teachers. Pensi Scheme (TPS) 1$ a stalulory. unfunded. defined benefft cwJpatIal scheme, govemed by the Tea¢hers' Pensiw Scheme RegulatKJns 2014. Membership is available lo all teachers have th8 opIM)n to cpt4)ut of the TPS frMryThJ anrcrfmenl. The TPS is an unfule(l scheme to which both the member and empknyer makes contributions. as 8 percentage of salary - these eonlributK)ns are credited to the Exchequer. Retirement and other pension benefits are paKI by Publ funds provided by Paknent. Valuation of the Teachers. PensKm Sch&ne The Govèmmenl Actuary. using nomal &tuaiial principles. condt$ a foml xtuarial review of the TPS n o¢cdance with the Publr Pen$w)ns (Vu)n$ and Empl¢)yer Cost Capl Diredions 2023 published by HM Treasury every 4 years. The a#n of the revtew is Io sp8¢ify the level of future cc)lributions. Actuarial sch valuations are dependent on asswnptions about the value of future costs. design of benefils and other factors. The lalesl &tuarial valuation of the TPS was carried out as al 31 Marth 2020 in accordance with Th8 Pub[ SenKe Pension5 (Valuations and ErnOYer Cost Cap) Directions 2023 and the Employer contr1xrt Rale was assessed using agreed assumptions in line wlh the DireCtic5 arKI was ceptj al the lgiF1 assessed tate as there was no cost contwul mechanism breach. The valuation report was putlshed by the Departn*nt for Educatw on 26 October 2023. The key elemtS of the Valuati 8re". Total $Che l1ablrtS for seThice Ohe capita sum needeJJ at 31 M8rth 2020 lo meet Ihe stream of fuiure cash flows in respect of beneffts earned) d £262 bill. Value of nottonal assets (eslimaled future cc¥)trfoukn'ons together bltyth the pr¢xeeds from the notional investrnents held al the valuation datel of £222 bllw)n". Notional past seNee deficit d £39.8 b111K {2016 £22 billion)". Discount rate is 1.7% in excess of CPI 12016 2.4% in excess of CPI) (this change h88 had the greatest financial 5ignifKance). Page 39
KING'S COLLEGE SCHOOL CAMBRIDGE (A Company Limited Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR TrIE YEAR ENDED 31 JULY 2024 23. PENSION COMMIThIENTS IcofrmNUED) As a result of the valuation. new employer eInbutiOn rates have set * 28. of pensionable pay from 1 Aw'l 2024 until 31 March 2027 (ccynpared to 23.68% uNler the prev$ valuation including a 0.08% administration levy. Universlty Superannuatlon Scheme The pensw)n charge for the indudes ¢ctrul10ns payth to USS amounling to £105,373 12023 - £124,$27)- A deficit recovwy plan was pirt n ace as part of the 2020 valuh)n, whith required payment of 6.2% of salaries over the pericKf 1 Awil 2022 until 31 March 21r24. al which poinl the rale would increase lo 6.3%. No deficrt recovery plan was required under the 2023 Valuati because the scheme was in surplus on a lethnical wowsKJns basis. The Group was no knger required to make deficit recovery eontribulions from 1 January 2024 and aordIngty rd8asad the outstaNliTrJ provis)n to the worrt and k)ss account. The lalesl available ccrfnFdete aLauarial waluK)n of Ihe Retirement Income Buikjer was at 31 March 2023 (the valuation dale). which was canied using the prLleCt unil methcd. Since Ihe Group canrK)t t(kntfy its share of the USS Retirement Ir)eome Bulder {(fined benefrtl assets and liabilities. th& folkIng disclosures reflect those retevant for those assets and liabilthes as a whole. However on transfer of the Sch's emk)yees fr(Mn King's Colkge, Cambridge th8 College maintained the deficil recovery lithty therefore no proviston for these deficrt recovery payments are induded in these financial statements. The 2023 valuation was the seventh U8t for scheme under the scheme-spectfic funding regime introduced by the Pensk$ Acl 2004. whKh requires Schemes lo have sufficient and appropriate assets to over their technical provisions. Al the valuation date. the value of the assets of the sch8ma was £73.1 billion and the value of the scheme's technical provis¥)ns was £65.7 billion iThJicating a suWus of £7.4 billion and a fiJndiNJ ration of 111%. The key financial assumpti(S used in the 2023 vatuion e described beknv. More (letail is sel out in Ihe Slalement of Funding Princi*s IhtW."1A.usS.cQ.Uk1ab0UI-vsfv0Iual1Qn-and-dInglStaIeMenI-of- funding-principlesl. CPI assumption Temi dependent rates in lirÈ th the drfference between the Fixed Interesl and Index Li$ yidd re less: 1. p.a. to 2030. reduc4ThJ linearty by 0.1% p.a. frun 2(M). PensIC in¢rea8es (sutyed to Benefts with no w: a of IrA) CPI &%surytion plus 0.03% Benefrts subject to a-soft w- of 5% {provhJing inflalKJnary increases up to 5%. and haif(rf excess Intstic over 5% up to a maximum crf 10%) Page 40
KINGE COLLEGE SCHOOU CAMBRIDGE IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMETrs FOR THE YEAR ENDED 31 JULY 2024 23. PENSION COMMIThIENTS ICONTINUEDI Discount rale (fLMward rates) Fix1 interest gll rve pkts.. Pre4thrennt.. 2.5% p. . Post.retirement: 0. p.a. The main demogr4)hic assumption used rdates lo the mortalty assumptions. These assumptions are based on analysis of the Scheme's eXperIe caryied txrt as part of the 2023 aduarial valuation. The mortality 8ssumFAK)ns used in these ffigures are as fol(YaVS: 2023 valuation 101% of S2PMA'light' for mdes and 95% of S3PFA forfemales Mortalty base tabk Future improvemwbts lo mortalrty C14112021 ¥th a snKxithing paranter of 7.5. an iiNtial 8d(lition of 0.40 p.a, 10% w2020 and w2021 parameters. arKI a kjng-temi improvement rate of 1.8'h p.a. for males and 1.6%p.a. for females. The current lrfe expectancies on retirem1 at age 65 are: 2024 2023 Valuation Valuation 23.7 24.0 25.6 25.6 25.4 27.2 Males Cufrenty aged 65 {years) Females current aged 65 lyearsl ales currenty aged 45 lyears) Femal8s curr8nty ed 45 (years) 27.4 Defined Contribution Pension Schemes The SchcK)l operates a defined c0ntrthti worf( place pension scheme. Now.. Pensions, in respect of certain employees. The scheme and tts assets are hekl by t[endent managers. The pension costs charged in the financial statements rets'n9 to the scheme in the year was £84.47312023- £70.427). At the year end a balatxe of £19.31712023- £18.2821 was payable. This ban is disclosed within other creditors. Page 41
KING'S COLLEGE SCHOOL, CAMBRIDGE IA Company Llmlted by Guarant) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 OPERATING LEASE COMWTMENTS At 31 July 2024 the Group and the Coryany had commitr*nts lo make fvlure nNnimum lease payments under nonllab1e cperating leases as folkmts.. Group 2024 Group 2023 Company 2024 Company 2023 Not later than 1 year Later than 1 year arKI not Ihan 5 34.582 12,719 34.582 47,3LK) 34,582 12,719 34,582 47.300 47.301 81,882 47,301 81,882 25. RELATED PARTY TRANSACTIONS The Group has nrA entered into any relat&J ptytransactions during the year {2023- None). Page42