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 FIna￿la1 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 Cranl city cl C￿bridge. 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 fleX￿b￿ding. 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-Off￿10 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 ret￿r￿j 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 Wo￿n95 (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 CU￿ent issues in the Sect￿ and wulalory requirements. Governors are encouraged lo attend semin¥s and webinars ￿￿1$ed by the Associal*)n of Goveming B￿￿leS of Independent Schools IAGBISI. Ofganlsatlonal Management Th8 Goveming Body meets in p￿SOn 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 Cn under Charity No. 12LXJ527. During the year to July 2024. the gr(wp ¢￿Vil$ed of IQNJ'S College ScfKd. c￿nbridge. and one wholly owned subsidiary.. KCS Facilities Ltd. Klng% College Carnbridge On 1 August 2022, thè acliiriti8s of the sch¢￿ were transferred from King's Col* Cambridge into a company limited by guarantee, King s College School, car￿ridge. vthKh is a separately registered charity. King's College 15 the sole member ofthe Company and the SchcKA Govemors are the directors and the charf(y Iwslees. The net assets of the School's activit￿$ 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 grlicAb￿ in th8 UK antl Republic of Irdand {FRS 102) {effeclNe 1 January 2019), the Financial Reporting Standard appliC￿e in the UK and Rewjbltc of Ireland {FRS 1021 and the Ccrfnpanies Act 2￿6. King's Ccdlege SchLx4. Cambridge meets the definition of a public benefit enlily under FRS 102. Assets and liabilities are inrtially reL￿n￿ed at historical cost or transaclion value unless othe￿ise 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 exernpt￿n 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 liabilit*s 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 cons*Jered 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 rew￿r¢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 enti1kn￿t to the income, rt is probable that the inccrfne will be received and the arnou￿ of inccyne r￿1Vable 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 in￿rne 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 STATEME1￿5 FOR THE YEAR ENOED 31 JULY 2024 ACCOUNTING POUCIES (CONTINUED) 1.4 EXPENDITURE Expenditure is re￿gnised tse is a kgal or ConSt￿ve obl￿￿atiOn lo transfer economic benefft to a third paty. it is probable that a transfer of econ￿￿1¢ 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¢ll￿Jing support costs invofved in undertaking exh xli￿ty. 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 ￿r￿at1￿ 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 recr*Jnised at ￿$1 apart from the long leasehold propety Ihat is inf(ially recognised al fair value. b8ing the present value of the minimum pa￿￿entS 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 pro￿ty Fixtures and fillings Computer equipment over the perirxl of the lease 10% straight-line 20% or 33% $tra￿h141ne 1.7 INVESTMENTS InVeStn￿nIS in subsidiaries are valued al cost less provision for impalm￿nI. 1.8 STOCKS Stocks are valued at the kwm of cLtst and net reaisaNe value after making due allowdnce foi obsolete and slOvHTh￿ng st(tks. Cost includes all dir￿1 t￿$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 Tr￿e 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 ￿r￿U￿1 that the C(¥npany antiupates il wll pay to settle the debt or Ihe amount rt has receiv&J as avanced pa￿ts 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 m*erial. the pro￿10n 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 fin￿la1 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$iThJ the effectNe interest method. 1.13 FINANCE LEASES AND HIRE PURCHASE Assets obtaned under hire purchase contracts 8Th1 ffinance leases are capitalised as tsngible fixed assets. Assets acquired by finance lease are depreeiated over the shorter of the lease term and their useful lives. Assets acquired by hire purthase are depreciated over their useful lives. Finance leases are those where substsntialty aH of the benefrts and risks of 0￿MerShIp are assumed by the Gr￿p. Obligations urKler such agreements 8re induded in Credit￿S. nel of the finance chafge allocated to future pericds. The finarte element of the rental payment is charged to the cc￿$(￿1datad Sla18menl of Financial Actimties so as to woduce a constsnt pe￿j1¢ 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 v￿h the Schwl in such a way that the pension cost is substantialy level per￿nts3e d Current arnl fvlure pensionable pa￿11. The Contribut￿n$ 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 recCvJnS￿d 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 truste￿1￿mIniste￿d fund. Because of the mutual nature of the sch￿e, 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 $ch￿ne as if rt were a defined contribution scheme. As a resuK. the amount tharged lo the income and exp8nditure 8ccount represents the contributi¢J)s payable lo the scheme. Since the Group has entered into an agreement {the ReCo￿ry Plan) that deteimines how each employer wthin Ihe schem8 VAII fund the overall deficit, the Group recognises a ￿abIlitY for the contributions payable thal arise from the agreement {to the extent that they relate lo the deficit) with related expenses being recognised thrcAJgh the income and èxpenditure accounl. However on transfer of the Schoofs emF4oyees fr(yn KiNd's Col*e. Cambridge the College retained that liability therefo￿ no promsion for t￿$¢ ￿er￿it recovery pwents are included in these financrdl ststements. The Group olso parbupates in a defned contr1but1￿ penS￿)n schemes and the pOns￿n 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 discret￿n 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&tstl￿S of future events that are FAiev&J to be reasonable under the Ircumstanc￿s. C1￿C￿l accounting estimates and aswptions: The Group makes est￿r￿teS assumptK￿s 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$￿￿Sed bel¢)W. Long term lease- The present Val￿ of the kng tem lease in relatKJn to the Sch￿1 buildings is cakulated based on the