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2022-08-31-accounts

THE GOVERNORS, THE HEAD & THE LOWER MASTER OF

THE KING’S SCHOOL OF

THE CATHEDRAL CHURCH OF CANTERBURY IN THE CITY OF CANTERBURY

ANNUAL REPORT

AND FINANCIAL STATEMENTS

For the year ended 31 August 2022

Registered Charity Number 307942

THE KING’S SCHOOL, CANTERBURY Annual Report and Financial Statements

CONTENTS

Governors, Officers, Committees and Professional Advisers 2-3
The Annual Report of the Governing Body for year ended 31 August 2022 4-17
Independent Auditor’s Report to the Governors 18-20
Consolidated Statement of Financial Activities 21
School Statement of Financial Activities 22
Balance Sheets 23
Consolidated Statement of Cash Flows 24
Notes to the Financial Statements for the year ended 31 August 2022 25-45
Prior year Consolidated Statement of Financial Activities 46
Prior year School Statement of Financial Activities 47

Page 1 Registered Charity Number 307942

THE KING’S SCHOOL, CANTERBURY Legal and Administrative Details

The full name of the Charity is “The Governors, The Head Master & The Lower Master of the King’s School of the Cathedral Church of Canterbury in the City of Canterbury”. It is referred to throughout these accounts as “The King’s School, Canterbury”.

Governors Dean of Canterbury (ex officio) Residentiary Canons of Canterbury Cathedral (Ex-officio) The Very Reverend Dr R A Willis DL DCL DD (Chairman) (left May 2022) The Venerable J Kelly-Moore BA LLB BD (left October 2021) The Reverend Canon Dr T Naish MA PhD The Reverend Canon Dr E Pennington BA MA DPhil The Reverend Canon A P Dodd BEng BTh The Venerable Dr W Adam (joined July 2022)

Appointed by the Dean & Canons of Canterbury Cathedral R C A Bagley Esq LLB (left July 2022)

Nominated by Trinity College, Oxford Vacant

Nominated by Corpus Christi College, Cambridge Dr M L Sutherland Esq BSc MSc PhD

Officers of the School

Head Master

P J M Roberts Esq MA

Bursar and Clerk to the Governors M R Taylor Esq FRSA

Senior Deputy Head (Lower Master) Mrs E A Worthington MA

Deputy Head (Academic) L G Bartlett Esq BA MRSC

Deputy Head (Pastoral) Miss T Lee BA

Deputy Head (Co-Curricular) G A Hunter Esq BEng

Head of the Junior King’s School Mrs E Károlyi MA

Co-opted

Mrs E McKendrick BA (left July 2022) Sir Roger De Haan (left July 2022) J D Tennant Esq MRICS (left July 2022) M W S Bax Esq (OKS) FRICS Dame F J Judd (OKS) QC Comte Benoit de Vitry d’Avaucourt (Interim Chair as of May 2022) Dr H Hughes OBE FRCGP O O Kolade Esq B.Eng MBA HonLLD CBE Mrs Clare Cowburn Baker (joined July 2022) Mrs A Culley (joined July 2022)

Address of the School 25 The Precincts Canterbury Kent CT1 2ES

Governors’ Sub-Committees

Finance & General Purposes Committee

Comte Benoit de Vitry d’Avaucourt (Chairman of this Sub-Committee) The Very Reverend Dr R A Willis DL DCL DD (left May 2022) Sir Roger De Haan (left July 2022) J D Tennant Esq MRICS (left July 2022) R C A Bagley Esq LLB (left July 2022) The Reverend Canon A P Dodd BEng BTh O O Kolade Esq B.Eng MBA HonLLD CBE

The Junior King’s School Committee

The Very Reverend Dr R A Willis DL DCL DD (left May 2022) (Chairman of this Sub-Committee)

Estates Committee

J D Tennant Esq MRICS (Chairman of this Sub-Committee) (left July 2022) Sir Roger De Haan (left July 2022) R C A Bagley Esq LLB (left July 2022) M W S Bax Esq (OKS) FRICS Comte Benoit de Vitry d’Avaucourt

Governance and Nominations Committee

The Very Reverend Dr R A Willis DL DCL DD (Chairman of this Sub-Committee) (left May 2022) Comte Benoit de Vitry d’Avaucourt (Chair May 2022) J D Tennant Esq MRICS (left July 2022) R C A Bagley Esq LLB (left July 2022)

Registered Charity Number 307942

THE KING’S SCHOOL, CANTERBURY Legal and Administrative Details

R C A Bagley Esq LLB (left July 2022) The Reverend Canon Dr E Pennington BA MA DPhil Mrs A Culley (joined July 2022)

Governors’ Sub-Committees (continued)

Risk Management Committee

R C A Bagley Esq LLB (Chairman of this Sub-Committee) (left July 2022) Dame F J Judd (OKS) QC The Reverend Canon Dr T Naish MA PhD Mrs Clare Cowburn Baker (joined July 2022)

Audit Committee

The Reverend Canon A P Dodd BEng BTh (Chair of this Sub-Committee) The Very Reverend Dr R A Willis DL DCL DD (left May 2022) Comte Benoit de Vitry d’Avaucourt Dr M L Sutherland Esq BSc MSc PhD (since November 2021)

Investment Committee

Comte Benoit de Vitry d’Avaucourt (Chairman of this SubCommittee) The Reverend Canon A P Dodd BEng BTh Dr M L Sutherland Esq BSc MSc PhD (since November 2021)

Joint Pastoral Liaison Committee including Boarding

J D Tennant Esq MRICS (left May 2022) Mrs E McKendrick BA (left July 2022) Dame F J Judd (OKS) QC (Safeguarding Governor)

Joint Academic Committee of Governors & Staff

Dr M L Sutherland Esq BSc MSc PhD (Chairman of this Sub-Committee) Mrs E McKendrick BA (left July 2022) The Reverend Canon Dr T Naish MA PhD The Reverend Canon Dr E Pennington BA MA DPhil

Joint International Committee of Governors & Staff

The Very Reverend Dr R A Willis DL DCL DD (left May 2022)

The Venerable J Kelly-Moore BA LLB BD (left October 2021) J D Tennant Esq MRICS (left July 2022)

Joint Foundation Committee of Governors & Staff

J D Tennant Esq MRICS (Chairman of this SubCommittee) (left July 2022) O O Kolade Esq B.Eng MBA DL CBE The Reverend Canon A P Dodd BEng BTh

Professional Advisers to the School

Bankers Barclays Plc London Corporate Banking 1 Churchill Place London E14 5HP Auditors Alliotts LLP Friary Court 13-21 High Street Guildford Surrey GU1 3DL Investment Managers

Sarasin & Partners LLP 100 St Paul’s Churchyard London EC4M 8BU

Solicitors

Boys and Maughan 57 Queen Street Ramsgate Kent CT11 9EJ Veale Wasbrough Vizards Narrow Quay House Narrow Quay Bristol BS1 4QA

Lupton Fawcett Stamford, Piccadilly York YO1 9PP

Farrer & Co 66 Lincoln’s Inn Fields London WC2A 3LH

Page 3 Registered Charity Number 307942

THE KING’S SCHOOL, CANTERBURY

THE ANNUAL REPORT OF THE GOVERNING BODY FOR THE YEAR ENDED 31 AUGUST 2022

Legal Definition:

The full name of the Charity is “The Governors, The Head Master & The Lower Master of the King’s School of the Cathedral Church of Canterbury in the City of Canterbury”. Throughout this Report and the subsequent Financial Statements and accounts it is referred to as “The King’s School, Canterbury” and as ‘The School’ in the Annual Report.

The Governing Body, which is formed of the Trustees of the Charity, presents this Annual Report prepared under the Charities Act 2011 (the Act) and the Charity (Accounts and Reports) Regulations 2008, together with the audited Financial Statements for the year ended 31 August 2022, and confirm that the latter comply with the requirements of the Act, the King’s School, Canterbury’s Royal Charter, applicable accounting standards in the United Kingdom (UK Generally Accepted Accounting Practice) and the Charities SORP (FRS102).

The King’s School, Canterbury, whose origins find their roots in the monastic school founded by St Augustine, subsequent to his mission of 597 A.D., was re-founded by Henry VIII in 1541 A.D. As well as being regulated by the Charities Act (Registered Charity, number 307942), it is incorporated by Royal Charter dated 8[th] July 1946 and amended by a Supplemental Royal Charter dated 4[th] February 1992.

The King’s School, Canterbury is made up of ‘King’s’, the Senior School, ‘The Junior King’s’, the Prep School, ‘The Junior King’s Pre-Prep’, the Pre-Prep School and the International College. Together, they provide a co-educational boarding and day education for children and young people from 3-18 years and this is the principal activity of the Charity.

Corporate Governance

Corporate Governance is achieved by delegation of some of the Governors’ work to Sub-Committees (outlined on pages 2-3). These Sub-Committees comprise at least two nominated Governors with School Officers in attendance, as appropriate. This ensures that strategic planning/key areas of Governance and matters arising from meetings find prompt consideration. The Sub-Committees which met as required during the year are as follows:

Finance & General Purposes Committee – this Committee met four times this year and is responsible for reviewing and monitoring strategic financial policy and information. It also recommends any appropriate action to the full board of Governors.

Investment Committee – this Committee is set up to receive quarterly and additional ad hoc reports from the Investment Managers and to keep their performance under review. It also regularly reviews the School’s Investment Policy, which develops with time. The Committee met twice during the year.

Audit Committee – this Committee holds regular meetings with the external auditors, considers the reports of the external auditors, examines the appropriateness of accounting policies and monitors the School’s internal financial controls. The Committee met twice during the year.

Junior King’s School Committee – this Committee has a remit to oversee, supervise and provide support for the leadership of The Junior and Pre-Prep Schools: it met three times during the year.

Governance and Nominations Committee – this Committee recommends candidates for nomination as new Governors, taking into consideration the skills and experience required of the Governing Body as a whole, as well as reviewing, training, sub-committee membership and remuneration of senior staff. It met three times during the year.

Risk Management Committee – this Committee met twice: it ensures that regular risk assessment reviews of the School’s operation are undertaken and considers the results, determining whether any corrective action is required.

Pastoral & Safeguarding Committee – this Committee met once during the year to discuss best practice in the field of pastoral care and safeguarding, central aims of the management of the Schools.

Estates Committee – this Committee met three times this year and is a sub-committee of the Finance and General Purposes Committee. Its remit is to focus on five main areas of operation, namely strategic, operational, repairs, maintenance and ‘environmental’ Estate matters.

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THE ANNUAL REPORT OF THE GOVERNING BODY FOR THE YEAR ENDED 31 AUGUST 2022

Joint Academic Committee of Governors and Staff – this Committee, which met twice this year, was established as a forum for discussion of educational policy between senior staff and Governors, providing any additional support and guidance useful for the schools. The Head Master ensures that the academic management of the schools is reflected in the choice of this Committee’s King’s, Junior School and International College staff members. Departments from across the schools are invited in turn to present to the Committee.

Joint International Committee of Governors and Staff – this Committee met once this year and had been set up to explore and evaluate options and opportunities for King’s on the international front as well as scrutinise and oversee any other international opportunities.

Joint Foundation Committee of Governors and Staff – this Committee comprises members from Governors, School Officers, past pupils of the King’s School, Canterbury (‘Old King’s Scholars’ or ‘OKS’), past and present parents. It provides an independent forum for its members to explore the School’s development plans and fundraising projects.

Governors’ Selection, Induction and Training

The Dean and Residentiary Canons of Canterbury form part of the Governing Body; others are nominated by the Dean and Chapter, the President of Trinity College, Oxford, and the Master of Corpus Christi College, Cambridge. The Governance and Nominations Committee which meets regularly identifies the professional and personal skills needed to complete the full set of professional aptitudes needed for effective Governance. After consideration of qualifications and experience, as well as consultation with the senior staff, if the Governance and Nominations Committee are in agreement, any nominations are considered for election at the next termly meeting of the full Governing Body.

The Bursar, as Clerk of Governors, furnishes new Governors with all relevant briefing documents and background materials. He also sets up frequent training opportunities and regularly sends out details of AGBIS Conferences, seminars and training days. In addition, the Governors undertake child protection training sessions on an annual basis.

Each September/October, as the School embarks on a new academic cycle, the Governors meet with the Head Master, the Head of the Junior School, the Bursar and other appropriate School Officers to review the strategic direction and educational progress of the School, as well as considering the prioritisation of major projects. In 2021 the Governors’ Strategy Day took place in September and the focus was on all the key aspects of running a school, e.g. education, people, infrastructure and financial.

Organisational Management

Governors, other than those who hold office ex-officio, are appointed for a term of 5 years. This may be renewed for a further term of 5 years; in exceptional circumstances, this may be extended further on the recommendation of the Governance and Nominations Committee. The Governors set the overall policy for the running of the School in consultation with the Head Master. The Head oversees the educational running and development of the School in consultation with the Head of the Junior School (as regards Junior School and Pre-Prep School matters), the Senior Deputy Head, the Deputy Head Academic, the Deputy Head Pastoral, the Deputy Head Co-Curricular, Principal(s) of the International College and the Bursar. The Bursar is responsible to the Governors for the financial and non-academic administration of the School, in consultation with the Head Master.

The Governance and Nominations Committee oversees the remuneration of senior staff, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the School’s success. The appropriateness of the remuneration policy is reviewed annually, including reference to comparisons through anonymous third party benchmarking with other independent schools to ensure that The King’s School remains sensitive to the broader issues of salary and employment conditions elsewhere.

Group Structure and Relationships

The School has two wholly owned non-charitable subsidiaries, The King’s School Enterprises Ltd and The King’s School, Canterbury (International) Ltd., the aim of which is to support the educational and charitable purposes of the King’s School, Canterbury.

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THE ANNUAL REPORT OF THE GOVERNING BODY FOR THE YEAR ENDED 31 AUGUST 2022

The School helps to sustain and benefits from what could be described as the wider King’s ‘family’. This consists of the generosity and involvement of the past pupils of the King’s School, Canterbury (‘OKS’); and the practical support and organisation of events by the Friends of Junior King’s.

Risk Management

The Governors considered the pandemic, the economic and political turbulence of recent years and the affordability of fees by parents across the independent sector to be the principal operational risks faced by the School. Accordingly, in September 2020, The Governors decided to apply a minimal increase to fees and in addition, further discounts were applied to fees to reflect any savings made to operating online. Additional Governors’ meetings were put in place and close monitoring of all aspects of the School’s operations was undertaken. Safeguarding is the first and most important area of pastoral risk management, closely followed by Health and Safety. These risks range from fire and infrastructure to personal risk (most notably when pupils and staff are away on trips). The level and breadth of activity at the School are impressive and the risks associated with all activities are minimised by thorough, careful planning and up-to-date risk assessment.

The Governors are responsible for the management of the risks faced by the School. Detailed considerations of risk are delegated to the Audit and to the Risk Management Committees, which are assisted by the Senior Leadership Team, School Committees and specialist consultants, as appropriate. Risks are identified and assessed and then controls are established throughout the year. A formal review of the Charity’s risk management processes is undertaken on an annual basis.

Internal Audit was introduced in January 2006 and is reviewed annually by the Audit Committee Governors: the most recent audit was November 2020. It was agreed at the November 2020 Audit Committee meeting that there was not a need, at the present time, for any further internal audit.

The key controls used by the charity include:

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

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Objects

The objects of the Charity are:

  1. To promote the education of persons of both sexes:

  2. To carry out and maintain the Schools, together with all the lands, securities, moneys and property of every description real or personal vested in, or belonging to, any trustees on behalf of the Foundation.

Aims and intended impact

In setting the School’s objectives and pursuing its goals, the Governing Body has given careful consideration to the Charity Commission’s general guidance on Public Benefit and, in particular, to its supplementary Public Benefit guidance on advancing education and fee-charging. Internally, the King’s School, Canterbury has always sought to offer as wide and diverse an access to its unique education as it can afford so to do. The later section on Scholarships and Bursaries

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outlines the strategy to attract talented pupils, whatever their financial backgrounds, to study and contribute at the School. The later section, reporting on the Partnership projects the School has been involved in, both within the City of Canterbury and East Kent more generally, highlights the external public commitments of the School during the last year. The later section concerning partnership activity, the King’s School Recreation Centre, charity fund-raising and sponsorship and use of School facilities summarises the way the School’s own campus and plant are put to Public Benefit.

Objectives for the year ended 31 August 2022

To continue to nurture the potential of the School's pupils so that they become creative, well-rounded, open-minded and well-grounded young people, imbued with intellectual curiosity and spiritual awareness, and motivated by sound principles and a sense of service to others.

Academic Performance for the Year

Academic results for the summer 2022 were strong in the first exams since 2019; at the top end the highest results from examinations in the school’s history – but there was a little grade inflation still in the system. 30% A, 62%A-A and 83% A*-B show that, as expected, the average is up a little on 2017-19 levels but grades were polarised – still a significant tail of C and below grades, some from those who faced exceptional difficulties during the pandemic.

Of the 175 leavers over 70% made their firm offer with over 10% making their insurance offer, with the professional and dedicated support of the UCAS team. The 12 candidates with offers from Oxford and Cambridge were accepted, and two to St Andrews, 1 to Imperial College, 15 to UCAL, 10 to Durham, 10 to Bristol, 38 to London universities in total. Five went to the USA including Chicago, Boston, Columbia.

The GCSE results were also stronger than usual, partly again owing to the slightly lower grade boundaries. Overall, 50% or so of grades were at grade 9 and 8 level (A* equivalent) with 72% being at grade 7 or above – back to pre-pandemic levels or higher. At the bottom end there was also an improvement with 0.7% of grades being below a C equivalent in 2022 vs 1.4% below C or 4 in both 2018 and 2019)

Three pupils achieved 11 grade 9s and three achieved 10 grade 9s at the very top end. 70% of the year achieved at least one grade 9 and 91% achieved at least one grade 8 (A level) or above. 70% of the year gained 10 GCSEs or more (the national average is 7.8 GCSEs per pupil). 57% achieved at least four grade 8 or 9s (former A equivalent). Pupils in the International College contributed very positively to these overall results – as a cohort they achieved 59.4% at grade 9 or 8 (A* level) – a fantastic achievement for pupils who work, in their second language, towards GCSE exams in just one year.

Other Activities supporting these objectives:

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THE KING’S SCHOOL, CANTERBURY

THE ANNUAL REPORT OF THE GOVERNING BODY FOR THE YEAR ENDED 31 AUGUST 2022

A grade) and the College has continued to recruit strongly despite the challenging international situation with 72 pupils due to start in September 2022, close to its maximum of 80 pupils.

Junior King’s School

Junior King’s provides a broad, all-round education, where academic and extra-curricular activities and individual pupil talents are nurtured and developed in a supportive and caring environment. Kindness, along with our values of resilience, respect, readiness and responsibility are central to our ethos.

Post-pandemic, we are back to normal in terms of running the school. Recruitment of new pupils and retention of current pupils means we have exceeded our pupil target number. We attract day and boarding pupils to our school in an increasingly competitive and volatile market; marketing and promoting Junior King’s on our social media and other platforms regularly. However, it is increasingly clear that some of our parents are finding the current national financial difficulties very challenging.

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THE KING’S SCHOOL, CANTERBURY

THE ANNUAL REPORT OF THE GOVERNING BODY FOR THE YEAR ENDED 31 AUGUST 2022

Academically our pupils at Junior King’s achieved extremely well. Our improved skills-based Humanities curriculum is more enriching and a deeper learning experience for the pupils. Pupils are developing life skills in research, analysis and communication.

All Year 8 pupils gained entry to their chosen senior schools. The majority of Junior King’s pupils moved on to The King’s School (over 90%), and to other schools included Brighton College, King’s International School, Kent College and Harrow School. Achievements this year: 8 scholarships (Academic, Music, DT, Drama, Art), 6 exhibitions (Music, DT, Sport) and 14 others were recognised for their potential and offered places on the Excellence Programmes for different subjects. Close links and departmental contact have been reintroduced with The King’s School post-covid to ensure we maintain smooth transition and continuity in learning for our pupils. Junior King’s excels at the Creative Arts – Wizard of Oz, Year 7 King’s Week play and concerts along with a new Shakespeare Drama festival set in the school grounds. We had exceptional achievements in Lamda and ABRSM/Trinity exams, and we showcased the pupils’ Art and DT work. Music lessons total around 350 per week with 28 visiting music staff.

We enjoyed some excellent sporting achievements in athletics, swimming and fencing this year, and also introduced girls’ football.

Pastoral care is central to our provision. We follow a clear pastoral structure of staff at Junior King’s who work in tandem with the Chaplain, Senior Nurse and counsellor. We have a Mental Health lead teacher. We have an excellent PSHE programme in place and we run both medical health and mental health workshops for pupils.

This year has allowed us to focus on the strategic developments and business plan required for the Junior King’s Masterplan over the coming years. The need to develop and grow our health and boarding provision has become a priority. A new temporary health centre is a marked improvement but ideally should be linked with boarding. Swimming continues to be a preoccupation with parents and there is a pressing need to increase the opportunities and development of the sport. Longer term plans are key, but a temporary cover of the current pool will enable us to teach swimming all year round. We are also keen to introduce a younger-age nursery with wrap-around care. We developed a new all-year round play area and made significant improvements to the cricket pavilion, thanks to the Parents’ Committee donation. We continue to support many local charities, including Porchlight and Catching Lives during the year.

Local community links include: The Head as President of the Sturry Twinning Association with Junior King’s hosting the first joint event between Sturry / Aire sur la Lys next year. The Prep School uses St Nicholas’ Church, Sturry for school and joint services with the community. The school is planning shared activities and community events once again, led by a newly appointed member of staff.