Group's InCr￿ental ￿rroW￿g rate. rate is an estimate that management have made at the ineeplion of the lease after &jtsinW￿ Inf(￿ation from the Sch(M)I's banker. The use of a different interest rale WLNJld impact the carwng value of the lease liabilty and assctiated asset. Retirement benefit oblvJaltor6 - The ￿st of thfined benefft pension p￿nS and other post-enyl¢)wnent benefits are delemiined US1r￿ &tuarial valuations. The xtuarial valuatvjn invofve5 making assumptions about discount rates. future salary inueases, mOrtal￿Y rates and fvture pens￿ increases. Due to the c￿pIe￿ty of the ¥￿Vab"on. the underlwNJ asswnptions and the long temi nature of Ihe5e plans, such estimates we subject to signrfunt un¢thainty. Further detaiL8 are gwen in note 22. Management are satisfied thal Universities SUperannua￿n Scheme m&ts the definrtion of a mull employer scheme and V•rMJld have therefore recL>JniwJ Ihe discounted fair value of the contractual conlribLrtions under the fiJrKting plan ￿ e￿$ter￿ at the dale of appwng the &counts. Hcvwever on transfer of the Sch(x)I's empk*yees King's College. C*nbridge the College retained that liablity therefc￿e no for Ihese defKit recovery payments are included in these financial statements. As the Group wass contractu• t￿l￿d 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 deffir￿s 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 be￿￿j 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 nOnan￿$ audilorfor the audk {* the Compan*s annual accounts 20,600 19.750 Fees payable to the Ccrfnpanls auditor in resp&X ot. Al non-audil swvices n(l ind￿1&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 Clb¢>)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 (y*n&J instruments sUp￿ts 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 rePl￿ement mini bus. Schola Scholarship Fund- Supports music lessons and supwrt for members of girls, choir. Redevelopment RefU￿1$hment Fvnd - To fvnd fuiure redevelopment aNI refurbishment of school ilities. Restricted Funds Chorister Bursary Fund- Fund to sUppc￿L ma￿s tested assistance *fjth parental *m8nl of W chorister Transfers The transfer in 2023 from the restrthd PTA Fund to general f￿xIS represents a contribution lo the Pre- Prep pla￿roUnd 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,C￿Ql 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 r￿re 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 Credrtl￿S 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 cwJpatI￿al 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 fr*MryThJ anrcrfmenl. The TPS is an unfu￿le(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. cond￿t$ a fom*l xtuarial review of the TPS n o¢c￿dance with the Publr Pen$w)ns (V￿u*￿)n$ 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[￿ Sen*Ke Pension5 (Valuations and Ern￿OYer Cost Cap) Directions 2023 and the Employer contr1xrt￿ Rale was assessed using agreed assumptions in line wlh the DireCtic￿5 arKI was ￿cept￿j al the ￿lgiF￿1 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 elem￿tS of the Valuati￿ 8re". Total $Ch￿e l1ablrt￿S for seThice Ohe capita sum needeJJ at 31 M8rth 2020 lo meet Ihe stream of fuiure cash flows in respect of beneffts earned) d £262 bill￿. Value of nottonal assets (eslimaled future cc¥)trfoukn'ons together bltyth the pr¢xeeds from the notional investrnents held al the valuation datel of £222 bllw)n". Notional past seNee deficit d £39.8 b111K￿ {2016 £22 billion)". Discount rate is 1.7% in excess of CPI 12016 2.4% in excess of CPI) (this change h88 had the greatest financial 5ignifKance). Page 39 KING'S COLLEGE SCHOOL CAMBRIDGE (A Company Limited ￿ Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR TrIE YEAR ENDED 31 JULY 2024 23. PENSION COMMIThIENTS IcofrmNUED) As a result of the valuation. new employer e￿InbutiOn rates have set * 28.￿ of pensionable pay from 1 Aw'l 2024 until 31 March 2027 (ccynpared to 23.68% uNler the prev￿￿$ valuation including a 0.08% administration levy. Universlty Superannuatlon Scheme The pensw)n charge for the indudes ¢c￿tr￿ul10ns payth to USS amounling to £105,373 12023 - £124,$27)- A deficit recovwy plan was pirt n ￿ace as part of the 2020 valu*h)n, whith required payment of 6.2% of salaries over the pericKf 1 Awil 2022 until 31 March 21r24. al which poinl the rale would increase lo 6.3%. No deficrt recovery plan was required under the 2023 Valuati￿ because the scheme was in surplus on a lethnical wowsKJns basis. The Group was no knger required to make deficit recovery eontribulions from 1 January 2024 and a￿ordIngty rd8asad the outstaNliTrJ provis*)n to the worrt and k)ss account. The lalesl available ccrfnFdete aLauarial walu*K)n of Ihe Retirement Income Buikjer was at 31 March 2023 (the valuation dale). which was canied using the prLleCt￿ unil methcd. Since Ihe Group canrK)t t(kntfy its share of the USS Retirement Ir)eome Bulder {(￿fined benefrtl assets and liabilities. th& folk￿Ing disclosures reflect those retevant for those assets and liabilthes as a whole. However on transfer of the Sch￿'s emk*)yees fr(Mn King's Colkge, Cambridge th8 College maintained the deficil recovery li*thty therefore no proviston for these deficrt recovery payments are induded in these financial statements. The 2023 valuation was the seventh ￿U8t￿ for scheme under the scheme-spectfic funding regime introduced by the Pensk￿$ 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 vatu*ion ￿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 ￿r￿e 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 STATEMETr￿s FOR THE YEAR ENDED 31 JULY 2024 23. PENSION COMMIThIENTS ICONTINUEDI Discount rale (fLMward rates) Fix￿1 interest gll ￿rve pkts.. Pre4thren*nt.. 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 eXperI￿e 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 paran*ter 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 retirem￿1 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[￿e￿ndent managers. The pension costs charged in the financial statements re￿ts'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 ba￿n￿ 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 no￿￿n￿llab1e 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