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THE KING’S SCHOOL, CANTERBURY

THE ANNUAL REPORT OF THE GOVERNING BODY FOR THE YEAR ENDED 31 AUGUST 2022

The pupil numbers for the year 2021-22 are as follows:

2021-2022 2020-21 2020-21 2019-20 2019-20
Total Boarders Total Boarders Total Boarders
Senior School 864 681 848 337 861 680
Junior School 287 78 251 46 273 72
Pre-prep 80 0 82 0 77 0
International 61 61 53 53 42 42
Girls Boys Girls Boys Girls Boys
Senior School 427 437 417 431 442 419
Junior School 130 157 111 140 111 162
Pre-prep 46 34 44 38 43 34
International 27 34 30 23 19 23

Scholarships and Bursaries

During the year, and in fulfilment of the objectives of the charity, the Governors made available 171 (2020-21: 265) Scholarships and 64 (2020-21: 138) means-tested Bursaries, which together total £1,517k (2020-21: £2,024k). These were awarded to enable pupils to benefit from the education offered at King’s where there was need for financial assistance.

At present, a significant proportion of Scholarships and Bursaries are funded out of the School’s current income. In order to ameliorate this, the Governors set up a Foundation Office to encourage OKS, parents and friends of the School to endow both Scholarships and Bursaries. This initiative had led to the Kent Awards which began during 2018-19. The aim of the Kent Awards is to strengthen our roots in Kent by providing bursary support to local families who would otherwise not be able to afford a King’s education.

The Governors keep the School’s Bursary and Scholarship Awards policies under continuous review to help ensure that the objective of wider access continues to be achieved.

Bursaries

The School endeavours to provide an education to those pupils who will best benefit from the style of teaching and the facilities that we have to offer. Inevitably not all parents of such pupils will possess the means to fund the school fees that we necessarily have to charge. The School does provide means-tested bursaries for this purpose. In the year 2021-22, we were able to offer assistance worth £1,033k (2020-21: £1,608k) . In addition to this direct assistance with fees, the School also subsidises ancillary expenses, such as school trips, where parents would otherwise experience financial hardship.

The King’s School Development Office

In the financial year 2021-22 the King’s School and Junior King’s received gifts of £150,982 (including Gift Aid) which will enable the delivery of improvements to the pastoral and teaching environment, as well as the provision of wider access to a King’s education through the bursaries programme.

There has been significant support from alumni, parents and OKS who are helping to set up the new King's Charter Awards in order to provide 110% bursaries for those who would not otherwise be able to benefit from a King’s education due to

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social or economic factors. Our first Royal Springboard 6[th] Form boarding place fully funded by one generous benefactor, a former King's Parent, is due to commence in September 2023.

The Legacy Club continues to attract support from members of our community who have pledged to include a gift to the Schools in their will. Most of these gifts will contribute to the funding of bursaries via Term Funding or will be added to the Endowment Fund. Eight legacies were received in this academic year. The Fund currently stands at £1,975,059.

The School wishes to record its gratitude and appreciation to all those who have contributed or pledged their support for King’s over the past year, enhancing and expanding a King’s Education for future generations, and aided by the high quality of ongoing stewardship carried out by the Development & Alumni Office.

Partnerships Overview: 2021/22

The academic year was once again disrupted by the after-effects of COVID and this inevitably impacted on the outreach / partnerships work carried out through the year. Although the King’s Partnerships programme necessarily ran at a reduced level in the Autumn and Easter terms, the focus during the Summer term was on rebuilding links and creating new opportunities. As a result the Partnerships programme is in a healthy, “green-shoots” phase going forward with links re-established with local primary schools, and new links forged with secondary schools.

East Kent Schools Together (established 2017)

EKST remains a key element of the Partnerships offer at King’s and the return to live collaborative events this year was very positive. Over twenty opportunities reaching over two thousand pupils took place, including the Big Explore, the Big Chill, the Big Design Challenge and Big Aspirations Talks. King’s continued to participate as appropriate, including in the Big Splash, the Big Languages Day and the Student Leadership Day.

Canterbury Primary Science Partnership and Science Overview:

Our Head of Science (Outreach and Research), made contact with a total of 26 schools around the area and a weekly science newsletter (the Science Journal) was provided for part of the year, sharing new competitions and resources.

The EKST Science Cluster continued online and in person throughout the year, with the Head of Science Outreach playing an active role in sharing best practice, examination approaches and planning combined activities and events. Outreach Science assemblies took place to over 300 primary pupils, on Cold Chemistry, at St John’s and at Sheldwich Primary. Assemblies were inevitably restricted owing to COVID issues.

The Young Scientist Journal continued online, led by two members of staff and King’s pupils, alongside various university / sixth form students. Finally, a workshop on electrical circuits was provided to twenty primary school pupils at Wincheap Primary School.

Our Head of Geology, ran a series of Geology Outreach sessions to local primary schools: a volcano / earthquake outreach event at Wincheap to sixty pupils; online meet-a-geologist to Year3s at Sturry Primary and at Hoath Primary.

Saturday Smarties and Family Science Day:

This programme restarted in March, with five Saturday Smarties sessions and one Family Science Day, hosted by teaching staff (subject specialists) and our pupil volunteers. Attendance at each event was at lab capacity (generally in the twenties) and around ten King’s pupil volunteers supported and participated each time. These sessions were a real success.

Saturday Smarties, Family Science Day and the outreach assemblies are the flagship Science programmes. These are our priority for the coming academic year and we expect to grow this provision and the engagement of local schools in the coming year. There is potential to reach up to 2,000 pupils of primary age each year .

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Other Frequent Initiatives

SEND conference:

Nearly forty SENCos from schools, both local and further afield from the Eton Group, attended our annual SEND conference at Birley’s Pavilion in November. Items included the vital annual update on JCQ access arrangements, and presentations from psychologists from Psicon on ADHD and ASD. The conference was also streamed for those unable to attend. The conference was a real success and was a useful opportunity for networking and the sharing of expertise between schools.

Sounding Out:

The Music Partnership programme Sounding Out was relaunched in January 2022. The Head of Music Partnerships, , visited each of the four primary schools that were involved from the initial set-up in September 2019: St. John’s Church of England Primary School; St. Thomas’ Catholic Primary School; Pilgrims’ Way Primary School and Wincheap Foundation Primary School. St Stephen’s Junior School was later added to this group.

Subsequent visits involved demonstrations and performances by King’s pupils to the Year 4 pupils, to encourage participation. Interested pupils and their parents then joined the programme, with a choice of learning either trumpet or violin. A meeting was held in May to explant the programme to the parents, and a Welcome Event took place at King’s in June, with pupils and parents enjoying a tour of the Music School, refreshments in the Social Centre and then the “Thursday Night is Music Night” King’s Week concert.

The programme’s patron, Laura van der Heijden, visited The King’s School in May and delivered cello masterclasses and gave an informal performance to some King’s School pupils. The intention is that Laura will visit regularly to inspire and motivate the pupils involved in Sounding Out .

Fundraising continues and will be a focus for the academic year 2022-23. The Aldington Wind Quartet kindly offered half of the proceeds from one of their concerts to Sounding Out and Lady Kingsdown donated a proportion of the funds raised from her Open Garden event in July. Other donors have continued to make donations, primarily via the Malthouse box office.

Sounding Out was publicly relaunched on September 17[th] 2022 and all of the children, parents and staff involved are enthusiastic and excited about the future of the programme.

Languages support:

We continued our regular, weekly language support at local primary schools. Subject specialist teachers (French, German, Spanish, Mandarin) attended local schools with pupils from King’s to support teaching and reading. In addition EAL support was provided to Ukrainian children via online learning; 26 hours of support to KRAN charity language summer school (Kent Refugee Action Network); and we led on the Russian language aspects of the Big Language Day

King’s Talks:

Our King’s Talks continued in person and online, with links to these talks shared with local and partner schools.

Art:

The art department strengthened its links with local schools: photography / darkroom sessions with Year 12 and 13 pupils from Archbishop’s school; ceramics workshops with sixty Year 2 pupils from Canterbury Academy Primary.

Counselling:

We continued to provide counselling support, including thirty five hours in the Summer term and thirty eight in the Easter term.

Page 12 Registered Charity Number 307942

THE KING’S SCHOOL, CANTERBURY

THE ANNUAL REPORT OF THE GOVERNING BODY FOR THE YEAR ENDED 31 AUGUST 2022

Breakfasts:

Our primary support programme was relaunched, with the aim of addressing derivation in the community and also giving local pupils the chance to enjoy a King’s breakfast! A relaunch event was held with thirty Year 6 pupils from St John’s, many of whom enjoyed both second and third helpings.

Volunteering:

King’s pupils (over fifty within the volunteering section) continued to volunteer at local charity shops, bookshops and primary schools.

Facilities

King’s Rec Centre:

Use of facilities by a wide range of users and organisations, including Simon Langton Boys (use of tennis courts), East Kent Carers (pool), LASAG and St John’s (regular use of the sports hall) and the yoga studio by local members of the community for charitable purposes.

This is a well-equipped and wide-ranging facility for sports and recreation, built for both School and community use. A high quality sports and leisure complex in the centre of Canterbury, it offers a swimming pool, sauna and steam room, gym, cardio theatre, strength & conditioning room, spinning room, badminton, tennis and squash courts and a multi-use sports hall for most indoor team games. Shared between the School and the City, over 2,361 members of the public have taken out annual membership at rates that are cheaper than similar facilities in the commercial sector.

NHS and council workers and Kings school parents are offered a further 20% discount, as are local companies’ group membership. Opening times are planned around the School timetable, so that members of the public can maximise use of the Centre. The 25 metre pool offers classes 7 days a week on the Swim England Teaching Plan and coaches teach swimming to just over 1,000 people a week ranging from 6 month old babies to senior citizens. Recreation Centre Manager, Natalie Collins, says: “Our Swimming Lesson programme is extremely popular with regular requests for swimming lessons. We are fortunate to have a waiting list of over 700 people who want to learn to swim here.” The multi-use sports hall offers cricket nets, football, basketball and badminton; in addition, there are four squash courts, two fitness rooms, a strength and conditioning room, dedicated studio cycling area, an aerobics studio, two treatment rooms and multi-surface tennis courts and an all-weather hockey pitch. The Centre offers coaching across a number of sports to the local community, which has helped a number of children reach national standard in both Squash, Badminton and Basketball. In addition to the coaching, we now have 4 national league basketball teams, which begin at Under 12’s and run up until Under 16’s.

Malthouse:

Pupils from local primary schools attended the pantomime at no charge (eg c200 from St John’s); members of SLT at partner schools used the quiet break-out areas for staff development; local teachers attended free evening performances of the Marlowe Sessions; local community (c250 non-King’s affiliated visitors) attended a lecture by Sir Anthony Beevor

Other Facilities

Beerling Hall was used for a calm, focused environment for school refusers to receive post-lockdown tuition in English and Maths, in collaboration with a local school.

St Mary’s Hall was used by St John’s Primary at no charge for two days for their end of year reward show (over 350 pupils).

Junior King’s Barn was used as the central venue for the Speech and Drama Festival and The Old Synagogue was used by Canterbury Commemorative Society and Canterbury Music Society at no charge.

Page 13 Registered Charity Number 307942

THE KING’S SCHOOL, CANTERBURY

THE ANNUAL REPORT OF THE GOVERNING BODY FOR THE YEAR ENDED 31 AUGUST 2022

Loans, Donations and Fund-raising

We continued to support numerous charities across the various schools: The Sea Life Trust (£1,500); Team Malawi, Cancer research and A Trillion Trees (£5,000). Over £5,000 was raised by pupils at King’s through charitable activities (eg the Hello Yellow annual event), and donated to organisations including Canterbury Refugees, Rising Sun and Papyrus. Over £7,000 was raised and donated to the Red Cross for Ukraine Appeal.

We provided support to local charities and groups including The Arts Society (tour), Sandwich Reading Group (archive tour), Canterbury Music Society (free hire Old Synagogue).

Donations included library books to Blean Primary School and separately to Books4Africa, musical instruments to Afghan Refugees, cans of dog food and treats to the Dogs Trust, clothes and groceries to Ukraine Appeal, and more clothes to the Canterbury Clothing Bank. In addition we loaned theatrical equipment and Tech services to Theatrecraft in Herne Bay.

Staff development and mutual support

Governance and compliance:

Our staff continue to support local schools. Governance was provided at Spires Academy, St Ronan’s, Hernhill C of E, Blean, Turner Free School amongst others. Compliance expertise was provided to Sheppey Academy and the local community of Sheppey.

CPD and development:

We continued to support and learn from schools within the area, via online resource sharing (EKST, Wild Explorers), department links across schools (eg in MFL) and mentoring of a newly qualified teacher, as well as a UKC intern in the Classics department. We also visited Canterbury Academy to share knowledge around BTEC Sport planning and attended EKST cluster meetings.

One-off events

Four of our pupils provided live music at the Jubilee celebrations at St John’s Primary.

Our Head gardener redesigned an area of the St John’s Primary playground to provide improved planting.

Year 10 pupils from Archbishop’s School attended for a tour of the Birley’s kitchens and a talk by the kitchen team on careers.

A specialist talk on philosophy was given to sixth form pupils from SLGGS by a member of King’s staff.

Charity fundraising and sponsorship

In the year 2021-2022 over £13.8k was raised through collections and special events and this money has been donated to charities designated by the pupils. The Support Staff also nominated R World as Charity of the Year and raised over £4.8k through various fundraising ideas.

Walpole House is one example, raising £1,296 via Walpole Carnations for Alzheimer’s and Dementia Support. There are many others that are done through the Just Giving page.

Page 14 Registered Charity Number 307942

THE KING’S SCHOOL, CANTERBURY

THE ANNUAL REPORT OF THE GOVERNING BODY FOR THE YEAR ENDED 31 AUGUST 2022

FINANCIAL RESULTS

The King’s School

The year to 31 August 2022 resulted in net income before transfers and investment gains of £3,196k (2020-21: £3,780k).

This includes the net income from donations and legacies to the School’s Foundation of £209k (2020-21: £1,196k).

The School’s financial policy is to ensure that these resources are used to provide a first class education and to create and improve the facilities available to pupils but also to enable these facilities to be shared with the Canterbury community, in pursuance of the Charity’s objects, when not in use by the pupils and many other users.

The income is shown after providing academic scholarships and bursaries of £1,517k (2020-21: £2,024k). During the year over £6.8m was invested in buildings and equipment (2020-21: £2.5m).

King’s School Enterprises Limited

King’s School Enterprises Limited is a subsidiary company of the School. It was set up in order to undertake trading activities on behalf of the School, utilising School premises and facilities when not in use by the School. All of the profits of the company are paid over to the School under a deed of covenant.

The company made a net profit of £99k (2020-21: £7k) following the resumption of normal trading after previous disruptions through the global pandemic.

The King’s School, Canterbury (International) Limited

The King’s School, Canterbury (International) Limited is a subsidiary company of the School. It was set up in order to undertake trading activities on behalf of the School in relation to the schools overseas activities. All of the profits of the company are paid over to the School under a deed of covenant.

The company made a net profit of £204k (2020-21: £258k), which was paid over to the School under the deed of covenant and, under the gift aid arrangement, is not subject to tax. The net assets of the company consequently remained at nil.

Cleary Blackfriars Trust

This is a registered subsidiary charity of the School whose principal objects are:

  1. The promotion of education at The King’s School, Canterbury

  2. The establishment and maintenance of one or more “Cleary Scholarships” for pupils of The King’s School, Canterbury, supporting their creative work and trips to visit places of outstanding artistic interest.

  3. The maintenance of the Blackfriars building

  4. The promotion of the Arts

The Trust’s property was revalued in June 2021 in line with the 5-year cycle.

This subsidiary charity had net income (following payment of Scholarships and Awards) of £11k (2020-21: £58k) and net assets of £769k (2020-21: £758k).

King’s School Reserves

The reserves of the charity are split between various funds and are described in more detail in notes 12A-D of the accounts:

1. Endowed Funds: These are funds where the capital element is considered to be permanent. The major part of these funds is the Foundation capital, which comprises the original endowment of land to the School and this forms the bulk of the School’s freehold property. Other endowment funds comprise trusts set up to provide scholarships and bursaries.

2. Restricted Funds: These are funds subject to specific trusts declared by their donors. The use of these funds is subject to the provisions set out in each trust.

Page 15 Registered Charity Number 307942

THE KING’S SCHOOL, CANTERBURY

THE ANNUAL REPORT OF THE GOVERNING BODY FOR THE YEAR ENDED 31 AUGUST 2022

3. Unrestricted Funds: These are funds expendable at the discretion of the Governors; £11,868k of these funds have been designated for the Bursary Fund. Bursaries are awarded annually.

Reserves Policy

The Governors are following policies intended:

  1. to build up the reserves available to fund bursaries (the Bursary Fund) through fundraising and appeals and to seek further endowments for the funding of scholarships

  2. to obtain a nominal gross yield of at least 2.5% on the School’s investments and a nominal total return of RPI plus 4%

The School’s ten-year cash flow forecast shows that, excluding borrowing for major capital works, all other liabilities and commitments are fully matched by available funds and the Governors are confident that the School’s overall financial position remains a strong one.

Reserves and future capital funding requirements are monitored regularly by the Governors through the Finance and General Purposes Committee.

The assets and liabilities attributable to the various funds by type are shown in Note 12 to the Financial Statements, and Notes 12A-C describe the year’s movements on each fund. The Governors consider that each of the charity’s Funds has adequate resources to meet its individual obligations.

The School raises the majority of its income through the levying of termly tuition and boarding fees and hence it is not dependent (unlike many other charities) on irregular and uncertain sources of income. There is therefore less of a need to accumulate significant levels of freely available reserves to guard against periods of reduced income. The Governors have set an interim target of eliminating the deficit on notional freely available reserves but do not consider the current deficit to have any adverse impact upon the School’s operations or on its capital development plan.

Investment powers

These are governed by the Trustee Act 2000. Strategic investment policy is set by the Governors in conjunction with Sarasin & Partners, the School’s investment managers, who then manage the investments within prescribed guidelines on a discretionary basis. The current Investment Policy is to protect the real value of income and capital whilst spreading risk. We ensure that our investment manager has strong corporate governance protocols, voting with our shareholdings and engaging with management teams, when appropriate.

During the course of the year, the Investment Committee met twice to receive the reports of Sarasin & Partners. In 2007 the School’s segregated portfolio was moved into the Alpha CIF for Endowments Income Units. In January of 2021 the School’s portfolio was moved into the Climate Active Endowment Fund. It was felt that this was the most appropriate and efficient way of meeting the School’s investment objective and that the Climate Active Fund better reflected the School’s ethos. Both funds used in 2020/21 are able to invest across a very wide range of asset classes in a well-diversified fashion. The School’s Sarasin investments produced an income return for the year of 2.19% against the Governors’ objectives of at least 2.5%. The long-term income performance of the fund remains well above target and the capital movement on the scheme was approximately 11% during the year.

The Governors remain confident that their investment policy is prudent, in keeping with their investment objectives and likely to produce attractive returns over the longer term.

Page 16 Registered Charity Number 307942

THE KING’S SCHOOL, CANTERBURY

THE ANNUAL REPORT OF THE GOVERNING BODY FOR THE YEAR ENDED 31 AUGUST 2022

Future plans

The School’s plans include:

  1. To uphold the ethos of the School by maintaining the current ratio of boarding to day pupils within the King’s School and striving to fulfil the School’s academic and co-curricular aims.

  2. To build up Capital and Bursary funds through the Foundation Development Committee to enable the School to increase the number and value of means-tested bursaries as well as to implement Capital projects.

  3. To continue to improve facilities through a carefully monitored Capital Building programme.

  4. To explore international opportunities, both at home and abroad.

  5. To continue to develop the School’s commercial activities through the Kings School Enterprises Ltd.

These plans are kept under regular review by the Governors and the Senior Leadership Team of the School.

Statement of Governors’ responsibilities

Charity law requires the Governors to prepare financial statements for each financial year, which give a true and fair view of the affairs of the Charity and of its financial activities for that period. In preparing those financial statements the Governors are required to:

  1. Select suitable accounting policies and then apply them consistently;

  2. Make judgements and estimates that are reasonable and prudent;

  3. Follow applicable accounting standards and the Charities SORP, disclosing and explaining any material departures in the financial statements;

  4. Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue in business.

The Governors are responsible for keeping accounting records, which are such as to disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with charity law. The Governors are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.

Comte Benoit de Vitry d’Avaucourt

Interim Chairman of the Governors

………………………………………………………

For and on behalf of the Governors

Date:

Page 17 Registered Charity Number 307942

THE KING’S SCHOOL, CANTERBURY

INDEPENDENT AUDITORS REPORT TO GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022

Opinion

We have audited the financial statements of The King’s School, Canterbury (the ‘School’) for the year ended 31 August 2022 which comprise the Consolidated and School Statements of Financial Activities, the Consolidated and School Balance Sheets, the Cash Flow and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the School’s Governing Body use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

Our responsibilities and the responsibilities of the School’s Governing Body with respect to going concern are described in the relevant sections of this report.

Other information

The School's Governing Body are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 18 Registered Charity Number 307942

THE KING’S SCHOOL, CANTERBURY

INDEPENDENT AUDITORS REPORT TO GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charity and their environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Governing Body.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations Act 2008 requires us to report to you if, in our opinion:

Responsibilities of the Governing Body

As explained more fully in the Statement of Accounting and Reporting Responsibilities, the School's Governing Body, as charity trustees, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

We have been appointed under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

Page 19 Registered Charity Number 307942

THE KING’S SCHOOL, CANTERBURY

INDEPENDENT AUDITORS REPORT TO GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the School’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of Members of the Governing Body and Senior School Staff as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;

tested journal entries to identify unusual transactions;

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;

reading the minutes of meetings of the Governing Body;

enquiring of Senior School Staff as to actual and potential litigation and claims; and

reviewing correspondence with HMRC, relevant regulators and the School’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Members of Governing Body and other Senior School Staff and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the School's Governing Body in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the School's Governing Body those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the School's Governing Body as a body, for our audit work, for this report, or for the opinions we have formed.

Alliotts LLP ................................................................Date:………..............

Statutory Auditor

Friary Court, 13-21 High Street, Guildford, Surrey GU1 3DL

Alliotts is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 20 Registered Charity Number 307942

THE KING’S SCHOOL, CANTERBURY

INDEPENDENT AUDITORS REPORT TO GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022


Notes
Income and endowments from:
Charitable activities
School fees receivable
2(a)
Other educational income
4
Ancillary trading income
4
Other trading activities
Activities for generating funds:
Trading Companies
3
Investments
Investment Income
8c
Bank and other interest
8c
Voluntary sources
Grants and donations
4
Government Grants
Furlough Grant
4
Total Income
Expenditure on:
Raising funds
Trading Companies
3
Expenditure on raising funds
Financing Costs
Total deductible costs
6a
Net income
Available for charitable application
Total charitable expenditure
6b
Total Expenditure		 Unrestricted Funds
Restricted
Endowed
Total
School
Other
Funds
Funds
Funds 2022
£'000
£'000
£'000
£'000
£'000
40,589
0
(317)
0
40,272
1,996
0
0
0
1,996
201
0
0
0
201
0
1,226
0
0
1,226
0
78
216
0
294
31
0
2
0
33
90
0
61
58
209
0
0
0
0
0
42,907
1,304
(38)
58
44,231
0
809
0
0
809
161
0
5
0
166
1,533
0
0
0
1,533
1,694
809
5
0
2,508
41,213
495
(43)
58
41,723
38,369
0
12
0
38,381
40,063
809
17
0
40,889		 Total
Funds 2021
£'000
35,008
1,780
197
764
250
6
1,196
997
40,198
519
161
1,525
1,694
809		 2,205
41,213
495
38,369
0
40,063
809		 37,993
34,205
36,410
Net incoming funds from operations
before transfers and investment gains
Gains/(Losses) on Investments
8a
Transfers between funds
12d
Net income and capital Inflow
Revaluation of tangible fixed assets
7
NET MOVEMENT IN FUNDS FOR YEAR
Fund balances at 1 September 2021
FUND BALANCES AT 31 AUGUST 2022
12		 2,844
495
(55)
58
3,342
(254)
0
(31)
(711)
(996)
182
(220)
38
0
0
(48)
(653)
2,346
0
0
1,316
(48)
(653)
3,662
5,580
32,804
80,280
5,532
32,151
83,942
46,259
41,896
3,047
1,316
4,363		 3,788
1,032
0
4,820
1,634
6,454
73,826
80,280

All amounts above relate to continuing activities. The notes on pages 25 to 47 form part of these accounts

Page 21 Registered Charity Number 307942

THE KING’S SCHOOL, CANTERBURY

SCHOOL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022


Notes
Income and endowments from:
Charitable activities
School fees receivable
2(a)
Other educational income
4
Ancillary trading income
4
Other trading activities
Activities for generating funds:		 Unrestricted Funds
Restricted
Endowed
Total
School
Other
Funds
Funds
Funds 2022
£'000
£'000
£'000
£'000
£'000
40,588
0
(324)
0
40,264
1,996
0
0
0
1,996
201
0
0
0
201		 Total
Funds 2021
£'000
35,021
1,805
197
Trading Companies
3		 0
303
0
0
303		 258
Investments
Investment Income
8c
Bank and other interest
8c
Voluntary sources
Donations and legacy
4
Government Grants
Furlough Grant
4		 0
78
205
0
283
31
0
0
0
31
90
0
61
58
209
0
0
0
0
0		 239
6
1,196
978
Total Income 42,906
381
(58)
58
43,287		 39,700
Expenditure on:
Raising funds
Expenditure on raising funds
Financing Costs
Total deductible costs
6
Net income
Available for charitable application
Total charitable expenditure
6b
Total Expenditure
Net income from operations
before transfers and investment gains
Net Gains/(Losses) on Investments
8b
Transfers between funds
12d
Net income and capital Inflow
Revaluation of tangible fixed assets
7
NET MOVEMENT IN FUNDS
Fund balances at 1 September 2021
FUND BALANCES AT 31 AUGUST 2022
12		 161
0
5
0
166
1,533
0
0
0
1,533
1,694
0
5
0
1,699
41,212
381
(63)
58
41,588
38,387
0
5
0
38,392
40,081
0
10
0
40,091
2,825
381
(68)
58
3,196
(254)
0
0
(711)
(965)
0
0
0
0
0
(68)
(653)
2,231
0
0
1,316
(68)
(653)
3,547
4,841
32,804
79,625
4,773
32,151
83,172
4,268
2,952
1,316
41,980
46,248		 161
1,525
1,686
38,014
34,234
35,920
3,780
997
0
4,777
1,633
6,410
73,215
79,625

All amounts above relate to continuing activities. The notes on pages 25 to 47 form part of these accounts

Page 22 Registered Charity Number 307942

THE KING’S SCHOOL, CANTERBURY SCHOOL AND CONSOLIDATED BALANCE SHEETS

AS AT 31 AUGUST 2022

Notes
FIXED ASSETS
Tangible assets
7
Investments
8
CURRENT ASSETS
Stock
Debtors
9
Short-term Investments
8
Cash at bank and in hand
CREDITORS: due within one year
10a
NET CURRENT LIABILITIES
Other Loan
Deposits & Accruals
Advance Fees
11
CREDITORS: due after one year
10b
TOTAL NET ASSETS
ENDOWED FUNDS
12a
RESTRICTED FUNDS
12b
UNRESTRICTED FUNDS
Designated and general funds
12c
12		 31 August
31 August
2022
2021
£'000
£'000
126,796
119,976
10,426
12,712
137,222
132,688
431
400
1,880
1,144
1,290
0
11,008
12,709
14,609
14,253
(17,075)
(14,821)
(2,466)
(568)
(40,000)
(40,000)
(9,970)
(10,774)
(844)
(1,066)
(50,814)
(51,840)
83,942
80,280
32,151
32,804
5,532
5,580
46,259
41,896
83,942
80,280
Consolidated		 31 August
31 August
2022
2021
£'000
£'000
126,551
119,731
10,106
12,361
136,657
132,092
90
66
2,026
1,755
1,290
0
10,988
12,691
14,394
14,512
(17,065)
(15,139)
(2,671)
(627)
(40,000)
(40,000)
(9,970)
(10,774)
(844)
(1,066)
(50,814)
(51,840)
83,172
79,625
32,151
32,804
4,773
4,841
46,248
41,980
83,172
79,625
School		 31 August
31 August
2022
2021
£'000
£'000
126,551
119,731
10,106
12,361
136,657
132,092
90
66
2,026
1,755
1,290
0
10,988
12,691
14,394
14,512
(17,065)
(15,139)
(2,671)
(627)
(40,000)
(40,000)
(9,970)
(10,774)
(844)
(1,066)
(50,814)
(51,840)
83,172
79,625
32,151
32,804
4,773
4,841
46,248
41,980
83,172
79,625
School
132,092
66
1,755
0
12,691
14,512
(15,139)
(627)
(40,000)
(10,774)
(1,066)
(51,840)
79,625
32,804
4,841
41,980
79,625

Approved by the Governors and Signed on their behalf by:

Comte Benoit de Vitry d’Avaucourt Chairman of the Governors

Date:

Page 23 Registered Charity Number 307942

THE KING’S SCHOOL, CANTERBURY

CONSOLIDATED STATEMENT OF CASHFLOWS

FOR THE YEAR ENDED 31 AUGUST 2022

Note
Cash flows from operating activities
15
Cash flows from investing activities
Investment income receipts
Purchase of tangible fixed assets
Purchase of investments
Cash flows from financing activities
Finance costs paid
New fees in advance money
Discount allowed to parents
Amounts utilised from Advanced Fees
Increase/(Decrease) in cash in the year
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year		 £'000
£'000
6,722
327
(6,893)
0
(6,566)
(1,533)
598
(7)
(915)
(1,857)
(1,701)
12,709
11,008
31 August 2022		 £'000
£'000
10,944
256
(2,800)
(2,012)
(4,556)
(1,525)
1,478
(27)
(1,111)
(1,185)
5,203
7,506
12,709
31 August 2021		 £'000
£'000
10,944
256
(2,800)
(2,012)
(4,556)
(1,525)
1,478
(27)
(1,111)
(1,185)
5,203
7,506
12,709
31 August 2021
5,203
7,506
12,709

Page 24 Registered Charity Number 307942

THE KING’S SCHOOL, CANTERBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022

1 STATEMENT OF ACCOUNTING POLICIES

The King’s School Canterbury is a charity incorporated by Royal Charter in England and Wales. Registered address: 25 The Precincts, Canterbury, Kent. CT1 2ES.

Basis of Accounts Preparation

These accounts are prepared under the Charities Act 2011 on the historical cost convention as modified by the adoption of current cost for investment assets and in accordance with applicable accounting standards and the Statement of Recommended Practice on Accounting and Reporting by Charities: FRS102 (effective from 1[st] January 2019). The accounts consolidate the results of the School, its wholly owned subsidiaries King’s School Enterprises Limited and the King’s School, Canterbury (International) Limited, together with the Cleary Blackfriars Trust, a registered charity (number 297249), which is subject to common control, on a line by line basis. The School is a Public Benefit Charity as defined by FRS102.

Going Concern

The Governors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the school to continue as a going concern. The Governors make this assessment in respect of a period of one year from the date of approval of the financial statements. There are no material uncertainties about the School’s ability to continue as a going concern.

Fees

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the School from its unrestricted funds but include contributions received from Restricted Funds for Scholarships, Bursaries and other grants.

Advance Fee income

The School offers parents the opportunity to pay school fees in advance in accordance with a written contract. The contract sets out agreed termly payments from the prepaid balance against school fees net of an agreed fixed termly discount. The amount received is held as an interest-bearing liability with the interest accruing to the Scheme. The advance fee is treated as deferred income until the pupil joins the School whereupon the agreed termly amount for each school term is charged against the remaining balance and taken to income. The school fee payer is liable for any difference between the agreed termly payment and the school fees for that term. Any excess accrued to the Scheme over and above the agreed total termly payments is treated as additional school income.

Grants and Bursaries

Grants and bursaries from restricted funds are included as expenditure in the period for which the award is given. Bursaries and allowances from unrestricted funds towards school fees at the Schools are treated as a reduction in those fees.

Donations

Donations receivable for the general purposes of the School are credited to “other Unrestricted Funds” to distinguish them from direct school income. Donations for purposes restricted by the wishes of the donor are taken to the relevant “Restricted Funds” where these wishes are legally binding on the School Governors, except that any amounts required to be retained as Capital in accordance with the donor’s wishes are accounted for instead as Endowments – permanent or expendable according to the nature of the restriction. All donations are recognised on receipt and bequests are recognised on execution of will.

Legacies

Legacies are accounted for when the economic benefit to the School is considered probable.

Page 25 (Registered Charity Number 307942)

THE KING’S SCHOOL, CANTERBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022

Resources expended

Expenditure is accounted for on an accruals basis. Overhead and other costs not directly attributable to particular functional activity categories are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the year, either by reference to staff time or space occupied, as appropriate. The irrecoverable element of VAT is included with the item of expense to which it relates.

Governance costs comprise the costs of running the charity, including strategic planning for its future development, also internal and external audit, any legal advice for the School Governors, and all the costs of complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability.

Pension Schemes

The charity contributes to the Teachers’ Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the School.

In accordance with FRS102 the scheme is accounted for as a defined contribution scheme. The Charity also contributes to a defined contribution scheme, with funds held externally, for non-teaching staff who become eligible on completion of their probation to join the scheme.

Operating leases

Rentals payable are charged in the SOFA on a straight line basis over the lease term.

School land and buildings and equipment.

In accordance with FRS102, the Governors have and will continue to carry out annual review for impairment. All properties that have been held for more than a year are revalued annually in a desk-based assessment by appropriately credentialled independent surveyors.

Depreciation

Depreciation is provided on fixed assets so as to write-off their cost or valuation less any residual value by equal instalments over their expected useful lives. Depreciation is charged from the term following the period in which the expenditure was incurred. No depreciation is provided in any period prior to that in which the asset was first brought into use by the School.

Page 26 (Registered Charity Number 307942)

THE KING’S SCHOOL, CANTERBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022

Revaluation

The freehold, long leasehold and short leasehold properties which are used for general school use have been valued on the basis of Fair Value (FV) in accordance with FRS102. The school sports facilities, Malthouse and International College Site and buildings under construction have been valued on the basis of Depreciated Replacement Cost (DRC) whereas the residential properties and freehold investment land has been valued on the basis of Market Value (MV).

Creditors

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the school anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods of services it must provide.

Connected charities

Consequently, the activities of the Trust have not been incorporated into these financial statements. During the year the Trust received investment income of £4k (2020-21: £4k) and leased property to the School on a commercial basis for £90k per annum. The Trust assets were £1.9m as at 31[st] August, (2020-21: £1.9 million).

The school receives facilities from the Trust donated at market value.

The full accounts of the Trust are available from the Bursar of the School. In summary, the Trust had net income of £18k (2020-21: £7k) and net movement in funds of negative £75k (2020-21: £113k) and net assets of £1,108k (2020-21: £1,183k).

Investments

Investments are included at closing mid-market value at the Balance Sheet date. Any gain or loss on revaluation is taken to the SOFA. Investment income is accounted for in the period in which the charity is entitled to receipt. Investment management costs are accounted for as incidental costs of the acquisition or disposal where transaction based, while investment income management costs are charged as expenditure out of the relevant income funds.

Stock

Stock is valued at the lower of cost and net realisable value.

Page 27 (Registered Charity Number 307942)

THE KING’S SCHOOL, CANTERBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Critical Accounting Estimates and Areas of Judgement

The school investment portfolio is managed externally and valued at Market Rate.

Depreciation is charged over the useful life of the asset. Fixed assets are revalued every 5 years by external valuators and updated annually in a desk-based assessment.

Page 28 (Registered Charity Number 307942)

THE KING’S SCHOOL, CANTERBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022

2 SCHOOL FEES

(a) The School's fee income comprised:
Gross Fees
Less: Total bursaries, grants and allowances
Add back: Scholarships, grants, etc. paid by trust fund		 2022
£'000
41,781
(1,517)
40,264
8
40,272		 2021
£'000
37,045
(2,024)
35,021
(13)
35,008

In addition, the Old King’s Scholars’ Trust contributed £20k towards pupils’ fees during the year (2020-21: £23k).

2022
£'000
Scholarship, grants etc.
312
Prizes, exhibitions and leaving awards
5
317
(b) Grants, awards and prizes paid for by Restricted Funds comprised:		 2021
£'000
450
2
452

Total educational awards were made to 235 individuals (2020-21: 255).

3 INCOME FROM THE SUBSIDIARY’S TRADING ACTIVITIES AND LINKED CHARITY

The Charity owns the whole of King’s School Enterprises Ltd, which provides accommodation, catering facilities and retail shop trading. It covenants its taxable profits to the School. Supplies made by King’s School Enterprises to the School are excluded from the consolidated results. At year end £516k was owed to the School (2020-21: £389k).

The Charity owns the whole of The King’s School, Canterbury (International) Ltd, this company recognises expenditure and royalties/income in relation to the Kings School Canterbury’s overseas actives, such as its school in Shenzhen. It covenants its taxable profits to the School. At year end £245k was owed to the School (2020-21: £258k).

Page 29 (Registered Charity Number 307942)

THE KING’S SCHOOL, CANTERBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022

King's School Enterprises Ltd 2022 2021
Total Total
£'000 £'000
Turnover 976 484
Cost of sales (524) (301)
Gross Profit 452 183
Government Grant 0 19
Administration expenses (353) (195)
99 7
Reserves B/F (83) (90)
Transfer to Parent Charity under Gift Aid (16) 0
Reserves C/F 0 (83)
The Kings School, Canterbury (International) Ltd 2022 2021
Total Total
£'000 £'000
Royalties Received 250 280
Government Grant 0 1
Administration expenses (46) (23)
204 258
Transfer to Parent Charity under Gift Aid (204) (258)
Reserves C/F 0 0
Cleary Blackfriars Trust 2022 2021
Total Total
£'000 £'000
Total Income/Investment movement (0) 64
Cost of generating funds
Charitable activities (12) 25
Governance Costs 1 1
Total Expenditure (11) 26
Net Income 11 38

Page 30 (Registered Charity Number 307942)

THE KING’S SCHOOL, CANTERBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022

4 OTHER INCOME

Charitable activities - Other income
Entrance and registration fees
Deposits & fees forfeited
Pupil Social Centre
Recreation Centre		 2022
2021
£'000
£'000
238
330
447
677
90
38
1,221
735
1,996
1,780
Consolidated		 2022
2021
£'000
£'000
238
330
447
677
90
38
1,221
735
1,996
1,780
Consolidated		 2022
2021
£'000
£'000
238
330
447
677
90
38
1,221
735
1,996
1,780
School		 2022
2021
£'000
£'000
238
330
447
677
90
38
1,221
735
1,996
1,780
School
1,780
Other ancillary activities
Insurance commissions
Lettings, property rentals and other income
King's Week income
Other incoming resources		 22
139
40
201		 88
109
0
197		 22
139
40
201		 88
109
0
197
Covenanted income from subsidiary company 0 0 303 347
0 0 303 347
Voluntary sources
Donations
Legacy		 209
0		 486
710		 209
0		 486
710
Grants 209 1,196 209 1,196
Government Grants - Furlough 0 997 0 978
0 997 0 978

Page 31 (Registered Charity Number 307942)

THE KING’S SCHOOL, CANTERBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022

5 EXPENDITURE

5
EXPENDITURE
Charitable Activity expenditure includes: 2022
2021
£'000
£'000
Consolidated		 2022
2021
£'000
£'000
School
Refurbishment of buildings & pupil accommodation 1,034 442 1,034 442
Governance expenditure includes:
Auditors remuneration:
for audit services
for other services
Wages and salaries
Social security costs
Pension contributions		 30
3
33
20,281
1,924
2,802
25,007		 18
3
21
18,880
1,728
2,674
23,282		 30
3
33
20,159
1,914
2,795
24,868
18
3
21
18,756
1,718
2,668
23,142
Aggregated employee-benefits of key management 2021
£'000
1,022
personnel 2022
£'000
1,501

Key management personnel are made up of the Officers of the School plus the Head of Strategy & Marketing.

2022 2021
£'000 £'000
Termination and redundancy payments 93 46

Termination and redundancy payments relate to benefits payable as a result of either:

(a) a decision to terminate an employee’s employment before the normal retirement date: or

(b) an employee’s decision to accept voluntary redundancy in exchange for those benefits.

It does not include payment in lieu of notice.

The average number of School employees during the year was 459 full-time and 300 part-time, (2020-21: 424 full-time and 395 part-time) of which 159 full-time and 17 part-time (2020-21:146 full-time and 28 part-time) were teaching staff.

Neither the Governors nor persons connected with them received any remuneration or other benefits from the School or any connected organisation. Two Governors claimed expenses totalling £279 (2020-21: nil) during the year.

Page 32 (Registered Charity Number 307942)

THE KING’S SCHOOL, CANTERBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022

The School in the course of its ordinary activities, conducted business with the Dean and Chapter of Canterbury Cathedral (in respect of rental and insurance) totalling £379k (2020-21: £379k). The School also shares the cost of security guards jointly with the Dean and Chapter for which the School contributed £175k (2020-21: £202k). The Dean and four residentiary canons who make up the corporation known as the Dean and Chapter are all ex officio members of the Governing body.

The number of higher paid employees was:
Taxable emoluments band:
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000
£190,001 - £200,000
£200,001 - £210,000
£220,001 - £230,000
£430,001 - £440,000
The number with retirement benefits accruing in
-Teachers Pension Scheme was
-Defined Contribution Scheme was		 2022
2021
No.
No.
23
21
11
12
8
7
1
2
1
0
0
1
1
0
0
1
1
0
40
38
6
6

Page 33 (Registered Charity Number 307942)

THE KING’S SCHOOL, CANTERBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022

6 ANALYSIS OF TOTAL RESOURCES EXPENDED

6
ANALYSIS OF TOTAL RESOURCES EXPENDED
Staff
costs
£'000
(a) Costs of generating funds
Financing costs
0
Fundraising for voluntary resources
106
Financing costs under Advance Fee Contracts
0
Total for Charity
106
Trading costs of the subsidiary
138
Total for Group
244
Total for Charity 2021
89
Total for Group 2021
195		 Other
Costs
£'000
1,533
60
0
1,593
671
2,264
1,597
2,010		 Depreciation
£'000
0
0
0
0
0
0
0
0		 Total
£'000
1,533
166
0
1,699
809
2,508
1,686
2,205
Staff
costs
(b) Charitable activities
£'000
Teaching costs
15,473
Welfare
6,047
Premises
235
Support costs
3,438
School's operating costs
25,193
Grants, awards & prizes
0
25,193
Governance Costs
0
Total for Charity
25,193		 Staff
costs
£'000
15,473
6,047
235
3,438		 Other
Costs
£'000
3,100
2,122
4,990
1,539		 Depreciation
£'000
695
158
536
3
1,392
0
1,392
0
1,392		 Total
£'000
19,268
8,327
5,761
4,980
11,751
5
11,756
51
11,807		 38,336
5
38,341
51
38,392
Subsidiary expenditure
0
Total for Group
25,193		 (11)
11,796		 0
1,392		 (11)
38,381
Total for Charity 2021
23,331
Total for Group 2021
23,331		 9,499
9,470		 1,404
1,404
34,234
34,205

Page 34 (Registered Charity Number 307942)

THE KING’S SCHOOL, CANTERBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022

7 TANGIBLE FIXED ASSETS

Subsidiaries Subsidiaries
Freehold Assets
Under		 Leasehold Furniture
&		 Vehicles Charity Freehold
Vehicles		 Group
Property Construction Property Equipment Total Property Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Cost or Valuation
Balances as of 1 September 2021 103,193 9,504 5,069 5,296 99 123,161 245 6 123,412
Transfer of Assets 770 (1,116) 243 103 0 0 0 0 0
Additions 226 5,718 241 708 0 6,893 0 0 6,893
Revaluations 1,316 0 0 0 0 1,316 0 0 1,316
Disposals 0 0 0 (301) 0 (301) 0 0 (301)
Balance as at 31 August 2022 105,505 14,106 5,553 5,806 99 131,069 245 6 131,320
Accumulated depreciation
Balances as of 1 September 2021 68 0 0 3,263 99 3,430 0 6 3,436
Charge for the year 444 0 77 868 0 1,389 0 0 1,389
Disposals 0 0 0 (301) 0 (301) 0 0 (301)
Balance as at 31 August 2022 512 0 77 3,830 99 4,518 0 6 4,524
Net Book Value
Balance at 31 August 2022 104,993 14,106 5,476 1,976 0 126,551 245 0 126,796
Balance at 31 August 2021 103,125 9,504 5,069 2,033 0 119,731 245 0 119,976

All of the fixed assets are used for the direct charitable purposes of the School, shown within the Charity total. A full revaluation of all properties was carried out in August 2021 by ETP Properties, in line with the 5 year cycle. The revaluation was completed in line with the School’s accounting policies. An annual, desk-based review of assets is carried out annually and this was completed in September 2022.

Due to the age of our buildings the cost model is not a useful comparison.

Page 35 (Registered Charity Number 307942)

THE KING’S SCHOOL, CANTERBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022

8 INVESTMENTS

Restricted
Endowment
Investment
(a)
Consolidated
Funds
Funds
Funds
Property
£'000
£'000
£'000
£'000
At Valuation
Balance as at 1 September 2021
3,047
351
8,024
1,290
Additions
0
0
0
0
Disposals/redemption at par
0
0
0
0
Realised (gains) / losses
0
0
0
0
Unrealised gains / (losses)
(254)
(31)
(711)
0
Transferred to Short term investment
0
0
0
(1,290)
Balance as at 31 August 2022
2,793
320
7,313
0
Investments are in UK held Sarasin Alpha CIF for Endowment (Income Funds)
Bonds - UK
Equity - UK
Bonds - Overseas
Equity - Overseas
Property
Other Investments
Liquid Assets
Short term Property Investment
Historic Cost
Restricted
Endowment
Investment
(b)
School
Funds
Funds
Funds
Property
£'000
£'000
£'000
£'000
At Valuation
Balance as at 1 September 2021
3,047
0
8,024
1,290
Unrealised gains / (losses)
(254)
0
(711)
0
Transferred to Short term investment
0
0
0
(1,290)
Balance as at 31 August 2022
2,793
0
7,313
0
Historic Cost
(c)
Investment Income
2022
2021
2022
2021
£'000
£'000
£'000
£'000
Interest on cash deposits held for inv
33
6
31
6
On listed investments (inc Gilts)
294
250
283
239
327
256
314
245
Designated
Designated
Consolidated
School		 Total
£'000
12,712
0
0
0
(996)
(1,290)
10,426
868
2,787
64
4,806
667
745
489
10,426
1,290
11,716
5,108
Total
£'000
12,361
(965)
(1,290)
10,106
4,862

Page 36

(Registered Charity Number 307942)

THE KING’S SCHOOL, CANTERBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022

The investment property relates to land in Sturry that the School have owned for some years and leased for farming. In September 2021 planning permission was received for a relief road that will allow a sizable housing development to be built on the land. As at 31 August 2022 it was apporpriate to continue to hold the land at the carrying value of £1.29m but it is expected that this value will increase materially in the coming months. For this reason the land is now shown as a current asset within the balance sheet. All investments are either in a common investment fund or Government stocks, which are held until their redemption dates.

9 DEBTORS

Pupil debtors
Other debtors
Prepayments & Accrued Income
Amounts owed by subsidiary undertakings		 2022
2021
£'000
£'000
605
264
583
268
692
612
0
0
1,880
1,144
Consolidated		 2022
2021
£'000
£'000
605
264
221
209
439
612
761
670
2,026
1,755
School		 2022
2021
£'000
£'000
605
264
221
209
439
612
761
670
2,026
1,755
School
1,755

10a CREDITORS due within one year

Trade creditors
Due to subsidiary undertakings
Other creditors
Tax & Social Security costs
Deposits & Accruals
Fees received in advance
Advance fees (note 11)
10b CREDITORS due after one year
Other Loan
Deposits & Accruals
Advance fees (note 11)		 2022
2021
£'000
£'000
884
1,336
0
0
901
704
640
548
6,631
5,598
7,171
5,685
16,227
13,871
848
950
17,075
14,821
2022
2021
£'000
£'000
40,000
40,000
9,970
10,774
844
1,066
50,814
51,840
Consolidated
Consolidated		 2022
2021
£'000
£'000
1,096
1,278
215
448
876
670
619
548
6,240
5,560
7,171
5,685
16,217
14,189
848
950
17,065
15,139
2022
2021
£'000
£'000
40,000
40,000
9,970
10,774
844
1,066
50,814
51,840
School
School		 2022
2021
£'000
£'000
1,096
1,278
215
448
876
670
619
548
6,240
5,560
7,171
5,685
16,217
14,189
848
950
17,065
15,139
2022
2021
£'000
£'000
40,000
40,000
9,970
10,774
844
1,066
50,814
51,840
School
School
51,840

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THE KING’S SCHOOL, CANTERBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022

An unsecured Private Placement of £40m was obtained in July 2016. The interest of 3.5% has been fixed for the period of the contract. The agreement is in three tranches:

A Revolving Credit Facility of £5m was obtained in July 2020, for the period of 3 years. The interest of 3.5% has been fixed for the period of the contract. To date this has not been used.

Two annually tested covenants for both of the above facilities are as follows:

11 ADVANCE FEE PAYMENTS

Parents may enter into a contract to pay to the School usually up to the equivalent of five years’ tuition fees in advance. The money may be returned subject to specific conditions following a due notice period. Assuming pupils will remain in the School, advance fees will be applied as follows:

After 5 years
Within 2 to 5 years
Within 1 to 2 years
Within 1 year		 2022
£'000
0
490
354
844
848
1,692		 2021
£'000
0
529
537
1,066
950
2,016

The balance represents the accrued liability under the contracts. The movements during the year were:

Balance as at 1 September 2021
New contracts
Discount Allowed to Parents
Amounts utilised in payments of fees
Balance as at 31 August 2022		 2022
£'000
2,016
598
(7)
2,607
(915)
1,692		 2021
£'000
1,676
1,478
(27)
3,127
(1,111)
2,016

Page 38 (Registered Charity Number 307942)

THE KING’S SCHOOL, CANTERBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022

12 NET ASSETS OF THE FUNDS OF THE SCHOOL AND GROUP

The net assets belong to the various funds (including Advance Fees) as follows:

Consolidated
Endowment funds
Restricted funds
Unrestricted funds
Advance fees
School
Endowment funds
Restricted funds
Unrestricted funds
Advance fees		 Fixed Assets
£ '000
24,510
245
102,041
126,796
0
126,796
Fixed Assets
£ '000
24,510
0
102,041
126,551
0
126,551		 Investments
£ '000
5,501
320
4,605
10,426
0
10,426
Investments
£ '000
5,501
0
4,605
10,106
0
10,106		 Net current
liabilities
£ '000
2,140
4,967
(10,417)
(3,310)
844
(2,466)
Net current
liabilities
£ '000
2,140
4,773
(10,428)
(3,515)
844
(2,671)		 Long-term
liabilities
£ '000
0
0
(49,970)
(49,970)
(844)
(50,814)
Long-term
liabilities
£ '000
0
0
(49,970)
(49,970)
(844)
(50,814)		 Total
£'000
32,151
5,532
46,259
83,942
(0)
83,942
Total
£'000
32,151
4,773
46,248
83,172
(0)
83,172

12a ENDOWED FUNDS: MOVEMENTS IN THE YEAR

Permanent endowments:
Foundation capital
Revaluation Reserve
Other special trusts:
J Corner
Edmondson Noakes
Scholarship, Exhibitions & Prize Fund
Leonore Pleuger Bursary Fund
Heyman
Chafy Scholarship
Foundation Endowment
Goodes Bursary Fund
T&J Venner Bursary Fund		 Balance
1 Sept
2021
£'000
5,805
18,704
886
269
2,205
123
14
123
1,974
604
2,097
32,804		 Incoming
resources
£'000
0
0
0
0
0
0
0
0
58
0
0
58		 Resources
expended
£'000
0
0
0
0
0
0
0
0
0
0
0
0		 Investment
gains/(losses)
revaluations
£'000
0
0
(79)
(24)
(196)
(11)
(1)
(11)
(159)
(54)
(176)
(711)		 Transfers
£'000
0
0
0
0
0
0
0
0
0
0
0
0		 Balance
31 Aug
2022
£'000
5,805
18,704
807
245
2,009
112
13
112
1,873
550
1,921
32,151

Page 39 (Registered Charity Number 307942)

THE KING’S SCHOOL, CANTERBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022

The Foundation Capital represents the original endowment of land forming the bulk of the School’s freehold property.

The special trusts were set up by individuals and restricted to providing funds for scholarships and bursaries; the assets are pooled for investment with the School’s Scholarship, Exhibition and Prize Fund and designated funds and are allocated a proportion of investment income, gains or losses.

The gift from Esme Chafy provides income that funds the Chafy Scholarship.

As there are a number of funds in the subsidiary notes to note 12, some rounding variances can be seen if manually calculating totals.

12b RESTRICTED FUNDS: MOVEMENTS IN THE YEAR

J Corner
Edmondson Noakes
Scholarship, Exhibitions & Prize Fund
Leonore Pleuger Bursary Fund
Esme Chafy
Foundation Endowment Income
Goodes Bursary Fund
Foundation Scholarship & Bursary Term Funding
Restricted Bursary Funds
Music
Foundation Music School
Foundation Sports
Foundation Other Funds
Schools Partnerships Worldwide
Kings Appeal -Building Development
Science Centre
Malthouse - Drama
Venner
Junior King's Appeal
JKS Swimming Pool
School Total
Cleary Blackfriars Trust
Consolidated total		 Balance
1 Sept
2021
£ '000
4
1
141
1
0
0
3
0
516
0
0
42
144
0
0
3,572
18
10
43
346		 Incoming
resources
£ '000
23
7
56
4
4
46
15
13
1
0
0
0
(10)
0
1
52
2
50
2
0		 Resources
expended
£ '000
(23)
(7)
(67)
(4)
(4)
(46)
(15)
(13)
(90)
0
0
0
(15)
0
0
0
0
(50)
0
0		 Investment
gains/(losses)
& revaluations
£ '000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0		 Transfers
£ '000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0		 Balance
31 Aug
2022
£ '000
4
1
130
1
0
0
3
0
427
0
0
42
119
0
1
3,624
20
10
45
346
4,841
739
5,580		 266
2
268		 (334)
11
(323)		 0
(31)
(31)		 0
38
38		 4,773
759
5,532

The Scholarship, Exhibition and Prize Fund represents accumulated income to be used for scholarships, bursaries and prizes, as do the J Corner, Edmondson Noakes and Leonore Pleuger Bursary Funds.

The transfer to The Cleary Blackfriars Trust represents rental income payable to the Trust by the School, which for the purposes of the consolidated accounts is treated as a transfer.

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THE KING’S SCHOOL, CANTERBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022

12c UNRESTRICTED FUNDS: MOVEMENTS IN THE YEAR

Designated
School Scholarship & Bursary Fund
Beerling Hall
General Fund
Revaluation Reserve
Non-charitable trading funds		 Balance
1 Sept
2021
£ '000
11,790
25
18,847
11,318
41,980
(84)
41,896		 Incoming
resources
£ '000
78
0
42,829
0
42,907
1,304
44,211		 Resources
expended
£ '000
0
0
(40,063)
0
(40,063)
(809)
(40,872)		 Investment
gains/(losses)
revaluations
£ '000
0
0
(254)
1,316
1,062
0
1,062		 Transfers
£ '000
0
0
182
0
182
(220)
(38)		 Balance
31 Aug
2022
£ '000
11,868
25
21,541
12,634
46,068
191
46,259

The School Scholarship & Bursary Fund represents amounts set aside for the funding of bursary awards in the future. It is separately designated within the general pool of investments.

The General Fund is retained to cover fixed assets and to provide working capital. It is also being built up to underpin the capital development programme.

Page 41 (Registered Charity Number 307942)

THE KING’S SCHOOL, CANTERBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022

12d TRANSFERS

12d
TRANSFERS
Deed of covenant
Cleary Blackfriars Trust
Transfers to Restricted
Kings School International Ltd
Consolidated		 School
Other
£ '000
£ '000
16
(16)
(18)
0
(20)
0
204
(204)
182
(220)
Unrestricted
2022		 Restricted
£ '000
0
18
20
0
38		 Endowed
£ '000
0
0
0
0
0		 Total
£ '000
0
0
0
0
0

School and consolidated transfers

£204k was transferred from the King’s School Canterbury (International) Ltd, to the Charity. This was a gift aid donation.

£16k was transferred from King’s School Enterprises, Ltd, to the Charity. This was a gift aid donation.

Transfers relating only to the consolidated accounts

There were no transfers relating only to the consolidated accounts.

Page 42 (Registered Charity Number 307942)

THE KING’S SCHOOL, CANTERBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022

13 CONTRACTS AND COMMITMENTS

Authorised and contracted commitments in 2021-22 equalled £2.5m (2020-21- £5.8m).

Amounts Due within one year
Amounts due between one and five Years
Amounts due after Five Years		 2022
2021
£000
£000
393
337
780
524
198
33
1,371
894

14 PENSION SCHEMES

The School’s employees can belong to one of two principal pension schemes, the Teachers’ Pensions Scheme (TPS), which is a national scheme and the AEGON Group Personal Pension Scheme for King’s staff only. The total pension cost for the year was £2,802k (2020-21 - £2,674k). Employer contributions to the TPS are higher than the AEGON scheme due to it being a multi-employer defined benefit scheme, compared to AEGON which is a defined contribution scheme.

The School has also set up a Legal & General Stakeholder Pension Scheme, which currently has no members.

Teachers’ Pension Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £2,986k (2020-21: £2,914k) and at the year-end £274k (2020-21£243k) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pension Scheme Regulations 2014. Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

A copy of the valuation report and supporting documentation is on the Teachers’ Pensions website.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The

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government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards.

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

Until a remedy to the discrimination conclusion has been determined by the Employment Tribunal it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The School has accounted for its contributions to the scheme as if it were a defined contribution scheme. The School has set out above the information available on the scheme.

AEGON Group Personal Pension Scheme

Non-teaching staff are eligible to participate in a defined contribution scheme managed by Aegon Group. The assets of the scheme are held separately from the School.

The employer’s contribution rate varies according to the level of employee’s contribution chosen by an individual member of staff. New entrants auto enrolled into the scheme join at standard 4% Employee’s and 5.34% Employer’s contribution, with a maximum Employer’s contribution of 10% (on completion of probationary period).

----- Start of picture text -----
Contribution rates
Staff School
4.0% 5.34%
10.00%
----- End of picture text -----

1.33% for every 1%

There was £110k accrued to the scheme as at 31 August 2022 and this was duly paid.

Page 44 (Registered Charity Number 307942)

THE KING’S SCHOOL, CANTERBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022

15 RECONCILIATION OF GROUP NET INCOME

NET CASH INFLOW FROM GROUP OPERATIONS

Net incoming resources (see page 21)
Depreciation
Investment Income
Finance and other costs
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Increase/(decrease) in deposits
Net cash inflow from group operations		 3,342
1,389
(327)
1,533
(31)
(736)
2,356
(804)
6,722
31 August 2022
£ '000		 3,788
1,404
(256)
1,525
(39)
2,028
1,338
1,156
10,944
31 August 2021
£ '000

16 ANALYSIS OF CHANGES IN NET CASH RESOURCES AND DEBT OF THE GROUP

Cash in hand and at bank
Other Loan
Net cash outflow from group operations
Advance fees due within one year
Advance fees after more than one year		 At at
31 August 2021
£ '000
12,709
(40,000)
(27,291)
(950)
(1,066)
(29,307)		 Cash flow
£ '000
(1,701)
0
(1,701)
102
222
(1,377)		 At at
31 August 2022
£ '000
11,008
(40,000)
(28,992)
(848)
(844)
(30,684)

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THE KING’S SCHOOL, CANTERBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022

17 Prior Year Consolidated SOFA


Income and endowments from:
Charitable activities
School fees receivable
Other educational income
Ancillary trading income
Other trading activities
Activities for generating funds:		 Unrestricted Funds
Restricted
Endowed
Total
Total
School
Other
Funds
Funds
Funds 2021
Funds 2020
£'000
£'000
£'000
£'000
£'000
£'000
35,460
0
(452)
0
35,008
33,970
1,780
0
0
0
1,780
1,234
197
0
0
0
197
162
Trading Companies 0
764
0
0
764
352
Other incoming resources
Investments
Investment Income
Bank and other interest
Voluntary sources
Grants and donations
Government Grants
Furlough Grant
Total Income
Expenditure on:
Raising funds
Trading Companies		 0
0
0
0
0
0
0
74
176
0
250
260
6
0
0
0
6
40
101
0
773
322
1,196
2,642
978
19
0
0
997
2,474
38,522
857
497
322
40,198
41,134
0
519
0
0
519
355
Expenditure on raising funds
Financing Costs
Total deductible costs
Net income
Available for charitable application
Total charitable expenditure
Total Expenditure
Net incoming funds from operations
before transfers and investment gains
Gains/(Losses) on Investments
Transfers between funds
Net income and capital Inflow
Revaluation of tangible fixed assets
NET MOVEMENT IN FUNDS FOR YEAR
Fund balances at 1 September 2020
FUND BALANCES AT 31 AUGUST 2021		 137
0
24
0
161
311
1,525
0
0
0
1,525
1,641
1,662
519
24
0
2,205
2,307
36,860
338
473
322
37,993
38,827
34,190
0
15
0
34,205
37,035
35,852
519
39
0
36,410
39,342
2,670
338
458
322
3,788
1,792
305
0
35
692
1,032
389
240
(258)
18
0
0
0
511
1,014
4,820
2,181
0
(1,219)
1,634
(221)
511
(205)
6,454
1,960
5,069
33,009
73,826
71,866
5,580
32,804
80,280
73,826
3,295
2,853
6,148
35,748
41,896

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THE KING’S SCHOOL, CANTERBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022

18 Prior Year School SOFA


Income and endowments from:
Charitable activities
School fees receivable
Other educational income
Ancillary trading income
Other trading activities
Activities for generating funds:		 Unrestricted Funds
Restricted
Endowed
Total
School
Other
Funds
Funds
Funds 2021
£'000
£'000
£'000
£'000
£'000
35,460
0
(439)
0
35,021
1,805
0
0
0
1,805
197
0
0
0
197		 Total
Funds 2020
£'000
33,971
1,234
162
Trading Companies 0
258
0
0
258		 118
Investments
Investment Income
Bank and other interest
Voluntary sources
Donations and legacy
Government Grants
Furlough Grant		 0
74
165
0
239
6
0
0
0
6
101
0
773
322
1,196
978
0
0
0
978		 248
40
2,642
2,444
Total Income 38,547
332
499
322
39,700		 40,859
Expenditure on:
Raising funds
Expenditure on raising funds
Financing Costs
Total deductible costs
Net income
Available for charitable application
Total charitable expenditure
Total Expenditure
Net income from operations
before transfers and investment gains
Net Gains/(Losses) on Investments
Transfers between funds
Net income and capital Inflow
Revaluation of tangible fixed assets
NET MOVEMENT IN FUNDS
Fund balances at 1 September 2020
FUND BALANCES AT 31 AUGUST 2021		 137
0
24
0
161
1,525
0
0
0
1,525
1,662
0
24
0
1,686
36,885
332
475
322
38,014
34,232
0
2
0
34,234
35,894
0
26
0
35,920
2,653
332
473
322
3,780
305
0
0
692
997
0
0
0
0
0
473
1,014
4,777
0
(1,219)
1,633
473
(205)
6,410
4,368
33,009
73,215
4,841
32,804
79,625
6,142
3,290
2,852
35,838
41,980		 311
1,641
1,952
38,907
37,036
38,988
1,871
374
0
2,245
(221)
2,024
71,191
73,215

Page 47 (Registered Charity Number 307942)